Roadsmart INSTrnITE OFADVANCED MOTORisfs LIMITEO (THE) {Limited by guarantee) Reportof thec￿nCIl and fiMn(i•l Stat•h• for the year ended 31 Marth 2025 Company FI￿ 562530 Regirtered Chaiity Nos: 249002 (England &Wales) and SC041201 (Scotland) lllwllllll Illl *AEH9GVFN• 12112r202S COMPANIES HOUSE #41 INSTrruTE OF ADVANCED MOTORIsfs LIMrrED (THE) Contents Reportof the Council ReItten￿ and Administration Patron. Presiden¢ WI￿ Presiden¢ CoLrriI . Tnjstees, aTrJ Seni(r Le&JeJthp T&im slNrtu￿ Governan¢4 and Managemait Objerts lijblic benefit Pn"mary activities Where are we rth¥ Strategy Conthtubcffi & M￿berth1p Jbshliary Undertakir CorFrt)rate GoverrN4n D￿J510n Maknng. fynrnitt￿. IAM fvsk management and intm41 CfX)trc4 strategic Review Strategic Review ofActs￿be5 afKI re Activities narKial Review io 12 14 Zndepwthrt Audbtrfs Report 15 18 Balance Sheets 19 Group Cash Flow Stst•nerts 20 Notes to the financial Statements 21-36 INSTrnrrE OF ADVANCED MOTOIUSTS LIMrrED(THE) REPORT OF THE COUNCIL (continued) nd co￿1 (the trustees, also as dir￿ of Oy￿anY the cOm￿lIeS kt) tfesert their annual rem and the audited finanaal statements for ￿ year e￿ 31 March 2025 for ￿ l￿b'bJte of Advar￿d Motryists mited CIAM?, (Companies House R8Jist&ed nLmter.' 562530; Registered Charity Numttrs 249CK12 (Chanty Commission, England and Wales) and SC041201 (offi￿ of kotb.sh Registe￿1 Ctkirity R8Julator). The financial 51aternents Lwi tryar&l in ccwnk1la￿e wlth ts awritEs Act 2011, Companies Att 2006, the Memorandurn arKI Arb'de5 of A%￿ati￿. and the Ststematt of RelThnn￿d￿I pract].￿.. Accounti￿ and Re￿I￿n9 by charitr.es (SORP) aw>licolJe to chariti'es preForing th￿r accounts urKler ttE fina￿jaI RerMyb'ThJ Standard in tl UK and RepLtAic of Irela￿1 CFRS 1021 (effects¥E l January 2019). The names of the Patron, P￿ttIen¢ ￿k)￿ry WI￿ Pregdrt coL￿J1 (fnth) Serwy L&*￿1P Team serwj duriThJ the year and sirKe the year are listed bel¢M. HRH PrwTr Edward. of Kent N￿1 Mansdl C8E StLklrt Lknakl QPM President Membetship ¢hir CINAir Deputy Chair (3- Chair) (l) Stuart Malcolm DLThld QPM Shorta JohnstorE N1d￿￿aS Dawd John L￿naS Nichdas John Anthony Stein Victoria Ann Milftyd Tom Kelman Mark Amitage Angela Bell Rupert Newman Mark Powell Sarah Whit¢shle-Jo {2- thair) (l- Cha*) (i) (i) (2) (2) (2) l. FinarKe & Audit Committee 2. Remunerdtion Committ 3. Ncynlnati(￿ Comnmtt Senior L&idership Team Antony Kildare Mark Amiitsge Nitholas Lye5 Andrew l•kLachrie Kat Hyde Nicola Smith Girlots Da v￿ga Pestana Reyistered oifi l Albany Place. Hyde Way, WeWn Garden Oty, ￿￿[0rd￿1re. AL7 3Kr Professional Advise Statutcry Auditor Banker5 Investmert Adw"9)rs Investment Managers croV￿ U.K. LLP. 55 L￿33te Hil, Londw, EC4M 7JW HSBC Bank FAG EII QEen Virtoria Lorthn, EC4N 4TR Portfolio Ma[w￿r￿t ConsultarLry ￿Mit￿l (PMCL), IC(J Liverrmxil Sl L¢￿, EC2M 2AT Waverton Investr￿ MarwJerw)t IWIM), 16 Batrnaer5 StreeL LorK1on, SWIY 6AH J M ￿nn & Co Limited. 4 Coleman Street, Lo￿. EC2R STA Ratht￿￿ Investment ManageM￿t, 8 Firtsbury Orcus, EC2M 712 Ruffer LLP, ￿ Wictoria Stree¢ LO￿lOn, SWIE 5JL INsfrnirE OF ADVANCED MOTORIStS LIMrrED(ThE) REPORT OF THE COUNCIL {continued) ement Ma The objetts of tAM are to inyoNE drivirKJ 5twKkirts road safety for the public LErEfit. in partiaAar (ixrt rn)t Ilmited to) thrDLoh the Operati￿ of ￿ th￿ed drikniryj aTrJ mot(Kb'ke rKJing test. trustees have remewed s aims in ￿ context of the requIr￿t that tlw be d￿￿Ons￿aLlY for the publlc benefit. In canNng out this revEw, the tru*ees have had due rward tl) the Charity Crynmrsgon 5 gUKlan￿ on public benefit. Prima Formed in 1956, as the Institute of Alfva￿ed IAM Roadknrt as y￿ kTr)w rt tcthy, grew into the UK'5 largest road safety thanty. With almost 70 year5. exFerie￿e ed￿￿'ng arKI upskJ'lIi￿ dri￿5 ar)J riders, the chari￿5 wrwse ha5 been to make roads safer for all. Course fees and memtry5hip. in addrtMY) to a CLxnnwoal offering, have ￿en key in 9eneratiTrJ income, but the current eC￿OrniC dimate arKI memLErship derwrathic kw)ses some challenges aThJ has highlighted the ne8J to change aTrJ th'versfy. Our federated grw Str￿re was d￿{￿d to 5Utvyt ddivw of seTr7cts: this Womded a Semi-auto￿mous latKJnship for local groups that drove LP membership aTrJ raised thrity. The thanvs memtership pea(ed in the 1990's but has SIn￿ dedined fv"g￿￿hting a to thnge cur ￿￿1bershiP offerirwJ and wstems and pr￿￿5 Lwl to IL as y￿11 as dIv￿"r￿j our irmrre streams to to tharity to m￿MISe its impatt. IAM seeks to athieve its atKI (￿fil its W￿1C b￿l ￿￿reMert ty furMliTrJ and eNr4virrfJ ttE fcllowing Kiivities: ProrrK)tirvJ the IAM Roadsmart brand as iK's leèJKYJ rDad • chanty and adV(￿te, ￿l￿ng to wr￿rove driving and ridiro sknlls through cwses and coadMThJ. IAM'S AdvarKed driwrg test was laLKthed in 1956 aThJ an advanced test for nv)torydists was intrc*JLKed in 1976. ThrO￿h prcgrammes delivered by IAM'5 ￿Unte¥ r*tr40rK the skn.lls tswJht tes￿￿ are constantty upjated for the ever-changing features and challw¥Je5 c(ttE UK'5 roads velide tethThl(xJie5. By improwrg awareness of hazards and risk aThJ teachiThJ test pTrth.￿ tethruqLES. IAM likdih(MxI driws arml riders %wll wt themselves (and ot￿rS} Into a pogbon of dar￿r throwh error, (This5￿ or w tehoV￿ur on ro&ls. IAM Road&mart Gmups e￿5t t￿o￿￿)ut ￿ UK, Y￿th voluntews ddiverir*J support adwce to drivers and riders seekn'ng to imwove their ￿-road skills, many of go on to pa55 ￿ T& sn￿ inwion. LIM has awarded advanced status to over 500,CKKI drivers rKIw5. IAM contiNes to sefft d￿nd frcrfn profes90nal driwrvj organisations seeking to enharKe tsr intrnil driver training ￿C￿laMMe5 ￿ accredib"r¥J ttrwn wf(h ￿ hyya￿d Driver qualification. Lobbying govemment aThl uTrJertakJThJ roaj safety researth, publioty %Kial a￿1 broadcast m&lia and the Press as wdl as direct communicatM)n to tAM Roadsmart Members are im[￿ant features of IAM 5 work to rxomote road safety. Regular tips. blojs aThJ p¥ess rdeases are ￿50 us&J to all drivers and riders improve fv'r skn11s as we seek to"inform arKJ infiuertr" cfi mad ￿ Iss￿. Roadsmart magazine c(￿￿"nUe to t C￿m￿nIcation Wdlued by Membws as ts'r ￿Mary to renfO￿ IAM Roadsmart. Members, kmvledge awareres5 of r{￿ safety i55LE5. IAM ROad￿nart EYow¢*5 a rar￿e of services fcf knrv)ses wh)5e ￿tAOy*S. rrjes Mwdve drivirYJ cars, vans, or motorcydes. These sol￿Or￿ ena￿e emtAoyus to imFAement a cc¥n[￿AVe risk manwrent pr(KJramme. supporting ro&1 safety Ma driver training ￿ er￿unry wtth ￿1th aThJ safa* law. On-road courses deg.gned s￿￿fical￿ t￿lf￿$S drivws, ind¢JJirrfJ Cvivir¥J Wort Vehide Familiarisation, UK Farniliari5ats'on, arKI other courses tsrgeb.rvj sp*ofic th"Ils arnl tthw¢JJrs. OnlSne fleet risk management irvJLKlirKJ IKerKe (1￿￿"￿ arKI Nehid*rdat￿l d￿dpan5ion of ￿11￿ cowses weekeiml bank holthy courses. &'dding for applicable te￿Iers. RespondirMJ to relevant irnlusty cc¥ttraLt cy￿rt￿￿t*S Mernt￿p retention, recnJitrnen¢ furKlrasirwJ. s'n￿ April 2025, have kiunch8Y tJ¥o furKlraisiNJ campaigns. Tr first is an always on