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2023-03-31-accounts

Registered number: 00231435 Charity numbers: 207823 & SCO39289

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS (A Company Limited by Guarantee)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 2-3
Trustees' Report 4-11
Independent Auditor's Report on the Financial Statements 12-15
Consolidated Statement of Financial Activities 16
Consolidated Balance Sheet 17
Charity Balance Sheet 18-19
Consolidated Statement of Cash Flows 20
Notes to the Financial Statements 21-53

Company number 00231435

Page 1

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023

Trustees

K Augustin (appointed 19 April 2023) A Clark, Honorary Treasurer B Johnson (appointed 31 March 2023) S Jones S Kirk J McNulty G Parker M Parker, Chairman J Redhead (resigned 31 March 2023) K Saunders (resigned 16 December 2022) M Watson (appointed 19 April 2023)

Registered company number

00231435

Charity registered numbers

207823 and SCO39289

Registered office

28 Calthorpe Road Edgbaston Birmingham B15 1RP

Company secretary

T Hussain

Chief executive officer

M Parker (appointed 1 November 2023)

Executive Team

S Cole Executive Head of Policy, Campaigns & Public Affairs (appointed 14 August 2023) N Davies Executive Head of Policy and Portfolio (resigned 14 July 2023) R Hickman Relationships Director T Hussain Executive Head of Finance M Klein Finance and IT Director (appointed 1 August 2023) T Rudge Operations Director J Small Achievements Director E Taylor Chief Executive Officer (resigned 1 November 2023)

Independent auditor

BDO LLP Two Snowhill Birmingham B4 6GA

Company number 00231435

Page 2

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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

Patron

Her Majesty the Queen (1952-2022)

Lifetime President

Lord Jordan of Bournville CBE

President

Baroness Jolly of Congdon’s Shop

Deputy President

Baroness Eaton of Cottingley DBE, DL

Company number 00231435

Page 3

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

Governance and Internal Control

The Royal Society for the Prevention of Accidents (“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.

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:

· RoSPA Enterprises Limited (REL)

REL is a registered company, wholly owned by RoSPA. The Board of REL reports to the Board of RoSPA. REL optimises RoSPA's income from commercial business opportunities, recommends and develops new commercial activities and monitors business performance.

· Nominations Committee (NomCom)

The RoSPA Nominations Committee monitors and reviews the skills mix of the Board, identifies areas for improvement and makes recommendations to the Board on matters relating to the recruitment of new trustees.

· Remuneration Committee (RemCom)

RemCom determines, within the policy approved by the Board, the remuneration of the Chief Executive, other Executive Committee members and the overall level of staff pay. It also monitors a variety of Human Resourcesrelated Key Performance Indicators and policies.

The Audit Committee reviews and reports to the Board on any financial statements produced for statutory and regulatory purposes, reviews the reports and findings of the external auditors and reviews the processes governing risk management and internal control within RoSPA.

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.

RoSPA's Mission:

Life, free from serious accidental injury

RoSPA's Vision:

Exchanging life-enhancing skills and knowledge to reduce serious accidental injuries

Company number 00231435

Page 4

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Management Committees and the decision-making process (Continued)

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 2023 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 2023 available on the RoSPA website at: www.rospa.com/about-us/annual-review.

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 2023. The Trustees have adopted the provisions of the Charities SORP (FRS 102) – second edition and the Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The Strategic Report of the Trustees comprises the following sections:

Annual Review 2022/23

Introduction

RoSPA is a leading voice in health and safety that campaigns to reduce avoidable accidents. Our vision is to create a life free from accidental injury, and with the support of our members, this is at the core of everything we do. We lobby Government on issues that matter, pioneer the world’s largest health and safety awards and provide a suite of RoSPA qualifications that help learners and employers keep their colleagues safe from accidents and ill-health.

We have been deeply honoured that Her Majesty Queen Elizabeth II was our treasured Royal Patron for the last 70 years. Her passing in September 2022 was marked by a period of mourning and remembrance at RoSPA.

Company number 00231435

Page 5

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Annual Review 2022/23 (continued)

Highlights: April 2022-March 2023

The year 2022-23 saw RoSPA’s influence grow both in the UK and worldwide, with our data-led approach and emphasis on working in partnership with others to share knowledge enabling us to lead the conversation and move forward with our mission and vision to reduce accidental injuries and the pain and suffering they cause. Our presence online expanded and diversified, with higher engagement on social media and our website, new e- learning training courses and web resources and a series of successful webinars.

RoSPA Qualifications increased its offering of regulated, customised and international qualifications and course assurance services across workplace and driving topics, while our joint work with Field Consulting UK culminated in us winning 2022’s PRCA Public Affairs Award for Best In-house Consultancy Collaboration, for the Safer Stairs campaign.

