Charity number: 1078053 Company number: 3857924
Croydon Accessible Transport (A company limited by guarantee)
Trustees' report and unaudited financial statements
for the year ended 31 March 2021
Croydon Accessible Transport (A company limited by guarantee)
Contents
| Page | |
|---|---|
| Legal and administrative information | 1 |
| Trustees' report | 2 - 3 |
| C.E.O.'s report | 4 |
| Chairman's report | 5 |
| Independent examiners' report | 6 |
| Statement of financial activities | 7 |
| Statement of financial position | 8 - 9 |
| Cash flow statement | 10 |
| Notes to the financial statements | 11 - 18 |
Croydon Accessible Transport (A company limited by guarantee)
Legal and administrative information
| Charity number | 1078053 | ||
|---|---|---|---|
| Company registration number | 3857924 | ||
| Registered office | Cornerstone House | ||
| 14 Willis Road | |||
| Croydon | |||
| Surrey | |||
| CR0 2XX | |||
| Directors / Trustees | Colin Campbell | Resigned 10/02/2021 | |
| David Golder | Treasurer | ||
| Martin Bailey | Resigned 16/12/2020 | ||
| John Churchman | |||
| David Harris | |||
| Stephen Baron | Resigned 16/12/2020 | ||
| Christopher Thomas | |||
| Secretary | Rob Macchi | C.E.O | |
| Independent Examiner | David Weeden F.C.A. | ||
| Hamilton-Eddy & Co. | |||
| Chartered Accountants | |||
| 39 Tamworth Road | |||
| Croydon | |||
| Surrey | |||
| CR0 1XU | |||
| Bankers | Barclays Bank Plc | ||
| Croydon Branch | |||
| 1 North End | |||
| Croydon | |||
| CR9 1RN |
Page 1
Croydon Accessible Transport (A company limited by guarantee)
Report of the trustees (incorporating the directors' report) for the year ended 31 March 2021
The trustees present their report and the financial statements for the year ended 31 March 2021.
Structure, governance and management
The organisation is a charitable company limited by guarantee, incorporated on 13 October 1999 and registered as a charity on 4 November 1999.
The Trustees, who also are the Management Committee and Directors of Croydon Accessible Transport [CAT] for the purposes of company law and who served during the year up to the date of this report are shown on page 1 of this report. The Trustees meet regularly (usually four times per year but more frequently if required) to manage the affairs of the company. The company employs a full time Chief Executive Officer (C.E.O.), who both manages the day by day administration of the Charity, and organises fund-raising initiatives. The C.E.O. is supported by an Operations Manager, 4 whole time equivalent drivers, 2 part time administrative staff and a vehicle cleaner.
The trustees have complied with the duty in the Charities Act 2011 to have regard to the public benefit guidance published by the Charity Commision.
Objectives and activities
The Charity's objectives and principal activities are the provision of non-profit community transport services in the London Borough of Croydon and its environs. The services are provided primarily for the use of individuals in specific need who by reason of age, mental or physical disability or poverty are unable to use or have difficulty in using public transport and for use by charitable organisations or for the charitable purposes of other voluntary organisations.
The company operates minibuses (including specially adapted vehicles) for the purposes outlined above and also recruits, trains, certifies and registers volunteer drivers and assistants.
Achievements and performance
The C.E.O's report and the Chairman's report follow this report.
Financial review
Finance
2020/21 shows a deficit for the year of £54,099 (2019/20: surplus £8,780). General funds now stand at £305,834.
Reserves
The directors feel that funds to cover say 3 months operating costs should be maintained.
Risk
In today's litigious society, the directors feel that it is important, not only to have the correct insurance policies in place but also to ensure that at all times vehicles are correctly maintained and certificated and that all of our staff are also correctly trained and certificated as well for the roles they perform. Our vehicles are regularly inspected to ensure that any defects are dealt with quickly and staff are monitered closely to ensure that the highest standards of service are provided to all of our customers.
Page 2
Croydon Accessible Transport (A company limited by guarantee)
Report of the trustees (incorporating the directors' report) for the year ended 31 March 2021
Statement of trustees' responsibilities
The trustees (who are also directors of Croydon Accessible Transport for the purpose of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.
