2023-08-31-accounts

Registered number: 04358690 Charity number: 1103200

THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

CONTENTS

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1
Chair's Statement	2
Trustees' Report	3 - 18
Independent Auditors' Report on the Financial Statements	19 - 22
Statement of Financial Activities	23
Balance Sheet	24
Statement of Cash Flows	25
Notes to the Financial Statements	26 - 45

THE NR5 PROJECT (TRADING AS FUTURE PROJECTS)

(A Company Limited by Guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2023

Trustees	Mr M Stonard, Chair
	Mr B Keane
	Mr A Mavroudis
	Mr G J Nicholls
	Dr J Packman
	Mr A Darlow
	Dr L Hallett
	Mrs L P Araujo Deus Gil (appointed 13 March 2023)
Company registered number 04358690 Charity registered number 1103200 Registered office 168b Motum Road Norwich Norfolk NR5 8EG Management Mr D Childerhouse, Chief Executive Officer Mr M Chapman, Finance Manager Ms D Edwards, Head Teacher Ms D Watson, Operations Manager (resigned 12 December 2022) Ms Rumana Johnson, Operations Manager (appointed 12 June 2023) Ms G Richardson, Support Services Manager Chief executive officer Mr D Childerhouse Independent auditors Larking Gowen LLP Chartered Accountants 1st Floor, Prospect House Rouen Road Norwich NR1 1RE Bankers HSBC 34 London Road North Lowestoft Suffolk NR32 1EW

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

CHAIR STATEMENT FOR THE YEAR ENDED 31 AUGUST 2023

The chair presents his statement for the year.

Future Projects exists to tackle poverty, deprivation, and disadvantage in Norfolk, and in recent years it seems the challenges facing us and the voluntary sector as a whole have been relentless and insurmountable. The lingering effects of the global pandemic have stretched our healthcare system to its limits and further broadened health inequalities within poorer communities. The U.K.’s withdrawal from the European Union has removed vital funding for community services and we are all experiencing the widespread economic fallout of Brexit. The war in Ukraine and Climate Change are contributing to a cost of living crisis which continues to punish deprived communities the most. Central and Local government funding continues to fall below the levels needed to provide adequate public services, and many VCSE organisations have been unable to survive.

These are major external events over which the charity has no control, but the effects of which we exist to address. Our role is to act as a safety net for those who fall through the gaps in public and mainstream services – including those delivered by other voluntary sector organisations. The above issues are creating the perfect environment for complex and persistent crises in the most deprived communities of Norfolk. As a result, demand for our help is rising, but the funding and support we need to provide that help is not.

This paints a rather bleak picture, but the charity has adapted and performed incredibly well; this year has been our most successful both in terms of our reach and impact, and our financial sustainability. Thanks to the resilience, determination, and skill of our staff and volunteers we have delivered more education, training, advice and guidance, and volunteering opportunities than ever before. And we have done so to a higher standard than ever before, providing our beneficiaries with hope for the future in difficult times.

We have delivered life-changing trauma-informed support and learning opportunities for children with complex special needs. We have supported volunteers to build skills and have their voices heard through community radio, training and work experience opportunities. We have provided means of escape for women and children experiencing domestic abuse. We have helped rough sleepers off the streets and into their own homes. We have diverted women away from offending and prison. We have trained people to manage their finances and avoid crisis. We have helped people with disabilities to claim independence payments and other benefits to live fulfilled, enriched lives. We have helped people into employment after years of economic inactivity. We have helped with the cost of utilities and bills for those in crisis. We have prevented suicide attempts. We have put food on tables, and given warm, safe spaces to our most vulnerable. We have staved off eviction and homelessness. We have connected people to their neighbours and community activity where they have been clinically isolated. We have provided winter hampers for those in financial crisis over Christmas, giving children gifts and parents respite from crippling worry.

None of this would be possible without the support of our donors, partners, staff and volunteers and we extend our heartfelt thanks to them all.

As we look forward, we recognise there will be new and unknown challenges facing us and our communities in the years to come. But we remain confident that Future Projects is well placed to tackle these head-on and to pursue our vision of vibrant and strong communities, where everybody can live independent, safe and happy lives.

Thank you.

................................................ Michael Stonard - Chair of Trustees Michael Stonard - Chair of Trustees Date: Date: 30 Apr 2024

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 AUGUST 2023

The Trustees present their annual report together with the audited financial statements of the Charity for the 1 September 2022 to 31 August 2023. The Annual Report serves the purposes of both a trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

The Charity also trades under the name Future Projects.

Objectives and activities

a. Policies and objectives

Future Projects was founded in 2000 by two volunteers who had become increasingly frustrated at the social exclusion, poverty, and lack of support available in their local community. They recognised that the issues people faced on their local housing estate in Norwich – one of the most deprived in the U.K. – could not be resolved by simply addressing one problem at a time in isolation. So, they set about working with communities to understand their needs and ambitions, and to develop and deliver projects in youth work; education; media; and information, advice and guidance.

To ensure that the charity operates effectively, its Trustees and senior staff regularly monitor performance against established indicators, and assess progress towards meeting strategic objectives as outlined in the business plan and strategy. As a result, Future Projects remains on track and well-positioned to deliver on its long-term vision.

Mission: Our Mission is to tackle poverty, deprivation, and disadvantage in Norfolk.

Vision: Our Vision is of vibrant and strong communities where everybody can live independent, safe and happy lives.

Charitable Objects:

• To educate and assist young people through informal education and skills training activities so as to develop their physical, mental and social capacities that they may grow up to full maturity as individuals and in furtherance of these objectives to provide skills training programmes and other youth education.

• For the benefit of the public to develop the capacity and skills of members of the socially and economically disadvantaged communities of Norwich and the surrounding area and to advance the education of the members of the community of all ages. To provide opportunities for members of the community to participate fully in the life of their community in ways which address and alleviate social and economic disadvantage.

• To promote for the benefit of Norwich and the surrounding area the provision of community radio as a recreational facility for individuals who have need of such a facility by reason of youth, age, infirmity or disablement, financial hardship or social and economic circumstances, or for the public at large in the interest of social welfare and with the object of advancing education and the condition of life of said inhabitants.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities (continued)

Values

Organisational Values are the defining culture or guiding beliefs of an organisation – they dictate our behaviour and explain how we will go about our Mission.

Responsible: We act responsibly and hold ourselves to the highest standards in everything we do

Dedicated: We are relentlessly dedicated to our mission, care deeply for our work and our beneficiaries, and do not give up

Ambitious: We are demanding of ourselves and others; we set ambitious goals which push us and our beneficiaries to achieve more

Listening: We build meaningful relationships with the communities we serve and others by listening, understanding, and working together

Empowering: We are committed to empowering people to make sustainable change happen

Creative: We are open to new ideas, embrace change, take considered risks, and seek creative ways of finding solutions to society’s problems

Inclusive: We recognise and value diversity as it makes us stronger and more connected, and we strive to preserve a culture of inclusion and equity in everything we do

b. Main activities undertaken to further the Charity's purposes for the public benefit

The Trustees confirm that, in exercising their powers and duties, they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission. In particular, Trustees consider how the charity’s operations are consistent with and advance the stated charitable objects and aims.

Main activities undertaken to further the charity’s purpose for the public benefit fall under three core strands of activity:

Future Education: An Independent Special School for students who have social, emotional and mental health (SEMH) difficulties, including associated challenging behaviours. Many of the students that attend the school have additional special educational needs such as autistic spectrum disorder (ASD), attention deficit and hyperactive disorders (ADHD) and speech, language and communication difficulties.

