REGISTERED CHARITY NUMBER: 1150873 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEAIBER 2024 FOR MARKET BOSWORTH PCC
MARKET BOSWORTH PCC CONTENTS OF THE FINANCIAL STATEMENTS Foi The Year Ended 31 December 2024 Page Report ol the Trustees Report of Ihe Independent Audllors 9 10 11 Slatemenl of Flnanclol Acllv5ffes 12 Balance Sheel 13 Cash Flow Stotemenl 14 Notes to the Cash Flow Slqlement 15 Notes to the Flnanclal Statem•nls 16 to 28 Detalled Statement ol Flnanelal AcllvlHes 29 10 30
MARKET &OSWORTH PCC REPORT OF THE TRUSTeES For The Year Ended 31 De¢embei 2024 The Irustees present their report with the finonciol stalements of the charity for Ihe year ended 31 December 2024. The trustees hove adopted the provision5 of Accounfing and Reporting by Charities: Slatemenl of Recommended Practice opplicable lo charilies preparing Iheir occounls in occordonce with the Financial Reporting Stondord opplicable in the UK ond Repvblic of Ireland IFRS 1021 leffeclive l Januory 20191. This is the twelfth annual report of the Parochial Church Council of the Ecclesiastical Pori5h of Morket Bosworth. Codeby with Sutton Chen8y and Congerstone IrefeThed to as the Bosworth PCC in this reporll. The PCC is responsible for four churches:. Sl Peter. maet Bosworth All Sainls. Codebv Sf James, Svllon Cheney st Mary the Virgin. Congerstone Each of which has a church hall, oHhough the ones ot Svtton Cheney and Cadeby are administered os separale charities. The PCC forms port of the Bosworth Benefice. OBJECTIVES AND ACTIVITIES Objedlves and alms Bosworlh PCC continues 0 exercise ils responsibility to the whole mission of the Church within the Diocese of Leicester. It remoin5 commitled lo working with all Ihe churches of the Benefice as well as olher Christian denominations ond foihs within the parish. We work closely wilh The Roman Catholic Church of our Lady and st Gregory's in Market Bosworth, and the Market Bosworth Free Church. The PCC olso recognises its re5pon5ibility forthe mointenance of its Churches and church halls noted above. The PCC is committed lo 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 Ihe love of God through worship, prayer. music and sacrament. To express the Christion fcilh Ihrough daily discipleship, love and compossion for oll our neighbours. When planning our activities for the year, we have considered Ihe Chorify Commission's guidance on public benefit and. in parlicvlor. the supplementary gvidonce on charities for Ihe advancement of religion. The truslees have paid due regard to guidance issued by Ihe Chority Commission in deciding what octivilies the charity shovld undertoke, The parishes rely almost to*ally on Ihe octive participotion of volvnteers lo ensure the successful organisation of its services and managing the Chvrches. Page I
MARKET BOSWORTH PCC REPORT OF THE TRUSTEES For The Year Ended 31 Dec¢mber 2024 ACHIEVEMENT AND PERFORMANCE Churilable aclivilie$ Achlevements and performance (Communlty & Misslonal Achlevement5 and Svstainabllity) Bosworth Benefice comprises seven churches of which four moke up the administrative unil of Bosworth PCC. We are a predominantly rural Benefice wilh Market Bosworth being the 'hub'. Market Bosworth is by populalion size a village whilst having many feolvres of a rural town. Our Ministry Team con515ts of one ordained stipendiary minister, the Rector. ond reoders Iwlhin the Bosworth Beneficel, os well as one ordoined self-svpporting minister who is employed as our Benefice Discipleship Enabler IBDEI and Children's Minislry Enablers ICMEs1 also employed by St Pelerfs Fund. During 2024 our Rector and his wife lone of the CME51 moved lo a new parish in Yorkshire, end our BDE also lefl to take vp a Rector's p051tion in the Diocese ol Covenlry. Al the end of the year these p05ilion5 remoined vocont. Regordles5 of the size of any of our churche5 we oim to be o visible ond oclive presence in the communilies we serve. st Pelels. Martet 80sWQrth holds regUlarweek and midweek seryices, mainly Communion based. We hove a choir who sing for of the main services in the month and ot special events including weddings by reqvest. st James. Sutton Cheney and 5t Mary Ihe Virgin. CongeTslone each usually have one service a month. All Sainls Cadeby is a Festival Church, and has 6 services a year. Our children's work ha5 continued with our Little Fishes group delivering two 5ession5 across the Benefice for Mums wilh babies/loddlers. Funchurch. for Primary age Children. is currently taking a break whilsl we explore ways lo develop Children'5 Ministry. We retain links with Bosworth Churches Together to deliver children's activities. This year has seen all schools in Market Bosworth Msiting St Peter's Church for porticular ev8nls and celebrations. Wilh our Benefice Discipleship Enablers help, we have continued to develop fresh ideos for worship. discipleship forming and deepening of foilh. Lent Grovps. Tenebrae seIce$, songs of Praise, as well as our regular Pop-ln Coffee morning for sociol interaclion and Women's Fellowship have continued olong with different opprooches to festivals. We support the work of Hinckley Foodbank through a donations scheme as well as making a regular contribution to the Hinckley Homeless Group. Baby 8osic5 a150 receives regular donation5. A team of volunleers from Morkel Bosworth continues lo work in the churchyard with a view to èncouraging wildlife whilst maintaining a space which 15 volved by locol people and visitor5. We ore keen to avdil and develop Sl Peler's church with o view to the environmentol issues we all face and to reduce our corbon-footprinl. Work has been done by our Premises Manager to research way5 of saving on utililies. and further research as lo how to reduce our dependency on fossil fuels is undeway. The project to develop a Sculpture Trail depicting different elements of the battle of Bosworth as o local visilor attraction confinues to develop and we hope will come lo fruition in the near fulur8. The project is being led by the 1485 Group in conjurnction with Ihe Borough Council and local organi5alion5. Page 2
MARKET BOSWORTH PCC REPORT OF THE TRUSTEES for The Year Ended 31 December 2024 ACHIEVEMENT AND PERFORMANCE Faelors Ilkety to afleet luture finanelal performance or po$lHon Ith Ihe departure of one of our CMES and the BDE we hove we have been able to re-route some expendilure to fund the 700th Anniversary of St Petefs Markel Bosworth in 2025. Tris expenditur& only impacts on the interest gained on investments. In 2025 we plon lo recruit a new Benefice Minister Iformerfy BDEI. The land assets recognised for polentiol development in the Neighbourhood Plan (known os The Stalion Field5 sitel are progressing with plcnning permission applied for. which was granted in February 2025. The Borough Council, Parish Council. Neighbourhood Forum and ourselves are working in partnership lo fulfil fhe recommendotion of the Neighbourhood Plan for this development. We continue to work through ovr agent and solicilor who are provided professional gvidonce as we proceed. Final costs will be determined as we progress towards signing the Option lo Purchose. We keep a clos&eye on these costs will be covered by the sale of the site. Overall the Iru5tee5 continue to be mindfvl Ihat economic factors could impact the return on investments bul are in regular discussion5 with CCLA with regards Ihe risk profile of the investments. A meeting with our CCLA Relolionship Manager is planned for 2025 once we have o new Rector in ploce. COrpale Governance We continue lo mainlain our attenlion to the reporting and govemance as guided by the Charity Commission and implemenled by our Finance Committee. At its Annual Meeting, the PCC was salisfied thal our oudilors continved to act professionally and efficiently and supported their continued appoinlmenl. Fobrie & Buildings Al Sl Mary's Congerstone, sales ol