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2023-03-31-accounts

Registration number NI38840

North Coast Community Transport (A Company limited by guarantee)

Registered Charity Number: NI100411

Trustees' report and financial statements

for the year ended 31 March 2023

North Coast Community Transport Company limited by guarantee

Company information

Trustees Marie McGinnis
Ken McCaughey
Edna Walmsley - Resigned 25/5/23
Andrea Elkin
Secretary Edna Walmsley - Resigned 25/5/23
Andrea Elkin - Appointed 25/5/23
Senior Management William Moore

Emma Mullan
Company number NI38840
Principal and Registered office Ivan Wilson Complex
277 Dunhill Road
Coleraine
Co Londonderry
BT51 3QJ
Auditors EM Accountants, Statutory Auditor
42A-44A New Row
Coleraine
BT52 1AF
Bankers First Trust
Crescent Link Retail Park
Unit 20
Londonderry
BT47 6SA

North Coast Community Transport Company limited by guarantee

Contents

Page
Trustees' report 1 - 4
Auditors' report 5 - 9
Statement of financial activities 10
Statement of financial position 11
Cash flow statement 12
Notes to the financial statements 13 - 28

North Coast Community Transport Company limited by guarantee

Trustees' Report (Including Directors Report) for the year ended 31 March 2023

The Trustees, who are also the directors of the company for the purposes of the Companies Act, present their report and financial statements for the year ended 31 March 2023.

The information with respect to trustees, directors, officers and advisers set out on the information page, forms part of this report. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their annual accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), The Companies Act 2006 and UK Generally Accepted Practice.

Objectives and Activities

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission guidance on public benefit. The principal activity of the company is to provide an affordable and accessible transport service to the rural community in the North Coast area and to support and compliment other organisations involved in community development initiatives.

North Coast Community Transport (NCCT) provides relief to those in need by reason of youth, age, ill health, disability, financial hardship or other disadvantage through the provision of community led access solutions in the North Coast area. NCCT meets our charitable purposes through the provision of wholly charitable transport solutions for beneficiaries who are unable to access conventional public or private transport because of age, rural location, mobility issues and poverty. Beneficiaries include people who are: elderly, poor, disabled, people with young children, or those living in isolated areas and for community organisations, where there are no adequate public transport facilities.

NCCT secures grants and donations to support provision of subsidised transport for beneficiaries. NCCT delivers services using community minibuses and volunteer car drivers. NCCT provides information to enable people to avail of various means of travel to enable access to local services, working in partnership with other transport providers to ensure alternatives and linkages to other services.

Achievements and Performance

Three years after the Covid challenge, NCCT are now back operating at 75% compacity and continue to grow this daily. Recovering from a significant reduction in trips and volunteers we have pulled performance back up in line with current funding levels and with a successful grant application to Motability fund of £1.2 million, intend to increase these significantly, especially with disabled groups as well as increasing the vehicle fleet with 10 additional minibuses. Last year we increased our overall trips from 82,000 to 104,000. Our volunteer car driver’s increased from 25 last year to the current 32 and contributed to the delivery of more than 15,000 passenger trips.

Financial Review

The statement of financial activities for the year is set out on page 10 of the financial statements. The principal funder of the charity is the Department for Infrastructure through the rural transport fund. During the period ended 31st March 2023, incoming resources includes grant income of £384,894 from the rural transport fund. This grant has been used solely for the purposes intended and in accordance with the terms and conditions of grant. Other funding of £131,498 was received from Disability Action and £123,700 was received from National Lottery for the Wheels 2 Wellbeing project. Funding of £3,116 was also received from the Department for Employment and Learning. The amount received from Department for Infrastructure in respect of the assisted rural transport scheme was £120,296.

Page 1

North Coast Community Transport Company limited by guarantee

Trustees' Report (Including Directors Report) for the year ended 31 March 2023

……continued

Reserves policy

The charity's policy on restricted funds is to separately record donations, grants and other sources of fundraising where restrictions are imposed that are narrower than the charity's overall objectives.

