Charlty number.. 1112912 THE REGATTA FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE REGATTA FOUNDATION CONTENTS Page Referenoe and administrative d8tails of the Charityi its Trustees and advlser8 Trusteos, report Indepèndent examlnerfs report statement of financlal actlvltles Balance sheet Statement of cash flows Notes to tho flnanclal statements 10-18
THE REGATTA FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees K J Black J Black Ims) G J Rickard Charity registered number 1112912 Principal offic8 Ri501 House Mercury Way, Dumplington Urmston Manch8Ster M417RR Accountants Crowe U.K. LLP statutory Auditor 3rd floor st George's House 56 Peler Stre8t Manchester M2 3NQ Bankers HSBC 11 Church Street Warrington Cheshire WA12EY Page 1
THE REGATTA FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trusteas present their annual report together with the financial statements of the Charity for the year from 6 April 2023 to 5 April 2024. ObJectlvo8 and actlvltlos a. Polleies and objectives The objectlV8s of the charity state.. "The Trustees shall hold th8 capital and income of the trust fund upon trust to apply the capital, in the making of grants and donations at such time or lim8s in such a manner to, or for the benefit of, such exclusively chgritable objects and purposes in any part of the world as the trustees may in their absolute discretlon think fit. In setting Ihe objectives and planning for activities, thè Trustees have given due consideratlon to the general guidanc8 published by the charity commission relatlng to public benefit. b. Actlvltles undertaken to achiev8 objectives The Truslee5 meet these aims by making grants to charilable institutions as set out in note 4 to the accounts. Achievements and performance Revlew of a¢tlvltles Income for the year was £41,454 (2023.. £7,893) and total expenses were £383,5E312023: £312.7591. This produced a deficit for the year of £342,109 (2023.. deficit of £304,865)- During th8 y8ar grants of £384,980 {2023- £306,971) were made to InstSlutlons. No grants were mada to IndlvSduals (2023: NIL). Unrestricted fijnds at the yoar gnd were £789,643 (2023: £1,131,752). b. Fundraising activities and income generation Th8 charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011 . Flnanclal revlew . Going concern Aftgr making appropriat8 enquires, the trustees have a reasonabla expectation that the ch8rity has adequate resourcas to ¢ontinu8 in operational existence for the foreseeable future, For this reason, they contlnue to adopt the going concern basis In preparing the financial statements. The Trust has considerable unr8Stricted funds carried forward of £789,643 (2023: £1,131,752> and has flexibility with regards lo th& grants they give to organisalions. Page 2
THE REGATTA FOUNDATION TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 b. Reserves policy Th8 trustees consider the the reserves of the Charity should be sufficient to guarantee the long term ftjlure of tha Charlty. Free reserves at 5 April 2024 amount to £789,643 12023: £1,131,752). Tha charity has a target free reserves level of £nil as it has no financial commitments other than tha 8xt8nl lo which it awards granl funding. The trustees plan to utilise the free r&s8rv8s as of date over the next 2 years lo bring in line wlth Ihe reserve policy. The funds are Iransfarred from Regatta Ltd and distributed as and when donations ar8 mad8. structuré, govérnance and management a. Constitutlon The Regatta Foundation is a registered charity, number 1112912, and is constituted under a Trust dead datad 29 November 2005. The charity was registered as a charlty with the Charily Commission Dn 3 February 2006. b. Methods of appointment or election of Trust8es The management of the Charlty is the responsibility of th8 Trustees who are elected and COaOPted under the tgrms of the Trust deed. Plans for future periods The trust plans to continue to make grants to charitable institutions for the foreseeable future. statement of Trustees. responsibiliti8s 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 G8nerally Accepted Accounting Practice). The law appllcable to charlties in England & Wales requires the Trus18es to prepare financial statements for each financial which givE+ a tru8 and fair view of the st8le of 8ffairs of Ihe Charily and of its incoming resources and application of resources, including its income and expenditure, for that period. Sn preparing these financial statements, the Trustees are required lo: S818ct suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimate5 that are reasonablg and prudent., state whether applicable UK Accounting Standards (FRS 1021 have been followed, subject to any material departures disclosed and explained in the financial ststemonts,, prepare Ihe financial statements on the going CDncem basis unless il is inappropriate to presume that the Charity will contlnue In buslness. The Trustees ar8 r8sponsible for keeping adequate accounting records thal are sufficient to show and explain the Charity's transactions and disclose with re8sonable accuracy at any time the financial position of the Charity and enable them to ensure that the flnancial slatemenls comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed, They are also responsible for safeguarding the assets of the Charity and hence for tsking reasonable steps for the preventlon and detection of fraud and other irregularities. Page 3
