2020-12-31-accounts - The Royal School Of Church Music

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Strand 1	Strand 1				Strand 2	Strand 2	Strand 3	Strand 3		Strand 4	Strand 4		Strand	Strand	5
Influence		both			Advance our		Build Financial			Develop Effective			Optimise				our
the	church	and			mission		Sustainability			Communications			impact		through
socie be ond				it									technolo
a)	Representation			in	a)	Relevant, desirable	a)	Cost control		a)	Supply regular		a)	Website/web
	relevant places			of		membership					editonal	to external		shop/intranet
	our work	and				benefits	b)	Cultivate	existing		recipients
	mlsslofl							membership					b)	iechnology				as a
					b)	Relevant, coherent				b)	Develop			tool for		learning
b)	Develop					education	c)	Increase			relationship with
	relationships		with			programme		membership			church		c)	Online		publishing—
	key policy-makers										communications			unlocking				potential
					c)	Broad and balanced	d)	Grow grant and			channels
c)	Engage with key					training provision		voluntary	income				d)	Better	use			of sooal
	media									c)	Develop	new		media	as		a	tool for
					d)	Relevant, coherent	e)	Re-focus	legacies		commun~cation			interactive				learning
d)	Influence	clergy				publications		income			pathways
	programmes					programme							e)	RSCM	app(s)
								Fund core costs		d)	Develop	role as a
					e)	A source of help and		from regular			influencer
						5Upport		income
										e)	Improve	internal
					f)	Website content	g)	Improve	Br		commulllcat)ons
						development		diversify	income
								streams
					g)	Creating		(including
						Development		tiading)
						opportunities
					h)	Effective
						Safe uardin

								Total	Total
					Unrestricted	Restricted	Endowment	Funds	Funds
					Funds	Funds	Funds	2020	2019
					f	E	E	f	E
Income and Endowments			from:
Donations and legacies				2a	196,004	66,605		262,609	329,487
income from charitable		activities:
Membership Income					539,221			539,221	540,146
Education &Outreach					14,899	550		15,449	121,296
Publication sales	&.royalties				203,662			203,662	400,388
Area committees					22,255			22,255	116,471
Investment Income				2b	8,742	20,263		29,005	33,516
Other Income				2c	27,455			27,455	11,342
Totallncome					1,012,238	87,418		1,099,656	1,552,646
Expenditure on:
Raising funds				3	105,280			105,280	101,337
Charitable activities
Membership serwces				3	259,932			259,932	271,892
Education &.Outreach				3	246,139	68,420		3'l4,559	467,679
Publications				3	335,347			335,347	452,327
Area committees				3	267,609			267,609	346,888
Tota I expenditure					1,214,307	68,420		1,282,727	1,640,123
Net income/(expenditure)					(202,069)	18,998		(183,071)	(87,477)
Transfers between	funds				(1,846)	1,846
Net Gains/(losses)	on investments			10	3,370	3,174	4,964	11,508	118,449
Net movement in	funds				(200,545)	24,018	4,964	(171,563)	30,972
Reconciliation of	funds:
Total funds brought forward				15	623,899	414,159	419,754	1,457,812	1,426,840
Total funds carried forward				15	423,354	438,177	424,718	1,286,249	1,457,812

					Notes	2020	2019
						6	f
Fixed Assets
Intangible assets					8	61,923	79,309
Tangible assets					9	17,516	15,084
Investments					10	973,218	890,177
Total fixed assets						1,052,657	984,570
Current Assets
Stock					11	138,936	164,944
Debtors					12	106,559	104,132
Areas' cash at bank		and	in hand			97,062	175,774
Cash at bank and	in	hand				104,315	186,749
Total current assets						446,872	631,599
Liabilities
Creditors: Amounts		falling due within		one year	13	213,280	158,357
Net current assets						233,592	473,242
Total net assets						1,286,249	1,457,812
The funds ofthe	charity:
Endowment funds					15,16	424,718	419,754
Restricted Funds					15,17	438,177	414,159
Unrestncted Funds					15,18	423,354	623,899
Total Charity Funds						1,286,249	1,457,812

