2020-12-31-accounts

The Parish of the Transfiguration - Little Bowden

Report and Accounts

for the Year Ended 31 December 2020

The Parish of the Transfiguration - Little Bowden Charity Information For the Year Ended 31 December 2020

Status	The parish is a registered charity within the Anglican Diocese	The parish is a registered charity within the Anglican Diocese
	of Leicester.
Charity Registration Number	1132167
PCC Members	The members who served during the year are	listed in the PCC
	Report.
Address for Correspondence	The Secretary of the PCC
	61 Symington Way
	Market Harborough
	Leicestershire
	LE16 7XA
Independent Examiner	Adrian A. Bentley B.Sc. A.C.A.
	Edward Thomas Peirson & Sons
	21, The Point
	Rockingham Road
	Market Harborough
	Leicestershire
	LE16 7NU
Bankers	Barclays Bank PLC
	Leicester
	LE87 2AB
	CONTENTS
		Page
Charity Information		1
Annual report on the proceedings of the PCC and the activities of the parish		2-5
Independent Examiner's Report		6
Statement of Financial Activities		7
Balance Sheet		8
Notes to the Accounts		9-18

1

The Parish of the Transfiguration - Little Bowden Annual report on the proceedings of the Parochial Church Council (PCC) and the activities of the parish for the year ending 31 December 2020

The PCC present their report and the financial statements of the parish for the year ended 31st December 2020. The PCC have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.

Administrative Information

The Parish of the Transfiguration, Market Harborough comprises of two churches, St. Hugh, Northampton Road, Market Harborough and St. Nicholas, Little Bowden. The Parish is part of the Harborough Anglican Team in the Deanery of Gartree and the Diocese of Leicester.

Correspondence with regard to the business of the parish is welcomed and should be addressed to: Mrs. Ann Hathaway The Secretary of the PCC 61 Symington Way Market Harborough Leicestershire LE16 7XA

The affairs of the two churches are managed by this Council comprising elected representatives of the laity and representatives of the laity elected to the Deanery Synod, co-opted members and ex-officio members (clergy, readers, wardens and officers). This Council has delegated some of its responsibilities to two District Church Councils (DCC), one for each church. The DCCs consist of those PCC members who habitually worship at that church together with additional members of the laity of that church who are elected at a meeting of worshippers. Each DCC is responsible for the organization of that church’s worship; for ministry and mission within the community and for the care, maintenance and development of its buildings, all subject to the PCC retaining financial responsibility.

The following persons have served as members of the PCC during the year ending 31st December 2020.

Ex Officio members		Elected members
Miss E Allen	Pastoral Assistant	Mrs S Duke	Appointed 18/10/20
Mrs E Bangerter	Pastoral Assistant	Mrs V Dunton	Treasurer to 18/10/20 (Ex Officio)
Mrs G Driver	Church Warden		Appointed 18/10/20
Mr A Michaelwaite	Deanery Synod Rep from 18/10/20	Mrs A Hathaway	Secretary and Deanery Synod Rep
Ms E Wallace	Church Warden	Mrs K Helm	Safeguarding Officer from 18/10/20
Mrs E Webb	Church Warden	Mrs J Joy	Resigned 18/10/20
Mrs S White	Deanery Synod Rep to 18/10/20	Mr S Joy
Rev'd A Iliffe	Vicar	Mrs J Mann	Appointed 18/10/20
Rev'd S Cooper	Associate Priest	Mrs N Michaelwaite
Rev'd Canon A Helm	Associate Priest	Mrs S Saunders
Rev'd B Hill	Team Rector	Mrs J Sharman
Rev'd R Leveritt	Assistant Curate from 27/09/20	Mrs P Stevenson	Resigned 18/10/20
		Mrs E Tubb	Appointed 18/10/20
Co-opted members		Mr A Wells	Treasurer from 18/10/20
Mrs J Brown	Safeguarding Officer to 18/10/20

Structure, governance and management

The role of the PCC is that of an accountable executive body with the responsibility to review and regulate the affairs of the parish. It is supported in this role by the DCCs. A Fabric Committee at St Nicholas' Church deals with all building matters and a Building for Mission group deals with a reordering project at St Hugh's Church. Each church has a Hall Committee and an Events and Social Committee.

2

The Parish of the Transfiguration - Little Bowden Annual report on the proceedings of the Parochial Church Council (PCC) and the activities of the parish for the year ending 31 December 2020

The method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.

