Charlty reglstratlon number 1060980 Company registration number 03323024 {England and Wales) WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr T Organ - Chair Mr RAuger Mr G Heath Ms L S Mccall Mr P J Burgess Charity number 1060980 Company number 03323024 Prin¢ipal address Unit 13 Checketts Lane Industrial Estate Checketts Lane Worcester WR3 7JW Registered office Granta Lodge 71 Graham Road Malvern Worcestershire WR14 2JS Independent examlner Kendall Wadley LLP Granta Lodge 71 Graham Road Malvem Worcestershire WR14 2JS
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE CONTENTS Page Trustees report stalement of Trustees responsibilities Independent examlnels report ststement of financial a¢tivitles Balance sheat Statement of cash flows Noles to the financial statements 9-22
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial stalements for the year ended 31 Mar¢h 2024. The financial statements have been prepared in accordance with the accountlng policles set out In note 1 to the financial stst8ments and comply with the Charitys govemlng document, the Companies Act 2006 and "Accountlng and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportlng Standard applicable in th8 UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). Objective$ and a¢tivltles The past few years has seen Worcester Wheels suffer a number of major shocks to its operatlon. Firstly, the pandemic created an unprecedenled situation which tested the Volunteers, Operations Management and Trustees at the time to the Ilmlt. and in mor8 recent times the cost-of-livingcrisishas affected our service users dlsproportlonately, Despite this, Worcester Wheels continues to thrive and grow due to the dedication of everyone who conlributes to the charity, whether that be with their personal efforts. or financially. We are truly graleful. We alm to Implement a robust training plan to upskill all staff and volunteers in safety and delivery of community Iransport and working wlth beneficlarles Increase volunteer numbers by 500/0 to ensure effective runnlng of communlly transport provlslons Increase altendan¢e and marketing at evenls to increase and improve public awareness Extend our Dial a Ride Service to meet the increasing demand forjourney requests during the evening and at the weekend. Having new buses will help reduce our malnlenance ¢osts, improve our clients, experiences, attract new cllents and volunteers, and help us to contlnue to meet our dienvs needs. We are extremely excited to have this opportunity and have been operallng with our new fleet and other opportuniti8s during all of 2024, which has made an incredible dlfference lo our charity. The increasing demand for our SeiCe8 Is refteded In the growth of the charity during the last year, and the expectation is we will experients further growth In the next financial year. Increasing demand always brings challenges in many forms, Ihe biggest of which, for a charity like Worce818r Wheels, 18 the availabllily of volunteers. This 18 an area of partlcular concern, and Ilke thé y6ar just past, will continue lo be an area of focus. The pool of drivers qualified to drlve our larger mlnlbuses continues to decrease, prompting a review of Ihe number and size of vehlcles required to run the charlty efficiently. To 8nsure a charily of this slze operates professlonally and efficiently two key Inltiallves have been cOmmend during the year. Firstly, an outslde organlsatlon has been wntracted to review and update all HR processes and procedures, and secondly a full internal revlew of our Gov8mance has taken place. Ensurlng these key areas are fit for purpose and essential to support future growth. The project to form a Friendship Hub commenced in 2023 and a formal review of the perfonnance against Its buslness plan will take place in 2025. A new three-year Business Plan for the charity is being prepared for presentalion over the next few months. Achievements and perfomiance A major conlrlbutlng factor to the current success of the charty is the award won In 2023 from Molability. Our partnership wilh Motability Foundation will mean we can reach even more people, making a significant drfference to Ihe wlder communily. The grant awarded is the biggest we have ever recelved, £436,478 over three years, enabling us to purchase four vehicles, lease two minibuses, recruit and traln our staff and volunteers and start our golng green programme by purchasing an electric car and charging polnt.
