Registered number:
Charity number:
(A Company Limited by Guarantee)
FOR THE YEAR ENDED 31 MARCH 2024
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
CONTENTS
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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
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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
c. Activities for achieving objectives
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.
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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
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
Financial review (continued)
b. Financial risk management objectives and policies
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
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.
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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
c. Policies adopted for the induction and training of Trustees
d. Pay policy for senior staff
e. Organisational structure and decision making
f. Related party relationships
Plans for future periods
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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
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:
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAVERLEY HOPPA COMMUNITY TRANSPORT
We have audited the financial statements of Waverley Hoppa Community Transport (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended
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.
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.
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAVERLEY HOPPA COMMUNITY TRANSPORT (CONTINUED)
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 Report. Our 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.
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.
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.
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAVERLEY HOPPA COMMUNITY TRANSPORT (CONTINUED)
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.
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.
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAVERLEY HOPPA COMMUNITY TRANSPORT (CONTINUED)
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.
for and on behalf of
Statutory Auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
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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
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04989679
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2024
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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:
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
REGISTERED NUMBER: 04989679
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
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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 £
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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.
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.
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.
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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)
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.
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.
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:
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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)
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.
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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)
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.
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.
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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)
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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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)
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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)
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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)
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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)
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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)
Page 27
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 28
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 29
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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)
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The following was a subsidiary undertaking of the company:
The financial results of the subsidiary for the year were:
Page 31
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
The net obligations under finance leases and hire purchase contracts are secured over the leased assets.
Page 32
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 33
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 34
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 35
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 36
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page 37
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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.
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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)
Page 39
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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 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.
Page 40
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WAVERLEY HOPPA COMMUNITY TRANSPORT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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.
Page 41
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