Charity Registration No. l 087986 Company Reglstratlon No. 04240029 IEngland and Wale51 STUDENTS RUGBY FOOTBALL UNION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 20 JUNE 2024
STUDENTS RUGBY FOOTBALL UNION LEGAL AND ADMINISTRATIVE INFORMATION Trusto0s P MoLeY P Craig P De Glanville M Hyiidnian R Scully Williams S Brown M Beddoe D Hopkln5 K E Slorie 8e¢ret•ry P Craig Charity number 1087986 Company number 04240029 Rogl$lgrgd offl 14 Sl Calherin8s Road Harrogale North Yorkshire HG2 8JZ Audllor Bache Brown & Co Lirniled Swinlord Hou58 Albion Street Br58r1 Hlll Wesl Midlands DY5 3EE
STUDENTS RUGBY FOOTBALL UNION CONTENTS Page Trustees. Ipport Ind8p8ndent audltor's r8port Stslemenl of financial activlties Balance sheet Noles lo the flnan¢lal 81al8m8nl8 9-17
STUDENTS RUGBY FOOTBALL UNION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 JUNE 2024 Th8 Irust88s pr8sent Ih8ir annual report and financial statements lor Iha y8ar end8d 30 June 2024. The fin8nei81 ststemeni$ have been prepared in 8c¢ord8n¢e with the 8¢¢0unb"ng poli¢ies set out in note I to the fin8nci81 slatetnenls and cotnply wilh the charity's governing document. the Cornpanies Acl 2006 and-Accounling and Reporting by Charilies. Slatetnent of Recomfflended Practi applicable to chaiitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable the UK and R8public ol Ireland IFRS 1021. las amended for accounting periods commencing from 1 January 20161 Objectives and activitie The ¢harily's oblecllves are lo admlnlsler, foslgr, gncourage. ext8 and control Rugby Football Unlon for the moral, mental and physical deVelopnI ol students at universities and other institutions ol higher education williin England. In furtherance of these activities. bul without in anyway limiting them, the Students Rugby Football Union shall have the following powers.. • To promote and develop the game, including Ibul not limrted tol th8 coaching Ihereol in universities land other institutions ol higher education) wilhin England. To act as Ihe higher education seelion ol Ihe Rugby Football Union and lo b8 a con8lrtuenl body of Ihe Ruuby Football Union. To ensure Ihal 11)e gamels played in acoordai)ce wlll) Ihe law$ ol 11)0 game aiid Is adniii)islered In accordaiice willi Ilie rules and regulations ol the Rugby Foolball Union and the regulations of Worfd Rugby. To arrange rgpr8$gnialive, trial and olher rllal¢hgs and lour$ for sludgnls qualified 10 play for England. Public tJen8TIt The trustees have paid due regard lo guidance issued by the Charity Cornmisyon in deciding what activities the charity should undériak•. Achlgv•m•nts and p•rforrnanc• Swnific8nl acliviti8s ènd achItrMnIs 8g8in&t obj•clivés Our main a¢tivilig8 and who we Irv lo help arg describod wiihin our objoclives and 8clivili08. All tsur ¢harilable activities locus on the prornotion ol the game of Rugby Football Union to students ol universrties land higher educalK)n instilulionsl. We hsve provided opportunities for all unii'ersity land higher edJcalion In$'tutIOn) students to toke part in the enjoyment of Rugby Football Union, ensuriry they play lo Ihgir optimutn capability and Ihg bgS1 play lor England, Our key achievements for the year include.. Hosbng tre England Universities vs France Univgrsiligs fixture ai Ctsvgnlry RFC Conducted induswity research and locus groups Launch ol Player Ragistratbn univ8rsi118S Introduction of SRFU I RFU I SUCS Joint Beh8viour Ch8rtor Receiving over 90 nominations lor the University Rugby Awards, which were h05ted al the BUCS Rugby Finals al Ihe Slon9X Stsdiut Hosbng Ihe University Rugby Development Forutn at SIon8X Stadium Free Rugby Development Day for uniNErsity Staff & Students Formation of EDI Advisory Board Flnanclal rgvSew The charity has continued lo receive sUPPOrt from the Rugby Football Union and against the backdrop ol lirniled resuurces has Qonlinupd to develop the 5eivices provide by the Gharity to Il benefioiaries. Althouah it Is the Trustees intention to act prudently w8 do not wish lo stockpile funds. The Trustees wish lo sensibly invest in th8 development ol Student Rugby and continu8 to work hard al rnaknng our funds r8ach ever further 8ach year. During th8 finarrial year lh8 Tru51ee5 hav8 made a conscious decision lo continue to support the England Students programrne following the loss of funding from the RFU., this vias unders¥ritlen by reserves. Moving forward. the Trustee5 plan lo remove the reliance on reserves and devdop this into self-sustaining prograrnme.
