2023-03-31-accounts - The Institute Of Advanced Motorists Limited

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Patron, President, Vice	President,	President,	Council - Trustees,	Council - Trustees,	Council - Trustees,	and Senior Leadership	2
Company Secretary and	Information,			and Professional		Advisers	2
Structure, Governance,	and Management
Objects
Public benefit
Primary activities
Strategy
Constitution &.Membership
Corporate Governance
Decision Making, Committees,		and	IAM RoadSmart		groups
Risk management and internal		control
Strategic Review
Review ofActivities and Achievements							9
Future Activities							11
Financial Review							12
Statement ofTrustees' Responsibilities							13
Independent Auditor's Report							15
Group Statement of Financial	Activities						18
Balance Sheets							19
Group Cash Flow Statements							20
Notes to the Financial Statements							21

Patron			HRH Prince Edward, The Duke of Kent	HRH Prince Edward, The Duke of Kent	HRH Prince Edward, The Duke of Kent
President			Nigel Mansell CBE
Vice Presidents			Sir Peter Bottomley
			Steven Norris
			Nick Ross
Council - Trustees			Committee Membership
Stuart Malcolm Donald		QPM	Chairman (1-3)
3effrey Willcocks			Vice Chairman
Anthony Steven Cearns			(1-Chair) (Resigned 08September	2022)
Elizabeth Marguerite	Coyle-Camp		(Resigned 183uly 2023)
3ohn Mark 3enkins			(1,2) (Resigned 28 September 2022)
Samantha 3ane Kane			(2-Chair) (Resigned 24 November	2022)
Nicholas David 3ohn Lomas			(3 —Chair)
Dr Bradley Poulson			(Resigned 24 November 2022)
Nicholas 3ohn Anthony		Stein
Victoria Ann Milford			(2 —Chair) (Appointed 24 November		2022)
Tom Kelman			(1 —Chair) (Appointed 13anuary 2023)
Mark Armitage			(Appointed 28 September 2023)
Angela Bell			(Appointed 28 September 2023)
Rupert Newman			(Appointed 28 September 2023)
Mark Powell			(Appointed 28 September 2023)
Sarah Whiteside-Jones			(Appointed 28 September 2023)
Committees:
1.Finance &Audit Committee
2. Remuneration Committee
3.Nominations Committee
Senior Leadership	Team
Antony Kildare			Chief Executive (appointed 1April	2022)
Simon Boyd			Commercial and Operations Director		(appointed				013anuary 2023)
Neil Greig			Policy &Research Director
Neil Harris			Finance Director (resigned 30 April		2022)
Kat Hyde			Marketing &Communications Director (appointed						013anuary 2023)
Tom Kelman			Interim Finance Director (appointed		19May 2022					—Resigned	30 November	2022
Nicola Smith			People &Culture Director (appointed		013anuary				2023
Andrew McLachrie			Finance Director (Appointed 07 November				2022)
Company Secretary			ARM Secretaries Limited (resigned	30 March 2023)
			Andrew McLachrie (appointed 30 March 2023)
Registered Office			1Albany Place, Hyde Way, Welwyn		Garden		City,		Hertfordshire,		AL7 3BT
Professional Advisers
Statutory Auditor			Crowe U.K. LLP, 55 Ludgate Hill, London,			EC4M		7JW
Bankers			HSBC Bank pic, 60 Queen Victoria	Street,		London,				EC4N 4TR
Invest ment Advisors			Portfolio Management Consultancy	Limited			(PMCL),			100Uverpool St, London,		EC2M 2AT
Investment Managers			3 M Finn &.Co Limited, 4 Coleman	Street,		London,				EC2R 5TA
			Rathbone Investment Management,		8 Finsbury			Circus, London,			EC2M 7AZ
			Ruffer LLP, 80 Victoria Street, London, SW1E 53L
			2

Risk		Management of risk
Reduction he decline	in core income arising from in the number of members.	Develop and implement fservices to members.	plans This	to improve the communication and provision includes contacting recently lapsed members
Now also impacted by rising inflation the		o encourage them to renew		their membership.
UK cost of	living crisis as well as the
geing demographic ofour Membership.		mpaigns to encourage members to pay their irect debit and encouraging more members to			annual subscriptions sign up for Gift Aid.	by
		am ai ns and roduct	develo ment to attract		all eneration rou	s.

