Herts aJL ility Registered Number.. 03249335 Charlty number: 1059015 HERTS ABILITY LIMITED (A Company limiled by guarantee) TRUSTEES. REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 HERTS ABILITY LIMITED CONTENTS Page Legal and administrative information Truslees. Annual Repcxt Independent Examiners. Rewt Statement of financial activities 10 Balance sheet 11 Cash flow statern6nt 12 Notes to the Financial Statements 13-20 HERTS ABILITY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Herts Ability Limited is regislered as a charity and is a company limited by guarantee govemed by its Articles ol Association. Company No. Charity No. 03249335 1059015 Directorsrrrtsstees The directors of the Charitable company (the Charity) are its Irustees for Ihe pjrposes of charitable law and, throughout this report, are collectively referred to as the trustees. The trustees serving during the year and since the year end T•￿￿ as follows: Trustees Mr N Dotchln (Chair) Mrs P Read Mr K Parker Mr A Picken Mrs B McNeil Mrs A Mehmet-Garrison Ms V Arey Dr A Chandrayan (apwnted 4th December 2023) Registered and Principal Office Suit 4 WentM)rth Lodge Great North Road Welwyn Garden Cty Herts England AL8 7SR Page 1 HERTS ABILITY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION (CONT'D) Indep•nd•nt •xamlner8 Moore Kingslon Smith LLP 4 Victoria Squa Victoria Street St Albans Hertfordshire AL13TF Bankers The c(￿OPerat￿e Bank plc 1 Balloon Street Manchester M60 4EP Fund managers CCLA Fund Managers Limited Senator House 85 Queen Victoria Street London EC4V 4ET Sollcltors Ewart Price 1&18 Church Road Welwyn Garden Cty Herts AL8 6PS Page 2 rts HERTS ABILITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 aBL ility n￿llIty I l advice The highlighi of ihe year ihe successful mol'e of Hens Abilily (HA) lo new. larger hcadquartcrs in Welwyn (iarden L ity. At ihe same time. Ihe charity continued to grow, and expand it5 sern'ices. wilh the focus on drii'ing assessments and its drii'ing school. Non¢ ofthis could have been achieved w'iihoui ihe dedication and commilment ofHA's %laff, and continued funding from the Department for Transport. From thc orriccs in Wclwyn Gardcn City and our outreach ccntrcs. wc werc able lo offer a full range of services in Henfordshire and surrounding are&s, to meel the needs of ihose with a di%ability or reduced mobility. In addition to standard driving (Lsse%smenl%. sepw'ice includcd asscssing Icarncr drivcrs w'iih mcdical condilions. Ihcory supwrt scssions. hi-tcch dri& ing a￿SSments, and an older drI￿'ers. initialive. Wilh incrcascd dcmand for HA"s scrviccs. it was rccogniscd that cffon should bc pul into recruiting additional staff. &$ well as relaining existing slaff. This has proved successful despite the challenges arising from the prevailing economic climate. There was a strategy to cnhancc staff dcvelopmeni during the year. and it was agreed that thcrc should bc a pay risc for staff in ihe new financial year. Many of ihe slatTactivcly participatcd in Driving Mobility projects during thc year, which ensured representation in ongoing and fuiure initiatives. Th¢ facl thal our C EO is now also Chair of Drivingmobility reflecL% ￿'ClI on Hert% Ability. Thcre were cfforts to expand partncrships with healthcare institutions during the year, reflecting HA'S commilmenl to enhanLing paiient care and acce55ibiliiy lo our specialised ser%'ices. Social media visibility continued to be enhanced. as well as collaboration with local charities and organisations to extend thc reach of HA. During thc year ￿'C hoslcd training and open days for dri￿ ing inslructors and healthcare professionals. and the r￿s( of our open days in 20231?4 ￿.111 be held in July at Harlow. Wilh funding from D￿. we also sel up a Transport Hub ai the Easi London Driving Centre. to provide Mobility Advice services. The person to head up the Hub will take up their appointmcnt at the beginning of the new financial year. They will work in conjunction with the Hub already sel up io cover North London. Hertfordshire and adjacent counlies. Looking ahead. we will be seeking to ensure the conlinued growth of HA. Projects idenlified