Charity Registration No. NIC 100006 Company Registralion No. N1064S58 (Northern Ireland) LAGAN VALLEY RURAL TRANSPORT ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITABLE COMPANY LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31 MARCH 2023 LAGAN VALLEY RURAL TRANSPORT CONTENTS Page Charity referen￿ and administrative infotmation Trustees, report Independent auditols report St2lemenl of financial activities Balance sheet 10 Notes lo the financlal statements LAGAN VALLEY RURAL TRANSPORT CHARITY REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Mr J E Mcauillan Mr M O'Neill Mrs J INine Mrs C Preston Mr R Harvey (Appolnted 10 November 2022) (Appointed 31 October 2022) (Appointed 31 October 2022) Senior Management Team Mrs T Mcmillan Charity numb8r NIC 1000C Company number N1054558 Reglstered wlth The Charlty Commission for North8m Ireland NIC100006 Reglstered office Units 14 PRM Complex Ralhdown Road Moira Road Lisburn BT28 2RE Audltor Johnston Kennedy DFK Chartered Accountants Ground Floor Block A, The Sidings Anlrim Road Lisbum BT28 3AJ Bankers AIB (NI) 34 - 38 Market Squa Lisbum Co. Antrim BT28 1AG Solicltors Mildred Breakey 52 Bachelors Walk Lisbum Co. Antrim BT28 1XN LAGAN VALLEY RURAL TRANSPORT TRUSTEES. REPORT (INCORPORATING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustaes, who are also Ihe dlreclors for the purposes of company law. present their annual report and financial stalemenls for the year ended 31 March 2023. The financial statements have been prepared in accordance wilh the accounting policies set out in note 110 the financial statemenls and comply wilh the charity's Memoiandum and Articles ofAssociation, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities prepaTing their accounts in aecordance wilh the Financi81 Reporfing Standard applicable in the UK and Republic of Ireland {FRS 102) (offective 1 January 2019)" Oblectives and actlvllles The charity exists to provide rural transportation seprfices. The charily alms to prowde transport facilities in Lisburn and its 8nvÈrons. for the people who have special need of such facilities, because they afe elderly, poor or disabled. people with small chiklren of those living in isolated areas where Ihere are no adequale transport facalilies. The Irusle88 have paid due regard lo guidance issued by the Charity Commission in deciding what activities the charity should undertake. Publi¢ benelit In line with Ils staled aims and objectives. as noted above, the trustees are confident that the charity is undertaking aclivilies which provide public benefit lo those who avail of Éts sefvr¢es. Achievements and pertormance Fundlng has been received from various bodies throughout the period to facililale the provlsion of services. The charity's principal funders are.. 1. Department for Infrastructure 2, Disability Action 3. Llsburn & Castlereagh City Council The finan¢ial stalemenls reflect a successful year. generating a small surplus, which has been credited to reserves, The Iruslees are satisfied with the charity's resulls and will continue lo capilalise on their current activities for the forèseeable future. The Irustees are salisfied Ihal all grants, induding the grants provided by the Departmenl for Infrastructure through the Rural Transport Fund and Assisted Rural Transport Scheme, have been used solely for th8 purposes intended and in accordance with each of the tems and conditions of the grants. During the financial year, the charily made 2,240 individual passenger trips under the Dfl Rural Dial a Lift Scheme, ¢overing a lotal of 27.009 miles. Of these trips, 65Yo were made by passengers going shopping or social visiting, therefore having a major impact on their wellbeing. while also reducing soaal isolation. 13°A of the journeys were used for Health, 10kn of the joumeys were used for Social Welfare, 2'h of the joumeys were used for Training and Employmenl, while 70A were used for Day Opportunities. The operalional area for the scheme is the entire Rural Lagan Valley area, stretching DundTod, Stoneyford, Moira, Dromore, Hillsborough, Annahill, Carryduff and inlo Moneyreagh. Our Group Hire cornpleled 886 passenger trips. 85°h of which were for Recreational and social activities. Furthermore, Ihe charity made just over 2,450 trips under the Disability Action Transport Scheme (DATS). Of these Irips, 280/0 were for Shopping or Social visits. 