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2021-03-31-accounts

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS (a company limited by guarantee)

Report and Financial Statements

Year ended 31 March 2021

Charity No: 207823 for England and Wales Charity No: SCO39289 for Scotland

Company No: 00231435

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Contents Page
Reference and Administrative details 3
Structure, Governance and Management 4
Mission and Vision 6
Strategic Report 7
Independent Auditor's Report 14
Consolidated Statement of Financial Activities 18
Consolidated and Charity Balance Sheets 19
Consolidated Cash Flow Statement 20
Notes Forming Part of the Financial Statements 21

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The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Reference and Administrative Details

Legal Status

The Royal Society for the Prevention of Accidents (RoSPA) is a registered charity No.207823 and a Company registered in England and Wales No.00231435 and Scotland, SCO39289, limited by guarantee and having no share capital. There were 3,228 members as at 31 March 2021 who are liable to contribute 50p each in the event of the Society being wound up.

The Society owns 100% of the share capital of its trading subsidiary RoSPA Enterprises Limited - company No 03021397. RoSPA Enterprises Limited gift aids its profits to the Society.

Patron

Her Majesty the Queen

Trustees

P Brown Resigned 26 March 2021 R Clark- Hon Treasurer Appointed 26 November 2021 I Holborn - Hon Treasurer Resigned 26 November 2021 S Jones Appointed 26 March 2021 S Kirk J McNulty G Parker M Parker CBE - Chairman Dr J Redhead K Saunders Appointed 10 July 2020

President

Baroness Jolly of Congdon's Shop

Deputy Presidents

Lord Jordan of Bournville CBE Baroness Eaton of Cottingley DBE, DL

Executive Team

S Brady Executive Head of Finance & Company Secretary (Resigned 31 July 2021) J Bullock Executive Head of Head of Awareness & Education (Resigned 15 April 2021) N Davies Executive Head of Policy & Portfolio D Ewing Executive Head of Information Technology R Hickman Relationships Director T Hussain Executive Head of Finance & Company Secretary (Appointed 21 June 2021) T Rudge Operations Director J Small Achievements Director E Taylor Chief Executive

Registered Office

RoSPA House, 28 Calthorpe Road, Edgbaston, Birmingham, B15 1RP

Auditors

BDO LLP, Two Snowhill, Birmingham, B4 6GA

Bankers

Lloyds Bank plc, 142 Edgbaston Park Road, Birmingham, B15 2TY

Solicitors

Veale Wasborough Visards , Second Floor, 3 Brindley Place, Birmingham B1 2JB

Fund Managers

Rathbone Brothers plc, 8 Finsbury Circus, London EC2M 7AZ.

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The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Structure, Governance and Management

Governance and Internal Control

RoSPA is governed by its Memorandum and Articles of Association originally dated 17 May 1951 and last amended 14 November 2014. The Society has Members, who may be individuals or corporate bodies. RoSPA also has Honorary Members, appointed at the discretion of RoSPA's Board of Trustees (known as the "Board"). RoSPA holds an AGM each year open to all members.

Trustees

As set out in the Articles of Association, RoSPA is governed by the Board. The Trustees, of whom there are currently 8, are elected annually. The Trustees nominate those persons that they wish to be trustees for appointment by the Members in the notice of the Annual General Meeting. All retiring trustees are eligible for reappointment assuming other criteria requirements are met. Trustees must be aged 18 or more and have an interest in or skills, experience or knowledge relevant to the work of the Society. The Members shall then approve appointments at the Annual General Meeting. The normal term of office is 3 years, which may be extended for a second term of 3 years. Exceptionally, the Officers of the Charity may serve for longer periods, at the discretion of the Board, who will carry out a full review of the reasons and rationale for the extended period of service.

The requirement for new trustees arises on the retirement or resignation of existing trustees or where the Nominations Committee identifies the need for new skills.

In selecting new trustees the Board seeks to achieve a range of skills and experience appropriate to the mission and objectives of the Society as the UK's leading safety charity.

Trustees may be recruited from, or on the recommendation of, organisations that encompass particular skills sets or professional skills. However, appointment of a trustee is based on the quality and skills of the individual and not simply by nomination of a particular organisation.

An interview process will take place before an individual is recommended to the Board as a prospective new trustee. On appointment, a new trustee will be given an induction pack and have induction meetings with RoSPA's senior managers. Trustees are encouraged to attend RoSPA events. On appointment, and during their term of office, training needs are identified and addressed.

Trustees at all times operate under the powers and duties given to them by the Memorandum and Articles of Association and under the various statutes relating to Trustees, Charities and Directors of Companies.

The Trustees normally meet four times a year as the Board and additionally have at least one full day Strategy meeting per year. The Board governs the Charity and delegates specific responsibilities to committees comprising the Nominations Committee (NomCom), the Remuneration Committee (RemCom), the Audit & Risk Committee and the Investment and Pensions Committee. These committees are all made up of trustees with senior members of RoSPA staff in attendance to support the decision-making processes.

All committees operate under specific terms of reference and their decisions are ratified by the Board.

As part of the Board of Trustees, a Remuneration Committee is established to monitor, discuss and recommend the remuneration of the charity’s key personnel. Salaries are benchmarked every year in March and proposed changes are reviewed and approved by the Remuneration Committee.

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Structure, Governance and Management (continued)

Management Committees and the decision-making process

The Board (of Trustees)

RoSPA's Board of Trustees are Directors of RoSPA for the purposes of the Companies Act. The Board governs the Charity and delegates certain powers to the following entity and committees:

The Investment and Pensions Committee meets on an ad hoc basis to review and report to the Board on all matters relating to the Society's investment portfolio and RoSPA's Retirement and Death Benefits Plan, a closed final salary pension scheme.

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RoSPA's Mission: Life, free from serious accidental injury

RoSPA's Vision: Exchanging life-enhancing skills and knowledge to reduce serious accidental injuries

How RoSPA delivers its Mission and Vision changes over time to reflect the safety issues and challenges facing people in an ever-changing world. Increasingly RoSPA seeks to demonstrate the effectiveness and value of the work that it does. RoSPA seeks to effect positive change through its work as a promoter of key safety issues and as a provider of relevant services. The Society collects data, carries out research, develops policies, informs, educates, audits and provides expert consultancy in each of the following areas:

Public Benefit

A comprehensive review of RoSPA's activities during the year ended 31 March 2021 is presented below. Through these initiatives, RoSPA continued to focus on achieving its mission and vision and the Trustees are satisfied that the Charity continues to meet the required public benefit test: there is a clear public benefit and RoSPA's activities are designed and implemented to meet it.

For further information and a more detailed review of achievements and performance, see also RoSPA's Annual Review for the year ended 31 March 2021.

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The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Strategic Report

The Trustees, who are also Directors of the Charity for the purposes of the Companies Act 2006, present their Strategic Report and the audited Financial Statements for the year ended 31 March 2021.

The Trustees have adopted the provisions of the Statement of Recommended Practice 'Accounting and Reporting by Charities' applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102).