Preventing falls

Our top priority remained the prevention of falls and in May we launched our Falls Charitable Appeal. We urged employers and the health and safety community to use the skills they have developed in fall prevention in workplaces to educate their employees to help prevent falls in the home by delivering our free, twenty-minute Fall Fighter awareness sessions to their staff. Hundreds of organisations responded to our call and created thousands of Fall Fighters across the UK.

Protect Our People

RoSPA’s influence was in evidence when this year we saw the launch of our Protect Our People campaign, which aimed to protect those UK Safety standards currently enshrined in law which were threatened by the Retained EU Law (Revocation and Reform) Bill (REUL).

Our campaign garnered support from hundreds of our members and allies across many industries and gained widespread media coverage. Working closely with members of Parliament, we submitted an amendment calling for a health and safety impact assessment of every law before it was removed and for the government to extend its commitment to safety, thus ensuring that the UK retains its status as a global leader in health and safety.

Road safety

The safety of road users has long been a priority/focus for RoSPA and remained a key concern this year, with RoSPA offering an array of training services globally and shaping national policy through its contributions to consultations, research, tools and guidance. Highlights include:

Home safety

Accidents in the home kill and injure thousands of people every year but are not given the attention they deserve. RoSPA continues to be one of the few voices speaking out on the importance of home safety, particularly among those most vulnerable – the under-fives and over-65s.

Company number 00231435

Page 6

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Annual Review 2022/23 (continued)

Highlights this year included:

Water and leisure safety

Our main focus was on reducing the several hundred drowning deaths that occur every year in the UK. We also provided a wealth of advice and conducted consultancy and site audits. Highlights this year include:

Play Safety

RoSPA’s Play Safety team undertook playground inspections, risk assessments and a wide range of other services to ensure children played in safety. This year’s highlights included:

Workplace safety

RoSPA worked tirelessly to influence policy and lead thinking in occupational safety and health. Highlights this year included:

Company number 00231435

Page 7

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial Review of RoSPA 2022/23

The Society's Key Performance Indicators are net income/expenditure (before net (losses)/ gains on investments) and the balance of unrestricted funds. The Society generated a net surplus of £527k for the year (2022: £74k deficit). This included a £206k (2022: £214k) charge in respect of the legacy final salary pension scheme.

After accounting for an unrealised loss on investments of £286k (2022: £146k gain) and an actuarial gain on the final salary pension scheme of £1,566k (2022: £567k gain), there was a net surplus for the year of £1,847k (2022: £639k surplus). The £1,847k surplus was represented by an increase in unrestricted funds of £1,872k and a decrease of £25k in restricted funds.

RoSPA strives to drive income growth through the delivery of more services in both the domestic and international markets. Income grew by 29% in the year (2022: 16% increase). This increase was largely the result of successful training operations and strong performance by RoSPA’s PlaySafety partner. Expenditure has increased by 20% in the year (2022: 15% increase). This has increased in line with the growth in income.

RoSPA has consolidated net assets of £2,553k as at 31 March 2023 (31 March 2022: £706k assets). Given the long term nature of the pension liability, planned cost saving measures and with cash and debtors of £3.6 million (2022: £4.0 million) and investments of £4.4 million (2022: £4.2 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 £1.3 million (2022: £2.3 million).

RoSPA's wholly owned trading subsidiary, RoSPA Enterprises Limited (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 2023 REL made a covenanted payment to the Charity, included in the results discussed above, of £561k, representing all of its taxable profits (2022: £564k).

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.

Pension Scheme

Despite being closed to new members and new accruals since 2001 the deficit remains significant; £3,646k at year end (2022: £5,350k). 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 was completed on 5 July 2023. The additional annual contributions due from the Society are £376k per annum.

The Scheme itself is managed by its own Board of Trustees and is administered by Quantum Actuarial LLP. 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.

Company number 00231435

Page 8

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial Review of RoSPA 2022/23 (Continued)

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 2023 these comprised a total of £4,171k (2022: £4,124k), an increase of £47k for the year.

The ongoing target level for RoSPA's free reserves should approximately equate to six months of fixed operating costs, reflecting the variability of commercial returns and the fact that RoSPA's income is predominantly selfgenerated via its training and associated activities. Hence we are currently operating at our target level of free reserves. Restricted reserves at 31 March 2023 were £63k (2022: £88k) as analysed in Note 23 to these accounts.

