Charity No. 299597 IEng18nd and Wales) HENLEY ROYAL REGArrA CHARITABLE TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS For the year ended 30 September 2023
HENLEY ROYAL REGATTA CHARITABLE TRUST INDEX TO THE FINANCIAL STATEMENTS For the year ended 30 September 2023 CONTENTS Pages Legal and Administrative Information Report of the Trustees Independent Examine¢s Report Statement of Financial Activities lor ihe year ended 30 September 2023 Statement of Financial Activities for the year ended 30 Sepiember 2022 88lanc8 Sheet Notes foming part of the Financial Statements 10-15
HENLEY ROYAL REGATTA CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION For the year ended 30 September 2023 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. Grisl REGISTERED CHARITY NO: 299597 PRINCIPAL OFFICE= Regatta Headquarters Henley-on-Thames Oxfordshire RG9 2LY INDEPENDENT EXAMINER.. Heather Wheelhouse, ACA BDO LLP Bridgewater House Counterslip Bristol BS1 6BX LEGAL ADVISORS: Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH BANKERS: National Westminster plc 66 - 68 High Street Maidenhead Berkshire SL6 1QA INVESTMENT MANAGERS.. Ruffer LLP 80 Victoria Street London SW1E SJL
HENLEY ROYAL REGArrA CHARITABLE TRUST REPORT OF THE TRUSTEES For the ear gnded 30 Sg tgmber 2023 The Trustees present their annual rert and financial statements of the Charitable Trust for the year ended 30 September 2023. The financial statements have been prepared in accordan with the accounting policies set out in note 3 to the financial statem8nts and comply with th8 Trust Deed, the Gh8rities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Administrative information Henley Royal Regatta Charitable Trust, which was established by a Declaration of Trust on 6 June 1988. has the Charity Registration Number 299597 and a registered office at Regatta Headquarters, Henley-on-Thames, Oxfordshire, RG9 2LY. The Trustees who have acted during the 12 months to 30 September 2023 and on the date this rert was approved ar8 as follows.. R. C. Lester C. L. Baillieu. M.B.E. Sir St8v8 Redgrave, C.B.E. (Chairman) R. C. Stanhope S. K. Winckless, M.B.E All Trustees give their lime voluntarily and receive no benefits from the Charitable Trust. Mr D. G. M. Grist has acted as Secretary lo the Charitable Trust during the year lo implement such decisions 88 have been made by the Trustees, who have met on two occasions during the year under review. Details of th8 Charitable Trust'5 independ8nt examiners, 18gal advisors, bankers and inv8Stm8nt tllan8g8rs ar8 shown on page 1 (Legal and Administrative Infomiationl. Governance The power of appointing new or additional Trustees Is vested in thg Cotnrnittee of Managgrngnt of Henley Royal Regatts. When a new Trustee is appointed, appropriate induction and training is arranged. The Trust's key management personnel comprise the Board of Trustees and Secretsry to the Trustees. None of the Trustees are remLJnerated for their involvement with the Charitable Trust. Under the terms of the Declaration of Trust, the Trustees have full powers to invest in all investments or property of whatsoever nature and wheresoever situate and to do all such acis and things as shall further the proper adrninistration or the attainment of the objects of the Trust. In Complian with the Statement ol Recomrnended Practice, the Trustees seek proper advice on investments. They have delegated investment powers to Ruffer LLP and have provided that company with 8 written policy stat8m8nt and b8nchrn8rk. Regular meetings are held to review the portfolio managers, performance and ultimately, their appointment. The major risks to which the Charitable Trust is exposed, as identified by the Trustees, are reviewed annually and systems have been estsblished to mitigate them. The Trustees have prepared the financial statements on a going nrn basis. However. before reaching their decision to do so, careful consideration has been given to the possible risks to whid) the Trust is exposed. The main consideration was the vc)latility of the stock market and its implication on both the value of the investrnent porttolio and the level of incorne arising therefrom, as the Trust relies on both to produce sufficient funds to meet its liabilities as and when they fall due. In the year ended 30 September 2023, the Trust's investments have been impacted by the Investment Managerfs negative performance of 7.4°/.. However, the InvesttT18nt Man8ger rgtnains confidgnt that the porttolio is well positioned for th8 dtrfioult environment they $99 ahead and having previously withstood the economic shocks presented by the pandemic and more rentlY from the war in the Ukraine and the energy & cost of living crisis well. the Trustees are satisfied that il is appropriate to prepare the finanaal statements on a going concern basis, given the low risk nature tsf the portfolio. The Trustees are compliant with the principl85 and recommended practlC8 Sgt out in The Charity Governance Ccyje.
