Charlty reglstratlon number 1044133 (England and Wal•s) Company reglstration nurnbor 02794243 WALSALL COMMUNITY TRANSPORT LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 WALSALL COMMUNITY TRANSPORT LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trusteas Ms M Clare Mrs E C Boyujtt M5 R Ward 8ocrotary Ms M Clare Charfty numbor 1044133 Company numbor 02794243 Roglglernd ¢)ffice Tha Old Dairy Pelsall Lane Little BIoxA¥lch Walsall West Midlands WS3 3DH Audltor E￿ardS 34 Hlgh Street Aldridge Walsall West Midlands WS9 8LZ Solicltors Enoch Evans LLP St Paul's Chamber8 &9 Hatherton Road Walsall We8t Midland8 WS1 1XS WALSALL COMMUNITY TRANSPORT LIMITED CONTENTS Page Trust8es' r8POrt Statemenl of Trustees. rasponslbllitigs Indeperxlent audÉtorf8 raport Statement of financial 8clÈvitles Baance sheet 10 ststement of cash flows 11 Notes to the financlal statements 12-21 WALSALL COMMUNITY TRANSPORT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trust88s present thelr annual report and financial statemenls for the year ended 31 March 2025. The flnanual Statements have boen prepared in accordance wlth th8 accounting policaes set out in note 1 to the financial statements and comply with thè Charfty's governing document, the Companies Act 2006 and 'Accounlng and Reporttng by Charities- Staiemenl of Re¢ommended Practice aP￿icable to charities preparing their accounts in accordance wth the Financl81 Reporting Stsndard appllcable in the UK and R8publlc of Ireland {FRS 102). (effective 1 January 2019). Obloctlve5 and actlvlties The principal activty of the charlty is to provid6 accesslble and affordable transport to other local agencles and community groups. Our vlslon To be a valued communlty organlsatlon provldlng a sustalnable and accesslble transport servlce that Is relevant for local need. Our Misslon for. Pgople To b8 helpful caring and efficlent . To ￿spect all our servl¢e users and to treat them wllh dignity . To have well trained, motlvated and supported staff {both pald and volunlary) . To publicise eur 8ervlces well and target marglnallzed groups Servlce Dev8lopment . To malntain Uie hlghest stsndards In 8118spacts of seNlce deliv8ry . To be cost effeclv8 and vi8bl8 . To be Innovativé, comp8titlve 8nd at the'leading edge, of servlce provision wlthin avallable resourc8S To seek out new viable business opportunities Communlty . To work In partnershlp with oth8r local organlsatlons for thè benefit of our customers . To malntain a high profile In the Walsall and surrounding aroas. . To provrde oth8r local voluntsry groups with advic8 about accessible transport matters Publlc b•noflt The Truslees have paid due regard to guldance issued by the Charity Commlsslon on public benefrt and feel that thls has been achieved by th8lr efforts to maximise Income and seryice dellvery. WALSALL COMMUNITY TRANSPORT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT> (CONTINUED) FOR THE YEARENDEDJJ.MARCH..2Q25 Achlev8monts and performance We are pleased to make thls report to the Charity'5 Annual General Meeung on our perfomance to the end of March 2025. This year, w8've strengthened our core services and deepened our support for the voluntary sector. Backing from Transport for West Midlands (TtWMI and other partners contlnues to be vltsl to our stability and growth. Tran5POrt S8rvices & Partnerships Maintained strong 'relation3hips Bloxwlch 'Communlty Partn8rshSp. Wal$aN Colleg8, and Walsall Council'5 Home to School Transport Departrrent. Renewed our partnership with South Staffs College to support Rodbaston students. Passenger number5 are rtsing, 5UPPOrt8d by sust8in8d pr8-COVID fijnding. Of fiv8 substdised bus contracts ret8nd8red, we retained threa and108t two. Our six current services will g8ner8te £1.1 mllllon over the next two years. As a Bus Aliance 808rd member, we will advocate for small operators ahead of the 2027 franchlslng Iransition. Levs Chat Hubs: Combatlng Lonelln88S extended fijnding for the Walsall Bus Station hub for another 12 months. Took ov8r the West Bromwlch Bus Station hub followlng the closure of CT Passenger Services in the region. Both hubs op8rat8 five days a week, offering.. Communlty information and servtC8 access Soclal connectton and group meeting space Opportuniti8s for local org8nlsat1ons to grow Ihelr m8mbershlp Sector Recognltlon & Funding Success CT. DRT, and Rlng & Rlde worg formally recognised In TWM'8 Enhanced Partnership Scheme. Secured new BSIP fvnding from 2025 to subsidise travel for community group5 in Walsall and Sandw811. This marks a major milestone for our sectrjr-thanks to Tfwm officers for their Gontlnued support. Community Health & Wellbeing Continued collaboration on the Thrive project with Public Hèalth, .Bloxwich Communlty Partnershlp, and Manor Fami CA. Delivered rnDbile health And weilbelng s3r¥ices.to.rasidents unable to occess to￿ centres. Door-tOdDoor Shcpplng ServlrA Provlded essential transport for elderty and dlsabled residents in Bloxwich, Aldrfdg8, and Pheasey. Sécured funding to expand the servlce borough-wtde next year. WALSALL COMMUNITY TRANSPORT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Fleet Renewal & Envlronmental Goal8 Upgrading our fleet to meet air quality targets remains a financlal challenge. With nearfy all finance agr8em8nts settled, we resumed our replacement stratsgy. Added two new vehicles., our fteet now includes.. 