The Strategic Report of the Trustees comprises the following sections:

Achievements and Performance

As the new financial year dawned in April 2020, the COVID-19 pandemic was tightening its grip across the globe.

The UK Government announced a lockdown in late March 2020, ordering people to stay in their homes. While this measure aimed to protect people from the virus, at RoSPA we are all too aware that more accidents happen in the home than anywhere else, giving our life-saving accident prevention mission an immediate renewed importance. We responded with a powerful Accident Free, Avoid A&E campaign, designed to reduce pressure on the over-burdened NHS and keep people out of hospital - by sharing advice on avoiding serious accidental injury.

Every person and every organisation in the UK was dramatically affected by coronavirus and RoSPA was no exception. Our staff began working from home as soon as the first lockdown was announced and we worked tirelessly to facilitate this by upgrading our IT systems.

We also reached out to help the wider workplace health and safety community face these unprecedented challenges by offering free advice and guidance, and enabled the sharing of best-practice via blogs and webinars that attracted a global audience.

COVID-19 restrictions led to the cessation of face-to-face activities at RoSPA, including our popular OSH and fleet training and consultancy services and events programme, leaving us facing the very real prospect of severe and unsustainable financial loss.

To offset this, we rapidly mobilised to protect our commercial income by expanding our portfolio of online courses, developing and launching live virtual classroom training and running webinars in place of live events.

Despite this work, the enormous disruption made it clear that we needed to cut costs further in order to protect the viability of the organisation. We therefore entered one of the most challenging periods in our history, which ultimately saw us saying goodbye to almost one quarter of our colleagues and restructuring the organisation.

As we look back on this difficult time, we now feel able to be proud of the way in which we used this huge challenge as a catalyst for really positive change, enabling us to not only finish the year in a solid financial position, but to have laid the strategic groundwork for a revolutionised RoSPA, more determined and equipped to relentlessly and rigorously pursue accident prevention priorities than ever before.

And against this climate we were fortunate to welcome Baroness Eaton of Cottingley DBE, DL as RoSPA’s new Deputy President.

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Strategic Report (continued)

Achievements and Performance (continued)

In the face of the pandemic, we continued to champion the importance of safety in the home by going online, with well-attended, engaging virtual events to promote our Safer by design framework, hosted alongside the Chartered Institute of Housing, as well as online promotion of the importance of better design.

The Scotland community safety team also delivered a series of home safety webinars and our OPSS-funded firework awareness campaign led to over 8,000 views of our fireworks webpage.

We delivered a UK-wide OPSS-funded product safety campaign on the risks of button batteries, while campaign work on magnets was developed in Northern Ireland by linking to cases identified at Royal Belfast Hospital, working with both the hospital and the family to promote wider awareness.

Young children and older people are most affected by accidents at home, so we continued our work to focus on these stages of life. As part of RSA Group and RoSPA’s continued strategic partnership, we delivered a series of online strength and balance sessions for people in later life to tackle falls, and launched an online hub. Our animated home safety videos and downloadable resources attracted more than 4,500 views.

In addition, we continued our Take Action Today accidental poisonings prevention project, funded by the UK Cleaning Products Industry Association and Proctor and Gamble, with launches covering 21 local authority areas.

And in Aberdeen, a physical Keeping Kids Safe project was replaced by a week-long virtual campaign. Tweets on the RoSPA Scotland account reached nearly 12,000 people, while Facebook posts reached nearly 68,000 people, including those in the key target group of parents.

RoSPA’s membership of the Advisory Board to the National Fire Chiefs’ Council (NFCC) allows us to encourage the UK’s Fire and Rescue Services (FRS) to continue their life-saving educational programmes and home visits. For every burn-related hospital admission, there are 235 due to falls and FRS staff helped deliver safety messages throughout the UK.

Lockdown may have heralded quieter roads but the need to socially distance saw an increased interest in active forms of travel as alternatives to public transport.

In May we saw the start of the innovative Cycle Smart Brum project. RoSPA and See.Sense came together to trial how a smart bicycle light data could help to provide a wider understanding of unreported collisions. Over the period of the study, 42,161km was travelled by 200 Birmingham cyclists, representing 798,292,700 individual sensor readings for swerving, braking and surface conditions.

RoSPA also announced a new strategic partnership with e-scooter provider Neuron Mobility to develop a training package for new users, ensuring safety remains centre stage for this up-and-coming form of transport. RoSPA Deputy President Lord Jordan, of Bournville CBE, rode a Neuron scooter around RoSPA’s car park to help promote the collaboration.

In June we were able to help improve road safety by resuming our in-vehicle fleet driver training courses, following a thorough COVID-19 risk assessment, while in July, we launched the Better Bikers campaign with the aim of increasing the number of motorcyclists in Scotland taking up post-test training. As part of this project, we delivered a targeted Facebook campaign which reached over 17,000 people in five days. The project later won the award for Best Use of Data and Analytics at the Public Relations and Communications Association (PRCA) DARE Awards.

Throughout the month of October, RoSPA again campaigned for scrapping the autumn clock change, calling for action following a “lost decade” for road safety which saw progress towards reducing road deaths stall.

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Strategic Report (continued)

Achievements and Performance (continued)

At the request of the Welsh Government, RoSPA devised alternative approaches to be adopted by local authorities in Wales, for the continued delivery of road safety and active travel initiatives through COVID-19 disruption. We also developed online resources supporting Welsh Government-funded national projects, including Kerbcraft and the young driver initiative.

In Scotland, the Scottish Occupational Road Safety Alliance (ScORSA) embraced the need for virtual resources due to coronavirus by developing a new communications toolkit for use by over 400 members to cascade key road safety messages.

The major focus in leisure safety was on reducing the several hundred drowning deaths that occur every year in the UK.

RoSPA, as chair of Water Safety Scotland’s Data Subgroup, led and published a report on how to prevent future fatalities, while our leisure safety team supported the National Water Safety Forum (NWSF) to produce new guidance for beaches during the pandemic.

The NWSF, which is hosted by RoSPA, continued to make a huge impact on water safety and raise its profile, running awareness-raising campaigns and issuing its annual report on the number of water-related fatalities in the UK, with data taken from its Water Incident Database (WAID).

Those responsible for managing safety in their workplaces disproportionately bore the brunt of managing the organisational response to COVID-19. Despite restrictions leading to the cancellation of our popular gala dinners, we felt that it was important that our Award winners were able to celebrate their success, so we moved our Awards ceremony online for the first time in its 65 year history and more than 1,000 winners registered to take part.

The RoSPA Awards Ambassador network of volunteers gained real momentum during 2020/21, increasing the visibility of the RoSPA Awards scheme across the world, including the Gulf Cooperation Council (GCC). Through this network we also created important opportunities to raise the profile of RoSPA’s mission and vision, with articles being published in a number of journals and an international virtual Awards Excellence Forum event taking place, which included speeches from key health and safety organisations in Singapore.

We continued to forge strong relationships with partners this year, joining both the International Network of Safety and Health Professional Organisations (INSHPO) as an associate member and the Sleep Council Advisory Board, supporting the Wake Up Call sleep manifesto launched in January.

