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2021-12-31-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 2021

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 2021

Page Page Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6 to 7
Notes to the Financial Statements 8 to 14

BEXHILL COMMUNITY BUS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021

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 2021. 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 of 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

2021 started with another COVID-19 lockdown, which then turned into a phased 'return to normal' between March and June. Throughout these periods and for the remainder of the year the Company maintained its services in as secure a way as possible by including increased cleaning and hygiene routines and a number of other passenger/volunteer safety protocols.

Volunteer numbers remain strong and whilst some volunteers have withdrawn others have joined to take their places.

Passenger numbers showed a welcome upturn with 24,068 passengers carried representing a 44% upturn on 2020 (16,743 passengers). Understandably perhaps, passenger numbers have not yet returned to pre-pandemic levels and were 38% below those of 2019 (39,005 passengers). Whilst expenditure was up and income down in 2021 (after stripping out extraordinary items) the company's finances remain healthy - partly due to the maintenance of passenger subsidy payments at pre-COVID levels by the authorities.

During 2021 the company investigated a number of alterations to the existing routes, including taking feedback from a number of interested parties, and has done numerous timing runs prior to putting these forward for approval. It is hoped that the new routes will attract more passengers.

FINANCIAL REVIEW

Financial position

Thanks to the continued support of East Sussex County Council the total fare receipts have increased by a small amount despite the passenger numbers remaining well below pre-pandemic levels. Overall income is down, but only by 3%.

The costs of running, maintaining, taxing and insuring the vehicles has increased as expected due to more bus usage. The depreciation on the buses has decreased, partly due to the change in the depreciation policy. Office and other costs have reduced as the charity moved offices in 2020 so these costs were not repeated in 2021.

The overall deficit before the unrealised gain on the shares was £16,172 which was very similar to the 2020 deficit of £16,624.

The charity was able to increase its investments during the year with a view to generating both additional income and capital growth by purchasing additional shares with its spare funds. It also benefitted from the increase in valuation of the shares at the year end of £8,924.

In summary, thanks to the unrealised gain on the investments, the deficit for the year was reduced to £7,248 which is deducted from the general fund to give a balance of £325,243 to carry forward to next year.

Page 1

BEXHILL COMMUNITY BUS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021

FINANCIAL REVIEW

Investment policy and objectives

Spare capital has been invested to produce investment income in a safe environment and the portfolio is managed by Handelsbanken Wealth & Asset 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 LF Hb Cautious Multi Asset Fund B Accumulation Shares.

FUTURE PLANS

The Charity/Company will continue to serve the community by running its services in as COVID safe a manner as possible until the pandemic ends. Looking further ahead in 2022, the Company 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)

Registered Charity number

1105202

Registered office

Unit 2 Beeching Close Bexhill-on-Sea East Sussex TN39 3YF

Trustees

P W Lee A L Hymans B Cann S Hardie J Pacitti B Drayson Mrs L Langlands D Everiss

Page 2

BEXHILL COMMUNITY BUS LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2021

REFERENCE AND ADMINISTRATIVE DETAILS 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

Handelsbanken Wealth & Asset Management No 1 Kingsway London WC2B 6AN

Approved by order of the board of trustees on 8th March 2022 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 2021.

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

12th April 2022

Page 4

BEXHILL COMMUNITY BUS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2021

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
Fare receipts
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
2021
Unrestricted
fund
£
1,501
30,087
2,053
1,200
2,108
36,949
41,715
8,033
3,373
53,121
8,924
(7,248)
332,491
325,243
2020
Total
funds
£
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

The notes form part of these financial statements

Page 5

BEXHILL COMMUNITY BUS LIMITED

BALANCE SHEET 31ST DECEMBER 2021

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
2021
Unrestricted
fund
£
79,968
229,436
309,404
2,170
14,812
16,982
(1,143)
15,839
325,243
325,243
325,243
325,243
2020
Total
funds
£
106,624
208,403
315,027
2,264
16,522
18,786
(1,322)
17,464
332,491
332,491
332,491
332,491

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The notes form part of these financial statements

continued...

Page 6

BEXHILL COMMUNITY BUS LIMITED

BALANCE SHEET - continued 31ST DECEMBER 2021

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 8th March 2022 and were signed on its behalf by:

P W Lee - Trustee

A L Hymans - Trustee

The notes form part of these financial statements

Page 7

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2021

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':

Changes in accounting policies

The directors have agreed to change the depreciation policy on the Community Buses from a 20% of cost basis to 25% of written down value basis. The new rate of depreciation comes into effect on 1 January 2021 and the net book value of the Community Buses at that date will form the starting point of the new policy.

