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2024-12-31-accounts

THE RANK FOUNDATION LIMITED

(Limited by guarantee)

Report of the Trustees and Financial Statements

for the year ended

31 December 2024

Company No. 516434

Registered Charity No. 276976

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

Contents

Pages
Report of the Trustees
•
Strategic Report		 2 - 27
•
Financial Review		 28 - 29
•
Structure, Governance and Management		 30 - 33
•
Reference and Administration		 34 - 35
Statement of Trustees' Responsibilities
 36
Independent Auditor's Report 37 - 40
Consolidated Statement of Financial Activities 41
Consolidated Balance Sheet 42
Company Balance Sheet 43
Consolidated Statement of Cash Flows 44
Notes to the Financial Statements 45 - 65

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

Strategic Report

Message from Chair

I am delighted to share The Rank Foundation’s Annual Report for 2024. In June, Lord Rank’s grandson, Joey Newton, stepped down after a staggering 32 years of dedicated service, including 11 as Chair. In his time at the helm, he has guided the Foundation as it evolved into its current form. He ensured, together with our dedicated management team, that Rank has remained at the forefront of philanthropic thinking and, more importantly, supporting the organisations that deliver help to the most in need. More recently, he drove our response to both the Covid-19 pandemic and the ongoing cost-of-living crisis with urgency and purpose. His contribution has been nothing short of extraordinary. Rank and its Network remain indebted to Joey for everything he has achieved in his William Wyatt time, and we wish him and his wife Emma a long and peaceful retirement.

Rank supports social sector leaders and encourages social good via grants programmes across four themes: 1) Community, 2) Leadership, 3) Enterprise and 4) Faith. We work alongside those who strive to tackle society’s challenges and improve life within their communities. This report includes many examples of Rank’s unique approach. I would like to single out CTVC, which produces faith-based content for a dizzying array of media channels. It is an organisation of outstanding and innovative creativity. 2024 was the first full year in which CTVC produced Songs of Praise on behalf of the BBC with its million plus audience. CEO Caroline Matthews and her team deserve our gratitude for continuing to execute so well our Founder’s wish to use media to reach new audiences with its faith-based content.

I must also mention our leadership and educational programmes which have engaged another generation of future leaders who are bursting with potential. We very much hope that many of these young people will work with and alongside the charitable sector in the future.

Finally, we released an improved version of the RankNet App which has become a critical tool for our Network of over 1,300 leaders who use it to draw from the experience of others. These developments reaffirm our commitment to connecting social sector leaders so we can learn together how to tackle society’s challenges.

The year ahead also brings significant change with David Sanderson retiring as CEO and Caroline Broadhurst, our deputy CEO, assuming the role. There will be much to say about David’s extraordinary contribution to Rank in the future, but Caroline’s promotion underlines Rank’s determination to evolve yet retain its singular culture and depth of knowledge.

On behalf of the Board of Trustees, I would like to extend my sincere gratitude to everyone who has contributed to our success this year. The dedication of our staff and our Network, their passion and support has made a huge difference to those in receipt of their aid.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

Message from CEO

David J. Sanderson

Nearly a quarter of the way through the 21st Century, we find ourselves in deeply unsettling times, from ongoing global political and economic uncertainty to the prevailing issues of a cost-of-living crisis that inevitably impacts most on those least able to cope. The charitable and wider social sector faces significant issues around financial resilience and related sustainability and survivability.

Yet despite this, we see many of the organisations within our Network embrace new opportunities, in certain cases to explore the previously unthinkable, demonstrating the extraordinary agility and remarkable leadership needed to successfully navigate these difficult times.

Despite the many individual struggles, our work around the four pillars of leadership, enterprise, community and faith have provided a solid foundation on which to build, helping to shape a growing and vibrant network of over 200 organisations and more than 1,300 members.

Finding a way to accelerate and enhance this connectivity, along with harnessing the knowledge, passion and expertise that sits within our Network, presents a unique and exciting challenge for the executive team, board and our much-coveted Rank Leaders Action Group. From this - and as our current strategy comes to an end in 2025 - the collaborative energy, focus and expertise will help to prepare the ground for our new strategy.

We launched our latest place-based programme in Sunderland in October 2024, with an initial £1.5m investment. Building on our experiences in Hull, Dundee and Plymouth; a collaborative model that harnesses local energy, leadership and opportunity; and connecting with the strategic ambition of a city, provides a medium that has also proved remarkably successful in connecting investors and partners on this generational journey to make Sunderland a better place to live, work and invest.

At the same time, we’re building on our £5m+ investment over six years in Plymouth by working in partnerships across the city around a shared commitment to social enterprise. We’re taking a more flexible approach to funding — moving beyond ‘simple grant making with more flexible use of our funds such as matched trading, participatory decision-making and a repayable grants programme that values local decision making and promotes a spirit of enterprise and innovation.

The collaborative funding of the participatory grants programme, working alongside LiveWell SW, reflects the maturity of our approach, strongly connecting our work and funding to local needs. We didn’t write the book on place-based philanthropy, but we are adding new chapters as each year goes by.

We are also concluding a £10m programme in Northern Ireland, funded by the Department of Communities, building the capacity and capability of sports and voluntary sector organisations, and connecting them to opportunities such as, our flagship programmes Time to Shine, the Fellowship and the Rank Aspire programme. The programme has helped to enrich our Network and builds on Lord Rank’s interest in developing enterprise and young leaders.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

Message from CEO (Continued)

So, while much of the world continues to unsettle and challenge, this is a time of great opportunity for The Rank Foundation and our model of relational philanthropy that is not just distinctive, but the mark of our strong connection to the Network we support. This is time for rethinking and renewal, for the Foundation, our board, and Network to fully embrace the entrepreneurial leadership that has helped to shape our work over the last 50 years. There is much to be done in a time of unprecedented need.

Having led The Rank Foundation for over two decades, it is a great privilege to look back on an extraordinary and deeply fulfilling journey of transformation. And as I handed the reins to Caroline Broadhurst, knowing full well that the Foundation is in good hands, I sense great opportunity and a desire to join up all of the dots, to reinforce Rank’s position as an outstanding and distinctive Foundation built on the strong and enduring values of its founder.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

Introduction

The past year has been one of the continuous collaborations for The Rank Foundation.

Our community is still dealing with deep-rooted challenges, and yet we’ve seen powerful moments of shared learning and connection.

As we’ve grown in confidence and impact, we’ve made sure the voices of our Network are heard and respected on our strengthened platform. Their input and our experience have helped shape national conversations about place-based based philanthropy.

As we approach the end of our current strategy period, we’ve stayed focused on what matters most: supporting our Network to lead changes in the communities they cherish.

Our work in this strategic period has centred around four key missions:

1. Challenging the consequences of inequality:

Addressing the consequences of poverty and inequality, introducing an effective Diversity, Equity and Inclusion (EDI) strategy, and a new programme focusing on educational opportunity.

2. Championing leaders to become more impactful:

Strengthening our leadership offer, building capacity and skills especially around leadership and enterprise within our place-based projects, Time to Shine, leadership, bursaries and Rank Aspire programmes.

3. Connecting through Networks, partnerships and collaboration:

To see RankNet as the most significant challenge and opportunity ahead, to harness the knowledge, skills, passion and capabilities of the Network to much greater effect, embracing transformational technology, including media and CTVC, to improve reach and effectiveness.

4. Convening conversations about Christian faith:

Convening conversations around the values, traditions, and practices of the Christian faith, from a perspective that respects those of all faiths and none.

We take a relational approach to philanthropy and – inspired by our founder – use the operational levers of Community, Leadership, Enterprise, and Faith to achieve our missions.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

Funding Overview 2024

During 2024, the Rank Foundation distributed £9m in grants to support our key themes of Community, Leadership, Enterprise, and Faith. This includes a grant of £1.2m to our subsidiary, CTVC Ltd . (see page 49, Note 5 Grants, Foundation, Grants paid in the year £8,977k). The chart below shows how the grants were distributed by programme area.

----- Start of picture text -----
Total grants distributed in 2024: £9m
The Rank Foundation: £6m
Other funders: £3m
% of grants distributed by programme area
14%
25%
6%
55%
Community £2.4m - Major Grants, Place-based Programmes,
Education Inequality Fund, Cost of Living Grants, RankNet activities
Leadership £4.8m - Time to Shine, Rank Aspire Programme, Start
Here, School Leadership Programme, Bursaries
Enterprise £285k - Profit for Good, Major Grants, Repayable Grants
Faith - £1.2m CTVC
----- End of picture text -----

Total number of grants distributed: 518

----- Start of picture text -----
Number of grants < £10,000: 269
Number of grants > £10,000: 249
Number of grants by programme area
Faith - CTVC grant
Enterprise
Leadership
Community
- 50 100 150 200 250 300 350 400
----- End of picture text -----

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

1. Committed to our Community

Our founder’s lifelong commitment to community lives on in the Rank Network.

We are immensely proud of our supportive Network of over 1,300 leaders working in communities across the UK. Ripples of impact spread through it as members connect to tackle shared challenges; ripples radiate from young leaders as they develop their skills; and ripples spread through communities as they strengthen.

We build deep and lasting relationships of support with our Network, going beyond traditional funding to philanthropy based on mutual respect, trust and empathy. We challenge ourselves to use our resources to maximise opportunities for our Network to learn, share and connect so they can tackle society’s challenges.

This drives our first mission; to challenge the consequences of inequality. We do this, alongside our Network of leaders, in several ways:

Our Network has grown significantly over the last year. New major grant holders invited to the Network and approved by the grants committee include:

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

1.1. Place-based Programmes

For more than 20 years, we have been working in ‘place’. It started in Burnley in 2004 and expanded to Hull and Dundee. In 2024, we worked in Plymouth, Blackpool and Sunderland.

We identify a local leader to champion our work in each area, and in addition to core funding, we offer our other programmes and access to partnerships. Each place is unique, and we approach each new programme as such, mindful of - but not constrained by - our experience and learning from other cities.

1.1.2. Plymouth

The thriving Plymouth branch of the Rank Network continues to provide innovative and entrepreneurial responses to many of the city’s health, economic and social challenges.

Of note in 2024 is a participatory grant making (PGM) programme, where the decision-making power shifts from the funders to the communities and individuals affected by the funding decision. The PGM was jointly funded by Livewell Southwest, Plymouth’s integrated health and social care provider and the theme was loneliness and social isolation, which is a growing issue affecting communities across the U.K. The social enterprises leading the 27 projects aimed at addressing loneliness and social isolation in Plymouth, are consistently exceeding their expected outcomes.

The 14 phase one projects, completed in 2024, engaged over 4,000 unique participants. Impact was measured using the Upshot system and the widely recognised Short Warwick Edinburgh Mental Wellbeing Survey (SWEMWBS), ensuring consistency across all projects. Each organisation collected baseline and follow-up wellbeing surveys from participants, with 317 surveys completed so far—around 10% of the total participants.

Interim results show 78% of respondents experienced a positive change, with a calculated net social value of £2,318 per person. This equates to a return of £9 in social value for every £1 invested. Based on these figures, the combined investment of £1.5 million by Rank and Livewell Southwest is projected to deliver approximately £13.5 million in social value. Although phase two is still underway, the current data suggests a final return of between £8.50 and £9.50 for every £1 invested.

We look forward to continuing our successful partnership with Live Well to support the PGM in Plymouth.

Additionally, our Plymouth repayable grants programme continues to generate interest locally, with a cumulative value of £62,000, benefiting three organisations:

  1. Soapbox Childrens’ Theatre

  2. Plymouth Scrapstore

  3. Fotonow

  4. 8 -

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

1.1.3 . Blackpool

Over the past year, our programme in Blackpool focused on individual wards to understand hyper-local challenges. Our partners in the city developed responses shaped by the issues facing young people not in education, employment or training. Blackpool has the third highest youth unemployment rate in the UK, with 47.2% of secondary school pupils receiving free school meals and 42% of families not at work.

In Claremont ward, a multi-agency approach focusing on young people furthest from the labour market led to a successful National Lottery Community Fund bid by the local partnership, Engage 4 Change. This model showed how Voluntary, Community, and Faith Sector (VCFS) partners can collaborate effectively to support young people and build capacity within the sector.

Our support for Blackpool continues through ongoing partnerships and local organisations’ ongoing involvement in the Network.

1.1.4. Sunderland

In April 2024, the Board approved Sunderland as the next location for its place-based investment programme. Trustees and the executive team saw real potential in the city's regeneration, with new industries, emerging opportunities and a growing sense of optimism. Rank’s role would be to act as a ‘glue’- bringing VCSE (Voluntary, Community and Social Enterprise) organisations and agencies together to complement physical regeneration with investment in community resilience and improved life chances.