the Gopsoll & Congerstone at War ond Gopsall- A Millennium of Influence books have continued ond hove now iaised over £9,000 lowards future church restoration WO$. A furlher 28,700 hos been raised for the church hall renovation fund through activities including a BBQ, a foshion show, on ofternoon leo porty, o treosure hunl, a garage sale. a beetle drive. a pop-up Chri5tma5 crall shop, craft workshops, historical talks and a Chri5tmos concert. At All Soinls, Church in Cadeby, a speciolist conservationist contractor has been appointed lo cary out the work on the ceiling in February. We are also asking him to give us quolalions for extemal stonework issues highlighled in our Quinquennial Inspeclion. Work highlighled in the Tree Report for the churchyard h05 been corried out. alongside clearing some groves which had become overgrown. A village Christmas Party held in *he church raised over £500 for the Rainbows Children's Hospice. Our annual fundroising fete moved sile Ihis year to Market Bosworth Rugby Club. The move was a success. r0i5ing over £5.000 toward5 the upkeep of All Saints. Church and we are now booked in for 2025 too. At st Peter'5 Church. Market B05WOrth. a decision was token to install CCTV in the church lo monitor activily around the organ and nave. bul avoiding areas of privale prayer. to deter theft or ocls of vondofism. addition. the church began exploring ways to reduce both ongoing linoncial cosls ond Ihe negotive enmronmenlol impact of its outdated heating ond lighting systems. The lighting will be upgraded in 2025 ond the heoting likely to follow later in the year or eorly 2026. FINANCIAL REVIEW Flnanclol poslffon The chority had funds al the beginning of the year of £12.080.346. There was a surplus of £2,242 before investment gains and a surplus of £201,131 atter the gains on investment asset5.. Therefore. gimng reserves caThied forward at 31 December 2024 of£12.281,477. Total income for the year was £269,38812023- £270.7761 of which £1 10.20712023.. £114,881) were unrestricted receipts. The chorify has investments which generole income and in 2024 this included £46,05612023: £46.0511 in the form of rentol income ond £106,371 12023: £104,7431 from listed investmenls. Poge 3
MARKET JOSWORTH PCC REPORT OF THE TRUSTEES For The Year Ended 31 December 2024 FINANCIAL REVIEW Prlncipal lunding sourc•i The principol rndIng sources of the charily ore: Donations and collections Rental income Income from investments Fees from weddings ond funerals Church hall lelting5 Fetes and othei events Periodic grants ond legocies ore olso received. Ihese sources of income have been expended in the furtherance of the charity's objeclives. Inveshnent pollcy and obJectlve$ Ihe listed inveslmenls ore rnanaged by CCLA who are 5elecfed because of the extent to which they assess environmental. social and governance IESGI risks. CCLA are o leader in stewardship ond ethics and are a signatory of the United Notions Principles for Responsible Inveslmenl IUN PRI) and the UK Stewordship Code. The listed investments form part ol the St Peter's Fund and the portfolio is balanced beeen providing on annual income to support the objectives of this fvnd whi15t maintaining capital for the future. The rale of retum of Ihe inveslments is considered by the tru51ees lo be solisfactory. Reseryes pollcy The Parochiol Church Council of the charity I'Boord of Trus*ees'_ St Peter's Fund) have determined that each church comprising Bosworth PCC should relain svfficient Unrestricted funds os follows '. Current reseTVeS are: Chvrch Morket Bosworth (Generall Market Bosworth Parish Hall st Pelerfs Fund Cadeby Cadeby Church Hall Congerstone Congerstone Church Hall Svtton Cheney Svtton Cheney Village Hall Total Reserve 2.473 4.447 33.368 983 45 1,249 1.198 1.587 171 45,521 As at 31 December 2024 the level of the combined reserve was £179.674 which is sufficient against thaf set in the reserves policy. This balance can be further onalysed below: Cadeby Parish Church.. £39,504 Congerstone Parish Church: £6,451 Morkel Bosworth Parish Church.. £118,265 Sutton Cheney Parish Church: £15,454 The tnJstees have designated the funds equivalenl lo Ihe net book volue of the building5 which tolol £611.700 as al 31 December 2024. This has been d&signul&d as the assets cannot be realised without undermining the charity's work. At 31 December 2024 the restricted fund balances were £11,412,027, the designated fund balances were £689,776 and the total fund5 were £12,281.477. Page 4
MARKET BOSWORTH PCC REPORT OF THE TRUSTEES For The Year Ended 31 December 2024 FINANCIAL REVIEW Golng concern No material uncertainties thol may cost significont dovbt upon the ability of the Charity to continue os o going concem have been id&ntified by the Trustees. Trierefore the accounts are prepared on the going concern bosis. PLANS FOR THE FUTURE The General Synod of the church and Diocesan Synod have committed the church to review ond reduce its 'carbon footprint, and we aim lo lo reduce our dependence on fossil fuels and to update St Petels Church internally. wilh Ihe aim of improving our lighling. heating and accessibilily. We have sought advice from the DAC IDiocesan Advisory Committee), the Buildings Development enabler and ovr archilect. Our chvrches have worked more closely together. and our aim remains lo welcome and eslablish God's Kingdom in our hearts, lives and communilies as we grow in faith in Ihis Benefice. Deonery ond Diocese. The Leicesler Diocese Synod agreed in November 2021 lo a new 'Shoped by God. fromework for orgonisolion of parishes ond minislry resource. The Diocese are moving forward wilh a reorganisation of parishes inlo Minsler Communilies, and meeting5 are taking place in 2025 to work through how these commvnilies wtll function. STRVCTVRE, GOVERNANCE AND MANAGEMENT Govemlng docvment The charify is controlled by its goveming document, a deed of trusl and conslilutes an unincorporaled charity. The charily is controlled by ils goveming document, a deed of tiusl and conslilutes on vnincorporoled chorify. Charlly con$lllvllon Ihe Parochiol Church Covncil is a corporate body established by the Church of England. The PCC operoles under the Parochial Church Council Powers Measure. The PCC is part of Ihe Diocese of Leicester within the Church ol England. Re¢rullment and oppolnlment of new trustee$ The method of appointment of PCC members is sel out in the Church Representotion Rules. Members ore elected by those members of the congregalion who ore on Ihe electoral roll of the fovr chvrches. All those who attend our services/ members of the congregation are 6ncouroged lo register on the Eleclorol Roll and stand for election lo their DCC and the PCC. Training is available for PCC membets through Ihe Diocesè of Leicester in areas such as thnance, safeguarding and administralion. The Charity Commission's Guide The Essential Trustee is provided to new trustees. The PCC members are responsible for making decisions on all mallers of general concern and importance to the parish including deciding on how Ihe funds ol the PCC are to be managed. In addition to the Annual Meeling, the full PCC meels in accordance wilh Ihe Church Representotion Rvles. which is lo hold o sufficient number of meetings lo enable the efficient transoclion of ils business. In 2024. the PCC held four meetings in addition to the Annual Meeling. Page 5
