Waltham Forest Community Transport Limited Annual Report and Flnancial Statements 31 March 2025 Company Registration Number 03073284 {England and Wales) Charity Reglstration Number 1048701
Contents Reports Reference and administrative information Report of the Management Committee Independent auditorfs report 10 Financial statements Statement of financial activities 155 Balance sheet 16 Statement of cash flows 18 Principal accounting policies 19 Notes to the financial statements 22 Waltham Forest Community Transport Limited
Reference and administrative information Members of the Management Committee Paul Leslie (Acting Chair) Sabir Bham (Acting Chair- resigned 8th March 2025) Richard Mundy (Treasurer) David Williams Company Secretary and Director Helen Tredoux Registered office Low Hall Depot Argall Avenue London E10 7AS Telephone 020 85210665 Emall info c.co.uk Website www.communitytranspothf.co.uk Company registered number 03073284 (England and Wales) Charity reglstored number 1048701 (England and Wales) Audltor Buzza¢ott Audil LLP 130 Wood Street London EC2V 6DL Bankers Co-operative Bank PO Box 101 1 Balloon Street Manchester M60 4EP Waltham Forest Community Transport Limited 1
Report of the Management Committee Year to 31 March 2025 The Management Committee presents its report with the financial statements of Waltham Forest Community Transport for the year ended 31 March 2025. This report, which constitutes a directors. report for company legislation purposes. has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006, and has been prepared in accordance wilh Part 8 of the Charities Act 2011. The financial statements have been prepared in accordance with the principal accounting policies set out on pages 19-21 and comply with the requirements of the Charities Act 2011, the Companies Act 2006. the charitable company's Memorandum and Articles of Association, applicable laws, and 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 United Kingdom and Republlc of Ireland (FRS 102>, and FRS 102. Governan¢e, structure and management Waltham Forest Community Transport (WFCT> is a charitable company, limited by guarantee, Company No. 03073284 (England and Wales) and is registered with the Charity Commission, Charity No. 1048701. The charitable company was incorporaled on June 22, 1995 and registered as a charity on August 16, 1995. The charitable 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 AssoGiation. The Memorandum and Articles were updated at a General Meeting on 31st March 2022. In the event of the company being wound up, members a required to contribute an amount not exceeding £5. The charity's senior employee has the title Director and Company Secretary but is not a member of the Management Committee and therefore not a company director or charity trustee. Recrultment and appolntment of members of the Managèment Committee The directors of the company are also charity trustees for the purposes of charity law and are the Members of the Management Committee under the company's articles. The MC aims to reflect the diverse needs of our user groups and their members. our passengers. We actively seek to enhance the pool of potential committee members who are represenlative of all areas of the community. Where gaps are identified, we target specific areas for recruitment. The MC reviews annually the existing skills of its members and seeks to gain outside support from advisors and volunteers on specrfic issues (e.g. marketing). Training is offered to all MC members (see below). Waltham Forest Community Transport Limited
Report of the Management Commtttee Year to 31 March 2025 Governance, structure and management (continued) Member induction and training A member induction meeting is arranged for all new MC members immediately following the AGM. This is usually led by the Company Secretary and Director of the charity. The initial induction enables members to familiarise themselves with- • the charitable company's governing documents • the latest financial accounts + the obligations of members + procedures for meetings the charity's staffing framework New members a encouraged to take up additional training opportunltles throughout their term of office. Information regarding training opportunitles is provided to members. An annual financial training session is provided to MC members. The following members were in office at 31st March 2025 and served throughout the year except where shown: Board member Appolnted I resigned Dr Sabir Bham Mr Paul Leslie Mr Richard Mundy (Treasurer) Mr David Williams Resigned 8th March 2025 Key management personnel Helen Tredoux Director and Company Secretary Nayyer Abbas Syed General Manager Alison Fowlerlouis Fleet Supervisor Remuneration for these personnel. and all staff, is set by comparison wlth similar voluntary organisations. Despite the economic climate, we have managed to provide all staff with pay increases at or above inflation. Community Transport Waltham Forest is one of the few transport organisations accredited as a London Living Wage employer. The Management Committee reviews salaries and hourly pay rates annually. Risk Management The Management Cotnmittee uses its annual busines5 planning process to ensure that it is aware of the risks to which we are exposed. Where possible we have systems and procedures in place to mitigate the risks facing the charity. We maintain a Risk Register, which is reviewed by the Management Committee annually. Examples of Risk Management include: Waltham Forest Community Transport Limited
