Charity No. 226748
ROYAL COMMONWEALTH SOCIETY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
ROYAL COMMONWEALTH SOCIETY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Charity Number 226748 Operational address 65 Basinghall Street, London, EC2V 5DZ Registered Office 40-41 Pall Mall, London, SW1Y 5JQ Chair Dr Linda Yueh CBE Treasurer Paul Green Trustees Sarah Constantine Haidry Paul Green David Stead Dr Linda Yueh CBE Principal Staff Elizabeth van der Valk Bankers Coutts & Co 440 Strand, London, WC2R 0QS National Westminster Bank PLC 208 Piccadilly London W1A 2DG Investment Advisors Schroder & Co Ltd 100 Wood Street, London, W1A 2DG Auditors Goldwins Limited Chartered Accountants and registered auditors 75 Maygrove Road West Hampstead London NW6 2EG
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ROYAL COMMONWEALTH SOCIETY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present the audited financial statements for the financial year ended 31 March 2024.
Reference and administrative information as set out on Page 1 forms part of this report. The financial statements comply with current statutory requirements, the Charities Act 2011 and the Statement of Recommended Practice – Accounting and Reporting by Charities (2015).
Governance
Following His Majesty The King’s Accession, the Royal Household is conducting a review of Royal Patronage. The review will cover the organisations of which Her Majesty Queen Elizabeth II was Patron and those organisations to which The King and The Queen Consort were connected through Patronage of Presidency as HRH The Prince of Wales and HRH The Duchess of Cornwall. Until then, the Society has been asked to reflect The late Queen as Patron and The former Duchess of Cornwall as VicePatron. Subsequent to the reporting period, His Majesty The King became Patron and Her Majesty The Queen Vice-Patron.
The Society’s honorary Vice Presidents are His Highness The Aga Khan and the incumbent SecretaryGeneral of the Commonwealth.
The Society is governed by a Council, which serves as the Board of Trustees. The Council is responsible for the charity's strategic direction, policy, and overall governance. Once agreed upon, the implementation of strategy and the day-to-day running and management of the charity’s activities are delegated to senior management.
No trustees had any beneficial interest in the charity, and the charity does not pay the remuneration of Trustees.
Summary of Activities
It has been another year of impactful activities in the Society’s four areas of work: literacy, connected communities, the environment, and equality.
2023 marked the 140[th] anniversary of The Queen’s Commonwealth Essay Competition (QCEC). With Her Majesty The Queen’s ongoing support of this unique competition, the Society was delighted to achieve another record-breaking year in the competition’s history – nearly 35,000 entries from 50 Commonwealth countries. To mark this milestone, the Society produced a commemorative publication, The Queen’s Commonwealth Essay Competition: 140 Years of Excellence .
We were also delighted to welcome back previous winners of the competition to The Queen’s Commonwealth Essay Competition 2023 Award Ceremony at Buckingham Palace, which also saw the launch of the next phase in the competition’s history, the launch of Write Around the World, a companion initiative developed in partnership with the Royal Society of Literature to further develop literacy skills across the Commonwealth.
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ROYAL COMMONWEALTH SOCIETY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
In October 2024, Samoa will become Chair-in-Office of the Commonwealth at the Commonwealth Heads of Government Meeting (CHOGM). Looking ahead, the focus for the Commonwealth will be resilience, particularly environmental resilience. This theme was highlighted through key Commonwealth events organised by the Society, including the Commonwealth Day Service of Celebration at Westminster Abbey in March 2024, the High Commissioners’ Banquet at Mansion House and a roundtable discussion held with the All-Party Parliamentary Group for the Commonwealth. The Commonwealth Youth Gender Equality Network (CYGEN) had another impactful year, supported by a grant from the Australian government. This included the launch of a new virtual resource created to support young leaders from across the Commonwealth.
Our International Network plays a pivotal role in enabling the Society to expand the reach of our programmes and events. During the reporting period, the Society concluded the review of Associate Fellows and was pleased to welcome an Associate Fellow from every Commonwealth country. This, as well as the appointment of five new thematically focused Coordinators in each of the Commonwealth’s regions, will be instrumental to achieving our strategic objectives in the coming years.
