Caseware UK (AP4) 2023.0.135 2023.0.135 Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-31382023-04-012024-03-312024-08-22falseNo description of principal activity432024-03-31 04989679 2023-04-01 2024-03-31 04989679 2022-04-01 2023-03-31 04989679 2024-03-31 04989679 2023-03-31 04989679 2023-04-01 04989679 c:CompanySecretary1 2023-04-01 2024-03-31 04989679 c:RegisteredOffice 2023-04-01 2024-03-31 04989679 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 04989679 d:Buildings d:LongLeaseholdAssets 2024-03-31 04989679 d:Buildings d:LongLeaseholdAssets 2023-03-31 04989679 d:PlantMachinery 2023-04-01 2024-03-31 04989679 d:PlantMachinery 2024-03-31 04989679 d:PlantMachinery 2023-03-31 04989679 d:MotorVehicles 2023-04-01 2024-03-31 04989679 d:FurnitureFittings 2023-04-01 2024-03-31 04989679 d:FurnitureFittings 2024-03-31 04989679 d:FurnitureFittings 2023-03-31 04989679 d:CurrentFinancialInstruments 2024-03-31 04989679 d:CurrentFinancialInstruments 2023-03-31 04989679 d:Non-currentFinancialInstruments 2024-03-31 04989679 d:Non-currentFinancialInstruments 2023-03-31 04989679 c:FRS102 2023-04-01 2024-03-31 04989679 c:Audited 2023-04-01 2024-03-31 04989679 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04989679 b:Trustee1 2023-04-01 2024-03-31 04989679 b:Trustee2 2023-04-01 2024-03-31 04989679 b:Trustee3 2023-04-01 2024-03-31 04989679 b:Trustee4 2023-04-01 2024-03-31 04989679 b:Trustee5 2023-04-01 2024-03-31 04989679 b:Trustee6 2023-04-01 2024-03-31 04989679 b:Trustee7 2023-04-01 2024-03-31 04989679 b:Trustee8 2023-04-01 2024-03-31 04989679 d:WithinOneYear 2024-03-31 04989679 d:WithinOneYear 2023-03-31 04989679 d:BetweenOneFiveYears 2024-03-31 04989679 d:BetweenOneFiveYears 2023-03-31 04989679 d:MoreThanFiveYears 2024-03-31 04989679 d:MoreThanFiveYears 2023-03-31 04989679 b:TotalUnrestrictedFunds 2024-03-31 04989679 b:TotalUnrestrictedFunds 2023-03-31 04989679 b:TotalRestrictedIncomeFunds 2024-03-31 04989679 b:TotalRestrictedIncomeFunds 2023-03-31 04989679 c:FullAccounts 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 04989679
Charity number: 1104954











WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)










TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)
 

CONTENTS



Page
Reference and Administrative Details of the Company, its Trustees and Advisers
 
1
Trustees' Report
 
2 - 6
Independent Auditor's Report on the Financial Statements
 
7 - 10
Consolidated Statement of Financial Activities
 
11
Consolidated Balance Sheet
 
12 - 13
Company Balance Sheet
 
14 - 15
Consolidated Statement of Cash Flows
 
16
Notes to the Financial Statements
 
17 - 41

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2024


Trustees
  
R H Knight
A M Fox
J J Brydon
A J D Boughton
R I Stansbury
S C Naughalty
B S Capper
R J H Davies

Company registered number

04989679

Charity registered number

1104954

Registered office

Unit 8 Towergate Business CentreCoopers PlaceCombe LaneWormleySurreyGU8 5SZ

Company secretary

S Gray

Independent auditor

Shaw Gibbs (Audit) LimitedWey Court WestUnion RoadFarnhamSurreyGU9 7PT

Page 1

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of the group and the company, Waverley Hoppa Community Transport (the company) for the year ended 31 March 2024. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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).  
 

Since the group and the company qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required.
 

Objectives and activities
 

a. Policies and objectives
 

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit.
Policies and objectives are defined by the Memorandum of Association as refined by the advice of experts and approved by the Board.
 

b. Strategies for achieving objectives
 

Strategies for achieving objectives are defined by an annual budget prepared by the General Manager and Board, presented to the local authority and distributed to appropriate parties.
 

c. Activities for achieving objectives
 

Activities for achieving objectives are the provision of subsidised transport services in the locality of Waverley Borough and limited commercial services to support the primary activities.
 

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

The core activities of the organisation, also referred to as "Hoppa", are the provision of dial-a-ride transport within Waverley Borough to anyone unable to utilise public services by reason of age, disability or remoteness.
The Trustees have given full regard to the Charity Commission’s guidance on public benefit, and are confident that, while our customers clearly benefit from transportation, there is a benefit to the wider public in terms of addressing rural isolation, and promoting the wellbeing and social inclusion of our customers.
 

e. Volunteers
 

The company is managed by unpaid Board members, a small professional management team and a staff of employed drivers.
 

