Reglstered number: 04358690 Charity number.. 1103200 THE NRS PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Detsils of the Charity. its Trustees and Advisers ChaIrn￿n,$ Statement Trustees. Report 3-18 Independent Auditors, Report on the Finanaal Statements 19-23 ststement of Financial Activities 24 Balance Sheet 25 ststement of Cash Flows 26 Notes to the Financial Statements 27-47 THE NR5 PROJECT ITRADING 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 2024 Mr M Stonard, Chair Mrs L P Araujo Deus Gil Mr A Darlow Dr L Hallett Mr B Keane Mr A Mavroudis Mr G J Nichdls Dr J PaL*man Company reglstered number 04358690 Charity registered number 1103200 Registered office 168b Motum Road Norwich Norfolk NR5 8EG Management Mr D Childerhouse, Chief Exerutive Officer Mr M Chapman, Finance Manager Ms D Edwards, Headteacher Ms Rumana Johnson, Operab'ons Manager Ms G Richardson, sUp￿rt Services Manager Chief executive officer Mr D Childerhouse Independent auditors BW Audit Ltd Chartered Accountsnts Berry & Warren 54 Thorpe Road Norwich NRI IRY Bankers HSBC 34 Lormjon Road Nc Lowestoft Suffolk NR32 IEW Page I THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) {A Company Limited by Guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 The thairman presents his statement for the year. Looking back ¢)ver tts past year, l am inuedibly proud of what Future Projects has achieved. This has been a challenging bLrt deeply rewarding time, where rising hardship and growing demand for our services have tested our resilienTr. Yet, we have not only sustained our Work￿ have adapted, expanded, and delivered more than ever before. We have h￿p￿d children overcome trauma, re-engage with ed￿tiOn, and rebuild their futures. We have been a safety net for the vulnerable and marginalised, prowding fc#JJ, community cOnn￿lonS, advice, and guidance when they needed it most. We have tackled isolation, amplified the voices of underrepresented groups, and delivered wellbeing suprrjrt to those in criss. We have hel@ Feople manage their finances, move into meaningful work, and avoid the devastating impact of rough sI￿[H.ng. We have safeguarded vulnerable children arKI adults at risk of neglect, abuse, and hann. ensuring they receive the protection and care they deserve. Beyond crisis intervention, we have fcrfJJsaJ on long-terTn impact-helping pex)ple build resilience, skills, and independen￿. This is the true nature of our work.. not just responding to immediate need, but equipping individuals and communities with the tcds to thrive. At the same time, we have reinforced our financial and operational sustainability, ensuring that Future Projects remains a strong, stable organisation, capat4e of delivering first-dass Servi￿5. We are increasingly recognised as a trusted, effecLive partner-5trdtegic4lly important within our region, and k￿wn for dellverlng outstanding Ixrtcomes for the people and communities we serde. This year al￿ brought Folitical thange, with the UK Qneral Election in July ushering in renewed hope and optimism. While we r￿nise that meaningful change tskes time, we see this as an opportunity for policies that better support the people we work with. In the meantime, we will continue to advocate on their behalf-ensuring their voices are heard, their reco9nised, and their strengths nurtured. As we move into 2024125, we draw to a dose our current strat83ic cycle, having Suc￿ssfullY met our obj*ives in full. We now look ahead to developing a refreshed plan that will build on our achievements and drive fO￿ard our vision of vibrant and strong communities where everyone can live independent, safe, and happy lives. None of this would te possible without extraordinary commitment of our staff, volunt&rs, p3rtners, and SUPFQrters. Your dedication fuels everything we do. Tcgether, we will continue to create stronger, more resilient communitie5 where no one is left behind. Page 2 THE NRS PROJECT ITRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present ther annual report ti)Jether with the audite(J financial statements of the Charity for the year I September 2023 to 31 August 2024. Tr Annual Report serves the purposes of both a Trustees, report and a directors, reFL)rt under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company compty with the current statutory requirements, the reqU1￿MentS of the charitable company's governing d(xument and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Irdand (FRS102) (effective l January 2019) Since the Charity qualifies as small under ￿tIOn 382 of the Companies Act 20(￿, the Strategic Report required of m&YJium and large companies urwjer the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has I￿n omitted The Charity also trades under the name FLrture Projects l. Objectives, Activities and Public Benefit Policies and Objectives Future Projects was founded in 2000 by two volunt*rs WFX) had tecome increasingly frustrated at the social exclusion, poverty, and lack of supwjrt available in their local community. They recogni*d that the issues people faced on their Ic(al 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 atout working with communities to understand their needs and ambits'ons, and to devek)p and ddtver projects in youth worK' education; media; and information, advice and guidance. Mis ion: Our Mission is to tackle poverty, depn'vation, aThl disadvantage in Norfolk. n: Our Vision is of vibrant and strong communities where everybcx* can live independent, safe and happy arita To educate and assist young people through informal ejucation arKJ sknlls training activities so as to develop their physical, mental and sc(ial capacities that they may grow up to full maturity as individuals and in furtherance of these objectives to wovide skills training kyogrammes and other youth education. For the benefit of the public to develop the capacity and thlls of memtrRrs of the gxially and economically disadvantaged communities of Norwich and the surrounding area and to advan￿ the education of the members of the community of all ages. To provtde optx)rbJnities members of the community to participate fully in the life of their community in way5 which address and alleviate social and economic disadvantage. To promote for the IEnefit of NO￿￿h and tfrE gjrrounding 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, finanaal hardship or sixial and economic circumstances, or for the public at large in the interest of s(Mial welfare and with the objeci of alfvanang education and the condition of life of said Inhabitants. Page 3 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) {A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Values Organisational Values are the defining culture or guiding teliefs of an organisition - they dictste our behaviour and explain how we will go aLout our Mi55i0n. nsible. We act rwinsibly hdd ourselve5 to the highest staThJards in everything we do Dedicate&. We are relentlessly dedicated to our mission, care dee￿Y for our work and our beneficiaries, and do not give up We are demanding of oursdves aThJ others; we set ambitious ￿alS which push us and our beneficiaries to achieve more Listeni . We build meaningful relationships with the communities we *rve and others by listening, understanding, and working together . We are committed to emFThering FeoFde to make sustainable change happen ati . We are open to neA ideas, embra￿ dkinge, take considered risks, and *k creative ways of finding solutions to scKidVs problems Inclusive. We reccgnise and value diver&ty as it makes us stronger and more connected, and we strive to preserve a culture of indugon and equity in everything we do Public Benefit In setting objLYtives and planning for attivities, the Trustees have given due con%deration to general guidance published by the Charity Commission relating to public benefiL induding the guidance 'Public benefit: running a charity (P82)'. strategies for Achieving Objectives Our approach is built on the principle of embedding Servi￿ dirertly within the communities we serve, ensuring that sUp￿t is available to those most in need-es￿la1IY where other se￿1￿ are inaccessible or unavailable. We aim to act as a safety net for individuals and families experienang di&idvantage, while also creating pathways toward longer-term Independen￿ and opportunity. We work closely with our communities to understarKJ their strengths and challenges, co-designing services that are rdevant, indusive, and effective in addressing multiple, often complex needs. Partnership is central to our approach. We cdlabjrate with organisations across sectors to share expertise, extend our reach, and strengthen the SUp￿rt systems that ￿rround our beneficiaries. These approaches are guided by our underlying strategic objectives: to grow the charity Sustainably, improve the quality and impact of our services, Strength￿ finanaal resilience, and build our reputation as a trusted and leading organisation within the secior. Page 4 THE NRS PROJECT ITRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Activities Undertaken to Achieve Objectives The Charily's activity is delivered und¥ three core 5trands- Future Educ3tion: An Independent Speaal khcol for st￿ents with soial, emotional and mental health (SEMH) difficulties, including aSS￿lated challenging behaviours. Many of the students that attend the school have additional special educational n￿dS such as aub'stic spectrum disorder (ASD), attention deficit and hyperactive disorders (ADHD) and S￿￿h, language and communication difficulties. Through the unique combination of academic and vocational study akjngside a range of therapeutic, trauma- informed SUPFQrt, our students are supmed to rtrengage with leaming and acquire the skills and qualifications they need to go on to lead ￿ccesSfij1, fulfillejj lives. Future Su A collection of skEcialist support Servi￿ which help those most in need through hands-on support, advi￿ and ath(Kacy. These services are embedded in communities and aimed at those who may fall between the gaps of other provision and suffer fijrther hardship and disadvantage. The multi-disciplinary senrfices provided span a numt*r of themes such as health and wellbeing; housing and homelessness; finanoal resilience; welfare rights and LEnefits; training, S￿'11S and employment support; 9xial isolation, safeguarding and violents rejuction; arKI fcthlemergency supplie5. Future Support hdps address crisis, and builds capaaty, skills and Confiden￿ to live independent lives within deprived communities. Future Radio 107.8fm.' A Community Radio stati￿ whith engages the community, builds skills and provides OFPOrtunities through great music, conversatr'on and FEopIe. As No￿￿1ch,S Ofcom licenced Community Radio Ststion, Future Radio broadcasts 24 hours a day on FM, D.A.B