2024-03-31-accounts

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

THE BISHOPSGATE FOUNDATION

Report and Financial Statements 31 March 2024

Company number: 4362659 Charity number: 1090923

The Bishopsgate Foundation

For the year ended 31 March 2024

Reference and Administrative details ................................................................................. 1 Report by the Chair of Trustees ........................................................................................... 2 Trustees’ Annual Report ..................................................................................................... 3 Independent auditor’s report ............................................................................................. 15 Consolidated statement of financial activities ................................................................... 20 Balance sheets ................................................................................................................. 21 Consolidated statement of cash flows ............................................................................... 22 Notes to the financial statements ...................................................................................... 23

The Bishopsgate Foundation

Reference and Administration Details

For the year ended 31 March 2024

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)

Co-opted

Liz Gibbons

Su Moore Abdullahi Bashe Jonathan Clatworthy Nathan Smith Appointed 11 December 2023 Benjamin McKnight Appointed 18 March 2024 Nancy Kelley Appointed 18 March 2024 Sarah Aitchison Appointed 18 March 2024 Simon Demissie Appointed 18 March 2024 Julie Newlan Appointed 23 July 2024 Louise Richards Resigned 28 April 2023 Francesca Attard Resigned 21 May 2023 Maxwell Shand Resigned 26 February 2024 Robert Hingley Resigned 9 July 2024 Nigel Pantling Resigned 9 July 2024 Richard McDonald Resigned 10 July 2024

The Bishopsgate Foundation

Reference and Administration Details

For the year ended 31 March 2024

Kathryn Martindale Retired 10 July 2023 Tom Healy Retired 18 March 2024 Anna Cornelius Retired 8 July 2024

Principal staff Francesca Canty – Chief Executive, Company Secretary Kim Chalkley – Head of Finance & Enterprise

Bankers HSBC Bank PLC 100 Old Broad Street London EC2N 3LN Solicitors Farrer & Co. 66 Lincoln's Inn Fields London WC2A 3LH Property advisors Oxygen Asset Management Limited 1 King William Street London EC4N 7AF Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane LONDON EC1Y 0TG

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2024

Trustees’ Annual Report

The Trustees present their report and the audited financial statements for the year ended 31 March 2024.

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 Trustees and staff have focussed their efforts in ensuring there is a robust plan that will ensure the charity reduces its annual deficits, improves its financial resilience and achieves a financially sustainable operating model.

The Charity’s income has been slow to recover, in particular the endowment is not generating rental income at the same levels as prior years and in addition each unit that is not rented costs the Charity in empty rates and service charges. Against this background, and with a continuing high level of costs, the charity continues to incur substantial operating deficits, with a deficit (before revaluations of investments) of £1,864,435 in 2023-24, (2022-23 £2,147,210 deficit)

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 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 and continue to reduce costs.to assist with minimising expenditure we have implemented a non-critical staff recruitment freeze.

Subsequently, we have focussed our efforts on increasing venue hire activity, maximising high value low effort hires where possible including conferences, rehearsals and filming especially unit base hires. It is hoped that, over time, increased venue hire income alongside improved endowment income 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 Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2024

The Trustees have adopted a Total Return approach to the endowment which has been applied for the 2023-24 financial year. It has also been applied retrospectively and prior year balances have been restated.

To reduce costs and free space for income generation with effect from September 2023 we paused our public programme of courses, events and walking tours. This pause will continue into next year while we seek to implement a sustainable model. The Researchers’ Service for people wanting to access our Special Collections & Archives continues unaffected.

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.

Charitable Activities

Core to our offer are the special collections and archives. 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.

We were delighted to receive an Archives Revealed grant (National Archives, Pilgrim Trust and Wolfson Trust) for an archivist to catalogue the Terrence Higgins Trust collection.

The restructure in August 2023 significantly reduced our staffing, and as a result most of the public programme is now on pause. However, where we work in close partnership, we have been able to continue to offer developed and established activity. For example, we have continued our incubator strand of work for earlycareer musicians and singers, orchestrators and conductors by hosting the London

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2024

Musical Theatre Orchestra’s monthly rehearsals of a full musical theatre score learned and performed in a single day (“Sitz”).

Furthermore, the Great Hall has 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. These events are produced and promoted in partnership: Bishopsgate Ballroom (Nick Miles and Star Dance); Swing Den and Bishopsgate Swing (Swing Patrol London); Queer Tango (Queer Tango London); the Pink Jukebox, Jacky’s Jukebox, Charles’s Jukebox, The Pink Dancers’ Ball, the Pink Jukebox Trophy weekend (the Pink Jukebox team). We co-host two Ballroom and Latin competitions in the year: The Pink Jukebox Trophy and the London Globe.

