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 2024
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) CONTENTS Page Reference and administrative details of the Company. its Trustees and advisers Trustees. report 2-17 Independent audltor's report on the flnanclal statements 18-21 Consolidated statement of financial activities 22 Consolidated balance sheet 23 Company balance $heet 24 Consolidated statement of cash flows 25 Notes to the flnanclal statements 26-42
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees O C Kobusingye A S H Silvem)an lappoinled 29 January 20241 R Barrios Quintanilla S P Billingsley (resigned 1 January 2024} l A Gillespie M Nadal S l O'connor F E Smith Dr S M Sharland Company reglstered number 05476000 Charlty reglstered number 1140357 Reglstered offlce 60 Trafalgar Square London WC2N SDS Company secretary S Holroyd Independent auditor Cooper Pary Group Limited Slatulory Auditor Cubo Birmingham 4th Floor Two Chamberfain Square Birmingham B3 3AX Bankers Barclays Bank plc 8 Market Place Basingsloke Hamsphire RG217QA Solicitors Farrer & Co 66 Lincoln Inn Fields London WC2A 3LH Page 1
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees Iwho are also directors of the charity for Ihe purposes of the Companies Acll present their annual report together with the audited financial slalemenls of the International Road Assessmenl Programme for Ihe year ended 31 December 2024. The Annual report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm Ihal the Annual report and financial slalements of the charitable company comply with the current slatulory requirements, the requirements of the charitable companls goveming document and the provisions of the Slalemenl of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group strategic report required of medium and large companies under the Companies Act 2006 Islralegic Report and Directors. Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives IRAP was estsblished 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 ils aclivilies, the Iruslees have considered the Charity Commission's guidance on public benefit. In seeking grants and other voluntsry income to support its ongoing road safety wort(, the Iruslees give Careful consideration of the accessibility of ils work to those organisalions that seek to further the public benefit in relation to road safely. The use of the free-to-air IRAP tools, systems, specifications and support materials by government, industry, research and NGO partners worfdwide 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 perfomiance The Charity achieved a surplus for the year of £260,759 compared to a surplus in 2023 of £316,355. The surplus is £55,596 lower than that achieved last year largely because in 2023, we received a one off payment of £121,792 in respect of the dissolution funds from the European Road Assessment Association IEuroRAPI- Project performance improved during the year due to us being able lo recover more staff time on research and advoucy projects. During the year, the gift aid payment arising from our trading subsidiary, Road Assessment Services Limited was slightly lower at £137,29812023'. £169,142), due to lower project margins being achieved. b. Review of key impacts and metrics in 2024 An estimated 700,000 deaths and serious injuries have been saved by IRAP partnerships between 2016 and the end of 20241157,899 saved in last 12 monthsl. The independent Johns Hopkins University study has been published in PLOS One snd celebrated globally. With an expected average treatment life of 20 years, the roads already upgraded by partners worldwide are projected lo save 3.2 million fatalities and serious injuries by 2044. US$1 10.8 billion of infrastructure investment in 90 countries has been made safer informed by IRAP assessments lan additional USD$9.8 billion added in last 12 months}. More than 134,000 km of roads have been upgraded with safety enhancements influenced by IRAP partnerships. 34,027 individuals in 184 countries worldwide are supported with IRAP resources and knowledge with an additional 3,727 new partners in last 12 months. Page 2
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl IRAP related safety assessments have now been performed in 132 countrles. Crash rate risk maps have been performed for 1.92 million km of roads 1107,128km added in last 12 months). Over 1.85 million km of roads have been Star Rated (additional 86,271 km in last 12 months with major assessments 1>1,OOOkml in Australia 129,4901, Saudi Arabia 117,2351, Sri Lanka 17,9001, USA 15,682). Mexico 14,3511, South Africa 13,4331, Mozambique {2,5431, Czechia 12,0281, Uruguay 11,3981 and Brazil 11,2651. 161,541km of "light" star Ratings have been perfomied, with 12,030km added in the last 12 months. Star Ratings of Designs have now been performed on 58,976km of roads in 68 countries. Star Ratings for Schools {SR4S} used at 1.940 schools across 76 countries. 584 new schools and 6 new countries added in the last 12 months. The safely of 458,732 students has been positively impacted by SR4S. Nearly 8.4 million km of road data analysis is stored in iRAP's free online sofvare VIDA and the system is Ljsed by 22,145 registered users (Adding 1.1 rnillion km of analysis and 3,282 user accounts in the last 12 months). Over 12.6 million communication touchpoints wth our #RAPCommunity since 2020. 2.5 million louchpoinls added in the last 12 months. 75,966 participants in IRAP and safer roads training and events in 167 countries (Adding 6,773 people in the last 12 monlhs)- Training courses delivered in 22 languages (adding Dutch and Greek in the last 12 monlhsl. 273 IRAP accredited practitioners and 18 systems in 44 countries. 86 policies or guidelines exist worldwide including RAP metrics and perf0mlan targets 110 strategies added in last 12 months). 132Countries whereportner-ledtRAPossessments hove octurred. Page 3
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl Review of Global Programme Partner Highlights in 2024 Announcement of 700.000 lives and injuries saved". Research by Johns Hopkins University, published in the respected joumal PLOS One, confirms that IFIAP partners have prevented almost 700,000 deaths and serious injuries by the end of 2024 using the IRAP methodology and tools lo inform road safely infrastructure changes and safer speeds. The finding was lebrated in a global online event 'The Story Behind the Numbers" on 9 May, supported by the FIA Foundation.. World Health Organisation,. Johns Hopkins Intemalional Injury Research Unil., and IRAP staff and trustees. Star Ratlng for Schools: In 2024, SR4S achieved significant milestones in its mission lo enhance road safely for students worldwide. 1,940 schools have been assessed across 76 countries since the programme's launch, directly benefiting nearly 460,000 students. Global progress continues to be monitored through the Safe Schools Upgrade Tracker. Key new achievements included large-scale assessments in Saudi Arabia1300 school areasl, Uruguay (54 schools), Turkey143 schools), and Amienia {40 schools). The FIA Safe and Sustainable Mobility Grant Programme. now in its fourth year, supported safety upgrades at 15 schools through proven inlervenlions identified using SR4S assessments and implemented by FIA clubs. Recognition for impactful contributions included the Botnar Foundation and FIA Foundation supported AI&Me programme led by AIP Foundation with the support of IRAP receiving the Prince Michael Intemalional Road Safely Award and the Automobile Club of Moldova being honored with both the Prince Michael and Vision Zero Awards for their efforts in improving school zone safely. Youth engagement remained a priority, with Vietnam launching the "Empowering Youth for Livable Cities. initiative and advancements to the Youth Engagement App IYEAI, fostering broader participation in road safely advocacy. FIA Annual Conference. Uzbeklstan. FIA General Assemblles. Rwanda & Google Partnershlps.. FIA Clubs continue to play a critical role in creating policy and implemenlalion support for safer roads in countries around the worfd. More than 150 mobility clubs in 96 countries are partnering with IRAP lo support their national activities and priorities. Activities in¢lude the traditional Risk Mapping, Star Rating and the FIA Foundation supported Star Rating for Schools partnerships. IRAP contributed to the FIA Policy Committee. A positive AIRAP partnership with Google, IRAP and FIA clubs in Ecuador IANETAI, Costa Rica IACCRI, Uruguay {ACUI and Vietnam IAIPFI are helping to innovate and scale big data partnerships for road safety impact. High-level advocacy for G20'. FIA Foundation and partners including IRAP were successful in the submission and publication of T20 policy briefs lo support G20 leaders. IRAP worked with the FIA Foundation, ITF, the Organisalion of American Slates and other partners to build momentum and advocacy for the G20 Summit and U20 Side Event in Brazil in November and supported lead-up events including the G20 India Briefing in Delhi and G20 Sherpas Conference In Brazil. IRAP supported the FIA Foundation led active mobility panel session at the U20 Side Event, and "Safe Active Mobility is a Climate Solution with Short-term Return" briefing, helping to inform the Summit Urban Communique. Africa Impact.. The additional support of the FIA Foundation has enabled a significant increase in support for African partners and associated life-saving impact in the region. Strongest growth has been seen in Kenya, Malawi, Uganda, Bolswana, South Africa, Tanzania, Tunisia, Benin, Senegal and Mozambique with a natural momentum of interest and engagement now visible across the Region providing a foLJndation for future impact. Page 4
