The Michael Bishop Foundatfjon Financlal Statements Year Ended 5 Aprfl 2024 Charlty No. 297627
The Michael Bishop Foundation Report and Flnancial statements for the year ended 5 Aprfl 2024 Contents Page: Reference and admlnlstrative Information Report of the Trustees Report of the Independent Auditor Statement of Financial Aclivltles Balance Sheet 10 Statement of Cash Flow 11-17 Notes formlns part of the Finandal Statèments 18 Appencflx Trustèès Baron Glendonbrook of Bowdon CBE l Lord Glendonbrook'l (previously Sir M1chael Bishop CBEI Grahame N Elllott CBE, FCA Martln P Ritchie Timothy J Bye Principal Offlce Staunton House. Stauntgn Harold, A5hby.de.la-Zouch, Leicestershire, LE65 1 RW Accountants BDO LLP, 55 Baker Stret, London, W1U 7EU Independent Audltor Perrys Audft Limited, Churchdown Chambers, Bordyke. Tonbridge, Kent, TN9 INR Investment Managers Evelyn Partners Investment Management Serrice5 Ltd, 45 Gresham Street, London, EC2V 7BG Meridiem Investment Management Ltd IPrevlou51y Verttas Investment Partners), Riverslde House, 2a Southwark Bridge Road, London, SE19HA Canaccord Genuity Wealth Management, 88 Wood Street, London, EC2V 7QR Bankers HSBC Bank plc. 62 Market Street, Ashby-de-La.Zouch, Lelcestershlre, LE65 1 BE Sollcltors Maurice Turnor Gardner LLP. 15th Floor, Mllton House. Mllton Street, London, EC2Y 9BH
The Michael Bishop Foundation Report of the Trustees for the year ended 5 Aprll 2024 The Trustees present thelr report and the Independently Audted Flnancial Statements of the Michael Bishop Folmdatlon for the year ended 5 Aprll 2024. These have been prepared in accordance vAth the accountlng pollcle5 set out on page 11 to 12 and comply wlth the Charfty's trust deed and appllcabie law. The Trustees who served throughout the year were: Baron Glendonbrook of Bowdon CBE Grahame N Elliott CBE, FCA Martln P Rltchle Timothy J Bye sTRUURE. GOVERNANCE AND MANAGEMENT The Michael Blshop Foundatlon was establlshed in 1987 by the settlor. Mlchael Blshop Inow Loré Glendonbrookl. It Is a registered charity, number 297627. Slnce Sts establlshment In 1987 It has dlstrfbuted more than £34 mllllon to more than one hundred different charitable orqanisations in the Unlted Kinqdom and through The Glendonbrook Foundation In Australla. The a)tire resource5 of the Charfty are unrestricted and the Trustees have complete di5cretlon over their use. The marbagement of the Charfty Is condLKted solely by the Trustee5. During the year a website was establlshed In order to provide information about the organi5ation and to allow applicatlons for funding to be made in a consistent fomi and to reduce admin15tratlon (mlchaelblshopfoundadon,orgl. Appllcatlons are now only consldered when made through the application form on the webslte and are revlewed by the Trustees twlce a year. In order to keep the costs of the Charlty low, It has only one employee and Is unable to respond to other rewests. The Charlty dld not have any volunteers worklng for them durlng the perlod. The Wer to appolnt addltlonal Trustee5 rest5 wlth Lord Glendonbrook in hls Ilfetlme. The Trustees support a broad range of charltable organlsatlons wlthln slx maln areas of focus: Herltage . Arts and Culture Human Right5 and Social Justlce Advancement of Health and Medlclne Education and Tralnlng These areas of focLts are not exclusive, and other aa$ may be considered from time to time. INDUCTION AND TPAINING Should new Trustees be appolnted, a formal IndLKlion prO5S would be carried out. Other tralning is undertaken as and when appropriate. All Tnjstees are kept infom*d at the meetlngs of thelr dutles and cbllgailons under the Law in addltion to their proper CdUCt. RESERVES POUCY The investment objectives of the charity are to preserye capltal In real ternis and provrde sufflcient income to meet the TtU5tees requlrements.
