Company number: 3111576 Registered Charity number: 1050291 (England & Wales)
THE BRIDGE TRUST CORPORATION
TRUSTEES’ REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
THE BRIDGE TRUST CORPORATION
TABLE OF CONTENTS
| Page | |
|---|---|
| Reference and administrative information | 1 |
| Chairman’s statement | 2 |
| Trustees’ report | 3 - 7 |
| Independent auditors’ report | 8 - 11 |
| Statement of financial activities | 12 |
| Balance sheet | 13 |
| Notes to the financial statements | 14 - 26 |
THE BRIDGE TRUST CORPORATION
REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2021
Trustees Nicolas Heslop (Chairman), Public Affairs Manager Bruce Pugsley (Treasurer), Chartered Accountant David Glynn, Chartered Civil Engineer Erica Ffrench, Solicitor Helen Von Trotsenburg Gemma Buckland Patrons The Rt Rev James Langstaff, Bishop of Rochester The Rt Rev Simon Burton-Jones, Bishop of Tonbridge The Rt Rev John Hine James Priory, Headmaster, Tonbridge School Tom Tugendhat OBE, MP for Tonbridge & Malling Mrs Sue Aldred Company number 3111576 Charity number 1050291(England and Wales) Registered office 17a Quarry Hill Road Tonbridge Kent TN9 2RN Company Secretary John Handley Chief Executive Officer John Handley Independent auditor Lindeyer Francis Ferguson Limited Chartered Accountants North House 198 High Street Tonbridge Kent TN9 1BE Bankers CAF Bank 25 Kings Hill Avenue, Kings Hill West Malling Tonbridge Kent, ME19 4JQ
Page 1
THE BRIDGE TRUST CORPORATION
CHAIRMAN’S REPORT FOR THE YEAR ENDED 31 MARCH 2021
As with the rest of the world, our year to 31 March 2021 was dominated by the challenges and uncertainties brought about by the Coronavirus pandemic. However, we have weathered that continuing storm very well, with both our finances and our service provision holding up in such unique and demanding circumstances.
Financially we ended the year with a healthy surplus, mainly due to the generosity of a supporter leaving us a large legacy, plus our Support Funding remaining in place for a year longer than we were told it would, albeit at a reduced rate. This has meant that our Reserves continued to grow. Plans were in place to spend some of our Reserves on three properties to further our charitable aims. Working in conjunction with Tunbridge Wells Borough Council and their “Housing First” homeless initiative, we commenced the process of buying three, one-bed flats for this project. Two of those flats were purchased before the year end, but the final purchase will not be completed until afterwards which left us with higher than expected Reserves, although these will therefore reduce further in the coming year.
When the pandemic first impacted us with the lock-down in March 2020, our accommodation was full and it remained that way for some time as we were unable to move anyone on. This meant that our accommodation income remained strong but without anyone moving out we could not move anyone new into our service. This situation remained until the Autumn when people were allowed to move again. However, although we could move people on, it was not right to move new people into our shared houses at that stage, which was reflected in higher than usual voids throughout the second half of the year. It was not until the very end of the financial year, March 2021, that we started interviewing and offering people accommodation with us once again.
The quality of our service was maintained throughout the year and although we had a lower than usual 73.8% occupancy, with 9 people moving on successfully from the Trust to independence, a 90% success rate was achieved which, given the exceptional circumstances we faced, was a good result.
The Board is very grateful to our staff for their flexibility, creativity and forbearance demonstrated ultimately in the quality of support given to our clients, which was maintained throughout this most difficult of years.
Nicolas Heslop, Chairman
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THE BRIDGE TRUST CORPORATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
The trustees (who are also directors of the company for the purposes of the Companies Act) present their report and the audited financial statements of The Bridge Trust Corporation for the year ended 31 March 2021. This trustees report is also the directors’ report and so is also prepared in accordance with section 415 of the Companies Act 2006.
The trustees confirm that the report and financial statements of the charity comply with the current statutory requirements, the requirements of the company's governing document, and the provisions of "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019) (Charities SORP (FRS 102)).
