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2022-03-31-accounts

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRIDGES IMPACT FOUNDATION LIMITED

Opinion

We have audited the financial statements of Bridges Impact Foundation Limited (‘the company’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Trustees' Annual Report and Accounts | 21

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRIDGES IMPACT FOUNDATION LIMITED (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 21, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Trustees' Annual Report and Accounts | 22

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRIDGES IMPACT FOUNDATION LIMITED (continued)

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

Trustees' Annual Report and Accounts | 23

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BRIDGES IMPACT FOUNDATION LIMITED (continued)

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Stickland (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

Date: 31 January 2023 6th Floor 9 Appold Street London EC2A 2AP

Trustees' Annual Report and Accounts | 24

Bridges Impact Foundation Limited Statement of Financial Activities For the year ended 31st March 2022

Note
INCOME AND EXPENDITURE
Income
Donations and Grants
2
Investment income
3
Other income
Total Income
Expenditure
Charitable expenditure
4
Total Expenditure
7
Net Income and net movement in funds
Transfers between funds
Fund Balances at 1st April 2021
Total Funds at 31st March 2022
10,11
Revaluation/(impairment) of programme-related
investment		 Unrestricted Restricted
Funds
Funds
£
£
197,278
-
129,222
-
47,120
-
373,620
-
248,338
-
248,338
-
-
5,620
125,282
5,620
-
-
799,134
5,178,926
924,416
5,184,546		 Year ended
31 March 22
£
197,278
129,222
47,120		 Year ended
31 March 21
£
28,466
120,382
-
373,620 373,620 148,848
248,338 248,338 349,337
248,338 248,338 349,337
- 5,620 1,326,841
125,282
-
799,134		 130,902
-
5,978,060		 1,126,352
-
4,851,708
924,416 6,108,962 5,978,060

All gains and losses for the year are included in the Statement of Financial Activities and arise from continuing operations.

The notes on pages 28 to 35 form part of these financial statements.

Trustees' Annual Report and Accounts | 25

Bridges Impact Foundation Limited Balance Sheet at 31st March 2022

Note
Programme-Related Investments
7
Current Assets
Debtors
8
Cash at bank and in hand
Creditors: Amounts falling due
within one year
9
Net Current Assets
Net Assets
Funds
Unrestricted general funds
10
Unrestricted designated funds
10
Restricted funds
11		 2022
£
141,259
1,435,285
1,576,544
(10,000)		 2022
£
4,542,418
1,566,544
6,108,962
913,357
11,059
5,184,546
6,108,962		 2021
£
-
1,910,742
1,910,742
(72,595)		 2021
£
4,139,913
1,838,147
5,978,060
783,982
15,152
5,178,926
5,978,060

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The notes on pages 28 to 35 form part of these financial statements.

Approved by the Board of Trustees and authorised for issue on and signed on its behalf by:

31 January 2023 ..................................................................... ………………………… Victoria Hornby Date: Trustee

Company Registration Number: 06864617

Bridges Impact Foundation Limited Notes to the Accounts For the year ended 31st March 2021

1 Accounting Policies

Basis of Accounting

These financial statements are prepared on a going concern basis, under the historical cost convention.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The charitable company is a public benefit entity for the purposes of FRS 102 and therefore the Foundation also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011.

The financial statements are prepared in sterling, which is the functional currency of the Foundation. Monetary amounts in these financial statements are rounded to the nearest pound.

The principal accounting policies adopted in the preparation of the financial statements are set out below.

Going Concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Foundation to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements and have considered the potential impact of the Covid-19 pandemic. However, the principal expenditure is donations and grants and these are only made out of funds available. This combined with the significant unrestricted reserves held by the Foundation have led the Trustees to conclude that there is a reasonable expectation that the Foundation has adequate resources to continue in operational existence for the foreseeable future. The Foundation therefore continues to adopt the going concern basis in preparing its financial statements.

Income

Income from investments and donations and grants is brought into the accounts when the Foundation is entitled to receipt, receipt is probable and can be measured reliably.

