Charity Tcgi5trauon nuinber. 1180077 Bingley Grammar School Foundation CIO Annual Report ind FitFancial Stat¢inents for Ihe Year Ended 30 Septcmber 2024
Bingley Grammar School Foundation CIO Contents {contlnued) Referen¢¢ and Adfflinistrativc Detsi]s TTU51ees' Repon 2to5 si8i¢in¢nt of Tntstees, ResponsibiliLI¢S lrtdepeiideni Auditors, Report 7109 Siateincnt of Financi81 Aclivilies Elalance SI¢[ Not¢5 lo thc Financial Sthtcmeni$ 12 ti) 19
Bingley Grammar School Foundation CIO Referente and Administrative Details Charlty Regl$tr¥ilon Number I]877 Trustee$ C Quirto (Chair) C Corlderson A Cooke P Frcar B Filzpatrick K Kcnnedy J Proctor G Brown Seei'etgry P H¢lyar Audltor Watson Buckle Lirnited Stswiory Auditor & Clthrtered Actountattt5 York Hous¢ Rrndford BD16 IPE Sollcltorj GordotLS l New Au8UStus Stye¢L Ilrndford Wcsi Yorkshire BDI 5LL PrlnelpAI I)ffite Bingley Grnmmar School K¢iBhley Road Bin8ley Wesi Yorkshire BD162RS Page I
Bingley Gramm2r School Foundation CIO Tru5te¢s' Report The tru5¢ees pres¢ni Ihc annual report together with the fin#n¢i81 sialements and auditOTS' report of the ¢hariiy for the year ended 30 September 2024. Objectives and aetivili Objecls uiidui1115 Binglcy Gl'ainnur Seknl Foutxtsiion CIO w&8 es(ablished on S (kiober 2018. The Iransfer of fi]nds and assets froin tlie pirvious Charity WÈS totnpled ai t1 ginnIng of Febrvary 2019 ai which point the original FoundatioTh wjs wound up. The obj¢¢l$ of ilie CIO are.. I PToviding And Imainisinin8 for hc School such special bcnefils of at)y kind no( nornully provided by goveTninenirtl or otlier public fuDds 0$ part of ilie normal nJnnin8 costs of ihc School as may from til¢ to tim¢ be agreed between the Scliool'5 Govcrning Body And th¢ ¢hariry ttwst¢¢& J awarding of seholaTships. bursari¢s and m&intenan¢e allonCeS witli ll preferet)ce for pewns resident in tjie prioTity area of rlie Scliool and pcrsons who aitcnd die .8chool #nd live outside of tli¢ prioriiy arca of thc School, from time io tinw, provided Iliai such r$05 are under ihe 98e of19 at)d in nccd of financial issislaTKY,' l armi proinouon of¢ducation lioUsh the 8ivin8 of priz&4 ¢0 pupils aThJ fomKr pupils of thc School. Major building work Coinmenced on the school site during Augu%1 2024, fiNI)c¢d by Mradford Metropolitan r)i5tricl Council, And furtds from th¢ Foundation may be mede av*ilable for arty addiiionAI Work or equiplen¢ whicli Iniglit not be available Ilirough Ihe projccl iL%elf. AS Ihe owneTS of (h¢ 18nd th¢ Foundation cxecuted a Licencc To occupy lo Ihe Council in ¢ornJcciion with thi5 work as well as A le•s¢ to North¢rn Powcrgrid for the larger ¢lcciri¢al sub-station i'equired to powcr tlic new building. 'I'hc Board has also fom)cd Ihree infonnal committees io )rk on Property; Financ¢ and investmcnts: and School LiAlSOn. These coiThnii¢ees r¢pon back to the Board rttommetwjauons for d¢cisions. Piillle beiiefil Truslce.% cotL%id¢r Ilial by supporlhng Ihe School irh ils work i]w 8re ¢omplying wi) their duty to lthve due Jtgord io tli¢ guidanc¢ on public bencfil published by die Chfyriiies Coinmission in cxercising their powers and duues. The Tnjslecs coiifirm thAt they hav¢ ¢omplied with ihc requirements of section 17 of th¢ Chartlies Act 2011 to havc duc r¢8aiYi to Ihc public benefÉt 8uid2nce published by ihc Charitics Commission for England and Wgles. Page 2
Bingley Grammar School Foundation CIO Trustees, Report (continued) Strutture. governartee mgn#R¢ment Nuliire ofgoveniliig doeiimeiil The Inaxiinuin number of Tru51ee5 15 eleven athd th¢ minimuln fivc. Currently the numbei in oifjce is eighi. The Clerk Sup[)rtS the Trustees in an adniinistrative C11y. Trustees 1ce[ ronllY four times per year. Additional itheeitngs are Cothvened if tKC¢SSary. Recriiirnieiil uiirf uppoiiiliiieiil of irii.$lees Tlie Triistcc Reciwilineni Policy 1% lo be Teviewed rry and develop 8 procw of T¢cruith?cnt to attraci more Trustees with appropriaie Skills &nd backgroW. liidiictioii 4iid traliilng t>fir¥si¢es Induction is carried oui by Ihe Ch8ir providit18 d¢tsils of the CIO consiÉiuiion. minutC5 of recent meelings, annual accounis ind any orher salien¢ infomwlion. Flnin¢lo1 r¢vl¢w Policy on reserves The mixtur¢ of ian8ibl¢ wets 2nd Stwk market investments gives a broad spread and redutts the risk to 8sscls held iTh ¢rusi. £400.000 WH% LllVCSted in Ociober 2019 wilh Si James Plsc¢ at a 'low medium, levcl of i'isk. nic risk piy)filc lims been sli8hily incrcased and funds inoved in¢0 lh¢ Sir8iC8i¢ Growrh Fund. A further rcview of the risk PTofile took place in lale 2023 and the furmis moved 10 a with 