THE RANK FOUNDATION LIMITED (Llmlted by guarantee) Report of the Trustegs and Financial Statements for the ygar gnded 31 December 2023 Company No. 516434 Reglstered Charlty No. 276976 THE RANK FOUNDATION LIMITED Report of the Trustèes for the year ended 31 Dec8mber 2023 Contents Report of the Trustees Reference and Administration Trustees and Committees Foundation Information and Professional Advisers 3 Structure, Governance and Management Objects, Public benefit and Strategy Constitution Corporate Governance Decision Making and Commrtiees Fundraising Risk Management and Internal Control Review of Activities and Achievements Introduction Community Leadership Enterprise Faith 10 12 18 23 24 Looking Forward 25 Flnancial Review 27 Statement of Trustees. R95ponsibilltles 29 Independent Audltor's Report 30 Consolidated Statement of Financial Actlvltles 34 Consolidated Balance Sheet 35 Company Balance Sheet 36 Consolidated Statement of Cash Flows 37 Notes to the Flnancial Statements 38 THE RANK FOUNDATION LIMITED Report of thè Trustèès for the year ended 31 December 2023 Reference and Administration The Trustees present their report and the audited financial statements of The Rank Foundation Limited I"Foundalion" or "Rank I lor the year ended 31 December 2023. The Trustees have applied the provisions ol the Statement of Recommended Practice 'Accounling and Reporting by Charities I'FRS 102 SORP Isecond edilionll in preparing the annual report and financial slalements of the Foundation. The DirectOTS of the charitable company are ils Trustees for the purposes of charity law and constitute the "Board All the Trustees are also members of the Foundation. and their liability is limited to £1 each. The names of the Trustees who have served during the year and since the year end are shown below. Trustees: Committee Mgmbgrship at 31 December 2023 Chair.. J.R. Newton {1,2,3,5.71 Deputy Chair: W.P. Wyatt IDeputy Chair from 6 December 20231 11,3,71 J.J. Chaffer (resigned 6 December 20231 13,4,71 N.F. Buxton L.A. Clay S.H. Cowen J. Davis R.M. Fitzpatrick QPM A.N.R Fleming L.V. Hall lappoinled 7 June 20231 A.J.H Murdoch lappoinled 7June 20231 M.D.B. Simon J. L. Ropner LL S.E. Snyder18ppointed 22 March 20231 121 15,61 121 11,4,61 13,51 11,51 11,4,71 Board Consultants: G.C. King (resigned from CTVC on 31 December 2023112) C. Cade 131 Commlttees: 1 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 Trustees for the year ended 31 Decernber 2023 Reference and Administration continued Foundatlon Information Executive Staff Rank Foundation Limited Chief Executive Officer Deputy CEO Director of Programmes Director of Education and Leadership Company Secretsry & Finance Director D.J. Sanderson M8E DL C.S. Broadhurst K. Wooder J.R. Hind J. Jayasuriya lappoinled 30 January 20241 A. Bennett (resigned 20 February 20231 T. Kelman lappoinled 24 January 2023, resigned 30 January 20241 Interim Company Secretary & Finance Director CTVC Limited Chief Executive OffI￿r Finance Director & Company Secretsry C.C. Matthews J. Rees Registered and principal office.. 19-21 Garden Walk, London, EC2A 3EQ Website,. www.rankfoundalion.com Registration numbers.. Company 516434 Charity 276976 Professional Advlsers Auditor.. BDO LLP, Baker Street, London Bankers.. National Westminster Bank plc Investment Custodian.. Northern Trust Investment Advisors,. Asset Risk Consulting THE RANK FOUNDATION LIMITED Report of the Trustees for thè year ended 31 Deeembei 2023 Structure, Governance and Mana ement Ob'ects The Foundation 15 8 granl-giving charitable company restricted by ils objerts lo causes within the UK approved by the Charity Commission for England and Wales. Our aim Is to improve the lives of people and their communities. caring for the disadvantaged and the m8rginalised across the UK, through.. The promotion. by rneans of the exhibition of re1￿lOuS films, of the Christian religion, Christian principles, Christian religious education, and the history of the Christian faith. The promotion of the Christian religion by any other lawful means. The promotion of education. The promotion of any other Objects which arg exGlusively charitabl6 acGording lo the laws of Eng18nd in forGe from lime to lime. Publlc benefit The Foundation has referred lo the guidan￿ contained in the Charity Commission's general guidance on public benefit when reviewing its aims and objectives and in planning future aclivilies. The Trustees consider how planned activities will contribute lo the aims and objectives they have set. Stralg The Board and the Executive Staff have established the following Strategic Vision, Faith, and Mission. Vision To help create a more equitable and inclusive society by encouraging leadership, developing an entrepreneurial mindset and forming strong community networks, building on our pioneering and dislinclive model of relational philanthropy, underpinned by our Christian faith. Faith Ever mindful of the strong Christian beliefs of our founders, our work remains firmly rooted in f21th. We have sought to better understand 'lived faith,: connecting faith lo society, acting as a driver for social good, and challenging inequality and injustice. Mission Challenge the consequ9nces of inequality. Addressing the consequences of povety and inequality, introducing an effective Diversity, Equity & Inclusion strategy, and a new programme category lo focus on educational opportunity. Champion Igaders to become more impactful. Strengthen our leadership offer, building capacity and ski11s especially around 'leadership' and 'enlerprise' in particular with our place-based projects, Time lo Shine, leadership bursary & Rank Aspire prograrnmes. Connect through networks, partnershlps and collaboratlon. To see RankNet as the most significant challenge and opportunity ahead, to harness the knowledge, skills, passion & capabilities of the neMork to much greater effect, embracing transformational technology, including media & CTVC, to improve reach & effectiveness. Christian Faith. Convening conversations around the values. traditions, and practices of the Christian faith, from a perspective that respects those of 811 faiths and none. THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 December 2023 Structure, Governance and Management Icontinuedl Constitutlon The Foundation was established in 1953 by the late Lord and Lady Rank Ilhe founders) as a company limited by guarantee governed by a Memorandum and Articles of Association last updated on 1 December 2010 and was registered as a charity on 11 December 1978 Iregistration number 2769761. Subsldlary Undertaking CTVC Limited I'CTVC'I, is a wholly controlled subsidiary of the Foundation which hgs the right lo appoint most of the Directors and to remove any Directors il appoints. It is a company limited by guarantee Iregislered number 13759411 and il is a registered charity (registered number 2762861. Its principal activities are the production of television and radio programmes. and the distribution of films and videos for Christian and educational purposes. CTVC has a wholly owned trading subsidiary which is incorporated in England and Wales, Hillside Productions Limited Iregislered number 17821301. Ils principal activity is the making of commercial and non-primary purpose media productions. Cor rate Governance Appointments to the Board Recommendations are welcome from any sour￿. Once received, they are given careful consideration by the Nominations Committee which puls forNard Ils recommendations lo the Board. The Trustees may at any lime appoint any member of the Foundation as a Trustee, subject lo a maximum of fifteen, as permitted by the Foundation's constitution. The Trustees have full discretion as to the admission of any person as a member. Inductlon and training All new Trustees receive an induction pack on appoinlmenl. This contains copies of the governing documents. all committee constitutions, the previous year's annual report and financial statements, a book detailing the history of the Foundation and the Group lincluding CTVC Limited and Hillside Productions Limited), and a profile of all Trustees and staff. The Executive Team a150 provide an overview of the governance and main operations of the Foundation lo new Trustees. The Foundation provides formal Trustee training from lime lo lime as and when required. Charity Governance Code for larger charities (the Code) The Trustees continue to adopt the principles and recommended practice for good governance set out in the Code which was revised and issued in December 2020. At the mid-slrategy point. the Trustees are focusing on the Code and make well-considered decisions about how its recommendations should be applied In the governance of the Foundation. THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 Decernber 2023 Structure, Governance and Mana ement continued Trustee and Executive rgmuneratlon The Foundation does not remunerate ils Trustees. The Board is responsible for setting the remuneration of the Foundation's executive staff. Remuneration is sel in the context of the Foundation's purposes, aims and values and lo reflect the skills, experience and competences required for executive roles. In setting remuneration, the Trustees also consider several additional factors including an indiv1dual's contribution. affordability and remuneration offered by granl-making charities of a similar size and complexity. Certain Trustees of the Foundation's subsidiary undertaking {CTVCI receive payment for consultative services as allowed lor in CTVC'S Articles of Association. Their remuneration which is detailed in the notes lo the subsidiary s financial slalements is sel by the Board of the subsidiary and is based on the number of days required lo provide consultative services and lo reflect the skills, knowledge and competences required for their roles. The remunerated Trustees of CTVC are not Trustees of the Foundation. Decision Makin and Committees Thg Board and its Committees The Board is responsible for leading and controlling the Foundation. The Board achieves this by.. setting the long-term strategic objectives., receiving reports on the committees, activities., considering all grant applications pul foNard by the committees,. and approving senior appointments. The Board is 8SSiSted in ils work by fivg committees lo which certain power5 and responsibilities are delegated. Each committee includes members of the Board and may include additional members appointed for their specialist knowledge. Executive Staff also attend relevant committee meetings. The members of 811 committees are sel out on page 2 of this report. The Board is assisted in its idenlificalion of appropriate initiatives for support and the monitoring of their progress by the Grants Committee. Full reports are always made to the Board. The Chairman's Committ90 which is made up of the Chair and Deputy Chair of the Foundation and the Chairs of the various other committees operates to ensure the business of the Foundation Is conducted on a day-lo-day basis within the limits delegated by the Board. THE RANK FOUNDATION LIMITED Report of the Trustees for thè year ended 31 December 2023 Structure, Governance and Mana ernent continued The Audlt Commlttee creates a formal conduit between the external auditor and the Board and advises on the conlenl and presentation of the group's annual report and financial slalemenls. The Committee also reviews audit plans and the external auditor's management letter, and monitors implementation of actions required and satisfies itself as lo the external auditor's continuing independence.11 has the authority to appoint, and lo fix the remuneration of. the external auditor. 11 also has responsibility for monitoring the Foundation's financial controls and internal control and risk management systems. The Nomination Committge considers nominations for appointment to the Board. The Investment Committ88 and ils individual members ensure that there is a regular and timely review of investments and that the results of these reviews are reported to the Board. They are supported in their work by Asset Risk Consultants Limited {ARCI. ARC provide monthly monitoring reports to the Committee on the portfolio's performance by manager and in aggregate, and against agreed benchmarks. The Foundation also benefits from the work and activities of the following groups. The Rank Fellowshlp is a ne￿Ork of former Rank Foundation School Leadership Award holders together with several honorary fellows including former Time lo Shine leaders. Regular Steering Group meetings are held throughout the year.. the group includes Trustees and Foundation s Executives. The RankNet Leaders Action Group IRLAGI was established in December 2015 with the purpose of engaging members of the Rank network in conlenl development and thought leadership. The RLAG have supported key network developments such as the annual conference, learning events and the RankNel platform. The RLAG is an advisory group to the Rank Foundation Executives and as such advances the Foundation's commitment to being a relational funder with genuine social sector engagement. The RLAG is a unique hub of social sector intelligence, conlribuling local or Ihemalic expertise, knowledge and pro-seclor thinking on a range of current or emerging issues. Grant Making Policy The Foundation only gives grants to other registered charrties and other not for profit entities operating in the fields consistent with ils objectives and principal aims. The Trustees have decided that, in general, they will not make grants for agriculture and farming, c8thedrals, churches {excepl where community facilities form an integral part of the appeal), university and school building or medical research. In addition. general appeals from individuals or from charities on behalf of named individuals will not be considered. Due lo an excess of demand, unsolicited appeals are extremely