2022-03-31-accounts

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THE BISHOPSGATE FOUNDATION

Report and Financial Statements

31 March 2022

Company number: 4362659 Charity number: 1090923

The Bishopsgate Foundation

For the year ended 31 March 2022

Reference and Administrative details ................................................................................. 1 Report by the Chair of Trustees ........................................................................................... 2 Trustees’ Annual Report ..................................................................................................... 4 Independent Auditor’s Report ........................................................................................... 20 Consolidated Statement of Financial Activities .................................................................. 25 Balance Sheet .................................................................................................................. 26 Consolidated Statement of Cash flows ............................................................................. 27 Notes to the Financial Statements .................................................................................... 28

The Bishopsgate Foundation

Reference and Administration Details

For the year ended 31 March 2022

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 Retired 31[st] July 2022

Co-opted

Nigel Pantling

Jonathan Clatworthy

Anna Cornelius

Liz Gibbons

Tom Healy

Kathryn Martindale

Su Moore

Louise Richards

Abdullahi Ahmed

Megan Louise Putt Resigned 19[th] March 2022

Maxwell Shand

Robert Hingley Appointed 7[th] March 2022

Principal staff

Francesca Canty – Chief Executive, Company Secretary Rosie Baker – Head of Business Delivery

Melissa Boxall – Head of Audiences and Marketing Hansa Bhodia – HR Business Partner

Mark Ellis – Head of Partnerships & Communications

The Bishopsgate Foundation

Report by the Chair of Trustees

For the year ended 31 March 2022

Report by the Chair of Trustees

We began the second year of the pandemic knowing that the charity would continue to face considerable challenges, both in the way we could deliver our public benefit and in our finances. The 2020/21 financial year had seen 230 Bishopsgate shut to the public for much of the year, with our face-to-face learning programme closed and only partly replaced by on-line classes, our events suspended and our income from venue hire and our Endowment substantially curtailed. By April 2021 there was cause for little more than cautious optimism about the future.

Faced with this outlook, the Board of Trustees agreed to regard the 2021/22 financial year as transitional. We planned for a slow and partial return to our previous pattern of charitable activity over the year, with limited scope for increasing venue hire until the Autumn and relatively slow progress in filling the rental voids in the properties in our Endowment. In the meantime, we agreed to keep our talented and committed staff team in post, ready for recovery when it came. This required us to accept the prospect of a significant deficit in the budget for this year, which would be financed by borrowing from our Endowment fund, under authority given to us by the Charity Commission. At the same time, we committed ourselves to work with the staff team to review our strategy and business model to ensure a return to financial stability as quickly as possible.

This gradualist approach turned out to be justified. A combination of Government restrictions on public gatherings and the public’s caution about returning to the preCovid levels of face-to-face contact severely limited our charitable activity. The library and archives remained closed throughout 2021/22, except for very limited researcher access, and the bulk of our learning programme continued to be delivered on-line for much of the year, with face-to-face classes and events able to resume only gradually and from September.

Despite these restrictions, there have been particular high points in our charitable activities this year which augur well for the future. We have continued to attract high quality donations to the archive, including this year the Terence Higgins Trust Archive, and the levels of interest in our exhibition of LGBTQ+ history at Barbican Curve gallery in February was exceptional. By the year end we had seen attendance at our classes and events approach pre-Covid levels, and we had started a new partnership with Crisis delivering classes in creative writing and movement to their clients experiencing homelessness, a model we plan to develop further.

Meanwhile, the staff team worked imaginatively to contain costs and deliver additional income: revenue from venue hire was a little more buoyant than anticipated in our budget, as we benefitted in particular from demand for rehearsal space for theatre productions and orchestras, and our Endowment property portfolio delivered a modest recovery in income. As a result, despite necessary additional

The Bishopsgate Foundation

Report by the Chair of Trustees

For the year ended 31 March 2022

expenditure related in particular to higher staff turn-over and from measures to protect the staff and the public from Covid the executive team have done well to deliver an operating deficit for the year before gains and losses on investment of £1m, some £85k better than the budget had envisaged.

The next task, of course, is to create a strategy and business plan for the next five years which will deliver our charitable objectives in a refreshed and sustainable way. During the year Trustees and the senior staff team have started to work together on this, and our timetable envisages that the strategy will be in place by March 2023.

I have been grateful to my Board colleagues for their continuing support and thoughtful contributions during a year in which the demands on them increased and our usual ways of working were again disrupted. The membership of the Board remained stable in 2021/2, except that we have looked for opportunities to make new appointments which broadened our skills base with the work on the new strategy in mind. I look forward to the contributions of Maxwell Shand and Robert Hingley, both of whom joined the Board this year. After the year end, Father Luke Miller retired from the Board on the expiry of his second three-year term: his wisdom, kindness and thoughtfulness will be much missed.

Finally, I must record on behalf of the Board our gratitude to the chief executive and her staff team for their resilience, energy and hard work over the last two years, and for their commitment to ensuring that Bishopsgate Institute will emerge from the pandemic and its consequences with a relevant, exciting and sustainable future.

Nigel Pantling

Chair of Trustees

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

Trustees’ Annual Report

The trustees present their report and the audited financial statements for the year ended 31 March 2022.

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.

Overview

During the 2021-22 year and into the current 2022-23 year, trustees and staff have had two over-arching priorities:

Ensuring that the charity remains on track to financial stability and is a going concern; and
Refreshing the strategy and business model for the years ahead.

The impact on our income from the Covid-19 pandemic lockdowns, and from the frequent changes in government guidance on permitted activity, has again been very significant throughout the year. This is discussed in more detail below, but Covid affected not just our work with audiences, who remained very cautious throughout the year, but also our income from venue hire. Endowment rental income was also significantly adversely affected. Overall, we recorded a substantial financial deficit during the year, albeit a smaller deficit than had seemed likely at the beginning of the year, and Trustees are grateful for the hard work by the staff which has achieved that. This deficit has been financed by borrowing from the Endowment.

Meanwhile, we took the opportunity during lockdown and at times of reduced activity to install acoustic panels in the Upper Hall, and to deal with the slippery floor surfaces in our two largest rooms (Great and Upper Halls), in both cases to improve our audience experience. We have also conducted full building surveys. These have identified urgent maintenance and repair work required to the fabric and mechanical services of the Institute’s main building at 230 Bishopsgate, for which substantial cash will be required over the coming years.

Trustees and the staff team have started during the year to refresh the charity’s strategic focus and to identify a clear route back to financial sustainability. Much of this work is necessarily aimed at improving the financial position. We are looking in particular to find ways to generate significant additional income from activities like venue hire. Work is also underway to review the investment strategy and to ensure the Endowment is generating as much income as possible, while ensuring the assets are held securely for the benefit of future generations.