in our bu.4ine%s stralegy for 2023;'24 have been discussed and agreed with slaff and ihe Board. The Charity's financial position and fun(Ls raised continued to be monitored by the Board against targcis, as pan of ihc budgciing and monitoring proccss. Thc position for 2023124 is summarised in Annex l. In managing the activities of Herts Ability. the Truslees confitm that Ihey have complied w'iih their duty lo haN'e due regard io ihe Chariiy Commission's public b¢nefii guidance when exercising any powers or duties to which ihe guidance is relevani. A list of ihe Truslees and 'Associaie Board Members. who served during the year is on page l. We were particularly pleased to welcome Alka Chandrayan as a new Trustee. Details of Page 3 rts HERTS ABILITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 aBL ility iillty I , their res￿nsIbil111eS elc, together wilh the Charity's objectives, are sel out in Annex 2. All of the Truslees are volunteers. and spent on average 213 days per month attending Board and oiher meelings. eiiher in ￿r$On or on-line. and &s%isting in N'arious aspecl.s of the Charity's operations. including marketing. None ot-the Trustees were paid any remuneralion or receii.ed any other benefits. There was the opportunity to participate in external (online) Iraining on improving the perfonnance of Boar(Ls and good governance. as recommended by the L harity Commission. l advice This report has bccn prcparLxI in accordancc with the spccial provisions of part 15 of Thc Companies Act 2016 relating lo small companies. 26.09.24 Thc rcport was approvcd by ihc Trustccs on .........., and signed on ihcir bchalf by: igel Dotchin, Chair. Board of Trustees Page 4 rts HERTS ABILITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 aBL ility n￿llIty I l advice ANNEX I Financial Review 2023124 The charity's financial position and funds raised continue to be monitored by the Board of Twstees against targets, as part of the budgeting and monitoring process. By the end of the 2023124 finanrjal year. Herts Ab"lity was in a lar better financial posrtion than it had been, even before the onset of Ihe CovKI-19 pandemic. The trading surplus of £ 23.2k in 2023124 had decreased from £ 112.4k in 2022123, but the charity is d8arfy continuing to grow. Other financial Gonsiderations Reserves It is the policy of the charity to rnaintain surricient free reserves to support any shortfall in funding. replacement of ca￿tal items. unforeseen expenditure and deficits. Historically. the charrty has taken Ihe view that this should idealty be around 6 rnnlhs of expenditure. In 2023124, reserves were at the level of 6.6 months (compar8d with 7.8 months in 202W23). The reserves movement of £23.2k relates to charitable activits.es surplus and fixed assets disposal gains. The Btydrd is of the view that, wilh the planning and budgeiing thal is now in place, the resenrfes will continue to be at a manageable level. Investment pollcy The assets of Herts Abilty at 31 Marth 2024 included tangible fixed assets of £ 3.Ok. current assets to the value of £346.4k and a fixed assel investment of £106.5k (compared with £97.5k in 2022123). held in COIF Charities inveslment fund-income units. These investrnents are readity realisable in normal market conditions. and a buffer to cover any further deficits or oufflows. The Investment policy, applied to the fixed asset investments, has historically been based on a pdicy of low nsk with a feasonable capital growth in the medium to longer term and income. Considerats is also given to the ethical nature of the investrnenL Defined Benefrt Pension Scheme Commitment The Charity participates in the Locai Govemment Pension Scheme. 