Charity Registration No. 1105523 Company Registrab'on No. 5040258 (England and Wales) RSA TRUST A COMPANY LIMITED BY GUARANTEE TRUSTEES REPORT AND ACCOUNTS for the year ended 31 March 2024 Taylor Associates Chartered Accountants and Registered Auditors
RSA TRUST A COMPANY LIMITED BY GUARANTEE Legal and Administrative Information Trustees Mrm P Hayes Mr M F Jewell MBE Mr M A Polledri MBE Dr R M Taylor Mr G J Walker Mr R P Weeks Secretary MrARay Charity number 1105523 Company number 5040258 Principal address RSA Island Centre 12 Island Centre Way Enfield Middlesex EN3 6GS Registered office 12 Island Centre Way Enfield Middlesex EN3 6GS Auditors Taylor Associates 1 st Floor Gallery Court 28 Arcadia Avenue London N3 2FG Bankers Barclays Bank PIC North East London Group PO Box 2403 London N182BY Solicitors f<ussell Cooke LLP 2 Putney Hill Putney London SW15 6AB
RSA TRUST A COMPANY LIMITED BY GUARANTEE Contents Page Trustees report Statement of trustees. responsibilities Independent auditors, report Statement of financial activities Balance sheet Notes to the arLounts 10-12
RSA TRUST A COMPANY LIMITED BY GUARANTEE Trustees, Report For the year ended 31 March 2024 The Trustees, who are also directors of the charity for the purposes of the Companies Act, present their report and audited financial statements for the year ended 31" March 2024. The charity is a company limited by guarantee and was incorporated on 101h February 2004. It is governed by a Memorandum and Articles of Association. Trustees The following trustees had held office since 1st April 2023: M P Hayes M F Jewell MBE M A Polledri MBE R M Taylor G J Walker R P Weeks resigned 12th October 2024 and reappointed th resigned 12 October 2024 and reappointed Structure, Governance and Management The Trustees annually consider RSA Trust's structure, governance, and management. They have indicated they will be available for the current term. Dr Hani Armstrong remains in post as CEO of the RSA Trust reporting to the Trustees. Active recruitment of trustees is also taking place. Patrick Gray also remains in post as Heritage Manager. Objectives and activities for the public benefit The principal objectives of the Trust are as follows: (a) To provide or assist in the provision of facilities in the interest of social welfare for individuals who have need of such facilrties by reason of their youth, age, infirmity or disability, financial hardship. or social circumstances with the object of improving their conditions of life. (b) The relief of unemployment in such ways as shall be thought fit including assistan to find employment. (c) The advancement of education, particularly, but not exclusively through the provision and maintenance of a museum or other educational centre. (d) The relief of poverty. sickness, and distress. (e) The preservation and restoration of buildings of constructional, architeGtural, or historical interest. (fj Such other charÉtable purposes as the Trustees shall determine. During the fiscal year the main Projects identified for support were: Inspiring Women and small business support provided by Enterprise Enfield. Enact Youth Club serving Enfield Island Village Nightingale Can[ Support Centre
RSA TRUST A COMPANY LIMITED BY GUARANTEE Trustees, Report For the year ended 31 March 2024 Edmonton Eagles Amateur Boxing Club Villa Scalabrini a registered care home. Enfield Citizens Advice Bureau Sponsorship of the Enfield Island interpretation centre and Maintenan of historic artefacts Financial review Policy on distributing funds- The Trust receives funding from RSAIV Ltd at the end of its financial year. This funding is then utiltzed in the follow financial year after appropriate deduction for items requiring funding in future periods which is carried foard. The Trustees will not approve and commit to projects unless funding is certain. The Accounts as of 31" March 2024 show fund balances of £1,080,000, an increase of approx. £100,000 on last year's fund balances. The fund balance includes a donation from RSA Island Village Ltd {RSA IV) of £520,000 made at the year end. The RSA Trust has received a donation from the Metaswitch Employee Benefit Trust (MEBT) of £300,000. £225,000 is restricted funds to be given to Enfield Island Youth & Community Trust (enact) over a three year period of £75,000 each year starting in the 202412025 financial year. This donation is to further support young people on Enfield Island Village and the surrounding area. The