2021-03-31-accounts

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BISHOPSGATE INSTITUTE

THE BISHOPSGATE FOUNDATION

Report and Financial Statements 31 March 2021

Company number: 4362659

Charity number: 1090923

The Bishopsgate Foundation

For the year ended 31 March 2021

Reference and Administrative details ............................................................................................. 1 Report by the Chair of Trustees ...................................................................................................... 3 Trustees’ Annual Report ................................................................................................................ 5 Independent Auditor’s Report ....................................................................................................... 16 Consolidated Statement of Financial Activities .............................................................................. 21 Balance Sheet ............................................................................................................................. 22 Consolidated Statement of Cash flows ......................................................................................... 23 Notes to the Financial Statements ............................................................................................... 24

The Bishopsgate Foundation

Reference and Administrative Details

For the year ended 31 March 2021

Company number 4362659 – incorporated in the United Kingdom

Charity number

1090923 – registered in England and Wales

Registered office Bishopsgate Institute and operational 230 Bishopsgate address London EC2M 4QH

Trustees Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Ex-officio

Fr David Armstrong (Rector of St Botolph without Bishopsgate)

Parish Trustees (Nominated by the Rector and Churchwardens of the Parish of St Botolph)

Fr Luke Miller

Co-opted

Nigel Pantling Appointed 21[st] December 2020 Jonathan Clatworthy Anna Cornelius Liz Gibbons Tom Healy Kathryn Martindale Su Moore Louise Richards Abdullahi Ahmed Mohammed Edward Lord Resigned 19[th] July 2021 Megan Louise Putt Appointed 19[th] July 2021 Maxwell Shand Appointed 19[th] July 2021

Principal staff

Francesca Canty

Chief Executive, Company Secretary

Rosie Baker Head of Business Delivery

Melissa Boxall

Head of Audiences & Communications

The Bishopsgate Foundation

Reference and Administrative Details

For the year ended 31 March 2021

Bankers HSBC Bank PLC 100 Old Broad Street London EC2N 3LN Solicitors Farrer & Co. 66 Lincoln's Inn Fields London WC2A 3LH Property advisors Lamberts Aztec Row 3 Berners Road London N1 0PW Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House 108-114 Golden Lane LONDON EC1Y 0TL

The Bishopsgate Foundation

Report by the Chair of Trustees

For the year ended 31 March 2021

Report by the Chair of Trustees

Bishopsgate Institute has faced unprecedented difficulties in the last financial year. The pandemic had closed the doors of 230 Bishopsgate just before the year began, and apart from limited access for researchers to the archives, the doors remained closed to the public throughout the next twelve months. This meant the wholesale cancellation of our programme of face-to face educational and cultural activity, with almost no access possible to the library.

Our established arrangements for venue hire were also substantially disrupted, depriving us of a major source of income, and the almost complete absence of business activity in and around the City led to the loss of a number of tenants of our endowment properties, and in the current commercial environment those properties proved hard to re-let quickly or on comparable terms.

The staff team have responded to all this with resilience and ingenuity. A top priority has been to keep our staff safe and to support them, and considerable use was made of the furlough scheme, with the remainder of our team working virtually. We were able to take a significant number of our cultural and educational activities online with considerable success and found new customers who were able to operate within the Government restrictions to hire our spaces within 230 Bishopsgate, restoring some of our income from that source.

Nonetheless, the overall financial impact of the pandemic on the last year would have been a very significant operating deficit, which in the absence of equivalent cash reserves would have been especially damaging, but for generous grants from two heritage and cultural support schemes which together exceeded one million pounds. We are extremely grateful to Heritage Emergency Fund for Culture and the Culture Recovery Fund for Heritage for these grants, and proud that they reflect the high regard in which Bishopsgate is held. As the accounts below show, because of those two grants, the charity has recorded a modest surplus for the year.

But that is of course only half the pandemic story. Even with the increased optimism about a return to normality at the time these accounts were signed, the current year will be as challenging for Bishopsgate Institute as the last. We hope and expect to be able to resume our charitable activities face to face in the second half of the year, and to see some recovery in our traditional income streams, but we cannot expect further grant support on the same scale as last year. The Board therefore regards 2021/22 as a transitional year, and accepts that our operating accounts will show a substantial deficit.

One consequence of the curtailment of our revenue generating activities and loss of income from our property portfolio during the pandemic has been a considerable depletion in the liquid assets available to meet our operating costs. In July 2021 the Board concluded that substantial additional funds would be required to enable the charity to remain a going concern over the next two years. The Board concluded that the most appropriate source of

The Bishopsgate Foundation

Report by the Chair of Trustees

For the year ended 31 March 2021

those funds would be to draw down from the Endowment, which would require the consent of the Charity Commission. In August the Charity received consent to draw down £1.9m, which will be repaid over a period of 25 years.

I took over as Chair of Trustees in February 2021, the burden of leading the Board through the first year of the pandemic having fallen on the shoulders of the Interim Chair, Father Luke Miller. I know I speak for all the Board and staff team in thanking him for his commitment, openness and generosity of spirit during that difficult time. I am grateful, too, for the welcome I have received from my colleagues on the Board, and I look forward to working with them as we think afresh about our strategic direction for the next five years. But the greatest thanks must go to the Chief Executive and her staff team for their fortitude and good heart in the face of the difficulties caused by the pandemic, and for their hard work in making sure that the charity is best placed to resume its normal programme of activities as fully and quickly as possible.

Nigel Pantling Chair of Trustees

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2021

Trustees’ Annual Report

The trustees present their report and the audited financial statements for the year ended 31 March 2021.

Reference and administrative information set out on pages 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

COVID-19

As for so many organisations across the heritage, culture and charity sectors, the impact of the COVID-19 pandemic has been very negative on the Bishopsgate Foundation. Before COVID, our offer, both commercial and charitable, was based around in-person attendance in our Grade II* listed building. Lockdowns and tiers of restrictions meant we closed the building to the public for almost the whole of the year, leading to a huge drop in income (venue hire and the charitable programme), a reduction in our existing audience (not everyone wanted to learn or attend online), and increased expenditure on the main Institute building to ensure COVID safety for those using it. Meanwhile, ongoing expenditure to maintain the building did not reduce through lack of use. Furthermore, the economic impact on businesses had a direct effect on our endowment income, which fell dramatically as many tenants defaulted and left units vacant.

Thanks to the generous support of the Heritage Emergency Fund for Culture and the Culture Recovery Fund for Heritage, the Coronavirus Job Retention Scheme (furlough) and business rates relief, together with cost cutting, savings and postponed or cancelled projects, we were able to end the year with a general fund surplus before movements on investments and transfers between funds of £349,921. Excluding the grants, our income fell by 34% across all streams (endowment, commercial and programme).

Thanks to the grants that were given to support organisations to survive and recover from the effects of the pandemic, we were able to adapt some of our offer to online, which has won us new audiences and increased occupancy rates on many activities. Furthermore, we took the opportunity provided by the grants to undertake research and development to ensure our charitable and commercial offer of the future can accommodate the anticipated demand for hybrid or blended participation (meaning some participants join online, while others do so in person) without compromising the quality of experience for either group. We have undertaken necessary maintenance on the Grade II* listed building while it has been closed to the public, consolidated our special collections and archives and catalogued a huge influx of donations ready for researchers to access, and have prioritised permitted venue hire bookings for our spaces (such as the NHS Blood Donation Service and professional rehearsals) while the in-person programme cannot resume.

