BRIDGECARE LIMITED Financial Statements For the year ended 31 March 2025 COMPANY NUMBER 2001246 CHARITY NUMBER 299400 Registered with the Regulator of Social Housing No L3921
BRIDGE CARE LIMITED Contents of the financial statements For the year ended 31 March 2025 Page Trustees, report - statutory information Trustees, report 7-10 Independent auditor's report li Statement of comprehensive income 12 Balance sheet 13 Statement of cash flows 14-27 Notes to the fi nanci a I statements
BRIDGE CARE LIMITED Trustee's report - statutory information For the year ended 31 March 2025 DIRECTORS AND TRUSTEES Andrew Symonds (appointed l October 20241 Alan Copeman lappointed l October 20241 John Edwards (appointed l October 20241 Sheila Warnes (appointed l October 20241 Tilly Wood (resigned l October 2024 and appointed 10 October 20241 Graham Barber (resigned l October 20241 Paul Booth (resigned l October 20241 Timothy Dewes Iresigned l October 2024) Acharity trustees, indemnity insurance policy is maintained bythe group of charities. COMPANY SECRETARY Julian Hillman REGISTERED OFFICE 175 Tower Bridge Road London SEI 2AL COMPANY NUMBER CHARITY NUMBER 2001246 299400 BANKERS Lloyds Bank plc 25 Gresham Street London EC2V 7HN AUDITORS Xeinadin Audit Limited Chartered Accountants 5Robin Hood Lane Sutton Surrey SMI 2SW KEY MANAGEMENT PERSONNEL The Key Management Personnel of the charity were the Trustees and the members of the Senior Management Team of Pilgrims, Friend Society, whose names and responsibilities are listed below.. Stephen Hammersley Maureen Sim Hugh Lambourne Joshua Field Julian Hillman Alexandra Davis Chief Executive Officer Director of Operations Director ofProperty Services Directorof Human Resources Director of Finoiice Directorof Marketing and Communicotions Page I
BRIDGECARE LIMITED Trustee's report For the year ended 31 March 2025 The trustees are pleased to present their report, together with the financi31 statements of the charityforthe year ended 31 March 2025. The trustees, report incorporates the directors, report prepared for the purposes of company law. STRUCTURE, GOVERNANCE AND MANAGEMENT The results of all group entities a re consoli dated i n the accounts of The P i Igri ms Friend Group. The trustees make significant decisionsforthe running of the charity. Responsibility forthe day-to-day operations of thech3rity is delegated to the Chief Executive and Senior Management Team of Pilgrims, Friend Society which has been the main operating charity forthe group. The Pilgrim Friends Group was established to research the market for charitablesupport for older people and to commend to allcharitieswithin the groupappropriate strategiesandpolicies. BridgeCareLimited trustees have adopted these for the Bridge Ca re Limited charity. The charity is constituted as a company limited by guaranteeand is therefore governed by a memorandum and articlesofassociation. It has no share capital. Theextent of the guarantee ofthe Trustees is £1 each. From l October2024, Bridge Carejoined The Pilgrims Friend Group as a IOOO/o subsidiary ofThe Pilgrims Friefid Group. OBJECTIVES AND ACTIVITIES The charity's object and its principal activity continLses to be that of operating a high-quality purpose-built residenti a I home for the fra i l a nd elderly in Bath. The fi rst resi dents moved i n duri ng Ma rch 1992. The home provides a mix of residential and nursing carefor up to 32 residents. One room is set asidefor Respite Care. Aday- care seNice (Day Clubl is also normally provided on weekdays. The charity'strustees have considered the guidanceregarding public benefit when considering and planning its objectives and activities for the yea r. ACHIEVEMENTS AND PERFORMANCE The charityjoined the Pilgrims, Friend Society IPFSI family on l October 2021. This means thatthe Bridgemead residential care home is sUPPOrted by the team from PFS and the governance of the charity sits within the governance framework ofthe PFS family. The home has been well used during the year and many people have been blessed by the care provided and Christian ethosof the home. A significant projectto protectthe home from floorrisk wasstarted overseen bythe PFS Property Service team, drawing on the excellent preparatory work done by John Todman and others who were trustees priorto l October 2025. More detail or) the performance of the PFS family of charities can be seen in the report and accounts of The Pilgrims Friend Group charity, FINANCIAL REVIEW The Statement of Comprehensive Income shows an operating surplus of £50k12024: a deficit of £179kl. This improvement was driven by stronger occupancy. After adjusting for interest receivable and net gains on i nvestments the surplus for the yea r is £67k12024.' a deficit of £44kl. Page 2
