| Report ofthe Trustees | |||
|---|---|---|---|
| Reference and Administration | |||
| - Trustees and Committees | |||
| - Foundation Information and Professional |
Advisers | ||
| Structure, Governance and Management |
|||
| - Objects, Public benefit and Strategy | |||
| - Constitution | |||
| — Corporate Governance | |||
| — Decision Making and Committees |
|||
| - Fundraising | |||
| - Risk Management and Internal |
Control | ||
| Review ofActivities and Achievements | |||
| Looking Forward | 14 | ||
| Financial Review |
15 | ||
| Statement ofTrustees' Responsibilities |
17 | ||
| Independent Auditor's Report |
18 | ||
| Consolidated Statement of Financial Activities |
23 | ||
| Consolidated Balance Sheet |
24 | ||
| Company Balance Sheet |
25 | ||
| Consolidated Statement ofCash Flows |
26 | ||
| Notes to the Financial Statements | 27 |
| Trustees: | Committee Membership |
||
|---|---|---|---|
| Chairman: | |||
| J.R. Newton | (1,2,3,5,7) | ||
| Deputy Chairman: | |||
| J.J.Chaffer | (3,4,7) | ||
| N.F.Buxton | (2,5) | ||
| Ms L.A. Clay | (5,6) | ||
| S.H. Cowen | (2) | ||
| J.Davis | (1) | ||
| Ms. R.M. Fitzpatrick | QPM | (1,4,6) | |
| A.N.R Fleming | (3,5,7) | ||
| Mrs. J.L. Ropner LL | (1,4,7) | ||
| M.D.B.Simon | (1,5) | ||
| S.E.Snyder (appointed | 13April 2023) | ||
| W.P Wyatt | (1,3) | ||
| Board Consultants: | |||
| G.C. King | (2,5) | ||
| C.Cade | (3) | ||
| Committees: |
| Foundation Information |
Foundation Information |
||||
|---|---|---|---|---|---|
| Executive Staff | |||||
| Rank Foundation | Limited | ||||
| Chief Executive | Officer | D.J.Sanderson MBE DL |
|||
| Deputy CEO | C.S.Broadhurst | ||||
| Director of Programmes Director of Education and |
Leadership | K.Wooder J.R. Hind |
|||
| Company Secretary & Finance Director |
A. Bennett (appointed 7 November 2022 resigned |
||||
| 20 February 2023) | |||||
| Interim Company | Secretary | & Finance Director | T.Kelman (resigned |
25 November 2022, re- | |
| appointed 24 January 2023) |
|||||
| CTVC Limited | |||||
| Chief Executive Finance Director |
Officer (CTVC Limited) &Company Secretary |
C.C. Matthews J.Rees (appointed |
2 May 2022) | ||
| Registered and |
principal | office: | 19-21Garden Walk, | London, EC2A 3EQ | |
| (from 5 December 2022) | |||||
| 12Warwick Square, | London, SW1V 2AA | ||||
| (to 4 December 2022) | |||||
| Website: | www. rankfoundation. | corn | |||
| Registration numbers: |
Company 516434 | Charity 276976 | |||
| Professional Advisers |
|||||
| Auditor: | BDO LLP, Baker Street, London | ||||
| Bankers: | National Westminster Bank pic |
||||
| Investment Custodian: |
Northern Trust |
||||
| Investment Advisors: |
Asset Risk Consulting |
| THE RANK FOUNDATION |
LIMITED | LIMITED | LIMITED | LIMITED | LIMITED | ||||
|---|---|---|---|---|---|---|---|---|---|
| Report ofthe Trustees for the year | ended | 31 December 2022 | |||||||
| Structure, Governance and Mana |
ement | continued | |||||||
| ~Fundraisin | |||||||||
| 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 "soliciting or otherwise procuring |
money or other property for charitable purposes". Such |
amounts | |||||||
| receivable are presented in our accounts |
as "Income from donations" and includes grants. |
||||||||
| In relation to the above, the Charity |
does | not involve commercial or professional fundraisers |
or | third | |||||
| parties. The day-to-day management |
of all income generation is delegated to the Executive Team, |
who | |||||||
| are accountable to the Trustees. Any |
solicitations would be managed internally. The Foundation |
is | not | ||||||
| bound by any undertaking to any regulatory |
scheme and the Foundation does not consider it necessary |
||||||||
| to comply with any voluntary code ofpractice. |