						Notes	Notes	2020	2019
								E	E
Cash flows from operating activities
Cash generated from operations							CF1	63,121	(71,417)
Net cash provided	by (used in) operating			activities				63,121	(71,417)
Cash flows from investing activities:
Purchase of intangible fixed assets								(18,431)	(48,392)
Purchase of tangible	fixed assets							(11,343)	(3,407)
Purchase of fixed asset investments								(241,388)	(81,456)
Sale of fixed asset investments								58,388	122,541
Cash withdrawn from investment portfolio								(6,982)	8,436
Interest received								(354)	706
Investment dividends	received							(4,157)	32,810
Net cash provided	by (used in) investing			activities				(224,267)	31,238
Change in cash and	cash equivalents	in	the reporting			period		(161,146)	(40,179)
Cash and cash equivalents at the beginning					ofthe reporting
period								362,523	402,702
Cash and cash equivalents at the end		ofthe reporting				period	CF2	201,377	362,523
CF1.Reconciliation	of Net Income to	Net		Cash Flow		from Operating	Activities
								2020	2019
								E	E
Net movement in funds for the reporting			period
(os per the statement	affinancial actiwties)							(171,563)	30,972
Depreciation and amortisation charges								44,728	52,850
Gain on investments								106,941	(118,449)
Interest received								4,511	(33,516)
Decrease in debtors								(2,427)	4,093
Increase / (Decrease)	in creditors							54,923	7,725
(Increase) / Decrease	in stocks							26,008
Net «ash provided	by (used in) operating				activities			63,121	(56,325)
CF2.Analysis ofcash and cash equivalents								2020	2019
								E	E
Cash in hand								201,377	362,523
Total cash and cash	equivalents							201,377	362,523

2.	Incoming	resources	resources	2020	2019
				E	E
a)	Donations	and legacies
	Grants and	donations		144,154	151,585
	Affiliate fundraising			16,078	25,164
	Fnends income			2,347
	Legacies			100,030	152,738
				262,609	329,487
b)	Investment	income
	Listed investments			28,653	32,810
	Interest on	cash deposits		352	706
				29,005	33,516
c)	Other incoming		resources
	Commission			1,759	3,966
	Sundry income			25,696	7,376
				27,455	11,342

				Direct	Support	Total	Total
				costs	Costs	2020	2019
				E	f	f	E
Costs of Generating		Funds
Fundraising				82,249	I7,782	100,031	94345
Investment	management			5,249		5,249	6,992
Expenditure	on Charitable		Activities
Membership				231,599	28,333	259,932	271,892
Education	and development			252,313	62,246	314,559	467,679
Publications				312,506	22,841	335,347	452,327
Area Committees				218,516	49,093	267,609	346,888
				1,102,432	180,295	1,282,727	1,640,123

fundraising	on the	basis of staff cost	s. They are mad	e up as follo	ws:
		Fundraising	Membership	Education	publication	Areas	2020	20'19
		E		E	E	E	E	E
Office costs		14,736	23,479	51,582	18,928	40,682	149,407	181,937
Professional	fees	502	800	1,758	645	1,387	5,092	80
Finance costs		60	95	209	77	165	606	5,013
Depreciation		913	1,455	3,196	1,173	2,520	9,257	17,815
Amortisation		523	834	1,832	672	1,445	5,306	5,307
Governance		1,048	1,670.00	3,669	1,346	2,894	10,627	15,838
		17,782	28,333	62,246	22,841	49,093	180,295	225,990

4.Governance Costs
										2020	2019
										f	f
Allocated staff costs											2,495
Governance meetings	and expenses									3,063	5,886
Auditors fees —audit										4,734	4,500
Auditors fees —non-audit services										2,830	2,957
										10,627	15,838
5.Net income / (expenditure			for year)
										2020	2019
This is stated after charging										f	f
Depreciation										8,911	14,781
Amortisation										35,817	38,069
Auditors remuneration	—audit									4,734	4,500
Auditors remuneration	—accountancy			serwces						2,830	2,957
In 2019and 2020 audit services			were	provided		by Rothmans		Audit	LLP and accountancy	services were	provided by
Rothmans LLP, a partnership		associated			with Rothmans		Audit	LLP

