Henley Royal Regatta Charitable Trust Truslee$' Report ar¢d financial statements Year ended 30 September 2024 Charty Number 299597 (England and Wales)
Henley Royal Regatta Charitable Trust L9gal and Admlnlstrative Inforniation For the year ended 30 September 2024 Contents Page: Legal and Adminislralive Informatson ReFK)rt of the Tfuslees Independent Examiner's report Statement of F1nancial Activities for the year ended 30 Seplernber 2024 Statement of Financial Aclivits'es for the year ended 30 September 2023 10 Balance Sheet 11-16 Notes forming part of the financial statements Trustees R. C. Lesler C. L. Baillieu, M.B.E Sir Steve Redgrave, C.B.E R. C Stanhope S. K. Winckless. M.B.E A. Freeman-Pask Secretary D. G. M_ Grist Registered Charfty Number 299597 Principal offlce Regalla Headquarters. Henley On Thames, Oxfordshire. RG9 2LY Indgpendent Examlner T. Wilson. Haysmacintyre LLP, 10 Queen Street Place, London, EC4R 1AG Legal Advisows Farrer & Co LLP, 66 Lincoln's Inn Fields, London, WC2A 3LH Bankers National WestminsteT Bank Plc. 66 - 68 High Street, Maidenhead, Berkshire, SL6 1QA Investment Managers Ruffer LLP, 80 Victoria Street, London, SW1E 5JL P8ge 2 of16
Henley Royal Regatta Charitable Trust Report of the Tru$te8s For the year ended 30 Sopttsmber 2024 The Trustees present their annual report and financi81 statements ofthe Charitable Trustfor the year en4ed 30 September 2024. The financial ststements have been prepared in accordance with the accountin9 policies sel out in note 3 to the financial statements and comply with the Trust Deed, the Charities Act 2011 and the Sialement of Recomrnended Practice applicable to charities preparing their accounts in a¢cordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 102}. Adminlstratlve informallon Henley Royal Regatta Charitable Trust, which was established by a Declaration of Twst on 6 June 1988, has the Charity Registration Number 299597 and a registered Offi at Regatta Headquarters. Henley-on- Thames, Oxfordshire, RG9 2LY. The Trustees who have acted during the 12 months to 30 September 2024 and on the date this report was approved are as follows.. R. C. Lesler C. L. Baillieu, M.B.E Sir Steve Redgrave, C.B.E. {Chaimianl R. C. Stsnhope S. K. Winckle5s, M.8.E A. Freeman-Pask (appointed 19 Mar¢h 20241 All Trustees give their time volL¢ntarily and receive no benefits from the ChaTitable Trust Mr D. G. M. Grist has acted as Secretary to the Charitable Trust during the year lo implement such decisions a5 have been made by the Trustees, who have met on four ¢)ccasions during the year under review. Details of the Charitable Tfusfs independent examinors, legal advisors, bankers and inveslmenl manager$ are shown on page 2 {Legal and Administrative Information). Govornance The power of appointing new Of additional Trustses is vested in the Committee of Management of Henley Royal Regatta. When a new Trustee is appointed, approprtate induction and training is afranged. The Trusys key management personnel comprise the Board of Trustees and Secretary lo the Trustees. None of the Trustees are remunerated for their involvement with the Charitsble Trust. Under the terms ol the Declaration of Trust, the Trustees have full powers lo invest in all investments or property of whatsoever nature and wheresoever situate and lo do all such acts and things as shall further the proper administration or the attainmenl of the objects of the Trust. In compliance wrth the Statement of Recommended Practice, the Trustees seek pfoper advice on investments. They have delegated investment powers to Ruffer LLP and have provided that company with a written policy $latement and benchmark. Regular meetings are held to review the portfolio managets, perfomiance and ultimately, their appoinlmenl. The m3jOf r+8ks to which the Charitable Trust is exposed, as identified by the Trustee$. are reviewed annually and Systems have been established to mitigate them. The TrLStees have prepared the financial statements on a going concern basis. However. before reaching their decision to do so, careful consideration has been gwen to the possible risks to which the Tru51 is exposed. The main consideration was the volatility of the stock market and 115 implication on both the value of the investment porttolio and the level of income