2024-03-31-accounts - The Midhurst Community Bus

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THE MIDHURST COMMUNITY BUS

FINANCIAL STATEMENTS

For the year ended -

31 MARCH 2024

THE MIDHURST COMMUNITY BUS

TRUSTEES

L Grocott (Chairman) A Mardle (Treasurer) P Mellings N Rangesh

REGISTERED OFFICE

Greens Court West Street Midhurst West Sussex GU29 9NQ

INDEPENDENT EXAMINER

R Morrison Chinthurst June Lane Midhurst West Sussex GU29 9EW

CHARITY NUMBER

1162657

THE MIDHURST COMMUNITY BUS

INDEX TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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

THE MIDHURST COMMUNITY BUS

REPORT OF THE TRUSTEES

The Trustees present their report and the financial statements for the year to 31 March 2024. The financial statements comply with the current statutory requirements and with the requirements of the Constitution dated 14 July 2015, the Charity’s governing document.

The Midhurst Community Bus (MCB) has been registered with the Charity Commission as a Charitable Incorporated Organisation (CIO) (Registration Number 1162657).

OBJECTS OF MCB

As set out in the Constitution, the objects of MCB are to provide transport facilities in Midhurst, West Sussex, and its neighbourhood (“area of benefit”) for people who have special need of such facilities because they are elderly, poor or disabled, people with young children or those living in isolated areas where there are no adequate public transport facilities.

In furtherance of the above but not further or otherwise, MCB has the following powers:

(a) to borrow money and to charge the whole or any part of its property as security for the repayment of the money borrowed. The CIO must comply as appropriate with Sections 124 and 125 of the Charities Act 2011 if it wishes to mortgage land;
(b) to buy, take on lease or in exchange, hire or otherwise acquire any property and to maintain and equip it for use;
(c) to sell, lease or otherwise dispose of any or all of the property belonging to the CIO. In exercising this power the CIO must comply as appropriate with sections 117 and 119-123 of the Charities Act 2011;
(d) to employ and remunerate such staff as are necessary for carrying out the work of the CIO. The CIO may employ or remunerate a Charity Trustee only to the extent that it is permitted to do so by clause 6 (Benefits and payments to Charity Trustees and connected persons) and provided it complies with the conditions of that clause;
(e) to deposit or invest funds, employ a professional fund manager and arrange for the investments or other property of the CIO to be held in the name of a nominee in the same manner and subject to the same conditions as the trustees of a trust are permitted to do by the Trustee Act 2000.

THE TRUSTEES AND THEIR POWERS AND FUNCTIONS

During the period under review the Trustees of MCB have been;

Lea Grocott (Chairman from 25 January 2024) Alain Mardle (Honorary Treasurer) Paul Mellings (Chairman until 25 January 2024) Nallan Rangesh (appointed 15 November 2023) Rowena Hill (resigned 27 September 2023) Roger Mountain (resigned 15 November 2023)

The Trustees met four times during the period.

The Trustees have established a General Purposes Committee to manage the day-to-day activities of the MCB.

THE MIDHURST COMMUNITY BUS

REPORT OF THE TRUSTEES – CONTINUED

CHARITABLE ACTIVITIES

The principal activity of MCB has been the operation of the Midhurst Yellow Bus (MYBus) in Midhurst and the surrounding villages. We continue to work with the Sir Geoffrey Todd Trust on the provision of a shopping service for individuals with mobility challenges.

Passenger numbers continue to be low as people are still reluctant to travel. We are still considering a review of the routes and timetable in an attempt to increase passenger numbers.

The outings are popular and a good fundraiser. Each month there is a trip to take passengers to Petersfield so that they can visit a bank.

West Sussex County Council has continued to pay the concessionary fares at the pre lockdown levels, which provided essential revenue.

The Trustees are extremely grateful to our Volunteers without which we would not be able to provide the services that we do.

FINANCIAL DEVELOPMENT

Thanks to the generous support of local organisations, the support of parish and town councils, together with West Sussex County Council, the period reported on in the Financial Statements has been a positive one for MCB.

The trustees believe that existing sources of income will continue to suffer. It is not known whether West Sussex County Council will continue to provide the annual operating grant.