Report of the Management Committee Year to 31 March 2025 Governance, structure and management (continued) Human Resources There is a risk of losing key staff, work overload and reduced capability to respond to our member groups, needs. We have appropriate back-up plans. Procedures are in place to ensure compliance with standards for the employment and management of staff, as well as the health and safety of staff, clients and visitors. To help ensure our compliance we have contracted Croner Consultsncy to advise and support on HR matters. Premises We operate from a busy transport site owned by the London Borough of Waltham Forest (LBWF). The need to avoid accidents bylwith people or vehicles is paramount. WFCT has a staff member attending health and safety meetings affecting the charity's premises, storage and parking. The results of these meetings are reported to members. Drivers and Training Our business depends on providing safe journeys 1000/0 of the time, Our drivers, competence and attilude are key elements. Our Fleet Supervisor undertakes annu81 risk assessments for the drivers we employ, and we receive professional support and advice through the national Community Transport Association ICTA). We have adopted the nationally recognised MIDAS system of driver training to ensure consistency in driver standards. This system is used by WFCT and for drivers from our member groups which use our vehicles on a self-drive basis. Stsff have DBS checks where appropriate. VehiGles We employ an external examiner to check all vehicles regularly. All recommended maintenance and repairs are carried oul. We acquire newer minibuses by (a) purchasing when funds are available and (b) leasing. The fleet is fully ULEZ-compliant. We intend moving to even more environmentally friendly minibuses (hybrid andlor electric) as soon 8S that becomes practicable. Quality Standards WFCT is accredited by the Fleet Operator Recognition Scheme (FORS) which aims to raise the level of quality within fleet operations and to demonstrate which operators are achieving exemplary levels of best practice in safety. efficiency, and environmental prolection. We are audited annually by FORS. Governance, structure and management (continued) Organisational StruGture The Members of WFCT are the trustees of the charity. They are the directors of the company. They make up the management Gommittee. They may invite non-voting advisors. The member5 are responsible for setting our strategic direction, ensuring compliance with our governance and management of finances. Waltham Forest Community Transport Limited
Report of the Management Committee Year to 31 March 2025 The Director is responsible to the Management Committee and is also Company Secretary. Operational responsibility is delegated to the Director. The work of the charity, including service provision, staff supervision and liaison with the national body, is undertaken by the Director. along with the General Manager and Fleet Supervisor. Members meet staff and reGeive verbal and appropriate written reports at regular meetings. All meetings are minuted. Related partses WFCT is a member of the Community Transport Association {CTA). and we are guided by its national policies. WFCT actively uses the advice and information services of the CTA. Our Director represents us at the London CTA meetings. This is valuable In identifying relevant policy and legal developments and potential funding sources. We also work with many other local organisations and local authorities. Our alms and objectlves Our charity's purposes are set out in the objects contsined in the company's memorandum of association: THE OBJECTS of the Charity (the 'Objects") are, for the public benefit: to relieve poverty youth age sickness or disability by, in particular but without limitation. the provision of transport for individuals in need of such relief or to charities or other organisations that benefit such persons. and to promote social inclusion by preventlng people from becoming socially excluded. relieving the needs of those people who are socially excluded and assisting them to integrate into society. For the purpose of this clause 'socially excluded, means being excluded from society, or P8rt of society, as a result of one or more of the following faclors: poverty, youth or old age, sickness or dls8bility. How our activities deliverpublic benefit The main area of WFCT'S charitable activity is the provision of minibus and associated transport services to registered member groups. These are eligible groups who wish to use WFCT'S services on an occasional basis or regularly to meet their group travel needs. Who used and benefited from our services WFCT provides transport and training to local organisations in East London. In 2024125 we had 123 active member organisations spanning a wide range of voluntary, community and statutory organisations. The breakdown of membership at the end of March 2025 showed 250/0 Adult and Social Care organisations, 13 % Arts and Culture, 50/0 Elderly and Disabled, 5°/. Faith. 7¥0 Public serViS. 15% Schools and Colleges, 9% Sports. 140/0 Youth, 4% Housing, and 3 % Uniformed. Waltham Forest Community Transport Limited
