## RSM UK FOUNDATION 

REPORT AND FINANCIAL STATEMENTS 

for the year ended 31 March 2024 

Company Registration Number: 11166200 Registered as a Charity in: England and Wales 1179349 Scotland SCO48852 



RSM UK Foundation TRUSTEES’ REPORT for the year ended 31 March 2024 

## **Report of the trustees for the year ended 31 March 2024** 

The trustees are pleased to present their annual report together with the financial statements of the Charity for the year ended 31 March 2024. The Trustees’ Report also encompasses the Directors’ Report as required by company law. 

## **Reference and administrative information** 

RSM UK Foundation is a registered charity with registered charity number 1179349 (England and Wales), SCO48852 (Scotland), and a company limited by guarantee incorporated in England and Wales under the company number 11166200. 

## **Registered and principal office** 

6th Floor 25 Farringdon Street London EC4A 4AB 

## **Trustees** 

The following individuals have held office both as trustees and directors throughout the financial year: 

K Adams A Gormley (Appointed: 4 July 2024) D Gwilliam (Resigned: 4 January 2024) L A Mills (Appointed: 4 July 2024) C J Riches N P Sladden (Chair) J R Taylor J E Welch 

## **Auditor** 

Saffery LLP Westpoint Peterborough Business Park Lynch Wood Peterborough Cambridgeshire PE2 6FZ 

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RSM UK Foundation TRUSTEES’ REPORT for the year ended 31 March 2024 

## **Structure, governance and management** 

The members, who are the trustees, are also the directors of the Charity. The Charity’s governing document is in the form of a Memorandum and Articles of Association dated 23 January 2018. 

The overall strategic direction of the Charity is determined by the trustees. The trustees are responsible for planning and policymaking and, accordingly, all key decisions are referred to and taken by the board of trustees, which met four times during the financial year. This included the trustees considering grant applications for funding at every board meeting. There were no formal committees used during the past year. 

The minimum number of trustees is three and there is no maximum. Trustees must be an LLP member, consultant or employee of one or more entities in the RSM Group, which is the UK group of companies and limited liability partnerships trading as RSM, being RSM UK Holdings Limited (a private limited company registered at Companies House with registration number: 14627594) and any company or limited liability partnership in which it holds shares or has any other form of direct or indirect proprietary interest. 

Any retiring trustee is eligible for re-election for consecutive periods not exceeding in aggregate nine years from the date of their original appointment. Thereafter a trustee is ineligible for re-appointment until one year after their retirement. New trustees are subject to approval by RSM UK NLT Limited. 

Trustees are recruited from RSM and, as such, are experienced in working within a professional services firm. The Charity ensures that any new trustees are acquainted with the Charity’s governing document as well as being provided with the latest version of the Charity Commission's publication 'The Essential Trustee: What you need to know, what you need to do' and the OSCR publication 'Guidance and Good Practice for Charity Trustees'. As well as the formal training received by trustees in their external roles at RSM, they are encouraged to familiarise themselves with the other resources for charity trustees provided by the Charity Commission, OSCR and other sources. When it is relevant to decisions that must be made by the board, all trustees are provided with appropriate briefings from the Charity's legal advisors. The board of trustees also receives professional support from RSM’s charities industry group. 

The trustees have adopted the Charity Governance Code and are committed to following its principles as an indicator of best practice. A full review of the Charity’s application of the Code has been undertaken and is kept under review to ensure its principles are being applied and to identify areas of ongoing focus. 

The trustees maintain a formally approved conflicts of interest policy. They are mindful that, as charity trustees, they have a legal obligation to act in the best interests of the Charity to ensure that the Charity’s affairs are not affected by private interests or by any competing duties of loyalty owed to others. The aim of the policy is to ensure that where a conflict of interest or duty of loyalty arises, or might arise, such situations are dealt with openly and constructively and in the best interests of the Charity. Under the policy, all trustees, and any person who carries out functions for the Charity, are required to complete a declaration of interests form on appointment, disclosing details of employment, other trusteeships, directorships and roles, and those of their close family members. Trustees and others are required to update their form as and when changes occur and confirm their declaration is up to date annually. Additionally, at any meeting at which an agenda item is proposed in which a trustee has a potential conflict, that conflict is declared and recorded at the start of the meeting. 

