2023-10-31-accounts

Charity number: 1174338 Registered number: CEO10828

THE HENLEY FESTIVAL TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

THE HENLEY FESTIVAL TRUST

(A charitable incorporated organisation)

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 5
Independent auditors' report on the financial statements	6 - 9
Consolidated statement of financial activities	10
Consolidated balance sheet	11 - 12
Charity balance sheet	13 - 14
Consolidated statement of cash flows	15
Notes to the financial statements	16 - 39

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 OCTOBER 2023

Trustees	Lord S Carter, Chairman (Resigned 5 October 2023)
	A Mallin, Trustee
	Lord H D Leigh, Trustee
	J Hobbs, Trustee
	S Laing, Chairman (appointed Chairman 5 October 2023)
	M Homer, Trustee
	M Head, Trustee
	M Smith, Trustee
Charity registered number 1174338 Principal office Leander Club Henley-On-Thames Oxfordshire RG9 2LP Chief executive officer J Bausor Independent auditors Donald Reid Limited Chartered Accountants Prince Albert House 20 King Street Maidenhead Berkshire SL6 1EF Bankers Lloyds Bank plc 25 Gresham Street London EC2V 7HN Solicitors The Head Partnership 2 Duke Street Henley-on-Thames RG9 1UP

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 OCTOBER 2023

The Trustees present their annual report together with the audited financial statements of The Henley Festival Trust for the year ended 31 October 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” in preparing the annual report and financial statements of the charity in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Objectives and activities

The purpose of the charity is the advancement of the arts which includes musical, visual, literary, dramatic or any other arts, and the promotion and widening of public appreciation and interest in the arts in Henley-onThames and the surrounding area and other such places as the Trustees may from time to time determine for the benefit of the public.

The organisation carries out its purpose in two main ways:

1) through the provision of the annual Henley Festival; and

2) by supporting emerging talent, both on the stage and behind the scenes, and working with local and national organisations that widen access and participation in the arts and improve the diversity of those involved in the arts.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake and in respect of public benefit.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Achievements and performance

In 2022 the charity marked its 40th anniversary with a very successful Festival and the launch of the new charitable initiative, RISE, with the aim of inspiring and supporting the next generation of talented performers and technicians hoping to work in the creative arts industry. The charity built upon this further in 2023 with another very successful Festival and an expanded RISE programme - showcasing nine musical acts on a dedicated RISE stage, displaying exhibitions from four visual artists, and hosting four backstage crew students, working with internationally acclaimed sound and lighting companies.

Financial review

Review of Financial Result

The charity recorded a net income before taxation of £167,679 ( 2022: £366,521 ). This takes reserves to £739,140 ( 2022: £586,188 ).

Reserves policy

The Trustees are committed to maintaining sufficient unrestricted reserves to ensure that the charity can continue to promote its aims within the local community and support emerging talent more widely, and have set a target to maintain unrestricted funds between £400,000 - £500,000. The healthy net income recorded in 2022 and 2023 has taken reserves above this level, and the Trustees are pleased to have strong reserves at this time.

Going concern

The Trustees are of the opinion that the Charity has adequate resources to continue to operate for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Review of fundraising activities

The charity benefits from the generous support of the Patrons’ Club for which the Trustees are extremely grateful. Funds are also raised through the Friends membership scheme which offers various levels of support, each attracting a range of benefits, and from corporate sponsorship, corporate members and donors.

The charity has a targeted approach to fundraising, and the CEO is supported by a specialist fundraising team. The charity’s fundraising activities conform to all recognised standards and any complaints are dealt with by the CEO. There were no complaints received by the charity with regard to its fundraising activities during the year.

Review of subsidiary trading activity

Commercial activities are carried out by a wholly owned subsidiary, Henley Festival Limited. The Trustees were satisfied with the profit after taxation of £54,265.

Structure, governance and management

Constitution

The Henley Festival Trust is a registered charity, number 1174338, and is registered as a Charitable Incorporated Organisation.