campaign (alled Ro￿1 Safety Sponsor, which enatdes SUpp￿erS to th￿te urwestrictej fur￿ for ttE thanty to use wt*re are twd8J most. The second is the Volunteer &Jptxxt Fut)J, aimed at suptMJtTrJ ￿lUnteerS ha￿ addiii(wwl SUFrfXrt r*eds or di5aLM"lities. Both C4¥n￿1gns have ￿en kLMthd in the half of fina￿1 year. L￿￿ng ahead, V￿ ￿an to parthipate in the ￿ i)be thn4Jnas again in Decemt*r 2025, with ￿ ambition of io INsrrnJrE OF ADVANCED MOTORIsfs LIMfrED(ThE) REPORT OF THE COUNCIL (continued) raising £25,OC¥) to fully hJTrJ Skj'lls Days in 2026 - ￿ Car and ore ￿t￿lYde Sknlls Day- to Contin￿ this imF¥)rtant In addition, we are laundyr¥J variws (hall¥￿e i￿lI11￿j wr¥J suppjkn tke CPFrfJthnty to tske part in RunFest at Silverstone in Novemiv. as wdl as other (tsllry ew*s a(Yoss the cointy thrwgh our partrErthp with Run f Charlty. We are also weparing for fundraisThJ acbwbes to mark 70th anniversary in 2026. We ￿ntir￿Je to eroage with o community to iEtter understar¥J their needs and aspifBb"cr6, aTrd ve loJk ftxward to working with chartsble trusts, c(¥npanie5, afKJ individual supp)rters to f￿MIra￿e on our tthlf. Our existirrfj members will * d￿￿e as WC￿ to i￿e35ed val￿. ￿ ft1￿5 for us 15 on improvirvj ttE member experwtt, g'wng ffEmbeJ5 rm dY)i￿ a ￿￿￿115￿1 e¥w"er￿e as pkirt of trEir membw5hip f*s. PrOM￿on of any thanges will be shared ￿￿th wr ffÉmters. as 7hell as with ￿ Wh*r 0￿mU￿ty aJos5 nati(￿5 to grow our wch. New memba5hlp tlevs and woducts Whilst we fccus on addiro Val￿ for ow currert n￿m￿￿5 to ttE eyistiry mwthrship m(*Jel, athty is uTrJaway to explore what the futu￿ I￿kS like. It s notsble that memtvthip is dediniry a(TOSS m￿nb&ShIp c¢ganisatiDns. We are ware that the wider wblic are absorts.ng COnt￿t irforTnation in difftrent ways. As a resu￿, educab.onal content Is core f(us for u5, au055 Chan[￿s, we are thkJ"rrfJ at this can FElp grow our reath atx1 tsp into new aUdIen￿S of all d￿n09rd￿￿(s. From invesb"rKJ in w C￿line content. to kunthirrfj an IAM Ro￿sMart Prylost seiies, with a foThvard view to IcrfJkiryJ at a rEw subxripticn nKxld a commwcial munbership offu. We pkin to create rtew on.road ttwrses, assessmats, and online tsainir*J to wskill members of the public, IAM n￿m￿r5 and those who drive for wort with d￿1￿ e￿￿d 2025 and into t￿ fdlowiThJ finaThial year. We are reviewirwj delivery on regN￿al athmty, to bjihj (Ar twarMI pyoThe ar¥J in rkn3ticffi. Campaigns, Policyi There vlll te continuexl focu5 on pdicy aTrJ campaKJniNJ; this WO￿ win COMr￿ to eknte rm aThJ rai* awareness of our purF¥)se as a national road Safety tharity. we will k lookJ"tYJ to laU￿h new campavjns fcajgng on yDuryr drivers, graduated drfver Itcer&rvJ, motorrydists and improving driwNJ beha￿L￿s. We will fe8J into aThJ re5FofKI to the G)vernmenVs upjated road Safety stratwjy. We v*ill putAish ￿tyht leadwthip fesearth ar0￿1 ￿ &'g E(x)nomy trj amplify our InfiL￿Ce and Com￿001 brand. We will deTh￿Strate ￿ value of Alfva￿d Driver Course. We will tegin a programme of policy semirtars to reeststAish IAM Roadsmart as or* of the key campaigniry organi5htion5 f￿ safer roads. We will in(Jease our media reach arKI exteThl our tMy4tNJn a5 a tnsted voKe in sety, represenb.ro rrthibership and amFAifyiw our core ￿r[￿Se to attract a￿ller￿e5, a*Jed by rE4Y C(ynmuni(ation Meth￿IS to push our stsThJards and extkrts'*. OLT goal remains to be the'go.to' thinty for rn&Jia to C(MTimwt ￿ ro* safety. Further devdopment of a digitsl and in-￿￿)n ev&)ts SC*￿d￿le will help divu9fy our a￿er￿ arKI grvw ow ctynmunity, generab'rvj revenue for cFkArity. Fr(¥m a raroe of topKal aThJ rdatstle ¥￿Inar5, to furKlratgThJ opportunrtES and an evolving Group engageThEnt rAan- all linkal in to ￿￿r year and twTrJ. Diqtsl to the tz Continu&l focus and inv&stn￿t will te gi￿ to our rEw cOr￿rate webyte whth INas been desigwj to better ￿￿tIOn the chartty for growth. with fundraisng aTrJ at forefronL TIE yte will ct)nb"r¥Je to evolve the memtv volunteer and CunM￿lty exEffien￿, inMb"ro a mcffe divu* athle￿e into our communlty. tI￿e w511 be elements of ￿ website that will need to be e￿)INed as we a￿j with rEw arKI [￿Je¢S desigwj to elevate the chirity in road Safety 4we. li INsrrnrrE OF ADVANCED MOTORISTS LIMrrED(ThE} REPORT OF THE COUNCIL (continued) F￿ther ￿tiVity will tske thace to embra￿ rEw onlirE audierKFS,' the* wont necewrily te As￿ate or manbers, but tw moy be followws and yJpForters Yish to erw in what we're d(Mng. From more online content to the evolV￿nent of a Pc*Ycast wies- launrhir¥J in 2025- we will ￿ntinue to thallw thinkiNJ ttst will ¢￿te a dwrity Thj discipline that can empower, rekite and be (x)nsidered relevant all. We Y￿11 launch Roadsmart eX￿￿ler￿e5 ovw ￿ 5wrmer- an cwirttMNty for members aKI mn.merters to eroage with us in a way that is not cOu￿e ￿ pr(NJutt ¥wfic fol￿5 will be ffi safe drivtw and ridiThJ. engaging a and Ir￿U$1ve comrrKfftity aTha sukyxtiNJ the Yun, that we IN￿￿e. Tre Group Statement of ￿na￿al on p￿e 18 a rEt in fvnds of £991k tsficil (2023-2024 £666k deT￿lt). This heèjline defiat Conts"n￿ to a corKem aTrJ matter of f(Kus f￿ trE tr￿. it was by 3 key elemerits. tsyo of whi(h wwe kJThn about aTrJ p* of ￿ wJanis3Uon's transformation.. Inve5tments.' Despite Contin￿ utKertainty aNI ￿aO.11ty in the mar*ets-particularly in the seco￿1 half of the year-our investments gans of £23K dnven ￿"ma￿lY by stronger perfo￿Tnan￿ in the first Ikilf. In Marth 2025, all investly￿t hotdirys were consdidat8J into a grole portfolio Waverton to able a more fOaJ*￿d arKJ acti*ly mawed investsnent strat8Jy. This step sup￿rts our remsed invesknent tdicy, whKh 6 de99￿1 to ￿harre oversight and tEtter manage risk in a thallenging m*lot eThironment. Furfher irfcffliatKffl on our investsnent apr￿ is prowded in a later secbon. TranSf0m￿tIOn St￿￿.. As part of the desire to rrove the Cryanisati￿ to orErati(Thl sustainability. we did incur wnd the start of that transfomiats"(￿ ￿tivity- tcrtallirvJ £IIIL This speThY is part of a 5- year commitment to ersure the organisation achieves firkinoal secunty and sustsinab'lity at least break ewen at an operatiry witlin the time of that 5-year plan. ￿Jrt￿r hJThJs will be incurroj in 2025126 and 2026127 as part of the ￿an. OperatirKJ Performa[￿. As n￿tion￿￿, - aTrJ drimro ￿ cause the 5-year plan - the organisaOon has made su5tsirEd10sses at an (yratirYJ ￿l￿tiOn many years- 2024125 was m differenL The group loss in 2024125 wa5 £1.014m {£WJ3k exdudirg transfomiation). This level of uTrJerfyiTrJ loss has always tten prevaknt in tAM's re5un5 txrt Was his￿￿11¥ masw by In￿Ent retums. The fc(us of the 5-year tAan, omor¥J5t ots thiry. is to these otmb"NJ losses are eliminated moving fornard. overall defiot remains at £lm- tMJt the vast of that I￿￿5 is lTh)wn reay)ns afKJ contr'txknrs. The Balar Sheets on page 19 show that the net assets c( ￿ Group ￿3ve ￿reaSe￿ by £991K £6.45Pdn to £5.467m. This movemwt was contn"buted to by an operatiro def￿"t in ￿ year of El.014M, it￿L￿11r￿J transforniation SFends of £IIIK and investrnent gains of £221k (Captsl Gains retwns). All fuTrJs by ￿ (koup at year end were ￿reStricted arnl undesignated. The ￿nar￿e and Audit Committee coThJuct&4 a fvll rwi of our reserves ￿lcY thJriThJ the year wh.ch was ratifled In March 2025 by Cc*Jncil. Tr otstcome of that rewew provKknJ tlwt trE appropriate minimum le￿1 of reseNes at £4.7m for the group to hold is 6 and 9 rTh)nths of ¢¥erab"rrfJ eX￿￿e5. tojettv bmth any e￿stiry liability (* spe(ifi(ally ring- fenced funds. Reserves a￿ held for several rea9NB- in main to suppyt c￿rati￿J actiwty should tFEre te catsstrophic imp* on inc¢yne (e.g. parthic). to Ser¥7￿ any lor¥J-temi ccxnmitments, or any existing kTr￿¥n lia￿'11￿es. In Itght of the revised tdicy, the firkirre arKI A￿lit CcAnmittee cons*Jer it wlert to hokl 9 mc*tths of OF*rntsng reserves in current ￿onoMiC dimate. P4SJitiorkilly. the rectssary fvThJs rirO-fer￿ed for deli￿ of the S-year plan shodd also be fEId. As at 31 Marth 2025. fr￿ reserves stc(¥l at £5.602m- ttws rep¥es￿ts approximatdy 9 ￿th5 of cwab'ng expenses plus fuTrJs to deliver the 5-year plan. Invtstment & Investment Policy tAM appointed an i￿lepetht investment adviw durir¥J 2023124. PMCL, a regulated investment S￿eC￿liSng in the Cha￿ty aThJ Not.For.Profit sectcr, was sdected fill0￿rg a cornr*titi* ext8rwl t&Mler involving multsple firms. F￿1￿*¥Ir0 PMCL'S apwIntr￿L a o)rryetrEn5ive re4EW of InNestn￿t Policy was uThlertaken in lir￿ with c ReseNes Policy. The UFthted Investment Policy, refioJirvJ OLrtc(KrEs of ttms reweN. was ftymalty apw)wJ at the INsfrniTE OF ADVANCED MOTORisfs LIm￿ED{THE) REPORT OF THE COUNCIL (continued) June 2023 Q)unol Meebng. The aims to achieve ￿ test finanaal retLWn Within an 0￿p￿ble level of risk by appointing ￿putable and exrerietx8J extThl nwrs (￿rats￿ ut)Jer deaty defi￿ marthtes, In lire with this rewsed opproath. IAM corwlKlabJ all its in￿t ￿￿1￿JS with Waverton Investment Management dunThJ 2024125. This move SUPFMyts a fflo￿ streamlined. athe￿ mark39ed strategy and enhan￿5 over&ght of EM)rtfolio perf0mlan￿. PMCL o)ntinues to monitt¥ and reF•Nts regulaty to Finan￿ Aulit C(ynmtr aTh Council. Any perfornian￿ concems are rev￿￿1 by PMCL a￿1 appropriate reC(￿rn￿￿'0n$ ¥e m•Je. IAM (k*s rnt routit*ly draw Incr￿ from its In￿StM￿t p￿tt￿l0. insteal, I￿0[rE is ranvested to SLPEM)rt a toLIl retum objecb've (comtrA'ned irrnrne arKI r3txtsl retum). wth flexbility for dfaw¢knYns to nEet ot*rats.￿oI ￿15 as requir&J. As at 31 March 2025, ￿ market value of IAM s congsidated in*stmert pyxtfdio Waverton was £6.34m (2024: £6.70m). ￿1 investments continue to be rnan3￿ in lir* with our In*strnent PdiLy. Going Concern The Trustees have assessed the ablllty of IAM IAM Grow to os a going concem. IIN3t assessment Included con%deiatton of the rEcent trajing F￿f￿rnar￿, ttE l￿d of inveslllEnts FEld as reserves arK1 associated rfsk profile of thC￿ investments, key risks fac&J by ￿ LAM Group a5 described Under'F￿Sk marogement and intemal control, on page 7, with the for 2025126 a￿1 a roH forward of the W for 2025126 uslng prudent a55umptions. trwthes. Cor61dernti￿ of goiNJ (rMKem atso cn in other ]un9JiCt￿5. The Report of the Counal (i￿luth.￿ the Strategic ReFANt) was apwDved on behalf ofttE Counol ty.. Shona Johnstone Chair l Albany Pl￿e Hyde Way Welwyn Garden Clty Hertfordshire AL7 3BT Date.. .1511012025...... 14 IN5r￿l[[E OF ADvAN￿D MOTORisfs LIMtrED(ThE) independent Auditorf$ Report to the Members and the Trustees of The Institute of Advancal Motorists Limited Oplnion We have audited financlal statements of the Institute of PIJVa￿ed fvk)ti￿1Sts Cthe cha￿table company? and its Sub￿dIaNeS Cthe group) for the year ￿ded 31 March 2025 which comprise Group Ststement of Financial Ath'vities, the Group aTrl Ctrority BalatKe Sheets, the Group Cash Flow Statement a￿1 notes to the financial ststements, incIL￿ing material ￿COUn￿.ng tY)ti0es. The f1Th3naal re￿￿"ng framew(Mk that has been appl￿d in their eparation is applicatAe law and United Kiryknn Accounb"rvJ Standards, indLMliNJ ￿nan0a1 Reporting Standard 102 The Financial Reportirrfj StsTrYard apF4icable in tt* UK and Republic of IrelaThJ (United ￿"ngdoM Generally Accepted Accounting practi￿). In our opinion finanaal statements: give a tsue ond fair view of the stste of the w's and the tharitsb￿ cThnpanls affairs as at 31 March 2025 and of the group's irK(Kr* expenditwe, for year then er￿￿,. have been woperly prepared in accordan￿ with United Kirty>m Generally Accepted AcmuntiThJ Prattl￿. an(1 have been prepared in aCcOrda￿e with NU1￿ments of the Companies Act 2006 and the Charitie5 and Trustee Investment (ScottaTrJ) Art 21x15 and Regulations 6 and 8 of the Charities Accounts (Scooand) Fiegulatlons 2LK16 (amended). Basis for opinion We condurted our aDJit in accordan￿ with IntThtional Sts￿￿rds on Audthrvj (UK) (ISAS (UK)) and appllcable law. Our reswngbilities under those standards are further descri￿ in ttE A￿lt0￿5 re5FDnsibilities for the audit of the fina￿la1 ststements section of our rerNNt. We are I￿Thjent of the charitsbie company arml the group in accordan￿ with the ethical requirements that are relevant to our a￿JIt of the fina￿al statements in the UK, includiThJ the FRC'S EthKal Standard, we have fulfilled our ots ethical resFonsibilitie5 in accordan￿ with these requirements. We believe that we have cthined is suffioent aTrJ appropriate to provide a basis for our opinion. Conclusions relatlng to going concern In auditiro ￿ financial ststements, we have c(￿l￿1ed that tnjstee's use of the goirvj concem basis of accountiThJ in the preparats.on of the finanoal 5LitenEnts is appropriate. Based on the work we have performed, we have not idenb'fièj any mat&ial Un￿rtain￿e5 relattng to events or conditions that, Indi￿d￿allY or collecbvely, may cast ggnificant doubt cm the charitsble company's or the groups obility to continue as a gong C￿Cern for a peri(#J of at least ts¥elbE from when tre finarKYal ststements are authorised for issue. Our ￿spon9'bIlIties resFon&t#"litr"es of the trustees wfth res￿ to goirwJ are deS(TIL￿ in the relevant sections of this reporL other information The trustees are reS￿￿1t￿e for otr*r infom)*"on cC￿taIned within ￿ annual reFQrt. The other information comprises the information i￿l￿ded in the annual rep)rt, other than the fitJ3rKial ststements and our auditorfs report thereon. Our 0￿"nIOn on the firkinoal 5tstements wt cover the other inforniakn.on aTrJ, except to the extent otherwlse explldljy stated in ow rep)rt. we do exwess any fom) of aSSUrar￿ condusiC￿ thereon. Our respongbility is to read the other infornation arKJ. in doiw 50. consider whether the other information is materially inconsstsnt with ￿ financial ststements or krK)vlty obtsined in the aLMJit or Ot￿lse appears to be materially misstated. If we idents.fy suth material inconsisteno'es or apparert material misststements, we are required to determirE whetF*r this gives rise to a Mat￿la1 misstaterThyt in the finanoal statements themselves. If, based on the we have performed, we condude that is a matuial misstatement of thi5 informatiry), we are required to rewrt tst fa( We have nothing to reih*( in this regard. 