remaining £75,000 is for the RSA Trust in the 202412025 financial year to fund the objectives of the Trust. This MEBT donation is a very generous donation to the funds of RSA Trust and enact and all the Trustees wish to record their appreciation. The Trustees understand it is RSA Iv's current policy to continue to support RSA Trust and any such donation will be advised in March of each year. Net overheads were £29,000 which remain at only 70/0 of incoming resources. Since inception, RSA Trust has supported projectslgrant funding to the local community of £8.2m which underpins the exemplary model created some years ago with the dedication and help of my co-Trustees. RSA Trnst Grants during year ending 31st March 2024 Children, Young People and Families Business Initiatives Selected Charities RegenerationlHeritage Sundry Initiatives £197,875 £137,747 £42,200 £22,6 £8.302 £408.820
RSA TRUST A COMPANY LIMITED BY GUARANTEE Trustees, Report For the year ended 31 March 2024 £22,696 £8,302 14)7.&7 Chtldren, Young People and Families Busine55 Initi3tives Selected Charities RegenerationlHeritaEe Sundry Initiatives Reserves policy The Trust is reliant on the continued support of RSA Island Village Ltd (RSA IV) to fund its activities. As the annual grant is received just before the financial year end it is essential for the Trust to maintain adequate reseples to fund ongoing commitments. The Trustees regularly review the level of reserves to ensure they are sufficient to maintain operational continuity, especially in current economic condrtions where charitable funding is under pressure.
RSA TRUST A COMPANY LIMITED BY GUARANTEE Trustees, Report For the year ended 31 March 2024 Plans for future periods The key objectives are to ensure: _ Continuity of the Board of Trustees. The Trustees have indicated their willingness to provide their skills and commitment for a further period of 3 years, subject to the Articles. This continues to be reviewed annually. Consider which good causes to support that rnt with RSA Trust Objectives in line with available funding. Ensure approved projects once inttiated are monitored until they become operational and then sustainable and provide worthy outputs, acknowledging that the projects may roll over into one or rnore financial years. Auditors A resolution proposing Taylor Associates be re-appointed as auditors of the charity will be put to the nexi Trustees Meeting.
RSA TRUST A COMPANY LIMITED BY GUARANTEE Statement of Trustees. Responsibilities The trustees who also the directors of RSA TRUST for the purposes of company law, are responsible for preparing the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the RSA Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing those financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently.. observe the methods and principles in the Charib'es SORP; make judgements and estimates that are reasonable and prudent., prepare the accounts on the going concern basis unless it is inappropriate to presume that the RSA Trust will conts'nue in operation. The trustees are responsible for keeping proper accounts'ng records that disclose with reasonable accuracy at any time the financial position of the RSA Trust and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the RSA Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Statement of disclosure of infomiation to auditors So far as the directors are aware, there is no relevant audit information of which the company's auditors are unaware. Additionally, the directors have taken all the necessary steps that they ought to have taken as directors. in order to make themselves aware of all relevant audit information and to establish that the company's auditors are aware of that information. This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. On behalf of the board G.J. Walker Chairman of Trustee 6 December 2024