ACHIEVING OUR CHARITABLE OBJECTIVES
Our unique position within the Commonwealth family allows us to play a pivotal role in convening and connecting the Commonwealth’s political and diplomatic representatives, civil society, business, and youth leaders on a wide range of issues.
Throughout 2023-24, the Society has worked to promote its mission: to improve the lives and prospects of all Commonwealth citizens. The following report details the range of ambitious and effective programmes and outreach activities in which the charity has been engaged.
CONNECTING COMMUNITIES
In this divided world, there has never been a greater need for the Commonwealth’s values. Through high-profile, annual events, the Royal Commonwealth Society brings together communities to reinforce the power of connected communities to build a better world.
COMMONWEALTH DAY SERVICE OF CELEBRATION
To celebrate Commonwealth Day, we were privileged to be joined by Her Majesty The Queen, Members of the Royal Family, UK and Commonwealth dignitaries, diplomatic representatives, members of the Commonwealth community, and UK schoolchildren at Westminster Abbey for the annual Commonwealth Day Service of Celebration.
Broadcast globally by the British Broadcasting Corporation (BBC), the Service showcases the Commonwealth’s diversity and strengths to millions of viewers. It fosters a greater understanding of its achievements and role, particularly among young people.
His Majesty The King’s Commonwealth Day Message, viewed during the Service, emphasised the Commonwealth's people, energy, and ideas, and the links that connect them.
The theme of resilience was evident throughout the Service's reflections, performances, and readings, which represented the different regions and faiths of the Commonwealth. A specially commissioned poem titled Transcending History by celebrated author and poet Sir Ben Okri OBE also reflected on the 75[th] anniversary of the Commonwealth.
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ROYAL COMMONWEALTH SOCIETY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
High Commissioners’ Banquet
Since 1874, the Society has held the High Commissioners’ Banquet at various London venues. The Banquet serves as an annual opportunity to bring together the Commonwealth’s London-based diplomatic representatives, Commonwealth community, and business leaders to raise the Commonwealth’s profile and address the challenges facing its member states.
The Banquet is held in partnership with the City of London Corporation, and in 2023, it took place at Mansion House focusing on sustainability, particularly green finance, and how the City and Commonwealth communities can work together to forge a sustainable future. The Honourable Fiamē Naomi Mataʻafa, Prime Minister of Samoa, gave the keynote address.
Championing Literacy
Celebrating 140 Years of The Queens’ Commonwealth Essay Competition
2023 was a record-breaking year for The Queen’s Commonwealth Essay Competition, with almost 35,000 entries received from 50 Commonwealth countries under the theme, A Youth-Powered Commonwealth . The winners and runners-up hailed from India and Malaysia and were invited to London for Winners’ Week, a week of cultural and educational activities culminating in an Award Ceremony at Buckingham Palace hosted by Her Majesty The Queen alongside literary and diplomatic luminaries.
2023 also marked a significant moment in the competition’s history, the 140[th] anniversary of The Queen’s Commonwealth Essay Competition. To celebrate this anniversary, we were delighted to welcome former competition winners at the Award Ceremony and to produce a commemorative publication, The Queen’s Commonwealth Essay Competition: 140 Years of Excellence , published by Bloomsbury. This book includes a selection of winning entries from decades past that celebrate the values of the Commonwealth, and features a Foreword from our Vice-Patron, Her Majesty The Queen.
As part of the celebrations, we were also pleased to welcome His Excellency Babajide Sanwo-Olu, Governor of Lagos State, to deliver the keynote address as the principal sponsor of the competition during the publication launch at the House of Lords. This celebratory event was kindly hosted by the Chairman of the British Asian Trust, Lord Gadhia, and attended by members of the Commonwealth diplomatic community, competition partners, and former and current winners of the competition, including Dr Stephen Gichuhi (1982 winner from Kenya), an ophthalmologist specialising in eye cancer in young people caused by sun exposure, who gave his remarks at this celebratory event.
The Queen’s Commonwealth Essay Competition 2024
In March 2024, The Queen’s Commonwealth Essay Competition 2024 was launched at the end of Commonwealth Week. The virtual launch included a message from Her Majesty The Queen and contributions from leading youth environmental activists and Associate Fellows of the Royal Commonwealth Society from every Commonwealth region who spoke to the theme of Our Common Wealth .