and online and also delivers interactive workshops arKJ broadcast training, and volunteering opportunities for up to 100 people each year. The ststion is volunteer-led and suppjrts partiapants to tMJild transferrable skills and confidence, to create and broadcast radio shows, arKi 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 tslents whilst strengthening SUPFQrt network5 in the community. Volunteers Volunteers are the lifeblocmd of many of our servi￿, bringing passion, energy, and invaluable support to our work. We are committed to training, supwrting, and devdoping each and every volunteer, ensuring they gain valuable sknlls and Confiden￿ whilst giving back to dEir community. We engage approximately 90-100 volunteers a year through our seNices, arKI withoLrt them, much of what we do simply wouldn't be possible. Page 5 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 2. Achievements, Impact and KPIS Review of Activities Over the past year, Future Projects has continued to evofve in respjnse to the changing needs of the communities we serve. We have seen a sustain&J ri* in demand for SUPPK)rt, alongside ongoing funding Un￿rtaInty across the sector. De¥)ite these pressures, we have remained agile - adapting to emerging local n&ds through initiatives such as our community meals programme and community wellness days, which provid￿ essential support, connection, and wdlbeing in some of Norfolk's most deprived areas. We continue to lead as a progressive, values-driven empk)yer - committed to innovation, inclusion, and the wellbeing of our kEople. We maintained our status as an A￿redited Living Wage and Disability Confident employer, and continued to take an active role in promoting fair pay through NornKh ￿VIng Wage Action Group. In line with our val￿, we trialled a four-day workiNJ V￿ek - an ambitious move designed to improve staff wdlbeing, attract talent, and SUp￿rt retention. This year, the charity became a member of AdV[￿UK, the UK'S network for independent adwce services. Membership St￿ngthenS our commitment to delivering high-quality, community-based advice and provides access to resources, SUPFQrt, and advocaq that enhan￿ our *rVI￿ delivery arml impatt. We also embraced new techndcMJies, incI￿1ng the resFonsible ￿ of Al tc￿ls, to improve efficiency and free up time for frontline staff to fc(us on what matters m¢)st: supp)rting our communities. These bold, forward- thinknng steps reflect our commitment to finding creative ways of working that emp)wer our teams and drive better outcomes for those we wve. In 8Jucation, we deepened our ftKus ￿ trauma-informed practi￿, emb&Jding approaches to better suppDrt students with adverse childhcKxl experiences (ACES). We a19) expanded our tailor8J delivery provision, offering intensive, one-to-one adult sUp￿rt for children who are not yet able to cope in group settings-even in classes as small as three to five pupils. This highly personalised model has helped reengage some of the most vulnerable young people in leaming. Our community radio station, Future Radio, continues to be the voice of Norwich at a time when other local providers have withdrawn. It plays a vital role in delivering Iccal news, culture, and information-ensuring that diverse and marginalised Vol￿ remain heard and c￿n￿d to their communities. We have also focused on growing our ne￿01￿ of partners, working closely with other VCSE organisations to share expertise, avoid duplication, and ddiver greater collective impatt across Norfdk. As we look ahead, Future Projects is increasingly seen as a strategic leader in the sector-an organisation that partners trust for quality, Innovatlon, arKI a deep urKJerstandlng of communlty need. Main Achievements of the Charity: Future Radio continues to broadcast 24 hours a day on FM, online and on D.A.B. and this year extended that coverage to include Kings Lynn and Cambridge on the Digital multiplex. This grows the station's potential reach to almost 600,000 people and presents unique opportunities to be heard in new pla￿ by new communities. The majority of the station's output is l(Kally prcKluced, meaning it is reflective of our diverse and vibrant local communities and is focused on I￿al issues and topics. Sh)ws inclLhJe coveJage of sports, arts and culture, Page 6 THE NRS PROJECT (TRADING AS FUTURE PROJECTS) IA Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 current affairs, local Se￿ices, community activrties and more. Speaalist shows bring niche music and content to the communities of NoFwich and enable us to reach those that others cannot; for example, foreign language shows enable us to raise awareness of important matters to non.English speaking communities. This year we accommcxlated 92 volunteer roles, with those volunteers giving a total of 11,945 hours to running Norwich's Community Radio Station a 29% increase on the previous year. This refl￿ the increasing commitment of volunteers which constitutes over £171,000 worth of SUPkX)rt at the Real Living Wage rate. Our dedicated radio stsff deliver￿ sperialist trainiThJ to 81 volunteers in the year, SUPFK)rting them to build thar skn'lls and confidence. They al￿ undertook 527 ￿ppOrtiVe contatts and o￿t0-OneS with volunteers to help promote positive wellbeing, to connect to oppjrtunities, and to enwre they got the most out of their volunteer experien￿. Over the course of the year, the station broadcasted 3,385 locally ueated radio shov￿, of which 2,262 were original shows created by our very own volunteers. This represent￿ over 8,260 hours of tespoke projramming output made by tPE Feople of Norwich, for the people of Norwich. Within this station broadcasted over 2,500 hours of programming aimed at addressirKJ the needs and interests of local communities, for example men's mental health shows, londiness and i￿latIOn shows, money management tips and so on. The station also continued to SUPtX)rt public voluntary sertor organisations to deliver important messages and information directly to the communities of Norwich. We broadcast over 1,157 public service announcements; promoted over 880 volunteering opportunities at partner charities and organisations; promoted local events over 3,890 times; and dirL*ly promoted our friends in the voluntsry s￿tOr over 130 times thr{￿gh our broadcast output. We also accommodated 780 guests to apFear on radio, supp)rting them to promote their worklorganisationlactivity, and to contribute to the life of their communty. Future Radio supy)rted Ic(al ￿SineSseS by broadcasting 36,000 paid advertisementslpromos throughout the year and this was given a t(rf)st thrO￿h the recruitment of a new AdvertisiThJ CcM)rdinator with funding from Ofcom. The station continued to supp)rt l(Kal priorities wch as the Norwich Living Wage Wek celebrations. hosting discussions, raising awareness, bringing together cross-sector partners, and promoting fair pay using the station's broadcast and online platforms. We were delighted to Compere the N(ywich Christmas ￿ght switch-on to over 10,000 people in the centre of Norwich, knckstsrtiThJ the Christmas season for residents of our fine city. The station also continued to SUPFQrt wider initiatives around homelessness, justice, loneliness and isolation, men's mental health, employment support and communtty (devdopment through its broadcast and online output and community activity. A5 part of the Morty Matters project delivered in Future ￿pk))rt, the station pr(KI￿ed dozens of radio shows and podcasts to provide listeners with money savirKJ tips and infom)ation to help navigate the current Cost of living pressures. Thi5 included interviews with professionals, money management experts, and financial servic firms. We also deVel0F￿ and shared a twlkit for building and funding similar projects, and distributed this nationally to community radio ststions via the Community Media As9xiation. From its base in the heart of Norwich, Future Radio has continued to serye as a voitr for the city's communities-a platforni that connects Feople, ￿lIdS skills, and creates oppx)rtunity. Over the past year, the station has brought individuals tcgether from all walks of lrfe, offering a space to learn, grow, and be heard. In a rapidly changing media landscaFe, Future Radio remains a vital source of local connection and repre*ntation-demonstrating the enduring value of community-led broadcasting. Page 7 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) {A Company Llmited by Guarantee TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Thls year has been one of ongolng pr(yJress aTrJ transforniat1￿ at Future Educauon, where we supported 59 students aged 13-16 with complex Sccial, Emotional and Mental Health (SEMH) needs. These are children who have often experienced significant trauma and multiple Adverse Childh￿d Experiences (ACES), and many of whom have previously disengag￿ from education entirely. In 2023124, we transtioned from Ofsted to the ]￿lependent khoob Ins￿orate (ISI), a move that better reflects our values and approach and allows us to demonstrate excdlence in a framework more closely aligned with therapeutic and specialist education. This change has sUp￿rte￿ the conb'nued growth of our provision and underpinn8J many of the improvements we have made. Perf0rrnan￿ against ￿r KPIS this year wexe strong. Our students athieved over 80 % attendance - an important indicator of how w￿11 they are engagirg with leaming - we redu￿ suspensions to less than l % of schrx)I days lost. ReadiThJ ages improved by an average of l year and 4 months, and progress was ex￿lIent across the curriculum: 95% of pupils made expected or IEtter than expected progress in English, 75 % in maths, and 940/0 in xientr. For students whose learning joumeys have often Ixn disrupted, the* results rep￿sent life-changing achievements. Many also serured formal qualifications, incI￿ling Functional Skj'lls and BTECS, helping oFen up furt￿ gjucation and employment pathways. This year also saw the continued development of our on-site v(￿ational and cccupational studies proJramme. Eesigned to align with each young ￿rSon'S indrvidual interests and aspirations, this offer now includes maturing pathways in areas such as cOnStr￿li0n, engineering, motor vehicle maintenance, catering, digital design, sports, and business. Having brought this provision fully in-house with newly develo￿ faolities, we have been able to deliver more consistent, engaging and tailored leamir¥J expwiences. TheratEuts'c support is deeply embedd&J in our practi￿ and we contin￿1 to develop and deliver a wide range of evidence-based intervenb'ons throughout the day - including speech and language therapy, music therapy, art therapy, and LEG(>based therapy - integrated directly into dassr¢Xsm routines and curricula. Our emotional literacy