The Michael Bishop Foundation Finandal Statements Year Ended 5 Aprfl 2025 Charlty No.: 297627 The Michael Bishop Foundatlon Report and Financial Statements for the year ended 5 Aprll 2025 Contents Page: Reference and admlnlstratlve Informatlon ReF¥rt of the Trustees Report of the Independent A[￿ltOr 5taternent of Flnandal Artlvltles BaLano Sheet 10 Statement of Cash Flow 11-18 Notes formin8 part of the Flnandal Statements ppendlx Trustees Baron Glend￿brOOk of Bowdon CBE fLord Glendonbrook") Iprevlc4Jsly Sir Mlchael Bishop CBE) Grahame N E1150tt CBE, FCA Martln P Rltchle Tlmolhy J Bye Principal Offlce 5tsunton House, Staunton Harold, Ashby.de-la-Z0￿h. Leke5tershlre, LE65 1 RW Actountants BOO LLP, 55 Baker Street, London, W1U 7EU IndependeTrt AudftDr Perys Audit Llmlted. Churchdown Charnbers. Bordyke, Torthridge, Kent. TN9 1NR Inve5trrtent hlanagèrs Evelyn Partners Inve5trnent Management Servlces Ltd, 45 Gresham Srreet. London, EC2V 7BG Navera Investment Management Llmited (Prevlously Merldlem Investment Management Ltdl. Riverside House. 2a Southwark BrJd8e Road. London, SEI 9HA Canaccord Genulty Wealth Management, 88 Wood Street. London, EC2V 7QR Banker5 HSBC Bank plc. 6Z Market Street. A5hby-de.la-Zouch. Lelcester5h1re, LE65 18E C. Hoare & Co.. 37 Fleet Street. LA)ndon, EC4P 4DQ Solidtors maUrf￿ Tumor Gardner LLP. 15th Floor. MfltLm House. Milton Street, London, EC2Y 98H The Mlchael Blshop Foundation Report of the Trustees for the year ended 5 Aprtl 2025 The Trustees presert their report and the Independently Audited Flnanclal Statements of the Michael Bishop Foundation ( "the Foundation" or -the charfty" I for the year ended 5th Aprlt 2025, These have be￿ prepared In accordan￿ with the accountlng poLkle5 set out on page 11 to 12 and COm￿Y wlth the charlty's trust deed and ar4)liubie law. The Trurtees who served throughout the year were: Baron Glend¢￿brO0K of 8owdon CBE Grahame N Elliott CBE, FCA Alart5n P Rltchle Tlnbjthy J Two additlonal Tru5tee5 wffe appolrted L¥) 25th June 2025, Joanne Furlong and Jonathan Ellfott. STrUCTURE. GOVERNANCE AND MAIIAGEMENT The Michael Biskw Foundation was establlshed In 1987 by the settlor, Mlchaei Bishop InDW Lord Glendonbrook). It is a reglstered charity, number 297627. Slnce Its estsbli5hment In 1987 It has dT5tributed more than £37 milllon to more than one hurthjred different charitable or8antsatfons In the United Klngdom and through The Glendonbrook Foundailon in Au5tralla. The entire resour￿ of the Foundatlon are unrestrlcted and the Tnthes have complete dIs￿li0n over their ￿e. The management of the Foundation Is conducted solely by the TnNteès. Applications for fundln8 are submltted thrc#Jgh the webslte Imfchaelb6shopfouNJatlon.or4} and are reviewed by the Trustées tw(ce a year In October and In order tc keep tt* costs of the Foundatlon low, the TnJ5tees are unable to respmd to other requests or offer feedback on applications. The FouTrJatlon did not have aryy Yoiurtews workfng for thern dLrlng the perlt)l. The power to appolnt additional Tw5tee5 rests Lord Giendonbrook. On 10th June 1025 thfjs power wa5 extended to indude ￿ Rltchle Jofntly and severally. The TTr￿tees support a broad rarge of tharltable ¢)ryanlsatlon5 wlthln flve main ore45 of focus: . Heritage . Arts and Culture Human Rights and Socfal Juslke . Adyaftcement of Health and Medldne • Educatlon and Trafnln8 These areas of focu5 are not exduslve. and other areas may be considered from tlrne to tlme. INDUCTION AND TKIINIMG Should new trustee5 be appointed,aninthKtlon wocess would be carried Nrt. Other tralnlng Is undertaken as and whEn appropriate. All Tnstees are kept Infornwd at the meetlns5 of thelr dErtles and obllBat1o￿ under the law in addltlon to thelr proper conduct. RESERVES POLICY The Tmiestment objectlyes of the d￿rIty are to preserve capital in real tem and wovlde SLrffldent income to meet the Trustees requlrements. The Michael Bishop FOUnda￿On Report of the Trustees for the year •nded 5 Aprtl 2025 Icontlnued) RISK MAIIAGEIAENT A rlsk asses%ment ha5 been undertaken whlth comprlses of: An annual review of the rlsk5 the Charlty may face The establtshment of systems and procedures to mltlgate those rfsks The Implementallon of procedures deslqned to mlnlmise any wtentfal impact on the C￿￿tY should those r15k5 materiali5e This contlnulng pmce55 wlll identlfy risk areas to whkh the