## **RFU Injured Players Foundation**
Registered number: 06438698
**Annual Report and financial statements**
**For the year ended 30 June 2021**
## **RFU INJURED PLAYERS FOUNDATION**
## **CHARITY INFORMATION**
## **Trustees**
|**Trustees**||
|---|---|
||Stephen Pearson|
||Judy Metcalfe|
||Stephen Duckworth|
||Evan Davies|
||Ewen Murchison|
||Roger Badman|
||Norman Robertson|
||Miriam Duffy|
||Lee Jones|
||Hannah Farrell|
||Aideen Steed|
|**Company registered number**|06438698|
|**Charity registered number**|1122139|
|**Registered office**|Rugby House|
||Twickenham Stadium|
||200 Whitton Road|
||Twickenham|
||Middlesex|
||TW2 7BA|
|**Company secretary**|A Bujalski|
|**Independent auditor**|BDO LLP|
||55 Baker Street|
||London|
||W1U 7EU|
## **RFU INJURED PLAYER’S FOUNDATION**
||**Page**|
|---|---|
|**CONTENTS**||
|**Trustees’ Report**|**4 - 17**|
|**Statement of Trustee’s responsibilities**|**18**|
|**Independent auditor's report**|**19 - 22**|
|**Statement of financial activities**|**23**|
|**Balance sheet**|**24**|
|**Notes to the financial statements**|**25 - 37**|
## **RFU INJURED PLAYERS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2021**
## **The Background**
## **Introduction**
The Trustees, who are also the Directors for the purposes of Company Law, submit their report and the financial statements of the RFU Injured Players Foundation for the year ended 30 June 2021.
## **Structure, Governance and Management**
## **Incorporation**
The RFU Injured Players Foundation, a company limited by guarantee (No. 06438698), was incorporated on 27 November 2007 by a Memorandum and Articles of Association and is a registered charity (No. 1122139).
## **Trustees**
The appointment of Trustees is determined by the Board of Directors of the RFU (the member). Trustees are nominated and appointed on the basis of the expertise that they can bring to the charity in line with the needs identified by a review of the IPF strategic plan and identification of the range of skills, and experiences required to deliver it alongside an audit of the existing trustees. Two Trustees were required to offer their resignation during the year in accordance with the Charity’s articles of association. Emer McGilloway and Fred Middleton stood down at the November 2020 Board meeting.
A recruitment plan was already in place to fill a previously gapped post and improve the representation of the charity’s beneficiaries on the IPF Board. Mr Lee Jones was appointed to the IPF Board in January 2021, and completed an induction process ahead of attending his first meeting in February that year.
Any new trustees sign a Fit and Proper Person’s declaration and the full Board confirm and re-sign these declarations each year. Potential new Trustees are interviewed by at least two of the existing Board with recommendations considered by the full IPF Board before approaching the RFU for confirmation of any appointments. Once appointed, new Trustees are given an Induction Pack which outlines the legal framework of the charity, its vision and strategic aims and relevant IPF policies. Also included are a number of web links relating to charity governance and best practice, as well as spinal cord and traumatic brain injury information for non-medical Trustees.
All Trustees declare any interests they have and this is kept on a register which is reviewed at each quarterly board meeting.
Trustees do not receive any remuneration for their role; no travel expenses were reimbursed by the charity for trustees during the year (total payment £0).
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## **Management**
Day to day management of the charity has been delegated to the Head of IPF, Dr Karen Hood. Any decision which materially affects the operation of the charity and its objectives is determined by majority vote of the Trustees. IPF staff are employed by the RFU and seconded to the charity. Pay and remuneration decisions are considered by the RFU Executive and HR functions.
## **Public benefit**
The Trustees have referred to the guidance contained in the Charity Commissions guidance on public benefit when reviewing the charity’s aims and objectives which are detailed below.
The charity’s purposes are consistent with the Equality Act 2010.
## **Objects and Activities**
The objects of the charity are:
1. The relief of persons suffering from injury or sickness.
2. The relief of persons in necessitous circumstances.
3. The advancement of education and research.
## **The Charity’s Vision is:**
All IPF clients leading the life that they wish to lead and the rugby union game being played without catastrophic injuries occurring.
## **Our Mission is:**
The Foundation provides lifelong support to those who sustain a catastrophic injury as a result of participating in rugby union, to empower them to lead as full and independent life as they are able to. It also works with all stakeholders to reduce the risk of these and other injuries in the game.
## **Our Objectives for the charity are:**
1. We will deliver immediate and lifelong case management with a range of services to complement state provision aiming for the long term maintenance of an independent lifestyle
2. We will deliver high quality pastoral support to all rugby union participants involved in a game related potentially catastrophic injury or fatality.
3. We will continue to develop and strengthen a broad and balanced portfolio of world-class research directed at understanding and preventing rugby injuries, with a priority on catastrophic injuries.
4. We will establish the Foundation as the leading rugby union charity.
5. We will ensure the Foundation is financially secure
6. We will be an effective organisation which values its staff and volunteers.
These objectives are reviewed at least every three years by the full board of Trustees. An annual business plan is formulated with specific targets to support the delivery of these objectives; progress against this plan is reported on at each quarterly Board meeting.
The key activities that deliver this work are our immediate and long-term client support programmes and our research programme supported by an RFU fundraising & awareness function:
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## **Immediate support**
The Case Management Committee of Trustees, staff and expert advisors works through a Case Management Framework to assess and support an injured player’s needs immediately following a report of a potentially catastrophic injury. This approach means that targeted funds can be released to support otherwise un-met needs more quickly and effectively than through an insurance claim process. By making support available to complete rehabilitation, access and other building works or even purchase a different, more suitable home, the injured player can be discharged from hospital as soon as practicable into an environment that promotes an early return as possible to the maximum achievable level of independent living.
## **Long-term support**
The IPF support continues for catastrophically injured players who have a confirmed functional disability as a result of their spinal cord or traumatic brain injury (clients). Once they are established in the community, a holistic and collaborative approach is undertaken to gain a clear understanding of the needs of each individual, and work is undertaken creatively to address the underlying issues and empower the clients to maximise their potential and independence.
The Living Well, Pathways and Engage programmes aim to provide:
- a clear framework of long term support;
- individual, client centred solutions;
- a clear focus on client potential and independence;
- partnership working to enable access to expertise and value for the IPF; and
- a holistic approach which considers the family, carers and available statutory services.
## **Living Well**
This programme of holistic assessment and support starts with a full case review of each individual to determine those actions which could help to increase their independence and quality of life. The individuals prioritised for these reviews are identified through a number of “triggers” such as IPF knowledge of their vulnerability or opportunity for improvements, or by contact from Volunteer Liaison Officers or the client themselves.
## **Pathways**
The IPF Pathways programme is a dedicated programme focusing on vocational rehabilitation. The IPF make full use of identified specialist delivery partners to provide clients with support and opportunities to increase their independence and ability to provide for themselves and their family. Assessments identify personal aspirations and outcomes and focus on areas such as career advice, training or retraining, functional ability, equipment and transport needs or psychological support. These are met in a variety of ways tailored to the individual including peer support, legal advice, workplace placements, or formal training.