Reference and Administrative Details
The Trust employed 4 full-time and 4 part-time staff during the year. The main change in our operational practices was brought on by the pandemic, forcing staff to relocate from our office to home-working. Full remote IT and telephony were implemented to facilitate this.
Structure, Governance and Management
The Bridge Trust Corporation is a charitable company limited by guarantee and was established in October 1995. It is governed by up to 20, but not less than 4 trustees in accordance with the Articles of Association. There are currently 6 trustees, who are responsible for the overall direction and strategic management of the organisation.
Trustees are elected at the Annual General Meeting (AGM) and can hold office until the second AGM following their appointment when they are eligible for reappointment. Trustees are recruited to ensure the Board has access to a comprehensive range of skills and experience and on the basis of the specific needs of the charity.
The Trustee Board:
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holds an Annual General Meeting to which the auditors and all its Members are invited;
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meets a minimum of 4 times a year where decisions are made relating to strategic issues affecting the charity; and
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confirms that they have, in administration of the charity, paid due regard to the public benefit guidance published by the Charity Commission.
Vision, Mission and Strategy
Our Vision:
We work to alleviate homelessness by giving people the opportunity to have a home.
Our Mission:
Founded on Christian principles, we provide single, homeless adults with the best accommodation, support and related services that will empower them to move on into independent living.
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THE BRIDGE TRUST CORPORATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
Our Strategy:
The Trust’s strategies are approved by the Board of Trustees and are reviewed on a regular basis. The Board have agreed 6 main strategic objectives as follows:
Homelessness Support
Provide homeless people with support initiatives that give them confidence, knowledge, skills and experience to change their lives, facilitating them gaining their own accommodation and sustaining independence.
Accommodation
Offer safe and secure homes as a foundation upon which homeless people can re-build their lives and prepare themselves for independent living.
Operations
Have an effective organisational structure, and staff, policies and procedures in place that enable us to fulfil the mission of the Trust.
Fundraising, Marketing and Public Relations
Devote the appropriate level of resources to fundraising activities that will meet our current and anticipated, future income needs.
Finance
Maintain strong financial management, policies and procedures that support the long-term future of the Trust.
Governance
Have a Board which will ensure that the strategic direction of the Trust meets its agreed Vision, Mission and Strategic Aims.
Significant Achievements
The Trust provides public benefit by meeting its core, charitable objective and during the year provided supported accommodation for up to 22 single homeless adults within 4 properties. Through a grant given by High Hilden Ltd., administered through the Kent Community Foundation, we were able to purchase and refurbish a new 5 bedroom house for our supported accommodation.
We continue to provide an in-house Tenancy Training programme to better prepare our clients for moving-on. We also installed wi-fi internet access into all our properties for their use. This new internet access provides a valuable contribution to our residents with the opportunity to maintain their social networks and fulfil any on-line benefits requirements from the convenience and comfort of their home. This new initiative negates the need for our central Resource Centre which in the event could not be accessed anyway, due to the pandemic.
During the period we accommodated a total of 24 homeless people and saw 9 people move-on into independence. This was less than a normal year but a good achievement given the exceptional circumstances of the pandemic.
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THE BRIDGE TRUST CORPORATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
We continue to implement a quality standard for our accommodation, based on the government’s Decent Homes Standard, which although does not apply directly to us, we believe it to be best practice against which we can self-assess to ensure the quality of our accommodation. The Ministry of Housing also introduced a new National Statement of Expectations for supported accommodation and our review also confirmed our compliance with this.
Membership of Statutory Bodies and Community Groups
The Bridge Trust seeks to be an active member of the West Kent community, lobbying and raising awareness of homelessness issues where appropriate. In particular we are active members of the Tonbridge & Malling Local Strategic Partnership, the Tonbridge Forum, the West Kent Partnership Housing Sub-Group and the West Kent Private Landlord’s Forum. We also hold membership with Homeless Link, National Council for Voluntary Organisations and Imago. Attendance at various business networking groups was suspended due to the pandemic.
Financial Review
Income:
Our total income for the year decreased from £1,065,052 to £368,629.
The principal sources of income were:
Supported Accommodation (arising from Licence and Support charges): Decreased from £202,098, to £188,041.
Donations, Grants and Legacies: Decreased from £853,605 to £169,256.
