OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-03-31-accounts

Company number: 3111576 Registered Charity number: 1050291 (England & Wales)

THE BRIDGE TRUST CORPORATION

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

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 - 12
Statement of financial activities 13
Balance sheet 14
Notes to the financial statements 15 - 28

THE BRIDGE TRUST CORPORATION

REFERENCE AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 MARCH 2022

Trustees Nicolas Heslop (Chairman), Public Affairs Manager
Bruce Pugsley (Treasurer) (resigned 31/01/2022)
David Glynn, Chartered Civil Engineer (resigned 31/01/2022)
Erica French, Solicitor (resigned 31/01/2022)
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 YMCA Tower House
Vale Rise
Tonbridge
Kent
TN9 1TB
Company Secretary John Handley (Resigned 31/01/2022)
Chief Executive Officer John Handley (Resigned 31/01/2022)
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 2022

The consequence of the Covid-19 pandemic and the restrictions including continuing periods of lockdown made for a challenging year to 31 March 2022. These global challenges were met with fortitude by the staff who worked bravely and diligently through this difficult period. All Trustees would like to thank and compliment them for their sterling efforts.

Financially the year was challenging primarily due to low occupancy caused by restrictions on moving in new tenants during the pandemic, however the purchase of the final of three flats to be used by Tunbridge Wells Borough Council in their “Housing First” homeless initiative was completed which was a great achievement.

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. However, once restrictions were lifted, we had a number of residents move on to alternative independent accommodation, and this meant that our occupancy levels dropped, and we struggled to get new tenants in due in part to a lack of referrals.

The quality of our service was maintained throughout the year and although we had a lower than usual accommodation occupancy, we had an 82% successful move on rate with 9 people moving on successfully from our accommodation to independence, which, given the exceptional circumstances we faced, was a good result.

The most significant event in the year was undoubtedly the Board’s decision to transfer its activity to YMCA West Kent, a local Christian charity who also work in the community supporting young people and the homeless. The drivers for this being that as a small charity it was felt there was increasing exposure to the challenges in complying to escalating legislative requirements. Also, our ability to ride any future economic or societal shocks such as another pandemic would be more robust as part of a larger organisation.

As such, the Board decided to progress the transfer with the actions to legally complete happening on 31 January 2022. Part of this process meant that all Trustees resigned on this date bar Nicolas Heslop, Helen Von Trotsenburg and Gemma Buckland. To provide continuity these three Trustees also became Trustees of YMCA West Kent on the same date.

The joining also meant that John Handley our long-standing Chief Executive voluntarily chose to leave in order to pursue other opportunities. I would like to note on behalf of the Board our gratitude for John’s excellent service and commitment to the Trust over many years. In addition, we served notice on our Head Office building and moved these functions into YMCA West Kent Head Office in Vale Rise, Tonbridge. Not only does this office move show the first fruit of reduced overall costs, it also improves the working conditions for our staff, as their new office space is of a more modern and purpose built nature.

Nicolas Heslop, Chairman

Page 2

THE BRIDGE TRUST CORPORATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

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 2022. 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 12, but not less than 2 trustees in accordance with the Articles of Association. There are currently 3 trustees, who are responsible for the overall direction and strategic management of the organisation.

On 31 January 2022 the charity became a subsidiary of YMCA West Kent, a registered company (number 02512960) and a registered charity (number 803529) with both registrations in England and Wales. From this date YMCA West Kent had the power to appoint or remove the majority of trustees.

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:

Vision, Mission and Strategy

Our Vision:

We work to alleviate homelessness by giving people the opportunity to have a home.

Page 3

THE BRIDGE TRUST CORPORATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

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.

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 at a time within 4 properties.

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.

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.

Page 4

THE BRIDGE TRUST CORPORATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

Another achievement of note was the purchasing of three flats to be used by Tunbridge Wells Borough Council, Housing First scheme. The purchases were completed and properties refurbed in year with Housing First contracts now in place for all three units.