MARKET BOSWORTH PCC REPORT OF THE TRUSTEES For The Yeor Ended 31 December 2024 STRUCTURE. GOVERNANCE AND MANAGEMENT Risk rnunogemenl One main area of risk relates to the St Petels Fvnd Ihot comprises of agricultural lond and investmenls to generate growth and income. Whilst the volue of the inveslments con underperform, CCLA were selected for reasons oullined above. and trustees ole satisfied thol their investmenl managemenl slrategy avoids excessive risk. Lond is managed by repulable lond ogents. Andrew Granger. who are able lo advise us ond act where necessory lo ensure risks ore identified ond managed. Other financial risks could occur Ihrough poor budgelorylspending control and finoncial reporting. The Incumbent chairs the Finance Committee and w0S with the administrator to produce reports for PCC meetings. Book-keeping and reporting is now perfomed vsing Finance Covordinolor softrwore. All budgel limit5 ond expenditure require PCC approval, ond paymenls are aulhorised by a minimum of two signatories. Inveslment with CCLA was affected by market volatility. however income remained constont and income from lond rental was also unaffected. The Premises Officer performs regular health and safety checks and risk assessments are corried out for any oreas of concern, for example access lo the tower and batllemenls. Health and Safety and Safeguarding Policies ore in place ond reviewed annually. A structured progiamme of work is continuing lo ensure policies and procedures are in place and reviewed. The Truslees are solisfied thot odeqvale insurance is in place lo protect the churches. buildings and structures. The Irvstees are committed to the safeguarding of children and vulnerable adult5 and have the Teqvired policie5 and procedure5 in place. a5 promded 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 teom to ensure policie5 and procedures are up lo dale. Notices detailing who our Soleguarding Co-ordinotor is. olong with other relevant contacts, are displayed. All volunteers fulfilling relevonf roles hove received oppropriole Safeguarding training. Any concerns are appropriately dealt with in portnership with Ihe Diocesan Sofegvording Co-ordinotor. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Charfty number 1150873 Piln¢ipal address Sl Petels Parish Church Hall Pork Slreel Morket Bosworth Leicesfershire CV130LL Page 6
MARKET BOSWORTH PCC REPORT OF THE TRUSTEES For The Year Ended 31 De¢embei 2024 Trvstees Reverend Mark Poskitl- Priesl in Chorge Iresigned 11 .2.241 Reverend Ann Elizabeth Hall - Benefice Discipleship Enabler Iresigned 23.9.241 Dawd Surtees- Loity Iresigned 21.5.241 Colleen Annan - Lay Minisler/Parish Warden Geoff Blackbum - Laily Fiono Frisby - Loity Geoff Fiisby- Deputy Chvrch Warden Jane Glenr)on- Deputy Church Warden Jonet Hicklin- Deputy Church Warden Carino Hvrst- Loity Robert Leake- Laily Robert Rickard- Deputy Church Warden rina Winterbotlom- Parish Warden Rohanne Hurst Eleanor Zuercher William Owen lappointed 23.1.24) Thomas Owen (appointed 23.1.24} Rulh Brothwell Campbell Strefford Andrew Stofford (appointed 21.5.241 Audilors TC Group 31 High View Close Hamillon Office Park Leicester Leicestershire LE4 9LJ Sollclto stone King LLP Bovndary House 91 Chorterhouse Street London ECIM 6HR Sollcllor$ - for developmenl lond Daifjes & Portneis Lalham House 33-34 Paradise Street Bitmingham BI 2AJ Bankers HSBC Bank plc 10 Morket Place Hinckley Leiceslershire LEIO INU Land Agents - for agrlevllural land Andrew Granger & Co 44-46 Forest Road Loughborough Leicestershire LEI 13NP Page 7
MARKET BOSWORTH PCC RUbORT OF THE TRUSTEts lor Th• Ywr Ind•d 31 De¢embw 2024 RvEReNCE AND ADMINISTRATIVE DIIAILS Ag•nts & wr¥•yo - developm•nt land Corter Jonos &8 Hils Road C(rt>ridge C82 INH CCLA lfive4menl Manog•menl Lfd Senotor House 85 Queen wr110 Slreel Londoh EC4V 4Er Chaffly name The Porochlal Church Councl of Iho E¢¢lesiosticol Ptrtsh of Morket B05WOrth, Codeby with Svlfr)n Cheney and Congerstone. Known as Market Boswcylh PCC. STATEMENI OF TRUSIEES. RESPONSIIIUIIES The tru51ees ore responsible f¢¢ preporfno thè Rèport of thè Truslees or)d the financlal stalements in o¢¢ordon¢e with opIcable kw and Uniled Khgdom Accovntlng Slonthrds (United Kingdom Generouy Accepled A¢¢ounling Pro¢ti¢el. Ihe law opplicable to chorili8$ In Engl ond Wale% 1he CharitK8s Act 2011. Charity IA¢¢ovnts ond Reportsl R8gulalions 2C#)8 ond the provisi¢)ns of the trLE%t deed requwes the InJstee5 lo prepare financial oI¢mnts for eoch finonciol yeor 1th glve o Irue and ftmr view of thè stale ot affors of Ihe chorlty of Ihe in¢ornirvJ resources ond appficalion of resources. irKluding Ihe income ond expenthurts. of Ihe chority lor thol perfod. preparlng those finoncid stoteffthts. Ihe Iruslees required lo s818ct suitable occovntlng Ih¢>n eppty them conslstentw: observe Ihe melhods ond prfnciples In Ihe Ch(yfy SORP,. m(*e pdgtmenls and eslirnales Ihot ¢ reosonoble ¢)nd prudenl: State thlher Qppicoble o¢¢ounting stondords have been followed. svbieel lo ffjy mateAal d&portLKe$ dlscosed and expialnetl In Ihe financ31 slalements; prepore the financial statements on the going concem basis vnless l is tnapwopriote to presume thot the cIK4rfty will ¢onlinue in busines& Ihe Iwslees are respons,ble for keeting proper occounting facdS which dsc'ose Nvlth reosonoble occwocy al ony tlme Ihe Nnonciol posillon ot the charity and lo enable them to on58 that Ihe financial slotements ¢orTr)ty wilh Ihe charl1$ Act X)I I. Chority (Accounts ond Reports} RegL'lalions 2C#)8 ond the [vIs of Ihè trusl deed. They ue also responsbi te for Soru0[dIng the assels of Ihe charlty and hence for taking reosonab e slep5 for Ihe prevention (nd deteclion of fraud ond olhw irragulorfl'.es. Approved by ordgr of Ihe t>OCffd ol InJst8es on ...... .- .. . ond signed on its bèholf by: Coleen Annon. Twstee Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MARKET BOSWORTH PCC Oplnlon We have audited the financial statements of Morkel Bosworth PCC Ithe 'charify'l for the year ended 31 Decèmber 2024 which ctsmprise the Statemenl of Financial Activities. the Balonce Sheel, Ihe Cosh Flow Slatement ond note5 to the finonciol slalements, including a summory of significant accounting poficies. The financial reporting framework that has been applied in their preparation is cpplicoble low and United Kingdom Accounting Standards (Uniled Kingdom Generalty Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the stale of the charity's affairs as ot 31 December 2024 and of its incoming resources and applicalion of resources. for Ihe yearthen ended; hove been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and hove been prepared in accordonce wilh Ihe reqvirements of the Charities Act 2011 , Basls for oplnlon We conducted ovr audit in accordonce wlh International Standords on Auditing IUK) IISAS IUKII ond opplicable law. Our re5ponsibililies under those standards are fvrther described in the Auditors, responsibilities for Ihe oudil of the financial stotement5 section of our report. We are independent ol the charity in occordance with the ethical requiremenls Ihot ore relevant lo our audit of the financial stotemenls in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance wilh Ihese requirements. We believe thol the audit evtdence we have obtained is sufficient and appropriate lo provide o basis for our opinion. Conclv$lon$ relatlng to golng concern In ouditing Ihe finoncial statements. w8 have concluded that Ihe trustees, use of the going concem basis of occounting in the preparation of the financial 51olements is appropriate. Based on the work we have performed, we hove nol identified any material uncertaintie5 reloting to events or conditions that, individually or collectively, may cast significant doubt on the charity's obility to continue as a going concern for o period ol at least MeFve months from when the financiol statements are ovlhorised for issue. Ovr responsibilities and the responsibilities of the Iruslees with respect to going concern ole described in the relevant seclion5 of this report. Othèr Infomiaffon The truslees are responsible for the olher infoimalion. The other information comprises the information included in the Annual Report. other than the financial salemens and our Report of the Independent Auditors thereon. Our opinion on the financial statemenls does nol cover the olher informotion