RFU Injured Players Foundation Registered number. 06438698 Annual Report and Financial Stalements For Ihe Year Ended 30 June 2023 *ACIF711KI* 1912r2023 Cl￿pANIES HOUSE A19 #152 RFU INJURED PLAYERS FOUNDATION CHARITY INFORMATION Trustees Stephen Pearson Judth Melc21fe Stephen Duckworth {re-awoinled Feb 2023) Evan Davies Ewen Murchis Roger Badman {re-apFointed Feb 20231 Norman Robertson Lee Jones Ahleen Steed Miriam Dufy Hannah Farrell Company reglstered numl 06438698 Charity registered number 1122139 Reglstered offl¢e Rugby House Twickenham Stadium 200 Whitton Road Twckenham Middlesex TW2 78A Company secretary Christotrr Skarfe Independent auditor BDO LLP 55 Baker Street L¢)ndon W1U 7EU RFU INJURED PLAYERS FOUNDATION Page CONTENTS Trustees, Report 4-15 Statemènt of Trustee's Rèsponsibiliti 16 kndependent Audltorf$ Report 17-20 Statement of Flnan¢lal A¢tlvltles 21 Balance Sheet Notes to the Finan¢lal Ststements 23-35 RFU INJURED PLAYERS FOUNOATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2023 The Back round kntroduction The Trustees, vtho are also the Oireclors for the wrposes of Company Law, submit their rep(M1 and the finan¢ial stslements of the RFU Injured Players FoundatTh for the year ende(J 30 June 2023. Stru¢tur¢. Governan￿ and Managernwt In￿rPoratIon The RFU Injured Player5 Foundab"on. a company limited by guarantee {No. 064386981, was incorporated on 27 November 2007 by a K4emorandum and Articles of Association and is a register8d charity (No. 11221391. Truste•$ The appointment of Trustees is detemiined by the Board of Dyectors of the RFU Ilhe member). Trustees are n(yninated and appointed on the basis of the expertise that they can bring to the charity in line wth the needs ldentrf￿ by a review of the IPF strategic pian and identrficalion of the range of skilL8, and experiences required to deliver it alongside an audit of the existing trustees. Two Trustees We￿ required lo offer their resignation during the year in accordance wlh Ihe Charitys articles of assofiab"on. Roger Badman and Stephen Ouckworth offered to step down during the 2022123 season ansj asked lo be considered ￿appOIntr￿enI vthich was approved. Any new trustees sign a Fit and Proper Person's declaration and the full Board confimi and re-sign these declarations each year. Potential new Trustees are inteNiewed by at least of the existing Board b*ilh recommendations considered by the full IPF Board before approaching the RFU for confimiation of any appointments. Once appointed, new Trustees are given an Induction Pack which Crtjtlines the legal framework of the ehanty. its vision and strategi¢ aims aThJ ￿levant IPF policies. Also included are a number of web links retsts.ng to charrty govemance and best practice, as well as spinal cord and traumatic brain injury irrformation for non-medical Trustees. New Trustees a￿ offered a 'bLKSdK frcffl the existing group of Trustee5. and supported by in(Jucb"on sessions Staff and appointment lo sub-committees lo help fijlly understand the woth of the charity. On g￿n9 training is provided lo trustees thrtsJgh c¥Jt the year by the Charity as part of Iheir ro￿ of being a trustee. All Trustees declare any interests they have arKJ tht5 is kept on a register which is reviewed at each quarterly board meeling. Trustees do not receive any remuneration forlheir rde,. Travel expenses We￿ reimbursed by the charity for 8 trustees during the year (total payment £1.3251. RFU INJURED PLAYERS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2023 Management Day to day management of the charity has been delegated to the Head of IPF, Dr Karen Hood. Any decision which materiallyaffects the operalion of the tharity and its otseclives is determined by majority vole of the Trustees. IPF staff are empfoyed by the RFU and seconded to the tharity. Pay and remunerati(￿ decisions are considered by the RFU ExeoJts"ve and HR functions. Publ1¢ benefit The Trustees have referred to the guklance contained in the Chartty Commissions guidance on public benefit when rewevAng the charttys aims and obj'ectives which are deiailed below. The charity's purrM)ses are Consistent with the Equality Act 2010. Ob eds and A¢tlvllles The objects of the charity are.. 1. The rdief of persons suffering from injury or *kness. 2. The relief of persons in neceSsit￿JS ￿rCUMstanCes. 3. The advancement of education and research. The Charity's Vision is: AII IPF clients leadin9 the lrfe Ihal they ￿$h to kad and the njgby unton game L*ing played wilhoul catastrophic injuries ￿¢umn9. Our Mission is: The Foundation provhles lifelong support io those who sustsin a catsstrophi¢ injury as a result of participating in rugby union, to empower them to leaLI as full and independent lrfe as they are able to. It also works wth all stakehoklers to reduce the risk of these other injuries in the game. Our ObJ¢¢tiv¢s for th• charity ar•: We will deliver ixme(IKite and lrfebJrwJ case rnanagemenl wth a range of semces lo complement stste prowsw alMn￿ for Ihe h)ng temi maintenance of an independent lifestyle. We will delwer high qualty pastor81 suprKJrt to all wgby union parficipants invofved in a g8me related potenlialty catsstrLwhic injury or falalty. We will continue to devekJp and strengthen a bro&J and balanced porttdio of worfd-class research directed at ￿}derstand1r￿J and preventing rugby injuries, with a priority on c4tssliophic injuries. We will establish the F$￿ndatIOn as the ￿ding rwby union charity. We will ensure the F￿ndatiOn is financAally secure. We will be an effeckn.ve Organisati￿ whith values its staff and vdunteers. These obj'eclives are reviewed al least every three years by the lull board of Trustees. An annual business plan is fonnvlated with speafic tsrgets lo support the delivery of these objectives,. progress against this plan is reported on at each quartedy Board rneetin9. RFU INJURED PLAYERS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2023 Objedives: l¢ontinued) The key activities Ihat deliver this work are our immediate and long-term client suppyi programmes and our research programme supported by an RFU fundraising & awareness function.. Immediate support The Case Management Cornm￿ee of Trustees. staff and expert advisors works Ihrough 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 Ihat targeted funds can be released to support otherwse unmet needs more quickly and effectNely than through an insurance claim process. By making support aval￿ble to comptete rehats'litation, aC￿sS and other building works or even purchase a different, more suitable home, the Inju￿ player can be discharged from hosprtal as scx)n as practicable into an enwronment that promotes an earty relum as possible to the maximum achievable level of independent living. Long-t•mi support The IPF suppx)rt continues forcatastrophic8lly injured pl8￿r$ who have a o)nfim)ed fU￿tional disability as a ￿sU1* of their spin81 eord or traumats"e brain injury (clients). On¢e they are established in the community, a holistic and collaboralrve approach is undertaken io gain a clear understanding of the needs of each indiwdual. and work is undertaken creatively to address the underfying issues and empower the clients to ma￿MISe potentièl arKI ￿dependenCe. The Living Well. Pathways and Engage programmes aim to provide.. a clear framev4Drk of Ic￿g lerm support: indiwdual, ¢lienl ¢entred solutior6.' a clear f¢)ws on Client potentKql and w)dependence: partnership working lo enable access lo expertise and value for the IPF.. and a holistic approach wlN"ch C(￿$1￿erS Ihe family, carets, anL1 available statutory services. Llvlng Well This programrne of holist￿ assessment and SUPF*Nt starts vlith a hjll case review of each individual to determine Ihose actions which could help to increase their independence and quality of lrfe. The individuals prioritised for these ￿mewS are identrfied through a number of lriggws. such as IPF knovAedge of iheir vulnerability or opportunity for improvements. or by contact from Vdunteer Liaison Officers of the dienl themselves. Pathways The IPF Palhways programme is a de(1icaied programme focJJsing on vocatitmal rehabilitats"on. The IPF make full use of i¢Jenlified specialist delivery partner5 to prowde clients %wth support and opportunities lo in¢￿8$e their irKlependence and ability to provbde for themselves and their family. Assessments KJentify personal aspirats.ons and outcomes and focus on areas such as career adv￿. trainin9 or retraining. functional ability, equipment and transport needs or psyd)ological support. These are met in a variety of ways tailored lo the indiwdual indudyw peer supwrt. legal advicE. workpLace placLments. or formal training. RFU INJURED PLAYERS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2023 Engage 8y supporting dients to stretch outside of their comfort zone and changing perceptions through involvement in physical or socially challenging activtties. the IPF have helped individuals realise the extent of their own potential and build confKIen￿. A range of national and Ic*al acttvtti8s are typically planned by IPF staff in partnership with estsbltshed specialist providers including Carnegie Great Ovtdoors and Disability Snowsport UK as well as more infomal gatherings 8t rugby clubs and local attract￿n$ across the country. These three programmes and other ad-hoc requests forlong-temi supportfor injured players is provided primarily through the funding of grants the need for which is detemined by IPF stsff in liaison with dients. local authorities and health agenaes. Applicats"ons are validated by staff before being put (by email) before a Grant Making Committee {GMC) of TnJsiees for majority deusion in line with the rx)licy of prioritising such support as wll help improve client inde￿ndenCe. Long-Terni support (contlnued) The delegated authority limit for the GMC for indwidual grants is £20.000 {£35,000 for vehide and £30.000 for electronic wheelchair purchases). applicattons requiring more funding are put to Ihe full board of Trustee5 for dwsion. Research The IPF $UPF#)rts research ￿lch aims lo reduce the lnuden￿ c* impact ef catsstrophbc injury within rugby union or improve the irmlependence and well-being of beneficiaiies. Al the start of 2022123 there were a numbef of projects being carried out in support of these aims including= Calastrophic injury ICI) suNeillance - the continuation of a 11>year prcieet investigating the epKlemiobgy of each Cl whth occurs under the auspices of the RFU lincluding hisiorul Clsl and ￿porting on any commonalib'es or suggested methods of prevention-. During 2022123 diseussk)ns were held lo expand this pmject to incorporate medical m8gery with the descriptive accounts of injury. "Recovery of funcb"¢)n Ihrough cyding therapy %wth wriual realty biofeedback in chronically spinal cord-iniured people- {UnNersity of Central London). "Investigation of appetite regulation ￿ peop￿ SCI- {LoughbcKoughl PHC). A cdlaboralive pathefship Spinal Research vras continued during Ihis period lo support a pipeline of UK clinical pilot studies f(￿sed on Neuromc(lutation with the ctsiertive of bringing meaningful change to the standard of care in hosptal and communty settings. In addib.on the IPF continued to support SR in the formation and CO￿rdination of SR UK Clinical Researth Network aiming to set up multi-centre clinical trial capability. All projects are reported on quartedy against their delivery timeframes and new projects or plans for expanding ￿searCh funding are brought to the full board lor consideration followng review by IPF and RFU specialist staff. Fundraising and awareness The fundraising activity of the IPF Continues to prowde signfficant fijnding for the ￿rk of the charity. Vve ￿ntinUe lo obtsin and promote chanty places in flagship events {such as the London Marathon, or Great North Run) attracting parts"cipants to take part and supporting them lo raise fvnds for the charity. A number of other challenges and events whKh a￿ independenuy arranged often by rugby fans or Ihe famity and friends of injured players are also supported by the charity wth fundraising advice and promotional items such as t-shirts, collecting ts.ns and banners. RFU INJURED PLAYERS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2023 Fundraising and •w¥reness: l¢ontinu•dl The use of social media to spread the w￿d of the charity and its aims has proved very useful and is somelhing vthi¢h we continue to promote, wth the IPF hamng a profile online (www.rfuipf.org.ukl, on Facebook Iwww.fa¢etKKJk.comlrfuipf) and on T￿tter {@TheRugbyCharily). The IPF also takes advantage of the opportunity lo out raffles and proMO￿nal actiMti&s within ￿ Twi¢kenham stadium at various Twckenham matches each year. The IPF engages wtth a team of three RFU fundraisers Kwrking on a part-twi)e basis to carry out these activit￿$, and contracts adLlilional staff for specrfi¢ elements of the charitys work such as organisalion supKM)r1 with events. sates teams lo manage match day rdffles or organisat￿$ lo administer places within flagship events. The IPF is registered with the Fundraising Regulator and requires all fundralsets lo complete a fundraI￿n￿ agreement oullining codes of conduct and use of tharity registered marks in advance of any known fundraising aciivrty. For IPF-manaoed events. funijraiser feedback is also CO1￿cted from part￿1Pants and monitored for service improvements. These relationships are managed with regular meelings and Servi￿ level agreements. Fundraiser complaints are responded lo and loggeo. The IPF complaints policy is clearly published ￿ its website: during 2022123 no comp￿Ints have been received by the IPF relating to fundraising 8CtNilies or practices. The IPF has also been registered vmh the Fun(irai$ing Prefe￿nce ServicÈ Since Septernber 2017 and i% yetto re¢eive anysuppressN)n noiffic8ts"ons. We do not