Charity number: 1169167 (England and Wales) Totnes and Rural Community Transport Report of the Trustees and Financial Statements For the year ended 30 April 2024 Totnes and Rural Community Transport Contents Page For the year ended 30 April 2024 |Report of the Trustees|1 to 3| |---|---| |Independent Examiner's Report to the Trustees|4| |Statement of Financial Activities|5| |Statement of Financial Position|6| |Notes to the Financial Statements|7 to 11| |Detailed Statement of Financial Activities|12| ## Totnes and Rural Community Transport Report of the Trustees ## For the year ended 30 April 2024 The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report and the financial statements for the charitable company for the year ended 30 April 2024. 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 the Republic of Ireland (FRS 102) (effective 1 January 2019). ## **Chair's report** The object of the CIO is to provide accessible community transport for Totnes and its surrounding villages. We operate scheduled bus routes, serving locations with no other public transport, and regular travel club excursions to local places of interest. We aim to make our services friendly and accessible for as many people as possible, including residents and visitors, and especially passengers of limited mobility, the elderly, and anyone without access to their own vehicle. Scheduled services have achieved record passenger journey numbers (41,807) in the year to 30/4/24. This is a 26% increase on the previous year. About 7.5% of the increase is due to the new Saturday morning service, which ran from the end of May 2023. The biggest increase is in passengers using the Bridgetown (B1) service. Two-thirds of our passengers are using concessionary bus passes. The Travel Club has a membership of over 100. Sixteen day-trips were offered over the year, and most were over-subscribed. Possible expansion of this activity is limited by resources (drivers and vehicles). Private Hire income, which normally generates at least 1/3 of our income, is down by about 24% on the previous year. Relatively little effort goes into advertising this activity, and it is likely that more business could be found. On the other hand, it is becoming difficult to find drivers, especially for working unsocial hours, so would be unwise to over-commit. An order for a new bus was placed in November 2023 for delivery in May 2024. A strong case for purchase was based on (i) natural replacement; (ii) the desirability of an accessible vehicle for service backup; and (iii) the potential for expansion if a 5-bus fleet could be sustained. A price of £110k for a 16-seater Mercedes was agreed with Iles Bus, Newport. The trustees considered that approximately half of this cost could be met from our own reserves. Subsequently, external funds totalling £67k has been raised from National Lottery Awards for All, the Garfield Weston foundation, the Wakefield Trust, the Local Communities (Levelling-Up) fund, and a generous legacy from a former passenger. Despite these positive results, the charity continues to show an annual operating deficit in the region of £10k. While this is £2k smaller than the previous year, costs for vehicle repair, maintenance, salaries and admin are all increasing. At present, unlike commercial operators, TARCT receives no revenue funding or operating subsidy from the local authority. As a small charity, we also have no simple access to HR or legal services. TARCT continues to operate with a pool of about 35 dedicated volunteer drivers, but this number is hard to maintain, due mainly to age-related retirement. Recruitment efforts need to be stepped-up. Our single employed coordinator has again worked extremely hard for the charity. She has requested a period of unpaid leave during 2024/25. During 2023/24 TARCT, in consultation with the Charity Commission, changed its constitution from 'membership' to a 'foundation' model. All the existing committee are therefore now Trustees. The following trustees served during the year 2023/24: Stephen Grove (chair); Chris Edwards (vice-chair); Graham Clayton (hon treasurer); Brian Neale (hon secretary); Ed Deacon; Richard Stout; Maiken Hutchings. TARCT maintains links with local town, district and county councils, mainly through elected counsellors, and is represented on the Totnes Traffic Forum/Steering Group. The charity now occupies an office at Follaton House, Totnes, close to other community services such as the District Council, Job Centre and Citizens' Advice. The office is at a peppercorn rent, but is subject to a service charge. Despite some operational and financial challenges, TARCT is committed to delivering its objectives, and continues to be held in high regard by the local community. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. 1 of 12 Totnes and Rural Community Transport Report of the Trustees Continued For the year ended 30 April 2024 ## **FINANCIAL REVIEW** ## **Reserves** A reserves policy is not included in the TARCT constitution, but the principles are laid out in the Policies document. The charity does not hold formal accounting reserves to cover operational expenses or future capital funding requirements. We do however recognise that we need to keep sufficient funds available for both these purposes. To cover the risk of operational disruption we need sufficient cash to run the services if revenues were to fall and expenses to rise at the same time for a sustained period. We believe a suitable risk management scenario is revenues falling by 50% and costs rising by 50% for a 1 year period. To survive this scenario we would need, ideally, a reserve of £60,000 available. In the event of dissolution of the charity, we assume that legal and other expenses would be covered by the residual market value of the fleet. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Recruitment and appointment of trustees** Membership of the CIO is open to anyone who is interested in furthering its purposes, and who, by applying for membership, has indicated his, her or its agreement to become a member and acceptance of the duty of members set out in the constitution. A member may be an individual, a corporate body, or an individual or corporate body representing an organisation which is not incorporated. ## **REFERENCE AND ADMINISTRATIVE INFORMATION** |**Name of Charity**|Totnes and Rural Community Transport| |---|---| |**Charity registration number**|1169167| |**Principal address**|Brookside, Woodcourt Road| ||Harbertonford| ||Totnes| ||TQ9 7TY| ## **Trustees** The trustees and officers serving during the year and since the year end were as follows: ||G Clayton| |---|---| ||S Grove| ||L Cameron-Long| ||-
(Resigned 01 October 2023)| ||B Neale| ||C Edwards| ||E Deacon| ||R Stout| ||M Hutchings| |**Secretary**|B Neale| |**Independent examiners**|MAP Accountants & Business Advisors| ||2 Bridge Farm Offices| ||Harberton| ||Totnes| ||Devon| ||TQ9 7PP| 2 of 12 Totnes and Rural Community Transport Report of the Trustees Continued For the year ended 30 April 2024 Approved by the Board of Trustees and signed on its behalf by S Grove ............................................................................. 3 of 12 ## Totnes and Rural Community Transport Independent Examiners Report to the Trustees ## For the year ended 30 April 2024 I report to the trustees on my examination of the accounts of the charitable company for the year ended 30 April 2024. ## **Responsibilities and basis of report** As the charity Trustees, who are also directors for the purposes of company law, 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 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 examiners 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 that in any material respect: 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 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. MAP Accountants & Business Advisors 2 Bridge Farm Offices Harberton Totnes Devon TQ9 7PP 4 of 12 ## Totnes and Rural Community Transport ## Statement of Financial Activities (including Income and Expenditure Account) For the year ended 30 April 2024 |**Notes**
**Income and endowments from:**
Donations and legacies
2
Other trading activites
3
Investments
**Total**
**Expenditure on:**
Charitable activities
4/5
**Total**
**Net income**
**Reconciliation of funds**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**£**
106,323
59,113
1,035
**166,471**
(79,872)
**(79,872)**
**86,599**
77,490
**164,089**|**2023**
**£**
45,455
49,327
-
**94,782**
(84,972)
**(84,972)**
**9,810**
67,682
**77,492**| |---|---|---| 5 of 12 ## Totnes and Rural Community Transport Statement of Financial Position As at 30 April 2024 |**Notes**
**Fixed assets**
Tangible assets
10
**Current assets**
11
Debtors
Cash at bank and in hand
**Creditors: amounts falling due within one year**
12
**Net current assets**
**Total assets less current liabilities**
**Creditors: amounts falling due after more than one year**
13
**Net assets**
**The funds of the charity**
Unrestricted income funds
14
Revaluation reserve
**Total funds**|**£**
**2024**
140,807
**140,807**
365
20,414
**20,779**
22,501
**43,280**
**184,087**
-
**184,087**
164,089
20,000
**184,089**|**£**
**2023**
31,730
**31,730**
644
139,478
**140,122**
502
**140,624**
**172,354**
(74,865)
**97,489**
77,492
20,000
**97,492**| |---|---|---| For the year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476, The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. The financial statements were approved and authorised for issue by the Board and signed on its behalf by: G Clayton Trustee 6 of 12 Totnes and Rural Community Transport Notes to the Financial Statements For the year ended 30 April 2024 ## **1. Accounting Policies** ## **Basis of accounting** The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Companies Act 2006. Totnes and Rural Community Transport 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). ## **Change in accounting policy** The depreciation policy for the year was changed from 15% Reducing Balance to 10% Reducing Balance. The Trustees consider that the value of the Buses, which are the assets in the accounts, hold a higher value and depreciate at a slower rate than previoulsy considered. ## **Funds** All of the Charity's funds received in the year were unrestricted funds. ## **Incoming resources** All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: 1. Grants for New Buses - this income has been treated as pre-paid income and entered on the balance sheet. The grant is transferred to the statement of financial activities annually in equal amounts to the depreciation provided on the new vehicles. ## **Resources expended** Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure: ## **Tangible fixed assets** Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: Plant and machinery 10% Reducing balance ## **2. Income from donations and legacies** |**Unrestricted funds**
Donations received
