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2023-12-31-accounts

Registered number: 05476000 Charity number: 1140357

International Road Assessment Programme

(A company limited by guarantee)

Trustees' report and financial statements

For the year ended 31 December 2023

International Road Assessment Programme

(A company limited by guarantee)

Contents

Page
Reference and administrative details of the charity, its trustees and advisers 1
Trustees' report 2 - 14
Independent auditors' report 15 - 18
Consolidated statement of financial activities 19
Consolidated balance sheet 20
Charity balance sheet 21
Consolidated statement of cash flows 22
Notes to the financial statements 23 - 33

International Road Assessment Programme

(A company limited by guarantee)

Reference and administrative details of the charity, its trustees and advisers
For the year ended 31 December 2023
Trustees Avi Shalom Hayim Silverman (appointed 29 January 2024)
Miquel Nadal
Saul Billingsley (resigned 1 January 2024)
F Emanuel Smith
Dr Susan M Sharland
Shane I O'Connor
Raquel Barrios Quintanilla
Ian Andrew Gillespie
Olive Chifefe Kobusingye (appointed 15 March 2023)
Company registered
number 05476000
Charity registered
number 1140357
Registered office 60 Trafalgar Square
London
WC2N 5DS
Principal operating Bracknell Enterprise and Innovation Hub
office Ocean House
The Ring
Bracknell
Berkshire
RG12 1AX
Company secretary Shona Holroyd
Chief executive officer Robert McInerney
Independent auditors Cooper Parry
Chartered Accountants and Statutory Auditor
178 Buckingham Avenue
Slough
Berkshire
SL1 4RD
Bankers Barclays Bank plc
Basingstoke & Reading Business Centre
8 Market Place
Basingstoke
Hampshire
RG21 7QA
Solicitors Farrer & Co.
66 Lincoln Inn Fields
London
WC2A 3LH

Page 1

International Road Assessment Programme

(A company limited by guarantee)

Trustees' report For the year ended 31 December 2023

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of the International Road Assessment Programme (iRAP) (the company) for the year ended 31 December 2023.

The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Since the charity and the group qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

The company and the group also operate under the name iRAP.

Objectives and Activities

a. Policies and objectives

iRAP was established for the international promotion and improvement of road safety and the quality of roads for the public benefit. iRAP’s vision is for a world free of high-risk roads for all road users.

In setting objectives for the year and planning its activities, the trustees have considered the Charity Commission’s guidance on public benefit. In seeking grants and other voluntary income to support its ongoing road safety work, the trustees give careful consideration of the accessibility of its work to those organisations that seek to further the public benefit in relation to road safety. The use of the free-to-air iRAP tools, systems, specifications and support materials by government, industry, research and NGO partners worldwide remain central to fulfilling the charity’s vision for creating a world free of high-risk roads for all road users.

Achievements and performance

a. Financial performance

The Charity achieved a surplus for the year of £316,355 compared to a loss in the previous year of £114,197. The improved performance was due to a number of reasons; a higher gift aid payment arising from its trading subsidiary, Road Assessment Services Limited of £169,142 (2022: £84,853), more projects being awarded, careful management of fixed costs and welcome fair voluntary contributions being received. In addition, the Charity also received funds from the dissolution of the European Road Assessment Association (EuroRAP) of £121,792 which the Trustees have agreed to place into a designated fund to support ongoing core supports costs in Europe.

b. Review of key impacts and metrics in 2023

Page 2

International Road Assessment Programme

(A company limited by guarantee)

Page 3

International Road Assessment Programme

(A company limited by guarantee)

ViDA Star Rating Assessments Map (excludes Risk Mapping)

c. Review of Global Programme Partner Highlights in 2023

Page 4

International Road Assessment Programme

(A company limited by guarantee)

Page 5

International Road Assessment Programme

(A company limited by guarantee)

d. Review of Strategic Project Partnerships in 2023

Page 6

International Road Assessment Programme

(A company limited by guarantee)

e. Review of Innovation and Development Partnerships in 2023

Page 7

International Road Assessment Programme

(A company limited by guarantee)

