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2021-12-31-accounts

REGISTERED CHARITY NUMBER: 1150873

REPORT OF THE TRUSTEES AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

MARKET BOSWORTH PCC

MARKET BOSWORTH PCC

CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 December 2021

Page
Report of the Trustees 1 to 9
Report of the Independent Auditors 10 to 12
Statement of Financial Activities 13
Balance Sheet 14
Cash Flow Statement 15
Notes to the Cash Flow Statement 16
Notes to the Financial Statements 17 to 29
Detailed Statement of Financial Activities 30 to 31

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2021

The trustees present their report with the financial statements of the charity for the year ended 31 December 2021. 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:

To enable as many people as possible to worship in our churches and to share the love of God through worship, prayer, music and sacrament.

To express the Christian faith through daily discipleship, love and compassion for all our neighbours.

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 2021

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 stipendiary minister, one curate in training, who is also now employed as our Benefice Discipleship Enabler (BDE) - see below, 2 readers and 2 Children's Ministry Enablers (CME's) - see below, also employed by St Peter's Fund who 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.

In 2021 once again our usual calendar of services was adversely affected by the Covid-19 pandemic, which meant not all regular weekly services and other significant events could take place, or were held with restricted numbers or via digital online platforms.

We noted in 2020 the need to 'support our more rural churches and their communities, and also that work with children should have increased priority'. We subsequently prepared Job Descriptions, advertised through the Diocesan channels and interviewed candidates for the two roles of Benefice Discipleship Enabler (BDE) and Children's Ministry Enabler (CME) and appointed Revd Ann Hall to the post of BDE and Mrs Sue Poskitt and Mrs Susan Webster as joint CMEs.

The overall vision for the role of BDE is stated as follows :'To work alongside and in conjunction with the Incumbent and Ministry Team to facilitate, assist and enhance the missional and discipleship activities of the Benefice to share God's love within the rural communities that comprise Bosworth Benefice.'

And for the CME role as follows: 'To encourage, develop, enhance and lead activities to share God's love with children and deepen their understanding of the message of the Good News of Jesus.'

The appointments were made in September 2021 with reviews set for 6 months. To date both roles have brought significant benefits enhancing our resources, contacts and opportunities.

St Mary's, Congerstone continues to develop its opportunities. There have been additional local history presentations and publication of information regarding life at Gopsall Hall. It has also provided a suitable venue for a new 'Come and See' enquirers service and 'Little Fishes' pram service.

Services at Cadeby were significantly curtailed due to the pandemic, but have begun again in 2022.

The project to develop a Sculpture Trail depicting different elements of the battle of Bosworth as a local visitor attraction has moved on and is gaining support. 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.

Page 2

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2021

ACHIEVEMENT AND PERFORMANCE

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 on-going. 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 third year of a three-year contract to work with us in preparing the Annual Accounts and Report for 2021.

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'.

Fabric & Buildings

St Peter's Church, Market Bosworth, and St James' Church, Sutton Cheney had Quinquennial Inspections (QI) in 2021. St Mary's Congerstone requested a 1-year extension as their restoration works were very recently completed - this was agreed by the PCC and Archdeacon of Loughborough. Each church continues to work to the recommendations of their QI reports. There have been no major fabric incidents during 2021.

A mature beech tree, that was originally thought to belong to St Peter's Church, lost a large bough early in October 2021 during a storm. A tree specialist was called who removed the bough and cleared the area before the end of the day. The church's insurers were immediately notified and based on a recent tree condition report and the adverse weather conditions at the time of the incident, concluded the PCC had acted responsibly. Subsequent enquiries with Land Registry showed that the tree came under the ownership of the neighbouring hotel group. The PCC informed the hotel's head office and the tree officer at the local authority. A neighbouring resident, who was pursuing an insurance claim because of property damage, has now been referred to the hotel group.

At Cadeby, investigative work on the boundary wall has been completed, the relevant faculties applied for and tenders for the project being sought. A grant was received for a new picnic table and also funding for planting native daffodils and snowdrops in the churchyard.

A rededication service led by the Bishop of Leicester and attended by Lord and Lady Howe was held on 16 October 2021 at St Mary's Church in Congerstone to celebrate the completion of the initial restoration and building works. Additional work to replace the lead on the tower roof and re-erect the weathervane will start early in 2022.