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnanclal rèview It is the pdt¢y of the Charity that unrestricted funds which have not been designated for a specific use should be fflaintained at a level equivalent to be0e three and slx month's expenditure. The Trustaes consider Ihat resaNes at this level will ensure that, in the event of a signtficanl drop in fvnding, they will be abla to continue the Charity's currenl activities while considèration is given to ways in which additional funds may be raised. This level of resetves has been maintsined throughout th6 year. Total incomé from charitable activities recaived during the year was £717,998 compared to £465,532 last year, with the increas8 largely being due to additional grants funding for Motability starting this y&ar. Total expenditure has increased from £457,836 last yéar to £667,260 this year, with the increase being mainly due lo increased wages. At the year end the charity held unréstricted fvnds of £333,485 (2023 £343,755), of which £174,145 {2023 £137.112) was held as tangible flxed assets, leaving £159,340 (2023 - £206,643) available funds. At the yearend thé Charity held restricted funds of £95,210 {2023- £34,202). Reserves policy The Board airns lo keep a resetve of unrestricted funds (exduding funds held within tangible fixed assets) equivalent lo al least three months ongoing expenditure. This reseNe is h8ld in case of either a sudden loss of funding or incurting of unexpected expenditure, in order lo ensur6 that in such rCUmStanCeS Ihe charity ¢ould continue to operate as a golng concem. STRUCTURE. GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT The charity is a company limited by guarantee which is governed by its Memorandum and Articlés of Association adopted on1 April 1997 and amended on 13 November 2003, 19 April 2005 and 28 June 2018. In accordan¢8 with Section 60(1)(a) of the Companies Act 2006. the company is exempt from the requirements of that ACÉ to include'Limitod' as part of its name. Recruitment and appolntment of now trustses The dirèctors of the company are also charity truste&s for the purposes of charity law and under the company's articles are known as members of the Board. Under the requirements of thè Memofandum and Articles of Association the members of the Board are elected to serve for a period of three years, after which they must be re- &lected at thè next annual general meeting. Structure, governance and management The Charity is a company limited by guarantee. The Trustees who served during the year and up to the date of signature of Ihe financial statements were: Mr T Organ. Chair Mr RAuger Mr G Heath fvls L S Mccall Mr P J Burgess
WORCESTER WHEELS A COMPANYLIMITED BY GUARANTEE TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The directprs of the compary are also charity trustees for the purposes of charity law and under the companys articles are known as members of the Board. Under the reqviremenls of the Memorandum and Articles of Assoclation'th6 members of thé Board ar8 elected lo serve for a period of Ihree yea¥s, after which they must be reelected at the next 8nnual general meeting. The trustees are appointed at the Annu81 General Meeting to ensure that the Board represents a cross section of the communlty induding other voluntary organisaUons, local authoritiès and individu818 with relevant professional backgrounds. Trustees are openly recruited from members of the public and from individualslorganisations who are assoaate merffibers. An assessment of member skills is undertaken annually to deterniine any gaps in skills which would assi81 the Board to functton more effectively. Non& of the Trustees has any benefjcial int&rost in the company. All of th8 Twstees afe members of the company and guarantse to contribute £1 in the event of a wlnding up. Th8 company's current policy conceming the payment of trade craditors is to follow the CBI'S Prompt Payers Code {copi8s are available from the CBI, Centre Point, 103 New Oxford Street, Lor.don WCIA 1 DU>. The companvs current policy conceming the payment of trade creditor8 IS to.. sett5e the terms of payment with suppliers when agra&ing the temis of each Iransaction,- ensure that suppliars are made awar8 of the temis of payment by Inclusion of the relevant terms in contract6,' and pay in aordance with the ¢ompany's coiilractual and other legal obliga*ion8. Trade creditors of the company at the year end were equlval8nt to 14 dals purchases, bas-d on the average daily amoLtnt invoiced by suppliers during thè year. These financlal Siatements have been prepared in accordance with th8 provisions applicable lo companiJ2S subje lo the small companies re9imo. Tho Trustees report was approved by the Board of Trustees and signed on Ihelr behalf by.. MrT Organ Chair 1 November 2024
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustee8, who are also the directors of Worcester Wheels for the purpose of company law, are responsible for preparing the Trustees Report and Ihe financial statements in accordance wlth appllcable law and United Kingdom Accounting Standards (Unlted Kingdom Generally Accepted Ac¢ounllng Fra1). Company Law requlres the Trustees to prepare financial slatements for each financial year which give a true and falr view of the stale of affalrs of the Charity and of the incoming resources and appllcation of resources, including the Income and expenditure, of the charltable company for thal year. In preparing these financial statements, the Truste8s ar8 required to.. select suitable accounting policies and then apply them consi8tently' observe the methods and principles in the Charltles SORP., make judgements and estimates that are reasonable and prudent. and prepare the financial statements on the going concern basis unless it is inapproprlate to presume that the Charity wlll ¢ontlnue in operation. The Trustees are responsible for keeping adequat6 accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with Ihe Companles Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the preventlon and deteclion of fraud and olher Irregularille$.