The Michael Blshop Foundation Report of the Trustees for the year ended 5 April 2024 (continued) RISK MANAGEMENT A risk assessment has been undertaken whlch comprises of: An annual revlew of the risks the Charity may face The establishment of systems and procedures to mitlgate those rlsks The Implementatlon of procedure5 designed to minimise any potential Impact on the Charity should those risks materialise Thi5 coritinuing process will identify risk areas to whlch the Charity 15 vulnerable and highllght any necessary safeguards that 11 need to be put in place. The Trustees continually seek the advlce of the investment managers who manage the Charlty's investment portfolios and the advice of thelr legal ath150rs to ensure the proper due dlllgence on any potential rethpient of a donation frown the Charity. The risk of Lord Glendonbrook pa551ng away In the short to medlum term has been identlfied by the Trustees a5 a tential risk to the Charity. Suitable measures have been put in place regarding the strale8y of the Charity in such an event. INVESTMENTS The a55ets of the Charlty c575t princlpally of inve5tment5 and cash and these are collectively recorded on the Balance Sheet and supwjrting notes at thelr market value on that date. Any increase or decrease over costs on the restatement of these values is recordeé in the Statement of Financial ACtItIes. The Trustees investment powers are unrestricted. They engage professional investment managers to manage the investments and set the objectives of the manager5, whlch are broadly to maximlse total return having due regard to risk and preservation of capital. The Managers are a150 set speo'fic performance benchmarks which are monltored against the actual performance by the Trustees on a 51K.monthly basls. The current Investment managers are Evelyn Partners who at the year end managed approximately £11.6m. Meridiem Investment Management Iformerly Veritasl who managed approxlmately £34.4m and Canaccord who managed £6.4m. During the year ended 31 March 2024, excluding capital addition5 and withdrawals, the Evelyn portfollo investment return wa5 7.5%, the Merldlem portfollo was 12.3% and the Canaccord portfollo was 9.4%. In the event of underperfomiance against benchmarks for a number of per70ds the Trustees would review the mandare of the manager and after taking appropriate professional advice would seek an alternative manager or managers. OBJECTIVES ACTIVITIES AND PUBLIC BENEFrr The Charity's objectives and prindpal actlvftles are to extend donations to any quallfylng charltles, bodies or organisations of any purpose in any part of the world which under the laws of England and Wales shall be rQgnISed as purely charltable. A5 indlcated above the Trustee5 SUPPOrt a wlde ranse of actlwtie5 which In their dis(retion they feel appropriate. The Tru5tee5 conflrm that they have referred to the guidance in the Charity Commtsslon's general guidance on public beneflt w revlewlng the Charity's alms and objectlves and In plannlng future activltles and setting the grant making policy. During the past year slngle charitable grant payments and new multi.year commltments of £2,579,474 were made 12023.. £2,182,963). The multi'year commitment5 made by ihe Charity are accounted for in Ilne Mth the guidance set out in FRSSE SORP 2015 $0 that the total commltment over the period of the grant is reflected in the accounts only in the year that the commitment Is made. Grant payments of £1,546,091 were made during the year In respect of prior multi-year commitments whlch have already been accounted for In previous years, Flnancial Statements.
The Michael Bishop Foundation Report of the Trustees for the year ended 5 Aprll 2024 l¢ontlwed OBJECTIVES ACTIVITIES AND PUBLIC BENEFIT Icontlnued) Amongst the total grants aid this year were the followlng grants of 150,(W or more: Baker Dearln8 Trust E125,(IXI as part of a 5 year comrnltment of £500,QOO to assist th the creation of University Technical Colleges throughout EnqLand and Wales for high q(lIty technlcal sthoollng for 14 to 18 year old students. Mlll Hlll School Foundatlon £127,710 5UPPOrtlng a Schoiarshlp scheme for students who otherw15e would not have the opp)rtunity of educatlon at the school. The Royal Birnilngham Conservatolre of Muslc £50.000, the thlrd and final instalment of a £150,( commitment for the general purp05e of the