COMPANY REGISTRATION NUMBER: 04376941 CHARITY REGISTRATION NUMBER: 1094918 Mendip Community Transport Company Limited by Guarantee Financial Statements 31 March 2024 BISHOP JONES Chartered accountants & statutory auditor 9 Sadler Street Wells Somerset BA5 2RR
Mendip Community Transport Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Pages Trustees, annual report (incorporating the directorfs report) Independent auditorfs report to the members 1to8 9t013 Statement of financial activities (including income and expenditure account) 14 Statement of financial position Statement of cash flows 15 16 Notes to the financial statements 17to27 The following pages do not form part of the financial statements Detailed statement of financial activities 29to30 Notes to the detailed statement of financial activities 31
Mendip Community Transport Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity nama Mendip Community Transport Charity registration number 1094918 Company registration numbèr 04376941 Princlpal office and reglstared Unit 10A offtce Quarry Way Business Park Walerlip Sheplon Mallet Somerset BA4 4RN The trust608 R E Powell l A Martyn R M Harris R J Leworthy R Reynolds B Knickerbocker H Shearer S Neads (Resigned 12 March 2024) (Resigned 15 June 2023) (Appointed 31 Augusl 2023) (Appointed 15 June 2023) Company secretary Martyn Starnes FCCA Auditor Michele Bishop FCA CTA ATT FMAAT Bishop Jones Chartered accountants & statutory auditor 9 Sadler Street Wells Somersel BA5 2RR
Mendip Community Transport Company Limited by Guarantee Trustees. Annual Report (Incorporati ng the Director's Report) (continuod) Year ended 31 March 2024 Structure overnance and mana ement Background Mendip Community Transport was formed in 2002 and is a registered charity (No. 1094918) and a company {No. 04376941) limited by guarantee. There are no shareholders. MCT has offices at Quarry Way Business Park, Waterlip near Shepton Mallet where the operations and administration teams are based. It operates a fleet of 30 vehicles based at various locations across the Mendip and Sedgemoor districts in proximity lo their operational area. The majority of its vehicles (26) are accessible having been fitted with tail lifts or ramps to accommodate passengers with a range of mobility issues. In addition, MCT operates a Hospital Car Scheme managing a team of approximately 30 volunteer drivers who use their own vehicles to provide transport to and from medical appointments. Charltable purpose and activities The declared objective of the Charity when it was originally eslablished was ' lo provide a community transport service for such of the inhabitants of Somerset, particularly Mendip, and its neighbourhood who are in need of such a service because of age, sickness or disability (mental or physical), or poverty, or because of a lack of 8vailability of adequate and safe public passenger services., This remains the focus of the activity that the Charity undertakes today, although the area served now extends into the adjoining district of Sedgemoor. Appointment of trusteesldirectors The Trustees are the Directors of the company. The Directors are appointed by the members of Mendip Community Transport at an Annual General Meeting of the company in accordance with Ihe Articles of Association. In addition, the Directors may appoint persons to fill any casual vacancies which occur during the year and may also co-opt a limiled number of additional persons to the Board.
Mendip Community Transport Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Trustees induction and training New Trustees are briefed on their legal obligations under charity and company law, the content of the memorandum and articles of association, Ihe committee and decision making process, Ihe business plan and recent financial performance. New Trustees meet key employees and the other Trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate their understanding of their role. Ob'ectives and activities The charity was established to provide transport for all community groups and individuals whose needs are not mel by conventional transport. In particular it caters for the needs of the elderly, the disabled, the young, the mobility impaired and the socially excluded. The Trustees have referred to the guidance on public benefit contained in the Charity Commission's general guidance on public benefit when reviewing the charily's aims and objectives and In planning future activities. Policies The following is a summary of the policies adopted by the charity in furtherance of its objects.. To provide "safe" transport for all its client groups. To complement the services provided by the main bus companies for its various client groups. To provide specialised transport to disadvantaged groups to go some way to addressing the problems of social exclusion and isolation deprivation which are apparent in rural communities in the Mendip & Sedgemoor areas. To continue its policy of establishing close links with other organisalions within its area of operations which in turn helps to improve the quality of life for all the residents it serves. Structure of Mendi Communit Trans ort Responsibility for the strategic management of the charity, policy making and the monitoring of its work rests with the Board of Trustees/DireclofS. These individuals are all volLJnleers. The paid staff of the organisation are headed by the Chief Executive who is responsible lo the Board for all aspects of Ihe clay lo day running of the organisation and for advising on all matters relating to this work. At 31 March 2024 Mendip Community Transport employed 55 staff calculated on the basis of average monthly number of employees {2023 - 51). During 2023124 - 30 volunteers (2022123 - 31) gave their services to the organisation in all areas of activity. Mendip Community Transport is a member of the Community Transport Association. Strate icre ort The following sections for achievements and performance, financial review and plans for future periods form the strategic report of the charity. Achievements and performance This is the Board of Trustees of Mendip Community Transport annual report and financial statements for the year ended 31 March 2024.