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

But this review of the strategy will include looking again at the priority groups on which we focus our charitable spend, and to find new ways by which we can deliver charitable benefit, including through partnership working, where we believe we can add value by working with other organisations who share our priority audiences. Early work has led to some interesting ideas which we will develop in the next few months. We intend to have a new strategy and business plan in place for 1 April 2023.

COVID-19

2021-22 was the second year of the pandemic, and final restrictions were only lifted by the Government in March 2022. As for so many organisations across the heritage, culture and charity sectors, the financial impact of the pandemic on the Bishopsgate Foundation has been very damaging. The extended period of uncertainty, and the stop-start nature of the restrictions, guidance and permitted activity have prevented much educational and cultural activity, deterred audiences and required cancellations of planned events, sometimes at the last minute. We have simultaneously incurred additional staff costs to ensure safe working conditions and to cover for higher levels of staff sickness.

Lockdowns and restrictions required us to close 230 Bishopsgate to the public for much of the first half of the year, except for a Researchers’ Service in the archives on an appointment-only basis. Our main educational programme during that time continued to be offered on-line. We were pleased with the continued success of that work, which enabled us to reach new audiences who could not attend classes in person, but audience enthusiasm waned over time and the financial return was reduced

Once larger public gatherings were permitted again, broadly from September 2021 onwards, we progressively reopened the building for classes and events. We found that audience appetite for in-person learning remained subdued for the remainder of the year. We introduced, as a condition of entry to our dance events, Sitz rehearsals and other larger group activities, the proof of a recent negative lateral flow test. This policy was designed to give confidence to those attending, and was well received by the great majority. However our policy led to extremely challenging behaviour from some visitors, which required us to staff events at a higher level and to provide increased senior escalation support.

Venue hire income remained very subdued for much of the year due to the restrictions on public gathering. Exam bookings, previously a mainstay of venue hire, did not return. We were able to continue our relationship with the NHS National Blood Donation Service; this had been our only permitted activity during the first lockdown year. Then, from September, once Covid guidelines seemed likely to permit theatres and concert halls to reopen, we started to receive large numbers of enquiries about using our largest spaces for rehearsals, in preparation for the many

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

drama professional productions due to start simultaneously. We were glad to be able to accommodate several new clients, some of whom – such as the Almeida Theatre, English National Opera, and the Olivier Awards -– are returning to book rehearsal space again, as well as taking bookings from London’s amateur theatre companies and several community choirs, singing and dance groups.

Income from our Endowment during the year remained substantially below historic levels as a number of our building tenants experienced severe financial difficulties, and some of their businesses did not survive the turmoil of lockdown. New tenants were harder to secure, passing rents achieved were lower and some units have remained vacant, all reflecting the lower levels of demand for office and retail accommodation in central London. The costs of running our own operational building 230 Bishopsgate remained high.

Much has been written about the “Great Resignation”: people deciding to leave jobs to relocate away from big cities or to retrain following experience of working during the pandemic. The charity was not immune from this trend and during the year 23 of our 49 staff chose to leave, so that it has been necessary to run the charity while holding a significant number of staff vacancies at any one time, This has undoubtedly increased the stress on their colleagues who remained, and reduced the flexibility and resilience of the organisation.

Public benefit

The charitable objects of the Bishopsgate 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.

This year, while we have worked on a new strategy, we have continued to meet those charitable objects through the objectives from the 2016-21 business plan. These were:

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

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 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.

We were unfortunately unable at any time during the financial year to offer public access to the drop-in study space of the Reading Room (Main Library) because of the impact and aftermath of Covid, but we were able to provide access to the special collections and archives via an appointment-only researchers’ service and via digital interpretation, courses and events. Normal public access was restored to both the library and the archives from May 2022.

Although we could not bring the public into the archives, we were pleased to take the archives to the public in February 2022, through a free exhibition at the Barbican Curve gallery highlighting 40 moments and stories from the LGBTQ+ communities, entitled “Out and About! Archiving LGBTQ+ history at Bishopsgate Institute”. This exhibition, which was programmed as part of the Barbican’s 40th birthday celebrations, ran for a month, and was curated by our team and displayed in a directly accessible and compelling design, with very little behind glass. Alongside the exhibition, we ran a programme of in-person talks by those whose stories were being highlighted. The exhibition and our curatorial approach attracted the largest number of visitors the Curve has ever seen, with queues to get in most weekends and on the final day. The project has generated a surge in requests to partner and collaborate with us, as well as increased press coverage. More information can be found at https://www.barbican.org.uk/our-story/press-room/out-and-about-archiving-lgbtqhistory-at-bishopsgate-institute.

We have secured significant donations to the archives during the year including the Terrence Higgins Trust Archive which has been catalogued as a matter of priority to make it available to researchers as soon as possible. The LGBTQ+ collections remain the most-requested and most-accessed archives throughout the year,

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

particularly since the Out and About! exhibition raised our profile. The London and protest collections are also consistently popular. We have started work during the year on an oral history project with On The Record to capture the stories and lived experiences of older LGBTQ+ people, and intend to expand our oral history work once funds can be secured.

However, it has become increasingly clear that we will very soon need a new Digital Asset Management System, as our present catalogue system is no longer supported by the manufacturer. We have identified a suitable system which, along with an upgraded catalogue, would enable us to extend the charitable benefit the archives offer by making some of our collections available digitally. We will however also need to raise the funds to implement this project.

Our learning and development programme has for many years been delivered through in-person learning and educational and cultural events. During 2021/22 those were much curtailed, as described above. One particular longer-term casualty was our language course programme, which began in 1948 and served City workers in particular. This kind of course did not transition particularly well to an on-line model for us: existing course cohorts were largely willing to make the switch, but new courses were hard to populate. The return to in person teaching has not proved sustainable. The reasons seem to lie in the absence of a regular pool of City workers wanting to learn something new in their lunchbreak or after work, and the rise in excellent apps and digital personalised learning option. We concluded these trends were unlikely to reverse quickly, and our final language courses were delivered in the summer 2022.

We were pleased to be able to continue our free lunchtime concerts throughout the 2021-22 year, requiring a booking for Covid distancing reason but no other barriers. We ran a special summer season supported by a City of London Corporation grant that enabled us to invite artists to collaborate on video content and to explore inspiration from our archive collections. Many of these concerts were livestreamed on Facebook Live and uploaded to our YouTube channel, providing wider audiences for the performers as well as enabling live audiences to watch again. The pool of artists presented a very diverse range of musical styles and backgrounds, from a collaboration with the Noel Coward Foundation to an improvised set by drummer Kwake Bass and a concert by harp and theremin duo Stranger Strings. More information on the artists and their archive inspiration can be found at https://www.bishopsgate.org.uk/stories/watch-and-be-inspired-by-our-summerlunchtime-concerts.

