mARI￿T HARBOROUGH ￿]} TllE BOWDEYS CHARITY (A Charltsble Incoryorated Organisation) ANNUAL REPORT LYD FL¥ANCIAL STATEMENrs YEAR ENDED 31 DECE_MBER 2025 Charlty Re2tstered Number 1157787 MARKET HARBOROUGH AND THE BOWDENS CHARITY REPORT FINANCIAL STATEMENtS YEAR 31 DECLMBER 2025 CONTENTS P&ges Report of the TrLLSt¢a4 Ito9 Indep¢nd¢rLt Auditovs lieport IOto12 Statemeat of Fi)Jancial Activities l3 BaLattGe Sh¢et 14 statell￿1t of c￿ Flows 15 Note8 to th¢ Fin￿¢la1 Ststeraents 16to32 MARKET HARBOROUGH THE BOWDENS CIiARITY REPORT OFTHE TRLSTEES FOR THE TrTAR EP4T)ED 31 DECEL¥IBER 21125 The Trustees pr¢sent their report aloog with the financial slatements of Mark6t Harbor(Fugh and The Bowdens Charity, (*he Cbarity.) for the yeaT ernd￿ 31 December 2025. The fmancial staiemejits have been pryred in ordance withthe accounting policies set out ill note I to the financia] stsren1￿ts alld comply witb tbt ChArity's Constitution, the ChaTiues Act 2011 and AccoU￿l￿g aod Rep)rting by Charitie5'. Statement of RecoDjme]￿ed Pradice applicable to chatities pffparing their aw)unts irl accord*n¢e the FiD2t)¢ial Rcporting Sta]Ld&rd applic&blc in the UK glld Republib of Ireland (FRS L02) issued iu October 2019 ("sO1￿ (FRS 102)"). REFEREIYCEAND ADMINISTIL4TIVE DrfAIIS Charlty Name Market Harborough atMlThe Bowdens Chatity Charlty Regl$trstion Number 1157787 St#ths: Chatitable In¢orporated Organisalion Prillcip#l Offle¢ Addres 10. Fairfield Road Market HarknIoTrth Leicestershire, LE16 Trustees The melllbers of the Board of Trtyees Vétho served dwing the year wid at the dat¢ tsf tbis rew)rt ar¢ ￿ (ollows.. Appolnted Trustees: Mr JhDi¢l Ashfonl Mr8 S Berridge J BaltTre Mr G Buxton MTS R cO￿eld Mr5 C Davies Mrj Fearyour. Chair Appoitited 26.IL.2025 Re8i8ned 24.022026 Dr S Hill Prof. W Jones Mr G Kellie Mrs ETllTna Klimowicz Mts L Kvateh Mrs K merryiy￿1￿cr Mr M MerrywcathEr Mr laiti Miller MrAntony WaIt￿S Died 03.08.2025 Aptrf>inted 26.11.2025 Resigned 26.08.21y25 Appointed 26.11.2025 Apwinted 26.11.2025 liomlnated: Mr J Ri¢hardsoJJ Ch*rlty Secretary Accountgnts andAuditors Edw8rd Thoroas Peir8on & &)ns, 21, The Point. Rocking]]attL Road, Market Sollcitorg BHW Soli¢itor4 I Smithway. Leicester LE19 ISX Ballk HSBC tnvestm¢Dt MAnsgers Mercer LLC, Gl Buitding. 5 Grorg¢ Square, Glasgow. G2 IAR LgDdAgents Fisher Gern￿ll LLP. tnnovation House, Welland Bll8itt&%s Park, Vauey Way, Market Harborough, E£ieestenhire, LE16 7PS Page I MARKET HARBOROUGH AND THE BONVDENS CHAIUTY REPORT QFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 OBJEcfIvES AND ACTIVITIES Objective5 The Charity s area of benefjt is the 'Urban area of Leicestershire centred on Market Harborough. Great Bowden and Little Bowdcn, In summary, the objects of the Charity as set out in its Collstitution, are.. Such ehariiable purpose5 for the general benefit of the inhabitant5 of the area of betsefit as the TTUStee5 think fit for which provision is not made out of ralcs. t￿eS or othcr public funds: The relief eithergenerally or individually of residellt5 in the area of benefit who are in conditiOll$ of need. hardship cir disiress, bui noi direcily in rLlief of rates. taxes or other public fuiids. This is referred to iii the objects a5"R¥li¢f in Ne¢d" In exceptional cireumsiances the Tjuslees may grani relief to individuals otherwise eligible who are resident iTnTlle(liately out5id¢ the area of benefit," Education- the PTOV15ion of financial help to ettable %uitable applicant8 over the age of 16 and resident in ihc arca of benefit to undenake programtne5 Ot study iii tiirther orhigher education. or training towards a vocational qua12fJcation, which they would otheTWi5e be I¢s5 able to afford. and The inaiiitcnance and repair of the fabric of the Parish Church of the ecclesiasti¢al parish of St. PeteT and St. Paul, Great Bowden. The amount applied in thi5 respect is restricted to 20°/0 of tlie ChaTity'5 income in any Ihr¢e-year periud. Before applying the income of the Charity in 5UPPOrt of the5¢ objects the Tru5te¢s must first defray the ¢08ts of maintaining the Charity's property {in¢luding that held on trust by the Charity} and the costs, charges and expenses of administering the Chariiy. A¢tivitie$ The Charity's prinLipal activity is (prant making for the general benefit of th¢ publiL. relief-in-need paytnents t individuals largelv retened to the Lharity by welfare agencies. and educational grants pl￿OTni￿antIY to prospective undergraduates. Grants are also awarded. in consultation with the PaTochial Church Council, ab and when required towards the maintenance and r¢pair of the fabric of the Parish ChiirLh of the ecclesiastical parish of St. Pet¢[ and St. Paul. Gieat Bowden. Outside of direct grant provision, the Charity has fourteen fully serviced flais. two local alloimeni sites and, protects and enhances thc ccological value of a Site of Special Scientific InteTeSt oi) land that is held within it$ inve51mertt PToperty portfolio. Finally, the Chariry has since 2005 owned a 17 Century buElding kno￿ as the Old Grammar School - Grade I listed buildins in Market Ilarborougb of historical, cultural and drchite¢tural importance. The Undercroft is akailable for rent, while the upstairs function room continues to be used a5 a temporary offic¢ for tlie Charity. Grant Making Policy Application5 for grants are made ortline through the Charity's website W%￿.MhbChaTl¢ .co.Iik with each application ¢onsidered by a Lommiitee of trnstees for probity, fil with the Charity's constitution and availability of budgei. The 2024-2) Strategy wa5 adopted in August 2024, with the following prioritie5'. Developing proactive plans tor the Charity's local land and buildings Increasing emphasis on environmental. Social and govertlance (ESGI policy Engaging with other local charilieb artd voluntary ()Tgdnisations Scoring of gr2ni applications againsi PLiblic benefit, ESG, long-terni problem solvillg at]d partnership. Page 2 LIIARKET HARBOROUGH AIST) THE BOWDENS CHARITY REPORT OFTHE TRLSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 OWECTIVESLYD ACTIVITIES (c•lltlnued) Gr8nt MAking Policy {eottthilled) Grants colltillued througbout 2025. wbile the Trust￿ sought to make mott proa¢tiv¢ use of the ChgrÉty's local assets for greater publi¢ lJ¢nefiL Volumteerg In meetingthese aiws, ¢ach ofthe Thjstees provides the Charitywith many hours of Service OD avolu￿t￿rybagI and thc Charity has Do requirernent for volunteer5 outside olthe trustee body. No fttMTkcial value is attributed to this voluntarywoth ill thc fi]￿l¢la1 Statell￿ts. Publi¢ benefit The Tru5t¢¢8 confirni they have complied )4ith their duly to have due r¢g8rd lo the guidanc¢ publishedby the Charity Commission on public benefit when reviewtng the Charity's ain￿ and objectives. in planning futyre activities and iti settirng the grant making policv for the year. ACHIEVETrtETriTSLND PERFORPIIANCE AnAway Day wa8 held in Jallwary 2025 for twste¢s and staff. Through discwioT4 the foltowing emerged &$ the m&ill focus arw for the year abpAd,. the creation of a commT]nity hub, the faci]itation of frec local evcnts tD promotc wellbcin8, a better understaDding of rtsideuts. pfioTiti¢s: the ¢reation of a publicly a¢ces8ible natuxe T¢s¢rve and a review of the Clwity's investmenl policy to 3e¢uTe sutyjcient in¢om¢ for thc Chariiy. ommuni Hub Pro ect- The Trustees, drAve to dev¢lop a ¢0￿MUnitY hub renJatn¢d und]￿hed attd in 2025 tILe Chatity's prop¢ity at 53-56 High Strerf MthtHarborough,w8s identified as apot¢tttial location. Throughout 2025 plaus w¢re drafted and refjned for the redeveloprnellt of the propertv. Tte F￿S to provide a w¢l¢oming place for by local charitie5 and groupb. whicb Trould enbaDce wellbeing commiiTLity spirit. The plans included I￿0￿15 for hire. office space, br¢ak out area4 a café with outdoor seating and & large independently accessible hall. The Charity w85 ablc to draw ott the expertise of a quantity surveyor who was co<)pt&l onto the Charity in a 'Lltent repres6mtative' role from August 2025, kindly contributed their time pro-bono. Surveys were c￿led out itt lat¢ 2025, 8 historical surYeyorwa5 engaged. a risk ￿gisterwas used as & ]ive tDanagem¢nt tool and advice on th¢ proj¢¢t was obtailled from oth￿ charitiES alld eotDTnuDity hub5. The builthllg was Yarated by th¢ At the ajd of 2025. An Extraordillary Board Eueeting was beld on 6th May 2026 wheLr the drthiiEd plans, budget and risks of th¢ community hub prOj￿t wtte discuss¢d at lengtb. Trustees recognlsed thgt the decision should be taken irA full etsgnisan¢e of risks to the Cbarity, and the need to take aD informed realistic and costed decision on wbether or not to proceed with the pioj¢¢t. Following the discussions, a vote w&8 lield and Trn5tee5 unanirllously Approved pro¢¢eding with the project. The significant cost ofthe dev¢lopment would be part of iJwve]nents to the elldO￿ent &5sets of the CIO and would prnperly be fullded from the pernwent endow￿¢￿twlth the consequ&it reduction of income. Nature R￿[￿¢ Pro e¢t - In 2024. a btodiversity Teport on 117 acreb Ot Gallow tA>dge Farm dcmonstrated thvdt income from Biodiversity Net Gaiu (BNG) could cov¢r th6 developmeTLI and management costs of a publicly accessible ]2ature reserve and genernte a fitjanciai remrn for the Charity. Through collaboration witb rewiLding projects being led by Leicestershire and Rutland Wlldlife Ttust aud Harborougb District Q>un¢il. it would be possibl¢ to create a natiollally sigThifi¢wit nature rw¢. The primary objective of ili¢ cr¢atioll ofanature reserve wouldbe to benefit ¢b¢ Iwl trAidents and to protect wildlife. In 2025. TTus¢ Natur¢ Services Ltd (TrIS) w88 selected to pryare a Habitst and Mat]agetnent Monitoring Plan (HMMP), alld to manage registratiou of the la￿d llnd the t¢Dd¢ring process to id¢ntify an agent to nwiage the nature reseThe through the 8ale of BNG units for a 3(kyear period Tn￿lee$ r¢cognis¢d Lbe Èllwortall¢e of die decision alld that wkn'lt future Trustee5 would in theory be able tr> determitte the use of the18nd at the ¢Dd of th¢ 31kyear p￿10& it was improbabk tbat it wouldb¢ possible to sell the Iand at thatpotnL MARKET HARBOROUGH AND THE BOWDENS CHARITY REPORT OFTHE TRUSTEES FOR THE YEAR LYDED 31 DECKMBER 2025 ACJu￿V£ME￿Ts AND PERFORMANCE (¢olltillued) The HNIMP was delivered in early 2026, but there were Steps to complete to potnt where BNG its could be offered for sale, and tm) fthaj ￿￿5$10￿ Im the project would be ttk¢n until lat¢ 2026. oward Watson S on.Memorial Chari S.MC - In 2025 HWSMC WDsideredpwing its two-million- pound endommeni to the Charitv to manag¢ but eYeJwally decided to nMin[al￿ its independrnce and Ibe p￿pOsal was wlthdrawn. HWSMC'S adrniDistratoris no Ion8er supported by the C]wity. MarkctHarix)rough and th¢ Bowdens Charity'8 grant ￿￿kIng has contillued and is higblighted below. lllstltution3J Grants Payments of to illstitutions in the fi[w￿la1 year amounted to £85,316. A grant of £30,000 to Hom¢-Start South Leicestershire in early 2025 to help fimd their hug¢ly itDPOrtatLt work with very wlnerable youll8 local farDib¢s. £20,000 was gtanied to Ridgew&y PriDiary Academy ￿ fund a playground, to encourage ]uotor 8kills alld coordiJatiOD in younger pupils and espe¢i8lly to help any child￿ll adversely affectèd by the Covid19 lockdoNw. A further £27,500 wa5 pledged to fv01i￿ta[i. A￿10￿ South Leicester5hiTe (VASL) for thcir well-cstablisbedconllnunity Chatllpionsproject to support localpeopl¢ov¢r60whower¢ exp¢riencing loll¢liness and isolation. The ItW8est grdtsts paid inthe year wer¢ as follows: Home-stsrt South Le1ctst￿Shlre £30,(X)O Ridgeway PrimaryA¢ademy- play￿Ulld project £20,(X)O VASL Community Champion5 Project £13,750 Little Bowden Primary School- 2Dd hand uniforn) shed and gazeb) £6.