Charity Registration No.1069180 Company Registration No. 02922015 {England and Wales) WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trusloes Mr N C Smith Mr P Brown Mr K L Shayshutt Mrs S M Fraser Charlty number 1069180 Company number 02922015 Prlnclpal address Unlt 7 & 8 Merchants Close Oldmedow Road Klng's Lynn Norfolk PE30 4JX Reglstorod addre88 Unil 7 & 8 Merchants Close Oldmedow Road King's Lynn Norfolk PE30 4JX Audltor Mapus-srnlth & Lemmon LLP 48 King Str8el King's Lynn Norfolk PE30 1HE Bankorn Lloyds Bank 3 North Bank Wisbech Cambridgeshire PE13 IJT Sollcltors Ward Gethin Archer 10 Tuesday Market Place Klng's Lynn Norfolk PE30 1JT
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONTENTS Page Trustae report Statemènt of Trustge responsibilities Independent audltorfs r8POrt 8-11 Consolldated statemènt of financlal a¢llvitles 12 Consolldated balance sheot 13 Consolid818d statement of c88h flow8 14 Notes to the flnanclal statements 15-34
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Truste6s present thelr report and financial Statements for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies sel out in note 1 to the accounts and comply with West Norfolk Community Transport Project Limited governing document, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts In accordance with th8 Financial Reportlng Standard appllcable in the UK and Republic of Ireland (FRS102) published on 16 July 2014. WNCT is an incorporated organisalion which was set up on 101 February 2018. West Norfolk Community Transport Project was established in 1994 as an incorporated charity. ObJ8ctlvo8 and actlvltlos The objects of the charity are to provide or assl$l In the provlslon of a passenger and goods transport servlce for individuals who liv8 Wlthin and around the District Council areas of King's Lynn and West Norfolk, Breckland and North Norfolk who by reason of their rural localion, age, poverty, sickness, mental or physical disability are unable to use or have difficulty using public transport and for use by charitable organisations purposes of other voluntary organisations. The maln objective during the year continued to be the provislon of a pa8S8ng8r tran8POrt 88rvlce as noted in the objeGts of the charity. Incomè raised from commlsslonedlconlract and olher projects provides subsidies for our flagship 88rvlce8 of DSal A Bus and Shop Mobility and to soma extant m8dlcal transport. Rovlew of ¢harltablè actlvStl•8 and achl8v8ment8 for the publlc boneflt The Charfty's alm Is to provlde or asslst in th8 provision of a passenger and goods tr8nsport servlc8 for Indlvldu81s who live within and around the District Council areas of King's Lynn and W85t Norfolk, Breckland and North Norfolk who by reason of their rural location, age, poverty, sickness, mèntal or physical dlsabllily are unable to use or have dlfficulty using public transport and for use by charitable organisatlons purpos8s of oth8r voluntary organisations. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what aclivilies the charity should und8rtak8. This provision is provided as per the services highlighted in the achlev8ments and perfomiance section as Set out below..
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevaments and performance W851 Norfolk Community Transport Project Limited provid8d the following services during the year: Dlal4-Bus: Demand-responsive door to door, rural and urban servlces aimed at increasing social inclusion among people with mobility problems and rural isolation. Group Hlre: A small amount of Group Hire took place during the year as thSrd-party organlsalions slowly reslarted following the Covid pandémic. Prlmary Healthcare.. Non-emergency transport Into rural and urban health centres and hospitals. In addition, w6 transported a number of passengers to vaccination centres - those joumeys were free of charge in the King's Lynn urban area and a nominal fare was applied in oth8r area5. Shopmoblllty: A sÉrviGe which provides manual and eleclrfc wheel chalrs, powered scooters and walklng alds from St Jamès multi-slorey car park in the centre of town. The servic8 Int8gratès wèll wlth èxlsting transport servlces. Transport contract8: On behalf of Travel and Transport, Community Servlces and Chlldren's Servlces al the County Council, we transport school childr8n and people wSth learning difficulties into schools and day s8rvic8S and older people to day centre activities. Voluntoer Car Drlvarn.. We endeavour to use our volunteer car drlvers for health and soclal wellbelng journey8, this has proved to b8 8 very successful and heavlly used servlce. Go to Town Sorvlce.. The trading subsldlary WNCT Ltd oparates public servlces routes accessing the towns of Klng's Lynn, Swaffham, Wlsbech and Downham Market and a varl8ty of rural and other locatlons. Flnanclal rovlaw Rovlew of the flnanclal po8ltSon of th• Group and rgservos pollcy The Charlty Th8 y8ar to March 2024 h8s seen the current economic cllmate contlnu8 to put pressure on grant fundlng whlch is available lo tha voluntary sector - however our statulory partners hav8 maintained our funding for this year although the absence of any significant increases has, like prevlous years, reduced the values in real terms. We shall be looklng for further commissioned work from all sectors as well as continuing to look for ways of conlrolling operating costs as well as exploring new business opportunities. We saw an increase in passenger numbers of 70/0 for our Dial a Bus Servlce compared to the previous financlal year. The presenl level of reserves held is £2,056,499 which includes £1.363.926 of tangible ass8ts and £370,628 in cash reserves available lo use £2,051,482 of the reseNes held are categorised as unrestricted funds, £5,017 are catègorlsèd as restricted funds. It is the policy of tho charity that unrestricted funds which have not been doslgnated for a specific use should be maintained at a16vel equivalent to six months, expenditure. The trustees consider that reseN8s at this level will ensure that, in Ihe event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised. This level of res6rves has been maintained throughout the year.