2023-12-31-accounts

MARKET HARBOROUGH AND THE BOWDENS CHARITY (A Charitable Incorporated Organisation) ANNUAL REPORT AND FtNANCIAL ST ATEMENTS YEAR ENDED 31 DECEMBER 2023 Charity Regtstered Number 1157787

MARKET HARBOROUCH AND THE BOWDENS CHARITY REPORT AND FINANCIAL STATEMENTS YEAR ETr4DED 31 DECEMBER 2023 cor+lTENfS Pages Report of the Trustees I to 8 Ind￿)￿dent Auditoes Report 9 to 11 Statement of Financial Actiyities 12 Balance Sheet l3 Statement of Cash Flows 14 Notes to the Finallc1￿ Stat¢m¢nts 1Sto32

MARKET HARBOROUGH AND THE BOWDENS CHARITY REI PORT OF THE TRUSTEEI S FOR THE YEAR ENDED 31 DECEMBER 2023 The Trnstees present their report along with the fioan¢ial stat¢ments of Market HarbOrOu￿ and Th¢ Bowdcns Charity, f%he Chatity") for thc ycar ondcd 31 Decemb¢r 2023. The financial 8tstements have been prcparcd in ACcorda￿c¢ with thc accounting policies set out in note I to the financial sratements and comply with the Charity's Constithtion, the ChaTiti¢s A¢t 2011 and Accounting and Reporting by Charities: Staternent of liecommcndod Practice applicable to charittcs pr¢p8ring their accounts in accordance with the Fitwicial Reporting Standard applicablc in thc UK and Ropublic of Ireland IFRS 102) issued in October 2019 ("SORP (FRS 102}"). REFERENCE AIYD ADMANISTIL4TtVE DETAILS Charlty Name Market Harbornigh Lnd Th¢ Bowd¢n$ Charity Charity Registritioll Number 1157787 S¢#tus- Cbaritabl¢ Incoryorat¢d OrgaDisation Prin¢ip*l Office Addres$ 10, Fairfield Road, Market Harborough, Leicestershire, LE16 9QQ Trusle¢$ Th¢ mcmbers of the Board of Trustees who ￿rVed during the year and at the of this report are as follows.. Appolllted Trustoe$'. Mrs S Bcrridgc Mrs J Balme Mr G B￿¥¢On Mrs R Corfield Mrs c r)avies Mr J F￿VYoUr QPM Mr E Green Dr S Hill Prof. W Jones Mr G Kellie Mrs L Kvatch Mrs K Mcrryweather Mrs L Rhodes Mr A Wali¢rs Mrs J A Williams Appointed J l August 2023 Appointed 31 August 2023 Chair Appointed 18 Septernber 2023 Retired 23 February 2023 Appointed 31 August 2023 R¢tir¢d 31 August 2023 Nominated: Ms E Elliott ChArity Se¢retsrY Mrs W. Hemp50n Accountants and Audltors Edward Thomas Peirson & SoJ]s, 21, The Point, Rockn"llgham Ro Market Harborough. Leicestershire, LE16 7NU Sollcltors BHW SolieitotB, I Smith Wky, L¢i¢¢st¢r LE19 ISX Bank HSBC plc. 15 High Street, Market HarboTough, Leicestershire, LE16 7NN Investment ManAger$ Up until April 2023: MHA Caves Wcalth, Lockgates House, Rushmills, Northampton NN4 7YB Cazenove Capital Management Limited, I, London Wall Place, London Wall. Lonéon, EC2Y SAU CCLA Invcstmcht Mankgcment Litnsted. One Angel Lat]e. London, EC4R 3AB From April 2023.. Mcr¢r LLC, al Buildingi 5 George Square, Glasgow, G2 IAR Land Agents Fisher Gemmn LLP, Innovation House, Welland Business Park, Valley Way, Market Harborough, Leicestersbire, LE16 7PS PaRe I

MARKET HARBOROUGH AND THE BOIIDENS CHARITY REPORT OF THK TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 0￿￿CTIVEs AND ACTIVJTIES Objectlves Th¢ Charity's area of benefit is the 'Urban are& of tLiee$t¢r8hirc ccntrcd on Market HArborough, Great Bowden Hnd Littlc Bowden, In sumn]kry, the objects of the Churity as set out in its eonstitutioll, are.. Swh ch8Tithblc purposcs for thc gcncral bcncfit of the inhabitants of th¢ arca of b¢nefit as the TnLgtees think fit for wbich provision 18 not madc out of r&tes, taxes or oiher publi¢ fun(ts. 2. Thc ￿lie[ ¢ither gcncrally or individually of w$id¢nts in tlie area of bcncfit who arc in conditions of need, hardship or distrc88, but not dirwtly in r¢li¢f of rntes, taxes or otlier public furlds. Thi8 is referred to in the objccts as"Rcli¢f in Nccd" In exceptional circumstances the Trustees may grant rcli¢f to individual8 oihenvise eligible who are resident immediately outside the area of benefit. Education - the proTrision of financial help to enable suitable appliC￿ts over the age of 16 and rcsident in the area ofbenefit to underfake programmes of study in further or higher education, or training towards vocational qualificatio￿ W￿l¢h they would otherwisc bc le￿ able to afford, and 4. The maintenance and rep&ir of the f&bric of the Parish Church of the ecclesiastic￿ parish of St. Peter And St. Paul, Grcat Bowdcn. The aniount applied in this respect is restricted to 20/0 of the Charit￿S income in any three-year peri￿. Before applying the income of the Charity in support of these objects the Trnstees must first defray the costs of maintaining the Ch￿￿ty'S property lill¢luding that held on trustby the Charity) and the costs, charges and expenses of administcring the Charity. Activitics The Charity's principal activity is grant making for the generAI benefit of the public, relicf-in-nced payments to individuals largely rcferred to the Charity by welfare agencics, and educational grants prcdominantly to prospective undergraduates. Grants are al80 awarded, in consultaiion with the Parochial Chur¢h Collneil, as and when requircd towards the maintcnallee and repair of the fabric of the PArish Chuwh of th¢ ¢cclcsiastical parish of St. Peter and St. P&ul, Grcat Bowden. Outsid¢ of dirwt grant provision, tlie Charity has fourteen fvIIy Serviced flats, two looal allotTncttt sitey and, in conjunction with the L¢i¢est¢rshire and Rutland Wildlif¢ Trust, protccts and enhances the ecological valuc of a Sit¢ of Special S¢ientifi¢ Inter¢st on land that is held within its inv(%imcnt property portfolio. inally. Ihc Charity has sincc 2005 owned 24 17th Ccntury building known as thc Old Grammar Sch4)ol which is listed landmark building in thc town of Market Harborough of significant historical, ¢ultUTal and architectural importallce. The undercroft is available for rent whilst the function room commenced use as the administsative office for the Charity on a temporary basis in 2023 so d)at the principAI officc could bc used by others (see lator>. GrAAt Makillg Policy The Charity has devised statjdard application fom)s for grant applications available through its w¢bsite www.InlibclidriJt .co.uk with each Application considered by a ¢onJmittee of trustees for probity, fit with th¢ Charity's constitution aiid availability of budget. The Strategic Plan developed in late 2022 continiied to identify priorittes as follows.. Vulnerable people of all ages Mental health wellbeing and ill-health prevention Incorporating environmental, social and governan¢c IESGI ¢lern¢nts to all aspects of the business of the Charity At th¢ tirne of writing, tlie strat¢gic plan is On￿ again under review. Grant making rcmains larg¢lyun¢hanged", but the trustees are seeking to mak¢ more proactive use of its local assets for greater public benefit. Pa￿¢ 2

MARKET HARBOROUGH AND 'fHE BOWDENS CHARtTY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 21123 OBJECTIVES AND ACtIVITIES (contlnued) Voluntsers In mecting these aims, cach of thc Tn￿t￿8 provides the Charity wtth many hours of service on a voluntarybasi& but the Charity has no particular requirement for volunteers outside of the trustee body. No fit￿n¢1￿ vdue is attributed to this voluntary work in the financial statcmcnts. Publlc beneflt l-h¢'l'rust¢C5 confirm that they have complied with their duty to have Ilue rcgard tt) the guidance published by th¢ Charity Commission on publi¢ benefit when rcviewing the Charity's aims and objcctivcs, in planning futt]r¢ Y4Ctivities and in setting the grant making policy for the ycar. ACHIEVEMENTS AND PW,RFORMANCY. Two substantial changes took pl&ec during 2023 [￿melY allowing the principal office to be ￿ed by other charities ttnd stcpping ttwAy froin ￿MshousC provisiott. Thc prin¢ipal offic¢ had not bccn uscd to full capacity- a situation which liad been exacerbated during the eovid pandcmic when hybrid working flourishcd. Other charities had applied for grants to fvnd their relltal costs which the trustccs had wantcd to support. 'fhe trustees alld staff contrived to move out to the Old Grammar School as A temporary base, to lease their principal office at a peppercorn rent to Social welf￿¢ charities to use as, intcr alia, a dmFill centr¢. Thefoiirteen almshol￿eS forining part of the Charity's endowrn¢ntwer¢ det¢rn]in¢d to be rcdundant. This followcd a two-year review, coThsultation with the residents, ¢Ktensive collsidcrdtion by trusttxs and a failllre to secure any applicants for vacant fiats. The conclusion was that th¢re was no ii¢cd for almshouscs for'd)c poor, in the area of benefit. 14aving considered the options, thc trust¢¢s sitting a% mcmbers of thc CIO at a gcneral m¢¢ting resolved to step away from almshous¢ provision subjcct to their ¢ontinu¢d support of Cxisting almshou$¢ irsid¢nts. Grant making contiMi¢d and is highlighted below. Institutional gT4nts PayTnents of grants to institutions in the financsal year amounted to £180,377 {2022'. £218,330). I'he largest grants were as follows.. VASL Core Running Costs for a five-year period £34,664 Market Harborougb Communitj. Bus cowards a new minib￿$ £30.000 Ilotnc-St&rt South L¢ioc5ter5hirc Family Kttow-How PTQj¢Ct £20,000 B¢a¢on Care & Wellb¢ing Café Wellbeing drop-in café £19,750 VASL Wellbeing Belnellding projeet cosls £16,560 Harborn￿l Christian Collngellittg Servi¢e OperAting costs £12,500 Relief in Need All applicatLOllS for individual assistance are treated in complete confidence. During 2023. 54 applications (2022.. 92) were supported gnd the Charity was able to provide a variety of llew household items, such as carpets. sofas, and white goods. The single largegt grant was for a sensory room for a seriously disabled child. Gift cftrds had bccll issucd in prcvioL5 ycars for vulncrabl¢, Icss adv2ntagcd familios to li¢lp thcm buy Christmas prcs¢iit$ for thcir childr¢n. However, the absence of feedback led the trustees away from such gifts in 2023. EdU￿tion The Charity continued its support of undergradwdtcs. Atotal of10812022.. 108) awards were made. Trnstees invited bids from any aspiring student: applitation fornts were assessed, and all candidates were intetviewed prior to any grant offer being made. TnLStees bclievc that such a PTocess propcrly ittfoms their eonsidcrltiort about who to &w&rd 8 grant to as well as being exccllcnt cxpcricncc for thc young people thcmsclvcs. P8Re 3