Plans for the Future

iRAP’s vision is for a world free of high-risk roads for all road users. The direct inclusion of 3-star or better targets in the UN 2[nd] Decade of Action Plan for Road Safety (UN Global Plan) continues to create demand for new and expanded partnerships at the global, national and sub-national level. The ongoing work is focussed on identification of the high-risk roads, optimising investment to maximise lives saved per dollar invested and guiding the safety of interventions that contribute to the UN Member State agreed Global Road Safety Performance Targets, namely:

The upcoming Global Ministerial Conference on Road Safety in Marrakech, Morocco will be a focus for iRAP partners worldwide as they celebrate their success in policies and investments in 3-star or better roads for all road users and also confirm the priority investments needed between 2025 and 2030 to reach and exceed Global Targets 3 and 4.

The FIA Foundation donor support and strategic partnerships with a range of corporate, foundation and development institutions allows iRAP to build and support the Partnerships for 2030 Impact. The charity’s focus on shared ownership and success enables a significant scaling of impact and leveraged investment by partners worldwide with a summary of programme impact and strategic priorities provided below.

1 https://www.who.int/violence_injury_prevention/road_traffic/12GlobalRoadSafetyTargets.pdf?ua=1

Page 8

International Road Assessment Programme

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 December 2023

Financial review

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

b. Investment policy and performance

Under the memorandum and articles of association, the charity has the power to deposit and invest its funds in any manner (but to invest only after obtaining such advice from a financial expert such as the Trustees consider necessary) and having regard to the suitability of investments and the need for diversification. The charity has adopted a low risk approach to investing surplus cash by placing cash on deposit accounts at the bank.

c. Principal funding

iRAP benefits from the generous support of the FIA Foundation and this support will continue until at least 2025.

Our partnerships with the Global Road Safety Facility, World Bank, European Investment Bank, UNESCAP, Caribbean Development Bank, Asia Development Bank, Australian AID, Latin American Development Bank and the Inter American Development Bank continue to enable iRAP assessments to be undertaken in low income and middle income countries around the world. The financing for the road upgrades is typically supported by these same agencies in partnership with the relevant government agency.

High income countries continue to invest in their own programmes with central iRAP support. Automobile club and government partners finance and undertake national assessments with the RAP protocols integrated in their advocacy, policy and decision making as appropriate.

The iRAP Centre of Excellence network now includes ARRB Group (Australia); MRI Global (USA), the Malaysian Institute of Road Safety Research (MIROS); TRL (UK); the Instituto Mexicano del Transporte,Korean Transport Institute (KOTI), SWOV (Netherlands),LabTrans (Brazil),the Research Institute of Highways (China) and also now the University of Zagreb, Faculty of Transport and Traffic Sciences (FPZ) based in Croatia.

d. Reserves Policy

With the financial support of the FIA Foundation, the Trustees are agreed that iRAP holds sufficient funds to meet both contractual obligations and to enable future programme development. In light of increased staff commitments, the Trustees have agreed that iRAP should continue to grow its reserves towards £1,070k. At the year end, the charity had available reserves of £1,046,049.

Structure, governance and management

a. Constitution

IRAP is registered as a charitable company limited by guarantee and was incorporated on 9 June 2005. A subsidiary company, Road Assessment Services Limited, was incorporated on 15 May 2012. It is a wholly owned subsidiary of iRAP and together they form the iRAP group.

The principal objective of the company and the group is the international promotion of the improvement of road safety and quality of roads for the public benefit.

Page 9

International Road Assessment Programme

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 December 2023

b. Method of appointment or election of Trustees

The management of the company and the group is the responsibility of the Trustees who are elected and co opted under the terms of the Articles of Association.

Trustees are sought for the Board specifically to add value to the charity. This is both in terms of creating a Board that is representative of the community that the charity serves and one that has all of the skills and experience required to properly carry out the work of the charity.

c. Policies adopted for the induction and training of Trustees

The charity is fortunate that it is able to attract committed individuals with great relevant experience in the field and in public life. When a potential trustee is identified, they are usually invited to attend a Trustees' meeting in the capacity of observer. Once they and the Board of Trustees have gained a greater understanding of each other they are nominated for election to the position of trustee and elected by unanimous decision.