13% for Training and Employment, 1 OOA for Health and 350/0 for Day Opportunities. The operational area for DATS covers Lisburn and Dunmurry, along with Dundonald, Comber and Downpatrick. Use ol volunteers The charity ulilises the Se￿iceS of volunteers. The Irustees acknowledge that all volunteers conlribule lo the success of the charitws activities. LAGAN VALLEY RURAL TRANSPORT TRUSTEES, REPORT (INCORPORATING THE DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Flnancial review The results for Ihe year a￿ set out on pages 9 to 24. The charity generated a net unresliicled surplus for the year of £5,338 (2022.- net unreslrtcled surplus of £2.022). The level of free resenies at 31 March 2023 amounted to £215,281 {2022.' £209,943). The trustees have developed a reserves policy in order to protect the company against unforeseen circumstances. This FX)licy stales that the company will seek lo build sufficient financial reseNes lo provide for six months activities in order that the charity's ability to deliver seNices and develop th8 charity in the manner planned can be achieved without a negative impact. The financial results for the year are encouraging and the level of retained reseNes ensure Ihal this obiedive has been achieved. Struclurei govemance and managemenl The charily is a company limited by guarantee. governed by its Memorandum and Articles of Assoclalion. It has been granted charitable status by The Charity Commission for Northem Irdand under reglstralion number NICIOOOO6. The charily is governed by ils Iruslees who meet be￿een eight and ten limes annually lo discuss financial and stralegic issues, policy and procedure decisions. and lo ratify significant legally binding decisions. Mrs Tina Mcmillan, company manager, is responsibEe for the day lo day running of the charity. The truslees, who are also the directors for the purpose of company law. and who served during the year and up lo th8 daté of signature of the financial statements were: Mr J E McQuillan Mr M Busch Mr J Scott Mrs N Afshar Mr M O'Neill Mrs K Weekes Mrs J INine Mrs C Preston Mr R Harvey (Resigned 2 May 2023) (Resigned 31 October 2022) (Resigned 25 January 2023) (Resigned 31 October 2022) {Appoinled 10 November 2022) (Appointed 31 October 2022) (Appointed 31 October 2022) If appropriate, new Iruslees are invited onlo the 8oard when the need arises. There are no specific requirements regarding skills or experiencè. However. the currenl trustees recognise the importance of a diverse and compelenl Board and this will impact upon any nominalion. Those who are invited will be involved wilh Lagan Valley Rural Transport and will be held in high regard for their work. New Irustees receive appropriate induction procedures and training upon appointment. No trustees receive any remuneration for their services. Going concern The financial statements have been prepared under the assumption that the charily will continue to operate as a going concem. As 8 result of the surplus retumed this year, the charity's reserves have increased. The trustees are confident that the charity retains sufficienl reserves to enable ils continued operation for the forseeable future. Additionally, the Irustees are constantly reviewing Ihe operalions in order to ensure il retains sufficient reserves lo maintain ils operations. On this basis. the tTuslees believe il is appropriate to prepare the financial statements on a going concern basis. LAGAN VALLEY RURAL TRANSPORT TRUSTEES. REPORT (INCORPORATING THE DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Statement of trustees, responslbllltles The trustees, who are also the directors of Lagan Valley Rural Transport for the purpose 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 trustees to prepare financial statements for each financial year whlch give a true and falr view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to: select sultable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP: make judgements and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any material departures dlsclosed and explained in the financial statements., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financlal statements; and prepare the financial statements on the going concern basis unless It is Inappropriate to presume that the charity will continue In operation. The trustees are responslble for keeping adequate accounting records that disclose with reasonabl8 accuracy at any time the financlal position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the