arising therefrom, as the Trust relies cn both to produce sufficient fvnds to rneel its liabilities as and when they fall due. Following negatNe retLms of -7.4°/ty in 2023. the investment manager has re-appraised their view of the economy and re-balanced their as5el allocation to ensure that the portfolio is betteT positioned lo weather a range of markel scenarios, resulting in a return to positrve performance of 4% in the year ended 30 September 2024. The Trustees are therefore satisfled that it is appropriate to prepare the f5nancial stslemenls on a going concern basis, given that the low risk, absolute return investment obiects've of the portfolio is not to lose money over a rolling 12-month period. Page 3 of16
Henley Royal Regatta Charitable Trust Report of the Trustegs For the ygar gnded 30 Sgptomber 2024 The Trustees are compliant with the principles and recommended practice sel out in The Charf(y Governance Code. Objectives and activities for the public benefit The Declaration of Trust specifically provides that the Trustees shall assist in the provision of lacililies and resources lo enable and encourage young persons reiving education or undergoing training in the United Kingdom, to row or to scull thereby helping ensure that due attention is given to their physical education and development. The Trustees confirm that they have referred to the guidance contsined in the Charity Commission's general guidance on public benefit when revEwing the Trusvs aims and objectives and in planning future activities and setting the grant making policy for the year. Achlevements and performance and deliv8ry of public b&nefits Warrin9lon Youth Rowing IWYRI has received a lotal award of £123,150 12023.. £99,785), supporting schemes in Warringlon, Merseyside. Greater Manchester, Northwich and Runcorn. The initiative was designed lo introduce a wide range of young people in these areas lo the sport of rowing. These youngsters would previously have imagined rowing to be inaccessible lo them and this scheme aims to open up the sport of rowing to a broader demographic. Following an initial 3-year investment. the Trustees agreed to award further funding due lo the success of the project. London Youth Rowing ILYRI has received lolal lunding of £122,00012023.. £161,(JOOl. The original proje¢t in London was expanded lo Leeds, and the funding is now spread across three further projects in diffenI areas ol the UK.. al Active Row Nottingham is based on the successful model used in London and Leeds, with the Trust's funding allowing LYR lo employ a full-lime rowing coach lo be based in Noth'ngham to lead the rollout of Active Row Nottingham lo 11 schools across the city. b) Active Row Islington follows the same model as London and Leeds. It is currently in ils third year of activity and Is already reaching nearty 300 participants each week in 13 schools. cl Active Row Bristol is the newest hub in this project, now entering Ils second year of activities and reaching nearly 400 pupils in 11 schools. The Rowing Foundation has received funding of £58,000 12023= £56,000). The Rowing Foundation distributes funds to small-scale rowing projects. East Anglia Youth Rowing IEAYRI received funding of £52,00012023.. £32,000} which support5 a scheme where a rowing club partners with local schools across Cambridgeshire. Gorse Academies Trust received funding of £20,00012023'. £20,000) to fund both indoor and outdoor r¢)wing for 4,500 pupils across the tnjsl. The National Junior Indoor Rowing Championships INJIRCI received funding of £20,00012023.' £15.0001. This is an annual competition run by LYR. In the spring of 2D24, the event ran in two locations (London and Leedsl with participants from across the UK competing against each other regardless of location. in individual and team relay ras. £10,000 {2023". £10,000) was awarded lo Oarsome Chance, a coastal rowing scheme which seeks lo involve children who are disengaged with schooling and provide them with the opportunity to learn new skills Including rowing and practical workshop-based learning. £10,00012023. £0) was awarded lo Hounslow Community Rowing Trust, a new scheme engaging with 6 local schools. Page4 of16
