2025-11-30-accounts

WELSH RUGBYCHARITABLE TRUST ANNUAL REPORT AND FINANCIALSTATEMENTS FOR THEYEAR ENDED 30 NOVEMBER 2025

WELSH RUGBYCHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION TRUSTEES Mr G J Williams MrTJ Cobner Mr D B Williams Ms C W Jefferies Mr A D Meredith Dr J D Williams OBE Ms C Hitt Dr RGJones MBBch Mr Powens MrT Phillips Dr C R Williams Mr H J Davies Mr M Ryan Ms A Hawkins MrRHSBMoon REGISTERED OFFICE 48 Rhys Road Blackwood Caerphilly Gwent NP12 30R AUDITOR Kilsby & Williams LLP Cedar House H8zell Drive NEWPORT South Wales NPID 8FY

WELSH RUGBYCHARITABLE TRUST CONTENTS Page Trustees. report Independent auditor's report Statement of financial activities 10 Balance sheet Notesto the fin8ncial statements 12-21

WELSH RUGBYCHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025 The trustees present their annual ret)ort and financial statements for the year ended 30 November 2025. The financial statements have been prepared in accordance with the accounting policies set out in note I to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 IFRS 1021" OBJECTIVES AND ACTIVITIES The trust was set up in 1972 for the purposes of the advancement of education and the relief of the sick and those in poor and necessitous circumstances, preference being given to the needs of persons and their dependents who have regularly participated in rugby football. In setting the trust's objectives. and planning its activities, the Trust has given careful consideration the Charity Commission s general guidance on public benefit. Trustees have focussed their efforts on providing assistance to those who have suffered serious injury whilst playing rugby union and grants have been made to 8 number of injured players in the year. Investmentsubcommittee and risk management The trustees will continue to manage the charity's finances in a prudent manner to ensure that the funds available to the Trust will be suff icient to make grants to support injured players. Under the terms of the Trust Deed, the Trustees have general powers of investment, subject to the provisions of the Trustee Act 2000. The Investment subcommittee, formed in 2018 and chaired by Trustee Alan Meredith, working closely with Charles Stanley, the Trust's Investment Managers who have a key role providing discretionary investment management of the Trust's funds. The SUL) committee meets regularly with Charles Stanley and monitors the progress of the Trust's investment portfolio. The primary objective of the investment policy is to generate income from investment in the moderate end of the medium high range of risk wherever possible mitigating to minimise any risk. Grant making policy There are currently 35 injured players in the group of injured players who receive ongoing assistance from the Trust. The trustees seek to make these former players as independent as possible by awarding grants for the acquisition of items that will enhance their lives. The Trust will also offer to help the families of players who have been injured. Additionally, the Trust will offer assistance to support players who suffer financial loss temporarily as a result of an Injury suffered while playing or training to play rugby. Trustees consider applications for grants at meetings that are normally held at two monthly intervals. The Trust will normally arrange a visit to the injured player by two Trustees who provide a report and recommendations to the other Trustees. If it is felt that the matters would benefit from being dealt with sooner than the two monthly meetings allow, the report and recommendations are circulated electronieally to enable a decision to be made. Trustees consider they have met, with a high degree of of consistency, the objectives or providing care and financial assistance to injured players and their families. strengthening partnerships The Trust is independent and autonomous as far as its management, finance and administration are oncerned. It works closely with the Welsh Rugby Union as the governing body of the sport in Wales to enhance the weltsre of players. It is intent upon strengthening this relationship so that the mutual interests of both organisations are served.

