2020-12-31-accounts - Market Harborough And The Bowdens Charity

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		Pages
Report ofthe Trustees		1 to 14
Independent Auditor's	Report	15 to 17
Statement ofFinancial	Activities	18
Balance Sheet		19
Statement ofCash Flows		20
Notes to the Financial	Statements	21 to 38

					Restricted
			General	Designated	Income	Endowment	Total	To/al
			Fund	Funds	Funds	Fund	2020	2019
		Note			f	f.	f
INCOME AND ENDOWMENTS FROM:
Donations and legacies		2	90				90	9,148
Charitable activities		3	102,106				102,106	98,340
Investments:
From investment properties		4	95,438				95,438	98,512
From investment portfolio		4	458,630				458,630	56'0,334
Other			13				13	123
Total income and endowments			656277				656,277	766457
EXPENDITURE ON:
Raising Funds		5	(34,727)			(48,016)	(82,743)	(87,645)
Charitable acttvlties:
Provision ofgrant funding		6	(761,318)				(761,318)	(644,408)
Other charitable activities		7	(124,322)			(16,258)	(140,580)	(160,484)
Total expenditure			920 367			64,274	984,647	~892,787
Net lacome/(expenditure)
before gains/Bosses) on investments			(264,090)			(64,274)	(328,364)	(126,080)
GAINS/(LOSSES):
On Investment properties:
Realised
Unrealised		14				(53,675)	(53,675)	(85,216)
On Investments. '
Realised		15	14,832			(97,979)	(83,147)	105,253
Unrealised		15	82,007			63,561	145,568	1,602,507
Net income/(expenditure)	before transfers		(167,251)			(152,367)	(319,618)	1,496,464
Net transfers between funds		18	303,922	(303,922)
Net income/(expenditure)	for the period		136,671	(303,922)		(152,367)	(319,618)	/,496,464
OTHER RECOGNISED	GAINS/(LOSSES):
On revaluation ofTangible Fixed Assets		12	(102,725)			(572,968)	(675,693)
Net movements in funds			33,946	(303,922)		(725,335)	(995,311)	1,496,464
Total funds brought forward			520,965	1,103,712	6,087	19,706,977	21,337,741	19,841,277
Total funds carried forward			554,911	799,790	6,087	18,981,642	20,342430	21,337,741

BALANCE SHEET AS A	T 31DECE	MBER 2020
		Note	2020		As Ar 31December 2019
					f	8
Fixed Assets
Tangible fixed assets		12
Freehold land and buildings				1,984,971		2,685,375
Fixtures and fittings				4,887		6,719
Oflice equipment				5,350		7,897
				1,995,208		2,699,991
Intangible fixed assets		13
Basic Payment Scheme entitlements				5,682
Investments
Investment properties		14	2,520,000		2,573,675
Investment portfolio		15	15,478,477		15,711,775
				17,998,477		18,285,450
				19,999,367		20,985,441
Current Assets
Debtors		16		43,262		16,297
Cash at bank and on deposit				365,850		421,766'
Cash in hand				657		J96
				409,769		438,259
Creditors payable within	one year	17		(66,706)		(85,959)
Nct Current Assets				343,063		352,300
Net Assets				20,342,430		21,337,741
Funds		18
Unrestricted funds
General funds				554,911		520,965
Designated funds				799,790		1,103,712
				1,354,701		I,624,677
Restricted funds
Income funds				6,087		6,087
Endowment funds				18,981,642		19,706,977
Total Funds				20,342,430		21,337,741

