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← Bridge-It Housing UK Team Ltd

2024-02-29-accounts

Company Registration Number: - 07941530

The Charity Registration Number is:1146838

Bridge-It Housing UK Team Ltd

Report and Accounts

29 February 2024

Bridge-It Housing UK Team Ltd

Report and accounts for the year ended 29 February 2024

Contents

Page
Charity information 1
Trustees' Annual Report 1
Statement of directors' responsibilities 10
Independent Auditors' Report 12
Funds Statements:-
Statement of Financial Activities 16
Statement of Financial Activities - Prior Year statement 16
Statement of total recognized gains and losses 17
Movements in funds 18
Revaluation reserves 18
Revenue Funds 18
Fixed Asset funds 18
Income and Expenditure account 19
Summary of funds 19
Balance sheet 20
Cash flow statement 21
Notes to the accounts 24

Bridge-It Housing UK Team Ltd

Company Registration Number - 07941530

Trustees' Annual Report for the year ended 29 February 2024

The Trustees present their Report and Accounts for the year ended 29 February 2024, which also comprises the Directors' Report required by the Companies Act 2006.

Reference and administrative details

The charity name.

The legal name of the charity is:- Bridge-It Housing UK Team Ltd.

The charity is also known by its operating name, BRIDGE-IT HOUSING UK TEAM LTD.

The charity's areas operation and UK charitable registration.

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1146838.

.

The charity does not operate in any overseas jurisdictions.

Legal structure of the charity

The charity is constituted as a company limited by guarantee, registered under the Companies Acts . The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation.

There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.

By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.

The trustees are all individuals.

They are:

Melisia Barnes (Chair) Beverly Greenwood Michelle Dallas

1

Bridge-It Housing UK Team Ltd

Company Registration Number - 07941530

Trustees' Annual Report for the year ended 29 February 2024

The principal operating address, telephone number, email and web addresses of the charity are:-

202-204 Upper Town Street Town Street, Bramley Leeds, LS13 2EP Telephone 0113 531 8450 Email Address: cgriffiths@bridge-ithousing.org.uk Web address: www.bridge-ithousing.org.uk

The registered office of the charity for Companies Act purposes is the same as the operating address shown above.

Objects and activities of the charity

The purposes of the charity as set out in its governing document.

As the charity’s strapline suggests – ‘building bridges to better lives,’ the company seeks to secure properties, mainly via the HMO route, whilst utilizing these outlets to house and support some of the most vulnerable in our society.

Bridge-It Housing specializes in housing and supporting vulnerable individuals and families, often those facing multiple and complex needs, including issues of domestic violence, mental health, offending, substance misuse, rough sleeping, refugees and gambling, just to name a few. We are currently operating throughout 12 local authorities within the regions of West and South Yorkshire, Greater Manchester and Lancashire.

The main activities undertaken in relation to those purposes during the year.

The main activities undertaken in relation to those purposes include:

2

Bridge-It Housing UK Team Ltd

Company Registration Number - 07941530

Trustees' Annual Report for the year ended 29 February 2024

The main activities undertaken during the year to further the charity's purpose for the public benefit.

The Trustees have advanced the charity’s purposes for the public benefit by:

The short term and longer term aims and objectives.

Short Term Aims and Objectives:

Long Term Aims and Objectives:

The charity's strategies for achieving its aims and objectives in the future.

Some of the main strategies we have and will continue to employ in achieving the company’s aims and objectives in the future include:

How the activities undertaken during the year contributed to the achievement of the aims and objectives.

3

Bridge-It Housing UK Team Ltd

Company Registration Number - 07941530

Trustees' Annual Report for the year ended 29 February 2024

Resources used in the activities undertaken during the year.

Social investment policies and how these contributed to the achievement of charity's aims and objectives during the year.

Our main policy around social investment, leading to achieving our aims and objectives, has been one of reinvesting our surpluses back into the company. Given the nature of the company, our main source of social investment begins with the revenue we generate, and the surplus derived thereof.

Additionally, being an investment partner with Homes England, we have been fortunate to have secured the SHAP contract with Leeds and Bradford City Councils worth over £1.8 million. SHAP will allow the company to acquire 20 one-bedroom properties between both local authorities, whilst housing and supporting 20 homeless individuals off the streets.

The contribution of volunteers during the year.

Throughout the last year, we have utilized the services of a few volunteers, mainly assisting the company through its maintenance department. Such volunteers were involved in gardening, painting & decorating and the transportation of furniture.

Grant making policies and how these contributed to the achievement of the charity's aims and objectives during the year.

Our grant-making policy has manifested itself by virtue of being an investment partner with Homes England, we have been fortunate to have secured the SHAP contract with Leeds and Bradford City Councils worth over £1.8 million. SHAP will allow the company to acquire 20 one bedroom properties between both local authorities, whilst housing and supporting 20 homeless individuals off the streets.

We have also retained the commissioning for both our hostels located in Normanton and Wakefield Town Centre. The contract is worth £55 per room on approximately 14 rooms within both hostels.

The main achievements and performance of the charity during the year.

4

Bridge-It Housing UK Team Ltd

Company Registration Number - 07941530

Trustees' Annual Report for the year ended 29 February 2024

Fundraising activities during the year.

The company did not participate in any fundraising activity throughout the course of the last financial year

The difference the charity's performance during the year has made to the beneficiaries of the charity.

The degree to which the achievements and performance during the year have benefited wider society.

The significant charitable activities undertaken in the year.

Our significant charitable activities lie in our aims and objectives - to house and support homeless individuals and families.

How the achievements during the year measure up to the objectives set.

The achievements garnered throughout the year have stacked up very well against the company’s objectives set. In fact, we have surpassed our main objectives set in the sense that we have taken on more properties and assisted more clients than initially anticipated.

Through the introduction of our property tracker, we have also managed to have a greater presence by staff at the properties, thereby leading to much more improved property standards.

Investment performance against the investment objectives.

Having secured the SHAP contract means we have surpassed our objective in this department. This, especially since we did not set out to achieve any one single contract.

Expenditure incurred in the year in order to raise income in the future.

We have employed the services of a Property Procurement Manager to the tune of £48,000. This investment will help us to acquire land in order to build houses, earmarked for retention within the company. Whilst this will allow for more social and affordable housing, the future revenue to be generated by the company will significantly boost the company’s revenues in the future.

