COMPANY REGISTRATION NUMBER: 3255762 CHARrrY REGISTRATION NUMBER: 1059253 REGENT CHARITIES LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS 31 MARCH 2022 COHEN ARNOLD Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NWI I OPU
REGENT CHARITIES LIMITED COMPANY LIMITED BY GUARAiYfEE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 PAGE Trustees, Annual Report (In¢0rating the Directovs Report) tndependent Auditor's Report to the Members Statement of Financial Activities Oncluding Income and Expenditure Account) Statement of Financial Position io li Statement of Cash Flows 12 Notes to the Financial Statements 13
REGENT CHARITIES LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT)
YEAR ENDED 31 MARCH 2022
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2022.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Regent Charities Limited Charity registration number 1059253 Company registration number 3255762 Principal office and registered Freshwater House office 158 - 162 Shaftesbury Avenue London WC2H 8HR
THE TRUSTEES
Mr B S E Freshwater Mr S I Freshwater Mr D Davis COMPANY SECRETARY Mr J S Southgate AUDITOR Cohen Arnold Chartered Accountants & Statutory Auditor New Burlington House 1075 Finchley Road LONDON NW11 0PU
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Charity is constituted as a Company limited by guarantee, and is therefore governed by its Memorandum and Articles of Association.
The Trustees administer the day-to-day affairs of the Charity. None of the Trustees have any beneficial interest in the Charity.
It is not currently the intention of the Trustees of the Charity to appoint new Trustees. Should the situation change in the future, the Trustees will apply suitable recruitment training and induction procedures.
OBJECTIVES AND ACTIVITIES
The Charity is established to further those purposes both in the United Kingdom and abroad recognised as charitable by English Law, especially those in the field of education and relief of poverty. The Charity receives income mainly from charitable receipts which it utilises in the provision and distribution of grants and donations.
The Trustees confirm their compliance with the duty to have due regard to the Public Benefit guidance published by the Charity Commission when reviewing the Charity's aims and objectives and in planning future activities.
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REGENT CHARITIES LIMITED
COMPANY LIMITED BY GUARANTEE
TRUSTEES' ANNUAL REPORT (INCORPORATING THE DIRECTOR'S REPORT) (continued)
YEAR ENDED 31 MARCH 2022
ACHIEVEMENTS AND PERFORMANCE
During the year, the Charity continued its philanthropic activities in support of educational institutions serving the wider public in a manner which accords with the aims and objectives of the Charity. Aggregate donations of £54,500 (2021: £12,723) were paid in the year to 31 March 2022.
During the year, the Charity received a donation of 50 ordinary shares in Highdorn Co. Limited, representing 50% of its issued share capital. Based upon the latest available financial statements of Highdorn Co. Limited as at the time of the gift, the adjusted net value of the 50% shareholding in Highdorn Co. Limited was computed, and in the directors' best estimate of open market values, was fairly stated at £38 million. As at 31 March 2022, the directors' best estimate of the value of the aforementioned shareholding was £40 million. The adjusted net asset value reflects the fair values of Highdorn Co. Limited and subsidiary undertakings' underlying properties held for investment and investment assets.
INVESTMENT POWERS & POLICY
Under the Memorandum and Articles of Association, the Charity has the power to make any investment which the Trustees see fit. The trustees regularly review the Charity's position and needs in respect of the investment policy.
The Charity at present does not seek to make further investments as all funds are required to be available in order for the Charity to continue its above described philanthropic activities.
FINANCIAL REVIEW
The financial results of the Charity's activities for the year ended 31 March 2022 are fully reflected in the attached Financial Statements together with the Notes thereon.
Reserve policy
It is the policy of the Charity to maintain unrestricted funds, which include the free reserves of the Charity, at a level which the Trustees think appropriate after considering the future commitments of the Charity and the likely costs of the Charity for the next year. The Trustees have not undertaken any formal charitable commitments and consider that the Charity will generate sufficient income from donations to fund its ongoing activities.
