Accessible Transport West Somerset (A Charltable Company Llmlted by Guarantee) Annual Report and Unaudlted Financial Statements For the Year Ended 31 March 2025 Charlty Roglstered In England and Wales Number: 1111116 Company reglstratlon numbor: 05398337
Accessible Transport West Somerset Contents For the Year Ended 31 March 2025 Reference and Administrative Details Trustees, Report Independent Examiner's Report to the Trustees Statement of Financial Activities Balance Sheet statement of Cash Flows Notes to Flnancial Statements 10-19 Produced by Albert Goodman LLP
Accessible Transport West Somerset Reference and Administrative Details For the Year Ended 31 March 2025 Charity Name Accessible Transport West Somerset other Names ATWEST Trustees Mr R Bryant Mr D R Croxton Mr M Dewdney Major R C McDonald (Chair) Mrs B Middleton Ms J Parbrook Company Secretary & General Manager Mr S Stanford Company Registration Number 05398337 Charity Number 1111116 Prlnclpal Address and Reglstered Offlce Acorn Park Brunel Way Minehead Somerset TA24 5BY Independent Examlner Mlch8118 Ferrls Bsc (Hons) FCA DChA Albert Goodman LLP Goodwood House Blackbrook Park Avenue Taunton Somerset TA12PX Produced by Albert Goodman LLP Page 1
Accesslble Transport West Somerset Trustees, Report For the Year Ended 31 March 2025 The Trustees, present their report and accounts for the year ended 31 March 2025. The financial statements have been prepared In accordance with the accounting policies set out in note 1 to Ihe financial ststements, comply with the Charity's governing document. applicable law and the requirement of the Statement of Recommended Practice, "Accounting and Reporting by Charities" (SORP FRS 102) (implemented 1 January 2019). Trustees The Truslees seriing during the period and since the period end are as follows: Mr D Bates Mr R Bryant Mr D R Croxton Mr M Dewdney Major R C McDonald Mrs B Middleton Ms J Parbrook {Resigned 30 October 2024) (Appointed 3 September 2024) STRUCTURE, GOVENANCE AND MANAGEMENT Nature of governlng document Accessible Transport West Somerset ("Atwest") is a company limited by guarantee which was incorporated on 18 March 2005. The company was incorporated as a company limited by guarantee and has no share capital. The guarantee to the company is £1 per member on winding up of the company. Its governing document is Ihe memorandum and articles of association dated 18 March 2005. It is registered as a charity with the Charity Commission. Rocruitment and appolntrnent of trustees Anyone may become a member subject to approval by the Trustees who are also directors for the purpose of company law. OBJECTIVES AND ACTIVITIES The objective of the company is for the relief of those in need by reason of youth, age, 111 health, dlsability, financial hardshlp, rural Isolation or other disadvantage, in particular, but nol exclusively, by providing transport for all community groups and individuals whose needs are not met by convenlional Iransport. Publlc beneflt The company provides community transport. The requirement for community transport has been highlighted by central government, which has provided funding to local authorities to identify areas of need within local communities and provide funding as appropriate. This means that the residents of West Somerset and the surrounding area who are unable to use more conventional methods of transport and meet the criteria of the company's objectives benefit substantially by enabling them to access transportation in a manner and at a cost which would otherwlse be unavailable to them. The trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charlty Commlssion for England and Wales. Produced by Albert Goodman LLP Page 2