Rev'd Alison Iliffe is Team Vicar of the Parish with responsibility for both St Hugh’s and St Nicholas’ congregations and chairs meetings of the PCC. Rev'd Rob Leveritt, previously an ordinand on placement in the parish was ordained Deacon in September 2020 and licensed as Assistant Curate in the parish. Retired priests, Rev'd Susan Cooper and Rev'd Canon Alistair Helm are also licenced to the Parish. Mrs Josephine Brown relinquished her role as Parish Safeguarding Officer at the annual meeting on 18 October 2020 and Mrs Kate Helm, an elected member of the PCC took over the role.

Aim and purposes

The primary object of the PCC is the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The PCC are required, as stated in the Parochial Church Councils (Powers) Measure 1956, to cooperate with the incumbent in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical.

Objectives and activities

The PCC is committed to enabling as many people as possible to worship at our churches and to become part of our parish community, the main activities that have been adopted to achieve these objectives are the provision of regular worship services, provision of pastoral care for people living in the parish as well as the organisation of and participation in community events. Coronavirus restrictions from March 2020 have curtailed all in building and group activities, but, along with the other parishes in the Harborough Anglican Team, systems have been implemented to enable everyone who is, or requests to become, a member of the worshiping community to receive information and resources to worship God. Churches are closed but God is with us.

The PCC members have complied with the duty in Section 4 of the Charities Act to have due regard to the public benefit guidance published by the Charity Commission. The Parish has adopted Promoting a Safer Church , the Church of England’s Safeguarding Policy for children, young people and adults.

Achievements and performance

Church attendance

The number on the Electoral Roll at the end of 2020 was 109. Between January and the lockdown in mid-March, at St Nicholas' Church the average attendance on Sunday at 8 am, 11 am and 6 pm were 8 adults, 44 adults and 4 children, and 11 adults, respectively. The average attendance at the Wednesday service was 11, one child attended every other week. At St Hugh’s only service on Sundays average attendance was 16 adults, the Tuesday service average attendance was 11. With the imposition of a national lockdown in March places of worship closed and all services in buildings ceased. Between August and December after implementation of Covid protocols (thorough cleaning, risk assessments, one-way systems, distancing, provision of hand sanitizer and the wearing of face coverings) the churches opened for 2 hours each week for private prayer and a service at each church on alternate weeks. Places at these services had to be booked to ensure safety of all those present, regrettably, limited space meant no more than 30 could attend and attendance was by rota when more than 30 expressed a wish to attend.

Festival and special services normally held in church buildings and well attended (e.g. Easter, Harvest, Remembrance Sunday and Christmas services), were all affected by these restrictions. All available places were booked for these services. Weekly Sunday Services were broadcast on-line via Zoom with all clergy and some of the congregations from across the Harborough Team taking part.

A fortnightly Night Prayer Zoom service was introduced on Wednesdays at 7pm and attracts up to 35 from congregations across the Team. A Christmas Carol Service specifically aimed at those with Dementia and those in Care homes was recorded at St Hugh’s Church and made available on the website. It received over 450 views. The Midnight Holy Communion service on Christmas eve at St Nicholas Church was attended by the maximum 30 people. It was livestreamed and the service made available afterwards through the website and on Facebook. Live streaming is enabling many more people to engage with our churches.

3

The Parish of the Transfiguration - Little Bowden Annual report on the proceedings of the Parochial Church Council (PCC) and the activities of the parish for the year ending 31 December 2020

Occasional Offices were allowed with restrictions on the numbers attending. One Baptism and one Thanksgiving for the birth of a child were held at St Nicholas Church.

Marriages – 2 at St Nicholas Funerals – 4 at St Nicholas, 2 at St Hugh’s

The clergy also conducted funerals for parishioners at crematoria and the local cemetery on a team wide basis.

Review of the year

The PCC met in January and March in St Nicholas' Church. Meetings planned for the rest of the year were held on-line on Zoom. Those members without access to this platform were given all reports on paper and asked to make any contributions to debates to the PCC Secretary before the meetings. Extraordinary meetings of the PCC have been held on Zoom to meet the demands of the changing COVID guidance.

All places of worship were closed on 23 March 2020 when a national lockdown was ordered by the government. Access to buildings was restricted to the Team Vicar, church wardens and caretakers, to enable essential maintenance and safety checks. Risk Assessments have been approved by the PCC for all situations when the church buildings are allowed to be open, e.g. Funerals, private prayer, pre-school groups and services.