This report was approved by the Board on and signed on its behalf by:
Rob Macchi Secretary
Page 3
Croydon Accessible Transport (A company limited by guarantee)
C.E.O.'s report for the year ended 31 March 2021
Normally I present a mass of figures, graphs and diagrams but the financial statements say all that needs saying. I shall therefore speak in terms of broad generality; what is usually called "the overall picture".
Everyone is well aware of the social and financial effects of Covid As an organisation dedicated to providing subsidised transport to mainly older and /or more vulnerable people, in vehicles that are by their nature rather small for the job, it will be no surprise to hear that we of all people were disproportionately affected and still are. Coupled with this, the financial implosion of Croydon Council and their necessary reduction in all services to the more or less statutory has led to CAT losing not only its paltry grant funding but importantly, all of our contract work.
I have said every year for a very long time that CAT needs commercial work to run its own charity of community transport (CT) and that this, as a business model, is fragile and vulnerable to say the least. Knowing that all of our eggs were in the one basket we naturally tried to diversify but this has not worked. We have been unsuccessful in gaining work through Heart Community Services, for example the London Dial-a-Ride contract and a bid for SEN work with Croydon Council before it collapsed.
I have also stressed every year that we are only here for the community and other charity groups and that, therefore, we needed cooperative and joint working with them, such as sharing resources and drivers and in their investment in CAT. Sadly and despite out best efforts this has not happened and we have always been seen as a provider of services rather than a partner with the same ends as those of our users. This extends to the lack of volunteers coming forwards over the years. On the other hand we are incredibly fortunate to have our very small band of dedicated volunteer drivers and special thanks must go to Dave Smith, Michael Fox, John Churchman (a Director of CAT), and Dave Harris (also a CAT Director) for their sterling service over so many years.
All of this means that CAT is now heading towards being yet another failing London CT, having lost over a half-million pounds worth of contract work. Furthermore at the year-end we had of necessity reduced our infrastructure and staffing levels and hence capacity to undertake any sudden influx of work, had there have been any to take advantage of.
Accordingly the Board of CAT has worked hard to find a plan to keep CAT running and this will be addressed in the coming year as a separate issue. As CEO I would like to thank and compliment our Board on their support to me personally but more importantly, their time and energy given so freely to our organisation. Many thanks are due to Martin Bailey, who resigned as Director during the year. His was a big loss to CAT for his decisiveness and insight and not least, knowledge of all things IT.
Finally it is with deep regret that I have to inform you of the death of our former Chair, Colin Campbell. He will be sorely missed, not just for his calm, assured and astute guidance and business sense but also for his irrepressible sense of humour, goodwill and warmth. R.I.P. Colin!
Despite the somewhat bleak picture I have painted, none of us has given up so I would just give one final plea to our members: if you value our services, we need your support!
Rob Macchi C.E.O.
Page 4
Croydon Accessible Transport (A company limited by guarantee)
Chairman's report for the year ended 31 March 2021
As for so many businesses, organisations and charities the financial year 2020/2021 was a hard one.
We believe that most of our charitable and Explorer members will have received letters from their GP surgeries advising that they should stay at home, self-isolate and not go out even for exercise.
With little sign of the lock-down ending, the Directors decided in May 2020 to make all of our permanent drivers and passenger assistants redundant as from the 1st of July of that year. Fortunately for them, although not for CAT, Croydon Council took back all of our SEN contract work so that all of our previous employees on these runs were re-engaged shortly thereafter.
This left us with only one contract to fulfil, for a SEN children's charity as part of out Community Transport operation and which therefore does not make a profit in any way. This is staffed mainly by bank drivers and our Operations Supervisor.
CAT did make use of the Covid Job Retention Scheme, the four remaining permanent staff being all furloughed to a greater or lesser extent. Also CAT was able to draw on its, at the time, healthy cash reserves.
During the year we were very sorry to lose the services of Martin Bailey as Director, who left to continue his charity work within the Community sector. We were also greatly saddened by the unexpected death of Colin Campbell who had served us so well for nearly ten years. We have keenly felt the loss of his common sense and good-humour.
The CAT Board is now down to only four Directors although the Mem. and Arts stipulate a minimum of six, a shortfall we have been unable to rectify under the difficult circumstances of the year.