The trustees have reviewed the charity's requirements for reserves in conjunction with their analysis of the main risks for the company. At 31[st] March 2023 the charity held reserves of £1,015,333 of which £271,861 were restricted funds. They have established a reserves policy which states that the unrestricted funds not invested in Fixed Assets need to be sufficient to cover 6 months of core annual running costs and be sufficient to cover redundancy costs and vehicle commitments. This equates to approximately £730,620 in general funds. At this level, the trustees consider that they would be able to continue the current activities of the charity in the short term in the event of a significant drop in income. It would also be necessary to consider how that income would be replaced. At the balance sheet date free reserves, which amount to £559,110 do not exceed the minimum target amount.

Plans for the future

It is now more important than ever that NCCT lobby local councilors and MLA’s of all policitcal parties, work with the main stakeholders and government departments who rely on our transport to highlight the importance of our services to the isolated, elderly and disabled population in our area with a view to securing multi-year ring fenced funding. The importance of Community Transport services was recently highlighted within the Department for Infrastructures EQIA study and NCCT along with other community transport orgainisations plan to continue their campaign until we receive recognition that we deserve followed by a revised funding strategy.

Having secured funding from Motability we plan to work more closely with disabled groups and individuals within our operational area, providing training to driver’s and additional vehicle access which hopefully enables more activities for disabled clients.

Structure, Governance and Management

Organisational structure

North Coast Community Transport is a company limited by guarantee and recognised as a charity by Inland Revenue. In terms of company law, charity law and day to day activities, the company is an independent entity. The trustees meet regularly to direct the operations of the charity. The charity had 33 employees at March 31st 2023.

Governance

During the period under review the trustees met approximately every eight weeks. A panel comprised of existing trustees selects members for the board. Trustees serve for a one year period and may be re-elected for further one year periods. The trustees who served during the period to March 31st 2023 are listed on the information page.

Page 2

North Coast Community Transport Company limited by guarantee

Trustees' Report (Including Directors Report)

for the year ended 31 March 2023

……continued

Risk Management

The trustees have reviewed the major risks to which the charity is exposed and systems have been established to manage those risks.

Reference and administration details

North Coast Community Transport, is a charitable company limited by guarantee, incorporated on June 20th 2000. It is registered with the Companies Registrar under registration number NI38840. It is also recognised as a charity by the Inland Revenue, XR58093 and registered as a charity with the Charity Commission for Northern Ireland under reference NI100411. The trustees and secretary of the charity are listed on the information page. The principal and registered office of the charity is also listed on the information page together with details of the professional advisors and bankers.

Changes in fixed assets

The movements in fixed assets during the year are set out in the notes to the financial statements.

Taxation

As a charity the company is not liable for corporation tax on its other income or on capital gains to the extent that these are applied to its charitable objects.

Statement of trustees' responsibilities in respect of the annual report and the financial statements

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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the directors are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and that help ensure that the accounts 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.

Page 3

North Coast Community Transport Company limited by guarantee

Trustees' Report (Including Directors Report)

for the year ended 31 March 2023

Statement of disclosure of information to auditors

So far as each of the trustees in office at the date of approval of these financial statements is aware:

Auditors

A resolution proposing that EM Accountants be re-appointed as auditors of the charity will be put to the Annual General Meeting.

Small Company Provisions

This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.

This report was approved and authorised for issue by the trustees on 3[rd] August 2023 and signed on their behalf by:

Marie McGinnis

Marie McGinnis (Aug 4, 2023 10:36 GMT+1)

Marie McGinnis Director

Page 4

North Coast Community Transport Company limited by guarantee

Independent auditor's report to the trustees of North Coast Community Transport

Opinion

We have audited the financial statements of North Coast Community Transport (the ‘charitable company’) for the year ended 31[st] March 2023 which comprise the Statement of Financial Activities, the Statement of Financial Position, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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:

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 to provide a basis for our opinion.

Conclusions relating to going concern

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 charitable company’s ability to continue 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 with respect to going concern are described in the relevant sections of this report.

Page 5

North Coast Community Transport Company limited by guarantee

Independent auditor's report to the trustees of

North Coast Community Transport

……continued

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. 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 misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Page 6

North Coast Community Transport Company limited by guarantee

Independent auditor's report to the trustees of

North Coast Community Transport

……continued

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees (who are also the directors of the charitable company for the purposes 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 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 charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect 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 to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

On the basis of our understanding of the legal and regularity framework applicable to the company and the industry in which it operates, we considered the risk of non-compliance and to what extent it might have a material effect on the financial statements. The principal laws and regulations that we determined as being the most significant are the Companies Act 2006, 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 issued in October 2019 SORP (FRS 102) “The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” and the relevant UK tax compliance regulations.

