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2024-06-30-accounts

Rugby Football Foundation

Registered number: 04608134

Annual Report and Financial Statements

For the Year Ended 30 June 2024

RUGBY FOOTBALL FOUNDATION

COMPANY INFORMATION

Trustees
P R Johnson (resigned 31 December 2023)
S K Williams
K L Marlor
R J H Clarke
S Mazumder
J P Heatherington (appointed 23 April 2024)
Company registered number 04608134
Charity registered number 1100277
Registered office Rugby House
Allianz Stadium
200 Whitton Road
Twickenham
Middlesex
TW2 7BA
Company secretary C R Skaife
Independent auditor BDO LLP
55 Baker Street
London
W1U 7EU

RUGBY FOOTBALL FOUNDATION

Page
CONTENTS
Trustees’ Report 4 – 12
Statement of Trustees’ Responsibilities in Respect of the
Financial Statements 13
Independent Auditor's Report 14 - 17
Statement of Financial Activities 18 - 19
Balance Sheet 20
Notes to the Financial Statements 21 - 32

RUGBY FOOTBALL FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024

Introduction

The trustees, who are also the directors for the purposes of company law, submit their report and the financial statements of the Rugby Football Foundation for the year ended 30 June 2024.

Structure, Governance and Management

Incorporation

The Rugby Football Foundation (RFF), a company limited by guarantee, (No.04608134) was incorporated on 4 December 2002 by a Memorandum and Articles of Association and is a registered charity (No. 1100277). The registered office of the charity is:

Rugby House Allianz Stadium 200 Whitton Road Twickenham Middlesex TW2 7BA

Trustees

In accordance with the memorandum and articles, one third of the trustees are required to retire by rotation, determined by how long they have been in office since their last appointment or reappointment. If no trustee agrees to resign, the longest serving trustees are put forward for retirement. If the Rugby Football Union (RFU) does not fill the vacancy, the retiring trustee shall, if willing to act, be deemed reappointed, unless the RFU decides not to fill the vacancy or not to reappoint the trustee.

The appointment of trustees is determined by the RFU Board of Directors. Trustees are appointed on the basis of the expertise that they can bring to the charity. An induction for new trustees is provided with access to previous trustee papers and an overview of the Charity and its operations. The induction is led by the Company Secretary team who guide the new trustee through the structure of the support, key objectives of the charities and current projects being undertaken by the charity. On-going training is provided to trustees throughout the year by the Charity as part of their role of being a trustee.

The trustees who have served during the year and to the date of this report were:

P R Johnson (resigned 31 December 2023) S K Williams K L Marlor R J H Clarke S Mazumder J P Heatherington (appointed 23 April 2024)

Any decision which materially affects the operation of the charity, and its objectives is determined by trustees’ majority vote.

The Trustees delegate the day-to-day management of the Foundation to Sue Day (Chief Operational and Financial Officer, RFU) and Steve Grainger (Rugby Development Director, Rugby Football Development Limited (RFDL)). The Foundation does not have any employees, and no employee costs are recharged from the RFU or RFDL for the ad hoc support by their employees on working for the Foundation, it is not possible to quantify this support.

4

RUGBY FOOTBALL FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 (continued)

Objects and Activities of the Foundation

The objects of the Foundation are for the benefit of the public to:

The Foundation is a public benefit entity, the Trustees have considered the guidance on public benefit and confirm that they have complied with their duty.

Powers

To further its objects the Foundation may:

Annual Review

Community Rugby Programme

One of the RFU’s Strategic Priorities is to enrich lives by introducing more people to rugby union and developing the sport for future generations.

During the prior year, the Foundation signed an agreement with the RFU, whereby the RFU grants a set amount each year to fund community work to further the charitable purposes of the Foundation, as set out in the objects above. The agreement was signed in July 2023 and adjusted later on in the year once a better understanding on the ability to deliver the community work with the grant for the year being £24,516,000 (2023: £23,384,000).

5

RUGBY FOOTBALL FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 (continued)

The Foundation's charitable objects include promoting community participation in rugby for the benefit of the public. A subsidiary of the RFU, RFDL, has the expertise and experience to run a community rugby development programme which encourages community participation. The core purpose is to "strengthen our member clubs and to grow the game in communities around them." Underpinning this are six key drivers:

  1. Retaining & Developing Players.

  2. Recruiting New Players.

  3. Recruiting & Retaining High Quality Coaches, Volunteers & Referees.

  4. Effective & Efficient Facilities.

  5. Effective & Efficient Management and Governance.

  6. Integration with the Local Community.

Through RFDL, we began the implementation of this strategy during one of the toughest periods in rugby union’s history. We are focusing on three key areas: helping clubs to be self-sustaining, the development of coaches and match officials, and the competition structure and player experience.

The Foundation contracted with RFDL for delivery of an agreed programme during the year. The agreement was signed in July 2023 and updated once it was better understood on the ability to deliver the agreed programme. The fee for this service was £24,516,000 (2023: £23,384,000). The activity ensuing from this arrangement has given rise to the restricted funds seen in this year's financial statements. The 18th year of this programme (the programme started on 1st July 2005) has been a successful one, with RFDL delivering the programme within budget, in accordance with the charitable objects of the Foundation, and to a standard deemed satisfactory by the trustees. Details of expenditure is provided in the quarterly financial report sent to Trustees. This quarterly review of expenditure allows the Trustees to analyse how the funds are being used to grow the game.