2 hi8h¢r risk profile. Fund5 coniinue lo be held wilh CCLA Black Rock as in prcviow year8. In ih¢ present unccrtain economic climatt it is felt to be sensible lo rethin the invesUrIt in properly lo produec a net invesimeni return similar lo that offered thUgh tradiiion81 inveslmeni roui¢s and conlributing to the spread of Investnnis. Woodlicllds, the nunagillB agcnls, Iiave undertxk¢n 8 r¢view of the Suitabiliiy of individual propcrtie5 IS part of ¢lie Foundalion portfolio And report thai all appear $uithbl¢. Trusl¢c5 oiin w hold a minimum of one yCArs' rcnlal itthme in cash to allow for unforeseet) ¢ir¢uinstsnces. There 15 no boi'rowing. A Financial Managemcnt Policy and Reserves Policy were adopied in 2021 sre reviewed annually. An annual budget is developed by th¢ twses and quartcrly rcyicws of financill perf0mmi¢ are received. Pagc 3
Bingley Grammar School Foundation CIO Trustees, Report (conlinued) Plans foi. future perlods Ainis aiid key objeclivesforftsiiirtptriods As indicated above m&jor buildirt8 work is being undertaken ot) site and itscome gerteraie41 by the of the eharity Inay be used 10 support this proj¢ei If required. Pi'operlies held by the b'ourtd2ilon 'I'hc iiivesiineni properties owned by the Foundation co¢npris¢: tarbd 21 Longwood Avenue 87 Main Sirecl. Biiigley 89 Main,Stre¢t. Fjingley 91193 Main Stree¢ + 115 P&rk Road + Car Park I Pfirk R08d- First floor I Park Ro8d 2nd f]oor- Flii I I Park Road - 2nd floor- Flai 2 I Park Road- 2nd floor- Flat I 9 Husfcild Street- Isl Floor Flat I l Hi)sfeild Siree¢- 2nd Floor Flat 16 Old Main Si, Binglty 18 Old Main Si, Bingley Sliay Gale, Wilsden 4. Kysliwortli Ave 7 Park Road. Ilingley 9-1 I Park Road. Hinglcy 115, FITiIAnnia Wharf. BitlBley 137, Briiannia WhaTf. ljingley All propeitie5 were rcv8lucd during Au¢umrt 2023. All prop¢rii¢s Ar¢ 8$ well mai¢Jtsincd as p)ssibl¢, given ihe age of some of them, and every effort is made to ensure (liat tli¢ portfolio is fully let on an ongoing b8si$ 0¢ rntu. The Found31ion &lso owns Bingley firnmmar S¢ho)l. Page 4
Bingley Grammar School Foundation CIO Trustees, Repor¢ (continued) Risks Y4nd uncert#intit$ The Elobal pandemic had an impact on the IrfOnarK¢ of the assets held by the Foundation both property and invesin)eni but all values recovered well. The economic uncertainty mentioned it) the October 2023 Tn]st¢¢s Rqmjrt continues impact the value of some Assets but all invcstmcnt assets hav¢ ire&s¢d in valuc over the pst twelve months. However, long temi ImplJcation5 are dhfficuli to quantify. lllve511))ent aecounts are held Ihrou8h St. Jamcs Place. Black Rock and CCLA. Tliese are long tenn irhvestsnents and ire 1$ no r¢qU1ment access these funds during the current period of financial volatilitv. Th¢ majoriry of the tangible as5ei portfolio is comprised of a mix of mt)Kl&l and r¢sideThtial properti&8. Niese are Clcarly long tenn investments and again there is no requiraneni liquidal¢ ass¢L8. The 5uilability of Ilie properties which comprise the portfolio hav¢ bcen rcvicwed by the new managing agents and ar¢ felt lo continue w be appropriate. It 1$ no¢ fel¢ that ir¢ 15 any foreseeable threat io the ability of th¢ Foundation to continue to meet its financial cominiiments, as sufficieni thnds ar¢ mairblained on curreni and deposii accounls widi B8r¢l&ys B8nk. The FoundalLon will ilso be able to conlinu¢ to meel its obj¢¢tives in sup]K>rtin8 Bingley Grammar School and it5 cominunity All Truok¢ ting& itt th¢ ¢wr¢nt y¢or Ild rlt Binsley S¢h¢>ol. The annual r¢port was approved by the InleeS of the charity on.................... and si8t*d on its behalf by.. C Quinn ICh8Lr) Trustee Page 5
Bingley Grammar School Foundation CIO Statement of Trustees, Resp(bnsibilities The ITUStce5 are responsible for weparing the trstee5, rqjort and the financial sthteinents in aecordance with the United Kingdoin Accounting Standards (United Kingdom Gcnerally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the tslLSt¢es Lo prep8r¢ financial sthtements for each flnancial year wliich give a true and fair view of Ihe state of affaiY8 of the Charity and of the it)comit)g resources and application of resource8 of ihe charity for ihat period. In preparin8 t11 finatKial StsleMet), the InLqtces ar¢ required .. select sui¢able accour)ting policies aThJ then apply them consistendy. observe the methods and principl&% irb the ChaTilics SORP 2019 IFRS 102): Jnak¢ jud8¢m¢nts atNI ¢stimat¢s thai are reasonable at¥J prndeni: slaic wh¢ih¢r applicable a¢counitng staThJards have be follo¥1, subject lo at)y malerial depamwes disclosed And explained in