Charity Registration Number: 1135441 Company Registration Number: 07141268
PADSTOW AND DISTRICT COMMUNITY TRANSPORT
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
PADSTOW AND DISTRICT COMMUNITY TRANSPORT
Contents of the Financial Statements
For the Year Ended 31 March 2024
| Page | |
|---|---|
| Company Information | 2 |
| Report of the Trustees | 3-6 |
| Independent Examiner’s Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10-15 |
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT
COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2024
| Trustees: | Mr R Stevenson - Chair – Appointed 31/03/2022 |
|---|---|
| Ms A M Clare – Treasurer Appointed 31/03/2022 | |
| Ms S Wood – Appointed 31/03/2022 | |
| Ms K J East – Appointed 31/03/2022 | |
| Mr T J East – Appointed 31/03/2022 | |
| Mr P C E Atkinson – Appointed 31/03/2022 | |
| Registered Office: | 3 Alan Road |
| Padstow | |
| Cornwall PL28 8DS | |
| Registered Number: | 07141268 |
| Registered Charity Number: | 1135441 |
| Accountants: | Whitakers |
| Bryndon House | |
| 5/7 Berry Road | |
| Newquay | |
| Cornwall TR7 1AD |
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT REPORT FOR THE YEAR ENDED 31[st] MARCH 2024
The Trustees present their report with the Financial Statements for the year ended 31 March 2024.
STATUS AND ADMINISTRATION
The Charity is a company limited by guarantee and a registered charity with the Charity Commission. It was incorporated on 30 January 2010. The accounts comply with current statutory requirements and the charity’s governing documents, Memorandum and Articles of Association and the 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 (FRS102) (effective 1 January 2015).
AIM AND PURPOSE
Padstow and District Community Transport (P&DCT) has the responsibility of running a community mini bus service for the benefit of local residents and organisations.
OBJECTIVES AND ACTIVITIES
P&DCT is committed to providing and maintaining community transport facilities in the Padstow and District area for the benefit of any persons who have need of such facilities due to poverty, disability or age; or those living in isolated areas, where there is no adequate public transport facility. In addition the mini bus is available for hire and use by local charitable and community organisations who are affiliated to P&DCT.
In planning these activities, P&DCT have considered the Charity Commissioner’s guidance on public benefit and in particular to increase the availability of community transport facilities for local residents.
STRUCTURE, GOVERNANCE AND MANAGEMENT
P&DCT is governed by its Trustee Board which is responsible for setting the strategic direction of the organisation and the policy of the charity. The Trustees carry the ultimate responsibility for the conduct of P&DCT and for ensuring that the charity satisfies its legal and contractual obligations. Trustees meet on a regular basis.
The Trustees (directors) during the period under review were:
Mr P Atkinson Mrs A Clare Mrs K East Mr T East Mr R Stevenson(Chairman) Mrs S Wood
At the annual general meeting, one third of the Directors must retire from office. Any and all of the retiring Directors are eligible to stand, for re-election.
The directors are appointed according to the Articles of Association and are referred to in that document as the Board of Trustees.
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT REPORT FOR THE YEAR ENDED 31[st] MARCH 2024 (CONTINUED)
REVIEW OF FINANCIAL ACTIVITIES
The financial results for the year are set out in the Statement of Financial Activities on page 8 and the position at the end of the year is shown in the Balance Sheet on page 9.
The lease on the Alan Road garage had been renewed with Cornwall Council in August 2022 on a fixed rent agreement for a further 3 years.
The organisation is run entirely by volunteers including all the drivers of the mini bus. P&DCT has a Section 19 and Section 22 Permit.
During the financial period, 8 local organisations were affiliate members. Those members have, in total, used the services of the minibus on 124 occasions during the period from April 2023 to March 2024.
Incoming resources in the period were £29,220, of this £22,707 related to restricted activities. A Surplus of £17,993 was made in the year. At 31 March 2024 total reserves were £54,260 of which a surplus of £17,011 represented unrestricted funds.
