Company Limited by Guarantee No. 2922015 Charity Registration No. 1069180 ## Trustees and Borough Representative |Nick Smith|Chairman|Trustee| |---|---|---| |Peter Brown||Trustee| |Keith Shayshutt||Trustee| |Susan Fraser||Trustee (Resigned January 25)| |Cllr. Steve Everett||Borough Council of Kings Lynn| |||& West Norfolk| ## **CHAIRMANS REPORT** Welcome to this year’s Annual General Meeting for West Norfolk Community Transport Project Limited and its subsidiary WNCT Limited. In 2024-2025 both our Community Transport operation and the GoToTown public service company continued to grow after recovering from the effects of the Covid pandemic. The introduction of the Bus Service Improvement Programme in the autumn of 2023 brought opportunities for funding to support increased frequencies on some of our GotToTown routes and for the start up of our 3H service running from South Lynn to North Lynn. In addition, we were able to introduce a £1.50 flat fare scheme within the King’s Lynn urban area. These initiatives generated a welcome stimulus to passenger growth in 2024-2025. However, the results for the 3H service were disappointing partly due to delays in the opening of the new Health Hub in the Nar Ouse Way and we are in the process of reviewing the route to see whether changes might improve passenger numbers. In 2025/2026 passenger figures for the Go To Town Service as a whole have remained static so a complete reassessment of our network is underway in order to identify efficiency improvements. Running in parallel with this, our Community Transport services have continued to experience consistent growth in passenger numbers and fare income both for Kings Lynn and Rural Dial-a-Bus. Our income from Day Centre work has increased in spite of County Council cut backs and a more structured margin orientated approach to school contracts is proving beneficial. Income from school contracts increased significantly in the period. However, this is proving to a fiercely competitive market with more taxi companies chasing work. I must thank our management team and all our employees, for all their hard work in meeting the challenges we all face. Thanks are also due to my fellow Trustees and Committee members as well as to our funders for their continued support throughout this time. This has seen us emerge in good shape and ready to face the continuing challenges of the future. Finally, I should just like to note that, as we are constituted at the moment following the resignation of Sue Fraser, we have just three trustees which is less than ideal. We are in the process of recruiting new trustees but should anyone feel they would wish to be involved or know someone might be interested please contact the office on 01553 776971. Nick Smith – Chair of Trustees ## **Director’s Report** West Norfolk Community Transport (WNCTP), a charity founded in 1992 is our core business, providing rural and urban accessible door to door transport. It aims to provide transport solutions for people with mobility restrictions, including the elderly, frail, disabled and also for rurally isolated individuals who have little or no public transport. All of its vehicles are compliant with the Equality Act 2010. Prospective passengers using our traditional DAB services need to become members of the Charity in order to comply with our Section 19 permit. As Nick has stated, 2023 and early 2024 were challenging times. Since then, our core Dial-a-Bus business has improved steadily with King’s Lynn passenger numbers getting back to somewhere near pre-pandemic levels and the rural business growing steadily but still some way off historical performance. 2024/2025 figures compared to the previous year are: Kings Lynn – Journey growth +12.8% Income +6.8% Rural Journey growth +15.1% Income +10.8% Swaffham Journey growth +24% There are gaps in the income records but the running rate of income increase at Swaffham is around 22% The new Village Link service did not generate the anticipated level of business and was losing around £2,000 per month so it was cancelled in September 2025. We continue to explore the concept of rural transport as levels of isolation due to the lack of public transport in rural areas is a significant issue both locally and nationally. Income from school contracts was up by 23.5% and from Day Centre work by 9.7% Medical bus journeys continue to run at 4 to 5 trips per day. Whilst the other activities of the charity do not generate financially significant results, they are an important part of our charitable aims. Minibus group bookings were down slightly but use of the electric vehicle increased significantly – mainly due to one particular passenger Scooter hire increased by 6% and volunteer trips went up by about 5% and then dipped slightly. In 2024/2025 – we purchased 3 x 16 seaters – all doing contracts am and pm with 2 serving rural DABS 3 times a week and one supporting KL DAB. In 2025/2026 - Additional 7 x 16 seaters purchased. As has been reported in previous years our Dial-a-Bus fleet was becoming very elderly and we have been taking every opportunity to improve this by obtaining low mileage younger buses to replace some of the older worn out ones. The **GoToTown** bus operation run by the subsidiary company is very much affected by external factors particularly Norfolk County Council’s support for services and wider Government programmes. Some funds were received from the Bus Service Improvement Programme and the introduction of the £1.50 flat fare scheme has helped to grow passenger numbers. Whilst results for 2025/2026 are disappointing, in 2024/2025 we achieved encouraging growth figures: King’s Lynn & Swaffham - passengers +13.5% revenue +27.2% GoToTown received a grant for £35,000 for next stop announcement on its buses and at the start of 25/26 purchased a new Mellor Strata 27 seater low floor bus. In 2025/2026 GoTotown attended Kings Lynn Pride with the iconic Pride bus which is in daily service in KL. We were very pleased with the reaction to our specially sign-written bus and plan to go to the event in future years. We still have problems with the Streetlite buses and support from Bamford who took over the Wrightbus company is not as good as we would like. The juggling act to keep the buses on the road continues and particular thanks are due to Vanessa Reeve and her team who have to deal with this on an almost daily basis. ## **Fleet review** As noted above our Streetlite buses are a subject of real concern. On occasions we have had to resort to short term hire when vehicles have been off the road and the cost of running the GTT fleet is higher than we would like. In 2024/2025 some of the lease purchase agreements for these buses have come to an end which has further improved our cash flow. **Staffing** - a new Workshop Coordinator has been recruited. Tyler joined us with a wealth of experience in vehicle maintenance. Whilst there is still a lot to sort out, we have seen significant improvements in productivity, in parts control and purchasing as well as improved work scheduling. In recent years it has been difficult to establish a stable team in the DAB/Shopmobility office and historically staff problems there have taken an inordinate amount of time and caused unwelcome undue stress. It is matter of real pleasure to report that this has now settled down and Grace and Stacey who run the DAB and Shopmobility side really present our charity in the way we want. In March 2025 we introduced a combined DAB and Scooter membership to help promote scooters – this has been well received and has encouraged more use of scooters. ## **Finance** Our accounts show that we have healthy Balance Sheet with a substantial cash position and healthy liquidity. Over the 2023/2024 - 2024/2025 period we were able to reduce the bank borrowings for purchase of the Merchants Close premises by £20,000 and reduce obligations under finance leases by £40,000. We shall continue to monitor cash flows very carefully. ## **Organisation** Our new management structure with Natasha, Vanessa and Wendy as the lead team is working very well. We are now in a situation where there is confidence that the various sectors of our business are under tighter control and that problems are anticipated and addressed early. ## **The Future** We have emerged from the last few years in a relatively strong financial position which is due in part to support from the government and from the County and Borough Councils. However, we have to be clear that we need to continue to work hard to ensure that our underlying businesses are financially sustainable particularly with the challenges facing GoToTown . Our plans have not changed a great deal from last year except the we now face additional challenges in terms of the increase in National Insurance contributions, possible National Minimum Living Wage increases as well as proposed changes to employment rights. Rural isolation is a significant problem in Norfolk. We continue to explore ways of using Section 22 permits