Co R£g No.. 20Ql246 Ch8fiiy R89 No: 299400 Page-1 BRIDGE CARE LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company No: 02001246 (England and Wales) Charlty No: 299400
Co Re9 No.. 2001246 Charfly Rey No.. 2994 Page-2 BRIDGE CARE LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Report of the Trustees Reporl of the Auditors 10-12 statement of comprehensive income 13 Statement of financial position 14 Cashflow statement 15 Notes to the Financial Statements 16-25
Co Reg No.. 2001246 Charily R89 No= 2994 Page-3 BRIDGE CARE LIMITED REPORT OF THE TRUSTEES The trustees, who are also directors of the charity for Ihe purposes of the Companies Act. present their annual report and audited financial slatements for the year ended 31 March 2024. The report and financial statements are prepared in accordance with the Housing Slaletnenl of Recommended Pracllce 2018 which incorporates FRS102 and comply with the Accounting Direction for Registered Providers of Social Housing - 2019. Reference and Adminislratlve Detalls of the Charity, its Trustees and Advlsers Charity Name: Bridge Care Limited Charity Number: 299400 Company Number; 02001246 Prlnclpal address and registered office: Bridgemead 81 St John's Road Bath BA2 6PZ Patrons: Marian McNeir MBE BA Med Wera Hobhouse MP Trustees: The trustees who have served during the year and up to the date of this report are as follows:. G.C. Barber BA ACA Dr P.J.Booth MB ChB T. J, Dewes MA (Cantab) N. M. Olley MA (Oxon) J.E. Todman BEng, PhD, MIET T.J. Wood Bsc (resigned 22 May 2023) (resigned 31 March 2024) Registered manager:R lyavoo Prlnclpal bankers: Natwesl plc. 3 Temple Back East, Temple Quay, Bristol BS19BW Audltor: C Edwards Richardson SwFft Audit Llmited 11 Laura Place, Bath BA2 4BL
Co Reg No.. 200124e Charily Reg No.. 299400 Page-4 BRIDGE CARE LIMITED REPORT OF THE TRUSTEES Public Benefit The truslees have had regard to the Charity Commission's guidance on Public Benefit. Our activity is to help frall elderly people who have been resident in the Bath area. We give priorily for admisslon to Ihe person considered to be in greatest need at the tlme a vacancy occurs. Assessments are carried out in conjunction with colleagues in Social Services, Prlmary Heallh Care Teams and hospitals. We use our resources to ensure Ihat no-one is excluded for financial reasons, and to dellver the same qualily of care regardless of ability to pay. Structure. Governance and Management The charity is constituted as a company limited by guarantee, and is therefore governed by a memorandum and articles of associalion. It has no share capital. The exlenl of the guarantee of the Trustees is £1 each. Trustees are recruited from a wide range of professions that cover business management, medical, finance, law, social welfare, construction and engineering. Trustees, Inductlon and trainlng is covered by ensuring that trustees are made familiar with the operatlon of the care home and their legal and regulatory obllgations, and are introduced lo the financial affairs of the charity. Trustees undergo ongoing training relevant to their duties as Trustees and speclfic lo particular areas of interest. The trustees meet 10 tlmes per annum to manage the charlty's affairs. Day lo day management of the home is delegated to the Registered Manager. The trustees CO•ordlnate fundraising activities, taking professional advice as appropriate. The trustees agaln wish lo place on record their thanks to 811 who have supported the home during the year including statutory bodies, trusts, churches, and Friend5 of Bridgemead and others who also carry oul fundraising activities. The trustees actively review the major risks that the charity fac88 on a regular basls and believe that rnaintaining reserves at current levels, combined with an annual review of Ihe controls over key financlal systems, will provide sufficient resources in the event of adverse conditions. The trustees have also examlned other operational and buslness risks faced by the Charity and confirm that they have established systems to mitigate the significant risks. ObJectives and Activities The charity's object and its principal activity continues to be that of operating a hlgh-quality purpose-built residential home for Ihe frail and elderly in Balh. The first residents moved in durlng March 1992. The home provides a mlx of residenlial and nursing care for up to 32 residents. One room is set aside for Respite Care. A day-care service (Day Club) is also normally provided on weekdays.