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl ITF Summlt122-24 May): IRAP joined 1,200 delegates and around 50 ministers from 80 countries at the ITF Summit lo advocate for safer roads and effective transport policy under the theme 'Greening Transport- Keeping focus in limes of crisis.. IRAP presented in the Rethinking Public Spaces for Safer, Greener and more Active Cities session and in special media events on the Safe System Implementation Tool IRAP has developed in consultation with ITF, and on IRAP partner impact saving 700,000 fatslities and injuries in 74 countries since 2016. 4th Mlnlsterlal Conference on Road Safety, February 2025, Morocco.. IRAP played a key role as a member of the Ministerial Planning Committee, partner engagement worldwide and planning a range of events and announcements for the Ministerial Conference. ADB Transport Forum.. IRAP joined the Asia and the Pacific AD8 Transport Forum from 14 - 15 May in Manila, focused on transport as an enabler of development. World Safety.. IRAP joined the 15th World Conference on Injury Prevention and Safety Promotion (Safety 2024) from 31 August to 4 September in New Delhi. As well as supporting two pre-conference workshops on Powered Two-wheeler Safely and the Child Health Initialive-led 'Challenges, Research Gaps and Learnings from Implementation of Global Road Safety Programmes., IRAP shared partner and project success, new technologies, and developments in the IndiaRAP programme and was recognized as part of 4 Media Awards. IRF World Congress.- The IRF World Congress was a significant event on the IRAP calendar, held from 14- 18 October in Istanbul with the theme 'Connecling to Empower Mobility.. Roads as Enablers of a Sustainable Future for All,. The Congress allracled more than 2,000 road industry participants from 80 countries. IRAP participated in the Ministerial Meeting with Ministers from 30 countries, ran four Special Sessions on The Ten Step Plan for Safer Road Infraslruclure Iwilh IRF and PIARCI, Private-seclor Financing, an SR4D Skills Masler¢lass, and a High-level Roundtable.. Shaping the Future of Road Designs for Safe and Sustainable Mobility. IRAP and partner activities were shared in more than 20 presentations. Policy Commitments.. 86 policies - global, national and stale road safely strategies and action plans- now include RAP targets. New policies added this period include the IEMA (Environmental Assessment of Traffic and Movement) Guidelines, the Private Infraslruclure Development Group IPIDGI Project Guideline, Philippines 2028 Road Safety Strategy, Peru's 2030 Mulliseclor Road Safety Strategy, Wesl African Road Safely Organizalion IW ARSOI Conakry Declaration, 2024-2028 Kenya National Road Safely Action Plan, Limpopo 2025-2035 Road Safety Strategy, Tanzania's 2024-2027 Road Safely Plan, UNECA'S 2030 Strategy for Africa, and BrazilRAP Sao Paulo 2030 Plan. These now sit alongside those of Malawi, Thailand, Cayman Islands, Saudi Arabia, Australia, Pakistan, Laos, Georgia Uganda, Gambia, Vietnam, Saudi Arabia, Gree, Croatia, Slovenia, Brazil, New Zealand, Malaysi8, and Indonesia in a global Policies into Practice page on the IRAP website. Case studies of success: Several new Case studies celebrating IRAP projects, before and after stsr rating and FSI improvements were released in June on a new dedicated Success Stories webpage. The launch aligned to celebrating the release of the Johns Hopkins University research quantifying IRAP partners, impact. Examples include= in Victoria, Australia, deaths fell by 77 /0 and hospital bed days reduced by 74 /0 on 1,730km of key highways,. in Karnataka, India, deaths reduced by 54 /0 and injuries by 420/0 on a 62km section of the Belagavi Yaragatti Highw8y', zero fatalities and an 890A fall in injuries on a section of Highway 4028 in Thailand., in Shaanxi, China, road deaths fell 330/0 and injuries more than halved 1530/.} on 850km of roads,. in Albania, road deaths fell 230k following treatment on 1,335km of the nation's busiest primary and secondary roads., in England, deaths fell by 540/0 on more than 7,OOOkm of strategic network roads., and in Colombia, speed limit reductions informed by IRAP assessments resulted in a 22 /0 reduction in falalilies. Page 5
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl Moblllty Snapshots.. IRAP supported the Global Alliance of NGOS for Road Safety Mobility Snapshots Campaign launched in May as part of their #CommilloAct movement. The campaign is using a unique and simplified data collection method developed by IRAP to shine a light on the local realities of daily commutes around the globe, with a particular focus on improving intersection safety and overall mobility access. Safety Insights Explorer. New data was unveiled in IRAP'S Safely Insights Explorer, a critical datahub for decision-makers and partners worldwide seeking lo understand the true extent of road trauma, the safety of the world's roads, and the positive impact that can be made with largeled investment. The Insights Explorer update was also supported by the Transport Accident Commission (TACI in Australia. 'x'RAPs'. Five new national Road Assessment Programmes have been launched and supported - TanRAP, KSARAP, United Kingdom RAP, MexiRAP and BrazilRAP Sao Paulo - bringing the total to 14. The growth demonstrates IRAP'S focus on building local ownership and the growing recognition of the global IRAP infrastructure safely standard and supporting free tools made possible by the charity. The development of SenRAP will be an outcome of the Ten Slep Senegal Project commencing in January 2025. ?AusRAP ?BrazilRAP BrazilRAP Sao Paulo IndiaRAP iwiRAP ? KSARAP ?MéxiRAP ?ThaiRAP ?MyRAP ?SARAP ?usRAP AUSRAP. Major assessments of MO than 50,OOOkm are underway across the country including AIRAP approaches. The AUSRAP Business Plan commits Australia's slates 8nd territories to publish AUSRAP star ratings on all arterial roads by 2025, with a n8lional policy tsrget lo achieve 800/0 of travel on 3-star or better roads by 2030. A significant federal government investment programme is underway, with co-conlributions from the Slates, that has seen US$5.8 billion added this period for largeled road upgrades. This includes the Australian Government recent commitment lo provide an additional AUD$7.2 billion IUS$4.8 billion) lo upgrade and fix the Bru Highway in Queensland, to bring it up to a minimum three-star safety rating. BrazilRAP: Results of the 54,500km assessment of federal highways are informing BRL 18 billion in investment lo halve deaths and serious injuries in the country. IRAP joined forces with eleven public and private enlilies in launching Brazil's Road Safely Pact in February, a campaign to promote road safety and reduce crashes on the Brazilian road network. 3-slar or beller largels are included in several multi-billion- dollar concessions across th8 country. BrazilRAP Sao Paulo was launched. IndiaRAP.' The Asian Institute of Transport Development continues lo lead IndiaRAP partnerships across the country. Over 17,OOOkm of road network is being assessed in Kamataka and based on results, 1500km will be selected for upgrades. With World Bank funding, 500km of post construction assessments have been conducted in Uttar Pradesh and Tamil Nadu to confirm improvements in Star Rating performance metrics. The assessment of 7,000 km of roads in Himach81 Pradesh, supported by the Wodd Bank under the Himachal Pradesh Stale Road Transformation Programme IHPSRTPI, has been completed and will inform the slate's road safely action plan for the next decade. Additional work has occurred in Chennai. Maharashlra. Policy and design standards support has also been provided at the national level. Korea: The Korean Government has endorsed the development of KORAP with national R&D funds and a National Highway Study over four years. IRAP is supporting the programme which will require an update lo the road act lo incorporate the IRAP meth(Idology. Page 6