As at 31 March 2022 the Charity has total funds and free reserves as stated in its financial statements. The Trustees are satisfied that further donations will be received enabling them to continue with their charitable work into the future.
RISK MANAGEMENT
The Trustees have assessed the major risks to which the Charity is exposed, in particular those to the operations and finances of the Charity, and are satisfied with the systems in place to mitigate its exposure to those risks.
PLANS FOR FUTURE PERIODS
The Trustees plan to continue to make distributions in accordance with their grant making policy and to ensure that an appropriate level of reserves is maintained.
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REGENT CHARITIES LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES, ANNUAL REPORT ONCORPORATING THE DIRECTOR'S REPORT) YEAR ENDED 31 MARCH 2022 TRUSTEES, RESPONSIBILITIES STATEMENT The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom G¢n¢rally Accepted Accounting Practice)- Company law requires the charity trust¢¢s lo prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of re50urc¢s, including the income and expenditure. for that period. In pr¢paring these financial statements, th¢ trustees are required to.. select suitable accounting policies and then apply them ¢oDsistently? observe the meth(Mls and principles in the applicable Charities SORP- make judgments and accounting ¢stimates that are reasonable and prudent. prepare the financial statements on the going Concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufTicient to show and explain the charitys transactions and disclose with reasonable accura¢y at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for thc prevention and detection of fraud and other irregulariti¢s. AuDoR Each of th¢ persons who is a trustee at the date of approval of this report confirn]s that- so far as they are aware, ther¢ is no relevant audit infornlation of which the charitys auditor is unaware. and they have taken all steps that they ought to h&v¢ taken as a trustee to make themselves aware of any relevant audit information and to establish that th¢ charitys auditor is aware of that infonnation. A resolution to reappoint Cohen Arnold as auditOTS will be proposed at the forthcoming Annual General Meeting. SMALL COMPANY PROVISIONS This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 19 January 2023 and signed on behalf of the board of trustees by: Mr B S E Freshwater Tn]stee
REGENT CHARITIES LIMITED COMPANY LJMITED BY GUARANTEE INDEPENDENf AUDITOR'S REPORT TO THE MEMBERS OF REGENT CHARITIES LIMITED YEAR ENDED 31 MARCH 2022 OPINION We have audited the financial statements of Regent Charities Limited (the'charity,) for the year ended 31 March 2022 which comprise the statement of financial activities (including income and expenditure account), stateent of financial position, statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has b¢en applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Th¢ Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Pra¢ti¢e). In our opinion the fin8ncial statements- give & true and fair view of the stale of the charity's affairs as at 31 March 2022 and of its incoming resources ond application of resources, including its incom¢ and expcnditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Aepted Accounting Practice. have been prepared in accordance with the requirements of the Cotnpanies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicabl¢ law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statem¢nts section of our repirt. We are independent of the charity in &ccordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including Ihe FRC'S Ethi¢al Standard. and we have fulfilled our other ethical responsibilities in accordance wilh these requirem¢nts. We believe that the audit evidence we have obtained is sufficient and appropriate to provid¢ a b&sis for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In auditing the financial Statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial ststements is appropriate. Based on the work we have performed, we have not identifLed any material uncertainties relating to events or conditions tha¢ individually or collectively, may cast significant doubt on the charity's ability to continue as a going con¢ern for a period of at least twelve months from when the financi81 slatements are authorised for issue. Our respoftsibilities and the reS)nsIbIlitIeS of the tret5 with respect to going concern are described in the relevant s¢¢tions of this report.