Most Trustees are already familiar with the practical work of the charity and familiar with the work of charities in general. New Trustees are given briefings to provide personally tailored orientation to brief them as appropriate on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performances of the charity. The opportunity of the new Trustee is generally taken to provide the Board as a whole with presentations of overall progress with the charity’s work. If needed, Trustees would be encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

d. Pay policy for senior staff

It is essential for iRAP to have credible leaders who bring professional expertise, leadership experience and who are capable of developing and growing the organisation to be world class. Having a competitive reward offering is one of the many ways in which iRAP can secure the very best people.

iRAP has a clear and transparent policy that not only ensures the selection and retention of high calibre leaders but also ensures our donors, supporters, staff, volunteers, beneficiaries and public recognise the importance of accountability in all aspects of our work including the determination of pay and benefits of the Chief Executive and senior management team.

The Board of Trustees is responsible for defining iRAP’s pay policy approving and deciding on the salaries of the Chief Executive and the senior management team. The Board delegates this responsibility to the Remuneration Committee which is chaired by a nominated trustee. More information about pay ranges for our senior staff is in the relevant disclosure on staff costs.

Page 10

International Road Assessment Programme

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 December 2023

Our approach is to pay a fair salary to attract and retain skilled and expert senior leaders for iRAP. Salaries and benefits should be competitive within the charity sector, proportionate to the complexity of each role and responsible in line with our charitable objectives. To achieve this our Executive Group Pay Policy aims to:

• Ensure performance is reviewed and reported to the Remuneration Committee on an annual basis.

• To pay a fair salary in the respective geographic market to attract and retain skilled staff, meeting all national pay standards and provide all staff with a living wage.

• Apply performance related pay elements only where required.

e. Organisational structure and decision making

The charity is ultimately governed by the Trustees who agree and monitor the Forward Plan and approve all of the charity's policies. The day to day running of the charity is delegated to staff under the leadership of the Executive.Trustee meetings are held at least three times a year primarily to review financial reports, discuss issues of strategic direction, and programme priorities.

For the purposes of company law, the Trustees shown on page 1 are the directors of the company. The Trustees who served during the year were as follows:

Avi Shalom Hayim Silverman (appointed 29/01/2024) Dr Olive Chifefe Kobusingye (appointed 15/03/2023) Miquel Nadal Saul Billingsley (resigned 01/01/2024) F Emanuel Smith Dr Susan M Sharland Shane I O'Connor Raquel Barrios Quintanilla Ian Andrew Gillespie

The minimum number of Trustees shall be two save for circumstances where a charity (as defined by s1 of the Charities Act 2011) is appointed as a trustee, in which case it may serve as a sole trustee of the charity. The maximum number is twelve.

Page 11

International Road Assessment Programme

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 December 2023

f. Risk management

IRAP acknowledges at all times the risks associated with its work as a charitable company. The charity has risk management policies and procedures through which risks arising from existing operations and developments are identified and evaluated. The Trustees are required to analyse these, assess them according to their impact on the Charity and their likelihood of occurrence and report on procedures which are in place or are developed or enhanced to provide assurance that the risk is being minimised. The key risks which iRAP has identified and the steps being taken to minimise these risks are listed below:

Volatility in funding and other financial risks:

This risk is managed by the provision and review of management accounts and long term financial forecasts with action plans to bridge any funding gaps. In addition to this, the Charity’s Reserves policy is regularly reviewed to ensure that it is in line with the charity’s needs. Volatility in exchange risks is managed through the provision of forward currency hedging. The risk of fraudulent payments is minimised through the provision of a dual signatory policy on all payments. iRAP is also increasing the number of income streams to diversify its sources of income.