curriculum suptX)rts students to build self-awareness, self-regulation, and social confidence, while trauma-informed training has been expandej across the stsff team to ensure every child is met with compassion and understandirvJ. To support our most vulnerable leamers, we fijrther develoFed our unique, purpose-designed one-to-one provision within a standalone unit on our school site. This quiet, besFoke Spa￿ allows students to c￿create their own theraFeutic leaming environments, often for the first time f&ling safe, in control, and able to engage in education. Alongside this, our pastoral arKI safeguarding team5 have continued to provide intensive sup[￿ to help keep students safe and well working closely with families, professionals, and agencies across Norfolk. Every family has access to dedicat&J SUPFrf)rt workers from the Wmder charity, ensuring that students. needs are met not just at xhool, but in their home lives tco. Our Pupil Premium Grant was used to remove some of the most significant barriers to learning - providing targeted academic Supp￿ in literaLry and num￿acy, extending access to therapy, and improving attendance and engagement for students in need. This tailored u* of funding has made a measurable dIfferefi￿ to academic engagement and prTrJress, and welltEing. Eeyond the classroom, students t(￿{ part in work experience pla￿rnents and ￿1Ved structur￿1 post-16 support to help them plan and transition into further education, training or employment. Partnerships wlth Page 8 THE NRS PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Future Radio and other local organisations played a key role in these opwrtuntties. We have also contlnued to Invest In our staff, wlth a Strong emphasis on gn)wing and developing our own future teachers and leaders. Thanks to this commitment, and the coll￿tIVe effort of our whole team, we are proud to report ex￿lIent tyjtcomes in Norfolk County Counal quality assuran￿ audits and strong prcgre5s against our internal school improvement plan. We t￿leve we are now delivering a consistently Good quality of education under t￿ ISI framework and l(M)k forward to this being refletted in our first insFection. Over the course of the year, Future Education has delivered strong arKd measurable OLrtcomes across all asFects of its provision. Students have made eX￿ptIOnal academic prcgress, achiev8J nationalty reccgnised qualifications, and develOp￿d the personal and emotional skills needed to suCc￿d beyond the classroom. Our enhanced curriojlum, therapeutic approach, and tsrgeted interventions have proven highly effective, and we have seen real prTrJress in attendan￿, behaviour, engagement, and attainment. This year's results demonstrate the strength of our mojd and the impatt of a provison Ixjilt entirely around the needs and potential of every learner. Future SupF4Nt has continued to deliver crucial advice, guidan￿ and prattical support to individuals and communities across Norfolk, with *rvices embedded in some of the county's most disadvantaged neighbourhoods. This work remained a wtal safety net for ￿)Ple in crisis - and a stepping stone toward independence, wellteing, and longer-term resilien￿. Baseline: Community Support At the heart of our work remains the Baseline Centre, locat&J in one of the most deprived areas of Norwich. From this hub, our small team suppjrted 227 ￿￿e, ddivering over 977 tailored interventions acro￿ welfare rights, hougng, finance, health, and wellbeing. These result8J in more than 890 kx)sitive outcomes, enabling clients to stsbilise their situations and move towards greater independence. With fewer than 2 staff, this represents an extrptional level of output and impact, particularly given the breadth of themes covered under our "no-wrong-door" approach. The Centre was also enhanced this year through capital investment from the UK Shared Prosperity Fund, improving access and ￿eatIng a more welcoming enVIr(￿rnent for our Ic(al communities to access fl￿ and everyday essentials, community meals and a daily warm hub in the winter months. Baseline: Meeting Essential Needs Alongside our core advi￿ and advcw *rVI￿ at Baseline, we continued to address the everyday hardships our communities fa￿ on a daily basis thrO￿h targeted pyovision: 309 Households were provided with Winter HamFers, supportiFKJ 941 pwple (562 adults and 370 children) with everyday essenkn'als and fcth over the festive Feric¥J Our communty fridge was accessed over 260 times throughout the year, providing immediate crisis support comprising not just f(xxd but essentials such as baby formula, nappies and toiletries 120 F(x)dbank vouchers were provided to people in crisis - in addition to the immediate provision of fcc*J as atove 142 households were provided with £50 utility credit vouchers over the wintw months to heat their homes 71 households (129 residents in totsl) received addIt￿nal energy or fcod vouchers of £50-100 during times of cri&s Page 9 THE NR5 PROJECT ITRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 327 free community meals were Sen￿ through the year at our Community Café in our Wam) Hub venue In August 2024, we hosted our first Community Wellness Day at Baseline, bringing tojether over 30 partner organisations to deliver prdctical SUPF¥)rt and optwtunities. As part of the day and our wider summer prcyJramme of targeted hardship supwrt: 639 children received pack8J lunches during the xhool holidays nutritious whilst easing the pressure on households in finanaal difficulty 42 ttbildren received free haircuts tefore the new sdKrf)I term, again reducing the concern and financial pressure on familie5 22 receivej free dentsl Ch￿k-UpS where they were not re3istered with an NHS dentist, leading to timely preventstive interventions to maintain oral health 71 familie5 were provided with £150 schcd uniform vcxthrs in adVaTr￿ of the school year ensuring children had something Baseline: Education, Enterprise and Income Generation This year saw several new devdopments design&J to emw sustainability and expand opportunity: Our partnership with Norfolk County COU￿11 Adult Leaming brought accr8Jited communty leaming to the Baseline Centre under an annual agrttment We launched a new charity shop on site, generating unrestricted income while prowding low-cost goc(1s to local residents in a venue they can access, led by Feople tly trust Financial Resilience and Innovation Our long-running Money Matters project came to a successful close in September 2023, having supwrted 136 clients through 483 inteNentions and a dozen workshops, and helping to achieve 454 financial resilience outcomes. This actNity also delivered wider outcomes for dients such as being better able to manage tenancies, reducing risk of domestic violence and improving mentsl tEalth & wellbang, We are delighted to have secured a successor project to this work as we move into the next year wtth funding from the Awva Foundation. In July and August, with Communty Based Hardship Funding from Norwich City Council, we were able to apply these workshops to supr()rt Icol residents with money management, volunteering OPFOrtunities, admce and guidance, and practical supkN)rt to address hardship. Employment and Economic Indusion Two long-standing employability prc*Jrammes cHAN￿s and the Norfolk Community College project successfully closed in 2023 following the end of EuroFean Scrial Fund (ESF) funding. Both pro)￿ts focused on supwrting people with health conditions, low confidence or complex barriers to work. These projects enabled us to supwrt almost a thousand FEople to achieve mapr outcomes around trainirrfj, skills, readiness for work, and most imtKJrtantly moving into long-term em ￿0y￿Ent. In their pla￿, we launched a new UKSPF-funded Employment SupFXJrt Project with NO￿￿h City Council in the summer of 2024. Thi5 innovative *Nce focuses on working within Norwich's Reducing IneqUalit￿S fargetArea (R￿A) communities to redu￿ employment barriers-SUPPOrting indiwduals with childcare, training, confidence, volunteering and work pla￿Ments, while al￿ strengtheniNJ the Iccal VCSE sector and promoting inclusive growth. We also launched the Ap)Ilo ProjL*, in partnership with East Coast College, to supwrt individuals into health and social care employment via volunteering and supyort8J pla￿Ments-aCtIng as a stepping stone into secure, Page 10 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 meaningful work. This project suppjrted four participants, having launch&J shortly before year-end, and we look forward to seeing the longer-term impact in the year to come. iolence Prevention and Youth Support In April 2024, we tegan delivery of our &rious ViolerKe tw Project, SUPFrf)rting young people identified as at risk of serious violenc￿hether as wtential victims or Ferpetrators. Through personalised, wraparound SUPPK)rt, we focus on strengthening prot￿tiVe factors swh as stable housing, ac￿￿ to education or employment, and behawour change, while add￿SSing risk factors early. In-year we supp)rted Seven participants referred through the Serious Violence Partnership, hdping with jobs, accommodation, health and safeguarding and so on. Pathways: Homelessness Support As part of the Pathway5 Norwich partnership, Future Pro]￿5 supportal pL¥)ple with lived experientr of rough SI￿pIng to move into sustain accommcdation, helping them build stable, independent lives. Across our tenancy, resettlement, and dropin services, we yjpwrted 125 dients during the year. Our teams delivered over 2, 1(X) tailored interventions and a(hieved more than 2,400 p)sitive outcomes, providing practical, perS0n-￿ntred SUPkXIrt at every stage of a dient's ioumey. Resettlement suptx)rt frKused on those momng directly off the streets intr) housing. We worked with 49 individuals, delivering 904 interventions and achiENing 782 outcomes, induding help wth tenancy setup, utilities, budgeting, and connecting to local suptxjrt. 