On-line extraordinary meetings of the PCC have enabled plans to be made to continue engagement with the worshipping community whilst not being able to access church buildings or gather in groups outside. Contact details for all on the Community Worshipping List were used to identify those with access to the internet, and those without access. The weekly team newsletter and monthly Transfiguration prayer list, previously available in church continued to be produced and were issued by email or post. The worshipping community also received news on the parish and postcards from exile from parish clergy during this time. In addition to the Team Vicar and Pastoral Assistants contacting parishioners by telephone or letter several others have volunteered to make pastoral phone calls since the lockdown and all members of the worshipping community were allocated to volunteers. Booklets of appropriate prayers and an order of service, with Sunday bible readings, to be used at home were produced and issued by email or post. Clergy across the Team led a family service on-line which attracts people from across the area. Details of other methods of accessing prayer and services by phone and television were publicized so that no one was without access to ways of worship.

To help those who are isolated a group of people from across the Anglican Team have been Safer Recruited and can help with shopping, medical supplies, posting letters, a friendly phone call or prayer. This service is coordinated by a curate to the Team.

At Harvest, donations of food were received from members of the congregation and others in the community and were passed to the Jubilee Foodbank. At Easter, Harvest and Christmas, activity packs were produced and given to families in the parish. A restricted Remembrance service was held at both churches, and wreaths laid which remained in the church grounds and were visited by many in the community later. Activities in church grounds over Advent and Christmas have been posted on-line which has encouraged more members of the community to engage with the church and actively participate in church life. The parish has also engaged with events organised with the Churches Together in Harborough, including the ‘Light’ event at Halloween.

Rob Leveritt, a Planting Curate, who is training in the Parish was ordained Deacon by Bishop Martyn on 27 September 2020, the service was streamed on You Tube. Rev'd Rob’s enthusiasm for developing worship and his former profession as a Sound Recordist have been invaluable during this time.

Progress has been made on the new lease for the Scout Hut on the Green but work has been held up due to government restriction in the pandemic.

Both church halls were initially closed in March 2020, but, after appropriate measures were put in place for them to be Covid secure, re-opened to their respective playgroups in June and have continued to operate.

The Parish is part of the Market Harborough Resourcing Churches Team. The Parish has adopted Promoting a Safer Church, the Church of England’s Safeguarding Policy for children, young people and adults. Safeguarding training is planned for those members of the council who were appointed at the Annual Meeting which had been postponed to October.

4

The Parish of the Transfiguration - Little Bowden A ual report on the proceedings of the Parochial Church Council (PCC) and the activities of the parish for the year ending 31 December 2020

Work continued with Leicester Together and the Building for Mission Team around the reordering and future of St Hugh's Church. Faculties were granted for the disposal of items from St Hugh's Church but since March the work on a vision for the future of the Parish has been limited. St Hugh's Church continued to have issues with heating with repair work taking place in early January 2021. Work on St Nicholas Church guttering and roof repairs was delayed due to the weather (Storm Denis) but the external work was completed during the lockdown. The internal plaster repairs will be carried out in 2021.

Financial review

The coronavirus pandemic which led to a national lockdown and other restrictions had a significant adverse impact on income during the year, although we were grateful to receive a legacy donation of £5,000. Expenditure was reduced as far as possible to limit the size of the overall deficit.

Total incoming resources for the year amounted to £91,068, of which £83,851 had no restrictions on them over how they were to be spent. Voluntary donations were down approximately 23% from last year at £69,280 mainly due to a reduction in one-off grants and donations rather than regular giving. Income generated from fundraising and the renting out of the Church halls was significantly down at £17 ,230. Overall income was down approximately 31 %.

Expenditure for the year was £92,283, of which £42,000 was the contribution to the diocesan parish share, which largely provides the stipends d housing for the cler , t s is do 9% from last ye . her major expenses were for the an gy hi wn ar Ot engagement of c e e and other Church workers at £10,312, utili bills at £8,556, insuran at £6,427 and Church ar tak rs ty ce repairs at £4,887 including £2,155 on repairing the guttering at St Nicholas'. Overall expenditure was 19% lower than in the previous year.

The net outgoing resources for the year were, therefore, £1,215 and there were unrealised gains of £53 on the investments. As a result, to l ds decreased by £1,162 to end the year at £370,083 of w ch £267,638 (2019: £265,359) represents ta fun hi general ds which have not been desi ated for a spec p ose. fun gn ific urp

Reserves policy

The PCC requires general reserves, that is funds that are freely available to spend in furtherance of its objects, to provide cover against any future deficits as well as the commitments listed in note 15 of the accounts.

The members believe that the current level of such reserves is sufficient and appropriate for the needs of the PCC and will continue to review the position at regular intervals.