unlikely lo attract a grant in connection with salaries, general running costs or major capital projects. THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 Dec8mber 2023 Structure, Governance and Mana ement continued Fundraisin Section 1628 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 are presented in our accounts 8s "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 lo the Trustees. Any solicitations would be managed internally. The Foundation is not bound by any undertaking lo any regulatory scheme and the Foundation does not consider il necessary lo comply with any voluntary code of prattl￿. We have received no complaints in relation lo fundraising aclivilies. Our terms of employment require staff to always behave reasonably. As we do not approach individuals for funds, we do not have a particular reference In OUT terms of employment lo fundraising activities nor do we consider il necessary lo design specific procedures lo monitor such activities. The Foundation continues lo work in partnership with Government bodies, from DCMS lo the Department for Communities in Northern Ireland, regarding unsolicited, community focused programmes that are consistent with Rank'5 mission and are not part of any structured or intended fund-raising efforts. THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 Dec8mbèr 2023 Structure, Governance and Mana ernent continued 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 systems in place. The Board are assisted in these endeavours by the Audit Committee. Such systems cannot eliminate all risks. bul the Chairman's Committee, the Board and the Audit Committee are satisfied that systems are robust and operate effeetively. The principal risks identified for both the Foundation and CTVC and a summary of how they are managed are sel out below. Risk Financial- Investment underperformance and volatility of investment markets affecting investments valuations. Mana ement of risk Management of funds in line with investment policy set by Trustees. Investment Committee performance of inveslmenls. Investment in funds to provide diversification and returns to meet expenditure need. Supporting the Pension Scheme Trustees in reviewing their investment managers performance. Agree funding plan with Pension Scheme Trustees. Appoint actuari81 advisers to help review, man8 e and mili ale risks. Oversight of Chief Executive and executive staff. Staff competences and training. Review of financial reporting by Audit Committee. monitor5 the Pension scheme assets are insufficient to meet the liabilities of the scheme. Legislative- Non-compliance with legislation and Financia Reporting Standards. Reputation: Damage to the good name or good standing of the Foundation through the default or other misdemeanour by an approved grant recipient. Appraisal procedures and ongoing monitors of grants awarded by Board Committees. Project man8gement of media productions. Failure to complete or meet media roduclion re uiremenls. Information Technology.. Cloud platform failurelCyber- allack. Personnel Loss of key executives. Business interruption: Limitations on med18 productions and severe disruption lo CTVC'S business activities. Limitations or cancellation of events and charitable activities of the Foundation. • Policies, procedures, patching and backup plans In place designed lo prevent or limit the act. Cross training in responsibilities where ro riate. Close monitoring of CTVC'S cash flows and business plan revisions implemented as necessary. Infrastructure is in place to allow staff to work remotely and for charitable activities to be delivered digitally where possible. Mental Health first alder in place. THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 December 2023 Review of Activities and Achievements Introduction 2023 was the second year of our Ihree-year strategy that focuses on.. Challenge the consequgnces of inequallty. Addressing the consequences of poverty and inequality. Champion leaders to become mor9 impacfful. Developing and strengthening our leadership programmes. Connect through networks. partnerships and collaboration.To promote stronger collaboration and partnerships, across RankNel and beyond. Christian Faith. Convening conversations around the values. Iradilions, and practices of the Christian faith. In total during 2023 we distributed over £11m which includes commitments from prior years. The £11 m comprises of £8.3m from Rank funds and £2.7m received from other funders. Our work is across the UK, broadly covered in the following grants programmes.. Community- £4.Om 17 Major New Grants 1£1.3ml, Cost of Living Grants 1£1.4ml. Place-based Programmes 1£919kl. RankNet activities1£73kl, Pebbles1£308kl Leadership- £4.3m Including Time lo Shine1£1.4ml, Rank Aspire Programme {£377kl, Start Here1£2.2ml and School Leadership Programme1£288kl Enterprise . £1.2m Including Profil for Good1£293kl, Education Recovery Fund1£117kl and Repayable Grants 1£815kl Faith- £1.3m CTVC1£1.3ml Our response to the cost-of-living crisis. As a result of the social sector experiencing significantly increased pressures during 2022, in January 2023, we surveyed the Rank Network lo understand the impact of the cosl-of-living crisis on their work. More than 360 people told us about their experience of the cosl-of-living crisis, which combines.. Increased demand. 57 /0 of members told us that demand had increased 'more than ever before, or 'a large amount, in January 2023, rising from 520/D in October 2022. Increased costs. 240/0 of members told us running costs had increased 'more than ever, in January 2023. more challenging fundraising environmant. 70,/0 of responden15 told us fundraising has become more challenging in January 2023. THE RANK FOUNDATION LIMITED Report of the Trusteès for the year ended 31 December 2023 Review of Activities and Achievements continued In response, we designed two grant pr￿TammeS and awarded funds lo 130 Network members lotalling almost £1.5m using a mutual trusl-based model of grant-making. The grants programmes were designed in consullalion with the Network and included.. smaller grants for1ower cost, necessary purchases such as volunteer expenses, fuel, food and equipment,. and larger contributions lo those experiencing steep increases in utility bills, pressure on salaries, and replacing other funding lo enable vital services to continue. The Irusl-based approach whereby Rank Network members only applied for funding that was critical lo the conlinualion of services- meant the success rate was high, with a relatively quick turnaround in grants payments. While the not-for-profil landscape remains challenging, recipients told us the grants provided sense of security" and helped lo'cover shortfalls in funding from other sources. We continue lo monitor the ongoing challenge many are facing, with a focus on.. Rising costs coupled with increased demand. Competition for funding among charities. Reduced or scarcity of funding from slatulory sources. Covering core costs. Staff retention and sickness. Due lo the increasingly challenging investment environment, the Board decided lo decrease our spend by £2.5m over the remaining two years of our strategy. We continued lo upgrade the Salesforce database, and our ability to make better use of this n future, and launched a new mobile RankNel platform that connects over 1,000 Network members. Both will help us harness the knowledge, passion 8nd experience of our unique member-led Network. Meanwhile Garden Walk has become a central pillar of our giving.. filling around 41 Q/0 of our desk spaces creating a vibrant working space for the social sector, and providing a home not just for us, but for our flourishing Network. THE RANK FOUNDATION LIMITED Report of the Trustee5 for thè year ended 31 Oecèmber 2023 Review of Activities and Achièvement5 continued Rebranding In early 2023 we embarked on a rebrand project that aimed lo capture 70 years of Foundation heritage, the spirit of the Network, and Rank's purpose and priorities. We established a steering group that included the vol￿S and views of the tTU5tees, staff team and representatives from the Network. Communications consultants and designers guided us through the process to create a refreshed brand. Our new brand focuses on the power of the Network, and our role as both convenor and collaborator. The new brand was launched at the annual conference, in October 2023 and we wll continue to build on sharing our purpose through the pillars of community, leadership, enterprise and faith. Communlty The Rank Foundation's broad, diverse and vibrant community encompasses the entrepreneurialism and leadership of our founder, Lord Rank. Our relational approach lo philanthropy helps us understand the needs of the community and how best to sUPPOrt a thriving social sector. The Foundation unites this community in ways.. in person.. through Ne￿OrkIng events, residential programmes. leadership talks and training events online.. through its digital plafform, RarikNel Where resources permit, we unite funding. Social c8Pltal, knowledge and Networks in one place. Here's how our community projects performed during 2023. Garden Walk The creation of the coworking space in Garden Walk, Shoreditch, has enabled us to welcome social sector organisalions lo share space, knowledge and support in a safe and vibrant environment. Garden Walk is part of our strategy lo transform the Rank ne￿Ork from good lo great. During spring 2023, we worked with external legal and health and safety consultants to create compliant coworking space policies and terms and conditions. We introduced a new booking system and created pricing and membership packages with the social sector in mind. We welcomed our first tenants in summer 2023. In the autumn, we were joined by four more charities. We provided rneeling space throughout the year lo both the Rank Prize Fund and social sector members as part of our giving, collaborative work and programme delivery. In January 2024, we welcomed an additional two charities. Garden Walk is going from strength to strength and new collaborative partnerships are being formed among the charities who work there. 12 THE RANK FOUNDATION LIMITED Report of thè Trustees for the year ended 31 D8c•mber 2023 Review of Activities and Achievement5 continued Our oals for Garden Walk In February 2024, we reached our occupancy target of 6501,. We aim lo exceed this tsrgel for 2024, and have offers planned lo attract new tenants - particular on Mondays and Fridays, which tend lo be quiet due lo hybrid working. Positive feedback from a recent user survey highlighted the need for more meeting room spacelphone booths and events on site. We've developed a programme of events lo address this, and will also create more meeting space during 2024. RankNet Digital Hub In 2022 the Board of Trustees approved a bold new strategy for RankNel with a clear mission.. to transform RankNel from good lo great. The members, digital hub was created in 2006 with modest iesources and a hunch it could act as a calalysl for connection and collaboration. The digital hub was completely rebuilt during 2023 by platform developers, Hivebrite. A freelance digital consultant supported the technical aspects ol the build, and we worked with members of the RankNet community around design, features and accessibility. The new RankNel digital hub app was launched in June 2023. We anticipated a resulting drop in users of around 40010 as members were required lo reaclivale their membership on the new digital hub. We dropped just 20Q/o, and around 950 members reactivated. We also welcomed new members from the Northern Ireland Start Here programme, meaning memberships are now level with 2022 figures. Encouragingly, the rate of reactivalion demonstrates a much higher level of engagement than expected. Usa e data Membership downloads 233 Most Home.. ular es 15,000 views 1,098 IOS.. Average monthly users.. 489 INovember lo January) Android.. 93 i Connect.. 808 Total.. 326 Profile.. 783 Average monthly visits.. INovember lo January) 5,000 Search.. 734 Grou s.. 699 13- THE RANK FOUNDATION LIMITED Report of the TTUStees for the year endèd 31 De¢emb•r 2023 Review of Activities and Achievemenls continued What people are saying "A place to ￿lebrate and reflect on le8ming which generates further discussion and can lead to sharing good practice and further leaming. 'Connection across the third sector. Through RankNel I was able lo conneGt with another charity in Northern I￿land and through the bursary was able to arrange a visit lo le8m and share practlGe. "The app makes it easy to keep track of what's happening and being said by members." "It's easy to access, I can find the infon77alion I need, and l Gan easily follow up on things that interasl me. The new app is good for being able to access info and keep up lo dgle." -It's a community for the community." Our oals for RankNet dl ital hub We will continue to build engagement during 2024 through the development of a theory of change and RankNet engagement strategy. We will 8dd a mentoring section lo the app, enabling experienTrd le8ders to volunteer their lime mentoring emerging sector leaders. RankNet members will be key lo the success of the innovation. RankNet Leaders Actlon Group IRLAGI The Foundation is supported by RLAG a planning group consisting of 16 to 20 Rank Network social sertor leaders, Rank stsff, executives and Iruslees. Elected members represent Rank's wide geographical and thematic focus. The group meets quarterly to share knowledge, build connections and exercise leadership through active participation. Members are on a Ihree-year rotation, and we advertised for new represenlalives in 2023 We received 27 applications for five places, which demonslraled a good level of interest and engagement from the NeI￿ork. The group mel four times in 2023 and played an important part in the planning and delivery of both our annual conference and development of the RankNet digitsl hub. The group also attended a meeting hosted at the Welsh Senedd, which gave members a chance lo allend First Minister's Questions. The RankNel Leaders Action Group Continues lo be a sourGe of support, expertise, challenge and inspiration lo the Rank executives. Rank Fellow5hlp 2023 saw several changes in the Fellowship including the appointment of a new Chair. The former Chair stood down after seven years in post and was central lo many initiatives, including.. 