Page 7

North Coast Community Transport Company limited by guarantee

Independent auditor's report to the trustees of North Coast Community Transport

……continued

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Page 8

North Coast Community Transport Company limited by guarantee

Independent auditor's report to the trustees of

North Coast Community Transport

……continued

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company’s trustees, 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 charitable company’s trustees 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 charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Paul McKillop (Aug 4, 2023 11:50 GMT+1)

..........................................................

Paul McKillop FCCA (senior statutory auditor)

For and on behalf of EM Accountants, Statutory Auditor

3[rd] August 2023

42A-44A New Row Coleraine BT52 1AF

Page 9

North Coast Community Transport

Company limited by guarantee

Statement of financial activities (incorporating summary income and expenditure account)

For the year ended 31 March 2023

Notes
Income
2
Donations and Legacies
Income from Charitable Activities:
Transport Services
4
Investments
Increase in fair value of Investments
Profit on disposal of fixed assets
Total Income
Expenditure
Expenditure on Charitable Activities:
Running and Operating Costs
5
Total Expenditure
Net income/(expenditure)
before transfers
Gross transfers between funds
Net income/(expenditure) and
movement in funds for the year
Reconciliation of Funds
Total Funds Brought Forward
Total Funds Carried
Forward
17		 DFI
Other
Restricted
Restricted
Unrestricted
Total
Total
Funds
Funds
Funds
2023
2022
£
£
£
£
£
384,894
258,314
643,208
738,572
170,235
57,860
211,202
439,297
353,821
1,382
1,382
227
227
1,796
646
886
3,328
556,925
316,820
213,697
1,087,442
1,092,393
716,012
322,964
182,629
1,221,605
984,794
716,012
322,964
182,629
1,221,605
984,794
(159,087)
(6,144)
31,068
(134,163)
107,599
8,163
(8,163)
(159,087)
2,019
22,905
(134,163)
107,599
263,371
165,558
720,567
1,149,496
1,041,897
104,284
167,577
743,472
1,015,333
1,149,496

All amounts relate to continuing operations of the charity.

The charity has no recognised gains or losses other than those included in the results above, and therefore no separate statement of gains and losses has been presented.

The notes on pages 13 to 28 form an integral part of these financial statements.

Page 10

North Coast Community Transport

Company limited by guarantee

Statement of Financial Position as at 31 March 2023

Notes
Fixed Assets
Tangible Assets
9
Investments
10
Total Fixed Assets
Current Assets
Debtors
11
Cash at hand and in bank
Total Current Assets
Creditors: amount falling
due within one year
12
Net Current Assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling
due after one year
13
Net Assets
Funds of the Charity
Restricted funds
18
General funds
Unrestricted funds
18
Members’ funds		 DFI
Other
Restricted
Restricted
Unrestricted
Total
Total
Funds
Funds
Funds
2023
2022
£
£
£
£
£
96,137
184,362
280,499
359,032
98,198
98,198
96,137
282,560
378,697
359,032
60,687
42,727
22,367
125,781
312,842
(5,097)
150,504
572,642
718,049
746,902
55,590
193,231
595,009
843,830
1,059,744
47,443
25,654
59,379
132,476
151,034
8,147
167,577
535,630
711,354
908,710
104,284
167,577
818,190
1,090,051
1,267,742
74,718
74,718
118,246
104,284
167,577
743,472
1,015,333
1,149,496
104,284
167,577
271,861
428,931
743,472
743,472
720,565
104,284
167,577
743,472
1,015,333
1,149,496

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and in accordance with 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 issued in October 2019 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).

