MARKET HARBOROUGH AND THE BOWDENS CHARITY (A Charhable Incorporated OrgaMlsatAon) ANNUAL REPORT AND FINANCIAL STATEMEPITS YEAR 31 DcmBER 2024 Charity Reglstered Number 1157787
MARKET HARBOROUGH AND THE BOWDENS CHARrrY REPORT AND FANCIAL STATEmErs YLI AR KIYDED 31 DECEMIIER 2024 coiYrETrITS Pa8e8 R¢port of tkn 1'ntea8 Ito8 Indep¢lld¢nt AudltOf'8 R¢p 9toll ststOnttt of FiTwicialAGtivities 12 BalalleL Sheet 13 Statement oECE8h nows Note4 to tk¢ FyJwn¢ial Stst£ents 15to32
MARKET HARBOROUGHAIYD THE BOWDENS CHARITY RRPORT OFTHE TRUSYEES FOR THE YEAR ENDXD 31 DKCKMBER 2024 Tho Trustees pr&gent thelr report along wlth the fjnancial statemwth of Mark¢t Harb)Tough and Th¢ Bowd¢ns Charity. ("the Chlty,) for the year ended 31 DecemlKr 2024. The financlal stAtements have been prepared in a¢c<)rdance withthe a¢countill8 lIcIeS$et0ut lftnote I to the tltwiolal ¥latem¢nts and mplY with th¢ Charlty's Constiti]tion, the chariti Act 2011 and Accounting and RertIng by Charities,. Statement of Recommended Praotice appll¢abl¢ to tharitlcs pr¢poring th¢ir ac4ounts in accordance with the Flnanoi&l Rq)ortlng Standard pplic&ble in the UK Republic of Irel4nd (FRS 102) iswod in Ootob¢r 2019 ("SORP (FK8 102)J. REFERENCEAP4D ADMINISTRATIVE DETAII3 Charity Name Marknt HwEKswu8h and TheBowd¥DS Cbarlty Chortty Regi8lYatlon Number 1157787 StatV8: CharAtable Incorporat Or8anisatlort Prlnelp¥41 OffleeAddn58 10, Fairfield Ro, Market Harbomugls Leic¢8tershir¢, LE16 9QQ The menthers of the Board of TnTSte¢s who served durlng the ye4r at the date ofthis rert are as follow8: AppolAted Truthei: MrB S Berridge Mrs J Ba]ll btr G Buxton hdr5 R Corfield Mrs C Davies Mr J Feavyour QPM Mr E Gi'efjn Dr S Hill Prof. WJon¢g Mr G Kellle Mrs L Kvatch Mr8 K Mwweathor MrA Waiters D¢8Sed 3 Au8UYt 2025 Resigned 26August2025 No]lliDAted: Ms B Elllott Mr J Rlohard80n To 9 October 2024 From 9 O¢tob¢r 2024 Ch4rlty Secretsry Mr8 W Hempson A¢¢ountants andAudltOTS Edward Thomas Peirson & Sons. 21. The Polrt Rocklngham Road, Markct HarbOrOu Lelc¢sterthire, LE16 7NU BHW SollGItOTS. I Sn]lth Way. Lelce4ter LE19 ISX Sollcltors BAnk HSBC plc, 15 High 8treeÈ k&4rket H4rborou8b, L¢l¢¢stershir4 LE16 7NN InYestm¢llt MAnagers Mercer LLC, Gl Bulld1 5 George Squar4 Glasgow. G2 IAR LRndAgents Fiyher Gernwll LLP, Jntwvatlon Hous4 W¢lland Busin Park, Valky Way, MarkeÈHarborough, Lelcestershire, LE16 7PS Page I
MARKET HARBOROUGH AND IHE BOWDENS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 OBJECTtVES AND ACTIVITIES ObJectlves The Charity's area of benefit is the 'Urb8n area of Leieeslershire centred on Market H8rborough, Great Bowden and Little Bowden. In summary* the objects of the Charity as set out in its constitution, are: Such charitable purposes for the general benefit of the inhabitants of the ar¢a of benefit as the Trustees think fit for which provision is not made out of rate5, taxes or other public funds. 2. Th¢ relief either generally or individually of r¢sidenls in the ar¢a of benefit who are in conditions ofneed, hardship or distress, but not directly in relicf of rates, taxes or other public fullds. This is referred to in the objects as "Relief in Need". In exceptional circumstsnces the Trustees may grant relief to individuals otherwise eligibl¢ who are resident immediately outside the area ofb¢nefit' Education- the provision of financial help to enable suitable applicants over the age of16 and resident in the area of benefitto undertake programmes of study in further or higher educalioll, or training towards a vocational qualifi¢ation. which they would oth¢rwise be less able lo afford. and 4. The maintenance and repair of the fabric of the Parish Church of the eccle5ia5tical parish of St. Peter and St. Paul, Great Bowden. The amount applied in this respect is restricted to 20Yo of the Charity's income in any three-year period. Befor¢ applying the income of the Charity in support of these objects the Trustees must first defrdy the costs of maintaining the Charity's prop¢rty (including that held on trust by the Charity) and the ¢osts. charges and expenses of administering the Charity. Activities The Charity's principal activity is grant making for the general benefit of the public, relief-in-need payments to individuals largely reftrred to th¢ Charity by w¢lfare 8gen¢ie$. and ¢ducational grants predominantly to prospective undergraduateg. GraDts ar¢ also awarded, in cousultstion with thc Parochial Church Council, as aud when required towards the tnaintenance and repair of th¢ fabric of thc Parish Church of thc ¢ccl¢siastical parish of St. Peter and St. Paul, Great Bowden. Outside of direct grant provisio tbe Charity has fourteen fully serviced flats. two local allotment siles an protects and enbances the ecological value of a Site of Special Scientific Interest on land that is held within it5 InVestent propety Portfolio. Fillally> the Charity has since 2005 owned a 17 Century building known as the Old Gra[DaT School - Grade I listed building in Market Harborougb of histori¢al. cultural and arc]Jitectllral importance. The Undercroft i5 available for renL while tbe upstairs nCtiOn room continues to be used a8 a temporary office for the Charity. Grant IVIAking Policy Applications for grants are made through the Charity's website www.mhbchari -co.uk with cach application considered by a ¢otnmittee oftNslecs for probity, fit with thc Charity's constitution and availability of budget. The 2024-25 Strategy was adoptcd in August 2024, with the following priorities: Incrcasing emphasis on environmental, social and governance (ESG) policy Engaging With other local Charities and voluntary organi5ations Scoring of grant applications against public benefit. ESG, long-terni problem solving and partncrship. Developing proactive p12ns for th¢ Charity's local land and buildings Grant making retllain5 largely unchanged, but the trustees are seeking to tllake rnOTe proactive use of its local assets for greater public benefit. Page 2
MARKET HARBOROUGH AND THEI BOWDENS CHARITY REPORT OF THE TRUSTEES IIOR THK YEAR EiYDED 31 DECEMBER 2024 OBJECTIVESANDACTIVITIES (eoDlthlled) Voluttteer& In etIll8 t&e8e aims, each of the Thtee3 provides the Charlty wlth mw houTS of serviceon a voluntary basi8, and the Ch8rfty hai no requlrement for volunteers out8lde of the trwte¢ body. No finan¢ial va]u¢ is ottrlbuted to thi8 voluntary work In the financial statwents. Pub]le benelfit ThOTruSte ¢onfwm that they have complied with their duty to have due regard to the gldance pub115hed by tbe Cherlty Ctsmmlsslon on publlc beneflt when revlewlng the Charity's ain)s and objectives, in plaJ]ning future actiyitlu and in setting the grgrtt maklng ]xTrli¢y forthe ye4r. ACHIKVKMKNTS AND PERFORMANCE An Away DAY held in Janu&ry 2024 for trustees and stsff, and trustecs fron] Howard Watson Symington Memorlej, from whlch tt clear that Truste¢s wer¢ ke¢n to mor¢ proartiv¢ly ¢xplor¢ th¢ options availabl¢ for th¢ Chwity's local assets, and to make climats change an Integral part of what the Charlty does. Tru&teeB wonted to rem&in tn to the or[aI benefacto. aspiration4 to rai8e the Churity's profde and to reach more Ople in fte, Two major Initlatives were lau1h¢d in 2024: In Ootolxr 2024 the Clmrtty submltted a bid to L¢i(¥stershire County Counoll (LCQ to buy th¢ former Roman Way Cojnmunlty Centre In Market Harborougb. Thts vast proFerty w&s pul on the market by LxiceBtershlre Council, and bid8 w¢r¢ invtt¢d. The Charity Tec¢iv¢d 61 re5POn8e8 to the questionnair¢ it 8ent oul in Sq)tunber 2024, d¢monstrating very strong local ¢ngagem¢nt and genuknes need and enthuslasm for & lo(xl community hub foT charitles voluntgry groups. In Dewnb¢r 2024, Ihste¢s were disryointed to lem that the Cl]arily's bld had beon unsuc¢e68th1, butthw havtrremaln commhtsdtothe vlsionof creathlg & communlty hub within th¢ of B¢nefJt, b¢ oontinu¢d to explo other potential Venu and he vlslted a community c¢ntr¢ In Loughborough to expand thelr understonding of how a cOmmuty hub could work In prad1 ben¢fitth¢Area of Benofit, 8ecoJMlly> the Bnvironmentsl Comtt)lttee, liShed to inform th¢ Charity's olim&t¢ crisls polioy and hctlon8, begon researching the p055ibility of Creating u n8lure re3¢rY¢ OJ its land #t G&llow LAKlg¢ Fwm. Following a biodlverslly survey its associated report, Th¢& learned that the land had the potelltlal to generate a yigllifi¢&tstty impoitant income from the sal¢ of 30-y¢ar biodivernity credits. At the same time, & publioty ac¢88lble nature reserve cr)uld bo tteated on tkn land forresldents oftheAre& ofBonefitto ethjoy for many years to come, with bett¢fit8 to l)othth¢ ¢4Lvironm¢nt to Midents, m¢ntal and phy51oal w¢llbelng. FIowBrd Watson Symington Memori81 Charity (HWSMC) andthe Charlty have CA)ntitllnl to attendjolnt nthings wlth the obJ¢ctlv¢ of l¢aming from ¢ath other and rnaximising benefit to beneficiaries. A part-time administrator forHWSMC hasbeen employd by the Cknlty. b&8ed in the (Jwily's offi¢4 and financed by HWSMC. Thiyhas led to Increas ¢ooperatlon and learnlng between th¢ ¢hariti&g. Grant makin8 hay contlnued and iyhi8bU8hted bvlow. Inslltllllollal Grants Paymonts of 8rants to iDstitutiony in the fjnun¢lal Ye amount to £187,136 and £9.068 MPS refjjnd by institrtion8 SUPPQrted in prevlous year8 where the grants dld not meet the ellgibllity critsrl& or Iwe no longer requirod. A large grant to Markot Harborough Squash, Cricket and Padel Club vered repalTS to the squash TrUrt mof, renovation of the obanging room8 and the lllstaltat'ion of an acousiic fence to enable evening play on the club'a padel cowts. Page 3
