REGISTERED CHARIIY NUMBER: 1131445 Trustees, Report and Unaudited Financial Statements for the Year Ended 31 December 2024 for Open Road West Norfolk Trust Stephenson smart (East AngliBI rll1ted Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 IHJ
Open Road West Norfolk Trust Contents of the Financial Statements for the Year Ended 31 December 2024 Page Reference and Administrative Details Trustees, Report Independent Examlner's Report Statement of Financial Actlvities Bal?nce Sheet Notes to the Flnancial Siaternents 7 to 12 Detailed Statement of Flnancial Activitie5 13 to 14
Open Road West Norfolk Trust Reference and Administrative Details for the Year Ended 31 December 2024 Trustees MrT Asmith Lady Roberts Mr J Pearson MT A C Dodds FCA MrDJ Flux Mrs K Heathcote Ms S Long Iresigned 29.2.20241 Ms L Bambridge Mr5 A Fewkes (appointed 6.3.20251 Prlncipal address 17 Roll*by Road Hardwick Industrial Estate King's Lynn Norfolk PE30 4LS Registered charity number 1131445 Independent examiner Stephenson Smart (East Anslial Limited Chartered Accountants 22-26 King Street King's Lynn Norfolk PE30 IHJ
Open Road West Norfolk Trust Trustees, Report for the Year Ended 31 December 2024 The tm5tees present their report with the I Inancial statements of the ch2rity for the year ended 310eceMber 2024. The trustees have adopted the provisions of Accounting and Reportin8 by Charities.. Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance with the Financial Reporting Standard 3pplicable in the UK and Republic of Ireland (FR5 1021 leffectlve l January 20191. Objectives and attivities Objectives and aims The charity's objective MainS to advance the education of young people in West Norfolk, (albeit we have at the time of writing-April 25. recently a8reed HOTS for a second trainin8 centre in Thotfordl particularly but not oxclusively i'hose in dan8er of exclusion from school, Ivith a view to improving their career prospetts, life skills and helping them to grow and mature as indivlduals and members of Society, both in Morfolk and thc wider world. Our core activity is working Wlth young people who h8ve been excluded from school or who are attending school but Could benefit from the different style of courses that we promde. We work with secondary. short stay and 5peci31 schools amongst others. We i4150 offer Bursary places to home-schooled youn8 people and older students who may be NEET Inot in Educalion, Employmenl or Tr?iningl. These placements are funded by 8rant5 and donations from various sources and offer an opportunity for our sludents to gain experience and life skills that will help them into higher education, an apprenticeship or employment. Achlevement and performance Open Road West Noriolk continues to maintain Sts support for sludellts workin8 towards and attaininB accreditpd qualifications in motor vehiclo studies, engineering and construction trades. Our Students are able to increase their self-e5teem and build confidencc to enter the workplace. To help them achieve their aword5 we are currently able lo provide up to IOQ training days per week. Our staffing levels remain stron8 currently with three full timÈ trainers, two full.lime Workshop Assisiants and now a full time Business Manager who looks after the administrative elements of the chariLy alongside workin8 With existing and new lunders. We are a150 loriunaEe ro have 4 volunteers. Our MD continues to look at opportunities to stren8thon our team and the charity is benefitting enormou51y from ihe oversight and organisational ski115 that the expanded team provide5. We remain ever grateful to accountants Stephenson Smart for providing us with bookkeeping and payroll 5UPPQrt. We must also thank, Anglian Recyclin6, Copart, Snap-on, VARTA, Adrian Flux, Norfolk Comrnunity Foundalion and many others for their valuable and on8oin8 assistance during the year. We are of course also indebted to all the 8rant making bodies anLI trusts that have helped us financially during tho ye2r and these are lisled elsewhere in the ccounts. Without all this help we would not be hero. All our students atlending the motor vehicle workshop are working towards the Institute of the Motor Industry IIMII atcredited qualification5 at Lcvel l. During 2023, the Level l Award in Automotive Maintenance was achieved by 22 students. and the Level I Certificète in AutOFnQtive Maintenance was achieved by 6 students. I student attained Diploma. Students 3ttending the construction workshop dre workin8 towards a Pearson BTEC Level I Introductory Awdrd in Construction. 15 student5 rjchieved their Lev21 l Award, and 8 Students achieved a Level I CertlTicate in Construction. I student also received their Diploma in Construction skills. 01.her students are still working towards those qualifications and the merit of the courses is that thev can progress at their own pace, achieving incremental success, therefore building their self-confiden¢e and esteem. We look forward next year to be able to ofter a level 2 Award in Automotive fvlaintenante alongside our existing Level I Course. The majority of our school age Students are of course funded by the Schools that they axond. o.ar post 16 students however are entirely reliant on our ability to give them a fundpd pllsce on the course. Thesp students are very grateful for this opportun ity and ihp finarncial %upport rhey have received through the bursary scheme that we oporaie.
