Charity No. 299597 (England and Wales1 HENLEY ROYAL REGATTA CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS For the 11 months ended 30 September 2020
HENLEY ROYAL REGATTA CHARITABLE TRUST INDEX TO THE FINANCIAL STATEMENTS For the 11 months ended 30 September2020 CONTENTS Pages Legal and Adminlstratlve InfonnatKJn Report ofthe Trustees Independent Examiners Report statement of Finanaal Activiti25 for the 11 months ended 30 September 2020 Statement of Finanrial Activit8 forthe year trKlÈd 31 Oetober 2019 Bal8n¢e Sheet Notes frJmiin9 part ol the Finanaal Statements 10-15
HENLEY ROYAL REGATTA CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION For the 11 months ended 30 September 2020
R. C. Lester C. L. Baillieu, M.B.E Sir Steve Redgrave, C.B.E R. C. Stanhope S. K. Winckless, M.B.E
TRUSTEES: R. C. Lester C. L. Baillieu, M.B.E Sir Steve Redgrave, C.B.E R. C. Stanhope S. K. Winckless, M.B.E SECRETARY: D. G. M. Grist REGISTERED CHARITY NO: 299597 PRINCIPAL OFFICE: Regatta Headquarters Henley-on-Thames Oxfordshire RG9 2LY INDEPENDENT EXAMINER: BDO LLP 55 Baker Street Marylebone London W1U 7EU LEGAL ADVISORS: Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH BANKERS: National Westminster plc 18 Market Place Henley-on-Thames Oxfordshire RG9 2AP INVESTMENT MANAGERS: Ruffer LLP 80 Victoria Street London SW1E 5JL
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HENLEY ROYAL REGATTA CHARITABLE TRUST REPORT OF THE TRUSTEES For the 11 months ended 30 September 2020 The Trustees present their annual report and financial statements of the charitsble Irust for the 11 month5 8nded 30 September 2020. The finantyal ststements have been prepared in a¢fy)rdance with the acxounling policies Set out in note 3 to the financlal statements and cnmply with the Trust Deed, the Charilies Act 2011 and the Slalement of Recommended Practrce applicable to chanties preparing their accounts in accordan wrth the Financi81 Reporting Standard applicab ni the UK and Republic of Ireland IFRS 1021. Admlnlstfdtlve Informatlon Henley Royal Regatt8 Charitable Trust. which was established by a Declaration of Trust on 6 June 1988, has the Charity Registration Number 299597 ancl a giSted Offi at Regatta Headquarters. Hersley-on-Tharnes, Oxfordshire. RG9 2LY. Th• Trustees who have aded during the 11 rnonths to 30 Septefflr 2020 and on the date thls port was approved are as follows.. R. C. Lesler C. L Baillieu, M.B.E. Sir Steve Redgrave. C.B,E. IChaim7anl R. C. Stanhope S. K n$S. M.B.E All Trustees gnie their time voluntarily and reC1ve no benefits frorn the chaiitable trust. Mr D. G. M. Grist has acted as Secietary to the tharitable twust during the year to implement such decisions as have been made by the tnjstees, who have met on fvlooccastons during the year under review. Details of the d)aritabie trusfs independent examlners, legal adwsots, bankers and investment man8ger3 are shown on page 1 (Legal and AdministratNe Information). Governance The power of 8ppoints.ng new or additional trustees is vested in th8 Committee of Managernsnt of Henley Royal Regatta. When 8 new trustee is appointed. appropriate induction and training is 8rranged. Un¢JeT the terrns of the Oeclaralion of Trust the Trustees have full powe to invest in all investments or property of whatsoever nature and wheresoeverfs situate and to do all such act5 and things as Shall further the Proper administraiion or the attainment of the objects of the trust. In cornplian with the Statement ol Recommended Practice the Trustees seek proper advi on investments. They have delegated investtnent powers to Ruffer LLP and have provided tha¢ company with a written policy statement and benchmark. Regular meetings are held to review the portfolio managers, performance and. ultimately, their appotntment. The major risks to which the charitable tnjst is exposed. as identified by the Trustees, arè reviewed annually and systems have been estat)lished to mitigate them. The Trustees have prepared the financial $t4ternents on 8 going concern bagis. However. before rea¢hlng thefv decision to do so, refrI1 consideration has been given to the possible irnplications of COVID-19. The main consl¢Jeration was the volatility ol the stock market and its implication on both the value of the investment portfolio and the level of incorne arising therefrorn a5 the Trkt5t relies on both to produce suffioent funds lo meet its lTrabilthes a5 and when they fall due. Our invesbment fijnd's value has withstood the economic shocks presented by the pandemic and the neSsary public health responses well given the low risk nature ol the portfolio. As a resu of their discu19n$ the Trustees are satssfied that it is appropriate to prepare the financial statements on a going ¢xn¢ern basis. The Tru¥tee5 are compliant wth the prinrypals and recommended Practi set out in The Charity Governanca Code.