## **Engage**
By supporting clients to stretch outside of their comfort zone and changing perceptions through involvement in physical or socially challenging activities, the IPF have helped individuals realise the extent of their own potential and build confidence. A range of national and local activities are typically planned by IPF staff in partnership with established specialist providers including Carnegie Great Outdoors and Disability Snowsport UK as well as more informal gatherings at rugby clubs and local attractions across the country.
These three programmes and other ad-hoc requests for long-term support for injured players is provided primarily through the funding of grants the need for which is determined by IPF staff in liaison with clients, local authorities and health agencies. Applications are validated by staff before being put (by email) before a Grant Making Committee (GMC) of Trustees for majority decision in line with the policy of prioritising such support as will help improve client independence.
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The delegated authority limit for the GMC for these grants is £20,000 (£35,000 for vehicle and £30,000 for electronic wheelchair purchases), applications requiring more funding are put to the full board of Trustees for decision.
## **Research**
The IPF supports research which aims to reduce the incidence or impact of catastrophic injury within rugby union. At the start of 2020/21 there were two existing projects being carried out:
1. Catastrophic injury (CI) surveillance – a 10-year project investigating the epidemiology of each CI which occurs under the auspices of the RFU (including historical CIs) and reporting on any commonalities or suggested methods of prevention; and
2. SCI mechanism – a PhD study understanding the forces involved and the way in which spinal cord injury manifests within the human body under a variety of conditions (scrum, tackle etc.). By modelling the reaction of the human spine to the forces involved within the game, we can better understand how to prevent such injuries from occurring.
The Board of Trustees had also just agreed to support new projects following an open call for expressions of interest:
3. “Recovery of function through cycling therapy with virtual reality biofeedback in chronically spinal cord-injured people” (University of Central London)
4. “Investigation of appetite regulation in people with SCI” (Loughborough/ PHC)
The Board of Trustees had also confirmed that they were interested in receiving detailed proposals for two other schemes of work:
5. A collaborative approach to engaging with IPF clients about the impact of injuries, and what interventions can bring about positive improvements in independence and well-being (joint proposal from Leeds Beckett, Loughborough University and St Mary’s University)
6. A collaborative partnership with Spinal Research
Further detail on these new projects is provided in the “charity highlights” section of the report.
All projects are reported on quarterly against their delivery timeframes and new projects or plans for expanding research funding are brought to the full board for consideration following review by IPF and RFU specialist staff.
## **Fundraising and awareness**
The fundraising activity of the IPF continues to provide significant funding for the work of the charity. We still rely heavily on obtaining and promoting charity places in flagship events (such as the London Marathon, or Prudential Ride London 100 cycle event) and attracting individuals to raise sponsorship in return for participation. Due to the Covid-19 pandemic several mass participation events have not taken place, however fundraisers – often rugby fans or friends and family of injured players - have been able to complete their own independently organised challenges. These fundraisers are also supported by the charity however with fundraising advice and promotional items such as t-shirts, collecting tins and banners.
The use of social media to spread the word of the charity and its aims has proved very useful and is something which we continue to promote, with the IPF having a profile online (www.rfuipf.org.uk), on Facebook (www.facebook.com/rfuipf) and on Twitter (@TheRugbyCharity).
The IPF engages with a team of three RFU fundraisers to carry out these activities, and contracts additional staff for specific elements of the charity’s work such as organisation support with events,
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sales teams to manage match day raffles or organisations to administer places within flagship events (e.g. RealBuzz for London Marathon places).
The IPF is registered with the Fundraising Regulator, and requires all fundraisers to complete a fundraising agreement outlining codes of conduct and use of charity registered marks in advance of any known fundraising activity. For IPF-managed events, fundraiser feedback is also collected from all participants and monitored for service improvements. Fundraiser complaints are responded to and logged. During 2020/21 no complaints have been received by the IPF relating to fundraising activities or practices.
The IPF has also been registered with the Fundraising Preference Service since September 2017 and is yet to receive any suppression notifications. We do not carry out direct marketing or street fundraising. The fundraising carried out for the IPF is done so in line with the charity’s values (Teamwork, Friendship, Fairness, Care and Respect) and with due consideration for potential vulnerabilities of those involved in raising or donating funds. This work is supported by a donations policy which includes consideration of the reputational and financial risks associated with accepting or rejecting/returning donations and fundraising and awareness work is reported quarterly to the IPF Board of Trustees.
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## – Charitable Delivery 2020/21 Highlights
## **Our focus for the 2020/21 season prioritised the following approach:**
**1. Review the IPF strategic plan** - check and challenge the strategic direction of the IPF and explore likely future scenarios enabling early adjustments to be made to ensure the IPF continues to deliver the required support to the Rugby Family in the long term.
**2. Adapt our approach –** reviewing past cases to learn and plan more effectively, and exploring ways of delivering long-term support to our beneficiaries in a virtual environment.
**3. Deliver IPF research programme** – supporting innovative work which will improve the lives of injured rugby players.
We also prioritised a review of the IPF’s approach to diversity and inclusion, with particular consideration to increasing the representation of our beneficiaries at Board level and in the cocreation of the charity’s strategic direction, charitable projects and delivery. A first draft of an action plan was produced in August 2020 to drive activity and demonstrate accountability.
The Fundraising team managed by the RFU also prioritised:
- Increasing efficiencies with whole-company approach to charitable income generation
- • Leveraging the assets of the organisation to increase opportunities and funds raised
The specific risks associated to delivering this plan had been considered at the start of the year and are included below:
|**Risk**|**Mitigation**|
|---|---|
|Covid-19|Detailed review of actuarial assessment to ensure financial
provision for anticipated demand.
Staff and volunteer support to ensure continuity of delivery
Virtual engagement with clients, beneficiaries, partner
organisations to match demand for support with available
resources.|
|Backlog of required support|Financial resource available to support immediate needs.
Review of Living Well casework to inform anticipated demand
and realistic timeframes|
|Increase in new injuries when
rugby re-started|Collaboration with RFU regarding player welfare interventions,
coach/player education and incremental re-introduction to full
contact matches.|
|Social distancing affecting
delivery of face-to-face work|Elements of Engage programme to be delivered virtually.|
|Reduction in income streams|Diversification of income (investments, fundraising, RFU grant)
Close management of relationships with donors and fund
managers, cautious forecasting and expenditure control|
## **Our charitable programme work areas:**
## **Immediate support**
Case management framework grants were given out or pledged to 5 individuals totalling £80,356 (2020: 9 individuals, £332,894). As this support is reactive, it is not possible to set specific targets for expenditure, however, within the Case Management Framework, targets for speed of response to injury reports, immediacy of contact with an injured player/their family and delivery of the case management framework were met in 100% of cases (target: 80%).
No grants were made to individuals who sustained a “life-changing” injury; acute, non-catastrophic injuries sustained whilst participating in rugby activities conducted under the RFU jurisdiction resulting in permanent significant loss of function of the key senses (vision or hearing) or of one or more limbs.