carry￿t d1￿ct markeb.ng orstreet fundraising. The fundraising earried outforthe IPF is done so in line wth the charitVs values (Teamwork. Friendship. Fairness, Care and Respeetl and wth due consideration for wtential vulnerabilrties of those involved in raising or donating funds. This is supported by a donations policy which includes considerath)n of the reputational and financial risks assotyaled with accepting or rejectinglrelurning donab.ons and fundraising and awareness work is rewted quarterfy to the IPF Board of Trusiees. Achi•vem8nts and perfomian Charitable Delive - 2022123 Hi hts Our focus for 2022123 included a number of key changes including: Greater engagement ¥wth the charily's benèficiaries and uptake of services. Introducts'on of new programmes to support mental wellbeing and Ihe carers of injured ayers. Ir￿aSed research funding and knO¥￿edge transfer mechanisms. Improved independent impact evalvation and cost-benefil analw of IPF progr3mmes. G￿ater ambition to spend ￿seNeS and ach*ve greater impact. The key risks idents.fied during ￿anning to meth.ro the targets outlined in the pL8n indutjed.. Risk Mitigation Lack of benefioary insight Invite feedba(* and involve beneficiaries in activity desi Annual ￿VieWS of provKJers 3-yearly audits Reliance on third parties lo delNer safe and effective rehabilitation. vocational su rt or sou313th'wlies Reputational risk to rugby I conflict of Inte￿$t with member or anisation Focus on funds rather than principks Regular engagement wth RFU and coordination of research strat RefeTence to donation rx)li¢y and IPF values ¥then considering income sources," IPF vision and mission when considerin ex ndItu￿. RFU INJURED PLAYERS FOUNOATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2023 Our ¢harilable progrnmme work areas: Immedlate support Case management framework grants were gNen out or pledged to 14 indimduals totalling £173,345 {2022.. 12 indiwduals, £74.3101. As Ihis support is rea¢ttve. it is not possible to set speofic targets for expenditure, however, vrilhin the Case Management Framework. targets for speed of response to injury reports, immediacy of contsct with an Inju￿ playerm￿1r faM￿Y and delivery ol Ihe case management framework were mel in 100% of case5 ltsrgel: 80%). Four grants with a totsl of £32,29712022." One grant. £33,5¢XII V￿re approved for INKJ individuals who had sustained 'life-¢hanging" injuries., acute. non-catastroph￿ injuries sustsined whilsl participating in rugby activities conducted under the RFU jurisdiclton reSu￿n9 in permanenl Slgnrf￿ant loss of funGt of the key senses (wsion cw hearing) or of or more limbs. Funding of £41.51412022- £4.9801 was also provided for 72 indiwduals wth less severe injuries, but severe f1nancial distress as a result of their lemporary inaknlily to ¥￿Ik or those who had been injured overseas and were not digible for ful lrfelong support. What worked wall? Well established links wlh other chartI￿S and organisation5 to coordinated support delivered lo profession81 players across different C4xrnlries. A review of the Lrfe-Ch8nging Injury framework of immediate suprK>rt ha5 been carr￿d ou( re￿￿ng availab￿ ststulory provision and recommende(J besi practice to enable the IPF to meet shortfalls and optimize recovery and support. What ¢ould be Improvod? Renewed cont8cI community rugby dubs and educatKJnal estsblishments may help wilh prompt notifications of se￿uS injuries and (x￿￿dinatiOn of support. Long terni support £655,707 (2022.. £398.79)) was approve4J for expenditure It￿Ugh the Living Well and P81hways programmes in the financial year to June 2023. tt should be noted that signifunt savings continued to be realised by communrcatiThJ wth the bxal and health authorit￿S and agreeing those needs wh CoU￿j be met by statutory service5. The separate IPF support prc¥yammes have started lo be deliVe￿d in a more cthesive manner, wth vocational ￿habilitatIOn Provided akjngside practs'cal, ph￿ical and psychological support as part of a holistic case man3gÈment approach. This is scalable due lo the delivery partners of Bush & Co Limited and Hobbs Rehabilitation Limrted being ab￿ lo promde specialtst ser￿￿$, and as such the anti¢ipaled backl(yJ of requirements was managed well througtr*)ut Ihe The IPF'S Engage programme of physically and personally challenging activrties was able to run 12 hospilalily events al Twi¢kenharn stadium as well as five regiortal lunches al rugby malches across the county. This enabled injured players lo meet their IcKal peers. and 9et more involved in their kJc21 rugby community. More intensive opportunities We￿ provKled thr￿jgh a week-lon9 ski course. a voyage on the Jubilee Sailing Trust's lall ship an¢J a 'BatUeback" cwrse al the Royal British LegK)n centre in Liilishall. This provi¢Jed almost 100 places for injured players lo experience the benefits of approaching chauenges together. RFU INJUREO PLAYERS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2023 Long term support: (¢ontlnu¢d 19 long-tem grants totalling £25.483 (2022.. £42.0341 were also 8pproved for expenditure as the IPF continued lo respon(J lo client requests for supporL The ne￿Y introduo Cost of Living support scheme was introduce in Septernber 2022 as beneficiaries became concemed atA)ut rising energy bills. The IPF offered ra￿￿ fvnoing of up lo £2,000. and more involved support for requests greater than this. 80 IrKliMduals benefftted from these grants whith totslled £118,&J6. Vlhat worked well? Easy-to-access Cost of grant xheme devew with ￿neficIary input and implemented quickly but with appropriate scrutiny and (wetswJht. This also enabled contsrt with over 90% of beneficiaries and significantjy reassur8J indiwduab about their immedRte future. What could be impToved? Underslanding and meeting the challenges of aging ￿th SCI and engaging C￿r$ and family rnernbe￿ to accept charity and Feer group supporL R•s•areh A fomal 3-year partnership continued Spinal Research (SRI lo support a pipeline of UK clinical pilot studies focused on Neuromodulation the objective of bringing meaningful Change to the standard of ¢ar8 in both hosprtal and Community setb"ngs. This partnership aims to suprx)rt the formation and co- ordination of SR UK Clinie41 Research Network aiming lo set up multi￿ntre clinical trial eapabilily. The IPF continued to support rugbycalastrophic injury prevenb.on research as well as indiwdual projeets investigating fadors to improve the wellbeing and independence of injured players. In addition. three projects were supported by the encouragement of beneficiary participab.on sthich investigated the effects of physical activity on people with SCI. the development of wearabie physical acts.vity trackers and novel interventions for trunk rehabilitation. What worked we117 CommuThcaling lo benefKiaries the Out￿Me$ of research Ihat they have been involved in. in parbcular the steps and actions that have