THE REGAThA FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Approv f the board of Trustees and signed on their behalf by. Date.. 4 February 2025 Page 4
THE REGATTA FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Independent examlner's report to the Trustees of The Regatta Foundatlon ('the Charlty'l I report to tha charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024. Responsibilltles and basls of report As the Trustees of the Chan'ty you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the 2011 Act'l. I raport in r8spect of my examination of the Charity's accounts carried out und8r section 145 of the 2011 Act and In carrying out my examination I have followed the applicable Directions given by the Charlty Commission und6r sectlon 145(5}{b} of the 2011 Act. Independent examiner's statement Your attention is drawn to the fact thal the Charity has prepared th8 accounts in accordance with Accounting and Reporting by Charities- Statement of Recommended Praclice appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Chariti8s: Statement of Recommended PractlC8 issued on 1 April 2005 which is raferr8d to in the 8Xtant regulations but has been withdrawn. l understand that this has been dong in ordar for thg accounts to provid8 a true and fair view in accordance with the Generally Accepted Accounling Practic8 effsctiv6 for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confimi that no matters have come to my alt&ntion in connection with the 6xamination giving me cause to believe that in any material respect: accounting records were nat kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those r8cords' or the accounls do not comply wilh the applicable requirements conceming the form and content of accounts set out In the Charltles {AcGounts and Reports) Regulations 2008 othar than any requirement that the accounts give a 'lrue and fair, view which is not a matter considored as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounls lo bg reachad. Page 5
THE REGATTA FOUNDATION INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED S APRIL 2024 This report is made solely to th8 Charivs Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undartaken so that I might stale to the Charitys Trustees those matters l am required to state to Ih8m In an Independent examiner's report and for no other purpose. To the fullest extent pemiitted by law, I do not accept or assume responsibility to anyone other than the Charity and Ihe Charills Trustees as a body, for my work or for this report. Signed,. Dated,, 5th February 2025 Vlcky Szulist Crow6 U.K. LLP 3rd floor st George's House 56 Peter Street Manchester M2 3NQ Page 6
THE REGATTA FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrostrlcted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Other incorne 41,454 41,454 7, 893 Total income 41,454 41,454 7,893 Expendilur• on,. Charitable activities 383,563 383,563 312,759 Total expendlture 383,563 383,563 312, 759 N8t movement in funds 1342,1Q91 (342,109) (304,866) Reconclllatlon of funds: Total funds brought fotward Nel movement in funds 1,131,752 (342,109) 1,131,752 (342,109) 1,436,618 (304,866) Total funds carried forward 789,643 789,643 1,131,752 The Staternent of financial activities includes all gains and losses recognised in thg year. Thg notgs on pages 10 to 18 form part of thes8 financial statements. Page 7
THE REGAThA FOUNDATION BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note Current assets Debtors Cash al bank and in hand 1,007,893 134, 399 791,643 791.643 1, 142.292 Creditors.. amounts falling due within one year (2,000) (10.540) Net current assets 789,643 1,131,752 Total assets less current liabilities 789,643 1,131,752 Net assets excluding pension asset 789,643 1,131,752 Total net assets 789.643 t.131,752 Charity funds Restricted funds Unrestricted funds 789,643 1,131,752 Total funds 789,643 1, 131,752 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Date.. 4 February 2025 The notes on pages 10 to 18 form part of these financial slalements. Page 8
