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2020-12-31-accounts

REGISTERED CHARITY NUMBER: 1150873

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

FOR MARKET BOSWORTH PCC

MARKET BOSWORTH PCC

CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 December 2020

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 10
Statement of Financial Activities 11
Balance Sheet 12
Cash Flow Statement 13
Notes to the Cash Flow Statement 14
Notes to the Financial Statements 15 to 25
Detailed Statement of Financial Activities 26 to 27

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2020

The trustees present their report with the financial statements of the charity for the year ended 31 December 2020. The trustees have adopted the provisions of 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 2019).

This is the eighth annual report of the Parochial Church Council of the Ecclesiastical Parish of Market Bosworth, Cadeby with Sutton Cheney and Congerstone (referred to as the Bosworth PCC in this report).

The PCC is responsible for four churches: -

St Peter, Market Bosworth All Saints, Cadeby St James, Sutton Cheney St Mary the Virgin, Congerstone

Each of which has a church hall, although the ones at Sutton Cheney and Cadeby are administered as separate charities.

The PCC forms part of the Bosworth Benefice.

OBJECTIVES AND ACTIVITIES

Objectives and aims

Bosworth PCC will continue to exercise its responsibility to the whole mission of the Church within the Diocese of Leicester. It remains committed to working with all the churches of the Benefice as well as ecumenically with other Christian denominations and faiths within the parish. We continue to work closely with The Roman Catholic Church of our Lady and St Gregory's in Market Bosworth, and the Market Bosworth Free Church.

The PCC also recognises its responsibility for the maintenance of its Churches and church halls noted above.

The PCC is committed to enabling as many people as possible to engage with our churches.

Our aims are:

When planning our activities for the year, we have considered the Charity Commission's guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The parishes rely almost totally on the active participation of volunteers to ensure the successful organisation of its services and managing the Churches.

Page 1

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2020

ACHIEVEMENT AND PERFORMANCE Charitable activities

Achievements and performance (Community & Missional Achievements and Sustainability) Bosworth Benefice comprises seven churches of which four make up the administrative unit of Bosworth PCC. We are a predominantly rural Benefice with Market Bosworth being the 'hub'. Market Bosworth is by population size a village whilst having many features of a rural town.

We are a busy Benefice. One ordained minister, one curate in training and 2 readers make up the 'ministry' team. Regardless of the size of any of our churches we aim to be a visible and active presence in the communities we serve. Instinctively, major festivals are times when we do this most.

Our usual calendar of services, however, was adversely affected by the Covid-19 pandemic, which meant regular weekly services and other significant events could not take place, were held with restricted numbers or via digital online platforms.

As a Benefice, we have noted and commented on the need to support our more rural churches and their communities, and also that work with children should have increased priority. Some of this work is already being done, (even with the limitations of the pandemic). Market Bosworth PCC is able to take a lead for this initiative as St Peter’s Fund is a charity for which Market Bosworth PCC members are trustees, and therefore is able to consider the funding of two posts to support the ministry of the church across the whole Benefice. Proposals to initiate two paid roles with the aim of finding the best way of expanding our ministry were presented to Market Bosworth PCC in February 2021 with this supporting strategy. During summer 2021 it is hoped that we will be able to appoint a Benefice Discipleship Enabler and a Children’s Ministry Facilitator to pursue our objectives in these areas.

At St Mary’s, Congerstone, the final completion certificate for the restoration and new building work was issued in July 2020 and the church has been removed from the Historic England ‘At Risk Register’. All the urgent repairs identified at the 2016 Quinquennial Inspection have been completed and a new extension containing an accessible WC and a small servery has been added. Unfortunately, owing to Covid-19 restrictions, the rededication service and village party had to be postposed, but it is hoped that the Archbishop of Loughborough and the Rt Hon the Earl Howe PC will still be able to lead the celebrations when a new date can be set.

At Cadeby, on the advice of the church architect, investigation into the condition of the churchyard boundary wall is planned to identify and repair any resulting issues.

The connection with the Battle of Bosworth and the reinterment of the remains of King Richard III is still reasonably strong at St James, Sutton Cheney. There is a project to develop a Sculpture Trail depicting different elements of the battle as a local visitor attraction. The first one of these is proposed to be in the grounds of St James, Sutton Cheney and depicts the 'Night before the battle'. The project is being led by the 1485 Group in conjunction with the Borough Council and local organisations.

Factors likely to affect future financial performance or position

The appointments of a Benefice Discipleship Enabler and a Children’s Ministry Facilitator will have some effect on St Peter's Fund, but only in relation to the interest gained. The appointments would be for an initial period of 18 months and assessed through monitoring and recording to ensure that we are investing our finances wisely and effectively.

The land assets recognised for potential development in the Neighbourhood Plan (known as The Station Fields site) are still ongoing. The Borough Council, Parish Council, Neighbourhood Forum and ourselves are working in partnership to fulfil the recommendation of the Neighbourhood Plan for development. Complication has always focussed around suitable access to the site. In the meantime we continue to work through our agent and solicitor. As interest, motivation, and pressure have built around this potential site, there have been increased costs to maintain and hold our position until a 'master plan' has been completed and agreed so that the project may advance.