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WORCESTER WHEELS I report to the Trustees on my examination of the financial statements of Worcester eelS (the Charity) for the year ended 31 March 2024, Responslbllltles and basls of report As tho Trustees of Ihe Charlty (and also Its dlrectors for the purposes of company law) you are responsible for the preparation of Ihe financlal stat8ments in accordance with the requlrements of the Companies A¢t 2006 {the 2008 Act}. Having satisfied myself that the financial statements of the Charity are not requlred to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report In respect of my examination of the Charity's financial statements carried out under section 145 of the Charitles Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directlons given by Ihe Charity Commission under section 145{5)(b) of the 2011 Act. Independent examlnerfs statement Since the Charity's gross income exceeded £250,000 your examiner musl be a member of a body listed in sedlon 145 of the 2011 Act. l Confirm that l am quallfled to undertake the @xaminalion because l am a member of the InslitErte of Chartered Accountants In England & Wales, which is one of the listed bodies. I have completed my examinallon. I confirm that no matters have come to my attention in connectlon with the examlnatlon glvlng me cause to believe that In any material respect.. accounting r@cords wer8 not kept in respect of the Charity as required by sectlon 386 of the 2006 Act. or the financial statements do nol accord with those records., or the financial statements do not comply with the accounting requirements of secllon 396 of the 2006 Act other Ihan any requirement that the accounts give a true and fair vlew whlch is not a matter considered as part of an independent examination. or the financial slatements have not been prepared in accordance with the methods and prlnciples of the statement of Recommended Practice for accountlng and r&porting by charities applicable to charlties preparing their accounts In accordan with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102). I have sho co cerns and have come across no other matters in connection with the examination lo which attention n In thls report In order to enable a proper understanding of the financial statements to be reached. E D Needham ACA CTA Kondall Wadley LLP Granta Lodge 71 Graham Road Malvem Worcestershire WR14 2JS Dated: 1 November 2024
WORCESTERWHEELS A COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Restrlcted funds funds 2024 2024 Total Unrestrlcted Restricted funds fund$ 2023 2023 Total 2024 2023 Notes como from: Donatlons and legacies Charitable activities Other trading aclivllles 10,248 531,883 171,056 181,304 531,863 18,545 395,531 42,547 61,092 395,531 4,831 4,831 8,909 8,909 Tofal income 546,942 171,056 717,998 422,985 42,547 465,532 dituro on: Ralslng fvnds 1,509 761 2,270 1,632 532 2,164 Charilable activitles 612,516 52,474 664,990 436,667 19,005 455,672 Total expenditure 614,025 53,235 667,260 438,299 19,537 457,836 Gross transfers between funds 13 56,813 (56,813) 6,047 (6,047) Net (expendlturellincome for the yearl Net movemént in funds (10,270) 61,008 50,738 (9,267) 16,963 7,696 Fund balances at1 April 2023 343,755 34,202 377,957 353,022 17,239 370,261 Fund balances at 31 March 2024 333,485 95,210 428,695 343,755 34,202 377,957 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from conlinulng activities. The statement of financial activities also complles wlth the requirements for an income and expenditure account under the Companies Act 2006.
