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2021-12-31-accounts

Pages
Report ofthe Trustees 1 to 14
Independent
Auditor's		 Report 15to 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 2021 2020
Note 6 f. I 6
INCOME AND KiVDO3VMKNTS FROM:
Donations
and legacies		 2 100 4,265 4,365
Charitable
activities		 3 118,000 118,000 102,106
Investments:
From investment
properties		 4 105,548 105,548 95,438
From investment
portfolio		 4 451,762 451,762 458,630
Other 384,540 384,540 13
Total income and endowments 675,410 4,265 384,540 1,064 215 6'56,277
EXPENDITURE ON:
Raising Funds 6 (28,840) (70,142) (98,982) (82,743)
Charitable
activities:
Provision ofgrant funding 7 (569,729) (569,729) (761,318)
Other charitable
activities		 8 (153,342) (40,278) (193,620) (140,580)
Total expenditure 751,911 110420 86 .33 ~98454l
Net income/(expenditure)
before gains/(losses)
on investments		 (76,501) 4,265 274,120 201,884 (328,364)
GAINS/(LOSSES):
On Investment
properties:
Realised
Unrealised 15 (12,500) (12,500) (53,675)
On Invesunents;
Realised 16 50,137 165,326 215,463 (83,147)
Unrealised 16 95,550 1,509,573 1,605, 123 145,568
Net income/(expenditure) before transfers 69,186 4,265 1,936,519 2,009,970 (319,6/8)
Net transfers
between
funds		 19 63,493 (63,493)
Net income/(expenditure) for the period 132,679 (63,493) 4,265 1,936,519 2,009,970 (319,618)
OTHER RECOGNISED GAINS/(LOSSES):
On revaluation
ofTangible		 Fixed Assets 13 (675,693)
Net movements
in funds		 132,679 (63,493) 4,265 1,936,519 2,009,970 (995,311)
Total funds brought forward 554,911 799,790 6,087 18,981,642 20,342,430 21,337,741
Total funds carried forward 687 590 736,297 10,352 20,918,161 22 352400 20,342,430

BALANCE SHEET ASA T 31DECE MBER 2021
Note 2021 As At31December 2020
Fixed Assets
Tangible
fixed assets		 13
Freehold land and buildings 1,938,615 1,984,971
Fixtures and fittings 3,055 4,887
Office equipment 2,803 5,350
1,944,473 1,995,208
Intangible
fixed assets		 14
Basic Payment
Scheme entitlements		 5,609 5,682
Investments
Investment
properties		 15 2,507,500 2,520,000
Investment
portfolio		 16 17,247,404 15,478,477
19,754,904 17,998,477
21,704,986 19,999,367
Current
Assets
Debtors 17 41,008 43,262
Cash at bank and on deposit 682,432 365,850
Cash in hand 250 657
723,690 409,769
Creditors
payable within		 one year (76,276) (66,706)
Net Current
Assets		 647,414 343,063
Net Assets 22,352,400 20,342,430
Funds 19
Unrestricted
funds
General
funds		 687,590 554,911
Designated
funds		 736,297 799,790
1,423,887 1,354,701
Restricted
funds
Income funds 10,352 6,087
Endowment
funds		 20,918,161 18,981,642
Total Funds 22,352,400 20,342,430