RSA TRUST A COMPANY LIMITED BY GUARANTEE Independent Auditors. Report to the Members of RSA TRUST Opinion We have alled the finanal statements of RSA Trust for the year end 31 March 2024 which comprise the income and eypendilure account, balan sheet and notes lo t1 financial stslemenls. including signrficant accounb.ng poliese5. The finanual reporting framework that has been applied in their preparation is applicab law United Kingdom Accounting Standards, induding Finaneial Reporting standard 102 The Financial Rep)rting Standard applicable in UK arKI Republ of IrelarKI {Unrted Kirodom Generalfy ACpted Accounting PraCtsl. In our ¢)pinion the financial statements.. gNe a true and fair leW of the slate of Charitab Company's affairs as at 31 March 2024, and of ils in¢omirrfJ resources and application ol resoufces, including its income and exFenditure, for th2 year then ended,. have been properfy prepared in accordance wlh United Kingdom Generally Accepted Accounting Practi.. and have been prepargj in ac¢ordance with the requirements of the Companies Act 2C(6. Basls for opinion We conducted our audit in accordance with lnlemab.onal Standards on AudilirKJ IUKI {ISAs IUKII and applicable law. Our responsibilities under those starKlards are further descrited in the audrtor responsibilibes for the aLKlii of the financial statements section of our report. We are independent of the chaTltable company in accordance with the ethvl requirements that a relevant to our audit of the financial stslements in the UK, including the FRC'S Ethical Standard. and we have fuffilled our other ethical responsibilitS in accordan with these r8quiremen15. We bele that the audit evK4ence we have obtained is Sufflent aThJ aroropriale to prow'de a basis for our opinion. Conclusions relating to going concern In audrting the financial slatemenls, we have conduded that the tnjslees, vse of the goir¥J COnM basis of accounlirg in the preparation of the financial statements is appIriale. Based on the work we have perfomed, we have not identsftd any material Uncertaint relating lo events or condf(ions that, indiwdually or collectively, may cast significant doubl on the charrt)le companls a.1 lo continue as a goirKJ conrn for a period of al least twelve months from when the financial statements are aulhorised for Issue. Our responsibilf(ies and the sponSI1x.]its of the IrLStees wilh respect to g(Mng con a described in the relevant section$ of this report. Other information The other infomats'on comprises the infomiation included in the trustees annual report. othèr than the financial slalements and our auditols report thereon. The trustees are re5pJnsible for the other irfft)mab"on contained within the annual report. Our opinion on the financial statements does not cover the other informatK)n and, except lo the extent olherwise eyplicitly staled in our report, we do not express any fom of assurance conclusion ihereon. Our responsibility is lo read the other infomalion and. in doir#J so. consider whether the other infomiation is materially inconsistent th the financial slatemer¢ts or our knowwge obtained in the cOue of the audit or olheThvise appears lo be materially misstated. If we idenlrfy such material inconsistencvas or apparent material misstatements. we are required to detemine whether this gives se to a material misstslemenl in the finanaal statements themselves. If. based on the WO we have perfomed, we conclude that there is a material misslatemenl of this other informatn. we are required to report that fact. We have nothing to report in thi5 regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the aLKIrt.' the infomialion given in trusts' report for Ihe finanual year for wh the financial statements are prepared is consistent with the financial statements", and the directors. report has teen prepared in accordan with ale legal Tequirwnents. Matters or) which we are required to rgport by exception In the light of the knowledge and Urrstsnding of ts charitable company atm1 its environmenl ¢taInj in the course of the audit. we have not idenlrfied material misslalements in the Tru5tee5' report or direclors, report. We have nothing lo rekx)rt in respect of fdlwng matter5 in Fetation to whth the Companies Act requires us to report to you rf in our opinion.. adequate accounting Tecords have t been kept. or retums adequate for our aydit have not been received from branches not visited by u5.. or the financial statements are not in agreement with the accountir¥J recor(ts and retums.. or certain dtscloSuS of directors. remuneration SFecrf*d by Jaw are not made.. or we have not received all the infornalion and explanations require for our audrt . or Ihe trustees were not entitled to prepare the finanual slalemenls in a¢cordance with the small companies, regime
