CharSty reglstration number 1207788 IEngland and Wales) THE RIGBY FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025
THE RIGBY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustses Mr S P Rigby Mr J P Rigby M5 P A Rigby Sir P Rigby (Appointed 10 April 20241 (Appointed 10 April 20241 (Appointed 10 April 20241 (Appointed 10 April 20241 Exeeutivè Dirèetor Sonia Chhatsval Charity nurnberlEngland and Walesl 1207788 Registered offi¢e Bridgeway House Bridgeway Strarford-upon-Avon Wamickshire CV37 6YX Auditor Ormerod Rutter Limiièd Thè Oakley Kidderrninstei Road Droitwich Wor¢estèrshir& R9 9AY Bankèrs HSBC 130 New Street Birtningham Wesl Midlands B2 4JU Solicito Stone King LLP Boundary House 91 Charterhouse stet London EC1M 6HR Mi115 & Reeve LLP 24 King Wlliam Slresl London EC4R 9AT
THE RIGBY FOUNDATION CONTENTS Page Trustees. report Indepandant auditorfs report Statement of financial actsvilies Balan sheet Stslement of cash flows 10 Note5 to the financsal statements
THE RIGBY FOUNDATION TRUSTEES. REPORT FOR THE PERIOD ENDED 5 APRIL 2025 The Trustees present thair annual report and financial statemen15 for the first period from 10 April 2024 to 5 April 2025. The Rigby Foundation Is conslrtuled 85 3 Chatable Incorporated Organisalion IGIOI and registered with the Charity Comrllission on 10 April 2024. The financial 31atements have been prepared in accordance wblh the a¢coundng poliaes sel out in note 1 to the financial stalernents and comply with the CIO'S governing document. the Charitiès Act 2011, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Repotting by Chaiib"es'. Slalemenl of Re¢ommendÉd Practice applicable lo charities preparing thèir accounts In a¢¢ordance wlh the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS 1021" Objectives and activities The object of the CIO is to further such purposes as are exclusive charitable Tn accordance with the laws of England and Wales as the Trustees shall from lime to time determine. in particular through giant maknng. The period ending 5 April 2025 has been a very busy and ex¢iling period for The Rigby Foundation as the Trustees made decisions about future strategy. The Rigby famity have strong ties lo the West Midlands both as a place where they have lived and worked, and as a region where Rigby Group plc cornpanies have a significant presence. The West Midlands also faces many challenges. Birmingham has been ranked as the 7th most deprived local authority in England In the Governtnenl's Indices ol Deprivation since 2015 and more than 60°A of the city's population livè in neighbourhoods Considered lo be amongst the top 30% most deprived nationally. For these reasons, the Tru51ees have chosen to rnake the West Midlands the Foundation's priority, with a particulai focu5 on central and south Birmingham. The Trustees see a unique opportunity to hèlp propel the region foard, equipping young people with the skills and opportunities they need lo reach their full potential. Thè Board has also confirmed thèir intèrestod in funding evidencepba5ed prograrns that supptsrt young people aged 11 years to 25 years and that deliver posity've outcomes relating to.. Attainment- particularfy English and Malhetllali¢s Essential skills- including problem 501ving, leadership, oracy, communication. Preparing for post school destinations includlng work placements. support with apprenticeships and university applications Wellbeing- specifically mental health As part of the pro¢es$ of Setting the future strategy for The Rigby Foundation, the Trustees cornmi5sioned renowned think lank the Centre for Social Justice IGSJI to ensure an eVIden-baSed approach lo future fvnding. The CSJ rnel with education, charity and community leadeis and young people across the Wesl Midlands lo understand the biggest challenges facing the next generation. The feedback CSJ ieceived from respondents was hard hitting.. Only around 40fi of students eligible for free school meals in the region progress to the most ¢ompelilive universities, compared with nearly t2° of their wealthier peers Almost 1 in 5 young people are out of work- much higher than the n8tSonal average Young people in Birmingham highlighted work 8xpèri8nce as the single biggest acti¢)n that could rnake a difference lo employment prospects. The CSJ Research. encapsulatod in their report A New Deal for Young People in the West Midlands, led the Trustees to confirm that the Foundation's Vision is to ensure thal'young people from less advantaged backgrounds succeed a¢ademi¢ally and secure meaninglul employm&nt'. Grdntmaking Grants ale issued at the discretion of the Trustees. in line with the objeclwes of thè CIO. Public benefit The Trustees confirrn that they have cornplied with their duty in Sèction 17 of the Charities Act 2011 and have paid due regard lo guidan issued by the Charity ComMissn for England and Wales in deciding what activities the CIO should undertake.
