Registered nurnber.. 06362939 Charty numbgr.. 1122536 BRIDGE SCHOOL MALVERN LTD (FORMERLY KNOWN AS THE BRIDGE EDUCATION CENTRE, MALVERN HILLS) (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Bishop Fleming
BRIDGE SCHOOL MALVERN LTD {A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Reforenco and admlnlstratlve details of the Company. It8 Trustees and advisers Trustees. report Independent audltorn. r8port on the financial statements Statemènt of flnancial actlvltles Balance Sheet 10 stst8m6nt of cash flows Notes to the flnanclal $tatements 12-23
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEEI REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2022 Trustees Judith Keene Julia Wolff (Resigned 26 January 20221 Debbie Austin (Resigned 26 January 20221 Helen Attree. Chair Angle Famief (Resigned 8 December 2021) Barry Au5bn (Resigned 26 January 20221 John Lucas (Resigned 1 January 20221 Shaun Paskin (Appointed 4 JanLtary 20221 Rev. Geofftey Vevers IAppoinled 18 November 2021) Esther Partridge-wamer (Appointed 17 December 2021, Resigned 24 January 2022) Company reglstered numbor C6362939 Charity ro9I8terèd number 1122536 Regl8tered offl¢• Unil 2 Hanley Workshops Hanley Road Hanley Swan Worcester WR8 ODX Chlef executlve offlcer Neil Homty Independent 4udStorn Bishop Fleming LLP Chartered A¢¢ountants 1-3 College Yard Worcester WR12LB Page 1
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENOED 31 AUGUST 2022 The Trustees present their annual report logethef With the audited financial statements of the Bridge School Malvern Ltd for the year 1 September 2021 to 31 August 2022. The Annual report serves the purposes ol both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual report and financial statements ol the charitable company comply with the current slatulory requirements, the reqU1MentS of the Charitable Company goveming document and the provisions of the Statement of Recommended Praelice ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102} leffecbve 1 January 20191. Since the Company qualifies as small under secb'on 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objgctive8 and activltles Policlos and oblectlve8 The School's objeclives of making learning available lo children and young people for whom the mainstream education system does not work remains strong. The school continues lo offer a range of Iherapeulic and recreational actsvitses that promotes pupils. ability to engage soaalty and lo prepare for fulfilling independent adult lives. In setting obieclives and planning for activities, the Trustees have given due conseratiOn lo general guidance published by the Charity Commission relating lo public benefit. including the guidan 'Publi¢ benefit.. running a charity IP821'. b. Stiategles for achlevlng oblectlves In ensuring the objectives a mel. the Trustees operate a rigorous prsS of largel setting and accountability which are implement through the School Improvement Plan and temily Head Teachers Report5. These focus amongst other things on improving access lo an appropriate eduub'on and safety for all pupils. and the well- being and development of staff. c. Actlvltlès und•rt•kon to achleve obJectSve8 The Trustees maintain ongoing tracking of progress lowards financial and academic priorities, whi¢h are viewed according lo an annual prcgramme of scrutiny and review. Achlevemgnts and perfomiance . Maln achlevements ofthe Comp•ny The main school site in Hanley Swan has continued to develop over the last year. Sludenl numbers have been stable and the school remains al capacity The school has continued lo broaden the range of opportunities available lo students and this has included additional support services. 1000A of young people made a positive progression into work or further training. b. Revlew of actlvltles Regarding the 16-19 provision. the Bridge Business Centre has continued to be successful and is at capacity. The majority of our young people successfully progressed into work or further training. Page 2
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Flnancial revlew a. Flnancial Review Bridge School Malvern Lld's total income for the year was £1,617.581 12021.. £1.468,5811 and total expenditure including adjuslmenls for depreciation, Pfepaymenls and accruals was £1,621.55412021.' £1,429,628). Overall, the results showed a deficit for the year of £14.531 12021 surplus.. £74,487). A breakdown beeen unrestricted and restricted funds is shown in the accounts. b, Golng con¢0rn After making appropriate enquiries. the Tnjstees have a reasonable expectation that the Company has adequate resources lo continue in operational existence for the fofeseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial stslemenls. Further details regarding the