Registered number: 3105645 Charity number: 1051383 THE BRIDGE PROJECT SUDBURY (A company limited by guaranlee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE BRIDGE PROJECT SUDBURY (A company Ilmiled by guarantee) CONTENTS Page Reference and administralive details of Ihe Company, ils Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Statement of cash flows 13 Notes to the financial slatements 14-29
THE BRIDGE PROJECT SUDBURY (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Miles Beasley Ronan Mcmanus (resigned 5 June 2023) Paul Mackman Stephen Varcoe MA (resigned 4 March 2024) Wendy Parker (resigned 15 June 2023} Rachel Shaw Rosy Stamp Jake Millar {appointed 4 September 2023, resigned 16 May 20241 Company registered number 3105645 Charily registered number 1051383 Registered office 12 Borehamgate King Street Sudbury Suffolk C010 2EG Chief executive officer David Jackson Accounlants Griffin Chapman Chartered Accounlanls 4 & 5 The Cedars Apex12 Old Ipswich Road Colchesler Essex C07 7QFI Page 1
THE BRIDGE PROJECT SUDBURY (A company Ilmlted by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together wth the financial statements of the Company for the 1 April 2023 to 31 March 2024. The AnnLAal reporl serves the purposes of both a Trustees, report and a directors. report under company law. The Truslees confirm that the Annual report and linancial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable companls governing document and Ihe provisions of the Statemenl of Recommended Praclice (SORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS102) (effective 1 January 2019). Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategie report required ol medium and large companies under the Companies Acl 2006 {Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activltles Policies and obleclives The Charilws objectives are- To relieve and rehabilitate persons who face multiple disadvantage through their learning, physical, menlal and age-related experience or situation. resident in Easl Anglia in such ways as Ihe Charily believes provides posifve outcomes. Our principle activilies are to: Identify and actively pursue opportunilies to maximise individual life satisfaction to people within Sudbury and the surrounding areas. 2. Provide a range ol targeted services to a} People with learning dilficulties b) Older adults cl Those affected by dementia dl People affected by mental health issues b. Public Benefit In setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the charity Commission relating to public benefit, including ihe guidance 'Public benefil-. running a charity {P82}' c. Aclivities undertaken to achieve obiectives Our operations were delivered from multiple sites. Due to our values nol aligning our catering provisions were moved from AFC Sudbury to Byford Road. activities and opportunties for service users at the Create coffee and craft shop were expanded and the new St Peters Arls Centre was opened. Our supported housing remained at Priory Walk. During the year we provided= 60 rneals a day for the vulnerable needing support to stay in their own home, providing welfare checks and fresh nutritious meals. Catering for a weekly lunch club. offering a welcoming environmenl and a chance to reduce social isolation. A safe and stimulating real world work environmenl for our adults with learning disabilities lo develop kitchen skills and confidence. A weekly meeting for those with dementia and those supporting people with dementia, providing activities Page 2
THE BRIDGE PROJECT SUDBURY {A company Ilmited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and actlvities (contlnued) and a safe space for support and sign posting. Volunleer Iraining and development. Catering and hospilality for AFC Sudbury providing opportunity for integration and real-world work placements. Commercial Craft Craft and Arts Centre settings in Sudbury providing volunteering and workplace opportunities for our service users. A supported housing unit for people with learning disabilities and additional respile. Day services for 25 adults with learning disabilities (Monday to Friday). Achlevemenls and performance a. Revlew of activities Thanks tor taking the time to look at our Annual Report for 2023-24. You'll find out about the work we've been doing, the impact we've had and some of our plans for the luture. 'Hope and change are hard fought things'_ Michelle Obama Our year has been a generally challenging one, reflecting most of the communities in which we serve. The impact of inflation and the 'cost of living crisis.. plus the continued recovery after Ihe Covid-19 pandemic, has been huge and widespread. As well as raising costs for us as an organisation, especially with utility Costs, it's affected Ihose areas where we generate income. However, it has also impacted the people we work wilh and the staff Ihat deliver this work as well. Despite these pressures, we've continued to offer a wide variety of quality work within our communities. We have achieved great success by opening Sudbury Arts Cenlre {lormerly St Peters Church} in November, in partnership with The Church Conservation SoGiety. Since opening we have now had over 30,000 people through the door, providing community events, concerts, art exhibilions and attracting a wider variety of people through the doors than ever before. Providing work placemenl opportunities for adults with learning disabilities in the heart of our community. 