COMPANY REGISTRATION NUMBER: 04673954 CHARITY REGISTRATION NUMBER: 1102302 RAKAT CT LTD Company Limited by Guarantee Unaudited Financial Statements 31 March 2025
RAKAT CT LTD Company Limited by Guarantee Financial Statements Year ended 31 March 2025 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees 10 Statement of financial activities (including income and expenditure account) 11 Statement of financial position 12 Statement of cash flows 13 Notes to the financial statements 14
RAKAT CT LTD Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 31 March 2025 Th¢ trustees, who are also the directors for th¢ PuOseS of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025. Referenee 2nd administrative details Registered charity name RAKAT CT LTD Charity registration number 1102302 Company registration number 04673954 Principal office and registered office Liz Mills Depot 32 Wellington Crescent New Malden Surrey KT3 3NE The trustees Caroline Charlton - Chair Julia Thomas - Vice Chair Stephen Baughan - Treasurer Caroline Bayly Susanna Bellino Howard Gooder Mustafa Vahdettin Julie Hitchcock (Appointed 18 March 2025) (Retired 20 November 2024) (Retired 20 November 2024) Key management personnel Nigel Newby Chief Executive Officer Maria Sheridan-Loughrey Deputy Chief Executive Officer Robert Serrij Operations Manager Independent examlner Mohan Kripalani Structure9 governance and management Governing document The organisation is a charitable company limited by guarantee, incorporated on 21 February 2003 and registered as a charity on l April 2004. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its 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 2006 and accepted by the Charities Commission on 10 June 2013. In the event of the company being wound up members are required to contribute an amount not exceeding £1 each. The Charity changed its name on 2 December 2019. References to the 'Company' or the 'Charity' in these financial statements are one and the same as with 'Directors or Trustees,.
RAKAT CT LTD Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2025 Structureg governance and management (coiilinued) Recruitment and appointment of the board of trustees The Articles of Association require that the members 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 to ensure that the Board of Trustees have the diversity of skills necessary to 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 Trustees meetings and will be re-elected at the Annual General Meeting. Trustee induction and training All Trustees are required to be familiar with th¢ work of the Charity. New Trustees are asked to attend a short induction session with the Chair of the Board and the Chief Executive of the Charity 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 provided to new Trustees. These are the Memorandum and Articles of Association, a strategic plan, the latest published accounts and other policies and procedures.
RAKAT CT LTD Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Structureg governance and mAnAgement (continued) Risk management There is a Board subcommittee with key members of the Management team who meet to assess the risks to which the Charity is exposed and create a risk register for review at Board meetings. The major areas of risk when running a community transport organisation are: The need to replace our ageing fleet of vehicles, along with possible future government requirements to use electric powered vehicles in order to reduce carbon emissions. Without suitable grant funding or direct subsidy this could result in our Charity being unable to continue. Ensuring the premises are adequate to provide the services required at a reasonable cost for which we are currently awaiting the renewal of the lease. Staff and volunteers are suitably trained to deliver our services. Develop a succession plan for key staff members. That we have policies and procedures in place and follow good practice guidelines to ensure that we provide our services within current legislation ,especially in relation to health & safety, so that our buses are well maintained and our drivers are appropriately trained. Adequate funding is available to provide affordable transport for the Charitable and Statutory Organisations who are our members. Maintain our reputation of providing a good service to our members. 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 Corporate Govemance structure. Organisational structure The Charity has a Board of Directors / Trustees of not less than 3 members who meet quarterly and are responsible for the strategic direction and policy of the charity. The Board of Trustees has members from a variety of professional backgrounds relevant to the work of the charity. The day-to-day responsibility for the provision of the services rests with the Chief Executive Officer, Deputy Chief Executive OITicer, 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 performance indicators are met and adequate funding is available to continue the operations. The Operations Manager has responsibility for the day-to-day operational management of the Charity. Individual supervision of the staff team ensuring they continue to develop their skills and working practices in line with good practice are the joint responsibilities of the Chief Executive Officer and the Operations Manager. The Treasurer in conjunction with the Chief Executive Officer and Deputy Chief Executive Officer have the responsibility of ensuring the financial stability of the Charity. Two sub committees each chaired by one of our trustees are in place to review risk management and to enhance our public profile including our website to enable us to improve fundraising.
