Charlty No. 299597 IEngland and Wales) HENLEY ROYAL REGATTA CHARITABLE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS For the year ended 30 September 2022
HENLEY ROYAL REGArrA CHARITABLE TRUST INDEX TO THE FINANCIAL STATEMENTS For the yearended 30 Sept9mb¢r 2022 CONTENTS Pages Legal and Adminislralive Infomaalton Report of the Trustees Independent Examinerfs Report Stalèmènl of Finana31 Activities for the year ended 30 September 2022 Statement of Financial Activities for the year ended 30 September 2021 B8lan¢e Sheet Notes fomiing part of the Financial Statements 10-15
HENLEY ROYAL REGATTA CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Forthe year ended 30 September 2022 TRUSTEES: R. C. Lester C. L. B8illièts. M.B.E Sir Steve Redgrave, C.B.E R. C. Stanhope S. K. Winckless, M.B.E SECRETARY: l. H8ry1S REGISTERED CHARITY NO: 299597 PRINCIPAL OFFICE: Regatta Headquarters Henley-on-Thames Oxfordshire RG92LY INDEPENDENT EXAMINER: Heather Wheelhouse, ACA 8DO LLP Bridgew*er House Counler51ip Bristol 8S16BX LEGAL ADVISORS: Farrer & Co LLP 66 Liftcoln's Inn Fields London WC2A 3LH BANKERS: National Weslminslei plc 18 Market Place Henley-on-Tham¢s Oxfordshire RG9 2AP INVESTMENT MANAGERS: Ruffer LLP 80 Victoria Street London SW1E 5JL
HENLEY ROYAL REGATTA CHARITABLE TRUST REPORT OF THE TRUSTEES For the year ended 30 September 2022 The Twstees present their annual report and finanoal slalernents of the Charitable Trust for the year ended 30 September 2022_ The financial slalemenls have been prepared in ac¢ordance with the accounting policies sel out in note 3 to the finanaal stalements and comply ¥Ath the Trust Deed, the Charities Acl 2011 and the Slatement of Recommended Practice applicable lo charities preparing their accoun15 in accoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102). Administrative Infomiatlon Henley Royal Regatta Charitablè Trusl. which was established by a Declaration of Trust on S June 1988, has the Charity Registration Number 299597 and a registered office al Regatta Headquarters. Henley-on-Thame8, Oxfordshire. RG9 2LY. The Tru$l$es who have acted during the 12 months lo 30 September 2022 anij ¢)n the dale Ihls report was approved are as follows". R. C. Lester C. L. Baillieu, M.B.E. Sir Steve Redgrave. C.B.E. (Chairman) R. C. Stanhope S. K. Winckless, M.B.E All Trusle$s give their lime voluntarily and receive no benefi15 from the Charitable Ttusl. Mrs l. Harris has acted a5 Secretary lo the Charitable Tru51 during the year to implernenl 5u¢h decisions as have been made by Ihg Trustees, who have met on two occasions during the year under review. Details of the Charitable Trust's independent examiner5, legal advisors. bankws and inveslmenl managets are shown on page l {Legal and Adminislralive Informalionl. Govèrnanc• The power of appointing new or additional Tnjstees is v8st¢d in tho Committee of Management of Henley Royal Règatta. When a new Trustee is appointed, appropriate induction and training 15 8rr8nged. The Trust's key management pèrsonnel comprise the Board of Ttustèes and Secretary to the Truslees. None of the Trustees are remunerated for their involvement with the Charitable Trust. Under the t6mi$ of the Declaration of Trust, the TNslees have full powers lo invèst in all Snvestments or property of whatsoever nature and wheresoever situate and to dc* all such acts and things as sha11 further the proper administration or the attainrnenl of the objects of the Trust. In compliance with the Slal&menl of Re¢offlmended Practice, the Trustees saek proper advice on investments. They have delegated investment powers to Ruffer LLP and have provided that company with a written policy statement and benchmark. Regular meetings are held lo review the portfolio managers, performance and ullimalely, Iheii appointm¢nl. The major risks lo which Ihe Charitable Trust is exposed, as identified by the Trustees. are reviewed annually and systems have been established lo rniligate them. The Trustees h8ve Pfepareil the financial slalemenls on 8 going Concern basis. However. before rea¢hin9 their decision lo do so. careful consideration has been given to the possible risks to which the Tnjsl is exposed. The main eonsideralion was the volalilily of the stock market and ts implication on both thé value of the investment portfolio and the level of income arising thèrèfrom as tho Trusl relies on boih to produ sufficlenl funds lo meet its 5iabililies as and when they fall due. The Trust's investments have wlhslood the economic shocks psented by the pandemic and more recently from the war in the Ukraine and the energy & cost of living crisis well, given the low risk nature of the portfolio. As a result, the Trustees are satisfied that it is appropriate to Prepa the finanaal Statements on a going concern basis. The Truste&s are compliant wlh the principles and ¢0MMended pracli¢è sel out in The Charity Gov&mance Code.
