Registered number: 02806113 Chariiy number: 1019915 OPEN ROAD VISIONS (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 OPEN ROAD VISIONS (A company limited by guarantee) CONTENTS Page Reference and administralive details of the Company, its Truslees and advisers Trustees, report Independenl auditors. report on the financial ststemenls Consolidated stalement of financial activitles 3-14 15- 19 20 Consolldaled balance sheet 21-22 Company balance sheet Consolidaled statement of cash flows 23-24 25 Notes lo Ihe financial statements 26-59 OPEN ROAD VISIONS (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees J F Aldridge, Retired County Councillor N K Alston, CBE, DL, Retired Senior Ciwl Servant S D Bhima, Medical Practitioner C Dollery, Medical Practilioner T Field, Solicitor R Kilvingion, Company Director and Surveyor (appointed 23 March 2023, resigned 28 June 20241 Y M Larkin, HR Director J Lawson, Police IT Director S Lofthouse, Senior Building Manager (resigned 18 May 20231 M Mears, Chartered Accountant S Shah, Marketing and Communicalions Executive (appointed 21 September 20231 R G Smith. Retired (resigned 27 October 2023) N South, Academic Professor Company registered number 02806113 Charity registered number 1019915 Regislered and principal 12 North Hill office Colchester Essex C01 1DZ Senior leadership team Mrs S Wright Mrs A Trudgian Mrs J Thompson Chief Executive Operations Director Clinical/Business Development Director Company secrelary M Mears Chlef executlve officer S Wright Independent auditors Griffin Chapman Chartered Accountants 4&5 The Cedars Apex 12 Old Ipswich Road Colchester Essex C07 7QR Bankers Barclays Bank PIC 9 High Streel Colchesler Essex C01 1DA Page 1 OPEN ROAD VISIONS (A company limiled by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Solicitors Fisher Jones Greenwood LLP Charter Court Newcomen Way Colchester C04 9YA Page 2 OPEN ROAD VISIONS (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together viith the audited financial slatements of the Company for the 1 April 2023 to 31 March 2024. The Annual report serves the purposes of bolh a Trustees, report and a directors, report under company law. The Truslees confirm that the Annual report and financial staternenls of the charitable company comply with the current stalutory requirements. the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORP) applicable to charities preparing iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effeclive 1 January 20191. Open Fload is an established Drug and Acohol Flecovery support charity in Essex and Medway. Open Road principally provides services to support individuals on their journey to recovery f rom drug and alcohol addiction. Oblectives and activilies a. Activities undertaken lo achieve objectives In setting objectives and planning for activities, the Tnjstees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit.. running a charity IPB2)'. Our mission is to empower a diverse range of individuals, families, and communities to lead healthy and more meaninglul lives, free from addiction, offending behaviour and disadvantage. Key activities-, Commission drug and alcohol support for adutts and young persons Essex Appropriate Adult service SOS community buses Employment services Our community consists of our staff, our seNice users, volunteers, trustees, partners, and visitors. We treal each other with consideralion and respecl, regardless of people's appearance, background or personal circumstances. b. Our Palrons and Trustees Our Patrons and Trustees provide the vital governance, advice, fundraising and support lo keep Open Road on track and we simply couldn't manage wilhout their support. During this year we welcomed a new Patron - His Honour Judge Charles Gratwicke KC. We also appointed a new Truslee lo the Board - Seena Shah who brings with her welcome marketing experience. Three Trustees retired from the Board during the year., Robert Smith, who had been a longstanding Trustee with Open Road since 2008 and served as Chair of Trustees for several years,. Sean Lofthouse and Bob Kilvington. We thank them all for their lime, invaluable insight and dedication to supporting our charity. c. Volunteers We remain hugely grateful to the many volunteers for their commitment to Open Road. Following COVID fewer people have been coming tO￿ard to volunteer their time in the various services we provide, particularly on our SOS buses and in the Appropriate Adult services. We believe this is a result of the cosl-of-living crisis, with many of those who were previously willing to volunteer their lime needing secure employment opportunilies. Refreshing our 'offer' to volunleers is now a stralegic priority. We currently have over 110 volunteers offering their time on various projects. Page 3 OPEN ROAD VISIONS (A company Ilmited by guarantee) TRUSTEES. REPORT (co￿￿lNuED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities (continued) d. Maln aclivilies undertaken to furlher the Company's purposes for the public benefit As a charitable organisation, we are proud of what we do with the help of our volunteers and all those who make a positive difference by supporting our fundraising evenls throughoul the year. We expanded many of our existing Se￿ICeS during the year and we were also delighled to be awarded some new contracts. Page 4 OPEN ROAD VISIONS (A company limiled by guarantee) TRUSTEES. REPORT (coTrrriNUED) FOR THE YEAR ENDED 31 MARCH 2024 Slrateglc report Achievements and performance Introduction from Ihe Chief Executive and Chalr of Trustees On behalf of all the Trustees and Senior Leadership Team ISLT) of Open Road we are delighted once again to introduce the charity s Annual Report and Accounts. We would like to thank all our staff teams, volunteer teams, funders, supporters and our Patrons for their continued dedication and support throughout the year. It has been a year of further encouraging development and planned growth in line with our 2020-2025 strategy. The long-term irnpact of COVID and the cost-of-living crisis presented challenges, bul focusing on those we support as we responded flexibly to those challenges, while maintaining progress on all our strategic objeclives, has helped us end the year in an encouraging position. b. Main achievements of Ihe Company Following the major restrictions caused by Covid and the cost-of-living crisis, there can be lew if any charities that have not faced significant challenges. We have continued to achieve delivery of our key activities and to meet and exceed targets. For Open Road, we faced, but managed, increased running cosls in almost all areas of our service delivery. Recruitment of both staff and volunteers became a more difficult issue as the sector faced competition from external employers. We experienced a rise in staff leaving Open Road to become agency workers where they could earn more money. This impacted on our teams, as we were forced lo engage agency workers ourselves to ensure that service users did not suffer. The lack of continuity and consistency for service users and slaff as we employed agency workers had a great impact and we responded towards the end of the year with a major review of salaries to seek to make Ihem more competitive wth those offered by the public sector and larger employers. Very sadly, one of our continuing challenges is the rise in drug related deaths due to the ever-changing drug scene with more and more synthetic opioids coming onto the markel chielly via county lines. These opioids can be far more potent than heroin. We work closely with our colleagues in the Police and Probation Services to support drug users and have also trained all staff and volunteers to use and carry Naloxone with Ihem. This is a life-saving drug that can easily and safely be administered to a person suspected of overdosing on opiate drugs. We launched our new 'dependence forming medication. service (DFM) in Mid Essex followtng a successful pilot in North Essex. DFM is a considerable concern for Ihe NHS, and wilh positive results so far, we are planning to expand and develop this project in the year ahead. We have invested significantly in our technology by introducing Share Point, Sage Intaact (a new finance package), and the Evonex phone system to replace our outdaled handsets. The new system will operate on our mobile phones and laptops enabling us to answer calls from wherever we are working. We were also pleased once again to achieve our ISO reaccreditation and Cyber Essentials accreditation. Page 5 OPEN ROAD VISIONS (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Slrategic report (conlinued) Achievements and perlormance (continued) c. Review of aclivllles Partnerships Partnership work has featured slrongly. We were awarded the Thurrock 'Drug and Alcohol, contract working with Forward Trust. Open Road is now working with young people in this area up io the age of 29 with Forward Trust supporting adults aged 30 and over. In Southend, again in partnership wth Forward Trust, we expanded the Young People's seNice after our first year of successful delivery, to include a hidden harm worker and a family worker. We also gained additional funding for a targeted worker who collaborates with young people, families and professionals providing specialisl support around substance misuse. We remain excited to work in Medway. We retained our adum Wellbeing and Recovery service in partnership with Forward Trust. We also secured funding to completely refurtjish our Chatham centre, work that is now completed. Our Young People's service