BRIDGECARE LIMITED Trustees, report {continued) For the year ended 31 March 2025 Total funds increased to £1,565k12024.' £1,448kl of which £135k were restricted resexves12024'. £102kl. Cath at bank and in hand was £1,066k12024: £176kl as investments were realised in anticipation of starting the capitsl project to improve the flood defences as outlined below. The key event in the year wasstarting a £1.7m project to enhancethe protection of residents from flooding. This waspartfunded by cashthatthecharityhadavailablewiththebalancecomingfroma loanfrom Pilgrims, Friend Society IPFSI. INVESTMENT POLICY During the yearthe charity re31ised its investments as its share ofthe projected £1.7m cost of the flood defence scheme. The charity's investments are detailed in note 10 to these accounts. RESERVES POLICY As part ofthe PFSfamilythe charitysitswithin reservesframework forthe PFSfamily. Thecha rity expectsto have three months operating costs available as reserves available from its own resources or as a commitment from other PFS group charities. TRUSTEE RECRUITMENT AND TRAINING Trustees are appointed at a Boa rd meeting followi ng a nomination process. Candidates must meet a strict set of specificationsconcerning personalcompetence,specialistskills, availabilityandchristian belief. OncetheBoard a nd new trustee decide to proceed with a forma l a ppoi ntme nt there follows an i nduction peri od to fa mi li a rise the new trustee with the charity'soperations. Newly appointed trustees meet with the ChiefExecutive and members of the Senior ManagementTeam to provide an introduction to the affairsofthe charity, key operational methods and the current strategic plan. Trustee performance is subject to an annual review. RISK MANAGEMENT Thecharitysitswithintheriskframework forthe PFSgroupasdetailed in the report and accountsofThe Pilgrims Friend Group charity. A comprehensive register of risks is maintained which is reviewed by Key manageMt Personnel at their monthly meetings and by trustees at every trustee meeting. Risks are rated as to both their likeli hood a nd severity. Within thisframework, theTrustees haveassessed the majorrisksto whichthecharity isexposed and aresatisfiÈxl that systems are in place to mitigate exposure to the major risks. The majorriskstothe Charityare setout in the report for The Pilgrims Friend Group, andthose risks most relevant to the cha rity a re: a drop in bed occupancy leading directly to a reduction in fee income, This is mitigated by regular monitoring of occupancy and tight financial control. inability to maintain adequate staffing levels due to well documented pressures within the care sector. proximity of the RiverAvon and the attendant flood risk pending the completion of the defence works. Regular reviews and training of staff take place in relation to all emergency procedures. Page3
BRIDGE CARE LIMITED Trustees, report (continued) For the year ended 31 March 2025 KEY MANAGEMENT PERSONNEL The key management personnel of the charity (all of whom are employed by Pilgrims, Friend Society, a fellow member of the Pilgrims Friend Group, are listed on page 11 are in chargeof directing, controlling, running and operating the charity on a day-to-day basis. Details oftheir remuneration and expenses reimbursed, and other related pa rty tra nsactions are disclosed i n Note 8 to the fi na ncia I statements of the P i Igri m Friends Group. Their pay is reviewed annually, FUNDRAISING POLICY Bridgecare Limited does notsolicitdonation separatefromthefundraising undertaken by Pilgrims, Friend Sociay IPFSI. PFSdoesnotemployoutsideorcommercial fund-raisers. PFSmakessurethatsupporters ofthe PFSfamily are kept up to datewith our work and thatthey can giveto support it. PFS issues a magazinetwice a year and solicits prayer for the work of the charity, Both the magazine and the prayer updates issued by the charity may includemention offinancial needs. Nocomplaintshavebeen received intheyearaboutourfundraising, Pilgrims, Friend Soci ety is registered with the Fu ndra isi ng Regu lator. VALUE FOR MONEY STATEMENT The charityhasassessed howithasachievedvaluefor money indeliveringits purposes and objectivesduringthe year. Competitive tenders from a minimum of three providers are always sought for new projects and existing contracts are regularly reviewed to ensure ongoing value for money. VALUE FOR MONEY METRICS Metric Reinvestment 0/0 New supplydelivered 0/0 Isocial housin units) New supplydelivered % (non-social housin units) Gearin EBITDA MRI interest cover 0/0 Headline social housin cost per unit Operatin mar in 0/0 Isocial housin only) Operating margin 0/0 {all units) ROCE 0/0 2025 1.780/0 0% 2024 0.490/0 Benchmark 7.300/0 1.50Wo 0.220/0 45.80010 169.000/0 £4,120 34.30010 29.700/0 4.30% 2a 2b 00/0 -21.65 % NIA £44,900 14.48010 -8.920/0 -10.75Wo -135.280/0 NIA £68,300 6b 2.25% Page4
