THE RANK FOUNDATION LIMITED Iumlted by guarantee) Report of the Trustees and Financial Statements for the year ended 31 December 2021 Company No. 516434 Reglstered Charlty No. 276976 THE RANK FOUNDATION LIMITED Report of the Trustee5 for the year ended 31 Decernber 2021 Conlents Report of the Trustees Ref8ronce and Administration Trustees and Committees Foundation Information and Professional Advisers Struclurg. Govornancg and Management Objects, Public benefit and Strategy Constitution Corporate Governance Decision Making and Committees Fundraising Risk Managemenl and Internal Control Revlew of Actfvitles and Achlevemenls Looking Forward 15 Flnanclal Revlew 16 Statement of Trustees, Responsibllltles Independent AudltOT'S Report 19 Consolldated Statement of Flnanclal Actlvltles 23 Consolldated Balance Sheet 24 Company Balance Sheet 25 Consolidated Statement of Cash Flows 26 Notes to the Flnanclal Statements 27 THE RANK FOUNDATION LIMITED R&port of the Trustees for the year ended 31 December 2021 Reference and Administration The Trustees present their reporl and the audited financial stalemgnts of The Rank Foundation Limited I"Foundalion" or "Rank") for the year ended 31 December 2021. The Trustees have adopted the provisions of the Statement of Recommended Practice -Accounting and Reporting by Charities. I'FRS 102 SORP" (second edilionll in preparing the annual report and fin8ncial sl8temenls of the Foundation. Th9 Dirgctors of the charitablo company are its Tfuste8s for the purposes of charity law and conslilule Ihe"Board'. All Ihe Trustees are also members of the Foundation. and their liability is limited to £1 each. The names of Ihe Trustees who have served duriThJ the year and since the year end are shown below. Trustees: Commlttge Membership Chalrman: J.R. N8wLon 11,2,3.5.7) Deputy Chalrman: J.J. Chaffer (3.4.7) N.F. Buxton Ms L.A. Clay A.E. Cowen S.H. Cowen J. Davis Ms. R.M. Filzpalrick QPM A.N.R Fleming C.M. Ralph Mrs. J. L. Ropner LL M.D.B. Simon W.P Wyall 12,5) 15.6) 15.71 (21 (1) {1.4.6) {3.5.7) 13) {1.4.71 (1.51 (1.3) Resigned 15 March 2021 Resigned 24 March 2021 Board Con5U tants: G.C. King C. Cade 12.5) 131 mmitteo Grants 2 Audit 3 Investment 4 Nominations 5 Director of CTVC Limited 6 Rank Fellowship 7 Chairman's THE RANK FOUNDATION LIMITED Report of the Trustoes for tho year endod 31 December 2021 Reference and Administration continued Foundatlon Informatlon Executlve Staff Rank Foundation Limrted Chief Executive Officer Deputy CEO Director of Progiammes Director of Education and Leadership Director of Education and Leadership Company Secretary & Finance Director D.J. Sanderson MBE DL C.S. Broadhurst K. Wooder T. Young (retired 31 August 20211 J.R. Hind (appointed 1 June 20211 W.L. Matthews lon maternity leave from 28 October 2020- left 28 November 20211 T. Kelman Interim Company Secretary & Finance Director CTVC Limited Chief Executive Otricer (CTVC Limited) Chief Operating Officer & Company Secretary Finance Director & Company Secretary C.C. Matthews P. Connolty (retired 1 August 20211 J. Rees (appointed 2 May 20221 Registered arKI principal office= 12 Warwick Square. SW1V 2AA Website.. vww.rankfoundalion.com Regislfalion numbers.. Company 516434 Charity 276976 Professio Auditor.. BDO LLP. Baker Street, London Bankers.. National Westminster Bank plc Investment Custodian: Nort￿rn Trust Investment Advisors.. Asset Risk Consulting THE RANK FOUNDATION LIMITED Report of the Truste95 for the year ended 31 December 2021 Structure. Governance and Mana ement Ob ects The Foundation is a grant-gwing chariLible company reslricled by ils objects lo caus8s within the UK approved by the Charity Commission for England and Wales. Our aim is lo improve the lives of people and their communities, caring for the disadvantaged and the marginalised acr055 the UK, through: Furthering the understanding of the values, traditions and practices of the Christian faith, from a perspective that respects those of all faiths and those of none. Encouraging and developing leadership Promoting enterprise and innovation Publlc beneflt The Foundation has referred to the guidance contained in the Charity Comrnissi)n's general guidance on public benefit when revi8wing its aims and objectives and in planning future activities. Th8 Trustees onsider how planned activities will contribule to the aims and objectives they have sel. Strate The Board and the Executive Staff have reviewed the Foundation's Slralegy over the past ￿efve rnonlhs and have agreed the following Strategic Vision. Fatth. and Mission. Vlslon To help create a more equitable and inclusNe society by encouraging leadership, developing an entrepreneurial mindsel and forming strong community networks, building on our pioneering and distinctive model of relational philanthropy. underpinned by our Chr￿tian faith. FaSth Ever mindful of the strong Christian beliefs of our founder. our work remains firmty r¢x)led in faith. We have sought lo beller understand 'lwed failh.: connecting fatlh lo sochgty. acting as a driver for social good, and challenging inequality and injustice. M1551on Challengg the consequences of In￿ualIty. Addressing the consequences of povety and inequalty, inlroduciny an effective Diversity, Equity & Indusion strategy. and a new programme category lo focus on educational opportunity. Champion 18aders to become more Impactful. Strengthen our leadership offer. buikling capacity and skills especially around'leadership, and 'enterprise' in particularwilh OLtrr place-based projects, Time lo Shine, leadership bursary & Rank Aspire programmes. Connect through networks, partn8r5hips and ￿llabOratIOn. To See RankNel as the most significant challenge and opportunity ahead. lo harnes5 the knowledge, skills. passion & capabilities of the ne￿ork to much greater effect. embracing transformational technology. including media & CTVC. lo improve reach & effectiveness. Christian Falth. Convening conversations around the value$. traditions. and practices of the Christian lailh, from a perspective that respects those of all faiths and none. THE RANK FOUNDATION LIMITED Rèport of the Trustees for the year endod 31 December 2021 Structure. Governance and Mana ement continued Constitution The Foundation was eslablished in 1953 by the late Lord and Lady Rank (the founders) as a company limited by guaranlee Iregislralion number $164341 governed by a Memorandum ar)d Articles of Association last updated on 1 Oecember 2010 and was registered as a charity on 11 December 1978 (regislralion number 276976). Subsidlary Undertaking CTVC Limited I'CTVC'I, is a wholly controlled subsidiary ol the Foundation which has the right to appoint most of the Directors and to remove any Oireclors il appoints. 11 Is 8 company limited by guarantee Iregislered number 13759411 and il is a registered charity {regislered number 216286). Ils principal activities are the production of television and radio programmes. and th8 distribution of films and videos for Christian and educational purposes. CTVC has a wholly owned Ir8ding subsidiary which is incorpor8led in the United Kingdom. Hillside Productions Limiled (registered number 17821301. Its principal activity is the making of commercial and norwrimary purpose media productions. Cor orate GovernanGe Appolntmènis to the Board Recommendations are welcome from any source. Once received. they are gtven careful consideration by the Nominations Committee which puts forward ils recommendations to the Board. The Trusl&es may al any time appoint any member of the Foundation as a Trustee. subject lo a maximum of fifteen. as permitted by the Foundation's constitution. Tho Trustees have full discretion as to Ihg admission of any person as a member. Induction and tralnlng All new Trustees receive on appointmenl an induction pack. This contains copies of the governing documents, all committee conslitulions, the previous yeavs annual report and financial slalemenls, a book detailing the history of the Foundation and the Group (including CTVC Limited and Hillside Productions Limiledl. and a profile of all Trustees and slaff. The Executive Team also provide an overview of the governance and main operations of Ihe Foundation to new Trustees. The Foundation provides formal Tnjslee training from time to time as and when required. Charlty Governance Code for larger charities (the Code) The TrLJslees are seeking lo adopt the principles and recommended practi￿ for good governance set out in the Code which was revised and issued in December 2020. The Trustees having completed their review of strategy at the beginning of 2022 are now focussing on the Code and intend lo make well- considered decisions about how these shoukl be applied in the Foundation. Theme specific training on key matters e.g. pension scheme risk. safeguarding. collating and updating key policies