REGISTERED COMPANY NUMBER: N1037744 (Northern Ireland) REGISTERED CHARITY NUMBER: XR37652 

Report of the Trustees and 

Audited Financial Statements for the Year Ended 31 March 2024 

for 

Armagh Rural Transport Ltd 

WHR Accountants Ltd Chartered Certified Accountants 

Statutory Auditors 56 English Street Armagh Co. Armagh 



Armagh Rural Transport Ltd 

BT61 7LG 

Contents of the Financial Statements for the Year Ended 31 March 2024 

||Page|
|---|---|
|Report of the Trustees|Ito2|
|Report of the Independent Auditors|3to4|
|Statement of Financial Activities|5|
|Balance Sheet|6|
|Notes to the Financial Statements|7to12|
|Detailed Statement of Financial Activities|13 to 14|





Armagh Rural Transport Ltd 

Report of the Trustees for the Year Ended 31 March 2024 

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019). OBJECTIVES AND ACTIVITIES 

## Grants 

The Directors are satisfied that all grants, including the Rural Transport Fund grant, have been used solely for the purposes intended and in accordance with the terms and conditions of the grant. 

## FINANCIAL REVIEW 

Reserves policy 

ART as an organisation will normally require a minimum level of reserves to fund its working capital requirements (vehicles) and provide funding for contingencies identified in its management statement. (3-6 months operating costs). 

Therefore, the existence of reserves (money held in an account not currently being used for operational or project needs) can be a sign of good resource management. 

In addition, ART should not be penalised for exercising proper governance in the creation of reasonable reserves to meet future organisation liabilities (closure and redundancy costs) 

ART is confident that the policy set out meets the required standards of accountability and appropriateness while at the same time being flexible enough to deal with unexpected contingencies and emergencies. 

## Level of Reserves 

Armagh Rural Transport aims to have six months running costs to wind down the service and fulfil legal obligations of closing the company legally and ethically. 

The amount of reserves currently held is El 15,480 

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document 

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. 

REFERENCE AND ADMINISTRATIVE DETAILS 

Registered Company number N1037744 (Northern Ireland) 

Registered Charity number XR37652 

Registered office Office Suite I - Armagh Business Centre 2 Loughgall Road ARMAGH Co. Armagh BT61 7NH 

Trustees Mrs S Curry Mrs S McRoberts DMooney E Stewart Mrs B Smith S Nicholson D McMullen J Clifford 

Page 1 



Armagh Rural Transport Ltd 

Report of the Trustees for the Year Ended 31 March 2024 

## REFERENCE AND ADMINISTRATIVE DETAILS 

Company Secretary D McMullen 

## Auditors 

WHR Accountants Ltd Chartered Certified Accountants Statutory Auditors 56 English Street Armagh Co. Armagh BT61 7LG 

## STATEMENT OF TRUSTEES' RESPONSIBILITIES 

The trustees (who are also the directors of Armagh Rural Transport Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Company law requires the trustees to prepare financial statements for each financial year 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 those financial statements, the trustees are required to 

select suitable accounting policies and then apply them consistently;  observe the methods and principles in the Charity SORP;  make judgements and estimates that are reasonable and prudent;  prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## In so far as the trustees are aware: 

there is no relevant audit information of which the charitable company's auditors are unaware; and  the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. 

## AUDITORS 

The auditors, WHR Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. 

Approved by order of the board of trustees on 20 June 2024 and signed on its behalf by: 

D McMullen - Secretary 


Report of the Independent Auditors to the Members of Armagh Rural Transport Ltd 

## Opinion 

We have audited the financial statements of Armagh Rural Transport Ltd (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet 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 (United Kingdom Generally Accepted Accounting Practice). 

## In our opinion the financial statements: 

give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;  have been properly prepared in 

Page 2 



accordance with United Kingdom Generally Accepted Accounting Practice; and  have been prepared in accordance with the requirements of the Companies Act 2006. 

## Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law, Our responsibilities under those standards are further described in the Auditors' 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 as a going concern 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. 

## Other information 

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

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. 

In connection with our audit of the financial statements, 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 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 rega rd. 