Gift Aid income is recognised on the date at which the relevant qualifying donation has been received. Any amounts not received at the year end are included within debtors.

Expenditure

Expenditure is charged in the accounts on an accruals basis. Governance costs consist of costs associated with the strategic direction of the organisation.

Grants payable, including those paid over several years, are charged when the offer is conveyed to the recipient except in the cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the Balance Sheet date are noted as a commitment but not accrued as expenditure. All grants reflected in note 9 are payable to institutions to enhance mental health and well-being in young people. No support costs are allocated to grant-giving activities.

Fund structure

Amounts donated for the purpose of specific categories of investment are categorised as restricted funds. All other income is included as unrestricted provided there are no conditions specified by the donor related to its use.

Trustees' Annual Report and Accounts | 27

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2022

1 Accounting Policies

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held on call with banks, and other short-term liquid investments with original maturities of three months or less.

Financial Instruments

Basic financial instruments are measured at amortised cost, other than investments, which are measured at cost less impairment.

With the exceptions of prepayments and deferred income, all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See notes 8 and 9 for the debtor and creditor notes.

Critical accounting estimates and areas of judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements.

The trustees deem the key area of estimation to be the annual review and adjustment of the Programme-Related Investment to take into account any current period impairment, reversal of prior period impairment or revaluation. See the accounting policy above and note 7 for further details.

2 Donations and grant income

Gift aid
Individual donations		 2022
£
33,891
163,387
197,278		 2022
£
-
28,466
175,984

All donation and grant income was unrestricted in 2022 and 2021.

3 Investment Income

Dividends received
Interest received		 2022
£
129,222
-
129,222		 2021
£
120,599
(217)
120,382

All investment income was unrestricted in 2022 and 2021.

Negative interest received above represents the release in the year of previously accrued interest receivable.

Trustees' Annual Report and Accounts | 28

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2022

4 Expenditure

Current year
Charitable expenditure
Donations
Grants paid to institutions (see note 4b)
Consultancy fees
Governance (see note 4a)
Total
Prior year
Charitable expenditure
Donations
Grants paid to institutions (see note 4b)
Consultancy fees
Other costs
Governance (see note 4a)
Total		 Direct
Costs
£
61,056
100,000
-
-
161,056
Direct
Costs
£
29,542
245,000
-
-
-
274,542		 Support
Costs
£
-
-
76,679
10,603
87,282
Support
Costs
£
-
-
64,429
-
10,366
74,795		 Total
2022
£
61,056
100,000
76,679
10,603
248,338
Total
2021
£
29,542
245,000
64,429
-
10,366
349,337

Restricted expenditure included above for 2022 is £nil (2021: £nil).

Key management personnel comprise the Trustees and the Director of Strategy. Within Consultancy fees is £65,827 (2020: £64,429) paid to Bridges Fund Management for the services of the Director of Strategy.

4a Governance costs

Governance costs
Legal & professional fees
Audit fees
Bank charges		 Total
2022
£
-
10,000
603
10,603		 Total
2021
£
-
10,000
366
10,366

Restricted expenditure included above for 2022 is £nil (2021: £nil).

Trustees' Annual Report and Accounts | 29

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2022

4b Grants paid to institutions
Grants paid to institutions
OnSide Youth Zones
Worship Company of Chartered Surveyors
Mental Health Innovation
The Difference
Bridges Outcomes Ltd		 2022
£
-
20,000
50,000
30,000
-
100,000		 2021
£
25,000
-
20,000
50,000
150,000
245,000

5 Trustees' remuneration

Trustees are deemed to be the key management personnel of the Foundation The Foundation has no employees. The trustees did not receive any remuneration during the period (2021: £nil). No costs were reimbursed to trustees during the period (2021: £nil).

