BRIDGE TO THE FUTURE
(Limited by Guarantee)
COMPANY NO.: 08497337
CHARITY NO.: 1153559
REPORT AND ACCOUNTS
for the year ended 31 August 2024
BRIDGE TO THE FUTURE (Limited by Guarantee)
| Status: | Company Limited by Guarantee No.: 08497337 |
|---|---|
| Registered Charity No.:1153559 | |
| The company's governing document is its Memorandum and | |
| Articles of Association dated 22 April 2013 | |
| Registered Office: | 10 Queen Street Place |
| London | |
| EC4R 1AG | |
| Trustees: | Guglielmo Verdirame |
| Emma Goddard | |
| Jutta von Falkenhausen | |
| Sir Michael Jackson (deceased 15 October 2024) | |
| Ewald Engelen | |
| Fleur Meijs | |
| Auditors: | HaysMac LLP |
| 10 Queen Street Place | |
| London | |
| EC4R 1AG | |
| Bankers: | Handelsbanken |
| 2nd Floor, High Hill House | |
| 6A Hampstead High Street | |
| London NW3 2HR | |
| Investment managers: | UWC Endowment Management |
| at year end | 5 Earlsfort Terrace |
| Dublin | |
| D02 CK83 Ireland | |
| Vanguard Investment Series plc | |
| Brown Brothers Harriman Fund | |
| Administration Service (Ireland) Ltd | |
| 30 Herbert Street, Dublin D02 W329 | |
| Ireland |
1
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Trustees’ report for the year ended 31 August 2024
TRUSTEES’ REPORT
For the year ended 31 August 2024
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Bridge to the Future (the company) for the year ended 31 August 2024. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice for Charities (SORP 2015) (Second Edition, effective 1 January 2019).
Structure, governance and management
a. Constitution
The company is registered as a charitable company, limited by guarantee and was set up by a Memorandum of Association.
The company is constituted under a Memorandum of Association and is a registered charity, number 1153559.
The principal object of the company is, for the public benefit, to advance the education (including social and physical training) of persons of any age, in such ways as the charity Trustees think fit.
b. Method of appointment or election and induction and training of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association. The Board of Trustees is responsible for the search and appointment of new Board members. As part of the induction program, new Board members are provided with information about the company and it’s regulator, such as the Memorandum of Association, the Articles of Association, general information about the company and UWC Mostar, the Charities Commission guidance for trustees. Annually the Board of Trustees receive an update on any regulatory changes that impact the company as part of ongoing training.
The trustees who served during the year and to the date the accounts were signed were as follows:
Guglielmo Verdirame (Chair)
Ewald Engelen
Jutta von Falkenhausen
Sir Michael Jackson (deceased 15 October 2024)
Fleur Meijs
Emma Goddard
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BRIDGE TO THE FUTURE
(Limited by Guarantee)
Trustees’ report for the year ended 31 August 2024
c. Organisational structure and decision making
The Trustees are responsible for the oversight and strategy of the charity and for decisions in respect of the grants to be made to beneficiaries. The Trustees are also the Key Management personnel of the charity and are not remunerated for their services to the charity. The management of the charity’s investments is delegated to the Investment Committee who have been appointed for their specific knowledge of this field. The day-to-day administration of the charity is delegated to the clerk of the Trustees.
d. Key risks and principal uncertainties
The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
The uncertainty of investment returns is managed by the UWC Endowment Investment Management to the best of their abilities. The UWC Endowment Fund diversifies the endowment investments by placing the funds with a wide range of global fund managers. The endowment is exposed to volatility of the prices in its investments. However, as the endowment has a long term horizon, it only needs a smaller proportion of funds available for annual donations to UWC Mostar.
Therefore, to manage the liquidity risks, the Trustees ensure that sufficient liquid funds are available to meet the endowment’s short and medium term donations. The UWC Endowment Fund makes distributions from the Fund according to a standard formula and therefore the Trustees can estimate with some certainty what cash will be available to make the annual donations to UWC Mostar.
The overall aim is to achieve a 5% plus inflation investment return over the long term. Further analysis is included in the Investment Review on page 5.
