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, go￿rnanCe 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 T￿asUrer.
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 re￿Ived.
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 ra￿lY 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 fo￿Seeable 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$1 March, 2023 (continued)
Investment poll¢y and performance
The Trustees a￿ allowed to use the income and capital of the Trust as they think fit in furtherance of the
charitable objects of the Trust, subject to any applicable restrictions imposed by donors.
The Trustees, using a total return basss of investment, have established a policy that the annual amount to be
taken from the endowment should not exceed 3.5 per cent. of the average of each of the preceding S years,
vear-end market valuations of the relevant endowment.
The investment managers are Sarasin & Partners LLP who are instructed to invest so as to provide long-term
apital and income growth of the endowmentfunds. The funds were invested in the Sarasin Growth Fund. Over
theyear 2023124 the Trust's portfolio, generated a total return of 9.2 percent., behind the portfolio's composite
benchrnark return of 17.9 per cent. This reflects the challenging macroeconornic envlronment with higher
interest rates and tlghtening credit condition5. Over afive-yearperiod. the portfolio has produced an annualised
net return 016.3 per cent, which w35 slightly behind the portfolio's benchmark return of 8.7 per cent.
Reserves politv
The Trustees aim to maintain unrestricted free reserves at a level which equates to one yearfs unrestTicLed
charitable expenditure and administrative expenses, having provided for grant commltments and having regard
to the amount of the expendable endowment funds. The balance held in unrestricted rese￿e$ 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 oUt￿3ch 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 g￿ve 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 requI￿d 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
Ma￿h 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 Le0nderTr￿5t
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$irl¢ted
funds
Re5trided
Funds
assets
Herltage asset
Investments
75,000
1,877,169
75,000
2083,641
75,OlJ)
1.907,498
206.472
T￿0] flxed assers
206.472
L952.169
2,158.641
1982,498
Ojrrent ass
Prepayments
Cash at bank
28.158
24.187
52,345
94,233
rotal current a55*ts
28.159
24,187
52.346
94.234
abilittes
CredStors falling due within oneyear
L890
1*90
1,800
Net ¢urrentassets
26,269
24,187
50,456
92,434
Total a55et¥ le55 cuirent liabilitie5
232,741
1.976.356
2,209.097
2.074,932
CTeditors fallln8 due after more than one year
a￿1$
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
Inde￿ndent 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
F￿ed a￿et5. 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 bl￿d. 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
2￿74,931
Page 13

The Leander Trust
Notes to the flnanclal statements Icontinuedl
11. Purposes of funds
lil Unrestricted income.. The unrestricted income fund re￿IVeS 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