We have received no complaints in relation to fundrais |
ing | |||||||
| activities. Our terms ofemployment | require staff to always behave reasonably. As we do not approach |
||||||||
| individuals for funds, we do not have |
a particular reference in our terms of employment to fundraising |
||||||||
| activities nor do we consider it necessary |
to design specific procedures to monitor such activities. |
||||||||
| The Foundation continues to work |
in | partnership with Government bodies, from DCMS |
to | the | |||||
| Department for Communities in programmes that are consistent with |
Northern Ireland, reg arding unsolicited, community focused Rank's mission and are not part ofany structured or intended fund- |
||||||||
| raising efforts. | |||||||||
| Risk Mana ement and Internal Control |
|||||||||
| The Board has overall responsibility | for the Foundation's system ofrisk management and internal |
control | |||||||
| and for monitoring and reviewing the |
systems | in place. The Board are assisted in these endeavours |
by | ||||||
| the Audit Committee. Such systems |
cannot eliminate all risks, but the Chairman's Committee, |
the | Board | ||||||
| and the Audit Committee are satisfied | that | systems are robust and operate effectively. The principal | risks | ||||||
| identified for both the Foundation and |
CTVC and a summary ofhow they are managed are set out below. |
||||||||
| Risk | Mana ementof risk |
||||||||
| Financial: | |||||||||
| Investment underperformance and volatility of |
~ Management offunds in line with investment policy set by |
||||||||
| investment markets affecting investments |
Trustees. | ||||||||
| valuations. | ~ Investment Committee monitors the performance of investments. |
||||||||
| ~ Investment in funds to provide diversification and returns to meet |
|||||||||
| expenditure need. |
|||||||||
| Pension scheme assets are insufficient to meet the liabilities ofthe scheme. |
~ Supporting the Pension Scheme Trustees in reviewing their managers performance. |
||||||||
| ~ Agree funding plan with Pension Scheme Trustees. |
|||||||||
| ~ Appoint actuarial advisers to help review, manage and mitigate |
|||||||||
| risks. | |||||||||
| Legislative: | ~ Oversight ofChief Executive and executive staff. |
||||||||
| Non-compliance with legislation and Financial |
~ Staff competences and training. |
||||||||
| Reporting Standards. |
~ Review offinancial reporting by Audit Committee. |
||||||||
| Reputation: | |||||||||
| Damage to the good name or good standing | of | ~ Appraisal procedures and ongoing monitors ofgrants awarded |
|||||||
| the Foundation through the default or other |
by Board Committees. | ||||||||
| misdemeanour by an approved grant recipient. |
|||||||||
| Failure to complete or meet media production | ~ Project management ofmedia productions. |
||||||||
| re uirements. | |||||||||
| Information Technology: |
~ Policies, procedures, patching and backup plans in place |
||||||||
| Cloud plafform failure/Cyber-attack. |
desi ned to revent or limit the im act. |
||||||||
| Personnel | ~ Implement cross training in responsibilities where appropriate. |
||||||||
| Loss ofke executives |
|||||||||
| Business interruption: e.g.pandemics |
~ LIK Government advice is followed, and activities are adapted |
||||||||
| Limitations on media productions and severe |
where possible. | ||||||||
| disruption to CTVC's business activities. |
~ Close monitoring ofCTVC's cash flows and business plan |
||||||||
| Limitations or cancellation ofevents and |
revisions implemented as necessary. |
||||||||
| charitable activities ofthe Foundation. |
~ Infrastructure is in place to allow staff to work remotely and for |
||||||||
| charitable activities to be delivered digitally where possible. |
|||||||||