adoption ol the going concern basis can be found in the accounting policies. ¢. Re8orve$ pollcy Bridge School MaTvem Ltd aims to have at leasl six months lurnover in free reserves. There has been Some progress towards reaching this over the year, and al the year end free raseNes excluding fixed assets were £301,25812021'. £322,814). d. Prlnclpal rlsk$ and uncgrtalntle• The Trustees have reviewed the major risks to which the school is exposed. The principal risks facing the school are as lollows.. Strategic and reputational risks- Potential failure lo effectively manage the Charity's finances, internal controls, compliance wilh regulations and legislation, slatulory returns etc. The Trustees contsnue lo review and ensure that appropriate measures are in place to miligale these risks. Trustees also ensure that pupil success and achievement are closely monitored and reviewed in order lo maintain the curnt high level of pupil referrals. Operational risks - The School'$ success is reliant on the quality of its slaff and so the Trustees monitor and review policies and procedures lo ensure continued development and training of staff. The Iruslees continue to ensure that the highest standards are maintained in the areas of selection and monitoring of staff, the operation of safeguarding policies and procedures, health and safety and disapline. Compliance risks - The School has robust inlemal finanaal management PredureS and appoints exiernal professionals to oversee finan¢ial rigour and compliance. Financial risks - 85% of funding comes from one local authority. Whilst this level is expected lo continue, there is no assurance that Govemment policy or practice will remain the same or that publi¢ funding will continue at the same levels or on the same terms. Whilst the schwl is oversubscribed, risks to revenue funding from falling roll are small. Howeve¥. the possible reduction or freeze on Govemment's overall education budget. potential changes in funding arrangements for High Needs and increasing employment and premises costs mean that budgets need to be constantly scrubnised. e. FSnan¢ial rlsk management objectives and policies A risk register is maintained in the form of an Intemal Financi81 Control Checklist. Page 3
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2022 Structure, governance and management Constitutlon Bridge School Malvem Ltd is registered as a charttable company limited by guarantee and was set up by 8 Trust deed. b. Methods of appolntment or èlectlon of Twstee$ The management of the Company is the responsibility of the Trustees who are elected and co-opted under th8 terms of the Trust deed. STATEMENT OF TRUSTEES. RESPONS181LITIES The Trustees Iwho are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practr'*l. Company law requires the Trustees lo prepare financial statements for each financial . Under company law, the Trustees musl not approve the financial stslements unless they a satisfied that they give a true and fair view of the slate of affairs of the Company and of ils incoming resources and application of resources. including ils incomo and expenditure, for that period. In preparing these finanaal stalemenls, the Trustees are required lo.. select suitable accounting policies and then apply them consislenlly.. observe the methods and principles of the Charities SORP {FRS 102}', make judgments and accounting eslimales that are reasonable and prudent., stale whelhef applicable UK Accounting Standards IFRS 102) have been followed, subject lo any material departUS disclosed and explained in the financial statements., prepare the ffnancial statements on the going concern basis unless il is inappropriate lo presume that th& Company will continue in business. The Tru$tee$ are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy al any time the financial positson of the Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for Safeguarding the assets of the Company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Dlsc108uro of Information to audltors Each of the persons who are Trustees al the ts'me when thi$ Trustees, report is approved has confimied that.. so far as that Trustee is aware, the is no leYaftt audit information of which tha charity's auditors are unaware, and that Trustee has taken all the sleps that ought to have been taken as a Tnjslee in order lo be aware of any relevant audit informatson and to establish that the charity's auditors are aware of that information. Approved by order of the member$ of the toard of Trustees and signed on their behalf by.. Helen Attree Chair Page 4