Conservatoire. Exeter Northcott Theatre £75,OCQ for the general purpose5 of the Theatre sltuated on the campus of Exeter University. Margaret Thatcher Scholarshlp Trust £84,408 to a551st promi51ng students to beneflt from educatlon at Somerville College, Oxford regardless of their clrcLMnStantts. The Royal Collectlon Trust £125,iIJO as an Instalment of a £1 m commltment over a 8 year period to support the restoration of a slgnlflcant property at Holyrood HoLe to display Items of the collection and serve a5 a Vlsitor Centre. Blmiln8ham Royal Ballet £165,IXJO for the general purposes of the organlsatlon. Alzhelmer's Research UK £250.0 bein8 the flnal Instalment of a 3-year commltment for £500,1Y)O for their general fund5. Alford House £75,000 being a contrib10 to thelr general funds to support thelr work wlth young people In Larnth to promote wellbelng and to provlde fadlltles for tralnlng and recreation to poorer members of society. The Glendonbrook Foundatlon £50J,OCQ for the general purposes of the Australian Foundatlon. NSPCC C50,C(Kl belng the thlrd Instalment of a C250,000 commltment for the Inctri semce North West whlch is desfjqned to keep chlldren safe onllne and prevent technology a5515ted chlld abjse. English Herlta8e £250,OCKI belng the thlrd Instalment ol a 4 year Élm commitment to 5UPPOrt the renovation work of four projects- Dover Castle, Hardwtck Old Hall, North Leigh Roman Vllla and Brodsworth Hall. Bdt15h Red Cross £50,000 towards mobillty alds for people In rural areas of Lincolnsh1re. International Bomber Command Centre É50,000 for the Llncolnshire Bomber Command Memorial. Shelter £99,500 towards the Homeless Peer Advocacy 5ervke in Manchester. Itls Prlze £85,000 towards the annual LGBTQ+ fllm festfval prize. D'oyly Carte Opera £,1]00 towards the general purposes of the organisatlon. The Charity also makes many smaller (knnatlons to organi5atlons both local and natlonal. This year 16 charities benefited from payments of less than £50,000. A full Ilst of all grants actually paid during the flrwiclal year las opposed to commltments madel is shjwn In note 5 of the accounts on page 13. FINANCIAL REVIEW As rK*ted above, Chadty's Investments are managed by Evelyn Partners, Merldiem Investment Management LiFnited and Canaccord Genuity Wealth Management, under a dlscretlonary rnandate and a conservative investment policy which alms at malntalnlnq the capltal of the Charlty through diverslfTcation whilst maintaining sufficient Ilquldity for the Charlty's foreseeable need5 and thjnatlons.
The Michael Bishop Foundation Report of the Trustees for year ended 5 Aprll 2024 IcontfnLtedl The market value of the investment portfollo at 5 Aprll 2024 wa5 £51,920,101 12023: £46,589,375). The baLae of cash held at 5 April 2024 was £1,024,912 IZOZ3.- £1,261,9171. TRUSTEES. RESPONSIBILITIES IN REUTION TO THE FINANCIAL STATEMEk¥rs Law applicable to charities in England and Wale5 requires the Tru5tee5 to prepare financial statements for each financlal year which give a true ané falr view of the Charity's financlal actlvlties during the year and of its flnancial posltlon at the end of the year. In preparlng those financlal statements, the Trustee5 are required to: select suitable accounting ptrllcie5 and then apply them conslstentlyj make Judgements and estimate5 that are reasonable and pmdent; state whether appllcable accountlng standards and statements of recommended practice have been followed Subject to any departures éisc105ed and expla1ned in the finala1 statement5; and prepare the flnancial statements on the goins concern basis unless it Is Inappropriate to presume that the charlty wlll contlnue Tn operation. The Trustees are responble for keeplng accountlng record5 whlch dTKlose wfth reasonable accLJracy at any tlme the financial position of the charity and enable them to ensure that the financial statements comply th the Charities Act 2011, the Charlty (Accounts and Reports) Regulatlons and the trust deed. They are also responsible for safeguarding the assets of the charity ané hence for tskin8 reasonable steps for the prevention and detection of fraud ané other irregularltles. Approved by the Trustees and signed on thelr behalf by: Lord Glendonbrook Ti ustee Date.. 09/11 /z DLfr
