Charlty registration number 1102765 THE BARBARIANS RUGBY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE BARBARIANS RUGBY CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Sir William B. Beaumont G.B.E. T. G. R. Davies C.B.E. A. G. Haslings C.B.E. J. S. Spencer P. A. Orr Admlnlstrator W. J. K. Brown C.A. Charity number 1102765 Auditor Beavis Morgan Audf( Limited 82 St John Street London EC1M4JN Bankers Virgin Money 1 Weslgale Shipley BD18 3SD
THE BARBARIANS RUGBY CHARITABLE TRUST CONTENTS Page Trustees, report Independent audilorfs report Statement of financial activities Balance sheet Slalemenl of cash flows Notes lo the financial slalemenls 10-14
THE BARBARIANS RUGBY CHARITABLE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present thr annual report and financial $18lements for the year ended 31 December 2023. The financial slalemenls have been prepared in accordance with the accounting policies sel out in note 1 to the financial slalemenls and comply with the Charity's Trust Deed, the Charities Act 2011 and A¢¢ounting and Reporting by Charities.. Slalemènl of Recommendecl Practice applicable lo chaiilies preparing their accounts in accordance with the Financial Reporting Standard applicaljle in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191 Oblectlves The Charity's object5 are-. For such charitable purposes as the Trustees in their absolLJle discretion from lime lo lime think fil and in particular Ibul wilhoul prejudice lo the generality of the foregoing) for the organisalion. or provision of assislan¢e in the organisalion. or provision of facilities in any part of the world which will enable persons lo play. administer and further the game of rugby union loolball, who by reason of their social or economic circumstances have need of such assistance. Background and governance The Barbarians Rugby Charitable Trust was registered as a charity on 22nd March 2004. The governing document is the Trust Deed dated 4th February 2004. Truste&s The Trustees who served during the year and up lo the dale of signature of the financial statements were.. Sir William B. Beaumont G.B.E. T. G. R. Davies C.B.E. A. G. Haslings C.B.E. J. S. Spencer P. A. Orr Organlsatlon There musl be al least three Trustees. The Trustees regularly review the finances and administration of the Charity. Each Trustee is appointed for a term of five years. The power to appoint Trustees of a suitable persona is held by the Trustees. The day lo day management of the Charity is the responsibility of W.J.K. Brown. Revlew of the development. actlvltl&s and achlevements During the year the Trustees were pleased to be able lo approve donations tolalling £90,955 in pursuit of Ihelr objectives. The Trustees plan lo make further donations in 2024. Review of the activilies undertaken by the Charlty to further its charitable purposes for the public beneflt The Trustees have applied the Charity's funds in ways which, in their opinion. meet their obligations lo help develop the game of rugby union football al home and overseas. The Trustees believe that they have complied wth the duty in section 17 of the Charities Act 2011 to have due regard lo public benefit guidance published by the Charity Commlsslon.
THE BARBARIANS RUGBY CHARITABLE TRUST TRUSTEES, REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Revlew of the transactions and financlal posltion The movement of the Charity's financial resources for the year is shown in the Stslemenl ol Financial Aclivilie5 on page 7. The highlights are.. investment income of £93,495., the investment portfolio increased by £204,534 during the year due lo Increasing stability in financial markets and the global econorny". lolal donations payable of £90,955., a general fund of £3,872,675 carried forward lo 2024 Rlsks During the year the Trustees have reviewed the general environment in which the Charity operates lo identify any serious potential risks, and make arrangements to avoid such risks or mitigate theii impact. No key risks were identified. Reserves poll¢y 11 is the policy of the Charity normally lo distribute subslanlially all investment income recVed or receivable during the year. Investment policy During 2004 the Trustees received a donation from the Barbarian Football Club Ltd of cash and marketable securities." the laller was a combination of gill-edged 5ecuriliès and investment trusts which produce a reasonable income with the prospect of capital growth frorn the underlying holdings of sound investments In the UK and overseas. 11 is the Trustees. intention lo continue lo make donations from the income, rather than the capital, of the Trust. The Trusle&s hope that by careful selection of inveslmenls, and through occasional further donations from the Barbarian Football Club Ltd and elsewhere, they wll be able to sel aside a fund which has the ability lo produce sufficient income lo enable them lo make a major contribution lo fostering the game of rugby union football in all areas of the world. Grant making policy Grants are made as the Trustees in their absolute discretion from time lo lime think fil and in particular in line wth the Charity's objects. Related parties Trustee J. S. Spencer is a member of the Committee of Barbarian Football Club Ltd l.the Club'l. and the Trust's Honorary Adminislralor is the Honorary Treasurer of the Club. No other link exists with the Club.
