Charity registration number 1059738 Company reglstratlon number 3289587 (England and Wales) EREWASH COMMUNITYTRANSPORT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
EREWASH COMMUNITY TRANSPORT LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Frank Phillips Chairman Mrs Pamela Phillips Mr Roger Green Mr Martyn Coldicott Mr John Frudd Secretary Mrs TM Appleby Ms J Hrynczyszyn Erewash Bough Councll elected representatlve Cllr. Linda Burns Charity number 1059738 Company number 3289587 Principal address Unit I Hallam Fields Road Ilkeston Derbyshire DE7 4AZ Audltor Afford Bond Holdings Limited Enterprise House 97 Alderley Road Wilmslow Cheshire SK91PT Solicitors Actons 20 Regent Street Nottingham NG1 5BG
EREWASH COMMUNITY TRANSPORT LIMITED CONTENTS Page Trustees, report statement of Trustees, responsibilities Independent auditols report Statement of financial activities Balance sheet Notes to the financial statements 10-20
EREWASH COMMUNITY TRANSPORT LIMITED TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present Iheir annual report and financial slalemenls for the year ended 31 March 2024. The financial slatemenls have been prepared in accordan with the accounting policies set out in nole 1 to the financial statements and comply with the company's governing documents, the Companies Act 2006 and "Accounling and Reporting by Charities.. Statement of Recommended Praclice applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" {effective 1 January 2019). Objectives and activities The Charity aims to provide a non-profit making, communily transport seNice for the benefit of th8 residents of Erewash and surrounding areas in Ihe interests of social welfare and for the preseN8tion of health of those in need, hardship and dislress by reason of age, infirmily, mental or physical ability with the objec( of improving their condition of life, SeNices may be used by community groupslindividuals meeting our eligibility criteria and who are affiliated with us and have pre-booked in advance. Services assist vulnerable children and adults to maintain independence and provide improved life quality, increase choice and assist with social inlegralion. Three lypes of service are currently provided {for those who are eligible).. Dial-a-Bus (door to town shopping) Group Transport (community and eligible groups) Contract work (home to schoolladull care centre transport) Public Benefit The Chariiy refers lo the Charity Commissions general guidance on public benefit when reviewing ils aims and objectives and planning future activities. Governing Documents-Trustee Recruitment Erewash Community Transport Ltd (ECTL) is a Registered Charity and Company Limited by Guarantee operating in accordance with current legislation (Companies Act '85 and Charity Commission) and by its Constitution and Mem. & Articles of Association. Election of Trustèes As required by the Articles of Associalion, newly elected Trustees and one third of those remaining musl retire annually by rotation. 2024 sees the retirement of John Frudd. When appointing Truslees, the Board considers our requirements and any specialist skills candidates may have. in accordance wilh current legislation determined by law. Candidates must be nominated by existing parties with the Board's agreement, in an 'ex-officio' capacity (without voting rights). Organisatlonal Structure Trustees must be aged 18+ and the Board musl consist of a minimum of 3 {wilh no maximum limit). Trustees are responsible for the Scheme's administration and hold m8elings (including Sub-cornmitteel regularly and as required to discuss development of Ihe Scheme. Two Managers employed by Trustees each having delegated authority to facilitate day lo day operations. Risk Management Trustees ensure a Risk Management system is used to regularly assess, identify and control polenlial risk with formal Trustee only meetings held as required. The professional services of an outside organisation are employed lo ensure compliance with Health & Safely and Employmenl Law. Tnjstee Induction and Training is available lo ensure Trustees understand their legal obligations under Charity I Company Law- Trustees are encouraged to attend induclion training so they are familiar with policies, procedures 8nd working practices.
