**Charity registration number: 1177568** ## **Vehicles for Change** **Annual Report and Financial Statements for the Year Ended 31 December 2024** ## **VEHICLES FOR CHANGE FINANCIAL STATEMENTS CONTENTS** ||**Page**| |---|---| |Reference and administrative information|1| |Trustees’ report|2 – 6| |Independent examiner’s report|7| |Statement of financial activities|8| |Balance sheet|9| |Notes to the financial statements|10 – 21| **VEHICLES FOR CHANGE REFERENCE & ADMINISTRATIVE INFORMATION** ## **YEAR ENDED 31 DECEMBER 2024** ## **Charity name:** Vehicles for change ## **Trading name:** RevoLOOtion ## **Charity registration number:** 1177568 ## **Principal office:** Basepoint Business Centre Rivermead Drive Swindon Wilts SN5 7EX ## **Trustees:** A J A Heron (Resigned 18 March 2025) J A Goudswaard (Resigned 20 February 2024) N J Mendonca T E Hooper (Resigned 17 September 2024) G Oakman S Tsangarides (Resigned 3 May 2024) P R McGeough C Kilkenny (Appointed 18 March 2025) J Pallas (Appointed 8 May 2024) R Bentil (Appointed 8 May 2024) B Harrison (Appointed 27 April 2024) ## **Independent examiner:** Joshua Kingston BSc, ACA Burton Sweet Limited Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR 1 **VEHICLES FOR CHANGE TRUSTEES’ ANNUAL REPORT** **YEAR ENDED 31 DECEMBER 2024** The Trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2024. ## **Objectives and activities** ## _**Objects and aims**_ The charity's objectives are the relief of those in need because of disability, in particular by the provision of hygienic, safe and dignified mobile facilities for toileting, changing, personal care, rest, recreation or other activities which meet the requirements of disabled individuals who are unable to get themselves from a wheelchair without assistance. There are over a quarter of a million people in the UK for whom a standard accessible toilet does not meet their needs. Vehicles for Change (VFC) was established to provide a specially adapted mobile toilet facility, with hoist and changing bench, and attendant to improve access for disabled people at events or venues. ## _**Public benefit**_ The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. ## **Achievements and performance** We have, throughout the year, continued to provide our life-changing service to thousands of our beneficiaries, their families, friends and carers. We take great pride in doing so, and in making events more accessible. During 2024 we have supported over 300 events with our adapted mobile toilet facilities (Revoloo), allowing us to enable 4,645 disabled individuals to attend cultural and sporting events. Our efforts in making events more accessible makes a significant contribution to the independence and confidence of our beneficiaries helping to reduce social isolation and improve wellbeing. VFC attends many wonderful festivals and community events each year, from local theatre productions, and numerous firework displays, to major sporting events such as London and Brighton Marathons. Our continued partnership with Circus Star brings this circus to a new audience and we regularly attend charity music concerts, numerous Christmas markets, National Trust events as well as country shows, national celebrations, huge music festivals and everything else in between! We have seen a dip in sales from 2023, due 2024 being the first year we have faced competition in the market (two other providers), however we are still significantly above 2022 turnover. We have been impacted negatively by the tough economic climate in this period. Vehicle parts, vehicle storage, fuel costs and driver accommodation costs remained high throughout the year, making our trading challenging as we strive to deliver a sound value proposition 2 **VEHICLES FOR CHANGE** ## **TRUSTEES’ ANNUAL REPORT** ## **YEAR ENDED 31 DECEMBER 2024** We have been able to introduce a new cost model that provides improved oversight of our pricing for events, whilst staying competitive and also supporting very small charities to become more accessible. We recognise that, as our fleet of vehicles is ageing, running costs are likely to increase. This is being closely monitored by our Fleet team and we have a robust planned preventative maintenance plan in place. With some excellent logistical management of vehicles, this has not impacted our ability to accept and deliver bookings. Whilst income from service delivery has been strong, fundraising has increased significantly and provided a welcome additional income this year to support our service delivery as well as the maintenance and refurbishment of our fleet. ## **Financial review** Total income received in the year was £394,878. Income from events was £348,392, down from £490,785 in 2023. Vehicles