the financial sth¢ements: and preparc the financial stsicJn¢nls on goit)g eot)cem blsis ut)less li is inappropriate lo presume ihe cliaiiry will continue in business. Tlie trnsites are responsible for keeping proper attouthiits8 records thai disclose wilh reasonablc tsccuraty &t any lime the finlncial position of Ihe ehority ll[ eThable Ih¢in io ¢nsurc that the financial staicmcnts cojnply willi th¢ Cliariti¢s Act 2011, Ili¢ Charili¢s IA¢counts &tKi Reports) Regulaiions 2008, 2nd t1 provisions of Ilie consiiN¢ion. ni¢ trustees aL¢ also 1¢3POJ13Lblc for saf¢BuaLdiLl8 IIK 4)r 1¥ ¢lwAty •KI foi taki118 iU&01bl¢ ap& ful t]1¢ yi¢v¢Lbtioii and del¢¢tion of fraud and oth¢r irre8ularili¢s. Approved by the tnL%ittS of the eharity on..........,......... #nd si8td ott its belf by.. C Quinn IChAirl TnJ$i¢e Pagc 6
Bingley Grammar School Foundation CIO Independent Audltor's Report to the Members of Bingley Grammar Sehool fioundation CIO Oplnithn We li#ve audited Ihc financial slaletnenis of Bingley Grainmar Sch(Kil Foundation CIO {Ihe'charI) for the yeai. ended 30 Sep(¢mber 2024. which comprise Ihe Staiemeni of FInarla1 AciÈvilies, Balan¢e Sh¢et, aixl Notes to die Financial Sialcmenls. including 5ignific#r5t accounting policies. The fina101 rew>rting framewo tliai has been Hpplied itt their prepardtioti is applicable law and Unsied Kingdom Aeeouniing StaTthrds, coinprising ChBrilies SORP - FRS 102 The Finan¢ial Reporling Siandord applicable in the UK and Republic of Ircland. applicable law (Uniod Kingdom G¢nerally Accepted A¢couniing Pr&¢tic¢). In our opinion tlie finan¢iAI $thtemenis: givc a Irue and fair view of Ilie siale of th¢ charity's affair5 as A¢ 30 S¢pmber 2024 and of its incoining rcsourccs and application of resour¢¢s for th¢ ye4r then ended- h&vc been properly PTepard in 8¢¢ordance with Uni¢¢d Kingdom Gen¢nlly Acctptrd Accoun¢in8 Pracii¢¢'. 8Thd have b¢¢n prepared in Attoydince with th¢ Charitics Att 2011. Ila81s for oplnlort We ¢onducicd our audit in 8ccordan¢e wtih Intcrnalional Sthodird8 on Audiiing IUKI IISA5 IUKII and 8ppIic8ble law. Our respon51bilities under thox standards are funlier describ¢d in ihe auditor rcspunsibilitl&8 for ilie dudil of Ilie rin8ncial slal¢mcnL% section of our repon. We are ITepende1)I of the drity in accoTd4nce with tl)¢ ¢iliical rcquiL'eineiilS tliai Ri'e Telcvani ¢0 OUT audii of the financial staw))enis in the UK. including IIK FRC'S E(hiul Siandard. a>)d we hav¢ fuifillcd our oih¢r cihical Tespon5ibililies in a¢¢ord8n¢e wilh IlK5c fcquiTements. We beli¢v¢ tlial the audi¢ eviden¢e w¢ havc obiained is sufficient And aPPTopriate provid¢ a basis for our opinion. Concluslon5 re14tlnp io %oln% concern In audiiing th¢ finsn¢ial stalemenl.s. we have concluded that the iTU5&8 use of goit)8 nCern basis of aCCOUnfing in t]Ic preparolion of ihe financiAI siaiemethis 1$ appWprLa. ascd on th¢ work wc liavc pcrforitKd, we Ive noi idenlifjcd any illaterial un¢crt8it)ii¢s r¢laling 10 evenis or ¢ondi(Lons tlth¢, individually or collectivclyi Imy us¢ si8nifi¢ani doubl on IIK cliarity's ability io coniinue as a goithg conc¢i'n for period ofat Icast Iwelve inonih5 from when the ori8inal finarhcial siai¢inenLS w¢re aU(JrIStd for issue. Our rcsw)nsibili(ies and the re5ponsibililies of thc twstecs with respect io going nCern are de5cribcd in the relevant Sections ol'this report. ()ther Informailon Th¢ oilicr information ¢ompris¢$ Ihc infornuiion included i the 8nnual report. other than ¢lk fin2n¢ial sl&teJncJits and our auditor's report tjiereon. The truSeS are rcsponsible for ihe oilier infonnalion. Our opinion on Ilic finaiicial 81Oteinents doe5 t)ot ¢ov¢r the other inforniation alld. we do noi express any form of assurnnce ¢on¢lusion tliercort. Our iupon5ibility is io read ttie odier inforination urbd, in doing so. eonsidcr wjieiher the otlicr iDfoni)alion is Jnalci'ially in¢onsisteni WLth tli¢ fiNncial 51alcnKnls or our knowl¢d8e obtsiiied in the course of Ilie #udit or otlieiivisc appcar5 10 be maierially niisslaicd. Tf wc idenlify such material inconslSICIICI&S OT appareni Inaieiig111)isslaieinents, we aTe Tequir¢d to delcriknin¢ wheiher (his gives rise lo a mil¢rial misslaiemcnt in tlic financial sth(winls Il)emsclve5. If, bHs¢d on tlie work we have perf0nrd. we conclude Ihat diere is a inaierial mi551atemeti( ofthis oiher infonnation, we are irquired lo repoit that fact. We hav¢ nothing to report in this r¢g2rd. Pa8¢ 7