The board decided during the year to transfer its activity to YMCA West Kent, a local Christian charity which shares the same objectives as the trust, in order to safeguard and extend the work of the trust into the future. The Bridge Trust work will continue within YMCA West Kent as ‘The Bridge Trust Project’. The transfer was completed on 31 January 2022.

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.

Financial Review

Income:

Our total income for the year decreased from £368,629 to £208,211.

The principal sources of income were:

Supported Accommodation (arising from Licence and Support charges): Decreased from £188,041 to £124,807.

Donations, Grants and Legacies: Decreased from £169,256 to £74,939.

Expenditure:

The Trust increased its expenditure this year from £306,985 to £324,455.

The principal areas of expenditure were:

Charitable Activities (arising from providing accommodation and support services): Increased from £303,681 to £322,725.

Raising Funds (grants and donations including investment costs): Decreased, from £3,304 to £1,730.

Page 5

THE BRIDGE TRUST CORPORATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

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 held reserves of £Nil at the year-end. All reserves were transferred to YMCA West Kent on 31 January 2022 with any amounts remaining in The Bridge Trust’s bank account being held in trust for YMCA West Kent. Any funds received after 31 January 2022 are also held in trust for YMCA West Kent until the bank account balance can be transferred to them.

The charity is dormant as of 31 March 2022, so the current level of reserves is deemed reasonable on this basis.

Plans for the Future

The Trust transferred its activity to YMCA West Kent on 31 January 2022. All future plans for work associated with the Bridge Trust are now managed through the YMCA West Kent’s board and their business plans. The trust staff were transferred to YMCA West Kent and we moved office into the YMCA offices in Vale Rise, Tonbridge, which will realise savings to enable us to do more work with our residents. As per the Chairmans report above, three Trustees became members of YMCA West Kent’s board, while the remainder resigned their Trusteeships at point of transfer.

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:

Page 6

THE BRIDGE TRUST CORPORATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022

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.

As the charity will be dormant going forwards an auditor is no longer required and therefore Lindeyer Francis Ferguson Limited have not been reappointed as the auditors.

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 22 November 2022 and signed on its behalf by:

Nicolas Heslop Chairman

Page 7

THE BRIDGE TRUST CORPORATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BRIDGE TRUST CORPORATION FOR THE YEAR ENDED 31 MARCH 2022

Opinion

We have audited the financial statements of The Bridge Trust Corporation (the ‘charitable company’) for the year ended 31 March 2022 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:

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.

Page 8

THE BRIDGE TRUST CORPORATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BRIDGE TRUST CORPORATION FOR THE YEAR ENDED 31 MARCH 2022

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:

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:

Page 9

THE BRIDGE TRUST CORPORATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BRIDGE TRUST CORPORATION FOR THE YEAR ENDED 31 MARCH 2022

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.

We obtained an understanding of the legal and regulatory framework applying to the charitable company and the procedures that management adopt to ensure compliance, and have considered the extent to which non-compliance might have a material effect on the financial statements, and in particular we identified: the Companies Act 2006, the Charities Act 2011 and Charities SORP FRS102.

We have also identified other laws and regulations that do not have a direct effect on the amounts or disclosures within the financial statements, but for which compliance is fundamental to the charity’s operations and to avoid material penalties, including Employment law, Health and Safety Law, General Data Protection Regulation, and regulations relating to safeguarding vulnerable people with the key legislature being the Safeguarding Vulnerable Groups Act 2006.

Page 10

THE BRIDGE TRUST CORPORATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BRIDGE TRUST CORPORATION FOR THE YEAR ENDED 31 MARCH 2022

Having reviewed the laws and regulations applicable to the charity, we designed and performed audit procedures to obtain sufficient appropriate audit evidence. Specifically, we:

We assessed the susceptibility of the charity’s financial statements to material misstatement and fraud, and in doing so we:

The audit has been planned and performed in such a way as to best identify risks of material misstatement, however the inherent limitations of audit procedures means that there remains a risk that material misstatements may not be identified. In particular we are aware of the inherent difficulties in detecting irregularities, and irregularities that result from fraud may be more difficult to detect than irregularities that result from error, due for example, to override of controls, collusion or misrepresentations. In addition, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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.