5

Bridge-It Housing UK Team Ltd

Company Registration Number - 07941530

Trustees' Annual Report for the year ended 29 February 2024

Structure, governance and management of the charity

Overall running and governance of the charity lies with the Board of trustees, to whom the CEO reports.

The methods used to recruit and appoint new charity trustees.

Whilst our governing document outlines how we recruit and appoint trustees, the Board of trustees have for the time being decided to put a temporary hold on any further Trustee recruitment/appointment.

The policies and procedures for the induction and training of trustees.

Our policy on inducting and training trustees has clear procedures, which we follow and adhere to.

How the charity makes decisions and how decisions are delegated.

There is a clearly defined manner in which the charity makes its decisions and how they are delegated.

• Senior managers filter decisions down to their supervisors, who then ensure their respective team leaders, responsible for each of our 16 branches disseminate this information and execute and decisions made.

6

Bridge-It Housing UK Team Ltd

Company Registration Number - 07941530

Trustees' Annual Report for the year ended 29 February 2024

The Chief Executive Officer and other senior management personnel to whom day to day management is delegated

Chief Executive Officer: Clinton Griffiths
Business Development Officer: Carrie-Ann
HopeSenior Support Manager: Kirsty Fountain
Senior Support Manager: Joe Horne
HR Manager: Chelsie Harrison

Setting pay and remuneration of key management personnel

Salaries and remuneration of key management personnel are reviewed in line with the companies annual salary review procedures.

The charity as a part of a wider network.

Given the nature of our work, the company naturally becomes part of a wider network, which includes:

The charity's relationships with related parties.

Bankers HSBC Plc, 57 Market Street, Bradford, Solicitors BOS Solicitors 20 York Place, Leeds, LS1 2EX Architects Junction 41 Business Court, East Ardsley, Leeds, WF3 2AB Accountants 4 Albert Road, Queensbury, BD13 1PB

Financial review

The charity's financial position at the end of the year ended 29 February 2024

The financial position of the charity at 29 February 2024 and comparatives for the prior period, as more fully detailed in the accounts, can be summarized as follows:-

Net income
Share premium account
Unrestricted Revenue Funds available for the
general purposes of the charity
Total Funds		 2024
£
797,478
1
3,305,530
3,305,531		 2023
£
701,648
1
2,508,052
2,508,053

7

Bridge-It Housing UK Team Ltd

Company Registration Number - 07941530

Trustees' Annual Report for the year ended 29 February 2024

Financial review of the position at the reporting date, 29 February 2024 .

Availability and adequacy of assets of each of the funds

The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

Significant events which have affected the financial performance and the financial position.

There have been no significant events, which have affected the company’s financial performance throughout the year.

Investment policy and investment objectives.

The Board of Trustees places significant emphasis on the ethical, environmental and social aspects of its investments when making any such decisions.

The major risks to which the Charity is exposed and reviews and systems to mitigate them.

In its pursuit to purchase land and build new houses, therein lies a major risk for the company. We have looked to mitigate this risk by employing an experienced Property Procurement Manager, who not only advises us, but also sources the services of other experts in this field

Factors likely to affect future financial performance .

The availability of Homes England funding may affect future financial performance. We would however only build if there is availability of monies from Homes England.

Principal funding sources in the year and how these support the key objectives of the charity.

Housing Benefit funds have been the main source of funding for the company. This continues to work well for the company since their homelessness agenda runs parallel with that of Bridge-It Housing.

Material pension liabilities

8

Bridge-It Housing UK Team Ltd

Company Registration Number - 07941530

Trustees' Annual Report for the year ended 29 February 2024

Plans For the Future

Summary of plans for the future and the trustees' perspective of the future direction of the charity.

The trustees see the company consolidating in the areas it currently operates, whilst taking advantage of any opportunity presenting itself to expand. We hope to build new houses only with a surplus of funds generated by the company, along with funds from Homes England.

Funds held as custodian trustees on behalf of others

There are no funds held as custodian trustees on behalf of others.

Employment of disabled persons

Our disability policy outlines and governs the approach we take in employing disabled persons.

Strategic report

Our Financial year 1st March 2023 – 28th February 2024 continues to see ongoing growth and expansion in the services being delivered by the company. Bridge-It Housing now boasts a portfolio of over 260 properties containing over 1,100 rooms, which is now being reflected in our increased revenue from the previous financial year. To complement our ongoing growth in delivery and services, has been a parallel effort to shore up the company’s resources by employing and training more staff. Our head office functions at Bramley, Leeds, in what we consider the company’s engine room, continue to attract more qualified administrative staff to handle the increased levels of billing, accounting and purchasing, HR related matters, alongside our general administrative tasks.

Whilst the Single Homeless Accommodation Project (SHAP) had not yet kicked in by the end of this financial year, it forms a huge milestone in the company’s history and development, having been awarded the contract worth just over £1.8 million in mid February 2024. In summary, SHAP will add another 20 one bed room properties to Bridge-It Housing’s portfolio, whilst providing ongoing in-depth and person-centred support to their occupants. 15 of these properties will be purchased throughout Leeds and the additional 5 to be acquired in strategic locations throughout Bradford. By virtue of being a Registered Social Landlord (RSL), SHAP has enabled us to partner with Homes England, Leeds City Council, Bradford Metropolitan District Council, alongside other local partners. The contract is expected to run between 2024 and 2026 and will no doubt help in transforming and adapting our services to meet an ever evolving and changing vulnerable adult sector.

We are also proud to report on the lack of expansion into any new territories within this financial year. Instead, we have managed to consolidate our resources and expand the company’s portfolio within our existing areas. In years gone by, we gradually and deliberately made advances into new local authorities where there has always been a huge appetite for our services. This year however, we have taken a slightly different view to our growth and development, aiming to maximize instead on our full potential within existing areas. This may not have been possible in the past, given our limited resources and a model which previously kept growth in each of our existing territories to certain ‘manageable proportions.’ Recent increased demand in the number of vulnerable adults traversing our cities, coupled with a rethink and broadening of our infrastructure, have combined to afford us an inward growth strategy.

A rise in inflation over the last couple of years has made staff retention a bit more difficult, however, the company has dealt with and risen well to such challenges. We have adopted a banding system, which affords annual incremental increases, linked to performance, whilst at the same time financially rewarding those who successfully complete their probation. This has been employed as one of our major strategies designed to fend off competition within an ever evolving and competitive sector. Combined with annual

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Bridge-It Housing UK Team Ltd

Company Registration Number - 07941530

Trustees' Annual Report for the year ended 29 February 2024

Consequently, the company is now benefiting from consecutive years of seriously high retention rates never enjoyed over such prolonged periods. All this makes the next financial year a much brighter prospect and we move into 2024 – 2025 with much greater hope and anticipation.