Co Reg No.. 200124fj Charily Reg 299400 Pago-5 BRIDGE CARE LIMITED REPORT OF THE TRUSTEES Achievements and Performance Occupancy: At 94.1 % occupancy was up from the previous yearfs 93.7%. Recruilment: We were very pleased to appoint Ryan lyavoo as Home Manager In 2022. Ryan was Joined by the newly appointed Head of Care in Spring 2023. Use of Agency staff reduced from 230/0 of care hours delivered In April 2023 to 5./0 in March 2024. Re-opening.. We were delighted that it was possible lo re-open Day Club in May 2022. The use of the respite room has Increased significantly In the year. Day Club and Respile revenue doubled in the year 10 31 March 2024. Maintenance: We have completed a significant projecl to improve deficiencies In fire protectlon for the building identified durlng a fire risk assessmenl. We are pleased to be able to report that the works have been completed to the satisfactlon of the inspectlng authorities with minimum disruption to fesidents. Rlver: We are pleased to be able to report Ihal staff responded very professionally to a flood alert last winter. We wer8 supported by various local agencies. Plans were lested. Water penetrated to base of the lift shaft and remedial action is now being planned to prevent a repeat.
Co Aeg No.. 2001246 CharSly Re9 No.. 29941JD Page-6 BRIDGE CARE LIMITED REPORT OF THE TRUSTEES Financlal Review The operating deficit for housing activities before fundraising costs was £141,108 (2023 £246,5411- Donations were £48.869 (2023 £114,790) including legacles of £19,500 (2023 £25,000). Fundralsing costs were £582 (2023 - £7.099). The Statement of Comprehensive Income shows an operating deficit on ordinary activities of £129,562 (2023 £179.494). This Is again disappolnling result after the improvement in 2022. Progress has been made with a small increase in occupancy and attracting and retaining employed staff. and al the same time reducing Agency costs. £50,564 has been invested In upgrading fire safety precautions. Funds invested with CCLA Investment Management Limited produced a surplus on revaluation of £84.998 an increase in value of 12.1Oh (2023 deficit - £7,178, a decrease in value of 1,00/.). The FTSE100 Index rose by 4.2•A In this year. A disposal of £100,000 was made in the year. Total reserves at the end of the financial year are £1.448,054 (2023- £1,491,923). Reslrlcted Funds (funds gifted for restrlcted purposes) are £101,985 (2023 £100,897). After recognlsing that the Fixed Assets (land, buildings and equipment) of £817,837 (2023 £853,932) cannot be easlly realised, Free Reserves amount to £528,232 {2023- £537,094) which represents 3.1 month's operating costs. The Trustees are concerned that the charity's free reserves have been significantly eroded after 2 difficult years end further measures have been taken to rectify the situation. ReseNes are required to protect the operating capability of the charlty in the event of a sudden temporary downturn in the demand for services. The Trustees have reviewed the charlty's Reserves Policy and have decided that il is prudent to maintain a level of free reserves of at least £400,000. Overall. Ihe present level ofreserves and the flnancial posilion of the charity Is satisfactory. We have bullt up a network of contacts wlth Ilke-mlnded care home groups both locally and nationally through membership of Care England and benefit from the shared knowledge. We also belong to Falth in Later Life. Delails of movements in fixed assets are set out in note 8 to the accounts. The property has a value substantially In excess of the book value. Under the Memorandum and Articles of Assoclation, the charlty has the power to make any Investment that the trustees see fit. The Irustees have considered the most appropriate policy for investing funds and have found that CCLA Investment Management Limited offers the best return with the flexlbility to meet operational needs. The charity has no material long-term investments.
Co R89 No.. ?(K)1246 Charity Reg Nttr.. 299400 Pa9e-7 BRIDGE CARE LIMITED REPORT OF THE TRUSTEES Princlpal risks and uncertainties The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Risk management has always been a key consideration in th8 Charity's annual financial planning. The major risks to the Charily are.. a drop in bed occupancy leadlng directly to a reduction in fee income. This is mitigated by regular monitoring of occupancy and tight financlal control. inability lo mainlain adequate staffing levels due to well documented pressures wilhln the care sector. proximity of the River Avon and the altendant flood risk. Regular reviews of procedures and training of staff take place in relation to all emergency procedures. Plans lor Future Perlods Plans for future periods are belng shaped by the Trustees, commitment to respond to the needs of a changing population, the financial pressure that the Charity faces as result of the continued stale of underfunding for the care of older persons and the need to upgrade a buildlng that ha5 been In use for 32 years. Flood risk - The Trustees have revlslted the options for flood defences, particularly in the Ilght of the Increaslng rlsk of the Rlver Avon flooding as 8 result of climate change. Prior to January 2024 the last"evenl' was in 2013 but, in the light of Environment Agency probabllily data, the Truslees ar8 delermined to address this risk. We have evaluated three options (60cm, 90cm and 110cm) looking al technical feasibility, aeslhelic impact on the home, probability of flooding at each level and value for money. Our architecls are developing the 1 Iocm option wilh the intention of awarding a contract for constructlon later this year- 2024. Invitations to tender have been issued. We are worklng on fundraislng and other funding options. Recruitment and tralning. We plan lo continue with Ihe policy of maintaining a full staff complement to maximise continuity of care for our residents. The Trustees are pleased to note that at the date of thls reporl, the number of care hours dellvered by our own employed staff is now far higher Ihan two years ago. Maintenance. We have recently employed a maintenance offlcer to provlde more focussed response to maintenance issues. Refurbishmenl. We plan to continue with the pollGy of maintaining and upgrading facilities. As part of Ihis plan we expect to schedule refurbishment of the central Ilft, In a way that involves a minlmum of tlme when the lift is out of action. As noted earlier In this report, at the same time as refurbishing the lift we will be doing some further work on the base of the lift shaft to prevenl groundwater penetration. Slralegic direction - The Tiustees are entering inlo an arrangeTnent with a larger likeminded organisation that has the ability and knowledge lo provide considerable support. We expect this arrangement to be concluded by Octobpr 2024.
