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 (alex.spencer@kilsbywilliams.com)
30 June 2026 11:27:08 UTC
Creator
Date
Identifier
851 ba84f-87c84e9c-9da7-e299251 dfd58
Signers
rhsbmoon@yahoo.co.uk
E-mail
rhsbmoon@yahoo.co.uk
Signed
IP address
30 June 2026 17:47:45 UTC
104.28.86.113
huw@hda-wales.co.uk
E-mail
huw@hda-wales.co.uk
Signed
IP address
30 June 2026 18:20:28 UTC
90.214.31.108
powens@wru.wales
E-mail
powens@wru.wales
03 July 2026 14:19:22 UTC
Signed
IP address
82.71.57.246
Jonathan Harrhy
E-mail
jonathan.harrhy@kilsbywilliams.com
03 July 2026 17:04:08 UTC
Signed
IP address
62.64.210.58