HENLEY ROYAL REGATTA CHARITABLE TRUST REPORT OF THE TRUSTEES Icontinuedl For thg ear gndgd 30 Se tembgr 2023 Objectivès and aeti¥iti•s for thè public bèn•fit The Declaration of Trust specilieally provides that the Trustees sha11 assist in the provision of facilities and resources to enable and encourage young persons receiving education or undergoing training in the United Kingdom, to row or to scull thereby helping ensure that due attention is givgn to their physical education and development. The Trustees confirm that they have referred lo the guidance coniained in the Charity Comrnission's general guidance on public benefit when reviewng the Trust's aims and objectives and in planning future activities and setting the grant making policy for the year. Achievements and performance and delivery of public benerrts Warrington Youth Rowng IWYRI has received lotal funding of £99,78512022'. £110,046), supporting schemes in W8rrington, Liverpool, Northwich and Manchester. Thg initi8tiV8 was designed to introduce a wde range of young pec)ple in these areas to the sport ol rowing. These youngsters would previously have imagined rowng to be inaccessible to them and this scheme aims to open up the sport of rowing lo a broader derllographic. Following an initial 3-year investment, the Trustees agreed to award further funding due to the success of the project. London Youth Rowng ILYRI has rec8iv8d total funding of 2161,000 12022.. £109,000), spread across four projects.. al The Slep-up Coaching prryJramme airns to recruit co8ches from a diverse range of backgrounds, looking well beyond "traditional" rowing, and develops them through a two-year programme to be highly effective grassroots coaches. Now in its third year. the scheme is successful in making LYR'S rowing programmes even more engaging and accessible for the young people it supports. bl Active Row Leeds is the first time LYR'S school engagement programme has run outside London. The prograrnm8 is working with up to 25 state secondary schools. Also in its third y8ar, this programme is giving all participants the chance to try indoor rowing, boosting physical activity and the development of life skills. cl Active Row Nottingham is based on the SUesSfUl model used in London and Leeds, with the Trust's funding Ilowing LYR to employ a lull-time rowng coach to be based in Nottingham to lead the roll out of Active Row Notb'ngharn to ten schools across the city. dl Active Row Islington follows the sarn8 tnodel as London and L88ds. It is currently in its first y88r of activity and is already reaching over 200 participants in 13 schools. The Rowing Foundation has received funding of £56,000 12022.. £53,000). The ROng Foundation distributes funds to srnall-scale rowng projects. East Anglia Youth Rowing IEAYRI received funding of £32,00012022'. £5,000) which will fund a coach to kickstart a new sch8rMe that sees a rowing club partnering wth its loc81 s¢hool5. Gorse Academies Trust received funding of £20.00012023.' Nil) lo fund both indoor and outdoor rowing to 4500 pupils acrtrss the trust", Th8 National Junior Indoor Rowing Championships INJIRCI r8CelV8d funding of £15,00012022.. £6,500). This is an annual competition run by LYR. In the spring of 2023, the event ran simultaneously in two locations (London and Leeds) with p8rb¢ip8nts frorn across the UK cornpeting against each other regardless of location. in individu81 and team relay races. The Trustees made Smaller grants of £10,00012023.. Nil) to Oarsotne Chancè, a coastal rowng scheme which seeks to involve children who are disengaged with schooling the opportunity to leam new skills including rowing and practical workshop-b8s8d learning,. £6,000 12023.. Nil) to Castle Mead Acad8tMy which provides rowng coaching across Leicester., £5,50012022.' £4,000) to the Ball Cup Regattas Isouthl,. £3,20012023.' Nil) to Henley Rowing Club. providing indoor rowng sessions to schwls across the area.. and £50012023.. Nill to the Regatta for the Disabled, enabling those with access requirements to enjoy a day of watersports and family activities.
