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 2025
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Company, its Trustees and Advisers Trustees. Report 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 18-44
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 2025 Trustees R H Knight (resigned 20 July 2025) AMFOX J J Brydon A J D Boughton R I Stansbury S C Naughalty B S Capper R J H Davies M Reynolds (appointed 21 March 2025) R Couch (appointed 18 January 2024, resigned 21 November 2024) M James (appointed 25 July 2025) Company registered number 04989679 Charity registered number 1104954 Registered office Unit 8 Towergate Business Centre, Coopers Place, Combe Lane, Womley, 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 (A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 2025. The Company has a subsidiary, Hoppa Limited (the "subsidiary compan) which together fomi a charitable group (the "Group") and the Trustees also report on and present audited financial statements of the Group. 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 ISORP), 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)- 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 charty's purposes for public benefit The core activities of the Group, also referred to as "Hoppa" 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 stsff of employed drivers. Page 2
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance a. Key financial perforniance 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 18 % of income (2024.. 13.). The Trustees continue to pursue their strategy of contracting commercial routes- to Schools, Day Centres and local Hospitals- in addition to 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 2025 the Group reported net income before actuarial adjustments of £107k {2024.' £43k). b. Review of activities In the period of review the Group continued to provide transport sen11$ within the ambit of the operations described in its original Business Plan. At the end of the year Hoppa reported a surplus of £85k (2024". £28k). Day to day operations remained stable but were enhanced by Hoppa operating a trial Servi for Surrey County Council. This service, branded Surrey Connect, was a one year trial, providing demand responsive transport via a phone app and "virtual" bus stops, and ceased in August 2024. 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 ServIS assist in reducing social exclusion among the disadvantaged and in the year some 18,664 passenger trips were made (2024.. 17,481). Other community support services covers school runs - mainly Special Educational Needs - as well as some health related transport contracts. A total of 55,140 passenger trips were made in this service category during the year (2024.. 51,748)- c. Investment policy and perforniance Our main investment will always be in the vehicles utilised for delivering our services, but to the extent that there are surplus cash reserves these are moved to interest bearing accounts. 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 2025 b. Financial risk management objectives and policies The Trustees have identified Iwo main financial risks replacement of our key capital asset, the vehicles themselves. loss of grant funding, and the inability to fund In terms of grant funding the largest single amount comes from Waverley Borough Council. Hoppa have a Service Level Agreement with Waverley., this agreement provides rtaInty of income in exchange for quarterly performance reviews. 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 enty 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. The Trustees review these risks at least quarterly. They are comfortable that, subject to external pressures beyond our control, our main stskeholders will continue to support Hoppa. In terms of vehicles Hoppa were able to add four vehicles to the fleet through a combination of capital grants and debt financing. c. Financial Results At the balance sheet date unrestricted funds of £505,720 (2024.. £415,641) and restricted funds of £146,932 (2024.. £151,932) 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 ServIS throughout a forthcoming period of at least 6 months. At 31 March 2025 Hoppa held free reserves totalling £82,118 (2024: £133,238). e. Deficit In the year to 31 March 2025 Hoppa has reported a surplus of £107k (2023= £43k) 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 2026. f. Principal Funding Local authority and government grants, and donations from parish councils and charitable institutions comprise 18 % of funding {2024'. 