MARKET HARBOROUGH AND THE BOWDENS CHARITY RLPOII-I, OF TEIE TRUSTEEI S FOII'I'HL YEAR fi NDfiD 31 DFCEMBER 2023 ACHIEVEMFNTS AND PERFORMANCE (eontlnued) Almahou$É* As alluded to in tl)c 2022 tnjstcos annual rcport and mcntion¢d above, the Charity no longermaintait)s almshouses. The residents who wcrc in occupation when that d¢cision was made will continuc to clljoy their supported accommodation until tlicy Icavc or find thcmsclvcs no longcr able to live ind¢pcndcntly, The ￿t￿re of the propcrties themselves has not yet been dctcmiined, but for the immcdiatc future they will COmPri5c 'almshouse' residents (charity beneficiaries} who niakc a nuintcnance contribution bclow marlcet price, and E]CW tcnftnts who will pay a market related rent. The latter will bc on siwrthold tenancies to fa¢ilitatc whAtever cl)anges the trust¢es decide are appropriatc in due course. All(tytments The two allotmcnt fields arc fully occupicd and havc sccn their presentation improycd throughout the y¢ar. Thi$ has iiicluded new sccurity in the form of fencing and gates, as well as the clearancc of rull-down plots and renovation of ponds 8t Stevcns Strcet. Thcsc incrcased Costs are reflected in a material upturn in ¢xp¢ndityr¢ on allotments of £63.111 {2022.. £27,014). Site of Spe£ial Seientific Interest I'here is a Site of Special Scientific Interesl I"SSSI"} on part of the farniland, owncd by the Charity for investment purposes. which is managed by the Leicestershire and Rutland Wildlife Trust. Dir¢ct costs of £14,003 (2022. £55,786) were incurred on this site durittg the year. Church of SL Peter & St. Pawl Great Bowden During the y¢ar. the Charity received applications from the Great Bowdett PCC for assistance with thc Cost of repair and maint¢nance of the Church of St. Peter & St. Paul amoulltiDg to £670 (2022.. £10,695). Grants w¢re awarded in settlem¢nt of thcs¢ applications in accordanc¢ with tbe Charity's objects. FINAf4CIAL RLVIEW Revsew of major risks The Board takes comfort frorn the fact that its iticome has for many years been well in exc¢ss of its requirement to ¢ov¢r op¢rational expense5 alld core 8￿]lgIVIng. HowEvei, a5 mentioned last year, a review of tl)e p¢rformance of inv¢stm¢nt assets led to the move of all of LILe illvestment endowtn¢nt to M¢rLer which took pla¢¢ largely in March 2023. The last ytar has involv¢d th¢ tnLsk¢s dttv¢loping their ullderstandittg of the new portfolio to ¢nsur¢ income and growth meet their expectations. 'I'h¢ diyerstficati(Fn of illyest￿e￿tS required by trustees to mitigat¢ against imnecessary volatility in the tnarkets is pr¢s¢nt Ill th¢ Mercer product. Tlie Cl)arity has adopted an investment strategy to provide (or present and future b¢nefi¢iari¢$ with appropTlate diversification to avoid unnecessary risks. The Estates conllnittee had to abandon plans for tbe developinenl of plans for a Wellbeing Campus ott a particulat $it¢ becius¢ of a change in demand from other local chatities both in ternis ol capacity and locatioll. Anotlier ¢hatsg¢ o¢cuning al the titne of writing WAS the notice given by d tenant to leave their leased r¢tail premises whiGh tri¥g¢rs a ptst¢ntial £80k r¢du¢tion in illeom¢. The new governance committee has in its plans dn intention to r¢view the Charity's ititernal financial controls. The systems that evolved to maintuin operations duTing the covid pand¢LlliQ and thereafter are recognised as not fit for purpose and will be revised to provide proper protections for the CIO, staff and trustees. The Board continues to engage a firni of Chartered Accountants to oversee all asp¢cts of bookkeeping> provide quaiterly martAgement accounts and to draft tlie annual fLnancial statements. Pa%¢ 4

MARKET HARBOROUGH AND THE BOWDENS CHARII'Y REPORT OF THI TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW (contlnued) Finanel#l Investment performADee Income from tbe investm¢nt portfolio (excluding investment propertics) reduced by approximately 3 It/* compar¢d with the previous year to £130,023. The valuc of thc invcstmcnts under Merccr had risen by approximately £775k (4.980/0) Compared to thc cud of the previous year. Whilst this has not had an impact on operational perfornianc¢, it hus caused the trustees to revisit their understanding of thc Mcrccr portfolio. Managers have been intervicw¢d by the Finance cornmittee accordingly and the PTOPOSition to move to & total retum approach is being considered. The growth of 4.980/0 comparcs with increases of 3.85 /v itt the FTSE All Share index and 3.78 /0 in thc FfsB I(X> index over the same pcriod. However, due to tlie relatively e&utious and balanced investtnent strategy, which is adopted by the Charity, a more suit&ble bcnchmark could be the MSCI WMA Private Invcstor B&lanced index which, by 10.1 l % over the year. Messrs Fisher Gernian LLP. Chartered Survey(>rs tsnd¢rtook a fvll valu8tion of thc Charity's property portfolio, both held lor Inv￿tment and operational usc, as at 31 Dccemb¢r 2023. Whil$t th¢ investment properties are revalued amJuAlly tlic opcr&tional properties wer¢ last rcvtlucd on 31 Dccomb¢r 2020. This has resulted in a net increases of £15,561 and £233.834 in the carrying valuc of thc invc8tmcDt pr()p¢ni¢5 and operational propertie respeetiv¢ly. The net investment propcty gain is split b¢twcen'. a gain of £46,561 in thc Charity's Ptincipal Office whieh, as cxplaincd tbove, is hcld within th¢ General Fund for Social Investment PUTPOWS; and a loss of £31,000 in thc PTOPCrtic$ h¢ld within tho Endownont Fund. Rcntal incomc from the investm¢nt prop¢rti¢s (which include farmland, paddocks shops) for th¢ year was £116,927 ¢omp&rcd with £98,172 in 2022. This represents an investment yield of approKiTnat¢ly 4.270/0 bAsed on thc lat￿t valuation (cxcluding the Charity's Princtpfjl Office}. Income from the ¢haritablc activities including the almshouses, Old Grammar School and ￿lIOtments w8s slightly lower 8t £99,039 Compared witb £115,725 in 2022. Volwitary incom6 and othcr illcoming resources contributed a further £534 (2022.- £2,068) in th¢ y¢ar. The cost of generating funds was £28,956 (2022-. £84,462) of which £26,564 {2022-. £27,925) has been mot from the General Funds and £2,392 {2022.. £57,167) from the Endomrynent Fund. The largc redu¢tion ITh expendituro from the F.ndowment Fund is the result of the different way in which Mereercharge investment rnanagerncnt f¢¢$ compared with the previous fund matMgers. The provision of grant funding (including support costs) totalled £374.103 (2022.. £633.995} and cxpcnditure on othcr charitable activities lexclllding grants) wtts £253.104 (2022.. £238.906), of which £40,278 rclated to tlie depreciation of the a]n￿houseS atsd was eharg¢d against th¢ Endowm¢nt Fund Flnanell positSon At the elld of the year Unreytrieted General and Designated Funds As 8 result of the movement in resoLwceg refetted to above the net outgoing re80UTCeS from the General Fund for the year, before gainsllosses on investments and transfers tg/from d¢signated reserves, amounted to £66,970 compared with £163,214 in tlie previous year. Ill addition to th¢, gain referred to abov¢, of £46,561 on tile revaluation of the propcrty, realised and ullreab.srd gains of £38,328 w¢r¢ r¢port¢d on Ben¢r21 ￿nd iDvestmeDts with the result that unrestri¢t¢d i'es¢rv¢s have risen by £17,9l9 over the course of the year and stood al £1,194,734 as at 31 December 2023. I'he llel transfer from designated funds to general funds in the year amounted to U4,939 such that, of th¢ total unrestri¢led reserves.. £360,250 hasbeen designated tor specifit purposes (includiiig grants pledged)., and £834,484 represent genexal funds. Resti'ieted lll¢ome Futtd During the year there was no movement in the balance of the Restricted Income Fund which stands at £10,352. Of this sujn, £6,087 is restricted for the payment of grattts supporting musical activities and the balance of £4,265 is restricted for children with special needs. Pale 5

MARKET HARBOROUGH AND THE BOWDENS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR EfiDED 31 DECELIIBER 2023 FINANCIAL REVIEW (contlnued) ElldowmeTht Fund In addition to the expenditure described above. net losseg of £4,298 were realised on sales of stocks within the invesirnenl portfolio durtng the year and unrealised gains of £686,832 were recorded on the revaluation of the portfolio to its market value at the year end. As reported above, reV￿U￿tIon of the property portfolio resulted in unrealised loss of £31,(K)O in the investment ptoperties 9nd an ut]realised gain of £233.834 in tlie operational properties. The iiet effect is that the value of the Endowrnent Fund as$ets grew by £842,698 ov¢r the yeAr and Stood at £20,401,575 as at 31 tk¢¢th¢r 2023. Reserves ptsll¢y Reserves represent unrestrictcd funds aftcr g4ppropriatc provision b¢en made. through dcsign&tcd funds (as described abovc) for.. mceting commitmcnts for grants pledged. maintenance al￿ rep￿r of Ihc Great Bowden church. making Relief in Need and educational grallts: and repairs to all freehold properties, The Tn]stees aim to find projects worthy of support, in accordance with the Charity's objects. such that the grants that ihcy award arc approxirnatcly equlll to the Charity's income ttet of operatiottAI expenses and m&nagement and administration expenses. However, reserves are required.. to allow for unfor&8een reductions in annual incorn¢; and to enable the Charity to provide funds for speeific projeets so that tlLese projects can be undertaken at short otice. T4king these factors into account tbe Trustees consider tho1 the reserves should ideally be within a rang¢ of twelv¢ to ¢i￿te¢ll t]y)nths of the typical outgoing resources of the Charity (excluding amounts specifically Covered by designated reserves) which approximately equates to between £500,000 and £750,000. The reserves at 31 December 2023 amount to £834,484, however, property which is in use for Social Inv¢stm¢nt pu￿ose8 represents £175,000 of this total. Therefore, the net free reserves are £659,484. This level of reseryes li¢s lowards middle of the ideal range and is considered to be acceptable for the immediate needs of the Charity. The Charity's Finance Committee continues to keep the level of reserves under review and in making its assessment it will refer to qiiarterly management Accounts prepared by the Charity's aL¢ountants, inloine proje<tions prepared by the Charity's fund managers and intemally produced cash flow projeclions. Appropriate recotnmendations will then be made to the Board as to the level ol'syants to be awarded in 2024. 1(necess(￿, the level may nttd to be reduced from that of recent years but there is no Materi￿ un¢¢rtainty that the ayarity will be able to COntillu¢ a$ a going ¢on¢¢tn for th¢ for¢s¢¢abl¢ futur¢. PLANS FOR FUTURE PERIODS The Clwity has seen some maierial chAnges in 2023. The managementof the investment portfoliohas been tnoved and ig under scrntiny to ensure it delivers the growth and income required. The withdrawal from ongoing almshouse provision refl￿t$ th¢ requirements of the area of benefit ill & TlllKlcrn w¢lfare stste. The decision to allow th¢ prin¢spal offic¢ to bc uwd by oth¢r ¢haritlC.5 has uscful in scvcral ￿8p￿ts. The way that r¢lationships hav¢ dcvcloped bctwcen l¢a8elioldcrs will bc hclpful in future projects not Icast of which will be how the forn￿[ Wellbeing Campus plans are taken forward. The creativity demonstrated by the tsMstees over their principal office, the notice received from their main retsil tenant and thcir cnihusiasm to makc better of thcir local asscts for public bcncfitprescnts a number of options. Whilst a period of consolidation to allow finances to settle is one optiofy the trustees are still keen to use local a&qets more proactively. They own guch assets, and they reeogllise thatthey ¢ould change out those assets for other nK)re suitablc altcrnativcs. The presentation of iheir next strategic plan ivill properly tlierefore involve furthcr deliberations about th¢ir own opcrating base, facilities that can be made ayailable to others for public benefit and the eytent lo which thcy wAttt to change the profile of their ￿setS to do so. Paxe 6