BRIDGE CARE LIMITED Trustees, report (continued) For the year ended 31 March 2025 RELATED PARTIES The trustees of the charity consider the following to be related parties: l. Key Management Personnel of Pilgrims, Friend Society 2. Thefollowing charities: a. The Pilgrims Friend Group Icharity no. 1134979, company no. 71698751 b. Pilgrims, Friend Society Icharity no. 1045920, company no. 30270711 c. Pilgrim Homes Trust (charity no. 1183226, company no. 116856241 d. Pilgrim Homes (charity no. 2422661 e. Strathclyde House Trust (charity no. SC025550, company no. SC1698481 3. Homesdale {Woodford Baptlst Homes) Limited - Cooperative & Community Benefit Society No 13406R 4. PFG Trading Limited - a limited company Ino. 011237991 5. Aged Pi Igrims, Friend Society Trust Li mited - a li mited compa ny Ino. 008101681 which holds title to the properties owned by Pilgrim Homes Trust. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees Iwho are also directors of Bridgecare Limited for the purposes ofcompany lawl are responsible for preparing the Trustees, Report lincorporati ng the directors, report) and the financial statements in accordance withapplicablelawand United KingdomAccountingStandards, includingFinancial Reporting Standard 102: The Financial Reportingstandard applicoble in the UKand Republic of Ireland (United Kingdom Generally Accepted Accounting Pr3Cticel. Compa ny a nd Housi ng Associati on legislation requi res the trustees to prepa re fi na nci a I statements for each financial yearwhich give a true and fairview ofthe state ofaffairs of the charitablecompany and ofthe income and expenditure, of the cha rita ble compa ny for that peri od. In prepari ng these fi na nci a I statements, the trustees are required to: select su ita ble accounti ng policies a nd then a pply them consistently. obseNe the methods and principles in the Housing SORP. make judgments and accounting estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in thefinancial statements, and prepare the fi nancial statements on the goi ng concern basis unless it is ina ppropriate to presume that the charitable companywill continue in business. Thetrustees areresponsiblefor maintaining properaccounting recordswhichdisclosewith reasonableaccur3Cy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the CompaniesAct 2006, the Housing and Regeneration Act 2008, Accounting Direction for Private Registered Providers of Social Housi ng in England 2022 and the Statement of Recommended Practice for Registered Social Housing Providers (Housing SORP 20181. They are also responsible for safeguarding the assets ofthe charitablecompanyand hencefortaking reasonablesteps for the prevention and detection of fraud and other irregula riti es. Page5
BRIDGE CARE LIMITED Trustees, report (continued) For the year ended 31 March 2025 STATEMENTOF DISCLOSURE TO AUDITOR Sofar aseach person who was a trusteeat the date of approving this report is aware, there is no relevant audit information of which the charity's auditoris unaware. Additionally, thetrustees individually havetaken all the necessary steps thatthey oughtto havetaken astrustees in order to make themselves awareofall relevant audit information and to establish thatthe charity's auditor isaware ofthat information. AUDITORS Xeinadin Audit Limited were the charitable company's auditors during the year and have expressed their willingnessto continue in that capacity, The above report is prepared in accordancewith the special provisions relating to small companieswithin Part 15 of the Companies Act 2006. Approved by the tru5tee5 and signed on their behalf by A Copeman Trustee Date.. 17 July 2025 Page 6
BRIDGECARE LIMITED Independent auditor's report to the trustees of Bridge Care Limited For the year ended 31 March 2025 OPINION We have audited the financial statements of Bridge Care Limited Ithe charity) for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement ofcash Flows and the notes to the fi na ncia I statements, i ncludi ng a summa ry of si gnifica nt accounti ng policies. The fi nancial reporting framework that has been applied in theirpreparation isapplicablelaw and United KingdomAccounting Standards, including Financial Reporting Standard 102 The FinanciGIReporting Standardapplicablein the UKond Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). I n our opi nion the fi na nci a I statements.. give a true and fairview of the state of the charitable company's affairs asat 31 March 2025 and of its income and expenditurefortheyearthen ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006, the Housing and Regeneration Act 2008 and the Accounting Di rection for P rivate Regi stered Providers of Soci a l Housi ng in England 2022. BASIS FOR OPINION We conducted our auditin accordancewith International Standards on AuditinglUKI IISAs{UKII and applicable law. Our responsi bi lities underthose sta nda rds are further descri bed i n the Auditor's responsi bil ities for the a udit of the financial statements section ofour report. We are independent of the charitable company in accordance withthe ethical requirements that are relevant to our auditof the financial statements in the