ond, excepl to the extent otherwise explicitly 5toted in our report, we do not express any fom of assurance conclusion Ihereon. In connection with our audit of the financiol statements, our responsibility 15 to read the other informotion and, in doing so, consider whether the other information is materially inconsi5tenl with the financial 51atements or our knowledge obtained in the audil or otherwise appears to be matericlly misstoted. If we identify such malerial inconsistencies or apparent moteriol misslolements. we are reqvired lo delermine whether Ihis gives rise lo a molerial misstatement in the financial slatements themselves. If, based on the work we have performed, we conclude that there is a material misslatement of this other information, we ore reqvired to report thal fact. We hove nothing to report in this regard. Motters on whleh we are requlred to report by excepflon We hove nothing to report in resP8Ct of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if. in our opinion: the informalion given in the Rèport of the TTuslees is inconsistenl in any material respect wilh the financial statements: or sufficient accounting records hove nol been kept; or the financiol stolements are not in ogreement wilh the occounting record5 and returns.. or we have not received all Ihe informotion and explanations we require for our audit. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MARKET BOSWORTH PCC R•sponslblllN•s of trustees As explained more fully in the Statemenl ot TnJstee5' Responsibilities, Ihe liustees are responsible for Ihe preparation of Ihe financiol stotemenls which give a Irue and fair view. and lor such internal conlrol as Ihe trustees determine is necesscry to enable Ihe preparation of financial 5tatement5 that are free from material misstalement. whether dve to fraud or error. In preparing the financial statements. the Irustees ore responsible foi a55essing the charity's abifity to continue as o going concern, disclosing, 05 opplicoble, matters relaled to going concern and using the going concern basis of accounting unle55 the trustees either inlend to liquidate the charity or to cease operations. or have no realislic altemative but to do 50. Our responslbiimes for the avdll of the flnanclal 0ternents We have been appointed as auditors under Section 144 of the Charities Act 2011 ond report in occordance with the Act and relevant regulation5 mode or having effect Iher8vnder. Our objectives ore to obtain reosonoble ossuronce obout whelher the financial 5tatemenls a5 a whole ore free from material misslalemènt, whether due to fraud or error. and lo issue o Report of Ihe Independenf Auditor5 that include5 our opinion. Reasonable ossuronce is a high level of ossurance, bul is not o gvorantee that an audit conducted in accordance with ISAS IUKI will always detect o material misstatement when it exists. Misstatements can arise from froud or error and ore considered material if. individually or in Ihe aggregate. they could re050nably be expected lo influence Ihe economic decisions of useTS loken on the bosis of Ihese financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulation. We design procedures in line with our responsibilities, ovllined obove, lo detect material misslalements in respect of irregvlarilies, including fraud. The extent to which our PTocedures are capable of detecting irregvlarities, including fraud is delailed below: We obfained an undèrstanding of the legol and regulatory frameworks thot are applicable to the charity and determined that the most Significant ftomeworks which are directly relevant to specific assertions in the financial slatements are those that relate to Ihe reporting fromework. We under51ood how Ihe charity 15 complying with Ihose frameworks by making enquiries of manogemenl ond those responsible for legal ar)d compliance procedures. We corroborated our enquiries through review of board minules and di5CU55ions with Ihose chorged with governance. We assessed the susceptibility of the charivs finonciol slatement5 to material mi55tatement, including how fraud might occur. by discussion with management from vaiious ports of the business lo vndeTStand where they considered there wos o susceptibilily lo fraud. We considered the procedure5 and controls that the charity hos established to prevent and detect froud. ond how these are monitored by managemenl. and also any enhanced risk factors such as perfonnance taTgels. Based on our understonding. we designed our audit procedvres lo identify any non-compliance wth laws ond regulation5 identified in the paragraphs above. We also performed audi* work over the risk of monagemenl override of controls. including lesling of jovmal enlries ond other odjvstmernts for approprioleness. evolvoting Ihe busine55 rationale of si9nificanl Iran5aclions ovtside the normal course of business and reviewing accounling eslimates for bios. A further descriplion of our responsibilities for the audit of Ihe financiol 51alem8nts is located on the Financial Reporting Council's website al .frC.0rg.ukIQuditorSr8sp0n$lbllitles. Thi5 description form5 Part of our Report of the Independent Auditors. Poge 10
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF MARKET BOSWORTH PCC Use ol ovi report This report is made solely to the charity's trustees, os a body, in accordonce wilh Port 4 of Ihe Chorities (Accounts and Report51 Regulations 2008. Ovr audit work hos been undertaken so that we might stote to the charity's trustees those mallers we ore required to Stale to them in an auditors, report and for no other pu0$e. To the fullest exlent permitted by law. we do not accept or assvme responsibifity to anyone other than the charily and the charity's lrustees os o body. for our oudit work. for Ihis reporl. or for fhe opinion5 We hove formed. TC Group 31 High View Close Hamilton Office Park Leicester Leicestershire LE4 9LJ Pa9ell
MARKET BOSWORTH PCC STATEMENT OF FINANCIAL ACIIVITIES For The Year Endèd 31 Décember 2024 2024 Totol funds 2023 Total fvnds Unreslricted funds Restricted funds Noles INCOME AND ENDOWMENT5 FROM Donations and legacies 52.087 5,350 57,437 61,799 Charitable aclivllies Fees for weddings and funerols Church hall lettings other church activity Benefice contribution 14.287 27.188 621 2.100 14.287 27,188 621 2.100 11.528 29.123 775 2.100 other troding aclivities Inveslmenl income 11.469 2.455 11.469 156.286 11.953 153.498 153.831 Total 110.207 159,181 269.388 270.776 EXPENDITURE ON Raising fvnds 1.348 7.607 8.955 5.875 Charilobh aclivilie5 Sloff cost5 Church running expenses Chvrch repairs and maintenance Professional fees Finance costs Porish shore Holl repairs and maintenance Hall rvnning cosls Mission giving ond donation5 Avdit fees Choir cosls Depreciation 700 YeaT5 Celebration costs 4,989 36.961 2.802 114 88 20.150 16,296 11,204 2,097 61,540 7,178 15,667 2,437 66,529 44.139 18.469 2,551 88 73,450 16,296 11.204 2.097 12.540 419 9,293 1.116 68.690 43.218 50.513 34,178 86 69,800 19,624 53,300 2.338 12,060 440 9.400 12.540 419 8.519 774 1,116 Total 104,987 162.159 267.146 325.510 Net gains on investments 198.608 198.889 2.247.160 NET INCOME Transferj between fund$ other recognlsed galnsl{losses) Gains on revaluation of fixed assets 5.501 1431 195.630 43 201.131 2.192.426 19 45.$00 Net movement In funds 5,458 195.673 201,131 2.237.926 RECONCILIATION OF FUNDS Total funds brought forward 863.992 11.216.354 12.080.346 9.842.420 TOTAL FUNDS CARRIED FORWARD 869.450 11,412.027 12.281,477 12.080.346 The notes form part of these financial 5talements Page12