Total Total
2021 2020
f.
CASH FLOWS FROM OPERATING ACTIVITIES:
Net movements
in funds per Statement ofFinancial Activities		 2,009,970 (995,311)
Adjustments
for:
Depreciation
&Amortisation
Charges		 51,619 29,529
(Gains)/Losses
on investment
properties:
Realised
Unrealised 12,500 53,675
(Gains)/Losses
on investments:
Realised (215,463) 83,147
Unrealised (1,605,123) (145,568)
Dividends,
rents and interest receivable		 &om:
Investment
properties		 (105,548) (95,438)
Investments (451,762) (458,630)
Overage payment
arising from collaboration		 agreement (384,540)
(Gains)/Losses
on revaluation
ofTangible Fixed Assets		 675,693
(Increase)/Decrease
in Debtors		 (4,057) 3,126
Increase/(Decrease)
in Creditors		 9,570 747
Net cash used in operating
activities		 682,834 849,030
CASH FLOWS FROM INVESTING ACTIVITIES:
Rents received &om investment
properties		 113,887 47,438
Dividends
and interest received &om investments		 449,734 456,539
Overage payment
received &om collaboration		 agreement 384,540
Purchase ofTangible Fixed Assets
Purchase ofIntangible
Fixed Assets		 (811) (6,121)
Proceeds ofSale ofInvestments 2,798,778 2,586,457
Purchase ofInvestments (2,811,165) (2,342, 206)
Net cash provided
by investing
activities		 934,963 742,107
NET CHANGE IN CASH IN THE REPORTING PERIOD 252,129 (106,923)
Cash brought forward 461,101 568,024
CASH CARRIED FORWARD 713,230 461,101
Cash Carried Forward represents:
Cash held in investment
portfolio awaiting		 investment 30,548 94,594
Cash at bank and in haud held on instant access and short tenn deposits 682,432 365,850
Cash in Hand 250 657
713,230 461,101

2 DONATIONS
AND		 LEGACIES 2021 2020
General fund:
Miscellaneous
donations
&Gift Aid tax recovery		 100 90
Restricted income fund:
Market Harborough Special Needs Playscheme 4,265
4,365 90
General Fund
3 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES 2021 2020
Contributions
trom almshouse
tenants		 74,491 78,478
Old Grammar
School rent		 425 780
Allotment
rents		 5,546 4,813
Market Harborough Cricket Club rental income 6,490 6,490
Countryside
Stewardship
6k other SSSIgrants		 31,048 11,545
118,000 102,106
General Fund
4 INVESTMENT INCOME 2021 2020
From investment
properties:
Rental income from commercial
High Street		 properties 90,000 90,000
Farm Land 6,448 5,438
Miscellaneous 9,100
105,548 95,4n
From investment
portfolio:
Interest on VK fixed interest securities
and Treasury stock		 6,254 7,219
Dividends
receivable		 from equity shares 85,137 85,165
Dividends
receivable		 fiom collective investment funds 219,389 224,463
Dividends
receivable		 from COIF Units 140,968 141,008
Interest on cash deposits 14 775
451,762 458,630
5 OTHER INCOME 2021 2020
General fund:
Wayleave 13
Endowment
fund:
Overage payment
arising &om collaboration		 agreement 384,540
384,540 13

MARKET HARBOROUGH
AND THE BOW		 MARKET HARBOROUGH
AND THE BOW		 MARKET HARBOROUGH
AND THE BOW		 MARKET HARBOROUGH
AND THE BOW		 DENS C HARITY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31DECEMBER 2021
6 EXPENDITURE ON RAISING FUNDS 2021 2020
GENERAL FUND
Commercial
property
management
Secretarial salaries &on-costs 1,946 1,614
Insurance 1,763 1,698
Repairs and maintenance 869 3,875
Legal &professional
fees		 3,110 7,661
Support costs (Note 9) 7,555 6,408
Investment
management
Investment
manager's
fees		 7,183 6,338
Support costs (Note 9) 4,634 3, 792
Website &other promotional
costs		 1,780 3,341
28,840 34, 727
ENDOWMENT
FUND
Investment
management
Investment
manager's
fees		 45,818 40,092
Investment
property
management		 fees 2,700 2, 100
Support costs (Note 9)
Professional
fees		 15,356
Cricket Club - Depreciation
ofchanging		 rooms 5,384 5,385
Amortisation
ofIntangible
Assets		 884 439
70,142 48,016
TOTAL EXPENDITURE ON RAISING FUNDS 98,982 82, 783
7 EXPENDITURE ON PROVISION OF GRANT FUNDING 2021 2020
GENERAL FUND
Grants to institutions
or for specific purposes
Institution Purpose ofgrant
Harborough
Town Football Club		 Renewal ofAll Weather Football Pitch 48,000
Market Harborough
Medical Centre		 Mental Health Initiative 30,000
Voluntary
Action South Leicesteshire		 Funding ofdrivers for transport scheme 27,000
Voluntary
Action South Leicesteshire		 Core Running
Costs for a five year period		 25,998
Home-Start
South Leicestershire		 Post Natal Illness Project 20,000
Harborough
Christian
Counselling
Service		 Operating
costs over a five year		 period 12,500
Market Harborough
Hockey Club		 Storage containers, pitch dividers, trolley etc. 11,000
Leicestershire
Action for Mental Health		 Mental health advocacy project 10,000
Home-Start
South Leicestershire		 Family Know-How Project 10,000
LOROS End ofLife Support Patient Unit 8,980
Harborough
Anglican Team		 Training ofone Youth Worker 8,273
Others, each f3,000 and under 5,951
217,702 402,208
Part repayment
ofgrants
made in previous periods:
Market Harborough
&District Scouts		 Costs ofattending World Scout Jamboree (1,603)
216,099 402, 208
Education Bursary Fund Grants Awards to a total of7 (2020; 6) Academies 107,461 115,846
Carried forward 323,560 518,054