15 IN¥rrrLrrE OF ADVANCED MOTOREsfs UMITEOtrHE) Independent Auditorfs Report to the Membws and the Trustees of The Institute of Advanced Motorists Limited (Continued) Opinions on other matters prescTthd by the Companles Act 2006 In our opinion based M the work uThlertsken in the c￿r5e of cxx aLbJtt the inf0m￿tiOn given in tru5tees' rewrt which indLK1es the directors. reFY)rt and the strategic rewrt prepared for the putpjses of company law. for fina￿al year for wh.th the finanoal ststements a￿ prepared is consista with the finanoal ststements. aThl the strategic report and the directorg repKrt i￿LKIed within trustees. rep￿ have teen prepared in Kcordan with applicable legal requirements. Matters on whlch we ar¢ requlrnl to report by exception In light of the kmwledge aThJ uTrJerstarKlirvJ of the group atbj tharitable comE43ny arKI their environment obtsined in the course of ￿ aL*Yit. we have mt identifi&J material mi5ststeTnerts in the strategic reEKJrt cff the director5. report Induded within the trustees, rem. We have nothlng to report in of the fdlowiro mattffs in relation to whith C(Nnpanies Act 2006 and the Charities Accounts (kotland) RegLdakn"ors 21x16 requires us to re￿rt to you if, in ow ￿niOn. adequate aThJ prot￿ accounb.ng records have not been kept; (Y the financial statements are not in )Jre￿n￿t wth ￿ accountiro records aTrJ retsJrTS; LY certain dI￿105ureS of trustees, remuwati¢M S￿￿fied ty law are not made,. or we have not received all the infomiation aThl etyanab.ons y￿ r￿uIre our aL*Jit. Responslbllities of trustees As explained more fully in the trustees, re5Fonyt¥'lib"es statement set ¢yJt on page 14. the trustees (th) are also the direttors of the tharitaiAe company for the purtmjses of crmpany law) are reSFOr￿1b1e for the preparation of the finanoal statements and for 5ati5fied that ttrEy give a tnE arKI fair view, arKI for intemal control as the tnjstees deterni1￿ 15 ne￿Sary to enable the kryaration of finarKial statements that are free from material misststement, whether due to fraud or error. In prepartng ￿ finanoal ststemerts. t￿ trustees we re5p)nsible ts asse55ir#J the tharitable companvs ability to continue as a g￿ThJ concern, disd05iry. as bpplicable. matth rdated to Cor￿ and using ihe going contsm basis of accounting unless the tr￿tee$ eIt￿r inte￿1 to liq￿date the ¢tharitstrAe company or to cease orerations, or tsve no realistic altemabve Imjt to do so. Audltorfs re4￿nsIbIlItieS for the audit of the fin•nci•l statem We have been appoint￿ as aLKlitor under ￿tiOn 44(IXc) of the Charitie5 afKJ Trustee Investrnent (koyand) Act 2005 a￿1 urKler the Companies Art rewjrt in accordan￿ with the Acts arKI re￿ant rwlations made or hamng effect thereunder. Our C￿JertiVe5 are to obtsin reagjnable a59JrntKe aiKJUt fi￿￿la1 stataments as a whde a￿ free from mateiial misststement, whether due to fra￿ (Y error. and to i59Je an auditorfs reFKNt that includes our opinion. Reasonable assurance is a high level of assuran￿ tmrt is not a guarantee that an audit condurted in accordan with ISAS (UK) will always detect a material misststement when it exists. Mi55tstements can ari* fr￿n fraud or error and are considered material if, iThYivKJually or in aggregate, they could reasOna￿V be exFed&J to Influence the economic deosons of users tsken ￿ the bags of these financial ststements. Details of the extent to which trE a￿lIt was ccmSidu￿ capatrje of dthting irregularities, Ind￿lI¥j fralal and N)n- Complian￿ with laws and regulati￿5 we set ujt bdow. A further description of our restorribilits'e5 for audit of ￿ finanual Stat￿nents is located on the Financial Reporting Couml's webste at: bwéw.frcorg.uvauditorsres￿nsibiljtie5. This desoiption fomis part of our auditorfs p)rt. Extent to which the audit was c¢)n5idered capable of drtecting irregularities indudin9 frnud Irregularits"es, indudir¥J fraud, are instarw of ￿-coMplIal￿e with laws ar￿ reguk3ti￿s. We identifi&l and assessed the risks of material misststement of the finarrial stat￿Ents from irregularities. w￿ther due to fra￿1 or error, and disoJssed tkese be￿￿n our audit team rnembe￿. We tkn destgned and performed audit procedures 16 INSTrrLrrE OF ADVANCED MOTORISTS UMtTED(THE} Independent Audrtorfs Report to the Members and the Trustees of The Institute of Advanced Motorists Limited (Continued) reswnsive to t￿e risks, induding obtainirwj audit e￿de￿e 9JfficJent arml ap￿￿ate to provide a basis for rjur opinion. We obtained an understanding of the legal regulatory frome4Y¢yks within which the charitatde company and gmup opwates, f￿￿￿ng on ttrK)se laws regulabons that have a direct effect on determination of material amourts and disclosures in the financial ststements. The laws aTrJ regulations we congdered in this context we the Companies Att 2￿6, the Charities Act 2011. aThl The charib.es aTrJ T￿5t￿ Investment (kotland) Act 2005, together with the Charities SORP (FRS102) 2019. We asseswl the required C￿￿pI1ar￿e with these laws'and regulations as part of our a￿lt w(£aJures rdat& finanoal statern￿t itsms. In addits"on, we C(￿￿dered provigons of other laws and regulations that do not have a direct effett on the finanoal statements but comoqiance with which might be ￿ndam￿￿tal to the charitsble company's and the group's abillty to operats or to avo￿ a material penalty. We also considered the opportunities and Ir￿ntiveS that may exist within the charltabie company and the group for fra￿J. laws and regulab'ons we Con￿d￿ed in this coniext for the UK operab.ons were General Data Protects"￿ Regulations, Health arKI >fety legi4ation, tsxats.on legislab"on, and emJoyment legislation. Auditing stsndards limit the requi￿ audit procedures to identify r￿￿-COmplia￿e with these law5 and regulations to erquiry of the Trust￿ and other management aTrJ insFection of regulatry and legal 0)r￿pond￿ce, if any. We idents'fied the gmtest risk of material impart on the finarKial statements from irregularities, ind￿lir￿j fraud, to be within the timing of reccKJnib'on of I￿)rne and the ovwride of C￿tr￿S by marogement. Our audtt pro￿ureS to respond to these risks induded ewuiries of managemen¢ aTrJ the FirkirKe and Audit Committee about their own identlficab'on and assessment of risks of irregularib"es, saM[￿e testirrfJ on the postirKJ of journa15, reviewing 2KcountirKJ ests'mates for bia5e5. rewevMry wulatory c(fftSp)￿kn￿ wth the Charity Commissi￿. afKI reading minutes of meetirys of those chargul with govemartt. (￿ling to the inherent limitab'ons of an a￿11¢ ts￿re is an una￿dable risk that we may not have detrfted some material misststements in the finaroal ststements, even th￿jgh y￿ have propedy planned and p￿f0rrned our audit in accordan￿ with a￿lting stsndard5. For examtde, the fU￿r ranoved non-Com￿la￿e with laws and regulations (irregularity'es) is