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 p￿sented 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 ag￿ed 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 in￿me.
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 In￿me 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 0￿mber 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 re￿nI 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 un￿rtaintieS 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 refe￿ing 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 ir￿g￿larItIes.
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 Activit￿S
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 fO￿ard
421.908
7.724.732
8.146,640
Total Funds carrlèd fO￿ard
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 p￿paring 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 re￿vered,
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 ex￿pIlOn of investménts which are held at lair value.
4 Judgements in applylng the accoUn￿ng 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 a￿untIng
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
c￿ditOrS 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-