MARKET HARBOROUGH AND THE BOWDENS CHARITY REPORT OF THE TRUSTEES Oli'l'Hg YLAR ENDED JI DECEMBER 2023 PLANS FOR FUTURE PERIODS (contlnued) Grant giving continues tr> be a rnainstay of the work of the Charity. The General Grallts Committee is increasingly asking applicanls lo demonstr&t¢ public benefit as part of iheir bid. The Education committee is trying tr> focus suppori on those students wlio most need financi81 help to prowss their studies. ￿)d the Relief-in-need committee is en&aged in conversations with support agencies in an effort to find 'stepping stones, not nets, lo fiiid wys for applicants to help Ihemselve$ througl) education or mentoring and thus avoid the cycle of repeated applications for help every time & problem occurs. The trnstees arc alsg trialling a partnership with the Howard Watson sym1n￿￿tt Mernorial Chairty as they httv¢ t]Tre same objectives and area of benefit. Trustees are attendingy eaLh other's meetings, attd they arc jointly employing an administrator with a view to leaming from e8ch other and io provide greater r¢sili¢tsc¢ to botb. STRUCTURE, GOVERNANCE AND MATr4AGEMENT CoverninE Doeument The Charity wa8 registered as a Charit&ble Incorporatsd Organisation on 9 July 2014 and is governed by rl foulldation constitution, which was lagt amended on l Junc 2023. Thc ¢onstitution states that th¢ b(Kly of tTU8tee5 {"thc B0￿rd") sh&ll consist of a minimum of eight trustc¢s and a rD8xiniiim of fifteen gppoillted trustees and one ex offi¢io triistee. The rust fifteen trustees of thc Charity ￿'¢re appointed for teTll￿ ranging from between two and five yeais, whereupon they are eligible f(>r rc-appoilllment. All 5ub5equent appointmentslre-appointtncnL8 are for 8 tcrm of fow years. Orgnisxtion&l structure The Board meets on¢c a quarter to deal with all govcmance and policy matters and has appointed staff to attend to the dty to day running of the Charity. Thrcc grant-gii'ing sub-committees havc bccn cstsblished to rcflcct thc eonstitution namcly.. Ocneral grants, Rclicf-in-need, and F.ducatiott. Operational sub-comTnittcc8 havc bccn established for Fit￿ne¢, Estates, Fl8ts and Allotments. Policy committees have been set up to advise on Govemanee and Environm¢ntul matters. An HR siib-¢ommittee also meets As requircd. The Board rcccives Charity Seeretary's rcport to bring the d￿lS1onS of the sutFcommittees io the attention of the trugtccs as a wholc. Remuneritiort $tructUTe for key management personttel Trustees arc entircly unremunerat¢d. Staff 5&1arie8 are index linkcd with cosl-of-living incremcnts applied each ycar ba8LBJ on a national index. Trustee rocruffitmtnt, iAdu¢tion and training Vacancics are considered from timc to tilne and 2023 saw th¢ appoÉntmcnt of four ncw trustces. The opportunities wore advertised widely, a shortlist drawn up and s¢lcction interviews held. 'I'he new trustees come with a wide cxpcri¢nc¢ including govemance, fillallce, and th¢ eryvironm¢nt obtain¢d in the private and publi¢ sectors. Harborough Disknct Council ("the Coullcil") may appoint one individual to act as an ex-0￿1£10 trustee of the Charity provided that individual is also a Senior Ollicer of th¢ CourLciI. The position of ex officio trustee shall re￿￿1th vacant if non¢ of tli¢ Council's Senior OffiLets are willing to act Ati tbis capacity. Nev/ t￿￿teeS are proytdcd with an induction p¢k including illfornjation on their legal obligations under charity law, tlie COllt¢nt of tkne constitution, th¢ ctrmmittee5 atLd decision-Tnaking processes, strat¢gic review, aLid th¢ recent rinancial pcrformance of the Charity. All trnstee5 will be ¢i￿OUrag¢d to attend appropriate external training events wh¢LE these will facilitate th¥ undertaking of th¢ir rol¢. TRUSTEES, RESPOIYSIBILITIES IN RELATION TO THE FINAbCL4L STATEMENTS The Trnstees are r¢sponsibl¢ for Preparing the Trustees. Report and the financial stateinellts ill aceordance with applicable law and Unsted Kingdom Accounting Si￿d￿rds {Utiited Kingdom Generally Accepled Accounting Practice). PaRe 7

MARKET HARBOROUGH AND THF BOWDELYS CHARITY REPOIII. OTr. IIIL I'RUS'I'LLS FOII'I'HE YEAII LNDLD 31 DLCKMBEII 2023 I'RUSI'ELS, RESPONSIBILITIES IN RELATION TO I'HE FINANCIAL STATEMENTS (contlnued) The law appli¢abl¢ to ¢h&riti¢s in Lngland & Wales require5 the Trust¢es to prepare fiDancial stAtements for each fillan¢ial year wliich give a true and tair view of the state of affairs of ihc Cl￿rity and of thc incoming resources and application of resources of the Charity for that period. In prcparing thcse finan¢ial stat¢mcnts, thc Tr￿¥teeS &re required to: select suitable accountillg policies and apply Ihern consisteiitly. observe the methods and principles in the Charities SORP FRS {102>; makc judgcmcnts and e3tiTtthtC5 that ar¢ rcasonablc and pnident; state whetherapplicable accounting St￿]dardS have been followEd, subject to any material departurc$di￿l0sed and explained in tlie financial statements,. pr¢pare th¢ financial statements ots a goinu conc¢Tu b&sis unless it is inappropriate tts pregume that the Ch￿tY will continue in op¢ratiot]. The Trustees are responsible for keeping accounting records that disclose with reasonable Accuracy at any lim¢ the fitMnCi81 position of the Clwily and enable them to engure that tlie fin£wcial statements comply with the Charities Act 2011, the Charity (Aceounts Reports) Regulatitsttg 2008 and the provisitsns of the constitution. They are ajso responsible for S￿eguardIllg the assets of the Chttrity and hence for taking reasonable steps for the prevention Ind detection of fraud alld other irregtslarities. Th¢ Trnstees are respot)sible for the maint¢nan¢¢ and int¢¥rity of th¢ Clwity and financial inf'ormation included on the Charity's websitc. Legislation ill the United Kingdotn governing th¢ pr¢p8ration and dissemination of finanLial statements may differ from lebsislation in other jurisdiction8. FUND.RAISING STANDARDS IYFORMATION The ChArity does not eatry out any Significant fundriising &¢tivitic$ involving the general public. DECLARATION I declare, in my ¢ap&city of CharityTrustec, that thc Trustces have approvcd thc report above and hav¢ authori8ed mc to sign it on theirbchalf. Jolin Feavyour QPM Chair ofTru5tees Dated 2lJ October 2024 PaRc 8

MARKET HARBOROUGH AND THE BOWDENS CHARITY INDEPENDENT AUDfroR'S REPORT TO THE TRUSTEES OF MARKET HARBOROUGH AND THE BOWDENS CHARITY Opinion Wc hav¢ audited the financial statements of Market Harborough and The Bowdens Charity (tlic "charity.) for the year ended 31 Dc¢¢mb¢r 2023 which comprise the StateTncllt of financial Actiyitits. tlie Bhlancc Sheet, the Cash Flow Statetnent and notes to thc fllwicial ststements, including a summary of significant accounting policic$. The financial reportiThB fram¢work that has bcen &pplicd in thcir preparation is applicable law a￿d Unstcd Kkrtgdom Accounting St&ndards inclllding FRS 102 The Financial Reporting Standard applicable in the UK and Rcpublic of Ireland (United Kingdom Generally Accepted Accounting Pra¢tic¢)- In our opinion the financial sthtem¢nts.' give a true and fair view of tb¢ state of th¢ charity's #ffairy as &t 31 December 2023, and of its incoming r¢sources 2nd application of resources, for the period then ended- havc ￿ett properly prepared in accordance with United Kingdom Generally Accepted Accounting Pr8¢ti¢e,' and have been prepared in accordance with the requirenM)ts of the Cbarities Act 2011. B¥sis for opinlo We conducted our audit in &ccordance with International Standards on Auditiiig (UK} {ISA8 IUK)) at￿ applicable low. Our respon8ibilitÉcs under thosc stAndard8 tre further described in the Auditor's responsibilities for thc audit of the financial statements section of our rq)ort. We ￿¢ indcpcndent off the charity in accordanc¢ with thc etliseal rcquircments that are rclevant to our audit of the financial statCTncnts in thc UK, including the FRC'S Ethical Standard, and we havc fulfilled our other ethical responsibilities in accordance with th￿¢ r¢qu1r¢M￿ts. W¢ belie￿ that the audit evidence we have ob￿ined is suffici¢nt and appropriate to provide a basis for our opinion. Cott¢lusion$ relating to golng concern In audlting the finarLcial statements, we have concluded that tl]¢ directors. us¢ of tILe going concem basi5 of accoutLting in thc preparation of the financial statements is appropriate. B&wd on the work we have perfornied, we have llot idclltified &ny material uncert8inties r¢lating to events or conditions that, individually or ¢oll¢ctively, rnay cast significant doubt on th¢ charitys ability to continu¢ as a going concern for period of at Icast tw¢lvc months from then the financial statements are autl)oriscd for issue. Our re5ponsibilitie5 and the rEspottsibilities of the directors with respect to going ¢onc¢rn are described in the relevant section5 of this report. other Information Thc TnKStces ar¢ responsible for th¢ other information. The other infomwtion comprises the infomiation includ￿1 in the annual rcport artd financial slatements, other than the fllMnci&l stateinents and our auditor'5 report th¢r¢on. Our opittion ou the fillanci￿ statements does not cover the other infornialion and, Cx￿pt to the extent otherwise explicitly sta￿d in our report, we do not express any fgLTn of as$uranc¢ ¢oiiclusion thereon. In connection witb our audit of the financial statements, our responsibility is lo read the other inforn)ation and, in doing so, CODsidcr whethcr the other infornjation is materI￿lY inconsistent with the financial statements or our kngwl¢dge obtailled in the audit or othcrwisc appears to be ll￿terially misstated. If we identify such matcrial inconSis￿￿¢1eS or apparent material misstatements, w£ ar¢ requircd to d¢t¢rniin¢ whcther there is a material misstatcmcnt in the financEal statelnents or a material misslatement of the other infomiation. If. based on the work we have perfonn¢d, we conelude that there 18 & matcrial misstat¢mcnt of this oth¢r inforn￿tIOll, we are required to report that het. We have nothing to report in this regard. Continu¢d Page 9

MARKET HARBOROUGH AND THE BOWDENS CHARITY INDEPENDINT AUDITOR'S REPORT TO THE TRUSTEES OF MARKET HARBOROUGH AND THE BOWDENS CEIARITY (eontinued) Matters on which we are required to report by exeeption We hayc nothing to wport iii r¢%pc¢t of the following matters in relation to which the Charities {Accounts and Reports) Rebiulations 2008 require us tsi report to you if, in our opinion-. the inforn)ation given in th¢ finttncial $tateTn¢llt$ is In￿nSIstcnt in gny matcrial respect with thc Rcport of the TrustQG8,' or sufficient wcountillg records have not been kept. or the finan¢ial statements are not ill weement with the accounting records and returns., or we bave not re￿ived all thc infornThtion and explanations we require for our audit. Re5poBsibiiities of Trustees As explai1￿d more fully in th¢ Trust¢es' Responsibilities Statement (set out on page 9), the Trustees are responsible for th¢ preparntion of finanGial statements wbich give a true and fair view, and for su¢h internal ¢ontrol the Trustee$ determine is n¢c¢$sary to enable the preparatioll of financial statements that are free from material rnisstatemenL whether due to fraud or error. tn preparing the fmancial statements, the TNstres are re8ponsiblc for a$￿$s1ng tht ¢lwity'$ Ability to continue &g a goittg Co￿¢￿ disclosing, 88 applicable, matters related to going concern and using thc going conccrn basis of accounting unless thc TNstccs cither intcnd to liquidate the charity or to ceasc Operations, oi. have no realistic altcrnativc but to do so. Audilor'$ re5POll5ibilities for the gudlt of the flnan¢lal statements We ha￿ been appointed as &uditots u[￿er Se¢tioll 144 of the Chariti¢s A¢t 2011 and r¢port ill aecordallee with regulations )ad¢ und¢r wtion 154 of that Act. Our obje¢tiv¢s ar¢ to obt&in reasonable assurance about whether the financial statements as & whole are free from nuterial n)isstatement, whether due to frnud or error, and to issue an auditor'$ r¢port that in¢ludc$ our opinion. Reasonable agsurhnce is a high l¢vcl of &s$urance, but 15 not 4 guarantee that an audit conductcd in accordance with ISAS (UK) will always detect a material missthtcmcnt when it exists. Mig5tatemcnts ean arisc frotn fraud or crror and arc congidered material if, individually or in th¢ aggregate, they could rcasonably bc cxpecled to influence the economic decisions of uscrs tsken on the basis ot these linantial stalemertts. Irregulartties, including fraud, are ii]stance5 of llOll-co￿plla￿ce wtth laws and r¢gulattOn5. We d¢sign procedures in line with our r¢sponsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to Mdhich our procedures are capable of det¢¢ting irregul4rities, inGluding fraud is detailed below.. the engagement partller ensured that the Cngagcmont tcam collectively Iwi the appropLlatc cxpcri¢n¢¢, ¢omp¢tettce, capabilities skills to identify or rc¢ognise non-compliance with laws and regulatiotLq; through discussions with the trustees at￿ other matwgcmcnt, ￿]d frofft our eotnmercial knowledge of the charity's activities and objeetives, we identifi¢d thc laws and regulations applicable to tlie charity and focused on spc¢ifio law5 and regulations which we considered may haye a ditect material elyect on tbe f]nancial stat¢rnents and operations of the charity- we remained alert to instattces of non-complianc¢ througliout the audit and a58¢5S￿ the ¢xt¢Tht of eon4)liall¢¢ through discussions with management and examination of docun]entation. We as5es5ed the S￿￿eptI7)I1lty of tbe charitys financial statements to material missthtement and obtsined an underst&nding of how hlld might occur by.. making enquiries of managern¢nt as to where they considered there was a susceptibility to frnud and their knowlcdg¢ of any actual, suspected or alleged fraud. and - considering tbe internAI ¢ontrols in pla¢¢ to mitigate the risk of fraud and non-complianc¢ with laws and r¢gulatioD$. Contillii¢d Pagc 10