from the events arKI transaLtions refiect&J in the finanoal statements. the less likely the inherently limited prc(edures requiraj by audrtiThJ StarKlards would idenbfy it. In addib"cffi, as with any audit. there remairEd a higher nsk of non-detection of irregularities. a5 these may invO￿e collLsion, f(￿gery, intents.onal omissions, miS￿presentat￿n5, or the 0￿ride of intemal controls. We a￿ rnt responsible for wevenbng non-complian￿ and cannot exr*cted to detert non-com￿la￿e with all law5 ￿ re9￿atic*6. Use of our report This report is made ￿lelY to t1￿ tharitabfe company s memt*rs, as a bc**, In accordarKe with Chapter 3 of Part 16 of the Companies Act 2006, a￿1 to the thantsble companvs trustees, as a t(rflyi in accordance with Regulation 10 of the charikn.es Accounts (Scthand) Regulatws 2006. Our aLhlit V￿rk has undertaken so th3t we might State to the charitable company's members th)se matters we are required to state to them in an auditor's rewrt and for no other purpose. To the fullest extent Fermitted by law. we do not accept or assume responsiknlity to anyone other than the tha1fta￿e C(￿npary aTrl the charitable comkklrfs M￿n￿r$ as a t*)dy and the charitable company's trustees as a bo¢ty, for our aLhJit for th"s re￿rt, or for the 0￿r￿0[￿ we have fornied. Vincent Marke For and on b*balf of Crowe U.K. LLP ststutory Auditor London, United ￿ngdorn Date.. 1511012025 17 INsrrnJrE ADVANCED MOTORtsrs LIMfTED(ThE) GROUP STATEMEf4T OF FIP4ANCTAL ACTnimES FOR THE YEAR ENDED 31 MARCH 2025 {INCORPORATING AN INCOME AND EXPENDITURE AccouNr) GROUP 2025 £000 2024 £000 2025 £000 2024 £000 In¢ome from: Subscriptions (irKludiThJ Gift Aid) Other Income 3,597 35 3.608 51 3,597 35 51 Gparitable aCtI￿lES Test fees Othertrathng athwhes Tralning and rdated semces Investments Total income 742 701 742 701 1,979 178 953 451 io 178 6.479 6,4 5,552 4,962 Expenditure on: Fundraising and publioty Training and rdated wmces 1.307 1,580 2,887 979 1,711 2,6 1,307 979 491 2,101 1,470 Research and athocaLV Membership serw Tests 771 558 771 2,181 495 1,159 558 1,974 706 1,059 4,297 2,181 495 1.974 7( 1.059 4,297 Quality a55uran 1.159 Totsl expenditure 7.493 6.987 6,707 5,767 Net (expendlture) Net gains l(loss) listed In%tstm￿t portfotio Net (L05s) for the year (1,014) 23 (991) (497) (203) (700) (1,155) 23 (805) (203) (I,C#)8) (1,132) Net movement of fund$ in year Balan￿S broLhJht forward at i April Gift Aid Profits from Troding Subsidiaries Balances carried f0rn7ard at 31 March (991) 6.458 (700) 7,158 (1.132) 4,682 140 (1,008) 5,377 313 5,467 6,458 3,690 The aL￿ve ￿Ults are Continu￿ acbwtie5 arxl tse a￿ rn otlv gans and losses except as stst8J above. The r￿te$ ￿ pages 21 to 36 fomi part of t￿se accourts. 18 IN￿ OF ADVAKED MOToiusfs UMrrED(ThE) COMPANY NUMBER 562530 BALANCE SHEEfs AS AT 31 MARCH 2025 Group Reststed 2024 £000 2025 2024 Z025 £000 Flxed assets Intangible assets Tangible assets Investments 239 19 6.335 6.593 254 26 6.566 239 19 6.465 6,723 254 26 6,696 6,976 Current assets Stocks li 12 27 753 2,241 270 2,516 2,113 433 2.553 Cash at bank aThJ in harKI 624 I,l(K) CUrr￿t Ilabilitles CreditOf5: amounts due within one year 13 (2.013) (1.792) (5.336) (4,847) Net current (liabilities) (913) (388) (2,820) (2,294) Total assets less ¢urr•rt liabilities 6,458 3,903 4,682 Non-current Liabilities rJeditor5: amount falling due after more than one year Provision for L￿a￿'11t1es (213) 5,467 (213) 3,6 6,458 4.682 Unrestricted funds General fund 14 5,467 5,467 6,458 6,458 3,6 3,690 4,682 4,682 The finanoal statements on pages 21 to 36 were atwoved by the Cwncil on 15th Cthber 2025 arnl aLrthorised for issue and sign&J on its behalf by 1511012025 Shona Johnstffie Chair The notes on pages 21 to 36 fomi part of these accwnts. 19 INsrrnJrE OF ADvAN￿D MOTORIsfs UMnED(TrE) GROUP CASII FLOW sfATEHENT FOR ThE YEAR ENDED 31 MARCH 2025 2025 2024 £000 N(•te £lXIO £000 £000 Cash flows from oper•tin9 activities: Net cash generated in oFernting ￿ti￿tieS 17 (28) (373) Cash flows from investing activitles: Payn￿Trts to ￿qUIre intangible fixed assets PayrT*nts to acquire tsngl￿e fixed assets Net drawdown (addits"ons) l from to inVestn￿nts Movement in cash investsnents Listed investment income Bank interest re￿1v&1 (81) (13) (277) 23 197 (23) 234 (43) 174 io io Net cash (utili5ed)I provided by in￿st1￿j actsvitie5 150 356 Change in cash and cash equivalents In the year Cash and cash equivalents at start of the year (178) 624 (17) 641 Cash and cash equlvalents at end of the year 624 The notes ￿ pages 21 to 36 fom part of accounts. INSfiTLrrE OF ADvAN￿D MOTOFIISTS UMrrEtVHE) NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 March 2025 General information The Institthe of Advanced MottY1￿ L¥ryted (IAM) ts a crjnpary limitej ty g￿7rarftee In EThJland and has fyj share capitsl. The Iklbilrty of munbers in the ￿ of *ryThling.up is limitej to 25p Fer mwrthr. The ajdress of IAM s regithd Offi￿ arKI ￿rK1paI of ￿J$1￿ is l ￿tranV ma￿, Hyde Way, Welwyn Garden City AL7 3BT. TAM'S the IAM Groups ￿tivitieS are detailuj in Retnrt of the CwrKiI. A¢¢ountin9 polides (a) Basis of aCCo￿tIng and going concern The finano'81 ststemerts have ￿epar￿j in accordarKe with kn)unb"ng aThJ Repyti'Tr4 by Ctsrities.. ststement of Rec￿￿Mended prath"￿ atWKat4e to tharits.es prepaiir¥J ￿1r aco)unts in accordantr wfch the Froncial Reprytirrfj Standard aFplicatde in trE UK arml RWIC of Irdatml (FRS 102) - {Chanbes SORP {FRS 102)), the FiTrancial ReFQrtirwJ StsThYard applicatrAe in UK arK£ of Ireland (FRS 102) and the Companies kt 2006. A 5ewate ststejnent of finJKial a*vilies IAM is Th)t sxesa)tal as permitted by the SORP. Monetsry am0￿ in fina￿al sktemwts are rO￿d to neare%t £i.(#)O exc4)t where ot￿MISe indicated. tAM m*ts tts definibon of a wblic benefit enlity FRS102. Assets lialxlities are inibally recc*Jnised at histori(31 cost or transath.on value ￿e$S othetknise stated rdevart ￿(Dunti[￿j tKAicy notes. The trustees assess whthr use of the g(4ro col￿n bag.s of KCOLntirHJ is aPFKopriate i.e.. whethu thue are materFal ￿r￿rtaInties relatal to events c¥ coThJib"ons that may cast d￿bt on the ability of the tharitstrle company arKI group to cffitinue as a wng cOr￿eM. Tr trustees rewew forlrasts EYoJeth"ons coveriThJ a Peri￿1 of at least year from the date of appyoval of the financial staterr￿ts in ma￿'r￿j that aSsessmenL The twstees do r*Jt cony'der tPwe We ary 9Jth mattrial ur￿￿In￿"es. The trust￿. consideration of cOr￿n also C(￿￿d￿ed a Stress test utilisr¥J ky)tential for rcuMStsn￿ vthith al￿L￿jh Lmlikety wouhy ￿ a ggnifKart impKt. unlikety cirajmstsnces induded slgnificant reduth.ors in irKome from Tr￿mtE￿p. ottEr Courses arnl assesSm￿ts. a￿* c(Thmercial activities, while assuming that operab.ng aThJ captal ex￿￿lture was maintai￿￿ at bL*)Fted ar*J forecast levels, arKI the k￿nts"al for investment Forthlios to fall ty up to 50%. The 5tre55 test that goirKJ conom bag's of acccMJnb"rrfJ woukd remain apKY(yrklte as at the date of aFqxoval of tr￿ finaTrial statsments. AccordiNJly, the trustees congts t1¥3t the wrKJ co￿eM assumEkn"cm ranains wal￿. (b) Ba*s of consolidation The con501idated finan(ial ststements I￿l￿e on a line*4ine basis the flnandal statemerts of LAM aThJ its subsidiary companie5 made up to 31 March 2025. &Jb5KJk4ries aCq1M￿ durir¥J are corsolidabj using the acqui9b"C￿ methxl. Their results are incrypyated from date that control paw. The dIffe￿n n the cost of acqulsltK￿ of shares in 5th9dla￿ t￿ fair Val￿ of the net assets acquired is C3pitsliwl as purthas8J goc¥Jffi"Il anTrNtised t￿h Ir￿￿rE ar*J experKll￿re Kcount ow an estimated Ltseful ec0t￿lIC life. (c) Functional and Pr￿entational currencles The con50lldat￿ fir￿n￿al ststements are [￿eSent￿l in tslirbj is also￿ functional oj￿er￿ ofthe Group. 