Independent Audttor's Report to the Truste•s of th• The Mlchael Btshop Foundatlon OpinTon We have audited the financial statements of The Mlthael Bishop Foundatlon for the year ended 5 Aprs12024 vthich comprise the Statement of Ilnanclal activities, balance sheet, and note5 to the financial 5tstements, Including 51gnlflcant accounting pollcles. The flnanc1al reporting framework that has been applied in their preparation Is applicable law and United Kingdom Accountlng Standard5, including Financlal Reporting Standard 102 The Financial Reportlng Standard applicable kn the UK and Republic of Ireland Iunlted Klngdom Generally Accepted Accounting Practicel. In our opinlon the finandal ststsments: gfve a true and falr vlew of the state of the Charlty's affalrs as at 5 Aprll 2024 and of its income and expendlture for the year then ended. - have been proFeriy prepared In accordance with United Kingdom Generally Accepted ACCOLting Prdctice: - have been prepared In accordancè with the requirements of the Charftles Act 2011. Basls for opinion We conducted our audlt In accordance wlth Intematfonal Standards on ALklltfng IUKI IISAS IUKII and appLicable law. Our responsibilities under those stsndards are further descrlbed In the Audttorfs responslbilltles for the audlt of the flnancial 5tatement5 sectlon of our report. We are independent of the Charity In accordance wlth the ethlcal requirements that are relevant to our audit of the flnanclal Statements In the UK. Including the FRC'S Ethical Standard, and we have fulfilled our other ethlcal resF¥Jnslbllltles In accordance th these requlrements. We believe that the audlt edence we have obtalned Is sufflclent and apwoprlate to provlde a basls for our opinion. Conclu51ons relatlng to goln8 concern In audlting the financial statements, we have concl(tded that the Members of the Board Trustees ¢Jse of the golng concern basis of accountkng In the preparation of the financial ststements 15 appropriate. Based on the work we have perfonned. we have not Identlfled any materlal uncertalnties reiatlng to events or condltlcffis thèt, Indlvldually or collectlvelyi may cast slgnrficant doubt on the Charlty'5 ablllty to continue as a golng concern for a pertod of at Least twelve months from when the flnancial statements are authorlsed for Issue. Our respyjnslbllltles and responslbllities of the Trustees wlth respect to golng concem are de5cdbed in the relevant sectlons of thls report. Qther Inform•tlon The other Infomatlon comprlses the Infomatlon Included in the annual report other than the financTal statements and our auditor's report thereon. The Trustees are responslble for the other Informatlon contalned ¥thIn the annual report. Our oplnlon on the flnancial statements does not cover the other InfonnatTon and we do not expres5 any forni of assurance concluslon thereon. Our responsibility is to read the other information and. in doing so. consider whether the other Infomiatlon 15 materfally inconslstent with the financlal statement5 or our knowledge obtalned In the coUe of the audlt, or otherwise appears to be materfally m155tated. If we identify such marerlal Inconslstendes or apparent material misstatements. we are required to detemine whether this gives rlse to a matemal mtsstatement In the financial statements themselves. If, based on the work we have performed, we conclude that there is a matertal mlsstatement of thls other Inf0mtIon. we are requlred to report that fact. We have nothing to report In this regard. Matter5 on whlch we are requlred to report by eXce0n We have nothing to pOrt in respect of the followin8 matters In relatlon to whkh the Charfties (Accounts and Reports) Regulation5 2C#J8 requlre u5 to report to you if, in our oplnlon: the infoTmation given in the tru5tee5' report15 Inconslstent in any materlal respect wlth fTnanclal 5tatements- or sufflclent accountlng records have not been kept. or the financial statements are not In agreement the accountlng records. or we have not recefved all the inforniation and explanatlons we requlre for our audit. Responsibllities of trust•e5 A5 explained more fully In the statement of Members of the Board Trustee5 re5p)n5ibilltles, the Trustees of the
