CHARTfY REGISTRATION NUMBER: 502079 WELSH RUGBY CHARITABLE TRUST FINANCIAL STATEMENTS 30 NOVEMBER 2023
WELSH RUGBY CHARITABLE TRusr FINANCIAL STATEMENTS Year ended 30 November 2023 PAGE Ttustees, annual repDrt Independent auditor's report to the memLers ststement of financlal actlvltSes Statement of flnanclal posltlon io statement of cash flows li Notes to the flnanclal statements 12
WELSH RUGBY CHARITABLE TRUST TRUSTEES. ANNUAL REPORT Year ended 30 November 2023 The trustees present their report and the financial statements of the charity for the year ended 30 November 2023, Reference and administratlve detalls Reglstered charlty name Welsh Rugby Charftable Trust Charlty reglstratlon number 502079 Prlncipal office 48 Rhys Road BLACKWOOD NP12 3QR The trustees Mr G Wllllams Mr P Owens M155 C Hitt Mr R Moon Dr C Williams Mr A Meredlth Dr G Jones Mr B Wllllams Prof J Wllllams Mrs C Jefferies Mr T Philllps Mr G Powell Mrs A Hawklns Mr M Ryan MrTJ Cobner Mr H J Davles MrT G R Davles (Retlred l May 2023) (Appolnted 17 November 2023) (Appointed l May 2023) (Retired 17 November 2023) Audltor Kllsby & Wllllams LLP Chartered accountants & statutory audltor Cedar House Hazell Drbve Newport NPIO 8FY Bankers Barclays Bank PLC PO Box 674 121 Queen Street Cardiff CFIO 2XU
WELSH RUGBY CHARITABLE TRusr TRUSTEES, ANNUAL REPORT (contsnuedj Year ended 30 November 2023 Structurei governance and management The Trust is an unlncorporated trust, constituted under a Trust deed dated 1st December 1972 and Is registered charity. number 502079, The trust was established by the We15h Rugby Union In 1972 wlth range of charitable objectives, the most Important of which being the 5UPPOrt of severely Injur njgby players. Most of the Trust's income is derived from investment income and donatlons but thls Is supplemented by a measure of fLJndrai5ing, Objecttves and activities The trust was set up In 1972 for the purposes of the advanment of educatlon and the relief of the sick and those in poor and necessltous circUmstans, preferen belng glven to the needs of persons and thelr dependents who have regularly partidpated In rugby football. In setdng the trust's objectives, and plannlng it's activities, the Trust has given careful ConderatIOn the Charlty Commi55ion's general guidance on publlc benefit, Trusfres have focussed their efforts on providing assistan to to those who have suffered serlous injury whilst ptaying rugby union and grants have been made to a number of injured players In the year. Investment $ub¢omrnlttee Jnd rlsk management The trustees will ¢ontlnue to manage Its finance5 In a prudent manner to ensure that the funds avallable to the Twst wlll be sufflclent to make grants to support Injured players. Under the terms of the Trust Deed, the Trustees have general powers of Investment, subJect to the provlslons of the Trustee Act 2000. The Investment subcommittee, formed In 2018 and chaired by Trustee Alan Meredith, worklng closely wlth Charles Stanley, the Trust's Investment Managers who have a key role providing dlscretlonary Inv&8tment management of the Trust's funds. The Sub commlttee meets regularly wlth Chade5 Stanley and monltors the progre55 of the TrusV5 investment porrfollo, The prlmary oblecllve of the Investment policy Is to generate Income from Investment In the moderaie end of the medlum hlgh range of rlsk wherever posslble miUgatlng to minimlse any rlsk. Grant maklng pollcy There are currently 35 Injured players In the gmup of Injured players who recelve ongolng asslstance from the Trust. The trustees seek to make these former players as Independent as p05slble by awardlng grants for the acqu1sltlon of Items that wlll enhan thelr Ilves. The Trust wlll also offer to help the famllles of players who have been Injured. Addltlonally, the Trust wlll offer asslstance to support players who suffer flnanclal loss temporarlly as a result of an Injury suffered whlle playlng or or tralnlng to play rugby. Trustees conslder appllcatlons for grants at meetlngs that are normally held at monthly InteNals. The Trust wlll normally arrange a vSsSt to the Injured player by Trustee5 who Provide a report and recommendaJons to the other Trustees. If It Is felt that the matter5 would benefit from belng dealt with SODner than the INO monthly mtIng5 allow, the report and recommendations are circulated eleLtronically to enable a declslon to be made. Trustee5 conslder they have met, wlth a hlgh degree of of consistency, the obJectSves or providlng core and flnanclal asslstance to Snjured player5 and thelr familie5. Strengthenlng partnerships The Trust 15 independent and autonomous a5 far a5 its management, finance and admlnlstratlon are concerned. It works closely with the Welsh Rugby Union as the govemlng body of the sport In Wales to enhance the welfare of players. It Is intent upon strengthening this relationshlp so that the mutual Interests of both organisatlons art served.