Expenditure:
The Trust reduced its expenditure this year from £343,105, to £306,985.
The principal areas of expenditure were:
Charitable Activities (arising from providing accommodation and support services): Increased from £282,044, to £303,681.
Raising Funds (grants and donations including investment costs): Decreased, from £7,109, to £3,304.
Charity retail operations:
Decreased from £53,952, to £nil, as all retail properties were disposed of in the previous year.
Fundraising, PR and Marketing
The Trust employed one part-time Social Media Officer during the year. The Chief Executive has the responsibility for any Marketing and PR activities.
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THE BRIDGE TRUST CORPORATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
Reserves
The reserves are established over time through an accumulation of net incoming resources from the charity's activities. They are available to fund revenue or capital expenditure and are also a contingency against anticipated future funding shortfalls.
The Trust's total reserves at the end of the year were £1,426,966, of which £4,090 were restricted to specific use, £989,803 were held for designated purposes to ensure continuity of our accommodationbased services and the remainder of £433,073 were available for unrestricted use. The total reserves of £1,426,966 contained liquid reserves (net current assets) of £258,942 and £1,168,024 held as fixed assets.
The Trust, having acknowledged the risk of losing its statutory funding via Kent County Council’s Support contracts, has over the past years accumulated liquid unrestricted reserves to mitigate against this eventuality. The current level of liquid reserves represents approximately 9 months average operating costs, compared to the policy of having between 3 and 6 months average operating costs.
Plans for the Future
Our plans for the future are set out in our rolling three-year Business Plans, which are reviewed annually by the staff, our service users and the Board. We publish our Business Plans on our website. Our plans acknowledge the continued pressure we will have on our funding, our determination to provide excellent accommodation and support to our residents and the impact of welfare reforms upon our current and future clients.
As the lease on our head office in Tonbridge expires in April 2022, we will be working towards obtaining a smaller, and therefore less expensive office, with more home-working taking place. We are also looking to work closer with the other main local homelessness charity and have been in discussion with YMCA West Kent, who have offered the Trust some office space in their Tonbridge Head Office which we plan to make use of.
Trustees’ responsibilities
The trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP FRS 102;
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make judgements and estimates that are reasonable and prudent;
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THE BRIDGE TRUST CORPORATION
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditors
So far as the trustees are aware, there is no relevant audit information which has not been disclosed to the charity’s auditors. They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any matters which would be relevant for audit purposes, and to ensure that such information has been communicated to the charity’s auditors.
A resolution for the re-appointment of Lindeyer Francis Ferguson Limited as auditors will be put to the Annual General Meeting.
This report has been prepared in accordance with the provisions applicable to small companies subject to the small companies’ regime in Part 15 of the Companies Act 2006.
Approved by the board of Trustees on 19 August 2021 and signed on its behalf by:
Nicolas Heslop Chairman
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THE BRIDGE TRUST CORPORATION
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BRIDGE TRUST CORPORATION FOR THE YEAR ENDED 31 MARCH 2021
Opinion
We have audited the financial statements of The Bridge Trust Corporation (the ‘charitable company’) for the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 March 2021 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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THE BRIDGE TRUST CORPORATION
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BRIDGE TRUST CORPORATION FOR THE YEAR ENDED 31 MARCH 2021
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included within the trustees’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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• the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
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THE BRIDGE TRUST CORPORATION
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BRIDGE TRUST CORPORATION FOR THE YEAR ENDED 31 MARCH 2021
Responsibilities of trustees
As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
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We obtained an understanding of the legal and regulatory framework applying to the company, and the procedures that management adopt to ensure compliance, including those relating to the Charities SORP FRS 102;
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We assessed the susceptibility of the company's financial statements to material misstatement, including considering how fraud might occur;
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We obtained the Board of trustees' assessment of fraud risk and enquired as to any known or suspected instances of fraud in the year; and
