REGISTERED CHARITY NUMBER: 1180077
Trustees' Report and
Unaudited Financial Statements for the Year Ended 30 September 2025
for
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Contents of the Financial Statements for the Year Ended 30 September 2025
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Trustees' Report | 2 | to | 4 |
| Independent Examiner's Report | 5 | ||
| Statement of Financial Activities | 6 | ||
| Balance Sheet | 7 | to | 8 |
| Notes to the Financial Statements | 9 | to | 14 |
| Detailed Statement of Financial Activities | 15 | to | 16 |
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Reference and Administrative Details for the Year Ended 30 September 2025
| TRUSTEES | C F Quinn Chair |
|---|---|
| C Conderson | |
| A Cooke (resigned 19.3.25) | |
| J P Frear | |
| N B Fitzpatrick | |
| K Kennedy | |
| J W Proctor | |
| G H Brown (resigned 17.9.25) | |
| REGISTERED OFFICE | Bingley Grammar School |
| Keighley Road | |
| Bingley | |
| West Yorkshire | |
| BD16 2RS | |
| REGISTERED COMPANY | CE015223 (England and Wales) |
| NUMBER | |
| REGISTERED CHARITY | 1180077 |
| NUMBER | |
| INDEPENDENT EXAMINER | A2Z Financial Services Limited |
| t/as Maclean & Company, Accountants | |
| 1 Park View Court | |
| St Pauls Road | |
| Shipley | |
| BD18 3DZ |
Page 1
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Trustees' Report for the Year Ended 30 September 2025
The trustees present their annual report with the financial statements of the charity for the year ended 30 September 2025.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Bingley Grammar School Foundation CIO was established on 5 October 2018. The transfer of funds and assets from the previous charity was completed at the beginning of February 2019 at which point the original Foundation was wound up.
The objects of the CIO are:
-
providing and maintaining for the School such special benefits of any kind not normally provided by governmental or other public funds as part of the normal running costs of the School as may from time to time be agreed between the School's Governing Body and the charity trustees;
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awarding of scholarships, bursaries and maintenance allowances with a preference for persons resident in the priority area of the School and persons who attend the School and live outside of the priority area of the School, from time to time, provided that such persons are under the age of 19 and in need of financial assistance;
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and promotion of education through the giving of prizes to pupils and former pupils of the School.
Over the last three years, Trustees have reviewed the value that they received form external service providers. This has resulted in the replacement of both the Property Management company (now Woodheads Property Management) and the Independent Examiners (now Maclean & Company, Accountants).
The building works referred to in last years report have proceeded, albeit slowly and is now several months behind the original schedule. The local education authority, Bradford Metropolitan District Council ("BMDC") are financing the works as well as taking responsibility for their design and supervision. When the works were originally agreed, the total cost was estimated to be £6 million, the latest estimate is £14 million. BMDC are now insisting that the school raises £1 million from its own budget as a contribution. The Trustees have agreed a contribution to school's proportion of the costs which will be paid over several years. Trustees believe that this support to the school is in line with the CIO objectives and consistent with grants previously made, when the School has been extended or buildings updated to better perform their current role.
Over the next financial year(s) the Trustees will review the value of investment advice provided by the three current providers, St James Place, Black Rock and CCLA.
Major refurbishment works have been carried out or are planned for at least two of the CIO's investment properties. The work is required to preserve the value of these properties and maximise the income they will generate.
Principal risks and uncertainties
The Trustees of the Foundation have a risk management process in place to identify, assess, and mitigate the major risks and uncertainties the CIO faces
Sufficient liquid funds are held in order to ensure it is able to meet its financial commitments as well as continuing to meet its objectives in supporting Bingley Grammar School and its community.
Investment accounts are held through St. James Place, Black Rock and CCLA. These are long term investments and there is no current requirement to access these funds.