WELSH RUGBY CHARITABLE TRUST TRUSTEE5' ANNUAL REPORT (contlnuedj Year ended 30 Novernber 2023 Ob5ectives and activities (¢vntlnuedJ Reserves pollcy The Trusteeg policy is to malntaln Investments at a level that., l. Will generate investment sufficlent to cover approximately 6 months of the re50urce5 expended In the year, and wlll be capaNe of supp)rting the longer term Ilabllltles of the trust. 2. The reseryes at 30th Novernber 2023 which amounted to E3,482,176 {2022: £3,843,477) would cover all requirements. Thls pollcy is vieWed every year by the trustees. Achievements and performan Slgnlflcant events In 2023 I. HRH the prIn of Wales graciously has agreed to ConnUe to be the Patron of the Welsh Rugby ChaTitsble Trust. 2. On the occaslon of the Wales v England match in the Prlnclpallty Stadlum on 25th February 2023 HRH the Prlnce of Wales and HRH the Prlncess of Wale5 formally opened the Sir Tasker Watklns Lounge. They vlslted the Lounge and spoke wlth members of the group of seriously Injured players The Slr Tasker Watkins Lounge has been constructed for use on match days by the seriously Injured players. The Lounge was built wlth the help of a very generous legacy to the Welsh Rugby Unlon by the late Kenneth James Seeley, 3, On 1st May 2023 Gareth Powell formally reslgned as Hon. Treasurer and as a Trustee of the Welsh Rugby Charltsble Trust. On that day Huw Davles became a Trustee and was elected to the post of Hon. Treasurer, 4. On 17th November 2023 Gerald Davle5 retlred from hls posltlon as Presldent of the Welsh Rugby Unlon and retlred as a Trustee of the Welsh Rugby Charltable Trust, Terry Cobner was elected to be Presldent of the Welsh Rugby Unlon on 17th November 2023 and replad Mr Davles as a Trustee of the Welsh Rugby Chadtable Trust. 5. The Welsh Rugby Unlon contlnues Its support of WR. In partlcular by contrlbullng a levy colletted on tlckets sold for events In the Principality Stsdium the Welsh Rugby Unlon ensures that the Trust remains In a 50ur)d flnanclal posltion. 6. In June 2023 the Trust's Annual Golf Day was held at Whit¢hur¢h Golf Club In Cardlff. The event produced a small but m05t welcomed profIt. 7. On 22nd November 2023 the Trust marked Its 50th Annlversary wlth a lunch for over 150 guests in the Presldents Lounge, Princlpallty Stadlum. At the lunch the WR entertained some of the injured players which It support5 together wlth Indivlduals and organlsatlons whSch have supported the Trust over the year5. Wlth a generc)u5 contrlbuJon from Prlnclpallty BS the ILtnch made a profit for WR. 8. During the flnanclal year the Tru5tee5 met In person on seven cccasions and In arjdition dealt with elettroniolly applications for a551Stan from Injured players a regular basis.
WELSH RUGBY CHARITABLE TRusr TRusfEES' ANNUAL REPORT (conmnued) Year ended 30 November 2023 Flnancial revlew Income for the year amounted to £3l3,214 (2022; £576,669). The Trust receSved Irne fmm It5 InvtMents, In the year lo 30 Novembw 2023 of £125,768120?2: £141,903), Revenue from fundraising events, donations and gifts produced Income of £186,127 (2022: £431.593). Expenditu In the year amounted lo É562,320 {2022'. £409,929). Aftw tskiThJ Into Count othor recognlsed galns and losses, iesultant net movement of fuThds wa5 a denot of £361,301 {2022., defldt of £35.8041. At 301h Novernber 2023, the market value of Investments wa5 £2,977,852 12022: E3,166,92E) In the generdl nd and £354,685 (2022.. £347,044) In the Michael JeffTle5 Mernorlal FuThi. Trustees. responslbilltles statement The tTUStee5, who are also (fir&toi's for the purposes of company law, are respon51ble fv PTepartng the tn5Stees' rewrt and the flnanoal statements In accordance wllh app11ble law and Unlted Kingdom Accountlng Standards Iunlted Klngdom Gonerally Accepted Accounting Practlce). Company law requlres the clièrity trustees to prepare financial Sttennts for each year whlch give a true and falr eW of the 5tste of affair5 of the charitae company and the Incoming resoufce5 and ap[CatIOn of resources, Indudlng the Income and exFWKliture, for that klOd. In preparing t1 ftnancial stotemenrs, the trustees are requlred to: select suitstle accountlng p)Ilci&4 and then apply them con51stsnUy observe ihe fflethods and principles In the oprcable Charities SORP,. make judgments and accountyng e5tsrnates that are reasonable and prudent,. prepare the finanoal stalem£nts on the going conrn ba5 unless it is Inappropriate io presume that the dplity will contynue In busine, The trustees a re5ponssble for keep¥ng adefjuate accounting records that are suffioent show and explaln the chanty's transacOn5 and disdose wllh rehsonable acoJraLV al any Jme the flnanclal posltion of the chanty and enable them to ensure Iliat the finanaal starements comply wth the Companies Act 2006. They are also responslble for safeguarding the assets of U)e chanty and hents lor tsn9 reasonable steps for the preventioft and delectlon of fraud ènd olher irregularlbes. The Ituslees, annual pOrt was approved on .... ... .... trust by.. . and *gned behalf of the board of Mr P Owens TNstee MrR Moon Trustee Mr H J Davles Trustee