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Flxed a$sets T8nglble assets Investrnenls 14 15 174,145 137.112 174,146 137,113 Current assets Debtors Cash at bank and In hand 16 57,007 217,229 58,34S 194,569 274,236 252,914 ¢r8dltors'. amounts falllng due withln on8 year 17 {19,887) (12,070) Net current assets 254,549 240,844 Total assots less Current Ilabllltles 428,695 377,957 Incomo funds Restrlcted funds Unr&striclgd funds- goneral 20 95,210 333,485 34,202 343,755 428,695 377,957 The Charity Is entitled to the e%emptlon from the audit requirement Gontaln8d in section 477 of the Companle? Act 2008. The trustees responsibillties for complying wlth the requiretll8nts of the Companies Act 2006 wlth respect to accountlng record6 and the preparatlon of financl81 strdtèments, The members have not required the company to obtaln an audlt of Its flnancial statemenls for the year in qu9Stion In accordanc8 wlth section 476. These financ181 statem611ts have been prepared In accordan wlth the provlsions appllcable to entltios subjed to the small companle$ reglmp. The financ5al statements were approved by the Trustee8 on l November 2024 and signed on thelr behalf by., MrT Orga Chalr Company reglstratlon number 03323024
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating a¢tlvltles Cash generated from operatlons 25 86,053 37,924 Investlng actlvlt188 Purchase of langlble fixed assets Proceeds from disposal of tangible fixed assets (64,393) (106,173) 1,000 Net cash used In Investing activlties (63.393) (106,173) Net In¢reasel(decrease) In cash and ¢ash equlvalents 22,660 (68,249) Cash and cash equivalents at beginning of year 194,569 262,818 Cash and cash equlvalents at and of yeay 217,229 194,589
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountlng pollcles Charlty Infomiatlon Worcester Wheels is a private company Ilmited by guarantee incorporated in England and Wales. The registered office is Granta Lodge, 71 Graham Road, Malvem, Worcestershire, WR14 2JS, 1.1 Accountlng convention The financial stalemenls have been prepared in accordance with the Charitys Memorandum and Artlcles of Association, the Companles Act 2006 and Ihe Charities Act 2011, FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland. {"FRS 102") and the Charities SORP"Accounting and Reporting by Charitles.. Statem@nt of Recommended Practi applicable to Charltles preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" {effe¢tlve 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102. The finan¢Sal statemants are prepared in sterling, which is the functional currency of the Charlty. Monetary amounts in these financial statements are rounded to the nearest £. The financial slatements have been prepared under the historical cost convention. The principal accounting pollcles adopted are set out below. 1.2 Golng concarn At the lime of approving the financial Statements, the Trustees have a reasonable expecl8tlon that the Charity has adequate resources to continue In operational existenc@ f¢Jr the foreseeable future and that there are no material uncertaintles about its ability to continu8. Thus the Trustees conllnue to adopt the going concern basis of accountlng In preparing the financial statements. 1.3 Charltablo funds Unrestricted funds are available for use at the dls¢retion of the Trustees in furtherance of their charitable objectives. Restrlcted funds are ¥ubSe¢t to SP8ciflc conditions by donors as to how they may be used. The purposes and uses of the restrloted funds are set out in the notes to the financial statements, 1.4 Income Income Is recognised when the Charity is legally entilled to It after any performance condltlons have been mel, the amounts can be measured reliably, and it is probable thal income will be received. Cash donatlons are recognised on receipt. other donations are recognised once the Charlty has been notified of the donation, unless performance condltions require deferral of Ihe amount. Income tax recoverable in relation to donations received under Glft Ald or deeds of Covenanl Is recognised at the tlme of the donation. Legacies are recognlsed on re¢elpt or otheiS8 rf the Charity has been notlfied of an impending distributlon, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contlngent asset.