Report of the Management Committee Year to 31 March 2025 Community Hires We offer a choice of minibuses from standard to accessible, enabling our member groups to select a vehicle best suited to the mobility needs of Iheir members. During 2024125. we achieved over 8,000 community hires carrying more than 94,000 passengers across all services, including shuttle seNices for events at the London Stadium. Gommunity Drivers WFCT provides drivers to those organisations unable to provide their own. Committed Seryices Committed services, where member groups have ongoing committed bookings, include day services for voluntary sector organisations and Adult and Social Care services. 1,709 trips were undertaken. Door to Store SeryiGe WFCT operates a grant funded Door to Store shopping service for elderly and dlsabled people in Waltham Forest. The service is funded by LBWF Adult and Social Care and forms an important part of enabling the elderly to retsin their independence, by providing accessible transport to local supermarkets for shopping. The service runs 2.5 days a week offering 3 trips a day to various supermarkets, with specific days allocated to specific areas in Waltham Forest. Door to Store continued through much of the year with 2,465 passengers using the service for outward and return journeys. Dial a Ride Setvlces We continued providing a number of Dial a Ride routes, carrylng 24,924 passengers over the year. Excurslons Club WFCT operates a Waltharn Forest Excursions Club programme offering seasonal outlngs to individuals at risk of suffering from isolalion and loneliness. During the year we ran 32 trips with 384 passengers on outings to places of interest. Waltham Forest Community Drivlng School WFCT has been a local provider of MIDAS (minibus awareness training) for more than 10 years. The training register is managed nationally through CTA UK and is aimed at anyone driving a minibus. WFCT offers this service locally through a new online training system tnanaged by CTA UK. The training schemes are monitored to ensure WFCT continues to provide training to meet the needs of our member groups. Monitoring We use customer satisfaction surveys to measure the quality of our service and use opportunities such as special consultations to ensure thatwe continue to review our ServIS lo best meet our member organisations, needs. Waltham Forest Community Transport Limited
Report of the Management Committee Year to 31 March 2025 Newham Community Transport WFCT has been operating in Newham since 2011 and employs an Outreach Worker there, funded from our resources. Work focusses largely on reducing loneliness and isolation with additional vehicles available for hire by groups in the borough. Services currently provided include the Time Together Club (Sunday lunches for older people referred by agencies such as Social Prescribing) and an Excursions Club offering seasonal outings. 24 trips were organised, with 64 individuals taking part. A large proportion of activity in 2024125 centred on delivery of our Heritage Lottery funded 'Charabancs & Cadillacs, project. This included 12 heritage trips and 12 lunches with oral history and reminiscence sessions. Full project details Can be found at www.charabancsand cadillacs.co.uk Prlnclpal Funding Sources 830/0 of income from charitable activities came from committed seNices for our member groups. 16.3 /0 came from occasional hires and 0.7910 from our Community Driving School. We received £2.500 the L M Kendon Settlement Charity. which was used to help deliver the Time Together Club in Newham every fortnight for lonely and isolated individuals. The funding was fully utilised in the year. Heritage Lottery Fund awarded a £140,600 grant for our Charabancs & Cadillacs project, of which the final £94,215 was spent in the year (£46,445 was spent in the prevlous year). We wlsh to thank all those who gave grants and donations. Their support increases significantly the numbers of people who benefit from our servlces. ULEZ Fleet replacement programme This year we replaced a further 3 vehicles with compliant vehicles. Our fleet now fully m66ts the Euro 6 standard. We aim for a continuing vehicle modernising programme as funds permit. Financial review Financial Results The statement of financial activities discloses a surplus in net incoming resources of £101,452 (2024 - 65.056). Reserves at 31 March 2025 were.. unrestricted general funds - £774,881 and designated funds- £420.000. ReSenS Policy WFCT maintains a cautious reserves policy. with the goal of being able to remain in business, providing community services to our tnember groups. even when experiencing a significant reduction in income. Waltham Forest Community Transport Limited
Report of the Management Committee Year to 31 March 2025 Restricted funds arise from income granted to Community Transport that can be used only for the purposes specified in the grant. Our Treasurer regularly monitors the costs allocated against grants and reviews progress against the budget for each grant. Designaled Reserve funds are used to maintain adequate security for known plans and risks. At 31 March 2025 these totalled £420.000 for: Core Costs (3 months, core staff. running and other costs). Redundancy (to enable WFCT to redu services or wind up because of unexpected losses of funding. to ourselves or our member groups),. Working Capital (to manage cash), Future Community Servlces, to be delivered after year-end, and Fleet Renewal. Excluding designated funds, general unrestricted reserves tota5 £774,881 at 31 March 2025, of which £308,964 were free reserves. Responsibilbties of the mombers of the Managemont Commlttee The Members of the Management Committee (who are also trustees of Wallham Forest Community Transport for the purposes of charity law and direclors for the purposes of company law) are responsible for preparlng the Report of the Management Committee and the financial stalements, in accordance with applicable law and United Kingdom Accounting Practice (United Kingdom Generally Accepted Accounting Practice). Company law requires the Management Committee to prepare financl81 statements for each financial year which give a true and fair view of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the members are required to: + select suitable accounting policies and then apply them ¢onsistenlly- observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable for charities preparing their accounts in accordanGe with FRS 102. make judgements and estimates thal are reasonable and prudent,. state whelher applicable Uniled Kingdom Accounting Standards have been followed, Subject to any material departures disclosed and explained in the financial statements., and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. Waltham Forest Community Transport Limited