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEE} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BRIDGE SCHOOL MALVERN LTD OPINION We have audited the of Bridge School Malvem Ltd (the charitsble company,) for the year ended 31 August 2022 which comprise the Slalemenl of financial activities. the Balan sheet, the Statement of cash flows and the related notes, including a summary of significant ac¢ountr"ng poliryes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally A¢cepled Accounting Practice). In our opinion the gNe a true and fair view of the slate of the charitable company's affairs as at 31 August 2022 and of its incoming resources and applicats.on of resources, including its income and exp8ndilure for the year then ended., have been propedy prepared in accordance with United Kingdom Generally ACpIed Accounting Practice,. and have been prepad In accordance with Ihe requirements of the Charitses Acl 2011. BASIS FOR OPINION We conducted our audit in accordance with Intemational Standards on Auditing {UKI IISA$ IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities lor the audit of the section of our report. We are independent of the charitsble company in accordance with the ethical requirements that are relevant lo our audit of the in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have conduded that the Trustees, use of the going concern basis of a¢untIng in the preparation of the financial slalements is appropriate. 8a5ed on the work we have perfomed, we have not identified any material uncertainties relating lo events or Conditions that, individually or colleclivety, may cast significant doubl on the charitable company's ability to continue as a going Concern for a peric41 of at least 1v0 months from when the financial statements are aulhorised for issue. Our responsibilities and the re$por¢sibilitss of the TnJ$te8s respect to going concem are described in the relevant sections of this report. Page 5
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BRIDGE SCHOOL MALVERN LTD ICONTINUEDI OTHER INFORMATION The other infomalion comprises the information included in the Annual report other than the and our Auditors, report Ihereon. The Trustees are responsible lor the other infomialion contained within the Annual report. Our opinion on the doe5 not cover the other information and, except lo the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsislenl with the or our knowledge obtsined in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstalemenls, we are required lo determine whether this gives rise lo a material misslalement in the themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other infonnalion, we are required to report that fact. We have nothing lo report in this regard. OPINION ON OTHER mAERs PRESCR18ED BY THE COMPANIES ACT 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for whi¢h the finanaal slalemenls are prepared is consistent with the financial stalemenls. the Trustees, Report has b8en prepared in accordance with applicable legal requirements MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In light of our knowledge and understanding of the charitable company and its environment obtained in the Course of the audit, we have not identified malenal misstslements in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us lo report lo you If, in our opinion.. adequate accounting records have not been kept, or retum$ adequate for our audit have not been received from branches not visited by us.. or the financial statements are not in agreement with the accounting records and turn9'. or certain disclosures of Trustees. remunefabon specified ty law are not made," or we have not received all the information and explanations we require for our audit", or the Trustees were not enlilled to prepare the financial slalements in accordance with the small companies regime and lake advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement lo prepare the Strategic Report. RESPONSIBILITIES OF TRUSTEES As explained more fully in the Trustees, responsibililies statement, the Trustees (who a also the directors of the charitable company for the puiposes of company lawl are responsible for the preparation of the and lor being satisfied that they give a tnje and fair view. and for such inlernal control as the Trustees determine is necessary to enable the preparation of that are free from material misstatement, whether due to fraud or error. In preparing the the Trustees are responsible for assessing the charitable companls ability lo continue as a going concern, disclosing, as applicable, matters felaled to going conrn and using the going concern basis of accounting unless the Trustees either intend lo liquidate the tharitsble company or to cease operations, or have no realisb'c altemab've bul to do so. Page 6