are areas Ihat are being actively worked on al Ihe current bme. Trustee and Executive remungratlon The Foundation does nol remunerate its Trustees. The Board is resF4)nsible for setting the remuneration ol the Foundation's executive stsff. Remuneration is sel in the context of the Foundation's purposes. aims and values and to reflect the skills. experience and competences required for executive roles. In selling remuneialion, the Trustees also consider several addition81 factors including an individual's contribution. affordability and Temuneralion offeied by granl-makin9 charities of a similar size and complexity. Further del8iSs are set out in the Foundation's Pay Policy. available upon request. Certain Truslees of the Foundation's subsidiary undertaking (CTVC) recewe payment for consullalive services as allowed for in CTVC'S Artides of Association. Their remuneration which is detailed in the notes lo the subsidiary's financial ststemenls is sel by the Board of the subsidiary and is based on the number of days required lo provide consuttalive services and to reflect the skills, knowledge and competences required for their roles. The remunerated Trusle8s ol CTVC are not Trustees of the Foundation. THE RANK FOUNDATION LIMITED Report of the Trustees for the year Qnded 31 December 2021 Structure. Governance and Mana emont continued Decision Makin and Committees The Board and its Committees The Board is responsible for leading and conlTolling the Foundation. The Board achieves this by: setting the lon*term strategic objectives-, receiving reports on the committees. aclivities- considefing all grant applications pul forward by the committees; and approving senior appointments. The Board is assisted in ils work by five committees lo which certain powers and responsibilities aro delegated. Each commitee includes members of the Board and may include additional members appoinled for their specialist knowledge. Executive Staff also attend relevant committee meetings, The members of all committees are set out on page 2 of this reporL The Board is assisted in its idenlificalion of appropriate inilialive5 for support and the rnonitOTing of their progress by the Grants Committee. Full reports are always made to the Board and. in particular. no applications are declined before they have been considered al a ￿eeting of the Board. The Chalrman's Committee which 15 made up of the Chairman and Oeputy Chairman ofthe Fovndalion and the Chairs of the vaTiOUS Other committees operates to ensure th8 business of the Foundation is conducted on a day-to-day basis within the limits delegated by thè 808rd. The Chairman's Commillee is responsible for moniloring management's risk management and the associated inlemal controls. The Audit Cornmlttee creates a formal conduit t￿tween the extemal auditor and Ihe Board and advises on the conlenl and presentation of Ihe group's annual report and financial slalements. The Committee also reviews audit plans and the external auditor's management ￿tter, and monitors implementation of actions required and satisfies itself as to the external auditor's continuing independence. 11 has the authority to appoint, and lo fix the remuneration of, the external a￿￿110r. And respgnsibility for monitoring the Foundalion's financial controls and internal control and risk management syslems. The Nomlnatlon Cornmlttee consider nOminat￿n5 for appointment to the Board. Th8 Investment Commlltee and ils individual wnembers ensure Ihal there is a regular and timely review of investments and that the results of these reviews are reported to the Board. The Rank Fellowship is a nelwork of former Rank Foundation School Leadership Award holders together with several honorary fellows from our Tim8 lo Shine programme. Regular Rank Fellowship Steering Group meelings are held throughout the year which are overseen by the Trust89 members and the Foundation's Executives. Grant Making Pollcy The Foundation onty gNes grants to other regislgred charities and other not for profil entities operating in the fields consistent with its objectives and principal aims. The Truslees have decided that, in general, they will nol make grants for agriculture and farming, cathedrals. churches (except where comrnunity facilities fomi an inlegral part of the appeal). cultural projects. unNersity and school building or medical research. In addition. general appeals from individuals or from charilies on behalf of named individuals will not be considered. Due to an excess of demand. unsDliciled appeals are èxtremely unlikely to attract 8 grant in connection with salaries. general running costs or major capital projects. THE RANK FOUNDATION LIMITED Rgport of thg Trustees for the year ended 31 December 2021 structure, Governanco and Mana ement Continued Fundralsin Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although we do not undertake fundraising from the public, the legislation defines fund raising as °soliciling or otherwise procuring money or other property for charitable purposes". Such amounts receivable is presented in our 8ccounts as"In¢om8 from donations" and indudes granls. In relation to the above, the Charity does not involve eomm8rcial or professional fundraisers or third parties. The day-t(￿aY management of all income generation is delegated to the Executive Team. who are accountable lo the Trustees. Any solicilalions would be managed internalty. The Foundation is not bound by any undertaking lo any regulatory scheme and the Foundation does not consider il necessary to comply with any voluntary code of practice. We have received m complaints in relation to fundraising aclivilies. Our term5 of employment iequire staff to always behave reasonably. As we do not approach individuals for funds, we do not have 8 particular reference in our terms of employment lo fundraising activities nor do we consider it necessary to design specific procedures to monilor such aclivilies. The Foundation continues to work in partnership with Government bodies, from DCMS to the Department for Communities in Northern Ireland. regarding unsolicited, community focused programmes that are consislentwith Rank's mission and are not part of any struclured or intended fLJnd- raising efforts. Rlsk Mana ement and Internal Control The Board has overall responsibility for the Foundation's system of risk management and internal control and for monitoring and reviewing the syslems in place. The Board are asslsted in Ihgse endeavours by the Audit Committee. Such systems cannot eliminate all risks, bul the Chairman's Committee. the Board and the Audit Committee is satisfied that systems 8re robust and operate effectively. The principal risks identified for both the Foundation and CTVC and a summary of how they are managed are sel out below. Rl¥k Fln3Thclal.. Investment Undorperforma￿ vcl•14ty of investment markets affeclino IrNe5tments vdualk)n¥. Ilana om*ni(bf r4k Manag8irientoffuThts In knewith irNeslmènl PDfw set by Tntsletss. Inv8skneni Cixnmlte8 r(￿n￿OrE the performancé of inveslm8nts. Inveslmenl in fijnds lo dr4ersrfrAth)n 8nd reiums lo meet expendilure . Swortiw Ihè Petb5ion sch￿ Titstees In thDir Pension schernè assets are [r￿￿￿en¢t0 Iiatitliti85 of thescheme. Ayree f￿1r$ wrfh Per6h)n St1￿￿8 Tru51ee8. Apwjinl ￿181 *jv￿ lo help mi￿, M￿9• mthgale C￿erS￿ht ofc￿erE18￿￿￿e 8nd 8¥BGulr4e slaff. stallc(xnpel￿ces 8fyJ traiDing. . offirwKid rewting bykn*tConwntie9. NoTrcomplian¢ewrfh legigbti￿ 8tbJ F￿￿￿101 Reporbng s￿dards. Reputation-. Dam*Je io the 0￿1 name orgofyj 8tsThJity of the FoU￿at￿n Ihr¢wh the dEf8utt ￿0ther mk%demeanour byan Bpprov&Ygrant rerAPE Failure lo comklele or r1￿1 p¥oductK uirements. Inforniatlon Technology.. Cloud failurtlc r-3tt¥ Pèrsonnel Loss ol k executNe5. Bu$lness Intenuptlon.. e.g. pandèml LITnltalion$ ￿ me(SH prothK¢ions arvj sev￿¢ dkI￿p￿On loCTVC'5 business aclNthes. Llrnitalions ￿Ca[￿£1￿￿on ofovents and chari￿b￿ *1M1￿50[ FourKJatK￿. . Apprayal wocedures rfti)itLYgof gr8nt8 ￿ard￿j by E03nl Comn¥ttees. . P(*ies. pr(wxdLve5, patthhj atKJ backup rl*)s in ￿ar* des reyenlorlbmit the wn IM￿e￿￿t¢ross IR¥iing n rosw￿l￿litieSwh&re appropriate. UK (￿r￿n￿l 15 fdkx¥&J, atKJ aEtNitEs 8r8 adapted where FA￿￿18. . Ckh58 morAlarfry ofcTVC's c8shfkhv5 and ￿￿nes$pL￿n reviskins IM￿$m￿nt￿l a&n￿Sary. InfraStru￿re k in placttrj siaff tovnrk for charitat4& acIN[￿est0 be defver￿ dvJrfaI￿WhOrè wssibb. Ment4 He* fi(sl aKlerhi pL8CO. The COVID-19 pandemic continued lo impact the activi118s of the Foundation and th8 Group during 2021. The Truslees and the Executive Managemenl Team acted in accordance with UK Government and the Devolved Nations advice during the period of restrictions. THE RANK FOUNDATION LIMITED Report of tho Trustees for the yoar ended 31 DeGember 2021 Review of Activities and Achievements Introduction 2021 marked a significant year for