This 2024 theme drew on the theme for the next Commonwealth Heads of Government Meeting ( One Resilient Common Future: Transforming our Common Wealth ), and asked entrants to consider how they deal with adversity and how community and culture can be used to encourage resilience and hope in a world with a growing number of global issues.
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ROYAL COMMONWEALTH SOCIETY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Write Around the World
In November 2023, the Royal Commonwealth Society launched Write Around the World, a companion initiative to The Queen’s Commonwealth Essay Competition. Developed in partnership with the Royal Society of Literature (RSL), this digital literacy programme features RSL Fellows who deliver short modules teaching young writers techniques for producing essays and poems, among other written skills. At the end of the six-week programme, the participants are encouraged to submit an entry to The Queen’s Commonwealth Essay Competition .
Write Around the World was piloted in Rwanda in 2022. Upcoming residential programmes to train Associate Fellows will be held in Botswana and Namibia.
Through its delivery, Write Around the World will extend the reach of The Queen’s Commonwealth Essay Competition to less advantaged, remote, and rural communities across the Commonwealth. By focusing on developing writing skills, these two literacy programmes will help Commonwealth nations deliver the United Nations’ Sustainable Development Goal (SDG) 4: Quality Education.
By the end of the reporting period, Write Around the World has already reached a global audience of 11,283 students in 47 countries, 30 of which are in the Commonwealth: Antigua and Barbuda, Australia, The Bahamas, Bangladesh, Canada, Fiji, Ghana, Guyana, India, Kenya, Lesotho, Malaysia, Maldives, Mauritius, New Zealand, Nigeria, Pakistan, Papua New Guinea, Rwanda, Sierra Leone, Singapore, South Africa, Sri Lanka, St Lucia, Tanzania, Togo, Trinidad and Tobago, Uganda, the United Kingdom, and Zambia.
Protecting the Environment
In February 2024, the Society partnered with the All-Party Parliamentary Group for the Commonwealth in the UK Parliament to co-host a ‘Look Ahead to CHOGM’. Moderated by the Co-Chair of the APPG, Lord Kamall, the panel featured the Executive Chair of the Royal Commonwealth Society, Dr Linda Yueh CBE, His Excellency Johnston Busingye, High Commissioner for Rwanda to the UK, Her Excellency Francella Strickland, High Commissioner for Samoa to the UK, and Dr Anne Gallagher AO, Director-General of the Commonwealth Foundation, for a discussion reflecting on Rwanda’s time as Chair-in-Office and Samoa’s aims as the next Chair-in-Office. During the discussion, Dr Yueh promoted the Society’s forthcoming Commonwealth Clean Oceans Plastics Campaign.
Our programmes (The Queen’s Commonwealth Essay Competition 2024), events (the Commonwealth Day Service and High Commissioners’ Banquet), and communication channels (social media, website, and e-newsletter) also highlighted the issue of plastic proliferation, innovative alternatives, and collective effort and responsibility to a global audience.
Promoting Equality
As Secretariat to the Commonwealth Youth Gender and Equality Network (CYGEN), the Royal Commonwealth Society supports the meaningful inclusion of youth voices on gender equality issues in local, national, regional, Commonwealth and international agendas. With the support of the Australian Government, CYGEN was launched by the RCS nearly a decade ago ahead of the Malta Commonwealth Heads of Government Meeting and has become the UN-recognised youth voice for gender equality in the Commonwealth.
During the reporting period, this recognition saw CYGEN participate in the Commission for the Status of Women Sub-Committee on Policy and Recommendations in early 2024, contributing to discussions on advancing gender equality within the Commonwealth.
CYGEN’s leading role also enabled their involvement in the 10[th] Commonwealth Youth Ministers Meeting at Marlborough House in September 2023. At this meeting, under the theme, Aim Higher:
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ROYAL COMMONWEALTH SOCIETY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Delivering More for Young People in the Commonwealth , CYGEN engaged stakeholders and contributed to policy discussions, notably through its participation in the inaugural Commonwealth Youth Expo. This participation underscored CYGEN’s importance in fostering meaningful dialogue and advancing youth-focused initiatives within the Commonwealth at the highest levels of policymaking.