THE RIGBY FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 5 APRIL 2025 Charltsble Activities Central to The Rigby Foundation's approach lo grant making is our'lnspiring Futures, program. The Trustee5 have selected 10 education partners serwng students from some of the least advantaged backgrounds in the region and g evidence-based Chare$ who are expert in delivering projects in the areas listed above. The Foundation has allocated £1 Ook per ye8r to e8¢h edu¢alion partner. with each school or college then able to choose which of Ihe selected charities that they would like lo work with, and these selected educalionlcharily relationships are then funded by the Foundation. The Trustees have committed £1,000,000 to the Inspiring Futures program each year for 3 years with the program commencing in September 2025. It is hoped that Inspiring Futures will deliver positive outcomes for al least 1,000 young people each year. The charities that are part of the Inspiring Futures progiarn wer& selected after a period of deep research, due diligence and consultation. Thè aducalion partners were selected following a robust application process and in consultation with Birmingham City Council and local education experts. The ¢harflies and education partners that were not selected lo be part of Inspiring Futures were given a donation in recognition of their limè in applying to ba part of the program. In January 2025, The Rigby Foundation hosted a meeting with the key slakeholdars involved in Inspiring Futures that enabled education partners to hear about the wotl( of each charity in more detsil and discussion about the best way lo structure. faclli18te and evaluate the program. We look forward lo providing an update on the progress of Inspiring Futures in our next Annual Report. Administrative, financial and accounting support is prowded by Rigby Group IRG} plc. To support the management and delivery of Foundation activities, new members of staff were recruited to work alongside the Executive Direetor- a full time Partnerships Manager and a part time Adminislralor. In addillon. the Foundation launched a new website http5..I1w.rIgbYfoundalIon.OIg.Ukj and began working with volunteers from SCC, a maior division of Rigby Group plc. Slaff from SCC will be able lo volunteer to support a wide variety of aclivits.es led by the Foundation's charity partners to support local young people develop their employability skills. Achievemertts and perfornian¢e In July 2024 The Rigby Foundation launched a Ihree•year partnership with Generation UK lo provide opportunities for young adults not in education or training. Generation offers free 'skills bootcamps, to prepare, place and support young people into careers that would othewise not be accessible for them. ineluding IT. Generation's provision is rated as outstanding by Ofsted and 70% of learners are placed in job5 Wrthin six months of completing the programme. In addition lo Iinan¢ial support, the Foundation has helped to connect Generation with employees from SCC. a major division of Rigby Group plc. Staff fiom SCC taka part in employability events, sharing their careèr journey. skills and experience with Generation learners and helping them to develop their Cvs and lo prepare for intèrviews. Flnancial review The Statement of Financial Activthes for the period is set out on page 8 of the financial statements. Income for the year was £1,054.849. The Rigby Foundation's main source of income is, and is expected to remain, doriations from Rigby Group IRGI plc. The Charity made donations and grants totalling £868,629 to further ils charitable objectives. of which the largest donats'on was £286,365 to The Schoo15 Progiamme supporting the educational objectives. Overhèads which ctsmprisad of support and governance costs lotalled £50,312 and direct costs of £110.704 were incurred on research and con5ultan¢y. The Rigby Foundation held a cash balance of £66,027 and unreslrieted. free reserves of £25,204 at the period end. Re$•rves pollcy The Rigby Foundallon does not ¢uryently hold any reserves. However, the Trustees arg endeavouring to build reserves of 6 months, operating cos15 and grant ComminIS by April 2028 and one yearfs operating Costs and giant commitments by 2028. Prlncipal funding source The principal funding source is companies owned by the Rigby Family.
