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|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|
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|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)|
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|||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|
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||||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|
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||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|
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|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|
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|||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|
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|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|
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|||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|
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|||||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|
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|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|
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|||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|
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|||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|
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|||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|
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|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|
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|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|
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|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%|
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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|
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|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|
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|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|£||-|£||-|
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||||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|
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||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|