to increase passenger numbers including assessing the viability of the scheduled services. We are monitoring passenger numbers per bus journey in order to increase revenue without extra costs. We need to retain and win school and other contracts, as these are a vital financial support for our charitable endeavours. We have recently introduced a programme of leisure trips to a variety of venues. These have been well received and may well enable us to increase our morning and evening school service fleet by making good use of potentially free driver and vehicle capacity during the middle part of the day. Sept 2024– The Macmillan Coffee Morning organised by Grace and Stacey at the Shopmobility office in the St James car park raised £313.76 and in Sept 2025 raised £274.32. These are always well attended by staff and clients for a meaningful cause and form a meaningful part of our charitable ethos. We shall continue to exert tight cost control across all our activities. We are members of the Community Transport Association and we want to build upon our relationship with them to support lobbying the Government for better use of community transport operators. **WNCT Limited (Go to Town)** – we have developed a more comprehensive and dynamic route profitability model and we shall continue to monitor performance very carefully. We shall work closely with the Borough Council and Norfolk Council to continue to provide sustainable services where required and to achieve an equitable share of available funding. We are very grateful for the support of: ## **Norfolk County Council Kings Lynn & West Norfolk Borough Council Breckland District Council Norfolk & Waveney Integrated Care System Cambridgeshire County Council** Finally, on behalf of the Trustees I would like to thank all of our drivers, passenger assistants, volunteers, maintenance team and office staff as without their care and dedication we would not be able to provide these valuable services. Peter Brown November 2025 Charlty Reglstration No.1069180 Company R•glstratlon No. 02922015 (England and Wales) WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONSOLIDATED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustee8 MrNCSmth Mr P Brown Mr K L Shayshutt Ms S M Fraser (resigned 20.01.2025) Charlty number 1069180 Company number 02922015 Prfnclpal addross Unit 7 & 8 Merchants Close Oldmedow Road King's Lynn Norfolk PE30 4JX Registered address Unit 7 & 8 Merchants Close Oldmedow Road King's Lynn Norfolk PE30 4JX Audilor Mapus-smith & Lemmon LLP 48 King Street King 8 Lynn Norfolk PE30 1HE Bankers Lloyds Bank 3 North Bank Wisbech Cambridgeshire PE13 1JT SolicitoffJ Ward G8thin Archer 10 Tuesday Market Place fjng's Lynn Norfolk PE30 1JT WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED CONTENTS Page Trustee report Statsm8nt of Trustee responsibilities Indapendont audito¢s report 8-11 Consolidated statement of financial acts'wties 12 Consolidated balance sheet 13 onsolidated statement of cash flows 14 Not8S to th8 financial ststements 15-34 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEE REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their report and financial statements for thé yéar ended 31 March 2025. Th8 accounts have been prepared in accordance with the a¢¢ounting poliaes set out in note 1 to the accounts and comply with West Norfolk Communty Transport Project Limited governing document, thè Charities Act 2011 and the Statement of Recommended Practi￿ applicable to charits.es preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) published on 16 July 2014. WNCT is an incoTporat•d organisalion which was s8t up on 1 February 2018. West Norfolk Community Transport Project was established in 1994 as an incorporatsd charity. Objectlves and activiti0$ The objects of the charity are to provide or assist in the provision of a passenger and goods transport service for individuals who live v￿h1n and around the District Council aieas of lQng's Lynn and West Norfolk, Breckland and North Norfolk who by reason of their geographical location, 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. Thg main obj6dive during the year continued to be the provision of a passenger transport service as noted in the objects of the charity. Income raised from commissionedlcontract and other projects provides 5ubsidie5 for our flagship services of Dial A Bus and Shop Mobility and to some extent medical transport. Review of charitable activities and a¢hlevements for the publi¢ b•n•fit The Charity'5 aim is to provide or assist in the provlslon of a passenger and goods transpprt seTvi¢e for individuals who live within and around the District Council areas of King's Lynn and West Norfolk, Breckland and North Norfolk who by reason of their rural location, age, povety. sickness, mental or physical disability are unable to use or have difficulty using public transport and for use by charitable organisatlons purposes of othar voluntary organisations. The trustee5 have paid due regard to guidanc8 issued by the Charity Commission in deciding what activities the charity should undertake. This provision is provided as per the services highlighted in the achievements and perfomiance seclion as set out below.. WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢hievements and perforniance West Norfolk Community Transport Project Limited provided the following services during the year. Dlal4.Bus: Demand-responsive door to door, rural and urban Services aimed at increasing social inclusion among people with mobility problems and rural isolation, including social trips and oulings. Group Hlre." An incrèasing amount of Group Hire took Pla￿ over the year. beginnlng to retum to prerycovid 18vels. Prlmary Hèalthcare: Non-emergency transport into Tural and urban health centres and hospitals. Shopmobility: A service which provides manual and eladric wheelchairs, powered suxiters and walking aids from St James multi-storey car park in the centre of town. The 5erviGe intsgrates well with existing Iransport servicas. Trangport contracts-. On behalf ol Travel and Transport, Community S8rvices and Child￿n.$ Services at the County Council, we transport school children and people wilh learning difficulties into schools and day services and older people to day centre activities. Volunteer Car Drivers." We endeavour to usa our voluntser car drivers for health and social wellbeing joumeys, this has provod to be a very Successful and heavily u$ed service. Go to Town Service: The trading subsidiary WNCT Ltd operates public serwces route5 accessing the towns of King'5 Lynn, Swaffnam. Wisbech and Downham Market and a variety of rural 8nd other locations. Flnan¢ial rovlew Rovlew of the flnancial position of th¢ Group and reserv￿ poll¢y The Charity The year to March 2025 has seen the current economic climate continue to put pressure on grant funding which is available to the voluntary seclor - however our statutory partners have maintained our funding for this year although the absence of any significant increases has, like previous years, reduced th8 values in real terms. We shall be looking for furlher commissioned work from all sectors as w811 as continuing to look for ways of controlling operatin9 costs as well as exploring new businéss opportunities. We saw an increase in passenger numbers of 11.5Yo for our Dial a Bus Servsce compared to the previous financi81 year, approaching pre-covid levels. Tho present level of rèserves held ig £2,114,700 which includes £1,328,503 of tangibl• assats and £494,633 in cash reseNes available to Use all of the reseNes held are categorised as unrestricted funds. It is the policy of the charity that unrestrictsd fijnds which have not been designated for a $pecl)Ic use should be maintained at a level equivalént to six months, expenditure. The tnsstees consider that reserves at this levd will énsure that. in th6 8V8nt of a significant drop in funding, they 11 be able to continue the charity's current act¢vities while consideration 18 given to ways in which additional funds may bo raiséd. This level of reserves has been maintained throughout the year. WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Tradlng subsidiary The year to March 2025 showed a steady increase in passènger numbers and levels had risen by 13.5¥ty by the end ofthe financial year. W8 a￿ now benefi¢iaries of the Bus SeNice Improvement Plan managed by Norfolk County Council and already have three agreed proposals up and running in the year. The Norfolk County Council nded £1.50 flat fa￿ scheme for the Kings Lynn town area was impleménted in August 2023 andhad a significant impact on increasos in passenger numbers and revenue. The present surplus is £34.434 which inciudes £411,511 In cash reserves availablo for use. These are Categorized as unrestricted funds. Prin¢ipo1 $ource8 of Income and how •xpendlture meets objectiv95 The principal sources of revenue forthe Charity is income from bus routes for both the public and éducation sector, as well as fvnding from the Councils