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2024-03-31-accounts

REGISTERED COMPANY NUMBER: 01681911 (England and Wales) REGISTERED CHARITY NUMBER: 286095

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

WANDSWORTH COMMUNITY TRANSPORT (A COMPANY LIMITED BY GUARANTEE)

Hartley Fowler LLP Statutory Auditors Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU

WANDSWORTH COMMUNITY TRANSPORT

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 20
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WANDSWORTH COMMUNITY TRANSPORT

REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEES AND DIRECTORS

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||| |---|---| |Trustees| |Victoria Kingsbury (Chairman)| |John Ratcliffe (Treasurer)| |Rida Nicholson| |Julia Bright| |Simon Clark| |June Collins| |David Peter| |Andrew Tilley| |Pippa Hutchison (resigned| |7/02/2024)| |Emily Foxen| |David Daby| |Richard Brown| |The following trustees are also| |appointed as Directors of the| |Company| |Simon Clark| |Victoria Kingsbury| |John Ratcliffe| |COMPANY SECRETARY|M Button| |REGISTERED OFFICE|1b Yukon Road| |Clapham| |London| |SW12 9PZ| |REGISTERED COMPANY NUMBER|01681911 (England and Wales)| |REGISTERED CHARITY NUMBER|286095| |AUDITORS|Hartley Fowler LLP| |Statutory Auditors| |Chartered Accountants| |4th Floor Tuition House| |27-37 St George's Road| |Wimbledon| |London| |SW19 4EU| |SOLICITORS|Russell-Cooke| |2 Putney Hill| |London| |SW15 6AB| |BANKERS|HSBC Plc| |117 Balham High Road| |London| |SW12 9AS|

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WANDSWORTH COMMUNITY TRANSPORT (REGISTERED NUMBER: 01681911)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

The trustees, three of whom are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 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 Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The organisation is established to promote the education and relieve the need, hardship and distress, sickness and mental or physical disability of persons resident or working primarily in the London Borough of Wandsworth.

In pursuit of these objectives, the organisation provides transport for organisations which are concerned with education, religion , social welfare, recreation or other activities of a charitable nature and for disabled individuals.

Main Contract

Our current contract with Wandsworth Council started in April 2023 and is due to expire in April 2027. This provides the bed rock for the business going forward. The contract includes minibus provision to community groups and services for individuals who cannot use public transport, namely Shopmobility, the Shopping Shuttle and our programme of outings to the coast, pub lunches and places of interest. Ancillary services such as volunteer provision, driver training, and vehicle management are likewise included.

Our main sponsors in the current year include Wandsworth Council and Sainsbury's Supermarkets.

Other Contracts

Dial a Ride

2023/24 was the final year of this contract for five buses covering mainly Wandsworth, Lambeth and Merton, which finished at the end of September 2023. Unfortunately we were unsuccessful in tendering for the renewal of this contract which has resulted in a loss of income. However we have made this up very successfully with an increased focus on other activities like SEN (special education needs) and day centre transport .

Minibus provision to community groups

This is the core work undertaken by Community Transport organisations and much of the activity in the Voluntary Sector in Wandsworth relies on our accessible and affordable minibuses. "Accessibility" is the major factor here and relates not only to wheelchair accessible vehicles which are easy for elderly and disabled people to use, but also to accessibility in terms of price, being able to hire at the last minute just for a couple of hours, no need for collision damage waivers and deposits, invoice at the end of the month and support with finding drivers, training group's own volunteers and organising destinations and outings. Basically, we make it easy for anyone with a need to access our transport and get out and about.

Shopmobility, Outings and the Shopping Shuttle

These services are vital to our individual members who find it hard to use public transport and who often can't get out without our help. We take people shopping each week, loan them wheelchairs and mobility scooters, provide volunteer escorts, take people on days out and much much more.

Many of our beneficiaries are the most vulnerable in Wandsworth and we help keep them independent and socially integrated and happy.

Our days out have been extremely popular and really make a difference to our elderly and disabled members, which was clearly demonstrated in our recent customer survey. We have two types of trips: The Roadrunner is for people who need picking up at home, and the Silver Day Trippers for more active pensioners who can get to centralised pick up points. We call them our "Youth Team", though in fact the average age is 75 years old. We very much recognise the value of getting people involved early, and then if their mobility deteriorates, it is an easy transition to our door-to-door services. Everyone loves a day out and outings come up time and time again as what people want to get them out and about, make new friends and keep independent. As part of the Council's preventative strategy, they are very effective.