Independent Audltor'5 Report to the Trusteos of the The Michael Bishop Foundatlon Charity are rE5PQll5Tble for the preparatlon of the financlal statements and for belng satisfled that they give a true and fair vlew, and for such internal control as the Trustees determine is necessary to enable the preparatlon of financial statements that are free from rnaterial ffllsstatement, whether due tc fraud or error. In preparing the financial Statements, the Trustees are responsible for assesslng the Charity's abillty to contlnue a5 a ¥oing concern, di3c105ing, as applicable, matter5 reLated to going concem and uslng the going concem bagfjs of accounting unles5 the Tnjstees either intend to liquidate the charity or to cease operatlCrf15, or have no realistic alternatlve but to do 50. Auditor's re5ponsibllltles for the audlt of the flnancial statements We have been appolnted as auditor under sectlon 144 of the Charitles Act 2011 and report In accordance wfth the Act and relevant regulatTons made or having effect thereunder. Our objeclive5 are to obtain reasonable assuran about whether the flnancial statements as a whole are free from rnaterial misstatement, vthether due to fraud or error, and to issue an audltorf5 report that include5 our opinion. Reasonable assurance Is a high level of assurance but T5 not a guarantee that an audfjt conducted fn accordance with 15As IUKI will always detect a material misstatement when it exlsts. Mi55tatemEnts can arise from fraud or error and are considered material if, indivldually or in the a88resate, they could reasonably be expected to influence the ectsnomic decisions of user5 taken on the basts of these financlal statements, The extent to whlch our procedures are capable of detect5ng irregularit7es, Including fraud, 15 detailed below. We gained an understanding of the legal an¢J regulatory framework appllcable to the charity and the industry in which It operates, and considered the risk of acts by the ¢harlty that were contrary to applicable law5 and regulations. irKluding fraud. We designed audlt prDcedure5 to respond to the r15k, rec(Jgn151ng that the risk of not detectlng a material rnisstatement due to fraud 15 higher than the risk of not detectlng one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or Intentional mlsrepre5entatlons, or through collu51Qn. We focused on law5 and regulatlons whl¢h ¢ould give dse to a material mlsststernent In the flnancial ststements, Includlng, but not limlted to, the charltles act 2011 and UK tax leg151atlon. Our tests Included a8reelng the financlal Statement disclosure5 to undertylng 5UPPOrtlng documentatSon and enquirle5 wlth management. We did not Identify any key audit matters relatlng to irregularities. Including fraud. A5 In all our audits, we also addressed the risk of management overrfde of internal contro15, includlng testins journals and evaluating whether there was ewdence of bla5 by the dlrectors that represented a dgk of material misstatement due to fraud. A further description of our rèsp¢nsibillties 15 avallable on the Financlal Reporting Council's website at.. https.'Ilwww.frc.or4.uklauditorsre5ponslbllltles. Thls descriptlm forms part of our audito¢s report. Use of our report This report is mado solely to the charfty'5 trustees, as a trody, in accordance th part 4 of the Charitle5 (Accounts and Report51 Regulations 28. Our audlt work has been undertaken so that we mlght state to the chariws trustees those Matte we are required to state to them In an audltorfs report and for nf) other purp05o. To the fullest extent permitted by law, we do not accept or assume responsibillty to anyone other than the charlty and the charity's trustees as a body, for our audlt work, for this report, or for the oplnlon5 we have formed. Stephen Hale (Senior Statutory Auditor) For and on behalf of Perrys Audlt Llmited Chartered Accountants Churchth)wn Chambers Bordyke Tonbridge TN9 1NR Date:
The Michael Bishop Foundation Statement of Flnanclal Actlvltles Itx the year ended 5 April 2024 Notes 2024 2023 Income and endowment5 from Donation5 Investments 3,230,732 746.976 2,627.684 584,102 Total 3,977,708 3,211,786 Resources expended Cost of generatlnq funds: Investment management fees 357,435 339,358 Charitable actmtles 2,620,867 2,234,331 Totsl 2,978,302 2,573,689 Net Inc(Mne before Investment galn51llossesl 999.406 638,097 Galnslllos5e51 on investments - reali5ed urbrealised Currery gaTnslllossesl 1.915,945 2,166,596 (2,0351 926,594 11,881,111) Net movement in fund5 5.079.912 (316,4211 Total fun4ts at 6 Aprll 2023 45,083,115 45,399,536 Total fund5 at 5 April 2024 50.163,027 45,083,115 All fund5 are Lmrestricted and relate to continulng actfvltlek The notes on pages 11 to 17 forrn part of these flnanclal statement5