Christopher Thomas Chairman
Page 5
Croydon Accessible Transport (A company limited by guarantee)
Independent examiner's report to the trustees on the unaudited financial statements of Croydon Accessible Transport.
I report on the accounts of Croydon Accessible Transport for the year ended 31 March 2021 set out on pages 2 to 18.
Respective responsibilities of trustees and independent examiner
The charity's trustees (who are also the directors of the company for purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011(the Act) and that an independent examination is needed. The charity is required by company law to prepare accrued accounts and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to examine the accounts under section 145 of the Act; to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the Act; and to state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
-
(i) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep proper accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- (ii) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
...........................................................
David Weeden
F.C.A. Independent examiner Hamilton-Eddy & Co. Chartered Accountants 39 Tamworth Road Croydon CR0 1XU
Date:
Page 6
Croydon Accessible Transport (A company limited by guarantee)
Statement of financial activities (incorporating the income and expenditure account)
For the year ended 31 March 2021
| Unrestricted funds Notes £ Incoming resources Incoming resources from generating funds: Voluntary income 4 99,531 Activities for generating funds 5 55,770 Investment income 6 196 Total incoming resources 155,497 Resources expended Charitable activities 7 202,756 Governance costs 8 6,840 Total resources expended 209,596 Net incoming/(outgoing) resources for the year ) (54,099 Total funds brought forward 359,933 Total funds carried forward 305,834 |
2021 Total £ 99,531 55,770 196 155,497 202,756 6,840 209,596 ) (54,099 359,933 305,834 |
2020 Total £ 45,483 458,375 590 |
|---|---|---|
| 504,448 | ||
| 487,788 7,880 |
||
| 495,668 | ||
| 8,780 351,153 |
||
| 359,933 |
The notes on pages 11 to 18 form an integral part of these financial statements.
Page 7
Croydon Accessible Transport (A company limited by guarantee)
Statement of financial position as at 31 March 2021
| Notes Fixed assets Tangible assets 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Net assets Funds 16 Unrestricted income funds Total funds |
2021 £ £ 63,283 42,728 224,403 267,131 ) (24,580 242,551 305,834 305,834 305,834 |
2020 £ £ 14,380 94,630 284,680 379,310 ) (33,757 345,553 359,933 359,933 359,933 |
2020 £ £ 14,380 94,630 284,680 379,310 ) (33,757 345,553 359,933 359,933 359,933 |
|---|---|---|---|
| 359,933 | |||
| 359,933 | |||
| 359,933 |
The Statement of financial position continues on the following page.
The notes on pages 11 to 18 form an integral part of these financial statements.
Page 8
Croydon Accessible Transport (A company limited by guarantee)
Statement of financial position (continued)
Trustees statements required by the Companies Act 2006 for the year ended 31 March 2021
In approving these financial statements as trustees of the company we hereby confirm:
(a) that for the year stated above the company was entitled to the exemption conferred by section 477 of the Companies Act 2006 ;
(b) that no notice has been deposited at the registered office of the company pursuant to section 476 of the Companies Act 2006 requesting that an audit be conducted for the year ended 31 March 2021.
(c) that the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to the accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 ' The Financial Reporting Standard applicable in the UK and Republic of Ireland'
The financial statements were approved by the board on and signed on its behalf by:
David Golder Christopher Thomas Director Director
Company number: 3857924
The notes on pages 11 to 18 form an integral part of these financial statements.
Page 9
Croydon Accessible Transport (A company limited by guarantee)
Cash flow statement
for the year ended 31 March 2021
| Notes Net (outgoing)/incoming resources for the year Interest receivable Depreciation and impairment Decrease in debtors (Decrease)/Increase in creditors Net cash (outflow)/inflow from operating activities Interest received 19 Capital expenditure 19 (Decrease)/Increase in cash in the year Reconciliation of net cash flow to movement in net funds 20 (Decrease)/Increase in cash in the year Net funds at 1 April 2020 Net funds at 31 March 2021 |
2021 £ ) (54,099 ) (196 9,340 51,902 ) (9,177 ) (2,230 196 ) (58,243 ) (60,277 ) (60,277 284,680 224,403 |
2020 £ 8,780 ) (590 9,731 32,758 13,682 64,361 590 - 64,951 64,951 219,729 284,680 |
|---|---|---|
Page 10
Croydon Accessible Transport (A company limited by guarantee)
Notes to financial statements for the year ended 31 March 2021
1. General Information
The company is a private company, limited by guarantee, registered in England. The address of the registered office is Cornerstone House, 14 Willis Road, Croydon, Surrey, CR0 2XX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.
