Charity registration number 1079085 Company registration number 03853667 (England and Wales) BRIDGES CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
BRIDGES CENTRE CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditorfs report 10-12 Statement of financial activities 13 Balance sheet 14 Statement of cash flows 15 Notes to the financial statements 16-35
BRIDGES CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's goveming document, the Companies Act 2006 and "Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019)" Objectives and activities Charitable Objectives 1. To promote for the benefft of the inhabitants of Monmouth and the neighbourhood (the area of benefit) without distinction of gender. sexual orientation. colour, race or political religious or other opinions by associating the inhabitants of the area of benefit and the local authorities, voluntary organisations and other organisations in a common effort to advance education and to provide facilities in the interest of social welfare for recreation and other leisure time occupations Yth the object of improving the conditions of life of the inhabitants. 2. To establish, or secure the establishment of a community centre and to maintain and manage the same, whether alone or in cooperation with the local authority or other person, or body in fijrtherance of these objects. Aims and Activities The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake for public benefit, and aim to combat isolation and to promote the general well-being of the people of Monmouthshire irrespective of age, gender and ethnic background. by providing a safe. friendly and supportive environment for public benefit which is.. the base for a number of charities and self-help groups working wth vulnerable people of all ages a centre for the community, a place for people to meet and develop new skills and interests a seed bed from which new projects and ideas can grow to meet needs identified in the community an affordable, accessible venue for societies. dasses and dubs to promote social, artistic, physical and cultural activities a provider of opportunities for employment. volunteering. training, education and enterprise Who benefits from our activities? Bridges is based in a building full of character and continues to have a deep and wide reaching impact on the people who volunteer here. on those who use its facilities and on the organisations and projects that are based here. We continue to make a difference to the wellbeing of many people each week who are reached through the work we do across MonmoLrthshire and the affordable faalities we provide at Drybridge House for.. charities working with families, older people. adults wth mobility problems and others who need a little extra support. community groups which help people to learn and develop their skills, stay healthy, be creative, CIaliSe and gain support. small businesses, business start-ups and freelancers- induding social enterprises. voluntary, public and commercial sector organisats.ons who hire rooms for meetings, conferences and concerts. families and friends who want to mark significant points in their lives through an event in one of our rooms. people who receive support through our Wellbeing Services projects, including Community Connectior Disability and Inclusion teams and by attending Social Circles Group, Tea Dance and Lunch Club. 500 volunteers who are supported by our volunteering for wellbeing scheme throughout the county and gain useful skills and experience. as well as companionship.
BRIDGES CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Many visitors to Monmouth who visit Drybridge House. which is a Grade2" listed building, an important part of Monmouth's heritage. Ensuring we deliver our aims Our externally funded projects are required to produce quarterfy reports showing their achievements using recognised evaluation methods. The Wellbeing Director oversees and monitors all wellbeing project services, and also social groups such as Social Circles, Tea Dance, Lunch Club. We encourage feedback on an informal basis from all our user groups and encourage trustees to develop links with particular activities. How our activities deliver public benefit= Many elderly, vulnerable and isolated people from across the whole county have been linked to a one to one volunteer and are visited or telephone befriended through the Community Connections service. This helps to relieve isolation and offer practical support, for example with transport, and is well recognised as a means to improve health and wellbeing. A total of 28-30 elderly people benefit by attending our Social Circles group, which meet twice a week, and lunch club for over 60s has 20 regular attendees, somets'mes more. This gives a regular {and in many cases the only) opportunity to meet others and have a cooked lunch. An increasing number of elderly attending social circles have additional needs and we have been supported by care assistants from Monnow Vale Hospital. We continue to seek new group opportunities to help the 'young elderly. to remain physically fit develop social contacts, for example adult ballet, yoga, table tennis, fit41ife and Nordic walking groups which are centred at Bridges. The Tea Dance has revived since lockdovm and is a vrfell-attended intergenerational activity providing light exercise and enjoyable social ntact for everyone, including those wth dementia. It is SUPP¢Yted by a professional dance teacher and regular volunteers. 