Charity registiytion number I180Q77 Bingley Grammar School Foundation CIO Annual Repoit and Finan¢ial Statern¢nts for the Year Ended 30 September 2022 Bingley Grammar School Foundation CIO Contents Reference and Administrativ¢ D¢lails Trust¢e5' Report 2to5 Statem¢n¢ of Trustees, Responsibilities 1ndepe￿deE]t Auditors, Report 7t09 Stat¢ni¢nt of FinallC181 Activities 10 Balance Sheet Notes to the Financial Stateillents 12to20 Bingley Grammar School Foundation CIO Reference and Admillistrative Details Charity RÈgl$ti'atioD Numbei. 1180077 Ti'ustees Mr Chris Quinn (Chairl Mr Chris Conderson Mi. Andrew Cooke Mr Paul Fi'ear Mr B Yent Pitzpatri¢k Miss Lilly Chattoe Mr Kevin Kentiedy Mr Paul Patohett (resigned l D￿ernber 2021) Mr Johtt Tucker (resigned 6 April 2022) Mrs Pam Hely&r SeeretAry Bankei Barclays Bank PLC 77 Ntsrth Sircet Keighlcy West Yoi'kshire BD213SA Audilor Watson Bu¢kl¢ Limited Statutory Auditor & Chartered A£¢ountants Yol'k Hau5¢ Brddford BD16 IPE Solicitors Gordons l New Augustus Street Bradtord WE5t Yorkshire BDI 5LL Pri1￿Cipal Ofllee Bingley Gi'amm4r School Keighley Road Biiigley West Yorksliire BD162RS Page I Bingley Gramn)ar Sehool Foundation CIO Tyustees, Report The trustees present thr annual report together with the financial statements of tlie charity for the year ended 30 Septembei. 2022. Objecilves Attivltlts Obje¢/J ¢iiid Rlnis Bingley Granunar School Fout]dation CIO was established on 5 Octobei. 2018. Th6 tran5f¢r of fund5 atKI assets froTn tli¢ previous charity was completed at the beginning of Fcbi'uary 2019 at which point the original Foundation was wound up. The obje¢ts of th¢ CIO are: F providingi and maintaining for the School su¢h special benefits of any kind not nommlly provided by governmental or other publi¢ funds as part of the nomal running costs of the School As may from time to ¢Éme be agreed beiween the School's GOV￿￿Ing Body and the oharity trustecs,. awoydittg of scholai%hips, bursaries and maintenan¢e allowan¢es with a pref¢ren¢e for persons resident tn the priority area of the school and ptrsons who attend the School and live c)ut8ide Df the pi'inrity aira of the S¢hool, from time to time, providcd Éhal such pcrsons are undcT thc age of19 and in need of fEnancial as5lStattcc: E and promotion otedu¢ation through the giving of pi'Èz6s to pupils aJ]d former pupils of the School. AwaTds Iv the valur of £1635 w¢r¥ suppoit familitts with SLhuul uttifurm. A fund of up lo £3000 was made &vaÉlable to the School to be used at the di5cr¢tion of senioT Staff to support students with particular n¢cds. Ssgnificant work has been undemaken to C5tabltsh ¢riteria fnr proposals frDm s¢hoDI management requesting fit>ancial support fi'om thc Found&tinn. 11 has bc£n agrccd that up to £IOOk will bc availablc in 2021122 (and £50k paid to thc school in October 2022). PHbll¢ beiiejll Tr￿tee5 ctsn&idev that by supporting thc school in its woi'k they are complying with thciT duty to h2v¢ du¢ r¢safd io th¢ guidance on public benefit published by tlie Cl)arilies Commission in exercising theii. powers and duties. The Tiu5tees confirm tliat they ha￿ complied with the requirements of section 17 of the Charities Act 2011 to have due regai'd to the publi¢ benefit guidance published by the Charities Coinmission for En8lalld alld Wales. Sti'uetur¢• gov¢rnan¢e and man&g¢meDt Nfttsire oAgoweriiiiis élociiiiieiil ResÈ2naÉions in 2021122 have reduced th¢ number in offiee to s#v¢tJ. The Inaximum numbei of Trustees is t1￿¢n and the inimum five. Th¢ Clei'k supports tl)e Trustees in an adininistrative capaGIty. Trustees meet forinally four limes peryear. Additional nKetings aye collv¢ned if neccs5ary. Recniliiiieiil ftKrfrtppf￿ll1nIe1II oflnislertf A TTUStee Reuuitment Policy was adopted at Ilie meetÉng 17 Septembei. 2020 which pi'ovides a process of iEcruitment, with appointment based oll the ski115 and baGkgourNI of those appointcd. Page 2 Bingley Grammar School Foundation CIO Trustees, Report liiflueti#ii Niidlrniiiliig oflni.