Raglstored number: 04989679 Charity number: 1104954 WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarantee) CONTENTS Page Reference and Admlnlstratlve Detalls of tho Company. Its Trustees and Advls•rs Trustees, Report Indepand•nt Audltorfs Rèport on the Flnanclal Statements 8-11 Consolldated Stat•m•nt of Flnanclal Actlvltles 12 Consolldated Balance Shoot 13-14 Company Balance Sheet 15-16 Congolldated Statement of Cash Flows 17 Not to th• Flnanclal Statements 18-42
WAVERLEY HOPPA COMMUNITY TRANSIY)RT (A Company Llmlted by Guarantee) REFERENCE AND ADAIINISThATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees R H Knight AMFOX J J Brydon A J D Boughton R I Stansbury S C Naughalty B S Capper R J H Davies Company reglstered number 04989679 Charlty regtstered number 1104954 Reglstered office Unit 8 Towergate Business Centre. Coopers Place. Combe Lane. Wonnley. Surrey, GU8 5SZ Company secretary S Gray Independent auditor Shaw Gibbs (Audit) Limited, Wey Court West. Union Road. Famham, Surrey, GU9 7PT Page 1
WAVERLEY HOPPA COMMUNITY TRANSPORT IA Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also directors of the charty for the purposes of the Companies Act) present Iheir 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 2024. The Trustees confimi that the Annual Report and financial statements of the company comply with the current statutory requirements. the requirements of the companys goveming document and the provisions of the Statement of Recommended Practice (SORP), applicable lo charities preparir)g their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of IrelarKI (FRS 102) (effective 1 January 2019). Slnce 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 (Straleglc Report and Directors, Report) Regulations 2013 15 not required. Objecllves and actlvltles 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 fined by the advice of experts and approved by the Board. b. Strategles for achieving objectives Strategies for achieving objectives are defined by an annual budget prepared by the General Manager and Board, presented to the local aulhority and distributed to appropriate parties. c. Activltles for achlevlng objectives Activilies 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 charlty's purposes for pubfic benefit The Core activities of the organisation, also referred to as "Hoppa are the provision of dial-a-ride transport within Waverley Borough to anyone unable lo utilisa public services by reason of age, disability or remoteness. The Trustees have given full regard to the Charity Commission's guldance on pubb'c benefft. and are conffident 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 professlonaj management team and a staff of employed drivers. Page 2
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limlte(I by Guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and perforniance a. Key flnanclal perfomiance Indlcators The Trustees use two maln financlal Indicators - the proportion of grant funding to total income, and net income or expenditure generated. Grdnt funding in the year represented just 130/0 of income (2023: 18%). 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 malntaln our objectives. In the year to 31 March 2024 the organisation reported net Incomo before actuarial adjustments of £43k (2023: £46k). b. R•vlew of actlvltles In the period of revlew the organlsation continued to provlde transport services Wlthln tha ambit of the operatlons described in its original Business Plan. At the end of the year Hoppa reported a surplus of £28k (2023: £265k). Day to day operatlons remained stable but were enhanced by Hoppa operating a trial service for Surrey County Council. This service, branded Surrey Connect, was a one year trial, providing demand responsive transport vla a phone app and 'virtual' bu8 8tOP8. The Surrey Connect trial is not part of Hoppa's core activbties, and our involvement end8 In August 2024. The organisation's core activitles are the provision of demand respon8ive transport within Waverley Borough, mainly assisting those with disabilities and the elderly who are unable to utilise public seNices by reason of remoteness or access difficulties. These priority services assist in reducing social exclusion among the disadvantaged and in the year some 17,481 passenger trips were made (2023: 14,541). This 15 Still below 2020 levels but shows the recovery post4ovid Is continulng. Other communty 8UPPOrt seNice8 covers school runs - mainly Speclal EdurAtional Needs - as well as several health-related transport contracts. A total of 51,748 passenger trips were made in this service category during the year (2023: 44,269). c. Investment pollcy and perforniance Our main investment will always be in the vehicles utilised for delivering our 8ervSces. but lo the extent that there are surplus cash reserves these are moved to interest-bearing accounts. FlnanGlal revl a. Golng concern After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existen for the foreseeable future. For Ihis reason they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in Ihe Accounting PcAicies. Page 3
WAVERLEY HOPPA COMMUNITY TRANSPORT {A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 b. Flnanc5al rlsk management objectlves and pollcSe$ The Trustees have identified two main financtal risks loss of grant funding, and the inability to fund replacement of our key capital asset. the vehicles themselves. In temis of grant funding the largest single amount comes from Waverley Borough Council. Hoppa are in the second year of a new Ihree year Service Level Agreement with Waverley; this agreement provides certainty of income in exchange for quarterly perfonnance reviews. Both parties found this arrangement to be very beneficial and it was extended in 2022, 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 vehide life of between fve and six years, with no vehicle being older than twelve years. This gives rise to a capital requirement of over £1 Ook every year to replace older vehlcles,. the funding for this needs to be provided from net income. capital grants or other fundraising. In temis 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 £415,641 {2023: £372.697) and restricted funds of £151,932 <2023: £167,051) were held. d. Reserves policy There Is a monthly review of likety 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. 