Foundatfon 15 vuIMrabLe and highlfght any ￿ceSSary 5afe4uards that VAII nepd to be put In place. The TnJstee5 continually seek the ￿(e of the fnvestment m￿agerS who manage the Foundatk*n'5 investment portfoli05 and the advlce of their legal adv5srys to the proper due thligents on any pote[￿31 recipiert of a donation fr¢￿ the Fou)datlon. The rf5k of Lord Glen(knibrcok passlng away In the short to M￿lUM tenn has teen Idenithed by the Trnstees as a poteniial risk to the FovndatlDn. Suftable measures have been put In place regarding the strategy of the Foundati¢)n In such an event. INVESTMEtffs The assets of the ChatSty con515t prfndpally of Inve5trnents and tash these are collectively recorded on the Balance Sheet and sjpporting notes at thelr market value on that dats, Any Increase or decrease over costs on the restaternent of these values is recorded In the Statement of Finandal Actlvlties. The Tru5tee5 investment power5 are unre5trlcted. They engage professlonal Investment managers to manage t investments and Set the Objectives of the mana8ers, whlch are broadly to mèxfmlse total retum having thtè regard to risk and preservation of capital. Thè Managers are alxs set speciflc pwfonnance benclbnarks which are monitored agalnst the actstal perforrnance by the Trustees on a slx-monthly bas1s. The current Investment manager5 are Evelyn Partner5 who at year end managed approxlmately £13.8m. Navera InvestmÈnt Management who managed apPr￿MateLY £32m and Canaccord rnanaged £6.7m. Durfng the year ended March 31st 2025, excludlng capital adthtlons and withdrawals, the Evelyn portfolfo Investment returr¢ was 3.2% , the Nayera portfolio was 2.8% and Canaccord portfolio was 4.6%. In the event of underperf¢)nnance agalnst benchmarks for a nurnber of perlods the Trustees would revfew the mandate of the manager and after takfng appropriate profe55ional advlce would seek an altemative manager or mana8ers. OBJECTIVES ACTIVITIES AND PUBLIC BENEFIT The Charity's objectives and prlnclpai actiwtles are to extend donations to any quallfyTng Chari￿es. bodie5 or organi5atlons of any purpose in any part of the world which under the laws of England and Wales shall L recognised a5 purely charftable. As Indlcated above the Trustees support a wlde range of aetlyities which In thelr discretlon they feel approprlate. The Trustees confimi that they have roferred to the quidarKe In the Charlly Commi55lon's 8eneral $uldance c publlc benefit when revtewing the Fujndatlon's akn5 artd objectlves and In piann1nq future ACtivitle5 and Set￿n4 the grant making policy. During the past year 51ngie charttabie 8rartt payments and new multl-year commltments of É3,991,736 were ma 12024: £2,579,474). The multl-year commitments rnade by the Foundatlon are accounted for lft line with the guidance set out in FRSSE SORP 2015 so that the total comrnltment over the PEfKJd of the grant is reflected In the accounts only In the year that the comrnltmenr Is made. Grant payments of £2,361.8Z6 We￿ made durin8 year In respect of pri¢r muttl-year cornmltments ￿lCh have already teen accounted for In prevlous yearf Financlal Statements. The Mlchael Blshop Foundation Report of the Trustees for the Ye￿ ended 5 Aprfl 2025 (contfnuedl Amon851 total grarts paid thls yÈar were the foLLowing grants of £50,000 or mre: Baker Dearfng Trust £125,1110 as part of a 5 year commitment of £5(KI.1)￿l to asslst with the creatlon of Unfverslty Technlcal Colleges throughoirt En8(and and Wales lor hl8h quality tethnlcal schooilns for 14 to 18 year old students. Mlll Hill scho￿ Foundatl*)n £162,450 suw)rtfn8 a Sthoijrshlp scheme for student5 who otherwlse W￿ld not have the opportunity of education at the school. Exeter Northcott Theatre £75,000,tor the general wrposes of the Theatre situated on the campus of Exeter Unfver5ity. Margaret Thatrher Sthollrshlp Trust £201,328 to 45$1st promlsln8 students to beneflt from edUCa￿on at Somervllle C(Itege> Oxford regardle55 of thelr arcum5tan The Royal ColLertlon Tr￿t E125,IXIO the final Instalment of a £1m commitment over an 8 year perTod to suppcrt the resioratlon of a slqnlflcant property at Holyrood ￿(￿Se to dtsplay items of the collection arK1 serve as a Visitor Centre. Blrmlngham Royal Ballet £170,IWO for the general purposes of the or8an15atlon. Alzheln￿rS Research UK £166.500 belng the f*st tfftalment of a 3-year commltment frjr