Charity regiskn7tson nvihber.. 1180077 Bingley Grammar School Foundation CIO Annal Repon and Financial Stateinents for th¢ Year Ended 30 Septeinber 2023
Bingley Grammar School Foundation CIO Contents (continued) Reference and Adi115ative Details Truste¢s' Report 2to5 Sta¢em¢nt of Trustee5' Regponsibilities IRdependent Auditors, Report 7t09 Stateinent of Financial Activities 10 Balance Sheet Not¢s to the Financial Stateinents 12to 19
Bingley Grammar School Foundation CIO Referenee and Administrative Detai15 Charity Registration Nurnber 1180077 Trustees Mr Chris Quinn (Chair) Mr Chris Cond¢rson Mr Andrew Cooke Mr Paul Frear Mr Brent Fitzpati'ick Mr Kevin l<ennedy Miss Lilly Cl)attoe (resigned August 2023) Mrs Pam Helyar Seeiytary Bankers Barclays Bank PLC 77 North Street Keighley West Yorkshire BD213SA Auditor Watson Buck5¢ Liinited Siatutory Audit(Trr & Chartered Accountants York House Bradford BD16 IPE Solieitor5 Gordons l New Augustus Street Bradford West Yoi'kshire BDI SLL Principal Olee Bingley Grainmar School Keighley Road Bingl¢y West Yorkshire BD162RS Page I
Bingley Grammar School Foundation CIO Trustees, Report The trustee5 pres¢ni ihe annual i'eport together with the financial staleinents and auditors, report of the charity for the year ended 30 S¢pteinbei' 2023. Objectives and activilies Objecls rtiidftliiis Bingley Graminai. School Foundation CIO was established on 5 October 2018. The transfer of funds and assets froin the PIEVIOUS charily was cojnpleted at the beginning of February 2019 at which point the orig)inal Foundation was woui)d up. The objecis of the CIO are: -1 piDviding ai)d Inainlaining for the S¢hool.%uch special benefits of any kind iiot nonnally provided by govei'ninental or other public funds as pail of the norinal Tunning costs of the School as ii)ay froin tim¢ to tiine be agreed belween the School's Governiiig B(Idy and the charTty trustees,. -1 awarding of scholarships. bursaries and Inaintenance allowances with a preference for persons I'esident in th¢ priority area of the School aiid persons who att¢Jid the School and live oiitside of tlie priority ai'ea of the School, from tiine to tiine, provided that such pei'sons are under the age of19 and in need of finantial assistan¢e' Fl aiid proinotion of educalion through the giving of prizes to pupils and former pupils of the School. Woi'k continues to establish criteria for proposals from s¢hool Inanagement requesting financial support from the Foundation. £50,000 was approved in October 2022 to 5UPPOrt student menial health atld lighting improveinents. £40,000 is being held avaElable foi. use by the school in relation to staff well being and a proposal as lo how this SUPPOrt should be iinpleiiiented is to be written by the school. Piiblic beiieJ71 Trustees consider that by supporting the school in its work they are coInplying with their diity to have due regard to the guidance on public benefit published by the Charities Coimnission iji exercising their ptswers and duties. The Tn]5tees confirm that they have complied wi¢h th¢ requii'ements of section 17 of the Chttrities Act 2011 io have due regard to the public benefit guidance published by ibe Charities Coimmission fr>i' kngland and Wales. Sirueture* governartte and mgnagement Nrtiiire ofgovéniliig docuiiieiil The Inaximuin number of Ti'ustees is el¢ven and the minimuin five. Ciirrently the number in otTi¢e is six. On¢ Trustee is expected to resign Shortly and a new Trustee is in tlie process of bcing appointed. The CleTk suppons the TTU5tees in an adinini5trative capacity Trustees meet forinally four tunes pei. year. Additional meetings are convened if necessary. Recriiiiiiieiil rtiid uppoiitliiiéiil of In151ee.$ A Trustee RecriiitinenÉ Policy was adopted at the Ineeting on 17 Septeii)ber 2020 which provides a process of recivitTnent, with appointinent based on the skills and backgroui)d of those appointed. Page 2
Bingley Grammar S¢hool Foundation CIO Trustees, Report (continued) Jiidiiclioii oiidirNliiliig of iriislees Itiduction is carried out by the Chair providing details of the CIO con5tituiion, Ininutes of Iroent meetings. annual accounts and any other salient infoiynaiion. Fin2nel81 revlew The other inv¢stinents, in common with Inany other investment funds, have iiot p¢rforJned as well over tjie last couple of years as they did initially. The incitase in valuation. as shown in ihe Statemeni of Financial Activities wa5 £21,895 coinpared to a dcciea5e of £73.679 in the prior yeai.. Similarly the revaluation of the inve5tmcnt property portfolio indicates no real inciease in value ovei. the last five years. Tl)i5 is due to Iiiarket conditions, particularly in relation to Commei'cial pi'operty. Th¢ effect of tlie revaluation of the investment propertie5 was a decrease in value of £l.186,31 l. as shown in the Statem¢nt of Financial Activities. Prior to the property valuaiion in 2023, the value recorded in the balance sheet had increased approxiinately £1.31n, l(Irg¢ly due lo capital works coinpleted on tlie school building in receni years which was fjnanced by giants froin the Condition Iinprovement Fund. The impgiriknertt in the prior yeaT related to the swiininiiig pool being deiiiolished. Trustees are aware of the volatile Inarket 2nd have discussed othcr possible options. It wag decided. that in the coming yeai., after the investinent property portfolio revaluation details became available, a ¢oii)parison between the relative peTfoTmance of the property POrtfLilio and the other investinents would be cai'ried out PTior to any Possible realigninent. Trustee5 recognised the Reed for a risk assessment prior to any aCtIn and a full IEvi¢w of all investinent options ayailable will take pla¢¢. Polley oil reserves The mixture of tangible assets and stock mai'kei investments give5 8 broad spread and reduces the risk to assets held in trust. £400,000 was invested in October 2019 with St James Place at 8 'low Inediuin, level of risk. The risk profile has been slightly inci'eased and funds Inoved into ihe Strategic Gi'owtli fund. A funher Irview of the risk profile is to take place in the 2024 financial year. It was agreed that a furthei. £IOO,000 sliould be moved from the Bartlays Bank accounts to the CCLA Investment to obtain a higher rate of return. These fund5 were Iransferred in July and Aiigust 2023. ITI the present uncertain econoinic climate it is felt to be sensible to retain the investment in property to produce a net investtment retum siimilar io that offeied throiigli traditional investment routes and coniributing to the 5prcad of investments. Woodliead5, Ihe new InanJgiiig agents, have uiidertaken a review of the suitability of individual pi'opcrties as part of the Foundation poi'Lfolio and repoil that all appear suitable. Trustees aim to hold a miniinuin of one years, rental incoine Én cash to allow for unforeseen circuinstances. There is no boTrowing. A Financial Manageinent Policy and Reserves Policy wei'e adopted 2021. An annual budget 15 developed in conjunction with Watson Biickle and quarterly reviews of financial perfoiinance are received and reviewed. Plxiis for future periods Alni.i iiiiilkey objeclivesforfiiliireperiods As iiiditated above ways in which Ilie ii)come generated by the assets of the charity cart be used 10 suppoit tli¢ scl)ool i)d its coininiinity are being ijnpleineiited. Page 3
Bingley Gramn]ar School Fouiidation CIO Trustees, Report (continued) Properties held by the Foundatlon The investinent pi'operti¢s owned by the Foundation coinprise.. Land at Longwood Avenue 87 Main Street, Bingley 89 Maiji Street, Bii)gley 91193 Main Stieet + 115 Park Road + Cai. Park I Park Road First floor I Pai'k Road 2nd floor. Plat I I Park Road 2nd Jloor. Flai 2 I Pai'k Road- 2nd flooi. Flal 3 9 Busfeild Siieet- Isi Floor Flat I l Busfeild Sli'eet- 2nd Floor Flat 16 Old Main St, Bingley 18 Old Maiii St, Bingley Shay Gale, Wi15den 4, Rysliwojih Ave 7-1 I Pork Road, Bingley 115, Britannia Whai.f, Bingley 137, Britannia Wharf, Bingley All properties were revalued diiring 2023. All properties are as well maintained as possible, given the age of some of them. and every effort is made to ensure that the portfolio 15 fully let on an ongoing basis at in0rf(et i'ates. The Foundation also owns Bingley Gramjtydr School. Risks and uncerlainties The impact of the global pandemic had an impact on the perfoi'inance of the a5S¢ts l)eld by the Foundation both property and investment but all values recovei'ed well. The on going econoinic uncertainty has had an iinpact on the value of soili¢ assets but the long terin iinplications are diffscult to quontify. Investsment accounts al'e held thi'ough St. James Place, Black Rock and CCLA. These aTe long term investinents and there is no requireinent to access these fund5 during ihe current period of financial volatility. The Imajoi'ity of the tangible asset portfolio is comprised of a 2nix of coininercial and residential properties. These ai clearly long ierin investinents and agaim th¢Te is no requireinenl lo liquidale asset5. The suitabiliiy of ihe properties wliich ¢omprise the portfolio Iiave been I'eviewed by the new t]ianaging agents and are felt to ¢oiiliniie io be appi'opric21e. It is iiot felt that thei'e is any foreseeable threai to Ilie abili¢y of the Fovndation to contiiiue to meet its financial coiiirnibi)enis. as sufficient fuiids are Inaintained on curreiit and deposit accounts with Barclay5 Bank. The Foundaiion will also be able to coiitinue to iiieet ils objectives iii SilPPOTtii)g BingFley Graininar School and it5 coiiimunily All Ti"ustee meetings in the curreiit year were held at BiDgley Grainjnar School. Pag¢ 4
Bingley Grammar School Foundation CIO Tru5tees' Report (eontinued) The annual ieport was approved by the trust¢es of the charity on 13 Marcli 2024 and signed on its behalf by.. Mr Cl)ris QuiThn (Chair) 'ri'ustee Page 5