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 information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and  the Report of the Trustees has been prepared in accordance with applicable legal requirements. 

## Matters on which we are required to report by exception 

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. 

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

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or  the financial statements are not in agreement with the accounting records and returns; or  certain disclosures of trustees' remuneration specified by law are not made; or  we have not received all the information and explanations we require for our audit; or  the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. 

Page 3 



Report of the Independent Auditors to the Members of Armagh Rural Transport Ltd 

## Responsibilities of trustees 

As explained more fully in the Statement of Trustees' Responsibilities, 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. 

## Our 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 a Report of the Independent Auditors 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. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities, This description forms part of our Report of the Independent Auditors. 

## Use of our report 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' 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 members as a body, for our audit work, for this report, or for the opinions we have formed. 

## cwt 

James obinson FCCA (Senior Statutory Auditor) for and on behalf of WHR Accountants Ltd Chartered Certified Accountants Statutory Auditors 56 English Street Armagh Co. Armagh BT61 7LG 20 June 2024 

||||||31.3.24|31.3.23|
|---|---|---|---|---|---|---|
|||Unrestricted|Restricted||Total|Total|
|||fund|fund|Designated|funds|funds|
||Notes||||||
|INCOME AND ENDOWMENTS|||||||
|FROM|||||||
|Donations and legacies||1,822|101,605||103,427|101,192|
|||||||109,158|
|Other trading activities|3|22,764|89,535||112,299||
|Investment income|4|660||1,807|2,467|936|
|Other income||||||996|
|Total||25,246|191,140|1,807|218,193|212,282|