2018's 15 anniversary celebrations the development of events such as Learning Through Leadership, Fellowship Futures and Welcome lo the Fellowship the instigation of class reunions on Zoom the development of regular newsletters re-structuring the Fellows Leadership Team 14- THE RANK FOUNDATION LIMITED Report of the Tru5tee5 for the year ended 31 December 2023 Review of Activities and Achievements continued Several of these inilialives continued during 2023. One of the Foundation Trustee and member of the Fellows Leadership Team - gave an excellent presentation on leadership in the police force, while several online class reunions enabled Fellows from the fir51 decade of the 21. century to re-establish their links with the Foundation. In December, w1th a new Chair, the new Fellows leadership le8m began ils focus on inspiration, community and support. The launch of 8 new pilot mentoring scheme was a significant innovation in the latter category. This popular scheme formalises the support that's previously been offered to Fellows on an ad hoc basis - and initial feedback from both mentors and menlees has been positive. The Rank Foundatlon annual conference The 2023 Rank Foundation annual conference took place at the Queens Hotel in Leeds, with a focus on The Power of the Co15ective The conference which was largely delivered by Network members brought to life passions, interests and concerns relating lo povety, lived experience, imposter syndrome, leadership, enterprise and place. We heard from inspirational keynote speakers who spoke passionately about the need for collective effort to combat poverty. 2023's conference attracted 290 in-person delegates and 65 online attendees- 990/0 ofwhich rated the event as 'good' lo'excellent,. All aspects of the Conferen￿ scored highly- including the seminars, speakers and Networking opportunities. Our oals for the Rank Foundation annual conference A seminar focused on faith w8s requested for 2024, along with more lime to enjoy the Networking and marketSP8ce. What people are saylng 'A fantastic, inspiring, purposeful Gonference sel in a lovely v&nue. l ￿turned home full of enlhusi2sm and inspiration lo continue trying lo make 8 positive dimerence in my community. PerfeGII" "One of the best confe￿nGeS I've 8ttended. Very interesting end inspiring how Rank Foundation is proactive and gels fully involved Gommunilies, rather than just reactiv8ly 'writing Gheques 15. THE RANK FOUNDATION LIMITED R8POrt of the TTllStee5 for the year ended 31 December 2023 Review of Activitie5 and Achievement5 continued Training and events In addition to the conference, we organised eight learning events for Rank Nelwork members in 2023. Themes and topics suggested by Network members included.. Creating fast and free video ¢onlenl125 placesl Writing successful funding bids122 places) Building a career on slTengths125 places) Improving your job prospecls125 places) Developing an online media strategy150 places) Developing more self-awareness125 places) Marketing in the charity sector130 places) Tamarack Institute.. Turf, trust and collaboration140 plaeesl Building on the suicide prevention training delivered in 2022 and in response to requests for more training on mental health and wellbeing we offered an in-person Mental Health First Aid IMHFAI course for Network members. What people are saylng "A really Ihought-provoking session. 111 be pulling learnings into practice immediately." Turf, Trust and Collaboration "This session was incredibly helpful. I will be putting the methods le8rnt into action and spending more lime thinking about my prep and praclising scenarios. Improving your Job Prospgcts "Thankyou for this session- rt has given me a lot lo think about. Really inlormalive and helpful when planning conlgnl. Developing an Onllne Media Strategy Our oals for tralnln and events More in-person events are planned for 2024, w1th MHFA and suicide prevention as central themes. Pushlng Boundaries In 2023 we opened applications for Pushing Boundaries a new leadership programme designed for emerging leaders working in social sector organisalions, who want to build their skills, confidence and leadership acumen. Rank Foundation agreed lo fund both the pilot programme and background support, with Network members taking the lead on design and delivery. We shortlisted 10 Rank Network members from 33 applications, and the programme launched in January 2024. 16- THE RANK FOUNDATION LIMITED Report of the Tru5t8es for the year ended 31 Dec8mber 2023 Review of Activities and Achievement5 continued Bursary support for RankNet members RankNet members can apply for up lo £1 k of bursary funding lo support their profess10nal development. In 2023 we approved 77 out of 89 grant applications with an average request of £471. Applications related lo skills-based training ranging from leadership development and counselling lo coaching, fundraising and finance skills. Plymouth pla¢e.based programme Now in the fifth year of funding, our Plymouth place-based programme continues to go from strength lo strength. With a focus on combating loneliness and social isolation, the Plymouth Ne￿Ork includes around 50 organisalions, ancJ provides the foundation for the participatory grant making IPGMI programme. The first 13 two-year projects 18unched in March 2022. Recognising the programme's significant contribution lo keeping beneficiaries healthy, Livewell Southwest - the City's integiated health and social care provider - added £500k lo Rank's £1 m investrnenl. This additional funding enabled the creation of another 13 two-year projects, which have driven 400,000+ individual attendances al activities. What people are saying "Volunteering for PDREC has had 8 huge, positive, impact on my mental health and wellbeing. Instead of feeling lost, I now feel molivaled lo learn new skills and knowledge" "Il has helped me come lo lenns with not having a wife,. not staying in, and meeting people who have been in the same situation. 11 really has helped me a lol. 11 has been amazing as it has helped me help otherpeopl8. Rgpayable grants programme The well-esl8blished repayable grants programme continues lo support local social enterprises and community businesses in Plymouth, giving them the confidence lo seek and repay investment as part of building sustainable futures in changing and challenging limes, As well as supporting Individual recipients, the scheme has established a revolving fund aimed al ensuring an ongoing legacy for Rank's investment beyond 2025. So far, around £380k has been granted to five organisalions, from an initial funding pot of £220k. What people are saying 'The repayable grant was incredibly important in leveraging other investment for th6 project.. {Trevl} 'The trust wg'vg been shown is very important. This repayable grant encourages us to ke6p developing our social enterprise model. {Pollenize CICI THE RANK FOUNDATION LIMITED Report of the Trustees for thè year ended 31 De¢ember 2023 Review of Activities and Achievements contiTbued Leadership The second of Rank's four pillars- and central lo our strategy- is lead9rship. Our approach includes identifying leaders in community and voluntary organisalions and supporting them through core and project funding, as well as creating and delivering leadership programmes, funded by Rank and other partners. In 2023 we delivered four leadership programmes.. 1. Start Here (Northern Ireland) 2. Time to Shine 3. Rank Aspire Programme IRAPI 4. School Leadership Programme Start Here (Northern Ireland} The Start Here programme moved into its second year in March 2023 and is already having a positive impact. The Ihree-year leadership and skills programme is funded by the Departmenl for Communities Nl and delivered by the Rank team for the VCSE and sports sectors. In 2022, we recnjited a programme manager and trained freelance f8cililalors lo support the delivery of the programme across Northern Ireland. The programme is now investing In over 100 new jobs lo support capacity building within the sector In 2023, we delivered six in-person programmes for post-holders during May and October. Each was attended by around 25 posl-holders, and covered issues such as speaking with confidence, leadership styles, growth mindset and Networking. Allendees also had the chance to attend six action learning sel sessions throughout the year, where they met with a smaller cohort of posl-holders lo explore leadership and learning opportunities. We formally welcomed all Start Here managers lo the Rank Network through manager Networking sessions and field executive project visits and commissioned an evaluation partner Rose Regeneration- that will build an evidence base around the programme's short, medium and long-lerm impact. Finally, we were delighted to welcome 19 members of the Start Here programme lo our 2023 annual conference In Leeds. What peoplg are 5aylng "Having previously spent lime in truslody, I was gm8zed 81 the opportunity given to me lo work for my organisalion with thanks to The Rank Foundation. I love my job so much and feel really grateful for this opportunityl. "I really enjoyed connecting with others and cam& away with some good friendships. It has enabled me lo re-train something not possibl8 after Covid due lo finances and lack of opportunities. I wouldn't be where l am today without the support and opportunity, I received through the Start Here programme. The workshops, 8Ction learning sets and residenlials helped me grow in confidenGe, gave opportunities lo Network with others and develop n7y skillsels." "I really enjoyed n7y journey with the Start Herg programme, especially as I reGenlly moved to Bemasl. The programme helped me set roots within a new Glty, as well as giving me with the chanc& to Nelwork with the third seGlor across Northern Ireland. It helped my confidence and enhanced my knowledge and understanding of the communities, which is crucial in a divided city. Start H&re gave me a direction and a strong foundation from which to fly.. THE RANK FOUNDATION LIMITED Report of the Trustee5 for the year ended 31 December 2023 Review of Activities and Achievements continued Time to Shine leadershlp programme Time lo Shine IT2SI is a flagship leadership programme with two aims.. Building expertise and capacity within the social sector Allracling and retaining talent- particularly those who are underemployed. The programme ftjnds purposeful full-lime roles within the sector Ipaid at real living wage) and invests in leadership development. Time to Shine works with charities and social enterprises lo identify a clear organisational need. The charity can then apply for a grant to employ a full-lime Time lo Shine leader for 12 months. The T2S leader also participates in a leadership programme delivered by the Rank Foundation that connects them with Time lo Shine peers across the UK. The T2S leadership programme Includes conferences, action learning sets and learning and development opportunities, with a strong focus on personal development and building organisational capacity and capability. In 2023, we welcomed 56 leaders and organisations onlo the programme. While data from our 2023 participants will lake lime lo collate and review, we already know that 710/. have secured or are looking lo secure employment within the social sector. Of these, 430/. retained employment al their host organisalion. What people are saying "This journey has been a confidence booster, amplifying my skills significantly. As a result. IVe proudly secured a permanent position al my organisation. This experience has not only honed my expertise bul also provided 8 solid foundation for my ongoing profession81 joumey with a new and exciting opportunity." "Finding employment as an autistic person is notoriously challenging_ I was incredibly grateful to be offered this uniqu8 opportunity with T2S. 11 helped Gal8puIt me into purposeful and meaningful employment, Whe￿ I gained amazing experience, independence and a sense of personal responsibility. Rank Aspire programme The Rank Aspire programme IRAPI increases young people's social mobility by supporting access to training and èmployment opportunities in the social sector and beyond- with a long- term aim of increasing the potential for future employment and success. The programme offers young leaders aged 18 to 25 12-monlh, living wage work placement on a Rank Foundation project, plus a training bursary of £1,200. The Rank team meets with the leaders three limes a year on residential-based programme5. THE RANK FOUNDATION LIMITED Report of the Trustee5 for the year ended 31 December 2023 Review of Activities and Achievernents continued Rank partner organisalions are key to the success of the RAP programme's ambitions. By creating the conditions for growth through perceived setbacks, knocks and systemic failures, the host organisations and managers are equally invested in the young person's progression. Many of the young people who've taken part in RAP have gone on lo paid work opportunities or full-lime education. Wage progression is one of the loughesl barriers for young people to overcome. True social mobility requires longer-lerm solutions. This Is not an internship, providing focused work experience for those with qualifications and clear ambitions. This is a chance for disadvantaged young people lo begin lo level the playing