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 Activit￿8 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 

- 1 - 



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 ￿giSte￿d Offi￿ at Regatta Headquarters. Hersley-on-Tharnes,
Oxfordshire. RG9 2LY.
Th• Trustees who have aded during the 11 rnonths to 30 Septeffl￿r 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 reC￿1ve 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 $t4ternents on 8 going concern bagis. However. before rea¢hlng thefv
decision to do so, ￿refrI1 consideration has been given to the possible irnplications of COVID-19.
The main consl¢Jeration was the volatility ol the stock market and its implication on both the value of the investment
portfolio and the level of incorne arising therefrorn a5 the Trkt5t relies on both to produce suffioent funds lo meet its
lTrabilthes a5 and when they fall due. Our invesbment fijnd's value has withstood the economic shocks presented by
the pandemic and the ne￿Ssary public health responses well given the low risk nature ol the portfolio. As a resu
of their discu￿19n$ 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 a￿l$t in the provision of facilities and
sour￿$ to enable and encourage young persons receiving education or undergoing training in the United
lQ"ngdom, to row or to scull thereby helping en$￿￿ that due attents.on is given to Iheir physical edur2tion and
development. The Trustees confim) that they have referred to the guidan￿ wntained in the Charity Commission's
general guidance on public benefit when reviewng the Trusvs aims and objectives and in planning future a¢tivit¢es
and setting the grant making policy for the yeaf.
Achlevements and perfomian¢e and dellvery of publ1¢ beneflts
The Coronavirus pandemic has re5ulled in severe irnpacts on the 5chernes 5UPPOrted by the TnJst. Warrington
Youth Rowing has managed to keep the lo￿1 sthool$ engaged. with stlsdents and staff ob50tving all the COVID
restrictior*s as required. The sites at L￿lerpOOl and Northvthch have been much les5 succe5sfv1 and are èffectively
on pause at year*nd ancl the schemes at Oarsome Chance and He￿￿Y Romring Club are in a similar sstuation. The
National Indoor Rowing Championships We￿ SUC￿$S￿lIY 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 tt*ntinu•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 tOtal￿d 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 cons￿er8d 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 f0￿caSt 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 donat￿n$ 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 In￿lated a review ol the futu￿ ￿1￿ctIon 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 ￿VIe￿ng
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 p￿pare 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 g￿n9 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 a￿￿Unts 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 reqU1￿MentS 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 conne￿￿n
rith the examination giving me G8use to believè..
a￿UntIng records were not kept in resped of the Trust as ￿qUI￿d 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 lAc￿￿nIS 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 REGA￿A 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 ActivIt￿S
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
Donat￿n$
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 Activit￿S
213,890
213,890
206,661
Total Exp•nditur•
279.723
279,723
283,563
Net expenditure before
Revaluations and Investment A￿et 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 th￿e 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, Hen￿Y-0n-Th8me$. Oxford$hire, RG9 2LY.
2 Bas1$ of Accounting
The financial statements have been P￿pa￿d 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 p￿ParIng 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 Pol￿eS have been applied
consistenuy throughout the 11 months and in the p￿ceding year.
(a) Donations and Investmentlncome
Donation5, except in relation to legacies. are accounted for at the tirne of re￿IPt. Le9a¢ps are included
when the charitable trnst becomes entIt￿d to the fund5 8nd the Sum re￿1vable 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 Ac*ivities.
(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
a￿￿ed to pay the grant wrthoul condits.on and the retsp*nt has a reasonable expectation that they will
re￿Ne 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 InVesth￿￿tA55ets
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 Un￿Stricted 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 un￿strICted 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[M￿S 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 ex￿ptIOn 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 ￿n￿rtainty. 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 Servi￿S- 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 NOVem￿r
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
1c￿1,827
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$tee$ re￿iVed 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
F￿e￿ 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 Heft￿Y 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-