in Medway also moved from Gillingham to new premises in Chatham. Also in Medway, in partnership with Oasis Flestore and Central & North West London NHS Foundation Trust {CNWLI we were awarded a new contract to deliver specialist substance misuse inteNenlions in the lirsl new Secure School in England. This exciting project offers wider health service provision to the young male and female offenders. Our main Essex contract, Ihe All Age Recovery Service IAARCSI, in partnership with The Children's Society continued to perform extremely well. We faced some uncertainty as we came to Ihe end of our 7-year contract. However, we were delighted to hear Ihe news that, due to our consistent good performance and the social value both our organisations were able lo demonstrate, we have received a direct award for this contract for a further 7 years. A massive thank you lo Essex County Council, Public Health and our commissioners, particularly Ben Hughes and Neale Thomas for their incredible on-going support. For the last year we have been working from the DeNent Centre al The Princess Alexandra Hospital in Harlow with our prescribing partners Essex Stars, part of the Essex Partnership University Trust IEPUTI. However, lack of space and our inability to deliver our open access service there, led us to find an allernative site. Work on this continued throughoul the year and we will be moving to Unit 55 in the Harvey (Shopping) Centre, in Ihe centre of Harlow, Essex in June 2024. The Harlow team will continue to work wlh EPUT in the Derwent Centre for our opiate clients, but all our other services wll move to Unit 55. The Open Road SOS Buses In February we commissioned a brand-new Open Road SOS bus for North Essex lo replace the old Colchesler bus. We are extremely grateful to all our funders who supported this project. The bus was purpose-built, with the main body of the vehicle being built locally by Steve Wright Engineering. Our buses are being used increasingly by partners lo deliver a wide range of services across Essex. To respond to this, we decided lo completely refurbish and mechanically overhaul the old Colchester bus, so that we will soon have three in service. Like the buildings we own, they have become a slraiegic asset for Open Road. Our Management As we gained new contracts for addilional seNices, it was evident that our hardworking fronl-line teams needed more support. We grew to 130 employees at the end of the year, and restructured the teams, appoinling new Regional Managers for Essex, Southend, Thurrock and Medway. These arrangements are working extremely Page 6 OPEN ROAD VISIONS {A company limited by guaranlee) TRUSTEES. REPORT (coTrrriNUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Achievements and performance (continued) well. Equality, Diversity and Inclusion We continue to develop our understanding of. and commitment to equality. diversity and inclusion in all aspects of our work, including our teams of staff and volunteers and particularly Ihose who access our services. We want to ensure not only ihat we eliminate unlawful discrimination but also that we can be truly representative of all sections of society in the areas we work. We are determined Ihat service users. staff and volunteers feel respected and are given every opportunity to give their best. We have worked lirelessly this year to reach out to diverse groups across Essex and have fostered new relationships with African Families in the UK, the Chinese and Hong Kong and Muslim communities and many more including Welcome to The UK in Southend. d. Fundralsing aclivities and Income generation In addition to the funds received for the commissioned services, and to supplement funds received from grant making trusts, the charity undertakes fundraising events led by the staff and volunteers, wilhin their offices and places ol work. These events can take many forms from quiz nighls or fundraising golf days to charity balls and garden parties. The monies are obtained from contributions from family and friends or donalions directly made by service users and their families. All event contributions are voluntary. Fundraising events have included quizzes, people running marathons, joining in with Santa's sleigh ride in Colchester, The Soap Box Rally and an afternoon of Poetry. Music and Magic at the beautiful Layer Marney Tower. Whilst having fun, we also raised funds to support our frontline services. All funds raised from these events, for external bodies, are recorded separalely within the accounting system and are paid directly to the identified charity- The charity is signed up with the Fundraising Regulator. The charity has not received any complaints regarding rts charity collections, and does not undertake any process which would intimidate, exclude, or apply undue pressure to any person to donate funds. There are no fundraising activities undertaken with external providers. Page 7 OPEN ROAD VISIONS (A company limlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Stralegic report (conlinued) Achievements and performance (conlinued) e. Investrnent policy and performance The Trustees acknowledge the need to consider maximising any potential for income from reserves held by ihe Trust, however, they also acknowledge the requiremenl to ensure these funds are invested in any no risk opportunilies. The Trust uses bank accounts approved by the Trustees and maintain balances sufficient to cover immediate and forthcoming financial commilmenls. Monies surplus to these requiremenls are invested in short lerm notice cash accounts. These depostts are all low risk Options. Financial ￿vIeW a. Financlal Review As reported above, Open Road is pleased to receive funding from a number of organisations and individual sources which. during 2023124, included funding from some new funders, businesses and individuals. Please see the Statemenl of Funds note for more detail. Open Road Solutions Limited, a 100°/o owned trading subsidiary of the Charity, provides the local authority commissioned drug, alcohol and mentoring services, which represents approximately 53°/0 of the charity's income. The Charity group made a surplus of £66,906 during ihe year and holds £2.991,329 of funds at the end of Ihe year. Total incoming resources increased by 1 >/0 Oll the year ended 31 st March 2024. This reflected an increase in Ihe services undertaken, including Southend Young Persons SeNice and Prescribed Medication Service. Total resources expended increased by 180/0 over Ihe previous year, the key ilems of Ihis increased expenditure rellecled Ihe increased projects undertaken and the following.. Increased costs of continuing io invest in staff. to support them wilh the increased cost of living and to attract staff to the fill vacancies and l or remain with the organisalion Investment in a new SOS Community Bus Increased costs of continuing investing in IT and communications for staff and volunleers Relocation ol services in Harlow, from the Derwenl Centre. The unrestricted (designated and general) reseNes and the restricted income funds of the Trust have increased from £2,924,423 as at 31st March 2023 to £2,991,329 as at 31st March 2024: which represents the increase mentioned above. The balance of £2,648,232 of unreslricted funds includes £1,643,936 of lixed assets being used by the Gharity, primarily the owned buildings and SOS buses. The unrestricted property reserve fund cannot be fealised without disposing of langible fixed assets. Page 8 OPEN ROAD VISIONS (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 From a financial key performance indicator poirrt of view, the group's current ralio is 4.20 Ihis year, compared to 3.50 last year. Cash held at year end, as a proportion of annual expenditure is 37°/. this year and 43 % last year. This has dropped, as expected, in line with increased costs and acts'viiy levels. Overall, Ihe financial pjsition of the Charity conlinues to remain strong. b. Reserves policy The trustees ol the charity have a policy to maintain reserves al a level to ensure adequate cover, for a minimum of three monlhs of expenditure, based on the previous 12 months of expenditure. This basis of reserves policy encourages reseNes of around £1 m to be held. Unrestricted reserves at year end, of £2.6m, include unrestricled property assets, that can only be realised by disposing ol tangible fixed assets Ai year end, in excluding the unrestricted propety fund and designaled funds. unreslricted reserves were £759,296. Three months of expenditure was therefore not held. The trustees believe Ihat income expected in the forthcoming period will be adequate to support the activities of the charity and will review the resetves policy when it is felt necessary. The majority of the income of the charity emanates from local aulhority contracts which commtl the relevant third parties to provide funding for Open Road services over specified periods. The termination of such contracts is subject to periods of notice, during which expendilure related to the services in question, could for the most part be run down before the expiry of the funding period. In the event of income reducing, there is scope to reduce other expenditure which would presetve charity reseNes. It is planned to gradually build up unrestricted reserves to meet this reserves policy. Page 9 OPEN ROAD VISIONS (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 c. Principal risks and uncertainties The trustees have a duly to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Senior Leadership Team together wlh the