23124 saw significant investment in the development of Brundon lane site, and we are hugely grateful lo Social Investment Business, Garfield Weston, The National Lottery Community Fund and Babergh District Councils CIL fund. Without the support shown our journey would have been much more difficull. We would like to thank all the team and volunteers, who have pulled together to produce exceptional results. During the year we have supported: 25 adults with LD every day 60 elderly people daily 416 places attended at Dementia calé 21,900 meals delivered Moved 1 kitchen {with no interruption to seNice) Opened 1 Arts Centre Page 3
THE BRIDGE PROJECT SUD8URY (A company limlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevemenls and performance (continued) 25,000 people through the doors of SAC in the first 4 months 1 ,560 pots painted and fired 1,300 daily supported work placements provided 25 staff passing 200 training courses Full planning approval achieved on 1 new building £234K funding from The National Lotlery Community Fund secured £30K from Garfield Weslon Secured 2 independent living spaces provided 9,797 journeys to bring students to the Bridge 8.112 hrs of independent living support care provided Due to our values and objectives not aligning we have seen our focus change from working out of the club house at AFC Sudbury and moved our kitchen and meal delivery provision to a new venue at Byford road, we were able lo do this with the support of some amazing companies and people pulling togelher. Without a single interruption, we moved our kitchen in 48hrs and at the same time created a training kitchen providing more work place opporiunilies. The kilchen continued to deliver on average 60 meals daily to the elderly and vulnerable in the communily, whilst providing a regular welfare check and friendly face. We have also seen capacity grow in our conference and events catering and with the support of funding secured are working to expand catering and fresh meal provision services. Our plans for our new building are still progressing, full planning and all conditions discharge was achieved early in Ihe year. building progress has been slow due to financial implicalions and funding availabilily. But we continue to invest in our day seNices and the end result will allow us to almost double our capacity, whilst providing access to outdoor and horticulture sessions for our seNice users and the wider community. We are still providing 25 daily spaces for our seNice users partaking in craft activities, work experience in our pottery shop "Create" in the town centre, time in our kitchens and cafes, day trips as well as educalional sessions on health and fitness, independent living skills, English and Maths as well as social enlerprise opportunities. We continue to provide supported housing, and we are developing a strategy to broaden this element of our work. This year we registered with CQC and our policies and procedures are now all inline with the Iramework. The tearn have taken huge steps fOard and are embracing our new policies and procedures. Our respite care provision is still growing and Ihis will lorm part of our wider growth stralegy. This year has also been a year to focus on growth, policies, processes and strategy to allow The Bridge to grow in to its next phase. With a new senior leadership ieam, driving the organisation fOard we have been able to overcome challenges and even thrive in some uncertainties. Page 4
THE BRIDGE PROJECT SUDBURY (A company limiled by guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and perfomiance (continued) b. Investment policy and performance Monies are placed on COIF deposit to obtain Ihe best possible rate of interest on any cash held surplus to the monthly needs of the charity- Financial revlew a. Going concem After making appropriate enquiries, the Trustees have a reasonable expectation that the Cofflpany has adequate resources to continue in operational existence for the foreseeable luture. For this reason. they continue lo adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Resenies policy The Board of Truslees have set a target of establishing a minimum cash reserve of 3 monlhs operating costs. This is reviewed quarterly and is an integral element of the strategic plan for income generation going forward. Aller a challenging year and despite securing a significani loan improving the cashflow position it was identified that cash reserves were not al this minimum level al the year-end date. This was due to investments made in the Brundon Lane building project and supporting the charities core activities during a year where costs have continued to rise sharply and significant operational changes had lo be made. The Trustees acknowledge that general reserves are nol al the required level at the moment and thai general reserves were actually in a delicit position of {£82.897} at the year-end date. Plans are in place to rectily this position and complete the Brundon Lane development projecl with funding secured and budgets in place. As part of the 5 year strategy the Board of Trustees and leadership will aim to grow reserves to the required level whilst supporting the charities core activities. Structure, governance and management a. Constitijtion The Bridge Project Sudbury is regislered as a charttable company limited by guarantee and was set up by a Memorandurn of Association. Page 5