		Total	Tora(
		2020	2019
		g
CASH FLOWS FROM OPERATING ACTIVITIES:
Net movements in funds per Statement of	Financial Activities	(995,311)	1,496,464
Adjustments for;
Depreciation &Amortisation Charges		29,529	28,833
(Gains)/Losses on investment properties:
Realised
Unrealised		53,675	85,2/6
(Gains)/Losses on investments:
Realised		83,147	(105,253)
Unrealised		(145,568)	(1,602,507)
Dividends, rents and interest receivable from:
Investment properties		(95,438)	(98,512)
Investments		(458,630)	(560,334)
(Gains)/Losses on revaluation ofTangible	Fixed Assets	675,693
(Increase)/Decrease in Debtors		3,126	(2,166)
Increase/(Decrease) in Creditors		747	16,526
Net cash used in operating activities		849,030	741,733
CASH FLOWS FROM INVESTING ACTIVITIES:
Rents received &om investment properties		47,438	98,512
Dividends and interest received fiom investments		456,539	568,902
Purchase ofTangible Fixed Assets			(10,187)
Purchase ofIntangible Fixed Assets		(6,121)
Proceeds ofSale ofInvestments		2,586,457	1,606,492
Purchase ofInvestments		(2,342,206)	(1,495,493)
Net cash provided by investing activities		742,107	768,226
NET CHANGE IN CASH IN THE REPORTING PERIOD		(106,923)	26,493
Cash brought forward		568,024	541,531
CASH CARRIED FORWARD		461,101	568,024
Cash Carried Forward represents;
Cash held in investment portfolio awaiting	investment	94,594	146,062
Cash at bank and in hand held on instant access and short term deposits		365,850	421,766
Cash in Hand		657	196
		461,101	568,024

Freehold property for operational	use	—over 50years
Improvements to cricket club buildings		- over the period ofthe lease to the cricket club
Almshouse buildings		- over 50years
Almshouse fixtures		- over 7years
Oflice equipment		-25%per annum

						General Fund	General Fund	Restricted	Fund
2	DONATIONS AND LEGACIES				2020	2019		2019
					8
	Miscellaneous donations &Gift	Aid tax recovery			90	3,061
	Market Harborough Musical Theatre								6,087
					99	3,061			6,087
								General	Fund
3	INCOMING RESOURCES FROM CHARITABLE ACTIVITIES				2020			2019
								6
	Contributions fiom almshouse tenants				78,478				77,382
	Old Grammar School rent				780				5,800
	Allotment rents				4,813				4,930
	Market Harborough Cricket Club		rental income		6,490				6,490
	Countryside Stewardship &other		SSSIgrants		11,545				3,738
					102,106				98,340
								General	Fund
4	INVESTMKNT INCOME				2020			2019
	From investment properties:
	Rental income fiom commercial		High Street properties		90,000				90,000
	Farm Land				5,438				8,512
					95,438				98.558
	From investment portfolio:
	Interest on UK fixed interest securities and Treasury stock				7,219				9,731
	Dividends receivable fiom equity		shares		85,165			123,263
	Dividends receivable 1'rom collective investment			funds	224,463			278,997
	Dividends receivable from COIF		Units		141,008			146454
	Interest on cash deposits				775				1,889
					458,630			560334
5	EXPENDITURE ON RAISING FUNDS			2020				2019
	GENERAL FUND
	Commercial property management
	Steward's salary &on-costs					2,	794
	Secretarial salaries &on-costs			1,614		2,222
	Insurance			1,698		1,601
	Repairs and maintenance			3,875			504
	Legal &professional fees			7,661			576
	Support costs (Note 8)			6,408		13,854
					21,256				21,551
	Investment management
	Steward's salary &on-costs						70
	Investment manager's fees			6,338		7,214
	Support costs (Note 8)			3,792		4,114
					10,130				11,398
	Website &other promotional	costs			3,341				4,583
					34,727				37,532

