2020-12-31-accounts - The Ouseley Church Music Trust

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		Page
Report ofthe Trustees		t to xll
Independent Examiner's	Report
Statement ofFinancial	Activities
Balance Sheet
Notes to the Financial	Statements	4 to i3

for the year ended 31Dece	for the year ended 31Dece	for the year ended 31Dece	for the year ended 31Dece	mber 2020	(continued)
Grants authorised during				the year
		23March 2020				4 November		2019
Endowments						e~d
Diocese	ofExeterfor Pipe-Up project				5,000	SLeonard, Streatham			3,600
Fees						SMary, Henley-upon-Thames			5,000
Christ Church Cathedral			School		6,000	All Saints, Northampton			6,000
Salisbury	Cathedral School			(3 grants)	18,000	S Saviour, Pimlico			3,500
Wells Cathedral School			(2 grants)		12,000	S John the Evangelist,	New Hinksey		3,630
Manchester		Cathedral			6,000	Hexham Abbey			2,700
M~usi						S James the Great, Dursley			3,000
SMichael		&All Angels,	Abbey Wood		619	S John, Glastonbury			2,000
						The Philip Lank Trust for
	By written resolution					S Wulfram, Grantham			4,050
						Fees
Cathedral		Choirs Emergency		Fund	250,000	King's Ely School			5,000
						goer
						Dover Community Youth Choir			1,000
						SMichael &All Angels,		Tenbury Wells	3,000
						The Charles Wood Festival, NI			1,000
		Totals			g297,619	Total			g43t480

						2019
					9e
UK Gilts, bonds	and	other fixed-interest			21.7	17.5
UK Equities					22,0	27.4
European equities					2.1	2.6
North American	equities				9.0	5.9
Japanese equities					0.0	3.3
Global investments					16.5	16.6
Absolute Return	funds				5.8	59
Property (including		Common	Investment	Funds)	14.6	14.9
Other investments					3.5	5.1
Cash (with brokers)					4,8	0.8
Total					100.0	100.0

for the Year Ended 31	December	2020
							2020	2019
			Unrestricted	Restricted		Endowment	Total	Total
			funds		fund	fund	funds	funds
		Notes
INCOMING RESOURCES
FROM
Other income		2	153		7	5,831	5,991
Investment income		3	5,042		210	144,099	149,351	180,974
Transfer ofresources			118,413			~118,413)
Total			123,608		217	31,517	155,342	180,974
RESOURCES EXPENDED ON
Raising funds
Investment management	costs	4	1,037		95	25,686	26,818	35,280
			1,037		95	25,686	26,818	35,280
Charitable activities
Governance costs			19,776				19,776	22,397
Grant funding activities			363,584				363,584	176,779
Total			384,397		95	25,686	410,178	234,456
Net resources expended
before gains/losses			(260,789)		122	5,831	(254,836)	(53,482)
Net gains/(losses) on
investments			(40,440)		3,693	(75,447)	~112,194)	639,973
NET
INCOME/(EXPEND~)			(301,229)		3,815	(69,616)	(367,030)	586,491
RECONCILIATION	OF'
FUNDS
Total funds brought forward			480,728		48,623	5,158,015	5,687,366	5,100,875
TOTAL FUNDS CARRIED FORWARD			179,499,		52,438	5,088,399	5,320,336	5,687,366

Balance Sheet 31December 2020
					2020	2019
		Unrestricted	Restricted	Endowment	Total	Total
		funds	fund	fund	funds	funds
	Notes	f.	f.
FIXEDASSETS
Investments	11	152,955	51,079	4,828,497	5,032,531	5,632,047
CURRENT ASSETS
Debtors	12	1,511		19,147	20,658	30,557
Cash at bank		63,337	1,426	247,616	312,379	106,624
		64,848	1,426	266,763	333,037	137,181
CREDITORS
Amounts falling due within one
year	13	(38,304)	(67)	(6,861)	(45,232)	(81,862)
NET CURRENT ASSETS		26,544	1,359	259,902	287,805	55,319
TOTAL ASSETSLESS
CURRENT LIABILITIES		179,499	52,438	5,088,399	5,320,336	5,687,366
NET ASSETS		179,499	52,438	5,088,399	5,320,336	5,687,366
FUNDS	14
Unrestricted funds					179,499	480,728
Restricted funds					52,438	48,623
Endowment funds					5,088,399	5,158,015
TOTAL FUNDS					5,320,336	5,687,366

OTHER I	NCOME
					2020	2019
Investment	Manager's	compensation			32
Investments	management		commission	refunded	5,959
					5,991