We resumed our social dances in September 2021, adding a new partner, Queer Tango London, to offer twice-monthly Argentine Tango classes and social dancing, and returning to in-person Pink Jukebox events, Swing Dens and Bishopsgate Swing with Swing Patrol, Bishopsgate Ballroom, and Sapphires (a women-only monthly

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

ballroom and latin night). These events provide opportunities to learn something new in a very social environment, combatting isolation and supporting communities.

Once circumstances permitted, we also continued our incubator strand of work both through supporting the return of the London Musical Theatre Orchestra monthly Sitzes (skills development for early-career musicians and singers, orchestrators and conductors through a private rehearsal of a full musical theatre score learned in a single day) and by offering students at the Guildhall School of Music and Drama and Goldsmiths University of London the opportunity to take over our Great Hall with their own programming. These events happen in the spring term and are already planned for 2023, providing students, teaching staff and alumni the opportunity to plan and deliver events beyond the curriculum while providing real-life professional experience in a supportive and experimental environment.

Outlook

The new financial year has begun free of Covid restrictions, and with signs of a return to the levels of interest in our activities apparent before the pandemic. Our library and archives are once again open, and the archives are attracting attention and donations at an encouraging rate. Our in-person courses and events programme is almost back to full strength with digital options retained where there is demand (such as online hands-on history courses). We are particularly pleased with a new partnership with Crisis whereby we offer their clients who are experiencing homelessness in the local area, workshops in their preferred areas of creative writing and movement. These workshops are free to the users and paid for by the Bursary Fund (made up of donations from people booking our courses). The first two have generated extremely positive feedback and we are moving to a more formal partnership agreement and delivery plan.

Revenues from venue hire and the Endowment still have some way to go to reach the levels achieved before the pandemic, let alone to enable us to achieve sustainability. But the trends now seem firmly in the right direction. In our strategic thinking we are working on ways to accelerate those trends, including increasing venue hire income through bespoke celebrations, and taking a longer-term and more strategic look at the future use of the properties in our investment portfolio.

At the same time, we must find a way of funding the costs of a substantial backlog of maintenance and repairs of 230 Bishopsgate, and that too will be a priority for 2022/23. Overall, it is clear that 2022/23 will be another financially challenging year, and we anticipate that the charity will again record a financial deficit. We will have the ability to finance that deficit by borrowing from the Endowment under the existing Charity Commission order, but borrowing to finance a deficit can only be acceptable as a temporary expedient.

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

Meanwhile, all staff have made a return to office-based working, some with hybrid patterns. Most of the vacancies which occurred following resignations after Covid had been filled by summer 2022, and by the date of this report the staff team was almost complete. We have struggled to recruit in certain areas, such as finance management where salaries and expectations around working from home have changed particularly markedly. We have maintained the knowledge and expertise in our finance team by retaining our Finance Manager on a freelance contract and promoting internally. We hope to recruit to any remaining vacant roles early in the second half of the financial year.

The contributions of the Charity’s staff has been vital in ensuring a good response to the difficulties posed by the pandemic. We are very grateful to them all for their excellent work and their continued commitment to the charity through the difficulties of the last two years. Their contribution to the development of the new strategy and business plan will be especially important to securing the charity’s future, and as a Board we look forward to working with them.

Financial Review

Review 2021/2022

The General Fund – our unrestricted income and expenditure – deficit before i) transfers between the Endowment and the General Fund and ii) gains or losses on investments held in the General Fund for 2021/22 was £1,020,220 (2021: surplus £349,922). After transfers between the Endowment and the General Fund, gains on investments held in the General Fund, and the loss on the revaluation of tangible fixed assets, the General Fund deficit was £722,347 (2021: surplus £299,087). In 2021/22 we sold £1m of M&G investment units to fund this operating deficit.

Overall, our total deficit, taking into account the deficits on Designated Funds (representing the depreciation of fixed assets) of £406,314 and on the Endowment (representing depreciation of fixed assets and investment costs) of £397,893, but before gains on investments, was £1,820,995.

Overall, the 2021/22 financial year showed a deficit of £502,681, including net gains on investments of £2,615,333 and an impairment of the fixed asset element of 228 Bishopsgate and 14 Brushfield Street totalling £1,297,019 following a market valuation.

The impacts of Covid continued to be felt in our income streams, reflected in the substantial deficit before gains on investments:

Investment income of £900,368 (2021: £973,715) represents 63% of our total unrestricted income and continues to underpin our ability to fund and develop our charitable activities. We had to write off and provide for a

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

significant amount of rent arrears (£86k) which is shown in the cost of raising funds on the Statement of Financial Activities. This income is split between rental and listed investment income 74:26. (Prior year: 78:22)

Venue Hire income showed strong signs of recovery, growing 60% on the prior year (from £182,872 in 2020/21 to £291,993 in 2021/22). There is still a long way to go to return to pre-Covid levels (3-year pre-Covid average annual income £646k) but we managed to achieve 97% of our very ambitious target despite additional lock downs for the Omicron variant.
Courses income stood up well despite a drop in the appetite for online courses.
Events income began to recover as in-person events returned to the building. This trend is continuing into 2022/23.
Grants and donations were significantly lower than the prior year. Grant income dropped from £1,340k in 2020/21 to £70k in 2021/22. The main reason for this was the one-off Covid recovery grants we received in 2020/21 (£1,009k). In addition, Coronavirus Job Retention Scheme grant income declined from £232,630 in 2020/21 to £36,028 in 2021/22. The City of London supported our programme of lunchtime concerts in the summer of 2021 with a grant of £8,716.

Investment performance and policy

Our investments are split between a number of investment properties located in the City of London and an M&G investment fund. Our investments were last reviewed in 2019 and the Asset Management Committee is currently conducting a detailed asset allocation review to determine the proper balance between property and listed investments. Following this review, an investment policy will be developed to cover:

the scope of its investment powers
the charity’s investment objectives
the charity’s attitude to risk
how much is available for investment, timing of returns and the charity’s liquidity needs
the types of investment it wants to make, this might include ethical considerations
who can take investment decisions
how investments will be managed and benchmarks and targets set by which performance will be judged
reporting requirements for the investment manager

Reserves policy

The Endowment reserves are made up of:

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

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 £31,854,112 (2021: £30,351,384).

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.

The Bishopsgate Foundation’s Unrestricted Reserves as at 31[st] March, 2022 totalled £5.21m, including Designated Funds of £4.70m. As the Foundation holds fixed assets of £609k and an investment property of £755k, the Foundation’s Free reserves under the SORP definition were minus £850k. For details see note 19.