Co Re9 1th'. 2001246 Charily Reg No.. 299400 Page-8 BRIDGE CARE LIMITED REPORT OF THE TRUSTEES statement of trustees, responslbilities Company law and Housing Association law. both require the trustees to prepare financial statements for each financial year which give a Irue and fair vlew of the stale of affairs of Ihe Charitable Company at the year end. and of the Surplus of the Chafilable Company for the year ended on that dale. In preparing those financial statements the trustees are required to.. select suitable accounting policies and apply them consistently; make Judgments and eslimales that are reasonable and prudent.. slate whether applicable accounting standards and the Slalement of Recommended Practice have been followed subject to any material departuros disclosed and explained In the financlal statements; and prepare the financial statements on a going concern basts unless It Is inappropriate lo presume the Gharily will conlinue to operate. The trustees are responsible for keeping proper accounting records whlch dlsclose with reasonable accuracy at any point in time the financial positlon of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. the Housing statement of Recommended Practlce 2018 whlch incorporates FRS102 and with the Accounllng Direction for Registered Providers of Social Housing - 2019. They have general responslbility for taking reasonable steps to safeguard the assets of the charily and to prevent and detect fraud and other irregularities.
Co Ro9 No= 2001246 Charity Reu No.. 299400 Page-9 BRIDGE CARE LIMITED REPORT OF THE TRUSTEES Members of the Board Members of the Board, who are the dlrectors for Ihe purposes of company law and Iruslees for the purposes of charity law. who served during the year and up to the dale of this report are set out on page 3. In accordance with company law, as Ihe company's directors, we certify that: So far as we are aware, there is no relevant audil information of which the company's audltors are unaware,. and as the directors of th8 company, we have taken all steps that we ought lo have taken in order lo make ourselves aware of any relevant audil information and to establish that the charlty's audllors are aware of the Information. Auditors A resolution to re-appoint Rlchardson Swift Audit Llmited, as audltors of the charity will be put to the Annual General Meeting. In preparing the above report. the trustees have taken advantage of the special provislons relating lo companies subject lo the small companies regime with Part 15 of the Companies Act 2006 and consider that thls combined report covers matters required by Company Law and Charitles SORP {FRS102). Approval Thls report was approved by the board of directors and trustees on 19 August 2024. G C Barber BA ACA Company Secretary
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRIDGE CARE LIMITED Opinlon We have audited Ihe financial slalemenls of Bfidge Care Limited for Ihe year ended 31 March 2024 which comprise Ihe Slalement of Comprehensive Income. Slalement of Financial Posilion, Ihe Slalemenl of Cash Flows and the note5 to the financial stalemenls. ir4cluding a sumfflary of significant accounting policies. The financial ieporting framework Ihal has been applied in Iheii preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted Accounting Practice). In our opinion. the financial stalemenl5-. give a (rue and fair view of the slate of the charitable CA)mpanls affairs as at 31 March 2024 and of ils income and expenditure for Ihe year then ended., have been propefly prepared in accordance with United Kingdom Generally Accepled Accounting Practice., and have been prepared in accordance with the fequlremenls of tha Companies Ad 2006, Housing Slalemenl ol Recommended Practice 2018 which incorporates FRS102 and comply with the Accounling Direclion lor Reglslered Provideis ol Social Housing - 2019. 