HENLEY ROYAL REGATTA CHARITABLE TRUST REPORT OF THE TRUSTEES {continuedl For the 11 months ended 30 September 2020 Oblectlves and actlvities for the publlc benefit The Declaration of Trust sperjfically provides that the Twslees shall al$t in the provision of facilities and sour$ to enable and encourage young persons receiving education or undergoing training in the United lQ"ngdom, to row or to scull thereby helping en$ that due attents.on is given to Iheir physical edur2tion and development. The Trustees confim) that they have referred to the guidan wntained in the Charity Commission's general guidance on public benefit when reviewng the Trusvs aims and objectives and in planning future a¢tivit¢es and setting the grant making policy for the yeaf. Achlevements and perfomian¢e and dellvery of publ1¢ beneflts The Coronavirus pandemic has re5ulled in severe irnpacts on the 5chernes 5UPPOrted by the TnJst. Warrington Youth Rowing has managed to keep the lo1 sthool$ engaged. with stlsdents and staff ob50tving all the COVID restrictiors as required. The sites at LlerpOOl and Northvthch have been much les5 succe5sfv1 and are èffectively on pause at yearnd ancl the schemes at Oarsome Chance and HeY Romring Club are in a similar sstuation. The National Indoor Rowing Championships We SUC$SlIY held before the lorJ(down was introduceij but the B811 Cup events ancs the Henley Regatta for the Disabled were n(lled due to the pandemic The Trustees ttntinu•d thèir support of thè RowirrtJ Foundation £40,00012019". £75,000). whi( dislributes lunds to smalkscale rowing projeds. The Trustees also rnade grants of £10.00012019.. £nill to Strdtford-upon-Avon Boat Club, £7.55412019'. £7,000) to 08rsome Chance, £10,000 12019.. £10,000) to National Junior Indoor Rowing Championshws, £46,814 12019.. £64,800) Warrirolon Youth RowTrg and £e,BOO12019.' £nill to Henley Rowing Club. Flnanclal Revlew The Trustees aim to grow the charitable tru5fs fund5 to 8 Size that wll allow them to support ongoing, long tenn charitable objectives from annual inv8Stment income. A resolution was passed by the Trustees on 31 October2007, pursuant to the power contained in Clause 4.5 of the Charity's goveming trnstrurnent, to transfer the sum of £5.231,798 (represented by investment a55et5, managed by the Trust's portfolio managersl. to be accumulated to caprtal by way of a transfer of Ihi5 amount from Ihe Unrestri¢ted Incorne Fun¢ to a Designated Capital Fund. Duri the perio¢J under revw, the charitable tDJsYs Designated Capital Fund wa¥ in¢r¢as¢d by £742,23412019'. £220,274) and the Unreslrided Income Fund was dUCed by £43,74512019.' £217,167) . after grant expenditu, operating expenses and teeeipt of investment income. Grant expenditure aTrd operating expen5e5 for the year tOtald É183,92312019'. £279,7231 and in fvture years the Trustees antictpate disbursing at sirnilar amounts of money annually. ile the Trustees Mvktw eash-flow preièetioms regularfy. it is conser8d irnportant that the level of disposable net assets is adequate so as to ensure thal Ihe charitable trust is, and will continue to be, in a position to meet all its rnmitrnents when they fall due, and lo continue in the medium terrn to rnaintain grant expenditure at its present vel.