to maintain theso routés. These sources of incom8 have been used in the year to support the key objectives of the Charity as outlined in this trustee 8 reporL Risk Manag•ment The trustees have assessed the major risks lo which the charity 18 exposed, and are salisfed that prO￿dureS are in pla¢e to mitigate exposure to the major risks. The Trustees have a Tisk MaF￿gement review which comprises continuing review of the risks the Chanty may face.. the establishment of systsms and procedures lo mitigate those identified risks and the implementation of prO￿dureS designed to minimise the potential impact on th8 Charity should those risks materialise. Plans for the future The Charity has identified the followng key targets for the coming year. All Oporations- monitor increasing passenger numbers and review advertising and other methods of stimulating this. Dial a Bug IDABI- we are looking to expand this vital $8ryice, particularly in rural areas. and improve efficiency in tomis of frequency, locatSons s8rved and route planning Ihu5 enabling us lo redu￿ the cost per pass6ng•r. Go to Town- we are reviewing the route nehvork operated by our subsidiary trading company in order to improve effi¢iencies. Golng concorn rovléw The revenue from operating activities of the trading subsidiary has been historically inadequate to cover the running costs, as was the case during the previous year. In order to break even the trading company requires a sufficient level of commeroal contracts for education as well as suffi¢ient passenger numbers from ¢ommercial rout8s, all which were affected in Covid years. In the 2024125 financial y•ar trading improved compar8d with 2023124. The finan¢ial perfomiance so far to Ihe date of this report has identified conlinuing challenges which are being addressed. with the aim of identifying a sustainable future. Financial reports provided for 2025126 show an improvement, but challénges still do exist. Structure, govemance and managèmènt Governlng Documont Th8 Charty is a company Ilmtted by guarantse governed by its Memorandum and Artides of Asso¢iatlon date 4 November 1996, It 1$ registered as a Charity wth the Charity Commission. A r8solution was put to the memb8rs at the 2015 AGM to updats the goveming documenL WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 WNCT Ltd is a private company limited by shares incorporated in England and Wales. The registe￿d office is Unit 7 & 8 Merchants Close, Oldmedow Road, Kin9's Lynn. Norfolk, PE30 4JX. Trusts85 The Trustees who served during the year were: Charity Mr N C Smith Mr P Brown Mr K L Shayshutt Ms S M Frasar (resigned 20 January 2025> InCo￿orated Subsidiary- Directors Mr P Brown MrN C Smith Appointm•nt of nwi Tru8teg8 All members are invited to nominate Trusle8S, tog8th8r with nominations from the managemenl leam and the existing Trustees. Those nominated and appointed ar8 81ected at the first AGM following appointment. None of the trustses ha5 any beneficial interest in the company. All Tnjstees are members of the company and guarantee to ¢ontribute £1 in the 6vent of a winding up. Trustee8 Induction and training When Gonsidering nominations of Trustees the requirement for any spe¢lalist skills needed are ￿VIewed. Trustees are encouraged to attend appiopriats external training events when these will facililate the undertaking of their role. Naw Trustees attend an orientskn'on meeting to brief thern on their legal obligations under charity and company law, the content of the Memorandum and Articles ofAssoGiation. the various committees and decision making processed, the financial plan and recént financial performance of the charity. During thi$ init181 orientation programme, they meel key employees and other Trustees. WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organisation The project is administ•r8d by a committee contsining up to 12 and no less than 3 Trustees and up to S co-opted Trustées If desired. This committee meets 6 times per year. To facililate effective operations the senior official and the management t8am have delegated authority. within terms of delegation approved by the Trustees, for operational matters including finance and employment The Senior official to whom the day-to-day management ofthe charity in the year was delegated by the Trustees of the charity was Peter Brown. The other members of this management team wgrg Natasha Hurtey, Vanessa Reeve, Wendy Knobbs, Nick Elvin. Kris Elmer and Kirsty Edmonds. Related parties The project INorks in partnership with. and some of th8 pmject's services are partly funded by Norfolk County Council, the Borough Council of Kings Lynn and West Norfolk, Norfolk & Waveney Integrated Care Board and Breckland District Council. INNCTP also works in partnership with other schemes wtth similar objedives within Norfolk and bordering counties. The charity staff consists of 32 drivers (including part-time & reliefj and 3 passenger a55iStanl$. In addition, 23 volunte&r car drivers help us to provide our service5. WNCT Ltd employs 22 drivers. 2 supervisors, 1 workshop co-ordinator. 3 workshop operatives {2 qualified mechanicg and 1 workshop support operative) and 2 bu$ cleaners as part of the subsidiary operations. WNCTP has a fleet of 24 mini-buses. 2 small vehicles,1 electric vehicle. 1 fleèt support van, and 1 car operating across West Norfolk, South Norfolk, North Norfolk and Breckland. The project employed a Charity Manager, a Head of Finan¢8 and Admin and 6 other administration staff. WNCT has a fleet of 18 buses and employs a General Manager and a Transport Manager. WNCTP operates satellite transport projects which originated in the local communities and have a strong local identity. In addition to King's Lynn Dial+Bus, these are Dial-a-Bus in Swaffham and in Downham Marf(et providing services for the surrounding areas. WNCT runs services operating around King's Lynn, QDwnham Market. Wisbech and Swaflham. The charity set up a trading Subsidiary, InNCT Limited, in 2018 to develop commeraal opportunit18s. Two trustees are directors of WNCT Ltd. Audllor In accordance with the company's articles, a resolution proposing Ihat Mapus- Smith & Lemmon LLP ba reappointed as auditor of the cornpany wll be put at a General Meeting. Dlsclosure of informatlon to audltor Ea¢h of the Trustees has confimied that there is no information of which they are aware which is relevant to the audit, but of which the auditor Is unaware. They have fvrther confirffled that they have t8ken appropriate step5 to identify such relevant infomation 8nd to establish that the audl(or is aware of su¢h information. WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 The Trustee report was approved by the Board of Trust8es. Mr N C Smlth Mr P Brown Trustee Dated. 261,, I WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED TRUSTEES RESPONSIBILITES FOR THE YEAR ENDED 31 MARCH 2025 The trustees. who are also the directors of West Norfolk Community Transport Project Limited for tha purpose of company law, are responsible for preparing Ihe Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Ac¢ounting Standards {United Kingdom G•nerally Accepted Accounting Practice). Company law requires the tru$ts•$ to prepare financial stat6m8nts for 8ach financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and 8xpendilure, of the charitable company for thal year. In preparing these financial ststements. the trustees are required to: - select suitable accounting poliaes and thon appty them consistently," observe the methods and principles in th8 Charities SORP- - make judgements and estimates that are reasonable anij prudent., slate whether applicable UK Accounting Stsndards have been followed, gubject to any material departures disclosed and explained in the financial statements,. and Prepa￿ the financial statements on th8 going concem basis unless f( is inappropriate to presume that the charity will continue in op8ration. The trustees are responsible for keeping adequate ac¢ounts'ng records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial gtat8ments comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hell￿ for 18king reasonabl• Steps for the prevention and detsction of fraud and olher irregularities. WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Oplnlon We have auditsd the ffinan￿aI statements of West Norfolk Community Transport Project knmited (the 'parent charitable company,) and its subsidiary {th• 'group") for the y88r énded 31 March 2025 which COrnPTi5e the consolidatad ststement of financial activitses, the consolidaled balance sheel, the consolidated statement of cash flows and the notes to the finanrAal statsments, including significant accounting policies. The financial r8POrting fralnework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including FRS 102"The Financial Reporting Standard applicable in the UK and Republic of Ireland" {United Kingdom Ggneralty Accepted Accounting Practice). In our opinion. the financial statements.. gi￿ a tru8 and fair view of the state of the group's