26 -moving out stsrter kits" were also provided to help dients *ttle into their new homes. For those needing longer-term hdp, our tenarKy sustsinment team supp)rted 60 dients, delivering over 1,200 interventions and achieving 1,592 outcomes-with a fccus on managing rent, avoiding tenancy breakdown, improving wellbeing, and raJucirvJ isolation. Our drop-in offer provid8J lighter-t(XKth SUPF()rt for 16 clients at accessiLle venues such as The Forum in Norwith, with 43 interventions and 64 outcomes achieved. This work not only Frevented repeat hom￿e￿esS but also supported wider improvements in mental health, financial resilien￿, and community inclusion. WONDER+: Supporting women at risk of offending This year saw the end of our involvement in WONDER+, a successful diversion project for vulnerable women with complex needs. Delivered with St Giles Trust arnl fundej by the Police and Crime Commissioner, the project helped women avoid reoffending and engage with kK)sitive community SUPFQrt. We stepO away due to reduced fuThJingi but are ty0￿ of long-la5ting impact this work has had across Norfolk. Men's Mental Health - Leeroy's Lads Our weekly peer SUPFI)rt group, Leeroy's Lads, brought tCMJether 19 men across the year. The group offered a safe Spa￿ to socialise and talk OFEnly atout mental health, reducing i9)lation and building trust and confiden￿. From January, participants also co-produced eight monthly radio shows on Future Radio, sharing personal stories to challenge stigma and connect with listeners acTOSS Norwich, Cambridge, and King's Lynn. This work provided both direct support and a platform for broader community impact. Page 11 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 CAN Connect- Tackllng Loneliness and Social Isolation Future Projerts continued to deliver the C.A.N. Connect servi￿ across North Norfolk and BrecklarKI, supporting pa)ple who are marginalised, I￿lated, or struggling to ￿￿age with their communities. Working with our partners at Community Action Norfolk, the service received 239 referrals, with 157 individuals going on to receive tsilored ￿pport - including 85 in Breckland and 72 in North Norfolk. Support focused on helping people reL￿11d ConfKien￿, devdop x(ial connections. arKJ engage in meaningful activity to improve wellbeing. Volunteers played a ￿ntral role in delivering this suppx)rt, providing 360 interventions across the region, including in-person and telephone befriending as well as accompanying clients to community activities. In total, volunt￿r5 contributed 836 hours - 107 in BrecklarKi and 729 in North N￿folk - creatirKJ vital connections and improving quality of life for people facing ￿￿la1 isolation. This Servi￿ continues to be a lifeline for tho* at risk of loneliness, helping individuals f&1 seen, supported, and part of ther community again. Factors Relevant to Achieve Objectives A range of external and internal factors influenced c￿r abilty to meet our objectives this year. These included increased demand for services, funding pressures auoss the public and voluntary settors, and ongoing changes to local and national tM)licy. In response, we continued to St￿ngthen our organisational capacity, adapt our delivery, and work in partnership to maintain impact arKI resilien￿. Fundraising & Income Fundraising Acbvities and Income Generation Fundraising at Future Projects is deliver8J by wr internal team. We do not employ professional fundraisers, street or telephone fundraisers, or commerck31 partIapat￿s. Our approach is prop)rtionate, ethical, and rcx)ted in our values as a community-based charity. We are registered with the Fundraising Regulator and comply with the Charities Act 2011, UK GDPR and the Data Protection Att 2018, and the Pnvacy and Electronic Communications Regulations 2003 (PECR). We adhere to the Code of FuTrJraisirKJ prattl￿ Fundraising Promise, ensuring our fundraising Is legal, oren, honest, and restEctful. All activity is monitored dosely, with sup￿rter information provided through a range of channels. A documented complaints Fdicy is in ￿a￿, a￿1 we receiv8J ￿ complaints or instances of non- compliance during the year. In-year, our income strategy led us to grow our commercial and community fundraising attivity to generate more sustainable, unrestricted income strengthen our long-term financial resilien￿. 3. Financial Review Finanaal Position at 31 August 2024 The charity ended the financial year in a significantly stronger p)Sition than the rxevious year, with total funds rising to £902,953 (2023.. £685,615). This incI￿￿e5 £707,232 in unrestrictej reserves, an increase of over 37 % from the prior year, providing greater financial flexibility and resilience. Page 12 THE NRS PROJECT ITRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUEO) FOR THE YEAR ENDED 31 AUGUST 2024 Total income for the year was £2.73 million, slightly redu￿ from the previous year (2023: £2.94 million), reflecting the end of some time.limited project fijnding Streams. However, expenditure was managed carefully at £2.51 million, resulting in a positive net movement in fuThJs of £217,338 (2023: £247,321). This outcome demonstrates a strong finanoal rErformance, part￿ularlY in a year marked by eronomic uncertainty and increased service demand. The charitfs cash p09tion remained healthy, wrth £736,989 held at year end, and short-term liabilities well covered. Debtors in(Teased in line with multi-year grant fvnding and project Cyc￿, while creditor levels remain stsble. The Trustees are confident that the organisatK)n remains finanaally robust and well-tx)sitioned to reswnd to future opportunities and risks. Strong financial rnanageM￿t, improvay operational efficiency, and continued investment in sustainability have all contributaj to this year's tK)gtive outcome. Principal Funding: The charity's principal Sour￿ of fvnding in 2023124 was Norfolk County Counol, primarily through service f￿5 for pupil pla￿ments at Future Education. Fee income totall￿1 £2,044,331, with a further £27,820 in additional school-related grants and £27,714 received in restricied funds for Pupil Premium. The second largest single funding stream was a grant of £123,964 from Community Action Norfolk, SUPkKJrting the delivery of ￿Cial isolation services as part of the wider Future SuP￿rt programme. Other major Sour￿ of income are detail￿1 throug1￿Ut this reth. 4. Reserves and Going Concern Going Concem The Trustees have assessed the charity's financial F4)Sition and ￿rforfflan￿ and are satisfied that Future Projects is in a strong and stable kN)Sition. Recent improvements in financial ￿StaInab111ty provide assurantr that the charity has adequate resources to meet its obligations and continue delivering ￿r￿￿s. On this basis, the Trustees have a reasonable expectation that the charity will continue in operational existence for the foreseeable future and have therefore ad¢)pted ts goiThJ con￿rn basis in preparing these financial statements. Reserves Policy The Trust&s have reviewed the charity's reserves in the context of its financval risks and long-term commitments. Free cash reserves-defined as unrestricted funds excluding tsngiLle fixed assets-are maintained to ensure operational stability in the event of a significant drop in income, and to meet all financial and contractual obligations if required. As at 31 August 2024, the charity held total funds of £902,953 (2023: £685,615), including £707,232 in unrestricted funds (2023: £515,035). After accounting for tangible fixed assets of £422,527, free cash reserves stcthl at £284,705 (2023: £54,260). Trustees have set a free reserves target equNalent to three months. average expenditure (c. £675,000), which is considered appropriate to safeguard ttE charivs operations and ensure finanaal resilien￿. This target is Page 13 THE NR5 PROJECT ITRAOING AS FUTURE PROJECTS) (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 supp)rted ty an annual surplus goal of at least £l(K).000, integratej into the charity's budget planning. improved reserves position reflects strong finanaal performan￿ and provides a solid foundation for continued *rvice delivery and long-tern) sustsinability. 5. Investment & Finanaal Risk Material Investments Policy The charity dces not currently hold a formal investment policy. 14owever, during the year, Trustees approved the use of short-term, low-risk money market accounts to invest surplus cash in order to generate interest income. These ￿acements are reviewed regularly to ensu￿ capital preservab'on, liquidity, and compliance with the charity's risk appetite. Trustees intend to develop and adopt a formal investment Folicy in the year ahead to guide this activity more strategically. Finanaal Risk Management Objectives and Policies TrUSt￿S undertake regular review of the charivs financial risk wlicies apply a risk-based approach to managing liquidity, in line with Charity Commission guidance. ￿nanCIal controls are embedded across the organisation through robust finance and prcCu￿Ment [￿lIcies, overseen by the Finance & Audit Committee. A comprehenslve financlal rlsk assessment is maintairEd, with action plans aligned to the Trustees, risk appetite to further mitigate exposure. Controls indude segregation of duties, ddegated authority limits, regular cashfiow forecasting, and full staff training. Annual extemal audits provide irhderEndent assuran￿. An anti-fraud Fdicy is in pla￿, and the charity is fijlly committed to ensuring that all funds are us&J solely in pursuit of its charitable objectives. 6. Principal risk and Uncertainties Principal Risks and Uncertainties The Trustees are resFK)nsible for identifying aThJ managing risks that could impact the charity's ability to achieve its objectives. Risk is embedded into strategic plannitNJ, and the risk register is regularly reviewed to ensure it remains up to date and fit for purpx)se. The most significant risk continues to relate to changes in commissioning LKJlicy for Independent Special Schools, which could, if implemented in full, sgnificantly reduce the number of placements available at Future Education within the next 2-3 years. This is no longer a theoretical risk but an emerging issue, and Tnjstees, along with the Senior Leadership Team and the Board of &)vernors, are actively managing this through long- term s￿nariO [￿anni￿j, business modelling, and engagement with commissioners. Other key risks include: R ulato .' complex and varied Complian￿ requirements of our education, sUp￿rt and radio services Financial: dependency and pressures on income ￿urCeS and lack of sufficient liquidity I: safety and the Saf￿Uardlng of our most vulnerable and complex need clients Governance.. the need to maintain strong oversight and trt)ard effectiveness The wider policy and funding environment a19) present uncertainty, with post-year announcements of increased National Insuran￿ costs for employers, cuts to the ovil seN1￿, Seve￿ pressure5 on Integrated Care Board and Page 14 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Lc£al Authority budgets, and Local Government Reorganisation all likely to impact commissioning, partnerships public fvnding. These will te dosely monitored and factored into the charity's forward planning and risk management processe5. 