Bingley Grammar School Foundation CIO Independent Audltor's Report to the Members of BinEley Grammar School Foundition CIO (continued) Mtters on which we are requirtd to report by e¥tepilon Wc havc iiodiing 10 report in respcei of the following maUeTS in relation to whi¢h the chariu (Accounts arml Reports) Regulations 2008 require u5 to report 10 you if. it) ow opinioo." th¢ infonnation given irh ihe Iruslees, report is inconsis¢¢nt in any Jnatcrial respect with the financial staleinenls. or sufficient accoiiiirtg ¥ecord5 have noi k¢pi' or the financial siaterncnts not in 8gr¢¢inent wilh Ihe aceountirbg records: or we liave noi receivcd the informatio¢) and ¢xpJarthtion5 wc rcquire for oyr audiL Regponsihilities of trustees As cxplained more fully in th¢ St8meni of Trustees, Rcsw)nsibililies Is¢r oui on page 6), t7 twstees are responsibl¢ foi. lh¢ pr¢para¢ion of thc financL81 slai¢m¢nis and for being saiisfied ih&t Iljey give a uue aiid fair view. and for sucli inlenjal conirol ns Ilic ¢ruslees detenniTh¢ is n¢¢¢ssary 10 cnablc Ilie preparaiton of financifyl $twlements Iliat llre frce from ntertaI n)issl8l¢tn¢ni, wheiher duc lo fraud or ¢rtor. In prep8rin8 Ilie finAll¢iAI stmteincnls, Ihe tslLSl¢¢S are resw>nsiblc for asse&8inB tli¢ ¢lwiiy'$ 8bilily to coiiliiiue as going conccrn, disclosing, As applicable. mailers related going concern aijd using the going Concern ba518 of aecounling iinless Ilic iruskes ¢iiheT intend to liquidat¢ the ¢h&rity or cease operations, OT have no realistic alternative but to do so. Audltor R¢sponslbllltle$ for the audit of the Ilnon¢ll $ttementS Our obj¢¢tives are lo obtain rusonAble assurnnee About whciher the finan¢i81 sthieim¢nts as a wlM)Ic gre fr¢¢ froin 11121eri81 missioicmeni. whether due fraud or error, and issue an auditor's r¢poTI that includcs OUT opiiiion. R¢osonibl¢ 8uuran¢e is A high level of wurance, bui is not a guaraiiiee dial an audii conducied in accordance willi I%A% IUK} will alw8ys dclcci a Inalcrial missthm¢n¢ wlien it exists. Missta(emenis ¢8n arise fmii) fraud or eri'or and arc coti%idtr¢d mslerial if, individually or in ihe 3B8T¢gai¢, Ihey could rcasonably bc exp¢¢led 10 iiiflucn¢e tlie ccoiiomic dcci5ions of iLScrs (llken on the basi$ of ihc5c financial slatements. IL'r¢gulllri¢ies, including Iraud. ar¢ Instin¢ of non-¢ompliancc willi atld regulations. We dcsign PlDccdures io lin¢ wiill our rtsponsibilitlC5. ouilined aly)ve, 10 delect Inalcrial E]iisslatctncnts in r¢$pect of srrcgularities. inclding fi?ud. 'rii¢ ¢xteni 10 which our proccdurts are ¢2pable of dei¢¢ting irregularilics. including fraud is deiailcd below. In pl8nnin8 and d¢si8nin8 our audil t¢5. we identify 8Thd Rss$ the risk5 of mi*rial Jnisstatem¢nt within the finAncial SicnICnI5. wliciher due to frAud or error. OUT assessnxnl of these risk$ includcs considei'&(ion of tlK n3ttire of Ilic industry and seclor. Ilie control environn)eni and Ihe business performan¢e along witli tlic iesults of our enquiries of Inanagerneni, aix)ut Ihcir owl) id¢tttifi¢alion 8t of (he risks (>f irregularities. Wc are also required to perfoim specific procedures io rL%pond ¢0 Ihe risk of managenKnl ovcrrid Pollowi118 iliis 8ssessn)eni we eollsidcred the opportunities 8nd irt¢¢n¢ivcs that Inay CXLSI WL(hin th¢ ¢h?rity for fraud and idenlificd ilie 8reatesi wientibl for fraud in evaluaiing Iljc cash and bank balarKes and fLxed assels. Wc a150 obtained an undcrslanding of the legal and regulatory fraineworks thai the charity opcrates En, Ihrougli discv5S10115 Wjth ITU5te¢5 and o(lier inanrtgemen4 hnd froni our coinmcrci81 knowlalge 8nd cxpcriciicc of the scclor in wliieh Ilie cliarity op¢rntes, lo ciiable us lo ideniify Ihe key 18w& And regulations appltcable lo ihe chArity. Wc focuscd on specific law% and regu121ions which wc considcred may have a dir¢¢i ¢CrIal effeci on the financial 51si¢rn¢iits or thc opci'ali011s of Ilie charity, tn¢luding Ihc aiariiie5 Aci 2011. the Conipanie5 Aei 2006, taxation le8is12tion, (ts protcciion, anti-bribery. employm¢n(, ethViTOnTnen¢al and heal(li and saftty leg151ation. Pagt S