8asls for oplnion We conducted our audit in accordance with Inlernallonal Slandards on Audillng (UK) (ISAS (UK)) and applicable law. Our responsibllilies under those standards are further described in the Audilorfs responsibilities for the audit of Ihe accounls seclion of our report. We are independent of the chaTilable company in accordance with the ethical requirements that are relevant lo ouf audit of the accounts In the UK. including the FRC'S Ethical Slandafd, and we have luifilled our other ethical responsibilities In attordance with these requirements. We believe Ihal the audit evidence we have obtained is surficienl and appropriale lo provide a basis for opinion. Conclusions relating to golng concern:. In audiling the financial slalemenls, we have conduded that the Iruslees. use of the going con¢em basls of accounllng In Ihe preparation of the financial slalemenls is appropriate. Based on the work we have p8rfoTmed, we hav6 not identified any malerlal uncertainties latIng lo events or condillons Ihal, individually or collectively. may cast significant doubt on the charitable comp8ny's ability to continue as a going concern for a period of al least tsvelve months frorn when the financial statements are aulhorlsed for Issue. Our responsibililies and the respon51bililies of the Iruslees with sPeCt lo golng concem are ¢Jescribed In the relevant sections of this report. other Informatlon The other Informalion comprlses Ihe Informatlon Induded in Ihe annual rerI, other than the financial slalemenls and our auditor's reporl Ihereon. The Truslees are responsible for Ihe other Snformalion. Our opinion on the financial slalernenls does not cover Ihe olher information and, except lo Ihe exlenl otheThdise explicilly staled in our report, we do not express any lorm of assurance conclusion Ihereon. In Gonneclion wilh our audil of Ihe financial slalements. our responsibllity is lo read the olher information and, in dolng so. conslder whelher the other inforfflallon is materially inconsistenl with the financlal slalemenls or our knowledge obtained In the audit or olheThv15e appears lo be malerlally misslaled. If we identify such material inconsistencies or apparent material mi5slalemenls, we are required to determine whether Ihere is a material misslalemenl in Ihe financial slalomenls or a material misslalemenl of Ihe other information. If. based on the woth we have performed. we conclude Ihal there is a material misslalemenl of Ihis other information, we are required lo report that f8cI. We have nothing lo report in Ihis regard. Opinlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the Work undertaken in the course of our audit-. the infoTmalion given in Ihe T(uslees' Report, for Ihe finandal year for which the finanaal slalemenls are prepared is consistenl wilh Ihe financial slalements: and Ihe Tfuslees, Report has been ppared in arKordance wrfh applicable legal requirements. Matters on which we are required to report by exception
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRIDGE CARE LIMITED In the light of Ihe knowledge and urKlerslanding of the charilable Company and ils environment oblained in Ihe course of the audit, we have not identified material mis5lalemenls in Ihe Trustees, Report. We have nolhing lo reporl In fespect of Ihe following mattefs in relation to which the Companies Act 2006 requires us to report lo you if, in our opinion.. adequate accounting records have not been kept. or returns adequale for our audil have not been received (rom branches not visited by us- or the financial slalemenls are not in agreement with the accounting records and returns: or certain disclosures of Iruslees, remuneration specified by law are nol made. or we have not ieceived all the information and explanations we require for our audit; or the Trustees were not enlilled lo prepare the financial slatemenls in accordance with Ihe small companies regime and lake advantage of the small companies. exemption5 in preparing the Twstees, Report and Ifom Ihe fequirement to prepare a Slralegic Report. Responslbllltles of Trustees As explained more fully in Ihe Statement of Trustees, Responsibilitie5, the Trustees. who are also the dlreclors for the purpose of company law. are responsible for Ihe preparation of the financial slalemenls and for being satisfied that Ihey give a true and falr view, and for such intemal conlrol as the dlrectors delefmine Is necessary lo enable the preparation of financial slalements that are free from material missialemenl, whether due lo fraud or error. In preparing the financial slalemenls. Ihe Trustees are responslble for assessing the Trust's abllity lo continue as a golng concefn, d15closing. a5 appllcable. mallers related lo going concern and using the golng concern basls of accounllng unles5 Ihe Trustees eilher intend lo liquidate ihe company or to cease operations. or have no realislic allernalive bul lo do so. Audltor's regponslbllltles for the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about whether the financial slalemenls a$ 8 whole are free from material mis51alemenl, whether due lo fraud or error. and lo issue an audilorfs report that indudes our opinion. Reasonable