Page 2

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)
 
Achievements and performance
 

a. Key financial performance indicators
 

The Trustees use two main financial indicators – the proportion of grant funding to total income, and net income or expenditure generated.
Grant funding in the year represented just 13% of income (2023: 18%). The Trustees continue to pursue their strategy of contracting commercial routes – to Schools, Day Centres and local Hospitals – to subsidise the core dial-a-ride operation. In this way we have historically been able to minimise the need for increased public funding to maintain our objectives.
In the year to 31 March 2024 the organisation reported net income before actuarial adjustments of £43k (2023: £46k). 
 

b. Review of activities
 

In the period of review the organisation continued to provide transport services within the ambit of the operations described in its original Business Plan.
At the end of the year Hoppa reported a surplus of £28k (2023: £265k). Day to day operations remained stable but were enhanced by Hoppa operating a trial service for Surrey County Council. This service, branded Surrey Connect, was a one year trial, providing demand responsive transport via a phone app and “virtual” bus stops. The Surrey Connect trial is not part of Hoppa’s core activities, and our involvement ends in August 2024.
The organisation’s core activities are the provision of demand responsive transport within Waverley Borough, mainly assisting those with disabilities and the elderly who are unable to utilise public services by reason of remoteness or access difficulties. These priority services assist in reducing social exclusion among the disadvantaged and in the year some 17,481 passenger trips were made (2023: 14,541). This is still below 2020 levels but shows the recovery post-Covid is continuing. 
Other community support services covers school runs – mainly Special Educational Needs – as well as several health-related transport contracts. A total of 51,748 passenger trips were made in this service category during the year (2023: 44,269). 
 

c. Investment policy and performance
 

Our main investment will always be in the vehicles utilised for delivering our services, but to the extent that there are surplus cash reserves these are moved to interest-bearing accounts.
 

Financial review
 

a. Going concern
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
 

Page 3

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)
 
Financial review (continued)

b. Financial risk management objectives and policies
 

The Trustees have identified two main financial risks – loss of grant funding, and the inability to fund replacement of our key capital asset, the vehicles themselves.
In terms of grant funding the largest single amount comes from Waverley Borough Council. Hoppa are in the second year of a new three year Service Level Agreement with Waverley; this agreement provides certainty of income in exchange for quarterly performance reviews. Both parties found this arrangement to be very beneficial and it was extended in 2022, but with lower grant levels. Other grants are received from other County, Town and Parish Councils. Hoppa minimise risk to these grants by maintaining regular contact with all these stakeholders, updating them on our operational and financial situation.
Hoppa operate twenty seven vehicles, mostly minibuses with wheelchair access. There is a Board target to maintain an average vehicle life of between five and six years, with no vehicle being older than twelve years. This gives rise to a capital requirement of over £100k every year to replace older vehicles; the funding for this needs to be provided from net income, capital grants or other fundraising. In terms of risk the Trustees have considered options of debt financing, as well as maintaining vehicles for longer, albeit likely to incur greater repair costs.
 

c. Financial Results
 

At the balance sheet date unrestricted funds of £415,641 (2023: £372,697) and restricted funds of £151,932 (2023: £167,051) were held.
 

d. Reserves policy
 

There is a monthly review of likely operating expenses and income, grants, donations and requirements for replacing vehicles, all to ensure the ability to continue providing services throughout a forthcoming period of at least 6 months.
 

e. Deficit
 

In the year to 31 March 2024 Hoppa has reported a surplus of £43k (2022: £46k) before actuarial gains. The Trustees approve an annual budget with a target of generating net income before depreciation, to be used for capital funding. This remains the target for the financial year ending March 2025.
 

f. Principal Funding
 

Local authority and government grants, and donations from parish councils and charitable institutions comprise 13% of funding (2023: 18%), the balance being generated by operating income. The reliance on grant funding continues to reduce as a result of a deliberate strategy by the Trustees.
 

Page 4

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)
 
Structure, governance and management
 

a. Constitution
 

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 9 December 2003.
The charity was formed in succession to Waverley Community Transport and assumed all that company's assets and liabilities with effect from 31 March 2004.
The principal object of the company is to provide relief to the inhabitants of the Borough of Waverley in Surrey whose access to transport is affected by age, mental or physical disability, poverty or rural isolation, and in particular to provide and maintain non-profit community transport services and to assist the charitable work of organisations and bodies engaged in promoting relief of such persons through the provision of appropriate services.
The objectives have not been amended during the year. 
 

b. Methods of appointment or election of Trustees
 

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum and Articles of Association.
 