The recovery of rugby is of fundamental and critical importance. The community game is the lifeblood of our sport and needs simple, focused support that delivers real benefit, including support to become commercially innovative and self-sustaining and campaigns and programmes to attract new audiences to the sport. There is much to celebrate, not least the positive impact of the tackle height changes in the community game where we took a brave and important leadership role. Everyone was supported in preparing for and implementing the change. Analysis has shown subsequent reductions in tackles made above the base of the sternum, no decline in player numbers, and no increase in yellow and red cards. Players reported feeling safer playing rugby during the season.

The Future Competition Structure work saw men’s league structures reduce travel demands, the points difference also suggesting it resulted in more competitive, enjoyable matches. More teams played in more RFU leagues achieving a 10-year high, with very encouraging improved completion rates for both men’s and women’s leagues and merit leagues.

There were more matches in The Papa Johns Community Cup competition’s second year of season end competitive opportunities. While not without challenges, an increase in the number of fixtures completed provides a great platform to build on this national competition for the community game.

6

RUGBY FOOTBALL FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 (continued)

Player numbers appear to have now stabilised. Sport England’s Active Lives data show that prior to covid, the 2018/19 figure for over 16s was 196.3k. Inevitably, we slumped during covid, recovering to 157.2k in 2021/22, and recent statistics show us back at 183.7k – a massive testament to all of the work that everyone has put in to proactively manage and influence participation rates. These statistics are also backed up by first-hand experience when visiting and talking to the grassroots game. Adult women figures remain flat year on year, while we are seeing renewed growth in the pre-teens and teens.

Our Community Game Future Project has Council approval on the 15 key priorities for investment and prioritisation based on extensive engagement with the game over 20 months. A four-year budget sees the first time we have committed to multi-year investment in the community game against a prioritised roadmap for the longer term.

Groundmatch and other RFF Grants and Loan Schemes

The loans are classified as social investments – programme related investments and within that heading they are actually concessionary loans and grants direct to clubs have moved to RFU and RFDL respectively. This change only impacted new awards made from July 2019 and have not impacted awards made before this date which have remained with the RFF.

The monitoring and managing of repayment of existing loans remains extremely efficient while being supportive of clubs in genuine difficulty. In extreme cases restructuring is negotiated, typically by reducing the amount or frequency of payments to make it financially viable for the club.

World Rugby Museum

There were a number of exhibitions in the year most notably the Enigma: The William Webb Ellis Story.

Rugby United Project

The purpose of Rugby United will empower community clubs who are seeking to make long term cultural change in how they engage and become more accessible to their local communities, to attract players, coaches, volunteers, and match officials from Black and South Asian groups.

RFU baselining research at the start revealed a particular gap in the population of Black and South Asian people involved in rugby, 4% of the rugby population are from Ethnically Diverse community’s vs circa 20% of the total English population. In line with the wider RFU Strategy this Project will focus on young people from 14-18.

So far, across all projects 6,794 young people have engaged with Rugby United up to 23/24, which is 68% of the total 10,000 target and 146 young people have joined a club because of Rugby United activity and 74 new coaches accessed training through the project.

In terms of locations currently over 2500 sessions have been delivered at 141 unique school or community centres and a further 95 sessions delivered at Rugby Clubs.

Looking forward opportunities are being explored for partnerships and building on the activity that has taken place with implementation of delivery plans at targeted locations.

In the year ended 30 June 2022 the Trustees prior year designated £1,000,000 of unrestricted funds to be spent on the project with the aim that this will be matched by fundraising another £1,000,000 over the next four years.

7

RUGBY FOOTBALL FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 (continued)

This project will focus on three strands of activity:

Rugby United will create 30 local projects across England over its first three years with each local project involving 2-3 community clubs working together in a similar geographic area as well as involving local schools.

Through the work and learnings made from this project, the RFU will construct a new framework and guidance for how clubs can engage their local communities, particularly Black and South Asian groups that have not been exposed to rugby before. Rugby United will champion the value of inclusion, communities and players, to secure and grow the future of rugby clubs and the sport.

Reserves

At the year end, the total reserves of the charity were £9,606,867 (2023: £9,964,089). £244,922 of this was restricted to specific purposes (2023: £84,675), leaving £9,361,945 available for the unrestricted fund (2023: £9,879,414). Within the unrestricted funds £1,220,007 is designated to the Rugby United and Debenture Donation projects. The remaining balance of unrestricted funds is £8,141,938 with £183,040 needing to be held in accordance with the minimum reserves policy. The general funds of the charity available to spend at 30[th] June 2024 are £7,958,898.

The trustees have reviewed the level of general funds available and deem they are appropriate for the Foundation. The funds are needed to cover any excess of expenditure over income, whether due to timing differences or to shortfalls in funding.

It had been determined that the minimum level of general funds that should be held at any time must be at least equal to a year's interest charge on the current balance outstanding on the RFU loan and six months' worth of the budgeted operating expenses, plus the value of approved but unpaid grants at the year end. This policy is reviewed by a sub-committee of two trustees on a regular basis.