Mendip Community Transport Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Our services Mendip Community Transport operates a range of different services including.. Slinky bus (DRT) The Slinky Bus is a door-to-door Demand Responsive Transport service funded by Somerset County Council for people not served by or unable to access conventional transport services. The service operates between 9am and 5pm Monday to Friday and can be used for a range of purposes including, getting to local health appointments, shopping, attending classes, and visiting friends and family. MCT operated six vehicles., three in Mendip and three in Sedgemoor, on behalf of Somerset County Council. The current contract is due to run until September 2024. Dial-J.Ridc 9 8809 Service bus {route 67 & route 665) These services are provided on behalf of Somerset County Council. They were established to help reduce the rural isolation experienced by some residents following the withdrawal of the previous bus service. Route 67 operates Monday to Saturday between Wookey, Wells and Wedmore. Route 665 runs on a Tuesday and Friday from Kingweston to Yeovil. Glastonbury tor bu8 (Route 196) This service is provided on behalf of Somerset County Council and Glastonbury Town Council. It operates 7 days a week from the beginning of April through to the end of September and provides access to the Tor from the centre of the town. Group travel Mendip Community Transport provides transport for various clubs, societies, care homes and schools across the Mendip and Sedgemoor Districts. School transport Mendip Community Transport operates school routes on behalf of Somerset County Council, many of which are specifically for pupils with Special Educational Needs who are supported by a Passenger Assistant provided by MCT. Hospital cars Mendip Community Transport established this service in 2005 to provide transport for individuals needing to attend hospital out-patient appointments.
Mendip Community Transport Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (Gontinuedj Year ended 31 March 2024 There are currently approximately 30 volunteer drivers from across Mendip and parts of Sedgemoor who volunteer their lime and use their own vehicles in return for reimbursement of their mileage expenses. Utilisation of services The recovery in the overall utilisation of MCT services has been broadly in line with the national figures for public transport. Use of the Slinky Bus (DRTI service has increased steadily following the end of the Coronavirus lockdown and utilisalion has returned to around 98010 of the pre-pandemic levels. The total number of passenger journeys undertaken during the year to March 2023 was 22,497 compared lo 22,127 in the previous 12 months. The number of passengers using the Route 67 increased by 12.5 % to 18,712 journeys & Roule 665 services increased by 18.20/010 1,701 journeys. Group Travel bookings, however. have been slower to to recover. Fuel cost & supply chain issues The year to March 2024 continued to be challenging as the Charity managed the inflationary pressures and supply chain problems impacting the duration and cost of the servicing and repair of vehicles. Sourcing new vehicles to refresh the fleet also continued to be difficult with extended lead times, lack of availability and increasing prices being experienced.
