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2024-03-31-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 2024

North Coast Community Transport Company limited by guarantee

Company information

Trustees Marie McGinnis - Deceased 21/02/24 Ken McCaughey Edna Walmsley - Resigned 25/5/23 Andrea Elkin Frances Boyd - Appointed 12/01/24 Francis Dick - Appointed 12/01/24 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 2024

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 2024.

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

Within the year 2023/2024 we have increased the delivery of passenger trips from 104,000 to almost 117,000 as the demand for this service continues to rise. 14,000 of these passenger trips have been through volunteers covering 441,000 miles collectively and this has been an increase on the 11,000 passenger trips last year. We boosted our fleet from 17 to a fleet of 27 well maintained and high spec wheelchair accessible minibuses enabling us to offer these additional resources to the assistance of Disabled groups newly introduced through our Motability programme. This programme funded the recruitment of 6 newly trained driving staff also. We have introduced a new transport app for drivers which eliminates a huge part of data entry for the office staff enabling them to utilise their skills in other required areas. The introduction of new VOIP phone systems has also contributed to more efficient office systems. NCCT have thrived on the limited government funding available to them through successfully securing additional funding streams, embracing a volunteering ethos and continuing to trying to improve processes and systems. We are very proud of the achievements and performance during 2023/24.

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 2024, incoming resources includes grant income of £372,064 from the rural transport fund.

Page 1

North Coast Community Transport Company limited by guarantee

Trustees' Report (Including Directors Report)

for the year ended 31 March 2024

……continued

Funding of £1,273 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 £108,709. During the year the company received funding of £455,317 from Motability and the majority of this funding was expended on the purchase of new vehicles

All grant funding has been used solely for the purposes intended and in accordance with the terms and conditions of grant.

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 2024 the charity held reserves of £1,419,314 of which £676,192 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 £564,014 do not exceed the minimum target amount.

Plans for the future

The determination for NCCT and the other RCTP’s to fight for multi- year ring fenced funding will continue and remain as a priority for all with continuous lobbying and entreating to government officials. This will focus particularly on lobbying to Health officials for support as we continue to deliver huge amounts of health related trips with no financial support or contribution. NCCT plan to continue to deliver remarkable services to members at the highest capacity possible on the allocated funding.

Our Motability project has been in service since February 2024 and we plan to grow and develop this project to its full potential to the benefit of all our disabled members and develop the valued relationship they hold with this particular funder.

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 40 employees at March 31st 2024.

Page 2

North Coast Community Transport Company limited by guarantee

Trustees' Report (Including Directors Report)

for the year ended 31 March 2024

……continued

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 2024 are listed on the information page.

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 2024

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 th August 2024 and signed on their behalf by:

[Ken McCaughey] 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 2024 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:

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 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 nion 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 in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in inconsistencies conclude that there is a material misstatement of this o

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:

the directors’ report has been prepared in accordance with applicable legal requirements.

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:

the financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit. ; or

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.

We made enquiries of management to understand how the company is complying with its legal and regulatory obligations.

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-

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 FCCA (senior statutory auditor) For and on behalf of EM Accountants, Statutory Auditor

42A-44A New Row Coleraine BT52 1AF

th August 2024

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 2024

Notes
Income
Donations and Legacies
2
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
2024
2023
£
£
£
£
£
372,064
714,835
1,086,899
643,208
154,228
67,227
255,131
476,586
439,297
4,578
4,578
1,382
8,505
8,505
227
2,773
851
2,209
5,833
3,328
529,065
782,913
270,423
1,582,401
1,087,442
563,866
347,519
267,035
1,178,420
1,221,605
563,866
347,519
267,035
1,178,420
1,221,605
(34,801)
435,394
3,388
403,981
(134,163)
3,738
(3,738)
(31,063)
435,394
(350)
403,981
(134,163)
104,284
167,577
743,472
1,015,333
1,149,496
73,221
602,971
743,122 1,419,314 1,015,333

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 2024

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
2024
2023
£
£
£
£
£
72,973
431,730
129,108
633,811
280,499
108,168
108,168
98,198
72,973
431,730
237,276
741,979
378,697
37,962
169,214
136,398
343,574
125,781
8,944
262,086
470,871
741,901
718,049
46,906
431,300
607,269
1,085,475
843,830
46,658
260,059
79,004
385,721
132,476
248
171,241
528,265
699,754
711,354
73,221
602,971
765,541
1,441,733
1,090,051
22,419
22,419
74,718
73,221
602,971
743,122
1,419,314
1,015,333
73,221
602,971
676,192
271,861
743,122
743,122
743,472
73,221
602,971
743,122
1,419,314
1,015,333