Celebrating International Women’s Day in 2024, CYGEN hosted a virtual roundtable featuring Her Royal Highness The Duchess of Edinburgh; Elisabeth Bowes, Deputy High Commissioner for Australia to the UK; Dr Linda Yueh CBE, RCS Executive Chair, and CYGEN members from different regions of the Commonwealth. The roundtable served as a platform for CYGEN members to discuss pertinent themes, such as access to reproductive health rights and women in leadership positions.
CYGEN’s commitment to sustainability and impact included a restructuring phase, introducing a new Coordinator and an alumni network whilst focusing on governance and measurable outcomes. The network expanded to include 219 young leaders from 32 Commonwealth nations, enhancing engagement through newsletters, quarterly meetings, and the CYGEN Knowledge Hub, which disseminates essential resources and best practices.
Digital outreach was bolstered through a robust social media campaign, reaching 8,000 young people with weekly posts amplifying CYGEN’s message of gender equality and youth empowerment.
Public Benefit
The Trustees confirm that they have complied with their duty under Section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit.
Risk Management
The Trustees regularly review the risks the charity faces and are satisfied that systems are in place to mitigate their exposure to the major risks.
Finances
Key Figures from the Financial Statements
Our financial results for the year were positive, with a surplus of £104,092 on unrestricted funds, an increase from previous years. Overall revenue was down as compared with the previous financial year by 7.3% at £323,775 due to the cessation of the restricted Clarion Youth Exchange Grant within 2023.
At the year-end, reserves totalled £546,484.
Significant Activities Impacting on Finances
The Society has continued to focus efforts on deepening engagement with its core supporters as well as providing a new platform to engage with new ones. For instance, the Society has also launched a campaign to remove plastics from the Commonwealth’s oceans and waterways, seeking to attract donations for each piece of rubbish that has been recycled. The Society also continues in its efforts to endow The Queen’s Commonwealth Essay Competition.
Any Factors Impacting Future Income
The Society secured and relocated to rent-free offices at the Guildhall in April 2023, which reduces overhead costs for a five-year term that is renewable.
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ROYAL COMMONWEALTH SOCIETY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Reserves and Investment Policy
The principal objectives defined by the Trustees are:
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To ensure that the Society has sufficient uncommitted and readily accessible assets to cover overheads or any unanticipated short-term need. The Reserves will only be used as an intervention to enable, or to strengthen, the transition to a desired stable position and is not to be used to cover routine costs.
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That the Society should hold a minimum of six months of core costs. The quantum is defined as £60,000.
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It is unlikely that the Society will hold investments other than as a vehicle for the safekeeping of Reserves.
Principal Risks and Vulnerabilities
The reputation of the Society is its main asset. The Trustees are confident that the integrity of the Society is well-maintained, and that it is regarded as an effective partner, and trusted convenor in the Commonwealth.
Core funding and cash flow are the key and most vulnerable risks. Trustees keep a close eye on the cash position at all times.
Plans for the Future
In October 2024, Samoa will host the Commonwealth Heads of Government Meeting and become Chair-in-Office of the Commonwealth.
The meeting theme is One Resilient Common Future: Transforming Our Common Wealth . The Commonwealth has committed to creating a resilient environment to combat climate change as one of its key themes.
In support of this initiative, the Society will launch the Commonwealth Clean Oceans Plastics Campaign, a youth-led campaign to tackle ocean plastic pollution. Starting in Samoa in October 2024, the virtual baton will be passed to every Commonwealth country. The aim is to prevent one million pieces of plastic from entering the ocean and to showcase innovative alternatives from across the Commonwealth, such as Notpla, during the Commonwealth Day Service 2024.
2025 will also mark ten years since the Commonwealth Youth Gender and Equality Network was founded by the Society, with support from the Australian Government in Malta, in May 2015. It has been a decade of tremendous growth and ever-increasing impact. The next phase of work will mark the network's maturation into an expanded membership reaching all Commonwealth countries, an operating model funded by diverse governmental sources, and close alignment with efforts to achieve the United Nations’ Sustainable Development Goal 5 on gender equality during the crucial few years before the target date of 2030.
Arrangements for Setting Pay
The Trustees consider that conditions of service are set at a decent level in line with medians in the charity sector, and compliant with legislation. All salary recommendations are approved by the Executive Chair and the Treasurer and reported to the Trustees. A modest pension scheme in line with established legislation is in place.