						2020	2019
Total staff	emoluments	for the year	were as follows:			f	f
Gross salanes and wages						584, 'I 3'I	569,240
Social security						41,702	42,028
Employers	contnbutions	to defined	contnbution	pension	schemes	28,757	28,225
						654,590	639,493

The average	monthly
Membership		2	2
Education and development		11	12
Publications		3	3
Governance	and fundraising	16	12
		32	29

For the year	ended 31 December 2020
8.Intangible	fixed assets	Copyrights	8t	Website 8t
		publication rights		Webshop	Total
		E			E
Cost
As at 1 January	2020	102,512		48,282	150,794
Additions		18,431			18,431
Disposals
As at 31 December 2020		120,943		48,282	169,225
Amoctisation
As at 1 January	2020	59,836		11,649	71,485
Charge for the	year	24,394		11,423	35,817
Elimination on	disposal
As at 31 December 2020		84,230		23,072	107,302
Net Book Value
As at 31 December 2020		36,713		25210	61,923
As at 31 December 2019		42,676		36,633	79,309
9.Tangible fixed assets
					Furniture
					8t Equipment
					E
Cost
As at 1 January	2020				222,750
Additions					11,343
Disposals
As at 31 December 2020					234,093
Depreciation
As at 1 January	2020				207,666
Charge for the	year				8,911
Elimination on	disposal
As at 31 December 2020					216,577
Net Book Value
As at 31 December 2020					17,516
As at 31 December 2019					15,084

							2020	2019
							f	f
Market value	at 1 January				2020		890,177	821,249
Additions at cost							122,939	81,456
Disposals at carrying				value			(58,388)	(122,541)
Increase/(decrease)			in cash				6,982	(8,436)
Net gain/(loss)		on revaluation					11,508	118,449
Market value	at	31 December				2020	973,218	890,177
Investments at		market		value		comprised.
UK listed investments							452,560	468,021
Overseas		listed		investments			500,738	409,218
Other investments
Cash on	deposit						19,920	12,938
							973,218	890,177
Historical cost as at			31 December 2020
Listed investments							732,523	644,309
Cash with		investments				manager	19,921	12,938
							752,444	657,247
11.Stock
							2020	2019
							6	f.
Goods for resale							138,936	164,944
							138,936	164,944
12.Debtors
							2020	2019
							6	f
Trade debtors							76,001	75,329
Other debtors							25,601	19,300
Prepayments	and accrued				income		4,957	9,503
							106,559	104,132
13.Creditors	-	amounts			falling due within one year
							2020	2019
							6	6
Trade creditors							34,016	27,202
Other creditors							107,284	41,789
Accruals							8,947	10,060
Deferred income							63,033	79,306
							213,280	158,357

				Friends	Membership	Courses	Other Income	Total
				E	f.	E	E	E
Balance	Brought	Forward			73,015	6,243	48	79,306
Amount	released	to incoming	resource		(73,015)	(6,243)	(48)	(79,306)
Amount	deferred	in the year		85	53,516	7,994	1,438	63,033
Balance	Carned	Forward		85	53,516	7,994	1,438	63,033

					Endowment	Restricted	Unrestricted
Fund balances are represented			by		Funds	Funds	Funds	Total
					E
Intangible		fixed assets					61,923	61,923
Tangible	fixed assets						17,516	17,516
Fixed asset		investments			424,718	278,969	269,531	973,218
Net current		assets				159,208	74,384	233,592
Total net	assets				424,718	438,177	423,354	1,286,249
Analysis	of net assets between		funds	- previous	year
					Endowment	Restricted	Unrestricted
					Funds	Funds	Funds	Tota I
					E		E	E
Intangible		fixed assets					68,986	68,986
Tangible	fixed assets						26,458	26,458
Fixed asset		investments			370,461	86,072	364,716	821,249
Net current		assets				292,364	217,783	510,147
Total net	assets				370,461	378,436	677,943	1,426,840