After multiple visits, conversations with local VCSE leaders, and a deep dive into local conditions and structures, we developed a plan to complement existing approaches.

Community Anchor CoLab

Community anchor organisations are the connective tissue for local communities. They tackle poverty, respond to local needs and act as a gateway to other services, especially in times of crisis.

Recognising the vital role anchors play, and the need in Sunderland to enable them to work across geographical and statutory boundaries, we brought five anchor organisations together to form the Community Anchor CoLab, supported by a £450k investment.

With funding freeing up each CEO’s time to focus on shared learning and strategic growth, the CoLab has already secured an additional £400k from the National Lottery Community Fund for a volunteer pathway project, and £600k in core funding from a 'Funder CoLab' member.

Looking ahead, they’ll focus on income diversification and strengthening recurring revenue through trading and public sector contracts.

VCSE Sector Capacity, Resilience and Enterprise

Sunderland is at a pivotal moment. To ensure local people benefit from the city’s ambitious goals - especially those on the margins - the VCSE sectors must also be ambitious, resilient and better recognised as a strategic partner.

To support this shift, Rank partnered with Clore Social Leadership to deliver an 8-month programme from September 2024, supporting 20 community leaders. The programme focuses on strengthening social leadership, reducing dependence on grants, and building the confidence and resilience needed to meet collective challenges and reimagine the sector’s role in the city.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

Future Plans

We launched the Sunderland place-based programme in October 2024, with delegates from the VCSE, city council, health partners and the business community. Looking ahead we will build on exceptional support from the local community by creating a participatory grants programme for community groups, offer Time to Shine and Rank Aspire places to local organisations and deliver a bespoke-to-Sunderland Profit for Good programme.

While encouraging organisations to collaborate, we challenge ourselves to model collaborative leadership. A Funder CoLab will help put Sunderland on the funding map by attracting significant resources to multiply our own. We are delighted that, to date, Roseline Foundation, Greggs Foundation, The Community Foundation Serving Tyne and Wear and Lloyds Bank Foundation for England and Wales have joined our CoLab.

While some details are yet to be finalised, Rank Foundation’s £1.5m commitment to Sunderland during 202427 is being ‘matched’ by a further £1.95m from these sources.

1.2. Education Inequality Fund

We set up the educational inequality grants programme to help organisations tackle inequality for young people in education. It’s a modest fund but it means we can support a wide mix of projects that make a real difference, such as the after-school provision at Winstanley School in Leicester.

The school offers a variety of activities after normal hours to encourage pupils to commit to their school in an age of ever-increasing absenteeism. Our support has funded a catering manager so every student staying late gets a hot meal.

We also supported a school in Devon for pupils with social, emotional and mental health needs to build an eco-friendly classroom block, and a children’s home in Surrey to bring in a staff member focused on improving how looked-after children are supported in mainstream education. Finally, reflecting our place-based approach, we’re working with Tees Valley Education to develop localised careers education for primary-aged children.

In each case, third sector organisations are offering bespoke and professional care in a sector increasingly dominated by the commercial sector.

As further evidence of what may be achieved with a relatively small investment the Rank-supported research by Anne-Marie Sim and Lee Elliot-Major at Exeter University has been published.

As further evidence of what may be achieved with a relatively small investment the Rank-supported research by Anne-Marie Sim and Lee Elliot-Major at Exeter University has been published.

‘Heart of the Community’ - a guide focusing on how schools might become wider social hubs addressing issues posed by poverty and deprivation by espousing the ‘Cradle to Career’ model - has been well-received. Its focus on place-based solutions to tackle inequality aligns with our first mission and offers workable, practical advice on how schools may implement similar practices.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

1.3. RankNet Digital Hub

RankNet is the digital manifestation of our third mission to connect through networks, partnerships and collaboration. With the platform rebuild complete, we launched and tested features like improved profile building and messaging, along with easier access for members on the app.

New initiatives include:

• A mentoring platform, giving current Time to Shine leaders an opportunity to access no-cost mentoring from an experienced manager within the Network.

This year, working alongside the Fellowship team to ensure clean data, onboarding support, group access and relevant communications, we invited the Rank Fellowship alumni to join the platform. We now have over 300 members staying active.

The platform is a supportive digital space where members can connect with each other, share news and information and access our programmes and funding opportunities.

The Stats

Looking ahead to 2025, a cross-team RankNet engagement strategy will continue to build membership and engagement. We’re working with the Network to promote and test ways they can take the lead with convening, connecting and championing their work and that of others. RankNet members will be key to the trajectory of the platform.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

1.4. Rank Leaders Action Group (RLAG)

The Foundation is supported by a planning group of 16-20 social sector leaders from within the Network, Rank staff and executive team. Elected members are representative of Rank's wide geographical and thematic focus. The group meets quarterly to share knowledge, build connections, and exercise their leadership.

Members of the RLAG group are on a three-year rotation. In 2024 we advertised for new RankNet representatives to join and received 26 applications for 4 places – demonstrating a strong level of interest from the Network in a voluntary leadership opportunity.

In 2024 the group met four times and contributed to the planning and delivery of our annual conference and RankNet developments. Group members also hosted Rank’s annual conference, giving visibility to our Network’s leadership and a relational approach to Network delivery.

In 2025, Rank Leaders Action Group continues to be a source of support, expertise, healthy challenge and inspiration to our executive team. We’re grateful for the pivotal role they play in informing us of the issues affecting the Network.

1.5. Rank Fellowship

Led by Chair Louisa Searle, 2024 was a year of consolidation and progress for the Fellowship.

Community

A new, dedicated Fellowship space on the refreshed RankNet platform, gave Fellows a place to share experiences and reconnect. It also helped us get back in touch with several Fellows who had drifted away from The Foundation. The Fellowship is now the largest single community on RankNet.

The platform also helped promote Fellowship events, such as the Learning through Leadership talks. This year, we heard from Sir James Dingemans (Class of 1980), Lord Justice of Appeal, on ‘Leadership in a Judicial Setting’, and from Sonji Clark (Class of 1982), consultant obstetrician and deputy head of the London School of Obstetrics and Gynaecology, who spoke on ‘Courage with Compassion: Leading in Today’s NHS’. Both talks offered powerful, personal insights into leadership and were well received by Fellows.

Two online reunions for the 1990–2001 Fellowship classes also took place this year, helping to strengthen ties between Fellows and The Foundation.

Support

The support strand delivered strong results in 2024, with two new initiatives boosting confidence, connection and career clarity for younger Fellows.

Fellowship Futures gave recent graduates practical insights into job hunting and the current recruitment landscape, while creating space for meaningful conversations with more experienced Fellows. For the first time, the keynote speaker was a Fellow: Felix Haynes (Class of 2017), who shared his job-hunting journey and offered honest reflections on today’s recruitment landscape. Attendees left with a clearer sense of direction and tangible advice for their next steps - making networking feel useful as well as sociable.

A pilot mentoring scheme where eight undergraduates from the Class of 2020 were matched with older Fellows helped build confidence, sharpen communication skills and better understand their professional goals. Mentors also benefited - many said they learned a lot themselves and welcomed the chance to give back to the Fellowship community.

Thanks to the success of the pilot, plans for a second mentoring phase are in place for 2025.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

1.6. Annual Conference

Our annual networking conference was held at the Midland Hotel in Manchester on 13th and 14th November 2024. Over 300 people attended in-person and 50 took part online. The conference theme was Great Leaders Grow Together . It was a celebration of inclusive and inspiring leadership. The theme was chosen by the Rank Leaders Action Group to highlight the importance of collaboration and shared growth in leadership.

The conference content was also developed alongside the Network, bringing to life the passion, interests and concerns of current members. We heard from inspirational keynote speakers, Marsha Powell, CEO and Founder of BelEve charity, and actor and activist Julie Hesmondhalgh. Both spoke passionately about the need for increased opportunities for young people and communities. We had lively panel events with guest speakers and audience Q&A, and a variety of seminars delivered by Network members.

The digital experience was much improved, with upgraded tech to support live streaming of the event, as confirmed by our online attendees. The improvement means the recorded material can be shared with those who couldn’t make it.

99% of in-person delegates rated the event as very good to excellent, 1% good.

What our participants said:

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

1.7. Training and Events

The Foundation’s events team curate and facilitate events for our Network throughout the year. These events are designed to nurture leadership and build connections across our community. Training themes are requested via the RankNet platform and reviewed by the Rank Leaders Action Group, wherever possible trainers are recruited from within the Network.

We offered nine free events in 2024, attended by a total of 207 participants

What our participants said:

We are exploring training options for 2025 with the Rank Leaders Action Group, with inclusion, diversity and belonging training having a high priority.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

1.8. Bursaries

Development bursaries are available to our Network members. They can apply for a maximum of £1,000 per applicant per year in support of their professional development.

In 2024 we received:

Total applications: 77 Total bursaries awarded: 62 Total applications declined: 15 Total (£) awarded: £33,270.01

The applications were in support of a range of skills-based training courses including fundraising, digital skills, photography and film making. As part of the evaluation process successful applicants submit a blog to RankNet reflecting on their learning and sharing their experiences with Network peers.

1.9. Garden Walk Coworking Space

The Coworking Space in Shoreditch, London is our ‘bricks and mortar’ commitment to community, partnerships and collaboration. In 2024 we exceeded our occupancy target of 65% to reach 74% by December. We now have 241 users registered on our booking system.

The community has gone from strength to strength, with successful events, such as Members’ Share and Connect, breakfasts, post-work events, craft and yoga sessions, and many opportunities for our tenants to network and collaborate.

Exemplifying our founder’s entrepreneurial spirit we introduced ‘special offers’ such as hot desk bundles, time limited offers for meeting rooms, and day desk memberships to offer customers the flexibility they need.

Informed by tenant surveys, we have created two new meeting rooms and installed two additional phone booths. In 2025 we will welcome new tenants, and we are increasing the number of rentable desks by 32%.

----- Start of picture text -----
Number of Tenants & All Users on Nexudus (2024)
250 210 219 227
200 161 168 177 181 187 195
148
150 113
98 88 91 92 92 91 95 95 95
75 79
100 48 57
50
0
Month
Number of Tenants All Users
----- End of picture text -----

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

----- Start of picture text -----
Overall Usage
2% 1%
11%
24%
13%
48%
Rank Tenants Pro-bono External Rank Programmes Trustees
----- End of picture text -----

1.10. CTVC Media and Digital Support

In early 2024, we launched the Rank and CTVC Media Support Programme which gave organisations from across the Network the opportunity to apply for a wide range of media support. In total, 46 applications from the Network and 10 projects were selected.

For the remainder of 2024, CTVC travelled across the UK and delivered:

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

By Spring 2025, CTVC will have completed five further films with prisoners and ex-offenders for Junction 42.

What our participants said:

Alongside the media support programme, CTVC provided further media support and training to RankNet members with a range of online training sessions and face-to-face workshops at conferences.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

2. Strengthening Leadership

Strong leaders are vital to the social sector. This fact drives our second mission: championing leaders to become more impactful. In the last year, we continued to invest in leadership programmes that nurture purposeful, confident, and inspiring leaders who go on to achieve extraordinary things.

2.1 Start Here, Northern Ireland

Start Here is a skills and employment programme to aid recovery, resilience, and sustainability in Sports and VCSE organisations, funded by the Department for Communities Northern Ireland. March 2024 marked the start of the third and final year of investing in just over 100 jobs.

At the start of the year, we recruited a new Events and Engagement Officer who also participated in the Time to Shine programme. Throughout the year, we continued to deliver our programme of Networking and development opportunities for the 100 postholders and their managers.

The Summer Conference held in Belfast brought all postholders together for a series of professional development workshops. The final residential of the programme took place in October and focused on the theme of leading through change and uncertainty. Managers also developed their leadership skills through workshops such as delegation, feedback, difficult conversations and staff engagement and fundraising. Several organisations also received one-to-one support from a fundraising consultant.

The programme has created stronger connections across the sector in Northern Ireland – and the Network. ROC UK, The Turnaround Project and Ulster Camogie discussed their journey so far, lessons learned along the way and the impact of the programme on their organisations at the Rank Annual Conference.

The evaluation is underway, but already it’s clear that Start Here has built confidence, strengthened teams, and increased the sustainability of VCSE organisations. During 2025, we will explore how we can continue to support and strengthen the Rank Network in Northern Ireland.