Restricted funds comprise four funds, the World Rugby Museum, the Community Rugby Programme, Rugby United and Supporting Women entering rugby. The Community Rugby Programme is for the promotion of participation in rugby for the benefit of the public and the World Rugby Museum is for the exhibition of historical information and artefacts relating to Rugby.

Rugby United Project intends to make a long-term cultural change in the club setting, making them more accessible and inviting.

For the year ended 30 June 2024 income for the World Rugby Museum was £459,225 and expenditure was £459,225. The Community Rugby Programme fund has income of £24,516,000 and expenditure of £24,516,000.

Investment policy

It is the policy of the Foundation to place its investments in cash deposits which provide appropriate liquidity, and which are deemed to be of low risk.

8

RUGBY FOOTBALL FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 (continued)

Strategic Report

Achievements, Performance and Financial Review

During the year the RFF received a grant of £24,516,000 (2022: £23,384,000) from the RFU to fund community work that further the charitable purposes of the Foundation. The Foundation entered into a contract with Rugby Football Development Limited (RFDL) to the value of £24,516,000 (2023: £23,384,000) for RFDL to deliver that work. This included an extensive programme for the development of the community participation in amateur rugby including supporting grassroot clubs to improve the playing environment for participants, improve coaching standards and club management via its community rugby development programme and its grants/loan programme.

In shaping the objectives for the year and planning activities, the Trustees have considered the Charity Commission’s guidance on public benefit and fee charging and given careful consideration to ensuring that support is targeted to maximise community participation and ensure accessibility for those on low income.

The net movement in Unrestricted funds was a deficit of £517,469 and in Restricted funds was a surplus of £160,247 during the year.

With net current assets sitting at £7,688,794 on the 30 June 2024, the assets of the Foundation will be total net assets of £9,606,867, showing a very good long-term position.

Plans for future periods

The long-term plan is for the Foundation to utilise the excess funds to enter into initiatives to increase the participation levels of rugby across England e.g. Rugby United and targeted projects to facilitate the playing of rugby by ensuring the support is there e.g. first aiders programme, encouraging referee numbers etc. The spends will be spent down over a time in a sustainable and targeted manner to ensure maximum effect.

The trustees carefully managed in 2023/24 to ensure the Foundation is in the best possible position.

Going concern

The financial statements have been prepared on a going concern basis.

The Charity’s operations are self-sustaining in usual business conditions, and had net assets and net current assets as at 30 June 2024. Based on the forecast scenarios prepared by the Charity, the Trustees have a reasonable expectation that the Charity will continue to operate and meet its liabilities as they fall due for the foreseeable future.

The charitable activities of the Charity are dependent on the ongoing operations of the RFU, its ultimate parent undertaking, and until charitable activities resume to an appropriate level, the Charity is dependent on the RFU for financial support in the form of non-recall of intercompany balances and certain operating expenditure. The RFU has confirmed to the Trustees its intention to continue to provide funding and to not recall intercompany balances unless the Charity has the financial means to do so and otherwise meet its liabilities as they fall due. Further detail can be found in note 1.3.

9

RUGBY FOOTBALL FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 (continued)

Risk Management

The Trustees have carried out a review of the charity's activities which sets out the risks to which it is exposed. As part of this review the Trustees have implemented a risk management strategy which comprises:

The Trustees confirm that procedures are in place to manage the major risks which have been identified.

Risk Detail Risk type Mitigation Action
Governance Charity Commission
judges RFF
governance
insufficient.		 Strategic Governance Improvement
has been implemented
by CFO, RDD and L&G
Director.		 Monitor with mitigations
in place.
Influence RFF's position in
RFU Group leads to
lack of decision
making and
influence over
strategic direction		 Strategic Governance being
improved and close
relationship with RFU
Board in place due to
attendance at RFF board of
Rugby Development
Director and Legal
&Governance Director.
RFU Finance Director is
also a Trustee of RFF.		 Monitor with mitigations
in place.
RFF/RFDL
Contract		 RFDL not able to
fulfil responsibilities
as set out in
the contract and
there is no
alternative provider
available.		 Operational RFDL overseen by
experienced Rugby
Development director and
team minimising
likelihood. RD director also
attends RFF board so
could flag any issues early
so that they could be
managed.		 The Rugby Development
Director to continue to
provide regular updates
at the RFF trustees
meeting.
People RFF has no
dedicated staff
resource and relies
on the RFU capacity
to fulfil RFU
functions. Risk that
RFU could divert all
resource to RFU
matters.		 Operational RFU Executive staff attend
RFF board and now
overseeing operational
plan. Specifically, Company
Secretary
team making sure actions
are followed up.		 Company Secretary
keeping an up-to-date
action log with updates
being provided to the
trustees at meetings.