Details of The Auditor

Neeraj R Chandra

Sidhu and Co Accountants

4 Albert Road

Queensbury Bradford West Yorkshire BD13 1PB

Statement as to disclosure of information to auditors

The trustees state that so far as each of the trustees at the time this report was approved are aware: -

Statement of the Directors' and Trustees' Responsibilities

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulation, ,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), .

In particular, the Companies Act 2006, and charity law require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to:-

10

Bridge-It Housing UK Team Ltd

Company Registration Number - 07941530

Trustees' Annual Report for the year ended 29 February 2024

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. 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 also responsible for the contents of the Trustees' report, and the statutory responsibility of the auditor in relation to the Trustees' report is limited to examining the report and ensuring that , the report is consistent with the figures disclosed in the financial statements.

Method of preparation of accounts - Small company provisions

The financial statements are set out on pages 16 to 40.

The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016)

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

This report was approved by the board of trustees on 12 December 2024

Melisia Barnes

Trustee

11

Bridge-It Housing UK Team Ltd

Independent Auditors' Report to the members of the charitable company on the accounts for the year ended 29 February 2024

Introduction

We have audited the financial statements of Bridge-It Housing UK Team Ltd for the year ended 29 February 2024, as set out on pages 16 to 40, which comprise the Statement of Financial Activities, the Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and the related notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements of the charitable company are prepared, in all material respects, in accordance with the Companies Act 2006 and with charity law applicable within the jurisdiction of England & Wales and, in particular, the accounts have been prepared in accordance with FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) under the historical cost convention, and in accordance with the accounting policies set out on page 24, which framework constitutes the applicable United Kingdom Generally Accepted Accounting Practice.

Limitation of liability

This report is made solely to the members of the charitable company, as a body, in accordance with the requirements of Section 475 of the Companies Act 2006. Our work has been undertaken so that we might state to the 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 liability or responsibility to anyone other than the members as a body, for our work, for this report or for the opinions we have formed.

Basis for our opinion

We have been appointed as auditors under The Companies Act 2006 and report in accordance with the requirements of that Act.

We conducted our audit in accordance with International Standards on Auditing (ISAs-UK), issued by the Financial Reporting Council, and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 England & Wales, 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.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

As described on page 10, the charitable company's Trustees, who are also the Directors of the Company for the purposes of Company law, are responsible for the preparation of the financial statements in accordance with the Companies Act 2006, the Charities Act 2011 and all other applicable law and with United Kingdom Generally Accepted Accounting Practice and for being satisfied that the financial statements give a true and fair view.

The Trustees, who are charged with governance, are responsible for overseeing the charitable company’s financial reporting process.

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Bridge-It Housing UK Team Ltd

Management is responsible for the preparation of the financial statements in accordance with charity law of the jurisdiction of England & Wales and for such internal control as management determines 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, management is 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 management either intends to liquidate the charitable company or to cease operations, or has no realistic alternative but to do so.

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

Our responsibility is to audit and express an opinion on the financial statements in accordance with relevant legal and regulatory requirements and ISAs-UK. Those standards require us to comply with the Ethical Standards for Auditors published by the Financial Reporting Council and to:-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, to design and perform audit procedures responsive to those risks and to obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion;

To obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate for the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charity's internal control;

To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the charity;

To conclude on the appropriateness of the charity's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern;

To evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a fair presentation.

We are required to report to the members our opinion as to whether the financial statements give a true and fair view and have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

We are also required to report if, in our opinion, the Trustees' Annual Report is consistent with the financial statements, if the charitable company has not kept adequate accounting records, if the charitable company’s financial statements are not in agreement with the accounting records and returns, or if we have not received all the information and explanations we require for our audit, or if information specified by law regarding Trustees' remuneration and transactions with the charitable company is not disclosed.

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Bridge-It Housing UK Team Ltd

In addition, we read all the financial and non-financial information in the Trustees' Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies, we consider the implications for our report.

We conducted our audit in accordance with ISAs-UK and in accordance with the Practice Note ' The Audit of Charities in the United Kingdom' , revised in March 2012.

We are required to plan and perform our audit so as to meet the above requirements and to obtain all the information and explanations which we consider necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error.

In the course of our audit, 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 the audit.

Assistance with accountancy and tax matters

In accordance with the exemption provided by APB Ethical Standard – Provisions Available for Smaller Entities, we have prepared and submitted the charitable company’s returns to the tax authorities and assisted with the preparation of the accounts.

Prior Year figures

The charitable company was exempt from the requirements of a statutory audit in the prior period and availed itself of this exemption. Accordingly, the comparative figures for the prior period have not been audited, and our opinion does not extend to those figures, except where they impact on balances brought forward to the year ended 29 February 2024.

Eligibilty of auditor and status of audit

We confirm that we are eligible under Part 42 of the Companies Act 2006 to conduct this audit, and that this report is a report in respect of an audit carried out under the Act and in accordance with the related regulations.

Attention is drawn to the accounting policy stating that, notwithstanding the explicit requirement in the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, and in order to accord with current best practice, the Trustees have determined to prepare the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), . We concur with this approach, and any references in our report to the regulations should be read subject to this comment.

Opinion on the Financial Statements

In our opinion, the accompanying charitable company's financial statements:

Give a true and fair view of the state of affairs of the charitable company as at 29 February 2024 and of its Income and Expenditure for the financial year then ended and, in particular, the financial statements have been properly prepared, in all material respects, in accordance with United Kingdom Generally Accepted Accounting Practice applicable to entities of its size; and

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Bridge-It Housing UK Team Ltd

have been prepared in accordance with the requirements of Section 396 of the Companies Act 2006; and

and have been prepared in accordance with the methods and principles required by the FRS102 Statement of Recommended Practice for Accounting and Reporting issued by the Charity Commission in England & Wales (CCEW) , effective January 2015 (The SORP), and those methods and principles have been followed.

Opinion on other matters prescribed by the Companies Act 2006.

In our opinion the information given in the Trustees' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

Matters upon which we are required to report by exception

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:

adequate accounting records have not been kept, or returns 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 returns; or

if information specified by law regarding Trustees' remuneration and transactions with the charity is not disclosed.

we have not received all the information and explanations we require for our audit; or

the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees' Annual Report.