(M)O Arts Fresco festivol £2,500 M&d(¢t HaA)orough Fixus- training coutse £2JOO Relief in Need All app]icatii>ns for individual ￿lsta1￿¢ atr treated in complete ¢onfiden¢e. During 2025, the Charity contijued its support forpeople ill ne¢41 A totsl of 43 applicaD15 Wtye supported (2024.. 33). and the Ch￿lty was able to provide grants for variety of new Ilousehold items incllldins ca￿ets, fllrnit￿e. wbitE goods. mobility scooters and ￿h0o1 Tasidellti￿ trips. The application process moved fully online in 2025 d Tntstees not¢d an increase the numberof applicatiOll5 received by the end of the yeat. Educ#tlon All applications for an Education Erant Jre tTeat¢d io ¢ou]pl¢t¢ COnf￿enCe. The Clwrity ctsntinutd its supportof anyolle watjting to tske vocatioEJai. fi]rtber and IiiBhereducati¢)n courscs. thc 2025-26 ac&d¢mi¢ year a tota] of 60 awards Vi¢re made {2024-25.. 50. All candidate5 were ititer%'imed prior to a graut offer being made. Trustee5 believe that such a WlKess properly itLfoTms their consideration, os well as b¢iDg excellcnt cxpwicnckn for the calldidates. The Charity itifoTmed local schools of tbe gmt so that they could encourage 5thdents ￿0st itin¢ed of the awity's assistsnce to apply. edurAtioll grants 8Te not restricted to youug people. Allotments Th¢ two allottnent field8 have coatirllled to very wjpular and welt maiDtsitied 8lld r￿a￿ged. Page 4 MARKET HARBOROUGll AND THE BOWDENS CHARITY REPORT OF THE TRUSTEES FOR THE YEAR LNDED 31 DECEMBER 2025 ACHIEVKMEliTSAND P£RFORMAIYCE (eontlnued) site of Speeisl Scientific Intsrest There is a Sit¢ of Special Scientifi¢ Interest ("SSSII oopart ofthe f8nnland ownedby the Charity ftFrinvestrnent purposes. A2023 IH)¢anical surveyodYiwlthatL¥ttle VierebaviD8 adetrimenta] effecton theflora atthc BoErowpit and in 2025 the grazier was instsu¢ted to replace the cattle with sheep. How¢ver, in early 2026 liatural EnglAt)d requested thot th¢ laThd be grdzed with Gattl¢, as per the Higher [￿e1 SteWar￿1p (HLSI scheme whicb ends 2910212028, in order to keep thc marsh area open and pment it fiom revertillg to s¢rnblaDd. The gt92ier will the￿fore be Enstr￿ted tr> put ¢attte on the Born)wpit. Church of St. Peter & St. Paul Great BoTh'd¢ll The CIwity conti￿U£5 to berc5p0￿1bIe forthe fabric of the ajurch of St. Peter and SL Paul, theparish church of GreAt Bowden. Following the move w a new fjnattciat llLallagemtnt stru¢tllre, Total KetL]rn, on 1st January 2026, aD arnendment to the Charity's constitution would be requxred kn Tefiect necessary cballges to the fman¢ial pmvision for the repair and rnaiDtenAllce of the Th¢ Charity I￿S a duty to protect both tbe ¢hur¢b and th¢ Charity, attd throughgut 2025 tru5Tees wffl*ed with repre5¢ntatiYes from the cTrLuThh aud agreed the new wording that would guara￿tte the Charity's conjrnitment to ￿aIntain Éhe fabric ofthe building. The CoD8titutitsll would be arnended awoTdingly in 2026 in ILnC with Cljatity comm￿tt guith the property at 53-56 Higll Slreet and the cricket ground site, and whil¢ nujnillg compltmentary community hubs in boik v¢nues w&$ considered, Trustees decided thai the town ¢entre was a better location for a ¢ommwiity hub. The Charity will contitwe to 8￿pOrt the club and will not object to the ￿T￿t￿tion of more padel courts. Leicester Road Paddocks- PlaotiDg tr¢es on the lalld Put on hold io 2025, beca￿ of the diffieulty of watering the Larger tsees plaoDed along the Cat￿l. Page 5 MARKET IL4RBOROUGH AND THE BOWDENS CHAIUTY REPORT OF THE TRUSTEES FOR THF YEAR ENDED 31 DECEMBER 2025 ￿￿ANC￿REV￿w Revlew of rnajor risks For many years ttL¢ Charity's income wa8 ¢onststently in excess of iLs requiTernent to cover operational ¢xp¢Dse$ and core grant giving. Inmarcb 2023, the Cbarity moved all of its investment endowment to Mercer •id adopted all investment strat¢gy to provide for pr¢seut and futyre beneficiaries with appropriate diversification to avoid Unn￿$$ary risks. Income 5iD¢e the move to M¢r¢er fell below that expected. altbou8h growth continued to be strong. At tho Q3 2025 Bojtd me¢ting, TTUSte¢5 took the decisionto rnove the Charity's investments toTotal Rew with effeet from 1° J&llU8ry 2026. The pros and cons of Total Rethrn bad beEll resear¢bed 8nd discuss￿ for over a yrllr and the dccision was based on thE fact thoi the Charity's iovestDWIt Incon￿ was not suffio¢llt to ll￿1￿111n recent iev¢ls of grallt 8ivtDg. even before consideration of other aspirdtions. The EDain drivers forthe move were iticreased potential in¢om¢ and the t]exJTr)ility thatTotal Return would pttividE for the Charity. Thc property at 53-56 High Street, Markrt Harborougfv was vacated ott 31.12.2025, resulting in 81088 of £80J£ annual in¢ome for tbe Charity. Trustees recogni5ed that thE dev¢lopmetyt of a cornmunity ljub at the property wlii¢h was approved at an Extraordinary Board meetitig on 6th May 2026 would ineurmajor filbqncial costs to th6 ChaTlty. maintEn8￿Ce and running costs would be Significant aThd tbe communityhub was unlikely to break ev¢ll. The community hub proje¢t was th¢refore a risk tt> the Chatity's finances and wuld impact its gr￿-giVing capacity. The Governanc¢ Con)mittee, formed to ¢tssurc complian¢¢ with Chariry Cornmi5SiOfL guidallce alld to ejjsute the rAtxessary policies alld procedures weie ID place. have Continued to update the Charity's policies andproGELtu￿s in orderto provide properpTOt¢ttious for the Charity. staff and truste￿. The Board continu¢a to etwe a fimi of Chartered Accountants to oveThec all a5pe¢t5 of ￿0kkeepiTr& provi(k qllarterly mallagem¢nt ac¢owits to draft the autwai fiDallcial Statc￿erLts. No issues of any substance were r&i8¢(tby the auditoTh trom the TTUSteesALnual Report for ?024. Fron) 2026, the qu8nerly rnanagtIll6Eit accounts will be replaced by ill-house reporting ￿ the Financ¢ Comrnittee by the Charity's Trx)okkeeptr, fa¢ilitstr the dislnye3trt￿llt piocess underTothi Retsjm #nclal and Invest)Dent perfonnante Income the u)v¢sdnent portfolio {excludiDg inveslment properties) E¢du¢ed by approXin￿telY 47ll50/o c(mJpared with the previous yvar to £143,916. The %￿lle of the invesrrnents under Mercer had risen by £1,720,215 compared to the end of the previo￿ year. Expenditur¢ ID 2025 w&5 largely a5 expected, with some one-off costs, but the Charity's reduced income is a contirLuill8 concern. ltt¢ome has decreased from £483.81YI ill 2024 to £420,947 in 2025, a￿d the outlook for 2026 15 concertiillg, the war in Irdn. In order to proactively adthess this issue, on ijl J8nuary 2tr26 the Charity adopt£d a Total Return ba818 for their i￿VeStMEnt1 whi¢h allow8 for di5invcst￿ellt whilst protectiDE the endowment value. A ¢aghflow projectio￿ h be¢ll pr¢par¢d forthe year which predicts the quHrtErly di5inveslment YequiT¢d. Messr6 Fi51ier G¢rnMn LLP, Ckner¢d SurYeyor& a fvll valuation of the Charity's propety portfolio, bDth held foi. investment and operational use. as al 31 D￿Ernber 2024. A d¢sk(op valuatioll of Ibe Charity's property portfolio as at 31.12.2025 was carriedout in wly 2026 by Messrs Fisher GernianLLP. This has re$￿ted in anet decre&8e of £302,500 iti th¢ carrying vaMe of the inveslmeDtptot*rties durin8 2025. MARKET HARBOROUGH AND THE BOWDENS ClI￿l￿Ty REPORT OF TRUSTFS.S FOR THE YEAR ENDED 31 DECEMBER 21125 FINANCIALREVIEW (continued) Re5ervey pollcy Reserves reprelent unrestri¢t¢d fiwds after appropTiate provision ]Ms been made, through designllted fimd8 (as described aFM)ve) for: jneetitig commitsnents for gtants pledged. LtLainteJance alld repaiT of the Gr￿¢ Bowden cILUT¢.h' making Relief irl Need &nd edu¢atiollal grottts" and repairs to all freehold pro]Krties. In the past, he Trust￿ have airn¢d ts) find projects worthy of suppo¢ iti ac¢oTdKn¢e with the Charity's objects, ch tb&t the ￿allts that they awaTdeA were approxillLat£ly equal w the ChaTity'8 income net of operatiottal expenses and managemeDt admim"sttation expen￿. However. rrsEFves w￿¢ r￿u]re￿. to aiLow for Unf0￿Cen reductions ith incomE and to enable the Cha￿ty to provide fim¢ls for 8pttifi¢ prOJ￿ts so that th￿c proiects raD be ￿dertakell at short llotice. Taking thesc factors inlo account the Tr￿￿￿6$ etitisidered that tbe teserves should ideally be within a range of twelv¢ to eigbteen month of the typical ODtgoing rGsourn of the Charity {ex¢ludi08 amounts specifically coveredby desigllated reserves) which approximately to btheen £500.IH)O and £750,000. The reserve8 at 31 Dec¢mber 2025 amount to £728.783, bowever, pn)twty which 15 in use for Social Investment PUfP05es reprcsents £192JOO of this ￿taL Thuefore. the net fre¢ ￿serveS 8rc £536.283 which ]ies tOW8rd8 the lower end of the Id￿ r8ng¢. How¢v¢r. thc move to a total Tetyjrn appioa¢h to the invostment