21 INsrrriJrE OF ADVAN￿0 MOTORisfs UMrrEtKThE) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Marth 2025 counting pdKies (c4)Dtinued) (d) Turnover IrK(xne is recognised when charity has entiuement to fwxts. any [Bf(xmar￿e condits.ors attached to the itwn{s) of IncC￿ have me¢ ￿ is prDbatAe that ￿ InCc￿ will be receved. 8tNI the amount Gan te ￿￿&S￿ed reliabty. 9JbscrlptiOr￿ recelved in a￿v￿ of their date a￿ treated as irmme ￿1V￿j in advan￿. Oth&wise. subscripb.ons are (redited to the Strten￿nt cl ￿nanCIal Adiwties vhtn r&eiv&J. Test fee ir￿(￿ne is creth'ted to the Statement of finanaal Activities when received. Prwsion is made at the ￿rend for ￿ costs c OLtstanding tests for which the ir£ome tr475 alre￿V LEen recei￿. All ottw income is C￿dI￿3 in ￿ ￿(#j to whKth it relates. (e) Investments and investment Income Listed investments are induded in fina￿la1 statemerts at ￿ qL￿r bid pri￿ at the balan￿ sheet date. Listed investment Ir￿lrE Is (Teditgj ¥¥1￿ rece￿￿ realised gairs aThl losses on disposals of lis￿1 investments are recognisexl date of dis￿saI. Unrealis8J gairs aTrJ los￿ on li*ed investrnents hdd at year-erMI are r£r(￿nISed in Ststement of finan(ial Nth"vibes. Bank interest re￿1Vable.15 crejited in the ttriC4J to whith it relate& (fj Expenditure Expenditure is rec(¥Jnised a lialxlity is ir￿[red. C05ts of g￿ratiTYj fuThls arp ttN)se i￿Urred in the IAM s Group's fundraisng and pthI￿ty acbvilies. t(￿ets with ￿ tradir¥J ac1]￿ties of tAM's SU￿d￿lne5. th3ritab athvities inclu(k eX[￿1￿ure as￿lated 7Mth ffEmtvslip Servi￿, adva￿1 dri￿ry arKI motorcyde tests, research. and a￿v￿L￿ and ts"ROadkn￿ ff0gaZir￿. Exp￿11￿jre I￿A￿e$ dirwl co4s arnl supp*Jt costs relab'ng to these actiwb"es. Governano costs indude those I￿￿rr￿j in the g(Nema￿e of ￿ dority its assets and are primarilv assooatej with C(￿5￿.1￿tr￿I arxl ststutw r8]uirement& Governan￿ costs are alk(at8Y on the bag's of Ihe staff cost It￿[red on &￿h ￿li￿ty. ￿port Costs ir(lude ntral funrtj.ons aTrJ the arThytisati(M of gcKxlwill a￿1 have LEen allocated to acbvity cost categories on a basis consistert per￿ntsge use of rvAxJrces ex￿￿1&1. Irrecoverable VAT is tharged as a a)* a3air* actwty for wh'ch ￿ ex￿dIt￿re was ir￿rred. (g) Fund accounting The general furKI is an unrestritt8J wh.ch ￿ availatrAe for use at dis(Tet1￿ of tntstees in furtherdrKe of the gewal of ￿ thanty has rx)t be￿ tsgnateil for (thr wrposes. Designated funds comprise unre*ittad fund5 that ha￿ t*en set aside by the trustees for pa￿U￿r rt*Jses. Tr aim aThJ use of any designa￿1 furMI is set ojt in the notes to ￿ financial ststement& Restrirted fiJTrJs a￿ fuTrls 9Jbpct to ¥*cific resthct1c￿ imkx)sed ty ¢SJntr (h> Tangible fixed assets and dq¥reciation Tangible fixed assets with a cost in eXl￿ of £l,OCMI are (2Prtalised at cost. Deweciation of fixed a55ets is charged at rates e*"mated to write off their cost or valuatwjn less any resKlual Val￿ over ￿ extected useful li￿5 commerKing the year rf ￿￿191i(￿. Tr fdlowirwj annual rates cl dep￿iati￿ have b*n used: Leasehold improvemthts Computer equipment offi￿ equiE¥nent 20% 20%to331% IN5r￿l￿rE OF ADVAN￿0 MOTORisfs umThE[￿HE) 140TES TO THE FINANCIAL sfATEMENTS for the year ended 31 March 2025 Accountin9 policies (contlnued) (i) Intangible fixed assets- capitalisation. amortisalion and impairmtht Intangible fixed assets are Ca￿￿lIsed at cost. Amortisation of fixed assets is thargeil at rates eslimated to write off their cost or valuation (kss any residual value) over ￿ estimated u*ful lives cc¥nmencing with the year of acquisition. The follrh¥ir¥J annual straight-lire rate5 of a￿r￿'Sob'w have beem used.. Computer sotha 20% Where factors, such as tech￿￿Ogical adVan￿Ment, thaThJes in ttE nature of t￿ markets seNed by utilisation of intarKJible assets, or thnges in mathet pri￿ iThYicate that ￿ residual value or useful life have thanged. the residual valL*, uSeft￿ life or amOrtisatic￿ rate are ameThJeJJ pr05pecbv* to refiett the new Orcurnstsn￿s. Assets under Constructi￿ are assets Pe￿lIng COMp￿tion and transfer into the relevant fixed asset Cat￿ry. These assets are capitslised at cost and not Subj￿ to depreaation or impairment Un￿ extraordinary orcumstances have occurred whith would reyuire kx0￿51On to be made. All ots assets are rewewed for impairnEnt if the aiM)ve factor5 irKJKaiE that the Ca￿ng amount may be impaired. If there is an indicat￿n of impaimient, the rÉroverable affK)unt of ￿ asset is compared to tt carrwng amount of the asset. Tr recoveratAe amount is t￿ hig￿ of the frdir Val￿ less costs to sell arKI value in use. If the recoverable anN)unt is estimated to be lower than canwng amount, the Car￿n9 amount is redutyj to its recOvera￿e aM￿rt by reo)gnigrrfJ an lmpa1rff￿t Ioss in ststernent of finaThial ArtiMty"es. O.) Stocks stoths a￿ valL*J at t￿ Iw of cost aThl net realisa￿e vall￿. (k) Pensions The cost to the grow in respect of rts PW6K)n arrarKJements is d￿r9ed to the Statement of finanaal Acbwties on a payable bays. These arranger1￿ts ae wth a (*fin&J CLNttribution group p&9)rkil ￿n51(￿ ￿an, with defi￿d ernFAoyer (1)ntributi￿s. (l) Foreign currenaes Assets and lialJ'litEs in foragn wrrenties are trar6L*ed irto at rates of exthange rullro at the ba￿n￿ sheet date. Transadj'ons in f¢Jreign thr￿eS are tran￿ated into tsling at the rate ruling at the date of the transacti(￿. Excharvje dfftwerKe5 are rercrfJThsed in ￿ 5￿t￿lEnt of ￿Th).a1 (m) Operating leases 0￿rati￿j lease are ¢tharged to trE Statefftht of finarnial Pl*￿be$ ￿ a stra￿ht4fj￿ basts over ￿ lease term. (D) Rodundan¢y Costs Accwals for redundarKy costs are ￿¢t￿)nised wFEn t1￿ is a legal cff constswb.ve oblMJation at ￿ balan sheet date. {0) Financial instruments Group only ha5 finanaal assets finarKial Ikibiliiie5 of a that qualify as ba&c financial instruments. Bagc finanaal instnjments are inits.ally rec(*JniS￿1 at tran5acb'¢￿ Val￿ arxl subseq￿n￿Y measured at fair value. 