OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

Pages
Report ofthe Trustees 1to 10
Independent
Auditor's		 Report 11to 13
Statement ofFinancial Activities 14
Balance Sheet 15
Statement ofCash Flows 16
Notes to the Financial Statements 17to 34

FORTHE YEARENDED 31 DECEMBER 2022
Restricted
General Designated Income Endowment Total Total
Fund Funds Funds Fund 2022 2021
Note
INCOME AND ENDOWMENTS FROM:
Donations
and legacies		 2 1,960 1,960 4,365
Charitable
activities		 3 115,725 115,725 118,000
Investments:
From investment
properties		 4 98,172 98,172 105,548
From investment
portfolio		 4 480,739 480,739 451,762
Other 5 108 108 384,540
Total income and endowments 696,704 696,704 1,064,215
EXPENDITURE ON:
Raising Funds 6 (27,295) (57,167) (84,462) (98,982)
Charitable
activities:
Provision ofgrant funding 7 (633,995) (633,995) (569,729)
Other charitable
activities		 8 (198,628) (40,278) (238,906) (193,620)
Total expenditure 859,918) 97,445) 957,363 ~862,331
Net income/(expenditure)
before gains/(losses)
on investments		 (163,214) (97,445) (260,659) 201,884
GAINS/(LOSSES):
On Investment
properties:
Realised
Unrealised 15 259,500 259,500 (12,500)
On Investments:
Realised 16 (15,351) (15,351) 215,463
Unrealised 16 (83,858) (1,505,988) (1,589,846) 1,605,123
Net income/(expenditure)
before transfers		 (247,072) (1,359,284) (1,606,356) 2,009,970
Net transfers
between funds		 19 341,108 (341,108)
Net income/(expenditure)
for the period		 94,036 (341,108) (1,359,284) (1,606,356) 2,009,970
OTHER RECOGNISED GAINS/(LOSSES):
On revaluation ofTangible Fixed Assets 13
Net movements
in funds		 94,036 (341,108) (1,359,284) (1,606,356) 2,009,970
Total funds brought forward 687,590 736,297 10,352 20,918,161 22,352,400 20,342,430
Total funds carried forward 781,626 395,189 10,352 19,558,877 20,746,044 22,352,400
All activities relate to continuing operations.

Note 2022 As At31December 2021
Fixed Assets
Tangible fixed assets 13
Freehold
land and buildings		 1,892,259 1,938,615
Fixtures and fittings 1,223 3,055
Office equipment 256 2,803
1,893,73S 1,944,473
Intangible
fixed assets		 14
Basic Payment
Scheme entitlements		 1,650 5,609
Investments
Investment
properties		 15 2,767,000 2,507,500
Investment
portfolio		 16 15,589,234 17,247,404
18,356,234 19,754,904
20,251,622 21,704,986'
Current
Assets
Debtors 17 37,707 4J1,008
Cash at bank and on deposit 550,663 682,432
Cash in hand 246 250
588,616 723,690
Creditors payable within one year 18 (94,194) (76,276)
Net Current
Assets		 494,422 647,414
Net Assets 20,746,044 22,352,400
Funds 19
Unrestricted
funds
General funds 781,626 687,590
Designated
funds		 395,189 736,297
1,176,815 1,423,887
Restricted funds
Income funds 10,352 10,352
Endowment
funds		 19,558,877 20,918,161
Total Funds 20,746,044 22,352,400

Total Total
2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net movements
in funds per Statement ofFinancial Activities		 (1,606,356) 2,009,970
Adjustments
for:
Depreciation &Amortisation
Charges		 54,694 51,619
(Gains)/Losses
on investment
properties:
Realised
Unrealised (259,500) 12,500
(Gains)/Losses
on investments;
Realised 15,351 (215,463)
Unrealised 1,589,846 (1,605,123)
Dividends,
rents and interest receivable &om:
Investment
properties		 (98,172) (105,548)
Investments (480,739) (451,762)
Overage payment
arising from collaboration		 agreement (384,540)
(Increase)/Decrease
in Debtors		 11,173 (4,057)
Increase/(Decrease)
in Creditors		 17,918 9,570
Net cash used in operating
activities		 ~(755,785 682,834
CASH FLOWS FROM INVESTING ACTIVITIES:
Rents received &om investment
properties		 87,097 113,887
Dividends
and interest received &om investments		 483,976 449,734
Overage payment
received &om collaboration		 agreement 384,540
Purchase ofIntangible
Fixed Assets		 (811)
Proceeds ofSale ofInvestments 2,330,477 2,798,778
Purchase ofInvestments (1,955,248) (2,811,165)
Net cash provided
by investing
activities		 946,302 934,963
NET CHANGE IN CASH IN THK REPORTING PERIOD 190,517 252,129
Cash brought forward 713,230 461,101
CASH CARRIED FORWARD 903,747 713,230
Cash Carried Forward represents:
Cash held in investment
portfolio awaiting		 investment 352,838 30,548
Cash at bank and in hand held on instant access and short term deposits 550,663 682,432
Cash in Hand 246 250
903,747 713,230