Signed:-

Neeraj R Chandra - Senior Statutory Auditor

For and on behalf of Sidhu and Co Accountants.

4 Albert Road Queensbury Bradford West Yorkshire BD13 1PB

This report was signed on 12 December 2024

15

Bridge-It Housing UK Team Ltd - Statement of Financial Activities for the year ended 29 February 2024

Statement of Financial Activities (including the Income and Expenditure Account for the year ended 29 February 2024, as required by the Companies Act 2006)

SORP
Ref
Current year
Income & Endowments from:
Charitable activities
A2
12,500,706
Investments
A4
18,539
Total income
A
12,519,245
Expenditure on:
Raising funds
B1
6,758,090
Charitable activities
B2
4,963,677
Total expenditure
B
11,721,767
Net income for the year
797,478
Net income after transfers
A-B-C
797,478
Net movement in funds
797,478
Reconciliation of funds:-
E
Total funds brought forward
2,508,053
Total funds carried forward
3,305,531
Unrestricted
Funds
2024
£		 Current year
-
-
-
-
-
-
-
-
-
-
-
Restricted
Funds
2024
£		 Current year
12,500,706
18,539
12,519,245
6,758,090
4,963,677
11,721,767
797,478
797,478
797,478
2,508,053
3,305,531
Total Funds
2024
£		 Prior Year
9,362,819
-
Total Funds
2023
£
9,362,819
4,685,399
3,975,772
8,661,171
701,648
701,648
701,648
2,080,963
2,782,611

The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

A separate Statement of Total Recognised Gains and Losses is not required as this statement includes all recognised gains and losses.

All the prior year transactions were unrestricted items, and no further analysis is required

All activities derive from continuing operations

The notes attached on pages 24 to 40 form an integral part of these accounts.

16

Bridge-It Housing UK Team Ltd - Statement of Financial Activities for the year ended 29 February 2024

Bridge-It Housing UK Team Ltd - Resources applied in the year ended 29 February 2024 towards fixed assets for Charity use: -

towards fixed assets for Charity use: -
Funds generated in the year as detailed in the SOFA
Resources applied on functional fixed assets
Investment in programmes or social related investments
Other applications of funds
Net resources available to fund charitable activities		 2024
£
-
(202,892)
-
-
(202,892)		 2023
£
-
(325,507)
-
-
(325,507)

The resources applied on fixed assets for charity use represents the cost of additions less proceeds of any disposals.

The notes attached on pages 24 to 40 form an integral part of these accounts.

17

Bridge-It Housing UK Team Ltd - Statement of Financial Activities for the year ended 29 February 2024

Movements in revenue and capital funds for the year ended 29 February 2024

Revenue accumulated funds

Unrestricted
Funds
2024
£
Accumulated funds brought forward
2,508,052
Recognised gains and losses before
transfers
797,478
3,305,530
(From)/To unrestricted revenue funds
-
Closing revenue funds
3,305,530
Summary of funds
Unrestricted
and
Designated funds
2024
£
Share capital and share premium
1
Revenue accumulated funds
3,305,530
Total funds
3,305,531		 Restricted
Funds
2024
£
-
-
-
-
-
Restricted
Funds
2024
£
-
-
-		 Total
Funds
2024
£
2,508,052
797,478
3,305,530
-
3,305,530
Total
Funds
2024
£
1
3,305,530
3,305,531		 Last year
Total Funds
2023
£
2,080,962
701,648
2,782,610
(274,558)
2,508,052
Last Year
Total Funds
2023
£
1
2,508,052
2,508,053

The notes attached on pages 24 to 40 form an integral part of these accounts.

18

Bridge-It Housing UK Team Ltd - Statement of Financial Activities for the year ended 29 February 2024

Bridge-It Housing UK Team Ltd

Income and Expenditure Account for the year ended 29 February 2024 as required by the Companies Act 2006

Companies Act 2006
Income
Income from operations
Investment income and interest
Interest receivable
Gross income in the year before exceptional items
Gross income in the year including exceptional items
Expenditure
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Fundraising costs
Governance costs
Interest payable
Realised losses on disposals of social investments which are programme related
Total expenditure in the year
Net income before tax in the financial year
Tax on surplus on ordinary activities
Net income after tax in the financial year
Retained surplus for the financial year		 2024
£
12,500,706
18,539
12,519,245
12,519,245
4,770,728
82,795
6,758,090
96,170
13,984
-
11,721,767
797,478
-
797,478
797,478		 2023
£
9,362,819
-
9,362,819
9,362,819
3,815,990
83,520
4,685,399
57,296
18,966
-
8,661,171
701,648
-
701,648
701,648

All activities derive from continuing operations

In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.

The notes attached on pages 24 to 40 form an integral part of these accounts.

19

Bridge-It Housing UK Team Ltd - Balance Sheet as at 29 February 2024

SORP
Note
Ref
Fixed assets
A
Tangible assets
12
A2
Investments held as fixed assets
A4
Social investments
A4
Total fixed assets
Current assets
B
Debtors
13
B2
Cash at bank and in hand
B4
Total current assets
Creditors: amounts falling due within
one year
14
C1
Net current assets
Net assets
Creditors: amounts falling due after more
than one year
15
C2
The total net assets of the charity
86,014
2,037,100		 2024
£
1,435,578
-
-
1,435,578
2,033,668
3,469,246
(171,118)
3,298,128		 501,346
799,119		 2023
£
1,312,279
-
-
1,312,279
1,195,774
2,123,114
(89,446)		 1,300,465
(104,691)
2,508,053
-
2,508,053

The total net assets of the charity are funded by the funds of the charity, as follows:-

Restricted funds
Unrestricted Funds
Share premium
19
1
Unrestricted Revenue Funds
22
D3
3,305,530
Designated Funds
Total charity funds		 -
1
2,508,052
3,305,531
-
3,305,531		 -
2,508,053
-
2,508,053

The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..

The members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The charity is subject to audit under charity legislation, and the report of the Charities Act auditor is on page 15.

Melisia Barnes

Trustee

Approved by the board of trustees on 12 December 2024

The notes attached on pages 24 to 40 form an integral part of these accounts.