$lees Jndu¢tion is eajyied out by the CIMir providing details of the CIO Constitution, Minut￿ of recent meetings, annual ac¢oiints and any other salient information. Financisl revieiv Policy on rese￿S The mÈxture of tangible assets and stock market investment5 gives a br08d spi'ead and reduces the risk to assets held in tr￿1. £400k was invEsl¢d in October 2019 with St Sames Place at a 'low n)ediuiM' level of risk. The risk profile was slightly inciras¢d in 2020121 and funds moved into tlie Strategic Growth Fund. It was agreed that £IOOk should be moved from the Barclay8 Bank accoutits to the CCLA Lllve5tment to obtain a higher rate of r¢turn. £75k has been transf¢N¢d to th¢ ¢Ad of Septemb¢r 2022 and the final amount will be tral￿fer1Ed in O¢tober 2022. In the present uncertain e¢ononii¢ ¢limate it is felt to b¢ sensible to rel&in the investment in property to produ¢e a net investment rctuim similar to that offered tlirough traditional snvestmeE]t roules aftd contributing to tli¢ spread of investinents. A review of the 5Uitability of individual properties as part of the Foundation portfolio is lo be instigated through the new managing agents, Trustees aitn to hold a m￿lMu￿ of one yeai'5' fEntal income in cash to allow for unforesten circumstances. There is borrowing. The inveslment portfolio has been reviewed. A Financial Management Pol%cy and lieselves Policy were adopted in 2021. A budget has been developed in coiijunction whth Watson Bucide and quarterly reviews of financial peJfoJm8nce al'e being set up. Plans for future periods Alni$ niid obJecllKffovfMlurepgplorfJ' As indicated abov¢ way5 in which moiE of the income generated by the assets of the charity can be used to support the school aTKI its conimunity are being implemented. New agents have been appointed to manage the propcrty portfolio and will bc asked to r¢vi¢w the appropriateness of the individual pi'op¢i'lies as part of the BGS portfolio. Page 3 Bingley Grammar School Foundation CIO Trustees, Report Propertles liÈld by tho Founditlon The investment properties owned by ihe Foundation CDmpri5¢'. Land at Longwood Avenue 87 M&in Street, Bingley 89 Main Street, Bingley 91193 Main Slreet + 115 Park Road + Car Park I Pai'k Koad- First floor I Pai'k Road- 2nd floor- Flot I I Pai.k Road- 2nd fIoor- Flat 2 I Pai'k Raad- 2nd floor- Flal 3 9 Busfeild StreEI . 1st Floor Flat I l Busfeild Slreet- 2nd Floor Flat 16 Old Main St, Binglcy 18 Old Main St, BÈngley Shay G4t¢, Wi1sd¥n 4, Rysliworth Ave 7-1 I Park Road. Biftgley 115, L4Titsnnia Whai'f, Ejingley 137, Britannia Wharf, Bingley All propertles were revalued in 2018 for transf¢r to th¢ CIO and foi. a¢¢ounting purposc5. All properties air os well maintained as possible, given the age of som¢ of them, and every effort is made to ensure th&t the portfolio is fvlly let on an ongoing bASiS at mai'ket rat¢5. Signifi¢ant exp¢nditure has been in¢urr¢d in long overdu¢ roofing work on the Old MaÉn Street Bingley properti¢s. Dacre, Son and Hartley, the agenls who were managtng the ¢ommer¢ial properties, teiyninated thc &rrangcnicnl with cffcct from 31 March 2022. Whilst an alt¢rnativ¢ agent was sought tenants paid rents direct to the Foundation bank account and Enaittten4nce issues were de< ￿th by the FoundatiorÈ. Th6 inanagemtnt of these properties has now becn transfeiTed to Woodhead Shai'pes Prop¢rty Mallagernent based in Baildon and the d¢¢ision taken to move all other pi'operties to this agent also. The residential properties managed by Linley & Simp50n were transfe]Yed to the new agents ill October 2022 2nd it is intended that tlw ffinal two prop¢rtie5 will follow shortly. The Foundation also ow115 Bingley Gramimai. School. Page 4 Bingley Grammar School Woundation CIO Trustees, Report Rlsks And un¢eYtalntl Th¢ impaot of the global pand¢mi¢ h&d an impact on the performance of the assets h6ld by thB Foundation both pmperty and investment bul all values recovei'ed well. The current economic uncertointy is likely lo have an impact on the value of Eomt or all a85ets but the long tcrm impli¢alion$ are impossible to qyantify. Investmciit accounts air held thi'ough St. Janies Place, Black Rock and CCLA. These w'e long term investments and there is DO I'equiretnent to a¢¢ess tl)ese funds during the current period of financial volatility. The majority of the tangibl¢ asset portfolio is comprised of & mix of ¢(muner¢ial and re6idenÉial properti¢s. The56 air clearly long term investments and agaEtL thei'e is no requÈremet)t to