Mendip Community Transport Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 Flnancial review The financial position and performance of Mendip Community Transport is in line with the expectations of the Truslees, based on the monitoring of income and expenditure throughout the year. The uncertainly and challenges resulting from rising costs in the economy led to Sheplon Mallet Treatment Centre cancelling iheir contract with effect from June 2024. This did not affect the financial position of the Charity for the reporting period but will adversely impact turnover by around 6 % in 2024125. Total income was £1,061,429 for the year compared lo £981,896 in the previous year, while the total expenditure was £1,135,266 (2023 - £1,029,420). This produced a nel movement offunds of-£73,837. Balance sha6t At the year end the charity's nel assets were £837,225 {2023 £911,062), of which £385.381 (2023 £412,859) represented general unrestricted funds and £451,844 12023- £498,203} represented designated funds held in respect of the vehicle replacement programme. The Board considers that the balance of assets as at the year-end was satisfactory. Reserve pollcy The Board has established a policy whereby sufficient unrestricted funds not held for fixed assets ('Yree reserves") should be accumulated over time to enable the conlinualion of the charity's operations for a minimum period of six months taking into account any liabilities that are likely lo crystallise in the event of the charity partly or wholly ceasing operations and to provide for the funding of anticipated capital expenditure. General funds At 31 March 2024 the reserves held in the General Fund of the charity amounted to £837,225 (2023 - £911,062) of which £191,844 (2023 £238,203) was represented by fixed assets., £10,000 was represented by investments in the subsidiary (2023 £10,000),. and £250,000 was represented by a designated fund for the future replacement of vehicles {2023 £250,000). This leaves free reserves of £385,381 {2023 £412,859) and Restricted Reserves of £Nil {2023 £Nil). This level of reserves is within the parameter set by the Board's reserves policy and is considered satisfactory. Investment policy The Board has the power lo invest in such areas as it sees fit. However, Ihe present policy is to place cash reserves on interest bearing deposit accounts. Going concern assessment The trustees have considered the going concern slalus of the charity and conclude that there are no material uncertainties affecting the ability of the charity to continue as a going concern. Risk management The Board has assessed the major risks lo which the Charity is exposed and has systems and contracts in place to mitigate any impact those risks may present in the future.
Mendip Community Transport Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢ontinuedJ Year ended 31 March 2024 Plans for future periods The Charity receives no funding from Somerset County Council apart from the contracted services. The senior management of the charity and its TrusleeslDirectors are conscious that local authority support will continue to be minimal over the coming years and continue to try and replace the shortfall by expanding the Charity's customer base. MCT however is grateful for the financial support it receives from a number of Town & Parish Councils in the areas it covers. The management and TrusteeslDireclors remain conscious of the need to diversify and find new income streams and as a result the company's wholly owned subsidiary was incorporated on 12 January 2006. The subsidiary, MCT Trading Limited was established to operate any commercial activities which might augment the services provided by the charity. The charity invested the sum of £10,000 by way of share purchase in the subsidiary company. Trustees, rosponsibilities statement The trustees, who are also directors for the purposes of company law. are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the slate of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP., make judgments and accounting estimates Ihal are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Mendip Community Transport Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (¢ontinued) Year ended 31 March 2024 Auditor Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all sleps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and lo establish that the charity's auditor is aware of that information. The trustees, annual report and the strategic report were approved on 19 December 2024 and signed on behalf of the board of Iruslees by.. B Knickerbocker Trustee Marty Charit tarnes FCCA Secretary
Mendip Community Transport Company Limited by Guarantee Independent Auditor's Report to the Members of Mendip Community Transport Year ended 31 March 2024 Opinion I have audited the financial statements of Mendip Community Transport (the'charity'> for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In my opinion the financial statements.. give a true and fair view of the slate of the charity's affairs as al 31 March 2024 and of ils incoming resources and application of resources, Including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinlon I conducted my audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. My responsibilities under Ihose standards are further described in the auditor's responsibilities for the audit of the financial statements section of my report. l am independent of the charity in accor(lance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC'S Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion. Concluslons