| Mental Health first aider in place. |
| Notes | 2022 | 2021 | |||||
|---|---|---|---|---|---|---|---|
| Restricted | Unrestricted | Total | Restricted | Unrestricted | Total | ||
| Fund | Fund | Funds | Fund | Fund | Funds | ||
| E' 000 | E' 000 | E' 000 | E' 000 | E' 000 | F' 000 | ||
| Income from: | |||||||
| Grants | 9,077 | 9,077 | 1,173 | 35 | 1,208 | ||
| Charitable activities |
1,102 | 1,102 | 1,533 | 1,533 | |||
| Other trading activities |
1,510 | 1,510 | |||||
| Investments | 3,024 | 3,024 | 1,577 | 1,577 | |||
| Other income | 166 | 166 | (40) | (39) | |||
| TOTAL INCOME | 11,689 | 3 190 | 14,879 | 2,707 | 1 572 | 4,279 | |
| Expenditure on: |
|||||||
| Raising funds | 1,368 | 248 | 1,616 | 4 | 267 | 271 | |
| Charitable activities |
11,903 | 7,819 | 19,722 | 10,733 | 3,897 | 14,630 | |
| TOTAL EXPENDITURE | 13,271 | 8,067 | 21 338 | 10737 | 4,164 | 14,901 | |
| Net (loss) Igains on investments | 10 | ( 31,937) | ( 31,937) | 34,823 | 34,823 | ||
| Net incomel (expenditure) | ( 1,582) | ( 36,814) | ( 38,396) | (8,030) | 32,231 | 24,201 | |
| Transfers between funds |
16 | 1,439 | (1,439) | 334 | (334) | ||
| Other gains Actuarial gains on defined |
21 | 3,972 | 3,972 | 3,413 | 3,413 | ||
| benefit pension scheme | |||||||
| Net movement in funds |
3829 | 38253 | 34424 | 4283 | 31 897 | 27614 | |
| Reconciliation offunds |
16 | ||||||
| Total funds brought forward |
1 151 | 301 721 | 302872 | 5434 | 269 824 | 275 258 | |
| Total funds carried forward | 4980 | 263468 | 268 448 | 1 151 | 301 721 | 302872 |
| Notes | Year ended | Year ended | Year ended | Year ended | ||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| R' 000 | F' 000 | K' 000 | R' 000 | |||
| Fixed assets | ||||||
| Tangible assets Investments |
9 10 |
7,135 264,544 |
6,456 303,338 |
|||
| Total fixed assets | 271 679 | 309794 | ||||
| Current assets Debtors |
12 | 337 | 1,022 | |||
| Short term deposits Cash at bank and in hand |
5,600 4,444 |
1,886 | ||||
| Total current assets | 10,381 | 2,908 | ||||
| Current liabilities |
||||||
| Creditors: Amounts falling within one year |
due | 18 | ~9.428 | 4,297 | ||
| Net current assets I(liabilities) | 953 | 1,389 | ||||
| Total assets less current liabilities | 272,632 | 308,405 | ||||
| Creditors: Amounts payable after more than one year |
14 | (3,488) | (500) | |||
| Net assets excluding pension |
liability | 269,144 | 307,905 | |||
| Defined benefit pension scheme | liability | 21 | (696) | (5,033) | ||
| Net assets including pension |
liability | 268448 | 302,872 | |||
| The funds ofthe Group | 16 | |||||
| Unrestricted funds |
||||||
| Unrestricted funds |
262,136 | 300,389 | ||||
| Designated funds - CTVC |
Grants | 1,332 263,468 |
1,332 301,721 |
|||
| Restricted | 5,676 | 6,184 | ||||
| Funds excluding pension reserve |
269,144 | 307,905 | ||||
| Defined benefit pension scheme reserve -restricted |
16,21 | (696) | (5,033) | |||
| Total funds | 268,448 | 302,872 |
| THE RANK FOUNDATION LIMITED |
THE RANK FOUNDATION LIMITED |
THE RANK FOUNDATION LIMITED |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| Company Balance Sheet |
|||||||||
| at 31 December 2022 | Com | an | number: | 516434 | |||||
| Notes | Year ended | Year ended | |||||||
| 2022 | 2021 | ||||||||
| R' 000 | K' 000 | K' 000 | R' 000 | ||||||
| Fixed assets | |||||||||
| Tangible assets investments |
9 10 |
7,124 264,544 |
6,449 303,338 |
||||||
| Total fixed assets | 271 666 | 309787 | |||||||
| Current assets | |||||||||
| Debtors | 12 | 211 | 687 | ||||||
| Short term deposits | 5,600 | ||||||||
| Cash at bank and | in | hand | 3044 | 1 213 | |||||
| Total current assets | 8,855 | 1,900 | |||||||
| Current liabilities |
|||||||||
| Creditors: Amounts within one |
falling due year |
13 | ~10673 | 5722 | |||||