MARKET HARBOROUGH AND THE BOWDENS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF riiARKET HARBOROUGH AND THE BOM'DENS CHARITY lcontinuedl To address the risk of fraud throiigh managcjnent bias and ove￿Ide of controls, we.. performcd allalytical proceduTCS to id¢ntify unusual OT iincxp¢ct¢d rclalionships; reyiewed the nominal ledger and, specifically, journal ¢ntrics to identify large or llnusual transactions and investlgated them: and we assessed the extent to which accouniing entries relied on a hi¥l) degree of judgemeni andlor estimation and when decincd nccc5sary. 5ueh as for finaiicial assets held at fair value, obtained exter]ial evideiice to support said judbFenient and lor estimaiion. In response to ihe risk of irregulariiies at)d non-compli&nce with laws and regulaiions we designed procedures which includcd.. agreeing finat]cial statement disclosures to supporting d￿um¢nt2tlOn,. readsiig Tninules of trustee I n)anagement m¢¢tings, relevant r¢gulators and Ili¢ charity's professiollal adviser5: p¢rfonning 5ubsianlive procedures on Inat¢rial balances alld tr2nsactions,' and enquiring of management as lo actual and potential litigation and claims. Thcrc arc inherent IiTnitalions in our audit proccdurcs ouilincd abovc. The mor¢ r¢niovcd that laws alld Tcgiilaiions are from financial iransaciions, the less likely it is that we would beconie aware of non-compliance. Auditing siandards also limii the audit procedure5 required to idcntify non-compliance ￿'1th laws and rcgulations lo cnquiry of the trustees and other management and thc inspection of regulatory and legal correspondence. if any. Material misslatenients that arise due lo fraud can be harder to delect than those that arise from error as they may involve deliberate conceal￿¢￿1 andloT collusion. A ￿rthel description of our responsibilities for the audii of the financial stalemet]ts is located on the Financial Reporiing Council's websiie at.. li1￿1¥.1r￿.1Ir￿..u￿.. i?uclIlO¢'>I'I'i OllJibililikS. This description fomis part of our audiior's report. Use of our report This T¢lWrt is mad¢ sol¢ly to th¢ Charity's Trustccs, as a body, in a¢cordancc ￿'1th Part 4 of th¢ Charities (Accounts and Reports) Regiilation 2008. Our audit work ha5 been iindertaken 50 that we niiglit Slate to the charity's Trustees those matters Iv¢ ar¢ r¢quir¢d to stale lo th¢m in an auditor's report aiid for no oiher purpose. To the fullest ext¢nt pen￿tted by law, we do not accept or assume responsibility lo anyone other than the cl￿rity atjd the cliarity's Trustees as a body, for our audit work, for this repon, or for the opinions we have fomied. Edivard Thoma5 Peirson & Son$ Statutory Auditor Chartered Accountants 21, The Point RockinghaTn Road Market Harborough LeicesteTshir¢ LE16 7NU Dated.. 21 October 2024 EdTrtr'ai'd Tlioma.¥ PeIr.￿On & Son.f i,$ elig£hle £0 ll¢i u.¥ nudiiny in igim.f of.fe¢Èion 1212 oflhe CoFPiPanie.f Aci 2006. Pagell

MARKET HARBOROUGH AND THE BOWDENS CHAIUTY STATEMENT OF FINANCIAL ACTivrriKs FOR THE ITAR ENDED 31 DECEMBER 2023 Restricted General Fund Designattd Funds Endowmellt Fund Total 2023 Funds 2022 Note INCOME AND ￿NDOw￿￿Ts FROM: Donations Icgaciei ChgrliAble a¢llvld¢$ 425 425 1.960 99,039 99,039 J15,725 InveStn￿nts. From inve51menl properties From investJLent portfolio Other 116.927 330.023 116.927 330.023 98,172 480,7391 109 ToÈ#l ititome ertdowmthts 546,523 546,523 696,704 EXPENDITURE ON: Rol¥ln2 Funds Ch2rll#ble a¢tlvltI¢s: Provision oFgrant funding 126,564) 12,392) 128-,9561 (84,462) (374.1031 {374.L03} (053,995) oibcr charitable activitics (212,8261 613,493 140.278) {253.104) (238,906) Total expenditure 42,670 656,163 57.363 Net ill¢omel(expenditure} before gain51(105seg) on irtvtytmentS GAINS/(LOSSES): {66.970) {42.670) (109,640) (260,659) Ott Inv¢st￿nI prop¢rti¢s'. R¢alised Unrealised 46,561 {31,IX)n} 15,561 2551,Sflll OTr Illv¢5ttDellts'. R¢alised Unrealihed 16 l6 8.183 30,145 {4,298) 686,832 3,885 716,977 {15,351) {1,589,846) (1,600,350) Net ith¢omel{expelldllvre) before tsn8fern 17,919 608,864 626,783 Nel tr•osf¥r$ belween (unds 19 34,939 134,939) Net Income/{expenditllre) for the perlod OTHER RECOCNISED GAINSIILOSSESI: On ￿valuation oFTan8ibl¢ Fixed A5s¢ts 52,858 (34,939) 608.864 626,783 (1.600,556) 13 233,834 233,834 N¢t movements In lunds 52,858 {34,9391 842.698 860,617 (1,606,356) Tot1 (utsdg brought ftsrn8rd 781,626 395,189 10.352 19.558,877 20,746,044 22,352,400 Tot*1 futtds txrried fonY#rd 834,484 360,250 10 352 20,401,575 21,606,661 20.740,044 All a¢tiwti¢s relatc to crntinuing opmtions. Thc nolcs on p88es 15 to 32 form part of thes¢ financial 8takments. Pag¢ 12

MARKET HARBOROUGH AND THE BOWDENS CHARITY BAJ.AIYCE SHLL'f AS AT 31 DECEMBER 2023 Note 2023 As At 31 Deceivber 21122 Flxed Assets 'I'angible fixed Asscts Freehold land and buildings Fixtllres and fittings Office equipment 1.951,818 1.892,259 1.223 256 1,951,818 1,893.738 IntADgibl¢ fixed As8et8 Basic Payment Schemc ¢ntitl¢mcnts 14 1,650 Investments Investment properties Investment portfolio 15 16 2,911,000 16,364,979 2, 767,000 J5,589,234 19,275,979 J8,356,234 21,227,797 20,251,622 Current A$8ets Debtors C¥h at bank and on deposit Cash inhand 17 31,103 400,469 195 37,707 550.663 246 431.767 588.LfJ6 Credltors p*yable wlthln one year 18 (52,903) (94,J94) Net Currettt Assets 494,422 Net Asjets 21.606,661 20,746,044 19 Unr¢stri¢ted fund$ General fiEnds D&signated funds 834,484 360.250 781,026 395.189 1,194,734 1,176,815 Restricted funds Income fullds Endowment funds 10,352 20,401,575 10,352 19,558,877 TotHI Funds 21,606,661 2Q. 746,044 The fimnoial statements were approved by the trustees on ZIJ October 2024 and sign¢d ots their behalf by.. John Feavyour QPM- Chair Kerry M¢rryw¢ath¢r- Tru8te¢ The no¢e8 OD pages 15 to 32 form part of thes¢ fitvdncial staten￿llts. Page 13

MARKET HARBOROUGH AND THE BOWDENS CHARITY S'I'A'I'EMENT OF CASII fiLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 Total 2023 Total 2022 CASFI FLOWS TrJIOM OPERA'I'ING ACTivrrIEI S: N¢t m(Trv¢menL8 iti tunds per Statement of Financial Activitie5 Adjustments foT'. Depreciation & AmortiSg4tion Charg(% (Gain8)ILosses on inve8tment properties.. Realised unre￿ised 860,617 (J,606,356) 48.965 54.694 (15,561} (259,500) (Gains}tLoss¢$ on investments.. Realised Unrealised (3,885) (116,977) 15,351 J.589.846 Dividellds. rents and interest receivable from.. Inve8tm¢Tht properties Investtllents (116,927) (330,023) (233,8J4) (7,4881 141,114) [98. 172) (480,739) (GainsyLossu on revaluation of Tan¥ibl¢ Fix¢d Assets {In¢r¢&8¢lTr¢r&￿e in Debtor IncreaseJ(DeLr¢ase) in Creditors 11.173 17.S)18 Net ca$b used operllittg activitie& (556 227 755, 785 CASH FLOWS FROM INVESTING ACTIVITIES: Rents received from inve$ttll¢nl properties Dividends and intere&t received from investments 129,667 331,164 87,097 483,Q76 Procceds tsf Sale of Investments 17.608,034 2,330,477 Puwhase of Inv¢$tmenls (18,015,721) (1,955,248) Net eAsh provided by lllvestlng Actlvitles 53,144 946,302 NET CHANGK IN CASH IN THE REPORTING PERIOD (503.083) 190,5J7 Cash brought forward 903,747 713.230 CASEI CARRIED FORWARD 400,664 9Q3,747 Cash Carrled Forward represents: CAsh held in investment portfolio &w8lting investmertt C￿h at baljk a￿d in ha￿d held OTh instant ac¢¢ss and short t¢r￿ deposits Casb in Hand 352.838 550.663 240 41>0,469 195 400,664 gQ3, 747 The notes on pages 15 to 32 form part of these financial statements. Pag¢ 14

MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINIKNCIAL STATEMENTS FOR THE YEAR ETriDED 31 DECEMBER 2023 PRINCIPAL ACCOVNI'ING POLICIES (a) BASIS OF PREPARATION The financial stat¢rnents hav¢ bKn Pr¢pttr￿ in a¢¢ordanc¢ with.. Acc(Trunting and Rcporting by Charitics.. Statcm¢nt of Rccon]mended PTaGtice applic&ble to charities prcparing thcir accounts in accordanc¢ with the Financial R￿orting Standard applicablo in th¢ UK and Republic of Ireland {TrRS 102) issu¢d in October 2019 {"SORP (FRS 102),); The Financial Reporting Standard applicabl¢ in the United Kingdom and Republic of Ireland (FRS 1021 {"FRS 102,1. The Charities Act 2011. arnd UK Generally Accepted Practtte, The charity Lonstitutes a public benefit entity as defined by FRS 102. The fltwnc1￿ statejnents h&ve been prepared to give a 'true and fair, view and have departed from th¢ Chtirities (Accounts and Reports) RegulatioTh% 2008 only to the extent required to provide a 'tnAe and f&tr view,. This departure has involved following SORP (FRS 102} rather than the Accounting and R¢porting by Clwiti¢$.' Statemen¢ of R¢¢omm¢nd¢d Practic¢ ¢ff¢ctivc from l April 2005 whi¢h IIAS since been wthdiAwn. Th¢ going concern basis and historical ¢ost ¢onventiorL. as modificd by the inclusion of freehold land aDd investments at tair value, have been used in preparing the fittanci81 statem¢llts. (b) GOING CONCERN ASSESSMENT The Tr(￿te¢S consider that th¢r¢ are rnat¢rial unceTtsiUties abgut th¢ Ch8rity's ability to Continue &8 a going concern. The most significant area of uncertainty. which &ffccts the continuit)g income of the Charsty, at¢ th¢ Icvels of investm¢nt return and p¢rfom)ance of investment MaTk￿8. Note 16 to the finartcial statetnents provid¢s dct&il of the action taken by the Twstees to mitigate the risks involved. Designated reservcs hav¢ becn ¢5tabli$h¢d to cnsitrc that adequat¢ funds are available to iD¢et plcdges illade by the Charity at the balance shcet datc in the event that thc &%SOCAated eollditions are met by the intended beTheficiaries. The Covid-19 pattdemic and the subsequent war in Ukraine ereated ttwmil in the financial markets with the result that only durillg the CUTTent year did the value of the inve5ttnent portfolio r¢¢ov¢r to it$ pre-pandemie level. At 31 Dec¢tnber 2023 the v￿ue of the portfolio exceeded its pre-pandemic level by approx]n￿telY £650,000. InvcstNcnt rcecipts tlso fcll in rcsponsc to thcse two evenL% and as & result of the of thc change in inv&%tmcnt managers. Lower investmcnt Tcturns are expcctcd to continuc for thc foreseeable futur¢ and the Tntstees are ¢urrcntly considering adoptillg a total return approach to investn]ent. In thc mcantime, the Charity has s¢t realistic projectiotts of its investment income receivable in accordance with advice from its invcstmcnt managers. I'ypically only beiween 300/0 and 400/0 of atinual income is r¢quir¢d to ¢over tlie Cbarity expenditure other than the paym¢nt of grattts. Therefore, whilst the Tntstees aecept that kFrant making may have to be restricted to 4 lev¢1 b¢low that of recent pre-pandemic yeaiB they confidently expect that die Charity will hav¢ th¢ cash flows lo be able to satisfy existing pled¥es and to Continue to make meallingful granl 8wards for the foreseeable ￿ture. Page 15

MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FIISAtSCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 202J (c) INCOME RECOGTr41TION All incoining resources are included in the Stat¢ment of Fin8ncial kntivities when the charity is legally entitled to the income aller any perfonnanLe condititsns have been met, die amount can be measured reliably and it is probable that the incorne w511 be r¢ceiv¢d. CharltAble attivitie$ In¢om¢ COMPTises COlltribution5 due froin the tenants of the FJlmshou8es and r¢nls and similar amounts receivable from the Cricket Club, SSSE, Old Gtttmn￿r School alld the allotments. These properties &re hcld for clwit&ble purpo￿$ and the income arising represents less than a nurkct rent. Invest￿¢￿t in¢om¢ T￿reSents rental income from commercial propcrties and farni land, which aro h¢ld by thc Charity for their investment potential, togcthcr with interest aiid dividcnds on stocks. shares and bank dcposits hcld on the endowment and unrestri¢t¢d fijnds. Such incom¢ is rccogniscd on a r¢c¢ivable basis al￿ where appropriate, this includes tlie income tax recovernble. It￿ornIng resources from investments (iticluditig investjnent pxoperties) b¢ld as part of the endowment ￿nd are unr¢stri¢t¢d. WheTeY¢r po&sibl¢. 16 reported gross of any related expenditUTe. However, in the ¢as¢ of inv&slm¢nt management costs within managed funds it is not always practicable to idelltify such costs witb reasonable uwy and, th¢rcforo, the investtnellt income is reported net of these costs. accordance with SORP {FRS 102) no amount is includ¢d in thc fJnanci&l st&t¢ments for voluttteer time. (d) EXPENDITURE RECOGNITION All expenditure is included on an accrnais basis and is recogllised where there is & legal or consttuotive obligation to make paym¢nt tt> third parties, it is probable thai settlement will be required and the arnount of th¢ (Trbli¥ation can be measured reli&bly. As the Chariry is not rewstered for VAT, all expenditure is shown gniss of irrecoyeiable VAT. ExpeEidItu￿ is cat¢gorised und¢r the following h¢adings'. R4lsing funds This represellrs.. costs of managing and mall)taining tlie Charity's investmcnt prop¢rtiC5', inV￿tment POEt£olio ma[lage￿ellt fees. and protngtional and w¢bsit¢ costs al￿￿d at potelllial donors. Charitable actRvitlu Costs und¢r this heading fall into two distinct ¢at¢gori¢s.' Grants paid to individuttls and organisatlQDS as approved by the Trust￿$ in A¢eordttn¢c with the Charity, conSti￿tIon. and The costs incurred in providing and mattstaining the ahDshouses, the Old Gran￿r School. the allotments and the Site of sp￿La] S¢ientifLC Interest. Where unconditional gr8nts are offered the expenditure is accrued as Soon as the recipient is notified of the ￿'allt and there is a re￿ll￿ble cxpcetation that it wll b¢ paid. Wh¢rc gr8nL% ar¢ pledged, but payment is conditiotwl on thc pcrfornuncc of thc r¢cipient. the amount is not recognised as an expcnsc until thc conditions have be¢n fi]Ifilled. Howcvcr, an alnount eqiisvalent to that pl¢dgcd is tra￿8fCrred to a de5ign&t¢d rescrve. Page 16

MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THF FIIYANCIAL STATFMENTS FOR THE YEAR LTriDED 31 DLCEMBLR 2021 (e) ALLOCATION OF COSTS Costs whi¢h ar¢ dir¢ctly attributable to a single activity are allocated directly to that activity. Shared costs which contribute directly to Jnore ttsan one activity are apportioned between those activitits on the basis of usage by ea¢li activity. Support costs represent the remaining costs that arc not c&pable of direct attribution. They hav¢ bccn allocated bctwccn the eategories of raistng funds and charitabl¢ aetivitics in accordance with the basis specificd in Note 7. Gove[T￿llec costs, which rcprcscnt thc expcllscs of 'lrustees' meetings and Icgal ￿ld professional fees relalcd lo the running and manag¢m¢nt of the Cl)arity {in¢luding external audit fecs), arc includcd within the heading of support costs. The allocatiott proeesg involves a significant el¢ment of judg¢ment as the th￿ltY has to consider the cost of detailed calculations and record keeping with the r&8ultant benefit. (Q OPERATll¥G LEASES Rentals payabl¢ and reooivablc ulld¢r opcrnting leases 4re ohargedlcreilitcd in th¢ Stat¢ment of Financial Activities ott a straight line basis over the period of tbe lease. (g) TANGIBLE FIXED ASSETS INCLUDING HERII'AGE ASSEIS Freehold land, comprising d)e allotments and cricket club land, are included at their ¢stimated opell market value bas¢d on a prolessional valuation which is usually undertaken every three years. The most recent revaluation was undertaken as at 31 De¢¢mber 2023. Any unrealised gains or losses are credited or charg¢d to the SOFA as they arise. No depreci&tion is provided on sucb assets. The Old Grarnrn￿ School, as more fijlly explained in Note 12. is & Heritsge A88et whi¢h fornL8 part of the Charity'8 Perman£Dt Endowm¢nt. fhcrc L8 no record of the original cost of th¢ building Alld the Trustees consider that there are no suitable or cost-effcctive techniques available to ascertain d reliablc valuation for the propcty. Accordingly, no Cost or Yaluatloll 15 &ttribut¢d to th¢ prop¢rty in thes¢ finahcial stalcrncnts. All oth¢r assets ar¢ recorded at ¢osLlvaluation less a¢oumulat¢d depreciation. The cost of minor additions to tixed a&8ets. defined as those costing less thali £2,000 eaLh, are expensed in the yw in whicl) they are incurr¢d. Depreciation 18 provided at rates calculated to write off the cosLlvaluation, l&ss estimakd residual Yalu¢, of eac et Oll a straight line basis over its ¢sti]nated usefvl life as follows.. Freehold propety for operatson&l use Improvements to cricket club buildings Almshouse buildings Alinshouse fixturcs Office equipmenl - over 50 years - over the period of the lease to thc crickct club - ovcr 50 ycars - over 7 ycars - 2501• per annum The depreciation charge of a￿et$ held with Bndowmeiit Fund is charged to that fund. All other dwreciation is charged to the G¢ti¢ral Fund. (h) INTANGIBLE FIXED ASSETS Intangibl¢ fix¢d a85Ct8 r¢pr¢scnt Basi¢ Paymcnt Schcrllc cntitl¢ments purchased by the Char2ty, which are initially rceognised at cost. The ssets were being amortised on a straighi line basis so as to fully write off their cost by thc cnd of 2027, in accordancc UK Goveri3ment policy to phase out Direct Payments undcr th¢ scheme over this period. However, the Gtsvernment have siibsequently annouiiced Itmt financial supporl pairynents for thc y¢ars 2024 to 2027 we be delink¢d from the entitlernenls and that they will not be trad¢abl¢ after May 2023. Accordi1￿ly. the r¢mainiog net book value ol. the assets at 31 Deeeinber 2021 is being wrffilten oft on a strai￿￿ht lllie basis throlig￿ to the end of May 2023. This cl￿nge of acc0ulltli￿ estimate has increased the atnortisatiou ¢harg¢ for 2022 by £3,024. Th¢ ass¢ts form part of th¢ Endowment Fund alld Lh¢ #mortigatitsn is Charged to that Cund. Page 17

MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 21123 (D INVESTMENTS Invcstmcnts conipri8e inyestment prop¢rti¢s and 8ecuriti¢s held within an inv¢stsncnt portfolio and arc initially r¢cord¢d at th¢ir transaction price (including costs). Investment properties ar¢ subs¢qu¢ntly recorded at their estimated open n￿rket value at tbe elld of each fillancsal year. This estimate is bJsed on an independeiit formal valuation, Ivhich is usually undertaken every tiwee years, and by the Truslecs in the int¢Tv¢lling years based on independent advice from a desktop review of the mosl recent rorn&l valuation. The last forn￿1 valuation was und¢rtak¢n as at 31 December 2023. Investment properties are not depre¢iakd. ltsvestmethts within th¢ portfolio are revalued annually at thcir tnarket value on the last day of Ihe financial year. All investmellts arc a fonn of basic finaneittl iE)Strum¢t]t which ar¢ traded in quot¢d public markcts. Thc Charity does not acqui￿ put options, deTlV8tives or othcr complex financial instruments. Rcalised gait]s attd losses on inY¢stm¢nts are calculated as the difference between the sale proceeds and their market value at the start of the year, or subsequent cost. UntealÈs¢d gains and losses represent the moyement in tnarket values between valuations. Both types of gains and losses are credlted or charged to the Statement of Financial Activities in the year of gain OI loss. li) DEBTORS AND CREDvfoRS RECEIVABLEIPAYABLE wrrHIN ONE YEAR Debtors and creditors reeeivttble and ptLyable within one year are recordcd at trans￿tiOn pricc. Any losscs arising from impairn]ent are included within cxpendi￿re. {k) CASH AND CASH EQUIVALEI hTS Cash and cash equivalents comprise casli ott hand attd call deposits, and oth¢r short-t¢rm hi¥hly liquid inv¢sttnents that are ￿adilY convertible to a know]) amount of cash and which are subject to an in8ignificant risk of change in value. Whilst beld by investment managers awaiting investment is itt this ¢Akgory, $u¢h balanee$ hr¢ included in tht balance sheet within the vttllle of th¢ inv¢sts￿￿t portfolio. {1) FUND ACCOUNTIIYG The Charity b&8 various t5￿¢8 ot thnds for wl)ich it is responsible aLd which require separate dtsclosure. These are as follows-. Unrestrieted fund$ conwris¢ those fullds which ihe Trustees are free to use in accordance the Charity, objeLtives. Deslgnated funds fdre utirestri¢t¢d funds which the Trustees h&vc eannarked for particular PUTPOSCS. D¢tAils of thc nature and PUTPOSC of each dcsignated ￿nd is set out in Note 17. 1'ransfers from general ￿ndS to designated fiinds are stated at ￿￿OUnts that thc'frustees decm ne¢ossary to meet their known attd anticipaied future obligations. Restricted income funds are fimds which have restrictions placed on them by the donor that require tILem to be spent only tor specihed purposes. Endowment Fund$ are capital funds which the Trustees cannot spend. The income arising from the endowment funds is unrestricted. Page 18