Page 3

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2021

FINANCIAL REVIEW

Financial position

The charity had funds at the beginning of the year of £9,636,448. There was a deficit of £2,751 before investment gains and a surplus of £813,856 after the gains on investment assets and revaluation of property. Therefore, giving reserves carried forward at 31 December 2021 of £10,450,304.

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 £242,919 (2020: £232,493) of which £80,514 (2020: £68,008) were unrestricted receipts.

The charity has investments which generate income and in 2021 this included £46,105 (2020: £46,108) in the form of rental income and £100,743 (2020: £97,285) 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 2022 we plan to meet with our Client Relationship Manager at CCLA.

Page 4

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2021

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 as follows :

Current reserves are:

Insuranc RPI 1.2% Total
Church e Audit Services Staff Total (Dec) Reserve
Market
Bosworth
(General) 0 0 3,750 0 3,750 281 4,031
Market
Bosworth
Parish Hall 400 0 1,428 1,370 3,198 240 3,438
St Peter's
Fund 4,600 9,600 0 11,976 26,75 1,963 28,139
Cadeby 625 0 203 0 828 62 890
Cadeby
Church Hall 138 0 0 0 138 10 148
Congerstone 1,142 0 204 0 1,346 101 1,447
Congerstone
Church Hall 405 0 810 0 1,215 91 1,306
Sutton
Cheney 697 0 188 0 885 66 951
Sutton
Cheney
Village Hall 178 0 0 0 178 13 191
Combined
Total 8,185 9,600 6,583 13,346 37,714 2,827 40,541

As at 31 December 2021 the level of the combined reserve was £166,849 which is sufficient against that set in the reserves policy. This balance can be further analysed below:

Cadeby Parish Church: £41,565 Congerstone Parish Church: £4,800 Market Bosworth Parish Church: £109,632 Sutton Cheney Parish Church: £10,852

The trustees have designated the funds equivalent to the net book value of the buildings which total £591,000 as at 31 December 2021. This has been designated as the assets cannot be realised without undermining the charity's work.

At 31 December 2021 the restricted fund balances were £9,651,926, the designated fund balances were £631,529 and the total funds were £10,450,304.

PLANS FOR THE FUTURE

We aim 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. 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. The Leicester Diocese Synod agreed in November 2021 to a new 'Shaped by God' framework for organisation of parishes and ministry resource. We anticipate there will be further developments in the implementation of this framework throughout the coming year.

Page 5

MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2021

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 meeting in addition to the Annual Meeting, two of these occasions were via an online meeting platform.

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.

The coronavirus pandemic continued to be a significant threat to the health of the finances. A budget was prepared accordingly which was regularly monitored. Whilst the day to day church and hall income and associated costs were impacted again, the investment with CCLA continued to 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.

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MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2021

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 Reverend Ann Elizabeth Hall - Curate 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 Carina Hurst - Laity Robert Leake - Laity Seth Lewis - Laity Robert Rickard - Deputy Church Warden Peter Smith - Laity Pamela Tebbatt-Mills - Laity Tina Winterbottom - Parish Warden

Auditors

Fortus Audit LLP Chartered Accountants & 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

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MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2021

REFERENCE AND ADMINISTRATIVE DETAILS

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.

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MARKET BOSWORTH PCC

REPORT OF THE TRUSTEES For The Year Ended 31 December 2021

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).

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 17 May 2022 and signed on its behalf by:

David Surtees - Trustee

Page 9

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 2021 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).

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:

Page 10

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

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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework..

We understood how the charity is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the charity has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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.

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

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 & Statutory Auditor 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ 26.05.2022 Date: .............................................

Page 12

MARKET BOSWORTH PCC

STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Charitable activities
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Charitable activities
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
46,560
30,915
2,608
431
80,514
790
91,471
92,261
1,603
(10,144)
808,522
798,378		 Restricted
funds
£
15,556
-
-
146,849
162,405
6,659
146,750
153,409
815,004
824,000
8,827,926
9,651,926		 2021
Total
funds
£
62,116
30,915
2,608
147,280
242,919
7,449
238,221
245,670
816,607
813,856
9,636,448
10,450,304		 2020
Total
funds
£
64,474
21,235
2,748
144,036
232,493
5,062
261,591
266,653
392,102
357,942
9,278,506
9,636,448