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Tradlng subsldlary The year to March 2024 showed a steady increase In passenger numbers and levels had rlsen by 24P/& by the end of the financial year. We are now actlV8 members of the Bus Service Improvemant plan managed by Norfolk County Council and already have three agreed proposals up and running in Ihe year. The Norfolk County Council funded £1.50 flat fare scheme for the Kings Lynn town area was implemented in August 2023 and has already had a significant impact on increases in passenger numbers and revenue. The present surplus is £59,697 whlch Includes £310,623 In cash reseNes avallable for use. Thas8 are categorized as unrestricted funds. Prlnclpal sources of Income and how oxpendltura maots objoctlvos The prlnclpal sources of Income for the Charlty is that of income from bus routes for both the publlc and educatlon se¢tor, as well a5 funding from the councils to maintain these routes. These sources of income have been used in thè year lo support the key objectives of the Charity as outlined in this trustee's report. Rlsk Managamant The trustees have assessed the major rlsks to whlch th8 charlty Is 8xposed, and ar8 sallsfi8d that procedur&s are in plac8 to mlllgate exposure lo the major risks. The Trustees have a risk management rev18w whlch comprlses a continuing review of the risks the Charlly may face. the establishment of systems and procedures lo mlllgat8 those Identlfled rfsks and the Implementation of procedures deslgn6d to mlnimise the Potential impact on th8 Charlty should those sks materlalise. Plans for the future The Charity has Idenlified the followlng key targ8ts for th8 comlng y8ar: All Oporatlon8- monitor increasing passenger numbers and review advertlslng and other methods of stimulating this. Dlal a Bus {DAB) - we are looklng to èxpand this vital service, particularly in rural areas, and improve efficiency in terms of frequency, locatlons served and route planning thus enabling us to reduce the cost per passenger. Go to Town- we are almlng to expand these service5 Operated by our subsidiary trading company.as they are proving to bè very popular and we hope that Ihey will be able to generate income to help support other services with passeng8r numb8rs returning to pre-covid levels. Golng concern rovlow The revenue from operating activities of the trading subsidiary has been historically inad8quat8 to cover the running costs, as was the case during tho previous y8ar. In ord8r lo break èven the trading company requires a sufficient level of commercial contracts for education as well as sufficient passenger numbers from commercial routes, all which were affected in Covid years. In the 2024125 financial year we do expect trading io Improv8 compared with 2023124 and the financial performance so far to the dale of this report supports that view. W8 anticipate passenger numbers to continue to increase supported by national government initiatives aimed at stlmulating growth in the bus sector to fulfil our going concern statement. Structuro, govemance and management Governlng Document Th8 Charity Is a company Ilmited by guarantee govemed by its Memorandum and Articles of Association date 4 November 1996. It is registered as a Charity with the Charity Commission. A resolution was put to the members at the 2015 AGM to updale the governing document.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 WNCT Ltd is a private company limiled by shares incorporated in England and Wales. The registered office is Unit 7 & 8 Merchants Close, Oldmedow Road, King's Lynn, Norfolk, PE30 4JX. Trustees The Trustees who served during the year were: Charity Mr N C Smllh Mr P Brown Mrs P French (deceased 17 D8cember 2023) Mr K L Shayshutt Ms S M Fraser Incorporated Subsidiary- Dir8Ctors Mr P Brown Mr N C Smith Appolntmant of new Trustees All members are Invited lo nominate Trustees, together wlth nominatlons from the manag8m8nl t8am and the existing Trustees. Those nominated and appointed are elected at the first AGM following 8ppointmenl. None of th8 trust88s has any beneficlal Interest in the company. All Trustees are members of the company and guarant88 to contribu18 £1 in th8 8V8nl of a winding up. Trusteos Inductlon and tralnlng When con51derlng nominalions of Twslees the requlremenl for any spe¢lallst skills needed aro reviewed. Trusteès ar8 8ncour8g8d to att8nd appropriate external training events when these will facilitate the undertaking of their role. New Trusteès attend an 0ri8ntatlon m6elSng to brl8f them on th8lr18gal obligations under charity and company law, the content of the Memorandum and Articles ofAssocialion, the various committees and declsion making processed, the flnancial plan and recent flnancial p8rforman¢e of the charity. During this initial orientation programme, they meet key employees and olher Trust8es.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Organlsatlon The prolect is administered by a committee containing up lo 12 and no lèss than 3 Trus188s and up to S co-opted Trustees. This committee meets 6 times per year. To facilitate effective operations the senior official and the management16am have delegated authority, within t8rms of delegation approved by the Trustees, for operational mattars Includlng finance and employment. The senior official to whom the day-to-day management of the charity in the year was dele98ted by the Trustee5 of the charity was Peter Brown. The other members of thls management team were Natasha Hurley, Vanessa Reeve, Wendy Knobbs, Nick Elvln and Kris Elmer. Related partles The project works in partnershlp wlth, and some of the proj8cI's services are partly funded by Norfolk County Council, the Borough Council of Kings Lynn and West Norfolk, Norfolk & Waveney Integrated Car6 Board, Cambrldg8shiré County Council and Breckland District Council. WNCTP also works in partnershlp with olh8r schemes with slmilar objectives within Norfolk and bordering countles. Th8 charlty staff conslsts of 30 drfvers {Includlng part-llme & rellefj and 3 pass8nger asslstanls. In addillon, 21 volunteer car drivers help us lo provlde our servlces. WNCT Ltd émploys 23 drivers, 2 supervisors, 1 workshop co-ordinator, 3 workshop operatlv8s12 qualifi8d mechanlcs and 1 workshop support operatlvel and 2 bus cleaners as part of the subsidiary op8rations. WNCTP has a fleet of 24 mini-buses, 2 small vehlcles, 1 fleet support van, 8nd 1 Car oparatlng across West Norfolk, South Norfolk, North Norfolk and Br&ckland. The project employed 8 Charity Man8g8r, a Head of Finance and Admin and 6 other administration staff. WNCT has a flè8t of 19 bus88 and employs a General Manager and a Transport Manager. WNCTP operates satellite transport project5 which originated in th8 local communit188 and have a strong local identity. In addStion to King's Lynn Dlal-a-Bus, thesa ar8 Dial-a-Bus In Swaffham and In Downham Mark91 providing serviees for the surrounding areas. WNCT ran the Flexibus services operating from Swaffham (thls Contract ended in Sept8mb8r 2023) as w811 as running Ihe°Swaffham Flyerf, which started In 2014 when th8 n8W Tesco stor8 was built in the town. The charity set up a trading subsidiary, WNCT Llmited, In 2018 to develop commercial opportunlties. Two trustees are directors of WNCT Lld. Audltor In accordance wlth the company's artlcles, a resolutlon proposlng that Mapus- Smlth & Lemmon LLP b8 reappoin18d as auditor of the company will be put at a General Meeting. Dlsclosure of Informatlon to audltor Each of the Trustees has confirmed that th8re is no information of which they are aware whiGh is relevant to the audit, but of which th8 auditor is unaware. They have further confirmed that they have taken approprlate steps to identlfy such relevant information and to establish that the auditor is aware of such information.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustèè r8port was approved by the Board of Trusteès. Mr N C Smith Trustee Dated:..11-11.- Lcl¥......... Mr P Brown Trustee Dated:. I l.-. J.Z:Zy.Z*,.....