4vh•ch is a multiple empk)yer scheme. in relation to certain employees. The most recenl FRS 102 valuation provided by Hymans Robertson LLP in 2023124 Str￿4$ a pensions surplus of £939k compared with a surplus of £813k in 2022123. Following changes in government rules, we were advised that there W￿ld be nothing more to pay inio the local govemment pension scheme for al least the nexi 3 years. Donatlons and Fundralslng During 2023124, the Driving Centre generated its own inc4)me, but the charity also continL￿d to partly finance its activities by donations. These totalled £2.8k in 2023124" there were no legacy receipts. As our fundraising prcgramme. opportunities for holding events during the year remained minimal, and so brought in an InS￿nth¢8nt amount of money. As a resull. it was decided that Ihe focus of the fundraising strategy should continue to be on ccyporate furKlraisirrfJ. Page 5 rts HERTS ABILITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 aBL ility n￿llIty I l advice ANNEX 2 Constitution Herts Ability is registered &$ a company limited by guaranlee and was set up, under the previous name of Henford5hire Action on Disability. by a Memorandum of Association on 13 September 1996. The Memorandum and Articles were revised in September 2018 and February 2022. Trustees, Res onsibilities The Tru%tees (who are also directors of Herts Ability for the PUryK)se% of company la￿.> are responsible t'or preparing the Truslecs. report and financial stalements in accordance V*'ith appliLable law and United Kingdom Accounting Standards. (United Kingdom Generally Accepted Accounting Practice). Where turnover does not reach over £ I m (for which a full audit is needed). company law requires the Trustccs to prepare financial statements for cach financial year, which give a true and fair view of the state of affairs of th¢ charilable company and of its incom¢ and ¢xpenditure for that ￿riod. In pr¢paring th¢s¢ stat¢m¢nts. th¢ Tn￿1¢¢5 ar¢ rcquir¢d to: select suitabl¢ accounting policies and then apply ih¢m consistently; obscn'c ihc mcihods and principlcs in the Charitics. Staicmcnt of Rccommcndcd Praclice (SORP)- mak¢ judg¢m¢nts and ¢stimal¢s that ar¢ ￿aSOnabl¢ and prud¢nt; state whether applicabl¢ accounting standards. including FRS 102. have b¢¢n followe& subjecl lo any malerial depanures disclosed and explained in the financial statemenls; statc whcthcr a SORP applics and thc mcihods and principlcs in thc SORP havc bccn ob%er*'ed. subject to any material departures which are explained in the financial statLmcnls; prepare the financial statements on the going concern basis unle%5 it 15 inappropriate to presume that ihe charitablc company will continue in busines5. Th¢ Tru5tecs are responsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial p)sition of the charitable company and enable them to ¢nsur¢ ihal the financial stalements comply with th¢ Companies Act 2(X)6. They ar¢ also responsible for safeguarding the assets of the charitable company and hence for thking reasonable sleps for the prevenlion and deteclion of fraud and oiher irregularities. Page 6 rts HERTS ABILITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 aBL ility *)billty I l advice None of the Trustees had any beneficial interesl in any contract lo which the organisalion was party during the year. qethod of a ointment or electlon of Trustees Th¢ management of the Charity is the responsibility of the Truslees who are elecled for a period ot three yrars and co-opted under the ternis of the Articles of Association. At the end of thc thrce-ycar terni, the retiring Trustees have the option to stand for re-elcction. Rccruilmcnt of ncw Trusiccs is bascd on an idcnlificd skills gap. Thc Board has adopied thc Good Govcrnancc Code for Voluntary and Community Organisations. and new Truste¢s are duly inducted into th¢ work of th¢ organisation. Remuneration Policy Thc govcrning principlcs of Hcrts Ability's rcmuncration policy arc as follows.. to ensure delivery of the Charity'5 objectives; * to attract and retain a molivated workforce with the skills and eX￿rtI.