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

2 DONATIONS
AND		 LEGACIES LEGACIES 2022 2021
General fund:
Miscellaneous
donations &Gift Aid		 tax recovery 1,960 100
Restricted income fund:
Market Harborough Special Needs Playscheme 4,265
1,960 4,365
General Fund
3 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES 2022 2021
Contributions
from almshouse		 tenants 73,629 74,491
Old Grammar
School rent		 1,975 425
Allotment
rents		 4,000 5,546
Market Harborough Cricket Club rental income 6,490 6,490
Countryside
Stewardship
&other SSSIgrants		 29,631 31,048
115,725 118,000
General Fund
4 INVESTMENT INCOME 2022 2021
From investment
properties:
Rental income from commercial
High Street		 properties 90,000 90,000
Farm Land 6,172 6,448
Miscellaneous 2,000 9,100
98,172 105,548
From investment
portfolio:
Interest on UK fixed interest securities
and Treasury stock		 7,108 6,254
Dividends
receivable		 from equity shares 96,555 85,137
Dividends
receivable		 from collective investment funds 228,412 219,389
Dividends
receivable		 from COIF Units 143,967 140,968
Interest on cash deposits 4,697 14
480,739 451,762
5 OTHER INCOME 2022 2021
General fund:
Wayleave s 26
Interest on tax repayments
&sundry		 income 82
Endowment
fund:
Overage payment
arising from collaboration		 agreement 384,540
108 384,540

6 EXPENDITURE ON RAISING FUNDS EXPENDITURE ON RAISING FUNDS EXPENDITURE ON RAISING FUNDS 2022 2021
GENERAL FUND
Commercial
property
management
Secretarial salaries &on-costs 1,796 1,946
Insurance 1,721 1,763
Repairs and maintenance 1,186 869
Legal &professional
fees		 2,660 3,110
Support costs (Note 9) 7,328 7,555
Investment
management
Investment
manager's
fees		 7,079 7, 183
Support costs (Note 9) 5,335 4, 634
Website &other promotional
costs		 190 1,780
27,295 28, 940
ENDOWMENT
FUND
Investment
management
Investment
manager's
fees		 44,688 45,818
Investment
property
inanagement		 fees 3,136 2, 700
Support costs (Note 9)
Professional
fees		 15,356
Cricket Club - Depreciation
ofchanging		 rooms 5,384 5,384
Amortisation
ofIntangible
Assets		 3,959 884
57,167 70, 142
TOTAL EXPENDITURE ON RAISING FUNDS 84,462 98,982
7 EXPENDITURE ON PROVISION OF GRANT FUNDING 2021
GENERAL FUND
Grants to institutions
or for specific purposes
Institution Purpose ofgrant
Market Harborough
Rugby Football Club		 Lighting proj ect 44,538
Dementia UK Funding ofa local Admiral Dementia Nurse 40,000
Voluntary
Action South Leicesteshire		 Core Running Costs for a five year period 34,664
Home-Start
South Leicestershire		 Family Know-How Project 20,000
Harborough
Christian
Counselling		 Service Ramped access &disabled toilet facilities 18,000
Harborough
Christian
Counselling		 Service Operating costs over a five year period 12,500
Market Harborough
Cricket & Squash Club		 Level & accessible paths between
courts &clubl		 10,000
South Leicestershire
Toy Library		 Contribution to running costs 8,551
Harborough
Anglican Team		 Training ofone Youth Worker 5,654
Arts Fresco Running costs ofstreet theatre event 5,000
Others, each f3,000 and under 19,423
218,330 217,702
Part repayment
ofgrants made in previous		 periods:
Market Harborough
&District Scouts		 Costs of attending World Scout Jamboree (1,603)
218,330 216,099
Education Bursary Fund Grants Awards to a total of 8 (2021:7)Academies 233,038 107,461
Carried forward 451,368 323,560