affairs and of the parent charitable company's affairs as al 31 March 2025 and of the grt)up's incoming resources and applioalion of ￿sourCes, including it's income and expendilure for the year then ended., have been properly prepa￿d in awordance wrth United Klngdom Generally Accepled A¢¢ounting Practice,. and have been prepared in accordan￿ wth Ihe requI￿￿ents ofth8 Companies Act 2006. Basi5 for opinion We conducted our audit in accordance WFth International Slandards on Auditing {UK} (l&qs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditols responsibilitiè8 for the audit of tha financial statements section of our reporL We are independent of thé group and the parent charitable company in accordance with the ethical requirements that are relevant to our audit ofthe financial Statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our olher ethical responsibilities in accordan￿ with these requirements. We believe that the audit eviden￿ we have obtalned is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, w8 have concluded that th8 trustees, use ofthe going concem basis ofaccounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we havÉ not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt ofi the group and Ihe parent charitab18 company's ability to continue as a going concem for a perlod of at least knelve months from when the finanaal statements are authoTised for issue. Our responsibilities and the responsibilities of the trustees wilh respect to going concern ara described in the relevant sections of Ihis report. Othor inforniatlon The other info￿ation comprsses the infomiation included in the annual report other than lh8 financial statements and our auditorfs reportthereon. The trustees are ￿ponSIble for the other infomiation contained within th8 annual report. Our opinion on the financial gt8tements does nol cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is lo read the other infomiation and, in doing so, considerwhether the other InfO￿natiOn is malerially inconsistent with thè financial gtstsments or our knowledge obtained in the course of the audit, or otherwtS@ appears to be materially misstated. If we identify such material in¢onsistencies or apparent material misststements. we are required to detemiine whelh8r this gives rise to a mal8rial misstatement in the financial statements themselves. If, based on tho work we have performed, we ¢on¢lude that there is a material misstatement ofthis other information, we are required to report that facL We have nolhing to report in this rogard. WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Opinlon8 on othor matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the cours¢ of our audit-. the infomiation given in the trvstees, report forthe financial year for which the financial statements are prepared, which includes Ihe directors, report prepared for the purposes of company law, is consistent with the financial ststement5-, and the dire¢tors' report included within the trustees. report has ￿en prepared in accordance with applicable legal requirements. Matters on whlch we are requirod to report by exceplion In the light of the knowledge and understanding of the group and the parent chatitable company and its environrnent obtained in the course of the audiL we have not identified material misstatements in the diredors, report included within the trustees. report. We have nothing to report in ￿spect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. Adequate accounting records hav8 not been kept, or retums adequate for our audil have not been received from bran¢hes not vistted by u8., or the financial statements are not in agreement with the a¢¢ounting records and r8tums,' or ertain disclosures of trustees, r&muneration specifiad by law are not made", or we have not received all the infomiation and explanations we require for our audit or the trustees, ware not 8ntitled to prepare the financial the financial statements in accordance with the small (xjmpanies regime and tske advantsge ofthe small companies, exemption in preparing the trustses, report and from the requirement lo prepare a strategi¢ report Responsibilitios of trustees As explained More fully in the stat8m8nt of trustees. responsibilities, the trustees, who are also the directo[5 of th8 parent charitable company for the purpose of company law, are iespon5ible for th& preparation of the financTral ststements and for being satisfied that they give a true and fair view, and for such int8mal control a$ the Irustees detemiine is necessary to enable the preparation of financial statemenlg that are free from material misststement, wh8ther due to fraud or error. In preparing the financial statements, the trustees are responsible ft)r assèssing the group and the parent charitable company's ability to continuè as a going concem, disclosing, as applicable, matters related to going concern and using the going Concern basis of accounting unle55 the truslees either intend to liquidat• the group and th8 parent charitable company or to cease operations. or have no realistic altamative but to do so. Audltor's r•sponslblllt1•8 for the audit of the financial slatements Our obje¢tives are to obtain reasonable assurance about whether the financial statem8nts as a vthole are free from material misstatement. whether du& to fraud or error, 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 accordanco with ISAS {UKI will always dete¢t a material mis5tstementwhen it exists. Misslatem¢nts can arise from fraud or &Tror and are considered material if, individually or in the aggregate, they could reasonabty be expected to influence Ihe economic decisions of users taken on the basls of these financial ststements The extant to which our procedures are capable of dete¢ting irregularities, including fraud, is deiailed below WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The extent to which tho audll was consldered capablo of dolortlng Irrogularltles Including fraud Our approach to identifying and assessing the risks of material misstatement in respect of iTTrgularibes, including fraud anil non. The Charity is a Public Benefrt Entity as defined by FRS 102. The financlal statements have departed from the Charilies {Accounts and Reports) Regulations 2008 only to the extent required to provide a Irue gnd fair view. This departure has involved following the Statement of Recommended Practi￿ for charities applying FRS 102 rather than tha version of the Statsmenl of Recomrnended Practice which is referrad to in the Regulations but which has since been withdrawn. The financial staternents ar8 prepared in sterfing, which is the functional currency of the Group. Monetary amounts in these finanaal statements are rounded to the nearest £ The financial statements have been prepared under the historical cost convention. The principal accounting poliaes adopted are set out below. 1.2 Basis of a¢¢ountlng and consolidalion These financial statements consolidate the results of the parent Charity, it's incorporated subsidiary WNCT Ltd (company number 111830941. The trading subsidiary is a private company limtted shares, registeréd in England and Wales. A separats statsment of financial activitses is not presented for the Charity itself following the exemptions available under the Chartties SORP. 1.3 Golng concern The trustees consider that there are no material uncertainties about the Group's ability to continue as a goirvJ COn￿rn. Going concem has been discussed by the trustees in their annual report, and the trustees are onfidenl it will not affect the finances of the group to such a degree that going concem is considered an issue. The subsidiary gen8rated a net profft of £34,434 during the year ended 31 March 2025 and, as of that date. the company's current liabilities exceeded ils total assets by £59,87912024 - £94,313). Budgets prepared for the year ended 31 March 2026 also show an anticipated profit, and additional funding is not expected to be required from the parent company moving fo￿ard. The main liability of WNCT Ltd is that of the intercompany balanc6 owed to the parent company. WNCT has reduced the balance owed to the parenl in the FY25 year. The parent company has agreed not to request repayment of the balance oulstanding until WNCT has sufficient surplus funds to do so. The directors are continually reviewing route pmfitability of the bus services operated by WNCT Ltd and have taken appropriate steps to remove loss making routes to ensure thal the ¢ompany returns to a profit making position. Many of the hire purchase agreements wlll cease for the bus8$ rented by WNCT Ltd from the parent o)mpany in 202512026. This will redu￿ the managament charye in futuré years from the parent company. Budgets have been prepared for th8 year ending 31 Marth 2026 which show an improved posltion for WNCT Ltd. A5 a r88uIt of the above, the directors believe WNCT Ltd will retum to a net asset position within 2 to 3 years from the b8lan¢& sheet dale. Is WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounling pollcle8 cont 1.3 Going concern conL Overall the group made a surplu5 Of £92,635 during the period and has reserves of £2,054,721 on the Balan￿ Sheet. The cash position of the group remains healthy and cashlows show there is sufficient funds available to sustain the activilies of the Char￿ and the trading subsidiary for a poriod of at least 12 months from approval of the Balance Sheet. The Trustees confirm it is appropriate for the financial statements to be prepared on the going concern basis. 