th8 Foundation, distributing over £12m. considerably more than we have ever done, and concluding our partnership with Ihe Oepartmenl for Digital. Culture. Media & Sport IOCMS) as part of a nationwide response to the COVID-19 pandemic. As a Foundation we have grown in t8rms of our size, capacity and reach, ovei a relatively short period. and part of Ihis included a significant expansion of our nationwide network. RankNet. Buikling on our work around irnpact assessmenl. we have looked to build Ihe foundations for 8 comprehensive strategic review, wilh revised vision and mission. malched wlh an ambition that will ensure that RFL is well-set for the next 5 years. Part of this fecognises the value that we and others place ￿ our distinctive and highly regarded odel of engaged philanlhropy. especially around our pioneering approach lo place-based programmes, firmty ali9ned to our core purpose. is a direcl reflection of our growing reputation for operational delDiery withirb and beyond a diverse and fich ne￿Ork of or98nisalions and supporters. The Rank team have started a process to upgrade our data recording and management systems (the Salesforce Oplimisalion Programmel including a review of how w& better integrate this lo our payment system and to our operational progfamrnes whi15t maintaining cuffenl security and safely levels. Our conventional. pfoaclive grant pipeline is akso sleadity building, with a much stronger focus on potential collaboration, with other foundations. govemm8nl bodies, and businesses, working to a common agenda around 'social value.. We have continued exploratory talks with a mulliwnational infraslruclure company about utilising our considerable ne￿rk to target and support young people from severe areas of disadvantage and low achievomenl. with the intention of creating meaningful. employment and training opportunilies aligned to significant new growth areas in the defence and cyber indvstries. The appelile for these collabDralive discussions conlinues to grow both within and beyond the social sector and we will continue to embrace this. We will continug lo build our core and freelance team to respond effectively lo changing needs of the Foundation. This development includes a new post. a Head of Impact and Learning. as a pivotal development in our plan lo develop RankNel as a core function of our work. lo provide an improved medium lo better connect and lo h8rness Ihe knowledge. leamiThJ and expertise of this remarkable resource-. RankNel presents an exciting opportunity to extend our reach, capacity and operational capability to deliver impactful, missKJn focused programmes across the UK. ac8 Rank's inveslmenl in Plymouth. before and during the Covid-19 pandemic. has been hugety important, supporting the development of a core group of social enterprises and community businesses. They are transforming physical spaces. improving lives. and strategically influencing kxal economic policy. The breadth of the collaboration betsveen the thirty-fve Plymoulh-based social enlerprises funded by Rank has been exlraordinary. By bringing together the ne￿ork we have discoveied innovative and ¢reative solutions lo address the City's multiple health. social and economic challenges. The use of Upshot has helped the Steering Group and the Rank Foundation to monitor, evaluale and performance manage the Plymoulh-based aclivities across the network. Eight Plymouth organisalion5 recorded over 1.3 million conlacl hours with more than 260.000 participants in community 8clivilies and support services. In addition. as we look back over the last three years. our engaged philanthropy approach has inflated the value ofthe investment in Plyrnouth lo circa £2.6m, largeting Rank. The Nalional Lottery Community Fund ITNLCF) and DCMS funding to 35 organisalions acros$ the city. One of the reasons that the Rank Foundation started its investment in PlymoLrth three years ago was in part because there already exisled a well-established social enterprise ne￿ork - and a genuine warmth in working relationships befvleen many of the City's public, private and third sector organisaliorss, evidenced by a real sense of optimism, prid8 and collaboration. Over the past few years Plymouth has seen further growth of this vibrant and diverse social enterprise seelor. These organisations are now leading the way in resofving some of the deepiooled probl8ms, despite thg pandemic. THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 Decernber 2021 Review of Activities and Achievements Continued Place Icontinuedl Building on existing ne￿OrkS and infrastructure organisalions. the Rank Foundation has sought to maximise development and resourcing opportunilies to SOCI81 enteiprisgs lo ensure that Ih8y are able lo collaborale more effeclively lo address inequalities. This has meant building resilienc8, capacity, confidence and. perhaps most importanuy, it has been about leadership and enterprise. Phase two will see further development and 9rowth of Ihis network, facilitsled by Ihe Steering Group, as the Foundation nlinues lo invest in people a￿1 the relationships behveen people by creating. nurturing and growing connectivity. Last year's 6vahJation report 'Reflecb'orts on the Ptymoulh RISE progfamme. highlighted thal Rank's investment contributed to raising awareness of social enterprises in the city., slimulaling a powerful group of influential organisalions and enhanced neiworking,. boosting growth and strengthening the resilience of the sectrjr., and increasing diversity of the social enterprise sector in Plymouth. In addition, the report went on to conclude that- the funding had helped to create rnore social impact for organisalions., developed a shared sense of social commitment,. and further developed personal networks and relationships. In June 2021. the Foundation agreed to support a further phase tolalling over £1.3m by continuing to develop those areas Ih8t have had the most significant positive impact on the City's social enlgrprise sector Ilhe RISE Trade-up programme. the Steering Group and the business support. guidance and advice)., respond to the changed post-pandemic slomi by focusing on interventions which will combat loneliness and social isolation,. developing a participatory grant making model offering both repayabl8 and more traditional grants- and 18sponding to the growing importance and raised profile of the Create Change leadership group and the work il is leading around the Cl￿S inclusive growlh slralegies. Of significance was the creation ol the Participatory Grant Making Programme. An advlsory group. including key representatives from the public, business. and non-profit sectors. met to agree the programme priorities, in the context of city•wide strategies lo reduce isolalK>n and loneliness. The advisory group formed the policy basis that guided the grant programme criteria. A grants panel was created, with diverse representation from partner projects and their seNice users and residents. Co- ordinaled by Memory Mallers. the group parbcipaled in training and were supported through the grant appraisal process. Over £700k was distributed in the first phas6 of funding. nkNet Co unlt RankNèt Community Plaffom) Launched in late 2016. the online membership platromi continues lo be a unique and ex¢lusNe resource lo both current and past funded beneficiaries of the Rank Found8lK)n. Some networks form naturally and others slralegically. The Rank network has a nalural and infomal beginning. building incremenlalty over the last 3 decades as a direct resull of relational grving and in more recent years, an intentional & engaged philanthropic approach-. nelworks can access new and diverse perspectivès, build inlerconnecledness, level the playing field and build and share knO¥￿edge. As such, the succes5 of a network is also indicative of how groups are engaging more generally in leadership. in our case, in Social sector leadership. In terms of RankN81 our engagement cL)ntinues to flourish. At the end of 2021, we had circa 1.200 rnemb8rs signed up lo the membership platform, all having some fom of active engagement within a 6-monlh period. In addition lo the ￿aff0rrn. RankN81 activity has i￿reased. both in-person and through the transition lo digital events, led mainty by the impact of the pandemio RankNet Leaders Actlon Group The planning group consists of 12-16 social sector ￿#derS from wilhin the Rank ne￿Ork. Rank staff, execs and trustees. Elected members are representative of Rank's wide geographical and thematic focus. The group meet quarterly to share knowledge, build connections and exercise leadership through aGtIV8 participation. In 2021 the group mel 5 times and contributgd to our colieclive thinkirbg about th8 pandemic and sector insights and leaming. The group also contributed lo Ihe annual conference planning. THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 DeGember 2021 Review of Activitie5 and Achievements Continued RankNet Communlt continued Rank Annual Conference 'Take Stock and Reset, look place at The Queen's Hotel on the 6th and 71h October 2021 in Leeds, with 221 in-person attendees from the Rank Foundalion's ne￿ork, along with 80 digital attendees. Streaming some elements of the conference was a n8w experien￿ for Rank. and one to build on, with del8gales appreciating both the quality of the offer and th8 access it afforded. The confer8nce content focussed on the impacl of the Covid-19 pandem￿. social sector insights. foresights, learning and opportunities. In addilion. Ihe conference provided a Spa￿ for the RankNel community lo convene and to reflect on the experience of the last 18 monlhs. Cfealing an opportunity lo neiwork. share best practice and lo hear from key thought leaders. innovative projects and like-minded participants. A sample of delegate's feedback. 