WELSH RUGBYCHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 ACHIEVEMENTSAND PERFORMANCE Significantactivitiesandaclpievementsagainstobjectives HRH The Prince of Wales graciously agreed to remain Patron of the Welsh Rugby Charitable Trust. 2. The Welsh Rugby Union Limited continues its support of WRCT. In particular by contributing a levy collected on tickets sold for events in the Principality Stadium the Welsh Rugby Union Limited ensures thatthe Trust remains in a sound financial position. 3. The Trust held its Annual Golf Day at Whitchurch Golf Club in Cardiff in July 2025. The support of a group of former International players on the day significantly added to the occasion. The event gave the Trust good exposure and produced s small but most welcomed profit. 4. Charles Stanley, the Trusts Investments Managers, are now managing the Trust's investment portfolio on a discretionary basis but still reporting regularlyto the Trust's Investment Sub Committee chaired by Trustee Alan Meredith. 5. During the financial year the Trustees met in person on 5 occasions. Additionally they dealt with applications for 8SSlStanee from injured players by exchange of e-mail. FINANCIAL REVIEW Income forthe year amounted to £441.38112024.. £418,138). The Trust received income from its investments. in the year to 30 November 2025 of £102,859 12024.. £125,142). Revenue from fundraising events, donations and gifts produced income of £337,00712024.. £291.9891. Expenditure in the year amounted to £400,45912024.. £548,713). After taking into account other recognised gains and losses, the resultant net movement of funds was a surplus of £236,63812024: £38,257). At 30 November 2025. the market value of investments was £3,519,37412024.. £3,456,510). Reserves policy The Trustees. policy is to maintain investments at a level that.. Will generate investment suff icient to cover approximately 6 months of the resources expended in the year, and will be capable of supporting the longer term liabilities of the trust. The reserves at 30 November 2025 which amounted to £3,757,071 12024.. £3,520,433) cover all requirements. This policy is reviewed everyyear bythe trustees. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trust is an unincorporated trust, constituted under a Trust deed dated 1st December 1972 and is a registered charity, number 502079. The trust was established by the Welsh Rugby Union in 1972 with a range of charitable objectives, the most important of which being the support of severely injured rugby players. Most of the Trust's income is derived from investment income and donations but this is supplemented L)y a measure of fundraising.

WELSH RUGBYCHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 The trustees who served during the year and up to the date of signature of the financial statements were.. r G J Williams r TJ Cobner r D B Williams sc WJefferies r A D Meredith Dr J D Williams OBE sCHitt Dr RGJones MBBch Mr Powens Mr TPhillips Dr C R Williams Mr H J Davies Mr M Ryan MsAHawkins rRHSBMoon STATEMENTOFTRUSTEES. 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 A¢￿pted 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, thetrustees 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.

WELSH RUGBYCHARITABLE TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 The trustees are responsible for keeping sufficient accounting records that disclose with reasonaL)le 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 fortaking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees. report was approved by the Board of Trustees. Pet£r O~~ Mr Powens Mr H J Davies Trustee Trustee rRHSBMoon Trustee 30 Jun 2026 Date=.............................................

Ililsby Williams. WELSH RUGBYCHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TOTHETRUSTEESOFWELSH RUGBYCHARITABLETRUST Opinlon We have audited the financial statements of Welsh Rugbycharitable Trust (the'charity'l forthe year ended 30 November 2025 which comprise the statement of financial activities, the balance sheet 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 TheFinancialReportingStandardapplicablein the UKandRepublicoflrel3nd {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 30 November 2025 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 Charities Act 2011. Ba$is ft)r opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors 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 b2sis 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 c8St 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 sertions of this report.

Ililsby Williams. WELSH RUGBYCHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHETRUSTEESOFWELSH RUGBYCHARITABLETRUST 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 coverthe 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 requires 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. Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities, the trustees are responsible for the preparation of the finar)cial 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.

Ililsby Williams. WELSH RUGBYCHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHETRUSTEESOFWELSH RUGBYCHARITABLETRUST Auditor's responsibilities for the audit of the financial statements We have L)een appointed as auditor under section 144 of the Charities Act 2011 and report in accordan￿ with the Act and relevant regulations made or having effectthereunder. 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 IUKI 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 economie decisions of users taken or) 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.. We gained an understanding of the legal and regulatory framework applicable to the charity and the industry in whieh it operates, and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk. recognising that 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 ty, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regu18tions which could give rise to a material misstatement In the financial statements, including, but not limited to, the Charities Act 2011 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting cjocumentation, enquiries with management and enquiries of legal counsel. 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 we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias bythe trustees that represented a risk of material misstatement due to fraud. As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit prO￿dureS responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of Internal control.