7. Structure, Governance and Management Constitution The NR5 PrOJ￿t, operating as Future Projects, is a tharitable company limited by guarantee. It is registered in England and Wales With the Charty Commission ￿der charity number 1103200 and with Companies House under compary number 04358690. The tharity is gover￿ by its Memorandum and Artides of Asscriation, which set out its charitable purposes and the rules for its operation, includiThJ the apFK)intment of trustees, the conduct of meetings, and the management of assets. These governing dC￿lments compty with tx)th charity law and company law. Methods of Appointment or Election of Trustees The management of the Chartty is the resF()nsibility of the Trustees who are elected and cwpted under the terms of the Trust deed. Trustees review the compxjsition and acbvity of the trN)ard on an annual ba￿S to ensure it continues to meet the •• needs of the charity. Trustees consider the results of governance reviews, skills audits, management reports, and other fact¢YS such as ￿preSentatiOn, 8JLkility aThJ diversity, Strategic plans and the needs of teneficiaries. Organisational Structure and Decision-making Policies The charity is governed by a toard of Trustees which meets at least four times a year and is responsible for managing the charity and sU￿r￿s1n9 its operations in accordan￿ with its stst&J governing documents. The Chief Executive Officer is reSpO￿ble to Trustees for the day to day operations of the charity and its development. The Chief Executive Offitrr is supp)rteJ by a senior leadership team, and decision making, and limits of authority are outlined in the charity's ￿eme of Delegation as agreed by TrUS￿s. Trustees have established committees to 5UPPJrt decision making atKI discharge their duties in areas such as Finance and Audit, and SchcMJI Governance. Pollaes Adopted for the Induction and Training of Trustees Trustees are recruited on the basis of their skn'lls, knowledge and experientr to enhanTr and SUPFOrt delivery of the charity's plans. All newly apFointed Trustees are provided with inductions which include their obligations under charity law, the contents of the Memorandum and A￿cleS of Association, dÉrision making pro￿sses, strategic plans and the operational and finanaal performance of the charity. Pay Policy for Key Management Personnel Trustees have implemented a remuneration wlicy for employees which consKlers internal and external benchmarking and other factor5 such as pay differentials, market conditions, and responsibilities to *t pay. Trustees review and determine staff pay annually, induding senior staff. In making decisions on pay, Trustees Page 15 THE NR5 PROJECT ITRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 consider financial FErformanTr, affordability, extemal factors, and Fotential risks to the charity and its opErations. Related Party Relationships Future Projects d￿5 not have any subsidiaries. However, several Trustees hold positions that constttute related paty relationships under the Charities SORP. These indude directorships with Future Digital Norfolk, and a Trustee who also serves as the Leader of Norwich City Counol. In the year, Norwich City Councrl prwded grant and contract funding to the charity. While the Trustee was not involved in the award or management of this funding, the relationship was recorded in the charity's Register of Interests and managed in accordan￿ with its conflict of interest policy. The conflict is also logged and managed within the local authority. Future Digital Norfolk providej D.A.B. radio broa¢kast ser￿￿ to FLlture PrO)￿ts in the year with a deemed value of £7,200. No other related paty transactions took pla￿ during the year. Trustees, Indemnities The charity has obtsinej risk prot￿tiOn for trust&s against loss for whith they are personally liable for actLkil or alleged error, misstatement, misleading statement, art, Omi￿lon, 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 and in the event of winding up, each meM￿￿S liability is limited to £1. 8. Plans for future Periods Plans for Future Periods In the year ahead, Future Proj￿ will build on the strorMJ foundations laid over this strategic cycle. As we look to the future, our focus remains on delivering high4]uality, impactful seNices while continuing to adapt, grow, and innovate in reswnse to community needs and national priorities. We will Win by developing a new long-temi strategy to shape the next pha* of our growth, ensuring our dirertion remains ambitious, re5FX)n￿Ve, arKI rootej in the needs and assets of the communities we serve. As part of our commitment to being an outstanding employer, we will evaluate the outcomes of our four-day working week trial, with a view to adopting it permanently for eligible staff where it supports wellbeing, produttivity and Servi￿ delivery. This will sit alongside contin￿1 investment in our workforce and internal Systems, helping us achieve our goal of tecoming the employer of choice within our sector. We recognise the Importan￿ of taking care of our staff and enabling them to tE healthy, happy and motivated in ther roles in order to deliver the very best Ser￿￿. In Education, we will further strengthen our taiSored, one-tiTrone delivery model for students with highly complex ne8Js, ensurirvj our prowsion continues to meet demand and delivers meaningful outcomes. We will continue to grow and develop our trauma inform&J approaches to ensure that each child in our setting is suppJrt8J to f￿1 physically, emotionally and intell￿￿llY safe. We will also continue preparations for our anticipated ISI ins￿￿)n, using this as an oppjrtunity to evidence and ￿lebrate the quality of our &Jucation offer. Page 16 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) {A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 We will explore how Future Radio can grow its reach and deetEn rts role as a community voice and platform for Ic(al change, while continuing to support ovic and cultural life in Norwich. In line with national pdicy wiorities - such as the G)vemment's Get Britsin Working initiative - we will to expand and sustain our work in employment sJppJrt. identifw'ng opportunities to help more PLY)ple move do*r to or into meaningful work. Across our wider delivery, we will cimtinue to shift towards prevention-based models particularly in areas such as S￿la1 isolation, homdessness, welfare rights and financial resilience - recognising the long-term value of earty suppjrt in av(Hding crisis. We will a19J continue to reswnd to emerging needs, Ind￿Jing f(x)J insecurity and aC￿SS to safe, warm spa￿s, ensuring that our work remains relevant and accessible. Securing long-term leaseholds on our community venues will support this ambition by ensuring we have statle, Ic￿1 bases from which to deliver trusted, plac ba￿1 servi￿. Internally, we will fvrther explore the reskK)nsible use of AI and digital twls to improve efficiew and reduce operational burden, freeing up time and resour￿ to f￿uS on impact. Externally, we will seek to identify how we can extend our reath and impact further afield so that more F8)ple and communities can benefit from our individualised approach. Throughout, we will continue to wsition Future PrOj￿ts as a strategic, collatorative organisation - working in partnership with others to drive tetter outcornes and lasting thange across Norfolk's communities. We reccgnise that the year ahead will not be without its challenges. Ongoing funding pressures, increasing complexity of need, and wider system change will require continued agility and resilience - but we remain confident in our people, partnerships, and plans to meet these demands head-on. 9. Trustees. responsibilities Statement of Trustees. responsibilities The Trustees (who are also the directors of the Charity for the Purp￿)￿ of company law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally A￿pt￿ Accounting Practice). Company law requires the Trustees to prepare finanaal statements for each financial year. Under company law, the Trustees must not approve the financial StateM￿ts unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resour￿ and application of resources, including its income and experKliture. for that period. In prepariTrJ these financial statements, the Trustees are required to: select suitable accounting psicies and then apply them congstenty; obswve the n￿thOdS and principles of the Charities SORP (FRS 102); make judgments and accountiThJ estimates that are reasonable and prudent; stste whether applicable UK Accounting Stsndards (FRS 102) have been followed, subject to any material departures disclosej and explained in the finanaal statements; prepare the financial statements on the going concem basis unl￿5 it is inappropriate to presume that the Charity will continue in business. Page 17 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 The Trust&s are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with rea%)nable accuracy at any time the financial position of the Charity enable them to ensure that the finar￿[al statements comply with the Companies Act 2006. Try are also responsible for safeguarding the assets of the tharty arKI kn￿ for taking reasonable steps for the prevention and detection of fraud arKJ other irregularities. Disdosure 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 Trust& is aware, theye is no relevant audit information of which the charity's auditors are unaware, and that Trust￿ 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 charty's auditors are aware of that information. Approved by order of the members of the t%)ard of Trustees and sign&J on their behalf by: Mr M Stonard (Chair of Trustees) Date: I S ￿1£ Page 18 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS (A Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE NRS PROJECT (TRADING AS FUTURE PROJECTS) Opinion We have audited the financial ststements of NR5 Project (trading as Future prOj￿ts) (the 'charity) for the year ended 31 August 2024 which comprise the Ststement of Financial Activitie5, the Balance Sheet, the Statement of Cash Flows and the related notes, induding 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, induding Financial Reporting Standard 102 The Rnancial RepK)rting Standard applicable in the UK and Republic of Ireland, {Unit8J Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable companvs affairs as at 31 August 2024 and of its incoming resources arKJ application of resour￿, indLhJing its income and exFenditure for the year then have tieen properly wepared in accordan￿ viith UnitÉYl KiThJdom Generally AC￿pted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in aCcOrda￿e with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further dexribed in the Auditors, responsibilities for the audit of the financial statements section of our re￿)rt. We are independent of the charitable company in accordance with the ethical requirements that a￿ relevant to our aLJdit of financial statements in the United Kingdom, including the Financial ReFK)rting Counol's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We bejieve that trE audtt eviden￿ we have obtain8J is sufficient appropriate to provide a bass for our opinion. Condusions relating to going concern In auditing the financial statements, we have conduded that the Trustees, use of the going concem basis of accounting in the pyeparation of the financial statements is apyopriate. Based on the W￿rk we have performed, we have not Klentified any material uncertainties relatiThJ to events or conditions that, individually or colle£tively, may cast significant doubt on the charitable company's ability to corttinue as a going concem for a period of at least twelve months from when the finanaal statements are authorised for issue. Our reSpK)ns1￿'litses and the resFonsibilities of the TnIst￿5 with rw to going concem are dexribed in the relevant sections of this rep)rt. Page 19 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS> (A Company Llmited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (CONTINUED) Other Infomiatlon The ot￿r information comprises the information in the Annual Report other than the financial statements and our AuditOTS' RekX)rt thereon. The Trustees are responsible for the other inforniation contained within the Annual Report. Our opinion on the finar￿la1 statements does not cover the other information and, except to the extent otherwise explicitly stated in our repK)rt, we do not express any forni of assurance conclusion ther8)n. Our reswn&bility 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 apFears to be materially misstat8J. 