HENLEY ROYAL REGATTA CHARITABLE TRUST REPORT OF THE TRUSTEES (continued) For the year ended 30 September 2022 ObJodiv¢s and activities forthe publie benefit The Dèclaration of Trust specifically provides that the Trustees shall a5SlSt in the provision of facilities and resources lo ènable and encourage young persons receiving education or undergoing training in the United Kingdom, lo row or to scull therèby helping ensure that due attention is given to their physical education and development. The Trustees confirni that they have rèferred to the guidance contained in the Charily Commission's general guidance on public benefit when reviewing the Trust's aim$ and objectives and in planning future activities and setting the grant making policy for th& year. Achievements and rfOrManCe and delivery of publlc beneffts All schemes are now delivertng rowing programmes following their ¢essalion during the Covid-19 pandemic. Warrington Youth Rowing (WYRI has received total funding of £110.Q4612021.' £17,317), supporting schem&s in Liverpool and Northwch. The initiative was designed to inlroduce a w¢de range of young people in Warringlon to the sport of rowng. These youngsters would previously have imagined rowng lo be inaccessible to them and this scheme aims to open up the sport of rowing lo a broader demographic. Following an initial 3-year investment, the Trustees aged to award further funding duo lo the succe55 of the project. which this year saw fv40 juniors racing al Henley Royal Regatta, having only corne lo the sport of rown9 through the WYR schools project. London YoLrth Rowing ILYRI has received totsl funding of £109.000 12021.. £100,000), spread across trree projects.. al The Stepup Coa¢hing prograrnme aims to recruit coachgs from a diverse range of backgrounds, looking well beyond "traditional" rowing, and dèvelops them through a 0-year Programme to be highly effective grassroots coaches. Now in ils second year, the scheme is successful in making LYR'S rowing prograrnrnes even mole engaging and accessible for the young people il supports. b} Active Row Leeds is the first time LYR'S school engagement programme has run outside London. The programrne is working with up to 25 51ale secondary schools. Also in its second year, this programme is giving all participants the chance to try indoor rowing. bor)sling physi¢ activity and the development of life skills. cl Active Row Nottingham is based on the successfLtI model used in London and Leeds, with the Trusfs funding allowing LYR lo employ a full-time rowing coach to be based in Nottingham to lead the roll out of Active Row Nottingham to len schools across the city. Rowing Foundallon has received lunding of £53,000. The Rowng Foundation distributes funds to smalks¢ale rowing projects. The National Junior Indoor Rowing Championships INJIRC) received funding of £6.50012021.. £10,000). This is an annual competition run by LYR. In the spring of 2022, the event ran virtually due to Covid-19 and Saw more than 7000 participants from across the UK competing in individual and tèam rèlay racès. The Truslees made smaller grants of £S,(X)O P021.' Nil) to East Anglla Youth Rowing which will fund a coach to kickstsrt a new scheme that sees a rowng dub partnering wth its local schools. and £4.00012021'. Nil) lo Ihe Ball Cup Regatta South, which is a Schools, Regatta held * Domey Lake.