UK, includingthe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Webelievethattheauditevidencewehaveobtained issufficientandappropriatetoprovidea bags for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accou nting i n the prepa ration of the fi na nci a I statements is a ppropri ate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditionsthat, individually orcollectively, may cast significant doubt on the charity's abilityto continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsi bi liti es and the responsi bi lities of the trustees with respect to going concern a re described i n the relevant sections of this report. OTHER INFORMATION The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information containcd within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwiseexplicitlystated i n our report, wedo not express anyform of assuranceconclusion thereon. Page 7
BRIDGE CARE LIMITED Independent auditor's report to the trustees of Bridge Care Limited (continued) For the year ended 31 March 2025 Our responsibility is to read the other i nformation a nd, in doi ng so, consider whether the other i nformation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appea rs to be materi a Ily misstated. If we identify such materia l i nconsistencies or a ppa rent material mi sstatements, we a re requ i red to determi ne whether thi s gives rise to a materi a I misstatement i n the fi na ncial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement ofthis other information, we are required to report that fact, We have nothing to report in this regard. OPINIONS ON OTHER mAERs PRESCRIBED BYTHE COMPANIES ACT2006 In ouropinion, based on the work undertaken in the course ofour audit: the information given in the Trustees, Report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consi stent with the fi na nc ia I statements., a nd the Trustees, Report has been prepared in accordance with applicable legal requirements. MATTERS ON WHICH WE ARE REQUI RED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charityand its environment obtained in the course ofthe a udit, we have not i dentified materia I mi sstatements i n the directors, report i ncluded with the trustees, report. We have nothingto report in respect ofthe following matters in relation to which the Companies Act 2006 or the Housing and Regeneration Act 2008 requires usto report to you if, in ouropinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received 311 the information and explanationswe requireforour audit. the trustees were not entitled to prepa re the fi nancia I statements i n a ccorda nce with the smal I companies regime and take advantage ofthe small companiesexemptions in preparing the trustees report and from the requirement to prepare a strategic report. In addition, we have nothing to report in respect ofthe following matter where the Housing and Regeneration Act 2008 requires usto report to you if, in ouropinion., a satisfactory system of control over transactions has not been maintained. RESPONSIBILITIES OF TRUSTEES As explained more fully i n the trustees, responsi bilities statement, the trustees (who are a Iso the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for bei ng satisfied that they give a true and fa i rview, and for such i nternal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In prepa ri ng the fi nancial statements, the trustees a re responsi ble for assessi ng the charity's a bility to continue as a goi ng concern, disclosi ng, as a pplica ble, matters related to goi ng concern and usi ng the goi ng concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no rea listic a Iternative but to do so. Page 8
BRIDGE CARE LIMITED Independent auditor's report to the trustees of Bridge Care Limited (continued) For the year ended 31 March 2025 AUDITOR'S RESPONSIBILITIES FOR THE AUDITOF THE FINANCIAL STATEMENTS We have been appointed as auditor under section 145 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. M isstatements can arise from fra ud or error and a re considered materia l if, i ndividua Ily or i n the aggregate, th could reasona bly be expected to i nfluence the economic deci sions of users ta ken on the basis of these fi na ncial statements. The extent to which our procedures are ca pable of detecti ng i rregula rities, i ncludi ng fra ud i s detailed below: Basedon our understandingof the charity,weidentifiedthatthe principal risksof non-compliancewith lawsand regulations related to cha rity, fina ncial reporti ng legi slation, hea Ith & safety regulations a nd we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those lawsand regulationsthat havea direct impact on the preparation ofthefinancial statements such asthe Charities Act 2011, the Companies Act 2006 and the Housing and Regeneration Act 2008. We assessed the suscepti bi lity of the cha rity's fina nci a I statements to materia I misstatement, i ncluding obta ining an understandi ng