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These grants totalled £Nil (2020: 1 grant, £300).
Funding of £4,618 (2020: £15,068) was also provided for those individuals with less severe injuries, but severe financial distress as a result of their temporary inability to work.
## **What worked well?**
The continued delivery of personal support without in-person contact enabled the IPF to maintain its relationship with injured players and their families
## **What could be improved?**
Greater use of the Government furlough scheme during periods of limited rugby activity may have given more staff the opportunity to focus on any personal challenges during the peak of the pandemic.
## **Impact of COVID-19:**
With very limited rugby activity, the IPF was not being called on to react to new injuries or deliver immediate support. There was a concern that the return to playing would result in a larger than usual number of injuries given the long period of inactivity and the IPF worked with the RFU to mitigate this risk through the training and advice given to community rugby clubs.
## **Long term support**
£363,910 (2020: £112,939) was spent on long-term client support through either the Living Well and Pathways programmes or in response to individual client requests for help. This equated to 74 individual grant applications which were approved by the Trustees in the financial year to June 2021. It should be noted that significant savings continued to be realised by communicating with the local and health authorities and agreeing those needs which could be met by statutory services.
During 2020/21 the IPF was able to review each of the 96 Living Well cases that had been carried out to date. A new impact reporting framework, covering client goals as well as those aspirations of the IPF and objective functional measurements were combined to provide a simple snapshot of the impact of the IPF’s intervention in each case.
The IPF Pathways programme was also reviewed at this time and was shown to have increased the proportion of IPF clients engaged in employment, training, or voluntary/social activity from 54% to 76% against a target of 65%.
The IPF’s Engage programme of physically and personally challenging activities was limited to delivering online activities following the outbreak of COVID-19. This has enabled the charity’s beneficiaries to deliver greater peer-support as a variety of online meetings and methods of contact were used to increase regular engagement amongst the injured player group.
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## **What worked well?**
The new impact assessment framework has proved flexible enough to effectively summarise the value of the IPF’s work to its beneficiaries. Both the Living Well and Pathways programmes have been shown to have a considerable positive impact towards client’s independence.
## **What could be improved?**
There were some beneficiaries that did not wish to engage in online social activities, and did not want to provide further details as to why this was. This was frustrating as it was hard to determine if there were un-met needs that the charity could have been supporting with. These individuals have been prioritised for face-to-face visits when they are restarted.
## **Impact of COVID-19:**
The continued limitation of in-person contact has decreased the amount of support that could practically be delivered during this time. It is expected that there will be a backlog of assessments, adaptations and funding requests that could result in a very busy period ahead for staff and delivery partners.
## **Research**
The IPF’s Cervical Spine Injury Mechanism (SCI mech) project was completed during 2020/21. Bath University had been commissioned to develop a detailed cervical spine model of a rugby player that would enable investigations on the internal loading of the cervical spine. An additional project was commissioned at the end of the reporting period to trial this model in relation to the effect of tackle height on SCIs. This project was successful in developing an accurate model, and it is expected that this will be used in further research to investigate actual injury events to deepen the understanding of injury mechanism.
The IPF continued to commission the Catastrophic Injury Surveillance study to maintain and report on an up-to-date record of epidemiology of catastrophic injuries (CIs) occurring in English rugby union. During the 2020/21 season, this project was extended through the involvement of Southampton University Hospital (via Trustee Evan Davies) to include greater investigation of the medical circumstances of the injuries. The results of this project are due for presentation to the IPF Board and RFU during 2021/22.
Following the IPF’s first call for expressions of interest in research funding in 2019/20, a collaboration between three of the responding universities was established to better understand the factors that most impact on injured player’s independence. This was a very complex area with many variables, and as such a Delphi study was commissioned to investigate the priority areas for research. IPF clients, staff, Trustees and partner organisations were involved in determining the most critical and impactful research questions for the IPF to investigate in the area of client independence.
This study indicated that understanding the needs and experience of injured players was of the highest priority with strategies to support physical and mental wellbeing being ranked second. IPF stakeholders perceived that 21% to 40% of the IPFs annual budget should be signposted for funding the research agenda which is strong support for our ambitions to increase the proportion of our work in this area.
At the same time, Spinal Research (SR) had responded to the IPF invitation for research project proposals, and Initial discussions were held about broad support for SR’s overall approach rather than individual project funding. The IPF Board heard from Spinal Research about their current and planned project funding and their plans to improve the coordination of global spinal research as well as the adoption of new strategies into clinical practice.
The IPF Trustees were keen to support this work with a priority for support of UK projects and on improving the functionality/independence of individuals with SCI. An initial 3-year partnership was approved to begin in July 2021.
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## **What worked well?**
A fully collaborative approach to prioritising the IPF’s research strategy saw beneficiaries, Trustees, partner organisations and research establishments working together to determine the priority areas for research
## **What could be improved?**
Whilst the majority of the IPF beneficiaries have sustained a spinal cord injury, it is important to include those with traumatic brain injuries in consideration of research plans. It is expected that this will be supported by the appointment of new Trustees with specialist experience in this area.
## **Impact of COVID** - **19** :
Most of the universities transitioned well to online completion of IPF-funded projects. Those which required in-person interventions were delayed, but the majority of new projects were still in the design and initial investigation stages through this period and as such were not significantly affected.
## **Fundraising and awareness**
The fundraising carried out over the year resulted in a net surplus of £94,040 (Target: £92,841) the main activities which contributed to this included:
- A digital supporters draw ran at each of the England Autumn Nations Cup games
- The implementation of a new donor platform to support event registrations and online donations
- • Virtual challenge events such as the virtual London marathon
Whilst the cancellation of the London Marathon and other mass participation fundraising challenges as well as the loss of further event days at Twickenham Stadium and community rugby clubs reduced the anticipated fundraised income by approximately £240,000. We were however able to save this much against costs through careful financial management, savings on events not delivered and the use of the government furlough scheme. The main challenge during this period has therefore been keeping the profile of the charity high, and maintaining our engagement with the rugby community.
## **What worked well?**
Fundraising is now carried out by the RFU fundraising team which has leveraged greater use of England Rugby assets such as improved access to matchday fundraising, player involvement and items for auctions.
## **What could be improved?**
It has proven very difficult to keep the profile of the IPF high whilst so many front-line charities have been in the public eye. With the financial reserves the IPF can rely on, it was considered prudent to plan for the future rather than attempt to compete with much larger online initiatives.
## **Impact of COVID** - **19** :
Whilst there has been an immediate reduction in income due to cancelled events, this has been managed by reducing costs. There will be a new challenge during 2021/22 to recapture engagement from the rugby community amongst the many other distractions of the pandemic and returning to “normal” activity.
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## **– Governance and Business Management 2020/21 Highlights**
In the first half of 2020/21 the IPF carried out a strategic review of the charity, with the purpose of checking and challenging the current strategy to make the charity has met its objectives and to identify any changes that are likely in the next plan period to enable investigation and trials before finalising plans.