Governance and Management
The Trustees routinely review appointments for relevance and experience, and there is an established rotation and succession policy.
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ROYAL COMMONWEALTH SOCIETY TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Trustees’ Responsibilities
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, UK GAAP (Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:
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Ensure that suitable and compliant accounting policies are implemented and applied appropriately.
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Observe the methods and principles of the Charities Statement of Recommended Practice (SORP).
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Make judgements and estimates that are reasonable and prudent.
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose the charity's financial position with reasonable accuracy at all times and enable them to ensure that the financial statements comply with the Charities Act 2022 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for the prevention and detection of fraud and other irregularities.
By order of the Trustees.
…………………………… Dr Linda Yueh CBE Executive Chair
11 November 2024
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ROYAL COMMONWEALTH SOCIETY
Opinion
We have audited the financial statements of Royal Commonwealth Society for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, 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).
In our opinion, the financial statements:
2024 and of its income and expenditure for the period then ended;
Practice;
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
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 charity'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 directors with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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ROYAL COMMONWEALTH SOCIETY
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and environment obtained in the course
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
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sufficient accounting records have not been kept;
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the financial statements are not in agreement with the accounting records and returns; or we have not obtained all the information and explanations necessary for the purposes of our audit.
Responsibilities of the trustees
As explained more fully in the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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 Charity or to cease operations, or have no realistic alternative but to do so.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
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We enquired of management, which included obtaining and reviewing supporting documentation, concerning the charity's policies and procedures relating to:
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identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
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The internal controls established to mitigate risks related to fraud.
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We obtained an understanding of the environment that the charity operates in, focusing on those laws and regulations that had a material effect on the financial statements.
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We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable accounting standard.
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We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
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In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business.
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ROYAL COMMONWEALTH SOCIETY
A further description of our responsibilities for the audit of the financial statements is located on the www.frc.org.uk/auditorsresponsibilities. This description forms Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been stees those matters we are required to state to for our audit work, for this report, or for the opinions we have formed.
Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead London NW6 2EG
13 November 2024
Goldwins Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006 .
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Royal Commonwealth Society Statement of financial activities
(incorporating an income and expenditure account)
For the year ended 31 March 2024
| Unrestricted Funds Note £ Income from: Supporters' donations 3 116,368 Public affairs programmes 13,731 Cultural events 38,676 Educational programmes 120,000 Total income 288,775 Expenditure on: Raising funds 5 18,069 Charitable activities: 5 Public affairs programmes 121,476 Cultural events 39,800 Educational programmes 33,357 Total expenditure 212,702 Net gains/ (losses) on investments 19,031 6 95,104 Transfers between funds 8,988 Net movement in funds 104,092 Reconciliation of funds: Total funds brought forward 399,837 Total funds carried forward 503,929 Net income/ (expenditure) for the year Net income/ (expenditure) before net gains on investments 76,073 |
Restricted Funds £ - - 35,000 - 35,000 - - 26,012 - 26,012 - 8,988 (8,988) - 42,555 42,555 8,988 |
2024 Total Funds £ 116,368 13,731 73,676 120,000 323,775 18,069 121,476 65,812 33,357 238,714 19,031 104,092 - 104,092 442,392 546,484 85,061 |
2023 Total Funds £ 121,774 10,000 96,534 120,000 |
|---|---|---|---|
| 348,308 | |||
| 19,429 190,229 122,132 40,778 |
|||
| 372,568 | |||
| (8,006) (24,260) |
|||
| (32,266) - |
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| (32,266) 474,658 |
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| 442,392 |
All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.
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Royal Commonwealth Society Balance sheet As at 31 March 2024
| Note Fixed assets: 8 9 Current assets: 10 15 Liabilities: 11 13 General funds Total unrestricted funds Total net assets Funds Restricted funds Unrestricted funds: Total funds Tangible assets Investments Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets |
2024 £ 129,830 233,305 363,135 14,300 503,929 |
2024 £ - 197,649 197,649 348,835 546,484 42,555 503,929 546,484 |
2023 £ 165,731 141,155 306,886 43,088 399,837 |
2023 £ 178,594 |
|---|---|---|---|---|
| 178,594 263,798 |
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| 442,392 | ||||
| 42,555 399,837 |
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| 442,392 |
11 November 2024.
and signed on their behalf by:
Paul Green Treasurer
Charity registration no. 226748
The attached notes form part of the financial statements.