Henley Royal Regatta Charitable Trust Report of the Tru$to•s For th& year ended 30 S•ptember 2024 The Trustees made a number ol smaller grants.. 1. £9,059 {2023: £6.000} to Castle Mead Academy, which provides Towing coa¢hMig across Leicester., 2. £7,852 (2023.. £01 to Tyne Rowing Club, a new scheme providlng rowing coaching in Iwo schools- 3. £5,50012023: £5,500) to the 8all Cup Regatta (Southl.. 4. £2,50012023.' £01 lo Enable LeisuTe and Culture, which provides rowing coaching to stste school pupils who would otheise not have an opportunity lo leam to row., 5. £60012023.. £01 lo Mersey Rowing Club to support a summer school.. 6. £500 12023.. £5001 to the Regatta for the DisabSed. enabling those with access requiremenls Ic enjoy a day of water sports and family a¢tivilies. Flnanclal Revlow The Trustees aim to grow the Charitable Trust's funds to a size that will allow thern to Support ongoing, long term charitable objectives from annual investment income. A resolution was passed by the Trustees on 31 October 2007, Pufsuanl to the power contained in Clause 4.5 of the Charity's governing instrument, lo transfer the sum of £5,231,798 Irepresenled by investrnersl assets, managed by the Trusfs portfolio managers). to be a¢cumulated lo capital by way of a transfer of this amount from the Unrestricted In¢ome Fund lo a Designated Capf(al Fund. During the year under review. the Charitable Trusfs Designated Capital Fund was Increased by £231,461 {2023'.-£728,3201 from nel investment gains. During the year £500,000 was transferred from the DesNJnated Capital Fund lo the Unreslrided Income fund lo fund grant expenditure. Over the CorSe of the financial year the Unrestricted Income Fund was reduced by £325,031 (2023-. £436.240}, after grant expenditure, operating expenses and receipt of investment income. Grant expenditure and operab.ng expenses for the yeaf totalled £479.35212023'. £510.Cfj6) and in future years the Trustees anticipate disburwng similar amounts of money annually. While the Tfustees review Cash-flow projections regularly, it is consldered 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 commrtments vthen they fall due, and to continue in the medium tern to maintain grant expenditure at ils psent level. Ro$orve• Pollcy The Charitable Trust at its year end, 30 September 2024, held £636,99112023. £462,022) in free resetves {Ihat is those funds not lied lo fixed assets, designated or reslricled funds). A ftjrther £7.419,07012023.' £7,687,609) was held by the Trust in its Designated Capitsl Fund, fesulting in total funds of £8,056.061 {2023. £8,149,631) held by the Charitable trust at the year end. The Trustees have forecast the level of reserves requi in the foreseeable future, and believe that based on cashfiow proiects'ons to 31 Dember 2025, the Trust will be required lo access the Designated Capital Fund held by the inveslmenl managers within 12 months of the approval of the Financial Stalemenls, to fund annual forecast net expenditure of £364,000 and in order to allow the Charitable Trust.. al to meet its commitments and normal patterns of expendrture taking into consideration the lack of major donations in recent years {principally from Henley Royal Regatta}', bl to $afeguard again51 unforeseen difficulties and risks., c} to engage in new opportunities or make unexpe¢led grants or calls on funds. Page5 of16
Henley Royal Regatta Charitable Trust Report of the Trustees For thg year ended 30 September 2024 Serlous Incidents The Trustees confirm that there are no serious incidents or other rnatters relab.ng to Henley Royal Regatta Charitable Trust over the financial year under review that should have been brought lo the attention of the Charity Commission. Plans for future perfod$ The Trustees remain convinced that one of the most important roles for the achievement of their objectives and the public benefit, Is to support coaching al'grass roots level,. Schernes su¢h as the projects overseen by Warringlon Youth Rowing and London Youth Rowing continue to introduce hundreds of youngsters to the sport of rowing throughout the WLJnlry. Once the young people are involved, the single most important factor in retaining their inlere5t is ongoing coaching by suitably trained and mob'vated adults. During the year lo 30 September 2024, there has been an increase in the number of organi5alions awarded funding by the Trust. Existing projects have