for Change received donations in the year totalling £2,518 (2023: £2,919), and grants totalling £43,250 (2023: £12,000). The charity is profoundly grateful to every company and individual that gave financial support. Donations and grant income have increased since the last financial year. Total expenditure in the reporting period was £424,262 (2023: £488,311). This has resulted in deficit for the year of £29,384 (2023: surplus £17,833). Total expenditure contains depreciation charges of £27,487 (2023: £36,369). The charity is therefore recognising net liabilities at the year-end of £97,676 (2023: £68,292). ## _**Policy on reserves**_ The trustees have a responsibility to ensure the smooth running of the charity, and as such have sufficient cash in reserve to cover unexpected occurrences. Our current policy states that the charity should have sufficient cash in hand to cover any unexpected costs or disruptions in service, which we are able to confirm. Reserves shall be used when the organisation requires immediate cash or where it needs to meet immediate short-term expenditures. ## **Plans for future periods** ## _**Future developments**_ VFC has a strong Board of Trustees in place, with individuals with a broad base of skills and knowledge who are dedicated and enthusiastic to build on our success and drive the charity forward. With a new Chair of Trustees and a new CEO joining in 2024, the charity has initially focused on ensuring foundations are strong in order to review growth and development in accordance with a new business plan for 2025 and beyond. Securing additional charitable funding continues to be a focus, in particular in relation to fleet development. 3 **VEHICLES FOR CHANGE TRUSTEES’ ANNUAL REPORT** ## **YEAR ENDED 31 DECEMBER 2024** We are continuing to build ties with other charities and businesses within the sector, and now proudly display the nationally recognised “Changing Places” logo to ensure access and visibility at as many events as possible. ## **Going concern** VFC continues to be a viable prospect and has proved itself to be resilient to the financial uncertainty of the past few years and the present climate. Securing outside funding in addition to income from service delivery continues to be a main priority for the Board; positive steps are being taken to find a solution, to enable growth, manage debt, sustain the fleet and implement new systems. However, from a purely operational model, without additional charitable funding, VFC continues to be a going concern. Pricing reviews are again needed as inflation impacts the sector and cost savings are being implemented at every level. Despite these challenges bookings remain strong, with new customers and repeat bookings lining up for our service. ## **Structure, governance and management** ## _**Nature of governing document**_ The charity is controlled by its Memorandum and Articles of Association (dated 16 March 2018, as amended 23 February 2024) and constitutes a Charitable Incorporated Organisation (CIO), as defined by the Charities Act 2011. The CIO was registered on 16 March 2018. The Charity is known under the name "Vehicles for Change” and during the reporting period was trading as “RevoLOOtion". ## _**Recruitment and appointment of trustees**_ The directors of the CIO ("the charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as "the trustees". Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustee's meetings. ## _**Organisational structure**_ The charity was registered as a Charitable Incorporated Organisation (CIO) on 16 March 2018 and started carrying out its charitable activities on 6 November 2018. The charity is managed by trustees who make strategic decisions and are legally responsible for the management of risks faced by the charity. New trustees are identified, and selected by the Board for the knowledge, skills and experience in relevant fields that they can bring to the charity. New trustees are required to firstly submit a written application with CV and then attend initial interviews with senior Trustees, provide references and pass a DBS check, after which an induction period begins. Trustees are encouraged to undertake ongoing training for their role, such as the specialist programme provided by the ICAEW. All of the Trustees give their time voluntarily and receive no benefits from the charity. The Charity strives to ensure the composition of the Board of Trustees is increasingly diverse and reflects the community it serves with lived experience of disability. Three new trustees joined VFC in the reporting period with additional skills sets and remain active into the next period. 