HENLEY ROYAL REGArrA CHARITABLE TRUST REPORT OF THE TRUSTEES Icontinuedl For the year ended 30 September 2022 Financial Review The Tru51ees aim to grow the Charitable Tru51's lund5 to a size that will allow them lo support ongoing. long temi charilable objectives from annual investment inme. A resolution was passed by the Twslees on 31 October 2007, pursuant to thè power contsined in Clause 4.5 of the Charity's governing instrument. to transfer thè sum of £5,231,798 Irepresenled by investment assets, managed by the Trust's portfolio managers), to be accumulated to capital by way of a transfer of this amount from the Unrestricted Income Fund to a Designateil Capital Fund. During the year under review. the Charitable Trust's Designated Capital Fund was increased by £599.550 {2021'. £1,091.8471 from nel investment gains. During the year £500,000 was transferred Irom the Designated Capital Fund lo the Unrestricted Inme fund lo lund grant expenditure. Over Ihe course of the financial year the Ursrestricted Income Fund was rèdueed by £308,705 {2021.' £214.9411, after grant expenditure. operating expenses and receipt of investment irfrcome. Grant expenditure and operating expenses for the year loialled £385,68512021: £277.7531 and in future years the Trustees anlicipale disbursing similar amounts of money annually. While the Trustegs review cash-flow projections regularfy. il is considered important that the level of disposable net assets is adequate so as to &nsure that the Charitable Trust is, and will continue lo be. in a position to meet all its Commitments when they fall due. and to ¢onlinue in the medium term to maintain grant expenditure al its present1ov81. Reserves Poliey The Charitable Trust al Ils year end, 30 September 2022, held £398,262 {2021.. £206,967 } in free reserves Ilhat is those funds not tied to fixed assèts, designated or reslricled funds). A fvrther £8,91S.929 12021-. £8.816,379} was held by the Trust in its Oesignated Capiial Fund, Su111ng in lot81 funds of £9,314.19112021: £9,023,346) held by the charitable trust 81 the year end. The Trustees have forecast the level of reserves required In the foreseeable future, and believe Ihal based on ca5hflow projections to 31st 0mber 2023, the Trust will be qUired lo access the Designated Capital Fund held by the inveslrllent managers within 12 months of the approval of the Financial Statements, lo fund annual forecast net expendi(ure of £480.OCXJ and in order to allow Ihe Charitable Trust., lo meet ils commitments and normal patterrTrs of expenditure taking into Consideration the lack of major donations In renI years {princApally from Henley Royal Regattal., to safeguard against unforeseen difficulties and risks., to engag& in new opportunit¢es or make unexpected grants or calls on funds. bl Serious Incidents The Trustees confirm that the are no serÉous 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 the Charity Cornmission.
HENLEY ROYAL REGATTA CHARITABLE TRUST REPORT OF THE TRUSTEES (continued) For the year ended 30 September 2022 PlarF5 for futhre periods The Trustees remain convinced Ihat one of the most important roles, for the achievement of their objectives and the public benefit, is lo support ¢oaching al 'grass roots ve1, and that this is particularly important for young people as we emerge from the challenges and unrtaintieS arising frorn the COVID-19 pandemic. Schemes such as the projects overseen by Warringlon Youth Rowng eonlinue to introduce hundreds Of youngsters lo the sport of rowing throughout the country. Once the young people are involved, the single most important factor in retaining their interest is ongoing coaching by suitably trained and motivated adults. The Step-up Coaching programme led by London Youth Rowing is particularly effective in this regard. This year has seen an incrèasè in the number of organisations applying to the Trust for funding. Thg Trustees have agreed lo increase fttnding for the financial year 2022-23 by approMrnalely 45% to sustain existing scheme and to support the followlng nèw projects.. a) Castle Mead Academy, a school working alongside rts local rowng club to provide rwng opportunities to young people- b} an additional s¢heme from LYR in which they are partnwing with the lslinglon LEA to provide rowng lo schools in that London Borough., cl a new s¢herne frorn WrfR as il expands ils reach to work with schools in Great Manchester., d) LYR'S NJIRC competition. which will grow this year to provide Iwo in-person events running concurrently. in London and Leeds. Public benefit statement The Tru51ees have complied with the duty in section 1715) of the Charities Act 2011 lo have due regard of the guidance published by the Charity Commission. The Trustees are vèry mindful of their responsibilitl8s afKI have been refeing to the guidance when reviewing their aims and objectives when planning their future activities. In particular, they have considered how planned activities will Gonlribule to the aims