COMPANY REGISTRATION NUMBER.. 04673954 CHARITY REGISTRATION NUMBER: 1102302 RAKAT CT LTD Company Limited by Guarantee Unaudited Financial Statements 31 March 2024
RAKAT CT LTD Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees. annual report (incorporating the directorfs report) Independent examinerfs report lo the trustees Statement of financial activitiès (including income and exp&nditure account) stalemenl of financial position 10 11 Statement of cash flows 12 Notès lo the financial statements 13
RAKAT CT LTD Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, pi¢scnt their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and admln15trative detall8 Reglstered ch4rlty name RAKAT CT LTD Charlty registrarfon number I 102302 Company reg15tratlon number 04673954 Princip#l offlee and reKlstered offTrce Liz Mills Depot 3? Wellington Crcscent New Malden Surrey KT3 3NE The trustees Carolinc Charlton - Chair Julia Thoit)as . Vice Chair Stephen BAughan - Treasurer Pairick Leaney Susanna Bellino Howard Gooder Mustafa Vahdetlin Julie Hitchcock Cameron Smith {Relired 7 November 2023) (Retired 17 October ?023) Key M4nagement Personnel Nigel Newby Chief F.xecutive Officer Maria Sheridan-Loughrey Deputy Chief F.xecutive Officer Robert Serrij Operaiions Manager Indépendent examlnér Moh8n Kripalani 86 Onnond Drive Hampton Middlesex TWI? 2TN Structure? governante and management Governlng document The organisation is a charitable cornpany limited by guarantee, incorporatcd on 21 February 2U03 and regIst¢d as a charity on l April 2004. The company was established under a Memorandum of Asgociation which established the objects and powers of the charitable company and is governed under ils Articles of Association which were updated on 5 March 2013 for administrative purposes only using the Community Transport Associations model articles to include the provisions of the Companies Act ?006 and accepted by the Charities Commissioft on 10 June ?013. In the event of the company being wound up members are required to ¢ontribut¢ an arnount not exceeding £1 each. The C"harity changed ils name on 2 December 2019. References to the 'Company' or the 'Charity' in these financial statements are one and the sarne as with 'Directors or Trusiees,.
RAKAT CT LTD Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 Structurei governance and management fconiitiued) Recruitment and appointment of the board of trustee5 The Articles of Asso¢i2tion require that the inembers of the Board are elected to serve for a period of one year after which they must be re-elected at the Annual General Meeting. The Charity seeks 10 ensure that the BoArd of Trustees have the diversity of skills necessary io fulfil their duties. Trustees are also Directors of the Charity. The Charity follows the Charity Commission guidelines when recruiting new Trustees. New Trustees who are appointed during the year at specially convened General Meetings will be re-elccted at the Annual G¢neral Meeting. Trustee indu¢don and tralnlng All Trusiees are required to be familiar with the work of the Charity. New Trnstees are asked to attend a short induction session with th¢ Ch8ir of the Board and the Chief Executivc of the Lharity to understand the aims of the charity and the context within which it operates. The main documents which set out the operational framework for the Charity are the Memorandum and Articles of Association, a stratcgic plan, the latest publi¥hcd accounts, policies and procedures. Rlsk management Th¢rc is a Board subcoinmitiee with key members of the Manag¢Lneni team who meet regularly to aqqess the risks to which the Charily is cxposed, in particular those relating to the operations and finattce and havc produced a risk re8iSter which the Board of Trustees review at their quartcrly ineeling8. The major areas of risk of running a community transport scheme are: The replacement of our ageing fle¢l of vehicles and the assessment of the future requirements that will b¢ necessary to comply with the need of reducing ¢8rbon einissions and a greencr envsroninent. Ensuring the prcmises are adequate to provide the services required at a reasonable cost for which we are currently awaiting the ren¢wal of the lease. Staff and volunteers are trained to deliver our services Develop a su¢¢ession plan for key staff members, That we have policies and procedures in place in order that we provide our services within current legislation. This is espccially essential in relation to the risks surrounding health & safety. Adequate funding is available to provide affordable transport for the Charitable and Statutory Organisations who are our members. Provide a good service to our members to avoidloss of reputation. Ensuring that the maintenance of our buseg and the training of our drivers comply with appropriate legislation, codes of good prdctice and maintain a high regard to health and safety. Ensure our IT systems are appropriate for our operation, there are suitable backup options and the data is kept securely. Ensure we have sufficient Trustees to maintain a good Co4)orat¢ Governance structure
