| CONTENTS | 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—26 |
| The directors during the | year were as follows: |
|---|---|
| Chair: | Prof S Bowlby |
| OtherAssociate | |
| Directors: | J Brindley (appointed 2001.23) |
| P Etherington-Smith (resigned 19.12.22) | |
| Prof R Gurney (resigned 0208.22) | |
| Prof K Nakata (appointed 191222) | |
| D Miller (appointed 19.12.22) | |
| B Wedge | |
| R Williams | |
| Local Authority | |
| Appointments: | ClIr Mohammed Ayub (Reading Borough Council |
| CUr A Heap (Woodley Town Council) | |
| ClIr G Khan (Reading Borough Council) | |
| ClIr Dr J Lanzoni (Reading Borough Council) (appointed 01.07.22) | |
| Cur M Smith (Wokingham Borough Council) (appointed 20.06,22) | |
| Cur R Williams (Reading Borough Council) (resigned 2006.22) | |
| Service-user: | Michael Tran |
| Other Co-options: | R IJuveen |
| G Grandison | |
| ClIr T Maher (Earley Town Council) | |
| Honorary Secretary: | T Bottomley |
| Honorary Treasurer: | Vacant |
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF READIBUS (CONTINUED)
We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.
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 might be fundamental to the charitable company's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were Charity Commission legislation, health and safety legislation, General Data Protection Regulation (GDPR), employment legislation and Company Law.
Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence and reading minutes of meetings of those charged with governance.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non compliance with all laws and regulations.
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 auditor's 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.
Janette Joyce
Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Reading
Date: 31 July 2023
Page 12
| Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | 2023 | 2022 | ||
| Note | £ | £ | £ | £ | |
| Income and endowments from: | |||||
| Donations and legacies | |||||
| Donations and legacies | 13,826 | - | 13,826 | 49,501 | |
| Income from charitable activities | |||||
| Bus fare and contract work income | 2 | 887,003 | - | 887,003 | 880,016 |
| Grants receivable for bus services | 3 | 89,350 | - | 89,350 | 93,922 |
| Other trading activities | |||||
| Training service fee income | 4,160 | - | 4,160 | 6,100 | |
| Income from investment | 3,789 | - | 3,789 | 89 | |
| Other income | 5 | 20,427 | - | 20,427 | 26,260 |
| Government Grant - CJRS |
14.611 | ||||
| TOTAL INCOME | - | 4A | iDiO.499 | ||
| Expenditure on: | |||||
| Expenditure on charitable activities | |||||
| Provision of bus services | 6a | 964164 | 964,164 | 920.457 | |
| TOTAL EXPENDITURE | 964.164 | 920.457 | |||
| NET INCOME/(EXPENDITURE) AND | 4 | 54,391 | - | 54,391 | 150,042 |
| MOVEMENT IN FUNDS | |||||
| Funds at I April 2022 | 942,487 | 39,475 | 981,962 | 831,920 | |
| FUNDS AT 31 MARCH 2023 | 14 | 39.479 | 1.036.353 | 981,962 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| Notes | £ | £ | £ | |
| FIXED ASSETS | ||||
| Tangible assets | 8 | 91,155 | 3.375 | |
| Investments | 9 | 2 | 2 | |
| 91,157 | 3,377 | |||
| CURRENT ASSETS | ||||
| Debtors | 10 | 94,094 | 93.834 | |
| Cash at bank and in hand | 922,972 | 930,754 | ||
| 1,017,066 | 1,024,588 | |||
| CREDITORS: amounts falling due | ||||
| within one year | 11 | (71,870) | (46,003) | |
| NET CURRENT ASSETS | 945,196 | 978,585 | ||
| NET ASSETS | 1036353 | 981,962 | ||
| FUNDS | ||||
| Unrestricted - General |
356,878 | 302.487 | ||
| - Designated | 12 | 640,000 | 640,000 | |
| Restricted | 13 | 39,475 | 39.475 | |
| TOTAL FUNDS | 14 | 1036.353 | 981.962 |
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Cash generated by operating activities (see below): | 82,730 | 178,554 |
| Cash flows from investing activities | ||
| Interest income | 3,789 | 89 |
| Proceeds from sales of fixed assets | - | 5855 |
| Purchase of fixed assets | (95,245) | |
| (91,456) | 5,944 | |
| Change in cash and cash equivalents at the end ofthe year | 18.726) | 184.498 |
| Reconciliation of net cash flow to movement in net funds/debt | ||
| Net funds at 1 April 2022 | 920,488 | 735,990 |
