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2023-08-31-accounts

Charity number: 1179452

THE BRIGHT FOUNDATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

THE BRIGHT FOUNDATION

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2
Independent Examiner's Report 12 - 13
Statement of Financial Activities 14
Balance Sheet 15
Notes to the Financial Statements 16 - 28

THE BRIGHT FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Trustees J Bright, Chair
LK Fletcher, Co-Chair
J Ireland
JR Hayward
S Williams
U Nicholson
GM Nebel
Charity registered
number
1179452
Principal office
2 London Road
St Leonards-on-sea
East Sussex
TN37 6AE
Key management
personnel
P Risbridger (CEO)
C Garlick
Chief executive officer
P Risbridger
Accountants
Bishop Fleming LLP
Chartered Accountants
Salt Quay House
4 North East Quay
Sutton Harbour
Plymouth
PL4 0BN

Page 1

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 September 2022 to 31 August 2023.

OBJECTIVES AND ACTIVITIES

a. Policies and objectives

The Bright Foundation is an arts education charity founded by Academy Award winning Costume Designer and philanthropist, John Bright. Our mission is to use the lifetime’s work of our founder and benefactor to be a catalyst for creative learning and inspire a new generation of imaginative children and young people to reach their full potential.

We believe in the power of arts and creativity to shape happier and healthier children and young people. Our vision is for all children and young people to have their imaginations sparked and their wellbeing nurtured through a quality cultural curriculum, regardless of their background.

John Bright is an internationally renowned Costume Designer for film, tv and theatre, as well as founder and owner of the costume house, Cosprop which is based in London.

The objects of the Charity are:

  1. To advance in life and relieve the needs of disabled and/or socially and economically disadvantaged children and young people through:

  2. a) advancing education in particular (but not exclusively) in the arts, the history of theatre and the making of period toys, by the establishment and maintenance of a theatre, a museum and by providing or supporting the provision of artistic workshops and other facilities and activities which will encourage greater understanding and appreciation of the arts;

  3. b) preserving and protecting their mental and physical health, in particular by providing or assisting in the provision of tactile sensory activities, and other activities and facilities promoting mindfulness meditation and relaxation;

  4. c) providing recreational and leisure time activities in the interest of social welfare, designed to improve their conditions of life;

  5. d) providing facilities and activities which develop their skills, capacities and capabilities to enable them to participate in society as mature and responsible individuals; and

  6. Such other charitable purposes (according to the law of England and Wales) as the trustees think fit from time to time.

b. Strategies for achieving objectives

From two different venues in and around Hastings, we offer a programme of creative learning to children and young people. The Barn Theatre and Museum based at Rodgers Farm in the surrounding countryside of Hastings, features a 50-seat barn-converted children’s theatre and workshop studio, alongside a museum and exhibition space showcasing John’s collection of antique toys, puppets and model theatre sets. In this beautiful setting, we invite schools, families and local groups to experience the joy of play and creation, learn about the history of childhood, and be inspired by performance.

The Benbow Arts Space, located in the heart of St. Leonards-on-sea, is an exhibition and community arts space. In its first phase of opening it will be a youth arts space dedicated to the craft of film-making. John Bright is curating an exhibition of antique cinema paraphernalia and we will offer a programme of film related courses and masterclasses, school and group visits, and creative career support.

We launched the foundation and opened the Barn Theatre and Museum in June 2022. The Benbow Arts Space is opening in May 2024.

Page 2

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

We are building partnerships with local schools, voluntary sector groups, creatives, and other venues, to reach and engage children and young people experiencing disadvantage in their lives and to expand our reach as an organisation.

The trustees have agreed that the first two years should be a period to ‘test and learn’ testing out models of delivery to understand how the charity can best deliver on its objectives. We have commissioned an Evaluation Consultant, Catherine Orbach, to evaluate our impact over these first two years of operation in order to develop a long term set of goals and priorities for the charity.

c. Activities undertaken to achieve objectives

There are four areas of programme:

Public Programme

This was available for anyone to book, with free tickets offered via our referral partners and pay what you can pricing.

Schools and Groups

We offered experience days for groups of up to 30 children with a range of different themes:

We also invited two schools to become Associate Schools – Westfield School and St Leonards Academy – who worked more intensively with us during the year.