Bingley Grammar Sehool Foundation CIO Independent Auditor's Report to the Members of Bingley Grammar School &oundation CIO (continued) We (hert perfomied audit proccdurcs afkr consideration of the obove risks which in¢luded die followiTh8= documenting artd assessing the internal controls overcash ar bank balantts. performiiig osis ofdetail on Ihe cash and bank balanc£5 and reconciliatsons- evaliialing Ihe exisience. ownetship. and valuaiion of rjie fixed alS Knveslment properties,. evaluatin¥ the owneT5hip and vAluaiion of the fixed asset inveslineni portfolio. eiiqiiiring of maiiagerncnt conccTning a¢ttul and poi¢niial liiigaiion and claims. reviewing corrc5pondcncc with The Charity Commi&8ion and th¢ chariiys1¢8al advisors: perfoijniiig analytical procedure5 10 idethiify any or unexp1¢ latIonShipS that may indieate risks of material misslalemenl to fTaud,' rcading minute5 of meelings of Ihose charged 8ovemanc¢- Al- in 8ddre&sing the risk of fTaud through tD8t)ag¢m¢Thi ov¢rride of ¢oniTols. sLIng Ihe appropTiattJ)ess of journ81 entries and other adju5tnnts, a&%essing wheih¢r th judgements made in n18king accounting estinthtes 8r¢ irtdicativ¢ of a potcnlial biRs.' and Claling 1¢ business raiionale of any signifieanl Irdnsaclioi)5 dial are unusual oi. outsid¢ Ilic nonmal course ofbusithess. All cngagemen¢ members were infom)ed of the relevani law5 and regulations and poteniial fraud risks al tlie planning $14g¢ and reminded r¢m8in al¢rt lo any indicaiions of fraud or non-COLnplian¢e with laws 8nd Tegulatioiis ¢h¥ouglioui Ihc iudit. Th¢ cn888¢meni partncT ensured Iliai ihe enga8emcni team colleciiv¢ly liad Ilie APPTOPTl8le comp¢ien¢¢, ¢Apabiliti¢s at)d sktlls lo identify such items. There 8re inhcrcnt liinitaiion5 in our audil procedures d¢KTibed Bbov¢. The nk)r¢ reinovcd that lws artd re8ulations 8r¢ froin fjnancial tran5aclion5, Ilic I likely it 1$ th81 w¢ would bccoine awarc of non-coinpliaiicc. Auditing siand8rds also limit Ilie Audit procedur required to identify non-eotnpliance with laws arwj rc8ulati0l lo enquiry of di¢ tru&te¢s and otliei. n)anagemerti And Ihe inspeciion ofregulalory and Icgal COTfc5pondenee. if any. MateriAI misslatem¢nl$ thal arise due to fraud can be harder to d¢wt than those ihal aris¢ from crror #s ihey may involve deliberate con¢ealmenl or colliision. A furtlier d¢Kripiion of our Tewiisibililies 15 available on the Finart¢ial Rcwrting Cou11,$ website It.. wwiv.(r¢.org.uklauditorsrespon51biliiies. Tlii5 descripiion fomis pirt of our audiior's r¢port. Uso of rtiiort This reporl is made solely io the Charity In151e¢s, 4$ a body. in a¢¢ordanc¢ willi Part 4 of Ihc ClrI11¢S {Accounls and Repoi1sI Rcgulg1ion5 2008. Our work has beer) undell&k¢n so th81 we mi8h( siaie 10 rjie charli5 trustccs Ih05e It)8iters we are required 10 siaic io them in an auditors, rqy)n and for no oihcr purpose. To Ilic fullc51 cxtcnl pcnni¢ied by IHW, we do not accept or assume re5w>n$ibility 10 anyonc othcr Ilian die chariiy and die charity5 InJSt¢es AS A budy, for our audit wurk, for Iliis pOli, or for the opinions we have fornicd. aL£ickL W8ison Buckle Limited Siaiuioi'y Auditors & Chirtered Accounwnts Brafoi'd Date.. Page 9
Bingley Grammar School Foundatlon CIO Statement of Fin9ncial Activities for the Year F.nded 30 September 2024 (Including Ineome ExpendÉture Account) Unreslricted funds Revaluation reserve Tolal 2024 Total 2023 General Note In¢tsmt And emdowmttht5 from Donatiuns and legacics Inv¢stm¢llts Chariiab5¢ aciiviiies .812.420 16.367 119,387 1.812,420 16,367 119,387 13,223 119,710 'rot41 income and endowrnents .948.174 1.948,174 132,933 Expendllure Raisin8 fvnds {18,6621 145.790) 11.2051 145.790) 11.205} (92.8161 Oilicr l'0141 expendlture 1fifi.166) 66,166 (111,478 Net in¢on IsSeS on revalu81ion of fixed asseis crainsl10% on invcslmeni assets I.882.8 1,882,(M)8 21,455 104.769 104.769 21.89S Net Imovement in funds 1,882,1)oit 104,769 1,986,777 11,142,961 Reeonclllthiloth of funds Toial rtd$ brought folward Toial thnds rri foTvrard 2,S18,084 10,942.265 13,760,349 14,903.310 4.?.092 11.047,034 15.747,126 13,7(10,349 All of ¢he ¢hAriryS aciivities d¢rivc from continuing operaiions during the Above two periods. The futKi$ breakdowryj is showryl in rK)te 14. The notL% on page$ 12 10 19 forni an inie8rdl part of th¢ fiiian¢ial statelnts. Page 10
Bingley Grammar School Foundation CIO (Registratlon number: 1180077) Balance Sheet as at 30 September 2024 2024 2023 Note Fixed assets Invcstnienls 10 15,588.339 13,673,695 Current #ssets Debtors Cash at bank and in hat 23,011 155.982 22,754 87,346 178.993 110,1 Credltors: Amounts f*lllhg due 20,200 23.440 Net eurrent aS5¢ts 158.787 86.654 Net 15.747.126 13,760,349 Fund5 of the th&rlty: Unrestrl¢t¢d Income funds G¢n¢ral ndS 14 4.700,(&2 2,818,084 R¢valuatson reserve 14 11.047.034 10,942,265 TotAI fund& Is 15.747 126 13,760,349 The financial stal¢ments on pages 10 19 approved by the trusteA iuthorised for i5su¢ orb .................... afbd Sl8ncd on their behalf by.. C Quinn Ichair) Trustee The notes on pages 12 10 19 fom) an iniegral part of thes¢ financial sthtell)Ents. Page 11