This report was approved by the PCC on 24th March 2021 and signed on their behalf by:

Rev s G Driver � 1.. ... . 16 ri.,v..u ti,,� 'd A Iliffe � f'n Mr U �"'----� MrsE Webb �Ewan� ��

5

Independent Examiner's Report to the Parochial Church Council of The Parish of the Transfiguration - Little Bowden

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31st December 2020 which are set out on pages 7 to 18.

Responsibilities and basis of report

As the charity's trustees, the members of the PCC 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 charity's accounts carried out under section 145 of the 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:

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records; or

2. the accounts do not comply with the applicable requirements concer g 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.

co ems and have come across no other matters in connection with the examination to which attention should nab le a proper understanding of the accounts to be reached.

24th March 2021

Chartered Accountants 21, The Point Rockingham Road Market Harborough Leics, LE16 7NU

6

The Parish of the Transfiguration - Little Bowden Statement of Financial Activities

For the Year Ended 31 December 2020

Note INCOME AND ENDOWMENTS FROM: Donations and legacies 2(a) Other trading activities 2(b) Investments 2(c) Church activities 2(d) Total income and endowments EXPENDITURE ON: Church activities 3 Raising funds Total expenditure Net income/(expenditure) before gains/(losses) on investments Net gains/(losses) on investments Net income/(expenditure) Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward

Total Total Unrestricted Restricted Endowment Funds Funds Funds Funds Funds 2020 2019 £ £ £ £ £ 62,128 7,152 - 69,280 90,170 17,230 - - 17,230 33,267 1,547 - 65 1,612 1,521 2,946 - - 2,946 6,608 83,851 7,152 65 91,068 131,566 81,403 10,200 65 91,668 114,303 615 - - 615 229 82,018 10,200 65 92,283 114,532 1,833 (3,048) - (1,215) 17,034 - - 53 53 52 1,833 (3,048) 53 (1,162) 17,086 - - - - - 1,833 (3,048) 53 (1,162) 17,086 339,249 29,649 2,347 371,245 354,159 341,082 26,601 2,400 370,083 371,245

All income and expenditure derive from continuing activities.

Movements on reserves and all recognised gains and losses are shown above.

The notes on pages 9-18 form part of these accounts.

7

The Parish of the Transfguraton - Little	The Parish of the Transfguraton - Little	The Parish of the Transfguraton - Little	Bowden
	Balance Sheet
	as at 31 Deember	2020
	Note		2020		2019
		£	£	£	£
FID ASSETS
Tangble a ets	8		185,346		187,218
Fied a et ivestents	9		1,900		1,847
			187,246		189,065
CNT ASSETS
Debtor	10	3,909		6,687
Cah at ban	11	180,781		178,056
		184,690		184,743
CUN LIIITS
Creditor: Aout falig due wth one yea	12	1,853		2,563
Net cuent a et			182,837		182,180
NT ASSETS			370,083		371,245
CH FS	13
Unestcte fds
Gner fds			267,638		265,359
Desigated fnds			73,444		73,890
			341,082		339,249
Resticted fds			26,601		29,649
Endowent fds			2,400		2,347
TOTA C FUS			370,083		371,245

Approved by the Parochial Church Council and signed on their behalf on 24th March 2021 by:

Mr Alan Wells, Treasurer

The notes on page 9-18 form part of these accounts.

8

The Parish of the Transfiguration - Little Bowden Notes to the Accounts

For the Year Ended 31 December 2020

1 Accounting Policies

• a) The PCC constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared under the Church Accounting Regulations 2006 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) issued in October 2019 "SORP (FRS 102)", the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following the 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) in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value, they are presented in sterling which is the functional currency of the PCC and rounded to the nearest £. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Funds

Endowment funds are funds, the capital of which must be retained permanently. The income derived from the endowment is to be used for the purposes of the St. Hugh's sanctuary.

Restricted funds comprise (a) income from endowments which is to be expended only on the restricted purposes intended by the donor and (b) revenue donations or grants for a specific PCC activity intended by the donor and funds raised by the PCC for particular purposes. Where these funds have unspent balances, interest on their pooled investment is apportioned to the individual funds on the average balance basis.

Unrestricted funds are general funds which may be used by the PCC in furtherance of its general objectives.

Designated funds are general funds set aside by the PCC for a specific purpose, they remain unrestricted and the PCC may move any surplus to other general funds.

c) Income recognition

Income is included in the Statement of Financial Activities where the PCC is legally entitled to the income, any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. If conditions are attached to a grant or donation and this requires a level of performance before entitlement can be obtained the recognition of the income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the PCC and it is probable that they will be fulfilled. Tax refunds are recognised when the incoming resource to which they relate is recognised. Gifts in kind donated for the use of the PCC are recognised in income at their fair value, that being the value of the gift to the PCC, at the point they gain control over them, with an equivalent amount being recognised as a component of expenditure. Gifts in kind donated for resale are recognised when sold due to the impracticality of obtaining a fair value for them when donated, other trading income (including all other fundraising income) is recognised when entitlement has occurred.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102).

