The Bridge Community Enterprise Limited - Charities report - 21.1

REGISTERED COMPANY NUMBER: 05723191 (England and Wales)

REGISTERED CHARITY NUMBER: 1117827

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 31 MARCH 2019 TO 31 MAY 2020

FOR

THE BRIDGE COMMUNITY ENTERPRISE LIMITED

Page

Report of the Trustees

1

to

2

Statement of Financial Activities

3

Statement of Financial Position

4

to

5

Notes to the Financial Statements

6

to

11

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 31 March 2019 to 31 May 2020. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects as stated in the founding document are:

1) To promote for the benefit of the community by associating together the said community and the local authorities, voluntary and other organisations in a common effort;the advancement of education and provision of facilities in the interests of social welfare; for recreation and other leisure-time occupations with the objects of improving the conditions of like in the community;

2) To establish an accessible community centre and to maintain and manage the centre in furtherance of these objects.

Significant activities for the public benefit

As with the previous year we started the new financial year with the remit agreed in 2017/18 to transfer all assets from ourselves to our chosen charity Parchment Trust. Ourselves and Parchment have worked together throughout the year to progress this transfer.

Due to delays in the transfer process it was agreed that Parchment Trust would make use of the building ahead of the transfer under a licence agreement. In November this agreement came into affect and Parchment Trust took over the day to day running of the building. Since taking over Parchment have worked hard to not just maintain the building but to make restoration and improvements.

In March we sadly said goodbye to Bernadette Ripley as Trustee; Bernadette was unable to continue due to increasing family commitments. We were sad to see her go but would like to note our thanks for all her hard work; in particular her help opening the building and keeping it clean in the absence of staff to do so.

In March Jay Kramer also stepped down from her long standing position as our Chair of Trustees; though due to the current situation Jay agreed to remain as signatory for the Bridge Trustees. Jay Kramer was Chair for many years at the Bridge and dedicated many hours to support the Bridge and the local community that she is very much a part of; on behalf of ourselves and the community we would like to note our great thanks to Jay.

It has been disappointing to be unable to complete the transfer this financial year but It is hoped that in the coming year we will be able to bring the transfer to completion and that the assets of the Bridge can once again be fully used to benefit the local community.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by

guarantee, as defined by the Companies Act 2006.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

05723191 (England and Wales)

Registered Charity number

1117827

Registered office

The Bridge

361 Priory Road

Hastings

East Sussex

TN34 3NW

Trustees

Ms J Kramer Project Worker + Local Council (resigned 3/5/2020)

Ms N M Siddall Educational Consultant

Miss S E Willmont Nhs Administrator

Miss B Ripley Silver Smith (resigned 3/3/2020)

Mrs P Smart Retired

Mr M Deaves Certified Chartered Accountant

Company Secretary

Miss S E Willmont

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 29 June 2021 and signed on its behalf by:

Miss S E Willmont - Trustee

Period

Period

31/3/19

1/4/18

to

to

31/5/20

30/3/19

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Other trading activities

2

24,521

-

24,521

38,409

EXPENDITURE ON

Raising funds

3

-

-

-

94

Charitable activities

4

Support costs

40,494

-

40,494

34,830

Direct costs

-

-

-

9,493

Total

40,494

-

40,494

44,417

NET INCOME/(EXPENDITURE)

(15,973

)

-

(15,973

)

(6,008

)

RECONCILIATION OF FUNDS

Total funds brought forward

427,447

-

427,447

433,455

TOTAL FUNDS CARRIED FORWARD

411,474

-

411,474

427,447

31.5.20

30.3.19

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

9

412,680

-

412,680

424,611

CURRENT ASSETS

Debtors

10

-

-

-

3,192

Cash at bank

92

-

92

942

92

-

92

4,134

CREDITORS

Amounts falling due within one year

11

(1,298

)

-

(1,298

)

(1,298

)

NET CURRENT ASSETS

(1,206

)

-

(1,206

)

2,836

TOTAL ASSETS LESS CURRENT LIABILITIES

411,474

-

411,474

427,447

NET ASSETS

411,474

-

411,474

427,447

FUNDS

12

Unrestricted funds

411,474

427,447

TOTAL FUNDS

411,474

427,447

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 29 June 2021 and were signed on its behalf by:

Miss S E Willmont - Trustee

1.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

INCOME

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

ALLOCATION AND APPORTIONMENT OF COSTS

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost

TAXATION

The charity is exempt from corporation tax on its charitable activities.