In addition, RoSPA further demonstrated the strength of its global OSH network through its partnership with L’Oréal, under the Safe@Work-Safe@Home banner, by developing a mentoring scheme linked to a series of accredited IOSH Leading Safely courses, for six funded places for women entrepreneurs. This developing network also amplified many key OSH issues, most notably driving for work and fatigue, by delivering content for journals read in UK, the GCC and Singapore.

This year presented unique challenges and unprecedented change for RoSPA, the UK and the world at large, but we are immensely proud of the huge progress we continue to make to deliver our mission and vision.

By pulling together, we achieved many significant successes, including a newly restructured sales team, huge gains in our digital presence (with unique page views of www.rospa.com up 12 per cent on the previous year), a new learning management system (LMS) and our first home-grown e-learning course.

For our valued members, we launched MyRoSPA, our new engaging, interactive hub, and The RoSPA Journal, our new look, all-encompassing flagship journal.

And by hosting the EuroSafe website and chairing their Executive Board, RoSPA is at the heart of accident prevention across the whole of Europe.

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Strategic Report (continued)

Achievements and Performance (continued)

Thanks to our people and our partners, RoSPA is now in a better position than ever before and we can look forward to a bright future ahead, with renewed commitment to life free from serious accidental injury.

More details about RoSPA's achievements and performance are available in the RoSPA Annual Review 2020/21 (www.rospa.com/annualreview).

Financial Review of RoSPA 2020/21

The Society's Key Performance Indicators are the trading surplus or deficit and the balance of unrestricted funds. The society produced a trading deficit of £121k for the year (2020: deficit £104k). This included a £215k (2020: £237k) charge in respect of the legacy final salary pension scheme.

After accounting for an unrealised gain on investments of £687k (2020: £385k loss) before expenses of £28k (2020: £26k), no movement in the value of heritage assets (2020: no movement) and an actuarial loss on the final salary pension scheme of £132k (2020: £359k gain) there was a net surplus for the year of £434k (2020: £130k deficit). The £434k surplus was represented by an increase in unrestricted funds of £528k and a decrease of £94k in restricted funds.

RoSPA strives to drive income growth through the delivery of more services in both the domestic and international markets, but income fell by 30% in the year (2020: 5% decrease). This fall was largely the result of trading operations stopping suddenly at the start of the UK coronavirus shutdown in March 2020. However, RoSPA's focus on value-for-money and efficient use of resources has meant that expenditure has decreased in the year by 29.7% (2020: 4.9% decrease).

RoSPA has net assets of £67k as at 31 March 2021 (31 March 2020: £367k liabilities). Given the long term nature of the pension liability, planned cost saving measures and with cash and debtors of £2.9 million (2021: £3.1 million) and investments of £4.0 million (2021: £3.8 million) as of the balance sheet date, the Board remains of the view that RoSPA is a going concern.

The Group continued to maintain a healthy bank balance: at the year end, cash balances totalled £0.9 million (2020: £1.0 million).

In overview, 38% of the Society's income for the year came from Grants, Sponsorship and Membership with the remainder coming from chargeable activities. These activities are in line with the charitable objectives of the Society and include training in safety, implementation of safety audit procedures, awards for best practice and the hosting of events to assist in the implementation of new legislation and other key initiatives.

RoSPA's wholly owned trading subsidiary, RoSPA Enterprises Ltd (REL), continued to trade successfully during the period, providing training and consultancy, advertising and sponsored activities such as the RoSPA Occupational Health & Safety Awards Scheme. For the year ended 31 March 2021 REL made a covenanted payment to the Charity, included in the results discussed above, of £179k, representing all of its taxable profits (2020: £499k).

Further information about the extensive range of activities and services provided through REL are included in the Annual Review and on the RoSPA website (www.rospa.com).

The factors likely to affect the financial position going forward as identified by the Trustees on the risk register are primarily external in respect of movement on investments and liabilities and the final salary pension scheme deficit. These are mitigated by the fact that RoSPA maintains significant cash balances, has no external debt and holds significant long term investments.

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Strategic Report (continued)

Financial Review of RoSPA (continued)

Pension Scheme

Despite being closed to new members and new accruals since 2001 the deficit remains significant; £6,034k at year end, (2020: £5,983k). Nevertheless, RoSPA has no external debt other than trade creditors and has been successful at strengthening its balance sheet over recent years to provide a strong covenant for this long term liability. An ongoing agreement is in place to make additional annual contributions, supplemented by a further agreement to make further contributions insofar as the Society exceeds its annual financial targets, with a view to clearing the funding deficit over the medium term. The latest triennial valuation of the Scheme fell due on 5 April 2019, with negotiations concluded with the Pension Scheme to continue additional annual contributions at a rate of £277k.

The Scheme itself is managed by its own Board of Trustees and is administered by Isio Group Ltd. The Scheme continues to invest a proportion of its assets in a form of 'Liability Driven Investment', with the intention of achieving better tracking between movements in the Scheme's assets and liabilities and thereby reducing volatility in the valuation of the deficit.

Reserves

The Trustees continue to recognise the need to hold sufficient free reserves to protect the continuation of RoSPA's core activities. These reserves should allow the organisation to plan ahead with a reasonable degree of confidence in the event of income shortfalls due to economic or market downturns and to undertake effective long-term strategic planning.

Free reserves available for use by RoSPA comprise those that are readily realisable, less funds subject to restricted uses or designated for particular purposes and less fixed assets. At 31 March 2021 these comprised a total of £4,086k (2020: £3,537k), an increase of £549k for the year.

The ongoing target level for RoSPA's free reserves should approximately equate to six months of fixed operating costs or £2,750k, reflecting the variability of commercial returns and the fact that RoSPA's income is predominantly self-generated via its training and associated activities. Hence we are currently operating at our target level of free reserves. Restricted reserves at 31 March 2021 were £204k (2020: £298k) as analysed in Note 2 to these accounts.

Investment Portfolio

The investment portfolio managed by Rathbone Investment Management Ltd, London increased in value by £210k during the period. This included investment management fees of £28k and dividends achieved on investments of £49k, leaving a balance of £4,003k. The total return on investment stood at 19.5% over the period.

The Investment Policy continues to target three objectives:

a) the maintenance/enhancement of invested funds - Rathbone are seeking to deliver CPI+4% over the investment cycle;

b) a reasonable balance between capital growth and income; and c) the avoidance of undue risk.

The Policy also seeks to achieve a sound financial return while seeking not to invest in assets that could be detrimental to the aims and objectives of the Society.

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Strategic Report (continued)

Plans for Future Periods

In policy terms, RoSPA will continue to develop the key safety messages, issues and programmes it currently pursues, with the goal of cutting accident rates across all areas. This will continue to involve working with governmental and other organisations to develop effective strategies for reducing accidents and avoiding the lost opportunities and adverse societal impacts they cause.

In terms of its business activities, RoSPA will continue to focus on managing its affairs professionally and efficiently and on providing high quality training and consultancy to its clients, supported by leading edge seminars and congresses developing discussion and information exchange on emerging issues.

