2023-03-31-accounts

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THE BISHOPSGATE FOUNDATION

Report and Financial Statements 31 March 2023

Company number: 4362659 Charity number: 1090923

The Bishopsgate Foundation

For the year ended 31 March 2023

Reference and Administrative details ................................................................................. 1 Report by the Chair of Trustees ........................................................................................... 2 Trustees’ Annual Report ..................................................................................................... 4 Independent auditor’s report ............................................................................................. 18 Consolidated statement of financial activities ................................................................... 23 Balance sheets ................................................................................................................. 24 Consolidated statement of cash flows ............................................................................... 25 Notes to the financial statements ...................................................................................... 26

The Bishopsgate Foundation

Reference and Administration Details

For the year ended 31 March 2023

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 July 2022

Co-opted

Nigel Pantling Francesca Attard Appointed 26 September 2022, Resigned 21 May 2023

Jonathan Clatworthy Anna Cornelius Liz Gibbons Tom Healy Kathryn Martindale Retired 10 July 2023 Su Moore Louise Richards Resigned 28 April 2023 Abdullahi Bashe Maxwell Shand Robert Hingley

Richard McDonald Appointed 20 March 2023 Principal staff Francesca Canty – Chief Executive, Company Secretary Kim Chalkley – Head of Finance & Enterprise

The Bishopsgate Foundation

Report by the Chair of Trustees

For the year ended 31 March 2023

Report by the Chair of Trustees

The year ended 31 March 2023 saw the charity emerge from the restrictions imposed by the Covid19 pandemic and resume its programme of educational activities. Pleasingly, many of our courses and events held in 230 Bishopsgate were well subscribed, access to our archives and the library proved popular, and we were again able to take material from the archives out to other venues. During the year, staff and Trustees worked together successfully to review our strategy, particularly with an eye to identifying potential beneficiaries who had hitherto been hard to reach. All this was encouraging.

Sadly, however, our income did not recover with corresponding vigour. During the pandemic many of the rental properties in our endowment portfolio had fallen vacant, And much of the traditional sources of commercial income from hiring space in 230 Bishopsgate, for example for examinations, did not return. Meanwhile, the charity had worked hard to preserve its staff team throughout the pandemic, and once Government support ceased that cost again fell directly on the charity.

As a consequence, the financial result for the financial year under review was a substantial deficit, and internal forecasts suggested that further deficits were likely to be incurred in subsequent years. The Board of Trustees considered that the existing financial model for the operation of the charity was not sustainable, and asked the Chief Executive to develop a recovery plan which would over time ensure that deficits were avoided. As the report below records, such a recovery plan was approved and implemented in the summer of 2023.

That plan involved a substantial reduction in the staffing of the charity, other cost reductions, the suspension of substantially all the educational programme of the charity, and the allocation of the space consequently made available for commercial hire to generate additional income. At the same time, the Board approved a restructuring of the endowment away from the current substantial investment in City property towards a more balanced asset approach, to reduce volatility, diversify risk, and generate enhanced cash flow. We have also adopted the Total Return Accounting approach to give us greater financial flexibility in the use of the endowment.

The principal charitable activity at the date of this report is the collection, maintenance and provision of public access to our special collections and archives. We are proud of that work, but it is not enough. The charity’s staff and the Board alike want to return to a full programme of charitable activity. We know that we cannot do so until we have reached financial stability. In the year now underway, much time and effort will therefore need to be invested in planning for the future.

The Bishopsgate Foundation

Report by the Chair of Trustees

For the year ended 31 March 2023

This has been an exceptionally demanding period both for my colleagues on the Board and for the staff team. I am grateful to them all for their dedication to the charity and their commitment to the difficult work we have undertaken. I particularly record the Board’s appreciation for the manner in which the Chief Executive approached the staff restructuring: her professionalism and empathy for her staff ensured that that difficult task was accomplished as smoothly and humanely as possible.

Nigel Pantling

Chair of Trustees

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

Trustees’ Annual Report

The Trustees present their report and the audited financial statements for the year ended 31 March 2023.

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

Building on work begun during the 2021-22 year, Trustees and staff have had two over-arching priorities in 2022-23 and to date:

Ensuring that the charity reduces its annual deficits, improves its financial resilience and achieves a financially sustainable operating model; and
Refreshing the strategy for the years ahead.

The Charity’s income has been slow to recover, in particular in the endowment where many properties remain empty after Covid lockdowns. Each empty property costs the Charity in empty rates and service charges (as well as not generating rental income). Against this background, and with a continuing high level of costs, the charity has continued to incur substantial operating deficits, with a total deficit (before net losses on investments) of £2,147,210 in 2022-23, (2021-22 £1,820,995 total deficit)

After detailed review in the first half of 2023, Trustees did not consider the charity’s financial position to be sustainable.

Our largest cost (and one under our control) is staffing. Accordingly, in July 2023, Trustees approved proposals to reduce costs significantly and quickly through an immediate staffing restructure. An individual consultation process with staff at risk of redundancy ran for four weeks in July 2023, resulting in nine staff leaving the charity in August, and a further four vacant roles being discontinued. The consequent reduction in costs has reduced, but not eliminated, our ongoing operating deficits and it therefore remains imperative to increase revenue.

