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2023-12-31-accounts

REGISTERED COMPANY NUMBER: 02069723 (England and Wales) REGISTERED CHARITY NUMBER: 295573

Report of the Trustees and Financial Statements

for the Year Ended 31 December 2023

for Road Safety Foundation

Cooper Parry Group Limited Statutory Auditor 178 Buckingham Avenue Slough Berkshire SL1 4RD

Road Safety Foundation

Contents of the Financial Statements for the year ended 31 December 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 8
Report of the Independent Auditors 9 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 22
Detailed Statement of Financial Activities 23

Road Safety Foundation

Reference and Administrative Details for the year ended 31 December 2023

Trustees Miss A J Overton-Wood
Dr S M Sharland
Dr S K Hammerton
Mr N D J Lomas (appointed 2/3/2023)
Mr A S H Silverman (resigned 19/02/2023)
Mr R K Turner OBE (resigned 13/12/2023)
Company secretary Ms S Holroyd
Registered office 60 Trafalgar Square
London
WC2N 5DS
Registered company number 02069723 (England and Wales)
Registered charity number 295573
Auditors Cooper Parry Group Limited
Statutory Auditor
178 Buckingham Avenue
Slough
Berkshire
SL1 4RD
Bankers Barclays Bank Plc
8 Market Place
Basingstoke
RG21 7QA

Page 1

Report of the Trustees for the year ended 31 December 2023

Road Safety Foundation

The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of Road Safety Foundation (the company) for the year that ended on 31 December 2023. The Trustees confirm that the Annual report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102.

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and activities Charitable objectives

The Road Safety Foundation was established to promote road safety for the benefit of the public and in particular by:

  1. the carrying out or procuring (whether by way of financial assistance or otherwise) the research into all factors affecting the safe use by all members of the community of public roads and the publication of the useful results of such research.

  2. the promotion of the circulation throughout the community of advice, information and knowledge regarding the safe use of the public roads by all classes of users thereof.

  3. to conceive, develop and implement whether alone or jointly with third parties ideas, programmes and course of action whether of an educational or other nature designed to or having as their objective the improvement of any aspect of road safety including (but not by way of limitation of the foregoing) the carrying out of any projects or programmes intended to educate young children or others in the safe use of the public roads.

In setting objectives and planning our activities, the Trustees have considered the Charity Commission's guidance on public benefit including the guidance on public benefit and fee charging. In seeking grants and other voluntary income to support our ongoing work, the Trustees consider the accessibility of the Charity's work to those organisations that seek to further the public benefit in relation to road safety.

The Charity's Focus

The Foundation's mission is to help make road travel as safe as rail and air on Britain's roads and beyond; this mission being closely aligned to implementation of a Safe System and Vision Zero. In working towards this goal, the Charity recognises that road users will always make errors even when they are diligently observing the rules of the road and so road collisions should be viewed as inevitable, and that road users have limited tolerances to collision forces. In response the Charity advocates that we should design a safe road system where the road, speeds and vehicles work together to prevent collisions from resulting in fatal or serious injury.

The United Nations has declared 2020-2030 the second Decade of Action for Road Safety, in support of the Sustainable Development Goal to halve road deaths by 2030 from a 2020 baseline. The World Health Organisation has set formal global road safety performance targets, the ones relating to road infrastructure embrace the iRAP Star Rating of new and existing roads which forms a large part of the Charity's work.

With central and local government increasingly looking to create a Safe System, road authorities are turning to the iRAP Star Rating approach to enable them to be proactive and systematic in reducing road risk. As the United Kingdom Road Assessment Programme (United Kingdom RAP) lead, Road Safety Foundation (RSF) work has moved towards implementation and capacity building, while helping road authorities to overcome some key challenges of Safe System implementation. Advocacy remains an important component of the Charity's work to ensure proactive risk reduction becomes ubiquitous and road safety investment is sufficient to meaningfully reduce fatal and serious injury.

