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2024-08-31-accounts

Charity number: 1179452

THE BRIGHT FOUNDATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

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
Statement of Financial Activities 13
Balance Sheet 14
Statement of Cash Flows 15
Notes to the Financial Statements 16 - 30

THE BRIGHT FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024

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
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 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 September 2023 to 31 August 2024.

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, particularly those experiencing disadvantage. 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 a youth arts space dedicated to the craft of film-making. John Bright has curated an early cinema exhibition and there are two flexible and beautiful event and workshop spaces. The programme includes film-making courses for young people, public open days, school and college visits, creative career advice and support. In 2024 we become a BFI Film Academy hub.

Page 2

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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

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 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 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. We are publishing that Impact Report in April 2025 and using its findings to create a new business plan for 2025-28.

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 heavily discounted rates for those in receipt of state benefits.

Schools and Groups

At the Barn Theatre and Museum we continued to offer our one-day creative educational school and group visits. These are free to schools and groups and we were able to launch a transport support fund thanks to a donation from the Spencer Wills Trust. Topics and themes include:

We also set up a longer term project with special educational needs school, Torfield School with two different groups visiting weekly for 5 weeks.

Creative Skills and Wellbeing

As part of this programme area, we work more intensively with children and young people to develop creative – skills and enhance wellbeing. We secured a grant from East Sussex County Council Holiday Activities and Food Programme which funded three week-long creative intensives. Two Puppetry and Performance courses for 8-11 years olds at the Barn Theatre and Museum and one film-making course for 11-14 year olds at the Benbow Arts Space.

We also launched the Benbow Youth Film Collective, running after-school weekly programmes - one for 1115 year olds and one for 16-19 year olds.

Page 3

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

Building Works and Exhibition Installation

In order to launch the Benbow Arts Space in May 2024, we undertook building work to install a platform lift providing disabled access to all public spaces and to fix the roof. We also designed and installed the Early Cinema exhibition on permanent display.

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

Our primary beneficiaries are children and young people living in Hastings and Rother. We intend to expand our reach over time but for the launch period we are focusing on our local communities.

Hastings is the 13th most deprived local authority in the country (2019 Index of Multiple Deprivation), 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 36% 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, Talent Accelerator (De La Warr Pavilion), Refugee Buddy Project, 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

We successfully launched the Benbow Arts Space in May 2024 alongside running the second year of programme delivery at the Barn Theatre and Museum and growing our engagement and impact.

Summary of the key engagement figures for the year include:

Page 4

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

b. Key performance indicators

The Bright Foundation’s Key Performance Indicators for 2023-24 were:

c. Review of activities

Our Evaluation Consultant, Catherine Orbach, designed our Evaluation Toolkit and produced an internal Evaluation Report and public-facing Impact Report. The evaluation identified three main areas of impact on children and young people taking part. Participants were asked to rate a series of statements relating to these three areas. The figures below show the percentage of those who agreed and strongly agreed with the statements.

Creativity and Culture

Children and young people had positive cultural experience and developed creative skills

Wellbeing

Children and young people and those that support them saw improvements in their wellbeing

Environment

Children and young people felt more connected to nature and aware of the environment

Across every programme people were asked to say how likely they were to recommend The Bright Foundation to a friend or colleague. This is called a Net Promoter Score. The Bright Foundation has a score of 79. Anything over 70 is considered excellent.

Page 5

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

“The recent school trip was a resounding success, with pupils thoroughly enjoying the immersive costume and character workshops... The change in surroundings added an extra layer of excitement, making the learning experience both memorable and educational. The expert instructors were particularly commendable, as their knowledge and enthusiasm greatly enriched the pupils' experience. Overall, the trip was an invaluable blend of education and entertainment, leaving the students with lasting memories and newfound historical insights” ’ Primary school teacher

“I enjoyed watching my children feeling brave enough to join in by playing a musical instrument even though they were hesitant at first. The event was very inclusive but without pushing children which helped make them feel comfortable.”