Public Benefit
The Trustees have considered the Charity Commission guidance on public benefit and consider that the charity is compliant.
Objectives and Activities
The object of the charity is the advancement of education.
A declaration of trust was approved by the Board on 9 August 2016 to hold the funds specifically to promote education by supporting the educational work of United World Colleges Mostar (UWC Mostar) and its students by means only of the award of scholarships for students at UWC Mostar or grants to UWC Mostar. The charitable trust is administered as an expendable endowment and safeguards are implemented to protect the capital of the endowment in the long term. It is the intention of the Trustees to continue to raise funds for the endowment fund to increase the number of scholarships at UWC Mostar. The Trustees will determine the amount of grants to be made each year to UWC Mostar.
a. Review of activities and achievements
The charity’s funds increased to € 23,033,650 in the current year (€21,344,143 in 2023. The increase in net funds consisted of additional donations €38,197 (€951,027 in 2023), investment income €15,044 (€53,946 in 2023), charitable
3
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Trustees’ report for the year ended 31 August 2024
expenditure of €769,178 (€711,970 in 2023) and other net gains of €2,405,444 (gains €1,549,197 in 2023). The Trustees are content that total funds have increased by 8%.
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25
20
15
10
5
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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The Trustees approved grants for scholarships at UWC Mostar from the endowment. The table below shows the number of students receiving a scholarship per year of attendance at UWC Mostar and the amounts and the period when the costs were recognised in the financial statements. In the year ended Aug 2022 financial statements, a restricted donation was received for one scholarship for a student attending UWC Mostar in Sept 2022- June 2024 and the grant was awarded to UWC Mostar, this student has not been included in the table below as it was not a grant from the endowment funds.
| Number of students Attending school-year at UWC Mostar Amounts recognised as charitable expenditure Recognised in period/year ending |
Number of students Attending school-year at UWC Mostar Amounts recognised as charitable expenditure Recognised in period/year ending |
Number of students Attending school-year at UWC Mostar Amounts recognised as charitable expenditure Recognised in period/year ending |
Number of students Attending school-year at UWC Mostar Amounts recognised as charitable expenditure Recognised in period/year ending |
|---|---|---|---|
| 22 | Sept 2021- June 2023 | €538,000 | 31 Aug 2021 |
| 24 | Sept 2022- June 2024 | €689,298 | 31 Aug 2022 |
| 24 | Sept 2023- June 2025 | €687,000 | 31 Aug 2023 |
| 25 | Sept 2024- June 2026 | €715,000 | 31 Aug 2024 |
Students are selected and awarded their scholarship in the year preceding the school-year and as such the costs need to be recognised at the point that the scholarship is awarded, being one year in advance of the student attending UWC Mostar. The costs of scholarship increased for the new cohort of students at the College in September 2023, and as such an increase for the fees has been included in the charitable expenditure.
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BRIDGE TO THE FUTURE
(Limited by Guarantee)
Trustees’ report for the year ended 31 August 2024
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48 49
46
41
36
33 34
27
22
11
0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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Financial review
The Trustees have reviewed the amount raised in the year and reviewed the investment performance and are satisfied with the overall performance of the company. Following the 10[th] year anniversary of funding students at UWC Mostar, the Trustees have achieved the initial target of raising the sum of €20m to secure the long-term viability of the charity. However, the Trustees continue to focus on fundraising and capital growth to achieve an overall 50% scholarship provision to UWC Mostar from the endowment which would require a minimum of €40m in endowment funds.
a. Investment review
At the start of the year, the endowment was invested with the following fund managers: AKO, Heronbridge, Generation Investment Management, Morant Wright, Rothschild, and Vanguard. The Board upon the advice of the Investment Committee, decided in November to exit all these arrangements and to invest its assets with the new UWC Endowment Fund. The UWC Endowment Fund has been created to professionally and better manage the endowments of the UWC entities globally. A small investment is held with Vanguard and the remaining funds are held in cash, partly to manage the liquidity risk.
Due to the nature of the charity being an endowment fund, the investment returns are generated by both investment income and capital gains/losses realised on those investments. Therefore, the Trustees will assess the performance of the investments, by reviewing these in aggregate. The UWC Endowment Fund will make its first distributions to the charity in 2025, which will comprise investment income for the charity.