4 **VEHICLES FOR CHANGE** ## **TRUSTEES’ ANNUAL REPORT** ## **YEAR ENDED 31 DECEMBER 2024** The trustees at all times remain focused on the charity's aims and objectives as stated: The relief of those in need because of disability, in particular by provision of hygienic, safe and dignified mobile facilities for toileting, changing, personal care, rest, recreation or other activities which meet the requirements of disabled individuals who are unable to get themselves from a wheelchair without assistance. ## **Relationships with related parties** ## _**Related Charities**_ There are no legally related charities. VFC has charity clients and funding bodies that it works alongside, to further its charitable aims. Decisions taken by the charity are autonomous of these organisations. ## **Risk Management** The board of Trustees and senior management at VFC recognise the vital importance of risk management and as such use and maintain a risk register which is reviewed regularly, as well as any new risks being discussed and monitored at monthly trustee Board meetings. 5 **VEHICLES FOR CHANGE TRUSTEES’ ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024** ## **Statement of trustees’ responsibilities** The trustees are responsible for preparing the Trustees’ 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). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, 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 material departures disclosed and explained in the financial statements; and - 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 sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. 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. The annual report was approved by the Trustees of the charity on 19[th] August 2025 and signed on its behalf by: …………………………………….. …………………………………….. J Pallas G Oakman Trustee Trustee 6 **VEHICLES FOR CHANGE INDEPENDENT EXAMINER’S REPORT YEAR ENDED 31 DECEMBER 2024** ## **Independent examiner’s report to the trustees of Vehicles for Change** I report to the trustees on my examination of the accounts of Vehicles for Change (the Charity) for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the charity trustees of the Charity you are 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 Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner’s statement** Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I 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 confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - accounting records were not kept in respect of the Charity as required by section 130 of the Act; or - the accounts do not accord with those records; or - the accounts do not comply with the applicable requirements concerning the form and content of 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. Joshua Kingston BSc, ACA Burton Sweet Limited Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR Date: 19[th] August 2025 7 ## **VEHICLES FOR CHANGE** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **YEAR ENDED 31 DECEMBER 2024** |**Note**
**Income from:**
Donations and grants
**2**
Charitable activities
**3**
Investments
**Total income**
**Expenditure on:**
Raising funds
**4**
Charitable activities
**5**
**Total expenditure**
**Net income/(expenditure)**
**8**
Transfers between funds
**16**
**Net movement in funds**
**Total funds at start of year**
**16**
**Total funds at end of year**
**16**|**Unrestricted**
**Funds**
**£**
21,768
348,392
718
370,878
13,112
400,487
413,599
(42,721)
46,625
3,904
(167,568)
(163,664)|**Restricted**
**Funds**
**£**
24,000
-
-
24,000
-
10,663
10,663
13,337
(46,625)
(33,288)
99,276
65,988|**Total Funds**
**2024**
**£**
45,768
348,392
718
394,878
13,112
411,150
424,262
(29,384)
-
(29,384)
(68,292)
(97,676)|Total Funds
2023
£
14,919
490,785
440
506,144
1,730
486,581
488,311
17,833
-
17,833
(86,125)
(68,292)| |---|---|---|---|---| The Charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are classed as continuing. **The notes on pages 10 to 21 form part of these financial statements See note 11 for fund-accounting comparative figures** 8 ## **VEHICLES FOR CHANGE** ## **BALANCE SHEET** ## **AS AT 31 DECEMBER 2024** **----- Start of picture text -----**
||||| |---|---|---|---| |2024|2023| |Note|£|£| |Fixed assets| |Tangible assets|12|80,946|108,433| |80,946|108,433| |Current assets| |Debtors|13|32,629|55,171| |Cash at bank and in hand|122,704|148,916| |155,333|204,087| |Liabilities| |Creditors : amounts falling| |due within one year|14|(66,942)|(83,461)| |Net current assets|88,391|120,626| |Total assets less current liabilities|169,337|229,059| |Creditors : amounts falling| |due after more than one year|15|(267,013)|(297,351)| |Net liabilities|(97,676)|(68,292)| |FUNDS| |Unrestricted funds| |General funds|17|(163,664)|(167,568)| |Restricted funds|17|65,988|99,276| |Total funds|(97,676)|(68,292)| **----- End of picture text -----**
