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← Rsa Trust

2025-03-31-accounts

Charity Registration No. 1105523

Company Registration No. 5040258 (England and Wales)

RSA TRUST

A COMPANY LIMITED BY GUARANTEE

TRUSTEES REPORT AND ACCOUNTS

for the year ended 31 March 2025

Taylor Associates Chartered Accountants and Registered Auditors

RSA TRUST A COMPANY LIMITED BY GUARANTEE Legal and Administrative Information

Trustees

Mr M 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 Mr A Ray

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 1st Floor Gallery Court 28 Arcadia Avenue London N3 2FG

Bankers

Barclays Bank Plc North East London Group PO Box 2403 London N18 2BY

Solicitors

Russell Cooke LLP 2 Putney Hill Putney London SW15 6AB

RSA TRUST A COMPANY LIMITED BY GUARANTEE Contents

Page
Trustees report 1 - 5
Statement of trustees' responsibilities 6
Independent auditors' report 7 - 8
Statement of financial activities 9
Balance sheet 10
Notes to the accounts 11 - 13

RSA TRUST

A COMPANY LIMITED BY GUARANTEE Trustees’ Report For the year ended 31 March 2025

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[st] March 2025. The charity is a company limited by guarantee and was incorporated on 10[th] February 2004. It is governed by a Memorandum and Articles of Association.

Trustees

The following trustees had held office since 1[st] April 2024:

M P Hayes resigned 10[th] October 2025 and reappointed M F Jewell MBE resigned 10[th] October 2025 and reappointed M A Polledri MBE R M Taylor G J Walker R P Weeks

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:

1

RSA TRUST

A COMPANY LIMITED BY GUARANTEE Trustees’ Report For the year ended 31 March 2025

During the fiscal year the main Projects identified for support were:

Examples of the projects funded by the RSA Trust in 2024-2025 include an art project for young people during a residential trip undertaken by Enact. Below are some of the portraits created by the group:

The RSA Trust continued to support Edmonton Eagles Amateur Boxing Club, which provides boxing training and matches for young people.

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RSA TRUST A COMPANY LIMITED BY GUARANTEE Trustees’ Report For the year ended 31 March 2025

The RSA Trust also provided a grant to Zebras Children and Adults charity in Enfield to fund Christmas gifts for local families in need.

Financial review

Policy on distributing funds:

The Trust receives funding from RSAIV Ltd at the end of its financial year. This funding is then utilized in the follow financial year after appropriate deduction for items requiring funding in future periods which is carried forward. The Trustees will not approve and commit to projects unless funding is certain.

The Accounts as of 31[st] March 2025 show fund balances of £1,167,000, an increase of approx. £86,000 on last year’s fund balances. The fund balance includes a donation from RSA Island Village Ltd (RSA IV) of £550,000 made at the year end.

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 £32,000 which remain at only 4% of incoming resources.

Since inception, RSA Trust has supported projects/grant funding to the local community of £8.7m which underpins the exemplary model created some years ago with the dedication and help of my co-Trustees.

3

RSA TRUST A COMPANY LIMITED BY GUARANTEE Trustees’ Report For the year ended 31 March 2025

RSA Trust Summary of donations to Good Causes to 31/3/2025

Children, Young people and Family £3,321,946 36.45%
Business Initiatives £2,828,436 33.61%
Selected Charities £847,625 9.70%
Regeneration/Heritage £1,495,471 18.71%
Sundry Initiatives £192,352 1.53%
Total £8,685,830

----- Start of picture text -----
£192,352
£1,495,471
£3,321,946
£847,625
£2,828,436
----- End of picture text -----

Children, Young people and Family Business Initiatives Selected Charities Regeneration/Heritage

4

RSA TRUST

A COMPANY LIMITED BY GUARANTEE Trustees’ Report For the year ended 31 March 2025

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 reserves 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 conditions where charitable funding is under pressure.

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 meet with RSA Trust Objectives in line with available funding.

Ensure approved projects once initiated are monitored until they become operational and then sustainable and provide worthy outputs, acknowledging that the projects may roll over into one or more financial years.

Auditors

A resolution proposing Taylor Associates be re-appointed as auditors of the charity will be put to the next Trustees Meeting.

5

RSA TRUST A COMPANY LIMITED BY GUARANTEE Trustees’ Report For the year ended 31 March 2025

Statement of Trustees’ Responsibilities

The trustees, who are also the directors of RSA TRUST for the purposes of company law, are responsible for preparing the financial statements in accordance 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:

The trustees are responsible for keeping proper accounting 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 information to auditors

As 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, 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 Trustees

6

RSA TRUST A COMPANY LIMITED BY GUARANTEE

Independent Auditors' Report to the Members of RSA TRUST

Opinion

We have audited the financial statements of RSA Trust for the year ended 31 March 2025 which comprise the income and expenditure account, balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report or directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if in our opinion:

7

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 5, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifies and assesses the risks of material misstatement of the entity’s financial statements, whether due to fraud or error, designs and performs audit procedures responsive to those risks, and obtains audit evidence that is sufficient and appropriate to provide a basis for the auditor’s opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Enquiry of management, those charged with governance around actual and potential litigation and claims.

Reviewing minutes of meetings of those charged with governance.