7 EXPENDI TU E ON PR OVISION OF GRANT FUNDING (continued) 2022 2021
Brought forward 451,368 323,560
Grants to Church ofSt.Peter &,St.Paul, Great Bowden -Repairs &maintenance 10,695 23,775
Grants to individuals
Educational fund (108,2021:119) 74,889 123,016
Relief in Need f.1,000 and over (16,2021:13) 22,271 18,031
Relief in Need less than 61,000 (76,2021:74) 12,151 17,361
Other grants and awards
Commemorative Queen Elizabeth IIPlatinum
Jubilee		 mugs for local school children 10,433
Transport for Ukrainian refugees 493
Total grants paid 582,300 505,743
Secretarial salary &on-costs 18,489 19,606
Caseworker's costs 88
Communications strategy, advertising
and website development		 costs 381 3,559
Support costs (Note 9) 32,737 40,821
Total 633,995 569,729
8 EXPENDITURE ON OTHER CHARITABLE ACTIVITIES 2022 2021
GENERAL FUND
Almshouses: Secretarial salary &on-costs 9,115 10,789
Insurance 1,036 1,062
Utilities (including lifeline) 15,400 13,965
Repairs and maintenance 48,324 18,016
Council Tax in void period &
other miscellaneous costs 1,761 1,064
Website &promotional costs 191 1,780
Legal &professional fees 2,720 1,140
Depreciation offixtures &fittings 1,832 1,832
Support costs (Note 9) 15,159 17,812
95,538 67,460
Old Grammar School: Secretarial salary &on-costs 2,885 3,211
Insurance 1,471 1,508
Repairs, maintenance
&utilities		 11,697 5,786
Legal &professional fees 380 380
Support costs (Note 9) 3,857 5,039
20,290 15,924
Allotments: Secretarial salary &on-costs 7,319 8,843
Repairs and maintenance 7,299 3,693
Website &promotional costs 190 1,780
Legal &professional fees 760 760
Water &miscellaneous expenses 2,325 809
Support costs (Note 9) 9,121 11,263
27,014 27,148
Carried forward 142,842 110,532

EXPENDIT UR E ON O TH ER CH ARITAB LE AC TIVITIES ( con tinued ) )
2022 2021
Brought forward 142,842 110,532
Site ofSpecial
Scientific Interest: Secretarial salary & on-costs 633 805
Insurance 33
Repairs and maintenance 50,412 40,220
Legal &professional fees 3,809 830
Other miscellaneous costs 79
Support costs (Note 9) 820 955
55,786 42, 810
198,628 153,342
ENDOWMENT FUND
Depreciation of Almshouses 40,278 40, 278
40,278 40, 278
TOTAL ALL FUNDS 238,906 193,620
ANALYSIS AND ALLOCATION OF SUPPORT COSTS
Support costs, as detailed below, have been allocated to resources expended as follows:
Su ort Costs
Governance Office Accounts & 2021
Costs Costs Finance Total Total
RESOURCES EXPENDED:
General Fund:
Expenditure on raising funds:
Commercial property management 989 1,004 5,335 7,328 7,555
Investment management 5,335 5,335 4, 634
Expenditure on Charitable Activities:
Grants payable 10,954 11,114 10,669 32,737 40, 821
Almshouses 5,406 5,485 4,268 15,159 17,812
Old Grammar School 1,650 1,674 533 3,857 5,039
Allotments 4,263 4,325 533 9,121 11,263
SSSI 407 413 820 955
23,669 24,015 26,673 74,357 88, 079

14 INTANGIBLE FIXED ASSETS 31-Dec-22 31-Dec-21
Cost
Brought forward 6,932 6,121
Additions 811
At 31December 2022 6,932 6,932
Cumulative
Amortisation
Brought forward 1,323 439
Charge for the year 3,959 884
At 31December 2022 5,282 1,323
Net BookValue
At 31 December 2022 1,650 5,609
At 31December 2021 5,609 5,682
Intangible
assets represent Basic Payment		 Scheme entitlements.
15 INVKSTMKNT PROPERTIES 31-Dec-22 31-Dec-21
Valuation
at the beginning		 ofthe year 2,507,500 2,520,000
Additions
at cost
Unrealised
gains/(losses)		 on revaluation 259,500 (12,500)
Valuation
at the end ofthe year		 2,767,000 2,507,500
Historical cost at the end ofthe year 562,312 562,312