The Charity aims to help reduce road trauma through the adoption of a Safe System by:

  1. Analysing the safety performance of roads, prioritising where investment is likely to make the greatest impact and scoping the scale and returns of different investment options.

  2. Providing the approach, tools and training necessary to support road authorities in taking a proactive approach to road risk reduction.

  3. Undertaking research to progress knowledge and policy.

Page 2

Road Safety Foundation

Report of the Trustees

for the year ended 31 December 2023

2023 Programme

In 2023, the Foundation completed a thriving portfolio of projects and workstreams including advocacy and leadership, oversight of the United Kingdom iRAP initiative, research and development, crash risk mapping, and leadership of the Older Drivers Task Force.

Advocacy and leadership

The Charity has presented at several high profile events this year including Highways UK, Traffex, Cycle County Active County in Oxford, the Welsh National Road Safety Conference, and the National Road Safety Conference (UK). Along with these events, we have also presented at an Inside Government Conference, RSMA conference, a knowledge sharing event for iRAP, a webinar for BSI on road safety management, a PACTS conference on speed and to the Major Roads Group for Transport for the North.

We continue to assist the Department for Transport and National Highways in their planning for Road Investment Strategy (RIS) 3.

The Charity is an active member of the Parliamentary Advisory Council for Transport Safety, with our Programme and Engineering Director chairing the Road Environment Working Party.

In 2023, RSF has provided Safe System training to Transport for West Midlands, Oxfordshire County Council, WSP, Mott MacDonald, Arup, Atkins, Kent County Council, and Hertfordshire Road Safety Partnership.

United Kingdom iRAP Initiative

Department for Transport and Local Roads

In 2023 RSF has worked with the Department for Transport to support local authorities applying for funding from the Safer Roads Fund (SRF). Improvements to processes and tools have been made to better streamline the support offered. RSF also started a project to re-survey the original SRF schemes from 2018 to assess how the schemes have changed the level of safety provision on these routes. Further iRAP surveys of local roads have been supported by RSF, including surveys in Cambridgeshire, Jersey and Coventry.

English Strategic Roads

The Charity's partnership with National Highways continued well during the year. National Highways has embraced the iRAP approach and is moving into a phase of embedding the use of the data in several areas of the business including: strategic planning and performance monitoring, prioritisation, and route treatment. As such the Charity has been supporting National Highways with the development of policy papers, tools and training materials to support the deepening of the use of iRAP data in day-to-day activities. The use of iRAP in business case development has been approved for National Highways.

A training scheme for National Highways staff was launched in 2023, and will be revised as new tools are developed and ready in 2024.

RSF continues to support National Highways in its preparation for the planned 2025 iRAP survey. Further work for National Highways is being delivered with Arup, Aecom and Jacobs using iRAP in the development of road safety route optimisation schemes and a guide to road safety treatments. Additional work has been undertaken for WSP in assessing options for different routes using Star Rating for Designs.

Welsh Strategic Roads

The Road Safety Foundation is supporting Welsh Government in improving the iRAP survey with telematics speed data and through enhancing the estimation of walking and cycling flows on the network. Work began in 2023 to explore how Welsh Government might best use the data available through iRAP to inform prioritisation and route treatments.

Research and Development

In 2023, the Charity concluded work on the urban road safety measures project funded by the Road Safety Trust. This work means that in the iRAP toolkit, there are now much more appropriate and modern urban road safety measures. RSF continues to work on the telematics speed project funded by the Road Safety Trust, making available granular speed data to road safety stakeholders in West Midlands. This project will conclude in early 2024.

Page 3

Road Safety Foundation

Report of the Trustees

for the year ended 31 December 2023

Thanks to funding from National Highways, the Route Review Tool used by road authorities to develop and appraise the impact of potential road safety schemes, will be transformed to include a much greater emphasis on speed management. The speed management functionality will allow road authorities to analyse the gap between actual speeds and safe(r) speeds across their network or along routes, and will allow authorities to test different options to manage speeds.