continued lo receive support within the scope of their original fundin9 agreement., at the same lime they are encouraged to begin seeking alternative sources of fvnding lo increase their sustainability. Public bgngfit statement The Trustees have complied with the duty in secb'on 17151 of the Charities Act 201110 have due regard of the guidanca published by the Charity Commission. The Trustees are very mindful of their responsibilities and have been referring to the guidance when reviewing their aims and objectives when planning their lulure activities. In particular, they have considered how planned activities will contribute lo the aims an objectives they have sel. They believe that the objects contained within the Declaration of Trust benefit the public by promoting physical exercise as well as the education and development of young persons. statement of Trustees. Responsibilities Charity law requires the Trustees to prepare Financial Slatemenls for each financial year, which give a ITue and fair view of the slate of the Charitable Trust as al the balance sheet dale and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those Financial Slalements, the Trustees are required lo.. select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP., make judgments and eslimales that are reasonable and prudent-, slate whether applicable accounting standards have been followed. subject to any material departures disclosed 2nd explained in the financial statements," and prepare the Financial Slalemenls on the going concem basis unless Il is inappropriate lo presume that the Charilable Tru51 will continue to operate. The Trustees are responsible for maintaining prOr accounting records which disclose with reasonable accuracy at any lime the financial position of the charitable trust and to enable them lo ensure that the Financial Statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Charitable Trust and hence for taking reasonable steps for the prevention and detection of Iraud and other irregularib'es. Approved by the Trustees and signed on their beha by.. Sir Steve Redgrave, C. Chaimian Date Page 6 of16
Henley Royal Regatta Charitable Trust Independonl ExamlneV6 report to thè Trustee8 I report to the Trustees on my examination of the accounts of Henley Royal Regatta Charitable Twst for the year ended 30 September 2024. which are set out on pages 8 to 16. Rgspèctive responsibilities of lrnstees and gxamlner The trustees are responsible for the preparation of the accounts in accordance with the requiremenls of the Charities Act 2011 { the 2011 Act'}. The tTuslees are satisfied that this year's audills not required Ltnder section 144{21 of the Charittes Act 2011 Ilhe 2011 Act) and have chosen to have an independent examination inslead. I report regarding my examination of the Trijsys accounts as carried out under seth'on 145 of the 2011 Act In carrying out my examination, I have followed the requirements of the applicable Directions gtven by the Charity Commission under section 14515llbl of the 2011 Act. Independent examineW$ $tstement I can cnnfimi that l am qualified to undertake the examination because l am a registered member of the ICAEW, which is one of the listed bodies. I have completed my examination. I conflrm that no matters have come to my attention giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records,. or the accounts do not comply with the appli¢able requirements conceming the form and content of accounts set out in the Charities (Accounts 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. I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in thi5 report in order lo enable a proper understanding of the accounts to be reached. Thomas Wilson FCA Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Date.. 14111124 Page7 of16