Ililsby Williams, INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF WELSH RUGBY CHARITABLE TRUST Year ended 30 November 2023 Oplnlon We have aUdIt the financial Statements of Welsh Rugby Charltable Trust (the 'charity') for the year ended 30 November 2023 whlch comprise the statement of flnanclal actlvltles, Statement of financial posltlon, statement of cash flows and the related notes, Includlng a summary of significant accounting policles. The finandal reportlng framework that has been appl7 in thelr preparatlon Is appllcable law and United Kingdom Accountlng Standards, Including FRS 102 The Financial Reportlng Standard appllcable In the UK and Republlc of Ireland (Unlted Klngdom Generally ACpted Accounting Prattl). In our op5nlon the flnanclal statements: glve a true and falr vlew of the state of the charity's affalrs as at 30 November 2023 and of Its Incomlng resources and application of resources, Includlng Its Income and expendlbjre, for the year then ended,. have been properfy prepared In accordantt wlth Unlted Klngdom Generally Accept Accountlng Prath,. have been prepared In accordan wlth the requlrements of the Charltles Art 2011. 8a51$ for oplnlon We conducbj our audlt In accordance with InternaOnal Stsndards on Audifjng IUKI IISAs (UKII and appllcable law. Our responsibilitse5 under those standards are further descrlbed In the auditols responsibllbtles for the audlt of the financlal Statements sectlDn of our report. We are Independent of the charlty in accordance wlth the ethiol quIrements that are relevant to our audlt of the financlal statements In the UK Includlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethical rpOnSibIlitieS In accordance wlth the* requirements. We belleve that the audSt evldence we have obtained is sufflclent and approprlate to provlde a basls for our opinlon. Concluslons relatlng to golng concern In audltlng the financial statements, we have Conclud that the trustees, use or the go1ng concern basis of accountlng In the pParatIOn of the flnancial statements Is appropriate. Based on the work we have performed, we have not Identified any material unrtaIntleS relatlng to events or condltlons that, individually or collectlvely, may cast significant doubt on the charlty's abllity to continue as a going concern for a perlod of at least e1ve months ftDm when the financial statements are authorlsed fix Issue. Our re5ponslbilities and the resnSIbIlItIeS of the trustees with respect to gotng conrn are descrfbed In the relevant sections of thls report.
Ililsby Williams, INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF WELSH RUGBY CHARITABLE TRUST (¢ontirtuedJ Year ended 30 November 2023 other information The other Information comprises the Informatyon Included ln the annual rt, other than the flnanclal Statements and our auditorfs report thereon. The trustees are responslble for the other InformaUon. Our opinion on the financial statements does not cover the other informaklon and, except to the extent otheNise expllcltly stated In our rewrt, we do not expre55 any form of assurance concluslon thereon. In conrEction wlth our audlt of the financial statements, our responslblllty Is to read the other Informatlon and, In doing so, conslder whether the other informatlon Is materlally inconslstent wlth the flnancSal ststements or our knowledge obtained in the audlt or otherwise appear5 to be materla15y mlsststed. If we Identlfy such material inconsislencSes or apparent materlal mls5tatements, we are requlred to determine whether there Is a materlal mlsstatement In the financlal statements or a materlal m155tatement of the other InformaUon. If, based on the work we have performed, we conclude that there Is a materlal mlsstatsment of th15 Other Informatlon, we are qUIred to report that fact. We have nothlng to report In thls regard. Matters on whlch we are requlred to report by exceptlon In the Ilght of the knowledge and underthnding of the d)arlty and Its envlronment obtalned In the course of the audit, we have not Idendfled materlal mlsststements In the tru5tees', report. We have nothlng to report In respect of the followlng matters In relatlon to whlch the Charltles Act 2011 requlres us to report to you If, In our oplnlon., the Informatlon gSven In the trustees, report Is Incons15tent In any materlal respect wlth the finandal statement5,' or adequate a¢counUng records have not been kept,, or the flnanclal statements a not In agreement wlth the accountlng records and retvms, or we have not reIVed all the Informatlon and explanations we requlre for our audlt. Responsibilitie5 of trustees As explained more fully In the trustees, responslbllltles statement, the trustees are responsible for the preparation of the flnanclal statements and for belng sausfied that they give a true and falr view, and for such intemal control as the trustees determlne Is neTr55ary to enable the preparatlon of financlal statemerbts that are free from materlal m195tatement, whether dL¢e to fraud or error. In preparing the flnanclal statements, the trustee5 are responsible for assessing the charity's ability to continue as a golng cOnrn, dlsclosing, as appllcable, matters related to going concem and using the golng concern basls of accounting unless the trustees either intend to Ilquidate the chartty or to cease operattons, or have no reallstlc alternative but to do 50.