and objeclives they have set. They believe that the objects contained wthin the Declaration of Trust benefit the public by promoting physrc81 exercise as well as the eduealion and development of young persons. ststement of Trusteos, Rosponslbllltles Charity law requires the Trustees to prepare Financial Statements for each financAal year, which give a true and lair view of the slate of the Charitable Trust as at the balance sheet dale and of ils in¢otning resources and application of resour¢¢s, induding income and expenditure. for the finanaal year. In preparing those Financial Slalements. the Trustees are required lo.. select suitable accounting policies and apply thern consistenUy.' observe the methods and prinaples in the Charities SORP., make judgmenls and estimates that are reasonable and prudent: state whether applicable accounting standards have been followed, subject to any rnaterial departures disd05ed and explained in the financial $18lemenls', and prepare the Financial Slalemenls on the going concem basis unless it is inappropriate lo presume that the Ch8rrt8ble Trust VAII Continue lo operate. The Trustees are responsible for mainiaining Proper accounting records which disdose wlh ieasonable accuracy al any lime the financial p05Ition of the charitable trust and to enable them lo ènsure that the Financial Statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charitable Trust and hence lor taking reasonable steps for the prevention and detection of fraud and other irglarItIes. Approved by the Trustees and signed on their behalf by.. l? 2ov Sir Stsve Redgrave. C. Chairman Datè
Independent Examiner's report to the Trustees of HENLEY ROYAL REGATTA CHARITABLE TRUST I report lo the Trustees on my examination of the accounts of the Ttusl for the period ended 30 September 2022, which are sel otrt on pages 7 10 15. This report is made solely lo the charfty's Truste8s. as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the tharity's Trustees those matters l am required lo state to them in an independent examinerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility lo anyone other than the charity's Trustees as a body, for my work, for this report, orforthe statement I have made. Responslbllltles and basls for report As the chartty Trustees of the Trust you are responsible for the preparallon of the a¢unt$ in accordance wrfh the requirerTienls of the Charitie5 A¢t 2011 nhe ACT"). I report in respe¢t of my examination of the Henley Royal Regalta Charitable Trust accounts carried out under section 145 of the 2011 Aci and in carrying out my examination I have followed 811 the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examinerfs statement I have completed ffly examination. I confirm that rko material matters have come to my attention in connection with the examinatson giving me cause to believe.. aco)unting records were not kept in respect Of the Trust as required by section 130 of the Act: or the accounts do not accord with those records; or Ihe accounts do not comply with the accounting requirements conceming the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any iequiremenl that thg a¢¢ounls give a 'true and fair view which 15 not a matter considered as part of an independent examination., or the accounts have not been prepared in aeeordance wth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lappli¢able to charities preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10211. I hava no eonc8rns and have Come across no other matters in connection with the examination to which attention should be drawn in this ieport in order to enable a PToper understanding of the accA)unts to b& reached. Do¢uS&fi•d by.. D4154ED75D45453 Heather Wheelhouse, ACA BDO LLP Bristol. UK Date.. 18 November 2022 BDO LLP is a limf(ed liability partnership registered in England and Wales {wlih a registered number OC3051271.
HENLEY ROYAL REGArrA CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the year ended 30 September 2022 Unrestrlcted In¢ome Fund Deslgnated Capital Fund Totsl Fund$ 2022 Note Income from Donations 1.884 Inveslm8nt Income 75.116 75.116 Bequest Totsl Ineamè 76.980 76,980 Expendlturn on RaisNng funds.. Investment Management Costs 84,427 84,427 Cljantable ActivitS 301.258 301,258 Total Exp8ndltura 385.685 385,685 Net expenditure before Revaluations and Investment Ass•t Dtspos•ls (308.7051 1308.7051 Gains on Investment assets 10 599,550 599,550 Net lexpendlturallineom• (308,7051 599,550 290,845 Transfers between funds 14 5W,IX)O 1500,000) Net Movements in Funds 191.295 99.550 290.845 R8coneiliatlon of Funds Totsl Funds brought forward 2C6.967 8.816.379 9,023.346 Total Funds carried forward 14 398.262 8,915,929 9,314.191 The Ststemenl of FinancAal Activities incorporates the Income and Expenditure Account. The results from the period derive from ¢onlinuing activities and there are no gains or10sses other than those shown above. Notes on pages 10 to 15 form part of these finanaal slatements.