24 mlnlbuses 2 staff cars staff Commitrnent & Flnanclal Pressures Our stsff s dedlcauon Is the founda￿On of our suKw6s. Rising wage costs are difflcult to absorb without Impacting users. We'll ¢onttnue to manage staffing levels carefully to malntaln servlce quality and affordabilty. Governan¢¢ & Gratllude Farewell to trustee Glendon Brook88 after 20 years of servlce-his contribution has been Invaluabl8. Grateful to all trustees and volunteers for their time, expertise, and diverse perspectlves. Our board reflects a rich mlx of gender, outlooks, and professlonal Skills that strengthen ¢Jur mlsslon. Flnanclal revièw Overall audited accounts show a surplus of £73,909 for 2024r25 {£39,622 for 20231241 wlth nat assets of £312,291 (2024.. £238,382). In¢om¢ Total income was £1.502,913 {2023124 - £1,408,092). Tha d6ts11ed analysis is shown In nots$ 3 to 5 of the financi81 stalements. Expendlture Total expenditure was £1.429.004 12023124 - £1,368.4701. The detailed analysis is shown in notes 6 and 7 of the financial statements. Ras•rves and Cash Total rese￿8$ at 31 March 2025 wer8 £312,291 (31 March 2024 - £238,382). The Commlttee conllnued Its Gauttous risk policy, with r88eftfe8 designated for fvtvre community servlces, core costs, working capltal and potenllal redundancy costs In case of funding cuts. Al 31 March 2025 cash balanGe5 were £91,980 (31 March 2024 - £16,801). Going concern The directors have prepared profit and cash flow forecasts for the post accounting y8ar end period based upon current &xpectations of activlty levels and the directors, as8es8ments of the likely level of darnand from key customers. The directors consider cash flow proj8ctions on a monthly basis and ensure that appropriats facllitles a￿ available to be drawn upon as necessary. Based upon Ihe activity levels forecast, the directors conslder that the ¢ompany wlll be able to maintaln Its cash at bank resource8 through the year thatls tsvelve month5 from the date of appn)val of these financial statements. Therefore. after making the enquiries thal they consider necessary the directors have a reasonable expectation that the company has adequate funding resources to continue in operational existénc8 for the loreseeable future. Accordingly, they continue to adopt the going concem basis in preparing the annual report and finanGial ststemenls, WALSALL COMMUNITY TRANSPORT LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management Tha organisation is a charitable company limited by guargntee, incorporated on 26 February 1993 and reglstered as a charity on 14 February 1995. The company was established under a Memorandum of Associatlon which established the objects and powers of the charltable company and is governed under its Prticles ofAssoclation. Under th058 articles, every member of the management committee must retire from office at each Annu81 General Meets'ng but ar8 81igible for re-election. Th8 Trustees, who are also the dlreclors for the purpose of cempany law, and who 8erved during the year and up to the dale of signature of the financlal slatements were- Ms M Clare Mr G Brookes Mrs E C Boycott Ms R Ward (Resigned 9 May 2024) Recrultmenl of new trustses is done through nomlnations from the charflys membership with el8Ctlons made at the Charity's AGM. there is no maximum number of offlcers however the minimum number of carnmittee members must be thr8e. None of the Trustees ha5 any ben8ficial interest in the company. All of the Trustees are m8mber5 of Ihe rJ)mpany and guarantee to contribute £1 In the event of a winding up. Auditor In accordance wlth the companvs artid85, a resolutlon proposlng that Edwards ba reappointed as auditor of the company will be pul at a General Meeting. Dlsclosure of Irrfomiatlon to audltor Each of the Trust8e5 has confirmed that there is no information of ￿]ch they are aware whlch Is relevant to the audlt, but of which the auditor Is unawar8. They have further confimed that they have taken appropriat8 steps to identify such r81evant infomiation and to establish that the audltor is aware of such infomiation. Th8 Trustees. report was approved by the Yoard of Trustees. Mrs E C Boycott Trustee Ms R Ward Trustee 26 November 2025 WALSALL COMMUNITY TRANSPORT LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees (who are a150 directors of Walsall Community Transport