Charity Registration No. NIC 100006 Company Registration No. N1054558 (Northern Iland) LAGAN VALLEY RURAL TRANSPORT ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITABLE COMPANY LIMITED BY GUARANTEEI FOR THE YEAR ENDED 31 MARCH 2023
LAGAN VALLEY RURAL TRANSPORT CONTENTS Page Charity reference and administrative information Trustees, report Independent auditors report Statement of financial activities Balance sheet 10 Notes to the financial statements 11-24
LAGAN VALLEY RURAL TRANSPORT CHARITY REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Mr J E McQuillan Mr M O'Neill Mrs J Irvine Mrs C Preston Mr R Harvey (Appointed 10 November 2022) (Appointed 31 October 2022) (Appointed 31 October 2022) Senior Management Team Mrs T Mcmillan Charity number NIC 100006 Company number N1054558 Registered with The Charity Commission for Northern Ireland NIC100006 Registered office Units 1-6 PRM Complex Rathdown Road Moira Road Lisburn BT28 2RE Auditor Johnston Kennedy DFK Chartered Accountants Ground Floor Block A. The Sidings Antrim Road Lisbum BT28 3AJ Bankers AIB (NI) 34 - 36 Market Square Lisbum Co. Antrim BT28 1AG Solicitors Mildred Breakey 52 Bachelors Idvalk Lisbum Co. Antrim BT28 1XN
LAGAN VALLEY RURAL TRANSPORT TRUSTEES. REPORT (INCORPORATING THE DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustees, who are also the directors for the purposes of company law, present their annual report and financial statements for the year ended 31 March 2023. The financial statements have been prepared in aCrdance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102} (effective 1 January 2019)" Objectives and activities The charity exists to provide rural transportation Seices. The charity aims to provide transport facilities in Lisbum and its environs, for the people who have special need of such facilities, because they are elderly. poor or disabled. people vrfith small children of those living in isolated areas where there are no adequate transport facilities. The trustees have paid due regard to guidan issued by the Charity Commission in deciding what activities the charity should undertake. Public benefit In line with its ststed aims and objectives. as noted above. the trustees are confident that the charity is undertaking activities which provide public benefit to those vtho avail of its setvices. Achievements and perfomiance Funding has been received from various bodies throughout the period to facilitate the provision of services. The charity's principal funders are.. 1. Department for Infrastructure 2. Disability Action 3. Lisburn & Castlereagh City Council The financial statements reflect a successful year, generating a small surplus, which has been credited to reserves. The trustees are satisfied Yth the charity's results and will continue to capitalise on their current activities for the foreseeable future. The trustees are satisfied that all grants, including the grants provided by the Department for Infrastructure through the Rural Transport Fund and Assisted Rural Transport Scheme, have been used solely for the purposes intended and in accordan with each of the temis and conditions of the grants. During the financial year, the charity made 2,240 individual passenger trips under the Dfl Rural Dial a Lift Scheme, covering a total of 27.009 miles. Of these trips. 65 % were made by passengers going shopping or social visiting, therefore having a major impact on their wellbeing. while also reducing social isolation. 13 % of the journeys were used for Health, 1 OA of the joumeys were used for Social Welfare, 20/D of the journeys were used for Training and Employment, while 70 were used for Day Opportunities. The operational area for the scheme is the entire Rural Lagan Valley area, stretching Dundrod, Stoneyford. Moira, Dromore, Hillsborough, Annahilt, Carryduff and into Moneyreagh. Our Group Hire completed 886 passenger trips, 85010 of which were for Recreational and social activities. Furthemore, the charity made just over 2,450 trips under the Disability Action Transport Scheme (DATS). Of these trips. 280A were for Shopping or Social visits, 130h for Training and Employment, 100/0 for Health and 350/0 for Day Opportunities. The operational area for DATS covers Lisburn and Dunmurry, along with Dundonald. Comber and Downpatrick. Use of volunteers The charity utilises Ihe services of volunteers. The trustees acknowledge that all volunteers contribute to the success of the charity's activities.