Page 4 



Statement of Activities for the Year March 

Armagh Rural Transport Ltd 

|Financial<br>Ended 31<br>2024<br>EXPENDITURE ON<br>Raising funds<br>6,221<br>217,763<br>223,984<br>233,685<br>Charitable activities<br>GRANT<br>47<br>Other<br>57<br>1,843<br>1,900<br>1,516<br>Total<br>6,278<br>219,606<br>225,884<br>235,248<br>NET INCOME/(EXPENDITURE)<br>RECONCILIATION OF FUNDS<br>18,968<br>(28,466)<br>1,807<br>(7,691)<br>(22,966)<br>Total funds brought forward<br>54,466<br>(32,909)<br>96,917<br>118,474<br>141,440<br>TOTAL FUNDS CARRIED FORWARD<br>73,434<br>(61,375)<br>98,724<br>110,783<br>118,474<br>The notes form part of these financial statements<br>Armagh Rural Transport Ltd<br>Balance Sheet<br>31 March 2024<br>31.3.24<br>31.3.23<br>Unrestricted<br>Restricted<br>Total<br>Total<br>FIXED ASSETS<br>Notes<br>fund<br>fund<br>Designated<br>funds<br>funds<br>Tangible assets<br>CURRENT ASSETS<br>9<br>714<br>47,790<br>48,504<br>64,672<br>Debtors<br>10<br>5,981<br>8,800<br>14,781<br>22,178<br>Cash at bank and in hand<br>74,961<br>16,820<br>149,478<br>241,259<br>209,110<br>CREDITORS<br>80,942<br>25,620<br>149,478<br>256,040<br>231,288<br>Amounts falling due within one year 11<br>(8,222)<br>(51,478)<br>(50,754)<br>(110,454)<br>(94,179)<br>NET CURRENT ASSETS<br>72,720<br>(25,858)<br>98,724<br>145,586<br>137,109<br>TOTAL ASSETS LESS CURRENT<br>LIABILITIES<br>73,434<br>21,932<br>98,724<br>194,090<br>201,781<br>ACCRUALS AND DEFERRED<br>INCOME<br>13<br>(83,307)<br>(83,307)<br>(83,307)<br>NET ASSETS<br>73,434<br>(61,375)<br>98,724<br>110,783<br>118,474<br>FUNDS<br>Unrestricted funds<br>73,434<br>54,466<br>Restricted funds<br>37,349<br>64,008|Financial<br>Ended 31<br>2024<br>EXPENDITURE ON<br>Raising funds<br>6,221<br>217,763<br>223,984<br>233,685<br>Charitable activities<br>GRANT<br>47<br>Other<br>57<br>1,843<br>1,900<br>1,516<br>Total<br>6,278<br>219,606<br>225,884<br>235,248<br>NET INCOME/(EXPENDITURE)<br>RECONCILIATION OF FUNDS<br>18,968<br>(28,466)<br>1,807<br>(7,691)<br>(22,966)<br>Total funds brought forward<br>54,466<br>(32,909)<br>96,917<br>118,474<br>141,440<br>TOTAL FUNDS CARRIED FORWARD<br>73,434<br>(61,375)<br>98,724<br>110,783<br>118,474<br>The notes form part of these financial statements<br>Armagh Rural Transport Ltd<br>Balance Sheet<br>31 March 2024<br>31.3.24<br>31.3.23<br>Unrestricted<br>Restricted<br>Total<br>Total<br>FIXED ASSETS<br>Notes<br>fund<br>fund<br>Designated<br>funds<br>funds<br>Tangible assets<br>CURRENT ASSETS<br>9<br>714<br>47,790<br>48,504<br>64,672<br>Debtors<br>10<br>5,981<br>8,800<br>14,781<br>22,178<br>Cash at bank and in hand<br>74,961<br>16,820<br>149,478<br>241,259<br>209,110<br>CREDITORS<br>80,942<br>25,620<br>149,478<br>256,040<br>231,288<br>Amounts falling due within one year 11<br>(8,222)<br>(51,478)<br>(50,754)<br>(110,454)<br>(94,179)<br>NET CURRENT ASSETS<br>72,720<br>(25,858)<br>98,724<br>145,586<br>137,109<br>TOTAL ASSETS LESS CURRENT<br>LIABILITIES<br>73,434<br>21,932<br>98,724<br>194,090<br>201,781<br>ACCRUALS AND DEFERRED<br>INCOME<br>13<br>(83,307)<br>(83,307)<br>(83,307)<br>NET ASSETS<br>73,434<br>(61,375)<br>98,724<br>110,783<br>118,474<br>FUNDS<br>Unrestricted funds<br>73,434<br>54,466<br>Restricted funds<br>37,349<br>64,008|Financial<br>Ended 31<br>2024<br>EXPENDITURE ON<br>Raising funds<br>6,221<br>217,763<br>223,984<br>233,685<br>Charitable activities<br>GRANT<br>47<br>Other<br>57<br>1,843<br>1,900<br>1,516<br>Total<br>6,278<br>219,606<br>225,884<br>235,248<br>NET INCOME/(EXPENDITURE)<br>RECONCILIATION OF FUNDS<br>18,968<br>(28,466)<br>1,807<br>(7,691)<br>(22,966)<br>Total funds brought forward<br>54,466<br>(32,909)<br>96,917<br>118,474<br>141,440<br>TOTAL FUNDS CARRIED FORWARD<br>73,434<br>(61,375)<br>98,724<br>110,783<br>118,474<br>The notes form part of these financial statements<br>Armagh Rural Transport Ltd<br>Balance Sheet<br>31 March 2024<br>31.3.24<br>31.3.23<br>Unrestricted<br>Restricted<br>Total<br>Total<br>FIXED ASSETS<br>Notes<br>fund<br>fund<br>Designated<br>funds<br>funds<br>Tangible assets<br>CURRENT ASSETS<br>9<br>714<br>47,790<br>48,504<br>64,672<br>Debtors<br>10<br>5,981<br>8,800<br>14,781<br>22,178<br>Cash at bank and in hand<br>74,961<br>16,820<br>149,478<br>241,259<br>209,110<br>CREDITORS<br>80,942<br>25,620<br>149,478<br>256,040<br>231,288<br>Amounts falling due within one year 11<br>(8,222)<br>(51,478)<br>(50,754)<br>(110,454)<br>(94,179)<br>NET CURRENT ASSETS<br>72,720<br>(25,858)<br>98,724<br>145,586<br>137,109<br>TOTAL ASSETS LESS CURRENT<br>LIABILITIES<br>73,434<br>21,932<br>98,724<br>194,090<br>201,781<br>ACCRUALS AND DEFERRED<br>INCOME<br>13<br>(83,307)<br>(83,307)<br>(83,307)<br>NET ASSETS<br>73,434<br>(61,375)<br>98,724<br>110,783<br>118,474<br>FUNDS<br>Unrestricted funds<br>73,434<br>54,466<br>Restricted funds<br>37,349<br>64,008|Financial<br>Ended 31<br>2024<br>EXPENDITURE ON<br>Raising funds<br>6,221<br>217,763<br>223,984<br>233,685<br>Charitable activities<br>GRANT<br>47<br>Other<br>57<br>1,843<br>1,900<br>1,516<br>Total<br>6,278<br>219,606<br>225,884<br>235,248<br>NET INCOME/(EXPENDITURE)<br>RECONCILIATION OF FUNDS<br>18,968<br>(28,466)<br>1,807<br>(7,691)<br>(22,966)<br>Total funds brought forward<br>54,466<br>(32,909)<br>96,917<br>118,474<br>141,440<br>TOTAL FUNDS CARRIED FORWARD<br>73,434<br>(61,375)<br>98,724<br>110,783<br>118,474<br>The notes form part of these financial statements<br>Armagh Rural Transport Ltd<br>Balance Sheet<br>31 March 2024<br>31.3.24<br>31.3.23<br>Unrestricted<br>Restricted<br>Total<br>Total<br>FIXED ASSETS<br>Notes<br>fund<br>fund<br>Designated<br>funds<br>funds<br>Tangible assets<br>CURRENT ASSETS<br>9<br>714<br>47,790<br>48,504<br>64,672<br>Debtors<br>10<br>5,981<br>8,800<br>14,781<br>22,178<br>Cash at bank and in hand<br>74,961<br>16,820<br>149,478<br>241,259<br>209,110<br>CREDITORS<br>80,942<br>25,620<br>149,478<br>256,040<br>231,288<br>Amounts falling due within one year 11<br>(8,222)<br>(51,478)<br>(50,754)<br>(110,454)<br>(94,179)<br>NET CURRENT ASSETS<br>72,720<br>(25,858)<br>98,724<br>145,586<br>137,109<br>TOTAL ASSETS LESS CURRENT<br>LIABILITIES<br>73,434<br>21,932<br>98,724<br>194,090<br>201,781<br>ACCRUALS AND DEFERRED<br>INCOME<br>13<br>(83,307)<br>(83,307)<br>(83,307)<br>NET ASSETS<br>73,434<br>(61,375)<br>98,724<br>110,783<br>118,474<br>FUNDS<br>Unrestricted funds<br>73,434<br>54,466<br>Restricted funds<br>37,349<br>64,008|
|---|---|---|---|
||<br> <br>98,724<br>194,090<br>(83,307)<br>98,724<br>110,783<br>73,434<br>37,349|||
||||<br>54,466<br>64,008|