13 % I, 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 2025 Structure, governance and management a. Constitution The Company is registered as a charitable company limited by guarantee and with a Memorandum of Association dated 9 December 2003. The charity was formed in succession to Wavedey 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, povety 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 stsff 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 performan bonus to achieve this. e. Organisational structure and decision making The Chairman, General Manager and Board meet monthly. Our main local authority stakeholders are invited to attend our quarterly board meetings. Limits of decision making authority are defined by referen 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 2025 Structure, governance and management Icontinued) g. Financial risk management The Trustees have assessed the major risks to which the Group and the Company are exposed, in particular those related to the operations and finances of the Group and the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. 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, and non emergency patient transport, 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. ststement 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 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 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 IFRS 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 THEYEAR ENDED 31 MARCH 2025 Dlsclosure of Inforniatlon to audltor Each of ltr persons who are Trustees at Ihe ts.me %then trms Trustees. Report is approved has confimied that: so far as Ihal Trustee is aEre, Ihere is no relevant audit inf0mtIon of lch the charitable Group's auditor is unaware. and that Trustee has taken all steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infonnation and to establish that tfre charitable Group's auditor is aware of that inforniation. Approved by the members of board of Trustees and signed on tr1r behalf ty. Stansbury Trustee 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 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balan 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 2025 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 accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards 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 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 perfomied, 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 concem for a period of at least e1ve 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 inforniation 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 reiVed 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 ft)r 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 ase operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran 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-complian 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.or -uklauditorsres onsibilities. This description forms part of our Auditor's Report. Page 10
WAVERLEY HOPPACOMMUNITY TRANSPORT (A Compary Umlted by Guarnntee) INDEPENDENT AUDrroR'S REPORT TO THE hlEMBERS OF WAVERLEY HOPPA COMMUNITY TRANSPORT (CONTINUED) Use of our report This ret 1$ made soldy to the charitable compatys members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. and to the ctrHTilable companls trustees. as a body, Part 4 of the Chaffties (Accounts and Reports) RegutionS 2008. Our audit work has been undertaken so that might state to the charitable companys rnberS those matters are required to state to them in an Auditoes Report and for no other Purpose. To the full88t extent permlted by I. do not accept or assume responsibilty to anyone other than the Charitab company and ts members, as a bfxty, for our audit work, for this report, or for the oixnions we have formed. Mark Dlcklnson FCA (Senlor Statutory Audltorl for and on behalf of Shaw Glbbs (Audrtl Llmttod ststutory Auditor Wey Court We Union Road Famham Surrey GU9 7PT Dale". 1/2cJi Page11
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 2025 Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities 195,526 262.173 2,458 31.103 1,115,477 10.954 25,020 197,984 293.276 1,115,477 10.954 25,020 65,349 169,010 i. 183,541 3,787 22,106 Other trading activities Investments Other income Total income 457,699 1,185,012 1,642,711 1, 443, 793 Expenditure on: Raising funds Charitable activities 10 6,508 1,173.324 6,508 1,529.124 4.579 1,396,389 355.800 Total expenditure 355.800 1,179.832 1,535.632 1,400,968 Net income 101,899 (106.899) 5,180 106.899 107,079 42,825 Transfers beeen funds 21 Net movement in funds before other recognised gainsl{losses) 15.000) 112.079 107.079 42,825 Other recognised gainsl(losses): Actuarial losses on defined benefit pension schemes Pension surplus not recognised 27 110.000 1132,000) 110.000 1132,000) 107,000 (122,000) 27 Net movement in funds 15,000) 90,079 85,079 27,825 Reconciliation of funds". Total funds brought foNard Net movement in funds 151,932 15.000) 415,641 90.079 567,573 85.079 539, 748 27,825 Total funds carried fonNard 146.932 505.720 652.652 567,573 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 18 to 44 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 2025 2025 2024 Note Fixed assets Tangible assets 16 517,904 3T5,029 517.904 375, 029 Current assets Debtors 18 151,168 207.961 157,454 270, 602 Cash at bank and in hand 359,129 428, 056 Creditors.. amounts falling due within one year 19 1141,881) (138. 