Truslees. review and assess the organisation's slralegic, operational, financial, clinical and governance risks. They ensure that the major risks, to which the Charity and its trading arm are exposed, as identified by the Truslees, have been reviewed and systems have been established to mitigate those risks. The Trustees, together with the SLT, undertake an annual risk review ol all risks. The key risks and the mitigating steps taken from the risk register are provided lo the external auditors for review in connection wilh their audit of the consolidated financial stalements. Risks Reputation loss Mitigation Safeguarding & data protection mandatory training DBS checks undertaken Continual review ol all Policies arKI Procedures Review of all "incidents" urKlertaken Economic Climale Reserves policy reviewed by Finance sub committee Asset strong balan￿ sheet Market awareness Proactive Senior Leadership Team Desi nated funds Disaster Recovery planning Cyber Essenlials certified Secure hosting of IT infrastructure Data prolection training and testing Secunty & Fire Protection at properties Insurance cover Business Continuil Policies and Procedures HR policies and procedures provided to create a structure to support staff and Open Road. Member of the Board of Trustees is a HR professional. Health & Safety online training. Each I(￿atiOn has an IOSH trained health & safety represenlalive. Re ular1 10 1 su rvision and leam meetin HR recruitment systems in place. Leavers reviewed individually. Turnover reviewed regularly by SLT. HR, Truslees and PSC. Monitored a ainsl sector turnover. Targeted approach focusing on grant-m&nlained funds. Expansion of the fundraising and online markeling team, with increased connections. Diversificalion and use of assets to r￿se funds. Service user strategy in place. This is under review. Clinical ovemance reviewed uarlerl Loss of Infrastructural Assets Employmenl Issues High Staff Turnover Fundraising nreslricted funds Lack of co-production Major risks have been reviewed and systems or procedures have been established to manage those risks. Page 10 OPEN ROAD VISIONS (A company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 d. Prlnclpal funding Open Road is pleased to receive funding from a number of organisations and individual sources which, during 202312024, including funding from some new funders, businesses and individuals: Essex County Council, Suffolk & North East Essex ICB, Mid Essex ICB, Chelmsford City Council, Colchester City Council, Colchester Borough Homes, Colchester Military Corrective Training Cenlre. North East London Foundation Trust, Forward Trust, Mayor's Off ice for Policing and Crime, The Next Chapter, Braintree District Council, Epping Forest District Council, Basildon Borough Council, Joseph and Lillian Sully Charitable Trust, Diana Tinson Foundation. Augusline Courtauld Trust, Police, Fire and Crime Commissioners, Aegros PCN, Witham & Maldon PCN. Be Well Sail Ship Fund, Colyer Fergusson Charttable Trust, First Give - St Benedict's School, Tendring District Council Community Micro-Project Fund. Sport England. CVCST, and Mama Festivals Ltd. e. Going concem After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the chariiy and its subsidiary have adequate resources to continue in operational existen￿ for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statemenls. Further details regarding the adopiion of the going concern basis can be found in the Accounling Policies note of the financial stalements. Structure, governance and management a. Conslitulion Open Road Visions Limiled, is a company limited by guarantee governed by its Memorandum and Articles of Association dated 1 April 1993, updated on 23 December 2020. It registered as a charity with the Charities Commission on 20 April 1993. b. Melhods of appointment or election of Trustees New Trustees are elected to the Board, by the Board, in such a way as to ensure a wide range of different professional backgrounds. Potenlial new trustees are required to attend three meetings prior to appointment. c. Organisational structure and decision-making pollcles The board of trustees meets quarterly. A Chief Executive is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate eflective operations, the Chief Executive has delegated authority, wilhin terms of delegation approved by the truslees, for operational matters including finance, employmenl. and trealment related activity- The Board of Trustees is supported by a number of sub committees and the Chief Executive, by their Senior Leadership team. Page11 OPEN ROAD VISIONS (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Slructure, govemance and management (continued) d. Policies adopted for the induclion and training of Trustees New trustees undergo a period of training to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the decision-making process, Ihe business plan and recent financial performance of the charity. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of Iheir role. e. Pay pollcy for key managemenl personnel The Personnel Sub Committee (PSC) meets quarterfy. the Finance Sub Committee IFSC) bi-monthly, and Ihe Clinical Governance sub group meet quarterly. Included within their respective annual work programmes is Ihe requirement to monitor, rewew and implement the remuneration of the CEO and Senior Leadership Team. Key managemeni personnel cornprise of the Trustees and the Senior Leadership team. The Truslees are not remuneraled.. services are provided voluntarily. Key managemenl remuneration can see seen in the staff Costs notes to the accounls. f. Flnancial risk management The Trustees have assessed the major risks to which the Group and the Company are exposed, in particular those related to the operations and finances of the Group and the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. g. Members. liability Each member of the Charitable Company undertakes lo contribute to the assets of the Charitable Company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £1, tor the debls and liabilities contracted belore they ceased to be a member. h. Engagement wlth suppliers, customers and olhers Open Road considers itself part of a wider network within Essex and Kent, providing safer communities by addressing crime associated wilh drug and alcohol misuse. Open Road has continued to participate in a joint operation wilh Essex Young People's Drug and Alcohol Service IEYPDASI, part of The Children's Society, providing the Choices services in Essex. Page12 OPEN ROAD VISIONS (A company limited by guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods 2024-2025 is the final year of our existing five-year ￿an and we are now developing our new strategic plan for the years ahead. We are proud that ￿1 the objectives in the current plan have been mel. bul many objectives in the 5 key areas of our exisling plan remain relevant going forward. As a reminder they are. the people we support. our growth and partnership. our teams and the difference they make- embracing technology., and our impact. We are curreritly undertaking an external evaluation of our seNices to help us develop. expand and improve what we deliver, and, by listening io seNice users, to help us shape the future. We will conlinue to focus on equality, diversity and inclusion, along with a strong emphasis on the environment and sustainability. We will again sel new ambitious aims and objectives for Open Road as we seek to reach more and more people who need our support and services and to give them Ihe greatest gift of all - another chance at life. We know we will face further challenges in the years ahead, but we are determined to embrace them to ensure service users can still access all our services with positive outcomes for Ihemselves, their families and the wider communily. We will only achieve that ￿th the support - for which we are so grateful - from all those who make UP Ihe very wde Open Road community. Statemenl of Trustees. responsibilities The Trustees (who are also the directors of Ihe Company for the purposes of company law} are responsible for preparing the Trustees, report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounling Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Truslees musl not approve the financial statements unless they are satisfied that Ihey give a true and fair view of the stale of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these linancial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles ol the Charities SORP {FRS 102)., make judgments and accounling estimates that are reasonable and prudent; state whether applicable UK Accounting Standards {FRS 1021 have been followed, subject to any malerial departures disclosed and explained in the financial slatements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group wll continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Group and the Company's Iransactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Page13 OPEN ROAD VISIONS {A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Disclosure of information to auditors Each of the persons who are Trustees at the time when this Tru5tees' report is approved has confirmed that.. so far as that Trustees are aware, Ihere is no relevant audit information of which the charilable group's auditors are unaware, and that Trustees have taken all Ihe steps that ought to have been taken as Trustees in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information. Audltors The auditors. Griffin Chapman, have indicated their willingness lo conlinue in office. The auditors will be considered for re-appointment at the forthcoming Annual General Meeting ot the Truslees Approved by order of the members of the board of Trustees and signed on their behalf by: N K Alston Chair of Trustees Date". 