9

The Parish of the Transfiguration - Little Bowden Notes to the Accounts

For the Year Ended 31 December 2020

d) Expenditure recognition

All expenditure is accounted for on an accruals basis and is recognised, gross of any amounts recoverable, where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably. As the PCC is not VAT registered the expenditure includes irrecoverable VAT.

e) Tangible fixed assets

Consecrated and beneficed property is not included in the accounts in accordance with s.10(2)(a) and (c) of the Charities Act 2011.

Moveable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which may be inspected at any reasonable time. For anything acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the financial statements. Subsequently individual items costing £1,000 or more have been capitalised. Depreciation on equipment is charged at 20% per annum on the straight line basis. Other individual items of equipment for use by the PCC with a purchase price of £1,000 or less are written off on purchase. Freehold buildings are depreciated at 1% per annum on the reducing balance basis.

f) Investments

Investments are recognised at fair value with changes in value recognised in 'net gains/(losses) on investments' in the Statement of Financial Activities.

g) Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

h) Financial instruments

The PCC only has financial assets and financial liabilities of a kind that qualify as basic financial instruments, all of which are initially measured at transaction value and then subsequently at amortised cost with the exception of investments which are subsequently measured at fair value through the Statement of Financial Activities.

2 Income and Endowments from: a) Donations and legacies Planned giving: Gift Aid giving Tax recoverable Pledges Cash collections Special appeals Tax recoverable (appeals) Grants Legacies Sundry donations	Total Total Unrestricted Restricted Endowment Funds Funds Funds Funds Funds 2020 2019 £ £ £ £ £ 44,822 - - 44,822 46,197 11,877 88 - 11,965 11,916 3,182 - - 3,182 2,817 1,415 - - 1,415 5,051 - 982 - 982 1,013 - 232 - 232 253 - 500 - 500 6,243 - 5,000 - 5,000 10,002 832 350 - 1,182 6,678 62,128 7,152 - 69,280 90,170

Income of £18,171 from donations and legacies in 2019 was restricted.

10

The Parish of the Transfiguration - Little Bowden

Notes to the Accounts

For the Year Ended 31 December 2020

2 Income and Endowments from (continued): b) Other trading activities General fundraising Sale of Church furnishings Rents and lettings	Total Total Unrestricted Restricted Endowment Funds Funds Funds Funds Funds 2020 2019 £ £ £ £ £ 401 - - 401 6,629 3,255 - - 3,255 - 13,574 - - 13,574 26,638 17,230 - - 17,230 33,267

	17,230	17,230	-	-	17,230	33,267
	All income from other trading activities in 2019 was unrestricted.
c)	Investments
	Fixed interest securities	-	-	62	62	74
	Deposit account interest	1,546	-	3	1,549	1,446
	Other interest	1	-	-	1	1
		1,547	-	65	1,612	1,521
	Income of £78 from investments in 2019 was attributed to endowment funds.
d)	Church activities
	Fees	2,011	-	-	2,011	5,628
	Magazine sales and advertising	935	-	-	935	980
		2,946	-	-	2,946	6,608
	All income from church activities in 2019 was unrestricted.

3 Expenditure on: Church activities Missionary and charitable giving: Relief and development Secular organisations Ministry Parish share Other ministry costs Team office Caretakers and other Church workers Utilities Insurance Building and equipment repairs Reordering Magazine costs PPE and other Covid-19 related costs Depreciation Other Governance costs (note 4)

Total Total Unrestricted Restricted Endowment Funds Funds Funds Funds Funds 2020 2019 £ £ £ £ £ 1,517 194 - 1,711 3,257 500 - - 500 1,036 2,017 194 - 2,211 4,293 42,000 - - 42,000 46,063 6,545 458 65 7,068 6,839 1,223 - - 1,223 1,923 9,490 822 - 10,312 11,240 6,354 2,202 - 8,556 10,876 4,233 2,194 - 6,427 6,428 1,619 3,268 - 4,887 13,644 2,364 - - 2,364 5,982 1,162 - - 1,162 1,254 293 1,062 - 1,355 - 1,872 - - 1,872 1,891 1,181 - - 1,181 2,850 1,050 - - 1,050 1,020 81,403 10,200 65 91,668 114,303

Expenditure on church activities in 2019 included £19,866 attributable to restricted funds and £78 attributable to endowment funds.

