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2020-09-30-accounts

Company Registration No. 05829570 (England and Wales) Registered Charity Number: 1116213

PRO CORDA TRUST ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

PRO CORDA TRUST

CONTENTS

Page
Legal and administrative information 1-2
Report of the Chief Executive Officer 3
Report of the Trustees 4-9
Independent Auditor’s Report 10-12
Consolidated Statement of Financial Activities 13
Consolidated and Trust Balance Sheet 14
Consolidated Cash Flow Statement 15
Notes to the Financial Statements 16-29
The following pages do not form part of the statutory financial statements
Detailed Income and Expenditure Account 30-31

PRO CORDA TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2020

Charity name: Pro Corda Trust

Registered Charity number: 1116213

Registered Company number: 05829570

Co-Founders: Miss P Spofforth, MBE (deceased) Miss B G Hewlins, MBE (deceased)

Trustees:

John Ette (Acting Chair) Graham Bowler Jane Fenoulhet David Ballance Lindsay Dodsworth (resigned 20[th] February 2020) Ina Budh – Raja (Honorary Secretary) Angela Au

The Trustees, who are also the directors for the purposes of company law, have all served in office throughout the year and to the date of this report, except where indicated.

Members of the Board of Pro Corda Trust can be appointed by the members of Pro Corda or by the Board. Board members, including those most recently appointed by the Board, are required to retire by rotation at the Annual General Meeting and may be reappointed by the members. References in this report to the Trustees are references to the Board members.

Chief Executive Officer: Andrew Quartermain

The day-to-day running of the Trust and Pro Corda Ventures Limited is delegated to the Chief Executive Officer, Andrew Quartermain.

1

PRO CORDA TRUST LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 30 SEPTEMBER 2020

Registered Office:

Registered Office: Leiston Abbey Theberton Road Leiston Suffolk IP16 4TD Telephone: (01728) 831354 Fax: (01728) 832500 Email: mail@procorda.com Website: www.procorda.com Auditors: Ensors Accountants LLP Blyth House Rendham Road Saxmundham IP17 1WA Bankers: Royal Bank of Scotland 15 – 17 George Street Luton LU1 2AF Solicitors: Marshalls 102 High Street Godalming Surrey GU21 1NL

2

PRO CORDA TRUST REPORT OF THE CHIEF EXECUTIVE OFFICER FOR THE YEAR ENDED 30 SEPTEMBER 2020

During the 2019/20 financial year, Pro Corda’s response as a national arts charity to the pandemic was to focus growth rather than retreat in.

The charity’s activity before the pandemic saw initial pilot work carried out for the new “Pro Coda Academy” national workshop series. This new initiative will target rural poverty areas and use chamber music to revitalize shared instrumental learning, and will launch fully later in 2021.

The national lockdown saw the Easter and May half term course seasons cancelled in 2020. Pro Corda then became the first course provider nationally to re-start its courses as of July. The above cancelled courses, together with the restrictions on numbers when courses resumed meant income was significantly impacted in the year. This was in part mitigated by using the Government’s Coronavirus Job Retention Scheme. Pro Corda also received 2 significant awards from the Cultural Recovery Fund through Arts Council England, both of which were received in the year ending 30[th] September 2021.

The lockdown period was also used to initiate important new areas of development and additional income streams. The small adult piano course programme was increased and re-branded during the year as “Piano Sanctuary” with new online offering and the Charity’s outreach programme also expanded considerably via online delivery.

During the year, the Trust negotiated purchase of the freehold of Leiston Abbey thanks to the support of a private donor. This is strategically important for Pro Corda’s ongoing negotiations with EDF in respect of the Sizewell C building project.

The Trust managed to run 23 residential courses since the pandemic hit, and has built up significant resilience plans during the year to enable it to operate to the maximum capacity possible for its recipients during future lockdowns.

The subsidiary company, Pro Corda Ventures, operated some bookings pre pandemic and also managed to operate one commercial booking after the July re-opening.

Andrew Quartermain

CEO and Artistic Director, Pro Corda Trust

Company Director, Pro Corda Ventures Ltd

3

PRO CORDA TRUST TRUSTEES’ REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2020

The Trustees are pleased to present their annual Trustees’ Report together with the consolidated financial statements of the Trust and its subsidiary (together the “Group”) for the year ended 30 September 2020 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the Statement of Recommended Practice (“SORP”) applicable to charities preparing their accounts in accordance with the FRS 102 “the Financial Reporting Standard applicable in the UK and Republic of Ireland.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Status and administration

Pro Corda Trust is a charitable company limited by guarantee, incorporated on 26 May 2006 and registered as a charity on 26 September 2006. The Charity was established under a Memorandum of Association which established the objectives and powers of the charitable company and is governed by its Articles of Association. On 29 September 2006 the assets and liabilities of the original charity (Charity Number 313772) were transferred into Pro Corda Trust. In the event of the winding up of the Trust, each member’s liability is limited to £10.

Investment powers, policy and performance

The Trustees’ investment powers are governed by the constitution. Pro Corda Trust currently maintains its liquid resources in banks with stable reputations.

Method adopted for the recruitment and appointment of new Trustees

When a vacancy arises, existing Trustees, the Chief Executive Officer, Course Directors and other interested parties are invited to put forward the names of suitable candidates. The Trustees will also approach suitable recruitment agencies if felt appropriate. Candidates are invited to submit a CV and to indicate how they might assist in the furtherance of the principal objectives of the Trust. They are subsequently invited to a Trustees’ meeting. Following the meeting, those candidates still interested are discussed by the existing Trustees and a choice is made if there is more than one candidate for a particular vacancy.