c. Policies adopted for the induction and training of Trustees
 

All Trustees receive explanatory documentation from Companies House and the Charities Commission and an introductory briefing with the Chairman, Operating Director and General Manager and attend a full Board meeting as an observer before appointment. Subsequently each Board member receives financial results, board minutes, budgets, draft business plans and a health and safety manual.
 

d. Pay policy for senior staff
 

The General Manager is the senior member of staff and a key employee. The Trustees policy is to ensure that this employee is remunerated on a par with commercial enterprises, and use a combination of salary and performance bonus to achieve this.
 

e. Organisational structure and decision making
 

The Chairman, General Manager and Board meet monthly. Our main local authority stakeholders are invited to attend our quarterly board meetings. Limits of decision making authority are defined by reference to magnitude and banking mandates by Board authority.
 

f. Related party relationships
 

The Trustees and senior staff make a declaration each year concerning related parties. There were no transactions with related parties during the year, other than as disclosed in the notes to the financial statements.
 

Plans for future periods
 

In a climate of financial challenge for our local authorities, who are our key sponsors, Hoppa continues to subsidise its core services by bidding for, and winning, contracts to provide community transport routes, and non-emergency patient transport, wherever they fit within the operational criteria.
 

Page 5

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)
 
Members' liability
 

The Members of the company guarantee to contribute an amount not exceeding £10 to the assets of the company in the event of winding up.
 

Small Company Provisions
 

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

Statement of Trustees' responsibilities
 

The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).


Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Disclosure of information to auditor
 

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information.
 

 

Approved by order of the members of the board of Trustees and signed on their behalf by:



R I Stansbury
Trustee

Date: 22 August 2024

Page 6

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF  WAVERLEY HOPPA COMMUNITY TRANSPORT
 

Opinion


We have audited the financial statements of Waverley Hoppa Community Transport (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their 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' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:

give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then 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 and the Charities Act 2011.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 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 accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.


Page 7

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF  WAVERLEY HOPPA COMMUNITY TRANSPORT (CONTINUED)


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 Trustees are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
the Trustees' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception


In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.


We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company 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 all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.


Page 8

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF  WAVERLEY HOPPA COMMUNITY TRANSPORT (CONTINUED)


Responsibilities of trustees


As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal 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 preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
 

Auditor's responsibilities for the audit of the financial statements


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 guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Group and parent charitable company and the industry in which they operate, and considered the risk of acts by the Group and parent charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, the Charities Act 2011 and UK tax legislation.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud.
 


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.


Page 9

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF  WAVERLEY HOPPA COMMUNITY TRANSPORT (CONTINUED)


Use of our report
 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work 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 Auditor's 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.





Mr Mark Dickinson FCA (Senior Statutory Auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

3 September 2024
Page 10

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)

 
 
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024


Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
Total
funds
2023
Note
        £
        £
        £
        £

Income from:






Donations and legacies

3

52,500

12,849

65,349

110,490
 
Charitable activities

4

147,814

21,196

169,010

181,452
 
Other trading activities

5

-

1,183,541

1,183,541

889,332
 
Investments

6

-

3,787

3,787

-
 
Other income

7

-

22,106

22,106

24,364
 
Total income
200,314
1,243,479
1,443,793
1,205,638
Expenditure on:







Raising funds

9

-

4,579

4,579

4,561
 
Charitable activities

10

271,179

1,125,210

1,396,389

1,154,867
 
Total expenditure
271,179
1,129,789
1,400,968
1,159,428

Net (expenditure)/income

  

(70,865)

113,690

42,825

46,210
 
Transfers between funds

 20 

55,746

(55,746)

-

-
 
Net movement in funds before other recognised gains/(losses)

  

(15,119)

57,944

42,825

46,210
 

Other recognised gains/(losses):






Actuarial losses on defined benefit pension schemes

 26 

-

107,000

107,000

279,000
 
Pension surplus not recognised

 26 

-

(122,000)

(122,000)

(60,000)
 
Net movement in funds
  
(15,119)
42,944
27,825
265,210

Reconciliation of funds:

  





Total funds brought forward

  

167,051

372,697

539,748

274,538
 
Net movement in funds

  

(15,119)

42,944

27,825

265,210
 
Total funds carried forward
  
151,932
415,641
567,573
539,748

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

The notes on pages 17 to 41 form part of these financial statements.

Page 11

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04989679

 
 
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024


2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
375,029
365,347

  
375,029
365,347

Current assets
  

Debtors
 17 
157,454
176,028

Cash at bank and in hand
  
270,602
221,900

  
428,056
397,928

Creditors: amounts falling due within one year
 18 
(138,729)
(131,410)

Net current assets 
  
 
 
289,327
 
 
266,518

Total assets less current liabilities
  
664,356
631,865

Creditors: amounts falling due after more than one year
 19 
(96,783)
(92,117)

Net assets excluding pension asset 
  
567,573
539,748

Defined benefit pension scheme asset 
 26 
-
-

Total net assets 
  
567,573
539,748


Charity funds
  

Restricted funds
 20 
151,932
167,051

Unrestricted funds
 20 
415,641
372,697

Total funds
  
567,573
539,748

Page 12

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04989679

 
 
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

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




R H Knight
Trustee



R I Stansbury
Trustee

Date: 22 August 2024


The notes on pages 17 to 41 form part of these financial statements.