The overall return on the investments for the year was 10.4% based on a simple average of funds invested and fixed term deposits. Of the liquidated fund manager mandates, all except for one had contributed positively to overall gains with between -1% to 10% performance for the 4 months they were held in the year (September to December 2023 period). The UWC Endowment Fund was launched on 15[th] January 2024 and had a return of the USD share class of 9.5% at the end of June 2024, 3.5% above its benchmark.
Total net investment gain of €2,405,444 and €15,044 in investment income was generated for the charity during the financial year.
The Trustees are content with the overall performance of the fund, with a 10.4% average performance on the invested funds. Nonetheless, with inflation and rates still elevated, it will remain challenging to find investment opportunities that will generate a significant return in the short term.
Another key risk is the uncertainty of monetary exchange rates, this is mitigated by holding funds in more than one currency.
5
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Trustees’ report for the year ended 31 August 2024
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Asset allocation at 31 Aug 2024 [1 ] Asset allocation at 31 Aug 2023
Equities Fixed Income Cash Alternative Equities Fixed Income Cash
5% 4%
15%
13%
9%
82% 72%
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Note 1 – the analysis above is based on the UWC Endowment Fund allocation as at 30 June 2024 and other investments at 31 August 2024
b. Reserves policy
The reserves of the charity totalled € 23,033,650 August 2024 (€21,344,143 in 2023). These funds will be held to provide grant funding to students at UWC Mostar. The amount available for distribution will be made available from a mixture of income and capital growth, whilst at the same time aiming to preserve the underlying value of the endowment. The Trustees have considered the timing of the cash distributions and the funds available to ensure sufficient readily available cash is available to cover the grants during the next 12 months.
c. Principal funding
A variety of donors have given to the charity with more details on the donors on the Charity’s website.
In June 2017, an UWC Mostar alumni fundraising campaign was started to encourage the relative young cohort of alumni of the College to donate a small amount, “the €1 campaign”. The overall aim is to raise sufficient funds to provide a full endowment donated by UWC Mostar alumni. Two matching schemes exist to encourage the alumni to donate. As a result of 8 years of cumulative small donations into the UWC Mostar alumni endowment fund, the first partial scholarship was awarded to a student who started at UWC Mostar in August 2022.
| Financial year Recurring donors Recurring donations in € One-off donations in € Total alumni fund in € ~~a~~ |
Financial year Recurring donors Recurring donations in € One-off donations in € Total alumni fund in € ~~a~~ |
Financial year Recurring donors Recurring donations in € One-off donations in € Total alumni fund in € ~~a~~ |
Financial year Recurring donors Recurring donations in € One-off donations in € Total alumni fund in € ~~a~~ |
Financial year Recurring donors Recurring donations in € One-off donations in € Total alumni fund in € ~~a~~ |
|---|---|---|---|---|
| 2017 ~~a~~ |
68 ~~a~~ |
2,581 | 20,307 | 22,888 |
| 2018 ~~a~~ |
74 ~~a~~ |
1,855 | - | 1,855 |
| 2019 | 89 | 3,549 | 779 | 4,328 |
| 2020 | 119 | 2,704 | - | 2,704 |
| 2021 | 155 | 5,099 | 1,134 | 6,233 |
| 2022 | 150 | 8,108 | 330 | 8,437 |
| 2023 | 188 | 8,049 | 915 | 8.964 |
| 2024 | 180 | 9,563 | 3,696 | 13,259 |
| 68,670 | ||||
| Matched funding bringing to a total of EUR | 206,010 |
6
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Trustees’ report for the year ended 31 August 2024
Following the implementation of the Charities (Protection and Social Investment) Act 2016, the charity has reviewed its fundraising activities and confirms that it complies with the regulation. The charity did not make use of any external fundraisers. No complaints were received in respect of its fundraising activities.
Going concern
The Trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The Trustees considered the impact of the Coronavirus on the financial markets in their assessment. The Trustees have considered the net current liability position as at the year-end of €32,354 and have projected the cash flows in the future to ensure that the charity has sufficient liquid funds to meet its liabilities. The Trustees conclude that the charity is a going concern.