23 INsrrriJrE OF ADvAN￿D MOTORisfs ￿M￿ED[THE) NOTES TO THE FINANCIAL STATEMEiirs for the year ended 31 Marth 2025 Accounting policies (Continued) (p) C￿tICal a￿￿ntrrtg esdmates and areas of judgemert Estim*s and judgerrEnts ale oJnb"nually evaluated aThJ are basal on historical eX￿erien￿ a￿1 other frdctors, including exFEctstirybs of firture events ttwt are to be reasorot4e the OroJmstan￿. Thue a￿ no cal estimate5 jLtyia (q) Provision for Liabilities igons are recogni5ed fhrity has a present or CLKtstructive obligabon as a result of past events, it is probable that an outfknw rf resources will te wuir&l to settte ￿ obligation, and amount can te reliably estimate. Ftowstons are revtews ot eath balarKe stEet date a￿1 aljustsl to reflert ttE ￿rrent estimate. 3.1 Other income 2025 £000 2024 £000 Non-Govemment grants Donab'on5 Sundry income 17 51 16 24 24 T•tal 927 C05t of sa￿5 275 {355) 262 540 ￿￿MInIstra￿￿* W￿sE$ 85 97 124) Operatlng (l￿)I￿￿E Interest payable to relBbJ partE5 Irtert rLreivat4efrom rdated (Loss)Ip￿ brforeandaft (12B) [2D) 225 (148) 137 607 475 192 {42L} 47 {182) %5 293 272 1,528 768 Cc6tof sales Manaoeff￿ntctr0rgeS (loss}Iw( Intrrest P3yatAetO rdated Inte￿i reCèVa￿ ftom iel*& {LOSS)I pmfitware andaft tsxatio 43 182 52 (200) 320 187 £313KgftavJ U*rJwtyin 3111*th202S l L 169 326 3,881 Creditor5 Net IlabHbtiÈÉllaw•i• 218 793 326 258 169 227 330 3,nl Crwji 133 55 633 127 315 (2UI 621 Tvtsl 2025 Totsl 2024 nthtthp Trainlry ar￿ rekted 376 176 1.307 979 1.347 ariiabl• a¢li¥iti•s 351 333 14 771 2,181 495 1,159 1.034 291 814 19) 1.974 Tests 1,059 1.612 S66 Totsi 179S 7,493 6.987 INThffE OF ADVANCED MOTORISfs LIm￿ED[THE) NOTES TO THE FINANCIAL STATEMEKrs for the year ended 31 March 2025 3.5 Council expenses 2025 2024 £000 Travel subsisten￿. Expenses reirnbursed to 7 trustees (2024: 7 tr￿￿$) Expenses reimtxjrsed to trustees in 2024125 aff￿)urted to £2K. The cost of trustee iTrJemnity insurance was ir￿uded In IAM 5 gerwal Insuran￿ W￿lUM fiK the year and ￿)t separdtely identifie(1. 3.6 Directors. emoluments No directorltrustee received eJNJuments durirg ttE year (2024: £nil). No pension payTments were made in re5tÉtt of dirertc*gtr￿ee5 (2024: Énil). 3.7 Employees whose emoluments exceed £60,000 2025 Number 2024 Numb The number of employees emoluments (indudiThJ tsxaI￿e betths but not wnployer per￿On costs) exceeded £60.0(M) durirwj year was a5 follows- É60,001 to E70.000 £70,001 to £80,C4)0 £80,001 to £90,( £90,001 to £IOO,LKKI £iOO,OOi to £iiO,O £iio,001 to É120,fNXI £120,001 to £130,C £130.001 to £140.orJ) £140,001 to £150,000 £150,001 to £160,000 £160,001 to £170,000 Penslon contn'but)ons of £53,133 (2024.. £48,S55) were made durirrfj the year to a defined contr.bu￿On me in re5ped of 6 employ￿ (2024.. 8 ernk4cTrY￿) induded in the aL>)ve anal￿$. The average numker of employ￿ was 68 (2024: 68). 2025 £000 2.984 327 113 2024 Wages arKI salaries Social security costs Defined contributs.on penson (osts 2,804 302 107 Lhjring the year. the IAM GrDUP incurred redth￿a￿ costs of £13,386 (2024: É25,803). I group staff salarie5 are paid by IAM. IAM tharges subsidiarie5 a managunent fee irKorporating a tharye for the uullsation of stsff emEloyed by tAM. The total remUnerat￿n empioytrs. n3b.onal irtsuran￿ of the cuffent L&idership Team (as per page 2) who are the key management persorrt of ttE IAM was £7C(1.918 {2023.. £632,475). INsrrruTE OF ADVANCED MOTOR15f5 UM￿ED(ThE) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 Marth 2025 Net expenditure for the year 2025 £000 2024 £000 Net expenditure f￿ the year is slated after c￿￿lr¥J.. Dep￿iatIOn Amorknsation of intsngible a Auditor's remurthts.on - aLbYit f￿5 Auditor's remunerab.on - tax seNices Otwating lease payn*nts- mot(* vehlths 22 30 87 38 39 5 Allocatlrjn of support ujsts Costof Membvship Tests Quality Researth Total Total generatin9 ssyrance and 2025 2024 funds £000 £000 £000 107 26 174 251 215 23 £000 £000 £000 53 339 288 546 502 123 792 571 106 678 407 li 72 71 22 139 134 400 2 566 Management Finance Inft)mab'on tethmlogv Facillb'es Human resour GOVunan￿ (See note 6) 54 87 126 160 233 199 22 41 754 59 li 22 io 814 Support Costs are allocabj using a combinatj'on of ￿dCOUrt arKI fk￿r spa￿ ap[￿￿b￿ to the Servi￿ wovlded. 6 Governance- Group and Wl 2024 £000 2025 Audit accountir4J fees Professional fees Counal costs Salary costs 62 li li 55 139 75 30 28 134 INThrrE OF ADVANCED MOTORisfs Um￿Er￿￿E) NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025 7 Intanglble fixed assets Computer Software Assets under con5twrti( (See note) £ooD Total £000 £000 Cost At l Apnl 2024 Addrtions Transfer Dispjsals At 31 March 2025 2.927 127 72 (9) 3,516 81 (9) 2,927 471 3,588 Amortisatlon At I WI 2024 Charge Transfer Dist￿31$ At 31 March 2025 2,927 335 3,262 2,927 423 3.350 Net book value At 31 March 2025 At 31 March 2024 49 127 239 254 127 IAM Cost At l April 2024 Addltions Transfer Disp)sals At 31 March 2025 462 127 81 (9) (9) 471 661 Amortlsatlon At l April 2024 Charge Transfer Disp)sals At 31 Marth 2025 335 88 335 88 423 423 Net book value At 31 March 2025 At 31 March 2024 49 239 127 127 254 Note: Assets urKler o)nstruttlon relates to the ￿oing deVelow￿t of DARTS, Groups CRM system). These costs are transferray to computer software aTh)rtiwJ from the first month of wng INe once develowents are released aTrJ live. INsT￿UTE OF ADVANCED MOTORIsfs Um￿ED(ThE) NOTES TO THE FINANCIAL STATEMEpirs for the year ended 31 March 2025 8 Tangible fixed assets Leasehold Computer Irnwovements equipment £000 equipment Totsl £000 Group Cost At l Awol 2024 Additions Transfeis tlisp)sals At 31 March 2025 115 13 285 454 13 128 285 467 DepreciJtion At l April 2024 Charge Di5FQ5a15 At 31 March 2025 278 427 22 15 iio 285 Net book valu¢ At 31 March 2025 19 19 At 31 March 2024 20 26 IAM Cost At l April 2024 Add￿lOn5 Transfers DisFosals At 31 March 2025 115 13 285 454 13 128 285 467 Depreciation At l April 2024 Charge Disposals At 31 March 2025 95 15 278 427 22 iio 285 449 Net ljook value At 31 March 2025 19 19 At 31 March 2024 20 26 31 IN￿llE OF ADvAN￿D ￿)TORIsTs UMtTED(THE) NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 March 2025 9 Flxed asset Investments Gvoup IAM £000 Shares in subsidiary companies (see below) Cost at l April 2024 and 31 March 2025 Llsted investments Market value at l April 2024 Net addition51 (disposals) Net (loss}Igain on inve5tsnent assets Market value at 31 March 2025 Cash At l April 2024 Increase /(dec￿se} in cash At 31 March 2025 130 23 23 6,196 6,196 118 21 118 21 139 139 Shares In subsidiary companles (see below) Cost at l Apnl 2023 and 31 Mard) 2024 Llsted inveslments Market value at l April 2023 Net acqulsitions Net gain on investrnent assets Market value at 31 Marth 2024 Cash At l April 2023 In(Tease l (decrease) in cash At 31 March 2024 130 6.885 (234) (203) 6.885 (234) (203) 161 (43) 161 (43) 118 118 6,696 9.1 Sub51diary Companles IAM Drive & SLWVNe Limrted (registered nurntr￿r 201%35) risk marb3ge￿￿nt corporate driver trainiryj servi￿. TAM Driver RetrairMr*J Aca(kny Limibl (r8Ji*etgJ 0824￿82) wovNles Drink Llive Rehabiltstson &heme course& Institute of Advan￿ Nhjtortydists (registered nLmt*r 5889513) marwjes arrar¥Jwnerts broker5 the IAM Group's exdugve ir6urarKe sdwe for IAM R(￿sMart ff*mt*rs. IAM owns 100% of the issued share ca￿tal of the at#)ve ccynpanies, all of which a￿ Incorwratsj aThJ registered in EThJland and have ￿rne registered address as IAM. IAM also owns 100% of the issu￿1 share capitsl of Drive & Survive UK knmitLxJ. IAM Motorir¥J Trust TradirvJ ￿mIted. ProfessK)nal Driver se￿￿ LTD, IAM Group ser￿"￿ LTD, nd LAM Roadsmart Limited. all of whith are registered in EnglarKI and r￿￿ of whKh has tr*d ￿ring year. 9.2 Listed investments The cost of listed investments at 31 March 2025 was £6,592,265 (2024: £6,566,137). There were no undertyir4J Idings with an irKI￿l￿Ual market Val￿ wi excess of 5% cl t￿ totsl martet Vall￿ at 31 March 2025 (2024.. none). 