Chaiity R•gl$tr*ion No.1069180 Company R•gIstron No. 02922015 (England and Wale$l WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trusteos Mr N C Smllh Mr P Brown Mr K L Shayshutt Mrs S M Fras8r Charlty numb•r 1069180 Company numbor 02922015 Prlnelp41 addrns• Unil 7 & 8 Merthants Clos8 Cldmedow Ro8d King's Lynn Norfdk PE30 4JX R8gl8t•r•d addr••• Unlt 7 & 8 Merchanls Close Oldmedow Road King's LYM Norfc4k PE30 4JX Audltor Mapu&Smith & Lemrnc LLP 48 King Slwl King's Lynn Norfolk PE30 1HE B8nk•r• Lloyds Bank 3 North Bar Wisb8ch Cambridgeshire PE13 1JT Sdlcltor¥ Ward Gothln knhar 10 Tu&sday Market Place Klng's Lynn Norfolk PE30 1JT
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONTENTS Pa TrL¢slee report statement of Tru$t8e responslbultles Ind8pend6nl audllols report 8-11 Cons(Aldaled st8tement finand818c1Iils 12 Consolidated bolance sheet 13 Consolidoted st8lement of c88h flow8 14 Note5 to ihe flnanclal statements 15-34
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2023 The Tnjstees present th[ report and finanaal statements fty thè year ended 31 Marth 2023. The accounts have been prepared in a(an0 wth the acujunting FdKies set oul in note 110 the accounts and comply with West Nrxfolk Commijnily Transwrt Project Limited governing documenl. the Charities Act 2011 and Ihg Statement of Recommended Practice applicable lo thariti8s prèparin9 their accounts in 8ccord8nee with th& Finanual Reporting Standard applicable in the UK and R&public of Ireland IFRS1021 publlshed on 16 July 2014. WNCT 15 an incorpor8ted organisation which was set up on 1x1 February 2018. West N¢)rfolk Community Tran8POrt Project was established in 1994 as an inCoOrated charity. Oblo¢tlv•8 and aetlvltl•s The objects of the charty are to provide or oSSiSt In the FKovision of a p88wer and go¢*Js iransport servlce for individuals who1Sve wthin and around the Dislrirt Counul areas of King's Lynn and West Norfolk. Breckland and North Norfolk who by r88son ol Ihelr rural lo¢ation. age. poverty. sickness. mental or physical disablllty are unable lo use or have ijlfflcully uslng public Iransport and for use by ch8rit8ble oryanlsations purposes of other volunt8ry organ13aUon8. The main objective during the year continued to be the provision of 8 passenger transport service as noted in the objects of the charily. Income raised Irom c0mmissionedlntr?¢I and other projects provides subsidies for our flagship $8rvlc8s ol Dlal A Bu$ and Shop Mobility and lo some 8xlenl me(Ilcal Iranswt. R•vl•w of ¢h•rltabl• •ctlvltl•s and •chl•¥•ments for th• publ1¢ b•n•fit The Ch8rlty's aim is to provlde or assist in the provislon of a passenger and goods transport servlca for Indivldual8 who live within and around the Di5tsict Council a&S of King's Lynn and West Norfolk, Bcklad and North Norfolk who by reason of Ihelr njral locallon, age, povety, sickness. mental or physi¢al disability are unable lo use or hav8 difflcully Ung public transport and for use by charitable organisations purposes of other volun18ry org8nisats'ons. Th8 Iruslees have pald duo regard lo guidance issued by the Charfty Commlsslon In decidlng what acllvlfjes the charity should und&rt8kg. Thls provislon is proved a5 pef the yeryices highlighted In the gchievements and perfomance sec¢lon as set out below..
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Achievements and perforniance Some group hi during Ihe year to March 2023 Wèst N(xfdk Cornmunity Trart Project Limited provtded the following services which began to recover signthcanty from the depressed levels se¢n during the eatlior p&rfod of the Covid pandemic. Dlalrya4u¥: D8m8nd-respon5ive dcJr to door, nJral arKI uthn services aimed al incr8aslng s131 indusion among people wslh mobility problems and rural isolation. Group Hlr•: A very sm8118mounl of Group Hlre twk ce durfng the year as thlrd-party organlsations were reluctant to restart due lo Ihe Covid pandemi¢. Pdmary H••lth¢aT•: Non-emergency transwl into rural and uthn health ¢entres and hospftals. In addltion, we transported a number of passengers to vaccination centres- these journeys w&r8 fro• of ch8rg• in the Klng's Lynn urb8n area and 8 nominal fare was applied in other aTea5. Shopmoblllty: A service whith provides manual and dectric vtheel chalrs. powered scooters and walklng alds from Sl Jam68 multi-slorey car paTk in the Cent of lovm. The service Integrates well with existing transport services. Transport contracts.. On behalf of Travel and Transm. Community Servichs and Childr8n's SeNIc8s al th8 County Council, wo Ir8nsport schcd d)Ildr and people vrith leamlng dlftkulll88 Into schools and d8y s0CeS and older people in lo day centre activities. H)8pltal Transport.. We endeovour to use our vc4unl8er drivors for hoalth ond 80081 wellb8ing joumeys. Ihls has proved to be a very successful and heavily used seNi¢e. Go to Town 8ervlc•'. The tradlng subsidiary WNCT Ltd operates public s6rvlces routes 8CC&S5ing the lown$ of Klng's Lynn, Sw8ffl18m, Wlsbech and Downham M8rk81 and 8 v8dety of rur81 and olh8r Ioc811ons. Thls service provided free bus passes for 107 Ukrainian refugee families to help them settle into West Norfolk. Flnan¢l•l revl•w R•vl•w of th• flnanclal pItIon of th• Group and r•rY•S pollcy The Ch•rlty Th8 y88r lo March 2023 has seen some ratson81isation in our 88rvic8 provislons acetynpanie<l by continued cost control. The current economic dimate has continued to wt wessure on grant funding Ythich is avail0e to tho vdunlary sector- however our stslulory partner5 h8ve maint8ified (xjr funding for this year 8llhough the absence of any signSflc8nt Sncreases hBs. 1Ska pr8vious yoars. T9Jud tho valuas in re81 tomis. Wo shall bg looklng for further commissioned work Irom all seclors as well as continuing lo look for ways of further reducing operating costs and explorlng new business opportunrtles. We saw an increase in passenger nurnbers by the end ofthe financi81 year lo 82% of pre-covtd levels and with the htrlp of Norfolk County Councll bus servl¢e Improvement schemes this has increased lo 97% by Novembor 2023. The present level of serVeS held18 £1,958,070 vknlch Indudes £1,420.465 oftsnglble assets and £40,812 In cash resetves available to use £1.932.482 01 the reserv8s held are calegorised as unr8s(ricted funds. £25.587 8r8 calegorised as feslricted funds. 11 is Ihe pICY of the charity that unrestricted funds which have not been designaled fc( a SF*afic use should be maintsined al a level equN8lent to Six months. expendtture. The trustees consider that reserves at this levd will ensure that. in the event of a significant drop in fvnding, they will be able to continue th8 charity's current activities while considerJlion is given to ways in which 8dditional funds may be raisod. Thls level of reseNes has beon maintsinod througFwt Ihe y98r.