RoSPA's aim is to ease access to knowledge and good practice through face-to-face contact, web-based training and presentations and via information systems, which are increasingly used by business where staff time is at a premium.

Principal Risks and Uncertainties

Identification and Management of Risks

The Board assesses business risks and implements risk management strategies. The Trustees are pleased to report that the Charity's internal financial controls conform to guidelines issued by the Charity Commission. In addition, the Trustees have considered the guidance for directors of public listed companies contained within the Turnbull and Higgs reports.

A Risk Register has been prepared to help manage the risk process. It contains all risks identified, and is subject to regular review. A formal review of the risk management processes is undertaken on an annual basis.

The key controls used by the charity include:

Through the established risk management processes, the Board is satisfied that, while systems can only provide reasonable rather than absolute assurance, the major risks encompassing the Charity as detailed below have all been identified and appropriately managed as necessary:

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Statement of Trustees' Responsibilities

The Trustees are responsible for preparing the Strategic Report, the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period.

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

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

All of RoSPA's current trustees have taken all the steps that they ought to have taken to make themselves aware of any information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The Trustees are not aware of any relevant audit information of which the auditors are unaware.

The Board of Trustees approved this report on 29 March 2022.

Mr M Parker CBE Chairman

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INDEPENDENT AUDITOR'S REPORT TO MEMBERS OF THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of the Royal Society for the Prevention of Accidents (“the Parent Charitable Company”) and its subsidiaries (“the Group”) for the year ended 31st March 2021 which comprise the consolidated statement of financial activities, the consolidated balance sheet, the consolidated cash flow statement and notes to the financial statements, including a summary of 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).

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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and Parent 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.

Conclusions related 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 Group and the Parent 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.

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Independent Auditor's Report (continued)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees Report, other than the financial statements and our auditor’s report thereon. The other information comprises: the Trustees 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.

Other Companies Act 2006 reporting

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

In the light of the knowledge and understanding of the Group and the Parent Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatement in the Strategic report or the Trustee’s 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;

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, 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 determines 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 Group’s and the Parent 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 Group or the Parent Charitable Company or to cease operations, or have no realistic alternative but to do so.

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Independent Auditor's Report (continued)

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

Extent to which the audit was capable of detecting irregularities, including fraud

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:

We made enquiries of management. This included the following:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the Charity. These include, but are not limited to the Charities SORP and UK GAAP.

In addition, the Company is subject to many other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: data protection. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Those Charged with Governance and other management and inspection of regulatory and legal correspondence if any.

We considered management’s incentives and opportunities for fraudulent manipulation of the financial statements (including revenue recognition and the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial results and management bias in accounting estimates.

Audit response to risks identified

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Independent Auditor's Report (continued)

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://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. 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.

Kyla Bellingall (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor Birmingham, UK Date 30 March 2022

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

Company number 00231435 Page 17 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Consolidated Statement of Financial Activities (incorporating an Income and Consolidated Statement of Financial Activities (incorporating an Income and Consolidated Statement of Financial Activities (incorporating an Income and Expenditure Account) Expenditure Account) Expenditure Account) for the 12 months ended 31 March 2021 12 months ended 31 March 2021 12 months ended 31 March 2021 12 months ended 31 March 2021
Note 2021
2021		 2021 2020 2020 2020
Unrestricted
Restricted Total Funds		 Unrestricted RestrictedTotal Funds
£'000
£'000		 £'000 £'000 £'000 £'000
Income and endowments from:
Donations and legacies - - - - - -
Charitable activities
At Work 3,524 131 3,655 5,194 154 5,348
At Leisure 28 45 73 55 45 100
On the Road 458 472 930 1,443 471 1,914
In the Home 177 273 450 235 315 550
By influencing and informing 520 15 535 627 106 733
Investments 4 49 - 49 80 - 80
Furlough scheme 3 399 - 399 - - -
Other 2 - 2 14 - 14
Total Income 2 5,157 936 6,093 7,648 1,091 8,739
Expenditure on:
Raising Funds
Investment Management Costs 28 - 28 26 - 26
Charitable activities
At Work 3,739 132 3,871 5,072 162 5,234
At Leisure 70 125 195 97 147 244
On the Road 444 689 1,133 874 805 1,679
In the Home 104 360 464 84 576 660
By influencing and informing 460 50 510 885 115 1,000
Other 13 - 13 - - -
Total expenditure 5 4,858 1,356 6,214 7,038 1,805 8,843
Net income/ (expenditure) pre investment gains and losses 299 (420) (121) 610 (714) (104)
Net gains / (losses) on investments 687 687 (385) - (385)
Transfers between funds 2 (326) 326 - (711) 711 -
Net income/ (expenditure) 660 (94) 566 (486) (3) (489)
Other recognised gains/ (losses):
Actuarial (loss) / gain (132)
-		 (132) 359 - 359
Net Movement in funds 528 (94) 434 (127) (3) (130)
Fund Balances brought forward at 1 April 2 (665) 298 (367) (538) 301 (237)
Fund Balances carried forward at 31 March 2 (137) 204 67 (665) 298 (367)

All of the above results are derived from continuing activities. All gains and losses in the year are included above. The notes on pages 20 to 33 form part of these financial statements.

Company number 00231435 Page 18 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Consolidated and Charity Balance Sheets as at 31 March 2021

Note
Fixed Assets
Tangible assets
6
Intangible assets
7
Heritage Assets
8
Investments
11
Current Assets
Debtors due within one year
10
Cash at Bank and in Hand
Creditors: amounts falling due within one year
12
Net Current Assets/(Liabilities)
Total Assets less Current Liabilities
Pension Liability
18
Net Assets/(Liabilities)
Funds :
Unrestricted Funds excluding the Pension Liability
Pension Liability
18
Unrestricted Funds
2
Restricted Funds
2
Total Funds
2		 Group
2021
Group
2020
Charity
2021
Charity
2020
£'000
£'000
£'000
£'000
1,600
1,683
1,600
1,683
212
99
212
99
185
185
185
185
4,003
3,793
4,003
3,793
6,000
5,760
6,000
5,760
2,013
2,064
1,742
1,729
892
989
858
947
2,905
3,053
2,600
2,676
(2,804)
(3,197)
(2,703)
(3,117)




101
(144)
(103)
(441)



6,101
5,616
5,897
5,319
(6,034)
(5,983)
(6,034)
(5,983)
67
(367)
(137)
(664)
5,897
5,318
5,897
5,267
(6,034)
(5,983)
(6,034)
(5,983)
(137)
(665)
(137)
(716)
204
298
-
52
67
(367)
(137)
(664)

The financial statements on pages 18 to 33 were approved by the trustees on 29 March 2022 and signed on their behalf by:

Mr M Parker CBE Chairman

Company number 00231435 Page 19 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Consolidated Cash Flow Statement for the 12 months ended 31 March 2021

Net cash (used in) / provided by operating activities
Cash flows from investing activities
Dividends, interest & rents from investments
Cash withdrawn from investment portfolio
Payments to acquire tangible and intangible fixed assets
Net cash provided by / (used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Decrease in funds
Analysis of changes in net debt
Cash at bank and in hand		 Note
2021
2020
£'000
£'000
13
(434)
(225)
49
8
450
-
6/7
(162)
(57)
337
(49)
(97)
(274)
989
1,263
892
989
(97)
(274)
At 1
April
Cash
At 31
March
At 31
March
2020
flows
2021
2020
£'000
£'000
£'000
£'000
989
(97)
892
989
989
(97)
892
989		 2021
2020
£'000
£'000
(434)
(225)
49
8
450
-
(162)
(57)
337
(49)
(97)
(274)
989
1,263
892
989
(97)
(274)

Company number 00231435 Page 20 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared under the historical cost convention, as modified by the revaluation of freehold land and buildings and the inclusion of investments at market value. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) – (Charities SORP (FRS 102)).