HENLEY ROYAL REGATTA CHARITABLE TRUST REPORT OF THE TRUSTEES Icontinugdl For the 11 months ended 30 September 2020 Re$eryps Policy The Charitsble trust at its yearend. 30 Septernber 2020, held £421,90812019.. 465,6531 in Iree reserves (that is those funds not tied to fixed assets, designated or restrirAed fvndsl. A further £7,724,73212019." £6,982.4981 was held by the trust in its Designated Capital Fund, $Iting in total funds of £8.146,64012019.. £7,448.1511 held by the Charitable twst at the year end. The Trustees have f0caSt the level of reseNes required in the foreseeable future, and bglievè that the eurrent level ol ino)me reseNes is appropriate and prudent. in order lo allow the tharitable trust.. to meet its cornmitrnents and nornal pattems of expenditut8', to safeguard against unforeseen difficulties and risks., to engage in new opportunrties or rnake unexpe¢led grants or 11 on fund5,' and to cover a likely reduction in income forthe Charitable trust, caused by an expected decrease in major donatn$ Iprineipally from Henley Royal Regattal. bl dl Serfou$ Incldents The Trustees confirm that there are no serious incidents or other matters relating to Henley Royal Regatta Charitable Trust Over the financial year under review that should have been brought lo the attention of th¢ Charity Comrnission. Plans for future perlods The Trustees remain convinced that one of the most important role5, for the achievement ol their objectives and the public benefit. is to support coaching at 'grass roots level, and that this is particularty important for young people during the challenge$ and uncertainties arising from the COVID-19 pandemic. Sd)emes such 8$ the three sites overseen by Warrington Youth Rowing continue lo Introdu hundreds of youngsters to the sport ol rowing throughout the country. OncE the young peop are involved, the single most Important factor in taining their interest is ongoing coaching by suitably trained and Motivated adutts. The Trustees have Inlated a review ol the futu 1ctIon and potentl81 gf th¢ 8rits5h Rowing Scholarship Coaching Scheme that continues to yield excellent results. The Tru3lees have been delighted to witnesg the SUC$$ of the Project Oarsome initiative in Gosport duiing the COVID-19 restrictsons and reaffirtn their ongoing eommitrr*nt to this 5cherne. Sirnilarly, the 5UPPOrt of th8 Rowing Foundalton 15 Intended to be an ongoing commitrrent, subject lo rec&ipt of a satisfactory annual report. Publi¢ benefit ststement The Trustees have complied the duty in section 17151 of th¢ Charities Ad 2011 to have due regard of the guidance published by the Charity Commission. The Trustees are very min¢Jlul oif their tespon5ibilities and have been referring to the 9uidance wh•n VIeng their aims and objectives when planning their future activities. In particular, they have Considered how planned activitie5 wll ntribUte to the aims and objedives they have set. They believe that the objects contained wthin the Oedaralion of Trusl benefft the publtc by pTornoting physical exereise as well as the education and developrnent of young persons.
HENLEY ROYAL REGAThA CHARITABLE TRUST REPORT OF THE TRUSTEES {continued) For the 11 months end&d 30 Sgptsmber 2020 ststemgnt of Tru$lee¥' Re¥pon$ibilitF¢8 Charity law requires the Trustees to ppare Financial Statements for each financial year, which givè a trug and fair view of the state of the chariiable trust as at the balan sheet date and of its incoming resouice5 and application ol resouices, including income and expendrture, for the finan¢io1 yaar. In preparing thos& Financial Statements, the Trustees are required to.. select suitablè accounting policies and apply them consistenlty. obse)ve the methods and principles in the Charities SORP.. m8k& judgments and ostimates that a ieasonable and prudent., state whether applicable accounting standards have been followed, suwect to any material departures disdDsed and explained in the financial st8ternents," and prepare the Financi81 Statements on the gn9 eoncem basis unless it is inappropriate to presume that the charitable trust wll continue to operate. The Trustees are responsible for maintaining proper accounting records which disclose with rèasonable accuracy at any time the financial position of the charitsble trust and to enable them to ensuie that the Financial Statements comply vmth the Charities Act 2011. They are also responsiblè for safeguarding the assets of th8 charitable trust and h8nce for taking reasonable steps for the prevention and detection of fraud and other irregulariD'e¥. Change of Year End Reporting Date During the year the Trustees changed the financial year end reporbng dale from 31 Ortobgr to 30 Septemb8r due to administrative reasons. As a result these staternenb cover an 11 rnonth pèriod. The ¢ornparative figure3 are for the 12 months 10 31 Qctcèer 2019. Approve(I by the Trustees and signed on their b9hall by", .Iq QOL, D. G. M. Grlst Secretary to the Truste Dat8