| Net current (liabilities) | I | assets | 1 818 | 3822 | |||||
| Total assets less current | liabilities | 269,850 | 305,965 | ||||||
| Creditors: Amounts | payable after | ||||||||
| more than | one year | 14 | (7,715) | (5,033) | |||||
| Net assets | 262 135 | 300932 | |||||||
| The funds ofthe charity | 16 | ||||||||
| Restricted funds | 500 | ||||||||
| 500 | |||||||||
| Unrestricted funds |
|||||||||
| Unrestricted funds |
262,831 | 305,465 | |||||||
| Designated funds |
16,21 | (696) | (5,033) | ||||||
| Total unrestricted funds |
262 135 | 300432 | |||||||
| Total funds | 262 135 | 300 932 |
| Notes | 2022 | 2021 | ||
|---|---|---|---|---|
| E000 | K' 000 | |||
| Cash flow from operating activities |
(851) | (9,575) | ||
| Net cash | flow used in operating activities |
851 | 9,575 | |
| Cash flow from investing activities |
||||
| Payments to acquire tangible fixed assets Receipts from sales oftangible fixed assets Payments to acquire investments Receipts from sales of investments Payment ofrepayable grants Dividends and interest received from investments |
(678) 29 (54,051) 57,719 (345) 3,024 |
(87) 32 (103,901) 109,699 (35) 1,577 |
||
| Increase in Short term deposit |
(5,600) | |||
| Net cash | flow generated by /(used in) investing activities |
98 | 7,285 | |
| Change | in cash and cash equivalents in the year |
(753) | (2,290) | |
| Cash and cash equivalents at 1 January |
6,080 | 8,370 | ||
| Cash and cash equivalents at 31 December |
5,327 | 6,080 | ||
| Cash and cash equivalents consists of: Cash at bank and in hand |
4,444 | 1,886 | ||
| Cash balances held by custodian for reinvestment |
883 | 4,194 | ||
| Cash at | cash equivalents at 31 December |
5,327 | 6,080 | |
| A) Reconciliation of net income to net cash flow from operating |
activities | |||
| Net income for year | (38,396) | 24,201 | ||
| Dividends and interest from investments |
(3,024) | (1,577) | ||
| Depreciation oftangible fixed assets Net loss / (gains) on investments Loss / (profit )on disposal oftangible fixed assets Decrease in debtors |
28 31,937 13 685 |
32 (34,823) (7) 2,800 |
||
| Increase in creditors net ofrepayable grant creditor |
8,119 | 144 | ||
| Defined benefit pension scheme contributions | (457) | (457) | ||
| Defined benefit pension scheme Defined benefit pension scheme finance cost |
152 92 |
112 | ||
| Net cash flow from operating activities |
851 | 9,575 | ||
| B) Analysis ofchanges in net Funds |
2021 | Cash Flows | 2022 | |
| Cash at bank and in hand |
1,886 | 2,558 | 4,444 | |
| Short term deposit Cash balances held by custodian for reinvestment Total |
4,194 0080 |
5,600 ~3,311 4847 |
5,600 883 '10827 |
| Notes to the Financial Sta 31 December 2022 |
tem | ents for the year ended |
(continued) | ||||
|---|---|---|---|---|---|---|---|
| 2 Total group ex enditure | |||||||
| Direct | |||||||
| 2022 | Costs I | Support | |||||
| Grants | Staff | Other | Costs | Total | |||
| f'000 | f'000 | f'000 | f'000 | f'000 | |||
| Raising funds Investment management |
costs | 248 | 248 | ||||
| Expenditure on other trading Total raising funds |
activities - Hillside | 1 364 1,364 |
4 252 |
1 368 1,616 |
|||
| Charitable activities Community programmes CTVC |
15,047 1,072 |
1,332 375 |
15 | 926 955 |
17,305 2,417 |
||
| Total charitable activities |
16,119 | 1,707 | 15 | 1,881 | 19,722 | ||
| Total Expenditure | 17483 | 1 707 | 267 | 1 881 | 21 338 | ||
| 2021 | |||||||
| Raising funds Investment management |
costs | 267 | 267 | ||||
| Expenditure on other trading Total raising funds |
activities - Hillside | 4 271 |
4 271 |
||||
| Charitable activities Community programmes CTVC |
10,459 1,227 |
549 783 |
196 | 721 695 |
11,729 2,901 |
||
| Total charitable activities |
11,686 | 1,332 | 196 | 1,416 | 14,630 | ||
