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COMPANY REGISTRATION NUMBER: 04673954
CHARITY REGISTRATION NUMBER: 1102302
RAKAT CT LTD
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2024
RAKAT CT LTD
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
7
Statement of financial activities (including income and expenditure account)
8
Statement of financial position
9
Statement of cash flows
10
Notes to the financial statements
11
RAKAT CT LTD
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024 .
Reference and administrative details
Registered charity name
RAKAT CT LTD
Charity registration number
1102302
Company registration number
04673954
Principal office and registered
Liz Mills Depot
office
32 Wellington Crescent
New Malden
Surrey
KT3 3NE
The trustees
Caroline Charlton - Chair
Julia Thomas - Vice Chair
Stephen Baughan - Treasurer
Patrick Leaney
(Retired 7 November 2023)
Susanna Bellino
Howard Gooder
Mustafa Vahdettin
Julie Hitchcock
Cameron Smith
(Retired 17 October 2023)
Key Management Personnel
Nigel Newby
Chief Executive Officer
Maria Sheridan-Loughrey
Deputy Chief Executive Officer
Robert Serrij
Operations Manager
independent examiner
Mohan Kripalani
86 Ormond Drive
Hampton
Middlesex
TW12 2TN
Structure, governance and management
Governing document
The organisation is a charitable company limited by guarantee, incorporated on 21 February 2003 and registered as a charity on 1 April 2004. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association which were updated on 5 March 2013 for administrative purposes only using the Community Transport Associations model articles to include the provisions of the Companies Act 2006 and accepted by the Charities Commission on 10 June 2013. In the event of the company being wound up members are required to contribute an amount not exceeding £1 each. The Charity changed its name on 2 December 2019. References to the 'Company' or the 'Charity' in these financial statements are one and the same as with 'Directors or Trustees'.
Recruitment and appointment of the board of trustees
The Articles of Association require that the members of the Board are elected to serve for a period of one year after which they must be re-elected at the Annual General Meeting.
The Charity seeks to ensure that the Board of Trustees have the diversity of skills necessary to fulfil their duties. Trustees are also Directors of the Charity.
The Charity follows the Charity Commission guidelines when recruiting new Trustees. New Trustees who are appointed during the year at specially convened General Meetings will be re-elected at the Annual General Meeting.
Trustee induction and training
All Trustees are required to be familiar with the work of the Charity.
New Trustees are asked to attend a short induction session with the Chair of the Board and the Chief Executive of the Charity to understand the aims of the charity and the context within which it operates.
The main documents which set out the operational framework for the Charity are the Memorandum and Articles of Association, a strategic plan, the latest published accounts, policies and procedures.
Risk management
There is a Board subcommittee with key members of the Management team who meet regularly to assess the risks to which the Charity is exposed, in particular those relating to the operations and finance and have produced a risk register which the Board of Trustees review at their quarterly meetings. The major areas of risk of running a community transport scheme are:
- The replacement of our ageing fleet of vehicles and the assessment of the future requirements that will be necessary to comply with the need of reducing carbon emissions and a greener environment.
- Ensuring the premises are adequate to provide the services required at a reasonable cost for which we are currently awaiting the renewal of the lease.
- Staff and volunteers are trained to deliver our services
- Develop a succession plan for key staff members.
- That we have policies and procedures in place in order that we provide our services within current legislation. This is especially essential in relation to the risks surrounding health & safety.
- Adequate funding is available to provide affordable transport for the Charitable and Statutory Organisations who are our members.
- Provide a good service to our members to avoid loss of reputation.
- Ensuring that the maintenance of our buses and the training of our drivers comply with appropriate legislation, codes of good practice and maintain a high regard to health and safety.
- Ensure our IT systems are appropriate for our operation, there are suitable backup options and the data is kept securely.
- Ensure we have sufficient Trustees to maintain a good Corporate Governance structure
Organisational structure
The Charity has a Board of Directors / Trustees of not less than 3 members who meet quarterly and are responsible for the strategic direction and policy of the charity. The Board of Trustees has members from a variety of professional backgrounds relevant to the work of the charity.
