Annual Report and Financial Statements for the Year Ended 31 May 2022
Music in Ministry Trust
Charity registration number: 299513
Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
MUSIC IN MINISTRY TRUST
Contents
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Financial Statements | 7 to 12 |
MUSIC IN MINISTRY TRUST
Reference and Administrative Details
Trustees Francis Wirgman Michael Whyatt Allen Cherry Elizabeth Whyatt Principal Office 37 The Spinney Epsom Downs Surrey KT18 5QX Charity Registration 299513 Number Independent Examiner G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF Bankers CAF Bank 25 King's Hill Avenue King's Hill West Malling Kent ME19 4JQ
Page 1
MUSIC IN MINISTRY TRUST
Trustees' Report
The trustees present the annual report together with the financial statements of the charity for the year ended 31 May 2022.
Structure, governance and management
Nature of governing document
Music in Ministry Trust is a registered charity, number 299513, and is constituted under a Trust deed.
Recruitment and appointment of trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
Risk management
The trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Objectives and activities
Objects and aims
The main object of the charity is the advancement of the Christian faith through the support of the music ministry of Bryn Haworth.
Public benefit
The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
Review of activities
The Trust continues with its object of the advancement of the Christian faith.
The Trust continues to develop its work inside prisons in the UK, providing music resources and donating Bibles, books, and CDs to support the work of prison chaplaincy departments.
The Trust also seeks opportunities to spread the vision for prison ministry around the country, and also supports Gospel outreach work and ministry to the poor.
Over the year the trust has given £13,623 (2021 - £7,298) to charities involved in prison, mission and aid work.
Financial review
Income for the year amounted to £28,618 (2021 - £46,952) and expenditure £42,172 (2021 - £39,662). The deficit of £13,554 decreased reserves brought forward with unrestricted fund balances being £19,592 (2021 - £33,146) at the year end.
Page 2
MUSIC IN MINISTRY TRUST
Independent Examiner's Report to the trustees of Music in Ministry Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 May 2022 which are set out on pages 5 to 12.
Respective responsibilities of trustees and examiner
As the charity’s trustees of Music in Ministry Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Music in Ministry Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of Music in Ministry Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
...................................... G W Schulz ACMA
Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
29 October 2022
Page 4
MUSIC IN MINISTRY TRUST
Statement of Financial Activities for the Year Ended 31 May 2022
| Note Unrestricted funds £ Income and Endowments from: Donations and legacies 2 28,618 Expenditure on: Charitable activities 3 42,172 Total expenditure 42,172 Net (expenditure)/income (13,554) Net movement in funds (13,554) Reconciliation of funds Total funds brought forward 33,146 Total funds carried forward 9 19,592 |
Total 2022 £ 28,618 42,172 42,172 (13,554) (13,554) 33,146 19,592 |
Total 2021 £ 46,952 39,662 |
|---|---|---|
| 39,662 | ||
| 7,290 | ||
| 7,290 25,856 |
||
| 33,146 |
The notes on pages 7 to 12 form an integral part of these financial statements. Page 5
asat31May20 |
22 |
|||
|---|---|---|---|---|
| 2022 | 202L | |||
| Note | E | E | ||
| Fixed assets | ||||
| Tangibleassets | 6 | 3,664 | 4,985 | |
| Currentassets | ||||
| Debtors | 7 | 2,0t3 | 2,O32 | |
| Cashatbank andinhand | L4,440 | 26,655 | ||
| 16,453 | 28,687 | |||
| Creditors: Amountsfallingduewithinoneyear | B | 52s) ( |
(s26) | |
| Netcurrentassets | 15,928 | 28,161 | ||
| Net assets | 79,592 | 33,L46 | ||
| Fundsofthe charity: | ||||
| Unrestrictedincomefunds | ||||
| Unrestricted funds | 79,592 | 33,746 | ||
| Total funds | 9 | 79,592 | ____Ellg_ |
MUSIC IN MINISTRY TRUST
Notes to the Financial Statements for the Year Ended 31 May 2022
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
Music in Ministry Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Donations and legacies
Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.