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

DESIGNATED FUNDS POLICY

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

2.	OTHER TRADING ACTIVITIES

Period

Period

31/3/19

1/4/18

to

to

31/5/20

30/3/19

£

£

Room hire

24,521

38,409

3.	RAISING FUNDS

OTHER TRADING ACTIVITIES

Period

Period

31/3/19

1/4/18

to

to

31/5/20

30/3/19

£

£

Purchases

-

94

4.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 5)

Totals

£

£

£

Support costs

38,798

1,696

40,494

5.	SUPPORT COSTS

Governance

Other

costs

Totals

£

£

£

Support costs

636

1,060

1,696

6.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Period

Period

31/3/19

1/4/18

to

to

31/5/20

30/3/19

£

£

Depreciation - owned assets

11,295

11,652

Deficit on disposal of fixed assets

636

-

7.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 31 May 2020 nor for the period ended 30 March 2019.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the period ended 31 May 2020 nor for the period ended 30 March 2019.

8.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Other trading activities

38,409

-

38,409

EXPENDITURE ON

Raising funds

94

-

94

Charitable activities

Support costs

34,830

-

34,830

Direct costs

9,493

-

9,493

Total

44,417

-

44,417

NET INCOME/(EXPENDITURE)

(6,008

)

-

(6,008

)

RECONCILIATION OF FUNDS

Total funds brought forward

433,455

-

433,455

TOTAL FUNDS CARRIED FORWARD

427,447

-

427,447

9.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 31 March 2019

525,000

39,202

19,126

13,007

596,335

Disposals

-

-

(19,126

)

-

(19,126

)

At 31 May 2020

525,000

39,202

-

13,007

577,209

Depreciation

At 31 March 2019

105,000

35,227

18,490

13,007

171,724

Charge for year

10,500

795

-

-

11,295

Eliminated on disposal

-

-

(18,490

)

-

(18,490

)

At 31 May 2020

115,500

36,022

-

13,007

164,529

Net book value

At 31 May 2020

409,500

3,180

-

-

412,680

At 30 March 2019

420,000

3,975

636

-

424,611

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

30.3.19

£

£

Trade debtors

-

3,192

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

30.3.19

£

£

Social security and other taxes

98

98

Accruals and deferred income

1,200

1,200

1,298

1,298

12.	MOVEMENT IN FUNDS

Net

At

movement

At

31/3/19

in funds

31/5/20

£

£

£

Unrestricted funds

General fund

3,360

(4,678

)

(1,318

)

Designated fund

424,087

(11,295

)

412,792

427,447

(15,973

)

411,474

TOTAL FUNDS

427,447

(15,973

)

411,474

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

24,521

(29,199

)

(4,678

)

Designated fund

-

(11,295

)

(11,295

)

24,521

(40,494

)

(15,973

)

TOTAL FUNDS

24,521

(40,494

)

(15,973

)

Comparatives for movement in funds

Net

movement

At

At 1/4/18

in funds

30/3/19

£

£

£

Unrestricted funds

General fund

(2,285

)

5,645

3,360

Designated fund

435,740

(11,653

)

424,087

433,455

(6,008

)

427,447

TOTAL FUNDS

433,455

(6,008

)

427,447

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

38,409

(32,764

)

5,645

Designated fund

-

(11,653

)

(11,653

)

38,409

(44,417

)

(6,008

)

TOTAL FUNDS

38,409

(44,417

)

(6,008

)

13.	RELATED PARTY DISCLOSURES

There were no related party transactions for the period ended 31 May 2020.

14.	POST BALANCE SHEET EVENTS

GOING CONCERN

During the year end the charity's core funding has ended.Therefore the decision has been made to wind the charity down once the assets have been transferred out, as detailed in the Trustee Report.