Ililsby Williams. WELSH RUGBYCHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHETRUSTEESOFWELSH RUGBYCHARITABLETRUST Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or Conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, If such disclosures are Inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a mannerthat achieves fair presentation. We communicate with those charged with governance regarding. among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify cjuring our audit. A further description of our responsibilities is available on the Financial Reporting Council's website 8t.. https..11 www.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Other matters Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "Aeeounting 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 IFRS 102)" las amended) in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice issued on l April 2005 which is referred to in the extant regulations but has now been withdrawn. This has been done in order for the financial statements to provide a true and fair view in accordance with current GenerallyAccepted Accounting Practice. Useofourreport This report is m?de solely to the Charity's trustees, as a body, in accordance with Part 4 of the Charities IAccounts 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.

Ililsby Williams. WELSH RUGBYCHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TOTHETRUSTEESOFWELSH RUGBYCHARITABLETRUST Jonathan Harrhy Senior Statutory Auljitor for and on behalf of Kilsby & Williams LLP Chartered accountants & statutory auditor Cedar House Hazell Drive NEWPORT South Wales NPIO 8FY 03 Jul 2026 Date-......................... Kilsby & Williams LLP 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.

WELSH RUGBYCHARITABLE TRUST STATEMENTOF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 NOVEMBER 2025 Unrestrirted Unrestricted funds funds 2025 2024 Notes INCOME FROM". Donations and legacies Othertrading activities Investments 337,007 1,515 102,859 291,989 1,007 125,142 TOTAL INCOME 441,381 418.138 EXPENDITUREON.. Charitable activities 400,459 548,713 TOTAL EXPENDITURE 400.459 548.713 Net gainslllosses) on investments 10 195,716 168,832 NETINCOME AND MOVEMENTIN FUNDS 236,638 38,257 RECONCILIATIONOFFUNDS: Fund balances at l December 2024 3,520,433 3,482,176 FUND BALANCESAT30 NOVEMBER 2025 3,757,071 3,520,433 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-

WELSH RUGBYCHARITABLE TRUST BALANCE SHEET AS AT30 NOVEMBER 2025 2025 2024 Notes FIXED AssErs Investments 12 3,519,374 3,456,510 CURRENT ASSETS Debtors 13 167,200 94,003 30,535 69,023 Cash at bank and in hand 261.203 99,558 CREDITORS.. AMOUNTS FALLING DUE WITHIN ONEYEAR 14 (23,506) 135,6351 NETCURRENT ASs￿s 257,697 63,923 TOTALASSETS LESS CURRENT LIABILITIES 3,757,071 3,520,433 THEFUNDSOFTHE CHARITY Unrestricted funds 3,757,071 3,520,433 3,757,071 3,520,433 30 Jun 2026 The f Inancial statements were approved bythe trustees on......................... PetrO~- Mr Powens MrHJ Davies Trustee Trustee rRHSBMoon Trustee

WELSH RUGBYCHARITABLE TRUST NOTES TOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 ACCOUNTING POLICIES Charity information Welsh Rugby Charitable Trust is a publie benefit entity 8nd 8 registered eharity in England and Wales ar)d is unincorporated. The address off the principal Offi￿ is 48 Rhys Road, Blackwood, Caerphilly, Gwent, NP123QR. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 IFRS1021" The charity is a Public Benefit Entity as def Ined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities notto prepare a statement of cash flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currenry 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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Goin9 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 forthe 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. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notesto the finaneial statements. 12-

WELSH RUGBYCHARITABLE TRUST NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 ACCOUNTING POLICIES (Continued) 1.4 Income All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 1.5 Expendlture Expencliture is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates". expenditure on raising funds includes the costs of all fundraising activities, events, non- charitabletrading activities, and the sale of donated goods. expenditure on charitable activities includes all Costs incurred by a charity in undertaking activities that further Its charitable aims for the L)enefit of its beneficiaries, including those support costs and costs relating to the governance of the Charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Grants are recognised in the accounts as liabilities after they have been approved by the trustees, the recipients have been notified and there are no further terms and conditions to be fulfilled which are within the control of theTrust. In these circumstances, there is a valid expectation by the recipientsthat they will receive the grant. 13-