ch8rity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor In accordance with section 485 of the Companies Act 2006, a resolution proposing that Johnston Kennedy DFK be reappolnted a5 audilors of Ihe charity will be put to the forthcoming Annual General Meeling. Dlsclosure of Information to Audltor Each of the trustees has confirmed that there is no infomiation of which they ar8 aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed thal they have taken appropriate steps to identify such relevant information and to establish that the aLKlitor is aware of such information. Speclal Provlslons Relatlng to Small Companies This report has been prepared in accordance with the special provisions of Part 15 of the Companies Acl 2006 relating to small companies. The trustees, report was approved by the Board of Trustees. O*kHi Trn51•• LAGAN VALLEY RURAL TRANSPORT INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LAGAN VALLEY RURAL TRANSPORT Opinion We have audited the financial statements of Lagan Valley Rural Transport (the 'Charit￿} for the year ended 31 March 2023 which comprise the slalement of financial activities, the balance sheet and notes lo the financial slatemenls, including significant accounting policies. The financial reporting framework that has been applied in their preparalion is applicable law and United Kingdom Accounting Slandards, induding Financial Reporting Standard 102 Th6 Financial Reporting Standard applicable in tho UK and Rapublic of Ir8land 2022 2023 Flxed assets Tangible assets 12 43,336 57,657 Current assets Debtor6 Cash al bank and in hand 13 45,635 269,689 59.165 252,108 315.324 311.273 Credllors: amounts falllng due wlthln one year 14 (53.776) (65,769) Nel currenl assels 261.548 245.504 Total assets less current Ilablllti•s 304.884 303.161 Income fund5 Other Reslricled funds Dfl Restricied lunds UnTeslricled funds 16 16 17 70.678 18.925 215.281 70,678 22,540 209,943 Total fund6 304,884 303.161 These Ilnancial st8temenls have been prepared in a¢¢ordance with the provision5 applicable to companies subject to tho small compan18s reglme. The financial slalemenls were approved by the Trustees and aulhorised for issue on .. ils beh811 by: . and signed on Mr M O'Nelll Trust•0 Alrs C Prnston Trust¢0 Company R•gl$lnllOn No. N1054558 Charlty R•glstfallon NIC 100006 The notes on pagos 11 to 24 fami part of these financlal statèments 10- LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policies Charity infomialion Lagan Valley Rural Transport is a privale company limited by guarantee incorporated in Northem Ireland. The registered office is Units 14 PRM Complex. Rathdown Road. Moira Road, Lisburn, BT28 2RE. 1.1 Basis of preparatlon The financial statements have been prepared in accordance with the charily's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Stalemenl of Recommended PTacli¢e applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). The charity is a Public Benefit Enlily as defined by FRS 102. The financial slalements are prepared in sterling. which is Ihe (undional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial slalemenls have been prepared under the hislorical cost convention. The principal accountlng policles adopted are sel out bel¢)w. 1.2 Golng concern At the lime of approving the financial slalemenls, the trustees have a reasonable expe¢tation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Iruslees continue to adopt the going concern basis of accounling In preparing the financial statemenls. 1.3 Fund Accounllng The charily has different types of fijnds for which it is responsible, and which require separale disdosure. These are as follows.. (a) Restricted funds - Funding received whi(*) can only be used for a specific purpose as determined by Ihe funder. Such purposes are within Ihe overall aims of the organisation and are sel out in the noles lo Ihe financial stalement8. (b) Unreslricted funds - Funds which are axpendable at the discrelion of the di￿￿or$ in the fulherance of the objectives of Ihe charity. In addition the funds may be held in order to finance capital investment and working capital. 