Ililsby Williams. INDEPENDENT AUDrroR'S REPORTTO THE MEMBERS OF WELSH RUGBY CHARITABLE TRUST (contlnued) Year ended 30 November 2023 Auditor's responslbllltles for the audit of the financial statements Our oblectlves are to obtain reasonable assurantt about whether the flnanclal statements as a whole are free from materlal mSsstatement, whether due to fraud or error, and to issue an auditor's report that Includes our oplnlon. Reasonable assuran Is a high level of assurance, but Is not a guarantee that an audlt conducted in accordance with ISAS (UK) wlll always detert a materlal mlsstatement when It exlsts. Mlsstatements can arise from fraud or error and are considered materlal If, Indlvldually or In the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basls of these finandal statements. Irregularltles, Includlng fraud, are Instsnces of non-compl[an wlth laws and regulatlons. We deslgn ProdureS In Ilne wlth our rpOnSIbIlities, Outlined aljove, to detect material m155tatements In respett of Irwularities, Includlng fraud. The extent to which c4Jr prodUreS are capable of detecting Irregularlues, Includlng fraud Is detalled below: We galned an urKlerstandlng of the legal and gUratory framework applicable to the charlty and the Industry In whlch It operates, and consldered the risk of acts by the charlty that were contrary to appllcable laws and regulation5, Includlng fraL*d. We deslgned audlt procedures to respond to the rfsk, recognlslng that the risk of not detectlng a materlal mlsstatement due to fraud Is hlgher than the rfsk of nDt detectlng one resultlng from eTror, as fraud may involve dellberate concealment by, for example, f¢ygery or Intenttonal mISrepSentat[on5, or throLtgh colluslon. We focused on laws and regulatlons, whlch could glve rlse to a rnaterlal m155tatement In the finandal Statements, Includlng, but not Ilmlted to, the Companles Att 2006, the Charitles Act 2011 and UK tax legislation. Our tests Included agreelng the flnanclal statement dlsclosure5 to underlylng supportlng documentatlon, enqulrles wlth management and enqulries of legal counsel. There aff Inherent Ilmltations In the audlt procedures descrlbed above and, the further removed non-compllance with laws and reguladons Is from the events and transattion5 reflected In the flnanclal statements, the less likely we would become aware of It. We dld not Identify any key audlt matters relating to Irregularltles, Indudlng fraud, As In all our audlts, we a150 addressed the risk of management override of Intemal controls, Includlng testlng journals and evaluaung whether there was evidence of bia5 by the trust that represented a rlsk of material rr1155tstement due to fraud. As part of an audlt In accordantr with ISAS (UKI, we exercise professlonal judgment and malntsin professlonal sceptlc15m throltghout the audit. We also.. Identlfy and assess the rlsks of material misstatement of the flnandal statements, whether due to fraud or error, design and perform audlt procedures resrx)nsive to those risks, and obtaln audlt eVIden that Is sufflclent and approprfate to provide a basls for our oplnlon. The risk of not deletting a materlal mlsststement Esulting from fraud Is hlgher than for one resultlng from error, a5 fraud may Involve colluslon, forgery, Intentional omi551ons, mISrepresentaons, or the overrlde of intemal control. Obtaln an under5tandlng of Intemal control relevant to the audit In order to design audit procedu$ that are appropriate in the CircumstanS, but not for the purpose of expre55ing an opinion on the effettlveness of the intemal control. Evaluate the appropriateness of accountlng poliaes used and the reasonableress of accountlng estlmates and rtlated dlsclosures made by the trustees.