Financial Review

Review 2023-24

BI Trading income has increased by 36%, a direct result of prioritising high value low effort hires, this has also resulted in corresponding direct costs increasing by just 20%. The increase in administration costs of 14% means that the company has made an operating loss of £109,964, this is however an improvement of 33% on prior year.

The make up of the venue hire team during the year was very transitional and it has only been fully staffed since June 24, we expect the results to improve again in 2024/25.

The General Fund – our unrestricted income and expenditure (excluding designated funds) – 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 2023-24 of £1,480,615 (2022-23: deficit £1,960,158). After transfers between the Endowment and the General Fund, , the General Fund incurred an overall deficit of £771,026 resulting in a closing balance deficit of £574,077.

The 2023-24 financial year showed a deficit of £1,651,460 including net gains on investments of £275,156. Overall, our total funds were £30,195,422 in 2023-24, we sold £1.4m of M&G investment units to fund this deficit, excluding designated funds,

Courses and other programming was significantly reduced from August 2023 onwards and is reflected in the results accordingly:

Investment income of £752,598 (2022-23: £880,222) represents 48% 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 85:15. (2022-23: 79:21). Listed investment income is

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2024

reducing as the investment cash is drawn down for operating expenses and rental income is slowly increasing as new lets are agreed.

Venue Hire income continued to show strong signs of recovery, growing 36% on the prior year (from £420,617 in 2022-23 to £570,672 in 2023-24). The year-on-year continued growth is encouraging.
Courses income dropped to £33,318 from £82,770 in 2022-23 due to scaling back from August 2023
Events income also decreased from £180,769 in 2022-23 to £139,006.
Grants and donations Grant income dropped slightly from £22,102 in 202223 to £17,319 in 2023-24.
Expenditure decreased by 9% from £3,746,122 in 2022-23 to £3,425,980 in 2023-24, we are continuing to review all contracts and costs making savings wherever possible, the recruitment freeze is also supporting this action.

Investment Policy

As at 31 March 2024, Trustees are moving forward with the plan to reduce the proportion of the endowment held as property assets and increase the proportion held as investments and cash to improve the liquidity of the charity’s assets. The first property to be sold as a long leasehold completed on 9[th] August 2024 with the next planned within the next calendar year.

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, for amounts below this threshold the trustees from Asset Management and Finance Committee combined can approve.
After taking account of the entitlement of the Parish of St Botolph’s 2/15[th] of the net income generated by properties comprising the Underwood Estate, net rental income in any year will continue be available for charitable expenditure.

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2024

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 2024, the value of the Endowment reserves was £26,772,644 (2022-23: £27,312,397 as restated for Total Return Accounting).

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 2024 totalled £3,380,210, including Designated Funds of £3,954,287.

Total Return Accounting

The adoption of Total Return Accounting means that increases in value of the permanent endowment would be available to be used as income. The original value of the endowment is separated from the capital growth since the time of the gift, the trustees required the original value of the endowment to be inflated for inflation to protect the value for future beneficiaries. The financial statements have been prepared on that basis and the prior year balances restated as necessary.

The decision has been made to transfer the total investment income for the year (£709,589) from the unapplied total return to income, this approach will be reviewed alongside the results in the current year and will be re-assessed before the end of this financial year.

As at 31 March 2024, the value of the Trust for investment, adjusted for inflation, amounted to £2,859,880, and the value of the Unapplied Total Return was £23,912,764.

Because the Trustees decided to adopt Total Return Accounting for the 2023-24 financial year onwards, the Charity has considerable flexibility to apply the Unapplied Investment Return within the assets held by the Endowment for charitable purposes. 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

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2024

Trustees are currently prepared to tolerate a negative Free reserves position. As the Charity holds fixed assets of £684,012 and an investment property of £,701,400, the Charity’s Free reserves were a negative £1,959,489. For details see note 19a

The reserves policy is monitored by the Finance Committee and is being updated following the adoption of Total Return Accounting. As part of the longer-term reserves policy we are seeking to maintain free reserves to a level equivalent to three months operating expenditure.