11 S*R&- 202Ltr Page14 OPEN ROAD VISIONS (A company Ilmited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OPEN ROAD VISIONS Oplnlon We have audited the financial statements of Open Road Visions (the 'parent charitable company'l and its subsidiaries (Ihe 'group'l for the year ended 31 March 2024 which comprise the Consolidaled statement of financial aclivilies, the Consolidated balance sheel. the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounling policies. The financial reporting framework that has been applied in their prepafation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements= give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure lor the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Acl 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UK) {ISAs IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibililies lor Ihe audit of the financial statements section of our report. We are independent of the Group in accordance with the elhical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 sutficient 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 appropriale. Based on the work we have performed. we have not identilied any material uncertainlies relating to events or conditions that, individually or colleclively. may cast significant doubt on the Group's or the parent 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 wth respect to going concern are described in the relevant sections of this report. Page15 OPEN ROAD VISIONS (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OPEN ROAD VISIONS (CONTINUED) Olher information The other information comprises the information included in the Annual report other than Ihe financial statements and our Auditors, report thereon. The Truslees are responsible for the olher inlormation 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 inlonnalion and, in doing so, consider whether the other information is materially inconsistent wilh the financial statements or our knowledge obtained in the course of the audil, or otheNise appears to be materially misstaled. If we identity such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on Ihe work we have pertormed, we conclude that there is a material misstatement of this other information, we are required to report Ihat fact. We have nothing to report in Ihis regard. Opinion on olher matters prescribed by the Companies Act ￿06 In our opinion. based on the work undertaken in the course of the audil: the information given in the Trustees, report including the Stralegic report for Ihe financial year for which the financial stalements are prepared is consistent with the financial statements. the Trustees, report and the Stralegic report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our kno￿edge and understanding of the group and parent charitable company and its environmenl obtained in the course of the audit, we have not identified material misslatements in the Trustees, report including the Strategic report. We have nothing to report in respect of the following matters in relation to which Cofflpanies Act 2006 requires us to report to you if, in our opinion- the parent charitable company has not kept adequate and sufficienl accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements are not in agreement with the accounling records and returns., or certain disclosures of Trustees, remuneration specified by law are nol made- or we have not received all the information and explanalions we require for our audit. or the Trustees were nol entitled to prepare the financial statements in accordance with the small companies regime and take advantage ol the small companies. exemptions in preparing the Trustees, report. Page16 OPEN ROAD VISIONS (A company limiled by guarantee) INDEPENDEMT AUDITORS, REPORT TO THE MEMBERS OF OPEN ROAD VISIONS (CONTINUED) Responsibilities of trustees As explained more fully in the Trustees. responsibilities statement, the Trustees Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for Ihe preparation of the financial statements and for being satisfied thal they give a true and fair view, and for such inlernal conlrol as the Trustees determine is necessary to enable the preparation of financial statements thal are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Truslees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic allernalive but to do so. Page 17 OPEN ROAD VISIONS (A company Ilmited by guaranlee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OPEN ROAD VISIONS (CONTINUED) Audilors. responsibilities for the audlt of the financial slalements We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts. Our objectives are to obtain reasonable assurance a￿ul whether Ihe financial slatements as a whole are free from material misstalement, whelher due to fraud or error, and lo issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee thal an audit conducted in accordance with ISAS (UK) will always detect a material misstalement when it exists. Misstatements can arise from fraud or error and are considered malerial if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users laken 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, oullined 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: The engagement partner ensured the engagement team had the necessary skills and knowledge to identify non- compliance with applicable laws and regulalions. We obtained an underslanding of Ihe legal and regulalory frameworks thal are applicable to the group and for those that are most significant, we enquired inlo how management ensures compliance is maintained. We identilied that Ihe principal risks of non-compliance with laws and regulations related to health and safety and safeguarding, supporting the ability to continue operating as a charity focused entity. Correspondence was reviewed from third parties, where relevant. Enquiry and review of the group's transactions was undertaken to highlight any instances of penalties, fines or legal activity which could suggesl non-compliance with laws and regulations. There was no contradictory evidence lound. We also considered Ihose laws and regulations that have a direcl impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulenl manipulation of the financial statements {including the risk of override of controls) and delermined Ihat Ihe principal risks were related to posting journal entries lo reclassily costs, between this company and the subsidiary company and managemeni judgement on the recognition of income. In resF)onse, we incorporated lesting of manual journal entries, sources and treatment of income and scrutiny of unusual transactions into our audit approach. Payroll and purchase expenditure was agreed to supporting documentation, on a sample basis. Olher substantive tesling was used to help identity risk factors in transactions during the year, using after date information to supplemenl our testing. Challenges were made in relation to management assumptions and accounting treatment used. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the evenls and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstalement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberale concealment by, for example, forgery or intentional misrepresentations, or through collusion. It is also stated, as a reminder, that the primary responsibility for the prevention with bolh management and those charged with governance of the company. Because of the inherent limitations of an audit, Ihere is a risk Ihat we will not detect all irregularities, including those leading to a material misstatement in the tinancial statements or non-compliance with regulation. This risk Page 18 OPEN ROAD VISIONS (A company limiled by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF OPEN ROAD VISIONS {CONTINUED} increases the more that compliance with a law or regulation is removed from the events and Iransactions reflected in the financial statemenls, as we will be less likely to become aware of instances ol 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. A further description ot our responsibilities for the audit of the financial slatements is located on the Financial Reporting Council's website al.. www.frc.or -ukJauditorsres onsibilities. This descriplion forms part ol our Audilors, report. Use of our report This report is made solely to the charitable Companys members, as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable companys truslees, as a body, Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so thal we might state to the charitable company's members Ihose matters we are required to slate 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 its members, as a body, and the charitable company's trustees as a body. for our audit work, for this report, or for the opinions we have formed. Danlel Aldworth {Senior statutory audilor) for and on behalf of Griffin Chapman Chartered Accountants Statutory Auditors 4&5 The Cedars Apex 12 Old Ipswich Road Colchester Essex C07 7QR Date.. l? Sepk¢•&- 2021p Page19 OPEN ROAD VISIONS (A company limited by guaranlee) CONSOLIDATED STATEMEwf OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT} FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Investmenls 88,050 27,112 154,216 10,866 10,776 4,081,083 98,826 4,108,195 154,216 10,866 210,843 3,549,896 140,956 Other income Total income 280,244 4,091,859 4.372,103 3,901,695 Expenditure on: Raising funds Charitable activities 1,655 61,158 1,655 4,303,542 12,520 3,649,396 4.242,384 Tolal expenditure 62,813 4,242,384 4,305,197 3,661,916 Nel incomel(expendllure) Transfers between funds 217,431 (53,431) (150,525) 53,431 66,906 239,779 21 Nel movement In funds before other recognised galnsl(losses) 164.000 (97.094) 66,906 239,779 Other recognised gainsl(losses): Losses on revaluation of fixed assets 19,7821 Net movemenl in funds 164,000 (97,094) 66,906 229,997 Reconcillatlon of funds: Total funds brought forward Net movement in funds 2.484.232 164.000 440,191 (97.094) 2,924,423 66,906 2,694,426 229,997 Total funds carried forward 2,648,232 343,097 2,991,329 2,924,423 Page 20 OPEN ROAD VISIONS (A company Ilmited by guaranlee) REGISTERED NUMBER: 02806113 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 15 1,643,936 1,533,041 1,643,936 1,533,041 Current assels Debtors Cash at bank and in hand 260,041 1,584,342 472,349 1,561,225 1,844.383 2,033.574 Creditors.