STUDENTS RUGBY FOOTBALL UNION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 R8S8Ngs policy It is the policy ol the Charity Ihal unrestri¢led lunds whi¢b hava not begn designaltsd lor a S11¢ uso Should b& maintained at a18V818quivalent to not18s8 than tW81v8 rnonlhs cor8 8xp&nditur8. Th8 trustees consider that r8S8rves at this 18V81 will ensure Ihat, In the evenl of a Signifint drop in funding, they will be 8ble lo ¢oniinue ihe charrty's ¢urrenl aclivrties while consideration is given to ways in which additional funds Tnay b8 raised. Principal Mpdirpg sourc8s Principal Funding Souice The principal funding source5 are frorn grants received from the Rugby Footb41 Union. Other income 15 raised by way of fund raising inilialives held lor th8 benelil of the charity. Investment policy Investment Policy 11 is not the charty's policy to invest funds lor the long term. The charity's expenditure is based seasonally UPDn the Rugby Football Union playing season. Wlhere funds are feceived in advance or there Is a surplus following the season, these are placed on short-lerm deposit. Majorrisks Risk Manag&m•nt The Iruslees have conducted a review ol the major risks lo which the charity is exp05ed. A risk register ha5 been established gnd will be reviewed on an annual basis. Where appropriate, syslerns or procedures have been oslablished lo miligatc Ihe risks Ihg charity lac8s. Procedurès ar8 in placa to ensurè complianco with health and salaly ol slaff, volunteers. visitors and competitor5 who partake in the events arranged by the charlly. These procedures are reviewed p*rloL11¢ally to ensure that they contlnue io meet Ine needs of Ihe ¢harKy. Plans for fvture periods The charity plans continuing the activitie5 ou1ed above in the forthcoming years subject lo satisfactory funding arrangem8nt5 frorn rts rol•vanl donors. Slruclurei govemanc• and management The Gharily 15 8 cornpany limited by gu8ranlee, incorporated on 22 Jung 20D1 and rggistered as a charily CY) 22 J8nuary 2007, The cornpany was e5tahlished under a Memorandum of As50cialion which established the objects and power5 of Ihe charitabl8 company and is gov8mgd und•r its Articles of Association. In th8 8vent of th• company bging wound up membérs are requlrad to conlribLlte an amount not exc8eding P10. The trustees, who are also the directors for the purpose of company law, and who served during the year were.. P Mooney P Craig P De Glanville Hyndman R S¢ully R Wi11Sams S Brown Nl Bgddoe D Hopkins K E Storie Rgcmitmanl 8nd &ppointm8nt of tmstoès Ro¢rultm•nt gnd Appolntment of Tru¥tèe¥ The dirgclors ol tho company arg also ¢harily Irusleos for Ihg pvrpo8gs ol charity law. Under the rgquirements of 1he Memorandum and Articl85 of A550ciation the trustees are elected to serve for a period of one year after which they must be re-elected al the next Annual General Meeling. All trustees give their tIe voluntarily and received no benefit5 frorn the charty. Any expense5 recl3irne(l from the charity are set out in note 9 to the accounts.