The day-to-day responsibility for the provision of the services rests with the Chief Executive Officer, Deputy Chief Executive Officer, Operations Manager and the Treasurer. The Chief Executive Officer and the Deputy Chief Executive Officer are responsible for ensuring that the charity delivers the services specified, that key performance indicators are met and adequate funding is available to continue the operations. The Operations Manager has responsibility for the day-to-day operational management of the Charity. Individual supervision of the staff team ensuring they continue to develop their skills and working practices in line with good practice are the joint responsibilities of the Chief Executive Officer and the Operations Manager. The Treasurer in conjunction with the Chief Executive Officer and Deputy Chief Executive Officer have the responsibility of ensuring the financial stability of the Charity.
Two sub committees each chaired by one of our trustees are in place to review risk management and to enhance our public profile including our website to enable us to improve fundraising.
Related parties
If a member of the Board of Trustees has involvement with member organisations and a conflict of interest arises then that member would be excluded from voting on such issues and should it be necessary excluded from relevant meetings or refrain from the discussions.
There were no related party transactions during the year that are not shown elsewhere in the accounts.
Objectives and activities
Purposes and aims
Our charity's purposes are set out in the objects contained in the company's memorandum of association.
We aim to benefit the public by providing high quality accessible and affordable transport services for the use of charitable and community organisations based in the London Borough of Richmond upon Thames and the Royal Borough of Kingston upon Thames and surrounding area.
We continue to work in partnership with other organisations and continually look to develop projects which provide accessible and affordable transport services for individuals for whom conventional transport is either inaccessible or inappropriate, ensuring the quality of delivery by the constant provision of support, training and information and to develop other complementary services where local community need is identified.
Ensuring our work delivers our aims
We continually review the work of the Charity to ensure it meets our aims. Annually we review what we have achieved and the outcomes of our work and the success of each key activity and the benefits they have brought to those groups of people we are set up to help. This review ensures our aims, objectives and activities remain focused on our stated purposes and reflect the changing needs and aspirations of the local community.
We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives, and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.
The focus of our work
Our main objectives for the year continued to be the provision of accessible transport resources and services.
To do this we operate a fleet of minibuses the majority of which are fully accessible. Some of the vehicles are owned by user organisations and we make use of these for our own operations in their down time.
We offer certificated MiDAS driver training and assessment; passenger assistant training is also offered.
Our advice and information on transport related matters is often sought, liaising between the statutory and voluntary sector with regard to transport initiatives and planning.
We supervise vehicle compliance and operate in partnership with other local agencies to develop local door to door transport provision.
Those who benefit from our services
We provide affordable accessible transport to residents of London Borough of Richmond upon Thames and the Royal Borough of Kingston-upon-Thames and surrounding areas.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
Community transport operation
We are encouraged that the community transport operations continue to recover after the pandemic with many of our member community organisations reactivating their own services and activities for their clients and therefore the need for the requirement for community transport re-emerging.
Our funding support from the councils of the two boroughs of the Royal Borough of Kingston upon Thames and London Borough of Richmond upon Thames together with the two Charities of Hampton Fund and Richmond Parish Land Charity has remained constant for which are grateful. Without this base the recovery would have been more difficult.
This year 125 (2023 - 119) voluntary and statutory organisations used our services.
The Vehicle fleet did complete 6,190 (2023 - 5,898) days/part days bookings enabling 97,254 (2023 - 85,704) passenger journeys.
During the year we trained and assessed 107 (2023 - 133) people to the nationally recognised and certificated MiDAS standard.
Capital projects
We continue to operate and maintain the three minibuses funded by FiSH and two minibuses funded by Staywell, these are treated as Restricted funds.
FiSH have started the process of replacing one of the buses they use for the Barnes and Mortlake Enterprise scheme and have contributed the deposit for the new minibus that we have ordered on their behalf.
Funding has been received from the Victoria Fund towards the purchase of a new minibus for which are very grateful.
Partnership & Enterprise Schemes
We continue our successful partnership working with other community and voluntary organisations to support the local communities in their own areas.