The conflicts of interest policy provides a clear procedure for managing any conflict arising, including withdrawal of the trustee from the meeting for the relevant item, not being counted in the quorum for that part of the meeting and the trustee concerned having no vote on the matter and remaining absent during the vote. 

As a charitable company limited by guarantee, every member undertakes to contribute a sum not exceeding £1 to contribute to the assets of the Charity in the event of it being wound up while they are a member or within one year after they cease to be a member. 

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RSM UK Foundation TRUSTEES’ REPORT for the year ended 31 March 2024 

## **Our objectives and activities** 

The objectives of the Charity are, for the benefit of the public, to advance such exclusively charitable purposes in any part of the world as the trustees may decide from time to time. 

The trustees have an approved grant making policy for the Charity, which during the financial year continued to focus on five charitable organisations being Anthony Nolan, The Duke of Edinburgh’s Award, European Disabled Golf Association (EDGA), Leadership Through Sport and Business and The Woodland Trust (together, the “core charities”). The Charity will also make grants to other organisations which are not clients of the RSM Group as well as to those which are. During the financial year grants were made to 44 (2023: 22) registered charities in addition to the core charities. The trustees have the discretion to make grants without influence from the RSM Group (save that the trustees will adhere to any reasonable conditions on funding received from the RSM Group). Although the trustees will not normally support grants towards individuals, they may do so in exceptional circumstances and at their sole discretion. 

The grant making policy is regularly reviewed to ensure that the Charity’s objectives are met and in line with the Charity Commission’s guidance on public benefit. The latest update to the grant making policy, which is available from the Charity’s website at www.rsmukfoundation.com, was 23 November 2023. 

Ultimately, the trustees are keen to support activities that advance the Charity’s objects in an effective way yet recognise that a limited amount of funds is available to distribute each year. 

## **Achievements and performance** 

The Charity did not employ any staff during the year, because its aims were achieved through grant making. The only volunteers of the Charity were the trustees who provided oversight of grant making including liaising with the core charities. During the year the core charities benefited from funding of £586,726 (2023: £616,257). 

During the year ended 31 March 2024, the Charity made donations of £225,000 (2023: £248,527) to Anthony Nolan. These donations funded two key areas for the charity, 1,167 trips for the transplant courier programme and 552 grants to families affected by stem cell transplants, a lifeline for many patients who have been impacted by the recent cost of living challenges. 

Last year our partnership with The Duke of Edinburgh’s Award (DofE) helped 9,874 young people across the UK to start their DofE journey. In addition, by contributing to the DofE’s resilience fund, the RSM UK Foundation has reduced the barriers for a further 952 of the most marginalised young people, to get the opportunity of the life-changing benefits of a DofE Award and provided 80 young people with Additional Support Needs in Scotland the chance to begin their DofE. 

Our partnership with Leadership Through Sport and Business (LTSB) continued with a contribution of £50,000 (2023: £36,928). This money supported 35 young people, who face multiple disadvantages, into meaningful work opportunities and enduring careers. 

The past year was the first for our partnership with The Woodland Trust resulting in a donation of £30,000, enabling the restoration of 17.6 hectares of ancient woodland across the UK. The environmental focus of the Charity is delivered through this new partnership, which seeks to create healthy habitats for people and wildlife. 

Working with EDGA together over the 12 months we have enabled 87 PGA professional coaches to be trained to enhance the performance of golfers with a disability. We have also provided funding for 146 volunteers to be trained to introduce the sport of golf to individuals with a disability. 

Beyond the UK, the Charity worked with UNICEF UK as part of its Children in Gaza Appeal and donated £37,088, which matched the amounts raised by partners and staff at RSM UK. 

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RSM UK Foundation TRUSTEES’ REPORT for the year ended 31 March 2024 

## **Achievements and performance (continued)** 

A major new initiative was launched in 2023: RSM Together. RSM Together was designed to give the partners and staff at RSM UK the opportunity to give to their local communities. 29 offices raised funds for local charities of their choice, and in return, the RSM UK Foundation provided top-up funding of £100,860. The offices that raised the most money received the largest proportion of the top-up funding for their chosen charity. The initiative culminated in September 2023, when thousands of people gathered for the first ever RSM Together Festival, the costs of which were funded by RSM UK, across six UK venues for an afternoon of activities, taking some time out to celebrate our culture and collective impact as well as taking on challenges. Including the amounts fundraised and the RSM UK Foundation’s top-up contribution, RSM Together 2023 provided £324,135 to local charities, far exceeding the target of £250,000. 