RAKAT CT LTD Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) Icontlnuad) Year ended 31 March 2024 Structhlrei governance and manAgement (eonlinuÉdJ Organlsational strncture The Charity has a Board of Directors / Trnstees of not less than 3 members who meet quarterly and are responsible for the gtrategic direction and policy of the charity. The Board of Trustees has members from a variety of professional backgrounds relevanl to the work of the charity. The day-to-day responsibility for the provision of the services rests with th¢ Chief Executive Officer. Deputy Chief Executive Ofyicer. Operations Manager and the Treasurer. The Chief Executive Officer and the Deputy Chief Executive Officer are responsible for ensuring that the charity delivers the Services specified, that key perfomiance indicators are met and adequate funding is available lo coniinue the operdlions. The Operations Manager has responsibility for the day-to-day operational manageinent of the Charity. Individual supervision of the staff team ensuring they continue to develop their skills and working practice5 in line with good practice are the joinl responsibilities of the Chief Executive Ol¢er and the Operations Manager. The Treasurcr in Conjunction with the Chief Executive Officer and Deputy Chief Executive Officer have the responsibility of ensuring the financial stability of the Ciwity. Two sub committees cach chaired by one of our tTUSte¢s are in place io review risk management and to enhance our public profile including our website to enable us to improve fundraising. Related partles If a member of the Board of Trustees has involvement with mcmber organis2tiong and a conflict of intere£t arises then Ihat mcmber would be excluded from voling on such issues and should it be necessary excluded from relevani meetings or refrain from the discussions. There were no related poxty trans8eiions during the year that are not shown ¢lsewhere in the accounls. ObJectlve8 and actlvltIe5 Purposes and Aims Our charity's purposes are set out in the objects ¢ontained in the company's memorandum of association. We aim to benefit the publi¢ by providing high quality accessible and afFordable transport services for the use of charitable and community organisations based in the London Borough of Richmond upon Thames and thc Royal Borough of Kingston upon Thames and surrounding area. We continue to work in partner8hip with c)Iher orgoni%alions and eontittually lonk to develop project8 which provide accessible and affordable transport services for individuals for whom conventionel transpon is either inA¢cessible or inappropriate, ensuring the quality of delivery by the constant provision of support, training and infonnation and 10 develop other complementary services where local community need is identifled. Ensuring our work delivers our #Ims We continually review the work of the Charity to ensure it meets our aims. Annually we review what we have achieved and the outcomes of our work and the success of each key activity and the benefits th¢y have brought to those groups of people we are set up io help. This review ensures our aims. objectives and activities remain focused on our slated purposes and reflect the changing needs and aspirations of the local community. We have Teferred to the Charity Commission's 8eneral guidance on public benefit when reviewing our aiins and objectives. and in planning our future a¢tivities. In particular, the Trustees consider how planned activities will contribut to the aims and objectives they have get.
RAKAT CT LTD Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (Gontlnuedj Year ended 31 March 2024 Objectives and actlvities (C04rytinued) The focus of our work Our main objectives for the year continued to be the provision of accessible transport resources and services. To do this we operate a flecl of ininibuses the majority of which are fully acccssible. Some of the vehicles are owned by user organisations and we make use of these for our own operations in their down lime. We offer certificated MIDAS driver training and assessment; passenger asslslant training 15 also offered. Our advice and infonnalion on transport related matters is often sought, liaising between the statutory and voluntary s¢ctor with regard to transport initiatives and planning. We supervise vehicle complianee and operate in partnership with other local agencies to develop local door to door transport provision. Those Ivho benefit from our servlce8 We provide affordable accessible transport to rcsidents of London Borough of Richmond upon Tharnes and thc Royal Borough of Kingston-upon-Thames and surrounding &rea5. Strateglc report The following seciions for achicvcmcnts and perfornlance and financial revi¢w fomi the strategic report of the chariiy. Achlevements and perforniAnee Communlty transport oper4tlon We are encouraged that the Community transport operations continue to recover After the pandemic with many of our member ¢ominunity organisalions reactivating their own services and activities for their clients and therefore the need For the requirement for community transport re-emerging. Our funding support from the councils of the two boroughs of the Royal Borough of King.ston upon Thamcs and London Borough of Richmond upon Thainc.q together with the two Charities of Hampton Fund and Richmond Pariqh Land Charity has remained constant for which are grateful. Wiihoul this base thc recovery would have been Iiiore difficult. This year 125 (2023 - 119) voluntary and statutory organisations used our servi¢es. The Vehicle fleet did complete 6,190 (2023 5,898) days/part days bookings cnabling 97,254 (2023 85,704) passenger journeys. During the year we trained and assessed 107 (2023 - 133) people to the nationally Tecognised and certificated MIDAS standard.