The financial statements were approved and authorised for issue by the Board on 3[rd] August 2023 and signed on its behalf by:

Marie McGinnis

Marie McGinnis (Aug 4, 2023 10:36 GMT+1)

Marie McGinnis

Trustee

Registration No. NI38840

The notes on pages 13 to 28 form an integral part of these financial statements

Page 11

North Coast Community Transport

Company limited by guarantee

Cash Flow Statement for the year ended 31 March 2023

Notes
Cash flow from operating activities
19
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Payments to acquire fixed asset investments
Receipts from sales of tangible fixed assets
Net cash flow from investing activities
Cash flow from financing activities
Receipts from issue of new long term loans
Repayment of finance lease liabilities
Interest paid on leases
Net cash flow from financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at 1st April
Cash and cash equivalents at 31st March		 2023
£
113,015
113,015
(3,548)
(100,000)
4,000
(99,548)
2,981
(52,298)
6,995
(42,322)
(28,855)
746,904
718,049		 2022
£
212,046
212,046
(208,048)
28,000
(180,048)
177,471
(142,308)
4,439
39,602
71,600
675,304
746,904

The notes on pages 13 to 28 form an integral part of these financial statements

Page 12

North Coast Community Transport Company limited by guarantee

Notes to the financial statements

for the year ended 31 March 2023

1. Accounting policies

1.1. General information and basis of preparation

The charity is a private company limited by guarantee and incorporated in Northern Ireland (registration number NI38840). Its registered office is Ivan Wilson Complex, 277 Dunhill Road, Coleraine, Co. Londonderry BT51 3QJ.The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and UK Generally Accepted Practice.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements are presented in sterling which is the functional currency of the charity.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2. Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. The carrying value of tangible fixed assets are reviewed annually for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation is provided at rates calculated to write off the cost less residual value of each

asset over its expected useful life, as follows:

Leased assets - Straight line over the life of the lease/20% Straight line - Computer & Office equipment 33.3% Straight line Motor vehicles - 25% Straight line

1.3. Incoming resources

Income is recognised on a receivable basis when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The specific bases are as follows:

Donations and gifts

Voluntary income received by way of donations and gifts to the charity is included in full in the Statement of Financial Activities when received.

Legacies

Legacies are recognised as income when there is entitlement, probable receipt and measurability of the legacy.

Investment income

Investment income is accounted for on a receivable basis.

Page 13

North Coast Community Transport Company limited by guarantee

Notes to the financial statements

for the year ended 31 March 2023

……continued

Grants

Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred.

Grants for the purpose of capital expenditure are credited to restricted incoming resources when receivable and released to revenue over the estimated useful life of the relevant assets.

1.4. Resources expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources.

Costs of generating funds

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of other income generation e.g. the costs associated with investment portfolio.

Charitable expenditure

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs

Governance costs include those incurred in the governance of its assets and are associated with constitutional, statutory and strategic requirements.

1.5. Debtors

Debtors are stated after all known bad debts have been written off and specific provision has been made against all debts considered doubtful of collection.

1.6. Fund accounting

The charity has various types of funds for which it is responsible and which require separate disclosure. Definitions of the various types of funds are as follows.

Restricted funds

Restricted funds are to be used for specified purposes as laid down by the donor. The restrictions on the use of the funds are legally binding on the board of directors.

Unrestricted funds

Unrestricted funds are donations and other incoming resources received or generated which are expendable at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Page 14

North Coast Community Transport Company limited by guarantee

Notes to the financial statements

for the year ended 31 March 2023

……continued

Unrestricted funds

Unrestricted funds are donations and other incoming resources received or generated which are expendable at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

1.7. Leasing and hire purchase commitments

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the statement of financial activities so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

1.8. Employee benefits

When employees have rendered service to the charity, the short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The company operates a defined contribution plan for the benefit of its employees. The pension cost charged in the financial statements represents the contribution payable by the company during the year. The regular cost of providing retirement pensions and related benefits is charged to the statement of financial activities over the employees’ service lives on the basis of a constant percentage of earnings.

1.9 Going Concern

There are no material uncertainties about the charity’s ability to continue.

1.10 Judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgments (apart from those involving estimates), 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 period, or in the revision and future period where the revision affects both current and future periods.