Page 11

THE BRIDGE TRUST CORPORATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE BRIDGE TRUST CORPORATION FOR THE YEAR ENDED 31 MARCH 2022

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: 2 December 2022

Page 12

THE BRIDGE TRUST CORPORATION

STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2022

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 on investments
10
Transfer of activity
17
Net (expenditure)/income and net
movement in funds
8
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 Restricted
funds
2022
£
-
-
-
-
-
2,683
2,683
-
( 1,407)
( 4,090)
4,090
-		 Unrestricted
funds
2022
£
74,939
124,807
8,465
208,211
1,730
320,042
321,772
7,375
( 1,316,690)
( 1,422,876)
1,422,876
-		 Total
funds
2022
£
74,939
124,807
8,465
208,211
1,730
322,725
324,455
7,375
( 1,318,097)
( 1,426,966)
1,426,966
-		 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

Page 13

THE BRIDGE TRUST CORPORATION

BALANCE SHEET AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within
one year
12
Net current assets
Total net assets
The funds of the charity
Restricted funds
Unrestricted funds
Total funds
13		 £
-
-		 2022
£
-
-
-
-
-
-
-
-		 £
21,388
264,662		 2021
£
969,803
198,221
-
-
1,426,966
4,090
1,422,876
1,426,966

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 22 November 2022 and signed on its behalf by:

Nicolas Heslop Trustee

Company registration number: 03111576

Page 14

THE BRIDGE TRUST CORPORATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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.

On 31 January 2022 the activities of the trust were transferred to YMCA West Kent (company number: 02512960, charity number: 803529) as part of a transfer agreement. At 31 March 2022, the Trust is dormant as all net assets have been transferred (see note 17). The charity remains open to ensure that any future legacy payments can be received. From 1 February 2022, the activities of The Bridge Trust Corporation are run through YMCA West Kent.

On the 31 January 2022, The Bridge Trust Corporation became a wholly-owned subsidiary of YMCA West Kent due to its power to appoint members. YMCA West Kent is a registered company, number 2512960, and a registered charity , number 803529, and both registrations are in England and Wales. The activities of YMCA West Kent are focussed on young people to help them play an active and fulfilling role within their communities. The ultimate parent company of The Bridge Trust Corporation is YMCA Thames Gateway, a registered company, number 06102037, and a registered charity, number 1133269, both registrations in England and Wales. The results of The Bridge Trust Corporation are therefore included in the consolidated financial statements of YMCA Thames Gateway which are available from Rush Green Road, Romford, Essex, RM7 0PH.

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 YMCA Tower House, Vale Rise, Tonbridge, Kent, TN9 1TB.

Page 15

THE BRIDGE TRUST CORPORATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies (continued)

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.

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 investments in the case of interest is recognised in the period in which it is earned, dividends are recognised on receipt.

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.

Page 16

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

THE BRIDGE TRUST CORPORATION

1 Accounting policies (continued)

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:

Land and buildings Between 15 to 100 years straight line as per below Fixtures, fittings & equipment 3-5 years straight line

Assets not yet brought into use are not depreciated.

Major components are treated as separable assets and depreciated over their useful economic lives as follows:

Land Not depreciated
Main fabric/structure 100 years straight line
Roof structure 50 years straight line
Windows and external doors 20 years straight line
Central heating systems 10 years straight line
Kitchens and bathrooms 15 years straight line

There has been a change in the estimated useful lives of land and buildings during the year due to the adoption of component accounting. The impact on the depreciation charge for the current year is to increase it by £6,526. As part of this the improvements to leasehold property have been reclassified to land and builings as these costs relate to components.

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.

Page 17

THE BRIDGE TRUST CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies (continued)

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.