Feedback

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

2.2 Time to Shine

The Time to Shine leadership programme funds purposeful full-time roles within the social sector paid at Real Living Wage. It is a personal development programme for people who are just starting their career in the social sector that simultaneously develops capacity within the host organisation.

The programme works with charities and social enterprises to identify a clear organisational need. Following an application process, the charity is awarded a grant to employ a Time to Shine leader full-time for 12 months. A leadership programme connects participants with Time to Shine peers across the UK. The programme includes conferences, Action Learning Sets, learning, personal development and network building opportunities.

In 2024 we welcomed 40 leaders and organisations onto the programme. We partnered with a philanthropic donor who co-funded four Time to Shine leaders, with an emphasis on research and development, in Scotland.

Time to Shine Stats

Feedback from leaders and managers

• Beth Hyatt, Worcester Snoezelen, T2S Leader

Over my year, I have developed key skills in fundraising and project management. Most recently, a large project application of £75k that I submitted to help fund our music provision was successful! As my first office job, I have learnt so much about workplace culture, communication skills, and decision making. I have also had to present in front of a large audience. I have done so many things this year that I never thought I would be able to do. The year has shown that I can do hard things, things that I doubted I could do and has shown my own potential. I have developed both personally and professionally, and for this I am so grateful.

• Rowan Gibby, The Turnaround Project, T2S Leader

This has helped me develop a variety of skills including grant writing, event delivery, project planning, stakeholder development and general administration tasks. This has made me far more employable as an individual, while simultaneously having a positive impact on the organisation. Through events and grants I have managed to raise £90,000 for the charity which has been spread across core, project and capital costs and helped to develop both the charity and our social enterprise.

• Maxine Antcliff, St Michaels Youth Project, T2S Leader

My first T2S meeting I felt so nervous but I was made so welcome. It was a large group, and I did think to myself ‘do I belong here?’ Yes, I did! I was so happy I had been given the opportunity to join the Rank family, and I now have a full-time position, and I am so grateful for allowing myself to progress and find my dream job in my community.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

The Programme has supported my development in a number of ways. The conferences have been particularly useful in building and refreshing leadership and management skills and providing valuable Networking opportunities. I have implemented many learnings from some of the sessions such as reflective practice (brilliant session!) and presenting with confidence. Above all, I think the Programme has helped me to see beyond my own organisation, realise that organisational issues are rarely unique and feel part of a wider community with shared aspirations.

The T2S programme has supported my personal development from the very beginning. Back in 2019, I joined my organisation as a T2S leader. At that time, I never would have imagined that I would sit here, almost six years later, as a manager who was part of the same programme. It has been an immense privilege to experience T2S again this year and as someone who was new to managing, the programme has been an immense support to me. From the peer support sessions to the regular conferences, to the webinars and workshops offered, the programme has given me so many resources and so many people to learn from as I began a new chapter of my career.

2.3 Rank Aspire Programme

The Rank Aspire Programme (RAP) invests in young people, aged 18 to 24, who may have fewer opportunities to prosper than their peers. The programme offers young leaders, aged 18-25, a 12-month, Living Wage work placement based on a project within the Network. A further training bursary of £1,200 supports the young leaders’ development. The Rank team meets with the leaders three times a year at a residential programme.

In 2024 the launch conference at Hinsley Hall covered speaking with confidence, sharing your story, goal settings. The review residential in Glaramara included team building outdoor activities (via ferrata, fell walk), teamwork, giving and receiving feedback to support learning.

In 2024 14 young leaders and host organisations participated in RAP. Four posts were co-funded by Catalyst for Impact, for young leaders in Scotland, predominately Dundee. This partnership enabled us to pilot the impact of funding young leaders for up to two years (year 1 at 100% and year 2 at 50%). This partnership comes to an end in September 2025, and we will evaluate its impact on influencing future programme developments.

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THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 December 2024

2.4 School Leadership Programme

During 2024 the School Leadership Award programme supported 75 sixth formers from independent, state maintained, academy and free schools across the UK. Of the 65 schools now taking part in the programme, 44% are from outside the independent sector. Students from within the independent sector are all recipients of means-tested bursary funding (the majority at a high level) while most of their state school peers are eligible for free school meals or pupil premium funding. We value the rich diversity of schools within the scheme, which allows fruitful collaboration across the sectors.

This year saw our first award holder with significant learning disabilities. The award holder’s specialist school sets out to provide an excellent education for pupils with complex medical conditions or serious physical disabilities in a safe and nurturing environment. The award holder displays clear leadership ability and potential. They are clearly benefiting from their participation in the programme as recognised by the head of Specialist Academy: ‘This is amazing! Thank you for your continued support, and the opportunity that you've provided our student with!’

This student, along with their peers, made a significant contribution to our Leadership Event, held over 24 hours at Chester University. The classes of 2023 and 2024 benefitted from the guidance and advice of a team from CTVC and made short films about pressing social issues such as racism, sectarianism and the dangers of online bullying. Another session covered values-driven leadership delivered by a team from Clore Social Leadership. The event also provides the opportunity for award holders to get to know each other and share experiences as is evident in this comment from a student new to the programme: ‘I loved getting to know everybody and being able to work together to create a film!! There was a lot of teamwork and good humour!’ Member of the class of 2024.

The Community Action Placement (CAP) creates similar opportunities to interact with peers with the added advantage of engaging in a project for social good. We were once more grateful to our long-term partners for their support and to our new partner, Over the Wall, who provided opportunities for three awards holders in their camps in Scotland and Staffordshire. The following reflection from the Director of Programmes at Over the Wall sums up the mutual benefits CAP can bring: ‘He was beloved by his campers. They selected him out of all their volunteers to receive their team festival challenge at the end of the week, and it was clear that he'd taken the time to get to know his group and make meaningful connections with them.’

Similar benefits were clearly recognised by the students themselves.

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Report of the Trustees for the year ended 31 December 2024

The following comment is from a young person whose caring responsibilities at home meant they were unable to attend a residential setting but who clearly learned valuable lessons from their non-residential placement with Essex Boys and Girls Clubs: ‘Being able to work within a real staff team with different roles has helped me acknowledge the vast variety of skills everyone in a team would have. Observing the main coordinator was inspiring and insightful as they were able to take on difficult situations well and showed me how to deal with them, especially towards children from certain age groups.’ - Member of the class of 2023.

In a series of online meetings with both groups of award holders, we explored further aspects of leadership. It also allowed us to engage with the class of 2023 and their parents/carers about the maintenance grants now offered as part of the award. As the first beneficiaries of the revised scheme, we are looking forward to seeing how our support will help them as they progress to life after school.

3. Encouraging Enterprise

Back in 2013, under the leadership of Chairman Joey Newton, the Foundation made a clear commitment to intensify its focus on social enterprise. Inspired by the entrepreneurial drive of Joey’s grandfather, our founder Lord Rank, the aim was to help organisations build resilience and long-term sustainability, ensuring lasting impact for the communities they cherish.

We made a strategic commitment to support social enterprises in all their forms and to be an ‘enterprising’ foundation ourselves. We’ve often been the first funder of new or emerging ideas (place-based programmes and RankNet for example) or testing creative solutions to stubborn issues, such as Time to Shine and RAP.

This commitment remains strong and is evidenced more than 10 years on with the introduction of our own social enterprise; a social sector coworking space in London’s Shoreditch. Launching an enterprise has given us the opportunity to directly experience what social enterprise can be and in doing so, to create a space for our Network to work, connect and collaborate in style.

With support from the Network, we have introduced a diverse range of programmes to encourage enterprise in the social sector through grants to diversify income, repayable grants, and programmes that encourage entrepreneurial endeavour.

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Report of the Trustees for the year ended 31 December 2024

3.1. Profit for Good

Profit for Good increases enterprise in the social sector by helping participants generate sustainable income and supporting leaders of profit-for-good initiatives to be agile and confident.

The 2023 Profit for Good cohort remains engaged in their enterprise journey and have started to access year 2 and 3 grants, which are matched against traded income. One of the projects, Access Bikes, recently featured on BBC’s The One Show and many others have reported increased levels of traded income. The 2023 cohort presented a seminar at the Rank Annual Conference in 2024, sharing their learning and enterprise journeys with the wider Network.

Due to budget reductions, Profit for Good did not run in 2024. Two programmes will be launched in 2025, one specifically for organisations based in Sunderland.

Pushing Boundaries

In 2023 we opened applications for a new leadership programme called Pushing Boundaries. This six-month programme was initiated and designed by a small group of experienced leaders from within the Network. They proposed a programme for emerging leaders, those who have secured a role within the social sector but are seeking opportunities to build their skills, confidence and leadership acumen.

We agreed to fund the pilot and offer administrative and leadership support. We received 33 applications, and 11 emerging leaders took part in January 2024.

Pushing Boundaries included one in-person 24 hour residential in Leeds and five digital sessions covering positivity and confidence, HR and performance, communication, delegation and feedback, fairness and commitment, decision making and responsibility, budgets and finance, and project planning.

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Report of the Trustees for the year ended 31 December 2024

Following this successful pilot, we will run a second programme in 2025, again, led predominately by members of the Network.

3.2. Repayable Grants Progamme

In 2024, the Trustees approved four repayable grants for well-developed products and business plans.

One grant of £150,000 went to the children’s charity Over The Wall (OTW). OTW will use the grant to secure long-term accommodation for their highly impactful and inclusive holiday and activity camps, predominately for children with disabilities and complex health needs. OTW will repay the grant in one instalment by September 2029.

Three repayable grants totalling £63,840 went to organisations in Plymouth.

Stiltskin Arts and Theatre CIC received a repayable grant of £30,000 to purchase a big top tent to increase the capacity of their community plays from 80 to 200. Stiltskin began repaying their grant in September 2024 at £1,000 per month for thirty months.

Fotonow CIC received a repayable grant of £12,000 to upgrade photography equipment for their communityfocused workshops. Fotonow will begin to repay the grant in twenty instalments by February 2027.

Plymouth Scrapstore CIC received a repayable grant of £21,840 to support a creative outreach team to improve their workshop offer and engage the local community. Plymouth Scrapstore will begin to repay the grant in 36 instalments by February 2028.

4. Convening Conversations About Faith

Lord Rank was a committed Methodist who strongly believed in the power of media to educate, challenge and inspire. The Rank Foundation’s subsidiary, CTVC, continues to build on his legacy by producing stories of faith, hope and community for diverse audiences, which are broadcast in the UK and across the world.

Against a landscape of global unrest, our fourth mission convening conversations about Christian faith is as vital as ever. In 2024, CTVC’s faith-based content across TV, radio, podcast and digital platforms, produced more world view programming in a year than ever before:

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Report of the Trustees for the year ended 31 December 2024

4.1. Inclusive and Progressive Themes

2024 was CTVC’s first full year of producing the BBC’s flagship religious series Songs of Praise. Featuring inspirational Christian stories in over 50 communities across England, Wales, Scotland and Northern Ireland, episodes reached a mass audience of nearly a million people each week.

Episodes focused on thought provoking and progressive themes including inclusive worship, LGBTQ+ communities, Christian activism, faith and the environment, fertility, adoption and parenting, faith and rehabilitation in prisons, Christian carers, faith and refuge, and faith and Dementia.

Programming provided comfort to those who needed it the most. Audience comments included:

Outside of Christian broadcasting, CTVC continued to produce content featuring world faiths including Judaism, Islam, Sikhism, Hinduism, Buddhism, Jainism, humanism, atheism and agnosticism as well as programmes which have asked big questions including, should religious people always forgive?

Across platforms, CTVC content has generated healthy multi-faith conversations. In our Things Unseen podcast, Passover: When Your Enemy Falls, a practicing Muslim, Amir Suleman, talks with Rabbi Dov Cowan about the theological implications of the war in Gaza.

One listener commented: “The programme) doesn't shy away from difficult questions and answers but the palpable respect between these two is so heartwarming and inspiring. The respectful approach shows what a considered space can do.’

4.2. Keeping Faith and Its Impact Visible to Millions of People Around the World

To ensure stories of faith are meeting the audiences who need them the most, CTVC has undertaken considerable work to grow audiences and better understand the impact of its programming.

In 2024 some key audience figures include

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Report of the Trustees for the year ended 31 December 2024

This growth of the audience has given a deeper insight into the impact of CTVC’s output and therefore an ability to better track conversation inspired by faith-based programming:

‘You are my church family – and I thank you for being the place I can turn to for spiritual connection, music and Christian fellowship in this modern life. Thank you. Never stop broadcasting, please.’

Looking Forward

In 2025 we will conclude our current strategy period, a time when much has changed for the social sector, not least the challenges its leaders face. Despite the uncertainty of the funding context and the complexity of the social issues our network members address, we face the future from a position of strength, so that we can collectively address the consequences of inequality across the U.K.

