Emu Music Ltd
(A company limited by guarantee)
Report and Financial Statements Year ending 30th June, 2022 Charity number 1124923 Company number: 6500315
Address: 74 Marlborough Road, Oxford, OX1 4LR Trustees: Philip Percival, Robert Smith, Emu Music Australia Inc.
Emu Music: Our purposes and activities
The purposes of the charity are: To advance the Christian religion in the United Kingdom for the benefit of the public through the holding of Worship Services, lectures, production and distribution of Christian literature and music, and to enlighten others about the Christian religion.
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging. Emu Music relies on donations, grants and the income from conference fees and sale of sheet music and audio resources to cover its operating costs. In setting the level of conference fees, the trustees give careful consideration to the accessibility of those events to those on low incomes and to enable access by other charitable organisations.
The strategies employed to achieve the charity’s aims and objectives are to:
-
present a series of conferences around the UK for the training of church musicians;
-
offer opportunities for musicians, composers, sound operators to develop the exercise of their creative gifts through workshops and lectures;
-
provide resources at low or no cost to religious organisations and individuals to enable vibrant contemporary corporate worship, and to help encourage a culture in which different age ranges and musical skills play a significant role in corporate worship.
In the past year, we limited in the number of events we could hold due to Covid restrictions. None the less, we held and contributed to regional church music ministry conferences across the UK. Each event combined hands-on training in church musicianship, musical leadership and song writing.
The following year we expect that we will be able to provide similar events across the UK and Europe.
In this year we produced one new music album of congregational songs, and distributed sheet music and audio of new worship material from Emu Music.
The following year will see us create and produce one further album: one aimed at general congregational singing and children’s ministry.
Financial Review
Reserves are needed to bridge the gap between the spending and receiving of resources and to cover unplanned emergency costs and other expenditure. The trustees consider that the ideal level of reserves as at 30th June would be £10,000. It is our aim to reduce excess CD stock in the following year and will continue to look to resetting conference fees at a level which better reflects our conference costs whilst balancing affordability for low income and other charitable groups. Furthermore, we are
working on growing a network of donors, (from individuals and organisations who have benefitted from Emu’s activities) to ensure larger profits.
Structure, Governance and Management
Governing Document
Emu Music Ltd is a company limited by guarantee governed by its Memorandum and Articles of Association dated 11 February, 2008. It is registered as a charity with the Charity Commission.
Appointment of trustees
As set out in the Articles of Association the chair of the trustees is elected by the other trustees. Three trustees are elected annually by the members of the charitable company attending the Annual General Meeting and serve for a period of one year. All members are circulated with invitations to nominate trustees prior to the AGM advising them of the retiring trustees and requesting nominations for the AGM. When considering co-opting trustees, the Board has regard to the requirement for any specialist skills needed; in particular: finance, theology, church music, business and marketing.
Organisation
The board of trustees, which must have minimum of 3 members, administers the charity. The board meets quarterly and sets direction on project and organizational development, membership, and finance. An Executive Director is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Executive Director has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artistic and theological content of resources and events. We have a small but dedicated team of volunteers at each event location who enable the smooth running of events.