8. Deficit In the year to 31 March 2024 Hoppa has reported a surplus of £43k {2022: £46k) 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 2025. f. Principal Funding Local authority and government grants. and donations from parish councils and charitable Institutions comprise 130A of funding (2023: 180h), 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 2024 Structure, governance and management a. Constltutlon 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 fomwd in succe88ion to Waverley Communlty Transport and assumed all that cornpany's assets and liabilities with effect from 31 March 2004. The principal object of the company is to provide relief to tho inhabitants of tho Borough of Waverfey in Surrey whose access to transport Ss 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 objective8 have not been amended during the year. b. Methods of appolntment or electlon of Trust888 The manag8m8nt of the company is the responsibillty of the Trustees who are elected and co-OPt8d under the tenns Of the Memorandum and Articles of Association. c. Pollcl83 adopted for the Inductlon and tralnlng of Trustee8 All Trustees receive explanatory documentation from Companie3 House and the Charities Commlsslon 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 recelves financial results. board minutes, budgels. draft busine88 plans and a health and safety manual. d. Pay pollcy for senlor gtaff The General Manager is the senior member of staff and a key employee. The Trustees policy is to ensure that this ernployee is rernunerated on a par with commercial enterprises, and use a combination of salary and performance bonus to achieve this. o. Organisational 8tructuro and declslon maklng The Chairman, General Manager and Board meet monthly. Our maln local authority stakeholders are Invlted to attend our quartedy board meetings. Limits of decision making authority are defined by reference to magnitude and banking mandates by Board authority. f. Related party relatlonshlps The Trustees and senior staff make a declaration each year conceming related parties. There vrfere no transactions with related parties during the year, other than as disclosed in the notes to the financial statements. Page 5
WAVERLEY HOPPA COMMUNrrY TRANSPORT IA Company Llmlted by Guaranta•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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 seNices by bidding for, and winning. contracts to provide community transport routes. and non-emergency patient transport, wherever they fit within the operational criteria. Members. Ilablllty The Membèrs of the company guaranlee to contnbute an amounl not exceeding £10 to the asset8 of the company in the event of winding up. Small Company Provlglong This report has been prepared in accordance with the special provisions relatlng to conyanl8s subject to the small companies regime within Part 15 of the Companies Act 2006. 8tstement of Trustees, rn8ponslbllftles The Trust88s (who are also the directors of the company for tha Purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordanrA with applicable law and United Kingdom Accounting siandards (United Kingdom Generalty Accepted Accounting Practice). Company law requires the Trustees to prepare financial ststements for each financial year. 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 stste of affairs of the Group and the company and of thelr Incoming resources and application of resources. including their income and expenditure. for that period. In prnparing these financial statements, the Trustees are required to: select suitable accounting F)olicies and then appty them consistenlly: observe the methods and principles of the Charities SORP (FRS 102): make judgments and accountin9 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 fmancial statements: prepare the financial statements on the going corKern basis unless it is inappropriate lo 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 disc105e with reasonable accuracy at any time the financtal positron of the Group and the company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding Ihe assets of the Group and the company and hence for tsking asonable sleps 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 2024 Disclosure of information to auditor Each of the persons who are Trustees at the time when this Trustees, Report is approved has confinned that-. so far as that Trustee is aware, there is no relevant audit infomiation of which the charitable group's auditor is unaware. and that Trustee has taken all the steps that ought to have been tsken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's audtior is aware of that information. Approved b of the members of the board of Trustees and signed on their behalf by.. R I Stansbury Trustee Date. L Page 7