Our thriving network RankNet provides the bedrock from which we provide opportunities for emerging social sector leaders, and we will continue to invest in our flagship programmes of Time to Shine, Rank Aspire and the School Leadership Award. We will capitalise on our knowledge and connections created through a placebased approach, particularly in Plymouth and Sunderland, where funder-partners work alongside us in supporting local communities. Together we take an enterprising approach through the Profit for Good programme and with distributed leadership through participatory grant-making programmes.

As a relational funder, Rank will continue to engage directly and involve network members in our work, through the RankNet Leaders Action Group, the annual networking conference and the digital offer through the RankNet platform. Looking to the future, we will build on our strong relationship with the network as the members help us to create a new strategy, fit for purpose and responsive to the social sector and its role.

THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

Risk Management and Uncertainties

The Board of Trustees has overall responsibility for setting the Foundation’s risk appetite, and oversight of the risk management process. The Board is supported by the Audit and Risk Committee and the Finance and Administration Committee in this process by ensuring the Foundation is identifying the risks it is exposed to and mitigating them to the appropriate extent. During the year, the Audit and Risk Committee undertook a substantial review of The Foundation’s risk management process to enable more effective risk management. The Board is satisfied that the systems are robust and operate effectively to respond to the main risks facing the Foundation.

The most significant risks identified by the Foundation and the plans for mitigating these include:

1. Investment underperformance which would reduce the funding available for charitable purposes

This risk is managed with the support of the Investment Committee through regular review of the Foundation’s investment policy, management of strategic asset allocation, risk measurement and reporting, independent valuation and performance reporting, diversification across a broad range of asset classes, ongoing market and manager updates and due diligence. The Investment portfolio continues to be resilient and achieve our performance objectives.

2. Reputational damage to the Foundation by adverse publicity

The Foundation strives to work with propriety and seek legal advice with regards to riskier work. The Grants Committee has oversight for ensuring stringent due diligence and compliance checks are applied to new grantees. RankNet, the platform for communication with the Foundation’s Network, is closely monitored.

3. Compromised IT leads to fraud or misappropriation of funds

Rigorous prevention measures including internal controls and training are in place. In addition, robust procedures for detection, reporting, response, monitoring and review are embedded within the Foundation’s operation plans to mitigate and limit the impact of this risk.

4. A lack of skills and experience among trustees and leadership may lead to poor decisions

The Foundation regularly checks for skills gaps and training needs and has succession planning for all key posts. It is committed to promoting equality, diversity and inclusion.

The Board recognises the current environment as volatile and challenging. The Foundation will remain especially vigilant about any circumstances which may affect our risk exposure.

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Report of the Trustees for the year ended 31 December 2024

Financial Review

Review of finances

The Foundation is primarily funded from the return on our investments. Our total funds at the year-end amounted to £287.7m (2023 - £275.1m) of which £282.6m (2023 - £269.6m) is held as publicly traded investments and cash to fund our current and future grant spending. These investment funds show a net increase of 3.1% (2023 increase of 2.3%). This is in line with market movements. We disinvest during the year to fund operations.

During the year grants amounting to £11.6m (2023 - £14.9m) were payable by the Foundation. This includes £1.2m in grants to CTVC, our subsidiary. The Foundation has also continued providing for all grants in the year in which a commitment is made to the recipient to 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 maintain the value of the reserves on a total return basis over the long term. The Foundation does not have a specific target level of reserves because it plans the distribution of its unrestricted funds over the medium and long-term after considering all planned and potential future commitments, performance against which is reviewed annually.

On 31 December 2024 the Unrestricted Reserves of the Group were £286.6m (2023 - £274.4m), which the Trustees considered to be sufficient in the medium to long term to provide the returns to enable the current level of mission fulfilment to continue.

The Delegated Pension Reserve fund of £3.8m relates to contributions to be paid to the defined benefit pension scheme.

Restricted funds also include £1.1m being the total funds of the subsidiary charity, CTVC.

The Directors of CTVC set their own reserves policy to achieve a balanced budget in the long term and to retain sufficient reserves to meet working capital requirements.

The subsidiary's activities and results for the year are set out in its own Report and Financial Statements and the summary results for the year with comparatives are also set out in note 22.

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Report of the Trustees for the year ended 31 December 2024

Financial Review (continued)

Investment Policy

The Rank Foundation operates a Total Return approach to managing its investments. The long-term objective is to maintain the real value of the fund in perpetuity after spending, and to fulfil this, the Trustees have adopted a long-term target return of CPI inflation +2.5%, which the Trustees believe will enable a consistent level of expenditure while conserving the investment base. In consultation with our Advisor, we maintain suitable benchmarks against which investment performance can be compared.

This policy was last reviewed by the Board in September 2024 and will continue to be monitored against actual returns and levels of expenditure. The Investment Committee continues to monitor the individual performance of the funds held and to manage the holdings.

Going Concern

The Trustees have assessed whether the use of the going concern assumption is appropriate in preparing these Financial Statements. The Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt 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, 2025 to 2027, which include both its existing multi-year grant creditors, the guarantee in place for the CTVC defined benefit pension fund deficit and the annual operating costs of the Foundation. The Foundation has sufficient liquid funds, held in readily marketable investments, to cover these commitments. The forecasts are reviewed at every Board meeting. The Trustees consider the investments to be liquid with daily dealing available on all the investments held at year end.

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Report of the Trustees for the year ended 31 December 2024

Structure, Governance and Management

Objects

The Foundation is a grant-giving charitable company restricted by its objects to 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 marginalised across the UK, through:

Public benefit

The Trustees consider the activities as described on pages 2 to 28 clearly demonstrate the public benefit provided by the Charity.

Constitution

The Foundation was established in 1953 by the late Lord and Lady Rank (the 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 (registration number 276976).

Subsidiary Undertaking

CTVC Limited ("CTVC"), is a wholly controlled subsidiary of the Foundation which has the right to appoint most of the Directors and to remove any Directors it appoints. It is a company limited by guarantee (registered number 1375941) and it is a registered charity (registered number 276286). 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, CTVC Media Limited (registered number 1782130). Its principal activity is the making of commercial and non-primary purpose media productions.

Corporate Governance

Appointments to the Board

Recommendations are welcome from any source. Once received, they are given careful consideration by the Nominations Committee which puts forward its recommendations to the Board. The Trustees may at any time appoint any member of the Foundation as a Trustee, subject to 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.

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Report of the Trustees for the year ended 31 December 2024

Induction and training

All new Trustees receive an induction pack on appointments. 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 (including CTVC Limited and CTVC Media Limited), and a profile of all Trustees and staff. The Executive Team also provides an overview of the governance and main operations of the Foundation for new Trustees. The Foundation provides formal Trustee training from time to time as and when required.

Charity Governance Code

The Trustees are committed to adopting the principles and recommended practice for good governance set out in the Code which was revised and issued in December 2020. Over the year, the Trustees have considered the recommendations of the Code, for example, when new Trustee appointments are made. The Foundation has engaged an expert consultant to work with the Foundation to develop a shared understanding of Equality, Diversity and Inclusion which will continue in 2025.

Trustee and Executive remuneration

The Foundation does not remunerate its Trustees. The Board is responsible for setting up the remuneration of the Foundation's executive staff. Remuneration is set in the context of the Foundation's purposes, aims and values and to reflect the skills, experience and competences required for executive roles. In setting remuneration, the Trustees also consider several additional factors including affordability and remuneration offered by grant-making charities of a similar size and complexity.

Certain Trustees of the Foundation's subsidiary undertaking (CTVC) receive payment for consultative services as allowed in CTVC's Articles of Association. Their remuneration, which is detailed in the notes to the subsidiary's financial statements, is set by the Board of the subsidiary and is based on the number of days required to provide consultative services and to reflect the skills, knowledge and competences required for their roles. The remunerated Trustees of CTVC are not Trustees of the Foundation.

Decision Making and Committees

The Board and its Committees

The Board is responsible for leading and controlling the Foundation. The Board achieves this by:

The Board is assisted in its work by five committees to which certain powers 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 all committees are set out on page 34 of this report.

The Board is assisted in its identification of appropriate initiatives for support and monitoring their progress by the Grants Committee. Full reports are always made to the Board.

THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 December 2024

The Finance and Administration Committee , formerly Chairman's Committee , is made up of the Chair and Deputy Chair of the Foundation and the Chairs of the various other committees and operates to ensure the day-to-day business of the Foundation is conducted within the limits delegated by the Board.

The Audit and Risk Committee creates a formal conduit between the external auditor and the Board and advises on the content and presentation of the group's annual report and financial statements. The Committee also reviews audit plans and the external auditor's management letter, and monitors implementation of actions required and satisfies itself as to the external auditor's continuing independence. It has the authority to appoint, and to fix the remuneration of, the external auditor. It also has a responsibility for monitoring the Foundation's financial controls, internal controls and risk management systems.

The Nomination Committee considers nominations for appointments to the Board.

The Investment Committee and its 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 (ARC). 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 two groups.

The Rank Fellowship is a network of former Rank Foundation School Leadership Award holders together with several honorary fellows including former Time to Shine leaders. Regular Steering Group meetings are held throughout the year: the group includes Trustees and Foundation's Executives.

The Rank Leaders Action Group (RLAG) was established in December 2015 with the purpose of engaging members of the Rank Network in content development and thought leadership. The RLAG have supported key Network developments such as the annual conference, learning events and the RankNet platform. The RLAG is an advisory group to the executive team and as such advances the Foundation's commitment to being a relational funder with genuine social sector engagement. The RLAG is a hub of social sector intelligence, contributing local or thematic expertise, knowledge and pro-sector thinking on a range of current or emerging issues.

Grant Making Policy

The Foundation only gives grants to other registered charities and other not for profit entities operating in the fields consistent with its objectives and principal aims. The Trustees have decided that, in general, they will not make grants for agriculture and farming, cathedrals, churches (except 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 to an excess demand, unsolicited appeals are not considered.

THE RANK FOUNDATION LIMITED Report of the Trustees for the year ended 31 December 2024

Fundraising

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although we do not undertake fundraising from the public, the legislation defines fund raising as "soliciting or otherwise procuring money or other property for charitable purposes". Such amounts receivable are presented in our accounts as "Income from donations" and include 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 generations is delegated to the Executive Team, who are accountable to the Trustees. Any solicitations would be managed internally. The Foundation is not bound by any undertaking to any regulatory scheme and the Foundation does not consider it necessary to comply with any voluntary code of practice. We have received no complaints in relation to fundraising activities. 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 our terms of employment to fundraising activities nor do we consider it necessary to design specific procedures to monitor such activities.

The Foundation has continued to work in partnership with the Department for Communities in Northern Ireland, regarding unsolicited, community-focused programmes that are consistent with Rank's mission and are not part of any structured or intended fundraising efforts.

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Report of the Trustees for the year ended 31 December 2024

Reference and Administration

The Trustees present their report, including the trustees’ annual report and strategic report and the audited financial statements of The Rank Foundation Limited ("Foundation" or "Rank") for the year ended 31 December 2024. The Trustees have applied the provisions of the Statement of Recommended Practice "Accounting and Reporting by Charities" ("FRS 102 SORP" (second edition)) in preparing the annual report and financial statements of the Foundation.