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 reF#￿ in this regard. Opinion on other matters w&albed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees, Repyt for the financial year for which the financial ststements are prepar8J is consistent with the finanoal statements. the Trustees, Report has teen prepared in accordanTr with applicable legal reouirements. Matters on which we are required to report by exception In the light of our knowle(hJe and understanding of tIE tharttable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trust￿, Report. We have nothing to reFX)rt in resFett 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 teen kept, ￿ returns ad@]￿￿te for our audit have not b￿n received from branche5 not vi￿ted by us; or the financial statements are not in agr￿ment with the accounting records and returns. or certain disclosures of Trustees, remuneration specified by law are not made; or we have not rec￿Ved all the information and explanations we require for our audit; or the Trustees were not entitled to prepare the financ￿1 statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report arKI from the requirement to prepare a Strategic Rekx)rL Page 20 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS IA Company Limited by Guarantee) INOEPENDENT 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 Ststement, the Trust￿ (who are a19) the direttors of the charitable company for the purkK)ses of company law) are resFX)nsible for the preparation of the finanaal statements atNJ for teing satisfied that they gwe a true and fair view, and for such internal control as the Tnjstees determine is necessary to enable the preParat￿)n of financial statemt￿ts that are fr* from material misststement, whether due to fraud or error. In preparing the finanaal statements, the Trustees are reswnsible for assessing the tharitable company's ability to continue as a going concem, disclosrKJ, as applicatle, matters rdated to going con￿rn and using the going concem basis of accounting Unl￿ the Trustees either intend to liquidate the tharitable company or to ￿ase OFerations, or have no realistic alternative but to do so. Page 21 ## **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)** ## **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 objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both the management and those charged with governance of the charitable company. Due to the field in which the charitable company operates, we identified the areas most likely to have a direct material impact on the financial statements as: compliance with UK accounting standards, the Companies Act 2006 and the Charities Act 2011. In addition, we considered the provisions of other laws and regulations which, whilst not having a direct impact on the financial statements, are fundamental to the charitable company's ability to operate including Employment Law, GDPR and compliance with various other regulations relevant to the operation of the charitable company. Our approach to identifying and assessing the risk of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations, included the following: - Enquiries with management about any knowledge or suspected instances of non-compliance with laws and regulations and fraud; - Reviewing board minutes; - Reviewing legal and professional fees for indicators of litigation; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; - Assessing the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance; - Challenging assumptions and judgements made by management in their significant accounting estimates; and - Auditing the risk of management override of controls, including through testing of journal entries and other adjustments for appropriateness. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. Page 22 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 PROJECTSI (CONTINUED) A further description of our reSp(M)￿bilItIeS for the audit of the financial statements is located on the Financial Reporting Council's webgte at: www.frc. auditrKyes C￿51￿"11t1e5. Thbs descripticm forms part of our Auditors, Rewrt. Use of our report This rewrt is made ￿￿elY to the charitable comFkiny's members, as a LKMJY, in accordance Chapter 3 of Part 16 of the Companies Att 2006. Our audit w￿¢ has Undertak￿ ￿ that we might state to the charitable companvs members those matters we are required to State to them in an Auditors, Retx)rt and for no other purpose. To the fullest extent [￿rmitted by law, we do not accept or assume responsibility to any(x)e other than the charitable ccffipany and its members, as a tthy, for our aLtdit work, for this report, or for the opinions we have formeij. Joanne Fox BA FCA (Senior Statutory Auditor) for and on behalf of BW Audit Ltd Chartered Accountants Statutory Auditors Berry & Warren 54 Thorpe Road Norwich NRI IRY Date.. 16 May 2025 Page 23 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) IA Company Limited by Guarantee STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tolal funds 2023 Note Income from: tbnations and legaaes aritable activits'es other trading activities Investments 10,935 2.499,474 14.065 14.629 10,935 2,691,726 14,065 14,629 56, 183 2, 883,079 192,252 4,656 Total income 2,539.103 192,252 2,731,355 2,943,918 Expenditure on: Charitsble activities io 2,346.906 167,111 2,514,017 2,696,597 Total expenditure 2.346.906 167.111 2,514.017 2,696,597 Net movement in funds 192,197 25.141 217.338 247,321 Reconciliation of funds: Total funds brought forward Net movement in funds 515,035 192,197 170.580 25,141 685.615 217.338 438,294 247,321 Totsl funds carried forward 707,232 195,721 902,953 685,615 The Statement of Financial Artivities includes all gains and losses reccgnised in the year. The notes on pages 27 to 47 fomi part of the* financial ststements. Page 24 THE NR5 PROJECT ITRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) REGISTERED NUMBER: 04358690 BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Fixed assets Tangible assets 15 422.527 460, 775 422,527 460, 775 Current assets Debtors Cash at bank ar)d in hand 16 635,773 736,989 260,457 677,951 1.372,762 938, 408 Creditors: amounts falling due within one year 17 1892,336) (713, 568) Net current assets 480,426 224.840 Totsl assets less current liabilities 902,953 685,615 Total net assets 902,953 685,615 Charity funds Restritted funds Unrestritted funds 18 195,721 707,232 170,580 515,035 18 Total funds 902,953 685,615 The Trustees acknowledge their responsibilities for complying with the requirements of the Att with respect to accounting records and preparation of finar￿la1 statements. The finanaal statements have LEen 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 (Chair of Trustees) Date: IS &Lg The notes on pages 27 to 47 form part of these finanaal ststements. Page 25 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flov￿ from operdting activities Net cash used in operating activities 70.111 671,583 Cash flows from investing activitles Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 14,629 131 4, 656 125,833) (143,671) Net cash used in investing activities (11,073) 1139,0151 Change in cash and cash equivalents in the year Cash and cash equivalents at the tEginning of the year 59.038 532,568 677,951 145,383 Cash and cash equivalents at the end of the year 736.989 677.951 The notes on pages 27 to 47 fonn of these finanaal ststements Page 26 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) IA Company Limfted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 General information NR5 Project is a kyivate company limited by guarantee and incorporated in England & Wale5, registration number 04358690. register￿ Offi￿ is 168b Motum Road, Norwich, Norfolk NR5 8EG. The members of the company are the Trustees named on page l. In the event of the company being wound up, the liability in reSp￿tt of the guarantee is limitaj to £1 per memter of the company. Accounting policies 2.1 Basis of preparation of financial statements The finanaal statements have twi Prepar￿ in acCorda[￿e with the Charities SORP (FRS 102) - Accounting and ReForting by Charities: Statement of Recommend8J Praciice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l january 2019), the Financial Reporting Standard applicable in the UK and Republic of Irdand (FRS 102) and the Companies Act 2006. The NR5 Projett (trading as Future Pro]￿) meets the definrtion of a public LEnefit entity under FRS 102. Assets and liabilities are initially reCCNJnis￿ at historical cost or transaction value unless otherwise stated in the relevant accounting wliq. 2.2 Going concern The Trustees have considered the Charivs Fosition at the time of signing the financial statements, and in particular inflation rise5 and their impart on the demand for the Charity's services, on its funders and on wider ecorK)my. Having constdered 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 pjsitioned to continue to deliver its vitsl services in the short and m8Jium tem. Based on this, the Trustees have concluded that they have a reasonable expettation that the Charity will have adequate reSoUr￿S to continue in operational existence for the foreseeable future, being at least I￿e1ve months from the date of Signi￿ these financial statements, and we therefore continue to adopt the going concern bags of accountirKJ in preparing these finanoal statements. 