This negative Free reserves position is funded by an Order of the Charity Commission for England and Wales, permitting the Foundation to spend up to £1,900,939 of Endowment capital for the purposes of meeting operational costs. This was added to the remaining previous Order from 2003 of which £1,107,704 remained to be paid. Both the new borrowings and the remaining balance of the 2003 Order are to be repaid over a 25-year period.

As at 31[st] March 2022, £1,050,773 of this Order remained and can be drawn down from sales of the investment units held by the Endowment, which were valued as at 31 March 2022 at £6,713,955 (£7,394,931 as at 31 March 2021).

The Foundation’s longer-term reserves policy is to maintain Free reserves at a level sufficient that there is no major disruption to our beneficiaries in the event of an unforeseen reduction in income increase in expenditure or shortfall of cash. Accordingly, the Foundation will work, through its five-year plan, towards increasing its Free reserves to a level equivalent to three months’ operating expenditure (in 2021/22: £593,161). This process is expected to take several years.

The reserves policy is monitored by the Finance Committee and reviewed annually by the Board.

Going concern

The Foundation’s planning process, including financial projections, has taken into account the current economic climate and its potential impact on the various sources of income and planned expenditure.

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

The COVID pandemic had a severe impact on the finances of the Foundation and the Trustees decided during the 2021/22 budgeting process to view 2020/21 and 2021/22 as transitional years, with a maximum level of deficit on unrestricted funds across the two years of £850k. We exceeded this target by £180k, with an actual combined deficit over the two years of £670k.

During 2021/22, we began to review our strategy and develop a new five-year financial plan. This process is ongoing, and it is intended to develop and put in place a new business and financial model during the 2022/23 financial year.

We are working hard to continue to reduce our deficit and we are reviewing, in particular, means to increase venue hire income and Endowment investment income, which are key to our financial viability, as well as researching fundraising options. However, it is likely that we will incur a further unrestricted deficits in both 2022/23 and 2023/24 and significant further essential capital spend on 230 Bishopsgate over a number of years is inevitable.

We are pursuing a number of options to raise additional cash to fund our expected continuing operating deficit and required capital expenditure, which we will develop through the 2022/23 financial year. These include:

Increase the loan from the Endowment. Once implemented, the Charities Act 2022 will permit the Foundation to borrow, in aggregate, up to 25% of the total capital value of the Endowment without requiring Charity Commission consent. Implementation of the Charities Act 2022 is expected in Spring 2023. If implementation is delayed and/or the Foundation needed to make additional borrowings earlier, the Foundation may require further Charity Commission permission. Our legal advisors consider such permission would be likely to be granted.
Use the proceeds from the sale of a long lease on one of two Endowment investment properties for which the tenant has approached us (two properties have 30 years remaining on 85- and 100-year leases respectively). These proceeds would be treated as income which would be unrestricted.
Create Free reserves (in the form of cash) by transferring 14 Brushfield Street from the General Fund of the Foundation to the Endowment, selling a long lease on the property, or renting the lower units to increase rental income.

Taking these factors into account, and, in particular, a reasonable expectation that the Foundation is able to implement one or more of the options outlined above, the Trustees are of the view that the Foundation has the liquidity and resources to meet all its existing liabilities as they fall due for 12 months from approval of these financial statements.

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

On the basis of, and subject to, these considerations, the Trustees consider that there are no material uncertainties about the Foundation's ability to continue as a going concern and so the accounts have been prepared on this basis.

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:

Financial Sustainability As we build a new financial model for the Institute, there is a significant risk that we fail to reach breakeven on our operating budget with enough funding remaining to cover required capital spend in the required timescales.

We have robust budgeting and forecasting, and regular financial reporting, and trustees review and approve new budgets and forecasts. The Asset Management Committee is reviewing our investment portfolio, and we are looking at a model to fairly and correctly charge an element of the cost of capital works to charity-use properties to the Endowment.

In the short term, we may need to increase borrowing from the Endowment, but this is not a long-term solution.

Cyber Security The risk of an attack on the Institute’s website and networks, resulting in the theft of sensitive data, corruption of data or inability to access our website of networks, remains significant. We have antivirus and firewall protection, have staff training on IT policies and procedures, restricted access to our IT networks and an IT Disaster Recovery service. We will in addition introduce cyber security training for all new starters, and annually for existing staff, and as well as putting in place an annual disaster recovery drill.
Staff Wellbeing and Staff Vacancies The risk of disruption to, or ineffective, services delivery as a result of vacancies in key roles remains a significant risk. This is connected to the risk that personal circumstances or the impact of political and economic upheavals will affect staff wellbeing and performance.

We have thorough recruitment and selection procedures, annual appraisals as well as regular line management meetings, mental health first aid training,

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

occupational health referral and employee assistance programme as well as a flexible working policy.

In addition, we regularly review and benchmark our salaries to ensure we remain in line with the market. Enhanced Responsibility Allowances allow us to use internal staff to cover interim positions, and we are able to use temporary staff to cover key tasks of roles.

Maintenance and Dilapidation There is a risk that premises are not adequately repaired and maintained which impacts on service delivery, leads to increased expenditure and possible loss of income.

A planned maintenance programme is being developed and we have a budget for reactive maintenance. We also have regular site inspections by internal staff and external stakeholders, including our insurers. We have appointed the cost consultants Bristow to help plan out 10-year capital investment strategy.

Fundraising

The Bishopsgate Foundation secured City of London funding support in March 2021 for the summer lunchtime concert series June-July 2021, and one unsolicited legacy donation which was divided between supporting our lunchtime concerts and our bursary programme.

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 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

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

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 (September 2022), the Board of Trustees comprises one ExOfficio Trustee, and eleven Co-opted Trustees – a total of twelve.

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;
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.

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

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 four 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)
Asset Management Committee (meets at least three times a year)
Governance (meets when required).

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

The Senior Team (the Chief Executive, Head of Business Delivery, Head of Partnerships & Communications, Head of Audiences & Marketing and HR Business Partner) 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 Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

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 strategy days in October 2021 and July 2022, the Trustees are in the process of developing a new strategic plan for 2023 – 2028.

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 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

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2022

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 26[th] September 2022 and signed on their behalf by

Nigel Pantling, Chair of Trustees

26[th] September 2022

Independent auditor’s report

To the members of

The Bishopsgate Foundation

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 2022 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 2022 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.

Independent auditor’s report

To the members of

The Bishopsgate Foundation

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.

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.

Independent auditor’s report

To the members of

The Bishopsgate Foundation

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.

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

Independent auditor’s report

To the members of

The Bishopsgate Foundation

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 noncompliance with laws and regulations.
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

Independent auditor’s report

To the members of

The Bishopsgate Foundation

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.