Whilst we keep a close-eye on these costs, we know that if the project were to go ahead, they would be covered by the sale of the site.

Overall the trustees continue to be mindful that economic factors could impact the return on investments but are in regular discussions with CCLA with regards the risk profile of the investments.

Corporate Governance

We continue to maintain our attention to the reporting and governance as guided by the Charity Commission and implemented by our Finance Committee.

At its Annual Meeting, the PCC confirmed Fortus remain the appointed auditor for the second year of a three-year contract to work with us in preparing the Annual Accounts and Report for 2020.

The Suspension of Presentation was lifted in December 2019 and we are now recognised as Bosworth Benefice. Our current incumbent's license is likely to be amended to read 'Rector'.

Page 2

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2020

ACHIEVEMENT AND PERFORMANCE

Fabric & Buildings

During 2020 the work on the clock at St Peter’s commenced and was completed in November.

Each church continues to work to the recommendations of their QI reports. There have been no major fabric incidents during 2020.

The Congerstone work as reported last year is virtually complete. The additional funds for the WC and servery were obtained and this work is the only work to be completed.

FINANCIAL REVIEW

Financial position

The charity had funds at the beginning of the year of £9,278,506. There was a deficit of £35,003 before investment gains and a surplus of £357,099 after the gains on investment assets and revaluation of property. Therefore, giving reserves carried forward at 31 December 2020 of £9,635,605.

The significant event that has affected financial performance and financial position is the Covid-19 pandemic, during which many of our regular Church services were unable to take place, such as Sunday services, weddings, baptisms and funeral services, nor were we able to welcome large congregations to our seasonal services at Easter, Harvest, Remembrance and Christmas. Our Church Halls were closed for significant periods and so hire income was drastically reduced. There was only limited income gained through fundraising activities during the year.

Total income for the year was £232,493 (2019: £588,060) of which £68,008 (2019: £120,639) were unrestricted receipts.

The charity has investments which generate income and in 2020 this included £46,107 (2019: £46,102) in the form of rental income and £97,285 (2019: £94,454) from listed investments.

Principal funding sources

The principal funding sources of the charity are:

Periodic grants and legacies are also received.

These sources of income have been expended in the furtherance of the charity's objectives.

Investment policy and objectives

The listed investments are managed by CCLA who are selected because of the extent to which they assess environmental, social and governance (ESG) risks. CCLA are a leader in stewardship and ethics and are a signatory of the United Nations Principles for Responsible Investment (UN PRI) and the UK Stewardship Code.

The listed investments form part of the St Peter's Fund and the portfolio is balanced between providing an annual income to support the objectives of this fund whilst maintaining capital for the future. The rate of return of the investments is considered by the trustees to be satisfactory.

In 2021 we plan to meet with our Client Relationship Manager at CCLA.

Page 3

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2020

FINANCIAL REVIEW

Reserves policy

The Parochial Church Council of the charity ('Board of Trustees' - St Peter's Fund) have determined that each church comprising Bosworth PCC should retain sufficient unrestricted funds its essential running as detailed in the Reserves Policy.

Current reserves are:

Church Insurance Audit Services Staff Total RPI 1.2%
(Dec)		 Total Reserve
Market Bosworth
(General)		 0 0 2,400 0 2,400 29 2,429
Market Bosworth
Parish Hall		 910 0 1,184 1,304 3,397 41 3,438
St Peter's Fund 4,941 9,480 0 5,304 19,725 237 19,962
Cadeby 618 0 200 0 818 10 827
Cadeby Church
Hall		 137 0 0 0 137 2 139
Congerstone 1,128 0 200 0 1,328 16 1,344
Congerstone
Village Hall		 400 0 800 0 1,200 14 1,214
Sutton Cheney 688 0 185 0 874 10 884
Sutton Cheney
Village Hall		 176 0 0 0 176 2 178
Combined Total 8,997 9,480 4,969 6,608 30,054 361 30,415

As at 31 December 2020 the level of the combined reserve was £172,222 which is sufficient against that set in the reserves policy. This balance can be further analysed below:

Cadeby Parish Church: £43,300 Congerstone Parish Church: £4,303 Market Bosworth Parish Church: £115,620 Sutton Cheney Parish Church: £8,999

The trustees have designated the funds equivalent to the net book value of the buildings which total £599,250 as at 31 December 2020. This has been designated as the assets cannot be realised without undermining the charity's work. At 31 December 2020 the restricted fund balances were £8,827,926, the designated fund balances were £635,459 and the total funds were £9,636,448.