Going concern

In the current business climate, the Trustees acknowledge the ongoing COVID-19 pandemic. In response to the pandemic, management are monitoring all aspects of the Group’s activities and have implemented the necessary operational changes to mitigate the financial impact of COVID-19. Actions have included a full reforecast of the financial position and cashflows for the period to March 2023 and stress testing the cash position to assess scenarios relating to reductions in income. The liquidity of investments has also been considered to ensure that funds are sufficiently accessible should they be called upon.

The Trustees have also considered the (£67k) net asset position of the Group balance sheet at 31 March 2021. This is the result of the FRS102 actuarial valuation of RoSPA’s final salary pension fund, which has a net deficit of (£6m) at 31 March 2021. This is a long term liability which is subject to annual valuation and will crystallise over the next 30 years. As such, the impact on cashflows over the going concern assessment period is far less significant and has been included in the modelling set out above.

Whilst a degree of uncertainty is inherent in cashflow forecasts during a pandemic, the Trustees do not consider this to be material uncertainty and are confident, based on the assessment performed, that cash and investments will remain sufficient to enable the Charity and Group to meet its obligations as they fall due for a period of at least 12 months from the date of signing these accounts. The Trustees therefore consider it appropriate for the accounts to be prepared on a going concern basis.

b) 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. This includes funds received under supply contracts which may be restricted as to their purpose but cannot be classed as such due to their legal status.

Restricted Funds are funds which are to be used in accordance with specific restrictions imposed by donors. The cost of administering such funds is charged against each specific fund. The aim and use of each restricted fund is set out in note 2 to the financial statements. Restricted Funds include funds for distribution. These are funds passed through the society to forward to other charities or to benevolent causes, and do not represent activity of the Society itself. Distribution funds are not included in the calculation for irrecoverable VAT. The funds assets are held entirely as cash at bank and in hand.

Funds that partially sponsor an activity or event are charged with cost equal to the sponsorship value.

Overhead costs are charged to grant-funded activities, whether or not they are specifically referenced by the grant provider. Allocation is by head count, except helpdesk, press office and website costs which are allocated by activity level.

To the extent costs of restricted fund projects are not covered by associated restricted income RoSPA contributes unrestricted funds. For the year ended 31 March 2021 the value of this contribution was £326k (2020: £711k).

Company number 00231435 Page 21 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

Accounting policies (continued)

c) Incoming resources

All incoming resources are included in the SOFA when the charity is legally entitled to the income and the Subscriptions are receivable on varying dates throughout the year and are apportioned on a time basis; the

Where funding is provided by way of grants and sponsorship, the monies are separately accounted for as Restricted Funds and applied to the projects specified by their providers. Grant income is accounted for on a receivable basis.

Income is deferred to future periods from the period when it is received to the period to which it relates. This

d) 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 possible, costs have been allocated directly to the activity to which they relate. However, there are also shared support costs that enable the charity’s charitable, income generating and governance activities to be undertaken. These costs have been allocated to the Charity’s activities using appropriate cost drivers as follows:

  1. Staff Numbers for administration, IT, Human Resources, Accountancy, Calthorpe Road and facilities costs.

  2. Press Office and Information Centre on number of enquiries and level of activity.

e) Tangible fixed assets and depreciation

Tangible fixed assets are stated at historical cost less accumulated depreciation. Depreciation is provided on

Freehold buildings over 50 years Short leasehold properties over term of lease Fixtures over 14-15 years Office equipment over 6-7 years Computer equipment over 4 years

Purchases are recognised as fixed assets only if the economic life of the purchase can reasonably be expected to be at least as long as the depreciation period, and purchase cost exceeds £500.

f) Intangible assets and amortisation

Intangible assets are stated at historical cost less accumulated amortisation. Amortisation is provided on all intangible assets calculated to write off the cost on a straight line basis over the expected useful economic lives as follows:

Computer Software

over 4 years

g) Investments

The investments are stated at their market value at the year end and any gains or losses are taken to the statement of financial activities. The investment policy is determined by the Board, and is reviewed every three years.

h) Pension costs

The difference between the fair value of the assets held in the charity’s defined benefit pension scheme’s liabilities measured on an actuarial basis using the projected unit method are recognised in the charity’s balance sheet as a pension scheme liability. The carrying value of any resulting pension scheme asset is restricted to the extent that the charity is able to recover the surplus either through reduced contributions or through refunds from the scheme.

Changes in the deferred benefit pension asset or liability arising from factors other than cash contribution by the charity are charged to the SOFA in accordance with FRS102.

Company number 00231435 Page 22 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

Accounting policies (continued)

i) Finance and operating leases

Rentals applicable to operating leases are charged in the SOFA over the period in which the cost is incurred. There are currently no assets purchased under finance leases.

j) Lessors

Rents receivable are spread from the inception of the lease to the break points evenly over that period.

k) Foreign exchange

Foreign currency transactions are translated into sterling at the rates ruling when they occurred. Foreign currency monetary assets and liabilities are translated at the rates ruling at the balance sheet dates. Any differences are taken to the statement of financial activities.

l) Contingent liability

There is a potential clawback for all grant monies and restricted funds where they are not spent in accordance with the terms and conditions of the grant offer letter or contract. The Society’s expenditure controls are designed to ensure that there is no such liability.

m) Heritage Assets

The charity’s collection of artwork and posters is reported in the Balance Sheet at valuation. Valuations are reviewed every year and updated by professional valuers every 5 years or more often if the trustees consider it necessary. The trustees would consider this necessary if for example further heritage assets had been discovered or if the level of related sales had changed significantly in the period. It is the charity’s policy to maintain its collection of artwork and posters in good condition and any maintenance costs incurred to preserve such are charged to the Statement of Financial Activities when incurred. The artwork and posters are deemed to have indefinite lives and the Trustees do not therefore consider it appropriate to charge depreciation.

n) Legacy Income

In respect of legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the estate that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

o) Sources of estimation uncertainty

i To determine whether leases entered into by the company either as a lessor or a lessee are operating leases or finance leases (see note 14) depends on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

ii To determine whether there are indicators of impairment of the company’s tangible assets the factors taken into consideration include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Tangible fixed assets (see note 6) are depreciated over their useful lives. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

iii To determine the provision against trade debtors (see note 10) they are assessed at each reporting date for recoverability. If there is any evidence of impairment the carrying amount of the debtor is reduced to its recoverable amount. The impairment loss is recognised immediately in the Consolidated Statement of Financial Activities.