liqiEidate asset5. Howcver, as indicated above, it Is felt appropriate to rev16W the suitabilÉty of the properties which comprise the portfolio pai1iculai.ly those Mthich are relatively old and in n¢ed of significant remedial work to improve their Energy P¢rtoiman¢e. It is not felt that th¢r¢ 15 any for¢5¢¢able Ilveat ¢0 the ability of th¢ Foundatitsn to (ontinue to meet it5 financial Commitments, as sufficient funds are maintained on current and deposit accounts with Barclay5 Bank. The Foundation will also be able to continue Éo meeÉ its objectives in supporting Bingley Grammar School and ils Community Most Trustee meetings in the eurrent year were held at Bin8ley Grammar School. The annual report was approved by the trustees of the charity on 22 March 2023 al￿ signed on its behalf by.. Mr Chris Quinn (Chair) Tru5te6 Page 5 BAngley Grammar Sehool Foundation CIO Statement of Tru5tee8' Re5ponsibilitie$ The tru5tee8 are I'E5POn5ible for preparin8 the trustees, report and th¢ financial statements in accordance with the United Kingdom Accounting Standards (United lcingdom Generally Accepted Accounting pl￿tIce) and applicable law and regulations. The law applicable to cliaTlties in Enbyland & Wales iEquires the trustees to prep&rtt financial statEmEnts for each finat]oial year which give & trne and fair view of th¢ state of affairs of the ¢l)arity and of the incomsng resovi¢es and application of resoui'¢es of the ¢hority for that period. In pi'eparing tliese finanoial stalements, the trustees air required to.. select suit&ble accounting w)licics and th¢TTr apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgements and estimatES that arc reasonable and prvdent., stat¢ wheth¢r applicable accounting 5taRdard5 have been followed, subject to any mat¢rtal departures disclosed and explained kn the financial statements. and prepare the financial 5tat¢ments on the going concern basis unless it is inappropriate to presunie that the ¢harity will coiitinue in busincss. The trustees are responsible for keeping proper &c¢ounting reco¥ds that dis¢los¢ with reasonable accuracy at any time the rin4tJcial posili()n of Ihe bhitrily ¥nd rn#bl¢ Éhem to ensure that IhE financial statements ¢oinply with tlie Charities Act 2011, the Cl?aritie5 {Accounts and Reports) Reg￿latIonS 2008, and the provisivns of the cunstitution. The trustees are also i'esponsible for safeguarding tl)e assets of the charity and henoe for taiung reaso[￿b]e steps for the prevention and detectivn of fraud and other irregularities. Approved by the trustees of the charity on 22 March 2023 and signed on its behalf by.. Mi. Chris Quinn (Chalrj 'Iriistee Page 6 Bingley GrAmm#r School Foundation CIO Independent Auditor's Report to the Members of Bingley Grammar School Foundation CIO Opinlon We have audited the financial statemellts of Bingley Grammai. School Foundatiota CIO (the 'charity') for the year ended 30 Septembcr 2022, thich comprise the Statement of Financial Activiti¢s, Bal&n¢e Sheet, and Note5 to the Financial Statements, ineluding a sununary of SIg￿lfIcan¢ accounting polioie& The financial reporting fiamewoi'k thai has been applied in their prepai2tion is United Kingdom Ac¢oLEntitLg Standards, cojnprising Charities SORP- FRS 102'The Financial Reporting Standard applicable in the UK and tiepublic of lieland, and applicable law (United Kingdom Gellerally Accept¢d Aceountit)8 Practice). In our opinion the firtanci&l 5tat¢inents- gi￿ a true and fair view of the state of the charity's affairs as at 30 September 2022 and of ils incoming resources and application of resources for the year thet2 ended- have been prop¢rly prepared in accordaftce with Uniled lQngdom Generally Accepted Accounting Practice,. and have been prepared in a¢¢ordonce with the Charities Act 2011. Bxsis for opinton We collducted our audit in ac¢ordat)ce with Intei'national Stand&rds on Auditing {UK} (ISAS (UKI) and applicable law. Our responsibilititt u[￿tr those Standards are thrther described in the auditor responsibiltties for thc audit of the financial statements section of our repoit. We are independent of the charity iJ] occordance with the ethical i"equirements that are relevant to our audit orth¢ finai]Li&l staternents in the UL including the FRC'S