100+ young people wth additional needs are helped through our Building Bridges project to learn new skills, develop new friendships and engage in their communities. This is particularly aimed to help young people in the transition from school to the outside vr1d, helping to develop Confiden and to find new skills and employment. Volunteers of all ages enjoy working wth Bridges and gain useful skills and experience, as well as companionship. They gain a purpose of "giving something back., make new friends, and learn new skills. For younger volunleers this experience is also invaluable when looking for employment. We now have 520 active volunteers working across the county, all supported by our volunteering for wellbeing project. Our community car scheme continues to provide a valuable Servi wthin the community and helps those with mobility or transport difficulties to attend appointments, shopping, hair appointments and social activities. The scheme is increasing in popularity and is restricted only by the number of available volunteer drivers. Maintaining our listed building as a safe and pleasant environment provides charities and start uplsmall business owners with an affordable place to base their organisations. It provides an elegant, affordable setting for many functions induding weddings. parties, concerts and funeral wakes, and also a location for local clubs and organisations to hold regular meetings. Achievements and performance There have been further changes to the Board of Trustees. The newly appointed chair resigned for health reasons and two truslees agreed to be ctFchairs until a new chair is appointed. We have appointed six new trustees with a variety of skills and experien - accountancy and business, architecture and local government, and a former trustee has been re-appointed and has agreed to be Company Secretary and take on some responsibility for the shop. We now have 12 trustees.
BRIDGES CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 There has been a complete change in the staff management structure. In October we appointed a Wellbeing Services Director who has overall responsibility for all wellbeing services, which has proved to be an excellent addition to the staff management team. The role of Centre Director was made redundant in May 2024 resulting in the departure of the Centre Director. We have appointed a management team to cover all areas of responsibility, each member of the team has a named trustee to consult for any support needed. This arrangement has proved to be effective, with managers having greater autonomy for their own areas of responsibility and ability to work collaboratively. The principal area that ed5 updating is Health and Safety, and a part time Facilities Manager has been added to the management team to address this. We were able to upgrade the post of 'Finance and Administration Manager. to recognize the stalwart invaluable conlribution the post holder has made to the charity since her initial appointment in 2013. The Pantry and catering services have had an event1 year. The catering department underwent a renaissance early in the year, so we were able to provide light lunches in addition to breakfasts, coffee and cakes. We also had full bookings for Christmas lunches. In January, we needed to employ a new chef and were very IlkY to find a highly qualified chef who was keen to work regular hours wth us. This has greatly improved the catering for social circles, lunch club and has allowed us to cater for evenls and weddings. We had 7 weddings during the year and already have 8 booked for nexi year. Chef catered for numerous wakes, private lunches and has private parties booked in the next I0 months. We are now taking bookings for Christmas lunches 2024. Wth this increased activity we hope to increase the profit from catering and the bar. Permanent hire of rooms has been difficult since lockdown as small businesses have either decided to work from home or ceased trading. However it is slowly picking up again but we still have rooms available. Despite having to increase our charges. casual room hire for community activities is very busy. The community shop has had a difficult year due to several factors", we have had three changes of managers which is very disruptive for all shop volunteers. There has also been reduced foot-fall in the town for several months due lo road works. This has affected all businesses. However, our shop is still showing a profit, but much reduced. Wellbeing Services Staff and Activities Our Wellbeing Servi$ team has 21 staff employed across 8 Servi areas which cover the whole of Monmouthshire. Our Befriending team has 4 Coordinators who support over 90 volunteer befrienders and match them with 130 beneficiaries who are at risk of social isolation. We also have 3 staff who run 5 social groups with around 75 older people attending these groups every week. Our Community Car Scheme has 5 Coordinators who support over 50 volunteer drivers and provide around 3,000 passenger joumeys per year for over 1.300 passengers who cannot use other means of transport. Our 4 Volunteering for Wellbeing Coordinators support over 370 volunteers across Monmouthshire and match them up with volunteering opportunities within Bridges. and with other community groups across Monmouthshire. We have 6 staff employed in our Disability and Indusion team, which organizes activities and everts for young people with additional needs in Monmouthshire. Our Building Bridges team works with over 100 young people aged 14-25. Our Quest Busters team works with around 100 younger children aged 6-17. Our Autism Family Support Service provides infomiation and support to over 300 families in Monmouthshire who have a child with autism. We support over 20 adults wth learning disabilities to speak up for themselves as part of Monmouthshire People First. Achievements We ran successful campaigns to recruit more volunteer drivers and befrienders, and organized several events to support and celebrate the work of our numerous volunteers.