Report of the Management Committee Year to 31 March 2025 The Management Committee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure Ihat the financial stalements comply with Companies Act 2006. The members are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Management Committee is aware: • there is no relevant audit information of which the charitable company's auditor is unaware., and + the members have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. The members are responsible for the maintenance and integrity of the corporate and financial information included on charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial stalements may differ from legislations in other jurisdictions. Date: Q)9 2£- Company Secretary Waltham Forest Community Transport Limited
Independent auditor's report 31 March 2025 Independent auditoVs report to the members of Waltham Forest Community Transport Limited Opinion We have audited the financial statements of Waltham Forest Community Transport Limited (the'charitable parent company,) forthe year ended 31 March 2025 which comprise the group statement of financial activities. the group and charitable parent company balance sheets, and the group statement of cash flows. the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice), In our oplnion, the fsnancial ststements: give a true and fair view ofthe state of the group's and of the charitable parent company's affairs as at 31 March 2025 and of its income and of the group's income and expenditure for the year then ended,. • have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting PraGtice,' and • have been prepared in accordance with the requirements of the Companies AGt 2006. Basis for oplnlon 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 Sn the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company In accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilitles in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the group and charitable parent company's ability ta continue as a going concern for a period of at least 1ve 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. Waltham Forest Community Transport Limited 10
Independent auditor's report 31 March 2025 other information The other information comprises the information included in the annual report , including the trustees, 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 assuran conclusion thereon. Our responsibility is to read the other information and. in doing so. conslder whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemenls, we are required to determine whether this gives rise to a material misstatement in the financial statemenls themselves. If, based on the work we have performed, we conclude that there is a materlal misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnions on other matters prescrlb•d by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit: • the information given in the trustees. report, which is also the directors, report for the purposes of company law, for the financial year for which the financial statements are prepared Is consistent wllth the financlal statements. and • the trustees, report, which is also the directors, report for the purposes of company law, has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the group and charitable parent 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 whiGh the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us: or • the charitsble parent 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 Waltham Forest Community Transport Limited 11
Independent auditorfs report 31 March 2025 small COTnpanies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of Gompany law) are responsible for the preparation of the financial statements and for being satisfied Ihat they give a true and fair view, and for such internal control as the trustees delermine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparin9 the financial statements, the trustees are responsible for assessing the group's and the charitable parent company's ability to continue as a going concern, discloslng, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the charitable parenl company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbilities for the audlt ol the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fr8ud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users laken on the basis of these financialstatements, Irregularitles, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibililies, outlined above, to detect material misstatements in respect of irregularities, including fraud, The extent to whlch our procedures 8re capable of detecting irregularities, including fraud is detailed below.. Our approach to identfying and assessing the risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, was as follows: • the engagement partner ensured that the engagement team collectively had the appropriate cofflpeten, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations,- • we obtained an understanding of the legal and regulatory frameworks that are applicable to the group and the charitable parent company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006). those that relate to employment and data protection (General Data Protection Regulation). bus safety legislation and the Transport Act 1985: Waltham Forest Community Transport Limited 12