- amounts falling due within one year 18 (432,847) 1578,0491 Net current assets 1,411,536 1,455,525 Total assets less current liabililies 3,055,472 2,988,566 Provisions for liabilities (64.143) 164,1431 Net asset8 2.991,329 2.924,423 Tolal nel assets 2,991,329 2,924,423 Charity funds Restricted funds- Reslricted general funds 21 343,097 440,191 Total reslricted funds Unrestricted funds 21 343,097 440,191 Designated funds General funds Unrestricted propety 21 245,000 759,296 1,643,936 245,000 706,191 1,533,041 21 21 Total unrestricted funds 21 2,648,232 2,484,232 Total funds 2,991,329 2,924.423 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accosjnling records and preparation of financial slatemenls. Page 21 OPEN ROAD VISIONS (A company limited by guaranlee) REGISTERED NUMBER: 02806113 CONSOLIDATED BALANCE SHEET (coKfiNUED} AS AT 31 MARCH 2024 The financial statements have been prepared in accordance wilh Ihe provisions applicable to entities subject to the small companies regime. The linancial statements were approved and aLrthorised for issue by the Trustees and signed on their behalf by.. N K Alslon Chair of Trustees Date: 17 201* The notes on pages 26 to 59 form part of these financial statements. Page 22 OPEN ROAD VISIONS (A company limited by guarantee) REGISTERED NUMBER: 02806113 COMPANY BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 15 16 1,643,936 1,533,041 1.643.937 1,533,042 Current assets Debtors Cash at bank and in hand 255,861 1,484,946 676,784 1,191,731 1,740,807 1,868,515 Credilors: amounts falling due within one year 18 (331.615) (415,3331 Net current assets 1.409,192 1,453,182 Total assets less current liabililles 3.053,129 2,986,224 Provisions for liabilities (64,143) (64,1431 Net assets 2.988,986 2,922,081 Total net assets 2.988,986 2,922,081 Charlty funds Reslricled funds.. Reslricted general funds 21 207,031 331,004 Total restricted funds Unrestricted funds 21 207,031 331,004 Designated funds General funds 21 245,000 2,536,955 245,000 2,346,077 21 Total unreslricled funds 21 2,781,955 2,591,077 Total funds 2,988,986 2,922,081 The Company's net movement in funds for the year was £66,905 {2023 - £296,424). Page 23 OPEN ROAO VISIONS (A company limited by guaranlee) REGISTERED NUMBER: 02806113 COMPANY BALANCE SHEET {CONTINUED) AS AT 31 MARCH 2024 The Trustees ackrn0￿edge their responsibilities for complying with Ihe requirements of the Act with respect to accounting records and preparation of financial statements. The financial slatements have been prepared in accordance wth the provisions applicable to enlities subjecl to the small companies regime. The financial stalements were approved and authorised for issue by ihe Trustees and signed on their behalf by- N K Alslon Chair of Trustees Date: 17 2021fr The notes on pages 26 to 59 form part of these financial statements. Page 24 OPEN ROAD VISIONS (A company Ilmlted by guaranlee) CONSOLIDATED STATEME￿ OF CASH FLOWS FOA THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows Irom operating activities Nel cash used in operating activilies - Note 26 104,122 1303,7171 Cash flows from Investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of langible fixed assets Movement in provisions 51,617 23,186 6,025 18,0451 10,143 {132.622) Net cash (used in)Iprovided by investing activilies (81,005) 31,309 Cash flows from financing activities Net Cash provlded by financing activitles Change in cash and cash equlvalents in Ihe year Cash and cash equivalents at the beginning of the year 23,117 (272,408) 1,833,633 1.561,225 Cash and cash equivalents al the end of the year 1,584,342 1,561,225 The notes on pages 26 to 59 lorm part ol these financial statements Page 25 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General inforniatlon Open Road Visions is a private charitable company limited by guarantee and registered in England and Wales. Accounting policies 2.1 Basis ol preparation of financial statements The financial slatements have been prepared in accordance with the Gharities SORP IFRS 1021 Accounting and Reporting by Charities- Statement of Recommended Practice applicable lo charities prepartng their accounts in accordance with the Financial Fleporting Standard applicable in the UK and Republic of Ireland (FRS 1021 leffective 1 January 2019}, Ihe Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Acl 2006. Open Road Visions meets the definition of a public benefit entity under FRS 102. Assels and liabilities are inilially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The Consolidated slatement of financial activities {SOFAI and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exempiion allowed under section 408 of the Companies Act 2006 and has noi presented its own Stalement of financial activities in these financial statements. 2.2 Going concern The Trustees assess whelher the use of going concern is appropriale i.e. whether there are any malerial uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded Ihal the charity has adequate resources lo conlinue in operational existence for the foreseeable fulure and there are no material uncertainlies about the charity's ability to continue as a going concern, thus they continue to adopt Ihe going concern basis of accounting in preparing the financial statements. Page 26 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.3 Income All income is recognised once Ihe Company has enlitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of incorne received for specrfic purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement ol receipt, ils recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed lo the projects. Gifts donated for resale are included as income when they are sold. A valuation of volunteer time given to the charity is not included in these financial statements. Income tax recoverable in relation to investment income is recognised at the lime the investment income is receivable. Other income is recognised in the period in which tt is receivable and to the exlent the goods have been provided or on completion of the service. 2.4 Expendilure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable Ihat a transfer of economic benefils will be required in settlemenl and the amount of the obligation can be measured reliably. Expenditure is classified by actlVlty- The costs ol each activity are made up of the total of direcl cosls and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single activity are allocaled directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those aclivilies on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. and depreciation charges allocated on the F)Ortion of the asset's use. Expenditure on raising funds includes all expendilure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities evenls and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associaled support cosls. Where staff are working on specific projects, a proportion of their cost is allocaled Ihe the project{sl. This proportion is calculated with reference to the amount of time spent and the economic inflows. Certain expenditure is directly attribulable to specific activities or projects and has been included in those cost categories. Where charity resources are used for a specific project, an apportionment of overhead costs is allocated to the projectls). Other support costs are allocated to activities in proportion to their contribution to the economic inflows of the charity. All expenditure is inclusive of irrecoverable VAT. Page 27 OPEN ROAD VISIONS {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (contlnued) 2.5 Interest recelvable Interest on funds held on deposil is included when receivable and the amount can be measLfred reliably by the Group,. this is normally upon notification of the interesi paid or payable by the institution with whom the funds are deposited. 2.6 Taxation The Company is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is F)oientially exempt from taxation in respect of income or capital gains received within categories covered by Chapier 3 Part 11 of the Corporalion Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992: to the extenl Ihat such income or gains are applied exclusively to charitable purposes. 2.7 Tangible fixed assets and depreclalion Tangible fixed assets costing £1,000 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Freehold properties are initially recognised at cost. After recognilion, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are made with SLrfficient regularty to ensure that the carwng amount does not differ materially from that which would be determined using lair value at the end of the reporting date. Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence ol fair value because of the specialised nature of the langible fixed asset and it is rarely sold, except as part of a conlributing business, a Company may need to estimate fair value using an income or depreciated replacement cost approach. Gains and losses on revaluation are recognised in the Consolidated statement of financial activities, with a separate revaluation reserve being shown in the Statement of funds note. At each reporting dale the Company assesses whelher there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of ils fair value less costs to sell and ils value in use. An impairmenl loss is recognised where the carrying amount exceeds the recoverable amounl. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using ihe straight-line method. Depreciation is provided on the following basis.. Short-term leasehold property Motor vehicles Fixtures and fittings Computer equipment 330/0 25°/. 25°/. 330/0 Page 28 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounling policies (continued) 2.8 Investmenls Fixed asset investments are a fom of linancial instrument and are initially recognised at their Iransaction cost and subsequently measured at fair value al the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on investments, in the Consolidated statement of financial activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.9 Deblors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity ol three monlhs or less from the date of acquisition or opening of the deposit or similar account. 2.11 Liabllltles Liabilities and provisions are recognised when there is an obligation al the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount ol Ihe settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay io settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounls required to settle the obligalion. Where the effect of the time value of money is material, the provision is based on Ihe present value of those amounts, discounted at the pre-tax discount rale that reflecls the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cosl. 2.12 Financial instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inilially recognised at transaction value and subsequently measured at their settlemenl value wth the exception of bank loans which are subsequently measured at amortised cost using the effective inlerest method. 2.13 Operaling leases Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term. Page 29 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (conlinued) 2.14 Pensions The Group operates a defined contribution pension scheme and Ihe pension charge represents the amounts payable by the Group to the fund in respect of the year. All contributions are dealt with as restricted fund transactions. 2.15 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in lurtherance of the general objectives of the Group and which have nol been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by ihe Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial staternents. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use ol each restricted fund is set out in the notes lo the financial slatements. Investment income, gains and losses are allocated to the appropriate fund. Page 30 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Critical accounllng estimates and areas of ludgment Estimates and judgments are continually evaluated and are based on historical experience and other faclors. including expectations of future events that are believed to be reasonable under the circumstances. Crilical accounting estimates and assumptions- The Company makes eslimales and assurnptions concerning ihe future. The resulling accounting estimates and assumptions will, by definition, seldom equal the related aclual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities wthin the next financial year are discussed below. Critical areas of judgment.. The fair value of the freehold properties is based on Ihe marketing value of each one. The location, condition and accommodation of each building is assessed, along with current trends in the UK market to assist Truslees in arriving at a fair value. Values of similar properties, in the area, are used as benchmarks, lo help estimate changes in fair values, when a professional valuation is not used. Within provisions is an eslimate of future cosl for dilapidalions. This figure is in relation to the properties and spaces in which the charity is a tenant and the lease agreemenl contains an obligation to repair the property when the lease arrangement ends. The provision is assessed by management al the end of each year, with the aim of providing for expected repair and redecoration costs. across the term of the leases. When the repair and reinstatement woths are carried out at the end of a lease, and the linal costs are known, it may materialise that the charity has either under-estimated or over-estimated Ihe costs of the dilapidations, and an adjustment will be needed. If the accounting provision turns out to be in excess of the dilapidations expendilure, the difference is added back lo reduce total costs in Ihe year of the works. If the provision is less than is needed, any additional actual expenditure can be deducted within the year the work is completed. Page 31 OPEN ROAD VISIONS {A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacles Unrestricled Restricted funds tunds 2024 2024 Total funds 2024 Donalions 88,050 5,776 5,000 93,826 5,000 Granls Total 2024 88,050 10,776 98,826 Unrestncteo funds 2023 Restrictea funds 2023 Total funds 2023 Donations Grants 104,593 11,250 95,000 115,843 95,000 Total 2023 104,593 106,250 210,843 Income from charitable activities Unrestricted Restrlcted funds funds 2024 2024 Total funds 2024 Income from charitable activities and services 27,112 4,081,083 4,108.195 Further detail on income type is seen in the detailed stalement of funds. Unrestrictea funds 2023 Restrictea funds 2023 Total funds 2023 Income from charitable activities and services 44,037 3,505,859 3,549,896 Page 32 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income Unreslricted funds 2024 Total funds 2024 Investment income - properties Investment income - cash 102,599 51,617 102,599 51,617 Total 2024 154,216 154,216 Unrestricteo funds 2023 Total funds 2023 Investmenl income - properties Investment income - cash 117,770 23,186 117.770 23,186 Total 2023 140,956 140,956 Olher Incoming resources Unrestricted funds 2024 Total funds 2024 Total funds 2023 Cosls recharged to other entities 10,866 10,866 Expenditure on raising funds Costs of ralsing voluntary income Unrestricted funds 2024 Total funds 2024 Fundraising costs 1,655 1,655 Page 33 OPEN ROAD VISIONS (A company Ilmlted by guarant&) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expendilure on raislng funds (continued) Cosls of raising voluntary Income (continued) Unrestricteo funds 2023 Total funds 2023 Fundraising costs 12,520 12,520 Analysis of expenditure on charitable aclivities Summary by fund type Unreslricted Restricled funds funds 2024 2024 Total 2024 Charitable activities Governance costs Finance 59,787 4,228,884 13,500 4,288,671 13,500 1,371 1.371 Total 2024 61,158 4,242,384 4,303,542 Unrestrictea funds 2023 Restricted funds 2023 Total 2023 Charitable aclivities Governance costs Finance 21,004 3,613,548 13,500 3,634.552 13,500 1,344 1,344 Total 2023 22,348 3,627,048 3,649,396 Page 34 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysls of expenditure by activities Activities undertaken direclly 2024 Support cosls 2024 Total funds 2024 Charitable activities Governance costs Finance 3,578,636 710.035 13,500 1,371 4,288,671 13,500 1,371 Total 2024 3.578,636 724,906 4,303,542 Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Charitable activities Governance costs Finance 2,951,037 683,515 13,500 1,344 3,634,552 13.500 1.344 Total 2023 2,951,037 698,359 3,649,396 Page 35 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysls ol expenditure by aclivities (continued) Analysls of direcl costs Charitable activities 2024 Total funds 2024 Staff costs Training and courses and recruitment Other staff & volunteer costs inc travel Agency and self employed staff costs Client trips, activities & equipment General bus running costs Supply of medical services Needle exchange Drugs test screening 3,017,133 39,252 102,839 174,012 52,443 68,488 69,673 48,510 6,286 3,017,133 39,252 102,839 174,012 52,443 68,488 69,673 48,510 6,286 Total 2024 3,578,636 3,578,636 Chan"table activities 2023 Total funds 2023 Slaff costs Training and courses and recruitment Other staff & volunteer costs inc travel Agency and self employed staff costs Client trips, activities and equipment Generai bus running costs Supply of medical services Needle exchange Drugs tesl screening 2,530,523 49,764 84,832 78,777 30,851 36,672 90,521 42,763 6,334 2,530,523 49,764 84,832 78,777 30,851 36,672 90,521 42,763 6,334 Total 2023 2,951,037 2,951,037 Page 36 OPEN ROAD VISIONS {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysls of expendlture by activities {conlinued) Analysls of support costs Charitsble Govemance activities costs 2024 2024 Total funds 2024 Flnance 2024 Depreciation Premises costs inc cleaning Subscriptions, periodicals and books Marketing and publicity Postage, stationery, printing and phone Computer cosls Repairs and