Parish share is the PCC's contribution towards Diocesan expenditure, which includes the employment and housing costs of the clergy.

11

The Parish of the Transfiguration - Little Bowden Notes to the Accounts

For the Year Ended 31 December 2020

4 Governance Costs Independent examiner's remuneration	Total Total Unrestricted Restricted Endowment Funds Funds Funds Funds Funds 2020 2019 £ £ £ £ £ 1,050 - - 1,050 1,020 1,050 - - 1,050 1,020

5 Independent Examiner's Remuneration

The independent examiner's remuneration consisted of an independent examination fee of £1,050 (2019: £1,020).

6 PCC Members' and Key Management Personnel Remuneration and Expenses

No members of the PCC received any remuneration or had any expenses reimbursed in their capacity as trustees during either this or the previous year. Some members did receive payments for other services provided to the PCC, all of which are detailed in note 16.

The PCC considers that it has no key management personnel other than the members of the PCC themselves.

7 Staff Costs

The PCC does not employ any members of staff.

8 Tangible Fixed Assets Cost or valuation At 1 January 2020 Additions Disposals At 31 December 2020 Accumulated depreciation At 1 January 2020 Charge for the year Written off on disposal At 31 December 2020 Net book value At 31 December 2020 At 1 January 2020	Freehold Office Properties Equipment Total £ £ £ 231,898 4,121 236,019 - - - - - - 231,898 4,121 236,019 44,680 4,121 48,801 1,872 - 1,872 - - - 46,552 4,121 50,673 185,346 - 185,346 187,218 - 187,218

The freehold properties comprise: St Hugh's Church Hall; St Nicholas' Church Hall and The Green, Little Bowden, Market Harborough. These properties were revalued at the replacement value estimated in 1993 for insurance purposes and this valuation was taken as deemed cost on transition to SORP (FRS 102) on 1 January 2015, all subsequent additions are at cost. The value of the underlying land is excluded, as are all beneficed properties.

12

The Parish of the Transfiguration - Little Bowden

Notes to the Accounts

For the Year Ended 31 December 2020

9 Fixed Asset Investments Fair value at 1 January 2020 Unrealised gains/(losses) on revaluation Fair value at 31 December 2020	2020 2019 £ £ 1,847 1,795 53 52 1,900 1,847

	Fair value at 31 December 2020 1,900 1,847	Fair value at 31 December 2020 1,900 1,847	Fair value at 31 December 2020 1,900 1,847
	Investments consist of 1,120 shares in the CBF Church of England Fixed Interest Securities Fund. Fair value
	represents the mid-market price of said shares at the balance sheet date.
10	Debtors	2020	2019
		£	£
	Trade debtors:
	Fees receivable	316	551
	Sale of Church furnishings	100	-
	Rents and lettings receivable	1,058	1,056
	Other debtors:
	Tax recoverable	2,435	4,662
	Other ministry costs to be refunded - Team share	-	418
		3,909	6,687
11	Cash at Bank and in Hand	2020	2019
		£	£
	Bank operating accounts	40,400	45,956
	Building Society accounts	126,315	118,060
	CBF Church of England deposit accounts	14,066	14,018
	Petty cash	-	22
		180,781	178,056
12	Creditors: Amounts falling due within one year	2020	2019
		£	£
	Trade creditors:
	Other ministry costs - SNUGS Christmas decorations	-	195
		-	195
	Accruals and deferred income:
	Utilities	620	-
	Independent examination fee	1,050	1,020
		1,670	1,020
	Other creditors and accruals	183	1,348
		1,853	2,563