Page 5 



TOTAL FUNDS 

110,783 

118,474 

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. 

The financial statements were approved by the Board of Trustees and authorised for issue on 20 June 2024 and were signed on its behalf by: 


EStewart - Trustee 

The notes form part of these financial statements 

Page 6 



## Armagh Rural Transport Ltd 

Notes to the Financial Statements for the Year Ended 31 March 2024 

## 1. ADDITIONAL AUDITORS REPORT NOTE 

In our opinion The Rural Transport Fund grant has been used solely for the purposes intended and in accordance with the terms and conditions of the grant. 

## 2. ACCOUNTING POLICIES 

## Basis of preparing the financial statements 

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. 

## Income 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## Expenditure 

Page 7 

continued... 



## Armagh Rural Transport Ltd 

Notes to the Financial Statements - continued for the Year Ended 31 March 2024 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

## Tangible fixed assets 

|Tangible fixed assets|Tangible fixed assets|Tangible fixed assets||
|---|---|---|---|
|Depreciation is provided at the following annual|||rates in order to write off each asset over its estimated useful life.|
|Fixtures and fittings|25%|on|<br>reducing|
||balance|||
|Minibus|25%|on|<br>reducing|
||balance|||
|Car Equipment|25%|on|<br>reducing|
||balance|||



Taxation 

The charity is exempt from corporation tax on its charitable activities. 