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES RESPONSIBILITES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the dlrectors of West Norfolk Community Transport Project Limlted for the purpose of ompany law, are responsible for preparing the Trustees, Report and Ihe financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepled Accounting Practice). Company law requires Ihe trustees to prepara financial statements for each financial year which give a true and fair vl8w of the state of affairs of the charity and of th8 incoming resources and application of resources, including the income and expenditure, of Ihe charitable company for Ihal yaar. In pr8paring th8S8 flnanclal statements, the trust88s are required to- select sultabl8 accountlng policies and then apply thèm conslst8nlly', observ8 th8 rn8thods and principles in the Charitles SORP. make judgements and 8stlmales that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subj8Ct lo any materlal departures disclosed and explained in th8 financial slalemenls,. and prepare the financial statements on the golng concem basis unless It Is Inapproprlate to presume that the charlty wlll ¢ontlnue In operation. Th8 trustèes ar8 responsible for keeplng ad8quat8 accounllng r8cords that disclose wlth reasonable accuracy al any tlme the flnanclal posltion of the charlty and enable Ih8m to 8nsur8 that the financ181 statements comply wllh th8 Companies Act 2006. They arè also responsible for safeguarding th6 assets of the Gharily and hence for taking reasonable steps for the preventlon and detection of fraud and other Irregularllles.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Oplnlon We have audited the financial statements of West Norfolk Communlty Transport Project Limited (Ihe 'parent charitable company,) and ils subsidiary (the "group") for th8 y8ar 8nded 31 March 2024 which comprisé the consolidated statement of financial activities, the consolidated balance sheet, the consolidated statement of cash flow5 and Ihe notes to the financial statements, including significant accounling policies. Th8 financial roporting framework that has been applied in their preparation is applicable law and United Kingdom Accounts'ng Standards, including FRS 102"Thg Flnancial Reporting Standard applicable in the UK and Republic of Ir81and ' (United Kingdom Generally Accepted Accounting PraGtice}. In our opinion, the financial statements.. give a true and falr view of th8 sta18 of th8 group's affairs and of th8 parent charltable company's affalrs 85 81 31 March 2024 and of the group's incoming re8ourc8s and application of resourcès, including it's Income and expendlture for the year then ended., have been property prepared in accordanc8 wlth Unlted Kingdom G8n8rally A¢ceptgd Accounting Practica,. and have been prepared in accordanc8 with th8 r8quirem9nts of the Companies Act 2006. Bas18 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK}) and appllcable law. Our responslbilitiès under those stsndards are further described in the Auditor's responslbllltl8s for tha audit of the financial statemènts section of our report. We 8re independent of the group and the parent charitable company In accordanc8 With th8 8thical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we havè fulfilled our other elhical r9sponsibilities in accordance with these requirements. We believe that the audit evidence we hav& obtained Is sufflclènt and appropriate to provide a basis for our oplnion, Con¢lu8lon• relatlng to golng concern In auditing the financial stateménts, we have concluded that the trustees, use of the going concern basls of accountlng In the preparatlon of the financial slat8m8nts is appfoprlate. Based on the work we have p8rformod, wa hav8 not idéntified any material uncertainties relating to events or conditions that, individually or coll8CtIV81y, may cast slgnificant doubt on the group and the parent charitable ompany's gbility to continue as a going concem for a perlod of at 18ast tW81ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wlth respect to golng conc8m are descrlbèd In tho r8lavant secllons of this report. Other Informatlon The other information compris8S th8 Informallon Included In the annual report other than the financial statements and our auditols r8POrt theréon. The trustees are responsible for the other information contained within th8 annual report. Our opinion on the financial statements does nol cover the other information and, except to the extent otherwise explicilly stated in our report, We do not expr8ss any fom of assurance conclusion thereon. Our responsibilily is lo read the other infomiation and, in doing so, consider whether the other information is materially in¢onsistenl with the financial statements or our knowledge obtained in th8 course of the audit, or otherwise appears to be materi811y misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misslatoment in the financial statements themselves. If, based on the work we have performed, we conclude Ihat there is a material misstatem8nt of this oth8r Information, we are required to report that fact. We have nothing to report in this regard.
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Opinions on other matters prescrlbed by the Cornpanles Act 2006 In our opinion, based on tho work undertaken in the course of our audit.. the information glven In the trustees, report for the financial yearforwhich the financial statements are prepared, which includes the dir6Ctors' report prepar8d for the purposes of company law, is consistent with the financial staternents., and Ihe directors, report included within the trustees, report has been pr8par8d In accordance with appllcable18gal requirèments. Matters on whlch we are raqulrèd to report by èxcéptlon In the light of the knowl8dge and understanding of the group and the parent charitable company and ils environment obtained in the cours6 of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. W8 have nothlng to report In respect of the followlng matters In relatlon to which th8 Compani6s Act 2006 r8quir8S us to r8POrt to you if, in our opinion.. Adequate accountlng records have nol been kept, or relurns adequate for our audit have not been recelved from branches not vlsiled by us., or the financial statements are not in agreement with the accounting records and r8turns,' or C8rtaln dlsclosur8s of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we r8qulr8 for our audlt; or thg trustees. were nol enlltled to prepare the flnanclal the flnanclal statements In accordanc8 wllh the small companies règime and take advantage of the small companies, exemption in preparing the trustees, report and from the r8quir8m8nt lo prèpare a Strategic report. Respon81bllltles of trustees As 8xplalnèd more fully in the statement of trustees, responslbllities, the trustees, who are also the directors of the parent charitable company for the purpose of company law, are responslble for the preparation of the financi81 slalemenls and for b8ing satisfied that they give a true and fair view, and for such internal control as the truslees determine is necessary to enable the preparatlon of flnanclal statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statem8nts, the trusta6s are responslble for assessing the group and the parent charitable company's ability to continu6 as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounllng unless the trusloes either intend lo liquidate the group and the parent charitable company or to cease operations, or have no r8alisllc allernatlV8 bul to do so, Auditor's responsibllltles for the audlt of the flnanclal staloments Our objectives are to oblaln r8asonablé assurance about whether the financlal statements as a whole are free from malerial misstatement, whether due to fraud or 8rror, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when It exists. Misstatements can arise from fraud or error and are considered malerial if, individually or in th8 aggr8gate, they could reasonably be axpecled to influence the economic decisions of users taken on the basis of these financial statements The exlent to which our procedures are capable of detecting irregularit18s, including fraud, is d8talled below