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantse) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAVERLEY HOPPA COMMUNITY TrANSPORT Oplnlon We have audited the financial statements of Waver* Hoppa Communty Transport (the 'parent charitable company,) and its subsidiaries (the 'group') for the year eThYed 31 March 2024 which comprise the Consolidated Statement of Financial Activities. the Consolidated Balance Shee( the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes. induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards. including Financial Reporting Standard 102 Tr Financial Reporting Standard applicable in the UK and Republic of Ireland. (United lfjngdom Generally Accepted Accounting Practice). In our opinton the financial statements: give a true and fair view of the stste of the Group's and of the parent charitable CoMpanS affairs as al 31 Mah 2024 and of the Group's incoming resources and application of resources. induding its income and expenditure for the year then ended: have been property prepared in accordance with United Kingdom Generally Acwted Accounting Prdctice; and have been prepared in accordan with the requirements of th8 Companies Act 2006 and the Charities Act2011. Basis for opinion We conducted our audrt in accordance with Intemational Stsndards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilrties under those slandards are further described in the Auditorfs 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 financaal statemenls in the United Kingdom, including Ihe Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan wth Ihese requirements. We believe that the audil eVIden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concorn In auditing the financHI statements. we have conduded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identffied any material uncertalnties relating to events or conditions that, indivmlually or collectivety, may cast snIficant doubt on the Group's or the parent charitable company's abilty to continue as a going concem for a period of at least twelve months from when the financial slatements are authorised for issue. Our responsibiliti8s and the responsibilities of the Trustees with respect to going concem are d&ribed in the relevant sections of this repo Page 8
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAVERLEY HOPPA COMMUNITY TRANSPORT ICONTINUED) Other inforn)atlon The other information Comprises the infomiation included in the Annual Report other than the financial statements and our Auditorfs Report thereon. The Trustees are responsible for the other information contained vrithin the Annual Report. Our opinion on the financial statements does not cover the other information and, except to tha extent othetwise expltcitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other infomation 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 rnisstatements, we are required to detennine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perforned, we conclude that there is a material misstatement of this other information, we are required to report that facL We have nothing to report in this regard. Opinion on other matters prescribed by the Companles Act 2006 In our opinion, based on the undertaken in the course of the audiL' 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 accordan 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 environmenl obtained in the course of the audit. we have not identffied 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 retums; or certain disclosures of Trustees. remuneration specsfied by law are not made. or we have not received all the information and explanakn'ons we require for our audit., or the Trustees We not entitled to prepare the financial statements in aGcordance with the small companies regime and tske 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 Guarants•) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WAVERLEY HOPPA COMMUNrrY TRANSPORT (CONTINUED) Responslbilitlos of trusteos As explained more fully in the Trustees, Responsibilities Stalemen( th8 Truste8s {who are also the diréctors of the charitable company for the purposes of company law) are responsible for the preparation of the finandal statements and for being satisfied that they give a true arKI fair view, and for such internal control as the Trustees detennine is necessary to enable the preparation of financial staternents that are free from materlal misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Group'8 and the parent charitable company's ability to continue as a going concem, disclosing. as applicable, matters r8lated to going concern and using the going concem basis of accounting unless the Trustees elther Intend to liquidate the Group or the parent charitable Company or to cease operations, or have no realistic altemative but to do 80. Audltorfs responglbllltles for thè audlt of th• financlal 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 Of error. and to issue an Auditorfs Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee Ihat an audit conducted in accordance with ISAS (UK) will afrways detect a material rnisstatement 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 user5 taken on the basis of these financial statements. Irregularities, including fraud, are Instances of non<ompliance with laws and regulations. We design procedure8 in line with our responsibilities. outlined above, to detect material misslatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detaited below.. We galned 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 Ihe 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 rhol 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, inGluding, but not limited to. the C(xnpanies Act 2006, the Charities Act 2011 and UK lax legislation. Our tests included agreeing the financial ststement disclosutes to undertying supporting documentation arKI enquiries with management. There are inherent limitations in the audit prc£edures described above and. the further removed non<ompliance with laws and regulations is from Ihe events and transactions reflected in the financial statements. Ihe less likdy we would become aware of tt. We did not identify any key audit matters relating to Irregularities, induding fraud. As in all our audits. we also addressed the risk of management override of internal Contro, induding testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material rnisstatement due to fraud. A further descrtption of our responsibilities for the audtt of the financial stalements is located on the Financial Reporting Council's website al. %vKw.frc.or .uklauditorsre onsibilities. This description fomis part of our Auditorfs ReporL Page 10
