Charity Registration No. NIC 100006 Company Registration No. N1054558 {Northern Ireland} LAGAN VALLEY RURAL TRANSPORT ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITABLE COMPANY LIMITED BY GUARANTEEI FOR THE YEAR ENDED 31 MARCH 2025
LAGAN VALLEY RURAL TRANSPORT CONTENTS Page Charity reference and adminislralive infomiation Trustees, report Independent auditorfs report Statement of financial activities Balance sheet 10 Notes to the financial statements
LAGAN VALLEY RURAL TRANSPORT CHARITY REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Mr M O'Neill Mrs C Preston Mr R Harvey Mr G Hendrie Mr N Kelly MrA J Corscadden Mrs E Finney MSKR Ward (Appointed 23 October 20241 (Appointed 23 October 20241 (Appoinled 23 October 2024) Charity number NIC 100006 Company numbor N1054558 Registered with The Charity Commission for Northern Ireland NIC100006 Senior Management Team Richard Doughety Reglstsred office Units 1-6 PRM Complex Ralhdown 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) 33 - 35 University Road Belfast 8T7 1ND Solicltors Mildred Breakey 52 Bachelors Walk Lisburn Co. Antrim BT28 1XN
LAGAN VALLEY RURAL TRANSPORT TRUSTEES, REPORT (INCORPORATING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustee5, who are also the directors for the purposes of company law, present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policie5 set out in nole 1 to the financial slatemenls 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 Standard applicable in the UK and Republic of Ireland {FRS 102) (effeciive 1 January 2019)" Objectives and activities The charity exists to provide rural transportation services. The charity aims lo provide transport facilities in Lisburn and its environs, for the people who have special need of such facilities, because they are elderly, poor or disabled. people with small children or those living in isolated areas where there are no adequate transport facilities. The Iruslees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Public benefit In line with its stated aims and objectives, as noled above, the Iru5tees are confident that the charity is undertaking aclivities which provide public benefit to those who avail of its services. Achievements and performance Funding has been received from various bodies throughout the period lo facilitate the provision of services. The charity's principal funders are.. 1. Department for Infrastructure 2. Disability Action 3. Lisburn & Castlereagh City Council During the financial year, the charity made 3,262 individual passenger Irips under the Dfl Rural Dial a Lift Scheme. coveting a total of 35,129 miles. Of these trips, 63°/v were made by passengers going shopping or social visiting. therefore having a major impact on their wellbeing, while also reducing social isolalion. 150/0 of Ihe journeys were used for Health, 1°/D of the journeys were used for Social Welfare, 11/*• of the journeys were used for Training and Employment, while 100/0 were used for Day Opportunities. The operational area for the scheme is the entire Rura5 Lagan Valley area. stretching to Dundrod, Stoneyford, Moira, Dromore. Hillsborough, Annahilt, Carryduff and into Moneyreagh. Our Group Hire completed 1,059 passenger Irips, 660/0 of which were for Recreational and social activities. Furthermore, the charity made just over 3,550 trips under the Disability Action Transport Scheme (DATS). Of these trips, 26% were for Shopping or Social visits, 10/0 for Training and Employmenl, 130/0 for Health and 49Q/. for Day Opportunities. The operational area for DATS covers Lisburn and Dunmurry, along with Dundonald, Comber and Downpatrick. The Iru51ees 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 accordance with each of the terms and conditions of the grants. Use of volunteers The charity utilises the services of volunteers. The trustees acknowledge that all volunteers contribute to Ihe success of the charity's activities.