of the pErm￿ellt endowment, which allows TrUS￿S to trallsf£¥ amoullts fror(L the vDapplied total element of the Endowmellt ftLT ill case of urgellt need, will provide greater flexibility to meet th¢ Charity's fvture requiments. In vi¢w ofthis changc and th6plattg for tbc Charity's futs]Ee adivities, theTruste¢s will reviewÉhe re&￿Ve6￿0]i¢Y th]ring 2026. PLANS FOR FufuRE PEIUODS Tn￿tte5 agreedthe ChurAty's'PTi¢)rities For2026'atthe QI 2￿6 Roard mcelixw Thcsc werc aliglledto the 2024- 25 Strategy and w¢r¢ to deyclop a commuDity l)ub. to facilitst¢ free events. to adopt a environmentsl EN)li¢y. to deyelop (]allow [￿dge Farm u a nature res¢rve and to review the grallt application pr(ws. Following the unanimous vote OTh 6 May 2026, it was de¢id¢d the Cbarity's propeLty at 53-56 Higb Str¢el M￿ket Harb)rou8h would be redev¢lopEd to cwteaconununity hub iThthe¢entre of town to provide welcoD]ing fjnd useful spaces for local p&)ple of all ag&s. During ?025, TrustE¢S h&d learned much from visits to sin)i18X venues and had received ¥8efjJl feedback Bnd le8rnill8 from other cbarities alld stakeholders. Th￿te¢S will continue to fulfd the ne¢essary $l¢ps the creatioll of a publicty ac￿Sible nature reserve, througb tb¢ use of biodivv6ity net gain to fwid the sit6 alld develop a tev¢nue stream for thE Chatllty. A SDal de¢ision on whether or not to pr¢)¢¢ed with the ptvject woubj be tsken towards the end of 2026. Grant giving will continue and tn￿ will contitwe to ask applicallts w demoDstrat¢ public benefit as part ot their bid. The Edu¢ationcommilt¢e will continue to focus 5LWrtOEJ those students who most need finen¢ial help to progteg$ their s￿di¢s. Tbe Relief-in-need Gollmiittce will continue its conve￿110￿5 Witb 5UPPOrt agejicies in all Effort to fmd'stepping stones. not nets'_ to find ways forapplicatLts to help thems¢lYes through edlleation oi mentoring aud thus avoid the cycle of repeated applicatTOth5 for help every ii]ne aproblem ￿CUrs. mARI￿T HARBOROUGH AND THE BOWDENS CHARITY REPORT OF THE TRLSTEES FOR THE YEAR ENDED 3J DECEMBER 2025 STRUCTURE COVERNANCE AND MAliAGEMENr Governing Doclltttellt Th6 Ch￿lty was registered as a ClJaTitabl¢ Incoryorated (hgatti5ation on 9 July 2014 and is governed by a foundation Constitution, whichw&8 last amended on 1° Juue 2023. The rimstitution states th2¢th¢body of truste¢8 ¢'thc Boardl shall consist of a mitiimum of eigbt (rvstees and d tiJLximum of fffteeD appointed trll8tee5 arld one ¢x officio trustee. The fir5C fifteett tr￿*ttts of the Charity wer¢ appointed for ternis rdll8iDg froni between two and five years, wh¢r¢upon tbey are eligible for re-ap￿)intt￿ellt. All subsequent ap]y)iDtmenr&re-appoiTitments ar¢ for a tenn of four ye2rs. Organlmtkimal 8trM¢tsre The Board ￿etts OllGe a quarter to deaI with all governance and EKJlicv matt¢rs and has appointed staff to attend to ¢he day to day rullning of th¢ Charity. Thr¢¢ gfdnt-giving sub-COm]rrittees have been e5tsbli8h¢d to i¢flcct th¢ oll5titution Damely: Genera] grants. Relief-iD-need. and Education aDd the￿ are sub4ommittees for Finatice, E8tat¢s, (Tovemance, EDviroDmelltsl matters aud the Allotments. An HR sub-tommittee also rttcets &5 rcquired. The Board reccives a Charity Se¢JYtary's report to brillg th¢ de¢isioDS of the wb-CODJmittee8 to the ettention of the twstees a5 a whole. Remuller#tion strurture for key man8g¢ment personnd Tm8tees aTe entirely w)remullerate(L Staff sataries are index tinked with c05t4)f-liYiDg itt¢rements applied each year b&¥ed on a national i1￿CK. Trnstee re¢ruitmeD4 induction and tr#inkng Harborough District CounciE ('Ibe Coutscill may apN)int one individual to a¢1 &8 an ex-offtcio tnthe of the Charity provided thai individual is also a Senior Officer of the Council. The positioD of ex officio tmstre shall re￿aITr vacant if ni)n¢ of the Council's Senior Officcrs are willing Éo act in this capacity. In 2024. the Charity's longa8t serving tNstee very s&dly pa￿1 away. Another trwtee resigned mid-y¢ar and wheti tbe Chair indicated their iT]tentioti to 3taod down in early 2026, 8 T￿ruItment process was i115ti8aied. Th¢ opportunity was protnoted widety iTicludLDg a live inleryirw ¢)n l(xxl radio. Twelve applicatiolls of high quality w¢rer¢bEiYed, and following shortlisting and interYicw5. fourpeople weTe putforwaTd and approved by the Board on 26.11.2(r25 alld welcoJrLed &8 Trustees, bringing the compler(Lent of tNstCe5 to fDUrtven, plus one ex-officio twstee. As part of the induction process. the new trustees wert a5siglled a 'tuddy- trustee and tsk¢n on a tour of the Clwity'5 properti￿. The uew tmstees were info￿￿1 of their legal obligation5 linder ¢haTity lam., the ctsnteDt of the ¥OllSiitution, the COM￿ltreeS decision-t)￿kIng pr(Ktss&E, strategic rcvicw, and the rrtent financial performance of thc Cbarity. Thcywere a150 gikrTL an introduction ￿ the lorger on-going projecL8. GDPR training wa8 attendel and appreciated bythe C]Jarity's sLaff in Februw 2025. Page 8 MARJorts) Regulations 2(X>8 and the provisions of the constitution. They e also y¢sponsibl¢ for s&f¢guarding the assets of the Charity and bence for tskins rwonable steps for the prevention and detethiortof £taud and oth¢r iffegujaratie Th¢ Tr￿tee8 are respollsible for the main*nance and integrity of the Clwiry and financial inforniauon included i)tt the Charity's website. Legislation ill the United Kingdom gov¢rniDg the prepardtion aDd disstmiTh8tion of fjnaneial statements Jnay ditT¢r from legisfatioTh ill otlLer juri5dictioll& FUND-RALSlTriG STANDARDS INFORMATION The Charity does not cally out any sigDifie8￿ fiJlldraI￿g activities involving the general pub]ic. DECLARATION I de¢lare, in my capacity of Charity Ttustee, that the Ttuste¢shav¢ approv￿ th¢report aboye and havE authorisrd me to St￿ It on th¢ir behalf. Dr Sarah Hill Ch#lr of Trustees Datcd '. Psw9 MARKET IIARBOROUGH AND THE BOWDENS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRLISTEES OF Opknio We have audited the f￿a￿trI￿ statetnents of M￿ket Halborough and The Bowdens Charity (the "¢baTity'? for the year ended 31 DeceEnber 2025 whtch compris¢ tbe Statement of Financi￿ A¢tivitiw the Bal￿1¢e She¢L the Cash Flow ststement and tiot¢$ to the financial state￿ellts, including * surtllnary of sigtiifi¢attt a¢eounting policies. The fInattci repuTting framework that h&8 been 8pplÉed in their prcpatatioD 15 applicable law and Ullit￿ Kiugdom Ar￿Untillg st￿rds illcluding FKS 102 The Fit]an¢i81 R¢porung StsThdard appJiL￿le in the LX and Republic of Irela￿d (United Kingdo]n GeTheratly AGCePt¢d A¢¢ountiJg Pn¢ti¢e). In our opinton the financial statements.. give a true 8nd fair view of the stste of the chArity's affairs &8 &t 3 1 D￿ernber 2025. and of its incornEng Tcsources alld applic&tiDn of resourcc4 for the period theo ended,. have been prop¢rly prep￿ed in accordance wttb United Kingdom Gelwally Acttptcd Accounting PrdCti¢6' a￿d bave been prepared in attordance with th¢ requIrem￿ts of th¢ Ch8ritias Act 2011. B4815 for oplllloD W¢ conducted our audit in accordancc Int&national StaDdaTds on Audit￿ IUK) OSAS IUK)) and Applicable law. Our responsibilities under thos¢ standards aTe filrtber described ill the Auditor's respojjsibititieg for the audit of thE fillencial stat¢meuts section of our report. We are indepeadent of the charity in accordance with the ethical rcquircmcnts that are relcvaot to our audit of the onatt¢]￿ statements in the LK including the FRC'S Ethi¢al St&ndard, &Ad we have fulfilled our other ethical r&%tM)nsibiliti&% in accorda]￿¢ these requitett]ellts. We beli￿C thai the audit eviden¢¢ we have obtained is suffi¢i¢nt and appropriate tt> provide a basis for our opinion. Conclu8ltsllS relatlng to golng ¢on¢frn Ill audzting the finanGial stat6m¢nts. we have ¢onGluded thai the truste¢s' use of the going con¢em basis of acwunting i the preparation of the fill￿cial statements ts appropriai¢. Based 00 the work we have perfornie4 we hay¢ not ideThtificd ally ￿￿tt[la1 uneertailltie8 relating to events or ¢onditiOllS thai. individually or ¢olle¢iively. may c&%t significant doubi on th¢ cbarity'5 ability 10 continue as a gotng ¢tsnG¢rn for a period oral least twelve Mont1￿ from when the fI￿claI statcrnents arc authori5cd for i58U¢. respollsibilities the respo]L8ibilities of th¢ directoxs with tespect to going concem are described in the reltvaat sections of this report. Other knfonD4tfion The other infonnation comprises the ttiforniatioll included in the Annual r¢port and fttMThcial statements, other than the financial statetnents and our auditor's Eeport thereon. The TDJstees are reswjnsible for the other infomiation. Our opinioll on the firwicial statements does thot eover the other infortDatiOD and we do ttot express any fomi of assurdnce conelusioD therttsL Our re8pollSkbiLity is to read the Oth￿ irLformatiOTJ In doing so. ¢ottsid¢r whether th¢ other inforrnation is materially i]Jconsistent with the financial st&tements or ow knowledg¢ tsbt2ined Jn the Course of tlie audit or othernTriso tpptrary to be m8t¢rially Mi￿tated. If we identify such makniaE inCOD515tencies or apparellt mt4terial Jnisstatemettts, we are required to deterniine whether this gives rise io 2 misslaternellf in (he fJn8ncial statements thernselv￿. If, based on th6 work we haie performed, we conclude that thrte is a material mi&ststement of this other intormation, we ar¢ required to report that fact. We have nothing to report in this regard. Continued PaEe 10 MARKET HARBOROUGH AND THE BOWDENS CHAIUTY INDEPENDEfiT AUDfToR'S REPORT TO THE TRUSTELS OF MARKET HARBOROUGH AND THE BOWDENS CHARITY (conthiued) Matter5 Dn Ivhl¢h Tve sre required to r4￿rt by ezceptlon We have nothing to report in reSp￿t of the followi￿ JDatters tti relation to which the ch￿ltieS IA¢wunt$ and Reports) Regulations 2008 wuire u8 to reportto you if. inour opittio the itsfom]&tion giv¢n in the Re￿rttsf the TnMe¢s is tnc4)08ist¢nl in any mattrial respcct WAth tbe fin8n¢ial statements. or sufficient accouDtw reeords ha￿ not been key¢ or the finan¢ia] 5tstements ar¢ not in agreemellt with the accoulltillg tr£ords" or we hydve notre¢eived all the infonnation alld explaDatioDs we Tequir¢ for Dur audiL Responsibllitles of Tn As explained more fvlly in the