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← The Regatta Foundation

2025-04-05-accounts

Charity number: 1112912

THE REGATTA FOUNDATION

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2025

THE REGATTA FOUNDATION

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2 - 4
Independent examiner's report 5 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 18

THE REGATTA FOUNDATION

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2025

Trustees K J Black
J Black (Ms)
G J Rickard
Charity registered
number
1112912
Principal office
Risol House
Mercury Way, Dumplington
Urmston
Manchester
M41 7RR
Accountants
Crowe U.K. LLP
Statutory Auditor
3rd floor
St George's House
56 Peter Street
Manchester
M2 3NQ
Bankers
HSBC
11 Church Street
Warrington
Cheshire
WA1 2EY

Page 1

THE REGATTA FOUNDATION

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present their annual report together with the financial statements of the Charity for the year from 6 April 2024 to 5 April 2025.

Objectives and activities

a. Policies and objectives

The objectives of the charity state:

"The Trustees shall hold the capital and income of the trust fund upon trust to apply the capital, in the making of grants and donations at such time or times in such a manner to, or for the benefit of, such exclusively charitable objects and purposes in any part of the world as the trustees may in their absolute discretion think fit."

In setting the objectives and planning for activities, the Trustees have given due consideration to the general guidance published by the charity commission relating to public benefit.

b. Activities undertaken to achieve objectives

The Trustees meet these aims by making grants to charitable institutions as set out in note 4 to the accounts.

Achievements and performance

a. Review of activities

Income for the year was £521,814 (2024: £41,454) and total expenses were £502,179 (2024: £383,563). This produced a surplus for the year of £19,635 (2024: deficit of £342,109).

During the year grants of £499,872 (2024: £384,980) were made to institutions. No grants were made to individuals (2024: £Nill). Unrestricted funds at the year end were £809,278 (2024: £789,643).

b. Fundraising activities and income generation

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

Financial review

a. Going concern

After making appropriate enquires, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. The Trust has considerable unrestricted funds carried forward of £809,278 (2024: £789,643) and has flexibility with regards to the grants they give to organisations.

Page 2

THE REGATTA FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

b. Reserves policy

The trustees consider the the reserves of the Charity should be sufficient to guarantee the long term future of the Charity. Free reserves at 5 April 2025 amount to £809,278 (2024: £789,643). The charity has a target free reserves level of £nil as it has no financial commitments other than the extent to which it awards grant funding. The trustees plan to utilise the free reserves as of date over the next 2 years to bring in line with the reserve policy. The funds are transferred from Regatta Ltd and distributed as and when donations are made.

Structure, governance and management

a. Constitution

The Regatta Foundation is a registered charity, number 1112912, and is constituted under a Trust deed dated 29 November 2005. The charity was registered as a charity with the Charity Commission on 3 February 2006.

b. Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms 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' 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 Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable 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 for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

THE REGATTA FOUNDATION

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Approved by order of the members of the board of Trustees and signed on their behalf by:

Keith Black

Date: 17/02/26

Page 4

THE REGATTA FOUNDATION

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2025

Independent examiner's report to the Trustees of The Regatta Foundation ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2025.

Responsibilities and basis of report

As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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 (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered 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 accounts to be reached.

Page 5

THE REGATTA FOUNDATION

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed:

Dated: 18 February 2026

Kathryn Paul

Crowe 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 2025

Note
Income from:
Donations and legacies
2
Other income
3
Total income
Expenditure on:
Charitable activities
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
500,000
21,814
521,814
502,179
502,179
19,635
789,643
19,635
809,278		 Total
funds
2025
£
500,000
21,814
521,814
502,179
502,179
19,635
789,643
19,635
809,278		 Total
funds
2024
£
-
41,454
41,454
383,563
383,563
(342,109)
1,131,752
(342,109)
789,643

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 18 form part of these financial statements.

Page 7

THE REGATTA FOUNDATION

BALANCE SHEET AS AT 5 APRIL 2025

2025 2025 2024
Note £ £
Current assets
Cash at bank and in hand 811,278 791,643
811,278 791,643
Current liabilities
Creditors: amounts falling due within one
year 9 (2,000) (2,000)
Net current assets 809,278 789,643
Total assets less current liabilities 809,278 789,643
Net assets excluding pension asset 809,278 789,643
Total net assets 809,278 789,643
Charity funds
Restricted funds 11 - -
Unrestricted funds 11 809,278 789,643
Total funds 809,278 789,643

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Keith Black

Date: 17/02/26

The notes on pages 10 to 18 form part of these financial statements.

Page 8

THE REGATTA FOUNDATION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Bank interest received
Net cash provided by investing activities
Cash flows from financing activities
Repayments of Loan
Interest received
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 10 to 18 form part of these financial statements		 2025
£
(2,179)
-
-
-
21,814
21,814
19,635
791,643
811,278		 2024
£
(392,103)
10,926
10,926
1,007,893
30,528
1,038,421
657,244
134,399
791,643

Page 9

THE REGATTA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and 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 Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Regatta Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

1.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Other income is recognised in the period in which it is receivable and to the extent 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 to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the 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 objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions 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 2025

1. Accounting policies (continued)

1.4 Expenditure (continued)

All expenditure is inclusive of irrecoverable VAT.

1.5 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.6 Liabilities and provisions

Liabilities are recognised when there 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 settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. 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 the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

1.7 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.8 Fund accounting

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 purposes.