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF BRIDGE SCHOOL MALVERN LTD (CONTINUED) AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have been appointed as audrtor under $ectyon 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect there under. Our objectives are lo obtain reasonable assurance about whether the as a whole are free from material misslatemenl, whether due lo fraud or error. and lo issue an Auditors. report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordan¢e with ISAS IUKI will always detect a material misslaternenl when it exists. Misstalemenls can arise from fraud or error and are considered material if, ind¢vidually or in the aggregate, Ihey could reasonably be expected lo influence the e¢onomic decisions of users tsken on the basis of these . lffegularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misslalemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of dele¢ling irregularities, including fraud is detailed below.. In assessing the risk of material misslaterrent in respect of irregulanties. including fraud and nonrfomplianc8 with laws and regulations, our procedures in¢luded the following.. the nature of the seelor, control environment and the Chanty's perfornian.. results of our enquiries of management and the Trustees, about their own identification and assessment of the risks of irregularities, any matters we identified having obtained and reviewed the Charity's dcrumentalion of their policies and procedures relating lo.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non<ompliance,' delecling and responding lo the risks of fraud and whether they have knowledge of any actual. suspected or alleged fraud". Ihe intemal controls established to mitlgale risks of fraud or non-compliance with laws and regulations.. the matters discussed among the audit engagement team regarding how and where fraud might o¢¢ur in the financial slalemenls and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and in¢enlives that may exisl within the organisab'on for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, purchase ledger, and identified the greatest potential for fraud as incorrect recognition of revenue and management oveIde using manual journal entries. In common with all audits under ISAS (UK), we ar& also required to perfomi specific procedures lo respond lo the risk of management override. We idenkn'fied and obtained an understanding of the laws and regulations that are of significance to the Charity by discussions with Trustees and by updating our understanding of the sector in which the Charity operated in. Laws and regulations that are of direct significance lo the Chanty and of which non compliance could result in malenal misslalemenl are the Charlties Act. Charities SORP and tax legislab'on. In addition, we Considered provisions of other laws and regulations that do not have a direct effect on the financial slalemenls bul compliance with which may be fundamental to the Chanty's ability to operate or to avoid a material penalty. Our procedures lo respond to risks identified induded the following.. reviewing the financial $latemenl disclosures and testing to supporting documentation lo assess complian with provisions of relevant laws and regulab.ons described as having a direct effect on the financial 51alements,' viewing the financial stslemenl disclosures and lesbng to supporting documentation to assess the recognition of revenue, in line with longer lemi conlract accounting methodologies", enquiring of Trustees and management ¢onceming actual and potential lib"galion and claims,. performing procedures to confirm material compliance with the requiomenls of the above regulations", performing analytical procedures to identsfy any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., reading minutes of Trustee meeb"ngs.' and Page 7
BRIDGE SCHOOL MALVERN LTD (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF BRIDGE SCHOOL MALVERN LTD {CONTINUEDI in addressing the risk of fraud through management override of controls. testing the appropriateness of journal entries and other adjustments, and assessing whether the judgements made in making accounting eslimales are indicative of a potential bias. We also communicated relevant identified laws and regulations and potential fraud risks lo all engagement team members and remained alert to any indications of Iraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed lo respond lo risks of material misstslemenl in the financtal stslements, recognising that the risk ol not detecting a malerial misslalemenl due lo fraud is higher than the risk of not delecling one resulting from an error, as fraud may involve delibetale concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in Ihe audit procedures performed and the further removed non4omplian¢e with laws and regulations is from the events and