2025-03-31-accounts

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THE BISHOPSGATE FOUNDATION

Report and Financial Statements 31 March 2025

Company number: 4362659 Charity number: 1090923

The Bishopsgate Foundation

For the year ended 31 March 2025

Reference and Administrative details ................................................................................. 1 Trustees’ Annual Report ..................................................................................................... 3 Independent Auditor’s Report ........................................................................................... 17 Statement of financial activities ......................................................................................... 22 Balance sheet ................................................................................................................... 23 Statement of cashflows ..................................................................................................... 24 Notes to the financial statements ...................................................................................... 25

The Bishopsgate Foundation

Reference and Administration Details

For the year ended 31 March 2025

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)

Nathan Smith

Benjamin McKnight

Co-opted

Julie Newlan Appointed 23 July 2024 Jonathan Clatworthy Abdullahi Bashe Nancy Kelley Sarah Aitchison Simon Demissie

Benjamin Ferguson Appointed 16 December 2024 Dr Matthew Lodder Appointed 24 March 2025 Elizabeth Pollock Appointed 24 March 2025 Robin Dey Appointed 24 March 2025

Anna Cornelius Retired 8 July 2024 Robert Hingley Resigned 9 July 2024 Nigel Pantling Resigned 9 July 2024 Richard McDonald Resigned 10 July 2024 Liz Gibbons Retired 7 October 2024

The Bishopsgate Foundation

Reference and Administration Details

For the year ended 31 March 2025

Su Moore Retired 24 March 2025 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’ Report

For the year ended 31 March 2025

Trustees’ Annual Report

The Trustees present their report and the audited financial statements for the year ended 31 March 2025.

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, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Overview

This has been a period of further transition for the charity, with the new Chair of Trustees taking up her post in September 2024 and a number of new Trustees replacing those retiring in the latter stages of 2024-25. This report will be signed by our Interim Chair while the Chair recovers from illness.

The charity continues to operate at a deficit, but this is reducing significantly year-onyear and the net expenditure before gains and losses on investments has reduced by 18% (£1,528k in 2024-25 versus £1,864k in 2023-24). Our income is recovering, and we have kept tight control of costs.

After the significant reduction in staff in July 2023, and the ensuing hiatus for much of the programme, the charity has focused its efforts on providing its charitable benefit through free access to our special collections & archives for researchers, for which record numbers of users and fetches are being recorded month on month. We have continued to offer in-person tours of our archives throughout the period, and items from our collections have featured in prestigious exhibitions, including The Cult of Beauty (Wellcome Collections), Resistance (Steve McQueen, Tate and Turner Contemporary) and Trancestry (Museum of Transology).

Elements of the public programme that are delivered with partners have continued to run successfully and to ever-increasing audiences over the year. These include social dances and the Sitz private rehearsals of a musical theatre score in a day. The yoga classes continue to sell out and we are considering adding additional classes to meet demand.

Overall, we are beginning to restore the public programme, with a mini season for Pride (June 2025) and preparing to welcome City workers back in the autumn of 2025 with carefully curated options for weekday lunchtimes and after work.

Meanwhile, we have prioritised venue hire in our spaces and have seen an increase in both the volume of converted enquiries and the diversity of sectors we

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

accommodate. Exams (in person and invigilated) are returning amid concerns around student cheating via AI, together with rehearsals (orchestras, musical theatre cast changes, plays and new work), filming (including commercial adverts, TV interviews and feature films) and unit bases (back of house for shoots happening nearby).

The strategic plan to diversify the assets held in the Endowment has begun with the sale of the first long leasehold achieved in August 2024 and a second property under offer at time of writing.

And finally, in response to the City of London Corporation refreshing its own strategies for culture, tourism, and the offer for workers and residents, the Institute is preparing to re-open the free Reading Room in early September 2025 to provide a quiet respite space to work, read or just escape.

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.

Core to our offer are the special collections & 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 welcomed 2,483 visitors to the archives between April 2024 and March 2025. Of these, 1,251 were first time researchers.