10

RUGBY FOOTBALL FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 (continued)

Delivery of
RFF
Debenture
projects		 The agreed RFF
Debenture projects
delivered by the
RFU could be at risk
if the gift aid claim to
support the funding
is not accepted by
HMRC.
Due to non-receipt
of Gift Aid receipts -
RFF trustees need
to either halt the
existing projects or
agree to fund from
reserves.		 Operational
Strategic		 Following advice of EY and
providing information as
requested by HMRC partial
payment has been made in
FY21.
Decision pending subject to
HMRC gift aid repayment.		 Continue in dialogue with
EY for advice on
recoverability and HMRC
on any further
information requests.
Continue in dialogue with
EY for advice on
recoverability and HMRC
on any further
information requests.
Delivery of
RFF
Debenture
projects		 Due to non-receipt
of Gift Aid receipts -
RFF trustees need
to either halt the
existing projects or
agree to fund from
reserves.		 Strategic Decision pending subject to
HMRC gift aid repayment.		 Continue in dialogue with
EY for advice on
recoverability and HMRC
on any further
information requests.
Lack of
Inclusion &
Diversity
across
volunteer
leadership
base and the
game more
broadly		 Leadership in the
game is not
representative of the
wider national
demographic. This
may lead to impact
on reputation and
participation and
also challenges
decision making
(particularly those
about the future of
the game)		 Strategic Inclusive Volunteer
Recruitment toolkit
developed for Clubs and
CBs and added to D&I and
volunteer resources on
ER.com and supported by
webinar. Linked to the
wider organisation Inclusion
& Diversity strategy. A
range of workshops and
webinars are delivered in
this area for clubs & CBs.		 D&I Inclusive toolkit
launched. Leadership
programmes however
stopped for 23/24. Use of
Volunteer Recognition
and communication to
highlight to model current
practice. CGF includes
work to promote
opportunities for those
from under-represented
groups to take leadership
roles and invest in the
development of more
diverse volunteer
leaders. Inclusive
Leadership group being
formed.
Loan defaults
due to loss
of/reduced
capacity of
clubs due to
financial
stability		 Increase in incidents
of defaulting on loan
payments. Rising
cost of living means
that the operating
costs of clubs are
unsustainable
leading to fear of
closure.		 Operational Active policy of
collaboration with clubs if a
default occurs.
Looking at impacts and
gather insight to provide
evidence to feed into the
lobbying of government –
utilities, cost of living
(inflation), impact of other
policies.		 Quarterly meetings
between finance and the
development team to
manage clubs that
missed payments are
unable to pay with
discussions on how to
assist them.

11

RUGBY FOOTBALL FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2024 (continued)

Risk Management (continued)

In order to mitigate and spread the risks of the Foundation, and, although generous support was received during the year from the Rugby Football Union, it is the intention of the Foundation to continue to seek additional alternative sources of funding in the coming year. A key element in the management of financial risk is the setting of a reserves policy and its regular review by Trustees.

Fundraising Activities

Section 1 62a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The legislation defines fundraising as “soliciting or otherwise procuring money or other property for charitable purposes”. The Foundation does not undertake fundraising from the general public but from time to time does apply for grant funding from grant-awarding entities. Any such amounts receivable are presented in the financial statements as ‘voluntary income’ and includes legacies and grants.

In relation to the above we confirm that all solicitations are managed internally, without involvement of commercial participators or professional fundraisers, or third parties. The day-to-day management of all income generation is delegated to the executive team, who are accountable to the trustees. The Foundation is not bound by any regulatory schemes.

12

RUGBY FOOTBALL FOUNDATION

STATEMENT OF TRUSTEES’ RESPONSIBILITIES IN RESPECT OF FINANCIAL STATEMENTS

The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity’s transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

BDO LLP were appointed to act as auditor for the Foundation for the 2023/24 year. This appointment is reviewed annually by the board under advice from the RFU.

Each of the Trustees at the date of approval of this report confirms that:

  1. so far as the Trustees are aware, there is no relevant audit information of which the Foundation’s auditors are unaware; and

  2. the Trustees have taken all steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the Foundation’s auditors are aware of that information.

This report and the strategic report was approved by the Trustees and signed on their behalf by:

K L Marlor Date: 22/11/2024

13

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RUGBY FOOTBALL FOUNDATION

Opinion on the financial statements

In our opinion, the financial statements:

We have audited the financial statements of Rugby Football Foundation (“the Charitable Company” for the year ended 30 June 2024 which comprise the statement of financial activities, the charity) balance sheet, and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Charitable Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions related to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 Trustees’ Report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

14

Other Companies Act 2006 reporting

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

In the light of the knowledge and understanding of the Charitable Company and its environment obtained in the course of the audit, we have not identified material misstatement in the Strategic report or the Trustees’ report.

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

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.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

Extent to which the audit was capable of detecting irregularities, including fraud

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

15

Non-compliance with laws and regulations

Based on:

We considered the significant laws and regulations to be the applicable accounting framework, being the Charities Act, Companies Act, and Charity Commission for England and Wales (Charity Commission) regulations.

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

Our procedures in respect of the above included:

Fraud

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

Based on our risk assessment, we considered the areas most susceptible to fraud to be misclassification of expenditure between funds and management override of controls.