transaction$ reflected in the financial stalemenls. the less likely we would become aware of it. A further description of our responsibilibes lor the audit of the is l¢xaled on the Financial Reporting Council's website al.. www.fr ilorsres nsibili118s. This description fom)s part of our Auditors, report. USE OF OUR REPORT This report 1$ made solely to th8 charitable Companls members, as a body, in a¢¢ordan¢e with Chapter 3 of Part 16 of the Companies Act 20C6 Our audit work has been undertaken $0 that we might slate lo the charitable Company's members those matters we are required lo stsle lo them in an Auditors, report and for no other purpose. To the lulle$l exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charitable Company and ils membars. as a body. for our audit work, for this POrt, or for the opinions we have formed. Andrgw Wood FCCA (Senlor statutory audltor) for and on behalf of Bishop Fleming LLP Chartered Accountants Stslulory Audito 1-3 College Yard Worcester WR12LB Dale.. 3110512023 Bishop Fleming LLP are eligible to act as audttors in terms of section 1212 of the Companies Act 2006. Page 8
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted funds 2022 Rostricted funds 2022 Total fund$ 2022 Total funds 2021 Note Incomg from: Donations and legaeies Charitable a¢livilies Other trading aclivibes Investments 120 1.579.326 8,560 13,798 1S,770 13,918 1,595,096 8,560 27,481 1.433.232 7,620 248 Total Incom6 1.588.013 29,568 1.617.581 1,468,581 Exponditure on: Raising funds Charitable activities 10.558 1.583.795 10,558 1,621,554 1,031 1,428,597 37,759 Total expendlturo 1,594,353 37,759 1,632,112 1,429,628 Net1gxpondlture}Ilncomo Transfers beeen funds 16,3401 18,5471 {8.191) 8,547 114,5311 38,953 15 Not movement In fund8 boforo other rfr¢ognl8gd galns 114,887) 356 114,531} 38,9S3 Oth8r ro¢ognl8ed galn8: Gains on revaluation of fixed assets 35,534 Net movement In fuTrd• (14.8871 356 {14,531) 74,487 Re¢on¢lll•tlon of funds: Total funds brought foThvard Net movement in fvnds 616,403 114.887 616,403 114.5311 541,916 74,487 356 Total fund8 carrled forward 601,516 356 601,872 616,403 The Statement of Financial Aclivibes includes all gains and losses re¢ognised in the year. The notes on pages 12 10 23 form part of these financial statements. Page 9
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER:06362939 BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Not• FIXED ASSETS Tangible assets 12 299,548 293,589 299.548 293,589 CURRENT ASSETS Debtors Cash at bank and in hand 13 66.806 294,694 202,417 224,674 361,500 427,091 cdItors,. amounts falling due within on8 year 14 {59.1761 1104,2771 NET CURRENT ASSETS 302,324 322,814 TOTAL ASSETS LESS CURRENT LIABILITIES 601,872 616.403 NET ASSETS EXCLUDING PENSION ASSET 601,872 616,403 TOTAL NET ASSETS 601.872 616,403 CHARITY FUNDS Reslri¢led funds 15 356 Unreslricled funds 15 601,516 616,403 TOTAL FUNDS 601,872 616,403 The Trustees acknowledge their responsibilrties for complying with the requirements of the Act with respect lo accounting records and preparation of financial stslemenl$. The financial slalemenls have been prepared in accordance with the provis$ applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the TnJ$lees and signed on their behalf by.. Helen Attree 3110512023 The notes on pages 12 10 23 fom part of these financial slatements. Page 10
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Cash flows from operating aetlvlties Nel cash used in operating acb"vilies 96.734 155.9381 Cash flows from InYestSng activities Interest received Purchase of tangible fixed awts Gain on revaluations 12481 198,8031 135,5341 126,7071 Net cash used Sn Invostlng actlvltlos 126,714} 1134,5851 Change In cash and cash oqulvalents In tho year Cash and Cash equivalents at the beginning of the year 70,020 1190,5231 415,197 224,674 Ca8h and cash equlvalents at the end of thg year 294,694 224,674 The notes on pages 12 to 23 form part of these financrdl statements Page11
BRIDGE SCHOOL MALVERN LTD {A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 GENERAL INFORMATION Bridge School Malvem Ltd is a ¢harilable company registered in England and Wales. Company number, 6362939 and charity number 1122536. The registered office is Unil 2 Hanley Workshops, Hanley Road, Hanley Swan. Worcesler. WR8 ODX. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in a¢¢ordan¢e with the Charities SORP IFRS 1021- Accountin9 and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts in a¢¢ordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 and the Companies Act 20C6. Bridge S¢h¢)ol Malvem Ltd meets Ihe definition of a public benefit ents'ty under FRS 102. Assets and liabilities are initially re¢ognised at hi$lorical cost or transaction value unless otherwise slated in the levant a¢¢ounling policy. 