Profit and Loss
Emu Music Ltd.
For the year ended 30 June 2022
Balance Sheet
Emu Music Ltd.
As at 30 June 2022
| 2022 | |
|---|---|
| Account | 2022 |
| Turnover | |
| Bank Interest | (536.67) |
| Book Sale - Songs Of The Saints | 16.00 |
| Book Sales - No Love Is Higher Devotiona | 10.00 |
| Book Sales - Then Sings MySoul | 30.00 |
| Book Sales - This Is The One Devotional | 5.00 |
| CCLI - Europe Royalties | 43.61 |
| CCLI - UK Royalties | 9,667.92 |
| CCLI - US Royalties | 723.73 |
| CD Sales - Creation Awaits | 157.72 |
| CD Sales - J is for Jesus | 72.13 |
| CD Sales - Let All Creation Sing | 4.81 |
| CD Sales - Meet The King | 62.52 |
| CD Sales - No Love Is Higher | 41.53 |
| CD Sales - Praise WIthout Ceasing | 33.32 |
| CD Sales - Songs Of The Saved | 39.59 |
| CD Sales - The Things Above | 55.09 |
| CD Sales - This Is The One CD | 25.05 |
| CD Sales - Undivided | 28.86 |
| Donations - Concerts | 271.18 |
| Donations - Partners(283) | 6,987.33 |
| Donations(282) | 18,021.86 |
| EmuPlus Subscription | 1,342.50 |
| Events(Concerts) | 753.50 |
| Events(SongLeading) | 1,227.50 |
| Misc Income | 247.00 |
| Misc Sales | 74.99 |
| Miscellaneous CDs(294) | 311.18 |
| Music & Book Sales | 304.89 |
| Postage Collected | 2.42 |
| Stock adjustment | 126.82 |
| TrainingIncome | 232.00 |
| UK Government SalaryGrant | 14,014.61 |
| Word In SongConference | 449.11 |
| Word In SongOnline Course | 415.21 |
| Total Turnover | 55,262.31 |
Account 30 Jun 2022
| Turnover | Fixed Assets | ||
|---|---|---|---|
| Bank Interest | (536.67) | Tangible Assets | |
| Book Sale - Songs Of The Saints | 16.00 | Depreciation - I | (6,898.29) |
| Book Sales - No Love Is Higher Devotiona | 10.00 | Deprecitaion - I | 8,251.18 |
| Book Sales - Then Sings MySoul | 30.00 | Total Tangible | 1,352.89 |
| Book Sales - This Is The One Devotional | 5.00 | Total Fixed Assets | 1,352.89 |
| CCLI - Europe Royalties | 43.61 | ||
| CCLI - UK Royalties | 9,667.92 | Current Assets | |
| CCLI - US Royalties | 723.73 | Cash at bank and | in hand |
| CD Sales - Creation Awaits | 157.72 | Bank - Co-opC | 4,920.10 |
| CD Sales - J is for Jesus | 72.13 | WISE UK | 457.57 |
| CD Sales - Let All Creation Sing | 4.81 | Total Cash at | 5,377.67 |
| CD Sales - Meet The King | 62.52 | Accounts Rece | 130.05 |
| CD Sales - No Love Is Higher | 41.53 | Aus Intercompa | (3,500.00) |
| CD Sales - Praise WIthout Ceasing | 33.32 | Bank - Paypal U | 695.33 |
| CD Sales - Songs Of The Saved | 39.59 | Bank - Undepos | 0.01 |
| CD Sales - The Things Above | 55.09 | EUR Accounts | 3,830.25 |
| CD Sales - This Is The One CD | 25.05 | Production inpr | 1,376.03 |
| CD Sales - Undivided | 28.86 | Stock - A Very | 101.74 |
| Donations - Concerts | 271.18 | Stock - A Very | 33.34 |
| Donations - Partners(283) | 6,987.33 | Stock - Advent | 1,790.31 |
| Donations(282) | 18,021.86 | Stock - Atonem | 68.63 |
| EmuPlus Subscription | 1,342.50 | Stock - Breath O | 615.08 |
| Events(Concerts) | 753.50 | Stock - BringO | 17.36 |
| Events(SongLeading) | 1,227.50 | Stock - Christm | 21.28 |
| Misc Income | 247.00 | Stock - Come H | 60.84 |
| Misc Sales | 74.99 | Stock - Creatio | 428.71 |
| Miscellaneous CDs(294) | 311.18 | Stock - Erlöst C | 79.94 |
| Music & Book Sales | 304.89 | Stock - FTLOG | 2.82 |
| Postage Collected | 2.42 | Stock - Garage | 70.36 |
| Stock adjustment | 126.82 | Stock - Get Rea | 17.46 |
| TrainingIncome | 232.00 | Stock - God Un | 32.96 |
| UK Government SalaryGrant | 14,014.61 | Stock - How Co | 18.66 |
| Word In SongConference | 449.11 | Stock - Hymns | 530.00 |
| Word In SongOnline Course | 415.21 | Stock - In Die B | 394.32 |
| Total Turnover | 55,262.31 | Stock - J is for | 103.01 |
| Stock - Jesus Is | 5.05 | ||
| Cost of Sales | Stock - King, Sn | 3.94 | |
| Creation Awaits CD | 76.70 | Stock - Let All C | 46.51 |
| J is for Jesus(3027) | 19.57 | Stock - Let You | 31.32 |
| Let All Creation Sing | 2.58 | Stock - LivingO | 57.21 |
| No Love Is Higher CD | 28.30 | Stock - LowlyC | 17.80 |
| No Love Is Higher Devotional | 24.76 | Stock - New So | 86.71 |