Bingley Grammar School Foundation CIO Notes t(k the Financial Statements for the Year Ended 30 September 2024 l Accounting policlts StAtem¢nt of compliance The finart¢ial siatetiients have bcen prepared in accordance with Accounting arml Rq)ortrng by ChaTi¢ies.. Sia¢inent of Recolmnnded Practice applicablc to chariries preparlng their accounts in accordance willi the Financial Reporiing Siandaiyl applicable in ihc UK and Rcpublic of Ireland IFRS 1021 (cffe¢(ive l January 20191- ICh8rities SORP IfRS 10211. Ilie Fiiiancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and Ihe Cliarilics Act 2011. B4119 of prepArstlon 'I'hc financial slalcnwnis liive been prepared on 8 going ¢on¢¢rn blS Und thc historical Cost convcn¢ion. modifled io incliidc ¢eTiain items ai fair valuc. 'I'he charity'5 fun¢iioiiAI and pres¢t)ialiorb curf¢n¢y is pound steTlhn& Exemptlon from prepArln% a tash now 5ttement The chArily opi¢d 10 adopt Bullciin I publhshed on 2 Febn]ary 2016 have therefoTe no¢ included a Cash flow siatcincni in Ihcs¢ financial stat¢mcnl$. -utsd Str£tUre Unre%tricled incoine fund5 are general fimds ihi are ivaiiable for use ai ihe trte¢s, discrelion in fijrtherance of il)c objeelivc% of Ihe clilrity. liicome ItJcoJiie 15 recogrlised when the charity has eniiilement th¢ fijnds. any perf0mnc¢ conditions attaehcd to ¢Jie iteilsl of incoinc have been mei, 1¢ 1$ probable that the in¢om¢ will be received and Ihc ainounl can bc Inca5urcd rtliAbly. D¢J¢rred liicoiNe rjeferred income r¢law rents receivable in adnCe. Doiiuiedsei'vices uiidlacillrfes Wliere service%, faciltlles or PTOPCrty devclopmcnls are Provided to the ¢liarily AS o donation thAt would nonnally be purcliAsed froiii our supplicr5. thi5 bencfit is included in (JK fin•n¢isl $t8iem¢nts at it's fair valu¢ wiless il's fair valuc ¢8nnoi be realiably mca5urcd, Ihen ai Ihe cost ¢0 (he donoror ihe res8le v8lve of 8oods (l)al ar¢ to be sold. liivestiiieiii liicome Invt5111Knt inctsme is re¢ogrtis¢d on a re¢eivable b8$i$ and relaics lo bank intcrest incowK from listed investincnis. Cliui'i1oblÈ lltiivitie Income is Ognised on a Teeeivable basis and relate5 to rent 1cne froiii ¢he investsneni prOrry portfolio. Expenditure All cxpcnditUTe 15 Tecogni5cd on¢e there is o legal or ¢onstswclive obligation io iliat expenditUTC. It IS PTobable seltScineTit is required and the atnount ¢3n be rn¢25ured reliably. All costs are allocated to the applicable expenditure lieading Iliat aggregate similar tOsLs (O thai ca¢80ry. Where costs cannot be directly altribuled to pariicular lieadings IIKY liave been allo¢aied on a ba%is consislen( willi ihe ¢ of resources. with central slaff costs allocated on Ilie basis of lim¢ speni, amd deprectalion ch&rgG8 alloca*d on of the 8sseL'S use. Other supp)rt Costs are allocated based on the spread of stsff costs. Page 12
Bingley Grammar Sehool Foundation CIO Notes to the Financial Statements for the Year F.nded 30 September 2024 {eontinued) RNisiiigfiiiid5 Tliege are costs incurred in altracling volunthry itthnK the management of investJn¢nts 8nd those incurred in Irading acliviiics t11 raisc fiind5. Cliarituble aclivilies Chai'ilable cxpenditure COTnprises those costs incurred by the charity in I1 delivery of its ae(iVLties and services for its beneficiaries. It includ¢5 both costs c8n b¢ alloted directly lo such aciiyiiies and t1105C Costs of an indirect iJ8lure neces%ary to support them. CFiQiii expendiiiirt Gi"arti$ ali given 1¢ $tud¢Dis in Brngley to aid with their 8NI fijrther their cduc4tion. Dt>ffliAiioiisgiveii Donlliions ar¢ 8iv¢n (o Bingley (irdmmar Sehool help old 2nd the education of ¢h¢ swdents as well as Inaintain the school and su)Tounding gTounds. Giwiilpjvvlsloiis Provi%ions for grants 8re made wlien ihe inieniion io mak¢ a grani has bccn eommuniuted to Ili¢ recipient but therc is un¢ertainty about either thc liming of the grani or the ainounl of grani payable. Golng euncer I'ljc trustees eonsidcr thai there ore no material erlainI1cS at4Jui Ihe charitys ability lo ¢onthnue as & 80ing eoncem. Support costs Siipport costs includc Central fvn¢iion$ and hav¢ been allocad to activity COSI Cat¢gorie5 on a basis consisieni willi tli¢ iL8c (If i'esour¢¢s, for exsinplc. allouling pro[rtY costs by floor areas, or p¢r capits. slaff ¢osis by the ¢im¢ sp¢nl and other cosis by their llsage. Tgxatlon 'I'lic Chariiy 1$ ¢on$id¢rn4 to pass Ihc tcst5 Sel 0111 in Par8gr8ph I SclKdule 6 of the finance A¢t 2010 and tlierefore it m¢¢l% Ihe defini(ion of 8 charilable company for UK ¢orpor8tion lax PUTPOSCS. AttoTdinBly, Ihe ¢h8rily 15 Potentially ex¢mpl from laxaiion in respccl of irhcome or capiial 88ins r¢c¢ived withili catcgories ¢over¢d by Chapter 3 Pait I l of Ihe Coiporation Tax Act 2010 or Section 256 of ihe Tax81ion of Chargeable G8ins Aci 1992. 