O R THE YEAR EN R THE YEAR EN R THE YEAR EN DED 31DECEMBER 2021 DED 31DECEMBER 2021 DED 31DECEMBER 2021
7 EXPENDITURE ON PROVISION OF GRANT FUNDING (continued) 2021 2020
Brought forward 323,560 518,054
Grants to Church ofSt.Peter &St.Paul, Great Bowden - Repairs &maintenance 23,775
Grants to Individuals
Educational fund (119,2020: 129) 123,016 135,750
Relief in Need r1,000 and over (13,2020; 12) 18,031 25,589
Relief in Need less than E1,000(74,2020; 55) 17,361 17,410
Total grants paid 505,743 696,803
Secretarial salary &on-costs 19,606 18,623
Caseworker's costs 70
Communications strategy, advertising
and wehsite development		 costs 3,559 6,683
Support costs (Note 9) 40,821 39,139
Total 569,729 761,318
Further
analysis		 ofgrants paid in the year by nature ofactivity being supported is contained within the Report ofthe Trustees.
8 EXPENDITURE ON OTHER CHARITABLE ACTIVITIE1 2021 2020
GENERAL FUND
Almshouses: Secretarial salary & on-costs 10,789 7,705
Insurance 1,062 1,023
Utilities
(including
lifeline)		 13,965 15,318
Repairs and maintenance 18,016 16,646
Council Tax in void period &
other miscellaneous costs 1,064 754
Website &promotional costs 1,780 3,341
Legal &professional fees 1,140 2,262
Depreciation offixtures &fittings 1,832 1,832
Support costs (Note 9) 17,812 16;895
67,460 65, 776
Old Grammar School: Secretarial
salary &		 on-costs 3,211 2,667
Insurance 1,508 1,452
Repairs, maintenance &utilities 5,786 4,169
Legal &professional fees 380 754
Support costs (Note 9) 5,039 4,889
15,924 13,931
Allotments: Secretarial
salary &		 on-costs 8,843 6,091
Repairs and maintenance 3,693 2,995
Website &promotional costs 1,780 3,341
Legal &professional fees 760 1,508
Water &miscellaneous expenses 809 1,963
Support costs (Note 9) 11,263 11,294
27,148 27, 192
Carried forward 110,532 106,899