Page 18

THE BRIDGE TRUST CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2 Income from donations and legacies

Donations
Grants
Donated income from events
Legacies
Analysis of grants receivable:
Restricted
Unrestricted
2022
2022
£
£
The Henhurst Charitable Trust
-
1,000
MFS International (UK) Limited
-
5,000
Kent Community Foundation
-
-
-
-
St James' Place
-
-
SMB Charitable Trust
-
-
-
-
Tonbridge Lions
-
-
Tonbridge CRKT
-
-
TMBC
-
-
-
6,000
3
Income from charitable activities
Licence charges
Support charges
St Mary's Speldhurst
In the prior period, restricted income from grants amounted to £6,439.
Kippington PCC		 2022
£
57,023
6,000
-
11,916
74,939
Total
2022
£
1,000
5,000
-
-
-
-
-
-
-
-
6,000
2022
£
107,729
17,078
124,807		 2021
£
127,417
10,689
3,350
27,800
169,256
Total
2021
£
-
-
4,090
500
1,000
3,000
750
200
160
989
10,689
2021
£
148,009
40,032
188,041

Page 19

THE BRIDGE TRUST CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4
Expenditure on raising funds
Expenditure on raising donations and grants:
Wages and salaries
National insurance
Investment management fees
Total expenditure on raising funds
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
Legal and professional
Depreciation
Allocation of support costs (note 6)		 2022
£
1,730
-
1,730
-
1,730
2022
£
17,711
88,377
7,114
1,374
16,531
12,437
5,247
4,915
818
613
12,684
167,821
154,904
322,725		 2021
£
2,274
253
2,527
777
3,304
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

Expenditure on charitable activities in the comparative period included restricted expenditure of £161,674.

Page 20

THE BRIDGE TRUST CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

6 Support costs

Support costs
Rent and rates
Wages and salaries
National insurance
Maintenance costs
Premises costs
Office costs
Other costs
Provision for bad debts
Travel and motor expenses
Legal and professional
Bank charges
Governance costs:
Auditors' remuneration
Auditors' remuneration - non-audit
Allocated as follows:
Expenditure on charitable activities		 2022
£
5,509
69,976
1,363
44,226
5,922
3,146
1,038
( 974)
194
18,890
154
3,260
2,200
154,904
154,904
154,904		 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

Page 21

THE BRIDGE TRUST CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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		 2022
£
160,083
8,477
1,374
169,934
2022
No.
4
1
2
7		 2021
£
173,374
11,925
1,380
186,679
2021
No.
5
1
2
8

No employee received remuneration amounting to more than £60,000 in the year (2021: none).

During the year, no trustee received any remuneration nor any reimbursement of expenses. (2021: £Nil).

During the year the charity made redundancy payments of £14,306 in respect of one employee.

8 Net (expenditure)/income

Net (expenditure)/income
2022 2021
£ £
This is stated after charging:
Depreciation 12,684 8,510
Operating lease payments 15,183 18,335
Auditors' remuneration - for audit services 3,260 3,273
Auditors' remuneration - for non-audit services 2,200 2,419

Page 22

THE BRIDGE TRUST CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9 Tangible fixed assets

Cost
At 1 April 2021
Additions
Reclassification
Transfer -Note 17
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
Reclassification
Transfer -Note 17
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Land and
buildings
£
621,208
149,060
393,442
( 1,163,710)
-
27,204
11,424
23,605
( 62,233)
-
-
594,004		 Property not
yet brought
into use
£
302,988
-
( 302,988)
-
-
-
-
-
-
-
-
302,988		 Property
improve-
ments
£
90,454
-
( 90,454)
-
-
23,605
-
( 23,605)
-
-
-
66,849		 Fixtures,
fittings &
equipment
£
42,169
-
-
( 42,169)
-
36,207
1,260
-
( 37,467)
-
-
5,962		 Total
£
1,056,819
149,060
-
( 1,205,879)
-
87,016
12,684
-
( 99,700)
-
-
969,803

Included in freehold property is the cost of freehold land of £248,483 (2021: £248,483) which is not depreciated.