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl KSARAP: KSARAP for Saudi Arabia launched in December last year, associated with the wodd's largest IRAP assessment occurring in the Kingdom of 72,OOOkm. The Government is rolling out a US$300 million maintenance programme and has wmmilled lo reach their desired 3-star or better laryels on the national network. The world's largest Star Rating for Schools assessment of 300 school areas kicked off in September, with the training of 40 engineers. The city of Dammam has commenced an urban pilot project, the first city in the Kingdom to adopt IRAP standards for the assessment of their road network. The NEOM project continLJes to be supported in their effort to create 5-star journeys across the new city. Mexico- MexiRAP launched in June hosted by the Ministry of Infrastructure, Communications and Transport ISICT} building on the MOU with SICT signed in November 2023. An MOU between IRAP and the Aleatica Foundation for Road Safely is in place with practical action on projects and programmes lo reduce road traffic injury in Mexico. Senegal: Building on Tanzania's success, a UNRSF-funded Ten Slep Plan Senegal Project will Commence in January, bringing together local and international partners lo build capacity and activities towards safer roads in the country. South Africa RAP- Government policy now requires use of IRAP with slate road maintenance grants and Treasury is actively monitoring progress towards UN Targets. The SARAP Steering Committee was held in June where there was a strong focus on local action lo support large scale assessments. Spain: The RACC Mobility Club and Real Aulomovil Club de Espana IRACEI have presented their 20th edition of annual Crash Risk Mapping of the Spanish road network. The 25,101 km assessment, completed using the IRAP Methodology for the 2020-2022 triennium, identifies the sections of interurban roads with the highest risk of a serious or fatal crashes occurring. In addition, RACC released Catalonia's 23rd Èdition of annual Crash Risk Mapping for the slate. TanRAP: New roads in the capitsl Dodoma are now being designed to achieve 3-slars or better for all. The UN Road Safely Fund supported Ten Slep Plan for Safer Road Infrastructure Project in Tanzania was awarded a Prin Michael International Road Safety Award in Dember rewgnising its achievement in establishing capacity to improve infraslruclure and policy. The project led lo TanRAP being established and launched, safety data expanded lo more than 10,OOOkm using the IRAP Methodology, recommendations made lo the National Road Safely Strategy and Road Geometric Design Manual, and more than 500 people trained, supporting IRAP accreditation. ThaiRAP has completed further Star Rating assessments, including two motorways. The Department of Highways has now star rated the entire network, with 64,OOOkm receiving a light star rating. ThaiRAP is working with the Bangkok Metropolitsn Administration to improve road safety through IRAP capacity building and assessment, with a 500km assessment of the city's road network complete. United Kingdom RAP- Led by the Road Safety Foundation, United Kingdom RAP released Britain's 2024 Crash Risk Mapping Results in December, tracking the safely performance of Gal Britain's motorways and 'A' roads on an annual basis. The UK Government recently announced a further £38.3 million investment in improving the safety of 17 of the highest risk roads. It comes on lop of the £147.5 million already invested lo deliver life-saving improvements on 82 high risk roads across England. The partnership with National Highways has now seen the high-impact integration of the IRAP metrics, data and decision-making tools across all of the agency's activities. Interest for new RAPS is being supported in Malawi. Chile, Korea, Seneg81, Tunisia, Ethiopia, Pakistan, Jamaica. Colombia, United Arab Emirates, Morocco, Indonesia, Somalia and Vietnam. Page 7
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl Bulldlng engagement and capaclty.. Supported by our Safer Journeys Leads for Europe, The Americas and Africa, IRAP had a dedicated focus this year on building engagement and capacity. In collaboration with local and international partners, support included the 'Africa Regional Road Safely Seminarf (8-9 October, Nairobi with GRSP, the Kenya Red Cross Society and UNECAI, and hosted the 'RAP in Europe Workshop, (4-5 September, Brussels) and 'RAP in Latin America.. Safer Roads for Saving Lives Towards 2030, Event with Alealica Foundation (27-28 November, Mexico City). Tralnlng.. Nearfy 76.000 people have now been trained in-person and online across the wodd, including 6,773 people trained this period. IRAP training has reached people in 167 countries. This year, six webinars have been presented in the #RAPKnowledgeLIVE series profiling 'Dats-driving Insights.. Enhancing IRAP road safety reports with Power Bl,, 'Lifting the Lid on VIDA,, 'High Impart RAPS,, 'Leveraging Technology and YoLJth Power for Safer Roads,, 'Star Rating for Designs A Key lo Safer Roads,, and 'Mobilizing Practitioners to Deliver IRAP Projects,. Grants have also been offered to 30 female engineers in conjunction with Inlemalional Women in Engineering Day. IRAP Connect.. Building on the initial FedEx support and ongoing assistan, IRAP Connect is tracking IRAP activity by 34,027 partners worldwide in 184 countries. The Partner Portal and Resources for 5-Slar RAPS are supporting partner knowledge and safer roads activities. d. Revlew of Strateglc Project Partnershlps In 2024 The development of accredited supplier networks has seen an increasing number of IRAP assessments being completed directly by suppliers around the world. Where desired by partners IRAP teams are directly involved in strategically important projects with a focus on building sustainable national capacity Whe possible. The range and scale of strategic projects completed in 2024 demonslrales a diverse and sustainable source of project partnerships th81 contribute lo IRAP'S vision and associated metrics. 50 Strateglc Project partnershlps were supported in the period January - December 2024 including 25 new projects. Partnership projects successfully wmpleted within th8 calendar year include.. Support for Chula assessments of DMT Tollway in Bangkok Thailand Ichulalongkorn University). Mozambique Feeder Road Development Project for the Mozambique National Roads Administration IANEI. Motorway assessments and support for Autoroutes du Maroc., Kirilimali Road Safely Study (World Bank)., Improving Road Safely in Cambodia IADBI., Malawi M1 Rehabililalion Project (for RSK Group)., Coding QA for AUSRAP Victoria IARRB National Transport Research Organisalion}', Chile MOP 2022 {DDQ Ingenieros Consullores Lldal., Evaluation and capaeily building for Grupo ISA (ISA Inlerviall- 72,OOOkm Saudi Arabia Assessment {Euro Group Engineering Consultancyl-, Support for Alealica Brebemi IAleatica SAI., Botnar AI&Me Ivietnaml., Estonia Pilot Survey., CCR Training in Brazil., Mexico- QA of FONADIN network for SEMIC., Limpopo Assessment (The Impact Calalysll,. Cycling Safety Assessment ICycleRAPI in Montevideo, and FIA Region 11 training - Improving the Safely of School Zones across Region 11. Page 8
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl Partnership projects developed I delivered during 2024 and continuing into 2025 include.. PHOEBE- IRAP IEuropean Commission)., ELABORATOR- IRAP (European Commission),. CAMBER Horizon Europe {European Commission}., IVORY Horizon Europe (European Commission)., Senegal Ten Step Plan IUN Road Safety Fund and PIDGI., Google Al for the Global Goals IGoogle.org}- Google Street View Projects in Ecuador, Cosla Rica and Uruguay (Google)., Safe and Inclusive Design in Central Asia IUNRSF and UNESCAP): QA and support for BahrainRAP (Government of Bahrain)- Mountainous Road Improvement Programme PNG IADBI., Assessment in Jamaica and Bahamas (Caribbean Development Bank}., Cayman Islands Reassessment (Caribbean Development Bank)., and Uruguay National Assessment (Road Corporation of Uruguayl. Following a restructuring of the Millennium Challenge Corporation {MCCI in April 2025, IRAP'S contract with MCC came to an end. However, during 2024, the following activities were undertaken: Star Rating and Investment Plan Assessments in Cole d'lvoire., Star Rating and Investment Plan Assessments in Gambia., Star Rating and Investment Plan Assessments in Nepal., Star Rating for Schools in Cole d'lvoire and other priority MCC corridors., Capacity building Itraining and accreditation} including in-person training workshops in Mozambique, Malawi and Benin., Technical assistance for MCC staff and partners., Development of Priv8te-seclor financing and impact investment platforms that can support the Millennium Impact Infrastructure Accelerator IMIIAI and Africa50 initiatives,. Establishment support for local self-goveming Road Assessment Programmes in Malawi, Indonesia, Mozambique and Zambia., and the development of the Light Data Star Rating and Network Analysis tool for Road Safely IRAPIDOI. e. Review of Innovation and Development Partnerships in 2024 IRAP'S Innovation Framework is supporting 142 partner organisations in projects and inilialives lo create the future-focussed tools that meet the expanding local needs and ensure wntinuous improvement of the IRAP offering. Innovation Partnerships inclLJde'. The Eu-funded 'Predictive A roaches for Safer Urban Environment, PHOEBE project aims lo increase the road safety of vulnerable road users, especially those who use active mobility and e- scooters. This is achieved through the inter-disciplinary power of traffic simulation and road safety assessment. The PHOEBE project is integrating Star Ratings for pedestrians and cyclists, along with Cy¢leRAP insights with traffic simulation, human behaviour and mode shift data to inform policy and investment. The project involves 11 partners and draws inspiration from real-world scenarios in the three pilot cities of Athens IGR}, Valencia IESI and West Midlands IUK). Page 9