Page 13

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04989679

 
 
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024


2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
375,029
365,347

Investments
 16 
1
1

  
375,030
365,348

Current assets
  

Debtors
 17 
291,880
280,437

Cash at bank and in hand
  
130,976
112,290

  
422,856
392,727

Creditors: amounts falling due within one year
 18 
(133,529)
(126,209)

Net current assets 
  
 
 
289,327
 
 
266,518

Total assets less current liabilities
  
664,357
631,866

Creditors: amounts falling due after more than one year
 19 
(96,783)
(92,117)

Net assets excluding pension asset 
  
567,574
539,749

Total net assets 
  
567,574
539,749


Charity funds
  

Restricted funds:
  

Restricted funds
 20 
151,932
167,051

Total restricted funds
 20 
 
 
151,932
 
 
167,051

Unrestricted funds
  

Unrestricted funds excluding pension asset 
 20 
415,642
372,698

Total unrestricted funds
 20 
 
 
415,642
 
 
372,698

Total funds
  
567,574
539,749

Page 14

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04989679

 
 
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The company's net movement in funds for the year was £149,825 (2023 - £325,210).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

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




R H Knight
Trustee



R I Stansbury
Trustee

Date: 22 August 2024


The notes on pages 17 to 41 form part of these financial statements.

Page 15

 
WAVERLEY HOPPA COMMUNITY TRANSPORT
 
(A Company Limited by Guarantee)

 
 
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

Cash flows from operating activities
  

Net cash used in operating activities

 22 

116,865
122,151

Cash flows from investing activities
  

Proceeds from the sale of tangible fixed assets
  
19,500
-

Purchase of tangible fixed assets
  
(106,329)
(144,540)

Net cash used in investing activities

  

(86,829)
(144,540)

Cash flows from financing activities
  

Repayments of borrowing
  
(76,742)
(27,903)

New finance leases
  
95,408
95,578

Net cash provided by financing activities

  

18,666
67,675

Change in cash and cash equivalents in the year
  
 
48,702
 
45,286

Cash and cash equivalents at the beginning of the year
  
221,900
176,614

Cash and cash equivalents at the end of the year
 23 
270,602
221,900

The notes on pages 17 to 41 form part of these financial statements

Page 16

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Waverley Hoppa Community Transport is a private company limited by guarantee, incorporated in England. The registered office address is Unit 8 Towergate Business Centre, Coopers Place, Combe Lane, Wormley, Godalming, Surrey, GU8 5SZ. The registered company number is 04989679.


2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

  
2.2

Going concern

The company reported a surplus for the year of £43k before actuarial gains. 
The Trustees believe that their growth strategies – particularly in providing transport services for the NHS - will ensure that the company continues to be a going concern at present. However they also acknowledge that there are longer term issues that will have an impact, including: financial pressures on local council funding and the continual requirement to refresh the ageing fleet of vehicles. The introduction of electric vehicles to the fleet has also involved significant initial expenditure, and could not have been achieved without capital grant support.

  
2.3

Income

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

Incoming resources from charitable activities are recognised when the service has been provided.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Page 17

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.4

Expenditure

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

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

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

All costs are charged to restricted or unrestricted expenses based on mileage.

  
2.5

Interest receivable

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

  
2.6

Taxation

The company is considered to meet the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received, to the extent that such income or gains are applied exclusively to charitable purposes.

 
2.7

Tangible fixed assets and depreciation

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

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

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, 

Depreciation is provided on the following bases:

Leasehold property
-
50 years straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance

Page 18

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.8

Investments

Investments in subsidiaries are valued at cost less provision for impairment.

  
2.9

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

  
2.10

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.


2.11

Liabilities and provisions

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

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

  
2.12

Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
2.13

Finance leases and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

  
2.14

Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.

Page 19

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.15

Pensions

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

The Group operates a defined benefits pension scheme and the pension charge is based on an actuarial valuation dated 31 March 2024.
The liability recognised on the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of the plan assets at the reporting date.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of future payments.

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy.

  
2.16

Fund accounting

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

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

  
2.17

Group VAT registration

The company is part of a group VAT registration with Hoppa Limited. Waverley Hoppa Community Transport is the nominated company, responsible for submitting the returns and for making the payments on behalf of the companies in the group VAT registration.


3.