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business

A further description of our responsibilities is available on the FRC's website at:https://www.frc.org.uk/ auditors /audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor %E2%80%99s-responsibilities-for. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Peter Taylor (Senior Statutory Auditor) for and on behalf of Taylor Associates

Chartered Accountants

Statutory Auditor

1st Floor Gallery Court 28 Arcadia Avenue London

N3 2FG

9 December 2025

8

RSA TRUST

A COMPANY LIMITED BY GUARANTEE Statement of Financial Activities including income and expenditure account for the year ended 31 March 2025

Notes
Incoming resources from generated funds
Donations and Gifts
2
Investment Income
3
Resources expended
4
Charitable activities
Grants Payable
RSA Heritage Project
Management and administration
Total resources expended
Income for the year
Net movement in funds
Fund balances at 1 April 2024
Fund balances at 31 March 2025		 2025
£
700,988
28,201
729,189
570,442
39,387
32,636
642,465
86,724
1,080,431
1,167,155		 2024
£
520,000
8,885
528,885
376,124
22,696
29,455
428,275
100,610
979,821
1,080,431

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

9

RSA TRUST A COMPANY LIMITED BY GUARANTEE Balance Sheet as at 31 March 2025

Notes
Current assets
Debtors
6
Cash at bank and in hand
Creditors: amounts falling due
within one year
7
Net current assets
Net assets
Capital and reserves
Profit and loss account
Total Funds		 2025
£
5,000
1,333,775
1,338,775
(171,620)
1,167,155
1,167,155
1,167,155
1,167,155		 2024
£
13,312
1,388,793
1,402,105
(321,674)
1,080,431
1,080,431
1,080,431
1,080,431		 2024
£
13,312
1,388,793
1,402,105
(321,674)
1,080,431
1,080,431
1,080,431
1,080,431
1,080,431
1,080,431
1,080,431

The accounts were approved by the board on 5 December 2025

G.J. Walker Trustee

Company Registration No. 5040258

10

RSA TRUST Notes to the Accounts

for the year ended 31 March 2025

1 Accounting policies

1.1 Basis of preparation

The financial statements have been prepared under the historical cost convention.

The charity has availed itself of Paragraph 3 (3) of Schedule 4 of the Companies Act and adapted the Companies Act formats to reflect the special nature of the charity's activities.

The accounts have been prepared in accordance with applicable accounting standards, the statement of Recommended Practice, "Accounting and Reporting by Charities", FRS 102, issued in February 2016 and the Companies Act 2006.

1.2 Incoming resources

All incoming resources are included in the SOFA when the charity 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 where this can be quantified and a third party 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 classified under headings that aggregate all costs related to the category.Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Management and administration costs are those incurred in connection with the administration of the charity and compliance with constitutional and statutory requirements.

1.4 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery 25% straight line Fixtures, fittings and equipment 25% straight line

1.5 Company status

The charity is a company limited by guarantee. The members of the company are the trustees named on the legal and administrative page of these financial statements. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

1.6 Fund accounting

Unrestricted funds are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

11

RSA TRUST

Notes to the Accounts

for the year ended 31 March 2025

2
Donations and Gifts
Grants receivable for core activities		 2025
£
700,988		 2024
£
520,000

Grant received of £550,000 from RSA Island Village Limited on 26 March 2025.

During year ended 31 March 2024 the Trust received £300,000 from the Metaswitch Employee Benefit Trust as a restricted donation. At the year end £150,000 had been released to revene leaving £150,000 of deferred income available for release to revenue in future years.

3
Other income
Investment income
Interest receivable
4
Total resources expended
Charitable expenditure
Grants payable
RSA heritage project
Management and administration		 Staff costs
Other costs
£
£
2,925
567,517
11,731
27,656
18,257
14,379
32,913
609,552		 2025
£
28,201
28,201
2025
£
570,442
39,387
32,636
642,465		 2024
£
8,885
8,885
2024
£
376,124
22,696
29,455
428,275

Other costs include:

Auditors remuneration comprises audit fee of £6,000 (2024 : £6,000).

Rent for the year was £20,400 (2024: £19,249).

5 Employees

The company had one full time employee. The Charity recharges other companies the appropriate proportion of time spent on it's affairs by its employees.

Wages and salaries
Pension costs		 2025
£
12,548
2,450
14,998		 2024
£
11,585
1,966
13,551

12

RSA TRUST Notes to the Accounts for the year ended 31 March 2025

6
Debtors
Other debtors
Prepayments and accrued income
7
Creditors: amounts falling due within one year
Other taxes and social security costs
Other creditors
Accruals
Deferred income		 2025
£
-
5,000
5,000
2025
£
1,569
251
19,800
150,000
171,620		 2024
£
8,312
5,000
13,312
2024
£
1,193
7,641
12,840
300,000
321,674

Deferred income represents a restricted donation from Metaswitch Employee Benefit Trust (MEBT) of which £75,000 will be released to RSA Trust as general income in the next financial year. The remaining £150,000 is ring fenced for release to Enfield Island Youth and Community Trust in equal tranches over the coming 2 years.

8 Contingent liabilities

There are no contingent 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 charge of £26,655 (2024: £25,098) and building insurance of £559 (2024: £495) for premises occupied by the Trust.

During the year the trust made a grant of £20,000 to Villa Scalabrini (2024: £21,200), a charity in which one of the trustees, Mr Polledri, is also a trustee.

RSA Island Village Limited is currently the primary source of funding for the Trust.

13