relating to going concern In auditing the financial statemenls, I have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work I have performed, I have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. My responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Mendip Community Transport Company Limited by Guarantee Independent Auditor's Report to the Members of Mendip Community Transport (Continued) Year ended 31 March 2024 Other information The other information comprises the information included in the annual report, other than the financial statements and my auditor's report Ihereon. The trustees are responsible for the other informalion. My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion Ihereon. In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsislent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identrfy such material inconsistencies or apparent material misslalements, l am required to determine whether there is a material misslalement in the financial statements or a material misstatement of the other information. If, based on the work I have performed, I conclude that there is a material misslatemenl of this other information, l am required to report that fact. I have nothing lo report in this regard. Other matters The comparative figures within these financial statements have not been audited. as the charity took advantage of the exemption under s477 of the Companies Act 2006 for the year ended 31 March 2023. Opinlons on other matters prescribed by the Companles Act 2006 In my opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consislenl with the financial statements., and the trustees, report has been prepared in accordance with applicable legal requirements. Matt•rs on which l am requlred to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, I have not identified material misstatements in the trustees, report. I have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires me lo report to you if, in my opinion.. adequate accounting records have not been kept, or relurns adequate for my audit have not been received from branches not visited by me., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made,. or I have not received all the information and explanations I require for my audit. 10
Mendip Community Transport Company Limited by Guarantee Independent Auditor's Report to the Members of Mendip Community Transport (contlnued) Year ended 31 March 2024 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes ofcompany law) are responsible forthe preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparalion of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial statements, the Irustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charity or to cease operalions, or have no realistic alternative but to do so. Auditor's responsibilities for the audlt of the financial 8tatement8 My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and to issue an auditor's report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audil conducted in accordance with ISAS (UK) will always detect a material misslalement when it exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slalemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. I design procedures in line with my responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The exlenl lo which my procedures are capable of detecting irregularities, including fraud is detailed below.. As part of our audit, we considered the potential for non-compliance with laws and regulations, including fraud, that could have a material impact on the financial statements of the charity. Our audit procedures were designed to respond to risks of material misstatement identified as resulting from irregularities, including fraud, and were carried out in accordance with applicable auditing standards. The following outlines the procedures we performed to address this matter: Understanding the legal and regulatory framework We gained an understanding of the legal and regulatory framework applicable to the charity, including relevant provisions of the Charities Act, the Companies Act 2006, and the requirements of the Charity SORP and FRS 102. We considered how the charity complies with these frameworks and assessed the risks of non-compliance. Managem6nt and trustee enquiries We made specific enquiries of management and trustees to understand the systems and processes in place to identify and address non-compliance with laws and regulations, and to identify risks of fraud. We also discussed whether any known instances of fraud or irregularities had occurred. 11
Mendip Community Transport Company Limited by Guarantee Independent Auditor's Report to the Members of Mendip Community Transport l¢ontinuadJ Year ended 31 March 2024 Assessing risk of fraud In identifying and assessing risks of material misstatement due to fraud, we considered: Areas where management could override controls, such as revenue recognition and fund classifications. The potential for fraudulent financial reporting through manipulation of accounting estimates or misclassification of income or expenditure. The risk of misappropriation of assets, including cash and grants. Audit procedures performed To address the risks identified, we- Tested journal entries and adjustments made in the preparation of the financial statements, focusing on entries made outside the normal course of business. Reviewed accounting estimates for potential bias, particularly those related to income recognition, depreciation, and impairment