The Directors of the charitable company are its 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 Membership on 5 June 2025

Chair:

W.P. Wyatt (appointed 4 June 2024) (1, 2, 3, 4, 7) J.R. Newton (resigned 4 June 2024) (1, 2, 3, 5, 7) Deputy Chair: W.P. Wyatt (resigned 4 June 2024) (1, 3, 7) S.H. Cowen (appointed 4 June 2024) (1, 2, 3, 4, 7) N.F. Buxton (2, 7) L.A. Clay (5, 6) J. Buchanan (1) R.M. Fitzpatrick QPM (resigned 4 June 2024) (1, 4, 6) A.N.R Fleming (3, 5) L.V. Hall (1) J.P. Mahon (appointed 19 September 2024) (3, 7) A.J.H Murdoch (1, 6) J. L. Ropner LL (1, 4, 7) M.D.B. Simon (1, 5) S.E. Snyder (resigned 9 February 2025) (1) M. Summerfield (appointed 5 June 2025) (2, 7)

Board Consultants:

G.C. King (2) C. Cade (3)

Committees:

  1. Grants

  2. Audit and Risk (formally Audit)

  3. Investment

  4. Nominations

  5. Director of CTVC

  6. Rank Fellowship

  7. Finance and Administration

(formally Chairman’s)

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Report of the Trustees for the year ended 31 December 2024

Foundation Information

Rank Foundation Limited Chief Executive Officer D.J. Sanderson MBE DL (resigned 30 June 2025) Chief Executive Officer C.S. Broadhurst DL (appointed 5 June 2025) Deputy CEO C.S. Broadhurst (resigned 5 June 2025) Finance Director & Company Secretary J. Jayasuriya (appointed 30 January 2024) Interim Company Secretary & Finance Director T. Kelman (resigned 30 January 2024) CTVC Limited Chief Executive Officer C.C. Matthews Chief Financial Officer & Company Secretary R. Porter (appointed July 2024) Finance Director & Company Secretary J. Rees (resigned August 2024) Registered and principal office: 19-21 Garden Walk, London, EC2A 3EQ Website: www.rankfoundation.com Registration: Company 516434 Charity 276976 Professional Advisers Auditor: Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers: National Westminster Bank plc Legal Advisers: Gunnercooke LLP 1 Cornhill London EC3V 3ND Investment Custodian: Northern Trust Investment Advisers: Asset Risk Consulting

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Report of the Trustees for the year ended 31 December 2024

Statement of Trustees Responsibilities

The Trustees (who are also directors of The Rank Foundation for the purposes of company law) are responsible for preparing the Trustees' Annual Report, including the Strategic and Directors' Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. 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 state of affairs of the Charitable Company and the Group, and of the incoming resources and application of resources, including the income and expenditure of the Charitable Company and Group for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company's transactions, disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006, Charities SORP (FRS102). They are also responsible for safeguarding the assets of the Charity and the Group, and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

So far as each of the Trustees at the date of this report is aware

Approval

The Trustees' Report, incorporating the Strategic and Directors' Report, was approved by the Board of Trustees on 5th June 2025 and signed on its behalf by

µt Date . . . . . . . . . . . . . . . . . . . . . . . ....... � .................... ' .. 5th June 2025 William Wyatt, hair l:

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THE RANK FOUNDATION LIMITED

Report of the Trustees for the year ended 31 December 2024

Independent Auditor’s Report

Opinion

We have audited the financial statements of The Rank Foundation Limited (the charitable company’) and its subsidiaries (the group’) for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities including the Statement of retained Earnings, Consolidated and Company Balance Sheets, Consolidated Statement of Cashflows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable group in accordance with the ethical requirements that are 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's or the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Report of the Trustees for the year ended 31 December 2024

THE RANK FOUNDATION LIMITED

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Report of the Trustees for the year ended 31 December 2024

THE RANK FOUNDATION LIMITED

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations, are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operate, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Charities Act 2011 together with the Charities SORP (FRS102) 2019. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

-39 -

Report of the Trustees for the year ended 31 December 2024

THE RANK FOUNDATION LIMITED

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit and Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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 state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent 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 and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Tina Allison Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London

Date 21 July 2025

-40 -

THE RANK FOUNDATION LIMITED

Consolidated Statement of Financial Activities including Consolidated Income and Expenditure Account for the year ended 31 December 2024

Note
Income from:
Grants
2
Charitable activities
Other trading activities
Investments
Other income
TOTAL INCOME
Expenditure on:
3
Raising funds
Charitable activities
TOTAL EXPENDITURE
Net gains / (loss) on investments
11
Net income/ (expenditure)
Transfers between funds
17
Other gains
Actuarial gains / (loss) on defined
22
benefit pension scheme
Net movement in funds
Reconciliation of funds
17
Total funds brought forward
Total funds carried forward		 s
2024
Restricted Unrestricted
Total
Fund
Fund
Funds
£' 000
£' 000
£' 000
673
-
673
5,190
-
5,190
307
-
307
-
6,186
6,186
61
106
167		 2023
Restricted Unrestricted
Total
Fund
Fund
Funds
£' 000
£' 000
£' 000
947
-
947
3,073
-
3,073
1,996
-
1,996
-
4,282
4,282
34
318
352
6,231
6,292
12,523		 6,050
4,600
10,650
317
245
562
7,229
6,782
14,011		 1,951
237
2,188
5,084
8,085
13,169
7,546
7,027
14,573		 7,035
8,322
15,357
-
14,239
14,239		 -
11,511
11,511
( 1,315)
13,504
12,189
1,314
(1,314)
-
373
-
373		 ( 985)
7,789
6,804
1,550
(1,550)
-
(104)
(104)
372
12,190
12,562		 461
6,239
6,700
746
274,402
275,148		 285
268,163
268,448


1,118
286,592
287,710

746
274,402
275,148



All income and expenditure derives from continuing activities. The Consolidated Statement of Financial Activities includes all gains and losses recognised during the year.

The notes on pages 45 to 65 form part of the financial statements.

-41-

THE RANK FOUNDATION UMrrED Consolidated B•lance Slw•t at 31 Decembet 2024 numb•r: 516434 Y*r ended 2024 Year ended 2023 £. 000 £, 000 £, 000 £, 000 Flxed assets Tar4Jtsb￿ assets Investments io li 7,072 283.575 7,163 270,585 Total fixed assets 523 Cash at bank and In hand 3,702 5.582 Total curr¢nt 6.171 ID Current Ilabllltlej Creditors.. Amounts falllThJ due ithin cne year Net current Ilablllti Totsl assets Itss Lurr•rt Ilabllltles 289.039 276,342 Cr&lit¢Ks: AM￿Jrnts ptyab￿ after rnore than ￿ year 15 (1.329) (828) Net assets excludirvJ pen$lon 287.7EO 275.514 Deflngj tenefit xheme 13661 Net assets Indudlng pemlon 287 710 275 148 The ofth• Group 17 lknre5trictsd funds 285,373 273,070 gnjted fvnds. CTVC Grants 286 592 Restricted 1,118 287 710 1.112 275 514 Funds excludlng penslon reser¥e Defined benefit pension scheme reserve .restrlcted 17. 22 (366) Totsl fundi 287 710 275 148 accwnts have bew prepared in Kcordanté with the wial pro￿￿(￿$ of Part 16 of the Companies ALt 2006 relating to ￿all ￿nPar￿5. The finwl siatsnents ￿￿e aThJ auttthW fty knue by the Board of Trustees w 5 ju￿ 2025 on Its behalf ty: The nrtes cffj pages 45 to 65 ftwm M ofthe flna￿al siatenw W. Wyatt 42-

THE RANK FOUNDATION LIMrrED Company Balance Sheet at 31 December 2024 Com number: 516434 Notes Year ended 2024 ear en 2023 £, 000 £, 000 £. 000 £. 000 Fixed assets Tanqible assets Investrnent5 io li 7.057 283.575 7.138 270.585 Total fixed assets 290 632 277 723 Current assets Debtors Short temi deposits Cash at bank and in hand 13 425 1.800 228 4.794 Totri current assets 3,300 6.522 Current liabilities Cr&ittsrs'. Amounts fallinq due wtihin one vear 14 Net current liabilitlés T¢)tsl a55éts léss current Tlablllttes 286.231 273.530 Creditors.. Amounts pavabk after rmre than one vear 15 14.642) (4.598) Net assets The funds of the charitv 17 Restrirted fvnds Unrestricted fvnds Unrestricted funds 281.589 269.298 ignatey ftjnds 17. 22 (366) Total unrestrl(ted funds 26 932 Totsl funds The Foundation has elected to tske the exemption under sectk)n 408 of the Companies Art 2006 not tts present the Foundation Statemwt of Financial Activiti￿ (including the income and expenditure acc(xJnt}. The net income of the Foundati￿ for the year was £12,658k {2023 - net income of £6,700kl. The finanaal statements We￿ approved and authorised for issue by the &>3rd of Trustees on S June 2025 and signed on its behalf by.. The notes on paqes 45 to 65 form part of the financial StatUn￿ts. W. Wyatt 43-

THE RANK FOUNDATION LIMITED

Consolidated Statement of Cash Flows at 31 December 2024

Notes
Cash flow from operating activities
A
Net cash flow used in operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Receipts from sales of tangible fixed assets
Payments to acquire investments
Receipts from sales of investments
Payment of repayable grants
Repayment of repayable grants
Dividends and interest received from investments
Increase in Short term deposit
Net cash flow generated by investing activities
Cash flow from financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash balances held by custodian for reinvestment
Cash at cash equivalents at 31 December
A) Reconciliation of net income to net cash flow from operating activities
Net income for year
Dividends and interest from investments
Depreciation of tangible fixed assets
Net gains on investments
Profit on disposal of tangible fixed assets
Decrease in debtors
Increase in creditors net of repayable grant creditor
Defined benefit pension scheme contributions
Defined benefit pension scheme finance cost
Net cash flow from operating activities
B) Analysis of changes in net Funds
2023
£' 000
Cash at bank and in hand
5,582
Short term deposit
4,794
Cash balances held by custodian for reinvestment
3,703
Total
14,079		 2024
£' 000
(12,220)
(12,220)
(110)
22
(98,901)
110,421
(180)
83
6,186
2,994
20,515
-
8,295
9,285
17,580
3,702
13,878
17,580
12,189
(6,186)
190
(14,239)
(10)
(146)
(3,568)
(457)
7
(12,220)
Cash Flows
£' 000
(1,880)
(2,994)
10,175
5,301		 2023
£' 000
(8,687)
(8,687)
(205)
32
(76,554)
84,907
(815)
192
4,282
806
12,645
-
3,958
5,327
9,285
5,582
3,703
9,285
6,804
(4,282)
160
(11,511)
(15)
(186)
777
(457)
23
(8,687)
2024
£' 000
3,702
1,800
13,878
19,380

The notes on pages 45 to 65 form part of the financial statements

-44-

Notes to the Financial Statements for the year ended 31 December 2024

THE RANK FOUNDATION LIMITED

1. Accounting policies

The Foundation constitutes a public benefit entity as defined by FRS102 and is registered with the Charity Commission in England and Wales (Registered office: 19-21 Garden Walk, London, EC2A 3EQ, Charity Number: 276976 and Company Number: 516434). The Financial Statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (SORP FRS 102 (2nd edition)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies.

The Financial Statements have been prepared under the historical cost convention, modified to include certain items at fair value. The Financial Statements are prepared in sterling which is the functional currency of the Foundation and rounded to the nearest thousand pounds. The Financial Statements are prepared on a going concern basis because in the opinion of the Trustees there are no material uncertainties over the Foundation continuing for at least the next twelve months.

The significant accounting policies applied in the preparation of these Financial Statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Parent company disclosure exemptions

In preparing the separate financial statements of the parent company, advantage has been taken of

(a)Consolidation

The consolidated financial statements of "The Group" comprise The Rank Foundation Limited ("The Foundation"), CTVC Limited ("CTVC") and its trading subsidiary, CTVC Media Limited. Details of CTVC and CTVC Media Limited are given in the notes to the financial statements. The accounts are consolidated on a line by line basis with appropriate adjustments to eliminate intercompany transactions and balances between entities.

Advantage has been taken of the exemption available under section 408 of the Companies Act 2006 not to present an individual Statement of Financial Activities and Income and Expenditure account for the Foundation.

(b)Investments

Publicly traded investments, or those where fair value can otherwise be measured reliably, are measured at fair value at each balance sheet date, with changes in fair value recognised in ‘net gains / (losses) on investments’ in the Statement of Financial Activities. Investments denominated in foreign currencies are translated at closing rates with any profit or loss arising on exchange rate fluctuation being posted to changes in the market value of investments.

Investments also include repayable 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 is intended that the repayable grant will be repaid by the beneficiary and regardless of the rate of interest associated with the grant, the primary consideration by the Foundation when awarding the grant is the level of social impact rather than the financial return. Repayable grants offered and communicated but not disbursed to the beneficiary at the balance sheet date are disclosed as outstanding commitments.

-45-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

1. Accounting policies (continued)

(c) Income

All income is included in the Statement of Financial Activities when the Foundation is legally entitled to the income, after any performance conditions have been met, when the amount can be measured reliably and when it is probable that the income will be received.

Government grants are recognised in the year in which they become receivable and when any conditions for receipt have been met. Income from non-government grants are recognised on receipt, unless there are conditions attached to the donation that require a level of performance before entitlement can be obtained. In this case income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the Foundation and it is probable that they will be fulfilled. There have been no unfilfilled conditions or other contingencies relating to grants that have been recognised as income. The Rank Foundation has not benefited from any other forms of government assistance.