REGENT CHAIUTIES LIMITED COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF REGENT CHARITIES LIMITED YEAR ENDED 31 MARCH 2022 OTHER INFORMATION The other infortnation comprises the information included in the annual report, other than the rinarbcial statements and our auditor's report thereon. The trustees ar¢ responsible for the other information. Our opinion on the financial slatements does not cover the other informalion and. except to the extent othen¥ise expliciÉly stated in our report. we do not express any form of assurance conclusion thereon. In conne¢tion with our audit of the financial stslements. our responsibility 15 to read the other information and. in doing so, consider whether thc other informalion is materially inconsistent with the financial statements or our knowledg¢ obtained in the audit or otherwise appears to be materially misstated. Jf we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether th¢ie is a material misstatetnenl in the financial statements or a material misststement of the other infotination. If, based on th¢ work we have perfornied, w¢ conclud¢ ihat there is a material misstatement of this other infomlation. we are requir¢d to report that fact. We have nothing to report in this regard. OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPAMES ACT 26 In our opinion, based on the work undertaken in the course of ihe audit.. the inforniation given in the trustees, report for the financial year for which th¢ financial statemenls are prepared is consistent with the financial statements; and the trustees, report has been prepared in accordance with applicable legal r¢quirements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of the knowledge and understanding of the charity and its environment obtained in the ourse of the audit, we have not identified tnaterial missiatements in the tru5t¢es' report. We have nothing to r¢]K)rt in respect of the following matter5 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- or the finan¢ial statetnents are not in agreement with the accounting re¢ords and returns- or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the inforn)&tion and explanations we require for our audit. or the trustees were not entitled to prepar¢ ihe financial statem¢nts in accordance with the small COTnpanies regitne and take advantag¢ of the 5Tnall companies, ¢xemptions in preparing the directors, report and from the requirement to prepare a strategic report.
REGENT CHARITIES LIMITED COMPANY LIMITED B Y GUARAINTEE INDEPENDENf AUDrroR'S REPORT TO THE MEMBERS OF REGENT CHARITIES LIMITED (¢gviiAued) YEAR ENDED 31 MARCH 2022 RISPONSIBILJTIES OF TRUSTEES As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of th¢ financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is ne¢¢5sary to enable the preparation of flnancial statements that Are free from material misstatemen( whether due to fraud or etTOr. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosin& as applicable, matters related to going concern and using the going con¢¢rn basis of accounting unless th¢ Irustees either intend to liquidate the charity or to cease operations. or have no realistic alternative but to do so.
REGENT CHARITIES LIMITED COMPANY LIMITED BY GUARAINTEE INDEPENDEiYf AUDITOR'S REPORT TO THE MEMBERS OF REGENT CHARITIES LIMITED ( YEAR ENDED 31 MARCH 2022 AUDrroR'S RESPONSIBILlEs FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but IS Tlot a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a matcrial misstatement when it exists. Misstatements Can arise from fraud or eor and are considered malerial if, individually or in the awegate, they Could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibililies, outlined above, to det¢¢t material tnisstatements in respect of irr¢gularities. including fraud. The ext¢nt to which our procedures are capable of detecting irregularities, includin¥ fraud is detailed below: We obtained an understanding of the legal and regulatory fratneworks that are applicable to the charity through discussion with the directors and identified financial reporting legislation and charity legislation as being most significant to these financial statements. We comtnunicated these identified frameworks amongst our audit team hnd remained alert to any indications of non-compliance throughout the avdit. We ensured that the engagement team had sufficient competence and capability to identify or r¢cognise non-compliance with th¢ laws and regulations. We discussed with the directors the policies and procedures regarding compliance with ih¢se legal and regulatory frdmeworks. We assessed the susceptibility of the CoMpanS financial statements to material misstatement du¢ to non-compliance with legal and regulatory fratneworks, including how fraud might occur, by enquiry with the directors during the planning and finalisation phases stages of our audit and by using proprietary disclosure checklists. The susceptibility to such material misstatement was detennined to be low. Based on thi5 undcrst8ndin& we designed our audit procedures to identify non-compliance with the identifIed legal and regulatory frameworks, which were part of our procedures on the relatcd finon¢ial statement items. Owing to the inherent limilations of an audit, there is an unavoidable risk that we may not have detected some material misstalementg in th¢ financial statements, even though we have properly planned and perfortned our audit in accordance with auditing standards. For example, Ihe further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inheicntly limited pro¢ureS required by auditing standards would identify it. In addition, as with any audiL there remained a higher risk of non-detection of irregularities. as these may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot b¢ expected to detect non-compliance with all laws and regulations.