BRIDGES CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 We were successful in securing continuation funding from the National Lottery Community Fund for our Quest Busters work. We also secured several smaller grants from Monmouth Town Council, Gwent High Sheriff Community Fund, Tesco, Monmouth Food Partnership, Gwent Regional Partnership Board, Aberyswth University, Community TransportAssociation and Scope. Our wellbeing work has been recognized by the Mayor of Monmouth who has nominated Bridges as one of his chosen charities, and by the Torfaen and Monmouthshire BusinessAwards which included Bridges as a finalist in its Charity section. We redesigned our publiaty material and have attended numerous nefvrkIng and promotional events across Monmouthshire. We completed a research study for Aberystwyth University's THINK project about the motivation of our volunteer drivers. We also completed a feasibility Study on exiending our car scheme work into North Torfaen. Ongoing challenges Our wellbeing services rely on ongoing funding and we have been well supported by our main fvnders However, the pressure on public finances means that our funding income is being eroded due to reduced funding for some services, and zero funding uplifts by some funding bodies. We are also experiencing increasing demand for wellbeing SeiceS at a time when volunteers are in short supply, and so we have some waiting lists in place. Fundraising We do not employ a professional fundraiser. all our fvndraising is done intemally by staff and volunteers. Fundraising activities are now increasing again, we have a monthly event organised by the events and marketing manager and fundraising committee, which are proving popular and this year (our 40th anniversary) we have a goal to raise £40,000. We recently held a gala dinner created by Celebrity Chef Cyrus Todiwala to launch our appeal which was a great success. We have also been nominated as one of the Mayor of Monmouth's thr charities for the year 2024-25. We are in the prOsS of appointing a part time Grants Officer with a target of raising £15,000 in new grants for 2024-25. Financial review The charity has applied its ndS for the year in the furtheran of its objectives. The totsl net outgoing resources for the year ended 31 March 2024 amounted to £133,969 (2023.. net outgoing £7,230). The charity made an unrestricted deficit of £79,957 (2023= deficit of £2,544) after transfer of funds. The net assets of the charity (including Fixed Assets, Restricted Funds and ReseNes) at 31 March 2024 have decreased to £508,841 from £642,810 as at 31 March 2023. The unrestricted funds comprise £220,444 (2023: £300,401). Restricted funds are £288,397 (2023.. £342,409). The restricted funds are held for the purposes noted in note 18. Reserves Policy The Board of Trustees has recommended that Bridges should aim to maintain sufficient unrestricted resetves to cover unexpected costs of repair to our Grade2. listed building. and also to cover costs of business development. They recommend a minimum of £50,000. As at March 2024, our unrestricted reserve is £220,444, £166,680 of this has already been set aside as designated funds for our projects and £8,345 is held in fixed as*ts, leaving £45,419. Investment Policy Bridges operates several bank accounts in order to ensure accessibility to funds whilst receiving maximum interest possible. No stocks or shares are held.