Ililsby Williams. INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WELSH RUGBY CHARITABLE TRUST (continuedj Year ended 30 November 2023 Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, basd on the audlt evldence obtalned, whether a materfal uncertainty exlsts related to events or condltlons that may cast signlflcant doubt on the chadtys ablllty to continue as a golng COnM. If we conclude that a materlal UnrtaInty exlsts, we are requlred to draw attentlon in our audltor's report to the related dlsclosures Irs the financlal statements or, if such dlsclosures are inadequate, to modlfy our opln1on. Our concluslons are based on the audSt evldenTr obtalned up to the date of our audltor's report. However, future events or condidons may cause the charlty to aSe to continue as a golng canm. Evaluate the overall presentatlon, structure and content of the flnancial 5tstements, Including the dlsclosures, and whether the financial statement5 repftnt the underlylng transactlon5 and events In a manner that achieves fair presentatlon. We communicate with those charged with governance regardlng, among other matters, the planned scope and timing of the audit and slgnlficant audlt findlngs, Includlng any sgnificant deflclencies in internal control that we Identlfy durlng our audit. Use of our report Thls report Is made solely to the charlvs members, as a bodyi In accordance wlth sectlon 144 of the Charitles Act 2011 and regulation5 made under 5ectlon 154 of that Att. Our audit work has been undertaken so that we rnlght state to the charlty's member5 tho matters we are requlred to State to them In an audltor's report and for no other purpose, To the fullest extent permltted by law, we do not aCpt or assume responslblllty to anyone other than the charity and the charlty's members as a body, for our aud1t work, thls rewrt, or for the oplnlons we have formed. Jonathan Harrhy (Senlor Ststutory Audltor) For and on behalf of Kilsby & Wllllams LLP Chartered accountsnts & statutory audltor Cedar House Hazell Drlve Newport NPIO 8FY si 1- 2¢Y
WELSH RUGBY CHARITABLE TRUST STATEMENT OF FINANCIAL AcfIvITIES Year ended 30 November 2023 2023 Unrestrlrted funds Total funds Total funds 2022 Note Income and endowments Donabon5 and legacies other trading activities Investment income 186,127 1,320 125,768 186,127 1,320 125,768 313,215 431,593 3,173 141,903 576,669 Total income 313,215 Expenditure Expendlture on ralsing funds,. Costs of ralslng donatlons and legacles ExFenditure on charltable attlvltles Total expenditure (144) (562,320) (409,785) (562,320) (409,929) (562,320) (562,320) Net10gses on Investment5 io 1112,196) (112,196) {202,5441 Net expendlture and net movement In funds 1361,301) (361,301) (35,804) Reconclllatlon of fund$ Totsl funds brought forward Total funds carrl¢d forward 3,843,477 3,843,477 3,879,281 3,843,477 3,482,176 3,482,176 The statement of financlal actlvltles Includes all galns and losses recognlsed In the year. All Income and expendlture derlve from contynulng actlvltles. The notes on pages 12 to 19 form part of these financial statements.
WELSH RUGBY CHARITABLE TRUST STATEMENT OF FINANCIAL POSITIof4 30 November 2023 2023 2022 Note FIXED ASSErs lftvestfflents 14 3,332,537 3,513,5 CURRENT AS5Ers Oebto Cash at bank and In hand 15 9,629 184,553 55,815 285,296 194,182 341.111 CREDrroRS: amounts falllng due wlthln one year NET CURRENT ASSETS 16 144,543) 149,639 {11,599> 329,512 3,843,477 3,843,477 TOTAL ASS$ LESS CURRENT LIABILITIES 3,48?.,176 3,482,176 Nrr ASSErs FUNDS OF THE CHARrrY Unrestricted funds 3,482,176 3,843,477 3,843,477 Total charlty funds 17 3,482,£76 These financlal statements were approved by the board of tTUStees authortsed for 155ue on , and are signed on behalf of the board bv.. Mr P Owons Trustee Mr R Moon Trustee Mr H J Davles Trustee The notes on pages 12 to 20 form part of thÉse financlal ststements. io-
WELSH RUGBY CHARITABLE TRUST STATEMENT OF CASH FLOWS Year ended 30 Novernber 2023 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net expendlture (361,301) (35,804) Adjustments for.. Net losses on Investments Dividends, interest and rents from investments Accrued expenses 112,196 202,544 (125,7681 (141,903) 14,201 720 Change5 in,. Trade and other debtors Trade and other credltors 46,186 18,743 {295,7431 (295,7431 19,774) 1,766 17,549 Cash generated from operatlons Net cash (used In)Ifrom operating actlvitres 17,549 CASH FLOWS FROM XNVEsfxNG ACTXVITIES Net cash wlthdrawal 195,000 195,000 200,000 200,000 Net cash from Investtng activIeS NET (DECREASE)IINCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR {IQO,743) 285,296 184,553 217,549 67,747 285,296 The notes on pages 12 to 19 form part of these f(nandal statements. li-