RAKAT CT LTD Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2025 Structure? governance and management (conliiiued) Related parties If a member of the Board of Trustees has involvement with member organisatlons and a conflict of interest arises then that member would be excluded from voting on such issues and should it be necessary excluded from relevant meetings or refrain from the discussions. There were no related party transactions during the year that are not shown elsewhere in the accounts. Objectives and activities Purposes and alms Our charity's purposes are set out in the objects contained in the company's memorandum of association. We aim to benefit the public 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 the Royal Borough of Kingston upon Thames and surrounding area. We continue to work in partnership with other organisations and continually look to develop projects which provide accessible and affordable transport services for individuals for whom conventional transport is either inaccessible or inappropriate, ensuring the quality of delivery by the constant provision of support, training and information and to develop other complementary services where local community need is identified. Ensuring our Ivork delivers our aims 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 they have brought to those groups of people we are set up to help. This review ensures our aims, objectives and activities remain focused on our stated purposes and reflect the changing needs and aspirations of the local commuiiity. We have referred to the Charity Commission's general guidance on public benefit when reviewing our aims and objectives, and in planning our future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set. 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 fleet of minibuses the majority of which are fully accessible. Some of the vehicles are owned by user organisations and we make use of these for our own operations in their down time. We offer certificated MIDAS driver training and assessment. passenger assistant training is also offered. Our advice and information on transport related matters is often sought, liaising between the statutory and voluntary sector with regard to transport initiatives and planning. We supervise vehicle compliance and operate in partnership with other local agencies to develop local door to door transport provision. Those who benefit from our servlces We provide affordable accessible transport to residents of London Borough of Richmond upon Thames and the Royal Borough of Kingston-upon-Thames and surrounding areas.
RAKAT CT LTD Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2025 Strategic report The following sections for achievements and perforn]ance and financial review form the strategic report of the charity. Achievements and performance Community transport operation Following the closure of a Community Transport organisation in Sutton we were successful in obtaining some of their business with Sutton Council providing a special needs service. We also obtained some of the staff of the community transport organisation who ran these services. Services we have been providing with two Partnership organisations Staywell and Enhanceable providing transport for care centres has now been directly funded by the Royal Borough of Kingston upon Thames rather than a contract for supplying buses to Staywell Our funding support from the councils of the two boroughs of the Royal Borough of Kingston upon Thames and London Borough of Richmond upon Thames together with the two Charities of Hampton Fund and Richmond Parish Land Charity has remained constant for which are grateful. Our services to smaller user groups has remained stable over the last couple of years. This year 133 (2024 - 125) voluntary and statutory organisations used our services. The Vehicle fleet did complete 5776 (2024 - 6,190) dayslpart days bookings enabling 103,262 (2024 - 97,254) passenger journeys. During the year we trained and assessed 97 (2024 - 107) people to the nationally recognised and certificated MIDAS standard. Capital projects We continue to operate and maintain the three minibuses funded by FISH and two minibuses funded by Staywell, these are treated as Restricted funds. At the end of the year FISH were in the process of replacing one of their buses for the Barnes and Mortlake Enterprise scheme which we have accounted for in the current year but did not commence service until after the year end.