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2021

In other words, the grants have enabled us to be agile and to make detailed plans for reopening, as well as supporting staff and refocusing their work, where necessary.

As outlined above, the impact of lockdowns on those businesses that are tenants in our endowment properties has been hefty, but although we have had several defaulting tenants, bankruptcies leading to vacated premises with rent owed, and an absence of enquiries for most of the year, the very end of the year has seen serious enquiries returning at manageable levels of rent. Our endowment properties are all in the City, which is unlikely to see a full return from the commercial office community, which in turn has a knock-on effect on demand for retail spaces, as well as office spaces. It also has an impact on the segment of our audience which worked nearby.

The various lockdowns and tiers have been hard on our staff team, working from home unless their role cannot be performed away from the Institute building. Our IT systems were not fit for purpose in March 2020 when lockdown was suddenly imposed, but we improved these for home working as the year went on, making use of online meeting platforms, as everyone has. At time of writing, our plan is for all staff that are not already working in the building to have made a full or partial return to working at the Institute building by September 2021. There is further work to do to maximise the safety of the team returning as far as the dimensions and layout of our office accommodation permit, including making use of an adjoining vacant operational property usually rented out to generate income.

Much uncertainty remains, not least regarding variants that are resistant to the vaccines, but we plan for more in-person activity to start in the autumn term and are liaising with our delivery partners and surveying our audiences, as confidence levels are central to our planning. We are continuing to nurture our online audiences, many of whom would not be able to attend in person.

Strategy and plans for the future

The current business plan covers 2016-21, so was due for refreshment even before the pandemic year landed. The objective of the five-year plan to 2021 was to achieve sustainable break-even for the Foundation, after high levels of emergency capital expenditure that had been required in the first half of the 2010s, reduced the free reserves. Given intense challenges around recruitment 2017-20, coupled with an economic downturn and uncertainty after the Brexit vote of 2016, the Board had already given a two-year extension to the executive team (to 2023) to achieve this, before COVID hit.

The Grade II* listed building requires substantial investment in its physical infrastructure (including improving accessibility, ventilation and toilet provision) to be able to continue to serve its beneficiaries. Although the Foundation has not had to engage in intensive fundraising since the refurbishment project of 2008-11, we recognise the importance of grants and donations to enable us to deliver and expand our charitable and commercial offers. To this end, during the first COVID year 2020-21, we have created a fundraising

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2021

strategy and since the year end have recruited a staff member to coordinate the work. We have also engaged a PR agency to assist with raising the Foundation’s profile and brand awareness.

Having secured the “Good To Go” COVID-safe status awarded by Visit England, we are also seeking to reduce our organisation’s key environmental impacts using Julie’s Bicycle’s Creative Green Tools to measure and understand our carbon footprint. The plans being worked up with architects and cost consultants for listed building consent are placing climate-friendly approaches and technology at the forefront, and we see this not as a one-off gesture, but an ongoing firm commitment to reduce our environmental impact.

The new Chair of Trustees took up the role in February 2021, and a full Board strategy day is confirmed for October when we can meet in person (assuming no further lockdowns). Between now and then, the Chair and Chief Executive are working with all trustees to review our charitable mission and beneficiaries, the activities we undertake to achieve them, and the endowment. The intention is to develop a new business plan for the following five years.

Meanwhile, we have continued to work to the five goals of the strategic business plan for 2016-21:

To further develop and invest in our Special Collections Library , encouraging and equipping people to access our archives and collections for academic or personal use;
To provide an affordable and high-quality learning and development programme for the public which provides opportunities for them to apply the NHS Five Ways to Wellbeing (Connect, Be active, Take notice, Keep learning, and Give), developing their life skills and furthering their interests and social opportunities;
To provide an incubator environment to support cultural practitioners and new work , enabling people to hone their craft through workshops, productions and development opportunities;
To commission, produce and co-produce high quality cultural content which brings people together around a shared interest and offers the public a range of opportunities to both consume and produce culture; and
To ensure a successful and sustainable environment for the Institute which honours the spirit in which it was created, protects its future and acts as a guardian for future generations.

The pandemic prevented us from running almost all of our in-person learning and events programme, and we were only able to offer a Researchers’ Service in the Library for a few brief months when restrictions were lifted in the late summer of 2020. Venue hire was restricted to the NHS Blood Donation Service, filming (once this was allowed) and some professional rehearsals (we would usually be busy with regular large-scale exam bookings, accounting for 60% of our commercial income, but none of these could take place).

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2021

In 2020-21, we were able to run a reduced learning programme, running 123 courses online compared with 272 the previous year. We have seen excellent audience response, increasing from 58% to 80% occupancy. We have seen particularly strong take-up for our courses focused on history, society and creative writing, with many selling out - particularly those related to our unique archives. However, our languages programme - previously very popular - has seen a drop-off in bookings following our shift to online learning. We attribute this to the loss of City worker audiences who were local to our building pre-lockdown, Brexit, and perhaps a desire for in-person interaction for language learning.

We have adapted our free lunchtime concerts to the livestream model, with an audience of over 1,500 (with a few in-person concerts permitted in the autumn of 2020, between the lockdowns). We have run in-person researcher access to the special collections when permitted (with reduced availability in order to maintain distancing, and having to use an appointment system instead of our preferred drop-in because of the need to track and trace). Despite the Library operating largely remotely, over 1,750 people have attended talks and tours about the collections, and we have received 75 archive donations.

We have focused on creating engaging digital content, both for our website and social media channels, with the aim of increasing access to our collections and building our audience ready for the return of an in-person offer. This has resulted in a 30% growth in our social media following, and over 84,000 audience engagements. We are currently scoping a project to widen digital access to our collections and integrating the catalogue with digital assets (not currently possible).

Financial Review

Review 2020/21

The General Fund (meaning our unrestricted income and expenditure) for 2020/21 is showing a surplus for the year before transfers and gains or losses on investments of £349,922 (2020: net expenditure £473,958).

Overall, before losses on investments, we are showing net expenditure of £363,947. This includes £559,722 of depreciation:

£109,704 of this depreciation relates to depreciation of our freehold buildings 228 and 230 Bishopsgate and 14 Brushfield Street
£368,088 relates to freehold property improvements (the bulk of which is the depreciation of work to the roof and to the ceiling of the Great Hall carried out between 2015 and 2016.)
Only £81,930 of our depreciation relates to equipment, IT, and fixtures and fittings.

As has been mentioned above, the challenges of Covid impacted all our usual income streams: rental and investment income from the endowment, commercial income via venue hire and a surplus from running our charitable programme. However, our staff worked hard to adapt to the new conditions, securing those venue hire bookings that were possible during

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2021

lockdowns, while maintaining relations with existing clients whom we want to welcome back once they are able. Thanks to them we secured £182,872 of venue hire income in the year and are forecasting significant growth going into 2021/22. This was of course significantly down on the 2019/20 income of £546,041.

Those courses we were still able to run provided a £50k contribution to overheads in the year, an excellent result in a year of adaptation. Programme events provided a modest contribution of £1,601.

We received £232,630 in grants through the Coronavirus Job Retention Scheme, as well as £1,008,754 in emergency COVID grants for the heritage sector. Together these made up almost half our income in 2020/21.

