Charlty registration number 1044133 Company reglstrdtlon numb8r 02794243 {England and Wales) WALSALL COMMUNITY TRANSPORT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
WALSALL COMMUNITY TRANSPORT LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms M Clare Mrs E C Boycott Ms R Ward Secretary Ms M Clare Charity number 1044133 Company number 02794243 Registered office Th8 Old Dairy Pelsall Lane Little Bloxwich Walsall West Midlands WS3 3DH Auditor Edwards 34 High Street Aldridge Walsall West Midlands WS9 8LZ Solicitors Enoch Eiians LLP St Paul's Chambers 6-9 Halherton Road Walsall West Mldlands WS11XS
WALSALL COMMUNITY TRANSPORT LIMITED CONTENTS Page Trustees, report Statement of Truste6s' responsibilities Independent auditorfs report Slatement of financi81 activities Balance sheet 10 8t8tement of cash flows 11 Notes to the fin8ncial statements 12-21
WALSALL COMMUNITYTRANSPORT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial ststements forthe ye8r ended 31 March 2024. The financial statements have bean prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applic8ble to charities preparing their accounts in accord8nce with the Financial Reporbng Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 20191. Oblectlves and activitles The principal activity of the charity is to provide accessible and affordable transport to other local agencies and community groups. Our vision To be a valued community organisation providing a sustainable and accessible transport Sel¢e that is relevant for local need. Our Mission for: People To be helpful caring and efficient To respect all our service users and to treat them with dignity • To have well trained, mativated and supported staff (both paid and voluntary) To publicise our seniices well and target marginalized groups SeNlce Development To maintain the highest standards in all aspects of Servi delivery To be cost effective and viable To be Innovative, competitlve and at the 'leading edge, of service provision within available resources To seek oul n8w viable business opportunities Communlty . To work In partnership with other local organisations for the benefit of our customers To maintain a high profile in the Walsall and surrounding areas. . To provide other local voluntary groups with advice about accessible transport matters Public benefit The Trustees have paid due regard to guidance Issued by the Charity Commission on public benefrt and feel that this has been achieved by their efforts to maximise income and service delivery.
WALSALL COMMUNITY TRANSPORT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 AchTevement5 and perforniance We are pleased to make this report to the Charity's Annual General Meeting on our performance to the end of March 2024. This has been a year when we hava been able to refocus our energies towards supporting the voluntary sector as well as grow our core support services to give th8 charity a stable footing on which to move forward. The Let's Chat project has enabled us to provide more affordable transport for other Gommunity groups both for regular day-t(>day activities and for Ioc81 trips out to allow the groups to encourage members to return to their org8nisations. It was encouraging to see this support encouraged group to venture out again with and over 4aOO users benefitted from these journeys. We have also continued to provide regular transport for colleges and day centres in Walsall throughout the year giving another 28,000 residents access to safe reliable affordable transport. Our new presence in Walsall Bus Ststion with the Let's Chat Infomiation Hub has increased the profile of CommunityTransport in Walsall and turned an unus8d spaoe into a now warm. welcoming place where passengers can access community information and share a drink and a chat with other people. At the end of March 10,750 had visited the hub with over 50Yo o[ those seeking the support staff give. A partnership with Walsall Connected enabled the hub to offer users support with digital skills and the many support groups that have used the hub has meant the hub has become a 'one stop shop, for residents to come for specialised advice seNices. We have also used and managed Ihe Combined Authority's exhibition bus as a further asset for the project in the Wolverhampton area. Ihe mobile hub visited Bilston Bus Slation twice a week and 1,277 users vlslt8d Ihe bus during the year. We contlnued to be Involved in the Thrive project with Public Health, Bloxwich Community Partnership and Manor Farm Community Association supporting residents, Hèalth and Wellbeing post COVID. However, this year wtth similar objectives to that of tha Let's Chat scheme it made sense to combine the projects and offer both services frorn the same mobile unit. This enabled us to increase our offer lo 5 days a week and allowed 1,974 residents to access th6 SUPPOrt on offer. With Transport for West Midlands (rtWMI, we have operated a Door-to-Door Shopping Service across Walsall to support Its elderly and disabled residents with their shopping for many years. Elderly users continuing to be hesitant about shopping for themselves numbers have remained lower than in previous years, but positively we have seen 69 new passengers register and provided 3,460 passenger journeys this year. This conlinued support we enjoy from Transport for West Midlands continues to be