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 - 25% on reducing balance

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 8

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021

2. DONATIONS AND LEGACIES
2021 2020
£ £
Passenger and other donations 1,001 3,039
Legacies 500 -
1,501 3,039
3. INVESTMENT INCOME
2021 2020
£ £
Dividends and interest 2,108 1,354
4. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 5) note 6) Totals
£ £ £
Community buses 41,715 - 41,715
Office and other costs 7,090 943 8,033
Garage costs 3,373 - 3,373
52,178 943 53,121
5. DIRECT COSTS OF CHARITABLE ACTIVITIES
2021 2020
£ £
Vehicle tax and insurance 3,749 3,951
Fuel and oil 7,169 4,049
Vehicles repairs and servicing 4,141 3,769
Office rent, rates, light and heat 5,813 3,807
Office refurbishment and repairs 85 19,278
Garage expenses 3,373 2,488
Stationery, postage, computer expenses and advertising 277 705
Telephone (inc. broadband) 464 623
Sundry expenses 379 117
Professional fees - 836
Travel costs - 139
Fuel card charges 72 60
Medicals - 110
Depreciation 26,656 38,882
Profit on sale of bus - (25,000)
52,178 53,814

continued...

Page 9

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021

6. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
Office and other costs 943
Support costs, included in the above, are as follows:

Governance costs

Governance costs
2021 2020
Office
and other Total
costs activities
£ £
Annual return fee 13 13
Accountancy 610 585
Independent examination fees 320 315
943 913

7.

NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):
2021 2020
£ £
Depreciation - owned assets 26,656 38,882
Surplus on disposal of fixed assets - (25,000)

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2021 nor for the year ended 31st December 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2021 nor for the year ended 31st December 2020.

9. STAFF COSTS

There were no staff costs for the year ended 31st December 2021 nor for the year ended 31st December 2020.

continued...

Page 10

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021

9. TANGIBLE FIXED ASSETS

Office
Bus furniture
Leasehold Maintenance and Community
property equipment fittings buses Totals
£ £ £ £ £
COST
At 1st January 2021 and
31st December 2021 58,976 208 1,406 175,980 236,570
DEPRECIATION
At 1st January 2021 58,976 208 1,406 69,356 129,946
Charge for year - - - 26,656 26,656
At 31st December 2021 58,976 208 1,406 96,012 156,602
NET BOOK VALUE
At 31st December 2021 - - - 79,968 79,968
At 31st December 2020 - - - 106,624 106,624

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 2021 208,403
Additions 12,109
Unrealised gain 8,924
At 31st December 2021 229,436
NET BOOK VALUE
At 31st December 2021 229,436
At 31st December 2020 208,403

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

The historical cost of the listed investments is £169,960.

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021 2020
£ £
VAT 143 147
Prepayments 2,027 2,117
2,170 2,264

continued...

Page 11

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021
£
Trade creditors
210
Other creditors
930
Accrued expenses
3
1,143
13.
MOVEMENT IN FUNDS
Net
movement
At 1/1/21
in funds
£
£
Unrestricted funds
General fund
332,491
(7,248)
TOTAL FUNDS
332,491
(7,248)
Net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
36,949
(53,121)
8,924
TOTAL FUNDS
36,949
(53,121)
8,924
Comparatives for movement in funds
Net
movement
At 1/1/20
in funds
£
£
Unrestricted funds
General fund
343,320
(10,829)
TOTAL FUNDS
343,320
(10,829)
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
38,103
(54,727)
5,795
TOTAL FUNDS
38,103
(54,727)
5,795
2020
£
134
1,185
3
1,322
At
31/12/21
£
325,243
325,243
Movement
in funds
£
(7,248)
(7,248)
At
31/12/20
£
332,491
332,491
Movement
in funds
£
(10,829)
(10,829)

continued...

Page 12

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021

13. MOVEMENT IN FUNDS - continued

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

Net
movement At
At 1/1/20 in funds 31/12/21
£ £ £
Unrestricted funds
General fund 343,320 (18,077) 325,243
TOTAL FUNDS 343,320 (18,077) 325,243

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 75,052 (107,848) 14,719 (18,077)
TOTAL FUNDS 75,052 (107,848) 14,719 (18,077)

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31st December 2021.

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 13

BEXHILL COMMUNITY BUS LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2021

16. SCHEDULE OF BUSES

SCHEDULE OF BUSES
GX18ABV RX20RNJ Total
£ £ £
Cost
At 1st January 2021 85,400 90,580 175,980
Addition during the year 0 0 0
Disposal during the year 0 0 0
At 31st December 2021 85,400 90,580 175,980
Depreciation
At 1st January 2021 51,240 18,116 69,356
Charge for the year 8,540 18,116 26,656
On disposal 0 0 0
At 31st December 2021 59,780 36,232 96,012
Net book value
At 31st December 2021 25,620 54,348 79,968
At 31st December 2020 34,160 72,464 106,624

Page 14

BEXHILL COMMUNITY BUS LIMITED NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2021

17. Investments

Investments Investments
At 1st January 2021
Acquisitions
Sales
Market
Number
Value
Number
Cost
Number
Proceeds
£
£
£
UK Funds
Managed Property Funds
LF Hb Cautious Multi Asset
Fund B Accumulation
137,342.303
208,403
05.03.21
0.000
237
05.06.21
0.000
733
04.08.21
6,306.876
10,000
05.09.21
0.000
628
05.12.21
0.000
511
208,403
12,109
0
Realised
Gains/
(Losses)
£
0
Unrealised At 31st
Gains/
(Losses)
Number
£
8,924
143,649.179
8,924
December 2021
Market
Historical
Value
Cost
£
£
229,436
169,959.77
229,436
169,959.77
0 229,436 169,959.77

Page 15