RESERVES POLICY

It is the policy of MCB that unrestricted net current assets (debtors & prepayments, plus cash at bank, less current liabilities) should be maintained at a level equivalent to six months’ forecast expenditure.

The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue MCB’s current activities while consideration is given to ways in which additional funds may be raised.

At the year end the net current assets of £45,886 are split between Unrestricted funds, Designated and Restricted funds as follows:

Unrestricted funds are £5,886, this being six months’ forecast expenditure (Forecast annual running expenses excluding depreciation are £11,195).

The Contingency fund (designated fund) is £7,500 which represents a reserve to cover potential additional costs and decrease in income.

The Vehicle Replacement Reserve (designated fund) now stands at £32,500.

THE MIDHURST COMMUNITY BUS

REPORT OF THE TRUSTEES (CONTINUED)

RISK FACTORS

The Trustees have assessed the major risks to which the association is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

RESPONSIBILITIES OF THE TRUSTEES

Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements the Trustees are required to:-

Select suitable accounting policies and then apply them consistently;
Make judgements and estimates that are reasonable and prudent;
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PUBLIC BENEFIT STATEMENT

The Trustees are satisfied that they have complied with the duty in section 17 of the Charities Act 2011 to have regard to the public benefit guidance issued by the Charity Commission.

L Grocott

By Order of the Trustees

Date: 24 April 2024

THE MIDHURST COMMUNITY BUS

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE MIDHURST COMMUNITY BUS

I report on the accounts of the charity for the year ended 31 March 2024 which are set out on pages 5 to 10.

Respective responsibilities of trustees and examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

examine the accounts under section 145 of the 2011 Act,
to follow the procedures laid down in the general Directions given by the Charity Commission under section 145 (5) (b) of the 2011 Act, and
to state whether particular matters have come to my attention.

Basis of independent examiner’s statement

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a “true and fair” view and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

In connection with my examination, no matter has come to my attention:-

(1) which gives me reasonable cause to believe that in any material respect the requirements:
to keep accounting records in accordance with section 130 of the 2011 Act; and
to prepare accounts which accord with the accounting records and comply with the
accounting requirements of the 2011 Act

have not been met; or

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

R Morrison Chinthurst June Lane Midhurst West Sussex GU29 9EW

Dated: ................... 2024

THE MIDHURST COMMUNITY BUS

STATEMENT OF FINANCIAL ACTIVIES FOR THE YEAR ENDED 31 MARCH 2024

Notes Unrestric ted funds £ Designated funds £ Restricted funds £ Income from: Donations, legacies & grants Charitable activities Other trading activities Investment income 1.3 4,415 4,574 3,857 871 0 0 0 0 0 0 0 0 2 13,717 0 0 Expenditure on: 1.4 Charitable activities 3 17,222 0 0 Net incoming (outgoing) resources for the year before transfers (3,505) 0 0 Transfers between funds 8 (3,000) 3,000 0 Net incoming (outgoing) resources for the year (6,505) 3,000 0 Fund balances brought forward 33,791 37,000 0 Fund balances carried forward 8 27,286 40,000 0	Total 2024 £ 4,415 4,574 3,857 871 13,717 17,222 (3,505) 0 (3,505) 70,791 67,286	Total 2023 £ 6,238 4,856 3,424 328 14,846 20,178 (5,332) 0 (5,332) 76,123 70,791

The notes on pages 7 to 10 form part of these financial statements

THE MIDHURST COMMUNITY BUS

BALANCE SHEET AT 31 MARCH 2024

Notes FIXED ASSETS 5 CURRENT ASSETS Debtors Cash at bank and in hand 6 CREDITORS:Amounts falling due within one year 7 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:Amounts falling due after one year NET ASSETS REPRESENTED BY: Unrestricted funds: General fund Designated fund Restricted funds Total funds 8	2024 £ 2,549 43,644 46,193 (307)	£ 21,400 45,886 67,286 0 67,286 27,286 40,000 0 67,286	2023 £ 2,445 40,403 42,848 (591)	£ 28,534 42,257 70,791 0 70,791 33,791 37,000 0 70,791

The financial statements were approved by the Trustees on 24 April 2024 and signed on their behalf by:-

L Grocott Trustee

The notes on pages 7 to 10 form part of these financial statements

THE MIDHURST COMMUNITY BUS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

1.1 Basis of Accounting

The accounts are prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011.

