2024-12-31-accounts

Charity registration number 1102765

THE BARBARIANS RUGBY CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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. Hastings O.B.E.
	J. S. Spencer
	P. A. Orr
Administrator	S.P. Slade C.A.
Charity number	1102765
Auditor	Beavis Morgan Audit Limited
	82 St John Street
	London
	EC1M 4JN
Bankers	Virgin Money
	1 Westgate
	Shipley
	BD18 3SD

THE BARBARIANS RUGBY CHARITABLE TRUST

CONTENTS

	Page
Trustees' report	1 - 3
Independent auditor's report	4 - 6
Statement of financial activities	7
Balance sheet	8
Statement of cash flows	9
Notes to the financial statements	10 - 14

THE BARBARIANS RUGBY CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

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

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Trust Deed, the Charities Act 2011 and "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 (FRS 102)" (effective 1 January 2019).

Objectives

The Charity’s objects are:

For such charitable purposes as the Trustees in their absolute discretion from time to time think fit and in particular (but without prejudice to the generality of the foregoing) for the organisation, or provision of assistance in the organisation, or provision of facilities in any part of the world which will enable persons to play, administer and further the game of rugby union football, 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.

Trustees

The Trustees who served during the year and up to the date of signature of the financial statements were: Sir William B. Beaumont G.B.E.

T. G. R. Davies C.B.E.

A. G. Hastings O.B.E.

J. S. Spencer

P. A. Orr

Organisation

There must be at 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 to day management of the Charity is the responsibility of S.P. Slade.

Review of the development, activities and achievements

During the year the Trustees were pleased to be able to approve donations totalling £44,030 (2023: £90,955) in pursuit of their objectives. The Trustees plan to make further donations in 2025.

Review of the activities undertaken by the Charity to further its charitable purposes for the public benefit

The Trustees have applied the Charity’s funds in ways which, in their opinion, meet their obligations to help develop the game of rugby union football at home and overseas.

The Trustees believe that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

• 1 -

THE BARBARIANS RUGBY CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Review of the transactions and financial position

The movement of the Charity’s financial resources for the year is shown in the Statement of Financial Activities on page 7. The highlights are:

• investment income of £92,555;

• the investment portfolio increased by £347,247 during the year due to continued growth in financial markets and the global economy during the reporting period;

• total donations payable of £44,030; and

• a general fund of £4,254,666 carried forward to 2025.

Risks

During the year the Trustees have reviewed the general environment in which the Charity operates to identify any serious potential risks, and make arrangements to avoid such risks or mitigate their impact. No key risks were identified.

Reserves policy

It is the policy of the Charity normally to distribute substantially all investment income received 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 latter was a combination of gilt-edged securities and investment trusts which produce a reasonable income with the prospect of capital growth from the underlying holdings of sound investments in the UK and overseas. It is the Trustees’ intention to continue to make donations from the income, rather than the capital, of the Trust.

The Trustees hope that by careful selection of investments, and through occasional further donations from the Barbarian Football Club Ltd and elsewhere, they will be able to set aside a fund which has the ability to produce sufficient income to enable them to make a major contribution to 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 to time think fit and in particular in line with the Charity’s objects.

Related parties

Trustee J. S. Spencer is a member of the Committee of Barbarian Football Club Ltd (“the Club”), and the Trust’s Honorary Administrator is the Honorary Treasurer of the Club. No other link exists with the Club.

• 2 -

THE BARBARIANS RUGBY CHARITABLE TRUST

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year.

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

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as the Trustees are aware:

• a) there is no relevant audit information of which the Charity’s auditors are unaware: and

• b) they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the Charity’s auditors are aware of that information.

The Trustees' report was approved by the Board of Trustees.

. .............................

J. S. Spencer Trustee

Date: 6 October 2025

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THE BARBARIANS RUGBY CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF THE BARBARIANS RUGBY CHARITABLE TRUST

Opinion

We have audited the financial statements of The Barbarians Rugby Charitable Trust (the ‘Charity’) for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows 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:

• give a true and fair view of the state of the charity’s affairs as at 31 December 2024 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 Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

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 Charity 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 Trustees' 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 Charity’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

• the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records; or

• we have not received all the information and explanations we require for our audit.

