**Registered number: 04989679 Charity number: 1104954**
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
**(A Company Limited by Guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2023**
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and Administrative Details of the Company, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 7|
|**Independent Auditor's Report on the Financial Statements**|8 - 11|
|**Consolidated Statement of Financial Activities**|12|
|**Consolidated Balance Sheet**|13 - 14|
|**Company Balance Sheet**|15 - 16|
|**Consolidated Statement of Cash Flows**|17|
|**Notes to the Financial Statements**|18 - 42|
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023**
## **Trustees**
R H Knight A M Fox J J Brydon
A J D Boughton
R I Stansbury S C Naughalty Dr B S Capper R J H Davies (appointed 19 January 2023)
## **Company registered number**
04989679
## **Charity registered number**
1104954
## **Registered office**
Unit 8 Towergate Business Centre, Coopers Place, Combe Lane, Wormley, Surrey, GU8 5SZ
## **Company secretary**
S Gray
## **Independent auditor**
Shaw Gibbs (Audit) Limited, Wey Court West, Union Road, Farnham, Surrey, GU9 7PT
Page 1
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023**
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of the group and the company, Waverley Hoppa Community Transport (the company) for the year ended 31 March 2023. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). The Trustees confirm that the Annual report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
Since the group and the company qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required.
## **Objectives and activities**
## **a. Policies and objectives**
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the charity commission relating to public benefit.
Policies and objectives are defined by the Memorandum of Association as refined by the advice of experts and approved by the Board.
## **b. Strategies for achieving objectives**
Strategies for achieving objectives are defined by an annual budget prepared by the General Manager and Board, presented to the local authority and distributed to appropriate parties.
## **c. Activities for achieving objectives**
Activities for achieving objectives are the provision of subsidised transport services in the locality of Waverley Borough and limited commercial services to support the primary activities.
## **d. Main activities undertaken to further the charity's purposes for public benefit**
The organisation’s core activities are the provision of dial-a-ride transport within Waverley Borough to anyone unable to utilise public services by reason of age, disability or remoteness.
The Trustees have given full regard to the Charity Commission’s guidance on public benefit, and are confident that, while our customers clearly benefit from transportation, there is a benefit to the wider public in terms of addressing rural isolation, and promoting the wellbeing and social inclusion of our customers.
## **e. Volunteers**
The company is managed by unpaid Board members, a small professional management team and a staff of employed drivers.
Page 2
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Achievements and performance**
## **a. Key financial performance indicators**
The Trustees use two main financial indicators – the proportion of grant funding to total income, and net income or expenditure generated.
Grant funding in the year represented 24% of income (2022: 24%). The Trustees continue to pursue their strategy of contracting commercial routes – to Schools, Day Centres and local Hospitals – to subsidise the core dial-a-ride operation. In this way we have historically been able to minimise the need for increased public funding to maintain our objectives.
In the year to 31 March 2023 the organisation reported net income of £46k (2022: £52k net expenditure).
## **b. Review of activities**
In the period of review the organisation continued to provide transport services within the ambit of the operations described in its original Business Plan.
At the end of the year Hoppa reported a surplus of £265k (2022: £36k). This result is mainly due to an improvement in the SCC local government pension scheme of £219k. Day to day operations remained stable and generated net income of £46k.
The organisation’s core activities are the provision of demand responsive transport within Waverley Borough, mainly assisting those with disabilities and the elderly who are unable to utilise public services by reason of remoteness or access difficulties. These priority services assist in reducing social exclusion among the disadvantaged and in the year some 14,541 passenger trips were made (2022: 13,411). This is still below 2020 levels but shows the recovery post-Covid is continuing.
Other community support services covers school runs – mainly Special Educational Needs – as well as several health-related transport contracts. A total of 44,269 passenger trips were made in this service category during the year (2022: 41,689).
## **c. Investment policy and performance**
There is no policy to invest in assets other than the premises and vehicles utilised for delivering the services.
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.
Page 3
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **b. Financial risk management objectives and policies**
The Trustees have identified two main financial risks – loss of grant funding, and the inability to fund replacement of our key capital asset, the vehicles themselves.
In terms of grant funding the largest single amount comes from Waverley Borough Council. Hoppa are in the first year of a new three year Service Level Agreement with Waverley; this agreement provides certainty of income in exchange for quarterly performance reviews. Both parties have found this arrangement to be very beneficial and it was extended for 2022-23, but with lower grant levels. Other grants are received from other County, Town and Parish Councils. Hoppa minimise risk to these grants by maintaining regular contact with all these stakeholders, updating them on our operational and financial situation.
Hoppa operate twenty seven vehicles, mostly minibuses with wheelchair access. There is a Board target to maintain an average vehicle life of between five and six years, with no vehicle being older than twelve years. This gives rise to a capital requirement of over £100k every year to replace older vehicles; the funding for this needs to be provided from net income, capital grants or other fundraising. In terms of risk the Trustees have considered options of debt financing, as well as maintaining vehicles for longer, albeit likely to incur greater repair costs.
## **c. Financial Results**
At the balance sheet date unrestricted funds of £372,697 (2022: £107,106) and restricted funds of £167,051 (2022: £167,432) were held.