Gift aid
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
Page 7
MUSIC IN MINISTRY TRUST
Notes to the Financial Statements for the Year Ended 31 May 2022
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Tangible fixed assets
Individual fixed assets costing £500 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
| Asset class | Depreciation method and rate |
|---|---|
| Fixtures and fittings | 25% reducing balance |
| Computer equipment | 25% straight line |
| Musical equipment | 25% reducing balance |
| Office equipment | 25% reducing balance |
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Page 8
MUSIC IN MINISTRY TRUST
Notes to the Financial Statements for the Year Ended 31 May 2022
Fund structure
Unrestricted income funds are general funds that are available for use at the discretion of the trustees.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
2 Income from donations and legacies
| Donations and legacies; Donations Gift aid reclaimed |
Unrestricted funds General £ 26,605 2,013 28,618 |
Total 2022 £ 26,605 2,013 28,618 |
Total 2021 £ 44,920 2,032 |
|---|---|---|---|
| 46,952 |
3 Expenditure on charitable activities
| Note Ministry expenses Recording costs Tour expenses Computer, postage, printing and stationery Bank charges Sundry expenses Independent examination Depreciation Grant funding of activities 4 |
Unrestricted funds Designated £ General £ - 13,676 11,108 - - 698 - 1,140 - 97 - 41 - 468 - 1,321 - 13,623 11,108 31,064 |
Total 2022 £ 13,676 11,108 698 1,140 97 41 468 1,321 13,623 42,172 |
Total 2021 £ 14,578 12,328 434 2,733 75 50 468 1,698 7,298 |
|---|---|---|---|
| 39,662 |
Page 9
MUSIC IN MINISTRY TRUST
Notes to the Financial Statements for the Year Ended 31 May 2022
4 Grant-making
Analysis of grants
Grants to institutions 2022 2021 £ £ Grants 13,623 7,298
5 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
6 Tangible fixed assets
| Cost At 1 June 2021 At 31 May 2022 Depreciation At 1 June 2021 Charge for the year At 31 May 2022 Net book value At 31 May 2022 At 31 May 2021 |
Fixtures and fittings £ 1,264 1,264 1,260 1 1,261 3 4 |
Computer equipment £ 3,330 3,330 2,877 188 3,065 265 453 |
Music equipment £ 17,912 17,912 13,384 1,132 14,516 3,396 4,528 |
Office equipment £ 251 251 251 - 251 - - |
Total £ 22,757 |
|---|---|---|---|---|---|
| 22,757 | |||||
| 17,772 1,321 |
|||||
| 19,093 | |||||
| 3,664 | |||||
| 4,985 |
7 Debtors
Accrued income
| 2022 £ 2,013 |
2021 £ 2,032 |
|---|---|
Page 10
MUSIC IN MINISTRY TRUST
Notes to the Financial Statements for the Year Ended 31 May 2022
8 Creditors: amounts falling due within one year
| Accruals 9 Funds Unrestricted funds General General Funds Designated Recording fund Total funds Unrestricted funds General General Funds Designated Recording fund Total funds |
Balance at 1 June 2021 £ 21,474 11,672 33,146 Balance at 1 June 2020 £ 15,856 10,000 25,856 |
Incoming resources £ 28,618 - 28,618 Incoming resources £ 32,952 14,000 46,952 |
2022 £ 525 Resources expended £ (31,064) (11,108) (42,172) Resources expended £ (27,334) (12,328) (39,662) |
2021 £ 526 |
|---|---|---|---|---|
| Balance at 31 May 2022 £ 19,028 564 |
||||
| 19,592 | ||||
| Balance at 31 May 2021 £ 21,474 11,672 |
||||
| 33,146 |
Page 11
MUSIC IN MINISTRY TRUST
Notes to the Financial Statements for the Year Ended 31 May 2022
10 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ Designated £ 3,664 - 15,889 564 (525) - 19,028 564 Unrestricted funds General £ Designated £ 4,985 - 17,015 11,672 (526) - 21,474 11,672 |
Total funds at 31 May 2022 £ 3,664 16,453 (525) |
|---|---|---|
| 19,592 | ||
| Total funds at 31 May 2021 £ 4,985 28,687 (526) |
||
| 33,146 |
Page 12