MARKET HARBOROI)GH AND THE	MARKET HARBOROI)GH AND THE	MARKET HARBOROI)GH AND THE	MARKET HARBOROI)GH AND THE	MARKET HARBOROI)GH AND THE	BOWDENS CH	ARITY
NOTES TO THE FINANCIAL STATEMENTS
FORTHE YEAR ENDED 31DECEMBER 2020
5	EXPENDITURE ON RAISING	FUNDS		(continued)				2020	2019
	ENDOWMENT FUND
	Investment management
	Investment manager's fees							40,092	41,668
	Investment property management		fees					2,100	3,060
	Cricket Club - Depreciation ofchanging			rooms				5,385	5,385
	Amortisation ofIntangible Assets							439
								48,016	50,113
	TOTAL EXPENDITURE ON RAISING			FUNDS				82,743	87,645
6	EXPENDITURE ON PROVISION OF		GRANT FUNDING					2020	2019
	GENERAL FUND
	Grants to institutions or for specifi purposes
	Institution				Purpose ofgrant
	Market Harborough Tennis Club				Construction ofa new pavilion			114,000
	Market Harborough Medical Centre				Mental Health Initiative			60,000
	Market Harborough Cricket &Squash Club				Provision ofaPadel	Court		50,000
	Voluntary Action South Leicestershire				Core running costs over a five year period			34,664
	Voluntary Action South Leicestershire				Funding ofdrivers for transport		scheme	20,250
	Home-Start South Leicestershire				Family Know-How	Project		20,000
	Home-Start South Leicestershire				Post Natal Illness Project			20,000
	LOROS				End ofLife Support	Patient Unit		17,960
	Harborough Christian Counselling	Service			Operating costs over a five year		period	12,500
	Leicestershire Action for Mental Health				Mental health advocacy project			10,000
	Harborough Anglican Team				Training ofYouth Workers			9,595
	Harborough Youth aud Community	Trust			New office space at	The Cube		6,000
	Harborough Community Bus				Extension and carport canopy for garage			5,000
	Shopmobility Market Harborough				Storage shed for equipment			3,101
	Others, each 83,000 and under				Various - 12 in total			19,138
								402,208	327,637
	Part repayment ofgrants made in previous				periods:
	Market Harborough Town Football	Club			Clubhouse redevelopment				(I,626)
								402,208	326,OII
	Education Bursary Fund Grants				Awards to a total of6(2020:3)		Academies	115,846	60,000
	Grants to Church ofSt.Peter &	St.Paul,		Great Bowden - Repairs &maintenance					10,543
	Grants to individuals
	Educational fund (129,20197. 141)							135,750	118,979
	Relief in Need $1,000 and over	(12,2019;			15)			25,589	27,030
	Relief in Need lass than 81,000	(55,2019;			42)			17,410	14,786
	Total grants paid							696,803	557,349
	Steward's fees &associated costs								70
	Secretarial salary 88 on-costs							18,623	22,699
	Caseworker's costs							70	195
	Communications strategy, advertising		and		website development	costs		6,683	9,673
	Support costs (Note 8)							39,139	54,422
	Total							761,318	3544,408

EXPENDITURE ON OTHER CHARITABLE ACTIVITIES	EXPENDITURE ON OTHER CHARITABLE ACTIVITIES	EXPENDITURE ON OTHER CHARITABLE ACTIVITIES	EXPENDITURE ON OTHER CHARITABLE ACTIVITIES	2020		2019
GENERAL FUND
Almshouses:		Steward's salary &on-costs				349
		Secretarial salary &	on-costs	7,705		4,993
		Insurance		1,023		965
		Utilities (including lifeline)		15,318		16,76'2
		Repairs and maintenance		16,646		56,975
		Council Tax in void	period &
		other miscellaneous	costs	754		275
		Website &promotional costs		3,341		4,583
		Legal &professional	fees	2,262		192
		Depreciation offixtures &fittings		1,832		1,832
		Support costs (Note	8)	16,895		14,166
					65,776
Old Grammar	School:	Steward's salary &on-costs				70
		Secretarial salary &	on-costs	2,667		2,771
		Insurance		1,452		1,369
		Repairs, maintenance	&utilities	4,169		11,502
		Legal &professional	fees	754		64
		Support costs (Note	8)	4,889		6,361
					13,931
Allotments:		Steward's salary &on-costs				70
		Secretarial salary &	on-costs	6,091		2,772
		Repairs and maintenance		2,995		1,908
		Website &promotional costs		3,341		4,583
		Legal &professional	fees	1,508		478
		Water &miscellaneous expenses		1,963		2,071
		Support costs (Note	8)	11,294		6,360
					27,192
Site ofSpecial	Scientific
Interest:		Steward's salary &on-costs				70
		Secretarial salary &	on-costs	489
		Repairs and maintenance		13,622		2,293
		Legal &professional	fees	2,333		192
		Support costs (Note	8)	979		200
					17,423
					124,322
ENDOWMENT	FUND
Depreciation ofAlmshouses					16,258
					16,258
TOTAL ALL FUNDS					140,580

