Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Cornmerual wi confid8nce thecoalfields regeneration trust THE COALFIELDS REGENERATION TRUST (A Company Limited by Guarantee) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022 CHARITY NUMBER 1074930 SCOTTISH CHARITY NUMBER SCO 39277 COMPANY NUMBER 03738566 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commerc181 In confidenc8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 CONTENTS Pago Chairman's report R•port of the Trustees {In¢orporating tho Stratogic Rèport) 2-14 Indgpandgnt audltor's report 15-18 Congolldated Statement of Financial Actlvltlès 19 Charlty Stat•mont of Financlal Actlvltlg$ 20 Consolidatsd and Charlty Bo14n¢e Sheet5 21 Consolidatod Statement of Cash Flows Notes on the accounts 2&39 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commercial in ConfxJ￿e8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Chairman's r•port The Coalfields Regen8ralSon Twsl has continued to sland by our communities as they have dealt with their recovery from the Covid-19 pandemlc. As the UK ha5 re-opened our community hubs have been able lo retum lo Ihelr desSred use and we had a positive re-launch of the Horden Hub House lo demonslrale our work wllh our partners in the area. The final preparations aro belng pul in place for the official re-opening of the Tredegar Haritage Centre al 10 The Circle. which agaln demonstrates the difference our funding from the Scottish and Welsh Governments can make when d8livered in partnershlp with tho CRT. l am particular5y excited to see the development of our new hub in Dalmellinglon which I know has had a warm receplK)n locally. We have been able lo expand our learn to increase tho number of Development Managers across all three nations, giving us rnore people on the ground lo help our communities. We continue lo work lo punch above our weight by seeking new partnershlps which l am looking forward lo coming lo fruition over tho coming year. It has been a source of particular prlde lo me that we have been able lo complete our development in Kellinglfyy, the sile of the last deep coal mine in the UK.11 demonslrales our model in action with these nduslri81 units not only providing much needed space for SMES lo develop and grow, generating jobs and economic growth, bul providing rentsl income lo give a self-sust8ining fund to pay for our social programmes in Knollingley lo help people deal with their health and skills needs lo support people back into the job market. We look to the year ahead wlh interest as the Government's Levelling Up agenda continues lo lake shape. We continue to push for a dedicated coalfields fund and remain disgppointed at the lack of a cohesive plan for our communllies in lolalily. However, we continue lo advance our model. which we know delivers results lor our coalfield communities. with all thè major parties across our thT8e natsons with an oye lo Ihg next UK General Election. This coming year, we reflect on the fact that il's been twenty five years since the establishment of the Coalfields Task Force which led to our formation- and although a lol has been achieved since then m8jor challenges for coalfield communities still remain. I know the CRT w511 remain fronl and centre of sofving those Issues in thg y6ars ahead. Peter McNesty Chair Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Comm8rclal In confid8nc8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Report of the Trustees lincorporatlng tho Strateg1¢ R•port} The Trusteos are pleased to present their annual Trustees, report together with the consolidated rinancial statemen15 of the charity and ils subsidiaries for the year ended 31 March 2022 which are also prepared lo meet the requirements for a dire¢lors' report and accounts for Companie5 Act purposes. Th& financial slalemenls comply with the Charities Act 2011, tho Companles Act 2006, the Memorandum and Articles of Association. and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial ReportSng Standard applicable in the UK and Republic of Ireland IFRS1021 {effeclive 1 January 2019). Objectlves and actlvltlos The Tru51 was established in 1999 and has created partnerships, grant programmes and support networks. while offering practlcal advice and guidance. becoming a valLJed resource and lrfèline to forrner mining communilies throughout England, Wales and Scotland. As the only organisalion of its kind dedicated lo supporting the lives of more than 5.7m people living within coalfield communibes. with many of these people facing a continued struggle lo secure jobs, relain business. encourage enterprise and maintain a good standard ol living, the Trust creates a range of programmes which