Investment Portfolio

The investment portfolio managed by Rathbone Investment Management Ltd, London decreased in value by £274k during the period. Following a cash transfer in the year of £500k the closing value of the portfolio was £4,416k. This included investment management fees of £30k and dividends achieved on investments of £68k. Over the period a negative return on investment of (5%) was realised.

The Investment Policy continues to target three objectives:

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.

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.

Company number 00231435

Page 9

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Financial Review of RoSPA 2022/23 (Continued)

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:

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.

Charity 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.

Company number 00231435

Page 10

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Statement of Trustees' Responsibilities (continued)

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.

Approved by order of the members of the board of Trustees on

and signed on their behalf by:

M Parker Chairman

Date: 11 December 2023

Company number 00231435

Page 11

INDEPENDENT AUDITOR'S REPORT TO THE 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 31 March 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Balance Sheets, the Consolidated Statement of Cash Flows 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 the 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.

Company number 00231435

Page 12

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS (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. 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 Trustees’ 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:

Statement of Trustees responsibilities

As explained more fully in the Statement of Trustees’ Responsibilities, the Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the 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.

Company number 00231435

Page 13

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS (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:

Non-compliance with laws and regulations

Based on:

We considered the significant laws and regulations to be the Charities SORP (FRS 102) – second edition and the Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and regulations to be data protection.

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:

Company number 00231435

Page 14

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS (CONTINUED)

Based on our risk assessment, we considered the area’s most susceptible to fraud to be the posting of inappropriate journal entries to manipulate financial results and management bias in accounting estimates.

Our procedures in respect of the above included:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Samantha Lifford (Senior Statutory Auditor) For and on behalf of BDO LLP, Statutory Auditor Birmingham, UK Date 15 December 2023

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

Company number 00231435

Page 15

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Other income
8
Total income
Expenditure on:
Raising funds
9,10
Charitable activities
11
Total expenditure
Net income/(expenditure) before net
(losses)/gains on investments
Net (losses)/gains on investments
19
Net income/(expenditure)
Transfers between funds
23
Net movement in funds before other
recognised gains/(losses)
Other recognised gains/(losses):
Actuarial gains on defined benefit
pension schemes
28
Gains on revaluation of fixed assets
18
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£000
Restricted
funds
2023
£000
Total
funds
2023
£000
Total
funds
2022
£000
66
39
105
103
5,830
1,558
7,388
5,603
1,509
-
1,509
1,290
68
-
68
54
-
-
-
7
7,473
1,597
9,070
7,057
979
-
979
765
5,920
1,644
7,564
6,366
6,899
1,644
8,543
7,131
574
(47)
527
(74)
(286)
-
(286)
146
288
(47)
241
72
(22)
22
-
-
266
(25)
241
72
1,566
-
1,566
567
40
-
40
-
1,872
(25)
1,847
639
618
88
706
67
1,872
(25)
1,847
639
2,490
63
2,553
706

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 21 to 53 form part of these financial statements.

Company number 00231435

Page 16

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Intangible assets
16
Tangible assets
17
Heritage assets
18
Investments
19
Current assets
Debtors
21
Cash at bank and in hand
26
Creditors: amounts falling due within
one year
22
Net current (liabilities)
Total assets less current liabilities
Net assets excluding pension
liability
Defined benefit pension scheme liability
28
Total net assets
Charity funds
Restricted funds
23
Unrestricted funds excluding pension
asset
23
Pension reserve
24
Total unrestricted funds
23
Total funds		 2,351
1,296		 2023
£000
233
1,507
225
4,416		 1,766
2,266		 2022
£000
253
1,591
185
4,164
6,381
(182)		 6,193
(137)
3,647
(3,829)		 4,032
(4,169)
6,136
(3,646)		 5,968
(5,350)
6,199 6,056
6,199
(3,646)		 6,056
(5,350)
2,553 706
63
2,490		 88
618
2,553 706

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by:

M Parker Chairman Date: 11 December 2023

The notes on pages 21 to 53 form part of these financial statements

Company number 00231435

Page 17

CHARITY BALANCE SHEET AS AT 31 MARCH 2023

Note
Fixed assets
Intangible assets
16
Tangible assets
17
Heritage assets
18
Investments
19
Current assets
Debtors
21
Cash at bank and in hand
26
Creditors: amounts falling due within
one year
22
Net current (liabilities)
Total assets less current liabilities
Net assets excluding pension
liability
Defined benefit pension scheme liability
28
Total net assets
Charity funds
Restricted funds
23
Unrestricted funds excluding pension
liability
23
Pension reserve
24
Total unrestricted funds
23
Total funds		 2,163
1,246		 2023
£000
233
1,507
225
4,416		 1,867
2,130		 2022
£000
253
1,591
185
4,164
6,381
(182)		 6,193
(137)
3,409
(3,591)		 3,997
(4,134)
6,136
(3,646)		 5,968
(5,350)
6,199 6,056
6,199
(3,646)		 6,056
(5,350)
2,553 706
63
2,490		 88
618
2,553 706

Company number 00231435

Page 18

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2023

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees on and signed on their behalf by:

M Parker Chairman Date: 11 December 2023

The notes on pages 21 to 53 form part of these financial statements.