1.11 Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘Increase/(Decrease) in fair value of investments’ in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

Page 15

North Coast Community Transport Company limited by guarantee

Notes to the financial statements

for the year ended 31 March 2023

……continued

2. Donations and Legacies

Donations and Legacies
Rural Transport Fund
Disability Action
Rural Transport Fund - Covid
Relief(Resource) Funding
Wheels 2 Wellbeing
(National Lottery)
D.E.L.		 DFI
Other
Restricted
Restricted
Unrestricted
£
£
384,894
-
-
131,498
-
-
123,700
-
3,116
-
384,894
258,314
-		 2023
£
384,894
131,498
123,700
3,116
643,208		 2022
£
384,894
131,498
94,834
124,700
2,646
738,572
3.
Auditors' remuneration
Auditors' remuneration - audit of the financial statements
Auditors' remuneration - other fees:
- Other services
DFI
Other
4.
Transport related services
Restricted
Restricted
Unrestricted
£
£
£
Assisted rural transport scheme
120,296
Fares & vehicle income
29,984
54,460
208,517
Corona Virus Job Retention
Scheme
Membership Fees
19,955
3,400
2,685
170,235
57,860
211,202		 2023
£
2,600
2,650
2023
£
120,296
292,961
26,040
439,297		 2022
£
2,600
2,400
2022
£
136,674
196,320
12,619
8,208
353,821

Income from fare & vehicle income was as follows in the year to 31[st] March 2022: DFI Restricted £25,639; Other Restricted £37,137; Unrestricted £133,544. Membership fees in the year to 31[st] March 2022 was as follows: DFI Restricted £6,113, other restricted £1,390, unrestricted £705.

Page 16

North Coast Community Transport

Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2023

……continued

5. Resources expended on charitable activities

Running and operating costs
Wages and salaries
Staff development and training
Rent payable
Office expenses
Insurance
Advertising/ Recruitment
Travel expenses
Heat, light & power
Repairs & maintenance
Volunteer expenses
Vehicle expenses
General expenses
Investment Manager Fees
Losses relating to Electric Vehicle
Grant over accrued
Legal and professional fees
Bank interest and charges
Bad Debts
Lease interest
Audit & Accountancy
Loss on Disposal of Fixed Assets
Depreciation		 DFI
Restricted £
2023
Other
Restricted £
2023
Unrestricted
Total
Total
£
£
£
2023
2023
2022
297,862
176,880
82,984
557,726
557,386
1,718
828
577
3,123
1,855
8,249
5,732
0
13,981
12,555
10,148
8,638
1,306
20,092
18,818
1,270
1,143
127
2,540
2,488
751
679
63
1,493
1544
2,423
931
374
3,728
1,818
1,735
1,561
173
3,469
4,832
1,336
335
0
1,671
1,029
79,542
47,857
0
127,399
88,528
150,639
60,235
76,108
286,982
194,842
3,739
1,966
1,745
7,450
5,922
0
0
3,000
3,000
0
71,762
0
0
71,762
0
18,773
0
0
18,773
0
1,080
972
108
2,160
2,160
1,103
993
109
2,205
1,722
305
403
0
708
680
3,775
1,358
1,862
6,995
6,073
2,625
2,363
262
5,250
5,000
0
0
0
0
21,940
57,177
10,090
13,831
81,098
55,602
716,012
322,964
182,629
1,221,605
984,794

Page 17

North Coast Community Transport

Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2023

……continued

Resources expended on charitable activities

Running and operating costs
Wages and salaries
Staff development and training
Rent payable
Office expenses
Insurance
Advertising/ Recruitment
Travel expenses
Heat, light & power
Repairs & maintenance
Volunteer expenses
Vehicle expenses
General expenses
Legal and professional fees
Bank interest and charges
Bad Debts
Lease interest
Audit & Accountancy
Loss/ Profit on Disposal
Depreciation		 DFI
Restricted £
2022
Other
Restricted £
2022
Unrestricted
Total
2022
2022
£
£
342,867
154,776
59,743
557,386
1,187
297
371
1,855
7,407
5,148
0
12,555
12,211
6,174
433
18,818
1,617
871
0
2,488
1,005
539
0
1,544
1,219
599
0
1,818
3,141
1,691
0
4,832
823
206
0
1,029
57,820
30,698
10
88,528
109,106
29,628
56,108
194,842
3,331
1,181
1,410
5,922
1,403
757
0
2,160
1,120
602
0
1,722
66
496
118
680
3,802
729
1,542
6,073
3,251
1,749
0
5,000
13,734
2,635
5,571
21,940
38,586
5,464
11,552
55,602
603,696
244,240
136,858
984,794