been laken to make improvements following Ihe discovery of useful insights. What could be irnpro¥ed7 Sharing of research strategies and coortlinating dats ￿lIe¢ll0n globally. This is being addressed through a conferer￿e for all intemational rugby injury chatities an(J the involvement olworld Rugby as Intemational Federation for Ihe spc<(. G￿ater C￿51￿erati1)n for researching Traumatic Brain Injuries ITBII. io RFU 1fr4JURED PLAYERS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENOEO 30 JUNE 2023 Fundraising and awarnness The fundraising carried out over the year resulted in a net surplus of £259.709 (Target.. £240.0001. Some activities which ¢¢￿tributed to this induded: IPF Veterans Toumament held at Twckenh8m Stadium1£7C*). Two London M8r8lhons1£135kl. England Rugby ticket checkwt donati¢)ns (£105kl. Annual Charity of Salisbury RFC {£6k). lPF-￿d lundraising initiatives suth as those Irsted and shovm above were b)Istered by events held by the rugby community including the Commons and Lords rugby team who continued their long support of the IPF. One setback was the unavailability of the England Men's squad for a fundraising appearance due to continued infection controls follown9 the Covid pandemic. This was mitigated somewhat through more than expecled inC￿Me from donations Ihrough the EngL4nd Rugby ticket checkout. What worked well? The implementats'on of a range of digital lools streamlined sever81 ftjndraising processes including online donations. digitsl event reglstrations. and the management of a supporter database. Due lo these effi¢ien¢ies the team vftre able to effectively delivertwo L¢A)d￿ Marathon events in the same year to a high standard. What could be impr¢)ved? Mor¢ Community fundraising eo118teral ￿￿)￿k1 encourage and support fundraisers to understand and carry out fundraising activity without so much logistical suppkyt from the fundraising team. Govemance and Buslness Man ement- 202W23 HI hli The IPF administratson role was expanded in 2022123 to encompass the responsililities of Oata Steward and policy management. This enabled a new safeguarding policy to be drafted and approved to support all areas of the IPF'S work. The IPF'S approach {of assessing risks. agreeing miligalion processes and defining cornplHnce Measu￿$} was recognised as best practice and adopted by the RFU advisor on safeguarding prAicy. Trustees aL%o C￿MMiSsiOned a rewewof how the IPF was ￿￿tIoned ¥￿thin the rugby ¢harily landscape arKI how il could engage more effectivdywth its stakeholders. This was received and discussed at the end of the repo￿.ng period and actKJns will be progressed in the 23123 season. RFU INJURED PLAYERS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2023 Reserves Policy In addition lo the above considerations. free reserves are needed by any charity to cover any excess of expenditure over income. whether due to timing drfferences or to shortfalls in funding. The reseNes policy of the IPF requires Trustees and Staff to re￿eW on an annual basis.- The ￿Ve1 of risk aSK￿lated with the fundirrtJ streams ￿lch ts)ver the expenditure on each programme the charity operates. The priority ol any partycular worf( stream", be it lo continue the essential daily operab'ons of the Foundation, or to reverse the 511ualion which has brought about Ihe redU￿10n in funding. How long it may take io reverse any dedine in In￿Me and therefore how long the reserves may be called on for. Currenuy a year is considered io be an appropriate lime lo plan for in line with the annual business planning cycle. How reserves are held- it may be necessary to rnainlain an accessible c8sh reserve to enable immediate continuation of the charitys daily operations. Financial Review The total unrestricted reserves al 30 June 2023 were £3.1m, of ¥thich £0.4m was designated. From the above review, it was detemined that the minimum level of unrestricted reserves that needed to t held for the past year was £1.661.250_ At the year eTrJ. the total reserves of the charity were £8m12022: £8.4rn). £4.9m of this was restricted to specific purposes12022.' £6.2ml. £0.4m designaled12022.. £0.6m). leaving £2.6m available for the general purpjses of the ¢harity12022-. £1.5rn). Investrnent pollcy and perfonnance The IPF Trustees manage investrnent funds hekj in corporate Trusteeship for Support Paraplegic5 in Rugby Enterprise (SPIRE. tharily rKJ. 1122139-1) as well as IPF invested funds. The SPIRE sub-tnJst fuTrJs are restricted lo benefiting individuals who have sustained injury plawng rugby Union in En9l3nd. The IPF has broader Charitab￿ 0￿eCiS which enable the support of players injured whilsl playing under the auspices of the RFU. whth includes matches played on lour andlor across National boundaries. The IPF have arwinted Cazenove Caprtal to manage the charitable assets held to g8n&rate inrA)me for the charitys The corg objective for the IPF and SPIRE Investments b: To generate a relurn of infiatic￿ pkjs 4% over the kry temi. afterexpenses. This is lo allow the IPF lo maintain the real value of the assets whilst generating a stabk and sustainable rebJrn. In achieving this otyective the Trustees aim: lo produce the targeted financial returns wrthin an acceptsble level of risk.. to provhle a tactical reserve for the charity's or￿1n9 activit￿5 whi15t generating interest income.. to adopt a total return approach to investment. generating the investment return from income and capital gaTns or losses. It is expecled that rf in any one year the total relurn is insuffKienl lo meet the budgeted expenditu￿. a I(￿$ on growing the long-term real value of the funds will still be maintained,. and to be fully invesied. Cash is not required lo be held as part of these portfolK)s. 12 RFU INJURED PLAYERS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2023 Investment policy and perfornian¢e: (¢onlinued The unconslrained fund wowded £98.003 of gross inc￿Me during 2022123 year while The SPIRE sub- trust generated £223,999. The aggregate total retum from its long lem) investrnents (with a time horiz￿ of at least 5 years) was 6.6%12022'. -1.7°Al the long term target of 11.3%12022: 13.4%). The IPF investment policy 1$ ￿VieWed annualty by the full board of Trustees.. quarterly meetings are held vi8 telephone conference wlh the investment fund managers and nominated truslees. and presentalion by Cazenove is included al each meeting of the full board of Trustees. During this period Ihe IPF Truslees considered the charitable aims and Va￿8$ of the organisation alongside the needs of the Foundation to maximize the value of rts assets lo enable it lo deliver ils ststed aims. Where possible. ltte Trustees vmsh for its investment fvnd managers to engage with organisations and use their voting rights to promote PK￿ltiVe ethical. gxial and govemance IESGI behawours. To that end. the Trustees require that investments are placed only with funds vknose managers have signed