WAVERLEY HOPPA COMMUNITY TRANSPORT IA Company Limited by Guarantoe) 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 companls 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 Auditorfs Report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responslbllty to anyone other than the charitsble company and ts members. as a body, for our audit work, for this report, or for the opinions we have formed. Mr Mark Dlcklnson FCA Isenlor Statutory Audltor) for and on behalf of Shaw Glbbg (Audlt) Llmlted Statutory Auditor Wey Court West Union Road Famham Surrey GU9 7PT Date: Page11
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limitsd by Guarantee> CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restrlcted Unrestrlcted funds funds 2024 2024 Totsl funds 2024 Tot funds 2023 Note Income from: Donations and legaGles Charitable activities Other trading activlties Investments Other income 52,600 147,814 12,849 21.196 1,183,541 3,787 22,106 66,349 169,010 1,183,541 3,787 22,106 110,490 181.452 889,332 24,364 Total Income 200,314 1,243,479 1,443,793 1,205,638 Expendlture on: Ralsing funds Charitable activrtie8 4,679 1,126,2qO 4,679 1,396,389 4,561 1, 154,867 10 271,179 Total expendlture 271,179 1,129,789 1,400.968 1, 159,428 Net (expendltur•)Iln¢ome Transfers be88n funds (70.865) 55,746 113,690 165,746) 42.826 46,2to 20 Net movement In funds before other re¢ognlsed galn$l{losses) 57.944 42,826 46,210 Other recognl8ed galn81{1058es): Actuarial losses on defined benefit pension schemes Pension surplus not recognised 107,000 1122,0001 107,000 1122.000) 2T9,000 (60,000) 26 Net movement In funds (16,119> 42,944 27,826 265,210 Reconclllatlon of funds: Total fijnds brought forward Net movement in funds 167,061 {15,119) 372,697 42,944 539,748 27,825 274.538 265,210 Total funds carrled fOard 151.932 41 S,641 567,673 539. 748 The Consolidated Statement of Financial Activities in¢ludes 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 COMMUNrrY TrANSPORT (A Company Limited by Guarantee) REGISTERED NUhlBER: 04989679 CONSOUDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets 15 375,029 365,347 375,029 365.347 Current assets Debtors Cash at bank and in hand 17 157.454 270,602 176.028 221.900 428.066 397.928 Creditors: amounts falling due wthin one year 18 (138,729) (131,410) Net current assets 289.327 26&518 Totsl assets less current Ilabllltles 664.356 631,865 Creditors: amounts falling due after more than one year 19 (96.7831 (92,117) Net assets excludlng penslon asset Defined benefft pension scheme asset 567.573 539. 748 26 Total net assets 567,573 539. 748 Charlty funds Restricted fijnds Unrestricted funds 20 20 151,932 415,641 167.051 372.697 Total funds 567.573 539. 748 Page 13
WAVERLEY HOPPA COMMUNITY TRANSPORT IA Company Limited by Guarantee) REGISTERED NUMBER: 04989679 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 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 wilh the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Tru es and signed on their behalf by.. R H Knight Trustee R I Stansbury Trustee Dale.. The notes on pages 18 to 42 form part of these financial statements. Page 14
WAVERLEY HOPPA COMMUNrrY TrANSPORT IA Company Llmited by Guarantee) REGISTERED NUMBER: 04989679 COMPANY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Foxed assets Tangible as8ets Investments 15 16 376,029 365,347 376.030 365,348 Current assets Debtors Cash at bank and in hand 17 291.880 130,976 280.437 q12.290 422,856 392. 727 Creditors: amounts falliNJ due wllhin one year 18 1133,529) (126,209) N•t ¢urr•nt assets 289,327 266,518 Totsl assets less current Ilabllltl•s 664,367 631,866 Creditors.. amounts falling due after more than one year 19 (96,7831 (92.117) Net assets excludlng penslon asset 567,574 539, 749 Total net assets 567.574 539. 749 Charlty funds Restricted funds: Restricted funds 20 161,932 167.051 Total r88tricted funds Unrestricted funds Unrestricted funds excluding pension asset 20 151,932 t67,051 20 41 5.642 372.698 Totsl unrestricted funds 20 416,642 37Z698 Total funds 567,674 539, 749 Page 15
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) REGISTERED NUMBER: 04989679 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The company's net movement in funds for the year was £149.825 (2023- £325.210). The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to a¢¢ounting records and preparation of financial statemenls. 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 Tru s and signed on their behalf by.. R H Knight Trustee R I Stansbury Trustee Date: The notes on pages 18 to 42 fom part of these financial statements. Page 16
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarantee) CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operatlng activitles Net cash used in operating activltles 116.865 122. 151 Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fed assets 19.600 (106.329) (144,540) Net cash used in investing activities {86,829) (144.540) Cash flows from flnanclng actlvltles Repayments of borrowing New finance leases {76.7421 95A08 (27,903) 95,578 Net cash provided by financing activities 18,666 67.675 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 48.702 45,286 q76.614 221.900 Cash and cash equivalents at the end of the year 23 270.602 221,900 The noles on pages 18 to 42 fomi part of these financial statements Page 17
WAVERLEY HOPPA COMMUNITY TRANSPORT IA Company Limited by Guarantaa) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Infomiation Waverfey Hoppa Community Transport is a private company limited by guarantee, incorporated in England. The registered Offi address is Unit 8 Towergate Business Centre. Coopers Plao, Combe Lane, Womiley, Godalming. Surrey. GU8 5SZ. The registered company number is 04989679. Accountlng policies 2.1 Basis of preparation of financlal statements The financial statements have been prepared in accordan with the Charitles 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 Repo.ng Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2008. 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 otherbvise 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 Ihe 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 financlal statements. 2.2 Going concern The company reported a surplus for the year of £43k 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 concem at present. However they also acknowledge that there are longer tem issues that will have an impact. including= financial pressures on local council funding and the continual requirement to refresh the ageing fleet of vehicles. The introduction of electric vehicles to the fleet has also involved significant initlal expenditure. and could not have been achieved without capital grant support. 22 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 seNice 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 defeed and included in creditors as deferred income. Vilhere entitlemenl occurs before income is received, the income is accrued. Page 18