WELSH RUGBYCHARITABLE TRUST NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 ACCOUNTING POLICIES (Continued) 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price exclucling transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomeilexpenditurel for the year. Transaction costs are expensed as incurred. 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 t)ank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charity has elected to apply the provisions of Section11 '8asic Financial Instruments, and Section 12 'other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments aTe recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis orto realise the asset and settle the liability simultaneously. 8aslc fflnanclalassets asic financial assets, which include debtors and 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 trar)saction, 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. Basic financialliabilities Basie financial liabilities, including creditors and bank loans 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 ereditors are obligations to psy 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 offinancia//i•bilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 14-

WELSH RUGBYCHARITABLE TRUST NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 ACCOUNTING POLICIES (Continued) 1.9 Employee benef its The cost of any unused holiday entitlement is recognised in the period in which the employee's servi￿$ are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. INCOME FROM DONATIONS AND LEGACIES Unrestricted funds 2025 Unrestricted funds 2024 Donations and gifts 337,007 291,989 Donationsand gifts Donation from the Welsh Rugby Union Donation from the Milennium Stadium Charitable Trust Individual donations 50th Anniversary Donation Gifts from clubs and ground collection 132,814 132,814 65,082 114,010 114,010 52,425 7,043 4,501 6,297 337.007 291.989 INCOME FROM OTHER TRADING ACTIVITIES Unrestricted Unrestricted funds funds 2025 2024 Annual golf day, "Grav" play and Auctions 1.515 1,007 15-

WELSH RUGBYCHARITABLE TRUST NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 INCOME FROM INVESTMENTS Unrestricted Unrestricted funds 2025 funds 2024 Income from listed investments Interest receivable 102,295 564 125.142 102,859 125,142 EXPENDITURE ON CHARITABLE ACTIVITIES Total costs Total costs 2025 2024 Grant funding of activities Christmas grants Relief of injured rugby players Summer grants for injured rugby players Otherdirect charitaL)le activities 35,000 274,987 68,000 5.000 33,000 411,728 66,000 21.184 382,987 531,912 Share of support and governance costs (see note 61 Support Governance 10,232 7,240 9,838 6,963 400,459 548,713 Analysi$ byfund Unrestricted funds 400.459 548,713 16-

WELSH RUGBYCHARITABLE TRUST NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 EXPENDITURE ON CHARITABLE ACTIVITIES (Continued) During the year, the charity paid one grant12024=11 to institutions totalling £5,00012024.. £2,500). Grants to individuals totalled £377,987 {2024.. £510,728) and were paid to 35 beneficiaries12024.. 33). Grants to individuals comprise financial assistance provided to injured rugby players and other inclividuals in need of support, inclucling assistance with living costs, medical needs, and home or vehicle adaptations. Grants to institutions represent funding provided to charitable organisations in furtherance of the charity's objectives. SUPPORTCOSTS ALLOCATED TO ACTIVITIES 2025 2024 Trustee expenses Bank charges Insurance Accountancy Governance Costs 2.157 99 1,340 213 1,976 6,000 7,240 2,285 6,000 6,963 17,472 16,801 Analysed between.. Total costs 17,472 16,801 2025 2024 Governance cost$ ¢ompri$e: Audit fees 7.240 6,963 7,240 6,963 N￿MovEMENTIN FUNDS 2025 2024 The net movement in funds is stated after chargingllcreditingl.. Fees payable forthe audit of the charity's financial statements 7,240 6,963 17-