THE BARBARIANS RUGBY CHARITABLE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of Trust•ès' respon5ibilltles The Truslèas are responsible for preparing Ihe Truslees, Report and the financial slalements in accordance wilh applicable law and United Klngdom Accounting Sland8rds (Uniled Kingdom GeneTally Accepled Accountsng Practice). The law applicable lo charilies in England and Wales requires the Trustees lo prepare financial slalemenls for èach financial y88r whlch give a Irue and falr view of the slate of affairs of the Charity and of the incoming resources and application of resources of the Ch8rity for Ihat year. In preparing these financlal statements, tho Trustees are required lo.. select suitable aceounting policies and then apply Ihem ¢on81518nlly', obseNe the methods and princbples in the Charities SORP., make judgements and esllm8les Ihat are reasonabl& and pwdenl.. slate whether applicable accounting standard3 have been followed. subjecl to any m31gTlal departures disdosed and exp181ned in Ihe financial stalements., and PTepaTe the financial slalemenls on the going concem basls unless il is inappropriate lo presume that the charily will conlinue in oparation. The Trustees 8re responsible for keeping suificienl 8¢counting records that disclose with reasonable accuT8Cy 8t any time the finanaal position of Ihe Charity and enable them lo ensure that the financlal slalemenls cornply with Ihe Charities Act 2011, the Charlty {Ac¢ounls and Reporlsl Regulations 2008 and the provisions of the trust deed. They are also responsible foT safeguarding the assets of the Charity and hence for I8n9 reasonable steps for the prevention and detection ol fraud and other irregvlarities. ststement of disclosurè to auditor So far a5 the Tru$tees are awa¥e'. there is no raIant audit information of whlch the Charity's auditors are unaware.. and b) they have tsken all the steps th81 Ihey ought to have taken as Trustees in order to make themselves aware of any relevant audlt Informalion and lo eslablish Ihal the Charitls audiloTS are aware of that inforrnalion. The Trusteès, report was approved by the BoaTd of Truslees. J. S. Spencer Trustse Oale..
THE BARBARIANS RUGBY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE BARBARIANS RUGBY CHARITABLE TRUST Opinion We have audited th8 financial slalemenls of The Barbarians Rugby Charitable Trust (the 'Charily'l for the year ended 31 December 2023 whiGh comprise the statement of financial activities, the balan sheet, the slalemenl of cash flows and notes lo the financial slalernenls, including signifi¢anl a¢counling policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Slancsards, including Financial Reptsrting Standard 102 The Financial Reporting Standard applicabl& in the UK and Republic ol Ireland Iuniled Kingdom Generally Accepted Accounting Pra¢ti¢el. In our opinion, the financial slatemenls.. give a Iiue and fair view of the slate of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources. for the year then ended". have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi., and have been pr&pared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UKI IISAS IUKII and applicable law. Our responsibilities undei those standards are further des¢rib&d in the AudiloPs responsibililies for the audit ol the financial slalgfj]enls section of our report. We are indep&ndenl of the Charity in accordance with the ethical requirements that are relevant lo our audit of the finan¢i81 statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in a¢cordan¢e with these requirements. Vve believe that the audit evld&nce we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concem In auditing the financial slatemenls. we have conclud&d that th& Trusloes, use of the going concern basis ol accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubl on the Charity's ability lo continue as a going cOnM for a periLid of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities an(S the responsibilities ol the Trustees with respect lo going concern are described in the relevant sections of this report. Other Informatlon The other information comprises the information included in the annual report other than the financial slalements and our auditorfs report Ihereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance Conclusion Ihereon. Our responsibility is lo read the other information and. in doing so, consid8r whether the olher information is materially inconsislenl with the financial statements or our knowledge obtained in the course of the aLJdil, or otherwise appears lo be rnalerially misslaled. If we Identify such malerral inconsistencies or apparent material misstalemenls, we are required lo determine whether this gives rise lo a material misslalemenl in the financial slalemenls themselves. If, based on the work we have performed. we conclude that there is a material misstalemenl of this other information, we are required to report that fa¢l. We have nothing lo report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters in rdalion to which the Charities (Accounts and Reports) Regulations 2008 require us lo report lo you if, in our opinion.. the informalKJn given in the financial statements is inconsislenl in any material respect wlh the Trustees, report., or sufficient accounting records have not been kept., or the financial slalemenls are not in agreernenl with the accounting records., or we have not received all the information and explanations we require for our audit.