Ethi¢al Standard, and we hsve fijlfilled our other ethical I'esponsibilities in accordanLe with this¥ requir￿nents. We believe that th¢ audit ¢viden¢e we have obtained is sufficsent and appropriate to provid6 a basis for our opinion. Conelusions I'¢lAting to golng concern In auditiRg the financial statements, we have ¢ortcluded that the trustees u5¢ Of th¢ going ¢oncern basis of acGounting in the prepaiation of the financial Slatemcnts is appropriate. Bastd on the work we have perforn)ed. we have not identificd any material uncertaint1¢5 fElatittg to events or conditions that, individually or colleclively, niay cast significant doubt on the eharity's ability to continuc a% a going concBrn for p¢riod of at l¢asl twelve month5 froni when the original financial statements were authorised foi. issue. Our responsibilities and the respon5ibilitie5 of the trustees with respect to going concern are dewribed it) the relevant %ections thf thiq report. Other iuformatioji Th¢ other infommtiots comprises tl)e information included in the annual report, other than th¢ fjnancial statements and our auditor'5 report thereon. The trustees are responsible for the other infoTination. Our opinion on the final￿la1 statements does not cover the Dtheo information and, we do not express any fotrnn of assurance conclusion theTeon. In ¢onne¢lion with our audit of the fjnancial stRtements, our responsibility is to read the other information and, in doing so, cott5idei' whether the other infovmation is materially in¢onsi5tent with the finjncial statenients oi. our knowledge obtained irE tlie audit or oiherwise appears lo be m&teriAlly misstated. If we id¢ntify su¢h material inGonsi5tencie5 or apparerÈt material mi5Statement5, we arc required to detei'mine whether there is & material misstatcment irÈ the fin)n¢ial statemEnts or a mat¢rial misstat¢m¢nt of the othcr information. If, based on the work we have perfornied. we ¢onclude thal th¢re is a material misslattmEnt of this other l￿fOrmatE0￿. we are required to report that fact. We have nothing to repoyt ill thks rtgavd. Pag¢ 7 Bingley Grammar School Foundation CIO Independent Auditor's Report to ihe Members of Bingley Grammar Sehool Foundation CIO Matten on which we al'e i'qulred to Yeport by exception We have nothing to r¢Ex)It in I'esp¢¢t of th¢ following matteTS where the Charities AGt 201 I requires us to reportlo you if, in our opinion.. adequate and propey &ccounting Ircords have not teen kept, or returns adequate for our audit have not been reeeived from branches not visited by us,. or th¢ finan¢ial stal¢ni¢nts 8re not in a8reement with the accoutLting record5 and rEturn5' Dr certain disclosures of trustees remuneration specified by law are i]ot made. or we have not rece%ved all the infoi'mation and se charged with 8ovemance', and; in addressÈng the risk of fraud through Imanagement override of contYol& testing the appropriateness of journal entries 8nd oihei. adjuslments, assessing whetl)er the judgements made in maktng accounting es¢Émates are indicative of a potentiv41 bias. and evaluating the business rationale of any si8nificant ti'ansactions that arc unusual or out5idE the norimal course of business. All engagement team members were infomjed of the relevant laws and regulations and potenti&l fraud risks at the planning stage and remind¢d to remain alert to any indication$ of fraud or non-complianc¢ with laws and IEgulations throughout tl)e iiudiL The engagement partner ensured that the engagement team collectively had the appropriate competence, capabÈlities and skills to identify such items. There are inherent lÉrnitations in our audit procedure5 described above. Thc more retnoved that law5 atid regulations are from financial transactions, Ihc Ic%s likcly it is that we would bcct)me aw&rc of non-cornpliance. Auditing 8tandards allo limit the audit procedures required to identify non-eompliance with laws and regulations tts enquiry of tht trustees and other tnanageinent and the inspection of regulatory and legal correspondence, if any. Material misstat¢ment5 that arise due ¢0 fr&ud can be harder to d¢te¢t than those that arise from ¢rroi' as they may involve deliberate wn¢¢almen¢ or collusion. A further des¢riplion of our r¢sponsibiliti¢s