Tn¥tees' Responsibilitie5 Sialement (set out on page 9), the Trustees are reBpon$ible for the preparation of the financial statements for b¢ing satisfied that they give a tNe md fair view, and for such illternal control as the TrnSt￿ determitie is ne¢e8sary to eDable the pt•ioll of fiTWLcial statetnents that 8r¢ fr¢¢ from rnateriai isstatemenL whether thie to or eEror. tTh preparitvd the financtal stateD￿ts, the Tr￿￿te¢S are respoosAThle for as8essing thc cbarity's abi]ity to conttime as a going on¢ery disc105itig, as applicable, matters rciatcd to 80iDg Concern using the gotDg concern basis of 8CCOUlltillg wiless the Tn￿¢¢8 c1th￿ intend to liquidare tbe charity or to eease operati￿. or have no realistic altemative butto do so. Audltor'8 respons1billti￿ for the audlt ofthe •tstements We have been appointd os auditors under Section 144 of the C]wtties Act 2011 and report in accordance with the A¢t atjd r¢leYant regulations made or having ¢ffect theTeunder. Our obje¢tives are to obtain reasonable &$sUr￿ aboul whethu the fit￿ne1￿1 sttsents a whole are free from matertal isstatemenl whether due to fraud or error. and to i8sue an awliwr's report that include5 our opinion. Reasonable &88uran¢e 1$ a high level of assurance, but is not a gUat#n￿ that an audit conduc*d in accordallL* Witli ISAS (UK) will always detect a ￿￿terial mi5Statement when it exists. ￿l￿tementS can ￿lse from fraud ¢)r ¢Tror alld are considered TnAterial if, individually or in thc agwtgate. Ibey could re&8onably be expected to illflualce the e¢0]￿MI¢ deeision8 of users tsken on the basis of these fiDathcial staterncnt& Irregulariti￿, including frauLL are itwtances of llon-compliallce with Idws atsd regulatiODS. We desigll wocedures in with our responsibilities. outlined above. lo d¢t£¢t m*erial rnis5taretnents iIi re5Prtt of iNegularities, inch￿1￿8 fraud. The exteElt to which Quf prOC￿ureS ate capable of dete¢ting irregularities. including fraud ts detailed below.. - the ensas¢ment partDer that the I￿gagement collectiv¢ly had the Appropri&tr ¢xwience, co￿p¢teL￿e, capabilities and skills to identify orrecognise non4ompliance with laws al￿ regu]ations' - throusb discu&8ions with the twstees and other JDanagemenL and from our comtwial knowledge of thc charity's a¢tiTrryties and objectiyes. we identified the laws and regulatioDs appticable to the charity and focused on specific laws ￿ld regulations wbich we collsidered ￿8Y￿&Ve a d]"rect material ¢ffect on the financial ststements and operations of the charity. - we remained alert to inslatt¢￿ of non-compiiancc thrtyjghout the audit and assessed the extent of Co￿p[laU¢E thrtsugh di$¢u&8ions with maDag6ment and eXA￿lLatiOn of d(um¢ntstiorL We &88essed the susceptibility of the ¢hatiWs fllwicial siatements to llu(eriai roi&8taternent and obtaitied an underSt￿Iding of bow fraud rnigbt occurby.. - making enquirie8 of rnaDa8ement ag to thEy considued there w&8 a s￿ep￿bilIty to fraud and their kaowledge of ally actual, su5peGl¢dor alleged fraud: and . ctsnsidernvd th¢ internal contro]s iu placc to mi¢igate the risk of fraudand non-collhplla1￿ with laws regulations. Continued Page 11 MARKET HARBOROUGH AND THE BOWDENS CHARITY INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MARKET HARBOROLIGH AND THE BoWDE￿s CHARtTY (contlnued) To address the risk of fraud Ihrollgh management bias and override of controls. we.. pcrfornied analytical proceduies 10 identily unusual or unexpected relaiionships., Teviewed the rtominal ledger and, specifjcally, journal entries lo Jdentify large or unusual [ra￿SaCtionS and investigated them.. and we assessed the extent to which accounting entries relied on a high degree of judgemeiit aniyor estimation and when deemed necessary. such a5 foi fInancial assets held at fajr value, obtained exiernal evidence to support said judgement and lor estimation. In response to th¢ risk of irregularities and non-compliance with laws and regulation5 we dcsigncd procedures whiLh included.. agreeing fjnancial statement disc105ure5 to supporting documentation. reading Eninules of trustee I management meetings. relevant regulators and the charity's PTofessional advt8ers,' perforniing substantive procedur¢5 on mal¢rial balan¢es artd trartsaciions,. and enquiring of management as to actual and poteutial litigation and claims. TheTe are itth¢reTht lirtlitstions ID our audir procedures outlined above. The more removed that laws and regulations are from tinajicial transactioiis. the less likely Il is thai we w'oiild become aware ot'tion-compliance. Auditing standaTds al80 IiTnit the audit proccdurcs rcquira to idelltify noll-complian¢e wjth laws and regulations lo enqujry of tlic trustees and other managenienl and the illspection of regulatory and legal ¢OT¥¢%pthnden¢e, if any. Material tntS5tatements that arise due to fraud can be harder to detect than those that arise fToTn t￿0[ as they may involve deliberate concealment an(Yor collusion. A further description of our responsibilities for the audit ot the finan¢ial statements is located on the Financial Reporting Coun¢il's websik ai.. wYw.frc.OT .uklauditorsres tsnsibilities. Thi5 de5CriPtion fomis part of our auditor's report. Use of our report This rcpori is made 501el5' to th¢ charity'5 TTuslees, 45 a body. irt acLordance with Pan 4 ot- thc Charitieb IAccoiint5 and Reports) Reg￿latiOn 2008. Oiir aiidit work has been undertaken so that we might state Iv Ihe charity's Trusiccs those att¢15 we 2TC fLquir¢d 10 siaie to them in all auditOT'5 report and for no othet purwse. To the ￿lIest cxteni pern)itted by law. we do not ac¢¢pt or a$8llme responsibility to anyone other than the charity and the charity'5 Ttustee8 as a bixly. for our audit work, for this report. 01 foT the opinion8 we have lormed. Edward Thoma5 Peir5on & Sons #$ a tr*ding name of Cottons Accountants LLP Siatutory Allditor 21,Th¢Point Rockin8ham Road Markei Harborou8h Lei¢e%ier%hire LE16 7NU Dated.. Cottons Acc01411tunt.¥ LLP IJ. eligible ffo ri¢t rts lludiro* iii i£rms Dj'seclion J212 of thE Compaiiies Arr 2000. Page 12 MARKET HARBOROUGH AND THE BOWDENS CHARITY STATEMENTOF FIN.4ICIAL ACTIVITIES FOR THE YEAK ENDED31 DECEMBER2025 Restricttd Income F¥nds Genero1 Fund Designated Funds Total 202S Fund 2024 Note INCOME AND Eh'DOWMEYTS FROM.. Dtrttatlons ¥nd legacies Chllritllble #ctivltles 255 500 755 200 134,232 134.232 102,012 Investment5: From invcsmient prgperties From invesim¢nt portfolio Other 136.352 143,916 5,69 36,352 143,916 J05.885 272.885 5.692 2.757 Tolal tD¢trtht Ind endowments 4?0,447 500 4?0,947 483.807 EXPFNDITURE ON: R￿lsIng Funds Chllritable attiwltles: Pmvision uf grant fundijjg 1110.8831 23.115 187.7681 (62.17?) 1257,8611 1257,8611 (365,356) Other chantable activities 1154.2461 154.5001 1208.7461 {3Q4.2?31 Total expendi￿re 522,9901 554.375 1731.7511 el Éntomellexpenditurel before galns111055e$l on investments 1102.5431 500 131.3851 1133.4281 Q47.944) GAiNSIILOSSESI-' On Investmerti properties.. ftecilised Unrtali8¢d 14 2,500 1305,0001 1302,5001 69.000 On InvestsnenT8.' Kealised Unreali5vd 25 ?2,194 49.059 505.657 1.117.770 527,851 1.166.829 695. ?33 537.9?4 Net kntomellexpenditurel before transfers Net transfers behveen 128.7901 500 1,287.042 1.258.752 1,054.213 18 179.8711 79.871 Net Ineomellexpenditurel for the period OTHER RECOGNISED GAINSI(LOSSESI: On Tel'alualiun ofTangible Fixed Assets 79.871 500 1,287.042 1,258,752 1,054. ?13 132.500 13?,500 110.476 P4et moveTnents in fuuds 1108.6611 79,871 51)0 1,419.i42 I.E04.0I9 Total fuuds brought forwird 837,444 222.151 10,35? ?1,701.403 ?2.771.350 7}.OiJ6.661 Total funds carried fornard 728.783 302,022 10.852 23,120.945 24.16?.6(J2 27 771.350 All aciiviiies r¢lat¢ to continuing operations. The notes on pages 16 10 3• fomi part of Ihese fingncial siatem¢nis. Page 13 MARKET HARBOROUGH AND THE BOWDENS CHARITY BALANCE SHEET AS AT 31 DECEMBER 2025 Note 2025 As AÈ 31 DeceNiber 2024 Flxed Assets Tanglble flxed assets 13 2.084,000 ? 007,347 JDv¢$tm¢nt$ Investinent properties Investtnent portfolio 14 2,677.500 19,348.2.19 2,9NIJ.UOO I7.02￿.￿?4 15 22.025,739 20,608.024 24.109.739 ?2.615.371 Current As$ets Debtors Cash at ballk and on deposit Cash in hand 16 25,076 ¥6.952 498 13.323 472 12,5)6 294.865 Creditor$ pavable wlthln one yeAr 17 {59.6631 (J3¥,I80) Net Current Assets 52,863 l.f.5,979 r*et Assets 24.162,602 ?2, 771,350 FuDd5 18 Unrestri¢ted funds General funds Dtsiwted fL￿dS 728.783 302,022 837,444 ?22. 151 1.030,8Q5 i.n59.595 Restricted fund$ Income funds Endowmeiit funds 10.852 23,120,945 10,35? 21. 701.403 Total Funds 24,162,602 22. 771.350 7 &p+ati I￿£ and signed OD tbeir behalf by.. The financial statements were approved by the trustees on Sarah Hill- Chair Kerry Merryweather- Trustee The notes on pages 16 to 32 forn) part of these f￿ancial statements. Page 14 MARKET HARBOROUGH AND THE BOWDENS CHAIUTY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025 Total 2025 Total 2024 CASH FLOWS FROM OPEIiATINC ACTIVITIES: Net ttLOV¢ments it] fuiids per Statement of Finallcial Activitie5 Adju5ttnenls for.. DepreciaiEoll & Amort15ation Charge5 Bad debt provision written back Fund manager's fees rebate adjustment IGains}ILosse5 on investment properties.. Reali5ed Unrealis¢d 1,391,252 1. 1O4.6Sg 55,847 54.947 143) 125,535) (29,888) 302.500 (69,000) (Gains)￿o$Se$ on invesimenis". Realised Unreali5ed 1527,8511 11,166,829) (695. ?33) (537.924) DividLnds, rcnts and interest receivable from.. Inve51tnent properties Investments 1136,3521 1143,9161 1132.5001 (12,8601 162,6761 (105.¥85) (272,583) (110,476) 13.236 Iri2inslllns8¢s on revaluation of Tan￿'b]e Fixed A5set5 Iln¢reasellDe¢rease En Debtots In¢reaseIlD￿[eastl Ln Cieditor5 7J.389 Net cash used in operatiMg actiTr'ities 458,920 5J7.07J CASH FLOWS FROM tNVESTThG ACTIVITIES: Rents received frotn illve5tinent propertie5 Dividends ai]d inteTest received from investments 120.91? 125,060 143.916 27?885 Proceeds of Sale of Inve5trnent5 9,237.476 15.336.930 Purchase of Investments 19,237,476) (15.336. 930) Net eash provided by investillg activitie$ 264,828 397, 949 NET CHANGE IN CASH IN THE REPORTING PERIOD 1194.0921 (119. 