Skills Shortage

We are managing this risk by conducting a staff skills audit at least once per year to identify skills gaps amongst staff and to put training programmes in place. In addition, we are developing a panel of subcontractors who we can utilise when new contracts are signed and we need additional resources.

Inflationary risk

We are managing this risk by reviewing our pricing policies and reviewing our cost base.

Technology risk

We are managing this risk by having an innovation development plan for all our products. Further Product Lifecycle reports are reviewed regularly.

Political risk

We are managing this risk by having in place a contract with global risk management consultants, Healix. They are on hand to support us both strategically and operationally. Training on the services provided by Healix and their tools is provided to all our staff.

g. Information on fundraising practices

The International Road Assessment Programme (iRAP) is registered with the Fundraising Regulator, the independent body which sets and maintains the standards for charitable fundraising in England, Wales and Northern Ireland. This demonstrates our commitment to good fundraising practice. We have also committed to abide by their Code of Fundraising Practice and to the Fundraising Promise.

All our fundraising efforts are undertaken by our own staff, trusted partners and volunteers and we do not engage any professional fundraisers to undertake any fundraising on our behalf. At all times, we ensure that our fundraising is clear, open and honest. During the year, no complaints were received by the charity in respect of its fundraising activities.

Page 12

International Road Assessment Programme

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 December 2023

Trustees' responsibilities statement

The Trustees (who are also directors of International Road Assessment Programme for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

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

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable group's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 13

International Road Assessment Programme

(A company limited by guarantee)

Trustees' report (continued) For the year ended 31 December 2023

Disclosure of information to auditors

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

Auditors

Reappointment of auditor

The audit business of Haines Watts Farnborough (2020) LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Farnborough (2020) LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report was approved by the Trustees, on ������������ and signed on their behalf by:

. .................................... ...........

Miquel Nadal Trustee

Page 14

International Road Assessment Programme

(A company limited by guarantee)

Independent auditors' report to the members of International Road Assessment Programme

Opinion

We have audited the financial statements of International Road Assessment Programme (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group Consolidated statement of financial activities incorporating income and expenditure account, the group Consolidated balance sheet, the group Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Page 15

International Road Assessment Programme

(A company limited by guarantee)

Independent auditors' report to the members of International Road Assessment Programme

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

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

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Page 16

International Road Assessment Programme

(A company limited by guarantee)

Independent auditors' report to the members of International Road Assessment Programme

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charity for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

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

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We discussed with the Trustees the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, Charities Act 2011 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud.

Because of 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 17

International Road Assessment Programme

(A company limited by guarantee)

Independent auditors' report to the members of International Road Assessment Programme

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's Trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Jane Wills (Senior Statutory Auditor) for and on behalf of

Cooper Parry Group Limited Statutory Auditor 178 Buckingham Avenue Slough Berkshire SL1 4RD Date:

Page 18

International Road Assessment Programme

(A company limited by guarantee)

Consolidated statement of financial activities incorporating income and expenditure account For the year ended 31 December 2023

Unrestricted Total funds Total funds
funds 2023 2023 2022
Note £ £ £
Income from:
Grants 2 1,455,511 1,455,511 1,266,700
Charitable activities 3 1,023,044 1,023,044 502,362
Net income from trading activities 4 657,259 657,259 410,954
Other income 177,643 177,643 35,754
Total income 3,313,457 3,313,457 2,215,770
Expenditure on:
Fundraising trading 4 440,574 440,574 285,414
Charitable activities 2,556,528 2,556,528 2,044,553
Total expenditure 2,997,102 2,997,102 2,329,967
Net income / (expenditure) before 316,355 316,355 (114,197)
other recognised gains and losses
Net movement in funds 316,355 316,355 (114,197)
Reconciliation of funds:
Total funds brought forward 729,694 729,694 843,891
Total funds carried forward 1,046,049 1,046,049 729,694

The notes on pages 23 to 33 form part of these financial statements.