6 Auditors' remuneration

Total amounts paid to the auditor in note 4a are broken down as below:

Current year audit fee
Prior year (over)/under accrual		 2022
£
10,000
-
10,000		 2021
£
8,455
1,545
10,000

Trustees' Annual Report and Accounts | 30

Bridges Impact Foundation Limited

Notes to the Accounts (continued) For the year ended 31st March 2022

7
Programme-related investments
Investment value at 1 April 2021
Loan investment additions in the year
Loan investment repayments in the year
Value at 31 March 2022
Revaluation of programme-related investment		 2022
£
4,139,913
548,065
(151,180)
5,620
4,542,418		 2021
£
2,829,304
77,282
(93,514)
1,326,841
4,139,913

Investments represent the amounts paid to date by the Foundation into the Bridges Social Entrepreneurs Fund LP of which it is a Limited Partner, and Bridges Evergreen Capital LP of which it is also a Limited Partner.

The Bridges Social Entrepreneurs Fund was intended to exist for a period of up to twelve years and has terminated since 31 March 2022. Ultimately, the fund had a net money multiple of less than 1 (i.e. did not return all invested capital) over its life.

The Bridges Evergreen Capital LP Fund is focused on investing long-term capital to support the growth of mission-led businesses and social sector organisations that deliver positive social impact and enjoy commercial success. The Fund has invested in New Reflexions, the Ethical Housing Company, and Agility Eco.

Amounts committed, but not yet invested

The total commitment that the Foundation had to Bridges Social Entrepreneurs Fund LP was £4,240,252 which could be drawn down at the discretion of the Manager of the Fund. Total undrawn commitments in the Fund were capped as of 30 June 2016, resulting in a cancellation of commitments. PPS repaid subsequent to the cancellation will continue to be redrawable.

The balance of the Foundation's commitment, not yet drawn upon by 31 March 2022, is £1,012,500 (2021: £730,826).

In addition, total distributions of £93,514 have been received by the Foundation from the Fund in the year to 31 March 2022, which represents the repayment of loans drawn from the Foundation to pay the priority profit share to the Fund’s General Partner. A portion of these amounts are subject to being redrawn by the Fund at any point in its life, up to its termination date.

The total commitment that the Foundation had to Bridges Evergreen Capital Fund LP at 31 March 2022 was £3m (2021: £3m) which can be drawn down at the discretion of the Manager of the Fund. Bridges Evergreen Capital LP is constituted under a Limited Partnership Agreement dated 6 July 2016. The Fund invests in mission-led Portfolio Companies that provide a positive social impact and have a mission-locked governance structure in order to deliver their social mission. The Fund currently has committed capital of £50.8 million.

The balance of the Foundation's commitment, not yet drawn upon by 31 March 2022, is £nil (2021: £514,532).

Trustees' Annual Report and Accounts | 31

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2022

8 Debtors
8
Debtors
Accrued income
9
Creditors: Amounts falling due within one year
Grants payable
Other creditors		 2022
£
141,259
141,259
2022
£
-
10,000
10,000		 2021
£
-
-
2021
£
45,000
27,595
72,595

10 Unrestricted Funds

Current year

Current year
General funds
Designated funds
(a)
Benevolent fund
(b)
Fund matching
Prior year
General funds
Designated funds
(a)
Benevolent fund
(b)
Fund matching		 At 1 April
2021
£
783,982
10,985
4,167
15,152
799,134
At 1 April
2020
£
964,729
13,485
21,409
34,894
999,623		 Income
£
373,620
-
-
-
373,620
Income
£
148,848
-
-
-
148,848		 Expenditure
£
(209,992)
(4,093)
(34,253)
(38,346)
(248,338)
Expenditure
£
(329,595)
(2,500)
(17,242)
(19,742)
(349,337)		 Transfer
£
(34,253)
-
34,253
34,253
-
Transfer
£
-
-
-
-
-		 At 31 March
2022
£
913,357
6,892
4,167
11,059
924,416
At 31 March
2021
£
783,982
10,985
4,167
15,152
799,134

(a) The Bridges Impact Foundation Benevolent Fund has been established primarily to support employees of the Bridges Fund Management group and any of its portfolio companies who find themselves in acute financial need. In the year to March 2022 a total of £4,093 (2021: £2,500) was paid out for such causes.