Plans for the future
a. Future developments
The Trustees will continue with their fundraising campaign.
Trustees' responsibilities statement
The Trustees (who are also directors of Bridge to the Future for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustee must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustee are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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follow applicable Accounting Standards, subject to any material departures as disclosed and explained in the Financial Statements;
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make judgments and accounting estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable him to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
The Trustees at the time when this Trustees’ Report is approved have confirmed that:
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so far as each Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and
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that each Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.
7
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Trustees’ report for the year ended 31 August 2024
Small Companies Provisions
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Auditors
On 18 November 2024 the company’s auditor changed its name from haysmacintyre LLP to HaysMac LLP. The auditors, HaysMac LLP, have indicated their willingness to continue in office. The Trustees will propose a motion re-appointing the auditors at a meeting of the Trustees.
This report was approved by the Trustees on 12th March 2025 and signed on their behalf by:
Guglielmo Verdirame
Guglielmo Verdirame
8
BRIDGE TO THE FUTURE (Limited by Guarantee) Independent auditor's report for the year ended 31 Augusl 2024 Independent 4uditor's report to the members tsf Bridge lo ¢he Future Opinion We have audiied the financial statements of Bridge to the Future for the year ended 31 August 2024 which Comprise the Siaiemenl of Financial Activities, the Balance Sheet. the Statemeni of Cash Flows and notes to the financial statements, including 8 summary of significant accounting policies. The financial reporting framework thai has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportirtg Standard 102 The Financial Reporling Siandard applicable in lhe UK and Republic of Ireland (United Kingdom Generally Aecepied Accounting Practice). In OUT opinion, the financial statements- give a true and fair view of the slate of the charitable Company'5 affairs as 8131 Augusl 2024 and of ihe charitable company's net movement in funds, including the income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Arcepled Accounting Practice. and have been prepared in accordance with the requirements of ihe Companies Act 2006. Basis for opinion We conducled our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those siandards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statemenis in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan¢e with these requirements. We believe thai ihe audil evidence we have obtained is suffieient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatements, we have concluded that the Iruslees. use of ihe going concern basi5 of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertaintie5 relating lo events or conditions that. individually or collectively, may cast significant doubt on the charilable company's ability to continue &$ a going concern for a period of al least twelve months from when the financial slalements are auihorised for issue. Our responsibilities and th¢ responsibilities of the truslces wilh respect lo going concern are described in the Televanl sections of this report. Other Information The Iruslees are responsible for the other infomiation. The other information comprises the information included in Ihe Trustees. Report. Our opinion on the financial siatements doe5 not ¢over the other infornialion and. except lo the extent otherwise explicitly stated in our report, we do not express any fom of assurance conclusion Ihereon. In connection with our audit of the financial stalements, our responsibility is to read the other information and, in doing so. consider whether the oiher informalion is materially inconsistent with the financial stalements or our knowledge obtained in (he audil or otherwise appears to be materially misstated. If we idenlify such material inconsistencie5 or apparenl material misstatemenis. we are required to deterniine whether there is a material misstatement in the financial statements or a maierial misstaiement of the other informaiion. If. based on Ihe work we have perfornied, we conclude that there is a material misstatement of this other infomation. we are Tcquired to report that facl. We have nothing to report in this regard.