British EuroRAP Results 2023

The British EuroRAP results were launched on in December via Zoom. The report, "Road Safety Performance and Investment Opportunities", can be viewed here: https://roadsafetyfoundation.org/project/road-safety-performance-andinvestment-opportunities/. The report describes the safety performance of each tier of road network in each of the countries of Great Britain and highlights possible investment portfolios for British roads. An interactive data portal can be accessed here: http://rsfmaps.agilysis.co.uk/, and the data continues to be used by road authorities across Great Britain and in the scoping of major investment opportunities.

Older Drivers Task Force

The Foundation continues to run the Older Drivers Task Force. Following on from the launch of the 2nd edition of 'Supporting Safe Driving into Old Age: https://roadsafetyfoundation.org/project/safe-driving-into-old-age/ in November 2021, the Foundation continues to try and identify implementation opportunities for the recommendations that were made.

Future Plans

In 2024 the Foundation plans to seek to:

Page 4

Road Safety Foundation

Report of the Trustees for the year ended 31 December 2023

Structure, governance and management a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 31 October 1986.

The company is constituted under a Memorandum of Association dated 31 October 1986 and is a registered charity number 295573.

b. Method of appointment or election of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

The minimum number of Trustees shall be three save for circumstances where a charity (as defined by s1 of the Charities Act 2011) is appointed as a trustee, in which case it may serve as a sole trustee of the Foundation. There shall be no maximum number (unless otherwise determined by Ordinary Resolution).

c. Policies adopted for the induction and Training of Trustees

Trustees are sought for the Board specifically to add value to the Charity. This is both in terms of creating a Board that is representative of the community that the Charity serves, and one that has all the skills and experience required to properly carry out the work of the Charity.

When a potential trustee is identified, they are usually invited to attend a Board meeting in the capacity of observer. Once they and the Board of Trustees have gained a greater understanding of each other they are nominated for election to the position of trustee and elected by unanimous decision.

As part of their induction and training, new Trustees are given briefings on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and the recent financial performances of the Charity. Trustees are also encouraged to attend appropriate external training events where these will facilitate an enhanced understanding of the requirements of their role.

The Charity is fortunate that it is able to attract committed individuals with great relevant experience in the field and in public life.

d. Organisational structure and Decision Making

The Charity is governed by the Board of Trustees. The Board agrees and monitors the Forward Plan and approves all the Charity's policies. The day to day running of the Charity is delegated to the Executive overseen by a Management Committee which includes at least one Trustee.

Board meetings are held at least three times a year primarily to review financial reports, discuss issues of strategic direction, and programme priorities.

Following the dissolution of EuroRAP AISBL, the founder shares of the Slovenian not for profit entity, Evropski institut za ocenjevanje cest - EuroRAP (EIRA) were transferred to the Road Safety Foundation. At the point, EuroRAP was dissolved, the founder shares of EIRA were transferred to the Road Safety Foundation. As EIRA is a not for profit organisation, the Road Safety Foundation is not entitled to any surpluses it generates and it is therefore not included in the consolidation of the financial statements.

For the purposes of company law, the Trustees shown on page 1 are the directors of the company. The Trustees who served during the year were as follows:

Mr R K Turner OBE (resigned 13/12/2023) Miss A J Overton-Wood Mr A S H Silverman (resigned 19/02/2023) Dr S M Sharland Dr S K Hammerton Mr N D J Lomas (appointed 2/03/2023)

e. Related party relationships

Details of related party transactions are set out in note 14 of the notes to the financial statements.

Page 5

Road Safety Foundation

Report of the Trustees

for the year ended 31 December 2023

f. Risk management

The key risks which RSF has identified and the steps being taken to minimise these risks are listed below:

To ensure that risks are identified, and appropriate control measures are put in place, the Board of Trustees has recently reviewed the major risks to which the Foundation is exposed and their potential impact. Actions have been taken or identified to mitigate them, and they will continue to be reviewed periodically.

The Trustees are responsible for the Charity's systems of internal control and effectiveness. No system of internal control can provide absolute assurance against material misstatement or loss. However, the Charity's system is designed to provide the Board of Trustees with reasonable assurance that there are proper procedures in place, and that they are operating effectively.

