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2024-03-31-accounts

GLOBAL RUGBY PLAYERS, FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

GLOBAL RUGBY PLAYERS' FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Principal address

Accountants

D Quinlan D Carter ONZM Sir W Beaumont CBE G Gregan N Frank 66 Lincoln's Inn Fields London WC2A 3LH Sedulo London Limited Office 605 Albert House 256 - 260 Old Street London United Kingdom EC1V 9DD

(Appointed 1 October 2023) (Appointed 1 October 2023) (Appointed 1 October 2023) (Appointed 1 January 2024) (Appointed 22 July 2024)

GLOBAL RUGBY PLAYERS' FOUNDATION

CONTENTS

Page
Trustees' report 1 - 2
Statement of financial activities 3
Balance sheet 4
Statement of cash flows 5
Notes to the financial statements 6 - 8

GLOBAL RUGBY PLAYERS' FOUNDATION

TRUSTEES' REPORT

FOR THE PERIOD ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the period ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

The objects of the charity are to:

  1. Relieve sickness and ill-health, and promote and protect the physical and mental health of retired players by the provision of financial assistance, support, education and practical advice.

  2. The relief of financial hardship or unemployment among retired players by providing or assisting in the provision of education and skills training and other such support to assist them in generating a sustainable income and becoming selfsufficient or assist them in finding employment.

  3. To further such other charitable purposes, with particular focus on further purposes which address the charitable needs of retired players, as the trustees see fit from time to time.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Financial review

The charity was dormant throughout the period.

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

Structure, governance and management

The charity is a Charitable Incorporated Organisation, registered on 11 September 2023 and it's controlled by its governing document, a constitution. The charity is governed by a board of trustees who meet regularly during the year.

The trustees who served during the period and up to the date of signature of the financial statements were:

D Quinlan (Appointed 1 October 2023) D Carter ONZM (Appointed 1 October 2023) Sir W Beaumont CBE (Appointed 1 October 2023) G Gregan (Appointed 1 January 2024) N Frank (Appointed 22 July 2024)

GLOBAL RUGBY PLAYERS' FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

The trustees' report was approved by the Board of Trustees.

.............................. Trustee Date: .............................................

GLOBAL RUGBY PLAYERS' FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE PERIOD ENDED 31 MARCH 2024

The charity has not been active during the current period. It received no income and incurred no expenditure, and therefore made neither surplus nor deficit.

GLOBAL RUGBY PLAYERS' FOUNDATION

BALANCE SHEET

AS AT 31 MARCH 2024

2024
Notes £ £
The funds of the charity
-
The financial statements were approved by the trustees on .........................
..............................
Trustee

GLOBAL RUGBY PLAYERS' FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31 MARCH 2024

2024
Notes £ £
Cash flows from operating activities
Net cash generated from investing activities -
Net cash generated from financing activities -
Net increase in cash and cash equivalents -
Cash and cash equivalents at beginning of period -
Cash and cash equivalents at end of period -

GLOBAL RUGBY PLAYERS' FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2024

1 Accounting policies

1.1 Reporting period

The financial statements are presented for a period of 7 months as the charity is newly registered on 11 September 2023. There is no comparative information.

1.2 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.5 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

GLOBAL RUGBY PLAYERS' FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.6 Expenditure

Expenditure 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 are allocated on the portion of the asset’s use.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the period.

GLOBAL RUGBY PLAYERS' FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2024

3 Employees
The average monthly number of employees during the period was:
2024
Number
Total -
There were no employees whose annual remuneration was more than £60,000.

4 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

5 Related party transactions

There were no disclosable related party transactions during the period ( - none).