## **d. Reserves policy**
There is a monthly review of likely operating expenses and income, grants, donations and requirements for replacing vehicles, all to ensure the ability to continue providing services throughout a forthcoming period of at least 6 months
## **e. Deficit**
In the year to 31 March 2023 Hoppa has reported a surplus of £46k (2022: deficit £52k) before actuarial gains. The Trustees approve an annual budget with a target of generating net income before depreciation, to be used for capital funding. This remains the target for the financial year ending March 2024.
## **f. Principal Funding**
Local authority and government grants, and donations from parish councils and charitable institutions comprise 24% of funding (2021: 24%), the balance being generated by operating income. The reliance on grant funding continues to reduce as a result of a deliberate strategy by the Trustees.
Page 4
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Structure, governance and management**
## **a. Constitution**
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 9 December 2003.
The charity was formed in succession to Waverley Community Transport and assumed all that company's assets and liabilities with effect from 31 March 2004.
The principal object of the company is to provide relief to the inhabitants of the Borough of Waverley in Surrey whose access to transport is affected by age, mental or physical disability, poverty or rural isolation, and in particular to provide and maintain non-profit community transport services and to assist the charitable work of organisations and bodies engaged in promoting relief of such persons through the provision of appropriate services.
The objectives have not been amended during the year.
## **b. Methods of appointment or election of Trustees**
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum and Articles of Association.
## **c. Policies adopted for the induction and training of Trustees**
All Trustees receive explanatory documentation from Companies House and the Charities Commission and an introductory briefing with the Chairman, Operating Director and General Manager and attend a full Board meeting as an observer before appointment. Subsequently each Board member receives financial results, board minutes, budgets, draft business plans and a health and safety manual.
## **d. Pay policy for senior staff**
The General Manager is the senior member of staff and a key employee. The Trustees policy is to ensure that this employee is remunerated on a par with commercial enterprises, and use a combination of salary and performance bonus to achieve this.
## **e. Organisational structure and decision making**
The Chairman, Operating Director, General Manager and Board meet monthly and are advised quarterly by local authority Councilors and experts. Limits of decision making authority are defined by reference to magnitude and banking mandates by Board authority.
## **f. Related party relationships**
The Trustees and senior staff make a declaration each year concerning related parties. There were no transactions with related parties during the year, other than as disclosed in the notes to the financial statements.
Page 5
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Plans for future periods**
In a climate of financial challenge for our local authorities, who are our key sponsors, Hoppa continues to subsidise its core services by bidding for, and winning, contracts to provide community transport routes wherever they fit within the operational criteria.
## **Members' liability**
The Members of the company guarantee to contribute an amount not exceeding £10 to the assets of the company in the event of winding up.
## **Small Company Provisions**
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 6
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **Disclosure of information to auditor**
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information.
Approved by order of the members of the board of Trustees and signed on their behalf by:
**R I Stansbury** Trustee
Date:
Page 7
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **Opinion**
We have audited the financial statements of Waverley Hoppa Community Transport (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Page 8
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAVERLEY HOPPA COMMUNITY TRANSPORT (CONTINUED)**
## **Other information**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
Page 9
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAVERLEY HOPPA COMMUNITY TRANSPORT (CONTINUED)**
## **Responsibilities of trustees**
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the Group and parent charitable company and the industry in which they operate, and considered the risk of acts by the Group and parent charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, the Charities Act 2011 and UK tax legislation.
Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Page 10
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAVERLEY HOPPA COMMUNITY TRANSPORT (CONTINUED)**
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Mark Dickinson FCA (Senior Statutory Auditor)**
for and on behalf of
**Shaw Gibbs (Audit) Limited** Statutory Auditor Wey Court West Union Road Farnham Surrey GU9 7PT
Date:
Page 11
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Other income
6
**Total income**
**Expenditure on:**
Raising funds
8
Charitable activities
9
**Total expenditure**
**Net income/(expenditure)**
Transfers between funds
19
**Net movement in funds before other**
**recognised gains/(losses)**
**Other recognised gains/(losses):**
Actuarial gains on defined benefit
pension schemes
25
Unrecognised surplus on defined
benefit pension schemes
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2023**
**£**
**104,255**
**162,933**
**-**
**-**
**267,188**
**-**
**218,891**
**218,891**
**48,297**
**(48,678)**
**(381)**
**-**
**-**
**(381)**
**167,432**
**(381)**
**167,051**|**Unrestricted**
**funds**
**2023**
**£**
**6,235**
**18,519**
**889,332**
**24,364**
**938,450**
**4,561**
**935,976**
**940,537**
**(2,087)**
**48,678**
**46,591**
**279,000**
**(60,000)**
**265,591**
**107,106**
**265,591**
**372,697**|**Total**
**funds**
**2023**
**£**
**110,490**
**181,452**
**889,332**
**24,364**
**1,205,638**
**4,561**
**1,154,867**
**1,159,428**
**46,210**
**-**
**46,210**
**279,000**
**(60,000)**
**265,210**
**274,538**
**265,210**
**539,748**|_Total_
_funds_
_2022_
_£_
_72,679_
_173,826_
_755,952_
_19,785_
_1,022,242_
_5,073_
_1,069,606_
_1,074,679_
_(52,437)_
_-_
_(52,437)_
_88,000_
_-_
_35,563_
_238,975_
_35,563_
_274,538_|
|---|---|---|---|---|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 18 to 42 form part of these financial statements.