REGENT CHARITIES LIMITED COMPANY LIMITED BY GUARAIYTEE INDEPENDENf AUDITOR'S REPORT TO THE MEMBERS OF REGENT CHARITIES LIMITED YEAR ENDED 31 MARCH 2022 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audii. We also.. Identify and assess the risks of material misstatement of the financial statements, wh¢ther due to fraud or error. design and perforn) audit procedures responsive to those risks, and obtsin audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material Tnisstatement resulting from fraud is higher than for one resulting from etTor, as fraud may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpos¢ of expr¢ssing an opinion on the eff¢¢tiveness of th¢ internal control. Evaluate the approprialeness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriat¢ness of the trustees, use of th¢ going concern basis of accounting and, based on the audit evidence obtained, whether 3 material uncertainty exists related to events or conditions that may cast significant doubt on the charitys ability to continue as a going concern. If we conclude that a material un¢ertainty exists, we are required to draw attention in our auditor'5 report to the related disclosures in the financial statements or, if such disclosures inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. Howev¢r. future events or conditions may cause the charity to ¢ease to continu¢ as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
REGENT CHARITIES LIMITED COMPANY LIMITED BY GUARAIYTEE INDEPENDENf AUDITOR'S REPORT TO THE MEMBERS OF REGENT CHAIUTIES LIMITED I1e) YEAR ENDED 31 MARCH 2022 We communicate with those charged with governance regardin& among other matters, Ihe planned scope and timing of the audit and significant audit findings, including any sitificant deficiencies in internal control that we identify during our audit. USE OF OUR REPORT This report is made solely to the charity's members, as a lJ)dy, in accordanoe with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to slat¢ to them in an auditor's report and for no other pUoSe. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's member5 as a body. for our audit work, for this report, or for the opinions we have fornied. Mr B Leigh (Sentor Statutory Auditor) For and on behalf of Cohen Arnold Chartered Accountants & Ststutory Auditor New Burlington House 1075 Finchley Road LONDON NWII OPU 19 January 2023
REGENT CHARITIES LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2022 2022 Unrestricted funds Total funds Total funds 2021 Nott Income and endoivments Donations and legacies Total income 5 38,000,000 38,000,1)I 38,000,000 38,000,000 60,000 60,000 Expenditure Expenditure on charitable activities Total expenditure (92,532) {92,532) (92532) (92,532) (15,390) (15.390) Net gains on investments 10 2,000,000 2,000,01)O Nel income and ne¢ movement in funds 39.907,468 39,907,468 44,610 Reconciliation of funds Total funds brought forward Totsl funds carried forward 62,745 62,745 39.970,213 39,970213 18,135 62,745 The statement of financial activities includ¢s all gains and loss¢s recogni5ed in th¢ year. All income and expenditure derive from conlinuing activities. The notes on pages 13 to 19 form part of thesé flrtAthtial statements. io-
REGENT CHARITIES LIMITED COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL POSITION 31 MARCH 2022 2022 2021 Note FIXED ASSETS Investtllents 14 40,000.000 CURRENT ASSETS Debtors Cash at bank and in hand 15 26.423 71,437 16,921 16,921 97,860 CREDITORS: #mounts falliDg due witbin one year IYET CURREiYf LIABILJTIES 16 {46,708) {35.115) (29,787) 62,745 TOTAL ASSETS LESS CURRENT LIABILrriES 39,970,213 39,970,213 62,745 NET ASSETS 62,745 FUNDS OF THE CHARITY Unrestricted funds 39,970,213 39,970213 62,745 62,745 Total Charity funds 17 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Th¢s¢ financial Statements were approved by the board of trustees and authorised for issue on 19 January 2023, and are signed on b¢h&lf of the board by.. Mr B S E Freshwat¢r Trustee e notes on page5 13 to 19 form part of thÈiè fiThAfttial st8t¢wents.
