2021-03-31-accounts

CONTENTS	PAGE NO.	PAGE NO.
Company Information		1
Directors’ Report	2	— 8
Statement of Directors’ Responsibilities		9
Independent Auditors’ Report	10	— 12
Statement of Financial Activities		13
Balance Sheet		14
Statement of cash flows		15
Notes to the Financial Statements	16	—29

Chair:	Prof S Bowlby
Other Associate
Directors:	Mr D Dennett (resigned 28 July 2020)
	Mr P Etherington-Smith
	Prof R Gurney
	Mr B Wedge
	Mr R Williams
Local Authority
Appointments:	Cur Mohammed Ayub (Reading Borough Council
	Cllr J Beck (West Berkshire County Council)
	Cllr G Grandison (Wokingham Borough Council)
	Cllr G Khan (Reading Borough Council)
	Cllr J MacNaught (Woodley Town Council) (died October 2020)
	Cllr T Maher (Earley Town Council (appointed 4 September 2020)
	Cllr R Williams (Reading Borough Council)
Other Co-options:	Mr R Duveen
Honorary Secretary:	Mr T Bottomley
Honorary Treasurer:	Mr D Dennett (resigned 28 July 2020)

		Unrestricted	Restricted	Total	Total
		Funds	Funds	2021	2020
	Note	£	£	£	£
Income and endowments from:
Donations and legacies
Donations and legacies		13,316	5,000	18,316	11,601
Income from charitable activities
Bus fare and contract work income	2	873,731	-	873,731	990, 164
Grants receivable for bus services	3	93,878	-	93,878	140,067
Othertrading activities
Training service fee income		400	-	400	3, 196
Income from investment		210	-	210	726
Other income	5	20,427		20,427	28,152
Government Grant - CJRS		227,603	-	227,603	10, 120
TOTAL INCOME		1,229,565	5,000	1,234,565	1,184,026
Expenditure on:
Expenditure on charitable activities
Provision of bus services	6a	981,868	435	982,303	1,192,834
TOTAL EXPENDITURE		981,868	435	982,303	1,192834
Exceptional pension credit		213,000	-	213,000
Net income/ (expenditure)	4	460,697	4,565	465,262	(8,808)
Actuarial gains/(losses) on defined
benefit pension schemes	15	-		-	76,000
NET MOVEMENT IN FUNDS		460,697	4,565	465,262	67,192
Funds at 1 April 2020		356,338	10,320	366,658	299,466
FUNDS AT 31 MARCH 2021	14	817,035	14.885	831.920	366,658

			2021			2020
	Notes	£		£		£
FIXED ASSETS
Tangible assets	8			34,505		79,521
Investments	9			2		2
				34,507		79,523
CURRENT ASSETS
Debtors	10	97,263				126,653
Cash at bank and in hand		740,244				416,035
		837,507				542,688
CREDITORS: amounts falling due
within one year	11	(40,094)				(42,553)
NET CURRENT ASSETS				797,413		500, 135
TOTAL ASSETS LESS CURRENT
LIABILITIES				831,920		579,658
PENSION LIABILITY	15					(213,000)
NET ASSETS			£	831,920	£	366,658
FUNDS
Restricted	13			14,885		10,320
Unrestricted - General				177,035		149,338
- Pension reserve	15					(213,000)
- Designated	12			640,000		420,000
TOTAL FUNDS	14		£	831,920	£	366,658

	2021	2020
	£	£
Cash generated by operating activities (see below):	321,835	96,021
Cash flows from investing activities
Interest income	210	726
Proceeds from sales of fixed assets		5,250
Purchase of fixed assets	(401)	(3,113)
	(191)	2,863
Change in cash and cash equivalents at the end of
the year	321,644	98,884
Reconciliation of net cash flow to movement in net
fundsldebt
Net funds at 1 April 2020	414,346	315,462
Increase in cash in the year	321,644	98,884
Net funds at 31 March 2021	735990	414,346
Analysis of cash and cash equivalents
Cash in hand	740,244	416,035
Bank overdraft	(4,254)	(1,689)
Total cash and cash equivalents at end ofthe year	735,990	414,346
Reconciliation of cash flows from operating activities
Net movement in funds	465,262	67,192
Defined benefit pension movements	(213,000)	(65,000)
Depreciation and amortisation	45,417	68,197
Profit on disposal of fixed assets	-	(5,250)
Decrease in debtors	29,390	54,777
(Decrease) in creditors	(5,024)	(23,169)
Interest income	(210)	(726)
Net cash provided by operating activities		96,021