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Royal Commonwealth Society Statement of cash flows For the year ended 31 March 2024
| Note 2024 £ Cash flows from operating activities: Net cash provided by / (used in) operating activities 14 Cash flows from investing activities: Cash provided by / (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 15 |
2024 2023 £ £ 92,174 (97) 92,077 141,228 233,305 |
2023 £ (1,081) - |
|---|---|---|
| (1,081) 142,309 |
||
| 141,228 |
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Royal Commonwealth Society Notes to the financial statements For the year ended 31 March 2024
1 Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102). Royal Commonwealth Society 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 or note.
b) Going concern
The trustees consider that there are no material uncertainties about Royal Commonwealth Society's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
c) Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from government and other grants, whether grants or grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met. For 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 charity 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 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 a treated as a contingent asset and disclosed if material. Income received in advance of the provision of a specific service is deferred until the criteria for income recognition are met.
d) Donations of gifts, services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not
On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
e) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
f) Fund accounting
Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the
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Royal Commonwealth Society Notes to the financial statements For the year ended 31 March 2024
| 1 | Accounting policies (continued) |
|---|---|
| g) | Expenditure and irrecoverable VAT |
| Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be | |
| required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: | |
| Costs of raising funds comprise of trading costs and the costs incurred by the charity in inducing third parties to make voluntary | |
| contributions to it, as well as the cost of any activities with a fundraising purpose. | |
| Expenditure on charitable activities includes the costs of delivering services undertaken to further the purposes of the charity and their | |
| associated support costs. | |
| Other expenditure represents those items not falling into any other heading. | |
| Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. | |
| h) | Allocation of support costs |
| Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back | |
| office costs, finance, personnel, payroll and governance costs which support the charity and its and activities. These costs have been allocated | |
| between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note | |
| 5. | |
| i) | Operating leases |
| Rental charges are charged on a straight line basis over the term of the lease. | |
| j) | Tangible fixed assets |
| Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost | |
| of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows: | |
| ˜ Computer equipment - Straight line over 3 years |
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| k) | Listed investments |
| Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair | |
| value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial | |
| activities. | |
| l) | Debtors |
| Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount | |
| prepaid net of any trade discounts due. | |
| m) | Cash at bank and in hand |
| Cash at bank and cash 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. | |
| n) | Creditors and provisions |
| Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the | |
| transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are | |
| normally recognised at their settlement amount after allowing for any trade discounts due. | |
| o) | Financial instruments |
| The charity 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 with the exception of bank loans which are | |