## **Financial review** 

During the year the Charity was dependent on donations, the largest being from RSM totalling £583,461 (2023: £684,522). When permitted, donation income was supplemented by the Charity being able to claim Gift Aid from HM Revenue and Customs. 

A significant milestone was reached in the last year with total donations exceeding £1m for the first time in the Charity’s history. As such, a total of £1,015,003 (2023: £734,968) was distributed to charities during the year. 

## _Reserves policy_ 

The part of unrestricted funds that is freely available to spend on any of a charity’s purposes is defined as ‘reserves’ and excludes amounts designated for essential future spending, restricted income funds, endowment funds and tangible fixed assets. 

The Charity has a simple structure and uncomplicated activities. Its reserves are primarily held to: 

- provide funding to beneficiaries including inter alia for unforeseen emergency, e.g. funding that may be required for an urgent need; 

- meet planned operational costs; and 

- reflect the minimal risk of an unplanned closure associated with the Charity’s business model. 

The launch of the RSM Together initiative in 2023, established a restricted fund to ringfence the funds raised by partners and employees of RSM UK in order to ensure the onward distribution to the chosen local charities, along with the top-up funding. 

During the year the Trustees established an Environmental Designated Fund to earmark funds received from donors with an environmental connection. Although, not restricted for a particular purpose, the Trustees, have established this designated fund to earmark donations received that will be used for future environmental initiatives. 

Given these requirements the trustees consider the target for unrestricted reserves, after any designations, should be approximately £25,000. At 31 March 2024 the Charity had reserves of £149,764 (2023: £170,459). Reserves at 31 March 2024 exceeded the target for unrestricted reserves by virtue of a short-term timing difference between receiving funding from RSM and Gift Aid receivable before the distribution of those funds to the Charity’s beneficiaries. Having taken account of any future committed expenditure, the Charity was in line with its target for unrestricted reserves for most of the year to 31 March 2024. The reserves policy of the Charity is reviewed annually by the trustees and was originally developed by the trustees having due regard to CC19 Charity reserves: building resilience published on 1 January 2016 by Charity Commission for England and Wales. 

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RSM UK Foundation TRUSTEES’ REPORT for the year ended 31 March 2024 

## **Financial review (continued)** 

## _Investment policy_ 

With minimal levels of funds available for investment, the potential for worthwhile investment returns continued to be unlikely to be cost-effective without taking undue risks such as loss of capital or market value volatility. Therefore, the trustees have determined that any surplus funds should be placed in interest bearing cash deposits with the Charity’s bankers. 

This arrangement is also deemed to be the best basis for managing liquidity risk. Counterparty risk is also minimised by using the Charity’s bankers who are one of the United Kingdom’s recognised leading financial institutions. 

## _Risk_ 

The trustees use a risk register to identify key risks that might impact on the Charity and to ensure steps are taken to mitigate those risks. The key risks identified during the year were potential conflicts of interest, dependency on limited income sources and reputation. 

The trustees consider that appropriate arrangements are in place to mitigate these key risks as recorded on the register. 

## **Funds held as custodian trustee on behalf of others** 

During the year neither the Charity, nor its trustees, acted as custodian trustees on behalf of other charities. 

## **Plans for future periods** 

To ensure appropriate and planned succession of the Board of Trustees, on 4 July 2024 two new trustees were appointed following an open recruitment process at RSM UK. These appointments will assist in providing both continuity and an understanding of how the Charity operates but also will provide new ideas for the next stage of the Charity’s lifecycle. 

The formal arrangements in place for the core charities on a national basis allows both the RSM UK Foundation and its charity partners to undertake longer-term planning with more certainty of funding. Given this successful way of working, the Trustees are finalising the appointment of a humanitarian organisation in 2024 to support the funding of international disaster relief appeals.. 

The Trustees are also pleased to confirm that following the successful launch of RSM Together in 2023, that the initiative will continue in 2024 from June to September. 

## **Trustees’ responsibilities in relation to the financial statements** 

The trustees (who are also directors of RSM UK Foundation for the purposes of company law) are responsible for preparing the Trustees' Report and 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 financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. 

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RSM UK Foundation TRUSTEES’ REPORT for the year ended 31 March 2024 

## **Trustees’ responsibilities in relation to the financial statements (continued)** 

In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities Statement of Recommended Practice (SORP); 

- make reasonable and prudent judgements and estimates; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charitable company. This requires taking reasonable steps to prevent and detect fraud and other irregularities. 