Since 2001 we have worked with Hampton and Hampton Hill Voluntary Care a local Charity supported by London Borough of Richmond upon Thames in a project known as Hampton Enterprise. This combines a community car scheme, shopping buses and a plus bus service offering door to door transport services. This service continues to provide a weekly transport service to a club for those with learning difficulties known as the Gateway Club a daily transport service to Elleray Hall elderly persons day centre, Linden Hall Day Centre, Homelink Day Centre, weekly shopping service and social outings.
Since 2005 we have worked with FiSH a local Charity supported by London Borough of Richmond upon Thames in a project known as Barnes Mortlake and East Sheen Enterprise. This combines a community car scheme, plus bus service providing weekly transport shopping service, social excursions and transport to activities, clubs and special events for the elderly, frail and those with mobility problems. Over the years due to an increase in demand FiSH have purchased two additional buses through us and they have increased the staff capacity to satisfy these needs.
We operate vehicles for Staywell and Ham SOS ensuring that they comply with all legal and safety requirements.
Staywell use buses from our fleet to transport their elderly, frail and those with mobility problems to their day centre.
Premises
The current negotiation with our landlords the Royal Borough of Kingston upon Thames who also supply funding and have offered us a lease from the 25 March 2023 with a rent-free period from the expiry of the old lease on 20 July 2020 is awaiting finalisation. The accrued cost of this rent-free period was released as a grant from the Royal Borough of Kingston upon Thames last year and we have accrued the outstanding rent for this financial year.
We have accepted this offer and continue to await the formal documentation to be completed.
Financial review
Results for the period
Restricted Funds
Revenue from the London Borough of Richmond upon Thames administered by Age UK Richmond Services Ltd, the Royal Borough of Kingston upon Thames some of which in the previous year was administered by Staywell, Hampton Fund and Richmond Parish Lands Charity to subsidise the core staff costs amounted to £91,411 (2023 - £87,033).
The Hampton Enterprise scheme received £117,784 (2023 - £118,030) in revenue including fares £5,282 (2023 £10,735) and funding from London Borough of Richmond upon Thames £112,501 (2023 - £107,295) which cover the costs of drivers, a co-coordinator, a supervisor and the running costs of the minibuses provided.
The Barnes & Mortlake Enterprise scheme received £76,138 (2023 - £71,279) in revenue including fares £18,693 (2023 - £16,493) and funding from London Borough of Richmond upon Thames £57,445 (2023 - £54,786) which cover of the cost of drivers and the vehicle running costs of the minibuses any additional costs are funded by our partner organisation FiSH who record those costs in their own accounts.
The Staywell capital funding for two minibuses continues to be in place and the fund is reduced by the annual depreciation of £1,350 (2023 - £2,015) and the remaining balance which represents the Net book value of these assets is £2,742 and considered to be a fair representation of the market value.
During the year the Barnes and Mortlake Enterprise capital funding received a contribution from FiSH of £21,320 as a deposit for a new minibus which has yet to be delivered this is in addition to the three minibuses they already fund. The current minibuses are charged an annual depreciation of £5,836 (2023 £8,710). The balance carried forward of £33,165 includes the deposit and the remaining net book value of £11,845 of the three minibus and considered to be a fair representation of their market value.
We received funds toward the purchase of a minibus costing £56,223 (2023 - £53,938) from the Victoria Fund of £20,000 (2023 - £25,000) and the Hampton Fund £nil (2023 - £22,000). Depreciation on the vehicle was £18,554 (2023 - 17,999).
Transfer of funds
We have received funds as a contribution to buy a minibus which was purchased during the year and the cost of the minibus is in excess of the contribution therefore we have satisfied the requirements of the restriction. The restricted fund receives the grant in the year and is charged the annual depreciation leaving a balance of £1,446 (2023 - £29,201) to be transferred to unrestricted funds.
Unrestricted Funds
Income from the use of the buses was £332,423 (2023 - £225,472), affiliation fees, driver training was £4,209 (2023 - £3,367), donations including gift aid was £4,995 (2023 - £14,918), interest receivable £5,126 (2023 - £1,606), gains on the disposal of a minibus including the scrappage scheme grant was £6,913 (2023 - £651) and the rent free grant from Royal Borough of Kingston upon Thames of £Nil (2023 - £38,556). The total unrestricted income amounted to £353,666 (2023 - £284,570). Expenditure was £354,798 (2023 - £263,710) which resulted in a net expenditure of £1,132 (2023 - £20,860 net income) of which £35,146 (2023 - £34,892) is depreciation. A summary of other expenditure is shown in note 10 to these accounts.