Page 19

International Road Assessment Programme

(A company limited by guarantee) Registered number: 05476000

Consolidated balance sheet As at 31 December 2023

Note
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors:amounts falling due within one
year
10
Net current assets
Net assets
Charity Funds
Unrestricted funds
11
Total funds		 £
346,828
2,804,656		 2023
£
£
15,319

395,780

820,323

1,226,103

(508,910)
1,030,730
1,046,049
1,046,049
1,046,049		 2022
£
12,501
717,193

3,151,484
(2,120,754)
729,694
729,694
729,694

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

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

..................................... ...........

Miquel Nadal

The notes on pages 23 to 33 form part of these financial statements.

Page 20

International Road Assessment Programme

(A company limited by guarantee) Registered number: 05476000

Charity balance sheet As at 31 December 2023

Note
Fixed assets
Tangible assets
8
Investments
Current assets
Debtors
9
Cash at bank
Creditors:amounts falling due within one
year
10
Net current assets
Net assets
Charity Funds
Unrestricted funds
Total funds		 £
429,416
2,561,202		 2023
£
£
15,319
100,001
115,320

452,644

602,016

1,054,660

(437,468)
930,729
1,046,049
1,046,049
1,046,049		 2022
£
12,501
100,001
112,502
617,192

2,990,618
(2,059,889)
729,694
729,694
729,694

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

The financial statements were approved and authorised for issue by the Trustees on 12 June 2024 and signed on their behalf, by:

................................................

Miquel Nadal

The notes on pages 23 to 33 form part of these financial statements.

Page 21

International Road Assessment Programme

(A company limited by guarantee)

Consolidated statement of cash flows For the year ended 31 December 2023

Note
Cash flows from operating activities
Net cash (used in)/provided by operating activities
13
Cash flows from investing activities:
Purchase of tangible fixed assets
Proceeds from sale of fixed assets
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
14		 2023
£
1,985,461		 2022
£

(22,917)

(11,128)
-


(8,687)
2,453

(6,234)
(11,128)

1,974,333
830,323


(29,151)

859,474

2,804,656

830,323

The notes on pages 23 to 33 form part of these financial statements.

Page 22

International Road Assessment Programme

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

International Road Assessment Programme meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

No separate SOFA has been presented for the charity alone as permitted by section 408 of the Companies Act 2006.

1.2 Company status

The charity is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.

1.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Project income is recognised on the stage of completion of the project, which is calculated based on the estimated margin at completion of the project.

1.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at their Headquarters.

Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Page 23

International Road Assessment Programme

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

1. Accounting policies (continued)

1.5 Basis of consolidation

The financial statements consolidate the accounts of International Road Assessment Programme and all of its subsidiary undertakings ('subsidiaries').

The charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own income and expenditure account.

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Office equipment - 3 years straight line Computer equipment - 2 years straight line

1.7 Interest receivable

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

1.8 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.9 Cash at bank and in hand

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

1.10 Liabilities

Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Page 24

International Road Assessment Programme

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

1. Accounting policies (continued)

1.11 Derivative financial instruments

The Charity’s activities expose it to the financial risk of changes in foreign exchange rates and they therefore enter into forward contracts to hedge against volatile exchange rate movements.

Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. The method of recognising any resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.

Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement.

1.12 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the statement of financial activities.

1.13 Pensions

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

1.14 Going concern

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the forseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

The financial statements have been prepared on a going concern basis. The trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, the trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 25

International Road Assessment Programme

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

2. Income from grants

Grants
Similar incoming resources
Total donations and legacies
Total 2022
Income from charitable activities
Project delivery income
Accreditation
Webinars
Total 2022		 Unrestricted
funds
2023
£
1,418,607
36,904
1,455,511
1,266,700
Unrestricted
funds
2023
£
965,389
41,787
15,868
1,023,044
502,362		 Unrestricted
funds
2023
£
1,418,607
36,904		 Unrestricted
funds
2023
£
1,418,607
36,904		 Unrestricted
funds
2023
£
1,418,607
36,904		 Total
funds
2023
£
1,418,607
36,904