HENLEY ROYAL REGATTA CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES Forthe year ended 30 September 2021 Unrestri¢tsd Income Fund De$iynotsd Capitsl Fund Totsl Fund 2021 Nots Incomè from Donations 1,602 1,602 Investm8nt InGome 60,646 60,646 Bequest Total Income 62,812 62.812 Exptrnditure on Raising funds." Investrnent Managernenl Costs 83.773 83,773 Charitable Aotivitles 193.980 193.980 Totsl Expgnditure 277,753 277,753 Net expenditura b8for• Rèvaluatlons and Inv•stmont Asset Disposals 1214,9411 1214.941) Gains on Investment assets 1.091,647 1.091.647 Nèt {expenditurellincome 1214,9411 1.091,647 876.706 Tiansfers between funds 14 Net Movements In Funds 1214,9411 1,091,647 876,7C Recon¢iliation of Funds Total Funds brought fOard 421.908 7.724.732 8.146,640 Total Funds carrlèd fOard 14 206.967 8,816.379 9.023,346 The Statement of Financial Activities incorporates the Income and Expenditure Accrjunt. The results from the period derive from continuing activities and there are no gains or losses otherthan those shown above. Notes on pages 10 to 15 fom part of these finandal slalemenls.
HENLEY ROYAL REGATTA CHARITABLE TRUST BALANCE SHEET As at 30 September 2022 2022 2021 Noto Fixed Assets: Investments Cash on Deposit awaiting investment 10 8.499,471 416,458 8,915,929 8,161,053 655.326 8,816,379 Current Assgts". Debtors due within one year Cash at Bank 11 863 424,972 232.554 Credltors Arnounls falling due within one year 12 27.573 5,587 N•t Current Assets 398.262 2Q6,967 9,314.191 9,023,346 Net Assets The funds of the charity- Unrestricted In¢ome Fund Designated Capital Fund 14115 14115 398,262 8.915,929 206.967 8,816,379 Totsl ¢h•rity funds 14115 9.314,191 9.023,346 Approved by the Board of Trustees on .... nd signed on its behalf by.. Slr Stevè Rodgrave. C.B Ghairman Not&s on pages 10 to 15 fom part of these financial sl8lernents.
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 30 September 2022 1 General Information Henley Royal Regatta Chariiable Trust is a registered charity, number 299597. The prinople place of business is Regatta HeadqLtarters, Henley-on-Thames. Oxfordshire, RG9 2LY. 2 Basis of Accounting The financial statements have been prepared under th& historical eost convention, as modifi8d by the indusion of fixed 8ssel investments 81 market value. in accordance with the Charities Act 2011 and the requirements of the Statement of Recommended Practice applicable lo charities pparing their a¢oounls in ac¢ord8nce wlh the Financial Reporting Standard applicable in the United Kingdom and RepLtblic of Ireland {Charities SORP FRS 1021 lèffèclivè 1 January 20191, the finan¢ial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021. The Charitable Tmst conslitules a public benefit entity as defined by FRS 102. The financial statements are presented in sterting and are rounded to the nearest pound. The finanaal statements have been prepared lo give a 'ltug and fairf viw and have depart¢d from the Charitie5 (Accounts and Reports) Regulations 2008 only to the extent required lo provide a 'true and fai view. This departure has evolved followng the Charitiès SORP {FRS 1021 published on 1 January 2019 rather than the Acc4Junling and Reporting by Charities.- Statement of Recornrnended Practice effective from 1 April 2005 vthich has since been withdrawn. 3 Accounting Policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the 12 months and in the preceding period. (a) Donations and Investmentlneome Donation5, except in relation to legacies, are accounted for at the time of receipt. Legacjes are included when thè Charitsbl8 Trust bècom8s èntitled lo the funds and the sum receivable can be reliably quantified. Where they rely on the sale of property Of investments and thus do not have a certain valuation. an estimate of IheKr value is di5dosed in the notes to the financial 51alefflents. Interest receivable and investment income is recognised in the period in which it is receivable. (b) Fixed Asset Inve5trnents Investments are included al ¢lo$ing mid-markel value al the balance sheet dale. Any gain or 105s on revaluation is taken to the Statement of Financi31 Aetiviti8s. fe) Charitable Activities- Grants Payable Grants payable are payments made to third parties in the furtherance