TRUSTEES' REPORT AND ACCOUNTS 2022 67
Notes to the accounts continued
Year ended 31 December 2022
2022
£'000
2021
£'000
12. Commitments
At 31 December 2022, the group had the following capital and other budgeted project commitments.
Contracted
Authorised but not contracted 3,981 7,367
All commitments relate to the parent charity. All commitments will be funded by the capital and project commitments designated fund (Note 18).
13. Contingent liabilities and assets
The Society has 125 legacies with a total value of £15m against which claims could be made. Indemnities are in place for all of these legacies,
to protect the Society against future financial loss. The possibility of a claim being made is deemed remote in the majority of cases.
There is a current ongoing dispute regarding water charges for which legal advice has been taken and future legal costs may be incurred. The amount
of costs and potential reimbursement of these cannot be quantified at the point of signing these financial statements.
The RSPCA is the legal tenant for 12 properties where the beneficial tenant is an RSPCA branch. In the event of the financial failure of the beneficial
tenant, the RSPCA would be obliged to continue the tenancy.
14. Financial instruments
The charity and group held only basic financial instruments at the balance sheet date as outlined in Section 11 'Basic Financial Instruments' of FRS 102.
Basic financial instruments of the charity and group comprise cash, trade debtors, trade creditors and investments. Trade debtors and trade creditors
are held at the balance sheet date at the consideration expected to be paid or received. Investments are revalued to their fair value at the balance
sheet date, with any arising unrealised gain or loss recognised in the Statement of Financial Activities. The charity and group held investments of
£133,446k (£115,165k) at the 31 December 2022 (31 December 2021).
15. Trusteeships
The RSPCA holds property title deeds and investments as custodian trustee for certain branches. The property title deeds which are held by the
RSPCA as a custodian trustee relate to a number of operational buildings for use by certain branches carrying out their charitable activities.