THE REGATTA FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2024 2024 2023 Cash flows from operatlng actlvltles Net cash used in Dperaling activities (392,103) (304,126) Cash flows from Investing activltlas Bank interest received 10,926 N8t cash provided by Investlng actlvltles 10,926 Cash flows from financing activities Loan lo related party Repayments of Loan Interest received (1,007,895) 1,007,893 30,528 Net cash provlded byl(used In) flnancing activitles 1,038,421 (1,007,893) Change In cash and cash 8quivalents in the yèar Cash and cash equivalents at the beginning of the year 657,244 (1,312,019) 134,399 1,446,418 Cash and cash equlvalenls at the end of the year 791,643 134,399 The notes on paggs 10 lo 18 form parl of these financial statements Page 9
THE REGATTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting pollcles 1.1 Basls of preparatlon of financial statements The flnancial statements hav8 b88n prepared in accordance wlth the Charities SORP (FRS 1021 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to chariti8S preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Acl 2011 . The financial slatements have been prepared to give a 'true and fairf vi8w and have departed from the Charities {AcGOUnts and Reports) Regulations 2008 only to the exlent required to provide a 'true and fair, vi8w. This departure has involved following the Charities SORP (FRS 102} published in October 2019 rather than the Accounting and Reporting by Charities: Statement of R8commended Practlce effective from 1 April 2005 which ha8 since been withdrawn. The Regatta Foundatlon meets the definition of a publlc benefit enlity und@r FRS 102. Ass8ls and liabilities are initlally recognised at historical cost or transaction value unl8SS Otherwise staled In the relevant accounting policy. 1.2 Going concern After making appropriat8 enquiri8s, the trustees have a reasonable expectation that the charily has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue lo adopt the going ¢oncern basis in preparing the financial statements. 1.3 Income All income is recognlsed once the Gharity has 8ntit18ment lo the incom8, It is probable that the Incom8 will be r8ceived and the amount of income receivable can be measured reliably. Olher Income is recognised in the period in which it is recaivable and to Ihe 8Xtent the goods have been provided or on completion of the service. 1.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be requir8d in settlemant and the amount of the obllgation can be measurgd reliably. Expenditure is classified by activity. The costs of each activity are made up of tha total of direct costs and shared costs, including support costs involved in undertaking each activity, Direct costs attributable to a slngle activity are allocat6d directly lo that activity. Shared costs which contribute to more than one aotivily and support costs which are not attributable to a single activity ara apportioned between those activities on a basis consistenl with th8 use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectivgs, as we11 as any 8ssociatod support costs. Grants payable are charged in the year when the offer is made excapt in thosg cases whare th6 offer is conditional, such grants being recognisad as &xp8nditure when th8 conditions attachlng are fulfilled. Grants offered subject to candilions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. Page 10
THE REGATTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng policies (continued) 1.4 Expendlture Icontlnued) All expenditure is inclusive of irrecoverable VAT. 1.5 Debtors Trade and oth8r debtors are recognised at the settlement amount afler any trade discount off&rad. Prepayments are valued at the amount prapaid n8t of any trad@ discounts dua. 1.6 Cash at bank and in hand Cash at bank and in hand includes cash and short-t8rrn highly liquid investm6nts with a short maturity of three months or less frotn the dalg of acquisition or opening of the deposit or similar account, 1.7 Llabllltles and provisions Liabilities are recognised when Ihere is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlemant, and the amount of the settlement can be estimated reliably. Liabllities are recogni5ed at the amount that the Charlty anticipates it will pay to settle the dabl or the amount it has received as advanced payments for the goods or s9rvic8S it must provide. Provisions are measLJf8d 8t the b8St 8Stimate of the amounts required to settle the oblig8tian. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to th8 liability The unwinding of the discount is recognised in the Statement of financial activities as a finance cost, 1.8 Financial Instruments The Charity only has financial assets and financial liabililies of a kind that qualify as basic financlal in3trum8nts. Basic financial instruments are initially recognised at transaction value and subsequantly measured at their settlement value with the exceptlon of bank loans which are subsequently measured at amortised cost using the aff@cliv8 inleresl method. 1.9 Fund accountlng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other pury)oses. 1.10 Crltlcal accounting estimates and ar8as of judgment Estimates and judgments are continually evaluated and are based on historical experienc8 and other factors, including éxpectations of future events that are beli8V8d to be reasonable under the cirGumstan¢es. Critical accounting estlmates and assumplions: The charity has not made any estlmates and assumptions concarning the future. Page11
