ACCOUNTS - Final Accounts

Registered number: 12587345

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Directors' Report and Financial Statements

For the Year Ended 31 December 2024

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Company Information

Directors	A N Sutton
	N J Wood (appointed 3 June 2025)


Registered number	12587345


Registered office	Gate 13
	Rowsley Street
	Etihad Campus
	Manchester
	M11 3FF


Independent auditors	Hurst Accountants Limited
	Chartered Accountants & Statutory Auditors
	3 Stockport Exchange
	Railway Road
	Stockport
	SK1 3GG

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Contents

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Statement of Comprehensive Income	7
Balance Sheet	8
Notes to the Financial Statements	9 - 12

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Directors' Report

For the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors 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 Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activity of the company is that of providing concessionary loans to Rugby League clubs, Super League Europe Limited and The Rugby Football League Limited, via funding from the Department for Culture, Media & Sport.

Directors

The directors who served during the year were:

A N Sutton

S H Johnson (resigned 11 March 2025)

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Directors' Report (continued)

For the Year Ended 31 December 2024

Auditors

Hurst Accountants Limited were appointed as auditors during the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

N J Wood

Senior Executive Director

Date: 18 September 2025

Page 2

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of RFL Investments 2020 Limited

Opinion

We have audited the financial statements of RFL Investments 2020 Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet and the related notes, including a summary of 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:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its result for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 directors' 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 Company'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 directors with respect to going concern are described in the relevant sections of this report.

Page 3

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of RFL Investments 2020 Limited (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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 course of 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.

Opinion on other matters prescribed by the Companies Act 2006

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

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' 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:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Page 4

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of RFL Investments 2020 Limited (continued)

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors 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 directors 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 directors are responsible for assessing the 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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.

∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.

∙Supporting documentation relating to the Company's policies and procedures for:

°Identifying, evaluating, and complying with laws and regulations

°Detecting and responding to the risks of fraud

∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.

Page 5

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of RFL Investments 2020 Limited (continued)

Audit response to risks identified
Our procedures to respond to the risks identified included the following:

∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.

∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.

∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.

∙Enquiring of management about any actual and potential litigation and claims.

∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.

We have also considered the risk of fraud through management override of controls by:

∙Testing the appropriateness of journal entries and other adjustments.

∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Auditors' Report.

Use of our report

This report is made solely to the 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 Company's members those matters we are required to state to them in an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

John Glover (Senior Statutory Auditor)

for and on behalf of

Hurst Accountants Limited

Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Railway Road

Stockport

SK1 3GG

18 September 2025

Page 6

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Statement of Comprehensive Income

For the Year Ended 31 December 2024

	2024	2023
Note	£	£

Turnover		-	-
Administrative expenses		(19,106)	(6,272)
Operating deficit		(19,106)	(6,272)
Interest receivable and similar income	4	411,820	390,117
Interest payable and similar expenses	5	(392,714)	(383,574)
Surplus/(deficit) before tax		-	271
Tax on surplus/(deficit)		-	(32)
Surplus/(deficit) for the financial year		-	239

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 9 to 12 form part of these financial statements.

Page 7

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Registered number: 12587345

Balance Sheet

As at 31 December 2024

		2024		2023
Note		£		£

Current assets
Debtors	6	19,794,497		22,285,223
Cash at bank and in hand	7	757,952		1,496,768
		20,552,449		23,781,991
Creditors: amounts falling due within one year	8	(3,060,568)		(4,630,579)
Net current assets			17,491,881		19,151,412
Total assets less current liabilities			17,491,881		19,151,412
Creditors: amounts falling due after more than one year	9		(17,491,642)		(19,151,173)
Net assets			239		239

Capital and reserves
Profit and loss account	239	239

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

N J Wood

Senior Executive Director

Date: 18 September 2025

The notes on pages 9 to 12 form part of these financial statements.

Page 8

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Year Ended 31 December 2024

1.	General information

RFL Investments 2020 Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is RFL Investments 2020, Gate 13, Rowsley Street, Etihad Campus, Manchester, M11 3FF.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

In arriving at their Going Concern assumptions, the Directors have prepared and considered detailed trading forecasts and cashflow projections for at least 12 months from the date of approval of these financial statements. All applications to the Department for Culture, Media and Sport Loan programme have been subject to the scrutiny and approval of the RFL Fund Management Team and the Loan Committee which consists of representatives of the Department for Culture, Media and Sport, Sport England and the RFL Board.
Furthermore, any events of defaults are unlikely to impact in the next 12 months due to the ability of the parent company, RFL (Governing Body) Limited, to withhold distribution payments from defaulting clubs in order to repay the loans to the Department for Culture, Media and Sport. A letter of support has been obtained from RFL (Governing Body) Limited to this effect. Based on the above, the Directors believe that it is appropriate to prepare these financial statements on a going concern basis.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 9

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Year Ended 31 December 2024

2.Accounting policies (continued)

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

4.	Interest receivable
		2024	2023
		£	£

Interest receivable from group companies	392,714	383,574
Interest on bank deposits	19,106	6,543
	411,820	390,117

5.	Interest payable and similar expenses
		2024	2023
		£	£

Other loan interest payable

392,714

383,574

Page 10

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Year Ended 31 December 2024

Debtors

					2024	2023
					£	£

Due after more than one year
Amounts owed by group companies	4,357,706	4,274,971
Other debtors	33,453	466,620
Concessionary loans to clubs and members	13,034,824	14,377,392
	17,425,983	19,118,983
Due within one year
Other debtors	401,067	368,166
Concessionary loans to clubs and members	1,967,447	2,798,074
	19,794,497	22,285,223

7.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	757,952	1,496,768

8.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	-	660
Amounts owed to group undertakings	16,546	-
Corporation tax	21	32
Other creditors	3,035,701	4,629,887
Accruals and deferred income	8,300	-
	3,060,568	4,630,579

Page 11

RFL Investments 2020 Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements

For the Year Ended 31 December 2024

9.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

	Other creditors	17,491,642	19,151,173

Other Creditors above represent loan funding provided by the Department for Culture, Media and Sport. These liabilities are ultimately repayable by eligible entities who applied for the Department for Culture, Media and Sport Winter Survival Package. During 2021 the loan facility was extended (Stage 3) and repayments amended. If loans were extended the original loan (Stage 2) was repaid.
Stage 2 loans are repayable by February 2026 and attract interest of 0.2% per annum. Stage 3 loans are repayable by April 2041 and attract interest at 2.0% per annum. All loans are secured by a fixed and floating charge across the assets of RFL Investments 2020 Limited.


10.	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

11.	Controlling party

The company is a subsidiary undertaking of RFL (Governing Body) Limited due to the company's board of directors comprising of directors from the board of RFL (Governing Body) Limited, and hence making it under its control.
RFL (Governing Body) Limited is a private company registered in England and Wales, registered number 05835638. RFL (Governing Body) Limited is the smallest and largest group into which these financial statements are consolidated. The consolidated accounts are available from Rugby Football League, Gate 13, Rowsley Street, Etihad Campus, Manchester, England, M11 3FF.

Page 12