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Tradlng subsldlary The year lo March 2023 showeil a sle8dy in¢r6ase in passenger numbers as we returned to pre covid levels of activity. Bnd levels had risen by 12°A by the end ofthe financial year. We are now active members of the Bus Service Improvement plan managed by Norfolk County Cwn¢il and already have two agreed proposals up and running in 2023. The Norfolk County Cncil funded £1.50 flat fare scheme for the Kings Lynn town area was Implemented in AugLtst 2023 and has already had a huge impaci increases in passenger numbers and revenue. The present deficit 15 £90,921 Indudes £546.548 In cash reserves availat4e for use. These are c81egorized 88 unrgslrictgd funds. Prlnclpal $our¢as of Inc)mfr and how •xp•ndltvre me•ts obJ•ctlv•• The prln¢ipal soijrces of income for the Charity is that of income from trojs routes for both the publlc and education sactor, as well as funding from the councils to maintain thestr TOUt8s. Theso St}u85 of income have been used in the year to support th& key object8 of the Charity as ouvir1 in this trustee's report. Rlsk Manag•m•nt The trustees have as58588d the rna1 risks lo wh1( the tharlty18 exposed. and arg S$fi$d that procedure5 ara In place to mits'gale exposur8 10 the malor risks. The Tfu5tees hav8 a rfsk management review which ccthwse8 continuing review of the ri8k8 the Charity m8y f8ce; the eslablishm8nl of systems and procedures io mitigate Ihose identified risks and the implamentation of PToc8dures designed to mlnlmise the en1 impact on the Charity should tho rtsks m8teriJllse. Plan8 for th• futur• The Ch8ri1y ha$ Idents'fted th8 fd109 key tsrgets for the ecthing year. All Opor8tlons- monitor tho retum of passenger numbeTr to pre.comd levels and revlew advertl8lng ond other methods of slimulaling thi8. 01014 Bus IOABI- we are looking to expand Ihis vital seryice, p8rtirAdarfy In rural araas, And Improve efficiency in term5 offrequency, locations served and rle plannlng thus onabling us to reduce Ihe cost per pass8nger. Go ta Town- we 8re aiming to expand these services operated by our subwdi8ry trading company.as they are proving lo be very popular and we hokx that they VAII b& abl* to 98neraie income to help support other serylces with p88sgnger numbers retuming to prellcovid levels. G¢lng conc•m r•vlew The revenue from trading activities of the iTading subsidiary is typlc81by Inadequate to cover the Tunning costs, as was the case during 2022123. In order lo break even the trading MpanY requires a sufficient level of commèrci81 conlracts for education as well as SLthaenl passenger numbels from commera81 roules, all which were affected in Covid years. In the 2023124 financial ygar we do expect trading io improve compared with 2022123 and the financiol perfomance so far to the date of this reporl supports Ihal vlew. We 8nti¢ipate passenger numbers to continue to increase supported by n8tiorh81 gov8mm8nt initiativas aimed at stimulating growth in the bus 5ectOT to lulfil fXJT going (x)ncem statement. Stru¢tur•• go¥•mane• and management Govefning Do¢um¢nt The Gharily is a company limitèd by guafant88 govemed by its Memorandum and Altides of A550Cl8tion dato 4 November 1996. It is gIStered as a Charity the Charity Cornmission. A $OlUtiOn was put to the members at the 2015 AGM lo update the goveming documenL
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 WNCT Ltd is a private company limited by 5hare5 illcffjrfJTaled in England and Wale5. The registered office is Unil 7 & 8 Merchants Close. Oldmedow Road. King's Lynn. Norfdk. PE30 4JX. Tru$t¢8s The Tru8ts88 who seNed durlng th& ye8r Charlty Mr N C Smith Mr P 8rown Mrs P Frgnch Idac8a$8d 17 08c8mr 2023) Mr K L Shayshutt Mr C E Suckllng I$6gned 19 January 20231 Ms S M Fraser Incorpor8t&d Subsldiory- Dlr8clors Mr P Brown Mr N C Smllh Appolntment of now Truit••• All members are invited lo nominate Trustees, toaether with nominatlons from the management 18am and th exi811ng Truslees. Those nomln8t8d 8nd 8pOnted are ale¢led 81 the fir81 AGM IdIng appolnlmgnl. None of the Iruslees h88 any b8nefid81 Intsresl In the ccthp8ny. Al TrL*tses are member8 of the company and guarantee tr) contribuie £1 in the event ol a winding up. Trugtee¥ Snductlon and tralnlnu When ¢onsldedng nomln8Uons of Trustees the roqulrement 8ny spedg11sl skllls needed are revlewod. rruslegs 8r8 8nwurAged to attend appropriate exiem81 training events en these will facilitate the undertaking of their role. Now Trustees attend an orienlalion meeting to brref them on their legal obllgations under charfty and company law. the content of the Memorandum and Artides of AsKtiation. the various committees and decision making processeil, thg financial plan and recent financial perf0mnCe of the charity. During Ihis initial ortentation prograrnme, they moel key employees and other Twslees.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Organlsgtlon The woj8¢t is adminisier&d by a committee containirMJ up to 12 and no less than 3 TnJste&s and up to 5 co-opted Trustees. This committee meets 6 times per year. In addition, at the request of the Tnjstees, Peler Brovm entered Into 8 consultancy agr8wTrent with the company to provide support lo th& General Man8gers on an interfm basis to deal the impact of Covbd and 81so lo provide strategic and financial plannin9 expertise in order to identify and meet fijlure d)8llèng8s. This arrangernent came lo an end al March 31" 2023. To facilitats effective Operations the senior and the management team have dglegated authority, thIn terms of delegation approved by th& Trvsteas. for op8ration81 rnattets induding finance and employment. Tho senior official to whom the day to day management ofthe charity in the year was dèlegated by the Trustees of the charity was Fiona Malchett. Fion8 left the char61y In July 2022 and Fiona's role was then mel by other members ol the management team. The other memtjws of this managernent tearn weffj N8ts8ha Hurfey Vanessa Reeve. Wendy Knobbs and Nick Elvln. Relatsd p8rt14• Th8 prolecl works In partnership vAth. and siyng of Iha wc48ct's seNicos are partly funded by Norfolk County Coijncil, the Borough Council of King5 Lynn and West NC01k, Norfolk & W8V8ney Integrated Care Board and Breckland District Council. WNCTP al80 Worts in partnership *Mth other schemes with similar obj'tsclives within Norfolk and borderfng counties. The charfly stsff conslsts of 25 drlvors Ilncludlng portM9 & relief). 2 passenger asslstants. 3 workshop operatives12 qualified mechanics 8nd 1 Workshop SUpt18nd 1 m8inlen8ncel workshop administrator. In addition, 14 volunteer car drivers help us lo provide our services. WNCT Ltd employs 26 drivers, 2 supervisors 8nd 2 bus cleaners as part of the subsidiary operations. WNCTP has a fleg10120 mini4Jusgs. 2 Small vehides. 2 fleet support vans, and 1 car operating across West Norfolk, South Norfolk, North Norfolk and Breckland. The projo¢t employed 8 Charfty Manager. a Financlal Controller and 8 other 8dminislralion $18ff. WNCT has 8 fleat of 23 buses and employ8 a Genor81 Manager and a Transwrt Monagor. WNCTP operates s8tellit8 transport projgct$ which originated in the Icral Commun188 8nd have 8 Strong Iwol identity. In addiu'on lo King's Lynn Dialrya-Bus, these are Dial-a-6us In Swaffham and in Downharn Market providing services for the surrounding aa$. WNCT ran the Flexibus service5 operating from Swaffl)am Ithls onlrmcl ended in Seplember 20231 as well as running the"Swafftiam Flyorf vthich $tsrted in 2014 when the new Tesco store was built in the town. The charlty set up a trading 3ubsidiary, WNCT Llmitsd, In 2018 to develop commercAal opptunItieS. Two trustees are d1CtorS of WNCT Lttl. Audltor In accordance with the companYs articles. a resdullon proposlng that Mapu$- Smlth & Lemmon LLP be reappointed as auditor of the company wll be wt at a General Meeting. Dl¥¢lo$ur• of Informatlon to audltor Each of the Trustees h8$ ¢onfimed th81 there is no infomiation of which they are 8warè vthich Is rglev8nl to the oudit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identity such relevant information and lo establish that the audrtor is awaro of such infomiation.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Trustee report was approved ty the Board Trustees. Mr N C Smlth Trustee Dated.. Mr P Brown Trustee Daled:....