LAGAN VALLEY RURAL TRANSPORT TRUSTEES, REPORT (INCORPORATING THE DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial review The results for the year are set out on pages 9 to 23. The charity generated a nel unrestricted surplus for the year of £6,132 12024.. net unrestrided surplus of £12,083}- The level of free reserves at 31 March 2025 amounted to £233.496 (2024.. £227.364). Reslricted funds reflected a nel oufflow for the year of £8,26512024.' net outflow £27,125). The trustees havè dèveloped a reserves policy in order to protect the company against unforeseen circumstances. This policy states that the company will seek to build sufficient financial reserves to provide for six months activities in order that the charily's ability lo deliver services and develop the charity in the manner planned can be achieved withoul a negative impacl. The financial results for the year are encouraging and the level of retained reserves ensure that this objective has been achieved. Structure, governance and management The charity is a company limited by guarantee, governed by its Memorandum and Articles of Association. It has been granted charitable status by The Charity Commis5i0n for Northern Ireland under registration number NIC100006. The charity is governed by its trustees who meel beeen eight and ten limes annually to discuss financial and strategic issues, policy and procedure decisions, and to ratify signifirAnt legally binding decisions. Mr Richard Doughety. company manager, is responsible for the day to day running of the charity. The trustees, who are also the dIreor$ for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Mr J E McQuillan Mr M O'Neill Mrs C Preston Mr R Harvey Mr G Hendrie Mr N Kelly Mr A J Corscadden Mrs E Finney MSKR Ward (Resigned 22 October 2024) {Appointed 23 October 2024) {Appointed 23 October 2024) (Appointed 23 October 2024) 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 ompetenl Board and this 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 Iheir work. New trustees receive appropriate induction procedures and training upon appointment. No Irustees receive any remuneration for their services. Going Goncern The financial statements have been prepared under the assumption that the charity will continue to operate as a going concern. As a result of the deficit relumed this year, the charily's reseNes have decreased slightly. However. the trustees are confident that the charity retains sufficient reseNes to enable its continued operation for the forseeable future. Additionally, the trustees are constantly reviewing the operations in order to ensure it retains sufficienl reserves to mainlain its operations. On this basis, the trustees believe it is appropriate to prepare the financial statements on a going concem basi5.
LAGAN VALLEY RURAL TRANSPORT TRUSTEES, REPORT (INCORPORATING THE DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 slalements in accordance with applicable law and Uniled Kingdom Accounting Standards (United Kingdom Generally Accepled Accounting Practice). Company Law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and applicalion of resources, including the income and expendilure, of the charitable company for that year. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and Ihen 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 disclosed and explained in the financial statements- stale 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 concern 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 with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slalemenls 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 irregulartlies. 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 pul to the forthcorning Annual General Meeting. Disclosure of infomiation to Auditor Each of the trustees has confirmed that there is no informalion of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed 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 lo small companies. The trustees, report was approved by the Board of Trustees. Mr M O'Neill Trustee Date...2&PS..............
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 Tran5POrt (the 'charity') for the year ended 31 March 2025 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 preparalion is applicable law and United Kingdom Accounling Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 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 2025 and of ils incoming resources and application of resources, for the year then ended., have been properly 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 International Standards on Auditing {UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs r&sponsibilitios for th& audit of the financial statements sedion 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 sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going con¢em In auditing the financial statements, we 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 we have performed, 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 trustèes with respect to going concern are described in the relevant sections of this report. Other Infomiation The other information comprises the information included in the annual report other than the financial statements and our audilorfs report thereon. The trustees are responsible for Ihe other information contained wilhin the annual report. Our opinion on the financial statemen15 does not cover the other information and we do not express any form of assurance wnclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconslstencies 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 misstatement of this other information. 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 Ihe Irustees, 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 slalements.. 