of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team. We determined that the principal risks were related to: accounting measurements of property fraudulent extraction of cash or payment of fake invoices. valuation of investments. and disclosure of ca pita I commitments or provisions In response to the risks identified we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation identifying and reviewingjournal entries discussions with management and review of legal correspondence reviewing Trustees, meeting minutes obtaining third party evidence for the valuation of investments. and eva luati ng the charity's internal controls There are inherent limitations in the audit procedures described above. The more removed that laws regulationsare from financialtransactions,theless likely it is thatwewould become awareof non-compliance Material misstatements that arise due to fraud can be harder to detect than those that arise from error as th may involve deliberate concealment or collusion. A further descri pti on of ou r responsi bilities for the a udit of the fi nancial statements i s located on the Financial Reporting Council's website at.. www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Page9
BRIDGE CARE LIMITED Independent auditor's report to the trustees of Bridge Care Limited (continued) For the year ended 31 March 2025 USE OF OUR REPORT This report is made solelyto the charitablecompany's members, as3 body, in accordancewith Cha pter3 of Part 16 ofthe CompaniesAct2006 and regulationsmade underthatAct.Our auditwork has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed. Paul Ne on CA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited 5 Robin Hood Lane Sutton Surrey SMI 2SW Chartered Accountants Statutory Auditor Date: l 8 3. 2olS Page 10
BRIDGE CARE LIMITED Statement of Comprehensive Income For the year ended 31 March 2025 2025 2024 £000 Note £000 £000 £000 Turnover 2,224 2,007 Operating expenditure 2,3,4 Operating surplusl{deficitl 50 1 1791 Interest receiva ble Net gains on investments Other income io 22 85 Surpluslldeficit) for the year before taxation 117 1 441 Taxation Surpluslldeficitl forthe year 117 All ofthe activities are continuing. There were no recognised gains or losses other than those stated above. The Statement of Comprehensive Income was approved by the Trustees on 17 July 2025 and signed on their behalf by: A Copeman Trustee J Edwards Trustee The notes on pages 14 to 27 form part ofthese financial statements. Pagell
BRIDGE CARE LIMITED Balance sheet As at 31 March 2025 2025 2024 £000 Note £000 £000 £000 Fixed assets T3 ngible a ssets Investments 792 818 io 792 1,505 Current assets Stocks Debtors and prepayments Cash atbankand in hand li 12 151 219 17 1,217 400 Creditors.. Amounts falling due within one year 13 Net current assets 978 Total assets less cu rrent liabilities 1,770 1,665 Creditors: Amounts falling due after morethan oneyear 14 Net assets Capital and reserves.. General reserves Restricted reserves 16 1,430 135 1,346 Total Funds Th financial statements were approved by the Trustees on 17 July 2025 and signed on their behalf by.. opeman Trustee J Edwards Trustee Company Registration No: 2001246 The notes on pages 14 to 27 form part ofthese financial statements. Page 12
BRIDGE CARE LIMITED Statement of cash flows For the year ended 31 March 2025 2025 £000 2024 £000 Cash flows provided byl{used in) operating activities Trading and donations Surplus/ldeficitl fortheyear I nterest a nd dividends i ncluded i n i nvesti ng activities Depreci ation Net gains on investments Net cash provided by/{used in) trading ond donations 117 io) 40 1 441 i i) 40 125 Working capital movements Decreasellincreasel i n stocks Decreasellincreasel i n debtors {Decreaselli ncrease in creditors Net cash provided by working copital movements i) 131 68 72 Net cash provided byl{used in) operating activities 197 Cash flows from investing and financing activities Tangible fixed ossets Payments on additions oftangible f1xed assets Proceeds on disposal of tangible fixed assets Net cosh (used in) tangible fixed assets 141 { 41 Fixed osset investments I nterest and dividends received Proceeds on disposal of fixed asset investments Net cash provided by fixed osset investments io 709 Finoncing octivities Repayment of grants Net cash {used in) financing activities Net cash provided by investing and financing activities 693 85 Net cash inflow Cash and cash equivalents at l April 2024 890 176 40 Cash and cash equivalents at 31 March 2025 066 176 The notes on pages 14 to 27 form part of these financial statements. Page 13