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achievements and performance Icontinuedl The EU ftjnded ELABORATOR Pro ecl involves 12 living labs and 38 partners across 6 lighthouse cities of Helsinki, Copenhagen, Milan, Issy-les-moulineaux, Zaragoza and Trikala and 6 follower cities of Lund, Liberec, Velenje, Split, Krusevac and loannina. Part of the Horizon Europe programme, the project aims to use a holistic approach for planning, designing, implementing and deploying specific innovations and interventions towards safe, inclusive and sustainable urban mobility. The IRAP expertise, tools, metrics and data are providing an objective evidence-based approach lo inform and measLJre investment and impact across the participating cities. The Goo le.o funded Star Ralin for Schools artnershi in Vietnam is using Al, satellite imagery and Slreet-view images lo delect road safety risks. IRAP, together with partners AIP Foundation, Andili and the University of Zagreb IFPZ, FERI, will provide a country-wide stsr rating evaluation of road infraslruclure around schools in Vietnam and SUPF)Ort the upgrades al the highesl-risk schools. The project will leverage the Botnar Foundation and FIA Foundation SUPFlOrted YEA Youth Engagement App that will also be used to capture student perceptions of the risks they face to inform decision- making. The UK Route Review Tool developed by IRAP in partnership with the Department for Transport. National Highways and Road Safety Foundation is providing a user-focussed investment pl8nning tool that allows local experts to tum IRAP Safer Road Investment Plans into actionable work plans ready for investment, design and Construction. Immediate feedback is available on predi¢ted reductions in deaths and serious injury and the Star Rating performance empowering practitioners to maximise lives saved and exceed safety targets. VIDA.. Continuous investment is being supported for the core free-to-air tools of IRAP that are used by over 22,000 users worldwide to ensure they remain current, secure and meet the growing demand for use within acceptable performance criteria. A Road Map for future step changes in model, software design and nclionalily is being developed to ensure IRAP remains fil for purpose and state-of-the-art for all partners worfdwide. CycleRAP: Seven CycleRAP suppliers are now in place. There have been over 1,500km of CycleRAP assessments in 18 countries worldwide. Large assessments 1400kml are planned in Australia and Canad8 in 2025. In addition, the CycleRAP Demonstrator tool (available for free in five languages) is supporting the quick assessment of cycling infrastructure safety. star Rating for Schools: Enhancements lo the SR4S model went live in June integrating latest research and user experience for improved star rating results. The SR4S model update is part of a broader review of IRAP models being implemented. The SR4S mobile app has been updated and is available on Google Play and the Apple Store lo better meet lead partner needs. The YoLJth Engagement App IYEAI was launched as Part of the Botar Foundation and FIA Foundation supported AI&Me project and is now embedded in the SR4S web app providing supplementary data on youth perceptions of risk al specific locations. Financial review . Going concem After making appropriate enquiries, the Trustees have a reasonable expectation that the Company 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. Further details regarding the adoption of the going concem basis can be found in the accounting policies. Page 10
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 b. Reserves policy The reserves policy sets out the approach of the charity to holding and managing reserves. The charity holds reserves lo= Provide financial stability and meet ongoing commitments. Ensure continuity of services in the event of income disruption. Cover unexpected expenses or emergencies. Invest in future projects or OPF)Ortunilies that support the charills objectives. The Iruslees may decide to draw on reserves where.. there is a short-term shortfall in income., unexpected expenditure is required,. or an opportunity arises lo deliver a key strategic objective The Charity aims to maintain unreslricled free reserves equivalent to 6 months of wre operating costs. Based on the current budget, this equates to approximately £1,403, 223. At year end the charity had available reserves of £1,306,808 {2023.' £1,046,049). This level is wnsidered appropriate to cover core costs, e.g. staff salaries, Offi rent, essential service delivery, and provide sufficient lime to adjust operations if funding decreases. The reserves level will be reviewed annually by the Board. Where reserves fall below the target level, the Board will agree an action plan. If reserves significantly exceed the target, the Board will consider whether funds should be designated for specific future use. c. Investment policy and performance Under the memorandum and articles of association, the charity has the power lo deposit and invest ils funds in any manner {bul lo invest only after obtaining such advice from a financial expert such as the Trustees consider necessary) and having regard lo the suitsbility 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. d. Principal funding IRAP benefits from the generous support of the FIA Foundation for the Automobile and Society and this support will continue until al least 2025. Our partnerships with the Global Road Safety Facility, World Bank, Caribbean Development Bank, Asia Development Bank, Australian AID, Latin American Development Bank and the Inter American Development Bank continue lo enable IRAP assessments lo be undertaken in low income and middle income countries around the worfd. 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 ass8ssments with the RAP protowls int8graled in their advocacy, policy and decision making as appropriate. The IRAP Centre of Excellence network now includes ARRB Group IAustralial,' MRI Global IUSAI, the Malaysian Institute of Road Safely Research IMIROSI., TRL IUKI., the Inslitulo Mexicano del Transporte,Korean Transport Institute IKOTII, SWOV INetherlandsl,LabTrans IBrazill,Ihe Research Institute of Highways (China) and also now the University of Zagreb, Faculty of Transport and Traffic Sciences IFPZI based in Croatia. Page11
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structurei governance and management 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 comparby and the group is the intemalional promotion of the improvement of road safety and quality of roads for the public benefit. b. Methods 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 spectfically lo add value lo 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. Organisational structure and decision-making policies The charity is ultimately govemed by the Trustees who agree and monitor the Forward Plan and approve all of the charills 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 limes a year primarily lo 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= Miquel Nadal Saul Billingsley (resigned 1 January 20241 Ferdinand Emanuel Smith Dr Susan M Sharland Shane l O'connor Raquel B8rrios Quinlanilla lan Andrew Gillespie Dr Olive Chifefe Kubosingye Avi Shalom Hayim Silverman lappoinled 29 January 2024} The minimum number of Trustees shall be two save for circumstances where a charity las defined by s1 of the Charities Act 20111 is appointed as a trustee, in which case il may serve as a sole trustee of the charity. The maximum number is twelve. Page 12