IPF staff reviewed the 2017-22 Strategic plan and the progress against the original targets almost all areas were on track or already completed, with the remainder on track against altered targets which had been updated due to a changing landscape. Highlights included:
- Involvement of 96 clients in Living Well Programme (target 75)
- Increase in clients employed from 54% to 76% (target 65%)
- Expansion of research programme
- • Reshaped fundraising relationship with RFU
Trustees, beneficiaries and staff were asked to prioritise existing and potential work areas to determine the consensus areas of priority activity. 41 IPF clients (approx. 30%) responded to this survey.
The top five topics that were ranked by clients, Trustees and staff are shown below with the commonalities highlighted:
|**Clients**|**Trustees**|**Staff**|
|---|---|---|
|Supporting the regain/retention
of functional mobility of
catastrophically injured players|Supporting the regain/retention
of functional mobility of
catastrophically injured players|Supporting the regain/retention
of functional mobility of
catastrophically injured players|
|Supporting injured players with
mental wellbeing/resilience|Supporting injured players with
mental wellbeing/resilience|Independence in housing/home
assistive technology|
|Practical support for dailyliving|Practical support for dailyliving|Practical support for dailyliving|
|Providing opportunities for
injured players to undertake
physically and socially
challenging activities|Supporting injured players’
vocational aspirations|Supporting injured players with
mental wellbeing/resilience|
|Funding social activities for
injured players and their
families|Case management approach for
holistic support|Enabling injured rugby players
to meet and benefit from peer
support|
IPF clients were also asked what they thought the charity should not be doing, and were given the opportunity to feed back more widely on any aspect of the charity’s operations
Key findings:
- Mental well-being /resilience came through strongly and this is therefore a topic which will be developed further for consideration as a new work programme.
- Clients clearly also valued the IPF’s physiotherapy services and the opportunities provided through the Engage programme to challenge them and offer social activities and peer support.
- Support for vocational aspirations was also rated relatively highly by clients and staff at 7[th] place overall in each case.
- There was little support across all groups for lobbying or replacing statutory services.
- The IPF clients highly valued the existing immediate and long-term support programmes and there was high praise for the work of the charity and how it delivered its services, as well as some useful ideas about raising the profile of the work we do and improving the existing programme delivery.
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It had been expected that the IPF’s Living Well programme would require significant investment (£2,500,000 over the course of the 2017-2023 strategic plan). A proportion of the charity’s reserves were ring-fenced for this purpose and a loss budgeted for in each of the 5 years to accommodate this intensive work. As reported in previous seasons however, it has transpired that IPF intervention could meet the needs of beneficiaries by delivering case management support and often by obtaining the correct statutory provision. This has required less IPF funding, and enabled more sustainable long-term support options to be put in place for the individuals concerned. The charity therefore had significant reserves remaining and remains in a strong position to be able to continue delivering charitable activities without extreme emergency measure. The Trustees therefore believe the IPF is a going concern and will use the feedback gained from the above strategic review to inform a new strategy to make best use of the available reserves.
## **Reserves Policy**
In addition to the above considerations, free reserves are needed by any charity to cover any excess of expenditure over income, whether due to timing differences or to shortfalls in funding. The reserves policy of the IPF requires Trustees and Staff to review on an annual basis:
- The level of risk associated with the funding streams which cover the expenditure on each programme the charity operates.
- The priority of any particular work stream; be it to continue the essential daily operations of the Foundation, or to reverse the situation which has brought about the reduction in funding.
- How long it may take to reverse any decline in income and therefore how long the reserves may be called on for. Currently a year is considered to be an appropriate time to plan for in line with the annual business planning cycle.
- How reserves are held - it may be necessary to maintain an accessible cash reserve to enable immediate continuation of the charity’s daily operations.
The review determined that the minimum level of unrestricted reserves should be £914,250. The unrestricted reserves totalled £1,003,404 at 30 June 2021.
At the year end, the total reserves of the charity were £7.8m (2020:£7.2m). £6.8m of this was restricted to specific purposes (2020:£5.9m), leaving £1.0m available for the general purposes of the charity (2020:£1.3m).
## **Investment policy and performance**
The IPF Trustees manage investment funds held in corporate Trusteeship for Support Paraplegics in Rugby Enterprise (SPIRE, charity no. 1122139-1) as well as IPF invested funds.
The SPIRE sub-trust funds are restricted to benefitting individuals who have sustained injury playing rugby union in England. The IPF has broader charitable objects which enable the support of players injured whilst playing under the auspices of the RFU, which includes matches played on tour and/or across National boundaries. The IPF have appointed Cazenove Capital to manage the charitable assets held to generate income for the charity’s work.
## **The core objective for the IPF and SPIRE investments is:**
- to generate a return of inflation plus 4% over the long term, after expenses. This is to allow the IPF to maintain the real value of the assets whilst generating a stable and sustainable return
In achieving this objective the Trustees aim:
- to produce the targeted financial returns within an acceptable level of risk;
- to provide a tactical reserve for the charity’s on-going activities whilst generating interest income;
- to adopt a total return approach to investment, generating the investment return from income and capital gains or losses. It is expected that if in any one year the total return is insufficient to meet the budgeted expenditure, a focus on growing the long term real value of the funds will still be maintained; and
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- to be fully invested. Cash is not required to be held as part of these portfolios.
The unconstrained fund provided £60,153 of gross income during 2020/21 year while The SPIRE subtrust generated £234,023.
The aggregate total return from its long term investments (with a time horizon of at least 5 years) was 14.6% (2020: 2.3%) with the long term target of 6.4% (2020: 4.8%).
The IPF investment policy is reviewed annually by the full board of Trustees; quarterly meetings are held via telephone conference with the investment fund managers and nominated trustees, and a presentation by Cazenove was given at the August 2020 meeting of the full board of Trustees.
During this period the IPF Trustees considered the charitable aims and values of the organisation alongside the needs of the Foundation to maximize the value of its assets to enable it to deliver its stated aims.
Where possible, the Trustees wish for its investment fund managers to engage with organisations and use their voting rights to promote positive ethical, social and governance (ESG) behaviours.
To that end, the Trustees require that investments are placed only with funds whose managers have signed up to the UN code of responsible investment practice, and a provision was included within the IPF’s investment policy to limit the charity’s exposure to “sin stocks”. The Trustees regularly review the underlying exposure to ensure that conflicts with the charitable aims and objectives of the organization are kept to a minimum. A soft threshold of 3- 4% will be applied, and the fund managers are required to notify the IPF if that threshold is likely to be exceeded for any reason.
This continues to be reviewed closely in the light of the fluctuations caused by COVID-19, however the diversification of the investment portfolio and the long-term strategic view of the Trustees has protected the funds to some extent from the worst of the financial market losses.
## **Cash management policy**
It is the policy of the IPF to hold sufficient cash as to allow for the day-to-day business to be completed. The minimum cash balance during 2020/21 was expected to be no less than £100,000 and the maximum set at £150,000. This is reviewed on a quarterly basis by the Board of Trustees. Any financial transfers into or out of the accounts to maintain these preferred levels are authorised by at least two Trustees. This policy is reviewed annually by the full board of Trustees in line with the requirements of the reserves policy.