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 knowledge and underslanding of Ihe charity and its environment obtained in the course of the audit, we have nol identified material misstatements in the directors, report included within Ihe trustees, report. We have nothing lo 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 wilh the accounting records.. or certain disdosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained mole fully in the slalement of trustees, responsibilities, the trustees, who are also the directors of the ¢haTity 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 internal control a5 the trustees determine is necessary to enable the preparation of financial statements thal are tree from material misstatement. whether due to fraud or error. In prepaiing the financial stalemenls, the trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, mallers related lo going concern and using the going concern basis of accounting unless the trustees either inlend to liquidate the charitable company or to cease operations. or have no realistic alternative but lo do so. Auditorfs responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from mateiial misstatement, whether 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 nol a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected lo 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 instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlinèd above, to detect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below. the nature of the activities and sector, conlrol environmenl and performance-, result5 of our enquiries of management about their own identification and assessment of the risks of irregular(ties', 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 whelher they were aware of any instsnces of non-compliance., delecting and responding to the risks of fraud and whelher they have knowledge of any actual, suspected or alleged fraud., the inlemal controls eslablished to mitl9ate risks of fraud or non-GomplianGe with laws and regulations., the matters discussed among the audit engagement tèam 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 wilhin the organisation for fraud. In common with all audits under ISAS (UK). we are also required to perform specific procedures lo respond to the risk of management override. We a150 obtained an understanding of the legal and regulatory frameworks that the chanlable company operales 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 (Northern 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 fundamental to the charitable company's abilily to operate or lo avoid a material penalty. As a result of performing the above our procedures to respond to risks identified included the following.. reviewing the financial statement disclosures and testing lo supporting documentation to assess compliance with provisions of terms of funding, relevant laws and regulations described as having a direcl effect on the financial statements., enquiring of management concerning aclual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., reading minute5 of meetings of those charged with governance 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 adiustmenls,. assessing whether the judgemen15 made in making accounting estimates are indicative of a potential bias,. and evaluating the business rationale of any Signifint 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 inlerna5 specialists, and remained alert to any indications of fraud or non-compliance with laws and regulalions Ihroughout the audit. A further description of our responsibilities is available on the Financial Reporting Council's website at.. httPS:11 www.fr¢.org.ukJaudilorsresponsibilities. 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 lo Ihe charity members, as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we might stale 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 lo anyone other than the charity and the charily members as a body. for our audit work, for this report. or for the opinions we have formed. James Gage {Sonior 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 161<12S
LAGAN VALLEY RURAL TRANSPORT STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrg$trlctedDfl Ro$trlctod Other Restrlcted funds 202S Totsl Total funds 202S funds 202S 2025 2024 Notss Income and endowments from: Donations and legacies Charitable activities Investments Other income 200 4,977 1,600 149,520 1,258 18,720 97,588 168.440 103.823 1.600 100,299 113,936 1,663 8.758 Total income 6,777 150,778 116.308 273,863 224,656 enditure on: Charitable activtties 645 154,127 121,224 275,996 239,698 Net incomingl{outgoing) resources before transfers 6,132 (3.349) {4.916} (2.133) (15.042) Net Incomellexpenditure} for the yearl Not movement in funds 6.132 (3,349) 14.916) (2,133) (15.042) Fund balances at 1 April 2024 227,364 12,802 49,676 289,842 304,884 Fund balances at 31 March 2025 233,496 9,453 44.760 287,709 289,842 Statement of ¢omprehensive Income There is no other comprehensive income to report for the financial year. Continuing operations The Statement of Financial Activities has been prepared on the basis that all operations are continuing operations. Hlstorical Cost The resulls as disclosed in Ihe slatemenl of financial activities and the net outgoing resources for the year have been presented on an historical cost basis. Comparatives The Gomparative amounts by fund have been disclosed in notes 3 4 and 7. The notes on pages 11 to 23 fonn part of these financial statements