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES RESPONSIBILrrES FOR THE YEAR ENDED 31 MARCH 2023 The trustees, who are also the directors of West Norfolk Community TranstKMt Projecl Limited for the purpose ol company law, are responslblè lor preparing the Trusie$$' R6wt and the financial statemen15 In 8ccord8nctr with pplic8ble law and United Kingdom Accounting Slandards (United "ngdoM Generally Accepted Accounting Practi1. Company law requires ihe trustees to prepare finanaal statements for e8ch flnanual year whi¢h give a true and fair view of the 51ale of affairs of the ch8rity and of the 4n(x)ming resour¢8s and alCa( of resources, Induijlng the Income and expenditure. of the charitable Company for that year. In preparfng those flnancSal stslements, the Injstees are required to: - select suitable accounting Oicies and then apply them consislenty. - ob8erve the methods and principles in the Charrll88 SORP: make ILtdgements and estimatgs th* aro rnasonatAe and pNdenl- stale whelh&r appllcgble UK Accounting Standgry1$ have been fdlowed, 8ubi8cl lo any material departures d15dosed and txpl8ln8d In the flnandal statemenls: 8nd prepare the financial statemen15 on the g)ing concem ba818 unle8s il is inappropriate to presume that the th8ri1y wlll ¢¢nllnu8 In operaJon. The trustees are responsible for keeping adoqual8 8ccounting rwds that disdose wih reasonablè accuracy 81 any Ilme the flnanci81 wsltion of the charity and ena6 them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for Safeguarding the assets of the charity and hence lor taking rèa80n8ble steps for tho prevonlion and detocti of fraud and olher irTegularities.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Oplnlon We have audited the financial stslem8nts of Wesl Norfolk Community Transport Proj8¢t Limited Ilhe 'parenl charitable company'l and its subsidiary (the "group") for the year ended 31 March 2023 which comprise the consolidated stalem¢nt of fin8nci818¢tivtbes, Ihe consolidated balance sheel. the consolidated slalemenl of cash flows and the note3 to the financial statèments. indudlng signlfic8nt 8NJn9 poliaes. The financial reporting framework that has been applied in their Preparalion is applicatle law and Untied Kingdom Accounts'ng Standards, including FRS 102°The Financi81 Reportlng Stsndard applicable in the UK and Republi¢ of Ir&land' {UnSled Klngdom Generally Accepted Accounting Practice). In our opinion. Ihe financial slalements- glve a tru8 and falr view of the stste of the group's 8ffairs 8nd of the parent charitable compBny's affairs as at 31 March 2023 and of the group's incc¥ning resources and 8ppIKab'on of re8(xJrces. induding il's income and xpenditure for the yèar then 8nde¢J'. have been properly prepared in aCrdanCe United Klngdom Generally Accepted Accountlng Pr8cllce', and have been prepared in accordance the reouiroments of the Compan588 Act 2)6. B•sl$ for oplnlon We conducted our audll In 8ccord8nc& wrth Intem8)81 Stsnd8rds on Auditing IUKI IISAS IUKII 8nd 8ppllc8ble18W. Our responsibilitie5 under those standards are further de$cribed in the Audilols rOSpSIbilItieS for the audit of the financlal stattrments sectlon of our report. We are indeperKfenl of th8 group and the parent charttable company in accordance with the ethical r8quirements th81 arg rglev8nl lo our audit of the financial statements in the UK, includlng th8 FRC'S Elhlcal Slan(18rd, and we have fulfilled our other athical responsibilities In 8ccordance with these requirements. We believe th81 tho evldence we h8ve obtained is sufficlent and appropriate to providg 8 b8818 for our opinS0n. Conelu8lon8 r•latlng to golng ¢on¢wn In 8udlling tho finjftcial stalemenls. we have conduded thotthe truslo08' 1180 of the gdng c¢Jnc8m basis of accountlng in Ihe preparation ol Ihe fin8n¢ial statements 1$ 8ppropriale. Ba8td on the work we have performed. we have not Idenlftod any molerf81 uncert81nUes rèlatlng lo events or ¢ondllions Ihal. individually or collectivdy, may ca51 significant doubt on the gioup and th8 par&nl charitable cornpany's ability lo continue as a golng concom fly a p8dcd of at least twefvo months from en the fin8naal 8lalemenls a 8utt)orised for issue. Our rts8ponslbilltl88 and the Te8pons4bilities of Ihe Irustses resF*rtto golng concem 8r& described In the relevant $gotion$ of this r¢port. Oth¢r Inforniatlon Tho other infom)8tlon comprises the Infomalion included in the annual report olher thBn tho flnanci81 statements and Dur aiJdito¢s repori thereon. The trustees a responsitrjefor the other information coniained wthin the annual report. Our opinlon on the financial statements does not cover the olhgr infomiabon and, except lo the extent OtheSe xpliclly st8t8d in our rgPQrt, Wg do not express any form of assurance conclusion th¢r¢on. Our rgsponsiblllly is lo read the oiher information and. in doing so. consider whether the other information is malerially inconsislent with thg rinancial statements or OUT knovledge obtained in the COUTse of the audit. N othemse appears to be materially misst8ted. If we identify such material inconsislen(ie5 or apparent material misstalements. we am required lo detemiine whether this gives rise to a mat&rial mis$tatem8nt in the financial statements Ihem5elves. If. based on the work we have p8rfomi8d, we condude that there is a material misslatement of thls other Infomalion, we arè required to report that fact. We have nothlng to report In thls regard.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2023 Oplnlons on other rnatters presulbed by the Compan1 Act 2006 In our opSnion, based on the wtwk undertaken in the course of our audiL' Ihtr information given the trustees. report forthe financyal yearforwhich the finanaal ststements are Prepared, which includes the directors. report preparod lor the puw)ses of company law. is consisl8nl with the financial slatemen18', and the directois. report Induded wlthln the tru8te88' Tepcvt has been prepared In accord8nce wlth applicable legal requirements. Mattérs on whlch w• ar• r¢qulred to r•poit by oxcoptlon In the light of the knowledge and understanding of the group and the parent charitable company and its environment obtainèd in the course ol Ihe èudil, we have not identsfied material misslatements in the director8, report included within the tru5tees' report. We have nothing to report In rOspe of the follovAng matters In relev ki kh thg Companl8s Act 2CQ6 rgqulres U8 to report to youll, In our oplnion.. Adequate accounting records hove not been kept. or retums 8dequale for our audit h8ve not bggn recelved from branch88 nol vl8lted by us,. the fln8nclal st81ements aro not In agreement wllh the 8ccounfjng recrrtd8 and r8tums,' or cortaln dl8do8ures of tru81ets8' remunerauon sp8dfied by Igw are not mado: we have not recelved all Ihe Informatson and explanatbons we requSTe for our audll; c the Iruslee8' were not enlled lo proparg Iha finanrial th8 finandal ststements In accordance with the sm911 companles r8glme anil take adv8ntsge of the small companltt, exempllon In preparfng tho tru8lee8' r8port and from the requirement to prepare a strategic roporL R•8pon8Sbllltlo8 of truste•s As expl8inod more lully In the stslemenl of truslees. reSnSibl51b"es, the trustees, who 8re 81so the d¢reclors of the panI charitable cornpany for Ihe wfpos& of company 18w. aro responsi19 for the pr8paratlon of th& flnan¢lal stsleFnenl8 and for being $8Usfied that they glve a true and fair v7ew. and for Such intemal control as the Injstees detemiine is necessary to enable the prep8rab.on of fin8n(i#l statements that are free from matorial misst8t8menl, whether due lo fraud or error. In preparing the financial stslements. the Injstees are responsible for assessing the group 8nd the par8nt ch8rilable company'8 ability to continue as a going concem. disd08ing, as applicable. matters related lo going concern and using the going concem basls of 8ccounn9 unless th& tru$t&gs glihor intend to IlquSd8t the group and the parent charitable company or lo cease operalions. or have no realistic altemab've bul lo do so. Audltoes refjponslbilltlgs for tho audit of the financlal statements Our objectives are to obtain raasonable 8ssur8nGe aboul whether th8 fin8nci81 statsm8nts 88 8 whol8 8r8 fro¥ from material Tni5slalernent, whether due lo fraud or error. and to issue an audilorfs report that includes our opinion. Re8$tsnable assur8n¢e Is a high level of assuranee, bul is not a guarantee th818n audit C(dCted in accordance with ISAS IUKI will always detect a material misststemènt when (( exists. Misstatements can arise from fraud or èrror and are considered rnaterial if, individually or in the aggregaie. they could reasonably be expecled lo in11uence the aconomic decisions of usèrs tsken on the basis of these fin8ncial sl8tements The extent lo which our wocedures are capable of detecting irregularitses. indudir@ fraud. is detailed below