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continued) 1.5 Expenditure Expendilure Is recognised once there Is a legal or constructive obligalion to transfer economlc benefit to a thlrd party, it is probabl@ thal a transfer of economic benefits will be requlred In settlement, and the amount of the obllgation can be measured reliably. Expenditure 18 classified by activity. The costs of each activlty are made up of the tolal of direct costs and shared cosls, Includlng support costs involved in undertaking each activity. Dlrect costs attributable to a slngle actlvlly are allocated dlrectly to that activity. Shared costs which contribute to more than one activity and 8UPPOrt Costs which are not attributable to a single activily are apportioned belw88n thos8 activities on a basis consistent wlth the use of resour5. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depraclallon is recognised so as to write off the cost or valualion of assets lass their residual values over their useful lives on the following bases: Leasehold Improvements Computers Motor vehl¢les 16.670A on cost and 50/0 on cost 200/0 on cost 250/0 on reducing balance The gain or loss arising on the disposal of an asset is determlned as the difference between the sale proceed5 and the carrylng value of the asset, and is re¢ognised in the statement of financial activlties. 1.7 Impainnent of fixed assets At each reporting end date, the Chartty reviews the Carrylng amounts of its tangible assets to detemiine whether there is any indication that those assets have suffered an impairment loss. If any such indicatlon exists, the recoverable amount of the assel is estimatéd in order to determlne the extent of the impaimienl loss (rf any). 1.8 Ca$h and cash aqulvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid Investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The Charily has elected lo apply the provisions of Sectlon 11 'BasiG Financial Instruments. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognlsed In the Charity's balance sheet when the Charity becomes party to the contractual provislons of the instrument. Flnanclal assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 8nforceable right to set off the recognised amounts and there is an intention to settle on a net basis or lo realise the asset and settle the liabilily simultaneously. 10-
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Continued) Baslc financlal assets Basic financial assets, which include debtors and cash and bank balanc8s, ar8 inltially measured at transacllon price indudlng transaction costs and are subsequently carrr6d at amortised cost using the effective interest method unless the arrangement Constitutes a financing transaction, where the Iransaclion is measured at Ihe present valua of the future rec8iPt8 discounted at a mad(et rale of interest. Flnancial assets classified as receivable wlthln one year are not amortised. Bas1¢ flnanclal Ilabllltles Bas1¢ financlal Ilabllllles, indudlng creditors and bank loans are Initially recognlsed at transactlon price unless the arrangement Constitutes a financing transaclion, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabllitles classified as payable within on6 year are not amortised. Debt Instruments are subsequenlly carried at amortised cost, using the effe¢tlve interest rate method. Trade creditors are obligations to pay for goods or services that hav8 b8en acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilili88 if payment is due within one year or less. If nol, they are prosented as non-current liabilitles. Trade creditors are recogni8ed initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognltion of flnancial liabilities Financial liabilities are derecognised when the Charit6 contradual obllgatlons expire or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday enlltlement Is re¢ognised in the period in which the employee's servlces are received. Termlnallon banefits are re¢ognlsed imm6dialely as an expense when the Charity is demonstrably committed to terminate tha &mploym6nt of an employee or to provlde termlnation benefits. 