RAKAT CT LTD Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrector's Raport) (contlnuad) Year ended 31 March 2024 Aehlevements and performanee (eonlimm) Capit41 proJe¢ts We ¢Olliinue lo opernte and nIntain the three minibuses funded by FISH and two minibuses funded by Staywell, Ihese are treated as Restricted funds. FISH have started the process of replacing on¢ of the buses they usc for thc Ban)e8 and Mortlake Enterise hem¢ and h8ve contributed the deposit for the new minibus that we have ordered on their bchalf. Funding has been r¢1Ved from the Victoria Fund towards the purchase of a new minibus for which are very grateful. Partnershlp & Enterprise Seheme$ We continue our successful partnership working with other cornmunity and voluntary organisations to 5UPPOrt the local communities in their own areas, Since 2001 we have worked with Hampton and Hampton Hill Voluntary Carc a local Charity supported by London Borough of Richmond upon Thames in a project known as Hainpton F.nterprise. This combines a community car scheme, shopping buses and a plus bus .8ervice offering door to door transport services. This service continues to provide a weekLy transport servicc to a club for those with Icarning diEficuliics known as thc Gaieway Club a daily transport service 10 Elleray HHII elderly persons day centre, Linden Hall Day Centre, Homelink Day Centre. weekly shopping service and social outings. Since 2005 we have worked with FISH a local Charity supportcd by London Borough of Richmond upon Thames in project known as Barnes Mortlake and East Shcen Enterprise. This ¢ombines a coinmunity car scheme. plus bus service providing weekly tronsport shopping service. 8ocial excursions and transport to activities. clubs and special events for the elderly, frail and those with inobility problems. Over the years due to an increase in deii)and FISH have purchased two additional buses through us and they have increased the staff capacity to satisfy ihese needs. We operate vehicles for Staywell and Ham SOS ensuring that they comply with all legal and safety requiremcnts. Staywell use buses from our fleei to transport their elderly, frail and those with mobility problems to their day centre. Prem15es Thc current negotiation with our landlords the Royal Borou¥h of Kingston upon Thames who also Supply funding and have offered us a lease from thc 25 March ?0?3 with a rent-free period from the expiry of Ihc old lease on ?0 July 20?0 is awaiting finalisAtion. The accrued cost of this rent-free period w8s released as a grant froin thc Royal Borough of Kingston upon Thames last year and we have accrued the outstandit)g rent for this financial year. We have accepted this offer and continue to await the fonnal documentation to be completed.
RAKAT CT LTD Company Limited by Guarantee Trustees. An nual Report (Incorporatl ng the Director's Report) (contlnued) Year ended 31 March 2024 Flnanclal revlew Results for the period Restrlcted Funds Revenue from ihe London Borough of Richmond upon Thames administered by Age UK Richmond Services Ltd, the Royal Borough of Kingston upon Thames some of which in the previous year was administered by Staywell. Hampton Fund and Richmond Parish Lands Charity to subsidise the core staff Costs amounted to £91.411 (2023 - £87.033). The Hampton Enterprise s¢heme reiVed £117,784 (2023 £118,030) in revenue including fares £5.282 (2023 £10.735) and funding from London Borough of Richmond upon Thames £112,501 (20?3 - £107,?951 which cover the costs of drivers, a co-coordinator. a supervisor and the running costs of the rninibuses provided. The Barnes & Mortlake Enterprise scheme received £76,138 (2023 £71,279) in revenue including fares £18,693 (2023 £16,493) and funding from London Borough of Richmond upon Thames £57,445 12023 £54,786) which cover of the cost of drivers and the vehicle running costs of ihe minibuses any addiiional costs are funded by our partner organi8ation FISH who record those costs in their own ac£ounls. The Staywell capital funding for two minibuses continueg to be in place and the fund is reduced by the annual depreciation of £1,350 (?023 L?,015) and the remaining balance which represents the Net book value of these assets is £2,742 and considered to bc a fair repreSentIOn of the market value. During the yeAr the Barnes and Mortloke Enterprige Capital funding received a contribution from FISH of £21,3?O as a deposit for a new minibus which has yel to be delivered this is in addition to the three minibus¢s th¢y already fund. The cutTent minibuses are charged an annual depreciation of £5,836 (2023 £8.710). The balance ¢atTied forward of £33,165 includes the deposit and the remaining nel book value of £1 1,845 of the three minibus and considered to be a fair representation of their inarket value. We received fund8 towllrd the purchase of a ininibus costing £56.?23 {?073 £53,938) from the Victoria Fund of £20.000 12023 £25,000) and thc Han)pton Fund £nil (20?3 £22,000). Deprecialion on the vehicle was £18,554 (2023 - 17,999). Tr4n$fer of fund8 We have rcccivcd funds as a contribution to buy a minibus whi¢h was purchased during the year and the cost of Ihe minibus is in excess of the contribution therefore we have satisfied the requirements of th¢ restriction. The restricted nd re¢eives the grant in the year and is eharsed the annual depreci8tion leaving a bglance of £1.446 (2023 £?9,201) to be transferred to unrestricted funds.
