The Leander Trust Report and financial statements st Year ended: 31 March, 2024 Charity number: 284631
Reference and administrative Information Trustees RJ.A. Fane. Chairman E.H. Bainbridge C.E.S. Green J.D. Randall J.M. Turre11 Secretary Treasurer E.H. Bainbridge Address Leander Club Henley-on-Thames RG9 2LP ReBistered charity number.. 284631 Independent examiner of accounts Nicholas M Smith BFP. ACA, CfA Villars Hayward LLP 805ton House Boston Road Henley-on-Thames RG9 IDY Bankers Metro Bank On& Southampton Row London WCIB5HA Investment managers Sarasin & Partners LLP luxon House 100 St Paul's Churchyard London EC4M 88U Page 2
The Leander Trust Report of the Trustees for the year ended 31, March, 2023 The Trustees present their annual report and financial statements of the charity for the year ended 31st March, 2024. The financial statements have been prepared in accordance with the accounting policie5 set out in note I to the accounts and comply with the charity's trust deed, the Charities Act 2011 and the Siatement ol Recommended Practite.. Accounting and Reporting by Charities published in 2019. Structure, gornanCe and mana£ement The Trust is a registered charity, number 284631, and is constituted under a trust deed dated 6, Aprll, 1982. as The Trust is a registered charity, number 284631, and is constituted under a trust deed dated 6th April, 1982. as amended by a Resolution of the Trustees dated 24th November. 2014. TheTrust is controlled by its Trustees. New trustees are appointed bythe existlng Trustees. There is no limit on the number of Trustees. but at least three Trustees must be present at meetings, which must be held at least once each year. At their meetings,Trustees agree the broad strategy and areas of activity of the Trust. includin8 consideration of 8rant making, Investment, reserves and risk management, policies and performance. The day- to-day administratlon Is delegated to the Secretary TasUrer. The Trustees resolved to reappoint Vlllars Hayward LIP to undertake this year's examination. Risk management The Trustees have considered the major risks to which the charity is exposed and have reviewed those risk5 and established procedures to manage those risks. The Trustees consider variability ol investment returns on the endowment to constitute the charity's major financial rlsk and current volatility in world stock markets demonstrates this risk. Oblectlves and actlvltlesforthe public benefit The objects of the TrusL in broad terms. are.. to advance the education of young people by helpin8 Wlth their physical education by the provision of faulities- including grant awards- to enable and encourage rowing and sculling., and to help wlth the provlsion of lacillties for recreation for those who need such facilities because of their youth. social or economlc circumstances, focusin8 on rowin8 and sculling. In pursuing these object5. the Trust also preserves and maintalns a library and collection of historical records and materials concerning rowing arnd sculling. The Trustees confirm that they have referred to the guidance in the Charity Commission'5 general guidance on public benefit when reviewing the Trust's aims and objectives and in plannin8 future activities and settlng the grant maklng policy for the year. TheTrust carries out these oblects by making grantslorcharitable purposes to clubs or otherorgani5Ètion which can demonstrate an ability to complete a specific project- normally to support junSor rowing in the Thames regS0n. Donations reIved. Several donation5 were received during the financial year. for which the Trustees are, as ever, m05t grateful. Donations totalling just over £2,900. were received from an auction held at Leander Club in March 2024, donations of £166 were made in the memory of Mr J Plumb and donations from Leander Club totsllin8 £3,216 from book talks. These donations were all contributed to the unrestricted fund. A further 8enerous donation of £25,000 was received1n March 2024 from FlrstTowerTrustees, which was contrlbuted to the restricted fund. Page 3