Page 12
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) REGISTERED NUMBER: 04989679**
## **CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023**
|**Note**
**Fixed assets**
Tangible assets
14
**Current assets**
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
18
**Net assets excluding pension asset /**
**liability**
Defined benefit pension scheme asset /
liability
25
**Total net assets**
**Charity funds**
Restricted funds
19
Unrestricted funds
Unrestricted funds excluding pension asset
19
Pension reserve
19
Total unrestricted funds
19
**Total funds**|**176,028**
**221,900**
**397,928**
**(131,410)**
**372,697**
**-**|**2023**
**£**
**365,347**
**266,518**
**631,865**
**(92,117)**
**539,748**
**-**
**539,748**
**167,051**
**372,697**
**539,748**|_104,498_
_176,614_
_281,112_
_(65,351)_
_302,106_
_(195,000)_|_2022_
_£_
_286,704_
_215,761_
_502,465_
_(32,927)_
_469,538_
_(195,000)_
_274,538_
_167,432_
_107,106_
_274,538_|
|---|---|---|---|---|
Page 13
# **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) REGISTERED NUMBER: 04989679**
# **CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023**
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**R H Knight R I Stansbury** Trustee Trustee
Date:
The notes on pages 18 to 42 form part of these financial statements.
Page 14
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) REGISTERED NUMBER: 04989679**
## **COMPANY BALANCE SHEET AS AT 31 MARCH 2023**
|**Note**
**Fixed assets**
Tangible assets
14
Investments
15
**Current assets**
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one
year
17
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
18
**Net assets excluding pension asset /**
**liability**
Defined benefit pension scheme asset /
liability
25
**Total net assets**
**Charity funds**
Restricted funds:
Restricted funds
19
Total restricted funds
19
Unrestricted funds
Unrestricted funds excluding pension asset /
liability
19
Pension reserve
19
Total unrestricted funds
19
**Total funds**|**280,437**
**112,290**
**392,727**
**(126,209)**
**167,051**
**372,698**
**-**|**2023**
**£**
**365,347**
**1**
**365,348**
**266,518**
**631,866**
**(92,117)**
**539,749**
**-**
**539,749**
**167,051**
**372,698**
**539,749**|_197,564_
_78,348_
_275,912_
_(60,151)_
_167,432_
_302,107_
_(195,000)_|_2022_
_£_
_286,704_
_1_
_286,705_
_215,761_
_502,466_
_(32,927)_
_469,539_
_(195,000)_
_274,539_
_167,432_
_107,107_
_274,539_|
|---|---|---|---|---|
Page 15
# **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) REGISTERED NUMBER: 04989679**
# **COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023**
The company's net movement in funds for the year was _£_ 325,210 _(2022 - £35,564)_ .
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
**R H Knight R I Stansbury** Trustee Trustee
Trustee
Date:
The notes on pages 18 to 42 form part of these financial statements.
Page 16
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023**
|**Note**
**Cash flows from operating activities**
Net cash used in operating activities
21
**Cash flows from investing activities**
Proceeds from the sale of tangible fixed assets
Purchase of tangible fixed assets
**Net cash used in investing activities**
**Cash flows from financing activities**
Repayments of borrowing
New finance leases
**Net cash provided by/(used in) financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
22|**2023**
**£**
**122,151**
**-**
**(144,540)**
**(144,540)**
**(27,903)**
**95,578**
**67,675**
**45,286**
**176,614**
**221,900**|_2022_
_£_
_38,357_
_3,000_
_(39,555)_
**(36,555)**
_(28,616)_
_-_
**(28,616)**
**(26,814)**
_203,428_
_176,614_|
|---|---|---|
The notes on pages 18 to 42 form part of these financial statements
Page 17
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **1. General information**
Waverley Hoppa Community Transport is a private company limited by guarantee, incorporated in England. The registered office address is Unit 8 Towergate Business Centre, Coopers Place, Combe Lane, Wormley, Godalming, Surrey, GU8 5SZ. The registered company number is 04989679.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Waverley Hoppa Community Transport 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.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
## **2.2 Going concern**
The company reported a surplus for the year of £46k before actuarial gains.
The Trustees believe that their growth strategies – particularly in providing transport services for the NHS - will ensure that the company continues to be a going concern at present. However they also acknowledge that there are longer term issues that will have an impact, including: financial pressures on local council funding; the requirement to refresh the ageing fleet of vehicles; the aim to introduce electric vehicles to this fleet, at a much higher initial cost; and the continued uncertainties caused by Covid.
## **2.3 Income**
All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Incoming resources from charitable activities are recognised when the service has been provided.
Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Page 18
**WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Accounting policies (continued)**
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
All costs are charged to restricted or unrestricted expenses based on mileage.
## **2.5 Taxation**
The company is considered to meet the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received, to the extent that such income or gains are applied exclusively to charitable purposes.
## **2.6 Tangible fixed assets and depreciation**
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives,
Depreciation is provided on the following bases:
- Leasehold property 50 years straight line Motor vehicles - 25% reducing balance - Fittings and equipment 50% straight line and 25% reducing balance
## **2.7 Investments**
Investments in subsidiaries are valued at cost less provision for impairment.