E500,000 for their general fLTrth. Alford House £75.000 being a contrfbutlon to their general fvnds to support thelr work wfth young people Lambeth to promote weilbelnB and to provlde facllftles for tralnlng and recreatlon to PODrer members of soclety. NSPCC £50,000 belns an Instalment of a £250,OIXI commftment for the Inctrt servlce North West wh1ch 15 dÈslgned to keep childm saft onllne ènd rxevent techMLogy asslsted chlid atAsse. Engush Herfta8e £250,0(K) being the flnal instalment of a 4 year £1m commltment to support the remtion work of four projects: Dover Casue, Hardwlck Old Hall. North Lelgh Roman Vllla and Brodsworth Hall. ar￿Sh Red Cross £50,000 toward5 moblllty alds for people in njrai areas of Llncolnshlre. InterTratlonal Bomber Command Centre £50.O¢JO for the Llncoln5hlre Bomber Command Mern¢ylal. Shelter £64.500 toward5 the HDrneles5 Peer Advocacy SeNlce ID Manchester. Irts Prize £60,0(XJ toward5 the annual LGBTQ+ fllm festfval wlze. Oyly Carto Oper• £70.OLKI toward5 the general PUTP05e5 of the organlsatlon. Acpsta Dance Foundatlon £83,000 toward5 the 8enEral woose5 of tle organtsatlon Churchlll Fellowshlp £67.500 the first annual In5tament of a 3 year qrant tt* XJPPOrt 5 feLloYAhlps Governor Phlllp Scholarshlp £107,985 Murray Parlsh T¢u5t £50,0￿ for the general purwses of the or8anlsatlon Oxford Community Foundation C50.ODO the first In5ts1ment of a 3 year commitment Rtyal Ftyin8 Doctors Servke É75.CIIO of ￿lch E50,QIYI was toward5 thelr Blrtles and Bean fundralser arKI £25.000 for lffesavlng medlcal equlpment. Se4sheil Trust £150.000 toward5 the constructSon of a ne4V cdie8e, whl¢h started in June 24 and Is due for completion In early 2026.Thi5 tharlty help chlldren and young ad￿ts wlth the most complex needs in the country to reach their potentlal through a Cheadle-Hulme based spedali5t school, college and re51dential care facillty. Skntkdales £67.OOLI A Ma￿h￿rter based Charlty 5UPPUrtlng cmldren and adults with learning disablilties. Thls donation was glfted towards their lifesklits and Junlor5 5erylces. The Michael Bishop Foundatlon Report of the Trn￿tee5 for tho year en￿d 5 Aprfl 2025 (cOn￿nUed) The Charity a150 makes many smaller donatlons to oryanlsatlons both local and natlortal. Thts year 40 charltie5 beneflied from payments of less than £50,000. A full list of all grant5 actually paid durfng the flnancial year las opposed to commltments madel 15 51Thn In note 5 of the accounts on paqe5 13 to 14.ln aggregate these totalled E3.335m FINANCIAL REVIEW As noted above, the Charity's Investments are managed by Evelyn Partners. Navera Investment Management Llmlted and Canaccord Genuity Wealth Management, under a dlscretlonary mandate and a consetvative invèstment policy which aims at maintalning the capltal tsf the Charity through dlver51flcation whllsl malntainlng Sufficient liquidlty for the Chattty's foreseeable r￿edS arKI donatlons. The market value of the Investmenl portfollo at 5 Aprfl XJ25 was £50,244,11012024: C51,920.101). The balance of cash held at 5 April 2025 was C1.518.41712024: £1,024,912). TRUSTEES. RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENT5 Law applicable to charitles In England and Walès requlres the Trustees to prepare financial 5tatem¢nts for each fIna￿la1 year which glve a true arKI fair vlew of the Char1ty'5 flnarclal activities durtng the year and of Tt5 finafttial posltlon at the end of the year. In prepartng those flnanclal statements, the Tru5tee5 are requlred to: select suitable accounting p)Ildes and then apply them c￿s1$tentIy. make Judgements and e5tifT>ates that are reasonable p￿dent. state whether appllcable accountln8 Standards and statements of recommended practice have trken followed subJKt to any dewture5 disclosed and explalned In the financial statements. and epare the flnancial statebnents on the going concem basls Lmle5s It ts inapproprfate to presume that the charity wrll cmtlnue in operation. The Trustèe5 are re5ponsltle for keeplng 4ccDuntl￿ record5 whkh (li5close YAth reasonable accuracy at any tlme the financial p051tlon of ihe charity and el￿ble them to en5￿￿ that the flthinclal statements comply wtth the Chdrltie5 Act 2011, the Charity (Accounts and Report51 Re8uiatlons and the trust deed. They are also responsible for safeguarding the a55ets of the charity and hence for taklng reasortable steps for the preventlon