2.2 GOING CONCERN After making appropriate enquiries. the Trustees have a reasonable expectation that the charity has adequate resources to ¢onlinue in operalional existence for the foreseeable future. For this reason they continue to adopt the going con¢em basis in prepanng the financial slalemenls. The financial stslements do not reflt the adjustments that would be necessary should entity cease lo remain as a going concem. 2.3 INCOME All income is re¢ognised once the Company has entitlement to the income, il is probable that the income will be reiVed and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income reiVed for specific purposes bul not expended dunng the period is shown in the levant funds on the Balance sheet. WheTe income is received in advance of enlitlemenl of receipt, ils recognibon is defefred and included in Creditors as deferred income. Where entillemenl occurs before income is received, the income is accnjed. 2.4 EXPENOITURE Expenditure is recognised once there is a legal or con$lw¢live obligation lo transfer economic benefit lo a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is classified by activity. The costs of each activity are made up ol the total of direel cost5 and shared costs, including support costs involved in undertaking each activty. Direct costs attributable lo a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single acbvity are apportioned betsyeen those activities on a basis consistent with the use of resources. Central staff costs are all¢xaled 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 for ils charitable purposes and includes Costs of all fundraising activities events and non-charilable trading. Expenditure on charitsble activibes is incurred on directly undertaking the activities which further the Company's objeth'ves, as well as any associated support costs. Page 12
BRIDGE SCHOOL MALVERN LTD IA COIJIPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Icontlnued) 2.4 EXPENDITURE {CONTINUED} All expenditu is incluswe of irrecoverable VAT. 2.5 INTEREST RECEIVABLE Interest on fvnds held on deFosit is induded when receivable and the amount can be measured reliably by the Company.. this is normally upon notification of the interest paid or payable by the inslilulion with whom the ftjnds are deposited. 2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the $1 or value of the asset can be measured lIablY. Tangible fixed assets are initially recognised al cost. After recognition, under the cost model, tangible fixed assets are measured al ¢osl less aecumulaled depreciation and any accumulated impairment losses. All costs incurred lo bring a langible fixed asset into its intended working condition should be included in the measuremenl of cost Depreciation is Charged so as to all(ate the cosl of tangible fixed assets less their sIdUal value over their estimated useful lives. on a reduang balance basis. Depreciation is provided on th6 following bas8s'. Leasehold Building Improvements Plant and machinery Computer equipment Cabins and Units - 2% Reduang-balance 5-20% Reducing-balance 25% Redu¢ing-balance - 5-10% Reducing-balance 2.7 DEBTORS Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepa1 nel of any trade discounls due. 2.8 CASH AT BANK AND IN HAND Cash al bank and in hand includes cash and short-lemi highty liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation al the Balan sheet dale as a result of a past event, it is probable that a tTansfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated liablY. Liabilities are recognised at the amount that the Company anticipates it will pay lo settle the debt or the amount it has received as advanced payments for Ihe goods or services it musl provide. Provisions are measured al the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material. the provision is based on the present value of those amounts. discounted al the pr&tax discount rale that reflects the risks specific lo the liability. The unwinding of the dismunt is reeognised in the Statement of financial activities as a finance cost. Page 13