Our investment income of £973,715 represents 37% of our total income and despite a drop of 21% on the prior year, continues to underpin our ability to fund and develop our charitable activities. We had to write off and provide for a significant amount of rent arrears (£100k) which is shown in the cost of raising funds on the Statement of Financial Activities.

Listed investments performance and policy

The Trustee Act 2000 applies to the Foundation’s endowment charity. Our investments were last reviewed in 2019. We have recently recruited two property specialists to our Board of Trustees and are setting up a sub-committee that will be responsible for investment decisions. One of the first tasks of this sub-committee will be to review our property and listed investment portfolio.

At present, all our listed investments are held in the M&G Episode Income Fund I. Over the last three years, our listed investment portfolio has generated £626,129 of income.

Reserves policy and going concern

The endowment reserves are made up of:

The depreciated original cost of our charity-use properties: 230 Bishopsgate and 228 Bishopsgate
The majority of our investment properties
Listed investments

The income from investment properties and listed investments is utilised by the Foundation to fund charitable activities. At the year end the value of the endowment reserves was £30,351,384 (2020: £31,269,388).

General reserves are maintained to fund, in addition to the income from the endowment reserves, the operational activities of the Foundation and to meet evaluated risks. They are made up of fixed assets, one investment property, and free reserves.

As of 31 March 2021, the trustees have set a target of free reserves of three months’ operating expenditure. In 2020/21 three months’ operating expenditure was £544,280 (2019/20 equivalent: £621,870).

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2021

Unrestricted undesignated funds at the year-end were £1,236,412 which when adjusted for fixed assets and the investment property, gave free reserves of £49,561, a significant improvement on the prior year (2019/20 deficit of £376,761). For details see note 19.

The COVID pandemic had a considerable financial impact on the Foundation. Financial years 2020/21 and 2021/22 are set to be exceptional in this respect. The Trustees have therefore taken a decision of principle to view 2020/21 and 2021/22 as transitional years, and have set a minimum level of outturn to be achieved across the two years together. This takes account of the surplus in 2020/21 thanks to the grants and other government support, and the likely deficit in 2021/22 as this support is no longer available, but income levels will not have recovered to pre-pandemic levels. During 2021/22, we will review our strategy and develop a new five-year financial plan from April 2022.

The Foundation holds significant investments in property and investment units. The investment units were valued as at 31 March 2021 at £7,394,931 (£6,508,082 as at 31 March 2020). Whilst these are held as part of the permanent endowment, they are relatively liquid. In response to the financial difficulties presented by the covid pandemic, in August 2021 we sought and obtained an Order of the Charity Commission for England and Wales to spend up to £1,900,939 of endowment capital for the purposes of meeting operational costs. This replaces the previous Order from 2003, and the new borrowings and the remaining balance of the 2003 Order are to be repaid over a 25-year period. As a result, the Trustees are of the view that the Foundation has the liquidity and resources to meet all liabilities as they fall due for at least the 12 months from approval of these financial statements, and that there are no material uncertainties about the charitable company's ability to continue as a going concern

The reserves policy and position are reviewed annually, and the Trustees will regularly monitor reserve levels to ensure that they are sufficient to meet operational plans and evaluated risks in future years.

Risk management

The Trustees have a risk management strategy which comprises:

An annual review of principal risks and uncertainties that the Institute and its subsidiary BI Trading face;
The establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and
The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.

The key risks that this work has identified and that are still current are:

The maintenance of financial liquidity. The risk here has been heightened by COVID19. A key element in the management of this financial risk is regular and detailed review of cashflow forecasts and budget variances as well as providing staff with training to understand the implications of spending patterns on the cash flow. We have also secured an overdraft to support the Institute through the current COVID-19

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2021

challenges as well as permission to draw on the permanent endowment to meet operational costs;

Volatility in income levels and impact of Covid confidence. A key element in the management of this financial risk is regular review of cashflow and budgetary forecasts and budget variances, budget holder training, strong marketing campaigns to promote activity and the use of managing agents to secure tenants. We have recruited a fundraising manager to take forward a fundraising plan devised in 2020/21 in conjunction with fundraising consultants. We have invested in the skills and technology to run hybrid events which will support both our internal events programme and our venue hire offer, and our online course programme continues to bring in new audiences.
Diminishing endowment funds or unrestricted cash balances leaving no funds to draw down on for working capital. To mitigate this risk, we carefully plan cash resources along with the budget and monitor cash flow throughout the year. Budget holder training is provided to help them manage their expenditure in line with incoming resources where possible and a strategic plan is being developed for replenishing investments drawn down.
Business continuity connected to staff wellbeing. Personal circumstances and the impact of the current pandemic, along with the political and economic upheaval from Brexit, may affect staff wellbeing and/or performance. We offer Mental Health First Aid training for all our staff and have an Employee Assistance Programme enabling staff to get professional advice, guidance, support and counselling on a variety of issues. Staff also have regular line manager meetings where they are encouraged to discuss any potential issues they may be facing, allowing us to put support mechanisms in place where necessary.
Disruption to service delivery as a result of vacancies in key roles and/or multiple vacancies for extended periods. We have recruitment and selection procedures in place to ensure responsive and effective recruitment, as well as regular line management meetings and annual staff appraisals to encourage staff retention. Where necessary we will use temporary staff to cover vacancies.

Risks identified in the previous year’s risk assessment which have now been resolved include the recruitment of a permanent Chair of Trustees (as of February 2021).

Fundraising

The Bishopsgate Foundation was fortunate to secure grants from the Heritage Emergency Fund and Culture Recovery Fund for Heritage during 2020/21, funds intended to support organisations to survive and recover after the effects of lockdowns. We also secured City of London funding support in March 2021 for the summer lunchtime concert series June-July 2021, and a number of unsolicited legacy donations related to our archives.

The Foundation does not use professional fundraisers to raise money on its behalf nor does it enter into commercial partnerships. The Foundation nevertheless observes and complies with the relevant fundraising regulations and codes. During the year there was no

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2021

noncompliance of these regulations and codes and the Foundation received no complaints relating to its fundraising practice.

Organisation and Governance

Legal status

The Bishopsgate Foundation is a charitable company limited by guarantee, incorporated on 29 January 2002 and entered on the Central Register of Charities on 5 March 2002. It was established to hold the non-permanently endowed assets and undertake the day-to-day activities of The Bishopsgate Foundation Endowment Charity (‘the Scheme Charity’) from 1 April 2002. The permanent endowment assets are retained by the Scheme Charity pursuant to the terms of a Scheme of the Charity Commissioners, which became effective on 7 April 2003 and appointed The Bishopsgate Foundation as sole corporate Trustee of the Scheme Charity.

The Scheme Charity (Charity No: 208874) is constituted under a Scheme of the Charity Commissioners dated 23 February 1891, with subsequent modifications, within the framework of the City of London Parochial Charities Act 1883. Under the name Bishopsgate Institute, the Foundation provides a library and undertakes a range of educational and cultural activities from a grade II* listed building in the heart of Spitalfields in the City of London. On 17 February 2006 The Bishopsgate Foundation created a wholly owned subsidiary company called B.I. (Trading) Limited, which was established to operate the Institute’s venue-hire facility from 1 April 2006.