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We designed and performed audit procedures to obtain sufficient and appropriate audit evidence regarding compliance with laws and regulations, including enquiry of the Board, review of correspondence, and review of the accuracy and completeness of disclosures made in the financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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THE BRIDGE TRUST CORPORATION
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE BRIDGE TRUST CORPORATION FOR THE YEAR ENDED 31 MARCH 2021
Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and, the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Jonathan Healey FCA (Senior Statutory Auditor)
for and on behalf of Lindeyer Francis Ferguson Limited
Chartered Accountants Statutory Auditor North House 198 High Street Tonbridge Kent TN9 1BE
Date: 25 August 2021
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THE BRIDGE TRUST CORPORATION
STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2021
| Notes Income from: Donations and legacies 2 Charitable activities: Supported accommodation 3 Investment income Total income Expenditure on: Raising funds 4 Charitable activities 5 Total expenditure Net gain/(loss) on investments 10 Net income and net movement in funds 8 Reconciliation of funds: Total funds brought forward Total funds carried forward 13 |
Restricted funds 2021 £ 6,439 - - 6,439 - 161,674 161,674 - ( 155,235) 159,325 4,090 |
Unrestricted funds 2021 £ 162,817 188,041 11,332 362,190 3,304 142,007 145,311 25,740 242,619 1,180,257 1,422,876 |
Total funds 2021 £ 169,256 188,041 11,332 368,629 3,304 303,681 306,985 25,740 87,384 1,339,582 1,426,966 |
Total funds 2020 £ 853,605 202,098 9,349 |
|---|---|---|---|---|
| 1,065,052 | ||||
| 61,061 282,044 |
||||
| 343,105 | ||||
| ( 32,666) | ||||
| 689,281 | ||||
| 650,301 | ||||
| 1,339,582 |
All income and expenditure derive from continuing activities.
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THE BRIDGE TRUST CORPORATION
BALANCE SHEET AS AT 31 MARCH 2021
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Tangible assets | 9 | 969,803 | 626,013 | ||
| Investments | 10 | 198,221 | 253,040 | ||
| 1,168,024 | 879,053 | ||||
| Current assets | |||||
| Debtors | 11 | 21,388 | 26,120 | ||
| Cash at bank and in hand | 264,662 | 459,516 | |||
| 286,050 | 485,636 | ||||
| Liabilities | |||||
| Creditors: amounts falling due within | |||||
| one year | 12 | ( 27,108) | ( 25,107) | ||
| Net current assets | 258,942 | 460,529 | |||
| Total net assets | 1,426,966 | 1,339,582 | |||
| The funds of the charity | |||||
| Restricted funds | 4,090 | 159,325 | |||
| Unrestricted funds | 1,422,876 | 1,180,257 | |||
| Total funds | 13 | 1,426,966 | 1,339,582 |
The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006.
Approved by the Trustees on 19 August 2021 and signed on its behalf by:
Nicolas Heslop
Trustee
Company registration number: 03111576
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THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
1.1 Basis of preparation
The financial statements have been prepared in accordance with "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Bridge Trust Corporation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The financial statements are presented in Pounds Sterling, and are rounded to the nearest pound.
During the financial year, the Covid-19 crisis was ongoing. The Trust no longer runs any retail outlets which would have lost income through their forced closure. We therefore did not experience any losses related to this aspect of many charities' operations. In addition, the Trust’s accommodation was full and remained that way throughout the crisis, therefore not impacting any housing revenue received through rents and service charges. With grants, donations and legacy income remaining in place the Trust was not adversely affected financially by the crisis. There are therefore no material uncertainties about the charity's ability to continue, and so the going concern basis of accounting has been adopted.
1.2 Company status
The Bridge Trust Corporation is a charitable company limited by guarantee incorporated in England and Wales. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is 17a, Quarry Hill Road, Tonbridge, Kent, TN9 2RN.
1.3 Income
Income from donations, grants and legacies is recognised when the charity is entitled to the funds, the receipt is probable and the amount can be measured reliably. For donations, this is usually on receipt. For grants, this is usually when a formal offer is made in writing, unless the grant contains terms and conditions which must be met before the charity is entitled to the funds. For legacies this is usually when notification of the legacy has been received.
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THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies (continued)
1.3 Income (continued)
Income from charitable activities is recognised to the extent that the charity has provided the contracted services. Licence charges (from residents) are recognised as receivable, and support charges (from local councils) are recognised in the period the support services are provided on an accruals basis. Income received in advance of the provision of services is deferred on a time basis until such time as the services have been performed.