During 2020/21 a larger amount than that recommended by the cash management policy was held in the IPF’s current account. This related to the cost of overheads incurred by the IPF and payable to the RFU. A decision was made that due to the current climate in light of the Covid-19 pandemic, IPF should maintain higher levels of cash in case emergency funding was needed at short notice.
## **Going concern**
The Trustees reviewed the IPF’s financial plans in May 2021, as part of their normal annual review, as well as our principal financial risks. At that time, they were satisfied that the IPF had sufficient resources to continue operating for the foreseeable future and accounts have been prepared in the knowledge that the IPF is a financially viable organisation.
An actuarial assessment of the medium-long term demands on the charity, as well as the additional challenges of Brexit, the continuing pandemic, a return to rugby activity after a prolonged off-season and increasing costs of care and disability equipment was undertaken at this time and showed that the reserves of the charity were sufficient to meet the worst-case scenarios assumed in the assessment for a period of 4 years.
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The trustees will continue to review plans with the IPF’s executive team to make the necessary changes to remain operational. The charity has a strong balance sheet, with unrestricted liquid investments of around £1.0m, along with a restricted fund worth £6.7m, and so the Trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.
As such, they remain satisfied that the IPF can continue operating for the foreseeable future and accounts have been prepared in the knowledge that the IPF is a financially viable organisation.
## **Risk Management**
The Trustees operate a robust management strategy which was comprehensively reviewed in the previous year. This process developed the IPF’s risk management policy which is reviewed on an annual basis and comprises:
- the formation of a comprehensive risk register which is reviewed quarterly by the full board;
- establishment of controls to mitigate those risks identified in the plan; and
- the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
A review of the RFU’s Risk Management was last conducted by RSM Risk Assurance Services LLP in September 2019. The review focused on the risk management strategy and processes in place across the whole RFU Group and included the IPF. The IPF’s approach to risk management was highlighted as one of the areas of good practice, and had no issues identified for action.
The most significant risks managed by the charity during the 2020/21 season were:
|**Risk**|**Mitigation**|
|---|---|
|Backlog of required support|Financial resource available to support immediate needs. Review of
Living Well casework to inform anticipated demand and realistic
timeframes|
|Increase in new injuries when
rugby re-started|Collaboration with RFU regarding player welfare interventions,
coach/player education and incremental re-introduction to full contact
matches.|
|Social distancing affecting
delivery of face-to-face work|Elements of Engage programme to be delivered virtually.|
|Reduction in income streams|Diversification of income (investments, fundraising, RFU grant)
Close management of relationships with donors and fund managers,
cautious forecasting and expenditure control|
The additional risks posed by the COVID-19 virus identified during the year continued to include:
|**COVID-19 Risk**|**Mitigation**|
|---|---|
|Inability to deliver face-to-face
support work|Use online options for urgent reviews and communication. Use saved
travel time to reach out to more beneficiaries in a variety of ways
(email, phone, online meetings, volunteer support)|
|Inability to deliver group
activities|Engage activities cancelled, virtual sessions set up to fulfil objectives
for peer support, personal development and social opportunities|
|Reduction in fundraising
income|2019/20 targets met through early fundraising successes and a
reduction on costs from postponed activity|
|Reduction in available support
from member organisation|Open and honest engagement about the needs of the IPF; early
crisis meetings to determine extent of impact on IPF operations and
plans implemented to mitigate this impact.|
|Long-term impact of reduction
in income|Under-used reserves from previous years earmarked to support next
2-3 years of activity. Long-term planning in place to secure future
operations, investment funds managed for the long term with a
diverse approach to mitigate against large losses.|
16
## **Future Plans**
2021/22 will be the last year of the IPF’s 2017-2022 Strategic Plan This plan therefore sets out to complete on the promises made in 2017 when the strategic plan was first formed, but also to offer opportunity to develop a plan for the future and increase the impact that the charity can achieve. We have reviewed the current strategic objectives of the IPF with input and insight from Trustees and beneficiaries to identify the key work areas needing to be prioritised in the next strategic plan period. We plan to use the coming season to develop this information into defined programmes and strategic objectives for the next 4-5 years.
Our priorities for the 2021/22 season are therefore:
**1. Explore new programmes –** investigate the gaps in mental wellbeing provision for IPF beneficiaries and develop any required programmes to support un-met needs.
**2. Enhance the value of IPF research** – Investigate improvements to support the transfer of knowledge and potential impact of this work. Review the outputs of the Delphi study and make recommendations on new research investment.
**3. Draft the next IPF strategic plan** – set out a clear direction to work over the next 4-5 years towards achieving the vision and mission of the IPF.
New targets or updates are underlined in the following pages
The key risks to meeting the targets outlined in the plan include:
|**Risk**|**Mitigation**|
|---|---|
|Backlog of required support|Financial resource available to support immediate needs.
Review of Living Well casework to inform anticipated demand
and realistic timeframes|
|Increase in new injuries when
rugby re-started|Collaboration with RFU regarding player welfare interventions,
coach/player education and incremental re-introduction to full
contact matches.|
|Social distancing affecting
delivery of face-to-face work|Elements of Engage programme to be delivered virtually, risk
assessments designed for face to face activity.|
|Reduction in income streams|Diversification of income (investments, fundraising, RFU
funding)
Close management of relationships with donors and fund
managers, cautious forecasting and expenditure control|
|Mission creep|It can be tempting to prioritise new workstreams or interesting
opportunities, but a clear focus on our “business as usual” as
prioritised by IPF clients and Trustees in recent strategic
reviews will mitigate this.|
17
## **Statement of Trustees’ responsibilities in respect of the financial statements**
Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the Foundation and of the surplus or deficit of the Foundation for that period. In preparing those financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Foundation and to enable them to ensure that the financial statements comply with the Companies Act 2006 and UK Accounting Standards. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In preparing this report, the trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
## **Auditor**
BDO LLP were appointed to act as auditor for the Foundation for the 2020/21 year. This appointment is reviewed annually by the board under advice from the Rugby Football Union.
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 was approved by the Trustees and signed on their behalf by:
## **Stephen Pearson**
Chairman, RFU IPF Board of Trustees
**Date:** 16 November 2021
18
## **INDEPENDENT AUDITOR’S REPORT TO MEMBERS OF RFU INJURED PLAYERS FOUNDATION**
## **Opinion on the financial statements**
In our opinion, the financial statements:
- give a true and fair view of the state of the Charitable Company’s affairs as at 30 June 2021 and of incoming resources and application of resources for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of RFU Injured Players Foundation (“the Charitable Company”) for the year ended 30 June 2021 which comprise the statement of financial activities (incorporating an income and expenditure account), 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 Annual Report and financial statements, other than the financial statements and our auditor’s report thereon. The other information comprises: Trustees’ Report. 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.
19
We have nothing to report in this regard.
## **Other Companies Act 2006 reporting**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ Report, which includes the Directors’ Report and the Strategic report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic report and the Directors’ Report, which are included in the Trustees’ report, have been prepared in accordance with applicable legal requirements.