122) Cash brought fonvard CASH CARRIED FORWARD 281,542 400.064 87,450 261.542 Cash Carried Fonvard represents: Cash held in investment portfolio awaitin8 investment Cash at bank and iii hand held on instant access and short term deposits Cash in Hand 86,952 498 ?81.070 472 87.450 281.i42 The notes on pages 16 to 32 fotm part of the5¢ fitwcial ststemenis. Page 15 NOTES TO THE FINANCIAL STATEMETrYS FOR THE TrIAR KNDED 31 DECEMBER 2025 I PRINCIPAL ACCOVP4TII%G POLICIES (%) BASIS OF PREPARATION The fmancial sEate]nents have b¢et) prty￿ed ill a¢cothce with: Ac¢oun(ing and Reporting by Charities: Statejnent of Rec¢)mm¢lld￿ Practice applicable to chatitie8 prepiirillg their a￿0￿￿ts in accordance ￿￿th the Financial Reporting 8t2nd8rd applicable in the UK Republic of Irelartd IFRS L02} Éssucd in OctobEr 2019 ("SORP (FRS 102)-)" The Finallcial Reportillg Stsndard appliuble in th¢ Unitcd Kingdom alld Repubiic of Ireland (FRS 102) ('fRS 102,). The Charities Act 2011. and UK Gen¢rallyAccepted PractiC6. The charity ￿n$t1￿t¢S & public benefit entity as d¢fJueAby FRS I￿2. The financial statettlellts bAv¢ b¢eo prepaTed to give a 'true and faiT' view atsd Eove dep￿ frojn the Charities (Accounts arLd Reports) Regulation$ 2008 only to the extetrt required to PrO￿de & 'tNe and fair view,. This departure has involved following SORP {FRS 102) rdther than the Accounlillg and Rcportiug by Charitie8.' StstemeDt of Re¢on)mended Prdcti¢e elyeclive from l April 2005 vthi¢h hay sillce been withdtawn. The going concem basis and bistorid cost conYetEtion. as Tll(Klified by tkn in¢lusion of freehold land and investsncnts at fair valu4 have Ixenused XD pwartng the financiat stateTnents. (b) GOING CONCEILY ASSESSMENT The TnLqtx8 collsidBr thEr¢ are no material WLcertaintio about the Charity's ability to c(Fnttnu¢ &s a going concem. The most significant area of ullcertainty. wbicb affects the ¢onLinuing income of the Charity. are the levels of iThYestmeut incom¢ and perfmnance of itLvestment ￿￿tkets. Not¢ 15 to ¢be finan¢ial sut¢m¢nts prtpvides detail of til¢ action taken by the Trustees to mitigaie ihe risks involved. Designated ieserves bav¢ been established to ensur¢ that adequate f￿￿$ are ayaiiable to ￿¢¢t pledges madc by the abaTity at the bala1￿£ sheet date in the eV￿t tbat the as50¢iated couditions are Jnet by the iDttlld￿ beneficiari¢s. Investmen¢ receipts haye been lower in the l&st two finaDciai ye4[5 LK)th as a rest]It of ttwmoil in the fiThan¢ial M￿ketS and the different invtsttncnl apprwh adopt£d by the Charity'B investment mallagers. As more Mly expl4itied io tbe Re￿rt of the Trusttts, after eKlensive trsearch and consultation, th¢ Trustees have Conclud￿ that it would be in the Charity's best interesrs to adopt a Total Re￿rn appro&ch ts its permaiieot endowmeni with effect from l Jalhuary 2026. Foll¢)M4ng this approach. part of the per[n￿)Ellt endowJn¢nt at 31 De¢¢mber 2025 has been identified as *]Dappiied trithl retym" an approprtate portton of whiGh ran b¢ applied to incollLe each year. This wiil give the Charity greater flexibility to match its atjnual incorne with its desire to ¢ontinue to makc ￿¢a￿l￿gfUI graot awards and devclop its xtivities ill other directions, such as the creation of a Commwiity Hub and a Nature Reserve. notwithstaDding the illevitsble tluctuatiollg ill the fmdncial markets. Pa8e 16 NOTES TO THE ￿￿￿￿CIAL STATEI¥IENts VOR THE YEAR Ef4DED 31 DECELITrER 2025 (r) INCOME RECOGf4ITION All in¢omitig r¢8our¢es are included itl the Statem¢nt of Financial Activiti￿ Wh￿ tbe ¢iJarity 18 legally elltitled to the irLGo￿t after ony perf0m￿￿ce Conditions h&Y¢ kn JneL the atnouDI can be ￿￿ured re]iobly and it is probabl¢ tbat the income will be rw¢iv¢d Charitsbk aCti￿tie¥ income cotnpris¢8 ¢ontribution5 due from the tenants of th¢ Scot]and End Flats s￿d retLts sitnilar arnollThts receivable from the Cricket Club, SSSI. Old Gran]nw School and the allotlli¢rLt$. These propertitt are held for C￿ltable putpose8 al￿ th¢ income arising rep￿sellts less A market Inyesttnent In£ome represellts illcom¢ from Commerci￿ propertses alld farm I￿a, wbich are beld by dLe Cfftmrity for their inve8ttnent pirtentiaL together with intet&st ar￿ dI￿dendS on sto¢k& shaw Jnd baDk depo8lts beld on the endowment and UDre5tri¢ted fiiuds. Such In¢On￿ is recogDised on & receivable b￿1$ and where appropriate, thts iTx¢lude6 the inwme tax rewverable. Incoming r&80wces ftorn inve5tttmts {in¢ludio8 inv￿￿)ent propertiES) held as pth of the endowment fund are Wherever possibl¢, iti¢ome is reported gr0&8 of reiat¢d eKpendittue. HOw￿,er, ID the case of itivestrnent attagement ¢osts withill M￿aged fimds it 18 not ￿WayS pTrcti￿bLC to ideniify s￿h costs with ￿aBo￿able a¢curncy and, therefore, the inve5tmt in¢ome isrep)rted of these costs. tn accordance with SO1￿ (FRS 102) no amoutrt is included in the fin8ll¢ial statements for volunteer time. (d) EXPENDITURE RECOGNrrioN All expenditure is illcludrd OD an accruals b&sis and is recogllis&J where th¢re is a legal or constructive obligation to make payrnent to third p&rtie8. li is probable settlernent will be Ttquired and the an)oullt of lh¢ obli¥aiion can be measured reliably. As the ClJaTity is llot regist¢red for VAT. expendiiuTr is shown gross of Irre￿>vEr&blE VAT. Expellditt￿¢ is categorised undcrthe following h¢adings: Raising funds This reprcscDts.' costs ollnauawg aod ￿￿1￿￿]0]ng the CILarity'5 invesknentproperti¢s" inVeSt￿ent portfolio MaLage￿¢￿t fees" a￿1 pmmotional alld website costs aimed at pot¢niiai dollors. Charltable gcthpitle8 Costs under this h￿ing fall tnto two diSti￿tCa1egories. Grants paid to indivi¢knls and organis8tioDs as approved by the Trastees tn ￿Cordan￿ with the ThaTity's consti￿ti¢)rA. and The costs incurred in providing and maintaitting the S¢￿1alld End Flat& the Old Granllw SchiN)I,. tbe allotments alld the Site of Special Scientific lDleresL Where wiconditional grants are offered the cxpEndituJY is a¢uv¢d as SQO]L &8 th¢ ￿rIPlE￿I is Thoufi¢d of the grant and th¢r¢ is a rwonable expe¢tstion that it be P￿d. Vlher¢ gr•nts are pledg￿ but paymellt is cottditional on the perfomwi¢e of the ￿ript¢￿t. th¢ ankn)ullt is llot recogttised as all expense ulltti the conditions have been fu]filled. However, an arnount equiY8lent to that pledg￿ is transferred to a designa￿1 reserve. Pa8e 17 MARKET IIARBOROUGH AND THE BOWDEliS CIIARrKY NOTES TO THK FINAP4CIAL STATEIIEhTS FOR THE ISAR ENDED 31 DECLF*lBER 2025 {e} ALLOCATiof* OF cosrs Costs which Ere d]r￿dY aitributable ¢0 a single aclivity are 8iloc4ted direcdy to thAt activity. Sh&red Costs which contrBute directly to mDze t119￿ ott¢ activity are apportioned b¢tweeTh th0￿ activities on the b￿18 of usage by e&rh actiiity. Sllpport eosts represent the remaiJJirLg costs that are not capable of dirrct attribution. They have be¢D allo¢ated between the catrgories of raising fund8 and ¢horifabl¢ activities in aecordan¢e with the basis specified in Note 7. Gov¢mattce casts, which repr¢5ent the expen6es of Trustees. meetings and legal and professional fees telated to tILe rllnnl￿ and nwwgetlleut of the Charity {inc]udiDg external aTJdit fees). are intluded within thc head3ng of support costs. The aUoc&tion proc&¥ ittvolv¢s a Slgllific￿t elem¢nl of judgement the charity h&8 to C4)tisider the cost of detsiled C￿CulationS and r¢cord keqjing Iwith the rEsulthtttben¢fiL (fj OPEIi4TINC LEASES R¢nL&ls payable alld receivable unts operating le&Ys are chargedlctdited in tht Staternent of Fingncial Activiti¢8 on a straight-lille ba818 over the period of the lease. {g) TAT4GIBLE FIXED ASSETS INCLUDLYG HEIUTACE ASSETS FTeehold land, comprising the allokn¢nts and ￿l¢ket club lanQ are included Y4t thcir ¢stinthted vpen mayket Value based 00 a professional Vah￿tE0￿ which 15 usua]ly undetuken at Icast once every three years. The most rxent T¢valuation was undertaken as at 31 December 2025. Any unreaiised or losses are eredited or Gbarged to th6 SOFA as they wise. No depT￿latIon is provided on suth &FSCts. The Old Orammar Scbool, as more fully explain¢d ID Note 13, is a EIeritagc Asset which forms part of the ctw(ty's Ptrnanent Endow￿¢llL There is no record of the original LVSt of the building and the Th￿te¢S cottsider that there ar¢ no suitable or cost-effeclive trGhntques aY4iJ8ble to ascertain a ￿liablE valuation for the property. Accordingly. no ¢o$t orvaluation is atiTibuted to the PJDperty iti these finfttic￿ statem¢uts. All other assets are recorded at costlYalUatio￿ less aoa]muiat¢d detttciation. The cost of ￿l￿or additions to fixed assets, defined as tho% c05tin8 le85 thall £2.000 are ¢xpeJ)sd in the year in which they are incurred. Dq)reciatitsn is provided at rates cal¢u]ated to write off the GosVYaIu￿iOffj less estimated resid￿1 vthie, of ¢ath asset on a straigbt-ILlle basis over its estimated us¢flll lif¢ as follows.. Freehold prijpety for ope￿10[￿] Improvements to cricket club buildings Scotland FlaLg buildin88 S￿>t1alld End Flats fiXtL￿¢S Office equipmerlt - over 50 vears - over the p¢riod of the lease to the cricket club - oveT 50 yC4T5 - over7 year8 - 25/0 per amium The depreciation charge of gssets held WAth Endowojent Fund [8 charged to that fulld. All other dew¢¢iation 18 ¢harged to the Genernl F￿ Pag¢ 18 MARKET HARBOROUGH AND THE BOWDEWS cHAR￿y YOTES TO T&tE FINANCIAL STATEMEYTS FOR THE YEAR ENDED 31 DECEMBE112025 {h) INVESTMENrs Investtnents ¢ompr(se investrnt pro]*rties and 8￿U[Lties held withtn an inyestsnent porfolio 8￿j initially record¢d at theiT trarts￿￿on price {includitLg costs). InYe5tmeTht pmperties are subscqueutly Jr¢ord¢d at their &st[[ti￿ open nwket Value at th¢ end of financial yVdT. This ¢stAmate is b8sed on an indeFendeni for￿￿1 Valuatio￿ which is ￿$￿allY undertHk¢ll at least once every three years, and by the TrL￿lees the intervening years b08ed on independent advic¢ from a desktop revicw of the mogt re¢ent fomial valuation. Th¢ l&st forn￿ valU￿10n was W￿ertaken as at 31 December 2025. ]nYestment properties are not dq)re¢iated. tnvGqtttLents within the portfolio are revalued annually at th¢ir m8tket v¥Jue on dJe lest day of the year. All investments are a fom of b88ic fjjwicial ttistiiullent which are trwjed ill quoted public oth¢*s. The ChaEity does not acquire put options, deriv&llv45 or other CO￿51¢X rmanc￿l iusrnjrnents. Rcaltsed gains and loss￿ oa ]Dve81ll￿ts calcuiatcd &8 the diffffence betw￿ tb¢ sale proceeds and their market value at the start of tke year. or subsquellt cost. UJJre41ised Bains and 105ses represent the Jnov¢ment in market values between valua¢r¢)ns. Both typcs of gaiw and 10s8¢5 are credited or charged ￿ the StsteM￿1t of FtiMn¢ial Activities in the year of gam orlos8. (g DEBTORS AND CREDITORS RECEIVABLFJPAYAMLE WTllllN ONE YEAR Debtors and ¢r&litors reccivabl¢ and p&yable witbin one year art ￿rded ￿ traDsaction pri¢6. Any losses arisiDg from impaimient 4re inclth within expelld1ts￿e. (J) CASH AND CASH EQUIVALENIS Cash and ¢ash equivalents comprise c4sh onhand and call deposit& and ¢)thef short-terni htghiy liquid itiveslmeDts that are readlly convextible to a knovm amow)t of casb and which are subject to an insignificattt risk of ¢h&nge in value. Whilst C8sh held by investtnent ]nanagers awaiting investment is in this CAte¥ory. such bal8ll¢es are included in th¢ baLallc6 sheet withiu the value of tbe investsnentp)rtfo]io. (k) FUND ACCOUYTLYG The Charity IMS various tyIKs of fullds for whi¢h it is respothle and wbi¢h require separate disclositr¢. These are as follows.. Unrestrlrted cornprise those funds vAhich the Trustees a￿ free to use in accordwce with th¢ Charity's objectives. Deslgllated funds are unrestri¢ted fjjnds which th¢ TnIS¢e￿ bave earniaknl for parti¢ularpwposes. Detai15 of th¢ nature and purpose of eath dÉ%igtsata fi]nd is sel OLrt in Note 18. TrdDsfers from 8enErnl fs]nds to designated fu￿¢1% are stated at amowils that the Ttustees deem newsary to meet their known alld &￿icIpated future obligations. Restricted income funds are fiEn&% ￿lliGh bave r¢strictions plac£d on th¢]n by tbe th)nor that require thEDi to be spent ODly for specified purposes. EDdoivment Funds ar¢ capital fimds whi¢h tb¢ Trustees canuot spend The jOw￿e ￿ls]llg from the endowment fun¢L8 is ullrtstiicted. Pag¢ 19 MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINAISCIAL STATE.MENTS FOR THE YEAR ENDED 31 DECEMBF,R 2025 GeMer41 Fuitd 2024 2 DONATIONS AND LEGACIES 2025 MI%Lellaneous donations & Gift Aid tax recovery 755 2QO 755 200 Geiiéral Fiiiid 2024 INCOMING RESOURCES FROIII CHARITABLE ACTIVITIES 2025 Contributions from Scotland End Flats tenants Old Gramrnar School rent Alloiment renis Market Harborough Cricket Club retttal io¢ome Cuuntrysid¢ Stewardship & other SSSI grants 107,437 350 5.627 6,490 14.328 74,J71 375 .5.610 6,490 1.5,436 102,IlJ2 134.23? INVEsT￿tE￿T TNCOME 2025 2024 From investment propertie5: Rental income frotn commtrcial High Street PTopetties Dilapidation re¢eipts at end of lease Farm Land Miscellaneous 90,135 40.000 6,217 92,lJ33 7.477 6,375 1.16,35? lQ5.8¥5 From inv¢$tment portfolio: DiNidends receivable from equity shares Dividends receivable from collcctive inv¢stm¢nl funds Interest on cash deptssits 755 271.8Ql 377 143,735 143,916 ?72.883 Geiierol FiiNd 2024 OTHER INCOME 202S Wayleaves Howard WatSOT) Symington Memvrial Charity r¢imbursemeni {Noie 221 20 20 5.672 2. 737 5,69? 2. 757 Page 20 I￿RKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STATEf*lENTS FOR THE YEAR EYDED 31 DECEMBER 2025 EXPENDITURE ON IL41SINC FUNDS 2025 2024 GENEIL4L FUND Commercial property mlnxgement Secretarial salaDes & on-COSts InsuTanee Repairs and maintenance 1.967 1,909 18,492 1,903 2,240 27 1.869 38.684 Legal & professional fe¢5 Miscellaneous Bad debt Irecovered)lincurred Redevelopment of High Street PTop¢rty Support costs (Note 91 Social inve5tmeNt propertv management Insuiance Repairs and niainlenance Legal & profebsional fees Development of nature reserve 7.966 145) 49,153 7.480 7, 909 252 552 320 21,240 747 1,309 994 IThvestment manggetnent Net Jnveslment manager'5 let￿Tebate adjusiment (Note 151 Support costs (Not¢ 91 11,0731 5,474 (1.257) 5.565 Website & other protNotioN#l ¢o$ts 947 1.528 10,883 66,691 ENDOWMENT FUND Investment managemeTht Net investllLenl managerfs feeslrebaie adjustment (Note 151 Profe5$10rt#1 fte$ 124,4611 (28.031) 19,641 Cricket Club- Depreciation of ¢h#nglng room$ 1,346 4.471 TOTAL EXPENDITURE ON RAISING FUNDS 87.768 62,172 7 EXPENDITURE OP4 PROVISION OF GRA￿[ FUNDING 2025 2024 GENERAL FUND Grants to I115titutioll5 or for $pe¢lfl¢ purposes Institution Purpose of grant Family Know-How project running costs Playgrol￿d I￿P[OVerne￿tS Cotnmunity Challipions project runnning costs Gazebo shelter & seLond hand uniforn) shed Costs of nllming street an festiN'al Training of volunteer5 Home-siart South Leiccster5hire Ridgcivay Prinary Acadetny Volulltary Action South Leicestershire Little Bowden Primary School Arts Fresco Market Harborough Fixers Others. each £2,000 and under 30.000 20,000 13,750 6,000 2,500 2,30 10,766 85.316 187. 136 P2rt repaytllent of grants p#id in previous periods Denientia UK Ponion of grant not used in the aTea of benefit Others. each £3,000 and under (8.193) (875) Carried forwaTd 85,316 178,068 Page21 MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR E￿DED 31 DECEMBER 2025 7 EXPENDITURE ON PROVJSION OF GRANT FUNDING (continued} 2025 2024 Brought forwaTd 85,316 178.068 Grants to Church of St. Peter & St. Paul, Great Bowden- Repairs & maintenance 7,020 1.262 Grillt$ to Individuals Educational fund173. 2024. 831 Relief in Ne¢d £l.O(K) and over 113, 2024.. 91 R¢li¢f in Need less than £l,OUO130. 2024.. 241 46.715 32.074 15.861 9. 735 11.764 io. In4 Ttstgl grants paid Setretarial salary & oN-¢osts ComTllUrtirations $trAtegyi advertising and ￿ebSite dtvtlopment ¢o$t$ Support tost$ (Note 9) 186,986 27,972 1,895 41.008 290.953 3.056 46.314 Total 257.861 365.356 EXPEf4DITURE ON OTHER CHARITABLE ACTIVITIES 2025 2024 GENERAL FUND Scotland End Flats.. Secretarial salary & on-cosls In5UTan¢e Utilities lincludin8 lifelinel Repair5 and maintenance Council Tax in i'oid period & other miscellaneous costs Website & proTnotional uosts Legal & professional fees SupporE Costs {Note 91 4,588 1,150 28,455 30,856 9,)72 1. 120 18,172 146,521 140 947 22,286 9.273 J, 709 1,528 1.320 15,340 97,695 195, ?88 Old Grammar School: Secretarial Salary & Oll-C05ts Iiisuranc¢ Repairs. maintenance & uliltiies LLgal & professional fees Support costs (Not¢ 91 3.799 1.225 4,684 320 4,027 3.234 l.J99 440 4.278 14.055 10.549 AllotmeNts- SeLYeiarial salary & on-C05ts Repair5 aiid Tnaintenallc¢ web￿lte & ptomoiiortal Cosis Leg21 & professio1￿] fces Water & mi5ccllaiicous expenses Support costs (Note 91 13.878 7.052 25.643 1.528 8Q J, 183 8, 758 948 640 3.035 12.342 41,654 45,044 Carried forward 153,404 251.481 Page 22 MARKET HARBOROUGH AND THE BOWDENS CHAIUTY NOTES TO THE FINANCIAL STATEMENTS FOR THE YF.AR ENDED 31 DECEMBER 2025 ExPE￿DITvRE Of4 OTHER CHARITABLE ACTIVITIES (Continued) 2025 2024 Brought forward 153,404 251,481 Site of Speclll Selentific Interest: Secretarial Salary & un-costs Leg21 & professional fees Other miscellaneous costs Support costs (Note 91 031 44Q 500 089 320 522 842 2. )66 154,246 253,747 F.NDOWMENT FUND Deprecialion of Scotland End FIAtS 54,500 50,476 54.500 50,476 TOTAL ALL FUNDS 208,746 304, ?23 9 ANALYSIS AND ALLOCATION OF SUPPORT COSTS Support costs. as detailed below, bave been allocated to re50ur¢es expended as follows.. ort Costs Governance C05t5 Office Costs A¢¢ount$ & Finance 21124 Tutfjl Tot#1 RESOLIRCES EXPENDED: Gcneral Fund: ExpeNditurt on ralsing fund5 Cummercial property tnanagem¢nt Investment managetnent 1,074 932 5,474 5.474 7.480 5.474 7.909 5,565 Exp¢nditure on Charitable Activitie$: Cirants payable Scotlalld End Flats Old Gtammar School Allotments sssI 16,094 2,620 1,863 6,315 13,966 2.274 1.616 5.479 10,948 4.379 548 548 41.008 9,273 4.027 12.342 46.314 15,340 4.278 8. 75¥ 689 27.966 24,167 27,371 79.604 88,853 Bases for Support Cost &llocatioN: Support costs are allocated between the various activities iepresellling resources expended on the following bases.. Governanee costs Estimated rime spcnt oil each activity by the chariiy sccretarie5 Secretarial support and offi¢¢ tost! Estimated lime spent on each activiry by the charity stcretaiies Accoullts & finance Estimated time speni on each 3Ctiviry by the charity accouniaDts and bookkeeper The lost allocation inc]L￿t$ an element of judgement a5 the charity h2S to ¢onsider the cost of detailed Lalculatiotts and record keepin¥ compar¢d with the resuliant b¢nefit. Page 23 MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 DECEMBER 2025 9 ANALYSIS AND ALLOCATIOY OF SUPPORT COSTS Icontinuedl Goveniance costs included within support costs compris¢'. 2025 2024 Secretarial salary & on-cost5 Legal and protessional fees Auditors iemuneration Cjeneral insurallce Trustee illdemnity insurance General exp¢ns¢s lincluding training of tru5teesl 19,005 19,351 440 6. J56 1,613 717 780 6.456 1.648 733 124 27,966 29.Q57 10 AUDrroRS' REMUNERATION The amowits payable to the Auditors,. Edward Thomas P¢ir50n & Sons. were as follows.. 2025 3024 For audit services For otlicr assurance servi¢es 6,456 21,665 6,156 23.835 T(>tal 28,121 The oiher assurance service5 provided by Edward Thomas Peirson & Sons incliided.. preparation of the financial staten)ents lor the year; assistance to Ilic Tru5tee5 in the filiancial management ol. the ¢hariry's atfairs by the preparation of quarterly TnanageTnent accounts; and payroll services. No member of the fitTh's audit t¢#m was Involved in the provision of these other services. I I TRUSTEES, REMUNEIL4TION AND REIMBURSED EXPENDrruRE The Ttust¢es. who are considcred to be the key iManagem¢nt personnel, w¢r¢ ntsl remunetatLd for their services in the year or ihe preceding year. During the year and Ilie preceding financial yeaT llo trusi¢e wa% pai(Vreimbursed for gxpet]ses iiiCUTred on behalf of the Charity. Trusiet indemnity It15urance is included as part of the charitys overall insurallce alld the atnount charged in these financial staiemenis in this respcct is £733 12024.. £717). 12 STAFF NUMBERS AND COSTS The nuinber olemplo￿te$ of the charity were as follows.. Activity Involvejnent 2025 2024 S¢Lret8nal Full time Part time- 12 hollrs per wcek Part time- 8 hours per ￿'tek The aggregaie pawll cost in respect of these employees was as follows.. 