Production income is recognised when there is entitlement to the funds, the receipt is probable and the amount can be measured reliably. For income relating to the rendering of services which are partially complete at the balance sheet date, the income is recognised in the statement of financial activities is calculated by the percentage completion method, in line with FRS102 - Accounting for Long Term Contracts. In the case of Programme Production Agreements which have a phased delivery over a period of time greater than one year, the percentage completion calculation is based on the overall operational budget as defined in the Agreement which is typically subdivided into one or more "series" budgets.

Investment income represents gross interest and dividends, and is credited to the statement of financial activities on the date on which the income is due.

(d) Grant expenditure

Grants payable to third parties are included in expenditure on charitable activities. Where unconditional grants are made, these amounts are recognised when a legal or constructive obligation is created, typically when the recipient is notified that a grant will be made to them. Where grants are conditional on performance, then the grant is only recognised once any unfulfilled conditions are outside of the control of the charity.

(e) Expenditure

Expenditure is accounted for on an accruals basis. Irrecoverable VAT is charged as an expense against the activity for which the expenditure arose.

Expenditure on raising funds

The costs of raising funds includes the direct costs incurred inrespect of investment management and also those relating to trading activities.

Charitable activities

Grants are recognised as expenditure in the year in which they are approved and such approval has been communictaed to the grantees. Grants are allocated to the appropriate category along with direct costs. Costs of charitable activities also includes all costs relating to the production, sale and distribution of religious programmes plus attributable overheads. All running costs from the various offices have been charged to the relevant category.

Governance costs

Governance costs are included with support costs and includes those costs associated with meeting the constitutional and statutory requirements of the charity, including the audit fees and costs linked to the strategic management of the charity.

Support costs

Support costs comprise management, administration and governance costs. Support costs have been apportioned based on estimates of staff time and in proportion to the relevant actual costs in respect of charitable activities.

-46-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

1. Accounting policies (continued)

(f) Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. The threshold for additions to fixed assets is £1,000.

Depreciation is calculated so as to write off the cost, taking into account normal commercial and technical obsolescence, less the estimated residual value, of the tangible fixed assets on a straight line basis, as follows:

Freehold and leasehold property 1% to 2% on cost Fixtures and fittings 10% to 50% on cost Computer equipment and software 20% to 33% on cost Motor vehicles 33% on cost

The Rank Foundation has 2 buildings on lease and the useful life has been assessed at different rates.

(g) Pensions

CTVC defined benefit scheme

The scheme was closed during 2002. CTVC is paying £457,000 per annum into this scheme in line with the current schedule of contributions. The amount charged to the statement of financial activities, in respect of this scheme, is the estimated increased cost of providing the historical benefits accrued. The interest cost and expected return on assets are included within other finance costs in support costs.

The assets of the scheme are held separately from the Group in separate trustee administered funds. Full actuarial valuations, by a professionally qualified actuary, are obtained at least every three years, and updated to reflect current conditions at the balance sheet date. The pension scheme assets are measured at fair value. The pension scheme liabilities are measured using the projected unit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency. A pension liability is recognised on the balance sheet as The Group has accepted the obligation to settle the estimated liability. Pension assets are not considered recoverable by the charity and are not recognised in the financial statements in accordance with the requirements of FRS102.

Defined contribution schemes

Employer pension contributions are charged to the statement of financial activities as they become payable.

(h) Funds

The unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Foundation.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The pension reserve fund is designated to match the defined benefit pension scheme liability.

Restricted funds are those funds relating to the subsidiary charity, CTVC Limited, and those which are to be used in accordance with specific restrictions imposed by donors.

(i) Operating leases

Operating lease rentals are charged to the statement of financial activities on a straight line basis over the lease term.

(j) Critical accounting judgements and key sources of estimation

In preparing these financial statements the key sources of estimation relate to the defined benefit pension liabilities and estimation of costs to complete revenue contracts. The critical underlying assumptions in relation to the estimate of the defined benefit scheme obligation include the standard rates of inflation, mortality, and discount rate. Variations in these assumptions have the ability to significantly influence the value of the liability recorded and annual defined benefit expense. All assumptions used are based on actuarial advice. The critical underlying assumptions in relation to the estimate of costs to complete revenue contracts include staff time, training, learning event costs and evaluation costs. All assumptions are based on staff time allocations and quotes received from suppliers.

-47-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

**2 ** Income
**A ** Grants
2024
DfC - Start Here NI onward Grants Funding
LiveWell - Plymouth Fund
Catalyst For Impact External Funding
Roseline Foundation		 Gov
Non-Gov
Total
£'000
303
303
-
-
70
70
300
300
303
370
673
Gov
Non-Gov
Total
£'000
382
382
-
500
500
65
65
382
565
947
2023
DfC - Start Here NI onward Grants Funding
LiveWell - Plymouth Fund
Catalyst For Impact External Funding		 Gov
Non-Gov
Total
£'000
382
382
-
500
500
65
65
382
565
947

The Department for Communities (DfC) awarded £10m in 2022 to manage a three-year Employment and Skills grant programme. In 2023, the DfC awarded a further £382k to cover cost of living increases. £303k in 2024 are to cover any additional admin costs for the duration of the initiative.

B
C
D
**E **		 Charitable activities
Commercial production sales from CTVC
Other trading activities
Income from CTVC Media Ltd
Investments
Interest on cash
Dividends
Other income
2024
CTVC - Sundry sales
Garden Walk rental income
Contributions to actvities		 £'000
2024
5,190
2024
307
2024
195
5,991
6,186
Restricted Unrestricted
61
-
76
-
30		 £'000
2023
3,073
2023
1,996
2023
66
4,216
4,282
Total
£'000
61
76
30
61
106		 167
2023
CTVC - Sundry sales
Garden Walk rental income
Contributions to actvities		 Restricted Unrestricted
34
-
-
17
-
301		 Total
£'000
34
17
301
34
318		 352

-48-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

3 Total group expenditure

2024
Raising funds
Investment management costs
Total raising funds
Charitable activities
Community programmes
CTVC
Analysis of support costs
Rank
CTVC
Governance
Rank
CTVC
Total support costs
Total charitable activities
Total Expenditure
Expenditure on other trading activities - CTVC Media		 Direct
Costs /
Support
Grants
Staff
Other
Costs
Total
£'000
£'000
£'000
£'000
£'000
-
-
245
-
245
312
-
5
-
317
312
-
250
-
562
4,449
1,061
336
-
5,846
3,710
1,610
79
-
5,399
-
-
550
523
1,073
921
527
-
1,448
-
66
102
-
168
20
57
-
77
-
1,007
1,236
523
2,766
8,159
3,678
1,651
523
14,011
8,471
3,678
1,901
523
14,573
2023
Raising funds
Investment management costs
Total raising funds
Charitable activities
Community programmes
CTVC
Analysis of support costs
Rank
CTVC
Governance
Rank
CTVC
Total support cost
Total charitable activities
Total Expenditure
Expenditure on other trading activities - CTVC Media
Limited		 -
-
237
-
237
1,947
-
4
-
1,951
1,947
-
241
-
2,188
6,345
979
277
-
7,601
2,384
690
-
-
3,074
-
-
692
371
1,063
-
714
497
-
1,211
-
70
73
-
143
-
22
55
-
77
-
806
1,317
371
2,494
8,729
2,475
1,594
371
13,169
10,676
2,475
1,835
371
15,357

Charitable activities - CTVC included above is £7,000 (2023 : £23,000), which relates to pension finance costs and an adjustment for past service costs in the restricted funds - note 21.

4 Allocation of support costs

Governance (note 4)
Staff
Occupancy
Depreciation
Other
Total		 Community
CTVC
2024
£' 000
£' 000
£' 000
168
77
245
523
921
1,444
138
256
394
176
13
189
236
258
494		 Community
CTVC
2023
£' 000
£' 000
£' 000
143
77
220
371
714
1,085
116
248
364
149
11
160
427
238
665
1,241
1,525
2,766		 1,206
1,288
2,494

Support costs have been apportioned between the charitable activies based on staff time.

-49-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

7 Net income / (expenditure) for the year

Net income / (expenditure) is stated after charging / (crediting):
2024
£' 000
Depreciation of tangible fixed assets
190
Gain / (Loss) on disposal of tangible fixed assets
(6)
Operating lease rentals
113
Net gains on investments
(14,239)
Auditor remuneration
Audit of the Foundation's annual accounts VAT inc
31
Audit of the Foundation - Prior auditor
6
Audit of the subsidiaries - current auditor
24
Audit of the subsidiaries - Prior auditor
4
Professional services
60		 2023
£' 000
160
6
113
(11,511)
-
26
-
35
51

8 Trustee expenses

Travelling and subsistence expenses
reimbursed to six Trustees (2023: nine)		 2024
£' 000
15		 2023
£' 000
9

The Trustees of the Foundation neither received nor waived any remuneration during the year (2023: £Nil).

-52 -

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

5 Analysis of governance costs

Auditor's remuneration
Legal and professional fees
Trustee and consultants expenses
Allocated staff costs		 2024
2023
£' 000
£' 000
65
61
60
51
34
16
86
92
245
220
Group		 2024
2023
£' 000
£' 000
65
61
60
51
34
16
86
92
245
220
Group
2023
£' 000
61
51
16
92
220

6 Grants

Grants payable
Grants made in the year
Grants cancelled or recovered
Grants payable for the year
Grants paid in the year
Net (decrease) / increase in commitments
Grants payable as at 1 January
Grants payable at 31 December
Payable as follows:
Payable within one year
Payable after more than one year		 2024
2023
£' 000
£' 000
4,614
8,708
(165)
(587)
4,449
8,121
(7,301)
(9,309)
(2,852)
(1,188)
9,486
10,674
6,634
9,486
5,305
8,658
1,329
828
6,634
9,486
Group		 2024
2023
£' 000
£' 000
5,833
9,927
(165)
(587)
5,668
9,340
(8,977)
(11,098)
(3,309)
(1,758)
14,932
16,690
11,623
14,932
6,981
10,334
4,642
4,598
11,623
14,932
Foundation		 2024
2023
£' 000
£' 000
5,833
9,927
(165)
(587)
5,668
9,340
(8,977)
(11,098)
(3,309)
(1,758)
14,932
16,690
11,623
14,932
6,981
10,334
4,642
4,598
11,623
14,932
Foundation
2023
£' 000
9,927
(587)
9,340
(11,098)
(1,758)
16,690
14,932
10,334
4,598
14,932

6a Grants payable

-50-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

6b Foundation Grants awarded by organisation for grants ≥ £50k

Grant organisation name Organisation webpage Foundation Foundation
Grants
awarded

Number
of awards
£ '000
Back on the Map https://backonthemap.org/ 90 1
Braw Tea CIC https://brawtea.co.uk/ 75 1
Centre for the Study of Philanthropy & Public Good,
Universityof St Andrews		 https://csppg.wp.st-andrews.ac.uk 74 1
Clean Slate Solutions https://cleanslatesolutions.org.uk/ 99 1
CommunityOpportunities https://www.facebook.com/COMMOPPSYOUTHANDPLAY 90 1
Corra Foundation https://www.corra.scot/ 161 1
Easington Lane CommunityAccess Point https://www.elcap.org.uk/ 90 1
First Give https://firstgive.co.uk/ 90 1
Futures in Film CIC futuresinfilm.com 50 1
Generation Rhonda https://generationrhondda.org.uk/ 90 1
Healthier Heroes CIC www.healthierheroescic.co.uk 60 1
Hospice UK https://www.hospiceuk.org/ 100 1
Kids Matter https://kidsmatter.org.uk/ 75 1
Kids On Track https://kidsontrack.org.uk/ 60 1
Koala NW https://koalanw.co.uk/ 75 1
Lighthouse PedagogyTrust https://lptrust.org.uk/ 60 1
Longford Trust www.longfordtrust.org 60 1
MiMe Heuristics CIC www.thewildings.co.uk 60 1
Pallion Action Group https://pallionactiongroup.co.uk/ 90 1
Place Matters c/o Right to Succeed www.placematters.co.uk 60 1
ShineyAdvice and Resource Project(ShARP) https://shineyadvice.org.uk/ 90 1
Support Through Sport Youth CIC www.supportthroughsport.co.uk 60 1
Suicide & Co https://www.suicideandco.org/ 90 1
The Dundee Bairns Trust https://www.dundeebairns.org/ 75 1
The People's Orchestra https://thepeoplesorchestra.com/ 90 1
Two Ridings CommunityFoundation https://www.tworidingscf.org.uk/ 100 1
The Streetlife Trust www.wearestreetlife.org 60 1
WeMindTheGap https://wemindthegap.org.uk/ 90 1
Woodsmith Foundation www.woodsmithfoundation.org.uk 60 1
CTVC Ltd www.ctvc.co.uk 1,219 1
Totalgrants ≥£50k 3,543 28
Grants to other organisations ≤£50k 2,251 100
Totalgrants to individuals 39 68
Total awards 5,833 196
Cancelledgrants 165 137
Totalgrantspayable 5,668

Out of the 137 cancelled grants, 90 relate to individual small grants and 31 to Pebbles grants from prior years.