THE BARBARIANS RUGBY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BARBARIANS RUGBY CHARITABLE TRUST Responsibllities of Trustees As explained more fully in the slalerrenl of Trustees, responsibilities, the Trustees are responsible for Ihg preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Truslees determine is necessary to enable the preparation of financial slaternen15 that are free from rnalerial misslalemenl, whether due lo fraud or error. In preparing the financial slalemenls, the Trustees are responsible for assessing the Charity's ability lo continue as a going concern, disclosing, as applicable. mallers related lo going concern and using Ihe going concern basis of accounting unless the Trustees either intend lo cease operations, or have no realistic allernalive bul lo do so. Audltor's r8sponsibilities for the audit of the flnan¢lal statements We have been appointed as auditor under section 144 of the Charitie5 Act 2011 and report in accordance with th& Acl and relevant regulations made or having effect Ihereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misslalemenl. whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuiance but is not a guarantee Ihal an audit conducted in a¢cordance with ISAS IUKI will always dele¢l a material misslalemenl when il exists Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they Could reasonably be expected lo influence the economic decisions of users taken on the basis of these Iinan¢ial slalements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including fraud. is delalled below.. The extent lo which our PTocedures are capable of delecling irregularities. Including fraud, is detailed below. Capablllty of the audlt In detectlng irregularities, including fraud Based on our understanding of the Charity, we identified that the principal risks of non-compliance with laws and regulations related lo charities lègislation, and we considered the extent to which non-compliance might have material effect on the financial slalefnenls. Wtr also ¢onsidered those laws and regulations that have a direct impact on the preparation of the financial slalemenls. such as Ihe Charities (Accounts and Reports) Regulations 2008.we evalualed the Iruslees, incentives and opportunities for fraudulent manipulation of the fin8n¢ial statements. OUT focus was on lesling that sales and purchases of investments were properly aulhorised and prices achieved were supported by third party evidence. and that grants made by the Charity were properly aulhorizod by the trustees. There are inherent lirnilalions in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial slalemenls, the less likely it is that we would become aware of it. Also, the rlsk of not delecling a material misstalemenl 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 misrepresenlalions, or through collusion A further description of our responsibilities is available on the Financial Reporting Council's webslte at.. htlps'.11 www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Use ofour report This report is made solely to the charity's Iruslees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo the charity's Iruslees those mallers we are required lo slate lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibilily lo anyone other than the charity and the charity's trustees as a body, for our aLKlil work, for this report, or for the opinions we have formed.
THE BARBARIANS RUGBY CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE BARBARIANS RUGBY CHARITABLE TRUST Matthew Burge {Senlor Statutory Audltorl for and on behalf of Beavis Morgan Audlt Llmlted Chartered Accountants Statutory Audltor 82 Sl John Street London EC1M 4JN Beavis Morgan Audit Limited is eligible for appointment as auditor of the Charity by virtue of ils eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
THE BARBARIANS RUGBY CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Unrestrlcted funds 2022 Notes Income from.. Donations and legacies Investments 150 81,914 93,495 Total Income 93,495 82,064 Expenditure on- Governance costs Charitable activities 33,610 90.955 33,204 18,760 Total expendlture 124,565 51,964 Nel gainslllossesl on investments 208,936 1602,2521 Net Incomel{expendlturel and movement In funds 177,866 1572,1521 Reconclliation of funds: Fund balan$ al 1 January 2023 3,694.809 4,266,981 Fund balances at 31 De¢ember 2023 3,872.675 3.694,809 The statement of financial activities includes all gains and losses recognised in the year. All incorne and expenditure derive from continuing activities.