To seek to generate increased income in the medium term, a specialist external consultancy provided Trustees with a strategy and plan to increase venue hire income from 230 Bishopsgate, our historic main building. Implementation has already begun. The plan focuses on markets in which the Institute is best positioned, including weddings and celebrations, conferences, rehearsals and potentially

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

external promoter events. It is hoped that, over time, increased venue hire income in particular will help the charity to eliminate its continuing operating deficits.

More immediately, the charity has taken steps to ensure we have sufficient cash available to meet our liabilities and considered measures to unlock more value from the endowment. In particular:

External strategic asset managers for the endowment’s property portfolio were appointed to advise on its potential, separate from our day-to-day property managers.
The Trustees have adopted a Total Return approach to the endowment which will be applied for the 2023-24 financial year. Further details on Total Return Accounting, and its expected benefits, are set out below.
In order to ensure the availability of cash for working capital pending implementation of Total Return Accounting, the Charity applied for and secured Charity Commission permission to borrow a further £1,253,937 from our endowment making a total permitted amount of £7,500,000.

To reduce costs and free space for income generation we have paused our public programme of courses, events and walking tours until such time as our financial position is more stable with effect from August 2023. For the same reason, we have also put on hold our strategic work to identify new priority audiences and beneficiaries.

Total Return Accounting

The Charity Commission’s Total Return Regulations enable trustees of permanently endowed charities to adopt a total return approach to investment – “Total Return Accounting”.

Under Total Return Accounting, a charity is required to identify that element of its current endowment which represented the original value of the permanent endowment (the “Investment Fund”). After updating that value for inflation, the balance of the endowment is then classified as “Unapplied Total Return” and this is, in principle, available to the charity to spend on charitable purposes. Under traditional accounting methodology, no part of the endowment held as capital could be spent.

Based on external professional advice, the Trustees have calculated that, as at 31 March 2023, the value of the Investment Fund, adjusted for inflation, amounted to £2,719,098, and the value of the Unapplied Total Return was £24.82 million.

The Trustees have concluded that it would be in the interests of the charity to adopt a total return approach to investment as it would:

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

remove the need for the charity to borrow from the Endowment;
allow for a greater flexibility for the investment strategy over the long-term, benefitting both current and future beneficiaries;
support a more stable and reliable annual distribution from the portfolio; and
• provide greater flexibility in balancing the interests of current and future beneficiaries.

Accordingly, Total Return Accounting has been adopted to take effect for the 202324 financial year (with previous years subsequently being restated).

Investment Policy

At the same time as deciding to adopt Total Return Accounting, the Trustees determined new investment policies relating to both the property portfolio and the financial asset portfolio.

As at 31 March 2023, the investment assets of the endowment comprised approximately 86% property and 14% financial assets. The Trustees intended, over time to substantially reduce the proportion of the endowment held as property assets, and to increase correspondingly the proportion held as financial assets, to reduce volatility, diversify opportunities for beneficial investment performance and reduce the risks from extensive exposure to one class of asset;

Trustees have not for the time being set a specific target for the future balance between property and financial assets,

Property

Under the new policy relating to property:

The Trustees intend that the reduction in property assets should be achieved by the active management of the portfolio to generate cash primarily through sales of freehold or through granting long leaseholds;
The Board as a whole will approve the sale of any property held within the portfolio, or the granting of any leasehold or extension of leasehold, which will generate a capital sum in excess of £2 million; and
After taking account of the entitlement of the Parish of St Botolph’s to 2/15 of the net income generated by properties comprising the Underwood Estate, net rental income in any year will continue be available for charitable expenditure.

Financial assets

Under the new policy relating to financial assets:

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

The charity seeks to produce the best financial return on investments within an acceptable level of risk;
The charity aims to maintain the real value (i.e after taking account of inflation) of its portfolio of assets in the long term;
The investment objective is to generate a total return of inflation (CPI) +3% per annum over the long term, after expenses;
This should allow the charity to at least maintain the real value of the assets whilst funding annual expenditure at a level not averaging higher than 3% of the portfolio per annum;
Average annual spending is expected to be 2.5% of the portfolio value, below that of the investment objective of a real return of 3%, in order to provide a buffer to ensure that the charity has a greater chance to preserve the real value of the portfolio over the long term; and
Any withdrawals from the portfolio in excess of the annual spending level as specified above must be specifically approved by the Trustees.

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 our work:

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;

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

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.

Core to our offer are the special collections and archives including collecting and interpretation of materials and stories. PhD students and Who Do You Think You Are? researchers make up a regular portion of our service users, but our special collections and archives are available free to any member of the public wishing to consult them.

After our building re-opened fully in May 2022, our archives were again in great demand, and we expanded the area available for researchers in response. The LGBTQIA+ collections were again the archives most accessed, and the London and protest collections were also consistently popular. As part of LGBT+ History month, we ran 30 tours and talks to showcase the collections and the breadth of our archives. We participated in an encouraging number of external partnership events which brought the archives to new audiences this year, including with Faizan Imaan’s development of the LGBTQ+ Muslim network, the Queen Mary University of London Festival of Communities and the Whitechapel Gallery’s Nocturnal Creatures late night contemporary arts festival.

Take up of our public programme of events, courses, workshops and performances returned to pre-Covid levels: adult ballet and courses on empire, protest and the history of the English language proved especially popular. During the year we added a number of new large-scale events including the Queer Tamil Comedy Club and two events run by the Guildhall School of Music & Drama. We continued our incubator strand of work for early-career musicians and singers, orchestrators and conductors by hosting the London Musical Theatre Orchestra’s rehearsals of a full musical theatre score learned and performed in a single day.