Board of Trustees

The Foundation’s Articles of Association state that the Board of Trustees shall comprise not more than fifteen persons: two Ex-Officio Trustees (one of which – the Alderman of the Ward of Bishopsgate – is vacant at this time), up to two Parish Trustees, and not more than eleven Co-opted Trustees. There must at all times be no fewer than five Trustees of whom no fewer than three must be Co-opted Trustees. All Trustees (other than an Ex-Officio Trustees) are appointed for a term of three years and, unless there are exceptional circumstances, do not serve for more than five years.

As at date of signing (July 2021), the Board of Trustees comprises one Ex-Officio Trustee, one Parish Trustee, and ten Co-opted Trustees – a total of twelve.

Further recruitment of Trustees with specific expertise, such as in property matters and accounting, is being undertaken over the summer of 2021 to ensure we continue to have the right skills on the Board.

General Trustee responsibilities are considered to be:

Strategic - approving the strategic plan that will fulfil the Institute’s charitable objectives.
Stewardship - to have responsibility for the Institute’s assets, their preservation and exploitation, and assessing risks;

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2021

Monitoring - to oversee the effective management of the Institute and its service delivery, selecting and supporting the Chief Executive, and ensuring good human relations practice is applied;
Promotion of, and advocacy, for the Institute to external clients/partners/stakeholders;
Governance - ensuring that Trustee business is conducted effectively, and that the Trustees’ Code of Governance is followed.

The full Board meets at least four times a year to fulfil these responsibilities.

None of the trustees receive remuneration or other benefit from their work with the Foundation.

Trustee selection process

When a vacancy exists, the Board of Trustees considers the skills and personal profile that would best contribute to the needs of the Institute.

The Board authorises the Chief Executive to advertise vacancies and confirms, via the Chair, the process to be followed in selecting candidates.

Since 2007, it has been the practice to advertise vacancies.

There are two ex officio trustee slots on the Board, both of which were vacant for a considerable time. However, the appointment of a new Rector at St Botolph Without Bishopsgate in late 2018 resulted in one of these slots being filled from March 2019. The other remains vacant.

Trustee induction and training

The Foundation recognises that new Trustees must be made aware of its charitable purposes, modus operandi, plans, problems and challenges etc. All new Trustees are provided with a copy of the Trust Deed, Standing Orders Rules & Regulations, the latest Annual Report & Accounts, Strategic Plan, Risk Assessment, publicity material and minutes, meet the Chief Executive and are shown the main areas and facilities of the Institute. Where appropriate, other steps, including briefing by the Chair and the appointment of another Trustee to act as mentor, may be taken. Trustees are encouraged to attend and bring guests to events at the Institute as well as attending external training events where these will facilitate their responsibilities as Trustees.

Management

The Board of Trustees has established three principal committees to discharge functions relating to the administration and management of the Foundation:

Finance & General Purposes (meets at least three times a year)
Programme (meets up to three times a year)
Governance (meets when required).

Other sub-committees and working groups are constituted on an ad-hoc basis as required.

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2021

The Senior Team (the Chief Executive, Head of Business Delivery and Head of Audiences & Communications) are responsible for the efficient running and development of the Institute in accordance with the strategy, policies and decisions of the Board of Trustees. They meet as a group monthly or more frequently as required.

Pay policy for senior staff

The remuneration of the Chief Executive is determined by the Board. The remuneration of other senior staff is delegated to the Chief Executive who is advised by an external organisation who have benchmarked salaries across charity, cultural and other comparable organisations.

Objectives and activities

The objects of the Foundation are:

The provision and maintenance of an Institute in, or near the City of London, for the purpose of promoting the education of the public and in particular the provision of:
a library comprised of books, journals and other materials (whether electronic or otherwise) for the use of members of the public to be managed under regulations made from time to time by the trustees;
public facilities to be managed under regulations made from time to time by the trustees including the power to charge fees for their use.
The relief by all charitable means of persons in need who are resident or working or have resided or worked in the area of the ecclesiastical parishes of St Botolph's without Bishopsgate, Christchurch Spitalfields and St Leonard's Shoreditch.

The Trustees review the aims, objectives and activities of the charity regularly. In November 2015 they approved a new strategic plan for 2016-21 which explicitly refined their interpretation of the charitable objects to ensure their relevance to contemporary need and focusing on the Institute’s resources, unique assets and offer.

Ongoing review is based on that strategic plan and helps the Trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

After a strategy day planned for October 2021, the Trustees will approve a new strategic plan for 2022 – 2027.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

Statement of responsibilities of the Trustees

Trustees (who are also directors of The Bishopsgate Foundation for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2021

Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period.

In preparing these financial statements, the Trustees are required to:

Select suitable accounting policies and then apply them consistently
Observe the methods and principles in the Charities SORP
Make judgements and estimates that are reasonable and prudent
State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

There is no relevant audit information of which the charitable company’s auditor is unaware
The Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Trustees’ annual report has been approved by the Trustees on 13[th] September 2021 and signed on their behalf by

Nigel Pantling, Chair of Trustees

13[th] September 2021

Independent auditor’s report

To the members of

The Bishopsgate Foundation

Opinion

We have audited the financial statements of The Bishopsgate Foundation (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2021 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as at 31 March 2021 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
Have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Independent auditor’s report

To the members of

The Bishopsgate Foundation

Other Information

The other information comprises the information included in the trustees’ annual report other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements
The trustees’ annual report has been prepared in accordance with applicable legal requirements

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

Adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
The parent charitable company financial statements are not in agreement with the accounting records and returns; or
Certain disclosures of trustees’ remuneration specified by law are not made; or
We have not received all the information and explanations we require for our audit; or
The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.

Independent auditor’s report

To the members of

The Bishopsgate Foundation

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

We enquired of management and the finance and general purposes committee, which included obtaining and reviewing supporting documentation, concerning the group’s policies and procedures relating to:
Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

Independent auditor’s report

To the members of

The Bishopsgate Foundation

We inspected the minutes of meetings of those charged with governance.
We obtained an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the group from our professional and sector experience.
We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit.
We reviewed any reports made to regulators.
We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations.
We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Independent auditor’s report

To the members of

The Bishopsgate Foundation

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor) 16 September 2021

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, London, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

The Bishopsgate Foundation

Consolidated statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2021

Unrestricted £ 328,404 105,691 130 2,591 1,350 182,872 973,715	Designated £ - - - - - - -	Restricted £ 1,011,101 - - - - - -	Endowment £ - - - - - - -	2021 Total £ 1,339,505 105,691 130 2,591 1,350 182,872 973,715	2020 Total £ 20,767 175,999 2,458 100,614 2,150 546,041 1,229,975
1,594,753	-	1,011,101	-	2,605,854	2,078,004
559,940 203,760 302,902 68,650 74,727 34,852	132,958 68,932 166,069 20,644 31,936 5,672	130,568 180,018 530,521 62,903 82,847 22,047	250,709 9,202 22,168 2,756 4,263 757	1,074,175 461,912 1,021,660 154,953 193,773 63,328	1,061,380 724,764 690,176 666,788 91,526 134,593
1,244,831	426,211	1,008,904	289,855	2,969,801	3,369,227
349,922 (72,400)	(426,211) -	2,197 -	(289,855) (606,584)	(363,947) (678,984)	(1,291,223) 2,682,429
277,522 21,565	(426,211) -	2,197 -	(896,439) (21,565)	(1,042,931) -	1,391,206 -
299,087 937,325	(426,211) 6,409,882	2,197 2,850	(918,004) 31,269,388	(1,042,931) 38,619,445	1,391,206 37,228,239
1,236,412	5,983,671	5,047	30,351,384	37,576,514	38,619,445

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 20 to the financial statements.