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 incurred a substantial deficit in 2023-24 it was however 16% lower than the deficit in 2022-23, during the course of the year steps were taken with the aim of eliminating deficits, and achieving a financially sustainable operating model, in the medium term, including:

A substantial staff restructuring in August 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 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 is 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 Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2024

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 set out above, the Trustees have begun implementation of a new strategy to increase revenue from venue hire from 230 Bishopsgate. The first 6 months of 2024-25 have seen positive growth in enquiries and conversion rates
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 moved our data from physical servers onto the cloud to strengthen our resilience and security. 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, especially since the restructure of August 2023 reduced our overall capacity by 35%. This risk is also 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.

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2024

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.

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.

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;

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2024

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 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.

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 (7 October 2024), the Board of Trustees comprises one ExOfficio Trustee, two Parish Nominee Trustees and eight Co-opted Trustees – a total of eleven.

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;

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2024

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.

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 as attending external training events where these will facilitate their responsibilities as Trustees.

Management

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

Finance and Asset Management (meets at least four times a year, including for audit review)
Engagement (replacing Programme Committee from June 2024)
Governance (meets when required).

The Bishopsgate Foundation

Trustees’ Annual Report

For the year ended 31 March 2024

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.

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 2024

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 7 October 2024 and signed on their behalf by

Julie Newlan, Chair of Trustees

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 2024 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 2024 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

Independent auditor’s report

To the members of

The Bishopsgate Foundation

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

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

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.

Independent auditor’s report

To the members of

The Bishopsgate Foundation

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

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

Capability of the audit in detecting irregularities

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

We enquired of management and the finance and general purposes committee, which included obtaining and reviewing supporting documentation, concerning the group’s policies and procedures relating to:
Identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
The internal controls established to mitigate risks related to fraud or 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) Date 23 October 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

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 2024

Unrestricted £ 15,316 33,318 1,877 139,006 - 570,672 43,009	Designated £ - - - - - - -	Restricted £ 2,000 - 46,758 - - - -	Endowment £ - - - - - - 709,589	2024 Total £ 17,316 33,318 48,635 139,006 - 570,672 752,598	Unrestricted £ 17,886 82,770 9,519 180,769 3,003 420,617 -	Designated £ - - - - - - -	Restricted £ 4,126 - - - - - -	Endowment £ - - - - - - 880,222	2023 (As restated) Total £ 22,012 82,770 9,519 180,769 3,003 420,617 880,222
803,198	-	48,758	709,589	1,561,545	714,564	-	4,126	880,222	1,598,912
715,662 78,238 945,529 483,222 25,704 35,458	149,349 4,667 140,015 70,008 4,667 4,667	- - 14,066 2,000 - -	723,012 619 18,573 9,286 619 619	1,588,023 83,524 1,118,183 564,516 30,990 40,744	607,980 352,069 976,425 600,505 103,805 33,938	102,813 49,341 129,287 79,903 5,956 2,217	- 1,179 - 1,550 - -	667,650 5,828 15,272 9,438 704 262	1,378,443 408,417 1,120,984 691,396 110,465 36,417
1,568,151	224,024	16,066	29,716	1,837,957	2,066,742	266,704	2,729	31,504	2,367,679
2,283,813	373,373	16,066	752,728	3,425,980	2,674,722	369,517	2,729	699,154	3,746,122
(1,480,615) -	(373,373) -	32,692 -	(43,139) 275,156	(1,864,435) 275,156	(1,960,158) (53,600)	(369,517) -	1,397 -	181,068 (3,026,141)	(2,147,210) (3,079,741)
(1,480,615) 709,589	(373,373) -	32,692 -	232,017 (709,589)	(1,589,279) -	(2,013,758) 880,222	(369,517) -	1,397 -	(2,845,073) (880,222)	(5,226,951) -
(771,026) -	(373,373) -	32,692 -	(477,572) (62,181)	(1,589,279) (62,181)	(1,133,536) -	(369,517) -	1,397 -	(3,725,295) -	(5,226,951) -
(771,026)	(373,373)	32,692	(539,753)	(1,651,460)	(1,133,536)	(369,517)	1,397	(3,725,295)	(5,226,951)
196,949 -	4,327,660 -	9,876 -	27,312,397 -	31,846,882 -	514,065 816,420	4,697,177 -	8,479 -	31,854,112 (816,420)	37,073,833 -
196,949	4,327,660	9,876	27,312,397	31,846,882	1,330,485	4,697,177	8,479	31,037,692	37,073,833
(574,077)	3,954,287	42,568	26,772,644	30,195,422	196,949	4,327,660	9,876	27,312,397	31,846,882