2.	BUS FARE AND CONTRACT WORK INCOME
			2021		2020
			£		£
	Dial-a-Ride Contract- Reading Borough Council		450,000		525,000
	Bus fare income		279,799		293,519
	Other Contract income		143,932		171,645
		£	873,731	£	990,164
3.	GRANTS
	Wokingham Borough Council		65,000		65,000
	West Berkshire Council		6,567		27,269
	Woodley Town Council		19,211		18,761
	Wokingham Town Council		-		3,000
	Winnersh Parish Council		-		2,250
	Shinfield Parish Council		-		2,000
	Wargrave Parish Council		-		2,000
	Earley Town Council		1,500		1,500
	Goring Parish Council		350		700
	Berkshire Community Foundation		-		10,000
	Falklands Surgery		1,250		7,587
		£	93,878	£	140,067
4.	NET INCOMEI(EXPENDITURE)
			2021		2020
			£		£
	Is stated after charging:
	Depreciation of tangible assets		45,417		68,197
	Auditors’ remuneration (excluding VAT)		9,650		9,350
	Rentals payable under operating leases		59,614		59609
5.	OTHER INCOME
	Fuel duty rebate		20,427		22,902
	Profit on disposal of fixed assets		-		5,250
		£	20,427	£	28,152

		2021	2020
		£	£
Staff costs		563,437	663,814
Depreciation		45,417	68,196
Other operating expenditure (6b)		138,771	226,045
Support costs (6c)		234,678	234, 779
	£	982,303	£1192834

Transport running costs		83,403		161,530
Insurance		53,399		60,462
Telephone		1,802		1,862
Staff recruitment				1,041
Staff training		20		451
Uniform		147		351
Training service costs				348
	£	138,771	£	226045

		2021		2020
		£		£
Staff costs		88,073		93,949
Rentand rates		64,192		65,155
Lightand heat		7,115		5,712
Repairs and maintenance		5,146		7,092
Printing, postage and stationery		1,945		1,698
Software and office expenses		17,565		14,233
Subscriptions		611		480
Equipment rental		254		248
Miscellaneous		1,831		3,921
Bank charges		769		1,007
Motorand travel expenses		127		101
Room hire and meeting expenses		-		288
Professional fees		25,525		20,038
Governance costs staff		9,786		10,439
Governance costs other		11,739		10,418
	£	234,678	£	234,779
STAFF COSTS
Wages and salaries		600,381		691, 146
Social security costs		34,996		41,693
Pension costs		25,919		35,363
				£ 768,202

	No.	No.
The average number ofemployees during the year:
Full time	13	15
Part time	26	29
Casual time	11	13
	50	57

				Office	Fixtures and	Fixtures and
		Buses		equipment		fittings		Total
		£		£		£		£
COST:
At 1 April2020		961,529		152,917		111,290		1,225,736
Additions				401		-		401
Disposals
At31 March2021		961,529		153,318		111,290		1,226,137
DEPRECIATION:
At 1 April2020		885,523		149,402		111,290		1,146,215
Chargefortheyear		43981		1,436		-		45,417
Disposals
At31 March2021		929,504		150,838		111,290		1,191,632
NET BOOK VALUES:
At 31 March 2021	£	32025	£	2480			£	34505
At31 March2020	£	76,006	£	3,515	£	-	£	79,521

DEBTORS
		2021		2020
		£		£
Trade debtors		32,649		51,277
Other debtors		24,332		25,205
Prepayments and accrued income		40,282		50, 171
	£	97,263	£	126,653

		2021		2020
		£		£
Bank overdraft		4,254		1,689
Trade creditors		5,894		9,626
Othertaxes and social security		10,870		11,412
Other creditors		3,001		3,844
Accruals and deferred income		16,075		15,982
	£	40,094	£	42,553

		1 April		New		Utilisedl		31 March
		2020	designations			(released)		2021
		£		£		£		£
Bus Replacement Fund	£	360,000	£	280,000	£	-	£	640,000
Licensing Compliance Fund	£	60,000	£	-	£	(60,000)	£	-
	£	420,000	£	280,000	£	(60,000)	£	640,000

		1	April						31 March
		2020			Income	Expendilture			2021
			£		£		£		£
Bus and associated equipment
appeal			1,000		5,000		-		6,000
Positive Image campaign			1,100		-		(435)		665
CCTV			8,220				-		8,220
Total	£		10,320	£	5,000	£	(435)	£	14,885
2020
		1	April						31 March
		2019			Income	Expenditure			2020
			£		£		£		£
Bus and associated equipment
appeal			500		500		-		1,000
Positive Image campaign			1,100		-		-		1,100
CCTV			5,000		3,220				8,220
Total	£		6,600	£	3,720	£	-	£	10,320