Creative Skills and Wellbeing

These are more intensive programmes designed to develop creative skills and improve emotional and physical wellbeing.

– We also undertook a range of work to prepare for the opening of the Benbow Arts Space particularly commissioning a lift to be installed providing full disabled access to public spaces.

Supporting Professionals

We commissioned Sophie Nuzel to create and premiere a new site responsive immersive work for woodlands. We provided in-kind accommodation and producing support, as well as premiering the show.

Page 3

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

d. Main activities undertaken to further the Charity's purposes for the public benefit

Our primary beneficiaries are children and young people. In the first year we are solely focusing on those living in Hastings and Rother and will expand our reach over time.

Hastings is the 13th most deprived local authority in the country and has the highest child poverty rate in the South East with an increase of more than 7% since 2015. It has the lowest educational attainment statistics in – East Sussex (25.4% of residents have no qualifications compared to 22.5% across England).

We are primarily reaching children and young people through schools, where Hastings has an average of 30% of children on free school meals. We are also developing partnerships to engage children and young people who experience disadvantage or have additional support needs. Partnerships developed so far include Hastings Foodbank, Fresh Visions youth service, East Sussex Looked After Children’s Service, East Sussex Foster Carers Association, a range of special schools and PRUs, Hastings and Rother Arts and Education Network, and Rother based Ukranian support group.

The Bright Foundation also benefits teachers, support workers, local artists and creatives, and families.

All activities instil confidence, nurture physical and emotional wellbeing, promote creativity and collaboration, encourage cultural awareness and understanding, and offer cross-curricular learning experiences.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

ACHIEVEMENTS AND PERFORMANCE

a. Main achievements of the Charity

This was our first full year of programme delivery and our engagement, impact and reach far exceeded what we expected at the start of the year.

The engagement figures for the year include

The Evaluation of our first year identified a range of outcomes:

Page 4

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Central to the objectives of The Bright Foundation is to create experiences that have a positive impact on wellbeing. Evaluation confirmed that as a result of visiting us children are more calm; are more engaged; and overcome fears and are more confident. The programme creates opportunities for children experiencing high levels of hardship, supporting their personal development

b. Key performance indicators

The key performance indicators for 2022-23 were to:

c. Review of activities

The Foundation achieved and exceeded all the KPIs for the year as the engagement figures above show. We have received phenomenal feedback, with all teachers rating their visit as Fantastic. Some of the feedback received includes:

`The Barn Theatre and Museum have been designed with great care to meet the needs of these children with outdoor spaces as well as versatile indoor learning spaces. As a result, the children feel genuinely relaxed, cared for, and inspired.’ (Home Ed tutor)

`One child said it ‘was more fun than their x box’, which in this day and age is a big thing.’ (Looked After Children coordinator)

`The young people felt at big part of TBF development. They were special and were investigating things for the first time. They did lots of stuff, lovely mix of ecology and performance, in all honesty, nothing they could have done elsewhere.’ (Secondary teacher – Associate School)

`Some of our very disadvantaged kids got a lot out of trip, they behaved differently, to be out and doing a whole day, working differently that’s really important.’ (Primary Headteacher)

Page 5

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

`I don’t always look forward to the day ahead as it’s just there and I don’t know what to do but since coming here I’ve been really excited and looking forward to it, I’ve even been looking forward to going to sleep as I – know that when I wake I get to come here.’ (Foster child participant in Dance and Design Summer Project)

We estimate 30% of children and young people visiting so far experience some form of disadvantage including:

Through creative play and learning these young people are developing concentration and focus; improving their gross and fine motor skills; expressing thoughts and opinions; collaborating with others; building a greater understanding of the world and different cultures; building confidence and ability to communicate with different people.

d. Fundraising activities and income generation

John Bright and his company Cosprop Limited remain the majority funder of the Foundation for 2022-23.

We received one small grant from South East Museum Development to take part in The Wild Escape 2023.

We introduced a Pay What you Can scheme for public events, to ensure that cost isn’t a barrier to enjoying the arts but those who can afford to pay do so to enable us to offer free access to those most in need. This raised £6,527.