Organisational structure

The management of the Group and the Charity is the responsibility of the Trustees who are elected under the terms of the constitution of the Charitable Incorporated Organisation.

A Chief Executive Officer is appointed by the Trustees to manage the day to day operations of the charity and a qualified accountant is appointed as Finance Director. The charity liaises regularly with its lawyers, accountants and professional advisers.

Trustee induction and training

New Trustees are provided with an introduction to the Charity, its organisation and an overview of its operations. Trustees are made aware of training opportunities and updates in charity law.

Key management remuneration

The pay of senior staff is reviewed annually by the Trustees, with reference to comparable organisations and to the local area.

Risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those relating to the operations and finances of the charity and the trading subsidiary. The Trustees are satisfied that adequate systems are in place to safeguard the assets. Cashflow forecasts are prepared and reviewed on a regular basis to ensure that liabilities can be met as they fall due and to provide assurance that both are operating as going concerns.

Related parties

The charity owns 100% of the share capital of Henley Festival Limited, a company which carries out the commercial activities. Details of transactions with related parties are given in note 28 to the accounts.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Plans for future periods

The aim for this and future years is to build upon the success of recent years and continue to:

• develop Henley Festival as a credible and nationally recognised arts organisation which delights our audiences, partners, sponsors, Patrons and Friends;

• innovate and invest in order to offer a dynamic arts experience of the highest quality for our audiences, sponsors and corporate guests;

• transform people’s lives by making a significant contribution to the cultural and economic life of Henley-onThames and the surrounding area;

• further develop and nurture the next generation of creative talent through the RISE programme, by creating more opportunities for emerging talent both on the stage and behind the scenes;

• ensure that the Festival continues to thrive through challenging economic times by the continued development and diversification of income sources, prudent budgeting and long term planning, effective cost control and environmental sustainability; and

• manage the Festival through a professional structure, with effective leadership and management, and building the confidence of our audiences and stakeholders.

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 year which give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2023

Approved by order of the members of the board of Trustees on _______ and signed on their behalf by: 23 May 2024

S Laing Trustee

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE HENLEY FESTIVAL TRUST

Opinion

We have audited the financial statements of The Henley Festival Trust (the 'parent charity') and its subsidiaries (the 'group') for the year ended 31 October 2023 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of 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 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 October 2023 and of the Group's incoming resources and application of resources, including its income and expenditure 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 requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (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 Group and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 basis 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 cast significant doubt on the Group's or the parent 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 sections of this report.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE HENLEY FESTIVAL TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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 where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 Group's and the parent 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 liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do so.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE HENLEY FESTIVAL TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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 (UK) 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 economic decisions of users taken on 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:

• enquiring of management concerning actual and potential litigation and claims;

• performing analytical procedures to identify any unusual results that may indicate risks of material misstatement due to fraud;

• reading minutes of meetings;

• assessing any management override of controls by testing journal entries and other adjustments and reviewing accounting estimates for indications of potential bias;

• evaluating any transactions that are unusual or outside the normal course of business; and maintaining alert to any fraud risks throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

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. 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 Auditors' 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 its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF THE HENLEY FESTIVAL TRUST (CONTINUED)

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Jacqui Williams FCA (Senior statutory auditor) for and on behalf of Donald Reid Limited Chartered Accountants Statutory Auditors Prince Albert House 20 King Street Maidenhead Berkshire SL6 1EF