Income from donations and legacies




Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
        £
        £
        £
 



Donations

15,000

8,236

23,236

Grants

37,500

4,613

42,113

Total 2024


52,500
12,849
65,349
Page 20

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.Income from donations and legacies (continued)





Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £



Donations

49,255

2,785

52,040

Grants

55,000

3,450

58,450

Total 2023


104,255
6,235
110,490


4.

Income from charitable activities




Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
        £
        £
        £




Transport

-

21,196

21,196

Performance related grants

147,814

-

147,814

Total 2024


147,814
21,196
169,010




Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £




Transport

-

18,519

18,519

Performance related grants

162,933

-

162,933

Total 2023


162,933
18,519
181,452

Page 21

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.

Income from other trading activities

Income from non charitable trading activities



Unrestricted funds
2024
Total
funds
2024
        £
        £



Subsidiary company income

1,183,541

1,183,541




Unrestricted funds
2023
Total
funds
2023
        £
        £



Subsidiary company income

889,332

889,332



6.

Investment income



Unrestricted funds
2024
Total
funds
2024
        £
        £



Bank interest receivable

787

787

Pension income

3,000

3,000



3,787
3,787




7.

Other incoming resources



Unrestricted funds
2024
Total
funds
2024
        £
        £



Sundry income

22,106

22,106


Page 22

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.Other incoming resources (continued)



Unrestricted funds
2023
Total
funds
2023
        £
        £



Sundry income

24,364

24,364



8.


Government grants

During the year the charity received the following grants from government bodies.


2024
2023
£
£



Waverley Borough Council
101,000
95,000

Surrey County Council
46,814
61,933

Haslemere Town Council
7,500
5,000

Farnham Town Council
10,000
30,000

Godalming Town Council
5,000
5,000

Chiddingfold Parish Council
2,000
1,925

Government OLEV Grant
-
6,000

Ewehurst Parish Council
400
-

Grayshott Parish Council
200
-

172,914
204,858


9.

Expenditure on raising funds




Other trading expenses



Unrestricted funds
2024
Total
funds
2024
        £
        £



Subsidiary company expenses

4,579

4,579

Page 23

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.Expenditure on raising funds (continued)



Unrestricted funds
2023
Total
funds
2023
        £
        £



Subsidiary company expenses

4,561

4,561






10.

Analysis of expenditure on charitable activities


Summary by fund type




Restricted funds
2024
Unrestricted funds
2024
Total
2024
        £
        £
        £




Transport services

271,179

1,125,210

1,396,389





Restricted funds
2023
Unrestricted funds
2023
Total
2023
        £
        £
        £




Transport services

218,891

935,976

1,154,867



11.

Analysis of expenditure by activities




Activities undertaken directly
2024
Support costs
2024
Total
funds
2024
        £
        £
        £




Transport services

1,020,054

376,334

1,396,388






Page 24

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.Analysis of expenditure by activities (continued)

Activities undertaken directly
2023
Support costs
2023
Total
funds
2023
        £
        £
        £




Transport services

850,977

303,890

1,154,867



Analysis of direct costs



Transport
2024
Total
funds
2024
        £
        £



Vehicle costs

203,655

203,655

Vehicle storage costs

16,452

16,452

Staff costs

727,644

727,644

Training costs

2,046

2,046

Depreciation and (profit)/loss on disposal

70,257

70,257

Total 2024


1,020,054
1,020,054



Transport
2023
Total
funds
2023
        £
        £



Vehicle costs

188,089

188,089

Vehicle storage costs

17,132

17,132

Staff costs

580,921

580,921

Training costs

2,017

2,017

Depreciation and (profit)/loss on disposal

62,818

62,818

Total 2023


850,977
850,977

Page 25

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.Analysis of expenditure by activities (continued)

Analysis of support costs



Transport
2024
Total
funds
2024
        £
        £



Staff costs

269,544

269,544

Depreciation

6,890

6,890

Establishment costs

36,057

36,057

Staff related costs

4,251

4,251

Telephone

5,756

5,756

Postage & stationery

1,835

1,835

Advertising and marketing

2,189

2,189

IT development and maintenance

10,808

10,808

Accountancy & bookkeeping

6,398

6,398

Entertainment

2,876

2,876

Health & safety and professional fees

6,385

6,385

Sundry costs

7,971

7,971

Public relations

10,074

10,074

Governance costs

5,300

5,300

Total 2024


376,334
376,334



Page 26

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Transport
2023
Total
funds
2023
        £
        £



Net finance expense on defined benefit pension

6,000

6,000

Staff costs

226,831

226,831

Depreciation

3,079

3,079

Establishment costs

12,311

12,311

Staff related costs

3,008

3,008

Telephone

4,826

4,826

Postage & stationery

1,951

1,951

Advertising and marketing

2,326

2,326

IT development and maintenance

10,850

10,850

Accountancy & bookkeeping

6,500

6,500

Entertainment

3,363

3,363

Health & safety and professional fees

2,202

2,202

Sundry costs

8,829

8,829

Public relations

6,744

6,744

Governance costs

5,070

5,070

Total 2023


303,890
303,890


12.