In so far as the trustees are aware: 

- there is no relevant audit information of which the charitable company's auditor is unaware; and 

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

## **Auditor** 

The auditor, Saffery LLP, Chartered Accountants, has indicated its willingness to continue in office. 

By order of the board of trustees 


J R Taylor 

28 August 2024 

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## RSM UK Foundation 

## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RSM UK FOUNDATION for the year ended 31 March 2024 

## **Opinion** 

We have audited the financial statements of RSM UK Foundation for the year ended 31 March 2024 which comprise Statement of Financial Activities, Statement of Financial Position 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: 

- give a true and fair view of the charitable company’s state of affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). 

## **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’s 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 annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 

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. 

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RSM UK FOUNDATION (continued) for the year ended 31 March 2024 

## RSM UK Foundation 

## **Other information (continued)** 

We have nothing to report in this regard. 

## **Other matters prescribed by the Companies Act 2006** 

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

- the information given in the Trustees’ Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the Trustees’ Annual Report has been prepared in accordance with applicable legal requirements. 

## **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’ Annual Report. 

We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- • we have not received all the information and explanations we require for our audit. 

## **Responsibilities of trustees** 

As explained more fully in the Trustees’ Responsibilities Statement set out on pages 5 to 6, the trustees (who are also 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 to do so. 

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RSM UK FOUNDATION (continued) for the year ended 31 March 2024 

## RSM UK Foundation 

## **Auditor’s responsibilities for the audit of the financial statements** 

We have been appointed as auditors under the Companies Act 2006 and under the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under those Acts. 

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below. 

## Identifying and assessing risks related to irregularities: 

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements.  We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates. 

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and guidance issued by the Charity Commission for England and Wales and the Office of the Scottish Charity Regulator. 

## Audit response to risks identified: 

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance. 

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. 

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## RSM UK Foundation 

## INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RSM UK FOUNDATION (continued) for the year ended 31 March 2024 

## **Auditor’s responsibilities for the audit of the financial statements (continued)** 

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. 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, and to the charitable company’s trustees as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company’s members and trustees 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, the charitable company’s members and trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


__________________________ 

Gareth Norris (Senior Statutory Auditor) for and on behalf of Saffery LLP 

Chartered Accountants Statutory Auditors 

Westpoint Peterborough Business Park Lynch Wood Peterborough Cambridgeshire PE2 6FZ 

Date ____________________28 August 2024 

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 

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## RSM UK Foundation 

STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31 March 2024 

|Note<br>**Income**<br>Donations<br>1<br>**Total income**<br>**Expenditure**<br>Donations to charity<br>Bank charges<br>Audit fee<br>3<br>**Total expenditure**<br>**Net (expenditure)/income and net**<br>**movement in funds for the year**<br>**Reconciliation of funds**<br>Total funds brought forward<br>**Total funds carried forward**<br>7|**2024**<br>**Restricted**<br>**Funds**<br>**£**<br>324,135<br>324,135<br>(324,135)<br>-<br>-<br>(324,135)<br>-<br>-<br>-|**2024**<br>**Unrestricted**<br>**funds**<br>**£**<br>681,186<br>681,186<br>(690,868)<br>(965)<br>(10,048)<br>(701,881)<br>(20,695)<br>170,459<br>149,764|**_2024_**<br>**_Total_**<br>**_funds_**<br>**_£_**<br>1,005,321<br>1,005,321<br>(1,015,003)<br>(965)<br>(10,048)<br>(1,026,016)<br>(20,695)<br>170,459<br>149,764|_2023_<br>_Total_<br>_Unrestricte_<br>_d_<br>_funds_<br>_£_<br>842,504|
|---|---|---|---|---|
|||||842,504|
|||||(734,968)<br>(287)<br>(9,224)|
|||||(744,479)|
|||||98,025<br>72,434|
|||||170,459|



The statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 15 to 19 form part of these financial statements 

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STATEMENT OF FINANCIAL POSITION as at 31 March 2024 