field. However much we invest in them, they will need to pedal hard to compete with those with the privilege of education, family support, health and permanence. In 2023 we welcomed 15 new RAP leaders lo the programme across the UK. Five of these are based in Scotland and are co-funded by Calalysl for Impact- a partnership that enables us lo pilot a second year of funding al 50.10 if the host organisalion can provide match funding. Three Dundee-based leaders completed the programme in 2023 - two of whom were retained by their organisalions as part of the second-year pilot, while the third continues to be supported through his participation on a full-lime college course. We will evaluate the impact of years of RAP funding in 2024125 to give us a benchmark from which we Can explore future opportunities. What people are saylng "Through being involved with Rank I've taken more of a leadership role within myyoulh cenlre. I've facilitated my own groups such as young men's mental health, leadership, cross community 8nd more. I've also become a lead8r on the Romania project where I was involved in facililaling wgekly group sessions on subjects such as disability 8warengss, homeless awareness, personal development and leadersljip." (RAP leaderj "The pmgramme is a fantastic opportunity. The resid&ntials and events are a great way to meet other young leaders and to grow your confidence lo travel to new pla￿$ indep&ndently. You leam so much from being embedded in an organisalion for a whole year with 8 guaranteed salary." -The programme provides huge growth for participants. The support offered by the Rank team especially on the residentials helps RAP leaders grow in confidence as well as skills. The poten1I81 we saw in our young leadgr before this progTrmme has been uncapped and we re excited lo relain herposl into the new year." (RAP Manager) -20- THE RANK FOUNDATION LIMITED Report of the Trustees for the y8ar ended 31 December 2023 Review of Activities and Achievements continued School Leadership Programme During 2023, the School Leadership Award programme supported 67 sixth fom)ers from independent, slate maintsined, academy and free schools across the UK. Seplernber 2023 saw 24 new students Ilhe class of 20231 replace the smaller class of 2021 118 sludentsl. Of the 60 schools now tsking part in School Leadership Programme, 36.10 are from outside the independent sector (including almost half of the 13 schools that joined the scheme this yearl addressing an historical imbalance from the era of supporting independent schools only. Our students from the independent sector are all recipients ol means-lested bursary funding Ilhe majority al a high level) while most of their stale school peers are eligible for free school meals or pupil premium funding. We continue lo value the rich diversity of schools within the scheme, which allows fruitful collaboration across the sectors. 2023 saw the implementation of several planned innovations and changes. Community Action Placements (CAP} Community Action Placements enable award holders working with Foundation charities and groups lo find placements for students each year, rather than expecting them lo find their own placements in year 13. Norwlch One of two new placements. Norwich-based, provided an excellent opportunity for four members of the group who were interested in medical studies - at least one of whom credits the lime al the placement as playing a major part in her subsequent successful UCAS application. 21 THE RANK FOUNDATION LIMITED Report of the Trust•ès for the year ended 31 De¢ember 2023 Review of Activities and Achievements continued Dundee Place-Based Programme The second placement, Dundee place-based programme supported five members of the class of 2021 who had expressed an inteiesl in studying medicine. They spent a week in student accommodation al Abertay University, while working with charities that are part of Rank's place-based work in the city. The week gave participants the chance to develop their leadership ski115 - as well as giving them an insight into life at university before they moved into higher education. The team also found non-residential pl8￿MentS for students for whom a residential stay was impossible. For example, the placement with the GlouTrstershire Community Rail Group, which saw another potential rnedical sludenl working on a project based on social prescribing around rail travel. Rank Foundatlon leadership evgnt In September 2023, we replaced our one-day leadership event with a two-day meeting providing a greater opportunity to focus on our leadership and more time for students lo gel to know one another. The leadership event, held in London was opened by one of the Rank trustees, who talked about his part in establishing his charity. The talk proved lo be the perfect inspiration for the event's theme.. creating a soci81 enterprise. Students then worked in small groups lo design a social enterprise of their own, exploring the challenges they might face and how best to overcome them. A session on presentation skills helped with preparation for the final task, in which students delivered their proposals lo a panel of judges in a Dragons, Den formal. We also had time lo squeeze in a session on the moral choices of leadership. What people are saylng Students appreciated the event, as summed up by this feedback.. "Il was great as il allowed us lo properly explore the activity while bonding with others. Further work on leadership look place in our half-lermly online meetings, which provide space for our varied cohort lo share their ideas and experiences. The class of 2023 are themselves innovators.. they re the first group to benefit from the change that sees our financial support take the form of a maintenance grant to support their studies, rather than 8 contribution to school or university fees. We will hold meetings with award holders and their parents during summer term 2024 to explain the nature of the grant and how it might be spent. What people ar9 saying Early response from students has been very positive.. "This will help me so much at university." 'A great prsssure has been lrfted. I couldn't app￿Ciate it enough. My mtjm will sure be pleased 8s well. 22- THE RANK FOUNDATION LIMITED Report of the Trustees for the year endèd 31 December 2023 Review of Activities and Achievements continued Enterprlse Enterprise is the third driver of opportunity for the Rank Network. We identify enterprising projects and support them through our major grants programme. We also create and deliver enterprise programmes such as Proflt for Good and the Educatlon Recovery Fund. Profit for Good Profil for Good launched in June 2019 with the aim of increasing enterprise within the sOCi81 sector. The programme exists lo support established charities and social purpose projects that rely on grant funding lo make a difference. Each participating projed has access lo a Ihree-year grant18 mix of pure grant and matched trading in years two and three, designed to incenlivise earned income and lo a maximum of £22.5KI, a place on a digital accelerator programme delivered by the Social Enterprise Academy and a place on a Rank Action Learning Sel. We received almost 50 applications in 2023 for 10 fijnded places. The programme launched in February. with an in-person event delivered over two days. The cohort covers a wide geographical area, including the Scollish Highlands and islands, Northern Ireland and Wales. Cohort feedback led us lo create a digital session designed lo connect the 2022 and 2023 cohorts. which led lo a regular community of practice being established. The Facililalor met with the community four times during 2023. providing a space for cohort members lo reflect on their journey and to share insights and ideas. The 2022 cohort delivered a popular learning and impact seminar at the 2023 annual conference. What people arg saying "The impact of the Profit for Good funding can be measured through both our financial growth and increasecl education81 reach (534 young people) both allowing us lo work towards our aims of eradicating periodpoverty and removing stigma and judgemenl when exploring periods, our bodies and s8xual health. 'During the pandemic we revisited and planned a new approach. Wrth Ihg help of the Rank Found81ion and the Social Enterprise Ac8demy training programme we've been able to fully realise our strategic vision and undertake a complete remodel of the service provided to beneficiaries esleblishing a viable social enterprise model. -23- THE RANK FOUNDATION LIMITED Report ol the Trustees for the year ended 31 December 2023 Review of Activities and Achievements continued Educational Recovery Fund The Educational Recovery Fund continued to support projects designed to address educational inequality during 2023. For the next three consecutive years, one of our grants made will support the delivery of summer science research placements for ten year 12 students from disadvantaged backgrounijs. A similar time frame applies lo our second gr8nt support which will allow six UK schools to develop the 'cradle lo career, model of wrap-around educational provision - from birth lo 18 and beyond. Finally, a third grant Was made in support of ils Broadening Educational Pathways programme, which supports C8re-experienced children by placing them into independent day and boarding schools. Our grant will support eight students Ifour in two consecutive years) throughout secondary school. Evidence clearty shows educational outcomes for care-experienced children are much worse than those of their peers, arTrd we are delighted to be supporting a programme designed lo address this. Falth The fourth of Rank's strategic aims is faith. Rank's founder was a committed Melhodisl and today we 8Pm to convene conversations about faith in all ils forms. Across TV, Audio and Digital, Rank's subsidiary CTVC promotes the principles, history, education, and practice of the Christian faith from a perspective of all faiths and none. In a media landscape where there is a decline public broadcaster investment in religion, CTVC'S output and audience is increasing across multiple platforms. In 2023, they were able lo keep faith and its impact visible lo literally millions of people in the UK and beyond. CTVC 2023 falth output In number5 41 Christian themed programmes LIVE in 2023 48 World Faiths, Mor81 and Ethical themed programmes LIVE in 2023 99 further Christian, World Faiths, Moral and Ethical programmes in production Below are some examples of how CTVC used faith stories lo educate, challenge and inspire in 2023.. Encouraglng conversatlons about rellglon Much of CTVC'S oulpul encourages mulli-failh conversation more important than ever against the backdrop of 2023's inlernalion81 unrest. In April, season five of Pilgrimage premiered on BBC, and once again celebrated inter-faith stories. In the first seven days, Pilgrimage.. The Road Through Portugal gained audience figures of 3.7million in the UK and was praised by the Daily Telegraph.. "Between them. the group. .represanl an impressive range of ages, abilities, ethnicities and tsilh groups. Initially, they seem a nol-especially philosophical bunch but, as Abdulrashid points out, that's the whole point of pilgrimage, lo give themselves the lime and space 10 encourage renection." (Daily Telegraph) -24- THE RANK FOLINDATION LIMITED Report of the Trustees for the year ended 31 December 2023 Review of Activities and Achievements continued Songs of Praise In 2023, CTVC won the contract to deliver Songs of Praise, the BBC'S flagship, weekly Christlan programme. Producing 52 episodes a year, the series visits Christian communities and churches of all sizes across the UK and shares remarkable faith stories that would otherwise go unheard. CTVC broadcast their first episode in September, and over the first 4-monlhs of programming, average weekly audience figures were between 0.8 and 1.3million. Feedback for the episodes proved the programme is providing huge comfort lo the many watching from their homes, as expressed by audience members on Points of View.. 