Policies and procedures adopted for the induction and training of new Trustees

The Group has only limited resources and does not offer a formal induction programme and training for new Trustees who are generally expected to have already the skills necessary to perform their duties. Comprehensive information on Pro Corda’s background, current activities, operational guidelines and development plan are provided for new Trustees upon their appointment. The Group is prepared to consider sponsoring any Trustee who wishes to undertake external training geared to improving his or her contribution in the governance of the Group.

Organisational structure

The Trustees aim to have amongst their number a diversity of skills and professions to enable them to fulfil their obligations. Trustees add value by assuming responsibilities commensurate with their experience. They delegate the day-to-day running of the Trust and Pro Corda Ventures Limited to the Chief Executive Officer, Andrew Quartermain, who provides detailed and timely feedback on progress against their expectations.

The key management personnel of the Group comprise the Trustees and the Chief Executive Officer who is appointed by the Trustees to manage the day to day activities of the Group.

The pay of senior staff is reviewed annually.

4

PRO CORDA TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Relationship between the Trust and its subsidiary

Pro Corda Ventures Limited exists to provide a financial contribution to the Trust in the form of trading income from lettings, including wedding receptions and outside courses. During the year it made an operating profit of £1,240 (2019: operating profit of £5,525). Please see note 3 to these accounts.

Grant making policy

This year, the Trust awarded £11,311 (2019: £75,388) of scholarships and bursaries. The Trustees’ policy is to make these awards on the basis of musical ability, financial need and subject to the restrictions imposed by the original donor of the funds.

Course
Preparatory
Primary
Junior
Intermediate
Senior
Combined
Pro Corda North
Pro Corda West
Cello / Viola
Conservatoire Viola
Piano Plus
Violin Plus
Baroque
Conservatoire Cello
Conservatoire Viola
Fellowships and professional training
workshops		 Total Funding
2020
2019
£
£
-
-
967
7,145
2,717
3,866
405
6,309
2,061
3,488
4,207
3,453
-
5,040
-
2,856
554
619
-
5,400
-
488
400
524
-
10,425
-
4,500
-
-
-
21,275
11,311
75,388		 Number of Students
2020
2019
-
-
5
13
9
8
1
10
5
7
10
12
-
12
-
6
1
2
-
12
-
2
2
3
-
25
-
10
-
-
-
6
33
128		 Number of Students
2020
2019
-
-
5
13
9
8
1
10
5
7
10
12
-
12
-
6
1
2
-
12
-
2
2
3
-
25
-
10
-
-
-
6
33
128
128

5

PRO CORDA TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

OBJECTIVES, ACTIVITIES AND PERFORMANCE

Pro Corda Trust was founded in 1969 and exists to provide for and conduct the education of young persons and others in the whole art, philosophy and theory of music, particularly chamber music.

To fulfil the purpose set out above, for which the Trust was established, its long-term strategy is to provide a continuous and progressive programme of education through the medium of chamber music. The more detailed aims and objectives of the Trust are therefore to provide:

All of the above are provided either at the Trust’s administrative base at Leiston Abbey, Suffolk, online, or at locations across the country. All courses employ leading international artists and musicians at the forefront of their fields.

The Trusts’ work employs a holistic approach and is based on the core principles of ensemble training the person and his/her social interaction, as well as the musician. Its central mission is to unleash the wider social benefits of chamber music in terms of participation, access and learning. The Trust also has a passionate belief in equality of access and opportunity in the arts. Its aim is to assist all young people to access, experience, and participate in the highest quality professional performances and music-making opportunities.

In setting aims and objectives of the Trust and planning its activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging.

Please see the Report of the Chief Executive Officer for details of activities and performance during the year.

Board policy and Fundraising

The policy of the Trustees is to raise finance to make the continued running of the courses viable through:

Despite the impact of COVID-19 in 2020 and 2021, the Trustees will continue to implement the above policies, but taking into account legal restrictions as they arise and/or are relaxed. The Trustees will maintain their focus on the financial viability and growth of the Charity through careful and regular review of its cashflow and cost base, taking appropriate action where necessary.

The Trustees delegate the day-to-day running of the entire organisation to the Chief Executive Officer, Andrew Quartermain. The Trustees monitor closely all the activities of the Trust and its subsidiary.

6

PRO CORDA TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Activities and Achievements

In the year, Pro Corda had 331 students (2019: 938) attending courses, analysed as follows:

At Leiston Abbey, Suffolk
Conservatoire violin
Alumni
Adult Piano (October)
Cello Plus Course
Pro Corda Plus Piano (October)
Pro Corda Violin Plus (October)
Special Educational Needs (November)
Intermediate 1 (January)
Combined Course (January)
Special Educational Needs (January)
Children in Need Weekend (February)
Conservatoire – Viola (February)
Junior 1 (April)
Primary 1 (April)
Special Educational Needs (April / May)
YSE Preparatory (May)
Special Educational Needs (May)
Preparatory (June)
Brentwood School Course
Special Educational Needs (July)
Adult Piano (June)
Primary 2 (July)
Junior 2 (August)
Intermediate 2 (August)
Senior 2 (August)
Pro Corda Plus Violin (August)
Conservatoire Cello (September)
Adult Piano (September)
At Sedburgh School, North Yorkshire
Pro Corda North (August)
At Wells Cathedral School, Somerset
Pro Corda West (August)
Y.S.E
Florence Tour
Activities Unlimited weeks
Young Music Makers
Siblings Course
Young Adult Carers
4 x 4 Fit and Fed workshops
Conservatoire baroque
TOTALS		 2020
-
-
9
9
-
3
-
-
23
16
-
18
-
-
-
1
25
-
-
-
7
15
33
31
17
19
-
3
-
-
37
17
48
-
-
-
-
-
331		 2019
17
12
9
16
9
-
24
47
-
51
20
13
21
21
33
2
21
24
52
58
9
32
32
46
30
12
14
-
26
28
45
17
74
-
6
-
95
22
938