MARKET BOSWORTH PCC BAIANce SHEET 31 DKemb•r 2024 2024 Noles FIXED ASSETS Tangible osséls In¥ethn•nts Investments Investment ertY 616,814 626.107 6.215,642 5.150,C 6,016.753 S,I50,C 13 11.982,456 11,792,860 CURRENV ASSETS Stocks Oebto Cash ot bank ond n hond 14 15 1,075 10.984 312500 10.453 318,148 328.901 324.559 CREDITORS Amounts follirKJ due within one year 129MIi 137.0731 Nef CURRENT ASSETS 29921 287.486 TOTAL ASSETS LESS CURREMT UABIUIIES 12.281.477 12.CQO.346 NEf ASSIIS 12,281.477 12080.346 RINDS Unwlricted fund5 Reslricled functs 19 869.450 11,411027 8&3.9Y2 11,216.354 TOTAL FUNDS 12,281.477 12.080240 The finondol slolements w8r• opproved by Boord of TnJ5tees ond aulhorfsed lor iswe on IPIG ie6. ....... tkknfDr-Q- and ware slgned on Ils behalt by: Colleen AM(y)- Trvslee Ihe notes lomi port of these ffinancid 51alements Page13
MARKET BOSWORTH PCC CASH FLOW STATEMENT Foi The Year Ended 31 December 2024 2024 2023 Notes Cash Ilows from operallng actlvllles Cash generated from operations 1.789 127,3271 Net cash provided byllu58d in) operoting activities 1,789 127.3271 Cosh flow$ from InVeIng actlvltle$ Interest received 3.859 2.704 Nel cash provided by investing aclivities 3,859 2.704 Change in cash and cash equlvolents In Ihe reportlng perlod Cash ond cash eqvlvalents al the beglnnlng of the rèportlng pertod 5,648 124.6231 312.500 337.123 Co$h and cash eqvl¥al•nts al th• end ol the reportln9 period 318.148 312.500 The notes fonn part of these financial stolemenls Page 14
MARKET BOSWORTH PCC NOTES 70 THE CASH FLOW STATEMENT For The Year Ended 31 December 2024 RECONCILIATION OF NET INCOME 10 NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Nel Income for the reportlng perfod {as per the Slatemenl of Flnanclal Actlvllles) Adlvstmènts for: Depreciation charges Goin on investments Interest received Decrease in stocks Decrease in debtor5 IDecreasellincrease in credilors 201.131 2,192.426 9,293 9,400 1198.8891 12,247.1601 13.8591 12.7041 775 450 531 13.196 17.1931 7.065 Nel ca$h provlded byl(used In) operatlons 7.789 127.3271 ANAIYSIS OF CHANGES IN NET FUNDS All.1.24 Cash flow At31.12.24 Nel cash Cash at bank and in hand 312.500 5,648 318,148 312.500 5.648 318,148 Total 312.500 5.648 318.148 The notes fom port of these financial statemen*s Poge 15
MARKET BOSWORTH PCC NOTES TO THE FINANCIAL STATEMENYS For The Year Ended 31 Decembei 2024 ACCOUNIING POLICIES Basls ol preparlng Ihe ffnanclal statements The financial statements of Ihe charily. which is a public benefit entify under FRS 102. have been prepaied in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Chorilies: Slatement of Recommended Practice oppficable to charities preparing their occounts in occordonce wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l Junvary 20191,, Financial Reporting Stondord 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and tt)e Charities Act 2011. The financial statements have been prepored under Ihe historical cost convention, with the exception of investmenls which are inclvded al markel value, a5 morfified by the revalvotion of certain assels. Crllkal uccovnllng Judgements and key $ources of esHmallon vncertalnty In the applicolion of the Charity's occounling policies, management is required to moke judgemenls. estimates and assvmptions obout the carryin9 volue of ossets and liabilities Ihat are nol readily apparent from other sovrces. The estimales and underlying ossumptions are based on historical experience and other laclors thal ore considered to be rélevant. Actuol resulls may differ from these eslimales. The estimotes and undedying 055umplions are reviewed on an ongoing basis. Revisions to accovnling eslimates are recognised in the period in which the eslimote is revised if Ihe revision affects only thal period. or in the period of the revision and future periods if the revision offecls bolh current ond future periods. The investment properties ore slated al fair valve based on Ihe valualions performed by Andrew Grong8r & Co and updated by the Trus*ees al Ihe year end. The voluers used obseryable market prices odjusted as necessary for ony differences in Ihe future. locolion or condition of the specific asset. The Truslees are of the opinion Ihat. based on avoilable market evidence. there were no material changes lo the property valuations. Income Legocies ore occounted for a5 soon as Ihe PCC is notified of its legol enlitlement ond the amount is quonlifiable and its vltimale receipl by the PCC is considered reasonabty certain. Grants and donations ore included in the SOFA when any precondilions prevenling their use by Ihe PCC have been met. For collections ond planned giving this is when the fvnds ore received. Income tax recoverable on Gift Aid is recognised at the Same lime as the income. Donaled ossets ore accounted for os soon as they are received and are included in the occovnts ot a reasonable estimate of their value. Funds roised by fete5 and other social events are accounted lor gros5. Rental income from the lelling of church properties 15 recogni5ed when the rental is due. Dividends are accounted for when declored receivable. interest as and when accrved by Ihe payer. The PCC receives substonlial practical assistance from individuol church members. but the finoncial volue is mainly unquantifiable and no attempl is made lo reflect this in the occounts. Expendllvre Liabilities ore recognised at the eadiesl point Ihol there is an obligolion lo make a transfer of value lo a Ihird porty. All expenditure is accounted for on an accruals bosis and hos been classified under headings that aggregate oll cosls reloting to Ihe category. Page16 continued...
MARKET BOSWORTH PCC NOTES TO THE FINANCIAL STATEMENTS . ¢ontlnved for The Year Ended 31 December 2024 ACCOUNnNG POUCIES- conllnued ExpendHuTe The charity Is no* registered for VAT ond therefore all expenditure is shown inclusive of VAT. Grants offered subject lo conditions which hove not been mel at the year end date are noted as a commitment but not accrued as expenditure. Tanglble fixed o$$ets Depreciation is provided ot Ihe following annual rates in order to wite off each asset over its estimated seful life. Parish Halls FLKlures and fillings Computer equipment 2% per annum on valuation 15% on Tedvcing balance 33% on cost Consecrated ond benefice property of ony kind is excluded from the financial statements by section 1012} la) and Icl of the Charities Act 2011. The figure described os lond ond buildings in note 12 represent5 Parish Halls which were inlroduced ot a valuolion in 2012. It also includes the cost of expendFlure incurTed Since 2012 in exlending St Peterf5 Parish Hall, The Pallsh Holls were revalued al 31 December 2023. Inveslment pioperty Investment property is included in the balance sheet al it5 most recent valuation. stock5 stocks are volued at the lower of cost ond net realisable valve, after making due allowance for obsolete and slow moving items. Taxaffon The charity 15 exempl from tox on 115 choritable aclivilies. Fund accountlng Unrestricted funds can be used in accordance with the choritable objeclive5 at the discrelion of the truslees. Reslricled funds can only be used for particvlor reslricled purposes within the objects of the charity. Re51riclions arise when Specified by the donor or when funds are raised lor particulor reslricted purposes. Further explanation of the nature ond purpose of eoch fund 15 included in the note5 to the ffnanciol statement5. Penslon costs and other post-retirement benerrts The charity participoles in the Pension Bvilder 2014 Scheme section of the Church W0er5 Pension Fund ICWPFI for lay sloff. The Scheme is administered by the Church of Englond Pensions Boord, which holds Ihe assets of the scheme separolely from Ih05e of the Employer and the oth8r participaling employers. The Church Worker5 Pension Fund ha5 a section known os the Defined Benefits Scheme. a deferred annuity section known as Pension Builder Classic and a cash balance seclion known as Pension Builder 2014. Imiestments Investments quoled on a recognised stock exchonge or whose value derives from them ICIF'S etc.} are valved ot market value at the year end. using the bid price. Page 17 continued...
