## **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
## **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||
- 1 -
## **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
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
- 2 -
## **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:
- a) Providing access to safe and secure private rented accommodation;
- b) Promoting an integrated approach to meeting their needs;
- c) Forging partnerships with other local organisations to ensure each vulnerable person receives the services to which they are entitled with the aim of empowering vulnerable people to obtain the skills and knowledge necessary to manage successful independent living.
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:
- 3 -
## **BRIDGE-IT HOUSING UK TEAM LTD**
## **TRUSTEES REPORT FOR THE YEAR ENDED 28 FEBRUARY 2025**
## **Achievements and performance (continued)**
- Successful renewal of its Customer First and Investors In People quality marks
- Completed acquisition of its full quota of 20 one bed or self-contained apartments under SHAP
- Successful acquisition of 4 plots of land, along with full planning on one of them
- Successful change of accountants from Sidhu & Co over to Fortus
- Engaged the services of new HR consultants, House of Growth, who will be introducing a number of new ideas in the ensuing months
## **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|
* figures taken from the NHF report 2024
## **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.
- 4 -
## **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)**_
- Continued improvement in the housing and support services offered to our clients
- An expanded and more efficient Accounts and HR departments
- Having a greater chance of being connected into key services such as local GPs, substance misuse schemes and various training programmes, just to name a few
- Consolidate and continue to expand within existing areas/branches
- Begin building on at least one of our acquired plots of land
- Having a much greater opportunity to acquire some of the necessary basic and key skills required to lead a more independent life
- Improved training for all staff
## _**Long Term Aims and Objectives (10 years)**_
- At least 10 sites/plots of land acquired
- At least 200 new units built
- Acquire a minimum number of 10 sites or plots of land
- Working within 20 local authorities to deliver our housing and support services
- Secure additional commissioning services contracts with the local authorities
- Exit Strategy for SHAP developed
## **Structure, governance and management**
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.
- 5 -
## **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.
- Whilst the overall decisions lie with the trustees, who engage with the CEO outside of the trustee meetings, the daily decisions are delegated and entrusted to the CEO.
- The CEO meets with the Senior Managers at least twice a week to plan and review matters on the ground. Decisions are quickly executed on by senior managers responsible for various regions.
- 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 any decisions made.
- Fortnightly meetings involving the CEO, senior management, supervisors and Team Leaders help with the rapid spreading of information and rolling out of decisions made.
- 6 -
## **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: -
- Select suitable accounting policies and apply them consistently;
- Make judgements and estimates that are reasonable and prudent;
- State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
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.
The Trustees’ report was approved by the Board of Trustees..
……………….. M Barnes Trustee Date: XXX
- 7 -
## **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.
- 8 -
## **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.
- 9 -
## **BRIDGE-IT HOUSING UK TEAM LTD**
## **STATEMENT OF CHANGES IN FUNDS YEAR ENDED 28 FEBRUARY 2025**
**----- 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
________ ________ ________
**----- End of picture text -----**
- 10 -
## **BRIDGE-IT HOUSING UK TEAM LTD**
## **STATEMENT OF FINANCIAL POSITION YEAR ENDED 28 FEBRUARY 2025**
**----- Start of picture text -----**
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
________ ________
**----- End of picture text -----**
The financial statements were approved by the Trustees on XXX
………………… M Barnes Trustee
………………… B Greenwood Trustee
- 11 -
## **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
________|
|---|---|
- 12 -
## **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**
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.
## **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.
## **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 given to the charity must be used in future accounting periods, the income is deferred until those periods.
- When donors impose conditions, which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in income until the pre-conditions for use have been met.
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.
- 13 -
## **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:
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.
## **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.
- 14 -
## **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**
**----- Start of picture text -----**
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 -----**
- 15 -
## **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**
**----- 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 -
________ ________ ________
**----- End of picture text -----**
Void losses for 2024 are not known
- 16 -
## **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**
-
|
- 17 -
## **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.
**----- Start of picture text -----**
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**
- 18 -
## **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 **.**
- 19 -
## **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.
- 20 -
## **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.
- 21 -
## **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.
- 22 -
## **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**
**----- 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**
- 23 -
## **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).
## **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.
## **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.
- 24 -
## **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
|
|---|---|---|---|