Henley Royal Regatta Charitable Trust statement of financial activities For the year ended 30 Septembgr 2024 Unrestricted Income Fund Designated Capital Fund Total Funds 2024 Note Income from Donations 7,472 7,472 Investment Income 146,849 146,849 Total Income 154,321 154,321 Expenditure on Raising fvnds.. Investment Management Costs 20,699 20,699 Chantable Actsvilies 458,653 458,653 Total Expenditure 479,352 479,352 Net expenditure before Revaluations and Investment Asset Disposals {325,0311 1325.0311 Gains on Investment assets 10 231,461 231,461 Net expendlture 1325.0311 231,461 {93,5701 Transfer beeen funds 13 500,000 1500,0001 Net Movgrnent in Funds 174,969 1268,5391 193,570) Roconclllatlon of Funds Total Funds brought forward 462,022 7,687,609 8,149,631 Tolal Funds carried for•vard 14 636.991 7.419.070 8,056,061 The Stslement of Financial Activities incorporates the Income and Expenditure Account. The results from the period derive from continuing acb'vities and there are no gains or losses other than those shown above. Notes on pages 1110 16 fomi part of these financial ststements. Page 8of16
Henley Royal Regatta Charitable Trust Statement of flnancial activiti9$ For the yoar ended 30 Septembor 2023 Uftr¢$trlcted In¢ome Fund Deslgnated Capltsl Fund Total Funds 2023 Not& Incomo from Donations 2,220 2,220 Investment Income 71,606 71,606 Total Income 73,826 73,826 Expenditure on Raising funds.. Investment Management Costs 85.435 85,435 Charitable Aclivrties 424,631 424,631 Total Expenditure 510,066 510,066 Net expondlture before Revaluatlon$ and Investment Asset Disposal$ 1436,2401 1436,2401 Loss on Inveslment assets 10 1728,3201 1728,3201 Net expenditure 1436,2401 1728,3201 11,164,560} Transfer betsveen fijnds 13 500,000 1500,000) Not Movement In Funds 63,760 {1.228,3201 (1,164,560} Reconclllation of Fund8 Totsl Funds brought forward 398.262 8,915,929 9,314.191 Total Funds ¢arried forward 14 482.022 7,687,609 8,149,631 The Statement of Financial Aclivitl85 incorporates the Income and Expenditure Account. The results from the period derive from ¢onlinuing activities and there are no gains or losses other than those shown above. Notes on pages 11 to 16 fomi part of these financial statements, Page9of16
Henley Royal Regatta Charitable Trust Balance Sheet As at 30 September 2024 2024 2023 Notg Fixed Assets.. Investments Cash on Deposit awaib'ng investment 10 7,361,565 57.505 7,248,468 439,141 7.419.070 7.687,609 Current Assets: Cash at bank 642,313 488,046 Creditors: Amounts falling due within one year 15,3221 126,024} Net Current Asset5- 636,991 462,022 Net A$sBts 8,056,061 8,149,631 The lunds of the eharlty- Unrestricted Income Fund Designated Capital Fund 13114 13114 636.991 7A19.070 462,022 7,687,609 Total Charity funds 13114 8,056,061 8,149,631 Approved by the Board of TTUStees on . and signed on its behalf by.. Sir Steve Redgrave, C.B.E Chairman Notes on pages 11 to 16 part of these financial statements. Page 10 of16
Henley Royal Regatta Charitable Trust Notès fomilng part of the flnan¢ial statements For the year ended 30 Septembèr 2024 General Infomiation Hertley Royal Regatta Charitable Trust is a registered charrty, number 299597. The principle place of business is Regatta Headquarters, Hen1eYn-Thames. Oxfordshi, RG9 2LY. Bas¢s of Ac¢ountlng The financial stslemenls have been prepared under the historical cost convents"on, as m¢)dified by the inclusion of fixed asset investments al market value, in aGWrdan with the Charities Act 2011 and the requirements of the Slalemenl of Recommended Practice applicabte lo charities preparing Iheiraccounls in a¢cordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 1021 (effective l January 2019), the financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021. The Charitable Trust constitutes a public benefit entity as defined by FRS 102. The finan¢lal statements are presented in sterting and are rounded to the nearest pound. A¢¢ountlng Pollcles The principal accounting policies are summarised below. The accountin9 wlicies have been applied con5iStentty throughout the 12 months and in the preceding period. a)Donations and Investment In¢om¢ Donations, except in ielalion to legacies, are accounted for at the time of receipt. Legaaes are included when the Charitable Trust become5 entitled to the funds and the sum receivable can be reliably quantified. Interest receivable and investment income is recognised in the period in whi¢h il Is receivab. b)Fix•d Asset Investmonts Investments are included at closing mid-m8rket Value at the balance sheet dale. Any gain or loss on revaluation is taken to the Statement of Fir7an¢ial Activities. e) Charitable Activities- Grants Payable Gfanls payable are payments made to third parties in the furtherance of the charitable objectives of the