HENLEY ROYAL REGATTA CHARITABLE TRUST REPORT OF THE TRUSTEES (continued) Forthe yearended 30 September 2023 Flnancial Revlaw The Trustees aim to grow the Charitable Trust's funds to a size that wll allow them to support ongoing, long term charitable objectives from annual investment income. A resolution was passed by the Trustees on 31 October 2007, pursuant to the power contained in Clause 4.5 of the Charily's governing instrument, to transfer the sum of £5.231,798 (represented by investment assets. managed by the Trust's pc)rtlolio managersl, to be accumulated to capital by way of a transfer of this amount from the Unrestricted Income Fund to 8 Designated Capital Fund. During the year under review, the Charitable Trust's Designated Capital Fund was reduced by £728,320 12022 inoreased.. £599,550) from net investment losses. During the year £500,000 was transferred from the Designated Capital Fund to the Unrestricted Income fund to fund grant expenditure. Over the course ol the financial year the Unrestricted Income Fund was redUd by £436,24012022'. £308,705), after grant expenditure, operating expenses and receipt of investment income. Grant 8xpenditure and operating expenses for the year totalled £510,066 12022.. £385,68518nd in future years th8 Trustees anticipate disbursing similar amounts of money annually. While the Trustees review cash-flow projections regularly, it is considered important that the level of disposable net assets is adequate so as to ensure that the Charitable Trust is, and will continue to be, in a position to meet all its commitrnenls when they fall due. and to continue in the medium term to maintain grant expenditure al its present level. Rasèrvas Policy The Charitable Trust at its year end, 30 September 2023, held £462,02212022.' £398,262) in free reserves Ithat is those funds not tied to fixed assets, designated or restricted lundsl. A further £7,687,60912022.. £8,915,929) was held by the Trust in its Designated Capitsl Fund. resulting in total funds of £8.149,631 12022.. £9.314.191 1 held by the charitable trust at the year end. The Trustees have forecast the level of reserves required in the foreseeable future, and believe that based on cashflow proj8Ctions to 31 Dec8tMb8r 2024, the Trust wll b8 r8quir8d to access the Designat8d Capit81 Fund held by the investment managers within 12 months of the approval of the Financial Statements, to fund annual forecast net expenditure of £517,000 and in order to allow the Charitable Trust.. to meet its eommitments and normal patterns of expenditure taking into consideration the lack of major donations in recent years Iprincipally frorn Henley Royal Reg8ttal.' to safeguard against unforeseen difficulties and risks.. to engage in new opportunities or make unexpected grants or calls on funds. bl Serious Incidents The Trustees eonfim that there are no serious incidents or other matters relating lo Henley Royal Regatta Charitable Trust over the financial year under review that should have been brought to the attention of the Charity Cornmission.