The Leander Trust Report of the Trustees for the year ended 31" March, 2023 {continuedl Grant maklng pollcy. Grant5 are nomially madè to support junior rowing in the Thames reglon. The Trust's preference is to make grants of up to £3.000, lor up to 50 per cent. of the cost, Usually to initiate project5 when a club or other or8anisation can demonstrate its abllity to complete a specific project- not as a contribution to 8eneral funds. The Trust prefers to encourage participation in rowin8 by the young through the provision ol equipment, such as b08ts, sculls, oars, training equipment15Uth as indoor rowing machines) and essential safety equipment or for specific coaching. any commStment requiring long term support is ralY approved. To comply wlth the Trust'5 charltable statu5, theTrustees must retain their absolute discretion when considering grant applicatlons to ensure the purposes are charltable and fall within its charitable purposes. The Trusvs restricted funds result from gifts from donors who have restricted the use of the funds tts the charitable purpose5 of the Trust undertaken by Leander Club in the main,. speclfically, to develop the rowing facilities ol Leander Club and those aiming for the GB Rowing Team. In thi5 case, grants may be made towards developrnent and other coaching costs. training camp5 and, where appropriate, assisting athletes with living and travelling expenses. In all cases, grant5 should only be made to meet costs that are clear, defined and easily auditable and unlikely to be subjeci to misuse. How our grant programme dellvered public benefit Grants totalling £71.938 were awarded during 2023124. These grants Included £50,500 to fund the junior programme at Leander Club plus a further £14,538 to fund equipment lorthe junior programme from restricted In¢ome. £4,000 lo Hinksey Sculling School to support their junior rowing programme and £300 to Shiplake Vikin85 for sculling blades from unrestricted income. Ten sets of used sculling blades, which were donated to the Trust by Leander Club, were donated (two sets each) to Maidenhead Rowing Club. Royal Gramrner School Hlgh Wycombe, Great Marlow School and Thames Scullers for theirjunior girlg programmes. Finartclal review The Trusvs work is entirely reliant on donations and on investment returns from its endowment. A surplus for theyear on the unre5tricred income fund of £981 is reported12022123. deficit £6,4291. A deficit on the restricted income fund of £19,534 is reported 12022123, deflcit of £28,524). Overall, the Trusvs financlal posltlon is considered to be satlsfattory. Going concern With regard to the reserves held at thé year-end, the Trustee5 consider It reasonable to expect that the Trust has adequate resources to continue In operational existence for the foSeeable future. For thls reason, the Trustees continue to adopt the'going concern, basis in preparing the accounts. Page 4
The Leander Trust Report of the Trustees for the year ended 31$1 March, 2023 (continued) Investment poll¢y and performance The Trustees a allowed to use the income and capital of the Trust as they think fit in furtherance of the charitable objects of the Trust, subject to any applicable restrictions imposed by donors. The Trustees, using a total return basss of investment, have established a policy that the annual amount to be taken from the endowment should not exceed 3.5 per cent. of the average of each of the preceding S years, vear-end market valuations of the relevant endowment. The investment managers are Sarasin & Partners LLP who are instructed to invest so as to provide long-term apital and income growth of the endowmentfunds. The funds were invested in the Sarasin Growth Fund. Over theyear 2023124 the Trust's portfolio, generated a total return of 9.2 percent., behind the portfolio's composite benchrnark return of 17.9 per cent. This reflects the challenging macroeconornic envlronment with higher interest rates and tlghtening credit condition5. Over afive-yearperiod. the portfolio has produced an annualised net return 016.3 per cent, which w35 slightly behind the portfolio's benchmark return of 8.7 per cent. Reserves politv The Trustees aim to maintain unrestricted free reserves at a level which equates to one yearfs unrestTicLed charitable expenditure and administrative expenses, having provided for grant commltments and having regard to the amount of the expendable endowment funds. The balance held in unrestricted resee$ as at 31st March, 2024 was £232,741 and the annuèl unrestricted charitable expenditure in 2023124 was £10,426. The current level of reserves is therefore higher than the level set and this will be taken Into account when