THE BARBARIANS RUGBY CHARITABLE TRUST BALANCE SHEET AS AT31 DECEMBER 2023 2023 2022 Notes Flxed as¥•ts Investments 3.640,422 3,435,888 Current assets Cash al bank and in h8nd 248,253 271,921 Credltoys: amounts falling due withln on• year (18,0001 113,000} Not current assets 232,253 258,921 Total assets 1•98 CUTr•nt Ilabllitlo8 3,872,676 3,894,809 Neta55ets 3,872,675 3.694.809 Thgfunds ofthe Charity Unrestricted funds 3,872.675 3,694.809 3,872,675 3,094,809 The financS81 stalemtrnts were approved by Ihe Trustees on.... J. S. Spencer Trustee
THE BARBARIANS RUGBY CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash absorbed by opeialions 12 1121.565) 151,8141 Investlng a¢tlvltl&s Purchase of investments Proceeds from disposal of investments Investment income received 1514,8711 519.273 93.495 1730,3131 778,264 81,914 Net Gash generatsd from investing activitles 97.897 129,865 Net cash used In flnanclng actlvltles Net Idecrea$&lllncrease in cash and cash equivalents 123.668} 78,051 Cash and cash equivalents at beginning of year 271,921 193,870 Cash and cash equlvalents at end of year 248.253 271,921
THE BARBARIANS RUGBY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles 1.1 Accounting convention The financial slalemenls have been prepared in accordance with the Charily's Trust Deed, the Charities Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. l°FRS 102.1 and the Chaiilies SORP Accounting and Reporting by Charities." Slalemenl of Recomrnended Practlce applicable lo charllies preparing their accounts in accordance th the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" {effeclive 1 January 20191. The Charity is a Public Benefit Enlily as defined by FRS 102. The finan¢ial statements are prepared in 51erling, whi¢h is the functional currency of the Charity. Monetary amtsunls in these financial statements are rounded lo the nearest £. The financial slalemenls have bèen prepared under the historical cost wnvenlion, modified lo include listed investments al fair value. The principal accounting policies adopted are sel out below. 1.2 Golng concern Al the time of approving the financial slalemenls, the Trustees have a rea50nabl& expectation Ihal the Charity has adequate resources lo conlinue in operalional existence for the foreseeable lulure. Thus the Tnjslees continue lo adopt the going concern basis of a¢counting in preparing the financial slalements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charltable objectives. 1.4 Income Income is re¢ognised in the year in which the Charity is entitled lo receipt. Dividend and Interest income from investments is recognised when the relevant security is quoted ex-dividend. 1.5 Expendlture Resources expended are recognised in the year in which they are incurred. Resources expended include atlribuiable VAT that cannot be recovered. Govemance costs comprise costs for running the Charity itself as an organisalion. Grants payable are recognised when the recipient is notified of the award. Donations of services by volunteers are not recognised as income or expendiluie where reliable measurement of those setvices is not practicable. 1.6 Flxed asset investments Investments in non-pullable ordinary shares that are publicly traded are measured al fair value, with gains and losses Tecognised in the Statement of Financial Activities. Investments In bond inslrumonls that are publicly traded are measured at fair value, with gains and losses recognised In the Slalemenl of Financial Aclivilies. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held al call with banks. other short-lerm liquid inveslmonls wlh original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. BasiTC financial assets Basic financial assets, which include cash and bank balaes, are initially measured at transaction pri¢e including Iransaclion costs and are subsequently carried at amortised cost using the effe¢live interest method unless the arrangement conslilules a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a market rate of interest. Financial as5els Classified as reIvable wilhin one year are not amortised. 10-