10 Jun 2024 Date:

Donald Reid Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 OCTOBER 2023

Note Income and endowments from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Total income and endowments Expenditure on: Raising funds Charitable activities 8 Total expenditure Net income before taxation Taxation 13 Net income after taxation Transfers between funds 21 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Designated funds 2023 £ - - - - - - - - - - - 25,000 25,000 150,000 25,000 175,000	Restricted funds 2023 £ - 37,886 - - 37,886 - 19,308 19,308 18,578 - 18,578 - 18,578 - 18,578 18,578	Unrestricted funds 2023 £ 2,500 3,211,407 827,164 14,274 4,055,345 520,393 3,385,851 3,906,244 149,101 (14,727) 134,374 (25,000) 109,374 436,188 109,374 545,562	Total funds 2023 £ 2,500 3,249,293 827,164 14,274 4,093,231 520,393 3,405,159 3,925,552 167,679 (14,727) 152,952 - 152,952 586,188 152,952 739,140	Total funds 2022 £ 227,433 2,939,724 1,049,193 2 4,216,352 691,917 3,157,914 3,849,831 366,521 (15,712) 350,809 - 350,809 235,379 350,809 586,188

All income and expenditure derive from continuing activities.

The notes on pages 16 to 39 form part of these financial statements.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

CONSOLIDATED BALANCE SHEET AS AT 31 OCTOBER 2023

Note Fixed assets Tangible assets 14 Current assets Debtors: amounts falling due within one year 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Net assets Total net assets	364,900 795,219 1,160,119 (400,268)	2023 £ 3,456 3,456 759,851 763,307 (24,167) 739,140 739,140	378,722 629,475 1,008,197 (392,516)	2022 £ 4,674 4,674 615,681 620,355 (34,167) 586,188 586,188

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 OCTOBER 2023

Note Charity funds Designated funds 21 Restricted funds 21 Unrestricted funds General funds 21 Total general unrestricted funds 21 Total funds	545,562	2023 £ 175,000 18,578 545,562 739,140	436,188	2022 £ 150,000 - 436,188
				586,188

The financial statements were approved and authorised for issue by the Trustees on _______ and signed on their behalf by: 23 May 2024

S Laing Trustee

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The notes on pages 16 to 39 form part of these financial statements.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

CHARITY STATEMENT OF FINANCIAL POSITION AS AT 31 OCTOBER 2023

Note Fixed assets Tangible assets 14 Investments 15 Current assets Debtors: amounts falling due after more than one year 16 Debtors: amounts falling due within one year 16 Cash at bank and in hand Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 18 Net assets Total net assets	915,380 208,528 772,938 1,896,846 (384,506)	2023 £ 3,456 10 3,466 1,512,340 1,515,806 (24,167) 1,491,639 1,491,639	915,380 283,991 601,809 1,801,180 (378,745)	2022 £ 4,674 10 4,684 1,422,435 1,427,119 (34,167) 1,392,952 1,392,952

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

CHARITY STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 OCTOBER 2023

Note Charity funds Designated funds 21 Restricted funds 21 Unrestricted funds General funds 21 Total general unrestricted funds 21 Total funds	1,298,061	2023 £ 175,000 18,578 1,298,061 1,491,639	1,242,952	2022 £ 150,000 - 1,242,952
				1,392,952

The financial statements were approved and authorised for issue by the Trustees on 23 May 2024_______ and signed on their behalf by:

S Laing Trustee

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The notes on pages 16 to 39 form part of these financial statements.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 OCTOBER 2023

Cash flows from operating activities Net cash provided by operating activities Cash flows from investing activities Dividends, interests and rents from investments Net cash provided by investing activities Cash flows from financing activities 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 16 to 39 form part of these financial statements	2023 £ 151,470 14,274 14,274 - 165,744 629,475 795,219	2022 £ 233,038
		2
		2
		-
		233,040 396,435
		629,475

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

1. General information

The Henley Festival Trust is a charitable incorporated organisation, registered in England and Wales. In the event of the charity being wound up, the members of the charitable incorporated organisation have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilties. The charity's registered number is 1174338 and registered office is Leander Club Ltd, Henley-on-Thames, Oxfordshire, RG9 2LP. The nature of the charity's operations and principal activities are that of operating a music festival.

2. Accounting policies

2.1 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 UK Generally Accepted Accounting Practice.

