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← Bridge-It Housing UK Team Ltd

2025-02-28-accounts

BRIDGE-IT HOUSING UK TEAM LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 FEBRUARY 2025

Companies House Number 07941530

Registered Charity Number 1146838

Registered Social Landlord Number 4736

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BRIDGE-IT HOUSING UK TEAM LTD

INDEX PAGE PAGE
TRUSTEES REPORT 1 - 6
INDEPENDENT AUDITOR’S REPORT 7
STATEMENT OF COMPREHENSIVE INCOME 8
STATEMENT OF CHANGES IN FUNDS 9
STATEMENT OF FINANCIAL POSITION 10
STAEMENT OF CASH FLOWS 11
NOTES TO THE FINANCIAL STATEMENTS 12 - 24

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BRIDGE-IT HOUSING UK TEAM LTD

TRUSTEES REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Directors M Barnes B Greenwood M Dallas

Company number 07941530

Charity number 1146838

Housing Association number

4736

Registered office

202-204 Upper Town Street Bramley Leeds West Yorkshire LS13 2EP

Key management personnel Chief Executive Officer Business Development Officer Senior Support Manager Senior Support Manager HR Manager

Auditors

Jacqueline Godden FCCA Fortus Audit LLP Equinox House Shipton Road York YO30 5PA

Bankers

HSBC 45-47 Market Street Bradford West Yorkshire BD1 1LW

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Clinton Griffiths Carrie-Ann Hope (left March 2026) Kirsty Fountain Joe Horne Chelsea Harrison (left Jan 2026)

Solicitors

Innova Legal Ltd 9 Feast Field Horsforth Leeds LS18 4TJ

Architects

Spawforths Architects Junction 41 Business Court East Ardsley Leeds West Yorkshire WF3 2AB

BRIDGE-IT HOUSING UK TEAM LTD

TRUSTEES REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025

The trustees present their report and financial statements for the year ended 28 February 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) for Social Housing Providers 2018 and applicable accounting standards, the details are set out further in the basic of preparation and accounting policies on page 12.

Objectives and activities

The objects of the charity are:

To relieve the needs of vulnerable people in Bradford and the surrounding area, in particular but not exclusively by:

Given the charity’s strapline; ‘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 13 local authorities across the regions of West and South Yorkshire, Greater Manchester and Lancashire.

Bridge-It Housing also provides a relatively small number of 2, 3 and 4 bedroom family properties and a slightly higher number of 1 bedroom apartments ear marked for entrenched rough sleepers coming through our (SHAP) Single Homelessness Accommodation Programme.

In addition to its traditional housing and support activity, as outlined above, over the last two years, the company has managed to acquire a number of plots of land, with the intention of building social housing. Whilst one plot has already secured full planning permission, we are currently working closely with our architect and local planners to obtain the green light on the others. We anticipate drawing down funding from Homes England within the upcoming months for our Upton site in Wakefield and construction should hopefully begin by June of 2026.

The public benefits from the activities of the company through our provision of temporary and social accommodation, which are reasonably and easily accessible.

Achievements and performance

Our current staff complement of 169 staff manages a total of 312 properties to date. These comprise a mixture of those owned by the company as well as those managed on behalf of private landlords. Over the last financial year financial year, this capacity and infrastructure have allowed Bridge-It Housing to accomplish a number of achievements:

BRIDGE-IT HOUSING UK TEAM LTD

TRUSTEES REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025

Achievements and performance (continued)

Value for money metrics

l fr mn mtri
aue o oey ecs
2025 2024 NHF*
Business Health
Operating Margin (overall) % 22% 6.1% 18.2%
Operating Margin (social housing) % 18.1% 6.1% 19.8%
EBITDA MRI - % of interest cover 0.5% 1.6% 128%
Development & Capacity
New Supply – social housing units % 4.5% 20.4% 1.3%
New Supply – non-social housing units % 0.0% 0.0% 0.27%
Gearing % (68.6%) (132.4%) 45%
Outcomes
Reinvestment % 69.7% 12.0% 6.7%
Asset Management
Return on Capital Employed 48.3% 20.5% 2.8%
Operating Efficiency
Headline social housing cost per unit		 £11,432 £9,947 £4,586

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Financial review

This financial year sees a small increase in revenue up on last year’s. It comes against the backdrop of the brunt of our SHAP capital funding being largely spent over the previous financial year. This year, however, we have had a draw down of capital funds for only a few one bed properties, along with a bit of revenue funding. To complement all of this, has been an uplift in our revenue, from the majority of local authorities we work with, to house and support our clients.