RAKAT CT LTD Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Achievements and performanee (continued) Partnership & Enterprise Schemes We continue our successful partnership working with other community and voluntary organisations to support the local communities in their own areas. Since 2001 working with Community Centr¢s in the Hampton and Hampton Hill area of the London Borough of Richmond upon Thames and supported by the Council we have run a project known as Hampton Enterprise. This combines a community car scheme, shopping buses and a plus bus service offering door to door transport provision. This service continues to provide a weekly transport service to a club for those with learning difficulties known as the Gateway Club a daily transport service to Elleray Hall elderly persons day centre, Linden Hall day centre, Homelink day centre, Hampton and Hampton Hill Voluntary Care weekly shopping service and social outings, During the year it was necessary to move the base from which the minibus service operates and this was successfully accomplished with no disruption to the users. Since 2005 we have worked with FISH a local Charity supported by London Borough of Richmond upon Thames in a project known as Bames Mortlake and East Sheen Enterprise. This combines a community car scheme, plus bus service providing weekly transport shopping service, social excursions and transport to activities, clubs and special events for the elderly, frail and those with mobility problems. Over the years due to an increase in demand FISH have purchased two additional buses, one of which is currently being replaced, through us and they have increased the staff capacity to satisfy these needs. We operate vehicles for Staywell and Ham SOS ensuring that they comply with all legal and safety requirements. Staywell use buses from our fleet to transport their elderly? frail and those with mobility problems to their day care centre. Premises The current negotiation with our landlords the Royal Borough of Kingston upon Thames who also supply funding and have offered us a lease from the 25 March 2023 with a rent-free period from the expiry of the old lease on 20 July 2020 is awaiting finalisation. The accrued cost of this rent.free period was released as a grant from the Royal Borough of Kingston upon Thames last year and we have accrued the outstanding 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, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2025 Financial review Results for the period Restricted Funds Revenue from the Hampton Fund and Richmond Parish Lands Charity to subsidise the core staff costs arnounted to £26,235 (2024 - £25,300). In the previous year income from London Borough of Richmond upon Thames administered by Age UK Richmond Services LTD was for the purposes of our Charity for which we do not have a forn]al contract and was to operate two schemes known as Enterprise schemes one in Hampton where we allocated £112,501 and collected fares of £5 ?8? the other in Bames & Mortlake Enterprise where we allocated £57,445 and collected fares of £18,693. The remainder of the income was to cover £34,112 of operational remuneration costs. In the previous year we received income to cover operational remuneration costs from the Royal Borough of Kingston of Thames £32,000. The Staywell capital funding for two minibuses continues to be in place. The fund is reduced by the annual depreciation of £906 (2024 - £1,350) and the remaining balance which represents the Net book value of these assets is £1.836 and considered to be a fair representation of the market value. During the year the Barnes and Mortlake Enterprise capital funding includes the remainder of their funding of the new minibus received from FISH of £67,512 to bring the total funding including the deposit last year of £21,320 to £88,832. This has been delivered after the year end and is in addition to the three minibuses they already fund. The current minibuses are charged an annual depreciation of £33.224 (2024 £5,836). The balance carried forward of £67,453 represents the net book value of the four minibus and is considered to be a fair representation of their market value. Transfer of funds There was no transfer of funds this year. In the previous year we received £20,000 as a contribution to buy a minibus which cost £56,223 which is in excess of the contribution therefore as we had satisfied the requirements of the restriction we transferred the balance of £1,446 which is the grant less the annual depreciation of £18,554 to unrestricted funds.
RAKAT CT LTD Company Limited by Guarantee Trustees, Annual Report {Incorporating the Director's Report) (continued) Year ended 31 March 2025 Financial review (continued) Unrestricted Funds Our main income is generated from the use of the buses which was £575,568 (2024 - £332,423) the main reason for the substantial increase is due to: A new contract from Sutton Council for the Special Educational Needs contract which accounted for £261,367. Income from Royal Borough of Kingston upon Thames of £187,000 for which we contribute a grant to Enhanceable of £40,000. In the previous year this was general funding from Staywell and income and the Royal Borough of Kingston upon Thames. Income from London Borough of Richmond upon Thames administered by Age UK Richmond Services LTD is for the purposes of our Charity for which we do not have a fonnal contract and is to operate two schemes known as Enterprise schemes one in Hampton where we allocated £118,016 and collected fares of £15,109 the other in Barnes & Mortlake where we allocated £60,261 and collected fares of £20,064 the remainder of the income was to cover operational remuneration costs of £35,784. Other unrestricted income comes from affiliation fees and driver training of £13,933 (2024 £4 ?09), donations including gift aid of £4,467 (2024 - £4,995). interest receivable £6,145 (2024 - £5,126), gains on the disposal of a minibus including the scrappage scheme grant was £9,670 (2024 - £6,913). The total unrestricted income amounted to £896,017 (2024 - £353,666). Expenditure was £870,470 (2024 - £354,798) of which £ 67,658 (2024 - £35,146) is depreciation, increased due to the purchase of two second hand minibuses costing £76,000. The increase in Salaries National Insurance and pensions to £5?6,274 (2024 - £180,208) and vehicle running costs to £182,597 (2024 £96,840) is as result of the new contract from Sutton Council and the reduction in similar costs in restricted funds last year. A summary of the expenditure can be seen in more detail in note 10 to these accounts. The net income and net movement in funds is therefore £25,547 (2024 £1,132) increasing our total unrestricted funds carried forward to £468,447 (2024 - £442,900). Total Funds Our total reserves have increased by £58,929 to £537,736 and the cash at bank of £391,501 and as referred to earlier in the report debtors and creditors are higher than they normally would be due to the timing of the purchase of the new Minibus for the Barnes and Mortlake Enterprise scheme. Reserves Policy The Trustees continually review the reserves policy to detemiine the level of free unrestricted funds needed to maintain the organisation's activities for a sufficient period to ensure continuity if funding from external sources should cease or be seriously curtailed. Currently our free reserves (Unrestricted net current assets) are £331,476 and one-month's expenditure is £69,087 (total annual expenditure £930,835 less depreciation of £101.788) which is 4.8 months. The Board of Trustees continue to recognise the need to replace the fleet and continue to consider the current working capital requirement should be between 3 and 4 months. Therefore 4 months annual expenditure is £276,348 which could allow £55,128 for invesknent in new minibuses.