and detection of fraud and other Irregularltles. Approyed by the Trustees and slined ¢)n rheir behalf by- Lord Glpndonbrook Tnjstee Date: Independent Audltor's Report to the Trustees of the The Ml¢hael Blshop F¢undatlon Oplnlon We have audited the flnancial statemnts of The Mkh&eL Blslw Foundatfon for the year ended 5 Aprfl 2025 whi(h comprfse the Statement of flnanclal actmiles, baLa￿e sheet, and note5 to the finandal ststermts, Inclvdlng s(gnlfkant accountlns pollcles. The flnanclal reportlng framewot* that has t*en applied in thelr preparation is appllcabie law and Unlied Klngthjm Accomting Standards, Includln8 Flnanclal Report1ng Standard 102 The Financlal Rewtin4 Standard appllcable In the UK and Republic of I￿and Oj￿ted KI￿&)￿ G￿eralty Attepted Accounting Prnctlcel. In tyjr oplnlon the flnandal statements: - live a In￿ and falr vlèw of the State of the Charfty'5 affairs as at 5 Awfl 2025 and of Its income and expenditure for tht year then e￿I*d. . have been property prepared In a¢cordance Ylth Unir¢d Klngdom Generally Accepted Ac￿artIng Prnctice; . have been prepared In accordance wlth the requlrements ol t*e Charitfe5 Act 2011. Basls for oplnlwb We conducted our audlt In accerdan￿ Interna￿onal Standards on Audltlng IUKI IISAS IUKII and applicable Law. ¢)Jr responslbllitles under standard5 a￿ further descrIbed In the Audltorfs respon5ibilTties for the audit of the fin￿ClaI statements settlon of our report. We are Independent of the Charlty in accordante wlth the ethl¢al requlreTr*nts that are relevant to our audlt of the financlal 5tarements In the UK, includlng the FRC'S Ethical Standard. and we have fLlfllled our other ethlcal responslbllltle51n accordance vAth these requlrements. We believe that the autht evldence we have obtalned Is sufflcient and approprtate to PrO￿de a basts for our oplnion. Con¢lu5(on5 relatlng to 8o5ni conc•rn In aud?tlng the flnandal ststernents, we have conduded that the m￿berS of the Board Tn￿ use of the golng con￿rn ba51s of accoLmtlns Sn the preparatlon of the financlal Statements Is approprfate. Based on the Work we have performed, we have not Identifkd any material tmcertalntle5 reiatlng to events or coTrJttions that. Ino)vldually or collectiv•Ly. may cast sfgnificani tJ(wbt on the Charfty's abl11ty to contlnue a5 a going cc¥Kern for a perfod of at least Iwelve mcfiths from the flnarKial statements are authorised ffjr Issue. Our respo[￿IbIlIt￿5 and the resp(￿SIbIlItIeS of the Tru5tee5 wlth respect to golng concern are described in the reievantSectl￿S of thls report. Othèr Inforniation other Information C(￿￿se5 the InfonTHtlon 1tKluded in the annubl report other than the flnanclal statements and our audltorfs report thereon. The Trustees are respDnsible for the ot￿r Informatlon contaSned wlthln the annual reFQrt. Our opinion on the financlal statements does not cover the other Infonnatlon and we do no¢ expre55 any form of assuran￿ conclusicffi thereon. Our responslblllty Is to read the other Infomiation and, In dolng so. CDnsider whether the other h)fornwtlon 15 materially IKons15tent with the flnardal statements or wr kTDwled4e obtrdined In the ctyjrse of the audit, or otherwlse appears to be nuterlally mtsstated. If we Identlfy s￿h matertal lrtcon$15tencTes or apparent material mi$5tatements, we are requlred to determlne whether thls glves rf5e to a material mlsstatement Sn the finandal statements themseiYe5. If, based on the work we have perforffled, we conclude that there 15 a material rnlsstatemEnt of th15 other Informatlcffi, we are requlred to report that fact. We have nothln8 t¢ report In thls regard. Mattws on which we are requlred to rewt by •xc•ptlon We have nothing to report In respect of the foliowtn% mattrT5 In reiatl+)n to whlch the Charitles (AcCo￿ts and RepDrtsl Regulations 2008 requlre u5 to report to you If, In our opln1L￿'. thE Inf0m￿tIon gfven In the tru5teEs' report ts knconslstent in any materlal respecl wlth the financitil state￿￿Trts. or SLrfflcient accounting rec(*d5 haye not been kept: or the finandal Stat•￿nts are Mt fn agreement vAth the accountlni recrKds" or we have not recelyed all the infornwtlon and ex￿anatIo[Y5 we requlre fw our audlt. Independent Audltor's Report to the Trust8e3 of the The hllchael 81shop Foyndatlon Rè5pon$lblllttes of tntstees As explained more fully in the statement of Il*mbers of tho Board Tntslee5 