## **MusicFirst NI Annual Report 2023** Account Balance 01/04/2023 - £3303.44 PayPal Balance 01/04/2023 - £887.21 Petty Cash 01/04/2023 - £396.10 ## **Total – 01/04/2023 - £4586.75** ## **Treasurer’s Summary:** On behalf of MusicFirst NI, I, Garvin Clements have completed the annual accounts to be presented at the 2023 AGM. In the tax year 2022/23, MusicFirst recorded an overall loss of £633.30. While expenses in daily activities rose by £1603.67, and the board have evaluated the £126 spent on Face Painting, the £400 spent on a promotional video, and the £150 spent on Independent Financial Examination. It would be prudent to limit these expenses in the coming year. Without these three activities alone, MFNI would have made a profit. Expenses were not offset by tutor’s commission fees in the way we would have hoped. They fell from £6807.62 to £5962.67. However, our events proved successful, bringing in £1030.00. The issue that dominated discussion this year was the handling of a legal challenge by a tutor in breach of contract. This former tutor threatened legal action against MFNI over an alleged £135 credit, seemingly with the backing of Musician’s Union. The distress this caused our volunteer team far exceeded the monetary value of the case, and was exceedingly time consuming. One result of this was that some of our highest paying tutors took more time off than in previous years, due to stress. While the tutor who left accounted for less than 10% of the gross income, the knock-on effect to moral and finances was significant. Opportunities for outside funding were limited in 2022/23, and when reintroduced, often only available for organisations already receiving support. MFNI often falls between a few stools, due to our income being under £10000 per annum. However, as I write, I am exploring alternative means of funding, and in the coming weeks I will present a few options to the committee, such as The Halifax Foundation NI, The Foyle Foundation, and The Ireland Funds. With our overheads remaining relatively low, even a modest contribution could be significant. Conversations need to happen to determine what can be considered a non-essential expense, and how we can make the best possible contribution to our community while lessoning the strain on tutors and volunteers. Profit/Loss Summary fvr the taxyear 2022- 2023 Income Tutor comrnission Fees Events Amazon Smile Donations Incorrect Payments Total £5962.67 £1030.00 £58.37 £216. 25 £152. 65 £7419. 94 Rent Electricity Broadband Advertising Water Rates Access NI Insurance Capital Purchases Venue Ref unds Financial Examination Zoom Ms Wishart Settlement Face Painting Website Nexus upkeep Piano Tuner Paypal Fees Bank Fees Total £4500. 08 £702. 00 £472. 32 £400. 00 £247. 00 £238. 00 £232. 98 £223. 97 £200. 80 £180. 15 £150. 00 £143. 88 £135. 00 £126. 00 £115. 07 £81.26 £53.89 £33.50 £8318. 82 Unrestricted Restricted FurKIs Funds Total 2023 Total 2022 Total 2021 Total 2020 Income D￿ationS1 FurKJraising £274.62 Grants Awarded £0.00 Daity Ac[p4[￿S £7,145.32 Total Income £7N19.94 £274.62 £0.00 £7,145.32 £7,419.94 £1,446.71 £7,572.90 £2,848.68 £7,1gJ.63 £IL868.29 £464.55 £0. £6,688.06 £7,152.61 Exwditure Raising Funds £0.00 Daity Actp4ttEs £7,951.05 Asset Purchases £223.97 Other £135.00 Totsl Expthditure £8,310.02 £0.00 £7,951.05 £223.97 £135.