REGENT CHARfTIES LIMtTED COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2022 2022 2021 CASH FLOWS FROM OPERATING ACTIvrtIES Net income 39,907,468 44,610 Adjustmenlsfor.. Net gains on investments Accrued expenses Donations in kind (2,000,000) 4,860 (38,000,10) 300 Changes in.. Trade and other debtors Trade and other creditors 26,423 6,733 (54,516) (54516) (2,546) 4.912 Cash generated from operations Net cash (used inyfrom operating activities 47,276 47,276 NET IDECREASE)IINCREASE IN CASH AM) CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUALENTs AT END OF YEAR (54J16) 71837 16,921 47,276 24,161 71,437 Tht notes pages 13 to A9 form part of th¢s¢ finAntial statement5. 12-
REGENT CHARITIES LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEIYTS YEAR ENDED 31 MARCH 2022 GENEIL4L INFORMATION The charity 15 a public benefit entity and a private company limited by guarantee. registered in England and Wales and a registered charity in England and Wales. The address of the register¢d olCe is Freshwater House, 158 - 162 Shaftesbury Avenue, London, WC2H 8HR. STATEMENT OF COMPLLANCE These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard appli¢able in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to chariti¢s preparing their a¢¢ounts in accordance with the Financial Reporting Standard applicable in th¢ UK and Republic of Ireland (FRS 102) {Chariti¢s SORP (FRS 102)) and lh¢ Companies Act 2006. ACCOUNTING POLICIES Basis of preparntion The financial statements have been prepared on the historical Cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value throu7 income or expenditure. The financial statements are prepared in sterlin& which is the functional currency of the entity. Going coneern Notwithstanding the defi¢i¢n¢y in net current asset4 the truslees have concluded that il is appropriale for the financial statements to b¢ prepared in &ccordance with the &ccounling principles appropriate to a going concern, as th¢ trustees have a r¢asonable expectation that the charity has adequate rcsources to continue in operational existence for the foreseeable future based on the ongoing support from Highdorn Co. Limited, th¢ company's principal creditor. Judgetllents and key sources of estimation uncertainty The valuation of the charitys unlisted investments is subjective. depending on many factors, including net asset values, assumed rationale of prospective share purchasers, and the deemed impact of entity specific conditions on the aforementioned measures. Therefore, the valuation is subject to a degree of unc¢rtainty and is made on the basis of assumptions which may rkot prove to be a¢¢urate. particularly in p¢riods of diffi¢uli market OT economic conditions. Fund Ydccounling General unrestricted funds comprise the accumulated surplus or deficit on income and expenditure account. They are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Ineoming resources All incoTne is included tn the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can b¢ reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recogni5¢d when there is evidence of entitlement to the gift, receipt is probable and its amount can be mcasured reliably. 13-
REGENT CHARITIES LIMITED COMPANY LIMITED BY GUA114NTEE NOTES TO THE FINANCIAL STATEMENTS (ContitI} YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES (conliNuerfl Resources expended Expenditure is charged on an acerual basis and allocated to the appropriate headings in the accounts. The majority of costs are directly attributable to specific aetivities. Costs incurred in Tespect of the charitable activities include attributsble support costs wh¢r¢ applicable. Charitable donAtions Grants and donations are only in¢lvded in the SOFA when the charity has unconditional entitlerncnt to the r¢sources. Donations represent voluntary amounts receivable during the year. Support costs Support costs are those costs which are common to all areas of the organisation. Goverttallee costs Governance costs are associated with the governance arrangetnents of the charity and relate to th¢ general running of the charity. These costs include