IrusL Grants are paid al the discretson of the Trustees and are accounted for where the Trustees have agreed to pay the grant without Condition and the recipient has a reasonable expectatk)n that they will receive a grant, or any condrtion attaching to the grant is outside the control of the Tiust. d)Reallsed and Unreallsed Galns and Lossos on InvastmentAss•ts Realised gains and losses are computed using either the market value prevailing at the beginning of the period, or the cost of the investment if it was purchased d4Jring the pellod, less the proceeds received. Unrealised gains and losses are calcLtlated by adjusting the opening market valye of an investment at the beginning of the period to the market value at the year end. •) Fund Accounting The Unrestricted Income Fund represents f reserves available for use at the discretion of the Trustees in furtherance of the general obje¢lives of the Charitable Trust. The Designated Capital Fund represents the funds b'ed up in fixed assets investsmenls and includes a revaluatton reserve representing the restatement of investment assets at mathet values al the year end. The investment income arising wthin the Designated Capital Fund is transferred lo the Unreslricled Income Fund and is available for application. Page 11 of16
Henley Royal Regatta Charitable Trust Notes fomiing part of the financial statements For the year ended 30 September 2024 Accounting Pollcles Icontlnued) 11 Resources expended Expenditure is recognised on an accruals basis. Expenditure includes any VAT which cannot be recovered, and is reported as part ot the expenditure to which it relates Charitable expenditure Comprises those costs incurred by the Charitable Trust in the delivery of ils activities and seIS for Ils beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. gJFinancial instruments The charity only has financial assets ol a kind that qualify as basic financial inslrumenls. Basic financial Instruments are InitallY recognised al a transaction value and subsequently measured al amorb.sed cost with the exception of investments which are held at fair value. Judgemonts in applying the accounting polieles and key sources of estirnation uncgrtainty In the application of the Trust's accounting policies, the Trustees are required lo make judgements, estimates and assurnplions about the carrying amounts of assets and liabilities that are not readily apparent from olhef Sour$. The estimates and associated assuMptnS are based on historical experience and other factors that are corisidered lo be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised il the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. There were no judgement or material estimation uncertainties affecting the reported financial performance in the current period or prior year. Assessrnent of going concern The Trustees are continually reviewing their plans and financial forecasts and believe that the going concem basi5 is entirely appropriate in the short to medium term. The Trustees have concluded that whilst there is uncertainty due lo the volatility in the Financial Markets, this does not represent a material uncertainty in relation to the Trust's ability lo 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 £447,000 after some large grants had been paid, all of which is unrestn'cted. Based on cashflow projections prepared lo 31 December 2025. the Charity will be required to access the Designale(J Capital Funds held by the investment managers within 12 months of the approval of the Financial Statements lo meet ils projected grant payments. Taxatlon As a Charitable Trust, Henley Royal Regatta Charitable Trust is exempt from tax on income and gains falling within Section 505 of the Taxes A¢1 1988 or section 256 of the Chargeable Gains Act 1992 to the extent that these are applied lo ils chantable objects No lax charges have arisen in the Charitable Trust. Page 12 of 16