HENLEY ROYAL REGAThA CHARITABLE TRUST REPORT OF THE TRUSTEES (contlnuodl For the ear ended 30 S¥ ember 2023 Pl9 lorfuture perfods Trustee$ remain nnCed that one of the m05t important r¢les, for the achievement ol their ots'ectives and the public benefrt, Is 10 5UPPOrt coathing at'grass roots levey. Sthemts SLrh as the projects overseen by Warrington Youth Rovring Contin to introdLU hundreds of young51ers to the sport of rolM9 througho the county. ONCB thB young people are invdved, the singl8 most IMrtant factor in retaining their interest is ongoing waEhirvJ by ltaY tralned and motivated The tpUp Coathing programme led by Londun Youth Rowng is party¢uiarly oflecbvt In Ihis regard. TINS year has an increase in the number of ¢rganisath)ns apptying to the TrL for fU[ing. The TNstee$ have 4reed to Increase funding for the fi'nanryd y¢ar 202>24 by approximatdy 20% to $UBtsin &$¥n9 scherne5 and to SUPPtsrt th• fdl¢Mng new projects.. $1 EAYR'$ expgnsson irto Norwic. whic wll run alory the same lines as the exisb'ng EAYR prole¢ bl Enalle, a T¥gW prtyoct based at Bam Elms providing rowry coaching to schools around the area.. c} Hounslow Community Rowing Trust. enabling schools to rowon the Thames Tideway, dl London Youth Rokning's expansion of tho A¢bve Row Project, Commencing in Bristd". el TY Rong Club launching a proied to provide rowing opport65 to ch#dren could olhMs$ not acces5 the 8Prt Publlc benèfit statsmènt The Tiusteos have complled wth the duty in Section 17151 ol the Charities Act 2011 to have du8 regard of Ihe guthnce published by Charity Commisgon. The Trustees afe very mindfijl of their re8pm$ibilits'¢s and have been ferring lo tha guidancE vthen reviewng ihwr airns ond oty"edive$ when aTrIng Iheir future aclwrtles. In particLAar. they havè considèred how planned actiwties will wntribute to the m$ and o*"ectsves y have set. They believe that tre obpcts ts)ntained wthin the Dedaration ol Trusl b&nèrrt the public by prornotsng phy%eal exercise as well as the educab.on and d¢velopment ol young persons. Stat•m¢n¢ ol TnHtees' Relponslblltths Charity law requtFes the T¥u$tees to prepar? Frnartdal Statements for each ffD8nGi31 year. [ch gtve a true and tsir view of the state of the Ch8ritsble Trust a$ 01 th¢ b¥lance sheet dale and of its incoming rèsourc6S and opplication of i8r¢s. induding income and expelrture, lor the f nanoal year. In preparing those Flnanrial Statemen18. the Trustees are required to". select aLuunting poliies and apply th•m cthsistendy., obswve the rnethods and pnnoples in the Charities SQRP.. make judgments 8nd èstim8tos tttat are reasonable and prudent., statè vthether al¢able accounttng standards have t)een fdio%¥Ed, Subject to any material departures disdosèd and explained in the financial ststerngnts, and prepare the Finanoal Slatements on th¢ going conwn basis unless it is Ènappropriato to psUM that the Charitsble Trust will wnb'nue to operate. The Trustees are rown8ilAo for fflaintaining proper acn) taeords b%ttich dl'sclose with rea80r0e accuracy at any ts'rne the finanu81 p9SOn of the charitat4e trust and 1¢ gnablè thèm to ensure that the Financial Ststwnents comply wth the Charibes Act 2011. They are also re6pon&bk foi 5af@guardiw the assets of the charitab Trwt and hence for takiro reasonaÈ4t stèps for the prevention and detectK)n of fraud and other irregularities. Approved by thè Trustees and sIgd on thwr behav by. Slr Stèvè Rodgrav•, C.B.E Chaimian Datè