6. Net incoming resources for the year

2023 £ 2022 £
Net income(expenditure) for the year is stated after charging:
Staff costs (Note 7) 557,726 557,386
Depreciation of owned assets 17,744 15,202
Depreciation of assets held on finance lease 63,354 40,400
Finance lease interest 6,995 6,073
Auditors’ remuneration 5,250 5,000

Page 18

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2023

……continued

7. Employees

Number of employees

The average monthly numbers of employees excluding trustees, during the year was as follows:

Administration
Drivers
Employment costs
Wages and salaries
Social security costs
Employer Contribution to defined contribution pension scheme		 2023
8
25
33
2023
£
519,855
30,671
7,200
557,726		 2022
8
23
31
2022
£
518,206
31,742
7,438
557,386

No employee received emoluments of more than £60,000 (2022: None)

The company operates a defined contribution pension scheme for its employees (started October 2015). The amount recognised as an expense in the period was £7,200 (2022: £7,438). Contributions outstanding at the year end amount to £3,711 (2022: £3,496).

The total amount of employee benefits received by key management personnel is £88,018 (2022: £94,904)

8. Taxation

The company has charitable status, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes.

Page 19

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2023

……continued

9. Tangible fixed assets

Tangible fixed assets
Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
Disposals
At 31 March 2023
Net book values
At 31 March 2022
At 31 March 2023		 Leased
assets
£
346,879
2,708
2,818
346,769
37,385
63,354
1,835
98,904
309,494
247,865		 Fixtures,
fittings and
equipment
£
32,797
840
0
33,637
22,765
2,361
0
25,126
10,032
8,511		 Motor
vehicles
£
242,925
0
5,590
237,335
203,419
15,383
5,590
213,212
39,506
24,123		 Total
£
622,601
3,548
8,408
617,741
263,569
81,098
7,425
337,242
359,032
280,499

Included above are assets held under finance leases or hire purchase contracts as follows:

2023 2022
Net Book Value Net Book Value
Asset Description £ £
Leased assets 247,865 309,494

Page 20

North Coast Community Transport Company limited by guarantee

Notes to the financial statements

for the year ended 31 March 2023

……continued
10.
Investments held as fixed assets
Fair Value - Listed Investments
Increase/(decrease) in value of listed investments included
in the statement of financial activities for the financial year
Additions
Increase in fair value
Interest
Charges		 2023
£
98,198
100,000
227
971
3,000
98,198		 2022
£

Page 21

North Coast Community Transport

Company limited by guarantee

Notes to the financial statements

for the year ended 31 March 2023

……continued

11.
Debtors
Trade Debtors
Assisted Rural Travel
Rural Transport Fund
Department for Employment &
Learning
Roe Valley Trading CIC Loan
VAT
Other Debtors
Prepayments and accrued income		 DFI
Other
Unrestricted
Restricted
Funds
Restricted
Funds
Funds
Total
Total
2023
2023
2023
2023
2022
£
£
£
£
£
26,818
36,662
7,546
71,026
112,923
23,322
-
-
23,322
20,836
0
-
-
-
56,793
-
266
-
266
936
-
-
3,015
3,015
3,000
-
-
8,838
8,838
27,587
-
-
-
-
71,762
10,547
5,799
2,968
19,314
19,005
60,687
42,727
22,367
125,781
312,842
Debtors
Trade Debtors
Assisted Rural Travel
Social Investment Fund
Rural Transport Fund
Department for Employment & Learning
Roe Valley Trading CIC Loan
VAT
Other Debtors
Prepayments and accrued income		 DFI
Other
Unrestricted
Restricted
Funds
Restricted
Funds
Funds
Total
2022
2022
2022
2022
£
£
£
£
29,267
77,537
6,119
112,923
20,836
-
-
20,836
-
-
-
-
56,793
-
-
56,793
-
936
-
936
-
-
3,000
3,000
-
-
27,587
27,587
71,762
-
-
71,762
11,791
4,749
2,465
19,005
190,449
83,222
39,171
312,842