RAKAT CT LTD Company Limited by Guarantee Trustees. Annual Report (Incorporating the Dlrector's Report) (eontlnuod) Year ended 31 March 2024 FinanelAI revlew {coniintse4) Unrestricted Funds Income from the use of the buses was £332,423 (2023 £225,472). 2tfiliation fees, driver training was £4,209 (2023 £3.367). donations including gift Rid was £4,995 (2023 £14,918). interest receivable £5.1 ?6 (2023 £1,606). gains on the disposal of a minibus including the scrappage scherne grant wag £6,913 (?023 £651) and the rent free grant from Royal Borough of Kingston upon Thames of £Nil (?0?3 - £38,556). The total unrestrieted in¢ome amounted lo £353,666 (?023 £284,570). Expenditurc was £354,798 (2023 £263,710) which resulted in a nei expenditure of £l,13? (?023 £?0,860 net incorne) of which £35,l46 (2023 £34,892) is dcpreciation. A summary of other expenditure 18 shown in note 10 to these accounts. The totsl unrestri¢ted funds carried forward are £442,900 (20?3 - £442,586). Tot41 Funds Our total reserves have increased by £14,448 to £478.807 and the ¢ash at bank of £332,210 which is after purchasing the new ininibus and disposing of one which no longer rcliable. Reseryes Pollcy The Truste¢s continuAlly review the re$eTvcs policy lo detemiinc the Icvel of free unrc¥trictcd funds needed to Inaintain the organisalion's activities for A suEfi¢ient period to ensure Continuily if funding froin cxternal sources should Ceasc or be seriously curtailed. Currently our free reserve8 are £333,872 (Unrestricted current assets £441,740 less unreslri¢ted creditors falling due within one year of £107.868) and one-month'8 expcnditure is £50,415 {tolal annual expenditure £665,871 less depreciation of £60,885) which is 6 months. The Board of Trustees continue to Tccognise the need to replace the fleet and continue to considcr the ¢urr¢nt working capital requir¢mcni should be 4 months. Therefore, 4 months annual ¢xpendilure is £201,660 (2023 £168,388) which could allow £13? ?1 ? {?023 £167,?17) for investment in new minibuses.
RAKAT CT LTD Company Limited by Guarantee Trustees. An nual Report (Incorporati ng the Director's Report) (contlnued) Year ended 31 March 2024 Plans for future periods The continuing aim of the Charity is to supply good economical accessible comrnunity transport to the Voluntary and Cominunity Groups within the London Borough of Richmond upon Thames and ihe Royal Borough of Kingston upon Thames. In order to do this we will need 10: Tncrease our trading and increase the nuinber or community, voluniary and siatulory organisations ihat are member to ensure that we rnore sustainable for the future Continue working in partnerships and develop projects which provide accessible and affordable servtces for individuals for whom ¢onvcntional transport provision is either inaccessible or inappropriate. Maintain the quality of delivery by offering support, training and inforn)ation to our membcrship. MAinlain our core funding whilst keeping our charges at a level that is affordable to our client base many of whom are also Charities and ur8e our lo¢al Counoils to maintain their valued support. Ensure that premises are available to ¢oniinue to deliver affordable Communily Transport and get more cert4inly with a new lease. Work in partnership with other charitable organisations within the Boroughs we are negolialing contra¢is to deliver services 10 statuiory organisations providing new in¢ome sour¢¢s to ensurc the sustainability of the Charity. Increase our public profile and seek to get further funding to enable us lo replace our aging fleet with greener alternative8 for which we need to get a better understanding of th¢ alternatives and thc tiining of when they might become available at an affordable cost. In the meantime we need to keep our ell¢nt fleet in the best ¢ondition until funding Can be obtaincd. Maintain and increase our awAreness of our legal obligations especially those of Health & Safely and the work environment of employeeg & volunteers. The trustees, annual report and the stral¢gic port were approved on 12 September ?024 and signed on behalf of the board of trustees by.. Stephen Baughan - Treasurer Trustee
RAKAT CT LTD Company Llmited by Guarantee Independent Examlner's Report to the Trustees of RAKAT CT LTD Year ended 31 March 2024 I report to the trustees on my examination of the financial statements of RAKAT CT LTD ('the charity,) for th¢ year ended 31 Mareh 2024. Responsibilities and bA&15 of report As the injstees of the company (and also its directors for the purposes OF company law) you are responsible for the preparation of the financial statements in accordance wilh the requiremenis of the Companies Act ?006 ('the 2006 Act'l. HAving satisfied myself that the a¢counls of the company are not r4uired to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respccl of my examination of the charity'8 accounts as carried out under section 145 of the Charities Act ?01 l ('th¢ 201 l Act,). In ¢arrying out iny examination I have followed the Directions given by the Charity Coinmission und¢r section 145(5)(b) of ihe 201 l Act. Independent examlner's statement Since the charity's gross incomc cx¢eeded £?50,000 your ¢xainincr musl be a inciiiber of a body lisled in section 145 of the 201 l A¢t. I confm that I am qualificd to undcrtake the exaininaiion bccause l ali) a member of thc Institute of Chartered