audiL legal advice for Trustees and costs associated with meeting ¢onstitutional and statutory requiretnents such as the cost of Trust¢e meetings and the preparation of the Statutory acwunls. Investments in a&sociY41e5 Investm¢nts in associat¢s a¢counted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the inv¢stm¢nts are measured at fair value, with changes in fatr value taken through in¢ome or expenditure. Where it 15 Impractible to measure fair value reliably without undu¢ Cost or effor( thc cost model will be adopted. Dividends and other distributions received from the investment are recognised a5 income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Impairmeut of fixed assels A review for indicators of impaim]¢nt is carried out at each reporting date, with the recoverable amount being estitllated where such indicators exist. Where the carrying value exceeds th¢ recoverable amount, th¢ assel is impaired accordingly. Prior impairn)¢nts are also reviewed for possible reversal at each reporting date. For th¢ purposes of impairm¢nt testing, when it is not Possible to estim&te the recoverable amount of an individual asseL an estimate is made of the recoverabl¢ amount of the ¢ash- gcnerating unit to which the ass¢t belongs. The cash-g¢nerating unit is the smallest identifiable group of assets that includes th¢ asset and generat¢s ¢ash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairnient testing of goodwill. the goodwill acquired in a business ¢ombination is, from the acquisition dale, allocated to each of the ca5h-generating units that are expected to benefit from the synergies of the combinalion, irrespective of whether other assets or li&bilitie5 of the charity are assigned to those units. 14-
REGENT CHARITIES LIMITED COMPANY LIMITED B Y GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (con¢rHAe4) YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party to th¢ contr&ctual provisions of the instrument. Basio financial instruments are initially r¢¢ognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequeT]tly measured at th¢ cash or other consideration expected to be paid or r¢c¢ived and not discounted. Debt instruments are subsequently measured at amortised cost. LJMTTED BY GUARANTEE The Charity is & Company Limited by Guarantee and has no share capital. The liability of each Member in the event of winding up is limited to £ l. DONATIONS AND LEGACIES Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 DONATIONS Donations received 38,000.000 38,000,000 60,000 60,000 In February 2022, the Charity re¢eived a donation of 50 ordinary shares in Highdorn Co. Limited, representing 500/0 of its ordinary shares. Based upon the latest available financial statements of Highdorn Co. Limited as at the time of the gift, the adjusted net value of the 500/0 shareholding in Highdorn Co. Limited was computed, and in the directors, best estimate of open market values, was fairly stated at £38 million. The adjusted net asset value reflects the fair values of Highdorn Co. Limited and subsidiAry undertakings, underlying properties held for investment and investment ass¢ts. The charity received the afor¢mentioned 500/0 shareholdiiig in Highdorn Co. Limited from the executors of the Estatc of the l&te Mrs N G Freshwater at the behest and on behalf of The Rapha¢l Freshwater Memorial Association Limited. The aforementioned ex¢¢ulors and th¢ tru51ees of The Raphael Fr¢shw&ter Memorial Association Limited include persons who are trustees of the charity. EXPENDITURE ON CHARITABLE ACTIVITIES BY FUND TYPE Unrestricted Tot21 Funds Unrestricted Total Funds Funds 2022 Funds 2021 Charitsble donations Support c()sts 54,500 38,032 92,532 54500 38,032 12.723 2,667 15,390 12,723 2,667 15,390 92,532 15-