							Diversify the sources of income to enable us to further enhance the delivery
							four objects.
							Regularly reviewing and revising pricing policies considering cost-of-living
							ressures.
Decline	in the strength				ofthe IAM		e dedicated field service team is tasked, inter alia, with supporting IAM
groups affiliate network					and volunteers		RoadSmart groups on a regional basis and assisting them to adopt best
							ractices.
							ontinue to assess the future viability ofthe current model, ensuring it
							remains fit for purpose, and adjusting as necessary to ensure both IAM and
							roups have a vibrant future.
Decline	in the capacity				ofthe contracted		recruitment strategy specifically targeting locations that present both a
base of	Advanced		Driving Instructors				ignificant geographical gap of available ADIs and an above average level of
('ADIs').							requests to deliver on-road training is in place.
							AM RoadSmart are seeking a closer relationship with those ADIs who
							hoose to benefit from working with the IAM Group.
ITsystems,		including		DARTS			Negotiating fixed price contracts or tight budgetary control with ITsuppliers,
implementation.							dopting rigorous testing and acceptance procedures, and reviewing regular
							roject plan progress reports with a steering group chaired by the Chief
							Executive Officer.
							Ensuring Data integrity and quality, and adherence to associated data
							rotection olicies.
IT —Cybersecurity.							orough software update regime, robust backup procedures, subject to
							uarterly firewall penetration testing, carried out by an independent cyber
							ecurity consultancy.
							he IAM Group has installed the latest firewall systems and has anti-virus
							oftware installed on all devices, with spam/virus filters actively managed
							nd re ular software u dates on all interfaces with the outside world.
Investment		underperformance				and	Maintaining investment portfolios with differing investment strategies and
volatility	of	investments			markets		isks.
affecting	investment			valuations.
							Regular review of investment managers assessing their performance against
							enchmarks, portfolio construction and asset allocation, portfolio risk
							ttitudes, service levels and costs.
							ppointment ofspecialised Investment Advisors, development of
							ppropriate investment policy to align with the organisations longer term
							equirements ofthe fund.
							Ensure funds are invested inline with our investment oli
Line management			capabilities			and	review was undertaken ofsuccession planning to identify those roles
succession		planning		for	key staff.		here there was not a 'natural' successor within the IAM Group culminating
							in ke staff recruitment and the formation ofa Senior Leadershi Team.
Long term		strategy.					ouncil, and the Senior Leadership Team have established a working group
							o evolve the strategic review that commenced in 2021.
							e plan was shared as part ofthe 2022/23 round of group forums as well
							s the 2022 AGM.
							Year transition strategy is being delivered to ensure we achieve the 5 key
							trands on that strategy. Progress is reviewed regularly both at an Executive
							nd Trustee level.

						GROUP			IAM
					Note	2023	2022	2023	2022
						OOOO	OOOO	f000	f000
Income from:
Donations and legacies
Subscriptions (including			Gift Aid)			3,474	3,568	3g474	3 568
Other income					3.1	24	14	24	14
Charitable activities
Test fees						503	487	503	487
Other trading activities
Training and related	services				3.2	1,946	2,076
Investments					10	222	174	222	174
Total income						6,169	6,319	4,223	4,243
Expenditure on:
Raising funds
Fundraising and publicity					34	807	770	807	102
Training and related	services				3.4	2,292	1,775	660	511
						3,099	2,545	1,467	613
Charitable activities
Research and advocacy					3.4	549	523	549	523
Membership services					34	1,769	1,793	1,769	1,793
Tests					34	1,176	924	1,176	924
Quality assurance					34	627	611	627	611
						4,121	3,851	4,121	3,851
Total expenditure					34	7,220	6,396	5,588	4,464
Net (expenditure)	/	income				(1,051)	(77)	(1,365)	(221)
Net (loss)/gains on listed			investment	porffolio	9	(718)		(718)	425
Net (Loss)/Income		for the year			4	(1,769)	348	(2,083)	204
Other recognised gains
Net movement of	funds in year					(1,769)	348	(2,083)	204
Balances brought forward at 1 April						9,028	8680	7,561	7,357
Balances carried forward at31				March		7,259	9,028	5,478	7,561