Independent Examinerfs report to the Trustees of HENLEY ROYAL REGATTA CHARITABLE TRUST I report to the Trust88s on my examination of th8 accounts of th8 Tiust for the period 8nd8d 30 S8pt8mber 2023, which are set out on pages 7 to 15. This r8POrt is tnade solely to th8 charity's Trust88s, as 8 body, in accordance with R8gulation 31 of th8 Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters l am required to stste lo them in an independent exarninerfs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's Trustees as a body, for my work, for this report, or for the statement I have made. Responsibilitles and basis for report As the charity Trustees of the Trust you are responsible for the preparation of the accounts in accordan with the requirements of the charities Act 2011 1.the AGT'I. I report in respect of my examination of the Henley Royal Regatta Charitable Trust accounts Caled out under section 145 of thè 2011 Aet and in earwng out my examination I have followed all the applicable Directions given by the Charity Commission under sects'on 14515llbl of the Act. Independent examlnerfs statement I have completed my examination. I confim) that no material matlers have come to my altention in connection with the exarnination giving me cause lo believe.. accounting records were not kept in respect ol the Trust as required by section 130 01 the Act,. or the accounts do not accord wth those records,. or the accounts do not comply wth the accounting requirements contsrning the form and cc)ntent of the accounts set out in the Charities IAccounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statetnent of Recomtnended Practice ftsr accounting and reporting by charitie5 lapplicable to chariiies preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no COnrnS and have corne across no other matters in connection with the examination to which att8ntion should be dr8wn in this report in order to gnable 8 proper understsnding of the accounts to be reached. DocuS*Mdtsy'. E1415AEDE5D4S¥3...................... Heather Wheelhouse, ACA DO LLP Bristol, UK Date.. 15 November 2023 8DO LLP is a limited liability partnership registered in England and Wales Iwth a registered number OC3051271.
HENLEY ROYAL REGATTA CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the ear ended 30 Se tember 2023 Unrestricted Incoma Fund Designated Capital Fund Total Funds 2023 Note Ineom• from Donations 2,220 2,220 Investment Income 71,606 71,606 Total Income 73,826 73,826 Expenditure on R8Nsing funds.. Investment Management Costs 85,435 85,435 Charitable Activities 424,631 424,631 Total Expenditure 510,066 510,066 Net expenditure before Revaluations and Investment Asset Dlsposals 1436.2401 1436,2401 Loss on Investment assgts 10 1728,3201 1728,3201 Nèt èxp•nditur• 1436,2401 1728,3201 11,164,560) Transfers between funds 14 500,000 1500.0001 Net Movements In Funds 63,760 11,228,320) 11,164,560) Reconciliation of Funds Total Funds brought forward 398,262 8,915,929 9,314,191 Total Fund5 Carried forward 14 462,022 7,687,609 8,149,631 The Statement of Financial Activities incorporates the Income and Expenditure Account. The results from the period derive from ntinUIng activities and there are no gains or losses other than those shown above. Notes on pages 10 to 15 form part of these financial statements.
HENLEY ROYAL REGAA CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES For the ear ended 30 Se tember 2022 Unrestricted Income Fund Designated Capital Fund Total Funds 2022 Note Income from Donalions 1,864 1,864 Investment Income 75,116 75,116 Total Income 76.980 Expendlture on Raising funds.. Investment Management Costs 84,427 84,427 Charitable Aclivities 301,258 301,258 Total Expenditure 385 685 385 685 Net expenditure before Revaluations and Invèstmènt Ass•t Dlsposals 1308,7051 1308,7051 Gains on Investment assets 599.550 599.550 Net lexpenditurellincome 1308,7051 599,550 290,845 Transfers belween funds 14 500,000 1500,0001 N&t Mov•m•nts In Funds 191,295 99,550 290,845 Reconciliation of Funds Total Funds brought forward 206,967 8,816,379 9,023,346 Total Funds carried fOard 14 398 262 8 915929 9 314 191 The Staternent of Financial Activities incorporates the Income and Expenditure Account. The results from the period derive from conts'nuing activities and there are no gains or losses other than those shown above. Notes on pages 10 to 15 form part of these financial statements.