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 th August 2024 and signed on its behalf by:

Ken McCaughey

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 2024

Notes
Net Cash flow from operating activities
19
Cash flow from investing activities
Payments to acquire tangible fixed assets
Payments to acquire fixed asset investments
Receipts from sales of tangible fixed assets
Bank interest received
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		 2024
£
500,055
(432,383)
-
5,833
2,592
(423,958)
-
(45,644)
(6,601)
(52,245)
23,852
718,049
741,901		 2023
£
119,599
(3,548)
(100,000)
4,000
411
(99,137)
2,981
(45,303)
(6,995)
(49,317)
(28,855)
746,904
718,049

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 2024

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 Financial Statements comply with SORP(FRS 102).

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 2024

……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 2024

……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 2024

……continued

2. Donations and Legacies

Donations and Legacies
Rural Transport Fund
Disability Action
Motability
Wheels 2 Wellbeing
(National Lottery)
D.E.L.		 DFI
Other
Restricted
Restricted
Unrestricted
£
£
372,064
134,045
455,317
124,200
1,273
372,064
714,835		 2024
£
372,064
134,045
455,317
124,200
1,273
1,086,899		 2023
£
384,894
131,498
123,700
3,116
643,208

3. Auditors' remuneration
Auditors' remuneration 2024 2023
£ £
Auditors' remuneration - audit of the financial statements 2,800 2,600
Auditors' remuneration - other fees:
- Other services 3,050 2,650
4.
Transport related services
Assisted rural transport scheme
Fares & vehicle income
Membership Fees
Other income		 DFI
Other
Restricted
Restricted
Unrestricted
£
£
£
108,709
29,518
63,857
247,166
16,001
3,370
6,700
1,265
154,228
67,227
255,131		 2024
£
108,709
340,541
26,071
1,265
476,586		 2023
£
120,296
292,961
26,040
439,297

Income from fare & vehicle income was as follows in the year to 31[st] March 2023: DFI Restricted £29,984; Other Restricted £54,460; Unrestricted £208,517. Membership fees in the year to 31[st] March 2023 was as follows: DFI Restricted £19,955, other restricted £3,400, unrestricted £2,685.

Page 16

North Coast Community Transport

Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2024

……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
Loan written off
Depreciation		 DFI
Restricted £
2024
Other
Restricted £
2024
Unrestricted
Total
Total
£
£
£
2024
2024
2023
257,085
210,553
149,828
617,466
557,726
1,526
143
1,078
2,747
3,123
8,288
5,759
14,047
13,981
9,590
10,141
3,563
23,294
20,092
1,083
1,218
406
2,707
2,540
645
726
242
1,613
1,493
610
3,051
2,443
6,104
3,728
1,175
1,323
440
2,938
3,469
1,812
453
2,265
1,671
111,661
57,335
55
169,051
127,399
104,823
40,544
78,144
223,511
286,982
5,811
2,765
3,620
12,196
7,450
521
521
3,000
71,762
18,773
864
972
324
2,160
2,160
974
1,096
365
2,435
2,205
281
360
447
1,088
708
3,138
963
2,500
6,601
6,995
2,340
2,633
877
5,850
5,250
2,755
2,755
52,160
7,484
19,427
79,071
81,098
563,866
347,519
267,035
1,178,420
1,221,605

Page 17

North Coast Community Transport

Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2024

……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
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
Depreciation		 DFI
Restricted £
2023
Other
Restricted £
2023
Unrestricted
Total
£
£
2023
2023
297,862
176,880
82,984
557,726
1,718
828
577
3,123
8,249
5,732
13,981
10,148
8,638
1,306
20,092
1,270
1,143
127
2,540
751
679
63
1,493
2,423
931
374
3,728
1,735
1,561
173
3,469
1,336
335
1,671
79,542
47,857
127,399
150,639
60,235
76,108
286,982
3,739
1,966
1,745
7,450
3,000
3,000
71,762
71,762
18,773
18,773
1,080
972
108
2,160
1,103
993
109
2,205
305
403
708
3,775
1,358
1,862
6,995
2,625
2,363
262
5,250
57,177
10,090
13,831
81,098
716,012
322,964
182,629
1,221,605