PLANS FOR THE FUTURE

We continue to progress on our vision to reorder St Peter's Church internally. We are working with the DAC (Diocesan Advisory Committee), the Buildings Development enabler and our architect to consider options. The General Synod of the church and Diocesan Synod have committed the church to review and reduce its 'carbon footprint' and this will be a factor in any plans put forward. The appointment of a Benefice Discipleship Enabler and Children’s Ministry Facilitator continue to be a priority. Our churches aspire to work more closely together. Our aim remains to welcome and establish God's Kingdom in our hearts, lives and communities as we grow in faith in this Benefice, Deanery and Diocese.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Charity constitution

The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is part of the Diocese of Leicester within the Church of England.

Recruitment and appointment of new trustees

The method of appointment of PCC members is set out in the Church Representation Rules. Members are elected by those members of the congregation who are on the electoral roll of the four churches. All those who attend our services/ members of the congregation are encouraged to register on the Electoral Roll and stand for election to their DCC and the PCC. Training is available for PCC members through the Diocese of Leicester in areas such as finance, safeguarding and administration. The Charity Commission's Guide The Essential Trustee is provided to new trustees.

The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be managed. In addition to the Annual Meeting, the full PCC meets in accordance with the Church Representation Rules, which is to hold a sufficient number of meetings to enable the efficient transaction of its business. In 2020, the PCC held two meetings in addition to the Annual Meeting, two of these occasions were via an online meeting platform.

Page 5

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management

We are required to state in the annual report that "the major risks to which the PCC is exposed have been reviewed and that systems or procedures designed to manage those risks have been established."

One main area of risk relates to the St Peter's Fund that comprises of agricultural land and investments to generate growth and income. Whilst the value of the investments can underperform, CCLA were selected for reasons outlined above, and trustees are satisfied that their investment management strategy avoids excessive risk. Land is managed by reputable land agents, Andrew Granger, who are able to advise us and act where necessary to ensure risks are identified and managed.

Other financial risks could occur through poor budgetary/spending control and financial reporting. The Incumbent chairs the Finance Committee and works with the administrator to produce reports for PCC meetings. Book-keeping and reporting is now performed using Finance Co-ordinator software. All budget limits and expenditure require PCC approval, and payments are authorised by a minimum of two signatories.

In March 2020, the coronavirus pandemic was the greatest threat to the health of the finances. A revised budget was prepared and monitored against spending, which was carefully reviewed and actioned according to priority. Whilst the day to day church and hall income and associated costs were significantly impacted, the investment with CCLA performed as well as previously predicted and income from land rental was also unaffected.

Since the appointment of the Premises Officer, a regular schedule of health and safety checks are performed. Risk assessments are carried out for any areas of concern, for example access to the tower and battlements. Health and Safety and Safeguarding Policies are in place and reviewed annually.

A structured programme of work is continuing to ensure policies and procedures are in place and reviewed.

The Trustees are satisfied that adequate insurance is in place to protect the churches, buildings and structures.

The trustees are committed to the safeguarding of children and vulnerable adults and have the required policies and procedures in place, as provided by the Leicester Diocese Safeguarding team, copies of which are publicly available in each church and hall. We work in partnership with the Diocese Safeguarding team to ensure policies and procedures are up to date. Notices detailing who our Safeguarding Co-ordinator is, along with other relevant contacts, are displayed. All volunteers fulfilling relevant roles have received appropriate Safeguarding training. Any concerns are appropriately dealt with in partnership with the Diocesan Safeguarding Co-ordinator.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1150873

Principal address

St Peter's Parish Church Hall Park Street Market Bosworth Leicestershire CV13 0LL

Trustees

Reverend Mark Poskitt - Priest in Charge Ann Elizabeth Hall – Curate (from 21.2.20)

David Surtees - Parish Warden/Deanery Synod Rep Colleen Annan - Lay Minister Geoff Blackburn - Laity Fiona Frisby - Laity Geoff Frisby - Deputy Church Warden Jane Glennon - Laity Janet Hicklin - Deputy Church Warden Donald Holt - Deputy Church Warden (resigned 29.9.20) Sylvia Holt - Parish Warden (resigned 29.9.20) Carina Hurst - Laity Sandra Hurst - Laity (resigned 29.9.20) Robert Leake - Laity Seth Lewis - Laity Robert Rickard - Deputy Church Warden Peter Smith - Laity Pamela Tebbatt-Mills - Laity Tina Winterbottom – Parish Warden (from 29/9/20)

Page 6

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2020

REFERENCE AND ADMINISTRATIVE DETAILS Auditors

Fortus Audit LLP Chartered Accountants and Statutory Auditor 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ

Solicitors

Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR

Solicitors - for development land Davies & Partners Latham House 33-34 Paradise Street Birmingham B1 2AJ

Bankers

HSBC Bank plc Market Place Market Bosworth Warwickshire CV13 0JR

Land Agents - for agricultural land Andrew Granger & Co 44-46 Forest Road Loughborough Leicestershire LE11 3NP

Agents & surveyors - for development land Carter Jonas 6-8 Hills Road Cambridge CB2 1NH

CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET

Charity name

The Parochial Church Council of the Ecclesiastical Parish of Market Bosworth, Cadeby with Sutton Cheney and Congerstone. Known as Market Bosworth PCC.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 7