Trustees' Annual Report and Accounts | 32

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2022

11 Restricted Funds
11
Restricted Funds
(a)
Balance at 1 April 2021
Revaluation gain
Balance at 31 March 2022
(b)
Balance at 1 April 2020
Revaluation gain
Balance at 31 March 2021
Funds acquired for Programme Investment in Bridges
Social Entrepreneurs Fund
Funds acquired for Programme Investment in Bridges
Evergreen Capital LP		 2022
£
1,122,807
14,905
1,137,712
4,056,119
(8,781)
4,047,338		 2021
£
1,118,414
4,393
1,122,807
2,733,671
1,322,448
4,056,119

12 Analysis of Net Assets between funds

Analysis of Net Assets between funds
Current year
Fixed Assets - Programme-related investments
Current Assets
Current Liabilities
Prior year
Fixed Assets - Programme-related investments
Current Assets
Current Liabilities		 Unrestricted
Funds
2022
£
-
924,416
-
924,416
Unrestricted
Funds
2021
£
-
799,134
-
799,134		 Restricted
Funds
2022
£
4,542,418
652,128
(10,000)
5,184,546
Restricted
Funds
2021
£
4,139,913
1,111,608
(72,595)
5,178,926		 Total
Funds
2022
£
4,542,418
1,576,544
(10,000)
6,108,962
Total
Funds
2021
£
4,139,913
1,910,742
-72,595
5,978,060

Trustees' Annual Report and Accounts | 33

Bridges Impact Foundation Limited Notes to the Accounts (continued) For the year ended 31st March 2022

13 Related Party Relationships and Transactions

Bridges Impact Foundation Limited is a Limited Partner in Bridges Social Entrepreneurs Fund LP and is not considered to have a controlling or significant interest in the LP Fund. During the period, Bridges Impact Foundation received £nil (2021: £93,514) from Bridges Social Entrepreneurs Fund LP by way of distribution out of income or capital. At the year end Bridges Impact Foundation Limited's investment in Bridges Social Entrepreneurs Fund LP was £282,660 (2021: £225,774).

Bridges Impact Foundation Limited is a Limited Partner in Bridges Evergreen Capital Fund LP and is not considered to have a controlling or significant interest in the LP Fund. At the year end Bridges Impact Foundation Limited's investment in Bridges Evergreen Capital Fund LP was £4,411,441 (2021: £3,914,139). The Foundation received a distribution by way of dividend of £129,222 (2021: £120,599).

Bridges Impact Foundation Limited operates under common control with Bridges Fund Management (BFM). Michele Giddens is a common Trustee (and Director of BFM). During the year a total of £65,827 (2021: £64,429) was paid to BFM representing consultancy fees. At the year end an amount of £nil (2021: £17,697) was payable to BFM.

Within the 2020 financial year, the Trustees approved a multi-year grant to Mental Health Innovation ("MHI"). Victoria Hornby is CEO of MHI, the charity which runs and manages Shout. At the time of grant decision making, she was not a trustee of BIF Ltd. An amount of £50,000 (2021: £20,000) was paid to MHI during the year.

On 9 February 2021, the trustees approved a grant to Bridges Outcomes Limited, a company connected by common trustees/directors including Antony Ross and Michele Giddens. This grant is for a term of 15 years for an amount of £150,000 which was paid in the prior year was paid on 5 March 2021. There was no amount outstanding at the year ended 31 March 2022 (2021: £nil).

14 Staff Numbers

There were no full time equivalent employees during the year (2021: non.). Total staff costs for the year were £nil (2021: £nil). The Foundation is provided with administrative support free of charge by Bridges Fund Management Limited.

15 Taxation

The Foundation carries out exempt charitable activities, therefore no corporation tax is due on the year's results.

Trustees' Annual Report and Accounts | 34

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