'Every minule/hourof the conference was excellent and 811 v8rycuffentandrelevant lo my thlnking and praclice" °Il w8s emotional- feeling like I was part of th6 wider Rank family. In a year that's be&n so dissociative, that was very special- "I cannot thank Rank enough. Th8 whole even¢ as with everything th8t Rank has put logetherhas been not only beyond expectations but simply in¢￿dIble. I have worf¢eLI formany organisalions who fry hard but are lacking in certain areas. Rank. from my expèrience. are not only professional but welcoming and supportive. I honestly cannot find a single fautt with anything, and I like to find f2ulls and improvements. l am in awe of not only Ihe work but the individuals. the process, the evaluation. the organisalion you work with. I beli8ve everyone could Ipam something fmm the Rank Foundation. RankNel Events In the year 2021, RankNet hosted 8 total of 11 digital events for 421 attendees. This included a digital celebration event for the Time to Shine programme. The digital events were advertised and administered through the RankNel plaNorm and consisted of 'Wellbeing with Rank. digital seminars which included medilation, sellrfare 8nd supporling others in the workp18ce. All sessions were well received with all events booking out within 48 hours. Feedback from delegates was sx)sitive with many appreciating the opportunity lo engage during lockdown. Other events incIL￿ed the 'Leadership Insights Sessions,, delDyered by Members of the RankNel community and covering issues close to the sector. such as poverty, women, and community. These sessions were fully 811ended and the RankNel community have asked for more of these sessions in 2022. All but two digital evenls for this year had full sign up. bringing the average 5ign-up rale to 980 This represents a significant increase regarding year on year take up and acb'vity. RankNet Bursaries Rank Bursaries have contributed to training, devek)pment and capactty building within the sector for many years. IndNiduals who are part of the Rank nelwork can appty for up to £1.000 per year in support of their professional development. Due to an increase in RankNet membership, in 2021 we reviewed the criteria for making bursary appli¢8tions lo communicate more dearly and make best use ol the limited resource (capped al £90K per yearl. As such, appI￿nIS must clearly demonslrale how a contribution towards pmfessional developmenl will benefil the individual, their organisations 8ndlor wider communities. In 2021 Rank awarded 152 Development Bursaries totalling £78.771 (average grant £5181, funding was typicalty used training in leadership. coaching and mentoring. well-beiNJ and project management. -10- THE RANK FOUNDATION LIMITED Report of the Trustees for tho yoar ended 31 DeGember 2021 Review of Activities and Achievements Continued Enter rise Pro rammes Profit for Good The Profil for Good programme launched in June 2019 with the aim of increasing enterprise within the social sector. The programme opened to charities and srtial purpose projects with an established history, to focus on the challenges of those with a gr8aler reliance on grant funding and thos8 who may have lost their innovative flair. Each partieipaling project has access to 8 3-year grant (a mix of pure 9ranl and matched trading in years 2 and 3 in order to incentivise earned income), a place on a digit81 accelerator programme and a place on a Rank Aclion Learning Set. The combination of grant plus learning plus networks will be evaluated over the 3-year pilot programme. The 2019 cohort had the additional challenge of the pandemic. As such. we decided lo award Year 2 and Ygar 3 funding as pure grant. removing the expectation for the grant to be matched against traded income. This support was well received, and we conlinue lo engage with the cohori in support of their enlerprise plans. Following an application and interview process. Rank welcomed 10 new proje¢ls onto the programme in November 2021. All participants attended a launth evenl during November 2021. meeting each olhei, developing a framework for their learnir¥J, working with the Social Enterprise Academy and forming Action Learning Sets. All 10 projects were awarded Year 1 funding of £10,000. One example is the Hyndbum and Ribble Valley Domestic VicAence Trust (HARVI who applied for funding to secure an adjacent lake (owned by a local mill) with a view lo creating a 'walersports centre, both for clients and the Ioc81 community, connected to their ambition to Open a lakeside café, as part of a wider plan lo become more sustainable. The spirit of enterprise and innovation was consistènt and strong throughout the many applicalions. Repayablg Grants As part of the enterprise strategy, the Rank Foun¢Jation has awarded a small number of repayabl grants over a 5-year period. The applicants are members of the RankNel community and are able to demonslrale both a social impact and a financial relum. This h3s been a fascinating and rewarding experience for both grantees and Ihe Foundation. We continue to leam. innovale and pioneer new approaches lo supporting the diverse needs of Ihe social sector. In 2021, we awarded two repayable graftls of £285k. In summary, since 2016. we have awarded 5 grants lolalling c.£1m. We have had 2 of these grants fully repaid to the total of £535k. The remining grants are due to be paid behveen 2022 and 2026. Nudge in Slonehouse, Ptymouth, have a strong track record in attracting community funding lo bring old, vacant buildings lin and around Union Slreel} back to life, anything from enterprise cenlres to c8fes and local pubs. The Rank Foundation agreed a repayable grant of £285k to secure the former 'Millennium' building (a large, former Rank cinem8, Wlth several floors). working in conjunction with an established property developer, with Ihe inlention of restoring an import8nl flagship building, and connecting this lo a range of vibrant local businesses and wider community use, inC￿ding a lo¢al brewery. Offering this flexibility has been warmly encouraged by many. Pebblgs We have recently relaunched our Pebbles (small grants programmel which is the only open, reaclwe grants programme on offer. With an annual spend 01 £400k, this year, we spent less on this as we suspended the 'offerf whilst we focused on Covid related resilience granis. In 2021. 85 Pebble Granls were awarded lotalling £133k, with an average of£1.6k per granL Oflhe programme. Pebbles recipient Castle Point SoGial Car Scheme Ltd said: °We very much appreciate your support since we are a small charity. and every donation means so much to our existence. The aged andlordisabledpeople who cannot easily a￿esS transport from other sources appreciate the Se￿l¢e we offer, which increases th8ir social inclusion while 81 the same lime also their independence. he81th and well-being." -11- THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 DeGember 2021 Review of Activities and Achievements Continued Leadershi Pro rammes Timg to Shinè Time to Shine {T2S) remains one of our cores. flagship programmes providing a 12-monlh paid-INing wage, supported leadership programme, for people of all ages, allached to one of our RankNel member organisations. With a strong focus on personal development and building organisational capacity and capability. When the COVID-19 pandemic struck, 54 organisations had begun the T2S programme jointly funded by TNLCF. The national lockdown affected Ihe quality of work experience the 2020 T2S leaders were able to gain access to. The year began with the Rank Foundation and TNLCF supporting these leaders with a 12-week funding extension. 