Llmited for the purposes of company law) are responsible for preparlng the Trustees, Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom G8n8rally Acc8Pted Accounting Practice). Company law requires the ttwste8S to prepare financial statements for each financlal year. Under company law the Iruslees must not approve the financlal statements unless they are satisfied that they give a true and fair wew of the - stsle of affairs of the charitable company and of the incomlng resources and application of re80urces, including the Incorne and expenditur8, of the thartiable company for that period. In preparing these flnancial Statements. the trustees a￿ required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgements and estimates that 8re reasonable and prudentr, prepare the financial statements on the going concem basis unless it Is Inappropriat8 trj presume that the charitable company will continue in operation. The trustees are responsible for keeplng adequ8te accounting records that disdose with rèasonable acujracy at any time the financial posltion of the charitable company and enable them to ensure that the financial stslem8nts comply with the Companies Act 2006. They a￿ 8150 responsible for safeguarding the assets of the charits￿e company and hence for taking reasonable steps for the prevention and deiection of fraud and other irregularities. In so far as the trustees are aware: the￿ is no relevant audit inforn)ation of vthiGh the charilable company's auditor Is unaware,. and tha truste88 have taken all steps that they ought to have takgn to make themselves awar8 of any relevant audit inforrnation and to 85tablish that the auditor is aware of that information. Mrs E C Boycott Trusteè M5 R Ward Trustee 26 November 2025 WALSALL COMMUNITY TRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF WALSALL COMMUNITYTRANSPORT LIMITED Oplnion We have audtted th8 flnall￿al statements of Walsall Communlty Transport Llmlted (the 'charitable company,) for the year ended 31 March 2025 which comprise the 8tat8mant of financial activities, the balan￿ sheet, the statement of cash ilows and notes lo Ihe financlal statements. including signrficant accounting policies. The financial reportlng framewotk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial R8pothng Standard applAcable in the UK and Ropublic of Ir8land (United Kingdom GenerallyAccepled A￿)Unting Practice). In our opinion, the financial statements- give a true and fair view of the state of the charitable companls affairs as at 31 March 2025, and of Its Incoming resources and application of resources, including its incorne and expenditure, for the year then ended., have been properly prepared in a￿ordanCe with Unlted lfjngdom Generally Accepted Ac￿unting PraGtiG8' and have been prepared in accordance with the requir8men15 of the Charities Act 2011. Basls for oplnion We conduct6d our audit in accordance wlth Intemational Standards on Auditing (UK) IISAS (UKI) and applicable law. Our responslbllities under those stsndards are further described in the Auditols responsibilities for the audit of the linancial statements Sedon of cur report. We are Independent of the Charity in accordance the ethlcal requlrements that are relevant to our audlt of the flnanclal statements in the UK, Indudlng the FRC'S Ethical standard, 8nd we have fulfilled our other ethical responsibilities in a¢cordance with these requirements. We believe that th8 audit evidenc8 we h8vg obtalned Is SLrficlant and appropri8t8 to provlde a basis for our oplnion. Concluslon8 rolatlng to golng cpn¢ern In auditing the financial statements. we hav8 concludgd that the Trustees, us8 of th8 going concern basis of accounting in the preparation of the financial statements is appropri8ts. Based on the work we hav8 P8rformed, we have not identified any rnaterlal uncertalnlles relating to ev8nts or conditions that, Indlvidually w ¢0118Ctivgly, may cast signlflcant doubt on the Charlty's abillty to contlnue as a going concern for a p8ri0d of at least twelve months from when the financial statements ar8 authorised for issue. Our responslbllitle8 and the responsiblllties of the Trustees wlth respect to going concem are described in the relevant sections of this report. Other Infom)atlon The other inft)miation comprfses th8 informatlon induded In the Trustees, report other than the ff nanclal ststemonts and our audilorfs report thereon. The Trustees are r85ponsibla tor the other informatlon. Our oplnlon on the financlal 5tstements does not cover the other Information and we do not express any form of 8ssuranc8 condusion thereon. Our responslbS11ty Is to read the other infonmation and. in doing so, conslder whethèr the other inforrnation is materialty Inconslstsnl wSth thè flnancial statsments or our knowledge obtalned in the course of the audit or otherwise appears to be materlally misstated. If