For 11 months of the financial year (closed in December 2024 for stock take) we completed 7,547 research requests, broken down as follows:

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

LGBTQ+ History	3,642
London History	971
Labour History	865
Feminist & Women's History	858
Protest & Campaigning	752
Humanism & Freethought	230
Great Diary Project	149
Co-operative Movement	80
TOTAL	7,547

Over the year, the following were the top ten most used collections:

LGBTQ+ reference library	1,060
London reference library	308
Switchboard	257
Feminist Library Ephemera	241
Lesbian and Gay Newsmedia Archive (LAGNA)		196
Feminist Library Pamphlets	163
Format	161
Labour reference library	156
British Humanists	150
Raphael Samuel	140

Thanks to the generous Archives Revealed grant we received in 2024 (National Archives, Pilgrim Trust and Wolfson Trust), the Terrence Higgins Trust collection is almost completely catalogued (project ends in August 2025).

Significant archive collections acquired during the year include those of Blair Peach, Defend Council Housing, Under The Counter, Rudi Inhelder, and Tuppy Owens.

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

Where staff capacity permits, we continue to curate launch events for newlycatalogued archives in partnership with the donor or their communities, as well as free drop-in open days for specific collections, such as the UK Leather & Fetish Archive.

However, our programme of larger scale events interpreting and responding to the collections, such as the Kink in the Archives whole building take-overs, have been put on hold because there has been insufficient staff capacity following the August 2023 restructure to be able to deliver these.

The restructure in August 2023 significantly reduced our staffing, and as a result most of the public programme has been 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 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, as well as combatting isolation and supporting communities.

These events are produced and promoted in partnership: Bishopsgate Ballroom and The London Globe (Nick Miles, ProAm Champions and Stardance); 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) and Queer Salsa (Queer Salsa London), who joined the programme in 2024. We co-host two Ballroom and Latin competitions in the year: The Pink Jukebox Trophy and The London Globe.

Plans for the future

The strategic and financial plan for the next five years is to be discussed and signed off at the July 2025 Board. The recovery plan, implemented in 2024-25, continues to bear fruit, with our actuals supporting the assumptions made within it (eg that venue hire income can increase significantly without damage to reputation or the building and without clashing with potential public programme slots, that endowment income will continue to recover, including through sale of long leaseholds and reinvestment in more liquid asset classes, and that a tight control on costs can reduce outgoings).

The recruitment freeze is part of the cost control, and this has had a significant impact on staff capacity. However, by outsourcing social media management to a specialist agency, by improving our website search engine optimisation, and by

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

beginning to programme some courses and events again, the profile of and engagement with the Institute by audiences is beginning to recover.

A priority is alignment with the City of London Corporation’s refreshed culture strategy, to which we have contributed directly. The Corporation wishes to entice workers back to the office, particularly on Mondays and Fridays, and needs the cultural offer of the Square Mile to make this an attractive proposition. The Destination City strategy relates both to people already here (residents and workers) and to visitors and tourists, and we are considering an application to a dedicated grant pot intended to enable cultural providers to provide this attractive proposition.

We are also contributing to the City Belonging project, which nurtures networks within the City (such as LGBTQIA+), and have begun collaborating with our Business Improvement District, Aldgate Connect, which sponsored the refreshments are our recent – and inaugural – reception for City networks to celebrate Pride month. The City social media and comms teams are already featuring Institute content, and we have plans for specific filmed content in the months ahead. Transport for London have featured the Institute and Switchboard, whose archive we hold, in a Londonwide poster campaign going live in July 2025.

All of this will amplify our offer and put the Institute in front of new-to-us audiences ahead of a planned restarted programme of courses and classes in the autumn, specifically targeted to those working or living nearby.

To test our capacity, and make the most of Pride month, we have programmed a mini season of talks, courses and events for June 2025 which have all broken even, if not sold out, and have taken place both in person and online. It’s a challenge with such a reduced staff team, but given the response we have received, we are confident of demand and can factor the cost of additional staff to support a wider rollout into the costings for the restored programme.

Meanwhile, we continue to evaluate venue hire performance, including returning clients and repeat business, and have established the most in-demand days and times for our hires, which do not clash with the times we intend to programme courses, classes and events.