To assess the potential performance up to 31 March 2024, the following SWOT has been prepared: -
Strengths
The team of Directors now has 2 year’s experience of running the Charity and continues to be highly motivated. They have sought to actively promote the work of the Charity through a stronger presence on social media and attendance at the Padstow Food Festival and a Padstow Town Council meeting. Much effort has been put into recruiting new drivers and this has proved to be successful, particularly towards the end of the year. The team of drivers will therefore be strengthened in the coming year. The Charity has high levels of credibility with local councillors and users and has been awarded grants from Padstow Town Council and Bears Down Farm in recognition of the work that the Charity is doing to help reduce isolation. A very successful fund raising drive was also done through the Crowdfunder Appeal.
Weaknesses
The bus will need to be replaced in the near future. This puts significant pressure on trying to secure adequate funding.
Opportunities and Threats
The continuing increase in the cost of both fuel and general running costs, together with the need to finance a replacement bus puts pressure on the Charity. To keep the service affordable to those in need in the community means that we must continue to look to other funding sources.
One of the Charity’s members is seeking additional transport to take people to twice weekly wellbeing cafes. We are looking to recruit additional volunteers and hopefully work with another charity to fulfil this need.
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT REPORT FOR THE YEAR ENDED 31[st] MARCH 2024 (CONTINUED)
Summary of SWOT findings
The organisation goes into the next financial year with a more experienced team, a sound financial standing and an excellent local reputation for it’s services. Use of the bus by the local community has increased and we will endeavor to meet demand.
RESERVES POLICY
Funds are required to maintain the current mini bus – for such items as road fund tax, insurance, servicing costs and running costs. Although hirers are charged for their hiring, it has to be realistic rate and does not, at present, completely cover all the ongoing costs.
VOLUNTEERS
We would like to thank all the volunteers who have worked so hard to establish P&DCT and then run it day to day.
DIRECTORS’ RESPONSIBILITIES
Company Law requires the trustees to prepare accounts for each financial year which give a true and fair view of the charitable company’s state of affairs at the end of the year and of its income and expenditure for that year.
In preparing those accounts, the trustees are required to:
-
a. select suitable accounting policies and then apply them consistently;
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b. make judgments and estimates that are reasonable and prudent;
c. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
d. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in operation.
The trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for ensuring that the company maintains an adequate system of internal control designed to provide reasonable assurance that assets are safeguarded against material loss or unauthorized use and to prevent and detect fraud and other irregularities.
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT REPORT FOR THE YEAR ENDED 31[st] MARCH 2024 (CONTINUED)
This report has been prepared in accordance with the special provisions of the Companies Act 2006 applicable to companies subject to the small companies’ regime and follows the recommendations in 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 (FRS102) (effective 1 January 2015).
On behalf of the trustees
Ms A M Clare (Treasurer)
Dated:
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES ON THE UNAUDITED ACCOUNTS OF PADSTOW AND DISTRICT COMMUNITY TRANSPORT
I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 March 2024 set out on pages 8 to 15.
Responsibilities and basis of report
As the charity’s trustees, you responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
-
the accounting records were not kept in accordance with section 130 of the Charities Act or
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the accounts did not accord with the accounting records or
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the accounts did not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
L P SOLE FCA Whitakers Reporting Accountants & Chartered Accountants
Dated:
Bryndon House 5/7 Berry Road Newquay Cornwall
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Notes Incoming Resources Incoming and endowments from: Donations and legacies Membership Subscriptions Legacies & Donations Grants 2 Charitable activities Mini bus hire & refundable fares 3 Profit on disposal of vehicle Other trading activities Investment income: Interest Receivable Total Incoming Resources Resources Expended Raising funds 4 Charitable activities 5 Total Resources Expended Net Incoming / (Outgoing) resources for the year Net movement in funds Transfers between funds Reconciliation of Funds Total funds brought forward Total funds carried forward |
Unrestricted Funds 2024 £ 420 270 - 5,823 - - - 6,513 1,934 1,934 4,579 4,579 - 12,432 17,011 |
Restricted Funds 2024 £ - 18,707 4,000 - - - - 22,707 2,953 6,340 9,293 13,414 13,414 - 23,835 37,249 |
Total Funds 2024 £ 420 18,977 4,000 5,823 - - - 29,220 2,953 8,274 11,227 17,993 17,993 - 36,267 54,260 |
Total Funds 2023 £ 72 25 10,000 3,648 - - - |
|---|---|---|---|---|
| 13,745 | ||||
| 1,572 7,762 |
||||
| 9,334 | ||||
| 4,411 4,411 - |
||||
| 31,856 36,267 |
The statement of financial activities includes all gains and losses in the period. All incoming resources and resources expended derive from continuing activities.