THE BRIDGE PROJECT SUDBURY (A company limiled by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management (continued) b. Melhods of appointment or election of Trustees The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.The directors of the company are also charity trustees for the purpose of charity law and under the company's Articles are known as members of the Board of Trustees. Trustees are recruited through an advertising process. To ensure the skill mix wilhin the board is appropriate to the needs of the organisation, all advertisements are worded accordingly. Applicants are short listed and those selected are interviewed by Ihe Chair and one olher Trustee. As part of the recruilment process, all applicants are inviled to visit the Bridge Project, lo meet staff and students and view the facilities. c. Policies adopled for the Induction and tralnlng ot Trustees Most trustees are familiar with Ihe practical work of the charity having been encouraged to visit the organisation. Following their appointment they are made aware of the following- d. Organlsalional structure and decision making The Bridge Project has a Board of Trustees of up to 8 Members who meet at least quarterly and are responsible for the slrategic direclion and policy of the charity. The Trustees are from a variety of professional backgrounds relevant to 'lhe work of Ihe charity,. The Chief Execulive is appoinled by the Trustees to manage the day to day operalions of the charity- To facilitale effective operations the chief executive has delegated authority. wilhin terms of delegation approved by the Trustees, for operational matters including finance. employments and training related activities. e. Rlsk managemenl The Trustees review the organisation's risk matrix quarlerly. Significanl external risks to funding have led to Ihe development of a slrategic plan which will allow for the diversification ol lunding and activities. Internal risks are minimised by implementation of procedures for authorisation ol all transaclions and projects and to ensure that consistent quality of delivery for all operational aspects ol the charitable company. These procedures are periodically reviewed to ensure they still meet Ihe needs of the charity. f. Members. liability The Members of the company guarantee to contribute an amounl not exceeding £10 to the assets of the charity in the event of winding up. Page 6
THE BRIDGE PROJECT SUDBURY (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Slaternent of Trustees, responsibilities The Trustees (who are also Ihe directors of the Company for the purposes of company lawl are responsible for preparing the Trustees. report and the financial statemenls in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statemenls unless Ihey are satisfied that they give a true and fair view of Ihe state of affairs of Ihe Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these linancial statements, the Truslees are required lo.. selecl suitable accounting policies and Ihen apply them consistently- observe the methods and principles of the Charities SORP {FRS 102)- make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards {FFIS 102) have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are suff icienl to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial posilion of the Company 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 Company and hence lor laking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of and signed on their behalf by.. Trustees on Paul Mackman (Chair of Trustees) Page 7
THE BRIDGE PAOJECT SUDBURY (A company limited by guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independenl examiner's report to Ihe Trustees ot The Bridge Projecl Sudbury ('the Company,) I report lo the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the Trustees of the Company {and its dire¢lors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance wilh the requirements of the Companies Act 20061'the 2006 Act'l. Having salisfied myself that the accounts of Ihe Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examinalion of the Company's accounts carried out under section 145 of Ihe Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under seclion 14515)(bl of the 2011 Act Independent examiner's stalemenl Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of Ihe 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of (the Associalion of Chartered Certified Accountants). which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act,. or the accounts do not accord wth Ihose records: or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance wilh the methods and principles of the Statement ol Recommended Praclice for accounting and reporting by charities lapplicable to charilies preparing their accounls in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102}1. I have no concerns and have come across no other matters in connection with the examinalion to which attention should be drawn in this reporl in order to enable a proper understanding ol the accounts lo be reached. This report is made solely to the Company's Trustees, as a body. in accordance with Part 4 of the Charities {Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Companls Trustees those matters l am required lo stale lo them in an Independent examiner's report and lor no other purpose. To the tullesl extent permitted by law, I do nol accept or assume responsibilily to anyone other than the Company and the Company's Trustees as a body, for my work or lor this report. Page 8
THE BRIDGE PROJECT SUDBURY (A company Ilmlted by guarantee) INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Signed- Dated: D M Aldworth Chartered Certified Accountant Griffin Chapman 4 & 5 The Cedars Apex 12, Old Ipswich Road Colchester Essex C07 7QR Page 9
THE BRIDGE PROJECT SUDBURY (A company limited by guaranlee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Grants, donations and legacies Charitable activities Other trading aclivilies 223,000 56,368 324.1n 217,336 279.368 324,173 217,336 146,623 270,904 270,972 Tolal income 223,000 597,877 820.8TI 688,499 Expenditure on: Charitable activity direct costs Charitable activity support costs 178,462 540,439 178,462 726,189 784,858 796, 739 185.750 Tolal expenditure 185,750 718,901 904,651 981.59/ Net incomel(expenditure) Transfers between funds 37,250 137,250) (121,024) 37.250 (83,774) (293,098) 19 Nett movemenl In lunds <83,774) (83.774) (293,098) ReconcTliation of tunds: Total lunds brought forward Nett movement in funds 721.231 {83,774) 721,231 (83,774) 1,014,329 (293,098) Tolal funds carried forward 637,457 637,457 721.231 The Statemenl of financial activities includes all gains and losses recognised in the year. The notes on pages 14 to 29 form part of these financial stalements. Page 10
THE BRIDGE PROJECT SUDBURY (A company limited by guarantee) REGISTERED NUMBER: 3105645 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 13 720,354 705,404 720,354 7Q5,404 Current assets Stocks Debtors Cash al bank and in hand 14 1,700 176,067 86,186 7,499 88, 769 35,415 15 263,953 131,08i Creditors: amounts falling due within one year 16 (117.501) (115,260) Nett current assets 146,452 15,827 Total assets less current liabililies 866,806 727,237 Creditors.. amounts falling due after more than one year 17 (229,349) Nett assets excluding pension asset 637,457 727,231 Total nett assets 637,457 727,237 Charity funds Reslricted funds Unrestricted lunds 19 19 637,457 721,231 Total funds 637,457 721,231 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to oblain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparalion ol financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to Ihe small companies regime. Page11
THE BRIDGE PROJECT SUDBURY (A company limited by guaranlee) REGISTERED NUMBER: 3105645 BALANCE SHEEf (CONTINUED) AS AT 31 MARCH 2024 The financial stalemenls were approved and authorised for issue by the Trustees and signed on their behalf by: on Paul Mackman Chair ol Trustees The notes on pages 14 to 29 form part of these financial statements. Page 12
THE BRIDGE PROJECT SUDBURY (A company Ilmlted by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating actlvlties Nett cash used in operating activities 99,708 (213,239) Cash flows from Investlng actlvilies Proceeds Irom the sale of tangible fixed assets Purchase of tangible fixed assets 598,818 (418,375) (49.341) Nett cash used in investlng actlvltles (48.941) 180,443 Cash flows from financing activities Nett cash provlded by tinancing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 50.767 {32,796) 35,419 68,215 Cash and cash equlvalents al the end of the year 86,186 35,419 The notes on pages 14 to 29 form part of these financial statements Page13
THE BRIDGE PROJECT SUDBURY (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The company is a company limited by guarantee. The members of the company are the Trustees named on page 1 . In the event of Ihe company being wound up, the liability in respecl of the guarantee is limited to £10 per member of the company. The address of the registered oflice is 12 Borehamgate King Street, Sudbury. Suffolk. C010 2EG and the company is regislered in England & Wales. The financial statements are prepared in sterling, which is the functional currency of the entity. Accounting policies 2.1 Basls of preparation of flnancial statements The financial statements have been prepared in accordance with the Charilies SORP (FRS 102} Accounting and Reporting by Charilies: Slatement of Recommended Practice applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FFIS 102) (effective 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. The Bridge Project Sudbury meets Ihe definition of a public benetit entity under FRS 102. Assels and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevanl accounting policy. 