Independent auditor's report 31 March 2025 • We understood how the group and charitable parent company are complying with those legal and regulatory frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of the minutes of trustees, meetings. and • Identified laws and regulations were also communicated within the audit team regularly and the team remained alert to InStanS of non-compliance throughout the audit. We assessed the susceptibility of the group and charitable parent company's financial statements to material misstatement. including obtaining an understanding of how fraud might occur. by: making enquiries of management as io thelr knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mltlgate risks of fraud and non-complianGe with laws and regulations. To address the risk of fraud through management bias and override of controls we., • performed analytical procedures to identify any unusual or unexpected relationships: • tested journal entries to identrfy unusual transactions; assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; • tested authorisation controls on expenditure items, to check that all expenditure was approved in line with the group and charltable parent company's financial procedures,, • agreed financial statement disclosures to underlying supporting documentation. + read the minutes of meetings of those charged with governance,, and enquired of management as to actual and potential litigation and claims. There are inherent limitstions in our audit procedures described above. The more removed that laws and Tegulations are from financial transactions. the les5 likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identity non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence. if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website at YMw.frG.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Waltham Forest Community Transport Limited 13
Independent auditor's report 31 March 2025 Use of our report This report is made solely to the charitable company's Members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audil 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 the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Edward Flnch (Senior Statutory Auditor) For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL 6 October 2025 Waltham Forest Community Transport Limited 14
Consolidated statement of financial activities (including the Income and Expenditure Account) Year to 31 March 2025 unrestr.cled general Designated Restricted funds funds funds Total funds 2025 Total fund5 2024 Notes Income and expenditure Income from: Grants and donattons Investrnenls Charitable acAivibes Dlsposal of fixed assets Total income 37.125 8,124 1,535,367 18.938 1.599,5S4 96.715 133.840 73,674 8,124 7,448 1.535,367 1,4TI,108 18.938 96.715 1,696,269 1,558,230 Expendlture on: Charitable activities Totsl exp8ndltllTe 1,498.102 1.498,102 96,715 1,594.817 1,493,174 96,715 1.$94,817 1,493,174 Net In¢omo Transfers N•t m0Mnt In funds 101.452 (s,0001 96.452 101.452 65,056 11 5,000 5,000 101.452 65.056 Funds brought foTh¥ard 01 Apdl 2024 12 678.429 415.000 1,093,429 1,028,373 Funds carrled forward at 31 March 2025 774,881 420.000 1,194,881 1,093,429 The statement of financial activities includes all gains and losses in the year, and therefore a separate statement of total recognised gains and losses has not been prepared. All of the above amounts are related to continuing activities. Waltham Forest Community Transport Limited 15
Consolidated balance sheet 31 March 2025 Notes 2025 2025 2024 2024 Fixed assets Tangible assets 465,917 461,621 Current assets Debtors and prepayments Cash at bank and in hand 240.362 544,486 784.848 239,860 465,152 705.012 Current Ilabilities Creditors and accrued expenses 55,884 73,204 Net current assels 728,964 631,808 Total net assets 1,194,881 1,093,429 The fvnds of the charlty: Funds and reserves Unrestricted . General . Designated Restricted funds 774,881 420,000 678,429 415,000 10 1,194,881 1,093,429 These financial statements were approved by the members of the Management Committee and signed on its behalf by: Date.. Company registration number: 03073284 The notes on pages 22 to 30 form part of these accounts. Waltham Forest Community Transport Limited 16
Charity balance sheet 31 March 2025 Notes 2025 2025 2024 2024 Fixed assets Tangible assets 465,917 461,621 Current assets Debtors and prepayments Loan to East CT CIC Cash at bank and in hand 240,362 70,250 474,086 784.698 239,860 70,250 394,622 704.732 15 Current Ilabilities Creditors and acCrtd expenses 55,884 73,204 Net current assets 728,814 631,528 Total net assets 1,194,731 1,093,149 The funds of the charlty: Funds and reserves Unrestricted . General . Designated Restricted funds 774,731 420,000 678,149 415,000 10 11 1,194,731 1,093,149 These financial statements were approved by the members of the Management Committee and signed on its behalf by: Date: lo Ys Company registration number: 03073284 The notes on pages 22 to 30 form part of these accounts. Waltham Forest Community Transport Limited 17