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WANDSWORTH COMMUNITY TRANSPORT (REGISTERED NUMBER: 01681911)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

OBJECTIVES AND ACTIVITIES

Significant activities

Driver and other training

This remains a key element in the delivery of the above services. WCT is a member of MiDAS (Minibus Driver Awareness Scheme) and we also deliver passenger assistant training, first aid training, disability awareness and wheelchair handling training to our volunteers. We see this as a growth area with accredited skill levels a must for safe delivery of our various services and potential forthcoming legislative changes concerning additional qualifications for vocational driving. PCV minibus training is another key development, with increasing numbers of drivers requiring this since D1 entitlement was withdrawn for new drivers in 1997. This has proved more and more useful to school teachers who need to upgrade their entitlement.

Public benefit

In planning the activities of the charity the trustees have had regard to the guidance issued by the Charity Commission in relation to delivering public benefit.

Volunteering

Volunteering is a key element of our service provision. When many CTs are giving up on volunteering this is still a strong part of our ethos. This is particularly true with our Shopmobility scheme where volunteers are very much involved.

Most of our current employees started as volunteers and this shows how the volunteering ethos underpins the services we deliver. It proves that volunteering can help you get back into work and it means that our employees genuinely believe in what we are trying to achieve. Many still do the occasional volunteer job and it means we can help out with special requests like taking a wheelchair user on holiday or to a wedding, or a group on a day out where they can't afford a paid driver.

We have over 100 volunteers on our books and they remain a key part of our service provision and underpin all of the activities listed above. Volunteers are key to the success of our operation, from Management Committee members to minibus drivers and deserve the highest praise and recognition. In particular our Shopmobility volunteers who help people do their shopping, actually do so much more than this and are a cross between unpaid social workers, friends and surrogate family. Our success in this field when so many organisations find it hard to find volunteers continues to demonstrate our commitment and excellence in this field.

Changing Demographics

In recent years there has been a steady increase in the level of support our passengers generally require. They are all getting older of course and more and more need wheelchairs and escorts. You can fit a lot less people on a minibus if they all have mobility aids and shopping trolleys, it takes longer to get people to and from their front doors and onto the buses and we get more last-minute cancellations due to illness or forgetfulness. It means our work is getting more and more vital to more and more people, but becoming more and more difficult to deliver, along with the prospect of funding cuts and other pressures.

It is something we all need to be aware of for future planning and budgeting, as we can only see these factors increasing.

STRATEGIC REPORT

Achievement and performance

Outputs and value for money

Some of the key outputs including minibus provision to community groups, shopping trips and outings and volunteer provision are monitored by the Management Committee and the Council as part of our contract targets. We continue to maintain a high level of activity through maximising our resources through an integrated approach. A minibus might do a school run followed by a shopping trip, and then an evening transport for a club. Jobs are routinely "dovetailed" into existing schedules to maximise our outputs and additional funding levered from other sources to expand on the base requirements specified in our Council contract. This enables us to deliver services extremely efficiently and with excellent value for our funders.

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WANDSWORTH COMMUNITY TRANSPORT (REGISTERED NUMBER: 01681911)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STRATEGIC REPORT

Financial review

Results for the current year

Income levels are down from the previous year, due to the loss of the Dial-a-Ride contract, but our turnover is still over £1 million, necessitating a full audit as opposed to an independent examination. This is mainly due to the replacement of the lost income through new activity like SEN and Day Centre transport.

The accounts show a healthy and busy organisation which we will need to sustain to meet future targets. In particular, vehicle replacement requirements due to the new ULEZ will be a significant drain on our vehicle replacement fund over the next two years.

Investment policy

Wandsworth Community Transport has a current and a deposit account with HSBC for everyday transactions. Any surplus cash reserves are spread across a number of financial institutions in interest bearing accounts, in order to minimise the financial risk to the charity.

Reserves policy

Operating reserves

Wandsworth Community Transport has developed a formal reserves policy designed to cover any sudden loss of funding, the unexpected loss of a vehicle or other major risk to the organisation. The Management committee at its annual review have decided it prudent to maintain the existing fund at £150,000 to cover six months running costs and to enable us to invest in our infrastructure. A further consideration is that taking on any replacement work or new contracts could require large amounts of capital to buy new vehicles.