							Su	ort	Costs
					Governance		Office		Accounts &				2019
					Costs		Costs		Finance			Total	Torrrl
RESOURCES EXPENDED:					0					0		g
General Fund:
Expenditure	on raising funds:
Commercial	property	management				927		1,689		3,792		6,408	13,854
Investment	management									3,792		3,792	4,114
Expenditure	on Charitable		Activities:
Gmnts payable					11,180		20,375			7,584		39,139	54,422
Almshouses						4,911		8,950		3,034		16,895	14,166
Old Grammar School						1,598		2,912			379	4,889	6,361
Allotments						3,867		7,048			379	11,294	6,360
SSSI						347		632				979	200
					22,830		41,606			18,960		83,396	99,477
Bases for support cost allocation:
Support costs are allocated			between	the various activities representing			resources		expended		on the	following bases;
Governance	costs				Estimated	time spent	on	each activity		by	the charity steward &secretaries
Secretarial	support aad office costs				Estimated	time spent	on	each activity		by	the charity steward &secretaries
Accounts &finance					Estimated	time spent	on	each activity		by	the charity accountants

Governance costs	included	within support costs comprise:	2020	2019
			g
Steward's fees &	associated	costs		3,492
Secretarial salary	&on-costs		16,142	19,972
Legal and professional fees			1,570	8,806
Auditors remuneration			3,000	3,000
General insurance			1,466	1,382
Trustee indemnity	insurance		652	614
General expenses	(including	training oftrustees)		180
			22,830	37,446

		2020	2019
		E
For audit services		3,000	3,000
For other assurance	services	18,960	19,572
Total		21,966	22552

The number	o	femployees ofthe charity were as follows	;
Activity		Involvement		2020	2019
Steward		Part time - Three days per week (Until 6	April 2019)
Secretarial		Full time
		Part time - Approx. 2.5 days per week
The aggregate		payroll cost in respect ofthese employees	was as follows:
				2020	2019
Salaries				51,506	53,607
Social security		costs		3,492	3,959
Pension contributions				1,387	1,16/1
				56,385	58,734
Employment	Allowance			(3,054)	(2,56/)
				53,331	56,173

TANGIBLE FIX	E	DASSE	TS
			Freehold		Freehold	Almshouses
			Property for		Allotments	Freehold
			Operational	Cricket Club &		Land &	Fixtures &	Office
			Use		Other Land	Buildings	Fittings	Equipment	Total
								8
Cost or Valuation
Brought forward			245,000		1,775,000	756,000	28,165	22,550	2,826,715
Revaluation			(115,000)		(1,332,000)	694,000			(753,000)
At 31 December		2020	130,000		443,000	1,450,000	28 165	22 550	2 073 715
Cumulative Depreciation
Brought forward			9,206		32,645	48,774	21,446	14,653	126,724
Charge for the year			3,069		5,384	16,258	1,832	2,547	29,090
Revaluation			(12,275)			(65,032)			(77,307)
At 31December		2020			38 029		23 278	17,200	78,507
Net Book Value
At 31December2020			130,000		404,971	1,450,000	4,887	5,350	1,995208
At 31 December		2019	235,794		1,742,355	707,226	o,719	7,897	2,699,991
Cost or valuation	at 31December 2020 is represented				by;
Valuation
31December 2020			130,000		383,000	1,450,000			1,963,000
Cost					60,000		28,165	22,550	110,715
			130000		443,000	1 450,000	28,165	22,550	2,073,715