The notes form part of these financial statements

Page 13

MARKET BOSWORTH PCC

BALANCE SHEET

31 December 2021

Notes
FIXED ASSETS
Tangible assets
11
Investments
Investments
12
Investment property
13
CURRENT ASSETS
Stocks
14
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
Restricted
funds
funds
£
£
593,020
6,129
12,857
6,086,203
-
3,480,000
605,877
9,572,332
-
5,175
10,388
545
187,680
103,987
198,068
109,707
(5,567)
(30,113)
192,501
79,594
798,378
9,651,926
798,378
9,651,926		 2021

Total
funds
£
599,149
6,099,060
3,480,000
10,178,209
5,175
10,933
291,667
307,775
(35,680)
272,095
10,450,304
10,450,304
798,378
9,651,926
10,450,304		 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

The financial statements were approved by the Board of Trustees and authorised for issue on 17 May 2022 and were signed on its behalf by:

David Surtees - Trustee

Reverend Mark Poskitt - Trustee

The notes form part of these financial statements

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MARKET BOSWORTH PCC

CASH FLOW STATEMENT For The Year Ended 31 December 2021

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/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		 2021
£
(29,942)
(29,942)
432
432
(29,510)
321,177
291,667		 2020
£
29,712
29,712
643
643
30,355
290,822
321,177

The notes form part of these financial statements

Page 15

MARKET BOSWORTH PCC

NOTES TO THE CASH FLOW STATEMENT For The Year Ended 31 December 2021

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

2021 2020
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 813,856 357,942
Adjustments for:
Depreciation charges 9,790 10,225
Gain on investments (816,607) (392,102)
Interest received (432) (643)
Increase in stocks (5,175) -
(Increase)/decrease in debtors (1,505) 20,110
(Decrease)/increase in creditors (29,869) 34,180
Net cash (used in)/provided by operations (29,942) 29,712
  1. ANALYSIS OF CHANGES IN NET FUNDS
At 1.1.21 Cash flow At 31.12.21
£ £ £
Net cash
Cash at bank and in hand 321,177 (29,510) 291,667
321,177 (29,510) 291,667
Total 321,177 (29,510) 291,667

The notes form part of these financial statements

Page 16

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS For The Year Ended 31 December 2021

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.

continued...

Page 17

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

1. ACCOUNTING POLICIES - continued

Expenditure

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Parish Halls - 2% per annum on valuation Fixtures and fittings - 15% on reducing balance Computer equipment - 33% on cost

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.

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

continued...

Page 18

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

1. ACCOUNTING POLICIES - continued

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
Grants
Planned giving
Collections at services
Grants received, included in the above, are as follows:
Choir grant
St Peter's fund Listed Place of Worship grant
Congerstone Heritage Lottery Fund
Congerstone Listed Place of Worship grants
Leicester Historic Churches Trust
Sir William Roberts' Relief in Need Charity
Sutton Cheney Listed Places of Worship grant
Rural Communities Council
Cadeby Parish Council
Cadeby Listed Places of Worship
3.
OTHER TRADING ACTIVITIES
Fête and other events
4.
INVESTMENT INCOME
Rental income
Income from listed investments
Interest received

continued...

Page 19

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

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
6.
RAISING FUNDS
Raising donations and legacies
Investment management costs
Raising funds
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		 2021
£
12,611
14,406
1,798
2,100
30,915
2021
£
4,397
3,052
7,449

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2021 nor for the year ended 31 December 2020.

continued...

Page 20

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

8. TRUSTEES' REMUNERATION AND BENEFITS - continued

Trustees' expenses

The reimbursement of trustees' expenses was as follows:

2021
2020
Number
Number
Travel
3
3
Stationery
2
2
Phone
1
1
Other
2
2		 2021
£
556
228
856
267
1,907		 2020
£
295
129
799
367
1,590

Also in the year there was £280 (2020: £110) paid to two(2020: three) trustees in respect of verger fees, of which there is £Nil (2020: £Nil) included in creditors.

Furthermore, an amount of £695 (2020: £461) was paid to a trustee is respect of lay reader fees and an amount of £376 (2020: £Nil) was paid to a trustee in respect of retired clergy fees.