The Great Hall continued to prove an attractive venue for our social dancing activities, which are intended to provide participants with an opportunity to acquire skills in a social environment, to combat isolation and supporting communities. As well as our own long-standing ballroom dancing classes, Swing Den, Bishopsgate

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

Swing and Pink Jukebox all hosted regular events, and we were pleased to welcome the London Globe ProAm competition, and the Pink Dancers’ Winter Ball among others.

During the year, the Board and executive team worked together to review the way in which we achieve our charitable objectives. From those discussions emerged proposals to reach new communities who might not naturally be drawn to our programme at 230 Bishopsgate. As a first step, we partnered with Crisis to run creative writing and dance workshops for local people who have experienced homelessness, paid for using our own Cultural Access Fund. Unfortunately, promising initiatives of this kind could not subsequently be developed further due to the financial constraints described elsewhere in this report.

Financial Review

Review 2022-23

The General Fund – our unrestricted income and expenditure – incurred a deficit before i) transfers between the Endowment and the General Fund and ii) gains or losses on investments held in the General Fund for 2022-23 of £1,237,915 (2021-22: deficit £1,020,220). 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 £1,211,536 (2021-22: Deficit £722,347).

Overall, our total deficit, taking into account the deficits on Designated Funds (representing the depreciation of fixed assets) of £369,517 and on the Endowment (representing depreciation of fixed assets and investment costs) of £541,175, but before gains/losses on investments, was £2,147,210.

In 2022-23, we sold £2.7m of M&G investment units to fund this deficit.

Overall, the 2022-23 financial year showed a deficit of £5,226,951, including net losses on investments of £3,079,741.

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

Investment income of £880,222 (2021-22: £900,368) represents 55% of our total unrestricted income and continues to underpin our ability to fund and develop our charitable activities. This income is split between rental and listed investment income 79:21. (2021-22: 74:26)
Venue Hire income continued to show strong signs of recovery, growing 44% on the prior year (from £291,993 in 2021-22 to £420,617 in 2022-23). There is still a significant way to go to return to pre-Covid levels (3-year pre-Covid

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

average annual income £646k) but the year-on-year continued growth is encouraging.

Courses income dipped slightly by 14% from £96,173 in 2021-22 to £82,770 in 2022-23.
Events income more than doubled from £78,352 in 2021-22 to £180,769 in 2022-23.
Grants and donations continued to drop. Grant income dropped from £69,999 in 2021-22 to £22,102 in 2022-23. The main reason for this was the Coronavirus Job Retention Scheme grant income was removed completely in 2022-23, having been £36,028 in 2021-22.

Reserves policy

The Endowment reserves are made up of:

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

The income from investment properties and listed investments is utilised by the Bishopsgate Foundation to fund charitable activities. At 31 March 2023, the value of the Endowment reserves was £28,206,817 (2021-22: £31,854,112).

General reserves are maintained to fund, in addition to the income from the Endowment reserves, the operational activities of the charity and to meet the costs associated with managing evaluated risks. The General reserves are made up of fixed assets, one investment property, and Free reserves.

The Bishopsgate Foundation’s Unrestricted Reserves as at 31 March 2023 totalled £3,630,189, including Designated Funds of £4,273,660. As the Charity holds fixed assets of £659,386 and an investment property of £701,400, the Charity’s Free reserves under the SORP definition were a negative £2,058,257. For details see note 19.

As set out above, the Trustees have decided to adopt Total Return Accounting for the 2023-24 financial year onwards. This means that the Charity will have considerable flexibility to apply the Unapplied Investment Return within the assets held by the Endowment for charitable purposes. As at 31 March 2023, the unapplied Investment Return amounted to £24.8 million. In light of this, while the Charity remains committed to eliminating its continuing operating deficits and so achieve a sustainable longer-term operating model, the Trustees are currently prepared to tolerate a negative Free reserves position.

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

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

Going concern

The charity’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.

As set out above, the charity again incurred a substantial deficit in 2022-23 and, during the course of the year and subsequently, took steps with the aim of eliminating deficits, and achieving a financially sustainable operating model, in the medium term, including:

A substantial staff restructuring in July 2023;
A new strategy designed to increase venue hire;
A revised investment strategy;
The adoption of Total Return Accounting for the 2023-24 financial year.

It is nonetheless expected that the charity will continue to incur substantial deficits for at least the next two years. However, the charity already retains liquid assets sufficient to fund the expected deficit for a period of at least 18 months from the approval of these accounts and its financial flexibility will be considerably enhanced by the adoption of Total Return Accounting, as set out above.

Taking these factors into account, the Trustees are of the view that the charity has the liquidity and resources to meet all its existing liabilities as they fall due for 12 months from approval of these financial statements.

On the basis of, and subject to, these considerations, the Trustees consider that there are no material uncertainties about the charity’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 charity 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 Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

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 charity, there is a significant risk that we fail to reach breakeven on our operating budget.

As s set out above, the Trustees have, in the light of external professional advice, approved and begun implementation of a new strategy to increase revenue from venue hire from 230 Bishopsgate. Achieving breakeven is critically dependent on the success of this strategy .