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The extent to which the audit was consldered capable of detecting irregularities includlng fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularit16S, including fraud and non-compliance with laws and regulations, was as follows.. the 8ngag8ment partner ensured that the engagemént team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations- we identified the laws and regulations applicable to the group and the charitable parent company through discussions with trustees and other management. we focused on specific laws and regulations which we consid6r8d may have a direct material effect on the flnanclal statements or the operations of the group and the parent charitable company, including the Companies Act 2006, taxation legislatlon, and employm8nl legislation. we ass8SS8d th8 extent of compliance with the laws and regulations identified above through maklng enquiries of management and inspecting legal correspond6nce', and id6ntified18ws and regulations were communicaled within the audit team règularfy and the team remained alert to instances of non-compliance throughout the audlt. We ass8ssed the susceptibility of the group and parent charltab18 company's financlal statements to material misslat8ment, including obtaining an understanding of how fraud might occur, by- maklng 8nqulrl8s of management as to where they conslderad th8r8 was susceptibility to fraud, thelr knowledge of actual, suspected and alleged fraud,. and considèring the Intemal controls in place to mitigate risks of fraud and non-compliance with laws and r8gulallon8. To address the risk offraud through management blas and ov8rrld8 of controls, we: perform8d analytical procedures to Identlfy any unusual or unexpected relationships; tested Journals to identify unusLtal transactions; assessed whether ludgemenls and assumptions made In d8t8rmlnlng the accounting estimates were Indicative of potential blas., and Investlgat8d the ratlonale behind slgnificanl or unusual transactlons. In responso to the rlsk of Irregularltl8s and non-compliance with laws and régulations, w8 designed procodures whlch Included, but W8re not limited lo.. agreelng flnanclal slat8menl dlsclosures to underlylng supportlng docum8ntatlon', reading thé minutés of m8&tings of those charged with governan¢e', and enquiring of management 8S to actual and potential litigatlon and claims. There are inherent limitations in our audit procedures described above. The morè r8mov8d that laws and regulations are from financial transactions, the less likely it is that we would becomè aware of non-compliance. Auditing standards also limit the audit procedur8s required lo Identify non-compliance wlth laws and regulalions lo enquiry of the trustee5 and olhar manag8rn8nl and the inspection of regulatory and 18gal correspondonce, if any. Malerial misstatements that arise due to fraud can be harder to detect than those that arls8 from error as they may involve delibèrate concealm8nl or collusion. A further description of our responsibllilles for the audSt of the flnanclal statements Is localed on the Flnanclal Reporting Council's website at.. https.'Ilwww.frc.org.ukJauditorsresponsibiSilies. This description forms part of our auditovs report. Use of our report This report is made solely to the group and the chariiable parent company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might state to the group and parent charitable company's members those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the group and the parent charitable company and the group and parent charitable company's members as a body for our audit work, for this report, or for the opinion5 we have formed. io
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Jc Sharon Edwards (Senlor Statutory Audltor} for and on behalf of Mapus4mlth & Lemmon LLP 24 1120" Chartered Accountants statutory Audltor 48 King Street Klng's Lynn Norfolk PE30 1 HE
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds 2024 2024 Total Total 2024 2023 Not85 Donallons, Mèmberships, Funding & Grants Income frorn contracts & bus fares Other income Interest reGelvable 331,413 2,257,312 30 331,413 403.155 2,257,312 2,255.338 30 476 2,074 70 2,074 Total Income r8celv8d 2,590,829 2,590,829 2,659,037 ndit Charftable acllvltles 2.412,132 20,570 2,432,702 2,591,865 Taxation Totsl ro•ource8 expended 2,412,132 20,570 2,432,702 2,591,865 Not {expèndlture)Ilncome for the yearl Net movement In funds 178,697 {20,570) 158,127 67,172 Fund balances at 1 April 2023 1,778,373 25,587 1,803,960 1,736,788 Fund balances at 31 March 2024 1,957,070 5,017 1,962,087 1,803,960 The stslement of financial a¢tivitie5 Includes all gains and losses recognised in the year. All income and expenditure derive from continuing activlties. 12
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONSOLIDATED BALANCE SHEET ASA T31 MARCH 2024 Group 2024 Group 2023 Charlty 2024 Charlty 2023 Note8 Flxed assets Tangiblè a558ts Investments 12 13 1,367,136 1,426,982 1,363,926 100 1,420,465 100 1,367,136 1,426,982 1,364,026 1,420,565 Current assets: Debtor8 Cash at bank and In hand 15 413,535 681,251 382,366 587,360 654,215 370,628 941,983 40,812 1,094,786 969,726 1,024,843 982,795 Credltors: afflounts falllng due wlthln one 18 (326,0341 (401,094) (158,568) (253,6381 Not curronl a$sot8 768,752 568,632 866,275 729,159 Total assals lèss currènl liabilities 2,135,888 1,995,614 2,230,301 2,149,724 Credltors: amounts lalllng duo after more than one year 19 (173,8021 (191,6541 1173,802) (191.6541 Provlslons for Ilabllltles 20 Net a88et$ 1,962,086 1,803,960 2,056,499 1,958,070 Income funds R8Strict8d funds Unrestricted funds 21 22 5,017 1.957.069 25,587 1,778,373 5,017 2,051,482 25,587 1,932.482 1,962.086 1,803,960 2,056,499 1,958,070 Th8 financial stat8m8nts were approved by the Trustees on ..j..7.-.1.L.-.l...L1+ Mr P Brown Trustoe Company Registration No. 02922015 13
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notè$ Cash flows from operatlng actlvltles Cash generated from operations Interest paid Income taxes paid Not cash Inflow from operaling activities 27 267,201 16,540) 143,268 14,300) 260,661 138,968 InveslSng actlvltlo8 Purchase of tangible fixed assets Proceèds on disposal of tanglbla fixed assets Interest re¢elved (93,434) 1175,5011 925 2074 35,220 70 Ngt cash u8ad In Inv88tlng actlvltlas (90,435) (140,2111 Flnanclng a¢tlvltle$ R8payrnent of bank loans Payment of obllgatlons underflnanc818as8s (20,373) 155,962) (20,657> (71,989) N8t ca8h u88d In flnanclng actlvltles (76,335) 192,646) Not Incroaso In cash and ¢a$h oqulvalants 93,891 {93,889) Cash and cash equlvalents at beginning of year 587,360 681,249 Cash and cash equlvalents at end of year 681,251 587,360 14