assur8nce is a hlgh level of assurance. but is nol a guaranlee Ihal an audll conducled in a¢cordance with ISAS {UK} will always delecl a material misslalement when il exists. Misslalemenls can arise from fraud or error and are consldered material if, Sndividually or in the aggregale, Ihey could reasonably be expected lo influence the economlc decisions of users taken on Ihe basls of ihe5e financlal 51atemenls. Irregularilies, including ffaud, afe instances of non-compllance wilh laws and regulations. We deslgn procedures in Ilne wllh our responsibililies, outlined above, to delecl malerial misslatemenls in respect of Irregularities, including fraud. The exlenl to which are procedures are capable of delecling irregularities. ClUdIng fraud is detailed below: We obiained an underslanding of Ihe legal and regulatory framew(Kks that are applicable lo Ihe entity by discussion with key personnel and consSderation of our experience of this and similar seclors. We determined Ihal the mosl slgnificant laws and regulations which have a direct Impact on the form and conlenl of the flnandal slatements of the entity are the Companies Act, Charities Ad and UK GMP. specifically FRS102 and the Sialemenl of Recommended Practice lor Social Housing Providers. We determined Ihal the mosl significant operallonal laws and regulatlons for the entity are the regulatory standards set by the Regulator of Social Housing. Based on the results or our rlsk assessment we designed our audit procedures to Idenlify non-compllance wllh such laws and regulations identified above. with no issues arising. We gained an understating of the enlily's F)olicy and procedures by discussion with key personnel and substantive audit We assessed Ihe risk of material misslalemenl in respect of fraud Ihfough our planning Processes, and no significanl rlsks were identified.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF BRIDGE CARE LIMITED We considered the risk of fraud Ihrough management override and. in sponSe, we incorporated lesling of manual journal entries into our audil apwoach. Based on the results of our risk assessment we designed our audit procedure5 lo identify and lo address material mlsslalemenls in relalion lo fraud. Because of the inherent limilalions of an audit. there is a risk Ihat we will not delect all irregularities, including those leading lo a material mi5slalement in the financial slalemenls or non-compliance with regulation. This risk increases the more that compliance wilh a law or regulation is removed from the events or Iransaclions reflecled in the financial slalemenls, as we are less likely lo become aware of instances of non compliance. A furlher description of our responsibililies for the audit of the financial slalemenls is located on the Financial Reporting Council's website al: hllp.'IAw.frc.OTg.uklauditorsresponsibilities. This des¢ripllon forms part of our audllols report. This report is made solely lo Ihe charilable company's memberg. as a body. In accordance with Chapler 3 of Part 16 of the Companies Act 2006. Our audil work has been undertaken so that we might stale lo the charitable company's members those matters we are required lo slate lo Ihem in an audilors. reporl and lor no other purpose. To Ihe fullesl exlenl permltted by law, we do not accept Of assume responsibillty lo anyone other than Ihe charilable company and the charitable Company's members as a body. for our audil work, for Ihis feport, or for Ihe opinions we have formed. Catherine Edwards Bsc FCA (Senior Slalulory Audilor) For and on behalf of Richardson Swift Audit Llmiled Chartered Accounlanls Slatulory Auditor 11 Laura Place Bath BA2 48L Date: .IEI2Ltr
BRIDGE CARE LIMITED Page 13 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2024 Notes 2024 2023 TURNOVER 2.056,125 1,855,373 Operating Cosls (2,185.6671 (2.034,867) Op•ratlng Surplus 1129,5621 (179.494) Inloresl Receivabl8 Movemgnl In fair value of financlal in51rumgn18 s111 696 84,998 150 {7,1781 Surplus on Ordlnary Activilios before Tax8ilon (43,8681 1186,5221 Tax on Surplus on Ordlnary A¢tlvllles SURPLUS FOR THE YEAR {£43,868 £186,522 There were no other reGognlsed surpluse5 or defiGils other than those In¢luded in the Stplemenl ol Comprèhenslve Income for the above iwo financial yeafs. None ol the Charity'$ 8clivilies were aGqulred or dlsconlinued during Ihe year. The Slalemenl of Comprehenslvo Income was approved by Ihe Board of Twslees on 19 August 2024 and Slgned on Ils behall: TJWood G C Barber The notes on pages 16 to 25 lorm part ofthese accounts