John Bright donated a pair of John Galliano trousers which were sold at auction to raise £5,404.

We appointed an Executive Producer for our fundraising auction, Lights Camera Auction which took place in March 2024. This included a live auction of iconic film and TV costumes donated by Cosprop, and an online auction of celebrity memorabilia and experiences. This raised over £435,000 in 2023-24.

We submitted a Museum and Galleries tax relief claim for the set up of the Barn Museum which led to a claim of £18,181 in 2023-24.

e. Investment policy and performance

The funds that have been made available to the Foundation have been tied up in the staffing, operational and programme needs. There were no additional funds that would have benefitted from investment.

FINANCIAL REVIEW

a. Going concern

The Trustees have reviewed the circumstances of the Charity and consider that adequate resources continue to be available to fund the activities of the Charity for the foreseeable future. The Trustees are of the view that the Charity is a going concern. The Trustees have assessed that the Charity has sufficient reserves and cash balances to mitigate any potential unforeseen impact arising.

Page 6

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

b. Reserves policy

Funds have been made available to the charity to enable the delivery of the programmes, the venue overheads and to meet the salaries of the staff employed. All funds are currently planned to be invested in this project to create a space to carry out its objectives and aims as detailed in the Achievement and Performance section. The charity does not expect to build any reserves until such time as the charity commences operations due to the continued support from the main benefactor, the trustees consider that the charity does not need to hold any additional reserves at this time.

c. Performance review

Most of the Charity's income is obtained from the estate of John Bright and his company, Cosprop Limited, the use of which is unrestricted. Our first full year of programme delivery was delivered within budget with a total expenditure of £429,247 (£17,112 more than 2021-22). There is a remaining general fund of £75,226 which will be carried forward to 2023-24 for the capital works at the Benbow Arts Space.

d. Material investments policy

Through 2022-23 the Charity’s cash balance was held in a current account with CAF Bank. Following the success of the charity auction, the intention is to set up a CAF Gold instant access savings account

e. Principal risks and uncertainties

The principal risk to the Foundation rests with its dependence on the sole funding stream coming from John Bright via Cosprop. This funding is dependent on the success of the business. Cosprop has had a very stable history of profitability over the past fifty-five years. There was a financial impact on Cosprop as a result of the actor’s strikes, however the business has picked up since early 2024.

There is also a high level of risk related to the long term future once John Bright retires and eventually passes away. Cosprop is bequeathed to the Foundation and we are seeking legal advice to ensure effective bequest planning and to mitigate any disruptions to the foundation during this period.

f. Financial risk management objectives and policies

The Board of Trustees is responsible for the organisation's systems of internal control, including risk management. The charity’s CEO is the officer who is responsible for the management of systems of internal control and the implementation of policies set by the Board. The Board monitors and scrutinises the budget, accounting practice and financial performance against budget.

Operations and day-to-day management is determined by financial regulations and internal controls are supervised by the Charity’s CEO, with support from the Trustees.

Throughout the year we have continued to review and evolve our risk management framework to ensure that we are comprehensively capturing risk across a range of categories; and so ensure that our register is fully updated; new risks registered and explored in detail; with recorded actions needed to mitigate against the risks, reported through to the Board at every full board meeting and, where relevant, specific meetings are called to respond to urgent risks.

g. Principal funding

John Bright has committed to funding the Foundation via his company, Cosprop Limited. This will continue until the Foundation is able to carry out fundraising. John Bright has bequeathed Cosprop Limited, including its property in Islington, Rodgers Farm and the new property in St Leonards, The Admiral Benbow to the Foundation.

Page 7

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

a. Constitution

The Bright Foundation is a charitable incorporated organisation and is registered as a charity in England and Wales with number 1179452. The Charity is constituted by a CIO constitution dated 3 August 2018 as amended on 24 March 2020 (“the CIO constitution”) when the name of the Charity was changed from The Children’s Art and Education Foundation to The Bright Foundation.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are appointed by the Trustees in accordance with the terms of the CIO Constitution.