THE BARBARIANS RUGBY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollclgs (Continued) Baslc flnanclal liabilities Basic financial liabilities, which include accruals, are initially recognised al transaction price unless the arrangement ¢onslilule5 a financing Iransaclion, where the debt instrument is measLJred al the present value of the future payments discounted al a market rale of interest. Financial liabilities classffied as payable within one year are not amortised. Debt instruments are subsequently carried al amortised c051. using the effective interest rale method. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course ol operations from suppliers. Amounts payable are classified as current liabilib'es if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade Creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effeclivfy interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.8 Forelgn exchange Transactions in foreign currencies are translated al rates prevailing al the date of the transaction. Balances denominated in foreign currencies are translated al the rale of exchange prevailing al the year end. Al dlfferences are taken lo the Statement of Financial A¢livilies. Incom• from Investments Unrestrlcted Unrestrlcted funds funds 2023 2022 Dividends and interest received from Inveslfnents Interest on cash deposits 93,294 201 81,853 61 93,495 81.914 Governance costs 2023 2022 Governance costs comprlse: Investment managomenl fe8S Audit fee Insurance Gain on foreign exchange Bank charges 26.572 6.360 641 29,437 3,150 819 119) 17 37 33,610 33,204 No Trustees ceiVed any remuneration during the year, and no expenses were in¢urred by Trustees c behalf of the Charity and subsequently reimbursed. 11
THE BARBARIANS RUGBY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Direct charitable expenditure Unrestrlcted Unrestrlcted funds funds 2023 2022 Grants lo inslilulions.. Bill M¢Laren Foundation Princess Charlene of Monaco Foundation The Matt Hampson Foundation Meningitis Help Charitable Trust The Masi¢orp Charity The George Morgan Young Player Trust Brave Mind Bhubesi Pride Foundation Gloucester Rugby Foundation School of Hard Knocks Goa Rugby Union Sir Garelh Edwards Cancer Charity 10,000 8.760 10,000 10,000 10,000 12,000 10,000 10,000 2,000 12,000 4,955 10.000 90.955 18,760 Galns and losses on Investments Unrestrictèd Unrestricted funds funds 2023 2022 Gainsloossesl arising on.. Revaluation of investments Sale of investments 227,254 118,3181 1517,2541 184,9981 208,936 1602,2521 12-
THE BARBARIANS RUGBY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Fixed asset investments Listed investments Cost or valuatlon Al 1 January 2023 Additions Valuation Changas Loss on disposal Disposals proceeds 3,435,888 514,871 227,254 (18,3181 (519,2731 Al 31 December 2023 3,640,422 Carrylng amount At 31 December 2023 3,640.422 At 31 December 2022 3.435.888 All Investments held are listed UK and overseas securities or publlcly traded debt inslrumenls. CredltOTS: amounts falling due withln one year 2023 2022 Accruals 16.000 13,ClOO Employees The average monthly number of employees during the y8ar was.. 2023 Number 2022 Number Total There were no employees whose annual remuneration was more than £60.000. Taxatlon The charity is exempl from taxation on ils activities because all its income is applied for charitable purposes. 13-
THE BARBARIANS RUGBY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Unrestricted funds The unreslricled funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific ndItIonS by donors and grantors as to how they May be used. These include designated funds which have been sel aside out of unrestricted funds by the Iruslees for specific purposes. At 1 January 2023 In¢omlng Rèsources resources expended Galns and losses At31 December 2023 General funds 3,694.809 93,495 1124,5651 208,936 3,872,675 Prevlous year: At 1 January 2022 Incomlng resources Resources expended Galns and losses At31 December 2022 General funds 4,266,961 82,064 151,9641 1602,2521 3,694,809 11 Related party transactions There were no disclosable related party transactions during the year12022- none). 12 Cash generated from operatlons 2023 2022 Surpluslldeficill for the year 177,886 {572,1521 Adjustments for.. Investment income recognised in slalemenl of financial activities Loss on disposal of investments Fair value gains and losses on investments 193,4951 18,318 {227,2541 {81,9141 84,998 517,254 Movements in working capital.. Increase in creditors 3,000 Cash absorbed by operatlons 1121,5651 {51,8141 13 Analysls of changes In net funds The Charity had no material debt during the year. 14 Control There is no ultimate conlfolling party of the Charlly. 14-