BRIDGE CARE LIMITED Notes to the financial statements For the year ended 31 March 2025 ACCOUNTING POLICIES The company is registered as a charitable company limited by guarantee incorporated in England and Wal and is governed by its Memorandum and Articles of Association. Its registered office is 175 Tower Bridge Road, London SEI 2AL, The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparati on of the fi nancia I statements a re as follows.. la. Basis of accounting These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102,1, the provisions of the Statement of Recommended Practice for Registered Social Housing Provider5 20181"Housing SORP"), "Accounting and Reporting by Charities" the Statement of Recommended Practice forcharitiesapplying FRS102, the Housingand RegenerationAct2008, the Accounting Directionfor Private Registered Providers ofsocial Housing in England 2022, the CompaniesAct 2006, the CharitiesAct 2011 and UK Generally Accepted Accounting Practice. Thecharity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which isthefunctional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1,000. The financial statements have been prepared on the historical costconvention, modified to include certain i nvestments a nd fi na ncia l i nstruments at fai r va lue. Ib. Consolidation Thischarity isa qualifyingentityfor the purposes of FRS 102, beinga member of a groupwherethe parent of that group prepares publicly availableconsolidated financial statements, including this charity, which are intended to give a true and fairview of the assets, liabilities, financial position and surplus or deficit of the group. The charity has therefore taken advantage of exemptions from the requirement to disclosure transactions with other group undertakings, The financial statements of the charity are consolidated in the financial statements of The Pilgrims Friend Grou p. These consolidated fi na ncia I statements a re ava i la blefrom its registered office at 175 Tower Bri dge Road, London SEI 2AL. Ic. Going concern Atthe timeof approvingthefinancial statements, thetrusteeshavea reasonableexpectation that thecharity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounti ng in preparing the financial statements. Id. Tangible fixed assets Fixed assets a re recorded at h istoric cost. Expenditure on exi sti ng properties is ca pita li sed when works result in an enhancement of economic benefits of the asset, Other expenditure on the properties is charged to the incomeand expenditure account. Whereappropriate, thehistoriccost less accumulated depreciation of ary replaced components is released from the asset and recognised as a loss on disposal. Page 14
BRIDGECARE LIMITED Notes to the financial statements (continued) For the year ended 31 March 2025 ACCOUNTING POLICIES {continued) Id. Tangible fixed assets {continued) Thecharityhasdeveloped a singlebuilding. Onlylorooms out of32 areclassifiedas housing propertyby the Homes and Communities Agency. All costs of development have been allocated proportionate to cost as calculated by the Quantity Surveyor. Costs include: Cost of land acquisition Cost of bui Idi ng construction Interest charged on loans during the development phase, and Development expenditure b} dl Expenditureon existing properties iscapitalised when works result in an enhancement ofeconomic benefits of theasset. Where appropriate, the historic cost lessaccumulated depreciation of any replaced components is released from the asset and recognised as a loss on disposal. All invoices and a rchitects, certificates relati ng to ca pita l expenditu re i ncurred in the yea r at net va lue after retentions a re i ncluded i n the fi na ncial statements for the year, provided that the dates of issue or va luation are prior to the year-end. Depreciation is provided on alltangiblefixed assetsat ratescalculatedtowriteoff the cost orvaluation, le esti mated residua I va lue, of each asset over its expected useful li fe. The followi ng rates a re used on a stra ight- line basis: Land Buildings Bathrooms and lifts Boi lers Furniture and equipment Hard landscaping Computei equipment 50 yea rs 20 years 15 years 5- Ioyears 5years 4years le. Income Rental and ancillary income is recognised on the basis of when the service was provided to the resident. Voluntary income and donations (including legacies) are accounted foroncethe charity has entitlementto the income, it Is probable the income will be received and the amount of income receivablecan be reliably measu red. Where material a ssets a re donated to the cha rity for its use, these a re ca pita lised at the esti mata market value at the date ofthe gift and included under income. Government Grants (including Social Housing Grant) is recognised under the accrual model as a grant relatingto assets in incomeon a systematic basis overthe expected useful life ofthe housing property assets Page 15