729) Net current assets 217.248 289,327 Total assets less current liabilities 735,152 664,356 Creditors.. amounts falling due after more than one year 20 (82,500) (96, 783) Net assets excluding pension asset Defined benefit pension scheme asset 652.652 567,573 27 Total net assets 652,652 567,573 Charity funds Restricted funds Unrestricted funds 21 146.932 505,720 151,932 415,641 21 Total funds 652.652 567,573 Page 13
WAVERLEY HOPPA COPAMUNrrY TRANSPORT (A Company Limited by Guarantee) REGISTERED NUMBER: 04989679 CONSOUDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Trustees ad(rv*ledge their responsibilities for comptying wilh the requirements of the Act wilh respect to accounting records arKI preparation of financial staternents. The financial ststements have been prepared in acGordance with the provisions applicable to enbties subject to the small companies regime. The financial slate were approved authortsed for issue by Trustees and signed on their behalf by. I Stangbury Trustee The rleS on pages 18 to 44 fomi part of ttre financial stalements. Pago 14
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) REGISTERED NUMBER: 04989679 COMPANY BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets Investments 16 517,904 3T5,029 17 517,905 3T5,030 Current assets Debtors 18 211.164 142,763 291, 880 130,976 Cash at bank and in hand 353.927 422, 856 Creditors.. amounts falling due thIn one year 19 1136.681) (133, 529) Net current assets 217,246 289,327 Total assets less current liabilities 735.151 664,357 Creditors.. amounts falling due after more than one year 20 (82.500) (96, 783) Net assets excluding pension asset 652,651 567,574 Total net assets 652.651 567,574 Charity funds Restricted funds.. Restricted funds 21 146,932 151,932 Total restricted funds Unrestricted funds Unrestricted funds excluding pension asset 21 146.932 151,932 21 511.519 415,642 Total unrestricted funds 21 505,719 415,642 Total funds 652.651 567,574 Page 15
WAVERLEY HOPPA COMMUNITY TRANSPORT IA Company Limited by Guarantee) REGISTERED NUMBER: 04989679 COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Ccffipanls net movement in funds for the year Wds £217.07T (2024 - £149,825). The Trustees ackntrthedge their responsibilities for COMpTr.ng with the requirements of Act thith respecl to accounting records arKI preparation of financpl StatRnts. The financRI statements have been prepared in accordance with Ihe provisions applicable lo entities subject to the sma]I companies regime. The financial s were approved and authorised for issue by Trustees and sned on their behalf by: R I Stansbury Trustee Date: lg |zJ- The notes on pages 18 to 44 fom) part of these financial Statts. Page 16
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash flows from operating activities Net cash used in operating activities 23 190,742 116,865 Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tsngible fixed assets 13.250 (253,935) 19,500 (106,329) Net cash used in investing activities {240,685) (86.829) Cash flows from financing activities Repayments of borrowing New finance leases {162,453) 149,755 (76, 742) 95,408 Net cash lused in)Iprovided by financing activities (12,698) 18.666 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (62,641) 270,602 48,702 221,900 Cash and cash equivalents at the end of the year 24 207,961 270,602 The notes on pages 18 to 44 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 2025 General infomiation Waverley Hoppa Community Transport is a private company limited by guarantee, incorporated in England. The registered Offi address is Unit 8 Towergate Business Centre, Coopers Place, Combe Lane, Wormley, Godalming, Surrey, GU8 5SZ. The registered company number is 04989679. 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 £107k 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 and the continual requirement to refresh the ageing fleet of vehicles. The introduction of electric vehicles to the fleet has also involved significant initial expenditure, and could not have been achieved without capital grant support. 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 resour$ 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 2025 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 belNrfeen those activities on a basis consistent with the use of reSoUrs. 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 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 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. 2.7 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 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 propety Motor vehicles Equipment 50 years straight line 25°/o reducing balance 25°/o Straight line Page 19