for th¢ audit of the finan¢ial stat¢m¢nts is located on the Financial Reporting Council's web51te al www.fit.org.ukl&uditorsrespoaJsibilities. Tllls description forms part of our audÈtoVs report. Use of i'eport This i'eport is made solely to the ch8rity trustees, ss a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regul&tiot]$ 2008. Our work has been undertaket) so that we might state to the Charity's trust¢e5 thtsse marters we are required to state to them Èn aE] auditors, repoit and for no other purpose. To the fiallest exteE]t permitted by law, we do not accept or assume respttnsihility ¢0 anyone othev thgn the ¢harity And the charity's trustees as a body) for our audit woi'k, for lhts ieport, oi. for the oplnions we have formed. ..UJcu￿.￿.....G￿lCLLLL LuThiLLuL Watson BuGklc Litnittd Statutory Auditoi's & Chartered Accountants Braford 22 Ma¥¢h 2023 Page 9 Bingley Gramm2r School Foundation CIO Statement of Financial Activities for the Year Ended 30 September 2022 (Including Income and Expenditure A¢count) Unrestricted fund$ (A5 restated) TotHI 2021 R¢v8luallon resei've Total 2022 Generil Note Intome And endowmejits fi'DI¥I Donations and legacies Investments Charitable activities Other income 655,307 8,700 115,422 1,864 655,307 8,700 115,422 1.864 667,516 9.881 117,740 75 Totfil ijicome and ¢ndowm¢nl$ 781,293 781,293 795,212 F4xpellditure Raising tiinds {111,445} {111,445) (38,277) Charitable A¢tiviti¢s (10,599) (10,599) 122,0441 {5,895) Tot%1 expeThditure 122,044 44,172) N¢t income Gaillsllosses on illvesttnent assets Gainsl(losses) on investment propeilies Net tnovemEnt in funds 6S9,249 659.249 {73,6791 173,679) (120,OIM)) (120,000) 193.679) 465,570 751,040 55,203 659,249 806,243 Reeonelliitlort of funds Total fiEnds brought fonvard 2,137,380 12,300.360 14,437,740 13,631,497 Total funds cai'ried forward 2,796,629 12,106,681 14,903,3 10 14,437,740 All of the Chority's activities dei'ive from ¢ontinuing operat10115 during the above two periods. Th¢ fiJnd5 breakdown Is shown in note 14. The n(Ae$ on pages 12 to 20 ftsmi an integral part of these financial statements. Pa8e 10 Bingley Grammar School Foundation CIO (Registration number: 1180077) Balanee Sheet as at 30 September 2022 (As i'estAted) 2021 2022 Note Flxed as$et$ Inve5ttnents 10 14,711,540 14,176,386 Current asset Debtors Cash at bank and in hand 27,218 182,465 J7,310 248,928 209,683 286,238 Credltors: Amoumts falling due Ivithln one ye4r 12 17,913 24,884 Net euiyent assets 191,770 261,354 Net asset$ 14,903,310 14,437.740 Funds of the eharlty: UniY5tricted income fund5 General funds 14 2,796,629 2,137.380 Revaluation reserve 14 12,106,681 12,300,360 'rotal fuJLd5 15 14,903,310 14,437,740 Th¢ finatjcsal ￿ateMentS on pages 10 to 20 were approved by the ITUStees, and authorised for issue on 22 Mar¢h 2023 and Sj8ned on thtir behalf by.. Mr Cl)ris QuinD (Chair) Trustee Th¢ notes on pages 12 to 20 forn) an Integral part of these financial slatemenls. Pagell Bingley Gramm#r Sehool Found8tion CIO Notes to the Financial Stat¢ment5 for the Year Ended 30 September 2022 l Accou￿tIllg pollcies statememt of eomplianee The finartcial statements h?v¢ been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing Iheii. accounts in accordaE]ce the Financi&l ReportÈng Standard applicable in the UK and Repybli¢ of Ireland issued in October 2019, tl)e Financial lieparting Standai'd applicable in th¢ United Kingdom 8nd Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted AccouTEtin8 Pi'&cti¢e. BASÉS ofpi'epgrAtlon 'I'he financial statements are prepared on a going concem basis under the historical cost convention, modifjed tc include Etrtain it¢m5 at lair value. The financial st&tements ar¢ pr&sented in sterling whicli is the functional currency of the Charity. F.xemptithn fi'om pi'epaving a Cash lloiv statement The Charity opt¢d to adopt Bulletin I published on 2 F¢bruary 2016 ar￿ have therefore not included a ¢ish flow statement in these financial statements. Fund structure Unrestricted income thnds are general fvnds that are available for use at the trustees, discretion in furtherance of the objKtiv¢s of the ¢harity. Income Income is recogllised when the charity has entitlement to th¢ funds, any performattce conditions attached