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THE BARBARIANS RUGBY CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE BARBARIANS RUGBY CHARITABLE TRUST

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees 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 Charity’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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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.

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:

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the Charity, we identified that the principal risks of non-compliance with laws and regulations related to charities legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements, such as the Charities (Accounts and Reports) Regulations 2008. We evaluated the trustees’ incentives and opportunities for fraudulent manipulation of the financial statements. Our focus was on testing that sales and purchases of investments were properly authorised and prices achieved were supported by third party evidence, and that grants made by the Charity were properly authorized by the trustees.

There are inherent limitations 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 statements, the less likely it is that we would become aware of it. 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 is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, 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 state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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THE BARBARIANS RUGBY CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF THE BARBARIANS RUGBY CHARITABLE TRUST

Jacob Scotland (Senior Statutory Auditor) for and on behalf of Beavis Morgan Audit Limited

......................... 23/10/2025

Chartered Accountants Statutory Auditor 82 St John Street London EC1M 4JN

Beavis Morgan Audit Limited is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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THE BARBARIANS RUGBY CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

		Unrestricted	Unrestricted
		funds	funds
		2024	2023
	Notes	£	£
Income from:
Investments	2	92,555	93,495
Total income		92,555	93,495
Expenditure on:
Governance costs	3	41,083	33,610
Charitable activities	4	44,030	90,955
Total expenditure		85,113	124,565
Net gains/(losses) on investments	5	374,549	208,936
Net income and movement in funds		381,991	177,866
Reconciliation of funds:
Fund balances at 1 January 2024		3,872,675	3,694,809
Fund balances at 31 December 2024		4,254,666	3,872,675

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 7 -

THE BARBARIANS RUGBY CHARITABLE TRUST

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024	2024	2023	2023
	Notes	£	£	£	£
Fixed assets
Investments	6		3,987,669		3,640,422
Current assets
Cash at bank and in hand		273,297		248,253
Creditors: amounts falling due within	7
one year		(6,300)		(16,000)
Net current assets			266,997		232,253
Total assets less current liabilities			4,254,666		3,872,675
Net assets			4,254,666		3,872,675
The funds of the Charity
Unrestricted funds			4,254,666		3,872,675
			4,254,666		3,872,675

The financial statements were approved by the Trustees on 6 October 2025.

. ............................. J. S. Spencer Trustee

• 8 -

THE BARBARIANS RUGBY CHARITABLE TRUST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

		2024		2023
	Notes	£	£	£	£
Cash flows from operating activities
Cash absorbed by operations	12		(94,813)		(121,565)
Investing activities
Purchase of investments		(1,034,372)		(514,871)
Proceeds from disposal of investments		1,061,674		519,273
Investment income received		92,555		93,495
Net cash generated from investing
activities			119,857		97,897
Net cash used in financing activities			-		-
Net increase/(decrease) in cash and cash
equivalents			25,044		(23,668)
Cash and cash equivalents at beginning of year			248,253		271,921
Cash and cash equivalents at end of year			273,297		248,253

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THE BARBARIANS RUGBY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

1 .1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Trust Deed, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include listed investments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1 .3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1 .4 Income

Income is recognised in the year in which the Charity is entitled to receipt. Dividend and interest income from investments is recognised when the relevant security is quoted ex-dividend.

1 .5 Expenditure

Resources expended are recognised in the year in which they are incurred. Resources expended include attributable VAT that cannot be recovered. Governance costs comprise costs for running the Charity itself as an organisation. Grants payable are recognised when the recipient is notified of the award. Donations of services by volunteers are not recognised as income or expenditure where reliable measurement of those services is not practicable.

1.6 Fixed asset investments

Investments in non-puttable ordinary shares that are publicly traded are measured at fair value, with gains and losses recognised in the Statement of Financial Activities.