Independent Examiner's report to the Trustees of HENLEY ROYAL REGArrA CHARITABLE TRUST l port to the trustees on my examinatK)n ol the aUnts of the Trus¢ frir the period ended 30 September 2020. which are set out on pages 6 to 14. This teport is Thade 501ely to the charty's trustees. a5 a body, In acLordance Regulation 31 gf the Charities (Accounts and Report81 Regulation5 2008. My work has been undertaken so that I might slak to the charills trustees those matter5 1 am required to state to them in an independent examine¢s report and for no other purpose. To the fullest extent permitted by law. I do not accept or assutne responsibility to anyone otherthan the charity's trustees as a body, for my work, forthi5 report. or for the statement I have made Responslbllltles and basls for report As the thanty trustees of the Trust you are responsible for the preparalipn of Ihe accoullt5 in accordan w5th the reqU1MentS ofthe ChaTities Ad 2011 lthe Acri. I report in SpeCt of my examinatien ol the Henley Royal Regatta Charitable Tru$t account5 carried out under Section 745 01 the 2011 Act and in carryiny out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlnerfs ststsmenl I have cornpleted my exarnination. I confirm thgt no material matters have come to my attention in connen rith the examination giving me G8use to believè.. aUntIng records were not kept in resped of the Trust as qUId by sectton 130 01 the A.. or the awounts do not acwrd with th03e records.. or the accounts do not comply with the accounting requirements conceming the forrn and content of the aecounts set out in the Charities lAcnIS and Reportsl Regulations 2008 other than any requirement that the account5 give a Yrue and fair vrew which is [1 a matter considered 8s part of an independent examinat". or the accounts have not been prepa in accordan with the methods and principles of Ihe Statement of Recornm8nded Practice for accounting and reporting by charities lapplicable to charitie5 preparing their accounts in accordan the Finencial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concÉrns and have (x)m& across no other rnattets in eonnection wrth the examination to which attention Shou be drawn in this reoort in order to enable a proper understanding of the accounts to be reached. Heather Wheelhouse, ACA, Chartered Accountant BDO LLP 55 Baker Street, London. WILI 7EU Date.. 30 November 2020
HENLEY ROYAL REGAA CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITES For the 11 months ended 30 September 2020 Unrestrictgd DgSignatad Income Fund Capital Fund Total Funds 2020 Totsl Funds 2019 N¢t• In¢om• fram Donations 2.995 2,995 5,500 Investment Income 30,183 30.183 57,056 Bequest 107.000 107.000 Totsl Income 140.178 140,178 62,556 Exp•ndltur• an Raising funds.. Investment Management Costs 69.944 69.944 65.833 Charitablo ActivItS 113.979 113,979 213.890 Tatsl Exp8ndlturn 183,923 183,923 279.723 Net expenditure before Rgv•luations and Invostment A¥¥et Disposals 143,7451 143.745) 1217,1671 Gains on Investment a55ets 10 742,234 742,234 220,274 Net {exp?nditsTreyincome 143,745) 742,234 698,489 3.107 Net Movemtrnts in Funds 143.7451 742.234 698.489 3,107 Reconciliation of Funds Total Funds brought forward 465.653 6.982,498 7.448,151 7,445,044 Total Fund$ ¢4rried forward 13 421,908 7.724,732 8.146,640 7,448.151 The Stslemenl of Finanaal Activities incorporate5 thtr Incomg and Expenditure Account. The Tesults from the period derive from continuing activities and there are no gains or losses othèr than tho$e shown above.
HENLEY ROYAL REGArrA CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITES Forthe year ended 31 October 2019 Unrestrfcted Designated Income Fund Capital Fund Total Funds 2019 Total Funds 2018 Not• Income from Donatn$ 5,500 5.500 2.100 Investment Income 57,058 57,056 80,241 Total Income 2,556 82.556 82.341 Expenditure on Raising funds.. Investment Management Costs 65,833 85,833 76.902 Chantable ActivitS 213,890 213,890 206,661 Total Exp•nditur• 279.723 279,723 283,563 Net expenditure before Revaluations and Investment Aet D15po$als 1217.167) 1217.1671 {201,2221 Gainsl{lossesl on Investment assets 220,274 220,274 1113.3061 Net lexpenditurellincome 1217.1671 220.274 3,107 1314.528} Transfers betsveen funds 13 Nat Movem•nts In Funds {217.1671 220.274 3.107 (314,5281 Re¢on¢iliation of Funds Totsl Funds brought forward 682.820 6.762,224 7,445,044 7,759,572 Total Funds carried fopmard 13 465.653 6.982,498 7,448.151 7.445.044 The Statem8nl of Financial Activities Incorporates thè Income and Expenditure Account. The results from the period derive from continuing activities and there are no gains ¢r losses other than the shown above.