The key elements of the internal control system are:

The risk management process follows three main requirements or sources of guidance: The Charity Governance Code, the Charity Commission's "Charity and Risk Management" (CC26) and the statement of Recommended practice "Accounting and Reporting by Charities."

The Charity has in place an anti-corruption and bribery policy which states that it is our policy to conduct all our activities in an open and honest manner. We take a zero-tolerance approach to bribery and corruption and are committed to acting professionally, fairly and with integrity in all our activities We always aim to follow best practice and the provisions of the UK Bribery Act 2010 with all new staff undertaking training on this as part of their induction process. We also ensure that our subcontractors are aware of the provisions and agree to them as part of our standard contractual process. Refresher training is also provided to staff.

Another law which is significant to the Charity is the General Data Protection Regulation (GDPR). We keep an up-to-date list of processing activities and where appropriate will conduct a data processing impact assessment on new activities. We also provide regular staff refresher training on the GDPR.

To protect the Charity from fraud, we have several key controls in place which are:

Page 6

Road Safety Foundation

Report of the Trustees for the year ended 31 December 2023

Financial and Resourcing Position

Funding

The Charity's long-term independence has been built on raising diverse funding and by ensuring its programme and fixed costs do not exceed its committed income or reserves. While seeking to continue to work in close partnership with central and local government, Trustees continue to seek private sector funding to maintain diverse income.

Resourcing

The voluntary unpaid work of experienced Trustees and Council members is central to guiding and contributing to the programme. Its Trustee base continues to evolve to ensure we have skills in business management, fundraising, research and training. Given the significant profile that the Foundation now has, the Charity regularly reviews the skills of its Trustees to ensure that it has a diverse skills base to support and develop its work.

The joint employment agreement which the Charity enjoys with the International Road Assessment Programme (iRAP), together with the Charity's network of self-employed professionals, allows the programme to expand and contract efficiently in response to demands.

Going Concern

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Financial review

The Charity achieved a surplus for the year of £68,822 compared to a loss in the previous year of £69,285. The improved performance was largely due to more projects being awarded and consequently more staff time being spent on them, as well as careful management of fixed costs. Trade debtors at the end of the period stood at £39,097 and these have now all been received in full.

a. Reserves Policy

The Charity reviews the level of reserves each year. Reserves are held for three main reasons.

The trustees have established that the general level of reserves held should be eight months worth of core costs at a value of £346,723. At year end, the Charity had available reserves of £321,960.

b. Material Investments Policy

Under the memorandum and articles of association, the Charity has the power to invest in any way the trustees wish.

The Foundation has adopted a low-risk approach to investing surplus cash by placing cash on deposit accounts at the bank.

c. Future Factors that may Affect Financial Performance

The Foundation has been fortunate to secure many long term contracts largely from national and local government sources. Going forward, the Foundation is looking to add other sources of income to diversify its portfolio of supporters for its valuable work.

Page 7

Road Safety Foundation

Report of the Trustees for the year ended 31 December 2023

Statement of trustees' responsibilities

The trustees (who are also the directors of Road Safety Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Auditors

Reappointment of auditor

The audit business of Haines Watts Farnborough (2020) LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts Farnborough (2020) LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

The auditors, Cooper Parry Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on �������������� and signed on its behalf by:

----- Start of picture text -----
....................................
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.................................... ................................ Dr S K Hammerton - Trustee

Page 8

Report of the Independent Auditors to the Members of Road Safety Foundation

Opinion

We have audited the financial statements of Road Safety Foundation (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Page 9

Report of the Independent Auditors to the Members of Road Safety Foundation

Responsibilities of trustees

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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

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

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

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We discussed with the Trustees the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006. Charities Act 2011 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 10

Report of the Independent Auditors to the Members of Road Safety Foundation

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 auditors' 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.