Income from retail operations includes income received from the sale of donated goods to the public. Income is recognised when the economic benefit can be measured reliably which is considered to be when the goods are sold. Investment income is recognised when receivable.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Expenditure on raising funds includes those costs connected with specific projects undertaken to induce others to make voluntary contributions, and those incurred in trading activities that raise funds.
Charitable activities includes expenditure associated with the provision of accommodation for single homeless people, and the provision of advice and support.
Support costs and governance costs include expenditure not directly relating to a particular activity. Staff costs are allocated to activities on the basis of staff time spent on those activities. Other overheads are allocated to activities based on actual usage or staff numbers. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
As the Trust's activities are classified as exempt or non-business activities for the purposes of Value Added Tax, the Trust is unable to reclaim the Value Added Tax which it suffers on its purchases.
1.5 Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated realisable value, over their expected useful lives, as follows:
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THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies (continued)
1.5 Tangible fixed assets and depreciation (continued)
Freehold property 1% on cost on freehold property only Improvements to premises 10% on cost Fixtures, fittings & equipment 20% on cost and 33.3% on cost
Assets not yet brought into use are not depreciated.
1.6 Fixed asset investments
Investments are recognised initially at cost, and then subsequently at their fair value at the balance sheet date, using the quoted market price. Changes in fair value are included in the Statement of Financial activities under net gains/(losses) on investments.
1.7 Financial Instruments
The charity only has financial instruments which are classified as basic financial instruments. Shortterm debtors and creditors are measured at the settlement value. Any losses from impairment are recognised in the Statement of Financial activities.
1.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds represent amounts set aside by the charity as a base reserve to cover the charity against risk and for planned expenditure on major works.
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets the criteria is allocated to the fund.
1.9 Operating leases
Rentals payable under operating leases are charged to the statement of financial activities on a straight line basis over the lease term.
1.10 Taxation
The charity is exempt from Corporation Tax on its income to the extent that it is applied for charitable activities.
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THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 2 Income from donations and legacies Donations Grants Donated income from events Legacies |
2021 £ 127,417 10,689 3,350 27,800 169,256 |
2020 £ 100,484 749,185 3,836 100 |
|---|---|---|
| 853,605 |
In the prior period, restricted income from grants amounted to £728,685. Analysis of grants receivable:
| Analysis of grants receivable: | ||||
|---|---|---|---|---|
| Barclay Gracechurch OLGBP Fine and Country Foundation Kent Community Foundation Lloyds Bank Foundation St James' Place SMB Charitable Trust Tonbridge School Christmas Dinner Tonbridge Round Tables Tonbridge Lions Tonbridge CRKT Tonbridge & Malling Borough Council Kippington PCC St Mary's Speldhurst |
Restricted 2021 £ - - 4,090 - - 1,000 - - - - 200 160 989 6,439 |
Unrestricted 2021 £ - - - 500 - - 3,000 750 - - - - - 4,250 |
Total 2021 £ - - 4,090 500 - 1,000 3,000 750 - - 200 160 989 10,689 |
Total 2020 £ 17,500 2,495 700,000 - 25,000 - 3,000 - 200 990 - - - |
| 749,185 |
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THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 3 Income from charitable activities Licence charges Support charges 4 Expenditure on raising funds Charity shop and warehouse expenditure: Rent and rates Maintenance costs Premises costs Legal and professional Allocation of support costs (note 6) Expenditure on raising donations and grants: Wages and salaries National insurance Other costs Investment management fees Total expenditure on raising funds |
2021 £ 148,009 40,032 188,041 2021 £ - - - - - - - 2,274 253 - 2,527 777 3,304 |
2020 £ 127,827 74,271 |
|---|---|---|
| 202,098 | ||
| 2020 £ 39,751 3,000 245 8,752 |
||
| 51,748 2,204 |
||
| 53,952 | ||
| 4,348 202 922 |
||
| 5,472 | ||
| 1,637 | ||
| 61,061 |
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THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
5 Expenditure on charitable activities
| Rent and rates Wages and salaries National insurance Pension costs Maintenance costs Premises costs Office costs Other costs Travel and motor expenses Provision for bad debts Legal and professional Depreciation Allocation of support costs (note 6) |
2021 £ 19,227 99,931 9,655 1,380 23,857 14,263 2,372 3,874 854 - 805 8,510 184,728 118,953 303,681 |
2020 £ 29,171 100,478 8,028 779 13,017 14,110 1,947 4,224 1,534 ( 2,313) 360 2,762 |
|---|---|---|
| 174,097 107,947 |
||
| 282,044 |
Expenditure on charitable activities in the comparative period included restricted expenditure of £28,118.