BRIDGE CARE LIMITED Page 14 STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 Notes 2024 2023 TANGIBLE FIXED ASSETS PropBrty, plant & equlpmenl Inveslments 817.837 687.635 853,932 702,637 1.505.472 1,556.569 URRENT ASSETS Siock Deblors Cash al Bank and In Hand 4.596 219.179 176.377 3,595 206,287 135,874 10 4LKI.152 345.756 CREDITORS.. Amounts falllng due wlthln on• year 11 (252,074) (192.8181 Nel Curr¢nl Assets 148.078 152,938 CREDITORS: Amounts falling due In more than year 11 1205,4961 1217,5841 TOTAL ASSETS LESS CURRENT LIABILITIES £1,448,054 £1,491,923 CAPITAL AND RESERVES General Reserves R951riGled Reserves 16 16 1.346,069 101.985 1,391,026 100,897 Tolal Funds £1.448,054 £1,491.923 The financlal statements were approv9d by the Board of Trustees on 19 August 2024 and signed on Its behalf.. TJWood G C Barber
BRIDGE CARE LIMITED Page 15 STATEMENT OF CASH FLOWS FOR THÉ YEAR ENDED 31 MARCH 2024 Notes 2024 2023 Surplus from operations Adjuslmenls for depreciallon and impalmignl (Increase) In value of inveslmenls 143.B681 39,801 84,998 {186.522) 52,545 7.179 (89,065) 1126,7981 Movements In workin9 capital Ilncreaselldecrease in slocks Ilncre8S8ydecreBs8 In deblors Increasel{decreasel h credllor5 (1,0011 {12,8921 59,258 (456) {94,9291 1.985 45,363 93,400 Net cash geneialed by operalng actlvlt195 143,702) (220.1981 Inv8sling actlvlties Payments lor property. pl8nl and equipment Procegds of Investment dlsposal {3,706) 100,000 (834) CaBh Ilows from financlng actlvltles Grant8 repald 12,088 12.088 Nel In¢reasel{decreasel In cagh and cash aquiv8lenls Cash Bnd o8sh equlvalenls 81 the b8glnnlng of Ihe year 40,504 135.874 (233.120) 368,995 Cash and Cash equivalgnts at Ihe end of the year £176,377 £135,874 Cash and bank balances £176,377 E135.874 The notos on pages 16 to 25 form part of these accounts
BRIDGE CARE LIMITED 16 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ÉNDED 31 MARCH 2024 ACCOUNTING POLICIES Basls of Accountlng Th? flTrAncl81 518lements have been prapared k) accordance ikniièd Kkng(lom Accounlit¥g Standards, Financial Roporting Slandanl 102 IFRS1021 and Slalemenl ol Recommended Pr8¢llce for Soclal Houslng Providers 'HouslrvJ SORP 2014. anrs comply wkn the Accoun15ng Dliecllon lof Private Reglslered Provklars of Soclal Houslng 2019. The acojunls a prepored on the htslorical M91 bag1$ ol ¢0111)9. Yllh Iho weplljn thal knvastmen15 are Included 01 mark¥1 Yalue. Ibl Tufnov•r Tu¥nov&r present3 fen181 the8 recefvalAe. IKome fvom daw pSn, don•llJns, fees and lundra4sh)o ac1118. (¢1 Flx•d Ass•ts The chanty ha$ d¢vtloped a $kn918 bulbjlno. Only 10 rooms oul 0132 ar8 dassifd a5 houslng proporty by Ihe Homes and Communi1185 Agency. Al cosls ol d8v8lopm8nl have been allocated propoflonats w co$1 as calthdated by Ihg (knn1ltySuN•r. Costs In&>Je.' COGI olland •cqulsMknn Co$1 of bultdlng coTrslntcilon k51er¢51 charged on b)ons lh• dov•lcymonl pha90, •nd DeveWn8nl •MPentlllur8 bl D•pr•clatlon Tanglbl• Flx•d Assels Oeprecl8llon Is calcutsled to wrlle off the cosl ol assgls over Ihelr uaqlul Thves by Ihe otralghf mothod •t the lorn9 ral•s pw arnurn: Houslng pffjpertbi Computer equlprnenl Flxluio8, n1195 and equrn•nI 2% 25% 20% la) Flx•d As$•t Impa5rrnonts Al each rtportlThJ rtOd •nd dale. tr• carrylry amwrts ol I4b 898•lB are eWed to delerrnlne whelher Ihere Is any InoY¢alion Ihal those a8se13 have suffered An ImpalmrtI b$$. If ary such Indlcadan exlsts. Ihe coverable amounl ol ihe a3¥el13 tImale In ordwlo ¢Jelemkn Ihe exlenl ol the irnpalrmenl tos¥ (il any). re11 Is nol p0$51ble lo esljmale Ihe recoveiable allwnl ol an IndIdal assel. the fecoverabk amounl ollho cash-generntlng unil lo vllch the as$el belory$ Is esllmaled. Recov¢r#bl¢ amount15 Ihe hb3her ollali value less ¢OSts lo sèll and valLÉ In use. In a5s85sing value In use, Ihe esiimaieo fre Cash fl¢M are dlscounled to Ihelr p¥e$enl value u$lng Pfe-lax dlscounl rale Ihal reflecls cuffenl rnarkel ass8ssmenls ol th8 Ilme valw of )neY and tho rf8ks spedficlo the assel &Jr th¢h Ihe esilmak$ of future ca¥h have nol been adSted. If the iecDverable amounl ol an a$s•l lor ¢a¥henerallrwJ unll) Is esllmated lo be less ihan Ils cairylng armunl, Ihe ¢anyln9 amDunl ol Ihe a5SEt lor ca5h-geneialkng unS114s I¢dd lo Ils ovei¥ble amoL¥rt. An Impalm)enl Ios51s recegnlsed Med[alerY In profit or loss. unle$s ihÈ evant assel Is ¢Anled at 8 revalued arllavnt, in vknlch ¢a3e Ihe Inpalrmenl kJ$s is Ialed as 8 (evaluacl)deea$e. Recognlsed Impalmient loues ai8 metsed11. Ir. Ihe leas0 for Irrpahmentloss Ila ceased lo ap*.