Consolidated statement of cash flows year to 31 March 2025 2025 2024 Notes Cash flows from operating activities: Net cash provided by operdting activtlies 190 414 Cash flows from investing activities: Purchase of tsngible fixed assets Net cash used in invèsting activltles 111080 111080 228 360 228 360 Change In cash and cash equlvalents In the year 79,334 (64,911) Cash and cash equlvalents at 1 Aprll 2024 465,152 530,063 Cash and cash equlvalents at 31 March 2025 Notes to the statement of cash flows for the year to 31 March 2025 A R8¢onclllatlon of net movement In funds to net cash provided by oporatlng actlvltles 2025 2024 Net movement In funds (as per the statement of tlnanclal actlvltles) Adjustments for: Depreciation charge (Increase) In debtors (Decreaseifincrease in creditors Net Cash provlded by operatlng actlvltles 101,452 65,054 106,784 {502) 82,896 <2,085) 190 414 8 Analysis of cash and cash equlvalents 2025 2024 Cash at bank and Sn hand Total cash and cash equivalents 544,486 544.486 465,152 465,152 No separate reconciliation of net debt has been prepared as there is no difference between the nel cash {debt) of the Gharity and the above cash and cash equivalents. Waltham Forest Community Transport Limited 18
Principal accounting policies 31 March 2025 The principal accounting policies adopted, judgernents and key SoUrS of estimation uncertainty in the preparation of the accounts are laid oul below. Basis of preparation These financial statements have been prepared for the year to 31 March 2025. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102} (Charities SORP FRS 102) secon edition issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest pound. Basis of consolidation The consolidated statement of financial activities and group balance sheet consolidate the financial statements of Waltham Forest Community Transport Limited and its subsidiaries, made up at the balance sheet date as Waltham Forest Community Transport Limited either owns the entire share capital of the subsidiary or assumes control of the entity. Crltlcal accountlng •stimat•s and aroas of judg•m•nt Preparation of the financial statements requires the members of the management committee to make significant judgements and estimates. The Items In the financial statements where these judgements and estimates have been made include: estimating the useful economic life of tangible fixed assets., and apportionment of expenditure across each aclivity. Assessment of going concern The members of the management committee have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have Tnade this assessment with respect to a period of one year from the date of approval of these fsnancial statements. The members of the management committee of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the abilily of the charity to continue as a going COnrn. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. Waltham Forest Community Transport Limited 19
Principal accounting policies 31 March 2025 Fund accounting Unrestricted general funds are available for use at the discretion of the members in furtheran of the general objectives of the charity. Designated funds are unrestricted funds earmarked by the members for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal. Income recognition All income is included in the statement of financial activities when the charitable company is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific poli¢les are applied to particular categories of income., Voluniary Income is received by way of grants, donations and gifts and is included in full when the charity becomes unconditionally entitled to the grant. • Grant income, which is related to performance and specific deliverables, Is accounted for as the charity earns the right to consideration by its performance. • Donated services and facilities are included at the value to the charitable company where this can be quantified. The value of services provided by volunteers has not been included in these acLounts. • Investment income is included when received. • Income from charitable activities is accounted for when earned. Expendlture Expenditure is recognised on an accrual basis as a liability is incurred. Expendlture Includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates: Charltsble expenditure comprises those costs incurred by the charity in the delivery of Its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary lo support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Gharity and include the audit fees and costs linked to the strategic tnanagement of the charitable company. Operating lease agreements Rentals applicable to operating leases where substanlially all of the benefits and risks of ownership remain with the lessor are charged on a straight line basis over the period of the lease. Waltham Forest Community Transport Limited 20
Principal accounting policies 31 March 2025 Tangible fixed assets Capital expenditure on items costing £5,000 or over is depreciated at rates designed to write off the costs over the estimated useful lives of the assets. calculated on the straight-line method, less any residual value. First-year depreciation on assets costing more than £5.000 is calculated pro rata in the year in which Ihey were purchased. Improvements to premises will be written off. on the straight-line method. over the life of the lease during which the expenditure is incurred. Depreciation is provided at the following annual rates on a straight-line basis in order to write off each asset over its estimated useful life: + Office equipment 250/0 on Cost Vehicles 10_200A on cost Debtors Debtors are recognised at their settlement amount. less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Creditors and provisions Creditors and provisions are reGognised when there is an obligation at the balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in setllement, and the amount of the setllement can be estimated reliably. Credltors and provisions are recognised at the amount the charity antlclpales it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such dlscounting is material. Parent charlty Information The parent charity, Waltham Forest Communrty Transport Limited, had total income of £1,6g6,269 (2024 - £1,558,230) and net income of £101,452 for the year ended 31 March 2025 (2024 - £65,056). The parent company has taken advantage of the exemption from preparing a separate income statement and statement of cash flows. No separate statement of financial activitie5 has been presented for Waltham Forest Community Transport Limited alone. as permitted by s408 of the Companies Act 2006 and paragraph 24.36 of SORP 2015. Waltham Forest Community Transport Limited 21