1.2 Funds

MCB reviews incoming resources to determine whether any funds should be treated as restricted. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in Note 10.

The Trustees have the power to set unrestricted funds aside for specific purposes. These funds are known as designated funds. The purposes and uses of the designated funds are set out in Note 8.

1.3 Income

Donations, legacies, grants and similar income are accounted for on a receipts basis.

Income from operating activities in furtherance of the objects of the charity are accounted for on an accruals basis.

Investment income represents interest on bank deposits and is accounted for on a receipts basis.

1.4 Expenditure

Direct charitable expenditure represents the running costs of the vehicle and the costs of administration of MCB. This is accounted for on an accruals basis.

1.5 Unpaid Trustees & Volunteers

The Trustees are unpaid in their capacity as Trustees. Neither this, nor the value of contributions by volunteers, is reflected within the Statement of Financial Activities.

1.6 Depreciation

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

Motor vehicles

over seven years on a writing-down basis

THE MIDHURST COMMUNITY BUS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. INCOME Donations, legacies & grants: Donations & grants Legacy Memberships Revenue support grant Charitable activities: Fares (including concessions) Other trading activities: Fund-raising Hirings Investment income: Interest on bank deposits Total income	Unrestricted funds Restricted funds Total 2024 Total 2023 £ £ £ £ 1,898 0 1,898 3,721 0 0 0 0 17 0 17 17 2,500 0 2,500 2,500
	4,415 0 4,415 6,238
	4,574 0 4,574 4,856
	1,564 0 1,564 1,596 2,293 0 2,293 1,828
	3,857 0 3,857 3,424
	871 0 871 328
	13,717 0 13,717 14,846

The major source of income for the year was the Revenue support grant of £2,500 from West Sussex County Council.

THE MIDHURST COMMUNITY BUS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

3. EXPENDITURE

XPENDITURE
Charitable activities: Vehicle running expenses Vehicle depreciation Telephone Print, post & stationery Marketing Professional fees Sundry expenses Training Total expenditure	Unrestricted funds Restricted funds Total 2024 Total 2023 £ £ £ £ 7,688 0 7,688 6,935 7,134 0 7,134 9,511 351 0 351 308 377 0 377 872 252 0 252 994 479 0 479 440 791 0 791 880 150 0 150 238
	17,222 0 17,222 20,178

4. RELATED PARTY TRANSACTIONS

During the year MCB reimbursed 2 (2023 – 3) trustees a total of £901 (2023 - £1,186) for expenses incurred on behalf of MCB.

Goodale Mardle Limited, a company of which A Mardle is a director and shareholder, charged MCB £300 (2023 - £300) for professional services provided to MCB. This is permitted by the Constitution.

5. FIXED ASSETS

Cost: At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation: At 1 April 2023 Charge for the year Disposals At 31 March 2024 Net book value: At 31 March 2024 At 31 March 2023	Total £ 50,727 0 0 50,727 22,193 7,134 0 29,327 21,400 28,534

THE MIDHURST COMMUNITY BUS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. DEBTORS

					2024	2023
					£	£
	Trade debtors				0	0
	VAT repayable				202	288
	Prepayments & other debtors				2,347	2,157
					2,549	2,445
7.	CREDITORS – amounts falling	due within	one year
					2024	2023
					£	£
	Trade creditors				7	0
	Other creditors				0	291
	Accruals				300	300
					307	591
8.	STATEMENT OF FUNDS
		At 1	Income	Expenditure	Transfers	At 31
		April				March
		2023				2024
		£	£	£	£	£
	General fund	33,791	13,717	(17,222)	(3,000)	27,286
	Designated funds:
	Vehicle replacement reserve	29,500	0	0	3,000	32,500
	Contingency fund	7,500	0	0	0	7,500
	Total funds	70,791	13,717	(17,222)	0	67,286