BRIDGES CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Risk Management The main uncertainty for future risk is exlending our lease. The Current lease expires in March 2025 and we are negotiating new terms with Monmouthshire County Council. Vthether or not we can conts'nue leasing the property is reliant upon them granting us 950kn rent relief. We are still awaiting their decision. There are several major structural repairs needed, but it is drfficult to access grants without a secure lease. Major unexpected repairs and maintenance The building committee meets regularly to priontise spending on repairs and sets a budget for gerEral redecoration. Our newly appointed Faalities Manager is now preparing a schedule and hoping to get as much maintenance done as possible using irFhouse skills. We do have a contingency fund for essential unexpected repairs. Plans for the future Our immediate plans revolve around the necessity to renew the lease on terms we can afford. In addition, we have the ongoing problem of increasing income and have a three year business plan for our catering partment to increase income from extemal events and private fvnctions. We are also actively looking to increase usage of our hired community spaces. We are currently employing a part time funding officer to apply for grants in order to maintain Drybridge House, a Grade2. listed building. Structure, governance and management Bridges Centre is a charitable company limited by guarantee vthich was incorporated on 5 October 1999 but lay dormant until 1 February 2000 and is governed under its Memorandum and Artides of Association (revised June 2016}. Trustee Directors The trustee directors are appointed by the Board of Trustees, to a maximum membership of 18. They serve for a duration of three years but can be re-elected for three periods of three years. All trustees give their time voluntarily and receive no benefits from the charity. In an effort to maintain a broad skill mix among Board members. they are required to provide a list of their skills and every effort is made to fill any gaps in expertise when appointing new trustees. New trustees are encouraged to join one or more of the committees to familiarize themselves with the organisation and are provided with a copy of the Artides and Memorandum together with the latest financial report and outline of trustee duties. They are expected to attend quartedy Board Meetings in addition to the AGM, as well as training and strategy days as arranged. Committees The Board is supported by several committees each with its own temis of reference. The chair of each committee is either a trustee or an employed member of staff wth specific responsibility for that area. The committees and their respective chairs are.. Wellbeing Finance Building Human resources Fundraising Mike Logan (Wellbeing Director) Geoff Quinn Robin Gibson Mark Walton Ben Ford (Events and Marketing Manager)
BRIDGES CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Management The management structure of Bridges has changed nSiderablY over the past year due to the appointment of a Wellbeing Director in October 2023 and the role of Centre Director was made redundant for financial reasons in May 2024. We now have a flatter management structure with a team consisting of" Wellbeing Director- Responsible for all the fvnded projects and other wellbeing activities. Finance and Administration Manager- Responsible for ffinan. Facilities Manager- Responsible for upkeep of house and the care-taking team. HR Manager- Responsible for all personnel requirements. Events and Marketing Manager- Responsible for all marketing and fundraising. Shop Manager- Responsible for running our shop and maintaining income. This group meet regularly with two trustees and each has a named trustee to consult for advice when needed. Key management personnel salaries are set on a cost analysis basis, taking into account sector avwages and the responsibility of each role.
BRIDGES CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Reference and administrative details Charity name Bridges Centre Charity number 1079085 Company number 3853667 Registered office Bridges Centre Drybridge Park Wonastow Road Monmouth NP25 SAS Trustees Haydn Cullen-Jones- resigned 28 November 2023 Mark Walton- Ccpchair Ann Rosser- Ccpchair Geoff Quinn - Treasurer Jane Duke Robin Gibson Jane Gunter Catrin Maby Patrick Harkness - resigned 5 May 2023 Roger Hoggins- appointed 2 May 2023 Yvonne Tumer- appointed 2 May 2023 Richard Chamberlain- appointed 14 November 2023 James Newcomb - appointed 6 February 2024 Steve Pospisil - appointed 6 August 2024 Susan Eldridge - appointed 6 August 2024 Secretary Susan Eldridge - appointed 6 August 2024 Senior management team Aileen Atkinson - Centre Director- left 21 May 2024 Mike Logan - INellbeing Director Laura Morgan- Finance and Administration Manager Mark Jones - Facilities Manager Amy McDougall - HR Manager Ben Ford- Events and Marketing Manager Maria Church - Shop Manager Auditors Azets Audit SeNices Ty Derw, Lime Tree Court Cardiff Gate Business Park Cardiff CF23 8AB Bankers HSBC Bank PIC 35 High Town Hereford HR12AQ
BRIDGES CENTRE TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 The trustees, report VRS approved by the Board of Trustees. Ann Rosser- Trustee Dated: .....