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 Trustee’s 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.
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Directors’ remuneration specified by law are not made; or
-
- we have not received all the information and explanations we require for our audit.
## **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 determines 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_
20
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
- We obtained an understanding of the legal and regulatory frameworks through our accumulated knowledge and consideration of sector information that is applicable to the Charitable Company. We determined that the most significant which are directly relevant to specific assertions in the financial statements are those related to the financial reporting framework including but not limited to United Kingdom Generally Accepted Accounting Practice, the Charities Act 2011, the Companies Act 2006, Data Protection Act 2018 and Bribery Act 2010.
- We understood how the Charitable Company is complying with those legal and regulatory frameworks by making enquiries to management. We corroborated our enquiries through our review of minutes.
- We reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above.
- We assessed the susceptibility of the Charitable Company’s financial statements to material misstatement, including how fraud might occur by discussing with management where it is considered there was a susceptibility of fraud relating to management override of controls and improper income recognition. In addressing the risk of fraud, including the management override of controls and improper income recognition, we tested the appropriateness of certain journals, reviewed the application of judgements associated with accounting estimates for the indication of potential bias and tested the application of cut-off and revenue recognition.
- We considered completeness of related party transactions; and evaluated the business rationale of any significant transactions that are inappropriate or unusual.
- We challenged assumptions made by management in their significant accounting estimates in particular in relation to grant recognition and going concern.
- We read minutes of meetings of the Board during the year and post year-end.
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.
21
## **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.
Jill Halford (Senior Statutory Auditor) For and on behalf of BDO LLP, statutory auditor
London, UK 19 November 2021 Date:
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
22
## **RFU INJURED PLAYERS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING A SUMMARY INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2021**
|**Note**
**Income:**
**Donations:**
Donations from the RFU
2
Other donations
2
Investments
3
**Total income**
**Expenditure:**
Expenditure on raising
funds
4
Expenditure on charitable
activities
5
**Total expenditure**
**Net (expenditure)/ income**
**before gains/ (losses)**
Net gains/ (losses) on
investments
9
**Net (expenditure)/ income**
**from funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried**
**forward**|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**funds**
**2021**
**2021**
**2021**
**2020**
**2020**
**2020**
**£**
**£**
**£**
**£**
**£**
**£**
-
86,255
86,255
-
366,524
366,524
138,285
-
138,285
343,264
-
343,264
60,153
234,023
294,176
88,038
284,078
372,116|
|---|---|
||**198,438**
**320,278**
**518,716**
**431,302 **
**650,602 **
**1,081,904 **|
||58,186
51,862
110,048
155,453
73,232
228,685
592,492
78,516
671,008
507,362
349,474
856,836|
||**650,678**
**130,378**
**781,056**
**662,815**
**422,706**
**1,085,521**|
|||
||(452,240)
189,900
(262,340)
(231,513)
227,896
(3,617)|
||167,984
629,334
797,318
(46,898)
(150,880)
(197,778)|
||(284,256)
819,234
534,978
(278,411)
77,016
(201,395)|
||1,287,660
5,958,527
7,246,187
1,566,071
5,881,511
7,447,582|
||**1,003,404 **
**6,777,761 **
**7,781,165**
**1,287,660**
**5,958,527**
**7,246,187 **|
All activities relate to continuing operations.
The notes on pages 25 to 37 form part of these financial statements.
23
## **RFU INJURED PLAYERS FOUNDATION CHARITY BALANCE SHEET AS AT 30 JUNE 2021 REGISTERED NUMBER: 06438698**
|**Note**
**Non-current assets**
Intangible fixed assets
8
Investment portfolio
9
Debtors: amounts falling due after more than one year
10
**Current assets**
Debtors: amounts falling due within one year
10
Cash at bank and in hand
**Total assets**
**Current liabilities**
Creditors: amounts falling due within one year
11
**Net current liabilities**
**Non-current liabilities**
Creditors: amounts falling due after more than one year
12
**Total liabilities**
**Total net assets**
**Charity Funds**
Restricted funds
14
Unrestricted funds
14
**Total funds**|**2021**
**£**
-
8,273,943
432,660
8,706,603
3,360,917
107,769
3,468,686
12,175,289
(3,961,464)
(492,778)
(432,660)
(4,394,124)
**7,781,165**
6,777,761
1,003,404
**7,781,165**|**2020**
**£**
-
7,477,287
1,024,278|
|---|---|---|
|||8,501,564
2,340,707
766,048|
|||3,106,755|
|||11,608,319|
||||
|||(3,337,855)|
||||
|||(231,099)|
|||(1,024,278)|
||||
|||(4,362,132)|
||||
|||**7,246,187 **|
|||5,958,527
1,287,660|
|||**7,246,187 **|
The charity has taken advantage of the exemption contained within Section 408 of the Companies Act 2006 not to present its own Statement of Financial Activities. The profit for the year for the charity was £534,978 (2020: loss of £201,395).
The financial statements were approved by the Board of Trustees and signed on their behalf by:
## **Stephen Pearson Chairman, RFU IPF Board of Trustees**
## Date: 16 November 2021
The notes on pages 25 to 37 form part of these financial statements.
24
## **RFU INJURED PLAYERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021**
## **1.1 General Information**
The RFU Injured Players Foundation is limited by guarantee and registered in England and Wales, registration number 06438698, and registered charity number 1122139. The registered office is Rugby House, Twickenham 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 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.
RFU Injured Players Foundation 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 Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the Charity.
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.
## **1.4 Going Concern**
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. The Trustees have therefore prepared the financial statements on a going concern basis.
The impact of the COVID-19 pandemic and its financial effect has meant that the executive team and trustees have been reviewing financial plans for the next 12 months to ensure the IPF can continue its business-critical activities and remain a going concern.
The Government’s decisions on the easing of social distancing has seen a revival of IPF activities, with rugby returning and spectators being once again allowed. Fundraising activities are able to slowly resume and fundraising income is expected to rise in line with this. IPF investments have also bounced back well with an increase of around £0.8m by the end of June 2021.
Given the strength of the balance sheet and availability and liquidity of unrestricted investments, totalling around £1m, the trustees believe that, while uncertainty exists, this does not pose a material uncertainty that would cast doubt on the charity’s ability to continue as a going concern. The trustees, therefore, consider it appropriate for the accounts to be prepared on a going concern basis.
## **1.5 Donations and grants receivable**
Donations and grants are recognised in the Statement of Financial Activities where there is entitlement, probable receipt and the amount can be measured with sufficient reliability.
25
## **RFU INJURED PLAYERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (continued)**
## **1.6 Funds**
Unrestricted funds are incoming resources receivable for the objects of the Charity without further specified purpose and are available as general funds.
Restricted funds are comprised of (1) income and expenditure relating only to the SPIRE Trust Fund, established under the Supplemental Trust Deed dated 11 March 1994 and (2) donations from the Rugby Football Union and charitable activity expenditure. The restricted funds can only be used as set out in note 14.
## **1.7 Expenditure**
Expenditure, including irrecoverable VAT, is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably, Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include project management carried out at the head office. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the Charity's educational operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.