These financial statements were approved by the Trustees on 19th August 2025 and are signed on their behalf by: **----- Start of picture text -----**
||| |---|---| |…..............................................|…..............................................| |J Pallas|G Oakman| |Trustee|Trustee| **----- End of picture text -----**
## **The notes on pages 10 to 21 form part of these financial statements** 9 **VEHICLES FOR CHANGE NOTES TO THE FINANCIAL STATEMENTS** **YEAR ENDED 31 DECEMBER 2024** ## **1 Accounting policies** ## **Accounting convention** The accounts (financial statements) 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 in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019. The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The charity is a public benefit entity as defined under FRS102. ## **Going concern** At the year end the charity has net current asset of £88,391 and net liabilities amounting to £97,676. The Trustees have assessed the charity's position both at and post year-end using available information and forecasting and consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern. ## **Income** Income from donations is included in income when these are receivable, except as follows: I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods; II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met. Hire income is recognised at a point in time or over a period of time when the charity becomes entitled to such income, the income is deferred until the service has been provided. Investment income is included on a receivable basis. ## **Expenditure** Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered. ## _**Raising funds**_ Raising funds expenditure include those costs incurred in seeking voluntary contributions, costs of goods sold and other costs which include the costs of running and participating in fundraising events and collections and cost of goods purchased for resale. 10 **VEHICLES FOR CHANGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024** ## **1 Accounting policies** _**(continued)**_ ## _**Charitable Activities**_ Charitable expenditure comprises 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. ## _**Governance costs**_ Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs. ## _**Allocation and apportionment costs**_ Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which are attributable to more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to time. Overhead support costs have been allocated between fundraising and publicity costs, fundraising trading and charitable activities. The apportionment has been allocated on the basis of usage and is analysed in note 7. ## **Pension costs and other post-retirement benefits** The charity contributes to defined contribution pension schemes. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period to which they relate. ## **Tangible fixed assets** Fixed assets are held at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of an asset, less its estimated ultimate residual value, over the useful life of that asset as follows: Plant and machinery - 25% straight line Furniture & equipment - 25% straight line Motor Vehicles - 25% reducing balance ## **Debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash at bank and in hand** Cash at bank and cash in hand includes cash and short term highly liquid investments with short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 11 **VEHICLES FOR CHANGE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024** ## **1 Accounting policies (continued)** ## **Creditors** Creditors are recognised where the charity has a present obligation resulting 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 are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objects 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. Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees. Further explanation of the nature and purpose of each fund is included in notes of the financial statements. ## **2 Income from: Donations and grants** |Donations
Grants received
Donations
Grants received|**Unrestricted**
**Funds**
**£**
2,518
19,250
21,768
**Unrestricted**
**Funds**
**£**
2,919
2,000
4,919|**Restricted**
**Funds**
**£**
-
24,000
24,000
**Restricted**
**Funds**
**£**
-
10,000
10,000|**Total Funds**
**2024**
**£**
2,518
43,250
45,768
**Total Funds**
**2023**
**£**
2,919
12,000
14,919| |---|---|---|---| 12 **VEHICLES FOR CHANGE** **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 DECEMBER 2024** ## **3 Income from: Charitable activities** |Revolootion Unit Hire|**Unrestricted**
**Funds**
**£**
348,392
348,392|**Restricted**
**Funds**
**£**
-