Total
funds


2022
£

1,266,688

12

1,266,700

Total
funds
2022
£
453,142
30,203
19,017
1,455,511 1,455,511
1,266,700 1,266,700


Total
funds
2023
£
965,389
41,787
15,868
1,023,044
502,362
1,023,044 502,362
502,362

3. Income from charitable activities

Page 26

International Road Assessment Programme

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

4. Trading activities

Net income from trading subsidiary
Fundraising trading expenses
Trading expenses from trading subsidiary		 Unrestricted
funds
2023
£
657,259		 Total
funds
2023
£
657,259		 Total
funds
2022
£

410,954
440,574
440,574

285,414
216,685

216,685

125,540

The wholly owned subsidiary, Road Assessment Services Limited, which is incorporated in the United Kingdom, pays its taxable profits to the charity by equity distribution. Its results are consolidated with those of International Road Assessment Programme. The charity owns the entire issued share capital of £100,001.

5. Net income/(expenditure)

This is stated after charging/(crediting):

Depreciation of tangible fixed assets:
- owned by the charitable group
Movement on foreign exchange		 2023
£
8,310
13,742		 2022
£

10,489

(6,669)

During the year, no Trustees received any remuneration (2022 - £nil).

During the year, there were £nil donations received from Trustees (2022 - £nil).

During the year, three Trustees were reimbursed expenses totalling £3,560 in respect of travel and compliance costs (2022 - £5,910).

6. Auditors' remuneration

The Auditor's remuneration amounts to an Audit fee of £13,200 (2022 - £12,100), and tax compliance services of £1,400 (2022 - £1,300).

Page 27

International Road Assessment Programme

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

7. Staff costs

Staff costs were as follows:

Wages and salaries
Social security costs
Other pension costs		 2023
£
1,101,748
53,478
104,354		 2022
£

1,053,613

59,403

105,198
1,259,580
1,218,214

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

Trustees
Employees
The number of higher paid employees was:
In the band £60,001 - £70,000
In the band £70,001 - £80,000
In the band £80,001 - £90,000
In the band £90,001 - £100,000
In the band £100,001 - £200,000		 2023
No.
8
18
27
2023
No.
3
3
0
2
3		 2022
No.
7
20
27
2022
No.
4
1
1
2
3

£271,463 was paid to key management of the charity during the year (2022: £272,934).

Page 28

International Road Assessment Programme

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

8.
Tangible fixed assets
Group
Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
On disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Charity
Cost
At 1 January 2023
Additions
Disposals
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
On disposals
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Office
equipment
£
47,072
11,128




Computer
equipment
£
125,912
-
(125,912)		 Total
£

172,984
11,128
(125,912)
58,200

160,483
8,310
(125,912)
42,881
15,319
12,501
Office
equipment
£
47,072
11,128

58,200
34,571
8,310

42,881
15,319
12,501
58,200
-
34,571
8,310		 125,912
-
(125,912)
42,881

-
-
15,319
12,501 -

Page 29

International Road Assessment Programme

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

9. Debtors

Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income
Deferred income at 1 January 2023
Resources deferred during the year
Amounts released from previous years
Deferred income at 31 December 2023		 Group
2022
£
83,479
-
144,684
167,617


Charity
2022
£

74,557

126,531

143,742

107,814
2023
£
126,095
-
63,712
157,021		 2023
£
60,568
226,472
63,712
78,664
346,828 395,780 429,416
452,644

one year
2023
£
41,904
64,580
6,134
2,008,136		 Group
2022
£
1,744
52,962
28,879
425,325



Charity
2022
£

1,718

45,918

28,879

360,953
2023
£
41,904
64,580
6,134
2,008,136		 2023
£
7,063
61,404
6,134
1,985,288
2,120,754 508,910 2,059,889
437,468
Group
2022
£

146,187

140,136
(146,187)

Charity
2022
£

124,675

123,780
(124,675)
2023
£
140,136
1,671,892
(140,136)		 2023
£
123,780
1,668,326
(123,780)