of the charitable objectives of Ihe tru51. Grants are paid at the discretion of the Trustees and are accounted for where the Tnjstees have agreed Its pay the grant without condition and the recApient has a reasonable expectation that they will receive a grant, or any condition attaching lo the grant is outside the control tsf the Trust. fdj Realised and Unrealised Galns and Losses on Investment Realised gains and losses are computed using eithèr the market valuè prèvailing at the beginning of the perii)d, 01 the cost of the inve51rnenl if it was purchased during the period. less the proceeds received. Unrealised gains and losses are ¢alculated by adjusting lh$ opening market value of an investsnent al the beginning of the period lo the market value at the year end. fo) FundA¢¢ounting The Unrestricted Income Fund represents free reserves available for use al the discretion of the Trustees in furtheran¢e of the general obje¢lives of the Charitable Trust. The Designated Capital Fund preSentS the funds bed up in fixed assets investments and inclLtdes a revalLtation reserve represet)ting the restatement of investment a$se15 al market values al the year end. The investment income arising wthin the Designated Capital Fund is transferred to the Unrestri¢led Income Fund and is available for application. 10-
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {continuedl Forthe year ended 30 September 2022 3 Accounting policigs lcontinuedl (Q Resourees expended Expenditure is recognised on an accruals basis. Expenditure indudes any VAT which cannot be revered, and is reported as part ol the expenditure tr) which it relates. Charitablé expendllure comprises those costs incurred by the Charitable Trust in the delivery of ils activities and services for its benefiaaries. It includes both Costs that can be allocatèd dirèclly lo such activities and those costs of an indirect nature necessary to support thern. (g) Financlal Inslrumtnts The Charity only has financial assets of a kind that qualify as basi¢ financial inslwmenls. Basic financial instruments are initially recognised 81 a transaction value and subsequently measured at amortised cost wlh the expIlOn of investménts which are held at lair value. 4 Judgements in applylng the accoUnng pollclès and k•y sour¢&s of osumatlon L¢n¢¢rtalnty In the application of the Trust's accounting poliaes. the Trustees are required to mak& judgements. estimates and assumptions about the carrying amounts ol assets and liabilities ihat are not readily apparent from other sources. The estimates and assoGialed assumption5 are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and undedyin9 assumptions a reviewed on an ongoing basis. Revisions lo auntIng estimates are re¢ognised in the period in which the estimate is revised if the revision affects only that pgriod, or in the period of the rèvision and futurè pèriods if the revision 8ffects both current and future periods. There were no judgement or material eslim81ion uncertainties affecting the reported financial perfomiance in the current period or prior year. 5 Assessment of golng eonc•rn The Trustees are continually revigwng Ihair plans and financial forecasts and believe that the going concem basis is entirely appropriate in the short to medium lem). The Trustees have concluded that whilst there is uncertainty due to the volatility in thè Finaneial Markets, this does not represent a malefial uncertainty in relation to the Trusfs ability to continue as a going concem. The Trustees note th81 the Designated Capital Funds may be spent on both income and capital projects. The Charitable Trust has liquid cash 01 £424,972 * 30 September 2022. £398.262 of which is unreslricled. Based on cashflow wojection5 prepared to 31 December 2023. the Charily will be required to access the Designated Capital Funds held by the investment managers within 12 months of the approval of the Financial Slalements to meet its projected grant payments. 6 Taxatlon As a Charitable Trust, Henley Royal Regalta Charitable Trust is exempt from lax on income and gains falling W71hin Section 505 of the Taxes Act 1988 or section 256 of the Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects. No tax charges have arisen in the Charitable Trust.