BRIDGE TO THE FUTURE (Limited by Guarantee) Independent auditor's Teport for the year ended 31 August 2024 Opinions on other m¥tters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: the information given in the Trustees, Report (which includes the directors. repoTt prepared for the purposes of company law) for the financial year for which the financial statements are prepared is Consistent with the financial stalements. and Ihe dire¢iors' report included wiihin the Trustees, Report has been prepared in accordance with applicable legal requiremenl5. M#tter$ on whlch we gre required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have no¢ identified maierial misstatements in the Trustees, Report (which incorporates the directors, report). We have nothing to report in respect of ihc following matters in rclation 10 which the Companies Act 2006 requires us to report lo you if. in our opinion- adequate accounting re¢ords have noi becn kept by the ¢harilable company* or the charitable company financial statements are noi in agreement wilh ihe accounting re¢ords and relums. or certain disclosures of Iruslees, remuneraiion specified by law are noi made. or we have nol received all the informaiion and explanations we require for our audit. the dire¢lor5 were nol enlitled lo prepare the financial statements in accordance with Ihe small companies. regime and take advantage of the small companies, cxemptions in preparing the directors, report and from Ihe requirement to prepare a slralegic report Responsibilities of trustees for the financial statements As explained more fully in Ihe Iruslee5' responsibililies statement sel out on page 7. the trustees (who arc a150 the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied Ihal they give a true and fair view, and for such internal control as ihe Iruslees determine is necessary to enable the preparaiion of financial siaiements ihal are free from material misstalemenl, whether due lo fraud or error. In preparing the financial slatemenls, the trustees are responsible for as5¢ssing the charitabl¢ comp8ny's ability to continue as a going concern, disclosing, as applicable. matters related lo going concern and using the going concern basis of accounting unless the trustees either intend io liquidate the charitable company or to cease operaiions, or have no realislic alternaiive but lo do so. Auditor'$ responsibilities for the audit of the financial statements Our objcctivcs are io obtain reasonable assurance about whether the financial statements as a whole are free from rnaterial missiaiemenl, whether due to fraud or error, and to issue an audilor's report thal includes our opinion. Reasonable assurance is a high level of a55uran¢e. bul is not a guaranlee ihat an audit conducted in accordance with ISA5 (UK) will always detect a material misstatement when it exists. Misslatements can arise from fraud or error and are considered material if, individually or in the aggrcgaie. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularilies, including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, ouilined above, lo detect material misstatements in respect of irregularities, including fraud. The exlenl to which our procedures are capable of detecting 1rguI8r1tie$. including fraud is detailed below= Based on our understanding of the charitable company and the environmenl in which it operates, we identified that the principal risk5 of non-compliance with laws and regulations related to the use of endowmtnt funds and Charity Law, and we considered the extent lo which non-compliance mighi have a material effe¢l on th¢ 10
BRIDGE TO THE FUTURE (Limited by Guarantee) Independent auditor's report for the year ended 31 August 2024 financial siaiemenis. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Aci 2006. Charilies Act 201 l and Charilies SORP. We evaluated management's incentives and opportunilies for fraudulent manipulation of the financial statements {including the risk of override of controls), and determined that the principal risks were related lo recognition of income. Audit procedures perfomed by the engagement team included.. Inspccling minutes of Trustees, meetings. Reviewing allocations and disclosures relating io endowment funds. Discussions With managemenl including consideraiion of known or suspecied instances of non-compliance with laws and re8ulaiion and fraud. Evaluating management's conlrols designed lo prevenl and d¢tccl irregularilies. Identifying and iesting journals. Reviewin8 valuations of invesiments. and Challen8in8 assumptions and judgements made by management in their crilical accounting estimates. There were no areas within th¢ financial stalemcnts that required the Trustees lo make significanl judgements or estimates during Ihe year. Because of the inherent limitations of an audit, there is a risk that we will noi detect all irregularities, including those leading io a material missialemeni in the finan¢i81 statements or non-eompliance wilh re8ulalion. This risk increases the more thal compliance with a law or regulation is removed from the events and transactions