13

The Parish of the Transfiguration - Little Bowden

Notes to the Accounts For the Year Ended 31 December 2020

13 Movement of Funds Restricted Funds St Hugh's Church fabric St Nicholas' Church fabric St Nicholas' choir St Nicholas' organ St Nicholas' guttering and drainage St Nicholas' garden shed St Hugh's legacy St Nicholas' legacy Thy Kingdom Come Specific causes Endowment Funds St Hugh's Sanctuary Unrestricted Funds (Designated) St Nicholas' Church fabric St Nicholas' Church Hall St Nicholas' events St Hugh's Church Hall Unrestricted Funds (General) General Fund St Hugh's Clubroom Unrestricted Funds (Total) TOTAL FUNDS	Balances at Incoming Resources 1 Jan 2020 Resources Expended £ £ £ - 438 (215) - - - 450 - - 1,329 - - 5,400 - (2,155) - - - - - - 22,470 5,000 (6,116) - - - - 1,714 (1,714) Revaluations 31 Dec 2020 £ £ Transfers & Balances at - 223 - - - 450 - 1,329 - 3,245 - - - - - - - - - 21,354
	29,649 7,152 (10,200) - 26,601
	2,347 65 (65) 53 2,400
	5,438 - - 50,422 9,513 (9,797) 5,310 255 - 12,720 3,749 (4,231) - 5,438 - 50,138 65 12,303 - 5,565
	73,890 13,517 (14,028) 65 73,444
	232,731 70,334 (67,990) 32,628 - - - 32,628 (65) 235,010
	265,359 70,334 (67,990) (65) 267,638
	339,249 83,851 (82,018) - 341,082
	371,245 91,068 (92,283) 53 370,083

Restricted Funds are funds that can only be expended on the restricted purposes intended by the donor. Material restricted funds are as follows:

St Hugh's and St Nicholas' Church fabric funds are restricted to the repairs and maintenance of the internal fabric of the respective churches.

St Nicholas' organ fund is restricted to the repairs and maintenance of the organ at St Nicholas' church.

St Nicholas' guttering and drainage fund is restricted to the repair and replacement of the guttering and drainpipes at St Nicholas' church.

St Hugh's legacy fund is restricted for the benefit of St Hugh's church.

St Nicholas' legacy fund is restricted for the benefit of St Nicholas' church.

Endowment Funds are funds for which the capital must be retained permanently. Material endowment funds are as follows:

St Hugh's Sanctuary fund consists of a permanent endowment, the capital of which must not be spent and from which any income generated may only be spent in connection with St Hugh's Sanctuary.

14

The Parish of the Transfiguration - Little Bowden Notes to the Accounts

For the Year Ended 31 December 2020

13 Movement of Funds (continued)

Designated Funds are unrestricted funds that the PCC have set aside for a specific purpose. Material designated funds are as follows:

St Nicholas' Church fabric fund is designated to the repairs and maintenance of the internal fabric of St Nicholas' church.

St Hugh's and St Nicholas' church hall funds are designated to meet any expenditure required relating specifically to the church hall of each church respectively.

St Nicholas' events fund represents funds from fundraising events held by the St Nicholas' events committee, they are designated to be used to cover any costs of future events with any excess designated for donation to external sources at the committee's discretion.

Unrestricted funds are general funds to be used towards the objectives of the PCC at the members discretion.

The movements in funds for the previous financial year were as follows:

Restricted Funds St Hugh's Church fabric St Nicholas' Church fabric St Nicholas' choir St Nicholas' organ St Nicholas' guttering and drainage St Nicholas' garden shed St Hugh's legacy St Nicholas' legacy Thy Kingdom Come Specific causes Endowment Funds St Hugh's Sanctuary Unrestricted Funds (Designated) St Nicholas' Church Fabric St Nicholas' Church Hall St Nicholas' events St Hugh's Church Hall Unrestricted Funds (General) General Fund St Hugh's Clubroom Unrestricted Funds (Total) TOTAL FUNDS	Balances at Incoming Resources 1 Jan 2019 Resources Expended £ £ £ - - - - 660 (660) 450 - - 1,629 - (300) - 5,400 - - 666 (666) 5,000 - (5,000) 24,265 10,002 (11,797) - 177 (177) - 1,266 (1,266) - - Revaluations 31 Dec 2019 £ £ Transfers & Balances at - - - - - 450 - 1,329 - 5,400 - - - 22,470 - - - -
	31,344 18,171 (19,866) - 29,649
	2,295 78 (78) 52 2,347
	5,438 - - 50,650 16,975 (10,876) 4,830 2,725 (660) 9,959 8,834 (6,151) - 5,438 (6,327) 50,422 (1,585) 5,310 78 12,720
	70,877 28,534 (17,687) (7,834) 73,890
	217,015 84,783 (76,901) 32,628 - - - 32,628 7,834 232,731
	249,643 84,783 (76,901) 7,834 265,359
	320,520 113,317 (94,588) - 339,249
	354,159 131,566 (114,532) 52 371,245

15

The Parish of the Transfiguration - Little Bowden Notes to the Accounts

For the Year Ended 31 December 2020

14 Analysis of Net Assets between Funds Tangible fixed assets Fixed asset investments Bank balances Debtors Creditors	Restricted General Designated Funds Funds Funds £ £ £ - 185,346 - - - - 26,567 81,328 72,386 129 2,722 1,058 (95) (1,758) - Endowment Total £ £ Funds Funds - 185,346 500 180,781 1,900 1,900 - 3,909 - (1,853)
	26,601 267,638 73,444 2,400 370,083