Bingley Grammar School Foundation CIO Statement of Tru$tees' Responsibilities The irusiees are I'esponsible foi. prepdring the Ii'uste¢s' rcport and the financial staleinenls in accordance with the Uniied Kingdom Accounting StandaTd5 {United Kingdoin Generally Accepted Accoiinting Practic¢) and applicable law and regulations. I'he law applicable to charities requires the trustee5 to PTcpare financial staieinents for each financial year which give a Irue and fair view of tlie 51ate of affairs of the charity and of the incoining resources and application of resources of the chai'ity for that pei'iod. In preparing tl)ese financial statement5, the ti'ustees are requiied to.. select suitable accounting policies and then apply them consistently; observe the Inethods aiid pi'inciples in the Charities SORP 2019 {FRS 1021; make judgements and estilnates that are reasonable and prudent- stale whether applicable accounting standai'ds have been followed, subject to any Inaterial departures disclosed and explained in the financial statements.. and prepare the fii)ancial stateinents on the going concern basis unless it is inappropTiate to presume that the charity will continue in business. The ti'ustees are I'esponsible for keeping pi'oper atcoui)ting records that disclose with iea50nable accuracy at any tiine the fjnancial position of the charity and et]able them to ensure that the fEnaiicial stateinent5 comply with the Charitie5 Act 201 I, the Charities (Accounts and Reports) Regulations 2008, and the provision5 of the constitution. Thc ti'ustee5 are a150 responsible for safeguai'ding the assets of Ihe charity ai)d hell¢e for takii)g reasonable steps for the prevention and detection of fraud and other irregulariti¢S. Approved by the trustees of the charity on 13 Mar¢h 2024 and signed on its behalf by.. Mr Chris Quinn (Chair) Trustee Page 6
Bingley Grammar School Foundalion CIO Independent Auditor's R¢port to tbe Members of Bingley GrammAr School Foundation CIO Oplnlon We have audited the finantial stateinents of Binbiley Gi'ammar School Foundation CIO {the 'charity') for the yeai. ended 30 Septeinber 2023, whieh coinprise the Stateinent of Financial Activities, Balaiice Slieet, and Notes to ilie Pinaiicial Statements, including signiftcant accounting policies. The financial i-eporting fraineivoi'k that ha5 been applied in their preparation is applicable law dnd United Kingdoni A¢Lollnting Standards, coinprising Charities SORP - FRS 102 'Tlie Financial Reporting Standard applicable in the UK ai)d Repllbli¢ ol. Ireland, and applicable law (United Kingdoi Generally Accepted Ac¢ouiitiiig Prdciice). Iii oui. opinion th¢ financial slateineiits.. give a true and fair view of the state of the charity's affairs as at 30 Septeinber 2023 and of its incoming Tesouwe$ and application of resources for the year then ended. have been properly pirpared in accoi'dance with United Kingdoin Generally Accepted Accounting Practic¢- and have been pr¢paTed in ac¢ordance with the Cliarities Act 2011. Ba51$ for opithion We conducted our audit in ac¢ordanee with International Standurds on AudÉtinb IUK) {ISAs (UK)) and applicable law. Our responsibilities under thosc standai'ds al'e fuither desci'ibed in the auditor responsibilities foi. Il)e audit of the rinaneial StatMentS section of oiir Teport. We are independent of the Lharity in at¢oJ'dance with the ethical requiTeinents that are relevani to our audit of the financial slateinents in th¢ UK, including the FRC'S Etliical S(aiidai'd, and we have fulfilled our other ethical responsibiliiies in accordance witli t]ies¢ irquireinenls. We believe that the audit evidence we have obtained is sufficient and apprvpriale to piY)vide a basi5 for OUT opinion. Conelusions rel#ting lo going toncern ID auditing the financial statements, we have concliided that the trustees use of the going concern basis of accounting in Ihe pr¢pai'ation of the financial statemcnt5 is appyopi'iate. Based on the work we have performed, we have not identified any Inaterial uneeylainiies relating to events or condition5 that, iiidividiially or collectively, Inay cast significant doubt the charity's ability to continue as a going con¢ei'n foi. a period of at least twelve months fi'om when the original fiiiancial statements were auihorised foi. issye. Our responsibilities and the Irsponsibili(ies of the trustees with resp¢ct to going concern are des¢i'ibed in the relevant sections of this report. Other inform8tiuii Thc uiher inforination comprises the information included in the annual repoTt, other than the financial statements and our audiior's report ihereon. Th¢ trustees ale responsible for the othei. infoiinalioii. Our opinion on t]ie financial stateTnenis does not cover the oth¢r iiiforinaiion dnd, we do not express any foi'jn uf assuraiice conclusion thei'¢on. Our responsibility is to read Ilie other iiiforination and, in doing 50, ctsnsidei. wheiher the other inforination is materially inconsisteiit with tl)e fiJ)ancial stateinents oi. our kniowledge obtained in the course of the aiidit or ntheiwise appears to be matei'ially Inisstated. If we identify such Inatet'ial incoiisistencies oi. apparent material misstat¢mcnts, we are Itquired to deiei'inine whethei. thi5 gives I'ise to a ii)alerial Inisstatement in the fii)4)ncial staieinents themselves. If, based on the work we Iiave pei'foiined. we cojicliide thai ihere is a InateTial mi55tateinent of this other infomiation, we ai'e required to report that fact. We have nothing to report in this regard. Pag¢ 7