BRIDGE CARE LIMITED Notes to the financial statements (continued) For the year ended 31 March 2025 ACCOUNTING POLICIES (continued) If. Expenditure Expenditure is accrued assoon as a liability is considered probable, discounted to present value for longer term lia bilities. C ha rita ble ex penditure i ncludes all support costs i n respect of the cha rity's activiti es. Ig. Governance costs Thi s comprises expenditure on compliance with statutory lega I requi rements a nd is i ncluded i n cha ritable a ctivities. Ih. Stocks Stocks arevalued atthe lowerof cost and net realisablevalue on an item by item basis of first in first out. li. Leases Rentals payable under operating leases are dealt with on a straight-line basis over the lease term. Total lease repayments have been disclosed over the rema ining life of the lease. lj. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance ofthe general objectives ofthe 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 are set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordancewith specific restrictions imposed by donors. The aim and useofeach restricted fund areset out in note 16to thefinancial statements. Ik. Fixed asset investments Listed i nvestments a re stated at fa i r va lue. Ga i ns a nd losses a risi ng from reva luation a re recogn i sed in the Statement of Fina ncial Activities. 11. Debtors Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. Im. Cash and cash equivalents 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 ofopening of the deposit. Page 16
BRIDGE CARE LIMITED Notes to the financial statements (continued) For the year ended 31 March 2025 ACCOUNTING POLICIES (continued) In. Creditors and provisions Creditors and provisions arerecognised where the charity hasa present obligation arisingfrom a past event that will probably result i n the tra nsfer of funds to a thi rd pa rty a nd the a mount due to settle the obli gation can be measured or estimated reliably, Creditors and provisions arerecognised at their settlement amount. lo. Financial instruments Thecharityonlyhas financialassetsand liabilitiesofa kind that qualify3sbasicfinancial instruments. Basc financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Page17
BRIDGE CARE LIMITED Notes to the financial statements (continued) For the year ended 31 March 2025 PARTICULARS OF TURNOVER, COST OF SALES, OPERATING COSTS AND OPERATING SURPLUS 2025 Operating Operating Turnover Costs Surplus I (Deficit) £000 2024 Operating Operating Costs Surplus I {Deficit) £000 Turnover £000 £000 £000 £000 Social Housing Lettings SHG funded residential care Non-SHG funded residential care 693 1,523 {671) 11,5031 22 20 511 1,488 14371 {1,7031 74 12151 2,216 12,1741 42 1,999 12,1401 11411 Non-social Housing Activities Day care services Other costs 1371 (91 1291 191 1461 1381 2,224 12,1741 50 2,007 12,1861 11791 At 31 March 2025 there were 32 bed spaces12024: 321 ofwhich 10 were funded by the Social Housing Grant. The average weekly residential care accommodation charge was £1,37612024: £1,276). Page 18
BRIDGE CARE LIMITED Notes to the financial statements (continued) For the year ended 31 March 2025 PARTICULARS OF INCOME AND EXPENDITURE FROM SOCIAL HOUSING LETTINGS 2025 Non-SHG Funded £000 2024 Non-SHG Funded £000 SHG Funded £000 Total SHG Funded £000 Total £000 £000 Income from lettings Rents receivable net of identifiable seNice charges 698 1,535 2,233 1,585 2,129 Gross rents receivable 698 1,535 2,233 544 1,585 2,129 Less: Rent losses from voids 151 1121 1171 1331 (971 11301 Turnover from social housing lettings 693 1,523 2,216 511 1,488 1,999 Expenditure on social housing lettings SeNices Management expenses Maintenance Nursing care Bursaries provided Grant income 102 38 30 513 225 85 66 1,127 327 123 96 1,640 306 86 57 457 213 142 887 763 299 199 887 1121 1121 1121 1121 Operatlng costs on social housing lettings 671 1,503 2,174 437 1,703 2,140 Operati ng su rpluslldeficitl on social housing lettings 22 20 42 74 12151 11411 Page 19
BRIDGE CARE LIMITED Notes to the financial statements (continued) For the year ended 31 March 2025 4. STAFF COSTS 2025 £000 2024 £000 Wages and salaries: Homes employees Wages and salaries: Shared SeNices Socia I security costs Pension costs 1,402 82 126 36 1,311 109 24 Redundancy payments are recognised when there is 3 legal or constructive obligation arising. No redundancy costs are included in the above costs and there were no redundancy or termination payments outstanding at the balance sheet date. The average number of staff employed in the period on a headcount basis was: No No Homes Property, care, finance, HR and management 58 46 49 The average numberof staff employed in the period on a full-time equivalent basiswas: No No Homes Property, care, finance, HR and management 35 40 38 43 The emoluments of no employees exceeded £60,000 in the yearended 31 March 202512024: 11. 2024.. One of those employees earned between £60,000 and £70,000. No remuneration or expenses were paid to any trustee during the year. The total aggregate remuneration of Key Management Personnel for the year was£S8,00012024: £117,000). There are no pension arrangements in place for a Chief Executive. The highest paid member of the senior management team received emoluments, excluding employer pension contributions of £29,761 12024.. £67,864). INTEREST RECEIVABLE 2025 £000 2024 £000 I nterest receivable on bank deposits io Page20