REGENT CHARITIES LIMITED COMPANY LIMITED B Y GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (coffl YEAR ENDED 31 MARCH 2022 XPENDrruRE ON CHARABLE ACTIVITIES BY ACTIVITY TYPE Total funds 2022 Grant funding of activities Support Costs Totsl fund 2021 Charitable donations Governance costs 54.500 54,500 38,032 92,532 12,723 2,667 15,390 38.032 54.500 38.032 AIYALYSIS OF SUPPORT COSTS Charitable donations TO1 2022 Total 2021 Governance costs 38,032 38,032 2,667 ANALYSIS OF GRANTS 2022 2021 GRANTS TO tNSTrruTIONS Charitable donations 54500 12.723 Total grants 54500 12.723 All grants and donations were paid to charitable institutions for the purposes of either the advancement of ¢ducation or th¢ alleviation of poverty- The composition of donations is shown below. 2022 Comet Charities Ltd BC Trust Marbeh Torah Trust Bobov Foundation F.0. ZSV Trust Amud Hatz¢doka Trust Chesed Charity Trust Viznitz Girls School Other donations less than £3,000 13,750 7,500 6,000 5,250 5,000 3,600 3,600 3,600 6200 54,500 16-
REGENT CHARITIES LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMEIYTS YEAR ENDED 31 MARCH 2022 10. NET GAINS ON INVESTMENTS Unr¢stri¢ted To¢al Funds Unrestricted Total Funds Funds 2022 Funds 2021 Gainsl(losses) on other investment as5¢ts 2,000,000 2,000,000 11. AUDrroRS REhlUNERATION 2022 2021 Fees payable for the audit of the financial statements 7200 12. STAFF NUMBERS The average head count of employees during the year was nil (2021.. nil). 13. TRUSTEE REMUNEIL4TION AND EXPENSES No remuneration or other benefits from employment with the charity or a related enlity w¢r¢ received by the trustees. No tnjstee expenses have been incurred. 14. tNVESTMENTS Other investments Fair Yallle At l April 2021 Additions Fair value movements 38,000,000 2,000,000 40,000,000 At 31 Mareh 2022 Impainnent At l April 2021 and 31 Mareh 2022 CarryiDg amount At 31 Mareh 2022 40,000,000 At 31 March 2021 All investments shown above are held at valuation. 17
REGENT CHARITIES LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (con(rnue YEAR ENDED 31 MARCH 2022 14. INVESTMENTS (cothlwiJ Other investments cotnpri5e a shareholding in an asso¢iat¢ representing 50/0 of the ordinary shares in Highdorn Co. Limited. The fair value of the investmevkt which was donated to the Charity (see note 5) is based on the net a5sests of th¢ company as per its latest available financial statements. Under the equity method, the value of the 50 % shareholding would be £38.6 million. The investment in associate does not ¢XP05e the charity to any financial risk. Highdom Co. Limited is a company registered in England and Wales and pr¢p&res its Group Financial Statements to 31 March. Its registered addr¢ss is Freshwater House. 158-162 Shaftesbury Avenue, London, WC2H 8HR. 15. DEBTORS 2022 2021 Prepaytn¢nts and accrued income 26.423 16. CREDITORS". amounts falling due withill olle year 2022 2021 Awruals and deferred income Other creditors 7,200 39,508 46,708 2,340 32,775 35,115 Other creditors comprises £39,508 (2021: £32.775) due to Highdorn Co. Limit a company with directors in ¢ommon with the charity. This amount is due on management current account. it is interest free and effectively repayable on demand. 17. ANALYSIS OF CHARITABLE FUNDS Unrestrieted funds At Gains and 31 Matth 20 losses 22 At l April 2021 Income Expenditure General fund5 62,745 38,000,000 {92,532) 2,000,000 39,970,213 At Gains and 31 March 202 losses At l April 2020 Income Expenditure G¢n¢rdl funds 18.135 60,000 (15,390) 62,745 18-
REGENf CHARtTIES LIMITED COMPANY LIMITED BY GUARAiYfEE NOTES TO THE FINANCIAL STATEMENfs YEAR ENDED 31 MARCH 2022 18. ANALYSIS OF NET ASSETS BETWEEN FiiNDS Unrestricted Total Funds Funds 2022 Investments Current assets Creditors l¢ss than l year N¢t assets 40,000.000 40,(100,000 16,921 16,921 (46,708) (46,708) 39.970,213 39,970213 Unrestricted Total Funds Funds 2021 Investments Current assets Creditors less than l year 97,860 (35,115) 62,745 97,860 (35.115) 62.745 Plet assets A9. FINANCIAL INSTRUMENrs The carrying amount for each category of financial instrument is as follows: 2022 2021 Financial assets measured at fair value througb income and expenditure Financial assets m¢asured at fair value through income and expenditure 40,000,000 20. ANALYSIS OF CHAF4GES IN NET DEBT At At l Apr 2021 Cash flows 31 Mar 2022 Cash at bank and in hand 71.437 (54,516) 16,921 21. RELATED PARTIES There are no r¢lat¢d parties other than those disclosed in the Notes lo the Accounts. 19-