In addition to the above courses, Pro Corda had attendees at the following activities:

School Workshops
Chamber Music Festival
Fellowships and professional training workshops
TOTALS		 -
367
-
367		 610
375
6
991

7

PRO CORDA TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

FINANCIAL REVIEW AND PLANS FOR THE FUTURE

Financial Activities and Results

Unrestricted reserves stood at £2,260,780 (2019: £2,382,123) following a deficit in the year of £121,343 (2019: deficit of £23,576). Restricted reserves stood at £39,906 (2019: £41,054) following a deficit in the year of £1,148 (2019: surplus of £8,504).

Plans for the future are discussed in more detail in the Report of the Chief Executive Officer.

Reserves

Notes 17 to 20 to the financial statements show the assets and liabilities attributed to the various funds by type and also define the various funds in the Group and summarise the year’s movement on each fund. The Group’s unrestricted funds as at 30 September 2020 amounted to £2,260,780 (2019: £2,382,123). The Group has tangible fixed assets, predominantly the site at Leiston Abbey, underlying its unrestricted funds valued at £2,440,959 (2019: £2,418,936) which are integral to its ability to deliver its charitable objectives.

Despite the impact of Covid-19 and the operational challenges of 2020 and 2021, the Trustees have maintained careful management of the Group’s cash resources. It is the Trustees’ continuing objective to increase the level of unrestricted reserves over time to ensure that the Group is secure financially in the long term.

Risk management

The Trustees examine the major risks the Group faces each financial year when preparing and updating the strategic plan. The Group has adequate systems and procedures in place to control these risks to mitigate any impact that they may have on the Group in the future.

Attention is focussed on financial risks to ensure that the Group has sufficient funds to conduct its activities. Attention is also on non-financial risks such as those related to staff, the service provision and the site.

8

PRO CORDA TRUST TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Statement of Trustees’ responsibilities

The Trustees (who are also the directors for the purposes of company law) are responsible for preparing the Trustees’ annual report and financial statements in accordance with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the Charities SORP.

Company law requires the Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of both the Trust and the Group and of the incoming resources and application of resources, including the income and expenditure, of the Trust for that period. In preparing the financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of both the Trust and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of both the Trust and the Group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Trust’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement as to disclosure to our auditors

In so far as the Trustees are aware at the time of approving our Trustees’ annual report:

The Trustees’ Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Signed by order of the Trustees

John Ette

Approved by the Trustees on 8[th] May 2021

9

PRO CORDA TRUST INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRO CORDA TRUST FOR THE YEAR ENDED 30 SEPTEMBER 2020

Opinion

We have audited the financial statements of Pro Corda Trust (the ‘Charitable Company’) and its subsidiary (the ‘Group’) for the year ended 30 September 2020 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Trust Balance Sheets, the Consolidated Cash Flow Statement and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of both the Charitable Company and Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

10

PRO CORDA TRUST INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRO CORDA TRUST (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of both the Group and Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of the Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing both the Group and Charitable Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charitable Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

11

PRO CORDA TRUST INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF PRO CORDA TRUST (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Use of our report

This report is made solely to the Trustee, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the Trustee those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Malcolm McGready (Senior Statutory Auditor) For and on behalf of Ensors Accountants LLP

Ensors Accountants LLP

Chartered Accountants & Statutory Auditor Cardinal House St Nicholas Street Ipswich Suffolk IP1 1TT

Dated: 10[th] May 2021

12

PRO CORDA TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Notes Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
2020 2020 2020 2019
£ £ £ £
Income:
Donations and legacies 199,641 44,171 243,812 245,829
Income from charitable activities:
Course fees 2 140,397 - 140,397 451,017
Income from other trading activities:
Trading income 3 14,450 - 14,450 27,773
Lettings and related income 9,168 - 9,168 7,043
Concert tickets and other income 8,660 - 8,660 16,089
Investment income 4 57 - 57 99
────── ────── ────── ──────
Total income 372,373 44,171 416,544 747,850
Expenditure:
Costs of raising funds:
Trading expenses 3 13,210 - 13,210 22,248
Fundraising costs 19,210 203 19,413 42,010
Expenditure on charitable activities: 5
Bursaries and scholarships granted 2 - 11,311 11,311 75,388
Music and pastoral staff 111,221 5,407 116,628 212,436
Food, cooking and cleaning 73,489 - 73,489 98,149
Administration costs 6 230,287 5,407 235,694 209,714
Establishment costs 55,740 - 55,740 58,478
Other course costs 13,550 - 13,550 44,499
────── ────── ────── ──────
Total expenditure 516,707 22,328 539,035 762,922
────── ────── ────── ──────
Net movement in funds before transfers (144,334) 21,843 (122,491) (15,072)
Transfer between funds 18 22,991 (22,991) - -
────── ────── ────── ──────
Net income and net movement in funds (121,343) (1,148) (122,491) (15,072)
for the year
Total Funds brought forward at 1 October (as
restated)		 2,382,123 41,054 2,423,177 2,438,249
────── ────── ────── ──────
Total Funds carried forward at 30
September		 2,260,780 39,906 2,300,686 2,423,177
═════ ═════ ═════ ══════

All income and expenditure derive from continuing activities.