Accessible Transport West Somerset Trustees, Report For the Year Ended 31 March 2025 ACHIEVEMENTS AND PERFORMANCE The main activity is providing community transport for the residents of West Somerset particularly elderly and disabled persons unable to access of use other fonns of public transport. We now operate 17 minibuses for Somerset Council on school services. bus services and Slinky dial a ride service and run our own shopper buses, group travel and travel club trips. We ensure 100 % reliability is always achieved by constantly monitoring our systems at the same time quality controlling. Passenger numbers are constantly increasing through continual advertising of our business. We are always looking to improve performance of our buslness and to expand where possible. GENERAL MANAGER REPORT Another successful year providing community transport in West Somerset in a safe and reliable form. Our 20 year anniversary took place in May with a gathering at th& premlses. We continue to improve the business and looking for ways to increase our success, reduce our costs and be innovative too. Solar panels installation was completed on July 4th and proving viable already. l am currently looking at staff costs to see If we can trim here and there to make savings. Early 2026 is planned to replace the oldest minibus in the fleet and replace with a newer more basic model. l am delighted to head a team who work together to make Atwest the success story we all admira. Slmon Stanford General Managér Produced by Albert Goodman LLP Page 3
Accesslble Transport West Somer5et Trustees, Report For the Year Ended 31 March 2025 CHAIRMANS REPORT l am pleased to report that the company has had another successful year. The fleet and the business have continued to improve, which is shown in our financial report. We have continued to improve the working environment and recently secured the fitting of solar panels to improve our environment and cost of running the business. We have extended our lease for 15 years, but will continue to 8ventually purchase the land, further securing our future as a business in our community. We can achieve these aims, to secure th6 future employment of our very local employees, Ihrough a good working relationship with employee and management. In the future we hope to recruit two more trustees with business experience. Robert McDonald Chainnan FINANCIAL REVIEW The total Income of the charity for the year was £510,614 (2024., £458,272). The charlty's prlnclpal fundlng sources are transport service contracts with the Local Authority, as well as granls and donations. The charity's total expenditure was £499,163 (2024: £453,579),. all expenditure Is In Ilne wlth the key objectives of the charity. Thls leaves a surplus of £11,451 to be added to reserves (2024: £4,693), leaving reserves at the end of the year of £550,520 {2024: £539,069), of which £nil is restricted (2024: £nil). Pollcy on reserves It is the objective to maintain free reserves of five to six month's gross expenditure (estimaled £195,000) in order that unexpected revenue requirements, renewals and minor improvements may be mel, Free reserves at the year end amounted to £462,520, of which £264,000 has been designated. The designated funds held of £264,000 are for the provision of the following: Funding Reserdes (in event of redundancy payments or unexpected wage costs) Land Purchase Fund (for the proposed purchase of the Acorn Park slte) Vehicle Replacement Fund (towards the cost of new vehicles particularly electric powered) 8uilding Maintenance Fund (to maintain the external and internal fabric of the building). Investment pollcy and objectlves The trustees have the power to invest any monies not required for the immediale provision of a charitable activity, in any investment authorised by law for the investment of Trust Funds. PLANS FOR FUTURE PERIODS To ty and purchase the land we currently lease from Somerset Council lo improve our future security as a business. Continue to provide quality and reliable services for our customers whilst maintaining exisling and increasing passenger numbers. Produced by Albert Goodman LLP Page 4
Accessible Transport West Somerset Trustees, Report For the Year Ended 31 March 2025 Statement of Trustees, Responsibilities The trustees (who are also directors of Accessible Transport West Somerset for the purposes of company law) are responsible for preparing the Trustees, Report (incorporating the directors. report) and the financial statements in accordance with 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). Company law requires the trustees to prepare financial statements for 8ach financial year which give a true and fair view of the state of affairs of th8 charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statem8nts. the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgments and accounting estimates that are reasonable and prudent,, state whether applicable UK Accounting Standards have been followed, subject