Through the unique combination of academic and vocational study alongside a range of therapeutic support, our students re-engage with learning and acquire the skills and qualifications they need to go on to lead successful, fulfilled lives.

Future Support: A collection of specialist support services which help those most in need through hands-on support, advice and advocacy. The service is community-based and aimed at those who may fall between the gaps of other provision and suffer further hardship and disadvantage.

The help which Future Support provides spans a number of themes such as health, housing and homelessness, money management, welfare rights and benefits, education, training and employment, criminal justice, social isolation and wellbeing.

Future Radio 107.8fm: A Community Radio Station which engages the community, builds skills and provides opportunities through great music, conversation and people.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Objectives and activities (continued)

As Norwich’s Ofcom licenced Community Radio Station, Future Radio broadcasts 24 hours a day on FM, D.A.B and online and also delivers interactive workshops and broadcast training, and volunteering opportunities for up to 90 people each year.

The station is volunteer-led and supports participants to build transferrable skills and confidence, to create and broadcast radio shows, and to represent their communities - raising awareness of the issues, support and services available.

Future Radio is part of the cultural fabric of Norwich, reaching thousands of listeners and giving local artists a platform to develop and grow their talents whilst strengthening support networks in the community.

Achievements and performance

a. Key performance indicators

The Trustees regularly monitor and review Key Financial Performance Indicators including but not limited to: cash balances, cash flow forecasts, fundraising and income forecasts, profit and loss forecasts, and free cash reserve/liquidity needs through both the full board and Finance & Audit Committee.

Trustees undertake careful review of the charity’s risk policies alongside regular evaluation of the liquidity needs using a risk-based approach in line with Charity Commission guidance.

The charity’s financial health has continued to improve, with a significant surplus in-year and a healthy contribution to the development of free cash reserves for the first time in several years. However, it is important to note that the significant in-year accounting surplus is not reflected in cash balances due to ongoing investment in the charity’s assets to enable delivery of projects and services.

b. Review of activities

The charity has continued to deliver exceptional frontline services and support across Norfolk. We continue to contribute to local partnerships, working closely with other charities and private/public sector organisations to develop and deliver services, strengthen the voice of the VCSE sector, and to campaign for change. In line with the charity’s values we have played an active role in homelessness forums/networks; the independent schools forum; the Norwich good economy network; employment support partnerships; VCSE infrastructure groups; ICB health & wellbeing partnerships, and local community advice networks.

We continue to lead the way in the fair pay agenda, maintaining our real living wage accredited status, and supporting the Norwich living wage action group to campaign to make Norwich a living wage city.

Future Projects remains part of the Disability Confident employer scheme, and, having helped develop a good employer charter through our work on the Norwich Good Economy Network, we have made significant strides in ensuring all of our activity supports key principles such as environmental sustainability, equality, diversity and inclusion in the workplace, and fairy pay and conditions for employees.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance (continued)

Future Radio 107.8fm

Future Radio continues to broadcast 24 hours a day on FM, online and on D.A.B. to over 381,000 potential listeners in Norwich and the surrounding areas. The majority of the station’s output is locally produced, meaning it is reflective of our diverse and vibrant local communities and is focused on local issues and topics. Shows include coverage of sports, arts and culture, current affairs, local services, community activities and more. Specialist shows bring niche music and content to the communities of Norwich and enable us to reach those that others cannot; for example, foreign language shows enable us to raise awareness of important matters to nonEnglish speaking communities.

This year saw the station finally move into its new home at “The Box”, in the heart of the Catton Grove and Mile Cross housing estates in Norwich. Having dedicated studios and offices for our radio volunteers has enabled us to quickly re-establish community connections, bringing people together to share, learn and represent their communities around something tangible which they can be proud of.

In total we accommodated 91 volunteer roles in the station, with those volunteers giving a total of 9,240 hours to running Norwich’s Community Radio Station across the year – a 7.5% increase on the previous year. In terms of value to the charity, at the Real Living Wage this constitutes over £100,000 worth of support.

Our dedicated radio staff delivered specialist training to 67 volunteers in the year, supporting them to build their skills and confidence. They also undertook 399 supportive contacts and one-to-ones with volunteers to help promote positive wellbeing, to connect to opportunities, and to ensure they got the most out of their volunteer experience.

Over the course of the year, the station broadcasted 3,410 locally created radio shows, of which 2,147 were created by our very own volunteers. This represented over 8,200 hours of bespoke programming and output made by the people of Norwich, for the people of Norwich. Within this the station broadcasted over 2,200 hours of programming aimed at addressing the needs and interests of local communities, for example men’s mental health shows, loneliness and isolation shows, money management tips and so on.

The station also continued to support public and voluntary sector organisations to deliver important messages and information directly to the communities of Norwich. We broadcast over 850 public service announcements; promoted over 230 volunteering opportunities at partner charities; promoted local events over 3,500 times; and directly promoted our friends in the voluntary sector over 470 times through our broadcast output. We also accommodated almost 500 guests to appear on radio, facilitating them to take part, to promote their work/organisation/activity, and to contribute to the life of their community.

Future Radio supported local businesses by broadcasting 15,472 paid advertisements/promos throughout the year and this was given a boost through the recruitment of a new Advertising Coordinator with funding from Ofcom.

As part of our wider sustainability plans we ran our first “FutureFest” community festival in Norwich in the summer of 2023. The event was a great success, offering local artists a platform to perform, raising awareness of the work of the charity, and raising much needed funds to support the station.

For the fourth year running the station was the focal point of the Norwich Living Wage Week celebrations; hosting discussions, raising awareness, bringing together cross-sector partners, and promoting fair pay using the station’s broadcast and online platforms. The station also continued to support wider initiatives around homelessness, justice, loneliness and isolation, employment support and community development through its broadcast and online output and community activity.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance (continued)

As part of the Money Matters project delivered in Future Support, the station produced dozens of radio shows and podcasts to provide listeners with money saving tips and information to help navigate the current cost of living pressures. This included interviews with professionals, money management experts, and financial services firms. We also developed and shared a toolkit for building and funding similar projects, and distributed this nationally to community radio stations via the Community Media Association.

With the disruption of Covid a thing of the past, the station was able to re-establish its Volunteer Steering Group, ensuring that the station is clearly accountable to, and engaged with both its volunteer base and wider community. The Steering Group plays an active role in decision making, supporting the station to continue to meet the needs of local communities and provide opportunities which are of benefit to those in need.

Future Support

Future Support continued to deliver crucial advice, guidance and advocacy for communities across Norfolk, despite the challenges arising from the cost of living crisis placing significant pressure on the team. Future Support is a collection of services which operate across the county in response to local needs:

Baseline

From the Baseline Centre in one of Norwich’s most deprived areas, our small support team worked with 245 clients – an increase of 30% on the year before.

The small team delivered 902 support interventions across themes such as health, housing, welfare rights, finance, and wellbeing. This enabled clients to benefit from 708 positive outcomes, improving their lives and moving toward independence. Given the size of the team – less than 2FTE this represents exceptional output and has had an indescribable impact on local residents in one of England’s most deprived areas.

The Baseline Centre was refurbished in-year, providing a fresh, welcoming environment for members of the local community to access support, community meals, refreshments, and information. This served as a springboard for our wider work on supporting communities through the cost of living pressures they faced this year as described below.