MARKET HARORoUGHAD THE BOWDENS CHARITY REPORT OF THK TRUSTJ£KS FOR THR YKAR KNDKD 31 DECEMBER 202A Inslttutional Crants (continued) The large4t paid in the y¢ar wer¢ as follows: Market Harlx)rough Squash, Crl(et & P&del C]ub repalr81improvements Voluntary Action South L¢io¢stthire- operatiollal costs Harborou8h Town Football Club- tED floodlightiug & solw paTKIs Market Harbomugh PCC- St Dionysius Church tower & clock repair Home Start South Lelcester8hire- Fumily kllowAhow proiert Littl¢ Bowd¢n Bowls Club- solar panels HCYC- Youllg Cater Group op¢rational Lxbsts 13,800 £43,330 7,963 £20,000 £10,000 £9,500 £7,500 A fillthei, grant of 0,000 wa8 also made to Home4t4rt South Lelcester5hire in early 2025 to wntinu¢ to help rund their husely imp)rtaLt work with very vulnerable young Iwal familie3. The Charlty wlshes to enCOage musicl&Ds artdto prnmotsthe art8 for all 8Bes, and In 2024 It provlded Creative 14artx)J¥)ugh with a PRS limi and made th¢ Undeuroft of the Old Grdrnmllr SGhiM)l &vllilable for buskiu& onc¢rt& and other p.for1C¢S. Petform8nces begaa InNovembw 2024 wlll ntInue throaglLoW 2025. Rellef In Need All applications for Indiviilvai 98sistanL% are treatsdin LX)mplete confidence. During 2024, the Charity continued its SLWPOrt for people In need. AÉotal of 33 applio8rts (2023: 54) we 8upport¢d, and tho Charlty wa8 abl¢ to provido grants for varA¢ty of now hoSe1)Id itsm8 ltteludlng carpets, filrnltw white good& plus eognltlve behavlour ther9py for a eMld attd a specimitst mobility pushchair. EducRtion All appllcatlons for an Educatlon grant aretrcated in complete nfidell¢ Th¢ Charity o)ntit)ued its supp)rt of enyone wanting to take vocationaL and hlghet eduo&tlon o)ur8es. A total of 83 (2023: 108) &wards were m&de. All candidate8 were Itthrviewed prfor to & grant offer being mad Th1sk£3 believe that 3uth a proce55 properly infor3 their con3i(kration, a8 11 as knit)8 ell¢nt experienoe for th¢ candidat¢s. The TrUStV kave also tyoactively ¢ngaged wlth local sohools to forfftulate an tujprooch to thos¢ pupi15 most in need of the Charity'8 81stal¥. Educotion grts 8re notre5trioted ts) young ppIe. Allotmellts Th¢ tw lOtslent fi¢lds have continuedto bev¢ry popular and w¢llmallag, Any)ng¥t otheT maintejkallcewo the two [d4 have been dredged to improve aDd malltt them a8 open water for wlldllfe. Slte ofspeelal Sciejrtlftle Illterejt Th¢re18 a SItB of Special SclentiflcIntere8t {'%ssry on part of th¢ fRrmland omaned by th¢ Charity fot inveslmentpwpises. Chvrnh of St. P¢tsr & St. Palll Great Bowden The chlty contltmesto be re$wlble for the fAbrlc ofthe Ckurchof SL Peter alld St. Paul Gr&tt Bowden. The Okl Graar Sehool In 2024, a structur81 surv¢y of the Old (Irammar School revealed darnage to the entrance, 10h 18 awaitingrep&ir by I£lstr8bir¢ County Council. Obi¢cts found durlllg tb¢ renovatiort irt 2015 were donated to Harborou8b muse on condltion that they oould be108tted b&ck to the Cjwlty, if ever needed. Trust¢tt? have wntinued to explore po)Jti#i of th# building and publlL aLL'e¥s to it, whith the Charity wishe8 to ¢nable in the futur¢, oncethe Charity's 01¢¢ relocated from th¢ Old Grammar School to 8 more pel'nMt Page4
MAlUT HARBOROUGHAND BOWDENS CHAiurY RI£PORT OF THK YRUSTKJIS FOR THK YEAR KNDKD 31 DECEMBER 2024 ACIIIEVEMENTS AM) PERFORMANCE {eontillue41) Other propertles and land scotland End Flth~ m&nagement ofthe tJats was entirely outsourced in 2024, a positive move whlob reduced tho administrative burden on the Chwity's office. Trwtees took the decision to h4ve the fl8ts Irflll'bished let ¢o))Jmer¢lally 08 and when th¢y be¢am¢ vae4nl. To dat¢, 50% ofthe flats are llow let )rnmerolally and the ItiCSed Income wlll ci)ver the LX)St of refurblshment wlthin E4 two-year perlod. Fornier almshouse residents will continue to be welcome to remaln in tbeir supported accommodation d on the Se tern18 as before, for as long they Are c&ble of independent living. In July 2024, F&l¢on Support SeTvi¢e8 g8v¢ noti and th¢ l¢a30 of10, Fairfi¢ld lioad wa3 trauSfeed trj Becon C8 & Advice ut 8 peppereorn rent (excluding utllides) &s part of the Cbarlty'8 provision of charitsbl¢ pun3. Beaoon Care & Advlce h8ve continued to provide advi¢e 8nd supwrt the proporty to anyone In Theed, plus a wellkning ¢afé. The leas¢ for 53-55 High Street, MarketHarborough, has been extended to the end of 2025. Its renewal in 2026 18 llot anticipated, TnL8t¢es have Continu to explore its tK)tsntial development, and us¢ by the Charity. Such o development would be part of improvements to tILe endowment Df the CIO and would pmperly be fimded from thepernianent endowment with the consequentreduction of income. In ¢aTly 2024, th¢ tre¢s ix)Nl¢riug Th¢ Folly Pond in Mark¢t Hthorough w¢r¢ out b8ck in Iln¢ with 8 Tree Safety Rèport qnd new fencing was itistalle(L to iprove the site ond ensure the public'8 thy. Lei¢agter Road Paddocks - fcncing has Iwi instslled to prevent fly grazlng. and the possThi iltty of planting tre¢s on both paddook5 Is being explored. VINANCIAL14]GVIEW Rev1 of rlsk8 Fw. mally yearjtho Charity's Inoom¢ hgs IKen well in exoa89 ofils requltemelle to cover operational expe 8ttd core gtant gfvlng. In 2023, the Charity moved of ail its Inveslmetrt endowment to Mercer and adopted art irlyesttnent 8tsTrtegy to provid¢ for pr£8ent and future benefioiarie8 Ivith 4ppropriate diversifL(Btion to avoid unrtecessgry risk8. Income Sincc the move to Mercer has fallen below that wect¢¢ although groM¢h h&8 been v¢ry strong the valu¢ of the Charity's Inv¢&tm¢nts have in¢r¢g8ed by over £1 milllon. In 2024, began exploring the po&8ible benefits of moving to the Total Return methodology, This would Ilow th¢ Charlty to spend auy inCr¢e to th¢ ¢ndowm¢nt buf would make it subjeot to the va8ari¢s of th¢ sto¢k rnket. The Finance Commlttee will continlle to research the pros and cot]s of Thtal Return, including measure8 t4kellby otlw ¢hariti¢8 to prot¢ct them8¢lves from uncertainty, Glob81 uncertainty caused by President TrLunp' reglme of tsriffs has caused ol)w on global stock markets, further hlghlighting the potential risks of thptlng Totsl RetunL Th¢ pnjporty at 53-56 Tr1i8h Sir¢¢L Mk¢t HariK•fou8h, forn]¢rly rented by Joul¢s, will be v4catsdby the ffld of 2025, resuitit)g in a loss of £80k Income for the Charlty. The Estth Committee18 ourrently Investigating oth U5¢B Ior tho propety, inoludin8 th¢ po&%ibility of using it as tho Charity offi¢¢ twd a community hub. Such development would come at a finartclal costto the Chltrlty. The llewGovernance Commltte4 fornied to ensure compliance with Chlty Conm)Il0n guidance and to ensure th¢ necessary 11¢105 and pro¢edur¢s w¢re In place, n]ade exc¢llent progr¢ss, to d8te having updat¢d 14 pollcie8 and procedure4. This Work will provid¢ ptoper protections for th¢ Charity, staff and trusa8. The Board corflThu&8 to engage & firm of Chartered Aocountsttts to oversee all a8pect8 of bookkeeplng, provlde quarterty m&nkgement accounts md to dmftthe annual financial statements. No Is8ue& of any substxnce were raised by Lhe auditors fro theAntEud Report for 2023, inpart due to the nLqny improvements mad¢ to fjnandal ¢ontrols by tho Charity's bookkeeper. Pg4ge 5
MARKET HARBOROUGHAND IIOWDENS CHARITY REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DKCEMBKR 2024 FINANCIAL RLI VIEW (eontlllued) Flnanelal lllvestment peyformanee Itlcome frorn the Inve&tment portfolio {ox¢ludin8 investm1 properti¢B) reduced by appmximatety 17.5¥• compared wlth the prevlous year to approximately £273k, The valu¢ of the inv¢stmcttts under Mercer Imd risen by apprOXin¢¢IY £1.26 n)illion compared to the of the previous yelw, befi)Te President TrLry'S imposition of tarlff8 ¢UU3¢d worldwld¢ ¢haos 00 8lobal finall markets itt April 2025. Exp¢ndlturo In 2024 wga1grg¢ly a8 exp¢¢ted, wtth some on&off' costs, but tbe Charity's rdu¢¢d ino)m¢ is continulng conc¢m, IncoLll¢ has d¢¢rea8¢d from £546523 In 2023 to £483.807 in 2024, and the outlook for 2025 i% equally if not more concerning. Me8 Fi8h¢r German LLP, Chartered Surveyors undertook a full VUtIott of the Ch&,lty's pi'operty portfolio. both held for investment and operat'ional use, a5 at 31 Deffibex )24 and the results are IncOOrated in thc rinan¢ial Statents. This has re8ult¢d in & net IJ¢r¢ of £69,000 and £110,476 in th¢ cakyyins value of the inv¢8tment and operatiooql propertiej, reSptiVely. R¢serYes pollcy Res¢rY¢s iepment vnreAtricted fimds after appropriats provision has mad4 tbrough deslgttatsd limds (as d¢8GriiKd abov¢) for: rn¢¢ting coJnmitilltS for grants pledged. maintenallce alld repair of tho GreAt Bowden chur¢ls' nwking Relief illN¢ed edu¢&tiollal grants. 8lld repaits to all freehold properties. TheTrustees aim to find projects worthy of Sup in accordance withth¢ Charity'y objwts, Such thatthc Brmts thalthey award are approxlmately equalto the CEwity's incomc n¢É olop¢rational ¢xpense$ andnmnagement and admini8tr&tion ¢xpen5es. However, reseThe8 &r¢ requid. to allow for unforeseen reductions in annual income; and to enabl¢ th¢ Charity to provide fill8 for spe¢ifl¢ ProJt Bo that these projerAs can be at short noticp. Taking thase fa¢¢or8illto aceounttbe TrllBters conslderthat the teserv&g should id¢allybe within arange of ttv¢lve to eighteen months of the typical outgoinE re8ourees of the Clwity (excludlng amomts specifically covered by dignated reserves) which approximately ¢quat¢s to between £500,000 and £750,(}. The reseryes at 31 December 2024 8moullt to £837,444, however, proporty whith 18 inuse for S(Kiai Jnvestment purposes represents £190,000 of this total. Therefore, the net free reserves are £647,444. ThiB level of reseryes lies tswards middle of the ideid range and is considerd to be ceptable for tho it))mediats needg of the Charity. The Charlty'3 Flllance Commlttee contimies to keep th¢ level of r¢serve8 under leW Hnd In ty)akinE its &98e88rnent it will refeT to quarkrly management aLKounts pr¢pared by th¢ Ch4rity's accountonts, incomo pJ¥Jjg¢tious preparaL by the ChgTity's fjjnd n]anagw8 and internally PTIMluoed lk flow proje(aions. Appropriate recommendations will then be mad¢ to.the Bollrd as to th¢ l¢v¢l ofgrants to b¢ &WArd in 2025. If nesS8rys t level may need to be reduced fromthat of ent yeaTh bui ih¢r¢ 18 no nwJ¢rial Ull¢¢rt&iDty that the Charity WAII bo abl¢ to ¢ontinu¢ a8 a goillg eoncwn for the foreseeable thture, PLANS FOR FUTURE PERIODS The and diTrction invested in tho Charity's UllSU(*essfvl bid to buy th¢ former Romon Way Community Centre Ilas been rechannelled into a d¢t¢rmination to succeed with th¢ cre4tton of ¥4 communlty hub for the Ar¢4 of Benefit, The possibility of utilising 53-56 Hlgh Street, MatÉet HthA)rough, for this purpose will be explored fiuther ill 2025. The seven aotli)Ds asreed At the Away Day itt January 2024 will guide the Chwity Wbing forward. These inoludc th¢ dClopMent of aCharity/Community HU to includethe ChaTIty's oific¢, Th¢ Charity will consult locally to ty to b&t¢r understand residents, prioritie4 and will artiv¢ty support fr¢¢ looal eY¢nts for maxlmum publlc enjoym¢nt, Anew environtTLental tK)licyis to be developed in 2025, the grallt applIl0nproee8S will be revi¢wed. Page 6