20

Bridge-It Housing UK Team Ltd

Cash Flow Statement for the year ended 29 February 2024

Cash flows from operating activities
Net cash provided by operating activities as shown below
A
Cash flows from investing activities
Interest received
Purchase of property, plant and equipment
Purchase of investments
Net cash provided by investing activities
B
Cash flows from financing activities
Cash inflows from new borrowings
Net cash provided by financing activities
C
Overall cash provided by all activities
A+B+C
Cash movements
Change in cash and cash equivalents from activities in
the year ended 29 February 2024
Cash and cash equivalents at 1 March 2023
Change in cash and cash equivalents due to exchange rate movements
Cash at bank and in hand less overdrafts at 29 February		 2024
£
1,432,939
18,539
(215,699)
-
(197,160)
107,440
107,440
1,343,219
1,237,981
799,119
-
2,037,100		 2023
£
785,168
-
(325,507)
-
(325,507)
-
-
459,661
459,661
-
-
459,661

21

Bridge-It Housing UK Team Ltd

Cash Flow Statement for the year ended 29 February 2024 Bridge-It Housing UK Team Ltd

Cash Flow Statement for the year ended 29 February 2024 - Continued

Reconciliation of net income to net cash flow from operating activities

Net income as shown in the Statement of Financial Activities
Adjustments for :-
Depreciation charges
Write downs of investments
Net unrealised losses on investment assets
Dividends, interest and rents from investments
Decrease in debtors
Increase in creditors, excluding loans
Net cash provided by operating activities
A
Analysis of cash and cash equivalents
Cash in hand at for the year ended 29 February 2024
Notice deposits - (less than 3 months)
Total cash and cash equivalents		 797,478
82,795
-
-
(18,539)
415,332
155,873
1,432,939
2024
£
2,037,100
-
2,037,100		 701,648
83,520
-
-
-
-
-
785,168
2023
£
799,119
-
799,119

22

Bridge-It Housing UK Team Ltd

Cash Flow Statement for the year ended 29 February 2024

Bridge-It Housing UK Team Ltd

Cash Flow Statement for the year ended 29 February 2024 - Continued

Analysis of change in net debt
Cash
Total		 At start
of year
799,119
799,119		 Cash
Flows and
1,237,981
1,237,981
1,237,981		 At end
of year
2,037,100
1,237,981
1,237,981

23

Bridge-It Housing UK Team Ltd

Notes to the Accounts for the year ended 29 February 2024

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.

Policies relating to categories of income and income recognition.

Nature of income

Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Categories of Income

Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.

Income from exchange transactions is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser.

Income from a non-exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.

Income recognition

Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Dividends are accrued when the shareholder’s right to receive payment is established.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

All income is accounted for gross, before deducting any related fees or costs.

24

Bridge-It Housing UK Team Ltd

Accounting for deferred income and income received in advance

Notes to the Accounts for the year ended 29 February 2024 Where terms and conditions relating to income have not been met or

uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.

Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.

When income from a grant or donation has not been recognized due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned, and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.

Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognized when repayment becomes probable.

Policies relating to expenditure on goods and services provided to the charity.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognized when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated.

Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the year end. The provision is increased to reflect any increases in liabilities and is decreased by the utilization of any provision within the period and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.

Allocating costs to activities

Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.

The basis for apportionment, which is consistently applied, and proportionate to the circumstances, is :-

25

Bridge-It Housing UK Team Ltd Staffing - on the basis of time spent in connection with any particular activity. Staffing - on a per capita basis, based on the number of of people employed Notes to the Accounts for the year ended 29 February 2024 within any particular activity.

Premises related costs - on the proportion of floor area occupied by a particular activity.

Non specific support costs - on the basis of the usage of resources, in terms of time taken, capacity used, request made or other measures

Estimation techniques used in apportioning costs - give details

26

Bridge-It Housing UK Team Ltd

Notes to the Accounts for the year ended 29 February 2024

Volunteers

In accordance with the SORP, and in recognition of the difficulties in placing a monetary value on the contribution from volunteers, the contribution of volunteers is not included within the income of the charity.

However, the trustees value the significant contribution made to the activities of the charity by unpaid volunteers and this is described more fully in Note7.

Policies relating to assets, liabilities and provisions and other matters.

Fixed Asset Investments

Fixed asset investments in quoted shares, traded bonds, investment properties and similar investments are shown initially at cost upon acquisition and at their market value at the balance sheet date at the end of the financial period. Investment properties are not depreciated.

Fixed asset investments in unlisted equities are shown at the balance sheet date at the best estimate of their market value, where practicable. Where valuation techniques are considered unreliable or where, in the opinion of the trustees, the costs outweigh the benefits to the users of the accounts, the investment is included at cost, and a review is undertaken at each year end as to whether the asset should be written down.

All gains on fixed asset investments, whether realised or unrealised, are included in row B4 of the Statement of Financial Activities.

Social Investments

Any realized gains or losses on any programe related investment assets are included in row A5 of the Statement of Financial Activities (The SOFA). All gains on other social investments, whether realized or unrealised, are included in row B4 of the Statement of Financial Activities

Intangible assets

Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years, which equates to amortization at 20% straight line.

Tangible fixed assets

Tangible fixed assets are measured at their original cost value, or subsequent revaluation, or donated, as described above. Cost value includes all costs expended in bringing the asset into its intended working condition.

Depreciation has been provided at the following rates in order to write off the assets to their anticipated residual value over their estimated useful lives.

Freehold premises 1 % reducing balance Leasehold premises 2 % reducing balance Plant and machinery 15 % reducing balance Motor vehicles 15 % reducing balance

A regular annual review of the likelihood of asset impairment is undertaken.

27

Bridge-It Housing UK Team Ltd

Notes to the Accounts for the year ended 29 February 2024

Accounting for capital grants and fixed asset funds.

Gifts of tangible fixed assets or grants of a capital nature, given for the purposes of acquiring specific assets to be fully utilised in the furtherance of the objects of the charity, are credited to fixed asset funds after the donated asset has been received or sums have been properly expended on the restricted purpose.

Where the terms of the gift require the charity to hold the asset on an ongoing basis for a specific purpose, then the fixed asset fund so created is categorised as a restricted fixed asset fund, and the relevant restrictions are noted in the fixed asset note 12.

Where the terms of the gift are met once the asset is acquired, so allowing the charity to use the asset on an unrestricted basis, including the right to receive the proceeds of any future sale of the asset on an unrestricted basis, then the fixed asset fund so created is categorised as a designated fixed asset fund.

When assets are acquired for the furtherance of the charity's objects, utilising the charity's own unrestricted funds, a transfer is made from unrestricted funds to a designated fixed asset fund.