Community Fridge, Food, and Warm Hub Provision

From the Baseline Centre, and alongside our advice and guidance work, we continued to focus on supporting vulnerable people with food, daily essentials, and a safe, warm space to stay in colder months.

We distributed 117 vouchers for the Foodbank, and supported 208 people to take provisions from our community fridge – those people being ineligible for support from the Foodbank and having nowhere else to turn. In addition to this, we provided 982 free, warm, nutritious meals to families going hungry from our community café in the centre.

We opened our Centre as a “warm hub” throughout the colder months, giving local residents a safe, warm and welcoming place to be where they could meet others over a cup of coffee, and if needed access support.

Winter Hampers and Household Support

Each Christmas Future Support coordinates the winter hamper appeal, drawing in financial donations and food, gifts, and basic essentials to provide hampers to those experiencing financial hardship in deprived communities.

This year we received an enormous £42,000 match funded donation from Aviva staff alongside donations from West Norwich Lions, E-Fire, Cladspray Solutions, R.G. Durrant and Sons and Bristow’s Helicopters. In addition, we received food and essentials from Waites & Stone Haulage, Phoenix Events East, Balloons & Bakes, Dunelm, Buckinghamshire Emergency Food Appeal, Cotman Housing, Due Fratelli, Norwich Foodbank and the Trussel Trust.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance (continued)

This enabled us to deliver not just winter hampers, but follow-up support and advice to those in receipt throughout the year. In total, we were able to deliver 282 Hampers to those most in need – reaching and providing vital food for over 737 people.

For those without access to kitchens and cooking facilities (including street homeless, those in the winter night shelter, those in emergency accommodation etc.) we provided three hundred £10 vouchers for the FEED CIC so they could access food and provisions over the Christmas period.

With funding from Norfolk Community Foundation’s Household Support Fund, we provided 188 fuel/utility vouchers worth £50 each to people in need over the colder months. Through this initiative we could ensure that families remained warm and well in their homes.

Wonder+

We continue to work closely with our partners at the national charity St. Giles Trust and the Police and Crime Commissioner on the WONDER+ project. The Women of Norfolk Diversion Engagement and Rehabilitation project (WONDER) is aimed at helping vulnerable women with complex needs at risk of offending or in police custody to access services and support to address the root causes of their offending, whilst addressing their vulnerabilities and challenges. This project worked with 378 women in the year, delivering 1,048 support interventions and achieving 1,377 positive outcomes in areas such as finance, benefits and health and wellbeing – all areas closely linked to the root causes of offending.

Pathways

Future Projects continues to be a member of ‘Pathways Norwich’ – a partnership working to address rough sleeping with Shelter, YMCA Norfolk, St Martins Housing, the Salvation Army, the Magdalen Group, the Feed CIC and Norwich City Council. Our focus in this project is around supporting former rough sleepers to transition to their own accommodation and to maintain their tenancies in the longer term.

In the year our resettlement team worked with 50 people experiencing homelessness, supporting 23 of those to secure new tenancies and move off the street.

Our Tenancy support team, which picks up ongoing support with former rough sleepers to ensure they can remain in their homes, worked with 55 people, supporting 52 to sustain their tenancy independently.

In the year, the team issued 26 “Moving Out Starter Kits” with all the essentials needed to help rough sleepers move into their new accommodation and get settled. These included items such as pots and pans, cutlery, crockery, tea towels, washing up bowl, kettle, duvet or sleeping bag – all the small things most of us take for granted but which are essential to settling somebody into their new home and sustaining their tenancy.

– Norfolk Community College Employment Support

We continued to work in partnership with East Coast College, Voluntary Norfolk, Access Community Trust and a range of local providers to deliver the Norfolk Community College Employment Project. Co-financed by the European Social Fund and the Big Lottery Building Better Opportunities fund, the project is an employability programme for economically inactive adults over 25 who are furthest from the labour market in Norfolk. Our Employment Development Workers supported extremely complex clients across Norfolk, providing advice, guidance, wellbeing support and practical help to move closer to work. As the project drew to a close due to withdrawal of ESF funding, we completed a successful transition, ensuring clients were supported into work, training or other means of support before ceasing delivery in June.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance (continued)

Money Matters

Our Aviva Money Matters Project delivers money management advice, financial literacy training and money saving tips and information (via Future Radio) to those experiencing financial hardship. The project was extended in 2022 having had a remarkable impact for those in need. The service supported a impressive 136 clients with 483 support interventions, achieving 454 positive financial resilience-based outcomes such as overcoming problem debt or addressing rent arrears.

CAN Connect - Loneliness and Social Isolation

Working in partnership with Community Action Norfolk (CAN) we continue to deliver social isolation services in the North Norfolk and Breckland areas of the county. Our small teams work with marginalised and isolated people within their communities to build confidence, and to connect them to community services and support such as befriending services, community groups, volunteer opportunities and employment.

The team received 355 referrals into the service in the year, with 216 of those engaging with support from the team. In total, the team provided loneliness and isolation support to 251 people, 163 of whom had some form of disability and 22 of whom were fully homebound.

CHANCES – Employment Support

We continued with the CHANCES project in partnership with Norfolk County Council, Citizens Advice Bureau, and Voluntary Norfolk. The CHANCES project delivers personalised employment support to people in Norfolk, predominantly those furthest from the labour market and those with health conditions, low confidence or skills which act as a barrier to employment. The team supported 287 clients with practical help, advice, and wellbeing interventions, resulting in 78 moving into secure employment, and 42 moving into education or training.

Your Big Ideas Project Completion

The YBI project saw us work in partnership with East Coast College to develop a comprehensive package of training courses linked to the VCSE Sector skills needs. In addition to strengthening our existing training offer, we now have a quality framework for the provision of training to the VCSE sector which supports accreditation with our partners at East Coast College.

Inclusive Economy Project Completion December marked the end of the Inclusive Economy Project in partnership with East Coast College. As a time-limited piece of work, our role in this project was to support prereferrals to employment support programmes in Norfolk by working with those furthest from the labour market to in readiness for further training and employment search.

Future Education

Future Education has continued to provide education to up to 44 children aged 13-16 who have special educational needs or disabilities. The broad but personalised curriculum, high levels of 1-2-1 support and therapeutic approach has continued to help vulnerable young people to make the transition to confident young adults with some exceptional results.

Students in the school have continued to present increasingly complex needs which reflect the childhood trauma and medical needs of each individual – all of which appear to have been compounded by the long-term effects of the pandemic. To address this the leadership team has continued to transform both the culture and therapeutic approaches embedded in the school which are both now centred around trauma-informed practices. As a result, the school is now widely recognised as a leading SEND school in Norfolk and is in high demand for placements with a waiting list of referrals at times.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance (continued)

Leadership in the school has continued to transform the design and delivery of the curriculum, with greater focus on sequential learning, bespoke vocational and academic offers, reading as an enabler, and flexible ways of learning which suit each individual child. As a result of these improvements the school is seeing significantly higher attendance, lower instances of behavioural issues, significantly reduced suspensions, greater engagement and improved academic progress among students.

The delivery of significant ongoing improvements has been recognised in both Local Authority Quality Assurance visits, and via an Ofsted Monitoring Inspection in May 2023 – the outcome of which being that Future Education meets all of the Education (Independent School Standards) Regulations 2014.