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 Henley Festival Trust 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.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

2.2 Going concern

The charity has prepared forecasts for the next two years and the Trustees believe that with the ongoing support of its Patrons and careful financial management the charity will have sufficient reserves to continue to operate for the foreseeable future.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

2. Accounting policies (continued)

2.3 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.

Income from charitable activities is recognised at the fair value of the consideration received or receivable for tickets, parking, mooring and souvenir programme sales, together with sponsorship fees and concessions receivable and is shown net of VAT and sales taxes.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 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.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred in support of expenditure on the objects of the charity and include the management and administration of the charity's activities.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities and Governance costs are costs incurred on the charity's operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

2.5 Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated statement of financial activities as the related expenditure is incurred.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

2. Accounting policies (continued)

2.6 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.7 Taxation

The charitable parent entity is exempt from taxation on its activities. The trading subsidiary is subject to taxation on its activities. For the trading subsidiary tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.8 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery - 25% and 33%

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.10 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

2. Accounting policies (continued)

2.11 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.

2.12 Liabilities

Liabilities and provisions 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 Consolidated statement of financial activities as a finance cost.

2.13 Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable surpluses from which the future reversal of the underlying timing differences can be deducted.

Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.

2.14 Financial instruments

The Group 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.

2.15 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

2. Accounting policies (continued)

2.16 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 Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. 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.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

The recognition of deferred tax assets is based upon whether it is more likely than not sufficient taxable profits will be available in the future. Recognition therefore involves judgement regarding the future financial performance of the particular legal entity in which the deferred tax asset has been recognised.

4. Income from donations and legacies

Donations	Restricted funds 2023 £ - Restricted funds 2022 £	Unrestricted funds 2023 £ 2,500 Unrestricted funds 2022 £	Total funds 2023 £ 2,500
			Total funds 2022 £

Page 20

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

4. Income from donations and legacies (continued)

Donations Grants Government grants	Restricted funds 2022 £ - 145,346 - 145,346	Unrestricted funds 2022 £ 6,566 75,000 521 82,087	Total funds 2022 £ 6,566 220,346 521
			227,433

The unrestricted funds in the year ended 31 October 2022 includes £75,000 which is included in designated funds. This was split out in the 31 October 2022 financial statements but has been included as part of unrestricted funds as above.

5. Income from charitable activities

Charitable activities Charitable activities	Restricted funds 2023 £ 37,886	Unrestricted funds 2023 £ 3,211,407 Unrestricted funds 2022 £ 2,939,724	Total funds 2023 £ 3,249,293
			Total funds 2022 £ 2,939,724

Page 21

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

6. Income from other trading activities

Income from non charitable trading activities

Catering and hospitality income Other trading income Catering and hospitality income Other trading income	Unrestricted funds 2023 £ 826,624 540 827,164 Unrestricted funds 2022 £ 1,044,796 4,397 1,049,193	Total funds 2023 £ 826,624 540
		827,164
		Total funds 2022 £ 1,044,796 4,397
		1,049,193

Page 22

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

7. Investment income

Unrestricted funds 2023 £ Bank interest 14,273 Interest receivable 1 14,274 Unrestricted funds 2022 £ Bank interest 2	Total funds 2023 £ 14,273 1
	14,274
	Total funds 2022 £ 2

8. Analysis of expenditure on charitable activities

Summary by fund type

Direct costs Direct costs	Restricted funds 2023 £ 19,308 Restricted funds 2022 £ 145,346	Unrestricted funds 2023 £ 3,385,851 Unrestricted funds 2022 £ 3,012,568	Total 2023 £ 3,405,159
			Total 2022 £ 3,157,914