Open Road West Norfolk Trust Trustees, Report for the Year Ended 31 December 2024 Financial review The results for the year 2nd the charity's financial position at year end are detailed in the attached financial statements. We have been able to grow and maintain our funding pot and reserves to a level mctre appropriate wth our position and expenditure and to a level as recornmended by the Ch3rity Commission, we have sufficient reserves to meet our obligotions for a rninimum 6 month5. We are a150 very mindful of our in¢rea5in8 costs and the need to continue building our reserves for our premises Upgrade project. Our investment policy is to always maximise returns on cash balances held, havin8 due regard to investment risks. Future plans At the time of writing (April 251, we are still in di5CU5slon with BCKLWN for a new 10 year lease on our King's Lynn premises. In the meantime, we hold over on the existing lease on existing terrn5. This will allow us to move forward with our development plan5 fo improve and rnodernise the site for a better worklng and learnin8 environment for students and staff alike. We remain in a strong position to continue the excellent programmes that hava been successful for some years. We are also now in advanced discussions and HOTS for a second training centre to be located in Thetford. Norfolk. This will be equipped and managed on the same basis as our existing centre with senior staff able to oversee both locations. It will again focus on Construction skills and motor vehide workshop training with a larger emphasis on g.ngineering skills too. We very much look fOnard to a strong future for Open Road (West & South) Norfolk. Structure> governance and management Open Road West Norfolk Trust was constil'uted as a Charitable Trust by Deed of Declaration on Ilth August 2009. Charitable status was granted on 1st September 2009. The trust is governed by a Board of Trustees who meet regularly. All decisions are made by unanimous vote at Board meetings. New Trustees are recruited by way of vote from existing Trustees. Relevant skills and experlence are reviewed and considered on recruitrnent,. we are always lookin8 to strengthen our Board, The TrusLees meet reRularly throughout the year and major ris are reviewed and discussed on an on-80ing bas15. Safeluèrding and fundlng regularly top these discussions and 5VSterns are in place to fully monitor and mitigate, as necessary. The trustees conflrm that the financial statements comply with the charity's governing document and have been prepared in accordance with the accountlng polices set out in the noles to the financi21 statements and the Charitie5 Act 2011. Approved b Drder of the board of trustees on 10 June 2025 and signed on its behalf bv: J Pear - Trustee
Independent Examiner's Report to the Trustees of Open Road West Norfolk Trust Independent examiner's report to the trustees of Open Road West Norfolk Trust I report to the charity trustees on my examination of the accounts of Open Road West Norfolk Trust (the Trust) for the year ended 31 December 2024. Re5ponsibllities and basis of report As the chariry trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements OF the Charities Act 20111'the Act'l. I report In respect of my examination of Lhe Trust's accounts carried out under Sertion 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 1451511bl ofthe Art. Independent examiner's statement Since your charity's gross income exceeded £250.000 your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Trust as requlred by Section 130 of the Act; cr the accounts do not accord with those records,. or the accounts do not comply with the applicable requirement5 contorning the form and content of accounts set out in the Charities (Accounts and Reports) Re8ul3tion5 2008 other than any rcquirement that the accounts give a true and lair view which 15 not a matter considered a5 Part of an independcnt aMInation. I have no concerns and have come across no other matters in connection with the examination to which attention should be dréwn in this report in order to enable a proper under5tandin8 of the accounts to be reBched. Mr D Jastrzeb5ki Stephenson Smart (East Angllal Limited Chartered Accountants 22-26 King street King's Lynn Norlolk PE30 IHJ Iolune 2025
Open Road West Norfolk Trust Statement of Financial Activities for the Year Ended 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted fund Restricted funds Notes Inccme and endowmentsfrom Donations and legacies 313,286 72,564 385,850 345,237 Other tradinB activities Investment income 952 3,758 952 3.758 1.235 1,048 Total 317,996 72,564 390,560 347,520 Expenditure on Charitsble activities Motor vehicle maintenance studies and construction trainin8 321,842 29,859 351,701 300.767 NET INCOME/IEXPENDITUREI 13,8461 42,705 38,859 46,753 Reconciliation of tunds Total funds brou8hl forward 183,631 49,164 232,795 186,042 Total fund5 carried forward 179,785 91,869 271,654 232,795 The notes forrn part of these financial statements