maintenance Equipment & other costs Insurance Legal & professional and accountancy Rent Bank charges Governance costs 21,726 129,544 15,453 43,186 70,168 132,641 71.562 67,525 36,688 18,584 102,958 21,726 129,544 15.453 43,186 70,168 132.641 71.562 67,525 36,688 18,584 102,958 1,371 13,500 1,371 13,500 Total 2024 710,035 13,500 1,371 724,906 Page 37 OPEN ROAD VISIONS (A company limlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysls of expenditu￿ by activities (oontinued) Analysls of support cosls {conlinued) Charitable activities 2023 Support costs 2023 Total funds 2023 Finance 2023 Depreciation Premises costs inc cleaning Subscriptions, periodicals and books Marketing & Publicity Postage, stationery, printing and phone Computer costs Flepairs and maintenance Equipment & other costs Insurance Legal & professional and accounlancy Rent Bank charges IProfitl/loss on disposal of fixed assets Governance costs 10.583 154,847 11,547 36,924 58,538 147,304 98,819 34.458 33,527 14.302 88,691 10,583 154,847 11,547 36,924 58.538 147,304 98.819 34,458 33,527 14,302 88.691 1.344 16,0251 13,500 1,344 (6,0251 13,500 Total 2023 683,515 13,500 1,344 698,359 11. Audilors. remuneration 2024 2023 Fees payable lo the Company's auditor for Ihe audtt of the Companls annual accounts 10,500 10,500 Fees payable lo the Company's auditor in respe￿ of: All non-audit services nol included at¥Jve 3,IX)O 3,000 Page 38 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Slaff cosls Group 2024 Group 2023 Company 2024 Company 2023 Wages and salaries Social securiiy costs Contribution to defined contribution pension schemes 2,725.545 236,665 2.275,789 208,524 1,466,624 109,401 502,987 43,461 54,923 46,210 26,886 9,002 3.017.133 2,530,523 1,602,911 555,450 The average number of persons employed by the Company during the year was as follows: Group 2024 No. Group 2023 No. Company 2024 No. Company 2023 No. Administration Project workers Directors 10 105 10 10 105 99 118 113 115 109 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: Group 2024 No. Group 2023 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001 - £90,000 In the band £90,001 £100,000 The key management personnel of the charity comprise the Trustees and the senior management team as listed on page 1. The total amount of employee benelils (excluding employer pension contributions and employer nalional insurance contributions) received by key management personnel for their seNices to the charity was £225,713. All staff costs are trealed as restricted expenditure. 13. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). Page 39 OPEN ROAD VISIONS (A company limited by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Trustees, remuneration and expenses (continued) During the year ended 31 March 2024, no Trustee expenses have been incurred12023 - £NILI. 14. Taxatlon Corporatlon lax Taxalion on net incomel{expendlture) The tax assessed for the year is lower than12023 - lower than) the standard rate of corporalion tax in the UK of 25°/0 {2023 - 191.). The differences are explained below". 2024 2023 Net incomellexpenditurel before lax 66,906 239,779 Net income multiplied by the standard rate of corporation lax in the UK of 25 % {2023 - 19¥.). Effects of: 16.727 45,558 Non-taxable income (16,727) (45,5581 Totsl tax charge for the year There are no factors considered likely to affect future tax charges. Page 40 OJ fD 4( OPEN ROAD VISIONS (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Tangible fixed assets (continued) The fair value of the freehold properties as at 31 March 2024 was considered by the Trustees to have not materially changed since last year. In reaching this conclusion, the Trustees note that.. No changes or alterations to Ihe properties or activities conducted in the properties have taken place No dilapidations have occurred and the properties have been maintained during the year There has been no significant change. developmenl or redevelopment to the areas surrounding the properties The Trustees are not aware of any fulure changes to the properties and surrounding areas. The Group has adopted a policy of revaluation for tangible fixed assets. Had these assets been measured al historic cost, Ihe carrwng values would have been as follows= Group 2024 Group 2023 Company 2024 Company 2023 Freehold propety 775,487 799,189 775,487 799,189 Page 43 OPEN ROAD VISIONS (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOA THE YEAR ENDED 31 MARCH 2024 16. Flxed asset inveslmenls Investments in subsidiary companies Company Cosl or valuallon At 1 April 2023 At 31 March 2024 Net book value At 31 March 2024 Al 31 March 2023 17. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 222,318 420,531 162,332 70,356 219,771 450,923 805 5,285 805 51,013 37,723 23,173 260.041 472,349 255,861 676,784 Page 44 OPEN ROAD VISIONS (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Credltors: Amounts falling due within one year Group 2024 Group 2023 Company 2024 Company 2023 Trade creditors Corporation tax Other taxation and social security Other credilors Accruals and deferred income 4.399 48,907 432 165,084 59,086 304,540 4,399 48,907 152,864 12,762 262,822 152,864 12,762 161.590 165,084 12,836 188,506 432,847 578,049 331.615 415,333 Group 2024 Group 2023 Company 2024 Company 2023 Delerred income at 1 April 2023 Resources deferred during the year Amounts released from previous periods 260,695 156.046 (260.695) 536,108 181,195 273,704 260,695 99,046 181,195 (536.108) {181,195) 1273,704} 156,046 260,695 99,046 181,195 Deferred income is made up of grant, contract and donation income meeting the definition of deferred income under the Charity SORP at the year end. 19. Financial instruments Group 2024 Group 2023 Company 2024 Company 2023 Flnancial assels Financial assets measured at fair value through income and expendilure 1,584,342 1,561,225 1,484,946 1,191,731 Financial assets measured at tair value through income and expendilure comprise bank and cash balances. Page 45 OPEN ROAD VISIONS (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Provisions Group and Company Dllapldations At 1 April 2023 64,143 At 31 March 2024 64,143 Page 46 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Statement of funds Stalemenl of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inloul Income Expenditure Unrestrlcled lunds Designated funds Bus replacement Propety repair/renovation IT and communications upgrade 150.000 75,000 150,000 75,000 20,000 20,000 245.000 245,1)00 Balance at 31 March 2024 Balance al 1 April 2023 Translers inlout Income Expenditure General funds Unrestricled General funds Propety & fixed assets 706,191 1,533,041 280.244 (41.086) (186.053) (21.727) 132.622 759,296 1.643,936 2,239,232 280,244 (62,813) (53,431) 2,403,232 Total Unrestricted funds 2,484,232 280,2 (62,813) (53.431) 2.648,232 Balance al 31 March 2024 Balance at 1 April 2023 Transfers inloul Income Expendlture Restrlcted funds Essex County Council Suffolk and North East Essex CCG Chelmsford City Council Colchester City Council 105,175 2,574,693 (2,672,332) 182,053 189,589 95,000 128,507 26,666 17,500 (116,111) (26,448} (17,875) (78,622) 28,774 218 277 652 Page 47 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Statement of funds (continued) Statement ol funds - current year (continued) Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Income Expenditure Colchester Borough Homes - Homeless prevention Mid Essex CCG - SOS Bus Chelmsford Night services. Charitable Trusts, Foundalions. Associations and Corporate Charities North East London NHS FT Medway Fo￿ard Trust - Wellbeing and Recovery Service Forward Trust - Southend Young Persons SeNice Colchester Catalyst Clothworkers MHLGA - The Next Chapter and CHESS Petley- Families Support Epping District Council Job Coach Other Statutory funding 250 12,51Y) (12.475) 275 25,000 (24.796) 204 94.653 121,625 (147,939) 68,339 171,429 (171,030) 399 345,801 (332,943) 12,858 2,670 601 9.080 412,271 (389,468) (601) (9,080} 25,473 7.671 55,614 49,784 (57,021) (41.495) 434 14,119 8.864 59.961 50,751 155.332 (59,588) (163,182) 27 2,111 (50,000) 440,191 4,091,859 {4,242,384) 53,431 343,097 Further detail on income in relation to Essex County Council, North East Essex CCG, Charitable Trusts, Foundations, Associations and Corporale Charities and Other Stalutory funding can be seen in Notes 22 and 23. Balance at 31 March 2024 Balance at 1 April 2023 Transfers inloul Income Expenditure Total of funds 2,924,423 4,372,103 (4,305,19n 2,991,329 Page 48 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Stalement of funds (conlinued) The unrestricted property and fixed assets fund includes the net effect of fair value adjuslments. Depreciation is charged to this fund. During ihe year. unrestricted funds were used for a number of restricted lunds with expenditure in excess of restricted funding. For the year ended 31 March 2024, £182,053 of unrestricted funds were used to support expenditure in AARCS in restricted funds. During the year, amounts were transferred from unrestricted property and fixed asset funds to reflect the depreciation charged to restricted funds for the use of assets. £4,000 of unrestricted funds were used for Ihe purchase of fixed asset addtions in the unreslricted property fund. Brought forward funding of £50,000 and £78,622, for the new SOS bus was Iransferred from restricted funds to support the purchase of the fixed asset addition. in the year. The reslricted fund includes funding for various projects undertaken by the charity. Additional detail of restricted income