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) Date 30 September 2022

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 2022

----- Start of picture text -----
2022 2021
Unrestricted Designated Restricted Endowment Total Total
Note £ £ £ £ £ £
Income from:
Grants and donations 3 49,735 - 20,264 - 69,999 1,339,505
Charitable activities -
Courses 96,173 - - - 96,173 105,691
Library & Archives 2,148 - - - 2,148 130
Events 78,352 - - - 78,352 2,591
Programme Development & Interpretation 2,925 - - - 2,925 1,350
-
Other trading activities 4 291,993 - - - 291,993 182,872
Investments 5 900,368 - - - 900,368 973,715
Total income 1,421,694 - 20,264 - 1,441,958 2,605,854
Expenditure on:
Raising funds 662,760 113,060 - 356,830 1,132,650 1,074,175
Charitable activities
Courses 344,668 54,273 1,542 7,600 408,083 461,912
Library & Archives 823,873 142,149 1,480 19,904 987,406 1,021,660
Events 478,930 87,845 13,810 12,301 592,886 154,953
Programme Development & Interpretation 70,542 6,536 - 915 77,993 193,773
Eleemosynary 61,141 2,451 - 343 63,935 63,328
Total Expenditure on Charitable activities 1,779,154 293,254 16,832 41,063 2,130,303 1,895,626
Total expenditure 6 2,441,914 406,314 16,832 397,893 3,262,953 2,969,801
Net income / (expenditure) before net gains
on investments (1,020,220) (406,314) 3,432 (397,893) (1,820,995) (363,947)
Net gains on investments 13 185,563 - - 2,429,770 2,615,333 (678,984)
Net income / (expenditure) for the year 7 (834,657) (406,314) 3,432 2,031,877 794,338 (1,042,931)
Transfers between funds 20 83,000 - - (83,000) - -
Net income / (expenditure) for the year
(751,657) (406,314) 3,432 1,948,877 794,338 (1,042,931)
before other recognised gains and losses
Gain / (Loss) on revaluation of tangible fixed 29,310 (880,180) - (446,149) (1,297,019) -
Net movement in funds (722,347) (1,286,494) 3,432 1,502,728 (502,681) (1,042,931)
Reconciliation of funds:
Total funds brought forward 1,236,412 5,983,671 5,047 30,351,384 37,576,514 38,619,445
Total funds carried forward 514,065 4,697,177 8,479 31,854,112 37,073,833 37,576,514
----- End of picture text -----

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 2022

----- Start of picture text -----
The group The charity
2022 2021 2022 2021
Note £ £ £ £
Fixed assets:
Tangible assets 12a 7,376,410 9,175,056 7,376,410 9,175,056
Investments 13 29,933,955 28,288,442 29,933,956 28,288,443
37,310,365 37,463,498 37,310,366 37,463,499
Current assets:
Stock 2,346 - 2,346 -
Debtors 16 119,402 225,509 401,062 362,429
Cash at bank and in hand 207 367,641 (793) 361,345
121,955 593,150 402,615 723,774
Liabilities:
Creditors: amounts falling due within one year 17 (358,487) (480,134) (325,166) (444,083)
Net current assets / (liabilities) (236,532) 113,016 77,449 279,691
Total net assets 19 37,073,833 37,576,514 37,387,815 37,743,190
Funds:
Restricted income funds 8,479 5,047 8,479 5,047
Endowment funds 31,854,112 30,351,384 31,854,112 30,351,384
Unrestricted income funds:
Designated funds 4,697,177 5,983,671 4,697,177 5,983,671
General funds 828,046 1,403,087 828,047 1,403,088
- -
BI Trading (313,981) (166,675)
Total unrestricted funds 5,211,242 7,220,083 5,525,224 7,386,759
Total funds 20 37,073,833 37,576,514 37,387,815 37,743,190
----- End of picture text -----

Approved by the trustees on 26 September 2022 and signed on their behalf by

Nigel Pantling Chair

The Bishopsgate Foundation

Consolidated statement of cash flows

For the year ended 31 March 2022

Net income for the reporting period (as per the statement of financial activities) Depreciation charges Gain on investments Dividends, interest and rent from investments (Increase) in stocks Decrease in debtors (Decrease) in creditors Net cash used in operating activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash flows from operating activities Cash flows from investing activities: Cash and cash equivalents at the end of the year Dividends, interest and rents from investments Purchase of fixed assets Proceeds from sale of investments Purchase of investments Net cash provided by investing activities Realised loss on investments	2022 £ 794,338 532,479 (2,615,333) (900,368) (2,346) 106,107 (121,647) 900,368 (927) (30,852) 1,000,000 (29,253)	(2,206,770) 1,839,336 (367,434) 367,641 207	2021 £ (1,042,931) 559,722 678,984 (973,715) 1,490 122,052 114,696 973,715 (2,400) (19,382) 100,000 (283,372)	(539,702) 768,561 228,859 138,782 367,641

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) 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 consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The trustees consider that there are no 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.

Negative current assets are fully covered by the Order from the Charity Commission, permitting the charity to spend up to £1,900,939 of Endowment capital for the purposes of meeting operational costs. As at 31st March 2022, £1,050,771 of borrowings permitted under this Order remained and can be drawn down from the sale of investment units held by the Endowment.

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 2022

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 2021/22 support costs were split between the activities of the charity using the following percentages:

Grants and Fundraising	2%
Library	30%
Programme development & Integration	1%
Cultural Events	18%
Courses	11%
Eleemosynary	1%
Trading Activities	15%
Governance	15%
Investments	7%

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 2022

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
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) Heritage assets

A heritage asset is defined as “a tangible asset with historical, artistic, scientific, technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture”. The Foundation is of the opinion that information on the cost or valuation of such assets is not available and such information cannot be obtained due to the specialist nature of the assets, many of which are unique.

l) 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. 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.

m) 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.

n) 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.