During the year total income received was £18,104,725 (2024: £12,490,732) and expenditure was £14,111,495 (2024: £11,721,768), resulting in a surplus on ordinary activity of £3,993,230 (2024: £768,964). After a loss on sale of fixed assets of £6,964 the overall surplus was £3,986,266. These figures include restricted grant income of £1,054,357 (2024: £nil), which was fully spent during the year.

The free reserves at 28 February 2025 were £1,271,603 (2024: £856,619), being unrestricted funds less fixed assets designated fund and commitments. Commitments relating to property leases are calculated for the minimum notice period. If the full outstanding property lease payments were included at £14,228,952, there would be no free reserves.

BRIDGE-IT HOUSING UK TEAM LTD

TRUSTEES REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025

Plans for future periods

Short Term Aims and Objectives (3-5 years)

Long Term Aims and Objectives (10 years)

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Structure, governance and management

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Bridge-IT housing UK team Ltd is registered with the housing association (number 4736), registered as a charity (number 1146838) and registered as a company limited by guarantee without share capital. (number 07941530)

The charity is constituted by its memorandum and articles dated 8 February 2016.

The trustees have undertaken an assessment and confirmed the charity’s compliance with the governance and financial viability standard.

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

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BRIDGE-IT HOUSING UK TEAM LTD

TRUSTEES REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025

Structure, governance and management (continued)

This is the organisation structure:

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

BRIDGE-IT HOUSING UK TEAM LTD

TRUSTEES REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025

Trustee’s responsibilities

The trustees are responsible for preparing the report and financial statements in accordance with applicable law and regulations.

The registered social housing legislation require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its income and expenditure for that period.

. In preparing the financial statements the trustees are required to: -

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The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable it to ensure that the financial statements comply with the Housing and Regeneration Act 2008 and The Accounting Direction for private registered providers of social housing in England 2019. They have general responsibility for taking reasonable steps to safeguard the assets of the charity and detect fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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The Trustees’ report was approved by the Board of Trustees..

……………….. M Barnes Trustee Date: XXX

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF

BRIDGE-IT HOUSING UK TEAM LTD

YEAR ENDED 28 FEBRUARY 2025

DRAFT ACCOUNTS SUBJECT TO AUDIT. AUDIT WORK STILL ONGOING – AIM TO COMPLETE BY THE END OF MAY 26.

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BRIDGE-IT HOUSING UK TEAM LTD

STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 28 FEBRUARY 2025

Note
Unrestricted
2025
£
Turnover
2
17,011,507
Operating expenditure
2
(14,095,443)
_
Operating surplus/(deficit)
2,916,064
Interest receivable
38,861
Interest payable
(16,052)
_
Surplus/(deficit) for the year
on ordinary activities
2,938,873
Profit/(loss) on sale of fixed
assets
(6,964)
__
Total comprehensive income
(expenditure) for the year
2,931,909
 Restricted
2025
Total
2025
Total
2024
£
£
£
1,054,357
18,065,864
12,472,193
-
(14,095,443) (11,707,784)
_
_
_
1,054,357
3,970,421
764,409
-
38,861
18,539
-
(16,052)
(13,984)
_
_
_
1,054,357
3,993,230
768,964
-
(6,964)
-
_
_
__
1,054,357
3,986,266
768,964

The above figures derive from continuing operations.

BRIDGE-IT HOUSING UK TEAM LTD

STATEMENT OF CHANGES IN FUNDS YEAR ENDED 28 FEBRUARY 2025

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----- Start of picture text -----
Unrestricted Designated
Income and Fixed asset Restricted Total
expenditure fund funds
£ £ £ £
As at 1 March 2024 3,298,128 - 3,298,128
Total comprehensive income 2,931,909 1,054,357 3,986,266
for the period
Transfers (3,278,888) 4,273,366 (994,478) -
_ _ _ _
As at 28 February 2025 2,951,149 4,273,366 59,879 7,284,394
_ _ _ _
Prior year
Income and Restricted funds Total
expenditure
£ £ £
As at 1 March 2023 2,529,164 - 2,529,164
Total comprehensive income for the 768,964 - 768,964
period
Transfers - - -
_ _ _
As at 29 February 2024 3,298,128 - 3,298,128
_ _ _
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BRIDGE-IT HOUSING UK TEAM LTD

