My post from 2014 is still, I think, correct about the theory, including that central government pays
ENCTS▸ payments to bus operators in full. And the two links in it still point to up-to-date
DfT» pages.
The one thing I remember since then (pre-Covid) is that the ENCTS payment was lumped in together with other bus grants so that, when the total was reduced, the percentage cut would look smaller. That led a lot of
LTAs▸ to squeeze the ENCTS payment rates - which they have scope to do, by choosing how to do the sums - to keep other bus subsidies as high as they could.
I've not followed whether the Covid emergency funding, and since, have changed that - anyone?