When appointing new Trustees, the Board will give consideration to the skills and experience mix, and diversity of existing Trustees in order to ensure that the Board has the necessary skills to contribute fully to the Charity's development.

c. Organisational structure and decision making policies

The board of Trustees oversees the overall the management and operations of the charity and compliance with its statutory obligations. The board of trustees meets quarterly.

Senior Management of the Charity’s operations on a day-to-day basis was delegated by the Trustees to the CEO who took up the full-time position in November 2021.

The Charity has five staff to plan and deliver the programme and works with a range of consultants and creatives. The core staff are the CEO, an Arts and Education Manager who plans and delivers the programme and helps curate the exhibitions; an Operations and Communications Manager; a Venue Coordinator responsible for the day-to-day running of the Barn Theatre and Museum; and a Caretaker/Groundskeeper responsible for the maintenance and upkeep of Rodgers Farm. In January 2024 we appointed two new members of staff in preparation for opening the Benbow Arts Space: a full time Programme Coordinator & Duty Manager, and a part time (3 days a week) Film Programme Learning Leader.

d. Policies adopted for the induction and training of Trustees

Provision for the induction and training of Trustees is led through the charity’s managers and Chair of the Board. This includes the role of the Trustees, the strategic intention of the charity’s Business Plan, and a briefing on all activities, the organisation's financial position, systems, reporting, and management policies. A Trustee Induction Pack of information underpins this training. Publications such as "The Essential Trustee: what you need to know" (Charity Commission) are also issued to new Trustees.

e. Pay policy for key management personnel

The CEO salary has been benchmarked against equivalent roles in the arts education / charity sector.

f. Related party relationships

Both John Bright and Chris Garlick are connected to Cosprop Limited as senior managers in that company. All transactions between the two organisations are only 1 way, with benefit to the Charity only.

Page 8

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

g. Trustees' indemnities

Under the terms of the CIO Constitution, the Trustees are:

PLANS FOR FUTURE PERIODS

The Bright Foundation’s aims for 2023-24 are:

  1. To deliver a diverse programme of creative learning to children and young people at the Barn Theatre and Museum, using our private collection of antique toys, puppets and model theatre sets as inspiration

  2. To grow an audience for high quality children’s theatre, especially puppetry, by presenting the best small scale performance work

  3. To build partnerships across Sussex to engage children and young people facing disadvantage and hardship

  4. To launch the Benbow Arts Space as a youth arts space

  5. To engage our high profile group of Ambassadors to support the foundation

  6. To develop our staffing and operational model to run a year round programme from two venues

  7. To diversify our income through fundraising campaigns

– Following the Evaluation Report for our first 15 months (Jun 22 Aug 23) we have identified the following areas for development in our programme activity at the Barn Theatre and Museum:

Page 9

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

We are launching our second venue, the Benbow Arts Space in May 2024. This will be a creative learning hub dedicated to the art of filmmaking. Young people can discover their passion for filmmaking, develop skills and begin their journey into the film industry. John Bright is curating an early cinema exhibition showcasing his private collection charting the making and presentation of film from 1890 to today. A programme of creative exploration, skills development and industry masterclasses for young people aged 11-21 years will be delivered from June 2024 onwards.

We have undertaken a feasibility study for Rodgers Farm to build a theatre extension including a back stage and green room area, and a new Creative Learning Studio. These are long term aspirations. In the short-term we will undertake some theatre upgrades to improve the stage infrastructure.

The Trustees’ Report, incorporating a strategic report, was approved by order of the Board of Trustees, as the company directors, and signed on its behalf by:

LK Fletcher (Co-Chair of Trustees)

Date: 28 May 2024

Page 10

THE BRIGHT FOUNDATION

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees 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).