meet with the needs of these former mining towns and villages. With Ilmiled resources the Trust has built on an impressive track record, continuing lo place communities al thg heart of everything it does, in order to.. Slimulale action and ¢ommunity led regeneration.. Build the c8pacity of individuals and voluntary. community and social enlgrprise organisations through skills development activities- Provide a¢cess lo finance to voluntary, community and soci81 gnterprise organisations through grants and development funds., Provide practical assistance lo voluntary, community and social enterprise organisation5 to develop assets, secure resources and become more enterprising., Collaborate wth partners to win resources for coalfield communities,. and Broker relationships al national, regional and local level to raise the profile of coalfield issues and work creatively to address them. Where possible the Trust provides quick and practical responses, engaglng wllh partners lo deliver initiatives whi¢h have a real and lasting impact on these areas. The Trustees confimi that they have referred to the guidance contained in the Charities Commission general guidan¢e on public benefit when reviewing the charity's aims and objectives and future activities. Fundralslng Across England, Wales and Scotland the Trust works in parlnership with 8 number of Government agencies, local aulhorilles, community partnerships and the voluntsry sector. The Trust doas not undertake any fundraising activity or engage with any commercial fundraiser lo undertake this activity on ils behalf. Any funds received through occasional donations or gifts from individuals are unsoli¢lled and are unconditronal. Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Cornmerdal kn confidence THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Achl•vements & performance THE TRUST'S WORK 2021-22 The Trust conllnues to deliver programmes of woik across England. Scolland and Wales aligned lo ils slralegic objectives and translated into communlly activities bespoke lo each country lo reflect local conditions. IMPACT 2021-22 The Trust's strategy provides the context for the aclivllies delivered across England, Scotland and Wales. These activities are framed by our three strategic themes and our achiev8menls are as follows.. Employment Develop pathways toinGreasethenumberofpeopleln work 196 38 P90ple have moved from unemployment lo full/part lime employmenl jobs have b8en crealed/safeguarded Skills Grow the skills of people to increase their opportunities 2286 outcomes for people where they have g￿ned new skllls and qualifications through regular volunt8ering, p8rti￿p￿I10n in training events and skills based programmes, employment training, vocation81 training andgeneral trairring lor aiob. This breaks down as foMow8.' 415 131 317 1128 295 volun188rs tookpart in Vocational tr￿ning recemng gen8raljob tralnlng supputedin skills developmenl achieved a qualificalk)n (Ll or above) Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commwcllgl In ¢onfid8n THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Health Support activities that improve the health and wellheing of all age groups 9201 people have benefitted from improvgd health outcomes thmugh p8rticipa(ion in rogul&r exercise. relief from anxiety or depresS￿n, debt and finance support and bfying a member ofa social group. Thls breaks down as follows." 4300 726 824 269 811 420 1851 £51m people participating in heallhylifgslyle activities members of a soclal group peoplg participallng in exercise young peopl& with 8nxiety/depression supported adults with Bnxlaly/depress￿n supported people supported on issues rggarding debt and their finances CRT Game On partI￿panIS wellbeing value achie¥ved from our oulcomes In delivering the above imp8¢15 in our communities, our country prograrnme learns embark on wider work which add5 value, builds relationships and partnerships with stakeholders and is rofleclive of the FX)licy InflUen￿S and conditions bespoke lo each COLtnlry. VCSE Support Practical support and assistance provlded to voluntary, community and social enterprise organisations 914 voluntary, communlty, SOGialenterprise organlsatlons provided with pracfic81 advice, access lo training and capa￿tY buAlding events, r8sourG88. networking opportunilAes and enterprise support. Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commgrdal kn confidenctr THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Development The Trust embarks on a diverse number of activities that build capacily, resilienGe and develop new services with our communities. These are reflected in the figures below.. 