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Th? extent to whlch the audit was consld•r•d eapabl8 tsl detectlng irregularities includlng fraud Our approach to identifying and assessing the risks of material misstatemenl in resp ol itr8gul8rilies, including fraud and non-compliance wth18ws 3nd regulations. was as fc41ows: the engagement partner ensured that the engagement leam ¢olle¢tively had Ihe Jpproprlate competenc8, capabilities and skills to idtrntrfy or recognise non-compliance with applicable laws and r8gul8lions', we identified the law5 and regulatsons apiCable to tho group and the charilable parent company through discussions with truslees and other management.. we focused on specific laws and rggulations whith we ¢61dered fflay have a dlrect materlal effect on the finan¢i81 stsloments or the operations of the group and the parent ch8rrtable company, indudin9 thè Companies Act 2006, taxation16gislation. and omployment legIslaon- we assess8d the extent of compliance V•ilh the laws and regulation$ idenlified 8bove through maklng enquiries of management and inspecting legal correSponder. and identified laws and regulations wer8 communicat8d wthin the 8vdll le8m regularfy and the team remaln8d alert to Instances of non-compllance thr0ughJt the audit. We 88sessed the suscepliblllty of the group and parent ch8ritabl8 u)mp8nY8 fln8ndal 8tsl&m8nts lo mat8rf81 misstatement. including obtaining an urtderslanding of how fraud might occur, by.. m8king enquirle5 01 managem8nt as to ere they sIdere(l there was 8uscepfjbllity lo fraud. their knowlfjdgè of a¢tU81, suspected and 811ege(J fr8ud.' 8nd considering the Intemol controls in pl8¢9 to mitig8te risks of fraud 8nd n-ComrAance wllh laws gnd regulatlons. To addre8S the r13k of fraud through management th'as and override of controls, we.. performed analytical procedures lo identify 8ny unusual or unexpected relaticfflships.. lesled joumals to identify unusual transac'Ons'. assessed wh&lh8r judgements and assumpllons made in detsrminlng tha a(¢ntIng estlmates were Indicative of potential bias: and investigated the ralSonale behind significant or unusual transactions. In response to the d8k of IrregUlarttr8 and non-ojfflpliance wilh laws and regulations. we deslgned procedures which Included, but wer8 not limlted to.. agre8iro financlal statement disd05ures to und8rfying supporting document¥Uon,' reading Ihe rninutes of me81Sng8 of those ch8ryed wilh govemance.. and enquiring of managemenl as io aciual and polential litigobon and dalms. There are inherent limitations in our audit proc8duw d•scribetl 8bov8. The more removed that laws and regulatlons 8re Irom financial Ir8ns¥Ctions, the less likely it is thalwe would become awa of non-complian¢8. Au(Jiling standards also limit the audit procedures rgquir8d to Id&nttfy non-compliance wth laws and regulations to enqulry of th& trustees and other managernenl and the inspection of regulatory and legal Sx)den¢e, if any, Material misstatements that arise (lutr to fraud can be harder to detect than those thal arise from error as they may Involve deliberate concealment or colluston. A further descriptlon of our Tesponsibilities lor th& audft of tho fln8nd81 st8t8ments Is locatsd on the Finand81 R9POrting Council's w8bsite al.. htlpS'.Ilw%.trC.ovg.uhJaUd)lreSponsItsIIiIies. This dèsuiption forms p8rt of OUT auditor's report. Use of our report Thls port is rnad8 $018ly to lh8 gr(MJp and the tharitable parent companYs members. as a body, In 8ccordance wth Chapler 3 of Part 16 of th8 Companies Act 2006. Our audit work has been undertaken so that we might state to th& group and parent charitable company's members those matters we a required to state to them in an auditors, report and for no c>lh&r purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the parent chartiable company and the group and pwent (*aritable company's members as a body for our audit work, for this reF•X OT for the opsnions we have fomied. 10
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Sharon Edwards (Senlor statutory Audltorl for and on behalf of Mapus-smlth & Lemmon LLP Chartered Accountants StatLrtory Audltor 48 King Street King's Lynn Norfolk PE30 1HE
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023 Unr•$trlctsd fund8 2023 Restrlcted lunds 2023 Total Total 2023 2022 Incom• from: Donations, Membershlps. Funding & Grants Income from ¢onlr8cts & bus farès Other income 403,155 2.255.336 476 70 403,155 607,101 2,255,336 2,064,928 476 936 Inleresl receivable 70 24 Totsl Incom• r•colv•d 2.659.067 2,659,037 2,672,989 CharS18ble 8¢t[lIes 2.570.983 20.882 2.591.865 2.516.836 Taxation 11,5911 Totsl r•sourc•8 •xp•ndfrd 2,570,983 20,882 2.591,865 2.515.245 Net lexpendltur•lllncom• for th• ytail N•t mov•mont In funds 88.053 120.8821 67.172 157,744 Fund balances al 1 Apdl 2022 1.690.319 46.469 1,736.788 1.579,044 Fund balan at 31 March 2023 1,778,372 25,587 1,803,960 1,736.788 Thg Statement of financial adivities indudes all gains and losses reci3nised rn the year. All in¢om8 8nd eXndIture derlve from continuing ad1V¥S. 12
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONSOLIDATED BALANCE SHEET AS A T 31 MARCH 2023 Group 2023 Group 2022 Ch#rlty 2023 Charlty 2022 Flx•d assèts Tangible assets Inve3lments 12 13 1.426.982 1.410.5 1,420,465 Iixi 1,402,262 100 1,426.982 1.410.506 1.420.565 1,402,362 Curronl g$••ts: D8btors Cash al bank and In hand 15 382,366 587.360 359.121 681.249 941.983 40,812 829,445 115,133 969.726 1.040.370 982,795 944,578 Cr•dltorn: *m¢)unts lalllng due wlthln one 18 {401.0941 1471,2871 {253.636 (304,1621 Not ¢urr•nt a•8•ts 568.632 569.1]83 729,159 640,416 Total ass8ts1888 current Ilabllltles 1,995.614 1.979,589 2,149,724 2,042,778 Cr•dltors'. amounts f•lllng du• •ft•r mor• than one year 19 {191.6541 {208,0511 1191,6541 1208,0511 Provlslon• for IlabS1111 134,750 134,7501 N•t •$8•ts 1,803, 1,736.788 1.958.070 1.799,977 Income funds Restri¢led funds Unrestricted funds 21 25.587 1,TI8.373 46,469 1.690.319 25,587 1.932.482 46,469 1.753,508 1,803,960 1,736.788 1.958.070 1,799,977 The Ilnanclal sta(•rnants were approved by the Trustees on .... . MrP rown Tru$t&& Company Reglstratlon N 02922015 13
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash flgw$ from op•ratlng a¢ttvltl• Cash genèratèd from 018tionS Interest paid Income tsxes paid N•t cash Inflow Irom op•rattng actlvltl•8 27 143.268 14.3001 190,398 13,5781 663 186,157 138. Invo•ting actlvltl•$ Purchase of tan9ible fixed assets Proceeds on disposal of tangle fixed assets Interest received (175.5011 24.183 35.220 70 3,399 24 N•t calh u8•d In In¥•8tlng actlYltl•s 1140.21111 120,7601 Flnanclng •¢tlvftl Repayment of bank loans Payment of cèlig81ion8 under fln8nce188888 120,6571 171.989) 120,0751 1197,383 N•t cash u••d In Ilnanclng actlvltle• 192.646} 1217,4581 Not In¢rna•• In ¢a•h and ¢••h •qulval•nt8 193,8891 152,0611 Cash and cash oqulvalents al boglnnlng of year 681.249 733,310 Cash and ¢a#h •qulval•nts at ond of year 587,360 681,249 14