1.4 Income and expenditure Income is recognised when Ihe Gharity is legally entitled lo il after any performance conditions have been mel, the amounts can be measured reliably. and it is probable that income will be received. All Income arose wholly in the Unitéd Kingdom. All expenditure is accounted for on an accruaS5 basis and has been dassified under headings thal aggregate all costs related lo the category. The majority of cosls are direclly allributable lo charitable aclivilies. Where costs cannot be directly attributed to particular headings they have been allocated lo charitable activities on a basis consistenl with use of the resources. Staff cosls and overhead expenses are allocated to aclivilies on the basis of staff lime spent on Ihose activities. 1.5 Support costs Suppori costs are those functions that assisl the work of the charity bul do nol directly represenl Charitable activities. Support costs include back office costs, finance, human resources, payroll and governance cosls which support the charity's activities. These ¢osts have been allocaled against Ihe expenditure on chariiable aclivilies. 11 LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (Continued) 1.6 Tangible fixed assets Tangible fixed assels costing £51X) or more are initially measured at cost and subsequently measured al cost or valuation, nel of depreciation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over Iheir useful lives on the following bases.. IT Equipment Motor vehicles 33.330A Slraighl Line 25% Straight Line The gain or loss arising on the disposal of an asset is determined as Ihe difference belween Ihe sale proceeds and the carrying value of the asset. and is recognised in the stalemenl of financial adivilies. 1.7 Impalrment of fixed assets At each reporting Ènd date, the charily reviews the carrying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indlcalion 8XiSts, the recoverable amount of the asset is eslimaled in order lo determin8 the extent of the impairment loss (if any). 1.8 Cash and ¢a8h equSval8nts Cash and cash equivalenls indude cash in hand, deposi18 held al call with banks, other short-term liquid investments with original maturilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal Instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Inslruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes parly to Ihe contractual provisions of the instrument. Financial assels and liabilities are offset, with the net amounts presented in the financial stalemenls, when there 15 a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc Ilnanclal assets Baslc financial assets, which include deblors and cash and bank balances, are initially measured at transaction pri￿ including transaction cosls and are subsequently carrted at amortised cost using the effective inlerest method unless the arrangement constilules a financing Iransaction. wh6re the transaction is measured at the present value of the future receipts discounted al a markel rate of intorest. Financial assets classified as reGetvable wilhin one year are nol amortised. 12- LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policios Icontlnued) Basic financial liabilities Basic financial liabilities, including ￿editorS and bank bans are initially recognised al transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured al Ihe present value of the future paymenls discounted al a Ma￿et rate of inleresl. Financial liabilities dassified as payab18 within one year are not amortised. Debt instruments are subsequently carried al amortised cost, using the effective interest rale m8lhod. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, Ihay are presenled as non-current liabililies. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost using the effedlve interest melhod. Derecognltlon of flnanclal Ilabllllles Financial liabilities are derecognised when the charity's contractual obligalions expire or are discharged or cancelled, 1.10 Taxation The company is a registered charity and is not liable lo tax on fvnds generated from activities within the scope of Ihe charitable exemptions. 1.11 Employee beneflts The cost of any unused holiday enlillement is recognised in the period in which Ihe employee's servieAs are received. Terminalion benefits are recognised immedialely as an expense when the charity is demonstrably committed lo lerminate the employment of an employee or to provide termination benefils. 