allowances. Evaluated the business rationale for significant or unusual transactions. Conducted substantive testing and analytical procedures over income, expenses, and fund movements to delecl irregularities. Performed a review of correspondence with regulators and other third parties to identify potential non-compliance. Communication wlth trustees We communicated identified risks and irregularities to the trustees, including the risks of fraud and non- compliance, and reported our findings. Inherent Ilmitations While our audit was designed to provide reasonable assurance that the financial statements are free from material misstatemenl, whether due lo fraud or error, it is not a guarantee that all irregularities, including fraud, will be detected. The risk of not detecting irregularities is higher for irregularities involving collusion, forgery, intentional omissions. or misrepresentations. As part of an audit in accordance with ISAS (UK). l exercise professional judgment and maintain professional scepticism throughout the audit. l also: Identify and assess the risks of material misstatement of the financial slatements, whether due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 12
Mendip Community Transport Company Limited by Guarantee Independent Auditor's Report to the Members of Mendip Community Transport (continued) Year ended 31 March 2024 Obtain an understanding of internal control relevant to the audit in order to (Jesign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may Cast significant doubt on the charity's ability to continue as a going concern. If I conclude that a material uncertainty exists, l am required to draw attention in my auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequale, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. I communicate with Ihose charged with governance regarding, amon9 other matters, the planned scope and liming of the audit and significant audit findings, including any significant deficiencies in internal control Ihal l identify during my audit. Uso of my report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. My audit work has been undertaken so that I might slate to the charity's members those matters l am required to slate to them in an auditor's report and for no other purpose. To the fullest extenl permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for my audit work, for this report, or for the opinions I have formed. Michele Bishop FCA CTA ATT FMAAT Bishop Jones Chartered accountants & statutory auditor 9 Sadler Street Wells Somerset BA5 2RR 19 December 2024 13
Mendip Community Transport Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Unrestricted funds Total funds 2023 Total funds Note Income and endowmenls Donations and legacies Charitable activities Investment income Other income 29,314 1,024,428 6,807 880 29,314 1,024,428 6,807 880 10, 771 931,647 3,536 35,942 Total Income 1,061,429 1,061,429 981,896 Expenditure Expenditure on charitable activities Total expenditure 8,9 1,135,266 1,135,266 1,029,420 1,135,266 1,135,266 1,029,420 Net oxpanditure and net movement In funds (73,837) (73,837) (47, 524) ReconcSllatlon of funds Total funds brought forward Total funds carried forward 911.062 911,062 958, 586 837,225 837,225 911,062 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 17 to 27 fom) part of these flnancial statements. 14
Mendip Community Transport Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 16 17 191,844 10,000 238,203 10.000 201,844 248. 203 Current assets Debtors Cash al bank and in hand 18 227,912 445,431 176,814 515,778 673,343 692, 592 Creditors: amounts falling due within one year N•t current assets 19 37,962 29, 733 635,381 662, 859 Total assets less current liabilities 837,225 911,062 Net assets 837,225 911,062 Funds of the charity Unrestricted funds 837,225 911,062 Total charity funds 21 837.225 911,062 These financial statements were approved by the board of trustees and aulhorised for issue on 19 December 2024, and are signed on behalf of the board by: B Knickerbocker Trustee The notes on pages 17 to 27 fom) part of these financlal statements. 15
Mendip Community Transport Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating actlvlties Net expenditure (73,837) (47,524) Adjuslments for.. Depreciation of tangible fixed assets Olher interest receivable and similar income Interest payable and similar charges Gains on disposal of langible fixed assets Accrued expensesl(income) 53,936 {6,807) 72,548 (3, 536) 647 (35,257) (3,340) 3,549 Changes in.. Trade and other debtors Trade and olher creditors (46,817) 399 (31,268) 8,845 Cash generaled from operations (69,577) (38, 885) Interest paid Interest received (647) 3,536 6,807 Net cash used in operating activities (62,770) (35, 996) Cash flows from Investing activities Purchase of tangible assets Proceeds from sale of tangible assets Net cash (used in)Ifrom investing activities (7,577) (37,807) 51,116 (7,577) 13,309 Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and ¢ash equivalents at end of year (70,347) 515,778 (22, 687) 538,465 445,431 515,778 The notes on pages 17 to 27 form part of these financial statements. 16