to the item(s) oe income liave been m¢t, it 15 probable that the income will be received and the amount ean be measured reliably. Doiioliovs le¥￿tre Donations and le8a¢i¢s Ore r¢¢ognised on a receivable basis when receipt is probable and the all￿llnt can be reliably measured. Defetteflliieoiiie Deferi'ed income relat¢s to rents receiv&ble in advan¢e. liiveslijieiii Incoiiie Investment income is recognÉsed on a receivable basts and relate5 to bank interest and income from listed inv¢stm¢nts. Cli￿rIl￿ble Neiivliies In¢ome is reco8ni5ed on a receivabl¢ basis and r¢lat¢s to rent in¢ome from the ittvestment propcrty portfolio. Page 12 Bingley GraIn￿ar School Foundation CIO Notes to the Financial Statements for the Year Ended 30 September 2022 Expenditui All exp¢ndilure 15 Ir¢ognised once there is a legal oy constructive obligation to that exp¢nditure. it j5 probable 5ettleiiient is required and the ainount can be nieasured iEliably. All costs are allocated to the applicabl¢ exp¢nditur¢ heading that 2Egregate stmilar costs to that cLtlegory. Wheir costs cannot be directly attributed to P8ltieular headings they have beet) alltscated on a basis consi5teEit with t]ie use of resource5, With central staff cos(s allocated on the basis of lime spent, and depi'eciation ¢harg¢s allocated on the portion of the asset's use. Other support eosts ar6 allocated based on th¢ 5prtad of staff costs. RNisliigfiiiids These are costs in¢urred in attracting voluntary incom4 Éhe management of ii?vcsttnents and those incurred in tizding activkties that raise funds. ClIMrllnble uellvllles Chftritablc expcnditui'e comprises those costs incurred by tlie cl)arity in the delivery of its activities and services foi. its beneficiai'i¢s. Tt in¢ludes both costs thot Con be allocated directly to such activities and those ¢osts of an indirect tsatuir necessary to support thejn. Grnnl ￿pendI111r¢ Grants Are given to students in Bingley to aid wiih thEir studie5 and further their education. All grants donat£d air to individuals. Donnlloiis giveh Donations are given to Bingley Grammar School to htlp aid and fL]rther the education of the stlldents aswell as maintain the s¢hool And surrounding grounds. GMhlprovi51011S Provisions for grants are made when the iiitention to m8ke B gi'ant has been commttnicated to the recipient but there is uncertainty about either th¢ Éiming of the grant or the amourtt of grant payable. Golng concei'n The Irustees eonsider that there are no material uncertAllkties about the charity's ability to continue as a going con¢¢rn. Suppoi't Costs Support costs includ¢ c¢ntral funfjtions and have been alloThted to activity cost categoi'ies On a basis consistent with the use of resources, for ex&iMple, allocating propcrty costs by floor ai'eas, or per capita, staff costs by the time spent and oih¢r costs by theii. usage. Tgx9tion The ¢hai'ity is considered to pass the tests set out in Parduyaph I S¢hedul¢ 6 of the Finance Act 2010 at)d theiEfore it tneets the definition of a charitablc company for UK Gorpoi'ation tax purposes, Accordingly, the ch￿.ity is potentially exempt from taxation ia respect of incom¢ or capital gain8 received witliin categories ¢overed by Chapter 3 Part I l of the Corporation Tax Act 2010 or SedioR 256 of th¢ Taxation of Charg¢abl¢ GaTn5 Act 1992, to the extent that such income or 8ains are appli￿ exclusively to charitsble purposes. P&ge 13 Bingley Grammar School Foundation CIO Notes to the Financial Statements for the Year Ellded 30 September 2022 Prlor period errDI% It was identified that capital ¢xpeiiditure ot] investment properties it] the prior periods w75 excluded from th6 financial slatetnents. This expenditure related to four projects carrie41 out and paid for by way of donation by Bingl¢y Gi'ammar School. RelRting to Relating to Relgting lo th¢ cui'r¢nt th¢ prior eai'lley period perlod peillods di5c105ed i diselosed in diselosed in these fiiiamcialthese financialthese finAnciHI sIRteineiit5 &tatement5 51¥tlements Investment properties DonatiotJs- Unrestri¢ted general ￿ndS 649,326 (649,J26) 667,516 667,516 6,969 6,969 Key soMie¢s ofestlmatfron uneertllnty Impairmet)t of debtors The charsty makes an estimate of th¢ recovcrable valu¢ of tTad6 and other debtors. Wl)en