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2020

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 18 May 2021 and signed on its behalf by:

.................................................................................... David Surtees - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MARKET BOSWORTH PCC

Opinion

We have audited the financial statements of Market Bosworth PCC (the 'charity') for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MARKET BOSWORTH PCC

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Fortus Audit LLP Chartered Accountants and Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ

15.06.2021 Date: .............................................

Page 10

MARKET BOSWORTH PCC

STATEMENT OF FINANCIAL ACTIVITIES

For The Year Ended 31 December 2020

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
43,394
Charitable activities
5
Fees for weddings and funerals
6,049
Church hall lettings
12,095
Other church activity
991
Benefice contribution
2,100
Other trading activities
3
2,748
Investment income
4
631
Total
68,008
EXPENDITURE ON
Raising funds
6
665
Charitable activities
7
Staff costs
5,214
Church running expenses
27,151
Church repairs and maintenance
1,128
Professional fees
180
Parish share
22,500
Hall repairs and maintenance
2,506
Hall running costs
8,402
Mission giving and donations
1,751
Audit fees
-
Congerstone roof project
-
Choir costs
4,306
Depreciation
8,669
Congerstone extension, repairs and redecoration
-
Sutton Cheney Sir William Roberts' tomb restoration
and Church path repairs
-
Total
82,472
Net gains on investments
679
NET INCOME/(EXPENDITURE)
(13,785)
Transfers between funds
18
342
Other recognised gains/(losses)
Gains on revaluation of fixed assets
-
Net movement in funds
(13,443)
RECONCILIATION OF FUNDS
Total funds brought forward
821,965
TOTAL FUNDS CARRIED FORWARD
808,522		 Restricted
funds
£
21,080
-
-
-
-
-
143,405
164,485
4,397
21,217
25,531
-
28,471
40,000
-
-
-
9,480
-
-
1,556
53,529
-
184,181
391,423
371,727
(342)
-
371,385
8,456,541
8,827,926		 2020
Total
funds
£
64,474
6,049
12,095
991
2,100
2,748
144,036
232,493
5,062
26,431
52,682
1,128
28,651
62,500
2,506
8,402
1,751
9,480
-
4,306
10,225
53,529
-
266,653
392,102
357,942
-
-
357,942
9,278,506
9,636,448		 2019
Total
funds
£
387,388
18,414
27,383
1,699
2,100
9,769
141,307
588,060
4,772
25,886
47,011
14,536
21,331
56,000
4,519
11,577
3,420
10,644
22,971
3,727
9,095
280,902
28,318
544,709
1,427,997
1,471,348
-
194,505
1,665,853
7,612,653
9,278,506

The notes form part of these financial statements

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MARKET BOSWORTH PCC

BALANCE SHEET 31 December 2020

Unrestricted
Restricted
funds
funds
Notes
£
£
FIXED ASSETS
Tangible assets
12
601,626
7,313
Investments
Investments
13
11,254
5,271,199
Investment property
14
-
3,480,000
612,880
8,758,512
CURRENT ASSETS
Debtors
15
6,648
2,780
Cash at bank and in hand
192,208
128,969
198,856
131,749
CREDITORS
Amounts falling due within one year
16
(3,214)
(62,335)
NET CURRENT ASSETS
195,642
69,414
TOTAL ASSETS LESS CURRENT LIABILITIES
808,522
8,827,926
NET ASSETS
808,522
8,827,926
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2020

Total
funds
£
608,939
5,282,453
3,480,000
9,371,392
9,428
321,177
330,605
(65,549)
265,056
9,636,448
9,636,448
808,522
8,827,926
9,636,448		 2019
Total
funds
£
619,165
4,890,350
3,480,000
8,989,515
29,538
290,822
320,360
(31,369)
288,991
9,278,506
9,278,506
821,965
8,456,541
9,278,506

The financial statements were approved by the Board of Trustees and authorised for issue on 18 May 2021 and were signed on its behalf by:

............................................. David Surtees - Trustee ............................................. Reverend Mark Poskitt - Trustee

The notes form part of these financial statements

Page 12

MARKET BOSWORTH PCC

CASH FLOW STATEMENT

For The Year Ended 31 December 2020

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Interest received
Net cash provided by investing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 2020
£
29,712
29,712
643
643
30,355
290,822
321,177		 2019
£
27,094
27,094
751
751
27,845
262,977
290,822

The notes form part of these financial statements

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MARKET BOSWORTH PCC

NOTES TO THE CASH FLOW STATEMENT

For The Year Ended 31 December 2020

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2020 2019
£ £
Net income for the reporting period (as per the Statement of Financial
Activities) 357,942 1,471,348
Adjustments for:
Depreciation charges 10,225 9,095
Gain on investments (392,102) (1,427,997)
Interest received (643) (751)
Decrease/(increase) in debtors 20,110 (8,862)
Increase/(decrease) in creditors 34,180 (15,739)
Net cash provided by operations 29,712 27,094

2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.20
Cash flow
At
£
£
Net cash
Cash at bank and in hand
290,822
30,355
290,822
30,355
Total
290,822
30,355		 31.12.20
£
321,177
321,177
321,177

The notes form part of these financial statements

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MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 December 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Charity's accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Valuation of investment properties

The investment properties are stated at fair value based on the valuations performed by Andrew Granger & Co and updated by the Trustees at the year end. The valuers used observable market prices adjusted as necessary for any differences in the future, location or condition of the specific asset. The Trustees are of the opinion that, based on available market evidence, there were no material changes to the property valuations.