BRIDGE CARE LIMITED Paga 17 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ifj Fixed Asset Investments Investmen15 af8 51aled al market value as al the balanGg sheel date. Th8 Slalemonl of Comprehenslve Income InchJdes the net gwns and losses arfsing on revaluallon and dlsposals Ihioughoul th8 year. Igl R&allsed Ga5n8 and Losses All gains and losses are laken lo Ihe Slatgment ol Comprehensivo Income as Ihey arise. Realised galns and losses In investments are calculated as Ihe differenc8 bglween salos proc8eds and openlng markel value {purchase dale il lalerl. Unrealisèd galns and losses 8r& ealculal8d as the difference b¢een Ihe mark81 v81ue at the year end and opening markgl valug (or purch8se dale il later). Re8lised and unrealised gains are not separated in Ihe Slalemenl of Comprehonslve Incornp. (h} Soclal Houslng Grant Social Housing Grant ISHGI was r8colv6d from the Homes and Communllles Agency and was ulilised lo fund Ihe capi181 cost ol houslng propertles. SHG is recognised as a Governrngnl Grant and amortized over the expected life of ihe assoclaied property. Stocks Stocks are valued al the lower ol co81 and net all¥able valu8 on an item by iigm basls of first in first out. 111 Leased A$$g15 Renl815 payable under operaling leasos are tharged lo tha Incorne and expendlture account on a slralghl Ilne b8sis over the lerm ol the lease. {kl Fund A¢Gountlng Unreslrlcled funds are avallable for use al Iho dtscretion of the trustees In fvrlherance of Ihe genergl obleclive8 of tho charity. Reslrlcled funds are subjected lo reslrictions on Iheir 8xp8ndllure imposed by the donor or through tho lemis of an appeal.
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BRIDGE CARE LIMITED Page NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 EMPLOYEE COSTS 2024 2023 Wages and Salarles SoGial Security Costs Olhef penslon ¢osl$ 1,311,409 108.854 23.827 982,799 76.490 16,915 £1,444,090 Number of employees r8celving emobjmenlg of mor8 than £60.000. Band £60,001 10 £70,000 £1.076,204 The average number or ?mployees during Ihe yoar. calculated on th8 ba81s of full Ilme equivalonts was as follows., Resident Manager Administration Day Care Nurslng, Core Assistants and Housekeeplng 39 40 43 (N8 full Ilme Is c18Ssilled as 30 hour* ormore perpedod) A¥grage numbèr ol employees 43 49 49 Remunerallon of 3 (21 senlor s13ff £117.470 £116409 TRUSTEES REMUNERATION AND RELATED PARTY TRANSAGTIONS No Tiuslee re¢elved any remuneration during the year. Empenses wolved by Injslges Eo £0 No Truslees or other p8rs¢)n related lo the charity had any personal InleTe81 in any contract Of Iransaclion entered Into by th8 cjbarity durlng Ihe year {2023 £NILI. Monelary donallons recelved Ifom Trustees were Donallons rec8lv9d from conn8Glod charit188 E8.101 £1,500 £3,949 £12,081 INTEREST RECEIVABLE 2024 2023 Inlafesl recelvable on bank deposlls £696 £150 MOVEMENT IN FAIR VALUE OF FINANCIAL INSTRUMENTS Unrealised gains on Investments £84,998 £7,178
BRIDGE CARE LIMITED Page 21 NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 SUPLUSI{DEFICITI ON ORDINARY ACTIVITIES BEFORE TAXATION 2Q24 2023 Deficit on ordlnary aclivi118S belore laxalion is 518led after eharglng: Depreclallon on Hotsslng PropertFes DepreGl8llon on other Tangible Flxed Assets Audllors Remtsnerallon audll ser¢8S 38,452 1,349 5,700 38,4S2 14,093 5,280 TAXATION As a charlty, 8rldg8 Care Ltd. Is exempt from lax on Incom8 and galns to Ihe exlent that these ar8 applied lo its charitable objectives. No tax charges have afisen in the Charity. FlxtUT•S. fittin9$ & equlpmenl Freehold land 8111 FIXED ASSETS Bulldlng5 Total Cost Al 1 Aprll 2023 137,164 1.922.616 206.839 3,706 2.079 2.266,619 3,706 Addilions Disposals At 31 March 2024 £137,164 £1,922,616 £208,466 £2.270.325 D?prgc5atlon Al 1 Aprll 2023 Charge foT the year Eliminated on disposal At 31 March 2024 1.208.696 38.452 203.991 1,349 {2.079 £203,261 1,412.687 39,801 12,0791 £1,450,409 £1,247,148 Net Book Valug Al 31 March 2023 £137.164 £713.920 £2,848 £853,932 Al 31 March 2024 £137.164 £675,468 £5,205 £817,837 The insured value of the Companls Housing Properties was £8.407,347. (2023 £9,341,497).