The Michael Bishop Foundation Balance Sheet as at 5 Aprll 2024 Notes 2024 2023 Fixed Assets Inves¢merit5 51,920.101 46,589,375 Current Assets Debtors Cash at bank and in hand 271,570 1,024,912 1.296.482 236,695 1,261,917 1,498,61Z Liabilit5 CredTtors:amounts falllng due within one year 10 1,638.2301 (1,636,882) Net current assets {341,7481 113B,2701 Total assets le55 current liabilltles 51.578,353 46,451,105 Crethtors:amounts falllng due after one year 11 11,415,3261 11,367,990) Total net a55ets 50, 163,027 45.083,115 Funds Unrestricted Funds 50,163,OZ7 45,083,115 Approved by the Trustees and signed on thelr behalf by: Lgid Glendonbrook Trustpe Date-. Ok/// /AJL< The notes on pages 11 to 17 fom part of these financial statement5
The Michael Bishop Foundation Staterneni of Cash Flow for the year ended 5 Aprll 2024 2024 2023 Net cash used in operatlng artlvltles 13 264,204 {771,5261 Cash flow from investlns actmtles: Dlvldends and Inte$t from Investments Prc(eeds from sales of Investments 746,976 63,314 584,102 {818,4351 Net cash provlded by Investln8 artSvlties: 810.290 (234,3331 Change fn cash in the year 1,074,494 (1,CQ5,8591 Cash brought forward 3,933,980 4,939,845 Cash carrled fonvard 5,008.480 3,933,986 Represented by: Cash at bank Cash at broker 1,024,912 3,983,568 5,008.480 1,261.917 2,672,069 3,933,986 The notes on p4es 11 to 17 fomi part of these flnandal statemerbt5 10
The Mlchael Bishop Foundation Notes to the flnanclal statements for the year ended 5 Aprfl 2024 Y Principal Accountln8 Pollcles {al Accountlng Convention The financial statements are prepared under the hIstoCal cost convention and in preparfng the financlal statements the charlty follows best practlce as laid down in Ihe Statement of Recommended Practice "Accountlns and Reporting by Charftles" Icharitles SORP IFRS 10211 arid comply th the Charitie5 (Accounts ané Reports) Regulations 20081ssued Lmder the Charlties Act 2011, (bl Donatlons. legacles and slmilar Income Donations, legacle5 and slmilar income are shown in the accounts when recelvable and the value of the incomln£ resource5 can be measured wlth sufficlent rellability. (cl Investment income Investment income Is accounted for In the perlod In which the charTty Is entltled to receipt. dl Resource5 expended Liabilitie5 are recosn15ed as resources expended as soon as there 15 a legal or constructTve obllgation committing the charlty to the experlture. All expendlture Is accounted for on an accruals basTS. (e} Charftable activities Costs of charitable activities frlude srants made and an apportlonment of overhead and support Costs where applicable. Grants payable are payments made to third partie5 in the fLKtherance of the chaTltable objectives of the Trust. Single or mulri-year grants are accounted for when elther the reclplent has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant vAthout condition, or the CiPlent ha5 a reasonable expectatlon that they will recelve a grant and any condltlon attathing to the grant Is outside of the control of the Trust. (fl Governance costs Governance costs comprlse costs relatlng to the general runnlng of the charfjty as ¢¥jp0s to those associated with seneratlnq funds or charltable actlvlly. (g) Flxed asset Investments Investments are stated at clos1ng market value at the balance Sheet date. Any gains or losses on revaluation and disposal are shown In the Statement of Financlal Actiyltles. Ih) Realised galns and 10sSèS Galns and losses a taken to the Statement of Flnanclal ActlYlt1es as they art5e. Reallsed galns and losses on inve5tmen¢s are calcuted as the difference between 5ale5 proceedg and purchase cost. Unreali5ed gain5 and losses are calculated as the dlfference between the market value at year end and opening market value lor purchase date if later). Realised and unreallsed gains and losses are not separateé in the Statement of Financial Activities. {?} Taxatfon The charity is exempt from tax on its charitable activlties. Ul Foreign currentfe5 Assets and liabilities In foreign cUrnCieS are translated into sterllng at the rates of exchange ruling the balance Sheet date. Transactlons in forelgn currency are translated at the rate of exchange rullng at the date of transaction. Exchange differences are taken 1nto account in arrlvlng at the operating result.