Page 19
THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
6 Support costs
| Support costs | ||
|---|---|---|
| Rent and rates Wages and salaries National insurance Volunteer expenses Maintenance costs Premises costs Office costs Other costs Travel and motor expenses Legal and professional Bank charges Governance costs: Auditors' remuneration Auditors' remuneration - non-audit Allocated as follows: Charity shop and warehouse expenditure Expenditure on charitable activities |
2021 £ 7,434 71,169 2,017 - 14,164 5,778 7,841 2,326 169 2,236 127 3,273 2,419 118,953 - 118,953 118,953 |
2020 £ 7,520 68,791 3,684 5 6,446 6,386 8,719 2,607 321 188 85 3,104 2,295 |
| 110,151 | ||
| 2,204 107,947 |
||
| 110,151 |
Page 20
THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
7 Staff costs, Trustee remuneration and expenses
| Wages and salaries National insurance Pension costs The average number of employees during the year was as follows: Charitable activities - support services Raising funds Management and administration |
2021 £ 173,374 11,925 1,380 186,679 2021 No. 5 1 2 8 |
2020 £ 173,617 11,914 779 |
|---|---|---|
| 186,310 | ||
| 2020 No. 5 1 2 |
||
| 8 |
No employee received remuneration amounting to more than £60,000 in the year (2020: none).
During the year, no trustee received any remuneration nor any reimbursement of expenses. (2020: £Nil).
8 Net income
| Net income | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| This is stated after charging: | ||
| Depreciation | 8,510 | 2,762 |
| Operating lease payments | 18,335 | 46,723 |
| Auditors' remuneration - for audit services | 3,273 | 3,104 |
| Auditors' remuneration - for non-audit services | 2,419 | 2,295 |
Page 21
THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
9 Tangible fixed assets
| Cost At 1 April 2020 Additions Transfer At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 |
Freehold property £ 191,208 - 430,000 621,208 24,552 2,652 27,204 594,004 166,656 |
Property not yet brought into use £ 452,742 302,988 ( 452,742) 302,988 - - - 302,988 452,742 |
Property improve- ments £ 24,896 42,816 22,742 90,454 18,281 5,324 23,605 66,849 6,615 |
Fixtures, fittings & equipment £ 35,673 6,496 - 42,169 35,673 534 36,207 5,962 - |
Total £ 704,519 352,300 - |
|---|---|---|---|---|---|
| 1,056,819 | |||||
| 78,506 8,510 |
|||||
| 87,016 | |||||
| 969,803 | |||||
| 626,013 |
Included in freehold property is the cost of freehold land of £248,483 (2020: £76,483) which is not depreciated.
10 Fixed asset investments
| Fair value at 1 April 2020 Additions at cost Disposals Cash movements Changes in fair value Fair value at 31 March 2021 |
2021 £ 253,040 - ( 80,560) - 25,740 198,221 |
2020 £ 186,585 100,000 - ( 879) ( 32,666) |
|---|---|---|
| 253,040 |
Investments comprise cash of £3,530 and quoted UK investments of £194,691.
Page 22
THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
| 11 Debtors Licence charges receivable Gift Aid recoverable Prepayments and accrued income 12 Creditors: amounts falling due within one year Trade creditors Other taxation and social security Other creditors Accruals and deferred income Deferred income included above : Brought forward Released in year New deferrals Carried forward |
2021 £ 9,532 7,258 4,598 21,388 2021 £ 896 3,607 469 22,136 27,108 5,090 ( 5,090) 1,416 1,416 |
2020 £ 10,969 6,633 8,518 |
|---|---|---|
| 26,120 | ||
| 2020 £ 1,518 3,597 399 19,593 |
||
| 25,107 | ||
| 3,485 ( 3,485) 5,090 |
||
| 5,090 |
In 2020, deferred income related to grants and licence charges received in advance, which have been subsequently recognised in the current financial year. In 2021 £1,416 has been deferred in respect of licence charges relating to the next financial year.