6. Net incoming resources for the year

. Net incoming resources for the year
2024 £ 2023 £
Net income(expenditure) for the year is stated after charging:
Staff costs (Note 7) 617,466 557,726
Depreciation of owned assets 15,717 17,744
Depreciation of assets held on finance lease 63,354 63,354
Finance lease interest 6,601 6,995
Auditors’ remuneration 5,850 5,250

Page 18

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2024

……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		 2024
8
26
34
2024
£
576,242
33,510
7,714
617,466		 2023
8
25
33
2023
£
519,855
30,671
7,200
557,726

No employee received emoluments of more than £60,000 (2023: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 £7,714 (2023:£7,200). Contributions outstanding at the year end amount to £6,470 (2023:£3,711). The wages and salaries figure above includes £18,725 (2023:Nil) in respect of redundancy payments made during the year.

The total amount of employee benefits received by key management personnel is £106,537 (2023: £88,018)

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 2024

……continued

9. Tangible fixed assets

Tangible fixed assets
Cost
At 1 April 2023
Additions
Disposals
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Disposals
At 31 March 2024
Net book values
At 31 March 2023
At 31 March 2024		 Leased
assets
£
346,769
346,769
98,904
63,354
162,258
247,865
184,511		 Fixtures,
fittings and
equipment
£
33,637
653
34,290
25,126
2,323
27,449
8,511
6,841		 Motor
vehicles
£
237,335
431,730
53,600
615,465
213,212
13,394
53,600
173,006
24,123
442,459		 Total
£
617,741
432,383
53,600
996,524
337,242
79,071
53,600
362,713
280,499
633,811

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

2024 2023
Net Book Value Net Book Value
Asset Description £ £
Leased assets 184,511 247,865

Page 20

North Coast Community Transport Company limited by guarantee

Notes to the financial statements

for the year ended 31 March 2024

……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
Opening Balance
Additions
Increase in fair value
Interest
Charges		 2024
£
108,168
98,198
8,505
1,986
521
108,168		 2023
£
98,198
100,000
227
971
3,000
98,198

Page 21

North Coast Community Transport

Company limited by guarantee

Notes to the financial statements

for the year ended 31 March 2024

……continued

11.
Debtors
Trade Debtors
Assisted Rural Travel
Motability Funding
Department for Employment &
Learning
Roe Valley Trading CIC Loan
VAT
Prepayments and accrued income		 DFI
Other
Unrestricted
Restricted
Funds
Restricted
Funds
Funds
Total
Total
2024
2024
2024
2024
2023
£
£
£
£
£
4,919
17,655
36,925
59,499
71,026
21,193
21,193
23,322
143,910
143,910
266
3,015
92,679
92,679
8,838
11,850
7,649
6,794
26,293
19,314
37,962
169,214
136,398
343,574
125,781
Debtors
Trade Debtors
Assisted Rural Travel
Department for Employment & Learning
Roe Valley Trading CIC
Loan
VAT
Prepayments and accrued income		 DFI
Other
Unrestricted
Restricted
Funds
Restricted
Funds
Funds
Total
2023
2023
2023
2023
£
£
£
£
26,818
36,662
7,546
71,026
23,322
23,322
266
266
3,015
3,015
8,838
8,838
10,547
5,799
2,968
19,314
60,687
42,727
22,367
125,781

Page 22

Notes to the financial statements for the year ended 31 March 2024

North Coast Community Transport Company limited by guarantee

……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
2024
2024
2024
2024
2023
£
£
£
£
£
52,253
52,253
45,599
13,477
238,642
7,727
259,846
24,932
3,118
2,012
1,788
6,918
278
28,408
18,336
16,287
63,031
59,958
1,655
1,069
949
3,673
1,709
46,658
260,059
79,004
385,721
132,476

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
2023
2023
2023
2023
£
£
£
£
45,599
45,599
13,615
7,363
3,954
24,932
152
82
44
278
32,743
17,705
9,510
59,958
933
504
272
1,709
47,443
25,654
59,379
132,476

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

Creditors: Amounts falling due in more than one year
2024 2023
£ £
Net obligations under finance leases and hire purchase contracts 22,419 74,718

Page 23

North Coast Community Transport Company limited by guarantee

Notes to the financial statements

for the year ended 31 March 2024

……continued

14. Obligations under finance leases

Within one year
Later than one but not later than five years		 2024
£
52,253
22,419
74,672		 2023
£
45,599
74,717
120,317

15. Capital Commitments

At March 31[st] 2024 the company had contracted for capital expenditure of £143,910. (2023:£NIL).