Financial Review

Review 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

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

2024-25 of £1,190,694 (2023-24: deficit £1,480,615). 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 showed a deficit of £1,031,575 - a decrease of £457,498.

The 2024-25 financial year showed a deficit of £1,650,578 including net losses on investments of £122,181, overall; our total funds were £28,544,844; in 2024-25 we sold £250k of M&G investment units to fund this deficit and £450k of funds from the sale of a property.

Investment income of £769,701 (2023-24: £752,598) 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 90:10. (2023-24: 85:15)
Venue Hire income continued to diversify and strengthen growing 12% on the prior year (from £570,672 in 2023-24 to £641,106 in 2024-25). The spread of income from different types of events is encouraging.
Courses income dropped to £17,156 from £33,318 in 2023-24 due to scaling back this programme to just one course.
Events income remained constant at £139,211 from £139,006 in 2023-24.
Grants and donations Grant income dropped slightly from £17,316 in 202324 to £12,358 in 2024-25.
Expenditure decreased by 9% from £3,425,980 in 2023-24 to £3,118,623 in 2024-25; we continue to reduce costs, reviewing contracts and challenging expenditure wherever possible.

Investment Policy

As at 31 March 2025, Trustees are continuing 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 August 2024, the next sale is currently underway (under offer) and we are in the midst of the legal process.

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 granting long leaseholds.

Financial assets

Under the policy relating to financial assets:

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

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; and
The proceeds of sale of long leaseholds will be reinvested into a portfolio of financial assets across different asset classes, maturity and liquidity categories.

Reserves policy

The Endowment reserves are made up of:

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

The income from investment properties and listed investments is utilised by the Bishopsgate Foundation to fund charitable activities. At 31 March 2025, the value of the Endowment reserves was £25,970,169 (2023-24: £26,772,644).

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 2025 totalled £2,544,436, including Designated Funds of £3,576,011.

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.

The decision has been made to transfer the total investment income for the year (£711,589) from the unapplied total return to income.

As at 31 March 2025, the value of the Trust for investment, adjusted for inflation, amounted to £2,934,237, and the value of the Unapplied Total Return was £23,035,932.

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

Because the Trustees decided to adopt Total Return Accounting, 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 Trustees are prepared to tolerate an ongoing negative free reserves position. As the charity holds fixed assets of £752,653 and an investment property of £701,400, the charity’s free reserves were a negative £2,485,628, net of short term investments. For details see note 19a.

The reserves policy is monitored by the Finance Committee. 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 deficit in 2024-25; however it was 16% lower than the deficit in 2023-24 as during the course of the year steps were taken with the aim of eliminating deficits and achieving a financially sustainable operating model, including:

A recruitment freeze throughout the year;
Prioritisation of venue hire;
A revised investment strategy; and
The adoption of Total Return Accounting.

It is nonetheless expected that the charity will continue to incur deficits for at least the next three 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.

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

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 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 3 months of 2025-26 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. We also commissioned an independent audit of our IT systems (a PEN test) which identified a few issues which are in the process of being addressed.

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 significant downsizing of the staff in summer 2023 has reduced our capacity but not our ambition or the demands on staff time. 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.

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

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.

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

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

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 (21 July 2025), the Board of Trustees comprises one Ex-Officio Trustee, two Parish Nominee Trustees and eight Co-opted Trustees – a total of thirteen.

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.

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

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 (meets at least four times a year, including for audit review)
Engagement (replacing Programme Committee from June 2024)
Asset Management (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

The Bishopsgate Foundation

Trustees’ Report

For the year ended 31 March 2025

Botolph's without Bishopsgate, Christchurch Spitalfields and St Leonard's Shoreditch.