Our procedures in respect of the above included:

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

16

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council’s (“FRC’s”) website at:

https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Charitable Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Anderson (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor London, UK

25 November 2024

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

17

RUGBY FOOTBALL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024

Note
Income:
Donations:
Donations from the RFU
2
Other donations
2
Total donations income
Income from charitable
activities:
World Rugby Museum
Total income
Expenditure:
Expenditure on raising funds
Expenditure on charitable
activities
5
Total expenditure
8
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
£
£
£
£
-
24,516,000
24,516,000
23,384,000
5,220
241,881
247,101
60,035
5,220
24,757,881
24,763,101
23,444,035
-
459,225
459,225
434,108
5,220
25,217,106
25,222,326
23,878,143
(27,058)
(81,634)
(108,692)
(48,211)
(495,631)
(24,975,225)
(25,470,856)
(24,418,424)
(522,689)
(25,056,859)
(25,579,548)
(24,466,635)
(517,469)
160,247
(357,222)
(588,492)
9,879,414
84,675
9,964,089
10,552,581
9,361,945
244,922
9,606,867
9,964,089

The Statement of Financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 21 to 32 form part of these financial statements.

18

RUGBY FOOTBALL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023

Income:
Donations:
Donations from the RFU
Other donations
Total donations income
Income from charitable activities:
World Rugby Museum
Total income
Expenditure on:
Raising funds
Expenditure on charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total
funds
2023
2023
2023
£
£
£
-
23,384,000
23,384,000
1,993
58,042
60,035
1,993
23,442,042
23,444,035
-
434,108
434,108
1,993
23,876,150
23,878,143
(1,811)
(46,400)
(48,211)
(592,563)
(23,825,861)
(24,418,424)
(594,374)
(23,872,261)
(24,466,635)
(592,381)
3,889
(588,492)
10,471,795
80,786
10,552,581
9,879,414
84,675
9,964,089

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

The notes on pages 21 to 32 form part of these financial statements.

19

RUGBY FOOTBALL FOUNDATION BALANCE SHEET AS AT 30 JUNE 2024 REGISTERED NUMBER: 04608134

2024 2023
Note £ £
Fixed assets
Loans due from clubs 10 4,047,190 4,657,102
4,047,190 4,657,102
Current assets
Debtors 11 51,385,845 26,803,400
Cash at bank and in hand 746,121 2,366,197
52,131,966 29,169,597
Total assets 56,179,156 33,826,699
Current liabilities
Creditors: amounts falling due within one year 12 (44,443,172) (19,553,493)
Net current assets 7,688,794 9,616,104
Long-term liabilities
Creditors: amounts falling due after more than 13 (2,129,117) (4,309,117)
one year
Total liabilities (46,572,289) (23,862,610)
Total net assets 9,606,867 9,964,089
Charity Funds
Restricted funds 15 244,922 84,675
Unrestricted funds 15 9,361,945 9,879,414
Total funds 9,606,867 9,964,089

The financial statements were approved by the Trustees and are signed on their behalf by:

K L Marlor

Date: 22/11/2024

The notes on pages 21 to 32 form part of these financial statements.

20

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1.1 General Information

The Rugby Football Foundation (RFF) is a company limited by guarantee and registered in England and Wales, registration number 04608134, and registered charity number 1100277. The registered office is Rugby House, Allianz Stadium, 200 Whitton Road, Twickenham, Middlesex, TW2 7BA.

1.2 Basis of preparation of financial statements

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 2019 (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

The Charity has taken advantage of the exemptions under Financial Reporting Standard FRS 102 from preparing a cash flow statement as it is a wholly controlled subsidiary and Rugby Football Union’s consolidated financial statements include the cash flows of the Charity.

The financial statements are prepared in sterling (£) and rounded to the nearest pound.

1.3 Going concern

The financial statements have been prepared on a going concern basis. The Charity is a member of a group that shares financial resources between group members. The ultimate controlling party has confirmed to the Trustees its intention to continue to provide funding to enable the charity to meet its liabilities as they fall due for the foreseeable future. The Trustees have therefore prepared the financial statements on a going concern basis. Should such funding from the ultimate controlling party not be forthcoming, the going concern basis of preparation may no longer be appropriate and significant adjustments may be required to these financial statements.

The charitable activities of the Charity are dependent on the ongoing operations of the RFU, its ultimate parent undertaking, and until activities resume to an appropriate level, the Charity is dependent on the RFU for financial support in the form of non-recall of intercompany balances and certain operating expenditure. The RFU has confirmed to the Trustees its intention to continue to provide funding and to not recall intercompany balances unless the Company has the financial means to do so and otherwise meet its liabilities as they fall due.

The RFF in the financial years 2021 and 2022 has received £8.3m of donations from debenture holders which have improved the unrestricted reserve to £8.0m. This has provided the charity with a greater degree of certainty over the resources available and support the conclusion it is appropriate to prepare the financial statements as a going concern.

The Trustees have reviewed financial projections for the RFU that show it will be able to provide this funding and have therefore prepared the financial statements on a going concern basis. These assessments have factored in a number of scenarios with upside and downside to differing degrees factored in for the next financial year and beyond. The RFU has two committed facilities with a combined value of £35m with its bankers which expires in October 2025.

21

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

1.3 Going concern (continued)

Notwithstanding this uncertainty, the Directors have a reasonable expectation that the Charity as part of the wider RFU Group will have adequate resources to continue in existence for a period of not less than 12 months from the date of approval of these financial statements and have concluded that it is appropriate to adopt the going concern basis of preparation of these financial statements.

