| 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 |