Page 19
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Accounting policies (continued)**
## **2.8 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.9 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term 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.
## **2.10 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
## **2.11 Financial instruments**
The Group 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.12 Finance leases and hire purchase**
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
## **2.13 Operating leases**
Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight line basis over the lease term.
Page 20
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **2. Accounting policies (continued)**
## **2.14 Pensions**
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
The Group operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 31 March 2023.
The liability recognised on the balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of the plan assets at the reporting date.
The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating the estimated period of future payments.
The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy.
## **2.15 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **2.16 Group VAT registration**
The company is part of a group VAT registration with Hoppa Limited. Waverley Hoppa Community Transport is the nominated company, responsible for submitting the returns and for making the payments on behalf of the companies in the group VAT registration.
## **3. Income from donations and legacies**
|Donations
Grants
**Total 2023**|**Restricted**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
49,255
2,785
55,000
3,450
104,255
6,235|**Total**
**funds**
**2023**
**£**
**52,040**
**58,450**|
|---|---|---|
|||**110,490**|
Page 21
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **3. Income from donations and legacies (continued)**
|Donations
Grants
_Total 2022_|_Restricted_
_funds_
_2022_
_£_
_15,500_
_40,000_
_55,500_|_Unrestricted_
_funds_
_2022_
_£_
_2,734_
_14,445_
_17,179_|_Total_
_funds_
_2022_
_£_
_18,234_
_54,445_|
|---|---|---|---|
||||_72,679_|
## **4. Income from charitable activities**
|Transport
Performance related grants
**Total 2023**
Transport
Performance related grants
_Total 2022_|**Restricted**
**funds**
**2023**
**£**
-
162,933
162,933
_Restricted_
_funds_
_2022_
_£_
_-_
_154,814_
_154,814_|**Unrestricted**
**funds**
**2023**
**£**
18,519
-
18,519
_Unrestricted_
_funds_
_2022_
_£_
_19,012_
_-_
_19,012_|**Total**
**funds**
**2023**
**£**
**18,519**
**162,933**|
|---|---|---|---|
||||**181,452**|
||||_Total_
_funds_
_2022_
_£_
_19,012_
_154,814_|
||||_173,826_|
Page 22
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
**5. Income from other trading activities**
**Income from non charitable trading activities**
|Subsidiary company income
Subsidiary company income
**6.**
**Other incoming resources**
Sundry income
Sundry income|**Unrestricted**
**funds**
**2023**
**£**
889,332
_Unrestricted_
_funds_
_2022_
_£_
_755,952_
**Unrestricted**
**funds**
**2023**
**£**
24,364
_Unrestricted_
_funds_
_2022_
_£_
_19,785_|**Total**
**funds**
**2023**
**£**
**889,332**
_Total_
_funds_
_2022_
_£_
_755,952_
**Total**
**funds**
**2023**
**£**
**24,364**
_Total_
_funds_
_2022_
_£_
_19,785_|
|---|---|---|
Page 23
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **7. Government grants**
During the year the charity received the following grants from government bodies.
|Waverley Borough Council
Surrey County Council
Haslemere Town Council
Farnham Town Council
Godalming Town Council
Chiddingfold Parish Council
Government OLEV Grant
Coronavirus job retention scheme|**2023**
**£**
**95,000**
**61,933**
**5,000**
**30,000**
**5,000**
**1,925**
**6,000**
**-**
**204,858**|_2022_
_£_
_113,000_
_46,814_
_5,000_
_10,000_
_5,000_
_1,200_
_-_
_13,145_|
|---|---|---|
|||_194,159_|
## **8. Expenditure on raising funds Other trading expenses**
|Subsidiary company expenses
Subsidiary company expenses|**Unrestricted**
**funds**
**2023**
**£**
4,561
_Unrestricted_
_funds_
_2022_
_£_
_5,073_|**Total**
**funds**
**2023**
**£**
**4,561**|
|---|---|---|
|||_Total_
_funds_
_2022_
_£_
_5,073_|
Page 24
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **9. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|Transport services
Transport services|**Restricted**
**funds**
**2023**
**Unrestricted**
**funds**
**2023**
**£**
**£**
218,891
935,976
_Restricted_
_funds_
_2022_
_Unrestricted_
_funds_
_2022_
_£_
_£_
_219,413_
_850,193_|**Total**
**2023**
**£**
**1,154,867**|
|---|---|---|
|||_Total_
_2022_
_£_
_1,069,606_|
## **10. Analysis of expenditure by activities**
|Transport services
Transport services|**Activities**