| Total Expenditure | 11686 | 1 332 | 467 | 1 416 | 14901 |
| Community f' 000 |
CTVC f' 000 |
2022 f' 000 |
Community f' 000 |
CTVC f' 000 |
2021 f' 000 |
||||
|---|---|---|---|---|---|---|---|---|---|
| Governance Staff Occupancy Depreciation Other |
(see | note | 4) | 144 368 82 25 307 |
46 632 84 5 188 |
190 1,000 166 30 495 |
113 361 77 24 146 |
37 502 23 25 108 |
150 863 100 49 254 |
| Total | 926 | 955 | 1,881 | 721 | 695 | 1,416 |
| Group | Group | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| R' 000 | R' 000 | ||||||
| Auditor's Remuneration |
48 | 40 | |||||
| Legal and Professional | fees | 39 | 14 | ||||
| Trustee and consultants | expenses | 27 | 12 | ||||
| Allocated staff | costs | 76 | 84 | ||||
| 190 | 150 | ||||||
| Group statutory | audit fees | (Net ofVAT) | 40 | 33 | |||
| Grants | |||||||
| Group | Foundation | ||||||
| 2022 | 2021 | 2022 | 2021 | ||||
| R' 000 | K' 000 | R' 000 | K' 000 | ||||
| Commitments made in the year Grants cancelled or recovered |
14,628 ~424 |
10,302 111 |
16,202 ~424 |
11,634 111 |
|||
| Grants payable Grants paid in |
for the year the year |
14,204 ~7,692 |
10,191 9,808 |
15,778 ~9,571 |
11,523 11,558 |
||
| Net (decrease) | / increase | in commitments | 6,512 | 383 | 6,207 | (35) | |
| Commitments | at 1 January | 4,162 | 3,779 | 10,483 | 10,518 | ||
| Commitments | at 31 December | 10674 | 4162 | 16690 | 10483 | ||
| Payable as follows: | |||||||
| Payable within |
one year | 7,186 | 3,662 | 8,975 | 5,451 | ||
| Payable after more than | one year | 3,488 | 500 | 7,715 | 5,032 | ||
| 10674 | 4 162 | 16690 | 10483 |
| Group | Foundation | Foundation | |||||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||||||
| K' 000 | K' 000 | K' 000 | R' 000 | ||||||
| Salaries | 1,718 | 1,744 | 730 | 716 | |||||
| Social security | costs | 193 | 186 | 88 | 87 | ||||
| Redundancy | payments | 45 | 25 | ||||||
| Pension costs | 187 | 254 | 118 | 118 | |||||
| Personalinsurance | 56 | 64 | 37 | 31 | |||||
| 2 | 199 | 2 | 248 | 998 | 952 | ||||
| Average number |
employed | 2022 | 2021 | 2022 | 2021 | ||||
| Number | Number | Number | Number | ||||||
| Employed in |
direct charitable | activities | |||||||
| CTVC Programmes | 18 | 16 | |||||||
| Community | programmes | 5 | 5 | 5 | 5 | ||||
| Support | 10 | 14 | 10 | 11 | |||||
| 33 | 35 | 15 | 16 |
| 2022 | 2021 | 2022 | 2021 | |||||
|---|---|---|---|---|---|---|---|---|
| Number | Number | Number | Number | |||||
| Number Number Number |
of of of |
Staff Staff Staff |
earning earning earning |
F60,001 tof70,000 f70,001 to280,000 f80,001 tof90,000 |
1 | 1 2 1 |
1 | 1 1 |
| Number | of | Staff | earning | f90,001 to 8100,000 | 1 | |||
| Number | of | Staff | earning | f100,001 to F110,000 | ||||
| Number | of | Staff | earning | 2110,001 to F120,000 | ||||
| Number | of | Staff | earning | f120,001 tof130,000 | ||||
| Number | of | Staff | earning | f130,001 tof140,000 |
| Long | Fixtures | |||
|---|---|---|---|---|
| Leasehold | Fittings | Motor | ||
| Group | Properties K' 000 |
etc, F' 000 |
Vehicles R' 000 |
Total K' 000 |
| Cost at 1 January Additions at cost |
6,464 461 |
151 259 |
77 | 6,692 720 |
| Disposais | (42) | (42) | ||
| Cost at 31 December | 6925 | 368 | 77 | 7370 |
| Depreciation at 1 January |
98 | 123 | 15 | 236 |
| Disposals Charge for the year |
(29) 8 |
(29) 28 |
||
| Depreciation at 31 December |
100 | 102 | 33 | 235 |
| Net Book Value | ||||
| 31 December 2022 | 6 825 | 266 | 44 | 7 135 |
| 31 December 2021 | 6366 | 28 | 62 | 6456 |
| Foundation | ||||
| Cost at 1 January Additions at cost |
6,464 461 |
84 250 |
77 | 6,625 711 |
| Disposals | (42) | (42) | ||
| Cost at 31 December | 6,925 | 292 | 77 | 7,294 |
| Depreciation at 1 January |
98 | 63 | 15 | 176 |
| Disposais Charge for the year |