Whether acquired with unrestricted or restricted funds, the asset acquired is initially shown in the balance sheet at the full cost of acquisition or subsequent revaluation.

As the related assets are depreciated, in accordance with the depreciation policy,in order to reflect the dimunition in the asset,a transfer is made from the relevant fixed asset funds to either unrestricted or restricted revenue funds, as appropriate to the terms of the original gift, if any.

The effect of this policy is that the aggregate of all fixed asset funds shall equate to the net book value of fixed assets.

In the first year that this policy was adopted, a transfer to fixed asset funds was made equivalent to the net book value of the assets.

Any residual liability to the donor arising from, for example, the asset's future sale, is disclosed as a contingent liability unless the event that would trigger repayment of the grant becomes probable in which case a liability for repayment is recognised.

Insofar as this policy relates to Government grants and to the extent that it may be a departure from the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), such departure is justified on the basis that it is in order to comply with the SORP.

Stocks and work in progress

Stock is valued at the lower of cost and net realisable value.

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

Financial instruments including cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

28

Bridge-It Housing UK Team Ltd

Notes to the Accounts for the year ended 29 February 2024

Leasing and hire purchase contracts and commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the charity, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pensions - defined contribution schemes

The charity operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Pensions - defined benefit schemes

The charity operates a defined benefit pension scheme. Contributions are charged to the profit and loss account and liabilities are accounted for in accordance with the principles set out in module 17 of the SORP.

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal or as implied by law.

2 Liability to taxation

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.

3 Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.

29

Bridge-It Housing UK Team Ltd

Notes to the Accounts for the year ended 29 February 2024

4 Significance of financial instruments to the charity's position

No significant impliaction of such matters.

5 Net surplus before tax in the financial year

5 Net surplus before tax in the financial year
The net surplus before tax in the financial year is stated after charging:-
Depreciation of owned fixed assets
Pension costs
6 Interest payable
Hire Purchase interest
Loan interest		 2024
2023
£
£
82,795
83,520
68,686
63,495
2024
2023
£
£
2,131
-
11,853
18,966
13,984
18,966

7 The contribution of volunteers

The last financial year saw the company embracing the services of five volunteers, who served primarily in the maintenance and administrative departments.

8 Staff costs and emoluments

Salary costs 2024 2023
£ £
Gross Salaries excluding trustees and key management personnel 3,056,306 2,622,193
Employer's National Insurance for all staff 243,773 220,489
Employer's operating costs of defined
contribution pension schemes 68,686 63,495
Total salaries, wages and related costs 3,368,765 2,906,177
The average number of part time staff employed in the year was - -
The average number of full time staff employed in the year was - -
The estimated full time equivalent number of all staff employed in the year was 142 -
The estimated equivalent number of full time staff deployed in different activities in the year was:-
Engaged on charitable activities 142 -
Engaged on publicity activities - -
Engaged on fundraising activities - -
Engaged on management and administration 18 -
The estimated full time equivalent number of all staff employed as above - -

30

Bridge-It Housing UK Team Ltd

Notes to the Accounts for the year ended 29 February 2024

SECONDED AND THIRD PARTY STAFF – The company did not engage the services of any seconded nor third party staff over the course of the last financial year.

Neither the trustees nor any persons connected with them have received any remuneration from the charity or any related entity, either in the current or prior year.

The number of employees whose emoluments including taxable benefits but excluding

employer's pension contributions fall into the following bands were :-

£60,001 to £70,000
£70,001 to £80,000
£80,001 to £90,000
£90,001 to £100,000
The pension details of such higher paid staff were :-
Contributions for the provision of money purchase pension
Numbers of such staff to whom benefits are accruing :-
Under money purchase pension schemes
Under defined benefits pension schemes
Chief Executive Officer/ Highest paid employee
The remuneration in the year year was
Pension contributions paid by the employer
Other benefits paid
Compensation/Termination payments		 2024
2023
£
£
-
-
-
-
-
-
-
-
-
-
£
£
-
-
No
No
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

9 Defined contribution pension schemes

Any liabilities and assets associated with the scheme are shown under debtors and creditors.

10 Defined benefit pension scheme

Any liabilities and assets associated with the scheme are shown under debtors and creditors.

11 Remuneration and payments to Trustees and persons connected with them

No trustees or persons connected with them received any remuneration from the charity, or any related entity.

31

Bridge-It Housing UK Team Ltd

Notes to the Accounts for the year ended 29 February 2024

12 Tangible fixed assets

Current Year
Cost
At 1 March 2023
Additions
Disposals
At 29 February 2024
Depreciation
At 1 March 2023
Charge for the year
On disposals
At 29 February 2024
Net book value
At 29 February 2024
At 28 February 2023
Prior Year
Cost
01 March 2023
Depreciation
Net book value
01 March 2023		 Land and
Buildings
Plant &
Machinery
Motor
Vehicles
Total
£
£
£
£
919,269
457,081
93,534
1,469,884
169,705
-
45,994
215,699
-
-
(12,807)
(12,807)
1,088,974
457,081
126,721
1,672,776
29,339
111,306
16,960
157,605
10,596
51,866
20,333
82,795
-
-
(3,202)
(3,202)
39,935
163,172
34,091
237,198
1,049,039
293,909
92,630
1,435,578
889,930
345,775
76,574
1,312,279
Land and
Buildings
Plant &
Machinery
Motor
Vehicles
Total
£
£
£
£
919,269
457,081
93,534
1,469,884
919,269
457,081
93,534
1,469,884
919,269
457,081
93,534
1,469,884

13 Debtors

Trade debtors

2024 2023
£ £
86,014 501,346

32

Bridge-It Housing UK Team Ltd

Notes to the Accounts for the year ended 29 February 2024

14 Creditors: amounts falling due within one year
Trade creditors
PAYE, NIC VAT and other taxes
15 Creditors: amounts falling due after one year
Bank loans and overdrafts
Finance lease and HP contracts
16 Pension commitments
Pension commitments under defined benefit/defined contribution schemes
within one year
within two to five years
in over five years
17 Financial commitments under operating leases
At the year end the charity had annual
commitments under non-cancellable
Operating leases which expire:
within one year
within two to five years
in over five years
18 Contractual capital commitments
At the financial year end, the charity had entered into contractual commitments to acquire
tangible fixed assets for the amounts shown. The amounts have not been provided in the
accounts.		 2024
£
30,879
58,567
2023
£
104,691
-
89,446 104,691
2024
£
107,440
63,678
2023
£
-
-
171,118 -
2024
£
1
-
-		 2023