STUDENTS RUGBY FOOTBALL UNION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 organis81ional stnJctur8 Organlsatlonal Structure Thc Studcnl- RIAgby Football UniDn h@s o monagcmcnt wmrnitt¢¢ (Full Committ¢¢l which i¥ madc up of Ihc trvstccs, Ind the Chairp8rstsns ol the four subcomtnitt8os', Governan and diwipline Player D8v8loptnenl Club development • EDI In addition lo Ihe Trustees, represpnted on the SRFU Full Cornmittee there are representatives from the RFU Hayer Pipeline Team, BrIsh UniversitS and Golleg6 Sport and an RFU Council represenlatlV8. 6tatoment of trustg•8' rosponslbllltles The trusteès, who gre also the directors of Students Rugby Football Union lor Ihe purpose of company law, a responsible for preparing thè Trusl668' Report and the financial statements in aceordaneé wlh applieablè law and United Kingdom Accounting Standards iuniled Kingdom Generally Accepted Accounting Practice). CotNp¥ny Law requires the trustees to prepar8 linaneial #iatemgnls for each financial ygsl which give a true and Isir vi8w of the stale of affairs ol the charity and of the incoming resources and application of resourc&s, including the income and expenditure, ol the charitable ¢ompony for th81 year. In preparin9 these financial statements, the tnjstees are required to.. select suitable aCcoun'ng policies and Ihen apply them consi6lenlly; observ8 th8 m8lhod8 and prlnclples In the Charilles SORP., make judgernenls ond estimates that are reasonable and prudent.. - slate whether applicable UK Accounting Standards have been followed, subject lo any rnalerial departures disclosed and explained in the linan¢ial sletements., and prepare the financial 51a1ements on the going concern basis unle85 1115 inappropriate to presume Ihal the charity will continue in operation. The trustees are responsible lor keeping adequate accounling records that disclose with reasonable accuracy al any time the lin8n¢ial position ol the Charity and enable them lo ensure thal the financial stalernenls comply with the Cornpanies A¢t 2006. They are 8180 responsiL)le foi 8aleguarding the assets of the charity and hence lor taking rea80nable steps for the pievenlion AthJrt8PLliuri vf Irdud É•lltJ oLli¥r irreyuldriliv¥. In o¢cordance with th¥ company's articl8s. a rgsolution propo)sing thal Bochg Brown & Co Limited b¥ r$appoinlod ¥$ ouditor of the company will be put at a General Meeting. The Iruslees, report was approved by th8 Boerd of Trustees. R Scully Tru$t•• 26 Mar¢h 2025
STUDENTS RUGBY FOOTBALL UNION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF STUDENTS RUGBY FOOTBALL UNION Oplnlon Wts h8V& 8udited the finan¢ial stslamènls ol Sludanls Rugby Fooiball Union Ilh&'ch8rty'l for ihe ye8r ended 30 Jun& 2024 vihich comprise th8 Statement of financial activiti98, th8 balance sh£8t and notes lo th8 finaNcial statements. including signfficanl accounth'ng policies. The financial porting framework that has been applied in their preparation is 8ppli¢able law nd United Kingdorn Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Sland&rd applicable in the UK an& Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practice). In our opinion, the financial staternenls.. give a true and lair view ol the slate ol the charitable company's affairs as at 30 JuTh9 2024 and of ils incoming resoLJr¢es and application ol resources, lor the year then ended: havg b&8n prop8rly preparad In accordance with Unlled Klngdom Generally Ace8pled Accounllng Practl¢,' and hav& been prapared in a¢¢crd8nce with Ihts requir&mgnts of th& Compani68 A¢1 2006. Basis for opinlon We conducted our audrt in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our rgsponsibililitrs und9r thosg standards are lurthgr dgs¢ribgd in tho Audilors r&sponsibililies for th$ au(lil of the finon¢i&l stalgments section ol our report. We are independent of the charity in accordanco with the ethical requir8m8nts that are rèlevant to our audit ol the linanc4al statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other elhi¢al responsibilili8s in accordancg wilh these rgquiremenls. We beligve that the audit evidence we have obtained 1$ sufficient arNJ appropriate lo provide a ba515 lor our opinion. Con¢lu81on$ r•latlng to golng ¢¢n¢¢m In audrting Ihe financial statements, we have concluded that the truslee5' Use of the going concem basis ol accounting in the pr8paration of Ihe financial stat8m8nls Is appioprialo. Based on tl work we h8ve perfomed, we have not identified any m8teri81 un¢ertainlies rèlating lo events or conditions that, individually or colleclivoly, may cast significant doubt on the charity's abilbty lo continug as a 90ing conc•rn for • period of ai least twelve months fr(Yn when the financial statements arè authorised for issuè. Our responsiblli118s and tha r8sponsibillli8s ol th• trustées wllh r8sp8Ct to golng concern ¥8 d•scrlb&J In th8 rol•vanl sèctions of this report. othar Infomiatlon Th8 olh#r Inlormallon comprls#s thè Infomation includ#d in th* annual rtrport othèr than lh# financlal stalemants and our auditor's report Ihereon. The trustees are responslble for the othèr informalion ¢ontainÉd within the annual report. Our opinlon on the financial slaternenls does rrf)I cov8r the othtsr information and we do not expi8s5 any form of assurance conclusion ther8on. Our responsibility is to read the othtrr information and, in dolng so, considtrr whtrther thtr other infomiatior) is materially inconlistenl Mth the Ilnancial statements or oijr knov41edg? oht)ined in the rourse ollhe audlt, nr otheNiise appoars lo b• materially misstated. If wè Idenlily such materlal inconsislenci8s or apparent rnal8ri81 rnisslatom&nls, ar8 required to determing wh8ther thi5 giv#5 rise lo a mat8rial mis51at8rn8nl in the financial stat8m8nts th8mselves. If, bas8d on the work we have performed, we conclude thal there is a materi81 miss18ternent of this other inforrnation, w8 are required to r¥port that fact. We have nothing to report in this regard. Mattern on which we are required to report by ex¢eplion We have nothing to report In respect of the Idlowing matters in r8lalSon to whlch th8 Chariil•s (Accounts and Raportsl Regulations 2008 iequiie u5 to report to you il, In our opinion.. Ihg Inlom)aWon slven In Ihe fln8n¢lal siaiemgnts Is Inconslsient In any maigrlal r8spact wSth 1he irusr99s' ropofl., or sufficienl a¢counting records have not been kept,. or Ihe fin8noal statements are not in agreemeni with the accounting re¢ords- or we have not received all the information and explanations we require forour audit.
STUDENTS RUGBY FOOTBALL UNION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STUDENTS RUGBY FOOTBALL UNION ResponslbllStles of trustees As exp18ined more full. in the slalemenl of trustees, responsibilities. th& trustees, who aro al80 the diro¢lors ol tha charity ltyr the purpos8 of company law. ar8 r8Bponsit)18 for th8 preparation of th8 financial statem8nl8 and for b8ing salisfied that they oive a true and lair view, and for such internal ¢ontrol as the trustees determine is ne$sarY tts enable the prep8r8tion of financi81 slalemenls that ai8 free from rnalerial mis61alew8nl. whether due to fraud 01 erior. IN pieparing the financi31 statements, the trustees are respcnsible for assessing the charity's ability to continue as a going concem, disclosing, as ppli¢able, mallers reloled lo going ¢on¢ern and using the going concern basis of a¢¢ounling unless the trustees erther inlend lo liquidate Ihe charrtable company or10 ¢88$8 tsperalions. or have oo realistic allernalive but lo do 80. Audltor's responslbllltles for the audlt of the Ilnanelal statements We have been appointed as auditor under sIlDn 145 01 the charitS Act 2011 and rert in accordance with the Act and relevant regulations mede or having effect Ihereunder. Our Objec'Ve5 are lo obtain reasonable assurance about whether th8 financial statem8nts as a whole are free Iro m818rial misstatement, whelher due to fraud or error. and lo issue an auditoffs report that includes our opinion. Reasonable assuran-e is a high lèvgl ol assuranca bul is not a guarantèa that an audit conducted in accordancè with ISAS IUKI will aayS datgth g material mi5Staletn8nl when il exi515. Misstatement5 can arise Irorn Ir8ud or error and are Gonsidered rnalerial Il, individually or in the aggregate, they could reasonably be expected to influence the eGonomiG decisions of users taken on the basis of tho$$ financial $lalom¥nls. The extent to whioh our procedures are capable of detecting irregularilies. includin9 fraud, is detailed below. Approa¢h to a$408slno th• r18k8 of mlsstat•m•nt duè to Irr•uularltl•s. Ineludlnu fraud We 8$8ess the iisk ol maltrrial misstalemenl in respod of fraud by meeting with managgmanl lo und8rstsnd wher8 it considered there was susceptibility lo fraud. Wé oblaln8d 8n undttrstandlng ol the lègal and règulaloty fr8mèworks that S applleabl8 lo thé company and deiermlnèd that the most sionificanl r8POrting Iram8works which are likely to affect the cornpany includ8 the Charities Act, FRS102. and the Companies Act 2006. In 8ddition we determined Ihat there were no significant 18w5 3rd regul8tion5 which hBve a dlrécl 8flècl on tho amounts ind disdosur8s In th8 Inancial sial8monls. Audlt response lo r19k5 Idenllfled We considered the risk ol fraud through management override on controls. We also considered how m8nagement bias may irnpacl upon performarte targèts. In response we performed audit w)rk over the risk of management override ol controls, incjuding tesb'ng of journal entries and other adjustments lor appropriateness, evaluating Ihe business rationale of ony signili¢ont tr¥nsaclions outside the normal coutsg ol busingss, reviewing accounting eslirnal8s for tnanagern8nt bias. Based on Ihp results ol our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries wlh management around actual and pc>lential Claims. Reviewing lin8nci81 $13lemenl disclosures and 188ting 10 SUPPtsrting documentation lo assess compliance with applicable laws and regulations. A ftjrther descriplion of our re5pon5ibilities is available on the Financial Reporting Council'5 website 3t.. hltps.'flwww frc.org.uklaudilorsresponsibilities. This description forms part of ow auditorfs report.