Auditor's remuneration

2024
2023
£
£

Fees payable to the company's auditor for the audit of the company's annual accounts
5,300
5,070

Fees payable to the company's auditor in respect of:

All non-audit services not included above
3,210
3,085

Page 27

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.



Staff costs


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
880,298
700,579
880,298
700,579

Social security costs
65,735
49,011
65,735
49,011

Pension contributions
22,154
13,161
22,154
13,161

Defined benefit pension adjustment
29,000
45,000
29,000
45,000

997,187
807,751
997,187
807,751

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


Group
Group
Company
Company
2024
2023
2024
2023

No.
No.
No.
No.

Management and administration
2
2
2
2

Despatchers
2
3
2
3

Drivers
39
33
39
33

43
38
43
38

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:


Group
Group
2024
2023

No.
No.


In the band £60,001 - £70,000
-
1

In the band £80,001 - £90,000
1
-

The total employee benefits, including employer pension contributions, of the key management personnel were £85,324 (2023 - £69,507).

Page 28

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Trustees' remuneration and expenses

During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the company. This is for services provided as General Manager and is permitted by the governing documents. The value of Trustees' remuneration and other benefits was as follows:

2024
2023
£
£
R J H Davies

Remuneration
74,280
60,000

Pension contributions paid
2,048
1,853

During the year ended 31 March 2024, expenses totalling £1,251 were reimbursed or paid directly to 1 Trustee (2023 - £351 to 2 Trustees)


15.


Tangible fixed assets

Group




Long-term leasehold property
Plant and machinery
Equipment
Total

£
£
£
£


Cost or valuation

At 1 April 2023
153,934
801,338
-
955,272

Additions
-
91,085
15,244
106,329

Disposals
-
(69,344)
-
(69,344)


At 31 March 2024

153,934
823,079
15,244
992,257


Depreciation

At 1 April 2023
58,229
531,697
-
589,926

Charge for the year
3,079
81,400
3,811
88,290

On disposals
-
(60,988)
-
(60,988)


At 31 March 2024

61,308
552,109
3,811
617,228


Net book value


At 31 March 2024
92,626
270,970
11,433
375,029


At 31 March 2023
95,705
269,642
-
365,347

Page 29

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.Tangible fixed assets (continued)

Company





Long-term leasehold property
Plant and machinery
Equipment
Total

£
£
£
£
Cost or valuation

At 1 April 2023
153,934
801,338
-
955,272

Additions
-
91,085
15,244
106,329

Disposals
-
(69,344)
-
(69,344)


At 31 March 2024

153,934
823,079
15,244
992,257


Depreciation

At 1 April 2023
58,229
531,697
-
589,926

Charge for the year
3,079
81,400
3,811
88,290

On disposals
-
(60,988)
-
(60,988)


At 31 March 2024

61,308
552,109
3,811
617,228


Net book value


At 31 March 2024
92,626
270,970
11,433
375,029


At 31 March 2023
95,705
269,642
-
365,347

The net book value of assets held under finance leases or hire purchase contracts, included above, are £143,335 (2023 - £134,452).

Page 30

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Fixed asset investments









Investments in subsidiary companies

company
£



Cost or valuation



At 1 April 2023
1



At 31 March 2024

1




Net book value




At 31 March 2024
1



At 31 March 2023
1


Principal subsidiaries

The following was a subsidiary undertaking of the company:


Name

Company number

Holding

Included in consolidation


Hoppa Limited
08793063
100%
Yes

The financial results of the subsidiary for the year were:


Name

Income
£

Expenditure
£

Profit/(Loss) for the year
£

Net assets
£


Hoppa Limited
1,183,541
(1,064,217)
119,324
1
Page 31

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.



Debtors


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Due within one year

Trade debtors
130,402
135,298
2,363
432

Amounts owed by group undertakings
-
-
262,465
239,275

Other debtors
27,052
29,466
27,052
29,466

Prepayments and accrued income
-
11,264
-
11,264

157,454
176,028
291,880
280,437


18.



Creditors: Amounts falling due within one year


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank loans
10,053
10,702
10,053
10,702

Trade creditors
6,374
8,587
6,374
8,587

Other taxation and social security
22,149
-
22,149
-

Obligations under finance lease and hire purchase contracts
32,706
18,057
32,706
18,057

Other creditors
5,993
46,714
5,993
46,714

Accruals and deferred income
61,454
47,350
56,254
42,149

138,729
131,410
133,529
126,209

The net obligations under finance leases and hire purchase contracts are secured over the leased assets.