£
-
-
-
3 -
2024
£
-
-
-		 2023
£
-
-
-
3 -
2024
£
-		 2023
£
-
1 -

33

Bridge-It Housing UK Team Ltd

Notes to the Accounts for the year ended 29 February 2024

Notes to the Accounts for the year ended 29 February 2024
19Share premium
At 1 March 2023
At 29 February 2024
20 Income and Expenditure account summary
At 1 March 2023
Transfers in for the year
At 1 March 2023
Surplus after tax for the year
At 29 February 2024		 2024
2023
£
£
1
1
1
1
2024
2023
£
£
2,508,052
2,080,962
(7,403 )
(274,558)
2,500,649
1,806,404
797,478
701,648
3,298,127
2,508,052

21 Particulars of how particular funds are represented by assets and liabilities

At 29 February 2024
Tangible Fixed Assets
Investments at valuation:-
Fixed asset investments
Programme related investments
Current Assets
Current Liabilities
Long Term Liabilities		 -
-
Unrestricted
Designated
Restricted
Total
funds
funds
funds
Funds
£
£
£
£
1,435,578
-
-
1,435,578
-
-
-
-
-
-
2,123,114
-
2,123,114
(89,446)
-
-
(89,446)
(171,118)
-
-
(171,118)
3,298,128
-
-
3,298,128
Current Assets
Current Liabilities
At 1 March 2023
Tangible Fixed Assets
Investments at valuation:-
Fixed asset investments
Programme related investments		 1,300,465
-
-
1,300,465
(104,691)
-
-
(104,691)
Unrestricted
Designated
Restricted
Total
funds
funds
funds
Funds
£
£
£
£
1,312,279
-
-
1,312,279
-
-
-
-
-
-
-
-
2,508,053
-
-
2,508,053

34

Bridge-It Housing UK Team Ltd

Notes to the Accounts for the year ended 29 February 2024

22 Change in total funds over the year as shown in Note 21 , analysed by individual funds

Unrestricted and designated funds:-
Unrestricted Revenue Funds
Total unrestricted and designated funds
Total charity funds		 Funds
brought
forward from
2023
Movement in
funds in 2024
Transfers
between
funds in 2024
Funds
carried
forward to
2025
£
See Note 23
£
See Note 0
£
£
2,508,053
797,478
-
3,305,531
2,508,053
797,478
-
3,305,531
2,508,053
797,478
-
3,305,531

23 Analysis of movements in funds over the year as shown in Note 22

Unrestricted and designated funds:-
Unrestricted Revenue Funds		 Other
Income
Expenditure
Gains &
Movement
Losses
in funds
2024
2024
2024
2024
£
£
£
£
12,519,245
(11,721,767)
-
797,478
12,519,245
(11,721,767)
-
797,478

Gains and losses are detailed in notes 0,0, 0, 0 and 0

24 The purposes for which the funds

Unrestricted and designated funds:-

Unrestricted Revenue Funds

Unrestricted Revaluation Reserve

Designated Fixed Asset Funds

These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use.

This fund represents the unrestricted surplus arising on the revaluation of the charity's assets.

The purpose of these funds is described under the accounting policy 'Accounting for capital grants and fixed asset funds'.

Restricted funds:-

Restricted Fixed Asset Funds

Restricted Revaluation Reserve

The purpose of these funds is described under the accounting policy 'Accounting for capital grants and fixed asset funds'. This fund represents the restricted surplus arising on the revaluation of the charity's assets.

25 Ultimate controlling party

The charity is under the control of its legal members.

35

Bridge-It Housing UK Team Ltd

Detailed analysis of income and expenditure for the year ended 29 February 2024 as required by the SORP 2015

This analysis is classsified by conventional nominal descriptions and not by activity.

26 Income from charitable activities - Trading Activities

Current year
Primary purpose and ancillary trading
Residential care fees
Letting of property for charitable purposes
Service charges
HCA Funding
Housing needs commissioning
Other Income
Total Primary purpose and ancillary
trading
27 Total Income from charitable activities
Current year
Total income from charitable trading
Total from charitable activities
A2
28Investment income
Bank Interest Receivable
Total investment income
A4		 Current year
Unrestricted
Funds
2024
£
10,804,652
510,854
259,200
-
926,000
-		 Current year
Restricted
Funds
2024
£
-
-
-
-
-
-		 Current year
Total Funds
2024
£
10,804,652
510,854
259,200
-
926,000
-		 Prior Year
Total funds
2023
£
7,739,035
551,214
336,000
308,530
426,000
2,040
12,500,706 - 12,500,706 9,362,819
Current year
Unrestricted
Funds
2024
£
12,500,706		 Current year
Restricted
Funds
2024
£
-		 Current year
Total Funds
2024
£
12,500,706
12,500,706
Current year
Total Funds
2024
£
18,539
18,539		 Prior Year
Total Funds
2023
£
9,362,819
12,500,706 -
Current year
Restricted
Funds
2024
£
-		 9,362,819
Prior Year
Total Funds
2023
£
-
Current year
Unrestricted
Funds
2024
£
18,539
18,539 - -

36

Bridge-It Housing UK Team Ltd

Detailed analysis of income and expenditure for the year ended 29 February 2024 as required by the SORP 2015

29 Expenditure on charitable activities - Direct spending

Current Year
Gross wages and salaries - charitable
activities
Employers' NI - Charitable activities
Defined contribution pension costs -
charitable activities
Travel and Subsistence - Charitable
Activities
Total direct spending
B2a
Support costs for charitable activities
Current Year
Employee costs not included in direct costs
Training and welfare - staff
Entertaining
Premises Expenses
License fees payable
Cleaning and waste management
Administrative overheads
Telephone, fax and internet
Postage
Stationery and printing
Information and publications
Subscriptions to periodicals
Equipment expenses
Hire of equipment
Software licenses and expenses
Liability and contents insurance		 Current year
Unrestricted
Funds
2024
£
3,056,306
243,773
68,686
159,556		 Current year
Restricted
Funds
2024
£
-
-
-
-		 Current year
Total Funds
2024
£
195,080
5,976
876,411
15,935
34,289
490
27,744
14,877
1,058
1,008
19,368
9,360
34,135
Current year
Total Funds
2024
£
3,056,306
243,773
68,686
159,556
3,528,321		 Prior Year
Total Funds
2023
£
2,622,193
220,489
63,495
85,390
3,528,321 - 2,991,567
Current year
Unrestricted
Funds
2024
£
195,080
5,976
876,411
15,935
34,289
490
27,744
14,877
1,058
1,008
19,368
9,360
34,135		 Current year
Restricted
Funds
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Prior Year
Total Funds
2023
£
2,228
-
711,550
16,420
30,278
2,029
33,789
-
770
7,397
-
12,741
4,544

