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 TrL*Stees 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 retL*ms 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 re￿iving 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 diffe￿nI
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 ra￿s.
£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 othe￿ise 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 Co￿rSe 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 p￿sent 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 De￿mber 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 prO￿r 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 be￿een 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, Hen1eY￿n-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 se￿I￿S
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 Init￿allY 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 assuMpt￿nS 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 DI￿bLed 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
U￿r￿trIcted
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 ca￿ted 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