## ## ## ## |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| ## ## ## ##