1 Accounting policies (continued)

o) 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.

p 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.

q 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 2022

2 Detailed comparatives for the statement of financial activities

Courses Events Programme Development & Interpretation Courses Events Programme Development & Interpretation Eleemosynary Income from: Grants and donations Charitable activities Other trading activities Investments Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income/(expenditure) before gains on investments Net (losses) / gains on investments Net income / (expenditure) Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward Library & Archives Library & Archives	Unrestricted £ 328,404 105,691 130 2,591 1,350 182,872 973,715 1,594,753 559,940 203,760 302,902 68,650 74,727 34,852 1,244,831 349,922 (72,400) 277,522 21,565 299,087 937,325 1,236,412	Designated £ - - - - - - - - 132,958 68,932 166,069 20,644 31,936 5,672 426,211 (426,211) - (426,211) - (426,211) 6,409,882 5,983,671	Restricted £ 1,011,101 - - - - - - 1,011,101 130,568 180,018 530,521 62,903 82,847 22,047 1,008,904 2,197 - 2,197 - 2,197 2,850 5,047	Endowment £ - - - - - - - - 250,709 9,202 22,168 2,756 4,263 757 289,855 (289,855) (606,584) (896,439) (21,565) (918,004) 31,269,388 30,351,384	2021 Total £ 1,339,505 105,691 130 2,591 1,350 182,872 973,715 2,605,854 1,074,175 461,912 1,021,660 154,953 193,773 63,328 2,969,801 (363,947) (678,984) (1,042,931) - (1,042,931) 38,619,445 37,576,514

3 Income from donations and legacies

Grants Donations Legacies Coronavirus job retention scheme	Unrestricted 7,000 36,028 6,707 - 49,735	Restricted 8,716 - 1,548 10,000 20,264	2022 Total £ 15,716 36,028 8,255 10,000 69,999	2021 Total £ 1,015,754 232,630 20,565 70,556 1,339,505

£11,548 of legacies and donations (2021: £2,347) and £8,716 of grants are restricted. £6,707 of donations and legacies (2021: £88,774) and £43,028 of grants (2021: £239,630) are unrestricted.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

4 Income from other trading activities

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |Total|Total| |£|£| |Venue hire income|291,993|182,872| |291,993|182,872|

----- End of picture text -----

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 2021/22, £0 (2021: £0) of venue hire income was generated by Bishopsgate Foundation directly. All venue hire income is unrestricted.

5 Income from investments

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |General|Underwood|2022|General|Underwood|2021| |Estate|Estate|Total|Estate|Estate|Total| |£|£|£|£|£|£| |Rents receivable|172,968|486,644|659,612|304,925|440,704|745,629| |Insurance receivable|3,448|7,496|10,944|1,483|7,543|9,026| |Income from listed investments|24,170|205,634|229,804|20,578|198,376|218,954| |Bank deposit income|1|7|8|10|95|105| |200,587|699,781|900,368|326,996|646,718|973,715|

----- End of picture text -----

All income from investment activities is unrestricted.

Future rents receivable from investment properties based on current leases as at 31 March 2022 were as follows:

----- Start of picture text -----
|||||| |---|---|---|---|---| |Within 1|1-2 years|2-5 years|After 5| |year|years| |Rents receivable|467,888|392,355|906,890|4,129,852|

----- End of picture text -----

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

6a Analysis of expenditure (current year)

Direct costs Staff costs (Note 8) Direct expenses Marketing Property costs St Botolph Support costs Premises Administration Staff costs (note 8) Depreciation Governance costs Total expenditure 2022 Total expenditure 2021	Cost of raising funds £ 106,313 15,411 5,299 426,949 - 553,972 103,012 56,034 204,719 145,277 1,063,014 69,636 1,132,650 1,074,175	Courses £ 43,277 60,783 26,239 - - 130,299 49,449 26,898 98,272 69,738 374,656 33,427 408,083 461,912	Library & Archives £ 199,624 42,064 18,158 - - 259,846 129,516 70,450 257,391 182,652 899,855 87,551 987,406 1,021,660	Events Programme development & interpretation £ £ 34,221 44,500 76,166 27 32,880 12 - - - - 143,267 44,539 80,038 5,955 43,537 3,239 159,062 11,835 112,877 8,399 538,781 73,967 54,105 4,026 592,886 77,993 154,953 193,773 Charitable activities	Eleemosynary £ - 21,500 - - 29,889 51,389 2,233 1,215 4,438 3,150 62,425 1,510 63,935 63,328	Governance costs £ - 9,299 - - - 9,299 65,294 35,517 129,759 10,386 250,255 (250,255) - -	2022 Total £ 427,935 225,250 82,588 426,949 29,889 1,192,611 435,497 236,890 865,476 532,479 3,262,953 - 3,262,953	2021 Total £ 371,790 170,082 71,485 337,798 13,266 964,421 353,722 233,484 858,452 559,722 2,969,801 - 2,969,801

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

6b Analysis of expenditure (prior year)

Direct costs Staff costs (Note 8) Direct expenses Marketing Property costs St Botolph Support costs Premises Administration Staff costs (note 8) Depreciation Governance costs Total expenditure 2021	Cost of raising funds £ 72,197 36,713 1,883 337,798 - 448,591 92,039 60,752 223,369 170,642 995,393 78,782 1,074,175	Courses £ 46,821 55,585 35,173 - - 137,579 47,717 31,497 115,805 88,469 421,067 40,845 461,912	Library & Archives £ 178,306 37,957 24,018 - - 240,281 114,960 75,882 278,997 213,138 923,258 98,402 1,021,660	Events Programme development & interpretation £ £ 31,693 42,773 16,002 450 10,126 285 - - - - 57,821 43,508 14,290 22,107 9,433 14,593 34,682 53,653 26,495 40,988 142,721 174,849 12,232 18,924 154,953 193,773 Charitable activities	Eleemosynary £ - 23,375 - - 13,266 36,641 3,926 2,592 9,529 7,279 59,967 3,361 63,328	Governance costs £ - - - - - - 58,683 38,735 142,417 12,711 252,546 (252,546) -	2021 Total £ 371,790 170,082 71,485 337,798 13,266 964,421 353,722 233,484 858,452 559,722 2,969,801 - 2,969,801

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

7 Net income / (expenditure) for the year

This is stated after charging / (crediting):

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |£|£| |Depreciation - Land, Buildings and Freehold Improvements|477,792|477,792| |Depreciation - Furniture and Equipment|54,687|81,930| |-|-| |Gain on disposal of fixed assets| |Auditor's remuneration (excluding VAT):| |Audit|10,250|9,750| |Other services|950|1,700|

----- End of picture text -----

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

----- Start of picture text -----
|||| |---|---|---| |Salaries Rec| |Staff costs were as follows:| |2022|2021| |£|£| |Salaries and wages|1,111,115|1,059,123| |Social security costs|91,419|91,071| |Employer’s contribution to defined contribution pension schemes|56,919|54,828| |Other employee costs|33,958|25,220| |1,293,411|1,230,242|

----- End of picture text -----

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

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |No.|No.| |£90,000 - £99,999|1|1|

----- End of picture text -----

The total employee benefits including employer pension contributions and employer national insurance of the key management personnel, who are the principal officers, were £204,747 (2021: £219,580).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil). No trustee received reimbursement of travel and subsistence costs (2021: £nil) relating to attendance at meetings of the trustees.