EREWASH COMMUNITY TRANSPORT LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Working relationships Working relationships are established with: Nottinghamshire and Derbyshire Counly Council, on whose behalf seNices are provided. Nottingham County Council for funding provision Community Transport Association UK for advice and support and provision of MIDAS Training materials via annual affiliation Wendleberry Marketing for ongoing provision of developmental and marketing seNices InternallExternal Factors The entirely self-funded Dial-a-Bus service continues to operale in a reduced capacily. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake. Charitable Activities Th8 provision of specialised transport servIs. Financlal review The charity receives no external funding other than from Nottinghamshire County Council for the payment of CTA Annual Membership fee. Investment Policy and Objectives We have the power to invest to generate funds for conlinualion and development of seNices. Reserves Policy We will accumulale and hold reseTves at such levels required lo even out future fluctuations in income and expenditure whilst maintaining service provision. We are required by law lo ensure sufficient reserves are held l¢ashlassetsl lo be realised if necessary to cover costs involved in the event the Scheme 'winds up,. Our accounts show we can cover all costs involved. The Trustees has assessed the major risks lo which the company is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. Structure. governance and management The company is a company limited by guarantee and governed by ils Memorandum and Articles ofAssocialion and ils Constitution. The company is a registered charity and acts entirely as a non profit making organisation. The company registration number is 3289587. The charity registration number is 1059738. Trustees and their interests The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial stalemenls were.. Name of Trustee Mr Frank Phillips Chairman Mrs Pamela Phillips Mr Roger Green Mr Martyn Coldicott Mr John Frudd
EREWASH COMMUNITYTRANSPORT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Senlor Staff members delegated day-to-day management Mrs Tina Appleby {Financel Company Secretary Ms Jackie Hrynczyszyn (Personnel) Company Secretary Elected Representative Elected Representative of Erewash Borough Council for the period Jun 23-24 is Cllr. Linda Burns. None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee lo contribute £1 in the event of 8 winding up. Trade Creditors The company's current policy concerning the paymenl of trade creditors is to follow the CBI'S Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WCIA 1 DU). The company's current policy concerning the payment of trade creditors is to- settle the terms of payment with suppliers when agreeing the terms of each Iransaclion., ensure that suppliers are made aware of the terms of paymenl by inclusion of the relevant terms in contracts- and pay in accordance with the company's contractual and other legal obligations. Trade creditors of the company at the year end were equivalent to 4 days {2022: 59 days} purchases, based on the average daily amount invoiced by suppliers during the year. Audltor Audilors resolution will be proposed al the Annual Genera5 Meeting that Afford Bond is re-appointed as audilors to the charity for the ensuing year.
EREWASH COMMUNITY TRANSPORT LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 RBvlew and Futuro Plans 2024126 Frank Phllllp$, Chairman As always, I begln my report by thanking all our staff for Iheir hard work over the past year., our contlnued success and developmenl is due to their diligence and contlnued dedic81ion lo services and passengers. Ahhough we have slfug9led prevlously lo recrult 51aff (drivers) we do recognise there has been a UK wlde driver shortage, but l am happy to report that we have weathered thls parti¢ular slortn, and our recNllment procedure 15 back on track. In De¢èmber '22 we received funding from Nottinghamshlre Counly Council for Ihe provlslon of Marketing and Advertising servloes 8nd employed the seM¢es of Wendy Turland owner of Wendleberry Markellng- such was suucess of her efforts on our behalf we decided lo again employ her services for another year,. Wendy provided us with oxc811enl online based markèllng and development advlce and has again been able lo generate a considerable amount of new custom,. long may thls contlnue. We continue to provid8 management support for Communlty Transport Swadlincole Ltd ICTSLI. this arrangement continues lo work well. It is gratifying to note that. whilst we Ilve In uncerlain limes where essential servl¢es andlor fundlng is boing cul or withdrawn and many CT and community groups arè struggllng lo continue, CTSL aT)d ECTL contlnue lo flourlsh and grow as independent, suc¢e5sful organisatlons under the management of just three key ECTL personnel Tina Appleby, Jackle Hrynczyszyn and Linda Castle, although assistancè is also provided by full tlme drlvers too., so a blg thank you to Jayne, Darran and Mikel Management seIC&S can be provid¢d in perspn at either slte. from home or via remote working. Not only does thls level of management generale Income for both schemes, but it also WQTks exceptionally well due to the shared practi¢es and procedures implem8nted and because of the levèl ol experiènce key personnel provlde lo both. Early 2024 s8w the Introductlon by Derbyshire Counly Council of new mandatory safeguardlng measures In relation to DBS checks wllh additional emphasis belng placed on safeguarding. The aulhorily also confirmed plans to shortly Introduce mandatory Irainlng for all operators, includlng Emergency Flrst Aid Tralnlng, Safeguarding Trainlng and Epilepsy Awareness Training. There is no doubt about Ihe bgnefils these Changes wlll provide for th9 welfare of our passengers, but conslderation mu51 also be given to the impact of asso¢lated lime and cost implicalions. We are proud of our ongoing commitsnent lo MIDAS Training which is promded in addition lo our own (more CT focussed) training using our qualified Trainer$ Darren Reynolds and Jayne Plunkell who we are equally prDud of; between them they have amassed over thirly-five years of hands.on CT oxp8rlen¢e. MIDAS Drlver trainlng charbged in Jan 2024 as CTA introduced new training measures and methods. the mein change being the way driver theory tralnlng is now provided online. We anticipate this will save a considerable amount of tralning time a8 it may now be completed at any location. My future plans include further development of our current Services for communlly groups whose members would benefit from our transport serylces. I look fOard to anothèr successful year of operatlon for us all al Erowash Communlly Transport Ltd. I look forward lo another successful year of operation for us all at Erewash Community Tran5POrt Ltd. The Tru5tees' report was approvèd by Iho Board of Trustees. MrF nk Phllllps Chairnian By ord@r of Ihe Trustees
EREWASH COMMUNITY TRANSPORT LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees, who are also the directors of Erewash Community Transport Limited for the purpose of company law, are responsible for preparing the Trustees, Report and the financial slatemenls in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Praclicel. Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing Ihese financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., obseNe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and pnjdent., slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless il is inappropriate to presume Ihal the company will continue in operation. The Trustees are responsible for keeping adequate accounting records that disclose wilh reasonable accuracy at any time Ihe financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities.