BRIDGES CENTRE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of Bridges Centre for the purpose of company law, are req)onsible for preparing the Trustees, Report and the financial statements in acrdanCe with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounts'ng Practice). Company Law requires the trustees lo prepare financial slatements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent., and prepare the financial statements on the going concem 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. The trustees are responsible for the Maintenan and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
BRIDGES CENTRE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BRIDGES CENTRE Opinion We have audited the financial statements of Bridges Centre {the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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 standa applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting practi>. In our opinion, the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi. and have been prepared in accordance viith the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wth Intemational Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are fvrther described in the Auditors sponsIbl1111eS for the audit ol the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial ststements 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 suffiaent 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 concem 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 vthen the financial statements are authorised for issue. Our responsibilities and the responsibilities of the twstees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the infomiation induded in the annual report other than the finala1 statements and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent wth Ihe financial statements or our knowledge obtained in the course of the audit, or otheiSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a materkgl misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in Ihis regard. Matters on which we are required to report by exception We have nothing to report in respect of the followng matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion= the information given in the finanual statements is inconsistent in any material respect with the trustees. report., or SLrfficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. 10-
BRIDGES CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BRIDGES CENTRE Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charitys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditors responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about vh)ether 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 th 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. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibilities. This description fomis part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities. including fraud Irregularities, including fraud. are instsnces of non-compliance with laws and regulations. We design procedures in line with our resF)onsibililies, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and updale our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying th that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfom) audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations. including fraud. In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those charged with govemance around actual and potential litigation and claims as well as actual. suspected and alleged fraud- Reviewing minutes of meetings of those charged wth governance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for approprialeness, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial ststements or non-compliance wth regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of norFcompliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of intemal control. 11
BRIDGES CENTRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF BRIDGES CENTRE Use of our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste to the charity's Iruslees 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. A12V hthF Azets Audit Services 6 December 2024 Chartered A¢¢ountants ststutory Auditor Ty De, Lime Tree Court Cardiff Gate Business Park Cardiff United Kingdom CF23 8AB Azets Audit Services is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under sedion 1212 of the CompaniesAct 2006. 12-
BRIDGES CENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes fr Donations and legacies Charitable activities Other trading activities Investments Other income 19,005 316,484 6.274 665.085 25.279 981.569 26,610 274,823 26,610 1,073,011 798,188 94.869 5,109 5,061 94.869 5,109 5,061 113,201 2,257 5,108 113.201 2,257 5,108 Total income 440,528 671,359 1,111,887 421,999 798,188 1,220,187 Ex enditure on: Raising funds 85,959 85,959 92,314 92,314 Charitable activities 433.509 726.388 1,159.897 352,350 782,753 1,135,103 Total expenditure 519.468 726.388 1,245.856 444,664 782,753 1,227.417 Net outgoing resources before transfers (78,940) (55,029) (133,969) (22,665) 15,435 {7,230) Gross transfers between funds {1,017) 1,017 20,121 (20,121) Net expenditure for the yearl Net movement in funds (79,957) (54.012) (133.969) (2,544) 14,686) {7,230) Fund balances at 1 April 2023 300,401 342,409 642,810 302,945 347,095 650,040 Fund balances at 31 March 2024 220.444 288.397 508.841 300,401 342,409 642,810 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. 13-