All gains and losses recognised in the year are included in the Consolidated Statement of Financial Activities. The notes on pages 16 – 29 form part of these financial statements.

13

PRO CORDA TRUST CONSOLIDATED AND TRUST BALANCE SHEETS FOR THE YEAR ENDED 30 SEPTEMBER 2020

Group Group Trust Trust
2020 2019 2020 2019
Notes £ £ £ £
(as restated) (as restated)
Fixed assets
Tangible assets 10 2,440,959 2,423,485 2,437,092 2,418,937
Investments 11 - - 100 100
─────── ─────── ────── ───────
2,440,959 2,423,485 2,437,192 2,419,037
Current assets
Stocks 2,037 2,093 1,330 1,330
Debtors 12 105,539 134,600 105,536 133,924
Cash 9,203 63,827 6,972 57,413
─────── ─────── ────── ───────
116,779 200,520 113,838 192,667
Creditors: Due within one year 13 (257,052) (200,828) (261,680) (202,998)
─────── ─────── ────── ───────
Net current (liabilities) / assets (140,273) (308) (147,842) (10,331)
─────── ─────── ────── ───────
Total assets less current liabilities 2,300,686 2,423,177 2,289,350 2,408,706
═══════ ═══════ ══════ ═══════
Funds
General 28,598 29,746 28,598 29,746
Barn Fund 11,308 11,308 11,308 11,308
─────── ─────── ────── ───────
Restricted funds 18 39,906 41,054 39,906 41,054
General 1,263,400 1,395,110 1,263,400 1,395,110
Revaluation reserve 870,512 870,512 870,512 870,512
Designated 115,532 102,030 115,532 102,030
Non-charitable trading funds 11,336 14,471 - -
─────── ─────── ────── ───────
Unrestricted funds 19 2,260,780 2,382,123 2,249,444 2,367,652
─────── ─────── ────── ───────
Total funds 2,300,686 2,423,177 2,289,350 2,408,706
═══════ ═══════ ══════ ═══════

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.

Approved by the Board for issue on 8[th] May 2021.

John Ette Trustee

Company Registration No. 05829570

The notes on pages 16 – 29 form part of these financial statements.

14

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

2020 2019
Notes £ £
Cash used in operating activities 21 (44,688) (16,608)
─────── ───────
Cash flows from investing activities
Interest income 57 99
Proceeds from sale of tangible fixed assets - -
Purchase of tangible fixed assets (26,650) -
─────── ───────
Cash used in investing activities (26,593) 99
─────── ───────
Increase decrease in cash and cash equivalents (71,281) (16,509)
Cash and cash equivalents at the beginning of the year (5,675) 10,834
─────── ───────
Total cash and cash equivalents at the end of the year (76,956) (5,675)
═══════ ═══════
Disclosed as:
Cash and Bank 9,203 63,827
Bank Overdrafts (86,159) (69,502)
─────── ───────
Total cash and cash equivalents at the end of the year (76,956) (5,675)
═══════ ═══════

The notes on pages 16 – 29 form part of these financial statements.

15

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

1. Principal accounting policies

Charitable company information

Pro Corda Trust is a charitable company limited by guarantee incorporated in England and Wales. The registered office is Leiston Abbey, Theberton Road, Leiston, Suffolk, IP16 4TD.

a) Basis of preparation

The financial statements have been prepared in accordance with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and the Charities SORP (FRS 102).

Pro Corda Trust is a public benefit entity.

The financial statements are prepared in sterling, which is the functional currency of the Trust and of the Group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties.

b) Going concern

The Trustees have taken appropriate steps to ensure that the adverse impact of the COVID19 pandemic on the Trust is mitigated such that the Trustees have a reasonable expectation that the Trust and Group have adequate resources to continue in operational existence for the foreseeable future.

The nature of the Trust’s activities have meant that the normal programme of activities during 2020 and the early part of 2021 have had to be substantially modified and any further changes in restrictions may continue to challenge the revised programme for 2021. However, careful cost and cash management have allowed the Trust to continue to operate, even in a reduced way, and the Trust has also been developing new online activities which are significantly less impacted by the COVID restrictions, and provide a reasonable source of alternative, sustained revenue.

The Trustees have prepared a detailed cash flow forecast to 30 September 2022 including a prudent expectation of when activities can be recommenced along with cost reductions, deferment of costs/expenses, use of available support, a realistic expectation of donations and available finance facilities. These cash flows demonstrate that the Trust and Group has adequate resources to continue in operational existence for the foreseeable future.

Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

c) Group accounts

These financial statements consolidate the results of Pro Corda Trust and its wholly-owned subsidiary, Pro Corda Ventures Limited, on a line by line basis. A separate statement of financial activities for the Trust itself is not presented because the Trust has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

d) Course fees and similar income

Course fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Course fees receivable include contributions received from restricted funds for scholarships, bursaries and other costs and are stated net of VAT.

16

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

e) Donations and fund accounting

Donations received for the general purposes of the Trust are included as unrestricted funds. The Trustees may, at their discretion, designate funds to be used for a particular purpose. Such designation of unrestricted funds may also be reversed at the discretion of the Trustees. Donations for activities restricted by the wishes of the donor are taken to ‘restricted funds’ where their wishes are legally binding on the Trustees.