Company number 00231435

Page 19

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Cash flows from operating activities
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of intangible assets
Purchase of tangible fixed assets
Cash transferred to investment portfolio
Net cash (used in) investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£000
2022
£000
(373)
1,561
(88)
(121)
(9)
(66)
(500)
-
(597)
(187)
(970)
1,374
2,266
892
1,296
2,266

The notes on pages 21 to 53 form part of these financial statements

Company number 00231435

Page 20

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1. General information

The Society is a Charity registered in England no. 00231435, limited by guarantee and having no share capital. There were 2,990 registered members as at 31 March 2023 (2022: 3,107) 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 SCO39289 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

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Royal Society for the Prevention of Accidents meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The financial statements are presented in British Pounds Sterling (GBP), which is the Company’s presentational and functional currency.

2.2 Going concern

The Trustees continue to monitor financial forecasts and cashflows to 31 March 2025 and review scenario forecasts to 31 March 2025 to assess the impact of future scenarios on income. The liquidity of investments continues to be considered, ensuring funds are sufficiently accessible should they be required.

The Trustees have also considered the £2,553k net asset position of the Group balance sheet at 31 March 2023. A significant liability which contributes to the overall position is RoSPA’s final salary pension fund, which has a net deficit of (£3.6m) at 31 March 2023. 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.

The Trustees 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.

Company number 00231435

Page 21

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Subscriptions are receivable on varying dates throughout the year and are apportioned on a time basis.

Awards, events, training, consultancy and journal income is deferred from the period when it is received to the period in which the service or goods will be delivered. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity, support costs and central staff costs which are not attributable to a single activity are apportioned between those activities on a FTE staff number basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of investment management and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Consolidated Statement of Financial Activities.

Company number 00231435

Page 22

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

2. Accounting policies (continued)

2.6 Intangible assets and amortisation

Intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Computer software - 25 %

2.7 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property - 2%
Plant and machinery - 7%
Fixtures and fittings - 15%
Computer equipment - 25%

Company number 00231435

Page 23

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

2. Accounting policies (continued)

2.8 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.

The artwork and posters are deemed to have indefinite lives and the Trustees do not therefore consider it appropriate to charge depreciation.

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.

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

2.11 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.12 Liabilities

Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.13 Contingent liabilities

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.

Company number 00231435

Page 24

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

2. Accounting policies (continued)

2.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2.15 Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

There are currently no assets purchased under finance leases.

2.16 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

The Group operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 5 April 2019 and updated to 31 March 2023.

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.

2.17 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Company number 00231435

Page 25

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

3. Critical accounting estimates and areas of judgment

Estimates and judgments 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.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

  1. To determine whether leases entered into by the company either as a lessor or a lessee are operating leases or finance leases depends on a lease-by-lease assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee.

  2. 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 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.

  3. To determine the provision against trade debtors, debts 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.

  4. The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

The Charity operates a defined benefit pension scheme, providing benefits based on final pensionable pay. The latest actuarial valuation took place on 5 April 2019 and was updated for FRS 102 purposes to 31 March 2023 by a qualified independent actuary. Judgement is required in assessing the appropriateness of actuarial assumptions used by the actuary. The assumptions have been reviewed by management and they are considered reasonable.

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 26

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

4. Income from donations and legacies

Donations
Donations		 Unrestricted
funds
2023
£000
Restricted
funds
2023
£000
Total funds
2023
£000
66
39
105
Unrestricted
funds
2022
£000
Restricted
funds
2022
£000
Total funds
2022
£000
101
2
103

Company number 00231435

Page 27

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

5. Income from charitable activities

Income from charitable activities - At Work
Income from charitable activities - At Leisure
Income from charitable activities - On the Road
Income from charitable activities – In the Home
Income from charitable activities – By Influencing &
Informing
Income from charitable activities - At Work
Income from charitable activities - At Leisure
Income from charitable activities - On the Road
Income from charitable activities – In the Home
Income from charitable activities – By Influencing &
Informing		 Unrestricted
funds
Restricted
funds
Total
funds
2023
2023
2023
£000
£000
£000
4,379
10
4,389
25
651
676
1,317
489
1,806
88
408
496
21
-
21
5,830
1,558
7,388
Unrestricted
funds
Restricted
funds
Total
funds
2022
2022
2022
£000
£000
£000
3,963
9
3,972
12
66
78
726
417
1,143
12
378
390
20
-
20
4,733
870
5,603