Income

Legacies are accounted for as soon as the PCC is notified of its legal entitlement and the amount is quantifiable and its ultimate receipt by the PCC is considered reasonably certain.

Grants and donations are included in the SOFA when any preconditions preventing their use by the PCC have been met. For collections and planned giving this is when the funds are received.

Income tax recoverable on Gift Aid is recognised at the same time as the income.

Donated assets are accounted for as soon as they are received and are included in the accounts at a reasonable estimate of their value.

Funds raised by fetes and other social events are accounted for gross.

Rental income from the letting of church properties is recognised when the rental is due.

Dividends are accounted for when declared receivable, interest as and when accrued by the payer.

The PCC receives substantial practical assistance from individual church members, but the financial value is mainly unquantifiable and no attempt is made to reflect this in the accounts.

Expenditure

Liabilities are recognised at the earliest point that there is an obligation to make a transfer of value to a third party.

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category.

The charity is not registered for VAT and therefore all expenditure is shown inclusive of VAT.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Tangible fixed assets

Consecrated and benefice property of any kind is excluded from the financial statements by section 10(2) (a) and (c) of the Charities Act 2011.

continued...

Page 15

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020

1. ACCOUNTING POLICIES - continued

Tangible fixed assets

The figure described as land and buildings in note 12 represents Parish Halls which were introduced at a valuation in 2012. It also includes the cost of expenditure incurred since 2012 in extending St Peter's Parish Hall.

Investment property

Investment property is included in the balance sheet at its most recent valuation.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity participates in the Pension Builder 2014 Scheme section of the Church Workers Pension Fund (CWPF) for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers.

The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Investments

Investments quoted on a recognised stock exchange or whose value derives from them (CIF's etc.) are valued at market value at the year end, using the bid price.

Other investments are included in the balance sheet at their open market value.

2. DONATIONS AND LEGACIES

Donations
Gift aid
Legacies
Grants
Planned giving
Collections at services		 2020
£
5,154
11,837
-
22,501
23,219
1,763
64,474		 2019
£
33,296
6,800
2,000
309,235
26,082
9,975
387,388

continued...

Page 16

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020

2. DONATIONS AND LEGACIES - continued

Grants received, included in the above, are as follows:

Other grants
Choir grant
St Peter's fund Listed Place of Worship grant
Congerstone Heritage Lottery Fund
Congerstone Listed Place of Worship grants
Leicester Diocesan Capital Fund Grant
All Churches Trust Grant
Wolfson Foundation Grant
Jack Patston Grant
All Churches Trust
Foyle Foundation
The Leche Trust
Church Care Grant
Hinckley & Bosworth Borough Council Grant
Leicester Historic Churches Trust
Edith Murphy Foundation Grant
Sir William Roberts' Relief in Need Charity
Sutton Cheney Listed Places of Worship grant
3.
OTHER TRADING ACTIVITIES
Fête and other events
4.
INVESTMENT INCOME
Rental income
Income from listed investments
Interest received
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Fees for weddings and funerals Fees for weddings and funerals
Church hall lettings
Church hall lettings
Other church activity
Other church activity
Benefice contribution
Benefice contribution		 2020
£
-
2,500
3,158
-
10,461
-
-
-
-
-
-
-
-
-
500
-
2,000
3,882
22,501
2020
£
2,748
2020
£
46,108
97,285
643
144,036
2020
£
6,049
12,095
991
2,100
21,235		 2019
£
1,340
-
1,081
211,247
46,722
20,000
1,500
5,000
2,500
2,250
2,000
2,000
3,500
2,095
6,000
2,000
-
-		 2019
£
1,340
-
1,081
211,247
46,722
20,000
1,500
5,000
2,500
2,250
2,000
2,000
3,500
2,095
6,000
2,000
-
-
309,235
2019
£
9,769
2019
£
46,102
94,454
751
141,307
2019
£
18,414
27,383
1,699
2,100
49,596

continued...

Page 17

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020

6. RAISING FUNDS

Raising donations and legacies
2020 2019
£ £
Investment management costs 4,397 4,397
Raising funds 665 375
5,062 4,772
7. CHARITABLE ACTIVITIES COSTS
Staff costs
Church running expenses
Church repairs and maintenance
Professional fees
Parish share
Hall repairs and maintenance
Hall running costs
Mission giving and donations
Audit fees
Choir costs
Depreciation
Congerstone extension, repairs and
redecoration
GRANTS PAYABLE
2020
£
Choir costs
-		 Direct
Costs
£
26,431
52,682
1,128
28,651
62,500
2,506
8,402
1,751
9,480
4,306
10,225
53,529
261,591
2019
£
2,560

8. GRANTS PAYABLE

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2020 nor for the year ended 31 December 2019.