The total unrestricted funds carried forward are £442,900 (2023 - £442,586).
Total Funds
Our total reserves have increased by £14,448 to £478,807 and the cash at bank of £332,210 which is after purchasing the new minibus and disposing of one which no longer reliable.
Reserves Policy
The Trustees continually review the reserves policy to determine the level of free unrestricted funds needed to maintain the organisation's activities for a sufficient period to ensure continuity if funding from external sources should cease or be seriously curtailed. Currently our free reserves are £333,872 (Unrestricted current assets £441,740 less unrestricted creditors falling due within one year of £107,868) and one-month's expenditure is £50,415 (total annual expenditure £665,871 less depreciation of £60,885) which is 6 months. The Board of Trustees continue to recognise the need to replace the fleet and continue to consider the current working capital requirement should be 4 months. Therefore, 4 months annual expenditure is £201,660 (2023 - £168,388) which could allow £132,212 (2023 - £167,217) for investment in new minibuses.
Plans for future periods
The continuing aim of the Charity is to supply good economical accessible community transport to the Voluntary and Community Groups within the London Borough of Richmond upon Thames and the Royal Borough of Kingston upon Thames. In order to do this we will need to:
- Increase our trading and increase the number or community, voluntary and statutory organisations that are member to ensure that we are more sustainable for the future
- Continue working in partnerships and develop projects which provide accessible and affordable services for individuals for whom conventional transport provision is either inaccessible or inappropriate.
- Maintain the quality of delivery by offering support, training and information to our membership.
- Maintain our core funding whilst keeping our charges at a level that is affordable to our client base many of whom are also Charities and urge our local Councils to maintain their valued support.
- Ensure that premises are available to continue to deliver affordable Community Transport and get more certainty with a new lease.
- Work in partnership with other charitable organisations within the Boroughs we are negotiating contracts to deliver services to statutory organisations providing new income sources to ensure the sustainability of the Charity.
- Increase our public profile and seek to get further funding to enable us to replace our aging fleet with greener alternatives for which we need to get a better understanding of the alternatives and the timing of when they might become available at an affordable cost. In the meantime we need to keep our current fleet in the best condition until funding can be obtained.
- Maintain and increase our awareness of our legal obligations especially those of Health & Safety and the work environment of employees & volunteers.
The trustees' annual report and the strategic report were approved on 12 September 2024 and signed on behalf of the board of trustees by:
Stephen Baughan - Treasurer
Trustee
RAKAT CT LTD
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of RAKAT CT LTD
Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of RAKAT CT LTD ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mohan Kripalani Independent Examiner
86 Ormond Drive Hampton Middlesex TW12 2TN
9 October 2024
RAKAT CT LTD
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
4,995
4,995
14,918
Charitable activities
6
336,632
326,653
663,285
590,737
Investment income
7
5,126
5,126
1,606
Other income
8
6,913
6,913
651
---------
---------
---------
---------
Total income
353,666
326,653
680,319
607,912
---------
---------
---------
---------
Expenditure
Expenditure on charitable activities
9,10
( 354,798)
( 311,073)
( 665,871)
( 568,576)
---------
---------
---------
---------
Total expenditure
( 354,798)
( 311,073)
( 665,871)
( 568,576)
---------
---------
---------
---------
---------
---------
---------
---------
Net income
( 1,132)
15,580
14,448
39,336
---------
---------
---------
---------
Transfers between funds
1,446
(1,446)
---------
---------
---------
---------
Net movement in funds
314
14,134
14,448
39,336
Reconciliation of funds
Total funds brought forward
442,586
21,773
464,359
425,023
---------
---------
---------
---------
Total funds carried forward
442,900
35,907
478,807
464,359
---------
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
RAKAT CT LTD
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible fixed assets
16
123,615
128,754
Current assets
Debtors
17
130,850
65,008
Cash at bank and in hand
332,210
352,535
---------
---------
463,060
417,543
Creditors: amounts falling due within one year
18
( 107,868)
( 81,938)
---------
---------
Net current assets
355,192
335,605
---------
---------
Total assets less current liabilities
478,807
464,359
---------
---------
Net assets
478,807
464,359
---------
---------
Funds of the charity
Restricted funds
35,907
21,773
Unrestricted funds
442,900
442,586
---------
---------
Total charity funds
20
478,807
464,359
---------
---------
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Stephen Baughan - Treasurer
Trustee
The financial statements are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies.