making future grant awards. The Trustees conslder the reserve requirements of the restricted income fund separately. The balance held in restrlcted reserves as at 31st March, 2024 was £1.976.356 against an annual spend in 2023124 of £78,669, and the Trustees aim to set the level of the restricted income fund in order to achieve reasonable stability in making grants subject to ensuring charltable objects are met. In order to maintain the Investment fund and allow for future donations to be made in accordance with the charitable objects, the trustees should not give grants totalling more than 3.5% of the fund value over a rolling 5 year period. Plans ft>rthe future The Trustees plan to continue to make grant5 from unrestricted funds to support junior rowlng in the Thames region. In 2024125 Leander Club is expected to apply for a furthergrant from restricted income fund to support their junior rowing program, including oUt3ch and support to sch(bols and clubs in the Thames Vallev. Page 5
The Leander Trust Report of the Trustees for the year ended 31" March. 2023 (continued) Trustees, responslbllllles in rtlatlon totheflnan¢l81 statements The Trustees are responsiblefor prepartngthe Trustees, Report and the financial statements in accordance with applltabie law and United Kingdom Accounting standards (United Kingdom GeThera1 Accepted Accounting Practice). The law applicable to charitSes in England and Wales requires the Trustees to prepare financial statements for each linan¢ièl yearwhich gve a true and faiT view of the state of aflairs of the ¢h•rity and of the Incoming iesoufces and application of resources of the charity for that perlod. In preparing these financial statements the Trustees are requId to.. select SLtitable accounting policies and then apply them consistentty i)bserve the methods and principles in the Charities SORP makeludgements and estimates that are reasonable and prudent stste whether appllcable UK Accounting Standards have been followed, subjert lo any matsrlal departures disclosed and explalned in the financi81 statements, and prepare the financial statements on the golng (oncem basis unless it is Inappropriate to presume that the charitable companywlll contlTrue In buslness. The Trustees are responsible for keeping adequate accountin8 records that disc105e with re3sonable accuracv at anytime thefinancsal position of the charSty and enable them to ensure thÈt the financial statements Com¥ with tho charitrfs trust deed, the Charitie5 Act 2011 and the Charilv IAccounts and Reports) Regulation5 2015. They are also responsible for safeguardlnE the assets of the charity and hence for taking reasonable steps towards the prevention and detection of fraud and other irregularities. Villars H ard LLP has expressed its willingnessto continue as Independent Examiner. This was approved by the Board of Trustees on... and signed on Its behalf by:_ A.J.A. Fane Chalrman of Trustees Page 6
The Leander Trust Independent Examiners Report to the Trustees of Thè Leanderyrust Year ènded 31" March, 2024 I report on the accounts of the Trust lor the year ended 31 March, 2024 which are set out on pageg 8 to 14. Respectlve Responslbllltles ol TrustÈes and EKamlner As the Charity's Trustees you are responslble for the preparation ol the accounts,. you consider that the audlt requirement of s144121 of the Charities Act 2011 Ithe 2011 Act) does not apply and that an independent examination is needed. it is my responsibility to Èxamlne the accounts under section 145 01 the 2011 Act and to state, on the basi5 of procedures specilied in the General Directions given by the Charity Commissioners under s14515llbl of the 2011 Act, whether particular matters have tome to my attention. Basls of Independent Examiners Report My examination was carried out in accordance with the General Directions given by the Charity Cornmission. An examinatlon includes a review of the accountin8 records kept by the Charity and a comparison of the accounts presented with those records. It also Includes consideration ol any unusual items or disclosures in the accounts, and the seeking of explanation5 from you as Trustees concerning any such matters. The procedures undertaken do not provlde all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a 'true and lair vievl and the report is limited to those matters set out in the statement below. Independent Examinerfs Statement In connection with my examinatSon, no matter has come to my attention.. 