Parent / Audience member for Enchanted Cinema

d. Fundraising activities and income generation

John Bright and his company Cosprop, donated £300,000 to fund core operations and staffing for the charity. They additionally donated over 60 iconic costumes from film and TV that were sold in a charity auction, Lights Camera Auction, in March 2024 alongside an online auction of celebrity memorabilia and experiences. This – auction raised £436,263 including the donated Buyers Premium from Kerry Taylor Auctions.

We received one grant for £5,610 from East Sussex County Council to deliver Holiday Activity and Food Programmes during school holidays and we received a gift of £5,000 from the Spencer Wills Trust to set up a transport support fund. We attracted a number of smaller individual donations made through our Local Giving site.

We secured a grant of £11,660 from the British Film Institute via Screen South to deliver a BFI Film Academy Short Course in October 2024.

We received a Museum and Galleries tax relief claim of £18,181 for the installation of the Barn Museum in 2022, and submitted a claim for Theatre Tax Relief claim for £6,559 for a production we commissioned in August 2023.

We earned a total of £11,830 for ticket sales, workshop fees and café sales.

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.

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 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.

Page 6

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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. The programme delivery and charity operations were delivered within budget with a total expenditure of £534,351 (£105,104 more than 2022-23). There is a fund balance of £108,257 which will be carried forwards to 2024-25 with £50,000 being designated to the first year of programme delivery at the Benbow Arts Space and £50,000 being designated towards the theatre extension works at the Barn Theatre and Museum. This leaves a remaining general fund of £8,257.

d. Material investments policy

Through 2023-24 the Charity’s cash balance was held in a current account with CAF Bank. Following the success of the charity auction in March 2024 we set up a CAF Gold instant access savings account to hold the designated funds raised through the auction.

e. Principal risks and uncertainties

The principal risk to the Foundation rests with its dependence on the majority 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. John Bright will be retiring from Cosprop in November 2025 and they are seeking to sell the business, which leaves some uncertainty about how future funds will be gifted to charity. Cosprop is bequeathed to the Foundation in John Bright’s will and we are seeking legal advice to ensure effective bequest planning and to mitigate any disruptions to the foundation during this period. Cosprop will make the donation for 2025-26 in October 2025 before John’s retirement to mitigate risk for that year.

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. We are now starting to fundraise and diversify our income to reduce reliance on Cosprop. John Bright has bequeathed Cosprop Limited, including its property in London, Rodgers Farm and the Benbow Arts Space to the Foundation.

Page 7

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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 currently has seven core staff alongside a range of consultants and freelancers. The Charity appointed two new staff members in 2023-24 to build capacity to run our second venue, the Benbow Arts Space. We appointed another new staff member in September 2024 to respond to demand. In April 2025 we underwent a staff restructure to better respond to the capacity needs of running two venues and to create greater clarity on roles and responsibilities. This resulted in one redundancy. The core staff posts are now: CEO, Head of Communications and Events (0.8), Producer, Film Programme Learning Leader (0.8), Arts and Theatre Learning Leader (0.6), Facilities & Office Manager, and Groundskeeper & Caretaker.

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

John Bright (Chair) is the founder and Director of Cosprop Limited. 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 2024

g. Trustees' indemnities

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

PLANS FOR FUTURE PERIODS

The Bright Foundation’s aims for 2024-25 are

Programme:

Operational and Finance:

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.

Page 9

THE BRIGHT FOUNDATION

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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: 14 May 2025

Page 10

THE BRIGHT FOUNDATION

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024

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: 14 May 2025

Page 11

THE BRIGHT FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 AUGUST 2024

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 2024.

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.

Alison Oliver FCA

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

Date: 20 May 2025

Page 12

THE BRIGHT FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024

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
2024
£
5,621
-
-
5,621
5,621
5,621
-
-
-
-		 Unrestricted
funds
2024
£
317,489
466,309
456
784,254
528,730
528,730
255,524
1,069,803
255,524
1,325,327		 Total
funds
2024
£
323,110
466,309
456
789,875
534,351
534,351
255,524
1,069,803
255,524
1,325,327		 Total
funds
2023
£
454,462
14,243
438
469,143
429,247
429,247
39,896
1,029,907
39,896
1,069,803

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

The notes on pages 16 to 30 form part of these financial statements.