Bingley Grammar School Foundation CIO Ind¢pendent Auditor's Report to the Members of Bingley Grammar School Found8tion CIO (continued) Matter5 on which we are required to report by exception We have notliing to report in i'espect of ihe following InatteKs in relation to wliich the Charities (Accounts and Reports) Regulations 2008 require us to repoit to yoii if, in our opinion.. the infoi'iMation given in the trustees, i'epoil is inconsistent in any InateTial r¢spect with the financial stateinents. or sufficient accounting records have not been kept. or the financial staleinents are not in akyi'eement with the actounting records. or we have nol Irceived all the inforination and explanations we iequire for our aiidit. Responsibilities of trustee5 As explained more fully in the Stateineiit of Tti]stees' Rcsponsibilities (set out on page 6). the trustees aT¢ responsible for the preparation of the financial statemeiits and foi. being satisfied thai they give a ti'ue and fair view, and foi. such internal ¢onti'ol as the trusiees deterinine is necessary to enable the preparaiion of financial stateinents that are fiee froin Inaterial misstatement, whether due to fiaud or error. In prewdring the financial staleinent5, th¢ trust¢es are responsible for assessing tlie charity's ability lo continue as a going conLeYn, disclosing, as applicable, matt¢r5 related to b7oing coiicern and usiiig the going cot]cein basis of accounling unless the trustees eidier intend to liquidate the chaiity Ol. to cease operalioi)s, or have no realistic alternative but to do so. Auditor Responsibilities for the audit of the finaneial statement$ Oui. obj¢otives are to obtain reasonable assul'ance about whether the fii)ancial statements as a whole are free fToin Imaterial mi55tateJneni, whether due to fraud or ¢i'ror, and to i$5ue an auditor's report tl)at includes our opinioii. Rea50nable a55ul.ance is a high level of assuiance, bul is not a guai"antee that an audit coiidu¢ted in ac¢ordance with ISA5 (UK) will tilways detect a Inaterial misstateinent when 51 exists. Mi55tateinents can arise fi'oin fraud or error and are consideied material if, individually oi. in the aggregale, they coiild reasonably be expected to influence the econoJni¢ de¢i5ions of users taken on the basis of these fiiian¢ial stateinents. II'iEgularitie5, ineluding fraud. are instance5 of non-compliance with laws and regulations. We design procedures iji liiie with our respoiisibilities, outlined above, lo detect matei'ial mhsstaleineiits in respeci of irregulai'ities, including fi'aud.15 The extent to whi¢h our procedures are capable ofdetecting irregulai'ities, including fraud is detailed below. In planning gnd designing our audit tests, we identify and as5es5 the I'isk5 of Inatei'ial Inisstatement within tli¢ fJnai)cial stateinents, wliether due to fraud or ei'iDr. Our as5essinei)t of these I'isks incliides coiisideration of tlie nature of the industry and s¢¢toi', the control environinent and the busin¢s5 pei.foniiance along with the results of oui. enquiries of Inanageinent, about their own identification aiid assessinent of Il)e Tisks of inrgularities. We air also required to pei'foi'in specific procediires io i'espond to tlie risk of Inan3gein¢nt override. Following this a5segsimenl we considered Ilie oppoituiiities and incentive5 that Inay exist within the company for fraud and identified th¢ greatest potential for fraud evaluating tlie cash and bank baldnces aiid fixed assets. We also obtained an undei'standing of the legal and Irgulatory frainework5 that the company operates in, through discussions with tl'U5t¢es and other Inaiiageinenl, and froin oui. coiminei'cial knowled¥e aiid experiei)ce of the sector in which the ¢oinpany operates, lo enable us to idet)tify the key laws and regulations applicable to th¢ ¢oinpany. We focused on 5peLific Idws and iegulatiojis which we considered Imay have a diiect Inaterial effect on tlic fiiiancial stateinents or the opei'atioiis of the coiiipany, includilig the Charities Act 2011, tlie Companies Act 2006, taxation legislatio, data pyotection. anti-bribery, einpj0yi¢nt, enviix)ninental at)d health and safety legislation. Page 8
Bingley Grammar School Foundation CIO
Indepcndent Auditor's Report to the Members of Bingley Grammar Sehool Foundation CIO
(continued)
We then perfonned audit proceduies after coiisideration of the above risks which included the following..