42 leaders and organisations accepted the offer alld over £170k was awarded lo organisalions lo fund the extended placements. Al the end of 2020, the Rank Foundalion received 8ddilional funding from the DCMS. As part of the Government's Community Match Challenge initiative, togelher wilh Ihe TNLCF partnership. the Rank Foundation was able lo s¢ale the T2S programme lo offer 200 places across 202112022, wilh an appfoximale spend of £5m. In 2021. 135 indNiduals and organisations We￿ offered 8 place on the T2S programme. Throughout the year, leaders were able to lake part in a variety of development activities including Action Learning Sets. Initially these s8ssions took place virtually but a5 reslriclions eased, groups were able to meet in person. As the year pmgressed, I realised how valuable it W8s lo have a gmup of pea￿ with whom I could compare my exp6riences and shar8 advice, Leader January 2021 .1 have realty enjoyed taking part in the leadership days and action leaming as I have Gome lo understand the importance of solwng problems as a core element of developing leadership skills.. Blackpool Healih Watch Leader January 2021 43¥0 of leaders applied to be malched wilh a menlor through the T2S mentoring scheme. Mentoring was offered virtually due to the pandemic. All mentors are part of the RankNel Community. 'The mentoring scheme has b8en an amazing experience and r&ally helped me with my prOfeSs￿n81 development. I would highly recommend the mentonng scheme to anyone considering it.. SB Leader January 2021 'Having 8 mentor has massively helped th my personal development, and I now feel much more confident in public speaking. oryanisationaland writing skills. l also feel surerof myself in the workplace and feel comfortable sethng boundaries and knowing how to ask for help when I need it, Leader March 2021 Leaders were invited to attend face to face mid-way review conferences. The events team adapted Ihese 24-hour residential events to meet govemment guidelines by inviting leaders only, reducing the number of altendees and hosb'ng regional events at regional venues lo reduce the distance of travel. Digital options were available as an allernalive. 'Finally, meeting everyone in personT Leader March 2021 'It was 8 gre8t opportunity to meet Ihe olherleaders on Ihe progr8mme. The Rank slaff were absolutely amazing providing support fhmughoul the visit, Leader, London 'Really enjoyed the event, was so Iov81y to see everyone in person and hear how everyone is getting on, Leader 2021 12819511kn) T2S leaders completed the 12-monlh placementwith their organisation. 520/0 of T2S leaders will slay employed with their organisation beyond the end of Ihe programme. -12- THE RANK FOUNDATION LIMITED Report of the Trusteès for the yfrar ended 31 DeGember 2021 Review of Actlvities and A¢hi&vement5 Continued The Rank Aspire Programme The aim of the programme is to increase young people's soci81 mobility through supporting access to training and employment opportunities in the social sector and beyond, and through this lo increase their potential for future employment and success. The programme offers a living wage for 12 months lo a young person on a work placement based in 8 project within the Rank Foundation ne￿ork. A further training bursary of £1,200 is provided lo support the young leaders, development. Rank meets with the leaders three times a year on resider)lial based programmes. Each cohort starts in September lo align with the academic calendar. In 2021, we were delighted to secure a new partnefship with the Calalysl for Impact Fund ICIFI. The fund has been established to support the wishes of philanlhropisl Oonald Porteous; a Scottish born oil executive now based in the US. Our partnership agreement is lo work collaboratively wlh the Ca181yst lor Impact Fund lo scale and deliver our successful youth social mobility programme, Rank Aspire. in Dundee. CIF will fund 4 young le8ders per year and for the next 4 years in Dundee. In 2021, we successfully recruited 14 young people in tolal lo the Rank Aspire Programme. The RAP leaders allended a launch evenl in September 2021 and have met several times since through digital sessions. We will continue lo engage wilh Ihis group well into 2022. 'The pmgramme allows space to gmw and is. by far. one of th8 best opportunities anyone could ask for'_ Josh 2020121 Leader. School Leadership Programme The Leadership Award Cufrenlty supports 42 sixth formers from a range of independent. slate maintained. academy and free schiK)Is across the UK. This number has remained steady at 4045 over the past len years. The residential Community Action Placement {CAPI programme was not possible this year and so Award holders were encouraged to report back on their local volunteering. A successful '18adership event, look place online in Septernber in which curfenl award holders shared their views about what conslilules effective leadership and heard an inspiralional talk from a former award holder and current medical student on what the award meant to hei. Other online meetings have provided opportunities for further developmenl of ideas around leadership and allowed the sharing of advice and guidance on university applications. Rank Fellowship The Fellowship continued to thrive durirKJ a second year of limitalions consequent on the pandemic. Steering committee meetings have been both enlirety virtual and hybrid in fomial, both of which have encouraged a full allendance by a committed group of Fellows keen to develop the Fellowship further. Work on developing communications system5 - nolably using Linkedln: on bringing Ihe work of the Fellowship closer to that of the Foundation in general and on clarifying Ihe Fellowship's offer lo ils younger members has continued apace with exciting plans in place for the comirKJ year. In the meantime. Fellowship events have continued as usu81. with a social gathering for young Fellows in Durham and further 'Learning Through Leadership. talks aeross a range of topics. Two - 'A shot in Ihe Arm.. how Big Pharma can continue ils contribulion. and 'Great Techspectalions.. the future of posl pandemic tech'_ directly reflecled the limes we live in. The third-'Lessons from the Classroom'_ also dfaw on pandemic experiences whilst looking more widely at leadership in the education field. An innovation saw a 'Welcome lo the Fellowship. event for the 2019 cohort of school le8dership award holders in August 2021. They now join over 700 others who are actively engaged in the Fellowship. The event also marked a departure, as rim Young retired fiom his role as Director of Education. -13- THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 December 2021 Review of Activities and Achievements Continued CTVC CTVC'S activities aTHI results for the year are set out in more detail in ils own Annual Report and Financial Statements. A summary of results for the ye3r and comparatives are sel out in note 22 on page 44. Despite the ongoing COVID-19 resl¢iclions. which continued lo prove challengin9, CTVC won multipl8 commissions and delivered high quality pro9rammiNJ across the television. radio and digitsl d&partmenls. The highlights were as follows. Ajone Together- this online resource was maintained during 2021 as the county continued to endure reslriclions due to coronavirus. With assislance from those with vast experience of social distancing or isolation. further resources were produced for the thousands of people struggling in the UK. TheSundayService.org continued to stream live ServI￿S from churches across the UK as the pandemic kept parishioners away from tradition31 worship. Additional services were requested including funerals, Easter and Advenl. The number of vi6ws for 2021 lotalled over 41.000. The fourth series of Pilgrimage was cast and filmed in Seplember2021 across Ireland, Northem Ireland and Scotland. Seven celebriiies of differing faiths and beliefs braved unpredictable weather as they followed in the footsteps and legacy of Sl Columba, a 6kn Century Irigh Monk. lo Ihe sile of his most famous monastic seluement on the tiny Hebridean island of lona. Britain's Novel Landscapes with MarielLq Frostrup was CTVC'S second series commissioned during tho pandemic. Broadcast on More 4. it expk>red the stunning landscap8s that inspired female British 8ulhors lo write our besl-loved novels. CTVC also had many programmes broadcast on BBC World Service. including The Righl Thing.. A Life Worth Living? in which regular presenter Mike Wooldridge talks lo a Christian couple who were distraught when their chikj was diagnosed with Down's Syndrome in the womb. BBC Commissioning Editor said"Hearl-breaking sluff. Very moving indeed. Go and win prizes.. Other programmes included On the Covid Ward, an ad hoc commission from the broadcaster who kr)ew CTVC was experienced in dealing wilh sensitive subject matlers and Eighteen Years in Hell, which tells the story Aziz BineBine who SUNNed 18 years in a notorious prison partly due to his all11￿￿e of coMp￿te surrender