Page 22

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2023

……continued

12. Creditors: Amounts falling due within one year

Net obligations under finance leases
and hire purchase contracts
Trade creditors
Other taxes and social security costs
Accruals and deferred income
Other creditors		 DFI
Other
Restricted
Funds
Restricted
Funds
Unrestricted
Funds
Total
Total
2023
2023
2023
2023
2022
£
£
£
£
£
45,599
45,599
44,702
13,615
7,363
3,954
24,932
40,022
152
82
44
278
6,004
32,743
17,705
9,510
59,958
56,973
933
504
272
1,709
3,333
47,443
25,654
59,379
132,476
151,034

Creditors: Amounts falling due within one year

Net obligations under finance leases
and hire purchase contracts
Trade creditors
Other taxes and social security costs
Accruals and deferred income
Other creditors		 DFI
Other
Restricted Funds
Restricted
Funds
Unrestricted
Funds
Total
2022
2022
2022
2022
£
£
£
£
-
44,702
44,702
24,830
10,001
5,191
40,022
3,725
1,500
779
6,004
35,346
14,238
7,389
56,973
2,068
833
432
3,333
65,969
26,572
58,493
151,034

13. Creditors: Amounts falling due in more than one year

Creditors: Amounts falling due in more than one year
2023 2022
£ £
Net obligations under finance leases and hire purchase contracts 74,718 118,246

Page 23

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2023

……continued

14. Obligations under finance leases

Within one year
Later than one but not later than five years		 2023
£
45,599
74,718
120,317		 2022
£
44,702
118,246
162,948

15. Capital Commitments

At March 31[st] 2023 there were no commitments for capital expenditure (2022:£96,481).

16. Related party transactions and Ultimate Controlling Party

The company is controlled by the board of trustees and the trustees confirm there is no ultimate controlling party.

The following balances are included in the financial statements in respect of Roe Valley Trading C.I.C. (a company limited by guarantee in which North Coast Community Transport is the sole subscriber) - debtors £3,015 (2022: £3,000).

17. Trustees' emoluments

The trustees neither received nor waived any emoluments during the year (2022: £Nil).

Out of pocket expenses of £473 were reimbursed to 3 trustees during the year (2022:£Nil).

Page 24

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2023

……continued

18. Funds

Restricted funds
Rural transport fund
D.E.L.
Disability Action
Rural Transport Fund - Covid
Relief(Resource) Funding
Wheels 2 Wellbeing
(National Lottery)
Rural Transport Fund – Capital
Grant
Foyle health & S S Trust
Unrestricted funds
General reserves
Designated funds
Total funds		 Transfers,
Balance
Incoming
Resources
investment
Balance
01-Apr-22
resources
expended
gains/(losses)
31-Mar-23
£
£
£
£
£
42,700
556,925
(596,335)
3,290
3,116
(3,116)
0
74,806
151,075
(234,044)
8,163
0
94,834
(17,847)
76,987
90,221
162,629
(85,804)
167,046
125,837
(101,830)
24,007
531
531
428,929
873,745
(1,038,976)
8,163
271,861
670,567
213,697
(182,629)
(8,163)
693,742
50,000
50,000
720,567
213,697
(182,629)
(8,163)
743,742
1,149,496
1,087,442
(1,221,605)
1,015,333

Purpose of designated funds

The Trustees have designated funds for the purchase of a new vehicle. They have now reached their revised target of £50,000 and plan to purchase a vehicle in the year ended 31[st] March 2024.