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies Charlty Infomiatlon West Norfolk Community Transport Prc¥ect Mited is a wvate comp8ny limitsd by guarantee incorporated in England and Wales. The reglslered offi¢e18 Unil 7 & 8 Merchants Close. Oldmedow Road. King's Lynn, Norfolk. PE30 4JX. 1.1 Accountlng conv•ntlon The flnancl81 statements h8ve boon prepared in accor(lan¢e the Charity's goveming documènt, the Charities Act 2011 and "Accounting and Reporting by Charities.. Ststement of Rècommended Practice applicable lo chariti85 preparing their accounts in accordan¢8 with the Financial Reporting Standard applicable In thè UK and Rapublic of Ir818nd IFRS 1021. I8s amended for accountlng p8riods commendng from 1 J8nu8ry 20161. The Charity is a Public Benefrt Entity as defined by FRS 102. Thè fin8ncièl ststom&nls havvts d)arted from the Charities (AcCnts and Reports) Rogul8llon8 2008 only to the exlenl required lo provide a true and fair view. This d8P8rture has involved followng the Statement of Recomm8nded Practlce for ch8ritie$ apyIng FRS 102 rather than Ihe version of the Slatomenl of Recommended Practice which is referred to in th8 Regulats'ons tMJt which has sinco boen wilhdrown. The finan¢i81 st8lements are prfjpBred In sterling. which is ihe hjncllonal currency of the Group. Mon&18ry omounts in these financial ststements are rounded to the nearest £. The financial statements have bgon prgpar9d under the hlstorical ojsl convention. The prlnclp818ccounllng policies adopled are s8t out below. 1.2 8asl8 of accountlng and consolldatl¢)n Thestr financial slaloments consolidate the re8ulls of the parent Charity. IVS Inrporated subsldbary WNCT Ltd l¢ompany number 111830941. The trading subsidlary is a private company Ilmrted sh8188, reglstgr8d in England and Wales. A separate slalemenl of financial actiwties 18 not presented the Ch8rlty It80lf followin9 the exemption8 8v8118ble under th8 Charftles SORP. 1.3 Golng concern The trustees consider that there are no material uncertainties about the Group's ability to C¢tInue as a going concern. Golng concem has been discussed by the trustees in their annual report, and the trustees are confldenl11 wll not 8ff9Ct lh8 fin8n¢es ofthe group to such a degree Ihal going concem 18 conslder&d an issue. The subsidlary incurred a nel loss of £90,921 during the year ended 31 March 2023 and, as of that dale, the Subsidiary's current liabilities exceeded its total assels by £154,010. Bu¢Jgets prepared for the yeor ended 31 March 2024 also show an antirApated 1055, lor which funding VMII be reqLtired from ihe parent charity. Thi5 support IS 6xpected to bg in the short to medium temi as the directors ol the trading 8ub8idi8ry h8ve undertaken an exlensive review of route profitability of the bu5 8erviixs operated and have iaken appropriate Steps lo remove loss making routes lo en8uTr th81 the Lxmp8ny Tetums to a profft making p03iUon as soon 88 possible. Overall the group madg 3 surplus of £67,172 during the period and has reserves of £1.803,960 on the Balance Sheet.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles conL 1.3 Golng conc•rn conL The cash position of the group remains healthy and cashflThvs show there is sijfflclont funds avallable to sustain the actlvities of the tharfty and the trading subslthary for a period of at least 12 months from aprxov81 of the Balance Sheet. The Tnjstees confim) li is Bppropr18t8 for the finènci81 statsrnents lo be prepared on the going concem basis. 1 A Charltabl• funds Unr8slrtcled fund8 8ro 8vailablè for use at the discreb.on of the frustees in furtherance of their charitsble objectsves unless the funds have b8¢n designated for other purposes. The Charity has 8 reslricied income fund to account for situations i*here 8 donor or gfanl provider requires that a donation or giant musl 8p8nl on a parJ¢)Jlar puw or where fvnds have been raised for a partlc(tlar purpos8. All other fvnds are unrnslrtcied income fund$. Deslgn8ted funds comprkn funds whleh have b88n $81 a8lde at the discrellon of the trust888 for $pg¢lflc Purposes. rhe purposes and u8•s of thg design818d funds are $91 out in the note8 to lh8 fin8ncl818talemenls. Endowment fiJnd8 are 8ublect lo specmc ndIOn5 ty donorn Ihat the capltsl must b8 m8intaln8d by the ¢horlly. 1.5 Incomlng rn•ourc•• Income Is recognSsed when Ihe Charity Is leg81ty 8ntSVed to it after #ny rfolanCe condiuons have bean m81, the amount8 can be ffteasured reliatrAy. and it is probable that inc(rfne WAI be received. Cash donations Are recognised on receipt. Other donAtions are recognised onc8 the Charity has been notified of the donation, unless performance condit1c5 require defeal ol the amount. IncL)me tax recovgrable In relotion lo donation$ receSv8(l under Glft Aitj deed8 of covenant 1$ reciyJnlsed at the lime of the donation. A680ts for dSslrtbullon are recognlsed u)ly when dItrlled. Assets glven for use by the Char6ty are recognlsod when Teceivoble. Stocks of undistribthe(I don8tgd good8 are not valued fty b81anc8 she81 purpos08. LegBcies are recognised on recèipt or oth0ThSe If thè Ch8rity has been notified of impending distribution. the amount 15 known. and receipt is expected. If the amounl is not knovm. th&1ogacy & treated as a contingent 88801. Grant Income is recognised when the Charity is legally entlued to it after any performance ¢ondltlon$ h8ve been mgt. the 8mounts can be me8siJred ffjli81Ay, ar it 18 probable th8t cOme wll be received. 16
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles eonL 1.$ Incomlng r•sourus conL WNCTLtd Tumover is recognised at the fair Yaiue of the sId3{10n received or receivable for goods and service5 provided in the nomal ¢ourse of business. and is shown nel of VAT other sales lated tsxes. The fair value of consideration takes into account trade tliscounls, setUem9nl discounts and volume rebates. When cash inlSows are deferred and represent a financing arr8ngomenl. the fair value of the consideration is the prasenl v81ve of Ihe future recelpts. The difference beiween the f8lr value of the consid8ratson and the nominal amount received is recognised as interest Income. R8V8nue from Conlwctg forth8 prowsion of prof8ssirmAI swvices is recognl8ed by refen¢9 10 th8 StBg8 ol completion when the stage of completion. costs incurretl antl costs to ci)mplete can be estimated rellably. The stage of cc¥npleliM Is c81culale(I by wnparing costs incurred, malnly In r8latton to ¢ontr8¢tual hourty staff rates and materials, as a pl0porti of totsl costs. Wher8 the outcome c8nnol be estlmaled reliably, revenue Is recognlsod only to theextenl of the expensos rocognlsed thal11 Is probabl wlll be recovered. 1.6 Resourcw4 gXPond•d Expenditure is recognised wthen a liability is incurTed. ContractU818rrangemonts arKI p8rfoTmance Telated grants are recogniswj as goods or seNlces are supplied. Other grant payments arè reu)gnlsed when 8 constructive obli98tion arises that resulls in Ihe payment being un8void8blg. Cosls ol generating funds afe Ih05e costs incurffjd in trading activiknes Ihat raise funds. Charitable activilies are Ihose costs inCue by the ¢arity in meeting ils charitatde obleclive8. Governance costs Include those incu0 in the governance of the Charity and its 8ssels atKI gre prlmBdty 8ss¢Jdaled wlth the lStitU(aL and ststuw requlrements. 1.7 T•nglblè flx•d 888•ts Tangible flxed ass81s are Inthally measurgd at $t and subsequently measured al cost or valuation. not of depreciation and any impairment losses. Donated iangible fixod as$eis which do r1 h8ve a cost lo the Charity are capilalised al Ihtrir Current Value at thg dato of donation. Depreciation is provided at rates cl¢ulaled lo wdle off the costlgss estimated residual valuo of 8ach asset Ovef Its expected useful lif8. 89 fdk)ws'. Buildings No tl8predalion is charged on the basis ihal any charg8 would be immaterial due lo the fysitlu81 value ol the asset 25% reducing ba18nce basis 25% dUcIng balance basis As at 31.03.22, the accounting policy was 10% on delivery, followe(I by 10 years stralght line. As at 31.03.23. the revised policy is 10% on dtrlivery. fdlowed by 10 years straight line for minibuses. and 15 year5 stsight lino for PSV Buses. See note 1.17 for fvrther details regards thi5 ch8nge in )unting policy. Bus gnd Shopmobility equipment Office equipment Motor vehides Plant and equlpment- WNCT 25% Teducing balance b88iS The gain or loss arising on the disposal of an asset is determined 8s the difference beNveen the sale proceeds and the carrwng value of the asset and is recognised in net trDMe1[expenditUreI for the year. 17