3.1. Basis of accounting
The financial statements have been prepared under the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern - There are no material uncertainties about the charity's ability to continue.
Fund Accounting
-
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
-
Designated funds are unrestricted funds earmarked by the trustees for particular future projects or commitments. - Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one or two sub-classes: restricted income funds or endowment funds.
3.2. Incoming resources
All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable. In 2009 this policy was changed relating to grants for the purchase of fixed assets - these are now treated as deferred income and released at the same rate as the asset is being depreciated.
Income from investments is included in the year in which it is receivable.
Page 11
Croydon Accessible Transport (A company limited by guarantee)
Notes to financial statements for the year ended 31 March 2021
3.3. Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
3.4. Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
- Fixtures, fittings and equipment over 5 years straight line Motor vehicles - new - over 8 years straight line Motor vehicles - 2nd hand - over 2 years straight line Motor Cars - over 5 years straight line Tangible fixed assets costing less than £750 are written off on acquisition.
3.5. Defined contribution pension schemes
The pension costs charged in the financial statements represent the contribution payable by the charity during the year.
4. Voluntary income
| Unrestricted funds £ Donations - Grants - London Borough of Croydon 18,946 Grants - BSOG 4,628 HMRC - Employment Allowance 4,000 HMRC - CJRS 71,957 99,531 |
2021 Total £ - 18,946 4,628 4,000 71,957 99,531 |
2020 Total £ 2,856 35,000 4,627 3,000 - |
|---|---|---|
| 45,483 |
Page 12
Croydon Accessible Transport (A company limited by guarantee)
Notes to financial statements for the year ended 31 March 2021
5. Activities for generating funds
| Activities for generating funds | ||
|---|---|---|
| Unrestricted funds £ Group Transport 30,893 Driver Training 1,335 Driver Service 23,422 Membership Subscriptions 120 Contract Hire - Profit on disposal of fixed assets - 55,770 |
2021 Total £ 30,893 1,335 23,422 120 - - 55,770 |
2020 Total £ 86,570 16,970 231,777 4,525 111,033 7,500 |
| 458,375 |
6. Investment income
| Investment income | ||
|---|---|---|
| Unrestricted funds £ Bank interest receivable 196 196 |
2021 Total £ 196 196 |
2020 Total £ 590 |
| 590 |
Page 13
Croydon Accessible Transport (A company limited by guarantee)
Notes to financial statements for the year ended 31 March 2021
7. Costs of charitable activities
| Unrestricted funds £ Salaries and Wages 117,591 Redundancy Costs 14,651 Employer's NIC 8,128 Staff - Pension costs 3,192 Subcontractor - Office Rent 9,240 Bad Debts - Insurance 2,593 General Expenses 240 Vehicle Running Costs 30,579 Vehicle Hire - Equipment hire, renewal & support 348 Travel & Subsistence 525 Professional Fees 3,375 Payroll Administration 655 Training - Telephone 1,764 Printing & Stationery 227 Volunteer Support - Depreciation 9,340 Subscriptions 308 202,756 |
2021 Total £ 117,591 14,651 8,128 3,192 - 9,240 - 2,593 240 30,579 - 348 525 3,375 655 - 1,764 227 - 9,340 308 202,756 |
2020 Total £ 321,178 2,793 19,676 6,836 873 9,183 ) (16 2,623 828 73,050 21,043 446 5,482 4,441 1,943 279 3,205 3,603 554 9,731 37 |
|---|---|---|
| 487,788 |
8. Governance costs
| Governance costs | ||
|---|---|---|
| Unrestricted funds £ Salaries 5,000 Employer's NIC 690 Independent Examiner fees 1,150 6,840 |
2021 Total £ 5,000 690 1,150 6,840 |
2020 Total £ 5,000 690 2,190 |
| 7,880 |
Page 14
Croydon Accessible Transport (A company limited by guarantee)
Notes to financial statements for the year ended 31 March 2021
9. Net (outgoing)/incoming resources for the year
| Net (outgoing)/incoming resources for the year | ||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Depreciation and other amounts written off tangible fixed assets | 9,340 | 9,731 |
| Independent Examiner's remuneration | -- | |
| - Independent Examination of the accounts | 760 | 1,270 |
| - Certification of B.S.O.G. claims | 390 | 920 |
10. Employees
| Employment costs Wages and salaries Redundancies Social security costs Pension costs |
2021 £ 122,591 14,651 8,818 3,192 149,252 |
2020 £ 326,178 2,793 20,366 6,836 |
|---|---|---|
| 356,173 |
No employee received emoluments of more than £60,000 (2020 : None).