MARKET BOSWORTH PCC NOTES TO THE FINANCIAL STATEMENTS - conlinued For The Year Ended 31 December 2024 ACCOUNTING POLICIES . continued Investments other inveslmenls are included in the balance sheet at their open market volue. DONATIONS AND LEGACIES 2024 2023 Donations Gift aid Legacies Gronts Planned giving Collections al servsces 20.117 7.079 15.420 6.960 1.020 13.175 19,427 5.797 4,905 18.476 6.860 57,437 61,799 Grants received, includéd in the above, are as follows.. 2024 2023 other grants Hinckley & Bosworth Borough Council Grant Cadeby Listed Places of Worship CongeTStone National Lottery Community Fund 1.650 3.000 255 9.675 4,905 13,175 OTHER TRADING ACTIVITIES 2024 2023 Fete ond other evenls 11,469 11,953 INVESTMENT INCOME 2024 2023 Rentol income Income from listed investments Interest received 46,056 106,371 3.859 46.051 104,743 2.704 156,286 153.498 Page 18 conlinved...
MARKET BOSWORTM PCC NOTES TO THE FINANCIAL STATEMENTS - contlnved For The Yeor Ended 31 Decembei 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Aclivily Fees foT weddings and lunerols Church hall lettings Olher church activity Benefice conlribulion Fees for weddings and fvnerols Chvrch hall lellings other church activity Benefice conlribvlion 14.287 27.188 621 2,100 11,528 29.123 775 2,100 44.196 43.526 RAISING FUNDS Rol$lng donatlon$ and lega¢le$ 2024 2023 Investmen* monogement C05t5 Raising funds 6.832 2.123 4.397 1.478 8.955 5.875 CHARITABIE ACTIVITIES COSTS Direct Costs staff cost5 Church running expenses Church repoir5 and maintenance Professional fees Finonce costs Porish share Hall repairs and maintenance Holl running c05t5 Mission giving ond donalions Audit fees Choir costs Depreciolion 700 Year5 Celebration cost5 66,529 44,139 18.469 2.551 88 73,450 16.296 11.204 2,097 12,540 419 9.293 1.116 258.191 TRU5TEE5' REMUNERATION AND BENEF175 There were no trustees, remuneration or olher benefits for the year ended 31 December 2024 nor for the yearended 31 December 2023. Page19 continued...
MARKEY BOSWORTH PCC NOTES TO THE FINANCIAL STATEMENTS - continued For The Year Ended 31 December 2024 TRUSTEES. REMUNERATION AND BENEFITS - conllnued Trustee$. expenses The reimbursement of tTUStees' expenses was as follow5: 2024 Number 2023 Number 2024 2023 Trevel Stationery Phone other 457 46 90 507 986 350 1.049 592 1.100 2.977 Also in Ihe year there was £37012023: £2601 paid to Iwo12023: 0) trvstees in respecl of verger fees, of which there is £Nil12023: £Nill included in creditor5. Furthermore, on amounl of £1,92612023: £273} was paid to a trustee in respect of lay reader fees and an amount of £80112023.. £6801 was paid to a trvstee in re5pecl of non-slipendiary minisler fees. STAFF COSTS 2024 2023 Wages ond salories other pension costs 63,830 2.699 65,846 2,844 66,529 68,690 The average monthly number of employees during the year wa5 Q5 follow5: 2024 2023 Choritoble octivilies No employees received emoluments in exces5 of £60,000. io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Re51ricted funds Total funds INCOME AND ENDOWMENTS FROM Donotions and legacie5 57,818 3,981 61,799 Charllable aclfvHles Fees for weddings and fvnerols Church holl lettings other church activity Benefice conlribulion 11.528 29.123 775 2.IDO 11.528 29.123 775 2,100 Other trading activities Inveslmenl income 11,953 1.584 11.953 153.498 151,914 Tolal 114.881 155,895 270.776 EXPENDITURE ON Raising funds 1,028 4.847 5,875 Page 20 conlinued...
MARKET BOSWORTH PCC NOTES TO THE FINANCIAL STATEMENTS - conllnved For The Year Ended 31 December 2024 io. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIE5 - Contlnued Unrestricled fvnds Restricted funds Tolal fund5 Chorllable actlvltles staff cosls Church running expense5 Church repairs ond maintenance Protessionol fees Finance costs Parish share Hall repoirs and maintenance Holl running costs Mission giving and donations Audit fees Choir costs Depreciotion 7,106 35.675 31.125 53 86 19,800 19.624 9,288 2.338 61.584 7.543 19.388 34.125 68.690 43.218 50.513 34.178 86 69,800 19,624 9.288 50.(K)O 12.060 12.060 440 9.400 440 8.508 892 Total 135,071 190.439 325,510 Nel gains on investments 1.062 2,246,098 2,247,160 NET INCOME/IEXPENDITURE) Olhei recognlsed galnsl(lo$ses) Goins on ievaluation of fixed 05set5 119,1281 2.211.554 2.192.426 45.500 45,500 Net movemenl in Ivnds 26.372 2.211,554 2.237.926 RECONCILIAIION OF FUNDS Total fvnds broughl foNord 837,620 9,004,800 9,842,420 TOTAL FUNDS CARRIED IORWARD 863,992 11,216,354 12.080,346 TANGIBLE FIXED ASSETS Fixtures and fitting5 Porish Holls Compuler equipment Totals COST OR VALUATION At l January 2024 and 31 December 2024 724.778 23,220 1,189 749.187 DEPRECIATION At l January 2024 Charge for year 104,778 8,300 17,333 883 969 110 123.080 9,293 At 31 December 2024 113.078 18.216 1.079 132.373 NET BOOK VALUE At 31 December 2024 611.700 5,004 110 616.814 At 31 December 2023 620,000 5,887 220 626,107 Page 21 continued...
MARKET BOSWOR7H PCC NOTES TO THE FINANCIAI STATEMENTS - eonlinued For The Yeor Ended 31 December 2024 IANGIBLE FIXED ASSETS - conllnued Cost or valuolion ot 31 December 2024 is represenled by- Fixtures ond fittings Porish Halls Computer equipment Totols Valuation in 2024 724,778 23,220 1.189 749.187 The Parish Halls have been incorporaled within the financial statements ol their 2023 valualion of £620.000. Pairsh Ho115 inclvde £205.000 12023- £205,000) in Te5pect of land al valualion which 15 not subject to depreciation. 12. FIXED ASSET INVESTMENTS Listed investments PAARKET VALUE At l January 2024 Revalualion5 6,016.753 198.889 At 31 December 2024 6.215.642 NET BOOK VALUE Al 31 December 2024 6.215.642 At 31 December 2023 6,016.753 There were no investment ossels outside the UK. All listed investrnents are share5 in CBF Investment Fund. 13. INVESTMENT PROPERTY FAIR VALUE At l January 2024 and 31 December 2024 5.150.000 NET BOOK VALUE At 31 December 2024 5.150.1]00 Al 31 December 2023 5.150,¢X(J The volve of the Pori5h Halts and Investment Properties has been considered by the Truslees al the yeor-end. Taking inlo account the formal volvation done by Andrew Granger & Co in December 2023 ond thal, lo the best of their knowledge, frhere are no circumstances Ihal would significonlly chonge this valve, their opinion is that Ihe fair value shown in the financial stalemenl remains vnchonged. Foir value at 31 December 2024 is represented by: Valuation in 2024 5,150.000 Page 22 continued...