Had the pr	operties not been	revalued they would have been included at	revalued they would have been included at	the following his	torical cost:	torical cost:	torical cost:
		As At 31December 2020			As At31December 2019
		Property for	Allotments		Property for	Allonnents
		Operational	Cricket Club &		Operattonal	Cricket Club dr
		Use	Other Land	Almshouses	Use	Other Land	Almshouses
					f		f
Cost		257,470	68,962	231,697	257,470	68,962	231,697
Aggregate	depreciation	21,246	38,029	137,509	18,097	32,644	134,644
Net Book	Value	236,224	30,933	9,188	239,373	36,318	97,053

	significant costs which wo		uld outweigh any b	uld outweigh any b	enefit,
	As a result, in accordance		with the pertnitted		treatment	for heritage	assets in SORP (FRS 102) the Old Grammar		School is
	not recognised as an asset		in the Charity's	balance sheet.
13	INTANGIBLE FIXED	ASSETS					31-Dec-20	31-Dec-19
	Cost
	Brought forward
	Additions						6,121
	At 31December 2020						6,121
	Cumulative Amortisation
	Brought forward
	Charge for the year						439
	At 31December 2020						439
	Net BookValue
	At 31 December 2020						5,682
	At 31December 2019
	Intangible assets represent		Basic Payment	Scheme entitlements.
14	INVESTMENT PROPERTIES						31-Dec-20	31-Dee-19
									f
	Valuation at the beginning		ofthe year				2,573,675		2, 6'58, 891
	Additions at cost
	Unrealised gains/(losses)	on revaluation					(53675)		(85,216)
	Valuation at the end ofthe		year				2,520,000		2,573,675
	Historical cost at the end	ofthe year					562,312		562,312

INVESTMENT PORTFOLIO	INVESTMENT PORTFOLIO	INVESTMENT PORTFOLIO	INVESTMENT PORTFOLIO						31-Dec-20	31-Dec-19
										f
Market value	at the beginning ofthe year								15,565,713	13,968,952
Acquisitions	at cost								2,342,206	1,495,493
Sales proceeds f'rom disposals									(2,586,457)	(L606,492)
Realised gains/(losses)		on disposals							(83,147)	105,253
Unrealised gains/(losses)		on revaluation							145,568	1,602,507
									15,383,883	15,565,713
Cash at bank	on deposit/awaiting		investment						94,594	146;062
Market value	at the end	ofthe year							15,478,477	15,711,775
Historical cost at the end ofthe year									12,171,284	12,341,726
The realised	gains/(losses) on		disposals	are	shared	between		funds
as follows:
General fund									(97,979)	105,253
Endowment	fund								14,832
									83,147	105,253
The unrealised gains/(losses)			on disposals		are	shared	between
funds as follows:
General fund									63,561	1,443,749
Endowment	fund								82,007	158,758
									145,568	1,602,507

DEBTORS	31-Dec-20	31-Dec-19
Accrued income	31,593	5,581
Prepayments	5,382	5,514
Income tax recovemble	6,287	5,202
	43,262	16,297

CREDITORS PAYABLE WITHIN ONE YEAR
	31-Dec-20	31-Dec-19
Accruals	59,885	57,063
Other creditors	6,820	28,896
Taxation & Social Security	I
	66,706	85,959

					Realised and	Transfers
					Unrealised	fiom	Transfers	to	At 31
		At I January			Gains or	Designated	Designated		December
		2020	Income	Expenditure	(Losses)	Funds	Funds		2020
Unrestricted funds:		8			f,
General funds
Revenue		520,965	656,277	(920,367)	(5,886)	(306,709)	610,631		554,911
Designated funds
For Grants;
Charitable grants		621,212				126,709	(402,	104)	345,817
Church of. St.	Peter tk
St. Paul, Great	Bowden	50,000							50,000
Relief in Need	grants	90,000							90,000
Educational grants		232,500					(92,681)		139,819
Educational bursary		30,000				180,000	(115,846)		94,154
For Repairs;
Allotments 8c	Commercial
Properties:
Extraordinary	repair	30,000							30,000
Almshouse:
Extraordinary	repair	40,000							40,000
Old Grammar	School;
Extraordinary	repair	10,000							10,000
Restricted fund:
Income fund		6,087							6,087
Endowment fund		19,706,977		(64,274)	(661,061)				18,981,642
		21,337,741	656,277	984,641	666,947				20,342,430