Jane Wills (Senior Statutory Auditor) for and on behalf of Cooper Parry Group Limited Statutory Auditor 178 Buckingham Avenue Slough Berkshire SL1 4RD Date: .............................................

Page 11

Road Safety Foundation

Statement of Financial Activities for the year ended 31 December 2023

Unrestricted
Restricted
fund
fund
Notes
£
£
Income and endowments from
Charitable activities
Charitable activities
3
750,321
69,877
Investment income
2
7,549
-
Total
757,870
69,877
Expenditure on
Charitable activities
Charitable activities
679,594
79,331
Total
679,594
79,331
NET INCOME/(EXPENDITURE)
78,276
(9,454)
Transfers between funds
15
(9,454)
9,454
Net movement in funds
68,822
-
Reconciliation of funds
Total funds brought forward
253,138
-
Total funds carried forward
321,960
-		 2023
Total
funds
£
820,198
7,549
827,747
758,925
758,925
68,822
-
68,822
253,138
321,960		 2022
Total
funds
£
520,854
-
520,854
590,139
590,139
(69,285)
-
(69,285)
322,423
253,138

The notes form part of these financial statements

Page 12

Road Safety Foundation

Balance Sheet 31 December 2023

Unrestricted
fund
Notes
£
Fixed assets
Tangible assets
8
1,823
Investments
9
260
2,083
Current assets
Debtors
10
56,733
Cash at bank
998,817
1,055,550
Creditors
Amounts falling due within one year
11
(735,673)
Net current assets
319,877
Total assets less current liabilities
321,960
NET ASSETS
321,960
Funds
13
Unrestricted funds
Total funds		 Restricted
fund
£
-
-
-
14,768
-
14,768
(14,768)
-
-
-		 2023
Total
funds
£
1,823
260
2,083
71,501
998,817
1,070,318
(750,441)
319,877
321,960
321,960
321,960
321,960		 2022
Total
funds
£
3,451
-
3,451
78,389
906,025
984,414
(734,727)
249,687
253,138
253,138
253,138
253,138

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ���������������and were signed on its behalf by:

............................................. Dr S K Hammerton - Trustee

The notes form part of these financial statements

Page 13

Road Safety Foundation

Cash Flow Statement

for the year ended 31 December 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Interest received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
2
Cash and cash equivalents at the end of
the reporting period
2		 2023
£
123,725
123,725
-
(260)
7,549
7,289
131,014
853,035
984,049		 2022
£
514,119
514,119
(4,884)
-
-
(4,884)
509,235
343,800
853,035

The notes form part of these financial statements

Page 14

Road Safety Foundation

Notes to the Cash Flow Statement for the year ended 31 December 2023

1. 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)
Adjustments for:
Depreciation charges
Interest received
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operations
2.
Analysis of cash and cash equivalents
Cash at bank
Cash in transit
Total cash and cash equivalents		 2023
£
68,822
1,628
(7,549)
6,888
53,936
123,725
2023
£
998,817
(14,768)
984,049		 2022
£
(69,285)
1,515
-
(4,664)
586,553
514,119
2022
£
906,025
(52,990)
853,035

3. Analysis of changes in net funds

At 1/1/23 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank 906,025 92,792 998,817
Cash in transit (52,990) 38,222 (14,768)
853,035 131,014 984,049
Total 853,035 131,014 984,049

The notes form part of these financial statements

Page 15

Road Safety Foundation

Notes to the Financial Statements

for the year ended 31 December 2023

1. Accounting policies

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Company status

The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

Going concern

The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. Based on these assessments and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Reclassification of costs

Costs previously included in support costs have been reanalysed under charitable activities, as the trustees consider it a more appropriate categorisation. In the comparative year, an amount of £173,205 has been reclassified from support costs to charitable activities.

Key sources of estimation uncertainty and judgements

Preparation of the financial statements requires management to make significant judgements and estimates in determining the carrying amounts of certain assets and liabilities. Management makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The management's estimates and assumptions are based on historical experience and expectation of future events and are reviewed periodically. This disclosure excludes uncertainty over future events and judgement in respect of measuring financial instruments.