MARI<ET HARBOROUGH AND THE BOWDENS CHARITY NOTES'I'O'I'HL blNANCIAL S'I.A'I'LL￿1E1yTs FOII THE YKAR KIYDED 31 DECEMBER 2023 GéAen¥l Fund 2022 2 DONATIONS AND LEGACIES 2023 Misccllancous donations & Gift Aid tax recovery 425 1.960 425 1.960 General Fund 21122 INCOMING RFSOURCFS FROM CHARI'fABLE ACTIVITIES 2023 CoDtribution8 from almshou8¢ tenants Old Grammar School rent Allotment Tents Market Harborough Cricket Club retttal in¢om¢ Countrysid¢ St¢wardshsp & othcr SSSI grdnts 70,665 590 5,407 6,490 15,887 99,039 73,629 1.975 4,000 6,490 29,631 115,725 Geftewl 2¢122 INVESTMENT INCOME 2023 From inveslDWnt properties: Rental income from con)me￿i&l High Str￿t proportie5 Farm Land miscellan￿us 90,000 7,177 19,750 116,927 9Q,OOQ 6,172 2,OlJO 98,172 From inve$tment portfolio: lllteKesi on UK rued interesl securitt¢s and Tr¢&sury Stock Dividends receivable from equity sharcs Dividends receivable from collective inv¢sttnot fi￿a8 Dividends receivable from COIF Units Inter￿1 on ¢8sh d¢po$xtg 2,702 26,234 247,333 48,399 5.355 330.023 7,108 96,555 228,412 143,P67 4,t$97 480, 739 GeneralFuNd 21122 0'17tLI R INCOM 2023 Wayleaves Interest on tax repF¢ymertts & sundry income 19 26 90 82 109 J08 Page 19

MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTF.S TO THE FINANCIAL STATW,MEYTS FOIiTHK YEAR ENDED 31 DECLMBLK 2023 EXPENDITURE ON RAISING FUNDS 2023 2022 GENERAL FUND Co￿￿￿ercIal property N￿nagement Secr¢tarial salaries & on-costs Insurance Rqiairs and maint¢nance Lcgal & professional fees lad debt Support cogts (Note 9) So¢il investment property tua￿get￿¢￿t Insurance Repairs and nuintenan¢e Legal & prOfe￿lOn81 fees 1,779 1,770 267 2,750 2,861 7,937 1.796 J, 721 1.186 3.660 7,328 175 744 953 Investment Inaii8ement Invcsttnent manager's fecs Support wsts (Note 91 486 5,430 7.079 5,335 W¢bsTrte & otlter prtsmotional co$t$ 1,412 191) 26,564 27,295 ENDOWMENT FUND Investment mAnagement Invcslmcnt M￿)ag¢r,s fce5 Invest￿Ent property J]]ana8ernent fe¢s Support costs (Note 9) Professional fee5 (8,680) 2.700 44,688 3.136 1,338 Cricket Club- DepTeci8tion of ch4nging rooms 5,384 5.384 AmorttstSon of Intangible Assets 1,650 3,959 2,392 57,167 TOTAL EXPENDITURE ON RAtSlNG FUNDS 28,956 84,462 7 EXPENDI'I'URL ON PROVISION OF C.RAIYT FUNDING 2023 2022 GENERAL FUND Grants to in8titution$ or for $pecifi¢ purposes Institution Purpose of grant Corc Running Costs for a five year period Purchase of new minibus Family Know-How Project Wellbeing drop-in café est&blishmertt costs Wellbeiiig Befriending project costs Operating Losts over a five year peiiod DDA compliant acces8 to Peace Garden Traiiiing of on¢ Youth Workei. Street-bAsed arts festival rnnning costs Purchasc of containcrs for storage of cquipmcnt Attendance at World Scout Jamboree VASL Market Harborough Coi)ununily Bus Home-start South Le1Ce￿lershIre Beacon Care & Wellbeing Café VASL Harborough Christian Counselling Servi¢e Learn AcademyTrust Flarborougli Anglican Tea Arts Fresco TS Fernie Sea Cadets HaTborougl) Disthct Scouts Others, each £3,000 and under 34,664 30,000 20,000 19,750 16,560 12,500 5,326 3,750 21,554 180.377 218,330 Education Bvr8ry Fund Grants Awards to & tot￿ of O (2022.. 8} Academies 233,6138 Carricd fonvird 180,377 451.368 Page 20

MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STATEMKNTS box THE YEAX ENDED 31 DECEMBER 2023 7 EXPF]YDITUI<E OD4 PROVISION OF GRAYI T FUNDANG {contiJJued} 2023 2022 Brought forward 180J77 451,368 Gr8Dts to Church of SL Peter & St. PauL Great B0￿den- Repairs & maintenance GrADts to individu￿$ duGational fvnd {108. 2022.. 108) R¢li¢f in N¢¢d £1,000 aiid over (19. 2022.. 16) Relief in Need less than £l.000 {35, 2022.. 76) Othcr grants aDd awards CotnDwnorative Q￿eett Elizab¢th 11 Platinum Jubilee mugs for lo¢al sehool Cl￿[￿¥¢￿ Trall5POrt for Ukratniall refugees Total grants paid Secretarlal Salary & ort-eosti Caseworker's eosts 670 10,695 71,600 42,551 16,790 74,889 22,271 12,151 JO,433 493 311,988 19226 J82,300 18.489 88 381 32,737 CommuDicatiOll$ 5tratsgy* advertlslng and website developtnent CQ5ts Support costs (Note 9) 2,824 40,065 Tot#1 374,103 633,995 8 EXPENDITURK ON OTHER CHARITABLE ACTIVITIES 2023 2022 GENERAL FUND A￿￿hoUSes. Secretarittl salary & on-costs lllsurance Utilities (including lifeline) Repairs and maitstenttn Coun¢il Tax in void period & other miscellall¢ous costs Website & promotional costs L¢gal & profrssional fe¢s Depreciation of fLKtUle5 & fitting$ Support costs (Note 9) 8,478 1,066 22,828 71,143 9.J15 1,036 J5.40Q 48.324 3,244 1,412 3.528 1.222 15,986 1,70] J91 2.720 1,832 15,15 128,707 95,538 Old Grammar School.. Secretarial salary & on-C05ts Insurance Repairs, maintenance & utilities Legal & professional fces Support costs (Note 9) 2,850 1,135 {1,778) 276 4,522 2.885 1.471 11.697 380 3,857 7,005 20,290 Allotments: Secretarial salary & on-costs Rq)airs and maintenance Website & promotional costs Legal & professional fees Water & misc¢llaneous expenses Support costs (Notc 9} 6,699 43,723 1,412 552 1,410 9,315 7,319 7.299 190 760 2.325 ,121 63,111 27,014 Carricd forward 198,823 J42,842 Page21

MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THF FINANCIAL STATF,MENTS FOR IIiE YEI AR LINDED 31 DECEp￿BER 2023 8 EXPENDITURE ON OTHER CHARITABLE AcfiviTIES (continued) 2023 2022 Brought forward 198,823 142,842 Site ofspeeiAI scie￿tIr1e Intercst: SccretsTi&I salary & on-costs Lngurance Repairs and Maintenance Lcgal & PTof¢s8ional fees Other miscellat)eous costs Support ¢05ts (Note 9) 550 167 6,875 5,196 476 739 633 33 50.412 3,809 79 820 14,003 212,826 55,786 198,628 ENDOWMENT FUND Depreci4tion of Alnuhou8e5 40,278 40,278 40,278 40,278 TOTAL ALL FUNDS 253,104 238,906 9 ANALYSIS AND ALLOCATION OF SUPPORT COSTS Supw)rt costs, as detailed below. have beell allocated to re$ourc¢s exp¢nded as follows., Support Costg Governance Costs o￿lee Costs Aeeounts & Flnaoce 2022 Total RESOURCES EXPkNDED: General Fulld: Eipenditure Dn rAising funds . CoDllnercial property Ma￿gernent Investment management 1.060 1,447 5.430 5,430 7.937 5,430 7,328 5,335 Expenditure Charitble A¢tlvlties: Grants payable Almshouscs Old Grhmtnar S¢hg01 Allotments sssi 12,352 4,924 1,683 3.710 313 16,854 6,718 2,296 5,062 426 10,859 4,344 543 543 40.065 15,986 4,522 9J15 739 32,737 J5,159 3,857 9,121 820 24,042 32.803 27,149 74,357 Bses for support ¢ost Alloeatlott: Support costs arc allocated bctw¢cn thc various activities representing resources expended on the following bases: Goverll#nee eosts Estimated time spent on each &ctiYity by the cbarity secretarie$ Secretarl818upport and office costs Estimated time spent on each activity by the eliariry secretaries Aceollmts & fln&nce E5timatcd time speiit on each activity by the charity account&nts and bookk¢¢p¢r The cost allocation includes an elemellt of judgement as the charity has to cottsider the cost of detailed calculalions and rccord keeping compared with th¢ resultant b¢n¢fit. Page 22

MARKET HARBUROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STATEhlEYTS FOR THE YEAR ENDED 31 DECEMBFR 2023 9 ANALYSIS AND ALLOCATION OF SUPPORT COSTS (conthiued) Govcrn4nc¢ cosLs included within support costs comprisc.. 2023 2022 Secretarial salary & on-costs L£gal and professional fees Auditors remuner2tLOII Genernl iDsurance I'rustee indemnity insurance General expenses (includlng training of trustee$) 17,416 276 4,014 1,528 679 128 17,454 380 3,840 1.485 66 (150) 24,041 23.609 10 AtJDrroRS' REMUNEIL4TIOYI Thc amounts p&yablc to the Auditors,, F.dward Thomis Pcirson & Sons, were as follow8-. 2023 21122 For audit services For oth¢r assurance services 4,014 22.467 3,840 22,566 Total 26,481 26,406 The other assurance setvices provided by Edward Thomas Peirson & Sons included.. preparation of th¢ finaneial st&t¢￿¢￿ts for the year,. assislance to the Tn￿tee3 in the finan¢ial manbgemcnt of the charitys &ffair5 by thc prcpardtion of quartcrly anagement accounts., knd payroll services. No rnember of the f]rni's audit team Wds involved in the provision of th¢s¢ oth¢r seNices. 11 TRUSTELS. REMUNERATION AND REIMBURSLD EXPENDITLRF. Tbe Trustees, who are considcrcd to be the key managernent personnel, werc not rctnuncratcd for their s¢rvicc$ in the year or the preceding year. Aggregate expettses of £155 were reIn￿UrSed during the year to ()n¢ twst¢e (2022.. £1,105 to on¢ tTUSte¢). Ttle r¢imbutsed cxpcnses in the both related tr) sundry goodsls¢rvic¢$ paid for on behalf of the charity. Trustee indemnity insurancc is included as part of the ehalltys ovcrall in$ur&nc¢ attd thc amount ¢hArg¢d in thcsc fitW1cial statements in this respect is £679 {2022.. £660). 12 STAFF NUMBERS AND COSTS The number of employ￿ of th¢ ¢hariry were as follows: Activity S¢cr¢tarial Involvemont 2023 2022 Full time Part ¢ime- Approx. 2.5 day8 per week The aggregate p&yroll cost in respect of thes¢ ¢mploye¢s was as follows.. 2023 2022 Salaries Social security costs Pcnsion contributions 52,204 3,857 1,778 52,199 3,906 1,436 57,839 (3,857) 57.543 .032) Employmcnt Allow&nc¢ 53,982 54,511 No employee h&d employment benefits in excess of £60.00012022.. None). Page 23