111 which give5 me reasonable cause to believe that, In any materlal respecL the requirements: to keep accountin8 records in accordance with s130 of the 2011 Act,. and to prepare accounts which accord with the accountlng records and to comply wlth the accounting rèquirements of the 2011 Act have not been met.. or 121 to which, in my opinion, attention should be drawn In order to enable a proper understanding of the accounts to be reached. Date.. Nlchola5 M Smith BFP, ACA, CFA Chartered Accountants Chartered Tax Advisers Registered Audltors Boston House Boston Road Henley-on-Thames RG9 IDY Page 7
The Leander Trust Statement of Flnancial Activltles For the year ended 31 March 2024 Yearto 31 Mah 2024 Unrestr¢¢ted fund5 Yearto 31 Marth 2024 Restricted fund$ Yearto 31 March 2024 Total funds Year to YI March 2023 Tot81 lunds Note Incomlng resources Investment Income Donations Glft Ald 8ank Interest 3.755 6,428 735 34,135 25,000 37,890 31.428 735 29.479 54,826 489 489 62 Total Incomlng re50urce$ 11.407 59.135 70,542 84,367 Resource5 expended Administratlon cost5 Charltable activitles 4.126 6,300 13.031 65,638 17,157 71.938 19,272 43.000 Total re50urc¢$ expended 10,426 78,669 89,095 62,272 Net louiBolnglllncomlnu resources before transfers 981 119,5341 118,5531 22,095 Transfers - Annual endowrnent spend Contrlbution to restrlcted income - Contrlbutlon to endowment Net incomlnglloutgoingl resources befoie other recognised Kalns and losse$ 981 119,5341 118.5531 22,095 Realised and unreallsed galnslllossesl on Investmenis 15,133 137,585 152,718 196,2501 174,1551 Net movement Infunds 16,114 118,051 134.165 Reconciliation ol funds Total funds brou8ht forward Totsl tunds cariied fotward io 216,627 1,858.305 2,074.932 2.149,087 232.741 1,976,356 2,209,097 2,074,932 The notes on pages 10 to 14 form part of these flnancial ststements. Page 8
The Le0nderTr5t Statement of Flnanclal Position As at 31 March 2024 Asat 31 M?r¢h As ai 31 March As at 31 March Asatjl March 2024 2024 2024 2023 Tolal fvnds Totsl funds Unre$irl¢ted funds Re5trided Funds assets Herltage asset Investments 75,000 1,877,169 75,000 2083,641 75,OlJ) 1.907,498 206.472 T0] flxed assers 206.472 L952.169 2,158.641 1982,498 Ojrrent ass Prepayments Cash at bank 28.158 24.187 52,345 94,233 rotal current a55ts 28.159 24,187 52.346 94.234 abilittes CredStors falling due within oneyear L890 190 1,800 Net ¢urrentassets 26,269 24,187 50,456 92,434 Total a55et¥ le55 cuirent liabilitie5 232,741 1.976.356 2,209.097 2.074,932 CTeditors fallln8 due after more than one year a1$ 232,741 1.9?6.356 2.209.097 2.074,932 Funds tsf the tharity Endov4mentfunds Income funds 6,10 io 205.656 27.075 1.992.633 116.2771 2.198,299 10.798 2,022,155 52.777 Yotal tharityfvnds 232.741 L976,356 2.209,097 2,074.932 Then Ès on pages Ioto 14forrn partof these financial statements. Ap d bytheTrustees on................. and sTrEned ot) their behalf by= R.J.A. F3ne, Chairman Page 9
The Leander Trust Notesto the Ananclal statements Accountlng pollcle5 lal Basis of preparation The financial statements have been prepared under the hisroric cost Convention, wSth the exception that investments are included at market value. The financial Statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities issued in 2019, the Financial Rewrting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Leander Trust meets the definition of a public benefit entity under FRS 102. Ibl GolnK concern The Trustees monitor the level of reserves and have full control over the level of grant-givin8. The Trustees have a reasonable expectation that the charfty has adequate resources to continue in operational existence for at least 12 months from the date of signin8 of the financial statements, and thu5 they continue to adopt the goin8 concern ba51S. 1¢) Funds strurture The charity has endowment funds. The restricta endowment fund Is to be used in accordance with specific restrictions Imposed by donors. The trustees at their discretion may use the Income and capital ol the funds as they think fit in furtherance ol the charitable objects of the Trust, subject to any applicable restrictions. Unrestricted funds comprise those funds which the Trustees are free to use for any purpose in furtherance of the charitable objects of the