1A Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives Unl￿ the funds have been designated for olher purposes. Th8 Charity has a restricled income fund to a¢¢ount for situats'ons Whe￿ a donor or grant provider requires that a donation or grant must be spent on a particular purpose or where fvnds have been raised for a particular purpose. All other funds are unrestricted income funds. Designated lund5 comprise funds which have been set aside at the discretion of the Iruslees for 5peciffc purposes. The purposes and use9 of the designated funds are set out in Ihe notes to the financial statements. Endowment funds are subjecl to ¥pecific conditions by donors that the capital must b8 malntained by the charity. 1.5 Incomlng resourcos VVestNorfolk Communlty Transport Project Limlted Income is recognised when the Charity ISI￿alty 8ntitled to it after any perfonnance condTtions have been met, the amounts can b8 measured reliabty, and rt is probable thal income will be received. Cash donations are ￿COgnised on receipt Other donations are recognised once the Charity has been notified of the donation, unless perfomiance conditions requiTr deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Assets for dlstribution are recognlsed only when distributed. Assets given for use by the Charity are recognised when receivable. Stocks of undisth"buted donated goods are not valued for balan¢e sheet purposes. Lega¢les are recognised on receipt or othe￿ise If th8 Charity has been notified of an impending dlstrlbution, the amount is known, and rec8ipt is expected. If the amount is not known, the legacy is treated as a Contingent asset. Grant income is ro¢ognis8d when the Charity is18gally entitled to it after any performance ￿nditionS have been 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 2025 A¢¢ountlng pollcles conL 1.6 Incoming rosour¢os cont WNCTLtd Turnover is recognised at the fair valu8 of the consideration received or receivable for goods and services provided in the nomal course of business. and is shown net of VAT and other sales r81at8d taxes. The fair value of ¢onsid8ralion takes into account trade discounts, settlgment discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair valuè of the consideration is th8 present value of the fvtur8 receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from contracts forthe provision of professional services is recognised by reference to the stsge of compl8tion when the stage of complelion, costs incurred and ¢o$ts to complete can be estimated reliably. The stage of completion is ¢al¢ulated by comparing costs incurred, mainly in relation to contractual hourly staff rate5 and Mate￿01S, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent oftha expenses recognised that it is probable will be recovered. 1.6 Re80urces expgnded Expenditu￿ is reoognised when a liability 15 incurred. Contractual arrangements and perfomance related grants are re¢ognised as goods or services are supplied. Other grant payments are recognised when a conStru￿1ve obligation arises that results in the payment being vnavoidable. Costs of generating funds a￿ those costs incurred in trading activities that raise funds. Charitable actiwties are those costs in¢urred by the charity in meeting its charitable objectives. Goveman¢e costs include those incurred in thè gov8man¢e ol the Charity and its asséts and are primarily associated wtth the con8titukn.onal and statutory requirements. 1.7 Tanglblo fixèd assots Tangible fixed assets are initially measured at cost and subsequently measured at ¢osl or valuation. net of depreciation and any impaiment losses. Donated tangible fixed assèts whi¢h do not have a ¢08t to the Charity are capitalised at their current value at the date of donation. Depreciation is provided at rates calculated to writ8 off the cost less estimated residual value of each asset over its expectèd useful life, as follows.. Buildings No deptsciation 1$ chargéd on the basis that any charge would be immaterial due to the re$idu81 value of the asset 20% redu¢ing balance basis 25% reducing balance basis 10% on d¢livery on new vehicles, followed by 10 y8ars straight line for minibuses. and 15 years straight line for PSV Buses. Bus and Shopmobility equipment offi￿ equipment Motor vehicles Plant and equipment- WNCT 25% reducing balance basis The gain or loss arising on the disposal of an a￿t 1$ detemiined as the difference beth•n the sale pro￿ed5 and the ¢arrying value of the asset and is recogni8ed in net incomel{expenditurel for th8 year. 17 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies conL 1.8 Impalrnient of fixod as$8ts At each reporttng end date, the charity reviews the carrying amounts of its langible assets to detemiine whether th8r8 is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of Ihe asset is estimated in order to detemiine the extent of the impairment loss (if any). 1.9 Cash and c•8h equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, ¢)ther short4emi liquid investmen15 wilh original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown wrthin borrowings in current liabilitses. 1.10 Finan¢ial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0th8r Financial Instruments Issu8s' of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with Ihe net amounts presented in tho financial Statements, when Ihere is a legally enlorceable ri9ht to sat off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and setue Ihe liabilty Simultaneously. Baslc financial assets Basic financial assets, which include debtors and cash and bank balances, are initialty measured at transaGtion price including transaction costs and are subseq*Jently carried at amortised Cost using the effective interest m8thod unlesg the arrangernent constitutes a financing transaction, Whe￿ the transaction is measured at the presenl value of the fvture receipts discounted at a market rate of interest. Financial assets da55ified a5 receivable within one year are not amortised. Basi¢ financlal Ilabllltles Basic financial liabilities, induding creditors and bank loans are initially recognised at transaction price unless the arrangement Constitutes 8 financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liability'es classified as payable wthin one year are nol amortised. Derecognition of financial liabilitles Financi81 liabilities aro derewgnised when the Charity's contractual obligations expire or are discharged or Can￿lled. 1.11 Ernploy￿ benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's s•rvicés are re￿ived. Te￿nInation beneffit5 are re¢ognised immediately as an 8xpense when the Charity Is d8monstrably committed to te￿inats the ￿ploYment of an employ60 or to provide temiination b8nefits. 1.12 Rotlroment benafits Payments to defined contribution retirement benéfit schemes are chargéd as an expense as they fall due. 18 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies conL 1.13 Taxatlon WNCT Limited The tax expense represents the sum of the tax ¢urrently payable and def8rr8d tax. Currenttax The tax currently payable Is based on taxabl• profit forthe year. Taxable profit differs from nel profft as reported in the profit and loss account because it excludes itsms of income or expense that are taxable or deductible in other years and it further @xclude5 items that are nevertaxable or deductible. The company's liabilty for current tax is calculated using tsx rates that have been enacted or substantively ena¢tsd by the reporting end daté. Deferred tax Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recogni88d lo the extent that it is probable Ihat they will be récov8r8d against the reversal of deferred tax liabilities or other fvture taxable profits. Such assets and liabilities are not recognised if the timing differen￿ arises from goodwill or from the initsal recognition of other asset$ and liabilities in a transaction that affects neither the tax profit nor the accoLtnting profit. The carying amourrt of deferred tax assets is revtewed at each reporting end date and reduGed to the extent Ihat it is no longer probable that sufficienl taxable proflts will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tsx rates that are axp8¢ted to apply in the period when th8 liability is settled or the a55et is ￿aliSed. Deferred tax is charged or credbted in the profit and1055 accounl, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferr8d tax assets and liabilities are offset when the company has a legally 8nforceable right to offset ¢urrent tax assets and liabilities and the deferred tax assets and liabilitie8 relate to taxes 5evied by the same tax authority. 