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|Pages|1 —3|Trustees'<br>Annual Repott|Trustees'<br>Annual Repott|
|---|---|---|---|
||4-6|Independent<br>Auditors'|Report|
|||Statement ofFinancial|Activities|
|||Balance Sheet||
|||Statement ofCash Flows||
||10 —13|Notes to the Accounts||





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|||||General||
|---|---|---|---|---|---|
|||Notes||Funds||
||||2021||2020|
|INCOME AND EXPENDITURE||||||
|Income from investments|||80,850||76,460|
|Total income|||80,850||76,460|
|Expenditure:||||||
|Expenditure<br>on charitable|activities||30,000||37,000|
|Governance<br>costs|||38,046||14,590|
|Total expenditure|||68,046||51,590|
|Net income before gains|on investments||12,804||24,870|
|Gain / (loss) on disposal|ofinvestments||21,395||(92,684)|
|Gain on revaluation<br>ofinvestments|||478,479||346,293|
|Net movement<br>in funds|||512,678||278,479|
|Total funds brought forward|||3,754,283||3,475,804|
|Total funds carried forward|||K4,266,961||K3,754,283|





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|||Notes|2021|2020|
|---|---|---|---|---|
|Fixed assets|||||
|Investments|||4,054,852|3,568,954|
|Current assets|||||
|Cash at bank|and in hand||225,109|198,329|
|Creditors due within one year|||(13,000)|(13,000)|
|Net current|assets||212,109|185,329|
|Total assets|less current liabilities||X4,266,961|K3,754,283|
|Income funds|||||
|Unrestricted|funds:||||
|General funds|||4,266,961|3,754,283|
||||K4,266,961|X3,754,283|





|||2021|2020|
|---|---|---|---|
|Cashflow from operations||||
|Payments||||
|Expenditure<br>on charitable<br>activities<br>Governance<br>costs<br>Interest paid||30,000<br>38,046|56,000<br>14,530|
|Total payments||68,046|70,530|
|Net cash outflow from operations||(68,046)|(70,530)|
|Investing<br>activities||||
|Dividends<br>received<br>Interest received on cash deposits<br>Purchase ofinvestments<br>Proceeds fiom disposal ofinvestments||80,827<br>23<br>(362,965)<br>376,941|76,424<br>36<br>(489,290)<br>488,082|
|Net cashflow from investing|activities|94,826|75,252|
|Increase in cash for year||26,780|4,722|
|Cash brought forward||198,329|193,607|
|Cash carried forward||f225,109|KI98,329|





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|2.|Income from investments||2021|2020|
|---|---|---|---|---|
||Dividends<br>and interest receivable from investments||80,827|76,424|
||Interest on cash deposits||23|36|
||||K80,850|K76,460|
|3.|Direct charitable<br>expenditure||2021|2020|
||Grants payable to institutions|in|||
||furtherance<br>ofthe Charity's|objectives|||
||The Cool Play Trust||10,000||
||Charlotte<br>Cardinals<br>Rugby Club||10,000||
||Vision Sports Ireland||10,000||
||Friends ofRwandan<br>Rugby|||10,000|
||Lesotho Rugby Academy|||7,000|
||The Matt Ratana Rugby Foundation|||10,000|
||Max Brito Rugby Centre|||10,000|
||||S30,000|K37,000|
|4.|Governance<br>costs||2021|2020|
||Investment<br>management<br>charges||30,775|12,079|
||Audit fee||3,000|3,000|
||Insurance||614||
||Losses /(gains) on foreign exchange rates<br>Bank charges||3,521<br>136|(681)<br>192|
||||38,046|14,590|





|Investments||
|---|---|
|Market Value at 1"January, 2021|3,568,954|
|Additions<br>at cost|362,965|
|Disposal proceeds|(376,941)|
|Gain on disposal|21,395|
|Gain on revaluation|478,479|
|Market value at31"December, 2021|K4,054,852|
|Cost at31"December, 2021|f.2,113,402|



|over 5%ofportfolio|by value a|re|:|||,|
|---|---|---|---|---|---|---|
||||||2021|2020|
|Alliance Trust Plc|||||410,736|358,598|
|Artemis Strategic Global Select|||JInc||230,094|194,112|
|Bankers Investment|Trust Plc||||338,250|303,600|
|Foreign 4,Colonial|Investment||Trust Plc||306,043|260,104|
|Scottish American|Investment|Company||Plc|247,508|212,280|
|Scottish Mortgage|Investment|Trust Plc|||307,625|517,164|
|Creditors due within one year|||||2021|2020|
|Accruals|||||f.13,000|f, 13,000|





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|||General|Funds||
|---|---|---|---|---|
|Unrestricted|funds|2021||2020|
|At 1"January,|2021|3,754,283||3,475,804|
|Net movement|in funds|512,678||278,479|
|At 31"December, 2021||S4,266,961|K|3,754,283|
|Represented|by:|2021||2020|
|Investments||4,054.852||3,568,954|
|Net current assets||212,109||185,329|
|||f.4,266,961|K|3,754,283|



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