WELSH RUGBYCHARITABLE TRUST NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 TRUSTEES None of the trustees lor any persons connected with them) received any remuneration during the year. Benefits received byTrustees from the charity during the year are listed in note16. Total expenses of £599 12024.. £1,340) were incurred during the year by trustees for travel and subsistence, with £494 {2024.. £nill remaining outstanding at year end. Donations were re￿iVed from trusteesto the value of £15812024.. £nill. EMPLOYEES There were no employees employed by the charity during the year12024.. 01. 10 GAINSAND LOSSESON INVESTMENTS Unrestrictod funds 2025 Unrestrictod fund$ 2024 Gainslllossesl arising OT).. Revaluation of investments 195,716 168,832 TAXATION The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 18-

WELSH RUGBYCHARITABLE TRUST NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 12 FIXED ASSET INVESTMENTS Listed investments Cost or valuatlon At l December 2024 Additions Valuation changes Disposals 3,456,510 293,883 195.716 1426.7351 At 30 November2025 3,519,374 Carrying amount At 30 November2025 3,519,374 At 30 November 2024 3,456,510 2025 2024 Investments at fair value comprise.. Fixed Interest stock Equities Cash held as part of investment portfolio Income aeeount 664,619 2,755,432 61,075 38,248 769,451 2,624.994 23.391 38,674 3,519,374 5,456,510 The historical cost of the investments as at 30 November 2025 is £2,862,18012024.. £3,068,911). 13 DEBTORS 2025 2024 Amounts falllng due wlthln one year: Other debtors 167,200 30.535 19-

WELSH RUGBYCHARITABLE TRUST NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 14 CREDITORS: AMOU￿$ FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors 3,061 23,543 9,031 other creditors 14,271 9,235 Accruals and deferred income 23,506 35,635 15 CONTINGENT LIABILITY The charity has provided guarantees in respect of two motor vehicle lease agreements entered into by supported individuals. At the balance sheet date, the charity's maximum potential obligation under these guarantees amounted to £51,793. No provision has been recognised in these financial statements as the trustees consider it unlikely that this guarantee will be called upon. The charity will only become liable if the individuals in question default on their lease obligations. 16 UNRESTRICTED FUNDS The unrestricted funds of the charity Cotnprise 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 L)een set aside out of unrestricted funds by the trustees for specific purposes. At1 December Incoming Resources resources expended Transfers Gainsand losses At30 November 2024 2025 General funds 3,520,433 441,381 1400,4591 195.716 3.757,071 Previous year: At1 December Incoming Resources resources expended Transfers Gainsand losses At30 November 2023 2024 Michael Jefferies Fund 328,336 3,153,840 7,025 411.113 1335,361) 335,361 General funds 1548,7131 168,832 3,520,433 3,482,176 418,138 (548,7131 168,832 3,520,433 -20-

WELSH RUGBYCHARITABLE TRUST NOTES TOTHE FINANCIALSTATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 17 RELATED PARTYTRANSACTIONS Transactions with related parties Included in grants payaL)le is £3.00012024.. £3.0001 paid to a Trustee. Thetrustees assess any conflict of interest arising from the grant payment to a trustee and determined the grant to fall within the objective of alleviating financial difficulties of injured players. The deed of trust offers the trustees discretion to financially assist a trustee who had experienced or was experiencing financial hardship derived from an injury incurred by playing rugby. Donations totalling £132,814 (2024.. £114,010) were received during the year from the Welsh Rugby Union, of which a trustee holds the position of president. The amount outstanding at the year end within debtors was £65,09512024.. £15,267). 21

WORKIRO SIGNATURE CERTIFICATE Document Name Final 2025 Accounts.pdf Alex Spencer ([e-mail]) 30 June 2026 11:27:08 UTC Creator Date Identifier 851 ba84f-87c84e9c-9da7-e299251 dfd58 Signers [e-mail] E-mail [e-mail] Signed IP address 30 June 2026 17:47:45 UTC 104.28.86.113 [e-mail] E-mail [e-mail] Signed IP address 30 June 2026 18:20:28 UTC 90.214.31.108 [e-mail] E-mail [e-mail] 03 July 2026 14:19:22 UTC Signed IP address 82.71.57.246 Jonathan Harrhy E-mail [e-mail] 03 July 2026 17:04:08 UTC Signed IP address 62.64.210.58