1.14 Provlslons Provisions are recognised when the charity has a legal or constructive present obligab'on as a result of a past event, it is probable that the charity will be required to settle that obligation and a reliable estimats can be made ofthe amount of the obligation. The amount recognised as a provision is the best estimate of the Gonsideration required to settle the present obligation at the reporting end date, taklng Into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material. the amount expectsd to be required to settle the obligation is recognised at present value. When a provision is measured at p￿ent value. the unwinding of the discount is recognised as a finance cost in net incomel{expenditurel in the p8riod in which it arises. 1.15 Leases Leases are classified as finanoe leases whenever the terms of the lease transf8r substantially all the risks and rewards of ownership to the lessees. All other leases a￿ classified as operating leases. Assets held under financ6 leas8s are recognised as assets at the lower of the assets fair value at tho dats of inception and the present value of the minimum lease payments. The related liability is included in thé balance sheet as a finance lease obligation. Lease payments are treated as consisting of Capital and interest elements, The interest is d)arg8d to net incomel{expenditur81 for the year so a$ to produce a constant Pgriodic rate of interest on the remaining balance of the liability. Rentsls payable under operating leases, Including any lease incentives received, are ¢h8rged as an expense on a straight-line basis over the term of the relevant lease. 1.16 Govèrnmant grants Govemmentgrants are recognised at th8 fair value of Ihe a8$el received or re￿1vable when there is reasonabl8 assurance that the grant conditions will be met and the grants will be received. A grant that specifies pgrformance conditions is recogni5ed in income when the perfomiance Conditions are m8t. Where a grant do8S not specify perfoman¢e conditions it is r8¢ognised in income when the proceeds a￿ receivwj or receivable. A grant received b8for& thé recognition criteria are satisfied 1$ recognised as a liability. 19 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies ¢onl. 1.17 Crltlcal accountlng e*tlmat8s and Judgements In the application of the chanty's accounting policies, th& trustses are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. Thè 6stimates and associated assumptions are based on historical experience and other factors that are considered to be relevanL Adual results may differ from these estimate$. The estimates and undertying assumptions are reviewed on an ongoing basis. Revisions to accounting estimat85 are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and futur8 periods. 20 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Donations, Membership. Funding & Grants Unrèstrl¢tsd Restricted funds funds Total Totsl 2025 2025 2025 2024 Donations and gifts Legacl8$ r8ceivable Funding & grants Membèrship fees 160 160 1,126 305,340 10,533 35,610 340,950 10,533 329,092 1.195 316,033 35,610 351,643 331,413 Donations and 91ft8 Main Project donations re￿iVed Shopmob donations 160 1,126 160 1,126 Grants receivable for core activilieg Norfolk Health Authority Shopmobility- B.C.K.L.W.N Norfolk County Council Bus Service Improvements Travel & Transport Services - NCC Dial A Bus S¢h8me- B.C.K.L.W.N B.C,K.L.W.N- Medical bus grant Swaffham - including NCC & Breckland Council funding 26,630 24,988 84,752 99,281 64,689 26,630 24,988 120.362 99.281 64.689 26,471 24,988 79.263 99.081 64,889 30,000 35,610 5,000 5,000 4,800 305,340 35,610 340,950 329,092 3 Income from Gontra¢ts & bus lare8 Bus fares Contracts Total Charity WNCT Ltd Charity WNCT Ltd Group 2025 Totsl Group 2024 Income from contracts and bus fares 68,795 611,430 830.228 784,775 2,295,228 2,257,312 21 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 4 Other Income- Trading Unrestricted funds Charty 2025 Total 2024 Other income 140 30 5 Interest re¢eivable Unrestricted funds Charity Total 2025 2024 Int8rest receivable 3.240 2,074 22 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 6 Charltable actlvltlè• Cost of Cost of Cost of operations operation9 at operatlons at Maln Swaflham atGoTo Prolect Tobyn (WNCT Lld) Total ftir 2025 Total for 2024 2025 2026 2025 Staff ￿$ts inc redundancy Depreciation and irnpairmenl Travel expenditure Insurance Private travel arrangements Vehicle rental Vehicle equipment rental Vehicle fuel Vehicle maintenance Lic8nces Equipment maintenance Training Uniforms Vehic18 cl8aning costs Bus station bay rental Profit and loss on sale of assets 821,493 146,655 9,946 48,312 50,837 879,675 1,552,005 146,655 9,946 118,505 293 77,324 30,309 163,340 154,731 1,417,848 144.534 12,424 120,502 97 75,557 32,284 233,204 140,474 70,193 293 77,324 30,309 163,340 52,194 154,481 2.389 29.63g 4,327 250 3.078 5,467 29,639 8,177 4,098 63 14,960 9,162 7,065 27,146 11,834 3,015 7,793 14,960 6,090 3,850 3,150 14.960 9.162 1 156 870 1168911 2 376 888 2 254 827 Share of support Gosts (see note 7) Share of govemance costs {see not8 7) 132,031 2,260 28.499 162,790 157,790 10.599 7,359 17,958 20,085 1.299,500 53,347 1,204.769 2,557,616 2.432,702 Analysls by fund Unrestricted funds Restricled funds 1,299,500 53.347 1,201,208 3,561 2,554,055 3.561 2,412,132 20,570 1,299.500 53,347 1,204.769 2,557,616 2,432,702 For the year ended 31 Mar¢h 2024 Unrestricted funds 1.242.533 Restricted funds 20.570 67,703 1,101,8g6 2.412.132 20,570 1,263.103 67,703 1,101,8g6 2,432,702 23 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2025 Support costs Support Governanoe costs costs 2026 2024 R8cruitrnent and other staff costs Depreciation Depreciation - WNCT Ltd Operating lease charges Telephone. postage & stationery {combined) Computer maintenan Rent & premises expense5 Sundry- in¢ bad debt write off and covid compliance Bank charges & finance costs Bank charges & finance costs- VIINCT Ltd Credit card charges Legal & professional fees {combined} Marketing (¢ombined} Shopmobility management & administration costs Swatham & Flexibus management & administration costs 3,721 6,687 18.312 23,143 3,721 6,687 18,312 23.143 890 44,001 7,195 697 2,361 6,833 21,251 25,439 4,514 747 18,483 20,094 422 47,193 8,459 1,456 9,266 6,640 11,317 26,519 44,001 7,195 697 2,361 6.833 21,251 25,439 2,260 2.260 2,240 Audit fees (see note below for WNCT Ltd split) 17.958 17,958 20,085 162,790 17,958 180,748 177.875 Govemance costs includes payments to the auditors of £16,211 (2024- £17,760) for audit fees. £5,612 (2024- £6,760) relates to the trading subsidiary. WNCT Ltd. Taxation Group 2025 Group 2024 Charity 2025 Charity 2024 UK Corporation tax charge on profft for the year Deferred tax Charge Dn 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 2025 Trustees None ofthe trustees lor any persons connected wlth Ihem} other than $8t out below re￿iVed any remuneration during the year, but 2 of them were reimbursed a total of £871 travelling expenses (2024- 2 was reimbursed a total of £740). During the year, the following r￿uneratIOn was paid to the following trustees or Ihose closely connected to trustees.. West Norfolk Pest Control Limited - pest control £95512024- £900)- this business is owned by the son of Peter Brown Travalling expenses were reimbuTSed at HMRC approved rate per business mile. 10 Employees Number of employees The average monthty number of employee8 in the group during the year was.. 2025 Numbgr 2024 Number Driv8rs (inc part-time drivers) Passenger assistants Driver me¢hanics Codordinators General manager Head offinan¢e & admin Manager ofwest Norfolk Community Transport Administrative staff 60 74 70 EmploymoTrt costs 2025 2024 Wages and salaries Social security costs other pension Costs Redundancy costs 1,417.472 109.493 25,040 1,305,232 90,574 22,042 1,552,005 1.417,848 There were no ernployees whose annual remuneration was £60.000 or mor8. 25 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Impairments Impairment tssts have been carriad OLrt where appropriate and the following impaiment108898 have been recognised in profft or108S" 2026 2024 In resFect of.. Propety, plant and equipment 5,350 The above Impaimient relates to ￿h[Cl8 SK65 PWV. In the prior year. SK65 PWV was with a supplier, awaiting a new engine. Tho v8hicle has been recoveréd in April 2025, with plans fo sell in the near futu￿. 