LAGAN VALLEY RURAL TRANSPORT TRUSTEES. REPORT (INCORPORATING THE DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Financial review The results for the year are set out on pages 9 to 24. The charity generated a net unrestricted surplus for the year of £5,338 {2022.' net unrestricted surplus of £2.022). The level of free reserves 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 policy states that the company wll seek to build sufficient financial reserves to provide for six months activities in order that the charity's ability to deliver seIS and develop the 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 reserves ensure that this objedive has been achieved. Structure, governance and management The charity is a company limited by guarantee. govemed by its Memorandum and Articles of Association. It has been granted charitable status by The Charity Commission for Northem Ireland under registration number NICIOOOO6. The charity is governed by its trustees who meet between eight and ten times annually to discuss financial and strategic issues, policy and produre decisions, and to ratify significant legally binding decisions. Mrs Tina Mcmillan, company manager. is responsible for the day to day running of the charity. The trustees, who are also the directors for the purpose of company law, and who seNed during the year and up to the date of signature of the financial statements were-. Mr J E McQuillan Mr M Busch Mr J Scott Mrs N Atshar Mr M O'Neill Mrs K Weekes Mrs J Irvine Mrs C Preston Mr R Harvey (Resigned 2 May 2023) (Resigned 31 October 20221 (Resigned 25 January 20231 (Resigned 31 October 2022) (Appointed 10 November 2022) (Appointed 31 October 2022) (Appointed 31 October 2022) If appropriate, new trustees are invited onto the Board when the need arises. There are no specific requirements regarding skills or experience. However. the current trustees recognise the importance of a diverse and competent Board and Ihis will impact upon any nomination. Those who are invited will be involved with Lagan Valley Rural Transport and will be held in high regard for their work. New trustees receive appropriate induction prOdureS and training upon appointment. No trustees receive any remuneration for their services. Going con¢em The financial statements have been prepared under the assumption that the charity will continue to operate as a going concem. As a result of the surplus retumed this year, the charity's reseeS have increased. The trustees are confident that the charity retains sufficient reserves to enable its continued operation for the forseeable future. Additionally, the trustees are constantly reviewng the operations in order to ensure it retains sufficient reseNes to maintain its operations. On this basis, the trustees believe it 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. responsibilities 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 ACpted Accounting Practice}. Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming reSoUrS and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the twstees are required to: select suitable accounting policies and then appty them consistently- observe the methods and principles in the Charits"es SORP; make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed. subject to any material departures disclosed 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 financial statements., and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose wth reasonable accuracy at any time the financial F)OSition 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with section 485 of the Companies Act 2006, a resolution proposing that Johnston Kennedy DFK be reappointed as auditors of the charity will be put to the forthcoming Annual General Meeting. Disclosure of infomiation to Auditor Each of the trustees has confimied that there is no infomiation of which they are aware which is relevant to the audit, bul of which the auditor is unaware. They have further confimied that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. Special Provisions Relating to Small Companies This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small Companies. The twstees. report was approved by the Board of Trustees. Mr M O'Neill Trustee Date:.........................
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 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities. the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standanl applicable in the UK and Republic of irpland (United Kingdom Generally Accepted Accounting Practi). In our opinion, the financial statements- give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources. for the year then ended.. have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS IUK)} and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities ft)r the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffiaent and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have conduded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we 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 concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees wth respect to going concern are described in the relevant sections of this report. Other information The other information comprises the infomiation included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other infomiation and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent wth the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misststement of this other infomiation, we are required to report that fact. We have nothing to report in this regard.
LAGAN VALLEY RURAL TRANSPORT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LAGAN VALLEY RURAL TRANSPORT Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statements., and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knoedge and understsnding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report induded within the trustees, report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. sufficient accounting records have not been kept: or the financial statements are not in agreement v4ith the accounting records., or certain disclosures of trustees. remuneration specified by law are not made; or we have not received all the infomation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charity for the purpose of company law. are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the Irustees either intend to liquidate the d)aritsble company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whelher due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance th ISAS (UK} will always detect a material misstatement vthen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they vId reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
LAGAN VALLEY RURAL TRANSPORT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LAGAN VALLEY RURAL TRANSPORT Irregularities, including fraud, are InStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of legUlarl11es, including fraud. The extent to which our prOdureS are capable of detecting irregularities, including fraud, is detailed below. the nature of the activities and sector. control environment and performan. results of our enquiries of management about their own identification and assessment of the risks of irregularities., any matters we identified having obtained and reviewed the charitable company's documentation of their policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance., detecting and responding to the risks of fraud and vh)ether they have knowledge of any actual, suspected or alleged fraud., the internal controls established to mitigate risks of fraud or non-compliance with laws and regulalions- the matters discussed among the audit engagement team and relevant internal specialists where necessary regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures. we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, the Charities Act (Northem Ireland) 2008 and Taxation Legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamentsl to the charitable company's ability to operate or to avoid a material penalty. As a result of performing the above our prOdureS to respond to risks identified included the following.. reviewing the financial statement disdosures and testing to supporting documentation to assess compliance with provisions of temis of funding. relevant laws and regulations described as having a direct effect on the financial statements- enquiring of management concerning actual and potential litigation and claims perfomiing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., reading minutes of meetings of those charged with governan and reviewing correspondence with HMRC;and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments- assessing whether the judgements made in making accounting estimates are indicative of a potential bias., and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https=Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report.