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

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’ Report

For the year ended 31 March 2025

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 21 July 2025 and signed on their behalf by

Father David Armstrong, Interim Chair of Trustees 21 July 2025

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 2025 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 2025 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
Have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Foundation's ability to continue as a going concern for a

Independent auditor’s report To the members of The Bishopsgate Foundation

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 24 July 2025

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 2025

Unrestricted £ 8,058 17,156 10,694 139,211 641,106 58,112	Designated £ - - - - - -	Restricted £ 4,300 - - - - -	Endowment £ - - - - - 711,589	2025 Total £ 12,358 17,156 10,694 139,211 641,106 769,701 1,590,226 1,416,112 31,800 1,042,822 559,467 24,483 43,939 1,702,511 3,118,623 (1,528,397) (143,788) 21,607 (1,650,578) - (1,650,578) -	2024 Total £ 17,316 33,318 48,635 139,006 570,672 752,598
874,337	-	4,300	711,589		1,561,545
624,430 26,690 873,893 481,816 19,373 38,829	151,310 4,728 141,854 70,928 4,728 4,728	- - 15,629 1,000 - -	640,372 382 11,446 5,723 382 382		1,588,023 83,524 1,118,183 564,516 30,990 40,744
1,440,601	226,966	16,629	18,315		1,837,957
2,065,031	378,276	16,629	658,687		3,425,980
(1,190,694) - 21,607	(378,276) -	(12,329) -	52,902 (143,788)		(1,864,435) 275,156 -
(1,169,087) 711,589	(378,276) -	(12,329) -	(90,886) (711,589)		(1,589,279) -
(457,498) -	(378,276) -	(12,329) -	(802,475) -		(1,589,279) (62,181)
(457,498)	(378,276)	(12,329)	(802,475)	(1,650,578) 30,195,422 28,544,844	(1,651,460)
(574,077)	3,954,287	42,568	26,772,644		31,846,882
(1,031,575)	3,576,011	30,239	25,970,169		30,195,422

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 2025

2025 2024 £ £ 5,863,075 6,652,966 21,974,266 23,114,419 27,837,341 29,767,385 4,323 5,106 472,017 342,308 742,009 - 228,736 578,389 1,447,085 925,803 (739,582) (497,766) 707,503 428,037 28,544,844 30,195,422 30,239 42,568 25,970,169 26,772,644 3,576,011 3,954,287 (458,965) 14,218 (572,610) (588,295) 2,544,436 3,380,210 28,544,844 30,195,422 The group	2025 2024 £ £ 5,863,075 6,652,966 21,974,266 23,114,419 27,837,341 29,767,385 4,323 5,106 472,017 342,308 742,009 - 228,736 578,389 1,447,085 925,803 (739,582) (497,766) 707,503 428,037 28,544,844 30,195,422 30,239 42,568 25,970,169 26,772,644 3,576,011 3,954,287 (458,965) 14,218 (572,610) (588,295) 2,544,436 3,380,210 28,544,844 30,195,422 The group	2025 2024 £ £ 5,863,075 6,652,966 21,974,267 23,114,420 27,837,342 29,767,386 4,323 5,106 353,290 242,067 742,009 - 224,978 553,699 1,324,600 800,872 (538,237) (451,467) 786,363 349,405 28,623,705 30,116,791 30,239 42,568 25,970,169 26,772,644 3,576,011 3,954,287 (952,714) (652,708) - - 2,623,297 3,301,579 28,623,705 30,116,791 The charity	2025 2024 £ £ 5,863,075 6,652,966 21,974,267 23,114,420 27,837,342 29,767,386 4,323 5,106 353,290 242,067 742,009 - 224,978 553,699 1,324,600 800,872 (538,237) (451,467) 786,363 349,405 28,623,705 30,116,791 30,239 42,568 25,970,169 26,772,644 3,576,011 3,954,287 (952,714) (652,708) - - 2,623,297 3,301,579 28,623,705 30,116,791 The charity
27,837,341 4,323 472,017 742,009 228,736	29,767,385 5,106 342,308 - 578,389	27,837,342 4,323 353,290 742,009 224,978	29,767,386 5,106 242,067 - 553,699
1,447,085 (739,582)	925,803 (497,766)	1,324,600 (538,237)	800,872 (451,467)
707,503	428,037	786,363	349,405
28,544,844	30,195,422	28,623,705	30,116,791
30,239 25,970,169 3,576,011 (458,965) (572,610)	42,568 26,772,644 3,954,287 14,218 (588,295)	30,239 25,970,169 3,576,011 (952,714) -	42,568 26,772,644 3,954,287 (652,708) -
2,544,436	3,380,210	2,623,297	3,301,579
28,544,844	30,195,422	28,623,705	30,116,791