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 2024

2024 2023 (As restated) £ £ 6,652,966 7,109,346 23,114,419 24,182,493 29,767,385 31,291,839 5,106 4,186 342,308 228,067 578,389 735,829 925,803 968,082 (497,766) (413,039) 428,037 555,043 30,195,422 31,846,882 42,568 9,876 26,772,644 27,312,397 3,954,287 4,327,660 14,218 675,280 (588,295) (478,331) 3,380,210 4,524,609 30,195,422 31,846,882 The group	2024 2023 (As restated) £ £ 6,652,966 7,109,346 23,114,419 24,182,493 29,767,385 31,291,839 5,106 4,186 342,308 228,067 578,389 735,829 925,803 968,082 (497,766) (413,039) 428,037 555,043 30,195,422 31,846,882 42,568 9,876 26,772,644 27,312,397 3,954,287 4,327,660 14,218 675,280 (588,295) (478,331) 3,380,210 4,524,609 30,195,422 31,846,882 The group	2024 2023 (As restated) £ £ 6,652,966 7,109,346 23,114,420 24,182,494 29,767,386 31,291,840 5,106 4,186 242,067 150,449 553,699 613,397 800,872 768,032 (451,467) (391,224) 349,405 376,808 30,116,791 31,668,648 42,568 9,876 26,772,644 27,312,397 3,954,287 4,327,660 (652,708) 18,715 - - 3,301,579 4,346,375 30,116,791 31,668,648 The charity	2024 2023 (As restated) £ £ 6,652,966 7,109,346 23,114,420 24,182,494 29,767,386 31,291,840 5,106 4,186 242,067 150,449 553,699 613,397 800,872 768,032 (451,467) (391,224) 349,405 376,808 30,116,791 31,668,648 42,568 9,876 26,772,644 27,312,397 3,954,287 4,327,660 (652,708) 18,715 - - 3,301,579 4,346,375 30,116,791 31,668,648 The charity
29,767,385 5,106 342,308 578,389	31,291,839 4,186 228,067 735,829	29,767,386 5,106 242,067 553,699	31,291,840 4,186 150,449 613,397
925,803 (497,766)	968,082 (413,039)	800,872 (451,467)	768,032 (391,224)
428,037	555,043	349,405	376,808
30,195,422	31,846,882	30,116,791	31,668,648
42,568 26,772,644 3,954,287 14,218 (588,295)	9,876 27,312,397 4,327,660 675,280 (478,331)	42,568 26,772,644 3,954,287 (652,708) -	9,876 27,312,397 4,327,660 18,715 -
3,380,210	4,524,609	3,301,579	4,346,375
30,195,422	31,846,882	30,116,791	31,668,648

Approved by the trustees on 7 October 2024 and signed on their behalf by

Julie Newlan Chair

The Bishopsgate Foundation

Consolidated statement of cash flows

For the year ended 31 March 2024

2024 £ (1,589,279) 495,833 (275,156) (752,598) (920) (114,241) 84,727	(2,151,634)	2023 £ (5,226,951) 479,118 3,079,741 (880,222) (1,840) (108,665) 54,552	(2,604,267)
752,598 (101,634) 1,400,000 (56,770)		880,222 (212,054) 2,700,000 (28,279)
	1,994,194		3,339,889

	(157,440) 735,829		735,622 207
	578,389		735,829

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

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.

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 2024

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 2023/24 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	15%
-	Courses	1%
-	Eleemosynary	1%
-	Trading Activities	20%
-	Governance	20%
-	Investments	10%

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 2024

1 Accounting policies (continued)

j) Tangible fixed assets

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

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

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

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

k) 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 2024

2 Detailed comparatives for the statement of financial activities

Unrestricted £ 17,886 82,770 9,519 180,769 3,003 420,617 -	Designated £ - - - - - - -	Restricted £ 4,126 - - - - - -	Endowment £ - - - - - - 880,222	2023 (As restated) Total £ 22,012 82,770 9,519 180,769 3,003 420,617 880,222
714,564	-	4,126	880,222	1,598,912
607,980 352,069 976,425 600,505 103,805 33,938	102,813 49,341 129,287 79,903 5,956 2,217	- 1,179 - 1,550 - -	667,650 5,828 15,272 9,438 704 262	1,378,443 408,417 1,120,984 691,396 110,465 36,417
2,674,722	369,517	2,729	699,154	3,746,122
(1,960,158) (53,600)	(369,517) -	1,397 -	181,068 (3,026,141)	(2,147,210) (3,079,741)
(2,013,758) 880,222	(369,517) -	1,397 -	(2,845,073) (880,222)	(5,226,951) -
(1,133,536) 1,330,485	(369,517) 4,697,177	1,397 8,479	(3,725,295) 31,037,692	(5,226,951) 37,073,833
196,949	4,327,660	9,876	27,312,397	31,846,882