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng p911¢1 cgnt 1.8 Impalrmotrt of Ilxed ts Al each reporting end date, the charity reviews the carying amounts of its tangle assets to determin$ whether there is any indication that those assets have suffered an impaimienl loss. If 8ny such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimenl loss Irf any). 1.9 Cash and cash •qulvalent8 Cash and cash equivalents indude cash in hand, deposits held al call banks, other short-term liquld inv6slmenls wllh odginal m3turftl ol thr80 months or186s. and bank ovèrdrafts. Bank overdraft5 are Shown wSthin borrowings in currenl liabiifaos. 1.10 Flnanclal In•truments The Charity has elected to apply th¢ provisions of Soction 11 'Ba$i¢ Flnanaal Instruments. and Sedon 12'0theT Finanrial Inslruments1ssu&s' ol FRS 102 10 811 of its financi81 in8trurnents. Flnancial Snstrumènts Are recognised in th8 Charws balance 8hèèl when thè Charity become8 P8ty10 the ¢onlr8¢tU81 provisions of the instrum8nL Flnancial 8s88t8 and Ilabillties are off8eL wlth Ihe nel 8mtxJnts pr88enlad In the financi818181ements, when Ih8rg 1$ a legally enforceable right trj sgt off the recognised amounts and there Is on Intondon to setile on a net basis or lo r8ali88 the and 8eule th8 tsability simultan80U51y. 8a8lc Iln•ncl•l assets 8aslc flnancial assets, which include d&btors gnd ¢ash and bank balances. aro Inltl8lly measurod at Iransactlon price including transaction costs and are subsequenuy carried at amorti5ed cost using Iho effective interest method unle55 the arrangement conslilutes a financing transaction, where the trans8cbon is measured at tha present value of the fubjre receipts discounted at a market rote of intsrgst. Financial assets classified as receivable within one year are not amorbsed. 80¥1¢ Iln•ncl•l Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangemonl constl¢ules a fin8ndng tran$a¢tron. where tho debt instrument Is measurod al the present value of the future payments discounted al a markel rate of interest. Financial liabilities classlfied as pay8ble vAthln one year are not amortlsed. Derncognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when tr Chanty's t)ntrCtual obligalbons expl tr8ro disch8ryed or c8n¢elled. 1.11 Employa• benefits The cost of 8ny unus8(I holid8y onllllemont Is recognisod In Iho Fwlod In %thlch Ihg employee's S8CeS are received. T#mln8tSon beneflts are recognised immediatety as an expense when Ihe Charfty Is demonstrably commltted to terminate the employThent of an employee orlo promde termination beneffts. 1.12 Rgtlr&m•nt b•n•fits Payments to defined contrilxrtion Tetirement benefft 8d4emes 8re tharyed 88 an expense a3 they fall due. 18
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Aettsunllng pollel•s eomL 1.13 Taxatlon WNCTLimited The lax expense represents the sum ofthe tax trftty pay8ble and deferred tsx. Current tax The tax currently payable is based on tsKaNe profit for the year. Taxable Profil differs from net profil as reported in the profit and loss account because it exdudes items of income or expense that 8re tax8blè or deductiblg in other years and11 further exdudes items that are never laxable or dedu¢tible. The MpanY'S liability for current tsx is calculated using tax lates that have t¢en enacted or substantively enacted by the reporting and d819. Dgferrod t•x Delefred tax liabilities arè generally recognis8d forall tinwng differences and deferred tax assets are rocognised lo the extent that it 15 probable that they will b8 recovered against the verSal ol deferred tax liabilits'&s or other future taxablts profits. Such assets and liabilities are not re¢ognis8d if Ihe timing d¢fference arises from goodwill or from the initial recogniuon of other assets and liabilities in 8 trans8Ctlon that affects nellh8r the tax profil nor the accounfjng profil. The carylng amount of deferred tax assets is reviewed al each reporting end d8t8 and reduced to tho extent that il Is no longer prob8ble thèl suffldenl laxabltr profits VAII bg availablo to allow all cff part of the asset to be recovered. Oeferred tax is calwlaled at the lax rates Ihat are expected to apply the period when the liability s sellled or the asset is r8alls8d. Defefred tax is ch8rged or credilad In the proftl 8nd loss account. except when il relates to items charged or crodited dirgctly to equity. in which case the deferred tax is also dealt with In equlty. Delerred tax assets and liabilities are offset when thè company has a leg811y onlor¢8able dght to offsgt current t8x assgts and liabilities and the deferrod tsx assets and liabilities relate io taxes levied by the same tax aulhorbty. 1.14 Provl8lon• Provi8lon8 are recognised when the charity h8S 818981 or l$trUCtIVe prfrsent obligatson as a result of a past event. it is probable that the charity wll be required to settle that obligation and a reli8ble estimate can be rnade of the amount of the obligatlon. The amounl recognised as a FKovision is the best estimate of the con8id8ration requSred lo sgtue the prgsont obllgallon al the reportlng end date, tsklng Into accounl the risks and unc8rtalnlles surrounding the obllgation. Where the 8ffeci of the bme value of money is malerial. the amount expected io be required lo setdtr thts obligation is recognised at present value. When a wovision is me8$ud al pr8sent value. th8 unwinding of the discount bs recognise(l as 8 fin8nce cost in net in¢omelloxpenditure} in the period in which it arises. 1.15 L•4¥o• Leases are classified as finance leases whenever the lerrns of the lease transfer substantl8lly all the risks and rewards ol ownorshlp to the lessees. AJI olher18ases are dassified as operating lease5. Assets held under finance leases are fecognised as assets at the lower of Ihe 89s8ts fair v8lu8 #t the dal& of inception and Ihe present value of the miniwnum leastr payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of c8pitsl 8nd inlere8t elements. The interest is charged to nel incomel{expendiiuTel f(K the year so as to pY¢e a constant pedodic rale of intergsl on the rem8ining balance of th8 liability- Rentals payable urKler operating leases. induding any lease irK*ntlve8 feceivgd, are thargod as an exponse on a straighl-line b8sls over the temi of the relevant lease. 1.16 Go¥o¥nm¢nt gr4nts Govemmenl grants are recognised al IhefairwJlue of the 85Set received or receivable when ihere is reasonable assurance thal the grant conditions wll be mel and the grants will be received. A grant th81 specifi8S performance condibons is recognised in income when the Performan ¢x)ndib"ons are met. Where a grant does not specify PerfOranCe conditions it is recogniséd in in(x)me when the proceeds are received OT receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. 19
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcS•9 cont. 1.17 Changè In aceountlng •$tlmots¥ and Judg¢rnents The tru51ees have changed the motor vehides depreuation policy during the yearfrom 10 years straight line to whal is now stated in note 1.6. The Injstees feel Ihis more accurately reflects the useful economic life of the asset and will ensure the reshlval values for the motor VeCleS are appropriately stated on the balanc8 sh8eL 1.18 Crltl¢al aecountlng •sllmatss •nd Judg•mtrnts In the application ol the charity's accounting p(Ai(ies. th& trustees are requlred to mak8 ludgemonts, eslimales and assumptlons abcyjt the carying amount of assets and liabilities that ar8 not r&adily appar8nl from other sources. The estimates and assorjated 888umpbons are based on historical experience and other factors that are considoreil io be relevant. Actual results may diff8r from these g$timates. The aslimales and underfying assumpti8 are revlewed on an ongoing b8818. Re$10Th9 lo accounting estimates are recognised in the p8riod in which the estimale is revlsed where the ravislon affects only that porlod, or In the p8ri1)d of the fevislon and future p8riods where the revision affects tth current and future p&riod$. 20