Cyber Security The risk of an attack on the charity’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 have, in addition, introduced cyber security training for all new starters, and annually for existing staff, and as well as putting in place an annual disaster recovery drill. In September 2023, we outsourced completely the management of our IT infrastructure and development of our strategy to the specialist external provider with whom we had previously been working for back-up support.

Staff Wellbeing and Staff Retention/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, 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 has been developed and we have a budget for reactive maintenance. We also have regular site inspections by internal staff and external stakeholders, including our insurers.

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

We have appointed external cost consultants to help plan our 10-year capital investment strategy, as part of our wider recovery and investment plan.

Fundraising

The charity does not use professional fundraisers to raise money on its behalf nor does it enter into commercial partnerships. The charity 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 charity 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 Charity provides a library and undertakes a range of educational and cultural activities from a grade II* listed building in the heart of Spitalfields in the City of London. On 17 February 2006 the Bishopsgate Foundation created a wholly owned subsidiary company called B.I. (Trading) Limited, which was established to operate the charity’s venue-hire facility from 1 April 2006.

Board of Trustees

The Bishopsgate 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 six years.

As at date of signing (11 December 2023), the Board of Trustees comprises one ExOfficio Trustee and ten Co-opted Trustees – a total of eleven.

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

General Trustee responsibilities are considered to be:

Strategic - approving the strategic plan that will fulfil the charity’s charitable objectives.
Stewardship - to have responsibility for the charity’s assets, their preservation and exploitation, and assessing risks;
Monitoring - to oversee the effective management of the charity and its service delivery, selecting and supporting the Chief Executive, and ensuring good human relations practice is applied;
External relationship management - promotion of, and advocacy, for the charity to external clients, partners and 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 receives remuneration or other benefits from their work with the Charity.

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 charity.

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

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

There are two ex officio trustee places on the Board. The Rector at St Botolph Without Bishopsgate has taken up his ex officio place on the Board. The other, place is available for the Alderman for the ward in which 230 Bishopsgate sits and this remains vacant. As we are able to do under our Articles of Association, we have co-opted a Trustee to the Board in the Alderman’s stead.

Trustee induction and training

The charity 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

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

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 charity:

Finance (meets at least four times a year)
Programme (currently suspended)
Asset Management (meets at least four times a year)
Governance (meets when required).

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

The Trustees review the aims, objectives and activities of the charity regularly.

As set out in Overview above, the Trustees approved a series of measures in July 2023 with the aim of eliminating deficits and achieving a financially sustainable business model. Unfortunately, external programming has had to be suspended for the foreseeable future pending achievement of these objectives.

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

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
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 Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2023

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 11 December 2023 and signed on their behalf by

Nigel Pantling, Chair of Trustees 11 December 2023

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 2023 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 2023 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 assurance is a high level of assurance, but is not a guarantee that an audit

Independent auditor’s report

To the members of

The Bishopsgate Foundation

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.

Independent auditor’s report

To the members of

The Bishopsgate Foundation

In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.

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

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

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)

14 December 2023

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 2023

Unrestricted £ 17,886 82,770 9,519 180,769 3,003 420,617 880,222	Designated £ - - - - - - -	Restricted £ 4,126 - - - - - -	Endowment £ - - - - - - -	2023 Total £ 22,012 - 82,770 9,519 180,769 3,003 420,617 880,222	2022 Total £ 69,999 - 96,173 2,148 78,352 2,925 291,993 900,368
1,594,786	-	4,126	-	1,598,912	1,441,958
765,959 352,069 976,425 600,505 103,805 33,938	102,813 49,341 129,287 79,903 5,956 2,217	- 1,179 - 1,550 - -	509,671 5,828 15,272 9,438 704 262	1,378,443 408,417 1,120,984 691,396 110,465 36,417	1,132,650 408,083 987,406 592,886 77,993 63,935
2,066,742	266,704	2,729	31,504	2,367,679	2,130,303
2,832,701	369,517	2,729	541,175	3,746,122	3,262,953
(1,237,915) (53,600)	(369,517) -	1,397 -	(541,175) (3,026,141)	(2,147,210) (3,079,741)	(1,820,995) 2,615,333
(1,291,515) 79,979	(369,517) -	1,397 -	(3,567,316) (79,979)	(5,226,951) -	794,338 -
(1,211,536) - (1,211,536)	(369,517) - (369,517)	1,397 - 1,397	(3,647,295) - (3,647,295)	(5,226,951) - (5,226,951)	794,338 (1,297,019) (502,681)
514,065	4,697,177	8,479	31,854,112	37,073,833	37,576,514
(697,471)	4,327,660	9,876	28,206,817	31,846,882	37,073,833