The Bishopsgate Foundation

Company no. 04362659

Balance sheets

As at 31 March 2021

2021 2020 £ £ 9,175,056 9,715,396 28,288,442 28,781,654 37,463,498 38,497,050 - 1,490 225,509 347,561 367,641 138,782 593,150 487,833 (480,134) (365,438) 113,016 122,395 37,576,514 38,619,445 5,047 2,850 30,351,384 31,269,388 5,983,671 6,409,882 1,236,412 937,325 7,220,083 7,347,207 37,576,514 38,619,445 The group	2021 2020 £ £ 9,175,056 9,715,396 28,288,442 28,781,654 37,463,498 38,497,050 - 1,490 225,509 347,561 367,641 138,782 593,150 487,833 (480,134) (365,438) 113,016 122,395 37,576,514 38,619,445 5,047 2,850 30,351,384 31,269,388 5,983,671 6,409,882 1,236,412 937,325 7,220,083 7,347,207 37,576,514 38,619,445 The group	2021 2020 £ £ 9,175,056 9,715,396 28,288,443 28,781,655 37,463,499 38,497,051 - 1,490 362,429 339,295 361,345 107,197 723,774 447,982 (444,083) (325,588) 279,691 122,394 37,743,190 38,619,445 5,047 2,850 30,351,384 31,269,388 5,983,671 6,409,882 1,403,088 937,325 7,386,759 7,347,207 37,743,190 38,619,445 The charity	2021 2020 £ £ 9,175,056 9,715,396 28,288,443 28,781,655 37,463,499 38,497,051 - 1,490 362,429 339,295 361,345 107,197 723,774 447,982 (444,083) (325,588) 279,691 122,394 37,743,190 38,619,445 5,047 2,850 30,351,384 31,269,388 5,983,671 6,409,882 1,403,088 937,325 7,386,759 7,347,207 37,743,190 38,619,445 The charity
37,463,498 - 225,509 367,641	38,497,050 1,490 347,561 138,782	37,463,499 - 362,429 361,345	38,497,051 1,490 339,295 107,197
593,150 (480,134)	487,833 (365,438)	723,774 (444,083)	447,982 (325,588)
113,016	122,395	279,691	122,394
37,576,514	38,619,445	37,743,190	38,619,445
5,047 30,351,384 5,983,671 1,236,412	2,850 31,269,388 6,409,882 937,325	5,047 30,351,384 5,983,671 1,403,088	2,850 31,269,388 6,409,882 937,325
7,220,083	7,347,207	7,386,759	7,347,207
37,576,514	38,619,445	37,743,190	38,619,445

Approved by the trustees on 13 September 2021 and signed on their behalf by

Nigel Pantling Chair

The Bishopsgate Foundation

Consolidated statement of cash flows

For the year ended 31 March 2021

2021 £ (1,042,931) 559,722 678,984 (973,715) 1,490 122,052 114,696	(539,702)	2020 £ 1,391,206 483,031 (2,682,429) (1,229,975) (186) (118,794) (192,577)	(2,349,724)
973,715 (2,400) (19,382) 100,000 (283,372)		1,229,975 - (168,586) 5,015,000 (3,711,310)
	768,561		2,365,079

	228,859 138,782		15,355 123,427
	367,641		138,782

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

1 Accounting policies

a) Statutory information

The Bishopsgate Foundation is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address is 230 Bishopsgate, London, EC2M 4QH.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (March 2018) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company and its wholly-owned subsidiary BI Trading Limited on a line by line basis. Transactions and balances between the charitable company and its subsidiary have been eliminated from the consolidated financial statements. Balances between the two companies are disclosed in the notes of the charitable company's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees have considered the impact of coronovairus on The Bishopsgate Foundation's activities and are of the view that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period that would change their opinion that The Foundation was a going concern. In addition, the Foundation has significant resources available in fixed asset investments which are liquid and can be drawn down as required to fund working capital.

Please see the Trustees' Annual Report for additional Going Concern disclosure.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Specifically:

˜ Income from venue hire is recognised on the date of letting;

˜ Income from courses is recognised in the term that the course is run;
˜ Income from events is recognised at the date the event is held.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

1 Accounting policies (continued)

f) Interest and rents receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Rental income is included when it falls due. However, where the lease has expired and the outcome of negotiations in respect of outstanding rent is uncertain, rental income is included on a cash received basis.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

The permanent endowment fund is represented by the Institute buildings, the investment properties and financial investments, the income from which is available for general purposes, except that income specified in the Scheme which is required to be paid to St Botolph Without Bishopsgate. The Foundation is not at liberty to dispose of the capital of this endowment.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the group and Foundation in raising funds for the charitable work.

▪ Expenditure on charitable activities includes the costs of delivering the activity undertaken to further the purposes of the charity and their associated support costs.

▪ Other expenditure represents those items not falling into any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity.

The cost of the overall direction and administration of each activity, as well as indirect salaries, premises, depreciation and administration costs, are apportioned based on an estimate of staff time.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

In 2020/21 Support Costs were split between the activities of the charity using the following percentages:

	Grants and Fundraising	6%
˜	Library	34%
˜	Programme development & Integration	7%
˜	Cultural Events	4%
˜	Courses	14%
˜	Eleemosynary	1%
˜	Trading Activities	17%
˜	Governance	13%
	Investments	5%

Governance costs are then re-allocated to each of the activities on the same basis.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

1 Accounting policies (continued)

j) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be held as a revaluation reserve within the designated fund in the balance sheet.

The Institute building and freehold land, excluding the works on improvements, is included at deemed cost based on a valuation at 2002. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

˜	Institute buildings	50 years
˜	Freehold improvements	10 to 25 years
˜	Computer equipment and software	3 years
˜	Office and other equipment	3 to 5 years
˜	Fixtures and fittings	1 to 10 years

k) Investment properties

Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. Any change in fair value is recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be held within the fund that the asset is held on the balance sheet. The valuation method used to determine fair value will be stated in the notes to the accounts.