HENLEY ROYAL REGAThA CHARITABLE TRUST 8ALANCE SHEET Asat30Se t•mb¢r 2023 2023 2022 Flxed A&. InvethentS Cash on Dey)3it witing inVtment 10 7.248,468 439,141 8,499,471 418,458 8,915, CurrentA$s. Debtors due wthin ce year Cash at BaNo 11 424,972 Credltors Amounts falling due w9thin one year 12 28,¢Y241 127,5731 Ngt Currant A1$ 482,022 398.282 N•t As¥gts Th• ful tsft ¢harfty: Unr?strided Inceme Fund Designated Caprtal Fund 14116 14115 462,022 7.687,609 398.262 8,915.¥29 T1 Crffy fund¥ 14116 8.149.631 314.1 Apryoved by the 8oaTd ofTrustee8 on .......... . and siwed on its behf by. Slr Stève Redgrnvg, C.&E Chairman Notes on pages 10 to 15 fomi part ofthese fin&4[ $tatements.
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS For th• oar •nd•d 30 S8 •mb•r 2023 1 General Informatlon Hen Royal Regatta Charitable Trust 15 a reyist8red charty, numb8f 299597. The prinCie Pla of busine8s is Regatta Headquarter8. Henley-on-Thamo$. Oxfordshire, RG9 2LY. 2 Ba818 of A¢countln9 The financial ststements have been prepared under the hi$tori¢al cost convention, as rn¢>aified by thè Inclusion of fixed asset investments at Maet value, in accordance with the Charities Act 2011 and the requirements of the Statement of Recommended Practice applicable to charities preparing their account$ in accordance th the Financial Reporting Standard applicable in the United Kingdom and Republi¢ of Ireland (Charities SORP FRS 1021 leffeclfve 1 January 20221, the finaficial Rèporting standard applicable in the UK and Republic ol Ireland IFRS 1021. The Charitable Twsl ¢on$tilutes a public benefrt entity as defined ty FRS 102. The financial statements ale presented in sterfing and aitr round¢d to the nearest pound. The finan1 5tat8ment5 have begn prepared to give a 'lrue and faiV view and have departed In)m the CharitS (Accounts and RerM)rtsl Regulations 2008 onty lo the extent required lo provide a'lrue and fai ew. Thi5 departure h85 evolved following the Charib'es SORP IFRS 1021 published on l January 2022 rather than the Accounting and Reporting by Chari1188.' Statement of Reeomrnended Practic8 eff8ctiv8 from 1 Aprll 2005 whlch has slnce been wlhdrawn. J A¢¢ountlng Ptsllcles The principal a¢countlng policie$ are summarised below. The accounling pollcies have been applied consislenly throughout the 12 months and in the preceding period. (a) Don•tlons •nd Invgsfment Incom• DonatiS. excepl in relation to legacies. are accounled for at the time of recelpt. Legacies a Included ¥vhen the Charfiablè Trust become$ entitled to the lunds and tha sum receivable can be rellatly quantnleLt. Interest receNable and inveslment income is recognised in the period in whith it is roGeivabte. (bj Flxod As$et Inveslm•nts Investments are included at ckislng mid-market value at the balance sheet date. Any galn or loss on revaluatDn is tsken lo the Statement of Finanryal A¢tivitses, (¢) Ch•ritab10 Activitlos- Grants Pa1+ Grants payab are payments made to third parties in Ihe furtherance of the charitsble objecltves of Ihe trust. Grants are paid at the discreth.on of the Tnjstees and 8ie accounted for whefe the Trustees have agreed to pay the grant %wihout condits.on and the reclpient has a reasonable expectation that they wil rNe a grant, or any condi'on attaching to the grant is outside the wntrol of the Trust. (d) Realisedand Unrealised Gains andLosses on Invéstment Realised gains and 10$ses are computed using eitsr the market value prevaillng at the beginnin9 of Ihe period, or Ihe cost ol the iVeStent rf it was PUTcha5ed during Ihe period, less the proceeds received. Unr8alised gains and losses are calculated by adjusting Ihe opeThuyJ market value of an investrnent at the beginning ol the perlod to Ihe market value at the yeaT end. (e) Fun4lA¢¢ountlng Th8 Unrestricted Income Fund represents free re$eTve$ a¥ai18ble for use al the discretion ol the Trustees in lurtherance of the general objectfves of the Charflable Trust. The Desi9natett Capital Fund repre5ent5 the fund5 tied up in fixed assets investments afid includes a revaluation reserve representlng the restatement of investment assets al market values at the year end. The inveslment income arising within the Designated Capital Fulld 15 transferied to the Unfestrittted Incorne Fund and is available for application. 10