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

Balance sheets

Balance sheets
As at 31 March 2023			Company no. 04362659
Note Fixed assets: 12a 13 Current assets: Stock 16 Liabilities: 17 19 Total unrestricted funds 20 Tangible assets Investments Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets / (liabilities) Total net assets Funds: Restricted income funds Endowment funds Unrestricted income funds: Designated funds General funds Total funds BI Trading	2023 2022 £ £ 7,109,346 7,376,410 24,182,493 29,933,955 31,291,839 37,310,365 4,186 2,346 228,067 119,402 735,829 207 968,082 121,955 (413,039) (358,487) 555,043 (236,532) 31,846,882 37,073,833 9,876 8,479 28,206,817 31,854,112 4,327,660 4,697,177 (219,140) 828,046 (478,331) (313,981) 3,630,189 5,211,242 31,846,882 37,073,833 The group		2023 2022 £ £ 7,109,346 7,376,410 24,182,494 29,933,956 31,291,840 37,310,366 4,186 2,346 150,449 401,062 613,397 (793) 768,032 402,615 (391,224) (325,166) 376,808 77,449 31,668,648 37,387,815 9,876 8,479 28,206,817 31,854,112 4,327,660 4,697,177 (875,705) 828,047 - - 3,451,955 5,525,224 31,668,648 37,387,815 The charity
	31,291,839 4,186 228,067 735,829	37,310,365 2,346 119,402 207	31,291,840 4,186 150,449 613,397	37,310,366 2,346 401,062 (793)
	968,082 (413,039)	121,955 (358,487)	768,032 (391,224)	402,615 (325,166)
	555,043	(236,532)	376,808	77,449
	31,846,882	37,073,833	31,668,648	37,387,815
	9,876 28,206,817 4,327,660 (219,140) (478,331)	8,479 31,854,112 4,697,177 828,046 (313,981)	9,876 28,206,817 4,327,660 (875,705) -	8,479 31,854,112 4,697,177 828,047 -
	3,630,189	5,211,242	3,451,955	5,525,224
	31,846,882	37,073,833	31,668,648	37,387,815

Approved by the trustees on 11 December 2023 and signed on their behalf by

Nigel Pantling Chair

The Bishopsgate Foundation

Consolidated statement of cash flows

For the year ended 31 March 2023

2023 £ (5,226,951) 479,118 3,079,741 (880,222) (1,840) (108,665) 54,552	(2,604,267)	2022 £ 794,338 532,479 (2,615,333) (900,368) (2,346) 106,107 (121,647)	(2,206,770)
880,222 - (212,054) 2,700,000 (28,279)		900,368 (927) (30,852) 1,000,000 (29,253)
	3,339,889		1,839,336

	735,622 207		(367,434) 367,641
	735,829		207

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

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 £7,500,000 of Endowment capital for the purposes of meeting operational costs. As at 31st March 2023, £401,453 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 2023

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 charity 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 charity 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 2022/23 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 2023

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 charity 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.

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 charity has no liability in excess of monthly contributions.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

2 Detailed comparatives for the statement of financial activities

Unrestricted £ 49,735 96,173 2,148 78,352 2,925 291,993 900,368	Designated £ - - - - - - -	Restricted £ 20,264 - - - - - -	Endowment £ - - - - - - -	2022 Total £ 69,999 96,173 2,148 78,352 2,925 291,993 900,368
1,421,694	-	20,264	-	1,441,958
662,760 344,668 823,873 478,930 70,542 61,141	113,060 54,273 142,149 87,845 6,536 2,451	- 1,542 1,480 13,810 - -	356,830 7,600 19,904 12,301 915 343	1,132,650 408,083 987,406 592,886 77,993 63,935
2,441,914	406,314	16,832	397,893	3,262,953
(1,020,220) 185,563	(406,314) -	3,432 -	(397,893) 2,429,770	(1,820,995) 2,615,333
(834,657) 83,000	(406,314) -	3,432 -	2,031,877 (83,000)	794,338 -
(751,657) 29,310	(406,314) (880,180)	3,432 -	1,948,877 (446,149)	794,338 (1,297,019)
(722,347) 1,236,412	(1,286,494) 5,983,671	3,432 5,047	1,502,728 30,351,384	(502,681) 37,576,514
514,065	4,697,177	8,479	31,854,112	37,073,833

3 Income from donations and legacies

Grants Donations Legacies Coronavirus job retention scheme	Unrestricted 5,250 - 12,636 -	Restricted 2,546 - 1,580 -	2023 Total £ 7,796 - 14,216 -	2022 Total £ 15,716 36,028 8,255 10,000
	17,886	4,126	22,012	69,999

£1,580 of legacies and donations (2022: £11,548) and £2,546 of grants (2022: £8,716) are restricted. £12,636 of donations and legacies (2022: £6,707) and £5,250 of grants (2022: £43,028) are unrestricted.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

4 Income from other trading activities

Income from other trading activities
Venue hire income	2023 Total £ 420,617	2022 Total £ 291,993
	420,617	291,993

Venue hire income is mostly generated by the subsidiary BI Trading Limited which is used for non-primary purposes trading activities (see note 14). All venue hire income is unrestricted.

5 Income from investments

Bank deposit income Rents receivable Insurance receivable Income from listed investments Dilapidations claim	General Estate £ 244,529 - 5,840 24,370 - 274,739	Underwood Estate £ 345,841 88,000 7,642 164,000 -	2023 Total £ 590,370 88,000 13,482 188,370 -	General Estate £ 172,968 - 3,448 24,170 1	Underwood Estate £ 486,644 - 7,496 205,634 7	2022 Total £ 659,612 - 10,944 229,804 8
		605,483	880,222	200,587	699,781	900,368

All income from investment activities is unrestricted.