The law applicable to charities in England & Wales requires 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 incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Memorandum of Association. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the Board of Trustees and signed on its behalf by:

LK Fletcher (Co-Chair of Trustees)

Date: 28 May 2024

Page 11

THE BRIGHT FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2023

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BRIGHT FOUNDATION ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 August 2023.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared the accounts 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Page 12

THE BRIGHT FOUNDATION

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE BRIGHT FOUNDATION (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Pamela Tuckett FCA DchA (Senior statutory auditor)

for and on behalf of Bishop Fleming LLP Chartered Accountants Stautory Auditors Salt Quay House 4 North East Quay Sutton Harbour Plymouth PL4 0BN

Date: 31 May 2024

Page 13

THE BRIGHT FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023

Note
INCOME FROM:
Donations and legacies
4
Charitable activities
5
Investments
6
TOTAL INCOME
EXPENDITURE ON:
Charitable activities
7
TOTAL EXPENDITURE
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD
14		 Restricted
funds
2023
£
2,500
-
-
2,500
2,500
2,500
-
-
-
-		 Unrestricted
funds
2023
£
451,962
14,243
438
466,643
426,747
426,747
39,896
1,029,907
39,896
1,069,803		 Total
funds
2023
£
454,462
14,243
438
469,143
429,247
429,247
39,896
1,029,907
39,896
1,069,803		 Total
funds
2022
£
464,570
4,375
12
468,957
412,135
412,135
56,822
973,085
56,822
1,029,907

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 16 to 28 form part of these financial statements.

Page 14

THE BRIGHT FOUNDATION

BALANCE SHEET AS AT 31 AUGUST 2023

Note
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
14
Unrestricted funds
14
TOTAL FUNDS		 3,300
93,801
97,101
(21,875)		 2023
£
994,577
75,226
1,069,803
1,069,803
-
1,069,803
1,069,803		 4,375
54,419
58,794
(34,607)		 2022
£
1,005,720
24,187
1,029,907
1,029,907
-
1,029,907
1,029,907

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

LK Fletcher (Co-Chair of Trustees) Date: 28 May 2024

The notes on pages 16 to 28 form part of these financial statements.

Page 15

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. GENERAL INFORMATION

The Charity is a charitable unincorporated organisation registered in England and Wales, within the United Kingdom. The registered Charity number is 1179452 and the registered office is 2 London Road, St Leonards-on-sea, East Sussex, TN37 6AE.

2. ACCOUNTING POLICIES

2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 January 2019 which has since been withdrawn.

The Bright Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 GOING CONCERN

At the year end, the Charity held £1,069,803 of reserves, £994,577 of which are designated to the capital build project and associated costs. The Trustees have reviewed the circumstances of the Charity and consider that adequate resources continue to be available to fund the activities of the Charity for the foreseeable future. The Trustees are of the view that the Charity is a going concern. The Trustees have assessed that the Charity has sufficient reserves and cash balances to mitigate any potential unforeseen impact arising.

At the year end, the Charity has unrestricted general funds of £75,226 and are forecasting further surpluses for years ending August 2024 and August 2025 at a similar level seen in the current year. Since the year end £300,000 has been recieved from related company, Cosprop Limited to fund activities for year ending August 2024.

The Trustees acknowledge that the Charity is not currently financially viable without the financial support of the related company, Cosprop Limited. Cosprop Limited have committed to support the Charity for a minimum of 12 months to ensure the going concern basis is appropriate.

2.3 INCOME

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Page 16

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES (continued)

2.3 INCOME (CONTINUED)

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 INTEREST RECEIVABLE

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 17

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES (continued)

2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION (CONTINUED)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

2.7 CASH AT BANK AND IN HAND

Cash at bank and 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.

2.8 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.9 PENSIONS

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.10 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 18

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

3. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The Charity has no material or key accounting estimates.

4. INCOME FROM DONATIONS AND LEGACIES

Donations
Grants
TOTAL 2023
Donations		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
-
451,962
2,500
-
2,500
451,962
Unrestricted
funds
2022
£
464,570		 Total
funds
2023
£
451,962
2,500
454,462
Total
funds
2022
£
464,570

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Charitable Activities 14,243 14,243 4,375

6. INVESTMENT INCOME

Unrestricted Total Total
funds funds funds
2023 2023 2022
£ £ £
Investment income 438 438 12

Page 19

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Charitable Activities
Charitable Activities		 Activities
undertaken
directly
2023
£
255,368
Activities
undertaken
directly
2022
£
237,677		 Support
costs
2023
£
173,879
Support
costs
2022
£
174,458		 Total
funds
2023
£
429,247
Total
funds
2022
£
412,135

Page 20

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED) ANALYSIS OF SUPPORT COSTS