Listed investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Investments in subsidiaries

Investments in subsidiaries are at cost.

l) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

m) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

n) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

o) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

1 Accounting policies (continued)

p) Pensions

The charity operates a defined contribution scheme for employees. Contributions are charged to the statement of financial activities as incurred. The Foundation has no liability in excess of monthly contributions.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

2 Detailed comparatives for the statement of financial activities

Unrestricted £ 20,196 175,999 2,458 100,614 2,150 546,041 1,229,975	Designated £ - - - - - - -	Restricted £ 571 - - - - - -	Endowment £ - - - - - - -	2020 Total £ 20,767 175,999 2,458 100,614 2,150 546,041 1,229,975
2,077,433	-	571	-	2,078,004
570,989 602,347 608,365 559,893 83,365 126,432	77,611 116,417 77,611 100,895 7,761 7,761		412,780 6,000 4,200 6,000 400 400	1,061,380 724,764 690,176 666,788 91,526 134,593
2,551,391	388,056	-	429,780	3,369,227
(473,958) 170,000	(388,056) -	571 -	(429,780) 2,512,429	(1,291,223) 2,682,429
(303,958) (1,004,509)	(388,056) 1,106,490	571 (28,476)	2,082,649 (73,505)	1,391,206 -
(1,308,467) 2,245,792	718,434 5,691,448	(27,905) 30,755	2,009,144 29,260,244	1,391,206 37,228,239
937,325	6,409,882	2,850	31,269,388	38,619,445

3 Income from donations and legacies

Grants Donations Legacies Coronavirus job retention scheme	Unrestricted 7,000 232,630 18,218 70,556	Restricted 1,008,754 - 2,347 -	2021 Total £ 1,015,754 232,630 20,565 70,556	2020 Total £ 7,000 - 13,767 -
	328,404	1,011,101	1,339,505	20,767

£2,347 of donations (2020: £571) and £1,008,754 of grants are restricted. £18,218 of donations (2020: £13,196) and £239,630 of grants (2020: £7,000) are unrestricted. The legacies are unrestricted.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

4 Income from other trading activities

Income from other trading activities
Venue hire income	2021 Total £ 182,872	2020 Total £ 546,041
	182,872	546,041

Venue hire income is mostly generated by the subsidiary BI Trading Limited which is used for non-primary purposes trading activities (see note 14). During 2020/21, £0 (2020: £20,076) of venue hire income was generated by Bishopsgate Foundation directly. All venue hire income is unrestricted.

5 Income from investments

Bank deposit income Rents receivable Insurance receivable Income from listed investments	General Estate £ 304,925 1,483 20,578 10	Underwood Estate £ 440,704 7,543 198,376 95	2021 Total £ 745,629 9,026 218,954 105	General Estate £ 344,080 4,463 23,792 936	Underwood Estate £ 630,036 6,960 219,708 -	2020 Total £ 974,116 11,423 243,500 936
	326,996	646,718	973,715	373,271	856,704	1,229,975

All income from investment activities is unrestricted.

Future rents receivable from investment properties based on current leases as at 31 March 2021 were as follows:

	Within 1			After 5
	year	1-2 years	2-5 years	years
Rents receivable	540,020	321,388	623,165	3,350,124

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

6a Analysis of expenditure (current year)

Cost of raising funds £ 72,197 36,713 1,883 337,798 -			Charitable activities	Charitable activities			2021 Total £ 371,790 170,082 71,485 337,798 13,266	2020 Total £ 394,642 279,966 80,432 409,780 56,492
	Courses £ 46,821 55,585 35,173 - -	Library £ 178,306 37,957 24,018 - -	Events £ 31,693 16,002 10,126 - -	Programme development & interpretation £ 42,773 450 285 - -	Eleemosynary £ - 23,375 - - 13,266	Governance costs £ - - - - -
448,591 92,039 60,752 223,369 170,642	137,579 47,717 31,497 115,805 88,469	240,281 114,960 75,882 278,997 213,138	57,821 14,290 9,433 34,682 26,495	43,508 22,107 14,593 53,653 40,988	36,641 3,926 2,592 9,529 7,279	- 58,683 38,735 142,417 12,711	964,421 353,722 233,484 858,452 559,722	1,221,312 541,700 283,526 839,659 483,030
995,393 78,782	421,067 40,845	923,258 98,402	142,721 12,232	174,849 18,924	59,967 3,361	252,546 (252,546)	2,969,801 -	3,369,227 -
1,074,175	461,912	1,021,660	154,953	193,773	63,328	-	2,969,801	3,369,227
1,061,380	724,764	690,176	666,788	91,526	134,593	-

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

6b Analysis of expenditure (prior year)

Charitable activities

Cost of raising funds £ 93,826 28,309 936 409,780 -	Courses £ 42,665 102,111 28,620 - -	Library £ 186,878 45,367 21,463 - -	Events £ 28,088 71,222 28,618 - -	Programme development & interpretation £ 43,185 - 795 - -	Eleemosynary £ - 28,346 - - 56,492
532,851 81,255 71,839 248,539 72,454	173,396 162,510 55,634 151,139 144,909	253,708 130,008 43,673 125,949 101,436	127,928 146,259 55,634 157,856 144,909	43,980 10,834 5,563 16,793 9,661	84,838 10,834 5,563 16,793 9,661
1,006,938 54,442	687,588 37,176	654,774 35,402	632,586 34,202	86,831 4,695	127,689 6,904
1,061,380	724,764	690,176	666,788	91,526	134,593

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

7 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
	2021	2020
	£	£
Depreciation - Land, Buildings and Freehold Improvements	477,792	388,088
Depreciation - Furniture and Equipment	81,930	94,943
Loss on disposal of fixed assets	-	-
Auditor's remuneration (excluding VAT):
Audit	9,750	9,550
Other services	1,700	860

8 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Salaries and wages Social security costs Employer’s contribution to defined contribution pension schemes Other employee costs	2021 £ 1,059,123 91,071 54,828 25,220	2020 £ 1,058,328 87,535 46,656 41,782
	1,230,242	1,234,301

The following number of employees received employee benefits (excluding employer national insurance and pension costs) exceeding £60,000 during the year between:

		2021	2020
		No.	No.
£90,000	- £99,999	1	1

The total employee benefits including employer pension contributions and employer national insurance of the key management personnel, who are the principal officers, were £219,580 (2020: £197,014).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil). No trustee received reimbursement of travel and subsistence costs (2020: £nil) relating to attendance at meetings of the trustees.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

9 Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Raising funds Cultural programme Support Governance	2021 No. 7 11 26 4	2020 No. 5 12 28 4
	48	49

The average number of staff employees (full time equivalent) during the year was 35 (2020: 37).

Due to the nature of our activities is is not possible to allocate staff numbers to direct activites within our charitable programme.

10 Related party transactions

Under the terms of its charitable deed, the Foundation is required to pay two fifteenths of its income (after deduction of costs) from the Underwood Estate to St Botolph Without Bishopsgate. The Rector of St St Botolph Without Bishopsgate is a Trustee of the Foundation. The amount payable for the year ended 31 March 2021 is £13,266 (2020: £57,075) of which £0 (2020: £7,075) was outstanding at the year end.

11 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary BI Trading Limited distributes under Gift Aid any available profits to the parent charity, however once the 2020/21 loss was forecast a corporation tax liability of £14,469.07 for the prior year arose. This will be refunded by the carry back of the 2020/21 year losses against the 2019/20 surplus.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

12 Tangible fixed assets

The group and charity

£ 12,726,293 - - Freehold land and building and freehold improvements	Furniture and equipment £ 1,180,168 19,382 (40,188)	Total £ 13,906,461 19,382 (40,188)
12,726,293	1,159,362	13,885,655
3,272,109 477,792 -	918,956 81,930 (40,188)	4,191,065 559,722 (40,188)
3,749,901	960,698	4,710,599
8,976,392	198,664	9,175,056
9,454,184	261,212	9,715,396

Land with a value of £1,000,000 is included within the total value for freehold land and buildings and freehold improvements and is not depreciated.