Page 13

THE BRIGHT FOUNDATION

BALANCE SHEET AS AT 31 AUGUST 2024

Note
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
18
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		 2,014
149,808
151,822
(43,565)		 2024
£
1,217,070
108,257
1,325,327
1,325,327
-
1,325,327
1,325,327		 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

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: 14 May 2025

The notes on pages 16 to 30 form part of these financial statements.

Page 14

THE BRIGHT FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024

Note
Cash flows from operating activities
Net cash used in operating activities
17
Cash flows from investing activities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
18
The notes on pages 16 to 30 form part of these financial statements		 2024
£
310,415
456
(254,864)
(254,408)
56,007
93,801
149,808		 2023
£
40,260
438
(1,316)
(878)
39,382
54,419
93,801

Page 15

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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 £1,325,327 of reserves, £1,317,070 of which are designated to leasehold property and improvements, the Benbow Arts Space programme and the Barn Theatre extension. 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 £8,257 and are forecasting further surpluses for years ending August 2025 and August 2026 at a similar level seen in the current year. Since the year end £200,000 has been recieved from related company, Cosprop Limited to fund activities for year ending August 2025.

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 2024

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 2024

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 2024

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
Donation - Cosprop
Donation - Equipment and services
Donations - other
Grants
SUBTOTAL
TOTAL 2024		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
-
300,000
-
11,543
-
5,946
5,621
-
5,621
5,946
5,621
317,489		 Total
funds
2024
£
300,000
11,543
5,946
5,621
11,567
323,110

Grant income received in the year were awarded from Essex Sussex County Council relating to holiday activities and their food programme.

DONATIONS
Donation - Cosprop
Donations - other
Grants
SUBTOTAL
TOTAL 2023		 Restricted
funds
2023
£
-
-
2,500
2,500
2,500		 Unrestricted
funds
2023
£
430,000
21,962
-
21,962
451,962		 Total
funds
2023
£
430,000
21,962
2,500
24,462
454,462

Page 19

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

5. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
funds
2024
£
Charity Auction
436,283
Earned income - Box Office, Workshop fees and Cafe sales
11,856
Exhibitions Tax Relief
18,170
466,309		 Total
funds
2024
£
436,283
11,856
18,170
466,309		 Total
funds
2023
£
4,757
9,486
-
14,243

6. INVESTMENT INCOME

Unrestricted
funds
2024
£
Investment income
456
ANALYSIS OF EXPENDITURE BY ACTIVITIES
Activities
undertaken
directly
2024
£
Charitable Activities
326,345
Activities
undertaken
directly
2023
£
Charitable Activities
255,368		 Total
funds
2024
£
456
Support
costs
2024
£
208,006
Support
costs
2023
£
173,879		 Total
funds
2023
£
438
Total
funds
2024
£
534,351
Total
funds
2023
£
429,247

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Page 20

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

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
Recruitment costs
Governance costs
8.
INDEPENDENT EXAMINER'S REMUNERATION
Fees payable to the Charity's independent examiner in respect of:
Independent Examination		 Total
funds
2024
£
32,371
1,995
42,092
3,668
1,039
8,089
1,398
6,417
16,462
47,082
10,820
1,632
69
2,593
6,745
4,793
8,346
290
5,727
185
6,193
208,006
2024
£
5,562		 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

Page 21

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

9. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
216,056
16,889
6,181
239,126		 2023
£
180,593
20,172
7,571
208,336

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

2024 2023
No. No.
Staff 7 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 £59,951 (2023: £57,201).

10. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 August 2024, expenses totalling £427 were reimbursed or paid directly to 1 Trustee (2023 - £362 to 1 Trustee).