Page 32

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.



Creditors: Amounts falling due after more than one year


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank loans
11,667
21,667
11,667
21,667

Net obligations under finance lease and hire purchase contracts
85,116
70,450
85,116
70,450

96,783
92,117
96,783
92,117

The net obligations under finance leases and hire purchase contracts are secured over the leased assets.


Included within the above are amounts falling due as follows: 

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Between one and two years

Bank loans
10,000
10,000
10,000
10,000

Between two and five years

Bank loans
1,667
11,667
1,667
11,667

The bounce back loan was obtained in May 2020 and the first repayment was made in June 2021. Interest is payable at 2.5% per annum and was paid by the Government for the first 12 months of the loan.

Page 33

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.

Statement of funds


Statement of funds - current year

Balance at 1 April 2023
£
Income
£
Expenditure
£
Transfers in/out
£
Gains/
(Losses)
£
Balance at 31 March 2024
£

Unrestricted funds







General Funds

372,697

1,243,478

(1,144,788)

(55,746)

-

415,641
 
Pension reserve

-

-

15,000

-

(15,000)

-
 



372,697
1,243,478
(1,129,788)
(55,746)
(15,000)
415,641

Restricted funds








Property Grant

146,932

-

-

-

-

146,932
 
Capital Grants

15,119

15,000

-

(30,119)

-

-
 
Hospital Hoppa

-

15,000

(50,650)

35,650

-

-
 
Demand Responsive

-

170,314

(220,529)

50,215

-

-
 
Apprentice Fund

5,000

-

-

-

-

5,000
 



167,051
200,314
(271,179)
55,746
-
151,932

Total of funds


539,748
1,443,792
(1,400,967)
-
(15,000)
567,573

The property grant of £150,000 was provided by Surrey County Council to purchase the company's current premises. The grant is repayable if the charity ceases to trade.
The Hospital Hoppa and Demand Responsive funds comprise grant funding for costs in connection with these services. Costs have been apportioned in relation to mileage.
The capital grant is funds collected for the purchase of new buses and associated equipment.
Any excess of expenses over income has been met from unrestricted funds and is shown by transfer.

Page 34

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.

Statement of funds (continued)



Statement of funds - prior year

Balance at
1 April 2022
£
Income
£
Expenditure
£
Transfers in/out
£
Gains/
(Losses)
£
Balance at
31 March 2023
£

Unrestricted funds







General Funds

302,106

938,449

(916,536)

48,678

-

372,697
 
Pension reserve

(195,000)

-

(24,000)

-

219,000

-
 



107,106
938,449
(940,536)
48,678
219,000
372,697


Restricted funds








Property Grant

146,932

-

-

-

-

146,932
 
Capital Grants

15,500

90,374

-

(90,755)

-

15,119
 
Hospital Hoppa

-

20,000

(22,525)

2,525

-

-
 
Demand Responsive

-

156,814

(196,366)

39,552

-

-
 
Apprentice Fund

5,000

-

-

-

-

5,000
 



167,432
267,188
(218,891)
(48,678)
-
167,051


Total of funds


274,538
1,205,637
(1,159,427)
-
219,000
539,748

Page 35

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

21.

Analysis of net assets between funds

Analysis of net assets between funds - current period

Restricted funds
2024
Unrestricted funds
2024
Total
funds
2024
        £
        £
        £



Tangible fixed assets

146,932

228,097

375,029

Current assets

5,000

423,056

428,056

Creditors due within one year

-

(138,729)

(138,729)

Creditors due in more than one year

-

(96,783)

(96,783)

Total 


151,932
415,641
567,573



Analysis of net assets between funds - prior period

Restricted funds
2023
Unrestricted funds
2023
Total
funds
2023
        £
        £
        £



Tangible fixed assets

146,932

218,415

365,347

Current assets

20,119

377,809

397,928

Creditors due within one year

-

(131,410)

(131,410)

Creditors due in more than one year

-

(92,117)

(92,117)

Total 

167,051
372,697
539,748

Page 36

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

22.



Reconciliation of net movement in funds to net cash flow from operating activities


Group
Group
2024
2023
£
£

Net income for the period (as per Statement of Financial Activities)



42,825

46,210

Adjustments for:

Depreciation charges
86,344
65,898

Loss/(Profit) on the sale of fixed assets
(9,197)
-

(Increase)/Decrease in debtors
18,574
(71,530)

Increase/(decrease) in creditors
(6,681)
57,573

Non-cash movement on pension liability
(15,000)
24,000

Net cash provided by operating activities
116,865
122,151



23.



Analysis of cash and cash equivalents


Group
Group
2024
2023
£
£

Cash in hand
270,602
221,900

Total cash and cash equivalents
270,602
221,900


24.