Page 23

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

9. Analysis of expenditure by activities

Direct costs Direct costs Analysis of direct costs Artist costs Event costs Sponsor and fundraising support costs Marketing costs Freelance costs RISE costs Royalty costs	Activities undertaken directly 2023 £ 2,952,158 Activities undertaken directly 2022 £ 2,786,853	Support costs 2023 £ 453,001 Support costs 2022 £ 371,061 Charity 2023 £ 896,716 1,738,372 36,218 103,388 100,303 19,308 57,853 2,952,158	Total funds 2023 £ 3,405,159
			Total funds 2022 £ 3,157,914
			Total funds 2023 £ 896,716 1,738,372 36,218 103,388 100,303 19,308 57,853
			2,952,158

Page 24

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

9. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Artist costs Event costs Sponsor and fundraising support costs Marketing costs Freelance costs	Charity 2022 £ 909,856 1,602,937 43,194 107,566 123,300 2,786,853	Total funds 2022 £ 909,856 1,602,937 43,194 107,566 123,300
		2,786,853

Analysis of support costs

Staff costs Depreciation Office costs Professional costs Finance costs	Activities 2023 £ 304,311 1,218 115,034 31,450 988 453,001	Total funds 2023 £ 304,311 1,218 115,034 31,450 988
		453,001

Page 25

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

9. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Staff costs Depreciation Office costs Professional costs Finance costs	Activities 2022 £ 228,782 1,656 107,062 32,347 1,214 371,061	Total funds 2022 £ 228,782 1,656 107,062 32,347 1,214
		371,061

10. Auditors' remuneration

		As restated
	2023	2022
	£	£
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts	6,300	6,000

11. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	Group 2023 £ 266,366 20,738 17,207 304,311	Group 2022 £ 192,254 10,060 26,468 228,782	Charity 2023 £ 266,366 20,738 17,207 304,311	Charity 2022 £ 192,254 10,060 26,468
				228,782

Page 26

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

11. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

	Group	Group	Charity	Charity
	2023	2022	2023	2022
	No.	No.	No.	No.
Employees	9	7	8	7

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

	Group	Group
	2023	2022
	No.	No.
In the band £70,001 - £80,000	-	1
In the band £100,001 - £110,000	1	-

During the year, key management personnel received remuneration of £136,462 ( 2022: £126,303 ).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 31 October 2023, no Trustee expenses have been incurred (2022 - £NIL) .

13. Taxation

Corporation tax Current tax on net income for the year Total current tax Deferred tax Origination and reversal of timing differences Total deferred tax Taxation on net income	2023 £ 4,324 4,324 10,403 10,403 14,727	2022 £ -
		-
		15,712
		15,712
		15,712

Page 27

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

13. Taxation (continued)

The tax assessed for the year is higher than ( 2022 - higher than ) the standard rate of corporation tax in the UK of 23% ( 2022 - 19% ). The differences are explained below:

Net income before tax Net income multiplied by the standard rate of corporation tax in the UK of 23 (2022 - 19%). Effects of: Charitable activities not subject to taxation Variances in tax rates Total tax charge for the year	2023 £ 167,679 38,566 (22,205) (1,634) 14,727	2022 £ 366,521 69,639 (52,309) (1,618) 15,712

Page 28

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

14. Tangible fixed assets Group and Charity Cost or valuation At 1 November 2022 At 31 October 2023 Depreciation At 1 November 2022 Charge for the year At 31 October 2023 Net book value At 31 October 2023 At 31 October 2022	Plant and machinery £ 16,412
	16,412
	11,738 1,218
	12,956
	3,456
	4,674

Page 29

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

15. Fixed asset investments

Charity Cost or valuation At 1 November 2022 At 31 October 2023 Net book value At 31 October 2023 At 31 October 2022	Investments in subsidiary companies £ 10
	10
	10
	10

Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name		Company	Registered office or principal	Principal activity
		number	place of business
Henley Festival Limited		02284295	Leander Club, Henley On	Catering and
			Thames, Henley-On-Thames,	Hospitality Services
			England, RG9 2LP
Class of	Holding	Included in
shares		consolidation
Ordinary	100%	Yes