| Praise Without Ceasing | 8.24 | Stock - No Love | 73.56 |
| Songs Of The Saints Book | 21.64 | Stock - No Love | 433.20 |
| Songs Of The Saved CD | 30.80 | Stock - Praise C | 30.47 |
| The Things Above CD | 154.45 | Stock - Praise P | 44.62 |
| Then Sings MySoul Book | 37.24 | Stock - Praise W | 0.02 |
| This Is The One Devotional Book | 0.10 | Stock - Risen C | 7.69 |
| Undivided CD | 0.33 | Stock - Shout W | 38.40 |
| Total Cost of Sales | 404.71 | Stock - Songs F | 94.87 |
| Stock - Songs f | 7.39 | ||
| Gross Profit | 54,857.60 | Stock - Songs O | 32.47 |
| Stock - Songs O | 49.25 | ||
| Administrative Costs | Stock - Sons an | 74.52 | |
| Advertising | 566.53 | Stock - The Ga | 49.94 |
| Bank Charges | 333.91 | Stock - The Is T | 3.79 |
| Bank Charges - Merchant Fees | 362.63 | Stock - The Thi | 112.36 |
| Catering | 6.38 | Stock - Then Si | 46.55 |
| Company Registration | 10.83 | Stock - To Be L | 2.07 |
| Computer/Music Software <£300 | 127.00 |
|---|---|
| Computer/RecordingEquipment <£300 | 821.20 |
| Depreciation | 1,100.64 |
| Employee: UK Pension | 2,188.01 |
| Freight | 2,856.90 |
| Honorarium/Gift | 100.00 |
| Interest Expense | 896.46 |
| Interestpayable | 113.52 |
| Legal & Professional Fees | 2,950.00 |
| Misc Expense | 1,039.57 |
| National Insurance Employer Contribution | 1,989.79 |
| Office equipment | 57.00 |
| Office Supplies | 2.29 |
| Online AccountingSoftware | 288.33 |
| Postage | 338.23 |
| Printing | 67.08 |
| Staff Compliance Expenses | 51.67 |
| Staff lunch | 28.13 |
| Staff Training/Education Costs | 3,175.00 |
| Stripe Fees | 15.92 |
| TeachingResources | 34.55 |
| Telephone | 131.91 |
| Travel | 1,607.56 |
| UK InternshipAccommodation Grant | 1,350.00 |
| UK web site costs | 281.88 |
| Unrealised CurrencyGains | 2.19 |
| Wages & Salaries(4064) | 412.01 |
| Wages & Salaries(4065) | 44,073.58 |
| Word In SongConference Expenses | (207.50) |
| Word In SongCourse Expenses | 119.76 |
| Total Administrative Costs | 67,292.96 |
| Operating Profit | (12,435.36) |
| **Profit on Ordinary Activities Before Ta ** | (12,435.36) |
| Profit after Taxation | (12,435.36) |
| Stock - Undivid | 0.04 | |
|---|---|---|
| Stock - UnityC | 20.71 | |
| Stock - Unreal | 82.73 | |
| Stock - Upward | 4.07 | |
| Stock - ValleyO | 0.67 | |
| Stock - When W | 31.10 | |
| Stock - Worthy | 227.94 | |
| USD Accounts | 0.08 | |
| Total Current | Assets | 14,013.21 |
| Creditors: | amounts falling due | |
| Accounts Payab | 12,831.72 | |
| Direct Debit - G | 1.81 | |
| Employee Base | 7,769.52 | |
| EUR Deposit R | 328.41 | |
| PAYE/NIC'spa | (2,088.31) | |
| PAYE/NIC's Pa | 3,348.46 | |
| Rounding | 1.00 | |
| USD Accounts | 215.95 | |
| VAT | 2,861.52 | |
| Total Creditors: amounts fal | 25,270.08 | |
| Net Current A | (11,256.87) | |
| Total Assets le | (9,903.98) | |
| Creditors: | amounts falling due | |
| Deposit Receiv | 1,490.00 | |
| Employee Sala | (1,326.93) | |
| Loan from Emu | (3,789.72) | |
| Prepayment - S | (133.33) | |
| UK Governmen | 15,763.78 | |
| Total Creditors: amounts fal | 12,003.80 | |
| Net Assets | (21,907.78) | |
| Capital and Reserves | ||
| Current Year E | 16,236.89 | |
| Current Year E | (12,435.36) | |
| Retained Earnin | (12,903.54) | |
| Retained Earnin | (11,951.77) | |
| Transfer to Em | (854.00) | |
| Total Capital and Reserves | (21,907.78) |
Independent Examiner's Report to the Trustees of Emu Music Ltd
I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 30 June 2022.
Responsibilities and basis of the report
As the charity trustees of the charitable company (and also its directors for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination, I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention which gives me cause to believe that:
-
accounting records were not kept in accordance with section 386 of the Companies Act 2006; or
-
the accounts do not accord with such records; or
-
the accounts do not comply with relevant accounting requirements under section 396 of the Companies Act 2006 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the Charities SORP (FRS102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mike Warriner
86 Warwick Park Tunbridge Wells Kent TN2 5EN
30 Aug 2022