All of the above assets are used for charitable purposes.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

13 Investments

The Group and Charity (current year)

Properties £ 638,510 - - - (70,000)	Endowment funds	Endowment funds	2021 £ 28,781,654 283,372 - (100,000) (676,584)	2020 £ 25,804,343 3,711,310 (2,601,428) (800,000) 2,667,429
	Properties £ 21,635,062 269,038 - - (1,579,100)	UK common investment funds £ 6,508,082 14,334 - (100,000) 972,516
568,510	20,325,000	7,394,932	28,288,442	28,781,654
Properties £ 2,000,000 - (1,531,490) - 170,000			2020 £ 25,804,343 3,711,310 (2,601,428) (800,000) 2,667,429
	Properties £ 19,314,346 - (1,069,938) - 3,390,654	UK common investment funds £ 4,489,997 3,711,310 - (800,000) (893,225)
638,510	21,635,062	6,508,082	28,781,654

The investment properties comprise the Underwood and General Estates and one non-endowment property. These properties were formally valued as at 31 March 2020 by Lamberts, Chartered Surveyors, who are unconnected with the Foundation, at fair value of which three properties were revalued at the 2020/21 year end. Changes in valuation were then applied across the portfolio. As a result we judge the fair value of General Estate properties has decreased by £570,062 (2020 increase: £195,654) and Underwood Estate properties has decreased by £1,009,038 (2020 increase: £3,195,000). The non-endowment property decreased in value by £70,000. The Foundation has reflected this change in value in these accounts.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

13 Investments (continued)

Analysis of endowment funds between Estates

Underwood Estate General Estate	Properties £ 16,290,000 4,035,000	UK common investment funds £ 6,696,355 698,577	2021 Total £ 22,986,355 4,733,577	Properties £ 17,030,000 4,605,062	UK common investment funds £ 5,901,916 606,166	2020 Total £ 22,931,916 5,211,228
	20,325,000	7,394,932	27,719,932	21,635,062	6,508,082	28,143,144

The investment in UK common investment funds represents 100% of the investment portfolio.

It is not possible to state the historic cost of the freehold properties which were part of the original permanent endowment of the Foundation.

The Trustees will continue to review market conditions on a regular basis and will make such adjustments as are necessary in the accounts. All investments in UK common investment funds are held in exempt unit trusts, comprising a wide portfolio of investment assets.

Investments comprise: UK common investment funds Investment properties in the UK Investment in subsidiary undertakings incorporated in the UK	2021 2020 £ £ 7,394,932 6,508,082 20,893,510 22,273,572 - - 28,288,442 28,781,654 The group	2021 2020 £ £ 7,394,932 6,508,082 20,893,510 22,273,572 - - 28,288,442 28,781,654 The group	2021 2020 £ £ 7,394,932 6,508,082 20,893,510 22,273,572 1 1 28,288,443 28,781,655 The charity	2021 2020 £ £ 7,394,932 6,508,082 20,893,510 22,273,572 1 1 28,288,443 28,781,655 The charity
	28,288,442	28,781,654	28,288,443	28,781,655

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

14 Subsidiary undertaking

The charity owns the whole of the issued ordinary share capital of BI (Trading Limited), a company registered in England. The company number is 05713796. The registered office address is 230 Bishopsgate, London, EC2M 4QH.

The subsidiary is used for non-primary purpose trading activities. All activities have been consolidated on a line by line basis in the statement of financial activities. Available profits are distributed under Gift Aid to the parent charity.

Jonathan Clatworthy, Trustee, together with the Chief Executive are directors of the subsidiary.

A summary of the results of the subsidiary is shown below:

Total retained earnings brought forward Distribution under Gift Aid to parent charity Turnover Cost of sales Gross profit Administrative expenses Other operating income Operating profit Interest payable Profit on ordinary activities Taxation on profit on ordinary activities Profit / (loss) for the financial year Retained earnings Profit / (loss) for the financial year Total retained earnings carried forward Cancelled distribution	2021 £ 182,872 -	2020 £ 525,965 -
	182,872 (425,700) -	525,965 (449,812) -
	(242,828) -	76,153 -
	(242,828) -	76,153 -
	(242,828)	76,153
	- (242,828) - 76,153	- 76,153 (76,153) -
	(166,675)	-

The 2019/20 surplus was distributed under Gift Aid to the parent charity, but when it became clear that 2020/21 would result in a loss, that would mean the subsidiary would have negative distributable funds, this distribution was reversed.

The aggregate of the assets, liabilities and funds was: Assets Liabilities Funds	1 (166,675)	1 -
	(166,674)	1

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

15 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

	2021	2020
	£	£
Gross income	2,848,682	2,069,315
Result for the year	(876,256)	1,391,206

16 Debtors

Trade debtors Investment property rent debtors Due from Subsidiary undertakings Other debtors and prepayments	2021 2020 £ £ 40,794 70,056 17,755 186,396 - - 166,960 91,109 225,509 347,561 The group	2021 2020 £ £ 40,794 70,056 17,755 186,396 - - 166,960 91,109 225,509 347,561 The group	2021 2020 £ £ 755 1,425 17,755 186,396 191,428 60,365 152,491 91,109 362,429 339,295 The charity	2021 2020 £ £ 755 1,425 17,755 186,396 191,428 60,365 152,491 91,109 362,429 339,295 The charity
	225,509	347,561	362,429	339,295

17 Creditors: amounts falling due within one year

Payments received on account Taxation and social security Trade Creditors Sundry creditors and accruals	2021 2020 £ £ 362,315 152,484 41,243 23,364 30,462 34,026 46,114 155,564 480,134 365,438 The group	2021 2020 £ £ 362,315 152,484 41,243 23,364 30,462 34,026 46,114 155,564 480,134 365,438 The group	2021 2020 £ £ 362,244 152,484 5,103 23,364 30,622 34,026 46,114 115,714 444,083 325,588 The charity	2021 2020 £ £ 362,244 152,484 5,103 23,364 30,622 34,026 46,114 115,714 444,083 325,588 The charity
	480,134	365,438	444,083	325,588

18 Pension scheme

The Foundation operates a group personal pension plan which is a defined contribution pension scheme for its employees.

The assets of the scheme are held seperately from those of the charity in independently administered funds. The accounting policy of the Foundation is to charge employer's contributions to the Statement of Financial Activities as they fall due. The pension costs for the year amounted to £54,828 (2020: £46,656).