to any materlal d&partures disclosed and explained in the financial statements, and prepare the financial statements on the going conc8rn basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for malntalning proper accounting records which disclose with reasonable accuracy at any time the financi81 position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the mainlenance and integrity of the corporat8 and financial informatlon included on the charitable company's website. Legislation in the United Klngdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. of Truste Major R C MCDO Chairman Date: be>t 2b" Produced by Albert Goodman LLP Page 5
Accesslble Transport West Somerset Independent Examinerfs Report to the Trustees For the Year Ended 31 March 2025 Independent examlners report to the Trustees of Accesslble Transport West Somerset I report to the trustees on my examination of the accounts of Accessible Transport West Somerset (kne Company.) for the year ended 31 March 2025. 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 rnyself 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 examlnerfs ststement Since the Company's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confimi that no material matters have come to my attention In connection with the examinatlon givlng me cause to believe that In any material rèspect: 1. accounting records were not kept in respect of the Company as requlred by section 386 of the 2006 Act., or 2. the accounts do not comply with these records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Acl 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 concems and have come across no other matters in connection with the exarnination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Michelle Ferris Bsc (Hons) FCA DChA for and on behalf of Albert Goodman LLP Chartered Accountants Goodwood House Blackbrook Park Avenue Taunton Somerset TA12PX Date: .12/081.36 25........ Produced by Albert Goodman LLP Page 6
Accessible Transport West Somerset Statement of Financial Activities (including the Income and Expenditure Account) For the Year Ended 31 March 2025 Unres- trlcted Re8- tricted Unres- trlcted Res- tricted Total 2025 Total 2024 Note Incom8: Donations and legacies Charitable activities Investments Other 5,017 500,956 446,013 9,508 7,171 150 71 5.017 446,013 7,171 71 500,956 9,508 150 Total Income 510,614 510,614 458,272 458,272 Expenditure on: Charitable activities 499,163 499,163 453,579 453,579 Total expendlture 499,163 499,163 453,579 453.579 Net IncorMI(expendlture) for the year before transfers 11,451 11,451 4,693 4,693 Transfers between funds 11 Not movornont In funds 11,451 11,451 4,693 4,693 Reconclllatlon of funds Total funds brought fotward 11 539,069 539,069 534,376 534,376 Total funds carrled forward 550,520 550,520 539,069 539,069 The statement of financial actlvities has been prepared on the basis that all operations are continuing operations. There were no gains or losses arising in the period that are not shown above. The statement of financial activities incorporates the income and expenditure account. Produced by Albert Goodman LLP Page 7
Accessible Transport West Somerset- Company Reglstratlon Number.. 05398337 Balance Sheet As at 31 March 2025 2025 2024 Note Flxed assets Tangible fixed assets 88,000 107,853 Current assets Debtors Cash at bank and in hand 81,915 419,562 63,778 398,645 501,477 462,423 Llabllltles Creditors falling due wlthin one year 10 (38,957) (31,207) Net current assets 462,520 431,216 Total not assets 550,520 539,069 The funds of the charlly. Restrlcted funds 11 Unr8Strlcted funds General Designated Total unrestricted funds 11 286,520 264,000 275,069 264,000 550,520 539,069 Total charlty lunds 550,520 539,069 These accounts have been prepared and dellvered In accordance wtth the speclal provlsions relating to small companies within Part 15 of the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). For th8 year in question, the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the charitable company to obtain an audit of its accounts for the year In question in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the accounts. Approved by the Board for issue . and signed on the MrR ryant Trustee Major R C McDonalO' Chairman Produced by Albert Goodman LLP Page 8