2.2 Income All income is recognised once the Company has entitlemenl to the income, it is probable Ihat the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial aclivities on a receivable basis. The balanGe of income received for specific purposes but nol expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance ol entitlement of receipt, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is receÉved, the income is accrued. 2.3 Expenditure Expenditure is recognised once there is a legal or conslructive obligation to transler economic benefit to a third parly, it is probable thal a transfer of economic benefits will be required in settlement and the amount of Ihe obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of Ihe tolal of direcl costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribule lo more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent wilh the use of resources. Central staff costs are allocaled on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Company to raise funds lor its charitable purposes and includes costs ol all fundraising activities events and non-charitable trading. Page 14
THE BRIDGE PROJECT SUDBURY (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting polTcies (continued) 2.3 Expenditure (continued) Expenditure on charitable activities is incurred on direclly undertaking the activities which further the Companws objectives, as well as any associated support costs. 2.4 Tangible fixed assets and depreciation Tangible fixed assets are capilalised and recognised when fulure economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible lixed assets are initially recognised at cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. on a reducing balance basis. Depreciation is provided on the following bases.. Freehold property Property improvements Motor vehicles Fixtures and fittings Office equipment Compuler equipment Assets under construction Nol depreciated Nol depreciated 25°/o reducing balance 25 % reducing balance 25 % reducing balance 33 % reducing balance Not depreciated 2.5 Stocks Stocks are valued al the lower ol cost and nett realisable value after making due allowance lor obsolete and slow-moving slocks. Cost includes all direct costs and an appropriale proportion of fixed and variable overheads. 2.6 Debtors Trade and other deblors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nett of any trade discounts due. 2.7 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity ol Ihree months or less from Ihe date of acquisition or opening of the deposit or similar account. Page15
THE BRIDGE PROJECT SUDBURY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (conlinued) 2.8 Liabilities and provlsions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, il is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabililies are recognised at the afflounl thal the Company anlicipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seNices il must provide. Provisions are measured at the best estimate of Ihe amounts required to settle Ihe obligalion. Where the effect of Ihe lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rale that reflects the risks specific to the liability- The unwinding of Ihe discount is recognised in the Statement of financial activities as a finance cost. 2.9 Financlal Inslrumenls The Company only has financial assets and financial liabiltties of a kind that qualify as basic financial instruments. Basic financial instrumenls are inilially recognised at transaction value and subsequently measured at their selllement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest melhod. 2.10 Pensions The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of Ihe year. 2.11 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 Company and which have not been designated for other purposes. Restricled funds are funds which are to be used in accordance with specific restriclions imposed by donors or which have been raised by the Company for particular purposes. The cosls of raising and administering such funds are charged against the specific fund. The aim and use of each reslricted fund is set oul in the noles to the financial statements. Critical accounting esllmates and areas of judgmenl Estimates and judgmenls are conlinually evaluated and are based on historical experience and other factors, including expectations of fulure events that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions-. The Company makes estimates and assumplions concerning the fLSture. The resu5ting accounting eslitnates and assumpiions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a malerial adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Page 16
THE BRIDGE PROJECT SUDBURY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Grants 30,824 25,544 30,824 248,544 44,636 101,987 223.000 223.000 56,368 279.368 146.623 Total 2023 101,987 44,636 146,623 Incorne from charitable activities Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Core funding and training fees 324,173 324,173 270,904 Income from olher Irading aclivittes Income from non charitable trading activities Unreslrieled funds 2024 Total funds 2024 Tot21 funds 2023 Create, AFC calering and Sudbury Arls Centre income 217,336 217,336 270,972 Page 17