docuinejitiiig and assessing thc iiiternal tonirols over ¢ash and bank balances.
pei'forn)ing tests of d¢tail on the cash and bank balances and reconciliations.
evaluating the existence, ownei'ship. and valuatitsn of the fixed as5¢ts investinent properties-
evaluating the ownership and valuation of rhe fixed asset investment poitfolio.,
enquiring of Inanageinent concerning actual and potential litigation and claims-
revieMng corresponden¢e with The Charity Commission and the chai'ity's leg31 advisors.
pei.fonning analNical procedures to identify any unusual or unexpected relationships that inay indicate risks of
maierial mis5tatemeni due to fraud.,
reading Iminutes of meetings of those cl)arged with governance,. and;
in addYe5sing the I'isk of fraud through management override of contro15, testing the appropriat¢n¢5s OF journal
entries and other adjustinents, assessing whether tlie judgeinents Inade in making acLounting estiinates are indie
Bingley Grammar Scho(bl Foundation CIO Statement of Financial Activities for the Year End¢d 30 September 2023 (Including Income and Expenditure Aeeount) Unrestricted funds Revaluation reserve Total 2023 Total 2022 General Note Income and eiidowineiits fro Donations and legacies Investinents ChaTltable activities Other incoine 655,307 8,700 115,422 ,864 13,223 119,710 13223 119,710 Total income and endoivments 132,933 132.933 781,293 Expenditure Raising funds Charitable activities (18,814} (18,814) 114.145) (92,664) (92,6641 (107,899) (122,044) TolY41 ¢xpenditure 111,478) Net income Losses on revaluation of fixed asset5 Gainsllosses on investment assets 21,455 21,455 659,249 {120,000) {73,6791 21,895 21.895 Nei moveinont in fiinds 1164,416 21,455 (1,142.961 465,570 Reconciliation of funds Total funds bi'ought forward 2,796,629 12,106,681 14,903,310 2,818,084 10,942.265 13,760,349 14.437,740 Total funds ¢ai'ri¢d forward 14.903,310 All of the charity's activities derive froin contiiiuing opeiations during the above two periods. The funds breakdown is shown in t)ote 13. The notes on pages 12 to 19 fom) an inÉegral part of these financial slatenient5. Page 10
Bingl¢y Grammar School Foundation CIO (Registration number: 1180077) Balance Sheet as at 30 September 2023 2023 2n22 Note Fixed #ssets Inveshnents 13,673,695 14,711,540 Current Fi$5ets Debtors Cash at bank alld in hand 10 22,754 87,346 27,218 182,465 110,100 209,683 Credllors: ATnouiits f8lling due within one year (23.4461 117,913) Net Current assets 86,654 191,770 Net assets 13,760,349 14,903.310 Funds of the ch&rity: Unrestricted ineome fuiids Genei'al fund5 13 2,818,084 2,796,629 Revaluation reserve 10,942,265 12,106,681 Total funds 14 13,760,349 14,90J,310 The financial statetnents oll pages l O to 19 were approved by the ts'ustees, and authorised for issue on 13 March 2024 and signed on their b¢lialf by.. Mr Chris Qusnn (Chair) Tru5te¢ The note5 on pages 12 to 19 forin an integral part of thes¢ Financial slateinents. Pagell
Bingley Grammar Sehool Foundation CIO Notes to the Financial Statements for the Year Ended 30 S¢ptember 2023 l Accounling policie5 Statement of compliance The fHalIcIal stateinenls have been prepared in accordance with Accounting and Reportit)g by Charities.. Stateinent of Recominendtd Practice applicable to charities PlEparing their accoiints in accoi'dance with the Financial Reporting 8tandai'd applicable in the UK and Republic of ljeland (FRS 102) letyective l January 2019) - (Charitics SORP (FRS 102)), the Financial Repc)rting Stdndai'd applicable in the UK and Republic of Ireland IfRS 102) and the Charities Act 2011. Basis of preparation The financial statements hav¢ been prepared on a going concern basi5 under the historical Cost Convention, Inodifi¢d to include certain iteins at fair value. Th¢ Charity's functional and piesentation cui'rency is pound sterling. Exemption from preparing a cash flow statement ie charity opted to adopt Bulletin I published on 2 February 2016 and have theiefor¢ rtot included a cash flow stateinent in these financial statetnei)ts. Fund structure Unrestricted income funds are general funds that ar¢ available for use at the trustees, diretiOn in furtherance of the objectives of the charity. Income Incoine is recognised when th¢ chai'ity has entitlement to the funds, any perfomiance