26 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Tangibla fixod a88ets GROUP Bulldlng$ Bus& Offlco Motorvehlck¥ Shopmobility ￿ll1pMent equipment Plant and equipment- WNCT Ltd Totsl Cost At 1 April 2024 Additions 471,298 9,760 145,899 34,233 2,182,466 7,158 2,841,054 236, 149 2,609 1,379 173,430 48,971 Disposals (227,550) (227,5501 At 31 March 2025 481,058 148.508 35,812 2,128,346 56,129 2,849,653 Depre¢iation At 1 April 2024 Dep￿cIation charged in the period Impairment losses 86.143 25,601 1,358,226 3,948 1,473,918 12.148 2.324 135,904 6,687 157,063 Eliminated in respect of disposals (155,325> 1155,325) At 31 March 2025 98.291 27,925 1.338,805 10,635 1,475,656 Carylng amount At 31 March 2025 481.058 50.217 7.687 789,541 45,494 1,373,997 At 31 March 2024 471.298 59,756 8,632 824.240 3,210 1,367,136 The net carrying valu8 of tangible assets includes the following in respect of assets held under finan¢e leases or hire purchase contracts. The depreciation charge in respect of such assets amounted to £35,095 {2024- £75,496) for the year. 2025 2024 Bus and Shopmobility equipment Motor vehicles 20,098 332,711 25,122 629,125 352,809 654.247 27 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Fixed asset Investments 2025 2024 Investments in trading subsidiarre5 11XI 100 Movements In flxed asset invostr•nts Shares C08t or valuation At 31 March 2024 100 At 31 March 2025 100 CaTrying amount At 31 March 2025 100 At 31 March 2024 100 Detslls of the group's subsidiaries at 31 March 2025 are as follows= Namg of undertaking Country of Nature of business Incorporation or resldency United lfjngdom Class of 8hareholdlng % Hold Dlrectlndirect WNCT Limited Trading Ordinary 100.00 A summary of the 5ubsidiari8S p8rfomlan￿ 2nd a$$8ts is Shown below= Tradlng 2025 Tradlng 2024 In¢ome Expanditure 1,516,567 1,482,133 1,587,663 1,527,966 Surplusl(Deficit) 34,434 59.697 Net liabilities 159,879) (94.313) 28 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 14 Financial Instruments 2025 2024 GROUP Carrying amount of financial assets Debt instruments measured at amortised Cost 1,078,295 841,769 Carrying amount of Ilnanclal Ilabiliti•s Measured at amortised cost 595,749 548,595 Charity Carrylng amount of finan¢lal assets Debt instruments measured at amortised ccjst 599,501 454,087 Carrylng amount of finan¢lal Ilabllltles Measured al amortised cost 418,273 15 Dèbtors Group 2025 Group 2024 Charity 2025 Charlty 2024 Amounts falling due within one yoar: Trade debtors other debtors Amounts owed by subsidiary undertakings Prepayments and accrued in¢om8 156.423 15,728 139,164 21,354 104.868 83,459 503,695 95.646 519,583 51,173 214,874 253,017 387,025 413.535 704,209 654,215 29 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Loans and overdraft* 2025 2024 Bank loans 69,059 91.667 Payable within one year Payabl• after one year 21,566 47,493 21,045 70,622 Amounts included above which fall du8 a￿r ffive year8: Payable by instslments The long-term loans are secured by an unlimited debenlure dated 0410112018 incorporating a fixed and floal'ng charge. Bank overdrafts in WNCT Ltd are secured by an unlimited debenture dated 28111r2019 incorporating a fixed and floating charge over the assets of VVNCT Ltd and the parent Company. A 1s1 Legal Charge over CommerciallResidential Freehold property known as Unit 7 & 8 Merchants Close King5 Lynn PE30 4JX dated 0510112019. The bank loans are a 10 year loan, last payments due 4 January 2028. Interest split as follows.- Loan 1- 4.45% Loan 2- 2.85% above base rate (variable loan) 17 Financoloase commltments Future minimum leasg payments due under finance leases.. 2025 2024 Within one year Within and five years 66,853 169,401 51.468 103,180 236,254 154,648 Finance leases are in regards to hire purchases paid in respect to new buse5 operated by the trading subsidiary. These are to be leased to the trading subsidiary under a use of vehicle chargg. The finance leases are over a &year period. and are secured against the assets for which they were used to purchase. 30 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Cr•dltor8: amounts falling due within one yuar Group 2025 Group 2024 Charity 2026 Charlty 2024 Notos Bank loans Obligations under finance lease other taxation and social security Trade creditors Amounts ow8d to Subsidiary undertakings Oth8r creditors Accruals 2nd deferred income 16 17 21,566 66.853 27,738 155.081 21,045 51,468 20,453 123,795 21,566 66,853 11,809 70,479 21,045 51.488 4,e73 60,355 6,295 118,018 7,123 102,150 25,144 21,027 395,551 326,034 195,851 158,568 19 Creditors: amounts falling due after more than one year Group 2025 Group 2024 Charity 2025 Charity 2024 Bank loans Obligations under finano lease 47,493 169,401 70.622 103,180 47,493 169,401 70,622 103,180 17 216,894 173.802 216,894 173,802 20 Provlslons for liabilitiès Group 2025 Group 2024 Charity 2025 Charity 2024 Doferred tax liabilibes Movements on provision5'. 31 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Restrlcted funds The income funds of the Gharity indude restricted funds Gomprising the following unexpended balances of donations and grants held on trust for specific pU￿0$0S.. Movement In funds alan¢9 at 1 Incomlng Rgsource• Balanee at April 2024 Rosourc•s •xpended 31 March 2025 Balaneè at 1 April 2023 R•sourcg8 •xponded Reslricted Funds - inits'al granl of Swatham Flyer SN64 FTX Norfolk County Council- grant for flexibus fleet vehicles Norfolk County Council - granl for Swaffliam vehide5 RTIG Infonn - Accessible Infonnation Grant 6,271 11,254) 5,017 15.017) 17,148 117.148) 2,168 (2,168) 35,610 13.561) 32,049 25,587 {20.5701 5,017 35,610 {8,578) 32,049 The grant for the Swaffliam Fly8r was with regards to a vehicle funded by Norfolk County Council in order to provide s8rvl¢e$ to and from Swaffham town centre. The grant for the Flexibus Fleet vehicles was applied for in OTder to help fsjnd the purchase of new Flexibus vehides purchased for the purpose of improving the seNice and increase route options in the Shipdam area. The grant for the Swaffham Vehide was in regards to vehicles donated by Norfolk County Council, for the purpos8 of providing the vehides ft)r seNice in the Swaffham area. The grant for A￿$S1b1e Informatton Equipment was funded by RTIG Infom for the instsllation of onboard screens & audio loop SYst￿S to 13 single dè¢k8r vehides. 22 Designatod and genero1 unrestrlcted funds The income knnds of the Charity include the following designated and general funds which have been set aside out of unrestricted funds by the Irustses for specific purposes: Balanc6 at 1 April 2024 Net incomo for the year Transfers Balance at 31 March 2026 Vehicle renewal and replacement fund General unrestricted funds 150,000 1,807.069 150.000 1144,9831 300,000 1,722,672 60,586 1,957,069 60,586 5.017 2,022,672 32 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 23 Analysls of net assets botwe•n funds Unrestrlcted Re8trfcted Group 2026 Group 2025 Total 2025 2024 Fund balances at 31 March 2025 are represented by.. Tangible assets Current assets/(liabilitiesl Long term liabilities Provisions 1,341,948 897,618 (216.894) 32,049 1,373,977 1,367,136 897.618 768,752 {216,8941 {173,802) 2,022,672 32,049 2,054,721 1,962,086 24 Operallng leaso commltments At the reporting end date the charity had outstanding commitments for future minimum laase payments under nonth¢ancellable operating leasès, which fall du8 as follows.- 2025 2024 thin one year Between and fiva years 51,887 7,347 59,234 86,914 44,373 131,287 26 Related party transactlons Remuneration of key management personnel The remuneration of key management personnel in the group is as follows. 2025 2024 Aggregate compensation 238,543 195,838 26 Capltal commltments At 31 March 2025 the charty had capitsl commitrnents as follows: 2025 2024 Contracted for but not provided in the financial statsments: A¢qui$ityon of propety, plant and 8quipm8nt 118,230 118.230 Th8 ¢apit81 commitments disclosèd above relates lo the balance ¢)wing on the purchase of a vehicle. This will be funded by way of a finance lease (total cost £168,900). 33 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 27 Cash generatsd from opfrrations 2025 2024 Surplusl(deficit) forthe year 92,635 158.127 Adjustments for. Investment income recognised in statement of finanGial activities Depreciation of tangible fixed assets Los5 on disposals Finance costs (3,240> 157,063 9,162 (2,074} 149,795 2.560 6,540 Movements in working capital.. Decreasel{increase) in debtors (DecreaseVin¢r8as8 in ¢￿dItorS (Decrease)Ilncrease in provisions {DecreaseVincrease in deferred income 26,510 (31.1701 (16.577) 53,611 Cagh generated from operations 335,741 267,201 28 Analysts of changes In net (debtyfund5 At 1 April 2024 Cash flows At 31 Ma￿h 2026 Cash at bank and in hand Page 14 681,251 224.893 906,144 Loans falling due wthin one ye?r Loans falling due after more than ona yaar Obligations under finance18ases Note 16 Nots 16 Nots 17 (21,0451 (70,6221 (154,6481 {521) 23,129 (81,6061 (21.566) (47,493) {236.254) 434.936 165,895 800,831 34 WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Oplnlon We have audited the finanoal slal8menls of West Norfolk Community Transport Project Llmltéd Ilhe 'parent charitable company l and Ils $ubsidi8ry Ilhe "group I lor the y&ar éndad 31 March 2025 vthi¢h ¢ompnse tho consolidated slatemonl of financial activities. the consolidated balance sheet the Consolidated statement ot cash flows and tha nolas to the financial s181ements. including signifirAnt accounting poltcies. Th8 financial rèportlng framework th81 has been applied in their preparabon is applicable law and Unitèd Kingdom Accountsng Standards. Including FRS 102"The Financial Reporting Standard applieabl8 In the UK and Republic of Ireland" (Unllad Kirydom Generally AcrApted Accountin9 Practice). In our opinion. the financial statements.. give a true and fair view of thè Statè of the group's affaiT8 and of the parent charitabl• company's aff*r8 as at 31 March 2025 and of tho group'8 incoming resources and application of resourc85, including irg Income and expenditure for the year then ended., hava been pro￿rtY p￿paffjd in accordance with Unilad Klngdom Gènarally Accopied A¢countsng Pracbce. 