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES Icontsnued} 2.10 FINANCIAL INSTRUMENTS The Company only has financial assets and financial liabilities of a kind that qualify as basic financial in$lrumenls. Basic financial instruments are inilialty recognised al transaction value and subsequently measured al their settlement value with the eXpIlOn of bank loans which are subsequently measured al amrtised ¢ost using the effective interesl method. 2.11 PENSIONS The Company OFefates a defined contribution pension scherre and Ihe pension charge represents the amounts payable by the Company to the fund in respect of the year. 2.12 FUND ACCOUNTING General fvnds are unrestricted fvnds which a available for use al the dis¢relion of the Trustees in rtherance of the general obje¢live$ of Ihe Company and which have not been designated for other purposès. Reslricled funds are funds which are lo be used in accordance with specrfic reslri¢lions imposed by donors or which have been raised by the Company for particular purposes The costs of raising and administering such funds are Charged against the specific fund. The airn and use ol each re$lri¢led fund is set out in the notes lo the financial stalemenls. Investment inM0, gains and losses a all¢xated to the appropriate fvnd. INCOME FROM DONATIONS AND LEGACIES Unrestricted Restrlcted funds funds 2022 2022 Total funds 2022 Total funds 2021 Grants 120 13,798 13.918 27,481 TOTAL 2021 27,481 27.481 Page 14
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED B Y GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restrlcted funds funds 2022 2022 Totsl funds 2022 Total funds 2021 Sludenl Fees Pupil Premium BrKlge the Gap 1,526,330 1,526,330 15,770 52,996 1,433,232 15,770 52.996 1.579,326 15,770 1.595,096 1,433.232 TOTAL 2021 1,433,232 1.433.232 INCOME FROM OTHER TRADING ACTIVITIES Income from lundralslng events Unre8trlcted funds 2022 Total fund8 2022 Totsl funds 2021 Fundraising Shop Sales 5,322 3,238 5,322 3.238 5,250 2.370 8,560 8,560 7,620 TOTAL 2021 7.620 7,620 INVESTMENT INCOME Unrestrlcled funds 2022 Total funds 2022 Total funds 2021 Bank Interest 248 TOTAL 2021 248 248 Page 15
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Unre$tri¢ted Restrictod funds fund$ 2022 2022 Total 2022 Total 2021 Sludenl Fees Pupil Premium 1.583.795 13,798 23,961 1.597.593 23,961 1,428,597 1,583.795 37,759 1.621,554 1,428,597 TOTAL 2021 1,401.266 27,331 1.428,597 ANALYSIS OF EXPENDITURE BY ACTIVITIES Actlvltles undertaken dlrectty 2022 Support costs 2022 Total funds 2022 Total funds 2021 Student Fees Pupil Premium 1.528,007 19.358 69,586 4,603 1,597,593 23,961 1.428.597 1.547,365 74,189 1,621,554 1.428,597 TOTAL 2021 1.376,066 52,531 1,428.597 Page 16
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF DIRECT COSTS Student Fees 2022 Pupll Premlum 2022 Total funds 2022 Total fvnds 2021 Staff ¢051s Depreciation Staff training Teaching expenses Consumables Rent, rates and ulililies Buildinglsile maintenance and development Examination fees Vehicle expenseslstaff mileage Animal care Computer costs 1,256.591 15,136 7.755 102.174 3,068 77,455 54.898 2,268 4.449 3,461 752 10 1,256,601 15,136 7,755 121,440 3.068 77,455 54.920 2.268 4,449 3,521 752 1,096.087 7,959 4.556 109,163 2,182 65,837 40,666 11,910 9,703 1,791 28.212 19,266 22 60 1,528,007 19,358 1,547,365 1,376,066 TOTAL 2021 1.376,066 1,376,C66 ANALYSIS OF SUPPORT COSTS Stud¢nt Foes 2022 Pupll Promlum 2022 Total funds 2022 Totsl fvnds 2021 Depre¢ialion Office Expenses Audit Fees 5.612 39,935 24.039 5.612 44,538 24,039 4,769 33,762 14,000 4.603 69.S86 4,603 74,189 52,531 TOTAL 2021 52,531 52.531 Page 17
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 AUDITORS. REMUNERATION 2022 2021 Fees payable to the Companys auditor for the audit of the Company's annual accounts 19.855 9,500 Fees payable lo the Companls auditor in resFect ot. All non-audil services not included above 4,184 4,500 10. STAFF COSTS 2022 2021 Wages and salaries Social security ¢o$l$ Contribution to defined contribution pension sche$ 1.103,909 98,792 53,900 987,009 87,913 21,165 1,256,601 1,096,087 The average number of persons employed by the Company during the year was as follows.. 2022 No. 2021 No Employees 40 No employee received remuneration amunting to than £60,000 in either year. 11. TRUSTEES, REMUNERATION AND EXPENSES During the year. no Trustees received any remuneration or other beneffits12021- £NILI. Dunng the year ended 31 August 2022. no Trustee expenses have been in¢urred12021- £NILI. Page 18
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 12. TANGIBLE FIXED ASSETS Leasehold Freehold Buildlng Plant and Computer Land Impiovements machlnery equipment Total COST OR VALUATION Al 1 September 2021 Additions 72,OlXI 140,322 5.812 164.281 6,002 37.314 14,893 413,917 26,707 At 31 August 2022 72.000 146.134 170,283 82.207 440,624 DEPRECIATION Al 1 September 2021 Charge for the year 20,560 4.936 91,992 5,612 7,776 10,200 120,328 20.748 Al 31 August 2022 25,496 97,604 17.976 141,076 NET BOOK VALUE Al 31 August 2022 72,000 120,638 72.679 34,231 299,548 Al 31 August 2021 72,000 119.762 72,289 29,538 293,589 Freehold land is shown at market valuation in the 2013 accounts. The professional valuation was undertaken in October 2021 by David E J Prosser. FRICS. The twstses believe the valuatron is still true and fair in the current financial year. 13. DEBTORS 2022 2021 DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 5,597 8,666 188,1S4 66,766 66,806 202,417 Page 19