Approved by the trustees on 21 July 2025 and signed on their behalf by

Father David Armstrong, Interim Chair of Trustees

The Bishopsgate Foundation

Consolidated statement of cash flows

For the year ended 31 March 2025

For the year ended 31 March 2025
Net (expenditure) for the reporting period (as per the statement of financial activities) Depreciation charges Losses/(Gains) on investments (Gains) on short term investments Dividends, interest and rent from investments Decrease/(increase) in stocks (Increase) in debtors Increase in creditors Net cash used in operating activities Proceeds from sale of investment property Proceeds from sale of fixed assets Purchase of short term investments Proceeds from sale of short term investments Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash flows from operating activities Cash flows from investing activities: Cash and cash equivalents at the end of the year Dividends, interest and rents from investments Purchase of fixed assets Proceeds from sale of investments Purchase of investments Net cash provided by investing activities	2025 £ (1,650,578) 476,060 143,788 (21,607) (769,701) 783 (129,709) 241,816	(1,709,148)	2024 £ (1,589,279) 495,833 (275,156) - (752,598) (920) (114,241) 84,727	(2,151,634)
	769,701 750,267 449,733 (135,902) (1,170,402) 450,000 250,000 (3,902)		752,598 - - (101,634) - - 1,400,000 (56,770)
		1,359,495		1,994,194

		(349,653) 578,389		(157,440) 735,829
		228,736		578,389

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2025

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 2025

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 which is represented by the Institute buildings, the investment properties and financial investments, is managed on a total return basis. The trustees at their discretion may allocate any part of the unapplied total return to the general purposes of the charity.

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.

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 2025

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 2025

2 Detailed comparatives for the statement of financial activities

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
803,198	-	48,758	709,589	1,561,545
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
1,568,151 2,283,813	224,024 373,373	16,066 16,066	29,716 752,728	1,837,957 3,425,980
(1,480,615) -	(373,373) -	32,692 -	(43,139) 275,156	(1,864,435) 275,156
(1,480,615) 709,589	(373,373) -	32,692 -	232,017 (709,589)	(1,589,279) -
(771,026) -	(373,373) -	32,692 -	(477,572) (62,181)	(1,589,279) (62,181)
(771,026)	(373,373)	32,692	(539,753)	(1,651,460)
196,949	4,327,660	9,876	27,312,397	31,846,882
(574,077)	3,954,287	42,568	26,772,644	30,195,422

3 Income from donations

Grants Donations	Unrestricted £ 1,750 6,308	Restricted £ 3,000 1,300	2025 Total £ 4,750 7,608	Unrestricted £ 3,500 11,816	Restricted £ 2,000 -	2024 Total £ 5,500 11,816
	8,058	4,300	12,358	15,316	2,000	17,316

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2025

4 Income from other trading activities

Income from other trading activities
Venue hire income	2025 Total £ 641,106	2024 Total £ 570,672
	641,106	570,672

Venue hire income is all 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

Income from investments
Bank deposit income Rents receivable Insurance receivable Income from listed investments	General funds £ 49,333 1,984 - 6,795	Endowment funds £ 626,140 7,692 77,757 -	2025 Total £ 675,473 9,676 77,757 6,795	General funds £ 41,073 - - 1,936	Endowment funds £ 575,727 18,037 115,825 -	2024 Total £ 616,800 18,037 115,825 1,936
	58,112	711,589	769,701	43,009	709,589	752,598

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

Insurance receivable Income from listed investments Rents receivable	General Estate £ 175,825 1,301 49,485	Underwood Estate £ 450,315 6,391 28,272	2025 Total £ 626,140 7,692 77,757	General Estate £ 212,631 7,125 28,072	Underwood Estate £ 363,096 10,912 87,753	2024 Total £ 575,727 18,037 115,825
	226,611	484,978	711,589	247,828	461,761	709,589

Future rents receivable from investment properties based on current leases as at 31 March 2025 were as follows:

	Within 1			After 5
	year	1-2 years	2-5 years	years
Rents receivable	748,146	611,283	1,473,920	3,645,472

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2025

6a Analysis of expenditure (current year)

Cost of raising funds £ 124,191 48,224 36,520 423,736 -			Charitable activities	Charitable activities			2025 Total £ 427,662 257,854 58,357 423,736 5,531	2024 Total £ 508,528 299,023 56,495 498,774 (1,302)
	Courses £ 1,098 5,555 664 - -	Library & Archives £ 220,098 78,820 9,427 - -	Events £ 82,275 98,209 11,746 - -	Programme development & interpretation £ - - - - -	Eleemosynary £ - 13,925 - - 5,531	Governance costs £ - 13,121 - - -
632,671 213,712 52,056 204,448 185,043	7,317 6,678 1,627 6,389 5,783	308,345 200,355 48,802 191,670 173,478	192,230 100,177 24,401 95,835 86,738	- 6,678 1,627 6,389 5,783	19,456 6,678 1,627 6,389 5,783	13,121 133,570 32,535 127,780 13,452	1,173,140 667,848 162,675 638,900 476,060	1,361,518 552,345 257,699 758,585 495,833
655,259 128,182	20,477 4,006	614,305 120,172	307,151 60,086	20,477 4,006	20,477 4,006	307,337 (320,458)	1,945,483 -	2,064,462 -
1,416,112	31,800	1,042,822	559,467	24,483	43,939	-	3,118,623	3,425,980
1,588,023	83,524	1,118,183	564,516	30,990	40,744	-

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2025

6b Analysis of expenditure (prior 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)
	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
694,460 133,411	21,701 4,169	651,056 125,073	325,529 62,537	21,702 4,169	21,702 4,169	328,312 (333,528)	2,064,462 -
1,588,023	83,524	1,118,183	564,516	30,990	40,744	-	3,425,980

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2025

7 Net (expenditure) / income for the year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
	2025	2024
	£	£
Depreciation	476,060	495,833
Auditor's remuneration (excluding VAT):
Audit	17,500	16,000
Other services	800	1,140

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

Staff costs were as follows:

Staff costs were as follows:	Salaries Rec
Salaries and wages Redundancy and termination costs Social security costs Employer’s contribution to defined contribution pension schemes Other employee costs	2025 £ 920,153 - 79,187 48,174 19,048	2024 £ 1,057,345 35,141 98,826 54,888 20,913
	1,066,562	1,267,113

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

exceeding £60,000 during the year between:
	2025	2024
	No.	No.
£70,000 - £79,999	1	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 £205,651 (2024: £223,040).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (2024: £nil). No trustee received reimbursement of travel and subsistence costs (2024: £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:

Governance Raising funds Cultural programme Support	2025 No. 4 5 15 2	2024 No. 3 8 15 5
	26	30

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 2025

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 the amount payable is £5,394 (2024: repayment due £1,302). At 31 March 2024 £5,394 (2024: £32,326) was outstanding at the year end.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

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
Impairment to fixed assets 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	£ 11,268,274 111,671 (487,819) - Freehold land and building and freehold improvements	Furniture and equipment £ 1,339,532 24,231 - -	Total £ 12,607,806 135,902 (487,819) -
	10,892,126	1,363,763	12,255,889
	4,906,567 419,514 (38,086)	1,048,273 56,546 -	5,954,840 476,060 (38,086)
	5,287,995	1,104,819	6,392,814
	5,604,131	258,944	5,863,075
	6,361,707	291,259	6,652,966

Land with a value of £1,000,000 (2024: £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 2025

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 2025

13 Investments

The Group and Charity (current year)

The Group and Charity (current year)
Additions Disposals Revaluation during the year Fair value at the end of the year Fair value at the start of the year	Properties £ 701,400 - - -	Endowment funds		2025 £ 23,114,419 3,902 (1,000,267) (143,788)	2024 £ 24,182,493 56,770 (1,400,000) 275,156
		Properties £ 20,365,267 - (750,267) (115,000)	UK common investment funds £ 2,047,752 3,902 (250,000) (28,788)
	701,400	19,500,000	1,772,866	21,974,266	23,114,419