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structurei governance and management Icontinuedl d. Policies adopted for the induction and training of Trustees The charity is fortunate that il 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 allend 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 Iruslee and elected by unanimous decision. Most Tru8lees 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 obligation8 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 presentstions of overall progress with the charity's work. If needed, Trustees would be encouraged lo attend appropriate external training events where these will facilitate the undertaking of their role. e. Pay policy for key management personnel It is essential for IRAP to have credible leaders who bring professional expertise, leadership experience and who are capable of developing and growing the organisalion 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 bul 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 lo the Remuneration Committee which is chaired by a nominated trustee. More infomalion about pay ranges for our senior staff is in the relevant disclosure on staff costs. Our approach is to pay a fair salary to allracl and retain skilled and expert senior leaders for IRAP. Salaries and benefits should be competitive within the charity sector, proportionate lo the complexity of each role and responsible in line with our charitsble objectives. To achieve this our Executive Group Pay Policy aims to.. Ensure perfomiance is reviewed and reported to the Remuneration Committee on an annual basis. To pay a fair salary in the respective geographic market lo attract and retsin skilled staff, meeting all national pay standards and provide all staff with a living wage. Apply performance related pay elements only where required. Monitor charity sector trends through appropriate surveys. Page 13
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structurei governance and management Icontinuedl 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 lo their impact on the Charity and their likelihood of Occurren and report on procedures which are in place or are developed or enhanced lo 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.. Govemment Polic We manage this risk by having a diverse range of global partners. We regulady monitor the global geopolitical landscape and monitor proposed regulatory changes. We are also supported by our membership of relevant umbrella bodies. Finally we have contingency plans buill into our financial models and frameworks. Volatilit in fundin and other financial risks.. This risk is managed by the provision and review of management accounts and long term financial forecasts with action plans lo bridge any funding gaps. In addition lo this, the Charity's Reserves policy is regularly reviewed lo 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 F)olicy on all payments. IRAP is also increasing the number of income streams lo diversify ils sources of income. Skills Shorta We are managing this risk by conducting a staff skills audit al least once per year lo identify skills gaps amongst staff and to put training programmes in place. In addition, we are developing a panel of subcontractors who we can ulilise when new contracts are signed and we need additional resources. Inflationa risk We are managing this risk by reviewing our pricing policies and reviewing our cost base. Technolo 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 consullanls, Healix. They are on hand lo support us both strategically and operationally. Training on the services provided by Healix and their tools is provided lo all our staff. Page 14
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structurei governance and management Icontinuedl g. Information on fundraising practices The International Road Assessment Programme (IRAP) is registered with the Fundraising Regulator, the independent tx)dy 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 lo abide by their Code of Fundraising Practice and lo 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 811 times, we ensure that our fundraising 18 clear, open and honest. During the year, no complaints were received by the charity in respeel of its fundraising activities. Plans for future periods iRAP's vision is for a worfd free of high-risk roads for all road users. The 4th Global Ministerial Conference on Road Safety in Morocco in February 2025 will see Govemment leaders and global road safety stakeholders gather lo share experience and set commitments for 2030 and beyond. With over 130 countries with active IRAP data and partnerships, the event will provide an opportunity to share success and inspire others lo eliminate high-risk roads. The UN Sustainable Development Goal to halve road deaths by 2030 will be a focus. Ensuring that the eslimaled US$800 billion spent by road agencies worldwide is well placed and contributes lo the improvement of Star Rating performance and the reduction of road trauma remains a priority for the charity. Global Programme, Innovation and Development and Strategic Project efforts will support partners to achieve the UN Member Stale agreed Global Road Safety Performance Targets, including.. Target 3 - By 2030, all new roads achieve technical standards for all road users that lake into account road safely, or meet a three-stsr rating or beller Target 4 - By 2030, more than 75°k of travel on existing roads is on roads that meet technical stsndards for all road users that take into account road safely (equivalent lo a three-star rating or better). Maximising the efficiency and impact of the charity's efforts will be cenlred on the use of Artificial Intelligen and AIRAP, innovative financing and the development of sustainability linked financing for road safety and the integration of Stsr Ratings in Commonly used road design products used by the road industry. The charity will also seek to maximise the road safety outcomes and synergies with the UN Decade of Sustainable Transport and ongoing global efforts to address climate Change, mode shift and climate resilien. By 2030 the charity aims lo influence the safety of over US$200 billion of road investment and most importantly save more than 2 million people from death and injury worldwide. Page 15
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure? governance and management (continued) PARTNERSHIPS FOR 2030 IMPACT IRAP? 132 TTrVJUSAND PMThERS COUNTRIES ASSESSED 180 IRAP 273 ACCREDITED ¢WIIIRs IIIILUE14CED 0.142 **+ IM#OVATK PARINERS 111 THQUSAND BILLION 8ETfER MILLION MILLION 1.9 1.9 1S)KM- QKM 86 8.4 MILLICII DESIUIS STIR RATED klSK MAppeD 1,940 76 O Q uswc SNS I IITTrI THOUSAMD ,£@ FOUNDATION Page 16
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company lawl are responsible for preparing the Trustees, report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Group and the Company and of their incoming resources and application of resources. including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently,. observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial stslemenls., prepare the financial statements on the going concern basis unless il is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Group and the Companls transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiation to auditor Each of the persons who are Trustees at the lime when this Trustees. report is approved has confirmed Ihal.. so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditor is aware of that information. Approved by order of the members of the board of Trustees and signed on their behalf by.. Miquel Nadal Trustee Dale.. 29 May 2025 Page 17
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL ROAD ASSESSMENT PROGRAMME Opinion We have audited the financial statements of International Road Assessment Programme Ilhe 'parenl charitable companll and ils subsidiaries Ilhe 'group'l for the year ended 31 December 2024 which comprise the Consolidated slalemenl of financial activities, the Consolidated balance sheet, the Company balan sheet, the Consolidated slalement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the stale of the Group's and of the parent charitsble companls affairs as al 31 December 2024 and of the Group's incoming resources and application of resources, including ils income and expenditure for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordan 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 eviden we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In aLJdiling 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 identtfied any material uncertainties relating to events or conditions that, individLJally or collectively, may cast significant doubt on the Group's or the parent charitable companls ability to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page 18