-51-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

9 Staff numbers and costs

Group
2024
2023
£' 000
£' 000
Salaries
2,978
1,889
Social security costs
213
192
Redundancy payments
28
20
Pension costs
255
229
Personal insurance
99
90
Recruitment, Training and Professional Membershi
105
55
3,678
2,475		 Foundation Foundation
2024
£' 000
754
85
-
186
48
54		 2023
£' 000
707
82
20
160
48
32
1,127 1,049

Redundancy costs are charged in the year incurred. During the year, redundancy costs of £28k were incurred (2023 £20k)

Average number employed
Employed in direct charitable activities
CTVC Programmes
Community programmes
Support		 2024
Number
31
5
20		 2023
Number
20
5
15		 2024
Number
-
5
12		 2023
Number
-
5
10
56 40 17 15

Remuneration and benefits-in-kind

The number of employees who received total employee benefits (excluding employer pension costs) of more than £60,000 is as follows:

e than £60,000 is as follows:
2024
Number
Number of Staff earning £60,001 to £70,000
4
Number of Staff earning £70,001 to £80,000
3
Number of Staff earning £80,001 to £90,000
-
Number of Staff earning £90,001 to £100,000
1
Number of Staff earning £100,001 to £110,000
1
Number of Staff earning £110,001 to £120,000
1
Number of Staff earning £120,001 to £130,000
-
Number of Staff earning £130,001 to £140,000
-
Number of Staff earning £140,001 to £150,000
1		 2023
Number
2
-
1
1
1
1
1
-
1		 2024
Number
2
-
-
1
1
1
-
-
-		 2023
Number
2
-
-
1
1
1
-
-
-

Employers pension contributions for those employees earning more than £60,000 were - Group £157,154 (2023 - £139,258) Foundation £133,467 (2023 - £109,225)

The Rank Foundation considers its key management personnel to be the trustees and the senior management team. The senior management team consists of 5 (2023: 5) employees, 4.2 (2023: 4.0) on a full-time basis. The total employment benefits including employer pension contributions of the senior management team were £635k (2023: £629k). The Group includes the CTVC senior management team of 2 (2023: 2) employees on a full-time basis whose total employment benefits totalled £469k (2023: £253k). Group employment benefits totalled £1,104k (2023: 882k). The Trustees are not remunerated.

-53-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

10 Fixed assets

Group
Cost at 1 January
Additions at cost
Disposals
Cost at 31 December
Depreciation at 1 January
Disposals
Charge for the year
Depreciation at 31 December
Net Book Value
31 December 2024		 Long
Leasehold
Properties
£' 000
6,956
65
-
7,021
189
-
71
260
6,761		 Fixtures
Fittings
etc,
£' 000
442
5
(8)
439
142
(7)
85
221
219		 Motor
Vehicles
£' 000
128
39
(33)
.
135
32
(24)
34
42
93		 Total
£' 000
7,526
110
(41)
7,595
363
(31)
190
523
7,072
31 December 2023 6,767 300 96 7,163
Foundation
Cost at 1 January
Additions at cost
Disposals
Cost at 31 December
Depreciation at 1 January
Disposals
Charge for the year
Depreciation at 31 December
Net Book Value
31 December 2024		 6,956
65
-
7,021
189
-
71
260
6,761		 341
2
(8)
335
66
(7)
72
131
204		 128
39
(33)
135
32
(24)
34
42
93		 7,425
107
(41)
7,491
287
(31)
177
433
7,057
31 December 2023 6,767 275 96 7,138

-54-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

11 Group and Foundation Fixed asset investments

Fixed asset investments consist of publicly traded investments and repayable grants.

The Trustees believe that the carrying value of the investments is supported by their underlying assets.

Publicly traded investments
Repayable grants (note 11)
Publicly traded investments
Market value at 1 January
Additions at cost
Disposal proceeds
Net gain on investments
Movement in cash awaiting reinvestment
Market value at 31 December
Investments summary
Equities
Fixed Income
Royal London Short Term Money Market Fund
Cash awaiting reinvestment
Total
Equities
Fixed Income
Royal London Short Term Money Market Fund
Cash awaiting reinvestment
Total		 2024
UK
Overseas
£' 000
£' 000
171,005
48,057
40,324
-
9,249
-
13,878
234,456
48,057
2023
UK
Overseas
£' 000
£' 000
144,734
55,831
40,424
-
24,928
-
3,703
213,789
55,831		 2024
2023
£' 000
£' 000
282,513
269,620
1,062
965
283,575
270,585
269,620
263,642
98,901
76,554
(110,421)
(84,907)
14,238
11,511
10,175
2,820
282,513
269,620
Total
£' 000
219,062
40,324
9,249
13,878
282,513
Total
£' 000
200,565
40,424
24,928
3,703
269,620
Group and Foundation		 2024
2023
£' 000
£' 000
282,513
269,620
1,062
965
283,575
270,585
269,620
263,642
98,901
76,554
(110,421)
(84,907)
14,238
11,511
10,175
2,820
282,513
269,620
Total
£' 000
219,062
40,324
9,249
13,878
282,513
Total
£' 000
200,565
40,424
24,928
3,703
269,620
Group and Foundation
2023
£' 000
269,620
965
270,585
263,642
76,554
(84,907)
11,511
2,820
269,620

-55-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

12 Repayable grants - Social investment

Balance at 1 January
New repayable grants disbursed
New repayable grants payable
Repayments received
Balance at 31 December
Maturity of the repayable grants:
Due within one year
Due between one year and five years		 2024
2023
£' 000
£' 000
965
902
180
255
-
-
(83)
(192)
1,062
965
460
140
602
825
1,062
965
Group and Foundation		 2024
2023
£' 000
£' 000
965
902
180
255
-
-
(83)
(192)
1,062
965
460
140
602
825
1,062
965
Group and Foundation
2023
£' 000
902
255
-
(192)
965
140
825
965

Repayable grants are made available to beneficiary organisations in order to further the charitable objectives of the Foundation.

All repayable grants are UK based with agreements ranging in length from three to five years with interest rates up to 3% above Bank of England base rate. To manage the credit risk, repayable grants are awarded following a thorough due diligence process including a financial review to assess cashflow, scrutiny of the viability of the project by the Director of programmes and a presentation to the Board by the organisation including a Q&A session.

13 Debtors

Other debtors
Prepayments and accrued income
Amounts due by subsidiary undertaking
VAT recoverable		 2024
2023
£' 000
£' 000
321
195
347
320
-
-
1
8
669
523
Group		 Foundation Foundation
2024
£' 000
178
149
97
1		 2023
£' 000
53
155
12
8
425 228

Included within prepayments and accrued income in 2024 is an amount of £63k due from the Department for Communities (DfC) relating to the NI Start Here programme.

-56-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

14 Creditors : amounts falling due within one year

Trade creditors
Accruals and deferred income
Other taxation and social security
Pension contributions
Other creditors
Grants payable to third parties
Grants payable to subsidiary undertaking
- running costs
Grants payable to subsidiary undertaking
- pension reserve		 2024
2023
£' 000
£' 000
544
247
1,761
2,922
7
98
2
3
160
377
5,305
8,658
-
-
-
-
7,779
12,305
-
-
7,779
12,305
Group		 2024
2023
£' 000
£' 000
449
182
244
171
25
25
2
3
-
-
5,305
8,658
-
-
1,219
1,219
7,244
10,258
457
457
7,701
10,715
Foundation		 2024
2023
£' 000
£' 000
449
182
244
171
25
25
2
3
-
-
5,305
8,658
-
-
1,219
1,219
7,244
10,258
457
457
7,701
10,715
Foundation
2023
£' 000
182
171
25
3
-
8,658
-
1,219
10,258
457
10,715

The deferred income is all expected to be recognised in the next financial year.

15 Creditors : amounts falling due after more than one year

Grants to third parties payable 1-2 years
Grants to third parties payable 2-5 years
Grants payable to subsidiary undertaking
- pension contributions payable 1-2 years
- pension contributions payable 2-5 years
- pension contributions payable 5+ years
16 Operating Leases
Not later than one year
Later than one and not later than five years
Total future minimum lease payments under non-cancellable
operating leases are as follows:		 2024
2023
£' 000
£' 000
1,309
519
20
309
1,329
828
-
-
-
-
-
-
-
-
1,329
828
2024
2023
£' 000
£' 000
113
113
203
316
316
429
Group		 2024
2023
£' 000
£' 000
1,309
519
20
309
1,329
828
457
457
1,371
1,371
1,485
1,942
3,313
3,770
4,642
4,598
2024
2023
£' 000
£' 000
-
-
-
-
0
-
Foundation		 2024
2023
£' 000
£' 000
1,309
519
20
309
1,329
828
457
457
1,371
1,371
1,485
1,942
3,313
3,770
4,642
4,598
2024
2023
£' 000
£' 000
-
-
-
-
0
-
Foundation
2023
£' 000
519
309
828
457
1,371
1,942
3,770
4,598
2023
£' 000
-
-
-

The deferred income is all expected to be recognised in the next financial year.

-57-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

17 Funds

2024
Unrestricted funds
General Funds
T2S - Rank Funded
Pension reserve
Fixed asset reserve
Rank funds
Total Funds
Restricted funds
CTVC Pension scheme deficit
CTVC restricted funds
CTVC funds
Rank Catalyst funds
Roseline - Restricted
NI Start Here funds
Total restricted funds		 As at 1
January
Income
Expenditure
Actuarial
(loss) /
gain on
pension
scheme
Investment
Gains /
(losses)
Transfers
As at 31
December
£'000
£'000
£'000
£'000
£'000
£'000
£'000
270,150
6,292
(4,664)
-
14,239
( 3,210)
282,807
-
(1,180)
-
-
1,180
-
4,227
-
(457 )
-
-
-
3,770
25
-
(13)
-
-
3
15
-
-
(713)
-
-
713
-
274,402
6,292
(7,027)
-
14,239
(1,314 )
286,592
(366)
-
(7)
373
-
-
-
-
145
(145)
-
-
-
-
1,112
5,413
(7,094)
-
-
1,687
1,118
70
-
-
-
(70 )
-
-
300
(300 )
-
-
-
-
-
303
-
-
-
(303 )
-
746
6,231
(7,546 )
373
-
1,314
1,118
275,148
12,523
(14,573)
373
14,239
-
287,710
2023
Unrestricted funds
General funds
T2S - Rank Funded
Pension reserve
Fixed asset reserve
Rank funds
Total unrestricted funds
Restricted funds
Pension scheme deficit
CTVC restricted funds
CTVC funds
Rank Catalyst funds
Livewell - Restricted
NI Start Here funds
Total restricted funds
Total funds		 As at 1
January
Income
Expenditure
Actuarial
(loss) /
gain on
pension
scheme
Investment
Gains /
(losses)
Transfers
As at 31
December
£'000
£'000
£'000
£'000
£'000
£'000
£'000
263,468
4,600
( 6,615)
-
11,511
(2,814)
270,150
( 1,076)
-
1,076
-
4,684
-
(457 )
-
-
-
4,227
11
-
( 11)
-
-
25
25
-
-
(163 )
-
-
163
-
268,163
4,600
(8,322 )
-
11,511
(1,550 )
274,402
( 696)
-
434
( 104)
-
-
(366)
-
142
( 142)
-
-
-
-
981
4,961
( 6,407)
-
-
1,577
1,112
-
65
( 38)
-
-
(27 )
-
-
500
( 500)
-
-
-
-
-
382
( 382)
-
-
-
-
285
6,050
(7,035 )
(104 )
-
1,550
746
268,448
10,650
(15,357 )
(104 )
11,511
-
275,148

Restricted funds

CTVC funds of £1,118k represents the unrestricted funds within CTVC which are restricted within the Group financial statements to the objectives of CTVC.

Designated funds

The pension reserve total of £3,770k represents the amount set aside by the Trustees to cover the deficit repayments to be made to the defined benefit pension scheme. The Foundation has guaranteed to CTVC to cover the full cost of the current repayment plan ( note 21). £457k, (2023: £457k) was contributed directly to the defined benefit scheme.

-58-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

17 Funds continued

Restricted funds

1 Pension scheme deficit

Net Defined Pension scheme liability as at 31 December 2023. See Note 22.