The Michael Blshop Foundatlon Notes to the flnandal statements for the year ended 5 Aprll 2024 1 Princlpal Accountlni Poliaes Icontknued Ikl Going concern The trustees conslder that there are rKJ material uncertalntles about the ablllty to contlnue as a going concern. 2 DoTrations 2024 2023 Donatlon of Shares Cash donatlon5 Gift Ald recoverable thereon Supplement received 1,980.046 1.000,000 250,000 686 3,230,732 1,877,684 600,000 150.1YJO 2,627.684 3 Investment income 2024 2023 Dividends and fixed Interest Bank Interest 650.843 96,133 746.976 555,814 28,288 584,102 4 Charltable Actmtles Grants (see note 5 Support Costs (see note 6) Total 2024 Total 2023 Advancement of Health and dIne Arts and Culture Educatlon and Tralnlng General Charitable Purposes Herftage Hurnan Rlghts and Soclal Justice 150,000 869.000 572,603 550.600 25.000 389,000 2,556.203 3.796 21.983 14.485 13.928 632 9.840 64,664 153,796 890.983 587,088 564.528 25,632 398.840 2,620,867 122.824 644.825 563,164 734,636 127,941 40,941 2,234.331 12
The Mlchael Blshop Foundatlon Notes to the flnanclal statements for the year ended 5 Aprll 2024 5 Grants paid or payable 2024 Number 2024 2023 Number 2023 Payable to institutlons 20 2,556,203 21 2,182,963 Rty5tered Charlty No. 1092074 1123902 1167316 1061012 220949 276957 1105174 1082947 200024 1068467 Australla 1149914 1165194 521780 1154547 1064758 1163039 1155623 1112664 1062391 1160228 1084256 1003836 2024 2023 Att 4 Africa Alford House Bart's Heritage Blrmingham Royal Ballet British Red Cr055 Buxton International Festlval Creatlve FoU(e5tone Crlsi5 D'oyly Carte Focus Charity Governor Phillip Scholarship Iris Prize Outreach Ltd. Just Like Us Lelcestershire County Scouts Margaret Thatcher Scholarship Trust Mill Hill School Foundatlon Milton's Cottage Trust Murray Parish Trust National Garden Scheme One 25 ORA Singers Oxford Philharmonic Orchestra Pimlico Opera Royal Flyinq Doctor Service of Australia Frtends in the UK Royal Hortlcultural Soclety Royal National Lifeboat Institution Royal Northem College of Muslc Shelter The Acosta Dance Foundatlon The Glendonbrook Foundation Thrive Northox Vlpingo Village Fund 35,000 75,0 100.0(M) 500,IXJO 150,OCh) 130,1100 20,LIXJ 60.000 190,000 123.728 35,COJ 90,000 15,OC 104,224 142,265 145,000 423,164 127,710 25.000 150.000 zo,(KJo 25,000 10.000 9.000 45.000 100.000 50,000 1101004 222879 209603 504949 263710 1142368 Au5tralla 1175353 1126196 100,01 25,OtK] 5,6¢XJ 25,0) 164.WO 250.000 500,000 f 5.000 45.000 2.579,474 692,746 2,182,963 Previous year adjustment 123.271) 2,556.203 2.182,963 13
The Michael Bishop Foundation Notes to the flnarKLIl statements for the year ended 5 Aprll 2024 5 Grants pald or payabLe Icontlnued) These were In addition to the followlng grants paid as part of multl-year commltments, already accounted for in previous years, FinancTal Statements: Alford House A12heimefs Research UK Baker L)earfng E(hKatlonal Trust Bart¥ Heritage Birmlnyharn Royal Ballet Brlt15h Red Cross Creatlve Folkstone Engllsh Herltage Exeter Northcott Theatre Governor Philllp Scholarshlp International Bomber Command Centre Just Like Us Margaret Thatcher Schoiarshlp Trust Margaret Thatcher Scholarshlp Trust Natlonal Garden Scheme NSPCC een Elizabeth Scholarship Trust Royal FI8 Doctor Servlce of Australla Frlends in the UK Royal Blrmlngham Conservatoire Royal Collection5 TTu5t The Branch 75,000 250.000 125,000 33.000 165,000 50,000 2,000 250,000 75,000 39,183 50.000 30,000 76.288 8,120 50.000 25.OLM) 25.000 50.000 125.000 37,500 1,546,091 6 Support Casts 2024 2023 Audlt fees Legal fees Accountancy and tax fees Other admln c05t5 Bank charges Staff costs Staff expenses 5,400 11.538 7,765 2.349 254 37,298 4,2 6.046 7,786 31,91KI 204 51,368 64,664 14