1.12 Retlrement benefits The charity operates a defined conlribution pension stheme which is a pension plan under which fix8d contributions are paid inlo a pension fund and the charily has no legal or conslruclive obligation to pay further conlribulions even if the fund does not hold Suff￿lant assets to pay all employees the benefils relaling to employee service in Ihe current and prior periods. Contributions lo defined conlribution plans are recognised in the Statement of FinanGial AGtniilies when they are due. If conlribulion payments exceed Ihe conlribution due for setvice. the excess is recognised as a prepaymenl. 1.13 Hlre purchase and finance leases Leases are classified as finance leases whenever the temis of the lease transfer substantially all the risks and rewards of ownership to Ihe lessees. All other leases are dassified as operating leases. Assets held under finance leases are recognised as assels at the lower of the asse15 fair value al the dale of inception and the prèsent value of Ihe minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisling of capital and interest elements. The interest is charged to nel incomel{expenditure} for the year so as to produce a constant periodic rale of interest on the remaining balan￿ of the liability. Rentals payable under operating leases. induding any lease inc£nlives re￿Ived, are charged as an expense on a straight line basis over the lemi of the relevant lease. 13- LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounling pollcles {Contlnued) 1.14 Government grants Government grants are recognised based on the accruals model and are measured at the fair value received or receivable. Grants are classified as relating either to revenue or assets. Grants relating lo revenu6 are recognised in income over the period in which the related expenditure is incurred. Grants towards capilal expendilure are credited to deferred in¢ome and released as income over Ihe expected useful life of the a5sels. Crlllcal accounting eslimates and Judgements In the application of Ihe charity's accounting policies, the trustées are required lo make judgements, estimales and assurnptions about the carrying amount of assels and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experience and other factors thal are considered lo be relevant. Actual ￿SUItS may differ frorn these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which Ihe eslimate is revised where the revision affects only that period, or in the period of Ihe revision and future periods where Ihe revision affects both currenl and future periods, 14- COO)L￿￿O￿ i oi ti) * oi T> ¢*) +XJ rtj m¢0* OrO)O 7) ¢goJo LL ￿ 41 o)u o OOacJCJL) roinin LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Investments Unrestrictsd Unrestricted funds funds 2023 2022 Interest receivable 798 28 Other Incoma RestriGtéd funds Resl¥i¢ted fund$ 2023 2022 Net gain on disposal of tangible fixed assets 5,940 17- LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Expendlture on charltable actlvities Dn R8strlettd Funds Oth8r Unrestrlctad Rostrfetod Fynds Funds 2023 Total Total 2023 2023 2023 2022 Transport Costs Employment costs Staff Training Postage & Stationery ICT Costs Travel Exp8nses Clothing Costs General Expenses Telephone Professional Fees Premises Costs Insurance Heat & Light Repairs & Renewals Membership Fees Bank Fees Depreciation 23.103 80,531 512 1.756 2.800 45,625 55.339 68,728 135.870 512 1,756 6,241 7,264 187 3,769 2,975 6,374 13,218 1,103 5,676 1,519 535 636 20.630 64,552 111,948 166 2,159 4.244 4,549 547 2,980 3,244 2,371 14,315 1,077 3,121 2,044 571 536 22,775 3,441 7,264 186 3,769 2,975 1.215 7.218 5,159 6,000 1,103 1.256 4,420 1,519 535 636 19,108 1,522 145,919 131,074 276,993 241,199 Analysed belJveen: Charitable aclivilies Support ¢osts 257,693 19,300 224,208 16.991 276,993 241,199 Share of governance costs (see note 8) 1.536 1,326 2.862 2,700 147.455 132,400 279,855 243,899 18- LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Governance costs Governance osts 2023 2022 Audit fees 2.862 2.882 2.700 Analysed belween Charitable activili8S 2,862 2,862 2,700 Governance costs includes payments to the auditors of £2.882 {2022- £2,700) for audit fees. Net movement in funds 2023 2022 Nel movement in funds is stated after chargingl{crediting) Fees payable lo the company's 8udilor for the audit of the ¢ompany's financial statements Depreciation of owned langible fixed assets Profil on disposal of langible fixed assets 2,862 20,630 {5,940) 2,700 22,775 10 Trustees None of the trustees (or any persons connected wilh them) received any remuneration from the charity during the year. None of the trustees recelved any reimbursed expenses or any other benefits from the charity during the year. 