2.3 Income All income is reccmjnised once the Charity has enb'tlement to the Income, it is probable that the income will be received and the amount of income receivab￿ can l￿ measured reliably. Income from ￿Vernment and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the tharity has entit￿rnent to tIE funds, any performan￿ conditions attached to the grants have been met, it Is probable that the income will be received and the amount can be measured reliably. Page 27 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.4 Expendltsire Expenditure is reCogni￿d On￿ there is a legal or constructive obligation to transfer economic benefit to a third party, it is probatle that a transfer of economic benefits will required in settlement and the amount of the obligation can te measured reliably. Expenditure is classified by activity. The costs of each acbvity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activty. Direct costs attributable to a single activity are allocated directly to that activity. Shar&1 costs which contribute to more than one activity and support costs which are not attributable to a Yngle activity are appjrtioned tetween those activities on a basis consistent with the use of re￿)urCes. Core costs are appK)rtioned to acbvities in proportion to income. Costs of generating funds are co&s Incurr￿ in attracting voluntary income, and those incurred in trading attivities that raise funds. All expenditure is indusive of irrecoverable VAT. 2.5 Interest re￿1vable Interest on funds held on dekX)Sit is incllxled when receivable and the amount can be measured reliably by the Charity; this is nomially utx)n notification of the interest paid or payable by the institution with whom the furnls are deEx)s'ted. 2.6 Tangible fixed assets and depre(iation Tangible fixed assets are initially recojnised at cost. After recc*Jnition, under the cost model, tangible fixed assets are measured at cost less accumulat￿ depreciation and any accumulated impairment losses. All costs Incurr￿ to bring a tangitAe fixed asset into its intended working condition should be induded in the measurement of cost. Depreciation is charged ￿ as to allc(ate the cost of ta￿lble fixed assets less their residual value over their esb'mat8J usefijl lives. Depreciation is provid8J on the followng bases: Long-term leasehold property - Straight line basis over the lease term Motor vehicles 200/0 reducing balan Fixtures and fItti￿S 20% straight line Office equipment 200/0 Straight line 2.7 Debtors Trade and other debtors are recc*Jnised at the s&dement amount after any trade discount offered. Prepayments are valued at the amount Eyepaid 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 thr* months or less from the date of acquisition or opening of the dekN)sit or similar account. Page 28 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued) 2.9 Liabilities and provisions Liabilities are ￿r￿anised when there is an obligation at the Balan￿ Sheet date as a result of a past event, it is probable that a transfer of economic benefrt will be required in settlement, and the amount of the settlement can be estimated rdiably. abilities are rErogni5ed at the amount that the Charity antiapates it will pay to settle the debt or the amount it has received as atha￿ed payments for the 9XKJs or wvices it must provide. Provisions are measured at the best estimate of the amounts requir&l to the obligation. Where the effect of the b'me value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tsx discount rate that reflects the risks specific to the liability. The unwinding of the discount is reccgnised in the StateM￿t of ￿nanCIal ActÉvities as a finance cost. 2.IOFinancial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic finanoal instruments are initially reccyJnised at transaction value and subsequently measurej at their settlement value with the ex￿p[lOn of bank loans which are subsequently measured at amortised cost using the eff￿tIVe interest methcrfj. 2.IIPensions The Charity operates a definExl contribution penston scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of year. 2.12Fund accountlng General funds are unrestrKted funds which are available for use at the discretion of the Trustees in furtheran￿ of the general objlrtives of the Charity and which have not b*n designated for other purrM)ses. Restricted funds a￿ funds which a￿ to be used in accordan￿ with specific restrictions by donors or which have teen 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 ttE notes to financial statements. Investment income, gains and10sses are all(￿ted to the appropriate fund. Page 29 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Critical accounting estimates and areas of judgment Estimates and judgments a￿ continually evaluated and are based on historical experience and other factc(s, including expertations of future events that are believal to be reasonable under the Orcumstan￿. Critical accounting estimates arKY assumptions: The U)arty makes estimates arKJ assumptions Con￿rning the future. The ￿SUlting 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 bdow. Critical areas of ]￿gMent. 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 atvj residual values are reassessed annually. They are amended when necessary to refl￿t current estimates, based on t￿no1￿J1Cal advanTrment, future investments, economic utilisation and ￿ phygcal condition of that asset. See 2.6 for the uspful e￿0￿MiC lives of property, plant and equipment for eath dass of asset and rote 15 for the carrying amount. Impairnient of debtors The company makes an estimate of the r￿0Verable 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, tIE ageing profile of the debtors and historical experience. See note 16 for the carying amount of the debtors. Page 30 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations and legacies Unrestricted funds 2024 Total funds 2024 Lksnations 10,935 10,935 Unrestncted funds 2023 Total funds 2023 Cr)nations 56, 183 56,183 Income frorn charitable artivitie5 Unrestricted Restricted funds funds 2024 2024 Totsl funds 2024 Radio Sthod 62,252 2,051,451 385,771 23.645 48,414 120,193 85,897 2,099,865 505.964 Future Suppjrt 2,499,474 192,252 2.691,726 Unrestricted funds 2023 Restricted funds 2023 Total runds 2023 Radio School 73,315 2,023,889 398.317 73,315 2,047, 764 762,000 23,875 363, 683 Future Supwrt 2.495.521 387, 558 2,883,079 Page 31 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS {A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from charltsble activities analysis Future Support 2024 Totsl funds 2024 Radlo 2024 School 2024 Grants and semce level agreements School fees 41,793 49,993 2,044,331 5,541 491,203 582,989 2,044,331 64,406 Other income 44,104 14,761 85,897 2,099,865 505,964 2,691,726 Futu Support 2023 Total funds 2023 Radio 2023 School 2023 Grants and Servi￿ level agreements NCC and SCC fees Other income 24.525 46,511 2,001,253 761.498 832,534 2,001,253 49,292 48. 790 502 73,315 2,047, 764 762,000 2,883, 079 Page 32 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) {A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Grants and seryice level a9reements Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Ofcom Community Radio Fund Co-op Community Cares NCC - Small Culture Pupil Premium Wonder+ Pathways Resettlement Community Actions Norfolk - knial Isolation Pathways Tenancy ESF Chances Hamper Norfolk Household Support Norfolk Community Foundation - Warm Hub Norfolk Community Foundation - Empowering Communicab'ons for Mentsl Health OPCCN Serious Violen Awllo Norfolk Consolidated Charities Community Based Hardship Fund DFE Covid Recovery Premium other ￿001 grants SSE Other Future SupFQrt grants UKSPF Brighter Future 11,957 4,948 16,957 4,948 2,000 27,714 25,641 69,448 123,964 11)0,439 31,216 10,316 7,100 2,000 27,714 25,641 69,448 123,964 100,439 31,216 10,316 7,100 2,000 6,740 11,667 5,499 6,740 11,667 5,499 5,722 20,095 20,700 1,579 17,888 26,740 44.616 5,722 20,095 20,700 1,579 17,888 26,740 44,616 390,737 192,252 582.989 Page 33 THE NRS PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Big Lottery Fund and ESF Building Better Opportunities ig Lottery Fund and ESF ￿anCeS Pathway5 Resettlemen Wonder+ Community Action Norfolk - *Kial 19)lation' Pupil Premium Norfolk Community Foundation - Empowering Communities for Winter Resilience 90,055 255, 427 90,055 255,427 63,427 30, 769 130,455 23,875 63.427 30, 769 130.455 23,875 9,070 9,070 9,400 Norfolk Community Foundation - Hou*hold Support Fund Norfolk Community Foundation - Empowering Communities for Mental Health Norfolk Community Foundation - Warm Hub Pathways Tenancy NCC - Virtual Schcol 9,400 4, 182 4, 182 99,637 350 99,637 350 NCC - Equipment NCC - Norfolk Sccial Infrastructu￿ Fund Ofcom Community Radio Fund UK Community Renewal Fund - IrKlusive Eccmmy Aviva Money Matters DFE Covid Recovery Premium Radio Box Move 300 300 18,073 5,978 18,073 5,978 8,801 32, 789 17,526 30,433 8,801 32. 789 17.526 30,433 444,989 387, 558 832,547 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Total funds 2023 FUndrai￿r￿j events 14,065 14.065 Page 34 THE NRS PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Investment income Unrestricted funds 2024 Total funds 2024 Investment income 14,629 14,629 Unrestricted funds 2023 Total funds 2023 Investment income 4, 656 4, 656 10. Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Radio School 131,340 1,842,542 373,024 131.340 1,870,257 512.420 27,715 139,396 Future Supwrt 2,346,906 167,111 2,514,017 Page 35 THE NRS PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysis of expenditure on d￿ritable activities (continued) Summary by fund type (continued) un￿StriCted funds 2023 Restricted funds 2023 Total 2023 Radio 113.634 1, 782,019 451, 767 114, 143 1, 805,894 776.560 School Future Suptort 23.875 324, 793 2,347,420 349, 177 2, 696,597 11. Analysis of expenditure by activities Support costs 2024 Total funds 2024 Radio 131,340 1,870,257 512,420 131.340 1,870,257 512,420 hool Future Supkxjrt 2,514,017 2.514,017 Support costs 2023 Total funds 2023 Radio School 114,143 1,805,894 776.560 114, 143 1,805,894 776.560 Future Supkxjrt 2, 696,597 2,696,597 Page 36 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Analysis of ex￿dItUre by activitses (contlnued) An•ly5is of support costs Future Support Core Costs 2024 2024 Total funds 2024 Radio 2024 School 2024 Staff costs cÈpreciation Premise5 72,682 3,578 18,906 17,787 3,701 1,844 959 1,199,390 55,230 122,226 20,068 27,650 361,024 223 311,128 5,050 29,605 35,105 16,032 2,105 1.944,224 64,081 188,095 75,375 56,165 4.509 34,009 146,424 944 17,358 2,415 8,782 560 F￿5 offi￿ costs Marketing Travel costs 26,220 95,088 502 6,050 38,547 870 General Equipment and malntenan Finance costs (857) (597) 13,646 169 38 147 (413,767) Allocation of core costs 13,337 323,845 76,585 131,340 1,870,257 512,420 2,514,017 Page 37 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Analysis of expenditure by acbvities {contiTrued) Analysis of support Costs (continued) Futu Support Core Costs 2023 2023 Total funds 2023 Radio 2023 School 2023 Staff costs 59,404 4,291 19,273 7,6 3,296 4. 