10 Ilic exten¢ that such incotne or gains are applied ¢x¢lusiv¢ly 10 dMTithble purposts. Key wur¢es of utlmatlon uneertlnty Iinpairinertl of d¢biors Thc ehority rt)akes an eslim8te of die r¢coverable valuc of tsade and other deblors. Wlien assessing (h¢ impairment of ti'ade and oilicr d¢biors, mana8tmcThl considers fg¢ioTS which in¢ludc Ilie eurrenl credi¢ ra¢in8 of t]1¢ debtor. Ihc a8einB profile of debtors and historical experience. The c4rryin8 amount is £1 1,129 {2023-£13,2201. Investment propertles Invcsliiienl property is carried at fair valuc, dcrived from th¢ curret)( MAti pi'ices for coiiiparable real ¢s181e dclcnnined annually. ExieTnal valuations arc r¢quii¢d every 5 years and valucrs usc observablc market prÉ¢es, 8djusied if ncLewry foT any difference in the 2re, Iocaiion or corKliiiOn of the specific a5SCt. aianbys in fair value are recognised in profil or loss. Page 13
Bingley Grammar School Foundation CIO otes to the Tr'lnancial Statements for the Year Ended 30 September 2024 (continued) Fixed &58et Investmen1$ Fixed asset invesiimenls. other Ihatt programme relawl investments. are ilded it Tnarket value 81 the balanc¢ slje¢i date. Realised gains arld 105ses on invesimenis sre ¢#leulalcd as It difference between sales PTocceds and t]ieir mark¢t value at the siarl of the ycar. or tjieir subsequent ¢05L and are ¢Irged or crediied the Stalemenl of Trinan¢ial Activities in the pei-iod of dispos81. Unrealised gatns and Ios5¢s fepTe5ent Ili¢ movemeni in values duTing ihe year and 8rc ¢redited OT chaiEed to tlie Siateinent of Financial Aciivities based on Ihe markel valuc at th¢ year end. FinanclAI Instrumenis Financial assets and financial liabilities are rOlsed kn the charity b¢¢On 8 party lo the conitYCWo1 provisions of Financial liabilitie5 and Cqility inslnjm¢nis ort Classified according to di¢ sUbSnCe of the eonlT&Ctu&l 8TI?nBcincni$ cii(er¢d into. An equity inslruinetll is atty ¢ontr8ct ihat evidences a residual in¢cresi in ilie asse(s of thc cliarity 8ft¢r dcduciin8 all of 11$ IiAbilitics. Recoxiiilioii uiidiNert&iiememl All financial 3ss¢is And liabililic5 are initially rneasur¢d at traction price {in¢ludiiig ITansaciion c05tsl. exccpi foi. Ihosc financial 2ss¢1s clas%ifi¢d a5 at lair value throu8h profil or loss. whicli are iniiially iwsured al fair value Iwliicli 15 norinally Ilie ll'ansaciion pri¢¢ ¢x¢ludin¥ Irart5aclion cossl. Ilie arrangein¢ni eonslitules 8 finJncin8 Iransaciion. If an arranennI consiituies a fin8n¢ing iraThshctiorb, Ihc flnancial assei or financial liabilily is inca5wrd at lh¢ prese value ()f the fiilure payments discount¢d ai a IMrk¢i rnte of inrere51 for 8 siinilar debi insiruineni. Finan¢i218ss¢is And liabilities are only offs¢l in the sthkment of finarKi81 posilion when, and only whcn there exists legally cnforc¢abl¢ righi to sei olT the rccogniscd 8nwt$ and ihe chariiy rnlcnds cither to s¢ul¢ on a nei bASiS, or to r¢ali5c ilie assei and seiile the liability siinuliancously. Fin•nLial a%sels are dercco8nis¢d when and only when Al the ¢ontr8¢tual rights to tile cash flows froin the finaiicial 3¥sel expire or èTC seiiled. bl Ihc ch8rity (r8nsf¢rs lo unother party subsianiially all ofilie T15ks rewards ofownei'8hip of Ilic fsn#neial a55Ct, or el thc charity. despiie having rela1rd som¢, nol all, significant risks and rewards of owicr5hip. h8$ IrAfksferTcd conlrol of the asset lo ano¢h¢r p8rty. Financial liabilities are derecogni8¢d only when thc obli8aiion speeified in the Contract is disch8rg¢d, cAn¢elled or exi)ires, 2 Donations and l¢ga¢les UnrutrS¢ted funds Total 2024 General Donalcd serw¢es and facilities 1.812,420 ,812.420 This income 1$ tn Trlation to property developments gnd inyrovernenls that were fimded by Bradford Council. Page 14
Bingley Grammgr School Foundation CIO Notes to the Financlal Statements for the Year Ended 30 September 2024 (Continued) 3 Income from Investments Unrestritted Total 2Q24 Gener#1 2023 Inl¢resi receivable And sitnilar income. lttlercsi receivable on bank deposiis Incotiie from listed invesltnenis 702 15.665 702 15,665 400 12,823 16.367 16.367 13.223 4 Income from CharitAble Hctivltles Unrt$lrltted 'urtds Tot1 2Q24 Tot1 2023 Income from invcslmeni properti Insiirance recliar8¢ Rcpairs rechgr8C 109.528 6.499 3.3( 109.528 6.499 3,360 119.387 7.939 119,387 119,710 S Lxpendlture on rllslng funds Total 2024 Total 2023 Dlrett eo$tS Porifolio Inanagcnicnt cosls kieni manag¢iiKn¢ fees 7,6 18,662 18,662 Page 15