2025 2024 Salaries Social seciiriry costs Pension contributions 68,957 6,893 2,228 5.036 2.188 78.078 (6.8931 72.448 (5.036) Employment AllowanL¢ 71,185 07.412 No employee had employment benefits in exces$ of£60.0001?0?3.. None). Page 24 MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TU'IHE FINA.%'CIAL STATE￿IENTs FOR THE YEAR EYDED31 DECEIMBER 2025 13 TANCIBLE FIXF.D ASSETS Freehold AllotmeDt% Cricket Club & Other Land AlJnshouse5 Freehold Land & BllildillES Fixtures & O￿l¢e Equlpmebt Total Cost or V2lu2tion rought fonvard R¢vgluation 431.000 1,635.000 28.165 22.550 147.0001 65.OQO l¥.(K)O At 31 December 2025 384,000 1,700,000 28.165 22.550 2,134.715 Cumulative Doprociatio Brought forward Charge for the year Revaliiation 58,653 28.165 22,550 109.168 1.347 54.500 55.847 160.0001 154.5001 At 31 De¢ember 2025 28,165 22.550 50.715 Net Book I'glut At 31 December 2025 384.000 1.700.000 2,084.(X)G At 31 DeceD]ber ?0?4 372.347 1.635.OtN) 2.007,347 Cost or valuation ai 31 De¢emb¢r 2025 Is represented by". 31 DeLember ?0?5 Cost 3114.0(X> 1.700,000 2,084.000 50.715 28,165 22.550 384.000 1.700.000 28,165 77.550 B2515 for Ih¢lu$l0￿ ID the a¢¢ounts All of the freehold prop¢rti¢s were revalu£d. with effeit from 31 December 2025, at theiT open maTkei valu¢ by Fisher GemiAn LLP, Chartered SuTheyors. Had the properties not been revalued they would hDve been includcd at th¢ following historicDI cost.. As Al JI De¢ember 2025 A$ Al Jl Dt¢ember 2024 Allottntllts Crieket Club & Scotlllnd End Othcr Lxnd Flat5 Alloiment$ Cricket Club & Scotland End Other L#nd Flat$ Cost A¥￿eBate depreciaElOti Net Book Value 68.962 00.o(x) 231.697 151.834 68,962 58.654 231.697 148.969 8.962 79.863 10,308 82.728 Heritage A$$ets In addition to th¢ assets sbown above, the Charity a 17th Century building knowD as th¢ Old Grammar School, Markei HatboTough, which vest¢d Trn the Ch￿lty during 2005 tog¢ther ￿'1￿h the otlier 35set5 of tht Mark¢i Harbi)rougli F.xhibitioii Foiindation Charity. Tlie Old Grdmmar School is a local landmark and a Iist¢d building of significani historical and ar¢hitectural importance. which the Trustee5 illtend will form pari of the Charity's pettnaDeDI endowrn¢nt to be maintained and pre5£tvrd for lis ¢ultural significance to the town. PTiDr 10 the ouibreak of the Covid-19 p3ndeTniC. Ihc Charity made the building available for hirt by th¢ public. on a daily basis. ITh exchnge foi a $pecifitd contribution towards tlie annual tunnittg costs. There ig no information readily a￿ailabl￿ as to the Ori￿n￿l cosi of the buildiDg and the Trustees consider thai there ate no 5uilable lechDi4U¢S available to ascertain a reliable valuation for the property, certainly nol wiihuut involving the Cbarity ill significant eosi$ which would outweigh any benetil. As a Tesuli, in a¢¢ordanc¢ wilh the pern]itted treatment for h¢ritage assets In SORP IFRS 1021 the Old Grammar School is not recognised an asset in the C.hariry'% balgnce she*. MARKET HARBOROUGH AND THE BOWDENS CHARITY OTES TO THE FINANCIAL STATEI¥IENTS FOR THE YEAR ENDED 31 DECEMBER 2025 14 INVESTMENT PROPERTIES General I￿VestM¥￿t Soclal Investment 31-Dec-25 Total 31-DÈc-24 Valuation at the beginning of the year 2.790.000 190,000 2,980,1>00 2.911.000 Urtrealised gain￿(loSseS} on revaluation 1305,0001 2,500 1302.5001 0g.VOU Valuation at the end of the year 2,485.000 192,500 2,677,500 2.980, QOO Histori¢al cost at the end of the year 562,312 257,469 819.781 J9,781 The general investment properties comprise various parcels of land and four retail shops, of which three have been converted into one. situated in High Street, Market Ilarborough. A formal open market valiiation of ihe5e a5S¢ts wa5 UlldL￿rtakcn by Fisher German LLP. Chartered Surveyors as at 31 Decembei 2025 and is in¢orpor8ied in these financial statements. The Land in the charity'5 ownership includes= Approximately 116.65 acres (If fam land which is let in the yeaT on a seasonal gra7.ing licence. The property is subject to & resthctive covenant in favour of two predecessors in titlc whereby, in the eN'ent of any subsequent non-agricultural development being pemiitted, the charity wryll be required to pay 330/0 of ally defined iTICT¢a5¢ in value. The ¢ovenaDt extend5 to forty years from the daic of grant: Land situated a short distance to the north of CJre2t Bowden village comprising 13.03 acres of grassland. which is lei on 5ea50nal grazing licences, and 6.45 acre5 wh]"¢h has been designatcd a Site of Special Scientific Int¢r¢5t I"SSSI"}. The SSSI 15 subject lo corttrol by English Nature and the chanty wi)rks Llosely with the Leicestershire and Ruiland Wildlife Trust in ensuring that the ecological value of the site 15 protected and where possible ¢tthanced. This land is subject to a similar restrictive covenant to that de$¢Tibed above in relation to Èhe farni land. Two small pernjanent pasture paddocks situated close to the western fringe of Market Harborough town. One of these paddock5 15 subj¢¢t 10 a fifty-year covenallt in favour of the predeLcssor in title which conunit5 the charity to pay away 33¢/o of any uplift in value as a result of subsequent developmeni beyond agricultural use.. and Various strips of land retaiiied by the charity follo￿lllg previous significant land Sales. Certain of these strips provide a POssiL7le means of access and services froni adopted bighway5 Into potential dei'elopmenl land which is not within the vhariry's ownership. In the future, It is possible that these "ransom strips" rnay b¢ ofvalue to 2 developer seeking aLcess to the adjacent property. However. at the pr¢senl IIme in vicw of the uncertainties affecting their value, the Trustee5 have decided not to attribute any value to them in the5¢ finan¢ial statement$. Page 26 MARKET HARBOROUGH AND THE BOWDENS CHAIUTY NOTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 15 INVESTMENT PORTFOLIO 31-Dec-25 31-Dec-24 Market valu¢ ai the beginnin8 of the year A¢quiqitions at C05t Acquisitions by way of rebated fut]d n￿nager,$ fees Sales pro¢eeds froin disposals Realised gainslllos5e51011 di8posals Unreali5ed gaitL51{lossesl on revaluation 17,628,024 9.?17.476 25.535 19,237.4761 527,851 1,160,829 10.364.979 15.336.930 29.188 (15,3315.930) 695.233 557.924 19,348,239 17.628.024 Cash at bank on depo%iUawaiting inveqtment Market value at the end of the year 19,348.239 17.628.024 Historical c05t at the end of the year (excluding Cashl 17,715,473 16.841.485 The realiscd gainslllo&%e$l on disposals ai¢ shaT¢d between funds ag follows.. Gencral fulld EndowTn¢nt fund 22.194 505,657 29.231 OCJO.002 527.851 695.233 The unrealised gain￿{loSSeS) on disposals are shared between funds as follows.. General fund Endowent fund 49,059 1,117,770 515,307 1,166,829 537,9?4 The inve5mient5 in the porttolio are cartied at their fair value which is the bid ptice for units in Lommon Invesimeni fllnds. unit trnsts and open-endcd investsnenl companie%. InvestnlLnt sale% and purLhas¢s are recognised at the date of trade at their Iransaciion valuc, net of Costs in the rcspeci of sales and inclusive of cost5 in respe¢1 of purchases. Each of the investment funds levies charge5 which ar¢ used to pay for the Cost of n]nning the fund, including the costs of Tnarketirtg and distributing it. These Losts are not borne directly by the Charity and, therefore, are not rcflected an expen5¢ 1rt Ihese financial statements. However. such charg¢5 reduce ihe poiential growth of the irtvestmeni fund. The Investtnelll mana(T¢TS have advised thai the fees deducred in the tlllancial year to cover both Mcrcer und¢rl>ryng sub- inv¢stmelll manager5 fees a￿OUnt 10 £125,970 {2024". £123,321). Certain of these charges have been rebated io the Charlty by way of the provision of additional units in the fund at no cost io Ihe Chariry. The llolional cost of the new units acquired is reflected in ihe ttnancial statetnent5 a5 an investment puichase and an equivalent red￿tion in operatinu expenses. P8g¢ 27 MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THF. FINANCIAL sTATE￿IENTs FOR THE YEAR ENDED 31 DECE￿IBER 2025 15 INVESTMENT PORTFOLIO Icorhtinued} Th¢ investmenlb in Ihe portfolio comprise.. 31-Dec-25 31-Dec-24 Fund Cl&$s Mercer Diversifying Aliernaiives Strategies Mercer DJThatni¢ Asset Allocation Fi￿d Mercer Djnaniic Asset Allocation Fund Mercer Emerging Market Debt Hard C¢y Fd Mcrccr Emcrging Maiket Debi Hard Ccy Fd M¢Tcer Global Small Cap Equity Fund M¢rcer Global Small Cap Equiry Fund MerLer Mulii-Assei Credti Fund I-IGBP HEDGE 2.387,141 956,465 ,736,541 12.34/ 2. 144.440 12. 16/ A1705000GBP 4.94/0 1.611.355 9.147 A17H5200DGBP 8.981D 976.524 5.54Y• Z2H002QOGBP o.oool 775.597 AI 8H06200GBP 896,017 o.oo/ M-3 GBP DIS O.OOQ/o 718,965 4.O¥/o M-5GBP 750,152 ,457,516 3.88/0 0.007 AI 504000DGBP 7.53 /D 2.056. IS5 /J.83/ Merccr Passive Global REITS UCITS CCF A17H52DGBPG4 O.OO/D 212.919 Mercer P&ssive Sustain Gbl Eq UCITS CCF Mercer Passive Sustain Gbl Eq UCITS CCF Mercei UCITS Altematives Strategies MGI F.tn¢rging MarkeL% Equity Fund MGI Emerging Markets Equity Fund MGI GLOBAL BOND FUND A17050GBPGB6 I,J78.278 A17050GBPGB6 1,259,577 700.836 M-I GBP Hdgd AI 605000DGBP 3.620/0 699.251 3.977 O.(X)/o 775.406 4.4070 M-IGBP 720,324 ,217,369 2,783.400 2.142,444 2,340,457 3.721. O.OQ/ts M-2 GBP Hdgd M-IGBP 6.29D/. 1,4I6.4J5 MGI GLOBAL EQUITY FUND MGI GLOBAL EQUITY FUND MGI Passive UK L¢)ng Gilt Fund MGI UK CASH FUND 2,155.391 M4GBP HEDGE 663,353 9J7.477 528.598 3. 767 A1605000GBP CLASS M-2GBP O.