595 2,153 3, 552 1, 743 19 1. 121,099 56.481 145,430 21,341 27,038 587.554 340 260,244 4.914 24, 658 25, 148 19,491 2, 398 295 2,028, 301 66, 026 221,841 54, 790 56,449 10, 184 47,257 206, 998 3,978 773 Depreciats'on Premises 32,480 651 Offitr costs Marketing Travel costs General Equipment and maintenance Finance costs IcÉation of core costs 6, 624 3.191 10. 148 41,788 2,544 135 34.661 153, 157 1,553 264 8,501 (7,262) 355 8, 767 244,870 91,105 (344, 742) 114. 143 1.805,894 776.560 2, 696,597 12. Auditors, remuneration 2024 2023 Fees payable to the tharitvs auditor the a￿￿1t of the Charity's annual accounts 12.600 13, 150 Page 38 THE NRS PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution Fension thmes Qjntract, agency other staff costs 1,607,153 146,672 116,863 73,536 1, 688, 039 151,276 109,060 79, 926 1,944,224 2, 028,301 Included within wages and salaries atwjve are redundancy and termination payments of £5,650 (2023: £1,731). The average number of persons employed by the Charity during the year was as follows: 2024 No. 2023 No. Staff 61 69 The number of emFAoyees who* emthee benefits (excludirHJ wnFAoyer pension costs) exceeded £60,000 was: 2024 2023 In the band £60,001- £70,000 The total employee benefits to key management personnd of the charity were £312,607 (2023: £291,451) in resFect of 5 Feople (2023: 5 kEople). 14. Trustees. remuneration and expenses During the year, no Trust￿ received any remuneration or other beneffts (2023: £nil). During the year ended 31 August 2024, no TNstee eX￿nSeS have LEen incurred (2023: £nil). Page 39 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Tangible fixed assets Long-temi leasehold propety Motor Flxtures and vehicles rrttings Office equipment Total Cost or valuation At I September 2023 Additions "sposals 876,511 12.751 8.900 227,258 12,050 (53,343 36.628 1.032 113.496 1,149,297 25,833 166,839) At 31 August 2024 889,262 8.900 185.965 24.164 1,108,291 Depreciation At I Septembw 2023 Charge for the year On disposals 454,718 46,869 3.547 1,129 194,132 15,625 153.343 36.125 458 (13.496) 688,522 64,081 (66.8391 At 31 August 2024 501,587 4.676 156,414 23,087 685,764 Net book value At 31 August 2024 387,675 4,224 29,551 1,077 422,527 At 31 August202i 421, 793 5, 353 33,126 503 460. 775 16. Debtors 2024 2023 Due within one year Trade debtors 594,808 40,326 639 173. 156 83,098 4,203 Prepayments and accwed I￿ome Tax recoverable 635,773 260,457 Page 40 THE NRS PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Other tsxation and S￿la1 security Other creditors Accruals and deferred income 27.885 48.710 20.019 795,722 69, 535 38, 759 30,661 574,613 892,336 713,568 2024 2023 Deferr&J income at I September 2023 Resour￿ deferrej during the year Amounts released from previous pericKIs 562,973 762,864 (562.973) 515,808 562, 973 (515,808) 762,864 562, 973 Eeferred income relates to fees re￿1Ve￿ in adVaTr￿, and to Servi￿ contracts invoiced whith relate to the 2024125 period. Page 41 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Income Expendlture Unrestricted funds General Funds 515.035 2,539,103 (2,346.906} 707,232 Restricted funds Big Lottery and ESF Building Better Opp)rtunities Grant Stuff Hubs Youth Action Social Fund Big Lottery Fund and ESF Chan The Big Lottery Fund: Awards for All - Lab Equipment Natwest Skills & Opportunity Fund Pupil Premium Better TcrfJether Radio Show Winter Shdter Indusive Economy Norfolk Household Supwrt 100 Day Challenge Your Big Idea Community Radio Fund Advertisng Posi UKSPF Brighter fvjture CiTrop Community Cares OPCCN AtK)Ilo Volunteer Ccordinator Community Based Hardship Fund NCF - Men's Mental Health 55,769 6,740 4.750 70.197 (982) (2401 54,787 6,500 4,750 70,945 31,216 130.4681 207 207 11,789 11,789 27.714 127.714) 1,700 12,718 3,095 1273 1,312 2,576 1,700 12,718 2,941 1217) 1,312 2,317 1,145 16,758 (154) 17.044) 7.100 (259) {10.812) (27.858) 14.948) (10,303) (5,007) (20,095) (527) (20,700) 11,957 44,616 11,667 5,499 20,095 6.740 20,700 1,364 492 6,213 Covid-19 Premium 170,580 192,252 (167.111) 195,721 Total of funds 685.615 2,731,355 (2.514,017 902,953 Page 42 THE NRS PROJECT (TRADING AS FUTURE PROJECTS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Ststement of funds (continued) Statement of fund5 - pripr year Balance at I Septembei 2022 Balance al 31 August 2023 Income Expenditure Unrestrirted fund5 General Funds 306,095 2.556,360 (2,347,420) 515,035 Restricted funds Big Lottery and ESF Building Better Opwrtunities Grant Stuff Hubs Youth Action Social Fund Big Lottery Fund and ESF 0)an￿5 The Big Lottery Fund: Awards for All - Lab Equipment Natwest Skills & Opp(Ktunity Fund Pupil Premium Better Tcgether Radio Show Winter Shelter Inclusive Economy Norfolk Household SupkY)rt 100 Day Challenge Your Big Idea 44, 103 7, 035 4, 750 38,423 90,055 (78, 389) (295) 55, 769 6, 740 4, 750 70.797 255,427 (223, 653) 207 207 11,789 11,789 23.875 (23,875) 1,7LX) 12,741 6,914 28 1,700 12.718 3.095 (273) 1,312 2,576 (23) (12.620) (9, 701) (112) (509) 8,801 9,400 1.424 3,085 132, 199 387.558 (349, 177) 170,580 Total of funds 438.294 2,943,918 (2, 696,597) 685,615 Page 43 THE NR5 PROJECT ITRADING AS FUTURE PROJECTS (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds (continued) Building Better Opportunities and Building Better Opportunitles 2 Big Lottery Fund/European S(Kial Fund co-financed Building Better OpFOrtunities Programme for bng term unemployed adults in ￿)rfOlk stuff Hubs Norfolk City Council fijnded project to wovide a t￿1 hub to local residents for hire. Natwest Skills and Opportunities Fund Natwest funded sermce to improve the finanaal skills of in SUPFQrt and prevention of services users with financial and debt issues. Pupil Premium Additional funding advised by Norfolk County C￿n01 Children's SeNices for pupils on free sd)ool meals. Winter Shelter Fu￿ling received to provide a winter shdter IN)stel provision in Norwich to gJPFQrt homeless iThJiwduals. Inclusive Economy Project Grant fundiTh3 to provide 5UPPOrt to clients who are far removed from the job market, to SUPPXIrt and signpost then to move them doser to pb 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 ￿ workshcps and delivery of free ￿ equipment to users in specific deprived areas of Norwich. Your Big Idea Grant funding to devdop training packages for onward delivery and sale to wider charity and commercial clients. OFCOM Community Radio Fund Grant fund supfvtng running of Ofcom-li￿nSed community radio stations in the UK. UKSPF Brighter FU￿re Paid via Norwich City cou￿11, grant to improve public spaces, was used by the charity to improve the arity shop Spa￿ at the Baseline Centre. Co-op Community Cares Grant used by radio to develcp a regular radio feature for local groups and attivities. Office of the Police and Crime Commissioner Serlous Wiolence Duty Project Grant to support the employment of a support worker with a dient base of 17 to 25-year olds to connect up and supwrt these dients in trdnsition from children's services to adulthood. Apollo Volunteer Coordinator Funding for a part time VOlunt￿r co-ordinator to VK)rk to increase volunteering in our Icol community. Page THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 18. Statement of funds (continued) Community Based Hardship Fund NCF fund to be used to make direct payments on behalf of clients for etther frx)d or energy supply. The Charity us& the fund for L￿th f(x)d and energy directly for clients. NCF- Men's Mental Health NCF Grant used to run a men's mental health group and deliver a series of radio shows SUPFOrting and hdping men's mental health. Covid-19 Premium DFE Grant Paid via Norfolk County Counol to SWPPOrt pupil leaming recovery following pandemic 19. Analysis of net assets between fvnds Analysls of net assets between funds - current perlod Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Tangible fixèj assets Current a￿ts Creditors due within one year 421,675 1,089,813 (804,256) 852 422,527 282,949 1,372,762 (88,080) 1892,3361 Total 707,232 195,721 902,953 Ar￿lYSIS of net assets between funds - prior period Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Current assets 458. 770 767, 383 (711, 118) 2, 005 171,025 (2,4￿) 460. 775 938,408 (713,568) Cr&ditors due within one year Totsl 575,035 170, 580 685,615 Page 45 THE NRS PROJECT (TRADING AS FUTURE PROJECTS) (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Reconciliation of net movement in funds to net cash flow from operating activitles 2024 2023 Net income for the periijj (as per Ststement of FInar￿la1 Activities) 217,338 247,321 Adjustments for: Depreciation charges Dividends, interests and ￿nts from investments Lossl(profit) on the sale of fix8J assets Decreasel(increase) in debtors Increase in creditors 64,081 114,629) 66.026 (4, 656) (375.316) 178.768 270,522 92.370 Net cash provided by operating activities 70.111 671,583 21. Analysis of cash and cash equivalents 2024 2023 Cash in hand 736.989 677,951 Totsl cash and cash equivalents 736.989 677,951 22. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand 677,951 59,038 736.989 677,951 59,038 736,989 Page 46 THE NR5 PROJECT (TRADING AS FUTURE PROJECTS) {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Pension commitmerts The Charity operates a defined contr1t￿tIOn pension scheme. The assets of the scheme are held separately from those of the Charty in an independently administered fund. The pension cost charge represents contritHJtions payable by the Charity to tIE fund and amount8J to £116,863 (2023: £109,060). Contributions totaling £15,675 (2023: £27,840) were payable to the fund at the balan￿ sheet date and are induded in other creditors. 24. Operating lease commitments At 31 August 2024 the Charity had commitments to make future minimum lease payrnents under non- Can￿lIable operating leases as follows: 2024 2023 Not later than l year Later than l year and not later than 5 years Later than 5 years 26,501 64,530 19,926 12,600 37,067 26,283 110,957 75,950 The followirwJ lease ￿lYments have been rÉrognised as an exFense in the Statement of Financial Activities: 2024 2023 Operating lease rentals 32,755 29,234 25. Related party transactions During the year the Charity received service5 free of d￿rge from a related party. The value included in the financial Statern￿ts for this amounts to £7.200. The Charity has not entered into any other related party tranSart￿nS during the year. Page 47