reflected in ihe financial slatements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves inlentional concealment, forgery, collusion, omission or misrepreseniaiion. A further description of our responsibilities for the audit of the financial stalemenls is located on the Financial Reporting Courtcil's website al.. www.fr This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapler 3 of Part 16 of the Companies Act 2006. Our audit work ha5 b¢cn undertaken so ihal we might stal¢ 10 the ¢haritable company's members those matters we are required 10 stale io them in an Auditor'5 report and for no oiher purpose. To the fullc5t extent permitted by law, we do not accept or assume rcsponsibilily to anyone other than the charitable company and the ¢harit2ble company's members. as a body, for our audit work, for this report, or for Ihe opinions we have formed. SW,IK Simon Wilks (Senior Statutory Auditor) For and on behalf of Haysmac LLP, Statutory Auditor l O Queen Siffct Pla¢¢ London EC4R I AG 15, April 2025
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Statement of Financial Activities Income and Expenditure Account for the year ended 31 August 2024
| Note Income and endowments from: Donations and legacies 2 Investment income Total income Expenditure on: Raising funds 3 Charitable activites 4 Total expenditure Net income / (expenditure) before other gains and losses Gains and losses on investments Other gains and losses Net movement in funds Reconciliation of funds Funds brought forward Total funds carried forward 13 |
Expendable Endowment Funds € 38,197 - 38,197 27,606 - 27,606 10,591 2,219,860 185,584 2,416,035 21,344,143 23,760,178 |
Unrestricted Funds € - 15,044 15,044 - 741,572 741,572 |
Total Funds 2024 € 38,197 15,044 53,241 27,606 741,572 769,178 (715,937) 2,219,860 185,584 1,689,507 21,344,143 23,033,650 |
Total Funds 2023 |
|---|---|---|---|---|
| € 951,027 53,946 |
||||
| 1,004,973 | ||||
| 76,101 711,970 |
||||
| 788,071 | ||||
| (726,528) - - (726,528) - (726,528) |
216,902 1,597,096 (47,899) |
|||
| 1,766,099 19,578,044 |
||||
| 21,344,143 |
All of the above results are derived from continuting activities. There were no other recognised gains or losses other than those stated above.
The accompanying Notes to the Accounts form part of these financial statements.
9
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Company number: 08497337
Balance sheet
as at 31 August 2024
| Fixed assets Investments Current assets Debtors Cash at bank and in hand Total current assets Creditors: amounts falling due within one year Net current assets Total assets less current liabilities Creditors:Amounts falling due after more than one year Net assets The funds of the charity: Eexpendable Endowment funds Unrestricted funds Total charity funds |
Note | 2024 € 23,411,004 3,863 679,991 683,854 (716,208) (32,354) 23,378,650 (345,000) 23,033,650 23,760,178 (726,528) 23,033,650 |
2023 € 20,944,296 - 1,419,195 |
|---|---|---|---|
| 8 9 10 11 12 13&16 |
|||
| 1,419,195 (688,348) |
|||
| 730,847 | |||
| 21,675,143 (331,000) |
|||
| 21,344,143 | |||
| 21,344,143 - |
|||
| 21,344,143 |
Approved and authorised by the trustees on 12th March 2025 a nd signed on their behalf by
Guglielmo Verdirame
Guglielmo Verdirame Director
The accompanying Notes to the Accounts form part of these financial statements.
10
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Statement of cash flows for the year ended 31 August 2024
| Note Cash flows from operating activities A Cash flows from investing activities Dividends and interest Purchase of investments Proceeds from sale of investments Net cash (used in)/generated from investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at the end of the year (A)Reconciliation of net income to net cash flow from operating activities: Net income Adjustments for: Dividends and interest from investments Decrease in debtors Increase in creditors Net cash provided by operating activities Analysis of cash and cash equivalents Cash at bank and in hand |
€ (692,984) 15,044 (21,704,700) 21,457,852 (231,804) 1,419,195 185,584 679,991 € (715,937) (15,044) (3,863) 41,860 (692,984) € 679,991 2024 2024 2024 |
€ 436,558 53,946 (2,483,584) 1,360,586 (1,069,052) 2,099,588 (47,899) 2023 |
€ 436,558 53,946 (2,483,584) 1,360,586 (1,069,052) 2,099,588 (47,899) 2023 |
||
|---|---|---|---|---|---|
| 1,419,195 |
|||||
| 2023 € 216,902 (53,946) 196,594 77,008 |
|||||
| 436,558 | |||||
| 2023 € 1,419,195 |
11
BRIDGE TO THE FUTURE
(Limited by Guarantee) Notes to the accounts for the year ended 31 August 2024
1 Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the period.
(i) Preparation of financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities:
Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), (Charities SORP FRS 102) and the Companies Act 2006.
Basis of accounting
Assets and liabilities are inititally recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
Public benefit entity
The charitable company meets the definition of a public benefit entity under FRS 102.
Going concern
The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.