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 £ 701,400 - - -	Endowment funds	Endowment funds	2024 £ 24,182,493 56,770 (1,400,000) 275,156
		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

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 to 2023/24 year ends with changes in valuation being applied across the portfolio as deemed appropriate. This process was repeated in 2024/25 using 2 of the properties. As a result we judge the fair value of General Estate properties has increased by £455,000 (2024 decreased: £635) and Underwood Estate properties has decreased by £570,000 (2024 decrease: £218,012). The non-endowment property increased in value by £nil (2024 increase: £nil ). 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 2025

13 Investments (continued)

Analysis of endowment funds between Estates

Underwood Estate General Estate	Properties £ 15,460,000 4,040,000	UK common investment funds £ 1,104,769 668,097	2025 Total £ 16,564,769 4,708,097	Properties £ 16,030,000 4,335,267	UK common investment funds £ 1,370,813 676,939	2024 Total £ 17,400,813 5,012,206
	19,500,000	1,772,866	21,272,866	20,365,267	2,047,752	22,413,019

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	2025 2024 £ £ 1,772,866 2,047,752 20,201,400 21,066,667 - - 21,974,266 23,114,419 The group	2025 2024 £ £ 1,772,866 2,047,752 20,201,400 21,066,667 - - 21,974,266 23,114,419 The group	2025 2024 £ £ 1,772,866 2,047,752 20,201,400 21,066,667 1 1 21,974,267 23,114,420 The charity	2025 2024 £ £ 1,772,866 2,047,752 20,201,400 21,066,667 1 1 21,974,267 23,114,420 The charity
	21,974,266	23,114,419	21,974,267	23,114,420

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2025

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 profit (loss) Turnover Cost of sales Interest payable Profit/(Loss) on ordinary activities Taxation on profit/(loss) on ordinary activities Profit/(Loss) for the financial year The aggregate of the assets, liabilities and funds was: Assets Liabilities Retained earnings Profit/(Loss) for the financial year Total retained earnings carried forward Funds Parent charity Gross income Result for the year The parent charity's gross income and the results for the year are disclosed as follows:	2025 £ 641,106 (208,935)	2024 £ 570,672 (259,398)
	432,171 (416,486)	311,274 (421,238)
	15,685 -	(109,964) -
	15,685 -	(109,964) -
	15,685	(109,964)
	(588,295) 15,685	(478,331) (109,964)
	(572,610)	(588,295)
	2025 £ 1 (572,611)	2024 £ 1 (588,296)
	(572,610)	(588,295)
	2025 £ 1,567,593 (1,673,209)	2024 £ 1,671,637 (1,632,689)

15 Parent charity

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2025

16 Debtors

Debtors	Debtors	Debtors
2025 2024 £ £ 121,127 98,905 133,976 150,718 216,914 92,685 472,017 342,308 Short term investments Fair value at the start of the year Additions Disposals Revaluation during the year Fair value at the end of the year Analysis of short term investments between general and endowment funds: General funds Endowment funds The Group and Charity The group Investment property accrued income Other debtors and prepayments Trade debtors			2025 2024 £ £ 2,400 2,400 133,976 150,718 216,914 88,949 353,290 242,067 2025 2024 £ £ - - 1,170,402 - (450,000) - 21,607 - 742,009 - 742,009 - - - 742,009 - The charity
	472,017	342,308	353,290	242,067
			2025 £ - 1,170,402 (450,000) 21,607	2024 £ - - - -
			742,009	-
			742,009 -	- -
			742,009	-

17. Short term investments

Short term investments represent units held within BlackRock Institutional Cash Series Sterling Government Liquidity Premium funds

18 Creditors: amounts falling due within one year

Trade Creditors Payments received on account Sundry creditors and accruals Taxation and social security	2025 2024 £ £ 278,539 225,731 221,229 43,689 53,468 26,955 186,346 201,391 739,582 497,766 The group	2025 2024 £ £ 278,539 225,731 221,229 43,689 53,468 26,955 186,346 201,391 739,582 497,766 The group	2025 2024 £ £ 278,449 224,318 20,134 - 53,468 25,895 186,186 201,254 538,237 451,467 The charity	2025 2024 £ £ 278,449 224,318 20,134 - 53,468 25,895 186,186 201,254 538,237 451,467 The charity
	739,582	497,766	538,237	451,467