-|**Total Funds**
**2024**
**£**
348,392
348,392|**Total Funds**
**2023**
**£**
490,785
490,785| |---|---|---|---|---| All income from charitable activities received in the previous year was unrestricted. ## **4 Expenditure on: Raising funds** |Fundraising costs|**Unrestricted**
**Funds**
**£**
13,112
13,112|**Restricted**
**Funds**
**£**
-
-|**Total Funds**
**2024**
**£**
13,112
13,112|**Total Funds**
**2023**
**£**
1,730
1,730| |---|---|---|---|---| All expenditure from raising funds spent in the previous year was unrestricted. 13 **VEHICLES FOR CHANGE** **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 DECEMBER 2024** ## **5 Expenditure on: Charitable activities** |Revolootion Unit Hire
Revolootion Unit Hire|**Direct**
**Costs**
**£**
165,950
165,950
**Direct**
**Costs**
**£**
160,754
160,754|**(Note 9)**
**Wages and**
**Salaries**
**£**
210,326
210,326
**(Note 9)**
**Wages and**
**Salaries**
**£**
277,534
277,534|**(Note 7)**
**Support**
**Costs**
**£**
34,874
34,874
**(Note 7)**
**Support**
**Costs**
**£**
48,293
48,293|**Total Funds**
**2024**
**£**
411,150
411,150
**Total Funds**
**2023**
£
486,581
486,581| |---|---|---|---|---| ## **7 Support costs** Support costs are allocated between raising funds and charitable activities on the basis of usage. Support costs, included in notes 4 & 5, are as follows: |Legal and professional
Accountancy
IT equipment and maintenance costs
Insurance
Office costs
Printing postage and stationery
Travel and subsistence
Bank and other charges
Advertising|**Fundraising**
**and**
**publicity**
**£**
196
161
213
1,452
44
14
208
11
254
2,553|**Charitable**
**Activities**
**£**
2,481
2,032
2,701
18,373
558
180
2,633
142
3,221
32,321|**Total**
**2024**
**£**
2,677
2,193
2,914
19,825
602
194
2,841
153
3,475
34,874|**Total**
**2023**
**£**
1,867
4,400
10,365
17,458
938
378
2,890
150
9,847
48,293| |---|---|---|---|---| 14 **VEHICLES FOR CHANGE NOTES TO THE FINANCIAL STATEMENTS** **YEAR ENDED 31 DECEMBER 2024** ## **8 Net income/(expenditure) for the year** This is stated after charging: **----- Start of picture text -----**
|||| |---|---|---| |2024|2023| |£|£| |Independent examiner's remuneration| |- for independent examination services|1,150|1,720| |- for other services|1,350|2,680| |-| |- prior year over/under accrual|(307)| |-|-| |Trustees' travel, meeting and training expenses| |Depreciation|27,487|36,369| **----- End of picture text -----**
1 Trustees have been reimbursed £107 for their out of pocket travel expenses (2023: None). No Trustee received any remuneration during the year. ## **9 Staff costs and numbers** The aggregate payroll costs were: **----- Start of picture text -----**
|||| |---|---|---| |2024|2023| |£|£| |Wages & salaries|195,920|258,508| |Social security costs|11,407|15,538| |Pension contributions|2,999|3,488| |210,326|277,534| **----- End of picture text -----**
No employee received emoluments of more than £60,000 during the current and prior year. The average weekly number of employees during the year was 19 (2023: 16), calculated on the basis of average headcount. The total employment benefits received by key management personnel including employer national insurance and employer pension were £72,094. ## **10 Taxation** The charity is exempt from corporation tax on its charitable activities. 15 **VEHICLES FOR CHANGE** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 DECEMBER 2024** **----- Start of picture text -----**
11 Statement of Financial Activities comparative figures
Unrestricted Restricted Total Funds
For the year ended 31 December 2023 Funds Funds 2023
£ £ £
Income from:
Donations and grants 4,919 10,000 14,919
Charitable activities 490,785 - 490,785
Investments - 440 440
Total income 495,704 10,440 506,144
Expenditure on:
-
Raising funds 1,730 1,730
Charitable activities 449,276 37,305 486,581
Total expenditure 451,006 37,305 488,311
Net income/(expenditure) for the year 44,698 (26,865) 17,833
Transfers between funds 29,318 (29,318) -
Net movement in funds 74,016 (56,183) 17,833
Total funds at start of year (241,584) 155,459 (86,125)
Total funds at end of year (167,568) 99,276 (68,292)
**----- End of picture text -----**
16 **VEHICLES FOR CHANGE** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 DECEMBER 2024** **----- Start of picture text -----**
12 Tangible fixed assets
Furniture & Motor
equipment Vehicles Total
£ £ £
Cost or valuation
At 1 January 2024 4,001 339,333 343,334
At 31 December 2024 4,001 339,333 343,334
Depreciation
At 1 January 2024 2,546 232,355 234,901
Charge for the year 743 26,744 27,487
- - -
Disposals
At 31 December 2024 3,289 259,099 262,388
Net book value
At 31 December 2024 712 80,234 80,946
At 31 December 2023 1,455 106,978 108,433
13 Debtors
2024 2023
£ £