| Decrease in cash in the year | (8,726) | 184,498 |
| Net funds at3l March 2023 | 911.762 | 920.488 |
| Analysis of cash and cash equivalents | ||
| Cash in hand | 922,972 | 930,754 |
| Bank overdraft | (11,210) | (10,266) |
| Total cash and cash equivalents at end of the year | 911.762 | 920.488 |
| Reconciliation of cash flows from operating activities | ||
| Net movement in funds | 54,391 | 150,042 |
| Depreciation and amortisation | 7,465 | 31,108 |
| Profit on disposal of fixed assets | - | (5,833) |
| (lncrease)/decrease in debtors | (260) | 3,429 |
| lncrease/(decrease) in creditors | 24,923 | (103) |
| Interest income | (3,789) | (89) |
| Net cash provided by operating activities | 82.730 | 178.554 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Dial-a-Ride Contract- Reading Borough Council | 450,400 | 450,000 | ||
| Bus fare income | 267,665 | 259,004 | ||
| Other Contract income | 168,938 | 171,012 | ||
| £ | 887.003 | £ | 880.016 | |
| GRANTS | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Wokingham Borough Council | 65,000 | 65,000 | ||
| West Berkshire Council | 5000 | 5,000 | ||
| Woodley Town Council | 16,500 | 19,422 | ||
| Wargrave Parish Council | 2,000 | - | ||
| Wokingham Town Council | - | 500 | ||
| Earley Town Council | 1,500 | |||
| Goring Parish Council | 700 | 350 | ||
| Thatcham Town Council | - | 1,000 | ||
| Newbury Town Council | - | 1,000 | ||
| Sonning Parish Council | 150 | 150 | ||
| £ | 89.350 | £ | 93.922 |
| 4. | NET INCOME/(EXPENDITURE) | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| Is stated after charging: | |||||
| Depreciation oftangible assets | 7,465 | 31,108 | |||
| Auditors’ remuneration (excluding VAT) | 12,345 | 10,130 | |||
| Rentals payable under operating leases | 73,4 | 5a409 | |||
| 5. | OTHER INCOME | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Fuel duty rebate | 20,427 | 20427 | |||
| Profit on disposal of fixed assets | 5833 | ||||
| £ | 26.260 | ||||
| 6a) | PROVISION OF BUS SERVICES COSTS | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Staff costs | 540,429 | 504,814 | |||
| Depreciation | 7,465 | 31,108 | |||
| Other operating expenditure (6b) | 169,650 | 157,722 | |||
| Support costs (6c) | 246,620 | 226.813 | |||
| £ | 920.457 | ||||
| 6b) | OTHER OPERATING EXPENDITURE | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Transport running costs | 126,436 | 111,957 | |||
| Insurance | 37,334 | 41.592 | |||
| Telephone | 1,671 | 1,669 | |||
| Staff recruitmeflt | 575 | 373 | |||
| Stafftraining | 699 | 149 | |||
| Uniform | 2,649 | 1,048 | |||
| Training service costs | 286 | 819 | |||
| Bad debts and discounts | 115 | ||||
| £ | 169.650 | £ | 157.722 |
READIBUS
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
6c) SUPPORT COSTS
| 7. Staf costs Rent and rates Light and heat Repairs and maintenance Printing, postage and stationery Sofware and ofice expenses Subscriptions Equipment rental Miscellaneous Bank charges Motor and travel expenses Room hire and meeting expenses Professional fees Governance costs staf Governance costs other STAFF COSTS Wages and salaries Social security costs Pension costs The average number of employees during the year: Full time Part time Casual time |
2023 £ 92,779 79,541 4,800 5,234 1,842 17,428 605 174 2,330 601 421 649 17,037 10,309 121s10 £~~246.620~~ 2023 £ 583,408 35,909 241200 ~~£ 643.517~~ No. 13 19 11 ~~43~~ £ £ |
2022 £ 92,933 63,586 2,911 6,608 1,999 15,055 515 174 2,132 645 22,749 10,326 7180 226813 2022 £ 549,660 34,623 23,790 fQ8~~Q7~~3 No. 13 21 11 45 |
|---|---|---|
During the year none of the Trustees received any remuneration (2022: £NIL). None of the Trustees received reimbursed expenses (2022: £NIL) and no expenses were waived in the year by trustees and senior management. No employee earned more than £60,000 per annum.
The trustees consider the board of trustees, the General Manager and the broader staff management team including team leaders and operations controllers as comprising the key management personnel of the charity. The total number of benefits of the key management personnel of the charity were £212, 008 (2022; £204,852).
During the current and prior year there were no redundancy payments made.