Notes to the financial statements Year to 31 March 2025 1 Company limited by guarantee Waltham Forest Community Transport Limited is a company limited by guarantee, and accordingly does not have a share capital. Every member of the company undertakes to contribute such amounls as may be required, not exceeding £5, to the assets of the charitable company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member. 2 Taxatlon Waltham Forest Community Transport is a registered charity and therefore is not liable to income lax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 3 Grants and donations Unrestricled Restrlcted funds funds 2025 Department for Transport. Bus SeNice Operators The L M Kendon Settiement Heritage Lottery 2025 Totsl funds 37,125 37,125 2,500 94,215 133,840 2,500 94,215 96,715 37,125 Unrestricted Restricted funds funds 2024 Department for Transport, Bus Servlce Operators Heritage Lottery 2024 Total funds 27,229 46,445 73,674 27,229 46,445 73,674 Grant providers have reservation of title to those assets Scquired with their capltal grants, in the event of the company ceasing to exist. Waltham Forest Community Transport Limited 22
Notes to the financial statements Year to 31 March 2025 4 Income from charitable activities Unrestricted Restricted funds funds 2025 Committed bookings fees and fares Membership fees (net of VAT) Community vehicle use Training to third parties 2025 Total funds 1.272,097 2.933 249,697 10,640 1,535,367 1.272.097 2.933 249.697 10,640 1,535,367 Unr8Stricted R8Stricted funds funds 2024 Committed bookings fees and fares Membership fees (net ofVAT) Communty vehicle use Training to third parties 2024 Total funds 1,234,868 3,197 228,568 10,475 1,477,108 1,234,868 3,197 228,568 10,475 1,477,108 5 Total resources expended Total funds 2025 Committed Casual Drivlng Bookings Bookings School Gover- nance Costs directly allocated to activities . Staff . Vehicles . Audit fee Statutory Mediczl Core insurance Marketing . Consultancy Driving School 186,950 36,6 413,642 81,193 1,564 3,460 225,210 498,295 9,090 315 178 6,206 1.872 325 11,562 9,090 315 148 29 6,206 1,554 270 305 53 13 11,562 Support cost allocated to actiwties . Staff Premises . Office njnning costs Other support costs Total funds 589,847 115.780 4.934 12,452 2.444 104 32.898 6.458 275 63,456 12,455 531 1,301.217 255,413 22,446 710,561 15,000 39,761 76,442 15,741 1,594,817 130 WaStham Forest Community Transport Limited 23
Notes to the financial statements Year to 31 March 2025 Total resources expended (continued) Total funds 2024 Commttied Casual Driving Bookings Bookings School Gover- nance Costs direcuy allocated to activities . staff Vehicles Audit fee . ststutory Medical . Core insuranc8 Marketing Consultancy Driving School 183.825 34.026 425,386 78.739 1,558 3.605 219,409 507,730 5,500 125 640 6,187 20,106 7,232 9,562 5,500 125 536 6,187 16,845 6,059 3,118 1,122 143 51 9,562 Support cost allocated to activities . Staff . Premises Office running costs . Other support costs Total funds 517.529 95,794 4,386 10.474 1,938 88 33,863 6.246 286 38,606 7,146 327 1,233,123 228,228 20,011 617,709 12,500 40,395 46,079 11,812 1,493,174 Costs are apportioned across charitable activities based on the proportion of Income received for that activlty during the year. Comparative information for expenditu, by fund, is as follows: Total funds 2024 Unrestricted Restricted Designated funds funds funds Expendlture Charitable activtties Total expenditure 1,482,869 1,482.869 10,305 10,305 1,493,174 1,493,174 5 Staff costs and emoluments 2025 2024 Wages and salaries Social security costs 796,742 58,389 855,131 25,906 881.037 762,692 52,755 815.447 21,671 837,118 Other staff costs No employee received emoluments of more than £60,000 in the year (2024: Nil). Waltham Forest Community Transport Limited 24
Notes to the financial statements Year to 31 March 2025 6 Staff costs and emoluments (continued) 2025 2024 No. 30 Average number of employees {E} 29 2025 2024 No. 42 Average number of employees (headcount basis) 41 The aggregate remuneration of key management personnel {Director and Fleel Supervisor) totalled £103,834 (2024- £108,295). Member remuneration and related party transactions., none (2024: none). No members received any remuneration during the year (2024: none>- Expenses amounling to £nil {2024: £nil) were reimbursed to. or paid on behalf of, members of the Management Committee. 7 Tanglble assets Vehicles Group and charlty Cost At 1 April 2024 Additions Oispos81s At 31 March 2025 793,840 111,080 (78,881) 826,039 Depreclatlon At 1 Aprll 2024 Dlsposals Annual charge At 31 March 2025 332,219 (78,881) 106,784 360,122 Net book value At 31 March 2025 At 31 March 2024 465,917 461,621 8 Debtors Group 2025 Charity 2025 2024 2024 Trade debtors Accrued Income Prepayments VAT recoverdble 96,425 98,434 26,689 18,814 240,362 103,508 93,188 23,075 20,089 239,860 96,425 98,434 26,689 18,814 240,362 103,508 93.188 23.075 20.089 239.860 Waltham Forest Community Transport Limited 25