WAVERLEY HOPPA COMMUNITY TRANSPORT IA Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounling policies (continued) 14 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic beneftt to a third paty. it is prc*)able 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 activty. The costs of each actmty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each actiwty. Direct costs attributable to a single activty are allocated directly to that activity. Shared costs which conlribule to more than one activty and support costs which are not attributable lo a single aclivity 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 arnl includes costs of all fundraising acbvibes events and non<haritable trading. Expenditure on charitable actsvities is incurred on direclty undertaking the activities which further the Group's objectives. as well as any associated Sltpport costs. All costs are charged lo restricted or unrestricted expenses based on mileage. 15 Intsrest recefvable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Group: this is nomially upon notification of the interest paid or payable by the institution with whom the funds are deposited. 16 Taxatlon The company is considered to meet the definriion of a charitable company for UK corporation tax purposes. Accordingly, the company is potentialty exempt from taxation in respect of income or capital gains received. to the extent that such income or gains are applied exclusively to charttable purposes. 2.7 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 inrtially recognised at cosl. After recognition, under the cost model. tangbi le fixed assets are measured at cost less accumulated depreciation and any accumulated impaimient losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cosl. Depreciation is Charged so as to allocate the cost of tsngbi le fixed a&8ets less their residual value over their estimated usefvl lives. Depreciation is provided on the following bases: Leasehold property Motor vehicles Equipment - 50 years straight line - 250/0 reducing balance - 25% reducing balance Page 19
WAVERLEY HOPPA COMMUNITY TrANSPORT (A Company Llmited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (contlnued) 2.8 Investments Investments in subsidiaries are valued at cost less provision for impainnent. 2.9 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. 2.10 Cash at bank and In hand Cash at bank and in hand includes cash and short4em highly liqiud investments with a short maturtty of three month8 or le&8 from the date of acquisition or opening of the deposlt or similar account. 2.11 Llabllltles and prov18bon8 Liabiltties are recognised when there is an obligation at Ihe Balance Sheet date as a result of a past event, rt is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be estlrnaled reliabty. Liabilities are recognised at the amount that th• company anticipate8 it will pay to settle the debt or the amount it has received a3 advanced payments for the goods or services it must provide. 2.12 FlnanGlal In8trumonts The Group only has financial a¢t8 and fin8n¢ial liabilities of a kind that qualfy a8 basic financial instruments. Basic financial instruments are initially recognised al Iransaction value and subsequentty measured at their settlement value with the exception of bank loans which are subsequently measured at wnortised cost using the effective interest method. 2.13 Flnance leases and hlre purchase Assets obtained under hire purchase contracts and finance leases are capit81ised as tanglble fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease temi and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substsntialty all ol the benefits and risks of ownership are assumed by the Group. Obligations under such agreement$ are included in credrtors, net of the finance charge allocated to future periods. The finance element of Ihe rental payment is charged lo the Consolidated Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each per. 114 0ratIng leases Rentals paid under operating leases a charged to the Consolidated Statement of Flnancial Activities on a straight line basis over the lease temi. Page 20
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.15 Penslons 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 beneffts pension scheme and the pension charge is based on an actuarial valuation dated 31 March 2024. The liabilty recognised on the balance sheet in respect of the defined benefit plan is the present value of the defined benefrt obligation at Ihe end of the reporting date less the fair value of the plan assets at the reporting date. The defined benefit ob5igation 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 qualty corporate bonds that are denorninated in sterling and that have terms approximating the estirnated period of future payments. The fair value of plan assets is measured in acxordance with the FRS 102 fair value hierarchy. 2.16 Fund accountlng 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. 2.17 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 reglstration. Income from donatlons and legacles Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Donations 15,000 37,500 8.236 4.613 23,236 41113 Grants Total 2024 52,500 12.849 6S.349 Page 21