Future rents receivable from investment properties based on current leases as at 31 March 2023 were as follows:

	Within 1			After 5
	year	1-2 years	2-5 years	years
Rents receivable	563,055	468,860	1,364,861	4,237,997

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

6a Analysis of expenditure (current year)

Cost of raising funds £ 146,542 73,324 7,009 497,527 -			Charitable activities	Charitable activities			2023 Total £ 550,775 280,411 64,808 497,527 3,739	2022 Total £ 427,935 225,250 82,588 426,949 29,889
	Courses £ 45,823 37,194 11,515 - -	Library & Archives £ 224,428 56,579 17,516 - -	Events £ 62,331 92,217 28,549 - -	Programme development & interpretation £ 71,651 708 219 - -	Eleemosynary £ - 18,575 - - 3,739	Governance costs £ - 1,814 - - -
724,402 122,005 93,555 226,635 130,555	94,532 58,552 44,899 108,766 62,655	298,523 153,421 117,646 284,995 164,174	183,097 94,818 72,708 176,133 101,463	72,578 7,067 5,419 13,129 7,563	22,314 2,631 2,017 4,887 2,815	1,814 77,381 59,337 143,743 9,893	1,397,260 515,875 395,581 958,288 479,118	1,192,611 435,497 236,890 865,476 532,479
1,297,152 81,291	369,404 39,013	1,018,759 102,225	628,219 63,177	105,756 4,709	34,664 1,753	292,168 (292,168)	3,746,122 -	3,262,953 -
1,378,443	408,417	1,120,984	691,396	110,465	36,417	-	3,746,122	3,262,953
1,132,650	408,083	987,406	592,886	77,993	63,935	-

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

6b Analysis of expenditure (prior year)

Cost of raising funds £ 106,313 15,411 5,299 426,949 -			Charitable activities	Charitable activities
	Courses £ 43,277 60,783 26,239 - -	Library & Archives £ 199,624 42,064 18,158 - -	Events £ 34,221 76,166 32,880 - -	Programme development & interpretation £ 44,500 27 12 - -	Eleemosynary £ - 21,500 - - 29,889
553,972 103,012 56,034 204,719 145,277	130,299 49,449 26,898 98,272 69,738	259,846 129,516 70,450 257,391 182,652	143,267 80,038 43,537 159,062 112,877	44,539 5,955 3,239 11,835 8,399	51,389 2,233 1,215 4,438 3,150
1,063,014 69,636	374,656 33,427	899,855 87,551	538,781 54,105	73,967 4,026	62,425 1,510
1,132,650	408,083	987,406	592,886	77,993	63,935

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

7 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
	2023	2022
	£	£
Depreciation - Land, Buildings and Freehold Improvements	423,771	477,792
Depreciation - Furniture and Equipment	55,347	54,687
Auditor's remuneration (excluding VAT):
Audit	11,800	10,250
Other services	1,050	950

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

Staff costs were as follows:

Salaries and wages Social security costs Employer’s contribution to defined contribution pension schemes Other employee costs	2023 £ 1,293,181 105,114 67,896 42,872	2022 £ 1,111,115 91,419 56,919 33,958
	1,509,063	1,293,411

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

£60,000 during the year between:
	2023	2022
	No.	No.
£90,000 - £99,999	-	1
£100,000 - £109,999	1	-

The total employee benefits including employer pension contributions and employer national insurance of the key management personnel, who are the principal officers, were £256,493(2022: £204,747).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £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:

Raising funds Cultural programme Support Governance	2023 No. 6 18 23 5	2022 No. 8 12 25 4
	52	49

The average number of staff employees (full time equivalent) during the year was 38 (2022: 35).

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

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

10 Related party transactions

Under the terms of its charitable deed, the charity 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 charity. The amount payable for the year ended 31 March 2023 is £3,739 (2022: £29,889) of which £nil (2022: £23,155) 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

The group and charity
Additions in year Disposals in year At the end of the year Depreciation At the start of the year Charge for the year Eliminated on disposal 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	£ 11,253,818 46,237 - Freehold land and building and freehold improvements	Furniture and equipment £ 1,102,481 165,817 -	Total £ 12,356,299 212,054 -
	11,300,055	1,268,298	12,568,353
	4,048,284 423,771 -	931,605 55,347 -	4,979,889 479,118 -
	4,472,055	986,952	5,459,007
	6,828,000	281,346	7,109,346
	7,205,534	170,876	7,376,410

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

All of the above assets are used for charitable purposes.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

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 the Foundation's archives?

Since the Special Collections and Archives opened to the public in 1895 it has been steadily growing, with unique collections gifted and loaned to the Foundation. 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. The archive contains 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.

The Foundation has 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 the archives

All items in the 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 the archives

The Special Collections and Archives are available for researchers, interpreted via the charity's courses, events, archive launches, talks and lunchtime concerts. The catalogue of the Special Collections and Archives is available online, and the 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. The charity is pleased to accept donations of books, archival material or other resources from individuals or organisations. Space and resources means that the charity has to be selective for material for its archive which must therefore:

Fits the archive's subject areas and falls within the scope of the Special Collections and Archives’ Collection Policy • Is in reasonable physical condition
Doesn’t duplicate content already held

A detailed Collection Policy is available on the charity's website.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

13 Investments

The Group and Charity (current year)

		Endowment	funds
			UK common
			investment
	Properties	Properties	funds	2023	2022
	£	£	£	£	£
Fair value at the start of the year	755,000	22,465,000	6,713,955	29,933,955	28,288,442
Additions	-	17,125	11,154	28,279	29,253
Disposals	-	-	(2,700,000)	(2,700,000)	(1,000,000)
Revaluation during the year	(53,600)	(2,385,025)	(641,116)	(3,079,741)	2,616,260
Fair value at the end of the year	701,400	20,097,100	3,383,993	24,182,493	29,933,955