up to the UN code of responsible investsnent PraCts"￿. and a provision was included wilhin the IPF'S invgslm8nt prAicy to limit the charitys exposure to.sin st¢xks-. The Trustees regu18rly ￿VIeW the underlwng exposure to ensure that conflicts with the charitable aims and obj'ectives of the organllab.on are kept lo a minimum. A soft threshold of 3- 4% is applied. and the fund managers are required lo noltfy the IPF if that threshold 15 likely to be excee(led for any reason. This continues lo be reviewed dosely and allemative responsible investsnent vehicles investuated. Currendy whilst returns are broadly equivalent. the risk posed by a lack of diversification a￿ too great for the IPF to change its C3J￿ent strategy. Cash management pollcy It is the policy of the IPF to hold sufficienl cash in a current account as to allow for the day-to￿aY business to be completed. The recommended cash balan¢e (luring 2022123 was agreed to be £100,000. Further cash is helij lo meet the IPF reserves poli¢y in a separate a¢￿Unt attrackn'ng higher levels of inleresL The cash balances are reviewed on a quarterly basis by the Board of Trustees. Any financial transfers into or out of the accounts to maintain these preferred leveL8 are aulhorised by al least Trustees_ This policy is reviewed annually by the full board of Trustees in line with the requirements of the reserves policy. Going concem The Trustees reviewed the IPF'S financial plans in May 2023, as part of their nomial annual review. as well as our prinapal financial risks. At that time. theywere satisfied that the IPF had Suff￿lent resources to continue opernting for the foreseeable future and accounts have been wepared in the knowledge that the IPF is a financially viable organisatson_ As part of this annual business planning process a 5- year l￿dget estimated lo help manage fulure income levels and the potential demand5 on the charity in the short to medium term. The Trustees will continue lo ￿vieW plans with the IPF'S executive team to make the necessary changes lo remain opefaiional. The charity has a strong balance sheet, wth unrestricted liquid investments of around £3.1 m. along wlh a reslTiCted fund worth £4.9m, and so the Trustees are of the opinion th* the charily wll have suffictent resou￿S to meet its liabilit￿5 as they fall due. 13 RFU INJURED PLAYERS FOUNDATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2023 Golng concern: (continued) As such, they femain satisfied that the IPF can continue operating for the foreseeab￿ future and accounts have b8en wepared in the krn%￿edge that the IPF is a financially viable organisation. Therefore, the￿ is no materi81 uncArtainty and the aCcO￿ts have been prepared on a g)ing concem basis. Risk Mana ement The Trustees operate a robust management strategy which was t￿p￿hensIVeIY revbewed in the premous year. This prO￿sS developed the IPF'S risk management poliey which i8 reviewed on an annual basis and comprises.. the formation of a comprehensive risk reg¢sler *thich 15 reviewed annualty by the full trx)ard'. establishment of controls lo mitigate those risks identified in the pLan.' and the implementatKJn of procedures designe(I to Minim￿ any potential impact on the charity should those risks malerialise. For any proposed new prcoramme of charitable aclitrity a short risk assessment is carried out to detemine the necessary mitigations ￿qUi￿¢j lo eilher support implementation or understand the risks incurred if aclivTrly is or isn't undertaken. The prinapal risks and Uncertaint￿ fa(yng the charity. in a¢jd￿ to those previously discussed and managed were". Risk Mbtigation Cosi of living increases New programme of support initiated to enable relatively small bul timely financial suppcrt to Ihose experiencing high increases in energy costs ahead of the winter ric#J. Use of contracted partner organisation5. increased effectiveness of recen enlar ed dient serwces team. 4-year rnatch schedule used in medium-tem) budget planning and use of desi nated reserve lo man e varianc*s in in¢omelex enditure. Fkxible inleTvention5 and impath monrt(m"ng. Increase in demand lor services Variable Income linked to RFU tthet sa￿$ Constsnt changes to client oals Restriciive procedures inhibiting Improvemenis All policy re￿e￿ lo consider improvements, inclusK)n and how better they Can support tlelivery of vision. Regular stsff reflection for possible rovemenis or barriers to succèss. Input inlo Govemmental and advocacy ￿les. Reliance on s￿t￿¢yY semces Reputational risk to rugby I ¢onflict of interest with member or ani5alion Loss of speoalist expertiselexperience wth Trustee retirements Inabilily to recrurt and include diverse team members Regular engagement with RFU and cOord￿alton of research strategies. Manage skilLs audit alongside trustee retirement policy- annual appraisals. Supwrt from RFU diversity recruitment specialist. confidence to reject Ina ro riale offers of su 14 RFU INJURED PLAYERS FOUNOATION TRUSTEES REPORT FOR THE YEAR ENDED 30 JUNE 2023 FU￿re Plans Financial T 2023r24 In May 2023 the Trustees approved the business p18n for the 2023124 season %4those priorities included.. Commissioned work to invesiigate impact of immediate supptrt work. Adoption of recommendations from Ihe carer support DeS￿n of a mental health support programme. Commisstoning new research wrth a focus on TBIS. Intemal govemance audit. 15 RFU INJURED PLAYERS FOUNDATION TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2023 Slatemenl of Tru$t•e$' r•sponsibilities The Trustees are responsible for preparing the Tnjstees. Report and the finarKial ststements in accordance wth applicab￿ law and regU￿b"onS. Company law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accountsng Practice (Unrted Kingdom Acwuntsng Standards and applicab￿ lawl. Under company law the Trustees must not approve the finanaal statements unless they are satisfied Ihal they give a true and fair view of the state of affairs of the charity and of the incoming restxjrces and application of resources. induding Ihe incorne and expenditure, of the charity that peri(Kl. In preparing these finanoal stslements. the Trustees are required to: select svitsble accounting polioes and then apk￿Y them C￿sIsten￿￿. make judgements and accounting est￿n￿e5 that a￿ reasonable and prvclent; state wheiher applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and expk2ined n the financial staternents; and prepare the financial slatements on the g(Mng con￿rn basis unless rt is inappropnatè to presume that the charity wll o)ntinue ￿ business. The Trustees are responsible for keeping adequate accounting records thal are suffiuent to show and expLain the charit¥s transactKJns and disdose reasonable accuracy at any time the financial posilion of the Charity and enable them to ensure thai the finanaal statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevenlKJn and delectk)n of fraud and other