MARKET HARBOROUCHAND THE BO1VD]s CHARITY RJ£poi¥r OF THJ£ TRUSTEES FOR THK YEAR RNDED 31 DKCKMBER 2024 PIANS FOR FUTURE PKIUODS (contlllued) Most Imporlantty, the Investtnent pollcy wlll be r¢viewed &s & matter of urg¢Thcy. in ord¢r to geneThte sUff1¢t in¢otne foi, the Charity. Grant 8ivln8 ¢ontinu¢s to bo a moinstay of th¢ work of the Charity. Th¢ Genei'al arants ¢ommitte¢ wlll take a rnoK progr8)ve approach to grant giving 8nd will continue to 8sk applicants to demoD8tstre publlo benefit as part of th¢tr bld. Th¢ Edtion ¢ommitte¢ WUI continu¢ to £ocu$ support on thoso stud¢nts who most nd financial help to progress thelr studles. And the Relief-ln-need cornmlttee wlll contitiue Its conversations wlth support agenGies In an etTort to find 'stepplng stone8, IM)t nets'_ to find ways for applioants to help thern5elve8 throll8b ¢duoatkni or mentorlng pj thus avoid the cycle of repeated applications for holp ov¢ry tim¢ a problem occurs. STRUCTUR4 GOVERNANCEAND MANAGEMEP4T Cov•rnlllg DoeMmell The Charity wa8 r¢stered as a Cbarltsble Incx)rporatsd OrgaThlsatloll on 9 Juty 2014 ond Is governed by a fOUtatIOn constitution, whichwas last V4mended on IBlJune 2023. The constitution Statesthatthebodyo'FtSteeS ('lkne Boardv shall consist of a n)inlmum of ei8ht tnths alld a mNximum of fifteen appointed truste8s and one exofficlo trustr£. The first frfleen trusteeA ofthe Ch&rity were app)intsd for tern]s ranging from between tro and five yew3, whereupon tlw aTe ¢ligible for re-wotntslleth. All 3ubsequent apin{mentS/re-dppY1Trtrllts are foT atorm of four years. Org4nlsAtIoDAi stry¢tur¢ The Bo8yd meets once a quarter to deal with all governance and policy m&der8 and h&8 appointed sEaff to attend to d&y day ruDnitig of tbe Charity. Tbree grallt-giving sub-committeGs have been e5tsblished to Teflect the consLithtion t)amely.' General grants, Rellef-in-need, Aud Edue4tlon. op£1041 8ubwcommittee8 have been ¢stablish¢d for Financ4 Est&te4 Fltts and AllOtmts. Policy committees h&ve been set w) to advise on Govan¢¢ and Envln)mlletttsl m4tter8. An HR 81comMIttee 915() m¢ets as r¢qulr¢d. Th¢ Board Te¢dv¢s a chty Secretary's r4)ortto brfng the decJBlon8 of the su1COMMIttee& to the attentlon ofthe trustees as a whole. Remullcration 8truetuTr for key Jllanagcmvnt p¢rsollllel are entiroly UnmunerAc¢L Staff salatues are index linked with COStf-]lv1ng inorements rylied eaoh year based on a mqtlortwl lttdex. Tru8tee i'ecrultmenl, Induetlon and trallllllg Hb(Oll£h District Council ('he Councilv may appoint one Individual to act a8 an ex.officio trustee of th6 Chwity provlded that Individual is &iso a Senlor offic of th¢ Cowioil. The pw)sitlon of ex officio tNstee shall remain Yant if none ofthe Counoil's Senior Offie4rs are willlng to 8Ot In thls capadty. The fourtrusttes apIllted In 2023 brOlltthe eomplemcrtt oftrustee8to thirteen, plus oll¢ ex.offielo trustee. A8 partof the ithction prooes5, the newtntstees were a&sisned a'tsuddy" Iw8t¢e and taken ona tourofthB Chwity. prop#d&8. The trustees were Informed of their legal obllgations under charity law, the content of th¢ onstitution, tho cornmlttees and deo15ion-makln8 pm¢e¢S, strat¢8i¢ Toview, and the recent financlal perfom]an¢e of the Charity. All tru81ees will b¢ encouraged to atlend 4ppropriai'o external training events where these will fa¢ililate the undertoklng of th¢ir rol¢. GDPR Ir&ining was attended and aM)reciated by the Charlty's staff in February 2025. Page 7
MARKET IIAIIBOROUGHAND THE BOWDENS CHARriY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 YRUSEst RKSPONSIBILTTJES IN RKLATIONTO FJNANCJAL STATKMKNTS The TJvst¢¢s are r¢sponsibl¢ for pr¢paring the Thte¢s, R¢port and the financial Statements in acLx)JxbJw¢ wi applic&ble law and Unlt¢d Kingdom A¢¢ourting Sta4rd9 (United Kinsthm a¢n¢rdlly AeLepted AccowÉin8 Practioe). Th¢ lttw fippli££ble to charltles lttBnglattd & Wal¢5 requlre5 the Thjstses to pep8re flnallclLI statements for fjnaL¢lal y¢w whl¢h glv¢ & truo atsd fair view of th¢ stat¢ of affalr& of thc Chlty and orth¢ In¢omlng ttsouwes nd appll¢&tion of resour of. the Charity fDr th8t period. In prq)orlng these finwlal 5t&temenf4 the Truste arei'equir&J lo: 8¢lect suitable ac4Jountlng poliu¢8 al applythem ¢onsiJt¢ntly• observe the methods priJKlples ltt the Charltleg SORP FRS {102)' make judgements and ¢8timatos that ar¢ r¢asonabl¢ otid prudoul state WhetIr applicabl¢ acwunting standard,% hav¢ be¢n followe4 subieot to any material depArtur&8 disclosed and explained inthe fllMncial sialement8; prepar¢ the finanoiai &tstem¢nts on a going (x)wern basls Unle It i¥ Inapw'opriat¢ to pr#sun thatthe chaTIty wlll contlnue in oppratlon. The Th]stees glt responslble for keeping a(ount1ng record& that disclose wlth reasothable acollracy at any tlme the finaLoial posltion of the Ch&rity and enable t1 to ensule thal the finanoial 8Éthments comply with the Charlties Act 2011, the Chw'ity (Accounts Rq)orts) R¢gulatlons 2008 and thoprovisions of the con8titstt1on, They are a180 responsible for Safeguarding the assets of the Charity and hellce for taki reasonable strps for th¢ prevention and detsction of fraud and other irregulariti The TNslees are responsible for the maintenance and integrity of Charity and fitmncial inforntiOll included on the Charity's website. Legislation in the Unitsd Kingdom governing the preparation and dissemination of financial staterncllts may differ frorn legi81atioll ill other jurr8dictioll8. FUNlhRAISINC STANDARDS rI ORMATION The ChLty does not carry out any siEnifieaAt futhising aottvities involvlng the general public. DECLARATION I declar4 inmycapacity of Charity TNste4 thatthe Trustee8 bave approved therwrtRbove attd have authoris¢d me to sign it on their behalf. JL)hll Veavyour QPM Cludr of Tru5tses Dated 2Loctober 2025 Pe8
MARKET HARBOROUGH AND BOWDEINS CHARITY INDEI PENDENT AUDITOR?S REPORT TO THE TRUSTEES OF MARKET HARBOROUGH AND BOWDENS CHARtTY Oplnlojj We have audited tbe finanolal 8tatsrMits of Market Harborougb alld The Bowdeths Chatlty (the ,harIty,) for the year ended 31 Drnber 2024 which ¢ompri8¢ tho Stat0nt of Finao¢ial Activitie8, th¢ BalanG¢ Sh¢eL the Cash Flow Statement and not&4 to the fit]ancial StateDntS, Includlng a sumll]ary of 81]1£c&t 8¢countitig poli¢i¢s, Th¢ finenci r¢porting ftamework thothas been appli in their pparatIOn is appli¢abl¢ law and United Kingdom A¢¢ounting Standards ill0ludn FRS 102 Th¢ Fill¢11 R¢porting Standd applicable in th¢ UK and Republic of Ireland (United Kingdom Gelleialty Acetpted Amnting Praotice). TJL our opinion the financial 8tatsnKth&', 8iv¢ 8 4Ju0 and fair view of the state of the thity'S affairs a8 at 31 December 2024, and of its illcoming resowces and applicalion of re8ource8, forthe p¢riod then ejded. ht beproperlYpcped in &ccordance th Unlted Kingdom ClettErally Accepted Accountitig Practlce. and haye beenpr4)ared in accord(> whh the requirements of the Chatities Act 2011, Bas1$ for oplnlon We cojducted our audit In &c¢ordan¢o with IlltQTJthtional Standards on Auditing (UK) (ISA& (UK)) and applicable law. Our 8ponslbilitieJ wider those 5tandArd5 are furth¢r d¢soribed in the Auditor'5 rwponsibilities for the audit of the fin8nGi81 s¢atenKnts scction of our report. We are independent of the clwity in accordance with the ¢ÉhicAI requirements that Are relevant to our wdlt of the financial st'atsnents in the UK, Inoluding the FRC'S Ethl¢al Stmdard, aThl we have fulfdl¢AI our other ethical r¢spoosibxlities In accordatsce witlL these requiremellts. We believe th&t the audlt eyldence we l)ave obtaitled is suffici¢Dt 4ttd appropriats to provide abasis for our opinio C(bnclvBlous rellltlug to golng Concern Jn auditing the financlal 8tatsments, we have concluded that the trle£s, use of the going collcorn basis of a0tIng kn the prepaTation of the fittellcial thttsjtrnts 18 appropriats. Ba8¢A on the Work Ive Iwve perfijrnied, we have not identified any mthrial Uncertainties relating to events or conditions th&L indlvidually or collectivoly, may cast significant doubt (m th& chartys ability to continue as a going cottcern for period of at leasttwelve month from whenthe fmanoial Statements are autlwri8¢d for issuo. Our re)nSIbilitieS and the re8ponsibilities of the directors with resp¢L* to going c4)nw dwrib¢d ill tkn r¢levant 5¢0tiony of this report. Other itiOn The 0r information eompriges tho infonnation included ill the atinual report financial 8tatemEnts, oth¢r thall the financi41 statement5 and ow 8udiLor's repbrtthereoL The Trustee4 are re8pc)ngJThlo for the oth¢r infommtio Our opinion on the fttmncial statements does ILQt cover the other infonnation and we do not express forn) of a88UTance con¢lusion thereon. Ovr rryoJ]8iblllty 18 to r¢ad th¢ oth¢r inforJJwtion and, in doing 80, ronsidor wh¢th¢r th oth¢r illforniation is rnatsriAIIy inconsistent with the statem¢Dts OT our knowledge obtsined in tbe wurs¢ of th¢ &udit or oth¢rwi3¢ appears to be Jnatsrially mi8Stated, If we identify sh matertal inconBi8tencies or appartnt nmterial n)ithatement8. we dre required to det¢nnu]e whether ibis gives rise to a n]aterial missl&tenKnt in tbe fllmicial slatetnellts tIMllselves. If, based on the workwe have perfOrnd, we conolude tha¢ there is a material m18Statement of tbis other inforniation. we required to report that We hav¢ttithttig to report In this regard. Continued Page 9
MARKET HARBOROUGH Arffj THE BOWDKNS CHARITY INDEPENDEwf AUDrroR'S REPORT TO THE TRUSTEES O MARKET HARBOROUGK AND THE BOWDENS CHARrrY (conth]ued) Motters on whlch we 4r¢ r¢qlllred to rep¢)rt by eAeopdon We have nothin8 to T¢rt in respecs of the following matters in r¢lation to whiththo Charities (Account5 and Reports) Regulations 2008 require us lo r¢port to you if, in our opillton: the information 8iY¢ll ill tb¢ Report of tbe Trnstse5 is illry)llSiEknt in w mat¢rial 1¢8pectwith the finan¢ial statements. or suffi¢1t accoutrtlng records h&ve notbe¢nkep¢ or fiD&nci ststement8 8re n(rt in agre¢nKLt witlLtILe acCoun8 T¢¢ord8' or w¢ have not received all the infor(nation and explanation8 we require for our audit. Respon811)iJities of Trustse¥ As explaiTh ttre fully in the Trustees, Responsibilities Statement {seL' out on page 9), the Trn8t8 are re8ponsible for th6 preparntion of tho fM)ancial slat¢ments for iKing satisfi1 that they Eive & thie and fair view, for such inllmal colltrol as the Tnt¢S d¢t¢rmin¢ IB ll¢caaary to enable the preparatiort of financlal statements that ar0 free from nmteri i8statsm¢nl, wlth dueto fraud or error. In preparing the fJnanciAi statements, the TnTStee8 are respon8ibl¢ thT a&8e8slng the thatlLy's thlllty to ntInue as a going collce disclosillgj as appli¢abl4 matters relat to Boing conc¢rn using th¢ going wicern bllsis of OntIng wdess the TrL]Stees ei1her Intend Éo Ilqutdate the chlty orto c¢4 operntions, or have no rlIstiC alternative but to do 80. Alldltor's reSponbIlItIeS for thé audlt of tho flnancjal stAtements We have IKcn appointed as auditors under Section 144 oflkn awitie4 Act 2011 alldreport in accordance with Act relevant regulatlons made or