There is estimation uncertainty in calculating depreciation, as monthly calculations are based on the estimated useful life of assets. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month and whilst every attempt is made to ensure that the bad debt provision is as accurate as possible, there remains a risk that the provisions will not match the level of debts which ultimately prove to be collectable.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Project income is recognised on the stage of completion of the project, which is calculated based on the estimated margin at completion of the project.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Page 16

Road Safety Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2023

1. Accounting policies - continued

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Computer equipment - 33% on cost

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Foreign currencies

Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the charitable company becomes a party to the contractual provisions of the instrument.

Trade and other debtors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the charitable company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank which are an integral part of the charitable company's cash management.

Financial liabilities and equity instruments issued by the charitable company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the charitable company after deducting all of its liabilities. Equity instruments issued by the charitable company are recorded at the proceeds received, net of direct issue costs.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

2. Investment income

Unrestricted
Restricted
funds
funds
£
£
Deposit account interest
7,549
-		 2023
Total
funds
£
7,549		 2022
Total
funds
£
-

Page 17

Road Safety Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2023

3. Income from charitable activities

Income from charitable activities
Activity
Research projects
Charitable activities
Grants
Charitable activities
Grants received, included in the above, are as follows:
Road Safety Trust
EIB Road Safety Partnership
EuroRAP Support Grant
RST Telematics
RST EATF
iRAP Support Grant
Dft Challenge Fund
Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Net (gains) / losses on foreign exchange		 2023
£
729,451
90,747
820,198
2023
£
12,742
8,776
4,279
57,135
-
4,000
3,815
90,747
2023
£
5,197
1,628
754		 2022
£
288,860
231,994
520,854
2022
£
69,642
8,851
15,979
100,715
36,807
-
-
231,994
2022
£
5,555
1,515
(1,019)

4. Net income/(expenditure)

5. Trustees' remuneration and benefits

Trustees' expenses

During the year, trustees' were reimbursed £122 (2022: £178) for their travel expenses

Page 18

Road Safety Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2023

6. Staff costs

Wages and salaries
Other pension costs		 2023
£
281,033
25,719
306,752		 2022
£
204,266
18,406
222,672

The average monthly number of employees and trustees during the year was as follows:

Trustees
Employees		 2023
4
4
8		 2022
5
3
8
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2023 2022
£60,001 - £70,000 - -
£70,001 - £80,000 - 1
£80,001 - £90,000 1 1
£90,001 - £100,000 1 -
2 2
7. Comparatives for the statement of financial activities
Unrestricted Restricted Total
fund fund funds
£ £ £
Income and endowments from
Charitable activities
Charitable activities 313,690 207,164 520,854
Expenditure on
Charitable activities
Charitable activities 382,975 207,164 590,139
NET INCOME/(EXPENDITURE) (69,285) - (69,285)
Reconciliation of funds
Total funds brought forward 322,423 - 322,423
Total funds carried forward 253,138 - 253,138

Page 19

Road Safety Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2023

8.
Tangible fixed assets
Cost
At 1 January 2023 and 31 December 2023
Depreciation
At 1 January 2023
Charge for year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
9.
Fixed asset investments
Cost
At 1 January 2023 and 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
This investment relates to a subsidiary outside the UK, in Europe.
10.
Debtors: amounts falling due within one year
Trade debtors
Other debtors
Prepayments and accrued income		 Computer
equipment
£
7,764
4,313
1,628
5,941
1,823
3,451
Shares in
group
undertakings
£
260
260
260
2023
2022
£
£
39,097
11,452
2,436
679
29,968
66,258
71,501
78,389		 Computer
equipment
£
7,764
4,313
1,628
5,941
1,823
3,451
Shares in
group
undertakings
£
260
260
260
2023
2022
£
£
39,097
11,452
2,436
679
29,968
66,258
71,501
78,389
78,389