Fund balances at 31 March 2	021 are represented by:	021 are represented by:	021 are represented by:
	Unrestricted
	General	Designated			Restricted		Total
	Funds		Funds		Funds		funds
	£		£		£		£
Tangible fixed assets	34,505		-		-		34,505
Investments	2		-		-		2
Current assets	182,622		640,000		14,885		837,507
Current liabilities	(40,094)				-		(40,094)
		£	640,000	£	14,885	£	831.920

Fund balances at 31 March 2	020 are represented by:	020 are represented by:
	Unrestricted
	General	Designated		Restricted	Total
	Funds	Funds		Funds	funds
	£	£		£	£
Tangible fixedassets	79,521	-		-	79,521
Investments	2	-		-	2
Currentassets	112,368	420,000		10,320	542,688
Currentliabilities	(42,553)	-		-	(42,553)
Pension reserve	(213,000)				(213,000)
		£ 420,000	£	10,320	£ 366,658

Theprincipal assumptions used in calculating the FRS 102	valuations are as follows:
	2020	2019
Rate ofincrease in salaries	2.85%	4.10%
Rate ofincrease in pensions in payment	1.85%	2.60%
Discountrate	2.35%	2.45%

rates. The assumed life expectations on retireme	nt ages 65 are:
Retiring today
Females	24.1	24.0
Males	21.5	21.4
Retiring in 20years
Females	25.5	25.4
Males	22.9	22.8

The estimated asset allocation forReadiBus as at	31 March 2020 is as follows:
	2020	2019
	£000	£000
Equities	180	174
Otherbonds	30	45
Property	44	46
Cash	38	27
Targetreturn portfolio	13	16
Commodities	2	2
Infrastructure	26	31
Longevity insurance	(14)	(14)
Totalmarket value ofassets	319	327

Amounts recognised in the Statement offinancial activities are as follows
	2020
	£ 000
Current service cost	7
Interest on the defined liability	7
Total	14
Movements in the present value ofdefined benefit obligations were as follows:
	2020
	£000
Opening	605
Current andpastservice cost, including curtailments	7
Interest cost	15
Change in financial assumptions	(69)
Estimated benefitspaid net oftransfers in	(7)
Contributions from scheme members	I
Closing	532

Movements in the fair value ofassets were as follows:
	2020
	£ 000
Opening	327
Intereston assets	8
Return on assetsless interest	(13)
Actuarialgains/(losses)	I
Estimated benefits paidplus unfunded net oftransfers in	(7)
Contributions by employer	3
Contributions from scheme members	I
Closing	319

operating leases as follows:
		Land and	Buildings					Other
		2021		2020		2021			2020
		£		£		£			£
Less than 1 year		59,360		59,360			-
Between 2 and 5 years		9,893		69,253
	£	69,253	£	128,613	£		-	£		-

			2021	2020
			£	£
Basic	financial	assets measured at amortised cost	794,881	490,431
Basic	financial	liabilities measured at amortised cost	29,224	31,	141
Basic	financial	assets measured at fair value	2		2

The e	ntity’s in	come, e	xp	ense,	gains and	losses in respect o	ffinancial instrum	ents are	summarise	d b
							2021		2020
							£		£
Total	interest	income	for	basic	financial	assets		210		726

	Unrestricted	Restricted	Total
	Funds	Funds	2020
	£	£	£
Income and endowments from:
Donations and legacies
Donations and legacies	7,881	3,720	11,601
Income from charitable activities
Bus fare andcontract work income	990,164		990,164
Grants receivable forbus seniices	140,067		140,067
Othertrading activities
Training service fee income	3,196	-	3, 196
Income from investment	726	-	726
Other income	38,272	-	38,272
TOTAL INCOME	1,180,306	3.720	jj4,026
Expenditure on:
Expenditure on charitable activities
Provision ofbus services	1,192,834		1,192,834
TOTAL EXPENDITURE	j.192,834		1 192.834
Netincome/(expenditure)	(12,528)	3,720	(8,808)
Introduction ofpension liability		-
Actuarial gains/(losses) on defined benefit
pension schemes	76,000		76,000
NETMOVEMENT INFUNDS	63,472	3,720	67,192
Funds at 1 April 2019	292,866	6,600	299,466
FUNDS AT 31 MARCH 2020	356,338	10,320	366,658