Depreciation
Hospitality
Consultancy fees
Legal fees
Office equipment & stationery
Insurance
Travel expenses
Rent and rates
Premises costs
Repairs and renewals
Accountancy fees
Internet
Bank charges
Other staff expenses
Advertising
Software and subscriptions
Sundry expenses
Vehicle expenses
Consumables
Governance costs
8.
INDEPENDENT EXAMINER'S REMUNERATION
Fees payable to the Charity's independent examiner in respect of:
Independent Examination
Statutory Audit
Fees payable to the Charity's auditor for services not relating to the audit of
the Charity's annual accounts:
All non-audit services not included above		 Total
funds
2023
£
27,147
541
42,063
5,221
535
7,161
984
5,845
6,747
36,471
7,091
1,813
74
1,428
6,550
1,953
9,163
643
1,555
10,894
173,879
2023
£
5,400
-
-		 Total
funds
2022
£
10,921
446
13,100
4,962
2,487
4,481
1,258
37,912
3,622
42,472
7,293
1,192
94
1,505
16,885
3,209
9,950
305
-
12,364
174,458
2022
£
-
8,050
3,440

Page 21

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
180,593
20,172
7,571
208,336		 2022
£
177,829
17,065
6,996
201,890

The average number of persons employed by the Charity during the year was as follows:

2023 2022
No. No.
Staff 5 5

No employee received remuneration amounting to more than £60,000 in either year.

All Trustees and certain senior employees who have authority and responsiblility for planning, directing and controlling the activities of the Charity are considered to be key management personnel as listed on page 1. Total remuneration, including employer pension contributions, in respect of these individuals is £57,201 (2022: £67,384).

10. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 August 2023, expenses totalling £362 were reimbursed or paid directly to 1 Trustee (2022 - £304 to 1 Trustee).

Page 22

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

11. TANGIBLE FIXED ASSETS

COST
At 1 September 2022
Additions
At 31 August 2023
DEPRECIATION
At 1 September 2022
Charge for the year
At 31 August 2023
NET BOOK VALUE
At 31 August 2023
At 31 August 2022		 Long-term
leasehold
property
£
986,901
-
986,901
4,935
19,738
24,673
962,228
981,966		 Plant and
machinery
£
366
3,186
3,552
146
710
856
2,696
220		 Motor
vehicles
£
-
2,400
2,400
-
480
480
1,920
-		 Fixtures and
fittings
£
22,048
586
22,634
4,529
4,527
9,056
13,578
17,519		 Office
equipment
£
1,119
285
1,404
224
281
505
899
895		 Computer
equipment
Assets
under
construction
£
£
6,400
-
655
8,892
7,055
8,892
1,280
-
1,411
-
2,691
-
4,364
8,892
5,120
-		 Total
£
1,016,834
16,004
1,032,838
11,114
27,147
38,261
994,577
1,005,720

The transfer from assets under construction to long-term lease property relate to the development of the site at Rodgers Farm, Hastings. The Charity leases the related land at this site under an operating lease over a 50 year period. This site is to be bequeathed to the Charity.

Page 23

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

12. DEBTORS

2023 2022
£ £
DUE WITHIN ONE YEAR
Trade debtors 1,190 4,375
Prepayments and accrued income 2,110 -

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxation and social security
Other creditors
Accruals		 2023
£
9,012
5,141
275
7,447
21,875		 2022
£
11,843
5,141
6,133
11,490
34,607

Page 24

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. STATEMENT OF FUNDS

STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
September
2022
£
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Capital Build Project
1,005,720
GENERAL FUNDS
General Funds - all funds
24,187
TOTAL UNRESTRICTED
FUNDS
1,029,907
RESTRICTED FUNDS
The Wild Escape Scheme
-
TOTAL OF FUNDS
1,029,907		 Income
£
-
466,643
466,643
2,500
469,143		 Expenditure
£
(27,147)
(399,600)
(426,747)
(2,500)
(429,247)		 Transfers
in/out
£
16,004
(16,004)
-
-
-		 Balance at
31 August
2023
£
994,577
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Capital Build Project
GENERAL FUNDS
General Funds - all funds
TOTAL UNRESTRICTED
FUNDS
RESTRICTED FUNDS
The Wild Escape Scheme
TOTAL OF FUNDS
75,226
1,069,803
-
1,069,803

DESIGNATED FUNDS

Capital Build Project - This represents general funds which have been designated to the capital build project. All funds are currently planned to be invested in this project to create a space to carry out its objectives and aims when the Charity commences operations.