			Fund				Gains	Fund
			B/Fwd	Income	Expenditure	Transfers	Bt Losses	C/Fwd
			6	6	f	f	E	E
Overseas development fund			32,624				386	33,010
(For overseas travel and development)
Hymns Ancient Bt Modern Lectureship		Fund	32,797				388	33,185
(To help pay for lecturers on RSCM courses)
Harold Smart Competition Fund			11,900				141	12,041
(1o fund an annual competition for composers)
)o provide grants to students attending		RSCM	courses
Hubert Crook and other bursary funds			169,690				2,006	171,696
Wiles Family Bequest			93,660				1,108	94,768
The Minsall-Jones Bequest			60,834				719	6'(,553
Derek Marsden Fund for educational	bursanes		18,249				216	18,465
			419,754				4,964	424,718
Endowment Funds - Previous year
			Fund				Gains	Fund
			B/Fwd	Income	Expenditure	Transfers	Bt Losses	C/Fwd
			6	f	6	f	6	6
Overseas development fund			28,793				3,831	32,624
(For overseas travel and development)
Hymns Ancient Bt Modern Lectureship		Fund	28,946				3,851	32,797
(To help pay for lecturers on RSCM courses)
Harold Smart Competition Fund			10,502				1,398	11,900
(To fund an annual competition for composers)
To provide grants to students attendmg		RSCM	courses'
Hubert Crook and other bursary funds			149,763				19,927	169,690
Wiles Family Bequest			82,661				10,999	93,660
The Minsall-Jones Bequest			53,690				7,144	60,834
Derek Marsden Fund for educational	bursanes		16,106				2,143	18,249
			370,461				49,293	419,754

17.Restricted funds	17.Restricted funds	17.Restricted funds	17.Restricted funds	17.Restricted funds
Restncted funds include income from endowments, legacies					and	donations			subject		to	specific instructions			on how
they may be spent, as indicated	below.	The	accumulated		income			from		endowments				and other	restricted
donations and legacies are allocated	a proportion		of the	general		investment				portfolio,		unless		it is expected that a
legacy or donation will be applied	in accordance with			the	wishes		of	the	donor		within		a	reasonable	penod of
receipt.
		Fund												Gains	Fund
		B/Fwd		Income			Expenditure				Transfers			&Losses	C/Fwd
			E		E			F.				E		E	E
Overseas Development Fund Income			3,661		1,031									28	4,720
Hymns A &. M Lectureship Fund Income			9,440		1,146									72	10,658
Harold Smart Fund Income			6,705			478								51	7,234
Hubert Crook and other Bursary Funds			41,788		5,792									320	47,900
Wiles Family Bequest income fund			20,807		3,155									159	24,121
The Minsall-Jones Income Fund			10,541		1,992									81	12,614
Derek Marsden Fund for Education			3,162			597								24	3,783
Regional development in specific areas			1,091			21								9	1,12'I
Bursanes for Cathedral Courses			19,223			367								147	19,737
Bursaries for RSCM study programmes			6,630			126								51	6,807
Lrz Bt Terry Bramali					60,000			(60,000)
1he Norman Kirkham Fund for organ scholarships			2,181			42								17	2,240
RSCM Voices general bursaries fund			1,051			20								8	1,079
John Pilling Trust Fund —RSCM Voices			2,271			43								18	2,332
K Guppy Fund for training/support of boy cbonsters			49,537			945								382	50,864
K Guppy Income Fund for tra ning of boy cbonsters
Parish Organ Scholarships Project			5,104			97								39	5,240
Post-Ordination cieigy training pro)act			7,496			143								58	7,697
The Headiey Trust bursanes grant for young	people		100			2								1	103
PA Mason Memorial Fund for courses			32,567			621								249	33,437
PA Mason Memorial income Fund
MB MacAuley Fund for choir training		137,289			2,619									1,049	140,957
DF Todd Fund			35,741			68Z								273	36,696
Cathedral Courses Income Fund			3,063			58								23	3,144
The Patrons' Fund 2017			79			2									81
Ouseley Trust			2,091			40								16	2,147
Area funds			10,503			200								80	10,783
Pipeline Organ Scholarship			2,038			571			(2,420)					9	198
The Praxis Grant for Education					6,000				(6,000)
Ogiethorpe Fund for bursaries for young cboristers						628						1,846		10	2,484
		414,159			87,418			(68,420)				1,846		3,174	438,177