Fund accounting 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

Pension costs and other post-retirement benefits 

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. 

## 3. OTHER TRADING ACTIVITIES 

|HER TRADING ACTIVITIES|||||
|---|---|---|---|---|
||||31.3.24|31.3.23|
||Unrestricted|Restricted|Total|Total|
||funds|funds|funds|funds|
|DATS|||||
|||42,563|42,563|46,920|
|Group Hire|21,484||21,484|18,457|
|ARTS||32,386|32,386|28,118|
|DAL- Fares and membership||11,851|11,851|12,668|
|Membership fees|1,280||1,280|830|
|DATS-Income from fare||2,735|2,735|2,165|
|HER TRADING ACTIVITIES - continued|||||
||||31.3.24|31.3.23|
||Unrestricted|Restricted|Total|Total|
||funds|funds|funds|funds|
|Brought forward|22,764|89,535|112,299|109,158|
||22,764|89,535|112,299|109,158|
|Carried forward|22,764|89,535|112,299|109,158|



## 3. OTHER TRADING ACTIVITIES - continued 

Page 8 

continued... 



## Armagh Rural Transport Ltd 

Notes to the Financial Statements - continued for the Year Ended 31 March 2024 

## 4. INVESTMENT INCOME 

|INVESTMENT INCOME||||
|---|---|---|---|
|||31.3.24|31.3.23|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Bank account interest||||
|660|1,807|2,467|936|
|NET INCOME/(EXPENDITURE)||||
|Net income/(expenditure) is stated after charging/(crediting):||||
|||31.3.24|31.3.23|
|Auditors' remuneration||||
|||1,900|1,563|
|Depreciation - owned assets||16,168|17,797|
|Surplus on disposal of fixed assets|||(996)|



## 5. NET INCOME/(EXPENDITURE) 

## 6. TRUSTEES' REMUNERATION AND BENEFITS 

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. 

Trustees' expenses 

Travel expenses totalling €470 were paid to Trustees. 

## 7. STAFF COSTS 

The average monthly number of employees during the year was as follows: 

||31.3.24|31.3.23|
|---|---|---|
|Administration Staff||4|
|Drivers||6|
|||10|



No employees received emoluments in excess of E60,OOO. 

At 31 March 2023 12,531 52,141 64,672 

Page 9 

continued... 



## Armagh Rural Transport Ltd 

Notes to the Financial Statements - continued for the Year Ended 31 March 2024 

## 8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 

|Unrestricted<br>Restricted<br>INCOME AND ENDOWMENTS<br>FROM<br>fund<br>fund<br>Designated<br>Donations and legacies<br>6,428<br>94,764<br>Other trading activities<br>19,285<br>89,873<br>Investment income<br>96<br>840<br>Other income<br>996<br>Total<br>EXPENDITURE ON<br>25,809<br>185,633<br>840<br>Raising funds<br>Charitable activities<br>6,432<br>227,253<br>GRANT<br>47<br>Other<br>1,516<br>Total<br>6,479<br>228,769|Total<br>funds<br>101,192<br>109,158<br>936<br>996<br>212,282<br>233,685<br>47<br>1,516<br>235,248|
|---|---|



|NET INCOME/(EXPENDITURE)|19,330|(43,136)|840|(22,966)|
|---|---|---|---|---|
|RECONCILIATION OF FUNDS|||||
|Total funds brought forward|35,136|10,227|96,077|141|



Page 10 

continued... 