A¢¢ountants in England and Wales (ICAEW), which is one of the listed bodies. I have completed my examination. I confm that no matters have come lo rny atteniion in connection wilh the exainination giving me cause to believe.. accounting records were not kept in respecl of the charity as required by section 386 of the 2006 Act,. or the financi81 statements do not a¢¢ord with those records; or the financial statements do not comply with the accounting requirements of seciion 396 of the 2006 Act othcr than any requirement thai the accounts give a 'truc and fair, view which is noi a matter considered as part of an independent examination. or the financial statements have not been prepared in ac¢ordanee with the methods And principles of the Statemcnt of Recornrnended Practice for accounting and reporting by charities applicable to charities prcparing their accounts in accordancc with the Financial R¢porting Standard appli¢ablc in the UK and Republi¢ of Ireland (FRS I O?). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to ¢nabl¢ a proper understanding of Ihc accounts to bc rca¢h¢d. Mohan Kripalani Independcnt Examiner 86 Omond Drive Hampton Middlesex TW12 2TN
RAKAT CT LTD Company Limlted by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds 2023 Unrestricted funds Total funds Total fijnds Note Income and endowment5 Donations and legacies Charitable activities Inveslmcftt income Other income 4.995 336,632 5,126 6,913 4.995 663,285 5,126 6,913 14,918 590.737 1.606 651 3?6,653 Total Income 353.666 326,653 680,319 607.91? Expendlture r,xpcnditure on churitable activities 9,10 (354.798) (311,073) (665,871) (568.576) Total expendlture (354,798) (311,073) (665,871) (568.576) Net Income (1,132) 15,580 14,448 39,336 Transfers between funds 1,446 (1,446) Net movement In fundy 314 14.134 14,448 39.336 Reeonellllltlon of funds Total funds brought forward 442.586 21,773 464.359 4?5,0?3 Total funds carrled forward 44?,900 35.907 478007 464.359 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 13 to 22 forni part of these financial statements. 10
RAKAT CT LTD Company Llmited by Guarantee Statement of Financlal Position 31 March 2024 2024 2023 Nota Fixed assets Tangible fixed assets 16 123,615 1 ?8,754 Current a8sets Debtors Cash at bank and in hand 17 130,850 332,210 65.008 352.535 463,060 417.543 Credltors: amounts falling due within one yeAr Net current a8setS 18 (107,868) (81,938) 35S,192 335,605 Total a55ets less Current IIAbllltles 478,807 464,359 Net assets 478007 464.359 Funds of the ch4rlty Restricted funds Unr¢stricled funds 35.907 442,900 2l,773 442,586 TotAI charlty funds 20 478,807 464,359 For the year ending 31 March ?0?4 the charity was entiilcd lo exemption froin audit under seclkon 477 of the Loinpanies Act 2006 rclating to sinall companies. Directors, responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; The directors acknowledge their responsibilities for complytng with the requirements of the Act with respect to accounting records and the preparaiion of financial ststements. These financial 8tatement5 have been prepared itt accordance with the provisions applicable io companies subjecl to the ginall companies, regim¢. These financial slalements were approved by the board of trustees and authorised For issue on 12 September ?0?4, and are signed on behalf of the board by- Stephen Baughan - Treasurer Trustee The finan¢ial statemenls are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. The notes on pages 13 to 22 form part of these financial statements. 11
RAKAT CT LTD Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operatlng activities Net income 14,448 39.336 Adjustmentsfor.. Depreciation of tangible fLxed aqsets Other interesi receivable and Sllnilar income Gains on disposal of tangible fixed assets Accrued expense(lA¢0mC) 60,885 (5,126) (6,913) 5,331 63,416 (1,606) (651) (16.387) Chan£es ix.. Trdde and oiher debtors Trddc and other creditors (65,842) 20,599 (9,305) (52.145) Cash generated from operations 23,382 22,658 Interest received 5,126 1,606 Net cash from operating activities 2¥,508 24,264 Cash flows from Investlng a¢tlvltle$ Purchase of tangible assets Proeeeds from sale of tangible assets Net cash used in investing activities (56,223) 7,390 (53,938) 834 (48,833) (53,104) Net de¢rca5e In cash and cAsh equlvalent5 Cash and cash equlv&lents at beginning of yeAr Cash and cash equlvalents Af end of ye4r (20,325) 352,535 (28,840) 381.375 332,210 352.535 The notes on pages 13 to 22 form part of these financial statements. 12
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General Informatlon The charity is a public benefit entity and a private ¢ompany limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The Address of the registered office is Liz Mills Depot, 32 Wellington Crescent. New Malden, Surrey. KT3 3NE. StAtement of compliAnee These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in ihe UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 10?)) and the Charities Act ?01 l. Accountlng pollcies Ba51s of prep%rarfon Th¢ financial statcmenls have bcen prepared in accordance with Accounting and Reporting by Charilics.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IfRS LO?) (effcrlive l January 2015) - (LhArilies SORP (FRS I O?)