THE RIGBY FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE PERIOD ENDED 5 APRIL 2025 Risk management The Trustees have a duty to identty and review the risk5 to which the CIO is exposed and to ensure appropriate ntrols are in place lo provide reasonable assurance against traud and eiror. The Trustee5 have assessed the major risks to which the CIO is exposed and are 5alisfjed that syslgms are in place lo mitigate exposure to the major risk5. The primary income source are donations from companies owned by th$ Rigby Family. The Rigby Foundation 15 Currèntly building up re$erve$ lo fund charitable activib'es should. for whalevei ieason. tho Rigby Family cease to continue lo provide such donation5 in the future. The Rigby Foundation invests cash in recognised banking institutions to mitigate ffinancial risk. Plans for future perlods The Ri9by Foundation's focus for the year ended S April 2026 will be lo ensure that the Inspirtng Futures program launches successfully with our education 8n(J charity partners and that al least 1,000 young people have positive experiences from being involved with the prograrn. Wè will also idenlity an independent evaluation partnoi tts measure and report on project outcomes. In 8ddilion lo our existing relationships, in Ihè yaar ènded 5 April 2026. The Rigby Foundation Trustees have also comrnitted lo funding three new charty partners Right to SUed a charity focused on place that hèlps communikn'es deliver Ihe ¢hanges they have identified that their young people need to achieve their potential. The Grace Ftsundion - who recruit and place 'Ethos Tearns, th Éndude Youth and Family support workers. w.rth partner schools serving children from very challenging b8ckgiounds. The Royal National Children's Springboard Foundation whose mission is lo enablè aec8ss to the opportunities available in state boarding and independent schools for young people with Ca experiènca and those facing significant barriers to opportunity. The Trustees are Snteresled In the causes and impact of pupil absence and hava commissioned the Centre for Social Justice lo complete research into this important issue which will be launched in Autumn 2025. Structure, governance and management The CIO is constituted as a Charitable Incorporated Organlsalion ICIOI registered with the Charity Commission on 10 April 2024. The Rigby Foundallon is governed by ils Association Model Constitution dated 10 April 2024. Thè Trustees are legally responsible for the govemance and management of the CIO. The Trustees are respongble for setting strategies and policies and ensuring these are implemènted. The Trustees who setved during the period and up lo the date of signature of the financial statements were.. Mr S P Rigby (Appointed 10 April 20241 Mr J P Rigby (Appointed 10 April 20241 Ms P A Rigby (Appointed 10 April 20241 Slr P Rigby (Appointed 10 April 20241 Mr S P Rigby is the Chair of Trusteès. Recruitm¥ntand appointmtrnt of new Tru$t••s New Trustees oan be appointed by the exi51ing Trustees during their joint lrfetime, and by the survwor of the settlors dunng the remainder of his or her lifetirne. There mu51 be al least three charity Trustee5. If the number falls below thi5 minimum, the remaining Trustee or Trustees may act only lo Call a mèetin9 01 the charity Trustees, or appoint a new charity Trustee. There is no maximum number of charity Trustees that may be appointed to the CIO.