These financial statements do not incorporate the significant value attributed to volunteers’ hours and other intangible incoming resources that contributed to the activities of the organisation.
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT
BALANCE SHEET AT 31 MARCH 2024
| Notes FIXED ASSETS Tangible Assets 9 CURRENT ASSETS Debtors & Prepayments 10 Cheques & Cash in hand Cash at Bank (Current account) CURRENT LIABILITIES: Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL NET ASSETS REPRESENTED BY Unrestricted Fund 13 Accumulated Fund Designated Funds Restricted Fund 12 |
2024 £ £ 4,681 1,702 - 49,097 50,799 (1,220) (1,220) 49,579 £54,260 17,011 - 17,011 37,249 £54,260 |
2023 £ £ 6,241 1,623 - 29,661 31,284 (1,258) (1,258) 30,026 £36,267 12,432 - 12,432 23,835 £36,267 |
2023 £ £ 6,241 1,623 - 29,661 31,284 (1,258) (1,258) 30,026 £36,267 12,432 - 12,432 23,835 £36,267 |
|---|---|---|---|
| (1,258) | |||
| 30,026 | |||
| £36,267 | |||
| 12,432 23,835 |
|||
| £36,267 |
The trustees are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 and that members have not required the company to obtain an audit in accordance with section 476 of the Act.
The trustees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of the accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies’ subject to the small companies’ regime.
The notes form part of these Financial Statements
Ms A M Clare (Treasurer)
Approved by the Board on:
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT
Notes to the Financial Statements for the Year Ended 31 March 2024
1. ACCOUNTING POLICIES
a. General
The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities SORP applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015). (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.
b. Incoming Resources
Donations, legacies and other forms of voluntary income are recognised as incoming resources when receivable, except in so far as they are incapable of financial measurement.
Capital grants received are immediately reflected as restricted funds. The restricted fund is reduced by a transfer of amounts equivalent to the depreciation charge over the expected useful life of the asset.
When donors specify that donations and grants given to the charity must be used in future accounting periods, the income is deferred until those periods.
Incoming resources are recognised in the financial statements when the effect of a transaction or other event results in an increase in the Charity’s assets. Dependent upon:
1. The Charity’s entitlement to the income.
2. When it is virtually certain that the income resource will be received.
3. When the monetary value of the income can be measured with sufficient reliability.
c. Resources Expended
Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.
Certain expenditure is directly attributable to specific activities and has been included in those cost categories. Certain other costs, which are attributable to more than one activity, are apportioned on an appropriate basis.
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Charitable expenditure comprises of those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
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Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the independent examiners fees.
d. Tangible fixed assets & Depreciation
Tangible fixed assets are valued at historic cost less any transaction costs. No revaluations are required as all assets have a short life. No de minimis value has been set and assets have been reviewed for impairments by the trustees.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25 % on reducing balance Computer equipment – 25% on reducing balance
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT
Notes to the Financial Statements for the Year Ended 31 March 2024 (Continued)
e. Realised and unrealised gains and losses
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on asset disposals are calculated as the difference between sales proceeds and the net book value recorded in the accounts.
f. Unrestricted Funds
Unrestricted funds are grants and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.
g. Designated Funds
Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. The use of such funds is at the Trustees’ discretion.
h. Restricted Funds
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of support costs.