The Charity’s financial statements do not include adjustments that would result if the Charity were unable to continue as a going concern.

1.4 Donations and grants receivable

Donations and grants are recognised in the Statement of Financial Activities when there is entitlement, receipt is probable, and the amount can be measured with sufficient reliability.

1.5 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation.

Designated unrestricted funds represent approved grants where payment is subject to the recipient meeting certain conditions which have not been met at year end.

Restricted funds are incoming resources receivable specifically for the Community Rugby Programme, other project grants and the operation of the World Rugby Museum, as discussed in the Trustees' report.

1.6 Expenditure

Expenditure, including irrecoverable VAT, is accounted for in the Statement of Financial Activities on an accruals basis and classified under headings which aggregate all the costs which relate to that heading. Payments under contract are recognised to the extent that the contract has been completed in the year in question.

Support costs include the costs relating to the general administration of the charity within its objectives as opposed to the costs of issuing grants, Community Rugby Programme and operation of the World Rugby Museum. Ad-hoc administrative support is received from RFU; however, it is not possible to value this support.

1.7 Loans

Fixed asset investments are programme related investments and are a form of concessionary loans. They are initially recognised at their transaction cost. They are subsequently measured at cost less impairment.

1.8 Grants

Grants awarded to clubs are recognised as a liability when approved by the Trustees, are communicated to the recipient and are subject to conditions that fall outside the control of the Foundation. In instances where such conditions fall within the control of the Foundation, the commitment is noted within contingent liabilities, as opposed to being recognised as a liability.

1.9 Debtors

Short term debtors are measured at the transaction price, less any impairment. Prepayments are valued at the amount prepaid net of any trade discounts due.

22

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

1.10 Creditors

Short term creditors are measured at the transaction price.

1.11 Accounting judgements and estimates

The Trustees consider the significant accounting judgements and estimates that are relevant to the charity to be the consideration of recoverable value of the loans to rugby clubs, together with the timings and amounts repayable to the charity. A full review of loans repayable by clubs is performed on a quarterly basis. This review will consider if the loan in part or in full has become irrecoverable, an impairment loss is recognised in the statement of financial activities. From this year’s review, management have concluded there is no impairment necessary.

Other significant accounting judgements and estimates include the appropriate recognition of income from grants and donations according to their criteria.

2. Donations

. Donations
Rugby United
Other donations
Sub total
Donations from RFU
Total donations
Debenture Donations
Gift Aid
Rugby United
Other donations
Sub total
Donations from RFU
Total donations		 Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2024
2024
2024
2023
£
£
£
£
-
241,881
241,881
58,042
5,220
-
5,220
1,993
5,220
241,881
247,101
60,035
-
24,516,000
24,516,000
23,384,000
5,220
24,757,881
24,763,101
23,444,035
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
-
-
-
615,218
-
-
-
143,198
-
58,042
58,042
-
1,993
-
1,993
98,177
1,993
58,042
60,035
856,593
-
23,384,000
23,384,000
18,523,000
1,993
23,442,042
23,444,035
19,379,593

3. Taxation

The Charity is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charity’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.

23

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

4. Trustees expenses

During the year, no Trustee received out of pocket expenses (2023: £nil) relating to travel, accommodation and subsistence costs.

The Trustees received no remuneration during the year (2023: £nil). One trustee is an employee of the RFU. The trustee receives a salary from the RFU however this is not in relation to their role as a trustee of the RFF.

5. Analysis of expenditure on charitable activities

World Rugby Museum (restricted)
Grants to clubs (see note 6)
Community Rugby Programme (see
note 7)
Rugby United
Debenture donation campaign
Club loans - RFU loan interest
Bad Debt Provision
Support costs (see note 9)
Total
World Rugby Museum (restricted)
Grants to clubs (see note 6)
Community Rugby Programme (see
note 7)
Rugby United
Debenture donation campaign
Club loans - RFU loan interest
Bad Debt Provision
Support costs (see note 9)
Total		 Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2024
2024
2024
2023
£
£
£
£
-
459,225
459,225
434,108
-
-
-
-
-
24,516,000
24,516,000
23,391,253
212,450
-
212,450
255,291
138,685
-
138,685
172,811
119,449
-
119,449
149,646
-
-
-
-
25,047
-
25,047
15,315
495,631
24,975,225
25,470,856
24,418,424
Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
-
434,108
434,108
413,233
-
-
-
-
- 23,391,253
23,391,253
18,619,270
255,291
-
255,291
-
172,811
-
172,811
-
149,646
-
149,646
23,067
-
-
-
-
15,315
-
15,315
13,498
593,063 23,825,361
24,418,424
19,069,068

24

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

6. Grants to clubs

6. Grants to clubs
Groundsmatch grants
Helping hand grants
Exceptional grants
Total
No grants were awarded in 2023/24 or in 2022/23.		 2024
2023
£
£
-
-
-
-
-
-
-
-

7. Community Rugby Programme

Expenditure on the Community Rugby Programme is made up of the following:

Community Rugby Funding
Legacy Partners - Area 4
All Schools Programme
Total		 2024
2023
£
£
24,516,000 23,384,000
-
(10,500)
-
17,753
24,516,00023,391,253

Expenditure on Charitable activities, the Community Rugby Programme, was £24,516,000 (2023: £23,391,253), £24,516,000 was restricted (2023: £23,391,253).