'In these difficult times with everyone slruggling day to day, and with the confliGts around the world, Songs of Praise is such an incredibly uplifting programme., (Ingrid, viewer, Milton Keynesj 'On the news during this lime, it has been so full of suffering, death and grief. Songs of Praise has gently remind&d us that there is still beauty and lov6. Thank you so much for bringing joy and peace into our lives., (Daphne, viewer, Hunlingdonshire) Looking Forward As we approach the mid-point of our cuffenl strategy, we look to build on the progress we made during 2023 - particularly around the Network and the desire lo build long-lerm meaningful partnerships. Our support of Place Mattgrs a scheme designed to deliver systems change in places across the UK - has already united a strong Network of funders and providers intent on delivering strategic change.. this will be achieved as part of a focused, collaborative effort. This remains a work in progress. We've also brought together potential funders for a new place-based programme in Sunderland, connected lo wider. regional opportunities aimed at building on the 'bow wave, of significant economic investments- not least the intent to build the largest media and film making studio facilities outside of Hollywood. We're looking lo work collaboratively with at least six major funders, with the aim of using Rank's knowledge and expertise as the 'force multiplier,, leveraging long-lerm support lo 811eviate poverty and create opportunity. Elsewhere, we have been successful forging local collaborations, from the Rhondda Valley in South Wales lo Blackpool and the Fylde Coast. Led by one of Rank Associate's, we have recently secured £400K lo work the long-term unemployed in Blackpool, connecting five organisations, working collaboratively to address one of many deep-sealed social issues in the town. We will share this experience across the network, as we look to improve our capacity lo 'learn' and spread the knowledge of our successes land failuresl more effectively both with our partners and network members. -25- THE RANK FOUNDATION LIMITED Report of the Trustees for th• year ended 31 De¢¢rnber 2023 Review of Activitie5 and Achievement5 continued Despite the challenge of managing reducing budgets al 8 time of significant and growing social need land where the resilience ol our Network members is lesled more than everl we recognise the role of both enterprise and leadership as the drivers that will help us deliver meaningful change. Vve will continue lo use these pillars lo shape creative and innovative ways lo deliver our mission. Doing so will lesl both the executive and the board, as we sound the rallying cry to those who will help us build stronger, c(Finvesled collaborations. Our recent work on brand and cornm(Jnications prepared us well for this tssk. Finally, we now have a home that's beller suited to a 'relational foundation. that prartise5 what il preaches, and which recognises that the added value we bring lo the lab5e is more than money alone. Garden Walk has become the vibrant, social working space we all envisaged, befitting Rank's reputation as an outstanding funder, convener and connector of people and programmes across the UK. -26- THE RANK FOUNDATION LIMITED Report of the Trustees for the year end•d 31 December 2023 Financial Review Revlew of finances The Foundation is primarily funded from the return on our investments. Our total funds al the year-end amounted lo £275 1 m12022 - £268 4ml of which £269.6m12022 £263.6ml is held as publicly traded investments and cash lo fund our current and future grant spending. These investment funds show a net increase of 2.3Q/o 12022 decrease of -12.90/DI. This is in line with market movements. We disinvest duririg the year to fund operations. During the year gr2ntS amounting lo £9.3m12022 - £15.8ml were payable by the Foundation. The prior year included £10.Om from the Department for Communities Northern Ireland to fund the Start Here Programme. The Foundation have also continued providing for all grants in the year in which a commitment is made lo the recipient lo meet the requirements of the Charities SORP FRS 102. In deciding upon the appropriate level of grant expenditure, the Trustees consider the income receivable and commitments payable in each year. Reserves The policy of the Foundation is to fflainlain the value of the reserves over the long term al a level lo provide an investment return to support a Consistent level of grant expenditure both for current beneficiaries and those we wish lo help in the future. At 31 December 2023 the Unrestricted Reserves of the Group were £270.2m12022 ~ £263.5ml which the Trustees have considered lo be sufficient in the medium lo long term lo provide the returns lo enable the current level of mission fulfilment lo continue. The Restricted funds of £5.Om held by the Foundation include £4.2m relating lo contributions lo be paid lo the defined benefit pension scheme. These are due to be paid lo CTVC under the Schedule ol Contributions lo eliminate the deficit over the next 10 years. Restricted funds also include £1.1 m being the total funds of the subsidiary charity, CTVC. The Directors of crdc set their own reserves policy to achieve a balanced budget in the long term and lo relain sufficient reserves lo meet working capital requirements. The subsidiary's activities and results for the year are sel ovl in ils own Report and Financial Statements and the summary results for the year with comparatives are also set out in note 22. -27- THE RANK FOUNDATION LIMITED Report of the Trustee5 for the year ended 31 December 2023 Financial Review continued Investment Poli Since 2010 the Trustees have adopted a total return basis for managing the Foundation's inveslmenls. An absolute return benchmark has been adopted that 8ims'. first lo protect the real value of the Foundation's assets from inflation,. then lo produce an additional amount for the Foundation's costs and granl-giving.. and finally, to produce a surplus, which could either be added lo reserves or Used lo increase the amount available for charitable purposes. To fulfil this policy, the Trustees have adopted a long-lerm tsrgel of a CPI inflation adjusted return of +2.5O/g which the Trustees believe will enable a consistent level of expenditure whilst conserving the investment base. This policy was last reviewed by the Trustees in late 2022 and will continue to be monitored against actual returns and levels of expenditure. The Investment Committee continues to monitor the individual perform8nce of the funds held and to manage the holdings. Small Company Rule5 This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating lo small companies. Goin oncern The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these Financial Stalemenls. The Trustees h8ve concluded that there are no material uncertainties related lo events or conditions that may cast significant doubl on the ability of the Foundation to continue as a going concern for at least the next twelve months. The Trustees have made this assessment after reviewing the Foundation's forecasts and projections, which are regulady reviewed. The Foundation has sufficient liquid funds, held In readily marketable investments, lo cover both its existing grant creditors, the guarantee in place for the CTVC defined benefit pension fund deficit and the annual operating costs of the Foundation. The Trustees consider the investments lo be liquid with daily dealing available on all the investments held al year end. The Foundation Trustees and the Board of ils wholly owned subsidiary CTVC are satisfied that the Foundation and CTVC are going concerns. 28- THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 Dtrcember 2023 Statement of Trustees Res onsibilities The Trustees Iwho are also directors of the Foundation for the purposes of Company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and regulations. Company law requires the Trustees lo prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice Iuniled Kingdom Accounting Standards and applicable lawl. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the group and charity and of the incoming resources and application of resources, including the income and expenditure, of the group and charity for that period. In preparing these financial statemerils the Trustees are required to.. select suitable accounting principles and applied them consistently- make judgments and estimates that are reasonable and prudent., slate whether applicable United Kingdom accounting standards have been followed. subject lo any material departures disclosed and explained in the financial statements- prep8re the financial statements on the going concern basis unless it is inappropriate lo presume that the group and charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any lime the financial position of the group and charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the Foundation's assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Provlslon of information to our audltors In determining how amounts are presented within items in the slalement of financial activities and balance sheet, the Trustees have had regard to the substance of the reported transactions or arrangement, in accordance with generally accepted accounting principles or practi￿. So far as each of the Trustees is aware al the time the report is approved.. there is no relevant audit information of which the company's auditors are unaware, and the Trustees have taken all steps that they ought lo have taken lo ma themselves aware of any relevant audit information and to establish that the audilo are aw Te of that information. Date.. By Order of t JRNe Trustees on, Chair 29- THE RANK FOUNDATION LIMITED Independent Auditor's Report to the Trvstees and Members of The Rank Foundatlon Limited Inde endent Auditor's Re ort Oplnlon on the financial statements In our opinion, the financial slatemenls.. give a true and fair view of the slate of the Group's and ofthe Parent Charitable Company's affairs as al 31 December 2023 and of the Group's incoming resources and application of resources for the year then ended., have been properly prepared in accordance wrth United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of ltte Companies Act 2006. We have audited the financial statements of The Rank Foundation Limited l.the Parent Charitable Company'l and ils subsidiaries I'the Group I for the year ended 31 December 2023 which comprise the consolidated statement of financial activities including a consolidated income and expenditure, the consolidated balance sheet, company balance sheet, the consolidated statement of cash flows and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law End United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial R8porting S18ndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applic8ble law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independ6nc8 We remain independent of the Group and the Parent Charitable Company in accordance with the ethical requirements relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Concluslons related to golng concern In auditing the financial stalemenls, we have concluded that the Trusleos, use of the going concern basis of accounting in the preparation of the financial statements 15 appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Group and the Parent Charitable Company's ability lo continue as a going Gon￿rn for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Tnjslees with respect to going concern are described in the relevant sections of this report. 30- THE RANK FOUNDATION LIMITED Ind•p&ndont Auditofs Report to the Trustees and Members of The Rank Foundation Limited Inde endent Auditor's Re ort continued Other information The Trustees are responsible for the other Information. The other information comprises the information included in the Report of the Trustees and Financial Slalements, other than the financial statements and our auditor's report thereon. The other information comprises.. the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except lo the extent otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and. in doing so, consider whether the other Information is materially inconsislenl with the financial statements, or our knowledge obtsined In the audit or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required to determine whether there is ? material misstatement in the financial s181ements or a material misslalement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required lo report that fact. We have nothing to report in this regard. Other Companies Act 2006 reportlng In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report, which includes the Directors, Report prepared for the purposes of Company Law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Directors, Report, which are included in the Trustees, Report, has been prepared in accordance with applicable leg81 requirements. In the light of the knowledge and understanding of the Group and the Parent Charitable Company and ils environment obtained in the course of the audit, we have not identified material misstaternenls in the Strategic report or the Trustee's report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report lo you rf, in our opinion., adequate accounting records have not been kept by the Parent Charitable Company, or returns adequate for our audit have not been received from branches not visited by us., or the Parent Charitable Company financial stslemenls are not in agreement with the accounting records and returns., or certain disclosures of Directors, remuneration specified by law are not made,. or we have not received all the information and explanations we require for our audit-, or the Iruslees were not enlilled lo prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement lo prepare a strategic report. 31 THE RANK FOUNDATION LIMITED Indapendent Auditor's Report to the Trustees and Members of Th8 Rank Foundatlon Limited Inde endent Auditor's Re ort continued R05ponsibilities of Trustees As explained more fully in the Statement of Trustees, responsibilities. the Trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and lor being satisfied that they give a true and fair view, and for such internal control as the Trustees determines is necessary to enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the Parent Charitable Company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Trustees either intend lo liquidate the Group or the Parent Charitable Company or to cease operations, or have no realistic alternative bul to do so. Auditor's rgsponsibilities for the audit of the financial statements We have been appointed as audrftor under the Companies Act 2006 and report in accordance wl(h the Act and relevant regulations made or having effect Ihereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordanTr with ISAS IUKI will always delecl a material rnisslalemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial slalemenls. Extent to which the audlt was capable of detecting irregularltles, including fraud Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delect material misslalements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. Based on our understanding of the Charity and the industry in which il operates, we identified that the principal laws and regulations that directly affect the financial st8lemenls to be relevant Charities Acts in the UK. We assessed the exlenl of compliance with these laws and regulations as part of our procedures on the related financial statement items. In addition the Charity is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial stalemenls, for instance through the impos￿lI0n of fines or Iiligation. We identified the following areas as those most likely to have such an effect.. employment law, data protection and health and safely legislation. In order lo help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial slatemenls, we made enquiries of management and those charged with Governance about whelherthe entrty is in compliance with such laws and regulations and we inspected any relevant regulatory and legal correspondence. We assessed the extent of compli8nce with these laws and regulations as part of our procedures on the related financial stslement items. 