LAGAN VALLEY RURAL TRANSPORT INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF LAGAN VALLEY RURAL TRANSPORT Use of our report This report is made solely to the charity members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity members as a body, for our audit work. forthis report. or for the opinions we have formed. James Gage (Senior Statutory Auditor for and on behalf of: Johnston Kennedy DFK Chartered Accountants Statutory Auditor Ground Floor Block A, The Sidings Antrim Road Lisburn BT28 3AJ Date:.........................
LAGAN VALLEY RURAL TRANSPORT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Dfi Restricted Other Restricted funds 2023 Total Total funds 2023 funds 2023 2023 2022 Notes Income and endowments from: Donations and legacies Charitable activities Investments Other income 143.119 721 18,720 107,740 161,839 113,001 798 5,940 221,468 117.643 28 4.540 798 5,940 Total income 5,338 143,840 132,400 281,578 339,139 enditure on: Charitsble activities 147,455 132,400 279,855 243,899 Net incoming resources before transfers 5.338 (3,615) 1,723 95,240 Net income for the yearl Net movement in funds 5.338 (3,615) 1,723 95.240 Fund balances at 1 April 2022 209,943 22,540 70,678 303,161 207,921 Fund balances at 31 March 2023 215,281 18,925 70,678 304,884 303,161 Statement of comprehensive income There is no other comprehensive income to report for the finanaal year. Continuing operations The Statement of Financial Activities has been prepared on the basis that all operations are continuing operations. Historical Cost The results as disclosed in the statement of financial activities and the net incoming resources for the year have been presented on an historical cost basis. Comparatives The comparative amounts by fund have been disdosed in notes 3 , 4 and 7. The notes on pages 11 to 24 fomi part of these financial statements
LAGAN VALLEY RURAL TRANSPORT BALANCE SHEET AS AT 31 MARCH 2023 (As re-stated) 2022 2023 Notes Fixed assets Tangible assets 12 43.336 57.657 Current assets Debtors Cash at bank and in hand 13 45,635 269,689 59,165 252,108 315,324 311,273 Creditors: amounts falling due within one year 14 (53.776) (65.769) Net current assets 261.548 245.504 Total assets less curnt liabilities 304,884 303,161 Income funds Other Restricted funds Dfl Restricted funds Unrestricted funds 16 16 17 70,678 18,925 215,281 70,678 22,540 209,943 Total funds 304,884 303,161 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees and authorised for issue on ......................... and signed on its behalf by.. Mr M O'Neill Trustee Mrs C Preston Trustee Company Registration No. N1054558 Charity Registration No. NIC 100006 The notes on pages 11 to 24 fomi part of these financial statements 10-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Charity information Lagan Valley Rural Transport is a private company limited by guarantee incorporated in Northem Ireland. The registered office is Units 1-6 PRM Complex, Rathdown Road, Moira Road, Lisburn, BT28 2RE. 1.1 Basis of preparation The financial statements have been prepared in accordan with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities.. 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 (FRS 102) (effective 1 January 2019)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going ¢on¢em At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Fund Accounting The charity has different types of funds for which it is responsible, and which require separate disclosure. These are as follows.. (a) Restricted funds - Funding received which can only be used for a specific purpose as determined by the funder. Such purposes are within the overall aims of the organisation and are set out in the notes to the financial statements. (b) Unrestricted funds - Funds which are expendable at the discretion of the directors in the futherance of the objectives of the 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 the charity is legally entitled to il after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. All income arose wholly in the United Kingdom. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. The majority of costs are directly attributable to charitable activities. Where costs cannot be directly attributed to particular headings they have been allocated to charitable activities on a basis consistent with use of the reSoUrs. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those ath'vities. 1.5 Support costs Support costs are those functions that assist the work of the charity but do not directly represent charitable activities. Support costs include back office costs, finance. human reSoUrs, payroll and governance costs which support the charity's activities. These costs have been allocated against the expenditure on charitable activities. 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 £500 or more are initially measured at cost and subsequently measured at cost or valuation, net 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 their useful lives on the following bases= IT Equipment Motor vehicles 33.33% Straight Line 25% Straight Line The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date. the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impaiment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss {if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in Current liabilities. 1.9 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 12-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies {Continued) Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Finanaal liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost. using the effective interest rate method. Trade creditors are obligations to pay for goods or SeiceS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as nOn-rrent liabilities. Trade creditors are regnised initially at transaction pri and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised vthen the charity's contractual obligations expire or are discharged or cancelled. 1.10 Taxation The company is a registered charity and is not liable to tax on funds generated from activities within the scope of the charitable exemptions. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide temiination benefits. 