9. STAFF COSTS

STAFF COSTS
Wages and salaries
Other pension costs		 2021
£
34,325
1,686
36,011		 2020
£
25,231
1,200
26,431

The average monthly number of employees during the year was as follows:

2021 2020
Charitable activities 3 2

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

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Fees for weddings and funerals
Church hall lettings
Other church activity
Benefice contribution
Other trading activities
Investment income
Total
EXPENDITURE ON
Raising funds		 Unrestricted
funds
£
43,394
6,049
12,095
991
2,100
2,748
631
68,008
665		 Restricted
funds
£
21,080
-
-
-
-
-
143,405
164,485
4,397		 Total
funds
£
64,474
6,049
12,095
991
2,100
2,748
144,036
232,493
5,062

continued...

Page 21

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued

Charitable activities
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
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
11.
TANGIBLE FIXED ASSETS
COST
At 1 January 2021 and
31 December 2021
DEPRECIATION
At 1 January 2021
Charge for year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020		 Parish
Halls
£
679,278
80,028
8,250
88,278
591,000
599,250		 Unrestricted
funds
£
5,214
27,151
1,128
180
22,500
2,506
8,402
1,751
-
4,306
8,669
-
82,472
679
(13,785)
342
(13,443)
821,965
808,522
Fixtures
and
fittings
£
23,220
13,633
1,438
15,071
8,149
9,587		 Restricted
funds
£
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
Computer
equipment
£
859
757
102
859
-
102		 Total
funds
£
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
Totals
£
703,357
94,418
9,790
104,208
599,149
608,939

continued...

Page 22

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

11. TANGIBLE FIXED ASSETS - continued

The Parish Halls have been incorporated within the financial statements at their 2019 valuation of £607,500. Parish Halls include £195,000 (2020: £195,000) in respect of land at valuation which is not subject to depreciation.

12. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 January 2021
Revaluations
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020		 Listed
investments
£
5,282,453
816,607
6,099,060
6,099,060
5,282,453

There were no investment assets outside the UK.

All listed investments are shares in CBF Investment Fund.

13. INVESTMENT PROPERTY

INVESTMENT PROPERTY
FAIR VALUE
At 1 January 2021
and 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020		 £
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.

continued...

Page 23

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

14.
STOCKS
2021
£
Finished goods
5,175
15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
£
Other debtors
7,708
Prepayments and accrued income
3,225
10,933
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
£
Other creditors
35,680
17.
LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
2021
£
Within one year
1,848
Between one and five years
6,006
7,854		 2020
£
-
2020
£
4,841
4,587
9,428
2020
£
65,549
2020
£
1,042
-
1,042

continued...

Page 24

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

18. MOVEMENT IN FUNDS

Net
movement
At 1.1.21
in funds
£
£
Unrestricted funds
General fund
170,303
(2,239)
Property Fixed Asset Reserve
599,250
(8,250)
Sutton Cheney church fabric fund
10,602
28
Cadeby Fabric Fund
9,390
-
Choir fund
157
(25)
Market Bosworth Parish Hall
3,383
(1,003)
Congerstone Church Hall fund
15,437
1,345
808,522
(10,144)
Restricted funds
Congerstone bell ropes and ringers
241
-
Congerstone Church Fabric fund
7,709
2,218
St Peter's fund
8,802,718
826,620
Market Bosworth capital reserve
476
-
Market Bosworth church fabric fund
1,821
-
Congerstone Heritage Lottery fund
13,794
(4,789)
Sponsor a Toy Bag
71
-
Sutton Cheney Tomb fund
111
-
Sutton Cheney bells fund
422
-
Handbells Fund (Market Bosworth)
514
-
Market Bosworth Fun Church
49
(49)
8,827,926
824,000
TOTAL FUNDS
9,636,448
813,856
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
61,511
(65,353)
Property Fixed Asset Reserve
-
(8,250)
Sutton Cheney church fabric fund
28
-
Choir fund
-
(25)
Market Bosworth Parish Hall
15,660
(16,663)
Congerstone Church Hall fund
3,315
(1,970)
80,514
(92,261)
Restricted funds
Congerstone Church Fabric fund
2,218
-
St Peter's fund
147,016
(135,400)
Congerstone Heritage Lottery fund
13,171
(17,960)
Market Bosworth Fun Church
-
(49)
162,405
(153,409)
TOTAL FUNDS
242,919
(245,670)		 Transfers
between
funds
£
(1,215)
-
-
-
-
1,215
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Gains and
losses
£
1,603
-
-
-
-
-
1,603
-
815,004
-
-
815,004
816,607		 At
31.12.21
£
166,849
591,000
10,630
9,390
132
3,595
16,782
798,378
241
9,927
9,629,338
476
1,821
9,005
71
111
422
514
-
9,651,926
10,450,304
Movement
in funds
£
(2,239)
(8,250)
28
(25)
(1,003)
1,345
(10,144)
2,218
826,620
(4,789)
(49)
824,000
813,856

continued...