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2025

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

Short term investments Investments Net current (liabilities) / assets Net (liabilities) / assets at 31 March 2025 Tangible fixed assets Fixed asset investment properties	General unrestricted £ 752,653 701,400 - 742,009 (3,227,637)	Designated £ 3,576,011 - - - -	Restricted £ - - - - 30,239	Endowments Funds £ 1,534,411 19,500,000 1,772,866 - 3,162,892	Total funds £ 5,863,075 20,201,400 1,772,866 742,009 (34,506)
	(1,031,575)	3,576,011	30,239	25,970,169	28,544,844

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

Net current (liabilities) / assets Tangible fixed assets Net assets/(liabilities) at 31 March 2024 Fixed asset investment properties Investments	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

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2025

20a Movements in funds (current year)

At 1 April 2024 £ - - - 13,149 22,089 7,330	Income £ 1,000 300 3,000 - - -	Expenditure £ (1,000) (300) (13,149) (2,180) -	Transfers, gains and losses £ - - - -	At 31 March 2025 £ - - 3,000 - 19,909 7,330
42,568	4,300	(16,629)	-	30,239
26,605,212 167,432	711,589 -	(658,687) -	(687,945) (167,432)	25,970,169 -
26,772,644	711,589	(658,687)	(855,377)	25,970,169
3,814,674 139,613	- -	(372,889) (5,387)	- -	3,441,785 134,226
3,954,287	-	(378,276)	-	3,576,011
14,218	233,231	(1,439,610)	733,196	(458,965)
3,968,505	233,231	(1,817,886)	733,196	3,117,046
30,783,717 (588,295)	949,120 641,106	(2,493,202) (625,421)	(122,181) -	29,117,454 (572,610)
30,195,422	1,590,226	(3,118,623)	(122,181)	28,544,844

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

Total Funds of the Charity 2025

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 £493,749.

The Bishopsgate Foundation

Notes to the financial statements

For the year ended 31 March 2025

20b Movements in funds (prior year)

At 1 April 2023 £ 2,546 - - - 7,330	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

Total Funds of the Charity 2024

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 £666,926.

THE BISHOPSGATE FOUNDATION

Contents

For the year ended 31 March 2025

Reference and Administration Details

For the year ended 31 March 2025

Ex-officio

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

Co-opted

Reference and Administration Details

For the year ended 31 March 2025

Trustees’ Report

For the year ended 31 March 2025

Trustees’ Annual Report

Overview

Trustees’ Report

For the year ended 31 March 2025

Public benefit

Trustees’ Report

For the year ended 31 March 2025

Trustees’ Report

For the year ended 31 March 2025

Plans for the future

Trustees’ Report

For the year ended 31 March 2025

Financial Review

Review 2024-25

Trustees’ Report

For the year ended 31 March 2025

Investment Policy

Property

Financial assets

Trustees’ Report

For the year ended 31 March 2025

Reserves policy

Total Return Accounting

Trustees’ Report

For the year ended 31 March 2025

Going concern

Trustees’ Report

For the year ended 31 March 2025

Risk management

Trustees’ Report

For the year ended 31 March 2025

Fundraising

Organisation and Governance

Legal status

Board of Trustees

Trustees’ Report

For the year ended 31 March 2025

Trustee selection process

Trustees’ Report

For the year ended 31 March 2025

Trustee induction and training

Management

Pay policy for senior staff

Objectives and activities

Trustees’ Report

For the year ended 31 March 2025

Statement of responsibilities of the Trustees

Trustees’ Report

For the year ended 31 March 2025

Opinion

Basis for opinion

Conclusions relating to going concern

Other Information

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

Capability of the audit in detecting irregularities

Use of our report

The Bishopsgate Foundation

For the year ended 31 March 2025

Balance sheets

As at 31 March 2025

Consolidated statement of cash flows

For the year ended 31 March 2025

Notes to the financial statements

For the year ended 31 March 2025