THE RIGBY FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 5 APRIL 2025 Organlsatlonal $tru¢tur• The Trustees and Executive Director oversee 811 financial transactions that occur during the year. Inductlon and tralnlng of new Trustees Due to the simplè nature of th& CIO. no fomial induction or training of the Trustees is deemed necessary. However in suth instance5 as required the Twstees receive professional advi as they deem lo be required. In 2025, all Trustees completed Trustee Safeguarding training due tts the focus of the Foundation's work teing lo $upport ¢hildren and young people from less advantaged background8. Statemènt of Tru$t¢e$' responslbllltles The Trustees are responsible for preparing the TNslees' Report and the financial statements in a¢¢ordan¢8 with applicable law and United Kingdom Accounting Standards IUnilÈd Kingdom Generally Accepted Accounting Practice). The law applicable lo tharities in England and Wales requires the Trustee5 to prepare finanaal statements for each financial period which give a tiue and fail vigw of the state of affairs of the CIO and of the incoming resources and application of resources of the CIO for that period. In preparing these financial statements, the Trustees are required to-. select suitable accounting poliaes and then apply Ihern consislenlly.. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., stale whether applicable accounting sland8rds have been followed, subject lo ar5y maltsiial departures disdosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient a¢untIng records that disclose with reasonable accuracy at any lime the financial posi11t)n of the CIO and enable them lo ensure that the financial statements comply with the Charities Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the piovisions of the trust deed. They are also responsible for 58feguaiding the assets of the CIO and hence for taking aSOnable steps for the prevention and detection of fraud and other iegUlarl11e. Audltor In ac¢ordance with the eompanls articles, a resolution proposing Ihal Orrnerod Rutter Limited be reappointed as auditor of the company will be pul at a General Meeting. Disclo$urÈ of infornmtion to auditor Each of the Trustees has confirmèd that there is no information of which they are aware which is relevant lo the audit, bul of which the auditor 15 unaware. They have further confirmed that they havé taken appropriate steps lo identify such relevant infomialion and lo establish that the auditor is aware of such information. The Tru$tees' report wa5 approved by the Board of Trustees. Mrs igby Chair of Trustees Date: 16.12.2025
THE RIGBY FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE RIGBY FOUNDATION Opinion We have audited the finanaal statements of The Rigby Foundation Ithe 'CIO'I for the period ended 5 April 2025 which comprise the slalemenl of finan¢ial 8dvltSes, the balance sheel, the slalemenl of cash flows and notes to the financial statements, including significant accounting policiès. The financial reporting framework that has been applied in their preparation is applicable law and United Klngdom 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). In our opinion, the financial 51alemenls'. give a true and fair view of the stale of the CIO'S aff8irs as at S April 2025 and of ils incomlng resources and application of resources, for the period then ended., have been properly prepaied in a¢¢ordance with United Kingdom Generalty A¢pted Accounting Practice.. and have bèèn prèparèd in accoidance with the Charities Act 2011. Basis for opinion We conducted our audit in aOrdance with InlèTnational Standards on Auditing IUKI IISAS IUK}} and applicable law. Our responsibilities under those standards are fuTther descbed in the Auditorfs responsibilities for thè audit of the financial stalements sedion of our report. We are independent ol the CIO in accordance with Ihe ethical requirements that are relevant to our audit of the financial statements in the UK, induding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accoidan¢È with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate lo provide 8 basis for our opinion. Conclusions relating to goirtg eoncèm In auditing the financial statements. we have concluded that the Trustees, use of the going ncern basis of 8eeoiJnting in the preparation of the financial staternent5 is appiopriatg. Based on the woik we have pèrformed, we have not identified any material uncertainties relating lo even15 or conditions that, individually or collecuvely. may cast significant doubl on the CIO'S ability to continue as a going concern for a period of al least e1ve months from when thè financial 51alemenls are authori$ed for issue. Our responsibilities and the responsibilrties of the Trustees with respect lo going concem ar8 d8scribed in the r8levant sections of this report. Other infomiation The other information comprises the infomalion induded in the annual POrt other than the financial statements and our audilorfs report Ihereon. The Trustees are responsible for the other information contained within the annual r&port. Our opinion on the financial slaternenls does not cover the other informakn'on and we do not express any fom of assurance conclusion thereon. Our responsibility is to read th8 Other information and. in doing so, consider whether the other informali(x) is materially inconsistent with the financial statemènts or our knoedge obtained in the course of the audit, or otherwise appears to be materially misstated. If we Identfy such material inconsislencie5 or apparent rnalerial misslalemenls. we are required to determine whether this gives rise lo a material misstatement in the financAal stalemenls themselves. If. based on the work we have performed, we Conclude that thère is material misstatement of this other information, we are required to report that fact. We have nothing lo report in this regard. Matters on which we are required to report by exception We hav8 nothing to report in respect ol the following matter5 in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in OUT opinion.. the information given in the financial statements is inconsistent in any material iespe¢t with the Trustees, report., or sufficient accounting Tecords have not bèen kÈpl', or th6 financial statements are not in agreement with the accounting records.. or we have not received all the information and explanations we require for our audit.