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.8 Investments Investments in subsidiaries are valued at cost less provision for impairment. 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 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. 2.11 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 adVand payments for the goods or services it must provide. 2.12 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 exptIon of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Finance leases and hire purchase Assets obtained under hire purchase contracts and finan 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 finan 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. 2.14 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 2025 Accounting policies (continued) 2.15 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 an actuarial valuation dated 31 March 2024. The liability recognised on the balan 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 accordan with the FRS 102 fair value hierarchy. 2.16 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtheran 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 registration. Page 21
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions= Useful economic lives of tangible assets The annual depreciation charge is sensitive to changes in the economic lives and residual values of the assets. Defined benefit pension scheme The Company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including life expectancy, asset valuations and the discount rate on corporate bonds. Management engages professional services to assist in estimating these factors in determining the net present asset or obligation in the balance sheet. The assumptions reflect historical experience and current trends, but are sensitive to changes. There is uncertainty about whether to recognise any surplus on the scheme. Restricted cost recognition The Company applies judgement in the recognition of restricted expenditure and basis this on mileage by route, but other methods of calculating the split could achieve a different outcome. Page 22
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Donations Grants 163,026 32,500 1,003 1,455 164,029 33.955 Totsl 2025 195,526 2,458 197.984 Restricted Unrestricfed funds funds 2024 2024 Total funds 2024 Donations 15,000 37,500 8.236 4,613 23,236 42,113 Grants Total 2024 52, 500 12,849 65,349 Income from charitable activities Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Transport Performance related grants 31,103 31.103 262,173 262,173 Total 2025 262,173 31,103 293,276 Restricted income includes £26.100 to represent the value of donated electric vehicle use from Surrey County Council. Page 23
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities Icontinued) Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Transport Performance related grants 21,196 21,196 147,814 147,814 Total 2024 147,814 21, 196 169,010 Income from other trading activities Income from non charitable trading activities Unrestricted funds 2025 Total funds 2025 Subsidiary company income 1,115,477 1,115.477 Unrestricted funds 2024 Total funds 2024 Subsidiary company income 1,183,541 1, 183,541 Investment income Unrestricted funds 2025 Total funds 2025 Bank interest receivable Pension income 1,954 9,000 1,954 9.000 10,954 10.954 Page 24
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment income (continued) Unrestricted funds 2024 Total funds 2024 Investment income - local cash 787 787 Pension income 3, 000 3,000 3,787 3,787 Other incoming resources Unrestricted funds 2025 Total funds 2025 Sundry income 25,020 25,020 Unrestricted funds 2024 Total funds 2024 Sundry income 22, 106 22,106 Page 25
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Government grants During the year the charity reiVed the following grants from government bodies. 2025 2024 Waverley Borough Council Surrey County Council Haslemere Town Council Farnham Town Council Godalming Town Council Chiddingfold Parish Council Cranleigh Parish Council Ewehurst Parish Council Grayshott Parish Council 287,435 81,664 7,500 10,000 101,000 46,814 7,500 10,000 5,000 2,000 500 400 400 200 387,499 172,914 10. Expenditure on raising funds Other trading expenses Unrestricted funds 2025 Total funds 2025 Subsidiary company expenses 6,508 6,508 Unrestricted funds 2024 Total funds 2024 Subsidiary company expenses 4,579 4,579 Page 26