Analysis of changes in net debt






At 1 April 2023
Cash flows
New finance leases
At 31 March 2024
£
£

£

£

Cash at bank and in hand

221,900

48,702

-

270,602

Debt due within 1 year

(10,702)

649

-

(10,053)

Debt due after 1 year

(21,667)

10,000

-

(11,667)

Finance leases

(88,507)

66,093

(95,408)

(117,822)


101,024
125,444
(95,408)
131,060

Page 37

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

25.



Capital commitments


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Contracted for but not provided in these financial statements

Acquisition of tangible fixed assets
145,638
-
145,638
-


26.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £17,585 (2023 - £13,276).  Employee and employer contributions totalling £3,868 (2023 - £617) were payable to the fund at the balance sheet date and are included in creditors.

The Group operates a defined benefit pension scheme.

The charity participates in a multi-employer defined benefits pension scheme, Surrey County Council's Occupational Pension Scheme.
The contributions paid during the year were £40,738 (2023 - £26,886). Contributions totalling £4,031 were payable to the fund (2023 - £2,988) at the balance sheet date and are included in creditors.

The most recent actuarial valuation was carried out for the year ended 31 March 2024 by Hymans Robertson LLP.

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

At 31 March 2024
At 31 March 2023
%
%

Discount rate
4.8
4.75

Future salary increases
3.8
4.0

Future pension increases
2.8
3.0



At 31 March 2024
At 31 March 2023
Years
Years

Mortality rates (in years)

- for a male aged 65 now
21.7
21.8

- at 65 for a male aged 45 now
21.1
21.2

- for a female aged 65 now
25.2
25.4

- at 65 for a female aged 45 now
25.9
26.1

Page 38

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.Pension commitments (continued)


The Group's share of the assets in the scheme was:

At 31 March 2024
At 31 March 2023
£
£

Equities
632,530
868,480

Corporate bonds
750,210
366,390

Property
58,840
94,990

Cash and other liquid assets
29,420
27,140

Total fair value of assets
1,471,000
1,357,000

The actual return on scheme assets was £63,000 (2023 - £39,000).

The amounts recognised in the Consolidated Statement of Financial Activities are as follows:

2024
2023
£
£

Current service cost
29,000
45,000

Interest income
(63,000)
(39,000)

Interest cost
60,000
45,000

Total amount recognised in the Consolidated Statement of Financial Activities
26,000
51,000

Movements in the present value of the defined benefit obligation were as follows:

2024
2023
£
£

Opening defined benefit obligation
1,297,000
1,652,000

Current service cost
29,000
45,000

Interest cost
60,000
45,000

Contributions by scheme participants
6,000
5,000

Actuarial gains
(14,000)
(415,000)

Benefits paid
(89,000)
(35,000)

Closing defined benefit obligation
1,289,000
1,297,000

Page 39

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

26.Pension commitments (continued)

Movements in the fair value of the Group's share of scheme assets were as follows:

2024
2023
£
£

Opening fair value of scheme assets
1,357,000
1,457,000

Expected return on assets
63,000
39,000

Actuarial gains/(losses)
93,000
(136,000)

Contributions by employer
41,000
27,000

Contributions by scheme participants
6,000
5,000

Benefits paid
(89,000)
(35,000)

Closing fair value of scheme assets
1,471,000
1,357,000


The Group has a total unrecognised surplus of £182,000 (2023 - £60,000) in respect of its defined benefit pension scheme as it does not expect to recover the plan surplus either through reduced contributions in the future or through refunds from the plan.


.



Amounts for the current and previous period are as follows:


2024
2023
£
£


Defined benefit obligation
(1,289,000)
(1,297,000)

Scheme assets
1,471,000
1,357,000

Unrecognised surplus
(182,000)
(60,000)

Net surplus/(deficit)
-
-

Surrey County Council have agreed to provide a guarantee for the defined pension scheme.

Page 40

 
WAVERLEY HOPPA COMMUNITY TRANSPORT

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

27.


Operating lease commitments

At 31 March 2024 the Group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Not later than 1 year
18,000
6,000
18,000
6,000

Later than 1 year and not later than 5 years
72,000
-
72,000
-

Later than 5 years
27,000
-
27,000
-

117,000
6,000
117,000
6,000

The following lease payments have been recognised as an expense in the Statement of Financial Activities:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Operating lease rentals
15,000
12,000
15,000
12,000


28.


Members' liability

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.



29.


Related party transactions

During the year the company traded with Hoppa Limited, a wholly owned subsidiary. Total sales, in the form of recharged costs, amounted to £1,059,638 (2023: £798,283).
During the year gift aid distributions of £119,324 (2023: £86,488) was receivable from Hoppa Limited.
At the year end, Hoppa Limited owed the company £262,465 (2023: £239,275).

Page 41