32- THE RANK FOUNDATION LIMITED Independent Auditor's Report to the TTu$l•as and Members of The Rank Foundation Llmlted Inde endent Auditor's Re ort continued Audit procedures performed by the engagement team included.. Discussions with management and group audit committee. including consideration of known or suspected instances of non-compliance with laws and regulations and fraud., Reading minutes of meeting of those charged with governance, and reviewing correspondence with HMRC and the charity regulator., Challenging assumptions made by management in their significant accounting estimates in relation lo the estimation of costs to complete for revenue contracts and assumptions used in the calculation of the defined benefit pension liability.. and In addressing the risk of fraud through management override of controls., testing the appropriateness of journal entries and other adjuslmenls, in particular any journals posted by senior management or with unusual accounts combinations. Our audit procedures were designed lo respond lo risks of material misslalemenl in the financial statements, recognising that the risk of not delecling a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example. forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non- compliance with laws and regulations is from the events and transactions reflected in the financial slalements, the less likely we are lo become aware of it. A further description of our responsibilities for the audit of the financial statements is located at the Financial Reporting Council's I"FRC's"I website al.. https.'Ilwww.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely to the Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the Charitable Company's members those matters we are required to stale lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company's members as a body, for our audit work, for this report, or for the opinions we have formed. DocuSbJn•d by.. Bcec15A11E97446 Fiona Condron (Senior Slatulory Audilorl For and on behalf of BDO LLP, slalulory auditor London, UK Date 10 June 2024 BDO LLP is a limited liability partnership registered in England and Wales Iwilh registered number OC3051271. 33- THE RANK FOUNDATION LIMITED ¢on$olidated Statement of Financial Activitie$ sncluding Consolidated Income and Expendlture Account for the ear ended 31 December 2023 Note5 2023 Restrlcted Unrestricted FLand Fund 2022 Restricted Unrestricted Fund Fund Total Funds Total Fund$ £, 000 £. ooo £. 000 £. 000 £. 000 £. 000 Income frorn- Gonts Charitable activities Other tr8ding activities In¥eslmenis Other incom8 947 3,073 1,996 947 3,073 1,996 4,282 352 9.077 1,102 1,510 9.077 1.102 1.510 3.024 166 4,282 318 3.024 166 34 TOTAL INCOME Expenditure on- Raisino funds 1,951 5,300 237 7.869 2.188 13,169 1,368 11,903 248 7.819 1.616 19.722 TOTAL EXPENDITURE Net galns I Ilo$$l on Investments 10 11,511 131.9371 131.9371 Net Incomel lexpenditurel 8.005 11,5821 136.8141 138,3961 Transfer5 betwe8n fund5 16 1,323 11,3231 1,439 11.4391 Other gain5 Actuafial qains I Ilossl on defin8d benefit pension scheme 21 11041 11041 3,972 3,972 Net movement In funds Reconclliatfjon of lund$ 16 Total funds brouqht forward 253 468 268 448 301721 302 872 Tot81 funds carried forward 270 150 275 148 263 468 268 448 All Income and expenditur8 denves from continuing activities. The Consolidated Statement of Financial Activities includes all gains losses recognised during the year. rhe notes on paoes 38 10 55 form part of the finan￿￿[ 5taternents. THE RANK FOUNDATION LIMITED Constslidated 8alance Sheet at 31 December 2023 Notes Year ended 2023 Year ended 2022 £. 000 £, 000 £. 000 £. 000 Flxed assets Tangible essets InvestFnenls 7,163 270,585 7,125 264,544 10 Totsl flxed ass8t5 277 748 271679 Current assets Debtors Short term deposits Cash al bank and In hand 12 523 4,794 5,582 337 5.800 4,444 Toial Current assets 10,8 10.381 Current Ilabilrties Creditors." Amounts falling due within one year 13 12.305 9,428 Net current Iliabilitiesl l assets 1,406 953 Total assets less ¢urrent liabilit185 276,342 272,632 Creditors. Amounts Payable after tnofe than one year 14 18281 13.4881 Net a$$et$ excluding pension Ilablllty 275.514 269.144 D8fined bènefit pension sch8m& liability 21 13661 16961 Net as$ets including pension Ilablllty 275.148 268.448 The funds tsf the Group 16 Unrestricted funds Unreslricl8d funds 08signated funds- CTVC Grants 268,818 1,332 270.150 262,136 1,332 263,488 Restri¢ted 5,364 5,676 Funds ex¢luding pension reserye 275.514 269,144 Defined benefit pension scheme reseNe-reslricted 16,21 13661 275,148 16961 Total funds 268.448 These aecounts have been pr8pared in accordanc8 Wlth the special provisions of Part 16 of the Cotnpanies Act 2006 relating lo small companies. tements were approved and authorised lor issue by the Board of Trustees on 4 June 2024 8nd Ilalf by-. The financial s syned on ils The notes on 8838t 5 fomi part of the financial statements. J.R. Newton -35- THE RANK FOUNDATION LIMITED Company Balance Sheet at 31 December 2023 Com an number '. 516434 Not8S Year endgd 2023 Y8ar ended 2022 £, 000 £, 000 £. 000 £. 000 Fixed a65e¢s Tanoible assets Inveslrnenls 7,138 270,585 7,124 264,544 10 Total fixed assots 277 723 271 668 Curr•nt assets Debtors Short term deposits Cash at bank and in hand 12 228 4,794 211 5,600 Total current a55ets 6,522 8,855 Current liabilitiès Creditors.. Arnounts fallinq due within onè yéar 13 Net current liabilities Total assets less current liabilities 273,530 269,850 Creditors.. Arnounls pavable after rnore than one year 14 14,5981 17,1151 Nat assets 268 932 262135 The funds of the charrtv 16 R8Stiict8d funds Unrèstrictad fund5 Unrestricted funds 269,298 262,831 Designated funds 16.21 13661 16961 Totsl unrestricted fund5 268 932 262 135 Total funds 262 135 The Foundation has elected lo take the exemption under section 408 of the Gornpanies Act 2006 not lo present the Foundation Stat9ment of Financial Activiti&s (including the income and èxpenditure acoountl. The net income of the Foundation lor the year was £6,70012022- nel loss of £36,797kl. Th8 financial statements were approved and 8uthorised for issue by the Board of Trustees on 4 June 2024 and signed on its behalf by". The notes o 'paoes 38 10 55 lorrn part ol the financial ststements. J.R. Newton -36- THE RANK FOUNDATION LIMITED Consolidated Statement of Cash Flows at 31 December 2023 Notes 2023 £. 000 2022 £. 000 Cash flow from 0￿ratIng activilies 18,6871 18511 Net ca$h flow used in operating activltles 8.687 851 Cash flow from in¥85tÉno activities Paytnenls lo acouire tanqible fixed assets Receipt5 from sales of tanoible fixed 3$sel$ Payments lo acouire investments Receipts from sales of Investments Payment of r8payable grants Repayrnent of repayable grants Dividends and interest received from investments ID8creasey Increase in Short term deposit 12051 32 176.5541 84.907 16781 29 154,0511 57,719 13451 192 4.282 806 3,024 15.6001 Net ¢a$h flow g8nerat8d by investing a¢tlvltles 12,645 98 Change in ¢a$h and cash equivalents in the yea 3,958 17531 Cash anil ¢a$h equlvalents at 1 January 5,327 6,080 Cash and cash equivalenl$ at 31 December 9.285 5,327 Cash and cash equivalenls consists of.. Cash 81 bank 8nd in hand Cash balances held by custodian for reinvestment 5.582 3.703 4,444 883 Cash at cash equlvalents at 31 December 9,285 5.327 Al Re¢onciliation of net In¢ome I lexpenditurel to net Cash flow from operating activitie5 N8t income I lexpenditurel for year 6,804 138,3961 Dividends and interest from investment5 Depre¢iation of tangibl& fixed assets Net loss I Igainsl on Investments (Profil I I loss on disposal of tangible fixed a$s8ls Increase in debtors Increase in creditor5 n81 of repayable grant creditor Defined benefit pension scheme contributions Defined benefit pension scheme Defined benefit pension schame finance Cost Net cash flow from op8raling activities 14,2821 13.0241 28 31,937 11861 777 14571 685 8.119 14571 152 92 851 23 8.687 Bl Anzlysis of change$ In net Funds 2022 4,444 5,600 883 Cash Flows 1,138 18061 2.820 2023 5,582 4.794 3.703 Cash at bank and in hand Short term deposit Cash balanc8s held by custodian lor reinvestment Total The notes on p8g6s 38 to 55 form part of the financial statements -37- THE RANK FOUNDATION LIMITED Notes to the Flnanclal Statements for the year endèd 31 December 2023 1. Accountin olicies Thé Foundation constitutes a public benefit entity as delingd by FRS102. The Financial Stalemenls have been p￿Pared in accordance with Accounting and Reporting by Charities. Statement of Recornmended Pr8otice applicable to charities preparing their awunts ill accordance with the Financial Reporting Standard applicablè In the UK and Republic ol Ireland ISORP FRS 102 (2nd editionll, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Aot 2011. the Companies Act 2006 and UK Generally Accepted PraGticè as it applies. Thg Financial Statements have been prepared under the historical cost convenkn'on, modified to include certain items at fair value. The Financial Statements arè prepared in sterling which is the functional ourrency of th6 Foundation and rounded to the nearest thousand pounds. The Financial Statem8nts are prepared on a going concern basis because in the opinion ol the Trustees there are no material Ljncertainties over the Foundation continuing for al least the next twglvg rnonlhs. The significanl accounting policies applied in the preparation of these Financial Statements a￿ set out below. These policies have been consistently applied to all years prgsented unless otherwise slated. Parent company dIsclosu￿ exemptions In prepanng the 5epar8te linanGial statements ol the parent cornpany. advantsge has been takèn of No cash flow staternent has been presented lor the parent ¢ornpany', No disclosure has been giv8n lor the aggregate ￿rnuneratIOn of the key rn3nagem8nt par50nnèl of thè parent ¢ompany ès their remuneration is included in the tota15 lor thè group as a whole. No disclosure has been given for the related party transactions entered into between or more members of the group. lal Consolidation The consolidated financial statements ol 'The Group. comprisè Thè Rank Foundation Limited I"The Foundation"), CTVC Limited I'CTVC'I and its trading subsidiary. Hillside Productions Limited. Details of CTVC and Hillside Productions Limited are given in the notes to thg financial statèments. Advantage has been taken of the exemption available under section 408 of the Cornpanies Act 2006 not to present an individu81 Slaternent of Fin3nGial Activities and Income and Expenditure 8fLount lor the Found8110n. Ibl Investments Publicly traded investrnents, or those where fair value can otherwise be rneasured reliably. 8re me8sured al fair value at each balance sh88t date. with changes in lair value recognised in 'net gaifis I Ilossesl on investments. in the Statement ol Financial Activities. Investments denominated in foreign eurrencies are translated at closing rates with any profit or loss arising on exchange rate fluctuation being posted to changes in the market value ol investments. Investm8nts also Include rèpayable grants which are recognised at the point of disbursement under the conditions set out in the agreement with the beneficiary. Repayable grants are unsecured and are awarded at lower interest rates than those offered by commercial lenders. It 15 Intonded that the repayable grant will be repaid by the belleficiary and regardless ol the rato of Interest a550ciated with the grant. the primary consid8ration by the Foundation when awarding the grant is the level of social impact rather than the financial return. Repayable grants offered and cornmunicated but not disbursed to the beneficiary at the balance sheet dattr are disclosed as outstanding commitments, -38- THE RANK FOUNDATION LIMITED Notes to the Financial Statements for the year ended IcontlnLtedl 310ecember 2023 1. Accounting policies continued) Icl Income All income is included in the Statement ol Financial Activities when the Foundation is legally entitled to th8 Income, after any performance conditions have been met, when the amount can bg mèasured reliably and when it is probable that the income will be received Government grants are recognised in the year in which they become reoeivable and when any conditions for receipt have been m8t. Income from non-government grants are recognised on receipt, LJnles5 therè re Gonditions attached to the donation that require a level ol perforrnance before èntitlèment can be obtained. In this case income is deferred until those conditions sre ILJlly met or the lullilment of Ih05e conditions 15 Imthia the ¢ontrol ol the Foundation and It is probable that they wi11 be fulfilled. Investment Income represents gross Interest and dividends. and 15 credited to thè statèment of financial activities on the date on which the income is due. Idl Grant expenditure Grants Payable to third parties are included in expenditure on charitable activities Where unconditional grant5 are made, these arnounls are iecognised when a legal or constructive obligation is created, typically when the recipient Is notified that a grant will be rnade to them. Where grants are conditional on performancé, then the grant is only recognised once any unfulfilled