STATEMENT OF FINANCIAL POSITION YEAR ENDED 28 FEBRUARY 2025

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Notes 2025 2024
£ £
Fixed assets
Tangible assets 7 4,273,366 1,435,578
Current assets
Property held for resale 8 751,945 -
Stock 33,017 -
Debtors 9 689,873 86,014
Cash at bank and in hand 2,363,125 2,037,100
_ _
3,837,960 2,123,114
Creditors: amounts falling due 10 (715,713) (89,446)
within one year
_ _
Net current assets 3,122,247 2,033,668
_ _
Total assets less current 7,395,613 3,469,246
liabilities
Creditors: amounts falling due 11 (111,219) (171,118)
after more than one year
_ _
Net assets 7,284,394 3,298,128
_ _
Funds
Unrestricted funds – general 14 2,951,149 3,298,128
Unrestricted funds – 14 4,273,366 -
designated
Restricted funds 14 59,879 -
_ _
Total funds 7,284,394 3,298,128
_ _
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The financial statements were approved by the Trustees on XXX

………………… M Barnes Trustee

………………… B Greenwood Trustee

BRIDGE-IT HOUSING UK TEAM LTD

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 28 FEBRUARY 2025

Note
2025
£
Net cash generated from operating activities
20
3,279,444
Investing activities
Purchase of fixed assets
38,861
Interest received
(2,969,264)
Proceeds from sale of fixed assets
33,105
_
Net cash used in investing activities
(2,897,298)
Financing activities
Repayment of bank loans
(1,139)
Interest payable and similar expenses
(16,052)
Payment of obligations under finance leases
(38,930)
_
Net cash used in financing activities
(56,121)
_
Net change (out)/in cash and cash equivalents
326,025
Cash and cash equivalents at beginning of the year
2,037,100
_
Cash and cash equivalents at end of the year
2,363,125
__		 2024
£
1,257,846
18,539
(215,699)
20,161
_
(176,999)
107,440
(13,984)
63,678
_
157,134
_
1,237,981
799,119
_
2,037,100
__

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BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

1. ACCOUNTING POLICIES

Statutory information

Bridge-IT Housing UK Team Ltd is a charitable company registered in England & Wales and is a registered provider of social housing in England.

Basis of preparation

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The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2022. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008.

The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling, which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

All income is included in the statement of comprehensive income when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

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Grants

Income from donations and grants, including capital grants, are included in income when these are receivable, except as follows:

When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in income of restricted funds when receivable.

Operating costs

Expenditure is included in the statement of comprehensive income on an accrual’s basis.

BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

1. ACCOUNTING POLICIES (continued)

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

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1% reducing balance 1% reducing balance 15% reducing balance 15% reducing balance 15% reducing balance

Freehold land and buildings Leasehold land and buildings Plant and machinery Office equipment Motor vehicles

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

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Restricted funds

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

Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

2. PARTICULARS OF TURNOVER, OPERATING EXPENSES, AND OPERATING SURPLUS

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Note Turnover Operating Operating
expenditure surplus
2025 2025 2025
£ £ £
Social housing lettings 3 17,212,496 (14,095,443) 3,117,053
Other social housing activities:
Grant funding 851,549 - 851,549
Other 1,819 - 1,819
_ _ _
18,065,864 (14,095,443) 3,970,421
_ _ _
Prior year
Note Turnover Operating Operating
expenditure surplus
2024 2024 2024
£ £ £
Social housing lettings 3 12,472,193 (11,707,784) 764,409
Other social housing activities:
Grant funding - - -
Other - - -
_ _ _
12,472,193 (11,707,784) 764,409
_ _ _
----- End of picture text -----

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BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