THE REGArrA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 other In¢omlng resources Unrestricted funds 2024 Total funds 2024 Other incomo 41.454 41,454 Unrestricted fvnds 2023 Total funds 2023 Other income 7,893 7, 893 Analysi5 of grants Grants to Institutions 2024 Total funds 2024 Grants, Donations 384,980 384,980 Grants to Instittjtions 2023 Total funLIs 2023 Grants, Donations 306,971 306,971 Page 12
THE REGATTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysls of grants (contlnued) The Charily has made the following grants to institutions durtng the year., 2024 2023 Name of Instllutlon Barnet Youth Zonelunitss Onside Youth Zones Manchester University Conservation Collective CSJ The Janet Roonay HPB Net Cancer F8llowship 100,000 25.000 75,000 40,000 20,000 20,000 125, 000 25,009 25,000 19,000 20,QOO 280,000 214,000 Other grants to inslltulions 104,980 92,971 384,980 306,971 Analysis of expenditur8 by activities Grant funding of activlties 2024 Support costs 2024 Total funds 2024 Diract costs 384,980 {1,417} 383,563 Grant fundffng ol activities 2023 Support costs 2923 Tot81 funds 2023 Dlrect costs 306,971 5, 788 312,759 Page 13
THE REGATTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Independant examlner's remuneratlon Fees payable to the Charity's independent examiner for the independent examinallon of the Charity's annual accounts were £1,47012023: £1,400). Staff cost During the year, the Trust had Incured £Nil (2023.. £Nil} staff costs. The averag8 numb@r of staff during the year was Nil (2023:Nil}. Trustees. remuneratlon and expenses During lh8 y8ar, no Trustees received any remuneration or other benefits (2023 - £nil). Durfng the year ended 5 April 2024, no Trusl8e expens8s have been incurred (2023- £NIL). Debtors 2024 2023 Due wlthln one year Other debtors 1,007,893 t,007,893 Cr&dltors: Amounts falllng due wlthin one year 2024 2023 Accruals 2,000 10,540 Page 14
THE REGATTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 10. Flnanclal Instruments 2024 2023 Financial assets Financial ass@ts measured al fair value at amortised cost 791,643 1,142,292 2024 2023 Financial liabilitles Financial liabilities measured at falr value at amortised cost 2,000 19,540 Financial assets measured at amortised cost comprise of cash al bank and debtors. Financial liabilities measured at amortised cost comprise accruals. Page 15
THE REGATTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 11. statement of funds statement of funds - current y8ar Balance at6 April 2023 Balance al 5 April 2024 Income Expondlture Unrestrl¢ted fund5 General Funds- 811 funds 1,131,752 41,454 {383,5631 789,643 Statement of funds . prlor year Balance al 6 April 2022 Balancg al Income Exp8nditure 5 April 2023 Unrestrictsd funds General Funds 811 funds 1,436,618 7,893 (312,759) I,t31,752 Page 16
THE REGATTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 12. Summary offunds Summary of funds - current year Balanco at 6 April 2023 Balance al 5 April 2024 Income Expenditur• G&neral funds 1,131,752 41,454 1383,563) 789,643 Summary of funds - prior year BalanGe at 6 April 2022 Balance al Incom9 Exp6ndifur6 5 April 2023 General funds 1,436,618 7,893 (312, 759) 1. 137,752 13. Analysis of net ass8t8 b8tW8en funds Analysis of nel assets between funds - current poriod Unrestrlcted funds 2024 Total funds 2024 Current assets Credltors due wlthin one year 791,643 12,000> 791,643 (2,000) Toial 789,643 789,643 Analysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Current assets Creditors due within one year 1,142,292 (10,540) 1,142,292 (10,540) Total t,131,752 1, 131,752 Page 17
THE REGATTA FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 14. Reconclllatlon of net movement In funds to net cash flow from opèratlng actlvltles 2024 2023 Net 6xpenditure for the period las per Statamènt of Financial Activltles) 1342,109) (304,866) Adju8tm8nts for: Interest racaived on Loan Bank interest recelved Increasel(decrease) in creditors 130,528) 110,926) (8,540) 740 Net cash used in operating actlvltles (392,103) (304,126) 15. Analysis of cash and cash equivalents 2024 2023 Cash in hand 791,643 134,399 Total Cash and cash equlvalents 791,643 134,399 16. Analysis of changes in net debt At 6 April 2023 Cash flows At 5April 2024 Cash at bank and In hand 134,399 657,244 791,643 134,399 657,244 791,843 17. Related party transactions During the year, grants of £tOO,ODO (2023: £125,000) were awarded to Barnet Youth Zone, a Charity for which Mr K Black was a trustee until his resignation on 5th February 2024. During th8 prior year, a loan worth £1,007,893 was awarded to Regatta Limited, a related party of the Charity. Thls was fully repaid in the year. Page 18