| subsequently measured at amortised cost using the effective interest method. |
p) Pensions
Royal Commonwealth Society provides a defined-contribution pension scheme in line with Government's auto enrolment regulations.
16
Royal Commonwealth Society
Notes to the financial statements
For the year ended 31 March 2024
2 Detailed comparatives for the statement of financial activities
| Income from: Charitable activities: Supporters' donations Public affairs programmes Cultural events Educational programmes Investment income Other income Total income Expenditure on: Raising funds Charitable activities: Public affairs programmes Cultural events Educational programmes Total expenditure Net gains on investments Net expenditure Transfers between funds Net movement in funds Total funds brought forward Total funds carried forward 3 Income from charitable activities Supporters' donations Public affairs meetings & activities Cultural events Income from educational programmes Total income from charitable activities Net income / expenditure before gains / (losses) on investments |
Unrestricted Funds £ 116,368 13,731 38,676 120,000 288,775 |
2023 £ 121,774 10,000 35,814 120,000 - - 287,588 19,429 135,759 63,078 39,807 258,073 29,515 (8,006) 21,509 29,023 50,532 349,305 399,837 £ - - 35,000 - 35,000 Restricted Funds Unrestricted Funds |
2023 £ - - 60,720 - - 60,720 - 54,470 59,054 971 114,495 (53,775) - (53,775) (29,023) (82,798) 125,353 42,555 2024 Total Funds £ 116,368 13,731 73,676 120,000 323,775 Restricted Funds |
2023 Total Funds £ 121,774 10,000 96,534 120,000 - - |
|---|---|---|---|---|
| 348,308 | ||||
| 19,429 190,229 122,132 40,778 |
||||
| 372,568 | ||||
| (24,260) (8,006) |
||||
| (32,266) - |
||||
| (32,266) 474,658 |
||||
| 442,392 | ||||
| 2023 Total Funds £ 121,774 10,000 96,534 120,000 |
||||
| 348,308 |
17
Royal Commonwealth Society
Notes to the financial statements
For the year ended 31 March 2024
4 Analysis of expenditure
| Staff costs Activity specific costs Legal and professional Support costs Depreciation Total expenditure 2024 Total expenditure 2023 |
£ 6,739 9,262 70 1,998 - Cost of raising funds |
Charitable activities | Charitable activities | Educational Programmes £ 9,434 21,027 99 2,797 - |
2024 Total £ 134,774 62,575 1,408 39,957 - |
2023 £ 138,868 164,135 1,183 67,123 1,259 |
|
|---|---|---|---|---|---|---|---|
| Public Affairs Programmes £ 88,951 5,225 929 26,371 - |
Cultural Events £ 29,650 27,061 310 8,791 - |
||||||
| 18,069 | 121,476 | 65,812 | 33,357 | 238,714 | 372,568 | ||
| 19,429 | 190,229 | 122,132 | 40,778 | 372,568 |
Of the total expenditure, £212,702 was unrestricted (2023: £258,073) and £26,012 was restricted (2023: £114,495). Analysis of expenditure-prior year
| Staff costs Activity specific costs Legal and professional Support costs Depreciation Total expenditure 2023 |
£ 11,198 4,657 59 3,515 - Cost of raising funds |
Charitable activities | Charitable activities | Educational Programmes 9,173 25,342 83 4,921 1,259 |
2023 Total £ 138,868 164,135 1,183 67,123 1,259 |
2022 Total £ 131,445 97,196 1,157 80,687 1,257 |
|
|---|---|---|---|---|---|---|---|
| Public Affairs Programmes £ 89,667 56,560 781 43,221 - |
Cultural Events £ 28,830 77,576 260 15,466 - |
||||||
| 19,429 | 190,229 | 122,132 | 40,778 | 372,568 | 311,742 |
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Royal Commonwealth Society
Notes to the financial statements
For the year ended 31 March 2024
- 6 Net income / (expenditure) for the year
| This is stated after charging / (crediting): | 2024 | 2023 |
|---|---|---|
| £ | £ | |
| Depreciation | - | 1,259 |
| Audit fees- net of VAT | 4,875 | 4,583 |
- 7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
| Staff costs were as follows: Salaries and wages Other staff costs Social security costs |
2024 £ 112,866 14,000 5,776 2,132 |
2023 £ 127,069 - 8,808 2,991 |
|---|---|---|
| 134,774 | 138,868 |
The total employee benefits including pension contributions of the key management personnel were £55,497 (2023: £56,956).
The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil) neither were they reimbursed expenses during the year (2023: £nil).