3 Income from donations and legacies

Grants Donations	Unrestricted 3,500 11,816	Restricted 2,000 -	2024 Total £ 5,500 11,816	2023 Total £ 7,796 14,216
	15,316	2,000	17,316	22,012

£nil of donations (2023: £1,580) and £2,000 of grants (2023: £2,546) are restricted. £11,816 of donations (2023: £12,636) and £3,500 of grants (2023: £5,250) are unrestricted.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

4 Income from other trading activities

Income from other trading activities
Venue hire income	2024 Total £ 570,672	2023 Total £ 420,617
	570,672	420,617

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 funds £ 41,073 - - - 1,936 43,009	Endowment income £ 575,727 - 18,037 115,825 -	2024 Total £ 616,800 - 18,037 115,825 1,936	General funds £ - - - - -	Endowment income £ 590,370 88,000 13,482 188,370 -	2023 Total £ 590,370 88,000 13,482 188,370 -
		709,589	752,598	-	880,222	880,222

All income from investment activities is unrestricted.

The split of the Endowment income between the Underwood Estate and General Estate is as follows:

Insurance receivable Income from listed investments Dilapidations claim Rents receivable	General Estate £ 212,631 - 7,125 28,072 247,828	Underwood Estate £ 363,096 - 10,912 87,753	2024 Total £ 575,727 - 18,037 115,825	General Estate £ 244,529 - 5,840 24,370	Underwood Estate £ 345,841 88,000 7,642 164,000	2023 Total £ 590,370 88,000 13,482 188,370
		461,761	709,589	274,739	605,483	880,222

Future rents receivable from investment properties based on current leases as at 31 March 2024 were as follows:

Rents receivable

Within 1			After 5
year	1-2 years	2-5 years	years
685,537	611,283	1,284,045	4,115,992

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

6a Analysis of expenditure (current year)

Cost of raising funds £ 147,988 101,201 12,189 498,774 -			Charitable activities	Charitable activities			2024 Total £ 508,528 299,023 56,495 498,774 (1,302)	2023 Total £ 550,775 280,411 64,808 497,527 3,739
	Courses £ 35,864 17,416 4,374 - -	Library & Archives £ 253,079 71,116 17,859 - -	Events £ 66,478 87,899 22,073 - -	Programme development & interpretation £ 5,119 - - - -	Eleemosynary £ - 16,175 - - (1,302)	Governance costs £ - 5,216 - - -
760,152 176,751 82,463 242,747 192,499	57,654 5,523 2,577 7,586 6,015	342,054 165,704 77,310 227,575 180,467	176,450 82,852 38,656 113,788 90,233	5,119 5,523 2,577 7,586 6,016	14,873 5,523 2,577 7,586 6,016	5,216 110,469 51,539 151,717 14,587	1,361,518 552,345 257,699 758,585 495,833	1,397,260 515,875 395,581 958,288 479,118
1,454,612 133,411	79,355 4,169	993,110 125,073	501,979 62,537	26,821 4,169	36,575 4,169	333,528 (333,528)	3,425,980 -	3,746,122 -
1,588,023	83,524	1,118,183	564,516	30,990	40,744	-	3,425,980	3,746,122
1,378,443	408,417	1,120,984	691,396	110,465	36,417	-

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

6b Analysis of expenditure (previous 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
	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
1,297,152 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 -
1,378,443	408,417	1,120,984	691,396	110,465	36,417	-	3,746,122

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

7 Net income / (expenditure) for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
	2024	2023
	£	£
Depreciation - Land, Buildings and Freehold Improvements	434,512	423,771
Depreciation - Furniture and Equipment	61,321	55,347
Auditor's remuneration (excluding VAT):
Audit	16,000	11,800
Other services	1,140	1,050

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

Staff costs were as follows:

Salaries and wages Redundancy and termination costs Social security costs Employer’s contribution to defined contribution pension schemes Other employee costs	2024 £ 1,057,345 35,141 98,826 54,888 20,913	2023 £ 1,293,181 - 105,114 67,896 42,872
	1,267,113	1,509,063

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:
	2024	2023
	No.	No.
£70,000 - £79,999	1	-
£100,000 - £109,999	1	1

The total employee benefits including employer pension contributions and employer national insurance of the key management personnel, who are the principal officers, were £238,040 (2023: £256,493).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil). No trustee received reimbursement of travel and subsistence costs (2023: £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	2024 No. 3 8 15 5	2023 No. 6 18 23 5
	30	52

The average number of staff employees (full time equivalent) during the year was 32 (2023: 38).