Page 23
THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13 Statement of movement in funds
| Current year Unrestricted funds General fund Designated funds: Contingency fund Fixed asset fund Property repair fund Restricted funds Restricted funds Total funds |
Brought forward £ 334,244 200,000 626,013 20,000 846,013 1,180,257 159,325 1,339,582 |
Income £ 362,190 - - - - 362,190 6,439 368,629 |
Expenditure and net losses on investments £ ( 111,061) - ( 8,510) - ( 8,510) ( 119,571) ( 161,674) ( 281,245) |
Transfers £ ( 152,300) ( 200,000) 352,300 - 152,300 - - - |
Carried forward £ 433,073 |
|---|---|---|---|---|---|
| - 969,803 20,000 |
|||||
| 989,803 | |||||
| 1,422,876 | |||||
| 4,090 | |||||
| 1,426,966 |
The Contingency Fund represented funds required as a cash reserve. This has now been moved to general funds.
The Fixed Asset Fund represents the net book value of the total fixed assets the Trust owns in order to fulfil its charitable aim of providing accommodation for homeless people.
The property repair fund represents a contingency fund for major works required for any of the Trust's housing properties.
The restricted funds carried forward relates to a yearly grant received from Kent Community Foundation to assist in providing services to individuals in Medway and Kent.
Page 24
THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
13 Statement of movement in funds (continued)
| Prior year Unrestricted funds General fund Designated funds: Contingency fund Fixed asset fund Property repair fund Restricted funds Restricted funds Total funds |
Brought forward £ 254,268 200,000 176,033 20,000 396,033 650,301 - 650,301 |
Income £ 336,367 - - - - 336,367 728,685 1,065,052 |
Expenditure and gains £ ( 344,891) - ( 2,762) - ( 2,762) ( 347,653) ( 28,118) ( 375,771) |
Transfers £ 88,500 - 452,742 - 452,742 541,242 ( 541,242) - |
Carried forward £ 334,244 |
|---|---|---|---|---|---|
| 200,000 626,013 20,000 |
|||||
| 846,013 | |||||
| 1,180,257 | |||||
| 159,325 | |||||
| 1,339,582 |
14 Analysis of net assets between funds
| Tangible fixed assets Investments Current assets Creditors: within one year |
Restricted funds 2021 £ - - 4,090 - 4,090 |
Unrestricted funds 2021 £ 969,803 198,221 281,960 ( 27,108) 1,422,876 |
Total funds 2021 £ 969,803 198,221 286,050 ( 27,108) 1,426,966 |
Total funds 2020 £ 626,013 253,040 485,636 ( 25,107) |
|---|---|---|---|---|
| 1,339,582 |
In the prior year current assets included £159,325 of restricted funds.
Page 25
THE BRIDGE TRUST CORPORATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
15 Operating lease commitments
At 31 March 2021 the total future minimum lease payments under non-cancellable operating leases were as follows:
| Payments due: not later than one year later than one year and not later than five years later than five years |
2021 £ 18,220 9,099 16,470 43,789 |
2020 £ 18,220 25,099 18,690 |
|---|---|---|
| 62,009 |
16 Related party transactions
The total remuneration of key management personnel was £85,873 (2020: £85,904). Key management personnel include the trustees, who are not remunerated, the CEO and senior managers.
There are no other related party transactions requiring disclosure.
17 Contingent assets
During the year The Bridge Trust Corporation received notification of a legacy for which an interim payment of £27,800 was received. The final value of the estate has yet to be determined and no provision is included in the accounts.
18 Post balance sheet events
The Bridge Trust Corporation are currently in the process of purchasing a new flat in Tunbridge Wells for the value of £147,500. Completion is expected to occur at the end of August 2021.
Page 26