RAKAT CT LTD
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Net income
14,448
39,336
Adjustments for:
Depreciation of tangible fixed assets
60,885
63,416
Other interest receivable and similar income
( 5,126)
( 1,606)
Gains on disposal of tangible fixed assets
( 6,913)
( 651)
Accrued expenses/(income)
5,331
( 16,387)
Changes in:
Trade and other debtors
( 65,842)
( 9,305)
Trade and other creditors
20,599
( 52,145)
--------
--------
Cash generated from operations
23,382
22,658
Interest received
5,126
1,606
--------
--------
Net cash from operating activities
28,508
24,264
--------
--------
Cash flows from investing activities
Purchase of tangible assets
( 56,223)
( 53,938)
Proceeds from sale of tangible assets
7,390
834
--------
--------
Net cash used in investing activities
( 48,833)
( 53,104)
--------
--------
Net decrease in cash and cash equivalents
( 20,325)
( 28,840)
Cash and cash equivalents at beginning of year
352,535
381,375
---------
---------
Cash and cash equivalents at end of year
332,210
352,535
---------
---------
RAKAT CT LTD
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Liz Mills Depot, 32 Wellington Crescent, New Malden, Surrey, KT3 3NE.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006 . RAKAT CT LTD 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 note(s). Taxation The charitable company is a charity within the definition of section 467 Corporation Tax Act 2010 and is therefore able to take advantage of the exemptions given by sections 485 and 486 of that Act. Accordingly, there is no Corporation Tax charge in these accounts. Pension Policy The charity contributes to individuals stake holder pension schemes to the value of 8% of salary. The contributions are included in the Statement of Financial Activities when they fall due. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided
Going concern
The financial statements are drawn up on the going concern basis which assumes RAKAT CT LTD will continue in operational existence for the foreseeable future, being a period of 12 months from the date of approval of these financial statements. The Board have given due consideration to the working capital and cash flow requirements of RAKAT CT LTD . The Board consider RAKAT CT LTD current and forecast cash resources to be sufficient to cover the working capital requirements of the charity for the foreseeable future.
Judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with Charities SORP (FRS 102) requires the trustees to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - no amounts are included for the contribution of general volunteers. - income from grants for the supply of services is recognised with the delivery of the required service. These are classified as restricted funds as there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. - Income is stated net of VAT
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
Tangible assets
All fixed assets are initially recorded at cost. Fixed assets capitalisation Tangible fixed assets are stated at cost or valuation less depreciation. Fixed assets costing more than £1,000 are capitalised where they are not replacements of assets previously capitalised.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor Vehicles
-
33% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
Fixed assets are subject to review for impairment when there is an indication of a reduction in their carrying value. Any impairment is recognised in the year in which it occurs in the corresponding Statement of Financial Activities category.
Financial instruments
The charitable company 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. Debtors Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the charitable company will not be able to collect all amounts due according to the original terms of the debt. Cash at bank and in hand Cash at bank and cash 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. Creditors Creditors are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Leases Leases in which substantially all risks regards ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease.