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. RAKAT CT LTD meets the definition of a public benefit entity under FRS 10? Assets and liabiliiies are initially recognised al historical cost or transaction value unless otherwise sts(ed in the relevant accounting policy noie(s). TAxAtion The ¢haritable company is a charity within the definition of section 467 Corporation Tax Aet 2010 and is therefore able to take advantage of the exemptions given by sections 485 and 486 of that Act. Accordingly* ihere is no Corporation Tax chargc in these accounts. Pen$lon Pollcy The charity contribules lo individuals Stake holder pension schemes to the value of 80/0 of .4alary. The contributions included in the Statement of Financial Activities when they fall due. Contributions to d¢fin¢d contribution plans are rwogni5ed as an expense in the period in which the related $ervice is provided Golng concern The finencial statements are drawn up on the going con¢ern basis which assumes RAL4T CT LTD will continue in operdtional existence for the foreseeable future, being a period of 12 months from the date of approval of these financial statements. The Board have given due consideration lo the working capital and cash flow requirements of RAKAT CT LTD. The Board consider RAKAT CT LTD current and forecast cash resources to be suffi¢ienl to cover the working capital requirements of the charity for the foreseeable future. 13
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 A¢¢ountlng policies (contimtsed) Judgements and key sourees of estimation uncertainty The preparation of financial statements in conforniity with Charities SORP (FRS 10?) requires the trustees to make judgements. estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, in¢ome and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which fomi the basis of making the judgements aboui Carrying values of assets and liabilities that are not readily appatEnl from other sources. Actual results inay differ from these estimates. Fund accountlng Unrestri¢ted funds are available for usc at the discretion of the trustees to further any of the charity's purposes. Designated funds are unreslri¢ted fijnds earniarked by the trustees for particular future project or coinmitinent. Restricted ttds are subjected to restrictions on their expenditurc declared by Ihc donor or through the tem)s of an appeal, and fall into one of two sub-¢14sSe5: restricted incorne funds or endowment funds. Incomlng resource5 All incoming re8ourees are included in the statement of financial a¢tivilics when cntitlement has passed lo the charity- it 18 probable that the economic bencfits associated with the transaction will flow to the charity and the arnount Can be reliably measured. The following specific policies are applied to particular categoricq of in¢oine'. income from dottations or grants Is recognised when there is evidencc of cntitlement to the gift, receipt is probable and it8 Amount can be measured reliably. no amounts are included for the contribution of general volunteers. incoine from grants for the supply of services is recognised with the delivery of the required service. These are classified as restricted funds as there 15 a contractual requircment for it to be spcnt on a particular purpose and rcturned if unspenl. Income is stated na of VAT Resources expended Expenditure is reeognised on an accrn81s basis AS 8 liability is incurred. Expenditure inclLbdes any VAT which cannot be fully recovered, and is classified under headings of th¢ statement of financial a¢tivilie8 to which il relates: expenditure on charitable Activities includes all Costs incurred by a charity in undenaking activities that further its charitable aims for the benefit of lis beneficiaries. including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure irteludes all expenditure that is neither related io raising funds for the charity nor part of its expenditure on charitable activities. 14
RAKAT CT LTD Company Limlted by Guarantee Notes to the Financial Statements fcontlnued) Year ended 31 March 2024 A¢countlnE pollcles (eottilnued) Tangible assets All fixed assets are initially recorded at Cost. Flxed asseti ¢Aplta115ation Tangible fixed assets are stated al cost or valuation less depreciation. Fixed assets costing more than £ 1,000 are capilalised wher¢ they are not replacements of assets previously capilaltsed. Depreelatlon Deprcciation is calculated so as to write off the cost or valuAtion of an asset, less its residual value, over the useful economic life of that asset as follows: Motor Vehicles Equipment 330/0 reducing balance 33 /0 Straight line Impalrment of flxed assets Fixed asscts are Subject to review for impaim]ent when there is an indication of a reduction in their caTryin8 value. Any impainncnt is recognised in the year in which it occurs in the corresponding Siatement of Financial Activities category. Flnanclal Instruments The charitable company only has financial assets and financial liabilities of a kind that qualify as basi¢ financiAI instruments. Basic financial inslrnmenls are initially recognised at transaction value and subsequently ineasured at their settlement valuc. Debtor8 Debtors are recognised init1211y at the trangaciion price. They are subsequently measured al amortised cost, les8 provision for impaimient. A provision for the impaimient of debtors is established when there is objective evidence that the ¢haritable company will not be able to collect all amounts due according lo the original terms