54 83 1357 11 314 new or improved services Iraining events, workshops. semlnars, consultations and surgerles delivered hours ofcommunity engagement business and community action plans developed organisalions recgived support.wilh funding applications sourcing grant funds and organisalional analysis value of funding bids supported £4.79m lav8rage (external funds secured forpartn8rs/CRT and match funding achieved) £150k Asset Transfer Practical assistance to develop and safeguard community assets for the benefit of the community through asset transfer and the provision of support for the aGtivities that take place within them 21 asset transfers facilllated resulting in the Trust taking on assets for Gommunity b8n8lit or enabling community ownership of an assel 75 communlty f8cllllies and 8ctiVAties supported Includlng energy efficienGy n￿aSureS Reach 16,653 people have ben8fitted from all our programm8s of activity across the UK Th8 figures above reflect the a¢hlovements of our dlrect dellvery and the planned outcomes for our contracted delivery through grants and provldor agreements up lo 31 March 2022. Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commeroal in confidence THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Flnanclal revlew The Trust had funding agreements In place with the Welsh and Scothsh Govemmènls to deliver programmes up lo 31 March 2022. The Trust received gift aid from its subsidiary CRT Property Investments Limlled of £2,326k during the year lo fund the Twsl's operations and programmes in England. The Board of Trustees awarded grants lolalling £1,441k during Ihe year. Total income for the year amounted to £5,999k and expenditure lotalled £5,965k. Net income for the year after lax and investment adjuslmenls Stood al £9,077k. The Trust's wholly owned trading subsidi8rie8 performed as detsSled below. CRT Renewable Energy Limited delivers a Community Renewable Energy Investment Programme which benefits community buildings through reduced energy costs and provides a retum for the Trust lo reinvest in activities to meet its social objectives. The company sustained a loss before lax of £16k during Ihe year. CRT Property Investments Limited has purchased and developed investment proptsrties which generate rental income. Investments made in properties based within the coalfield communities provide opportunities for bL¢sinesses working in these former mining areas to access lower rental offices and manufacturing sites. In Ihls way the company secures an ongoing income stream while al the same lime supporting coaFfield communities. The company generated a pre-tax profil of £9,987k during the year. CRT Trading Limited delivers a small business loans scheme which provides small loans to start-up businesses that are located wSlhin the designated coalfields area. The company had r¢0 activity during the year. CRT Community Enterprises Limited owns inve8lmenl properties and sustsSned a pre-tax loss of £85k during the year. Investmgnt poll¢y The Trust has inveslgd thnds In a portfolio consisting of.. Property Asset backed investments such as renewable energy Low risk return liquid investments Tha Trust seeks lo produce the best Ilnancial relum within an a￿eptable level of risk for the portfolio. The investment objectwes are as follows.. Property 8• Asset backed investments such as renewable energy 5.40/0 Low risk return su¢h as charity bond 1.50/0 The above rates of retum are the minimum nel amounts calculated. Some of the above investment portfolio will bè funded directly lo further the Trust's aims at)d social objectives and as such the yield from these purchases may be below the typical r8tum expected from higher risk inveslmenls. This is justified by the ants¢ipaled social retijms from this investment strategy. There should bg sufficlent liquidity within Ihe portfolio to meet anlicipaled cash flow requirements. Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Comrnerdal in confidenc8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 The Trust's cash balances should be deposited in sterling accounts with flexible access in institutions with a FninImu￿ A- rahng. Given the higher risk level elements that this F￿rtfoliO could incur. the Trust will mitigate this by ensuring that the Trust's property assets and asset back8d investments are spread widely lo ensure the overall objectives are mel. A key risk lo the long term suslalnabilily of the Trust is inflation and the inveslment classes may need lo be adjusted tr) mitigate this over a period of tlme. To allow lor Ihis volatility the Trust wlll kegp a minimum of £1m in cash or low risk liquid investments. The Group holds funds with Nalwesl rated A+ by Filch, A1 by Moody, and A by Standard & Poors and with Handelsbanken