instrumental in confirming the ongoing stability of the charity. the financial support given to our bus services at pre COVID levels has continued throughoul this year and passenger numbers have steadily grown as confidence in using public transport relums, Also, in October we were awarded a further contract bringing annual passenger numbers up lo more Ihan 216k thls year an increase on the previous year of 270/.. Our involvement in these routes has always been to support the older traveller who benefit from the expertise and experience our staff have from our CT services. in addition having regular staff offering sUPPOrt on and off the vehicle gives our passengers continued confidence to travel knowing they will be looked after. As an operator in the West Midlands, we have been involved in the formation of the West Midlands Enhanced Partnership Scheme 8nd whilst this has put addition81 pressures on us as a small operator to keep up with the r8quir8d improvement in standards, we must acknowledge that without our involvement in the scheme and associated services we would struggle to support the organization. On8 of the main financial pressures on the Charity continues to be the need to upgrade our fleet to meet the region's air quality targets, having revised our replacement strategy we have paused purchasing additional vehicles this year to settle outstanding finance and shall recornmence our purchasing during the next financial year. At the end of this financlal year our fleet consisted of 22 minlbuses and 2 staff cars, we wlll contlnue to purchase low floor minibuses as this style of vehicle with. its easy access has proved the most flexible in delivering our range of seriices.
WALSALL COMMUNITY TRANSPORT LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 This year we saw the retirement of a koy member of the operational team, Kevin Nelson had been with the charity for over 25 years and was a pivotal figure in the running of Servi8, known to everybody over the years Kevin was part of the fabric of the charity and his departure has been a huge hole to fill. Thankfully we were able to plan for his departure and recruited a colleague from Tfwm as our Operations Manager, his prior knowledge of the charity has enabled there to be a seamless transition to the next genaration. The continued dedication of all staff towards the charity and its users Is at the heart of its conlinued success. To this end we have continued to support staff where we could during what are financially challenging times however with what are labour intensive services and staffing costs continuing to account for 57Q/o of our overall expenditure the pressure ever increasing wage levels bring to the charity is immense and difficult to absorb without passing some of the cost on to the end users which is not ideal. We will need to keep control over stsffing levels in the future to ensure this continues to be manageable. Finally. thanks are also extended to all trust68s for Ihelr interest, time. and expertise. Community Transport is fortunate like many other voluntary organisations to have trustees who collectively bring tO9ether a rich mix of gender, outlooks, profession81 and personal skills. Financial review Overall audited accounts show a surplus of £39,622 for 2023124 (£8,214 for 2022123) with net assets of £238,382 {2023: £198,760). Income Total income was £1,408,092 (2022123 - £1,258,3751- The detailed analysis is shown in notes 3 to 5 of the financial statements. Expenditure Tatsl expenditure was £1.368,470 (2022123 £1,250,161). The detailed analysis is shown In notes 6 and 7 of the financial stataments. Reserves and Cash Totsl reseNes at 31 March 2024 were £238,382 (31 March 2023- £198.7601. The Committee continued its cautious sk policy, with reseryes designated for future community seNices, core costs, working capital and potential redundancy costs in case of funding cuts. At 31 March 2024 cash balances were £16,801131 March 2023- £26,515), Going concern The directors have prepared profit and cash flow forecasts for the post accounting year end period based upon current expectations of activity levels and the directors, assessmants of the likely level of demand from key customars. The directors consider cash flow projections on a monthly basis and ensure that appropriate facilities are available to be drawn upon as necessary. Based upon the activity levels foreGast, the directors consider that the company will be able to maintain its cash at bank resources through the yearthat is twelve months from the date of approval ofthese financial statements. Therefore, after making the enquiries that they consider necessary the directors have a reasonable expectation that the company has adequate funding resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concem basis in preparing the annual report and financial statements. Structure. governance and management The organisalion is a charitsble company Ilmited by guarantee, incoroorated on 26 February 1993 and reglstered as a charity on 14 February 1995. The company was estsblished under a Memorandum of Association which established the objects and powers of the charitable company and is govemed under its Articles ofAssociation. Under those articles, every memb8r of the management committee must retire from office at each Annual General Me8ting but are eligible for reelection.