Notes to the financial statements Year to 31 March 2025 9 Creditors and accrued expenses, amount falling due within one year Group Charity 2025 2025 2024 2024 Trade creditors Accnjals Other creditors Social Security and other laxes 22,412 5,000 (181) 28,653 55,884 38,547 4,500 {181) 30.338 73,204 22,412 5,000 (181) 28,653 55,884 38,547 4,500 (181) 30.338 73,204 10 Restricted funds Asat 1 April 2024 Asat 31 March 2025 Income Expenditur8 Group and charl Heritage Lottery LM Kendon Settlement 94,215 2,500 96,715 94.215 2,500 96,715 Asat 1 April 2023 A8al 31 March 2024 Incom8 Expendlture Grou and charlt Walthamstow and Chingford Almshouses Awards for All Communlty Fund 5.769 4,536 10,305 5,769 4,536 10,305 Purposes of restricted income funds.. • Heritage Lottery is for Charab8ncs & Cadillacs project. • LM Kendon Settiement was for the Time Together Club. • Walthamstow and Chingford Almshouses was for driver training. • Awards of All is the Time Together Club. Waltham Forest Community Transport Limited 26
Notes to the financial statements Year to 31 March 2025 11. Designated funds Asat 1 April 2024 Transfers Asat 31 March 2025 Group and charity Core costs Redundancy fund Working ca1 Future Communty Servlces Fleet Renewal 70,000 25,000 150.000 50.000 120,000 415,000 15,000 10,000 30.000 85.000 35.000 180.000 50,000 70,000 420,000 {50,000) 5,000 Asat 1 April 2023 Transfers Asat 31 March 2024 Group and charlty Core costs Redundancy fund Working Capital Future Community SeNices Leases Fleet Renewal 95,000 25,000 100.000 50.000 50.000 250.000 570,000 (25,000) 70,000 25,000 150,000 50,000 50,000 150,000) (130,000) (155,000) 120,000 415,000 Purposes of designated funds.. Core costs are to cover 3 months, costs for permanent staff and office and runnlng expenses etc. • The redundancy fund is to cover the cost of reducing services or winding up and is based on statutory redundancy levels. Working capital is to provide cash, allowing for delays awaiting payments against our invoices. + Future Community Services relates to community work to be deltvered after 31 St March 2025. Fleet Renewal is for purchasing vehicles. Waltham Forest Community Transport Limited 27
Notes to the financial statements Year to 31 March 2025 12. Net assets between funds Unrestricted funds Designated Restricted funds funds Total 2025 Fixed assets Current assets Current liabilities 465,917 364,848 (55.884) 774,881 465.917 784,848 (55,884) 1,194,881 420,000 420,00 Unrestricted D88ignated Restrictad funds funds funds Total 2024 Fixed assets Current assets Current Ilabllit18S 461,621 290,012 (73,204) 678,429 461,621 705,012 (73,204) 1,093,429 415,000 415,000 Net movement in funds This is stated after charging: 2025 2024 Depreclatlon Audllols remuneration Operatlng lease charges (Plant and ma¢hln8ry} 108,784 9,090 98,995 82,896 5,500 105,018 12 Operating lease Commltments At 31 March 2025, the total minimum lesse payments under non-cancellable operating leases were: 2025 2024 Operating lease commitments: Within one year Between one to five years Total 75,640 177,920 253,560 79,272 244,640 323.912 Waltham Forest Community Transport Limited 28
Notes to the financial statements Year to 31 March 2025 13 Related parties East CT Community Interest Company {'East CT,) is a wholly owned subsidiary of WFCT, set up to undertake commercial trading. It has not yet Iraded. Helen Tredoux (WFCT Company Secretary) and Richard Mundy {WFCT Treasurer) are directors of Easl CT. WFCT has loaned £70,250 (2024.. £70,250) to East CT for slart-up costs and working capital. The loan is repayable on demand. East CT has been set up lo provide transport services in East London with an emphasis on accessible and affordable transport for the widest range of local individuals, groups and organisations. As such the granting of the loan is considered to be within the charitable objects of WFCT. Furthermore, the sole beneficiary of East CT CIC is WFCT. Owing to the nature of the WFCT operations and the composition of the members of the Management Committee, being drawn from local organisations, it is inevitable that tran58Ctions will take pla with organisatlons in which a member may have an interest, All transactions involving such organisations are conducted at arm's length and in accordance with the charity's financial regulations and normal procurement procedures. 14 Subsldiary company At the year end, Waltham Forest Community Transport Limited Gontrols the following subsidiary entity. which is consolidated in these financial statements: Name Status Registratlon number East CT C,I.C. Company limited by shares {England & Wales) Company 08615580 The assets and liabilities of the subsidiary were: 2025 2024 Current assets Credltors: amounts fallSng due wlthln one year Nel assets 70,400 70,300 100 70,530 70,430 100 Waltham Forest Community Transport Limited 29
Notes to the financial statements Year to 31 March 2025 15 Comparative information Unrestricted general DesIated Reslrrcted fijnds fund5 funds Total funds 2024 Notes Income and expenditurè In¢om• from: Grants and donations Investments Charitable activities Totsl Income 73.674 7.448 1.477,108 1.558.230 73,674 7.448 1,477,108 1,558,230 Expéndlture on: Charitable activities Total oxpendituie 1,482.869 1.482.869 10,305 1,493,174 10.305 1,493,174 Net Incom& Transfers Net movoment In funds 75.361 155,000 1155.000} 230,361 1155,0001 110,3051 110,3051 65,058 12 13 65,056 Funds brought forward 1 April 2023 10 448.068 570.000 10.305 1.028.373 Funds carrl•d forward at 31 March 2024 678.429 415,QOO 1,093,429 Waltham Forest Community Transport Limited 30