Restricted income	Restricted income	funds	represent funds	represent funds	represent funds	donated	donated	to the	Charity	by the	Market	Market	Harborough	Harborough	Musical	Musical	Theatre	Theatre	on the
understanding	that they are		to be applied		to	support performing			arts in the area		ofbenefit.
The Endowment Fund represents				the permanent			capital ofthe Charity.			These	funds	must be held		indefinitely			and	the	Trustees
have no power	to convert the capital into				funds which may be				spent.
The movements	in funds in		the previous		financial		year	were as	follows:
										Realised	and	Transfers
										Unrealised			fiom	Transfers		to		At 31
			At 1							Gains	or	Designated			Designated			December
			January 2019			Income		Expenditure		(Losses)			Funds		Funds			2019
Unrestricted funds:									f.										f,
General funds
Revenue			728,645			760,370		(826,166)		158,758			299,409		(600,051)				520,965
Designated funds
For Grants:
Charitable grants			398,070										(389,409)		612,551				621,212
Church of, St.	Peter	&
St. Paul, Great	Bowden			50,000															50,000
Relief in Need	grants			90,000															90,000
Educational grants			185,000												47,500				232,500
Educational bursary													90,000		(60,000)				30,000
For Repairs:
Allotments &Commercial
Properties:
Extraordinary	repair			30,000															30,000
Ahnshouse:
Extraordinary	repair			40,000															40,000
Old Grammar	School:
Extraordiuary	repair			10,000															10,000
Carried forward			1,531,715			760,370		(826,166)		158,758								1,624,677

				Realised and	Transfers
	At I			Unrealised	trom	Transfers to	At 31
	January			Gains or	Designated	Designated	December
	2019	Income	Expenditure	(Losses)	Fuuds	Funds	2019
					I		f
Unrestricted funds:
Brought forward	1,531,715	760,370	(826,166)	158,758			1,624,677
Restricted fund:
Income fund		6,087					6,087
Endowment fund	18,309,562		(66,371)	1,463,786			19,706,977
	19,841,277	766,457	892,537	1,622,544			21,337,741
ANALYSIS OF NET	ASSETSBETWEEN FUNDS
As at 31December 2020			General	Designated	Restricted	Endowment
			Fund	Funds	Fund	Fund	Total
Tangible fixed assets			140,237			1,854,971	1,995,208
Intangible axed assets						5,682	5,682
Investment properties						2,520,000	2,520,000
Investment portfolio			136,640	799,790		14,447,453	15,383,883
Cash held for investment						94,594	94,594
Sundry Debtors			43,262				43,262
Cash at Bank on Deposit			290,388		6,087	69,375	365,850
Cash in hand			657				657
Current Liabilities			(56,273)			(10,433)	(66,706)
Total Net Assets			554,911	799,790	6,087	18,981,642	20,342,430
As at 31December 2019			General	Designated	Restricted	Endowment
			Fund	Funds	Fund	Fund	Total
						f
Tangible fixed assets			250,410			2,449,581	2,699,991
Investment properties						2,573,675	2,573,675
Investment portfolio				1,088,785		14,476,928	15,565,713
Cash held for investment						146,062	146,062
Sundry Debtors			16,297				16,297
Cash at Bank on Deposit			329,556	14,927	6,087	71,196	421,766
Cash in hand			196				196
Current Liabilities			(75,494)			(10,465)	(85,959)
Total Net Assets			520,965	1,103712	6,087	19,706,977	21,337,741

The total minimum lease payments to which the C below:	harity is committed under an operating lease for offi	ce equipment is shown
	31-Dec-20	3I-Dec-I9
Payments due:		f
Within one Year
In two to five years	1,721	2,294
Total	1,221	2,294