irregularities. In preparing this ￿port the trus￿e5 have tsken advantage of the small companies exemptions provided by section 415A of the Companies Act 21)06. Auditor BDO LLP were apFMinted to act as auditor for the Foundalion for the 2022123 year. ThvJ apw)intment 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 confirnis ihat.. so far as the Trustees are awa￿. the￿ is no relevant audit infomiatK)n of ￿lch the Foundation's auditors a￿ unaware" and the Trustees have taken all steps that they ought to have taken as a Trustee to make themselves aware of any relewant audit infomab.on an¢J lo estsblLsh that the Foundation's auditors are aware of that information. This report was approved by the Trustees arKI signed on their behaff by. Stephen Pearson Chair, RFU IPF Board of Trustees Date: 23ro November 2023 16 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RFU INJUREO PLAYERS FOUNDATION Oplnlon on the financial statements In c4rr opinion. Ihe financial statements= give a tnje and fair v￿W of the slate of the charrtab￿ Compan￿$ affairs as at 30 June 2023 and of ils incoming resources and awli¢alion of resources for Ihe year then ended- have been properfy ￿epared in acC￿danCe wth United Kingdom Generally Accepted Acc￿vnting Practice.. and have been prepared n ￿1rdance wth the requirements of the Comparmes Act 2c￿. We have audited the financial ststemenls of RFU Injured Players Foundakn'on {￿e Charitable Cornpanrfl for the year ended 30 June 2023 which comprise the statement of financial activities, the charity balance sheet and noles lo the finawal ststements. incjuding a summary of significant a￿oUntIng poli￿es. The financial reporb.ng framevK)rk that has been applied in their preparation is appli¢abl8 law and United Kingdom Accwnting Siandards. including Financial Reporbng Standard 102 The Financ￿1 Reporting Standard applicable in the UK and R8puOliG of I￿18nd {United Kingdom Generally Accepte¢J Accounting Practice). Basis lor oplnion We conducled our audit in accordance wth Intemalional Standards on Audiling IUKI IISAS (UK)} and applicable law. Our responsibilities under those stsndards are further deS￿b8d in the Auditorfs responsibilities for th8 audit of the financial statements section of wr report. We b81ieve that the audit evidence we have obtsined is sUff￿le￿I and appropriate to prov*Je a basis for our opinion. Independen We remain independent of the Charitable Company in accordano wrth the ethical requirèments that are relevant to our audrt of the financial statements in the UK. including Ihe FRC'S Ethul Standard, and we have fuKilled our other ethical reSt￿sibIlItieS in accordan￿ wth these requiremenls. Con¢luslon$ related to going concern In auditing the financial slalements, have concluded that Ihe Truslees, use of the going concem basis of accounting in the preparation of tt)e financial slalements is appropriale. Based on the work have perfomed. we have not identified any m*erial un¢ertainties relating lo events ￿ condilions that. indiwdually or collectively. may cast signfficant doubt on the Charitable Companvs ability lo continue as a going concern for a perio(f of at ￿8$t I￿1ve months from when the finan￿al slalements are authorised for issue. Our responsibilit￿$ and the responsibilitres of the Twstees with respect to going concem are described in the ￿levant sections of this report. Other Infomiatlon The Trustees are responsible for the other Informal￿￿n. The other infomiation comprises Ihe infomialion ineluded in the Annual Report, other than the financial slatements and our audilorfs report Ihereon. Our opinion on Ihe financial statements does not cover the other infomiation and. except to the extenl otherwise expliciuy stated in c4Jr reFQrt, we do not express any fonn of assurance conclusion thereon. Our reS￿nsIbIl11Y is to read the olher informalKJn and, in doing so, consider whether the other infomalion is materially inconsistenl wilh the financial slaternenls or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misststed. If we identrfy such material inconsistencies or apparent malerial misslatements. we are requi￿ lo Oetemiine vthether 17 this gives rise to a materrdl rnisststement in the financial statements themselves. If. based on the work we have perfomied. we conclude that Ihere is a rnalerial misstalement of this other information, we are required to rewl Ihat fact. We have nothing to report in this regard. Other Companies Ad 2006 reportlng In our a￿'nIOn. based on the work uThJertaken in the e<>urse of the audit: the information given in the Trustees. Report. which includes the Directors, Report prepared for the purposes of Company Law, lor the financial year whth the finanaal statements are prepared is consistent ￿￿th the financial stalements". and the Directors, Report, vthich is included in the Trustees, Report. has been kyepared in accordance th applicable legal reqU1￿ments. In the light of the knowledge and underslanding of the Charitable Company ils enwronmenl obtaineij in the course of the audr(. 4%E have not Klentified material misstatement in the TNstees' report. We have nolhing to ￿pr￿t in respe¢t of the follov*ing matters in ￿latiOn lo vthich the Companies Act 2006 requires us to repTh1 to you if. in our opinion". adequate accounb'ng records have not been kepl, or retwns adequate fry our audit have not been received from branches not visrted by us., or the financrdl statements s￿ I￿1 in agreement the acujunts.ng recwds and ￿lUMs. eertain disckjsures of Oireclots. remunerabon specif*d by law are nol made; or we have not receNed all the inf0rn7ation and explanats.ons we require for wr audtt.. or the Trustees were not entrtled to lake advantage of the small companies. exemptions in preparing the Truslees, report and from the requirement lo prepare a Strategic report. Responslbilities of Trustees As explained more fully in the Slalement of Trustees. Responsikn'lit*s. the Trustees (who are also Ihe d1￿ctOrS of the charitable Company fcK the purposes of company lawl a￿ ￿sponSible for the preparation of the financial statements and for being sats"sfied that they giv8 a true and fair view. and for such internal ¢ontrol as the Trustees determine ts necessary to enable the preparati￿ of financial stslemenls tr￿t are free from material misststemenl. whether due to fraud or error. In preparing the finanaal statements. the Trusiees are responsible for assessing the Charitable Companls ability to continue as a going concern, disclosing. as applicable. matters related to g￿n9 concern and using the going concem basis of accounting unless the Truslees either intend to liquid8te the Charitable Company or to cease operatK)ns. or have no realistic amemative but to do $0. Auditoes responsibllltles for the audit of the financial statements We have been appointed as auditor under the Companies Aci 2006 and report in accordance the Act and relevant regulatKJns made or having