WELSH RUGBY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Year ended 30 November 2023 GENERAL INFORMATION The charbty Is a pubfic benefit entity and a reglstered chaty In England and Wales and Is nincorporated. The addw of the prirKipal offiTr Is 48 Rhys Road, Blackwood, Caerphllly, Gwent, NP12 3QR. STATEMENT OF COMPLIANCE These financial statements have been prepared In compllance with FRS 102, The Financial Reporting standard applicable in the UK and the Republlc of Ifftland,, the Statement of Recommended Prattice applicable to Charities preparing thelr accounts in accordance wlth the Flnanclal Reporting Stsndard applicable In the UK and Republic of Ireland (FRS 102) (Charltles SORP (FRS 1021) and the Charltles Act 2011. ACCOUNTING POLICIES Basls of preparatlon The flnancial statemen15 have been prepaieJ on the historical cost basls. a5 modlfied by the revaluatlon of rtaIn financial assets and liabllltles and Investment propertles measured at falr value through Income or expertditurt. The flnanclal statements are prepared In 5terllng, whl(h Is the fvncdonal currency of the entity. Golng concern there are rKs materlal unrtaIntleS about the charltys ablllty to contlnue. Judgements and key sources of estlmatlon uncertalnty The preparatlon of the flnanclal ststements requlres management to make Judgements, estlmates and assumptions that affect the amounts reported. These estlmates and judgements are contlnually reviewed and afft based on experlence and other factors, Includlng expectatlons of future events that are belleved to be reasonable under the clrcum5tances. Fund accountlng The UnStcted funds held by the Trust on be used In aCcOrdar wlth Its charitsble objettlves at the dlscretion of the Trustees. Earmarked fund5 represent the amounts held In respect of the Mlchael Jeffrles Mernorlal Fund. These funds have been earmarked, inter alia, to help injured player5 and their dependents wlth the cost of educatlon. 12-
WELSH RUGBY CHARITABLE TRUST STATEMENT OF CASH FLOWS Year ended 30 November 2023 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net expendlture (361,301) (35,804) Adjustments for.. Net losses on Inveslments Dividends, interest and rents from Investments Accrued expenses 112,196 (125,768) 14,201 202,544 (141,903) 720 Changes in,. Trade and other debtors Trade and other creditor5 46,186 18,743 (295,743) (295,743) (9,774) 1,766 17,549 17,549 Cash generated from operat5ons Net cash (used In)Ifrom operatlng actlvltles CASH FLOWS FROM INVESTING ACTIVITIES Net cash wlthdrawal 195,000 195,000 200,000 200,000 Net cash from Investlng actlvltles NEf (DECREASE)IXNCREASE IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR (100,743) 285,296 217,549 67,747 184,553 285,296 The notes on pages 12 to 19 form part of these flnanclal statements. li-
WELSH RUGBY CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS (conbfnvedj Year ended 30 November 2023 ACCOUNTING POLICIES (contsnuedj Xncoming resources All incom1ng reSoUrS a included In the statement of tTnanclal athvltles when entEtlement has passed to the charity,- It Is probable that the economic benet)ts a550clated wSth the transactlon will flow to the charity and the amount can be rellably measured. The followlng spedfic pollcles a applleo to particular categories of income: Income frorn donatlons or grants Is recognised when the 15 evidence of entlement to the gl receipt Ss probable and Its amount can be measUd reliably. legaLV income Is recognlsed when reIpt Is probable and entidement is establlshed. Income from donated goods Is measured at the fair value of tlie goods unless Uils Is Impractlcal to Measu reliably, In whlch case the value 15 derlved from the cost to the donor or the estlmated reIe value. Donat facllltles and services are recognlsed In the accounts when received If the value can be rellably measured. No amounts are Included for the contrlbutlon of general volunteers, Income from contracts for the Supply of servlces Is recognlsed wlth the dellvery of the contracted servlce, Th15 Is classlfled as n$ttiCted funds unless there Is a contractual requirement for It to be spent on a partlcular purpose and returned If unspent, In whlch case It may be regarded as restricted. Resourets expended Expendlturels recognlsed on an accruals basls as a Ilablllty Is Incurred. Expenditure Includes any VAT whSch cannot be fully recovered, and Is classlfied under headlngs of the statement of flnanclal actIvleS to whlch It relates,. expendlture on ralslng funds Includes the costs of all fundralslng artlvltles, events, non.charftable tradlng actlvlties, and the sale of donated g¢)ods. expendlture on charllable actlvitie5 Includes all costs Incurred by a charlty In undertaklng activltles that further its charltable aims for the benefit of its beneflclarles, Including those SUPPDrt costs and costs relang to the governance of the charlty appOoned to charitsble a¢tlvlties. other expendSture Includes all expenditure that Is nelther related to ral4ng funds for the charlty nor part of Its expendire on (haritable activltles. All costs are allocated to expenditure categorles flecting the use of the resource. Direct costs attributable to a single attlvlty are allocated dlrertly to that actlvlty. Shared costs are apportloned beteen the actlvities they contrlbute to on a reasonèblei justifiable and conslstent basis. Grants payable Grants are recognlsed In the accounts as liabllltles after they have been approved by the trustees, the reclplents have been notled and there are no further terms and conditlDns to be fulfilled which a withln the control of the Trust, In these clroJmstance5, there Is a valid expectation by the recipients that they wlll recdve the grant. Inve$tmÉnls Unlisted equity investments are initially recorded at cost, and subsequently meaSud at falr value. If falr value cannot be relbably measured, assets are measured at cost less impairment. -13-