Page 25

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2023

……continued

Funds
Balance
Incoming
1 April 2021
resources
£
£
Restricted funds
Rural transport fund
82,969
553,320
D.E.L.
-
2,646
Disability Action
81,894
146,921
Rural Transport Fund
-
-
Covid Relief (Resource
Funding
-
94,834
Wheels 2 Wellbeing
(National Lottery)
30,005
147,804
Rural Transport Fund –
Capital Grant
135,943
-
Foyle health & S S
Trust
531
-
331,342
945,525
Unrestricted funds
General reserves
660,555
146,868
Designated funds
50,000
-
710,555
146,868
Total funds
1,041,897
1,092,393		 Transfers,
Resources
investment
Balance
expended gains/(losses)
31 March 2022
£
£
£
-
42,700
(593,589)
(2,646)
-
-
(154,009)
-
74,806
-
-
-
-
-
94,834
(87,588)
-
90,221
(10,106)
-
125,837
-
-
531
(847,938)
-
428,929
(136,856)
-
670,567
-
-
50,000
(136,856)
-
720,567
(984,794)
-
1,149,496		 Transfers,
Resources
investment
Balance
expended gains/(losses)
31 March 2022
£
£
£
-
42,700
(593,589)
(2,646)
-
-
(154,009)
-
74,806
-
-
-
-
-
94,834
(87,588)
-
90,221
(10,106)
-
125,837
-
-
531
(847,938)
-
428,929
(136,856)
-
670,567
-
-
50,000
(136,856)
-
720,567
(984,794)
-
1,149,496
428,929
670,567
50,000
720,567
1,149,496

Funds

Page 26

North Coast Community Transport Company limited by guarantee

Notes to the financial statements

for the year ended 31 March 2023

……continued

19 Analysis of the net assets between funds

Restricted funds
Unrestricted funds
Designated
General
Total		 Tangible
fixed assets
2023
£
96,137
-
282,560
378,697		 Net current
assets
2023
£
175,724
50,000
485,630
711,354		 Long Term
Liabilities
2023
£
-
-
74,718
74,718		 2023
£
271,861
50,000
693,472
1,015,333		 2022
£
428,931
50,000
670,565
1,149,496

Analysis of the net assets between funds

Restricted funds
Unrestricted funds
Designated
General
Total		 Tangible
fixed assets
2022
£
119,536
-
239,496
359,032		 Net current
assets
2022
£
309,395
50,000
549,315
908,710		 Long Term
Liabilities
2022
£
-
-
118,246
118,246		 2022
£
428,931
50,000
670,565
1,149,496

Page 27

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2023

……continued

20 Reconciliation of net income/(expenditure) to net cash flow from operating activities

Net income / (expenditure) for year
Depreciation and impairment of tangible fixed assets
Increase in fair value of Investment
Interest received on Investment
Investment Manager Fee
(Profit) / loss on disposal of tangible fixed assets
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities		 2023
£
(134,163)
81,098
(227)
(971)
3,000
(3,328)
187,061
(19,455)
113,015		 2022
£
107,599
55,602
21,940
(23,624)
50,529
335,922

Page 28

2334 North Coast Community Transport 31.03.2023

Final Audit Report

2023-08-04

Created: 2023-08-03 By: EM Accountants (info@emaccountants.co.uk) Status: Signed Transaction ID: CBJCHBCAABAAJ1foHO7u1clP3wl_0ktG8LSR5vbhG9kb

"2334 North Coast Community Transport 31.03.2023" History

Document created by EM Accountants (info@emaccountants.co.uk)

2023-08-03 - 3:24:41 PM GMT- IP address: 104.41.213.158

Document emailed to marie@roevalleyresidentsassociation.org.uk for signature

2023-08-03 - 3:26:31 PM GMT

Email viewed by marie@roevalleyresidentsassociation.org.uk

2023-08-04 - 9:28:57 AM GMT- IP address: 31.51.180.255

Signer marie@roevalleyresidentsassociation.org.uk entered name at signing as Marie McGinnis 2023-08-04 - 9:36:02 AM GMT- IP address: 31.51.180.255

Document e-signed by Marie McGinnis (marie@roevalleyresidentsassociation.org.uk)

Signature Date: 2023-08-04 - 9:36:04 AM GMT - Time Source: server- IP address: 31.51.180.255

Document emailed to Paul McKillop (pmckillop@emaccountants.co.uk) for signature 2023-08-04 - 9:36:06 AM GMT

Email viewed by Paul McKillop (pmckillop@emaccountants.co.uk) 2023-08-04 - 10:50:31 AM GMT- IP address: 104.47.20.254

Document e-signed by Paul McKillop (pmckillop@emaccountants.co.uk)

Signature Date: 2023-08-04 - 10:50:46 AM GMT - Time Source: server- IP address: 4.210.87.85

Agreement completed.

2023-08-04 - 10:50:46 AM GMT