The school’s vocational offer is now fully embedded following the investment in new classrooms enabling more on-site provision under the school’s occupational studies programme. Students can now participate in landbased studies; construction and engineering; motor vehicle maintenance; hospitality and catering; design, media and technology; office and business; sport, leisure and tourism; hairdressing and beauty; and employability and social development studies. These programmes offer students significant opportunity to build skills linked to their employment ambitions which is a key focus of our role in preparing them for adulthood. As a result of bringing this provision in-house, attendance and engagement has improved, enabling staff to have a greater impact with students who would otherwise disengage.

Throughout the year the school continued to develop bespoke one-to-one learning offers for students with highly complex needs who would not be successful in a classroom with others. At the request of our commissioners at the Local Authority, we were able to develop individualised learning packages which support children who have been out of education, sometimes for years, to build their confidence and return to learning. Working with the local authority, we have repurposed the disused Children’s Centre adjacent to the school site specifically for our new one-to-one provision, giving children an element of control over their environment and enabling them to create calm, safe places best suited to their individual needs.

The school has continued to build upon its links with the rest of the charity, leveraging support from both Future Radio and Future Support to enhance the services it provides students and their families. The family of every student continues to have the opportunity to access a dedicated support worker to provide advice and guidance and to help access resources and support to improve the situation at home; we recognise that every child benefits from a stable and safe home environment.

Future Radio has also provided work experience placements for students as part of their post-16 progression plans, helping to build digital and personal skills suited to the workplace in a real live radio station.

The school continues to develop its therapeutic offer, utilising internal and external professional expertise to provide speech and language therapy, music therapy, Lego therapy and art therapy alongside emotional literacy and wellbeing support. This provision permeates the school’s offer, and focuses on addressing underlying needs and issues which act as a barrier to engagement and learning.

Pupil Premium Grant is provided for pupils from low income backgrounds to enable them to close the gap in attainment and progress between them and their peers. Our grant was used to improve literacy and numeracy, to improve attendance, and to help individual pupils overcome the social, emotional and mental health barriers which prevent them from effectively engaging in learning. Interventions provided under this funding include speech and language therapy, music therapy, art therapy, and one to one learning support in-class.

Future Education has changed countless young lives and continues to explore new and creative ways of helping children with special educational needs to heal and grow into adults that fulfil their full potential.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance (continued)

Financial review

a. Going concern

The Trustees have considered the Charity’s position at the time of signing the financial statements, and in particular the impact of declining large-scale funds, the long-term effects of COVID-19, and the rising cost of living. These factors were considered for their potential to affect the demand for the Charity's services and its operating environment.

Having considered the Charity’s financial strength, together with the range of measures the Trustees could take to mitigate ongoing costs should they need to, the Trustees are confident that the Charity is well positioned to continue to deliver its vital services in the short and medium term. Based on this, the Trustees have concluded that they have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

b. Principal risks and uncertainties

Trustees have a duty to identify and review the risks which the charity is - or could be - exposed to and to ensure proper controls are in place to mitigate those risks. The charity’s risk register, and risk policy are regularly reviewed to ensure they continue to meet the needs of the charity, and risk is a key consideration in strategic planning and monitoring of the charity’s activity.

Trustees acknowledge the prevailing uncertainty in the political landscape with the anticipated general election likely to delay any significant changes to the funding environment and public services in general. The effectiveness of risk management and continuity plans are under regular review and Trustees note the strong strategic positioning of the charity as a key mitigation.

Trustees determine the principal risks to the charity to be:

• External – change in local government policy affecting commissioning of Future Education

• Regulatory – failure to meet the significant regulatory requirements in respect of Future Education

• Financial – lack of sufficient free cash reserves and liquidity to manage risk

• Operational – safeguarding risks arising from the charity’s work with highly vulnerable children/adults

• Governance – lack of oversight and adequate control by the Trustee board

The highest risk facing the charity arises from changes in the Local Authority’s commissioning plans in regard to Independent schools for children with SEND which will, if carried out in full, significantly affect the number of student placements available within 3-4 years. The charity’s Trustees, Future Education’s Board of Governors, and the Senior Leadership team have undertaken extensive planning in response, and keep under review the development and implementation of these plans.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

c. Reserves policy

Trustees have examined the charity’s requirements for reserves in light of the main risks to the organisation. Trustees have established a policy that the charity’s free cash reserves (being the unrestricted funds excluding those represented by tangible fixed assets) should represent sufficient capital to provide for the financing of a controlled reduction in the scope of the charity’s operations in the event of a significant, irrecoverable drop in funding, as well as discharging all financial and contractual liabilities.

At 31 August 2023 total funds amounted to £685,615 (2022: £438,294). The charity has unrestricted funds of £515,035 (2022: £306,095) and restricted funds of £170,580 (2022: £132,199).

The free reserves of the charity at 31 August 2023 (consisting of unrestricted funds excluding fixed assets) amounted to £56,265 (2022: £-73,069).

Trustees have, via the Free Cash Reserves Policy, established an ambitious annual surplus target of at least £100,000. This target has been integrated into the charity’s annual budget plan and performance is reviewed at each Trustee board meeting. The charity’s cash position fluctuates throughout the year but is significantly improved on previous years.

Trustees recognise that the achievement of a significant accounting surplus in year may provide a misleading view of the charity’s financial position. Trustees note the significant investment in the charity’s premises, and refurbishment works to secure long-term income, and recognise that these costs will be depreciated over several years in the charity’s accounts.

d. Factors likely to affect financial performance

The conflict in Ukraine, coupled with the developing impact of Brexit and the cost of living crisis is highly likely to affect the financial performance of the charity in the months and years to come. Increased demand for the charity’s services, unpredictable and rising costs, and wage pressures are likely to have a long-term impact on the charity’s financial health if not mitigated and carefully managed.

With the withdrawal of European Social Funds in autumn 2023, and no prospect of renewal as a result of the U.K.’s decision to leave the European Union, the charity’s income will likely decline in the next financial year and additional pressure will be placed on our wider services as the vacuum in provision becomes apparent.

The most significant factor likely to affect financial performance going forward is the enrolment of students at Future Education. Pupil placements funded by Norfolk County Council are the charity’s largest source of income and any significant reduction is likely to affect the operation of the whole charity. Whilst demand for placements currently exceeds the school’s capacity, a significant risk exists with Norfolk County Council’s Local First Inclusion Programme which, with multi-year funding from the DfE, will seek to transform SEN education and support across the county. Specifically, the plan includes a major reduction in reliance on the Independent sector, gradually reducing the number of students enrolled in Independent schools across Norfolk from c900 to c100 over the next 5 years. As such, this is likely to have a significant impact on enrolments, and therefore the financial performance of the charity in the long term if unmitigated.

However, at the time of writing, demand for SEND education and support remains significantly above supply and Future Education is at full capacity.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

e. Financial effect of significant developments

The charity has undergone a period of structured growth, leading to a relatively significant increase in income in recent years. With growth come risks; Trustees are aware of the need to reinvest in organisational capacity and staff capability to enable consolidation and growth to take place sustainably. Trustees are also mindful of the risk of over-reach and carefully consider the impact of service growth on staff, beneficiaries, finances, and reputation.

It is expected that the charity’s income will reach its peak in this financial year before reducing slightly in 2023/24. As such, significant work has been undertaken to ensure the charity is insulated from risk and costs arising from these short term fluctuations in income and size.

f. Principal sources of funding

The charity’s principal source of funding in 2022/23 was from Norfolk and Suffolk County Councils in service fees for pupil placements at Future Education. This source of funding amounts to £1,916,752 for school fees and £26,282 of additional grants. An additional £23,875 was received in restricted funds for pupil premium grants.