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity Informatlon Wesl Norfolk Community Transport Project Limited is a private company limited by guarantee incorporalad in England and Wales. The registered office is Unit 7 & 8 Merchanls Clos8, Oldmedow Road, King's Lynn, Norfolk, PE30 4JX. 1.1 Accountlng conventlon The financial sla18menls have been prepared in accordance with the Charity's governing document, tho Charities Act 2011 and "Accounting and Reporting by Charities.. Stalemonl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicab16 in the UK and Republic of Ireland (FRS 102)" las amended for accounting periods commencing from 1 January 20161. The Charity is a Public Benefit Enlity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports} Regulations 2008 only lo the extant required to provide a true and fair view. This departure has involved following th8 Slalement of Recommend8d Practice for charilies applying FRS 102 rather than the version of the Slalemenl of Recommended PractlC8 which is referred lo in the Regulations but which has sinco been withdrawn. The financial slat6menls are prepared in sterling, which is the functional currency of the Group. Monetary amounts in these financial slalements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Basls of accounting and consolidation These financial statements consolidate th8 results of the parent Charity, il's incorporated subs5diary WNCT Ltd (company number 11183094). The trading subsidiary is a private company limited shares, registered in England and Wales. A separate statement of financial activities is not presented for the Charity itS81f following the exemptions available und8r the Charities SORP. 1.3 Going concern The trustees consider that there are no material uncertainties about the Group's ability lo continue as a going concern. Going concern has been discussed by the trustees in their annual report, and the Iruslees are confident il will not affect the finances of the group lo such a d6gree that going concern is considered an issue. The subsidiary generated a nel profil of £59,697 during the year ended 31 March 2024 and, as ofthal dale, the company's current liabilities exceeded ils total assets by £94,313. Budgets prepared for the year ended 31 March 2025 also show an anlicipaled profil, and additional funding is nol expected to be required from the parent company moving fomard. The main liability of WNCT Ltd is that of the inlercompany balance owed lo the parent company. WNCT has reduced the balance owed to the parent in the FY24 year. The parent company has agreed not lo request repayment of the balance outstanding until WNCT has sufficient surplus funds lo do so. The directors are conlinually reviewing route profitability of the bus services operated by WNCT Ltd and have taken appropriate steps lo remove loss making routes to ensure that the company returns to a profil making position. Many of the hir8 purchase agreements will cease for the buses rented by WNCT Ltd from the parent company in 202412025. This will reduce the management charge in future years from the parent company. Budgets have been prepared for the year ending 31 March 2025 which show an improved position for WNCT Ltd. As a result of the above, the directors believe WNCT Ltd will return lo a net asset position within 2 to 3 years from the balance sheet dale. 15
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles cont. 1.3 Golng concern cont. Overall the group made a surplus of £158,127 durlng the p8riod and has reserves of £1,962,086 on the Balance Sheet. The cash position of the group remains healthy and cashflows show Iherè is sufficlent funds avallable to sustain the activities of the charity and the trading subsidiary for a period of at18ast 12 months from approval of the Balance Sheet. The Truste95 confirm it is appropriat8 for the financial statements lo b8 pr8pared on the going concern basi5, 1.4 Charltabla funds Unreslricled funds are avallablè for us8 at the discretion of tha Trnstees In furth8rance of thelr charitable objectives unles5 the funds hav8 b88n d8signat8d for other purposes. The Charity has a restricted income fund to account for situations where a donor or grant provider requires that 8 donatlon or grant must be spent on a particular purpose or where funds have been raised for a partlcular purpose. All other funds are unrestricted income funds. D8signaled funds comprise funds which have b88n set aside at the discretion of the truslaes for speclfic purposes. The purposes and uses of the designated funds are set out in the notes to the financial stalemenl8. Endowment funds are sublecl to speclfic condlilons by donors that the capilal must be malntalned by the charity. 1.5 Incomlng re8ourc•8 West Norfolk Communlty Transport ProJe¢t Llmltad Income is r8cognis6d whèn th8 Charity is legally entitled to it after any parfonnance conditions have been met, the amounts can be measured reliably, and it is probabl8 that Income will be received. Cash donations are recognised on receipl. Other donations ar8 r8cognised once the Charity has bèan notified of the donation, unless performance conditions require deferral of the amount. In¢ome tax récoverable In r8lation to donations recelved under Glft Ald or d88ds of covenant Is recognised at the tlme of the donation. Assets for dlslributlon are recognised only whgn distributed. Assets glven for use by the Charity are recognlsed wh8n receivable. Slocks of undistrlbuted donat8d goods are not valued for balance sheet purposes. Legacies are recognised on re¢8lPt or otheNi8e if the Charity hes bgen notified of an impending distribution, the arnount is known, and r8celpt is expected. If the amount is not known, th818gacy18 treated as a contingent assel. Grant incom8 is recognised when the Charity is legally entitled to it after any performance conditions have bèen met, the amounts can be measured reliably, and it is probable that income will be received. 16
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollclos cont. 1.5 Incomlng rasources conl. WNCTLtd Turnover is r8cognised at the fair value of the consideration received or racbivablè for goods and seNices provided In the nomial course of busln8ss, and Is shown net of VAT and other sales r8lated taxes. The fair valua of consld8ratlon tak8s Into account trad8 dlscounts, S8tt18m8nl discounts and volum8 rèbat85, When cash inflows are é8f8rred and represent a financing arrangement, the fair value of the con5ider8tion is the present value of the future receipts. The difference be88n the fair value of the consideration and the nominal amount received is recognised as interest income. Revenuè from contracts for the provlslon of professlonal servl¢ès Is rècognlsèd by referencè to the stage of completion when the stage of comp18tion, costs incurrgd and Gosts to complete Gan be estimated r8llably. Thg stage of complètlon Is calculated by comparing costs Incurr8d, malnly In relatlon to contractual hourly staff rates and materlals, as a proportlon of total cosls. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovergd. 1.6 Rosources expended Expenditure Is recognlsed wh8n a Ilablllty Is Incurrèd, Contractual arrangements and perfom8nce r8lal8d grants are recognls8d as goods or servlc8s ara supplled. Olh8r grant paym8nts ar8 r8cognlsed when a constructive obligation arises that results in the payment being unavoidable. Costs of g8nerating funds are thos8 Costs Incurred In tradlng acllvlties that r81s8 funds. Charitabl8 activlties are those costs incurr8d by the charity In m8èllng Its charitable ob}ectlves. Governance costs Include those Incurred In the governance of the Charfty and Its assets and are prlmarlly assoclaled wlth the ¢onstitullonal and statutory requlrements. 1.7 Tanglble flxod assots Tangiblè fixed assets are initially measured at Cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Donatèd tangible fixed assèts which do not havè a cost to the Charfty are capltallsed at Ihelr current value at the date of donatlon. Depreciation is provided at rates calculated to writs off the cost less estimated residual value of each asset over ils expected useful life, as follows.. Buildings No depreciation is charged on the basis that any charge would be immaterial due to the residual value of the as8el 200/0 reducing balance basis 250/0 reducing balance basis 100/0 on delivery on now vehicles, followed by 10 years straight line for minibuses, and 15 years straight line for PSV Buses. Bus and Shopmobility equipment Office equipment Motor vehides Plant and equipment - WNCT 25°A reducing balanc8 basis The gain or loss arising on the disposal of an asset is determined as the difference beQOn the sal8 proceeds and the carrying value of the asset and is recognised in net incomel{expenditure) for the year. 17