Vehicle replacement funds and ULEZ

October 2025 sees the end of the "sunset period" during which our vehicles will be exempt from any ULEZ charges, but replacing the older vehicles in the fleet is a very high priority and will need to be done by then. Unfortunately, there is a shortage of vehicles at the moment, with delivery times over one year so we are in a difficult position. Finding suitable replacements remains a high priority and for this reason it remains our policy to maintain our vehicle replacement fund at as high a level as possible. It has been increased in the year to £510,000.

Risk assessment

In conjunction with the reserves policy, WCT's risk management has been reviewed by the Management Committee and this has influenced the level of reserves. The risk management strategy identifies the major risk factors the organisation the organisation might face, why they come about, how they can be ameliorated and what actions the organisation would take should any of the identified problems materialise. These include a sudden loss of funding, a change in legislation that could jeopardise the core nature of the business (e.g. new licensing regulations or the introduction of a further low emission zone) and the loss of one or more vehicles through theft or accident.

In particular, the variations in contract income in recent years have highlighted the effect of this type of risk. In the past we have managed to find alternative sources of work but this is not guaranteed and we have to plan for variations of income which might be of the order of £200,000 from one year to the next.

Plans for the future

An extension of our contract with Wandsworth Council was agreed for a period of 4 years in April 2023, which is very important for the long-term security of the organisation.

However, in July 2023 we found out we had not won the tender for the renewal of the Dial-a-Ride contract which expired on the 1st October 23. We have successfully managed to find replacement activity and revenue, including long term hiring of our vehicles to groups that run their own transport and providing driver and vehicle transport for Day Centres. Special Needs Education transport is another service we are currently developing on behalf of Wandsworth Council. In many ways this change of focus has enabled us to concentrate more on our core activities at a local level, which has been beneficial for the voluntary sector in Wandsworth.

Value for money and excellent service remain crucial to maintain current business and to attract new customers.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is constituted as a company limited by guarantee.

None of the Management Committee has any beneficial interest in the company and they all guarantee to contribute £1 in the event of a winding up.

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WANDSWORTH COMMUNITY TRANSPORT (REGISTERED NUMBER: 01681911)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Decision making

The organisation is managed by a Management Committee (MC) of 11 Trustees, drawn from representatives of the member groups and individual members, volunteers and co-opted individuals from the professional sector.

Induction and training of new trustees

Potential Trustees are nominated in advance of the AGM and elected at that time. New Trustees first meet with the Managing Director who explains in full the workings of the organisation and the responsibilities of the Management Committee and how the Committee functions. Each Trustee receives a copy of "The Good Trustee Guide" (an NCVO publication) which details the roles and responsibilities of a Trustee in general. There is no formal training, but as and when opportunities arise, MC members are encouraged to take advantage of them.

Key management personnel

The staff team is led by the Managing Director, Manuel Button with Deputy Director, Paul Attwood, Transport Manager, Keith Prout and Shopmobility and Volunteer Manager, Marcia Millington overseeing each key area of the service delivery. An overall team of 33 (including several part time and casual drivers) deliver the services.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (three of whom are also the directors of Wandsworth Community Transport for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are 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 safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITORS

The auditors, Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 2 October 2024 and signed on the board's behalf by:

J Ratcliffe - Trustee

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WANDSWORTH COMMUNITY TRANSPORT

Opinion

We have audited the financial statements of Wandsworth Community Transport (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WANDSWORTH COMMUNITY TRANSPORT

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (three of whom are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WANDSWORTH COMMUNITY TRANSPORT

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud.

In common with all audits we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the charitable company operates in. The key laws and regulations we considered in this context included the Charities Act 2011, UK Companies Act and tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company's ability to operate or to avoid a material penalty.

As a result of performing the above, we did not identify any key matters related to the potential risk of fraud or non-compliance with laws and regulations.

Our procedures to respond to risks identified included the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF WANDSWORTH COMMUNITY TRANSPORT

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Askew (Senior Statutory Auditor) for and on behalf of Hartley Fowler LLP Statutory Auditors Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU Date: .............................................