re5fxJnslbllliies. the TrLtstees of the Charlty are responsible for the preparatlon of the flnandal Statements and for belng satisfled that they ￿e a true and falr ￿ew, and for such Snternal contrd as the Trustees determine Is noce5sary to enable the preparatlon of flnancial 5tdletr*nts that are free from materfal m15Statement, whether due to fraud or emr. In preparfng the financial statements. the Tft￿ a￿ responslble for a5se5$1r4 Charlty's ability to contlnue as a golng di5closlng, as applicable, matters related to golng COn￿M and using the going concern basi5 of accountlng unless the Tn￿tee$ elther Iniend to lfjquidate the charity tr to cease Operat1*￿5, or have no reallslk altemative but to do so. AudIt0￿$ responslbllltles for the audlt ¢)f the flnandal statements We have been appointed as auditor under Section 144 of the Charltles Act 2011 and report In accordance wlth the Act and rèlevant regulations made or havlng effect tseunder. Our objectlves are to obtaln reasonable assurnntr aboui whether the finandal staternents a$ a whole are free from materlal misstatement, whether due to fraud Cf error, and to i$we an authtort report that Include5 our opinlon. Reasonable a55urance is a high level of assurance but is not a guarantee that an audlt conducled In accordance with ISAS (UK) wfjll always detect a matertai mtsststement when It exlsts. M155tatements can arf5e from fraud or error and are consldered material rf, indlvldually or In the aggregate, they could reasonably exp2Cted to Inftuence the econornlc decislons of users taken on the basls of these fknaKI?I statements. The extent io whlch our procedtres are capable of detectln8 Irregul&itles. Ind￿11Th8 fraud, is dthlled below. We gained un¢Jerstant11ng rjf the legal and regulatory framewc*k appllcable to the chartty and the i￿rUStry In which it operates. and con55dered the rfsk of acts by the ch￿lty that were contrary to applicable laws and regulations, inclLTding fraLTd. We designed autht pnxedures to reSI￿d to the rtsk, recognislng thal the rtsk of not detectkng 3 materlal misstatement due to fraud Is hlgher than the rfsk of not detgctlnq one resultirty from effor, as fraud may In¥olve deibi erate concealment by, for example. forsery or Inientlonal mfsrepresentatlon5, or through coilusfon. We focused on laws and resulatlons whkh c(#Jlé glye rf5e to 8 materlal mlsststement In the flmnclal Statements, includir￿. but not limlted to, the charities act 2011 and UK tax iegtslatlon. thr Eests included agreelng the financial statement disclosures to underiylng 5￿PO￿n8 documentathjn and enqthiles vrith management. We dld ￿t Sdentlfy any key audlt matters relatlng to Irregularltles. Includlng fraud. As In all our audfjts. we also addressed the risk of management oyethde of Intemal ￿ntrol5. includlng testlng joumals and evaluatln8 whÈther thwe was •vldence of bias by the dlrectors that represented a rlsk of mat*rlal mlsstatement thje to fraud. A further description of our r•SF￿￿1￿1lltles is avallabLe on the Financlal Reporting Coundl's webslte at: http5'.Ilwww.fr¢.or8.uklauditorsre5Prn51bllltle5. Thi5 &scrIptIc￿ forn)s part of audltor's reM. Use of our report This report Is made solely to the Charity's trustees. as a body. In accordan￿ wlth part 4 of the Charitles (Accounts and ReFQrtsl Regulatlons 20D8. Our a(xlit work has been undertaken so that we might state to the chariws tntstees those mallers we are required to state to them In an authtorfs reF￿ and for no other purpose. To the fullest extent pemltted by Law. we th not accept or owme re5ponsiblllty to anyone ot￿[ than the charity and the chartty'5 tru5tee5 as a body, forour wotr1¢. for thls report, or for the oplnion5 we have forn￿d. Stephen Hale (Senlor Statutory Auditor) For and on behalf of Perry5 Autht Llmlted Chartered Accountants Clwrchdown Chambers Bordyke Tonbrfdge TN9 1NR Date: The Michael Blshop Foundation statement of Flnancfal Acllyltles for the year ended 5 Aprfl 2025 2025 2024 Income and •ndDwments from Donatiry Investrnents 2,014.335 774.505 3.230.732 746,976 Total Z,788.840 3.977,708 Re50urce5 expended C05t of generatlng funds: Inve5tfflent management fees 402.554 357,435 Charftable actl¥ftle5 4,069.543 2,620,867 Totsl 4,472.097 2.978,302 Net Income before irbvestrrt•nt galnsl1105sesl 11,683.257) 999.406 Gdr6111055es) on Investments . rea115ed - unreaitsed Cuw galnslllosses) 