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2020-12-31-accounts

REGISTERED COMPANY NUMBER: 01515143 (England and Wales) REGISTERED CHARITY NUMBER: 1105202

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

FOR

BEXHILL COMMUNITY BUS LIMITED (A COMPANY LIMITED BY GUARANTEE)

Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE

BEXHILL COMMUNITY BUS LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

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Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 13
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BEXHILL COMMUNITY BUS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st December 2020. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Objectives and aims

To provide a community transport service for such of inhabitants of Bexhill and its neighbourhood who are in need of such a service because of age, sickness or disability (mental or physical) or poverty or because of a lack of availability or adequate and safe public passenger services.

Public benefit

The Trustees have had due regard to public benefit guidance published by the Charity Commission, and in their opinion the report on the achievements and performance demonstrates that they have complied therewith.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Due to the COVID-19 pandemic 2020 turned into a year unlike any the Company had experienced in its 40 years of operation. The Company started the year running a full service, spent three months with no operations before returning to partial running and finished the year running a full service once more. Throughout all this the Company was heartened by the support received from its volunteers and by the public at large. In response to the pandemic the Company increased its cleaning and hygiene routines and introduced a number of passenger safety protocols to maintain services in as secure a way as possible. In addition, the Company used its buses and volunteers to deliver food to the Bexhill Foodbank and to deliver household goods, toys and games donated under the Bexhill Share scheme. In recognition of these activities the company received donations from Hastings Direct and East Sussex Police.

Despite all the difficulties the Company managed to purchase a new bus in August (the fifteenth since the service started) and moved offices to a new location adjacent to the bus garages.

Whilst passenger fare income declined due to the pandemic the authorities maintained grants at pre-existing levels and the generosity of both personal and corporate donors meant that the Company's finances remained secure. Volunteer numbers remain strong and whilst some volunteers had to drop out more have joined to take their places. One new director was appointed in 2020.

Overall passenger numbers declined by over 61% to 14,876 (39,005 in 2019) however income remained relatively static due to the maintenance of the grants and an increase in donations.

Page 1

BEXHILL COMMUNITY BUS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020

FINANCIAL REVIEW

Financial position

Despite the large reduction in passenger numbers, thanks to the support of East Sussex County Council the total fare receipts have only reduced by 9%.In addition, the donations which have been received have also helped sustain the income of the charity.

The costs of running, maintaining, taxing and insuring the vehicles have reduced considerably due to the large drop in mileage covered in the year. The depreciation on the buses has increased following the purchase of the new bus but this have been offset by the sale proceeds from the bus which was sold. When the charity moved its offices it was necessary to carry out a large amount of refurbishment work to the new offices which cost £19,278.

The overall deficit before the unrealised gain on the shares is £16,624 compared to £20,213 in 2019.

It was necessary to sell a proportion of the shares in order to fund the purchase of the new bus, but we were fortunate that the value of the remaining shares has increased by £5,795 which has therefore helped to reduce the deficit.

In summary an overall deficit of £10,829 was deducted from the general fund to give a balance of £332,491 to carry forward to next year.

Investment policy and objectives

Spare capital has been invested to produce investment income in a safe environment and the portfolio is managed by Heartwood Wealth Management, the Charity's stockbrokers. Income generated is currently being added to the capital in order to provide Capital growth towards the cost of new buses in the future.

Reserves policy

The Charity will retain sufficient reserves to enable it to deal with the timely replacement of buses and other working assets in line with its regular replacement policy. Reserves are invested in CF HWD Cautious Multi Asset Fund B Accumulation Shares.

FUTURE PLANS

The Charity looks forward to when the pandemic comes to an end and society as a whole can return to something more normal. Until this happens the Charity will try to serve the community by running its services in as safe a manner as possible. Looking further ahead in 2021, the Charity will:

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Company was incorporated on 1st September 1980, subsequently it was agreed in that any taxable profits made would be covenanted to Bexhill Council of Voluntary Services. Due to the winding up of this organisation, the Company sought Charity Commission approval for registration as a Charity in its own right. The application was approved and the Company was registered as a Charity on 29th July 2004. The Charity/Company is controlled by its Memorandum and Articles of Association as amended by Special Resolutions dated 13th May and 9th July 2004.