9 Staff numbers

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

----- Start of picture text -----
|||| |---|---|---| |2022|2021| |No.|No.| |Raising funds|8|7| |Cultural programme|12|11| |Support|25|26| |Governance|4|4| |49|48|

----- End of picture text -----

The average number of staff employees (full time equivalent) during the year was 35 (2021: 35).

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

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

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 Botolph Without Bishopsgate is a Trustee of the Foundation. The amount payable for the year ended 31 March 2022 is £29,889 (2021: £13,266) of which £23,155 (2021: £0) 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.

12a Tangible fixed assets

The group and charity

Additions in year Disposals in year Impairment to Fixed Assets At the end of the year Depreciation At the start of the year Charge for the year Eliminated on disposal Eliminated on impairment to Fixed At the end of the year Net book value At the end of the year At the start of the year At the start of the year Cost or valuation	£ 12,726,293 3,953 - (1,476,428) 11,253,818 3,749,901 477,792 - (179,409) 4,048,284 7,205,534 8,976,392 Freehold land and building and freehold improvements	Furniture and equipment £ 1,159,362 26,899 (83,780) - 1,102,481 960,698 54,687 (83,780) - 931,605 170,876 198,664	Total £ 13,885,655 30,852 (83,780) (1,476,428) 12,356,299 4,710,599 532,479 (83,780) (179,409) 4,979,889 7,376,410 9,175,056

Land with a value of £1,000,000 is included within the total value for Freehold land and buildings and freehold improvements, and is

All of the above assets are used for charitable purposes.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

12b Bishopsgate Foundation Heritage Assets

Bishopsgate Institute Special Collections and Archives document the experiences of everyday people, and the extraordinary individuals and organisations who have strived for social, political, and cultural change.

What is in our archives?

Since our Special Collections and Archives opened to the public in 1895 it has been steadily growing, with unique collections gifted and loaned to us. Some are London focused, but the lives they preserve and the issues they explore have national and global resonance.

The collections offer both breadth and depth. We have 150,000 books, pamphlets, maps and photographs of London. The Lesbian and Gay News media Archive (LAGNA) alone holds 350,000 press cuttings. The photographic archives over 1 million images.

We have a growing oral-history archive and the collections contain fascinating ephemera, from banners and badges to club flyers and condoms.

Under FRS102, charities are not required to recognise heritage assets on the balance sheet if information on their cost or valuation cannot be obtained at a cost commensurate with the benefit to the users of the accounts and the charity.

Storage/cataloguing of our archives

All items in our Special Collections and Archives are catalogued and kept in appropriate and secure storage under consistent and monitored levels of humidity and temperature in suitable archival packaging and shelving. A pest management programme is in place.

Access and use of our archives

Our Special Collections and Archives are available for researchers, interpreted via our courses, events, archive launches, talks and lunchtime concerts.

The catalogue of our Special Collections and Archives is available online, and our most frequently researched and significant material has been digitised, allowing access to this content to researchers from all over the world.

Disposals/additions

Donations are important for the future of Bishopsgate Institute’s Special Collections and Archives. We are pleased to accept donations of books, archival material or other resources from individuals or organisations. Space and resources mean we have to be selective, however we’re looking for material that:

•Fits our subject areas and falls within the scope of the Special Collections and Archives’ Collection Policy

•Is in reasonable physical condition

•Doesn’t duplicate content we already have

A detailed Collection Policy is available on our website.

In 2021/22 we received around 100 new collections including the archives of the Terrence Higgins Trust, the London Gay Men's Chorus, photographer Gordon Rainsford, the Wages for Housework Campaign and Tamasha Theatre Company.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

13 Investments

The Group and Charity (current year)

Fair value at the start of the year Additions Disposals Revaluation during the year Fair value at the end of the year	Properties £ 568,510 - - 186,490 755,000	Properties UK common investment funds £ £ 20,325,000 7,394,932 14,685 14,568 - (1,000,000) 2,125,315 304,455 22,465,000 6,713,955 Endowment funds	2022 £ 28,288,442 29,253 (1,000,000) 2,616,260 29,933,955	2021 £ 28,781,654 283,372 (100,000) (676,584) 28,288,442

In addition to the net gain in investments, we made a £927 loss on the sale of our Charibonds which was completed in May 2021.

The Group and Charity (prior year)

Disposals Fair value at the start of the year Revaluation during the year Fair value at the end of the year Additions	Properties £ 638,510 - - (70,000) 568,510	Properties UK common investment funds £ £ 21,635,062 6,508,082 269,038 14,334 - (100,000) (1,579,100) 972,516 20,325,000 7,394,932 Endowment funds	2021 £ 28,781,654 283,372 (100,000) (676,584) 28,288,442

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. This process was repeated in 2021/22 using a different 3 properties. As a result we judge the fair value of General Estate properties has increased by £800,000 (2021 increase: £570,062) and Underwood Estate properties has increased by £1,715,315 (2021 increase: £1,009,038). The non-endowment property increased in value by £186,490 (2021 increase: £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 2022

13 Investments (continued)

Analysis of endowment funds between Estates

----- Start of picture text -----
Properties UK common 2022 Properties UK common 2021
investment Total investment funds Total
funds
£ £ £ £ £ £
Underwood Estate 18,020,000 5,984,993 24,004,993 16,290,000 6,696,355 22,986,355
General Estate 4,445,000 728,962 5,173,962 4,035,000 698,577 4,733,577
22,465,000 6,713,955 29,178,955 20,325,000 7,394,932 27,719,932
----- End of picture text -----

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	2022 2021 £ £ 6,713,955 7,394,932 23,220,000 20,893,510 - - 29,933,955 28,288,442 The group	2022 2021 £ £ 6,713,955 7,394,932 23,220,000 20,893,510 1 1 29,933,956 28,288,443 The charity

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

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 (loss) / profit Interest payable Profit / (loss) 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	2022 £ 291,993 - 291,993 (439,299) - (147,306) - (147,306) - (147,306) (166,675) (147,306) - - (313,981)	2021 £ 182,872 - 182,872 (425,700) - (242,828) - (242,828) - (242,828) - (242,828) - 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	2022 £ 1 (313,981) (313,980)	2021 £ 1 (166,675) (166,674)

The parent charity's gross income and the results for the year are disclosed as follows:	2022 2021
Gross income	£ £ 1,589,264 2,848,682
Result for the year	941,644 (876,256)

15 Parent charity

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

16 Debtors

Trade debtors Investment property rent debtors Due from Subsidiary undertakings Investment property accrued income Other debtors and prepayments Creditors: amounts falling due within one year Payments received on account Taxation and social security Trade Creditors Investment property rent received in advance Sundry creditors and accruals	2022 2021 £ £ 14,573 40,794 - 17,755 23,184 - - - 81,645 166,960 119,402 225,509 2022 2021 £ £ 190,112 362,315 10,935 - 38,880 41,243 35,143 30,462 83,417 46,114 358,487 480,134 The group The group	2022 2021 £ £ 3,168 755 - 17,755 23,184 - 304,755 191,428 69,955 152,491 401,062 362,429 2022 2021 £ £ 190,092 362,244 10,935 0 5,574 5,103 35,148 30,622 83,417 46,114 325,166 444,083 The charity The charity

17 Creditors: amounts falling due within one year

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 separately 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 £56,919 (2021: £54,828).