(K) 310.02 £0. £6,634.99 £71.36 £0.00 £6,775.95 £3,234.10 £14.CX) £6,497.88 £2.(￿1.35 £6.7(￿.35 £10.010.05 ￿593.23 Petty Cash + £256.78 Net .£633.30 £0.00 463130 £484.28 £L85824 4WO.62 22-23 MFNI Bank Account Month April May June July August September Receipts Tutor Commission Interest (Bank) Events £1.020,00 £282.50 £482.50 £120.92 £1,742.25 £20.(X) PayPal Transfer Donations Fundraising Grants Gift Voucher Purchase Amazon Smile From Petty Cash £200.IX) £16.25 £15.55 £13.52 Total Receipts £1,020.00 £15.55 £282.50 £682.50 £170.69 £1.742.25 Payments Rent Water Rates Website Electricity Sundries Broadband Access Nl Advertising Gift Voucher Payment Piano Tuner Nexus - Upkeep Access Insurance Zoom Bank Charges Capital Purchases Venue Hire PayPal Transfer Financial Examination Out of Court Selllement Total Payments £375.00 £375.00 £247.00 £115.07 £99.00 £375.00 £375.00 £375.(X) £375.00 £99.00 £99.1)0 £99.IK) £99.(X) £99.00 £35.88 £39.59 £39.59 £39.59 £39.59 £39.59 £232.98 £2.65 £2.85 £68.97 £2.85 £155.IX) £2.75 £2.95 £2.80 £200.00 £31.50 £512.53 £947.48 £702.94 £759.34 £516.54 £749.37 Cashflow SurpluslDeficit £507.47 £992.88 enin Cash Balance £5,027.63 £5,535.10 £4,603.17 £4.182.73 fA,105.89 £3,760.04 Closing Cash Balance £5,535.10 £4,603.17 £4,182.73 £4.105.89 £3.760.04 £4,752.92 Closing Balance £3.303.44 Page I 22-23 MFNI Bank Account 10 11 November December January February 12 March Tolals October £420.00 £175.00 £1,719,50 5,962.67 £0.00 £20.00 £0.00 £0.00 16.25 £0.00 £0.00 £0.00 £58.37 £0.00 £12.80 £16.50 £420.00 £12.80 £175.00 £1.736.00 £0.00 £0.00 £6,257.29 £375.00 £375.00 £375.00 £375.00 £375.00 £375.00 ,500.00 47.00 115.07 702.00 £0.00 72.32 38.00 00.00 £0.00 £75.00 £81.26 32.98 143.88 £33.50 23.97 00.00 £31.50 150.00 £18.00 £18.00 £18.00 £18.00 £18.00 £18.00 £39.59 £39.59 £152.00 £39.59 £39.59 £39.59 £40.54 £43.00 £400.00 £75.00 £81.26 £143.88 £2.70 £2.80 £2.70 £2.85 £2.65 £2.95 £150.00 £135.00 £570.54 £1,254.38 £7.981.48 £435.39 £662.29 £435.44 £435.24 £1.300.76 £4.752.92 £4,737.53 £4,088.04 £3.827.60 £5,128.36 £4,557.82 £3,303.44 £4,737.53 £4,088.04 £3.827.60 £5,128.36 £4.557.82 £3,303.44 £3,303.44 Page 2 22-23 MFNI PayPaJ Account MFNI PayPal April £0.00 £0.00 £0.00 May £45.00 -£3.12 £0.00 June £795.00 -£36.80 £0.00 July £60.00 -£2.43 -£94.50 -£7.50 August £0.00 £0.00 £0.00 September £152.65 -£4.73 £o.()J Gross Income Fee Expenditure Refunds Deposit from Bank £31.50 Net Balance £0.00 £53.10 £41.88 £94.98 £789.70 £884.68 £0.00 £840.25 £147.92 £988.17 £840.25 Income Source Event Event Event Incorrect Payment Expenditure Source Face Painting 22-23 MFNI PayPai Account October £0.00 £0.00 £0.00 -£152.65 November £45.00 -£2.51 December £65.00 -£4.30 £0.00 -£lO.OJ January £0.00 £0.00 £0.00 February £0.00 £0.00 £0.00 March £0.00 £0.00 £0.00 Total £1.162.65 -£53.89 -£94.50 -£180.15 -£10.00 £32.49 £868.01 £50.70 £918.71 £0.00 £918.71 £0.00 £918.71 £0.00 £918.71 £834.11 £887.21 £835.52 Event Event Potsntial Funding: Halrfax - average £4,500 https:Ilwww.halifaxfoundationni.orglprogrammeslcommunity-grant-programme Foyle Foundation - £2,0(X) - £150,000 IAAA The Ireland Funds