Accessible Transport West Somerset Statement of Cash Flows For the Year Ended 31 March 2025 2025 2024 Notes Cash flows from ope ratlng actlvltSes Net movements in funds for the year justments to cash flows from non-cash items: Depreciation and amortisation {Gain)Iloss on disposal of fixed assets 11,451 4,693 35,853 37,684 (4,300> 47,304 38,077 Working capital adjustments: (Increase)Idecrease in debtors Increasel(decrease) in creditors {18,137) 7,750 (4,868) 11 10 Net cash flow from operalions Cash flows from Inv8Stlng actlvltles Purchase of fixed assets Proceeds from the sale of fixed assets 36,917 33,220 (33,495) 17,495 (59,490) 6,000 Net cash flow from investing activiti88 (16,000) (53,490) Net (decrease)lincrease in cash and cash equivalents 20,917 (20,270) Cash and cash equivalents at the beginning of the reporting period 398,645 418,915 Cash and cash equivalents at the end of the reporting period 419,562 398,645 Produced by Albert Goodman LLP Page 9
Accessible Transport West Somerset Notes to the Financial Statements For the Year Ended 31 March 2025 Accountlng pollcles The principle accounting policies adopted in the preparation of the financial slataments are". General infonnation and basis of accountlng Accessible Transport West Somerset is a company limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006. The maximum liability of each member is £1. The address of the registered office 15 given on page 1. The nature of the charity's operations and its principal activities are set out in the Trustees report on pages 2-5. The financial statements have been prepared in £ sterling on the historical cost basis and in accordance with Accounting and Reporting by Charities: Statement of Recornmended 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) - (Charities SORP FRS 102) and the Cornpanies Act 2006. The charity 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 note(s). Income All income is recognised once the charity has entitlement to the Income, It Is probable that the income will be received and the amount of income re1vable can be measured rellably. Donations and legacies are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a lev81 of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Grants, including government grants, are recognised when the charity has an entitlemenl to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Charitable activities incorne Is recognlsed when the service has been delivered. Expendlture 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 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. Produced by Albert Goodman LLP Page 10
Accessible Transport West Somerset Notes to the Financial Statements For the Year Ended 31 March 2025 Tangible fixed assets and depreclatlon Tangible fixed assets are stated at C05t less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset Over its expected useful lif8 as follows: Leasehold Land & Buildings Furniture and equipment Motor vehicles Office Equipment 14yr straight line (over life of lease) 25 % reducing balance 25 % reducing balance 250/0 reducing balance Individual fixed assets costing £200 or mor8 are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impalrment losses. 1.5 Debtors Trade debtors and accrued Income are recognised at the settlement amount due after any trade discount offered and any impairment necessary. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.6 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. 1.7 Creditors Creditors are recognised where the charity has a present obligatlon resultlng from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors ar8 normally recognised at their settlement amount after allowing for any trade discounts due. Penslon contributlons The charity operates a defined contribution pension scheme. The scheme and its assets are held by independent managers. Contributions are recognised in the Statement of Financial Activities in the period in which they become payable in accordance wlth the rules of the scheme. Fund accountlng Funds held by the charitable company are one of the following types:_ Unrestricted general funds these funds can be used in accordance with the charitable objects at the discretion of the Trustees. Designat8d funds these funds are set aside out of unrestricted general funds for specific future purposes at the discretion of the trustees. Restricted funds these funds can only be used for the particular restricted purposes within the objects of the charity. Restrictions arise when funds raised are for a specific purpose. Further explanations of the nature and purpose of each fund are included in the notes to the financial statements. 1.10 Taxation As a registered charity, the company is exempt from corporation tax and capital gains tax to the extent that income and gains are applied to charitable purposes, but not Value Added Tax. Produced by Albert Goodman LLP Page11