WALSALL COMMUNITY TRANSPORT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors for the purposa of company law, and who seNed during the year and up to the date of signature of the financial statements were: Ms M Clare Mr G Brookes Mrs E C Boycott Ms R Ward (Resigned 9 May 2Q24) R8cruitrnent of new trustees is done through nominalions from the charlty's membership th electlons made at the Charity's AGM, there is no maximum number of offlcers however the minimum number of committaa members must be three. None of the TnJstees has any beneficial interest in the company. All of Ihe Trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Auditor In accordance wlth the company's articles, a resolutlon proposing that Edwards be reappointed as auditor of the company will be put at a General Meeting. Disclosure of Information to audltor Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which Ihe auditor is unaware. They have further confimed that they have tsken approprlate steps to identify such relevant information and to establish that the auditor is aware of such information. The Trustees, report as approved by the Board of Trustees. MrsECBoy Trustee M5 R Ward Trustee 19 November 2024
WALSALL COMMUNITY TRANSPORT LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees (who are also directors of Walsall Community Transport Limited for the purposes of company lawl are responsible for preparlng th8 Trustees, Report and the financial statements in accordance with applicable Saw and United Kingdom Accounting Standards (United Kingdom Generally Accepted AccounlirTrg PractlC8). Company18w requires the trustees to prepare financial statements for each financial year. Under company law the trustees rnust not approve the flnanGial statements unless they are satisfied that they give a Irue and fair view of the state of affairs of the charitable company and of the incoming resources 8nd application of resources, including the incotne and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to: select suitsble accounting pollcies and then apply them consistently. observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgements and estimates that are re8sonable and prudsnt- prepare the financial statements on the going concem basis unless it Is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accountlng records that disclose with reasonable accuracy at any time the financial position of the charitsble company and enable them to ensure that the financial statements cornply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Gompany and hence for taknng reasonable steps for the preventlon and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditor is unaware., and the Iruslees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the audilor is aware of that information. Mrs E C Boycott Trustee Ms R Ward Trustee 19 November 2024
WALSALL COMMUNITY TRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WALSALL COMMUNITY TRANSPORT LIMITED Opinion We have audited the financial stateménts of Walsall Community Transport Limited (the 'Gharitable company,) for the year ended 31 March 2024 which compllse the statement of financial activities, the balance sheet, the statement of C8sh flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicab18 law and Uniled Kingdom AGcounting Stsndards, Including Financial Reporting Standard 102 The Financial Roporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Acoounting Practice). In our opinion, the financial statements: give a true and fair view Df the state of the charFtable company's affairs as at 31 March 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been propedy prepared in aGGordance with Unf(ed Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conduct8d our audit in accordance with International Standards on Auditing {UK) {ISAs (UK)) and applicabl8 law. Our responsibilities under those standards are fvrther described in the Auditorfs responsibilities for the audit of the financi81 statements section of our report. We 8re independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethica1 responsibilities in accordance with these requirements. We believe that the audit ewdence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial ststements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financlal statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or onditions that, individually or collectively, may cast Slgnificant doubt on the Charity's ability to continue as a going concem for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibillties of the Trustees with respect to going cOnM are described in the relevant sections of this report. Other infomiatlon The other infomation compr£ses the information included in the Trusteès, report oth8r than the financial slatements and our audit0S report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other Informatlon and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomation 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 otherwis8 appears to be materially misslated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine whether this gives rise to a material misstatement in the financial statements themselves. If, based on th8 worf( we have performed, we conclude that there is a rnaterial misstatement of this other information. we are raquired to report that fact. We have nothing to report in this regard.