11 Employees Thè average monthly number of employees (including senior management team) during the year was.. 2023 Number 2022 Number Charitable activies Employment costs 2023 2022 Wages and salaries Social secuiity Costs Pension costs 127,245 6,604 2,021 105,548 4,756 1,644 135,870 111,948 No employees re￿iVed emoluments of £60,000 or more during the current or p￿vIouS year. 19- LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Tanglble flxed assets IT Equlpmont motor￿hIClé$ Total Cost At 1 April 2022 Addilions Disposals 201,627 201.627 6,309 (45,200) 6.309 {45,200) At 31 March 2023 6,309 156.427 162,736 Depraciatlon and impairment At 1 April 2022 Depreciation charged in the year Elimlnated in respect of disposals 143.970 19,108 (45,200) 143,970 20,630 {45.200) 1,522 At 31 March 2023 1,522 117,878 119.400 Carrying amount At 31 March 2023 4,787 38,549 43.336 At 31 March 2022 57,657 57,657 13 Debtors 2023 2022 Amounts falling due wlthln one year: Charitable activity debtors Prepayments and accrued income Other debt¢rs 10,128 14,508 20,999 9,845 26,440 22,880 45.635 59,165 14 Credltors: amounts falllng due wlthln one year 2023 2022 Notes Deferred income Operating creditor other taxation and social security Accruals and other creditors 15 38,216 5,869 5,876 3.815 57,324 3,577 2,165 2,703 53,776 65,769 -20- LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 15 Deferred income 2023 2022 Deferred funding 38,216 57.324 During th@ year ended 31 March 2022. a restricted grant was received under the Dfl BluelGreen Infraslruclure Funding Programme for the purchase of an electric vehicle, charging point and associated civil works. This granl has been credited lo deferred income and is being released lo the Ststement of Financial Activities over the expected useful life of Ihe relaled asset. 16 Restrlcted funds Balancè at 1 Aprll 2022 Incomlng r￿ources R¢8ource8 èxponded Transf•r8 Balan¢¢ at 31 March 2023 Other Restricted funds Dfl Restricled funds 70,678 22,540 132,400 143,840 (132,400) (147,4551 70,678 18,925 Total restricted funds 93.218 276,240 (279.8551 108,528 17 Unrestrictad Income funds Balancè al 1 Aprll 2022 Incomlng rg8our¢gS Ro8our¢•s expttndéd TrantsféT8 Balance at 31 Mar¢h 2023 Unrestricled funds 209,943 5,338 215,281 21 111 11 i- LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 19 Analysls of net funds At 1 April 2022 Flnanoing At 31 March cash flows 2023 Cash at bank and in hand 252,108 17,581 269,689 20 Capital commitments The company had no capital commitments as al 31 March 2023. 21 Non-audit soNic6 provlslon In common wilh many other charities of our slze and nature we use our auditors to assist with the preparalion of Ihe financial slalements. 22 Related party tran8acilons During the year the charity made the followlng relaled party Iransactions.. Lagan Reglonal Transport CIC (The charity shares some common diredors with Lagan Regional Transporl CIC {LRTI). In 2012, Ihe Board de¢ided to obtain a Private Bus Operalors Licence. As a result of the funding reslilcllons wilhin the charily, this had lo be achieved via another company. A￿OrdInglY Lagan Regional Transport CIC (LRT) was created, a company which shares some Common dire¢lors wilh the charity. An initial loan of £15,OOQ was made to LRT, to ensure that it complied with the required financial resources necessary lo launch the company. Additlonal sums have been paid. in the inleNening years. on the company's behalf. The loan is made on an interest free basis and is unsecured. Al the balance sheet date the amount due from Lagan Regional Transport CIC was £20,999(2022- £20,321). This amount is included wilhin other debtors due within one year. 23 Trustees, liability Lagan Valley Rural Transport is a private ujmpany limited by guarantee and consequently does not hav8 share capital. Each of the trustees is liable lo contribute an amount not exc8eding £1 towards the assets of the charity in the event of liquidation. 24 Control The Charity is controlled by the trustees who are all directors of the company. -23- LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 25 Prevlous year comparative The previous year comparalives (31 March 2022) have been re-slated in line with funder requests. Fund balance8 Fund balances beforé after Olher Restricted funds Dfi Restricted funds Unrestricted funds 17,616 10,476 275,069 70,678 22,540 209,943 303,181 303,161 The lolal fund balances at 31 March 2022 remain unchanged. -24-