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WANDSWORTH COMMUNITY TRANSPORT

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Notes
INCOME AND ENDOWMENTS FROM
Grants and donations received
2
Charitable activities
5
General operations
Other trading activities
3
Investment income
4
Other income
6
Total
EXPENDITURE ON
Charitable activities
7
General operations
NET INCOME
Transfers between funds
17
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
242,029
805,811
16,050
22,182
27,000
1,113,072
1,051,833
61,239
(165,000)
(103,761)
438,841
335,080		 Designated
funds
£
-
-
-
-
-
-
-
-
165,000
165,000
495,000
660,000		 2024
Total
funds
£
242,029
805,811
16,050
22,182
27,000
1,113,072
1,051,833
61,239
-
61,239
933,841
995,080		 2023
Total
funds
£
252,434
876,192
-
7,064
-
1,135,690
1,080,044
55,646
-
55,646
878,195
933,841

The notes form part of these financial statements

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WANDSWORTH COMMUNITY TRANSPORT (REGISTERED NUMBER: 01681911)

BALANCE SHEET 31 MARCH 2024

Notes
FIXED ASSETS
Tangible assets
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
15
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
TOTAL FUNDS		 Unrestricted
fund
£
154,246
84,847
130,547
215,394
(34,560)
180,834
335,080
335,080		 Designated
funds
£
-
-
660,000
660,000
-
660,000
660,000
660,000		 2024
Total
funds
£
154,246
84,847
790,547
875,394
(34,560)
840,834
995,080
995,080
995,080
995,080		 2023
Total
funds
£
20,224
124,373
825,198
949,571
(35,954)
913,617
933,841
933,841
933,841
933,841

The financial statements were approved by the Board of Trustees and authorised for issue on 2 October 2024 and were signed on its behalf by:

J Ratcliffe - Trustee

The notes form part of these financial statements

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WANDSWORTH COMMUNITY TRANSPORT

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£
122,668
122,668
(206,501)
27,000
22,182
(157,319)
(34,651)
825,198
790,547		 2023
£
96,965
96,965
-
-
7,064
7,064
104,029
721,169
825,198

The notes form part of these financial statements

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WANDSWORTH COMMUNITY TRANSPORT

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

1.
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM
Net income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Profit on disposal of fixed assets
Interest received
Decrease/(increase) in debtors
Decrease in creditors		 OPERATING ACTIVITIES
2024
2023
£
£
61,239
55,646
72,479
73,984
(27,000)
-
(22,182)
(7,064)
39,526
(8,313)
(1,394)
(17,288)
Net cash provided by operations 122,668
96,965
2.
ANALYSIS OF CHANGES IN NET FUNDS
At
Net cash
Cash at bank and in hand		 1/4/23
£
825,198		 Cash flow
At 31/3/24
£
£
(34,651)
790,547
825,198 (34,651)
790,547
Total 825,198 (34,651)
790,547

The notes form part of these financial statements

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WANDSWORTH COMMUNITY TRANSPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102), with the Charities SORP 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Wandsworth Community Transport is a company limited by guarantee. In the event of The Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of The Charity.

Income

All incoming resources except for fares income (which is recognised on receipts basis) are included in the Statement of Financial Activities (SoFA) when The Charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised The Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of The Charity and it is probable that they will be fulfilled.

The charity provides community transport and shopmobility services under contract with the local authority. The income from this contract and other sources without condition is recognised at fair value when The Charity has entitlement, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Investment income is earned through holding assets for investment purposes such as deposit accounts which generate bank interest. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Tangible fixed assets

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

Wheelchairs and mobility scooters - 20% on cost Motor vehicles - 20% on cost

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees in furtherance of the general objectives of The Charity and which have not been designated for other purposes.

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 comprise unrestricted funds that have been set aside by the trustees for particular purposes.

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WANDSWORTH COMMUNITY TRANSPORT

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

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.
GRANTS AND DONATIONS RECEIVED
Donations
Grants receivable
Bus service operators grant
3.
OTHER TRADING ACTIVITIES
Van hire
4.
INVESTMENT INCOME
Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Minibus/shuttle operations
and driver charges
General operations
Other income including
cancellation fees
General operations
Income from fares
General operations
Driver training
General operations
6.
OTHER INCOME
Gain on sale of tangible fixed assets		 2024
£
6,117
219,916
15,996
242,029
2024
£
16,050
2024
£
22,182
2024
£
754,009
9,580
32,863
9,359
805,811
2024
£
27,000		 2023
£
3,610
232,548
16,276
252,434
2023
£
-
2023
£
7,064
2023
£
833,575
4,775
31,124
6,718
876,192
2023
£
-

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WANDSWORTH COMMUNITY TRANSPORT

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

7. CHARITABLE ACTIVITIES COSTS

General operations
8.
SUPPORT COSTS
General operations
Support costs, included in the above, are as follows:
Finance
Bank charges
Accountancy and Examiners fees
Administrative expenses
Premises costs
Administrative expenses
Depreciation
Governance costs
Auditors' remuneration		 Direct
Costs
£
918,837
Administrative
Finance
expenses
£
£
2,134
125,612
 Support
costs (see
note 8)
£
132,996
Governance
costs
£
5,250
2024
General
operations
£
328
1,806
2,134
2024
General
operations
£
43,888
9,245
72,479
125,612
2024
General
operations
£
5,250		 Totals
£
1,051,833
Totals
£
132,996
2023
Total
activities
£
273
1,720
1,993
2023
Total
activities
£
32,329
16,969
73,984
123,282
2023
Total
activities
£
5,000