Structure and management

The power of appointing new or additional Trustees/Directors is vested in the Trustees/Directors. Any policy decisions are taken by the Trustees/Directors. There were no changes in policy during the year.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01515143 (England and Wales)

Page 2

BEXHILL COMMUNITY BUS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020

Registered Charity number 1105202

Registered office

20 Havelock Road Hastings East Sussex TN39 3JY

Trustees

P W Lee Mrs W S Douch (resigned 11/6/2020) A L Hymans B Cann S Hardie J Pacitti B Drayson Mrs L Langlands D Everiss (appointed 11/6/2020)

Company Secretary

P W Lee

Independent Examiner

Carol Barfoot Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE

Bankers

Lloyds TSB Bank 11/13 Devonshire Road Bexhill-on-Sea East Sussex TN40 1AQ

Solicitors

Gaby Hardwicke 34 Wellington Square Hastings East Sussex TN34 1PN

Stockbrokers

Heartwood Wealth Management 77 Mount Ephraim Tunbridge Wells Kent TN4 8BS

Approved by order of the board of trustees on 20th April 2021 and signed on its behalf by:

P W Lee - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BEXHILL COMMUNITY BUS LIMITED

Independent examiner's report to the trustees of Bexhill Community Bus Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2020.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Carol Barfoot Gibbons Mannington & Phipps LLP Chartered Accountants 20 Eversley Road Bexhill-on-Sea East Sussex TN40 1HE

21st April 2021

Page 4

BEXHILL COMMUNITY BUS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
Fare receipts
Bus hire charges
Fuel duty rebates
Garage rents
Investment income
3
Total
EXPENDITURE ON
Charitable activities
4
Community buses
Office and other costs
Garage costs
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
2020
Unrestricted
fund
£
3,039
29,225
-
2,235
2,250
1,354
38,103
21,965
26,588
6,174
54,727
5,795
(10,829)
343,320
332,491
2019
Total
funds
£
326
32,216
53
2,209
1,857
3,006
39,667
44,381
6,131
9,368
59,880
12,718
(7,495)
350,815
343,320

The notes form part of these financial statements

Page 5

BEXHILL COMMUNITY BUS LIMITED

BALANCE SHEET 31ST DECEMBER 2020

Notes
FIXED ASSETS
Tangible assets
9
Investments
10
CURRENT ASSETS
Debtors
11
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
13
Unrestricted funds
TOTAL FUNDS
2020
Unrestricted
fund
£
106,624
208,403
315,027
2,264
16,522
18,786
(1,322)
17,464
332,491
332,491
332,491
332,491
2019
Total
funds
£
54,926
237,254
292,180
2,581
50,332
52,913
(1,773)
51,140
343,320
343,320
343,320
343,320

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2020 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 20th April 2021 and were signed on its behalf by:

P W Lee - Trustee

The notes form part of these financial statements

Page 6

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property - Straight line over the life of the lease Bus Maintenance equipment - 20% on cost Office furniture and fittings - 20% on cost Community buses - 20% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 7

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

2.
DONATIONS AND LEGACIES
Passenger and other donations
3.
INVESTMENT INCOME
Dividends and interest
4.
CHARITABLE ACTIVITIES COSTS
Community buses
Office and other costs
Garage costs
5.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Vehicle tax and insurance
Fuel and oil
Vehicles repairs and servicing
Office rent, rates, light and heat
Office refurbishment
Garage expenses
Stationery, postage, computer expenses and advertising
Telephone (inc. broadband)
Retirement party
Sundry expenses
Professional fees
Travel costs
Fuel card charges
Medicals
Depreciation
Profit on sale of bus
Direct
Costs (see
note 5)
£
21,965
25,675
6,174
53,814
2020
£
3,039
2020
£
1,354
Support
costs (see
note 6)
£
-
913
-
913
2020
£
3,951
4,049
3,769
3,807
19,278
2,488
705
623
-
117
836
139
60
110
38,882
(25,000)
53,814
2019
£
326
2019
£
3,006
Totals
£
21,965
26,588
6,174
2019
£
326
2019
£
3,006
54,727
2019
£
4,022
7,332
4,751
900
-
5,682
1,204
533
2,104
427
-
-
36
-
31,926
-
58,917

continued...

Page 8

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

6. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Office and other costs 913
Support costs, included in the above, are as follows:
Governance costs
2020 2019
Office
and other Total
costs activities
£ £
Annual return fee 13 13
Accountancy 585 640
Independent examination fees 315 310
913 963
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2020 2019
£ £
Depreciation - owned assets 38,882 31,926
Surplus on disposal of fixed assets (25,000) -

7. NET INCOME/(EXPENDITURE)

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2020 nor for the year ended 31st December 2019.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2020 nor for the year ended 31st December 2019.

continued...

Page 9

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

9. TANGIBLE FIXED ASSETS

COST
At 1st January 2020
Additions
Disposals
At 31st December 2020
DEPRECIATION
At 1st January 2020
Charge for year
Eliminated on disposal
At 31st December 2020
NET BOOK VALUE
At 31st December 2020
At 31st December 2019
Bus
Leasehold
Maintenance
property
equipment
£
£
58,976
208
-
-
-
-
58,976
208
55,290
208
3,686
-
-
-
58,976
208
-
-
3,686
-
Office
furniture
and
fittings
£
1,406
-
-
1,406
1,406
-
-
1,406
-
-
Community
buses
£
141,200
90,580
(55,800)
175,980
89,960
35,196
(55,800)
69,356
106,624
51,240
Totals
£
201,790
90,580
(55,800)
236,570
146,864
38,882
(55,800)
129,946
106,624
54,926

The leasehold property consists of a garage to house community buses on land leased from Rother District Council for a period of twenty one years from 23rd October 2000 at a peppercorn rent.

10. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1st January 2020 237,254
Additions 17,354
Disposals (52,860)
Unrealised gain 6,655
At 31st December 2020 208,403
NET BOOK VALUE
At 31st December 2020 208,403
At 31st December 2019 237,254

At the year end there were no investment assets outside the UK.

continued...

Page 10

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£ £
VAT 147 615
Prepayments 2,117 1,966
2,264 2,581
12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£ £
Trade creditors 134 109
Other creditors 1,185 1,625
Accrued expenses 3 39
1,322 1,773
13. MOVEMENT IN FUNDS
Net
movement At
At 1/1/20 in funds 31/12/20
£ £ £
Unrestricted funds
General fund 343,320 (10,829) 332,491
TOTAL FUNDS 343,320 (10,829) 332,491
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 38,103 (54,727) 5,795 (10,829)
TOTAL FUNDS 38,103 (54,727) 5,795 (10,829)
Comparatives for movement in funds
Net
movement At
At 1/1/19 in funds 31/12/19
£ £ £
Unrestricted funds
General fund 350,815 (7,495) 343,320
TOTAL FUNDS 350,815 (7,495) 343,320

continued...

Page 11

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 39,667 (59,880) 12,718 (7,495)
TOTAL FUNDS 39,667 (59,880) 12,718 (7,495)

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
TOTAL FUNDS
At 1/1/19
£
350,815
350,815
Net
movement
in funds
£
(18,324)
(18,324)
At
31/12/20
£
332,491
332,491

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 77,770 (114,607) 18,513 (18,324)
TOTAL FUNDS 77,770 (114,607) 18,513 (18,324)

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2020.

15. LIMITED LIABILITY OF MEMBERS

The liability of members is limited.

Every person who is a member of the Charity/Company undertakes to contribute such amount, not exceeding £1 as may be required, to the assets of the Charity/Company if it should be wound up whilst that person is a member or within one year after that person ceases to be a member, for payment of the debts and liabilities of the Charity/Company contracted before that person ceases to be a member, and the costs, charges and expenses of winding up and for the adjustment of the rights of the contributories among themselves.

continued...

Page 12

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2020

16. SCHEDULE OF BUSES

SCHEDULE OF BUSES
RJ65WYM GX18ABV RX20RNJ Total
£ £ £ £
Cost
At 1st January 2020 55,800 85,400 0 141,200
Addition during the year 0 0 90,580 90,580
Disposal during the year (55,800 ) 0 0 (55,800)
At 31st December 2020 0 85,400 90,580 175,980
Depreciation
At 1st January 2020 55,800 34,160 0 89,960
Charge for the year 0 17,080 18,116 35,196
On disposal (55,800) 0 0 (55,800)
At 31st December 2020 0 51,240 18,116 69,356
Net book value
At 31st December 2020 0 34,160 72,464 106,624
At 31st December 2019 0 51,240 0 51,240

Page 13

BEXHILL COMMUNITY BUS LIMITED NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2020

17. Investments
At 1st January 2020
Acquisitions
Sales
Market
Number
Value
Number
Cost
Number
Proceeds
£
£
£
UK Funds
Managed Property Funds
LF HWD Cautious Multi Asset
Fund B Accumulation
162,436.195
237,254
31.03.20
0.000
62
24.07.20
36,190.344
52,000
30.06.20
0.000
759
30.09.20
0.000
163
29.10.20
11,096.452
16,000
31.12.20
0.000
369
237,254
17,354
52,000
17. Investments
At 1st January 2020
Acquisitions
Sales
Market
Number
Value
Number
Cost
Number
Proceeds
£
£
£
UK Funds
Managed Property Funds
LF HWD Cautious Multi Asset
Fund B Accumulation
162,436.195
237,254
31.03.20
0.000
62
24.07.20
36,190.344
52,000
30.06.20
0.000
759
30.09.20
0.000
163
29.10.20
11,096.452
16,000
31.12.20
0.000
369
237,254
17,354
52,000
Realised
Gains/
(Losses)
£
(860)
(860)
Unrealised At 31st
Gains/
(Losses)
Number
£
6,655
137,342.303
6,655
December 2020
Market
Historical
Value
Cost
£
£
208,403
157,851
208,403
157,851
December 2020
Market
Historical
Value
Cost
£
£
208,403
157,851
208,403
157,851
52,000 208,403 157,851

Page 14