Company number 00231435 Page 23 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

2. Statement of funds

Restricted funds:
Grants and Sponsorships:
At Work
Awards and Events Sponsorships
Other Occupational Sponsorships
At Leisure
Maritime & Coastguard Agency in
respect of The National Water Safety
Forum
National Water Safety Forum
Donations
On the Road
Transport Scotland - Scotlands's
Road Safety Framework Activity
Welsh Government - Road Safety in
Wales
Department for Transport - Road
Safety Programme
Other Road Safety
In the Home
The Scottish Government
Department of Health, Social
Services & Public Safety, Northern
Ireland
Other Home Safety
By influencing and informing
Brighter Beginnings RoSPA
Campaign
Other Campaigns & Sponsorship
Total restricted funds
Unrestricted funds
Total funds		 At 1 April
2020
£'000
2
4		 Income Expenditure
Other Recognised
Gains
Transfers
At 31 March
2021
£'000
£'000
£'000
£'000
£'000
126
(128)
-
-
-
5
(4)
-
-
5
6 131
(132)
-
-
5

101
(3)		 45
(121)
-
57
82
-
(4)
-
7
-
98 45
(125)
-
64
82
-
-
-
26		 78
(78)
-
-
-
118
(146)
-
28
-
230
(416)
-
186
-
46
(49)
-
-
23
26
10
9
106		 472
(689)
-
214
23
-
114
(159)
-
43
8
88
(97)
-
-
71
(104)
-
-
73
125
39
4		 273
(360)
-
43
81
-
15
(48)
-
5
11
-
(2)
-
2
43 15
(50)
-
5
13
298 936
(1,356)
-
326
204
(665) 5,157
(4,858)
555
(326)
(137)
(367) -
6,093
(6,214)
555
67

To the extent costs of restricted fund projects are not covered by associated restricted income RoSPA contributes unrestricted funds. For the year ended 31 March 2021 the value of this contribution was £326k (2020: £711k).

Company number 00231435 Page 24 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

Grants and Sponsorships

At Work

Awards and Events Sponsorships include support from:

NEBOSH, Springfields Fuels Ltd, GPIC, Tesco, ARCO, Severn Trent, QBE, HSE, L'Oréal and NHS National Services Scotland for the Awards Scheme

Other Occupational Sponsorships include support from:

Safety Groups UK towards costs of administration and website hosting.

At Leisure

Water Safety Grant paid by:

The Maritime & Coastguard Agency to support the work of the National Water Safety Forum.

On the Road

Road Safety Grants Scotland paid by:

The Scottish Government to fund RoSPA's road safety activities in Scotland including providing in car safety training.

Road Safety Grants Wales paid by:

The Welsh Assembly Government to support RoSPA's road safety activities in Wales.

Road Safety Grants England paid by:

The Department for Transport to support RoSPA's road safety activities in England.

In the Home

Home Safety Grants and Sponsorship Scotland paid by:

The Scottish Government to support RoSPA's Home and Water Safety activity in Scotland including the Keeping Kids Safe campaign.

SSEN to support Home Safety activity in Scotland in respect of Keeping Kids Safe

Home Safety Grants and Sponsorship Northern Ireland paid by:

The Department of Health, Social Services & Public Safety and Public Health Agency to support RoSPA's Home Safety activity in Northern Ireland.

Home Safety Grants and Sponsorship England paid by:

The Department for Business, Innovation and Skills to support improving product safety through the supply chain, including blind cord awareness, nappy sacks, poisoning and statistical research funding.

Department of Health for the Stand Up, Stay Up Taking the rise out of falls project supported by the Innovation, Excellence and Strategic Development Fund.

Poisoning Awareness Raising Programme supported by UKCPI.

Laundry Capsule collaboration with Procter and Gamble.

RoSPA is committed to working in partnership and is most grateful for the help and support of the Government departments and organisations listed above, without whose assistance much of the Society's work would not be possible.

Company number 00231435 Page 25 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

3. Furlough scheme income

The Society placed a number of staff on furlough and claimed the allowed portion of the employee salary costs as a grant through the Government's Coronavirus Job Retention Scheme. The total grant amount claimed and received by the Society in the year was £399k (2020: £nil).

4. Investment income 2021 2020
£'000 £'000
Interest receivable - 4
Dividends receivable from investments 49 76
49 80
5. Total resources expended Other
Staff Direct Allocated Total
Total
Costs Costs Costs 2021
2020
£'000 £'000 £'000 £'000
£'000
Raising Funds
Investment Management Costs - 28 - 28 26
Costs of Activities in furtherance of the
charity's objects
At Work 1,466 1,220 1,185 3,871 5,234
At Leisure 21 60 114 195 244
On the Road 367 303 463 1,133 1,679
In the Home 174 57 233 464 660
By influencing and informing 343 158 9 510 1,000
Support costs 883 (883) - - -
Other - 13 - 13
-
Total resources expended 3,254 956 2,004 6,214 8,843
Other direct costs include : 2021 2020
£'000 £'000
Depreciation and Amortisation 133 144
Auditors' remuneration: Audit fee 33 25
Audit Services REL 2 4
Operating lease rentals : Cars 20 13
Office Equipment 57 58
Property 64 61

Company number 00231435 Page 26 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

6.
Tangible fixed assets
Cost
At 1 April 2020
Additions
Disposals
At 31 March 2021
Depreciation
At 1 April 2020
Charge for Year
Disposals
At 31 March 2021
Net book value
At 31 March 2021
At 1 April 2020
7.
Intangible fixed assets
Cost
At 1 April 2020
Additions
Disposals
At 31 March 2021
Amortisation
At 1 April 2020
Charge for Year
Disposals
At 31 March 2021
Net book value
At 31 March 2021
At 1 April 2020		 Leasehold
property
Office
Equipment
Computer
Equipment
Total
£'000
£'000
£'000
£'000
2,016
381
314
2,711
-
-
12
12
-
-
(2)
(2)
2,016
381
324
2,721
456
298
274
1,028
47
22
26
95
-
-
(2)
(2)
503
320
298
1,121		 Leasehold
property
Office
Equipment
Computer
Equipment
Total
£'000
£'000
£'000
£'000
2,016
381
314
2,711
-
-
12
12
-
-
(2)
(2)
2,016
381
324
2,721
456
298
274
1,028
47
22
26
95
-
-
(2)
(2)
503
320
298
1,121
2,016

456
47
-
503
1,513
61
26
1,600
1,560
83
40
1,683
Computer
Software
Total
£'000
£'000
221
221
151
151
(2)
(2)
370
370
122
122
38
38
(2)
(2)
158
158
212
212
99
99

Intangible fixed assets are the Computer software relating to the CRM, the development of a new website, e- learning platform, accounting and other systems.

8. Heritage Assets

The Society's archive of artwork and posters was valued at £185,000 at 31 March 2018 by Dr Paul Rennie of the University of Arts, London. Management reviewed the valuation at 31 March 2021 based on prevailing market conditions and confirmed there was no movement in the valuation.