STUDENTS RUGBY FOOTBALL UNION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STUDENTS RUGBY FOOTBALL UNION This r8POrt 15 mad8 solely to th8 company's Th8mb8rs, a5 a body, in accordanTr with section 391 01 the Companies Act 2014. Our audit work has been undertak?n $0 thal we might stalè to the company's Members those rnatters we are required to $lat8 to them in an auditorfs raport and for rno other purpose. To the fullèst extent pèrmitted by law, w8 do not actepl or 85surn8 responsibility to anyone other than lh8 company and th8 cornpany's rnemb8rs a5 3 body, for our audit work, lor this r2port, or for the opinion5 we have formed. lan Richard Baker Isenior Statutory Auditor} for and on behall of Bache Brown 8 Co Llmlted 26 March 2025 Chart•r•d C•rtlfl•d Accountants SlatLrtory Audltor Swlnford Hous8 Albion stet Bri8rley Hlll W6sl MidL9nd8 DY5 3EE
STUDENTS RUGBY FOOTBALL UNION STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted Unrestricted furids lunds 2024 2023 Not•$ Income from: Rugby Football Union grants 27,208 33.401 Charltablg actlvltlos Fundraising and sponsorship Investment income 24,314 1,227 30.300 447 Total Income 52,749 64,148 Expendilura on: Fundraising 20,250 35,$39 Ch8rll•bl• •¢tlvltl•s Devalopmonl Growth PerformBnce 7,368 21,839 28,419 13.228 21,892 41,930 Total ¢harltabl• oxp•ndltur• 57,686 77.Tr50 Total resources expended 77,936 112,389 Nel gainslllossesl on inveslrnent5 12 564 Net movement in funds 124.6231 148,2381 Fund balanc#s al 1 July 2023 110,679 158,917 Fund balanc•s at 30 Jun• 2024 86,056 110,679 The siaternent of financial aclivili85 includes all gains and losses recognised in the year. The slalernenl of financiol activities includes all gains and losses reco9nised in the year. All income expenditure derive from continuing activities. The 8laternenl oi financial activities also cotnplie¥ wilh the requirgmgn1S for an income and expenditure accounl under the Companies Act 2006.
