# 

## 



## 



## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 



## 

||||General||
|---|---|---|---|---|
||Notes||Funds||
|||2020||2019|
|||f,||f,|
|INCOME AND EXPENDITURE|||||
|Income:|||||
|Donationsandgifts|2|||621|
|lncomefrominvestments|3|16,46A||76.553|
|Totalincome||76,460||77,174|
|Expenditure:|||||
|Expenditureoncharitable activities|4|37,000||60,000|
|Governancecosts|5|14,590||11,259|
|Totalexpenditure||51,590||71,259|
|Net incomebefore gains oninvestments||24,870||5,915|
|(Loss)/gainon disposalof investments|6|(92,684)||46,381|
|Gain on reyaluation of inyestments|6|346^293||428,807|
|Netmovementinfunds||278,479||48r.r0i|
|Totalfundsbroughtforward||3,475,904||2,994,701|
|Totalfundscarriedforward||f3,754,283||L3,475,904|





## 

||Notes|2020|2At9|
|---|---|---|---|
|||t|g|
|Fkedassets||||
|lnvesfrnents|6|3.568,954|3,314,137|
|Currentassets||||
|Cash atbankandiahand||198,329|193,607|
|Creditorsduewithinoneyear|7|(13,000)|(31,940)|
|Netcurrentassets||185,329|161,667|
|Totalassets lesscurrent liabilities||f,3,754,283|,3,475,9M|
|Incomefunds||||
|Unrestrictedftnds:||||
|Generalfirnds|I|3,754,283|3,475,&44|
|||f,3,754,283|f.3,475,8M|





||202A|2A19|
|---|---|---|
||f,|g|
|Cashflowfromoperations|||
|Receipts|||
|Donations received||621|
|Totalreceipts||621|
|Payments|||
|Expenditureonchmitable activities|56,000|31,000|
|Governance costs|14,530|11,001|
|Interestpaid||18|
|Totalpayments|70,530|42,019|
|Netcashoutflow fromoperations|(70.s30)|(41,398)|
|Investing activities|||
|Dividends received|76,424|76,494|
|Interestreceivedon cash deposits|36|59|
|Purchaseofinvestments|(489,29A)|(451,078)|
|Proceedsfromdisposalofinvestments|488,082|467,915|
|Net cashflowfrominyesting activities|75?51|93,390|
|Increaseincashforyear||51,992|
|Cashbroughtforward|193,601|1,11.615|
|Cashcarriedforward|f.l98,329|{.193,607|





## 

## 

## 

## 

## 

## 

## 

## 



|2.|Donations and gifts|2020|2019|
|---|---|---|---|
||Voluntaryincome|f|f,|
||Otherdonationsreceiyed||621|
|||f_|f.621|
|3.|Incomefrominvestments|2420|2AL9|
|||g|,c|
||Dividendsand interestreceivabletiominvestments|16.424|76,494|
||Interestoncashdeposits|36|59|
|||f.76,46A|f.16.553|
|4,|Direct charitableexpenditure|2t2A|2019|
|||g|f,|
||Grantspayatrletoinstitutions in|||
||furtheranceof theCharity'sotrjectives|||
||FriendsolRwandan Rugby|10,000||
||LesothoRLrgbyAcademy|7,AAA||
||TheMattRatanaRugby' Foundation|10,000||
||Max BritoRr-rgtrirCentre|10,000||
||ThelnvictusCarnes Foundation||10,000|
||Insti{utoRLrgby ParaTodos||10,000|
||InternationalMixedAbilitySporls||5,000|
||Chalienge;\id||10,000|
||WalesDeafRLrgby||5,000|
||Players' FundofSouthAfrica||10,000|
||Murrayfi eldlnjuredPlayersFoundation||10,000|
|||f37,000|f60,000|





|5.|Governancecosts|202A|2019|
|---|---|---|---|
|||g|t|
||Investmentmanagementcharges|12,079|8,315|
||Auditfee|3,000|3,060|
||(Gains)/lossesonforeignexchangerates|(681)|(1s2)|
||Interestpaid||18|
||Bankcharges|192|18|
|||14,590|1i ?iq|



|6.|Investments|f,|
|---|---|---|
||MarketValueatl"January, 2020|3,314,131|
||Additionsat cost|489,290|
||Disposalproceeds|(488,082)|
||Loss on disposal|(92,684)|
||Gainonrevaluation|346,293|
||Market valueat3 I "tDecember,2020|f.3,568,954|
||Cost at31"tDecember,2A2A|f1,863,031|



|he market valueofinvestmentsinindividualentiti<br>ver5o4ofportfolio byvalueare:|es heldat31't Decemb|er, 2020which|
|---|---|---|
||202t<br>gf|2019|
|AllianceTrust Plc|358,598|334,320|
|ArtemisStrategicGlobalSelectJInc|194,112||
|BankersInvestment TrustPlc|303,600|273,350|
|Foreign&Colonial Investment Trust Plc|264,744|252,833|
|ScottishAmerican Investment Company Plc|212,29A|194,895|
|Scottish Mortgage Investment Trust Plc|517,164|246,654|





|7|Creditorsduewithinoneyear|2020||2At9|
|---|---|---|---|---|
|||f,||g|
||Accruals|I13,000||f,31,940|
|8.|Statementof funds||||
|||General|Funds||
||Unrestrictedfunds|2024||2019|
|||f||f|
||Atl"t January,202A|3,475,804||2,994,701|
||Net movementinfunds|218,479||481,103|
||At31't December,2020|f3,754,283|f|3,475,804|
||Representedby:|2420||2019|
|||*.||f,|
||Investments|3,568,954||3,314,137|
||Net currentassets|185,329||161,667|
|||f.3,754,283|f,3,475,804||