The charity’s second largest funding source is European Social Funding (ESF) CHANCES project distributed via Norfolk County Council amounting to £255,427.

Other major sources of income are detailed throughout this report.

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Trust deed. The company is constituted under a Trust deed and is a registered charity number 1103200.

The principal object of the company is to address severe and multiple deprivation in Norfolk by providing high quality, community-services which promote employment, education, health, skills, physical and mental wellbeing, and improved life chances.

b. Methods of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

Trustees review the composition and activity of the board on an annual basis to ensure it continues to meet the needs of the charity. Trustees consider the results of governance reviews, skills audits, management reports, and other factors such as representation, equality and diversity, strategic plans and the needs of beneficiaries.

c. Policies adopted for the induction and training of Trustees

Trustees are recruited on the basis of their skills, knowledge and experience to enhance and support delivery of the charity’s plans. All newly appointed Trustees are provided with inductions which include their obligations under charity law, the contents of the Memorandum and Articles of Association, decision making processes, strategic plans and the operational and financial performance of the charity.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management (continued)

d. Pay policy for senior staff

Trustees have implemented a remuneration policy for employees which considers internal and external benchmarking and other factors such as pay differentials, market conditions, and responsibilities to set pay.

Trustees review and determine staff pay annually, including senior staff. In making decisions on pay, Trustees consider financial performance, affordability, external factors, and potential risks to the charity and its operations.

e. Organisational structure and decision making

The charity is governed by a board of Trustees which meets every three months and is responsible for managing the charity and supervising its operations in accordance with its stated charitable objects.

The Chief Executive Officer is responsible to Trustees for both the day to day operations of the charity and its development.

Trustees have established committees/boards to support decision making and discharge their duties in areas such as Finance and Audit, and School Governance.

Decision making, and limits of authority are outlined in the charity’s Scheme of Delegation as agreed by Trustees.

f. Trustees' indemnities

The charity has obtained risk protection for trustees against loss for which they are personally liable for actual or alleged error, misstatement, misleading statement, act, omission, neglect or breach of duty, breach of trust, libel, slander, breach of contract, breach of warranty of authority, or other act actually or allegedly committed or attempted in their capacity as a trustee of the organisation. The limit of the indemnity is £100,000.

Plans for future periods

Trustees take an active role in developing the charity’s strategic plans, working closely with senior management to review progress and set ambitious objectives in furtherance of the charity’s stated aims. The current Strategy is nearing completion and the next strategic planning cycle will commence in the next financial year.

We remain focused on the four key objectives:

• Consolidating recent growth, and ensuring the charity operates sustainably

• Improving the quality, effectiveness and impact of services

• Improving financial strength and resilience

• Developing the charity’s profile and role as a leader within the sector

Our strategic ambition at the end of 2024 is to be well known as a leading charity in Norfolk which delivers first class services that are resilient, effective, sustainable and deliver the best possible outcomes for people in need.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Plans for future periods (continued)

a. Future developments

Future Radio:

In early 2023, we were excited to move Future Radio to its brand-new home at The Box, located in the Catton Grove neighbourhood of Norwich. This fresh space with its top-notch studio facilities will enable us to connect with even more people and expand our volunteer community. We're committed to showcasing a diverse range of voices and perspectives as we seek to reach back out into communities again.

After this we will expand the broadcast reach of the station by moving onto the D.A.B Multiplex in Cambridge and King’s Lynn. This will increase our potential listeners from 381,000 at present to around 680,000 and we intend to capitalise on this commercially to support the station’s sustainability.

In our ongoing efforts to bolster local businesses and generate revenue to cover the station's operational costs, we plan to enhance and grow our commercial activities. Recognising the gap left by public and national broadcasters in terms of locally-produced radio content, we aim to establish our station as THE radio station for Norwich, instead of the local alternative. We will also engage in more local events, celebrating the life of our community, raising awareness of our work, and raising much needed funds to support the station.

We remain committed to promoting local initiatives that align with our goals through both on-air and online platforms. Some examples include supporting the campaign to make Norwich a Living Wage Place, contributing to the Good Economy Network’s activity, and celebrating the outstanding achievements of our partners and colleagues in the Voluntary, Community, and Social Enterprise (VCSE) sector.

We will continue to develop and run special projects to meet the needs of our communities, with a particular focus on addressing the impact of the cost of living and endemic mental health crisis; we will develop podcasts and radio shows with information on money management, mental health resources and more. We will raise awareness of services and support for those experiencing hardship and will work with colleagues at Future Support to deliver training and skills workshops in the community so that those experiencing hardship can manage independently. We will seek to grow this work further to provide greater direct support with integrated mental health support and radio opportunities.

We will continue to develop our training offer and will utilise this as both a source of unrestricted commercial income, and also a means of developing the skills of the communities, charities and businesses of Norwich. This will include training to build digital skills, confidence and wellbeing, work skills and life skills through radio activity. We will utilise this training to support more volunteers than ever before, offering positive outcomes in areas such as health & wellbeing, digital skills, skills for work and skills for life.

We will build on the work of the Steering Group, providing a forum for creativity and leadership at the station.

We will support Future Education by providing work experience placements, training and support for students with SEND, and we will seek to expand this to a wider cohort through partnerships with other organisations. We will also develop a library of local careers podcasts to shine a light on key figures in local business and to provide children in the school with a stronger understanding of their career pathways and opportunities in various sectors and industries locally.

Future Support:

In 2023/24 we will focus on evidencing the value and impact of our support services through independent evaluation, and by achieving advice quality standard accreditation. We will also join Advice UK – a recognised national body for advice and guidance services. In undertaking this we will rigorously review, evaluate, and improve our systems of work, continuing our journey of ongoing improvement, and providing funders, commissioners and service uses with confidence in our work.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Plans for future periods (continued)

In 2023/24 we will complete an orderly and managed close-down of the CHANCES employment support programme to ensure clients remain appropriately supported or signposted to other services. We will make plans to do the same for other projects with funding set to cease in-year although we will continue to seek succession funding to maintain this important work.

We will seek to capitalise on commercial income opportunities by exploring facilities hire and establishing a charity shop in the NR5 postcode area. This will provide much needed unrestricted income, and will offer local residents easy access to low cost everyday items and services in their community.

We will kickstart our volunteering programme to provide local residents and members of the wider community with opportunities to get involved, build their skills and move forward in their lives. We will build a well-trained, supported team of volunteers that will complement our activity, enabling frontline staff to focus on more complex support work.

We will continue to focus on meeting the priority needs of our most deprived communities: providing food and everyday essentials, delivering mental health support groups, supporting with utilities and fuel costs, providing community meals, maintaining a warm hub, and providing social opportunities for people to come together.

We will continue to maintain and grow our reputation for excellence among support services by focusing solely on achieving the best possible outcomes for our beneficiaries. We continue to aim to be the partner of choice for others and will work flexibly to deliver in areas and across themes that others cannot or will not.

We will continue to focus on leading others in the sector to develop and deliver services often in partnership, to meet current and future need. To do this we will continue to engage with our communities to better understand their strengths and needs, and respond by delivering new projects and services – particularly in regard to money management, crisis support and preventative programmes aimed at addressing the cost of living challenges facing the most deprived communities of Norfolk.

Future Education:

We continue to work towards our over-arching aim of establishing the school as a high-quality provider within the Special Educational Needs and Disability landscape in Norfolk, which is first choice for pupils, their families, and commissioners/education professionals alike. The foundations for this are now in place and our progress is evidenced through self-assessment, external inspections, and strong governance. However, we will not allow our rate of progress to slow.