			Group		IAM
		Note	2023	2022	2023	2022
			f000	f000	f000	f000
Fixed assets
Intangible assets			318	367	318	367
Tangible assets			47	65	47	65
Investments			7,046	8,444	7,176	8,574
			7,411	8,876	7,541	9,006
Current assets
Stocks		11	50	91	47	56
Debtors		12	795	701	1,486	1,579
Cash at bank	and in hand		641	763	520	629
			1,486	1,555	2,053	2,264
Current liabilities
Creditors: amounts due within one year		13	(1,638)	(1,403)	(4,116)	(3,709)
Net current	assets/(liabilities)		(152)	152	(2,063)	(1,445)
Total assets	less current liabilities		7,259	9,028	5,478	7,561
Net assets			7,259	9,028	5,478	7,561
Unrestricted	funds
General fund		14	7,259	9,028	5,478	7,561
			7,259	9,028	5,478	7,561

						2022	2022
			Note	f000	f000	f000	f000
Cash flows from operating	activities:
Net cash generated in operating activities			17		(973)		179
Cash flows from investing	activities:
Payments to acquire intangible fixed assets			7	(37)		(83)
Payments to acquire tangible	fixed assets		8	(15)		(35)
Net drawdown from/(additions) to investments			9	592		13
Movement in cash investments			9	88		(131)
Listed investment income			10	221		173
Bank interest received			10	1		1
Net cash provided /(utilised)	by investing	activities			851		~62
Change in cash and cash equivalents		in the year			(122)		117
Cash and cash equivalents at	start ofthe	year			763		646
Cash and cash equivalents	at end of	the year			641		763

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Travel and	subsistence:
Expenses	reimbursed to 2 trustees (2022: 2 trustees)

Employees whose emoluments	Employees whose emoluments	exceed f60,000	exceed f60,000
					2023	2022
					Number	Number
The number ofemployees	whose	emoluments	(including	taxable benefits
but not employer pension	costs) exceeded f60,000 during			the year was as
follows:
f60,001to f70,000
f70,001to f80,000
f80,001to f90,000
f90,001to f100,000
f100,001to f110,000
f110,001to f120,000
f120,001to f130,000
f130,001to f140,000
f140,001to f150,000
f150,001to f160,000 f160,001tof170,000
f170,001to f180,000

Staff costs
		2023	2022
		f.000	f000
Wages and salaries		2,779	2,428
Social security costs		303	262
Defined contribution	pension costs	129	137
		3211	2 827

									2023	2022	2022
									f000	OOOO
Net expenditure		for the	year		is stated after charging:
Depreciation									32		60
Amortisation of		intangible		assets					86		89
Auditor's	remuneration		-	audit fees current		year			35		22
Auditors	remuneration		- audit fees - prior year						30
Auditors	remuneration		- tax services - current year						6		6
Operating	lease	payments		- motor vehicles					65		68
Allocation	ofsupport costs
					Cost of	Membership	Tests	Quality	Research	Total	Total
				generating		services		assurance	and	2023	2022
					funds				advocacy
					f000	f000	f000	f000	f000	f000	f000
Management					47	105	52	42	32	278		272
Finance					163	211	105	84	63	626		524
Information	technology				116	259	129	103	78	685		805
Facilities					62	139	69	55	42	367		344
Human resources					11	23	12	9	7	62		72
Governance	(See note 6)				29	65	32	26	19	172		159
					428	802	399	319	241	2 190	2	176

			2023	2022
			OOOO	f.000
Direct costs:
Audit and accounting		fees	39	28
Professional	fees		66	68
Council costs			1	6
Salary costs			66	57
			172	159