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 £ 568,510 - - 186,490	Endowment funds	Endowment funds	2022 £ 28,288,442 29,253 (1,000,000) 2,616,260
		Properties £ 20,325,000 14,685 - 2,125,315	UK common investment funds £ 7,394,932 14,568 (1,000,000) 304,455
	755,000	22,465,000	6,713,955	29,933,955

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 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 charity, at fair value. Three different properties were selected and revalued at each of the 2020/21 and 2021/22 year ends with changes in valuation being applied across the portfolio. This process was repeated in 2022/23 using a different 3 properties. As a result we judge the fair value of General Estate properties has decreased by £149,335 (2022 increase: £800,000) and Underwood Estate properties has decreased by £2,235,690 (2022 increase: £1,715,315). The non-endowment property decreased in value by £53,600 (2022 increase: £186,490). The charity has reflected this change in value in these accounts.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

13 Investments (continued)

Analysis of endowment funds between Estates

Underwood Estate General Estate	Properties £ 15,791,000 4,306,100	UK common investment funds £ 2,725,190 658,803	2023 Total £ 18,516,190 4,964,903	Properties £ 18,020,000 4,445,000	UK common investment funds £ 5,984,993 728,962	2022 Total £ 24,004,993 5,173,962
	20,097,100	3,383,993	23,481,093	22,465,000	6,713,955	29,178,955

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

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	2023 2022 £ £ 3,383,993 6,713,955 20,798,500 23,220,000 - - 24,182,493 29,933,955 The group	2023 2022 £ £ 3,383,993 6,713,955 20,798,500 23,220,000 - - 24,182,493 29,933,955 The group	2023 2022 £ £ 3,383,993 3,713,955 20,798,500 23,220,000 1 1 24,182,494 26,933,956 The charity	2023 2022 £ £ 3,383,993 3,713,955 20,798,500 23,220,000 1 1 24,182,494 26,933,956 The charity
	24,182,493	29,933,955	24,182,494	26,933,956

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

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 and the Head of Finance and Enterprise are directors of the subsidiary.

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

Total retained earnings brought forward Gross profit Administrative expenses Operating (loss) Turnover Cost of sales Interest payable (Loss) on ordinary activities Taxation on (loss) on ordinary activities (Loss) for the financial year The aggregate of the assets, liabilities and funds was: Assets Liabilities Retained earnings (Loss) for the financial year Total retained earnings carried forward Funds	2023 £ 420,617 -	2022 £ 291,993 -
	420,617 (584,967)	291,993 (439,299)
	(164,350) -	(147,306) -
	(164,350) -	(147,306) -
	(164,350)	(147,306)
	(313,981) (164,350)	(166,675) (147,306)
	(478,331)	(313,981)
	2023 £ 1 (478,332)	2022 £ 1 (313,981)
	(478,331)	(313,980)

15 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:	2023	2022
	£	£
Gross income	1,763,262	1,589,264
Result for the year	(5,719,166)	941,644

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

16 Debtors

Trade debtors Due from Subsidiary undertakings Investment property accrued income Other debtors and prepayments	2023 2022 £ £ 76,142 14,573 92,579 23,184 - - 59,346 81,645 228,067 119,402 The group	2023 2022 £ £ 76,142 14,573 92,579 23,184 - - 59,346 81,645 228,067 119,402 The group	2023 2022 £ £ 8,883 3,168 92,579 23,184 - 304,755 48,987 69,955 150,449 401,062 The charity	2023 2022 £ £ 8,883 3,168 92,579 23,184 - 304,755 48,987 69,955 150,449 401,062 The charity
	228,067	119,402	150,449	401,062

17 Creditors: amounts falling due within one year

Payments received on account Investment property rent received in advance Sundry creditors and accruals Taxation and social security Trade Creditors	2023 2022 £ £ 185,188 190,112 7,895 10,935 52,821 38,880 50,366 35,143 116,769 83,417 413,039 358,487 The group	2023 2022 £ £ 185,188 190,112 7,895 10,935 52,821 38,880 50,366 35,143 116,769 83,417 413,039 358,487 The group	2023 2022 £ £ 185,275 190,092 7,895 10,935 31,725 5,574 51,960 35,148 114,369 83,417 391,224 325,166 The charity	2023 2022 £ £ 185,275 190,092 7,895 10,935 31,725 5,574 51,960 35,148 114,369 83,417 391,224 325,166 The charity
	413,039	358,487	391,224	325,166

18 Pension scheme

The charity 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 charity is to charge employer's contributions to the Statement of Financial Activities as they fall due. The pension costs for the year amounted to £67,896 (2022: £56,919).