MARKET HARBOROUGH AND THL BOWDENS CHARtTY NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13 '1'ANCIBLF' FIXF.D Assfi I'S 'reehold Property for OperArfon&l Use Freehold Allotments Crlcket Club & Other Land Almshous&4 Fr¢ohold .and & Bulldlng$ Ixtures & Ftttlngi Offlce Equlpment Totgl C05t or Viluatio Brought forward Revaluation L30,000 443,000 1,450,000 28,165 22,550 2,073.715 I13,￿0 (130.000) (27,0001 140,000 Trallsfer to Social ]nVtsID￿ttt {L30,000) 31 December 2023 416,000 1.590,000 28,165 22.550 2,056.715 Cllmulative Depreciation Brought foTh¥ard Char8¢ for the ye8r R¢valudtion 1,388 48,797 80,556 26,942 21294 179.977 173 5,385 40,278 1,223 236 47,315 (120,8341 (120,8341 (1,5611 104,897 Trat￿ert0 Social ]nvestmellt (1,5611 At 31 Drt¢mb¢r2023 54,182 28.165 22,550 Net Book Value At 31 December 2023 361818 1590.000 1,951.818 At 31 De¢¢mber 2022 128,612 394,203 1,369,444 1,223 256 1.893.738 C05t or valuation at 31 Dwcmbcr 2023 18 represented by. Valuation 31 Dcc¢mber 2023 Cost 356,000 60,000 1,590.000 1.946,000 110,715 28,165 22.550 416,000 1,590.000 28,165 22,550 2,056,715 B&sib for inclllsloll kn the acc•unts FtY¢hold piop¢rty for op¢ration81 us¢ wa5 the pretnise5 at 10. Fairfjeld Road. Market HaTbJTough which the charity purch35¢d and sub8equently redevelop￿ and refiirbished ￿ the charity'$ otrice. No d¢pr¢¢iotion was provided on th¢ ¢$timated land valu¢ of £IOO,(K)O. which ib iA¢luded in the ttsta] costlvaluation at the start of the year. DuLlt]g the year the Charity Tracat¢d the premises alld teDiporarily roloc2t¢d its office to the Old Granjmar School. The pr¢mise$ have subsequently b#n lea$¢d to another charity of 4 r¢￿t-fre¢ basts alld. a¢¢ordiT￿[y, hav¢ been transfert¢d to a 5¢po￿te categoryof social invcstmclltwithin investllRnl propcrtiC8 Iscc Notc 15). All of the freehold properties were revaiucd, with eff￿t frorn 31 D￿ember 2023. at thcir opcll ll)ad(et va]uc by Fi8hcr GertT)an LLP, Ch2rter¢d Surveyors. In addition, in¢lud¢d within th¢ cost or v&luatiOll Df AllotllKllts. Cricket Club & Other land, 18 £60,000 r¢pr¢s¢ntittg th¢ Cost to the charity of its contribution. as landlord. to thc construction of n¢w changing rooms for the Cricket Club and an extension of the toutts to its Squtt$h s¢¢tion. Dor¢GLation of thcx costs comm¢nced on the cornplction of the r¢I¢v￿t works using a Straight line basis ov¢r the remaining period of the lease. Had the properties not been revalued they would have be¢n in¢lod¢(J ot the following historical cost.. A$ At 31 Ik¢ember 2023 A5AI 31 DEcember2022 Property for Operatloiial Allotmellts Cricket Club & other Land Propertyfor Operational Cricket Club & Use OiherLAnd Almshouses Almshou$eg Cost Aggregate depreciatio N¢t Book Valy¢ 68.962 54,183 231.697 146.104 257,470 27,546 68,962 48. 798 231.697 J43,239 14.779 85.593 22P.924 20.164 ,458 Page 24

MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE fiNANCIAL STATEMEI%TS FOR THE YEAR ENDED 31 DECEMBER 2023 13 TANGIBLE F￿ED ASSETS (£ontlnued) Horltage A58ets In addition to the assets shown above, th¢ Charity owns a 17th Ccntury building krtown as the Old Gjsmmar Sehool, Mark¢É Ilarborough, which wag vested ill thc Charity diwing 2005 tobJEthcr with tbe other assets of the Market Harborougili Exhibition Foundation Charity. The Old Grammar School is tt local landinark alld a listcd building of significant historical and awhitectural importance, which the Trustecs intcnd will form part of the Charity's pernmnent endowment to be Maintained and preserved for its cul￿ra[ si8nifiLan¢e to tbe town. Prior to the outbreak of the Covid-19 pandernic. the Charity madc the building avail&ble for hir¢ by thc public, on a daily basis, in exchange for a specified contributlOL) towards the ai)nual rnnning costs. There is no infornmtion readily availabl¢ L¥ to the origYnal cos¢ of the buildit)g and the Trnstees consider that there are no suitable teLllliiques *vailable to ascertain a r¢liable valuation for the property, certainly not without involving the Chtrity i significant eosts which would outwcigh any benefit. As a resulL in accordanLe with the pemiitted tre8ttne￿t for heritage assets in SORP (FRS 102} the Old Grammar S¢hi)ol is not recognised as an asset it) the Chftritys balance shc¢t. 14 IN'I'ANGIBLL FIXED ASSETS 31-Dec-23 31-Dec-22 Cost Brought forward Additions 6,932 6.932 At 31 Deeember 2023 6,932 6.932 Cumulative AmortisatioD Brought forward Charg¢ for th¢ year 5,282 1,650 1.323 3,959 At 31 DK¢tnlKr 2023 6,932 5,282 Net Book Value At 31 December 2023 1,650 At 31 December 2022 1,650 5,t509 Intangibl¢ ass¢ts r¢presellt Basic PF4yment Scheme enutlements. 15 INVESTMENT PROPERTIES General Investment SoelAI Investment 31-D¢¢-23 Total 31-Dec-22 Valuation at the begirLning of the year Transfer from Tangibl¢ Fixed Assets Unrealised gaiDsI(losse9) on revaluation 2,767.000 2,767,OlJO 128,439 15,561 2,507,500 128,439 46,561 (31,000) 259.500 Valuation at the end of thc ycar 2,736,000 175,000 2,911,000 2,707,000 Historical cost at the end of the year 562,312 257,469 819.781 562,312 The general iThvestment properties comprise various pa￿elS of land and four retail shops, of which three hkve been convcrtcd into one, $itllated in High Street, Market Harborough. A forn)al open market valuation of (hese assets was und¢rtakell by Fisher German LLP. Chartered Surv¢yors as &t 31 December 2023 ond is incorpoTated in these financial 8t&teinents. Page 25

MARKET HARBOROUGH AND THE BOWDENS CHARII'Y NOTES TO THE FINANCIAL STATEMENTS FOR'I'HL YKAR LINDED 31 DECFMBER 2023 15 INVESTMENT PROPERTIES (¢ontinued) The tand in the charitys ownffship includes.. Approxillthtely l16.65 a¢r¢s of farm land which is let in the year on a seasonal grazing licenee. The property is subject to a rcstrictivc cov¢nallt in favour of two prcdccessors in lit1¢ wlieFcby, in the eveiit of any subsequeiit Don-agricultural d¢v¢loprn¢nt being pemiitted, the charity will be required to pay 330/0 of ally d¢fined incr¢as¢ in valll¢. Th¢ covenant extends to forty years from thc datc of grant,. Land situated a slLOrt distance to the north of Great Bowd¢n village compri8ing 11.03 acre5 of ￿sSIan{L which is let on seasonal gra7.in8 licenccs, and 6.45 acres which has bc¢n dcsignaied a Site of Special S¢ientili¢ Interest I'SSSI"). The SSSI is subjeet io control by English Nature and the charity works closely with the Leicestershire and Rutland Wildlife Trust in ensllring that th¢ wological value of thc sit¢ is protected and where possible cnhanccd. This IAnd is subjcct to a Sitnilar rcstrictiv¢ ¢ov¢twAt to that described above in relation io the farn IAnd. Two small pernL2nent pastur¢ paddo¢ks situated close to tbe western fringe of Market Harborough towi. On¢ oe these paddocks is subject to a fIlty-Ye￿ Cov¢t￿￿t in favour of the predecessor in title which commits the charity tts pay away 33tt/D of any uplift in Value as a result of subsequent development beyond agri¢ultur&l vs¢' and Variovs 8trips of land rctaincd by the clmrity following previous significant land sales. certai￿ ol these strips provide a possible means of access and services from adopted hi¥hways into potrntial d¢Y¢lopmcnt land whlch 15 not within the charity's ownership. In particular, a devclopcr has recently expr¢sscd int￿¢S1 in renewing a PTCVIOUS Option (now expired) granting them tbe right to acquire th¢ ran50m 5tTiP in the event that the developer obtains planning pennission for development on ccrt2in adja¢ont property, enty to which would be seLviced over the ransotn stiip. However, at the pre￿rnt tiine in view of the unc¢rtainties affecting their value. the Trustees have decided not to altribute any v￿ue to them in these fin4ncial ststeTnents. 16 ANVESTMENT PORTFOLIO 31-Deep23 31-Dec-22 Market value at the begit]lling of the y¢ar Acquisi¢ions a¢ cost Sale5 proeeeds from dispo$aEs Rcalised gainsl(losses) on disposals UDrealised gaill51(lOs￿$) on r¢valuation 15,236,396 18,015,755 117.608,034) 3,885 716.977 17,216,856 J.955.2J4 (2,330,477) (15,351) [1,589,846) 16,364,979 15.236.396 Cash ai baJ]k on deposi6lawLiting inv¢sttnent Market value at the end of the year 352,838 16,364,979 15,589,234 Historical cost at the end of the year (excluding eash) 15.(A8,002 12,845.647 The realised gf4insl(losses) on disposals are sbared betw¢¢n fvnd$ as follows.. General fut Endowment fwLd 8,183 {4,298) (15,351) 3.885 15,351 Th¢ unrealised gainsl(108ses) on dispo￿18 are Shared b¢tween funds as follows.. General fvnd Endovmient fimd 30,145 686,832 (83,858) (1,505.988) 716,977 1,589,846 Page 26

MARKET HARBOROUGH AND THE BOWDENS CIIARITY N(￿Es TO I'HL TrINANCIAL SI'ATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 16 INVKSTMENT PORTFOLIO {¢ontinued 31-De¢-23 31-Dec-23 Managed by Mercer Mercer Absolute Return Fixed Income Fund Class A17H5200DGBP 476,936 568,629 K,611,470 3,136,165 562,694 398,449 494,769 314.913 1,989,024 688,506 978,034 494,642 118,396 1.018,465 379,022 568.147 2.91D/o me￿¢[ China tquity Fund M¢rc¢r Divcrsifying AIt¢TllLtiYe$ Stratcgies MerceT D￿a￿A¢ Asset Allocation Fund Mercer Emerging Market Debt Hard Ccy Fd Mercer Fundamental Index Glob Eqiiity CCF A1806GBPGB6 Mercer Global Small Cap F4quity Fund M-3 GBP DIS Mercer IA)w Volatility Equity Fund Mercer Multi-Asset Credit Fund A1504000DGBP I-IGBP HEDGE 9.85Yo A17H5200DGBP A1907000DGBP 2.430/0 M-3 GBP DIS 1.92Q/. A151)4000DGBP Mercer P￿1ve Global REITS UCITS CCF A17H52DGBPG4 4.211. Mercer Sustainable Global Equity Fund Mcrccr Sustainablc Global Equity Futsd M-I GBP Hdg Mtr¢¢r Su8tainttbl¢ Listed Infra UCITS CCF AI 705DGFIPGB6 A1705000DGBP 5.98 / 3.020/0 1.950/0 me￿¢r Synthetic Eq-Linked DynaTni¢ Bd Fd CLASS M-3GBP M¢r¢¢r UCITS Alternatives Strat¢gi¢s M-I GBP Hdgd MGI Emerging Market Debt Fund M-2 GBP DIS MGI Ejnerging Mark¢ts Equity Fund MGI Eur07A)ne Equity Fund MGI Eurozone Equity Fund MGI UK EQUITY 6.22Q/o 2.32Yo 3.470/0 A1605000DGBP .235.255 168,142 486,231 477,090 CI.ASS M- IGBP 1.030/0 M-2 GBP HEDG CLASS M~2GBP Managed by MHA Cives W¢4lt 3,514,700 MAnaged by Cazellove Capital Lbl*na%emellt 7,590,5JI Mangg¢d by CCLA Investment M4nagement 4,484,017 16,364,979 O.(IOO/o 15,589.234 Of the iDYesLments held at 31 December 2022, the following represented more than 5 /0 of ihe total portfolio.. Value Managed by Cgzenove CApAt41 Mgnsgement Findlay Park American Fund Inc. 804,116 Managed by CCLA Investmellt Management COIF Charitic$ prop¢rty fund COIF tnvesttnent fund 904,163 2,972,288 5.80D/o 19.07/9 Ineom¢ Units The inv¢stments in the portfolio are caryied at tlieir fair value which is the quoted market value in resp¢¢t of cquitics and r￿ed interest securities atLd the bid price for units in common investment funds, unit trusts ajkl open<nded investment comphnics. Investment sales and purchases are recognised at th¢ date of trade at their transaction valuc, net of costs in the respect of sales and inclusive of Costs in respect of purchases. Page 27