Page 30

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

16. Debtors

Due after more than one year Amounts owed by group undertakings Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income Deferred taxation	Group 2023 £ 8,004 - 347,856 9,040 - 364,900	Group 2022 £ 14,310 - 334,009 20,000 10,403 378,722	Charity 2023 £ 915,380 Charity 2023 £ 2,729 188,157 8,601 9,040 - 208,527	Charity 2022 £ 915,380
				Charity 2022 £ 12,150 226,826 25,015 20,000 -
				283,991

17. Creditors: Amounts falling due within one year

Bank loans Trade creditors Corporation tax Other taxation and social security Other creditors Accruals and deferred income	Group 2023 £ 10,000 17,739 4,324 26,017 22,255 319,933 400,268	Group 2022 £ 10,000 83,890 - 11,141 26,501 260,984 392,516	Charity 2023 £ 10,000 17,546 - 18,773 22,254 315,933 384,506	Charity 2022 £ 10,000 83,890 - 6,480 26,501 251,874
				378,745

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THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

18. Creditors: Amounts falling due after more than one year

Bank loans 19. Financial instruments Financial assets Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost	Group 2023 £ 24,167 Group 2023 £ 1,151,077 Group 2023 £ (187,605)	Group 2022 £ 34,167 Group 2022 £ 977,794 Group 2022 £ (260,435)	Charity 2023 £ 24,167 Charity 2023 £ 1,887,805 Charity 2023 £ (172,443)	Charity 2022 £ 34,167 Charity 2022 £ 1,781,180 Charity 2022 £ (252,774)

Financial assets measured at amortised cost comprise of cash, trade debtors, other debtors and amounts owed by group undertakings.

Financial liabilities measured at amortised cost comprise of bank loans, trade creditors, amounts owed to group undertakings, accruals and other creditors.

Page 32

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

20. Deferred taxation

Group Charge for the year The deferred tax asset is made up as follows: Tax losses carried forward	2023 £ 10,403 10,403 Group 2023 £ - -	2022 £ 15,712
		15,712
		Group 2022 £ 10,403
		10,403

Page 33

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

21. Statement of funds

Statement of funds	Statement of funds
Statement of funds - current year Balance at 1 November 2022 £ Income £ Unrestricted funds General Funds - all funds 436,188 4,055,345 Designated Funds CRF Grant 150,000 - RISE - - 150,000 - Restricted funds RISE - 37,886 Total of funds 586,188 4,093,231		Expenditure £ (3,906,244) - - - (19,308) (3,925,552)	Taxation £ (14,727) - - - - (14,727)	Transfers in/out £ (25,000) - 25,000 25,000 - -	Balance at 31 October 2023 £ 545,562
Unrestricted funds General Funds - all funds Designated Funds CRF Grant RISE Restricted funds RISE Total of funds	Balance at 1 November 2022 £ 436,188 150,000 - 150,000 - 586,188
					150,000 25,000
					175,000
					18,578
					739,140

Page 34

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

21. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds General Funds Designated funds CRF Grant Restricted funds Restricted funds Total of funds	Balance at 1 November 2021 £ 160,379 75,000 - 235,379	Income £ 3,996,006 75,000 145,346 4,216,352	Expenditure £ (3,720,197) - (145,346) (3,865,543)	Balance at 31 October 2022 £ 436,188
				150,000
				-
				586,188

22. Summary of funds

Summary of funds - current year

General funds Designated funds Restricted funds	Balance at 1 November 2022 £ 436,188 150,000 - 586,188	Income £ 4,055,345 - 37,886 4,093,231	Expenditure £ (3,906,244) - (19,308) (3,925,552)	Taxation £ (14,727) - - (14,727)	Transfers in/out £ (25,000) 25,000 - -	Balance at 31 October 2023 £ 545,562 175,000 18,578
						739,140

Page 35

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

22. Summary of funds (continued)

Summary of funds - prior year

General funds Designated funds Restricted funds	Balance at 1 November 2021 £ 160,379 75,000 - 235,379	Income £ 3,996,006 75,000 145,346 4,216,352	Expenditure £ (3,720,197) - (145,346) (3,865,543)	Balance at 31 October 2022 £ 436,188 150,000 -
				586,188

