#
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|Patron, President,
Vice|President,|President,|Council - Trustees,|Council - Trustees,|Council - Trustees,|and Senior Leadership|Team|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||||||||||
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|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.|
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||||||||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.|
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|||||||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|
##
||||||2023||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)|
##
|3.7|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|
##
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||||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|
##
##
##
##