EREWASH COMMUNITY TRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF EREWASH COMMUNITY TRANSPORT LIMITED OpSnlon We have audited the financial statemenls of Erewash Community Transport Limited (the 'company ) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet and notes to the financi81 stalemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 102 The Financi81 Reporting Standard applicable in Ihe UK and Republic of Ireland (United Kingdom GenerallyAcpled Accounting Praclicel. In our opinion, the financial statemenls.. give a true and fair view of the stale of the charitable companls affairs as at 31 March 2024 and of ils incoming resources and applicalion of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordan with the requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlernational Standards on Auditing (UK) {ISAs (UKI) and applicable law. Our responsibilities under those standards are further dascribed in the Auditors responsibilities for the audil of Ihe financi81 statements section of our report. We are independent of the company in accordance with the ethical requirements Ihat are relevant to our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficienl and appropriate to provide a basis for our opinion. Concluslons relating io going concern In auditing the finanGial statements, we have concluded that the Trustees, use of Ihe going concern basis of accounting in the preparation of Ihe financial statements is appropriate. Based on the work we have performed, we have not identified any materi81 uncertainties relating to events or Conditions that, individually or collectively, may cast significant doubt on the company's abilily lo continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of Ihe Trustees with respect to going concern are described in the relevant sections of this report. Other Information The other information comprises the information included in Ihe annual report other Ihan the financial slatements 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 we do not express any form of assuran conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, Gonsider whether the olher infomiation is materially inconsislenl with the financial statements or our knowledge obtained in the course of the audit, or othenMis8 appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this olher information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities {Accounls and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, report., or sufficient accounling records have not been kept-, or the financial statements are nol in agreemenl with the accounting records., or we have not received all the information and explanations we require for our audit.
EREWASH COMMUNITY TRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF EREWASH COMMUNITY TRANSPORT LIMITED Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibilities, the Trustees, who are also the directors of Ihe company for the purpose of company law, are responsible for the preparation of the financial statements and for boing satisfied that they give a true and fair view, and for such internal control as Ihe 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 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 to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the flnancial statements We have been appointed as auditor under section 144 of Ihe Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 detecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecling irregularities, including fraud, is detailed below. A further description of our responsibilities is available on the Financial Reporting Council's website at-. https=Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's trustees 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 charity and the charity's truslees as a body, for our audit work, for this report, or for the opinions we have formed. Peter O'malley ACA FCCA CTA (Senior Statutory Auditor) for and on behalf of Afford Bond Holdings Limited 11 Chartered Accountants statutory Auditor Enterprise House 97 Alderley Road Wilmslow Cheshire SK9 1PT Afford Bond Holdings Limited is eligible for appointment as auditor of the company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
EREWASH COMMUNITY TRANSPORT LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restricted funds funds 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donalions and legacies Charitable aclivilies Investments Other material income Other income 50 8,153 50 786,349 116,806 1,350 15,951 1,350 814,325 41,993 1,007 12,627 778,196 116,806 798,374 41,993 1,007 12,627 13,020 13,020 Total income 908,022 8,203 916,225 854,001 17,301 871,302 Expenditure on: Charitable activities Other expenditure 703,102 1,629 703,102 1,629 606,899 5,190 606,899 5,190 11 Total expenditure 704,731 704,731 612,089 612,089 Net income and movement in funds 203,291 8,203 211,494 241,912 17,301 259,213 Reconciliation of funds: Fund balances at 1 April 2023 2,877,958 2,877,958 2,618,745 2,618,745 Fund balances at 31 March 2024 3,081,249 8,203 3,089,452 2,860,657 17,301 2,877,958 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