30 Support costs for charitable activities

37

Bridge-It Housing UK Team Ltd

Detailed analysis of income and expenditure for the year ended 29 February 2024 as required by the SORP 2015

Financial costs
Bank charges
6,676
-
Hire Purchase interest
2,131
-
Loan interest
11,853
-
Depreciation & Amortization in total for
82,795
-
Support costs before reallocation
1,339,186
-
Total support costs - Current Year
1,339,186
-
The basis of allocation of costs between activities is described under accounting policies		 6,676
2,131
11,853
82,795		 2,677
-
18,966
83,520
1,339,186
1,339,186		 926,909
926,909
-
-
-

All the expenditure in the prior year was unrestricted.

Administrative overheads

The basis of allocation of costs between activities is described under accounting policies

31 Other Expenditure - Governance costs

Current Year
Independent Examiner's fees
Consultancy fees
Other leagal and professional
fees
Total Governance costs		 Current year
Unrestricted
Funds
2024
£
22,150
9,600
64,420		 Current year
Restricted
Funds
2024
£
-
-
-
-		 Current year
Total Funds
2024
£
22,150
9,600
64,420
96,170		 Prior Year
Total Funds
2023
£
15,340
14,300
27,656
96,170 57,296

All the expenditure in the prior year was unrestricted.

32 Total Charitable expenditure

Total Charitable expenditure
Current Year
Total direct spending
B2a
Total support costs
B2d
Total Governance costs
B2e
Total charitable expenditure
B2		 Current year
Unrestricted
Funds
2024
£
3,528,321
1,339,186
96,170		 Current year
Restricted
Funds
2024
£
-
-
-
-		 Current year
Total Funds
2024
£
3,528,321
1,339,186
96,170
4,963,677		 Prior Year
Total Funds
2023
£
2,991,567
926,909
57,296
4,963,677 3,975,772

All the expenditure in the prior year was unrestricted.

38

Bridge-It Housing UK Team Ltd

Detailed analysis of income and expenditure for the year ended 29 February 2024 as required by the SORP 2015

Prior Year
Total direct spending
B2a
Total support costs
B2d
Total Governance costs
B2e
Total charitable expenditure
B2		 Prior Year
Unrestricted
Funds
2023
£
2,991,567
926,909
57,296		 Prior Year
Prior Year
Restricted
Total Funds
Funds
2023
£
2023
£
-
2,991,567
-
926,909
-
57,296
3,975,772 -
3,975,772

33 Expenditure on raising funds and costs of investment management

Current Year
Direct costs
Property repairs and maintenance for
non charitable property
Marketing & advertising of fundraising
Total fundraising costs
B1		 Current year
Unrestricted
Funds
2024
£
6,747,552
982
9,556		 Current year
Restricted
Funds
2024
£
-
-
-
-		 Current year
Total Funds
Prior Year
Total Funds
2024
2023
£
£
6,747,552
4,628,451
982
38,036
9,556
18,912
6,758,090 6,758,090
4,685,399

All the expenditure in the prior year was unrestricted.

39

Bridge-It Housing UK Team Ltd

Activity analysis of Income and expenditure for the for the year ended 29 February 2024

This analysis is classsified by activity and not by conventional nominal descriptions.

34 Analysis of income by activity

Analysis of income by activity
SOFA ref
Activity
Income from charitable activities
Local Authorities
Private Tenants & Maintenance contracts
Other charitable activities
Total Income from charitable
activities
A2
Summary of Total Income, including the items above
Charitable activities
A2
Investment income
A4
Total income as shown in the SOFA
A
Categories of income
Income from exchange transactions		 2024
£
11,989,852
510,854
-
12,500,706
12,500,706
18,539
12,519,245
12,519,245		 2023
£
7,739,035
551,214
1,072,570
9,362,819
9,362,819
-
9,362,819
9,362,819

35 Analysis of charitable expenditure by activity

Activity
Local Authorities
Direct costs
Employee costs not included in direct cos
Premises expenses
Administrative overheads
Financial costs
Total Local Authorities		 Direct
costs
2024
£
3,528,321

-
-
-
-
3,528,321		 Support
costs
2024
£
-
201,056
892,346
142,329
103,455		 Grant
funding of
activities
2024
£
-
-
-
-
-
-		 Total
2024
£
3,528,321
201,056
892,346
142,329
103,455
4,867,507		 Total
2023
£
2,991,567
2,228
727,970
132,261
64,450
1,339,186 3,918,476

39

Bridge-It Housing UK Team Ltd

Activity analysis of Income and expenditure for the for the year ended 29 February 2024 Summary of charitable costs by activity

Total Local Authorities
Total Governance costs as detailed in
Note 31
Total charitable expenditure		 Direct
costs
2024
£
3,528,321
-
3,528,321		 Support
costs
2024
£
1,339,186
96,170		 Grant
funding of
activities
2024
£
-
-
-		 Total
2024
£
4,867,507
96,170
4,963,677		 Total
2023
£
3,918,476
57,296
1,435,356 3,975,772

The basis of allocation of costs between activities is described under accounting policies

The breakdown of this expenditure by type of spending (ie nominal classification) is detailed in note 32

Analysis of support and governance costs by charitable activities

Governance Finance Human Other Total
Activity Resources Overheads
Local Authorities 96,170 103,455 201,056 1,034,675 1,435,356

36 Analysis of non charitable expenditure by activity

Activity
Fundraising activities
Direct fundraising costs
Indirect fundraising costs:-
Governance costs
Other Expenditure - Governance costs as detailed in Note 31
Total non charitable expenditure
Total costs of Fundraising activities
Total non charitable expenditure		 Fundraising
activities
2024
£
6,758,090
-
Governance
costs
2024
£
96,170		 Fundraising
activities
2023
£
4,685,399
-
Governance
costs
2023
£
57,296
2024
£
6,758,090		 2023
£
4,685,399
6,758,090 4,685,399

40