Page 20

Road Safety Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2023

11.
Creditors: amounts falling due within one year
Bank loans and cash in transit (see note 12)
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
12.
Loans
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Cash in transit
13.
Movement in funds
Unrestricted funds
General fund
Restricted funds
Restricted Fund
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Restricted funds
Restricted Fund
TOTAL FUNDS		 2023
2022
£
£
14,768
52,990
1,367
851
8,574
7,267
22,296
106,744
43,525
57,429
659,911
509,446
750,441
734,727

2023
2022
£
£
14,768
52,990
Net
Transfers
movement
between
At
At 1/1/23
in funds
funds
31/12/23
£
£
£
£
253,138
78,276
(9,454)
321,960
-
(9,454)
9,454
-
253,138
68,822
-
321,960
as follows:
Incoming
Resources
Movement
resources
expended
in funds
£
£
£
787,870
(709,594)
78,276
69,877
(79,331)
(9,454)
857,747
(788,925)
68,822

Page 21

Road Safety Foundation

Notes to the Financial Statements - continued for the year ended 31 December 2023

13. Movement in funds - continued

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 Net
movement
At 1/1/22
in funds
£
£
322,423
(69,285)
322,423
(69,285)		 At
31/12/22
£
253,138
253,138

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 313,690 (382,975) (69,285)
Restricted funds
Restricted Fund 207,164 (207,164) -
TOTAL FUNDS 520,854 (590,139) (69,285)

The restricted fund relates to the Road Safety Trust grant and Road Safety Trust Telematics Speed grant.

14.

Related party disclosures

The Foundation is related to the International Road Assessment Programme (iRAP), Road Assessment Services Limited (RASL), EuroRAP AISBL (EuroRAP) (dissolved on the 7 November 2023) and Evropski inštitut za ocenjevanje cest - EuroRAP (EIRA) through common key management and has a joint employment agreement in place with these organisations.

At the point, EuroRAP was dissolved, the founder shares of EIRA were transferred to the Road Safety Foundation. As EIRA is a not for profit organisation, the Road Safety Foundation is not entitled to any surpluses it generates and it is therefore not included in the consolidation of the financial statements.

During the year, the Foundation shared staffing costs of £93,536 (2022: £98,099) and made other payments of £79,487 (2022: £73,826) with iRAP. It also made payments of £5,279 to EuroRAP (2022: £5,263) and payments to Road Assessment Services of £2,905 (2022: £2,542). The Foundation received payments from EuroRAP of £16,256 (2022: £53,211).

At 31 December 2023, included in the other creditors is £43,525 due to iRAP (2022: £56,484) and £nil to RASL

(2022: £945).

Dr Susan Sharland is a trustee of both the Foundation and the International Road Assessment Programme (iRAP). She is also a director of Road Assessment Services Limited.

Mrs Shona Holroyd is a Director of both EIRA and RASL in addition to being the Chief Financial Officer and Company Secretary of the Foundation.

15. Ultimate controlling party

The company is under the control of the Trustees.

Page 22

Road Safety Foundation

Detailed Statement of Financial Activities

for the year ended 31 December 2023

Income and endowments
Investment income
Deposit account interest
Charitable activities
Research projects
Grants
Total incoming resources
Expenditure
Charitable activities
Wages
Pensions
Research projects
iRAP Finance and HR Recharge
Membership fees
Insurance
Exchange differences
Sundries
Bank charges
Printing
Computer costs
Communications
Subscriptions
Legal and professional costs
Office costs
Computer equipment
Support costs
Governance costs
Auditors' remuneration
Total resources expended
Net income/(expenditure)		 2023
£
7,549
729,451
90,747
820,198
827,747
281,033
25,719
343,427
37,648
5,400
9,853
754
123
269
790
358
3,750
604
5,002
37,370
1,628
753,728
5,197
758,925
68,822		 2022
£
-
288,860
231,994
520,854
520,854
204,266
18,406
288,225
25,001
5,212
7,398
(1,019)
150
346
136
150
11,529
532
2,727
20,010
1,515
584,584
5,555
590,139
(69,285)

This page does not form part of the statutory financial statements

Page 23