RAKAT CT LTD Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continuedj Year ended 31 March 2025 Plans for future periods The continuing aim of the Charity is to supply good economical accessible community transport to the Voluntary and Community Groups within the London Borough of Richmond upon Thames and the Royal Borough of Kingston upon Thames and surrounding boroughs. In order to do this we will need to: Increase the number or community. voluntary and statutory organisations that are members to ensure that we are more sustsinable for the future Continue working in partnerships and develop projects which provide accessible and affordable services for individuals for whom conventional transport provision is either inaccessible or inappropriate. Maintain the quality of delivery by offering support, training and infonnation to our membership. Increase our funding and maintain our charges at a level that is affordable to our client base many of whom are also Charities and urge the local Councils to maintain their valued support. Keep our current fleet in the best condition until funding can be obtained to replace our fleet with affordable greener alternatives. We need to get a better understanding of these alternatives and the likely timing. In order to achieve this funding we will need to increase our public profile which is not easy as we are not a front line organisation with direct access to the public. Ensure that premises are available to Continue to deliver affordable Community Transport and get more certainty with a new lease. Keep up to date with our legal obligations especially those of Health & Safety and the work environment of employees & volunteers. The trustees, annual report and the strategic report were approved on 18 November 2025 and signed on behalf of the board of trustees by: Stephen Baughan - Treasurer Trustee
RAKAT CT LTD Company Limited by Guarantee Independent Examiner's Report to the Trustees of RAKAT CT LTD Year ended 31 March 2025 I report to the trustees on my examination of the financial statements of RAKAT CT LTD ('the charity,) for the year ended 3 l March 2025. Responsibilities and basis of report As the trustees 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 with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the ?006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 201 l Act. Independent examiner's stAtement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination; or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 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 enable a proper understanding of the accounts to be reached. Mohan Kripalani Independent Examiner 2 Crosslands Avenue, Ealing, W5 3QH 19 November 2025 10
RAKAT CT LTD Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted funds 20?4 Unrestricted funds Total funds Total funds Note Income and endowments Donations and legacies Charitable activities Investment income Other income 4,467 875,735 6,145 9,670 4,467 969,482 6,145 9,670 4,995 663,285 5,126 6,913 93,747 Total income 896.017 93,747 989,764 680,319 Expendlture Expenditure on charitable activities Total expenditure 9,10 (870,470) (60,365) (930,835) (665,871) (870,470) (60,365) (930,835) (665,871) Net income and net movement in funds 25,547 33,382 58,929 14,448 Reconciliation of funds Total funds brought forward 442,900 35,907 478,807 464,359 Total funds carried forward 468,447 69,289 537,736 478,807 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 14 to 25 form part of these financial statements. 11
RAKAT CT LTD Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets 17 206260 123,615 Current assets Debtors Cash at bank and in hand 18 229,874 391,501 130,850 332,210 621,375 463,060 Creditors: amounts falling due within one year Net current assets 19 (289,899) (107,868) 331,476 355,192 Total assets less current liabilities 537,736 478,807 Net assets 537,736 478,807 Funds of the charity Restricted funds Unrestricted funds 69.289 468,447 35,907 442,900 Total charity funds 21 537,736 478,807 For the year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: Thc 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 complying with the requirements of the Act with respect to 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. Th¢sc financial statements were approved by the board of trustees and authorised for issue on 18 November 2025, and are signed on behalf of the board by: Stephen Baughan - Treasurer Trustee The financial statements are prepared in accordance with the special provisions of part 15 of the Companies Act 2006 relating to small companies. The notes on pages 14 to 25 form part of these financial statements. 12