2. GRANTS
| Cornwall Community Fund Cornwall Council Windfarm Grant National Lottery |
Unrestricted Funds Restricted Funds 2024 Total 2023 Total - - 5,000 - - 2,000 2,000 2,000 2,000 - - - 5,000 |
|---|---|
| - 4,000 4,000 10,000 |
3. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
| Hire fees Fuel reimbursement Non concessionary fares Concessionary fares refund |
Unrestricted Funds Restricted Funds 2024 Total 2023 Total 5,378 - 5,378 3,142 445 - 445 297 - - - 209 - - - - |
|---|---|
| 5,823 - 5,823 3,648 |
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT
Notes to the Financial Statements for the Year Ended 31 March 2024 (Continued)
4. COSTS OF GENERATING VOLUNTARY INCOME
| Driver training costs Property rental & expenses Telephone Electricity Advertising Staff costs |
Unrestricted Funds Restricted Funds 2024 Total 2023 Total - - - - - 452 452 321 - - - - - 1,259 1,259 1,041 - - - 1,242 - 1,242 - 210 |
|---|---|
| - 2,953 2,953 1,572 |
| 5. CHARITABLE ACTIVITIES Fuel Discounts given Vehicle Inspection & Road Licence costs Vehicle Servicing & Repair costs Insurance - Vehicle - Public liability Sundry vehicle costs Incorporation costs Accountancy Small equipment purchases and miscellaneous Depreciation of minibus Depreciation of computer equipment |
Unrestricted Funds Restricted Funds 2024 Total 2023 Total 1,934 - 1,934 1,491 - - - - - 350 350 684 - 1,344 1,344 811 - 1,337 1,337 977 - 798 798 703 - 61 61 6 - - - 13 - - 372 518 372 518 473 523 - - 1,483 77 1,483 77 1,978 103 |
|---|---|
| 1,934 6,340 8,274 7,762 |
6. TRUSTEES
None of the trustees (or any persons connected with them) received any remuneration or reimbursement of outof-pocket expenses during the period.
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT
Notes to the Financial Statements for the Year Ended 31 March 2024 (Continued)
7. NET INCOMING RESOURCES FOR THE YEAR
| This is stated after charging: Depreciation Accountancy fees |
2024 2023 £ £ 1,560 2,081 372 473 |
|---|---|
| 1,932 2,554 |
8. TAXATION
The charitable company is exempt from Corporation Tax on its charitable activities.
9. TANGIBLE FIXED ASSETS
| Cost as at 1.4.23 Additions Disposals Cost as at 31.3.24 Depreciation as at 1.4.23 Depreciation for the year Disposals Depreciation as at 31.3.24 Net Book Value 1.4.23 Net Book Value 31.3.24 |
VEHICLES COMPUTER EQUIPMENT TOTAL £ £ £ 38,490 412 38,902 - - - - - - |
|---|---|
| 38,490 412 38,902 |
|
| 32,558 103 32,661 1,483 77 1,560 - - |
|
| 34,041 180 34,221 |
|
| 5,932 309 6,241 |
|
| 4,449 232 4,681 |
10. DEBTORS
| Amounts falling due within one year: Debtors Prepayments VAT reclaimable |
2024 2023 £ £ 1,225 800 450 606 27 217 |
|---|---|
| 1,702 1,623 |
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PADSTOW AND DISTRICT COMMUNITY TRANSPORT
Notes to the Financial Statements for the Year Ended 31 March 2024 (Continued)
11. CREDITORS
| Amounts falling due within one year: Trade creditors Accrued income Accruals Allocated grant funds VAT payable |
2024 2023 £ £ 357 564 - - 863 694 - - - - |
|---|---|
| 1,220 1,258 |
12. RESTRICTED FUNDS
| Minibus fund | Movement in funds Balance as at 1.4.23 Incoming resources Expenditure Transfers Balance as at 31.3.24 £ £ £ £ £ 23,835 22,707 (9,293) - 37,249 |
|---|---|
| 23,835 22,707 (9,293) - 37,249 |
Minibus Fund
The fund is reduced by an amount equivalent to the depreciation charge on the minibus bus each year in the accordance with the depreciation policy stated.
13. UNRESTRICTED FUNDS
| Designated Funds General Funds |
Movement in funds Balance as at 1.4.23 Incoming resources Expenditure Transfers Balance as at 31.3.24 £ £ £ £ £ - - - - - 12,432 6,513 (1,934) - 17,011 |
|---|---|
| 12,432 6,513 (1,934) - 17,011 |
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Notes to the Financial Statements for the Year Ended 31 March 2024 (Continued)
PADSTOW AND DISTRICT COMMUNITY TRANSPORT
14. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible fixed assets Net current assets Total net assets as at 31 March 2024 |
Restricted Funds Unrestricted Funds Designated Funds Total Funds £ £ £ £ 4,681 - - 4,681 32,568 17,011 - 49,579 |
|---|---|
| 37,249 17,011 - 54,260 |
15. GUARANTEE
The company is limited by guarantee. Each member has guaranteed the sum of £1 on winding up.
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