having effectthereunder. Our objectives 9re to obtain reEnable assuranL% about wl*ther fJnao¢ial Staton 8s a whole are free from rnaterial IS8t&tellnl whether due to fraud or error, and to issue an auditor'g ryort that include8 ow oplnloL R¢asonable assurance is a high l¢v¢l of assurau¢¢, but is N)t a guarants¢ that all audit Conducted in accordallGe witb ISAS (UK) will alway8 detect a material misstatement when it exi8ts, Mi8Stat¢m¢nts can aris¢ from fraud . wor and are considered matwial if, individually or in the aggregate, they could re&son&bly be expected to infiuetLce 1he economic decisions of uw8 taken on the basls of thBs¥ fit)ancial statements. Krregulariti¢8, iuclvdillg fraud, ar¢ instan8 of non-comptiallL% with and regulations. Wo d¢Jign pmcedures In line with our responsibilitie outlined &bove, to detect nTralerial mis8tat¢ments in r¢4Kot of 1¢gU1e including frnud. The extent lo wbicb owprocethwets are ¢apabk of detectittg irregol&rlti¢& including fraud 18 detailed below: - the engagem¢nt partner ensur that the ¢ngagemgnt team colle¢¢iv¢ty had th¢ appropriate expetien¢e, compete, capabilities and skills to identify or recoBni5e llon-compliance with laws and1rgtilIll5,' . through di8cussIon8 with the trustee8 &ttd other maDagernent, attd from our comrn¢rciai Imowiedg¢ of th¢ ¢harity's aGtiviti&8 objeGfiv&8. we 1deTrtifi tbe lav and re8ulation¥ applicablo to the charity and focusd on specific law8 and reBLationS wbich we considfflEd may have & di¢t Lnateri ¢ff¢ct on th¢ finallciai 8tstements alld operation8 ofthe charty. - we remained alert lo instances of nort-compliaI tlwougllout the dit and assessed the cxt¢nt of MplIall¢¢ through discussion8 With tjwMgenlll and examinatioll of dO¢u&ti0ll. W¢ ass¢s$¢d tkn 8u$¢¢ptibilty ofthe charity's fmancial statements to material misstat¢mont obtsined an understandin8 of how fraud n]ight occur by., - t)wking w4uirie8 of nMllagem¢n¢ 05 to wkre they COD8idered there was a su8¢0ptibility to fraud and their knowledge of any actuaL swpected or alleg fraud; and - considering the internal controls in place to mltigats the rlsk of fraud attd non-compliance witb laws and regulations. Contillued Page 10
MARKET HAIiBOROUGH AND THE BOWDENS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MARKET HARBOROUGH AND THE BOWDENS CHARITY (continued) To addre&4 the risk of fraud through management bias and override of controls. we: - perfomied analyti¢al procedures to identify unusual or UneXpted relation8hip8.' reviewed the nominal ledger and, specifically> journal entries to identify large or unusual transactions and investigated them. and w¢ ass¢ssed the extent lo which accounting enlri¢s r¢lied on a high degre¢ of judgem¢nt andlor estimation and when deemed necessary, sucb as for finBncial aets held at fair value. obtained external evidence to support said judgement and lor cstimation. response to the risk of Arreguiaritie5 and non-compliance with laws and regulations we designed procedures which iD¢luded.. - agreeing financial statement disclosures to supporting docun]entatioll' - reading n)inutes of trustee I management meetings. relevant regulators and the charity's professional advisers. - perfonntDg substantive proccdurcs on rnaterial balallccs and trallsactiOllS' aud - cnquiring of management as to actual and potential litigation and claitns. There are inherent limitations in our &lldit pri)cedures outlined above. The more removed tbat laws and regulations are from financial Irallsactions, the less likely it is that we would become aware of llOD-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trnstees and other Tt]anagement and tbe inspection of regulatory and legal correspondence. if any. Material misststements tbat arise due to fraud can be ]Jarder to detect than those that arise from error as they rnay involve deliberatc concealmcnt andlor collusion. A further description of our responsibi]ities for the audit of the fillancial statements is located on tbe Financial Reporting Council'5 web5itc at.. w5.frc.0r .uklauditorsres oiisibilitie5. Thi5 d¢5cription forffls part of our auditor's rrport. Use of our report This repx)rt is made 501ely to the charity's Trnstees, as & body. in accordance with Part 4 of the Charities (Accounts and Reports) Regulation 2008. Our audit work has been undertaken so that we might state to the charity's Trustees those matters we ar¢ r¢quircd to statc to thcm in an auditor'5 r¢port and for no other purp05¢. To thc fvllcst cxt¢nt pcrtnitt¢d by law, we do not accept or assume responsibility to anyone other than the cbarity and the charity's Trustees as a body. for our audit work. for this repoffj or for the opinions we have foL7ned. Edward Thomas Peirsoll & Son$ Statutory Auditor Cbartered Accountants 21, Tbe Point Ro¢kingham Road Market Harborough Leicestershire LE16 7NU Dated: Il October 2025 Edward Thomas Peirson & SO is eligible lo acl as an audilor in lerpns ofseclion J2J2 of the Copnpanies Act 2006. Pagell
MARKET HARBOROUGH AND THE BOWDENS CHARITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Restrleted Ineome Fund5 General Designated Funds EndowtneDt Fund Total 2024 Totol 2023 Note INCOME AND ENDOWMENTS FROM: DonAtion5 and legacies Charlt8ble g¢tEvldes 200 2 425 102,082 IW2,082 99,039 Invejtmeots: From inve5ttnent properti¢5 From investment portfolio Other 105.885 272,883 2.757 105,885 272,883 116.927 330.023 2,757 109 Total ineome and endowrnentS 483.807 483,807 540,523 EXPENDITURE ON: Ralslng FuDd5 Charitable 8ctivities: Provision of grant funding (66,091) 4.519 (62,172) (28.956) {365.356} (365,356) (3741.103) Other charitable aEtivitie5 {253,747} (50,476) (304,223) 45.957 731,751 (253,104) Tot81 expenditure 685,794 (656,163 Net income1(expenditQ) before gainslOosses1 on inve5trnent5 (201,9871 (45,957) (247,944) (109,640) GAINSI(LOSSES).' On InVestent properties.. Realised Unrealised 15 15.000 54.000 69,000 15,561 On Investments.. Realised Unrealised 16 16 29,231 22,617 666,002 515,307 695,233 537.924 3.885 716,977 Net incomellexpendithre) before transfer5 Net transfer$ bettveen funds (135,139) 138.099 1,189,352 1,054,213 626, 783 19 (138,099) Net itieomel(expenditure) for the period OTHER RECOGNISED GAINSI(LOSSES): On revaluAtion of Tangible Fixed Assets 2,960 (138.099) 1.189.352 1,054,213 626,783 13 110,476 110.476 235.834 Net movements in fund5 2.960 (138,0991 1.299,828 1,164.689 860,617 Totsl funds brought fonvArd 834,484 360,250 10.352 20.401,575 21,606,661 20,746,044 Total funds carrjed forward 837,444 222,151 10,352 21,701,403 22,771,350 21,1506,661 All aGtivitlC5 relate to continuing operations. The notes OD pages 15 10 32 fom part of th¢5e f]nancial siatements. Page 12
MARKET HARBOROUGH AND THE BOWDENS CIIARITY BALANCE SHEET AS AT 31 DECEMBER 2024 Note 2024 AsAt 31 Deeember 2023 Fised Assets Tongible fJxed asset5 Freebold land and buildings Fixtures 2nd fittings Office equiptllent 13 2.007.347 1,951,SJ8 2,007,347 1.951,818 Intangibk flled Assets Basic Pay]ncnt Schcmc cntitlemcnts 14 Investmellts Investment propertie5 InvestmeDI portfolio 15 16 2.980.000 17,628,024 2,911, (PQO 10.364.979 20,608.024 19.275,979 22,615,371 21,227, 797 Current A55ets Debtor5 Cash at bank aud OD dcposit Cash in ]]Rnd 17 13.323 281.070 472 31.103 400.469 195 294.865 431. 767 Creditors pAyable within one year 18 (138.886) (52.903) Net CurreDt Assets 155,979 378,804 Net Assets 22,771,350 21,606,661 Funds 19 Unrestricted fund5 General fid5 Designated fi]Dds 837,444 222,151 834.484 360.250 1.059.595 1,194. 754 Restricted funds Income funds Endowment fid3 10,352 21,701,403 10.352 20.401.575 Total Funds 22,771,350 21.606.661 The finallci&l statements were approved by the trnstees on 11-October 2025 and signed oll their behalf by: I+L• Jo]m Feavyour QPM- ChaiT Kerry Merryweatber- Trustee The notes on pages 15 to 32 forn] part of thes¢ finaneial ststements. Page 13
MARKET HARBOROUGH AND THE BOWDEIYS CHARITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Total 2024 Tolal 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net movements in funds per Statement of Fi02ncial Activities Adjustments for.. Depreciation & Amortisation Charges B&d debt provision written back Fund )ger'S ft¢s rebate adjustrnent (Gains)ILoss¢s on inv¢sttn¢nt properties: Realised Unrealised 1,164,689 860.617 54,947 48.Q65 (43) (29.888) (69.000) (15.561) {Gains)ILosses on investsnents.. Realised Unrealised (695,233) (537.924) (3.885) (716.977) Dividends, rents and int¢rest r¢¢¢ivabl¢ from.. Investment properties Investments (105,885) (272,883) (110.476) 13,236 71,389 (116,927) (330.023) (233.834) (7.488) (4J.114) (GainsyLosscs on rcvaluation of Tangiblc Fixcd As5¢ts (Increase)IDecrease in Debtors Increas£1(Dccrca5c) in Cr¢ditors Net cash used in operating activities (517,071 556,227 CASH FLOWS FROM IfwESTING ACTIVITIES: Rents received from investment properties Dividcnds and iDtcrr5t rcccivcd from iDVCStmcnts 125.066 272.883 129,667 331.164 Proceeds of Sale of Investments 15,336,930 17.608.034 Purchase of Invest¢llts (15.336,930) (18.015, 72J) Net cash provided by knvesting activities 397,949 53,144 IYET CHANGE IN CASH IN THE REPORTING PEIUOD (119,122) (503.083) Cash brought forw¥rd 400.664 903, 747 CASH CARRIED FORWARD 281,542 400,664 Cash Carried Forward represents: Cash held in investment portfolio awaiting investment Cash at bank and in hand held on instsllt access and short terni deposits Cash in Hand 281.070 472 400,469 195 281.542 400,664 The not¢s on pages 15 to 32 forni part of these financial statements. Page 14