Henley Royal Regatta Charitable Trust Notos fomilng part of the financlal 8tat¢m¢nts For the yeai ended 30 September 2024 Donatlons 2024 2023 Donations 7,472 2,220 Investment In¢om¢ 2024 2023 Derived from.. Investments listed on a recognised Stock Exchange Natwest Bank Compensaknn Bank 143,227 71,365 150 91 3,622 146.849 71,606 Charttable A¢tlvll6es 2024 2023 Grnnts payable Warrington Youth Rowing London Youth Rowing Rowing Foundation East Anglia Youth Rowing Gorse Academie5 Trust National Junior Indoor Rowing Championships Oarsome Chance Hounslow Community Rowing Trust Castle Mead Academy ILeicesteTI Tyne Rowing Club Ball Cup Regatta - South Enable Leisure and Culture Mersey Rowing Club Regalla for the DIbLed Henley Henley Rowing Club 123,150 122.000 58.000 52.000 20,000 20.000 10.000 10.000 9,059 7.852 s,soo 2,500 99.785 161.000 56,000 32,000 20,000 1S,000 10,000 6.000 5,500 500 500 441,161 408,985 Govomance Costs Legal fees & professional Auditor$ fees In respect of.. Independent examination 11,176 8,221 4,800 16,216 13,021 Other Costs Promotion Sundry expenses 1,234 42 2,518 107 1,276 2,625 Total Charitable A¢llvltles 468,653 424,631 Page 13 of 16
Henley Royal Regatta Charitable Trust Notes foming part of the financial statements For the yeir ended 30 September 2024 10 Fixed Asset Investments 2024 2023 All the investments are listed on a recognised Stock Exchange Market value as at 1 October Additions to investments al cost Disposal proceeds Nel investments Ilossesllgains 7,248,468 7,805,445 17,923,809) 231,461 8,499,471 5,267.469 15,790.1521 {728,3201 Market value as at 30 September 7,361,565 7,248.468 Historical cost as at 30 September 7,022,970 7,214,467 AI 30 September listed investments comprised the following.. Global Equities Index Linked l Fixed Income Other Forward foreign exchange 7,631,164 401 1,227,412 772,558 3,952,556 1,294.971 971 7,361,565 7,248,468 All of the fixed asset investments, together with cash held on Capital Account at Ruffer LLP, represent the total value of investment assets within the Designated Capital Fund of the Charitable Trust at the year end. All of the fixed asset investments are held primarily to provide an investment retum for the Charitable Trust. 11 Credltors.. Amounts falllng due wlthln one year 2024 2023 Creditors and Accruals 5,322 26.024 Roconciliation of grants payablg.. 2024 2023 Gfanls payable al the start of the year New grant commitments charged to the SOFA in period Inole 91 Gfants paid during the period 441,181 408.985 1441,1611 {408,9851 Amount of grants payable al the end of the year Page 14 0116
Henley Royal Regatta Charitable Trust Notes forniing part of the financial statoments For the year endod 30 September 2024 12 Trustees, Remuneratlon No Trustee$ received any remuneration during the period12023 - Nil). No Trustees were reimbursed for expenses during the period {2023 - Nil}. There were no emp5oyees during the year12023.' Nil}. 13 Rocon¢lllatlon In Movemgnt In Funds 2024 Unrestrlcted Income Fund D851gnated Capttal Fund Totsl Balance brought forward 462,022 7,687,609 8,149,631 Incoming resources Outgolng resources Galn on Investmonts Trdn$fer8 154,321 {479,3521 154,321 1479,3521 231,461 231.461 1500.0001 500,000 Balance carrtod forward 636.991 7.419,070 8,056.061 2023 UrtrIcted Income Fund Dèslgnated C•pltsl Fund Total Balance brought fotward 398,262 8.915,929 9,314,191 Incoming resources Outgoing resources Gain tsn investments Transfers 73,826 {510,0661 73,826 1510,0661 1728.3201 {728,3201 {500.0001 500,000 Balance cated forwa¥d 462.022 7,687,609 8,149,631 The designated capital fund is a fixed asset investment held to grow capital funds over the long term to a size that will allow the Trustees lo support on-going, long term charitable objectsves. Page 1Sof 16
Henley Royal Regatta Charitable Trust Notes forming part of the financial Statements For the year ended 30 September 2024 14 Analysls of Net Assets between Funds 2024 Unrestrictod Incomg Fund Designated Capital Fund Total Fixed asset investrnenls Net current assets 7.419.070 7.419.070 636.991 636,991 636.991 7,419,070 8,056,061 2023 Unrèstricted Incom9 Fund Designated Capital Fund Total Fixed asset investments Nel Current assets 7,887.609 7.687.609 462.022 462.022 462,022 7,687,609 8,419,631 15 Controlling party Henley Royal Regatta has the right to appoint the trustees of Henley Royal Regatta Charitable Trust and as a result of this is deemed lo have control of the entsty. 16 Related party During the year the Henley Royal Regatta paid expenses on behalf of the Trust of £1,27412023 - £1,656) and al the year end the balance owed to Henley Royal Regatta was £nil12023 - £nil). Page 16 of 16