Trustees' expenses

The reimbursement of trustees' expenses was as follows:

2020 2019 2020 2019
Number Number £ £
Travel 3 3 295 1,039
Stationery 2 2 129 967
Phone 1 1 799 727
Other 2 1 367 166
1,590 2,899

Also in the year there was £110 (2019: £400) paid to three (2019: three) trustees in respect of verger fees, of which there is £Nil (2019: £Nil) included in creditors.

Furthermore, an amount of £461 (2019: £1,202) was paid to a trustee is respect of lay reader fees and an amount of £Nil (2019: £Nil) was paid to a trustee in respect of retired clergy fees.

continued...

Page 18

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020

10. STAFF COSTS

Wages and salaries
Other pension costs
The average monthly number of employees during the year was as follows:
Charitable activities		 2020
£
25,231
1,200
26,431
2020
2		 2019
£
24,718
1,168
25,886
2019
2

No employees received emoluments in excess of £60,000.

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
63,404
Charitable activities
Fees for weddings and funerals
18,414
Church hall lettings
27,383
Other church activity
1,699
Benefice contribution
2,100
Other trading activities
6,939
Investment income
700
Total
120,639
EXPENDITURE ON
Raising funds
375
Charitable activities
Staff costs
5,204
Church running expenses
41,378
Church repairs and maintenance
5,888
Professional fees
180
Parish share
23,000
Hall repairs and maintenance
4,519
Hall running costs
11,577
Mission giving and donations
3,420
Audit fees
-
Congerstone roof project
-
Choir costs
3,727
Depreciation
7,408
Congerstone extension, repairs and
redecoration
-
Sutton Cheney Sir William Roberts' tomb
restoration and Church path repairs
28,318
Total
134,994
Net gains on investments
1,605
NET INCOME/(EXPENDITURE)
(12,750)
Transfers between funds
133,028		 Restricted
funds
£
323,984
-
-
-
-
2,830
140,607
467,421
4,397
20,682
5,633
8,648
21,151
33,000
-
-
-
10,644
22,971
-
1,687
280,902
-
409,715
1,426,392
1,484,098
(133,028)		 Total
funds
£
387,388
18,414
27,383
1,699
2,100
9,769
141,307
588,060
4,772
25,886
47,011
14,536
21,331
56,000
4,519
11,577
3,420
10,644
22,971
3,727
9,095
280,902
28,318
544,709
1,427,997
1,471,348
-

continued...

Page 19

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Other recognised gains/(losses)
Gains on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
12.
TANGIBLE FIXED ASSETS
COST
At 1 January 2020 and 31 December 2020
DEPRECIATION
At 1 January 2020
Charge for year
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Unrestricted
Restricted
funds
funds
£
£
194,505
-
314,783
1,351,070
507,182
7,105,471
821,965
8,456,541
Fixtures
Parish
and
Computer
Halls
fittings
equipment
£
£
£
679,278
23,220
859
71,778
11,941
473
8,250
1,692
284
80,028
13,633
757
599,250
9,587
102
607,500
11,279
386		 Total
funds
£
194,505
1,665,853
7,612,653
9,278,506
Totals
£
703,357
84,192
10,226
94,418
608,939
619,165

The Parish Halls have been incorporated within the financial statements at their 2019 valuation of £607,500. Parish Halls include £195,000 (2019: £195,000) in respect of land at valuation which is not subject to depreciation.

13. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2020
Revaluations
At 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 Listed
investments
£
4,890,350
392,103
5,282,453
5,282,453
4,890,350

There were no investment assets outside the UK.

All listed investments are shares in CBF Investment Fund.

continued...

Page 20

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020

14. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE
At 1 January 2020
and 31 December 2020
NET BOOK VALUE
At 31 December 2020
At 31 December 2019		 £
3,480,000
3,480,000
3,480,000

A valuation of the investment property was carried out on 31 December 2019 by Andrew Granger & Co LLP who are an independent professionally qualified valuer with recent experience in the location and class of the property. The trustees have reviewed this valuation in light of the property's present condition and use and after having taken further professional advice and considered changes in the open market are of the opinion that the fair value remains unchanged.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments and accrued income		 2020
£
4,841
4,587
9,428		 2019
£
14,374
15,164
29,538

16.

17.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
Within one year
Between one and five years		 2020
£
65,549
2020
£
1,042
-
1,042		 2019
£
31,369
2019
£
2,083
1,042
3,125

continued...