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL ROAD ASSESSMENT PROGRAMME (CONTINUED) other information The other information comprises the information included in the Annual report other than the financial slalemenls and our Auditor's report thereon. The Trustees are responsible for the other infom)alion contained within the Annual report. Our opinion on the financial slalements does not cover the other information and, eXp1 lo the exlenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslalements, we are required lo determine whether this gives rise to a material misslatemenl 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 lo report in this regard. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstalemenls in the directors, and trustees, annual report. We have nothing lo 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= adequate and sufficient accounting records have not been kept by the Group and charitable company, or retums adequate for our audit have not been received from branches not visited by us,. or the Group's and charitable company s financial st8lemenls are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit- or the trustees were not entitled lo prepare the financial statements in aCrdan with the small companies, regime and lake advantage of the small companies. exemptions in preparing the Directors, and Trustees, Annual Report and from the requirement to prepare a strategic report. Responsibilities of trustgos As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of the ¢haritable Company for the purposes of company lawl 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 lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slalements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability lo conlinLJe as a going concern, disclosing, as applicable, mallers related to going COnM and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or lo cease operations, or have no realistic alternative but lo do so. Page 19
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL ROAD ASSESSMENT PROGRAMME (CONTINUED) Auditorfs responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslalement, whether due to fraud or error, and to issue an Audilorfs report that includes our opinion. Reasonable assuran is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl 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 lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are lnStsnS of non-compliance with laws and regulations. We design prOdureS in line with our responsibilities, outlined above, lo delecl material misslatemenls in respect of irregularities, including fraud. The extent lo which our prOdureS are capable of delecling irregularities, including fraud is detailed below.. Our assessment focused on key laws and regulations the charitable company has lo comply with and areas of the financial slalemenls we assessed as being more susceptible to misslatemenl. These key laws and regulations included, but were not limited lo, compliance with the Companies Ad 2006, Charities Ad 2011, taxation legislation, data protection, anlibribery and employment legislation. We are not responsible for preventing irregularities including fraud. Our approach lo deteding iregularities including fraud included, bul was not limited lo, the following.. obtaining an understanding of the legal and regulatory framework applicable to the group and charitable company and how the group and charitable company is complying with that framework, including agreement of financial statement disclosures lo underlying documentation and other evidence., obtaining an understanding of the group and charitsble companvs control environment and how the group and charitable company has applied relevant control procedures, through discussions with Trustees and other management and by perfomiing walklhrough testing over key areas,. obtsining an understanding of the group and Charitsble companys risk assessment prO$s, including the risk of fraud., reviewing meeting minutes of those charged with governance throughout the year-, and performing audit testing over the risk of management override of controls, including testing of joumal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Whilst considering how our audit work addressed the detection of IrgUIanties, we also consider the likelihood of detection of fraud based on our approach. Irregularities arising from fraud are inherently more difficult lo detect than those arising from error. 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 misslatemenl in the financial slalements or non-compliance with regulation. This risk increases the more that compliance with a Isw or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo 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. A ftjrther description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditor's report. Page 20
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF INTERNATIONAL ROAD ASSESSMENT PROGRAMME (CONTINUED) Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit wort( has been undertaken so that we might slate to the charitable companls members those mallers we are required to stale lo them in an Audilorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work, for this report, or for the opinions we have formed. l e-fj,. ly4T lig Glen Bott (Senior Statutory Audilorl for and on behalf of.. Cooper Parry Group Limited Stslulory Auditor Cubo Birmingham 4th Floor Two Chamberlain Square Bimingham B3 3AX Dale.. 10 June 2025 Page 21
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from- Donations and grants Charitable activities Other trading activities Other income 1,423,753 2,009,188 791,623 81,777 1,423,753 2,009,188 791,623 81,777 1,455,511 1,023,044 657,259 177,643 Total income 4,306,341 4,306,341 3,313,457 Expenditure on: Raising funds Charitable activities 620,984 3,424,598 620,984 3,424,598 440,574 2,556,528 Total expendlture 4,045,582 4,045,582 2,997,102 Net movement in funds 260,759 260,759 316,355 Reconciliation of funds.. Total funds brought forward Nel movement in funds 18 1,046,049 260,759 1,046,049 260,759 729,694 316,355 18 Total funds carried forward 18 1,306,808 1,306,808 1,046,049 The Consolidated statement of financial adivities includes all gains and losses recognised in the year. The notes on pages 26 to 42 fomi part of these financial statements. Page 22
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) REGISTERED NUMBER: 05476000 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Current assets 14 28,291 15,319 Debtors Cash at bank and in hand 16 670,730 2,441,751 346,828 2,804,656 3,112,481 3,151,484 Creditors.. amounts falling due within one year 17 11,833,964) 12,120,754) Net current assets 1,278,517 1,030,730 Total assets less current liabilities 1,306,808 1,046,049 Total net assets 1,306,808 1,046,049 Charity funds Reslricled funds Unreslricled funds 18 18 1,306,808 1,046,049 Total funds 1,306,808 1,046,049 The Trustees acknowledge their responsibilities for complying with the requirements of the Ad with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Miquel Nadal Director Dale.. 29 May 2025 The notes on pages 26 to 42 fomi part of these financial stslements. Page 23
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) REGISTERED NUMBER: 05476000 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets Investments 14 28,291 100,001 15,319 100,001 15 128,292 115,320 Current assets Debtors Cash at bank and in hand 16 481,769 2,298,814 429,416 2,561,202 2,780,583 2,990,618 Creditors.. amounts falling due within one year 17 11,602,070) 12,059,889) Net current assets 1,178,513 930,729 Total assets less current liabilities 1,306,805 1,046,049 Total net assets 1,306,805 1,046,049 Charlty funds Restricted funds 18 Unrestricted funds 18 1,306,805 1,046,049 Total funds 1,306,805 1,046,049 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Miquel Nadal Director Dale.. 29 May 2025 The notes on pages 26 to 42 fom) part of these financial statements. Page 24
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flows from operating activities Nel cash used in operating activities 21 1340,9451 1,985,461 Cash flows from Investlng actlvltles Purchase of tangible fixed assets 121,9601 111,1281 Net cash used in investing activities 121,9601 111,1281 Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1362,9051 2,804,656 1,974,333 830,323 Cash and cash equivalents at the end of the year 22 2,441,751 2,804,656 The notes on pages 26 to 42 fomi part of these financial stalemenls. Page 25
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.1 Basis of preparation of financial ststements and Consolidation The financial statements consolidate the activities of Intemational Road Assessment Programme and of its subsidiary undertaking, Road Assessment Services Limited I'lhe subsidiary'l. The financial statements have been prepared under the historic cost convention, unless otherwise slated in the relevant accounting policy, and in accordance with the the Financial Reporting Standard Applicable in the UK and Republic of Ireland IFRS 1021, the Accounting and Reporting by Charities= Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Rew)rting Standard applicable in the UK and Republic of Ireland IFRS 1021 (published in October 2019 and effective from 1 January 2019}, the Charities Act 2011 and the Companies Act 2006. Intemalional Road Assessment Programme meets the definition of a public benefit entity under FRS 102. The Consolidated Statement of Financial Activities ISOFAI and Consolidated Balance Sheet consolidate the financial statements of the Company and ils subsidiary. The results of the subsidiary are consolidated on a line by line basis. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The income and expenditure account for the year dealt with in the financial statements of the parent charitable company was a surplus of £260,75912023'. surplus of £316,355). 1.2 Going concern The Iruslees 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 26