Having met the independent school standards in full, we will turn our attention to transitioning from Ofsted to the Independent Schools Inspectorate (ISI) so that we can pursue our aim of better evidencing the quality and safety of our provision. This will support parents and commissioners to make informed choices, and will strengthen the sustainability of the school in the long-term. Governors are acutely aware of the importance of these milestones in securing the future of the school and the best outcomes possible for students.

In conjunction with the above, the school will seek to mitigate potential changes in the commissioning environment as the Local Authority appears to wish to move away from Independent provision for SEND school placements. This will involve the ongoing development of our trauma-informed approach and ensuring this is fully embedded in all areas of the school (safeguarding, behaviour management, curriculum planning, teaching and learning and so on).

We will continue to strengthen the Quality of Education, and measuring the impact of the school’s activity on its students over time. This will include reviews of the curriculum, teaching practise, planning and preparation, and internal standards and monitoring.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Plans for future periods (continued)

Having broadened our vocational offer and installed new learning space and facilities, we will consolidate these aspects of the curriculum ensuring students have access to top-notch practical learning experiences aligned with their post-16 progression plans.

We remain dedicated to providing therapeutic support for our students, ensuring their individual needs are met and they can effectively engage in the learning process. Having made substantial investments in Special Educational Needs and Disabilities (SEND) and safeguarding resources and capacity, we now aim to focus on the professional development of our teachers and leaders. This will help us achieve continuous improvements and establish consistent, high-quality practises in everything the school does.

We will also invest in the school estate, improving the quality of teaching and learning facilities to better support the engagement and therapeutic development of our students; we will ensure the school is a wonderful and welcoming place that young people want to attend everyday as part of their journey to heal, learn and grow.

Finally, we will promote the work we do and the impact we have on our students and wider community more effectively. We recognise that this is a key weakness – our work is inspirational and the impact on children lifechanging, but we do not share this widely enough or well enough. We will develop a clear focus on telling the story of the school and its students so that everybody understands our work.

Funds held as custodian

The charity does not hold any funds as custodian.

Members Liability

The members of the company agree to contribute an amount not exceeding £1 to the assets of charity in the event of winding up.

Fundraising

Our fundraising activity is carried out by the core staff team, and Future Projects does not employ professional telephone or street fundraisers or commercial participators to carry out fundraising activities. Future Projects has engaged a consultant to provide practical advice and support in the development of income generation activity and systems/processes.

Future Projects complies with all relevant statutory regulations, including the Charities Act 2011, the Data Protection Act 1998, and the Privacy and Electronic Communications Regulations 2003. We always seek to act in ways that are legal, open, honest and respectful – striving for best practice in fundraising by complying with a range of codes of practice, including being registered with the Fundraising Regulator, and adhering to its Code of Fundraising Practice and Fundraising Promise.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

We are careful to monitor our fundraising activities and provide supporters with help and information via our website, email, phone and post.

We have a documented complaints policy, and record and respond to all complaints. There has been no failure, and we have received no complaints, with regard to the fundraising activity carried out by the charity.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Mr M Stonard a Chair of Trustees Chair of Trustees

Date: Date:

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NR5 PROJECT (TRADING AS FUTURE PROJECTS)

Opinion

We have audited the financial statements of The NR5 Project (Trading as Future Projects) (the 'charity') for the year ended 31 August 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 August 2023 and of its incoming resources and application of resources, including its income and expenditure for 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 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 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 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.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

• the Trustees' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which 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 prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (CONTINUED)

Responsibilities of trustees

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

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Due to the field in which the Charity operates, we identified the following areas as those most likely to have a material impact on the financial statements: health and safety; employment laws; GDPR, safeguarding, serious incident reporting and compliance with the UK Companies Act.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• Enquiries with management about any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraud;

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Challenging assumptions and judgements made by management in their significant accounting estimates; and

• Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness.

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (CONTINUED)

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 Auditors' Report.

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 its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Giles Giles Kerkham FCA DChA (Senior Statutory Auditor) Kerkham FCA DChA (Senior Statutory Auditor) for for and on behalf of and on behalf of Larking Larking Gowen LLP Gowen LLP Chartered Chartered Accountants Accountants Statutory Statutory Auditors Auditors 1st Floor, Prospect House 1st Floor, Prospect House Rouen Rouen Road Road Norwich Norwich NR1 NR1 1RE 1RE

Date: Date: 02 May 2024

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Note Income from: Donations and legacies 3 Charitable activities 4 Investments 6 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 56,183 2,495,521 4,656 2,556,360 2,347,420 2,347,420 208,940 306,095 208,940 515,035	Restricted funds 2023 £ - 387,558 - 387,558 349,177 349,177 38,381 132,199 38,381 170,580	Total funds 2023 £ 56,183 2,883,079 4,656 2,943,918 2,696,597 2,696,597 247,321 438,294 247,321 685,615	Total funds 2022 £ 4,645 2,341,393 107 2,346,145
				2,283,200 2,283,200
				62,945
				375,349 62,945 438,294

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 26 to 45 form part of these financial statements.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) REGISTERED NUMBER: 04358690

BALANCE SHEET AS AT 31 AUGUST 2023

			2023	2023	2022
	Note		£		£
Fixed assets
Tangible assets	11		460,775		383,130
Current assets
Debtors	12	260,457		530,979
Cash at bank and in hand		677,951		145,383
		938,408		676,362
Creditors: amounts falling due within one
year	13	(713,568)		(621,198)
Net current assets			224,840		55,164
Total assets less current liabilities			685,615		438,294
Total net assets			685,615		438,294
Charity funds
Restricted funds	14		170,580		132,199
Unrestricted funds	14		515,035		306,095
Total funds			685,615		438,294

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Mr M Stonard ao Chair of Trustees Chair of Trustees

Date: Date:

The notes on pages 26 to 45 form part of these financial statements.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023

Note Cash flows from operating activities Net cash used in operating activities 17 Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 18 The notes on pages 26 to 45 form part of these financial statements	2023 £ 676,239 - (143,671) (143,671) 532,568 145,383 677,951	2022 £ (98,936) 400 (81,168) (80,768) (179,704) 325,087 145,383

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1. General information

The NR5 Project Ltd is a private company limited by guarantee and incorporated in England and Wales, registration number 04358690. The registered office is 168b Motum Road, Norwich, Norfolk, NR5 8EG.

The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The NR5 Project (Trading as Future Projects) meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees have considered the Charity’s position at the time of signing the financial statements, and in particular inflation rises and their impact on the demand for the Charity’s services, on its funders and on the wider economy. Having considered the Charity’s financial strength, together with the range of measures the Charity could take to mitigate ongoing costs should it need to, they are confident that the Charity is well positioned to continue to deliver its vital services in the short and medium term.

Based on this, the Trustees have concluded that they have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and we therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated 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 activities on a basis consistent with the use of resources. Core costs are apportioned to activities in proportion to income.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company; this is normally upon notification of the interest paid or payable by the bank.

2.6 Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

• Long-term leasehold property Straight line basis over the lease term Motor vehicles - 20% reducing balance - Fixtures and fittings 20% straight line - Office equipment 20% straight line

2.7 Debtors

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.

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.9 Liabilities and provisions

Liabilities and provisions are recognised when there is an obligation at 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 of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to 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 amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability.

The unwinding of the discount is recognised within interest payable and similar charges.