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

19a Analysis of net assets between funds (current year)

Tangible fixed assets Fixed asset investment properties Investments Net current assets Net assets at 31 March 2021	General unrestricted £ 618,341 568,510 - 49,561	Designated £ 5,983,671 - - -	Restricted £ - - - 5,047	Endowments Funds £ 2,573,044 20,325,001 7,394,931 58,408	Total funds £ 9,175,056 20,893,511 7,394,931 113,016
	1,236,412	5,983,671	5,047	30,351,384	37,576,514

19b Analysis of net assets between funds (prior year)

Tangible fixed assets Fixed asset investment properties Investments Net current assets Net assets at 31 March 2020	General unrestricted £ 675,576 638,510 - (376,761)	Designated £ 6,409,882 - - -	Restricted £ - - - 2,850	Endowments Funds £ 2,629,938 21,635,062 6,508,082 496,306	Total funds £ 9,715,396 22,273,572 6,508,082 122,395
	937,325	6,409,882	2,850	31,269,388	38,619,445

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

20a Movements in funds (current year)

At 1 April 2020 £ - - 1,370 - 1,480	Income £ 81,000 927,754 2,197 150 -	Expenditure £ (81,000) (927,754) - (150) -	Transfers, gains and losses £ - - - - -	At 31 March 2021 £ - - 3,567 - 1,480
2,850	1,011,101	(1,008,904)	-	5,047
664,578 29,904,872 699,938	- - -	- (265,719) (24,136)	73,842 (701,991) -	738,420 28,937,162 675,802
31,269,388	-	(289,855)	(628,149)	30,351,384
5,303,392 1,106,490	- -	(388,056) (38,155)	- -	4,915,336 1,068,335
6,409,882	-	(426,211)	-	5,983,671
937,325	1,594,753	(1,244,831)	(50,835)	1,236,412
7,347,207	1,594,753	(1,671,042)	(50,835)	7,220,083
38,619,445	2,605,854	(2,969,801)	(678,984)	37,576,514

The narrative to explain the purpose of each fund is given at the foot of the note below.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

20b Movements in funds (prior year)

At 1 April 2019 £ 5,000 3,275 1,000 21,480	Income £ - - 571 -	Expenditure £ - - - -	Transfers, gains and losses £ (5,000) (3,275) (201) (20,000)	At 31 March 2020 £ - - 1,370 1,480
30,755	571	-	(28,476)	2,850
590,736 28,669,508 -	- - -	- (429,780) -	73,842 1,665,144 699,938	664,578 29,904,872 699,938
29,260,244	-	(429,780)	2,438,924	31,269,388
5,691,448 -	- -	(388,056) -	- 1,106,490	5,303,392 1,106,490
5,691,448	-	(388,056)	1,106,490	6,409,882
2,245,792	2,077,433	(2,551,391)	(834,509)	937,325
7,937,240	2,077,433	(2,939,447)	271,981	7,347,207
37,228,239	2,078,004	(3,369,227)	2,682,429	38,619,445

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

Purposes of restricted funds

Heritage Fund - Covid 19

This grant was specifically targeted at opening up following the first lockdown in 2020. Our grant was used to reopen the library to researchers and supported in particular staffing costs, Covid safety and marketing and signage.

The Culture Recovery Fund

As well as supporting us with ongoing charitable costs (not already supported by the job retention scheme), from October 2020 through to March 2021, this grant enabled and funded detailed planning and strategy work to adapt our business and delivery models, including how to adapt our offer to online, exploring hybrid formats, and how to make our offer more accessible, inclusive and widely available.

Courses Bursary Fund

A fund to provide low income individuals the opportunity to attend and participate in any course from our programme.

Lunchtime concerts

We received £150 to be spent on lunchtime concerts. This was spent in the year.

Cooperative Women's Guild

A fund towards the preservation of the Cooperative Women's Guild archive materials and to assist in purchasing equipment for the storage of archives and special collections.

Purposes of endowment funds

The endowment fund was established when the Institute was created in order that the income from the properties and investments would provide funding for the Institute's charitable objectives.

Purposes of designated funds

Development fund

The development fund represents the capital cost of building improvements. The majority of this was completed in 2011 and will be depreciated over 25 years.

Revaluation reserve

The revaluation reserve has been created by the transfer from investment properties of the elements used directly by the Foundation for operations.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2021

Transfers between funds

Transfers between funds
	2021	2020
	£	£
Transfer from general fund to permanent endowment
The Institute is due to repay £1,846,124 over 25 years starting in 2012. These are
the tenth (2021) and ninth (2020) payments under this order.	73,842	73,842
Transfer from permanent endowment to general fund
This transfer represents management time involved in managing endowment
investments.	95,407	147,347
Transfer from general to designated fund
This transfer represents the value of investment properties transferred to fixed
assets in excess of their deemed cost.	-	1,106,490
Transfer from restricted funds to general fund
This transfer represents the value of courses funded by the bursary scheme.	-	201
Funds from the Luke Johnson, Raphael Samual History Centre and Cooperative
Women's Guild were transferred to the General fund as contribution to the
installation of a climate control system for the preservation of the archives.	-	28,275
Transfer from general fund to restricted funds
The transfer is to top-up the courses bursary to £100 for the start of the new
financial year.	-	-

21 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

The Bishopsgate Foundation is a linked charity with The Bishopsgate Foundation Endowment Charity.

22 Post-balance sheet events

The Bishopsgate Foundation is continuing to make use of government schemes designed to support businesses during the coronavirus pandemic. These include business rates relief and the job retention scheme. We have produced a very conservative budget taking into account our experience and learnings from 2020/21 and will revisit this at the end of Term 1. While future lock downs might impact our performance, Venue Hire has been significantly diversified, courses have been conducted largely online, and our expectation for events income is limited.

We have a £150k overdraft with HSBC and significant investment units which can be easily converted into cash in 3 working days.

In addition we are employing a fundraising manager so that we can begin to develop grants and donations as a stream of income for the institute.

While our investment units have recovered much of the value lost from the Covid shock, the impact on property prices has reduced the value of our property portfolio. In terms of future income though, following the end of lockdown we have considerable interest in our properties, despite ongoing market uncertainties.

In August 2021 an Order of the Charity Commission for England and Wales was obtained to spend up to £1.9m of endowment capital to support the operations of the charity. This is the be repaid over 25 years.

BISHOPSGATE INSTITUTE

THE BISHOPSGATE FOUNDATION

Contents

For the year ended 31 March 2021

Ex-officio

Parish Trustees (Nominated by the Rector and Churchwardens of the Parish of St Botolph)

Co-opted

Principal staff

Reference and Administrative Details

For the year ended 31 March 2021

Report by the Chair of Trustees

For the year ended 31 March 2021

Report by the Chair of Trustees

Report by the Chair of Trustees

For the year ended 31 March 2021

For the year ended 31 March 2021

Trustees’ Annual Report

COVID-19

Trustees’ Annual Report

For the year ended 31 March 2021

Strategy and plans for the future

Trustees’ Annual Report

For the year ended 31 March 2021

Trustees’ Annual Report

For the year ended 31 March 2021

Financial Review

Review 2020/21

Trustees’ Annual Report

For the year ended 31 March 2021

Listed investments performance and policy

Reserves policy and going concern

Trustees’ Annual Report

For the year ended 31 March 2021

Risk management

Trustees’ Annual Report

For the year ended 31 March 2021

Fundraising

For the year ended 31 March 2021

Organisation and Governance

Legal status

Board of Trustees

Trustees’ Annual Report

For the year ended 31 March 2021

Trustee selection process

Trustee induction and training

Management

Trustees’ Annual Report

For the year ended 31 March 2021

Pay policy for senior staff

Objectives and activities

Statement of responsibilities of the Trustees

For the year ended 31 March 2021

To the members of

The Bishopsgate Foundation

Opinion

Basis for opinion

Conclusions relating to going concern

To the members of

The Bishopsgate Foundation

Other Information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

To the members of

The Bishopsgate Foundation

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

Capability of the audit in detecting irregularities

To the members of

The Bishopsgate Foundation

To the members of

The Bishopsgate Foundation

Use of our report

The Bishopsgate Foundation

For the year ended 31 March 2021

Balance sheets

As at 31 March 2021

Consolidated statement of cash flows

For the year ended 31 March 2021

Notes to the financial statements