STUDENTS RUGBY FOOTBALL UNION BALANCE SHEET AS A T 30 JUNE 2024 2024 2023 Not9¥ FlxÈd 8gse18 Investments 14 2,120 1,557 Currènt a88•t8 Debtors Cash at bank and In hand 15 177 8G,459 3,610 108.794 86,636 112.404 Cr•dilor8= amount$ f811ing du• within on• y•ar 16 12,7001 13,2821 N•t curmnl a860ts 83,936 109,122 Total as8•ts1•88 currnnl Ilabllltl•s 86,056 110,679 N•t ass•ts oxcludlng p•nslon Ilablllty 88,056 110.6T9 The lund5 of the charily Unr8slrict•d funds 86,056 110.679 86,056 110,679 Th8 company is enlilled lo the exemption from the audit requirem8nl contained in section 477 01 the companies Act 2006, lor the year ended 30 June 2024, althjugh an oudil has been carried out under seotr'on 144 of the Charib'es Act 2011. Th8 trustees acknowledg8 their responsibilities for com YIng with the r8quirernenls ol the Companies Act 2006 with r85pect to a¢¢euntsng re¢ords and tho prepar8tion of Iinanejal $t8temÈnts. These financial 51alernenls have teen prepared in accordan with the provisions applicable lo cornpanies subject lo the small ¢ornpgnies re91ff. The lin8nci81 statements were 8pproved by the trustees on 26 M8r¢h 2025 R Scully Tru$t•• Company registration number 04240029 (England and Wales)
STUDENTS RUGBY FOOTBALL UNION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Ac¢ountSng pollcle8 Ch8rity infowmation Sludenls Rugby Football Union Is a private company limll•d by guarant8• IncorpDral•d in England and Wales, The r8glsterod offic8 Is 14 St Calharines Road. Harrogate, North York5hir&, HG2 8JZ. 1.1 Accounting conventlon Th& accounts have b88n prèpared in aecordanc6 with the charity's gOV8min9 doeum&nt, th& Companios Act 2006 and °Accounb'ng and Reporting by Charities.. Ststement of Recommended Practice applicable to charib'e5 preparing their accounts in accLYdance with the Financial Reporting Standard applicable in the UK and Reput4ic ol Ireland IFRS 10£) las amended lor accounting pèriods commèncing from 1 January 20161. Thè charltv is a Public B8n8lit Entity as dèfln&d by FRS 102. Thè charlly has taken advantage of Ihè provisions in thè SORP for charlliès applylng FRS 102 Update Bulletin 1 not lo prepare a Slalem8nt ol Cash Flows. Th8 Ilnancial slalements ar6 prepared In 51erllng, which15 tho luncllonal currency ol th8 charlty. Mon8lary amounts th8sa linanclal stAlem8ntS 8 round8d to thè n8ar8st £. The linan¢i81 stalements have l)een prepared Ljnder the histori¢al ¢ost convenlion, modified to Include finon¢i81 instruments 81 fair valu8. Th8 prin¢ip81 a¢umIlg policies adc)pled are stst out below, 1.2 Going conc•m At the Iirne ol approving the financial slalernenls, the tru5te85 have a r8Bsonabl8 expeclatson that the chanty has adequate resources to continLJe in operational existence for the foreseeable future. Thus the trustees conbnue to adopt th8 golng concern basls ol accounllng In preparlng the flnan¢lal st4lamenl8. 1.3 Chril•ble fund• Uiii¥slil¥l¥d lurids ai¥ 4vailabl¥ Ivi u¥¥ ¥1 Ili¥ di¥¥i¥liuii vl Ili¥ Irus1¥¥8 iii luilti¥r41i1¥ ul Ili¥lr L414ril4bl¥ utsl¥¥llv¥¥. Restrlclad lunds arè subl8el lo spe¢ffie ¢ondillon8 by d¢nor$ ¢r gr&niors as to how they may be used. Th• purptrses and uses ol tha restricted funds are sel out in th8 notes lo the linanual slalernenls. Endowment fund5 are subject to specific conditions by donors that the capit01 must be maintained by the charity. 1.4 Inc0rn9 InGome is recogni3ed when the Ghqrity 18 legally en(e to it after any perfoThanGe wonditions h8¥e been rnel, the amounls can be measured reliably. and il is probable that income will be received. Cash donatSons are rocogn158d on rocelpl. Olh8r donatlons ara rècognlsgd oncg tha charlty has bagn noliflod of Ihg donation, unl8ss perforrnanc8 conditions requir8 delerral ol th8 atnounl. Incomg lax recoverable in relabon to donations received under Gift Aid or deed5 of covenanl 13 recognised at the time of the don8tion. Lega¢lg8 ar& rgcognlsed on recglpl or olhgtwSse Sf Ihg ¢h8rlly has b89n nollfied ol an Impendlng dlstrlbullon, the amounl is known, and receipt is expected. If the amount is not known. th& legacy is treated as a conlingenl as8el.