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Trade creditors 11.808 27.$46 5,225 14.597 26,767 57,815 5,695 14,000 Other taxation and social security Other ¢redilofS Accruals and deferd income 59.176 104,277 15. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balance at 1 September 2021 B•lan¢e at 31 Augu$t 2022 Transfers Inlout Income Expendlture UNRESTRICTED FUNDS General 616.403 1.588.013 {1.594.353) 18,547} 601,516 RESTRICTED FUNDS Children in Need Grant Pupil Premium 13.798 15,770 113,7981 123,9611 8.547 356 29.568 137.7591 8,547 356 TOTAL OF FUNDS 616,403 1,617.581 (1.632,1121 601,872 The Children in Need gfanl is for a salaried wsition for a three year period. The position 1$ for Transition Worker with the role of supporting young people lo transition into their place al the Company. Many of our young people have previously been out of education for a number of years so will need a prolonged integration package to help them seltle. The fole also indudes support in managing the young person's transition out into further education or Ihe workplace. Page 20
BRIDGE SCHOOL MALVERN LTD (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS- PRIOR YEAR Balan at 1 September 2020 Balan al 31 August 2021 Gainsl {Lossesl Income Expenditure UNRESTRICTED FUNDS General 541,916 1,441.250 {1,402,2971 35,S34 616,403 Balance at 1 September 2020 8al8nce al 31 August 2021 Gainsl {Losse$l Income Expenditure RESTRICTED FUNDS Children in Need Grant 27.331 127,331} TOTAL OF FUNDS 541,916 1,468,581 11,429,628) 35,534 616,403 16. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balance at 1 September 2021 Bllance at 31 Augu$t 2022 Transfers inlout Income Expfrndlture General funds Restricted funds 616,403 1,S88,013 11,594.3531 29,568 {37.759 18,S471 8,547 601,516 356 616,403 1.617.581 11,632.112) 601,872 SUMMARY OF FUNDS- PRIOR YEAR Balance at 1 September 2020 Balance al 31 August 2021 Gainsl (Losses) Income Expenditure General funds Reslricled funds 541,916 1,441.250 11,402,297} 27,331 (27,3311 35,534 618,403 541.916 1,468,581 11.429,628} 35,534 61 $,403 Page 21
BRIDGE SCHOOL MALVERN LTD IA COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT YEAR Unrestricted Restrlcted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Current as5els Creditors due within one year 299.548 361.144 159,1761 299,548 361.500 159,1761 356 TOTAL 601,516 356 601.872 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR Unfeslricled funds 2021 Total fvnds 2021 Tangible fixed assets Current assets Creditors due within one year 293,589 427,091 {104,2771 293,589 427,091 1104,2771 TOTAL 616,403 616,403 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 18. 2022 2021 Nel incomelexpenditure for the year las per Statement of Financial Acliviliesl 114,5311 38,953 ADJUSTMENTS FOR: Depre¢ialion charges Gain on revaluations Interest received Increase in debtors Increa$elldecreasel in creditors 20,748 12.728 35,534 248 135,611 {45,1011 1194,5531 51,152 NET CASH PROVIDED BYIIUSED IN) OPERATING ACTIVITIES 96.734 155,938} Page 22
BRIDGE SCHOOL MALVERN LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 19. ANALYSIS OF CASH AND CASH EQLIIVALENTS 2022 2021 Cash 294.694 224,674 20. ANALYSIS OF CHANGES IN NET DEBT At1 September At31 2021 Cash flows August 2022 Cash at bank and in hand 224.674 70.020 294,894 21. PENSION COMMITMENTS The Charitable Company makes contributions. as part of an employee's contract of employment, which are payable lo defined contn'bulion Schemes chosen by the employer The assets of the schemes are held separately from those of the company in an independently administered funds. The pension cost Charge represents contributions payable by the company lo the funds and amounted lo £54,96612021'. £21, 1651. Contributions lolaling £6,03712021.' £5.400) We payable lo the lunds at the Balance Sheet date and are included in creditors. 22. OPERATING LEASE COMMITMENTS Al 31 August 2022 the Company had MmItMents to make future minimum lease payments under non- cancellable operating leases as follows.. 2022 2021 Not later than 1 year Later than 1 year and not later than 5 years 48,837 $4,601 43,919 95,309 103.438 139,228 23. RELATED PARTY TRANSACTIONS During the year income of £61,009 {2021". £Nill was received from Bridge The Gap Malvern Limited in relation to the use of Bridge School Malvem Ltd staff and services. Bridge The Gap Malvern is a company contn)Iled by Neil Hornby. CEO of Bridge Sch(x)l Malvern Ltd. During the year purchases of £Nil 12021.. £8,013) were made on behalf of Bridge The Gap Malvern Limited. Al the year end £9,340 (2021." £8,013) is included wrthin debtors due within one year. Page 23