effed thereunder. Our objeclives are to obtsin reasonable assuranc8 atK)ut whether the fin8wal statements as a whole are free from material misstslemenl. whether due to fraud or error, and to issue an auditor's report Ihal inclu(Jes our opinion. Reasonable assurance is a high ￿Ve1 of assurance. but is not a guarantee that an audrt conducted in accordance with ISAS {UK) wll afvIa￿ detect a material misslatement when it exists. Misstatements can arise from fraud or enor and are considered material il. individually in the aggregate. they could reaSona￿Y be expect￿ to influence the e¢￿0M1¢ decisions of users 18 taken rm the basis of these financial statements. Extent to whtch Ihe audil was capable ofdelech.ng iwulanlies. including fraud Irregularrties. ineludrng fraud. are instsnces of non-compliance L4ws and regulations. We design pmcedures in line with cyJr resFthsibililies. outlined above. lo dete￿ material misst8temenls in resK>ect of irregularities. including fraud. The extent to which procedures are capable of detecting irregularities, including fraud is detsiled bebw= Non-compliance Iwth laws and r8gulal#)ns Based on Cmjr understanding of the Chantable Company and the sector in whth it operates,. discussion wth management and those charged with governar￿ and obtaining an understanding of the Charitable Companls prAiaes and procedures regarding compliar￿e with laws and regulations. we considered the significant laws and regulatKsns to be the applicable accounting framework. being the Charities ACL Companies kl. and Charity Commission for England and Wales {Charity Commission) regulations_ Our procedures in respect of the above induded: Review of minutes of meeting of those charged wth governance for any instsnces of non- Complian￿ with laws and iegulalions: Review of financial slaternent disclosures and agreeing to supporting dorAJmentalion'. Review of legal expenditu￿ accounts to understsnd the nature of expenditure incuffed.. and Review of serious incidents ￿l$ler. Fraud We assessed the susceptibility of the finanaal statements lo rnaterial misslalement. incIL￿ing fraud. Our risk assessment procedures ineluded.. Enquiry wth managernenl and those charyed %wlh governance reg¥ding any known or suspected instsnces of fraud- Obtaining an understsnding of the Chwi1ab￿ Companys p0￿cleS and procedures relating to.. delecling and responding lo Ihe risks of fraud: and internal controls estsbltshed to miligale risks related lo fra￿. Review of minutes of meets.ngs of those charged ￿￿th govemance for any kno￿ or SUSk)ected instances of fraud-, Discussion amongst the engagement team as to how and Whe￿ fraud might occur in the rinancial statements: and Perfoming analykncal procedures to tdentrfy any unusual or unexpected relationships that may indicate risks of material misststement due to fraud. 8ased on our risk assessment. we C0nsKJe￿ the a￿aS most susceptibk to traud to be income re￿gnItIOn with regards to CLxnpleleness of investrnent and other donatK)n inccxme, completeness of grant liabilities and management overrmje of contrd5. Our procedures in respect of the above induded.. Testing a sample ofjoumal entries throughout Ihe year. vthich met a defined risk criteria. to supporting d¢xumentsb"on: Testin9 a sample of income throughout the year to source reeords" and Testing grant liabilities to swrce case management database. We also cLynmunic8ted relevant identified lavts and regUlatiC￿ and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance Trmth laws and regulati￿$ Ihroughout the audit. Our audit procedures were deswned lo reswnd to risks of material misstatement in the financial ststements, recognising that the risk of not delecb.ng a material misstatement due to fraud is higher than the risk of nol detecting one resulting from errc*. as fraud may involve deliberate coneealmenl by. for examp￿, forgery. misrewesenlal￿nS or through cdlust(￿. There are inherent limitations in the 19 audit procedu￿$ perfomied and the further rernoved non-compliance with laws and regulab'ons is from the events and transactions reflected in the financial slalements. the le55 likely we are to become aware of it. A further des¢riplw)n of our responsibilities lor Ihe audit of the fman¢ial statements is I(￿ated al the Financial Repo￿.ng Counal's {-FRC's'l website at.. htt s..IIM￿.frc.0T .uklauditorsres nsibilities. This de￿IptiOn fomis part of our audttor's report. Use of our report This report is made solely lo the Charitable Companrfs members. as a Lyyjy. in accordance wih Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we M￿h1 stste lo the Charitable Companls memb&rs those matters we are required lo slate to them in an auditorfs report and for no olhef Pufpose. To the fullest exient pemiitted by Law. we do not accept or assume responsiiN'lily 10 anyone olher the Charitable Company and the Charitable Company's members as 8 bo(Jy, for our audit wor1(. fof this rep￿(. ly for the o)inions we have formed. S•eth ha 911BT*E40P374FC._ Sarah Anderson (Senior Statutory Auditor) For and on behalf of BDO LLP. statutory auditor London, UK 07 December 2023 BDO LLP is a limited liability partnership registered in England and Wales Iwith regi￿ered number OC3051271. 20 RFU INJURED PLAYERS FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING A SUMMARY INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 JUNE 2023 Unrnstrict•d Restricted funds funds 2023 2023 Total funds 2023 Unrestrict•d funds 2022 Restricte d funds 2022 Total funds 2022 In￿Me. Donatlons: Donations frcKn the RFU Other donations Investments Total income 1.095.204 385,911 98.003 1,579,118 1.095.204 393,834 322.002 1.811,040 898.928 546.529 75.234 1,520.691 187.977 1,086,905 546,529 354,225 1,987,659 7.923 223,999 231,922 278.991 466,968 Expenditure: Expenditure on raising funds Expendilure on Charitsble activities Total expenditure Net lexpenditurelllncom• before Nel Ilossgs) on investments Nei {expendltUrellln￿m¢ from fund$ Total funds brought forward Total funds carried forward 140.893 3,335 144.228 132.683 132,683 452.210 593.103 1.348,299 1 351,634 1,800,509 1.944.737 145,370 635,600 635,600 780,970 913653 986.015 1.119.712 133.697 1,242.638 168.632 1,074,006 44.493 161.022 205.515 103.763 391,448 495.211 941.522 1.280.734 339.212 1,138.875 .080 578,795 2.142.279 6.217,681 8.359.960 1.003.404 6.777.761 7.781.165 3.083.801 4.936.947 8.020.748 2,142,279 6.217.681 8,359.960 All activities relate to continuing operations. The notes on pages 23 10 35 fomi part of these r￿tanCial statements. 21 RFU INJURED PLAYERS FOUNDATION 8ALANCE SHEET AS AT 30 JUNE 2023 REGISTERED NUMBER: 06438698 2023 2022 Note Nonst At 1 July 2022 Additions At 30 June 2023 26.317 26.317 Amortisation At 1 July 2022 Charge for the year At 30 June 2023 {26,3171 26.317 Net book value At 30 June 2023 At 30 June 2022 28 RFU INJURED PLAYERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 {continued) 9. Investments Inveslmenls are stated at market value and are valued quarteTty. Inccme from *)vestmwits is aC￿Unted for once eamed. 