assessing the 5mpaimienl of trade and other debtor5. managemellt considers factors which snclude the current credit rating of tlie deL7tor, the ageing protile of debtors ond histori¢al ¢xperien¢e. T1￿ ¢4rrying amount is £17,913 {2021-£30,636). Inveslmen¢ propertles Inveslm¢nt property is ¢aiTied at fair value. deriv¢d from the Curreni market pri¢es for comparnble real estate deterimined annually by external valuers. The valuers use obsErvable market prices, adjusted if necessary for any dIffe￿n¢¢ in the na(ure, localiDn ur wndiliun of the specific asset. Changes in fair v￿lu¢ ar¢ rewgnised profit tsr ILISS. Fixed asset investments Fixcd asset invcstrncnts, other than pro8ramme related investments, are Èncluded at market value at the bol&nce sheet date. Realised gains and losses on investments are calculated as the dIffe￿n¢t between Sales proceeds and thcir mai'kct valuc at the Start of the year, or their subsequent cost, aTe charged or credited io the Statemet]t of Finaneiol Activities in the period of disposal. Unreolised gains and losses represent the movement market values during the year and are credited or Charged to the Stat¢ment of Finat)cial Activities based on Ihe market value at the year end. Debtors D¢btors are recognised initially when they become due at the tran&2¢tion price. They are subs¢quently measured at amorttsed cost, 1¢55 provision for impatrment. A provision for impairi￿nI of d¢b¢or5 15 E¥thblish¢d when there is objective evidenct that the Gharity will not be able lo coll￿t all amounts dut according to the original tcrms of the debtors. Creditors Creditors are obligations to pay for goods aTrd services tliat have been acquired by the charity- Creditors are initially recognised at tl)e traitsaction price and subsequently measured at amoitised cost. Page 14 Bingley Grammar School Foundation CIO Notes to the Financial Statements for the Year Ended 30 September 2022 Cash %nd cash equivalents Cath and cash eqiiivalents comprEse casli on hand and call deposits, and other short-tei'm hE￿ilY liquid investments that are readÉly coajvejlable to a known amount of cash and are subject to at) insignificant risk of ¢hang¢ in valu¢. Fln9n¢ial instruments The charity only has financial assets and finattcial liabilities of a killd that qualify as basi¢ financial instruments. Basic rjnancial in5ti'uments are initially recognis¢d at transaction value and subsequently measured at their Settlement value. 2 Donatioiis and leEIICTes Uni'esti'icted (As i'&%t￿ted) Total 2021 Tothl 2022 Genernl Donations froin companies, trusts and similar proceeds 655,307 655,307 667,516 655,307 655,307 667,516 3 Intome from inve5tmeJht8 ￿￿￿5(riCted Total 2022 Total 2021 Ceneral Interest receivable and similar inwm¢', IE]laEst receivable on bank deposits Income from listed investments 102 8,598 102 8,598 1,015 8,866 8,700 8,700 9,881 4 Income from Ch9flt&ble actlvities Uniystrleted Funds Total 2022 TotAI 2021 ItLc4Jme from investment properties Insurance rechaige epairs r¢¢harg¢ 110,145 3,931 1,346 110,741 4,576 2,423 3,931 1,346 115,422 115.422 117,740 Page 15 Bingley Grammar School Foundation CIO Notes to the Financial Statements for the Year Ended JO S¢pt¢mber 2022 S Othei. Income Ulliesfvicted funds G¢n¢r81 Totfil 2022 TotRI 2021 Bank compeE]sation Insuran¢e claim 75 1,864 1,864 1,864 1.864 75 6 £xpendlture on ralsing flliids Totxl 2021 Direct costs 2022 Ground rent Portfolio management wsts Property repair5 Insurance Legal fees Propeity Expenses A]located support costs 350 13,993 82,859 9,315 4,634 142 152 350 13,993 82,859 9,315 4,634 142 152 350 14,362 11.566 8,121 3,750 128 111.445 111.445 38,277 7 Expenditure on Ch#rlt9bl¢ ActlYi11¢8 Unie$trlct¢d funds TotAI 2021 GenerAI 2022 Staff costs Grant funding Audit of th¢ financial statements oilier fecs paid to auditors 2,604 1.635 3,000 3,360 2.604 1,635 3,000 3,360 1,155 2,060 2,080 10,599 10,599 5,895 Page 16 Bingley Grammar School Foundation CIO Notes to the Financial Statements for the Year Ended 30 September 2022 GrAllt-maklng An0]y￿S of grAJIt$ Gi'ants to individualg 2022 2021 AtLHIy8iS Grants lo individuals 1,635 1,155 The support cDsts as50Giated with ￿z￿t-￿￿king are £Nil (30 September 2021 £Nill. The &bove grants were awarded to pupils during the yeai.. AwaTds are made using a simple means-tesling fomh and Trustees set bands for awards based on disposable income oft¢r essential expenditui'e was taken into account. Any pupil in receipt of Free School Meals, for wl)om an applic&tion had been mad< was auEomatically given an award. regaydless of disposable income. 