Trade debtors 30,348 52,678
VAT 2,281 1,573
Other debtors - 920
32,629 55,171
**----- End of picture text -----**
17 ## **VEHICLES FOR CHANGE** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **YEAR ENDED 31 DECEMBER 2024** **----- Start of picture text -----**
14 Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans 10,000 10,000
Other loans 20,487 20,170
Trade creditors 951 208
Other creditors 1,143 703
Accruals and deferred income 31,801 52,380
-
Taxation and social security 2,560
66,942 83,461
Deferred income
2024 2023
£ £
Deferred income at 1 January 2024 46,980 86,719
Resources deferred in the period 299,495 42,965
Amounts released from previous periods (317,174) (82,704)
Deferred income at year end 29,301 46,980
15 Creditors: amounts falling due after one year
2024 2023
£ £
Bank loans 20,833 30,833
Other loans 246,180 266,518
267,013 297,351
**----- End of picture text -----**
18 **VEHICLES FOR CHANGE** **NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024** ## **16 Movement in funds** ## **For the year ended 31 December 2024** |**Restricted funds**
Postcode Innovation Trust
The Geoff Fiona Squire
The National Lottery
Westfield Health
**Unrestricted funds**
General funds
**Total funds**|**At 1 Jan**
**2024**
**£**
89,276
10,000
-
-
99,276
(167,568)
(167,568)
(68,292)|**Income**
**£**
-
-
20,000
4,000
24,000
370,878
370,878
394,878|**Expenditure**
**£**
(10,663)
-
-
-
(10,663)
(413,599)
(413,599)
(424,262)|**Transfers**
**£**
(46,625)
-
-
-
(46,625)
46,625
46,625
-|**At 31 Dec**
**2024**
**£**
31,988
10,000
20,000
4,000
65,988
(163,664)
(163,664)
(97,676)| |---|---|---|---|---|---| ## **Restricted funds** **Postcode Innovation Trust** - as of January 2024 the PPL has allowed the remainder of the restricted fund to be transferred to unrestricted funds and used for the general running costs of the VfC fleet. **Westfield Health** - This funds represents grant funding towards the cost of securing, customising and fitting out a new RevoLOOtion unit. **The National Lottery** - This fund represents grant funding towards the cost of purchasing and outfitting second hand vehicles. As the grant does not permit the charity to dispose of the funded asset any vehicle purchases using the grant funding are classed as restricted. The transfer between funds represents depreciation charge relating to the restricted assets. **The Geoff Fiona Squire** - This grant is held on reserve to be used to go towards the purchase of a new vehicle. **St James Place** - This fund represents grant funding to enable us to have a proper office space in our yard so that the staff who work there have access to a warm and safe space when not working on vehicles, and a space to use a laptop to enable them to carry out their admin duties whilst on site 19 **VEHICLES FOR CHANGE** **NOTES TO THE FINANCIAL STATEMENTS** **YEAR ENDED 31 DECEMBER 2024** ## **16 Movement in funds** _**(continued)**_ ## **For the year ended 31 December 2023** |**Restricted funds**
Postcode Innovation Trust
St James Place
The Geoff Fiona Squire
**Unrestricted funds**
General funds
**Total funds**|**At 1 Jan**
**2023**
**£**
153,813
1,646
-
155,459
(241,584)
(241,584)
(86,125)|**Income**
**£**
440
-
10,000
10,440
495,704
495,704
506,144|**Expenditure**
**£**
(35,659)
(1,646)
-
(37,305)
(451,006)
(451,006)
(488,311)|**Transfers**
**£**
(29,318)
-
-
(29,318)
29,318
29,318
-|**At 31 Dec**
**2023**
**£**
89,276
-
10,000
99,276
(167,568)
(167,568)
(68,292)| |---|---|---|---|---|---| ## **17 Analysis of net assets between funds** |**As at 31 December 2024**
Tangible fixed assets
Other net assets
**As at 31 December 2023**
Tangible fixed assets
Other net assets|**Unrestricted**
**Restricted**
**General**
**Total**
**Funds**
**Funds**
**£**
**£**
**£**
31,988
48,958
80,946
34,000
(212,622)
(178,622)
65,988
(163,664)
(97,676)
**Unrestricted**
**Restricted**
**General**
**Total**
**Funds**
**Funds**
**£**
**£**
**£**
42,651
65,782
108,433
56,625
(233,350)
(176,725)
99,276
(167,568)
(68,292)| |---|---| 20 **VEHICLES FOR CHANGE** **NOTES TO THE FINANCIAL STATEMENTS** **YEAR ENDED 31 DECEMBER 2024** ## **18 Related party transactions** There are no transactions with trustees or other related parties other than those disclosed as required by the SORP elsewhere in the financial statements. During the year the charity made the following related party transactions: ## **Accessible Vehicle Conversions CIC** At the end of the reporting period, the charity owed Accessible Vehicle Conversions CIC for a loan regarding the sale of vehicles. Interest is charged on the loan at 4% per annum and there is a repayment plan in place. At the balance sheet date the amount due to Accessible Vehicle Conversions CIC was £201,400 (2023: £211,000). 21