No employee earned over £60,000 during the year (2023: Nil)
Staff numbers
The average number of employees (head count based on number of staff employed) during the year was as follows:
| Programmatic Admin Public Affairs |
2024 No. 2.00 0.75 1.75 |
2023 No. 1.75 0.53 1.45 |
|---|---|---|
| 4.50 | 3.73 |
- 8 Tangible fixed assets
| Tangible fixed assets Cost At the start of the year Additions in year Disposals in year At the end of the year Depreciation At the start of the year Charge for the year Eliminated on disposal At the end of the year Net book value At the end of the year At the start of the year All of the above assets are used for charitable purposes. |
£ 21,799 - - Computer equipment |
Total £ 21,799 - - |
|---|---|---|
| 21,799 | 21,799 | |
| 21,799 - |
21,799 - - |
|
| 21,799 | 21,799 | |
| - | - | |
| - | - | |
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Royal Commonwealth Society
Notes to the financial statements
For the year ended 31 March 2024
| 9 Investments Investments at fair value: Investment funds Cash Deposits Movements Market value at the start of the year Additions at cost Net gains / (losses) Market value at the end of the year 10 Debtors Other debtors Prepayments 11 Creditors: amounts falling due within one year Other creditors Accruals & Deferred Income |
2024 £ 197,552 97 |
2023 £ 178,521 73 |
|---|---|---|
| 197,649 | 178,594 | |
| 178,521 - 19,031 |
186,527 (8,006) |
|
| 197,552 | 178,521 | |
| 2024 £ 127,387 2,443 |
2023 £ 162,546 3,185 |
|
| 129,830 | 165,731 | |
| 2024 £ 8,450 5,850 |
2023 £ 37,588 5,500 |
|
| 14,300 | 43,088 |
12 Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Investments Net current assets Net assets at the end of the year Analysis of net assets between funds-prior year Tangible fixed assets Investments Net current assets Net assets at the end of the year |
General Unrestricted Funds £ - 197,649 348,835 |
Restricted Funds £ - - 42,555 |
Total Funds £ - 197,649 391,390 |
| 503,929 | 42,555 | 546,484 | |
| General Unrestricted Funds £ - 178,594 221,243 |
Restricted Funds £ - - 42,555 |
Total Funds £ - 178,594 263,798 |
|
| 399,837 | 42,555 | 442,392 |
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Royal Commonwealth Society
Notes to the financial statements
For the year ended 31 March 2024
13 Movements in funds
| Restricted funds: Commonwealth Service Wainwright legacy Total restricted funds Unrestricted funds Total funds Movements in funds-prior year Restricted funds: Commonwealth Service CYGEN Wainwright Legacy Commonwealth Youth Exchange Programme Total restricted funds Unrestricted funds Total funds |
£ (35,000) 42,555 At the start of the year |
£ 70,000 - Incoming resources & gains |
£ 26,012 - Outgoing resources & losses |
Transfers £ (8,988) - |
£ - 42,555 At the end of the year |
|---|---|---|---|---|---|
| 7,555 | 70,000 | 26,012 | (8,988) | 42,555 | |
| 399,837 | 307,806 | 212,702 | 8,988 | 503,929 | |
| 407,392 | 377,806 | 238,714 | - | 546,484 | |
| £ - 57,298 50,000 18,055 At the start of the year |
£ 35,000 - 25,720 Incoming resources & gains |
£ 25,000 54,470 971 34,054 Outgoing resources & losses |
Transfers £ (10,000) (2,828) (6,474) (9,721) |
£ - - 42,555 - At the end of the year |
|
| 125,353 | 60,720 | 114,495 | (29,023) | 42,555 | |
| 349,305 | 279,582 | 258,073 | 29,023 | 399,837 | |
| 474,658 | 340,302 | 372,568 | - | 442,392 |
Purposes of restricted funds
Each of the restricted projects to be described in more detail below and explain any transfers.
Commonwealth Service The Society has assumed full responsibility for the Commonwealth Service and other related events during Commonwealth Week. These funds are retained to meet these specific costs.
Wainright Legacy/ Digital Literacy Programme - This programme aims to improve literacy skills of children in Botswana, Namibia and Rwanda, esp. those from less advantaged backgrounds or marginalised groups through the delivery of the Write Around the World Programme. The project will help children to develop key literacy and critical thinking skills.
21
Royal Commonwealth Society
Notes to the financial statements
For the year ended 31 March 2024
| 14 Reconciliation of net income / (expenditure) to net cash flow from operating activities Net income / (expenditure) for the reporting period (as per the statement of financial activities) Depreciation Interest, rent and dividends from investments (Gains)/ losses on investments (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash provided by / (used in) operating activities |
2024 £ 104,092 - - (19,031) 35,901 (28,788) |
2023 £ (32,266) 1,259 8,006 4,712 17,208 |
|---|---|---|
| 92,174 | (1,081) |
15 Analysis of cash and cash equivalents
| Analysis of cash and cash equivalents | ||||
|---|---|---|---|---|
| Cash at bank and in hand Cash held by investment manager Total cash and cash equivalents |
£ 141,155 73 At 1 April 2023 |
Cash flows £ 92,053 24 |
£ - - Other changes |
£ 233,208 97 At 31 March 2024 |
| 141,228 | 92,077 | - | 233,305 |
16 Related party transactions
There were no related party transactions during the year (2023: £nil).
22