8 Trustee5 remuneration expenses No Iruslees, nor any persons ¢onn¢cted with ihem, have received any remLineration from the charity during th¢ ¢urirnt or revious yeaT. 9 StAff eosts Th¢ a8gr¢8at¢ payioll c4)sts w¢r¢ as follows., 2022 2021 St8ff Costs dui'lng the y¢g1' svero: Wag¢s and salaries 2,604 No ¢mploye¢ received cmoluments of more than £60,000 dUri￿g the year Pag¢ 17 Bingley Grammar School Foundation CIO Nol&4 to the Financial StAtements for the Year Ended 30 Septen)ber 2022 10 Fixed Asset investnLents F5xeil Asset Investments Inv¢stment pi'operties Other Investments Total MArket wAllle At l October 2021 AddÈtions Disposals Rcvalu2tÈon Impaimient 13584,485 649,326 591,901 81,720 {2,213) (73,679) 14,176,386 731,046 {2,213) (73,679) 1120,OIM) (120,000) At 30 September 2022 14,113,811 597,729 14,711,540 Net book vHlue At 30 September 2022 14,113,811 597.729 14,711,540 At 30 September 2021 13.584,485 591.901 14,176,386 Ail investment assets were held in the UK. investttllettts are held primarily for an illvestment return. Revaluation of investment property The investment properties were i'evalued by Mark Bitarley & Company who are external and it￿ependent to the charity. The valuer has an appropi'iate qualification and is registered with the Royal Inslilule ufchartered SuTVWOfS. The date of the last valuation was August 2018. The illvestÈnent properties were revalued on the basi5 of market value. Imp9117￿ent An impairment review was carried out at the year end. An adjustment of £120,000 to fail. value of investment properties has been provided. The itnpaii'ment reflects 2 property whÈch is tto longer fit for use for its intended pui'pose due to its 5tru¢iui'al damage. The property 15 deBm¢d ui)5afe alld thErE arc plan5 for it to b6 demolÉshed. 11 Debtors 2022 2021 Trad¢ debtors Prepayments Accru¢d income oiher debtors 16,163 8,164 2,36J 528 30,636 6,674 27,218 37,310 Page 18 Bingley Grammar School Foundation CIO Notes to the Financial Statetnents for the Year Ended 30 September 2022 12 Crtdiloi'$: hthounts fallithg due withiTr one year 2022 2021 Tiad¢ creditoi's Othei. ciedito¥s Accruals Deferred income 341 5,331 l E.424 5,091 19,452 17,913 24,884 2022 2021 D¢feiT¢d incom¢ at l O¢tobei' 2021 Resources deferred in thc period Amounts r¢lea5ed from prBviou5 periods 19,452 11,424 19,4521 14J54 19,452 14,354 Deferred income at y¢ar end 11,424 19,452 13 Opei'ating leise8- lessor The total future minllnum lease income ut)der non-catt￿lI&b1e operating leases, for each of th¢ followiijg p¢i'iods'. 2022 2021 Not later than on¢ year Later than one year and not later than five years tAttt than five years 20,519 12.507 191 29,565 17,217 941 33,217 47,723 The rents reLognised as in¢om¢ during the year were £110,145 (2021 £110,741). Pag¢ 19 Bingley Gramn)ar S¢hool Foundatton CIO Notes to the Financial Statements for the Year Ended 30 September 2022 14 Funds Other reeogrtlsed gHins1(losses) Balinee at 30 Seplernber 21122 Balanee at I October 2021 Ineomlng IY50urce Resources expended Unrestrieted Gentyal 2,137,380 781,293 (122.044) 2.796,629 Rev&luation reserve 12.300.360 193,679 12,106,681 Totsl funds 14,437,740 781,293 14.903.310 122,044 193.679 Balance at 30 Other eptenibcr recogiiised 2021 gHin51(105ses) (A$ restAted) Balance at i Ottoher 2020 (As r¢sthted) Incoming resources RÈsource5 expended Unr¢$ti'icted G¢neYal 1,386,340 795,212 (44,172) 2.137J80 Other 12,245,157 55.203 12.300.360 Total funds 13.63 1.497 55,203 14,437,740 IS Analysls of net assets between funds Unreslrleted funds G¢n¢i'41 runds TotAI funds Fixed Asset investtnents Current assets Currcnt liabiliti¢s 14,711,540 211,433 (17,913) 14,711,540 211,433 17,913 Total net a55ets 14,905,060 14,905,060 16 Related pai'ty ti*iis&ction$ other thatl the trustee5 there are no other key tllanagement persollt)el. Total employee benefits of the key management pErsonnel was £nil12021 £nil). Page 20