1.12 Retirement benefits The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fvnd and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. 1.13 Hire purchase and finance leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are dassified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net incomel{expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability. Rentals payable under operating leases, induding any lease incentives reived. are charged as an expense on a straight line basis over the temi of the relevant lease. 13-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies {Continued) 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 to revenue are recognised in income over the period in which the related expenditure is incurred. Grants towards capital expenditure are credited to deferred income and released as income over the expected useful life of the assets. Critical accounting estimates and judgements In the application of the charitys accounting policies, the trustee5 are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that perrod, or in the period of the revision and future periods where the revision affects both current and future periods. 14-
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LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Investments Unrestricted Unrestricted funds funds 2023 2022 Interest receivable 798 28 Other income Restricted funds Restricted funds 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 Expenditure on charitable activities Dll Restricted Funds Other Unrestricted Restricted Funds Funds Total Total 2023 2023 2023 2023 2022 Transport Costs Employment costs Staff Training Postage & Stationery ICT Costs Travel Expenses 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 3,441 7,264 186 3,769 2,975 1,215 7,218 5,159 6,000 1,103 1,256 4.420 1.519 535 571 536 22.775 636 19,108 1.522 145,919 131,074 276,993 241,199 Analysed between: Charitable activities Support costs 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 costs 2023 2022 Audit fees 2,862 2,862 2,700 Analysed beeen Charitable activities 2,862 2,862 2,700 Governan costs includes payments to the auditors of £2.862 (2022- £2.700) for audit fees. Net movement in funds 2023 2022 Net movement in funds is stated after chargingl(crediting) Fees payable to the company's auditor for the audit of the company's financial statements Depreciation of owned tangible fixed assets Profit on disposal of tangible fixed assets 2,862 20,630 (5,940) 2.700 22.775 10 Trustees None of the trustees (or any persons connected viith them) received any remuneration from the charity during the year. None of the trustees reiVed any reimbursed expenses or any other benefits from the charity during the year. 11 Employees The 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 security Costs Pension costs 127,245 6,604 2,021 105.548 4,756 135,870 111,948 No employees reiVed emoluments of £60.000 or more during the current or previous year. 19-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 12 Tangible fixed assets rr Equipment Motor vehicles Total Cost At 1 April 2022 Additions Disposals 201,627 201,627 6.309 {45.200) 6.309 (45.200) At 31 March 2023 6,309 156,427 162,736 Depreciation and impaimient At 1 April 2022 Depreciation charged in the year Eliminated 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 within one year: Charitable activity debtors Prepayments and accrued income Other debtors 10,128 14,508 20,999 9,845 26,440 22,880 45,635 59,165 14 Creditors: amounts falling due within 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 the year ended 31 March 2022, a restricted grant was received under the Dfl BluelGreen Infrastructure Funding Programme for the purchase of an electric vehicle, charging point and associated civil works. This grant has been credited to deferred income and is being released to the Statement of Financial Activities over the expected useful life of the related asset. 16 Restricted funds Balance at 1 April 2022 Incoming resources Resources expended Transfers Balance at 31 March 2023 other Restricted funds Dfl Restricted funds 70,678 22,540 132,400 143,840 (132,400) (147,455) 70,678 18,925 Total restricted funds 93,218 276,240 (279,855) 108,528 17 Unrestricted income funds Balan at 1 April 2022 Incoming resources Resour expended Transfers Balance at 31 March 2023 Unrestricted funds 209,943 5,338 215,281 21
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 19 Analysis of net funds At 1 April 2022 Financing 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 at 31 March 2023. 21 Non-audit service provision In common with many other charities of our size and nature we use our auditors to assist with the preparation of the financial statements. 22 Related party transactions During the year the charity made the followng related party transactions.. Lagan Regional Transport CIC (The charity shares some common directors with Lagan Regional Transport CIC (LRT)). In 2012, the Board decided to obtain a Private Bus Operators Licence. As a result of the funding restrictions within the charity, this had to be achieved via another company. Accordingly Lagan Regional Transport CIC (LRT) was created, a company which shares some common directors with the charity. An initial loan of £15,000 was made to LRT, to ensure that it complied with the required financial resources necessary to launch the company. Additional sums have been paid, in the intervening years, on the company's behalf. The loan is made on an interest free basis and is unsecured. At the balance sheet date the amount due from Lagan Regional Transport CIC was £20.999(2022: £20.321). This amount is included ythin other debtors due within one year. 23 Trustees, liability Lagan Valley Rural Transport is a private company limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £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 Previous year comparative The previous year comparatives (31 March 2022) have been re-stated in line with fvnder requests. Fund balances Fund balances before after Other Restricted funds Dfi Restricted funds Unrestricted funds 17,616 10,476 275,069 70.678 22,540 209,943 303,161 303,161 The total fund balances at 31 March 2022 remain unchanged. -24-