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

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

Net assets at 31 March 2022 Net current (liabilities) / assets Tangible fixed assets Fixed asset investment properties Investments	General unrestricted £ 609,231 755,000 (850,166) 514,065	Designated £ 4,697,177 - - - 4,697,177	Restricted £ - - - 8,479 8,479	Endowments Funds £ 2,070,002 22,465,000 6,713,955 605,155 31,854,112	Total funds £ 7,376,410 23,220,000 6,713,955 (236,532) 37,073,833

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 2021	General unrestricted £ 618,341 568,510 - 49,561 1,236,412	Designated £ 5,983,671 - - - 5,983,671	Restricted £ - - - 5,047 5,047	Endowments Funds £ 2,573,044 20,325,001 7,394,931 58,408 30,351,384	Total funds £ 9,175,056 20,893,511 7,394,931 113,016 37,576,514

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

20a Movements in funds (current year)

Total restricted funds Total designated funds General funds BI Trading Lunchtime Concerts Revaluation Reserve Permanent Endowment funds: Order for Development Project Endowment Fund Unrestricted funds: Designated funds: Development Fund Total unrestricted funds Total funds Endowment Revaluation Reserve Restricted funds: Courses Bursary Fund Cooperative Women's Guild	At 1 April 2021 £ 3,567 - 1,480 5,047 738,420 28,937,162 675,802 30,351,384 4,915,336 1,068,335 5,983,671 1,403,087 7,386,758 (166,675) 37,576,514	Income £ 6,454 13,810 - 20,264 - - - - - - - 1,129,701 1,129,701 291,993 1,441,958	Expenditure £ (1,542) (13,810) (1,480) (16,832) - (373,757) (24,136) (397,893) (368,159) (38,155) (406,314) (2,002,615) (2,408,929) (439,299) (3,262,953)	Transfers, gains and losses £ - - - - 78,000 2,268,770 (446,149) 1,900,621 - (880,180) (880,180) 297,873 (582,307) - 1,318,314	At 31 March 2022 £ 8,479 - - 8,479 816,420 30,832,175 205,517 31,854,112 4,547,177 150,000 4,697,177 828,046 5,525,223 (313,981) 37,073,833

The narrative to explain the purpose of each fund is given on page 45

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

20b Movements in funds (prior year)

Total restricted funds Total designated funds General funds BI Trading Revaluation Reserve Development Fund Total unrestricted funds Restricted funds: Heritage Fund - Covid 19 The Culture Recovery Fund Courses Bursary Fund Lunchtime Concerts Cooperative Women's Guild Permanent Endowment funds: Order for Development Project Endowment Fund Total funds Endowment Revaluation Reserve Unrestricted funds: Designated funds:	At 31 March 2020 £ - - 1,370 - 1,480 2,850 664,578 29,904,872 699,938 31,269,388 5,303,392 1,106,490 6,409,882 861,172 7,271,054 76,153 38,619,445	Income £ 81,000 927,754 2,197 150 - 1,011,101 - - - - - - - 1,411,881 1,411,881 182,872 2,422,982	Expenditure £ (81,000) (927,754) - (150) - (1,008,904) - (265,719) (24,136) (289,855) (388,056) (38,155) (426,211) (819,131) (1,245,342) (425,700) (2,544,101)	Transfers, gains and losses £ - - - - - - 73,842 (701,991) - (628,149) - - - (50,835) (50,835) (678,984)	At 31 March 2021 £ - - 3,567 - 1,480 5,047 738,420 28,937,162 675,802 30,351,384 4,915,336 1,068,335 5,983,671 1,403,087 7,386,758 (166,675) 37,576,514

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2022

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 Cultural 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 our programme.

Lunchtime concerts

We received £5,094 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. This has been released against library costs in the 2021/22 financial year

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.

Transfers between funds

Transfer from permanent endowment to general fund Transfer from general fund to permanent endowment This transfer represents management time involved in managing endowment i t t A new order was approved by the Charity Commission in August 2021. This combined the remaining amount of the previous order of £1,107,704 with an additional permission to borrow up to a total of £1,909.939 taking the new limit to £3,008,643. The amount borrowed will be paid back over a 25 year period, starting in the 2021/22 financial year. As at the end of March 2022 £1,957,870 had been used resulting in an annual repayment of £78,000.	2022 £ 78,000 161,000	2021 £ 73,842 95,407

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.

THE BISHOPSGATE FOUNDATION

Contents

For the year ended 31 March 2022

Reference and Administration Details

For the year ended 31 March 2022

Ex-officio

Co-opted

Principal staff

Report by the Chair of Trustees

For the year ended 31 March 2022

Report by the Chair of Trustees

Report by the Chair of Trustees

For the year ended 31 March 2022

Nigel Pantling

Chair of Trustees

Trustees’ Report

For the year ended 31 March 2022

Trustees’ Annual Report

Overview

Trustees’ Report

For the year ended 31 March 2022

COVID-19

Trustees’ Report

For the year ended 31 March 2022

Public benefit

Trustees’ Report

For the year ended 31 March 2022

Trustees’ Report

For the year ended 31 March 2022

Trustees’ Report

For the year ended 31 March 2022

Outlook

Trustees’ Report

For the year ended 31 March 2022

Financial Review

Review 2021/2022

Trustees’ Report

For the year ended 31 March 2022

Investment performance and policy

Reserves policy

Trustees’ Report

For the year ended 31 March 2022

Going concern

Trustees’ Report

For the year ended 31 March 2022

Trustees’ Report

For the year ended 31 March 2022

Risk management

Trustees’ Report

For the year ended 31 March 2022

Fundraising

Organisation and Governance

Legal status

Trustees’ Report

For the year ended 31 March 2022

Board of Trustees

Trustee selection process

Trustees’ Report

For the year ended 31 March 2022

Trustee induction and training

Management

Pay policy for senior staff

Objectives and activities

Trustees’ Report

For the year ended 31 March 2022

Statement of responsibilities of the Trustees

Trustees’ Report

For the year ended 31 March 2022

To the members of

The Bishopsgate Foundation

Independent auditor’s report 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

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