## Armagh Rural Transport Ltd 

Notes to the Financial Statements - continued for the Year Ended 31 March 2024 

## 9. 

|TOTAL FUNDS CARRIED<br>FORWARD<br>TANGIBLE FIXED ASSETS<br>54,466<br>Fixtures<br>and<br>COST<br>fittings<br>At 1 April 2023 and 31 March 2024<br>DEPRECIATION<br>39,832<br>At 1 April 2023<br>27,301<br>Charge for year<br>3,132<br>At 31 March 2024<br>NET BOOK VALUE<br>30,433<br>At 31 March 2024<br>9,399|(32,909)<br>96,917<br>Car<br>Minibus<br>Equipment<br>155,726<br>399<br>103,585<br>399<br>13,036<br>116,621<br>399<br>39,105|118,474<br>Totals<br>195,957<br>131,285<br>16,168<br>147,453<br>48,504|
|---|---|---|
||||



Page 11 

continued... 



## Armagh Rural Transport Ltd 

Notes to the Financial Statements - continued for the Year Ended 31 March 2024 

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 

|||||31.3.24|31.3.23|
|---|---|---|---|---|---|
||Trade debtors<br>(618) 4,094 Due from ARTS 4,017 2,562|||||
||DATS<br>3,831 7,820 VAT|2,839 2,860||||
||Prepayments|||4,712|4,842|
|||||14,781|22,178|
|11.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|||||
|||||31.3.24|31.3.23|
||Bank loans and overdrafts (see note 12)|||||
|||||98,348|86,384|
||Trade creditors|||3,592|2,409|
||VAT|||3,191|2,508|
||Accrued expenses|||5,323|2,878|
|||||110,454|94,179|
|12.|LOANS|||||
||An analysis of the maturity of loans is given below:|||||
|||||31.3.24|31.3.23|
||Amounts falling due within one year on demand:|||||
||Bank overdrafts|||98,348|86,384|
|13.|ACCRUALS AND DEFERRED INCOME|||||
|||||31.3.24|31.3.23|
||Capital Grant Received|||83,307|83,307|
|14.|MOVEMENT IN FUNDS|||||
|||||Net||
|||||movement||
||||At 1.4.23|in funds|31.3.24|
||Unrestricted funds|||||
||General fund||54,466|18,968|73,434|
||Restricted funds|||||
||Restricted||(32,909)|(28,466)|(61,375)|
||Designated||96,917|1,807|98,724|
||||64,008|(26,659)|37,349|
||TOTAL FUNDS||118,474|(7,691)|110,783|
|||Page12|||continued...|



Page 12 



Armagh Rural Transport Ltd 

Notes to the Financial Statements - continued for the Year Ended 31 March 2024 

## 14. MOVEMENT IN FUNDS - continued 

Net movement in funds, included in the above are as follows: 

|Net movement in funds, included in the above are as follows:|||
|---|---|---|
|Incoming<br>Unrestricted funds<br>resources<br>General fund<br>Restricted funds<br>25,246<br>Restricted<br>191,140<br>Designated<br>1,807<br>192,947<br>TOTAL FUNDS<br>218,193<br>Comparatives for movement in funds<br>At 1.4.22<br>Unrestricted funds<br>General fund<br>35,136<br>Restricted funds<br>Restricted<br>10,227<br>Designated<br>96,077<br>106,304<br>TOTAL FUNDS<br>141,440<br>Comparative net movement in funds, included in the above are as follows:<br>Incoming<br>resources<br>Unrestricted funds<br>General fund<br>25,809<br>Restricted funds<br>Restricted<br>185,633<br>Designated<br>840<br>186,473<br>TOTAL FUNDS<br>212,282|Incoming<br>resources<br>25,246<br>191,140<br>1,807<br>192,947|Resources<br>Movement<br>expended<br>in funds<br>(6,278)<br>18,968<br>(219,606)<br>(28,466)<br>1,807<br>(219,606)<br>(26,659)<br>(225,884)<br>(7,691)<br>Net<br>movement<br>in funds<br>31.3.23<br>19,330<br>54,466<br>(43,136)<br>(32,909)<br>840<br>96,917<br>(42,296)<br>64,008<br>(22,966)<br>118,474<br>Resources<br>Movement<br>expended<br>in funds<br>(6,479)<br>19,330<br>(228,769)<br>(43,136)<br>840<br>(228,769)<br>(42,296)<br>(235, 248)<br>(22,966)|
||<br>212,282||



continued... 