Open Road West Norfolk Trust Balance Sheet 31 December 2024 31.12.24 Total funds 31.12.23 Total funds Unrestricted lund Restricted funds Notes Ftxed assets Tangible assets 15,225 23,872 39,097 32,703 Current assets Debtors Cash at bank and in hand 8,395 159,644 8.395 227.641 15,953 186,878 67,997 168,039 67,997 236,036 202,831 Credltor5 Amounts falling due within one year io 13,4791 13,4791 12,7391 Net current a$5ets 164,560 67,997 232,557 200,09? Total assets les5 current liabilities 179,785 91,869 271,654 232,795 NET A$ss 179,785 91,869 271,654 232,795 Funds Unrestritted funds Restrictod funds 12 179,785 91,869 183,631 49,164 Total funds 271,654 232,795 The financial 5t8tements were approved by the Board of Trustees and authorised for issue on 10 lune 2025 and were signed on.itJbeh3lf by: Pearson ustee The notes form part of these financial statements
Open Road West Norfolk Trust Notes to the Financial Statements for the Year Ended 31 December 2024 General infomiation The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 17 Rollesby R03d, King's Lynn, Norfolk, PE30 4LS. Accounting policies Ba515 of preparing the financlal statement5 The Financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordan with the Charities SORP IFRS 1021 'Accounting and Reportin6 by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reparting Standaré applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191,, Financial Reporting Standard 102 'The Financial Reporting SLandard applicable in ihe UK and Republic of Ireland, and the Charities Act 2011. The financial 5taternents have been prepared under the historical cost convention. Crltlcal accounting judgements and key sources of e5tlmatlon uncertainty The preparation of the financial statements in conformity requires management lo make judgements, estimates and assumptions that affect the amounts reported. These est(m3tes and judgements are continually reviewed and are based on experience and othcr factors. including expectations of future events that are believed to be reasonable under the circumstances. Given the 5trai8htForwèrd operations and financial position of the company, there are not considered to be any key sources of judge.ment or estimation uncerLainty within these financial 51aiements. Income All income is recognised in the Slaternent of Financial Activities once the charity has entitlement to the funds, it is probable that the intome will be received ènd the amount tan be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a le8al or construdSve obligation cornmitting the harily to that expendilure, it is probable that a transfer of economic benefits will be required in setllernent and the amount of the obli6ation can be measured reliably. Expenditure is accounted for on an accrua15 basis and has been classified under headings Ihat ag8reg3te all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with ihe Use of resources. Tangible fixed assets All fixed assets are irsitially retorded at cost. Taxatlon The charity is exempt from tax on its charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objective5 at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions 3rise when specified by the donor or when funds aro raised for particular restricted purposes. Further explanation of the nature and PLJrpose of each fund is included in the note5 to the financial statements.
Open Road West Norfolk Trust Notes to the Financial Statements- continued for the Year Ended 310e¢ember 2024 Accounting policies- continued Hire purchase and leasln8 commttments Rentals paid under operating leases Bre ¢harged to the Statement of Financi31 Activities on a straight line basis over the period of Ehe lease. Penslon cost5 and other post-retirement benefits The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are char8ed to the Statement of Financial Activities in the period to which they relate. Donated goods Donated SeICe5 represent accountancy fee5 of £2,00012023: £2.0001. Government grants Government grants are recognised at the fair value of thÈ asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the condltlons attaching to them and the grants will be received. Where the grant does not impose specified future performance related conditions on the rcciplent it is recognised in income when the grant proceeds are receivpd or Ceivable. Where the grant does imp05e spetified future performance related conditions on the recipient, it is retognised in income only whcn the performance related condition5 hav been met. Where grants received are prior to Satisfying the revenue recognition Criteria, they are recognised as a liability- Deftned cantribution plans Contributions to defined contribution plans are reco8nised as an expense in the period in which thp related service 15 provided. Prepaid contribution5 are rèco8nised as an asset lo the extent that the prepayment will lead to a reduction in future payments or cash fund. Other tradinE activitles 31.12.24 31.12.23 Sale of gocds/services 952 1,23S Investment Income 31.12.24 31.12.23 Deposit account interest 3.7S8 1,048