RAKAT CT LTD Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2025 2025 2024 Cash flows from operating activities Net income 58,929 14,448 AdjusÉmenlsfor.' Depreciation of tangible fixed assets Other interest receivable and similar income Gains on disposal of tangible fixed assets Accrued expenses 101,788 (6,145) (9,670) 13,100 60,885 (5,126) (6,913) 5.331 Changes in.. Trade and other debtors Trade and other creditors (99,024) 168,931 (65,842) 20,599 Cash generated from operations 227,909 23,382 Interest received 6,145 5,1?6 Net cash from operating activities 234,054 28,508 Cash flows from investing activities Purchase of tangible assets Proceeds from sale of tangible assets Net cash used in investing activities (184,832) 10,069 (56,223) 7.390 (174,763) (48,833) Net inereasel(decreAse) in eash and cash equfivalents Cash and cash equivalents at beginning of year 59,291 332210 (20.325) 352,535 Cash and cash equivalents at end of year 391,501 332,210 The notes on pages 14 to 25 form part of these flnancial statements. 13
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General information The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered Gharity in England and Wales. The address of the registered office is Liz Mills Depot, 32 Wellington Crescent, New Malden. Surrey, KT3 3NE. Statement of compliAnce 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011. Aeeounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP (FRS 102)), 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 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). Taxation The charitable company is a charity within the definition of section 467 Corporation Tax Act 2010 and is therefore able to take advantage of the exemptions given by sections 485 and 486 of that Act. Accordingly. there is no Corporation Tax charge in these accounts. Pension Polley The charity contributes to individuals stake holder pension schemes to the value of 8% of salary. The contributions are included in the Statement of Financial Activities when they fall due. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided Going concern The financial statements are drawn up on the going concern basis which assumes RAKAT CT LTD will continue in operational 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 to the working capital and cash flow requirements of RAKAT CT LTD. The Board consider RAKAT CT LTD current and forecast cash resources to be sufficient to cover the working capital requirements of the charity for the foreseeable future. 14
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies (eonlinued) Judgements and key sources of estimation uncertainty The preparation of financial statements in conforniity with Charities SORP (FRS 102) requires the trustees to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income 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 forni the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Fund aeeounting 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 eam]arked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the ternis of an appeal. and fall into one of two sub-classes: restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. no amounts are included for the contribution of general volunteers. income from grants for the supply of services is recognised with the delivery of the required service. These are classified as restricted funds as there is a contractual requirement for it to be spent on a particular purpose and returned if unspent. Income is stated net of VAT Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any V AT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. 15
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 Accounting policies (Colllinued) Tangible assets All fixed assets are initially recorded at cost. Fixed assets capitalisation Tangible fixed assets are stated at cost or valuation less depreciation. Fixed assets costing more than £1,000 are apitalised where they are not replacements of assets previously capitalised. Depreciation Depreciation 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 % straight line Impairment of fixed assets Fixed assets are subject to review for impairment when there is an indication of a reduction in their carrying value. Any impairnient is recognised in the year in which it occurs in the corresponding Statement of Financial Activities category. 16