￿e necvbsary for organisational effectiveness. to cnsure that remuncration is equitable and coherent across the organisalion: . to take accounl of the pUr￿ses. aims and values of the Charily. lo ensure thai pay levels and pay increases are appropriale in ihe contexl of ihe interests of our bencficiarics. In deciding rcmuneration for Herts Ability's senior management team. the Charity considered the poienlial impaci of Temuneralion levels and .4lruclures of senior execulives on the wider Chariiy workforce. and took account of th¢ follo￿,ing additional principl¢s: . io ensurc that thc Charity can access thc iypcs of skills, ex￿￿enCeS and compcicncics n¢¢d¢d in its s¢nior 5Lgff. and that th¢ 5￿CIfiC 5cop¢ of th¢s¢ rol¢s in th¢ Charity and the link to pay should bc rccogniscd: • the wider employment offer made to senior employees should recogni%e that pay is one part of a package that includes personal development. personal fulfilment and association with the public benefit delivered. The Charity recognises that it is. on occasion. possible to attract scnior cxcculivcs at a discouni io public scctor or privaic scctor markci rates. Staff reTnuncration foi Ihe yeaT ended 31 March 2024 comprised salary and pension contribulions. The lolal remunerntion of the senior management leam was £117.053 (2023: £107.580). Pag¢ 7 rts HERTS ABILITY TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 aBL ility n￿llIty I l advice Aims and Ob'ectii'es of Herts Abilih, Thc principal aim of Herts Ability continues lo be the provision of services to meet ihe needs of disabled people in the County of Hertford%hire and surrounding area that currently includes parts ot" Bedtordshire. Buckinghamshire, Cambridgeshire, North and East London. The objectives of the Charity are concerned with "delivering innovative, affordable and practical serviccs to disablcd pcoplc" As the population as a whole ages. more and more peoplc will necd hclp to kccp mobilc and indcpcndent. and the chariiy has an important rolc to play here as well. Durin¥ 2017-18 it w&% a¥reed to update the charity's objectives. to bring greater clarity to the organisation's role. These were agreed with the Charity Commission, and duly a￿eed by ihe Bo¢ird of TnL4tees in May 2018. The objectii'es were further revised in light of the pandemic in 2020121, and the tinancial circumstances of Hearts Ability identitied at the end of that rcporting year. Thcsc wcrc agrccd with ihc Charity Commission and approved by the Board ot. Trustees in February 2022. They ar¢ now: To rclicve and assisi pcoplc with physical and cognitivc dilTicultics. as wcll as those pcoplc 'ith reduced mobilily. or those who may be i'ulnerable lo such condilions by rea50n of age or illness. in any way which shall. tor the tiine being. be charitable in la￿.. We w.ill do this by: (a) promoting ihe improvement of sthndards of driving, and the advancemenl of road safety and travel; (b) the provision and assessment of equipmcnt. (c) prO￿.idIng advicc and sI￿posI1ng io clicnis, which could providc a springboard to othcr aclivities: and (d) promoting and organising co-opcralion with oihcr authorilies and volunlary organisalions in the achi¢v¢ment of the above objecliv¢s. In updating our objectives, the TnLStees have given due consideration lo the Charity Commission's published guidance on the operalion of the Public Benefit requiremenl. Page 8 Independent Examinerfs Report to the Members of Herts Ability Limited I report lo Ihe Irustees ￿ my eXaMinatM￿ of acccwnts of the above Charity ts the year ended 31 March 2024 Responsibilities and basis of report As the charity's trustees. yc)u are reS&￿SIble for the preparatim of Ihe a￿nts in a¢c(xdan¢e ¥*ilh the requirements of the Charities Act 2011 ("the Acl" I report in respect of my examination of the Charivs accounts carried out under section 145 of the 2011 Act and in ca￿Ying out my examination. I have followed all the applicable Direcb'ons given by the Chanty Commission under section 14515){b) of the Ad. Independent examlnerfs Statement The charity's gross income exceeded £250.OCQ and l am qualified to undertake the examinatkm by being a qualified member of Assocwlion of Chartered Certrf*d ACc￿nIants. I have c(Knpleted my exarninats"¢￿. I confimi that no malerial matters have ccmne to my attents.on in connection with the examination which gives me cause to believe that in. any material respect: 1) the accounting re￿r￿S were not kept in accordance ￿1th seclK)n 130 of the Charities Act; or 2) the accounts did not accord with the acrKJunb"ng records; or 3) the accounts did not comply wilh the applicable requirements c￿Cerning the form and content of accounts sel out in the Charities IAtCA)unts and Reports) Regulations 2CM)8 other than any requirement that Ihe accounts give a 'true and fair, view which is not a matter considered as part of an independent examinat￿n. I have no concems and have come across no other matters in connection with the examinatM)n to whith attention should be drawn in this report in order to enable a proper understanding of the ac¢rAJnts to be reathed. Noope K LAI Rog•r Ogden FCCA For and on b8hall ol Mooro Klngston Smlth LLP Chartere - Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland and the Companies Act 2(M)6 and Charits'es Act 2011. 