1,671,892
140,136
1,668,326

123,780

10. Creditors: Amounts falling due within one year

Page 30

International Road Assessment Programme

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

11. Statement of funds

Statement of funds - current year

Unrestricted funds
Balance at
1 January 2023
£
General fund
680,578
Designated fund
49,116
Total
729,694
tatement of funds - prior year
Unrestricted funds
Balance at
1 January 2022
£
General fund
743,891
Designated fund
100,000
Total
843,891		 Income
£
3,191,665
121,792
3,313,457
Income
£
2,215,770
-
2,215,770		 Expenditure
Transfer between
funds
Balance at 31
December 2023
£
£
£
(2,974,387)
-
897,856
(22,715)
-
148,193
(2,997,102)
-
1,046,049
Expenditure
Transfer between
funds
Balance at 31
December 2022
£
£
£
(2,279,083)
-
680,578
(50,884)
-
49,116
(2,329,967)
-
729,694

Statement of funds - prior year

Designated funds

The designated funds relate to; a) The ViaSofia development fund (£26401). The purpose of this fund is to help with the costs in determining the future investment potential in road safety data in field of Artificial Intelligence. b) Future work to improving road safety in Europe (£121,792). Monies for this designated fund have arisen following the dissolution of EuroRAP in November 2023.

12. Analysis of net assets between funds

Analysis of net assets between funds - current year

Analysis of net assets between funds - current year
Tangible fixed assets
Current assets
Creditors due within one year		 Unrestricted
funds
2023
£
15,319
3,151,484
(2,120,754)		 Total
funds
2023
£

15,319

3,151,484

(2,120,754)

1,046,049
1,046,049

Page 31

International Road Assessment Programme

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

12. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Analysis of net assets between funds - prior year
Tangible fixed assets
Current assets
Creditors due within one year		 Unrestricted
funds
2022
£
12,501
1,226,103
(508,910)
Total
funds

2022
£

12,501

1,226,103

(508,910)

729,694
729,694
  1. Reconciliation of net movement in funds to net cash flow from operating activities
Net (expenditure)/income for the year (as per Statement of Financial
Activities)
Adjustment for:
Depreciation charges
(Profit)/loss on the sale of fixed assets
Decrease in debtors
Increase/(decrease) in creditors
Net cash (used in)/provided by operating activities
Analysis of cash and cash equivalents
Cash in hand
Total		 Group
2022
£
(114,197)
10,489
(750)
26,351
55,190
2023
£
316,355
8,310
-
48,952
1,611,844
1,985,461
(22,917)

Group
2022
£
830,323
2023
£
2,804,656
2,804,656
830,323
  1. Analysis of cash and cash equivalents

Page 32

International Road Assessment Programme

(A company limited by guarantee)

Notes to the financial statements For the year ended 31 December 2023

15. Pension commitments

The group operates a defined contributions pension scheme. The pension cost charge in the year represents contributions payable by the group and amounted to £104,354 (2022: £105,198). At the year end £6,052 (2022: £4,635) was outstanding and included in creditors.

16. Operating lease commitments

At 31 December 2023 the total of the group’s future minimum lease payments under non-cancellable operating leases was:

2023 2022 Group £ £ Amounts payable: Within 1 year 13,195 12,565

At 31 December 2023 the charity had annual commitments under non-cancellable operating leases as follows:

Charity

Amounts payable:

Within 1 year

13,195 12,565

17. Related party transactions

Mr Avi Silverman is the Deputy Director of the FIA Foundation, which made grants to iRAP totalling £1,293,816 (2022: £1,190,896).

Dr Susan Sharland is a trustee of the Road Safety Foundation and also a director of Road Assessment Services Limited.

The company has branches in Australia, Brazil and Chile that service certain projects on behalf of the company as well as incurring costs in respect of the administration of those branches. In this respect charges are made from and to the head office to and by the branches at market rates.

Included within other debtors at year-end is £54,420 owed by related parties (2022: £71,404) and included within other creditors is £nil owed to related parties (2022: £5,308).

IRAP is also related to Road Safety Foundation (RSF), and the European Institute of Road Assessment (EIRA) through common key management and has joint employment agreement in place with these organisations.

Page 33