Trust. Unrestricted funds may include designated funds where the Trustees, at their discretion, have created a fund for a speciflc purpose. Idl Incomlng resources All Incoming resources are recognlsed once the charity has entitlernent to the resources, it Ss certain that the resources will be received and the monetary value ol incoming resources can be measured le} Resources expendéd Liabilities are recognised as re5tsurces expended as soon as there is a legal or constructive obligation committing the charity to the expenditu. All expenditure is accounted on an 3ccruals basis and ha5 been classlfied under headings that a88regate all costs related to that category. Grants paid are payments made to third parties in the furtherance of the charitable objects of the Trust. SirnEle or multi-year gr8nts are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have a8reed to pay the grant without conditlon, or the recipient has a reasonable expectatSon that they will receive a grant and any condition attaching to the grant is outside the control of the Trust Provisions for grants are rnade when the intentlon to make a grant has been cornmunlcated to the recipient but there is uncertainty about either the timing of the grant or the amount of the grant payable. All resources expended are inclusive of any attrSbutableVAT which eannot be recovered. If) Flxed a55ets: heritage asset In 2012 the Trust ceiVed a donatlon of a collection of books which are on loan to Leander Club and kept in its library. The collection Is Included in the linanclal statements as a herltage asset at the fair value at the time of the donation, as estimated by the donor based on his experfence galned whilst amassing the Collection. Depreciation is not char8ed as the collection is deemed to have an Indefinite life, but it is subject to a re8ular review for impairment. The collecrion has been catalogued and is made available for educational purposes. The collection of books is on loan to Leander Club and housed in its Library, where rc is m8de available to academics. The terrn5 of the donatlon of the collection require that it is not disposed of in whole or1n part. Icontlnuedl Page 10
The Leander Trust Note5 tothellnancial statémerts Icontlnuedl Igl Flxed 39set5.' investments Investment5 are Initial reco8nlsed at their transaction cost and sub5equentW measured at falr value as at the Statement of Financial Posltlon date. The statement of financial activities Includes the net galns and Ios5e5, whether realised or unreallsed, ari5in8on revaluation and disposals throughout the year. Ihl Taxatlon 51alYS As a charf(Y The Leander Trust is exempt from taxation of Income and galns falling wlthin Sectlon 505 of the Taxes Act 1988 or Sectlon 256 of the Taxatlon of Chargeab Gains Act 1988 or Se¢tlon 256 of the Taxation of Chargeable GalnsAtt 1992 to the extent these are applled charitably. No tax charge has arisen In the year. Related partytran$a¢tlons and trustee¢ remuneratlon Trustees received no emoluments12023.. £Nill. No expenses were paid to Trustees in the year. During the year the charity made grants from restrlcted funds of £65.03812023.. £40,000) to Leander Club of which Èach of the trustees is a member. None of the trustees 15 involved in the mana8ement or decision-making of Le8nder Club. Donatlons 2024 2023 Unrestritted donatlon5 Restricted donations 6,428 25.000 54,826 31.428 54,826 Admlnlstratlon wsts 2024 2023 Indendent examiner Website Bank charges Investment managementfees Books, magazine5 et¢. Library 1,890 554 29 14,464 2,024 864 89 14,285 215 1,795 220 17,157 19,272 Analy515 of ¢harltable expendlture The charity undertakes it5 charitable activities through grant making and awarded grant5 to a number ol otganlsatlons In furtherarKe of its charitable actlvlties. 2024 2023 Unrestrlcted fund Hink5ey S¢ulllng School Grant Shiplake Vikings Henley Debt Centre 4.000 300 2,(M)O 3,WO Reslrlcted fund Athlete Support Leander Club 600 65,038 40,000 71,938 43.000 Page 11