THE RIGBY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE RIGBY FOUNDATION Responsibilities of Trustees As explained more fully in the statement of Trustees, responsibiles, the Trustees are responsible for the preparation of the financial 51alernenls and for being satisfied that they gNe a true and falr view, and for such internal control a5 the Trustees detwmine is necessary lo enable the preparation of financial statements that are tree from material misstaternent. whether due lo fraud or error. In preparing the finanaal slalements. the Tru51ees are responsible for assessing the CIO'S ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis ol accounting 4Jnless the Trustees either intend to cease operations, 01 have no realistic allernalive bul lo do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor ijnder section 144 of the Charities Act 2011 and report in accordance with the Act and r818vanl regulation5 made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due lo fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuranc8 but is not a guarantee that an audit conducted in accordance WFth ISAS (UK) will alway5 delect a material rnisststemenl when il exists. Misstatements can arise from fraud or eiror and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic derisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-comph'ance with law5 and regulations. We design prorRdures in line wth our responsibilities. outlined above. to detect material misstatements in respect of irregulaiilies, including fraud. The extent to which our procedures arè capable of detecting irregularities. including fraud. is delaibed be40w. Based on our understanding of the CIO. we idèntified the principal risks of non-compliance with laws and gulations indudin9 those that have a direct impact on the preparation of the financial statements and the extent to which non-complianoe rnighl have a material effect on the financial slalemènts. Audit procedures pertom)ed included discussions with management, review of board meeting minijles, lesling of journals. designing and perfomiing audit procedures and challenging assumptions and judgements made by management In relation to accounting estimates. There are inherent limitations in the audit procedures described above. We are less likely lo become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in thè fin8n¢i8151alemenls. Also. the risk of not detecting a material misstatement due to fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate cun¢ealmant by. for example, forgery or intentional misrepresenlalions, or through collusion. A further description of our responsibilities is available on the Financial Reporting Council'5 web5f(e al.. http5.jl vMw.frc.org.uklauditorsresponsibilili8s. This description forms part of our auditorfs report. Use of our report Thls report is made solety lo the charfly's Trustees. as a body. in accordance wilh Part 4 of the Charities (Accounts and Report51 Regulations 2008. OUT audit work ha5 been undèrtaken so that wè might state to the charity's Trustees Ih05e matters we are required lo stale lo them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the charity and the chaiity's Trustees as a body, for our audit work, for this report, or for the opinions we have formed.
THE RIGBY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE RIGBY FOUNDATION Colm McGrory FCA (Senior Statutory Auditor) For and on bèhaw of Omerod Rutter knmited. Statutory Auditor Chartered Accountants The Oakley Kidderminster Road Dro1ICh Woreesltrishire WR9 9AY Date.. Ormerod Rutter Limited is eligible for appointment as auditor of the CIO by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
THE RIGBY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD ENDED 5 APRIL 2025 Unrestricted funds 2025 Notes Income from: Donations and legacies 1,OS4,849 Totsl In¢ome 1,054,849 Expènditure on= Charitable activities 1,029,645 Total oxpènditur 1.029,645 Nèt Incom8 and mov•m•nt in fund$ 25,204 R&conclllatlon of funds: Fund balances al 10 April 2024 Fund balances at S April 2025 25,204 The statement of financial activities includes 811 gains and lossas recognised in the period. All income and expenditure derive frorn continuing activities. The notes on pages 1110 16 form part of these financial 51atemenls.