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WANDSWORTH COMMUNITY TRANSPORT

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

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Auditors' remuneration|5,250|5,000| |Depreciation - owned assets|72,479|73,984| |-| |Surplus on disposal of fixed assets|(27,000)|

----- End of picture text -----

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

11. STAFF COSTS

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Wages and salaries|676,163|703,035| |Other pension costs|18,925|19,334| |695,088|722,369|

----- End of picture text -----

Key management personnel

The charity considers its key management personnel to comprise the following:

----- Start of picture text -----
||| |---|---| |Managing Director|Manuel Button| |Deputy Director|Paul Attwood| |Transport Manager|Keith Prout| |Shopmobility and Volunteer Manager|Marcia Millington|

----- End of picture text -----

The aggregate remuneration and other benefits paid to key management personnel was £177,287 (2023 - £169,087.

The average monthly number of employees during the year was as follows:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |General operations|21|13| |Shopping shuttle/Shopmobility|5|5| |Dial a ride|8|8| |34|26|

----- End of picture text -----

No employees received emoluments in excess of £60,000.

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WANDSWORTH COMMUNITY TRANSPORT

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

----- Start of picture text -----
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Designated Total
fund funds funds
£ £ £
INCOME AND ENDOWMENTS FROM
Grants and donations received 252,434 - 252,434
Charitable activities
-
General operations 876,192 876,192
Investment income 7,064 - 7,064
Total 1,135,690 - 1,135,690
EXPENDITURE ON
Charitable activities
-
General operations 1,080,044 1,080,044
NET INCOME 55,646 - 55,646
RECONCILIATION OF FUNDS
Total funds brought forward 383,195 495,000 878,195
TOTAL FUNDS CARRIED FORWARD 438,841 495,000 933,841
13. TANGIBLE FIXED ASSETS
Wheelchairs
and
mobility Motor
scooters vehicles Totals
£ £ £
COST
At 1 April 2023 59,944 881,769 941,713
Additions - 206,501 206,501
-
Disposals (122,535) (122,535)
At 31 March 2024 59,944 965,735 1,025,679
DEPRECIATION
At 1 April 2023 59,944 861,545 921,489
-
Charge for year 72,479 72,479
-
Eliminated on disposal (122,535) (122,535)
At 31 March 2024 59,944 811,489 871,433
NET BOOK VALUE
At 31 March 2024 - 154,246 154,246
At 31 March 2023 - 20,224 20,224
----- End of picture text -----

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WANDSWORTH COMMUNITY TRANSPORT

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

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
15.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
VAT
Other creditors		 2024
£
54,908
29,939
84,847
2024
£
1,522
5,916
27,122
34,560		 2023
£
32,233
92,140
124,373
2023
£
3,159
8,684
24,111
35,954

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
17.
MOVEMENT IN FUNDS
At 1/4/23
£
Unrestricted funds
General fund
438,841
Vehicle replacement fund
345,000
Operating reserves
150,000
933,841
TOTAL FUNDS
933,841
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS		 Net
movement
in funds
£
61,239
-
-
61,239
61,239
Incoming
resources
£
1,113,072
1,113,072		 2024
£
30,000
75,000
105,000
Transfers
between
funds
£
(165,000)
165,000
-
-
-
Resources
expended
£
(1,051,833)
(1,051,833)		 2023
£
30,000
105,000
135,000
At
31/3/24
£
335,080
510,000
150,000
995,080
995,080
Movement
in funds
£
61,239
61,239

-19-

WANDSWORTH COMMUNITY TRANSPORT

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

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Vehicle replacement fund
Operating reserves
TOTAL FUNDS		 Net
movement
At 1/4/22
in funds
£
£
383,195
55,646
345,000
-
150,000
-
878,195
55,646
878,195
55,646		 At
31/3/23
£
438,841
345,000
150,000
933,841
933,841

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
TOTAL FUNDS		 Incoming
resources
£
1,135,690
1,135,690		 Resources
expended
£
(1,080,044)
(1,080,044)		 Movement
in funds
£
55,646
55,646

18. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

-20-