Mendip Community Transport Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General informatlon The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Unit 10A, Quarry Way 8usiness Park, Waterlip, Shepton Mallel, Somerset, BA4 4RN. Statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charilies SORP {FRS 102)) and the Companies Act 2006. Accounting pollcles Basis of preparatlon The financial slalements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of èstimation uncertainty The preparation of the financial statements requires management lo make judgements, estimates and assumptions that affect the amounts reported. These eslimales and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the Charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future projects or commitments. They are not restricted and can be transferred to general funds at any time al the discretion of the Trustees. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. Further explanation of the nature and purpose of each fund is included in notes to the financial slatemenls. 17
Mendip Community Transport Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continuedl Incoming resources All income is included in the statement of financial activities when enlitlemenl has passed to the charity, it is probable Ihat the economic benefits associated with the transaction will flow lo the charity and the amount can be reliably measured. The following specrfic policies are applied to particular categories of income.. Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and ils amount can be measured reliably, except as follows.. when donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods., when donors impose conditions which have lo be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre<onditions have been met. Legacy income is recognised when receipt is probable and entitlement is established. Where legacies have been notified lo the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then Ihe legacy is not included in income but is treated as a contingent asset and disclosed if material. Investment income is included on a receivable basis. Donations in kind comprise donated services where the costs are measurable and the services would otherwise have to be paid for lo maintain operational effectiveness. Resourc6s éxpended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes those costs incurred in seeking voluntary contributions, costs of goods sold and olher costs which include the costs of running and participating in fundraising events and collections and cost of goods purchased for resale. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating to the governance of the charity apportioned lo charitable activities. olher expenditure includes all expendilure that is neither related to raising funds for the charity nor part of ils expenditure on charitable activities. All cosls are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Overhead support costs have been allocated wholly to charitable activities. 18
Mendip Community Transport Company Limited by Guarantee Notes to the Financial Statements (¢ontlnuod) Year ended 31 March 2024 Accounting policies (continued) Grants Grants awarded are allocated to charitable activities. Grants awarded are treated as expenditure and 8 liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards,the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years, funding. Tanglble assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at Ihe date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless il reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amounl of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciatlon Depreciation is calculated so as to wrile off the cost or valuation of an asset, less its residual value. over the useful economic life of that asset as follows.. Short leasehold property Motor vehicles Equipment over 10 years,. straight line over 8-10 years,. straight line 25 % reducing balance Investments Unlisted equity investments are initially recorded at cost, and subsequently measured al fair value. If fair value cannot be reliably measured, assets are measured al cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Investments In associates Investments in associates accounted for in accordance with the cost model are recorded al cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded al the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably withoul undue cost or effort, the cost model will be adopted. 19
Mendip Community Transport Company Limited by Guarantee Notes to the Financial Statements (contlnu8d) Year ended 31 March 2024 Accounting policies (contlnued) Investments in associates (ContInu} Dividends and other distributions received from Ihe investmenl are recognised as income without regard to whether the dislributions are from accumulated profits of the associate arising before or after the date of acquisition. Debtors Trade and other deblors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any Irade discounts due. Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar accounl. Flnancial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amounl receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured al the cash or other consideration expecled to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where Investments in shares are publicly traded or their fair v8lue can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed al a rale of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairmenl at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the stalemenl of financial activities in which the initial gain was recognised. 20