HENLEY ROYAL REGATTA CHARITABLE TRUST BALANCE SHEET As at 30 September 2020 2020 2019 Note Fix8d A588ts: Investments Cash on Deposf( awaiting investrr*nt io 6,849,077 875,655 7,724,732 6,549,972 432,526 6.982,498 ¢urrontA$$ets: Cash at Bank 459.381 5C6,034 Cr8ditors Amounts fallln9 due wlthin one year 11 137,4731 40,381 Nèt Current A$$ets 421.908 465,653 8,146.640 7,448,151 Net Assets The fund8 of tho charity: un$t[I¢ted Income Fund Designated Caprtal Fund 13 13 421,908 7.724.732 465,653 8,982,4g8 Total charity funds 13 8,146,640 7,448,151 Approved by Ihe Board olTru5t8es on ......... . . . . .. . and $KJned on their behalf by.. Trustee
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the 11 months ended 30 Septembgr 2020 1 General Infonnation Henley Royal Regatta Ch8ritsble Trust is a registered tharity, nurnber 299597. prfncAple pla of business ¢5 Regatta Headquarters, HenY-0n-Th8me$. Oxford$hire, RG9 2LY. 2 Bas1$ of Accounting The financial statements have been Ppad under the historieal cost nventiOn, as modifiad by the inclusion of fixed 855et investments at market value, in accordan with the Charities Act 2011 and the requirements of Statement of Recomrnended Practict applieable to charities pParIng their a¢unt$ in accordan with the Finanaal Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 1021 leffeclive l January 20191, the financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in slerfing and a rounded to the nearest pound. The financi815taternent5 have been prepared lo give a 'true and faiV view and have departeoj from the Charrties (Accounts and Reports) Regulation5 2008 only to th8 extent required lo provide a 'true and fai view. This departure has involved following the Charities SORP IFRS 1021 published on 01 January 2019 ratherthan the Accounting and Reportsng by Charitres.. Statement of Recommended Practi effective from 1 April 2005 whith h8$ Sin been withdrawn. 3 Accounting Pollcle8 The prinupal accounting policie5 are summ8rised below. The acwunting PoleS have been applied consistenuy throughout the 11 months and in the pceding year. (a) Donations and Investmentlncome Donation5, except in relation to legacies. are accounted for at the tirne of reIPt. Le9a¢ps are included when the charitable trnst becomes entItd to the fund5 8nd the Sum re1vable can be liablY quantified. Where they rely on the sale of property or investrnents and thus do not have a certain valuatton, an e51imate of their value 15 disclosed in the notes to the financial 5tatement5. Interest receivable and inveslrnent incorna is recagnised in the perK)d in which it ts 1vable. (b) Fl¥edAsset Investments InYe$lmenl$ are included at closing mid-rnarket value at the balance sheet date. Any gain or loss on revaluats'on is taken to the Statement ol FinancAa5 Acivities. (c) Charltable Actlvltles- Grants Payable Grants payable a payments made to third part$ in the furtherance of the charitable obJ"ectives of the trust. Grants are paid at the d1s¢retion of the Trustees and are ac¢ounted for where the TfUStee5 have aed to pay the grant wrthoul condits.on and the retspnt has a reasonable expectation that they will reNe a grant, or any condition attaching to the grant is outSKle the Control of the Tru¥t. (d) Reall$ed and unrnalis Galns and Losses on InVesthtA55ets Realised gains and losses a computed using either the market value prevailing at the beginnlng of the period, or the cost of the investment if it was purchasecj during the period, le58 the proceeds 1ve. Unrealised gains and losses are calculated by adjusting the opening market value of an investment at the beginnin9 of the period to the rnarf(et value al the year end. (•) FundA¢counting The UnStricted Income Fund represents free reserves available for use at the discretion of the Trustees in furtheran of the general objectives of the charitable trust. The Designated Capital Fund represents the lunds tied up in fixed assets investments and indudes a revaluation re5er¥e representing the reststement of investment assets at market values at the year end. The inve5trnent ineome arising within Ihe Designated Capital Fund is transferred lo the unstrICted Income Fund and is available for application. 1D-