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies cont. 1.8 Impalmiant of fixed assets Al each reporting end dale, the charity reviews thè carrying amounts of its tangible assets lo determine whether there is any indication that those assets havè suffered an impairment loss. If any such indication exists, the recoverable amount of th8 ass&1 is estimated in order to determin6 the extent of the impaimienl loss {if any). 1.9 Cash and cash oqulvalents Cash and cash equivalents include cash in hand, deposits held at C811 with banks, other short-lemi liquid invèstments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withln borrowings in current liabillties. 1.10 Flnanclal Instruments The Charlly has el8Ct8d to apply the provlsions of Sacllon 11 'Basic Financial Instruments, and Sectlon 12 '01her Financlal Instruments Issues, of FRS 102 to all of Its financial instrumanls. FinancSal instruments are recognised in the Charity's balance sheet when the Charfty becomes party to the contractual provisions of the instrument. Financial assets and Ilabilitl8s are offset, with the nèt amounts presented in the financlal statements, when there is a legally enforceable right to sel off the recognised amounts and th8r8 Is an Intention to settle on a net basls or to realise the ass8t and s8tt18 the liabillty slmult8n8ously. 8aslc flnanclal assets Baslc financial assets, whlch Include d8btors and cash and bank balancos, are Initially measured al transaction price Including transaction costs and are subsequently carri8d at amortised cost uslng the 8ff&ctive interest method un18SS the arrangemgnl constitutes a flnancing transaction, wh8r8 th8 transaclion is measuréd al th8 present value of the futur8 receipts discounted at a market rat8 of interest. Financial assets classified as recelvable within one year are not amortised. Baslc financlal Ilabllltles Basic financial liabilities, including creditors and bank loans are initially r8cognised at transaction price unless the arrangement constitutes a Inancing transaction, where tho debt Instrument is measured al th8 present value of the future payments discounted at a market rate of interesl. Financial liabilities classified as payable within one year are not amortised. Derecognltion of financial Ilabllltles Financial liabilities are derecognised when the Charity's contractual obligations expire or are dlscharged or cancelled. 1.11 Employèe beneflts The cost of any unused holiday entitlement is re¢ognised in Ihe period in which the employ8e's services are received. Termination benefits are recognised immediately as an expense when the Charity Is demonstrably committed to teminate th8 employment of an employee or to provide temiination benefils. 1.12 Retirèment beneflts Payments to defined contribution retirement benefit schemes are charged as an expènse as they fall due. 18
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles cont. 1.13 Taxatlon WNCT Limited The lax expense represents the sum of the lax currently payable and deferred lax. Current tax Th8 lax currently payable is based on taxable profit for th8 year. Taxabl8 profil dlff8rs from net profit as report8d in Ihe profit and loss account because it excludes items of income or expense that ar8 taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using lax rates that have been enacted or substantively enacted by the reporting end date. Deferred tax Deferred lax liabilities are generally recognised for all liming differences and deferred tax assets are CognISed lo the extent that it is probable that they wlll be recovered against the reversal of deferrèd tax Ilabilltles or other future taxablè profits. Such assets and Ilabilili8s are not recognised if the liming differènce arls8s frorn goodwlll or from the initial r8cognition of oth8r ass8ts and liabiliti8s in a transaction that affects n8lther th8 tax profil nor th& accounting profit. The carylng amount of deferred tax assets Is revlewed at each reportlng end date and reduced lo the exlent thal it is no longer probable thal sufficient taxable profits will be available to allow all or part of the asset lo be covered. Deferd lax is calculated al the lax rates Ihal are expected lo apply in the period when Ihe liabillty IS Settled or tha assét is réallsad. 08f8rrèd lax is chargéd or crèdi18d in the profit and loss account, 8xc8pI when It relates to items charged or credlted dlreclly to equlty, In whlch case the d8ferred tax Is also dealt wllh in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current lax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. 1.14 Provlslons Provisions 8re recognised when tha charity has a lègal or constructive pres8nt obligation as 8 result of a past event, il Is probable that the charlly wlll be requiréd to settle that obligation and a réliable estlmate can b8 made of the amount of the oblSgatlon. The amount recognised as a provision is the be81 estimale of the consideration required to settle the present obligation al the reporting end dale, taking into 8ccount the risks and uncertainties surrounding the obligation. Where the effect of Ihe time value of money 15 material, Ihe amount expected lo be required lo settle the obligation is recognised at prgsent value. When a provision is measur9d at present value, the unwinding of the discount is rècognised as a finance cost in net incomel(expenditure) in the period in which it arises. 1.15 Loases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership lo the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of Ihe assets fair value at the date of inception and the present value of the minimum lease payments. The re18ted liability is included in the balance sheet as a finance lease obligation. Lease paymenls are treated as consisting of capital and interest elèm8nts. Th8 intèrest is charg8d to n81 incomell8XP8nditure) for the yèar so as to produc8 a constant periodic rate of inl8r8st on th8 remaining balanc8 of the liability. Rentals payable under operating leases, Includlng any lease incentives received, are charged as an expense on a straighl-line basis over the term of the r81evanl18ase. 1.16 Governmenl grants Government grants are r8cognisad at the fair value of the ass8t received or receivable when there is reasonable assurance that the grant conditions will be mel and the grants will be received. A grant thal specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify perfomance conditions it is recognised in income when the proceeds are received or 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 2024 Accountlng policle$ cont. 1.17 Critical accounting éstlmatès and Judgéménts In the application of the chaTIty'5 accountlng policies, the Iruslees are required to make judgements, estim8tes and assumptions about the carying amounl of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are consSdered to be r818vanl. Actual r8sults may diff8r from these estimatès. Tha 8StSmates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revisèd whère tha revision affects only that period, or in the period of the revision and future periods where the revlslon affects both current and future periods. 20