1.2. Going Concern The Iruslees have assessed whether the use of goiThJ concem is appropriate and have consldered financlal infomiation for the current year to date, projections and possible events, including any on-going impact of ost of living crisis, or conditions that might cast significant doubt on the abilty of the charitable company to continue as a going concem and concluded that going concem is an appropriate basis on which lo draw up the accounis. 1.3. Incoming resources AJI income is recognised when there is entitlernent to funds, the receipt is probable and the arnount can be measured reliably. Donats"ons and grants, including grants in respect of major items of refurbishment. improvements or the purchase of fixed assets are recognised in the Statement of Financial Activities when receivable. Where income is received in advance of meeting any performance-related conditions. there is not unconditional entitiemenl to the income and its recognition is deferred and included in creditors as deferred income unts'l the perf0rniance-￿Iated conditions are mel. For legacies, entitlement is taken as the eartier of the date on which either: the charity is aware that probate has been granted, the esiate has been finalised and nottfication has been made by the executors lo the chartty that a distribution will be made, or when a distnbution is received from the estate. Receipt of a legacy. in wthole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distributTron. Where legacies have been notified to the charity or lh6 charity is aware of the grants'ng of probate. and the criteria for income recognition have r￿1 been met, then the legacy is a treated as a conlingent asset and disclosed if material. 1.4. Resources expended Expenditure is included in the Statement of Financial Activities on accruals basis. Expenditure is recconised once there is a legal or constructs've ObI￿atr.0n Y4hich can be measured reliably. 1.5. Fund Accountinq General unrestricted fvnds are those available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Deslgnated furKls are also unrestrkted funds, but have been deS￿nated by the trustees for a partl(xlar purw)se. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The surplus of the defined benefit pansion scheme is only available to the charity to offset against the schemes. future obligations and recc¥Jnised as restrlcled funds. Page 13 HERTS ABILITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 1.6. Tangible fixed assets and depreciation Depreciation of tsngible fixed assets is calculated to wriie off tr￿•r ￿st or valuation less any residual value cNer their èstimated usèful lrfe. Leasehold Improvemenls 10% straight line Motor Vehicles 25% straight line Fixtures & Fittings 20% straight line Computer Equipment 33.3% straiohl line At the end of each repo￿.ng period. the resKlual values and useful lives of assets are reviewed and adjusted rf necessary. In addibon. if events or change in circumstances indicale that the carrying value may not be recoverable then the carrying values of tangible fixed assets are reviewed for impaiment. 1.7. Fixed Assets Investments Inveslmenls are initialty measured at their cost arKI subsequently measured al their fair value at each reporting date. Fair value is based on their quoted price (inclusive of accrued in¢x>me) at the balance sheet date without deduction of the estimated future selling costs. Changes in fair value and gains and losses arising on the disposal of investments are credited or charged to the income or experKJiiure section of the Statement of Financial Activities as 'gains or losses on revaluation of investrn8nt assets, and are allocated to the appropriate fund holding or disFosing of the levant investmenL 1.8. Stocks Stocks of goods for resale are stated at the lower of cost and net fealisable value. 