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donatlons and legacles (contlnued) Restncted Unrestn'cted funds funds 2023 2023 Tot funds 2023 Donations 49.255 2. 785 3,450 52,040 58,450 Grants Tot812023 104,255 6,235 110.490 Income from charitable aGtlvltles Restrkted Unrestrlcted funds funds 2024 2024 Total funds 2024 Transport P8rfomiance rdated grants 21,196 21.196 147,814 147,814 Total 2024 147,814 21,196 169,010 Resth'cted Unrestricted funds fvnds 2023 2023 Total funds 2023 Transport Perfomance rdated grants 18.519 18.519 162.933 162,933 Total 2023 162,933 18,519 181,452 Page 22
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarantse> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from other tradlng athttles Incorn• from non ¢harltable tradlng actlvltlos Unrestrlcted fund8 2024 Total funds 2024 Subsidiary company income 1.183.541 1.183,$41 Unrnstricted funds 2023 Total funds 2023 Subsidiary ¢ompany income 889,332 889,332 InVtment Income Unrestrlctod funds 2024 Total funds 2024 Bank interest receivable Pension income 787 3.000 787 3,000 3,787 3,787 Other Incomlng rnsources Unrestrfcted funds 2024 Total funds 2024 Sundry income 22.106 22.106 Page 23
WAVERLEY HOPPA COMMUNITY TrANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Other Incomlng resources (cont5nued) Unresbicted funds 2023 Tot funds 2023 Sundry income 24.364 24.384 Government grants During the year the chaiity received the following grants governrr*nt bodies. 2024 2023 Waverley Borough Council Surrey County Council Haslemere Town Council Famham Town Council Godalming Town Council Chiddingfold Parish Council Government OLEV Grant Ewehurst Parish Council Grayshott Parish Council 101.01)0 46,814 7,500 10,000 5,OlXI 2,000 95,000 61,933 30.000 1,925 172,914 204, 858 Expenditure on raising funds Other trading expenses Unrestricted funds 2024 Total funds 2024 Subsidiary company expenses 4,579 4,679 Page 24
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on raising funds (continued> Unrestncted funds 2023 Tot funds 2023 Subsidiary company expenses 4.561 4.561 10. Anatysis of expendlture on charftable actlvftles Summary by fund type Restrlcted Unrestrlctsd funds funds 2024 2024 Total 2024 Transport sen4ices 271.179 1.125.210 1,396,389 Restiicted Unrestiicted funds funds 2023 2023 Total 2023 Transport services 218,891 935,976 1, 154,867 11. Anatysis of expenditure by activities Actlvltles undertaken directly 2024 Support costs 2024 Total funds 2024 Transport services 1,020.054 376.334 1,396.388 Page 25
WAVERLEY HOPPA COMMUNrrY TRANSPORT (A Company Umlted by Guardnteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Anatysls of expendlture by actlvltl•s {contlnued) Activiti8S undert8ken directty 2023 Support costs 2023 Total funds 2023 Transport services 850.977 303.890 1. 154.867 Analys55 of dlrect costs Total funds 2024 Transport 2024 Vehiclè costs Vehicle storage costs Staff costs Training costs Depreciation and (profrtyloss on disposal 203.655 16.452 727.644 2,046 70,257 203,655 16,452 727,644 70,257 Total 2024 1,020.054 1,020,054 Total fvnds 2023 Transport 2023 Vehicle costs Vehicle storage costs Stsff costs Training costs Depreciation and (profityloss on disposal 188.089 17,132 580,921 2,017 62.818 188,089 17,132 ,921 2,017 62,818 Total 2023 850,977 850,9T7 Page 26
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Anatysls of expendlture by actlvftles (contlnued) Anaty$l$ of support ¢ts Total funds 2024 Transport 2024 Staff cost8 Depreciation Establishment costs Staff related costs Telephone Postage & stationery Advertising and marketing IT development and Maintenare Accountancy & bookkeeping Entertainment Heatth & safety and professional fees Sundry costs Publsc relatlons Governance costs 269,544 6.890 36.057 4,251 5.756 1.835 2.189 10.808 6.398 2,876 6.385 7.971 10,074 5,300 289,644 6,890 36,067 4,251 5,766 1,835 2,189 10,808 6.398 2,876 6,385 7.971 10,074 6,300 Total 2024 376.334 376.334 Page 27
WAVERLEY HOPPA COMMUNITY TrANSPORT IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Anatysis of expendlture by athitles (continued) Anatysls of support costs (continued) Total funds 2Lr23 Trnnsport 2023 Net finance expense on deffined benefft pension Staff costs Depreciation EStabshMent costs staff related costs Telephone Postage & ststionery Advertising and rnarketing IT development and mainterhance Accountsncy & bookkeeping Entertainment Health & safety and professional fees Sundry costs Public relations Governan costs 226.831 3,079 12,311 3,C¥38 4.&26 1,951 2,326 10.850 6,0 3.363 2,202 8,829 6. 744 5.070 226.831 3,079 12,311 4.826 1.951 2,326 10.85Q 6.50Q 3,363 2,202 8.829 6. 744 5.070 Total 2023 303,890 303,890 11 Auditorfs remuneration 2024 2023 Fees payable to the company's auditor for the audit of the compan5 annual accounts 5,300 5.070 Fees payable to the companls auditor in respect ot. All non-audit services not inGluded above 3,210 3.085 Page 28
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Staff costs Group 2024 Group 2023 Company 2024 Comp8ny 2023 Wages and salaries Social security costs Pension contributions Defined benefit pension adjustment 880,298 65,735 22,154 29,000 700,579 49,011 13,161 44000 880,298 66,736 22.154 29.000 700,579 49,011 13,161 45,000 997,187 807, 751 997,187 807, T51 Tho average number of persons employed by the company during the year was as follow8: Group 2024 No. Group 2023 No. Company 2024 No. Company 2023 No. Management and admSnistration Despatchers Driver3 39 33 39 33 43 38 38 The number of employees whose employee benefits (excluding employer pension cost8) exceeded £60,000 was: Group 2024 No. Group 2023 No. In the band £60.001- £70.000 In the band £80.001- £90.000 The total employee benefits, induding employer pension conlributions, of the key management personnel were £85.324 {2023 - £69,507). Page 29