3. PARTICULARS OF INCOME AND EXPENDITURE FROM SOCIAL HOUSING LETTINGS

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----- Start of picture text -----
General needs Total Total
housing
2025 2025 2024
£ £ £
Income
Rent receivable 15,992,517 15,992,517 12,472,193
Service charge income 1,017,171 1,017,171 -
Grant income (SHAP – revenue) 202,808 202,808 -
_ _ _
17,212,496 17,212,496 12,472,193
Operating expenditure
Management staff (236,817) (236,817) -
Other staff costs (3,908,641) (3,908,641) (3,368,767)
Service charge costs (1,741,708) (1,741,708) (1,279,797)
Repairs and maintenance (1,119,228) (1,119,228) (469,522)
Bad debts (471,633) (471,633) -
Depreciation of housing properties (22,135) (22,135) -
Lease and rent costs (3,804,592) (3,804,592) (3,738,758)
Other costs (675,553) (675,553) (1,259,474)
Support hubs (2,115,136) (2,115,136) (1,591,466)
_ _ _
(14,095,443) (14,095,443) (11,707,784)
_ _ _
Operating surplus 3,117,051 3,117,051 764,409
_ _ _
Void losses
Rent (including housing benefit) 6,897,215 6,897,215 -
Service charges 471,633 471,633 -
_ _ _
7,368,848 7,368,848 -
_ _ _
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Void losses for 2024 are not known

BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

4. OPERATING SURPLUS FOR THE YEAR

The operating surplus is stated after charging:

2025 2024
£ £
Depreciation 91,407 82,795
Payment of finance leases 69,085 45,475
Auditor’s remuneration 38,460 22,150

Auditor’s remuneration includes £27,180 for audit fees and £11,280 for accountancy fees. (2024: split unknown).

5. STAFF COSTS

. STAFF COSTS
The average monthly number of employees during the year was:
Admin
Management
Housing & Support
Maintenance
Total employees
Employment costs
Wages and salaries
Social Security
Pension costs
Recruitment expenses
Previous year SMP reclaimed
Apprenticeship levy
The number of employees whose annual remuneration £60,000 or
more were:
£60,000 - £70,000		 2025
7
25
86
37

155
 _
2025
£
3,730,103
336,223
104,901
12,134
(41,564)
3,661
__
4,145,458
______
2025
1
 2024
6
15
86
28

135
 _
2024
£
3,056,308
243,773
68,686
-
-
-
______
3,368,767
__
2024
-

BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

6. TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION

During the year 1 trustee was reimbursed £300 for travel expenses (2024: £nil).

The total remuneration paid to key management personnel during the year was £236,817 (2024: £178,861).

The remuneration payable to the highest paid director during the year was £60,386 (2024: £45,792).

The Chief Executive Officer is an ordinary member of the company’s defined contribution pension scheme. During the year contributions of £1,625 (2024: £1,238) were made to the Chief Executive Officer’s pension.

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7. TANGIBLE FIXED ASSETS
Housing Plant and Office Motor Total
machinery Equipment vehicles
£ £ £ £ £
Cost
At 1 March 2024 1,088,974 457,081 - 126,721 1,672,776
Additions 2,938,583 21,569 1,083 8,029 2,969,264
Disposals (40,069) - - - (40,069)
_ _ _ _ __
At 28 February 2025 3,987,488 478,650 1,083 134,750 4,601,971
Depreciation
At 1 March 2024 39,935 163,172 - 34,091 237,198
Charge 28,824 47,322 162 15,099 91,407
__ __ _ _
At 28 February 2025 68,759 210,494 162 49,190 328,605
Net book value
At 28 February 2025 3,918,729 268,156 921 85,560 4,273,366
__ __ __ _ __
At 28 February 2024 1,049,039 293,909 - 92,630 1,435,578
__ __ __ _ ______
----- End of picture text -----

7. TANGIBLE FIXED ASSETS

BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

7. TANGIBLE FIXED ASSETS (continued)

Housing
Cost
At 1 March 2024
Additions
Disposals
At 28 February 2025
Depreciation
At 1 March 2024
Charge
At 28 February 2025
Net book value
At 28 February 2025
At 28 February 2024		 Freehold
Freehold
Freehold
Leasehold
offices
properties
housing
properties
let out
being built
let out
£
£
£
£
-
836,269
-
252,705
668,882
645,410
1,018,215
606,076
-
(40,069)
-
-
_
_
_
_
668,882
1,441,610
1,018,215
858,781
-
30,303
-
9,632
6,689
14,114
-
8,021
_
_
_
_
6,689
44,417
-
17,653
662,193
1,397,193
1,018,215
841,128
_
_
_
_
-
805,966
-
243,073



 Housing
Total
£
1,088,974
2,938,583
(40,069)
_
3,987,488
39,935
28,824
_
68,759
3,918,729
__
1,049,039

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounting to £8,030 (2024: £) for the year.