we identify such material Inconslstencies or apparent mateflal misststements, we are required to determlne whether this glves rlse to a materlal mlsstatement In the financlal statements themselves. If, based on the work we have performed, we ￿nd￿de that there is a mateflal misstatement of this other informatlon. ￿ are required to report that fact, W8 have nothing lo report in this regard. WALSALL COMMUNITY TRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF WALSALL COMMUNITY TRANSPORT LIMITED Matters on which we are required to report by ox¢eption We have nothing to report in respect of the following matters In relatlon to which the Charities {Accounts and Reports) Regulations 2008 requires us lo report to you if, In our opinion: the infofmatlon given in thg financlal st8tgments Is inconsistent In any matsrial respect wlth the TTustses' port., or suffi¢lent accounting r6cords hav8 not been kept,. or the financial statements 8re not in agrgement with the aGGourrtlng records- or we h8ve not ￿CeIVed 811 the Information and explanatlons we requlre for our audiL Rosponslbilitles of Trustsa8 As explalned more fully in the slalement of Trustees, responslbllrtles set out on page 5, the Truslees. (who are also th8 diredors of the charitable company for the purpose of Gompany lawl, are responsible for the preparation of the financial statements and for being sallsfied that they give a true and fair view, and for such irrtemal control as the Trustees dFtemilne is necessary to enable the preparation of financial statements that are free from matsrfal misstatement, whether due to fraud or error. In preparing Ihe financial statements, the Trustees are responsible for assessing the ¢haritable company's ablllty tr) continue as 8 going con￿M, disclosing, as applicable, matters related to going concern and uslng the going concern basis of accountlng unless the Trustees either intend to Ilquidate the charitable company or to cease oFerations, or have no realistic altemalive but to do so. AudltoV8 responslblllties for the audlt of tho financlal $tsternonts W8 have been appointed as audilor under section 144 of the Charities Act 2011 and report in accordance wlth the Act and relevant regulations made or having effect the￿under. Our obj8ctives are to obtain reasonabl8 assurance about whether the financl81 statements as a who]e are free from material mlsstatemgnt, whether due to fraud or error, and to issue an audlto¢8 report that indudes our opinion. Reasonable assurance is a high level of assurance but Is not a guarantee that an audlt conducted in accordance with ISAS IUKI will always detect a mat8rial mlsstatem8nt when St exists. Mi5Statements can arls8 from fraud or emr and are considered matadal If. Indlvldually or in the aggregate, they could reasonably be expected to intluen¢e the &conomic decisions of users taken on the basis of these financial ststements. Irregularities, including fraud, are Instances of non-Gompllance with laws and regulatlons. Wa deslgn procedures in line with our re8ponsibllltles. oullined above. to detscl material misstatements in respect of irregularili8s, including fraud. The extent lo which our procedures are capable of d8tecting Irregularities, induding fraud,1s detailed below. We obtained an understandlng of the legal and regulatory frameworks Within which the Charity operates, focusing on those laws and regulations that have a direct effect on the determlnatlon of material amounls end disclosures in Ihg flnancial statgments. The laws and regulations we con5id8red in this context were the Companles Act 2006. Charfties Act 2011, employrnenl law, health & safety and operalovs license r8gulations compliance. We identifled the greatest risk of material impact on the financial statements from Irregularities. including fraud, to b8 in the followsng areas-. the override of controls by management, revenue joumals, inappropriate treatment of non- routine trans8CtFons and area8 of estimation unGertainty. Our audFt pro¢8dures to respond to Ihesg risks included gnqulrfes of managernent about their own Identification and assessment of the risks of irregularities, review and discussion of non-routSne transactions, sample lesling on the posling of journals and r8view of accounting estimates for blases. Owlng to the inherent limitations of an audit, there is an unavoidable rfsk that we may not have detected somè material misstatements in Ihe finan¢i81 ststements, even though we have properly planned and performed our audlt in accordan¢e with auditing standards. We are not r8sponsible for prev8nting non-compliance and cannot be expected to detect non-compliance wllh all laws and regulallons. These Inherent limitatK)ns are particularly slgnlficant In the case of mlsststement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, colluslon or the provision of intentional