STUDENTS RUGBY FOOTBALL UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 A¢¢ounting policies Icontinutdl 1.5 Expendituro Expenditure Is rOgnised on an accrual basis as a liability is incurred. Expenditure indudes any VAT which cannot be fully ravered and is reportgd as part ol the expenditure lo which it relates. Costs of generating funds ctrnprise the costs associated with altracling Voluntary income and the costs of trading for fund raiging purkx)se$. Charitable expenditure comprises those Costs incurred by the Charity in the delivery of its a¢tr'vilies and seNi¢es for it bgn8ficiaries,11 includes bolh ¢osls Ihal can be allo¢atgd directly to su¢h ¥¢tivitie$ and those ¢osls of an indirg¢t nolurg necessary to support them. Governance Gosls include those costs associated with meeting the conslitulional and statulory requirgrnents of Ihg Charity and inCle the audit lees and costs linkee to the strate9ic management of Ihe Charity. All costs are allocaled between the expenditure Galegories of the 51alerngnl of linan-ial activities on a basis designgd to reflect the use of the resource. Costs relating lo a particular activity are allocated directly. other are apportioned on an apportlongd on o approprla19 basss. 1.6 Flxed asset Investments Flxed a5S8t Investments are Inlllally measuréd al transaellon prlea tsxeludlng Iransatllon eosls. and are subsequently measured al lair value at 8h reporting dal8. Changes in fair value are recognis8d in nel incomellexpendrtur81 lor the yèar. Transactlon costs are axpensed as incurred. 1.7 Cash and cash èqulvalènts C8sh and cash equivalents Include cash in h8nd, deposits held et call wilh banks, other short-term liquid Investments with origin81 malurili88 ol three months or188$, and bank overdrafts. 8ank overdr8ft5 aro shown within btsrrowings in 1.8 Flnan¢lo1 In$trumgnt$ The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12'0ther Finoncial Inslrurnenls Issues, of FRS 102 lo all of rts linan¢ial inslrumenls, Flnanclal Instruments are recognlsed In the chaNI>'s balance sheet when the charfiy becomes party io the coniraaual provlslons of Ihg Inslrumgnl. Financial 855ets and liabilitie5 are offset, with the nel arnounts presented in the financial stalernenl5, when there is lagally ènforcaabla dght to sal off the rècognl$frd amounts and th9rg Is an intonllon lo sgltlg on a ng1 basis or lo rg8119 the a53el and 5eitle Ihe liablity 8irnull&neou31y. Baslc flnanclal assots Baslc flnanclal a$sels, whlch Include debtors an(1 cash and bank bal8n¢e$, are inlll8lly me8sured al Iransacllon prf¢e induding transaction costs and are subsequently carried al amorts'sed cost using th& effective interest rnelhod unless Ihe arrangemenl constitutes a financin9 transaction, where the Iransaction is rneasured at the present value of the future recelpls discounted ai a market rale of inler&g1, Financkg18ssels classffled as reeeivablg wrthln on& yèar are not amortised. 10-
STUDENTS RUGBY FOOTBALL UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 A¢¢ounting policies Icontinutdl Basie financial lithbiliti&$ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction pri unless the arrangen)enl constitut$s a financing transaction, whro the dobl instrumonl is measurgd al Ihe prèsènt value ol the future payments discounted at a market rate ol interest. Financial liat)ilities classified as payable within one year are amortised. Debt instruments are subsequently rarried al arnortised cost, using the effective interest rate methixj. Trade creditor$ ar8 obligations lo pay for goods or services Ihal have been acquired in the ordinary coursg ol operations from supplier5. Amounts payable are cbssified as current liabilities if payment Is due within one year or less. If not. they are piosonted as nonacurrcnl liabilitios. Trade creditors aro recognised initially at transaction piicc and subsequgnlly rveasured al amortisgd using tbg effgclive inlerest rnelhod. DwKognltlon of IlnanGlal Ilabllltles Financial li<ibilikn'es are derecognised when the ch8rSty's contractual obligation5 expire or 3re discharged or cancelled. 