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 11. Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2025 2025 Total 2025 Transport services 355,800 1,173,324 1,529,124 Restricted expenses includes £26,100 to represent the value of donated electric vehicle use from Surrey County Council. Restricted Unrestricted funds funds 2024 2024 Total 2024 Transport services 271, 179 1, 125,210 1,396,389 12. Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Total funds 2025 Transport services 1,122,635 406,489 1,529,124 Activities undertaken directly 2024 Support Gosts 2024 Total funds 2024 Transport services 1, 020, 054 3T6,334 1,396,388 Page 27
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Analysis of expenditure by activities (continued) Analysis of direct costs Total funds 2025 Transport 2025 Vehicle costs Vehicle storage costs Staff costs 197,035 20,141 785,632 2,806 90,921 26,100 197.035 20,141 785.632 2,806 90.921 26,100 Training costs Depreciation and (profit)Iloss on disposal Donated cost of electric vehicles Total 2025 1,122,635 1,122,635 Total funds 2024 Transport 2024 Vehicle costs Vehicle storage costs Staff costs 203, 655 16,452 727, 644 2,046 70,257 203,655 16,452 727, 644 2,046 70,257 Training costs Depreciation and {profit)Iloss on disposal Total 2024 1, 020, 054 1, 020, 054 Page 28
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Analysis of expenditure by activities (continued) Analysis of support costs Total funds 2025 Transport 2025 Staff costs Depreciation Establishment costs 316,039 6,890 23,860 2,481 5,337 2,108 3,225 12,343 15,305 2,964 7,313 8,624 316.039 6,890 23.860 2,481 5,337 2,108 3,225 12,343 15.305 2,964 7,313 8,624 Staff related costs Telephone Postage & ststionery Advertising and marketing IT development and maintenan Accountancy & bookkeeping Health & safety and professional fees Sundry costs Public relations Total 2025 406,489 406,489 Page 29
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Analysis of expenditure by activities (continued) Analysis of support costs (continued) Total funds 2024 Transport 2024 Staff 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, 300 269,544 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 Depreciation Establishment costs Staff related costs Telephone Postage & ststionery Advertising and marketing IT development and maintenan Accountancy & bookkeeping Entertainment Health & safety and professional fees Sundry costs Public relations Governance costs Total 2024 376, 334 376, 334 13. Auditorfs remuneration 2025 2024 Fees payable to the Company's auditor for the audit of the Company's annual accounts 8.480 5,300 Fees payable to the Company's auditor in respect of.. All non-audit servi$ not included above 3,956 3,210 Page 30
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Stsff costs Group 2025 Group 2024 Company 2025 Company 2024 Wages and salaries Social security costs Pension contributions 957.941 78.425 38.305 27,000 880, 298 65, 735 22, 154 29, 000 957,941 78,425 38,305 27,000 880,298 65, 735 22,154 29,000 Defined benefit pension adjustment 1,101.671 997, 187 1.101,671 997, 187 The average number of persons employed by the Company during the year was as follows.. Group 2025 No. Group 2024 No. Company 2025 No. Company 2024 No. Management and administration Despatchers Drivers 41 39 41 39 43 45 43 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2025 No. Group 2024 No. In the band £80,001- £90,000 In the band £90,001- £100,000 The total employee benefits, including employer pension contributions, of the key management personnel were £99,221 {2024- £85,324). Page 31
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. 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: 2025 2024 R J H Davies Remuneration Pension contributions paid 82,000 7.160 74,280 2,048 During the year ended 31 March 2025, expenses totalling £NIL were reimbursed or paid directly to no Trustee (2024 - £1,251 to l Trustee). 16. Tangible fixed assets Group Long-temi leasehold property Plant and machinery Equipment Total Cost or valuation At 1 April 2024 Additions 153,934 4.810 823,079 249.125 1106,828) 15,244 992,257 253.935 {106,828 Disposals At 31 March 2025 158.744 965.376 15,244 1.139.364 Depreciation At 1 April 2024 Charge for the year On disposals 61,308 3.134 552,109 95.024 (97,737) 3,811 3,811 617,228 101.969 (97,737) At 31 March 2025 64.442 549.396 7,622 621.460 Net book value At 31 March 2025 94,302 415,980 7,622 517,904 At 31 March 2024 92.626 270,9TO 11.433 3T5,029 Page 32
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Tangible fixed assets Icontinued) Company Long-tenn leasehold property Plant and machinery Equipment Total Cost or valuation At 1 April 2024 Additions 153,934 4.810 823,079 249.125 1106,828) 15,244 992,257 253,935 {106,828) Disposals At 31 March 2025 158,744 965.376 15,244 1,139,364 Depreciation At 1 April 2024 Charge for the year On disposals 61,308 3.134 552,109 95.024 (97,737) 3,811 3,811 617,228 101.969 (97,737) At 31 March 2025 64.442 549.396 7,622 621.460 Net book value At 31 March 2025 94,302 415,980 7,622 517,904 At 31 March 2024 92,626 270,970 11,433 375,029 The net book value of assets held under finance leases or hire purchase contracts, included above, are £131,587 (2024 - £143,335). Page 33