Page 



Armagh Rural Transport Ltd 

Notes to the Financial Statements - continued for the Year Ended 31 March 2024 

## Il 

## 14. MOVEMENT IN FUNDS - continued 

A current year 12 months and prior year 12 months combined position is as follows: 

|||Net||
|---|---|---|---|
|||movement||
||At 1.4.22|in funds|31.3.24|
|Unrestricted funds||||
|General fund|35,136|38,298|73,434|
|Restricted funds||||
|Restricted|10,227|(71,602)|(61,375)|
|Designated|96,077|2,647|98,724|
||106,304|(68,955)|37,349|
|TOTAL FUNDS|141,440|(30,657)|110,783|



A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: 

|Incoming<br>Unrestricted funds<br>resources<br>General fund<br>Restricted funds<br>51,055<br>Restricted<br>376,773<br>Designated<br>2,647<br>379,420<br>TOTAL FUNDS<br>430,475|Resources<br>Movement<br>expended<br>in funds<br>(12,757)<br>38,298<br>(448,375)<br>(71,602)<br>2,647<br>(448,375)<br>(68,955)<br>(461,132)<br>(30,657)|
|---|---|



## 15. RELATED PARTY DISCLOSURES 

There were no related party transactions for the year ended 31 March 2024, 

Page 14 



## Armagh Rural Transport Ltd 

Detailed Statement of Financial Activities for the Year Ended 31 March 2024 

|Detailed<br>Statement<br>of<br>Financial<br>Activities for the Year Ended 31 March<br>2024|||
|---|---|---|
||31.3.24|31.3.23|
|INCOME AND ENDOWMENTS|||
|Donations and legacies|||
|Donations|1,822|6,428|
|Grants|101,605|94, 764|
||103,427|101,192|
|Other trading activities|||
|DATS|42,563|46,920|
|Group Hire|21,484|18,457|
|ARTS|32,386|28,118|
|DAL- Fares and membership|11,851|12,668|
|Membership fees|1,280|830|
|DATS-Income from fare|2,735|2,165|
||112,299|109,158|
|Investment income|||
|Bank account interest|2,467|936|
|Other income|||
|Gain on sale of tangible fixed assets||996|
|Total incoming resources|218,193|212,282|
|EXPENDITURE|||
|Raising donations and legacies|||
|Drivers Wages|58,072|71,341|
|Volunteer expenses|8,379|8,297|
|Fuel & Motor Repairs|26,520|34,630|
|Depreciation of Minibus|13,035|14,907|
||106,006|129,175|
|Other trading activities|||
|Wages|69,782|60,598|
|Pensions|7,241|8,199|
|Bad debts||61|
|Light and Heat|1,134|1,586|
|Printing & Stationery|2,112|979|
|Telephone|1,381|1,759|
|Travel & Excess milage|622|491|
|General Expenses|1,472|1,065|
|Rent|6,460|5,873|
|Insurance- Office and Vehicle|6,448|6,896|
|Training|432|396|
|Bank fees|746|801|
|Subscriptions|536|575|
|Catering|2,761|1,246|
|Recruitment Costs|787|481|
|Depreciation-Office Equipment|3,133|2,892|
|Carried forward|105,047|93,898|



Page 

15 



Armagh Rural Transport Ltd 

This page does not form part of the statutory financial statements Detailed Statement of Financial Activities for the Year Ended 31 March 2024 

|Activities for the Year Ended 31|March 2024||
|---|---|---|
||31.3.24|31.3.23|
|Other trading activities|||
|Brought forward|105,047|93,898|
|Advertising|610|654|
|Software|4,914|4,868|
|Office maintenance|822|2,240|
|HR Support|5,061|1,420|
|BHSF cash Plan|1,524|1,430|
||117,978|104,510|
|Support costs|||
|Governance costs|||
|Auditors' remuneration|1,900|1,563|
|Total resources expended|225,884|235,248|
|Net expenditure|(7,691)|(22,966)|



Page 16 



Armagh Rural Transport Ltd 

This page does not form part of the statutory financial statements 

Page 17