2.10 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

2. Accounting policies (continued)

2.13 Critical accounting estimates and areas of judgement

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Useful economic lives of tangible assets

The depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of that asset. See 2.6 for the useful economic lives of property, plant and equipment for each class of asset and note 11 for the carrying amount.

I mpairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors, management considers factors such as the current credit rating of the debtor, the ageing profile of the debtors and historical experience. See note 12 for the carrying amount of the debtors.

3. Income from donations

Unrestricted funds 2023 £ Donations 56,183 Unrestricted funds 2022 £ Donations 4,645	Total funds 2023 £ 56,183
	Total funds 2022 £ 4,645

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

4. Income from charitable activities

Unrestricted funds 2023 £ Radio 73,315 School 2,023,889 Future Support 398,317 Total 2023 2,495,521 Unrestricted funds 2022 £ Radio 63,795 School 1,563,832 Future Support 305,870 Total 2022 1,933,497	Restricted funds 2023 £ - 23,875 363,683 387,558 Restricted funds 2022 £ 9,085 24,830 373,981 407,896	Total funds 2023 £ 73,315 2,047,764 762,000 2,883,079
		Total funds 2022 £ 72,880 1,588,662 679,851 2,341,393

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

5. Grants received

Unrestricted funds 2023 £ Big Lottery Fund and ESF Building Better Opportunities - Big Lottery Fund and ESF Chances - Pathways Resettlement 63,427 Wonder+ 30,769 Community Action Norfolk - Social Isolation 130,455 Pupil Premium - Norfolk Community Foundation - Empowering Communities for Winter Resilience 9,070 Norfolk Community Foundation - Household Support Fund - Norfolk Community Foundation - Empowering Communities for Mental Health 4,182 Norfolk Community Foundation - Warm Hub 2,000 Pathways Tenancy* 99,637 NCC - Virtual School 350 NCC - Equipment 300 NCC - Norfolk Social Infrastructure Fund 18,073 Ofcom Community Radio Fund 5,978 UK Community Renewal Fund - Inclusive Economy - Aviva Money Matters 32,789 DFE Covid Recovery Premium 17,526 Radio Box Move 30,433 444,989	Restricted funds 2023 £ 90,055 255,427 - - - 23,875 - 9,400 - - - - - - - 8,801 - - - 387,558	Total 2023 £ 90,055 255,427 63,427 30,769 130,455 23,875 9,070 9,400 4,182 2,000 99,637 350 300 18,073 5,978 8,801 32,789 17,526 30,433 832,547

• Service level agreements.

In the above note the grants are spread over the 3 charitable activities of Radio, School, Future Support and Government funding for coronavirus.

The split is as follows: Radio: £ 24,525 School: £ 36,411 Future Support: £771,611

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Big Lottery Fund and ESF Building Better Opportunities Big Lottery Fund and ESF Chances Pathways Resettlement Apprentice Incentive Grant Wonder+ Arnold Clark Mini Futures Community Action Norfolk - Social Isolation Pupil Premium Norfolk Community Foundation Big Idea Fund Norfolk Community Foundation Household Support Fund Pathways Tenancy* Ofcom Community Radio Fund UK Community Renewal Fund - 100 Day Challenge UK Community Renewal Fund - Inclusive Economy Aviva Money Matters Aviva Money Matters 2022-23 DFE Covid Recovery Premium Education and Skills Grant Independent Special Schools Tutor Led Grant Total 2022	Unrestricted funds 2022 £ - - 79,632 750 30,769 1,000 121,367 - - - 70,077 4,000 - - 23,333 3,687 7,178 4,250 10,575 356,618	Restricted funds 2022 £ 117,164 202,578 - - - - - 24,830 9,085 5,450 - - 17,980 30,809 - - - - - 407,896	Total funds 2022 £ 117,164 202,578 79,632 750 30,769 1,000 121,367 24,830 9,085 5,450 70,077 4,000 17,980 30,809 23,333 3,687 7,178 4,250 10,575 764,514

• Service level agreements.

6. Investment income

	Unrestricted	Total
	funds	funds
	2023	2023
	£	£
Investment income	4,656	4,656

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

6. Investment income (continued)

Investment income Analysis of expenditure by activities Radio School Future Support Radio School Future Support	Unrestricted funds 2022 £ 107 Expenditure on charitable activities 2023 £ 114,143 1,805,894 776,560 2,696,597 Expenditure on charitable activities 2022 £ 102,880 1,461,269 719,051 2,283,200	Total funds 2022 £ 107
		Total funds 2023 £ 114,143 1,805,894 776,560 2,696,597
		Total funds 2022 £ 102,880 1,461,269 719,051 2,283,200

7. Analysis of expenditure by activities

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff Depreciation Premises Fees Office costs Marketing Travel costs General Equipment and maintenance Finance costs Allocation of core costs	Radio 2023 £ 59,404 4,291 19,273 7,650 3,296 4,595 2,153 3,552 1,143 19 8,767 114,143	School 2023 £ 1,121,099 56,481 145,430 21,341 27,038 - 34,661 153,157 1,553 264 244,870 1,805,894	Future Support 2023 £ 587,554 340 32,480 651 6,624 3,191 10,148 41,788 2,544 135 91,105 776,560	Core Costs 2023 £ 260,244 4,914 24,658 25,148 19,491 2,398 295 8,501 (1,262) 355 (344,742) -	Total funds 2023 £ 2,028,301 66,026 221,841 54,790 56,449 10,184 47,257 206,998 3,978 773 - 2,696,597

Core costs amounting to £344,742 are fully allocated to activities as described in accounting policy 2.4.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

7. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff Depreciation Premises Fees Office costs Marketing Travel costs General Equipment and maintenance Finance costs Allocation of core costs	Radio 2022 £ 65,912 7,361 (5,475) 12,769 4,948 6,654 777 371 312 59 9,192 102,880	School 2022 £ 882,140 50,548 81,165 19,600 28,483 - 18,885 176,167 3,278 633 200,370 1,461,269	Future Support 2022 £ 586,157 340 12,083 400 7,112 452 6,421 19,766 292 281 85,747 719,051	Core Costs 2022 £ 234,365 4,558 12,850 23,193 13,232 434 43 8,498 (2,182) 318 (295,309) -	Total funds 2022 £ 1,768,574 62,807 100,623 55,962 53,775 7,540 26,126 204,802 1,700 1,291 - 2,283,200

8. Auditors' remuneration

The auditors' remuneration amounts to an auditor fee of £13,150 ( 2022 - £10,350 ).

9. Staff costs

Wages and salaries Social security costs Pension costs Contract, agency and other staff costs	2023 £ 1,688,039 151,276 109,060 79,926 2,028,301	2022 £ 1,392,219 125,285 84,989 166,081
		1,768,574

Included within wages and salaries above are redundancy and termination payments of £1,731 (2022: £11,923).

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

9. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

	2023	2022
	No.	No.
Employees	69	60

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

		2023	2022
		No.	No.
In the band £60,001	- £70,000	1	-

The total employee benefits to key management personnel of the charity were £291,451 (2022: £233,135) in respect of 5 people (2022: 5 people). The current period has seen a full year of employment for certain members of key management.

10. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 August 2023, no Trustee expenses have been incurred (2022 - £NIL) .