25

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

8. Expenditure

Total expenditure includes the following charges:

2024 2023
£ £
Auditors' remuneration 22,000 9,500

The auditor's remuneration is solely for the performance of the year-end audit.

9. Support Costs

Professional fees
Insurance
Bank charges
Total		 2024
2023
£
£
22,000
9,500
2,800
5,443
247
372
25,047
15,315

All support costs have been identified as Governance costs for the basis of apportionment. The Charity does not have any employees.

10. Programme Related Investments - Concessionary Loans

The loans, which have been made to rugby clubs, are interest free and repayable over a maximum period of 15 years.

A reconciliation from last year's loans to this year's is set out below:

Loans due from clubs at 1 July
Loans repaid
Loans advanced
Loans written off
Loans due from clubs at 30 June		 2024
2023
£
£
4,657,102
5,498,704
(609,912)
(841,602)
-
-
-
-
4,047,190
4,657,102

Split of loans due from clubs between within one year and greater than one year:

Amount due within one year
Amount due after one year
Loans due from clubs at 30 June		 2024
2023
£
£
41,177
106,582
4,006,013
4,550,520
4,047,190
4,657,102

26

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

11. Debtors: Amounts falling due within one year
Amounts owed by group undertakings (see note 17)
Prepayments and accrued income
Total
12. Creditors: Amounts falling due within one year
Amounts owed to group undertakings (see note 17)
Accruals and deferred income
Total
13. Creditors: Amounts falling due after more than one year
Secured loan from the Rugby Football Union		 2024
2023
£
£
49,690,858
25,261,246
1,694,987
1,542,154
51,385,845
26,803,400
2024
2023
£
£
44,364,623
19,494,762
78,549
58,731
44,443,172
19,553,493
2024
2023
£
£
2,129,117
4,309,117

The loan has been borrowed to fund advances to rugby clubs to develop their facilities. The loan bears interest at the Bank of England base rate, capped at 5 per cent, per annum. The repayment schedule of the loan is dependent on repayments from clubs, but no repayments are due within the next year. The Foundation has the ability to borrow up to a maximum of £8,000,000 (2023: £8,000,000) from the RFU.

27

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

14. Analysis of net assets between funds

Loans
Cash at bank and in hand
Debtors
Creditors due within one year
Creditors due in more than one year
Total
Loans
Cash at bank and in hand
Debtors
Creditors due within one year
Creditors due in more than one year
Total		 General &
Restricted
Total
Designated
funds
funds
Unrestricted
funds
2024
2024
2024
£
£
£
4,047,190
-
4,047,190
156,649
589,472
746,121
1,400,000
49,985,845
51,385,845
5,917,205
(50,360,377)
(44,443,172)
(2,129,117)
-
(2,129,117)
9,361,927
244,940
9,606,867
General &
Restricted
Total
Designated
funds
funds
Unrestricted
funds
2023
2023
2023
£
£
£
4,657,102
-
4,657,102
2,366,197
-
2,366,197
1,333,573
25,469,827
26,803,400
5,831,659
(25,385,152)
(19,553,493)
(4,309,117)
-
(4,309,117)
9,879,414
84,675
9,964,089

15. Movement in funds

Unrestricted funds

At 1 July
Net deficit for the year
At 30 June		 General
Designated
Total
Total
Unrestricted
Unrestricted
Unrestricted
Unrestricted
funds
funds
funds
funds
2024
2024
2024
2023
£
£
£
£
8,308,273
1,571,141
9,879,414
10,471,795
(166,335)
(351,134)
(517,469)
(592,381)
8,141,938
1,220,007
9,361,945
9,879,414

28

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

15. Movement in funds (continued)

General
Designated
Total
Total
Unrestricted
Unrestricted
Unrestricted
Unrestricted
funds
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
At 1 July
8,472,552
1,999,243
10,471,795
9,746,246
Net deficit/surplus for the year
(164,279)
(428,102)
(592,381)
725,549
At 30 June
8,308,273
1,571,141
9,879,414
10,471,795
Restricted funds
2024
2023
£
£
At 1 July
84,675
80,786
Net surplus for the year
160,247
3,889
At 30 June
244,922
84,675
Restricted funds
2023
2022
£
£
At 1 July
80,786
151,019
Net surplus/deficit for the year
3,889
(70,233)
At 30 June
84,675
80,786
Community
Rugby
Programme
World
Rugby
Museum
All
Schools
project
Legacy
Partners
Area 4
Rugby
United
Support
Women
into
Rugby
Total
£
£
£
£
£
£
£
At 1 July 2023
-
-
-
46,996
36,751
928
84,675
Net surplus in the year
-
-
-
-
160,247
-
160,247		 General
Designated
Total
Total
Unrestricted
Unrestricted
Unrestricted
Unrestricted
funds
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
8,472,552
1,999,243
10,471,795
9,746,246
(164,279)
(428,102)
(592,381)
725,549		 General
Designated
Total
Total
Unrestricted
Unrestricted
Unrestricted
Unrestricted
funds
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
8,472,552
1,999,243
10,471,795
9,746,246
(164,279)
(428,102)
(592,381)
725,549		 General
Designated
Total
Total
Unrestricted
Unrestricted
Unrestricted
Unrestricted
funds
funds
funds
funds
2023
2023
2023
2022
£
£
£
£
8,472,552
1,999,243
10,471,795
9,746,246
(164,279)
(428,102)
(592,381)
725,549
8,308,273
1,571,141
9,879,414
10,471,795
2024
2023
£
£
84,675
80,786
160,247
3,889
244,922
84,675
2023
2022
£
£
80,786
151,019
3,889
(70,233)
84,675
80,786