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Donatlons, M•mrshIp, Fundlng & Grants ilnrn8trlcted R•8trfct•d funds fundB Totsl Tatal 2023 2023 2023 2022 Donatbons and glfts Leg8ci$s receivable Funding & grants Membership fees 5.155 5.155 6,994 1,000 598,567 540 397.4SY) 510 397.49) 510 403.155 403.155 607,101 Donatlons and glft• MaSn Prolect donations rec8lv8d Shopmob donations 5,137 18 5,137 18 6,710 5.155 5,155 6.994 Grants r•¢•lvabl• lor corn actlvltl•# Norfolk Health Authority Shoprnobility- B.C.K.L.W.N Local restrictions support grants Tr8vel & Transport SeNices- NCC HMRC- CJRS Grants Dlal A Bus Scherne- B.C.K.L.W.N CBSSG LTA and National lunding Shopmobility- other 8.C.K.L.W.N. - Electric bus grant Swaflham- including NGC & Breckland cojncil funding 26.014 24.988 130.855 99,081 26,014 24,988 130,855 99.081 26,014 24,998 141,294 96,981 21,122 64,689 219,432 47 64.689 15,700 64,689 1 S,700 31.763 31.763 4.400 4.400 4,000 397,490 397,490 598,567 3 In¢om• from eontra¢ts & bus Bus larn• Chaflty Contr•¢ts WNCT Ltd Charlty Totsl YINCT Ltd Group 2023 Tots Group 2022 Income from contrads and IxJ8 fares 44,660 589.880 522.456 1,098.340 2.255.336 2,C64,928 21
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 4 Other Income- Tradlng Unrestrlcted fund Charlty 2023 Total 2022 Other income 476 936 S Inl•r•8t r•c•lvabl• Unr•strlct•d fund• Charlty Total 2023 2022 Interest receivable 70 24 22
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 6 Charltable actlvltle Co¥t of Cost of Cost of Cost of 0ratIOnS0p&raOnS at oTatIonS operntlon¥ at Maln Shopmoblllty at Go To Project Total for 2023 Total for 2022 Swaflham (WNCT Ltd) 2023 2023 2023 2023 Staff costs inc redundancy Depreciation and irnpa1nent Tr8vel expenditure In8urance Private travel arrangements Vehicle iental V9hicle oquipmenl rental Vehicle fuel V8hlcle maintenance 503.609 118.485 14.058 772.921 92.892 1,369.422 118.485 14,058 11B.014 1.252 72.459 31,627 355.419 207,363 1.406.149 156,519 8,245 117,006 41 65,819 27,736 311,927 178,899 121 82,949 1,252 72,459 31.627 288,687 66.732 207,163 S,911 29.455 Llc8nc8S Equipment malnlenance Training Uniforms 1.780 7,691 29,4S5 11,237 3,498 18,370 14,960 32,717 B.030 2S,g50 8,792 3,126 17,957 16,567 11.6841 5.381 1,466 18.370 14.960 2,032 Vehide deaning costs Bus stauon bay rentsl Profil and Ioss ¢Jn sale of 8s8els 32.171 1093 421 121 1219 393 93 092 2 406 027 2 351079 Share of support costs (see Mote 71 Share of governance costs 18ee note 71 134.845 279 28,188 2.451 165,763 144.772 12,783 7.292 20.075 20,985 1.241.049 400 1.254,873 95,$43 2.591,865 2,516,836 An#ly818 by fund Unrestricled fLsnd5 Restricted funds 1.214.723 26.326 400 1,254,873 95,543 2.565,539 26.326 2,495.562 21.274 1,241.049 400 1.254.873 95.543 2.591.865 2,516,836 For the year ended 31 March 2022 Unre51ricled funds 1,157,041 Restricted funds 21.274 8,148 1.220.480 109.893 2,495,562 21,274 1.178.315 8.148 1.220.480 109.893 2.516,836 23
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support Costs Support Gov•rnan¢• costs 2023 2022 Recruitment and other staff c Depreciation Depreci8tion- WNCT Ltd Operating18a5e charges Telephone, postage & stationery I)MIned> Computer mainlenance Rent & premises expenses Sundry- inc bad debt wrlte off and cwd comKAiance Bank charges & finance costs Bank charges & finance rnsts- WNCT Ltd Credit card charges Leg81 & professional fe89 IciYnbin8(11 MBrketing- WNCT Ltd Shopmobllity managèment & a¢iminl8tr8tion costs Sw3ffham & Fl8xlbu8 managemenl & admlnl8tr8ti costs 3.593 1.727 21.162 23.526 1.295 33.799 9.415 2,388 7.308 6.305 40,440 12.075 279 3.593 1.727 21.162 23,526 1.295 33.799 9,415 2,388 7.308 6,305 40.440 12.075 279 7,256 1,985 20,435 20,449 1,383 25,008 7,113 1.652 8.322 602 39.248 6.428 6,316 2.451 2.451 575 Audlt lees1888 note below lor WNCT Ltd 8pIIII 20,075 20.075 20,985 165,763 20,075 185.838 165,757 Analy5ed beN¥een Ch3ri18bl& 8¢llwlle8 165,763 20,075 185,838 165,757 Governance costs indudès payments to tho 8udllors of £lO.412022- £18.1() for audit fe&%. £5,40012022 . £5.1001 relates to the trading subsidiary. WNCT Lld. Taxatlon Group 2023 Group 2022 Ch•rlty 2023 Charlty 2022 UK Corporation tsx charge C Kwofil f(x the year Deferred tax charge on origination and rever881 of timing differences 11.591) (1.5911 24
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Trusteeg None of the IN$teg5 lor any person5 ojnnected wlh them) th8n sèt out below received any remuneration during the year, but 2 of them was reimbursed a total of £1,375 travelling expen5es12022- 1 was reimburs8d a total 01 £1.1601. During the year, the following remuneration was paid to the followng twsteas or those dosdy conn8ci8d lo Iruslee8'. Peter Brown- con$ult3n¢y 88r¥ices £30.00012022- £30.1)00) West Norfolk Pest Control Limited- pest control £90012022- £900}- this business is ovmed by the son of Peter Brown The above arrangement with Peter Brown hos been extended, due to the continued recovery of the ch8rftabla group Ihiough the Covid-19 pandemic. and some changes lo facilitsto wth key stsfflmanagemenl. The trusteès all agreèd lor this arrangemenl to be extended and approved in a trustees meellng via refèrencè lo the Charity'8 governing documenL This arrangement ended on 31 March 2023. Travelllng exponses were rnlmbJr8ed at HMRC approved rale per IxJsln888 mlle. 10 Employ# Numb•r ol •mploy••s The average monthly number of emplo$ in the gfOUP durlng the yoar was.. 2023 Numb•r 2022 Numbor Drfvers linc pgrt-timg drivers) Passenger assistants Driver mechanics C¢TrordSnalorg General manager Head ol finance & admln Managor of West Norfolk Communlty Transprml AdmlnistratSve staff 58 60 73 76 Employm8nt costs 2023 2022 Wages and salaries Social security costs Other pension costs Redundancy costs 1,256.808 87.798 24.816 1,270.331 86,378 14,690 34,750 1,369.422 1.406,149 There were no employees *thoso 8nnual remuneration was £fA).OCKI or mre. 25
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Impalrnients Impairment tests h8ve been Carrled oul vthero 8woplale and the follovAng Impwrmenl Ios88s have been recogrsis&d in wofit or loss.. 2023 2022 In respect of.. Property, plant and equlpNMnt 55,974 The above impairment relatss to vehicles MX11 CZJ1£21,0801 & SK65 PWV1£33,2441. During the financial year MX11 CZJ was damaged by B Surle1 when it Was ietumed. Vehide SK65 PWV, is currently with the supplier and the condition is unknown. It is assumed that the vehide has been ifflpalr8d as the vehide has been al tha suppli8r's locatlon since S8ptemb8r 2022 awaiJng a new &nglne. The remainlng impalrment charge of £1.650 relates to a redassffjcation of a workshop ramp purchased In 2014. In prior year8 tho ramp w88 8981r4ed within L8nd 8nd Building whorè th8 policy ig to not to dèpr8cial8. Within Ihg year, the tfustees consider the moro approprfale da5sificaUon to b8 Workshop Equlpmenl, whore depreciation Is ¢h8rgod.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 T•nglbl• fix•d assets GROUP Bulldlhg Bus& ol11 Ilotorvohlel•¥ Shownobllfty •qulpmenl equlpment Plont 8nd •quIpm•r- WNGT Ltd Totsl Cost Al 1 Aprfl 2022 Addlllons 500,710 138.950 30.718 1.974.655 10.229 2,655,262 33.975 138.226 175,501 Disposals 129,412) 129.190) (15.2501 173,8521 Al 31 March 2023 471,298 143.735 34.018 2.097.631 10.229 2,756,911 D•pr•clatlon Al 1 April 2022 D8preciallon ch8rged in the period Impalrmenl1088eB 81.187 20.371 1,141,213 1,985 1,244,756 13,384 2.657 50.063 1,727 67,831 1.650 54.324 55,974 Elirninaled in respect ol disposals 124.132) 114,500) 138,6321 Al 31 M8rch 2023 72.089 23,028 1,231,100 3,712 1,329,929 Carrylng amount Al 31 March 2023 471.298 71.646 10.990 866.531 6.517 1.426,982 Al 31 March 2022 SI.710 57.763 10.347 833.442 8.244 1,410,506 Thè net carrying value of langible assels includes the Ic41owng in Tespect of assets held under fin8nce leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £94.242 12022- £89,334) lor the ygar. 2023 2022 Bus and Shopmobility equipment Motor vehides 31,402 603,867 577,892 635.269 577,892 27