Company number 00231435

Page 28

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

6. Income from non charitable trading activities

Trading income
Trading income		 Unrestricted
funds
2023
£000
Total
funds
2023
£000
1,509
1,509
Unrestricted
funds
2022
£000
Total
funds
2022
£000
1,290
1,290

7. Investment income

Income from investments
Income from investments
8.
Other incoming resources
Other operating income		 Unrestricted
funds
2023
£000
Total
funds
2023
£000
68
68
Unrestricted
funds
2022
£000
Total
funds
2022
£000
54
54
Unrestricted
funds
2023
£000
Total
funds
2023
£000
-
-

Company number 00231435

Page 29

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

8. Other incoming resources (continued)

Other operating income Unrestricted
funds
Total
funds
2022
2022
£000
£000
7
7

9. Expenditure on raising funds

Other trading expenses

Trading costs of sale
Trading administrative expenses
Trading costs of sale
Trading administrative expenses
Trading account staff costs		 Unrestricted
funds
2023
£000
Total
funds
2023
£000
663
663
286
286
949
949
Unrestricted
funds
2022
£000
Total
funds
2022
£000
380
380
52
52
294
294
726
726

Company number 00231435

Page 30

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

10. Investment management costs

Investment management fees
Investment management fees		 Unrestricted
funds
2023
£000
Total
funds
2023
£000
30
30
30
30
Unrestricted
funds
Total
funds
2022
2022
£000
£000
39
39
39
39

Company number 00231435

Page 31

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

11. Analysis of expenditure on charitable activities

Summary by fund type

At Work
At Leisure
On the Road
In the Home
By Influencing & Informing
At Work
At Leisure
On the Road
In the Home
By Influencing & Informing		 Unrestricted
funds
2023
£000
Restricted
funds
2023
£000
Total
2023
£000
3,939
284
4,223
187
592
779
1,338
372
1,710
205
228
433
251
168
419
5,920
1,644
7,564
Unrestricted
funds
Restricted
funds
Total
2022
2022
2022
£000
£000
£000
3,699
10
3,709
(62)
247
185
1,023
451
1,474
(80)
573
493
468
37
505
5,048
1,318
6,366

Company number 00231435

Page 32

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

12. Analysis of expenditure by activities

At Work
At Leisure
On the Road
In the Home
By Influencing & Informing
At Work
At Leisure
On the Road
In the Home
By Influencing & Informing		 Activities
undertaken
directly
2023
£000
Support
costs
2023
£000
Total
funds
2023
£000
3,169
1,053
4,222
666
113
779
1,199
511
1,710
205
229
434
134
285
419
5,373
2,191
7,564
Activities
undertaken
directly
2022
£000
Support
costs
2022
£000
Total
funds
2022
£000
2,933
776
3,709
107
78
185
1,139
335
1,474
339
154
493
249
256
505
4,767
1,599
6,366

Support costs include expenditure on staff, facilities, IT, finance and governance.

13. Auditor's remuneration

The auditor's remuneration amounts to a fee of £68k (2022 - £45k).

Company number 00231435

Page 33

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

14. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution
pension scheme
Operating costs of defined benefit
pension scheme
Other employee costs		 Group
2023
£000
Group
2022
£000
Charity
2023
£000
Charity
2022
£000
3,242
2,742
3,242
2,480
311
249
311
227
166
140
166
132
70
139
70
139
172
195
172
195
3,961
3,465
3,961
3,173

Termination and redundancy payments made to staff in the period totalled £5k ( 2022: £30k )

The average number of persons employed by the Charity during the year was as follows:

Charitable activities and cost of generating funds
Management and administration of the charity		 Group
2023
No.
Group
2022
No.
Charity
2023
No.
Charity
2022
No.
78
72
78
72
19
17
19
17
97
89
97
89

The average headcount expressed as full-time equivalents was:

Charitable activities and cost of generating funds
Management and administration of the charity		 Group
2023
No.
Group
2022
No.
Charity
2023
No.
Charity
2022
No.
69
62
69
62
18
16
18
16
87
78
87
78

Company number 00231435

Page 34

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

14. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2023 2022
No. No.
In the band £60,000 - £70,000 5 2
In the band £70,001 - £80,000 2 2
In the band £80,001 - £90,000 4 1
In the band £130,001 - £140,000 - 1
In the band £140,001 - £150,000 1 -

Twelve employees (2022: Six) earning more than £60k in the year participated in recognised pension schemes to which contributions of £66k were paid during the year (2022: £41k) on their behalf. The total employee benefits of the senior management team were £660k (2022: £669k).

15. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits ( 2022 - £NIL).

During the year ended 31 March 2023, expenses totalling £1,182 were reimbursed or paid directly to 4 Trustees ( 2022 - £87 to 1 Trustee ). The expenses relate to travel and subsistence costs incurred to attend Trustee and other business meetings and events.

Company number 00231435

Page 35

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

16. Intangible assets

Group
Cost
At 1 April 2022
Additions
At 31 March 2023
Amortisation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Computer
software
£000
491
88
579
238
108
346
233
253

Company number 00231435

Page 36

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

16.
Intangible assets (continued)
Charity
Cost
At 1 April 2022
Additions
At 31 March 2023
Amortisation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Computer
software
£000
491
88
579
238
108
346
233
253

Company number 00231435

Page 37

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

17. Tangible fixed assets

Group

Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Long-term
leasehold
property
£000
Plant and
machinery
£000
Fixtures and
fittings
£000
Computer
equipment
£000
Total
£000
2,016
219
192
360
2,787
-
-
-
9
9
2,016
219
192
369
2,796
550
173
165
308
1,196
47
16
5
25
93
597
189
170
333
1,289
1,419
30
22
36
1,507
1,466
46
27
52
1,591

Company number 00231435

Page 38

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

17. Tangible fixed assets (continued)

Charity

Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Long-term
leasehold
property
£000
Plant and
machinery
£000
Fixtures
and
fittings
£000
Computer
equipment
£000
Total
£000
2,016
219
192
360
2,787
-
-
-
9
9
2,016
219
192
369
2,796
550
173
165
308
1,196
47
16
5
25
93
597
189
170
333
1,289
1,419
30
22
36
1,507
1,466
46
27
52
1,591

18. Heritage assets

Group and Charity

Assets recognised at valuation
Carrying value at 1 April 2022
Revaluation gain
Carrying value at 31 March 2023		 Heritage
asset
£000
185
40
225

The Society's archive of artwork and posters was valued at £225,000 at 31 March 2023 by an expert from the University of Arts, London.

Company number 00231435

Page 39

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

19. Fixed asset investments

Group and Charity
Cost or valuation
At 1 April 2022
Additions
Revaluations
Management fees
Dividends received and reinvested
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022
Historical cost at 31 March		 2023
£000		 Listed
investments
£000
4,164
500
(286)
(30)
68
4,416
4,416
4,164
2022
£000
4,156 3,601

Investments are held to achieve long term capital growth with income.

Company number 00231435

Page 40

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

19. Fixed asset investments (continued)

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

UK equities
Overseas equities
Fixed interest
Cash
Other		 2023
£000
2022
£000
1,351
1,187
1,280
1,581
938
382
241
254
606
760
4,416
4,164

20. Subsidiary company: RoSPA Enterprises Limited

The Charity owns the whole of the issued ordinary share capital of RoSPA Enterprises Limited, a company registered in England and Wales company no 03021397. 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:

Turnover
Cost of sales
Gross profit
Administrative expenses
Net profit
The aggregate of the assets, liabilities and funds was:
Assets
Liabilities
Funds (representing 2 ordinary shares of £1 each)		 Total
2023
£000
Total
2022
£000
1,509
1,290
(662)
(413)
847
877
(286)
(313)
561
564
359
390
(359)
(390)
-
-

Company number 00231435

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THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

21. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2023
£000
Group
2022
£000
Charity
2023
£000
Charity
2022
£000
1,557
1,452
1,411
1,197
-
-
121
356
62
60
62
60
732
254
569
254
2,351
1,766
2,163
1,867

22. Creditors: Amounts falling due within one year

Due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2023
£000
Group
2022
£000
Charity
2023
£000
Charity
2022
£000
375
193
348
160
265
219
265
219
64
30
64
30
3,125
3,727
2,914
3,725
3,829
4,169
3,591
4,134

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 £2,872k and deferred income received in the current year was £2,494k.