The analysis of net assets between funds for the previous financial year was as follows:

Tangible fixed assets Fixed asset investments Bank balances Debtors Creditors	Restricted General Designated Funds Funds Funds £ £ £ - 187,218 - - - - 29,271 75,451 72,834 378 5,253 1,056 - (2,563) - Endowment Total Funds Funds £ £ - 187,218 1,847 1,847 500 178,056 - 6,687 - (2,563)
	29,649 265,359 73,890 2,347 371,245

15 Commitments not included in the accounts

At the balance sheet date the PCC had no binding financial commitments that were not provided for in these financial statements, however, with the discovery of asbestos at St Hugh's Church in 2019 and associated concerns about the sustainability of the current heating system, options are being explored which could incur costs in excess of £50,000 (2019: £50,000). The PCC had approved expenditure of just over £4,000 for the removal of a section of asbestos in a duct where a leaking pipe needed to be repaired before the end of the year, the work was carried out in the first two months of 2021. Following the repairs to the roof and guttering at St Nicholas Church, repairs to the internal plasterwork are due to be carried out in 2021. At 31 December 2019, as well as the potential costs relating to the discovery of asbestos at St Hugh's Church, the PCC was intending to spend approximately £500 on repairs to the floor at St Hugh's Church Hall and £5,400 on repairs to the roof and guttering at St Nicholas Church together with repairs to the internal plasterwork but no binding commitments existed at that date.

16 Related party transactions

Members of the PCC and parties related to them made donations of £17,194 (2019: £16,366) without any conditions attached during the year.

Mrs E Webb and Ms E Wallace, both members of the PCC, purchased some of the furnishings being sold by the Church for a total consideration of £325 (2019: £Nil) and at 31 December 2020 there was a balance of £100 (2019: £Nil) left outstanding, however, this has since been paid. The purchases were made for the same amounts and on the same terms as those available for the general public.

Mrs S White, also a member of the PCC up to 18 October 2020, received an honorarium of £100 (2019: £100) for providing laundry services to St Nicholas' Hall.

Mr S Driver, the husband of one of the members of the PCC,was engaged as a caretaker of St Hugh's Church Hall on a self employed basis for which he received £810 (2019: £Nil) during the year.

16

The Parish of the Transfiguration - Little Bowden Notes to the Accounts For the Year Ended 31 December 2020

16 Related party transactions (continued)

Mr R Dunton, also the husband of one of the members of the PCC, is the chairman of the Howard Watson Symington Memorial Charity (HWSMC). The PCC applied for and received a grant of £666 from HWSMC in the previous year for the replacement of the garden shed at St Nicholas' church.

Mr D Iliffe, the adult son of one of the members of the PCC, has been engaged to play the organ at specific services at both of the Churches, total payments made to him for this amounted to £210 (2019: £1,020).

Miss E Allen, a member of the PCC, has been refunded travel expenses totalling £166 in the previous year, incurred while undertaking ministry work on behalf of the church.

17 Financial Instruments

The carrying amounts of the PCC's financial instruments are as follows:

Financial assets Measured at fair value through net income/expenditure: Fixed asset investments (note 9)	2020 2019 £ £ 1,900 1,847 1,900 1,847

The change in fair value of the PCC's fixed asset investments is fully attributable to changes in market conditions.

Measured at amortised cost: Trade debtors (note 10) Other debtors (note 10) Cash at bank and in hand (note 11) Financial Liabilities Measured at amortised cost: Trade creditors (note 12) Accruals (note 12) Other creditors (note 12)	2020 2019 £ £ 1,474 1,607 2,435 5,080 180,781 178,056 184,690 184,743 2020 2019 £ £ - 195 1,670 1,020 183 1,348 1,853 2,563

17

The Parish of the Transfiguration - Little Bowden Notes to the Accounts

For the Year Ended 31 December 2020

17 Financial Instruments (Continued)

The income, expenses, net gains and net losses attributable to the PCC's financial instruments are summarised as follows:

follows:
	2020	2019
Income and expense	£	£
Financial assets measured at fair value through net income/expenditure	62		74
Financial assets measured at amortised cost	1,550	1,447
Net gains and losses (including changes in fair value)
Financial assets measured at fair value through net income/expenditure	53		52

The total interest income and interest expense for financial assets and financial liabilities that are not measured at fair value was £1,550 (2019: £1,447) and £Nil (2019: £Nil) respectively.

18