Accesslble Transport West Somerset Notes to the Financial Statements For the Year Ended 31 March 2025 1.11 Financial instruments The charity only holds basic financial instruments as defined in FRS 102. The fsnancial assets and liabilities of the charity and their measurements are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost, Prepayments are not financial instruments. Cash at bank- is a basic financial instrument and Is measured at face value. Financial liabilities trade creditors, accruals and other creditors are financial Instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial liability. Net (expendlture>llncome before transfers 2025 2024 Net expenditure for the period is stated after charging Depreciation {Profit)ILoss on disposal of fixed assets Accountants, fees Independent examination fees Other services 35,853 37,684 (4,300> 930 1,570 890 2,630 Produced by Albert Goodman LLP Page 12
Accessible Transport West Somerset Notes to the Financial Statements For the Year Ended 31 March 2025 Income from donatlons and legacies Unres- trlcted Res- trlcted 2025 Total Unres- trided Res- trlcted 2024 Total Donatlons and legacies Somerset Community Foundation West Somerset Lottery Norman Family Trust 2,500 17 2,500 17 2,500 5,017 5,017 Income from charltabl• actlvities Unres- trlcted Res- trlcted 2025 Total Unres- trlcted Res. trlcted 2024 Total Incomg from charltable actlvitles Transport Income Charges for Vehicle - SCC School Bus Driver Contract Slinky Contract Travel Club trips Exmoor School Routes Shopper Bus Bus Service Operators Grant 150,126 5,367 134,910 122,313 974 80,392 5,801 1,073 150,126 149,925 5,367 7,478 134,910 95,713 122,313 112,955 974 752 80,392 71,875 5,801 4,248 1,073 3,067 149,925 7,478 95,713 112,955 752 71,875 4,248 3,067 500,956 500,956 446,013 446,013 Produced by Albert Goodman LLP Page13
Accesslble Transport West Somerset Notes to the Financial Statements For the Year Ended 31 March 2025 Expenditure on charitable activities Unres- tricted Res- tricted 2025 Total Unres- tricted Res- tricted 2024 Total Dlrect costs Driver wages Driver admin costs tor expenses Sub contracted drivers (Profity Loss on disposal of assets 215,107 3,425 66,006 58,915 215,107 173,998 3,425 5,383 66,006 65,154 58,915 51,378 (4,300) 173,998 5,383 65,154 51,378 (4,300) Total direct costs 343,453 343,453 291,613 291.613 Support costs mlnlstratlve costs Wages Travel and subslstence Subscriptions Public liability & trustees insurance vertising Office expenses Sundry expenses 93,184 352 10,228 4,178 125 7,853 2,054 93,184 352 10,228 4,178 125 7,853 2,054 97,851 261 8,961 2,162 787 8,713 2,731 97,851 261 8,961 2,162 787 8,713 2,731 117,974 117,974 121,466 121,466 Land, bulldlng and property costs Rent Rates hsurance Establishment costs Equipment hire & repairs 5,880 643 1,225 18,848 3,390 5,880 643 1,225 18,848 3,390 5,880 5,880 600 927 22,242 3,773 927 22,242 3,773 29,986 29,986 33,422 33,422 Legal costs Legal & professional fees Website costs Accountancy and bookkeeping 3,000 57 4,693 3,000 57 4,693 1,958 1,958 5,120 5,120 7,750 7,750 7,078 7,078 Total support costs 155,710 155,710 161,966 161,966 Totsl costs 499.163 499,163 453,579 453,579 Produced by Albert Goodman LLP Page 14
Accessible Transport West Somerset Notes to the Financial Statements For the Year Ended 31 March 2025 Trustee Expenses No trustees have received any remuneration, reimbursed expenses or any oth8r benefits from the charity during the year {2024: none). Please see note 13 for related party transactions, Employee costs 2025 2024 Wages and salaries Social security costs Pension costs 290,582 14,349 3,360 263.846 10,015 2,988 308,291 276,849 The average monthly head count was 24 staff (2024: 19 staff). No employee received remuneration of more than £60,000 In the p8riod (2024: none). The charity operates a d8fined benefit Pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £3,305 <2024: £2,988). Contributions of £757 were payable to the scheme at the end of the year {2024'. £579). The key management personnel of the charity Is considered to be the general manager. The total costs to the charity of employee benefits for the key management personnel were £36,517 (2024.. £34,509). Produced by Albert Goodman LLP Page 15