	INVESTMENT INC	OME
					2020	2019
						f
	Investment income				149,273	180,536
	CAF interest				18	36
	Investment Manager's	deposit	interest		60	402
					149,351	180,974
4.	INVESTMENT MANAGEMENT			COSTS
					2020	2019
	Total investment management Less; fees on purchases/sales		charges (see note 11)		33,527 ~6,7tRi	35,949 ~669)
	Management charge				26,818	35,280

				Grant
				funding	Support
				of	costs
				activities
				(See note 6)	(Ste note 7)	2020	2019 f
	Governance snd	finance costs			19,776	19,776	22,397
	Grant funding activities			341,099	22,485	363,584	176,779
				341,099	42461	383,360	199,176
	2019accounts			153,546	45,630	199,176
6.	GRANTS PAYABLE
						2020	2019
	Grants authorised to institutions					341,099	149,080
	Grants authorised to individuals						10,500
	Total grants authorised					341,099	159,580
	Reconciliation	ofgrant funding		activities to grants authorised
	Grants authorised					341,099	159,580
	Deduct: Grant	authorised	in 2018not taken up				(4,000)
	Deduct. Grant	authorised	in 2018 refunded				(2,034)
	Grant funding	activities p	er note	5		341 1199	153,546

SUPPORT C	OST	S
			Management	Finance	Overheads	Grant funding	Totals
						activities
Investment management
costs			26,818				26,818
Governance costs				60	19,716		19,776
Grant funding	activities					22,485	22,485
			26,818	60	19,716	22,485	69,079
2019totals			35,280	89	22,317	23 233	80,910
					Grant
			Basis of	Governance	funding
			apportionment	costs f	activities f	2020 f	2019
Clerk's salary			%ofactual	6,397	12,793	19,190	18,850
Trustees' expenses			Actual	157		157	2,112
Postage, stationery		and
travelling			%of actual	575	1,150	1,725	2, 142
Sundry expenses			Actual	782	1,436	2,218	1,708
Norris &Miles			%ofactual	1,005	1,228	2,233	6,391
Accountancy	fees		Actual	7,200		7,200	6,323
Independent	examiner's
fees			Actual	3,600		3,600
Provision of	office	space
and storage			Actual		3,800	3,800	3,730
Bank charges			Actual	60		60	80
Publicity (including
website)			Actual		2,078	2,078	1,294
				19,776	22,483	42,261	45,630
2019totals				22,397	23,233	45,630

COMPARATIVES F	OR THE STATEMENT	OF FINANCIAL	ACTIVITIE	S
		Unrestricted	Restricted	Endowment	Total
		funds	fund	fund	funds
		f.
INCOMING RESOURCES FROM
Investment income		12,180	1,297	167,497	180,974
Transfer ofresources		134,904		~134,904)
Total		147,084	1,297	32,593	180,974
RESOURCES EXPENDED ON
Raising funds
Investment management	costs	2,627	60	32,593	35,280
		2,627	60	32,593	35,280
Charitable activities
Governance costs		22,397			22,397
Grant funding activities		171,529	5,250		176,779
Total		196,553	5,310	32,593	234,456
Net gains on investments		71,076	7,226	561,671	639,973
NET INCOME		21,607	3,213	561,671	586,491
RECONCILIATION	OF FUNDS
Total funds brought	forward	459,121	45,410	4,596,344	5,100,875
TOTAL FUNDS CARRIED FORWARD		480,728	48,623	5,158,015	5,687,366

					Unrestricted	Unrestricted	Unrestricted	Unrestricted		Restricted	Restricted	Endowment
Listed investments						funds					fund	fund	Tota12020	Tota12019
												f
Market value as at
31December 2019					476,594						47,386	5,073,067	5,597,047	4,970,265
Additionss												1,025,933	1,025,933	1,355,408
Disp os ala* Net gains/(losses) 4"					(283,199) (40,440)						(1,230,056) 3,693~75,447)		(1,513,255) (112,194)	(1,368,599) 639,973
Market value as at
31December 2020					152,955						51,079	4,793,497	4,997,531	5,597,047
Historical cost as at
31December 2020					131,093						44,970	3,863,558	4,039,621	4,305,838
Investments at market		value comprised:											2020 f	2019
Equities													3,856,384	4,637,695
Fixed interest securides													1,141,147	959,352
Listed investments													4,997,531	5,597,047
Briuen ms at valuation		at		trust	scheme	inception							35,000	35,000
Fixui asset investments													5,032,531	5,632,047
Included in equities are			overseas invested					funds		and	unit trusts:		579,326	647,172
2The additions and disposals ofinvestments									during		the year		Total 2020	Total 2019
are stated after including				stockbroker's				costs:-
Contract fees (including				commission			chgs)						6,696	660
Levy fees													13	9
													67t)9	669
										Unrestricted		Restricted	Endowment
2"Net gains/(losses)		2020									funds	fund	fund	Total 2020
Realised gains/(losses) Unrealised gains/(losses)			(net) (net)								(50,829) 10,389	3,693	(63,349) ~)2,198)	(114,178) 1,984
									~49449)			3693	)75447)~t)2,)94)
										Unrestricted		Restricted	Endowment
saNet gains/(losses)	2019										funds	fund	fund	Total 2019
													f.
Realised gains/(losses)			(net)								6,553	627	43,016	50,196
Unrealised gains/(losses)				(net)							64,523	6,559	518,655	589,777
											71,076	7,226	561,671	639,973