WALSALL COMMUNITYTRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WALSALL COMMUNITY TRANSPORT LIMITED Matters on which we are required to report by exception We have nothing to repart in respect of the following matters in relation to which the Charities {Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the infotThation given in the financial statements is inconsistent in any material respect with the Trustees. report.. or SLrfficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records- or we have not received all the infomiation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the statement of Trustees. responsibilities set out on page 6, the Trustees, (who are also the directors of the charitable company for the purpose of company law), are responsible for the preparation of the financial stataments and for being satisfied that they give a true and fair view, and for such inlemal 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 charttable 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 lo liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audlt of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wtth the Act and relevant regulations mada or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financlal slatements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance wlth ISAS (UK) will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are cansidered material if, individually or In the aggregate, they could reasonably be expeoted to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance wilh18ws and regulations. We design pror£dures in Iln8 With our responsibilities, outlined above, to detect material misstatements in respect of iregularities, induding fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below. We obtained an understanding of the legal and regulatory frameworks within which the Charity operates, focusing on those laws and regulations thal have 2 direct effect on the determinatlon of mat6rlal amounts and dlsclosures in the financial ststements. The laws and regulations we considered in this context were the Companies Acl 2006, Charities Act 2011, employment law, health & safety and operator's license regulations compliance. We identified the greatest risk of material impact on the financial ststements from iegUlatEeS, including fraud, to be in the following areas: the override of controls by managemenl, revenue joumals, inappropriate treatment of non- routine transactions and areas of estirnatiort unGertainty- Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, review and discussion of non-routine transactions, sample testing on the posting of joumals and review of accounting estimates for biases. Owing to the inherent limitations of an audit, there is an unavoldable risk that we may not have detected some material misstatements in the flnancial statsments, even though we have propedy planned and performed our audlt in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. These inherent Simitations are particularly significant in the case of misstatèment resulting from fraud as this may involve sophistlC8ted schemes designed to avoid detection, including deliberate failure to record transactions, colluslon or Ihe prowsion of intentional misrepresentatlons.
WALSALL COMMUNITY TRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WALSALL COMMUNITY TRANSPORT LIMITED A further description of our responsibilitie5 is available on the Financial Reporting Council's website at.. https.'Il www.frc.org.uklauditorsresponsibilities. This description forms part of our audltoes report. Use of our report This report is made solely to the charltable company's trustees, as a body, in accordance th part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stste to the charitable compan51s trustees those matters we are required to state to them in an aUdit0S report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responslbillly to anyone ather than the charitsble company 2nd the charitable company's trustees as a body, for our audit work. for this report, or for the opinions we have formed. Edwards (Statutory Auditor) 34 High Street Aldridge Walsall West Midlands WS9 8LZ Edwards is eligible for appolntment as audilor of the Charity by virtue of its eligibilty for appointment as auditor of a Gompany under section 1212 of the Companies Act 2006.
WALSALL COMMUNITYTRANSPORT LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Unrestricted funds funds 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities other income 123,601 992,035 292.456 118,296 895,167 244,912 Total Income 1,408.092 1,258,375 Chadtabla activities Other expenditure 1.368.470 1,252,289 (2.128) Total expenditure 1,368,470 1,250,161 Net income and movement In funds 39,622 8,214 Reconcillation of funds: Fund balances at 1 April 2023 198.760 190,546 Fund balances at 31 March 2024 238,382 198.760 The statement of financial activities includes all gains and losses recognised in the year. All incorne and expenditure derive from continuing activities.