1.9 Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The charity has not made any estimates and assumptions concerning the future.

Page 11

THE REGATTA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

2. Income from donations and legacies

Unrestricted
funds
2025
£
Donations
500,000
3.
Other incoming resources

Other income
Other income
4.
Analysis of grants
Grants, Donations
Grants, Donations		 Total
funds
2025
£
500,000
Unrestricted
funds
2025
£
21,814
Unrestricted
funds
2024
£
41,454
Grants to
Institutions
2025
£
499,872
Grants to
Institutions
2024
£
384,980		 Total
funds
2024
£
-
Total
funds
2025
£
21,814
Total
funds
2024
£
41,454
Total
funds
2025
£
499,872
Total
funds
2024
£
384,980

Page 12

THE REGATTA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

4. Analysis of grants (continued)

The Charity grants are split into the following categories;

Education & Youth
Health & Welfare
Community
Humanitarian
Outdoors & Sustainability
Arts		 2025
2024
160,841
130,302
183,212
130,813
38,653
36,615
-
250
80,510
62,600
36,656
24,400
499,872
384,980

The Charity has made the following grants to institutions during the year:

Name of institution
Barnet Youth Zone/Unitas
OnSide Youth Zones
Manchester University
Conservation Collective
CSJ
The Janet Rooney HPB Net Cancer Fellowship
Follicular Lymphoma Foundation
Other grants to institutions		 2025
£
100,000
-
125,000
60,000
20,000
-
50,000
355,000
144,872
499,872		 2024
£
100,000
25,000
75,000
40,000
20,000
20,000
-
280,000
104,980
384,980

Page 13

THE REGATTA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

5. Analysis of expenditure by activities

Direct costs
Direct costs		 Grant
funding of
activities
2025
£
499,872
Grant
funding of
activities
2024
£
384,980		 Support
costs
2025
£
2,307
Support
costs
2024
£
(1,417)		 Total
funds
2025
£
502,179
Total
funds
2024
£
383,563

6. Independant examiner's remuneration

Fees payable to the Charity's independent examiner for the independent examination of the Charity's annual accounts were £1,540 (2024: £1,470).

7. Staff cost

During the year, the Trust had incured £Nil (2024: £Nil) staff costs.

The average number of staff during the year was Nil (2024:Nil).

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 5 April 2025, no Trustee expenses have been incurred (2024 - £NIL) .

Page 14

THE REGATTA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

9. Creditors: Amounts falling due within one year

2025 2024
£ £
Accruals 2,000 2,000

The charity has approved future funding commitments to partner organisations of £275,000 for 2025 (2024: £400,000). These commitments represent future intentions to make grants and are not recognised as liabilities in the financial statements.

10. Financial instruments

Financial assets
Financial assets measured at fair value at amortised cost
Financial liabilities
Financial liabilities measured at fair value at amortised cost		 2025
£
811,278
2025
£
-		 2024
£
791,643
2024
£
2,000

Financial assets measured at amortised cost comprise of cash at 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 2025

11.
Statement of funds
Statement of funds - current year
Unrestricted funds
General Funds - all funds
Statement of funds - prior year
Unrestricted funds
General Funds - all funds		 Balance at 6
April 2024
£
789,643
Balance at
6 April 2023
£
1,131,752		 Income
£
521,814
Income
£
41,454		 Expenditure
£
(502,179)
Expenditure
£
(383,563)		 Balance at 5
April 2025
£
809,278
Balance at
5 April 2024
£
789,643

Page 16

THE REGATTA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

12. Summary of funds

Summary of funds - current year

General funds
Summary of funds - prior year
General funds		 Balance at 6
April 2024
£
789,643
Balance at
6 April 2023
£
1,131,752		 Income
£
521,814
Income
£
41,454		 Expenditure
£
(502,179)
Expenditure
£
(383,563)		 Balance at 5
April 2025
£
809,278
Balance at
5 April 2024
£
789,643

13. Analysis of net assets between funds Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Current assets
811,278
Creditors due within one year
(2,000)
Total
809,278
Analysis of net assets between funds - prior year
Unrestricted
funds
2024
£
Current assets
791,643
Creditors due within one year
(2,000)
Total
789,643		 Total
funds
2025
£
811,278
(2,000)
809,278
Total
funds
2024
£
791,643
(2,000)
789,643

Page 17

THE REGATTA FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

14. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Interest received on Loan
Bank interest received
Increase/(decrease) in creditors
Net cash used in operating activities
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents		 2025
£
19,635
-
(21,814)
-
(2,179)
2025
£
811,278
811,278		 2024
£
(342,109)
(30,528)
(10,926)
(8,540)
(392,103)
2024
£
791,643
791,643

15. Analysis of cash and cash equivalents

16. Analysis of changes in net debt

Cash at bank and in hand At 6 April
2024
£
791,643
791,643		 Cash flows
£
19,635
19,635		 At 5 April
2025
£
811,278
811,278

17. Related party transactions

During the year, grants of £100,000 (2024: £100,000) were awarded to Barnet Youth Zone, a Charity for which Mr K Black was a trustee until his resignation on 5th February 2024.

During the year, donations of £500,000 (2024: £Nil) were received from Regatta Limited, a company for which Mr K Black and Ms J Black are directors.

Page 18