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 £Nil (2023:£3,015). During the year an amount of £2,755 due from Roe Valley Trading C.I.C. was written off.

17. Trustees' emoluments

The trustees neither received nor waived any emoluments during the year (2023:£Nil).

Out of pocket expenses of £1,078 were reimbursed to 4 trustees during the year (2023:£473).

Page 24

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2024

……continued

18. Funds

Restricted funds
Rural transport fund
D.E.L.
Disability Action
Rural Transport Fund - Covid
Relief(Resource) Funding
Motability
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-23
resources
expended
gains/(losses)
31-Mar-24
£
£
£
£
£
3,290
529,065
(536,093)
3,738
1,273
(1,273)
157,256
(157,100)
156
76,987
(16,478)
60,509
464,035
(26,074)
437,961
167,046
160,349
(163,072)
164,323
24,007
(11,295)
12,712
531
531
271,861
1,311,978
(911,385)
3,738
676,192
693,472
270,423
(267,035)
(3,738)
693,122
50,000
50,000
743,472
270,423
(267,035)
(3,738)
7
,122
1,015,333
1,582,401
(1,178,420)
1,419,314

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 2025.

Page 25

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2024

……continued

Funds
Balance
Incoming
1 April 2022
resources
£
£
Restricted funds
Rural transport fund
42,700
556,925
D.E.L.
3,116
Disability Action
74,806
151,075
Rural Transport Fund
Covid Relief (Resource
Funding
94,834
Wheels 2 Wellbeing
(National Lottery)
90,221
162,629
Rural Transport Fund –
Capital Grant
125,837
Foyle Health & S S
Trust
531
428,929
873,745
Unrestricted funds
General reserves
670,567
213,697
Designated funds
50,000
720,567
213,697
Total funds
1,149,496
1,087,442		 Transfers,
Resources
investment
Balance
expended gains/(losses)
31 March 2023
£
£
£
(596,335)
3,290
(3,116)
(234,044)
8,163
(17,847)
76,987
(85,804)
167,046
(101,830)
24,007
531
(1,038,976)
271,861
8,163
(182,629)
(8,163)
693,472
50,000
(182,629)
743,472
(8,163)
(1,221,605)
1,015,333		 Transfers,
Resources
investment
Balance
expended gains/(losses)
31 March 2023
£
£
£
(596,335)
3,290
(3,116)
(234,044)
8,163
(17,847)
76,987
(85,804)
167,046
(101,830)
24,007
531
(1,038,976)
271,861
8,163
(182,629)
(8,163)
693,472
50,000
(182,629)
743,472
(8,163)
(1,221,605)
1,015,333
271,861
693,472
50,000
743,472
1,015,333

Page 26

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2024

……continued

19 Analysis of the net assets between funds

Restricted funds
Unrestricted funds
Designated
General
Total
Analysis of the net assets
Restricted funds
Unrestricted funds
Designated
General
Total		 Tangible
fixed
assets
2024
£
504,703
237,276
741,979
between funds
Tangible
fixed
assets
2023
£
96,137
282,560
378,697		 Net
current
assets
2024
£
171,489
50,000
484,959
706,448
Net
current
assets
2023
£
175,724
50,000
485,630
711,354		 Long Term
Liabilities
2024
£
29,113
29,113
Long Term
Liabilities
2023
£
74,718
74,718		 2024
£
676,192
50,000
693,122
1,419,314
2023
£
271,861
50,000
693,472
1,015,333		 2023
£
271,861
50,000
693,472
1,015,333

Page 27

North Coast Community Transport Company limited by guarantee

Notes to the financial statements for the year ended 31 March 2024

……continued

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

Cash flow from Operating Activities
Net income / (expenditure) for year
Depreciation
Non operating Adjustments
Increase in fair value of Investment
Interest received on Investment
Bank Interest received
Investment Manager Fee
(Profit) / loss on disposal of tangible fixed assets
Interest paid on Lease
Change in working capital
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities		 2024
£
403,981
79,071
(8,505)
(1,986)
(2,592)
521
(5,833)
6,601
(217,793)
246,590
500,055		 2023
£
(134,163)
81,098
(227)
(971)
(411)
3,000
(3,328)
6,995
187,061
(19,455)
119,599

Page 28