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 13 Flx?d asset Invetments 2023 2022 Investrnents in trading siJbsKliarie8 100 100 Mov•m•nts In flx•d •u•t Inv••tm¥nts Shar•• Cost or vBluatlon At 31 March 2022 100 At 31 March 2023 100 Carrylng amount Al 31 March 2023 100 Al 31 March 2022 100 Oelails of the group's subsldiaries at 31 March 2023 are a5 ftAIows'. N8m• of und•rtsklng Country of Nar• of I91n•8& Incorporatlon ol rMld•ncy United Kingdom Cla88 of h8reholdlng % Held Dlrectlndlrnct WNCT LSmltod Tradlng Ordlnary 1(NJ.00 A summary of the 8ub8itliaries perfom8nc8 8nd 8S88ts 18 shown bolow.. Tr•dlng 2023 Tr4dlng 2022 Income Expenditure 1.834,775 1,925,696 1,837,959 1.913,929 IDeficit} 190.9211 175,9701 Net liabilities (154.0101 {63,0891 28
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 Flnanclal In$trum•nts 2023 2022 GROUP Carrylng amount of fln•n¢l•l •s*ots Debt instruments measured al amortised C1 789.748 903,062 Carylng amount of Ilnanclal Ilabllltl•s Measured 81 amortiS8d cost 599,555 621.795 Charlty Carrylng amount of fln¥ncl•l auets Oebl Instruments measured 81 amcrft&8ed cosl 120,566 209.236 C8rrylng amount of flnandol Il•bllltlo• Measured al am¢)rtlsed cost 476.883 496 897 15 D•btor• Group 2023 Group 2022 Charlty 2023 Charlty 2022 Amounts falllng due wlthln on• Trade debtors Other debtors Amounts owed by subsidiary underlakSngs Prepayments and accwed income 176,332 26.056 185.936 36,417 79,754 94.103 824,890 37.339 708.358 26,984 179.978 136,768 382,366 359,121 941,983 829.445 29
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 16 Loans and overdrafts 2023 2022 88nk108ns 112.040 132,697 Payable w*thln one year PayatrA8 after one year 20.543 91,497 21.104 111.593 Amounts induded at¥)ve whlch 1811 dutr after five yèar5.. Payat4e by Instalments 6,757 The long-lem loans 8r& 88cuffjd by an unllmlted debenlw8 datsd 0410112018 Incorporaling a fixed and floating charge. Bank overdrafts in WNCT Ltd are s&cured by an unllmtted debenture dated 2811112019 Incoor9ng 8 flxed and floating chafge over the assets of WNCT Ltd and the parent company. A i¥1 Legal Charge over ComrnerdallResid8ntial Fre0)Id kyopety knry•m as Unll 7 & 8 Merchants Close Kings Lynn PE30 4JX dal8d 0510112019. The bank loans are a 10 year10on.188t Po8nts due 4 January 2028. Intsrest splll a8 follows.. Loan 1- 4.45% Loan 2- 2.85% above base rate Ivarlabjo loan} 17 Flnanco lfra8• ct)mmltm•nts Futuro minimum 198sg payments due underfinance leases.. 2023 2022 Within one year Within two and five ye8rs 110,453 100,157 186.141 96,458 210,610 282,599 Finance le88e5 are in regards to hir8 purchases paid in resp8Ct to new buses operatèd by the trading subsidi8ry. Those 8re lo be le88ed lo the trading 5ub5hdiary under a use of vehide charge. The finance leases are over a &year period. and are secured against the a$s8ts for V&thlch they were used to purthase. 30
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 18 Cr•dltors'. amounts f¥lllng duè wlthln one year Group 2023 Group 2022 Charlty 2023 Charlty 2022 14otes Bank loans Obligations under finance lease Other tsxallon and sodal securrty Trad8 creditOT5 Amounts owed to subsidiary undertaknngs Other creditors Accruals and deferred income 16 17 20.543 110.453 20.673 2.106 21.104 186.141 33.449 162.519 20,543 110,453 1,651 104,651 21,104 186,141 15,316 62,379 5.764 76,799 24.094 43,980 49,582 19,222 434.338 471.287 286,880 304,162 19 credOr$. amounts lilllng du• aft•r mor• th•n on• y••r Grt)UP 2023 Group 2022 Charlty 1023 Charlty 2022 Bank loans Obligatsons under finance lease 16 17 91,497 1,157 111,593 ,458 91,497 100,157 111.593 96,458 191,654 208.051 191,654 208.051 20 Provlffjlon• for Ilabllltle• Group 2023 Group 2022 Charlty 2023 Chorlty 2022 Deferred lax liabilities 34,750 34,750 34.750 34,750 Movements on provisions: Employ•• Iitlgatlon provlilon Additional provisi$ in the year 34.750 Provision prowded f(Y expected liability paYLrt in respect lo redundancy and rKfytice entiuements for ong of the charity's employees. This provlslon has been agreed wth ljoth partie5, legal Tepre5entatives. 31
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 21 Rèstrlcted funds The income funds of the charlty Indude Testricted funds comprising the follothng unexpended balan¢es of donations and gfants held on trust for specific puryJo8e#'. M¢)vwnont In lund¥ Balan¢• at R•BoUrl 8•l•nc• at I In¢omlng l Aprll 2021 •xp•nd•d A1 2022 R•wurc•• BJl•n¢• at •xpond•d 31 Mareh 2023 Reslrfcled Funds- inltlal grant of Sw8fft)am Flyer SN64 Frx Norfolk County CounrAI- grant for flexibus Ileel vehicl85 Norfolk County Cnd1 - grant for Swaffham vehides 9.799 (1.9601 7,839 11.5681 6.271 51.432 117.142) 34,2 117.1421 17,148 6,512 (2,1721 4.340 12,1721 2.188 67.743 (21.2741 46.469 120,8821 25,587 The grant for the Swaffliam Flytsr was wjlh regards to 4 vehlde funded by Nortolk County Coundl In order lo provide servlces to and from Swaffl18m lovm cenire. The grant lor the Flexibus Fleet vehides was apF4ied for in (wder lo help fvnd the purthase of new Flexibus vahiclos purch8Sod for the wrpose ol Impro¥lng the seryice 8nd inuease route opllons in the Shipijam area. The grant for the Swafiham Vehid& was in regards to vohides donated by Norfdk County Council. for the purpose ol provlding the vehides for serwce in the Swaftham area. 22 De•lgnatod And g•n•ral Unr•trId fund• The inc(xno lunds of the Ch8rfty Include the following deswJnated and gener81 funds whlch have been sel aside out of unrestricted funds by th8 truste8$ for sp8cific puwes.. Balan¢• at 1 Aprll 2022 Not In¢¢m• for th• year Transf•rs 8alanc• at 31 March 2023 Vehicle rerw818nd Teplacemenl *Jnd Gen&r81 unrestricted fund8 150.000 1,540,319 150.000 1,628.372 88.053 1.6¥YJ.319 88.053 1,778,372 32
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 23 Analy$ls of not ass•ts b•tw•en fund# Unr•strlct6d Restrletod Group 2023 Group 2023 Total 2023 Total 2022 Fund balances al 31 March 2022 are represenlod by.. Tangible assèts Current ass8tsllliablliliesl Long temi liabilities Provision8 1,434,639 535.388 1191.6541 25,587 1,460,226 1,470,504 535.388 569.085 1191,654} 1208,0511 134,7501 1.778.373 25.587 1,803,960 1.736,788 24 Oporatlng 10aM commltments Al the reportlng end daio the ¢harlty had oulstsnding commltrnents for fijiurg mlnimum1g0se payments undef nonrycancellabl8 opgrgtingloases. which fo11 duo as fdlow8.' 2023 2022 Within one year Betwgen and flv& years 97,221 231,611 328,832 68,860 218,222 287.oe2 25 Rolated party transactlon• Remuneratlon of key management pernonn The remuneration of key management pgrsonnol In the gmup Is as follows. 2023 2022 Aggreg8t& oompensatson 165.642 170.338 26 Capltal commltments At 31 M8Tch 2023 the charity had capitsl commitments as follcv•VS'. 2023 2022 Contracted for bLrt not Provided in the financAal stalements-. Acquisition of property, plant 8nd equipment 93,800 The capital commitments di5dosed above are in respect to the following.. EVM Dire¢t Limiltsd - balance of 1 new iws- £93.800 (exc VAT). 33
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 27 Cash Orat*d from 0ratIOnS 2023 2022 Surpluslldefidtl for the year 67.172 157.744 Adjustments for.. Investrnenl Income recognis8d in Statement of finan(yal acttmués Oeprecl8llon of tsnglble fixe(18ssets Taxat1 charged Flnance costs 1701 90,561 1241 165,760 11,5911 3.576 4.300 Movements In w01ng capital.. Decreosellincreasel in debtors (Decreaseifincreoso Sn credi IDgcreaselllncr8ase In prov181on8 IDecr$a$eylncrease In dtferred Ino)me 23.2451 39,300 134.7501 132.652 1282,0671 34,750 120,4041 Cash g•n•r•t•d from op•rnt50 143,268 190.398 28 Analy•l• ol chang•• In net Id•btVfvnd• At 1 WI 2022 Ca•h flow• A¢ 31 Mirrh 2023 Cash al bank 8nd In h8nd 681,249 193,8891 587,360 Loans falling due wblhin one year Loans f811ing duè 8ft8r mor• than one year Obllgalions under flnance leases 121.1041 1111.5931 1282,S991 561 20,096 71.989 120,5431 191,4971 1210,6101 265.953 11,2431 264,710 34