(29) 3 |
18 | (29) 23 |
|
| Depreciation at 31 December |
100 | 37 | 33 | 170 |
| Net BookValue | ||||
| 31 December 2022 | 6 825 | 255 | 44 | 7 124 |
| 31 December 2021 | 6366 | 21 | 62 | 6449 |
| Group and | Foundation | ||
|---|---|---|---|
| 2022 | 2021 | ||
| K' 000 | K' 000 | ||
| Publicly traded investments | 263,642 | 302,558 | |
| Repayable grants (see note 11) |
902 | 780 | |
| 264 544 | 303 338 | ||
| Publicly traded investments | |||
| Market value at 1 January | 302,558 | 273,737 | |
| Additions at cost |
54,051 | 103,901 | |
| Disposal proceeds | (57,719) | (109,699) | |
| Net (gains )/ loss on investments |
(31,937) | 34,823 | |
| Movement in cash awaiting reinvestment |
(3,311) | (204) | |
| Market value at 31 December | 263642 | 302 558 | |
| The investments comprise (in acquisition |
date order) | ||
| CF Ruffer Total Return Fund J |
53,327 | 50,990 | |
| Fundsmith Equity Class I |
31,499 | 36,505 | |
| Heronbridge UK equity fund Acc |
22,111 | 22,522 | |
| I Shares Core MSCI World | 8,094 | 13,086 | |
| Veritas Global Equities Focus Fund | 29,395 | 32,929 | |
| Monks Investment Trust |
21,210 | 30,807 | |
| GMO Global Real Return Fund |
49,063 | ||
| MDO Management Co RWC Global Emerging |
12,655 | 14,874 | |
| Pantheon International Private Equity Funds |
10,619 | 11,355 | |
| Harbourvest Global Private Equity Funds |
10,889 | 11,663 | |
| Standard Life Private Equity Trust |
3,743 | 4,770 | |
| Royal London Money Market Fund |
17,646 | 2,419 | |
| ICG Enterprise Trust |
9,419 | 8,222 | |
| Pantheon Infrastructure |
9,660 | 9,073 | |
| Pantheon RTS |
86 | ||
| CG Portfolio Fund PLC | 22,492 | ||
| Cash awaiting reinvestment |
883 | 4,194 | |
| Market value at 31 December | 263,642 | 302,558 | |
| Historical cost at 31 December | 188826 | 196798 |
| Group and | Foundation | ||
|---|---|---|---|
| 2022 | 2021 | ||
| R' 000 | R' 000 | ||
| Balance at 1 January New repayable grants New repayable grants Repayments received |
disbursed payable |
780 157 310 (345) |
495 35 250 |
| Balance at 31 December | 902 | 780 | |
| Maturity ofthe repayable | grants: | ||
| Due within one year Due between one year |
and five years | 268 634 |
390 390 |
| 902 | 780 |
| Group | Foundation | |||||
|---|---|---|---|---|---|---|
| 2022 R' 000 |
2021 f' 000 |
2022 R' 000 |
2021 f' 000 |
|||
| Other debtors | 2 | |||||
| Prepayments and accrued Amounts due by subsidiary VAT recoverable |
income undertaking |
276 59 |
1,020 | 136 16 59 |
651 34 2 |
|
| 337 | 1,022 | 211 | 687 |
| Group | Foundation | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | ||||||
| K' 000 | R' 000 | R' 000 | E"000 | ||||||
| Trade creditors | 175 | 187 | 66 | 66 | |||||
| Accruals and deferred | income | 1,697 | 243 | 1,601 | 182 | ||||
| Other taxation | and | social security | 213 | 54 | 28 | 21 | |||
| Pension contributions | 3 | 2 | 3 | 2 | |||||
| Other creditors | 154 | 149 | |||||||
| Grants payable | to | third | parties | 6,626 | 3,412 | 6,626 | 3,412 | ||
| Social Investment | -repayable | grant to third | party | 560 | 250 | 560 | 250 | ||
| Grants payable | to | subsidiary | undertaking | ||||||
| running costs |
1,332 | 1,332 | |||||||
| 9,428 | 4,297 | 10,216 | 5,265 | ||||||
| Grants payable | to | subsidiary | undertaking | ||||||
| pension reserve |
457 | 457 | |||||||
| 8428 | 4297 | 10873 | 5722 |
| Group | Foundation | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||||
| E' 000 | K' 000 | R' 000 | f' 000 | |||||||
| Grants to third | parties payable | 1-2 | years | 3,409 | 405 | 3,409 | 472 | |||
| Grants to third | parties payable | 2-5 | years | 79 | 95 | 79 | 28 | |||
| 3,488 | 500 | 3,488 | 500 | |||||||
| Grants payable to | subsidiary | undertaking | ||||||||
| pension | contributions | payable | 1-2 years | 457 | 457 | |||||