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 1.3 Income All income is recognised On the charity has entiliemenl lo the income, il 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. Grants are included in the Consolidated ststemenl of financial activities on a re1vable basis. The balan of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is reived, the income is accrued. Donated professional services and facilities are recognised on the basis of the value of the gift to the company which is the amount il would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. Other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on Completion of the servi. 1.4 Expenditure Expenditure is recognised once there is a legal or Constructive obligation lo transfer ewnomic benefit to a third paty, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support wsts involved in undertaking each aclivily. Direct costs attributable to a single activity are allocated directly to that activity. Shared wsls which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resour8. Central stsff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those Cases where the offer is Conditional, such grants being recognised as expenditure when the conditions allaching are fulfilled. Grants offered subject lo conditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Page 27
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 1.5 Taxation and deferred taxation Inlemalional Road Assessment Programme is a registered charity and as such is exempt from income lax and corporation tax under the provisions of Section 478 of the Corporation Tax Act 2010. There is no similar exemption for VAT, which is included in expenditure or in the cost of assets as appropriate. 1.6 Tangible fixed assets and depreciation Tangible fixed assets are capilalised and recognised when future ewnomic benefits are probable and the wst or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurement of wsl. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straighl-line method. The estimated useful lives are as follows.. Office equipment Computer equipment 3 years 2 years Fixed assets are reviewed for impairment where there are indications their service potential may be reduced. For example, an asset related lo a specific activity will be reviewed for impairment when there are indications the adivity may ase or be reduced. 1.7 Interest recievable Interest on funds held on deposit is included when re1vable 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 al the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.9 Cash at bank and in hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of aulSIt10n or opening of the deposit or similar account. Page 28
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (continued) 1.10 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised at the amount that the Company anlicipales il will pay to settle the debt or the amount it has received as adVand payrnenls for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Consolidated stslemenl of financial activities as a finance cost. 1.11 Financial instruments The Charills activities expose it to the financial risk of changes in foreign exchange rates and they therefore enter into fonNard contracts to hedge against volatile exchange rale movements. Derivatives are initially recognised at fair value on the dale a derivative contract is entered into and are subsequently remeasured al 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 reWgnls immediately in the income statement. 1.12 Foreign currencies Monetsry ass8ls and liabilities denominated in foreign currencies are translated into sleding al rates of exchange ruling al the balan sheet dale. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognise in the statement of financial aclivilies. 1.13 Pensions The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity lo the fund in respect of the year. 1.14 Fund accounting General funds are unreslricled funds which are availabl8 for use at th8 discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial slatemenls. Investment income, gains and losses are allocated to the appropriate fund. Page 29
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Critical accounting estimates and areas of judgment Eslimales and judgments are continually evaluated and are based on historical experien and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Company makes estimates and assumptions Conrning the future. The resulting accounting eslimales and assumptions will, by definition, seldom equal the related actual results. Critical areas of judgment.. The assessment of the useful economic lives and the method of depreciating fixed asset requires judgement. Depreciation is charged lo the Slalement of Financial Activities based on the useful economic life selected, which requires an estimation of the period and profile over which the Company expects lo nsume the future economic benefits embodied in the assets. Income from donations and grants Unrestricted funds 2024 Totsl funds 2024 Total funds 2023 Donations 28,270 1,395,483 28,270 1,395,483 36,904 1,418,607 Grants 1,423,753 1,423,753 1,455,511 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Project delivery income Accreditation 1,955,753 30,597 22,838 1,955,753 30,597 22,838 965,389 41,787 15,868 Webinars 2,009,188 2,009,188 1,023,044 Page 30
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Income from other trading activities Income from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Nel income from trading subsidiary 791,623 791,623 657,259 Total 2023 657,259 657,259 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Interest re1vable 32,929 48,561 287 32,929 48,561 287 809 other operating income Subsidiary interest receivable 176,834 81,777 81,777 177,643 Page 31
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raising funds Other trading expenses Unrestricted funds 2024 Total funds 2024 Total funds 2023 Cost of sales 460,686 12,571 117,065 30,662 460,686 12,571 117,065 30,662 274,252 15,198 133,493 17,631 Adminislralion expenses Cost of sales staff costs Administration staff costs 620,984 620,984 440,574 Total 2023 440,574 440,574 Analysis of grants Grants to Institutions 2024 Totsl funds 2024 Total funds 2023 Grants to EIFIA 70,266 70,266 8,631 Analysis of expgnditurg on charitsble a¢tivitigS Summary by fund type Unrg$tri¢tgd funds 2024 Total 2024 Total 2023 Charitable activities 3,373,773 50,825 3,373,773 50,825 2,537,101 19,427 Governance costs 3,424,598 3,424,598 2,556,528 Total 2023 2,556,528 2,556,528 Page 32
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysis of expenditure by activities Activities undertaken directly 2024 Grant funding of activities 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitable activities Governance costs 3,128,909 70,266 174,598 50,825 3,373,773 50,825 2,537,101 19,427 3,128,909 70,266 225,423 3,424,598 2,556,528 Total 2023 2,338,808 8,631 209,089 2,556,528 Analysls of dlrect costs Charitable activities 2024 Totsl funds 2024 Total funds 2023 Staff costs 1,102,970 54,384 26,120 32,849 164,856 178,300 60,719 24,187 1,484,524 1,102,970 54,384 26,120 32,849 164,856 178,300 60,719 24,187 1,484,524 995,200 48,338 15,121 27,429 143,557 126,905 89,208 51,541 841,509 Other staff costs Communications Premises IT costs Travel Events other costs Subcontractor costs 3,128,909 3,128,909 2,338,808 Total 2023 2,338,808 2,338,808 Page 33
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10. Analysis of expenditure by activities (continued) Analysis of support costs Charitable activities Governance 2024 2024 Total funds 2024 Total funds 2023 Stsff costs Other staff costs 106,647 11,258 14,229 37,978 128,956) 24,453 106,647 11,258 14,229 37,978 128,956) 24,453 50,825 8,989 96,113 11,114 14,487 28,496 13,742 17,400 19,427 8,310 Finance costs Insuran Exchange differences Other costs Govemance 50,825 Depreciation 8,989 174,598 50,825 225,423 209,089 Total 2023 189,662 19,427 209,089 11. Net incomel{expenditure} 2024 2023 Operating lease rentals Depreciation on tangible fixed assets Nel (gains} I losses on foreign exchange Fees paid to auditor for- aLJdil 13,195 8,989 128,9561 12,565 8,310 13,742 13,850 1,625 13,200 1,400 other services Page 34