1,853.275 (2.259.587) 35 1,915,945 2.166,596 12,035) Net movement In fuk)d5 12.089.534) 5,079,912 Total funds at 6 Aprll 2024 50.163.027 45.1)83.115 Totalfund5 at 5 Aprfl 2025 48.073.493 50.163,027 AU fur*As are Ubvestricted relate ro contlnulng actfvtties. The notes ¢m pN8e5 11 to 18 fom part of these flnanclJl 5tatefflents The Mlchael Blshop Foundation Balance Sheet as at 5 Aprll 2025 Notes 2025 2024 Fixed Assets Investmerbts 50,244.110 51.920.101 Current A5set5 Debtors Cash at bank and In hand 271.570 1,518.417 271,570 1.024.912 1,789,987 1,296.4B2 Llabllltles Creditor5:amounts falllng due wlthln one year 10 (1,851,388) 11,638,230) Net current assets 161,401 > (341,7481 Total as5et5 less cvrrent Ilabllitie5 50,132,709 51,578,353 Credliors:amounts fallfj￿ due after one year 11 (2,109,216) 11.415.326) Total net a55ets 48.073.493 50.163,027 Funds UnrestrÈcted Funds 48.073,493 50,163,027 Apprvved by the Trustoe5 and signed on thelr behalf by: Lord Glendonbrook Trt￿tee Date.. The notes on poges 11 to 18 form part of these ffnandal statements The Mlchael Blshop Foundatlon statement of Cash Flow for thp year endod 5 Aprfl 2025 Motes 2025 2024 Net cash used In operatlnl actMtle5 13 11,550,679) 264.204 ash flow from investing actlvltles: t)fvldends and Interest from Investments Proteeds from sales of Investments 774.505 (1.484.816) 746.976 63,314 Net cash provlded by Inyesting act(vitles: (710,311) 810.290 Chanqe fn cash In the year {2,260.990) 1.074,494 Cash tjrought forward 5.008.480 3,933,986 Cash carried f•)nYard 2,747.490 5,008,480 Represented by. Cash at bank Cash at broker 1,518.417 1.229.073 1,024,912 3,983.568 2,747,490 5,008,480 The note5 ¢)n pw4es 11 tts 18 forni part of these flnandal stateTh￿ts The Michael Blshop Foundation Notes to tho flnandal stalements for the year ended S Aprfl 2025 1 Prfnclpal ACCI)￿tIng Pollcles lal Accountlng Conventlon The finandal statements are prepared under the hlstorlcal cost conventlon and In preparing the flnanoal statements the charity follow5 best practlce as iald down in the Statement of Recommended Practice 'Acco￿tIng and Reportlng by Charltles" (CharllTe5 SORP IFRS 10211 and comply wlth the Charftle5 IkcounL5 and Rep()rts} Regulat¥Jn5 2008 tssued under Charftles Act 2011. Ibl Donatlons, l•ga¢les and 5imllar In¢ome Donation5, le%acies and similar Income are shown In the accounts whqn recelvable the value of the fjncominE resource5 can be measured wfth 5uffkient rellablllly. Ic) Investment Income Investrnent Income Is accounied ftr in the pedTrJ in whlch the charlty Is entftled to receipt. Id) REsource5 expended Liabilitie5 are recogni5ed as res￿jr￿ expendgj a5 soon as there Is a legal or C¢mStructlve obllgation mmittin8 the charity to the expenditwe. All exFendlture 15 accounted for on an accruat5 basls. (e) Charitable activtties Costs of charitable actiyltles kndude grants made and an apportlonment of overhead and wpport Costs where applicable. Grnnts payable a￿ Payrt￿ts made tg thlrd partles in the fUrthera￿e of the charitable objectives of the Trust. Slngle or rnulti-year grants are accounted for when eS¢her the redptent ha5 a reasonable expectation that ttrw wlll receiye a grant and the trustees have agreed to pay the grant wlthout c(¥ndltlon. or the reclpient has a ￿aSonable expectatlon that they wlll re￿1ve a grant and any condltion attaching to the grant Is OLtslde of the control of the Trust. lfj Governa￿¢ ¢05ts )vernance costs compr15e costs reLatin8 to the le￿ra1 runnln8 of fv dArtty a5 opposed to those assoclated with generatfng fthds or charitable actlvlty. (gl Flxed as$et Investments Investn)ents are stsi*d at ¢losln8 market valuè at the balance sheet date. Any 8Jlro or L055e5 on ￿aLUatIon and dlsposal are shovm in the Statement of Flnancial Actfvltles. Ihl Reallsgd gains and 10$5es Galns and losse5 are taken to the Statement of Flnandal ActfvitSes a5 they arf5e. Reallseit galns and L05se5 on investments are calculated as the dffference between sales ix(xeeds and purchase cost. Unreallsed gains and losse5 ?re calculated as the dlff#rence be￿veen the market Yalue at year end and openlng market Yalue {or purchase date If later). Reallsed and unreallsed galn5 arHI tosse5 a￿ not separated in the Statement of Financial Activitles. lil Taxatlon The charfity Is exempt Imm tax on Its charftable a¢tlvltle5. (J} Foreign currencle5 As50ts and