1.9. Penslon Costs and other post-rellrement beneflts The charity operates a defined benefit pension scheme and defined contribulion pension schemes. Contributions payable are charged to the Statement of Financial Activities in the peric#J lo which they relale. The reporting requirernents of FRS102 have been applied. 1.10 Slgnificant judgements and estimates Preparation of the financial statements reqUI￿S managernent to make significant judgements and estlmates. No ilems in these financial statements include signif￿ant judgemenls and estimates that management has made in the process of applying these accountsng policies or that have a significant risk of causing materral adjustment to the carrying amount of assets and liabilities ￿thin the next financial year. 1.11 Financial assets Basic financial assets, whlch include trade and other receivables and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method. unless the arrangement constitutes a financing transaction, where the transaction is measured as the presenl value of the future receipts discounled at a mafket rate of interest. 1.12 Financial Liabilities Basic financial liabilities are inikn'alty measured at transaction price. Page 14 HERTS ABILITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 1.13 Operatlng Leases Rentals applicable to operats.ng leases wher8 susbstantialty all of the benefts arKI risks of ownershlp remain with the lessor are charged as an expense against income on a Str8￿ht11no basis over the period of the lease. 2 DONATIONS AND LEGACIES 2024 2023 Other Total Total Other donations & gift5 in kind Legaciès Total 2.781 2,781 3,553 3 INCOME FROM INVESTMENTS 2024 2023 Income from investrnents Interest received 2.840 6,074 2,840 2,176 Total INCOME FROM CHARrrABLE ACTIVITIES 2024 2023 Driving Centre OT Services Other 688,251 640.739 233 20.107 Total 693 811 The charity received government grants totalling £477k (2023: £354k> from the Department of Transport to fund the provision and development of tis Driving Centre Wew Garden City plus an additsonal £63k (2023: £11 Ok) in repect of the new Centre in East London and the set up of 2 hubs. Page 15 HERTS ABILITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 2024 2023 5 EXPENDITURE ON CHARITABLE ACTMTIES Direct SeNce Costs Direct Staff Costs Support Costs (see below, induding indirect stsff costs) Total 110.982 363,853 216.415 691250 100.309 288,295 167.338 555 942 Support costs are those shared costs ￿lch relate to the operation of the organisation and indude: Management Finance Office Services (including Recepti￿) Human Resources Health & Safety 62.931 13.084 110,074 1.489 2.360 11.392 4.500 6,982 3.170 433 57.612 12,422 66.974 1.445 2,330 12.869 Audit Fees PR & Marketing FRS17 Actuarial fees Other 8.596 Total 216 415 167 338 6 NET EXPENDITURE Net {expendilureyincorne is slated after charging: Depreciation Independent examiner's fees 2024 2023 3.051 3,097 7 STAFF COSTS AND NUMBERS 2024 2023 Wages and salaries Social securlty costs Pension costs - FRS102 charge Pension costs - Defined contribution scherne 391,280 33,498 335,775 29,500 14,556 6.150 371425 no. no. The average monthty number of stsff during the year was as follows: Employees (full time equivalent) 24 20 No employees received employee benefits (exduding employer pension costs) of more than £60,000 in the current or preceding financial period. There are no key personnel, nonexecub've trustees were used in Conjuncti￿ with other senior personnel of the organisation. The total employee benefrts of the Chariws key management personnel were £117,053 (2023: £107,580) Page 16 HERTS ABILITY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 8 TANGIBLE FIXED ASSETS Fumlture and Equlpment Totsl Cost At 1 April 2023 Additions Disposals Ai 31 March 2024 15,920 15,920 3.045 3,045 12,875 12,875 Depreciation Al 1 April 2023 Charge for year Disposals At 31 March 2024 9.