(K)D/o 19.348.?39 100.ooo/ 17,698.0?4 All Investments are basic financial instruments traded on quoted public Tnarkets. The Charity does not mak¢ use of derivatives and 5illular COTnpleK financial instrnm¢nts as the Trustccs take the view that investments are held for theii longcr tertn yield and total return and that any short-term volatility itt the markets will normally be corrected in any flve year period. Investment return5 are exposed to various tisks which inLlude ¢redit, Iiqu2dily and market risks. Bodi credit and liquidity risks are assessed as low as the Charity invcsts prcdotninantly in blue-cliip securities in which the failure rate is hisiorieally lo￿ and all investments are traded on markets in ￿hleh central banks and other regulators hai'e an interest in ensuring contiiiuation of ordeily trading. Market risk 15 the prillcipal risk faced by the Chariry due lo a combination ol uncertainry in invesmient markets aiid volatility in yiel(ts These faLiors arc of partlLiilar relevance to ihe Charity as It l5 ieliant. in part, on divid¢nds and ijteresi 10 finanLe its grant m(Iking a¢tivilies. Many of its collLettve invegimeni funds include significant lioldings in interr￿tIOnal equities and bond5. The majority of the5¢ arc held in GBP hedged shaTe classes and are, therefore. protected against currency tnovemcAts. Some of the portfolio. howeN'er. is utthedged and i5 tberefore exposed io some exchange Tate risk. The Trustees manage these risks by retainin8 the expert services of an ini'estmenr nianager, as shoum in the above analysis of the portfolio. and in operdting an ini'esimeni policy which provides for a high degree of dii'ersification of holdings within inN'estment asset classes providing for a balance of inLQtne and Ivttg-terni ¢apital giowlh. Page 28 MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STATEMELYTS FOR THE YEAR ENDED 31 DECEf*lBER 2025 16 DEBTORS 31-Dec-25 31-Dec-24 Accrued income Prepa)Thents Other Debtors Income tax recoverable 10,392 9.240 1.900 3,544 2,651 5.2?8 J,900 3,544 25,076 J3,323 Accrued incornc includes £1.534 12024.. £2.64112nd lrtcome lax recoverable Includes £3,544 12024.. £3,544). which is attributable to cash flows frorn investing activities. 17 CREDITORS PAYABLE WJTHIN OIE YEAR 31-Dec-25 31-Dec-24 Aecn]a15 Other creditors TaKation & Social Secunty 31,405 28,146 112 81.123 50.890 73 59,663 138.886 Inclllded ￿thin th¢ above are grant5 payable ￿1th a total value of £Nil (2024.. £13,585} Other creditors include £1.89712024.. £18.4441 which is attributable to cash tlows froln investing a¢tSVities. 18 STATEMENT OF FUNDS Realised and Transfers Unrealised from TransfeT$ 10 Al 31 Gain5 01 Designated Designatcd December (Losses) Fund5 Funds 2025 At l January ?0?5 Income Expendilure Unre$trl¢ted funds: General fuuds Revenue 837,444 420,447 (522,9901 73,753 1185,1521 105,281 728,783 Designated fund5 For GTants'. Charitable grants 2,061 138,202 184,3161 55.947 Church of. St. PLter St. Paul, Great Bowden Relief in Need grdnt5 Educational grant5 50,000 50.000 90.000 90.000 20.090 46.950 {20.9651 46.075 For Repair5'. Alloimciit5 & Comn)ercial Properties.. Extraordinary repair Scotland Elld Flat5". Extraordinary repair Old Grammar School.. Extraordinary repair 30,000 30,000 20.000 20.000 10,000 10.000 Carried forward 1,059.595 420,447 1522.9901 73,753 1.030.805 Page 29 mARI￿T HARBOROLTGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STATEh(LNTS FOR THE YEAR ENDED 31 DECEMBER 21125 18 STATEI%(ENT OF FUNDS (C4blltlnu¢d) Unruli8 Gaios or cornc L￿pendIb￿re (Losses) Trn￿f¢rs to Destgnat¢d Desi￿ated Funds Fullds At31 December 2025 At l Janu 2025 Unrestrlcted fundg Bromgbt fonvard 1.059595 420.447 {522.990) 73.753 1,030,805 Restrl¢ted fund: Incotlle fond IOJ52 21.701,403 10,852 23.120,945 Endown*nt fund (31.385) 1.450,927 22.771.350 420,947 554.375 1,524.680 24.162,602 Geaernl Funds are unrestricted that the TnLStees are free to in accordallce with the objects of thc charity. Desigrt#t¢d Fulld$ are unrestricted f(mds that have been carma￿￿ by the Trustees for particultr purposes. These pwposes fall two categories.. the payjnent of grants. and ffiJttu¢ rep8)￿ 8nd jna1llt¢nan￿. Spe¢fft4Uy they are as follows.. Charitable Grants: The ¢haritsble grdllts relate to pledged by the Tntstees for eljaritable purposes where no bitiding cornmittnenl exists at the balance 8heet date. TrdDsfers are n￿de to this fill￿ frorn the general fjJDd for ￿￿o￿lts pledged ID the which have not been paid by tILe year ¢nd. A transf¢r is made from this fulld to th¢ g¢ncral fi]nd for 8Enoullts plcdgcd in prcvious years which have citbcr paid the yedr orwhere the pledge has been BithdTaNryL Church of St. Peter & St. Pwi Great Bovmen: One of ttLe Cbaritys objects [5 thc Maint￿1￿¢¥ dttd repAir of the fabric of the Pansh Church of th¢ ¢¢¢lesi&stiLal parish of St. Peter and St. PauL Qreat Bowdell. The incoll* to be applied for this purpx)se must llot exceed 20% of tILe Chatiws income in ally three year period. A desI￿ated r48¢rye for the puw of n￿¢ti￿8 thi5 expellditt]re i5 rnaintsined at a level to ensure that the charity has 5ufficiEIIt fiLTLd8 to mEet its oDgoing obligations based on advice from rtPTesentatives of the P.C.C. Relief ittNeed grants: Tbe charity tnakes donations to individuals to relieve nerf hardsbip aud distrus, which 8r¢ referred to as R¢Ei¢f inNeed grants. Lll order to ensure that sufficiellt fimds are available to colltinue to meet Bucb tLeeds. the T￿tste￿ havE agreed to maintain a ￿se Approxim8l¢ly equivalettt to thc R¢lief in Need grdnts paid tbe 1&8t three year5. Educational grallts ?￿d bursary fimds". The Truste¢5 inVitE appli¢ations from individ￿al9 for assistance with ￿￿tion fets and expense8 for a first dew at a Bi'itish university and for equipm6nt and costs aSsoci￿ed with apprenticubips and VO￿lonal traitjillg. A fimd is maiThrained at & value which will enabk the ¢harAty to rneet ts obli8atioJL4 to ￿Y the fees of the sllccexrftti appliealts over the rem&inder of thoir coutses. R¢pair funds: Th¢ F.xtraorditwy R¢pair Fund5 are established to cover the cost af non mutille maintenallce of the chaTsty's prnperties. Separate repair funds are maintained in r¢spect of: the Altotr(%nts & Properties. alld the Scotlatml Hats. Itrllo￿llts are trauSfe￿¢d to these funds and releas&J back to the Gen¢r81 Fund as the Tr￿te¢S consid¢r approwiate to offset the ¢ost of n¢m i'0￿tIne maintenance on th¢ properties. The ag8regatc full¢ls are to be ma]rtf￿ed between a Mini￿ of £50.000 and a maximum of £lOO.(KJO. An eXtr￿rdillary r6pair is maintaingj for the Old Gron￿￿ Sclwl. The Old Gramnw School is an ancient building vthid) is in r¢gulwr need of maiutenance and repair. Following a major RStordtii)tt project which was ¢on)pleted dutitig 2014, the evn'ent ongoing commitn)ent for ¢xp¢nditure h&g been substantially red￿ed 8t￿ this is reflected in the leyel of re8etYeB maintained for this PUiP05e. RestriLted Intome funds represent fiwd8 doD&t¢d to the Charity on th¢ utm1rysts￿bns that they are to be applied in Jtiakins grants for the puipose5 spe¢ified by the donors. The Fund the pernwient witsl of the Charity. Thes¢ kljnds must be held ind¢finikly 3Ld the Tntstees have no power to (xjnvert the Capi￿ into funds vthich tllaybe spenL Pag¢ 30 MARKET HARBOROL'GH AliD THE BOWDE)S CHARITY NOTES TO THK FINANCIAL STATEMEiYrs FOR THE YEAR ENDED 31 DECEMBER 2025 J8 STATEMENT OF FUNDS (¢ontinued) The moYemeJttS ill fjjnds in th¢ previo￿% ftiwKial yw w¢re as follows: Unrealise4 from Transfers to At31 G8]r￿ or Designated Designated December JaDuary 2024 IllcOn￿ ExpendibJte ILoss¢5) Funds Funds 2024 Unre5tr1eted fvDd$: General fwid5 Revenue 834,484 483.8Tr7 (685,794) 303.370 (165271) 837,444 Deslgnated fvELds For Grants: Ch8rit&bl¢ gTallts 93.475 {187,135) 95,721 2,D61 Church 0£ St. Peter & SL P8uA, GTeatBowden RelieFin Need gtants Educational grants s0,1￿0 50,000 90.000 46.775 (96235} 69,550 20.090 For Repairs.. Allotme￿1$ & Ci>rnTllerria] Prop¢rtie8'. Extrdordillpry repair Scotland End FLats: ExtrAordinary repatr 30.0(M> 30,IhX) (20,(X>O) 20,000 Old Graminar School: Extraordinaryrepair io,wo 10,000 Rwtrlcted fvrld: ID¢ome fund 10,352 10,352 rndowment (und 20,401,575 (45,957) 1.34i.785 21,701,403 21,606,661 483,807 (731,751) 1,412,633 22,771,350 19 ANALYSIS OF NET A&SfTS BETWWI FUNDS A8 At 31 December 2D25 General Desi￿ted Re8trkted EndoWn￿llt Fand FuTrd F￿nd TotAi Tallgiblr fixed &5sets Ittyestm￿tprOpertlt8 Investment portfolio Cashheld for iuvestrnent SuDdiy Debtors Cash at Batjk on Dcposit Co8h ill hand CurrentLiabiliiie8 2.084,000 2,485.000 18.534.742 2.084.0(K> 2,677,5(Y) 19,348,239 192.500 511,475 301022 25.076 58,897 498 (59,663) 728.783 25,076 86,952 498 (59,663) 24,162,602 10,852 17.203 To￿[ NetAssets 302 022 10.852 23 120.945 Page 31 MARKET HARBOROUGH AND THE BOWDENS CHARITY NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR EIYDED 31 DECEMBER 2025 19 ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) A5 at 31 Decenaber 2024 Gener91 Fund Designated Restricted Endowmellt Fund5 Fund Fund Tot*1 Tangible fiKed assets Investhierti properties Inveslmcnt portfolio Cash held for investment Sundry Debtors Cash at Bank on Deposst Cash in hand Current Liabilities 2.007,347 ?.790.000 16,886,854 2,007,347 2.980.000 17,628,024 190.000 519.019 222,151 13.323 243,616 472 1128,9861 13,323 281,070 472 1138,8861 10,352 27,102 19,9001 Total Net Asseis 837.444 222,151 10,352 21,701.403 22.771,350 20 OPEIL4TI.NG LEASE COMMITMENTS The total minimum lease pa)rynent5 to which the Charity i5 cort)tnitt¢d ui)der an operating lease for olyice equipmertt is sho￿￿ below". 31-Dec-25 31~De¢-24 P#)'ment$ due in respect of leases expiring: Within one Year In N'o io five years Total 1,497 2.114 1,497 2.114 Lease paJThenls re¢ognised as an expense in the Statement of Financial Activitie5 a￿ounted to £61712024.. £5291. 21 OTHER FINANCIAL COMMITMENTS Commitments for th¢ aequisition of tangible fixed assets. which were contracted for but llot provided in the financial 51at¢ment5. a￿OUnted to £Nil12024.. £Nill. 22 RELATED PARTY TIL4NSACTIONS At various time5 during the year the Chariry has received applications for grants from other charitable orgall15ations which have certain trustees in conunon wIth the Charity. In accoTdance with the Chanty's procedllres. the relevant tnJ$tees de¢lared their intirest and did not take part in any of the discussions relating to the gtant application. The Charity 15 Telated to the Howard Watson S)rningion Memori21 Charity - Charity Niimber 512708 1 HWSMC'I by virtue of having two trustees in commoll in the year and the preieding y¢ai. During 2024 the Ch2rity employed a part-time tnember of staff wh() was eii¥aged entircly in 5UPPOrting HWSMC'5 administration and giant making act2￿.111¢S. HWSMC r¢itnbur5td the Charily foT the direct employment related cosis of the employec. ￿'hICh amoimted 10 £5,673 in 2025 and £2,737 in 2024. The eTnploytnent carne to an end during in the 5e¢ond half of 2025 and no unpaid amounts were outstanding at either year end. Page 32