liabilltles kn forel8n currencles are translated Into sterlln8 at the Trtes of exthange ruling the balance sheet date. Transactlons In forelgn currery are translated at the rate of exchange ruling at the date of transaction. Exchange dlfferences are taken Into accoLmf in arrlvlng at the operatlnq result. The Michael Blshop Foundatlon t4otes to the flnanclal statements for the year ended 5 Api11 Z025 1 PrlrKlpal Accouhtlni Polkles Icontlnued (k) Gokng c¢Jncern The trustees wider that there are no materlal ￿CertaIntleS aimyjt the abllity to contlwe as a going concem. Z Donatlons 2025 2024 Donatlon of shares Cash donatlons Grft Ald recoverable thereon Supplement recelved 2,014,335 1,980,046 1.lKKJ,(I￿) 250,OOD 686 2.014,335 3.230,732 3 Imie5tment Income 2025 2024 Dividen(b and flxed Interest Bank interest 687,834 86,671 650,843 96,133 774.505 746.976 4 Chèrftable Actlvltles Total 2024 Grants (see note 5 Support Costs (see not• 6) Total 2025 Athancement of Health and IAedldne Arts and Culture Eth￿tIon and Trafnlr Gc*eral Charftable Purp)5es Heritage Htmnan Rlthts and Social Justlce 770.000 260,000 1,790.236 327.000 520,IXIO 324.500 15,IX19 5,068 34,895 6,374 10,136 6.325 785,009 265.068 1,825.131 333,374 530.IJ6 330.825 153.796 890,983 587,088 564,528 25,632 398,840 3.991.736 77.807 4,1169.543 2.620.867 11 The Michael Bfshop Foundatlon Note5 to the flnanclal statements for the year ended S Aprll Z025 5 Grants pald or payable 2025 Number 2025 2024 Numbei 2024 Payable to in5tltutlons 42 3,991,736 2,556,103 Reg15tered Chartty No. 2025 2024 Art 4 Africa Alford Fkwse Alzheimels Researth UK Back to Ours Arts Llmlted BeyO￿ut7$M Thè Britlsh Red Cross Society Buxton Intetnotsonal Festival Crisis D'Qyly Carte Dr Martln CLarkYoung Organ k￿larS Trust The En8li5h Heritage Tn￿t EscapeLine Galop UK Governor Phlllip Sthoiarshlp Henshaw5 Society For Bllnd People Horatio% Garden Irfjs Prfze Outreach Ltd. JÈ55ies Fun Key4Life Cio Maa Shèntl Ltd Margaret Thatcher Scholarship Trust Mill Hill school Fwndatltsn Milton's Cottage Trust Icioi Murray Parfsh Trust My Life My Cholce One25 Limited ORA ChDir Oxford Philharmonlc Orchestra Trust Oxfordshlre Communlty Foundatlon Peter Tatchell Foundatlon Pimlico Opera RFDS of Australla FrieTrJ5 in the UK 1092074 1123902 1077089 1197763 1082599 220949 276957 1082947 21XJ024 35,OC 75,000 500.000 15.000 10,01)O 202.500 150,000 130.orjj 60,OIXI 190.000 1163480 1140351 1184475 1077384 Australla 221888 1151475 1149914 104573 1 1152426 1105305 1154547 1064758 1163039 1155623 1187n6 1062391 116022È 1Q84256 1151621 1173107 1003836 1101004 50,000 500,Ot)O io.ooo 90.000 184,135 25,000 10,000 80.000 2.925 90.OOQ 10,000 600.IJOO 162,450 145.000 423,164 127,710 25,000 150,000 5,726 10,IXXI 10,000 9,000 45,000 150,000 2,000 100,fy)0 50.000 Carried Forward 1,834,736 1,599,874 13 The Michael Bishop Foundatlon Notes to ￿ flnanclal statements for the year ended 5 Aprll Z025 5 Gra￿ts or payable (c¢ntlnuèd) Reg15terpd Charlty No. 2025 2024 BTWt Fonvard 2.834,736 1.599.874 Royal Nalfonal Llfeboat Instltution Seashell Trust Shannon Trust SheEter, Natlonal Com￿1¥￿ For Homeless People Llmlted Shipion.ilnder.Wychwood Wild Garden and Woods Sport 4 Ljfe UK St John's AJnbuiance 5t Petrfs Brfghton Sto(*daEe5 Of Sale, Altrfnrham And District Ltd The Acfj5ta Dance FouFKlatlon Ltd Thè A55i5t Fund The Giendoth¢)tsk Foundation The Old Bakehouse, Chadlinqton Pa55aqe 21100 The Chlpplng Norton Theatre Llmlted The Youry Lfyes Foundation Tbrive NorthtrA Lln5een (UK) The Vlplngo Vlllage Fund Watford Sheltered Workshop Ltd w￿W¢d COE Prlmary School PTA Youn8 Uves vs Cancer (Cllc Sargert) 209603 1091655 1117249 5.600 450,01)0 80,000 263710 164,000 1133334 1115222 107n6511 1146642 20,000 30.000 90.000 10,000 509053 1142368 1164650 Australla 1211853 1079764 268154 1119528 1175353 1127620 1126196 229947 285922 1107328 67,000 250.000 120,000 500.000 zs.000 60.000 15.000 50.000 15,000 20.000 45,000 io,ooo 25,000 75,000 3.991.736 2.579,474 123.271) p￿10￿5 year adjustment 3,991,736 2,556,203 These were fn additlijn to the foilowlng grarts pald as part of multl.year commltments, already accijunted for In PTevious years, Flnandal Statements: A£t 4 Afrlca Baker Dearf￿ Educatlonal Tnist Baits Hetttage Bim)inthm Royal Ballet British Red (ross 10.000 125.OLIO 34.000 170,000 50.OIJO Cartied Forwdrd 389,( 14 The Michael Bfshop Foundation