**undertaken**
**directly**
**2023**
**£**
850,977
_Activities_
_undertaken_
_directly_
_2022_
_£_
_744,730_|**Support**
**costs**
**2023**
**£**
303,890
_Support_
_costs_
_2022_
_£_
_324,876_|**Total**
**funds**
**2023**
**£**
**1,154,867**|
|---|---|---|---|
||||_Total_
_funds_
_2022_
_£_
_1,069,606_|
Page 25
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **10. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Vehicle costs
Vehicle storage costs
Staff costs
Training costs
Depreciation and (profit)/loss on disposal
**Total 2023**|**Transport**
**2023**
**£**
188,089
17,132
580,921
2,017
62,818
850,977|**Total**
**funds**
**2023**
**£**
**188,089**
**17,132**
**580,921**
**2,017**
**62,818**|
|---|---|---|
|||**850,977**|
|Vehicle costs
Vehicle storage costs
Staff costs
Training costs
Depreciation and (profit)/loss on disposal
_Total 2022_|_Transport_
_2022_
_£_
_155,089_
_13,300_
_520,465_
_4,005_
_51,871_
_744,730_|_Total_
_funds_
_2022_
_£_
_155,089_
_13,300_
_520,465_
_4,005_
_51,871_|
|---|---|---|
|||_744,730_|
Page 26
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **10. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Net finance expense on defined benefit pension
Staff costs
Depreciation
Establishment costs
Staff related costs
Telephone
Postage & stationery
Advertising and marketing
IT development and maintenance
Accountancy & bookkeeping
Entertainment
Health & safety and professional fees
Sundry costs
Public relations
Governance costs
**Total 2023**|**Transport**
**2023**
**£**
6,000
226,831
3,079
12,311
3,008
4,826
1,951
2,326
10,850
6,500
3,363
2,202
8,829
6,744
5,070
303,890|**Total**
**funds**
**2023**
**£**
**6,000**
**226,831**
**3,079**
**12,311**
**3,008**
**4,826**
**1,951**
**2,326**
**10,850**
**6,500**
**3,363**
**2,202**
**8,829**
**6,744**
**5,070**|
|---|---|---|
|||**303,890**|
Page 27
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **10. Analysis of expenditure by activities (continued)**
## **Analysis of support costs (continued)**
## **11.**
|Net finance expense on defined benefit pension
Staff costs
Depreciation
Establishment costs
Staff related costs
Telephone
Postage & stationery
Advertising and marketing
IT development and maintenance
Accountancy & bookkeeping
Health & safety and professional fees
Sundry costs
Public relations
Governance costs
_Total 2022_
**Auditor's remuneration**
Fees payable to the company's auditor for the audit of the company's
annual accounts
Fees payable to the company's auditor in respect of:
All non-audit services not included above|_Transport_
_2022_
_£_
_5,000_
_250,134_
_3,079_
_9,471_
_3,050_
_6,842_
_2,640_
_1,771_
_10,797_
_5,680_
_2,803_
_13,174_
_5,460_
_4,975_
_324,876_
**2023**
**£**
**5,070**
**3,085**|_Total_
_funds_
_2022_
_£_
_5,000_
_250,134_
_3,079_
_9,471_
_3,050_
_6,842_
_2,640_
_1,771_
_10,797_
_5,680_
_2,803_
_13,174_
_5,460_
_4,975_|
|---|---|---|
|||_324,876_|
|||_2022_
_£_
_4,975_
_3,020_|
Page 28
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **12. Staff costs**
|Wages and salaries
Social security costs
Pension contributions
Defined benefit pension adjustment|**Group**
**2023**
**£**
**700,579**
**49,011**
**13,161**
**45,000**
**807,751**|_Group_
_2022_
_£_
_651,134_
_43,455_
_12,010_
_64,000_
_770,599_|**Company**
**2023**
**£**
**700,579**
**49,011**
**13,161**
**45,000**
**807,751**|_Company_
_2022_
_£_
_651,134_
_43,455_
_12,010_
_64,000_|
|---|---|---|---|---|
|||||_770,599_|
The average number of persons employed by the company during the year was as follows:
|Management and administration
Despatchers
Drivers|**Group**
**2023**
**No.**
**2**
**3**
**33**
**38**|_Group_
_2022_
_No._
_2_
_3_
_33_
_38_|**Company**
**2023**
**No.**
**2**
**3**
**33**
**38**|_Company_
_2022_
_No._
_2_
_3_
_33_|
|---|---|---|---|---|
||||||
|||||_38_|
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**Group**|_Group_|
|---|---|---|---|
|||**2023**|_2022_|
|||**No.**|_No._|
|In the band £60,001|- £70,000|**1**|_-_|
The total employee benefits, including employer pension contributions, of the key management personnel were £69,507 (2022 - £97,644).
Page 29
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **13. Trustees' remuneration and expenses**
During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the company. This is for services provided as General Manager and is permitted by the governing documents. The value of Trustees' remuneration and other benefits was as follows:
|||**2023**|_2022_|
|---|---|---|---|
|||**£**|_£_|
|R J H Davies|Remuneration|**60,000**|_-_|
||Pension contributions paid|**1,853**|_-_|
During the year ended 31 March 2023, expenses totalling _£_ 351 were reimbursed or paid directly to 2 Trustees _(2022 - £314 to 1 Trustee)_ .