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 2024

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. For the year end 31 March 2024 costs attribtuable to the Underwood Estate exceeded the income receivable and therefore the charity is due a receipt of £1,302 from St Botolph Without Bishopsgate (2023: payment due £3,739). At 31 March 2024 £32,326 (2023: £33,628) 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

£ 11,300,055 30,400 - (62,181) Freehold land and building and freehold improvements	Furniture and equipment £ 1,268,298 71,234 - -	Total £ 12,568,353 101,634 - (62,181)
11,268,274	1,339,532	12,607,806
4,472,055 434,512 -	986,952 61,321 -	5,459,007 495,833 -
4,906,567	1,048,273	5,954,840
6,361,707	291,259	6,652,966
6,828,000	281,346	7,109,346

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.

As stated in Note 24, one of the properties held in freehold land and buildings was sold after the end of the year. The year end value has been adjusted to reflect the actual sales value achieved which has resulted in the impairment in value as disclosed above.

All of the above assets are used for charitable purposes.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

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 2024

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 £ 701,400 - - -	Endowment funds	Endowment funds	2024 £ 24,182,493 56,770 (1,400,000) 275,156	2023 £ 29,933,955 28,279 (2,700,000) (3,079,741)
		Properties £ 20,097,100 50,790 - 217,377	UK common investment funds £ 3,383,993 5,980 (1,400,000) 57,779
	701,400	20,365,267	2,047,752	23,114,419	24,182,493

The Group and Charity (prior year)

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

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, 2021/22 and 2022/23 year ends with changes in valuation being applied across the portfolio as deemed appropriate. This process was repeated in 2023/24 using a different 3 properties. As a result we judge the fair value of General Estate properties has decreased by £635 (2023 decreased: £149,335) and Underwood Estate properties has increased by £218,012 (2023 decrease: £2,235,690). The non-endowment property increased in value by £nil (2023 decrease: £53,600 ). 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 2024

13 Investments (continued)

Analysis of endowment funds between Estates

Underwood Estate General Estate	Properties £ 16,030,000 4,335,267	UK common investment funds £ 1,370,813 676,939	2024 Total £ 17,400,813 5,012,206	Properties £ 15,791,000 4,306,100	UK common investment funds £ 2,725,190 658,803	2023 Total £ 18,516,190 4,964,903
	20,365,267	2,047,752	22,413,019	20,097,100	3,383,993	23,481,093

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	2024 2023 £ £ 2,047,752 3,383,993 21,066,667 20,798,500 - - 23,114,419 24,182,493 The group	2024 2023 £ £ 2,047,752 3,383,993 21,066,667 20,798,500 - - 23,114,419 24,182,493 The group	2024 2023 £ £ 2,047,752 3,383,993 21,066,667 20,798,500 1 1 23,114,420 24,182,494 The charity	2024 2023 £ £ 2,047,752 3,383,993 21,066,667 20,798,500 1 1 23,114,420 24,182,494 The charity
	23,114,419	24,182,493	23,114,420	24,182,494

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

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	2024 £ 570,672 (259,398)	2023 £ 420,617 (215,889)
	311,274 (421,238)	204,728 (369,078)
	(109,964) -	(164,350) -
	(109,964) -	(164,350) -
	(109,964)	(164,350)
	(478,331) (109,964)	(313,981) (164,350)
	(588,295)	(478,331)
	2024 £ 1 (588,296)	2023 £ 1 (478,332)
	(588,295)	(478,331)

15 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:	2024	2023
	£	£
Gross income	1,671,637	1,763,262
Result for the year	(1,632,689)	(5,719,166)

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

16 Debtors

Trade debtors Investment property accrued income Other debtors and prepayments	2024 2023 £ £ 98,905 76,142 150,718 92,579 92,685 59,346 342,308 228,067 The group	2024 2023 £ £ 98,905 76,142 150,718 92,579 92,685 59,346 342,308 228,067 The group	2024 2023 £ £ 2,400 8,883 150,718 92,579 88,949 48,987 242,067 150,449 The charity	2024 2023 £ £ 2,400 8,883 150,718 92,579 88,949 48,987 242,067 150,449 The charity
	342,308	228,067	242,067	150,449

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	2024 2023 £ £ 225,731 185,188 - 7,895 43,689 52,821 26,955 50,366 201,391 116,769 497,766 413,039 The group	2024 2023 £ £ 225,731 185,188 - 7,895 43,689 52,821 26,955 50,366 201,391 116,769 497,766 413,039 The group	2024 2023 £ £ 224,318 185,275 - 7,895 - 31,725 25,895 51,960 201,254 114,369 451,467 391,224 The charity	2024 2023 £ £ 224,318 185,275 - 7,895 - 31,725 25,895 51,960 201,254 114,369 451,467 391,224 The charity
	497,766	413,039	451,467	391,224

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 £54,888 (2023: £67,896).