LAGAN VALLEY RURAL TRANSPORT BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Fixed assets Tangible assets 12 914 22.125 Current assets Debtors Cash at bank and in hand 13 38,146 277,223 59,016 243.162 315,369 302,178 Creditors: amounts falling due within one year 14 128,574} 134,461 } Net current assets 286,795 267.717 Total assets less Current liabilities 287.709 289.842 Income funds Other Restricted funds Dfl Restricted funds Unrestricted funds 16 16 17 44,760 9,453 233.496 49,676 12,802 227.364 Total funds 287,709 289.842 These financial statements have been prepared in accordance with the provision5 applicable to companies subject to the small companies regime. The financial slatemenls were approved by the Trustees and authorised for issue on its behalf by.. 2 61.1.12& . and signed on Mr M O'Neill Trustee Mr G Hendrie Trustee Company Registration No. N1054558 Charity Registration No. NIC 100006 The notss on pages 11 to 23 fomi part of these financial statements 10-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies Charity inforniation Lagan Valley Rural Transport is a private company limited by guarantee incorporated in Northern 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 accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practicè applicable to 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 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. Th& principal a¢counling policies adopted are set out below. 1.2 Going con¢em At the time of approving the financial stalements, the trustees have a reasonable expectation that the charily has adequate resources lo continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Fund Accounting The charily ha5 different types of funds for which it is responsible, and which require separate disclosure. These are as follows.. (a) Reslricled 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 Ihe organisalion and are set out in the notes to the financial slatemenls. {b) Unrestricted funds - Funds which are expendable al the discretion of the directors in the fulherance 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 InGome is recognised when the charity is le9ally entitled lo it after any performanGe condition5 have been met. the amounts can be measured reliably, and it is probable thal income will be received. All income arose wholly in Ihe 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 heading5 they have been allocated to charitable adivilies on a basis consistenl with use of the resources. Staff costs and overhead expenses are allocated lo activitie5 on the basis of staff time spenl on those activities. 1.5 Support costs Support costs are those functions that assist the work of the charity but do not directly represent tharilable activities. Support costs include back office costs. finance. human resources, 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 2025 Accounting policies (Continued} 1.6 Tangible fixed assets Tangible fixed assets costing £500 or more are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as lo wrile off the Gost 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°/0 Slraighl Line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impaimient of fixed assets At each reporting end date, the charity 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 indication exists. Ihe recoveiable amount of the asset is estimated in order to determine the extent of the impairment 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 wilhin borrowing5 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 inslruments. Financial instruments are recognised in the charity's balance sheet when Ihe charity becomes party lo 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 lo settie on a net basis or to reali5e 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 tnethod unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the fulure receipts discounted at a market rale 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 2025 Accounting pollcies (Continued) Basic financial liabilities Basic financial liabilities. induding creditors and bank loans are initially recognised at transaction price unless the arrangement conslitules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted al a market rate of interest. Financial 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 services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as currenl liabilities if payment is due within one year or less. If nol. they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effe¢tive interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.10 Taxation The company is a registered charity and is nol liable to tax on funds generatèd from activities within the scope of the charitable exemptions. 1.11 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Terminalion benefits are recognised immediately as an expense when the charity is demonstrably committed lo terminate the employment of an employee or to provide lerminalion benefils. 1.12 Retirement benefits The charity operates a defined contribution pension scheme which is a pension plan under which fixed ontribulions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets lo pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised in Ihe 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 reward5 of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assels at Ihe lower of the assets fair value al Ihe date of inception and the present value of the minimum lease payment5. 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 ¢5 charged lo net incomel(expenditurel for the year so as lo produce a constanl periodic rale of interest on the remaining balance of the liability. Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease. 13-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies {Continued) 1.14 Government grants Government grants ale recognised based on the accruals model and are measured at the fair value received or receivable. Grants are classified as relating either lo revenue or assets. Grants relating to revenue are fecognised 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 judgemonts In the application of the charity's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amounl 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 lo 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 period, or in the period of the revision and future periods where the revision affects both current and future periods. 14-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Donafjon$ Nnd l•gllcl•s Dfi R•strlcted Fund$ 2025 R•strlct•d Unrestrlcl•d Fund Fundi 2025 2025 Tolal Dfl R•$trl¢t•d R•strlct•d Unr•¥irfctod Funds Funds Fund* 2024 2024 1024 Total 202S 2024 Dfl RTF Schome on ARTS Dri Blue l Green Infr&8truclure funding Lisbum & Caslkreagh City Counol Li$bum School Unrfom Bank 116,168 14.244 19,108 116.168 14.244 19.108 18.720 2LM) 57.227 5.244 19.108 57.227 5,244 19.108 1B,720 18.720 18.720 149.520 18.720 200 168.440 81.579 18,720 100,299 ?s.
