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 re￿rt 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 re￿rt 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 ￿n￿rn 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 re￿ntlY 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 SU￿esSfUl 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 RO￿ng 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 redU￿d 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
Pl￿9 lorfuture perfods
Trustee$ remain ￿n￿nCed 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 ro￿lM9 througho
the county. ONCB thB young people are invdved, the singl8 most IM￿rtant factor in retaining their interest is
ongoing waEhirvJ by ￿lta￿Y 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￿ Ro￿ng Club launching a proied to provide rowing opport￿￿65 to ch#dren could olh*Ms$ 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 ￿a￿TrIng 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 i8￿￿r¢￿s. induding income and expel￿rture, 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 a￿l¢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
p￿sUM￿ that the Charitsble Trust will wnb'nue to operate.
The Trustees are rown8ilAo for fflaintaining proper ac￿n)￿ taeords b%ttich dl'sclose with rea80r0￿e
accuracy at any ts'rne the finanu81 p9S￿On 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 sIg￿d 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 Ca￿led 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 COn￿rnS 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 REGA￿A 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 fO￿ard
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 inV￿tment
10
7.248,468
439,141
8,499,471
418,458
8,915,
CurrentA$s￿.
Debtors due wthin c￿e year
Cash at BaNo
11
424,972
Credltors
Amounts falling due w9thin one year
12
28,¢Y241
127,5731
Ngt Currant A￿1$
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
T*￿1 C￿rffy fund¥
14116
8.149.631
314.1
Apryoved by the 8oaTd ofTrustee8 on ..........
. and siwed on its beh￿f 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 prinCi￿e 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 Ma￿et 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$tilutes a public benefrt entity as defined ty FRS 102.
The financial statements ale presented in sterfing and aitr round¢d to the nearest pound.
The finan￿￿1 5tat8ment5 have begn prepared to give a 'lrue and faiV view and have departed In)m the
Charit￿S (Accounts and RerM)rtsl Regulations 2008 onty lo the extent required lo provide a'lrue and fai
ew. Thi5 departure h85 evolved following the Charib'es SORP IFRS 1021 published on l January 2022
rather than the Accounting and Reporting by Chari1188.' Statement of Reeomrnended Practic8 eff8ctiv8
from 1 Aprll 2005 whlch has slnce been wlhdrawn.
J A¢¢ountlng Ptsllcles
The principal a¢countlng policie$ 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•
Donati￿S. 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$et Inveslm•nts
Investments are included at ckislng mid-market value at the balance sheet date. Any galn or loss on
revaluatDn is tsken lo the Statement of Finanryal A¢tivitses,
(¢) Ch•ritab10 Activitlos- Grants Pa￿￿1+
Grants payab* are payments made to third parties in Ihe furtherance of the charitsble objecltves of Ihe
trust. Grants are paid at the discreth.on of the Tnjstees and 8ie accounted for whefe the Trustees have
agreed to pay the grant %wihout condits.on and the reclpient has a reasonable expectation that they wil
r￿N￿e a grant, or any condi*'on attaching to the grant is outside the wntrol of the Trust.
(d) Realisedand Unrealised Gains andLosses on Invéstment
Realised gains and 10$ses are computed using eitsr the market value prevaillng at the beginnin9 of Ihe
period, or Ihe cost ol the i￿VeSt￿ent 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 REGA￿A 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 re￿iVed 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 reSoUr￿S
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 reSoUr￿S
Outgoing reSoUr￿S
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