Company number 00231435 Page 27 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

9. Subsidiary company : RoSPA Enterprises Ltd

The Charity owns the whole of the issued ordinary share capital of RoSPA Enterprises Ltd, a company registered in England. The subsidiary is used for non-primary purpose trading activities, namely consultancy and sales of advertising in the Society's journals. In addition corporate sponsorships are also carried out by the subsidiary. All activities have been consolidated on a line by line basis in the SOFA. The total net profit is gifted to the Charity.

A summary of the results of the subsidiary is shown below :

Total
Total
2021
2020
£'000
£'000
Turnover
1,080
1,679
Cost of Sales
(610)
(1,079)
Gross Profit
470
600
Administrative Expenses
(292)
(101)
Net Profit
179
499
The aggregate of the assets, liabilities and funds was:
Assets
412
432
Liabilities
(412)
(432)
Funds (representing 2 ordinary shares of £1 each)
-
-
10.
Debtors due within one year
Group
Group
Charity
Charity
2021
2020
2021
2020
£'000
£'000
£'000
£'000
Trade debtors
1,811
1,574
1,455
1,321
Other debtors
1
65
1
4
Amount owed by subsidiary undertaking
-
-
107
-
Prepayments
201
425
179
404
2,013
2,064
1,742
1,729
11.
Investments - Group and Charity
2021
2020
£'000
£'000
Market value at 1st April
3,793
4,132
Cash withdrawals
(500)
-
Management Fee
(28)
(26)
Investment gain/(loss)
687
(385)
Movement in cash held
51
72
Market value at 31st March
4,003
3,793
Historical cost at 31st March
3,390
3,597		 Total
Total
2021
2020
£'000
£'000
Turnover
1,080
1,679
Cost of Sales
(610)
(1,079)
Gross Profit
470
600
Administrative Expenses
(292)
(101)
Net Profit
179
499
The aggregate of the assets, liabilities and funds was:
Assets
412
432
Liabilities
(412)
(432)
Funds (representing 2 ordinary shares of £1 each)
-
-
10.
Debtors due within one year
Group
Group
Charity
Charity
2021
2020
2021
2020
£'000
£'000
£'000
£'000
Trade debtors
1,811
1,574
1,455
1,321
Other debtors
1
65
1
4
Amount owed by subsidiary undertaking
-
-
107
-
Prepayments
201
425
179
404
2,013
2,064
1,742
1,729
11.
Investments - Group and Charity
2021
2020
£'000
£'000
Market value at 1st April
3,793
4,132
Cash withdrawals
(500)
-
Management Fee
(28)
(26)
Investment gain/(loss)
687
(385)
Movement in cash held
51
72
Market value at 31st March
4,003
3,793
Historical cost at 31st March
3,390
3,597		 Total
Total
2021
2020
£'000
£'000
Turnover
1,080
1,679
Cost of Sales
(610)
(1,079)
Gross Profit
470
600
Administrative Expenses
(292)
(101)
Net Profit
179
499
The aggregate of the assets, liabilities and funds was:
Assets
412
432
Liabilities
(412)
(432)
Funds (representing 2 ordinary shares of £1 each)
-
-
10.
Debtors due within one year
Group
Group
Charity
Charity
2021
2020
2021
2020
£'000
£'000
£'000
£'000
Trade debtors
1,811
1,574
1,455
1,321
Other debtors
1
65
1
4
Amount owed by subsidiary undertaking
-
-
107
-
Prepayments
201
425
179
404
2,013
2,064
1,742
1,729
11.
Investments - Group and Charity
2021
2020
£'000
£'000
Market value at 1st April
3,793
4,132
Cash withdrawals
(500)
-
Management Fee
(28)
(26)
Investment gain/(loss)
687
(385)
Movement in cash held
51
72
Market value at 31st March
4,003
3,793
Historical cost at 31st March
3,390
3,597
2,013



2021
2020
£'000
£'000
3,793
4,132
(500)
-
(28)
(26)
687
(385)
51
72
4,003
3,793
3,390
3,597

Investments are held to achieve long term capital growth with income

An analysis of the market value of investments at 31 March is as follows:

UK Equities
Overseas Equities
Fixed Interest
Cash
Other		 2021
2020
£'000
£'000
1,187
1,086
1,664
1,301
476
315
166
537
510
554
4,003
3,793

The Charity owns 100% of the share capital of RoSPA Enterprises Limited, a company registered in England and Wales company no 03021397.

Company number 00231435 Page 28 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

12. Creditors: amounts falling due within one year

Trade creditors
Taxation and social security costs
Accruals
Amount owed to subsidiary undertaking
Deferred income		 Group
Group
Charity
Charity
2021
2020
2021
2020
£'000
£'000
£'000
£'000
331
297
303
278
279
219
279
219
240
401
167
287
-
-
-
53
1,954
2,280
1,954
2,280
2,804
3,197
2,703
3,117

Deferred Income is in relation to events and membership fees received in advance. Income is recognised in the statement of financial activities in the period to which it relates.

Deferred income released from the prior year was £2,280k and deferred income received in the current year was £1,954k.

13. Cash flow information for the group

Reconciliation of net income/ (expenditure) to net cash flow from operating activities

Net income / (net expenditure) for the reporting period
Adjustments for :
(Gain) / Loss on investments
Investment Management Costs
Society Pension Contributions
Pension Costs borne by pension fund
Depreciation and amortisation
Dividends, interest, rents on investments
Decrease / (Increase) in debtors
(Decrease) / Increase in creditors
(Decrease) in deferred income
Net cash used in operating activities		 2021
£'000
566
2020
£'000
(489)
(687)
385
28
26
(296)
(292)
215
237
133
144
(49)
(80)
50
(129)
(68)
46
(326)
(73)


(434)
(225)

14. Financial commitments

At 31 March the group had total future commitments under non-cancellable leases as follows :

Payments due:
Within one year
Two to five years		 Land and
Buildings
Other
Land and
Buildings
Other
2021
2021
2020
2020
£'000
£'000
£'000
£'000
64
338
61
194
161
337
217
195
225
675
278
389

15. Trustees' remuneration

The Trustees neither received nor waived any emoluments during the year (2020: £nil).

Out of pocket expenses incurred by Trustees were as follows :

Travel 2021
2020
2021
2020
Number
Number
£
£
-
5
-
3,211

Company number 00231435 Page 29 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

16. Staff costs

Wages and salaries
Social security costs
Pension costs
Other staff costs		 2021
2020
£'000
£'000
2,653
3,350
238
298
193
220
172
116
3,256
3,984

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was as follows:

2021 2020
Number Number
£60,000 - £70,000 3 3
£70,001 - £80,000 3 2
£80,001 - £90,000 - 1
£90,001 - £100,000 - -
£100,001 - £110,000 - -
£110,001 - £120,000 - -
£120,001 - £130,000 1 -
£130,001 - £140,000 - 1
£140,001 - £150,000 - -

Six employees (2020: Seven) earning more than £60,000 in the year participated in recognised pension schemes to which contributions of £36,111 were paid during the year (2020: £42,922) on their behalf. The total employee benefits of the senior management team were £628,801 (2020: £700,340).