condition5 attached to ihe itein(s) of incoine have been met, it is pix)bable that the income will be received aiid the ainount can be iiieasured reliably. Donulioiis oiid legrtcies Donations and legacies are recognised on a receivable basis wheii receipt is probable and the amount can be reliably Imeasured. DeferredllleliIe Defei'iyd incoine relates to i'enls receivable in advance. liiveslitrieiil iiicoiiie Investinent income is ircognised 8 Teceivable basis and i'elates to bank interest and incoine fi'ojn listed investinents. Cliurll(Ible actlvltlt5 In¢oine is recognised on a receivable basis and I'elates to rent income from the invesrment property portfolio. Expeiiditure All expenditure is recogtLiSed once there is a legal or constn]ctive obligation to that cxpenditure, it is probable 5e(tleineiit is required and the ainount can be measured reliably. All cosis are allwated to the applicable expenditure heading tliat aggi"e¥ate siii)ilai' costs to that category. Where costs cannot be directly ath'ibutcd lo pailicular headit]gs they have been allocGlted 01) a basi5 consistent with the use of resoue5, with centi'al staff costs allocaied on Ihe basis of tiTne spent, Jtld depreciation charges allocated on tlie poi1ion of the asset's use. Othei. Support ¢Q51S air allocated based on Ihe spiEad of stafycosts. Page 12
Bingley Grammar School Foundation CIO Notes to the Financial Statements for the Year Ended 30 September 2023 (continued) Rftisiiigfiiiids These air ¢osts incurred in attracting voluntary income, the manageineiit of illvestments and those incurred in trading activitie5 that raise fijnds. Cliurliuljle ficilvliles Charitable expenditui'e coinprises those costs incuijrd by the charity in the delivery of it5 activities and services for its beneficiaries. It inbludes both costs that can be allocated directly to such activities and t1105e costs of an indirect nalure necessary (o suppor¢ them. Sevtral expenditure previously classified as Raising funds in PTior years have been recla55ified as Charitable activities exp¢nditure in the current year. Grrtnl expéiidlliire Grants are given to studenis in Bingley to aid with th¢iT Studies and further their education. Donulloiis giveii Donaiions are given to Bingley Grainmai. School to help aid and fijiiher the education of the students as well a5 maintain the school and surroundiiig grounds. Grniilprovisioiis Provisions for grants are made when the intention lo make a grant has been coininunicated to the recipient but Ihert is uncertainty about ¢ith¢r thc tiining of tlie gTant or the amount of grant payable. Going toneern The trustees consid¢r that th¢re are no material uncertainties about the chariws ability to continue as a going ¢oncern. Support costs Support costs include ccntral functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property eosts by floor areas, or per capita. statT costs by the time spent and other costs by their usage. Taxation The charity is considered to pass thc tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and theiEfoie it Ineet5 the definition of a charitable coinpany for UK corporation lax puiposes. Accordingly, the chai'ity is potentially exeinpt froin taxation in respect of incoine or capitpl ga$ received ivithin categories covered by Chapter 3 Part I l of thc Coi'poration Tax Act 2010 oi. Section 256 of tlie '] axation of Chargeable Gains Act 1992, to ihe extent that such incojne or gains ale applied exclusively to chai'itable purposes. Key source5 of ¢stimation uncertainty Impairinent of debtors The chaTity Inakes an estiinate of the recoverabl¢ value of trade and other debtors. When assessing the impainnent of trade and other debtors, manageinent considers facto1. which iiiclude the cu]Yent credii rating of the debtor. the ageing pi'ofile of debtors and historical expei'iencc. The carrying amount is £13,220 {2022-£16,163}. Investment properlie$ Investinent property is earried at fair value, derived fioiii tho current market prices for coinpai2ble real estate dcterinined annually by external valuers. The walucrs Lise observable market prices. adjiisted if necessary foi. any diffeirnce in the nature, location or condition of the Specific agget. Changes in fair Va¢ are reeognised in pi'ofit or loss. Pagc 13