received. for the following areas, can be found in the notes below= Essex County Council North East Essex CCG Other Statutory funding Charitable Trusts, Foundation, Associations and Corporate Charities Page 49 OPEN ROAD VISIONS {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Slalement of funds (continued) Slalemenl of funds- prlor year Balance al 31 March 2023 Balance al l April 2022 Transfers in/oul Gains/ (Losses) Income Expenditure Unrestricted funds Designated funds Bus replacement Property repairlrenovalion IT and communications upgrade 85.000 65,000 150,000 75.000 75,000 20,000 20,000 180,000 65,000 245,000 General funds Unrestricted General lunds Property & fixed assets 563,936 281,541 {24,286) (115.000) 706,191 1,545,360 8,045 {10,582) (9,7821 1,533,041 2,109.296 289,586 134,868) {115,0001 {9,7821 2,239,232 Total Unrestricted funds 2,289.296 289,586 134,868) 150,0001 {9,7821 2,484,232 Balance al 31 March 2023 Balance al l April 2022 Transfers in/oul Gains/ (Losses) Income Expenditure Restrlcled funds Essex County Council North East Essex CCG 150,497 2,259,707 12,355,029) 50,000 105,175 110,187 176,757 (191.9441 95,000 Page 50 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Stalemenl of funds (contlnued) Stalemenl of funds - prior year (continued) Balance 21 31 March 2023 Balance al l April 2022 Transfers in/oul Gainsv (Losses) Income Expenditure Chelmsford City Council Colchester City Council Colchester Borough Homes Homeless prevention Mid Essex CCG - SOS Bus Chelmsford Night services. Charitable Trusts, Foundations, Associations and Corporate Charities North East London NHS Medway Council Forward Trust - Southend Young Persons Service Colchester Catalyst Clothworkers MHLGA- The Next Chapter and CHESS Pelley - Families Support National Lottery CF- Hidden Harm Project Medway Council Peer Support Project WHY 26.666 126,666) 8,232 25,964 133,5441 652 306 10.250 110,3061 250 25.000 (25,0001 13,745 139.312 (58.404) 94,653 6,148 19,946 171,429 239.715 (177,577) (259,661) 263,336 {260.666) 2,670 3,415 12,814) (10,582) 601 9,080 19,662 62,230 {54,559) 7,671 80,082 124,4681 55,614 9.999 19,999) 21,850 121,8501 Page 51 OPEN ROAD VISIONS (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Slalemenl of funds (continued) Slatement of funds - prior year (continued) Balance al 31 March 2023 Balance al l April 2022 Transfers in/oul Gains/ (Losses) Income Expenditure Epping Dislricl Council Job Coach Olher StatLrtory funding 25,376 116,5121 8,864 12,572 134,856 {87,467) 59,961 405,130 3,612,109 (3,627.048) 50,000 440,191 Balance al 31 March 2023 Balance al l April 2022 Transfers in/oul Gain& (Losses) Income Expenditure Tolal of funds 2,694,426 3,901,695 {3,661,916) {9,7821 2,924,423 Page 52 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Further funding delail - Essex County Council & North Easl Essex CCG Group Income Group Income Essex County Council All Age Recovery Coordination Service Individual Placement Support Criminal Justice Service Essex Appropriate Adult Service Employment Placement Services Chelmslord SOS Bus Night SeNice Additional Funding for SOS Chelmsford NTE Colchester SOS Bus Night Service Training Services Changing Futures se￿iCe Drug & Alcohol Street Support PHAB Clacton Engagement Worker Naloxone Service 1,307,548 253,194 302,250 205,220 114.000 25,000 19,098 57,OlXI 57,000 65,000 112,500 15,000 41,883 Suffolk and North East Essex CCG Colchester SOS Bus Night Service Street Outreach Icolchesterl Shells Outreach ITendring} Changing Futures 65,913 33,134 19,460 10,000 2.574,693 128,507 Page 53 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 23. Further funding detail - Others and Charftable Trusts Group Group Charllable Trusts & Corporate Funding Income Other Statutory Income Other Slalutory income The Mayor's Office For Policing and Crime Witham PCN Prescribed Medicalion Service Aegros Prescribed Medication Service Braintree SOS Bus Changing Futures Military Corrective Training Cenlre - Counselling and Iraining Charitable Trusts & Corporale Funding Income TDC Communities Minor Projects Southend YP SOS Bleed Kits Chalham Refurbishment - Fo￿ard Trust Chalham Refurbishment- Donations Chatham restricted donations Medway Yoga ECF- Joseph & Lillian Sully- Family Support Be Well Sail Ship- Clacton Allotment Essex Universty - Oulreach Worker Collyer Ferguson - Medway Young Persons Peer Mentor PFCC SOS Community Bus Colchester Sl Benedicts - SOS Bus Fowler Smith Jones.. Digital Media Support 78,500 11,265 36,807 14,500 14,260 2,500 1,909 1,000 40,000 1,500 3,276 2,040 5,000 900 40,000 5,000 15,000 1,000 2,500 155,332 121,625 Page 54 OPEN ROAD VISIONS (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Summary of funds Summary of funds- current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Income Expenditure Designated funds General funds Flestricted lunds 245,000 2.239,232 440.191 245,000 (53.431) 2,403,232 53.431 343,097 280,244 (62,813) 4.091,859 {4,242,384) 2,924,423 4.372,103 {4.305,19n 2,991,329 Summary of funds- prior year Balance al 31 March 2023 Balance al l Apnl 2022 Transfers in/oul Gains/ (Losses) Income Expenditure Designated funds General funds Restricted funds 180,000 2.109,296 405,130 65,000 (115,0001 50,000 245,000 19,7821 2,239,232 440,191 289,586 134,868) 3,612.109 (3,627,048) 2.694,426 3,901,695 {3,661,916) 19,7821 2,924,423 25. Analysls of net assels belween funds Analysis of net assels between lunds - current period Unrestricted Restricted funds funds 2024 2024 Tolal funds 2024 Tangible fixed assels Current assets Creditors due within one year Provisions for liabilities and charges 1,643,936 1.068,439 1,643,936 1,844,383 (432,847) (64,143) 775,944 1432,847) 164,143) Total 2.648,232 343,097 2,991,329 Page 55 OPEN ROAD VISIONS (A company Ilmlled by guaranlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Reconciliation of nel movement in funds to net cash flow from operaling aclivities Group 2024 Group 2023 Net income for the period {as per Statement of Financial Activities} 66,906 239,779 Adjuslments for: Depreciation charges Lossl{profitl on the sale of fixed assets Decreasellincrease) in debtors Decrease in creditors Interest received 21,727 10,582 (6,0251 1232,8421 1292,0251 123,1861 212,308 {145,202) {51,617) Net cash provided byl(used in) operating activities 104,122 1303,7171 27. Analysis of cash and cash equivalenls Group 2024 Group 2023 Cash in hand 1,584.342 1,561,225 Total cash and cash equlvalents 1,584,342 1,561,225 28. Analysis of changes In nel debt At 1 Aprll 2023 Cash flows Al 31 March 2024 Cash at bank and in hand 1,561,225 23.117 1,584,342 1,561,225 23,117 1,584,342 Page 56 OPEN ROAD VISIONS (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 29. Capital commitments Group 2024 Group 2023 Contracted for bul nol provided in these financial slatements Acquisition of tangible fixed assets 57,500 30. Pension commitments The group operales a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contribulions payable by ihe group to the fund and amounted to £54,923. £11,26212023 - £9,440) were payable lo the fund at the balance sheet date and are included in creditors. 31. Operatlng lease commitments At 31 March 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Company 2024 Company 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 83,482 122.161 350 61,084 47,350 83,482 122.161 350 61,084 47,350 205,993 108,434 205,993 108,434 The following lease payments have been recognised as an expense in the Statement of financial activities: Group 2024 Grou 2023 Company 2024 Company 2023 Operating lease rentals Changes in lease paymenls arising from COVID-19 related rent concessions 88,891 81,316 88,891 81,316 Page 57 OPEN ROAD VISIONS (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 32. Related party Iransactions Owing to the nalure of the Trust and the composition of the Board ol Trustees being drawn from local public and privale sector organisations. transactions may take place with organisations in which the Trustees have an interesl. All transactions involving such organisalions are conducted in accordance within the requirements of the Charity's constilutional documents and Charity Commission guidance. All funding has followed normal procedure within the donor entity. During the year, income was received from Aegros PCN of £33,057 for the provision of setvices. Trustee Caroline Dollery is the Clinical Director of Aegros PCN, a network of 6 GP surgeries in and around Chelmsford. During the year, the group incurred costs for legal services lotalling £589 from Birkett Long , a company in which Tim Field, a trustee, is a partner. At this and the preceding year end. there were no baances due to or from the charty, in relalion to any of the above. Total donations received, in this year, from related parties totalled £1,695 and had no conditions attached. This includes winning auction purchases at fundraising events. Page 58 OPEN ROAD VISIONS (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 33. Principal subsidiaries The following was a subsidiary undertaking of Ihe Company: Name Company number Registered office or principal Prlncipal activity place of business Open Road Solutions Limited 08417728 12 North Hill, Colchesler, C01 1DZ To act as the trading arm of Open Road Visions Class of shares Holding Included In consolidation Ordinary 1000/. Yes The financial results of the subsidiary for the year were: Name Income Expendilure ProfiV(Loss) I Surplusl {Deficit} for the year Net assets Open Road Solutions Limited 2,331.755 2,182,001 149.754 2.343 Page 59