IARKET IIARBOROUGH AND BOWDENS CHARITY NOTES TO THE FINANCIAL STATKMENTS FOR THE YEAR ENDED 31 DECENBER 2024 I PRINCIPAL ACCOUNTING POLlaKS (8) BASIS OF PREPARATION The financlal staternents have beetLprepated in accordanL% With,. Aott11ng and Reportitig by CIltieS,, Ststement of R¢comtnended Practlce applicable to chthtios preparing their accounts in accordl with the Financial Reporting Standard plicabLe in th& UIC and R¢publi¢ of Irelftnd (FRS 102) issu¢d in O¢tob¢r 2019 ('EORP (FRS 102),). The Financial Reporting Statsdard applicable In the United Kingdom and Republic of Iteland (FRS 102) ("FRS 102,). Th¢ Charit1¢8 A¢t 2011. alld UK Genmilly Acccptcd Practicc. The obatity constituteg &pubIic benefit enÈity a8 defitted by FRS 102. The t]nattclal statements h&ve been prepared to glve a 'true and fr, view and hydve departed from the Ch&Tltles (Aecounts und Reports) RegulaLioDs 2008 only to the extent i'equired to provlde M 'true and fr vlew,. This d¢parknwe has involved following SO]iP (FRS 102) rather than tho kn¢ouDtin8 and R¢porting by Charitie8: Stat¢m¢nt of ReMNIed Pra¢tio¢ eff¢¢tiv¢ from l April 2005 whbbhas SI bg¢n withdrawn, The golng concern basis hastoric&l coit Conventio gs modiftled by the inclusion of tshold land and invesknnents at lrY&le. havej beenused inpreparingthe financial 8tatomonts. (b) CO]NG CONCERN ASSRSSMENT The Tntee8 consider th8t there are no materlal uncertainties about the Charlty'8 ability to continue as & goin c<>nc¢rn. Th¢ moBt $18llifi¢ant &r of uu¢¢rt8iJity, whiah aff¢¢ts th¢ ¢ontinuing iOll of the Charity, ar¢ the l¢Yds of investment illcon and p¢rfOnll of investment mOTk¢ly. Nots 16 to tho finanrial jtatements Provides d¢thil of the action tskeD by the TTUStee8 to mitigate the risks involve(L Desited r¢8¢rves have been establi8bed to ensure that ad¢quats fimds are avaikble Éo rneet pledgeB made by the Charity at tbe balance sheet date in the eventthat th¢ assoolated condttions are tyby tho int#nded knn#fioiades, Tho Covid-19 pmd¢mic and the 8ubsequ¢nt W4r in Ukrain¢ Thted knoll in the mark¢ts with the Tesult that only dIllg the year ended 31 DecemlKr 2023 did the value of th¢ inve8tmellt portfolio 0Ver to its PTe- pandernic level. At 31 DeKernbrr 2024 the value of the portfolio ¢xce¢d¢d its pre-pdeMiC level by approximately £1,913,000. Investttt rcceipts a180 fell in r¢spon5e to the8¢ Iwo ¢v¢nt8 and a8 a r¢sult of the of tbe chang¢ in inv¢8tm¢nt nagers. Lower levels of illvestrneni income ate expect¢d to contitThe for the FOrtabItt futswe and th¢ Tntee$ are currendy considering adopting a totral retum approach to investtnent. In the meantime, tho Charity has set reeh8tlc projecdonB of Its Investment Incon reeeivable ift RccDrd4nce with g(fvice from its investment man8ger5. T)uTrlL¥lly only between 30D/o and 40Q/o of annual lttcome 18 required to Goyer the Charity expenditure other than the payment of grnit8. Therefore, wbilst the The8 accept tIt aTrI. makn)g mhy bave to be restricted to a level below th&t of rec¢ years th¢y oonfidentty ¢xpeGt that tbe Chlty will hav¢ th¢ cash flows to be abl¢ to SFdtlsfy existingpledges and to continlle to make meaningful 2Tant awards for the foreseeable futut& Page 15
MARKET HARBOROUGH AND THE BOWDENS CHAIUTY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ErD[ 31 DECEMBER 21)24 (c) INCOME IIECOCl4trio All ittcomin8 r¢sources aro includod in the Stat¢m¢nt of Fillanci ActiYitie8 when the chatity is le8ally entitled to the incom¢ aftw any p¢rf0Jm¢e conditions have been mei the amullt call be measured r¢liably and it. is probable thAt the incon)e will be re1¥ Charttable aedylrtl Ineome comprtses cotrIbutiOn1 due from the tenants of the Scotland End Flats 4ndT¢nls and similar amounts r¢ceivable froffttho Cri¢ket clu SSS4 Old Grattlljw School the allottswnts. These ptoperties at¢ held for charit&ble purlseS fmd the illcon arising iwr¢8ents kss than a n)aAket rent, Investment tseomo tepres¢nts renial ineA)me from cou)nla1 properties attd farm land, wbieh are hcld by th¢ Charity for tILeir itsv&%tmentpolentid, together WAth interest and diviiknd8 on Stk4 8]]&res and battk derM)sits held on the eloW[ent a1 utLte8tsicted fiuKls. Sucb inromg is rociJsnis¢d on a rec¢iv&bl¢ basis and where appropriato, this illoludes the income tax rec4)verable. tncomin8 rurCeS from inve8tmeDA8 (iludIng inv¢sbnent prop1¢#) held qg pt of the ettdowment fillKI are UntrACted. Wherever p0&8ible, income is rq)orted 8& of any lated euKllditure. l4owev, in th¢ ¢a5e of investment man8gem¢ttt costs within managed It 18 not always prncllcablc to identify Such cost8 Wtth r¢asonabl¢ ccuracy and, therefore, the investment income is reported not of thase costs. accord¢£ with SORP (FRS IIY2) llo aDWUllt is included in the financial &taitents for volunteor time. (d) KXPLiYDrrtiRK REcocNrrIoN All ¢4Kndittwe is included on an ac¢nwis blS and Is regnised where there is & legal or COnstive oblig&tion to Jn8k¢ payment to third p&rti¢s, It Is probabl¢ that settlement will be requir&] and the amount of the ob]igYdtion can be mea8ured reIi&bly. A5 the Charity A8 Mit re8ist¢rod for VAT, gll expenditure is shown gtoss of itreg)verable VAT. Expenditure is catogoriaed underthe following headingi: Ratsillg funds This repre8ents'. c03ts of managing and mailltalnln8 th¢ Ch4rity's InStt ptopertle5' ImTestment portfolio nM]as¢m¢nt fees. and promotiollal and w¢bsite costs aim¢d at potential dollors. ChArltAble tIvItIeS Costs under this headin£ fall into two distinct categories: Grants paid to individuals ulld orB&nigutions as approved by the Tru8tee5 in accordallL% with the Charity's Conslilution. aud Th¢ co816 incu¢d in providing attd n791[in]llg th¢ S¢otlalld Bnd Flat8, Old Granmw School. Ib¢ allottnents and Ihe Sits of Special Sclen&fic lttteresL Where unconditional 8rants offered the expenditsre is Hs EootL 8E the reclpient i8 llotified of the 8ra nd th¢r¢ Is a ttasottabl¢ erp¢¢tstion that it will b¢ pald. Where grAnts are pledgel but pay]nent is condition81 on the perforrnallce of the recipi tha nOutst is llot 0£nised as ¢xpens¢ ull¢ii th¢ eondltlons h&ve been lfille(L Etowever, all amount equivalent to that pl¢d8ed is transferLrd to a designated reserve. Pag¢ 16
MARKET HARBOROUGH AISD THE BOWDENS CHARITY NOTFS TO THE FINATr4CIAL STATEMENTS FOR THE YEAR ENDED 31 DFLEMBER 2024 (e) ALLOCATIOFI OF cosrs Costs which aro directly atEributable to gi 8ingle activity are allocatsd direcdy to that actiiThty. Slwed oosls which contribute dir¢cLiy to more than on¢ activity Are apportioned between those activities on tILe ba818 of usage by each octiyity. Support costs twes¢nt th¢ romaioirtg cost8 that are not capable of dire¢t attribution. They haye been Allo¢atsd between tbe cv4tsg0ri&4 ofraiBing fiJDd8 ch8ritabl¢ adivili¢s in accordae with the basis specified in Note 7. Gov¢rnanc¢ costs, whlch represent the ¢xpen8es of Tru3tees' meetings and legal and profe88lonal fees rdated to ntimillg and MIgement of the Charrty (Including external audlt fr¢sl are i0¢11¢d wlthin th¢ heading of &upport ¢osts. The allOtIOn pro¢e88 involve8 a 8tgnificant element of judgement as the ¢harity has to COD8id¢r th¢ cost of detailed calculations and Tecordkeepit)g with the r¢Stallt beDefiL (f) OPERATING LEASES ReLt8ls payable and recelvable under operatlng leases are ohargedl¢redited ill th& Statsment of Firwicial Actxvlti on a strnight-Ilneb86Es over the peri¢Jd of the I¢¢, TANGL YJXILD ASSETS INCLUDING HERITAGE ASSETS Fro¢JId lad, compri8itss alloltsJent5 and orickE¢ club aLE itioluded at their e8tn]Mtd open maTket value b4sed on a profes8i0D81 valuation YA)ith is usually undertaken it least On ¢v¢ry tbre¢ year8. The most cent revaluation wa8 nndertaken as at 31 Dec¢mber 2024. Any ufftalised gains or losses are credited or clHTg&l to the SOFA ag they arise. No depreciation is provided on wch a58et8. The Old Gratyjmar School, a8 more fiTIty explained ill Note 12, i8 a Heritsge As8et which fornis part of Ihe ChwiLy'5 Pern]anent Ethwm¢nL Th¢Te is no nQTd o£th¢ origU1 c05t of th¢ building and th¢ Thte¢S consider that there are llo 8Uttsble or costseffeetlve technlque8 &vallable to agcertaln & reliable valuvdtiott for the ptopw. . AcrA)rdingly* no cost or1?1t1on]s attributed to theproperty in the fit)ancial 8tatemonts. All othu as8et8 recorded at C05tlvalu&tAon ie88 accuwlated dgpreciatiots. The LX>8t of n]inor additioD8 to fixed a58ets, defind as tkn8e Sting1¢s than 4000 eac arc expens in the Yet in which they ar¢ inourred. Depreclatlon Is provldeA at rat¢8 colou]ated to write off tbe costfvaluatton, les8 &imatsd reslthial Ydluo, of ea¢ as6Ct on a strdght-lknebllsls over Its e&thnthd useful Ilfe AB follow8.' Fre¢hold prop¢ty for op¢rdtionul us¢ Improvements to cricket club buildings SeArtland End Flats buildings Seotland End Flats fixturos OffiGe equipment - ov¢r 50 y¢ars - over theperiod of th¢ lea8¢ to th¢ crick¢É CIT - over 50 years . ov¢r 7 y¢ar8 . 25Vo per The d¢pre¢latlotL ¢harg¢ of 88S¢t5 h&ld with Endowment Fwid Is chad to tbat fid. All other (kpreciation Is clwged to the Getkral Futtd. (h) JNTANGIBLE FIXED ASSETS Intan8ibh fix¢d awt& r¢prc8ont Basic Paym¢nt Soheme entitloments purcha8ed by the Cbatity, whl¢h w¢re inittally e0ld at cosL The assets weTr being rtised on a 8traight-line ba818 80 a8 to fidly write off their cost by the end of 2027, in &ccordan¢¢ with UK G0rnnll¢ pollcy to pl)as¢ out DiTect Payments w]der thg SChe over tbis period. However, the Government subsequenay thaÉ financial SLWPOrt payrnents for the years 2024 to 2027 will be delinked from the tItIoentS and that they will not bo tradeabie aftor May 2(f23. Accorditigly, the rem&ining net book value of the u88ets at 31 December 2021 was writton off on A Strnight-ltno basis through to the #nd of May 2tr23. The a&8ets forni part of the Endowment Fwid the allu)rti88tioJ 18 Iwged to that fithd, PA8¢ 17
MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTEI S TO THE FINANCIAL STATEMENTS FOR THE YEARENDED 31 DECLMBEI R 2024 (I) INVESTNIs It)v¢stm¢nts comprise investment propertieE and Gecuriti¢s h¢ld withln inve8tme4Lt portfi)Ilo and are Initially r¢coui¢d at thairtran8action price (iUGluding co8t8). lllvesln)¢nt properties &re subsequently r¢oorded at thir e8tlmatod op¢n market valu¢ at the ettd of each financial year. This &8tltthatr is based on all ind¢pendent formal valuatio, wtiicb 18 usualty ullderlaken at least onc¢ ¢v¢ry three alld by tk Trust IL tho int¢rvenlng years ba8ed on 1lldependt advlco from 4 degktop review of the most Tecent formal valuatioTh The last formd valuAtion was undortak¢n as at 31 D¢ceJ)ther 2024. Investment prop¢rtie$ ar¢ not depreci8ted, JnYthn¢nts within th¢ p¢)rtfolio ar¢ r¢vglu¢d &nnw8lly at thoir n]ark¢t value OL the la8t day of thtt financial year. All inveBtments are & form of bHSiC fll)ancial instrUt which traded in quoted publio Tha CbArity do not &cquire put optiolls, deritiveS or other coll)plex financial in5trLullents. Realised gains and losses OD ItivestDIts are calculatrd as the dlffercnce between the le preed8 and their market voh3e at the start of Ihe year, or Subsequent eo8t. Unrealised gain$ and lo&wg repir8ent the nvernent in maTket value8 betw valuations. Both typ of 84ins and loss¢s ar¢ ¢r¢ditsd or ¢hargd to the Statemernt L)f FiD8Lcial Aotivitics in th¢ y¢ar of gaill or1088, DKBTORS AND CREDITORS RFLEIVABWAYABIM WITHIN YEAR Debtors and creditors receivable and Yable withiL one year &Te corded VAt transactlon price. Any lo8 afi8illg fromImp#irnrt e inoluded within expenditure. {k) CASH AND CASH EQUIVALEIYTS C08h Ulld ra8h equivalents con)pri8e c08h on hand and call deposit8, and other sknrt-tw]J hIlY liquid investsnts that are readily Convertible to a known amolt of Cash and whith ar¢ subj¢ct to m iU8ignifiowt risk of change ID valu Whilst CH8h held by inve8ttnent manag& &waiting Investment Is in thi8 oategory, such ba]allces are included in tbe balaLce sherf witbia Éhp value of the InvgstmcrttplrolA0. o) ruND ACCOUNfiNG The Cbarity Yariou5 tyyes of find8 for which it 18 re8poJsible aDd which twuire septhte dlsclosure. These are a5 follows; Unre8tilcteAI funds comprise th03e funds lah the TN5t¢o3 are free use Jn accordance with the Charity's objectives. DeslgttAted funds are unresirfcted funds wbicb the Thistees hav¢ eannarked for particular )ose8. Detai15 of tkn nature and purp08e of each designited fimd is yet out in Note 17. Trall8fers from generLI fimds to d&siwAtsd fimds Stated at amounts thatthe TDJstse8 deom n¢c¢ssary to me¢tthoirknowD and arttl¢ip&tsd firture obliglltiotss. Restrlet¢d Income lknnds are lld8 whi¢h have r¢8triction8 plad on them by the donor that require tbem to be sp¢n¢ only for 5cl¢d PUTP)se8. Endowmellt Funds are wiital thdg whioh th¢ Th18te¢8 c4nnot spend. The illcome arising from the elldowt fid5 is unre8tricted. Pag¢ 18