WALSALL COMMUNITY TRANSPORT LIMITED BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Note5 Fixed assets Tangible assets 11 202,163 250,458 Current assets Debtors Cash at bank and In hand 12 124,397 16,801 144.871 26.515 141,198 171,386 Creditors: amounts falling due within one year 13 {92,2221 {187,1611 Net current assetsl(liabllltles) 48,976 (15,775) Total assets less current Ilabllltle5 251,139 234,683 Creditors: amounts falllng due after more than one year 14 (12,7571 135.923) Net assets 238,382 198,760 The funds of the Charity Unrestricted funds 238,382 198,760 The company is entitl8d to tha exemption from the audit requirement contained in section 477 of thg Companies Act 2006, for the year er)ded 31 March 2024, although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying wth the requirements of the Companies Act 2006 with respect to accounting records and the preparation of finanoal statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance wlth the provlslons applicablè to companies subject to the small companies regime. The financial sla ments were approved by the Trustees on 19 November 2024 MrsE Trustee oycott Ms R Ward Trustee Company registration number 02794243 (England and Wales) io-
WALSALL COMMUNITY TRANSPORT LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flov from operating actlvtties Cash generated from operations 22 36,935 76,664 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets (2,7671 {90.8011 3,500 Net cash used In Investing actlvltias {2,7671 187,301) Flnancing a¢tlvitles Repayment of bank loans Payment of obligations under finance leases (10,0001 (33,8821 (10,000) 133,780) Net cash used in financing activities (43,8821 (43,780) Net decrease In cash and cash equivalents (9,7141 (54,417) Cash and cash equivalents at beglnnlng of year 26,515 80,932 Cash and cash equivalents at end of year 16,801 26,515 11
WALSALL COMMUNITYTRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles Charity Informatlon Walsall Communlty Transport Limited is a charitsble company limited by guarantee. incorporated in England and Wales. The registered office is the Old Dairy. Pelsall Lan8 , Little Bloxwich, Walsall, West Mid18nds. WS3 3DH. 1.1 Accounting convention The flnancial statements have been prepared in accordance wlth the Charity's governing document, the Companies Act 2Q06, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. I'FRS 102.1 and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" {effeGtive 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterfing, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. Th8 financial statements have been prepared under the historical cost convention. The prlncipal accounting policies adopted are set out below. 1.2 Golng concern The directors have prepared proflt and cash flow forecasts for the post accounting year end period based upon Current expectations of activity levels and the directors, assessments of the likely level of demand from key customers. The dir8Ctors consider cash flow projections on a monthly basis and ensure that appropriat8 facilities are available to be drawn upon as necessary. Based upon the activity levels foreG8St. the directors consider that the company will be able to maintsin its cash at bank resources through the year that is e1ve rnonths from the date of approval of these financial statements. Therefore, after making the enquiries that tEiey considér necessary the directors have a reasonable expectation that thé company has adequate funding resources to continue in operational existence for thè for8se8able future. Accordingly, they continue to adopt the golng concarn basls In preparing the annual report and financial statements. 1.3 Charltable funds Unrestricted funds are available for use 8t the discretion of the Trustees in fvrtherance of their charitable objectives. Restrided funds are subject to spectfic conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial statements. Endowment funds are subject to speafic condttions by donors that the capilal must be maintained by the Charity. 12-
WALSALL COMMUNITYTRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles (Continued) 1.4 Incoming resources Income is recognised when the Charity is legally entitled to It after any performance Gonditions have been met. the amounts can be measured reliably. and It is probable that income will be received. Cash donatlons are recognised on recelpt. other donations are recognls6d once the Charity has been notified of Ihe donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gtft Aid or deeds of covenant is recagnised at the time of the donation. Legacies are recognised on receipt or otheiSe if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Resources expended Expenditure is recognised once there Is a legal or constructive obligation to transfer economlc benefit to a third party, it is probable that a transfer of economic benefits WTII be required in settlement. and the arnount of the obligation can be measured reliably. Expenditure Is classtfied 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 activlty. Shared costs which contribute to mora 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. Central staff costs are allocated on the basis of time spent, and depreciation charges are alloGated on the portion of the asset's use. Expandrture is recognised once there Is a legal or constructive obligation lo transfar economic benefit to a third party, it is probable that a transfer of economlc beneflts wlll 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 shar8d costs, including support costs involved in undertaking each activity. Direct costs attributable to a single actimty are allocated directly to that activity. Shared costs which Gontribute to more than one activity and support costs which are not attributable to a single acttwty are apportioned bebN8en those activities on a basis consistent with th8 use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the portion of the asset's use. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsaquanuy measured at cost or valuation, net of depreciation and any impairment losses. Tangible fjxed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to wiite off the cost less estimated residual value of each asset over its expected useful life, as follows: Leasehold propety improvements Plant and machinery Fixtures, fittings and equlpm8nt Computer equipment Motor vehicles 11.1 Yo Straight line 250/. Reducing balance 150/. Reducing balance 250/0 Reducing balance 200/0 Reducing balance The gain or loss arising orT the disposal of an asset is detemiined as the difference be8n the sal8 proed$ and the carrying value of the asset, and Is recognised in the ststement of financial activities. 13-
WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.7 Impairnient of fixed assets At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indicatlon that those assets have suffered an impairment loss. If any such indlcation exists, the recoverable amount of the asset IS 85timated in order to determine ihe extent of the impairment loss (if any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash In hand, deposits held at call with banks, other short-term liquid Investments with original maturities of three rnonths or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilites. 1.9 Flnanclal Instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to 811 of its financial instruments. Financial instwments are recognised in the Gharity's balance sheet when the Charlty becomes party to the contractual provisions of the instrument. Flnancial assets and liabilities are offset, with the net amounts presented In the financlal statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic finanGial assets Basic financi81 assets, which include debtots and (xsh and bank balances, are inltlally measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest rnethod unless the arrangement constltut8s a financing transaction, where the transaction is measured at the present value of the future recelpts discounted at a market rate of interest. Financlal assets classlfied as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt Instrument is measured at tha present value of the future payments discounted at a market rate of interest. Financial liabilities classif18d as payable within one year are not amortised. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Temination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employrnent of an employee or to provide termination benefits. 1.11 Retlrement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.12 Leasas Leases are classified as finance leases whenever the temis of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under fin2nce leases are recognised as assets at the lower of the assets fair value at th8 date of inception and the present valLJe of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments ar8 tre8ted as conslstlng of capital and interest elements. Tha interest is charged to net incomel(expenditural for the year so as to Produ a constant periodic rate of interest on the remaining balance of the liabilty. 14-
WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements In the application of the Charfty's accounting policies, the Trustees are required to rnake judgements, estimates and assumptions about the canying amount of assets and liablllties that ara not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that ar8 considered to be relevant. Actual resulls may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates ar6 recognised in the period in whlch the estimate is revised where the revision affects only that period, or in the period of the revision and future pertods where the revision affects both current and future periods. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 CBSSG - WMCA Voluntary sector project fundlng WMCA- Let's Chat Project Funding 4,674 46,543 72,384 11,613 67,070 39,613 123,601 118,296 Income from charitable activities Unrestrfcted funds 2024 Unrestrlcted funds 2023 Actlvlites for generating funds Contract use including SLA Shoppers SLA Local bus service support funding Direct payments 226,743 28,092 580,369 156,831 221,004 24,772 502,200 137,191 992,035 895.167 15-
WALSALL COMMUNITYTRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other income Unrestricted Unrestricted funds funds 2024 2023 Other charitable income Commercial passenger usage Local bus service fare income us seNice operations grant Concessionary fares scheme Non contmct income Driver awareness MIDAS Shopping bus and other income 39,578 46.773 7,842 17S,IOQ 17,151 14,078 34,900 9,781 156,130 26,351 1,015 2,657 5,012 292,456 244,912 Charftable a¢tivlties Community Depreciation transport Total 2024 Total 2023 Staff costs Depreciation and impairment Vehicle and fuel costs Cleaning costs Volunteer expenses Unifomi costs Rent. rates and insurance Light and heat Repairs and renewals Printing, stationery and advertising Telephone and postag8 HP interest and charges Staff recruitment and training Legal and professional fees Audit and accountsncy fees Bank charges, interest and loan Int8rèst Office sundries 802,684 802,684 51,062 382,923 2,458 1,643 5.367 40,605 6.370 12,680 4,563 5,275 8.049 214 27,404 7.750 2,429 6,994 682,986 47,315 404,635 2,573 1,097 52 39,414 6,369 12,364 2,968 5,358 8.Q49 2,726 20,470 7,565 2,088 6.260 51,062 382,923 2,458 1,643 5,367 40,605 6.37Q 12,680 4,563 5,275 8,049 214 27,4Q4 7,750 2,429 6.994 1.317,408 51.062 1,368,470 1,252.289 Anatysls by fund Unrestricted funds 1,317.408 51.062 1.368,470 For the year ended 31 March 2023 Unrestricted funds 1,204,974 47.315 1,252,289 16-