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantse) NOTES TO THE FINANCIAL STATEPJIENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Trustees. remuneratlon and expenses During the year, one or more Trustees has been paid remuneration or has received other beneffts from an employment with the company. This is for services provided as General Manager and is pemiitted by the governing documents. The value of Trustees, remuneration and other benefits was as follows: 2024 2023 R J H Davies Remuneration Pension contributions paid 74,280 60,000 1,853 During Ihe year ended 31 March 2024, expenses totalling £1.251 were reimbursed or paid directly to 1 Trustee (2023 - £351 to 2 Twstees). 15. Tangible fixed assets Group Long-term leasehold property Plant and machinery Equipment Total Cost or valuation At 1 April 2023 Additions Disposals 1 $3,934 801,338 91,085 (69.344) 955,272 106,329 169.344) 15.244 At 31 Marth 2024 153,934 823,079 15,244 992,257 Depreciation At 1 April 2023 Charge for the year On disposals 58,229 3,079 531,697 81,400 (60,988) 589.926 88.290 160,988> 3,811 At 31 March 2024 61,308 552,109 3,811 617,228 Net book value At 31 March 2024 92.626 270,970 11,433 375,029 At 31 Mah 2023 95. 705 269.642 365,347 Page 30
WAVERLEY HOPPA COMMUNITY TRANSPORT {A Company Llmited by Guarante8) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Tangible fixed assets (conllnued) Company Long-temi leasehold property Plant and machlnery Equlpment Total Cost or valuatlon At 1 April 2023 Additions Disposals 163,934 801,338 91,085 169,344) 955,272 106,329 (69,344) 15,244 At 31 March 2024 153,934 823,079 15.244 992,257 Depreciation At 1 April 2023 Charge for the year On disposals 58,229 3,079 631,697 81,400 (60.988) 589,926 88,290 (60,988) 3,811 At 31 March 2024 61,308 552,109 3.811 617,228 Net book value At 31 March 2024 92,626 270,970 11,433 375,029 At 31 March 2023 95. 705 269.642 365,347 The net book value of assets held under finance leases or hire purchase contracts, included above, are £143.335 (2023- £134.452). Page 31
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Flxed asset Investments Investments subsldlary companlos company Cost or valuatlon At 1 April 2023 At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 Prlnclpal sub8ldlarle8 The following was a subsidiary undertaking of the company: Nam6 Company number Holdlng Included In consolldatlon Hoppa Limited 08793063 The financial results of the subsidiary for the year were: Name Income Expondlture ProflU(Los$) for the year Not assets Hoppa Limited 1,183,541 11,064,217} 119.324 Page 32
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Due wlthln one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 130,402 135,298 2,363 262,465 27,052 432 239,275 29,466 11.264 27,052 29,466 11,264 157,454 176,028 291,880 280,437 18. Credltors: Amounts falllng due wlthln one year Group 2024 Group 2023 Company 2024 Company 2023 Bank loans Trade creditors Other taxation and social security Obligations under finance lease and hire purchase contracts other creditors Accruals and deferred income 10,053 6,374 22,149 10, 702 8,587 10,053 6,374 22,149 10.702 8.587 32,706 S.993 61,454 18.057 46.714 47,350 32,706 5,993 56,254 18,057 46,714 42, 149 138,729 131,410 133,529 126.209 The net obligations under finance leases arml hire purchase contracts are secured over the leased assets. Page 33
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Creditors: Amounts falling due after more than one year Group 2024 Group 2023 Company 2024 Company 2023 Bank loans Net obligations under finance lease and hire purchase contracts 11,667 21,667 11.667 21,667 85,116 70,450 86,116 70.450 96,783 92,117 96,783 92,117 The net obligations under finance leases and hire purchase contracts are sacured over the leased assets. Induded within the above are amounts falling due as follows: Group 2024 Group 2023 Company 2024 Company 2023 Between one and two years Bank loans 10,000 10,000 qo,000 10,000 Between two and five years Bank loans 1,867 11,667 1,667 11,667 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 COMMUNrrY TRANSPORT (A Company Limit by Guarantse NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Ststement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Trdnsfers Inlout Galnsl (Losses> Income Expenditure Unrestrfcted funds General Funds Pension reserve 372,697 1.243,478 (1,144,788) 15,000 ($5,746) 415,641 (15.000) 372,697 1.243.478 (1.129.788) (55,746) (15.0001 415.641 Restricted funds Propety Grdnl Capital Grants Hospital Hoppa Demand Responsrve Apprentice Fund 146.932 15,119 146,932 15,000 15,000 (30.119) 35.650 (50.650) 170.314 (220,5291 50,215 5,000 167,051 200,314 (271,179) SS.746 151.932 Totsl of funds 539,748 1,443,792 11,400,96n (15,000) S67,573 The property grant of £150.000 was provided by Surrey County Council to purchase the company's current premises. The grant is repayable rf the chaiity ceases to Irade. The Hospital Hoppa and Demand Responsive funds comprise grant funding for costs in connection wilh these services. Costs have been apportioned in relation to mileage. The capital grant is fijnds collected for the purchase of new buses and associated equipment. Any excess of expenses over income has been met from unrestrthd funds and is shown by transfer. Page 35
WAVERLEY HOPPA COMMUNITY TrANSPORT {A Company Umlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds (continued Statement of funds - prior yaar Balance at 31 M8tBh 2023 Balance at l AP 2022 Trnnsfers in/oul Gain (Lo&ses) Income Expenditure Unrestrlcted funds General Funds Pension reserve 302. 106 (195.OLKI) 938.449 (916.536) {24.1) 48,678 372,697 219,L 107,106 938,449 (940,536) 48,678 219,000 372,697 Restricted funds Property Grant Capital Grants Hospital Hoppa Demand Responsive Apprentice Fund 146,932 15.5 146.932 t5,119 90.374 (90, 755) 2.525 (22.525) 156,814 (196.366) 39.552 167.432 267. 188 (218.891) (48,678) 167,051 Total of funds 274.538 1.205,637 (1. 159.427) 219,OLKI 539, 748 Page 36