Intangible fixed assets
	Goodwill	Computer Software	Assets under construction (Seenote)	Total
	f000	f000	f.000	OOOO
Group
Cost
At 1April 2022	2,927	446	83	3,456
Additions			37	37
Transfer
Disposals
At 31 March 2023	2,927	446	120	3,493
Amortisation
At 1 April 2022	2,927	162		3,089
Charge		86		86
Transfer
Disposals
At 31 March 2023	2,927	248		3,175
Net book value
At 31 March 2023		198	120	318
At 31 March 2022		284	83	367
IAM
Cost
At 1 April 2022		446	83	529
Additions			37	37
Transfer
Disposals
At 31 March 2023		446	120	566
Amortisation
At 1 April 2022		162		162
Charge		86		86
Transfer
Disposals
At 31 March 2023		248		248
Net book value
At 31 March 2023		198	120	318
At 31 March 2022		284	83	367

Tangible fixed assets
	Leasehold	Computer	Office
	Improvements	equipment	equipment	Total
	f000	f000	f000	f000
Group
Cost
At 1 April 2022		91	285	430
Additions		15		15
Transfers
Disposals
At 31March 2023	54	106	285
Depreciation
At 1 April 2022	54	63	248	365
Charge		17	16	33
Disposals
At 31March 2023		80	264	398
Net book value
At 31 March 2023		26	21
At 31 March 2022		28	37	65
IAM
Cost
At 1 April 2022	54	91	285	430
Additions		15		15
Transfers
Disposals
At 31March 2023		106	285
Depreciation
At 1 April 2022		63	248	365
Charge		17	16	33
Disposals
At 31 March 2023	54	80	264	398
Net book value
At 31 March 2023		26	21	47
At 31 March 2022		28	37	65

			Group
			2023	2022
			f000	f000
Income	from	investments	221	173
Bank interest		receivable	1	1
			222	174
Stocks
			Group			IAM
			2023	2022	2023		2022
			f000	f000	f000		f000
Goods for resale and consumables			50	91	47		56
Debtors
			Group			IAM
			2023	2022	2023		2022
			f000	f000	f000		f000
Amounts	falling due within one year:
Trade debtors			290	380	11		40
Taxation	recoverable		140	104	140		104
Amounts	due	from group undertakings			984		1268
Other debtors			1	29	1		2
Prepayments		and accrued income	364	188	350		165
			795	701	1,486		1,579

			Group				IAM
			2023	2022	2023			2022
			f000	f000	f000			f000
Amounts	falling	due within one year:
Trade creditors			419	457		354		346
Amounts	due to	group undertakings			3,148			2,832
Other taxation and social security			85	81		83		81
Accruals	and deferred income		1,098	833		495		418
Other creditors			36	32		36		32
			1,638	1403	4,116			3,709
Deferred	income	represents payments	in advance for Drink Drive Rehabilitation	Scheme	courses,	Skills	Days	and on-
road driver training.
				Group				IAM
				f000				f000
Deferred	income	at 1 April 2022		490				93
Amount	deferred	in year		422				225
Amount	released	in year		177				159
Deferred	income	at 31 March 2023		735				159

General fun	ds
			Group			IAM
		2023		2022	2023		2022
		f000		f000	f000		f.000
At 1 April		9,028		8,680	7,561		7,357
Gain/(deficit)	for the year	1769		348	2 084		204
At 31 March		7259		9028	5 478		7561

The total future minimum lease paymen	ts under non-cancellable op	erating leases ar	e as follows:
	Rental ofoffice	premises	Motor vehicles
Amounts due:	2023 f.000	2022 f000	2023 OOOO	2022 f000
Within one year	141	124	61	72
Between one and five years	482	582	42	108
	623	706	103	180

Reconciliatio	n ofn	et expend	iture resource	s to net cash outflo	w from
				Group
				2023	2022
				f000	f000
Net operating	income/(expenditure)			(1,051)	(77)
- Investment	income			222	174
				(1,273)	(251)
Depreciation				32	60
Amortisation	ofcomputer software			86	89
(Increase)/decrease		in stocks		41	(5)
(Increase)/decrease		in debtors		(94)	(36)
Increase/(decrease)		in creditors		235	322
Net cash inflow from		operating	activities	973	179

ebt	are summarised in the table below.
			Group			IAM
		2023		2022	2023		2022
		f'000		f'000	E'000		E'000
Cash	at start ofyear	763		646	629		462
Cash	flows	122		117	109		167
Cash	at end of year	641		763	520		629