16 INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO INVESTMENT PORTFOLIO 31-Dec-22 31-Dec-21
Market value at the beginning ofthe year 17,216,856 15,383,883
Acquisitions at cost 1,955,214 2,811,165
Sales proceeds Irom disposals (2,330,477) (2,798,778)
Realised gains/(losses) on disposals (15,351) 215,463
Unrealised
gains/(losses)		 on revaluation (1,589,&46) 1,605,123
15,236,396 17,216,856
Cash at bank on deposit/awaiting investment 352,838 30,548
Market value at the end ofthe year 15,589,234 17,247,404
Historical cost at the end ofthe year (excluding cash) 12,845,647 12,902,545
The realised gains/(losses) on disposals are shared between funds
as follows:
General fund 50,137
Endowment fund (15,351) 165,326
(15,351 215,463
The unrealised
gains/(losses)		 on disposals are shared between
funds as follows:
General
fund		 (83,858) 95,550
Endowment fund (1,505,988) 1,509,573
(1,589,846) 1,605, 123

16 INVESTMENT INVESTMENT INVESTMENT INVESTMENT PORTFOLIO (continued) PORTFOLIO (continued) PORTFOLIO (continued) 31-Dec-22 31-Dec-21 31-Dec-21
O/0
Managed by MHA Caves Wealth
(no individual holding exceeds 5 /0 ofthe total portfolio)
UK Fixed interest securities and Treasury
stock		 163,672 1,05'/0 186,463 1.08Y0
UK Equity shares 572,841 3.67'/0 981,346 5 69o/0
UK investment trusts, unit trusts and OEIC's 2,630,712 16.S8'/0 2,517,640 14.60Yo
Overseas equities 132,840 0.85'/o 114,975 0 67Yo
Cash on deposit 14,641 0.09'/o 14,916 0.09YO
Managed by Cazenove Capital Management
UK Bond funds Schroder Sterling Corporate Bond 192,160 1,23'/0 255,200 1,48YO
Schroder ISFStrategic Credit C 305,111 1.96'/0 346,154 2.01Yo
Treasury Stock Index-Linked 1.25'/0 2027 175,523 1.13'/o
International Bond funds MU Lyxor Core US TIPS 247,938 1.44Yo
Federated Homes Unconst. Credit Fund 101,722 0,65'/o 121,396 0.70Y0
Charity Equity Income Fund 502,873 3,23'/o 569,825 3.30Y0
Trojan Income Fund (Class S) 538,841 3.46'/0 630,791 3.66Yo
Findlay Park American
Fund		 Inc. 804,116 5.16/o 1,189,511 6.90Y0
M&G Global Dividend
Inc.		 688,041 4.41'/0 676,874 3.92Yo
Fidelity Global Dividend
Fund (Class W)		 662,217 4.25'/o 677,387 3 93o/0
Schroder Asia Alpha Plus 428,063 2,75'/o 481,713 2 79YO
Blackrock European Dynamic Fund 224,595 1 300/0
Atlas Global Inirastructure
Fund		 124,926 0,80'/0 120,036 0.70YO
Wellington
Global Health Care		 113,473 0.73'/0 113,590 0 66YO
Polar Global Insurance
Fund		 158,824 1.02'/0 129,534 0.75Yo
Robecco BPGlobal Premium Equities 291,845 1.S7'/o 270,940 1 570/o
Spyglass US Growth Fund (UCITS) 65,547 0.42'/0 153,830 0.89Yo
RWC Global Emerging
Markets Fund S		 118,897 0.76'/o 141,887 0.8ZYo
Schroder Global Equity Income Class L 242,675 1.41Yo
Ninety One IIIGlobal Enviromnent Fund 220,444 1.41'/0 253,204 1.47Yo
William Blair U.S.Small Mid Cap Growth 142,110 0.91'to 164,136 0 950/0
T.Rowe Global Technology
Equity		 Fund 155,753 0.90Yo
Neuberger
Berman US Large		 Value Fd I4 305,760 1.96'/0
Alternative Investments The Charities Property
Fund		 561,005 3.60'/0 608,941 3 53o/o
Brevan Howard Abs. Return Gov. Bond 118,498 0.76'/o 111,575 0.6'5Y0
iShares Physical Metals - ETCon Gold 161,424 1.04'/0
L&GMulti-Strategy
E'hanced		 Commod. 199,115 1.28/0
Portfolio Funds Troy Asset Mgt Trojan Fund SInc. 271,779 1.74'/0 449,302 2.61Yo
Cash on deposit 338,197 2.17/0 15,632 0.09Yo
Managed by CCLA Investment
Management
COIF Charities property fund 904,163 5.80'/0 1,026,370 5.95Yo
COIF UK Fixed interest fund 40,886 0.26'/o 46,738 0.27Yo
COIF Investment fund Income Units 2,972,288 19.07'/o 3,363,390 19.50Yo
COIF Investment fund Accumulation
Units		 258,913 1.66/0 284,515 1.65Yo
COIF Global equity fund 307,767 1.97'/0 358,632 2.07YO
15,589,234 100.00/0 17,247,404 100.00YO