Page 21

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020

18. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Property Fixed Asset Reserve
Sutton Cheney church fabric fund
Cadeby Fabric Fund
Choir fund
Market Bosworth Parish Hall
Congerstone Church Hall fund
Restricted funds
Congerstone bell ropes and ringers
Congerstone Church Fabric fund
St Peter's fund
Market Bosworth capital reserve
Market Bosworth church fabric fund
Congerstone Heritage Lottery fund
Sponsor a Toy Bag
Sutton Cheney Tomb fund
Sutton Cheney bells fund
Handbells Fund (Market Bosworth)
Market Bosworth Fun Church
TOTAL FUNDS
Net movement in funds, included in the above are a
Unrestricted funds
General fund
Property Fixed Asset Reserve
Sutton Cheney church fabric fund
Choir fund
Market Bosworth Parish Hall
Congerstone Church Hall fund
Restricted funds
Congerstone Church Fabric fund
St Peter's fund
Market Bosworth church fabric fund
Congerstone Heritage Lottery fund
Sutton Cheney bells fund
Market Bosworth Fun Church
TOTAL FUNDS		 At 1.1.20
£
179,270
607,500
3,696
9,390
157
5,012
16,940
821,965
241
12,243
8,395,345
476
1,817
45,303
71
111
420
514
-
8,456,541
9,278,506
s follows:
Incoming
resources
£
46,515
-
6,906
2,500
10,419
1,668
68,008
7,317
146,551
4
10,511
2
100
164,485
232,493		 Net
movement
in funds
£
(6,077)
(8,250)
6,906
-
(1,312)
(3,549)
(1,503)
(13,785)
-
7,317
407,373
-
4
(43,018)
-
-
2
-
49
371,727
357,942
Resources
expended
£
(53,271)
(8,250)
-
(3,812)
(13,968)
(3,171)
(82,472)
-
(130,601)
-
(53,529)
-
(51)
(184,181)
(266,653)		 Transfers
between
At
funds
31.12.20
£
£
(2,893)
170,300
-
599,250
-
10,602
-
9,390
1,312
157
1,923
3,386
-
15,437
342
808,522
-
241
(11,851)
7,709
-
8,802,718
-
476
-
1,821
11,509
13,794
-
71
-
111
-
422
-
514
-
49
(342)
8,827,926
-
9,636,448
Gains and
Movement
losses
in funds
£
£
679
(6,077)
-
(8,250)
-
6,906
-
(1,312)
-
(3,549)
-
(1,503)
679
(13,785)
-
7,317
391,423
407,373
-
4
-
(43,018)
-
2
-
49
391,423
371,727
392,102
357,942

continued...

Page 22

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020

18. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Property Fixed Asset Reserve
Sutton Cheney church fabric fund
Cadeby Fabric Fund
Choir fund
Market Bosworth Parish Hall
Congerstone Church Hall fund
Restricted funds
Congerstone bell ropes and ringers
Congerstone Church Fabric fund
St Peter's fund
Market Bosworth capital reserve
Market Bosworth church fabric fund
Congerstone Heritage Lottery fund
Sponsor a Toy Bag
Sutton Cheney Tomb fund
Sutton Cheney bells fund
Handbells Fund (Market Bosworth)
TOTAL FUNDS		 At 1.1.19
£
68,192
419,910
20,134
14,040
2,762
(34,465)
16,609
507,182
241
15,044
7,085,622
476
2,734
755
71
111
417
-
7,105,471
7,612,653		 Net
movement
in funds
£
12,525
187,590
(16,438)
(4,650)
(2,605)
5,002
331
181,755
-
(5,825)
1,463,187
-
11
26,208
-
-
3
514
1,484,098
1,665,853		 Transfers
between
funds
£
98,553
-
-
-
-
34,475
-
133,028
-
3,024
(153,464)
-
(928)
18,340
-
-
-
-
(133,028)
-		 At
31.12.19
£
179,270
607,500
3,696
9,390
157
5,012
16,940
821,965
241
12,243
8,395,345
476
1,817
45,303
71
111
420
514
8,456,541
9,278,506

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Property Fixed Asset Reserve
Sutton Cheney church fabric fund
Cadeby Fabric Fund
Choir fund
Market Bosworth Parish Hall
Congerstone Church Hall fund
Restricted funds
Congerstone Church Fabric fund
St Peter's fund
Market Bosworth church fabric fund
Congerstone Heritage Lottery fund
Sutton Cheney bells fund
Handbells Fund (Market Bosworth)
TOTAL FUNDS		 Incoming
resources
£
80,532
-
11,880
853
-
22,966
4,408
120,639
66,287
142,637
11
257,969
3
514
467,421
588,060		 Resources
expended
£
(69,612)
(6,915)
(28,318)
(5,503)
(2,605)
(17,964)
(4,077)
(134,994)
(72,112)
(105,842)
-
(231,761)
-
-
(409,715)
(544,709)		 Gains and
Movement
losses
in funds
£
£
1,605
12,525
194,505
187,590
-
(16,438)
-
(4,650)
-
(2,605)
-
5,002
-
331
196,110
181,755
-
(5,825)
1,426,392
1,463,187
-
11
-
26,208
-
3
-
514
1,426,392
1,484,098
1,622,502
1,665,853

The Congerstone bell ropes and ringers fund represents funds donated for the upkeep of the church bell ropes and ringers.

continued...