As set out in accounting policy 1.5 leasehold property improvements have been reclassified to land and buildings as these relate to key components with the properties.

Page 23

THE BRIDGE TRUST CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

10
Fixed asset investments
Fair value at 1 April 2021
Disposals
Changes in fair value
Transfer
Note 17
Fair value at 31 March 2022
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		 2022
£
198,221
( 200,000)
7,375
( 5,596)
-
2022
£
-
-
-
-
2022
£
-
-
-
-
-
1,416
( 1,416)
-
-		 2021
£
253,040
( 80,560)
25,741
-
198,221
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

Deferred income related to licence charges received in advance.

Page 24

THE BRIDGE TRUST CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13 Statement of movement in funds

Current year
Unrestricted funds
General fund
Designated funds:
Fixed asset fund
Property repair fund
Restricted funds
Restricted funds
Total funds		 Brought
forward
£
433,073
969,803
20,000
989,803
1,422,876
4,090
1,426,966		 Income
£
208,211
-
-
-
208,211
-
208,211		 Expenditure
and net gain
on
investments
£
( 301,713)
( 12,684)
-
( 12,684)
( 314,397)
( 2,683)
( 317,080)		 Transfers -
note 17
£
( 339,571)
( 957,119)
( 20,000)
( 977,119)
( 1,316,690)
( 1,407)
( 1,318,097)		 Carried
forward
£
-
-
-
-
-
-
-

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 transfer represents the addition of one property in the year per note 9 above.

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 the moving on grant provided by the Kent Community Foundation to assist tenants who are leaving with some furniture and appliances in their new home.

Remaining funds at 31 January 2022 have been transferred out as a gift to YMCA West Kent in line with note 17.

Page 25

THE BRIDGE TRUST CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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
£
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 gains
£
( 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

14 Analysis of net assets between funds

Tangible fixed assets
Investments
Current assets
Creditors: within one year		 Restricted
funds
2022
£
-
-
-
-
-		 Unrestricted
funds
2022
£
-
-
-
-
-		 Total
funds
2022
£
-
-
-
-
-		 Total
funds
2021
£
969,803
198,221
286,050
( 27,108)
1,426,966

In the prior year current assets included £4,090 of restricted funds.

Page 26

THE BRIDGE TRUST CORPORATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

15 Operating lease commitments

At 31 March 2022 the total future minimum lease payments under non-cancellable operating leases were as follows:

were as follows:
Payments due:
not later than one year
later than one year and not later than five years
later than five years		 2022
£
-
-
-		 2021
£
18,220
9,099
16,470
43,789
-

16 Related party transactions

The total remuneration of key management personnel was £101,435 (2021: £85,873). Key management personnel include the trustees, who are not remunerated, the CEO and senior

There are no other related party transactions requiring disclosure.

17 Transfer of funds to YMCA West Kent

On 31 January 2022 The Bridge Trust Corporation entered into an agreement to transfer all activity to YMCA West Kent. The breakdown of this transfer is shown below:

Fixed assets
Current Assets
Current Liabilities
Net assets transferred		 £
1,111,775
256,297
( 49,975)
1,318,097

In accordance with the terms of this agreement all activity from 1 February 2022 is now undertaken by YMCA West Kent, and the charity is now dormant.

All assets and liabilities were immediately transferred on this date other than the bank balance. The cash remains in The Bridge Turst Corporation's bank account and is held on trust for YMCA West Kent. The balance at 31 March 2022 was £229,751.

Page 27

THE BRIDGE TRUST CORPORATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

18 Control

From 31 January 2022 the charity became a wholly owned subsidiary of YMCA West Kent which has the power to appoint or remove the majority of trustees. The ultimate parent company of The Bridge Trust Corporation is YMCA Thames Gateway. Details of both organisations can be seen in note 1.1.

Page 28