| pension | contributions | payable | 2-5 years | 1,371 | 1,371 | |||||
| pension | contributions | payable | 5+ years | 2,399 | 2,705 | |||||
| 4,227 | 4,533 | |||||||||
| 3488 | 500 | 7715 | 5033 | |||||||
| 15 | Operating leases |
|||||||||
| Group | Foundation | |||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||
| R' 000 | R' 000 | R' 000 | R' 000 | |||||||
| Total future minimum |
lease | payments | under non-cancellable | |||||||
| operating leases are |
as follows: | |||||||||
| Not later than | one | year | 123 | 21 | 10 | 10 | ||||
| Later than one and | not later than five years | 429 | 21 | 10 | ||||||
| 552 | 42 | 10 | 20 |
| As at 1 January |
Inc. | Exp. | Actuarial Gain on pension |
Investment Gains I |
Transfers | As at 31 pDecember |
|
|---|---|---|---|---|---|---|---|
| scheme | |||||||
| F000 | K'000 | K'000 | R'000 | R'000 | K'000 | R'000 | |
| 2022 | |||||||
| Unrestricted funds |
301 721 | 3 190 | 8067 | 31937 | 1 439 | 263468 | |
| Restricted funds | |||||||
| Pension scheme deficit | (5,033) | (92) | 3,972 | 457 | (696) | ||
| Pension reserve | 5,033 | ( 349) | 4,684 | ||||
| CTVC restricted funds |
57 | (57) | |||||
| CTVC general funds Rank Catalyst funds |
651 | 2,555 65 |
(2,062) (31) |
( 152) (34 ) |
992 | ||
| TNLCF - Time to Shine | 500 | (500) | |||||
| T2S- Rank funded | (1,421) | 1,421 | |||||
| Nl Start Here funds | 9,012 | 9,108 | 96 | ||||
| Total restricted funds |
1,151 | 11,689 | ( 13,271) | 3,972 | 1,439 | 4,980 | |
| 302872 | 14879 | 21 338 | 3972 | 31 937 | 268448 | ||
| 2021 | |||||||
| Unrestricted funds |
269 824 | 1 572 | 4 164 | 34823 | 334 | 301 721 | |
| Restricted funds | |||||||
| Pension scheme deficit Pension reserve |
( 8,791) 8,791 |
( 112) | 3,413 | 457 (3,758) |
(5,033) 5,033 |
||
| CTVC restricted funds |
156 | ( 156) | |||||
| CTVC general funds |
582 | 1,378 | ( 2,637) | 1,328 | 651 | ||
| Rank Catalyst funds | 50 | ( 50) | |||||
| Rank restricted funds |
( 1,323) | 1,323 | |||||
| TNCLF - Time to Shine | 1,093 | 1,123 | ( 1,716) | 500 | |||
| DCMS - direct funding | 3,759 | ( 3,759) | |||||
| DCMS - Rank funded | 984 | 984 | |||||
| Total restricted funds |
5434 | 2707 | 10737 | 3413 | 334 | 1 151 | |
| Total funds | 275258 | 4279 | 14901 | 3413 | 34823 | 302872 |
| Amounts reco nised |
in the Balance Sheet at 31 December 2022 | in the Balance Sheet at 31 December 2022 | in the Balance Sheet at 31 December 2022 | in the Balance Sheet at 31 December 2022 | in the Balance Sheet at 31 December 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ~ - | - | ~ . | I | ~ . | - | I | I | |||||
| Fair value ofassets Present value offunded |
obligations | 10,147 (10,843) |
11,366 (16,399) |
|||||||||
| Deficit | (696) | (5,033) | ||||||||||
| Net defined benefit liability at 31December | 696 | 5,033 | ||||||||||
| Amounts reco nised |
in the Income | and Ex enditure | account | in the ~ - |
ear e I |
I- | . | ~ | I | |||
| I I I | ||||||||||||
| Interest on liabilities | 307 | 242 | ||||||||||
| Interest on assets | (215) | (130) | ||||||||||
| Total | 92 | 112 | ||||||||||
| ~ . | - | ~ - | I | I- | . | ~ | I | |||||
| Gain on scheme assets | in excess of | interest | 1,371 | (1,378) | ||||||||
| Experience gains on liabilities Gains from changes to demographic assumptions Gains from changes to financial assumptions |
(5,343) | (4) (358) (1,673) |
||||||||||
| Total remeasurements | 3972 | 3,413 |
| The change in the assets |
The change in the assets |
The change in the assets |
over the year | over the year | was: | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ~ - | . | ~ . | I | ~ - | - | ~ - | I | |||||||
| I I I | ||||||||||||||
| Fair value | ofassets at the | beginning | of | the year | 11,366 | 10,204 | ||||||||