Grants, excluding Deed of Gifts, are recognised as a liability and corresponding expenditure when approved by the Trustees and communicated to the recipient. Deed of Gifts are recognised as a liability and corresponding expenditure at the point at which the Deed of Gift is signed.
## **1.8 Investments**
Investments are stated at market value and are re-valued quarterly. Income from investments is accounted for once it has been earned.
26
## **RFU INJURED PLAYERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (continued)**
## **1.9 Intangible fixed assets and amortisation**
Intangible assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost and are subsequently measured at cost net of amortisation and any provision for impairment.
Amortisation is provided on intangible fixed assets at rates calculated to write off the cost of each assets less their estimated residual value, over their expected useful lives on the following bases:
Computer software
3 years straight line
## **1.10 Debtors**
Prepayments are valued at the amount prepaid net of any trade discounts due. Other debtors are valued at transaction price.
## **1.11 Creditors**
Short term creditors are measured at the transaction price. Long term creditors are measured at transaction price. Housing grants classified as Deeds of Gift are uplifted for inflation. G rant accruals are recognised at the point the Trustees approve the grant.
## **1.12 Accounting judgements and estimates**
There are no significant judgements or estimates being applied in the preparation of the accounts.
27
## **RFU INJURED PLAYERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (continued)**
## **2. Donations**
|**. Donations**||
|---|---|
|RFU donations to fund the Case Management Framework
Other donations
**Total donations**
Total 2020|**Unrestricted Restricted**
**Total**
**funds**
**funds**
**funds**
**2021**
**2021**
**2021**
**£**
**£**
**£**
-
86,255
86,255
138,285
-
138,285|
||**138,285**
**86,255**
**244,540**
343,264
366,524
709,788|
## **3. Income from Investments**
|Gross income from investments
Total 2020|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**2021**
**2021**
**2021**
**£**
**£**
**£**
60,153
234,023
294,176|
|---|---|
||88,038
284,078
372,116|
Investment income from the SPIRE sub-trust investments are classified as restricted funds as they may only be used by the Charity for the benefit of the IPF client list in England.
|Cazenove Charity Multi-Asset Fund
Schroder GBP Liquidity
**Total**|**2021**
**Market value**
**2020**
**Market value**
**£**
**£**
7,627,548
6,829,893
646,394
647,394|
|---|---|
||**8,273,942**
**7,477,287 **|
28
## **RFU INJURED PLAYERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (continued)**
## **4. Expenditure on raising funds**
|Marketing, fundraising and promotion costs
Investment fees
**Total**|**2021**
**2020**
**£**
**£**
50,294
153,990
59,754
74,695|
|---|---|
||**110,048**
**228,685**|
## **5. Expenditure on charitable activities**
|Long-term grant support programme
Engage programme
Case management framework
Charitable grants (non-catastrophic)
Primary prevention
Tertiary prevention
Support costs (see note 6)
**Total charitable activities**|**2021**
**2020**
**£**
**£**
362,137
224,616
1,198
13,008
80,356
349,474
4,618
17,367
10,038
24,906
116,445
102,967
96,216
124,498
**671,008**
**856,836**|
|---|---|
Expenditure on charitable activities was £671,008 (2020: £856,836) of which £590,652 (2020: £507,362) was unrestricted and £80,356 (2020: £349,474) was restricted.
The long-term grants programme consists of 74 grant pledges totalling £363,910 (2020: £270,079) payable to individuals. Within this figure are accrued committed pledges of £198,123.30 (2020: £96,628) attributed to 18 grant applications. The charitable grants programme supported 5 applications relating to non-catastrophic rugby injuries in 2020/21.
## **6. Support Costs**
|Audit fees
Legal fees
Bank charges and interest
Other
Salaries and social security costs
**Total**|**General**
**Governance**
**Total**
**Total**
**support**
**function**
**2021**
**2021**
**2021**
**2020**
**£**
**£**
**£**
**£**
-
6,750
6,750
6,150
-
2,812
2,812
7,021
-
63
63
193
-
4,520
4,520
13,784
69,904
12,167
82,071
97,350|
|---|---|
||**69,904**
**26,312**
**96,216**
**124,498**|
Salaries and social security costs are recharged from Rugby Football Development Limited and allocated on a time basis while the other items listed above are apportioned by governance function. The Charity does not have any direct employees and as such does not employ any key management personnel. No staff (2020: nil) had employee benefits over £60,000.
29
## **RFU INJURED PLAYERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (continued)**
## **7. Net movement in funds**
Net movement in funds is stated after charging:
|Auditors' remuneration
Reimbursement of trustees expenses
No Trustees received any remuneration (2020: nil).
No Trustees received any benefits in kind (2020: nil).
No Trustees made donations to the Charity (2020: nil).|**2021**
**2020**
**£**
**£**
6,750
6,150
-
498|
|---|---|
|||
No (2020: two) trustees received out of pocket expenses totaling £nil (2020: £498).
## **8. Intangible fixed assets**
|**Cost**
At 1 July 2020
Additions
**At 30 June 2021**
**Amortisation**
At 1 July 2020
Charge for the year
**At 30 June 2021**
**Net book value**
At 30 June 2021
At 30 June 2020|**£**
26,317
-|
|---|---|
||26,317|
||(26,317)
-|
||(26,317)|
||-|
||-|
30
## **RFU INJURED PLAYERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (continued)**
## **9. Investments**
Investments are stated at market value and are valued quarterly. Income from investments is accounted for once earned.
|**Shares**
**in**
**Group**
**undertakings:**
At 1 July and 30 June
**Quoted investments:**
Market value at 1 July
Additions at cost
Disposals at market value
Revaluations
Movement in cash
**Market value at 30 June**|**Charity**
**2021**
**2020**
**£**
**£**
1
1
7,477,287
7,675,255
-
687,597
-
(647,824)
797,744
(191,909)
(1,089)
(45,832)|
|---|---|
||**8,273,943**
**7,477,287**|
The quoted investment portfolio valuation is in the following proportions: Multi-Asset funds 92% and cash 8%. In the prior year the split of asset classes were as follows: Multi-Asset funds 91% and cash 9%.
## **Investments in Group undertakings comprise:**
The RFU Injured Players Foundation holds 100% of the ordinary shares in issuance of IPF Trading Limited (incorporated in England and Wales: Company number 07227845). The Company has not had an audit under the exemption in section 479a of the Companies Act 2006. IPF Trading Limited had as expense of £66 in the year (2020: no activity) and its net liabilities at 30 June 2021 were £68 (2020: net assets £nil).