Income from donations (including donated goods or services) or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.

For legacies, entitlement is recognised from the earlier of the date of receipt or when sufficient notification is received by the Trust to enable it to quantify its entitlement with reasonable certainty. Income is not recognised for legacies which remain subject to a life interest.

f) Resources expended

Resources expended are accounted for on an accruals basis. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. These estimates are based on staff time. The irrecoverable element of VAT is included with the item of expense to which it relates.

g) Operating leases

Rentals payable are charged on a time basis over the lease term.

h) Pension schemes

The Trust offers a defined contribution pension scheme for its employees. The contributions are charged to expenses as they fall due for payment. There are currently 11 employees (2019: 12) who are members of this scheme. Pension scheme costs and associated liabilities are split between restricted and unrestricted funds based on the proportion of employee time spent on restricted and unrestricted activities.

i) Tangible fixed assets

Capitalisation and replacement

The land, together with the original buildings (which are all Grade II listed properties), were acquired by the Trust in 1986. The Trust is responsible for keeping the original buildings in fit and useful condition, and these costs are written off as incurred. Building improvements and extensions costing more than £5,000 are capitalised and carried in the balance sheet at cost.

Depreciation

Land is not depreciated but is re-valued and surplus transferred to the revaluation reserve. Depreciation of other assets is provided at rates calculated to write off the excess of cost over estimated residual amount evenly over the estimated useful economic lives of each class of asset, subject to annual review.

These rates are currently as follows:

Property improvements: 50 years (straight line) Musical instruments: 10 years (straight line) Furniture and equipment: 5-10 years (reducing balance) Computers: 3 years (straight line)

17

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

i) Tangible fixed assets (continued)

The residual value of certain musical instruments is considered such that any depreciation charge would be immaterial. Accordingly, none is charged.

The Trustees consider the residual value of listed buildings is materially consistent with the residual value of the asset. Accordingly no depreciation has been charged on listed buildings.

j) Stock

Stock is carried at the lower of cost and net realisable value.

k) Grants and bursaries payable

Grants and bursaries from restricted funds are included as expenditure in the period for which the award is given.

l) Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2. Course fees

The course fee income comprised:

Gross fees
Less: bursaries, scholarships, grants and allowances		 2020
£
140,397
(11,311)
129,086		 2019
£
451,017
(75,388)
375,629

18

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

3. Income from subsidiary’s trading activities

The Trust owns the whole of the ordinary share capital, consisting of 100 ordinary shares of £1 each, of Pro Corda Ventures Limited, a company incorporated in the UK, which undertakes activities that fall outside the scope of the Trust’s objectives (Company No. 02868983).

The registered office of Pro Corda Ventures Limited is Leiston Abbey, Theberton Road, Leiston, Suffolk, IP16 4TB.

Pro Corda Ventures Limited’s trading results for the year as extracted from the financial statements are summarised below, together with the Trust’s own results for the year to distinguish them from the group results in the Consolidated Statement of Financial Activities.

Turnover and fee income
Cost of sales: subsidiary
Gross profit: subsidiary
Administration: subsidiary
Other income
Operating profit / (loss)
Bank interest receivable
Gross incoming resources
Cost of charitable activities
Cost of generating funds
Retained surplus / (deficit)		 Subsidiary
2020
2019
14,450
27,773
(1,819)
(2,459)
12,631
25,314
(11,391)
(19,789)
-
-
1,240
5,525
-
-
1,240
5,525		 Trust
2020
2019
140,397
451,017
266,015
268,961
57
99
406,469
720,077
(506,412)
(698,664)
(19,413)
(42,010)
(119,356)
(20,597)		 Trust
2020
2019
140,397
451,017
266,015
268,961
57
99
406,469
720,077
(506,412)
(698,664)
(19,413)
(42,010)
(119,356)
(20,597)
720,077
(698,664)
(42,010)
(20,597)

Details of the subsidiary’s balance sheet are given in note 11.

4. Investment income

Interest on cash deposits 2020
2019
£
£
57
99

19

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

5. Analysis of expenditure on charitable activities

Bursaries and scholarships granted
Music and pastoral staff
Food, cooking and cleaning
Governance & support costs
Establishment costs
Other course costs		 Music
Courses
£
11,311
116,628
73,489
227,199
55,740
13,550
497,917		 Barn
Costs
Depreciation
and loss on
disposal
£
£
-
-
-
-
-
-
-
8,495
-
-
-
-
-
8,495		 Total
£
11,311
116,628
73,489
235,694
55,740
13,550
506,412

6. Analysis of governance and support costs

Staff costs
Travel and subsistence
Office costs
Audit and accountancy costs
Other legal and professional costs
Advertising
Insurance
Depreciation and loss on disposal
Other costs		 General
support
Governance
Function
£
£
70,937
-
58,167
-
17,994
-
-
5,362
16,948
-
26,600
-
16,950
-
8,493
-
14,243
-
230,332
5,362		 Total
£
70,937
58,167
17,994
5,362
16,948
26,600
16,950
8,493
14,243
235,694

7. Expenditure for the year is stated after charging:

2020 2019
£ £
Fees payable to the group’s auditor for:
The audit of the consolidated and subsidiary company
financial statements		 5,362 7,573
Accountancy services 11,952 14,525

The cost of inventories recognised as an expense during the period was £15,506.