lo God. Broadcast on BBC Radio 3 in a series of five Essays, writer Madelein8 Bunting explored The Meaning of Ritual. and why religious and secular ritual has been such a pervasNe feature of human societies and marking Hoty Week and Easter, CTVC produced an original drama for Thingsunseen. Moving between the lime of Jesus and a 21st century hospitsl ward, il explored the story of Chrisl's passion from the perspective of Judas, the traitor. After an extensive evaluation. a new TTueTube plafform was developed with an improved search functionality. It Can now also host content CTVC created for the BBC through its new embedding functionality. In time for Black History Monlh, TrueTube released films which explored racism, as woll as looking al the trug definition of racism. CTVC have also partnered with a record number of higNy regarded charities and organisalions lo create content for TrueTube includin9. BBC Teach, The Salters Institute, Red Cross. FASTN, Money Advise Service and the Capuchin Franciseans of Great Britain. This 15 an excellent way of working with likerninded people to bring their voices to a mass audience. CTVC also delivered several training courses forThe British Film Inslitule. Normally, delivered in regular group meetings in a residential setting. due to COV1[￿19 reS￿￿On5 this year the courses were all delivered online and have been very Suc￿sSfUl. With the continuin9 COVID-19 working festrictions, the team worked at home and in professional co- working spoces. A priority for 2022 will be securing permanent olfice facilities lo accommodate a reduced workforce. With the support of Father Christopher Jamison. CTVC presented its strategy for consideration lo the RFL Truslges. Thg CTVC team look forwaTd to working more dosety with their colleagues at the Rank Foundation to further the aims and objectives of both organisations. -14- THE RANK FOUNDATION LIMITED Report of the Trustees for tho year ended 31 December 2021 Lookln Forward Plans for the Future The Rank Foundation has ¢oTrlinued to respond well to the opportunities presented by the Covid pandemic. working with government and other foundalfjong, distributing record levels of funding, whilst building our nelwork to over 1.200 members. The work lo develop a new slralegy. Ihal reflects the changing social landscape of the UK. and plays to the operational stre￿1hS of the Foundation, has now concluded. Our interests in beller understanding 'impacl'. across all of our programmes, will becom8 increasingly important al a time when resources are stretched and where the likelihood of increased poverty will continue lo push demand. In this. retaining the capacity lo nimbly respond to new and emerging ¢hallenges remains important. The two levers of enterprise and leadership will continue to play an important part in shaping our work. with fl39ship programmes like Time to Shine and Profil for Good, combining the desi￿ lo develop strong le8dership with the enlrepreneuri81 skills and confidence lo innovale.. the 'enleiprisin9 leader. ha$ become a successful Rank product and we will conlinue lo build on this. But the development of our participatory grants programme in Plymouth represents a slep-change in terms of our granl-giving, reeognising the significanl value and potential in delegating key decisions lo the local community. Bul the big challenge for the Rank Foundation is the desire to Ifansform our netsvork, RankNet. from good to great.. lo find the best way forward to capture the energy. passion and experience in a way that forms part of our 'impact model,. creating an ec￿YSteM that is. in part. self-regulating and serves lo ensure that we remain firmly focused on the prevailing social issues. shaping and guiding our plans as we go forward. This forms a central part of our new strategy. The Rank Foundation continues lo work collaboralively across the sector. and our conversations wtth potential corporate partners and with various government departments from across the UK. reflects a strong and confident model, built around our growing and vibrant nelwork. The recent £1 Om grant, working with the Department for Communilies and the sports and the voluntary and community sectors in Northern Ireland. reflects this step 4,169 (35) 10.518 12,1151 12,633 Cornmltments at 31 December Payable as follows: Payable within one year Payable after more than one year 3,662 3.(KJ9 TTO 5.451 5,032 4,759 5,7S9 The Foundation as a general rule pays grants onty to institutions Ihal are registered charities or Charitable Incorporated Companies (CICs}. There are ￿ exceptions lo this, firslty where illdiMdLJals incur expenses for Iravelling lo Iraininglconferences elc the Foundation will reimbufse these amounts. Secondly there is the Rank Memorial Award which is paid lo indNiduals lo undertake community based research. In 2021 tsvo recipients received a total of £19,500 (in 2020 £19,500 was awarded to two indsvidualsl. DCMS Match Fundlng Grants Commitment The Foundation agreed lo malch fund the £5m grant it was awarded by DCMS in September 2020. This commitment was partially funded from the balance of the grant received or receivable from TNLCF lotalling £2.26m, which was invested in the Time to Shine programme in 2021 and January 2022. The remaining £2.74rn of the £5m was funded by the Foundation in 2021 and January 2022. This commitment was fulty accounted for in 2021 and is included in the figures in the table above. -31- THE RANK FOUNDATION LIMITED Notes to the Flnanclal Statements for the year ended (Continued) 31 December 2021 6 Net incorne for the year Nel income is Staled after charging I Icrediting)- 2021 £. 000 2020 £. 000 Depreciation of tsngible fixed assets (Gain) I loss on disposal of tangible fixed assets Operating lease rentals Net gains on investments Auditor remuneration l Gross of VATI.. Audit of the Foundation's annual accounls Audit of the subsidiaries Non-audit seNices 32 17) 22 (34.823) 36 131 122 (26.841) 24 16 19 24 16 19 7 Trustee Ex enses 2021 £. 000 2020 £, 000 Travelling and subsistence expenses reimbursed lo five Trustees {2020'. 4) The Tnjstees of the Foundation neither recewed r￿r waived any remuneration during the year 12020.. £Nill- -32- THE RANK FOUNDATION LIMITED Notes to the Flnanclal Statements for th8 year ended l¢ontlnued} 31 Dècember 2021 8 Stsff numbfrrs and costs Group Foundation 2021 £, 000 2020 £. ooo 2021 £. 000 2020 £. 000 Salaries Social security costs Redundancy payments Penslon costs Personal insurance 1.744 186 1.667 180 716 87 611 76 254 68 213 73 118 31 97 41 952 825 Averag¢ number employed 2021 Number 2020 Number 2021 Number 2020 Number Employed in dirè¢t chaTitablè a¢tlvEtles CTVC Programmes Community programmes Support 16 16 14 14 34 16 13 Remuneratlon and benefits-ln.klnd The number of employe8s who received total omployee benerrts {excluding emplDy8r pènsion costs) of more than £60,000 is as follows.. 2021 Number 2020 Number 2021 Numb•r 2020 Number Number of Staff earning £60.001 to £70.C(M) Number of Staff earning £70.001 to £80.000 Number of Staff eaming £80,00110 £90.000 Number of Staff earning £90.00110 £100,000 Number of Staff earning £1￿.00110 £110.000 Number of Staff earning £110.00110 £120.000 Number of Staff earning £120.00110 £130.000 Number of Staff eaming £130.00110 £140,000 Employers pension contributions those empltsyees eaming more Ihan £60,000 were - Group £93,79312020 - £76,576) Foundation £62,87912020- £46.5681 The Senior Mana9emenl Team of Rank cornprises. the CEO David Sanderson. Deputy CEO Caroline Broadhursl, Director of Programmes Kai Wooder. Director of E(lucalion and Leadership John Hind. Finance Director Wendy Matthews (resigned on 28th November 2021) and Inlerim Finance DI￿¢10r Tom Kelman. Their 6mployee benefits total £525k 12020 - £509kl. The group includes the CEO Caroline Matthews and the COO Paul Connolly (resigned on 8th October 20211 from CTVC whose empbye8 benefiis tolalled £225k {£235k- 20201. Group employees, benefits lolalled £750k1£744k- 2020). -33- THE RANK FOUNDATION LIMITED Notes to the Flnancial Statements for the y?ai ended (continued) 31 December 2021 9 Flxed Assets Long Leasehold Properties £, 000 Flxturgs Fittings etc, £, 000 Molor Vehlcles £. 000 Group Total £. 000 Cost at 1 January Addition5 at cost Disposals 6,464 141 10 59 77 {59} 6,664 87 (591 Cosl al 31 December 77 Depreciation al 1 January Disposals Charge for the year 111 31 1341 18 238 1341 32 12 Deprecialion at 31 De￿rnber 98 123 15 236 Not Book Value 31 December 2021 28 62 31 December 2020 30 28 Foundatlon Cost al 1 January Additions at cost Disposals Cost al 31 December 6,464 75 59 77 {59} 77 6,598 86 1591 6,625 6.464 Depreciation at 1 January Disposals Charge for the year 96 59 31 1341 18 186 {34) 24 Depreciation 8t 31 December 98 63 15 176 Net Book Value 31 December 2021 21 62 31 December 2020 16 28 THE RANK FOUNDATION LIMITED Notes lo the Financlal Statements for the year endod (Continued) 31 Decemb&r 2021 10 Fixed asset investments Fixed asset investments consist of publicw traded investments and repayabte grants. The Truslees believe that the carrwng value of the investrnents is supported by their undeilwng assets. Group and Foundatlon 2021 £. 