MARKET HARBOROUGH AND THE BOWDENS CHAIUTY NO'I'IS TO I'Hb Tr'KNANCIAL STAI'ffME.NTS FOR THE YEAR EIYDED 31 DECEMBER 2023 16 INVESTMENT PORTFOLIO (eoRtinued) All invtrstments are basic financial instruments traded OD quoted pubLic rnarkets, pi'trnarily the LoAJdon Stock Exchan&￿£. The ChAtity does not make uge of derivatives and siinilar ¢omplcx fin&n¢sal instrwncnts as the TnL8tces take the view that investments are held for their longer terni yield and total return and that any short-t¢m) volatility in Ihc rnarkets will llOrn)ally be corT¢Cted in any fiv¢ y¢ar period. Investment reNmq are exposed tr) ￿lOuS ri%ks which in¢lud¢ cr¢dit, liquidity and Tnarkct risks. Both crcdit and liquidity risk8 are assessed as low as the Cbarity invests prcdominantly ii) blue.chip securities in which the failur¢ ratc is hi$tori¢ally low and all invesLTnents are traded on markets in which central b￿S and other regutarors have ￿ interest in ensuring Contin￿tIon of orderly trading. arket rt$k is the principal risk tkced by th¢ Cliarity due tt> 74 combination of uncerlainty ID inv¢stn]ent markets and volatility in yields. Thcsc fa¢tor8 arc of particular relev8nce to the Charity as it is rcliant. in part, on diYid¢nds and intcrcst to finance ils grnnt making actiYili¢8. As many of its colleLlive investment funds ittclude sikmifiLant holdiiigs in lilternation￿ equities and bonds which are denoininated in foreigD currcncies, the Clwity also has exposure to exchange rate risk. The Trustees manage these risks by retaining th¢ cxpcrt services of a fund manager, as showu in thc abov¢ analysis of the portfolio, and in operating at] investment policy which provides for a bigh degree of diversification of holdings withi invcstmcnt asset classes providing for g4 b￿ance of income and long-tem capital growth. 17 DEBTORS 31-Dtt-23 31-Dec-22 Aecrued income Prepayments Other Debtors lllcome tax recoverable 7,425 7,830 12,304 3,544 31,103 21.940 6, 750 6.074 2,943 37,707 Accrued income includes £7,185 (2022.. £21,878) and Incom¢ tax r¢￿v¢rabIC includes £3,544 (2022.. £2,943), which is attributable to c&th flows from investing activiti¢s. 18 CRKDITORS PAYABLE WITHIT4 ONE YEAR 31-Dec-23 31-Dec-22 A￿rualS Other ctcditors Taxation & Social Security 40.134 11,854 915 69,tf12 24,059 523 52,903 94,194 lttcluded within tbe heading of accrn21s arc grnnts payable witb a total valve of £6,055 (2022.. £2,5561 Other Cr￿ltOrS in¢ludc £3,850 (2022- £4,027) whicli is attributable to cash flows from investing acliviiies. Pag¢ 2S

MARKET HARBOROUGH AND THE BOWDEYS CHARITY IY(Yf£S TO TIIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19 STATEMENT OF FUNDS Realised and Unrcaliscd Gains or (Losses) TTansfers from Trnnsfers to At31 Designated Designated Decenther Funds Funds 2023 At l January 2023 Incomc Expenditure Uttrestriettd funds: General funds Rcv¢nu¢ 781,626 546,523 (613,493) 84,889 250,899 (215,960) 834,484 DeslgnAted funds For Grants.. Charithble granL8 Church of. St. Peter & S¢. Paul, Great Bowden 131.064 (179299) 141,710 93,475 50,000 50,000 Relief in Need 90,000 90,000 Lducational grants 44,125 (71,600) 74,250 46,775 For Rcpairs.. Allottncrtts & Commereial Properties- Extraorditydry repair Almshouse.. Extraordinary repair 30,000 30,￿0 40,000 40,IK)O Old Grammar School.. Extraordinary repair 10,000 10,Ix)o Restri¢tcd I￿nd. Income fuDd 10,352 19,558,877 10,352 20,401,S75 Endowment (42,670> 885,368 20,746,044 546,523 656,163 970,257 21,606,661 General Funds are unrestricted futtds that the Trust¢es are free to use ill accordance with the objects of the th￿lty. Designated Funds are unrestricted funds that have been emarked by the Trustees for particular purposes. These Pu￿Os<S fall into two categories.. the payment of ￿ants,. and futiwe repairs and tnaintcnance. Spccifically they Are as follows.. Chttritable Grants.. The charitablc grants relate to amounts pledged by the TNstees for ¢harit8ble purposes where no binding commilment exists at the balall¢e sheet date. Transfers are ]nade to this fuELd from the general fund For amounts pledged in the year which have not been paid by the year end. A transfer is mad¢ from thi5 fund to th¢ gcn¢ral ￿nd for omounts p1Cdg￿ in pr¢viou8 y¢ar8 which have either been paid in the y¢ar or wb¢r¢ th¢ plcdgo has bc¢n withdrawn. Church of St. Peter & St. Paul, Great Bowden: One of the C'haritys objects is the maintenance aiid repair of the fabric of the Parish Church of the ecclesiastical parish of St. Peter attd St. Paul, Great Bowden. The income to be applied for this purpose not Exceed 20V/o of the Charity's income in any three ye8r period. A designated reserve for the purpose of meeting this expet￿ltUre is tnaintairled at & level to ensure that the charity has sufficient funds to m¢¢t its ougoÈng obligations bosed on advice from representatives of the P.C.C. Rebcf in Necd ￿a￿¢S.. The charity Inak¢s donations to individuals to rclicve necd, hardship and distress, which are refcrrcd to as Relief in Need grants. In order to ensuTr that SLifficient funds are available to eontinue to tneet such needs, tlie Trustees have ab*reed to maintain a resery¢ pproximately equivalent to the Relief in N¢ed grntsrs paid in th¢ last thr¢¢ y¢èr$. Page 29

MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO'fH& FINANCIAL STATEMbliTS FOR THE YEItR EiYDED 31 DECLf¥lBER 2023 19 STATEMENT OF FUNDS (¢oThtiDued) Educational grant8 and bursary funds.. The Tnistees invite applicAtitsns frorn individuals for assistan¢¢ with tuition fees and expenses for a fii.st degree at a Ilrilish university alld for equipmenl and costs associated with apprenticesbips and vocational traioillg. A fL￿d is mainiained at a value which will enable thc charity to meet is oblig&tions to pay the fees of the successful applicants ovcr the I'cmaindcr of di¢ir cours¢s. In additioii, a fund is maintained to enable the charity to award bursari¢5, over a ll￿¢¢ ycar p¢riod, of up to £180,000 per annum, to schools within the area of benefit. This equatc$ to a rnaximurn of £20,000 per school per annum and the bursarie5 may be used for a wÉde range of cducatio[￿l purposes. Repair funds: The ExtrAordinary R¢pair Fund5 are establishcd to eover the cost of non routine mainienatsce of the ehaTiW5 propcrties. Separate r¢pair futtds Jr¢ Th&intained in respect of.. the Allotments & Commerci81 Properties. urtd th¢ Almshouses. Amounts are transferred to thesc funds and are releas¢d back to thc Genernl Fwid as the'frustees consider appropriate to ofrset the cost of non routine Inaint¢n&n¢e on the properries. The aggregute funds are to be nrdinthined between a minimum of £50,000 and 8 maximurn of £lOO,O(HI. An extraordinary repair fund is n￿]ntAIn￿d for th¢ Old Grammar School. The Old Gramnw School is an ancient building which is in regular need of maintcnance ￿nd repair, Following a major r¢storation project which was completed during 2014, the current ongoing conjtnitment for ¢xp¢nditure has been substantially reduced and this is reflected ill the level of reserves maitjtsined for thig purpos¢. Re8trieted ineome funds represent futids donated to the Charity by the Market Harborough Musical Theatre on the utsderstandillg that th¢y are to be applied to support p￿rorI￿1￿& arts in the area of b¢nefit. The Endowment Fund Tepresents the pernianent capitsl of thc Charity. 'fhese funds must be held indefinitely and the TrI￿te¢S havc no POW¢T tt> convert the capital into fLLllds which may be sp¢nt. The mov¢m¢nts in ￿ndS in the previous f]nancial year were as lollows.. Realiscd and Transfers Unrealised frollh TEallSfe￿ to Gains or Designttt¢d Dtsigtvdted IIA)sses) Fwids Funds At31 Decevrtbet 2022 Atl January 2022 Inctsme Expenditure Unre$triete41 funds: Ge￿¢r￿1 funds Revenue 687,590 696,704 (859,9181 {83,858) 555,912 (214,804) 781,626 Desigll4ted funds For Grallts.. Charitable grants Church 0£ St. Peter & SÈ. Paul, G[￿t Bowden 208,490 {223.330) 145.904 131,064 50.000 50,000 Relief in Need grants Educational ￿allt$ Ed￿￿tiOnal bur8ary 90,000 90,000 44,125 51,114 (75.889) (256,693) 68,900 256.693 For Repairs.. Allottnents & Commewial Propcrti¢s'. Extraordinary r¢pair 30,000 30,000 Almshous¢.' Extraordinary repair Old Grammar S¢hool.. Extraordinary ropair 40,000 40,000 10,000 10,DOO Catried forward 1,423,887 696,704 (859.918) 183.858) 1,176,815 Pag¢ 30

MARKET HARBOROL'GH AM) THE BOWDENS CHARITY NOTES TO THE fiNANCIAL STATEMEI NTS OR'I'HL YEAR ENDED 31 DECEMBER 21123 19 STATEMENT OF FUNDS letsthtinued) Realised aThd Transfers Unrcaliscd Gain5 or Bxpcnditure {Losses} Atl January Transfers to Designated Designated Funds Funds At31 December 2022 2022 Incom¢ Uttrestrict¢d funds: Brought forward 1,423,887 696,704 (859,918) 183,858) 1,176,815 Re8trlcted fund: Income fulld 10,352 IOJ52 Endowment fund 20,918,161 (97.445) (1,261,839) 19558,877 22,352,400 696,704 957.363) 11,345,697) 20,746,044 20 ANALYSIS OF NET ASSETS BETWLEN FUNDS As gt JI December 2023 General Designated Re5trlcted Endowment Fund Funds Futsd Fund Totsl Tttngible fixcd asscts Lntangible rtxed assets tnvestm¢nt pro￿rtieS Investmcnt w)rtfolio Cash held tor inves￿¢￿t Sundry Debtors Cash at Bank on D¢posit Cash in hand Current Liabilities 1,951,818 1,951,818 175.000 327,815 2,736,000 15,676.914 2,911,000 16.364.979 360,250 31,103 351,924 195 (51,553) 31.103 400,469 195 (52,903) 10,352 38,193 (1,350) Total Net Asscts 834,484 360,250 10,352 20,401,575 21,606,661 As &t 31 December 2022 General DeslgnAted Restrleted Endowment Fund nds Fund Fund Total Tallgible fixed assets Intangibl¢ fixed a55¢ts Lnvestment properties Investment POTrfolio Cash held for investment Sundry Debtorb Cash at Bank on Deposit C&sh in hand Current Liabilities 130,091 1,763,647 1,650 2,767,000 14,610,539 352,838 34 84,275 1,893,738 l.650 2,767,000 15,236,396 352,838 37,707 550.663 246 (94,194) 230,668 395,189 37,673 456,036 246 (73,088) 121,106) Total Net Assets 781,626 395,189 10,352 19,558,877 20,746,044 Page31

MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STATEMENTS OR THE YFAR F.NDED JI DLCEMBER 2023 21 OPERA TING LEASE COMMITMENTS The total minimutn leas¢ payment8 to which the Charity is con)mitted under an operating lease for office tquipma)t IS Shown below.. 31-D¢e-23 31-Dec•22 Payments rtue itt respect of leases expiring.. Within one Year In two to five years Tot 574 574 12&8e payments iecogntsed as an expense in the Statement of Financial Activities &mounted to £573 {2022: £5731. 22 OTHER FINANCIAL COMMITMENTS Commitmcnts for the acquisition of tAtsgible fixed assets, which were Contracted for but not provided in the financial statements, amounted to £Nil (2022.. £Nil). 23 RELA1'kD PARIY I'RANSACTIOLNS At Variol￿ times dwillg the year the Charity has r¢¢¢ived applications for gTallts from oth¢r charitablc organisatiow MqJi¢h have certain trustees in common with thc Charity. In accordance with th¢ Charity's procedur¢s, thc rclcvant trustccs d¢¢larcd their interest and did not take part in ally of th¢ dis¢ussions relp4ting to the grani appli¢dtLOJL Th¢T¢ wer¢ no othcr transoctiODS with related parties during the year or th¢ pr¢rxding financial y¢aT. Pagc 32