17.Restricted Funds (conti	nued. .	.)
Restricted Funds - previous	year
			Fund					Gains	Fund
			B/Fwd	Income		Expenditure	Transfers	tk Losses	C/Fwd
			f	F.		f	f	f	f.
Overseas Development Fund Income			3,155	1,110		(800)		'l96	3661
Hymns A &.M Lectureship Fund	income		7,684	1,211				545	9,440
Harold Smart Fund Income			5,79G		498			41'I	6,705
Hubert Crook and other Bursary	Funds		36,802	6,	173	(3,666)		2,479	41,788
Wiles Family Bequest income fund			16,303	3,348				1,156	20,807
The Minsall-Jones Income Fund			7,862	2,	122			557	10,541
Derek Marsden Fund for Education			2,359		636			167	3,162
Regional development in specific areas			1,000		20			71	1,091
Bursaries for Cathedral Courses			19,220		359	(1,660)		1,304	19,223
Bursanes for RSCM study programmes			6,080		119			431	6,630
Lit (k Terry Bramall				75,000		(75,000)
The Norman Kirkham Fund for	organ scholarships		2,000		39			'l42	2,181
RSCM Voices general bursanes	fund		964		19			68	1,051
John Pilling Trust Fund —RSCM	Voices		4,000		59	(2,000)		212	2,271
K Guppy Fund for training/support	of boy chonsters		39,926		887		5,503	3,221	49,537
K Guppy income Fund for trainmg of boy cbonsiers			5,503				(S,S03)
Pansh Organ Scholarships Pro)act			4,681		91			332	5,104
Post-Ordination clergy training	pro)ect		6,875		134			487	7,496
The Headiey Trust bursaries grant for young		people	91		2			7	100
PA Mason Memonal Fund for courses			26,926		583		2,940	2,118	32,567
PA Mason Memonal Income Fund			2,940				(2,940)
MB MacAuiey Fund for choir tiaining			126,627	2,466		(755)		8,95'I	137,289
DF Todd Fund			32,777		640			2,324	35,741
Cathedial Courses Income Fund			2,808		55			200	3,063
The Patrons' Fund 2017			73		1			5	79
Ouseley Trust				4,020		(2,000)		71	2,091
Area funds			9,632		188			G83	10,503
To support the Cathedral Organists Association			6,352				(6,352)
Pipeline Organ Scholarship				4,448		(2,479)		69	2,038
The Praxis Grant for Education				7,500		(7,500)
			378,436	111,728		(95,860)	(6,352)	26,207	414,159

					Land and	buildings
					2020	2019
					f	f
Due	within	one year			23,958	40,123
Due	between		one	and five years	19,708	18,458
Due	in more		than	five years
					43,666	58,581

					Total
		Unrestricted	Restricted	Endowment	Funds
		Funds	Funds	Funds	2019
		E	f	E	E
Income and Endowments	from:
Donations and legacies		238,558	90,929		329,487
Income from charitable activities:
Membership Income		540,146			540,146
Education Bt Outreach		121,296			121,296
Publication sales & royalties		400,388			400,388
Area committees		116,471			116,471
Other incoming resources		12,717	20,799		33,516
Investments		11,342			11,342
Total Income		1,440,918	111,728		1,552,646
Expenditure on:
Raising funds		101,337			101,337
Chantable activities
Membership Income		271,892			271,892
Education Bt Outreach		371,819	95,860		467,679
Publication sales Bt royalties		452,327			452,327
Area committees		346,888			346,888
Total expenditure		1,544,263	95,860		1,640,123
Net income/(expenditure)		(103,345)	15,868		(87,477)
Transfers between funds		6,352	(6,352)
Gains/(losses) on investments		(533)	(325)	(612)	(1,470)
Unrealised gains/(losses) on	investments	43,482	26,532	49,905	119,919
Net movement in funds		(54,044)	35,723	49,293	30,972
Reconciliation offunds:
Total funds brought forward		677,943	378,436	370,461	1,426,840
Total funds carried forward		623,899	414,159	419,754	1,457,812