THE RIGBY FOUNDATION BALANCE SHEET AS A T 5 APRIL 2025 2025 Notes Current assets Debtors Cash al bank and in hand 11 372 66.027 66.399 Creditors- amounts falling du• within one year 12 141,1951 N•t currant assèts 25,204 The funds of the CIO Unre$tri¢led funds 13 25,204 25,204 The notes on pages 11 to 16 fom part ofthese financial slatemenls. The fjnancial statements were approved by the Trustees on 16.12.2025 MrS- Rigby Chair of Trustses
THE RIGBY FOUNDATION STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 5 APRIL 2025 202S Notes Cash flows from operatlng a¢tlvltie$ Cash generated from operations 15 66,027 Net cash generated from investing activities Net cash generated from financing activities Net Increase In cash and ca$h gqulvalgnts 66,027 Cash and cash equivalents at beginning of period Cash and ea$h equivalents at end of period 66,027 The notes on pages 11 to 16 fomi part of th&s6 financial stalemenls. 10-
THE RIGBY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2025 Accounting policies Charity infomiation The Rigby Foundation is a Charitable Incorporated Organisalion (No. 1207788) registered with the Charity Commission in England and Wales on 10 April 2024. The principal address Is Brfdgeway House. Bridgeway, SliatfoTd-upon-Avon, Warwickshiie, CV37 6YX. 1.1 Reporung perlod The financial slalemenls cover the first accounting period from 10 April 2024 10 5 April 2025. 1.2 Ba$1$ of preparation The financAal statements have been prepared in ac¢ordance with the CIO'S goveming document, the Charibe5 Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP 'Accounting and Reporting by Charilie5'. Slalernenl of RoCOtllm8nded Practice applicable lo charities preparing their acctsunls in accordance with the Financial Reporting Slandaid applicable in the UK and Republic of Ireland IFRS 102}" The CIO is a Public Benefrt Entity as defined by FRS 102. The financial stslements are prepared in sterling, which is the functional CUTren¢y of the CIO. Monetary amounts in these financAal statements are rounded to the nearest £. The financial statements have been ppared under the historical cosl convention. The principal accounting policies adopted are sel out below. 1.3 Going concern At the time of approving the finanaal statements. the Trustees have a 8$Onabl& expectation thal the CIO has èdequalè rèsources lo Continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the ffinancial stslements. 1A Charltablè funds Unrestricted funds are available for usg al tha discretion of the Trustee5 in furtheranc8 of their charrtable obieclives. R85tricted lunds are subject to specific conditions by donors or grantors as to how they may be used. The purpose9 and uses of the reslrided funds are sel out In the notes to the financial statements. 1.5 Income Income is recognlsed when the CIO is legally entitled to it after any performance condf(lons have been meL the amounts can be measured reliably, and il Is probable that income wi51 be received. Cash donations are recognlsed on receipt. Other donations are recognised on¢e thè CIO has been notified of the don*ion. unles5 perfomiance conditions require deferral of the amount. Income lax recoverable in relation lo donatsons received under Gift Aid or deeds of covenant is recognised at the time of the donation. 1.6 Expenditure Expenditure is recognised once there is a legal ot ¢onslru¢tiv8 obligation to transfer economic benefit lo a third party. il is probable that a transfer of economic benefits will be requiied in settlement. and the amount of the obligatton Can be measured reliably. Expenditure is classified by activity. The costs of each actimty are made up of the lotsl of dirèd c0515 and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a Single act1Vlty are allocated directly to that aclwity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single actThiity are apportioned between those actIveS on a basis con5151enl with the use of re50urce5.