Company number 00231435

Page 42

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

23. Statement of funds

Statement of funds - current year

Unrestricted funds
Restricted funds
At Work - Corporate
Partners
At Leisure – Other projects
At Leisure - Maritime &
Coastguard Agency
At Leisure – Scottish
Government
At Leisure - Trinity House
Maritime Charity Dft Fund
On The Road – Corporate
Partners
On The Road - Scottish
Government
On The Road - UK
Government
On The Road - Welsh
Government
In The Home - Corporate
Partners
In The Home – Other
projects
In The Home - Northern
Ireland Executive		 Balance
at 1 April
2022
£000
Income
£000
Expenditure
£000
Transfers
(out)/in
£000
Gains
£000
Balance at
31 March
2023
£000
618
7,473
(6,899)
(22)
1,320
2,490
-
10
(10)
-
-
-
10
15
(8)
-
-
17
-
30
(33)
3
-
-
-
80
(80)
-
-
-
-
546
(514)
2
-
34
2
-
(2)
-
-
-
15
147
(162)
-
-
-
-
224
(219)
-
-
5
-
118
(118)
-
-
-
52
60
(112)
-
-
-
-
119
(119)
-
-
-
-
71
(71)
-
-
-

Company number 00231435

Page 43

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

23. Statement of funds (continued)

Statement of funds - current year (continued)

In The Home - UK
Government
By Influencing And
Informing – Other projects
Total of funds		 Balance
at 1 April
2022
£000
Income
£000
Expenditure
£000
Transfers
(out)/in
£000
Gains
£000
Balance at
31 March
2023
£000
9
150
(169)
17
-
7
-
27
(27)
-
-
-
88
1,597
(1,644)
22
-
63
706
9,070
(8,543)
-
1,320
2,553

To the extent costs of restricted fund projects are not covered by associated restricted income, RoSPA transfers in contributions from unrestricted funds.

Company number 00231435

Page 44

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

23. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Restricted funds
At Work - Corporate
Partners
At Leisure – Other projects
At Leisure - Maritime &
Coastguard Agency
At Leisure – Trinity House
Maritime Charity DfT Fund
On The Road – Corporate
Partners
On The Road - Scottish
Government
On The Road - UK
Government
On The Road - Welsh
Government
In The Home - Corporate
Partners		 Balance at
1 April
2021
£000
Income
£000
Expenditure
£000
Transfers
(out)/in
£000
Gains
£000
Balance at
31 March
2022
£000
(137)
6,185
(5,813)
(330)
713
618
5
-
(10)
5
-
-
-
-
(12)
22
-
10
82
45
(214)
87
-
-
-
21
(21)
-
-
-
3
-
(3)
2
-
2
20
85
(116)
26
-
15
-
214
(214)
-
-
-
-
118
(118)
-
-
-
64
30
(166)
124
-
52

Company number 00231435

Page 45

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

23. Statement of funds (continued)

Statement of funds - prior year (continued)

In The Home - Northern
Ireland Executive
In The Home - Scottish
Government
In The Home - UK
Government
By Influencing And
Informing - Corporate
Partners
By Influencing And
Informing – Other projects
Total of funds		 Balance at
1 April
2021
£000
Income
£000
Expenditure
£000
Transfers
(out)/in
£000
Gains
£000
Balance at
31 March
2022
£000
-
71
(71)
-
-
-
8
117
(133)
8
-
-
9
160
(203)
43
-
9
2
-
(3)
1
-
-
11
11
(34)
12
-
-
204
872
(1,318)
330
-
88
67
7,057
(7,131)
-
713
706

Company number 00231435

Page 46

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

24. Analysis of net assets between funds

Analysis of net assets between funds – current year

Intangible fixed assets
Tangible fixed assets
Heritage assets
Fixed asset investments
Current assets
Creditors due within one year
Defined benefit pension scheme liability
Total		 Unrestricted
funds
2023
£000
Restricted
funds
2023
£000
Total
funds
2023
£000
233
-
233
1,507
-
1,507
225
-
225
4,416
-
4,416
3,584
63
3,647
(3,829)
-
(3,829)
(3,646)
-
(3,646)
2,490
63
2,553

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Heritage assets
Current assets
Creditors due within one year
Defined benefit pension scheme liability
Total		 Unrestricted
funds
Restricted
funds
Total
funds
2022
2022
2022
£000
£000
£000
1,591
-
1,591
253
-
253
4,164
-
4,164
185
-
185
3,944
88
4,032
(4,169)
-
(4,169)
(5,350)
-
(5,350)
618
88
706

Company number 00231435

Page 47

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

25. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Investment revaluation
Dividends, interest and rents from investments
Investment management costs
(Increase)/Decrease in debtors
Increase in creditors
(Decrease)/Increase in deferred income
Society pension contributions
Pension costs borne by pension fund
Net cash (used in)/provided by operating activities		 Group
2023
£000
Group
2022
£000
241
72
93
75
108
80
286
(146)
(68)
(54)
30
39
(585)
247
38
447
(378)
918
(344)
(331)
206
214
(373)
1,561

26. Analysis of cash and cash equivalents

Cash in hand
Total cash and cash equivalents		 Group
Group
2023
2022
£000
£000
1,296
2,266
1,296
2,266

Company number 00231435

Page 48

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

27.
Analysis of changes in net debt
Cash at bank and in hand		 At 1 April
2022
£000
Cash
flows
£000
At 31
March
2023
£000
2,266
(970)
1,296
2,266
(970)
1,296

28. Pension commitments

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 2023 by a qualified independent actuary.