MARKET bOSWORTH PCC NOTES TO YHE FINANCIAL STATEMENTS - contlnued For The Year Ended 31 December 2024 14. STOCKS 2024 2023 Finished goods 31)0 7.075 15. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 other debtors Prepoyments and occrued income 6,503 3.950 7,268 3.716 10.453 10,984 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 other creditors 29,880 37,073 17. LEASING AGREEMENTS Minimum lease paymenls under noTrcancellable operating leases fall due as follows: 2024 2023 Within one year Belween one and five years 1,848 462 1,848 2,310 2.310 4.158 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total funds 2023 Total funds Unrestricted Jnds Restricted funds Fixed assets Investments Currenl a55ets Current liabililies 612,940 12.705 247.708 13.9031 3,874 11,352,937 81,193 125.9771 616.814 11,365.642 328.901 129.8801 626,107 11,166,753 324.559 137.0731 869.450 11.412.027 12,281,477 12.080,346 Page 23 continued...
MARKET BOSWORTH PCC NOTES TO THE FINANCIAL STATEMENTS - eontlnued For The Year Ended 31 December 2024 19. MOVEMENT IN FUNDS Net movement in fvnds Tronsfers between funds At 31.12.24 Al 1.1.24 Unrestrkted lunds General fvnd Properly Fixed Asset Re5etve Sullon Cheney church fabric fiJnd Cadeby Fabric Fund Choir *vnd Morkel Bosworth Parish Hall Congerstone Church Hall Ivnd 176.401 620.000 11.595 19.092 1.816 18,3001 1.047 5.029 143} 178.174 611,71)0 12.642 24.121 1.255 35,566 6,546 16371 7,801 34.929 863.992 5,501 1431 869,450 Restrlcled Ivnd$ Congerslone Church Fabric fund st Peterfs fund Morkel Bosworth church fobric fund Conger5tone Heritage Loltery fund Sponsor a Toy Bag Sutton Cheney Tomb fund Sutton Cheney belts fund Hondbells Fund Imorket Bosworthl 3.940 11,201,243 1,024 9.005 71 514 195.040 54 4.454 11.396.326 1,078 9,005 71 43 446 514 22 514 11.216.354 195.630 11.412.027 TOTAL FUNDS 12,080,346 201.131 12.281,477 Net movement in fund5. included in Ihe above are as follows: Incoming resources Resources expended Goins and Movemenl losse5 in funds Unieslrkted fvnds General fund Property Fixed Asset Reserve Sutlon Cheney church fabric fund Cadeby Fabric Fund Market Bosworth Parish Hall Congerstone Church Hall fund 65,262 163.7271 18.3001 281 1,816 18.3001 1.047 5.029 6.546 16371 1.047 5.029 23.011 15,858 116,4651 116.4951 110.207 1104.9871 281 5.501 Rèslrfetèd funds Congerstone Church Fabric fund Sl Peler's fund Markel Bosworth church fabric fund Sulton Cheney bells fund 1,391 157.714 54 22 18771 1161,2821 514 195,040 198,608 22 159.181 1162,1591 198,608 195.630 TOTAL FUNDS 269,388 1267,1461 198,889 201.131 Page 24 conlinved...
MARKET BOSWORTH PCC NOTES TO THE FINANCIAL STATEMENTS - contlnued Foi The Yeai Ended 31 December 2024 MOVEMENT IN FUNDS - Conllnved Comparallves for movement In funds Nel movement in funds Transfers between funds At 31.1223 All.1.23 Unreshicted funds General fund Property Flxed Asset Reserve Sutton Cheney church fobric fund Cadeby Fabric Fund Choir fund Market Bosworth Parish Hall Congerstone Church Hall tund 173,696 582.750 10.819 43.798 83 8,308 18.166 2.705 37.250 776 124.7061 176,401 620.000 11,595 19.092 83 1.255 35.566 17.0531 17.400 837.620 26.372 863.992 Reslrlcted funds Congerstone Church Fabric fund Sl Peterfs fund Morket Bosworth capital reserve Market Bosworth church fobric fund Congerstone HeTilage Lottery fund Sponsor a Toy Bog Sutton Cheney Tomb fund Sulton Cheney be115 fund Handbells Fvnd (Market Bosworthl Walter Rowland Award Fund 3,822 8.988.535 476 1.839 9.005 71 118 2.212217 3.940 11,201.243 391 14761 19391 19001 9,005 71 427 514 19 446 514 1,024 1,024 9,004,8IXI 2.211.554 11,27 6,354 TOTAL FUNDS 9,842,420 2,237,926 12.080.346 Comparative net movement in funds. included in the above ore os follows: Incoming resources Resovrces expended Gains and losses Movemenl in funds Unreslrfcled fvnds General fvnd Property Fixed A55et Re5eTve Sutton Cheney church fabric fund Cadeby Fabric Fund Market Bosworth Parish Hall Congerstone Church Hall fund 62.644 161.0011 18.2501 1,062 45.5CIO 2,705 37250 776 124,7061 17.0531 17.400 776 4.542 23.813 23.106 129,2481 130.8661 15.7061 114.881 1135.0711 46.562 26.372 Reslrfcled funds Congerstone Chvrch Fobric fvnd st Peter's fund Morket Bosworth church fobric fund Sulton Cheney bells fund 644 155.200 32 19 15261 1188.9811 19321 118 2.212.317 191JOI 19 2.246.098 155,895 1190,4391 2,246,1)98 2,211,554 TOTAL FUNDS 270,776 1325,510) 2,292,660 2.237,926 Page 25 continued...