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Fixed asset investments Investments in subsidiary companies Company Cost or valuation At 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Principal subsidiaries The following was a subsidiary undertaking of the Company: Name Company number Holding Included in consolidation Hoppa Limited 08793063 100% Yes The financial results of the subsidiary ft)r the year were.. Name Income Expenditure Profitl(Loss) for the year Net assets Hoppa Limited 1,115,477 (1,009,248) 106,229 Page 34
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 18. Debtors Group 2025 Group 2024 Company 2025 Company 2024 Due within one year Trade debtors 107,429 130, 402 2,363 262,465 27,052 Amounts owed by group undertakings Other debtors 167,425 43,739 43,739 27,052 151.168 157,454 211.164 291,880 19. Creditors: Amounts falling due within one year Group 2025 Group 2024 Company 2025 Company 2024 Bank loans Trade creditors 9,405 4,608 16,642 10,053 6,374 22. 149 9,405 4.608 16,642 10,053 6,374 22. 149 Other tsxation and social security Obligations under finan lease and hire purchase contracts Other creditors 34.939 6,539 69.748 32, 706 5,994 61,453 34.939 6,539 64.548 32, 706 5.993 56,254 Accruals and deferred income 141,881 138, 729 136,681 133,529 The net obligations under finance leases and hire purchase contracts are secured over the leased assets. Page 35
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. Creditors: Amounts falling due after more than one year Group 2025 Group 2024 Company 2025 Company 2024 Bank loans 1.667 11,667 1.667 11,667 Net obligations under finan lease and hire purchase contracts 80,833 85,116 80,833 85,116 82.500 96, 783 82,500 96, 783 The net obligations under finan leases and hire purchase contracts are secured over the leased assets. Included within the above are amounts falling due as follows: Group 2025 Group 2024 Company 2025 Company 2024 Between one and two years Bank loans 1.667 10,000 1.667 10,000 Between two and five years Bank loans 1,667 1,667 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 36
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Ststement of funds ststement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds General Funds 415,641 1,185,012 (1,201.832) 22.000 106,899 505,720 Pension reserve (22.000) 415,641 1,185,012 (1,179.832) 106.899 (22.000) 505,720 Restricted funds Propety Grant Capital Grants Hospital Hoppa Demand Responsive Apprentice Fund SCC donated Evs 146,932 146.932 136,926 62,500 1136,926) 28.461 {90.961) 232,173 1238,739) 6,566 (5.000} 5,000 26,100 {26,100) 151,932 457,699 1355,800) 1106,899) 146,932 Totsl of funds 567,573 1,642.711 (1,535.632) (22,000) 652.652 The propety 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 servIs. 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 37
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Ststement of funds (continued) ststement of funds - prior year BalanGe at 31 MarGh 2024 BalanGe at 1 April 2023 Transfers in/out Gainsl (Losses) Income Expenditure Unrestricted funds General Funds 372,697 1,243,478 (1, 144, 788) 15,000 (55, 746) 415,641 Pension reserve (15,000) 372,697 1,243,478 (1, 129, 788) (55, 746) (15,000) 415,641 Restricted funds Property Grant Capital Grants Hospital Hoppa Demand Responsive Apprenti Fund 146, 932 15,119 146,932 15,000 15,(0 (30, 119) 35, 650 (50, 650) 170,314 (220, 529) 50,215 5,000 5,000 167,051 200,314 (271, 179) 55, 746 151,932 Totsl of funds 539, 748 1,443, 792 (1,400,967) (15,000) 567,573 Page 38
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 22. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 146,932 370,972 517,904 359,129 359,129 (141,8811 {141,881) (82,500) (82.500) Total 146,932 505,720 652,652 Analysis of net assets between funds - prior year Restricted Unrestricted 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, 097 423, 056 (138, 729) (96. 783) 375,029 428,056 (138, 729) (96, 783) Total 151,932 415,641 567,573 Page 39
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Reconciliation of net movement in funds to net cash flow from operating activities Group 2025 Group 2024 Net income for the year (as per Statement of Financial Activities) 107,079 42,825 Adjustments for: Depreciation charges Lossl(Profit) on the sale of fixed assets (Increase)IDecrease in debtors Increasel(decrease) in creditors Non-cash movement on pension liability 101,969 (4,159) 6.286 1,567 (22,000) 86,344 (9, 197) 18,574 (6, 681) (15,000) Net cash provided by operating activities 190,742 116,865 24. Analysis of cash and cash equivalents Group 2025 Group 2024 Cash in hand 207,961 2TO,602 Total cash and cash equivalents 207.961 270, 602 25. Analysis of changes in net debt Other non- cash At 31 March changes 2025 At 1 April 2024 Cash flows New finance leases Cash at bank and in hand 270,602 (10,053) (11,667) 1117,822) 1154,213) (62.641) 10,648 207.961 {9,405) {1.667) {115,772) Debt due within 1 year Debt due after 1 year Finance leases (10,000) 10,000 156,263 131,060 1206.206) 156,263 81,117 Page 40