THE BRIDGE PROJECT SUDBURY (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure Direct activity costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Supplies 178,462 178,462 784,858 Analysis of expendilure on charitable activllles Summary by fund iype Restricted Unrestricted funds funds 2024 2024 Total 2024 Total 2025 Charitable activity SUPPOrt costs 185,750 540,439 726,189 796, 739 Total 2023 796, 739 796. 739 Analysls ol expendilure by acllvllles Support costs 2024 Total funds 2024 Total funds 2023 Support costs 726,189 726,189 796, 739 Page18
THE BRIDGE PROJECT SUDBURY {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis ol expenditure by activities (continued) Analysls of support costs Core funding 2024 Tolal lunds 2024 Total funds 2023 Staff cosls Depreciation Student transport Equipment hire Premises Poslage and stationery Travel expenses Computer maintenance Communications Bank charges and interest Advertising and promotion Professional fees Sundry expenses Maintenance, security and cleaning Loss on disposal of assets 510,602 24,020 1 ,671 4,198 63,432 3,067 16,277 4,804 5,746 10,191 2.172 9.492 17,065 43,481 9,971 510,602 24,020 1,671 4,198 63,432 3,067 16,277 4,804 5,746 10,191 2,172 9.492 17.065 43,481 9,971 540,447 20,214 620 4,231 80,823 2,459 2,569 7,918 4, 795 7,635 43, 794 30,830 23,664 726,189 726,189 796, 739 10. Independent examiner's remuneration 2024 2023 Fees payable to the Company's independent examiner for the independenl examination of the Company's annual accounts Fees payable to the Company's independent examiner in respect of.. All other services not included above 3,250 3, 150 3,450 Page19
THE BRIDGE PROJECT SUDBURY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs 2024 2023 Wages and salaries Social security costs Conlribulion lo dafined contribution pension schemes 468.677 34.174 7,751 498,471 33,685 8,291 510,602 540,44/ The average number of persons employed by ihe Company during ihe year was as follows: 2024 No. 2023 No. Number of staff 23 25 The number of employees whose employee benefils (excluding employer pension costs} exceeded £60,000 was.. 2024 2023 No. In the band £60,001 - £70,000 The key management of the charity comprise the trustees and the senior managemenl team as listed on page 1. The lotal amount of employee benefits (including employer pension contributionsl recieved by key managemenl personnel for Iheir services to the charity were £61.321 12023 £61.321). 12. Trustees, remunerallon and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024. no Trustee expenses have been incurred (2023- £NIL). Page 20
THE BRIDGE PROJECT SUDBURY (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Tangible flxed assets Assets Computer under equipment construction Motor Fixtures and vehicles fittings Office equipment Total Cosl or valuation At 1 April 2023 Additions Disposals 52,470 2,000 (3.895) 169.633 14,711 94,595 3,078 609,955 44,263 941,364 49,341 (13,395) (9,500) At 31 March 2024 50,575 160,133 14.711 97,673 654,218 977,310 Depreciation Al l April 2023 Charge lor the year On disposals 24,098 6,738 {649) 108.722 15.228 (2,375) 14,534 44 88,606 2.010 235,960 24,020 (3,024) At 31 March 2024 30,187 121,575 14.578 90,616 256,956 Net book value At 31 March 2024 20,388 38,558 133 7.057 654,218 720,354 At 31 March 2023 28,372 60.911 17/ 5,989 609,955 705,404 Page 21
THE BRIDGE PROJECT SUDBURY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Stocks 2024 2023 Cafe and catering stock Create shop stock 1.000 700 1,856 1,700 7,499 15. Debtors 2024 2023 Due within one year Trade debtors Other debtors Prepaymenls and accrued income 48.835 75.389 51,843 29,114 12, 789 46,266 176,067 88,169 16. Creditors: Amounts falling due within one year 2024 2023 Loans Trade creditors Other taxation and social security Other credilors 17,851 47,965 36,512 15,173 84,694 27.269 9,297 117.501 115,260 The overdraft facility available is secured by way of a floating charge over the property and assets of the charitable company. 17. Creditors: Amounts falling due after more than one year 2024 2023 Other loans 229,349 Page 22
THE BRIDGE PROJECT SUDBURY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Financial instruments 2024 2023 Financlal assets Financial assets measured al fair value through income and expenditure 86,186 35,419 Page 23
THE BRIDGE PROJECT SUDBURY (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Slalement of funds Statement of funds - current year Balance at 1 April 2023 Transfers Balance at 31 inloul March 2024 Income Expenditure Unreslricted funds General Funds - all funds General fixed asset fund 15.827 705,404 597,877 (689,588) (29,313) (7,013) 44,263 (82,897) 720,354 721,231 597.877 <718,901) 37.250 637,457 Restrlcted funds The Edward Gostling Foundation Grant The National Lottery Community Foundation Grant- Provide Project St Edmunds Trust Grant The National Lottery Community Granl - Freshly Made Project Babergh Community Organisation Grant 25,000 (25,000) 94,750 22.000 (94.750) {22,000) 66,000 (66.000) 15,250 {15,250) 223,000 (185,750) (37,250) Total ot funds 721,231 820,8TT (904,651) 637,457 Page 24