## **14. Tangible fixed assets**
## **Group**
|**Cost or valuation**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
At 31 March 2023
_At 31 March 2022_|**Long-term**
**leasehold**
**property**
**£**
**153,934**
**-**
**153,934**
**55,150**
**3,079**
**58,229**
**95,705**
_98,784_|**Plant and**
**machinery**
**£**
**656,798**
**144,540**
**801,338**
**468,878**
**62,819**
**531,697**
**269,641**
_187,920_|**Total**
**£**
**810,732**
**144,540**|
|---|---|---|---|
||||**955,272**|
||||**524,028**
**65,898**|
||||**589,926**|
||||**365,346**|
||||_286,704_|
Page 30
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **14. Tangible fixed assets (continued)**
## **Company**
|**Cost or valuation**
At 1 April 2022
Additions
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
At 31 March 2023
_At 31 March 2022_|**Long-term**
**leasehold**
**property**
**£**
**153,934**
**-**
**153,934**
**55,150**
**3,079**
**58,229**
**95,705**
_98,784_|**Plant and**
**machinery**
**£**
**656,798**
**144,540**
**801,338**
**468,878**
**62,819**
**531,697**
**269,641**
_187,920_|**Total**
**£**
**810,732**
**144,540**|
|---|---|---|---|
||||**955,272**|
||||**524,028**
**65,898**|
||||**589,926**|
||||**365,346**|
||||_286,704_|
The net book value of assets held under finance leases or hire purchase contracts, included above, are £134,452 (2022 - £28,376)
Page 31
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **15. Fixed asset investments**
|**company**
**Cost or valuation**
At 1 April 2022
At 31 March 2023
**Net book value**
At 31 March 2023
_At 31 March 2022_|**Investments**
**in**
**subsidiary**
**companies**
**£**
**1**|
|---|---|
||**1**|
||**1**|
||_1_|
## **Principal subsidiaries**
The following was a subsidiary undertaking of the company:
|**Name**||**Company**|**Holding**|**Included in**|**Included in**|
|---|---|---|---|---|---|
|||**number**||**consolidation**||
|Hoppa Limited||08793063|100%|Yes||
|The financial results of the subsidiary for the year were:||||||
|**Name**|**Income**|**Expenditure**|**Profit/(Loss)**||**Net assets**|
||**£**|**£**|**/ Surplus/**||**£**|
||||**(Deficit) for**|||
||||**the year**|||
||||**£**|||
|Hoppa Limited|**889,332**|**(802,844)**|**86,488**||**1**|
Page 32
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **16. Debtors**
|**Due within one year**
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income|**Group**
**2023**
**£**
**135,298**
**-**
**29,466**
**11,264**
**176,028**|_Group_
_2022_
_£_
_79,676_
_-_
_11,507_
_13,315_
_104,498_|**Company**
**2023**
**£**
**432**
**239,275**
**29,466**
**11,264**
**280,437**|_Company_
_2022_
_£_
_-_
_172,742_
_11,507_
_13,315_|
|---|---|---|---|---|
||||||
|||||_197,564_|
## **17. Creditors: Amounts falling due within one year**
|Bank loans
Trade creditors
Obligations under finance lease and hire
purchase contracts
Other creditors
Accruals and deferred income|**Group**
**2023**
**£**
**10,702**
**8,587**
**18,057**
**46,714**
**47,350**
**131,410**|_Group_
_2022_
_£_
_10,423_
_8,657_
_9,851_
_6,247_
_30,173_
_65,351_|**Company**
**2023**
**£**
**10,702**
**8,587**
**18,057**
**46,714**
**42,149**
**126,209**|_Company_
_2022_
_£_
_10,423_
_8,657_
_9,851_
_6,247_
_24,973_|
|---|---|---|---|---|
||||||
|||||_60,151_|
The net obligations under finance leases and hire purchase contracts are secured over the leased assets.
Page 33
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **18. Creditors: Amounts falling due after more than one year**
|Bank loans
Net obligations under finance lease and hire
purchase contracts|**Group**
**2023**
**£**
**21,667**
**70,450**
**92,117**|_Group_
_2022_
_£_
_31,667_
_1,260_
_32,927_|**Company**
**2023**
**£**
**21,667**
**70,450**
**92,117**|_Company_
_2022_
_£_
_31,667_
_1,260_|
|---|---|---|---|---|
|||||_32,927_|
The net obligations under finance leases and hire purchase contracts are secured over the leased assets.
Included within the above are amounts falling due as follows:
|**Between one and two years**
Bank loans
**Between two and five years**
Bank loans|**Group**
**2023**
**£**
**10,000**
**11,667**|_Group_
_2022_
_£_
_10,000_
_21,667_|**Company**
**2023**
**£**
**10,000**
**11,667**|_Company_
_2022_
_£_
_10,000_
_21,667_|
|---|---|---|---|---|
The bounce back loan was obtained in May 2020 and the first repayment was made in June 2021. Interest is payable at 2.5% per annum and was paid by the Government for the first 12 months of the loan.
Page 34
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **19. Statement of funds**
## **Statement of funds - current year**
|**Balance at 1**
**April 2022**
**£**
**Unrestricted**
**funds**
General Funds
**302,106**
Pension reserve
**(195,000)**
**107,106**
**Restricted**
**funds**
Property Grant
**146,932**
Capital Grants
**15,500**
Hospital Hoppa
**-**
Demand
Responsive
**-**
Apprentice Fund
**5,000**
**167,432**
**Total of funds**
**274,538**|**Income**
**£**
**938,449**
**-**
**938,449**
**-**
**90,374**
**20,000**
**156,814**
**-**
**267,188**
**1,205,637**|**Expenditure**
**£**
**(916,536)**
**(24,000)**
**(940,536)**
**-**
**-**
**(22,525)**
**(196,366)**
**-**
**(218,891)**
**(1,159,427)**|**Transfers**
**in/out**
**£**
**48,678**
**-**
**48,678**
**-**
**(90,755)**
**2,525**
**39,552**
**-**
**(48,678)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**219,000**
**219,000**
**-**
**-**
**-**
**-**
**-**
**-**
**219,000**|**Balance at**
**31 March**
**2023**
**£**
**372,697**
**-**|
|---|---|---|---|---|---|
||||||**372,697**|
||||||**146,932**
**15,119**
**-**
**-**
**5,000**|
||||||**167,051**|
||||||**539,748**|
The property grant of £150,000 was provided by Surrey County Council to purchase the company's current premises. The grant is repayable if the charity ceases to trade.