misrepresenlations. WALSALL COMMUNITY TRANSPORT LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUST.EES OF WALSALL.COMMUNIT¥ T.RANSPORT LIMITED A further description of our responsibilities is available on the Financlal Reporting Council's website at: http$'.11 .frc.org.ukJauditorsresponsibililies. Thi5 de5CriPtion forms part of our auditorfs report. Use of our roport This report is made solely to the charitable Company's trustses, as a body, in accordance wtth part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been und8rtak&n so that W8 might state to the charltablé companYs"trustee8'1hose'matters"we Bre Tequiredb"state to them In an audltofs report and for no other - purpos8. To the fullest extent pemitted by law, we do not accept or assume responsibilty to anyone other than the charltable company and the.charilabLe Eompanys Irustees as.a body, for our audit wort for this report. or for the opinions we have formed. Edwards Iststutory Auditor) 34 High Street Ajdridge Walsall West Midlands WS9 8LZ Edw8rds18 ellgible for appolnlment as audltor of the Charfty by vlrtue of Its èllgiblity for appointmant as auditor of 8 company under section 1212 of the Companles Act 2006. WALSALL COMMUNITY TRANSPORT LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Unrnstrictsd funds funds 2025 2024 Notès Income and gndowments from: Donations and legacies Charitable activities Other In(y)me 129,891 1.062,782 310,239 123.601 992.035 292.456 Totsl Incomo 1,502,912 1,408,092 Charitable aclivitiès 1,429,003 1,368,470 Net Income and movoment In fund5 73,909 39.622 Reconclllatlon of funds: Fund balances at l April 2024 238,382 198,780 Fund balanus at 31 March 2025 312,291 238,382 The statement of finanrAal 8divitie8 indudas all gain5 and losse8 reojgnlsod In the year. All Income and expenditure dBrive from conUnulng activibes. WALSALL COMMUNITY TRANSPORT LIMITED BALANCE SHEET ASAT31 MARCH 2025 2025 2024 Notes Fixed assets TarvJilJe assets 10 262,035 202.163 Curront assots Debtors Cash at bank and in hand 11 134.409 91.980 124.397 16.801 226,389 141.198 Credltors: amounts falllng dug withln one year 12 (157,366) 192.222) Net eurr•nt assets 69.023 48.976 Total assets less ¢urrent Ilablliti•s 331.058 251,139 Credltors: amounts falllng du• aftèr more than one year 13 {18.767) (12.757) 312.291 238.382 The funds of the Charlty Unr8stricted funds 312.291 238,382 The company is entiyed to the exemptlon from the audit requirpment contsined in section 477 of the Companies Act 2006. for the year ended 31 March 2025, although an audit has been carried out under section 144 of the Charities Act2011. The directors acknowledge Iheir responsibilities for comFdying Vbryth the requirements of tha Companies Act 2006 t to a¢counting re￿rdS and the preparation of financial statements. The members have not reqUI￿d the company to obtain an audit of its ffinanoal statgm8nts under the requirements of th8 COM￿leS Act 2006. for the year in question in accordan￿ wrth section 476. S8 flnanclal stalements have been prepared In accordan1￿ with the provisions appficable to companies subjecl to the small companies regime. The financial statements were approved by the Trustees on 26 November 2025 Mr5 E C Boycott Trustso Ms R Ward Trusts• Company registration number 02794243 (England and Wa￿} 10- WALSALL COMMUNITY TRANSPORT LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating activltles Cash generatsd from op8rétion8 21 154.702 38.935 Invesling activiti•s Purchase of tanglble fixed ass8ts Proceed5 frDm disposal of langlble fixed assets (38.755) 12,7671 7,000 Not cash used In Investing actlvitles (31.755) (2,767) FlnanGlng acllvttles Repayment of bank loans Payment of obligaoons undor finance leases (10,000) (37,768) (10,CIXI) (33,882) Net cash used In financlng a¢tivitiés (47,7681 (43,882) N8t Increa￿(deCreaSQ) In cash and cash equivalents 75,179 (9.714) Cash and cash equtvalents at beglnnlng of year 16,801 28,515 Cash and cash equlvalonts at end of year 91,980 16,801 11 WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE.¥EAR ENDED 34 MARCH.2Q25 Accounting pollcies Charlty Infornlatlon Walsall Community Transport Limtied is a chaHlable company limited by guarant89, incorporated in England and W81es. The registered office is the Old Dairy, Pelsall Lane , Little Bloxwich, Walsall, West Midlands. WS3 3DH. 1.1 Accounilng convontlon .The fjnancial Bt8tements'h8ve"been prep8red.in accordance wtth the 'Charfty's goveming document, th8 Companies Act 2006. FRS 102 °The Financi81 Reporting Stsndard opplicable in the UK and Republic of Ireland. ("FRS 102°) and the Charities SORP 'Accounting and R8POrting by Charities: Statement of Recommended Pracuce appliGable to thariles preparlng thelr accounts In a¢cord8nc8 with the Financial Reporting Standard applicable In the UK and Republic uf Ireland IFRS 1021. leffectiV8 1 January 2019). The Chadty18 a Public Beneflt Entity as defined by FRS 102. The financial statements are prepared in 5tedlng. whlGh the funcllonal currency of the Charlty. Monetary amounts in these financial statements are rounded to tha nearest £, The financi81 statements have been prepared under the hlstorfcal oxgt convention. The principal accountlng polia8s adopted are 58t out below. 