Page 22

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

11. TANGIBLE FIXED ASSETS

COST
At 1 September 2023
Additions
At 31 August 2024
DEPRECIATION
At 1 September 2023
Charge for the year
At 31 August 2024
NET BOOK VALUE
At 31 August 2024
At 31 August 2023		 Long-term
leasehold
property
£
986,901
-
986,901
24,673
19,738
44,411
942,490
962,228		 Leasehold
improvments
£
-
181,578
181,578
-
2,394
2,394
179,184
-		 Plant and
machinery
£
3,552
5,181
8,733
856
710
1,566
7,167
2,696		 Motor
vehicles
£
2,400
-
2,400
480
480
960
1,440
1,920		 Fixtures
and fittings
£
22,634
28,956
51,590
9,056
5,963
15,019
36,571
13,578		 Office
equipment
£
1,404
4,534
5,938
505
583
1,088
4,850
899		 Computer
equipment
Assets under
construction
£
£
7,055
8,892
21,208
13,407
28,263
22,299
2,691
-
2,503
-
5,194
-
23,069
22,299
4,364
8,892		 Total
£
1,032,838
254,864
1,287,702
38,261
32,371
70,632
1,217,070
994,577

Page 23

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

12. DEBTORS

DUE WITHIN ONE YEAR
Trade debtors
Prepayments and accrued income		 2024
£
-
2,014
2,014		 2023
£
1,190
2,110
3,300

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxation and social security
Other creditors
Accruals		 2024
£
14,938
9,908
579
18,140
43,565		 2023
£
9,012
5,141
275
7,447
21,875

Page 24

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

14.
STATEMENT OF FUNDS
STATEMENT OF FUNDS - CURRENT YEAR
Balance at 1
September
2023
£
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Leasehold Property &
Improvements
994,577
Benbow Arts Space
Programme
-
Barn Theatre Extension
-
994,577
GENERAL FUNDS
General Funds
75,226
TOTAL UNRESTRICTED
FUNDS
1,069,803
RESTRICTED FUNDS
Holiday Activity & Food
Programme
-
TOTAL OF FUNDS
1,069,803		 Income
£
-
-
-
-
784,254
784,254
5,621
789,875		 Expenditure
£
(32,371)
-
-
(32,371)
(496,359)
(528,730)
(5,621)
(534,351)		 Transfers
in/out
£
254,864
50,000
50,000
354,864
(354,864)
-
-
-		 Balance at
31 August
2024
£
1,217,070
50,000
50,000
1,317,070
8,257
1,325,327
-
1,325,327

Page 25

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

14. STATEMENT OF FUNDS (CONTINUED)

DESIGNATED FUNDS

Leasehold & Property Improvements - This represents general funds which have been designated to the purchase of tangible fixed assets. The largely relates to the long term leasehold and build of the Barn Theatre and Museum at Rodgers Farm, and leasehold improvements (namely installation of disabled access lift) to Benbow Arts Space.

Benbow Arts Space Programme - This represents funds designated for the planning and delivery of the inaugural year of film-making programmes including the Benbow Youth Film Collective, school and college visits, work experience programmes, and festival open days.

Barn Theatre Extension - This represents funds designated for planned capital improvements at the Barn Theatre and Museum to create a multi-use backstage area and extended stage and improvements in stage lighting and infrastructure.

RESTRICTED FUNDS

Holiday Activity & Food Programme - This represents funding received from East Sussex County Council for Holiday Activities and Food programme to deliver creative holiday projects in Easter and Summer for children and young people in receipt of free school meals.