| Interest on | assets | 215 | 130 | |||||||||||
| Company | contributions | 457 | 457 | |||||||||||
| Benefits paid | (520) | (803) | ||||||||||||
| Return on | scheme assets | less liabilities | (1,371) | 1,378 | ||||||||||
| Fair value | ofassets at the | end ofthe | year | 10,147 | 11,366 | |||||||||
| The chan | e in the Defined | Benefit Obli | ation over the | earwas: | ||||||||||
| ~ . | - | ~ . | I | ~ . | . | ~ . | I | |||||||
| Defined Benefit Obligation | at the beginning | ofthe year | 16,399 | 18,995 | ||||||||||
| Interest on | liabilities | 307 | 242 | |||||||||||
| Benefits paid | (520) | (803) | ||||||||||||
| Experience | gain on defined | benefit obligation | (4) | |||||||||||
| Changes to demographic | assumptions | (358) | ||||||||||||
| Changes to financial assumptions | (5,343) | (1,673) | ||||||||||||
| Fair value | ofassets at the | end ofthe | year | 10,843 | 16,399 | |||||||||
| Assets | ||||||||||||||
| Equities | 7,194 | 8,535 | ||||||||||||
| Fixed interest | 1,005 | 902 | ||||||||||||
| Alternatives | 1,429 | 1,530 | ||||||||||||
| Cash | 519 | 399 | ||||||||||||
| Total | 10147 | 11366 | ||||||||||||
| Actual return on assets | 1,156 | 1,508 |
| The principal actuarial assumptions |
The principal actuarial assumptions |
used | to calculate | to calculate | to calculate | the Scheme's liabilities | the Scheme's liabilities | include: | |
|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||||
| Discount rate | 4.95% | 1 90'/ | |||||||
| Retail Prices Index (RPI) inflation | 3.45% | 360% | |||||||
| Revaluation in deferment: |
|||||||||
| Pre May 2001 benefits Post May 2001 benefits |
5.00% 3.30% |
5.00% 3.60% |
|||||||
| Pension increases | |||||||||
| GMP earned before 06/04/88 | Nil | Nil | |||||||
| GMP earned after 06/04/88 | 3.00% | 3.00% | |||||||
| Pension earned before 01/10/92 in excess |
ofGMP | 3.00% | 3.00% | ||||||
| Pension earned between 01/10/92 and 31/05/01 | in excess of GMP | 5.00% | 5.00% | ||||||
| Pension earned after 01/06/01 | 3.30% | 345% | |||||||
| Life expectancy at age 65 of Life expectancy at age 65 of |
male aged male aged |
45 65 |
22.7 21.4 |
22.6 21.3 |
|||||
| Life expectancy at age 65 of | female aged 45 | 26.0 | 25.9 | ||||||
| Life expectancy at age 65 of | female aged 65 | 24.6 | 24.5 | ||||||
| Sensitivity placed on the value ofthe liabilities |
- approximate | affect on liability | 2022 | 2021 | |||||
| E'000 | R'000 | ||||||||
| Discount Rate | |||||||||
| Discount Rate -0.10% | 126 | 255 | |||||||
| Cash Commutation | |||||||||
| Assume members exchange |
15%of pension | for cash | 100 | 148 | |||||
| Mortality | |||||||||
| Mortality loading reduced by |
5%for males and | females | 176 | 339 | |||||
| (100%of S3PMA and 90%ofS3PFA) | |||||||||
| Movement in triennial valuation |
|||||||||
| f'000 | |||||||||
| Deficit as per triennial valuation at 30September 2018 |
5,140 | ||||||||
| Estimate for loss of income | 1,334 | ||||||||
| 6,474 | |||||||||
| Payments made into the fund |
during 2018(pre | valuation) | (114) | ||||||
| Payments made into the fund |
during 2019to | 2021 | (1,371) | ||||||
| Payments made into the fund |
during 2022 | (457) | |||||||
| Increase based on valuation | at 30 September | 2021 | 152 | ||||||
| Balance carried forward | 4,684 | ||||||||
| The current Schedule of Contributions | requires | an | annual | payment | off457,000for | a further 10years 3 months (March 2033) |
|||
| B)Defined Contribution Schemes |
2022 E'000 |
2021 f'000 |
|||||||
| Rank Foundation scheme |
|||||||||
| Pension charge for the period | 117 | 117 | |||||||
| CTVC stakeholder scheme |
|||||||||
| Pension charge for the period | 48 | 54 | |||||||
| Balance due to the scheme | at the year end | 15 | 11 | ||||||
| 180 | 182 |