IVIARIT HARBOROUGH AIYD THE BOWDENS CILARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 General Fund 2023 2 DONATIONS AND LEGACIES 2024 Miscellaneous donations & Gift Aid tsx recovery 200 425 200 425 General Fund 2023 INCOMING SoURCEs FROM CHARITABLE ACTIVITIES 2024 Colltributiong frorn Scotlylld EDd Flats teDaDts Old Grammar S¢hool rent Allotment Ients Market Harborough Cricket Club rental income Countrysid¢ Stewardship & other SSSI grants 74.171 375 5,610 6,490 15,436 102,082 70,665 590 5.407 6.490 15,887 99,039 General FHnd 2023 INVESTmEr INCOME 2024 From investment propertie5: Rental incotne from commercial High Street properties Farm Land Miseellaneous 92,033 7.477 6,375 105,885 90,000 7,177 19, 750 110,927 From investment portfollo: Interest UK fixed intrst s¢curiti¢s Tasury stock Dividends receivable from equity shares Dividends receivable from collective investment funds Dividends receivable from COIF Units Interest on cash deposits 2, 702 26,234 247,333 48.399 5.355 755 271,801 327 272,883 330,023 General Fund 2023 OTHER INCOME 2024 Wayleaves Interest on tax repaytllents & sundry ineome Howard Watson Symington Memoria5 Charity reimbwEement (Note 23) 20 19 90 2.737 2.757 Page 19
IVIAR[T HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FtNANCtAL STATELIIENrs FOR THE YEAR ENDED 31 DECEMBER 2024 6 EXPENDITURE ON RAISING FUNDS 2024 2023 Commerelal property management Secretarial salaries & on-COSts Insurdllce Repairs and maillteu8Dce Legal & professional fees Bad debt (recoveredyineurred Support costs (Note 9) Social inve5tmeJ)t property manageTnent Insurance Repairs and maintenance Legal & prof¢ssion21 fees 1.920 1.869 38.684 7,966 (43) 7,909 J. 779 1. 770 267 2, 750 2,861 7.937 247 1.309 994 175 744 953 IDvestment management Net illveslment manaEeVs feeslrebale adjustment (Note 16) Support rosts (Note 9) (1257) 5,565 486 5,430 Webslte & other promotlongl costs 1,528 J,412 66.691 26.564 ENDOWMENT FUND Investment management Net investment rnanagerfs feeslrebate adjuslment (Note 16) Inv¢stmcDt property management fces Support costs (Note 9) Profe55ional fee5 (28.631) (8.680) 2, 700 19.641 1.338 Crlcket Club- Depreelatlon of changlng rooms 4.471 5.J54 Amortis¥tion of Intangible Assets 1,650 4,519 2,3Q2 TOTAL EXPENDITtrRE ON RAISING Fuf4DS 62.172 28,956 7 EXPENDITURE ON PROVISION OF GRANT FUNDING 2024 2023 GEf+lERAL FUND Grants to institutions Dr for specific purposes ID$titution Purpose of graDt VASL Core Running Costs for a five year period Harborough Town Football Club Floodlighting and solar panets Market Harborougb Cricket & Squash Club Changillg facilities Market Harborough PCC Repairs to the west tower of the ¢huTch HOe-Start South Leicestershire Family Know-How Pioject running ¢osts Market Harborough Crick¢t & Squash Club Squash Court roof repairs Little Bowden Bowling Club Solar pan¢ls Harborougb District & Young People's Charity Operating cost oEYoung Carer's group Hursley Park Wetland Project CreatlOD of a wetlandlpond area Market Harborough PCC Churcb clock repairs Market Harborough Cricket & Squash Club Acoustic fence Market Harborough Cricket & Squash Club Girls, cricket HIES UP Project and Enterprise Club Room Hire, refreshments, childcare ets. Othcr5, each £3,000 and ulldcr 43,330 27,963 25.000 15.000 10.000 10,000 9,500 7.500 6.170 5.000 5,000 3.800 3.291 15.582 187,136 180,377 Page 20
MARKET HARBOROUGH ANJ D THE BOWDEIYS CHARITY NOTES TO THE Fif4AP4CIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 7 EXPEI¥DITURE ON PROVISION OF GRANT FUNDITrIG (contlnlled) 2024 2023 B Tougbt forward P8rt repayment of graJ)ts pald ID prevlous periods Dementia UK Portion of grdnt not used in the area of benefit Othcrs, each £3,000 and under 187.136 180,377 (8,193) (875) 178,068 180,377 GraDts to Churcb of St. Peter & St. Paul. Great Bowden- Repairs & maintenance 1,262 070 GraDt$ to llldividuals Educational fimd (83, 2023.. 1081 Relief iD Need £l.000 over (9. 2023: 19) Relief in Need less than £1,000 (24, 2023= 35) Total grants Pold Secretarial salary & oD-costs Communications strategyj advertising and Ivebsite development costs Support cost$ (Note 9) 89.735 11.764 10,104 290,933 25.053 3.056 46,314 71.600 42.55J 16.790 311,988 19.226 2.824 40.065 Toknl 365,356 374.103 EXPEf4DITURE ON OTHER CHAEUTABLE ACTIVITIES 2024 2023 GENERAL Fuf+lD S¢otl#nd End Fl¥ts: Sccr¢tsrial salary & on-costs tnsurance Utilities (including lifeline) Repairs and mailltellance CouncÉl Tax ID void pesiod & other miscellaneous costs Website & promotiODal cost5 Lcgal & profession21 fees D¢pr¢¢iation of ftureS & fittings Support costs (Note 9) 9,572 1.126 18,172 146.521 8.478 1, 060 22,828 71.143 1.709 1.528 1.320 3,244 1,412 3.328 1,222 15,986 15.340 195,288 128.707 Old Gr4tnmar School: Secretarial salary & on-¢osts Insurance Repairs, n)aintenarLce & utilities Lcgal & profcssional fres Support costs (Note 9) 3.234 1,199 1,398 440 4,278 2.85LI 1.135 (J, 778) 276 4,522 10,549 7.005 Allotments: Secretarial salary & on-cosls Repairs and a]nt¢anC¢ Website & promotional costs Legal & professional fees Water & miscellaneous expenses Support costs (Notc 9) 7.652 25.643 1.528 880 1,183 8.758 6,699 43. 723 1.412 552 1.410 9.315 45,644 63.111 Carried forward 251,481 198.823 Page21
MARKET HARBOROUGH AND THE BOWDENS CHARITY NOT£S TO TEtE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 EXPENDITURE ON OTHER CHAIUTABLE AcfIviTIES (eontlnued) 2024 2023 Bmugbt forward 251,481 198.823 Site of Special Scientific Interest: Secretarial salary & on-costs Insurance Repairs and rnaint¢nance Legal & professioDal fee5 Other miscellaneous costs Support costs (Note 9) 631 J50 167 6.875 5. 196 476 739 440 506 689 2,266 253,747 14.003 212,826 ENDOWMENT FUP Depreciatioll of Scotlalld End Flats 50.476 4t}.278 50,476 40.278 TOTAL ALL FUNDS 304.223 253.104 9 ANALYSIS ALYD ALLOCATION OF SUPPORT COSTS Support costs. as detailed below. havc bcell allocated to resources expended as follows: ort Costs Governance Costs Offlce Costs Accounts & Finanee 2023 Total Totol RESOURCES EXPENDED: General Fund: EendItllre on raising funds . Commercial property management Invcsttncnt manag¢mcnt 1.116 1.228 5,565 5,565 7,909 5.565 7.937 5,430 Expenditure on ChxTjtable Activities: GTants payable Scotland End Flats Old Gramjnar School Allotments sssI 16.751 5,184 1,772 3.905 328 18,434 5,704 1.950 4,297 361 11.129 4,452 556 556 46.314 15,340 4.278 8.758 689 40.065 15,966 4.522 9.3J5 739 29,056 31,974 27,823 88.853 83.994 Bases for support cost allocxtion: Support costs are allocated between the various activittes representing resources expended on the following bases.. GoverllAnee costs Estimated time sp¢nt on ¢2ch activity by thc Charity SCCTCtari¢s Secretarial 5UPPOrt and office costs Estimated time spent on each activity by the charity secIelaries Accollllts & finance Estimated time spent on each activity by the charity accountants and Ix>okkccpcr The ¢ost allocation includes all element of judgement as the charity has to consider the cost of detailed calculations and record keeping compared with the resultant benefit. Page 22
IIIARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 9 ANALYSIS AND ALLOCATION OF SUPPORT COSTS (continued) Governaoce costs included within support costs comprise: 2024 2023 S¢crctarial Sary & OD-costs Legal 8nd prof¢ssional fees Auditors remuneration General insurance Trustee indc]rJnity insurance General ¢Kpen8¢8 (including training of trustees) 19.351 440 6.156 1,613 717 780 17.4J6 276 4,014 1,528 679 128 29.057 24, 041 10 AUDITORS, REMUNERATION Tbe amounts payable to tbe Auditors,, Edward Thomas Peirson & Sons. were as follows: 2024 2023 For audit services For other V¢ssurallc¢ services 6,156 23.835 4,OJ4 22,467 Total 29,991 20,481 The other assurance services provid¢d by Edward Thomas Peirson & Sons in¢luded'. preparation of the financial statements for the year. a55i5tsllce lo thc TnJst¢f5 III th¢ fingncial tn8nag¢m¢nt of th¢ rharitys affairs by th¢ pr¢paration of quarterly matlagement accounts. and payroll services. No member of the fLrm's audit team was involved in tbe provision of these other service5. 11 TRUSTEFSI REMUNERAT10Tr4 AND REIMBURSED EXPENDITURE The TNstees, who are cousidered to be the key llwiagemeut peTSOllDel, were noi r¢munerated for their services in the year or the preceding year. During the year no trustee was paidlreimbursed for expenses incurred on behaif of the Charity (2023: £155 reimbuTsed to one trustee). The reimbursed expenses related to sundry goodslservices paid for on behalf of the charity. Trustee indemnity irisuraDce is included as part of the cl]artW5 overall insurauc¢ and th¢ aOunt charged Én thes¢ fiDancig1 Statements in this respect is £717 (2023.. £679). 12 STAFF NUMBERS AND COSTS The number of employees of the charity were as follows: Activity IDvolvemeDt 2024 2023 Secretarial Full time Part tirne- 12 hours per week Part time- 8 hours per week The aggregate pa>Toll cost in respect of these employees was as follows.. 2024 2023 Salarie5 Social security costs Pension Contributions 65,224 5.036 2,188 52,204 3.857 J. 778 72,448 (5.036) 57.839 (3,857) Emplo>ellt Allowance 67,412 53. 982 No ernpl0c had ernployment b¢n¢fits in excess of £60,000 (2023: None). Page 23
MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FfqANCIAL STATEL%tENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 TANGIBLE FIXED A&SETS Freehold Allotments Cricket Club & Other Land AltLshou5es Freehold Lalld & ulldings Fixture5 & F1tt5Dgs Offlee Equipment Total Cost or V&luatio Brought forward R¢valuation 416,000 I J90,(N)O 45,000 28,165 22.550 2,056,715 15,000 60.000 At 31 DecembEr 2024 431.000 1.635.000 28.165 22,550 2,116,715 CutDul&tive Depreci#tion Brought forward Charge for the year Revaluation 54,182 28,165 22,550 104,897 4,471 50,476 150,476) 54.947 (50,476) 109.368 At 31 December 2024 58,653 28,165 Net Book Value At 31 December2024 372 347 1.635 000 2 007,347 At 31 December 2023 36J,818 1.5QO.000 1.951.818 Cost or valuation at 31 DEG¢mbEr 2024 15 repre5ellt by. V8luation 31 DecerDber 2024 Cost 371,000 60,000 1,590,(M)O 1,961,000 110.715 28,165 22,S50 22.550 1590 000 2.071,715 Basi5 for inclusioD in the aeeounts Ail of the freehold properties were revalued, with effect from 31 December 2(Y24, at their open rnarket value by Fisber German LLP, Chartered Surveyors. In addition, included within the cost or valuation of Ai1otnts, Cricket Club & Other land, is £60,0(Kl reprcselltitig the cost to the charity of its contribution, as landlord, to the construction of new changing rooms for the Cricket Club aud an extension of the courts to its Squash section. Depreciation ofthese costs commenced on the completion of the relevant works using a strai8bt line basis over the ren]aillin8 period of the lease. Had the properties not been revalued they would have been ittcluded at the following historical e¢ist: As At 31 December 2024 As At 31 December 2023 Allotment5 Cricket Club & Scotland End Oth¢r Land Flats Allotn]ents Crleket Club & Scod4nd End Other Land Flats Cost Aggregate depre¢iAtion 68,962 58,654 231,697 148,969 82,728 68,962 54,183 14,779 231.697 146.104 Net Book Value 10,308 85.593 Page 24
MARKET IIARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 13 TANGIBLE FIXED ASSETS (continued) Heritage Assets In additlOD to the assets shown above, the Charity owns a 17th Century building known as the Old Grammar School, Market Harborough. which was vested in the Charity during 2005 together with the other assets of the Mark¢t Harborough Exhibition Foundation Charity. The Old Grammar School is a local landmark and a listed building of sigDificant bistorical and architectural importance, which the Trustees intend will forni part of the CJ]2ritys pernrdnent endowjnent to be n)aintain¢d and pr¢s¢rv¢d for its cultural significancc to thc towll. Prior to thc outbreak of the Covid-19 pandemic, th¢ Cl]arity made the building available for hire by the public, on a daily b&8is, in exc]wige for a specified contribution towards the annual running costs. There is no itrfornJ8tion readily available as to the original cost of the building and the Trust¢¢s consider that th¢r¢ are no suitabl¢ t¢cluJiqucs availabl¢ to asc¢rtain a r¢liablc valuation for the property. certainly not without involving tbe Charity in significant costs which would outweigb any benefit. As a reslllt, in Accordance with the perlljitted treatment for heritage 25sets ID SORP (FRS 102) thc Old Grarntuar School is not recognised as an asset in the Charity's balance sheet. 14 INTANGIBLE FIXED ASSETS 31-Dec-24 31-Dec-23 Cost Bmught forward Additions 6.932 6,932 At 31 Decetnber 2024 6,932 6,932 Cumulative Amortisation Brought forward Charge for Ibe year 6,932 5.282 1,650 At 31 December 2024 6.932 0,932 Net Bookvalue At 31 December 2024 At 31 Decejnber 2023 1,650 Intangible assets represent Basic PaDent Scheme entitlements. 15 INVESTMENT PROPERTIES General Investment Soclal Investment 31-De¢-24 Total 31-Dec-23 ValuxtlOD at thr bcginning of thc ycar Trsfer from Tangible Fixed Assets Unrealised gainsl(losses) on rev&luation 2.736.000 175,000 2.911.000 2, 767,000 128,439 s4,01 15,000 69.000 15.56] Valuation at th¢ end of the year 2,790,000 190,000 2.980,000 2,91J,OQfl Historical c05t at the end ofthe year 562,312 257,469 819,781 819, 781 The g¢ncral invcslrn¢nt properti¢s cornpris¢ variou5 parrc15 of laud and four retail shops. of which three have b¢¢n collverted into onc, situated in High StrceL Market Harborough. A fornial open market valualion of these assels was undertak¢n by Fisher G¢rnw] LLP. Chartered Surveyors as at 31 De¢emb¢r 2024 and is incorporated in these financial stst¢meDts. P&ge 25
MARKET HARBOROUGH AND THE BOWDENS CIIARrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15 INVESTMEiYf PROPERTIES (continued) The Land in the ¢haTitys ownersbip includes.. Approximlltely 116.65 acres of farm land which is let in the year ou a seasonal azillg li¢¢n¢¢. Tbe property is subject to a restrictive covenant in favow of two predecessors in title whereby, in the event of any subsequent ni)n-aleultllra] development being permitt¢d. the charity will b¢ requId to pay 33Q/y of any deflned increase in value. The covcllanl eK*nds to forty y¢ars from the date of ant. Laud situated a short distance to the nortb of Great Bowden village comprising 13.03 acres of gr8ssland. which is let OD seasonal grazing liccnccs, and 6.45 acrc5 which has been designated a Site of Special Scientific Inteiest ("SSSI"). The SSSI 15 subject to control by English Natute and the charity works closely with the Leicestersbire and Rut12nd Wildlife Trust in ensuring that the ecological value of tbe siie is protected and where possible ¢nbanced. This land is subject to a similar restrictive Covenant to that described above in relation to the farrn land. Two sn]all pernianent pasture paddocks situated close to the weslcrn fringe of Market Harborough town. One of these paddocks is subj¢ct to a fifty-year covenant in favour of the predecessor in title which commits the ¢harity to pay away 33 % of any uplift in value as a result of subsequenl developrnent beyolld agricultural use. and Various strips of land retsined by the charity following previous significant land salrs. C¢rtAtn of these strips provid¢ a Possible means of iccess and services from adopted highways into potential developmettt land which is not within the charitys ownership. In partieular, a devclopcT has rcccntly cxprcssed an infrrest in renewing a previous option (now expired) granring th¢m the right to acquire the ransom strip in the event that the developer obtains pla]]ning permission for development OD certain adjacent propety, entry to which would b¢ serviced over the ransom strip. However, at th¢ present time in view of the uncertainties affecting their value. the Trustccs hav¢ decided llot to attribufr any value to thcm in these financial 51atetnents. 16 INVESTMENT PORTFOLIO 31-Dec-24 31-Dec-23 Market value at the beginning of the year Acquisitions at cost Acquisitions by way of rcbatcd maniEees fe¢s Sales proceeds from disposals Realised gainsl(losses) on disposals Unrealised gain(lOSses) on revaluatiou 16,364,979 15.336.930 29,888 (15.336,930) 695,233 537,924 15.236,396 17,990,452 JP.303 (17.608,034) 3.885 716,977 17.628,024 16.304.979 Cash at bank on depositlawaiting invesknent Market value at the end of tbe year 17.628,024 16,364,979 Htstorical cost at th¢ end of the year (excluding ¢ash) 16.841,485 12.845,647 The realised gait(losses) on disposals are shared between fvDds as follows.. General nd Endowment fund 29,231 666,002 8,183 (4.298) 695,233 3.885 The unrealised gains/(loss¢s) on disposa]s are shared between funds as follows.. Generdl fjjnd Endowment fijnd 22.617 515,307 30, 145 686.832 537,924 716. 977 Page 26
MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 INVESTMENT PORTFOLIO (continued) 31-De¢-24 31-Dec-23 MaD#ged by Mercer Mcrcer Absolute Return Fixed Income Fund Class AI 7H5200DGBP 470.93tS 568.629 2.91/ Mercer China Equity Fund Mercer Diversifying Alternatives Strategies M¢rcer Dynatnic Asset Allocation Fund Merc¢r Dynatnic Asset Allocatiou Fund Mereer Ejnerging Market Debt Hard Ccy Fd Mercer Emerging Market Debt Hard Ccy Fd M¢r¢er Fundamental Index Glob Equity CCF A1806GBPGB6 Mercer Global Small Cap Equity Fund M-3 GBP DIS Mercer Low Volatility Equity Fund Merc¢r Multi-A5set Credit Fund A1504000DGBP O.OOO/o I-IGBP HEDGE 2.144,440 1,611,355 976.324 1.611.470 9.85OA A1705000GBP O.OO/o A17H5200DGBP 3, 136. 165 562.694 A1907000DGBP 3.44Y Z2H00200GBP 775,597 o.oo/ 398,449 494. 769 2.43/ 718,965 3.02¥0 M-3 GBP DIS 3J4.gJ3 1,s)89,024 688.506 A1504000DGBP 2.086,185 212,919 1,178,278 Meicer Passive Global RErrs UCITS CCF A17H52DGBPG4 1.21/0 4.21/ Mercer Passive Sustain Gbl Eq UCITS CCF Mercer Sustainablc Global Equity Fund Mercer Sustsinable Global Equity Fund M-I GBP Hdg Mercer Sustsinable Listed Infra UCITS CCF A1705DGBPGB6 A17050GBPGB6 0.00% AI 705000DGBP 978,034 494.642 5.98/ 318.396 1,018,465 379.022 J.95Yo Mercer Synthetic Eq-Lillked Dynamic Bd Fd CLASS M-3GBP Mercer ucrrs Altematives Strategies M-I GBP Hdgd MGI Emerging Market Debt Fund M-2 GBP DIS MGI Emerging Markcts Equity Fuud MGI Eur020ne Equity Fulld MGI Eurozone Equity Fund MGI GLOBAL BOND FUND 699.251 508.147 1,235.255 168.142 AI 605000DGBP 775.406 4.40Q/o 7.55% CLASS M-IGBP M-2 GBP E&DG 486,231 2.97/0 M-2 GBP Hdgd CLASS M-IGBP 1.486,485 2.853,391 663.353 917,477 528,598 8.43/0 0.00% MGI GLOBAL EQUITY FUND MGI GLOBAL EQUITY FUND MGI P&ssive UK Long Gilt Fund MGI UK CASH FUND 16.lv/o M4GBP HEDGE A1605000GBP o.ooo/ CLASS M-2GBP O.OOYf* MGI UK EQUITY CLASS M-2GBP 477.090 2.93Y 17 628,024 16,564,979 JOO.OOA The investmettts in tbe portfolio are carried at their fair value which is the bid price for units in common investrllellt fjjnds. unit InlS and opcn-cndcd illvcstmcnt compauics. Invcsttnrnt salcs and purchases r¢cogniscd at th¢ date of trade al their transaction value. net of costs in the respect of sales and inclusive of costs in respect of purchases. Each of the investment funds levies chaTges which are used to pay for the cost of running the fund. including the costs of rtwketing and distributing it. These costs are not borne directly by the Charity d. tberefore, are not reflected as an expense in these fiDaDcial statements. However, such charges reduce the potential growth of the investellt fulld. The fund manager5 have advised that the f¢es deducted tn the financial year to cover both Mercer and UJLderlying sub-investment managers fees amount to £123.321. Certain of these charg¢s have b¢¢n rebat¢d to the Charity by way of the provision of additional units in the fjjnd at no cost to the Charity. The DOtIODal cost of the new units acquired is ffflected io the financial statements as an investment pur¢base and all equivalent reduction ill operating expenses. Pag¢ 27
MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 INVESTMENT PORTFOLIO (contlnued) All investments are basic financial instsvments traded on quoted public nrkets. The Ch2rity does not make use of derivatives and similar complex financial instrulnents as the Trustees take the view that investment5 held ft>r their longer terni yield and total rern and that any short-terni volatility in the tnarkets will normally be corrected in any five year period. Investment rettjrns are exposed to various risks wbicb include crediL liquidity and tnarket risks. Both credit and liquidity risks are assessed as low as the Charity invests predominantly in blue-chip securities ID which the failur¢ rate is hi5tOriC2lly low and all investments are traded on markets in which central batth and other regulators bAve an Interest in ensursng continuation of orderly trading. Market risk is th¢ priticipal risk faced by the Charity due to a ¢ombination of uncertainty in investment markets and volatility in yields. These factors are of particular relevance to the Charity as it is IelianL in part, on dividends and int¢r¢st to finance its grant making activities. As many of its collective investment funds include significant holdings in international equitics and boDd5 whicb arc d¢nominatcd in forcign currencic5, thc Cbarity also has cxposurc to cxchange rate risk. The Truste¢s manage these risks by retaining the expert services of a fund manager, as shown in the above analysis of the portfolio, and ID operating an investtllellt policy which provides for a bigb degree of diversification of holdill8S Witbin itivestn)ent asset classes providing for a balance of income 2nd long-terni capital growt]L 17 DEBTORS 31-Dec-24 31-Dec-23 Accrued income Prepa)Inents Other Debtors tn¢ome tax r¢cov¢rable 2,651 5,228 1,900 3.544 13.323 7,425 7,830 12.304 3,544 31.103 Accrned income includes £2.641 (2023.. £7.185) and Income tsx recoverable includes £3,544 (2023: £3.544). which is attributable to cash flows from investing activities. 18 CREDITORS PAYABLE WITHIN ONE YEAR 31-Dec-24 31-Dec-23 Accruals Other cr¢ditors Taxatton & SD¢ial Security 81.123 56,890 873 40.134 11.854 915 138,886 52.903 Included within the above are grants payable with a total value of £13,585 (2023: £6,055) Other creditors include £18,444 (2023.. £3,850) which is attributsble to cash flows from investing activities. Page 28
MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTKS TO THE FINANCIAL STATEMENTS FOR THE YEAR Ef4DED 31 DECEMBER 2024 19 sTATmIl OF FUI¥4DS Re&ii8ed and Transfers Unreali8ed Oains or (Losses) Tr8nsfer8 to Designatsd DesigD8ted Fulld8 At31 December At l Janry come Bxpenditur& 2024 Unre5tr1¢ted Gen¢r81 fiittds Rovenu 834,484 483,807 (685,794) 66,848 303,370 (165271) 837.444 Designated fvnd# For Grants., Cboritable Eranls Church OL St. Peter & St. Paul, Gr¢at Bowd¢n Relief in Need grm Edu¢&tional grattts 93,475 (187,135) 95,721 2,061 SD.(MM) 50,000 90,000 20,090 90,(M)O 46,775 {96,235) 69550 FOT Rep*ir8: Allotments & Conllnercial Pmperties., Bxtraorditwy tepalr Scotland End Flats: Bxtraordinary repair Old GTanm]ar School: Bxtraord1nY repalr R¢stri¢ted fulld: 30.(KN) 30,000 40,1 (20,000) 20.000 iO,(MM) 10,000 Incomo fwid 10.352 20,401,575 10.352 21,701,403 ndowme]rt fulld {45,957) 1245.785 21606 661 483.807 731751 1412 633 22 771350 Ceneral Sullds are unrestricted funds that the Tnte¢S free to use in accordance withthc objects of the cbarity. Desigllatsd Vunds are w]restrict¢d fidS that h&v¢ be¢n ¢aTJllark by th¢ TTUSt¢¢s for particular purpo. The80 PUTpo8es fall fitrto two cat¢gOTi¢S: th¢ payn)ent of 8rauts' alld fAkn r¢pasr8 and D)aiot¢Jwi¢¢. Sp¢¢ifi¢tythY are as follows: Cb8ritabLe Grants: The eh&rit&ble grants relth to amounts pledged bytbe Trnstees for charitsble purp)ses where no billding commltmwrt exist8 atthe balallce sheet dat& TTonsferB are m&de to this fi]nd fron) the general furtd for amoutLtspled8ed in the yeArwhich have not been paid by th¢ year d, A transfer 18 made frorn this lld to the general for Amounts pledged in previous years which have eitherbe¢n paid in the year where the pledge has been wIthdraM. Clllwch of SL P¢t¢t & SL FvI, GreatBowd¢n'. Ono of the Cbarity's objectB 18 tho nmititenanee and repair of tbe ric of the Padsh Church of the eccle8i98t£cal pari8E of St. Peter hnd St. Paul, Great Bowden. The iticome to be applted for this piirpose niiist not exced 20O/fj of the C]wltys incolne ill any three year period. A (k8ignated r¢sorve for the pwpose of nett this expenditure is m&int&ined at a level to enSe tbat the charity ha8 Suthcient fund8 to meet its ongoing obligation8 bR&ed on ftdvic£ ftom representatives of the P.aC. Relief in Need gr&th: The oharity makes donations to IndividL]8 to relieve hArd8bip and distre54 which aro referr to as Relief inNged grants. In order to ensllre that sufficient funds llre avallable to contlnue to meet such needs, the Trwtees have llgreed to mairtt&in a reSve dpproxin]atdy equivaIentto the Relief inN¢ed 18 paid Én tbe laBt three years. Page 29
MARKET HARBOROUGH AND ThE BOWDENS CHARITY NOTES TO THE FIIYANCIAL STATETh(ENTS FOR THJI YKARENDKD 31 2024 19 STATEMENT OF FiJNDS (eontlnuL¥I) Edu¢atiODal grpntj and bUrsaryfius,. The Trllstee& invite applicatlons from individuals for a88i8tanL¥ with tuition ftes and expenses for a first d¢e F4t a British ulliversity and for equipment and ¢0sts &850cled with apprenticeships and Vocation trailling. A is maintainod at a value which will enable the oharity to meet is obli8ations to pay the of tho Bucc4%sfv1 applicants oveT the rem&iLder of their cour8e&. Repair fimds: The Extraordinary liepairFwid8 &re established fo ¢ov¢r th¢ ¢08t of non routine mailltotwi¢e of the charltys propertiOS. Separate repair funds are nkqintained in res¢¢ of: tbo Allotjnents & Comm¢rGial Properti¢y" alld t Scotlatsd End Flats. Amoullts are tsallsfrnrd to these fimds ar¢ released bk to the G¢n¢ial Fund a5 the TTU5t¢e8 con8idei aPPToprAate lo off8et tbe cost of non routine m&int¢nall¢¢ on the prop¢riie8. Ite aggregats f9 are to be n]aintain¢d botween 8 minlmum of £50,IM)O and & nximn of £lOO,000, An extraordinary repair fulld is mainiaiDgd fi>r tbe Old Gram Schwl. The Old Grammar S¢knol i8 art aiicient builditig wbi¢h 18 io regular lle1 of maintrJJ&nce repair. Following & rnor restoration project which wa8 cornpleted during 2014, the Gurrent ongoing CA)mmitnKnt for oxp¢nditure has been 8llbstsntially redueed a1 this is reflected in Ibe level of reserves nwlntained forthis purpose. Restrlcted Jllcome fullds represent Iljnds donated lo the Charity by the Market HrEoUgh hIusicg1 Tlwtre on the )dStsding that th¢y to b¢ apptied to sw)port p¢rEoTming arts in th¢ 8[¢4 of benefit, Tho Endowment Fund represents the prnallent capital of the Charity. These fw)d8 mugt be held illdefmitely aLd the Trll8tr£8 have no p)wer to colert the capital lllto fimds which maybe spent. Tho tTh)vemonts in funds its tho pr¢Yious fman¢ia] yw were a8 follows,. Rdiwl aDd Tran8fers Unreali8ed Transf¢TS to At31 Gains or De8ignated Desigrjated D¢c¢mber (L088e8) Fund& 2023 Atl JaIary 2023 Jll¢Om¢ Expendi Unre8trlcted lld8. General funds Revenuc 781,626 546.523 (613,493) 84,889 250,899 (215960) 834,484 Deslgnated thnda For GraDts'. Chuitable 81 Churcb of. St. Peter & SL PauL Great Bowden Rdiefin Need grants Educ&tion&l gLallts For li¢paits', AllottnentB & Commerniai Propertles: ExtrRordiLary repair S¢otlad End Flats.. ExtraoTdillary rep&ir Old (}raMt sChL1. 131,064 (179,299) 141,710 93,475 50,000 50,0(KI ,0 46,775 90,000 44,125 (71,600) 74250 30,000 30,OINJ 40,000 10,000 10,0 CarrieA forYrd 1,176,815 546,523 {613,493) 84,889 1,194,734 Page 30
MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAREI4IDED 31 DECEMBER 21i24 19 STATEMENT OF FUNDS (conthiued) Reali3¢d Transf¢T8 Unrealised from Transfo to At31 Gaitts or Designated Deslgnated Dernber Bxponditur¢ (Losse5) Atl Jalluary 2023 Tncomc 2023 Unregtrlcted funds: Brought forward 1,176,815 546.523 (613.493) 84,889 1,194,734 Restrletsd fund: Income fund 10,352 10,352 Endowment fiTnd 19,558.877 (42.670) 885J68 20,401,575 20 746.044 546523 656.163 970,257 21.606,661 20 ANALYSI8 OJ¢ NKT A&SKfS BKTWKEN FUNDS Ay 4t 31 December 2024 General Dujgnated Restrlcted Xndowment Fund Furtds Fond Total Tangibl¥ fJx¢d a8sets tAtan7)lefXed agsets tllvesttllentpropertie8 tnve3tsnebtporLfolio Cpshh¢ld for inv¢slm¢n¢ SundryDebtor8 Cash at Bank on Ileposit Cgsh Ill hattd crent Liabliiti¢s 2,007J47 2,007,347 190.000 519,019 2,790.000 16,886,854 2,980,000 17,628,024 222,151 13.323 243,616 472 (128.986) 837.444 13,323 281,070 472 (138,886) 22,771.350 10,352 27,12 (9.900) 10 352 21.701.403 Total Not A£s¢ts 222.151 As at 31 December 2023 General Deslgnated Restrleted Elldowment Fund Funds ieund Fund Totsl Tangible fixed as&ets tntangible red assets Investhmttproperties Mvestmentportfolio Cash kld for Inv¢stment Sulldry Debto Cash at Bank on Deposit Cash in hand CurretttLlabllities 1,951,818 1951,818 175,000 327.815 2.736,000 15,676,914 2,911,0(K) 16264,979 360250 31.103 351,924 195 (51,553) 834 484 31,103 400,469 195 (S2,3) 21606 661 10,352 38,193 (1,350) 10 352 20 401575 Totsl Net Assets 360 250 Page31
IWIARKET HARBOROUGH AND THE BOWDENS CHARrrY NOTES TO THE FINANCIAL STATELKENTS FOR THE YEAR ENDED 31 DECEMBER 2024 21 OPERATDIC LEASE COMLVAITMENTS The total minimum lease payments to which the C]wity is conllllitted under an operattng lease for office equipment ig shown b¢low: 31-Dec-24 31-Dec-23 Payments due in respect of leases expiring". Within one Year In two to fiyc years Total 2,114 2,114 Lease payllLents recOls¢d as all expense ill the Statement of Financial Activities amoullted to £529 (2023: £573). 22 OTHER Flf4ANCIAL COMMITIIIENTS Commitments for the acquisition of tangible fixed assets. which were contracted for but not provided in the fin8ncial statements, amowit¢d to £Nil (2023: £Nil). 23 RELATED PARTY TRANSACTIOIYS At various titnes during the year the Charity has r¢¢¢iv¢d 8ppli¢ations for 8r8llts from other charitable organisations which bave certain trustees in common with tbe Charity. In accordance witb the Charitjls procedures. the r¢lcvant trustees declared their interest and did not take part in any of tbe discussions relating lo tbe grant application. The Charity is related to the Howard Watsou Sytnington M¢morial Charity - Charity Number $12708 ( HWSMC") by vtrtue of having two trustees in common. During the year the Cbarity employed a new part-tirlle member ol staff who has been eng2ged enttrely in supporting HWSMC'S administration 2nd allt makillg activities. HWSMC reimbursed the Charity for the direct ejnployjnent related costs of the ¢mploye¢. which amounted to £2,737. No unpaid amounts were outstanding at 31 Deccrnber 2024. Page 32