Page 26

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

14.
STATEMENT OF FUNDS (CONTINUED)
STATEMENT OF FUNDS - PRIOR YEAR
Balance at
1 September
2022
£
UNRESTRICTED FUNDS
DESIGNATED FUNDS
Leasehold Property &
Improvements
1,005,720
GENERAL FUNDS
General Funds
24,187
TOTAL UNRESTRICTED
FUNDS
1,029,907
RESTRICTED FUNDS
The Wild Escape Scheme
-
TOTAL OF FUNDS
1,029,907
15.
SUMMARY OF FUNDS
SUMMARY OF FUNDS - CURRENT YEAR
Balance at 1
September
2023
£
Designated funds
994,577
General funds
75,226
Restricted funds
-
1,069,803		 Income
£
-
466,643
466,643
2,500
469,143
Income
£
-
784,254
5,621
789,875		 Expenditure
£
(27,147)
(399,600)
(426,747)
(2,500)
(429,247)
Expenditure
£
(32,371)
(496,359)
(5,621)
(534,351)		 Transfers
in/out
£
16,004
(16,004)
-
-
-
Transfers
in/out
£
354,864
(354,864)
-
-		 Balance at
31 August
2023
£
994,577
75,226
1,069,803
-
1,069,803
Balance at
31 August
2024
£
1,317,070
8,257
-
1,325,327

Page 27

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

15. SUMMARY OF FUNDS (CONTINUED) SUMMARY OF FUNDS - PRIOR YEAR

Designated funds
General funds
Restricted funds		 Balance at
1 September
2022
£
1,005,720
24,187
-
1,029,907		 Income
£
-
466,643
2,500
469,143		 Expenditure
£
(27,147)
(399,600)
(2,500)
(429,247)		 Transfers
in/out
£
16,004
(16,004)
-
-		 Balance at
31 August
2023
£
994,577
75,226
-
1,069,803

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted
funds
2024
£
Tangible fixed assets
1,217,070
Current assets
151,822
Creditors due within one year
(43,565)
TOTAL
1,325,327		 Total
funds
2024
£
1,217,070
151,822
(43,565)
1,325,327

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Tangible fixed assets
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
2023
£
994,577
97,101
(21,875)
1,069,803		 Total
funds
2023
£
994,577
97,101
(21,875)
1,069,803

Page 28

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

17.
RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW
ACTIVITIES
Net income for the period (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Dividends, interests and rents from investments
Decrease in debtors
Increase/(decrease) in creditors
NET CASH PROVIDED BY OPERATING ACTIVITIES
18.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
19.
ANALYSIS OF CHANGES IN NET DEBT
At 1
September
2023
£
Cash at bank and in hand
93,801		 FROM OPERATING
2024
2023
£
£
255,524
39,896
32,371
27,147
(456)
(438)
1,286
1,075
21,690
(27,420)
310,415
40,260
2024
2023
£
£
149,808
93,801
Cash flows
At 31
August 2024
£
£
56,007
149,808

Page 29

THE BRIGHT FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

20. CAPITAL COMMITMENTS

2024 2023
£ £
CONTRACTED FOR BUT NOT PROVIDED IN THESE FINANCIAL
STATEMENTS
Acquisition of tangible fixed assets - 14,688

21. 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 £6,181 (2023: £5,708). Contributions totalling £610 (2023: £246) were payable to the fund at the balance sheet date and are included in other creditors.

22. RELATED PARTY TRANSACTIONS

During the year, donations of £300,000 (2023: £430,000) were received from a company where a Trustee is a director. Purchases of £809 (2023: £1,468) were made to the company. The Charity also received a gift in kind from this company for employee time costs of £nil (2023: £15,441) have been recognised in donation income. Other gifts in kind, being goods donated for auction sale, amounting to £129,900 (2023: £1,000) were also received from this company. At the balance sheet date, £1,941 (2023: £Nil) was owed to the company, and £1,132 (2023: £976) was owed to the Charity.

During the year, a cash payment (2023: gift in kind) was received from a Trustee amounting to £Nil (2023: £5,329) in relation to utility bills. At the Balance Sheet date £3,885 (2023: £Nil) was owed to the Trustee, and £Nil (2023: £Nil) was owed to the Charity.

During the year, purchases of £8,070 (2023: £3,145) were made to a proprietor, in which a Trustee is a director. At the Balance Sheet date, £Nil (2023: £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.

23. CONTROLLING PARTY

The Charity is controlled by the Trustees.

Page 30