RAKAT CT LTD Company Limited by Guarantea Notes to the Financial Statements (contlnued) Year ended 31 March 2025 Accounting policies (contlnued) Financial instruments The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Debtors Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost, less provision for impainnent. A provision for the impairnient of debtors is established when there is objective evidence that the charitable company will not be able to collect all amounts due according to the original terms of the debt, Cash At bAnk And in hand Cash at bank and cash in hand includes cash and short tern] highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors Creditors are recognised where the charitable company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are nonnally recognised 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 leases are charged to the statement of financial activities on a straight line basis over the period of the lease. Limited by guArantee The members of this organisation are the Charity Trustees who have committed to the guarantee of £1 upon the dissolution of the Charity. The members, details are maintained at the operational address. 17
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 Donations and legacies Unrestricted Total Funds Funds 2025 Unrestricted Funds Total Funds 2024 Donations General donations Gift Aid 3,597 870 3,597 870 4.095 900 4.095 900 4.467 4,467 4,995 4,995 Charitable actlvlties Unrestricted Funds Restricted Total Funds Funds 2025 Income from the use of the buses Royal Borough of Kingston upon Thames London Borough of Richmond upon Thames administered by Age UK Richmond Services LTD London Borough of Sutton Affiliation fees & driver training Hampton Fund Richmond Parish Lands Charity Royal Borough of Kingston upon Thames The Victoria Foundation FISH London Borough of Richmond upon Thames administered by Age UK Richmond Services LTD 199,374 187,000 199J74 187.000 214,061 261,367 13,933 214,061 261 J67 13,933 15,015 11,220 15,015 11,220 67.512 67,512 875,735 93,747 969,482 Unrestricted Funds Restricted Funds Total Funds 20?4 Income from the use of the buses Royal Borough of Kingston upon Thames London Borough of Richmond upon Thames administered by Age UK Richmond Services LTD London Borough of Sutton Affiliation fees & driver training Hampton Fund Richmond Parish Lands Charity Royal Borough of Kingston upon Thames The Victoria Foundation FISH London Borough of Richmond upon Thames administered by Age UK Richmond Services LTD 332,423 23,975 356,398 4,209 4,209 14,300 11,000 32.000 20,000 21,320 14,300 11,000 32,000 20,000 21,320 204,058 204,058 336,632 326,653 663,285 18
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 Investment income Unrestricted Total Funds Funds 2025 Unrestricted Funds Total Funds 2024 Bank interest receivable 6,145 6,145 5,126 5.126 Other income Unrestricted Total Funds Funds 2025 Unrestricted Funds Total Funds 2024 Gain on disposal of tangible fixed assets held for charity's own use 9,670 9,670 6,913 6,913 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Community Transport Operations - Unrestricted Community Transport Operations - Restricted Support costs 868,470 868,470 60,365 2,000 60.365 2,000 870,470 60.365 930,835 Unrestricted Funds Restricted Funds Total Funds 2024 Community Transport Operations - Unrestricted Community Transport Operations - Restricted Support costs 352,798 352,798 311,073 2,000 311,073 2,000 354,798 311,073 665,871 19
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 10. Expenditure on charitable activities by activity type Analysis of Community Transport Operations Expenditure - Unrestricted 2025 20?4 Salary. National Insurance and Pension Depreciation Vehicle Running Costs Training & Conferences Premises Costs Administrative Expenscs Grant payable for transport services 526274 67,658 179,293 4,071 16,266 34,908 40,000 180,208 35,146 96,840 1,210 15,931 ?3,463 Support Costs - Independent Examination Fee 868,470 2,000 352.798 2,000 870,470 354,798 Analysis of Community Transport Operations Expenditure - Restricted 2025 2024 Salary, National Insurance and Pension Depreciation Vehicle Running Costs 26,235 34,130 228,262 25,739 57,072 60,365 311,073 11. Analysis of support costs There are no support costs as such the £2,000 (2023 £2,000) represents the fees payable for the independent examination of the financial statements. 12. Analysis of grants 2025 2024 Grants to institutions Grants to Enhanceable 40,000 Total grants 40,000 13. Net ineome Net income is stated after charging/(crediting): 2025 2024 Depreciation of tangible fixed assets Gains on disposal of tangible fixed assets 101,788 (9,670) 60,885 {6,913) 20