4. Limited by guarantee
The members of this organisation are the Charity Trustees who have committed to the guarantee of £1 upon the dissolution of the Charity. The members' details are maintained at the operational address.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
General donations
4,095
4,095
14,105
14,105
Gift Aid
900
900
813
813
------
------
--------
--------
4,995
4,995
14,918
14,918
------
------
--------
--------
6. Charitable activities
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Income from the use of the buses
332,423
23,975
356,398
Affiliation fees driver training
4,209
4,209
Royal Borough of Kingston upon Thames
Hampton Fund
14,300
14,300
Richmond Parish Lands Charity
11,000
11,000
Royal Borough of Kingston upon Thames administered by Staywell
Royal Borough of Kingston upon Thames
32,000
32,000
The Victoria Foundation
20,000
20,000
FiSH
21,320
21,320
London Borough of Richmond upon Thames administered by Age UK Richmond Services Ltd
204,058
204,058
---------
---------
---------
336,632
326,653
663,285
---------
---------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Income from the use of the buses
225,472
27,228
252,700
Affiliation fees driver training
3,367
3,367
Royal Borough of Kingston upon Thames
38,556
38,556
Hampton Fund
34,500
34,500
Richmond Parish Lands Charity
10,000
10,000
Royal Borough of Kingston upon Thames administered by Staywell
32,000
32,000
Royal Borough of Kingston upon Thames
The Victoria Foundation
25,000
25,000
FiSH
London Borough of Richmond upon Thames administered by Age UK Richmond Services Ltd
194,614
194,614
---------
---------
---------
267,395
323,342
590,737
---------
---------
---------
7. Investment income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Bank interest receivable
5,126
5,126
1,606
1,606
------
------
------
------
8. Other income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Gain on disposal of tangible fixed assets held for charity's own use
6,913
6,913
651
651
------
------
----
----
9. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Community Transport Operations - Unrestricted
352,798
352,798
Community Transport Operations - Restricted
311,073
311,073
Support costs
2,000
2,000
---------
---------
---------
354,798
311,073
665,871
---------
---------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Community Transport Operations - Unrestricted
261,710
261,710
Community Transport Operations - Restricted
304,866
304,866
Support costs
2,000
2,000
---------
---------
---------
263,710
304,866
568,576
---------
---------
---------
10. Expenditure on charitable activities by activity type
Analysis of Community Transport Operations Expenditure - Unrestricted
2024
2023
£
£
Salary, National Insurance and Pension
180,208
104,335
Depreciation
35,146
34,892
Vehicle Running Costs
96,840
83,690
Training & Conferences
1,210
36
Premises Costs
15,931
16,924
Administrative Expenses
23,463
21,833
---------
---------
352,798
261,710
Support Costs - Independent Examination Fee
2,000
2,000
---------
---------
354,798
263,710
---------
---------
Analysis of Community Transport Operations Expenditure - Restricted
2024
2023
£
£
Salary, National Insurance and Pension
228,262
214,417
Depreciation
25,739
28,524
Vehicle Running Costs
57,072
61,925
---------
---------
311,073
304,866
---------
---------
11. Analysis of support costs
There are no support costs as such the £2,000 (2023 - £2,000) represents the fees payable for the independent examination of the financial statements.
12. Net income
Net income is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
60,885
63,416
Gains on disposal of tangible fixed assets
(6,913)
(651)
--------
--------
13. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
2,000
2,000
------
------
14. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
357,385
281,762
Social security costs
23,396
16,554
Employer contributions to pension plans
27,689
20,436
---------
---------
408,470
318,752
---------
---------
The key management personnel of the charity comprise the trustees, the Chief Executive Officer, Deputy Chief Executive Officer and the Operations Manager. The total employee benefits of the key management personnel were £122,686 (2023 - £115,365).
The average head count of employees during the year was 19 (2023: 16 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Number of Operational Staff (FTE)
12
11
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
15. Trustee remuneration and expenses
No remuneration or benefits have been paid to any member of the Board of Trustees during the period for their duties as a trustee.
However, as permitted by Section 185 of the Charities Act 2011, the treasurer has not charged for his accountancy services as he did this on a voluntary basis in the current year and in 2023 he charged £520. The Treasurer's reimbursed Computer Expenses were £2,280 (2023 - £2,200).
16. Tangible fixed assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 April 2023
1,179,915
16,018
1,195,933
Additions
56,223
56,223
Disposals
( 17,500)
( 17,500)
------------
--------
------------
At 31 March 2024
1,218,638
16,018
1,234,656
------------
--------
------------
Depreciation
At 1 April 2023
1,051,161
16,018
1,067,179
Charge for the year
60,885
60,885
Disposals
( 17,023)
( 17,023)
------------
--------
------------
At 31 March 2024
1,095,023
16,018
1,111,041
------------
--------
------------
Carrying amount
At 31 March 2024
123,615
123,615
------------
--------
------------
At 31 March 2023
128,754
128,754
------------
--------
------------
17. Debtors
2024
2023
£
£
Trade debtors
52,155
18,644
Prepayments and accrued income
48,182
34,998
Other debtors
30,513
11,366
---------
--------
130,850
65,008
---------
--------
18. Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
8,000
8,000
Trade creditors
16,609
8,128
Accruals and deferred income
59,169
53,838
Social security and other taxes
7,651
6,066
Grants in advance
11,220
Deferred income
1,500
Other creditors
5,219
4,406
---------
--------
107,868
81,938
---------
--------
19. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 27,689 (2023: £ 20,436 ).