The average number of employees, calculated on a full-time equivalent basis, analysed by function was:

Charitable activities and cost of generating funds
Management and administration of the charity		 2021
2020
Number
Number
64
78
19
22
83
100

Termination and redundancy payments made to staff in the period totalled £100,173 (2020: £46,319)

17. Status

The Society is a Company registered in England no. 00231435, limited by guarantee and having no share capital. There were 3,228 registered members as at 31 March 2021 (2020: 3,483) who are liable to contribute 50p each in the event of the Society being wound up.

The Society is a registered charity no. 207823 in England and Wales and SCO392289 in Scotland and its objects are set out in its Articles of Association. As a charity the Society's charitable activities are exempt from corporation tax.

Company number 00231435 Page 30 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

18. Pension: Defined benefit

The Society operates a defined benefit scheme in the UK - the RoSPA Retirement and Death Benefits Plan. A full actuarial valuation was carried out as at 5 April 2019 and has been updated to 31 March 2021 by a qualified independent actuary.

Society contributions of £296,000 were paid over the year ended 31 March 2021. This includes payments towards expenses of £80,000. The Society expects to contribute £307,000 plus £80,000 in expenses, to its defined benefit pension scheme in the next financial year.

The amounts recognised in the balance sheet are as follows:

Present value of funded obligations
Fair value of scheme assets
Present value of unfunded obligations
Deficit
Related deferred tax asset
Net liability
Amounts recognised in the balance sheet
Liabilities
Assets
Net liability		 2021
2020
£000
£000
16,131
15,483
(10,097)
(9,500)
6,034
5,983
6,034
5,983
n/a
n/a
6,034
5,983
6,034
5,983
-
-
6,034
5,983

The pension scheme assets include no assets from the Society's own financial instruments. The pension scheme assets include no property occupied by, or other assets used by, the Society.

The amounts recognised in profit or loss are as follows:

Interest on obligation
Expenses
Total		 2021
2020
£000
£000
(135)
(151)
(80)
(86)


(215)
(237)

Changes in the present value of the defined benefit obligation are as follows:

Opening defined benefit obligation
Interest cost
Actuarial losses(gains)
Benefits paid
Closing defined benefit obligation		 2021
2020
£000
£000
15,483
16,414
347
384
1,116
(502)
(815)
(813)
16,131
15,483

Company number 00231435 Page 31 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

18. Pension: Defined benefit (continued)

Changes in the fair value of scheme assets are as follows:
Opening fair value of scheme assets
Interest income
Actuarial gains/(losses)
Contributions by employer
Expenses
Benefits paid
Closing fair value of scheme assets
Defined benefit costs recognised in other comprehensive income:
Experience gains on Plan liabilities
Assumptions (losses) and gains on Plan liabilities
Experience gains and (losses) on Plan assets
Total amount recognised in other
comprehensive income - (loss)/gain		 2021
2020
£000
£000
9,500
10,017
212
233
984
(143)
296
292
(80)
(86)
(815)
(813)
10,097
9,500
2021
2020
£000
£000
410
79
(1,526)
423
984
(143)
(132)
359
The major categories of scheme assets as a percentage of total scheme assets: The major categories of scheme assets as a percentage of total scheme assets:
2021 2020
% %
Bonds 28 31
Liability Driven Investment 17 20
Diversified Growth Fund 54 48
Cash & Other 1 1
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):
2021 2020
Discount rate 2.0% 2.3%
Expected return on scheme assets 13.0% 0.9%
Inflation (RPI) 3.2% 2.8%
Inflation (CPI) 2.1% 1.8%
Future revaluation of pensions in deferment 2.5% 1.9%
Mortality - current pensioners
2021 2020
Actuarial tables used S3PA 110%,
CMI-2018 YOB 1.0%		 S3PA 110%,
CMI-2018 YOB 1.0%
Male life expectancy at age 65 (years from 65) 21 20.9
Female life expectancy at age 65 (years from 65) 23.3 23.2
Mortality - future pensioners currently aged 45
Actuarial tables used S3PA 110%,
CMI-2018 YOB 1.0%		 S3PA 110%,
CMI-2018 YOB 1.0%
Male life expectancy at age 65 (years from 65) 22.1 22
Female life expectancy at age 65 (years from 65) 24.5 24.4

Where investments are held in bonds and cash, the expected long term rate of return is taken to be the yields generally prevailing on such assets at the balance sheet date. A higher rate of return is expected from the diversified growth fund, which is based more on realistic future expectations than on returns that have been available historically. The overall expected long term rate of return on assets is then the average of these rates taking into account the underlying asset portfolio of the pension scheme.

Company number 00231435 Page 32 of 33

The Royal Society for the Prevention of Accidents Year Ended 31 March 2021

Notes forming part of the financial statements for the year ended 31 March 2021 (continued)

18. Pension: Defined benefit (continued)

Amounts recognised in the balance sheet for the current and previous four periods:

Defined benefit obligation
Scheme assets
Deficit		 2021
2020
2019
2018
2017
£000
£000
£000
£000
£000
16,131
15,483
16,414
16,452
17,472
(10,097)
(9,500)
(10,017)
(10,227)
(10,869)
6,034
5,983
6,397
6,225
6,603

19. Financial activities of the charity

The financial activities shown in the consolidated statement includes those of the Charity's wholly owned subsidiary, RoSPA Enterprises Limited.

A summary of the financial activities undertaken by the Charity is set out below

Gross incoming resources
Net incoming / (outgoing) resources
Net Movement in Funds
of net assets between funds
Restricted
Unrestricted
As at 31 March 2021
Restricted
Unrestricted
As at 31 March 2020		 2021
2020
£'000
£'000
5,191
7,560
745
10
527
(356)
Pension
Net
Scheme
Fixed
Current
Funding
Assets
Assets
Deficit
Total
£'000
£'000
£'000
£'000
-
204
-
204
6,000
(103)
(6,034)
(137)		 2021
2020
£'000
£'000
5,191
7,560
745
10
527
(356)




6,000
101
(6,034)
67
-
298
-
298
5,760
(442)
(5,983)
(665)




5,760
(144)
(5,983)
(367)

20. Analysis of net assets between funds

21. Financial Instruments

The Group's and Company's financial instruments may be analysed as follows:

Financial assets
Financial assets measured at cost less impairment
Financial liabilities
Financial liabilities measured at amortised cost		 2021
2020
£'000
£'000
2,704
2,628
570
698

Financial assets measured at amortised cost comprise cash and trade and other debtors.

Financial liabilities measured at amortised cost comprise trade creditors and accruals.

22 Related party transactions

None of our trustees receive remuneration or other benefit from their work with the Society. Any connection or contractual relationship between a trustee or member of the senior management team and any client must be disclosed to the Board of Trustees. In the current year there were no such related party transactions reported and no balances as at 31 March 2021.

Company number 00231435 Page 33 of 33