HENLEY ROYAL REGAA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the earended 30 Se tember 2023 3 Accounting policies Icontinuedl (O Resources expended Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be recovered, and is reported as part of the expenditure to which il relates. Charitable expenditure comprises those costs incurred by the Charitable Trust in the delivery of its activities and services for its beneficiaries. It includes both costs that can be 8llocated directly lo such activities and those costs of an indirect nature necessary to support them. (g) Financial instruments The charity only has financial assets ol a kind that qualify as basic financial instruments. Basic financial instruments are initially reoognised at a tr8ns8ction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. 4 Judgements in applying the accounting policies and key sources of estimation uncertainty In the application of the Trusvs accounting ptslicies, the Trustees are reqLJired to make jLJdgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent frotn other sources. Th8 estimates and associated assutnptions are based on historical 8xperi8nce and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions arg reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period ol the revision and future periods if the revision affects both current and future periods. There were no judgement or malerial estimation uncertainties affecting the reported financial perfomiance in the current period or prior year. 5 Assèssmènt of going concèrn The Trustees are continually reviewing their plans and financial forecasts and believe that the going concern basis is entirely appropriate in the short to tnediutn terrn. The Trustees have concluded that whilst there is uncertainly due to the volatility in the Financial Markets, this d$ not represent a material uncertainty in relation to the Trust's ability to continue as a going concern. The Trustees note that the Designated Capital Funds may be spent on both income and capital projects. The Charitable Trust has liquid cash of £220,687 after some larg8 grants had been paid, all of which 15 unrestricted. Based on cashllow projections prepared lo 31 December 2024, the Charity will be required to access the Designated Gapit81 Funds held by the investment managers wlhin 12 months of the approval of the Financial Statements to meet its projected grant payments. 6 Taxation As a Charitable Trust, Henley Royal Regatta Charitable Trust is exempl from tax on income and gains falling thin Section 505 of the Taxes Act 1988 or section 256 of the Chargeable Gains Acl 1992 to the extent that thes8 ar8 applied to its charitable objects. No tax charges hav8 arisen in th8 Charitable Trust.
HENLEY ROYAL REGAThA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the ear ended 30 Se tember 2023 7 Donatlons 2023 2022 Donations 8 Invastmant Incom8 2023 2022 Derived From.. Investments listed on a recognised Stock Exchange Natwest Bank Compensation Bank 71,365 150 91 74,798 318 71,606 75,116 9 Charitable Activities 2023 2022 Grants payable London Youth Rowing Warringlon Youth Rowing Rowing Foundation East Anglia Youth Rowing Gorse Academies Trust Nation81 Junior Indoor Rowing Championships Oarsome Chance Castle Mead Academy (Leicesterl Ball Cup Regatta- South Henley Rowing Club Regatta for the Disabled H8nley 161,000 99,785 56,000 32,000 20,000 15,000 10,000 6,000 5,500 3,200 500 109.000 110,046 53,000 5.000 6,500 4.000 408,985 287,546 Governance Costs Legal fees & professional Auditor's fees in respect of.. Ind8pend8nt 8xamination 8,221 7.615 4,800 13,021 4,417 12,032 other Gosts Promotion Sundry expenses 2,518 107 1,620 60 2,625 1,680 Totsl Charitable Activities 424,631 301,258 12