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

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

General unrestricted £ 659,386 701,400 - (2,058,257)	Designated £ 4,327,660 - - -	Restricted £ - - - 9,876	Endowments Funds £ 2,122,300 20,097,100 3,383,993 2,603,424	Total funds £ 7,109,346 20,798,500 3,383,993 555,043
(697,471)	4,327,660	9,876	28,206,817	31,846,882
	Designated £ 4,697,177 - - -	Restricted £ - - - 8,479	Endowments Funds £ 2,070,002 22,465,000 6,713,955 605,155	Total funds £ 7,376,410 23,220,000 6,713,955 (236,532)
514,065	4,697,177	8,479	31,854,112	37,073,833

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

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

20a Movements in funds (current year)

At 1 April 2022 £ - - 8,479	Income £ 1,550 2,546 30	Expenditure £ (1,550) - (1,179)	Transfers, gains and losses £ - - -	At 31 March 2023 £ - 2,546 7,330
8,479	4,126	(2,729)	-	9,876
816,420 30,832,175 205,517	- - -	- (522,842) (18,333)	78,000 (3,184,120) -	894,420 27,125,213 187,184
31,854,112	-	(541,175)	(3,106,120)	28,206,817
4,547,177 150,000	- -	(364,517) (5,000)	- -	4,182,660 145,000
4,697,177	-	(369,517)	-	4,327,660
828,046	1,174,169	(2,247,734)	26,379	(219,140)
5,525,223	1,174,169	(2,617,251)	26,379	4,108,520
37,387,814 (313,981)	1,178,295 420,617	(3,161,155) (584,967)	(3,079,741) -	32,325,213 (478,331)
37,073,833	1,598,912	(3,746,122)	(3,079,741)	31,846,882

The narrative to explain the purpose of each fund is given after note 20b.

Total Funds of the Charity 2023

The total funds of the charity in table 20a differ from the total funds of the charity reported in the balance sheet due to the provision against intercompany debt of £656,565

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

20b Movements in funds (prior year)

At 1 April 2021 £ 3,567 - 1,480	Income £ 6,454 13,810 -	Expenditure £ (1,542) (13,810) (1,480)	Transfers, gains and losses £ - - -	At 31 March 2022 £ 8,479 - -
5,047	20,264	(16,832)	-	8,479
738,420 28,937,162 675,802	- - -	- (373,757) (24,136)	78,000 2,268,770 (446,149)	816,420 30,832,175 205,517
30,351,384	-	(397,893)	1,900,621	31,854,112
4,915,336 1,068,335	- -	(368,159) (38,155)	- (880,180)	4,547,177 150,000
5,983,671	-	(406,314)	(880,180)	4,697,177
1,403,087	1,129,701	(2,002,615)	297,873	828,046
7,386,758	1,129,701	(2,408,929)	(582,307)	5,525,223
37,743,189 (166,675)	1,149,965 291,993	(2,823,654) (439,299)	1,318,314 -	37,387,814 (313,981)
37,576,514	1,441,958	(3,262,953)	1,318,314	37,073,833

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2023

Purposes of restricted funds

Courses Bursary Fund

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

Pink Jukebox trophy

The donation was received to cover the costs incurred by the charity in hosting the Pink Jukebox Trophy. This was spent in the 2022/23 financial year.

Inquest Archive

A grant received towards the costs of conservation materials for a partnership project with the Inquest Archive. The monies will be spent in the 2023/24 financial 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.

Lunchtime concerts

We received £5,094 to be spent on lunchtime concerts. This was spent 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 charity for operations.

Transfers between funds

Transfers between funds
	2023	2022
	£	£
Transfer from general fund to permanent endowment
A new order was approved by the Charity Commission in February 2023 which combined the	78,000	78,000
permitted borrowing under the previous orders and extended this by an additional £1,252,937
to £7,500,000. The total permitted borrowing is to be repaid over 25 years commencing in the
2023/24 financial year.
As at the end of March 2023 the total borrowing was £7,098,547 which will result in a
repayment of £284,000 for the year end 31 March 2024.
Transfer from permanent endowment to general fund
This transfer represents management time involved in managing endowment investments.	157,979	161,000

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

Report and Financial Statements 31 March 2023

Contents

For the year ended 31 March 2023

Reference and Administration Details

For the year ended 31 March 2023

Ex-officio

Co-opted

Report by the Chair of Trustees

For the year ended 31 March 2023

Report by the Chair of Trustees

Report by the Chair of Trustees

For the year ended 31 March 2023

Nigel Pantling

Chair of Trustees

Trustees’ Annual Report

For the year ended 31 March 2023

Trustees’ Annual Report

Overview

For the year ended 31 March 2023

Total Return Accounting

Trustees’ Annual Report

For the year ended 31 March 2023

Investment Policy

Property

Financial assets

Trustees’ Annual Report

For the year ended 31 March 2023

Public benefit

Trustees’ Annual Report

For the year ended 31 March 2023

Trustees’ Annual Report

For the year ended 31 March 2023

Financial Review

Review 2022-23

Trustees’ Annual Report

For the year ended 31 March 2023

Reserves policy

Trustees’ Annual Report

For the year ended 31 March 2023

Going concern

Risk management

Trustees’ Annual Report

For the year ended 31 March 2023

For the year ended 31 March 2023

Fundraising

Organisation and Governance

Legal status

Board of Trustees

Trustees’ Annual Report

For the year ended 31 March 2023

Trustee selection process

Trustee induction and training

Trustees’ Annual Report

For the year ended 31 March 2023

Management

Pay policy for senior staff

Objectives and activities

Trustees’ Annual Report

For the year ended 31 March 2023

Statement of responsibilities of the Trustees

Trustees’ Annual Report

For the year ended 31 March 2023

To the members of

The Bishopsgate Foundation

Opinion

Basis for opinion

Conclusions relating to going concern

To the members of

The Bishopsgate Foundation

Other Information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

To the members of

The Bishopsgate Foundation

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

To the members of

The Bishopsgate Foundation