2021 2021 2020
Brought forward 110,532 106,899
Site ofSpecial
Scientific Interest: Secretarial salary & on-costs 805 489
Repairs and maintenance 40,220 13,622
Legal &professional fees 830 2,333
Support costs (Note 9) 955 979
42,810 17,423
153,342 124,322
ENDOWMENT FUND
Depreciation of Almshouses 40,278 16,258
40,278 16,258
TOTAL ALL FUNDS 193,620 140,580
ANALYSIS AND ALLOCATION OF SUPPORT COSTS
Support costs, as detailed below, have been allocated to resources expended as follows:
Su ort Costs
Governance Otfice Accounts & 2020
Costs Costs Finance Total Tontl
RESOURCES EXPENDED: f 6
General Fund:
Expenditure on raising funds:
Commercial property management 1,289 1,632 4,634 7,555 6,408
Investment management 4,634 4,634 3,792
Expenditure on Charitable Activities:
Grants payable 13,924 17,628 9,269 40,821 39,139
Almshouses 6,224 7,880 3,708 17,812 16,895
Old Grammar
School		 2,019 2,557 463 5,039 4,889
Allotments 4,766 6,034 463 11,263 11,294
SSSI 422 533 955 979
28,644 36,264 23,171 88,079 83,396

Governance
costs		 included within support costs comprise: within support costs comprise: 2021 2020
f.
Secretarial salary &on-costs 19,016 16,142
Legal and professional
fees		 4,010 1,570
Auditors
remuneration		 3,270 3,000
General insurance 1,522 1,46'6
Trustee indemnity insurance 676 652
General expenses (including training oftrustees) 150
28,644 22,830
AUDITORS' REMUNERATION
The amounts
payable to the		 Auditors', Edward Thomas Peirson &Sons, were as follows:
2021 2020
For audit services 3,270 3,000
For other assurance services 23,171 18,960
Total 26,441 21,960

Activity Involvement Involvement 2021 2020
Secretarial Full time
Part time —Approx. 2.5 days per week
The aggregate payroll cost in respect ofthese employees was as follows:
2021 2020
0
Salaries 62,225 51,506
Social security costs 4,675 3,492
Pension contributions 1,991 1,387
68,891 56,385
Employment Allowance (4,675) (3,054)
64,216 53,331

TANGIBLE FIX E DASSE TS
Freehold Freehold Ahnshouses
Property for Allotments Freehold
Operational Cricket Club & Land & Fixtures & Offic
Use Other Land Buildings Fittings Equipment Total
f f
Cost or Valuation
Brought forward 130,000 443,000 1,450,000 28,165 22,550 2,073,715
Revaluation
At 31December 2021 130,000 443,000 1,450,000 28,165 22,550 2,073,715
Cumulative
Depreciation
Brought forward 38,029 23,278 17,200 78,507
Charge for the year 694 5,384 40,278 1,832 2,547 50,735
Revaluation
At 31 December 2021 694 43 413 40 278 25,110 19747 129242
Net BookValue
At 31December 2021 129,306 399,587 1,409,722 3,055 2,803 1,944,473
At 31 December 2020 130,000 404,971 1,450,000 4,887 5,350 1,995,208
Cost or valuation at 31December 2021 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
130,000 443,000 1,450,000 28,165 22,550 2,073,715

Had the p roperties
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 2021 As At 31December 2020
Property for Allotments Property for Allotments
Operational Cricket Club & Operational Cricket Club &
Use Other Land Almshouses Use Other l.and Almshouses
Cost 257,470 68,962 231,697 257,470 68,962 231,697
Aggregate depreciation 24,396 43,413 140,374 21,246 38,029 137,509
Net Book Value 233,074 25,5 9 91,323 236,224 30,933 94,188

14 INTANGIBLE FIXED ASSETS 31-Dec-21 31-Dec-20
8
Cost
Brought forward 6,121
Additions 811 6,121
At 31December 2021 6,932 6,121
Cumulative
Amortisation
Brought forward 439
Charge for the year 884 439
At 31December 2021 1,323 439
Net BookValue
At 31December 2021 5,609 5,682
At 31December 2020 5,682
Intangible
assets represent Basic Payment		 Scheme entitlements.
15 INVESTMENT PROPERTIES 31-Dec-21 31-Dec-20
Valuation
at the beginning		 ofthe year 2,520,000 2,573,675
Additions
at cost
Unrealised
gains/(losses)		 on revaluation (12,500) (53,675)
Valuation
at the end ofthe year		 2,507,500 2,520,000
Historical cost at the end ofthe year 562,312 562,312

INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO 31-Dec-21 31-Dec-20
Market value at the beginning ofthe year 15,383,883 15,565,713
Acquisitions at cost 2,811,165 2,342,206
Sales proceeds from disposals (2,798,778) (2,586,457)
Realised gains/(losses) on disposals 215,463 (83,147)
Unrealised
gains/(losses)		 on revaluation 1,605,123 145,568
17,216,856 15,383,883
Cash at bank on deposit/awaiting investment 30,548 94,594
Market value at the end ofthe year 17,247,404 15,478,477
Historical
cost at the end ofthe year (excluding		 cash) 12,902,545 12,171,284
The realised gains/(losses)
on		 disposals are shared between funds
as follows:
General fund 50,137 (97,979)
Endowtnent fund 165,326 14,832
215,463 83,147
The unrealised
gains/(losses)		 on disposals are shared between
funds as follows:
General
fund		 95,550 63,561
Endowment fund 1,509,573 82,007
1,605,123 145,568

CREDIT ORS PAYABLE WITHIN ONE YEAR
31-Dec-21 31-Dec-20
Accruals 40,263 59,885
Other creditors 35,964 6;820
Taxation 4tt Social Security 49 1
76,276 66,706

Realised and Transfers
Unrealised from Transfers to At 31
At I January Gains or Designated Designated December
2021 Income Expenditure (Losses) Funds Funds 2021
Unrestricted
funds:		 f g
General funds
Revenue 554,911 675,410 (751,911) 145,687 430,948 (367,455) 687,590
Designated
funds
For Grants;
Charitable
grants		 345,817 (224,718) 87,391 208,490
Church of. St, Peter &
St.Paul, Great Bowden 50,000 50,000
Relief in Need grants 90,000 90,000
Educational
grants		 139,819 (98,769) 10,064 51,114
Educational
bursary		 94,154 (107,461) 270,000 256,693
For Repairs:
Allotments
&		 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 4,265 10,352
Endowment
fund		 18,981,642 384,540 (110,420) 1,662,399 20,918,161
20,342,430 1,064,215 862,331 1,808,086 22,352,400

The inovements in funds in the previous
fin		 ancial year we re as follows:
Realised and Transfers
Unrealised fiom Transfers to At 31
At I Gains or Designated Designated December
January 2020 Income (Losses) Funds Funds 2020
Unrestricted
funds		 f 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 &
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
&		 Commercial
Properties:
Extraordinary repair 30,000 30,000
Almshouse;
Extraordinary repair 40,000 40,000
Old Grammar School;
Extraordinary repair 10,000 10,000
Carried forward 1,624,677 656,277 (920,367) (5,886) 1,354,701

Realised and Transfers
At I Unrealised trom Transfers to At 31
January Gains or Designated Designated December
2020 Income Expenditure (Losses) Funds Funds 2020
Unrestricted funds:
Brought forward 1,624,677 656,277 (920,367) (5,886) 1,354,701
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
20 ANALYSIS OF NET ASSETSBETWEEN FUNDS ANALYSIS OF NET ASSETSBETWEEN FUNDS
As at 31December 2021 General Designated Restricted Endowment
Fund Funds Fund Fund Total
f g f.
Tangible fixed assets 135,164 1,809,309 1,944,473
Intangible
fixed assets		 5,609 5,609
Investment
properties		 2,507,500 2,507,500
Investment
portfolio		 709,714 16,507,142 17,216,856
Cash held for investment 30,548 30,548
Sundry Debtors 41,008 41,008
Cash at Bank on Deposit 565,526 26,583 10,352 79,971 682,432
Cash in hand 250 250
Current Liabilities (54,358) (21,918) (76,276)
Total Net Assets 687,590 736,297 10,352 20,918,161 22,352,400
As at 31December 2020 General Designated Restricted Endowment
Fund Funds Fund Fund Total
8 g
Tangible
fixed assets		 140,237 1,854,971 1,995,208
Intangible
fixed 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

31-Dec-21 31-Dec-20
Payments
due in respect ofleases expiring:
Within one Year
In two to five years 1,147 Lf27
Total 1,147 L 727