**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; - 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; - 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 - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - 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: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. 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 4. 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