conditions aré outside ol the control ol the charity. lel Expenditure Expenditure is accounted for on an accruals basis. Irrecoverable VAT is charged as an expense against th8 activity for which the expenditure arose. Costs of rai¥in9 funds The costs ol raising funds includes th8 direct costs incurred inre5ped of invéstment management and also those relating to Irading 8Ctivities. Charltable activities Grants are allocated to the appropriate category along wth d1￿ct costs. Cost5 of charitabl8 activities also includes all costs relating to Ihe production, sale and dislribution ol religious programmes plus attributable overheads. All running ¢osts from the various offiGes have been associated with the appropriate category. Govèrnance costs Governan¢9 Costs are included with support tosts and includes those costs a55ociated wth meeting the constitution21 and statutory requirements ol the charity, including the aLJdit fees and costs linked to the strategic management of the charity. Support costs Support cDsls cornprise rnan8gem8nt, administration and governance costs. Support costs have been apportioned based on estimates of staff lime and in proportion lo the relevant actual cost5 in resp&ct ol charitabl& 8ctivitiès. -39- THE RANK FOUNDATION LIMITED Notes to th• Financial Statements for the year ended Icontinuedl 31 December 2023 1. Accounting polici85 Ictsntinuedl lfj Tangible fixed assets T8ngibl8 fix8d a5S8ts arè Stated at cost less accumulated depreciation. The Ihreshold for 8ddilion5 to fix8d assets is £1.000. Depreciation is calculated so as to write off tha cost. taking into account nomal commercial and technical obsolescence. less th8 estimated r8sidual value, of the tangible fixed assets on a straight line basis, as follows. Freehold and leasehold property Fixtures and fittings Computer equipment and software Motor vehicles 1Yo to 2W¢ on cost 10¥ts to 50% on cost 10¥0 lo 1001¢ on cost 20°b to 40% on cost Igl Pensions CTVC defined benefit $¢heme Th8 scherne was closed during 2002. CTVC is paying £457.000 per annum into this sch8ffl8 in line with thg current schedule ol contributions. The amount charged lo the slalement of financial activities. in re5P8Ct of thi5 schetn8, 15 the estimated Increased cost of providing the historical benefits accrued The inter85t Cost and 8XP8Cted retu￿ on assets are included within other finance costs in support costs. The assets of the s¢hgm8 are h81d s8paiately from the Group in separate Iruslee administered funds Full actuarial valu81ions. by a prof8S5ionally qualified actuary. a￿ obtained at least every three years, and updated to reflect curr8nl conditions al th8 balance sheet date. The pension scheme assets are measured at fair value The pension sch9ffl8 liabilities are measured using the projected unit method and discounted at the current rate of retum on 8 high quality corporal8 bond of 8quiva18nl term and currency. A pension liability is recognised on the balance sh8el as The Group has accepted th8 obligation to settle the Dèfin•d contribution schemes Ernploy8r p8llsion contributions are charged to the slalement ol financial activities as they become P3yabl8. Ihl Funds Th& unr8Strictod funds are available lor use al the discretion ol the Trustees furtherance of the gener81 obi8CtIV85 of th8 Foundation. D8signated fund5 cornprise un￿StrIcted funds that have been sel aside by the Trustees for particular purpose5 The pension r8s&rv& fund is d8signated to match the defined benefit pension scheme liability. Reslricled funds are those funds r8lating to the subsidiary charity, CTVC Limited, and those which a￿ to be used in accordance with sp8cific r85tricliorTrs Imposèd by donors. lil Operating leases Op8ratillg l&a5& r8ntals are charged lo the statement ol financial activities on a straight line basis over the 198se t8rrn. til Critlcal ac¢ountSng judgements and key sources of estimation In preparing th85e financial statements the key sources ol estimation relate lo the defined benefit pension liabilities and 8Stirnation of costs to complete ￿venue conlracls. The critical underlying assurnplions in relation lo the 9Stifflat8 of th8 defined benefit scheme obligation Include the standard rates ol inflation, mortality. and discount r8t8. Variations in these assumptions have the ability to significantly influence the value of the liability recorded and annu81 defined benefit expens&. All assumptions used are based on actuarial advice. The criti¢81 underlyin9 assurnptions in relation to the 8Stimate ol cost5 to complet8 revenue contracts include staff tirne. training, learning 8V8nt Costs and 8V8luation costs. All assurnp110fi5 a￿ based on staff lime allocations and quotes received from 5uppli8r5. 40- THE RANK FOUNDATION LIMITED Note5 to the Flnancial Statements for thè yèar ended lcontinuedl 31 December 21J23 2 Total rou ex enditure Dlr8Ct Cost5 1 Grant5 2023 Support Cost$ £'ooo Staff £'ooo Other £'ooo Total £'ooo £'ooo Raising funds Investrnent management costs Expenditure on other trading activities- Hillside Total raising funds 237 237 1,947 1,947 241 2,188 Charitable activities CotnTnunily programrnes CTVC 6.345 2,384 1,256 690 1.206 1.288 8,807 4.362 Total Charitablè activitiès 8.729 1,946 2,494 13.169 Total Expenditure 241 2022 Raising funds Investment management costs Expenditure on other trading activrties- Hillside Total raising funds 248 248 1,364 1,364 1,368 1.616 252 Charitable a¢tivitiès Community prograrnmes CTVC 15,047 1.072 1.332 375 926 955 17,305 2,417 Total charitable actlvities 16.119 1.707 1,881 19,722 Total Expenditu 267 Included above In Charitable aclivilies- CTVC, is £23.00012022 £92,000), which relates to pension finance costs and an adjustment lor past service costs in the restricted funds- note 21. 3 Allocation of su ort costs ¢ommunlty CTVC £. 000 2023 £. 000 Communlty £, 000 CTVC £. 000 2022 £. 000 £. 000 GovernanGe (note 41 Staff Occupancy Depreciation Other 143 371 116 149 427 77 715 248 220 1,086 364 160 664 144 368 82 25 307 46 632 190 1,000 166 30 495 237 188 Total 1,206 1,288 926 955 1.881 Support costs have been apportioned be￿een the charitable activies based on staff timo. 41- THE RANK FOUNDATION LIMITED Nottrs to the Flnancial Statements for the year endèd Icontlnuedl 31 Dècember 2023 4 Analysis of governance ¢05ts Group 2023 £. ooo 2022 £, 000 Auditorfs rernuneration Legal and professional lees Trustee and consultants expenses located staff costs 61 S1 16 92 48 39 27 76 5 Grants Group 2023 £. 000 Foundation 2022 £, 000 2023 £. 000 2022 £. 000 Gommitrnents made in the year Grants cancelled or recovered 8,708 587 14,628 424 9,927 587 16.202 424 Grants payable for the year Grants paid in the year 8,121 9,309 14,204 7.692 9.340 11.098 15,778 9,571 Net Idecreasel l increase in cornrnitments Commitrnenls a11 January 11,1881 10,674 6,512 4,162 11,7581 16,690 6,207 10,483 Commitments at 31 D•cèmb•r Payable as follows.. Payable within one year Payable after more than on8 yèar 8,658 828 7.186 3,488 10,334 4,598 8,975 7,715 An analysis ol the sources of grants 15 as follows 2023 £'ooo 382 500 65 947 2022 £'ooo 9,012 DfC- Start Here Nl onward Grants Funding LiveWell- Plymouth Fund Catalyst For Impact External Funding 65 42- THE RANK FOUNDATION LIMITED Notes to tht Financial Statements for the year ended leontlnuedl 31 Decembèr 2023 6 Net income I ex nditU￿) for the year Net income I lexpenditurel is stated after charging I Icreditingl.. 2023 £. 000 2022 £. 000 Depreciation of tangible fixed assets Loss I (Gain) on disposal ol tangible fixed assets Operating le8se rentals Net Iqainsll loss on investments Auditor rernuneration Audit of the Foundation's annual accounts Audit of the subsidiari8S Non-audil services 160 28 429 22 31,937 26 35 27 21 7 Trustee ex enses 2023 £. 000 2022 £. 000 Travelling and subsistence expenses reimbursed to six Truste8s12022". nine) The Trustees ol the Foundation neither rec8lV8d nor waived any rernuneralion during the yoar 12022.. £Nill. 43- THE RANK FOUNDATION LIMITED Not•s to the Financlal Statements for the year ended Icontinuèdl 31 December 2023 8 Staff numbers and costs Group Foundation 2023 £. 000 2022 £. 000 2023 £. 000 2022 £. 000 Salaries Social security costs Redundancy payments Pension Gosts Personal insurance 1,896 192 20 229 90 1.718 193 45 187 56 707 82 20 160 48 730 88 25 118 37 998 Average number employed 2023 Number 2022 Nurnber 2023 Number 2022 Number Employad in dlrect charitable activities CTVC Programme5 ComFnunity prograrnmes Support 20 18 15 10 10 40 15 Remuneration and bengfit5-in-kind The number of employees who re¢$iv&d total employee benefits (excluding employer pension costs) of more than £60,000 is as follows.. 2023 Number 2022 Number 2023 Number 2022 Number Numbèr of Staff eaming £60,001 to £70.000 Nutnb8r of Staff eaming £70,001 to £80.000 Number of Staff earning £80.001 to £90,000 Number of Staff eaming £90.001 to £100,000 Number of Staff earning £100,001 10 £110,000 Nutnber ol Staff eaming £110,00110 £120,000 Number ol Staff eaming £120,001 to £130.000 Number of Staff earning £130,001 to £140,000 Nurnber of Staff eaming £140,00110 £150,000 Employers pension contributions lor those ernployaes earning more than £60,000 were - Group £139.258 12022 £109,914) Foundation £109,22512022- £62.2111 The Senior Managemont Team ol Rank comprises. the CEO David Sanderson, Dgputy CEO Caroline 8roadhur5t, Director of Programmes Kai Wooder. Director ol Education and Leadership John Hind, Interim Finance Director Tom Kelm8n U'oin8d on 28 February 20231. Their employee benefits total £629k12022 £513kl. The group includès the CEO Caroline Matthews and the Finance Oiiector Jonathan Rees from CTVC whose employee benefits totalled £253k It236k- 20221. Group èmployees, benefits totalled £882k1£749k - 20221. 44- THE RANK FOUNDATION LIMITED Note5 to the Financial Statements for th• year ended Icontinuedl 31 Dec8mbef 2023 9 Fixèd assets Long Leasehold Properties £. ooo Fixtures Fittings ete. £. 000 Motor Vehicles £. 000 Group Total £. 000 Cost al 1 January Additions at cost Disposals 6,925 31 368 79 77 95 1441 7,370 205 1491 Cost at 31 December 442 128 7.526 Depreciatiofi al 1 January Disposals Charge for the year 100 102 151 45 33 1271 26 235 1321 160 89 Depreciation al 31 December 189 142 32 363 Net Book Value 31 Decembèr 2023 300 96 31 December 2022 266 44 Foundalign Cost at 1 January Additions at cost Disposals Cost at 31 December 6,925 31 292 54 77 95 1441 128 7,294 180 1491 7,425 6,956 341 Depreciation al 1 January Disposals Charge for the ye8r 100 37 33 1271 26 170 1321 149 89 34 Depreciation at 31 December 189 66 32 287 Net Book Valu• 31 Decernber 2023 275 96 31 December 2022 255 44 45- THE RANK FOUNDATION LIMITED Note5 to the Financtral Statements for the year ended lcontinuedl 31 0e¢ember 2023 10 Fixed assat investments Fixed asset investments conslst ol PLJblicly traded investments and repayable grant5. The Trustees believe that the carrying valuè of the investments is supported by their underfwng assets. Group and Foundation 2023 £. 000 2022 £. 000 Publicly traded Investments Repayable orants (note 111 269,620 965 263,642 902 210 585 44 Publicly traded invèstments Market value at 1 January Additions at C051 Disposal proceeds Net gain I (loss l on investments Movernent in cash awaiting reinvestment 263,642 76.554 184,9071 302,558 54,051 157,7191 131,9371 13,3111 2,820 Market value at 31 December 269 620 263 642 The investments comprise CF Ruffer Total Return Fund J Fundsmith Equity Class I Hèronbridge UK equity fund Acc I Shares Core MSCI World Veritas Global Equities Fo¢LJS Fund Monks Investment Trust MDO Managernent Co RWC Global Emerging Pantheon International Private Equity Funds Harboijrvesl Global Private Equity Funds Standard Life Private Equity Trust Royal London Money Market Fund ICG Enterprise Trust Pantheon Infrastructure CG Portfolio Fund PLG Royal London BD FD RL Sterling Crèdit 26,338 35,431 23,223 9,515 53,327 31,499 22.111 8.094 29.395 21.210 12,655 10,619 10,889 3,743 17.646 9.419 9.660 22,492 23,811 12.495 13,574 11,396 3,885 24.928 9.803 8.669 22.425 40.424 Gash 8W8rting rèinvestment 3,703 883 Market value at 31 December 269,620 263.642 Historical cost at 31 December 205514 189 876 46- THE RANK FOUNDATION LIMITED Notes to the Flnancial Statements for the year ènded Icontinuedl 31 December 2023 11 Re able rant$ So¢ial investrnènt Group and Foundatlon 2023 £. 000 2022 £. 000 Balance at 1 January New repayable orants disbursed New repayable grants payable Repayments received 902 255 780 157 310 13451 11921 Balance at 31 De￿mber 965 902 Maturity ol the repayable grants.. Duo within one year Due between one year and five years 140 825 268 634 965 902 Repayable grants are mad8 available to beneficiary organisations in order to further the Gharitable objectives ol the Foundation. All repayable grants ar8 UK based with agreements ranging in length from three lo five years with interest rates up to 3% above Bank of England base rate. 12 Debtors Group Foundation 2023 £. 000 2022 £. 000 2023 £. 000 2022 £. 000 Other d8btors Prepayments and accrued income Amounts due by subsidiary undertaking VAT recoverable 195 320 53 155 12 276 136 16 59 59 523 337 228 211 Included within pr8payments and accrued inGome in 2023 is an amount of £73k due from Department lor Communitie5 IDfGI relating lo Nl Start Here programme (due from Department for Cotnmunities IDICI- £83k 20221. 47- THE RANK FOUNDATION LIMITED Noles to the Flnanclal Statements for the year ended Icontinuedl 31 December 2023 13 Creditors. amounts fallin due within one ar Group Foundation 2023 £, 000 2022 £, 000 2023 £. 000 2022 £. 000 Trade creditors Accruals 8nd deferred income Other taxation and social security Pension contributions Other creditor5 Grants payable to third parties Social Inveslment- repayable grant to third party Grants payab18 to sub51diary undertaking runnina costs 247 2,922 98 175 1,697 213 182 171 25 66 1,601 28 377 8,658 154 6,626 560 8,65e 6,626 560 12,305 9,428 10,258 10.216 Grants payable to subsidiary undertaking pension reserve 457 457 The deferred income is all expeeted to be recognised in the next financial year. 14 Creditors. amounts fallin due after rnore than one ear Group Foundation 2023 £. 