Investments in bond instruments that are publicly traded are measured at fair value, with gains and losses recognised in the Statement of Financial Activities.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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THE BARBARIANS RUGBY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, which include accruals, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.8 Foreign exchange

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end. All differences are taken to the Statement of Financial Activities.

2 Income from investments

	Unrestricted Unrestricted	Unrestricted Unrestricted
	funds	funds
	2024	2023
	£	£
Dividends and interest received from investments	92,164	93,294
Interest on cash deposits	391	201
	92,555	93,495
Governance costs
	2 024	2023
Governance costs comprise:	£	£
Investment management fees	33,877	26,572
Audit fee	6,300	6,360
Insurance	668	641
Loss on foreign exchange	220	-
Bank charges	18	37
	41,083	33,610

3 Governance costs

No Trustees received any remuneration during the year, and no expenses were incurred by Trustees on behalf of the Charity and subsequently reimbursed.

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THE BARBARIANS RUGBY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

4 Direct charitable expenditure

Direct charitable expenditure
	Unrestricted Unrestricted	Unrestricted Unrestricted
	funds	funds
	2024	2023
	£	£
Grants to institutions:
The Matt Hampson Foundation	-	10,000
Meningitis Help Charitable Trust	-	10,000
The Masicorp Charity	9,680	10,000
The George Morgan Young Player Trust	-	12,000
Brave Mind	-	10,000
Bhubesi Pride Foundation	-	10,000
Gloucester Rugby Foundation	-	2,000
School of Hard Knocks	-	12,000
Goa Rugby Union	-	4,955
Sir Gareth Edwards Cancer Charity	10,000	10,000
World Deaf Rugby	14,350	-
Phil Bennett Foundation	10,000	-
	44,030	90,955

• 5 Gains and losses on investments

	Unrestricted Unrestricted	Unrestricted Unrestricted
	funds	funds
	2024	2023
Gains/(losses) arising on:	£	£
Revaluation of investments	309,881	227,254
Gain/(loss) on sale of investments	64,668	(18,318)
	374,549	208,936

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THE BARBARIANS RUGBY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Fixed asset investments

	Listed
	investments
	£
Cost or valuation
At 1 January 2024	3,640,422
Additions	1,035,655
Valuation changes	308,538
Gain on disposal	64,668
Disposals proceeds	(1,061,614)
At 31 December 2024	3,987,669
Carrying amount
At 31 December 2024	3,987,669
At 31 December 2023	3,640,422

All investments held are listed UK and overseas securities or publicly traded debt instruments.

7 Creditors: amounts falling due within one year

7	Creditors: amounts falling due within one year
		2 024	2023
		£	£
	Accruals	6,300	16,000
8	Employees
	The average monthly number of employees during the year was:
		2024	2023
		Number	Number
	Total	-	-

There were no employees whose annual remuneration was more than £60,000.

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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THE BARBARIANS RUGBY CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

10 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1 January	Incoming	Resources	Gains and	At 31
	2024	resources	expended	losses	December
					2024
	£	£	£	£	£
General funds	3,872,675	92,555	(85,113)	374,549	4,254,666
Previous year:	At 1 January	Incoming	Resources	Gains and	At 31
	2023	resources	expended	losses	December
					2023
	£	£	£	£	£
General funds	3,694,809	93,495	(124,565)	208,936	3,872,675

11 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

12 Cash generated from operations

Cash generated from operations
Cash generated from operations	2024	2023
	£	£
Surplus for the year	381,991	177,866
Adjustments for:
Investment income recognised in statement of financial activities	(92,555)	(93,495)
(Gain)/loss on disposal of investments	(64,668)	18,318
Fair value gains and losses on investments	(309,881)	(227,254)
Movements in working capital:
(Decrease)/increase in creditors	(9,700)	3,000
Cash absorbed by operations	(94,813)	(121,565)

1 3 Analysis of changes in net funds

The Charity had no material debt during the year.

1 4 Control

There is no ultimate controlling party of the Charity.

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