EREWASH COMIVIUNITY TRANSPORT LIMITED BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Flxod iss¢ts Tangible assels Irbvestmenls 13 14 571,909 80,000 448,285 80,000 851,909 528,285 Current assets Debtors Cash al bank and in hand 16 120,517 2,366,043 76,793 2,303,073 2,486,560 2,379,868 Credltors: amounts falllng duo wlthin one year 46 (49,017) (30,193} Net current assets 2,437,543 2,349,673 Totsl assets le98 current Ilabilities 3,089,452 2,877,958 Net assets ex¢luding penslon liablllty 3,089,452 2,877,958 The fund$ of the compHny Reslricted Income funds Unreslrlcted funds 18 8,203 3,081.249 17,301 2,860,857 3,089,452 2,877,958 Th8 company Is entitlèd to Ihe exemplion from the audit requlremenl containèd in section 477 of the Companies Act 2006. for Ihe year ended 31 March 2024, although an audit has been carflel out under section 144 of the Charitles Act2011. The dlreclors acknowledge thalr résponsibilities for complylng with the r8quirements of the Companiés Act 2006 wllh respect to accounting rocords and the preparation of financial stalemenls. The rn&mber6 have not requir8d the company lo obtain an audit of ils financial statements under the requirements of lh6 Companles Act 2006, for Éhe year in qu8Stlon in accordance with secllon 476. These financial ststements have been prepared in accordancè with the provisions applicable to companies subject to the small companies regime. The fina clal statements were approved by the Trustees on hairman By order of thè Trustses Company registration number 3289587 (England and Wales)
EREWASH COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charity Informatlon Erewash Community Transport Limited is a privale company limited by guarantee incorporated in England and Wales. The registered office is . 1.1 Accounting convention The financial statements have been prepared in accordance with the company's Igoverning document], the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021" (effective l January 2019). The company is a Public Benefit Entity as defined by FRS 102. The company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial slatemenls have been prepared under the historical cost convention, Imodified to include the revalualion of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Going concern Al the time of approving the financial staternenls, the Truslees have a reasonable expectalion that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial slatemenls. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted funds are subject lo specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial stalemenls. Endowment funds are subject to specific conditions by donors that the capital musl be maintained by the company. 1.4 Income Income is recognised when the company is legally entitled to il after any performance conditions have been mel, the amounts Can b8 measured reliably, and il is probable that income will be received. Cash donations are rewgnised on receipt. Other donations are recognised once the company has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at Ihe time of the donation. Legacies are recognised on receipt or olherwise if the company has been notified of an Impending dislribution, the amount is known, and receipt is expected. If Ihe amount is not known, the legacy is Irealed as a conlingenl asset. 10-
EREWASH COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (Continued) Expenditure is recognised once there is a legal or conslruclive obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. ExpenditLsre is classified 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 lo a single activity are allocated directly to that activity. Shared costs which contribute to more than one aclivily and support wsts which are not attributable to 8 single activity are apportioned between Ihose activities on a basis consistent with the use of resources. Central staff cosls are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.5 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is reco9nised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases-. Land & Buildings Office Equipmenl Computers Motor vehicles 100/0 reducing balance 33.3 % straighl line 200/0 reducing balance The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in the slatemenl of financial activities. 1.6 Fixed asset Investments Fixed asset investments are initially measured al transaction price excluding transaction costs, and are subsequently measured al fair value at each reporting dale. Changes in fair value are recognised in net incomellexpendilurel for the year. Transaction costs are expensed as incurred. 1.7 Impairrnent of flxed assets At each reporting end date, the company reviews the carrying amounts of its tangible assels to delermine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, olher short-term liquid investments wilh original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 FTnanclal Instruments The company has elected to apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the conlractual provisions of the instrument. Financial ass81s and liabilities are offset, with the nel amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and Ihere is an intention to sellle on 8 net basis or to realise Ihe asset and settle the liability simultaneously. 11