Restricted fund

The restricted fund relates to income received in the current year for the RISE programme which aims to create opportunities for emerging talent to learn, perform and flourish. The income was received in order to cover specific costs of the charity and the income and the costs that it related to have thus been treated as restricted

The restricted fund in the prior year relates to grant income received from a government body which aims to support cultural organisations and charities which have been impacted by Covid 19. The income was granted in order to cover specific costs of the charity and the income and the costs that it related to have thus been treated as restricted.

Designated fund

The designated fund, CRF grant, as at 31 October 2023 had a balance of £150,000 ( 2022: £150,000 ). This fund relates to grant income received from a government body which aims to support cultural organisations and charities which have been impacted by Covid 19. The income was provided by the government body in order to boost the reserves of the Charity to provide financial stability and help secure its future. There has been no condition made in respect of what these monies may be spent on, thus the Trustees have treated the income as designated rather than restricted.

The designated fund, RISE, as at 31 October 2023 had a balance of £25,000 ( 2022: £Nil ). This fund relates to income received for the RISE programme which aims to create opportunities for emerging talent to learn, perform and flourish. There has been no condition made in respect of what these monies may be spent on, thus the Trustees have treated the income as designated rather than restricted.

Page 36

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

23. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Provisions for liabilities and charges Total	Designated funds 2023 £ - 175,000 - - - 175,000	Restricted funds 2023 Unrestricted funds 2023 £ £ - 3,456 18,578 976,944 - (400,268) - (24,167) - (10,403) 18,578 545,562	Total funds 2023 £ 3,456 1,170,522 (400,268) (24,167) (10,403) 739,140

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

Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Decrease in debtors Decrease in creditors Taxation Net cash provided by operating activities	Group 2023 £ 152,952 1,218 (14,274) 544 (3,697) 14,727 151,470	Group 2022 £ 350,809 1,656 (2) 41,408 (176,545) 15,712 233,038

Page 37

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

25. Analysis of cash and cash equivalents

Cash in hand Total cash and cash equivalents	Group 2023 £ 795,217 795,217	Group 2022 £ 629,475
		629,475

26. Analysis of changes in net debt

Cash at bank and in hand Debt due within 1 year Debt due after 1 year	At 1 November 2022 £ 629,475 (10,000) (34,167) 585,308	Cash flows £ 165,742 - 10,000 175,742	At 31 October 2023 £ 795,217 (10,000) (24,167) 761,050

Page 38

THE HENLEY FESTIVAL TRUST (A charitable incorporated organisation)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023

27. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £17,207 ( 2022: £26,468 ). Contributions totalling £1,555 ( 2022: £1,234 ) were payable to the fund at the balance sheet date and are included in other creditors.

28. Related party transactions

At the balance sheet date, there is an amount of £188,157 ( 2022: £226,826 ) included in amounts owed by group undertakings due within one year, which is owed by Henley Festival Limited to the charity. There is also an amount of £915,380 ( 2022: £915,380 ) included in amounts owed by group undertakings due in more than one year which is owed by Henley Festival Limited to the charity.

During the year the charity received Patrons' fees and donations totalling £10,500 ( 2022: £9,000 ) from Trustees. During the year, legal fees of £25,000 ( 2022: £28,000 ) were paid to a legal firm for which one of the Trustees acts as a consultant, and sponsorship totalling £5,000 ( 2022: £4,000 ) was received from that firm. Tickets and catering were also purchased by Trustees and all transactions were conducted on an arm's length basis.

The charity has entered into agreements with Henley Royal Regatta to host the Festival at the site owned by Henley Royal Regatta, and for the provision of tentage. The amount payable to Henley Royal Regatta under these agreements for the year ended 31 October 2023 was £460,970 ( 2022: £445,412 ).

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