Page 25

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

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)
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		 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		 Transfers
between
funds
£
(2,893)
-
-
-
1,312
1,923
-
342
-
(11,851)
-
-
-
11,509
-
-
-
-
-
(342)
-		 At
31.12.20
£
170,300
599,250
10,602
9,390
157
3,386
15,437
808,522
241
7,709
8,802,718
476
1,821
13,794
71
111
422
514
49
8,827,926
9,636,448

continued...

Page 26

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

18. MOVEMENT IN FUNDS - continued

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
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		 Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
46,515
(53,271)
679
(6,077)
-
(8,250)
-
(8,250)
6,906
-
-
6,906
2,500
(3,812)
-
(1,312)
10,419
(13,968)
-
(3,549)
1,668
(3,171)
-
(1,503)
68,008
(82,472)
679
(13,785)
7,317
-
-
7,317
146,551
(130,601)
391,423
407,373
4
-
-
4
10,511
(53,529)
-
(43,018)
2
-
-
2
100
(51)
-
49
164,485
(184,181)
391,423
371,727
232,493
(266,653)
392,102
357,942

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

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

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.

continued...

Page 27

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

18. MOVEMENT IN FUNDS - continued

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.

19. EMPLOYEE BENEFIT OBLIGATIONS

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

CWPF has two sections:

  1. the Defined Benefits Scheme

  2. the Pension Builder Scheme, which has two subsections; a. a deferred annuity section known as Pension Builder Classic, and,

b. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

continued...

Page 28

MARKET BOSWORTH PCC

NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2021

19. EMPLOYEE BENEFIT OBLIGATIONS - continued

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

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 means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2021: £1,686, 2020: £1,200).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2019. The next valuation is due as at 31 December 2022.

For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose to grant a discretionary bonus of 3% following improvements in the funding position over 2021. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, Market Bosworth PCC could become responsible for paying a share of the failed employer's pension liabilities.

20. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 December 2021.

Page 29

MARKET BOSWORTH PCC

DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2021

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Grants
Planned giving
Collections at services
Other trading activities
Fête and other events
Investment income
Rental income
Income from listed investments
Interest received
Charitable activities
Fees for weddings and funerals
Church hall lettings
Other church activity
Benefice contribution
Total incoming resources
EXPENDITURE
Raising donations and legacies
Investment management costs
Raising funds
Charitable activities
Wages
Pensions
Church running expenses
Church repairs and maintenance
Professional fees
Parish share
Hall repairs and maintenance
Hall running costs
Mission giving and donations
Carried forward		 2021
£
14,866
6,757
14,743
22,067
3,683
62,116
2,608
46,105
100,743
432
147,280
12,611
14,406
1,798
2,100
30,915
242,919
4,397
3,052
7,449
34,325
1,686
39,706
21,104
22,340
69,500
8,035
4,953
1,954
203,603		 2020
£
5,154
11,837
22,501
23,219
1,763
64,474
2,748
46,108
97,285
643
144,036
6,049
12,095
991
2,100
21,235
232,493
4,397
665
5,062
25,231
1,200
32,312
21,498
28,651
62,500
2,506
8,402
1,751
184,051

This page does not form part of the statutory financial statements

Page 30

MARKET BOSWORTH PCC

DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2021

Charitable activities
Brought forward
Audit fees
Congerstone Extension, repairs and
redecoration
Choir costs
Depreciation of freehold property
Fixtures and fittings
Total resources expended
Net expenditure		 2021
£
203,603
9,600
15,128
100
8,250
1,540
238,221
245,670
(2,751)		 2020
£
184,051
9,480
53,529
4,306
8,250
1,975
261,591
266,653
(34,160)

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