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
sTRU￿URE. 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 a￿a$ may be considered from time to time.
INDUCTION AND TPAINING
Should new Trustees be appolnted, a formal IndLKlion prO￿5S 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 C￿dUCt.
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 c￿575t 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 ACtI￿tIes.
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
r￿QgnISed 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 HoL￿e 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 contrib￿10￿ to thelr general funds to support thelr work wlth young people In
Larn￿th 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 baLa￿e 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 fina￿la1 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 respon￿ble 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 ACCOL￿ting 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 e￿dence 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 coU￿e 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 Inf0m￿tIon. we are requlred to report that fact.
We have nothing to report In this regard.
Matter5 on whlch we are requlred to report by eXce0￿n
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 2￿8. 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
Liabilit￿5
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 hIsto￿Cal 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 exper￿lture. All expendlture Is accounted for on an accruals basTS.
(e} Charftable activities
Costs of charitable activities fr￿lude 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 calcu￿ted 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 cUr￿nCieS 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 ￿dI￿ne
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 FI￿￿8 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 inve5tff*ntS
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
Mar*et 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
InCIL￿ed 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