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 14. Independent examination fees 2025 2024 Fees payable to the independent examiner for: Independent examination of the financial statements 2,000 2,000 15. Staff costs The total staff costs and employee benefits for the reporting p¢riod are analysed as follows: 2025 2024 Wages and salaries Social security costs Employer contributions to pension plans 484,309 32,002 36,198 357.385 23,396 27,689 552,509 408,470 The key management personnel of the charity comprise the trustees, the Chief Executive Officer, Deputy Chief Executive Officer and the Operations Manager. The total employee benefits of the key management personnel were £121,721 (2024- £122,686). The average head count of employees during the year was 19 (2024: 19). The average number of full-time equivalent employees during the year is analysed as follows: 2025 2024 No. Number of Operational Staff (FTE) 16 12 No employee received employee benefits of more than £60,000 during the year (2024: Nil). 16. Trustee remuneration and expenses No remuneration or benefits have been paid to any member of the Board of Trustees during the period for their duties as a trustee. However, as pennitted by Section 185 of the Charities Act 2011, the treasurer has not charged for his accountancy services as he did this on a voluntary basis however he was reimbursed for some computer expenses to the value of £2,400 (2024 - £2,280). 21
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 17. Tangible fixed assets Motor vehicles Equipment Total Cost At l April 2024 Additions Disposals At 31 March 2025 1,218,638 184,832 (20,495) 16,018 1234,656 184,832 (20,495) 1,382,975 16,018 1.398.993 Depreciatlon At l April 2024 Charge for the year Disposals 1,095,023 101,788 (20,096) 1,176,715 16,018 1,111,041 101,788 (20,096) At 31 March 2025 16,018 1,192,733 Carrylng amount At 31 March 2025 206,260 206260 At 31 March 2024 123,615 123,615 18. Debtors 2025 2024 Trade debtors Prepayments and accrued income Other debtors 139,624 59,483 30,767 52,155 48,182 30,513 229,874 130.850 19. Creditors: amounts falllng due within one year 2025 2024 Payments received on account Trade creditors Accruals and deferred income Social security and other taxes Grants in advance Other creditors 23,625 165,224 72.269 9,681 15,015 4,085 8,000 16,609 59,169 7,651 11,220 5,219 289,899 107,868 20. Pensions And other post retirement beneflts Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £36,198 (2024: £27,689). 22
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 21. Analysis of charitable funds Unrestricted funds At Transfers 31 March 2025 At l April 2024 Income Expenditure General funds 442,900 896,017 (870,470) 468,447 At Transfers 31 March 2024 At l April 2023 Income Expenditure General funds 442,586 353,666 (354,798) 1,446 442,900 Restricted funds At Transfers 31 March 2025 At l April 2024 Income Expenditure Hampton Enterprise Scheme Barnes & Mortlake Enterprise Scheme Staywell Capital Funding FISH Capital Funding Capital Funding for Minibus purchase Grant funding for staff 2,742 33,165 (906) (33,224) 1,836 67,453 67,512 26,235 (26,235) 35,907 93,747 (60,365) 69,289 At Transfers 31 March 2024 At l April 2023 Income Expenditure Hampton Enterprise Scheme Barnes & Mortlake Enterprise Scheme Staywell Capital Funding FISH Capital Funding Capital Funding for Minibus purchase Grant funding for staff 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) (1,446) 35,907 23
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 March 2025 21. Analysis of charitable funds (conlinuedj Purposes of Restricted Fund Fish & Staywell Capital Funding This income has been received from partnership organisations to purchase minibuses for specific purposes and when the arrangement ceases the minibuses or their market value will be returned to the partnership organisations. Hampton Enterprise scheme This is a scheme 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 the CILS (Community Independent Living Service) partnership. Barnes and MortlAke Enterprise scheme This scheme 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 in the previous year from The Victoria Fund to assist with the purchase of a new minibus. Staff funding 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. 22. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Current assets Creditors less than l year Net assets 136,971 621,375 (289,899) 69,289 206260 621 J75 (289,899) 468,447 69.289 537,736 Unrestricted Funds Restricted Funds Total Funds 2024 Tangible fixed assets Current assets Creditors less than l year Net assets 109,028 441,740 (107,868) 14,587 21,320 123,615 463,060 (107,868) 442,900 35,907 478,807 23. Analysis of ehanges in net debt At 31 Mar 2025 At l Apr 2024 Cash flows Cash at bank and in hand 332,210 59,291 391,501 24
RAKAT CT LTD Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 24. Capital commitments The capital commitment for the balanc¢ due of £85,499 for the purchase of a new minibus is included in trade creditors which has been paid since the year end. The grant of £69,842 from FISH for this purchasc is included in trade debtors and we received these funds after the year end date. Ownership has been taken at the date of the invoice and the asset is included in our fixed assets at a value of £88,832 26. Related parties Apart from the accountancy services supplied by the Treasurer the details of which are shown in note 16 there are no related party transactions. 25