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Iconvd) For the 11 months ended 30 Septèmber 2020 3 Ac¢ountlng polici¢$ l¢ontinu¢dl (4 Resources expended Expenditure is recognised on an accruals basis. Expenditure include5 any VAT whith cannot be recovered, and is reported as part of the expendiiure to whith it relates. Charstable 6xpend¥turè comprises those costs inojrred by the charitable $t irh the delivèry of its 8ctivitiè$ and se[MS lor its bèneficiaries. It indudes both costs that can be allocatsd direcJy to such acti¥ritses and those Costs ol an indirect nature necessary to support them. (g) Financlal instruments The charity only has financial assets of a kind that qualify as basic finanrA81 instruments. Basic financi81 instruments are initially recognised at a transaction value and 3ub¥¢quantly measured at amorbsed cost with the exptIOn of investmenlswhich a held at fair value. 4 Judgements In applylng the accountln9 pollcles and key sources of estlmation uncertalnty In the application of the trusvs accounting polici85. the trustees are requi to make judgements, estimates and assumptions about the rryIrng amounts of a5S8ts and liabilities that a not readily apparent from othar sourcès. The 8shrnate5 and assoaated assumptions are based on historical experiencg and other factors that arE consid8r8d to b8 reLgvant. Actual $ts may differ from these estimates. The esttmates and undedying assumptions are reviewed on an on90ing b4515. R•visions to accoLtntlNJ estimates are recognised in the period in which the estimate is revised if the ravision affects only that period. or in the period of the revision and ftjiuro p¢ritsJs if the vIsion affects both ojrrent and future There were no judgement or material estirnats'on uncartainties affecbng the reported financial performan in thè current period or prior year. 5 Assessment of going conc•rn The Trustees are Qjfrently assessing the irnpact of COVID-19. The 5ibJation continues to evolve rapidly and it is not possibl& at this stage to deternina 7th any rtaInty the impact on the Charity or the projects supported by the Charity. The Tru$ts¢s are continually rev*wing their plans and forecasts aThJ believe that the goiro concem b8SIS IS entirely appropriats in the short tts medium temi, however depending on the severity and 18ngth ol the cris there is a possibility thatthe Chaiity could be required to spending or the Désignatèd Capital Funds held by the investment managers. The Trustees note that the Designated Capital Funds may be spent on both income and capital projects. The charity has liquid cash of £459.381 at 30 Septetnbar 2020, £421.908 01 which is unrestricted and is enough for gny cornmitted costs for 81 lea5112 months Ircyn the approval of the financial ststernents. The Trustees have concluded that whilst there is nrtainty. the COVID-19 pondèmic does not represent a material uncertainty in latIon to the Trust's ability to continu8 as a goiNJ concarn. 6 Taxation As a tharitabl8 trust. Henley Royal Regatta Charltable Trust is exempt from tax on incorne and gains falling within Section 505 of the Tax8s Aet 1988 or section 256 of the Chargeable Gains Act 1992 to the ext¢nl that these are applied to its charitable objects. No tax charges have arisen in the charitsble trust
HENLEY ROYAL REGArrA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Iconfdl For thè 11 months ended 30 September 2020 7 Donatlons 2020 2019 Donations 2.995 5,500 8 Investment Ineome 2020 2019 Derived From.. Inv8Stment5 listsd on a recognised Stock Exchange Bank 27,482 2,701 45,939 9 Charltable Actlvltles 2020 2019 Grants payabl• Warrington Youth Rowing Rowing Foundation National Junior Indoor Rowing Championships Stratford-upon-Avon Boat Club Oarsome Chane8 Henley Rowng Club British Rowing Scholarship5 Ball Cup Regatta Henley Disabled Regatta Hinksey Sculling Sthool Madow Rowing Club 46,814 40,000 10.000 10,000 7.554 6,800 120,5311 64.800 75,000 10.000 35,220 5,200 500 3,500 250 1,637 201,470 Governance Costs Leg81 fee$ & Professional Auditorfs feos In respe¢t of: Independent examination- curmt year Audit ServiS- prior year Non-audit seNces 7,200 e,840 4,328 3.080 780 Othereosts Piomotion Sundry expenses 1.780 36 1.451 269 1.816 1,720 Totsl Charltable Aetovltles 113.979 213,890 12-