Motor Vehicles
 2025
£
45,505

__		 2024
£
53,535
__

8. PROPERTY HELD FOR RESALE

Wakefield office sale completed on 30 May 2025 .

BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

9. DEBTORS AND PREPAYMENTS

Other debtors
Prepayments
Accrued income
0. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Note
Bank loans
12
Trade creditors
Other creditors
Taxation and social security
Accruals
Deferred income
13
Obligations under finance lease and hire purchase
contracts		 _
 2025
£
63,899
257,197
368,777
_
689,873
_
2025
£
1,138
292,686
2,968
72,438
201,292
126,499
18,692
_
715,713
_		 2024
£
-
86,014
-
_
86,014
_
2024
£
-
30,879
-
58,567
-
-
-
_
89,446
_
_

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Obligations under finance leases relates to a finance lease which is secured over the asset held under the agreement.

11. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

Note
Bank loans
12
Obligations under finance lease and hire purchase
contracts		 2025
£
105,163
6,056
__
111,219
 2024
£
107,440
63,678
__
171,118

Obligations under finance leases relates to a finance lease which is secured over the asset held under the agreement.

BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

12. SECURED LOANS

Bank loans
Payable within one year
Payable after one year		 2025
£
106,301
_
1,138
105,163
_		 2024
£
107,440
__
-
107,440
__

The bank loan relates to a mortgage secured on 2 properties. The mortgage is repayable over 30 years and the amount outstanding at the year-end was £106,301 (2024: £107,440). The interest rate is 5.75% over base rate. These borrowings are secured on the charitable company’s freehold properties with fixed, floating charges and a negative pledge.

3. DEFERRED INCOME
Balance brought forward
Deferred in year		 2025
£
-
126,499
_
126,499
_		 2024
£
-
-
__
-
__

13. DEFERRED INCOME

Deferred income relates to advance receipts of housing benefit for rent receivable.

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BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

14. ANALYSIS OF FUNDS

Balance at
Income
Expenditure
1 March
2024
£
£
£
Unrestricted
funds
3,298,128
17,050,368
(14,111,495)
Designated
fund
Fixed asset
fund
-
-
-
_
_
_
Total
Unrestricted
funds
3,298,128
17,050,368
(14,111,495)
Restricted
funds
SHAP –
Capital
-
851,549
-
SHAP –
Revenue
-
202,808
-
_
_
_
Total
Restricted
funds
-
1,054,357
-
_
_
_
Total Funds
3,298,128
18,104,725
(14,111,495)
_
_
_		 Gains/
Transfers
Balance
at
(losses)
28 February
2025
£
£
£
(6,964)
(3,278,888)
2,951,149
-
4,273,366
4,273,366
_
_
_
(6,964)
994,478
7,224,515
-
(791,670)
59,879
-
(202,808)
-
_
_
_
-
(994,478)
59,879
_
_
_
(6,964)
-
7,284,394
_
_
_

Designated fund

Fixed asset fund represents the fixed assets held by the charity.

Restricted funds

SHAP – Capital – This fund represents a grant awarded by Homes England under the Single Homelessness Accommodation Programme (SHAP) for capital expenditure relating to delivering longterm specialist accommodation. The transfer represents the funds spent during the year.

SHAP – Revenue – This fund represents a grant awarded by Homes England under the Single Homelessness Accommodation Programme (SHAP) to cover the revenue costs of the provision of support services to individuals occupying SHAP accommodation. The transfer represents the funds spent during the year as the split of expenditure could not be identified.

BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

14. ANALYSIS OF FUNDS (continued)

Prior year

==> picture [447 x 472] intentionally omitted <==

----- Start of picture text -----
Balance at Income Expenditure Transfers Balance at
1 March 2023 28 February
2024
£ £ £ £ £
Unrestricted funds 2,529,164 12,490,732 (11,721,768) - 3,298,128
_ _ _ _ _
Total Funds 2,529,164 12,490,732 (11,721,768) - 3,298,128
_ _ _ _ _
15. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Designated Restricted Total
funds Funds Funds
2025 2025 2025 2025
£ £ £ £
Fund balances at 28 February 2025
are represented by:
Tangible assets - 4,273,366 - 4,273,366
Current assets/(liabilities) 3,062,368 - 59,879 3,122,247
Long term liabilities (111,219) - - (111,219)
_ _ _ _
2,951,149 4,273,366 59,879 7,284,394
_ _ _ _
Unrestricted Restricted Total
funds Funds
2024 2024 2024
£ £ £
Fund balances at 28 February 2024 are
represented by:
Tangible assets 1,435,578 - 1,435,578
Current assets/(liabilities) 2,033,668 - 2,033,668
Long term liabilities (171,118) - (171,118)
_ _ _
3,298,128 - 3,298,128
_ _ _
----- End of picture text -----