of the debt. C45h at bank In hand Cash at bank and cash in hand includes cash and short tern] highly liquid investments with a short inaturity of thffe months or less from the date of acquisition or opening of the deposit or similar account. Credltors Creditors are recognised where the charitable eornpany has A present obligation resulting from a past ¢vent ihat will probably result in the transfer of funds to a third party and the amount duc to settle the obligation can be measured or estimated rcliably. Creditors and provisions are nom)ally re¢ognised at their settlement amount after allowing for any trade discounts due. Leases Leases in which substantially all risks regards ownership are retained by the lessor are classified as operating leases. Payments made under operating leascs are charged to the statement of fman¢ial activiues on a straight linc basis over the period of the lease. 15
RAKAT CT LTD Company Limited by Guarantee Notes to the Financlal Statements (contlnuad) Year ended 31 March 2024 Limited by guArantee The members of this organisation are the Charity Trustees who have ¢ominitted to the guarantee of £l upon the dissolution of the Charity. The members, details are maintained at the operational addrcss. Donatlons and leEaeies Unrestri¢ted Total Funds Funds 2024 Unrestricted Funds Total Funds 2023 Donatlons General donations Gift Aid 4.095 900 4,095 900 14.105 813 14,105 813 4.995 4,995 14.918 14,918 Charitable aetlvltIes Unresiricied Funds Restricted Total Funds Funds 2024 Income froin the use of the buses AtTiliation fee5 driver training Royal Borough of Kingston upon Tharnes Hampton Fund Richmond Parish Lands Charity Royal Borough of Kingston upon Tharnes administered by Staywell Royal Borough of Kingslon upon Thames The Victoria Foundation FISH London Borough of Richmond upon Thames administered by Age UK Richmond Services Ltd 332.423 4,209 ?3,975 356,398 4,209 14,300 11,000 14,300 i 1,000 32,000 20,000 21,320 32,000 20,000 21,320 204,058 204,058 336,632 326,653 663,285 16
RAKAT CT LTD Company Limited by Guarantee Notes to the Flnanclal Statements (contlnu•d) Year ended 31 March 2024 Charltable actlvlttes (conlinued) Unrestricted Funds Restricted Funds Total Funds 2023 Income from the use of the buses Affiliation fees driver training Royal Borough of KingstOD upon Tharnes Hainpton Fund Richmond Parish Lands Charity Royal Borough of Kingston upon Thames administered by Staywell Royal Borough of Kingston upon Thames The Victoria Foundation FISH London Borough of Richmond upon Thames administered by Age UK Richrnond Services Ltd 225,472 3,367 38,556 27,228 252,700 3,367 38.556 34,500 10,000 34,500 10,000 32,000 32,000 25.000 25.000 194,614 194.614 267.395 323.342 590,737 Investment Income Unrestricted Total Funds Funds 2024 Unregtiicted Funds Total Funds ?023 Bank interest receivable 5,126 5,126 1,606 1.606 Other Income Unrestricted Total Funds Funds 2024 Unrestricted Funds Total Funds 20?3 Gain on disposAI of tangible fixed assets held for charity's own use 6,913 6,913 651 651 Expendlture on ¢harltable aedvltles by fund type Unrestrieted Funds Restricted Tot91 Funds 2024 CorniDunity Trnnsport Operations - Unrestricted Community Transport OperatLOttS - Restricted Support costs 352,798 352.798 311,073 2,000 311,073 2,000 354,798 311,073 665,871 Unrestri¢l¢d Funds R¢5trirted Funds Total Funds 2023 Community Transport Operntions - Unrestricted Community Transport Operations - Restricted Support costs 26l,7lO 261,710 304.866 2,000 304,866 2,000 263.710 304,866 568.576 17
RAKAT CT LTD Company Limited by Guarantee Notes to the Flnancial Statements (contlnued) Year ended 31 March 2024 10. Expendlture on charltable actlvltles by activlty type Analysis of Community Transport Operations Expenditure - Unrestrlcted 2024 2023 Salary, National Insurance and Pension Depreciation Vehicle Running Costs Training & Conferences Premises Costg Administrative Expenses 180,208 35,146 96,840 1,210 15,931 23,463 104,335 34,89? 83,690 36 16,924 21,833 352,798 2,000 Support Costs - Independent Examination Fee 261,710 2,000 354,798 263.7lO Analysis of Community Transport Operations Expenditure - Restrlcted 2024 2023 Salary. National Insurance and Pension Deprcciation Vehicle Running Cosis 228,262 25,739 57,072 ?14,417 2S.524 61.925 311,073 304.866 11. An4lysls of support Cogtg Thcrc are no support costs as such the £2.000 (2023 £2,000) represents the fees payable for the independent examination of the financial statemcnts. 12. Net Income Net income is stated after charging/(crediting)'. 2024 20?3 Depreciation of tangible fixed assets Gain5 on disposal of tangible fixed asseis 60,885 (6,913) 63.416 (651) 13. Independent ex&mination fees 2024 2023 Fees payable to the indcpendent exaininer for.. Independent examination of the financial stateinents 2,000 2,000 18