The tangible asset portfolio is comprised of a mix of commercial and residential properties. These are long term investments and there is no current requirement to realise the value of these assets into liquid assets.
Public benefit
Trustees consider that by supporting the school in its work they are complying with their duty to have due regard to the guidance on public benefit published by the Charities Commission in exercising their powers and duties.
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 201 1 to have due regard to the public benefit guidance published by the Charities Commission for England and Wales.
Page 2
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Trustees' Report for the Year Ended 30 September 2025
FINANCIAL REVIEW
Investment Properties held by the Foundation
As at 30 September 2025, the Foundation owns the following managed investment properties:
-
Land at Longwood Avenue
-
87 Main Street, Bingley - 89 Main Street, Bingley - 91/93 Main Street + 1/5 Park Road + Car Park - 1 Park Road - First floor - 1 Park Road - 2nd floor - Flat 1 - 1 Park Road - 2nd floor - Flat 2 - 1 Park Road - 2nd floor - Flat 3 - 9 Busfeild Street - 1st Floor Flat - 11 Busfeild Street - 2nd Floor Flat - 16 Old Main St, Bingley - 18 Old Main st, Bingley - Shay Gate, Wilsden - 4 Ryshworth Ave - 7 Park Road, Bingley - 9/11 Park Road, Bingley
-
115 Canal Quay, Britannia Wharf, Bingley
-
137 Canal Quay, Britannia Wharf, Bingley
All properties were revalued during 2023. All properties are well maintained, and every effort is made to ensure that the portfolio is fully let on an ongoing basis at market rates.
The Foundation also owns Bingley Grammar School which is not managed.
Reserves policy
The mixture of tangible assets and stock market investments gives a broad spread and reduces the risk to assets held in trust.
Trustees continue to feel it is prudent to retain investment in property to produce a net investment return similar to that offered through traditional investment routes whilst contributing to the spread of investments. Woodheads, the property managing agents, regularly undertake a review of the suitability of individual properties as part of the Foundation portfolio and continue to report that all appear suitable.
A Financial Management Policy and Reserves Policy was adopted in 2021 and is reviewed annually. An annual budget is developed by the trustees and quarterly reviews of financial performance are received.
STRUCTURE, GOVERNANCE AND MANAGEMENT Nature of governing document
The minimum number of Trustees is five up to a maximum of eleven. Currently there are six Trustees who meet formally four times per year with additional meetings convened if necessary.
Recruitment and appointment of new trustees
The Trustee Recruitment Policy is continually reviewed and updated to develop a process of recruitment to attract more trustees with appropriate skills and background and reflect the diverse nature of the community it serves.
Induction and training of new trustees
Inductions are carried out by the Chair providing details of the CIO constitution, minutes of recent meetings, annual accounts and any other salient information.
Page 3
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Trustees' Report
for the Year Ended 30 September 2025
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees of BINGLEY GRAMMAR SCHOOL FOUNDATION CIO are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 8 July 2026 and signed on its behalf by:
C F Quinn - Trustee
Page 4
Independent Examiner's Report to the Trustees of BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Independent examiner's report to the trustees of BINGLEY GRAMMAR SCHOOL FOUNDATION CIO ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2025.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Stuart Readyhough FCA
A2Z Financial Services Limited
t/as Maclean & Company, Accountants 1 Park View Court St Pauls Road Shipley BD18 3DZ
8 July 2026
Page 5
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Statement of Financial Activities
for the Year Ended 30 September 2025
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Charitable activities Investment income 2 Total EXPENDITURE ON Raising funds 3 Charitable activities Charitable activities Total Net gains on investments NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
30.9.25 Unrestricted funds £ - 120,276 18,223 138,499 21,233 78,283 99,516 59,390 98,373 15,747,126 15,845,499 |
30.9.24 Total funds £ 1,812,420 119,387 16,367 |