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 30 September 2022 7 Donatlons 2022 2021 Donations 1.864 1,602 8 Investment Income 2022 2021 Derived From.. Investments listed on a reeognisad Stock Exchangè Bank 74,798 318 60,609 37 60,646 9 Charitabl8 Activities 2022 2021 Grants payable Warringlon Youth Rowing London Youth Rowing Rowing Foundation National Junior Indoor Rowing Championships Ea51 Anglia Youth Rowing Ball Cup Re9atta- South Oarsome Chance Runcom Rowing Club Regatta lorthe Disabled 110,046 109,000 53,000 6,500 5,000 4,000 17,317 100,OOD 51,50CI 10,0 7,0 1,50Q 5CXI 287,546 187,817 Governance Costs Legal fees & professional Auditor's fè&s In respert ofr. Independènt examination 7,615 4.417 12,032 4,487 5,127 Othereosts Promotion Sundry expenses 1,620 60 1.020 16 1.680 1,036 Total Charitable Activltl•s 301,258 193,980 12-
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {continued) For the year ended 30 September 2022 10 Fix•d Asset Investments 2022 2021 All the investments are listed on a recognised Stock Exchange Market value as 811 Odober Additions lo investments at cost Disposal proceeds Net investmen15 gains 8.161,053 6,849.077 4,971.225 3,642.805 (5.232,357) {3.422.4761 599,550 1,091,647 Market value as at 30 September 8,499,471 8,161.053 Historical cost as at 30 September 7.331,873 7,444.075 AI 30 September Ilsled investments comprised the following.. Index Linked l Fixed Equities Global Other Forward foreign exthange 4,413.896 1.076,699 835.613 2,184,645 111.3821 8,499,471 2.786.311 3,075,288 911.968 1.400,223 112,737) 8,161.053 Material investments Irepiesentlng more than 5% of the lolal portfolio value) include the following." 2022 2021 Ruffer SICAV Fixed In¢ome Z GBP Cap Ruffer Protection Strategies Intemational Z EUR UK (Govl OQ 2.SQA IIL 1710712024 UK {Govt On 0.125% IIL 2210312024 Ruffer Multi Strategiès Fund Limile(J Ruffer Illiquid Multi Slrategies Fund 2015 Limited LF Rlsffer Absolute Relum C In 2,011,982 1,335,988 309.005 908,271 775,463 635,541 554,715 224.518 332,032 286.031 537,792 504.088 533.157 UK {Gtsvi 00 0.125% IIL 2211112065 LF Ruffer Japanese C Acc 473.479 All of the fixed asset invtrsltngrts, togelherwlh cash held on Capital Account at Ruffer LLP, represent the total value of investment assets wthin the Designated Captsl Fund of the Charitable Trust al the year end. 672.189 All of the fixed asset investments are held primarily to provide an investment 18turn for the Charilablo Trust. 11 Debtors: Amounts falllng du• wlthin one year 2022 2021 Debtors 13-
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {continued) For the year ended 30 September 2022 12 Creditors: Aynounts falling due wlthln one year 2022 2021 cditOrS and Accruals 27,573 25,587 Reconciliatlon of grants payable: 2022 2021 Grants payable al the start of the year New grant commitments charged to the SOFA in period (note 9} Grants paid during the period 14.689 187,817 1202,5CfjI 287.546 (287.5461 Amount of grants payable al the end of the year 13 Trustees. Remuneratlon No Twstees received any remuneration during the period12021- Nill. No Trustees We reimbursed for expenses during the period12021 Nill. There were no employees during the year12021'. Nil). 14 Reconciliation in Movement in Funds 2022 Unrestricted Income Fund Deslgnated Capltal Fund Total Balance bfwd 206,967 8,816.379 9,023,346 Incoming resources Outgoing resources Gain on investments Transfers 76,980 1385,6851 76,980 1385,6851 599,550 599,550 1500.0001 500,000 Balance 398,262 8,915.929 9,314,191 2021 Unrestricted Income Fund Designated Capttal Fund Total Balance bfwd 421,908 7,724,732 8.146.640 Incoming resources Outgoing resources Gain on investments Transfers 62,812 1277,7531 62,812 {277.753} 1,091,647 1.091.647 8atance cfv 206.967 8,816,379 9,023,346 14-
HENLEY ROYAL REGArrA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {continuedl Forthe year ended 30 Septernber 2022 15 Analysi$ of NetABsets betsveen Funds 2022 Unrestricted Incomè Fund D•slgnated Capitsl Fund Total Fixed asset investments Nel current assets 8.915,929 8,915,929 398.262 398.262 398,262 8,915,929 9.314.191 2021 UnrÈstrletÈd Income Fund Destgnated Capital Fund Total Fixed assel Investments Net current assets 6,816,379 8,816,379 206,967 2t6,967 206,967 8.816,379 9,023.346 16 Controlling party Henley Royal Regatta has the righl to appoint the trustees of Henley Royal Regatta Charitable Trust and as a rèsult of this is deemed lo have control of the enlty. 15-