31
## **RFU INJURED PLAYERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (continued)**
## **10. Debtors**
Prepayments are valued at the amount prepaid net of any trade discounts due.
|**Due after more than one year**
Amounts owed by parent undertakings
**Due within one year**
Trade debtors
Amounts owed by group undertakings
Accrued income
Prepayments
Total
Grand total|**Charity**
**2021**
**2020**
**£**
**£**
432,660
1,024,278
23
15,416
3,159,546
2,089,805
201,348
235,486
-
-|
|---|---|
||3,360,917
2,340,707|
||**3,793,577**
**3,364,985**|
## **11. Creditors: Amounts falling due within one year**
Short term creditors are measured at the transaction price. Amounts falling due within one year:
|**Amounts falling due within one year**
Trade creditors
Other creditors
Amounts owed to group undertakings
Accruals and deferred income|**Charity**
**2021**
**2020**
**£**
**£**
-
-
13,508
8,963
1,814,850
1,485,434
2,133,106
1,843,457|
|---|---|
||**3,961,464 **
**3,337,854 **|
32
## **RFU INJURED PLAYERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (continued)**
## **11. Creditors: Amounts falling due within one year (continued)**
|**Analysis of grants payable (included**
**within accruals and deferred income)**
Grants payable at 1 July
Grants awarded
Grants paid
Grants payable at 30 June|**Charity**
**2021**
**2020**
**£**
**£**
482,928
530,268
453,726
613,647
(341,772)
(660,987)|
|---|---|
||**594,882 **
**482,928**|
The Charity has made no pledges of Deed of Gift during 2021 to fund future house purchases (2020: one). The balances of the existing 8 pledges have been uplifted to account for inflation. The timing of this liability is unknown, but 5 of the existing pledges may fall due in the next year. Funding for this will be provided by the Rugby Football Union and contracts confirming this have been signed, with the amounts included within accrued income due within one year. There is no net impact on the surplus recognised for the year.
## **12. Creditors: Amounts falling due after more than one year**
Amounts falling due after more than one year:
||**Charity**|**Charity**|
|---|---|---|
||**2021**|**2020**|
||**£**|**£**|
|**Amounts falling due after more than one year**|||
|Deeds of Gift|432,660|1,024,278|
33
## **RFU INJURED PLAYERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (continued)**
## **13. Analysis of net assets between funds**
## **Charity**
|**Charity**||
|---|---|
|Investments
Debtors
Cash at bank and in hand
Creditors due within one year
Creditors due after one year|**Unrestricted**
**Unrestricted Restricted**
**Total**
**funds**
**funds**
**funds**
**funds**
**(Undesignated)**
**(Designated)**
**2021**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**£**
1,674,091
-
6,599,852
8,273,943
1,710,698
1,904,970
177,909
3,793,577
107,769
-
-
107,769
(2,489,154)
(1,472,310)
-
(3,961,464)
-
(432,660)
-
(432,660)|
||**1,003,404**
**-**
**6,777,761**
**7,781,165**|
## **Charity**
|**Charity**||
|---|---|
|Investments
Debtors
Cash at bank and in hand
Creditors due within one year
Creditors due after one year|**Unrestricted**
**Restricted**
**Total**
**funds**
**funds**
**funds**
**(Undesignated)**
**2020**
**2020**
**2020**
**£**
**£**
**£**
1,798,759
5,678,527
7,477,286
3,364,985
-
3,364,985
486,048
280,000
766,048
(3,337,854)
-
(3,337,854)
(1,024,278)
-
(1,024,278)|
||**1,287,660**
**5,958,527**
**7,246,187 **|
34
## **RFU INJURED PLAYERS FOUNDATION**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (continued)**
## **14. Movement in funds**
## **Unrestricted funds – Charity**
|**Unrestricted funds – Charity**||
|---|---|
|Balances as at 1 July
Net (deficit) for the year
Balance at 30 June|**General**
**Total**
**Total**
**Unrestricted**
**Unrestricted**
**Unrestricted**
**funds**
**funds**
**funds**
**2021**
**2021**
**2020**
**£**
**£**
**£**
1,287,660
1,287,660
1,566,071
(284,256)
(284,256)
(278,411)|
||**1,003,404 **
**1,003,404**
**1,287,660**|
## **Restricted funds – Charity**
|Balances as at 1 July
Net surplus for the year
Balance at 30 June|**SPIRE**
**Case**
**Management**
**Framework**
**Restricted**
**Restricted**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
5,958,527
-
819,234
-|
**Total**
**Total**
**Restricted**
**Restricted**
**funds**
**funds**
**2021**
**2020**
**£**
**£**
5,958,527
5,881,511
819,234
77,016|
|---|---|---|
||**6,777,761**
-|
**6,777,761**
**5,958,527**|
The restricted fund is comprised of (1) net investment income relating only to the SPIRE Trust Fund, established under the Supplemental Trust Deed dated 11th March 1994 and (2) donations from the Rugby Football Union and charitable activity expenditure on the case management framework programme. The income and expenditure for the case management framework programme net off fully each year end so the closing balance always relates to SPIRE Trust Fund Income. The SPIRE Trust fund is restricted to supporting individuals who have sustained injury while playing rugby union in England.
35
## **RFU INJURED PLAYERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 (continued)**
## **15. Financial instruments**
The Charity has basic financial instruments including debtors, creditors, intragroup balances and investments in equities and bonds. All debtors and creditors are measured at amortised cost. All investments in equities and bonds are measured at fair value through income and expenditure.
The Charity is exposed to credit risk in relation to assets such as debtors and intragroup receivables. The Charity is also exposed to market price risk in relation to its investments in equities and bonds.
The Charity is not exposed to significant interest rate or foreign currency risk.
## **16. Related party transactions**
The Charity is a quasi-subsidiary of the Rugby Football Union. All transactions conducted with the Rugby Football Union have been clearly denoted in the financial Statements.
||**2021**|**2020**|
|---|---|---|
||**£**|**£**|
|Amounts owed by RFU|783,841|660,065|
|Amounts owed by RFU – Deed of Gift|1,904,971|2,321,013|
|Amounts owed by RFDL|894,952|124,598|
|Amounts owed by RFF|8,407|8,407|
|Amounts owed to RFU|898,944|824,282|
|Amounts owed to RFDL|911,723|657,933|
|Amounts owed to RFF|3,219|3,219|
## **17. IPF Trading Limited**
IPF Trading Limited is a 100% owned subsidiary of RFU Injured Players Foundation. In the year ended 30[th] June 2021, the entity made a loss of £66. The summary balance sheet is included below:
|Current assets
Debtors
Total current assets
Creditors: amounts falling due within one year
Net liabilities
Capital and reserves
Called up share capital
Profit and loss reserve
Total capital reserves|**2021**
**2020**
**£**
**£**
1
1|
|---|---|
||1
1
(69)
(3)
(68)
(2)|
||1
1
(69)
(3)|
||(68)
(2)|
36
## **18. Controlling party**
The RFU Injured Players Foundation is limited by guarantee and as such has no share capital. The RFU gained control of the RFU Injured Players Foundation on 30 July 2008 when it became the sole member and as a result the company is considered to be a quasi-subsidiary of the Rugby Football Union (IP27981R ) . Its financial results and position are consolidated into the Group accounts of the Rugby Football Union. Copies of these Group accounts can be obtained from Rugby House, Twickenham Stadium, 200 Whitton Road, Twickenham, Middlesex, TW2 7BA.
The Directors consider the Company's ultimate controlling party to be the Rugby Football Union, the governing body for rugby in England.
37