WALSALL COMMUNITYTRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement in funds 2024 2023 The net Movement in fvnds Is stated after chargingl(crediling): Fees payable for the audit of the chatity's financial statements Depreciation of owned tangible fixed assets Profit on disposal of tangibla fixed assets Operating lease charges 4,725 51.062 4.500 47,315 (2,1281 32,000 32.000 Trustees None of the Trusteas (or any persons connected with them) received any remuneration or beneflts from the Charity during the year. Employ8eS The average monthly number of employees during the yearwas.. 2024 Number 2023 Number Staff 42 40 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 741,411 46,957 14,316 633,306 36,146 13,534 802.684 682.986 There were no employeas whose annual remuneration was mor6 than £60.QOO. Remuneration of key management personnel The remuneration of key management personnel was as follows: 2024 2023 Aggregate compensation 58,680 57,352 10 Taxation The ¢harity is ex8mpt from taxation on its actlvitles because all its income Is applied for charitablè purposes. 17-
WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Tangible fixed assets Leasehold property Improvèments ptant and Flxturas, ma¢hlngry fittings and equlpment Computsr equlpment Motor vehicles Total Cost At 1 April 2023 Addllons 27,927 17,225 31,127 20,788 1,467 864,067 1,300 961,134 2,767 At 31 March 2024 27,927 17.225 31,127 22.255 865,367 963,901 Depreciation and impairment At l April 2023 Depreciation charged in the year 27.076 13,370 27,665 19,461 623.104 710,676 502 519 777 48.300 51.062 At 31 March 2024 27,578 14,334 28,184 20,238 671,404 761,738 Carrying amount At 31 March 2024 349 2,891 2.943 2,017 193,963 202,163 At 31 March 2023 851 3,855 3,462 1,327 240,963 250,458 The net book value of tangible fixed ass8ls includes £67,568 (2023 - £84,459) in respect of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £16,891 (2023 £21,114) for the year. 12 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 39,058 66,033 19.306 59,826 72,458 12,587 124.397 144,871 13 Creditors.. arnounts falling due withln one year 2024 2023 Notes Bank loans Obligations under finance leases Othar taxation and social security Trade creditors other creditors Accruals and deferred income 15 16 9,980 13,068 12,184 44,485 3,299 9,226 9.960 33,784 8,661 102.981 2,10Q 29,675 92,222 187,161 18-
WALSALL COMMUNITYTRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Creditors." amounts falllng due after more than one year 2024 2023 Notss Bank loans Obligations under finance leases 15 16 11,707 1,050 21,707 14,216 12,757 35,923 15 Loans and overdrafts 2024 2023 Bank loans 21,667 31,667 Payabl8 Wlthin one year Payable after one year 9,960 11.707 9.960 21.707 21.667 31,667 A Bounce Back Loan was reIved in tha year ended 31 March 2021. No repayments or interest were due from the company for a period of one year, aft8r which interest is charged at 2.5010 and repayments are due over a period offive years. This is a Govemment backed loan with no security required on the Charitys part. 16 Finance lease obllgatlons Future minimum lease payments due underfinance leases: 2024 2023 Within one year Within two and flva years 13,068 1.050 33.784 14.216 14,118 48,000 Net obligations under finance lease contracts are secured on the assets to which they relate. 17 Retirement benefil schemos 2024 2023 Deflned contribution schemes Charge to profit or loss In respect of defined contrtbutlon schemés 14.316 13,534 The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independantly administered fund. 19-
WALSALL COMMUNITYTRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Operatlng lease cornmltments Al the reporting end date the Charity had outstanding commitments for future minimurn lease payments under non-cancellable operating leases, which fall due as follows: 2024 2023 Within one year Beeen two and five years 32,000 64,000 32,000 96,000 96,000 128,000 19 Related party transactions Th8re w&re no disclosable related party transactlons during the year12023 - none)- 20 Charges Lloyds Bank plc holds a debenture dated 10 March 2006 over the undertaking and all property and assets present and future including goodwill. book debts, uncalled capital, buildings, fixtures. and fixed plant and machinery. 21 Members, liability The company is limited by guarantae, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1. 22 Cash generated frorn operations 2024 2023 Surplus for the year 39.622 8,214 Adjustments for. Gain on disposal of tangible fixed assets Depreciation and impaimient of tangible fixed assets {2.128) 47,315 51.062 Movements in working capital= Decreasel{increase) in debtors (Decrease)lincreas8 in créditors 20,474 (74,223} {42.579) 65,842 Cash generated from operations 36.935 76.664 -20-
WALSALL COMMUNITYTRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Analysls of changes In net Idebt)Ifunds At l Aprtl 2023 Cash flowsAt 31 March 2024 Cash at bank and in hand 26,515 (9.714) 16,801 Loans falling due withln one year Loans falling due after more than one year Obligations under finance leases {9,960) (21,7071 (48,000) (9,960) (11,707) (14.1181 10,000 33.882 (53,152) 34.168 {18,9841 21