BRIDGES CENTRE BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixod assots Tangible assets 14 107,906 180.529 Currnnt as$•ts Stocks Debtors Cash at bank and in hand 2,696 42,205 448,530 3,323 41,908 516.413 16 493,431 561,644 Creditors: amounts falling due within one year 17 (92,496) (99,363) Net current assets 41X),935 462.281 Total #ets less current Ilabilibes 508,841 642,810 Inc¢)me funds Restrict8d funds Unrestricted fvnds Designated funds General unrestricted fvnds 19 288,397 342,409 20 166.680 53,764 162,378 138,023 220.444 300,401 508,841 642,810 The company is entrtle(I to Ihe exemption froffl the audrt requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 March 2024, atthough an audit has been Caffd oul under 5edion 144 of the Charilies Act2011. The directors a¢knowl8dg8 their responsibilrties for )Mpty1ng with the requirements of the Companies Act 2006 wilh respect to accounting records and the preparabon of financial statements. The members have not required the company to obtsin an audrt of rts financial statements under the requirements of the Companies Act 2006, for the year in queslion in accordance with seGtson 478. These financial statements have been prepared in accordance with the provisions applicable lo companies subjecl to the small companies re9ime. statements were approved by the Trustees on th...*.ÉK{ Zfjz The financi Geoff Qulnn - Trustse Company Registration No. 03853667 14-
BRIDGES CENTRE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash (absorbed by)Igenerated from operations 24 (72,992) 72,375 Investing activities Investment income received 5.109 2.257 Net cash generated from investing activities 5,109 2,257 Net cash used in financing activities Net (decrease)lincrease in cash and cash equivalents (67.883) 74.632 Cash and cash equivalents at beginning of year 516,413 441,780 Cash and cash equivalents at end of year 448,530 516,413 15-
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Bridges Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is Bridges Centre, Drybridge Park, Monmouth NP25 SAS 1.1 Accounting convention The financial statements have been prepared in accordan with the charity's governing document, the Companies Act 2006 and "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)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds comprise funds which have been set aside at the discretion of the trustees for SFEcific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements. Restricted ndS are subject to specific conditions by donors as to how they may be used. The purwses and uses of the restricted funds are set out in the notes to the financial ststements. 1.4 Incoming resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Grants receivable for the specific purpose of purchasing fixed assets for the continued use of the charity are treated as restricted funds. The restricted fund is then redUd by amounts equivalent to the depreciation charges on the assets concemed and V11 continue to do so over the expected useful lives of the assets concerned. Income from charitable activities and trading income is recognised in the period to which the serwce relates with any amounts received in advan being deferred. Bistro, shop and bar sales are recognised at the date of sale. 16-
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) No amounts are included in the financial statements for services and time donated by volunteers. Interest on funds is included when receivable and the amount can be measured reliably by the charity., this is nomially upon notification of the interest paid or payable by the bank. To better ensure compliance wth the relevant standards. the Charity has reviewed and reclassified certain income and expenditure lines in the financial statements. These changes have been made to improve alignment with the definitions and guidance provided by the SORP, ensuring clearer and more accurate presentation of the Charity's financial activities. These changes in classification have no impact on the overall financial position and has been made to enhance clarity of the financial statements. Prior year figures have been restated where necessary to reflect these reclassifications, ensuring consistency across reporting periods. 1.5 Resources expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can be measured reliatly. Expenditure is classified under the following activity headings.. Costs of raising fiJnds comprise the costs in relation to generating income such as fundraising events. Expenditure on charitable activities includes all costs relating to the furtherance of the charitls objectives as stated in the trustees report Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Costs where possible are attributed direcdy to the activity in which they relate. Where costs camot be directly attributed to particular headings they have been allocated to activities on a basis consistent wth the use of the resources. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to vrrite off the cost or valuation of assets less their residual values over their useful lives on the following bases= Leasehold land and buildings Depreciation is provided to write off the cost of the assets over the remaining life of the lease, currently 1 year 250A reducing balance method 200A reducing balance method Fixtures and fittings Motor vehides The gain or loss arising on the disposal of an asset is detemiined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indution exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss {if any). 17-
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 1.8 Stocks Bar stock is stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tem liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charitys balance sheet vthen the charity becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets. which indude debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future reiptS discounted at a market rate of interest. Financial assets dassified as receivable within one year are not amortised. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a finanang transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as Current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Taxation As a registered charity. Bridges Centre is entitled to the exemption from taxation in respect of income and capital gains received wth sections 47PA89 of the Corporation Tax Act 2010 and section 256 of the Taxation of Chargeable Gains Act 1992 to the exient that these are applied to its charitable objects purposes only. 18-
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 1.12 Employee benefits The costs of short-temi employee beneffts are recognised as a liability and an expense, unless thcse costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 Retirement benefits Payments to defined contribution retirement benefit schemes a charged as an expense as they fall due. 1.14 Leases Rentals payable under operating leases are charged as an expense on a straight line basis over the term of the relevant lease. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects (lY that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestricted Restricted funds funds Total funds Total funds 2024 2024 2024 2023 Donations and gifts 19,005 6,274 25,279 26,610 19-
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2023 2024 (As restated) Monmouth Social Circles BLbilding Bridges project Operating grants Hire of rooms Other project income Bar and bistro income 9,327 8,385 663,466 180,151 33,091 87,149 7,558 25,791 762,155 181,846 28,481 67.180 981,569 1,073,011 Analysis by fund Unrestricted funds Restricted funds 316,484 665,085 274,823 798,188 981,569 1,073,011 Operating grants Gwent Regional Partnership Board Aneuin Bevan University Health Board Monmouthshire County Council National Lottery Community Fund Regional Integration Fund Other 322,290 40,000 90,672 49,999 145,437 15,068 376,265 241,838 49,998 94,054 663,466 762,155 Other trading activities Unrestricted Unrestricted funds funds 2023 2024 (As restated) Fundraising events Shop income 4,893 89,976 1.296 111,905 other trading activities 94,869 113,201 -20-
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 5,109 2,257 Other income unstrICted Unrestricted funds funds 2024 2023 Sundry income 5,061 5.108 Raising funds Unrestricted Unrestricted funds funds 2024 2023 Tradin costs Shop costs 85,959 92.314 85,959 92,314 21
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2023 2024 (As $tated) Depreciation and impaimient Building Bridges costs Befriending project costs Volunteering for Wellbeing costs Other specific granuproject costs Bistro costs Bar costs QuestBuster costs Activities, fundraising & events Sundry costs 72,623 133,379 193,002 145.630 109.284 72.490 26,287 76,332 6,112 251 79,058 137,102 205,816 133,752 160,444 58,248 15.588 66.525 1.310 200 835,390 858,043 Share of support costs {see note 10) Share of governan costs (see note 10) 307,838 16,669 250,534 26,526 1,159.897 1,135,103 Analysis by fund Unrestricted funds Restricted funds 433,509 726,388 352.350 782.753 1,159,897 1,135,103 -22-
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 10 Support costs Support Governance costs costs 2024 Support Governance Costs costs 2023 Wages and salaries Rent, rates and utilities Postage, printing, stationery and marketing Telephone and licences Repairs, maintenance and equipment IT and IT maintenan Insurance Other staff costs Bank charges Accountancy fees 191.179 39.380 191,179 39,380 151,746 38.394 151,746 38,394 4.263 6,226 4.263 6,226 4,743 5,900 4.743 5,900 36,514 10,423 9,916 5,287 1.137 3.513 36,514 10,423 9,916 5,287 1.137 3.513 24,875 8,001 9,140 2.726 1.408 3.601 24,875 8,001 9,140 2,726 1,408 3,601 Audit fees Legal and professional Trustee meeting expenses 12.000 4,500 12.000 4,500 7,500 18,590 7.500 18,590 169 169 436 436 307,838 16.669 324,507 250,534 26,526 277,060 Analysed beeen Charitable activities 307.838 16.669 324.507 250.534 26,526 277,060 Governan costs includes payments to the auditors of £500 {2023: £500) for accounts preparation services. -23-