The Hospital Hoppa and Demand Responsive funds comprise grant funding for costs in connection with these services. Costs have been apportioned in relation to mileage.
The capital grant is funds collected for the purchase of new buses and associated equipment.
Any excess of expenses over income has been met from unrestricted funds and is shown by transfer.
Page 35
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **19. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted**
**funds**
General Funds
Pension reserve
**Restricted**
**funds**
Property Grant
Capital Grants
Hospital Hoppa
Demand
Responsive
Apprentice Fund
**Total of funds**|_Balance at_
_1 April 2021_
_£_
_348,043_
_(256,000)_
_92,043_
_146,932_
_-_
_-_
_-_
_-_
_146,932_
_238,975_|_Income_
_£_
_811,928_
_-_
_811,928_
_-_
_15,500_
_20,000_
_169,814_
_5,000_
_210,314_
_1,022,242_|_Expenditure_
_£_
_(828,266)_
_(27,000)_
_(855,266)_
_-_
_-_
_(26,915)_
_(192,498)_
_-_
_(219,413)_
_(1,074,679)_|_Transfers_
_in/out_
_£_
_(29,599)_
_-_
_(29,599)_
_-_
_-_
_6,915_
_22,684_
_-_
_29,599_
_-_|_Gains/_
_(Losses)_
_£_
_-_
_88,000_
_88,000_
_-_
_-_
_-_
_-_
_-_
_-_
_88,000_|_Balance at_
_31 March_
_2022_
_£_
_302,106_
_(195,000)_
_107,106_
_146,932_
_15,500_
_-_
_-_
_5,000_
_167,432_
_274,538_|
|---|---|---|---|---|---|---|
Page 36
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **20. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**
**Analysis of net assets between funds - prior year**
Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Provisions for liabilities and charges
**Total**|**Restricted**
**funds**
**2023**
**£**
146,932
20,119
-
-
-
167,051
_Restricted_
_funds_
_2022_
_£_
_146,932_
_20,500_
_-_
_-_
_-_
_167,432_|**Unrestricted**
**funds**
**2023**
**£**
218,415
377,809
(131,410)
(92,117)
-
372,697
_Unrestricted_
_funds_
_2022_
_£_
_139,772_
_260,612_
_(65,351)_
_(32,927)_
_(195,000)_
_107,106_|**Total**
**funds**
**2023**
**£**
**365,347**
**397,928**
**(131,410)**
**(92,117)**
**-**
**539,748**
_Total_
_funds_
_2022_
_£_
_286,704_
_281,112_
_(65,351)_
_(32,927)_
_(195,000)_
_274,538_|
|---|---|---|---|
Page 37
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **21. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the year (as per Statement of Financial
Activities)
**Adjustments for:**
Depreciation charges
Loss/(profit) on the sale of fixed assets
(Increase)/Decrease in debtors
Increase in creditors
Non-cash movement on pension liability
**Net cash provided by operating activities**|**Group**
**2023**
**£**
**46,210**
**65,898**
**-**
**(71,530)**
**57,573**
**24,000**
**122,151**|_Group_
_2022_
_£_
_(52,437)_|
|---|---|---|
|||_56,051_
_(1,846)_
_7,004_
_2,585_
_27,000_|
||||
|||_38,357_|
|**22.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**|**Group**
**2023**
**£**
**221,900**
**221,900**|_Group_
_2022_
_£_
_176,614_|
|---|---|---|
||||
|||_176,614_|
## **23. Analysis of changes in net debt**
|Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Finance leases|**At 1 April**
**2022**
**£**
**176,614**
**(10,423)**
**(31,667)**
**(11,111)**
**123,413**|**Cash flows**
**£**
**45,286**
**9,721**
**-**
**(77,396)**
**(22,389)**|**Other non-**
**cash**
**changes**
**£**
**-**
**(10,000)**
**10,000**
**-**
**-**|**At 31 March**
**2023**
**£**
**221,900**
**(10,702)**
**(21,667)**
**(88,507)**|
|---|---|---|---|---|
|||||**101,024**|
Page 38
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **24. Capital commitments**
||**Group**|_Group_|**Company**|_Company_|
|---|---|---|---|---|
||**2023**|_2022_|**2023**|_2022_|
||**£**|_£_|**£**|_£_|
|**Contracted for but not provided in these**|||||
|**financial statements**|||||
|Acquisition of tangible fixed assets|**-**|_64,455_|**-**|_64,455_|
## **25. Pension commitments**
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £13,276 (2022 - £11,407). Employee and employer contributions totalling £617 (2022 - £509) were payable to the fund at the balance sheet date and are included in creditors.