Bingley Grammar School Foundalion CIO Notes to the Financial Statements for the Year Ei nded 30 September 2023 (continued) Fixtd asset Inveslnients Fixed asset investments, other than prograinme related invesiments. are incliided at market value at the balance sheet date. Realised gairts and losses on investments are calculllted as the differen¢¢ beiween sale5 pi'oceeds and their Inai'ket value at the start of the year, or their subsequent cost, and are chai'ged or ei'edi(ed io the Stateinent of FinaticiaS Activities in the period of disposal. UnTealised gain% and losse5 repiEsent the moveinent in market values during the y¢ai' and are credited or charged to the Statement of fijiancial Activities based on the Inarket value at the yeai. end. Financial in4trument8 Financial as.%ets and fintjncial liabilities are recognised when th¢ charity becoines a party to the ¢ontractual provisions of the inslruinent. Financial liabilities and equity instruinents air classified according to the substance of the contractual arrangemenls enteTed into. An equity in5ti'ument is any contract that evidences a residual inlerest in the assets of the charity after deducting all of its liabilities. Recogiiilioii iiiefisuTeiiieiil All financial assets and liabilities air initially Ineasured at transaction price (sncluding transaction eosts), except for Ihose financial assets classified as at fair value through pi'ofit or Ios5, which are initially measured 8t fair value (which is norinally the Irall59Ction price excludin8 transaction costs), unless the arrangeinent cons(itutes a financÉng iransaction. If an an'angement COn5tituies a finaiiring transaction, the financial asset or financial liability is Ineasured at the present value of the future paymenis discounted at a ii)arket i'atc of interest for a similar debt instriiinent. Financial assets and liabilities are only offset in the stateinent of financial position wlien, and only when there exists a legally enforceable Tight to set off the Tecobjnised ainounts and the charity intends either to settle on a net basis, or to alise Ihe asset and settle ihe liability 55inulianeously. Financial assets are derecognised wh¢i) 2nd only when al the contractual right5 to the cash flows froin the financial asset expire or are settled, bl the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, OT ¢} the charity, despite liaving retained soine, but not pll, significant ri5k5 and i'ewards of oMry)ership, has tTansf¢i'itd control of the a55et to anotlicr party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. 2 Donations xnd legaeics Unrestricted funds Ceneral Total funds Total for 2023 Total for 2022 655.307 655,307 Donations from eoinpanies, trusts, and siinilar proreeds ainounted to £nil (2022- £655,307). During the year ending 30 Septeniber 2022 the charity received £649,326 by way of doi)ations to fund capital projects on the inveshnent properties. Page 14
Bingley Grammar School Foundation CIO Note5 to the Financial Statements for the Year Ended 30 September 2023 (continued) 3 Ineome from investments Unrestricted Total 2023 Total 2022 General Interest receivable and 5iniilar incoine., Interest receivable on bank depnslts Incoine froikn listed investments 400 12,823 400 12.823 102 8,598 13,223 13,223 8,700 4 Income from Charitable actlvltles Unreslrtcled Funds Total 2023 Total 2022 Incoine from investinent properties Insui2nce recharge Repairs reeharge 110,145 3.931 1,346 7,919 7,939 119,710 115,422 S Expendlture on raising fund5 TotAI 21123 Total 2022 Dlreet Costs Portfolio manageinent costs 18,662 18.662 13,993 6 Expenditure on Charitable Activitie5 Unrestrleteil funds Total 2023 Totul 2022 General Slaff cost5 Grant funding Property expenses Insiirance Legal fees Rent Audit of the financial stateinents Otlier fees paid to auditors Propety repairs 6,250 50,000 448 11,074 1,137 350 3.294 3.549 16,562 6,250 50,000 448 1.074 1,137 350 3,294 3,549 16,562 92,664 2.604 1,635 142 9,315 4,634 350 3,000 3,360 82,859 92,664 107,899 Page 15