2 CTVC Restricted Funds

The British Film Institute (BFI) grants funds for film making training courses for young people and includes appropriate agreed overheads.

3 CTVC Funds

CTVC funds of £1,118k represents the unrestricted funds within CTVC which are restricted within the Group financial

statements to the objectives of CTVC.

4 Rank Catalyst Funds

These funds are specifically for the Rank Aspire Programme to support training for leaders in Dundee based organisations by providing salaries for a year on the Living Wage.

5 Roseline Foundation

In 2024 we set up a partnership with Roseline Foundation in Sunderland. Roseline will contribute £300k over three years to the Programme, by co-funding the Sunderland Profit for Good and Connecting People to Opportunities grants programmes.

6 Livewell

These funds are for Plymouth based organisations delivering programmes that aim to reduce isolation and loneliness in the city.

7 NI Start Here

Funds received by the Department for Communities, NI, to deliver the Employment and Skills initiative focused on objectives that will address labour market barriers faced by individuals in light of the COVID 19 pandemic, with a particular focus on job roles to boost the Sport and Voluntary and Community sectors.

Designated funds

2 Pensions reserve

The pension reserve total of £3,770k represents the amount set aside by the Trustees to cover the deficit repayments to be made to the defined benefit pension scheme. The Foundation has guaranteed to CTVC to cover the full cost of the current repayment plan ( note 21). £457k, (2023: £457k) was contributed directly to the defined benefit scheme.

3 Fixed Asset reserve

Funds set aside by CTVC to represent the value of its fixed assets.

-59-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

17 Funds (continued)

Transfer

A transfer of £1,180k (2023- £1,076k) unrestricted funds relates primarily to the Foundation funding the element of the Time to Shine programme in 2024.

£713k (2023- £163k) unrestricted funds were transferred to fund other key programmes, primarily our new place based programme in Sunderland.

With approval from the DfC, NI Start Here programme funds were invested in a high interest account and £303k was earned as restricted income. As the three year programme is ending, the DfC has agreed that these funds can be used to cover any additional administrative support needed to continue to support the network of VCSE and sports organisations. £303k has been transferred to General funds.

18 Analysis of net assets between funds

Unrestricted
funds
£'000
2024
Fixed assets
290,647
Net current (liabilities) / assets
( 2,726)
Creditors more than one year
( 1,329)
TOTAL
286,592		 Unrestricted
funds
£'000
2024
Fixed assets
290,647
Net current (liabilities) / assets
( 2,726)
Creditors more than one year
( 1,329)
TOTAL
286,592		 Restricted
funds
£'000
-
1,118
-
1,118		 Pension
reserve
£'000
-
-
-
0		 TOTAL
£'000
290,647
( 1,608)
( 1,329)
287,710
2023
Fixed assets
Net current (liabilities) / assets
Creditors more than one year
Pension liabilities
TOTAL		 277,748
( 2,518)
( 828)
-
274,402		 -
1,112
-
-
1,112		 -
-
-
( 366)
( 366)		 277,748
( 1,406)
( 828)
( 366)
275,148

19 Related party transactions

The Trustees of the Foundation have interests in a range of other organisations and declare any conflicts of interest as they arise. In such cases, the Trustees would withdraw from participating in the decision making process. There have been no grants awarded to organisations which the trustees have interests in.

The Foundation has related party transactions with its subsidiary CTVC Ltd and CTVC Media Ltd. The Foundation pays a grant to CTVC Ltd each year and this amounted to £1.2m in 2024 relating to it conducting its primary purpose activities. The Foundation also makes an additional grant to CTVC Ltd to cover the payment of the pension contributions to the CTVC defined benefit scheme. As set out in note 1 (g) this amounts to £457k per annum and the Foundation has paid this amount on behalf of CTVC Ltd. At the year end, Rank owed CTVC Ltd £3,770k relating to pension fund. During 2024, The Rank Foundation charged £83K to CTVC Ltd for insurance. The balance owed to The Rank Foundation was £97k at the year end.

CTVC’s investment in CTVC Media Limited is 75,000 ordinary shares of £1 each, being the whole issued equity share capital of that company. During 2024, CTVC Media Ltd invoiced the CTVC Ltd £288K for work carried out which was paid during the year. At 31 December 2024, CTVC Media Ltd owed CTVC Ltd £138K.

20 Members

The Foundation is a charitable company limited by guarantee, having no share capital, and, in accordance with clause 6 of the Memorandum of Association, every member, of whom there may be a maximum of 15, is liable to contribute a sum of £1 in the event of the Foundation being wound up. At 31 December 2024 there were 12 members (2023 : 13).

21 Taxation

The company is a charity within the meaning of Para 1 Schedule 6 Finance Act 2010. Accordingly the company is potentially exempt from taxation in respect of income or capital gains within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

CTVC Media Limited make qualifying charitable donations of all taxable profit to CTVC under Part 6 of Corporation Tax Act 2010. No corporation tax liability on the subsidiaries arises in the accounts.

No tax charge arose in the period.

-60-

THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

22 Pensions

A) Defined benefit scheme - closed April 2002

The defined benefit scheme covered the majority of CTVC's employees up to the date of closure and at that date, the scheme deficit was c.£5.14m. The pension cost relating to the principal scheme is assessed in accordance with the advice of an independent qualified actuary using the projected unit method. It is to be noted that under this valuation method the costs will increase as the members of the scheme approach retirement. The latest actuarial valuation of this scheme was at the 30 September 2021, the deficit at that date was £4.63m. The next full valuation was due on 30 September 2024. However this was not carried out as the transfer to Aviva obviated the need.

The Foundation has formalised its commitment to the funding of this scheme by putting in place a legal guarantee that has been accepted by the Pensions Regulator. The Foundation paid £457k in the year to 31 December 2024. The Pension Scheme Trustees have entered into a bulk annuity buy-in with Aviva and are working to secure a buyout and to wind up the scheme, and has recently appointed Barnett Waddingham as professional advisers to support it with managing the risks arising under the scheme. The amount agreed for the buy-out is £10.848m. This will take up to 2 years to complete. The transactions occured after 31 December 2024.

The Rank Foundation has sought independent actuarial advice from time to time to manage the strategic risks of funding the scheme. The management of the funding, investment, and compliance risk is undertaken by the pension scheme Trustees, who have appointed their own independent professional actuatial advisors, administrators, and investment manager.

The pension scheme Trustees have appointed the scheme actuary to prepare the following detailed disclosures and they have relied on the Actuary's expertise in this regard.

Explanation of amounts in the financial statements

Amounts recognised in the Balance Sheet

2024 2023
£'000 £'000
Fair value of assets at 31 December
Present value of funded obligations
Effect of unrecognised surplus
Deficit
Net defined benefit liability at 31 December		 10,429
(9,711)
(718)
-
-		 10,824
(11,190)
-
(366)
(366)

Amounts recognised in the Income and Expenditure account

2024 2023
£'000 £'000
Interest on liabilities
Interest on assets
Total		 508
(501)
7		 523
(500)
23
2024 2023
£'000 £'000
(Gain)/ loss on scheme assets in excess of interest
Experience gains on liabilities
Gains from changes to financial assumptions
Effect of unrecognised surplus
Total remeasurements		 805
(566)
(1,330)
718
(373)		 (270)
-
374
104

-61-

Notes to the Financial Statements for the year ended (continued) 31 December 2024

THE RANK FOUNDATION LIMITED

22Pensions (continued)

Explanation of amounts in the financial statements (continued)

Reconciliation of assets and defined benefit obligation

The change in the assets over the year was:

2024 2023
£'000 £'000
Fair value of assets at 1 January
Interest on assets
Company contributions
Benefits paid
Return on scheme assets less liabilities
Fair value of assets at 31 December		 10,824
501
457
(548)
(805)
10,429		 10,147
500
457
(550)
270
10,824

The change in the defined benefit obligation

2024 2023
£'000 £'000
Defined benefit obligation at 1 January
Interest on liabilities
Benefits paid
Experience gain on defined benefit obligation
Changes to financial assumptions
Fair value of assets at 31 December		 11,190
508
(548)
(566)
(873)
9,711		 10,843
523
(550)
-
374
11,190
Assets
£'000 £'000
Fixed Interest Government Bonds
Fixed Interest Corporate Bonds
Index-linked bonds
Equities
Fixed interest
Alternatives
Cash
Total
Actual return on assets		 4,555
5,738
97
-
-
-
39
10,429
(304)		 5,041
5,615
109
-
-
-
59
10,824
770

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THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

22 Pensions (continued)

The principal actuarial assumptions used to calculate the Scheme's liabilities include:

2024
Discount rate
5.45%
Retail Prices Index (RPI) inflation
3.50%
Revaluation in deferment:
Pre May 2001 benefits
5.00%
Post May 2001 benefits
3.50%
Pension increases
GMP earned before 06/04/88
GMP earned after 06/04/88
3.00%
Pension earned before 01/10/92 in excess of GMP
3.00%
Pension earned between 01/10/92 and 31/05/01 in excess of GMP
5.00%
Pension earned after 01/06/01
3.35%
Life expectancy at age 65 of male aged 45
22.8
Life expectancy at age 65 of male aged 65
21.5
Life expectancy at age 65 of female aged 45
26.1
Life expectancy at age 65 of female aged 65
24.7
Sensitivity placed on the value of the liabilities - approximate affect on liability
2024
£'000
Discount Rate
Discount Rate -0.10%
102
Mortality
Mortality loading increased by 5% for males and females
170
(100% of S3PMA and 90% of S3PFA)
Mortality projections - core CMI_2023 model
(155)
Movement in triennial valuation
Deficit as per triennial valuation at 30 September 2018
Estimate for loss of income
Payments made into the fund during 2018 (pre valuation)
Payments made into the fund during 2019 to 2023
Payments made into the fund during 2024
Increase based on valuation at 30 September 2021
Balance carried forward		 2023
4.65%
3.45%
5.00%
3.30%
3.00%
3.00%
5.00%
3.30%
22.8
21.4
26.1
24.6
2023
£'000
129
195
£'000
5,140
1,334
6,474
(114)
(2,285)
(457)
152
3,770

The current Schedule of Contributions requires monthly payment of £38k for a further 3 months up to March 2025.

Rank Foundation scheme
Pension charge for the period
CTVC stakeholder scheme
Pension charge for the period
Balance due to the scheme at the year end
B) Defined Contribution Schemes		 2024
£'000
186
63
15
264		 2023
£'000
160
83
16
259

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THE RANK FOUNDATION LIMITED

Notes to the Financial Statements for the year ended (continued) 31 December 2024

23 Subsidiary undertaking

CTVC Limited ("CTVC") is a registered charity and its principal activities are the production and distribution of television programmes, films and videos for Christian and other faiths and for educational purposes. CTVC is incorporated in England and Wales and is a wholly-owned subsidiary as the Foundation has the right to appoint a majority of the directors and to remove any directors it appoints.

CTVC Media Limited is a wholly-owned trading subsidiary of CTVC. It is incorporated in England and Wales, and its principal activity is the making of video productions. It is intended that the profits of the company will be donated to CTVC by way of gift aid. CTVC Media Limited had turnover of £307k for the year (2023 - £1,996k) and net assets of £193k at the year end (2023 - £203k)

A summary of the consolidated results of CTVC for the year is shown below. Audited accounts will be filed with the Registrar of Companies and the Charity Commission.

will be filed
Summarised Consolidated Statement of Financial Activities
Income
Donations - Grants
Income from charitable activities
Income from trading activities
Other Income
Total income
Expenditure
Costs of raising funds
Charitable activities
Total Expenditure
Net Income
Other recognised losses
Actuarial gains / (losses) on defined benefit pension scheme
Net movement on funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
Summarised Consolidated Balance Sheet
Net assets less liabilities excluding pension liability
Defined benefit pension scheme liability
Net assets		 2024
£'000
1,219
5,190
307
61
6,777
317
6,928
7,245
(468)
373
(95)
4,998
4,903
4,903
-
4,903		 2023
£'000
1,332
3,073
1,996
34
6,435
1,951
4,362
6,313
122
(104)
18
4,980
4,998
5,364
(366)
4,998

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Notes to the Financial Statements for the year ended (continued) 31 December 2024

THE RANK FOUNDATION LIMITED

24 Post Balance Sheet Event

In January 2025, The Rank Foundation entered a buy-in arrangement with Aviva which resulted in CTVC Ltd making a final payment to settle the defined benefit pension scheme deficit. As part of this arrangement, the CTVC Ltd pension debtor is no longer recoverable from The Rank Foundation. This is considered a non-adjusting post-balance sheet event as these conditions did not exist at year end.

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