8nd have been prepared in accordance with the requirements of the Compan*$ Act 2006. BaNl• Igr oplnlon We Conducted our audil In accordanc8 with International Standard5 on Audiling IUKI IISAS IUKI) and applicablè law. Our responsibilthes under those standards aro fijrther ￿$¢lIbad in lh8 Auditorfs responsibilllies for Ihe audil of Ihe financial $latemenls section of our report W8 are indépendent ol the group and tho parent Chantablè company In accordance with the ethical requirements that are rolevant to our oudil of the fin8n¢ial statemonls In the UK. Including Ihg FRC'S Elhi¢al Standard. and we have lulfilled our other elhical respon$lbililie5 in aecordance wlh these requir8menls. We believe that the audrt evidon¢8 have obtained is suffident and approprlale lo prowda 8 basls for our opinicn. Conclu•loni r•latlng 10 golng cone•rn In auditing the ffinancial stalemenls wè have Concluded thatthe trusle¢$' uje of tho going concem basis ofaccounling In the preparation ol the financial statements 15 appropriate. Based on the WO￿ we have parfomied, we h8ve not rfjenlified aT)y material uncertalnlies relating lo evenl& or conditions that, individually or co119cb"vely, may cast significant doubt on thé group and the parent charitable company's ats'llty lo continue as a going concem lor a period ol at least twelve months Irom when tha financial Statements are authoris8d lor i5guo Our responsibilits'es and the responsibilitie$ olthe tru$le05 with resp8ct to going concern are deS￿be￿ in the rolevanl sections of this report. Oth•r Infomiatlon Th8 olhar information comprises the ,nfomialion included in the annual ￿POrt other than the financ.al slatemenls and our audilorfs report IhgrBon. The trustees are r6sponsrtAe for thè other Info￿0￿0n contained wTrlhin Ihg annual report Our opinion on the ffinanGial 5talements does not cover the other infomation and. except to Ihe extent olh81Wi98 explially slated in our report, wè do not express any form of assurance condusion Ih8reon Our r88ponsibilty is to read tho Other information and, in doing so, consider whether the olher information 59 matonally InconSiStenl with ihe financial slatemenls or our knowledge obtained in the course of the audit, or 01h8r￿se appears to be materially misstated, If we identify such material inconsistencies or apparent malefial misslatemenls, we 8r8 required lo delem)ine whether Ihls glvos risé to a ma18ri81 misstatement In the flnancial statements themselves. If based on tho work we have perfoMed, we ¢onclude that there 15 a matenal mi8sl8tem8nt of thi$ other Informalion. we are required to report that fact. We have nothing to report In thls regard. WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 31 MARCH 2025 Oplnlon• on other matt•r• ptherl￿d by th• Comp4nl•¥ Act 2006 In our opinion, based on the Wofk undertaken in the of our audit. the Informaticfj given in the Iruslèes, report loi the financial year lorwh ch t￿ r;nantial slatemenls afe prepared which includes the directors. report prepared lor the pu￿05e$ of company law, is con515tenl with the financial statements. and th¢ directors. réport Includod wlthin Ihe trustees. report has been proparod in 8ccordance with applicabla18gal requirements. Matt•rn on whl¢h we ar• f•qulr•d to r•port by •xceptlon In the light of the knowtedge and und8r$tsnfthng of the group and Ih? Pafènl charrtable company and ils environment obtained in Ih? course of th8 audit, we have not identified material mi$slatem8nls in the directors, report Includ8d within thè Irusi8as' report We have nolhing to report in respect of the foll¢)wing matters In relation lo which the Companies Acl 2006 requires U5 to report to you if, in our opinion.. Adequate accounting record$ have not been kept, or returns adequat8 tor our audit have not been re¢•lved from branches not visitad by us. or the financi81 statemonls ar6 not In 8gr6emenl wllh Iho 8ccounting records and r•tums. or certaln dl$clo8ures of tru5tees' remunerallon speufied by law are not made. or we have not received all the information aThJ explanations we require for our audit; or the trustees, were not entsded lo prapare the financial the financial statern6nls in aeeordance wilh the sfflall companie8 regime and take advantage ol the Small companies. ex8mption in preparing Ihe Injsteeg, report and from the requirement lo prepare a strategic report R••pon•lbllltl•• of tru•l•o• As explained more fijlly in the Statement ol tru$leeg' regpon5ibililies. the Irustées, who are also the directors ol the parenl charitable company lor the purpose of company law, are responsible for Ihg preparation ol the financial slalemenls and for being sati$fied Ihal Ih8y give a tr￿ and fair view, and for Such intemal control as the Iru51ees determine Is necessary to enabl8 th• preparation of financial slatements that are free from material rni$$tslement. whether due to fraud or error In Pfepanng the financoal slalemanls, the trustees are responsible for assessing the group and tho parent charitable company'$ ability lo contrnue as a going concern, dlsclosing, as appticablé. matters related to going concern and using the going concern basis ol accounting unless the truste88 eilh8r intend lo liquidate the group and Ihe parent charitable company or to cease operalions, or hav8 no realistic altemative but to do $0. Audltor'B r•$pon•lbllltl•s for th• audlt of lh• flnanclal •tstem•nts Our obia¢lives afe lo obtain reasonable assurance about wh•lh8r the financial statements as a whole are Irèe from material misslat8ment. whether due lo fraud or error. and lo issue an auditorfs repart (hal includes our opinion Roasonable assuran￿ is a hwjh level of a98ur8ncé. but is not a guarantee that an audit Conducted accordanc wlth ISAS IUKI will always delecl a mal8rial misstatement when il exists. Misslalemenls can arise frarn fraud or error and are con$ldared material If. IndivKlually or in tho a99￿gate. they could reasonably be expected to influ8nce the economic dèci$ion$ of user8 taken on the basis of Ihe86 financial sta18menls Tho exlent to which our procedura$ aro capable of deteGling irregularities, induding fraud, 1$ detailed below WEST NORFOLK COMMUNITY TRANSPORT PROJECT LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The extent to whl¢h th• audlt waj con¥ld•r•d capablo of d•t•ctlng Irr•gulaTftI•8 In¢ludlno fraud Our approach to idontifying and assessing the risks of material mlsslalem8nt in re$pecl of irregularitiés, Includin9 fraud and non-compliance with18ws and regulati￿$, wa$ a5 follows the engagemepl partner ensured that the engagement team collectively had the appropiiate competenc¢ c8pabilili8s and skills to identify or ra¢ognise non-complianc8 with applicable laws and regulations., we identified th8 laws and regulallons applicable to the group and thé charitable parent company through discussions with trustees and other managém8nt. we focused on Specific laws and regulatrons wh￿h we considered may havè a direct material effect on the ffinan¢ial glat8m8nls or the operatsons of the group and the parent charitable company, induding the Companies Act 2006, laxalion legislatson. and employment leg151alion. we assessed the extent of Compliance with the laws and regul8tsons identified abovg through making enquirie$ of management and Inspèthng18gal correspondence, and Sd8nlified18w$ and regulatson$ wore communlealod wthln the audit team regularly and th8 leam remalned alert to Instances ol non-compli8nc8 throughout the audrt. We assessed the 6us¢eptsbility of the group and parenl charrtablg company $ financial slalem&nts to malenal misstatement. Induding obtaining an understandin9 of how fraud might occur. by making enquiries of management as lo whére they Considered there wa8 $USCgPtibility to fraud, their knowledge of actual. suspectéd 8nd alleged Iraud. and consid8nng the inlem81 contro13 in pl•c8 to mitigate fisks ol fraud and non*compli8nce with Igws and regulalions To address the risk ot fraud throsjgh managoment biag Jnd oveiride of ￿ntrol8 we, perfomied analWco1 procedur88 to Identify any unusual or unexpected relalionships. lesled iournmls lo Identfy unu8Uo1 tran5a¢lions. a&sessed whethor iudgém8nts and a$8wnpllons made In delomiining the accounting eslwnatas wer8 indicative of potential bias. and invasligated the rationale behind stgnificant or unusual lrnns8clion•. In response to th8 r'sk ol Irregularities and non