Areas of judgement and uncertaintity
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
Financial instruments
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost, with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used at working capital. Financial liabilities held at amortised cost comprise all creditors. Investments are recorded at fair value using quoted prices in an active market.
Asset management fees are charged in the period that they relate to, included under Fundraising Expenditure, investment management costs.
(ii) Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
Expendable Endowment funds are intended to create a long term fund, the income from which will be used to fund the Charities future activities.
12
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Notes to the accounts for the year ended 31 August 2024
(iii) Revenue recognition
All income is included in the Statement of Financial Activities when the charity is entitled to the
income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
-
Voluntary income is received by way of grants, donations and gifts and asociated gift aid and is included in full when probable, measurable and entitled.
-
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included in these accounts.
-
Investment income is recognised on an accruals basis.
(iv) Expenditure
Expenditure is accounted for on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
-
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and service for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them including governance costs.
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Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity, the audit fees and costs linked to the strategic management of the charitable company.
-
All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
-
Grants awarded are recognised in the year that the Board approves the selection of students to receive an endowment scholarship at UWC Mostar from the charity. The full two year endowment is recognised at the point of approval, but relates to the following two school years.
(v) Financial investments
Quoted investments are included in the financial statements at market value at the balance sheet date.
Investment income, representing dividends and interest income on investments, is recognised on an accruals basis. Gains and losses on investments are represented separately on the Statement of Financial Activities.
For investment funds where valuation dates are not coterminous with the charity’s year end, the valuation as at the last available traded price is used, unless market conditions make that valuation inaccurate.
Cash held with investment managers is included within the total value of investments as at the year-end.
(vi) Debtors
Debtors are recognised at the settlement amount.
(vii) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
(viii) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
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Notes to the accounts for the year ended 31 August 2024
BRIDGE TO THE FUTURE
(Limited by Guarantee)
(ix) Foreign currency translation
Functional currency and presentation currency
The financial statements of the charitable company are presented in Euros. The charitable company resides in the UK however expenditure arises mainly in Euros, the functional currency is also Euros. Donations are received in Sterling, Euros and US Dollars.
(x) Transactions and balances
In preparing the financial statements, transactions in currencies other than the functional currency (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in income and expenditure in the period in which they arise.
14
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Notes to the accounts
for the year ended 31 August 2024
2 Donations and legacies
Expendable
| Donations Gift Aid Total 3 Expenditure on raising funds Fundraising Investment management costs Total 4 Expenditure on Charitable activities Administration costs Grant awarded Governance Costs Audit fee - current year Administration and Compliance Legal fees Total |
Endowment Funds € 34,334 3,863 38,197 Expendable Endowment Funds € - 27,606 27,606 Expendable Endowment Funds € - - - - - |
Unrestricted Funds € - - - Unrestricted Funds € - - Unrestricted Funds € - 715,000 17,764 8,808 - 741,572 |
Total 2024 € 34,334 3,863 38,197 Total 2024 € - 27,606 27,606 Total 2024 € - 715,000 17,764 8,808 - 741,572 |
Total 2023 €* 951,027 - |
Total 2023 €* 951,027 - |
|||
|---|---|---|---|---|---|---|---|---|
| 951,027 | ||||||||
| Total 2023 €* - 76,101 |
||||||||
| 76,101 | ||||||||
| Total 2023 €* - 687,000 15,074 7,357 2,539 |
||||||||
| 711,970 |
Grants awarded represent the endowments for 24 students to attend UWC Mostar and 1 further student on partial scholarship in respect of 2024/25 and 2025/26. Grants awarded in 2023 are in respect of 2023/24 and 2024/25 for 23 students to attend UWC Mostar and 1 further student on partial scholarship
All support costs are allocated in full to the single grant making charitable activity.
- Totals for the comparative periods were also in respect of the Expendable Endowment fund.
| 5 Net income for the year This is stated after charging / (crediting): Auditors' remuneration (excluding VAT): |
2024 € 14,803 |
2023 € 12,253 |
||
|---|---|---|---|---|
6 Staff costs and numbers
The charity did not employ any staff in this accounting period (2023: none), and therefore there were
no staff costs during the year (2023: €nil). The trustees are the key management personnel of the charity and are not remunerated for their services.