Company Registration Number: 11166200 

## RSM UK Foundation 

|Note<br>**Current assets**<br>Debtors<br>4<br>Cash at bank<br>**Current liabilities**<br>Creditors<br>5<br>**Net assets**<br>**The funds of the Charity**<br>Unrestricted income funds<br>Restricted income funds<br>**Total Charity funds**<br>7|**2024**<br>**£**<br>137,500<br>14,462<br>(2,198)<br>149,764<br>149,764<br>-<br>149,764|_2023_<br>_£_<br>146,956<br>24,457<br>(954)|
|---|---|---|
|||170,459|
|||170,459<br>-|
|||170,459|



The financial statements on pages 13 to 19 were approved by the trustees and authorised for issue on 28 August 2024 and signed on its behalf by: 


J R Taylor On behalf of the trustees 

The notes on pages 15 to 19 form part of these financial statements 

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RSM UK Foundation ACCOUNTING POLICIES for the year ended 31 March 2024 

## **General information** 

RSM UK Foundation (“the Charity”) is a private company limited by guarantee, incorporated in England and Wales and is a public benefit entity. 

The registered office address of the Charity is 6[th] Floor, 25 Farringdon Street, London, EC4A 4AB. 

The principal activity of the Charity is disclosed in the Trustees’ Report. 

## **Basis of accounting** 

These financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), the Charities SORP FRS 102, the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and under the historical cost convention. 

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest pound sterling. 

## **Reduced disclosures** 

In accordance with FRS 102, the Charity has taken advantage of the exemptions from the following disclosure requirement; 

- Section 7 ‘Statement of Cash Flows’ – Presentation of a Statement of Cash Flows and related notes and disclosures 

## **Consolidation** 

The financial statements of the Charity are consolidated in the financial statements of RSM UK Holdings Limited (formerly Arrandco Group Limited). The consolidated financial statements are available from the registered office, 6[th] Floor, 25 Farringdon Street, London, EC4A 4AB. 

## **Going concern** 

The trustees have reviewed the Charity’s financial budget in detail and are of the opinion that there are no material uncertainties. The Charity has adequate resources to continue as a going concern for the foreseeable future. 

Accordingly, the financial statements have been prepared on a going concern basis. In addition, RSM UK Holdings Limited, the ultimate parent undertaking at 31 March 2024, is expected to provide ongoing financial support. 

## **Financial instruments** 

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all its financial instruments. 

The Charity only has basic financial assets and financial liabilities and does not enter into financing transactions. They are measured initially at transaction price and subsequently at amortised cost, being transaction price less amounts settled and any impairment losses. 

## **Critical accounting estimates and areas of judgement** 

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees do not consider that there are any key areas of judgement or critical accounting estimates. 

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ACCOUNTING POLICIES (continued) for the year ended 31 March 2024 

## RSM UK Foundation 

## **Donation income** 

General donations, donations from fundraising events, corporate and philanthropy income and direct marketing income are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy. Income received in advance is deferred where appropriate. Gift Aid is recognised on an accruals basis being the date when the associated donation is receivable. 

## **Expenditure** 

Expenditure is recognised on an accruals basis. 

Donations made are payments to third parties in the furtherance of the objectives of the charity. Donations are committed on an ad-hoc basis and are not subject to performance reviews. 

Value Added Tax is included within expenditure where it is not recoverable. 

Liabilities are recognised when there is a legal or constructive obligation committing the charity to the expenditure. 

## **Funds** 

## _Unrestricted funds_ 

Majority of funds are unrestricted and are available to the charity to further any of its charitable objectives. 

## _Restricted funds_ 

The charity restricted funds relate to the RSM Together initiative, these can only be distributed to the local charities that were chosen by the RSM UK local offices. 

## **Taxation** 

As a registered charity, the Foundation benefits from tax exemptions available to registered charities. Consequently, it is not liable for income tax or corporation tax on income derived from its charitable activities. 

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RSM UK Foundation NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024 

## **1. Income from donations and legacies** 

|Donations (including Gift Aid receivable)<br>RSM Together<br>Donations in kind|**2024**<br>**£**<br>671,138<br>324,135<br>10,048<br>1,005,321|_2023_<br>_£_<br>833,280<br>-<br>9,224|
|---|---|---|
|||842,504|



Auditor’s remuneration is paid by the ultimate controlling party, RSM UK Holdings Limited. The element of this fee relating to RSM UK Foundation is shown in the charity financial statements as a donation in kind and a cost. 