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Llmlted by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Anatysls of net assets between funds Anatysls of net assets between funds - current period Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 146.932 5.000 228.097 375,029 423.056 428.056 {138,729) 1138.729) (96.783) (96.783) Total 151,932 415,641 567,573 Anatysls of net assets between funds - prfor perfod Restricted Unrestr7Cted fvrnys fijnds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in MO than one year 146,932 20.119 218,415 365,347 377.809 397.928 (131,410) (131,410) (9Z117J (92,117) Total 167.051 372.697 539. 748 Page 37
WAVERLEY HOPPA COMMUNITY TrANSPORT (A Company Umlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Gmup 2023 Net income for the period (as per Statement of Financial Acbvibes) 42,825 46.210 Adjustments for: Depreciation charges Lossl{Profft) on the sale of fixed assets (Inuease)IDecrease in debtors Increase/(decrease) in creditors NOn$h movement on pension liabilty 65.898 (9.1971 18,574 (6.681) (15,000) (71,530) 57.573 24,0 Net cash provided by operating activities 116,865 122.151 Anatysls of cash and cash equlvalents Group 2024 Group 2023 Cash in hand 270,602 221.9 Total Goh and cash equlvalents 270,602 221,900 24. Anatysls of changes In net debt At 1 April 2023 Cash flows Newfinance At 31 March leases 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year Finance leases 221.900 (10,702) (21,66n (88,50n 48.702 270,602 (10,053) (11,667) {95,4081 (117.822) 10,000 66,093 101,024 125,444 (95,4081 131,060 Page 38
WAVERLEY HOPPA COMMUNrrY TRANSPORT (A Company Llmltsd by Guarantae) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Capital commllments Group 2024 Group 2023 Company 2024 Company 2023 Contracted for but not provlded In these flnanclal statements Acqui8ltion of tangible fixed assets 145,638 146,638 26. P•nslon commltments The company operates a defined contribution pension scheme. Th8 assets of the scheme aro held separdtely frorn those of the company in an independently administered fund. The pension $t charge represents contributions payable by the company to the fund and amounted to £17.585 {2023 - £13,276). Employee and employer contribuiions totalling £3,868 (2023 - £617) were payable to the fund at the balance sheet date and are induded in creditors. The Group operates a defined benefft pension sCMe. The charity participates in a multivemployer defined benefrts pension scheme, Surrey County Council's Occupational Pension Scheme. The ntrIbutIonS paid during the year were £40.738 (2023 £26.886). Contributions totalling £4,031 were payable to the fund {2023 - £2.988) at the balance sheet date and are included in creditors. The most recent actuarial valuation was carried oul for the year ended 31 March 2024 by Hymans Robertson LLP. Principal actuarial assumptions at the Balance Sheet date (expressed as web3hted averages): At 31 March At 31 March 2024 2023 Discount rate Future salary In¢ase$ Future pension increase8 4A 4.75 2A 3.0 At 31 March At 31 MarGh 2024 2023 Years Yea Mortality rates {in years) - for a male aged 65 now - at 65 for a male aged 45 n¢y - for a female aged 65 now - at 65 for a female aged 45 now 21.7 21.1 262 25 21.8 21.2 25.4 26.1 Page 39
WAVERLEY HOPPA COMMUNITY TrANSPORT (A Company Limlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Pension commitments (eontlnuod) The Group's share of the assets in the scheme was: At 31 March At 31 March 2024 2023 Equities Corporate bonds Property Cash and other IiquKI assets 632.530 750.210 $8.840 29,420 868,480 366.390 94,990 27, 140 Total falr value of assets 1N71,000 I,357,0 The actual retum on scheme assets was £63.000 (2023- £39,000). The amounts recognised in the Consolidaled Statement of Financial Adivities are as foll0v. 2024 2023 Current seNice cost Interest income Interest cost Total amount recognised in the Consolidated Statement of F5nanclal Activities 29,000 (63,000) 60,000 45,000 (39,000) 45.000 26.01)0 51.000 Movements in the present value of the defined benefft obligation were as follows: 2024 2023 Opening defined benefft obligation Current service cost Interest cost Contributions by scheme participants Actuarial gains Beneffts paid 1,297,000 29,000 60,000 6,000 114,000) (415,000) 189,000) (35.000) 1.652,000 45,000 45,000 Closing defined benefit obligation 1,289.000 1.297.(X)o Page 40
WAVERLEY HOPPA COMMUNITY TRANSPORT IA Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Penslon commitinents {contlnued Movements in the fair value of the Gr0'S share of scheme assets were as follows: 2024 2023 Opening fair value of scheme assets Expeded retum on assets Actuarial gainsl{losses) Conlributions by employer Contributions by scheme paticipants Benefits paid 1.357,000 63,000 93.000 41.000 6,000 (89,000) 1,457,LlXI 39,000 (136.000) 27.000 5,000 (35,000) Closing fair value of scheme assets 1.471.000 I,357,0 The Group has a totsl unrecognised surplus of £182.000 (21r23- £60,000) in respect of its defined benefft 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: 2024 2023 Defined benefft obligation Scheme assets Unrecognised surplus 11.289.000) (1,297.000) 1A71,000 1.357.000 {182,000} (60.000) Net surpluslldeficlt) 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 2024 27. Operatlng lease commllments At 31 March 2024 the Group and the company had commitments to make future minimum lease payments under non-cancellable operating leases as folbws: Group 2024 Grnup Company Company 2023 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 18.000 72,000 27,000 18,000 72,000 27,000 117,000 117,000 6.000 The following lease payments have been recognised as an expense in the Statement of Financial Activities: Group 2024 Group 2023 Company 2024 Company 2023 Operating lease rentals 15.000 12,OC 15.000 12.000 Members. Ilablltty Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while helshe is a member. or within one year after helshe ceases to be member, such amount as may be required. not exceeding £10 for the debts and IHbilities contracted before helshe ceases to be a member. 29. 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 £1.059.638 {2023: £798.283). During the year gift aid distributions of £119,324 (2023: £86,488) was receivable from Hoppa Limited. At the year end. Hoppa Limited ¢ywed the c(ffipany £262.465 (2023: £239.275}. Page 42