1.9 Employee beneflts Th8 CL)St ol any unusad holiday èntitl8menl Is r•cognis8d in th8 Parlod In which th8 amploy8•'s s8tvic8s aré raceived. Temln8llon benefits are COgnISe¢l immediately 8S an expense when the charity is demonstrably commilled lo t•rrninat8 tha 8mploym•nt of an amployg• or to provide t8rminalion b•n•fit$, Crltl¢al •¢¢oundng •$tlmate$ and ludgomfynts In tha appliealon of the charfly'9 8ceountinu polle168, thè Iruslets are raould ltr make ludgeftnls, &sllmal8s and assumptions about the carrying atnounl of as5815 and liabilities that are not readily appar8nl from o(h8r sources. The estirnates and a550ciated 8ssumplion5 are based on historical expèrfen¢e and other laclors Ihat are considered to be r•l8vant. Actual résults may differ from th888 Ostlmalos. Thè esllmalÉs and undorfying aSSLJmptions are rèviewed on an ongolng basis. Revisions lo a¢counling eslirnates arg récognisad in thè pariod in which th¥ èslimal• is revis8d whèr8 the r8visw)n affècts only that p8riod, or in tho p•riod ol th• revision and fulur8 peri$ wherè Ihè revlsion aff8cts both current and future pèrlods. Rugby Footb811 Unlon grants Unr•strlct•d Unr•strlct•d funds lund8 2024 2023 Rugby Football Union gr8nls 27,208 33,401 11
STUDENTS RUGBY FOOTBALL UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Fundralslng and sponsorshlp Unrestricted Unr•9trictèd funds lunds 2024 2023 Incom& from prowsion ol Rugby Football Union ti¢k&ls Sponsorships 17,214 7,100 23.0 6,500 Fundraisin9 and sponsorship 24,314 30,300 Investment Sncome Unr¢8trl¢ted Unrestrfct•d fund$ lund8 2024 2023 Income from listed Snvestmen15 Interesl receivable 81 1,146 74 373 1,227 447 Fundrai¥ing Unregtrlcled Unreytrfcted funds lunds 2024 2023 Fundral$lng Cost of pmvi5ion of Rugby Football Union lickels 20,250 35,339 20,250 35,339 12-
STUDENTS RUGBY FOOTBALL UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Net movernent In funds 2024 2023 Th? net movamenl in fund$ 1$ ?taled after chorgirngllcredilingl,. Fges payable lor ihg audit of Ihg tharilv's lin8ncAal 51algrn8nls 2,845 3.3Q1 10 Trustees None of the trustees lor any person5 connected with them) received any remuneration during the year, but three of them w8re r8imMrsed a total or £1,55612023- £3,2941 for travélling 8xpensas. 11 Employee8 The average monthly nurnber ol employe85 during the year w85.. 2024 Numbor 2023 Numbor There were no eplOyeeS whose annual rernuneralion was more than £60,000. 12 N•t gainslllossfril on investments Unreslrlcled Unrestrlcted funds lunds 2024 2023 Rev8lualion ol investments 564 13 Taxatlon As a charity, Students Rugby Football Union is exernpl frotn lax on income and gains falling wilhin section 505 01 the Taxes Act 1988 or $256 01 the Taxatir)n ol Chargeable Gains Ad 1992 to the ¢xtent Ihal these are applied to ils charitable objects. No tax charges have arisen in the Charity. 15-
STUDENTS RUGBY FOOTBALL UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 14 Flxed asset Investm8n¢$ Listod Invg$lm$nts Co$1 or valuollr>n At 1 July 2023 Valuolion chang¢G 1,557 At 30 June 2024 2,121 Carrying amount At 30 Jun¥ 2024 2.121 AI 30 June 2023 1.557 15 D•btors 2024 2023 Amounts falllng du• wlthln one yoar.. Other debtors Pr8p8ymenls and 8¢crued income 3,431 179 177 177 3,610 16 Credilori.. 4mounts falling due within one year 2024 2023 Accruals and deferred incorne 2,700 3.282 17 Unrestrlcted furhd* Thg unrastrfct8d fund$ of th8 charlty comprisg Iho ungxpand9d balan¢9$ ol donatlons and granis whl¢h are not sublgct lo specific condrtions by donors and grantors as lo how they Nay be used. These irKlude designated funds which have been set aside out ol unrestricled funds by the trustees for specific purposes. At 1 July 2023 In¢omSng résources R•sourc•s •xpond•d Galns and4t JO Juno 2024 lossés General funds 110,679 52.749 177,9361 86,056 Pre¥iou5 year= At 1 July 2022 Incorning re$our¢es Resources oxpènded Gain5 and4t 30 June 2023 losses General funds 158,917 64,148 1112,3891 110,679 16-
STUDENTS RUGBY FOOTBALL UNION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 18 Relatsd party transactSons The were no d6¢1osable related party transactions during the ye8r12023- none). 17-
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