Society contributions of £344,000 were paid over the year ended 31 March 2023. This includes payments towards expenses of £65,000. The Society expects to contribute £361,000 plus £68,000 in expenses, to its defined benefit pension scheme in the next financial year.

Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

31 March 31 March
2023 2022
% %
Discount rate 4.70 2.70
Salary increases n/a n/a
Revaluation in deferment 2.45 3.40
Pension increases:
CPI max 3% p.a. 2.35 2.55
RPI max 5% p.a. 3.20 3.65
Mortality assumption 110% of
S3PA with
CMI_2021
[1.0%] with
25% 110% of
allowance for S3PA with
2020 and CMI_2018
2021 data [1.0%]

Company number 00231435

Page 49

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

28. Pension commitments (continued)

Under the mortality tables adopted, the assumed life expectancy at age 65 is as follows:

At 31 March At 31 March
2023 2022
Years Years
Male currently aged 45 21.2 22.1
Male currently aged 65 20.3 21.1
Female currently aged 45 24.1 24.5
Female currently aged 65 23.0 23.4

Amounts Recognised in the Balance Sheet at the Review Date:

Fair value of assets
Present value of defined benefit obligation
(Deficit) before deferred taxation		 At 31 March
2023
At 31 March
2022
£000
£000
7,315
9,853
(10,961)
(15,203)
(3,646)
(5,350)

Amounts Recognised in the Statement of Financial Activities over the year to the Review Date:

Net interest cost
Expenses
Total		 At 31 March
2023
At 31 March
2022
£000
£000
(141)
(119)
(65)
(95)
(206)
(214)

Company number 00231435

Page 50

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

28. Pension commitments (continued)

The major categories of assets as a percentage of total assets held are as follows:

Diversified Growth Funds
Liability Driven Investment (LDI) Funds
Fixed interest
Cash and other assets
Total		 At 31 March
2023
%
At 31 March
2022
%
42
51
31
18
25
30
2
1
100
100

The actual return on the Plan’s assets over the year to the Review Date was 3% (2022: 2%). The assets do not include any direct investment in the Society.

The change in assets over the period was:

Assets at the beginning of the period
Interest income
Contributions by employer
Expenses paid
Benefits paid
Actuarial (loss)/gain on assets
Total		 At 31 March
2023
At 31 March
2022
£000
£000
9,853
10,097
258
197
344
331
(65)
(95)
(854)
(690)
(2,221)
13
7,315
9,853

The actual return on scheme assets was £258,000 (2022 - £197,000).

Company number 00231435

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THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

28. Pension commitments (continued)

Movements in the present value of the defined benefit obligation were as follows:

Defined benefit obligation at the beginning of the period
Interest cost
Benefits paid
Actuarial gain/(loss)
- assumptions
- experience
Defined benefit obligation at the end of the period		 At 31 March
2023
At 31 March
2022
£000
£000
(15,203)
(16,131)
(399)
(316)
854
690
4,613
656
(826)
(102)
(10,961)
(15,203)

Defined benefit costs recognised in other comprehensive income:

Experience (losses) on Scheme liabilities
Assumption gains on Scheme liabilities
Experience (losses) and gains on Scheme assets
Total gain recognised in other comprehensive income		 At 31 March
2023
At 31 March
2022
£000
£000
(826)
(102)
4,613
656
(2,221)
13
1,566
567

The pension scheme includes insured pensioner policies relating to six pensioners to the value of £313k.

Company number 00231435

Page 52

THE ROYAL SOCIETY FOR THE PREVENTION OF ACCIDENTS

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023 (CONTINUED)

29. Operating lease commitments

At 31 March 2023 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Land and Buildings
Not later than 1 year
Later than 1 year and not later than 5 years
Land and Buildings
Other
Not later than 1 year
Later than 1 year and not later than 5 years
5 or more years
Other		 Group
2023
£000
Group
2022
£000
Charity
2023
£000
Charity
2022
£000
63
73
63
73
46
127
46
127
109
200
109
200
376
400
376
400
508
237
508
237
45
1
45
1
929
638
929
638
1,038
838
1,038
838

30. 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		 2023
£000
2022
£000
8,122
6,332
1,088
(491)
1,847
843

31. Related party transactions

There are no related party transactions or balances to report.

Company number 00231435

Page 53