DEBTORS 31-Dec-22 31-Dec-21
Accrued income 21,940 23,552
Prepayments 6,750 5,839
Other Debtors 6,074 3,600
Income tax recoverable 2,943 8,017
37,707 41,008

CREDITORS PA.YABLE WITHIN ONK YEAR
31-Dec-22 31-Dec-21
Accruals 69,612 40,263
Other creditors 24,059 35,964
Taxation &Social Security 523 49
94,194 76,276

Realised and Transfers
Unrealised from Transfers to At 31
At 1 Jamiary Gains or Designated Designated December
2022 Income Expenditure (Losses) Funds Funds 2022
Unrestricted funds:
General funds
Revenue 687,590 696,704 (859,918) (83,858) 555,912 (214,804) 781,626
Designated funds
For Grants:
Charitable
grants		 208,490 (223,330) 145,904 131,064
Church of.St. Peter &
St.Paul, Great Bowden 50,000 50,000
Relief in Need grants 90,000 90,000
Educational grants 51,114 (75,889) 68,900 44,125
Educational bursary 256,693 (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 10,352 10,352
Endowment fund 20,918,161 (97,445) (1,261,839) 19,558,877
22,352,400 696,704 (957,363) 1,345,697) 20,746,044

The movements in funds in the previous
fin		 ancial year w ere as follows:
Realised and Transfers
Unrealised from Transfers to At 31
At 1 Gains or Designated Designated December
January 2021 Income Expenditure (Losses) Funds Funds 2021
Unrestricted funds:
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
Carried forward 1,354,701 675,410 (751,911) 145,687 1,423,887

Realised and Trans fers
At 1 Unrealised from Transfers to At 31
January Gains or Designated Designated December
2021 Income Expenditure (Losses) Funds Funds 2021
Unrestricted
funds:
Brought forward 1,354,701 675,410 (751,911) 145,687 1,423,887
Restricted fund:
Income fund 6,087 4,265 10,352
Endowment
fund		 18,9S1,642 3S4,540 (110,420) 1,662,399 20,918,161
20,342,430 1,064,215 862,331 1,808,086 22,352,400
ANALYSIS OF NET ASSETSBETWEEN FUNDS
As at 31December 2022 General Designated Restricted Endowment
Fund Funds Fund Fund Total
Tangible fixed assets 130,091 1,763,647 1,893,738
Intangible
fixed assets		 1,650 1,650
Investment
properties		 2,767,000 2,767,000
Investment
portfolio		 230,668 395,189 14,610,539 15,236,396
Cash held for investment 352,838 352,838
Sundry Debtors 37,673 34 37,707
Cash at Bank on Deposit 456,036 10,352 84,275 550,663
Cash in hand 246 246
Current Liabilities (73,088) (21,106) (94,194)
Total Net Assets 781,626 395,189 10,352 19,558,877 20,746,044
As at 31December 2021 General Designated Restricted Endowment
Fund Funds Fund Fund Total
'E
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

31-Dec-22 31-Dec-21
Payments
due in respect ofleases expiring:
Within one Year 574
In two to five years 1,147
Total 574 1,147