20. Analysis of charitable funds
Unrestricted funds
At 1 April 2023
Income
Expenditure
Transfers
At 31 March 2024
£
£
£
£
£
General funds
442,586
353,666
(354,798)
1,446
442,900
---------
---------
---------
------
---------
At 1 April 2022
Income
Expenditure
Transfers
At 31 March 2023
£
£
£
£
£
General funds
392,525
284,570
(263,710)
29,201
442,586
---------
---------
---------
--------
---------
Restricted funds
At 1 April 2023
Income
Expenditure
Transfers
At 31 March 2024
£
£
£
£
£
Hampton Enterprise Scheme
117,784
(117,784)
Barnes & Mortlake Enterprise Scheme
76,138
(76,138)
Staywell Capital Funding
4,092
(1,350)
2,742
FiSH Capital Funding
17,681
21,320
(5,836)
33,165
Capital Funding for Minibus purchase
20,000
(18,554)
(1,446)
Grant funding for staff
91,411
(91,411)
--------
---------
---------
------
--------
21,773
326,653
(311,073)
(1,446)
35,907
--------
---------
---------
------
--------
At 1 April 2022
Income
Expenditure
Transfers
At 31 March 2023
£
£
£
£
£
Hampton Enterprise Scheme
118,030
(118,030)
Barnes & Mortlake Enterprise Scheme
71,279
(71,279)
Staywell Capital Funding
6,107
(2,015)
4,092
FiSH Capital Funding
26,391
(8,710)
17,681
Capital Funding for Minibus purchase
47,000
(17,799)
(29,201)
Grant funding for staff
87,033
(87,033)
--------
---------
---------
--------
--------
32,498
323,342
(304,866)
(29,201)
21,773
--------
---------
---------
--------
--------
Purposes of Restricted Fund
Fish & Staywell Capital Funding
This income has been received from partnership organisations to purchase minibuses for specific purposes and when the arrangement ceases the minibuses or their market value will be returned to the partnership organisations.
Hampton Enterprise scheme
This is a scheme which has been set up with Hampton and Hampton Hill Voluntary Care to run a minibus service in local areas in the London Borough of Richmond upon Thames with the financial support of the Council as part of the CILS (Community Independent Living Service) partnership.
Barnes and Mortlake Enterprise scheme
This scheme has been set up with FiSH to run a minibus service in local areas in the London Borough of Richmond upon Thames with the support of the Councils part of the CILS (Community Independent Living Service) partnership.
Capital Funding for Minibus Purchase
This is funding has been received from The Victoria Fund to assist with the purchase of a new minibus.
Staff funding
These funds received from our principal funders to cover a proportion of staff costs have been restricted by those funders for this purpose. Any additional staff costs are charged against unrestricted funds.
21. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Tangible fixed assets
109,028
14,587
123,615
Current assets
441,740
21,320
463,060
Creditors less than 1 year
(107,868)
(107,868)
---------
--------
---------
Net assets
442,900
35,907
478,807
---------
--------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
106,981
21,773
128,754
Current assets
417,543
417,543
Creditors less than 1 year
(81,938)
(81,938)
---------
--------
---------
Net assets
442,586
21,773
464,359
---------
--------
---------
22. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
352,535
(20,325)
332,210
---------
--------
---------
23. Capital commitments
Currently we have a deposit for the purchase of a new minibus of £21,320 shown as a prepayment for which the remaining value would be a further £85,280 for which we would reclaim £17,767 of VAT.
24. Related parties
Apart from the accountancy services supplied by the Treasurer the details of which are shown in note 15 there are no related party transactions.