Mendip Community Transport Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 March 2024 Accounting policies (continued) Financial Instruments {¢ontlnu•dJ For all equity instruments regardless of significance. and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Creditors Creditors and provisions are recognised when there is an obligation al the Balance Sheet date as a result of a past event, it is probable of a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount il has received as advanced payments for the goods or services il must provide. Deflned contribution plans Contributions lo defined conlribulion plans are recognised as an expense in the period in which the related service is provided. Prepaid conlributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting dale in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmited by guarantee The charity is a company limited by guarantee and has no share capilal. In the event of winding up, the liability is limiled to £1. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations and grants 5,470 5,470 2,340 2,340 Grants Bus service operators grant 5,501 5,501 8,431 8,431 Other donations and legacies Donation from trading subsidiary 18,343 18,343 29,314 29.314 10,771 10,771 21
Mendip Community Transport Company Limited by Guarantee Notes to the Financial Statements l¢ontinued) Year ended 31 March 2024 Donations and legacies (continued) All prior year income from donations and legacies was unrestricted. Charitable actlvities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Slinky services School and hospital services Route and attraction services Other transport services 412,883 421,235 143,936 46,374 412,883 421.235 143,936 46,374 382,288 351,638 132,850 64,871 382, 288 351,638 132,850 64,871 1,024,428 1,024,428 931,647 931,647 All prior year income from charitable activities was unrestricted. Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Interest received 6,807 6,807 3,536 3,536 All prior year Income from investments was unrestricted. Expendltur• on charltable activitles by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Provision of transport Support costs 801,981 333,285 801,981 333,285 724,481 304,939 724, 481 304,939 1,135,266 1,135,266 1,029,420 1,029,420 Expenditure on charitable activities by activity type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Provision of transport Governance costs 801,981 309,822 23,463 1,111,803 23,463 1,023,892 5,528 801,981 333,285 1,135,266 1,029,420 10. Analysis of support costs Support costs are allocated wholly to the charity's sole charitable activity. 22
Mendip Community Transport Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 10. Analysis of support costs (Gontlnu6d) Analysis of support costs activily 1 Total 2024 Total 2023 Premises General office Governance costs 13,415 296,407 23,463 13,415 296,407 23,463 14,740 284,671 5,528 333,285 333,285 304,939 11. Net expendlture Net expenditure is stated after chargingl{crediting)'. 2024 2023 Deprecialion of tangible fixed assets Gains on disposal of tangible fixed assets Operating lease rentals Fees payable for the audit of the financial statements 53,936 72,548 (35,257) 50, 536 89,325 7,499 12. Independent examlnation fees 2024 2023 Fees payable to the independenl examiner for.. Independent examination of the financial statements Other financial services 3, 560 1,968 5, 528 13. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans Other employee benefits 684, 799 40,496 9,303 787 619,173 30,275 7, 986 1,480 735,385 658.914 23
Mendip Community Transport Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 13. Staff costs (continuéd) The average head count of employees during the year was 55 (2023.. 51). The average number of full-time equivalent employees during the year is analysed as follows.. 2024 No. 2023 No. Number of staff - direct charitable activities Number of staff - admin support activities 47 44 55 51 No employee received employee benefits of more than £60,000 during the year (2023.. Nil). Key Management Personnel Key management personnel include all persons that have aulhorily and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £41,571 (2023'.£42,094). 14. Trustee remuneratlon and expenses No Trustees have been re-imbursed for their out of pocket expenses (2023.. none). From February 2022 an employee of the Charity, lan Andrew Marlyn, became a Trustee. Any payments made to Mr Martyn from the Charity were in respect of his driving duties and he acts as a Trustee on a voluntary basis. in his own lime. This is inline with the Memorandum and Articles of Association as amended on 9 February 2022. 15. Taxatlon The charity is exempt from corporation lax on its charitable activities. 16. Tanglble fixed assets Land and buildings Motor vehicles Equipment Total Cost At 1 April 2023 Additions 1,650 891,724 7,504 36,513 73 929,887 7,577 At 31 March 2024 1,650 899,228 36,586 937,464 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 1,485 165 656,693 52,957 33,506 814 691,684 53,936 1,650 709,650 34,320 745,620 Carrying amount At 31 March 2024 189,578 2,266 191,844 At 31 March 2023 165 235,031 3,007 238, 203 24-
Mendip Community Transport Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 March 2024 17. Investments Shares in group undertaking Cost or valuation At 1 April 2023 and 31 March 2024 Impairment At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 10,000 10,000 At 31 March 2023 10,000 All investments shown above are held at valuation. There is no impairment charge to the value of the investrnenl in the year. 18. Debtors 2024 2023 Trade debtors Amounts owed by group undertakings Prepayments and accrued income Other debtors 160,721 29,946 25,299 11,946 94,995 29,946 20, 508 31,365 227,912 176,814 19. Credltors: amounts falling due wSthin one year 2024 2023 Tracle creditors Accruals and deferred income Social security and other taxes Other creditors 13,067 11,250 11.634 2,011 13, TOO 3,420 10,086 2,527 37.962 29, 733 20. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £9,303 (2023: £7,986). 25