1.11 Retirement beneflts Payments to defined contribulion retirement benefit schemes are charged as an expense as they fall due. Critlcal accounting estimates and judgements In the appllcation of the Charlty's accounting polides, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and Ilabilities that are nol readily apparent from other sources. The estimates and associated assumptlons are based on historical experience and other factors that are consldered to be relevant. Actual results may differ from these estlmates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised In the perlod In which the estimat8 is revised where the revision affects only that period, or in the perlod of the revlslon and future periods where Ihe revision affects both current and future perlods. 11
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donatlon8 and logacies Unrestrf¢ted Restricted funds funds general 2024 Total Unrestrlcted Re8trl¢tod funds funds general 2023 Total 2024 2024 2023 2023 Donallons and gifts Legacles receivable Grants 2,248 8,000 2,248 8,000 171,056 7,451 10,094 1,000 7,451 10,094 43,547 171,058 42,547 10,248 171,058 181,304 18,545 42,547 81,092 Grants Mobility Grant Baron Davenport Grant Garfield Weston Grant for the Hub Morrlsons Grant Community Hub Fund Ramp Fund other 155.592 155,592 800 800 5,000 9,664 5,000 9,664 36,500 6.047 36,500 6,047 1,000 1,000 171,056 171,056 1.000 42,547 43,547 Charltsble actlvltles 2024 2023 Fares Membership fees Setvice contracts Grants Other income 228,333 127,709 140 225,519 42,004 159 240,527 55,666 7,337 531,863 395,531 12-
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 other trading activities Unrestrl¢ted Unrestrlcted funds funds general general 2024 2023 Fundraislng events 4,831 8,909 Grants 2024 2023 Department of Transport Worcestershire City Council Grant Malvern Hills District Councll Concassions Worcest8r Transport Consortlum Grants Bus Service Operations Grant Droitwich Spa & Rural Council Grant 6,399 19,236 26.685 1,531 17,301 8,756 1,393 18,389 55,666 42,004 Raislng funds Unrestricted Restrfctsd funds funds goneral 2024 Total Unrestricted Restrl¢ted funds fund$ general 2023 Total 2024 2024 2023 2023 staging fundraising events 1,509 761 2.270 1,632 532 2,164 1,509 761 2,270 1,632 532 2,164 13-
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charlfable a¢tlvltles Charltable Charitable Expenditure Expendire 2024 2023 Staff cosls Depreciatlon and Impairmenl Volunteer car drlvers, relmbursements Vehicle running costs Volunteer staff expenses Vehicle Hir6 184,651 12,341 14,195 179,967 14,791 17,153 130,133 12,141 22,385 118,188 6,144 423,098 288,991 Share of support costs (see note 9) Share of governance costs (see note 9) 237,011 4,881 161,379 5,302 664,990 455,672 Analyslg by fund Unresttfjcled funds - general Restricted funds 612,516 52,474 436,667 19,005 864,990 455,672 14-
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Goveman¢e costs costs 2024 Support Govornance costs costs 2023 Staff costs Depreciation Rent Insurance Electrlclly and water Telephone P08tage and slatlonery Advertisment Consultancy Cleaning and maintenance Training Computer costs DBC Checks Subcriptions Office equlpment rental Bank charges Sundry expenses 161,001 14,019 16,050 1,030 8,155 5,072 2,836 1.427 161,001 14,019 16,050 1,030 8,155 5,072 2,8 1,427 102,473 6,721 15,160 919 5,659 3,409 2,500 1,150 300 102,473 6,721 15,160 919 5,659 3,409 2,500 1,150 300 5,208 7,063 11,434 747 250 234 1,516 969 5,208 7,063 11,434 747 250 234 1,516 970 8,074 1,720 6,703 737 255 3,814 944 8,074 1,720 6,703 737 255 3,814 944 841 Legal and professional Bookkeeping Independent examinalion costs 618 1,670 618 1,670 1,793 1,793 3,088 3,088 3,014 3,014 237,011 4,881 241,893 161,379 5,302 166,681 Governance costs includes payments to the auditors of £3,088 (2023- £3,014) for audSt fees. 10 Trustses None of the Trustees (or any persons connected with them) rec8iv8d any remuneration or benefits from the Charity during the year. 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number 24 18 15-