The Group operates a defined benefit pension scheme.
The charity participates in a multi-employer defined benefits pension scheme, Surrey County Council's Occupational Pension Scheme.
The contributions paid during the year were £26,886 (2022 - £42,603). Contributions totalling £2,988 were payable to the fund (2022 - £5,738) at the balance sheet date and are included in creditors.
The most recent full actuarial valuation was carried out for the year ended 31 March 2022 by Hymans Robertson LLP.
Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):
||**At 31 March**|_At 31 March_|
|---|---|---|
||**2023**|_2022_|
||**%**|_%_|
|Discount rate|**4.75**|_2.7_|
|Future salary increases|**4.0**|_4.2_|
|Future pension increases|**3.0**|_3.3_|
||**At 31 March**|_At 31 March_|
|---|---|---|
||**2023**|_2022_|
||**Years**|_Years_|
|Mortality rates (in years)|||
|- for a male aged 65 now|**21.8**|_22.1_|
|- at 65 for a male aged 45 now|**21.2**|_23.1_|
|- for a female aged 65 now|**25.4**|_24.5_|
|- at 65 for a female aged 45 now|**26.1**|_26.2_|
Page 39
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **25. Pension commitments (continued)**
The Group's share of the assets in the scheme was:
|Equities
Corporate bonds
Property
Cash and other liquid assets
**Total fair value of assets**|**At 31 March**
**2023**
**£**
**868,480**
**366,390**
**94,990**
**27,140**
**1,357,000**|_At 31 March_
_2022_
_£_
_932,480_
_378,820_
_116,560_
_29,140_|
|---|---|---|
||||
|||_1,457,000_|
The actual return on scheme assets was £39,000 _(2022 - £28,000)_ .
The amounts recognised in the Consolidated Statement of Financial Activities are as follows:
|Current service cost
Interest income
Interest cost
**Total amount recognised in the Consolidated Statement of Financial**
**Activities**|**2023**
**£**
**45,000**
**(39,000)**
**45,000**
**51,000**|_2022_
_£_
_64,000_
_(28,000)_
_33,000_|
|---|---|---|
||||
|||_69,000_|
Movements in the present value of the defined benefit obligation were as follows:
|Opening defined benefit obligation
Current service cost
Interest cost
Contributions by scheme participants
Actuarial gains
Benefits paid
**Closing defined benefit obligation**|**2023**
**£**
**1,652,000**
**45,000**
**45,000**
**5,000**
**(415,000)**
**(35,000)**
**1,297,000**|_2022_
_£_
_1,672,000_
_64,000_
_33,000_
_10,000_
_(92,000)_
_(35,000)_|
|---|---|---|
||||
|||_1,652,000_|
Page 40
## **WAVERLEY HOPPA COMMUNITY TRANSPORT**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **25. Pension commitments (continued)**
Movements in the fair value of the Group's share of scheme assets were as follows:
|Opening fair value of scheme assets
Expected return on assets
Actuarial losses
Contributions by employer
Contributions by scheme participants
Benefits paid
**Closing fair value of scheme assets**|**2023**
**£**
**1,457,000**
**39,000**
**(136,000)**
**27,000**
**5,000**
**(35,000)**
**1,357,000**|_2022_
_£_
_1,416,000_
_28,000_
_(4,000)_
_42,000_
_10,000_
_(35,000)_
_1,457,000_|
|---|---|---|
The Group has an unrecognised surplus of £60,000 _(2022 - £ -)_ in respect of its defined benefit pension scheme as it does not expect to recover the plan surplus either through reduced contributions in the future or through refunds from the plan.
**.**
Amounts for the current and previous period are as follows:
|Defined benefit obligation
Scheme assets
Unrecognised surplus
**Net surplus/(deficit)**|**2023**
**£**
**(1,297,000)**
**1,357,000**
**(60,000)**
**-**|_2022_
_£_
_(1,652,000)_
_1,457,000_
_-_
_(195,000)_|
|---|---|---|
Surrey County Council have agreed to provide a guarantee for the defined pension scheme.
Page 41
## **WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023**
## **26. Operating lease commitments**
At 31 March 2023 the Group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**Group**
**2023**
**£**
**6,000**
**-**
**6,000**|_Group_
_2022_
_£_
_12,000_
_6,000_
_18,000_|**Company**
**2023**
**£**
**6,000**
**-**
**6,000**|_Company_
_2022_
_£_
_12,000_
_6,000_|
|---|---|---|---|---|
||||||
|||||_18,000_|
The following lease payments have been recognised as an expense in the Statement of Financial Activities:
||**Group**|_Group_|**Company**|_Company_|
|---|---|---|---|---|
||**2023**|_2022_|**2023**|_2022_|
||**£**|_£_|**£**|_£_|
|Operating lease rentals|**12,000**|_12,000_|**12,000**|_12,000_|
## **27. Members' liability**
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he/she ceases to be a member.
## **28. Related party transactions**
During the year the company traded with Hoppa Limited, a wholly owned subsidiary. Total sales, in the form of recharged costs, amounted to £798,283 (2022: £680,357).
During the year gift aid distributions of £86,488 (2022: £70,522) was receivable from Hoppa Limited.
At the year end, Hoppa Limited owed the company £239,275 (2022: £172,742).
Page 42
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