							2020	2019
Expendable fund:
Funds held at brokers							487	1,889
Gift Aid							137	137
Amounts owed by Pickering Designated			fund to Expendable			fund	145
Amounts owed by Pickering Restricted			fund to Expendable		fund		63
Pre payments Investment management	fees						550	974 7,205
							1,382	10,205
Birch Designated fund.
Investment management	fees						129
Pickering Restricttxt fund:
Investment management	fees							49
Amounts owed by Expendable		fund to	Pickering Restricted			fund		165
								214
Endowment fund,
Amounts owed by Expendable		fund to	Endowment	fund			13,316	20,138
Investment management	fees						5,831
							19,147	20,138
							20,658	30,557
CREDITORS: AMOUNTS		FALLING DUE WITHIN ONE YEAR
							2020	2019
Expendable fund:
Accruals for grants							7,000	19,700
Trade crexhtors							335	6,706
Other accruals							17,448	21,276
Amounts owed to Pickering Restricted			fund by Expendable			fund		165
Amounts owed to Endowment		fund by	Expendable	fund			13,316	20,138
							38,099	67,985
Pickering Designated fund:
Other accruals							30	60
Amounts owed to Expendable		fund by	Pickering Designated			fund	144
							174	60
Birch Designated fund;
Other accruals							31	203
Pickering Restricted.
Other accruals							4	30
Amounts owed to Expendable		fund by	Pickering Restricted			fund	63
							67	30
Endowment fund.
Other accruals							6,861	13,584
							45,232	kt862

MOVEMENT IN	FU	NDS
			Expendable	Birch	Pickering	Total
				Designated	Designated f	Unrestricted
Opening balance			324,081	110,262	46,385	480,728
Incoming resources			4,375	611	209	5,195
Resources expended			(383,829)	(448)	(120)	(384,397)
Gains/(losses)			(51,662)	7,627	3,595	(40,440)
Transfers between	funds
Unrestricted			10,000	(10,000)
Endowment			118,413			118,413
Closing balance			21,378	108,052	50,069	179,499
Net assets
Fixed assets
Listed investments				103,218	49,737	152,955
Current asssets
Debtors			1,382	129		1,511
Cash at bank			58,095	4,736	506	63,337
Creditors-amounts		due within one year	59,477 (38,099)	4,865 (31)	506 64,848 )174)~38,364)
Net current (liabilities)/assets			21,378	4,834	332	26,544
Total assets less	current liabilities-
net assets			21,378	108,052	50,069	179,499
			Total	Pickering	Endowment	Total
			Unrestricted	Restrict)xl		Funds
						f
Opening balance			480,728	48,623	5,158,015	5,687,366
Incoming resources			5,195	217	149,930	155,342
Resources expended			(384,397)	(95)	(25,686)	(4 ).0,178)
Gains/(losses) Transfers between Endowment	funds		(40,440) 118,413	3,693	(75,447) ~))8.4)3)	(112,194)
Closing balance			179,499	52,438	5,088,399	5,320,336
Net assets
Fixed assets
Listed investments			152,955	51,079	4,793,497	4,997,531
Holograph ms	composition sketch of
Britten String Quartet No. 2, Opus 36					35,000	35,000
Current assets
Debtors			1,511		19,147	20,658
Cash at bank			63,337	1,426	247,616	312,379
Creditors-amounts		due within one year	64,848 1,426 266,763 333,037 )38 31)4)~67)~6861)~43 232)
Net current assets			26,544	1,359	259,902	287,805
Total assets less	current liabilities
net assets			179,499	52,438	5,088,399	5,320,336