WELSH RUGBY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS c(ontlnuedJ Year ended 30 November 2023 ACCOUNTING POLICIES (contlnued) Investments (condnued) Listed Investments are measured at fair value with Chang in fair value belng reccgnised In Income or expenditure. Impairment of fixed assets A review for indicatots of Impalrment Is carrfed out at each reporting date, with the recoverable mount being estimated Whe such indlcators exlst. Where the carrying value eXedS the recoverable amount, the asset Is Im1red accordirrfJly. Prior impalrments are also revlewed for posslble reversal at each reports'ng date. For the purposes of Impalrment testlng, when it15 not P055ible to estimate the recoverable amount of an Indlvldual as*t, an estlmate Is made of the recoverable amount of the cash-generatlng unlt to which the a55et belongs, The cash.generating unlt is the smallest Identlfiable group of assets that Indudes the asset and generate5 cash inflows that largely Independent of the cash Inflow5 from other assets or groups of assets. For impalrment testlng of goodwlll, the goodwlll acqulred In a bu51ness comblnatlon Is, from the acqulsition date, allocated to each of the cash-generating unlts that are expected to benefit from the synergles of the comblnation, Irrespectlve of whether other assets or IlablllUes of the charlty are asslgned to those unlts. Flnandal Instruments A financial osset or a flnanclal Ilablllty Is cOgnISed only when the charlty becomes a party to the contractual prov151ons of the Instrument, Ba51c financlal Instruments are Inltlally recognlsed at the amount re1vable or payable Includlng any lated transathon costs. CUrnt assets and current Ilabllltles are subsequently measured at the cash or other conslderadon expected to be pald or reIVed and not dlscounted. Debt Instruments are subsequently measured at amort15ed c05t, Where Investments In shares are publlcly traded or thelr falr value can otheNlse be MeaSud rellably, the Investment Is subsequently measured at fair value with changes In falr value recognised In Income and expendlture, Al other such investments are subsequently measured at cost less Impalrment. other financlal instruments, Including derivatlves, are Initlally recognlsed at falr value, unle55 payment for an asset is deferred beyond normal buslness terms or finand at a rate of Interest that is not a market rate, in which case the asset Is measured at the present value of the fijture payments discounted at a market rate of Interest for a simllar debt Instrument. other financial instruments a subsequently measured at falr value, wlth any changes reCnised in the statement of flnanclal actlvltles, wlth the eXptIOn of hedglng Instnjments in a designated hedging latiOnShIp. nancial assets that are measured at cost or amortlsed cost are reviewed for objective evldence of mpairment at the end Df each repong date. If there 15 objethve evldence of impairment, an Impairment loss is OgnIsed under the appropriate heading in the statement of finanaal activities in which Ihe initial gain was recognised. 14-
WELSH RUGBY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (contljyued) Year ended 30 November 2023 ACCOUNTING POLICIES (continued) Flnanclal instruments fcontlnued) For all equity Instruments regardle55 of slgnlficance, and other financial assets that are individually signlflcant, these are assessed Indlvidually for Impairment. other financial assets are either assessed indivléually or grouped on the basis of similar credlt risk characterlsdcs. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the flnancial asset that exceeds what the carrying amount would have been had the Impalrment not prevlously been recognlsed. DONATIONS AND LEGACEES Unrestrlcted Total Fund5 Unrestricted Total Funds Funds 2023 Funds 2022 DONATIONS DonaSon fmm the We15h Rugby Unlon Donallon frorn the Mlllennlum Stsdium Charitsble Trust Individual donations Donations from Royal Polo Day 50th Annlversary Donatlon 80,983 80,983 219,541 219,541 80,983 12,039 80,983 12,039 97,861 12,381 loo,000 97,861 12,381 loo,000 3,617 3,617 GIFrs Glfts from club5 and ground collecdon 8,505 8,505 186,127 1,810 431,593 1,810 431,593 186,127 OTHER TRADING ACTDIITIES Unresmcted Total Funds Unrestrlcted Total Funds Funds 2023 Funds 2022 Annual golf day, 'Grav" play and Auctlons 1,320 1,320 3,173 3,173 INVEsfMENT INCOME Unrestricted Total Funds Unre5trlcted Totsl Funds Funds 2023 Funds 2022 Irme from listed Snvestments 125,768 125,768 141,903 141,903 cosrs OF RAISING DONATIONS AND LEGACIES Unrestrlcted Total Fund$ Unrestrlcted Total Funds Funds 2023 Funds 2022 Costs of ralsing donatlon5 and legacies- Donatlons 144 144 -15-