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 26. Capital commitments Group 2025 Group 2024 Company 2025 Company 2024 Contracted for but not provided in these financial statements Acquisition of tangible fixed assets 145,638 745,638 27. 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 £24,927 (2024 - £17,585). Employee and employer contributions totalling £3,412 {2024 - £3,868} 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*mployer defined benefits pension scheme, Surrey County Council's Occupational Pension Scheme. The contributions paid during the year were £39,529 (2024 - £40,738). Contributions totalling £3,610 were payable to the fund (2024 - £4,031) at the balan sheet date and are included in creditors. The most recent actuarial valuation was carried out for the year ended 31 March 2025 by Hymans Robertson LLP. Principal actuarial assumptions at the Balan Sheet date (expressed as weighted averages).. At 31 March At 31 March 2025 2024 Discount rate Future salary increases Future pension increases At 31 March At 31 March 2025 2024 Years Years Mortality rates {in years) - for a male aged 65 now - at 65 for a male aged 45 now - for a female aged 65 now - at 65 for a female aged 45 now 21.6 21.7 21.0 25.1 21.1 25.2 25.8 25.9 Page 41
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 27. Pension commitments (continued) The Group's share of the assets in the scheme was: At 31 March At 31 March 2025 2024 Equities Corporate bonds Propety Cash and other liquid assets 663.300 722,260 73.700 14,740 632, 530 750,210 58, 840 29,420 Total fair value of assets 1,474.000 1,471,000 The actual return on scheme assets was £70.000 (2024 - £63.000). The amounts recognised in the Consolidated Statement of Financial Activities are as follows.. 2025 2024 Current service cost 27,000 (70.000) 61,000 29,000 (63,OOOJ 60,000 Interest income Interest cost Total amount recognised in the Consolidated Statement of Financial Activities 18.000 26,000 Movements in the present value of the defined benefit obligation were as follows.. 2025 2024 Opening defined benefit obligation Current service cost 1,289,000 27.000 61,000 6.000 {172,000 (51.000) 1.297,000 29,000 60,000 6,000 (14,000) (89,OOOJ Interest cost Contributions by scheme participants Actuarial gains Benefits paid Closing defined benefit obligation 1,160,000 1,289,000 Page 42
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 27. Pension commitments (continued) Movements in the fair value of the Group's share of scheme assets were as follows.. 2025 2024 Opening fair value of scheme assets Expected retum on assets Actuarial {lossesllgains Contributions by employer Contributions by scheme participants Benefits paid 1,471,000 70,000 (62,000) 40,000 6,000 (51,000) 1,357,000 63,000 93,000 41,000 6,000 (89,000) Closing fair value of scheme assets 1.474,000 1,471,000 The Group has a total unrecognised surplus of £314,000 (2024 - £182,000) 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 follovts: 2025 2024 Defined benefit obligation Scheme assets Unrecognised surplus 11.160,000) (1,289,000) 1.474,000 1,471,000 {314,000) (182,000) Net surplusl(deficit) Surrey County Council have agreed to provide a guarantee for the defined pension scheme. Page 43
WAVERLEY HOPPA COMMUNITY TRANSPORT (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 28. Operating lease commitments At 31 March 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2025 Group 2024 Company 2025 Company 2024 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 18.000 72.000 9,000 18,000 72, 000 27,000 18,000 72,000 9,000 18,000 72,000 27,000 99.000 117,000 99,000 117,000 The following lease payments have been recognised as an expense in the Statement of Financial Activities.. Group 2025 Group 2024 Company 2025 Company 2024 Operating lease rentals 18.000 15,000 18,000 15,000 29. 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 helshe is a member, or within one year after helshe ceases to be a member, such amount as may be required, not exedIng £10 for the debts and liabilities contracted before helshe ceases to be a member. 30. 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 £1,115,477 (2024: £1,059,638). During the year gift aid distributions of £106,229 {2024'. £119,324) was receivable from Hoppa Limited. At the year end, Hoppa Limited owed the Company £167,425 (2024.. £262,465). Page 44