000 2022 £. 000 2023 £. ooo 2022 £. 000 Grants to third parties payable 1-2 years Grants to third parties payable 2-5 years 519 309 3,409 79 519 309 3,409 79 828 3,488 828 3,488 Grants payable lo subsidiary undertaking pension contributions payable 1-2 years pension contributions payable 2-5 years pension contributions payable 5+ years 457 1,371 1,942 3,770 457 1,371 2,399 4,227 828 2023 £, 000 2022 £, 000 2023 £, 000 2022 £. 000 Total future minimum lease payments under non-cancellable operating lease5 are as follows., Not later than one year Later than one and not later than five years 113 316 429 123 429 552 10 10 -4& THE RANK FOUNDATION LIMITED NotÈs to the Financlal Statements for the year ènded IcontTnu8dl 31 De¢etnb&r 2023 16 Fund6 Actuarial Investment Gains I Ilossesl A$at1 JAnuary A$at31 Oecember In¢om$ Expenditure on pension scheffle Transfers £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo 2023 VThr8StTict8d funds 263 468 Restricted fund$ Pension scheme deficit Pension reserve CTVC reslricled funds Cvrfc general funds Rank restri¢ted funds Rank Catalyst fund8 Livewell Reslrict8d T2S- Rank funded Nl Start Herè funds Total restricted funds 16961 4,684 1231 11041 457 14571 13661 4,227 142 4.961 1641 15,0051 992 189 163 127 1 1,137 65 500 15001 11.Q7el 382 17,2511 1.078 382 6,050 4.980 1,323 4,998 268 448 104 275 148 Actuarial Iloss) I ga¢n on pension scheme Investment Gairisl IIossg51 A5a11 January Income Exp8nd*iyr8 Transfers Asa131 cemb?r £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo 2022 Unrostricted funds 301.721 263 468 Re5tri¢¢ed funds Pension sch8m& deficit Pension reserve CTVC reslricl8d funds crJc g&n&r81 funds Rank r&slficled funds Rank Catalyst funds TNLCF- Time lo Shine T2S- R8nk funded Nl Start Here funds Tot81 restricted funds 15,0331 5.033 1921 3,972 457 13491 16961 4.684 57 2,555 1571 12.0621 851 1152 1 992 65 134 1 500 15001 1,421 96 9,012 9.108 13.271 Total fund5 302 872 14.879 268 448 Re$tri¢ted funds The pension reserve total of £4.227k represents the amount sgt asid& by the Trustees lo cover the deficit repayrn8nts m8d8 to the defined benefit pension scherne. The Foundation has guaranteed lo CTVC to cover th& full cost of the current repayment plan I nol8 211. CTVC ￿$tricted funds repres8nt5 unspent fund$ r8c&iv8d for specific projects undèrtak&n by CTVC. TVC general funds represents the unrestrict8d funds within CTVC which are restricted within the Group financial ststements to th8 objectives of CThlC Nl Start Here r85trict8d funds ￿lateS lo moni&s re￿Ne￿ from Dfc lo fund the VCSE and Sport programmes In Northem Ireland and that are yel to be distibLrted to the onward grantees. 49- THE RANK FOUNDATION LIMITED Not98 to tho Flnanclal Stalornenls for the year ondgd Icvntlnuedl 31 DÈcèmbBr 2023 1fj Fund5 Iconllnuedl Dfysignatg¢ luDd5 Designated lunds In ihe 84lanee Sheet ol the Found£tlon rep￿sents ihe Current e$Umat8 of th8 Ilability under th¥ gu$r¥nle8 lo CTVC fDrlhe closed defined bgn8fit pon$ion $¢hsme NDIg 21. The desigDal&d lund5 wilhin the Group accounts r9pr8senl8 the CQFnmilmenl by the Foundation lo the Subsidiary. CTVC, for the anDual running Gosls grant. TrBn91• A transfer of £457k to unreslricled funds from the pension re5erye 12022- £349k from ￿n￿strIcted io Ihe penslon re$erv¢i refl8cls the guaronleg madf by thf Fovndstion to lully lund ¢TV¢ b8nefit p&nsion schetne is bas8d on th& Gonlibulions yel lo be paid by Ihg FDundalion to ihe scheme as ai 31 DeGember 2023 U￿£r the urrenl schedule of coniributK>ns. A Iransler of £78k lo unrgslriclgd funds from reslridett funds 12022- El52k fvoffl unreslricled fuDd5 10 reslnGled funds) re￿ects the commibnenl made èy the Foundation lo CTVC lo support its general ￿seNe8 88 £1 31 Oecember 2023 Thèsè lunds a￿ resiiicied because the Object￿È5 01 CTrC are narr¢w¥r ￿¥Th th¢st of thg Fourhdalion A transfer of É1.076k12022- £1,421kl from unre6incled lunds to re5triGlod funds rek4le5 primarily lo the FoundBlion lundiw ihe elemeniollhe Time 10 Shlne programm2 In Z023. 17 Anal sis of nel assets belwpgn fund UnrestrScted funds £'ooo Restritted funds £'ooo P8n¥ion r•90tva TOTAL £'ooo £'o 2023 Fixed assets 277.723 25 5,339 277.748 c￿ditorS moro than ono year 13661 TOTAL 270 150 366 5364 ￿ 275148 2022 Flxed assets 271.668 271.679 953 13.4881 5,865 Creditors tnore than one year TOTAL 263.468 896 18 RBlatgd grants have beeD awarded lo certain of these organisalions In such cases. the ￿levant Trustèes havé d8el8rsd thelr interèsts and hav$ not psrtittipgied in thè declsion to £W8rd lurbdlny to Ih8t Organi¥81￿￿ The Foundat￿￿ has ielole¢ Ir&nsaolions Mlh Ils subsidiary CTVC Limit￿ Thg Foundati￿ pays a gtanl lo CTVC each year and this amounted lo £1 2M in 2023 relating lo Il GOTbducting rts pritnary purpose aGlivilies. The Foundaiion also makes an additional grant to CTVC ￿ cover the paymeni ollhe pension conlrlbullons lo the CTVC delined b&n*flt srh8ffl9 As set Oul in n0t$ 1 iy) th¥s* Currently 3mDunt 10 £457K per annum and thè Foundalron peys this amount on behaff ol CTVC. 19 Membors ThB Foundation is ¥ rh8ritsble wmpany Iimilfd tyy yuÈt3niee, hgving no shar8 ￿pItal. ano. In aCGordance lause 6 ol th& Metnorandum ol AssOGial￿￿, every ￿9Mber. o14vhom Ih£re fflay bg a maximum of 15. Is liable GoDlribule a sum 01 £1 In the event of the FoundalioD being wound up. Al 31 De￿mber 2023 thère wèfty 13 membefS12022' 111 20 Taxation The company 15 a chaflly Wilhin the Meafi￿ng of Para 1 Schedule 6 Finance Act 2010 Accoidingly ihe company 1$ poten￿11￿ exempt from iaxatson In respecLoI Income or capital gains within c8t￿Or1e¥ ¢¢v$r8d by chgptsr 3 of Part I l ol ih@ Corwr?tion T¥x kn12010 Dr SbYliDn 256 of the Taxalion of Charg98blg Gains Acl 1992, to the exlenl that such Inrotne orgains are applydd &xclusiv8ly lo ch?ritsble purpDSeS. HIlls￿e Pr￿uCtIonS Limiied mske qu£lifying chantsble dOr￿tk)nS cf 811 tsx£￿e woflt io CTVC und8r P?rt 6 of Coworotion Tax Act 2010 No cDrpDr81ion Iiabilityon the $ubsidiari9s In the aw)unts. No tax charge grose in the ￿riC￿. -50- THE RANK FOUNDATION LIMITED Notes to the Financial Statements for the ytrar ended Icontinu•dl 31 December 2023 21 Pensions Al Defined benafit scheme- closed April 2002 The defined benefit scheme covered the majonty ol CTVC'S eMplO￿aS up to the date of closur8 8nd at that date. the scherne d8ficit was c.£5.14m. The pension cost relating to the principal scheme is ass9558d in accordance with the advice ol an Independent qualified actuary using the projected unil rnelhod. It is to b8 noted that under this valuation method the costs will increase a5 the members of the 5oheme approach retir&tnent. The latest actuarial valuation ol this scheme was 8t the 30 September 2021, the deficit at that date was £4.63m. The nexi lull valuation is due lo be prepared as at 30 September 2024. The Foundation has formalised It5 commitment to the funding ol this schemg by putting in place 8 legal guarantee that has been accepted by the P8nsions Regulator. The Foundation expgcts tts pay £457.000 in the year lo 31 December 2023. and has recently appointed professional advisers to support it with managing the risks arising under the scherne, The Rank Found8tion has sought independent actuarial advice from time lo lime to man8g8 the strategic risks of funding the scheme. The management of the funding. ifjvestment, and compliance risk Is undertaken by the pension scheme Trustees. who have appointe(J their own independent professional aclLJatial advisors, admillistrators, and investment manaqer. The pension scherne Trustegs hzve appointed the scheme actuary to prepare the following detailed disGlosures and they have relied on the ActU3ry's expertise in this r8gard. Explanation of amounts in the financial statements Amounts reeognised in the Balance Sheet 2023 £'ooo 2022 £'ooo Fair valutr ol assets at 1 Jan Present value of funded obligations 10,824 10,147 110,8431 Dèficit 13661 16961 Net defined benefit lTrablllty at 31 De¢emb•r 366 696 Amount5 Teco nrsed in the Income and Ex enditvre aeeount 2023 £'ooo 2022 £'ooo 523 15001 307 12151 Interest on assets Total 23 92 2023 t'ooo 2022 £'ooo Gain Ilossl on scheme assets in excess of interest Gains from changes to financial assumptions 12701 374 1.371 15.3431 Total remeasuraments 104 -51- THE RANK FOUNDATION LIMITED Notts to the Frnancial Slatements for the year en(led Icontinuedl 31 December 2023 21 Pensions continued Explanation of amounts in the financial stataments Icontinuedl Reconciliation of assets and defined Benefit Obligatlon Tha changa in thè assats over the year was.. 2023 £'ooo 2022 £'ooo Fair value of assets at 1 January 10,147 11.366 Interest on assets Company contributions Benefits paid Return on scheme asset5 less liabilities 500 457 15501 270 215 457 15201 11,3711 Fair valuè of ass•ts at 31 December 10,824 10.147 The chan e in the Defined Benefit Obli ation 2023 £'ooo 2022 £'ooo Definèd Btnèfit Obligatlon at 1 January 10.843 16,399 523 15501 374 307 15201 15,3431 Benefits paid Change5 to financial as5urnptions Fair value of a55ets at 31 D•cèmbar 10,843 A55et5 £'ooo £'ooo Fixed Interest Govemment Bonds Fixed Interest Corporate Bonds Index-linked bonds Equities Fixed interest Alternatives Cash 5,041 5,615 109 7,194 1.005 1,429 519 59 Total Actual réturn on assets 770 1,156 -52- THE RANK FOUNDATION LIMITED Notes to the FSnanclal Statem8nts for the year ended Icontlnuedl 31 Dec8mber 2023 21 Pensions continued The prlnclpal actuarlal assumptions used ta calculate the Scheffje's liabilitie5 include.. 2023 4.65% 3.45% 2022 4.950 3.4501 Dis¢ouni rate Ret3il Prios Index IRPII Inlation Rev8luaiion In deferment.. Pre May 2001 benefits Posi May 2001 b8n8fit5 Pension Increases Pension earned before 01110192 in excess of GMP Pension e3rned between 01110192 and 31105101 in exce$5 of GMP Pension earned after 01106101 500% 3.30% 5.00% 3.30. 3.00% 5.00% 3.30% 3.00% 5.OOY 3.30Yo LlfÈ exp8Ctancy 8t age 65 of Fnale aged 45 Life expectancy at age 65 of male aged 65 Life expeGtsnGy 8t ag8 65 of female aged 45 Life expectancy at 8ge 65 of female aged 65 22.8 21.4 26.1 24.6 22.7 21.4 26.0 246 Sen$itivity plated on the value of the lidbiliti¢$. approxlmate affect on liability 2023 2022 £'ooo £'ooo Dlscount Rate Discount Raie-0.10% ash Commutatlon Assume members exchange 15% of penslon for c88h Mortality Mortality loading reduced by 50k for males and females 1100% of S3PMA and 90Yo of S3PFAI 129 126 100 195 176 Movement in trfennlal valuatlon £'ooo 5,140 1,334 6,474 Deficit a8 P8r triennial valuation ai 30 S&pt8mb8r 2018 Estrmale for Ios5 of in¢ome Payments made Into th8 fund during 2018 (pre v21ualionl Payments made Into the fund during 2019 to 2022 Paym8nts made into the lund during 2023 Increase based on valuation al 30 Sep18mber 2021 Balance ¢arried forward 14571 152 4,227 The current Schedule of Conirlbutlons r8quire5 an annual payment of £457,000 for 8 further 10 year$ 3 months (March 20331. Bl Defined Cantrlbutlon Schem85 2023 £'ooo 2022 £'ooo Rank Found3tion scheme Pension ¢harge for th8 period 160 CTIC 81akeholder scheme Pension charge for the period Ba13nce due to the sch8me al the year end 83 16 259 48 15 180 -53- THE RANK FOUNDATION LIMITED Notes to the Financial Statements for Ihg year •ndad Icontlnuadl 31 December 2023 22 Subsidia undertakin CTVC Lirnited I'CTVC I is 2 registered charity and ils principal activities are th¢ production and distribution ol television programmes. films and videos for Christian and other faiths and lor educational purposes. GTVG is incorporated in England and Walos and is a wholly-owned subsidiary as the Foundation has the right to appoint 8 m3jority ol the directors and lo remove any dir8Ctors it appoints. Hillside Productions Limited is a wholly-owned trading Subsidiary of CTVC. It Is ineorporated in England and Wales, and its principal activity is the making of video prDductions. It is intended that the profits of the company will be donated to CTVG by way of gift aid. Hillside had turnover of £1996 lor the ygar12022 £1.5101 and net assets of £203k at the year end12022 £156KI A surnmary of the collsolidated resLJlts of CTVC lor the year is shown below. Auditod accounts will be filed th the Registrar of Cornpanies and the Gharity Commission. Summarised Consolidated Stalernent of Financlal Activities 2023 £'ooo 2022 £'ooo In¢ome Donations- Grants Income from charitable activities Income from trading activities Other Income 1.332 3.073 1,996 1.574 1.102 1,510 Total income 6,435 4.186 Expenditure Gosts of raising fund5 Charitable activities 1,951 4,362 1.368 2.417 Total Expènditurè 6.313 3.785 Net Income 122 401 Other recognised losses Actuarial Ilossesl I gains on defined benefit pension s¢home Net movement on funds 11041 18 3,972 4,373 Reconciliation of funds Total funds brought forward Total funds earrled fo*ward 4,980 607 Summarised Consolidated Balane• Sheet Net assels less liabilities excluding pension liablllty 5,364 5,676 Defined benefit pension scheme liability 13661 16961 Net assets 4,998 4,980 THE RANK FOUNDATION LIMITED Notes to the Financial Statements for the year ended l¢ontinu•dl 31 December 2023 23 Outstandin commitments and contingent liabilities At 31 December 2023 there were outstanding comrnitrnents relating to eoncessionary loans and repayable grants of £nil12022- 2560kl which had not been drawn down by beneficiaries. At 31 DeG8rnb8r 2023 there were outstanding comrnitrnènts of £965k12022 £902kl relating to grants that h8ve been awarded lo match the trading results of beneficiaries. These arnounts hav8 not been Included in creditors at the year end because the amounts to be awarded are subject to beneficiaries rneeling certain criteria. -5&