15. ANALYSIS OF NET ASSETS BETWEEN FUNDS

BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

16. OTHER FINANCIAL COMMITMENTS

At the reporting end date, the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Property
2025
£
Within one
year
871,764
Between two
and five years
34,560
_
906,324
 Vehicles
Equipment
2025
2025
£
£
55,395
9,955
129,571
43,301
_
_
184,966
53,256

 Total
Property
2025
2024
£
£
937,114
789,392
207,432
34,560
__
_
1,144,546
823,952

 Vehicles
2024
£
45,475
136,504
_
181,979
 Total
2024
£
834,867
171,064
__
1,005,931

Commitments related to property leases are calculated based on the minimum notice period required to break the lease. The total commitment relating to property leases for the full remaining lease period is £14,228,952 (2024: £20,639,656).

==> picture [33 x 33] intentionally omitted <==

17. CAPITAL COMMITMENTS

At the year end there was a commitment to purchase Simmonite land in Rotherham for a purchase price of £535,000. This completed on 13 June 2025. Within prepayments is a deposit paid of £65,230.

==> picture [40 x 46] intentionally omitted <==

18. RELATED PARTY TRANSACTIONS

The CEO, C Griffiths, is the brother of the trustee M Barnes. During the year C Griffiths received remuneration of £62,011 (2024: £47,029).

The Son of M Barnes, M Barnes, was employed by the company during the year and received remuneration of £2,347 (2024: £nil).

C Griffiths is also a director of Bridge-IT Enterprises Ltd. During the year Bridge-IT Housing UK Team Ltd paid rent of £853,770 (2024: £867,568) to Bridge-IT Enterprises Ltd, and received refunds of £8,795 (2024: £nil). The company also paid in error corporation tax of £4,020 on behalf of Bridge-IT Enterprises Ltd (2024: £nil). At the year end £4,020 was due from Bridge-IT Enterprises Ltd to Bridge-IT Housing UK Team Ltd.

C Griffiths and his wife also rents a property directly to the company. £9,900 (2024: £9,025) of rent was paid directly to C Griffiths. There were no amounts outstanding at the year end.

C Griffiths and C Hope, Business Development Manager, are also directors of Pentzion Ltd. Bridge-IT Housing UK Team Ltd purchased property from Pentzion Ltd for £237,950 (2024: £nil). There were no amounts outstanding at the year end.

BRIDGE-IT HOUSING UK TEAM LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025

19. CONTINGENT LIABILITY

In 2024/2025 Homes England provided grants to fund the purchase of properties and their renovation into supported housing accommodation under the Single Homelessness Accommodation Programme (SHAP). Homes England have an ongoing interest in the grant funded assets. If the properties are sold or let to individuals outside of the relevant target client group or for any purpose other than the relevant agreed purpose, then those grants would become repayable. These amount to £851,549.

0. NET CASH GENERATED FROM OPERATING ACTIVITIES
Operating surplus/(deficit) for the year
Adjustments for non-cash items
Depreciation
(Profit)/loss on disposal of fixed assets
Interest receivable
Interest payable
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash generated from operating activities		 2025
£
3,847,255
110,339
-
(38,861)
16,052
(33,017)
(527,795)
733,269
_
4,107,242
_		 2024
£
768,964
82,795
9,605
(18,539)
13,984
-
415,332
155,873
_
1,428,014
_

20. NET CASH GENERATED FROM OPERATING ACTIVITIES

21. ANALYSIS OF CHANGES IN NET DEBT

Cash at bank and in hand
Loans falling due within 1 year
Loans falling due after more
than 1 year
Obligations under finance
leases		 Opening
balance
Cashflows
£
£
2,037,100
326,025
_
________
-
(1,138)
(107,440)
2,277
(63,678)
38,930
_
________
1,865,982
366,094

 New
finance
leases
Other
non-cash
changes
£
£
-
-
_
_
-
-
-
-
-
-
_
_
-
-

 Closing
balance
£
2,363,125
_
(1,138)
(105,163)
(24,748)
_
2,232,076