Mendip Community Transport Company Limited by Guarantee Notes to the Financial Statements (continu6d) Year ended 31 March 2024 21. Analysis of charitable funds Unrestricted funds At 31 March 20 24 At 1 April 2023 Income Expenditure Transfers General funds Tangibles fixed assets Investment in subsidiary Bus replacement programme 412,859 238,203 10,000 1,061.429 (1,081,330) (53,936) (7,577) 7,577 385,381 191,844 10,000 250,000 250,000 911,062 1,061,429 (1.135,266) 837,225 At 31 March 20 23 At 1 April 2022 Income Expenditure Transfers General funds Tangibles fixed assets Investment in subsidiary Bus replacement programme 409, 783 288,803 10,000 981,896 (956,872) (72,548) (21,948) 21,948 412.859 238,203 10,000 250,000 250, 000 958,586 981,896 (1,029,420) 911,062 Designated funds Tangible fixed assets These funds represent the value of tangible fixed assets held in the Balance Sheet and are included within a separate designated fund lo indicate that these funds are not available to be spent within general funds or free reserves wilhoul the sale of the assets. As at the 31 March 2023 this reserve amounted to £238,203. Investment in subsidiary These funds represent the value of the investment held in the Balance Sheet and are included within a separate designated fund to indicate that these funds are not available to be spent within general funds or free reserves wilhoul the disposal of the investment. Bus replacement programme These funds have been set aside by the Trustees strategically to replace existing buses as required. 26
Mendip Community Transport Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 22. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 191,844 10,000 673,343 (37,962) 837,225 191,844 10,000 673,343 137.962) 837,225 Unrestricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Not assets 238,203 10,000 692,592 (29,733) 911,062 238,203 10,000 692, 592 (29, 733) 911,062 23. Analys18 of changes In net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 515,778 (70,347) 445,431 24. Operatlng lease commitments The total future minimum lease payments under non-cancellable operating leases are as follows.. 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 84,114 163,650 3,667 84,114 236, 762 14.669 251,431 335, 545 25. Related partles There are no transaclions with trustees or other related parties other than those disclosed as required by the SORP elsewhere in the financial statements. 27
Mendip Community Transport Company Limited by Guarantee Management Information Year anded 31 March 2024 The following pages do not form part of the financial statements. 28
Mendip Community Transport Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Income and endowments Donations and legacies Donations and grants Bus service operators granl Donation from trading subsidiary 5,470 5,501 18,343 2,340 8,431 29,314 10,771 Charitable activities Slinky services School and hospital services Roule and attraction services Other transport services 412,883 421,235 143,936 46,374 382, 288 351,638 132, 850 64,871 1,024,428 937,647 Investment income Interest received 6,807 3, 536 Other Income Gain on disposal of tangible fixed assets held for charity's own use Insurance claims 35,257 685 880 880 35,942 Total income 1,061,429 981,896 29
Mendip Community Transport Company Limited by Guarantee Detailed Statement of Financial Activities (continued) Year ended 31 March 2024 2024 2023 Expenditure Expenditure on charitable activities Wages and salaries Employer's NIC Pension costs Other posl-retirement benefits Operating leases Rent Rates and water Light and heat Repairs and maintenance Insurance Motor vehicle expenses Other motorltravel costs Legal and professional fees Telephone Other office costs Depreciation Interest on bank loans and overdrafts Sundry expenses Bank and credit charges Clothing costs Training costs 684,799 40,496 9,303 787 89,325 11,252 (195) 2,358 7,608 30,991 144,862 647 33,306 5,832 3,271 53,936 619,173 30,275 7, 986 1,480 50,536 11,526 240 3,708 5,427 27,242 179,371 898 12,856 5,342 2,512 72,548 647 (3,939) 253 13,927 879 280 1.602 1,339 1,135,266 1,029,42Q Total expendlture 1,135,266 1,029,420 Net expgndlture 173.837) (47, 524) 30
Mendip Community Transport Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Expenditure on charitable activities Provision of transport Activities undertaken directly Wages and salaries Employer's NIC Operating leases Motor vehicle expenses Other motorltravel costs Depreciation Sundry expenses 489,533 23,822 89,325 144,862 647 52,957 835 406, 226 15,427 50,536 179,371 898 71,381 642 801,981 724,481 Support costs Wages and salaries Employer's NIC Pension costs Other employee benefits Rent Rates and water Light and heal Repairs and maintenance Insurance Legal and professional fees Telephone Other office costs Depreciation Interest on bank loans and overdrafts Sundry expenses Bank and credit charges Clothing costs Training costs 195,266 16,674 9,303 787 11,252 1195) 2,358 7,608 30,991 9,843 5,832 3,271 979 212,947 14,848 7,986 1,480 11,526 240 3, 708 5,427 27,242 7,328 5,342 2,512 1,167 647 (4,581) 253 13,092 879 280 1,602 1,339 309,822 299,411 Governance costs Governance costs - accountancy fees Governance costs - audit fees 15,964 7,499 5.528 23,463 5,528 Expenditure on charitable activities 1.135,266 7,029,420 31