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