EREWASH COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Basic financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest melhod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of Ihe future receipts discounted at a market rale of interest. Financial assets Glassified as receivable within one year are not amortised. Basic finanGial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaolion price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rate of inleresl. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. 1.10 Employee benefSts The cost of any Lsnused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminale the employment of an employee or to provide termination benefits. 1.11 Retirement benefits Payments lo defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estlmates and Judgements In the application of the company's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assels and liabilities that are not readily apparent from other sources. The estimales and associaled assurnplions are based on historical experience and other factors Ihat are considered to be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both currenl and future periods. 12-
EREWASH COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Voluntary income Restricted funds Restricted funds 2024 2023 Donations and gifts 50 1,350 Income from charitable activities Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Transport Services Contract transport Group transport Dial a bus Local government grants and gifts Department of transport 577,021 180,849 1,073 577,021 180,849 1,073 698,813 90,551 4,468 698,813 90,551 4,468 19,253 19,253 8,153 4,542 4,542 15,951 8,153 15,951 778,196 8,153 786,349 798,374 15,951 814,325 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Income from unlisted investments Investment income Rent receivable 32,500 78,306 6,000 7,500 28,493 6,000 116,806 41,993 13-
EREWASH COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other income Unrestricted Unrestricted funds funds 2024 2023 Services to Littles Other income - training 13,020 12,600 27 13,020 12,627 14
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EREWASH COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement In funds 2024 2023 The net movement in funds is stated after charging/{crediting)'. Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assels 66,775 1,629 73.704 5,090 Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from the company during the year. 10 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Office Drivers and escorts 32 30 Total 35 33 Employment costs 2024 2023 Wages and salaries Social security Costs Other pension costs 389,972 15,672 38,360 342,353 14,125 18,017 444,004 374,495 There were no employees whose annual remuneration was £60,000 or more. 11 Other Unrestricted Unreslrict8d funds funds 2024 2023 Net loss on disposal of langible fixed assets Net loss on disposal of programme related investmenlsfixed assets 1,629 5.090 100 1,629 5,190 16-
EREWASH COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 13 Tangible fixed assets Land & Bulldlngs Offlce Equipment Computers Motor vehlcles Total Cost At 1 April 2023 Additions Disposals 178,950 7,551 4,410 781,376 192,329 {11,5001 972,287 192,329 {11,500) At 31 March 2024 178,950 7,551 4,410 962,205 1,153,116 Depreciation and impalrment Al 1 April 2023 Deprecialion charged in the year Eliminated in respect of disposals 19,242 678 6,009 154 4,410 494,342 65,943 {9,571) 524,003 66,775 19,5711 At 31 March 2024 19,920 6.163 4.410 550,714 581,207 Carrying amount At 31 March 2024 159,030 1,388 411,491 571,909 At 31 March 2023 159,709 1,542 287,034 448,285 14 Fixed asset investments Unllsted Investments Cost or valuation At 1 April 2023 & 31 March 2024 80,000 Carrylng amount At 31 March 2024 80,000 At 31 March 2023 80,000 17
EREWASH COMMUNITYTRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Debtors 2024 2023 Amounts falling due within one year.. Trade debtors Other debtors Prepayments and accrued income 9,392 5,121 62,280 55,873 64,644 120,517 76,793 16 Creditors: amounts falllng due within one year 2024 2023 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 8,778 32,966 2,473 4,800 17,045 6,553 2,135 4,460 49,017 30,193 17 Retlrement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 38,360 18,017 The company operates a defined contribution pension scherne for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. 18 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject lo specific conditions by donors as to how they may b8 used. At 1 Aprll 2023 Incomlng At 31 March resources 2024 8,203 8,203 Previous year.. At 1 April 2022 Incoming At 31 March resources 2023 17,301 17,301 18-
EREWASH COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designaled funds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incomlng resources Resour¢es At 31 March expended 2024 General funds 2,877,958 908,022 1704,731) 3,081,249 Previous year: At 1 April 2022 Incoming resources Resources At 31 March expended 2023 General funds 2,618,745 854,001 {612,0891 2,860,657 20 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assels Investments Current assetsl(liabilities) 571,909 80,000 2,429,340 571,909 80,000 2,437,543 8,203 3,081,249 8,203 3,089,452 Unrestrlcted funds 2023 Restricted funds 2023 Total 2023 At 31 March 2023: Tangible assets Investmenls Current assetsllliabilities) 448,285 80,000 2,332,372 448,285 80,000 2,349,673 17,301 2,860,657 17,301 2,877,958 21 Financlal commltments, guarantees and contlngent liabilities The total financial commitments of the company were £nil {2023'. £3,594). 22 Trustee's remuneratSon and expenses Trustees received reimbursement for travel costs for attending meetings which amounted to £Nil (2023: £nill. 19
EREWASH COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Related party transactions Transactions with related parties During the year the company made sales of services and rent to Little Transport Limited tolalling £19,020 {2023'. £19.020) and purchases of goods and services totalling £48,671 (2023.. £33,311 }. -20-