|---|---|---|
| 1,948,174 | ||
| 19,171 46,995 |
||
| 66,166 | ||
| 104,769 | ||
| 1,986,777 13,760,349 |
||
| 15,747,126 |
The notes form part of these financial statements
Page 6
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Balance Sheet
30 September 2025
| Notes FIXED ASSETS Investments Investments 7 Investment property 8 CURRENT ASSETS Debtors 9 Cash at bank CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted funds TOTAL FUNDS |
30.9.25 Unrestricted funds £ 955,519 14,739,920 15,695,439 25,900 146,889 172,789 (22,729) 150,060 15,845,499 15,845,499 15,845,499 15,845,499 |
30.9.24 Total funds £ 848,419 14,739,920 15,588,339 23,011 155,982 178,993 (20,206) 158,787 15,747,126 15,747,126 15,747,126 15,747,126 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2025.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2025 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
Page 7
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Balance Sheet - continued
30 September 2025
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 8 July 2026 and were signed on its behalf by:
C F Quinn - Trustee
The notes form part of these financial statements
Page 8
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Notes to the Financial Statements for the Year Ended 30 September 2025
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2. INVESTMENT INCOME
| Income from listed investments Interest receivable on bank deposits |
30.9.25 30.9.24 Unrestricted Total funds funds £ £ 16,915 15,665 1,308 702 18,223 16,367 |
30.9.25 30.9.24 Unrestricted Total funds funds £ £ 16,915 15,665 1,308 702 18,223 16,367 |
|---|---|---|
| 16,367 |
continued...
Page 9
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
3. RAISING FUNDS
Investment management costs
4.
| Investment management costs | ||
|---|---|---|
| 30.9.25 | 30.9.24 | |
| Unrestricted | Total | |
| funds | funds | |
| £ | £ | |
| Portfolio management costs | 8,863 | 7,660 |
| Rent management fees | 12,370 | 11,511 |
| 21,233 | 19,171 | |
| NET INCOME/(EXPENDITURE) | ||
| Net income/(expenditure) is stated after charging/(crediting): | ||
| 30.9.25 | 30.9.24 | |
| £ | £ | |
| Auditors' remuneration | - | 3,900 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 September 2025 nor for the year ended 30 September 2024.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 September 2025 nor for the year ended 30 September 2024.
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Charitable activities Investment income Total EXPENDITURE ON Raising funds Charitable activities Charitable activities Total Net gains on investments |
Unrestricted funds £ 1,812,420 119,387 16,367 |
|---|---|
| 1,948,174 | |
| 19,171 46,995 |
|
| 66,166 | |
| 104,769 |
continued...
Page 10
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 7. FIXED ASSET INVESTMENTS MARKET VALUE At 1 October 2024 Additions Disposals Revaluations At 30 September 2025 NET BOOK VALUE At 30 September 2025 At 30 September 2024 There were no investment assets outside the UK. Cost or valuation at 30 September 2025 is represented by: Valuation in 2025 Cost |
Unrestricted funds £ 1,986,777 13,760,349 |
|---|---|
| 15,747,126 | |
| Listed investments £ 848,419 56,573 (8,863) 59,390 955,519 955,519 848,419 Listed investments £ 55,963 899,556 955,519 |
continued...
Page 11
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
8. INVESTMENT PROPERTY
| FAIR VALUE At 1 October 2024 and 30 September 2025 NET BOOK VALUE At 30 September 2025 At 30 September 2024 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade debtors Other debtors, prepayments & accrued income 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals & deferred income 11. MOVEMENT IN FUNDS At 1.10.24 £ Unrestricted funds General fund 4,700,092 Revaluation reserve 11,047,034 15,747,126 TOTAL FUNDS 15,747,126 |
30.9.25 £ 14,088 11,812 25,900 30.9.25 £ 22,729 Net movement in funds £ 38,983 59,390 98,373 98,373 |
£ 14,739,920 |
|---|---|---|
| 14,739,920 | ||
| 14,739,920 | ||
| 30.9.24 £ 11,129 11,882 23,011 30.9.24 £ 20,206 At 30.9.25 £ 4,739,075 11,106,424 |
||
| 15,845,499 | ||
| 15,845,499 |
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
Incoming resources £ 138,499 - 138,499 138,499 |
Resources expended £ (99,516) - (99,516) (99,516) |
Gains and Movement losses in funds £ £ - 38,983 59,390 59,390 59,390 98,373 59,390 98,373 |
Gains and Movement losses in funds £ £ - 38,983 59,390 59,390 59,390 98,373 59,390 98,373 |
|---|---|---|---|---|
| 98,373 | ||||
| 98,373 |
continued...