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Icont'dl For the 11 months endèd 30 Sèptamber 2020 10 Flx•d Assèt 2020 2019 All the investments are listed on a recognised Stoth Exchange Market value as at 1 NOVemr Additions to invesbnents at iut Dispos81 procaèds Net investments gains 6,549.972 6.449.271 3,504,902 5,485,267 13.948,0311 15,604,840) 742,234 220,274 Marf(et value as at 30 September12019.' 31 October) 6 849 077 6.549.972 Historical cost as at 30 Septembei12019'. 31 October) 6,673,479 8,786.373 At 30 Sèptèmbèr12019'. 31 Oetobèrl listad investments ccmprised the followsro.. Index Linked l Fixed Equities Global Other Forward foreign exchange 2,545.255 2,202.385 370.067 1.728,986 2,384 6,849,077 2,448,243 2.523.319 468.125 1,109,168 1,119 6.549,972 Material investments Iwresenting more than 5% of the total portfolio valuè) Include the following: 2020 2019 Ruffer SICAV Fixed IncKJme Z G8P Cap LF Ruffer Gold C Acc 1,789,950 565.420 1,542,961 455,329 LF RLrffer J8pan8s8 C Ar£ Ruffer mu Strategies Fund Limited Ruffer Illiquid Multi Strategies Fund 2015 UK (Govt Ofj 0.125% IIL 2211112065 UK (Govt Ofj 0.125% IIL 2211112056 LF Ruffer Equity & Gen C 420,702 412.111 393,904 393,277 362,029 345.332 All of the fixed asset investments. togetherwith cash held on Capital Account at Ruffer LLP, represent the total value of invesknent assets within the Designated Capital Fund ol the Charitab trust at the year end. l of the fixed asset investments are he primarily to provide an inv¢slment tUrn forthe charitable trust.
HENLEY ROYAL REGArrA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS leont'dl For the 11 months ended 30 September 2020 11 Croditors- Amounts falllng due withln ort¢ year 2020 2019 Cr8ditors and Accruals 37.473 40.381 Recot)clllatlon of grants payable.. 2020 2019 Grants payable at the start of the year New grant commitments charged lo the SOFA In pedod Inole 91 Grants pa during the 35,220 1c1,827 1121,1681 44,025 201.470 1210.2751 Arnount ofgrants payable al Ihe end of the ye8r 14.689 .220 12 Trustees. Remuneratlon No Tru$tee$ reiVed any rernuneratK)n during th8 period12019- Nill. No Trustees We 1MlAIrse for expens8s during the period12019- Nill. There were no empw during the year12019= NIII. 13 Reconclllatlon In Movement In Funds 2020 Unrestricted In¢ome Fund Deslgnatsd Capitsl Fund Total alance bh¥d 405,853 6,982,498 7.448,151 Incoming resources Outgoing resources Gain & losses on inve$tments Transfers 140,178 I1,923) 140.178 1183,9231 742,234 742.234 Balance 421,908 7.724.732 8,148,640 2019 Unrestrlcted Income Fund Designated Capltal Fund Total Balar* 682,820 6,762,224 7.445.044 Incemlng sOUrceS Outgoing resources Gain & losses on investrnents Transfers 62,556 1279.7231 62,5 (279,7231 220.274 220,274 Balance ¢ 465,653 8.982.498 7.448,151 14-
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Icont'dl For thè 11 months endèd 30 September 2020 14 Analysls of Net Assets between Funds 2020 Unregtrictsd Incorne Fund Dèsignated Capltal Fund Total Fe Asset Investrnents Nel current assets 7.724,732 7.724.732 421.908 421,908 421.908 7,724,732 8,148,840 2019 Unr•$trl¢tsd Income Fund Designated apital Fun Total Fixed Asset Inv8Stment5 N¢t Current assets 6.982.498 6.982.498 465.3 465,853 465,653 6.982.498 7.448,151 IS Controlling party Henley Royal Regatta has the right to appolnt the trustees of HeftY Roy81 Regaita Chariiabk Trust and as a result of Ihis ts deerned to have control of the entity. The status of the relationship 15 tyJrreaUy under r8Vi8W. 1s-