20

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

8. Analysis of staff costs and trustee remuneration and expenses

Wages and salaries
Employers National Insurance
Employers pension contributions		 2020
£
195,575
10,650
3,906
210,131		 2019
£
235,323
16,038
4,197
255,558

The average number of employees in the year, calculated on a head count basis was 11 (2019: 12).

No employee earned more than £60,000 in the year (2019: nil).

The key management personnel of the parent charity, the Trust, comprise the Trustees and the Chief Executive Officer. The total employee benefits of the key management personnel of the Trust were £50,181 (2019: £49,985).

The key management personnel of the Group comprise those of the Trust and those of its wholly owned subsidiary Pro Corda Ventures Limited. The key management personnel of Pro Corda Ventures Limited are the directors and the Chief Executive Officer, whose employee benefits total £nil (2019: £nil). The total employee benefits of key management personnel for the group was therefore £50,181 (2019: £49,985).

9. Related party transactions

Neither the Trustees, nor any persons connected with them, received any remuneration or other benefits from the Trust or any connected organisation other than the reimbursement of expenses.

Reimbursement of travel expenses to Trustees totalled £nil (2019: £nil). No Trustee received any subsidy for their offspring to attend.

During the year, an immediate family member of D Ballance (Trustee) was hired by the charity to perform teaching and pastoral duties on three core courses. He was remunerated a total of £2,394, none of which was outstanding at the Year End.

21

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

10. Tangible fixed assets

Subsidiary
Freehold Musical Furniture & furniture & Group
buildings instruments equipment Trust total equipment total
£ £ £ £ £ £
Cost or Valuation
1 October 2019 2,442,254 65,317 39,497 2,547,068 69,651 2,616,719
Additions 25,000 420 1,230 26,650 - 26,650
Disposals - - - - - -
─────── ─────── ─────── ─────── ─────── ───────
30 September 2020 2,467,254 65,737 40,727 2,573,718 69,651 2,643,369
══════ ══════ ══════ ══════ ══════ ══════
Depreciation
1 October 2019 65,535 29,151 33,445 128,131 65,103 193,234
Charge for the year 6,845 192 1,458 8,495 681 9,176
On disposal - - - - - -
─────── ─────── ─────── ─────── ─────── ───────
30 September 2020 72,380 29,343 34,903 136,626 65,784 202,410
══════ ══════ ══════ ══════ ══════ ══════
Net book values
30 September 2020 2,394,874 36,394 5,824 2,437,092 3,867 2,440,959
══════ ══════ ══════ ══════ ══════ ══════
30 September 2019 2,376,719 36,166 6,052 2,418,937 4,548 2,423,485
══════ ══════ ══════ ══════ ══════ ══════

Within freehold buildings there is property valued at £2,100,000 which has a historical cost of £1,229,488. The property was valued during September 2013 by an historic sites and building specialist.

11. Investments

Group Trust
2020 2019 2020 2019
£ £ £ £
Fixed asset investments
Investment in subsidiary - - 100 100

22

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

11. Investments (continued)

11. Investments (continued)
The assets and liabilities of the subsidiary were:
Tangible fixed assets
Current assets
Creditors: amounts falling due within one year
Represented by:
Share capital
Profit and loss account		 2020
£
3,867
17,657
21,524
(10,188)

11,336
100
11,236
11,336		 2019
£
4,549
25,813
30,362
(15,891)
14,471
100
14,371
14,471

Details of the subsidiary’s profit and loss account are given in note 3.

12. Debtors

Trade debtors
Prepayments
Corporation Tax Recoverable		 Group
2020
2019
£
£
102,453
117,021
3,083
17,576
3
3
105,539
134,600		 Trust
2020
2019
£
£
102,453
116,348
3,083
17,576
-
-
105,536
133,924		 Trust
2020
2019
£
£
102,453
116,348
3,083
17,576
-
-
105,536
133,924
133,924

13. Creditors: Due within one year

Bank overdrafts
Trade creditors
Advance course fees
Taxation and social security
Amounts owed to subsidiary
Other creditors and accruals		 Group
2020
2019
£
£
86,159
69,502
37,120
47,089
63,529
36,389
3,539
2,713
-
-
66,705
45,135
257,052
200,828		 Trust
2020
2019
£
£
86,159
69,502
36,020
47,036
63,529
36,389
3,539
2,713
14,716
17,960
57,717
29,398
261,680
202,998		 Trust
2020
2019
£
£
86,159
69,502
36,020
47,036
63,529
36,389
3,539
2,713
14,716
17,960
57,717
29,398
261,680
202,998
202,998

23

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

14. Deferred income

Advance course fees Balance at
1 Oct 2019
£
36,389		 Released to
income
£
(140,397)		 Deposits
received
Balance at 30
Sept 2020
£
£
167,537
63,529

15. Operating lease commitments

At the reporting end date, the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Due within one year
Due between 1 and 5 years
Due after 5 years
Total		 Group
2020
2019
£
£
6,607
8,299
17,275
20,589
7,000
10,111
30,882
38,999		 Trust
2020
2019
£
£
6,607
8,299
17,275
20,589
7,000
10,111
30,882
38,999		 Trust
2020
2019
£
£
6,607
8,299
17,275
20,589
7,000
10,111
30,882
38,999
38,999

The cost of operating leases recognised as an expense during the period was £8,600.