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees (Continued) Employment costs 2024 2023 Wages and salarles Social securily costs Other pension costs 327,309 14,573 3,770 223,073 7,306 2,227 345,652 232,606 There were no employees whose annual remuneration was more than £60.000. 12 Taxation Th8 charfty Is exempt from tax on income and gains falllng within section 505 of the Taxes Acl 1988 or section 252 of Ihe Taxation of Chargeable Galns Ad 1992 to the extent that these are applied to its charitable objects, 13 Transfer8 A transfer of £56,813 (2023.. £6,047) was made from restricted to unrestricted funds for the purchase of tangible fixed assets. 14 Tangible fixed assets Lo0$ghold Improv1•n Computgrs Motor vghl¢lgs Total Cost At 1 April 2023 Additions Disposals 101,264 7,580 8,800 238,123 56,813 (13,995} 346,187 64,393 (13,995} At 31 March 2024 108,844 8,800 280,941 396,585 Depre¢latlon and Impalrmgnt At 1 April 2023 Depreciation charged in the yaar Eliminated in respect of disposals 5,863 12,753 1,509 1,266 201,703 12,341 (12,995) 209,075 26,360 (12,995) At 31 March 2024 18,616 2,775 201,049 222,440 Carrying amount At 31 March 2024 90,228 4,025 79,892 174,145 At 31 March 2023 95,401 5,291 36,420 137,112 16-
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Fixed asset Investments Other Investmonts Cost or valuation At 1 Aprll 2023 & 31 March 2024 Carrying amount At 31 March 2024 At 31 March 2023 2024 2023 Other Inv@stments comprlse.. Notes Investments in subsidiaries 16 Debtors 2024 2023 Arnounts falling due wlthln one year: Trade deblors Prepayments and accrued incom8 36,519 20,488 39,793 18,552 57,007 58,345 17 Creditorn: amounts falling due wlthln one year 2024 2023 Notes Trade Creditors other taxatlon and social securily Deferred income other creditors Accruals 12,551 294 5.558 195 1,068 477 4,772 18 1,842 5,000 19,687 12,070 18 Deferred Income 2024 2023 other deferred income 1,088 17-
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Deferred Incomo (Contlnuedl Deferred income Is included in the financial statements as follows: 2024 2023 Deferred Income Is Included wlthln.. Current Ilabilitles 1.068 Movements in Ihe year.. Deferred income at 1 April 2023 Released from previous p8ri0ds Resources deferred in the year 1,068 (1,068) 1,088 Deferred income at 31 March 2024 1,068 19 Retirement benefit schemes Defined Contslbutlon Schemes The Charity operates a defined Contrlbution penslon scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently adminislered fund. Th& charge lo profit or loss in respect of defined contribution schemes was £3,770 (2023 - £2,22T). 18-
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WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Anatysls of net assets between funds Unrastricted Rostricted funds funds 2024 2024 Total Unre8trlcted Restricted funds funds 2023 2023 Total 2024 2023 Fund balances at 31 Marth 2024 are represented by.. Tangible assets Inveslments Current assetsl(liabilities) 174,145 174,145 137,112 137,112 159,339 95,210 254,549 206,842 34,202 240,844 333,485 95,210 428,695 343,755 34,202 377,957 22 Operating lease ¢ommltments At the reporting end date the Charlty had outstandlng commitments for future minimum lease paym8nls under non-cancellable operatlng leases, which fall due as follows: 2024 2023 thin one year Belween two and five years 63,264 283,576 9,340 790 346,840 10,130 The operating leases represent leases from thlrd parties for the provlslon of motor vehicles. The leases a negollated over terms of 5 years and rentals are fixed for the temi of the lease, Ther8 are no options In place for either party to extend the lease terms. 23 Related party transactlons There were no disclosable related party Iransactlons during the year {2023 - none). 24 Subsidiaries Details of the Charity's subsidiarfes at 31 March 2024 are as follows.. Name of undertaklng Reglstered office Nature of buslness Class of /0 Held shares held Dlre¢t Indlrect Worcester Volunteer Centre England Limited Dormant Ordinary 100.00 21
WORCESTER WHEELS A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Cash generatsd from operatlons 2024 2023 Surplus for the year 50,738 7,696 Adjustments for: Depreclallon and Impairmanl of tangible fixed assets 26,360 18,862 Movements in working capital.. Decrease in debtors Incr6a$el{decrease) in creditors (Decrease)fincr8ase in deferred income 1,338 8,685 (1,068) 32,572 (22,274) 1,068 Cash g8n8rated from oporations 88,053 37,924 -22-