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number 54 58 Wages and salaries Social security costs Other pension costs 715,327 43,996 14,516 724.196 44.464 14.963 773,839 783,623 Key management personnel The total remuneration paid to key management personnel during the year (including gross salary, employers national insurance contributions and employers pension contributions) was £188,061 {2023= £108,833). Redundancy and temiination payments No redundancy payments were made by the charity during the year (2023: £2,829, contained in wages and salaries). There were no amounts outstanding at the year end (2023.. £nil). Ex-gratia payments During the year, the charity made ex-gratia payments totalling £6,500 {2023= £nil) which were approved by the trustees in recognition of exceptional arcumstances. There were no employees vthose annual remuneration was £60,000 or more. 12 Trustees None of the trustees (or any persons connected wth them) reiVed any remuneration or benefits from the charity during the current or prior year. 2 trustees were reimbursed for expenses totalling £511 relating to charitable expenditure {2023.' 1 trustee totalling £70). 13 Taxation The charity is exempt from tax on income and gains falling ythin section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. -24-
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Tangible fixed assets Leasehold Fixtures and Motor vehicles land and fittings buildings Total Cost At 1 April 2023 1.384,282 240,051 110.763 1,735.096 At 31 March 2024 1,384,282 240,051 110,763 1,735,096 Depreciation and impaimient At 1 April 2023 Depreciation charged in the year 1,274,330 54,977 225,031 3,756 55,206 13,890 1,554,567 72,623 At 31 March 2024 1,329,307 228,787 69,096 1,627,190 Carrying amount At 31 March 2024 54,975 11,264 41,667 107,906 At 31 March 2023 109,952 15,020 55,557 180,529 15 Stocks 2024 2023 Goods for resale 2,696 3,323 16 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income 17,498 24,707 26,975 14,933 42,205 41,908 17 Creditors: amounts falling due within one year 2024 2023 Notes Other taxation and social security Deferred income Trade creditors Other Creditors Accruals and deferred income 12,221 13,124 23,390 9,574 34,187 13.520 23.750 11,026 25,337 25,730 18 92,496 99,363 -25-
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Deferred income 2024 2023 Other deferred income 13,124 23,750 Deferred income is included in the financial statements as follows= 2024 2023 Deferred income is included Ythin.. Current liabilities 13,124 23,750 Movements in the year.. Deferred income at 1 April 2023 Released from previous periods Resources deferred in the year 23,750 (23,750) 13,124 23,750 Deferred income at 31 March 2024 13,124 23,750 Deferred income relates to deposits received for events to be held in 2024125 (2023.. deposits received for events to be held in 2023124). -26-
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BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of net assets between funds Unrestricted Restricted 2024 2024 Total Unrestricted Restricted 2024 2023 2023 Total 2023 Fund balances at 31 March 2024 are represented by.. Tangible assets Current assetsl{liabilities) 8,345 212.099 99,561 188,836 107.906 400.935 12,101 288.300 168,428 173,981 180.529 462.281 220.444 288,397 508.841 300.401 342,409 642.810 22 Operating lease commitments At the reporting end date the charity had outstanding commitments for fijture minimum lease payments under non-cancellable operating leases, which fall due as follows= 2024 2023 Within one year Beeen two and five years 30,872 96,416 31,746 30,004 127,288 61.750 23 Related party transactions During the year the charity received a donation from Three Counties Liberal Jewish Community of £39, the organisation is related by the way of a common trustee. Additionally trustee Mary Ann Rosser made a donation of £830 {2023'. £Nil). At the current and prior year end amounts of £nil were outstanding. 24 Cash generated from operations 2024 2023 Deficit for the year 1133.969) {7.230) Adjustments for: Investment income recognised in statement of financial activities Depreciation and impaiment of tangible fixed assets (5,109) 72,623 {2,257) 79,058 Movements in working capital.. Decreasel(increase) in stocks (Increase) in debtors Increasel(decrease) in creditors (Decreasellincrease in deferred income 627 (297) 3,759 (10,626) {1,523) {16,896) {2,527) 23,750 Cash labsorbed by)Igenerated from operations (72.992) 72.375
BRIDGES CENTRE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Anatysis of changes in net funds The charity had no debt during the year. -35-