2023 2022 Shar¢s In Group undertaklngs: At 1 July and 30 June Quoted inve$tmenls- Market value al 1 July Addrtions at cost Disposals at market value Rev81ualions Movement in cash Market value at 30 June 7.777.859 976.413 1586,124) 1205.515) 4,787 7.967.421 8.273.943 {495,2111 873 7.777,859 2023 Market value 2022 Market value Cazenove Charity Mutti-Asset Fund Schroder G8P Liquidity Total 7.295,499 671.922 7.967,421 7,131,404 646,455 7,777.859 The quoted investment portfolio valuation is In the following prop)rbons: Mulh'.Asset lunds 920A and cash 8%. In the prior year the split of asset classes was 8s fdlovts: ￿￿t￿ASSet funds 92% and cash Investments In Group undertakings comprise.. The RFU Injured Players Foundation holds 1004)A of the ordinary shares in issuance of IPF Trading Limited (incorporated in England and Wales". Company number 072278451. The Company is currently dorrnanl and has nol had an audit under the exemption in section 479a of the Companies Ad 2006. IPF Trading Limited h8d expenses of £nd in the year12022= £nill and its net ￿"abl￿tieS at 30 June 2023 were £6812022: net assets £681. 29 RFU INJURED PLAYERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 JUNE 2023 {¢ontinuedl 10. Debtors Prepayments are valued al the amount prepaid nel of any trade discounts due. 2023 2022 Due after mor¢ than one year Am¢JJnts owed by parent undertakN￿$ 1.738.697 8Ch8.565 Due within one year Trade debtors Amounts owed by group undertakings Accrued income Total 8.301 51.182 1.743.453 694.962 207.847 746.144 1.959.601 Grand lolal 2.484.841 2 766 166 11. Creditors: Amounts falling due within oné year shcrft.lenn creditors are measure(l at Ihe transaction wce. 2023 2022 Amounts falling due within one year Other creditors Amounts owed to group undertakings Accruals ano deferred income 16.687 11,722 449.138 248,156 550.044 1.423,323 1.015.869 1.683.201 30 RFU INJURED PLAYERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 {continuedl 11. Creditors: Amounts falling due within one year (continued) 2023 2022 Analysis of grants payable (included wlthln accruals and deferred Income) Grants payable at 1 Juty Grants awarded Grants paid Grants payab￿ at 30 June 424.323 1.124.087 1.085,690 462.720 594,882 414,854 424.323 12. Credltors.. Amounts fa115ng after more than one year 2023 2022 Amounts falling due after more than one year Deeds of Grft 1.924,840 806.565 The Charity has made no pledges of Deed of Grft durirKJ 2023 to funtl future house purchases (2022.. nill. The balances of the existing 7 p￿geS have been uplifteol to account for innation. The b'ming of Ihis liability is unknown, but 1 91 the existsng pledges may fall due in the next year. Funding for all deeds of gift amounts accrued up until 30 June 2022 will be provided by the Rugby Football Union and contracts confimiing Ihis have been signed. vthh 1 deed of grft included wthin accnjed income due wlhin one year, and the remaining deeds of grft included wihin accrued income due after m￿e than one year. Following a change in policy effective 1 July 2022. all subsequenl deeds of grft uplrfts will be met by IPF. Deed of gift uplrfts recorded in 2022123 have had a {£189.8211 impact on the surplus recognised for the year. 31 RFU INJURED PLAYERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 JUNE 2023 {continuedl 13. Analysis of net assets between funds Unrestricted Unrestricted Restrl¢ted funds funds funds {Undesignatedl (Deslgnated) 2023 2023 Total funds 2023 2023 Investments Debtors 2,667.474 433.758 509,194 IW.2331 363.(KK) 4.936.947 2.051.084 7.967.421 2,484,842 509,194 11,015.8691 11.924.840) 8,020.748 Cash at bank and in hand Creditors due wthin one year Creditors due after one year {49.6361 11,924,840) 439.608 4.936,947 2.644.193 Un￿St￿CtOd Unrestricted funds funds IUnde$ignated) {DeslgnatÈdl 2022 2022 Restricted funds Total nds 2022 2022 Investments Debtors 1,560.178 6.217.681 7.777,859 2,766,166 305,701 11,683,201) 1806.565) 8.359.960 2.683.583 Cash at bank and in hand Creditors ¢Jue within one year Creditors due after one year 305.701 1405.1111 (1.278.090) (806.5651 598.928 I.S43.351 6.217,681 32 RFU INJURED PLAYERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) 14. Movement in funds Unrestrl¢ted funds General Unrestricted Totsl Total Unrestrl¢ted Designated Unrestricted Unrestricted fund5 funds funds funds 2023 2023 2023 2022 Balances as at 1 July Nel surplus for the year Transfer befv4een frJnds Bal8rte at 30 June 1.543,351 1.367.271 1266.4291 2.644,193 598.928 {425,7491 266.429 439.608 2.142,279 941,522 1,003,404 1.138,875 3.083.801 2,142.279 Restrl¢ted funds SPIRE Case Management Framework R¢$tri¢ted funds 2023 Total Restrl¢ted funds 2023 Restricted fund$ 2023 Restrlcted funds 2022 Balances as at 1 July Net Idefioll for the year Balance al 30 June 6.217,681 1.280.734 4 936 947 6,217.681 1 280 734 4.936,947 6.777,761 560.080 6217681 The restricted fvnd is Crynprised of11) net inve5trnent income relating only to the SPIRE Trusl Fund, estsblished under the supp￿mental Trust Deed dated 11th March 1994 and {21 donations from the Rugby Football Union and charitsble activity expenditure on the case mariagement framework programme. The income and expenditu￿ for the case managemenl framework programme nel off fully each year end so the closing balance always relates to SPIRE Tnjsl Fund Income. The SPIRE Trust fund Is restrieted to supportrvJ individuals have sustsined injury vthile playing rugby union in England. 33 RFU INJURED PLAYERS FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 (continued) 15. Flnandal In$truments The Charity has basie financial instruments inckjding debtors. creditors. intragroup balances and investments in equrties and bonds. All debiors and ¢￿ditOrS we measured at amortised cost. All investments in equities arKI bonds are measured at fair value through incLxne and expendrture. The Charity i8 exposed lo credit risk in relathjn lo assets such as debtors and intragroup receivables. The Charity is also exposed to market price risk in relation to ils inveslments in equities and bonds. The Charity is not exposed to swJnificant interest rate or foreign currency risk. 16. Contingent Ilablllty The IPF Trustees have approve(J grants of a value up lo £473,918 for various Ireatmenls. The exacl value or of the liabilty is uncertain as tvs depeThJent uwjn individual cwcumslances of the injured players arKY the progressffi of their injuries. The IPF continues to dosety monitor e&h indivKlual case and the circumstances of individuals Ihat may lead to a payment being made. 17. Related party transactions The Chaftty is a quasi-subsKlk4ry of the Rugby FC￿lbaII Union. All transacti(Jns ¢(￿dUcte{l wth the Rugby Fwtball Union have been dearly denoted in the financial statements. 2023 2022 Amounts owe