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 Charftablo a¢¥611•$ Dn Otherunrestricted R•$trf¢tod R•8trlct•d Funds Fun¢Js Funds 2025 Total Ofl R•strtct•dUnrèstrt¢tod 2Q25 Restrfcted Funds Funds Fund5 2024 Total 2024 2025 2025 2024 2024 Dial a lift Dfi DArs Hire & Otlier Charges DAL Meml>ership Fees 1,258 1.258 97.588 3.462 1.495 735 735 107.167 4,824 1,270 97.588 107,167 3,482 1.4 4,824 1,210 1,258 97,588 4.9n 103.823 735 107.167 6.034 113.936 16-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Invèstments Unrestrictsd Unrestricted funds funds 202S 2024 Interest receivable 1.600 1,663 Other income Unrestricted funds Unrestricted funds 2025 2024 Misapproprialion of expenses reimbursed Rental of Vehicle 590 4.200 4,790 Dri Restricted funds Restricted funds 2025 2024 Misappropriation of expenses reimbursed 3,968 17-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activities Dfl Ro$trlct8d Funds Othèr UnTestrlctgd Rpstricted Funds Funds Total Total 2025 2025 2025 2025 2024 Transport Costs Employment costs Staff Training Poslage & Stationery ICT Costs Travel Expenses Clolhing Costs General Expenses Telephone Professional Fees Premises Costs Insurance Heat & Light RepaiTS & Renewals Membership Fees Bank Fees Depreciation Accountancy services 9,010 98,911 329 673 3,865 4,533 367 701 1.844 1,924 7,109 531 2,197 171 18,720 77.637 276 565 3.247 3.808 308 589 1.549 1.616 5,972 446 1.846 144 27.730 176.548 605 1.238 7,112 8,341 675 1,290 3.393 3.540 13.081 977 4.043 315 645 692 21,211 1,312 36.053 104.441 1.038 520 6,078 5.720 675 2.920 38,048 13,031 1,151 3,918 491 404 535 21.211 430 645 376 19,108 713 316 2.103 599 152,362 119,741 645 272.748 236,664 Analysed between: Charitable activities Support costs 254,706 18,042 214,523 22,141 272,748 236.664 Share of governance costs (see note 8) 1,765 1,483 3,248 3,034 154,127 121,224 645 275.996 239.698 18-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Governance costs Governance costs 2025 2024 Audit fees 3,248 3,248 3,034 Analysed beeen Charitable activities 3,248 3,248 3,034 Governance costs includes payments lo the auditors of £3,248 (2024- £3.034) for audit fees. Net movement in funds 2025 2024 Nel movement in funds is stated after chargingllcrediting) Fees payable to the company's auditor for the audit of the company's financial statements Depreciation of owned tangible fixed assets 3.248 21,211 3.034 21.211 10 Trustses None of the trustees lor any persons connected with them) received any remuneration from the charity during Ihe year. None of the Irustees received 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) durin9 the year was: 202S Number 2024 Number Charitable activies Employment costs 2025 2024 Wages and salaries Social securily costs Pension costs 165,498 7,974 3,076 99,690 2,725 2,026 176,548 104,441 No employees received 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 2025 12 Tangible fixed assets IT Equlpment Motor v8hlcl•$ Totsl Cost At 1 April 2024 6,309 156,427 162,736 At 31 March 2025 6,309 156,427 162,736 Depreciation and impaimient At 1 April 2024 Depreciation charged in the year 3,625 2,103 136,986 19,108 140,611 21,211 At 31 March 2025 5,728 156,094 161.822 Carrying amount At 31 March 2025 581 333 914 At 31 March 2024 2,684 19,441 22,125 13 Debtors 2025 2024 Amounts falling due within one year: Charitable activity debtors Prepayments and accrued income other debtors 1,047 15.401 21,698 18,062 13,593 27,361 38.146 59,016 14 Creditors: amounts falling due within one year 2025 2024 Notes Deferred income Operating creditors Other taxation and social security Accruals and other creditors 15 500 7.883 10,902 9,289 19.108 5.387 618 9,348 28.574 34,461 15 Deferred income 2025 2024 Deferred funding 500 19,108 20-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Deferred income (Continued) During the current year a reslricted grant was received from Co-op Local Community Fund and as this is due to be spent towards PR costs in the year ended 31 March 2026, the grant has been deferred in full at the year-end and will be released in line with the related expenditure. 16 Restricted funds Balance at l Aprll 2024 Incoming rèsourcas Rosourcos xpondad Tran$fers Balanc& at 31 March 2025 Other Restricted funds Dfl Restricted funds 49,676 12,802 116,308 150,778 {121,224) (154,127) 44,760 9.453 Total restricted funds 62,478 267,086 1275.351) 54.213 17 Unrestricted income funds 8alance at 1 Aprtl 2024 In¢omlng resources R•$ourco$ oxpgndgd Transfors Balart¢• at 31 March 202S Unrestricted funds 227,364 6,777 {645) 233,496 21
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2025 18 Analy$ls of n&ta$sels bfytw••n funds Unr•strtci•d Rè•trfÈt• Oth•r R#$th¢t• Totsl Unr•strict•d Dll R•stri¢t•d rundi funds othor R•strfct•d Z025 2020 2025 202S 2024 2ty24 20Z4 2024 Fund baL4nces al 31 Marth 2025 are rerKesenled by.. TgIble assets 914 43.846 914 286.795 22.125 27.551 22.125 267.717 233,496 9.453 227.364 12,802 233,496 9.453 44,760 287.709 227,364 12.802 d9 676 289,642 -22-
LAGAN VALLEY RURAL TRANSPORT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Analysis of net funds At 1 April 2024 Financing At 31 March cash flows 202S Cash al bank and in hand 243,162 34,061 277.223 20 Capital commitments The company had no capital commitments as at 31 March 2025. 21 Non-audit service provision In common with many other charities of our size and nature we use our auditors lo assist with the preparation of the financial statements. 22 Relatsd party transactions During Ihe year the charity made the following 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 Privale 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 ILRTI was created. a company which shares some common direclors 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 £21.698 (2024.. £21,664). This amount is induded within 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-