Page 12
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
11. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
At 1.10.23 £ 2,818,084 10,942,265 13,760,349 13,760,349 |
Net movement in funds £ 1,882,008 104,769 1,986,777 1,986,777 |
At 30.9.24 £ 4,700,092 11,047,034 |
|---|---|---|---|
| 15,747,126 | |||
| 15,747,126 |
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
Incoming resources £ 1,948,174 - 1,948,174 1,948,174 |
Resources expended £ (66,166) - (66,166) (66,166) |
Gains and losses £ - 104,769 104,769 104,769 |
Movement in funds £ 1,882,008 104,769 |
|---|---|---|---|---|
| 1,986,777 | ||||
| 1,986,777 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Revaluation reserve TOTAL FUNDS |
At 1.10.23 £ 2,818,084 10,942,265 13,760,349 13,760,349 |
Net movement in funds £ 1,920,991 164,159 2,085,150 2,085,150 |
At 30.9.25 £ 4,739,075 11,106,424 |
|---|---|---|---|
| 15,845,499 | |||
| 15,845,499 |
continued...
Page 13
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
Notes to the Financial Statements - continued for the Year Ended 30 September 2025
11. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming resources £ Unrestricted funds General fund 2,086,673 Revaluation reserve - 2,086,673 TOTAL FUNDS 2,086,673 |
Resources expended £ (165,682) - (165,682) (165,682) |
Gains and Movement losses in funds £ £ - 1,920,991 164,159 164,159 164,159 2,085,150 164,159 2,085,150 |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2025.
Page 14
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
| INCOME AND ENDOWMENTS Donations and legacies Donations Investment income Income from listed investments Interest receivable on bank deposits Charitable activities Rents received Other property recharges Total incoming resources EXPENDITURE Investment management costs Portfolio management costs Rent management fees Charitable activities Staff costs Property expenses Rent, rates & insurance Property repairs Bad Debts Computer software Support costs Governance costs Auditors' remuneration Accountancy fees Legal fees Total resources expended Net income before gains and losses |
Detailed Statement of Financial Activities for the Year Ended 30 September 2025 |
30.9.25 £ - 16,915 1,308 18,223 106,518 13,758 120,276 138,499 8,863 12,370 21,233 6,771 9,387 13,999 38,391 - 84 68,632 - 7,837 1,814 9,651 99,516 38,983 |
30.9.24 £ 1,812,420 15,665 702 |
|---|---|---|---|
| 16,367 109,528 9,859 |
|||
| 119,387 | |||
| 1,948,174 7,660 11,511 |
|||
| 19,171 6,250 1,358 12,540 8,055 1,205 60 |
|||
| 29,468 3,900 3,660 9,967 |
|||
| 17,527 | |||
| 66,166 | |||
| 1,882,008 |
This page does not form part of the statutory financial statements
Page 15
BINGLEY GRAMMAR SCHOOL FOUNDATION CIO
| Detailed Statement of Financial Activities for the Year Ended 30 September 2025 Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income |
30.9.25 £ 59,390 98,373 |
30.9.24 £ 104,769 |
|---|---|---|
| 1,986,777 |
This page does not form part of the statutory financial statements
Page 16