BRIDGE CARE LIMITED Page 22 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 8111) INVESTMENTS 2024 2023 Valuation Brought Forwaid Unrealised galn on Inveslm8nls Dlspos81 al valuation At 31 March 2024 702.637 84.998 1100.000 £687,635 709,815 17.178) £702,637 STOCKS 2024 2023 Food Non-Food 2.875 1,721 2,210 1,385 £4,596 £3.595 10 DEBTORS 2024 2023 Car8 and Accommodallon Ch8rge3 Income Tax Refund Prepaymenls and AcrAued Income Olhfjr deblors 185.788 196.217 12,943 20,448 9.601 469 £219,179 £206,287 11 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade Credllors Soclal Security and Other Taxes Accruals Oth81 Crodilors Governmenl granl 70.473 28.959 53,715 86.839 12.088 29.334 9,835 45.327 96.235 12.088 £252,074 £192,819 CREDITORS: AMOUNTS FALUNG DUE IN MORE THAN ONE YEAR Govemmenl grant 2024 2023 £205,496 £Z17,584
BRIDGE CARE LIMITED Page NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12 CAPITAL COMMITMENTS 2024 2023 AulhoTlsed bul not contracted Conlracled lor bul not spenl £0 £0 13 HOUSING STOCK 2024 2023 SHG Funded Non-SHG Funded 10 22 10 22 Bed sP8C8s In eccommodallon ovmed by Ihe A380eiation 32 32 14 AVERAGE ACCOMMODATION CHARGE 2024 2023 The 8verage weekly accommodallon charge was: É1,276 £1,106 15 RECONCILIATION OF MOVEMENTS IN ASSOCIATION'S FUNDS 2024 2023 Op8nlng As$oc4allon's Fund 1.491.924 1,678,446 Surplu81(Dellclll lor Ihe1Snan¢lal year {43,868) (186.5221 C1081ng Associallon Funds £1,448,055 £1,491,924
BRIDGE CARE LIMITED Page 24 NOTES TO THE HNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16 RESERVES Asat 01.04.Z023 Fund Translers Asal 31.03.2024 Incom Exp•ndllur¢ Restrlcted Reserves The R8y King Memth781 Fund Slaff Fund Pmjects Fund R8spil8 Fund Day Club Fund Flood Re*ll8nco Fund 18.484 1.947 1,564 4,711 {4,549) 11.5641 17.2581 15.882 6,254 3,707 350 75,809 1148) {5,400) 202 82,194 13,449 11,6641 Total Reslrlctéd Reserves 100,897 21,671 (18.919} 11,6641 101,98S Unrgslrlctod Reserves General Fund5 1,391,026 2.120,147 {2.166,768) 1,664 1.346,069 Total Rèserves £1.491,923 £2,141,818 1£2,185,6871 £1.448,054 Purpos88 of R•8trl¢t8d Fund$ The Ray King Mgmortal Fund This fund has been eslabllshed to top up fees pald by Social S8rvlces lo the level paid by private resldents. Slaff Fund Thls reserve conslsls of donallons made speclfically towards staff welfare. Projecls Fund Thls fund conslsts ol donations recelved towards the costs of various projects carded out al Bridgemead. Respile Fund This reserve conslsts of donalions made specifically towards the provlslon of resplte ¢are. Day Carn Fund Thls reseNe conslsls of donallons made specifically towards Ihe provision of day care servlcos. Flood Resllience Fund This reserve consists of donations made specifically It)wards Ihe ongolng redèv81opment of Bridgemead. Followlng the decision to place the major refurbismenl prolecl on hold, a transfer to general funds has been made to cover expendtture Ihal would have taken Pla as part of the refurbishment.
BRIDGE CARE LIMITED Page NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS General Funds Rgstrlctgd Funds Tolal Tangible Fixed A55els Inveslmenls Current Assetg Current Liabilities Non current liabllit169 817.837 687.635 298.167 (252,074) 05.496 817,837 687,635 400,152 1252.0741 {205.4961 101,985 Ngt As¥¢ts as at 31 March 2024 £1.346.069 £101,985 £1,448,054 18 OPERATING LEASE COMMITMENTS The charllable company has oul$landing commllmenis under non-¢ancellable operallng18ases lolalllng £44,481. (2023- £52,760)