RSA TRUST A COMPANY LIMITED BY GUARANTEE Independent Auditors. Report to the Members of RSA TRUST Responsibilities of trustees As explained more fully in the trustees, responsibilities statement Set out on page S. the Irusiees (who are atso the directOTS of the charitable ccmpany for the purposes ol company lawl are responsible for the Preparation of the financial statements aThJ for being satisfied that they gi)ft a true and fair Mew, and for such intemal control as the trustee5 determine is necessary lo enable the preparation of financial stslements that are free from material misstatemenL whetspr due lo fraLkl or error. In preparing the financial stslements, the Injslees are responsible for assessing the charitable company's abilty lo conlinue as a going OnM. disclosing, as applicable, matters related lo going concern and using the going contsm basis of accountir#J unkss the trustees either intend to Iiquhdate the Charitab ¢ompany or lo cease ¢werations. or have no realistic aiiernative bLrt lo do so. Auditor responsibilities for the audit of the financial statements Our objectives are lo obtain reasonabk assuiance about whether the financ1 statents as a whole are free from material misstsbment, whether due lo fraud or error, and to issue an 8lt0rfS report that incl¢hJes our ¢)pinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audrt coThJucted in accordan with ISAS IUKI will ay5 delect a material mis51alement when rt exists. Misstatements can arise from fraud or error and are wnsidered material rf, indmdually or in the aggregate, they could reasonably be expected to infiuen¢e the economic de¢lsicS of users taken on the basis of these financial slalements. Irre9ularities, includiThJ fraud, are instanos of non-complian with laws aThJ reguiakn"ons. We de5NJn proClureS in line with our responsibilities, outlined above, lo delect material misstatements in ospect of irregularib'es, indLbJing fraud. The extenl to which our procedures are capable of detecting Irregularitw, induding fraLKI is detsil&J below.. Identrfies and assesses the risks of material misstatement of the entiws finala1 statements, whether due to fraud or error. designs and performs audit proc8Jures respon51ve lo those risk5, and obtsins audit eviden that is sufficient and appropriate to provide a basis for the audilorfs opinion. The risk of not detectin9 a material misststemenl resulting fTom fratjd is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional slon5, misrepresentations. or the 0rrKI9 of intemal control. ErM4uiry of management, those ¢harged with 90ManCe around aclL&al arKI rKJlential lrtigab.on and claims. Reviewng minutes of meets.ngs of those charyed with govemance. Reviewing financial statement dks¢1osuS and testiNJ to SUPForbrvJ dc£umentabon to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, indudiro through tesb.ng joumal entries and other adjustments for appropriateness. and evaluating the business rationa of significant 1ransacb.ons outside the nomial course of business A further description of our responsibilit5 is available on the FR¢s website at'https".II%.frc.Dr9.uJ auditors laudil-assurancelauditor-s-responsibililies-for-1he-audrt-of-the-fildescription-of-taUdrtor %E2%8O%99$-$p0nSibIllties-fOr. This ¢Jes¢riplion foms part of our auditorfs retK)rt Usè of our rgport This report is made SOlY to the charitable company$ members. as a tx*Jy, in accorda with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we might state lo the charitab5e company's member5 those matters we are requifed to stsle lo them in an auditorfs report and for no other purpose. To fLtllesl extent pemitted by law. we do not acp1 or assume responsibility to anyone other than the charitable company and the charitable ccwnpany s members as a bryjy, for OUT audit worfK, for this report, or for the opinions we have forned. Mr Peter Taylor (Senlor Statutory Auditor for and on behall of Taylcff Ass(xiates Chartered Accountants ststutory Auditor 10 December 2024
RSA TRUST A COMPANY LIMITED BY GUARANTEE Statement of Financial Activities including income and expenditure account for the year ended 31 March 2024 Notes 2024 2023 Incomin resources from Donations and Gifts Investment Income enerated funds 520,000 8,885 528,885 550,000 1,082 551,082 Resources ex ended Charitable activities Grants Payable RSA Heritage Project Management and administration 376,124 22.696 29,455 385,745 21,673 36,210 Total resources expended 428,275 443,628 Income for the year Net movement in funds 100.610 107,454 Fund balances at 1 April 2023 979,821 872,367 Fund balances at 31 March 2024 1.080,431 979,821 The statement of financial activities also complies V¥ith the requirements for an income and expenditure account under the Companies Act 2006.