1.2 Golng concern The directors have prepared profit and cash flow forecasts for the post accounting year end period based upon current exp8ctations of 8Ctlvity levels and the dlrectors, as8e88m8nts of th8 likely lavel of demand from k8y Customers. The directors consider cash flow projections on a monthly basls and ensure that approprlate fadlltles are avallable to be drawn upon as necessary. Based upon the activity leve15 lor8cast, th8 dlrectors consider that tha company wlll be able to maintain Its Gash at bank resources through the year that is twelve months from the date of approval of th8$9 fin8ncial ststem8nts. Therefore, after making the 8nqulriBs that they consid8r nec855ary th8 dlrectors have a reasonable expectation that the ¢ompany has adequate funding resources to Continue in operational existence for the foreseeable fvture. Accordingly, Ihey ￿ntinue to adopt the going concem basis in preparing the annual rewrt and financial Statements. 1.3 Charltablo funds Unrestricted funds are 8vailab18 for use at the discretion of the Tn￿tee8 in fijrtherance of thelr charitsble objectNes. Restricted fijnds are subject'lo 8pecThc conthifions by donors or grantors a8 to how they may be used. 'The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowrnent funds ar8 subject lo spechlc condition8 by donors that the capltal must be maintained by the Charity. 12- WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles (Contlnued) 1.4 Incomlng resourcos Income is recognlsed when th8 Charity is legally entitled to il after any performance condltions have been met, the amounts can be measured reliably, and it is probable that income w511 be rècelved. Cash donations are re¢ognised on receipt. Other donations are r9cognised once the Charfty has been notlfied of the donatlon, unlèss parformance conditlons require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deed5 of covgnant is r8cognlsed at Ihe lime of th8 donation. Legacies are r8cognised on receipt or otherwise if the Charity has b88n notified of an impending distribution, the amount Is known, and receipt is 8XP8Cted. If Ihe amount is not known. th8 legacy is treated as a contingent asseL 1.5 Resourcés expended Expenditure is r8cognised once there is a legal or constructlve obligation to transfer e￿￿OrnIe beneflt to a third paty, It Is probable that a transfer of economic benefits will be required In settlement, and the amount of the obligation can be measured rellatrjy. Expendlture Is classified by actlvlty. The costs of each activity are made up of the total of direct costs and shared costs. includlng support costs involved in undertaking each activity. Direct costs attribLrtable to a slngle activity are allocated directly to that actiwty. Shared costs which contribute to mor8 than one activty and support costs which are not attributable to a single activity are apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs are allocated on the b8Sis of tim8 spent, and depr8ciation charges are allocated on the portion of th8 asset's US8. Expenditure is recognlsed once there is a legal or constructive obligation to transfer economic benefit to a third party, 11 Is probable thal a transfer of economlc benefits will be required In settlement, and the amount of the obligation can b8 measured ￿lIablY. Expenditure is dassffied by actlvity. Tha costs of each activlty are made up of the totsl of dlTect costs and shared costs, InGludlng support costs Involved in uTrJertaklng each activity. Direct costs attributable to a single actith are alloc8ted directly to that 8Ctlvty. Shared costs which contrlbute to morg than one activity and support costs which are not attributabte to a Single activty ar8 apportioned be￿een those activities on a basis consistent with the use of resources. Central staff costs a￿ allocated on the basis of tirrre spent, and depre&ation charges are allocated on the portion of Ihe as5eYs use. 1.6 Tangible fixgd assets Tangible fixed assets are initially measured at cost and subSeqUen￿Y measured at C05t or valuation, net of depreciation and any impaimient losses. Tanglble fixed assets are stated at cost less deprecSation. Depreciatlon Is provlded at rates calculated to WTite off the cost1855 8stimated residual value of each asset over it5 expected usefijl life. as follows: Leasehokl propety improvements Plant and machinery Flxttjres, flttings and equlpmenl Computerequipment Motor vehicles 11.1 % straight line 25V. Reducing balance 15Vo Reducing balance 25% Reducing balance and 33.33Yts straight line 20% Reduclng balance The g8in or loss arfslng on the disposal of an a558t Is detenTtined as the dSfference be￿¢en the sale proceeds and the carying value of the asset, and is recognised in the statement of financial acllvltles. 13- WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng poll¢les {Contlnugd) 1.7 Impalrnient Df flx?d assets At each reporting 8nd date, the Charity rgvlews the carying amounts of Its tsngible assets to delermine whether there r5 any indication that those assets have suffered an impairment loss. If any such indicalion exists, the recoverable amount of the asset is estlmaled in order to determine the 8Xtent of the impairment loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposit8 held at call wlth banks, other short-term liquld Investrnents with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowlngs in current liabilities. 1.9 Flnanclal Instruments The Charity has elected to apply the provisions of Section 11 '8asic Financial In8trum8nts' and Section 12 'Other Flnancial Instruments Issues, of FRS 102 to all of ils financial instruments. Flnancial instruments are re¢ognised In th8 Ch8rity's balance sheet when th& Charity b8com8s party to the contraciual provisions of the instrument. FlnanGlal assets and liabilities are offset. wlth the net amounts presented In the financial statements. when there is a legally enforceable right to set off the re¢ognis8d amounts and there is 8n intention to settle on a net basls or to reallse the 8sset and 58tt19 the liablllty Slmultaneously. 8a51c flnanclal assets Basic financial assets, which Include debtors and cash and bank balances. are Initlally measured at transaction price including transaction costs and aré subsequently carrled at amortised cost using the effective int8r8st method unless the arrangement constllutes a flnanclng transactlon, wher? the transaGtion18 measured at the present value of the fvture recelpt5 discounted at a market rate of InteresL Flnanclal assets Cla￿rIed as receivable wlthln one year are not amorttsed. 8aslc Ilnanclal Ilabllltles Basic financial liabilities, including creditors and bank loans are Inllially recognised at transaction pric8 unless the arrangernenl constitutes a financlng transaction, where the debt instrument is measured at the prgsent value ¢)f the future payments dis¢ounted at a market rale of Interest. ￿nan￿al Ilabllities classified as payable wlthln one year are not amortlsed. 1.10 Employoa bonafits The cost of any unused holiday enlltlement Is reo)gnised in the perfod In whith thé 8mployee's servlces 8re received. Temiination benefits are recognlsed immediately as an expense when the Chadty is demonstrably committed to temilnate the employment of an employee or to provlde termlnatson benefits. 1.11 Retlrgment b9neflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.12 Leasos Leases are classified as finance198ses whenever the tem15 Of the lease transfer substsntially 811 the risks and rewards of ownership to th8 lessees. All other leas85 are classified a5 operats'ng leases. Assets held under finan￿ leases are recognised as assets at the lower of the assets fair valu8 at the date of inceplion and the present value of the minimum lease payments. The related Ilablllty Is Included In the b818nce sheet as a financ8 lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest Is charged to net incomellexp8nditur8) for the year so as to produce a constant periodlG rate of intér8St on the remaining balance of the liability- 14- WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income frorn donatlons and legacles Unrestrict•d Unrestrlcted fundg funds 2025 2024 CBSSG- WMCA Voluntary sector project fundlng WMCA- Let's Chat Project Fundlng 10,064 73,133 46,694 4,674 46.543 72.384 129,891 123,601 Incomo from charltabla activltl8$ Unrestricted Unrnslricted funds fvndg 2025 2024 Actlvlltss for genèratlng funds Contract use Includlng SLA Shoppgr8 SLA Local bus Ser￿¢@ support funding Direct payments 252,912 29,552 629,226 151,092 226,743 28,092 580,369 156,831 1,062.782 992.035 other Incom• Unre6trlctsd Unrostrlcted funds funds 2025 2024 other charltable Income Net gain on disposal of tangible fixed assets Commercial passenger usage Local bus serviGe fare income Bus ser￿ce operations grant Concessionary fares scheme Non contract in￿rne Shopping bus 8nd other income 3,696 56,118 55,223 10,500 160,734 20,994 2,974 39,578 46,773 7,842 176.100 17,151 5,012 310,239 292,456 15- WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charitable actlvltlos Communlty Depreciatlon transport Total 2025 Total 2024 Staff costs Depreciation and impaimient Vehicle and fuel costs Cleaning costs Volunteer expenses Unlform costs RenL rates and insuran Llght and heat Repairs 8nd renewals Printing, stationery and adverfslng Telephone and postsg8 HP interest and charges