BRIDGE CARE LIMITED Notes to the financial statements (continued) For the year ended 31 March 2025 OTHER INCOME 2025 £000 2024 £000 Donations, grants and legacies 35 49 SURPLUSI{DEFICIT) ON ORDINARY ACTIVITIES BEFORE TAXATION 2025 £000 2024 £000 This is stated after charging.. Depreciation LossllGainl on disposa l of fixed assets Auditors, remuneration for a udit services Auditors, remuneration for other services 40 TAXATION As a charity, BridgeCareLtd, isexempt from taxon income and gainsto the extent thatthese are appliedto its cha rita ble objectives. No tax cha rges have arisen i n the Cha rity. TANGIBLE FIXED ASSETS Freehold and leasehold properties £000 Furniture, fixtures and fittings £000 Total £000 Cost Asat l April 2024 Additions Disposa Is 2,060 14 208 2,268 14 Asat 31 March 2025 208 Depreciation As at l April 2024 Charge for the year Released on disposa Is 1,247 39 203 1,450 40 As at 31 March 2025 204 Net book value As at 31 March 2025 788 792 Asat31 March 2024 813 818 Page21
BRIDGE CARE LIMITED Notes to the financial statements (continued) For the year ended 31 March 2025 TANGIBLE FIXED ASSETS {continued) Total expenditure on works to existing properties comprised: 2025 £000 2024 £000 Amountscapitalised Amounts charged to income and expenditure 14 30 44 117 117 10. INVESTMENTS Listed investments £000 Valuation As at l April 2024 Revaluations Disposa Is 687 Asat 31 March 2025 Historic cost as at 31 March 2025 11. STOCKS 2025 £000 2024 £000 Food Other 12. DEBTORS AND PREPAYMENTS 2025 £000 2024 £000 Care and accommodation charges Prepayments and accrued income Other debtors 94 57 186 13 20 151 219 Page22
BRIDGE CARE LIMITED Notes to the financial statements (continued) For the year ended 31 March 2025 13. CREDITORS AND ACCRUALS: amounts fallingdue within one year 2025 £000 2024 £000 Trade creditors Socia I security a nd other taxes Accruals Other creditors 41 21 159 18 70 29 54 240 14. CREDITORS AND ACCRUALS.. amounts falling due after more than one year 2025 £000 2024 £000 Government grant 205 15. CONTINGENT LIABILITIES The social housing grant received by Bridge Care and shown in note 13, is repayable in full under certain circumstancessuch asthe saleofthe Bridgemead property without reinvestment. The total amount receiva to date is £604,412. Page 23
T4 C m ¢Y C VM C+ O tv CÉ o)
1J .1 c wo Ln "Y4 4
BRIDGE CARE LIMITED Notes to the financial statements (continued) For the year ended 31 March 2025 17. DESCRIPTION OF FUNDS General Fund Assets held i n the Genera l Fu nd a re availa ble for the genera I purposes of the cha rity. Restricted Funds These are funds where there i 5 a restri ction i mposed either by the donor or the cha rity setti ng out conditions underwhich funds may be used. Restricted Funds The Roy King Memorial Fund This fund has been establ ished to top up fees pa id by Socia I Services to the level pa id by private residents. Stoff Fund This reseNe consists of donations made specifically towards staff welfare. Projects Fund This fund consists ofdonations received towards the costs ofvarious projects carried out at Bridgemead. Flood Resilience Fund This fund consists of donations made specifically towards the ongoing redevelopment of Bridgemead. Following the decision to place the major refurbishment project on hold, a tra nsfer to genera I funds ha s been madeto coverexpenditurethat would havetaken place as part ofthe refurbishment. 18. RELATED PARfi TRANSACTIONS The Pilgrims Friend Group isthe ultimate controlling charity of the group, whose principal activity is to wn Christiancarehomes. It isa charitablecompanylimited byguarantee incorporated in Englandandwales. Its registered office is 175 Tower Bridge Road, London SEI 2AL. Company number: 07169875. Charity number. 1134979. The charity is a subsidiary of The Pilgrims Friend Group byvirtue of that charity being the sole member of Bridgecare Limited withthe rightto appoint directors. TransactionswithThe PilgrimsFriend Group and its other group undertaki ngs a re not di sclosed a s consol idated fina ncial statements for the group a re publicly available. Details of trustees and key management personnel are given on page l. No remuneration or reimbursed expenses are paid to anyofthem from this charity. There are no other related party transactions. Page26
BRIDGECARE LIMITED Notes to the financial statements (continued) For the year ended 31 March 2025 19. LEASING COMMITMENTS Operating leoses The charitable company's total future minimum lease payments under operating leases at 31 March 2025 were payable as set out below.. 2024 £000 2025 £000 Within oneyear Within two to five years 12 35 12 47 47 59 Expense 20. CAPITAL COMMITMENTS Capital commitments for the value of £1.4m were due a5 at 31 March 2025 relating to the flood defence project. Page 27