## **2. Key management personnel** 

There were no employees of the Charity during the year (2023: £nil). The key management personnel of the Charity comprise the trustees, who did not receive any emoluments or reimbursed expenses from the Charity during the year (2023: £nil). 

## **3. Analysis of donations to charities** 

|_Core charities:_<br>The Duke of Edinburgh’s Award<br>Anthony Nolan<br>EDGA<br>Leadership Through Sport & Business<br>Woodland Trust<br>Trees for Cities<br>UNICEF<br>Matched funds (to 43 (2023: 68) registered charities)<br>Other (to 15 (2023: 22) registered charities)<br>RSM Together (to 29 (2023: Nil) registered charities)<br>Volunteering activity donations|**2024**<br>**£**<br>225,000<br>225,000<br>56,726<br>50,000<br>30,000<br>-<br>586,726<br>37,088<br>15,904<br>46,546<br>324,135<br>4,604<br>1,015,003|_2023_<br>_£_<br>270,000<br>248,527<br>45,302<br>36,928<br>-<br>15,500|
|---|---|---|
|||616,257<br>51,251<br>33,145<br>32,135<br>-<br>2,180|
|||734,968|



|**4.**<br>**Debtors**<br>Other debtors|**2024**<br>**£**<br>137,500<br>137,500|_2023_<br>_£_<br>146,956|
|---|---|---|
|||146,956|



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NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2024 

## RSM UK Foundation 

## **5. Creditors** 

|Accruals|**2024**<br>**£**<br>2,198<br>2,198|_2023_<br>_£_<br>954|
|---|---|---|
|||954|



Accruals represent amounts committed for donations during the period that as of the reporting date are yet to be paid. 

## **6. Related party transactions** 

The related parties comprise of the parent company and other common ownership companies. 

Transactions between the Charity and its related parties are disclosed below: 

|Amounts transferred from RSM UK Group LLP<br>Donation in kind from RSM UK Holdings Limited – to pay<br>auditor fee|**2024**<br>**£**<br>573,414<br>10,048<br>583,462|_2023_<br>_£_<br>675,298<br>9,224|
|---|---|---|
|||684,522|



As at 31 March 2024 £nil is outstanding on related party balances (2023: £nil). 

## **7. Funds of the Charity** 

|**Unrestricted Funds:**<br>General<br>Designated Environment<br>**Restricted Funds:**<br>RSM Together<br>**Total Charity funds**|**Funds at 1**<br>**April 2023**<br>£<br>170,459<br>-<br>-<br>170,459|**Income**<br>£<br>653,603<br>27,583<br>324,135<br>1,005,321|**Expenditure**<br>£<br>(696,726)<br>(5,155)<br>(324,135)<br>(1,026,016)|**Funds at 31**<br>**March 2024**<br>£<br>127,336<br>22,428<br>-|
|---|---|---|---|---|
|||||149,764|



General fund is available to be spent for any of the purposes of the charity. 

The Designated Environment fund was established by the trustees in 2024 to recognise that income had been received from donors with a connection to environmental enterprises. The trustees determined that this income should be earmarked for funding one of the current funding priorities: environmental protection or improvement. 

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RSM UK Foundation NOTES TO THE FINANCIAL STATEMENTS (continued) for the year ended 31 March 2024 

## **7. Funds of the Charity (continued)** 

RSM Together funds are from the new initiative launched in 2023. The RSM Together initiative was designed to give the partners and staff at RSM UK the opportunity to give to their local communities. In the year ended 31 March 2024, 29 RSM UK offices raised funds for local charities of their choice, and in return, the RSM UK Foundation provided top-up funding of £100,860. The funds are only available for distribution to the local charities that were chosen by the RSM UK local offices. 

## _Analysis of net assets by fund_ 

All net assets relate to unrestricted funds. 

## **8. Ultimate parent company** 

The immediate parent company for RSM UK Foundation is RSM UK NLT Limited (formerly RSM UK Holdings Limited), a company incorporated in England and Wales. See pages 2 to 3 for further details on structure and governance. 

Until 3 April 2023 the ultimate controlling party is RSM UK Holdings Limited (formerly Arrandco Group Limited), a company incorporated in England and Wales. 

For 31 March 2024 the largest and smallest group in which the results of the company are consolidated is that headed by RSM UK Holdings Limited, a company incorporated in England and Wales. The consolidated accounts are available from its registered office, 6th Floor, 25 Farringdon Street, London, EC4A 4AB. 

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