Notes to the flnanctal staternents for the year ended 5 Aprfl Z025 5 Grant5 pald or payable (contlnu*dl Brought Forward 389,01)0 Buxton International FestlvaL Creatiye Folkstone Crtsis D'oyly Carte English Herliage Exeter Northcott Theatre International Bomber Command Centre Iris Prize OLrtreach Ltd. Just Llke Us hlatgarei Thatcher Schdarsmp Tn￿t Margaret Thatcher kholar5hip Trust Miltons Cottage T￿￿t Murray Parlsh Trust National Garden Scheme NSPCC ORA Singer5 Oxford Philharmonic ¢Jrche5tra Pimlico Opera Royal Flwng Doctor Servlce of Au5tralla Frlends In the UK Royal ColLectlon Trust Shelter The Acosta Dan￿ F(￿ndatIon The Branch Thrive Northox Vipingo Vlllage Fund 33,000 2,000 20,000 70,000 250.000 75,000 50,000 60.000 30.000 58,490 42,838 2,500 50.000 5.000 50,000 3,000 15.000 25,000 Z5,000 115,000 64,500 83.000 37,500 3,000 15,000 2,361,828 6 Support Costs 2025 2024 Audit fees Legal fees Accountancy and fees Travel Expenses Other admin costs Bank charges Stdff costs Staff expense5 5,736 21.203 9.032 1.046 1,407 547 38,666 170 5,460 11.538 7.765 2,349 254 37,298 77.807 64,664 15 The Michael Bishop Foundation Notes to the flnancial statements for the year end•d 5 Aprfl 2025 7 Investn*nts 202S 2024 Mathetsbie investments 50,244.110 51,920,107 l) Net movernent in rnarket value of marketable Investments Ma￿et¥aLue at 6 *prfl 2Q4 C¢>rt of InvestIr￿t addltlons Less: Disposals proceed5 Net gainl{loss> on Investments Ireallsed and unreailsedl Cash held In Investment portfolfos ma￿et Value at 5 Aprll 2025 47,936.533 10,956.477 19,471.661) (406.312) 1.229.073 43.917,306 13,807,051 {13.870.3651 4,082,541 3,￿3.568 50.244.110 51.920,101 ill Marketable inv￿tments 2025 C05t 2025 Valuatlon 2024 C05t 2024 Valuation Fixed Interest UK Eqth￿es Eurnipean Equltles North •lmerfcan Equltle5 Far East and Emerglng Markets Equltles UK Unlt rnTrts European Unit Tritsts North American Unit Trusts and ETFS Hedge FuNJ5 12,975.400 6,464.275 2.925.705 11,016.993 1.133,453 636.347 135.001 2.331.317 288.750 556,813 1,279,918 154.327 1,229.073 13.261.411 7.719.881 3,087,745 16,487,712 1.155.351 912,090 255.011 3,075,984 355.1)00 483,065 1066,616 155,171 1.229,073 10,343.433 5.416,246 3,056,155 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 1,21)4,494 150,573 3.983,568 Commodlty Altematlve Cash heid ￿ investment portfo1105 41,1Z7.372 50,244,110 40.543.774 51,920,100 8 D#btor5 2025 2024 Glft Ald re￿1vable DO￿tIO￿ recoverable 250,000 21.570 250,000 21,570 271.570 271.570 16 The Mlchael Blshop Foundatlon Notes to the flnanclal 5tatem•rts for the year ¢rKled 5 Aprll 20Z5 9 Cash at bank and In hand 2025 2024 Current accounts 1,518,417 1,024,912 10 Credltors: Amounts fallln4 due withln one year 2025 2024 Accruals Grants payable 80,628 1,770,760 1,851.388 79,402 1,558.828 1.638,130 11 Creditors: Amounts falllng due after one year 2025 2024 Accmed gtants liabllity 2,109,216 1,415,326 12 Unrestrkt•d funds Totsl At 6 April 2024 Donatlons and Investment Income Grants and expendlture Realfsed and unrealised galns on Investments and currency 50.163.027 2.788,840 {4.4n,097) {406.277) At 5 Aprll 2025 48,073.493 13 Reconctliatlon of net movements In fynds to nèt cash flow from operatlni actfvlttes 2025 2024 Net fjncomellexpenditure) for the year Deduct investment Income Currency exchange galnll105sI {Increa3e)Idecrea5e in debw Increa5el(decreasel in creditor5 {1.683,2571 {774.505) 35 999.406 1746,976) 12.0351 134,875) 48,684 907.048 {1.550.679) 264,204 17 The Michael Blshop Foundation Notes to the flTrthclal statements for the year ended 5 Aprtl 2025 14 Related partle$ Lord Gienthnbrcd( made glfts to the Chartty durfng the year totailln8 £2,014,335 (2024: £2.980.046)15ee note 21. Lord Glen(lonbrDok and Martln Riithle are dIrect￿$ of The Glendonbrook Foundatlon. Dutfjng the year. grants of £0 were made to The Giendonbrod( Foundatlon (2024: £500.CWI by the Charlty. 15 Trustee5' romunoratlon aftd beneflts None of Trustees have been pald any remuneratTon or recelved any other beneflts from the Chartty. 16 Truste¢s' expens•5 No t￿￿tee5. experrses were incurred in the year ended 5 2ff2512024.. ENIII. 17 Commltm•nts Included wfthin credltor5 and credltots after one year are charltabte commltments of E3.879,976 12024: £2,974,154) in relation to Alzhefmets Re5ear¢h UK The Assist Fund, Baker Dearing Educational Tnjst, Brltlsh Red Cross. Btt