Staff recruitment and training Legal and professional fees Audit and accountancy fees Bank charges. interest and loan Interest orfice sundrfes 874,179 874,179 51,579 366,325 2,872 1.081 2,079 39,737 6.718 13,235 11,282 5,884 4.899 8D2,684 51.062 382,923 2,458 1,643 5,367 40,605 6,370 12.660 4.563 5,275 8,049 214 27.404 7,750 2,429 6,994 51,579 366,325 2.872 1,081 2,Q79 39,737 6,718 13,235 11,282 5,884 4,699 488 30,531 8,550 2.498 7,266 30,531 8.5SO 2,498 7,266 1,377,424 51,579 1,429.003 1,368,470 Analysls by fund Unrestrfcted fun(ts 1.3TI.424 51,579 1,429,003 For tho yoar ended 31 March 2024 Unrestricted fijnds 1,317,408 51,062 1,368,470 Net movoment In funds 2025 2024 Th8 net movemgnt in fvnds Is stated after thargingl{credltlng)'. Fees payable for the audit of the tharity's financial statements Depreciation of owned tangible fixed assels Profit on disposal of tangSble fixed assets Operating lease charges 4.950 51,579 13,696) 32,000 4,725 51.062 32,000 Trustaes Non8 of the Trustees (or any persons connected with them) receiv&¢l any remuneratlon or beneffts from Ihe Charity durfng the year. 16- WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Employees The averag8 monthly number of employees during the year was: 2025 Number 2024 Number Stsff 42 Employment costs 2025 2024 Wages and salaries Soaal 8ecurlty cosls other pension costs 807,077 52,674 14.428 741.411 46.957 14.316 874,179 802,684 Ther8 were no employees whose annual remunerallon was more than £80.000. Remuneratlon of k•y managoment personnel The ￿Muneration of key management personnel was as follows.. 2025 2024 Aggregate Compensa￿On 57,636 58.680 Taxation The charity Is exempt from taxatlon on Its actlvitie8 because all Its illcome is applied for charitable purposes. 17- WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 Tangible fixed assèts L•a8•hold property Improv•m•nts Plant and xtur•s, machlnery flttlngs and equipment Comput•r equlpment Motor vehlcla8 Cost At 1 April 2024 Additions Disposals 27,927 17,225 3,755 110,000) 31,127 22.255 865,367 963,901 111,000 114.755 155,500) (65.5001 At 31 March 2025 27,927 10,980 31,127 22,255 920,867 1,013.156 Depredatlon and Impalrniant At 1 April 2024 Depreclation charged In the year Eliminated Sn respect of disposals 27.578 14,334 28,184 20.238 671,404 761.738 349 1,000 550 770 48,910 51,579 <9,400) 152,796) (62,196) At 31 March 2025 27,927 5,934 28,734 21,008 667,518 751,121 Carrylng amount At 31 March 2025 5,04e 2,393 1,247 253,349 262,035 At 31 March 2Q24 349 2,891 2,943 2,017 193,963 202,163 The net book value of tanglble fixed assets Includes £78,841 (2024 - £67,568) in respect of assets held under finance leases or hire purchase contracts. The depreclatlon charge In r8SP8Ct of such assets amounted to £22,380 (2024- £16,891) forthe year. 11 Debtors 2025 2024 Amounts falllng due wlthln on• year: Trade debtors Other debtors Prepayments and accrued income 55.800 59,643 18.966 39.058 66.033 19.306 134,409 124,397 18- WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Credltors: amounts falllng due within ono year 2025 2024 Notes Bank loans Obllgations under finance leases Other taxation and Sodal Se￿rity Trade cfftdltors Other credltors Accruals and deferred incom8 14 15 10,000 35,250 13,651 39,421 3,230 55,814 9,960 13,068 12,184 44,485 3,299 9,226 157.366 92.222 13 Credltor5: amounts falling du8 after mora than one year 2025 2024 Note8 Bank loans otAigadons under flnance leases 14 15 1.667 17.100 11,707 1,050 18,767 12.757 14 Loans and ov•rdrafts 2025 2024 Bank loans 11,667 21,667 Payable wlthln one year Payab18 after one year 10,000 1,667 9,960 11,707 11,667 21,667 A Bounc8 Back Loan was received in the year ended 31 March 2021. No repayments or interest were due from the company for a perlod of one year, after which interBSt is charged at 2.5% and repayments are due over a period of five years. Thls is a Government backed loan wlth no security required tsn the Charity's parL 19- WALSALL COMMUNITY TRANSPORT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Finance lease obllgatlon8 Future minimum lease payments due under flnanc818958S: 2025 2024 Within one year Withln two and five years 35,250 17,100 13,068 1,050 52.350 14,118 Net obligations under finance lease conlra(*s are secured on th8 assets to whlch they relate. 16 Retlrement benefit 8chemeg 2025 2024 Dellned Contrlbutlon schemes Charge to profit or loss In respect of defined contrlbullon schemes 14,428 14,316 The Charity operat8s a defined conlrlbutlon pension scheme for all quallfylng employ9es. The 9888ts of the scheme are held separately from those of the Chartty In an Independently administered fund. 17 Oporatlng lease comrnltment$ At the reporting end date the Charity had outstandlng commitments for future minlmum le88e payTnents under non (1,667) (52,350) (76.000) (18,984) 122,947 (76,000) 27.963 -21