Number of employees
The average monthly numbers of employees (including the trustees) during the year was as follows:
Paid Drivers Management and administration |
2021 Number 6 3 9 |
2020 Number 19 4 |
|---|---|---|
| 23 |
11. Pension costs
The company operates a defined contribution pension scheme in respect of workplace pensions. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and was as follows:
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| Pension charge | 3,192 | 6,836 |
Page 15
Croydon Accessible Transport (A company limited by guarantee)
Notes to financial statements for the year ended 31 March 2021
12. Taxation
The charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.
| Fixtures, 13. Tangible fixed assets fittings and equipment £ Cost At 1 April 2020 22,165 Additions - At 31 March 2021 22,165 Depreciation At 1 April 2020 19,114 Charge for the year 1,164 At 31 March 2021 20,278 Net book values At 31 March 2021 1,887 At 31 March 2020 3,051 |
Motor vehicles £ 107,769 58,243 166,012 96,440 8,176 104,616 61,396 11,329 |
Total £ 129,934 58,243 |
|---|---|---|
| 188,177 | ||
| 115,554 9,340 |
||
| 124,894 | ||
| 63,283 | ||
| 14,380 |
14. Debtors
| Trade debtors Prepayments and Accrued Income Other debtors |
2021 £ 14,571 27,545 612 42,728 |
2020 £ 58,240 36,390 - |
|---|---|---|
| 94,630 |
Page 16
Croydon Accessible Transport (A company limited by guarantee)
Notes to financial statements for the year ended 31 March 2021
| 15. Creditors: amounts falling due within one year 2021 £ Trade creditors 23,080 Other taxes and social security - Other creditors - Accruals 1,500 24,580 16. Analysis of net assets between funds Unrestricted funds £ Fund balances at 31 March 2021 as represented by: Tangible fixed assets 63,283 Current assets 267,131 Current liabilities ) (24,580 305,834 |
2020 £ 5,715 7,795 17,947 2,300 33,757 Total funds £ 63,283 267,131 ) (24,580 305,834 |
|
|---|---|---|
| Unrestricted funds General Fund |
At At 1 April Incoming Outgoing 31 March 2020 resources resources 2021 £ £ £ £ 359,933 155,497 ) (209,596 305,834 359,933 155,497 ) (209,596 305,834 |
At At 1 April Incoming Outgoing 31 March 2020 resources resources 2021 £ £ £ £ 359,933 155,497 ) (209,596 305,834 359,933 155,497 ) (209,596 305,834 |
|---|---|---|
| 305,834 |
17. Unrestricted funds
Purposes of unrestricted funds
The General Fund provides for the provision of head office services. A core funding grant is received from the London Borough of Croydon which is supplemented by small surpluses on transport operations.
Page 17
Croydon Accessible Transport (A company limited by guarantee)
Notes to financial statements for the year ended 31 March 2021
18. Capital commitments
| 18. Capital commitments |
|||
|---|---|---|---|
| Details of capital commitments at the accounting date are as follows: Contracted for but not provided in the financial statements 19. Gross cash flows Returns on investments and servicing of finance Interest received Capital expenditure Payments to acquire tangible assets 20. Analysis of changes in net funds Cash at bank and in hand Net funds |
Opening balance £ 284,680 284,680 |
2021 £ - 2021 £ 196 ) (58,243 Cash flows £ ) (60,277 ) (60,277 |
2020 £ 46,594 2020 £ 590 |
| - | |||
| Closing balance £ 224,403 |
|||
| 224,403 |
21. Company limited by guarantee
Croydon Accessible Transport is a company limited by guarantee and accordingly does not have a share capital.
Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
Page 18