16. Financial instruments

16. Financial instruments
Group
2020
2019
£
£
Carrying amount of financial assets
Debt instruments measured at
amortised cost
102,453
117,021
Equity instruments measured at
cost less impairment
-
-
Carrying amount of financial liabilities
Measured at amortised cost
103,825
92,224		 Trust
2020
2019
£
£
102,453
116,348
100
100
108,453
94,394

Measured at amortised cost

24

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

17. Analysis of group funds at 30 September 2020

Fixed
assets
£
Restricted funds:
General
-
Barn Fund
-
Barn LEADER Project
-
Freehold Purchase
-
-
Unrestricted funds:
General fund
1,566,580
Revaluation fund
870,512
Designated fund (Abbey House Fund)
-
Non-charitable trading funds
3,867
Group
2,440,959
Analysis of group funds at 30 September 2019 (as restated)
Fixed
assets
£
Restricted funds:
General
-
Barn Fund
-
Barn LEADER Project
-
-
Unrestricted funds:
General fund
1,548,424
Revaluation fund
870,512
Designated fund (Abbey House Fund)
-
Non-charitable trading funds
4,549
Group
2,423,485		 Net current
assets /
(liabilities)
£
28,598
-
11,308
-
39,906
(303,180)
-
115,532
7,469
(140,273)

Net current
assets /
(liabilities)
£
29,746
-
11,308
41,054
(159,977)
-
108,693
9,922
(308)		 Fund
balances
£
28,598
-
11,308
-
39,906
1,263,400
870,512
115,532
11,336
2,300,686
Fund
balances
£
29,746
-
11,308
41,054
1,388,447
870,512
108,693
14,471
2,423,177

The Restricted General Funds represents fund available to the Trustees at their discretion for the provision of bursaries and similar financial support.

The Restricted Barn Fund represents restricted funds made available specifically for the restoration and preservation of the Barn which is used for concerts, recitals, teaching and similar activities of the Group. The expenditure incurred has been capitalised and included within fixed assets.

25

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

The LEADER Project represents funds made available specifically for the design and installation of a heating system for the Barn.

The Freehold purchase, including legal costs, of Leiston Abbey by Pro Corda Trust from the Diocese of Bury St Edmunds, was entirely funded through a pre-arranged pledge. The transaction was completed in September 2020 and Pro Corda are awaiting the final documentation from the Land Registry.

The Abbey House Fund is a designated fund created to provide for the restoration and improvement of the Abbey House which is used for accommodation and teaching by the Group.

18. Restricted funds: movement in the year

Bursary
Piano
Chamber
Competition
Barn fund
Barn LEADER
Project
NYMO
SEN
Freehold
Purchase		 Balance at
1 Oct 2019
(as
restated)
£
3,509
2,349
19,233
-
11,308
4,655
-
-
41,054		 Income
£
17,671
-
-
-
-
-
1,500
25,000
44,171		 Expended
£
11,311
-
9,015
-
-
-
2,002
-
22,328		 Transfers
£
-
-
1,507
-
-
-
502
(25,000)
(22,991)		 Balance at 30
Sept 2020
£
9,869
2,349
11,725
-
11,308
4,655
-
-
39,906

Transfers into restricted funds during the year relate to furlough grant income that has been used to pay staff costs attributed to restricted activities. In order to match the income against the cost, a transfer has been effected to recognise the income as restricted income.

Bursary
Piano
Chamber Competition
Barn Fund
Barn LEADER Project
NYMO		 Balance at 1
Oct 2018
(as restated)
£
8,803
2,349
16,743
-
-
4,655
32,550		 Income
£
70,094
-
10,000
-
37,048
-
117,142		 Expended
£
75,388
-
7,510
-
25,740
-
108,638		 Balance at 30 Sept
2019
(as restated)
£
3,509
2,349
19,233
-
11,308
4,655
41,054

26

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

19. Unrestricted funds: movement in the year

General reserve
Revaluation
reserve
Designated fund
(Abbey
House Fund)
Trust
Non-charitable
trading funds		 Balance at 1
Oct 2019
(as restated)
£
1,395,110
870,512
102,030
2,367,652
14,471
2,382,123		 Income
£
340,934
-
16,989
357,923
14,450
372,373		 Expended
£
500,010
-
3,487
503,497
13,210
516,707		 Transfer
£
22,991
-
-
22,991
-
22,991		 Consoli-
dation
£
4,375
-
-
4,375
(4,375)
-		 Balance at
30 Sept
2020
£
1,263,400
870,512
115,532
2,249,444
11,336
2,260,780
Balance at
30 Sept
Balance at 1 2019
Oct 2018 (as
(as restated)
Income		 Expended restated)
£ £ £ £
General reserve 1,434,987
585,496		 625,373 1,395,110
Revaluation reserve 870,512 - - 870,512
Designated fund (Abbey
House Fund)		 91,254
17,439		 6,663 102,030
Trust 2,396,753
602,935		 632,036 2,367,652
Non-charitable trading funds 8,946
27,773		 22,248 14,471
2,405,699
630,708		 654,284 2,382,123
20. Restricted fund expenditure
Bursaries Music and Administra- Establish- Fundraising Total
granted pastoral tion ment
costs
staff
£ £ £ £
£		 £
Bursary 11,311 - - -
-		 11,311
Chamber
competition - 4,467 4,467 -
81		 9,015
SEN - 940 940 122 2,002
Group and Trust 11,311 5,407 5,407 - 203 22,328

27

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

21. Reconciliation of group net incoming resources to net cash (outflow) / inflow from group operations

group operations
Net income
Depreciation charges added back
Deduct interest income
Decrease in stocks
(Increase) / decrease in debtors
(Decrease) / increase in creditors
Net cash (used in) / generated by
operating activities		 £
9,176
(57)
56
29,061
39,567		 2020
£
(122,491)		 £
9,485
(99)
-
179
(11,101)		 2019
£
(15,072)
(44,688) (16,608)

22. Prior Period Adjustment

In auditing the figures for the Year Ended 30[th] September 2020, it was noted that a balance historically held within restricted funds should have been transferred into unrestricted funds on the basis that the restriction was met at the point of purchase.