Open Road West Norfolk Trust Notes to the Financial Statements - continued for the Year Ended 31 December 2024 Trustees, remuneration and benefits There were no trustees, remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. Trustees, expenses The were no tru5tees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023. Comparatlves for the ststernent of flnancial activities Unrestricted fund Restritted funds Total funds Income and endowmentsfrom Donations and legacies 309,717 35,520 345.237 Other trading activities Invc5tment income 1,235 1,048 1,235 1,048 Total 312,000 35.S20 347,520 £xpendlture on Charitable activitSes Motor vehicle mdintenance studie5 and construction training 250,970 49,797 300,767 NET INCOMEI{EXPENDITURE> 61,030 114,2771 46,753 Reconclliatlon of funds Total fund5 broughl fonNard 122,601 63,441 186,042 Total funds carried forward 183,631 49,164 232,795
Open Road West Norfolk Trust Notes to the Financial Statements- continued for the Year Ended 31 December 2024 Statement of compliance These flnancial 5Latements have been prepared in compliance with FRS 102, The Financi31 Reporting Standard applicable in the UK and Republic Of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 Icharities SORP IFRS 1021 and the Charittres Act 2011. Tangible fixed aets Fixtures and flttlngs Equlpment Tota15 Cost At l January 2024 Additions 27,811 1,853 37,434 11,985 65,245 13,838 At 310ecember 2024 29,664 49,419 79,083 Depreclation At l January 2024 Charge for year 9,703 3,772 22.839 3,672 32,542 7,444 At 31 December 2024 13,475 26,511 39,986 Net book value At 31 December 2024 16,189 22,908 39,097 At 31 December 2023 18,108 14.595 32,703 Debtors: arnounts falling due withln one year 31.12.24 31.12.23 Trade debtor5 Accruals Prepayments 6,323 1,209 863 12,877 3,076 8,395 15,953 10
Open Road West Norfolk Trust Notes to the Financial Statements- contÈnued for the Year Ended 31 Decernber 2024 io. Creditors: amounts falling due within one year 31.12.24 31.12.23 Trade creditors Other creditor5 I,iio 1,629 2.031 3.479 2,739 ii. Leasing agreements Minimum lease paymen Is under non-cancellable operating lease5 fall due as follows: 31.12.24 31.12.23 Within one year 26,400 26,400 12. Movement in funds Net movement in funds At 31.12.24 At 1.1.24 UnTestrirted funds General fund 183,631 13,8461 179.785 Restricted funds Restritted fund 49.164 42,705 91,869 TOTAL FUNDS 232.795 38.859 271,654 Npt movement in funds. included in the above are as Follows.. Incoming resources Resources expended Movement in funds UnTe5trirted funds General fund 317,996 1321,8421 13,8461 Restrlcted funds Restricted fund 72,564 129,8591 42.705 TOTAL FUNDS 390,560 1351.7011 38,859 li
Open Road West Norfolk Trust Notes to the Financial Statements- continued for the Year Ended 31 December 2024 Ivlovement in funds- continued Comparatives for movement in fund5 Net movement in funds At 31.12.23 At 1.1.23 UnrÈstricted funds General fund 122,601 61,030 183,631 Restricted funds Restricted fund 63,441 114,2771 49,164 TOTAL FUNDS 186,042 46,753 232,795 Comparative net movement in fund5, included in the obove are as follows.. Incomlng resources Resources expended Movement in funds Unrestricted funds Gener21 fund 312,000 1250.9701 61,030 Restrlcted fund5 Restrictcd fund 35,520 149,7971 114.2771 TOTAL FUNDS 347,520 1300,7671 46,753 13. Re13ted party disclosures There viere no related party transactions for the year ended 31 Dccomber 2024. 12
Open Road West Norfolk Trust Detailed Statement of Financial Activities for the Year Ended 31 December 2024 31.12.24 31.12.23 Income and endowments Donations and legacies Schools and Student Training Oonations Grants Donated servlces and facilities 262,026 432 121.392 2.OLNJ 219,619 213 123.405 2,000 385,850 34S,237 Other trading artivitie5 Sale of goodslservices 952 1,235 Investment incorne Deposit account interest 3,758 Total incomln8 rÈsources 390,560 347.520 Expenditure Chawiiablè actlvltles Wages Pensions Travol and subsistence Tools and equlpment External trainers fees Awards and certificates Protettive clothing 179,890 3,936 114 11,707 2,063 6,318 3,922 147,833 3,214 232 13,599 5,020 3,473 2,521 207,950 175,892 Support costs Management Tolephone Staff training 959 9,209 1,847 1,304 10, 168 3,151 Finance Bank charges Other Qther operating lease5 Carried forwdrd 26,400 26,400 26,400 26,400 This page does not form part of the statutory financial statement5 13
Open Road West Norfolk Trust Detailed Statement of Financial Activities for the Year Ended 31 December 2024 31.12.24 31.12.23 Other Brought forward Utilities Insurance aeaning Refuse collettion Other office costs Vouchers 26.400 6.078 7.571 949 1,640 30,972 7,400 26,400 4.191 7,860 1.971 1,556 26,093 12,100 81,010 80,171 Governance tosts Repairs and renewals Accountancy. legal fees and prole55ional fees Fixtures and fittings Computer equipment 31.676 13,448 3,772 3,672 21,922 12,854 4,241 2,536 52,568 41,553 Total resources expended 351,701 300,767 Net Income 38,859 46,753 This page does not form part of the statutory financial statements 14