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

11. Tangible fixed assets

Long-term leasehold property £ Cost At 1 September 2022 754,927 Additions 121,584 At 31 August 2023 876,511 Depreciation At 1 September 2022 408,602 Charge for the year 46,116 At 31 August 2023 454,718 Net book value At 31 August 2023 421,793 At 31 August 2022 346,325 Debtors Due within one year Trade debtors Prepayments and accrued income Tax recoverable	Motor vehicles £ 8,900 - 8,900 2,135 1,412 3,547 5,353 6,765	Fixtures and fittings £ 205,171 22,087 227,258 176,061 18,071 194,132 33,126 29,110		Office equipment £ 36,628 - 36,628 35,698 427 36,125 503 930 2023 £ 173,156 83,098 4,203 260,457	Total £ 1,005,626 143,671 1,149,297
					622,496 66,026 688,522
					460,775
					383,130
					2022 £ 452,986 74,336 3,657 530,979

12. Debtors

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

13. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income Deferred income at 1 September 2022 Resources deferred during the year Amounts released from previous periods	2023 £ 69,535 38,759 30,661 574,613 713,568 2023 £ 515,808 562,973 (515,808) 562,973	2022 £ 28,819 42,807 15,734 533,838 621,198 2022 £ 305,190 515,808 (305,190) 515,808

Deferred income relates to school fees received in advance, and to service contracts invoiced which relate to the 2023/24 period.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. Statement of funds

Statement of funds - current year

Unrestricted funds General Funds - all funds Restricted funds Big Lottery and ESF Building Better Opportunities Grant Stuff Hubs Youth Action Social Fund Big Lottery Fund and ESF Chances The Big Lottery Fund: Awards For All - Lab Equipment NatWest Skills & Opportunity Fund Pupil Premium Better Together Radio Show Winter Shelter Inclusive Economy Norfolk Household Support 100 Day Challenge Your Big Idea Total of funds	Balance at 1 September 2022 £ 306,095 44,103 7,035 4,750 38,423 207 11,789 - 1,700 12,741 6,914 28 1,424 3,085 132,199 438,294	Income £ 2,556,360 90,055 - - 255,427 - - 23,875 - - 8,801 9,400 - - 387,558 2,943,918	Expenditure £ (2,347,420) (78,389) (295) - (223,653) - - (23,875) - (23) (12,620) (9,701) (112) (509) (349,177) (2,696,597)	Balance at 31 August 2023 £ 515,035 55,769 6,740 4,750 70,197 207 11,789 - 1,700 12,718 3,095 (273) 1,312 2,576 170,580 685,615

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds General Funds - all funds Restricted funds Big Lottery and ESF Building Better Opportunities Grant Stuff Hubs Youth Action Social Fund Big Lottery Fund and ESF Chances The Big Lottery Fund: Awards For All - Lab Equipment NatWest Skills & Opportunity Fund Pupil Premium Better Together Radio Show Winter Shelter Inclusive Economy Norfolk Household Support 100 Day Challenge Your Big Idea Total of funds	Balance at 1 September 2021 £ 293,933 34,584 7,498 4,750 8,080 207 11,789 - 1,700 12,808 - - - - 81,416 375,349	Income £ 1,938,249 117,164 - - 202,578 - - 24,830 - - 30,809 5,450 17,980 9,085 407,896 2,346,145	Expenditure £ (1,926,087) (107,645) (463) - (172,235) - - (24,830) - (67) (23,895) (5,422) (16,556) (6,000) (357,113) (2,283,200)	Balance at 31 August 2022 £ 306,095
				44,103 7,035 4,750 38,423 207 11,789 - 1,700 12,741 6,914 28 1,424 3,085 132,199
				438,294

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

14. Statement of funds (continued)

Building Better Opportunities and Building Better Opportunities 2

Big Lottery Fund/European Social Fund co-financed Building Better Opportunities Programme for long term unemployed adults in Norfolk.

Stuff Hubs

Norfolk City Council funded project to provide a tool hub to local residents for hire.

Building Better Opportunities DPS Mental Health

Big Lottery/European Social Fund co funded project to improve the wellbeing of those with mental health issues who are furthest from the job market to improve employment chances.

NatWest Skills and Opportunities Fund

Natwest funded service to improve the financial skills of in support and prevention of services users with financial and debt issues.

Norwich French Church Charity

Grant funding for purchase of outdoor broadcasting equipment and repairs to existing equipment for Future Radio and for activities for pupils of Future Education school at the Baseline Outdoor Centre.

Pupil Premium

Additional funding advised by Norfolk County Council Children’s Services for pupils on free school meals.

Ofcom Business Development Fund

Ofcom funded project to employ a marketing employee to develop Future Radio business.

Winter Shelter

Funding received to provide a winter shelter hostel provision in Norwich to support homeless individuals.

Inclusive Economy Project

Grant funding to provide support to clients who are far removed from the job market, to support and signpost then to move them closer to job success.

Norfolk Household Support

Funding provided to support those most in need for energy costs, provided through £50 vouchers paid straight to energy suppliers.

100 Day Challenge

Grant provided for the creation and delivering IT workshops and delivery of free IT equipment to users in specific deprived areas of Norwich.

Your Big Idea

Grant funding to develop training packages for onward delivery and sale to wider charity and commercial clients.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

15. Summary of funds

Summary of funds - current year General funds Restricted funds Summary of funds - prior year General funds Restricted funds	Balance at 1 September 2022 £ 306,095 132,199 438,294 Balance at 1 September 2021 £ 293,933 81,416 375,349	Income £ 2,556,360 387,558 2,943,918 Income £ 1,938,249 407,896 2,346,145	Expenditure £ (2,347,420) (349,177) (2,696,597) Expenditure £ (1,926,087) (357,113) (2,283,200)	Balance at 31 August 2023 £ 515,035 170,580 685,615
				Balance at 31 August 2022 £ 306,095 132,199 438,294

16. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted funds 2023 £ Tangible fixed assets 458,770 Current assets 767,383 Creditors due within one year (711,118) Total 515,035	Restricted funds 2023 £ 2,005 171,025 (2,450) 170,580	Total funds 2023 £ 460,775 938,408 (713,568) 685,615

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

16. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets Current assets Creditors due within one year Total	Unrestricted funds 2022 £ 379,164 531,329 (604,398) 306,095	Restricted funds 2022 £ 3,966 145,033 (16,800) 132,199	Total funds 2022 £ 383,130 676,362 (621,198) 438,294

17. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Loss on the sale of fixed assets (Increase) /decrease in debtors Increase in creditors Increase / (decrease) in provisions Net cash provided by/(used in) operating activities 18. Analysis of cash and cash equivalents Cash in hand	2023 £ 247,321 66,026 - 270,522 92,370 - 676,239 2023 £ 677,951	2022 £ 62,945 62,807 1,051 (426,826) 222,440 (11,333) (88,916) 2022 £ 145,383

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

19. Analysis of changes in net debt

	At 1
	September		At 31
	2022	Cash flows	August 2023
	£	£	£
Cash at bank and in hand	145,383	532,568	677,951

20. Capital commitments

	2023	2022
	£	£
Contracted for but not provided in these financial statements
Acquisition of tangible fixed assets	-	13,863

21. Pension commitments

The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £109,060 (2022: £84,989). Contributions totaling £27,840 (2022: £13,063) were payable to the fund at the balance sheet date and are included in other creditors.

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THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

22. Operating lease commitments

At 31 August 2023 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years	2023 £ 12,600 37,067 26,283 75,950	2022 £ 16,699 42,067 33,883
		92,649

The following lease payments and changes in lease payments have been recognised in the Statement of Financial Activities:

	2023	2022
	£	£
Operating lease rentals	29,234	25,725

23. Related party transactions

The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 August 2023.

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