WELSH RUGBY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Ccontlnued) Year ended 30 November 2023 EXPENDITURE ON CHARITABLE ACTIVMES BY FUND TYPE Unrestricted Total Funds Unrestrlcted Totsl Funds Funds 2023 Funds 2022 Christmas grants RelSef of Injured rugby players Summer grants for injured rugby players other financial SUPPDrt other dI¢t charitsble acknvltles Support costs 35.000 402,527 81,600 15,000 9,535 18,658 562,320 35,000 402,527 81,600 15,000 9,535 18,658 562,320 35,000 270,385 74,600 15,000 35,000 270,385 74,600 15,000 14,800 409,785 14,800 409,785 EXPENDITURE ON CHARITABLE AcfivITIes BY ACTIVITY TYPE Activitie5 undertaken direttly Support costs Total funds Total fund 2023 2022 Chr15tmas grants Rellef of Injured rugby players Summer grants for Injured rugby players Other flnanclal Support Other direct charitable actlvltles 35,000 402,527 81,600 15,000 9,535 543,662 18,658 562,320 409,785 Governance costs have been spllt across the charltsble actlvltles based on the costs spent In the year. 1,201 13,814 2,800 515 328 36,201 416,341 84,400 15,5L5 9,863 36,311 280,516 77,395 15,563 Withln governance costs Is the annual audlt fee of £6,760 (2022., £6,564). 10. NET LOSSES ON INVESTMENTS unrest¢t Total Funds Unrestrlcted Totsl Fund8 Funds 2023 Funds 2022 Galnslllosses) on Ilsted investments 1112,196) (112,196) (202,544) (202,544) 11. STAFF cosrs There are no emoyee costs (2022: nll) In the year and there aff no employees (2022.. none). 12. TRusfEE REMUNERATION AND EXPENSES Trustees reVe6 no remuneratlon durlng the year (2022.. nll). Total expenses of £3,319 (2022.. £2,625) were Incurred durlng the year by trustees for travel and subsistence. 16-
WELSH RUGBY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (condnu8d) Year ended 30 November 2023 13. XNVEsfMENTS Listed investments Cost or valuatlon At l December 2022 Addllions Falr value movements Transfers 3,513,965 125,768 {112,196) (195,000) 3,332,537 At 30 November 2023 Impairment At l December 2022 and 30 Plovember 2023 Carrying amount At 30 November 2023 At 30 November 2022 3,332,537 3,513,965 All Investments shown above are held at valuaNon. Flnanclal assets held at falr value The charitfes, investment portfollo Is valued at market value at 30 November 2023. These Investments aft managed by Charles Stanley & Co Ltd. 2023 2022 General Flxed Interest stock, UK Govemment Equitles Cash held as part of Investment ptrrtfolio Income account 608,120 2,281,490 52,500 35,742 711,414 2,284,484 40,014 131,009 Market value as at 30 November Hlstorlcal ¢0* as at 30 November 2,977,852 2,159,212 3,166,921 2,377,080 2023 2022 Mlchael Jefferles Memorfal Fund Fixed Interest stock, UK Government Equlties Income account 140,375 181,485 32,825 140,960 178,728 27,357 Market value as at 30 November Hlstoricèl cost as at 30 November 354,685 216,363 347,044 206,158 2023 2022 Total Investments market value at 30 November 3,332,537 3,513,965 17-
WELSH RUGBY CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) Year ended 30 November 2023 14. DEBTORS 2023 2022 Other debtors 9,629 55,815 15. CREDITORS: amounts falling due wlthln one year 2023 2022 Trade credltors Accruals and deferred income Other creditors 8,+18 20,933 15,162 44,543 1,000 6,732 3,867 11,599 Included In other credltors due wlthln l year are grants payable of £15,16212022: £3,867). 16. ANALYSIS OF CHARITABLE FUNDS Unrestrlctsd funds At l DeTrmber 2022 At Galns and 30 November losses 2023 Income Expendlture General fund5 Mlchael Jeffries Fund 3,522,782 320,695 3,843,477 299,719 13,496 313,215 {562,320) (106,341) (5,855) (562,3201 {L12,196) 3,153,840 328,336 3,482,176 At l December 2021 At Galns and 30 November losses 2022 Income Expendlture General funds Mlchael Jeffrles Fund 3,523,368 355,913 3,879,281 565,337 11,332 576,669 (398,569) (167,354) (11,360) 135,19C)) {409,929) (202,544} 3,522,782 320,695 3,843,477 -18-
WELSH RUGBY CHARITABLE TRusr NOTES TO THE FINANCIAL STATEMENTS (contsnued) Year ended 30 November 2023 17. ANALYSIS QF NET ASSETS BETWEEN FUNDS Unrestrlcted Total Funds Funds 2023 InvestrnentS Current assets Credltors le% than l year Net assets 3,332,537 194,182 144,543> 3,482,176 3,332,537 194,182 (44,543) 3,482,176 unreStcted Total Funds Funds 2022 Investments Current assets Credltors less than l year Net assets 3,513,965 341,111 111,599) 3,843,477 3,513,965 341,IAI 111,599) 3,843,477 18. ANALYSIS OF CHANGES IN NET DEBT At At l Dec 2022 Cash flows 30 Nov 2023 Cash at bank and In hand 285,296 {LOO,743) 184,553 19. RELATED PARTIES Induded in grants payable15 £3,500(2022,. £3,200) pald to a Trustee, The trustees assess any confllrt of Interest arlslng from the grant payment to a trustee and determlned the grant to fall wllhln the objeth've of al1evlang flnanclal dlfficultles of Injured player5. The deed of trust offers the trustees dlscreuon to financially a5s15t a trustee who had eXperIend or was experlenclng financial hardshlp derived from an injury Incurred by playlng rugby. Donatlons totalllro £80,983 {2022: £219,541) were recelved durlng the year from the We15h Rugby Union, of whlch a trustee holds the posltion of Presldent. The amount outstandlng at the yearend within debtors wa5 £2,221 (2022., £20,882}. 19-