Accordingly, a reclassification of funds as at 1[st] October 2018 has been recognised within the accounts, increasing the value of unrestricted funds by £162,534 and reducing the value of restricted funds by the same amount.

28

PRO CORDA TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

23. Consolidated statement of financial activities (including income and expenditure account) for the year ended 30 September 2019 (as restated)

Notes Unrestricted
Funds		 Restricted
Funds		 Total
Funds		 Total
Funds
2019 2019 2019 2018
£ £ £ £
Income:
Donations and legacies 128,687 117,142 245,829 259,371
Income from charitable activities:
Course fees 2 451,017 - 451,017 453,706
Income from other trading activities:
Trading income 3 27,773 - 27,773 21,180
Lettings and related income 7,043 - 7,043 10,986
Concert tickets and other income 16,089 - 16,089 13,714
Investment income 4 99 - 99 -
────── ────── ────── ──────
Total income 630,708 117,142 747,850 758,957
Expenditure:
Costs of raising funds:
Trading expenses 3 22,248 - 22,248 22,951
Fundraising costs 41,204 806 42,010 41,211
Expenditure on charitable activities: 5
Bursaries and scholarships granted 2 - 75,388 75,388 83,572
Music and pastoral staff 209,084 3,352 212,436 184,963
Food, cooking and cleaning 98,149 - 98,149 93,724
Administration costs 6 180,622 29,092 209,714 202,804
Establishment costs 58,478 - 58,478 42,769
Other course costs 44,499 - 44,499 38,224
────── ────── ────── ──────
Total expenditure 654,284 108,638 762,922 710,218
────── ────── ────── ──────
Net movement in funds before transfers (23,576) 8,504 (15,072) 48,739
Transfer between funds - - - -
────── ────── ────── ──────
Net income and net movement in funds (23,576) 8,504 (15,072) 48,739
for the year
Total Funds brought forward at 1 October 2,405,699 32,550 2,438,249 2,389,510
────── ────── ────── ──────
Total Funds carried forward at 30
September		 2,382,123 41,054 2,423,177 2,438,249
═════ ═════ ═════ ══════

29

PRO CORDA TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT (This page does not form part of the statutory financial statements) FOR THE YEAR ENDED 30 SEPTEMBER 2020

2020
£
£
Donations and legacies
Donations received
242,817
Friends subscriptions
995
───────
243,812
Income from charitable activities
Course fees
140,397
Lettings and related income
English Heritage contributions
6,500
Other lettings
2,668
───────
9,168
Concert tickets and other income
Concert tickets
8,624
Fundraising events
-
CD sales
-
Refreshments, cream teas & lunches
36
Merchandise sales
-
Insurance claims
-
───────
8,660
Investment income
Deposit account interest
57
───────
Total income
402,094
Less: Expenditure per schedule attached
(525,825)
───────
Net surplus for the year
(123,731)
───────
Net surplus for year transferred to total funds
(123,731)
═══════		 2019
£
£
244,749
1,080
───────
245,829
451,017
3,000
4,043
───────
7,043
13,197
375
-
2,185
332
-
───────

16,089

99
───────
720,077

(740,674)
───────
(20,597)
───────

(20,597)
═══════

30

PRO CORDA TRUST DETAILED INCOME AND EXPENDITURE ACCOUNT (This page does not form part of the statutory financial statements) FOR THE YEAR ENDED 30 SEPTEMBER 2020

2020 2019
£ £ £ £
Fundraising costs 19,413 42,010
Bursaries and scholarships granted 11,311 75,388
Music and pastoral staff and other costs 116,628 212,436
Food, cooking and cleaning
Provisions 14,672 27,354
Cleaning & laundry supplies 675 959
Miscellaneous Purchases 159 -
Domestic staff 57,983 69,836
─────── ───────
73,489 98,149
Governance and support costs
Administrative staff 70,937 62,117
Travel & subsistence 58,167 47,233
Postage, printing & stationery
Telephone, fax & internet
Website maintenance & computer costs
Legal & professional fees
Bookkeeping
Equipment hire & maintenance
Bank charges & interest
Insurance
Subscriptions
Advertising
Audit and Accountancy
Miscellaneous
Depreciation and loss on disposal
Establishment costs
Grounds & maintenance staff
Rates
Light & heat
Repairs & renewals		 1,695
10,193
5,884
4,996
11,952
8,609
5,515
16,950
-
5,964
5,362
20,975
8,495
───────
9,512
7,116
17,127
21,985		 235,694 2,254
9,615
6,689
5,215
14,525
9,563
3,728
14,382
-
17,428
7,573
852
8,540
───────
8,401
7,534
19,872
22,671		 209,714
─────── ───────
55,740 58,478
Other course costs
External accommodation 1,055 24,178
Concert expenses 3,059 1,605
Sheet music purchase 291 116
Miscellaneous 9,145 18,600
─────── ───────
13,550 44,499
─────── ───────
To income & expenditure account 525,825 740,674
═══════ ═══════

31