Legacy
Partners
Area 4
Rugby
United
Support
Women
into
Rugby
Total

£
£
£
£

46,996
36,751
928
84,675
-
160,247
-
160,247
At 30 June 2024
-
-
-		 46,996
196,998
928
244,992

29

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

15. Movement in funds (continued)

Community World All Legacy Rugby Support Total
Rugby Rugby Schools Partners United Women
Programme Museum project Area 4 into
Rugby
£ £ £ £ £
At 1 July 2022 - - 17,753 36,996 25,109 928 80,786
Net deficit/surplus - - (17,753) 10,000 11,642 - 3,889
in the year
At 30 June 2023 - - - 46,996 36,751 928 84,675

Restricted funds compromise of four funds, the World Rugby Museum, Community Rugby Programme (covering All Schools Project and Legacy Partners Area 4), Rugby United and Support Women entering into Rugby.

The Community Rugby Programme is for the promotion of participation in rugby for the benefit of the public and the World Rugby Museum is for the exhibition of historical information and artefacts relating to Rugby. Rugby United Project intends to make a long-term cultural change in the club setting, making them more accessible and inviting to communities and groups who may not previously believed that rugby is a sport for them with the initial metrics based on social inclusion, empowerment and perception. The Debenture Donation Projects is a portion of the donation that has been restricted by the holders electing three projects for the funds to be spent on: grow referee numbers, supporting clubs grow the number of volunteers and grow the number of first aiders.

The brought forward values and carried forward values of the restricted funds relate to All Schools Project, Legacy Partners Area 4, Rugby United and Supporting Women into Rugby.

For the year ended 30 June 2024, the World Rugby Museum had income of £459,225 and expenditure of £459,225.

The Community Rugby Programme had income £24,516,000 and expenditure of £24,516,000.

Designated unrestricted funds represent 2 areas the first are approved grants where payment is subject to the recipient meeting certain conditions, which have not been met at year end. At the year-end these monies had not been paid and will be accounted for in future years provided that the conditions are met to the Foundation's satisfaction.

The second are funds that have been allocated for spend by the Trustees in the prior year on a number of projects. £1m has been designated by the Trustees to the Rugby United project with the intention to make long-term cultural change in the club setting, making them more accessible and inviting to communities and groups who may not have previously believed that rugby is a sport for them with initial metrics based on social inclusion, empowerment and perception.

30

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

16. Contingent Liabilities

The Charity has classified the grant received from the RFU, for the community rugby development programme, and the fee paid to RFDL, as restricted funds.

In the prior year, the RFF approached the RFU to ascertain whether or not they would require that the net deficit be returned to them, as is their right under the signed grant agreement. Consultation with the RFU has confirmed that this will not be the case and therefore provision has not been made for this amount.

As explained in the Trustees' report, the Foundation no longer approves grants (2023: £nil) or loans (2023: £nil) therefore provision has not been made for this amount.

17. Related party transactions

2024 2023
£ £
Amounts owed by RFU 49,690,858 25,261,246
Amounts owed by IPF - -
Amounts owed by RFDL - -
Amounts owed to RFU - -
Amounts owed to IPF 2,313 5,188
Amounts owed to RFU - loan interest 119,449 149,646
Amounts owed to RFDL 44,362,310 19,489,762

The Foundation is a quasi-subsidiary of the RFU. All balances conducted with the RFU and RFDL (a fully owned subsidiary of the RFU) have been summarised in the table above and are disclosed as amounts owed by/to group undertakings within debtors and creditors.

In the year the following related party transactions have occurred:

18. Status of the company

The company is limited by guarantee. Any liability of its members is restricted to £1 per member.

31

RUGBY FOOTBALL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 (continued)

19. Ultimate controlling party

The RFF is limited by guarantee, so has no share capital and therefore no legal controlling party. On the basis of the Company being considered to be a quasi-subsidiary of the RFU, its financial results and position are consolidated into the Group accounts of the RFU. Copies of these Group accounts can be obtained from Rugby House, Allianz Stadium, 200 Whitton Road, Twickenham, Middlesex, TW2 7BA, UK. RFU is a registered society in England (company number IP27981R).

The Directors consider the Company's ultimate controlling party to be the RFU, the governing body for rugby in England.

20. Financial instruments

The Charity has basic financial instruments including debtors, creditors and intragroup balances. All debtors and creditors are financial instruments measured at amortised cost.

The Charity is exposed to credit risk in relation to financial assets such as debtors and intragroup receivables.

The Charity is not exposed to significant interest rate or foreign currency rate risk.

32