000 2020 £. 000 Publicly traded investments Repayable grants {see note 111 302,558 780 273,737 495 274 232 Publlcly traded Investments Markgt value 8t 1 January Additions 31 cost Disposal proceeds Net gains on investments Movement in cash awaiting reinveslmenl 273,737 103,901 {109,6991 34.823 (2041 252,432 90,978 181.209) 26,841 115,305) Markelvalue al 31 De￿mber 302 558 273 737 The investments comprlsg (In acqulsltlon date orderl CF Ruffer Tolal Return Fund I CF Ruffer Total Return Fund J Fundsmith Equity Class I Heronbridge UK equity fund Acc I Shares Core MSCI World I Shares MSCI EM Verilas Global Equities Focus Fund Monks Investment Trust GMO Global Real Relum Fund MDO Management Co RWC Global Emerging Pantheon International Private Equily Funds Harbourvest Global Private Equity Funds Standard Life Private Equity Trust Royal London Money Market Fund ICG Enterprise Trust Pantheon Infrastructure Pantheon RTS 43,254 50,9 36,505 22,522 13.086 29,866 18,057 36,236 4,306 28.193 30,493 40,866 15,514 8.234 4.873 2.776 6,671 32.929 30.807 49,063 14,874 11,35S 11,663 4,770 2,419 8,222 9.073 86 Cash awaiting reinvestment 4,194 4.398 Market V81ue al 31 December 302,558 273.737 Historical cost at 31 December 196 798 197 844 -35- THE RANK FOUNDATION LIMITED Notes to the Financial Statements for the year ended (contlnuedl 31 December 2021 11 Repayable grants Group and Foundatlon 2021 £, 000 2020 £. 000 Balance at 1 January New repayable grants disbursed New repayable grants payable Capilalised interest Interest adjustment Repayments received 495 210 285 250 Balance at 31 December 780 495 Maturity of the repayable grants: Due within one year Due between one year and five years 390 390 390 105 780 495 Repayable grants are made available to beneficiary organisalions in order to fvrther the charitatAe objectives of the Foundation. AJI repayable grants are UK based with agreements ranging in length from three to fwe years with interest rates up lo 3010 above Bank of England base rate. 12 Debtors Group Foundatlon 2021 £. 000 2020 £. 000 2021 £, 000 2020 £. 000 other debtors Prepayments and accrued income Amounts due by subsidiary undertaking VAT recoverable 1,020 3,814 651 34 3,694 1.022 3,822 687 3,702 Included within Prepayments and accrued income in 2021 is an amount of £500k due ffom TNFL relating lo T2S programme I£SOOk 20201. -36- THE RANK FOUNDATION LIMITED Nolgs to the Flnanclal Ststtmènts forthe year ended Icontknued) 31 December 2021 13 Cr?dltors'. amunts lallin due within one Group Foundallon 2021 £. ooo 2020 £. 000 2021 £. 000 2020 £. 000 Tr&le Greditor5 Accruals 8nd deferred incorne Amounts du8 to subsidiary undgrtaking Other laxalion and social security Pension contributions Other Cfedilors Grants payabla to third part￿S Soclal Inve5trn8nt- r9payable grant to Ihird p8rty Gr8nts payable lo subsmjiary undertaking running costs 187 243 192 210 66 182 119 116 26 23 15 21 15 152 3,009 149 3,412 3.412 250 3,009 1,332 5.265 1,293 4.601 4.297 3.633 Grarnts payable io S￿bSKIlary und8rtaknrwJ Pension reserve 457 457 14 Cr8ditors.' amounts fallin due after nKI￿ than one Group Foundatlon 2021 £. 000 2020 £. 000 2021 £. 000 2020 £. 000 Grants to third parbes payable 1-2 years Gr8nls lo third parties payable 2-5 years 596 174 472 28 596 174 770 500 770 Grants payable lo subsidiary uThJertaking pens¥on contributions payable 1-2 years pension contributions payab18 2-5 y8ar8 pensK*n contributions payable 5+ years 457 1.371 2,705 4,533 457 1.371 3,161 4,989 soo 770 15 Operallng 18ases Group Foundation 2021 £. 000 2020 £. 000 2021 £. 000 2020 £. 000 Tot81 future Minimum lease payments u￿ler n0nllc8n￿1￿bl8 operating leases a￿ as foll(ths". Ntst later than one y9ar Later than one and not later than five 21 21 12 10 10 20 23 -37- THE RANK FOUNDATION LIMITED Notes to the Flnanclal Statements for the year ended {contlnuedl 31 December 2021 16 Funds Actuarial Galn on pension scheme Asat1 January Investment Gain51 Transfers (losses) Asat31 December Inc. Exp. £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo 2021 Unrestrlcted funds 269 824 334 301 721 Restrlcted funds Pension scheme deficit Pension reseNe CTVC restricted funds CTVC general funds Rank restricted funds Rank Catalyst funds TNLCF- Time lo Shin8 DGMS- direct funding DCMS- Rank funded Total reslricled funds (8.7911 8.791 (112) 3.413 457 13,758) {5,0331 5,033 156 1,378 {156) {2.637) 11.323) 150) (1,716) (3,759) 582 1,328 1,323 651 1,093 3.759 1.123 500 334 275 258 302 872 2020 Unrestricted funds 253 528 269 824 Restrlcted funds Pension scheme deficit Pension reserve CTVC restricted funds CTVC gener81 funds Rank reslricled funds rNCLF- fime to Shine DCMS Totsl reslricted funds { 7.318) 5.903 (142) {1.788) 457 2.888 18,7911 8,791 97 734 197) 12.240) 11,302) (3051 1.241) 780 51 305 1,308 1,251 582 1,093 5.000 1,093 3,759 279 Total funds 253 249 275 258 Restrlctsd funds The pension reserve total of £5,033k represents the arrbounl sel aside by the Trustees to cover the deficit repayments made lo the defined benefit pension scheme of £4.989k. and in addition the current difference of £44k belween that balance and the FRS 102 eslimaled deficit as at 31 December 2021. The Foundation has guaranteed to CTVC lo cover the full cost of the Qu￿ent repayment plan {see note 21). CTVC re51ricled funds repr8s8nts unspènt funds received for specific projects undertaken by CTVC. CTVC general funds represents the unrestricted funds wthin CTVC are restricted within the Group financial slalements to the objectives of CTVC. TNLCF restricted funds relates lo monies received from TNLCF lo fund the T2S programme. -3 THE RANK FOUNDATION LIMITED Notes to th• Financial Statements for the year end•d leontinuedl 31 Decèmber 2021 16 Funds l¢ontinutdl Designated funds Designated funds in the Bala￿e Sheel of Ihe Foundalion represents the currenl eslimate of the liability under the guarantee to CTVC for the ck)swJ defined benefii pension sth8rne. S88 llOt8 21 for details. The designated funds within the Group aceounts r8pres8nts Ihe (￿rtment made by the Foundation to the subsidiary, CTVC. for the annual running costs grant. Transfers A Iransler or £1.328k. 12020 - £1.308kl from unfestricted (unds to reslricled funds ￿fleetS the comrnitmenl made by the Foundation to CTVC lo support Its general reserves a5 at 31 December 2021. These fijnds are restricted because the objeclives of CTVC ale narrower Ihan Ihose ol the Foundation. A tr8nsfer of £3,301k to unreslri¢led fvNls from the pension reseNe12020 - £3.345k from un￿Stricted to the pension reserve) reflects the guarantee made by the Foundation io fulty fund the CTVC defined benefit pension scheme and ss based on the estimaled FRS 102 valuation as al 31 December 2021. A transfer of £1,323k 12020- £1,251k) from unrestricted futvjs to restrlcied funds relates primarily lo Ihg Foundation funding Ihe elemenl of the fime io Shine programme in 2021 that was nol rnel from the funds r8¢9ived from TNLCF. A transfer of £984k from unrestricted lunds to reisrKted lunds r81ales to lh8 fvnding by Rank of the remaining DCMS recovery lund appl￿t￿n5 ofter the DCMS r8stsicted fundiThJ was compleiely disbursed and which Rank met from its own funds. 17 Anal￿1$ of net asset8 bvtween lunds Unre8trlct¢d funds £￿00 Restrlct&d funds £'ooo P•nslon r•s$Fvo £'ooo TOTAL £'ooo 2021 FIx8d assets Nel current Iliabilitiesl l assets Credit()rs more Ih8n one year Pension Iliabilitlesy Assets 309.787 17.5661 { 5001 309,794 (1,389} 15001 { 5.0331 6,177 15,0331 TOTAL 301721 302 872 2020 Fixed assets N9t current Iliabilibe51 l assels Creditors more than one y8ar Pen$i(bn I liabilities) l Assets 280.644 110,0501 17701 14 14,211 280,658 4.161 17701 18,7911 18,7911 TOTAL 269 824 275 258 18 Related party transactlons The Trvslees ol the Foundation have interests in a range of olher org8nisations. During the year, a number of grants have b8en awarded to certain of these organisalions. In such cases. the r818vant Trustee8 have (le¢lared their inieresls and have nol participated in the decision to award fundiry to that organisalion. 19 Member Th*Tr Foundalion is a charitable company limited by guar8nlee, hawng rKJ share capital, and, in èccordancè wth clause 6 of the Memorandum of Association, every member. of whtrm Iher8 rnay be a tnaximum of 15, 15 liable to contributo a sum of £1 in thè gvènt of thg FoundalKJn being %￿Und up. Al 31 Decombar 2021 Ihgr& were 12 members12020 '. 121. 