15
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Notes to the accounts for the year ended 31 August 2024
7 Trustee remuneration and expenses
No trustees received any remuneration during the year. In the year €2,794 was refunded for travel to 2 trustees (2023: €1,794 were reimbursed to 1 trustee).
| 8 Investments Market value at 1st September 2023 Additions at cost Disposal proceeds Realised gain Unrealised gain Market value at 31st August 2024 Historical cost at 31st August 2024 The portfolio is made up as follows: Overseas/UK equities Hedge funds Fixed income Cash Others |
2024 € 20,944,296 21,704,700 (21,457,852) 578,255 1,641,605 23,411,004 21,781,629 - 23,270,292 140,712 23,411,004 |
2023 € 18,224,202 2,483,584 (1,360,586) 301,782 1,295,314 |
|
|---|---|---|---|
| 20,944,296 | |||
| 15,392,827 | |||
| - 17,722,359 918,397 412,472 1,891,068 |
|||
| 20,944,296 |
The UWC Endowment fund, shown as 'Overseas/UK equities' is a mixed fund. The Fund invests with carefully vetted external investment managers, globally and across all asset classes with an investment objective to preserve capital and to achieve capital growth in the long term.
| 9 Debtors Accrued income: Gift aid debtor Total 10 Creditors: amounts falling due within one year Grant commitments Trade Creditors Accruals Total |
2024 € 3,863 3,863 2024 € 676,000 - 40,208 716,208 |
2023 € - |
||
|---|---|---|---|---|
| - | ||||
| 2023 € 639,000 - 49,348 |
||||
| 688,348 |
16
BRIDGE TO THE FUTURE
(Limited by Guarantee)
Notes to the accounts
for the year ended 31 August 2024
| 11 Creditors: amounts falling due outside one year Grant commitments Total 12 Analysis of net assets between Expendable Endowment Unrestricted Total Funds Funds Funds 2024 € € € Fixed assets 23,411,004 - 23,411,004 Current assets 1,410,382 (726,528) 683,854 Current liabilities (716,208) - (716,208) Long term liabilities (345,000) - (345,000) Net assets at 31 August 23,760,178 (726,528) 23,033,650 The net assets of the charity are all held as endowment funds with no unrestricted funds. 13 Movements in funds At 1 September Net income/ Other gains 2023 (expenditure) and losses € € € Expendable Endowment fund 21,344,143 10,591 2,405,444 Unrestricted Funds - (726,528) - Total funds 21,344,143 (715,937) 2,405,444 14 Movements in funds At 1 September Net income/ Other gains - comparative 2023 2022 (expenditure) and losses € € € Expendable Endowment fund 19,578,044 216,902 1,549,197 Total funds 19,578,044 216,902 1,549,197 |
|
|---|---|
It is the policy of the trustees to transfer to unrestricted funds of the charity an amount based on the budgeted costs for the year to finance grants to be awarded to UWC Mostar and other costs.
17
BRIDGE TO THE FUTURE
(Limited by Guarantee) Notes to the accounts for the year ended 31 August 2024
15 Related Party Transactions
Adriaan de Mol van Otterloo is the spouse of Fleur Meijs, a Trustee of the charity. He is the CIO of UWC Endowment Management which manages the UWC Endowment fund. The charity invested €21.4m with the UWC Endowment fund during the year and holds €23.3m in funds in the UWC Endowment fund as at the balance sheet date.
Guglielmo Verdirame donated £3,000 during the year (2023 £nil).
There were no related party transactions in the year ended 31 August 2024 (2023: Nil).
16 Expendable Endowment Fund
A declaration of trust was approved by the Board on 9 August 2016 to hold the funds specifically to promote education by supporting the educational work of United World Colleges Mostar (UWC Mostar) and its students by means only of the award of scholarships for students at UWC Mostar or grants to UWC Mostar. The charitable trust is administered as an expendable endowment and safeguards are implemented to protect the capital of the expendable endowment in the long term.
17 Legal status of the charity
The charity is a company limited by guarantee, incorporated in England and Wales (registration no.: 08497337) and has no share capital. The liability of each member in the event of winding up is limited to £1.
18