Grants received|**2024**
**£**
6,458
99,865
**106,323**|**2023**
**£**
29,067
16,388
**45,455**| |---|---|---| 7 of 12 ## Totnes and Rural Community Transport Notes to the Financial Statements Continued For the year ended 30 April 2024 ## **3. Income earned from other activities** |**Unrestricted funds**
Community Bus Service
**osts of charitable activities by fund type**
**Unrestricted funds**
Community Bus Service
Support costs|**2024**
**£**
59,113
**59,113**
**2024**
**£**
77,731
2,141
**79,872**|**2023**
**£**
49,327
**49,327**
**2023**
**£**
82,238
2,734
**84,972**| |---|---|---| ## **4. Costs of charitable activities by fund type** ## **5. Costs of charitable activities by activity type** |**osts of charitable activities by activity type**||||| |---|---|---|---|---| ||**Activities**|**Support costs**|**2024**|**2023**| ||**undertaken**|||| ||**directly**|||| ||**£**|**£**|**£**|**£**| |**Support costs**||||| |Community Bus Service|77,731|2,141|79,872|84,972| ## **6. Analysis of support costs** **Community Bus Service** Management Governance costs |**2024**
**£**
1,297
844
**2,141**|**2023**
**£**
2,154
580
**2,734**| |---|---| 8 of 12 Totnes and Rural Community Transport Notes to the Financial Statements Continued For the year ended 30 April 2024 ## **7. Net income/(expenditure) for the year** This is stated after charging/(crediting): |This is stated after charging/(crediting):||| |---|---|---| ||**2024**|**2023**| ||**£**|**£**| |Depreciation of owned fixed assets|3,173|6,545| |Accountancy fees|844|580| ## **8. Particulars of employees** |Management & Admin|**2024**
1
**1**|**2023**
1
**1**| |---|---|---| ## **9. Comparative for the Statement of Financial Activities** The comparative year values on the Statement of Financial Activites are for unrestricted funds. ## **10. Tangible fixed assets** |**Cost or valuation**
At 01 May 2023
Additions
At 30 April 2024
**Depreciation**
At 01 May 2023
Charge for year
At 30 April 2024
**Net book values**
At 30 April 2024
At 30 April 2023|**Plant and**
**machinery**
**£**
172,000
112,250
**284,250**
140,270
3,173
**143,443**
**140,807**| |---|---| ||**31,730**| 9 of 12 Totnes and Rural Community Transport Notes to the Financial Statements Continued For the year ended 30 April 2024 ## **11. Debtors** |**Amounts due within one year:**
Trade debtors|**2024**
**£**
365
**365**|**2023**
**£**
644
**644**| |---|---|---| ## **12. Creditors: amounts falling due within one year** |Trade creditors
Other creditors
PAYE & social security
VAT
Accruals and deferred income|**2024**
**£**
1
-
(23,929)
1,427
**(22,501)**|**2023**
**£**
-
493
(1,840)
845
**(502)**| |---|---|---| ## **13. Creditors: amounts falling due after more than one year** Accruals and deferred income |**2024**
**£**
-
**-**|**2023**
**£**
74,865
**74,865**| |---|---| ## **14. Movement in funds** ## **Unrestricted Funds** |_General_
Community Bus Services|**Balance at**
**01/05/2023**
**£**
77,490
**77,490**|**Incoming**
**resources**
**£**
166,471
**166,471**|**Outgoing**
**resources**
**£**
(79,872)
**(79,872)**|**Balance at**
**30/04/2024**
**£**
164,089
**164,089**| |---|---|---|---|---| 10 of 12 ## Totnes and Rural Community Transport Notes to the Financial Statements Continued For the year ended 30 April 2024 ## **Unrestricted Funds - Previous year** |_General_
Community Bus Services
**Purpose of unrestricted Funds**
Community Bus Services
To provide a community bus service.
**Analysis of net assets between funds**
**Unrestricted funds**
_General_
Community Bus Services
**Previous year**
**Unrestricted funds**
_General_
Community Bus Services|**Balance at**
**01/05/2022**
**Incoming**
**resources**
**Outgoing**
**resources**
**Balance at**
**30/04/2023**
**£**
**£**
**£**
**£**
67,682
94,782
(84,972)
77,492
**67,682**
**94,782**
**(84,972)**
**77,492**
**Tangible fixed**
**assets**
**Net current**
**assets /**
**(liabilities)**
**Creditors > one**
**year**
**Net Assets**
**£**
**£**
**£**
**£**
140,807
43,280
-
184,087
**140,807**
**43,280**
**-**
**184,087**
**Tangible fixed**
**assets**
**Net current**
**assets /**
**(liabilities)**
**Creditors > one**
**year**
**Net Assets**
**£**
**£**
**£**
**£**
31,730
140,624
(74,865)
97,489
**31,730**
**140,624**
**(74,865)**
**97,489**| |---|---| ## **15. Analysis of net assets between funds** 11 of 12 ## Totnes and Rural Community Transport Detailed Statement of Financial Activities For the year ended 30 April 2024 |**INCOME AND ENDOWMENT**
**Donations and legacies**
Donations
Grants receivable
**Other trading activities**
Community Bus Service
**Investments**
Bank interest receivable
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Cost of direct charitable activity
**SUPPORT COSTS**
**Management**
Management
**Governance costs**
Governance costs
**Total resources expended**
**Net Income**|**£**
**2024**
6,458
99,865
**106,323**
59,113
**59,113**
1,035
**1,035**
**166,471**
(77,731)
**(77,731)**
(1,297)
**(1,297)**
(844)
**(844)**
**(79,872)**
**86,599**|**£**
**2023**
29,067
16,388| |---|---|---| |||**45,455**
49,327| |||**49,327**
-| |||**-**| |||**94,782**
(82,238)| |||**(82,238)**
(2,154)| |||**(2,154)**
(580)| |||**(580)**| |||**(84,972)**
**9,810**| 12 of 12 This page does not form part of the statutory financial statements