20 Taxallon As a registe￿d charity. the Foun(Sation b. in general, exempl Irom tax on its investment in¢ome and charu8abie gains. THE RANK FOUNDATION LIMITED Notes to the Financial Statements for the year ended Icontinuedl 31 December 2021 21 Penslons Al Defln•d benèflt scheme - closed Aprll 21102 The defined benefit schetne covered Ihe majority of CTVC'S employees up to the date of closure and al that date. the scheme deficit was ¢.£5.14m . The pension cost relaling to Ihe principal scheme is assessed in accordance with the advice of an independent qualified actuary using the projected vnil methfxl. It is to be noted Ihat ut¥Jer Ihis valualion melhod the costs wll Inc￿aSe as the members ol the scheme appioach retirement. The LAtesl actuarial valuation ol this scheme was al Ihe 30 September 2018. The next lull valuation as al 30 September 2021 is already underway and the draft results indicate that the scheme deficit was c.£4.63m at thal d81e. Thè Found8tion has formalised its o)mmitmenl to the fvnding of this sch8me by putting in place a leg81 gu8rant8è that has been accepted by the Pension5 Regulalor. Th8 FoutKlation expects to pay £457,000 in lh8 year to 31 December 2021, and has recendy appointed professional a(fvisers to supwrt il Mth managing the ri5k5 arising under the scheme. The Rank Foundation has seeked indeperKl8nt 8cluaiial advice from lime to lime lo manag8 th8 strateg￿ risks ol funding Ihts scheme. The management of the funding, inveslmenl, and compliant> risk is undertaken by the pension sch8m8 Truslèas. ¥tho hav& appoinied their own indeperKlenl profe$$I￿al aciuab.al advisors, adminislralors, and investment manager. The penslon schemè Trustees have appointed the s¢hgm8 actuary lo prepwe the following detailed dlSdosu￿S and they have relied on the Actuar￿5 experli5e in Ihls regard. Explanation of amounts In the flnancial statements Amounts reco niBed in the Balaneè Sheet at 31 December 2021 Value at 31 DKernber 2021 £'ooo Value 01 31 December 2020 £'ooo Fair value of 8SS8ts Pr8sènt value of funded obkngations 11.366 (16.3991 10.204 118.9951 Deficit 15.0331 18,7911 Net defined benefrt liability at 31 December {5,033) 8,791 Amounts reco nlsed In the Income and Exptndlture account In the e3T 31 December 2021 £'ooo 31 December 2020 £'ooo Inte￿st on liabilitie5 Interest on assets 242 11301 339 11971 Total 112 142 31 Decemb¢r 2021 É'ooo 31 December 2020 £'ooo Gain on scheme assets in 8xcèss of intere61 Experience gains on liabilities Gains from changes lo d8mographic assurnptions (Gains) I losses from changes to financial assvmplions (1.3781 141 13581 11.6731 12421 2,030 Total r•m•asur•ments (3,413) 1,788 THE RANK FOUNDATION LIMITED Notes to the Flnanclal Ststements for the year ended {continued} 31 December 2021 21 Penslon5 continued Explanatlon of amounts In the Ilnanclal statements Icontlnued) Rgconciliatlon of assets and dafingd Bgnefit Obligation The chan e in thg assets over the year was: Value at . 31 Dec8mbèr 2021 '. £'OOD Value at 31 Decembor 2020 ,.. £'ooo Falr value of assets at thg beginning of the year 10.204 9,947 Interest on assets Company contributions Benefits paid Return on scheme assets less liabilities 130 457 {8031 1,378 197 457 16391 242 Falr value of assèts at Ihe end of the year 11.366 The chan e in the Defined Benefit Obli ation over the earwas: 31 DeGèmber 2021 £'ooo 31 De¢ember 2020 £'ooo Deflned Bgnefit Obligation at the beglnnlng of Ihe year 18,995 17,265 Interest on liabilities Benefits paid Experience gain on defined benefit obluaknon Changes to demographic assumptions Changes to financial assumptions 242 1803} 14) 1358) (1,673} 339 16391 2,030 Fair value of a6sets at the end of the year 16,399 q8.995 Assgts £'ooo £'ooo EqLJities Fixed interest Allernaliv8S Cash 8.535 902 1,530 399 7,765 829 1.367 243 Total Actual return on ass9ts 1.508 439 41- THE RANK FOUNDATION LIMITED Notes to the Financial Stalements for the year ended Icontlnuedl 31 Dtrcember 2021 21 Pènsions Icontinuedl The prlnclpal actuarlal a8sumptlons used to calculate the scheme's Ilabllltles Includ•: 2021 1.90% 3.60% 2020 1.30° 3.20Vo Discount rate Retail PrSces Index IRPII inn8lion Rèvaluation in defermenL' Pre May 2001 benefits Post May 2001 benefits Pension increases GklP earned before 06104188 GMP earned after 06104188 Pension earned before 01110192 in excess ol GMP Penslon earned beiween 01110192 and 31105101 in excess of GMP Pénsion earned aftef 01106101 5.00% 3.60% 5.00% 3.20•h Nl 3.00% 3.00% 5.00% 3.45% 3.00% 3.00% 5.00% 3.10% Life expectancy al age 65 01 rnale aged 45 Life expectancy at age 65 01 male ag8d 65 Life expeetancy at age 65 of female aged 45 Life expeclanoy at agè 65 of fem81è 8ged 65 22.6 21.3 25.9 24.5 23.2 21.8 26.0 24.4 Sen51tlvSty placed on the value of the Ilabllltles 2021 2020 £'ooo £'ooo Apwoxitnale affect on liability DSscount Rate Dlscounl R8te-0.10°1 Cash Commutatlon A55Um8 m8rnber5 exchange 15°A of pension for cash Mortallty Mortallty loadlng feduced by 5% for males and f8malg8 1100% of S3PMA and 90% ol S3PFA} 255 323 148 432 339 423 42- THE RANK FOUNDATION LIMITED Notes to the Financial St8ttrments for the year ended Icontlnuedl 31 December 2021 21 Pensions conllnued Movement of trlonnlal v81uatlon. Restrlctod fund. £'ooo £'ooo Deficit as per triennial valuation at 30 September 2015 including estimat8 for loss of ir￿Me. 7.084 Payments made into the fijnd during 2017 and 2019 (pre valuation) Payments rnade into the fund during 2018 (post valuation) 14571 724 1.181 5,903 Payments made into the fund during 2019 Refund of granl required as per triennial valuation at 30 September 2018. (4571 14571 Deficit as per triennial valuation al 30 September 2018 includiro estimate for loss of ir￿me. fj.474 Payments made into the fund ￿st valuation during 2018 and 2019 (as above) Payments made into the fund during 2021 Balance carrled forward. Restrlcted fund per CTVC Ilnanclal slalements (1141 1.371 I 11.4851 4.989 Transf•r from unrestricted fund at Consolldation level to cover the ostlmated deflclt per the annual FRS 102 actuarial valuatlon of the deficit as at 31 December 2020 to reflect the commitmgnt made by the Foundation 44 Balance carried forward Bl Defin•d Contrlbution Schemes 2021 £'ooo 2020 £'ooo Rank Foundallon Scheme Pension charge for the peiiod 117 97 CTVC stakeholder scheme Pension charge for the period Balance due lo the scheme at the year end 54 11 172 182 43- THE RANK FOUNDATION LIMITED Notes to the Flnanclal Statements for the ￿aT onded l¢ontinued) 31 Dec8mber 2021 22 Subsidlary undertaklng CTVC Limited {"CTVC'I is a registered charity aNI its principal activittes are the production and distribution of television programmes. films and videos for Christs'an and other faiths and for educational purposes. CTVC is incorporaled in England and Wales and is a whollywowned subsidiary as th8 Foundation h8s the rKJhl lo appoint a majority of the directors and to remove any directors il appoints. HiSlside Pmductions Limited 1$ a wIM)Ily￿}Wned trading subsidiary of CTVC. It is incor[￿rated in England and Wales, and its principal activity is Ihe making of video producti)ns. 51 is intended that the profits of the company will be donated lo CTVC by way of gift ai(l. Hillsi¢Je had turnover of £Nil for the year (2020 - £Nill and nel assets of £15k al the year end12020- £20K) A summary of the consolidated results of CTVC for the year is shown below. Audited accounts will be filed with the Regislr8r of Companies. Summarlsed Consolidated s&￿ement ol Financial Activities 2021 £'ooo 2020 £'ooo Income Donations- Grants Income from charitable actwities Investment income Other Income Total Income 1,328 1,533 1,313 823 2,144 Expenditure Costs of raising funds Charitable activities 2,901 2,905 2,479 2,484 Total Exponditurg Net Expenditure 143) 13401 Other rocognlsed losses Actuar￿1 losses on defined benefit pension scheme Net movement on funds 3,413 3.370 (1,7881 12.1281 Reconcillatlon of funds Totsl funds brought forward Total funds carrled forward 2,763 607 635 Summar159d Consolidatod BalanGe 8he¢l Net assets less Ilabllitles excluding pension liability 5,640 6.028 Defined benefit pension scheme liability 15.0331 (8.7911 Net assets l {Ilabilities} 607 12.7631 THE RANK FOUNDATION LIMITED Notes to tho Financlal Statements for the year ended (continued) 31 December 2021 23 Outstanding commllments and contingent Ilabllities At 31 December 2021 there were oulslanding eommitmenls relating to eoncessionary kjans and repayable grants of £250k12020 - £285kl which had not been drawn down by ber)eficiarie5. At 31 December 2021 there were outstanding commitments of up lo £705k (2020 £472kl relating to grants that have been awarded lo match the trading results of beneficiarigs. These amounts have not been included in creditors at the ye8r end because the amounts to be awarded are subject to beneficiaries meeting certain criteria. 45-