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

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

Fixed asset investment properties Investments Net current (liabilities) / assets Tangible fixed assets Net (liabilities) / assets at 31 March 2024	General unrestricted £ 684,012 701,400 - (1,959,489)	Designated £ 3,954,287 - - -	Restricted £ - - - 42,568	Endowments Funds £ 2,014,667 20,365,267 2,047,752 2,344,958	Total funds £ 6,652,966 21,066,667 2,047,752 428,037
	(574,077)	3,954,287	42,568	26,772,644	30,195,422

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

Net assets at 31 March 2023 Tangible fixed assets Fixed asset investment properties Investments Net current (liabilities) / assets	General unrestricted £ (As restated) 659,386 701,400 - (1,163,837)	Designated £ 4,327,660 - - -	Restricted £ - - - 9,876	Endowments Funds £ (As restated) 2,122,300 20,097,100 3,383,993 1,709,004	Total funds £ 7,109,346 20,798,500 3,383,993 555,043
	196,949	4,327,660	9,876	27,312,397	31,846,882

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

20a Movements in funds (current year)

At 1 April 2023 (as restated - Note 23) £ Inquest Archive 2,546 Pink Jukebox Trophy - The Pilgrim Trust - Peter Campbell Mental Health Legacy Proj - 7,330 Total restricted funds 9,876 27,125,213 187,184 27,312,397 4,182,660 145,000 Total designated funds 4,327,660 General funds 675,280 5,002,940 32,325,213 BI Trading (478,331) 31,846,882 Revaluation Reserve Permanent Endowment funds (note 22): Endowment Fund Unrestricted funds: Designated funds: Development Fund Endowment Revaluation Reserve Restricted funds: Courses Bursary Fund Total unrestricted funds Total funds Total funds of the charity	Income £ - 2,000 16,000 30,758 -	Expenditure £ (2,546) (2,000) (2,851) (8,669) -	Transfers, gains and losses £ - - - - -	At 31 March 2024 £ - - 13,149 22,089 7,330
9,876	48,758	(16,066)	-	42,568
27,125,213 187,184	709,589 -	(732,976) (19,752)	(496,614) -	26,605,212 167,432
27,312,397	709,589	(752,728)	(496,614)	26,772,644
4,182,660 145,000	- -	(367,986) (5,387)	- -	3,814,674 139,613
4,327,660	-	(373,373)	-	3,954,287
675,280	232,526	(1,603,177)	709,589	14,218
5,002,940	232,526	(1,976,550)	709,589	3,968,505
32,325,213 (478,331)	990,873 570,672	(2,745,344) (680,636)	212,975 -	30,783,717 (588,295)
31,846,882	1,561,545	(3,425,980)	212,975	30,195,422

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

Total Funds of the Charity 2024

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 £666,926.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

20b Movements in funds (prior year) (As restated - Note 23)

At 1 April 2022 (as restated - Note 23) £ - - 8,479	Income £ 1,550 2,546 30	Expenditure £ (1,550) - (1,179)	Transfers, gains and losses £ - - -	At 31 March 2023 (as restated - Note 23) £ - 2,546 7,330
8,479	4,126	(2,729)	-	9,876
30,832,175 205,517	880,222 -	(680,821) (18,333)	(3,906,363) -	27,125,213 187,184
31,037,692	880,222	(699,154)	(3,906,363)	27,312,397
4,547,177 150,000	- -	(364,517) (5,000)	- -	4,182,660 145,000
4,697,177	-	(369,517)	-	4,327,660
1,644,466	293,947	(2,089,755)	826,622	675,280
6,341,643	293,947	(2,459,272)	826,622	5,002,940
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

Total Funds of the Charity 2023

The total funds of the charity in table 20b 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 2024

20c Movements in funds - purposes of funds

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 2023/24 financial year.