Blngley Grammar School Foundation CIO Notes to the Financial Statements for the Year Ended 30 September 2024 (continued) 6 Expendlture on Charltable Acllvities Unrestricted fund5 Tot1 2024 Tot21 2023 Gener1 Staff co%ls cjinI funding PTOPCI"ly expenses Insurance Legal fees ttcnt Coimpiiicr softwore Audit of the finuiiLial $talements Otlier fee8 paid 10 auditors Proper¢y repairs 6,250 6.250 6.250 50,000 448 11,074 1.358 12.190 9,967 350 1,358 12,190 9,967 350 350 152 3,294 3,549 16,562 8.055 8.055 45,790 45,790 92,816 GrAnt-maklng Anllyils of Rrfintj Grlnts 2024 2023 Anglyslx (ii'ants 50,000 Thc support cost% a&8ociaied wih grnn¢-m*king are £Nil130.Sq)t¢mb¢r 2023- £Nil). The grall15 for ilie y¢ar cnding 30 Septernr 2023 ¢ giv¢n to Bingjey Grammar School to fvnd two projccls 10 Iipgradc liglilirtg ¢0 rU¢¢ power con5umpiion, And 10 pay for an external provider of welfare scrviccs for a cot)trAcied period p051 Covid io lielp pupils were badly 8ff¢ued 7 Cjaliis Ilosses on investment 115sets 2024 2023 Gbinsliosses on invcstmcnt a55c15 I'liis incoine is in re18tion 10 Jnarkel value BairL4 I Ilosscsl arising on the inv¢¢1 tx>rtfolio. 104,769 21,895 8 I'ru%tees rernunerAtion And expenses No Iruslec5. nor any pcr50lls conneelcd with them. have received 8ny remut)erniion from the ClritY during the current or prcvi0115 ycar. Page 16
Bingley Grammar School Foundation CIO Notes to the Financial Statements for the Year F.nded 30 September 2024 (continued) 9 St#(f Costs The aggttga payr¢)11 Costs were as follows: 2024 2023 Staff costs during the year were: Wage% aiid salaries 6,250 6,250 No etnployee re¢¢ived ¢molum¢nts ornre thon £6A),000 during ihe year 10 Trlxed $$ef IDvt$imeni$ Flxed AM¢t Investm¢nl$ Inveslrnenl properile$ l)Iher Inveilnient$ Market v2lue Ai l ()clol)cr 2021 Additions Dispo$als K¢valuaiton 12,927,5 1.812,420 746,195 5,323 17,86RI 104,769 13,673,695 1,817,743 17.8681 104.769 At 30 8epleJnr 2024 14.739,920 848,419 15.588,339 Ntt book value At 3n.Scpieittber 2024 14.739.920 848.419 15,588,339 A¢ 30 Scpicit)ber 2023 12,927,5(K 74C),195 13.C)73,C)95 All investment assets wcre held in the UK. T1 investinenls are Iield primirily for ithves¢methi reiurn. Rev#lu8tlon of Investm¢nt property The invcstsncnl propcrtics wcre rcvalued by Michael Stecl & Co Properly thnsu118nis wlio 8re exLern81 and indepciidcnl lo Ihc charity. I'he valuer has an appropriatc qualifjcalion alid is rcgistered witli ihc Royal Institutc of Lhartercd Surveyor5. '1'1)e d8¢e of the la51 valuation w85 30 Sepicmiw 2023. The inves11nlI propcrtlC5 weir rcvalucd on the ba$i$ of markei v8lue. Page 17
Bingley Grammar School Foundation CIO Notes to the Financial Statements for the Year Ended 30 September 2024 (continued) 11 Debtors 2014 2023 Trade debiors 13.220 9.006 Prepayjiienis Accrued incoffte Other debiors 9.686 1,668 528 528 23.011 22.754 12 Credltor$: Ainouiits falllng due with?n one ye8r 2024 2023 Other ¢reditor5 A¢cn]als D¢f¢rred incomc 1,100 5,745 13.301 5,698 16,5%9 23.446 20,206 2024 2023 Ikf¢rr¢d in¢om¢ brou8ht fonvard Resources deferred in Ihe pcriod Amounts rclcascd from previous riodS 16.5119 11,424 16,589 11,424 16.589 Def¢rr¢d income Bt year cnd 13,101 16.589 Deferred income relaies r¢nl$ rec¢ivable in advance. 13 Ilperatlng It*se$- lessor Thc Iolal fure minimum l¢ase in¢onK under In-ca[Cl1abIC OPCrnlin8 le&ses, for e8¢11 of the following periods.. 2024 2023 Not laleT Ihan one year Later than one year and not lal¢T five yu LatCT tlilln five years 38.149 86.693 84.646 209,488 23,724 17,633 41,357 Tl)e Tent8 rec¢gnised &s income durin8 the year wcrt £109.528 {2023_ £111,771). Page 18
Bingley Grammar School Foundation CIO Notes to the Financial Statements for the Ye4r Ended 30 September 2024 (continued) 14 Funds Other re¢ognised gaIn(lO5%¢$j Balgnce &1 30 Septeriibei. 2024 Incomlng resources Kesources expended Oetober 202J Urkrestricted CJcnei?I 2,818.084 .948,174 166.166) 4.700.092 RcvHIu81ion r¢s¢rve 10.942.265 104.769 I I.IH7,034 TDtl funds 13,760.349 1.948,174 {66,166 104.769 15,747,126 Other reco%ni%ed at 30 Septenil)¢r 21123 Halanct at I October 2022 In¢omiDg r¢sourets Re50urce5 eypend¢d Uiii'estrl¢i¢d G¢n¢ral 2.796.629 132,933 {111,478} 2.818,084 12,106,681 {1.164.4161 10,942,265 Total funds 14,9)3,310 1,164,416 13 760.349 1 S Analy$ls of ne¢ #Meis betwttn fund$ Unresfrleled fund$ G¢n¢rl funds .1.0141 furtdi Fixed asset inv¢sinKll15 Ciirrcnl asscls 13,775,919 17A,993 (20,206 13.775,919 178.993 20,206 Tol81 net assets 13 934,706 13,934,706 16 Related party trAnsa¢tlon$ Oilicr t1 the triteeS there are no other key mllnagemeni pewmKI. Total enyloyee benefi15 of the key manageineti( personnel w8$ £Nil12023- £Nil). P88e 19