RAKAT CT LTD Company Limited by Guarantee Notes to the Fi nancial Statements fcontlnued) Year ended 31 March 2024 14. Staff costs The total staff costs and employ¢¢ benefits for ihe r¢porting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 357J85 23,396 27,689 ?8 1,76? 16.554 20,436 408,470 3l8,75? The key management personnel of the charity compri8¢ the tstee8. the Chief Executive Officer, Deputy c.hief Executive Officer and the Operations Manager. The total employee benefL(s of the key ittanagemeni personnel were £122,686 (2023 - £1 I5,365). The average head count of employees during the year was l9 (2023: 16). The average number of ll-tiMe equivalent employees during the year is analysed as follows.. 2024 2023 Number of Operational Staff (FTE) 12 No employee receivcd employee benefits of more than £60,000 during the year (2023.. Nil). 15. Trustee remuner2tlon and expenses No remuneration or benefits have been paid to any rnember of the Board of Trusiees during the period for their dulics as a Irustce. However, as pennitted by Section 185 of the Charities Act 2011, the treasurer has not charged for his accouniancy 8ervices as he did this on a voluntary basis in the current year and in 2023 he charged £520. The Treasurer's reirnbursed Computer Expenses were £2,?80 (2023 - £2,200). 16. Tanglble flxed o88ets Motor vehicle5 F.quipment Total Cost At l April ?023 Additions Disposals At 31 Mar¢h 2024 1.179.915 56.223 (17,500) 16,018 1,19S,933 (17,500) 1,218,638 16.018 1,234,656 Depreclatlon At l April 2023 Charge for the year Disposals 1.051.161 60,885 (17,023) 16.018 1,067,179 60,885 (17,023) At 31 Mareh 2024 1.095,0?3 16.018 1,111,041 CarrylnE amount At 31 Marrh 2024 123,615 123,615 At 3 l March 2023 1?8,754 128,754 19
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 17. Deb¢or5 2024 2023 Trade debtors Prepayments and accrued income Other debtors 52,155 48,182 30,513 18,644 34,998 11,366 130,850 65.008 18. Credltors: amounts falling due within one year 2024 2023 Payments received on account Trade creditors A¢¢ruals and deferred income So¢ial security and oth¢r taxes Grants in 2dvance Deferred income Other creditors 8,000 16,609 59,169 7,651 11,220 8,000 8,1?8 53,838 6,066 1.500 4,406 5,219 107,868 81.938 19. P¢nslon8 and other posr retlrement beneflts Defined eontrlbutlon plAn8 The amount rccognised in income or expenditure as an expense ift r¢lation lo defined contribution plans was £27,689 (20?3.. £?0,436). 20. Analysls of charltable funds Unrestrlcted funds At Transfers 31 M2r¢h 2024 At l April 2023 Incorne Expenditure General funds 442.586 353,666 (354,798) 1.446 442,900 At Transfers 31 March 20?3 At l April 2022 Income Expenditure General funds 392,525 284,570 (263,710) 29,?01 442.586 20
RAKAT CT LTD Company Limlted by Guarantee Notes to the Flnancial Statements {contlnued) Year ended 31 March 2024 20. Analy$55 of Charitable funds (conllnMÉd) Restricted funds At Transfers 31 Mareh 2024 At l April 2023 Income Expenditure Hampton Enterprise Scheme Barnes & Mortlake F.nterprise Scheme Staywell Capital Funding FISH Capital Funding Capital Funding for Minibus purchage Grant funding for statT 117,784 (117.784) 76,138 (76,138) (1,350) (5.836) 4,092 17.681 2,742 33,165 21,320 20,000 91.411 (18,554) (91,411) (1,446) 21.773 326,653 (311,073) (1,4461 35,907 At Transfers 31 March 2023 At l April ?022 Income Expenditure Harnplon Entery)rise Scheme Barn¢s & Mortlake Enterprise Scheme Staywell Capital Funding FISH Capital Funding Capital Funding for Minibus purchase Grant funding for staff 118,030 (118.030} 71,279 (71.279) (2,0151 (8,7lOI 6.107 26,391 4,092 17,681 47.000 87,033 (17.799) (87.033) (29.2011 32,498 323,342 (304,866) (29,2011 ?1,773 Purposes of Restrlcted Fund Fish & Sta)ryvell Capital Fundlng This income has been received from partnership organis8tions to purchase minibuses for specific purposes and whcn the arrangement ceases the minibuses or their market value will be returned to the partnerghip organisation8. Hampton Enterpr15e scheme This is a scheine which has been set up with Hampton and Hampton Hill Voluntary Care to run a minibus service in local areas in the London Borough of Richmond upon Thames with the financial support of the Council as part of th¢ CILS (Community Independent Living Service) partnership. Bgrne5 and Mortlxke Enterprise seheme This s¢herne has been set up with FISH to run a minibus service in local areas in the London Borough of Richmond upon Thames with the support of the Councils part of the CILS (Community Independent Living Service) partnership. Capital Funding for Minibus Purchase This is funding has been received from The Victoria Fund to assist with thc purchase of a new minibus. Staff fundlng These funds received from our principal funders to cover a proportion of staff Costs have been restricted by those funders for this purpose. Any additional staff costs are charged against unrestricted funds. 21
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 21. Analysls of net a95et5 between funds Unrestricted Funds Restricted Total Fund5 Funds 2024 Tangible fLxed asscts Current assets Creditors less than l year Net A$%et 109,078 441,740 (107,868) 14.587 21.3?0 123,615 463,060 (107,868) 442,900 35,907 478,807 Unrestri¢ted Funds Restricted Funds Total Funds Tangible fixed assets Current assets Crcditors less than l year Net Assets 106,981 417,543 (81.9381 21,773 l?8,754 417,543 (81,938) 442.586 ?1.773 464.359 22. An4ly81s of changes in net debt At 31 MAr 2024 At l Apr ?023 Cash flows Cash at bank and in hand 352,535 (?0,325) 332,210 23. Capltal commltments Currently we have a deposit for the purchase of a ncw minibus of £21,320 shown as a prepayment for which the remaining value would be a furthcr £85,280 for which we would r¢¢laiin £17,767 of VAT. 24. Related pArtles Apart from the accountancy servi¢es supplied by the Treasurer the details of which are shown in note 15 there are no related party transactions. 22