HENLEY ROYAL REGArrA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontlnued} For the ear ended 30 Se tember 2023 10 Fixed A$set Investments 2023 2022 All the investrnenls are listed on a recognised Stock Exchange M8rket value as at 1 October Additions lo investments at cost Disposal proc88ds Net investments Ilossesllgains 8,499,471 8,161,053 5,267,469 4,971,225 15,790,152) 15,232,357) 1728,3201 599,550 Market value as at 30 September 7 248 468 8 499 471 Historical cost as at 30 Sept8tnb8r 7 214467 7 331873 At 30 September listed investments comprised the following.. Index Linked l Fixed Equities Global Other Forward foreign exchange 3,952,556 772,558 1.227,412 1,294,971 971 4.413,896 1,076,699 835.613 2,184,645 111,3821 8,499,471 7,248,468 Material investments (representing more than 50h of the total ptsrtfolio value) indude the following.. 2023 2022 Ruffer SICAV Fixed Income Z GBP Cap UK IGovt Ofj 0.125°k 3110112024 UK (Govt Of) 0.25¢/0 3110112025 Ruffer Protection Strategies International Z EUR WS Ruffer Absolute Return C Inc 2,120,540 2,011,982 686.040 682,663 498,746 908,271 51M,088 472,503 WisdomTree Brent Crude Oil ETC 369,961 UK (Govt Of) 2.5°h IIL 1710712024 UK IGovt Ofj 0.125°10 IIL 2210312024 Ruff8r Multi Strategies Fund Lirnited Ruffer Illiquid Multi Strategies Fund 2015 Limited 537,792 All of the fixed asset investments, together wlh cash held on Capital Account at Ruffer LLP, represent the total value of investment assets within the Designated Capital Fund of the Gharitsble Trust at the year end. 775,463 635,541 554,715 l of the fixed asset investments are held primarily to provide an investment return for the Charitable Tiust. 11 Dèbtors.. Amounts falling duè within on• yèar 2023 2022 Debtors 863 13
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS Icontinuedl For the ear ended 30 Se tember 2023 12 Creditors: Amounts falling due within one year 2023 2022 Creditors and A¢¢ru8ls 26,024 27,573 Reconciliation of grants payable: 2023 2022 Grants payable at the start of the year New grant commitments charged to the SOFA in period Inole 91 Grants paid during the period 408,985 1408,9851 287,546 1287,5461 Amount of grants payable at th8 end of th8 year 13 Trustees. Remuneration No Trustees reiVed any remuneration during the period12022- Nill. No Trustees were reimbursed for expenses during the period12022 - Nill. There were no employees during the year12022'. Nill. 14 Reconciliation in Movement in Funds 2023 Unrestrlcted Incom• Fund Deslgnated Capltal Fund Total Balance bfwd 398,262 8,915,929 9,314,191 Incoming reSoUrS Outgoing resources Loss on investments Transfers 73,826 1510,0661 73,826 1510,0661 1728,3201 1728,3201 1500,0001 500,000 Balance cfwd 462 022 7 687 609 8 149631 2022 Unrestrlcted Income Fund Deslgnated Capital Fund Total Balance bfwd 206,967 8,816,379 9,023,346 Incoming reSoUrS Outgoing reSoUrS Gain on investments Transfers 76,980 1385,6851 76,980 1385,6851 599,550 599,550 1500,0001 500,000 Balance cfwd 398 262 8915929 9 314 191 14
HENLEY ROYAL REGATTA CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {continued) For the ear ended 30 Se tember 2023 15 Analysis of Net Assets between Funds 2023 Unrestricted Income Fund Deslgnated Capital Fund Total Fixed asset investments Net current assets 7,687,609 7.687,609 462,022 462,022 462,022 7,687,609 8,149,631 2022 Unrestrlcted In¢ome Fund Designated Capital Fund Total Fixed asset investments 8,915,929 8,915,929 398,262 Net current assets 398,262 398 262 8 915.929 9 314 191 16 Controlllng party Henley Royal Regatta h85 the right to appoint the trust885 of Henley Roy81 Regatta Charitable Trust and as a result of this is deetned to have control of the entity. 17 Related party There were no related party transaction in this financial year or last financial year. 15