Inquest Archive

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

The Peter Campbell Mental Health Legacy Project

The Pilgrim Trust

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
	2024	2023
	£	£
Transfer from permanent endowment to general fund
This represents the transfer of unapplied total return allocated to income in the year	709,589	880,222

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

Notes to the financial statements

For the year ended 31 March 2024

22a Total return approach for investment of permanent endowment funds (current year)

Trust for investment £ 2,771,202 -	Unapplied total return £ - 24,541,195	Total endowment £ 2,771,202 24,541,195
2,771,202	24,541,195	27,312,397
- 88,678 - - - -	- (88,678) - 709,589 212,975 (752,728)	- - - 709,589 212,975 (752,728)
88,678	81,158	169,836
-	(709,589)	(709,589)
88,678	(628,431)	(539,753)
2,859,880 -	- 23,912,764	2,859,880 23,912,764
2,859,880	23,912,764	26,772,644

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

22b Total return approach for investment of permanent endowment funds (prior year)

Trust for investment £ 2,516,986 -	Unapplied total return £ - 28,520,706	Total endowment £ 2,516,986 28,520,706
2,516,986	28,520,706	31,037,692
- 254,216 - - - -	- (254,216) - 880,222 (3,026,141) (699,154)	- - - 880,222 (3,026,141) (699,154)
254,216	(3,099,289)	(2,845,073)
-	(880,222)	(880,222)
254,216	(3,979,511)	(3,725,295)
2,771,202 -	- 24,541,195	2,771,202 24,541,195
2,771,202	24,541,195	27,312,397

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2024

Unrestricted	Restricted Endowment 31 March 2023	Restricted Endowment 31 March 2023	Total	Unrestricted	Restricted Endowment 1 April 2022	Restricted Endowment 1 April 2022	Total
£'000 3,630,189 894,420	£'000 9,876 -	£'000 28,206,817 (894,420)	£'000 31,846,882 -	£'000 5,211,242 816,420	£'000 8,479 -	£'000 31,854,112 (816,420)	£'000 37,073,833 -
4,524,609	9,876	27,312,397	31,846,882	6,027,662	8,479	31,037,692	37,073,833
Unrestricted			Total
£'000 (1,581,053) 78,000	£'000 1,397 -	£'000 (3,647,295) (78,000)	£'000 (5,226,951) -
(1,503,053)	1,397	(3,725,295)	(5,226,951)

24 Post Balance Sheet Events

On 9 August 2024 the sale of the freehold of 228 Bishopsgate was completed for £1,200,000. The ground floor retail element of this property was held as part of the investment properties making up the General Estate whilst the upper floors were part of the freehold land and buildings included in fixed assets. The value of this property as at 31 March 2024 has therefore been adjusted to reflect the sales value achieved which has resulted in a total impairment in value of £165,914, of this £62,181 is recognised in unrestricted funds.

THE BISHOPSGATE FOUNDATION

Report and Financial Statements 31 March 2024

Contents

For the year ended 31 March 2024

Reference and Administration Details

For the year ended 31 March 2024

Ex-officio

Co-opted

Reference and Administration Details

For the year ended 31 March 2024

Trustees’ Annual Report

For the year ended 31 March 2024

Trustees’ Annual Report

Trustees’ Annual Report

For the year ended 31 March 2024

Public benefit

Charitable Activities

Trustees’ Annual Report

For the year ended 31 March 2024

Financial Review

Review 2023-24

Trustees’ Annual Report

For the year ended 31 March 2024

Investment Policy

Property

For the year ended 31 March 2024

Reserves policy

Total Return Accounting

For the year ended 31 March 2024

Going concern

Risk management

Trustees’ Annual Report

For the year ended 31 March 2024

For the year ended 31 March 2024

Fundraising

Organisation and Governance

Legal status

Objectives and activities

Trustees’ Annual Report

For the year ended 31 March 2024

Board of Trustees

For the year ended 31 March 2024

Trustee selection process

Trustee induction and training

Management

For the year ended 31 March 2024

Pay policy for senior staff

Statement of responsibilities of the Trustees

Trustees’ Annual Report

For the year ended 31 March 2024

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

To the members of

The Bishopsgate Foundation

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

To the members of

The Bishopsgate Foundation

Capability of the audit in detecting irregularities

To the members of

The Bishopsgate Foundation

Use of our report

The Bishopsgate Foundation

For the year ended 31 March 2024

Balance sheets

As at 31 March 2024

Consolidated statement of cash flows

For the year ended 31 March 2024

Notes to the financial statements

For the year ended 31 March 2024

1 Accounting policies