THE RIGBY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE PERIOD ENDED 5 APRIL 2025 Accounung pollcl•s 1.7 Cash and cash èquival•nts Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-lerm liquid investments wilh original maturities of three months or less, and bank overdr3ft5. Bank overdrafis ale shown within borrowings in current liabilitses. 1.8 Flnanclal Instruménts The charity only has financial assets and liabilities of a kind that qualify as basic financial inslrurnenls. Basic financial instruments are initialty recognised at the transaction value and $ubsequendy measured at their settlement value. 1.9 Fund aecountlng General funds are unreslricled funds which are availablè for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated lor olheT purposes. Critical accounting •stimat•s and judgements In the application of the CIO'S accounting policies, the Trustee5 are required lo make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not ieadily apparènt fiotn other sourcès. The eslimales and asso¢ialed assumptions are based on historical experien and oth81 faclois Ihal are considered lo be relevant. Actual Tesulls may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are Tecognised in the period in which the estimate 15 revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and fulura peiiods. Inctsme from donation¥ and legociès Unrestrictsd funds 2025 Donation5 and gifts 1,054,849 12-
THE RIGBY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE PERIOD ENDED 5 APRIL 2025 Expenditure on charitable activities Charitabl• a¢tivitie$ 2025 Dirèct costs Research Consultancy lees 66.0(Xl 44,704 110,704 Grant funding of activtlies (see note 51 868,629 Sharè of support and gov•manc• costs (see nots 61 Support Govemance 44,912 5.400 1,029,645 Analysis by fund Unrestricted funds 1,029,645 Grants payable Charitable activities 2025 Grants lo inslilulions.. The Schools ProgTamme Generation UK The SCC Academy City of Bimiingham Symphony Orchestra Birmingham Children5 Hospital The King's Trust Think Fotward Molly Olly's Vwshes Jericho Foundation Pla¢e28e Knowsley Disability Other- £5.000 and below 286,365 200,000 100,000 80,000 so,000 50,000 20,000 15,000 10.000 10.000 10.000 37.264 868,629 There were no donations and grants paid to individuals. 13-
THE RIGBY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 5 APRIL 2025 Support costs allocated to activities 2025 Legal and professional Subs¢riplions Insurance Recruitment and tr8ining Website development Events and branding Govemance c951s 8.960 1.534 199 13.980 11,837 10.402 5,400 50,312 Analysed betsveen: Charitable activities 50.312 2025 GovÈman¢e eo$ts ¢ornpri$e: Audit fees 5.400 5,400 Net movement In funds 202S The net movement in fvnds is stated after chargingl{¢re(fitingl'. Fees payable for the audit of the charity's financial 31atemenls 5,400 Audit lees are slated inclusive of VAT. Trustees None of the Trustees lor any persons connected with them) received any mUneratIOn or benefits from the CIO during the period. No Tiustee expenses were incurred. Employees The average monthty number of employees during the period was.. 2025 Number Total There were no employees whose annual remuneration was more than £80.000. The remuneratson of key management personnel was £nil in the year. 14-
THE RIGBY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 5 APRIL 2025 Employees staff costs are £nil. Adminislralive, financial and accounting support 15 provided by Rigby Group IRGI plc. 10 Taxation The ¢h81ty is trxèmpt from taxation on its adivitie5 because all 115 incomè is applied for charitable purposes. The Foundation 15 not registered foi VAT and accordingty all Ihe of its expenditurè is recorded inclusive ol VAT incurred. 11 Dèbtors 2025 Amounts falling due within one year. Prepayments 372 12 Creditors: amounts falllng dua wlthln one year 2026 Trade creditors Other fxedilors Accruals 252 25,000 15.943 41.19S Included within other creditors are amounts for grants made. bul for which Ihts payment did not fall due during the year. 13 Unrestrlcted fund5 The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to speafic conditions by donors and grantors as lo how they may be used. At 10 April 2024 Ineoming resouT¢e$ Resources èxpended At 5 April 2025 General funds 1,054.849 (1,029,645) 25,204 15-
THE RIGBY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 5 APRIL 2025 14 Analysis of net assets beeen funds Unrestricted funds 2025 At S Aprll 202S: Current asselsllliabililies) 25,204 25,204 15 Cash gèn•rdt•d from opèrations 2025 Surplus for the period 25,204 Movements in working capitsl: Ilncreasel in debtors Increase in creditors 13721 41.195 Cash y•nerated from operatigns 66.027 16 Analys5s of changes In net fundslldebti Cash and cash equivalents comproses cash al bank and in hand. The CIO had no debt during the year. 17 Relatsd party transactions Transactions with related parties The CIO antar8d into thè following transactions with related parties.. The Rigby Foundation received donations of £1,054,849 from Rigby Gioup IRGI plc of which Sir Peter Rigby, Mi J P Rigby and Mr S P Rigby are Directors. The Rigby Foundation made a donation to The SCC Academy Limited of £100.OW of which Sir Pèter Rigby and Mr J P Rigby are Directors. 16-