Page 20
| Office | Fixtures and | Fixtures and | ||||||
|---|---|---|---|---|---|---|---|---|
| Buses | equipment | fittings | Total | |||||
| £ | £ | £ | £ | |||||
| ACCUMULATED COST: | ||||||||
| At 1 April 2022 | 882,627 | 153,296 | 111290 | 1,147,213 | ||||
| Additions | 93,363 | 1,882 | - | 95,245 | ||||
| At 31 March 2023 | 975,990 | 155,178 | 111,290 | 1,242,458 | ||||
| ACCUMULATED | ||||||||
| DEPRECIATION: | ||||||||
| At 1 April 2022 | 880,835 | 151,713 | 111,290 | 1,143,838 | ||||
| Charge for the year | 6,473 | 992 | - | 7,465 | ||||
| Disposals | - | - | - | - | ||||
| At 31 March 2023 | 887,308 | 152,705 | 111,290 | 1,151,303 | ||||
| NET BOOK VALUES: | ||||||||
| At 31 March 2023 | £ | 2.473 | £ | - | £ | 91.155 | ||
| At31 March 2022 | £ | 1.792 | £ | 1,583 | £ | - | £ | 3,375 |
| DEBTORS | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Trade debtors | 33,355 | 31,536 | ||
| Other debtors | 18,037 | 16,345 | ||
| Prepayments and accrued income | 42,702 | 45,953 | ||
| £ | 94.094 | £ | 93.834 |
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Bank overdraft | 11,210 | 10,266 | |
| Trade creditors | 32,817 | 10,826 | |
| Other taxes and social security | 9,653 | 9,975 | |
| Other creditors | 3,550 | 2,509 | |
| Accruals and deferred income | 14,640 | 12.427 | |
| ,JjJ7 | £ | 46.003 |
| 1Apr11 | New | Utilised/ | 31 March | ||||
|---|---|---|---|---|---|---|---|
| 2022 | designations | (released) | 2023 | ||||
| £ | £ | £ | £ | ||||
| Bus | Replacement | Fund | £ | 640.000 | £93,363 | (€93,363) | £640,000 |
| £ | 640.000 | fl32f | £640000 |
| 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1 | April | 31 March | |||||||
| 2022 | Income | Expenditure | 2023 | ||||||
| £ | £ | £ | £ | ||||||
| Bus and associated equipment | |||||||||
| appeal and donations | 31.000 | - | - | 31,000 | |||||
| Positive Image campaign | 255 | - | - | 255 | |||||
| CCTV | 8,220 | 8,220 | |||||||
| Total | £ | 39,475 | £ | - | - | £ | 39.475 |
| I | April | 31 March | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2021 | Income | Expenditure | 2022 | ||||||
| £ | £ | £ | £ | ||||||
| Bus andassociated equipment | - | ||||||||
| appeal and donations | 6,000 | 25,000 | - | 31,000 | |||||
| Positive Image campaign | 665 | 25 | (435 | 255 | |||||
| CCTV | 8,220 | 8,220 | |||||||
| Total | £ | 14885 | £ | 25,025 | £ | (435) | £ | 39.475 |
| Fund balances at 31 March | 2023 ar | e represented by: | e represented by: | ||
|---|---|---|---|---|---|
| Unrestricted | |||||
| General | Designated | Restricted | Total | ||
| Funds | Funds | Funds | funds | ||
| £ | £ | £ | £ | ||
| Tangible fixed assets | 91155 | - | - | 91,155 | |
| Investments | 2 | 2 | |||
| Current assets | 337,591 | 640,000 | 39,475 | 1,017,066 | |
| Current liabilities | (71870) | - | 171,870) | ||
| £ | 356.878 | £1036363 |
| Fund balances at 31 March | 2022 are | represented by: | represented by: | represented by: | |||
|---|---|---|---|---|---|---|---|
| Unrestricted | |||||||
| General | Designated | Restricted | Total | ||||
| Funds | Funds | Funds | funds | ||||
| £ | £ | £ | £ | ||||
| Tangible fixedassets | 3.375 | - | - | 3,375 | |||
| Investments | 2 | - | - | 2 | |||
| Current assets | 345,113 | 640,000 | 39,475 | 1,024,588 | |||
| Current liabilities | (46,003) | - | (46,003) | ||||
| £ | 302.487 | £ | 640.000 | £ | 39.475 | £ 98f32 |
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Basic | financial | assets measured at amortised cost | 970,067 | 975,427 |
| Basic | financial | liabilities measured at amortised cost | 62,670 | 36,030 |
| Basic | financial | assets measured at fair value | 2 | 2 |
| 2023 | 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| £ | £ | ||||||||
| Total | interest | income | for | basic | financial | assets | 89 |
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| Funds | Funds | 2022 | 2021 | |
| £ | £ | £ | £ | |
| Income and endowments from: | ||||
| Donations andlegacies | ||||
| Donations andlegacies | 17,809 | 25,025 | 42,834 | 16,316 |
| Income from charitable activities | ||||
| BLIS fare and contract work income | 880,016 | 880,016 | 873,731 | |
| Grants receivable forbus services | 100,589 | 100,589 | 93,878 | |
| Othertrading activities | ||||
| Training service fee income | 6,100 | 6,100 | 400 | |
| Income from investment | 89 | 89 | 210 | |
| Otherincome | 26,260 | 26,260 | 20,427 | |
| Government Grant - CJRS |
14,611 | 14,611 | 227.603 | |
| TOTAL INCOME | 1.045,474 | 25.025 | 1,070,499 | 1.234 565 |
| Expenditure on: | ||||
| Expenditure on charitable activities | ||||
| Provision ofbus services | 920,022 | 435 | 920,457 | 982,303 |
| TOTAL EXPENDITURE | 920,022 | 435 | 920.457 | 962,303 |
| Exceptionalpension credit | 213,000 | |||
| NET INCOME.4EXPEiVDITURE) AND | 125,452 | 24,590 | 150,042 | 465,262 |
| MOVEMENT IN FNDS | ||||
| Funds at 1 April 2021 | 817.035 | 14,885 | 831,920 | 366,658 |
| FUNDS AT3I MARCH 2022 | 942,487 | 39.475 | 981,962 | 831,920 |