The Leander Trust Notes to the flnanclal ststements l¢ontlnuedl Endowment funds The Trustees have discretion to use the income and capital of the endowment funds as they thlnk fit in furtherance ol the charitable oblects of the Trus¢ subject to any applicable restrictions. No transfers were made durlng the year ended 31 March 2024. Unrestfi¢ted Restrl¢ted Openlng value of endowment funds as at l April, 2023 188.211 1,833,944 Add.. Investment income Investment galns / Ilossesl Less.. Investment mana8ement lees Closingvalue of endowment funds as at 31 March 2024 3.755 15,133 34,135 137.585 11,4331 113,0311 205,666 1,992,633 Fixed assets.. heritsge asset 2024 2023 At fair value-. at l April 2023 75,000 75,000 - at 31 March 2024 75.000 75,000 Fed aet5. invèstment5 The charity undertakes its charitable activities through grant making and awarded grants to a number of or8anisations in furtherance of its charitable activities. 2024 2023 Opening market value as at l April 2023 Additions at cost Dlsposals at cost Investment management fees Gainslllossesl in year 1,907,498 37,889 2.038,554 29,479 150.0001 114.2851 196,2501 114,4641 152,718 Closin8 marketvalue as at 31 March 2024 2.083,641 1,907,498 Investments are all invested in the Sarasin Growth Fund, an authorised unit trust fund authorised by the financial Conduct Authority and registered with the Charity Commission. The Fund seeks to allocate it5 assets as to 80 percent in shares in 40 to 70 companies listed on major stock exchange5 around the world. as to 20 percent in a widè range of alternative assets Ithrough listed investment trusts and open ended funds) includin8, but not limited to, infrastructure, commodities and private equity I venture capital. The fund also has the ability to invest in government and corporate bonds.. up to 10 percenL property.. up to 10 percent Ithrough REITS and / or other charity property funds onlyl, and cash.. up to 10 percent. Page 12
The Leander Trust Notesto theffinarbcial statement5 I¢omiifiuedl Creditots 2024 2023 Falllng due wlthln one year Accrua15 1,890 1.800 10. Analyslsof charltable funds lal Fund movements- current period Balance bld. lrtcomlng resourees Resource5 Èxpended Trat)sfeT51 contrlbutlon 6alns and losses Fund clft¥d. lil Unrestricted incorne 28.416 7.652 18.9931 27,07S lill Endowment.. unrestricted 188,211 3,755 11.4331 15,133 I.666 liiil Restrlcted incorne 24.361 25,000 169.6381 116,2771 livl Endowment.. restrlcted 1,833,944 34,135 113,0311 137.585 1.992,633 Totsl 2,074.932 70,542 189.0951 152.718 2.209,097 Ibl Fund movements- prfor period Balance blhvd. Incomlng resources Resources expended Translersl contrlbutlon Galnsand losses Fund clfvJd. lil Unrestrlcted income 36,341 62 17,9871 28,416 Illl EndowmÈnt.' unrestricted 195.860 2.905 11.4091 19,1451 188,211 liiil Restrltted income 9,535 54.826 140,0001 24.361 Ihl Endowment.. restricted 7.351 26.574 1118761 187,1051 1.833,944 Total 2,IA9,087 84,367 162,2721 196,2501 274,931 Page 13
The Leander Trust Notes to the flnanclal statements Icontinuedl 11. Purposes of funds lil Unrestricted income.. The unrestricted income fund reIVeS ineome from the unrestricted expendable endowment and donations. The fund is available to be Spent for any charitable purposes of the Trust. lill Expendable endowment unrestrlcted.. The unrestricted expendable endowmènt fund result5 from gifts to theTrust for its charitable purposes. liiil Restricted Income.. The restricted Income fund receives income from the restricted endowment fund and donations where the donors have restricted the use to the charitable purposes of the Trust undertaken in the main by Leander Club. livl Endowmernt restricted.. the restrlcted endowment fund results from gifts from donors who have restrirted the use of the fund to the charitable purposes of the Trust undertaken by Leander Club in the main. The bulk of the Capital formln8 the restricted endowment is not expendable and the investment return must be used to develop the rowing facilitie5 of Leander aub and the GB Rowing Team. 12. Transfers The Trustees have dlscretion to use the income and capital of the expendable endowment funds as they thlnk lit in furtherance ol the charitable objects of the Trust, subject to any applicable restrictions. The Trustees have made transfers of £Nil12023- £Nill. to the unrestricted income fund and ol £Nil12023.. £Nill to the re5tritted income fund. 13. Future commitmènts The Trustees have allocated up to £10,000 for single sculling boats to be purchased by Leander Club for female athletes training at the club who wish to be considered for Great Britain trials. The Trust will match any contribution by Leander Club towards these boats on a pound for pound basis, limited to the cap of £10,000. Page 14