The Michael Bishop Foundation Notes to the flnandal statemènts for the year endpd 5 April 2024 7 Investments 2024 2023 Marketable Investments 51.920. 101 46.589,375 i} Net movement in market value of marketable inve5tffntS Market value at 6 April 2023 Cost of investment additions Le55.' Di5posa15 proceeds Net gainl Ilossl on Investments Ireallsed and unrea175edl Cash held In investment portfolios 43.917,306 13,B07.051 {13,870.3651 4.082,541 3,983,568 44,053,388 13,134,599 112,316,164) 954,5171 2,672,069 Maret value at 5 April 2024 51,920,101 46,589,375 111 Marketable investments 2024 Cost 2024 Valuatlon 2023 Cost 2023 Valuation Flxed Interest UK Equities European Equlties North American Equltles Far East and Emerg7ng hlarkets Equilles UK Unlt Trust5 European Unit Trusts North Awnerican Unit Tm5ts and ETF5 Hedge Fun(ts Property Commodlty Alternative Cash held in inyestment portfollos 10.343,433 5.416.246 3,050.155 11,973,655 1.155.823 1.178,755 183,878 1,406.483 288,750 556,813 854.655 145,560 3,983.568 10,404.258 6,642.432 3.278,878 20.040,329 1.237.816 1.515.156 400.065 2,189,578 334.375 538.578 1,204,494 150,573 3.983,568 8,937,520 4,829,114 2,458,841 11,690,264 1,832,903 1.178,755 389,314 1.404,726 585,903 583,093 914,984 144,621 2,672,069 8,787,470 5.684,397 3,Cfj6,304 17,654,248 2,134,589 1.432,997 729,524 1,830,289 767,324 622,724 1.123,792 143,648 2,672,069 40,543.774 51.920,100 37,622,107 46,589,375 8 Debtors 2024 2023 Glft Aid receivable Donations recoverable 250,000 21.570 271,570 215,125 21,570 236,695
The Michael Blshop Foundatlon Notes to t flnanclal statements for the year ended 5 Aprll 2024 9 Cash at bank and In hand 2024 2023 Current accoLmts 1,024.912 1.261,917 10 Creditors: Amounts fallln8 due wlthin one year 2024 2023 Accruals Grants payable 79.402 1,558,828 1.638.230 67,520 1,569,362 1,636,882 11 Creditors: Amounts fallln8 due after one year 2024 2023 Accrued grants liabllity 1,415,326 1,367.990 12 Unre5tr1cted funds Total At 6 Aprll 2023 Donatlons and investment income Grants and expendlture Reallsed and unreali5ed gains on Investment5 and currency At 5 Aprll 2024 45,083,115 3,977,708 12.978,30ZI 4.080,506 50.163,027 13 Reconciliatlon of net movements In funds to net cash flow from operatln¥ actlvftles 2024 2023 Net incomellexpendlturel for the year Deduct Investment Income Currency exchange galnlllossl Ilncreaselldecrease in debtors Inueaselldecreasel in credltors 999,406 {746.976) (2.035) (34,875} 48,684 264.204 638,097 {584,1021 1144,4641 1681,0561 771,526)
The Michael Bishop Foundatfon Notes to the financlal statements for the year ended 5 Aprtl 2024 14 Related partles Lord Glendonbrook made glfts to the Charlty durlng the year totalllng £2,980,046 {2023.. £2,477,68411see note 21. Lord Glendonbrook and Martln Ritchle are dlrector5 of The Glendonbrook Foundatlon. Durln4 the year, grants of £5CKJ,000 were made to The Glendonbrook Foundation 12023: £692,746) by the Charity, 15 Tru5tees' remuneratlon an¢F benefits None of the Trustees have been pald any remuneration or ceiVed any other beneflts from the Charity. 16 Trustees. expenses No tru5tees' expenses were Incurred1n the year ended 5 April 202412023: £NIII. 17 CommltmentS InCILed within creéitor5 and creditor5 due after one year are charltable commltments of £2,974,154 12023.. £2,937,352) in relation to Act 4 Africa, Baker Dearing Educatlonal Trust, Bart's Heritage, Blrmingham Royal Ballet, Britlsh Red Cross, Buxton International Festival, Creative Folk5tone, Crisis, D'oyly Carte, English Heritage, Exeter Northcott. International Bomber Command Centre, lrris Prtze Outreach Ltd, Just Llke Us, Marsaret Thatcher Scholarshlp Trust, Mllton's Cottage Trust, Murray Parrlsh Trust, Natlonal Garden Scheme. NSPCC, ORA S1ngers, Oxford Philharmonic Orchestra, Plmllco Opera, Royal Fiwng Doctor SeNlce of Au5tralla Friend5 in the UK, Royal Collections TrLtst, Shelter, The Acosta Dance Foundatlon, The Branch, Thrlve Norlhox and Viplngo Villège Fund. 17