Bingley Grammar School Foundation CIO Notes to the Financial Statements for Ihe Year Ended 30 September 2023 (continued) Grant-making Analysis of grants Grants 2023 2022 An81ysi5 Giants 50,000 1,635 The support cost5 associated with grant-lnakiiig Are £Nil {30 September 2022- £Nil). The grants for th¢ year ending 30 September 2023 were given to Bingley Graminar School to fund two projwts tg upgrade lighting to reduce power consumption, and to pay for an external provider of welfare services for a contTacted period post Covid to help pupi15 who were badly affected. The grants for tlie yekr ending 30 Septen)bei' 2022 were awarded to pupils. Awards were Inade using a simplc incans testing foi'iii and Trustees set bands for awai'ds based on disposable income after essential expenditure was tskell into account. Any pupil in receipt of fi'ec School Meals. for whom an application has been made, was automatically given an award, regardless of disposable ineoine. 7 Trustets remuneration and expcnses No trustees, noi. any persons connected witli them, have received any remuneration from the charity during the current or previous year. 8 Staff costs The aggregate payroll c95t$ wtre as follows.. 2023 2022 Staff costs (Jiiring the year were: Wages and salaries 6,250 2,604 No employee received ¢molllineftts of inore than £60,000 during the year Page 16
Bingley Grammar School Foundation CIO Notes to the Financial Statements for Ihe Year Ended 30 September 2023 (continued) 9 Flxed asset Investments Fixed asset inve5trnent5 Inve51Jnent prop¢rlivs Other investments Total Mai'ket value At l October 2022 Additions 597,729 130,886 (4,315) 21,895 14,711,540 130,886 (4,315) {1,164,416} Disposals Revaluation 1,186,311 At 30 Septeiiibei. 2023 12,927,500 746,195 13,673,695 Net book value At 30 Septeiiiber 2023 12,927,500 746,195 13 673,695 At 30 Septeii)ber 2022 597,729 14,711,540 All investment assets wert held in the UK. Th¢ inv¢stin¢nts are held priinayily for an investment return. Revaluation of investment property The investinent pi'op¢rti¢s weit revalued by Michael Steel & Co Propety Congultants who ai'e external and independent to the charity. I'he valller has an appropriate qualification and 15 gist¢l'ed with the Royal Institute of Chart¢red Surveyors. I'he date of the last valuation was 30 September 2023. The investment properties were revalued on the basis of market valiie. Pgg¢ 17
Bingley Grammar School Foundation CIO Notes to the Financial Statements for the Year Ended 30 September 2023 (continued) 10 Debtors 2023 2022 'rrade debtors Prepayinents Accrued income Other debiors 13,220 9,006 16,163 8,564 2,363 528 528 22,754 27,218 I I Creditors: amounts falling du£ witliin one year 2023 2022 Other creditors Accrua15 1,158 5,331 11,424 5,698 16,589 Deferred Èncome 23,446 17,913 2023 2022 Deferred incoine brought fonvard Resources defericd in the period Amounts released fiDm previous periods Deferred incoine at year end 11,424 16,589 {11,424) 19,452 11,424 {19,452) 16,589 1,424 Deferred incoine relates to rents receivable in advance. 12 Operating le4s¢5- lessor The total future miniinuin lease incoine under non-eancellable operating lea5e5, for each of the following periods= 2023 2022 Not later than one year Later than on¢ year and not la(ei' than five years Later than five years 23.724 17,633 20,519 12,507 41.357 33,217 The rents recognised as income durin¥ the year were £ 111,771 {2022 £110,145}. Pgge 18
Bingley Grammar School Foundation CIO Notes to the Finaneial Statements for the Year Ended 30 September 2023 (eontinued) 13 Funds Other recognised gaiN51{1055es) Balanlt at 30 September 2023 Balance at I October 2022 Incoming resources Resources ¢xpended Unrestricted General 2,796,629 132,933 (111,478) 2,818,084 Revaluation reserve 12,106,681 (1,164,416 10,942,265 Tot41 funds 14,903,310 132,933 111,478 1,164,416} 13,760,349 Other recognised gainsl(Ios5¢s) Baloiice at 30 September 2022 Balance at I Oetobor 2021 Jncomliig resources Resour¢e5 expended Unrtstricled Genero1 2,137,380 781,293 {122,044) 2,796,629 Other 12,300,360 {193.679) 12.106,681 Total funds 14.437.740 781,293 14,903,310 122,044 193,679 14 Analysi5 of net assets between funds Unre5ti-ieted funds General funds Total funds Fixed asset investments Cllrrent assets Current liabiliiies 13,673,695 10,100 (23.446> 13,673,695 110,100 (23,446 Total nei assets 13,760,349 13,760,349 IS Related party trnnsgclions Other than Éh¢ tTusiees (liere are no other key Inanageinent pei'50nJiel. Total einployee benefits of the key inaiiagement persotjiiel was £nil (2022- £nil). Page 19