RESTRICTED FUNDS

The Wild Escape Scheme - This represents the grant that was received from South East Museum Development for the Land Art Habitats project.

Page 25

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14.
STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
1 September
2021
£
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Capital Build Project
973,085
GENERAL FUNDS
General Funds
-
TOTAL UNRESTRICTED
FUNDS
973,085		 Income
£
-
468,957
468,957		 Expenditure
£
(10,921)
(401,214)
(412,135)		 Transfers
in/out
£
43,556
(43,556)
-		 Balance at
31 August
2022
£
1,005,720
24,187
1,029,907

15. SUMMARY OF FUNDS SUMMARY OF FUNDS - CURRENT YEAR

Balance at 1 Balance at
September Transfers 31 August
2022 Income Expenditure in/out 2023
£ £ £ £ £
Designated funds 1,005,720 - (27,147) 16,004 994,577
General funds 24,187 466,643 (399,600) (16,004) 75,226
Restricted funds - 2,500 (2,500) - -
1,029,907 469,143 (429,247) - 1,069,803
SUMMARY OF FUNDS - PRIOR YEAR
Balance at Balance at
1 September Transfers 31 August
2021 Income Expenditure in/out 2022
£ £ £ £ £
Designated funds 973,085 - (10,921) 43,556 1,005,720
General funds - 468,957 (401,214) (43,556) 24,187
973,085 468,957 (412,135) - 1,029,907

Page 26

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Unrestricted
funds
2023
£
Tangible fixed assets
994,577
Current assets
97,101
Creditors due within one year
(21,875)
TOTAL
1,069,803
ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR
Unrestricted
funds
2022
£
Tangible fixed assets
1,005,720
Current assets
58,794
Creditors due within one year
(34,607)
TOTAL
1,029,907
CAPITAL COMMITMENTS
2023
£
CONTRACTED FOR BUT NOT PROVIDED IN THESE FINANCIAL
STATEMENTS
Acquisition of tangible fixed assets
14,688		 Total
funds
2023
£
994,577
97,101
(21,875)
1,069,803
Total
funds
2022
£
1,005,720
58,794
(34,607)
1,029,907
2022
£
-

17. CAPITAL COMMITMENTS

18. PENSION COMMITMENTS

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £5,708 (2022: £6,996). Contributions totalling £246 (2022: £233) were payable to the fund at the balance sheet date and are included in other creditors.

Page 27

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

19. RELATED PARTY TRANSACTIONS

During the year, donations of £430,000 (2022: £440,001) were received from a company where a Trustee is a director. Rental income of £Nil (2022: £4,375) was also received from this company and purchases of £378 (2022: £464) were made to the company. The Charity also received a gift in kind from this company for employee time costs. A donation of £15,441 (2022: £15,474) has been recognised in respect of this. Other gifts in kind, being goods donated for auction sale, amounting to £1,000 (2022: £7,200) were also received from this company. At the balance sheet date, £Nil (2022: £3,911) was owed to the Charity from this company.

During the year, gifts in kind were received from a Trustee amounting to £5,329 (2022: £1,895) in relation to utility bills of £1,500, and a donated tangible fixed asset of £3,829. At the balance sheet date £Nil (2022: £Nil) was owed to the Charity.

During the year, rent of £Nil (2022: £35,000) and purchases of £1,468 (2022: £643) were made to a company, in which a Trustee is a director. At the balance sheet date, £Nil (2022: £6,708) was owed to the company, and £976 (2022: £Nil) was owed to the Charity.

During the year, purchases of £3,145 (2022: £18,083) were made to a proprietor, in which a Trustee is a director. At the balance sheet date, £Nil (2022: £Nil) was owed to this company.

The Charity has a lease in place with a Trustee for use of land in which a peppercorn rent is paid.

20. CONTROLLING PARTY

The Charity is controlled by the Trustees.

Page 28