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12. Staff costs Group 2024 Group 2023 Company 2024 Company 2023 Wages and salaries Social security costs Pension costs Other employee benefits 1,178,566 59,940 118,838 65,642 1,084,605 53,478 104,354 59,452 1,030,839 59,940 118,838 65,642 933,481 53,478 104,354 59,452 1,422,986 1,301,889 1,275,259 1,150,765 The average number of persons employed by the Company during the year was as follows.. Group 2024 No. Group 2023 No. Employees 17 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60.000 was: Group 2024 Group 2023 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- £110,000 In the band £110,001- £120,000 In the band £140,001- £150,000 In the band £180,001 - £190,000 The key management personnel of the charitable groLJP comprise the trustees and the senior management team, namely the Chief Executive Officer and the Chief Financial Officer. The total amount of key management personnel benefits (including employer pension contributions and employer national Insuran conlributionsl received by key management personnel for their services lo the charity was £326,03512023.. £271,463) 13. Trusteo$' ramunoration and oxp8nsgs During the year, no Trustees received any remuneration or other benefits12023 - £NILI. During the year ended 31 December 2024, expenses tolalling £1,530 were reimbursed or paid directly to 1 Trustee {2023 - £3,560 10 3 Trustees). Expenses were in respect of travel and compliance costs. Page 35
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Tangible fixed assets Group and Company Office equipment Cost or valuatlon At 1 January 2024 Additions 58,200 21,960 At 31 December 2024 80,160 Depreciation At 1 January 2024 Charge for the year 42,881 8,988 At 31 December 2024 51,869 Net book value At 31 December 2024 28,291 At 31 December 2023 15,319 Page 36
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Fixed asset investments Investments in subsidiary companies Company Cost or valuation At 1 January 2024 100,001 At 31 December 2024 100,001 Net book value At 31 December 2024 100,001 At 31 December 2023 100,001 Principal subsidiaries The following was a subsidiary undertaking of the Company.. Name Company Registered office or principal Holding Included in number place of business consolidation Road Assessment Services 08070356 60 Trafalgar Square, London, Limited WC2N SDS 100/0 Yes The financial results of the subsidiary for the year were.. Nam Incom Exponditur Profitl{Loss) I Surplusl ID8ficitl for the year Net assets Road Assessment Services Limited 791,623 1654,3251 137,298 100,004 A gift aid payment was made from the subsidary to the parent charitable company of £137,298 12023: £169,1421 in line with the terms of the deed of covenant. Page 37
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Due within one year Trade debtors Amounts owed by group undertakings Other debtors 343,083 126,095 112,155 199,866 54,864 114,884 60,568 226,472 63,712 78,664 74,831 252,816 63,712 157,021 Prepayments and accrued income 670,730 346,828 481,769 429,416 17. Credltors: Amounts falllng due wlthln one year Group 2024 Group 2023 Company 2024 Company 2023 Trade creditors Amounts owed lo group undertakings Other taxation and social security Other Creditors Accruals and deferred income 191,386 41,904 19,314 358 53,429 12,482 1,516,487 7,063 53,429 12,482 1,576,667 64,580 6,134 2,008,136 61,404 6,134 1,985,288 1,833,964 2,120,754 1,602,070 2,059,889 Group 2024 Group 2023 Company 2024 Company 2023 Deferred income at 1 January 2024 Resources deferred during the year Amounts released from previous periods 1,671,892 1,197,315 11,671,8921 140,136 1,668,326 1,671,892 1,177,492 1140,1361 11,668,3261 123,780 1,668,326 {123,7801 1,197,315 1,671,892 1,177,492 1,668,326 Page 38
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statement offunds statement of funds - current year Balance at 31 December 2024 Balance at 1 January 2024 Income Expenditure Unrestricted funds Designated funds Viasofia fijnd Europe Road Safely Fund 26,401 121,792 26,401 51,526 170,2661 148,193 170,266) 77,927 General funds General fund 897,856 4,306,341 13,975,316) 1,228,881 Total Unrestricted funds 1,046,049 4,306,341 14,045,582> 1,306,808 Designated funds relate to: Viasofia fund - the purpose of this fund is to help with the SIS in determining the future investment potential in road safely data in the field of Artificial Intelligence. Europe Road Safely Fund the purpose of this fund is lo help with future work on improving road safety in Europe. Monies for this fund have arisen following the dissolution of EuroRAP in November 2023. Statomont of funds - prior year Balance at 31 December 2023 Balance at 1 January 2023 Income Exponditure Unrestricted funds Designated funds Viasofia fund 49,116 122,7151 26,401 121,792 Europe Road Safely Fund 121,792 49,116 121,792 122,7151 148,193 General funds General fund 680,578 3,191,665 12,974,387) 897,856 Page 39
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 18. Statement of funds (continued) statement of funds prior year (continued) Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure Total Unrestrlcted funds 729,694 3,313,457 12,997,102) 1,046,049 19. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted funds 2024 Total funds 2024 Tangible fixed assets Current assets 28,291 28,291 3,112,481 3,112,481 11,833,964) 11,833,964) Creditors due within one year Total 1,306,808 1,306,808 Analysis of ngt a$$gt$ botwegn funds - prior period Unrgstrictad funds 2023 Total funds 2023 Tangible fixed assets Current assets 15,319 15,319 3,151,484 3,151,484 12,120,754) 12,120,754) Creditors due within one year Total 1,046,049 1,046,049 Page 40
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 20. Pension commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge in the year represents contributions payable by the group lo the scheme and amounted lo £118,838 12023.. £104,354). At the year end, contributions of £7,069 12023.. £6,052} were payable to the scheme and are included in creditors. 21. Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Nel income for the period las per Statement of Financial Activities) 260,759 316,355 Adjustments for: Depreciation charges Decreasellincreasel in debtors Increaselldecreasel in creditors 8,988 1323,9021 1286,7901 8,310 48,952 1,611,844 Net cash provided byl(used in) operating activities 1340,9451 1,985,461 22. Analysls of cash and cash equlvalents Group 2024 Group 2023 Cash in hand 2,441,751 2,804,656 Total cash and cash equivalents 2,441,751 2,804,656 23. Analysis of changes in net debt At1 January 2024 Cash flows At31 December 2024 Cash at bank and in hand 2,804,656 1362,9051 2,441,751 2,804,656 1362,9051 2,441,751 Page 41
INTERNATIONAL ROAD ASSESSMENT PROGRAMME IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 24. Operating lease commitments At 31 December 2024 the Group and the Company had commitments lo make future minimum lease payments under nOn-CanlIable operating leases as follows.. Group 2024 Group 2023 Company 2024 Company 2023 Not later than 1 year 5,937 13,195 5,937 13,195 25. Related party transactlons Mr Avi Silverman, a Trustee of the charitable company, is the Deputy Director of the FIA Foundation. which made grants to IRAP lotslling £1,274,80712023'. £1,293,816). The connected charity, Road Safely Found81ion, is considered lo be a related party. During the year income was received from this charity lo the sum of £181,455 {2023.' £201,149). During the year purchases were made with the charity to the sum of £26,009 12023.. £4,000), and wages and salaries costs were recharged lo the charity for the value of £81,654 12023.. £93,536). Al the year end £45,708 {2023'. £43,525) was due from the charity and included within Other Debtors. Another connected Charity, Evropski ingiilul za OnIevanIe cesl - EuroRAP IEIRAI, is considered lo be a related party. During the year a grant was given to this charity to the sum of £70,266 12023.. £8,631 }. purchases were made with the charity to the sum of £5912023.. £Nill and wages and salaries costs were recharged lo the charity for the value of £4,695 12023.. £1,324 recharged from EIRA}. Al the year end £2,33712023'. £10,895) was due from the charity and included within Other Debtors. The connected charity, The European Inslilule of Road Assessment IEuroRAPI, is considered to be a related party. During the year income was received from the charity lo the sum of £Nil 12023.. £171,184). purchases were made with the charity to the sum of £Nil 12023.. £8,565), and wages and salaries costs were recharged to the charity for the value of £Nil 12023.. £14,468). At the year end £Nil 12023.. £Nill was due to or from the Charity. The European Inslitue of Road Assessment IEuroRAPI was dissolved in November 2023 and funds of £121,891 were transferred from the charity. Mrs Shona Holroyd, Chief Financial Officer of IRAP, is both a Director of EIRA and the Chief Financial Officer and Company Secretary of the Road Safety Foundation. Dr Sue Sharfand. is a Trustee for both IRAP and the Road Safely Foundation. The trading subsidiary is considered lo be a related party. The available exemption for transactions with wholly owned subsidiaries under Section 20 FRS 102 has been taken. 26. Members. liability Each member of the charitable company undertakes to contribute to the assets of the company in the event of il being wound up while helshe is a member, or within one year after helshe ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before helshe aSe$ to be a member. Page 42