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donatlons, Membarshlpi Fundlng & Grants Unrestrlctsd Restrlcted funds funds Total Total 2024 2024 2024 2023 Donations and gifts Legacies recaivable Fundin9 & grants M8mb8rship f88S 1.126 1,126 5,155 329,092 1,195 329,092 1.195 397,490 510 331,413 331.413 607,101 Donallons and glfts Maln Prolect donations recelvèd Shopmob donations 1.126 1.126 5,137 18 1,126 1,126 5,155 Grants rocelvable for cora actlvltlos Norfolk Health Authority Shopmobility- B.C.K.L.W.N LoGal restricllons support grants Travel & Transport S8rvsC88- NCC Dlal A Bus Scheme - B.C.K.L.W.N CBSSG LTA and Natlonal fundlng B.C.K.L.W.N- Medical bus grant B.C.K.L.W.N. Eleclrlc bus grant Swaffham - Includlng NCC & Breckland councll funding 26,471 24,988 79,263 99,081 64,689 26,471 24,988 79,263 99,081 64,689 26,014 24,988 130,855 99,081 64,689 15,700 30,000 30,000 31,763 4,600 4,600 4,400 329,092 329,092 397,490 3 Incomo from contracts & bus farg3 Bus faros Contracts Total Charlty WNCT Ltd Charlty WNCT Ltd Group 2024 Total Group 2023 Income from contracts and bus fares 62,087 668,929 686,825 839,471 2,257.312 2,255,336 21
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 4 Other incomè- Tradlng Unrestrlcted funds Charity 2024 Total 2023 Other Income 30 476 5 Interest recelvable Unro8trlclad funds Charlty Total 2024 2023 Interest re¢elvable 2,074 70 22
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 6 Charitable actlvltles C08t of Cost of Cost of operatlons operatlons at operatlons at Main Swaffliam atGoTo ProJ6cl Town (WNCT Ltd Total for 2024 Tolal for 2023 2024 2024 2024 Slaff costs Inc redundancy Depreciation and impairment Trav&1 expènditure Insurance Private trav91 arrangements Vehicle rental Vehicle equipm8nt renlal Vehicle fuel Vèhlclè malnlènance Llcences Equipment maintenance Training Unifomis Vehlcle cleanlng costs Bus ststion bay rental Profil and loss on Sale of assets 610.149 144,534 12,424 43,400 65,225 742,474 1,417,848 144,534 12,424 120,502 97 75,557 32,284 233,204 140,474 1,369,422 118,485 14,058 118,014 1,252 72,459 31,627 355,419 207,363 77,102 97 75,557 32,284 179,715 53,489 140,474 3,783 26,931 6,573 1,420 3,282 7,065 27,146 11,834 3,015 7,793 14,960 6,090 7,691 29,455 11,237 3,498 18,370 14,960 32,717 215 5,261 1,572 7,793 14,960 2,560 23 3,530 1 122 264 1067 100 2 254 827 2 406 027 Share of support costs (see note 7} Shara of govemanc8 costs (s88 not8 71 129,214 2,240 26,336 157,790 165,763 11,625 8,460 20,085 20,075 1,263,103 67,703 1,101,896 2,432,702 2,591,865 Analysls by fund Unrèstrlctèd funds Restrlcted funds 1,242,533 20,570 67,703 1,101,896 2,412,132 20,570 2,565,539 26,326 1,263,103 87,703 1,101,896 2.432.702 2,591,865 For the year ended 31 March 2023 Unrestricted funds 1,215,123 Restricted funds 26.326 95,543 1.254,873 2,565,539 26,326 1,241,449 95,543 1,254,873 2,591,865 23
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governanca costs costs 2024 2023 R8crultm6nt and other staff costs Depreciation Depreclatlon- WNCT Ltd Operating lease charges Telephone, postag8 & stationary {combined) Computer mainlenance Rent & premises expénses Sundry- inc bad debt write off and covid compliance Bank charges & financ8 costs Bank charges & finance costs- WNCT Ltd Credit card charges Legal & prof8sslonal fees {comblned} Markating {combin8dl Shopmobility management & administration costs Swaffham & Flexlbus management & admlnlstratlon costs 4,514 747 18,483 20,094 422 47,193 8,459 1,456 9,266 6.640 11,317 26,519 440 4,514 747 18,483 20,094 422 47,193 8,459 1,456 9,266 8,640 11,317 26,519 440 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 2,240 2,240 2,451 Audlt fees (see nole below for WNCT Ltd spllt) 20,085 20,085 20,075 157,790 20,085 177,875 185,838 Analysed belween Charitable activitigs 157,790 20,085 177,875 185,838 Govérnance costs includes payments to the auditors of £17,76012023 - £16,400) for 8udlt fees. £6,76012023 - £5,400) relates to the trading subsidiary, WNCT Ltd. Taxatlon Group 2024 Group 2023 Charlty 2024 Charlty 2023 UK Corporation lax charge on profit for the year D8f8rred tax charge on origination and reversal of timing differences 24
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustèes None of the trustees {or any persons connected with th8m) othér Ihan s8t out bèlow r8C8ived any remuneration during the year. but 2 of them were reimburs8d a total of £740 travelling expenses12023 - 2 wa5 reimbursed a total of £1,375). Durlng the year. the followlng remunaratlon was paid to the following trustees or those closely connéctèd lo trust8es- P818r Brown - consultancy servic@s £0 {2023 - £30,000) Wesl Norfolk Pest Control Limited - pest control £900 (2023 - £900) - this business is owned by the son of Peter Brown The above arrangement with Peter Brown had been extended but end8d on 31 March 2023. Travelllng expenses were relmbursed at HMRC approv8d rate per buslness mile. 10 Employ•g8 Numbèr of ernploy8è8 The average monthly number of employees In the group durfng the year was: 2024 Number 2023 Number Drlvers {Inc part-tlme dflvers) Passenger assistants Driver mechanics Cowordinators General manager Head of finance & admin Manager of West Norfolk Communlty Transport Adrninlstrative staff 55 58 70 73 Employmènt Costs 2024 2023 Wages and salaries Social security Costs Other pension costs Redundancy costs 1,305,232 90,574 22,042 1,256,808 87,798 24,816 1,417,848 1,369,422 There were no employees whoso annual remuneration was £60,000 or more. 25
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Impairments Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss: 2024 2023 In rèspèct of.. Propety, plant and equipment 5,350 55,974 The above impairment relates to vehicle SK65 PWV. In the prior year, SK65 PWV was with a supplier, awaltlng a new engine. The condition of thè vehlclé remains unknown. The vehicle has been al the supplier's location since S8Ptemb8r 2022, and it is assumed that the vehicle has been further impaired, down to sGr8p value. 26
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Tangible fixed assets GROUP Bulldlng• Bu$& Offlc• Motor v•hlcl•s Shopmob511ty •qulpment •4ulpm•nt Plant and oqulpment- WNCT Ltd Total Cost Al 1 April 2023 Additions 471,298 143,735 34,018 2,097,631 10,229 2,756,911 93,434 3,149 450 89,835 Disposals (985) 12351 (5.00) 13,0711 (9.291) At 31 March 2024 471,298 145,899 34,233 2,182.466 7,158 2.841,054 Depraclatlon At 1 Aprll 2023 D8pre¢latlon Charged In th8 peric>d Impalrment losses 72,089 23,028 1,231,101 3,712 1,329,930 14,856 2,767 126,275 747 144,445 5,350 5,350 Ellmlnated In respe¢l of dlsposals (602) (1941 14,5001 (511) 15,807) At 31 March 2024 86,143 25,601 1,358,226 3,948 1,473,918 Carrylng amount At 31 March 2024 471,298 59,756 8,632 824,240 3.210 1,367.136 At 31 March 2023 471,298 71,646 10,990 866,531 6.517 1,426,982 Th8 net carrylng valu8 of tangibl8 ass8ts includes th8 following in resp8Ct of assets held under finance leases or hire purchase contracts. The depreciation charge in respect of such assets amounted lo £75,496 (2023 - £94,242) for Ihe year. 2024 2023 Bus and Shopmobility equipment Motor vehicles 25,122 629.125 31,402 603,867 654,247 635,269 27