MARKET BOSWORTH PCC NOTES TO THE FINANCIAL STATEMENTS - conlinued For The Year Endèd 31 December 2024 MOVEMENT IN FUNDS - conlinved Ihe Congerstone bell ropes and ringers fvnd represents funds donoted for the upkeep of the church bell ropes and ringers. The Congerstone church fabric fund represents funds donated for the r8poir and restoration of the church building. The Congerstone herilage lollery fund represents initial grant money received towards the development phase of the building works and heritage activilies at Congerstone. The cOngetOne church holl fund repre5enls income5 and expenses which arise from and are designated towards Ihe running of Ihe Parish Holl in Congerstone. Sl Peters fund represents osses lefl as a bequest under the will of Frank Roland Smith to St Peterfs Parish Church Morke Bosworth for the bvilding and churchyard mainlenance and up keep and its generol ecclesiasticol purposes. The Markel Bosworfh capital re5eTve represents funds which hove been donoted for Morket Bosworth DCC capitol projects. The Market Bosworth church fabric fund represents funds donated for the repair and resloration of the church bvilding. The Spon50r a toy bag fund represents donoions received towards an initiative to fill toy bags for vse in Sl Peler's Chvrch. The Prope fixed asset reseNe - The lond and buildings comprise of three Parish Halls. Although Ihese properties ore unrestricted ossels Ihey connol be realised without undermining the chority's work. The board of tnJslees Iherefore consider Il appropriale to reflect the investment in properties by means of a designoled fund. The Choir fund represents o legacy received which has been designaled lo Ihè running of the church hoir. The Market Bosworth Parish Hall fund represents incomes and expenses which arise from ond are designoted towards the running of the St Peters Parish Hall in Market Bosworth. The Sutton Cheney tomb fund represents money which has been received for Ihe purpose of conserving the medieval olaboster tomb in the chancel al Sullon Cheney. The Sutton Cheney church fobric fund represents donotions which have been set aside for the repair and re5torolion of the church building. The Sutton Cheney bells fvnd represent5 donation5 which have been Set aside for the vpkeep of the church bell rope5 and ringer5. The Cocleby fobric fund represen15 money thot has been Sel aside for church roof moinlenonce. The Hondbe115 Fvnd Imorket B05WOrthl represents donations which hove been set a5idp for the PUTP05e of 5UPPOrting the ploying of handbells. The Fun Church Fund represents a donation which was given to support children'5 church activiie5. The Walter Rowland Aword Fvnd represenls onnvol owords to ch0ri5ters. The 700 Year Celebralion Fund represents expenditure set oside 10 5UPPOrt the 700 Year Celebrolion events. Page 26 continued...
MARKET BOSWORYH PCC NOTES 70 THE FINANCIAL STATEMENTS - contlnued For The Yeai Ended 31 December 2024 19. MOVEMENT IN IUNDS - conllnued Transfer$ befvleen Ivnd$ The lems of the St Peters Fvnd were widened in 2017 $0 thot the money can be used by St PeteT'5 Church Market Bosworth for the building and chvrchyard mointenonce and upkeep and ils géneral ecclesiaslical purposes. In 2017 il was decided thal amounts from this fvnd could be transferred lo cover expenditure incurred in the Generol Fund. Trie tfuslees have agreed that Ihe use of the St Petels Fund to cover expenditvre in the other funds will be assessed on a case by case basis. 20. EMPLOYEE BENEFIT OBLIGAlloNS Markel B05WOrth PCC (PB 20141 participates in the Pension Builder Scheme section of CWPF for loy 5toff. CWPF is administered by the Church of Englond Pensions Board. which holds the CWPF asset5 separately from those of the Employer and other porticipoting employers. CWPF has Iwo seclions: l. Ihe Defined Benefits Scheme 2. Ihe Pension Bvilder Scheme. which ha5 two subsections: a. a defetTed annuity seclion known as Pension Bvilder Classic. and. a cash balance section known as Pension Builder 2014. Pension Builder Scheme Both seclions of the Pension Builder Scheme ore classed os defined benefit schemes. Pension Builder Clossic provides a pension, accumulaled from contribution5 poid and converted into o deferred onnuity during employment bosed on terms set and reviewed by the Church of England Pensions Boord from time lo lime. Discretionary increases may olso be added, depending on inveslmenl relums and other faclors. Pension Builder 2014 is a cash balance scheme thal provides a Ivmp sum which membeis vse to provide benefils ot retirement. Pension contribulions are recorded in an accounl for each member. Discretionary bonuses may be odded before retirement, depending on investment returns and other factors. The account, plus any bonuses declored is payable, unredvced. from age 65. There is no svb-division of assets between employers in each section of the Pension Bvilder Scheme. The scheme is considered to be a mulli-employer scheme a5 described in Section 28 of FRS 102. Thi5 IS because it 15 nol possible lo atfribute the Pension Builder Scheme's assets and liobilities to specific employers and means that contributions are accounted for as if the Scheme were a defined conlribution scheme. ffte pensions costs charged to the SOFA in the year ore the contribution5 payable 12024= £2,699. 2023.. £2.8441. A valuation of the Pension Builder Scheme is carried out once every three years. The m05t recenl valuation was carried out as at 31 December 2022. For the Pension Builder Clossic section, the valuation reveoled 0 5urplu5 of £34.8m on the ongoing assumptions used. At the most recent annual review effective l January 2025. the Board chose to grant a discrelionary bonus of 6.7% to bolh pensions nol yel in poymenl and pensions in payment in respect of seiCe prior to April 1997: ond o bonus on pensions in poyment in respect of post April 2006 service so Ihot the pension increose wos 2.7% Iwhere vsuolly tt would be calcvlated based on inflotion up to 2.5%). Thi5 followed improvements in the fvnding position over 2024. fftere 15 no requirement for deficit poyments ot Ihe current lime. The next volvation is due a5 at 31 December 2025. Page 27 conlinued...
MARKET BOSWORTH PCC NOTES TO THE FINANCIAL STATEMENTS - ¢onlinued For The Yeai Ended 31 December 2024 20. EMPLOYEE BENEFIT OBIIGATIONS - conlinved For the Pension Builder 2014 section, the valuafion revealed a surplus of £8.5m on Ihe ongoing assumptions used. There is no requirement for deficit payments at the currenl time. The legal 5tnJcture of the scheme is such that if another employer fails. Market Bosworth PCC (PB 20141 could become responsible for paying o share of the foiled employer's pension liabilities. 21. RELATED PARTY DISCLOSURES There were no related porly Iran5action5 for Ihe year ended 31 December 2024. Page 28
MARKET BOSWORTH PCC DETAILED STATEMENT OF FINANCIAL ACTivillES For The Year Ended 31 December 2024 2024 2023 INCOME AND ENDOWMENTS Donations and lega¢les Donations Gift aid Legacies Grants Planned giving Collections at services 20.117 7.079 15.420 6.960 1.020 13,175 19.427 5.797 4.905 18.476 6.860 57.437 61.799 Olher tradlng aclfvllle5 Fete and other events 11.469 11.953 Investment Income Renfal income Income from lisled investments Interest received 46.056 106.371 3,859 46,051 104,743 2,704 156,286 153,498 ChoTtlable actlvlNes Fees for weddings and funerals Church hall lellings Other church oclivity Benefice confribulion 14,287 27.188 621 2,100 11,528 29,123 775 2,100 44.196 43.526 Tolal incomlng Tesources 269.388 270.776 EXPENDITURE Roi¥lng donations and legacles Inve51menl management cosls Raising funds 6.832 2,123 4,397 1.478 8.955 5.875 Chorlluble actlvllles Wages Pension5 Church Tunning expenses Church repoir5 and mainlenonce Professional fees Parish share Hall repairs and maintenance Hall running costs Carried foword 63.830 2.699 44.139 18.469 2,551 73,450 16.296 11.204 232,638 65.846 2.844 43.218 50.513 34,178 69,800 19,624 9,288 295.311 This page does nol fotm part of the slatutory financial slalemenls Page 29
MARKET BOSWORTH PCC DETAILED STATEMENT OF FINANCIAL ACTivmES For The Year Ended 31 December 2024 2024 2023 Charllable aclivilies Broughl forward Mission giving ond donations Avdit fees Choir cosls Bonk charge5 700 Years Celebration Deprecialion of freehold property Fixtures and fillings 232,638 2.097 12.540 419 88 295,311 2,338 12.060 440 86 6,700 2,593 6.800 2,600 258.191 319.635 Total resources expended 267.146 325.510 Nel Ineomel(expendlture) 2,242 154,7341 This page does nol fomi part of the statutory financial statements Page 30