32 INsrrruTE c￿ ADVANCED MOTORISTS llMrrE[￿E) NOTES TO THE FINANCIAL sfATEMENTS forthe year ended 31 Mardb 2025 10 Investment InL Group 2025 2024 £000 174 Income from investsments Bank interest rethvable 197 178 li Group IAM 2025 £000 2024 £000 27 2025 £000 2024 Éooo &)ods for resole ar￿ consumables 12 Debtors r*oup IAM 2025 £000 2024 £000 2025 £000 2024 £000 Amounts falliNJ due within C￿ year: Trade debtor5 Taxation recoverable Amounts from group urKlertakKus Other debtors Prepayments and accrued ir￿rne 287 117 io 156 1,764 96 117 1,563 156 324 649 345 310 333 753 Amounts due from group undertakir#Js amounts owed by tradir¥J 5ub5idiaries to IAM, which 12ry interest at 2% at*)ve base rate. There are no other terms to t￿ a(fvance& No interest is tharged on amunts due from dom)ant subsidiaries. 13 Credltors Group IAM 2025 £000 2024 2025 £000 2024 £000 Amounts falling due wthin one year= Trade creditws Amounts due to grow uTrJertakifvJs Other tsxats.on and s¢xial security Accruals and deferr&J i￿L￿r other credit￿$ 234 2n 227 3.578 90 1,378 63 247 3,301 78 1,035 186 78 1,257 185 1,626 63 Deferred income represents payments in afvar￿ for Drink Drive Reha￿.likti0n thme o)urses, Skills Days and on. road ériver training. Group £000 769 653 432 IAM £000 564 535 363 736 Deferred income at l April 2023 Amount deferred in year Amount released in year Defwred IncM* at 31 M*th 2024 INSrrruTE c￿ ADVANCED VL)TORISfs UMrrED(THE) NOTES TO THE FINANCIAL STATEMENTS forthe year ended 31 Marth 2025 13.2 Provlslon for Llabilittes Movements in Dllapidation Cost Group £000 IAM £000 Batsnce at l April 2024 Additi¢￿1 Provision Made Amount used During the year Unused omount resewJ BalarKe as at 31 Mar(h 2025 213 213 213 213 dilapidation provision relate5 to leasehdd wjpaties a￿1 is ext*ctsd to be settled at the end of the lease term In Sep 2026. The amount b￿￿ eslimatal based on the ￿5t available information rg3ardirwJ the cCV￿iti0n of the prowties and the temis of the lease 14 General funds Group 2025 2024 £000 7,259 (700) (ioi) 2024 £000 4,682 (1,132) 2024 £000 5,478 (1,008) (ioi) 313 At l April (Oefi(it} for the year Retaiwj Eamings Adiustmert Gift ￿"d profits from trading At 31 March 6,458 (991) 140 3,6 5.467 6.458 15 Taxation The IAM Ss a registered thanty arKI is exerFVt from CLYporation tax on its charitaile incw* and goi￿ falling within section 505 of the Taxes Att 1988 or Section 252 of Taxation of Cforgeable Gains Act 1992 to the extent that ttEse are applied to its tharitable rtjjects. 16 Opwatlng leases- Group The totsl future minimum lease payments ￿fjer Th)n.ca￿dIot￿e operatirwj teases ￿ as fc4k)ws: Amounts due.. 2025 2024 2025 £000 68 136 204 2024 £000 72 Within one year Betr￿￿ one and five years 141 2fA) 341 141 341 72 INsT￿￿E OF PDVANCED MOTORisfs UMrrED(THE) NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 March 2025 17 Reconciliation of net eXP￿dItUre resour¢es to net cash outllow from opttating activities Group Z025 £000 (1.014) 2024 Net operating incomel{experKlitwe) - Investment income - Prior Year Paljustment (497) (178) 17 (834) 22 (675) Depreciation Amortisation of computer softv¥are Decrease in stocks DecTeasel(Increase) in debtors Incwse in (yedbtors Net rash inflow from operatirwj activibes 87 23 41 121 373 22 104 28 18 Recondllatlon of net debt The Group has Tr) byrowings and has t￿t ￿te￿d into any finan￿ leases. Tr analys5 of the dwges In debt are summari5ed in the tsble bdow. Group 2025 £'ooo 624 178 2024 £'ooo 641 17 624 2025 £'ooo 432 162 270 2024 £'ooo 520 88 432 Ish at stsrt of year Cash flows Cash at end of year Contingent lialmlities 19 There are no contingent Ilabllities the year eTrJed 31 Marth 2025 (2024: £NI). The IAM is a member of a VAT grow wlich also comwises (￿tsIn subsidk4ries: IAM Drive & Survive limited. The IAM wll be lialle for any VAT amwnts payatle by these ents'tie* ZO Capital commitments At 31 March 2025, there were caF4ts1 commit￿5 contracted but Th)t provided totslling £72,c￿ (2024: £23,(￿). 21 Finanual instruments Group IAM 2025 £0( 2024 2025 £000 2024 £000 nanoalassets Equity and debt instruments measured at fair valLE tlwough income eX￿ditUre 6,195 6,195 Finanoal assets measured at fair value tlwh irKome atMI weThliture ind￿e a55ets held in ￿ listtrj investment portfolios {see note 9) for whKth is a readity obtainable tm.￿ qwted in an active market. enb.vs financial liabilities comprise only basic finarrial instruments as defined in Section 11 of FRS 102. These indude trade creditors, accnjals aThJ ottEr payabjes, a￿ inits'ally reccgnised at the transartion price and subseq￿n￿V measurwj at amth.sed cosL Due to the short-term nattJ￿ of these liabilib"es, ttE canying value apKYoyimates tsr far value 35 INsT￿l￿rE OF ADVNthICED MOTORIsfs ￿m￿ED[rHE) NOTES TO THE FINANCIAL sfATEMENTS for the year ended 31 March 2025 22 Related partles Trar6actions ￿ets￿ group ￿tstreS for the year a￿ detsiled in rnte 3.2 aThJ comprised management fees interest receivablelpayable on inter-company thns with IAM. At 31 March 2025, IAM owed E282k (2024". £285k ow&l) to IAM Driver Rthining ￿Mited At 31 March 2025, IAM owed E229k (2024: £228k owed) to &￿fes￿￿1 Driver Ser￿￿ LTD. At 31 March 2025. IAM owed £1.764 from (2024: £1,563k from) IAM Dri￿ 5uMve Ltd. At 31 March 2025, IAM owed £176k (2024.. £176k owed) to IAM Group seN1￿ ￿Mit￿￿ At 31 March 2025, IAM owed £2,892k (2024: £2,612k owed) to Irsbtsjte of P4Jvanced Mot￿lSts No other related pty transactions were incLrred in the F*fiLMI. COn￿tion of Prior l>eriod VAT Tr&itment During the year, the company id￿lfied a rrotuial err(Y ￿tr"r￿j to the finar￿jaI year erKied 31March 2024. A review of the VAT treatment applied to memter5hip irrnme. Ths resulted in an overstatement (* Ir￿ome and a corresponding urKlerstatement of liabilities In ￿Ordan￿ with FRS 102 Section 10, ernx has be￿ cryr*d retr05Fectwdy. Comparative figures for the year ended 31 March 2024 have re#ated. arml t￿ openirKJ balan￿ of retsined eamings as at l April 2023 has been adjusbj. Group 2024 (as previously Adjustment stated) 2024 (restated) 2024 {as previousty Adjustment stated) 2024 (restated) financial activitles £0(￿j Écoo £000 Subs(TiPtions income 31 31 Net loss for the year 34 974 BJl•nce Sheet Retained earnlngs (o￿nIng) Creditors.. amoLnts d within one year ioi ioi 135 135