￿1 3.051 3.045 9,907 9,￿1 3,051 3,045 9,907 Net book value Al 31 March 2024 At 1 April 2023 6.019 6,019 9 FIXED ASSET INVESTMENTS Investments Cost At 1 April 2023 Additions 62,561 At 31 March 2024 62,561 Rovaluatlon At 1 April 2023 Revaluation for the )ear Al 31 March 2024 34.978 8,959 43.937 Net book value Ai 31 March 2024 106,498 At 1 April 2023 97,539 All of the Fixed Asset Investments are held in the UK. The investments are held in the COIF Charities Investment Fund. managed by CCLA Fund Managers Lirnited. Page 17 HERTS ABILI￿ LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 10 DEBTORS 2024 2023 Du• wlthln on• y•ar Traoe Debtors Prepa￿￿nts and accrued income Olhef debt￿S 5,187 32.497 485 7.620 15.789 272 11 CREDITORS 2024 2023 Amounls falllng due wlthln on• ￿ar Trade creditors Accfuals and deferred inclyno Social security and other taxes Other craditors 15,469 45,869 8,146 5,013 69.265 11,407 2.863 Deferrèd inccffie b￿ght fornvard Deferred inccAne released Deferred income charge(I Deferred income carr￿d forward 59,258 (59,258) 31,879 31,879 132,842 {132.842) 59,258 59.258 12 COMMITMENTS UNDER OPERATING LEASES Al 31 March 2024 chanty had annual comilThnts under Tr)nrfancellable operating leases as sel out bel¢yw. 2024 2023 Operab"rvJ leases which eypir8.' Within 1 year Within 2 10 5 years 35,1 98,176 133,366 13 STATEMENT OF FUNDS Brought Forward IncornSng {Resources R•sour¢•s Exp•nd•d) Galnsl (Loss•s) CarTled Forward 2024 UNRESTRICTED FUNDS General funds Unresirbcied funds lolal 358.370 358,370 137,926 137 926 123.670 123,670 8.959 381,585 381,585 RESTRICTED FUNDS Transport and Oriving Centre Relocalion Restrthd funds total 7.807 7.807 567.580 (￿7.580) 7,807 7,807 Tot•1 of Fund• l>•lor• DBPS 358.370 705,506 1691.250) 8,959 381.585 Total of Funds Page 18 HERTS ABILif< LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 14 ANALYSIS OF NET ASSEfJ BETWEEN FUNDS Funds 2024 Funds 2023 Tongible fixe¢J 8$8et$ Fixgd assel Investrrv 6.019 97.539 343.3￿) 88.548 358.370 106.498 346,447 74.328 381.$8S ¢>•diiors > Sub total Total 358 370 15 PENSION COMMIThIENT8 employyes •rKI participales in fv poo￿0.3 frx relevant empknyees Frymn 1 ￿1 2003 t1￿ Chwty closed the Be￿[rt matching b￿1$. RegarthThJ ihe defined t￿efft scheme. the Charity pa￿1paleS in a L(￿1 Governr￿( PenSIc￿ S￿￿e. is a mu11￿4e employer 8¢l￿e, in oljtion to cwtsin emk*)ype5 Tr rroyt rLxxnt FRS 102 ¥JluJivi kY(wided by H￿n8￿5 LLP in Aw"12024 51 pen51ons 5urplu5 01 £939k Milh a gJrFkn of £813k n zo7￿. i>wty to fwKI the pensh?n corywnilrywl by payrtwnt (4 c4xthbuts.ons as determ•￿ by thfr ￿1￿￿$. rnG(¥nlHd In th• b￿￿Tr¢• ¥h••t Fgir value ol aysets Prewt valu• of I￿ld•d h9bdrt Am¢)unts rneognls•d In th• SOFA Net SeThKe cost Interest Employer contrtAkn$ Actuarial galnllbssl ol Definod Sch•m I4.￿J) I8.￿j) 19,IXKI 91.ClXJ Falr Valu• of Plan Ass•ts Openiro Fair of Pkn Assets C(mtributions paid Benèfit$ paid R￿urn an assèts Actuarial galnsl{108sesl Closlng Falr valu• ol Pkin A8Mts 1.592.(K(I 1.757.(KKJ 139.CKKII 75.¢X 76.0 1.705.000 137,IXKII 47.IXKI 176.IXKI 1.592.000 D¢fin•d B•n•fft Obllg•ll Opening defi￿ benefit Servic• cost Inièrest c￿tri1Xrt1On1 Actuarial hJssesl{gairk5) Beneffts paid Clo#ino dtyfinod b•n•fit ob16u*ii 779,L 1,012.lJX I15.(￿) 139.CKX) 766.000 (264.(WJl 37,(ts) Pty• 19 HERTS ABILITh LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (CONTINUED) 15 PENSION COMMrrMENTS (CONTINUED) Pension costs are alk￿led based on the siaff costs of the empbjees engaged In the relevant actsvities. The surplus (asset) indicated by the difference between the value of the scheme assets and the defined benefit obligation has not been re¢￿JnI5ed on the Balance Sheet in axordance wtih FRS102 Secllon 28.22. refund of the surplus and no movement in Ihe surplus are shown In the finanaal statements. The employer does nol have a right to a refund of Ihe surplus and no movemenls in the surplus are shown in the financial statements. 16 RELATED PARTIES DurirKJ the year £Nil (2023: £Nill travel expenses were reimbursed to trustees. Trre a￿ no other related party transaclions that require disdosure. 17 SHARE CAPITAL The Charity is a company limibJ by guarantee. Page 20