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 advan￿ment of educatlon and the relief of the sick
and those in poor and necessltous circUmstan￿s, 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 Con￿deratIOn 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 m￿tIng5 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 Con￿nUe 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 repla￿d 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 I￿rne fmm It5
Inv￿tMents, 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 app11￿ble law and Unlted Kingdom
Accountlng Standards Iunlted Klngdom Gonerally Accepted Accounting Practlce).
Company law requlres the clièrity trustees to prepare financial St￿ten￿nts for each year whlch give a true
and falr ￿eW of the 5tste of affair5 of the charita￿e company and the Incoming resoufce5 and ap￿[CatIOn
of resources, Indudlng the Income and exFWKliture, for that k￿lOd.
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 op￿rcable Charities SORP,.
make judgments and accountyng e5tsrnates that are reasonable and prudent,.
prepare the finanoal stalem£nts on the going con￿rn ba*5 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 transac￿On5 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 ts￿n9 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 AC￿pted 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 Interna￿Onal 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
r￿pOnSibIlitieS 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 p￿ParatIOn of the flnancial statements Is appropriate.
Based on the work we have performed, we have not Identified any material un￿rtaIntleS 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 res￿nSIbIlItIeS of the trustees with respect to gotng con￿rn 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 re￿IVed 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 cOn￿rn, 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
Pro￿dureS In Ilne wlth our r￿pOnSIbIlities, Outlined aljove, to detect material m155tatements In respett of
Irwularities, Includlng fraud. The extent to which c4Jr pro￿dUreS 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 mISrep￿Sentat[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, mISrepresenta￿ons, 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 Circumstan￿S, 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 COn￿M. If we
conclude that a materlal Un￿rtaInty 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
can￿m.
Evaluate the overall presentatlon, structure and content of the flnancial 5tstements, Including the
dlsclosures, and whether the financial statement5 repft*nt 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 aC￿pt 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 activI￿eS
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 cha￿ty 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 un￿rtaIntleS 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 Un￿St￿cted 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 reSoUr￿S 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 en￿tlement to the gl
receipt Ss probable and Its amount can be measU￿d reliably.
legaLV income Is recognlsed when re￿Ipt 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 re￿Ie 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￿$ttiCted funds unless there Is a contractual
requirement for It to be spent on a partlcular purpose and returned If unspent, In whlch case It
may be regarded as restricted.
Resourets expended
Expendlturels recognlsed on an accruals basls as a Ilablllty Is Incurred. Expenditure Includes any VAT
whSch cannot be fully recovered, and Is classlfied under headlngs of the statement of flnanclal
actIvl￿eS to whlch It relates,.
expendlture on ralslng funds Includes the costs of all fundralslng artlvltles, events,
non.charftable tradlng actlvlties, and the sale of donated g¢)ods.
expendlture on charllable actlvitie5 Includes all costs Incurred by a charlty In undertaklng
activltles that further its charltable aims for the benefit of its beneflclarles, Including those
SUPPDrt costs and costs rela￿ng to the governance of the charlty appO￿oned to charitsble
a¢tlvlties.
other expendSture Includes all expenditure that Is nelther related to ral4ng funds for the charlty
nor part of Its expendi￿re on (haritable activltles.
All costs are allocated to expenditure categorles ￿flecting the use of the resource. Direct costs
attributable to a single attlvlty are allocated dlrertly to that actlvlty. Shared costs are apportloned
bet￿een the actlvities they contrlbute to on a reasonèblei justifiable and conslstent basis.
Grants payable
Grants are recognlsed In the accounts as liabllltles after they have been approved by the trustees, the
reclplents have been not￿led and there are no further terms and conditlDns to be fulfilled which a
withln the control of the Trust, In these clroJmstance5, there Is a valid expectation by the recipients
that they wlll recdve the grant.
Inve$tmÉnls
Unlisted equity investments are initially recorded at cost, and subsequently meaSu￿d 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 eX￿edS the
recoverable amount, the asset Is Im￿1red 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 re￿1vable or payable Includlng any
lated transathon costs.
CUr￿nt assets and current Ilabllltles are subsequently measured at the cash or other conslderadon
expected to be pald or re￿IVed 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 MeaSu￿d
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 finan￿d 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 reC￿nised in
the statement of flnanclal actlvltles, wlth the eX￿ptIOn 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 repo￿ng 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
Ir￿me 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 em￿oyee costs (2022: nll) In the year and there aff no employees (2022.. none).
12. TRusfEE REMUNERATION AND EXPENSES
Trustees re￿Ve6 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
unreSt￿cted 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 al1evla￿ng flnanclal dlfficultles of Injured player5. The deed of trust offers the trustees
dlscreuon to financially a5s15t a trustee who had eXperIen￿d 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-