THE BRIDGE PROJECT SUDBURY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement ol funds (continued) Included within restricted grant funds are- The Nalional Lottery Community Foundation Grant for the 'Provide' project supporting people with learning disabilities working within a leam, gainining skills and confidence to deliver and prepare meals for elderly people in the communty and the expansion of this service to meet demand. The National Lottery Community Grant for the 'Freshly Made Project, supports taking donated food resources from local super markets for people with learning disabilities to prepare healthy nutritious meals for the meal delivery seTvice and bakery products for sale within our craft and art centre locations. The St Edmunds Trust Grant to support the progress of the Brundon Lane day centre building development project. The Edward Gostling Foundation Grant lo support the creation of training and community involvement opportunities for people with learning disabiltties. The Babergh Community Organisation grant is to support the completion of the Brundon Lane day centre building development project. Page 25
THE BRIDGE PROJECT SUDBURY (A company limtted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds (continued) Statement of funds - prior year Balance al 31 March 2023 Balance al l Apnl 2022 Transfers in/oul Income Expenditure Unrestricled funds General Funds - all funds General fixed asset fund (8,918) 929, 725 586,51 (962,133) (19,464) 400,366 (204,857) 15,82/ 705,404 920,807 586,51£ (981,597) 195,509 721,231 Restricled funds Restricled Funds - all funds 93,522 101,987 (795,509) Total of funds 1.014.329 688,499 (981,597) 721,231 20. Summary of funds Summary of funds - currenl year Balance at 1 April 2023 Translers Balance at 31 Inlout March 2024 Income Expenditure General funds Restricted funds 721,231 597,877 223,000 (718,901) (185,750) 37,250 (37,250) 637,457 721,231 820,877 (904,651) 637,457 Page 26
THE BRIDGE PROJECT SUDBURY (A company Ilmiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Summary of funds (continued) Summary of funds - prlor year Balance al 31 March 2023 Balance al l April 202 Transfers in/oul Income Expenditure General funds Reslricted funds 920,807 93.522 586,51£ 101.98i (981,597) 195,509 (195,509) 721,231 1,014,329 688,499 (981.597) 721,231 21. Analysis of nett assets belween funds Analysis ol nett assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets Credilors due within one year Creditors due in more than one year 720,354 720,354 263,953 263,953 1117,5011 (117,501) (229,3491 (229,349) Total 637,457 637,457 Page 27
THE BRIDGE PROJECT SUDBURY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Reconciliation of nett movement In lunds to nett cash flow from operating activities 2024 2023 Net expenditure for the period (as per Statement of Financial Activities) (83,774) (293,098) Adjustmenls for: Depreciation charges Amorlisation charges Loss on Ihe sale of fixed assets Decrease/(increasel in stocks Decrease/{increasel in debtors Increase in creditors 24,020 19,464 750 23,664 (7,630) 19,871 17,740 9.971 5.799 (87.898) 231,590 Nett cash provided by operaling activities 99,708 (213,239) 23. Analysis of cash and cash equlvalents 2024 2023 Cash in hand 86,186 35,419 Total cash and cash equivalenls 86,186 35,419 24. Analysis ol changes in nett debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand Debt due wlhin 1 year Debt due after 1 year 35,419 50.767 86,186 (17,851) {17,851) {229.349) (229,349) 35,419 (196,433) (161,014) Page 28
THE BRIDGE PROJECT SUDBURY {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. Contingent liabililies Al Ihe year-end date the charity was in dispule Mth a previous activity partner and former landlord, a claim made by the former larbdlord for further costs is being dispuled. The Irustees do nol believe that the claim will resull in any fulure economic outflow and as such nolhing is provided in Ihese accounts. 26. Penslon commltments The charitable company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cosl charge represents contributions payable by the company to Ihe fund and amounted to £7,751 (2023 - £8,291). At the year-end £2,004 (2023 . £1.752) were payable to the fund and are included in creditors. 27. Operating lease commitments At 31 March 2024 the Company had commilments to make future minimum lease payments under non- cancellable operating leases as follows= 2024 2023 Not later than 1 year Later than 1 year and not later Ihan 5 years 28,000 67.500 44,875 95,500 44,875 28. Related party Iransaclions A company conlrolled by a trustee provides services to the charitable company totalling £2,10012023 £1,7521 at commercial rales £1.744 was outslanding at the year-end 12023 £nill. The charilable company also raised sales invoices to this company totalling £nil (2023 . £1,950}. No balances were outstanding at the year-end. Page 29