Accessible Transport West Somerset Notes to the Financial Statements For the Year Ended 31 March 2025 Tangible fixed assets Leasehold Furnlture Land and and Motor Office bulldlngs equipment Vehlcles equipment Total Cost At 1 April 2024 Additions Disposals 137,427 5,767 256,991 33,495 (17,495) 4,358 404.543 33,495 (17,495) At 31 Trkrch 2025 137,427 5,767 272,991 4,358 420,543 Depreclatlon At 1 April 2024 Charg8 for the year Eliminated on disposal 127,374 10,053 5,617 40 160,411 25,490 3,288 270 296,690 35,853 At 3111orch 2025 137,427 5,657 185,901 3,558 332,543 Net book value At 31 Pkrch 2025 110 87,090 800 88,000 At 31 Ptsrch 2024 10,053 150 96,580 1,070 107,853 Debtors 2025 2024 Trade debtors Prepayments Other debtors 65,053 8,827 8,035 46,183 7,646 9.949 81,915 63,778 Produced by Albert Goodman LLP Page 16
Accessible Transport West Somerset Notes to the Financial Statements For the Year Ended 31 March 2025 10 Creditors: Amounts falllng due wlthln one year 2025 2024 Trade creditors Other creditors Accruals 11,655 20,795 6,507 7,067 16,798 7,342 38,957 31,207 11 Summary of movement In funds Openlng Balance 14)r 2024 Closing Balance Expendlture Transfers 31 Mar 2025 Income Unrestrictéd funds General fund 275,069 510,614 (499,163) 286,520 Deslgnated funds Deslgnated funding reserve Land purchase fund Building rnalntenance fund Vehicle replacement fund 15,000 125,000 14,000 110,000 15,000 125,000 14.000 110,000 Total unrestrlcted funds 539,069 510,614 (499,163) 550,520 Total fund8 539,069 510,614 {499,163) 550,520 Produced by Albert Goodman LLP Page 17
Accessible Transport West Somerset Notes to the Financial Statements For the Year Ended 31 March 2025 11 Summary of movement In fund5- prlor year Openlng Balance 1 Ipr 2023 Closing Balance Transfers 31 Mar 2024 Income Expenditure Unrestricted funds General fund 270,376 458.272 (453,579> 275,069 Deslgnated funds Designated funding reser8 Land purchase fund Building maintenance fund Vehicle replacement fund 15,000 125,000 14,000 110,000 15,000 125,000 14,000 110,000 Total unrostrlcted funds 534.376 458,272 (453,579) 539,069 Total funds 534,376 458,272 (453,579) 539,069 Thes ecific ur oses for which the funds are to be a lied are as follow General funds represent'free, reserves after allowing for all designated funds. Designated Funding Reserves compris8 a provision for committed expenditure and future expenditure such as redundancy liability, Land Purchase Fund and a Bullding Maintenance Fund. Vehicle replacement fund was a designated fund towards the cost of future vehicles. Produced by Albert Goodman LLP Page 18
Accessible Transport West Somerset Notes to the Financial Statements For the Year Ended 31 March 2025 12 Analysis of assets between funds 2025 Total funds Unrestrlcted funds Designated funds Restricted funds Tangible assets Current assets Current liabilities 88,000 237,477 (38,957) 88,000 501,477 (38,957) 264,000 286,520 264,000 550,520 Prlor y8ar 2024 Total funds Unrestrictad funds Deslgnated funds Restrlcted funds Tangible assets Current assets Current liabllities 107,853 198,423 (31,207) 107,853 462,423 (31,207) 264,000 275,069 264,000 539,069 13 Related Party Transactlons During the year the company made the following related party transactlon: During the year Mrs J Bates, wife of a trustee, provided the charity with bookkeeping services and received remuneration of £320 (2024 - £1,980). 14 Company Ilmltod by guarantee The company was incorporated as a company limited by guarantee and has no share capital. The guarantee to the company is £1 per member on winding up of the company. At 31 March 2025, the company had 6 members and the total amount guaranteed was therefore £6. 15 Post balance sheet event After the year end, on 30 April 2025, the charity signed a lease agreement for a continued lease of land. The lease is for 15 years, with an annual rent of £6,500. Produced by Albert Goodman LLP Page 19