RSA TRUST A COMPANY LIMITED BY GUARANTEE Balance Sheet as at 31 March 2024 Notes 2024 2023 Current assets Debtors Cash at bank and in hand 13,312 1,388,793 1,402,105 4,000 988,972 992,972 Creditors: amounts falling due within one year (321,674) (13,151) Net current assets 1,080,431 979,821 Net assets 1.080.431 979,821 Capital and reserves Profit and loss account 1,080,431 979,821 Total Funds 1,080,431 979,821 The accounts were approved by the oard on 6 Dember 2024 Mr G.J. Walker Trustee Company Regis on No. 5040258
RSA TRUST Notes to the Accounts for the year ended 31 March 2024 1 Accounting policies 1.1 Basis of preparation The financial statements have been prepared under the historical cost convention. The charity has availed itseff of Paragraph 3 (3) of Schedule 4 of the Companies Act and adapted the Companies Act format5 to reflect the special nature of the charity's activities. The accounts have been prepared in accordance wrth applicable accounting standards, the statement of Recommended Practice, "Accounting and Reports"ng by Charits'es" FRS 102. issued in February 2016 and the Companies Act 2006. 1.2 Incoming resources All incoming resources are induded in the SOFA when the charty is legally entitled to the income and the amount can be quantified with reasonable accuracy. Donated facilities are included at the value to the charity Whe this can be quantified and a third paty is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. 1.3 Resources expended All expenditure is accounted for on an accruals basis and has been classffied under headings that aggregate all costs related to the ¢ategory.Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent wth use of the resources. Management and administration costs are those incurred in connection with the administration of the charity and compliance with constrtutional and statutory requirements. 1.4 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less depreoation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful lrfe, as follows.. Plant and machinery Fixtures, fittings and equipment 25% straight line 25 % straight line 1.5 Company status The charity is a company limited by guarantee. The membets of the company are the trustees named on the legal and administrative page of these financial ststements. In Ihe event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charty. 1.6 Fund accounting Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherants of the general objectives of the charity and which have not been designated for other purposes. 10
RSA TRUST Notes to the Accounts for the year ended 31 March 2024 2 Donations and Gifts 2024 2023 Grants receivable for core activities 520,000 550,000 Grant received of £520,000 from RSA Island Village Limited on 25 March 2024. During the year the Trust received £300,000 from the Metaswitch Employee Benefrt Trust as a restricted donation. The amount is shown as deferred income and will be rel&%ed to revenue in future years. 3 Other income 2024 2023 Inveslment income Interest receivable 8.885 1,082 8,885 1,082 4 Total resources expended Stsff costs Other costs 2024 2023 Charitable expenditure Grants payable RSA heritage project Management and administration 2.925 11.731 18.257 373.199 10,965 11,198 376.124 22.696 29.455 385.745 21,673 36,210 32,913 395,362 428,275 443.628 Other costs include.. Audilors remuneration comprises audit fee of £6.000 (2023 .' £6,000). Rent for the year was £19,249 (2023". £20.148). 5 Employees The company had one full time employee. The Chanty recharges other companies the appropriate proportion of lime spent on it's affairs by r(s employees. 2024 2023 Wages and salaries S¢xial security costs Pension costs 11,585 11.945 1.862 13,807 13,551 11
RSA TRUST Notes to the Accounts for the year ended 31 March 2024 6 Debtors 2024 2023 Other debtors Prepayments and accrued income 8,312 5,000 13,312 4,000 4,000 7 Creditors: amounts falling due within one year 2024 2023 Other taxes and social secunty costs Other creditors Accruals Deferred income 1.193 7,641 12,840 300,000 321,674 1,122 989 11.040 13,151 Deferred income represents a restricted donation from Metaswtich Employee Benefit Twst IMEBT) of which £75,000 will be released to RSA Trust as general income in the next financial year. The remaining £225,000 is ring fenced for release to Enfield Island Youth and Community Trust in equal tranche5 over the corning 3 years. 8 Contlngent Ilabilltles There are no ¢ontingent liabilities to the knowledge of the directors. 9 Related party transactions Five Trustees are members and directors of RSA Island Village Ltd. The Trust paid RSA Island Village Limited, the landlord, a market rent and service dwrge of £25,09812023.' £25,844) and building insurance of £495 (2023.. £417) for premises occupied by the Trust. During the year the twst made a grant of £21.200 to Villa Scalabrini, a charity in which one of the trustees. Mr Polledri. is also a trustee. RSA Island Village Limited is currentty the primary source of fijnding for the Trust. 12
RSA TRUST Schedule to the Profit and Loss Account for the year ended 31 March 2024 for the information of the tnistees only 2024 2023 Incoming resources from generdted funds Donations and Gifts Interest receivable 520,000 8,885 528,885 550.000 1,082 551,082 Grants Payable RSA heritage project Administrative expenses General administrative expenses.. Bank charges Insurance Printing, postage and stats"onery Rent and service charges Repairs and maintenance Wages and salaries Pension costs staff training & welfare Sundry expenses Telephone and internet Travel and subsistence Utilities Recharged expenses 376,124 22,696 385,745 21,673 55 1.399 80 1,785 240 21,223 144 11,945 1,862 4,450 263 1,383 1,200 1.377 {17,542 28,410 20,379 432 11,585 1.966 127 1,417 750 2,135 (18,590) 21,655 Legal and professional costs: Audit fees Accountancy fees 6,000 1,800 7,800 6,000 1,800 7,800 29,455 36,210 13