Page 23

The Congerstone church fabric fund represents funds donated for the repair and restoration of the church building.

continued...

Page 23

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020

18. MOVEMENT IN FUNDS - continued

The Congerstone heritage lottery fund represents initial grant money received towards the development phase of the building works and heritage activities at Congerstone.

The Congerstone church hall fund represents incomes and expenses which arise from and are designated towards the running of the Parish Hall in Congerstone.

St Peters fund represents assets left as a bequest under the will of Frank Roland Smith to St Peter's Parish Church Market Bosworth for the building and churchyard maintenance and up keep and its general ecclesiastical purposes.

The Market Bosworth capital reserve represents funds which have been donated for Market Bosworth DCC capital projects.

The Market Bosworth church fabric fund represents funds donated for the repair and restoration of the church building. The Sponsor a toy bag fund represents donations received towards an initiative to fill toy bags for use in St Peter's Church.

The Property fixed asset reserve - The land and buildings comprise of three Parish Halls. Although these properties are unrestricted assets they cannot be realised without undermining the charity's work. The board of trustees therefore consider it appropriate to reflect the investment in properties by means of a designated fund.

The Choir fund represents a legacy received which has been designated to the running of the church choir.

The Market Bosworth Parish Hall fund represents incomes and expenses which arise from and are designated towards the running of the St Peters Parish Hall in Market Bosworth.

The Sutton Cheney tomb fund represents money which has been received for the purpose of conserving the medieval alabaster tomb in the chancel at Sutton Cheney.

The Sutton Cheney church fabric fund represents donations which have been set aside for the repair and restoration of the church building.

The Sutton Cheney bells fund represents donations which have been set aside for the upkeep of the church bell ropes and ringers.

The Cadeby fabric fund represents money that has been set aside for church roof maintenance.

The Handbells Fund (Market Bosworth) represents donations which have been set aside for the purpose of supporting the playing of handbells.

The Fun Church Fund represents a donation which was given to support children's church activities.

Transfers between funds

The terms of the St Peters Fund were widened in 2017 so that the money can be used by St Peter's Church Market Bosworth for the building and churchyard maintenance and upkeep and its general ecclesiastical purposes.

In 2017 it was decided that amounts from this fund could be transferred to cover expenditure incurred in the General Fund.

The trustees have agreed that the use of the St Peter's Fund to cover expenditure in the other funds will be assessed on a case by case basis.

continued...

Page 24

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2020

19. EMPLOYEE BENEFIT OBLIGATIONS

Market Bosworth PCC (PB 2014) participates in the Pension Builder 2014 Scheme section of the Church Workers Pension Fund (CWPF) for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Employer and the other participating employers.

The CWPF is divided into three sections which are classed as defined benefit schemes. It has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members' Normal Pension Age.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and therefore contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable of £1,200 (2019: £1,168).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 December 2016. A valuation as at 31 December 2019 was under way as at 31 December 2020.

For the Pension Builder 2014 section, the valuation revealed a surplus of £1.8m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2020.

Page 25

MARKET BOSWORTH PCC

DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2020

2020 2019
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations 5,154 33,296
Gift aid 11,837 6,800
Legacies - 2,000
Grants 22,501 309,235
Planned giving 23,219 26,082
Collections at services 1,763 9,975
64,474 387,388
Other trading activities
Fête and other events 2,748 9,769
Investment income
Rental income 46,108 46,102
Income from listed investments 97,285 94,454
Interest received 643 751
144,036 141,307
Charitable activities
Fees for weddings and funerals 6,049 18,414
Church hall lettings 12,095 27,383
Other church activity 991 1,699
Benefice contribution 2,100 2,100
21,235 49,596
Total incoming resources 232,493 588,060
EXPENDITURE
Raising donations and legacies
Investment management costs 4,397 4,397
Raising funds 665 375
5,062 4,772
Charitable activities
Wages 25,231 24,718
Pensions 1,200 1,168
Church running expenses 32,312 47,011
Church repairs and maintenance 21,498 14,536
Professional fees 28,651 21,331
Parish share 62,500 56,000
Hall repairs and maintenance 2,506 4,519
Hall running costs 8,402 11,577
Mission giving and donations 1,751 3,420
Audit fees 9,480 10,644
Congerstone roof project - 22,971
Congerstone Extension, repairs and redecoration 53,529 280,902
Choir costs 4,306 1,167
Sutton Cheney Tomb restoration and path repair - 28,318
Fixtures and fittings 10,225 9,095
Grants to individuals - 2,560
261,591 539,937

This page does not form part of the statutory financial statements

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MARKET BOSWORTH PCC

DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2020

2020 2019
£ £
Total resources expended 266,653 544,709
Net (expenditure)/income (34,160) 43,351

This page does not form part of the statutory financial statements

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