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Flxed assét Investments 2024 2023 Investments in trading subsidiaries 100 100 Mov8ment8 In flxod a88•t Invèstmonts Shara$ Cost or valuatlon Al 31 March 2023 100 At 31 March 2024 100 Carrylng amount At 31 March 2024 100 At 31 March 2023 100 De1811s of the group's subsid5arles at 31 March 2024 are as follows.. Narne of undartaklng Country of Naturé of buslnes$ Incorporatlon or rosldoncy United Kingdom Cla81 of Shareholdlng % Held Dlrectlndlrect WNCT Limlted Trading Ordinary 100.00 A summary of the subsldiarles performance and assels18 shown below., Tradlng 2024 Tradlng 2023 Income Expenditure 1,587,663 1,527,966 1,834,775 1,925,696 Surplusl(Deficlt) 59,697 (90,9211 Net liabilities 194,313) 1154,010) 28
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Flnanclal Instruments 2024 2023 GROUP Carrylng amount of flnanclal assets Debt instruments measufèd at amortised cost 841,769 789,748 Carrylng amount of Ilnanclal Ilabllltlos Measured at amortised cost 548,595 599,555 Charlty Carrylng amount of flnanclal assels Debt inslnjments measured at amortiS8d cost 454,087 120.566 Carrylng amounl of flnanclal Ilabllltle8 Measured at amortised cost 404,032 476 883 15 Debtors Group 2024 Group 2023 Charlty 2024 Charlty 2023 Amount8 falllng dua wlthln one yoar: Trad8 debtors Other debtors Amounts owed by subsSdlary undertaklngs Prepayments and accrued income 139,164 21,354 176,332 26,056 83,459 79.754 519,583 51,173 824,890 37,339 253,017 179,978 413,535 382,366 654,215 941,983 29
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Loans and ovordrafts 2023 2022 Bank loans 91.867 112,040 Payable within one year Payable after one year 21,045 70,622 20,543 91,497 Amounts included above which fall due after fiv8 y8ars.' Payable by Instalments The long-term loans ar8 Secured by an unlimited dgbenture dated 0410112018 incorporating a fixed and floating charge. Bank ov6rdrafts In WNCT Ltd are secured by an unlimited debenture dated 2811112019 incorporating a fixed and floating charge over th8 assets of WNCT Ltd and Ihe parent company. A 1bl Legal Charge ov8r Comm8rclallR8sld8ntlal Freehold property known as Unlt 7 & 8 Mer¢hants Close Kings Lynn PE30 4JX dated 0510112019. The bank loans are a 10 year loan, last payments due 4 January 2028. Inlere818plit as follows.. Loan 1- 4.45% Loan 2 _ 2,850h above base rate (variable loan) 17 Flnance lea80 commltments Future mSnlmum lease payments due under finance18as8s: 2024 2023 Within one year within two and fivè years 51,468 103,180 110,453 100,157 154,648 210,610 Finance leases are in regards to hlre purchases paid in respect to new buses operated by the trading subsidiary. These are to be leased to th8 trading subsidiary undar a use ofvehicle charge. The finance leases are over a 5-year period, and are secur8d againsl tha assets for which thay wer8 usad to purchase. 30
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Creditors". amounls falling due wlthln one year Group 2024 Group 2023 Charlty 2024 Charity 2023 Notes Bank loans Obligations under finance leas8 Other laxatlon and social security Trade creditors Amounls owéd to subsldlary undertakings Other creditors Accruals and d6ferred incom8 16 17 21,045 51,468 20,453 123,795 20,543 110,453 20,673 200,106 21.045 51,468 4,673 60,355 20,543 110,453 1,651 104,651 7.123 102.150 5,764 43,555 21,027 16,338 326,034 401,094 158,568 253,636 19 Crodltors: amounts falllng duo after more than one yéar Group 2024 Group 2023 Charlty 2024 Charlty 2023 Nole8 Bank loan$ Obligations under finance lease 16 17 70,622 103,180 91,497 100,157 70,622 103,180 91,497 100,157 173,802 191,654 173,802 191,654 20 Provlslons for Ilabllltlo8 Group 2024 Group 2022 Charlty 2023 Charlty 2022 D8f8rred tax liabililles Movements on provisions..
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 R8Strlcted funds The income funds of the charity Includè restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes,. Movement In funds Incornlng Rosourcgs Balanc• at R•$aur¢o• •xpand•d 31 M*rch 2024 B•lan at 1 Aprll 2022 RoJour¢•i Balan¢• #t 1 oxp•nd•d Aprll 2023 Restricted Funds - Inillal grant of Swaffham Flyer SN64 FTX Norfolk County Councll- grant for flexibus fleet vehicles Norfolk County Council- grant for Swaffham vehlcles 7,839 (1,5681 6,271 (1.254) 5,017 34,290 (17,142) 17,148 {17,148) 4.340 12,172) 2,168 (2,168) 46,469 (20,882) 25,587 {20,570) 5,017 The grant for the Swaffham FIy8r was with regards lo a vehicle funded by Norfolk County Council in order to provide services to and from Swaffham town ¢enlre. The grant for the Flexibus Fleet vehScles was appliéd for In ordèr to help fund the purchase of new Flexlbus vèhl¢les purchased for the purpose of improvlng th8 servlce and Increase route options in the Shipdam area. The grant for the Swaffham Vehicle was in regards lo vehicl8s donat8d by Norfolk County Council, for Ihe purpose of providing the vehicles for service in the Swatham area. 22 Deslgnated and general unrastrlctèd funds Thè income funds of the Charity include the following designalad and general funds which have been sel aside out of unrgstriclgd funds by the trustees for sp8cific purpos8S.' Balancè al 1 Aprll 2023 Net Income for the year Transfors Balance at 31 March 2024 Vehicle renewal and replacement fund General unreslrlcted funds 150,000 1,628,372 150,000 1.807,069 178,697 1,778,372 178,697 1,957,069 32
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Analy818 of nel assets between funds Unrestrlctod Restrlctod Group 2024 Group 2024 Total 2024 Totsl 2023 Fund balances at 31 March 2024 are represented by: Tangible assets Currgnl assetsllliabilities) Long tem158bllltles Provisions 1,362,119 768,752 1173,802) 5.017 1,367,136 1,460,226 768,752 535.388 (173.8021 1191,6541 1,957,069 5,017 1,962,086 1.803,960 24 Oparatlng lèase commltments At tha r8POrtlng end dale the charity had outstanding comrnitments for future mlnimum lease payments under non-cancellable operating leases, which fall due as follows: 2024 2023 Within on8 y8ar Baeen tsvo and flve years 86,914 44,373 131,287 95,643 131,287 226,930 25 Rolat•d party transactlon8 Romuneratlon of key managamént personnel The remuneration of key management personnel In the group Is as follows. 2024 2023 Aggregate compensation 195,838 165,642 26 Capltal commltmant8 At 31 March 2024 thè charlty had capital commitments as follows: 2024 2023 Contracted for bul not provided In the financial statements: Acquisition of property, plant and equipment 33
WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 27 Cash gèneratod from opèratlons 2024 2023 Surpluslldeficit) for Ihe year 158,127 67,172 Adjustments for.. Investment income recognised in statement of financial activities Dépraclatlon of tangible fixed assets Loss on disposals Taxation charged Finance costs (2,0741 149,795 2,560 170) 90,561 6,540 4,300 Movements in working capital.. Decr8asellincreasè} In debtors IDecrease)lincrease In credltors IDeGreaselllncrèa58 in provisions IDecrease>lincrease in deferred Ir)come (31,170) 116,577) (23,245) 39,300 134,7501 Cash generatgd from oporatlon8 267,201 143,268 28 Analysls of chang08 In net (debt)Ifunds At 1 Aprll 2023 Ca•h flow• At 31 March 2024 Cash at bank and In h8nd 587,360 93,891 681,251 Loans falling due within one year Loans falling due after more than on8 year Obligallons under flnance leases 120,543) 191,497) (210,610) 1502) 20,875 55,962 {21,045) 170,622) (154,648) 264,710 170,226 434,936 34