rated AA by Fitch, Aa2 by Moody. and AA- by Standard & Poors. Rlsk statement The Trustees have actively revlewed the major risks which the charity faces as an evolving organisalion. Risk priorities include the following.. Finan¢lal risk in¢luding polenlial pension li8bililies and consideTalion of accounling and reporting problems arising from new developments., Adequate internal Controls lo mitigate the risk of fraud and other irregularities.. Political risk and in particular ¢hang6s in Govemmenl policy and how the development of new programmes in England, Wales and Scotland may be affected., Grant making risk including consideration of outputs, outcomes and other tsrgels ond monSloring ol third paty service provlders., Legal and regulatory risk including compliance with new and existing leglslalion., Organisalional risk including integration of dlsasler recovery and prompt response to problems.. People risk, particularfy the loss of key staff due lo uncertsintles about funding- Reputational risk including the posslblllly of public criticism as a result of unpopular funding decisions., Technological risks in partlcular the potential loss of the Hgad Office computer network., and Risks associated with fraud and fidelity, including the prevention of bribery In accordan￿ wlh the Bribery Act 2010. The system of internal control is designed to manage rather than eliminate the risk of failure lo achieve aims and objectives.. il can therefore only provide roasonable and not absolute assurance of effectiveness. Systems of inlemal control are based on the on-golng pro￿$$ of identifying principal risks lo the achievements of the Trust's policies, aims and obje¢liv8s, lo evaluate the nature and exlenl of those known risks and to manage them efflcienlly. effectlvely and econolnlcally. The Trust has us8d its risk assessment matrlx document as the basis for its internal audit programme. During th6 y88r internal audit has examined a combinBlion of financial and operational areas. No fundamental weaknesses in systems and controls h8V8 been idenlilied. However, there is an on- going process of reviewing and monitoring controls lo ensure syslems are continually updated and improved where practicable. Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Cornmerci81 ID confjdence THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Based on our r8view of the risk register and internal alfdil report5 combined with controls over the financial systems the Trustees are satisfied that syslems are in place lo mitigate our exposure to major known risks. Going concern Although the Tru51 was no different lo other organisalions caught up in the upsurye of the omicron variant during the winter months, 51 is pleaslng to be able lo report that during the past 12 months none of our staff have had a s&rfous illness resulting from the pandemic. Like the malorSly of organisalions the Trust has now settled into a hybrid method of worklng 8nsurfng we maximise productivity and impact while also Contributing lo the reduction of our carbon foolprinl. The Trust'5 finances Gontinue lo remain healthy desplte the challenges over the last two years. This is reflected in an increase in our asset base and relatyvely strong cash position. CRT Property Inveslmenl Llmiled {our wholly owned subsidiary) continues to be the main source of funds via gift aid for the Trust's charitable activities in England and allow us lo ¢gntribulo lo the funding received directly from the govemments in Scolland and Wales Given the size of the ¢hallenge facing former coalfield communities throughout Great Britain il is vitally important for the Trust to be in a position lo contribute to partnerships and ils own growth strategy in the years ahead Trustees. after reviewing cashflow forecasts prepared for 8 12 month period after the dale Ihesa fi'nancial stalemgnls are signed, have every confidence that there are not any material uncertainties, which cast signrficanl doubt on the ability of the Twsl lo continue as a going concern. R05erves polloy The Twsl holds financial reservgs because: Given the nature of Govemmenl funding rounds, there is a need to ensure continuity of operations In Scotland and Wales., The Trust no longer recaives Government funding in England so will use the profits generated by ils subsidiary companies in this financial year to fund activities in England and lo meet head office costs in the coming financial year., The Trust needs lo be able to address potential future Ilabillts'e5- The Trust needs lo continue lo be self-sustaining in the future,. and To ensure th8 Trust continues lo be a going concem. The largel free reserves is be￿on slx and iwelve months activity across Scotland and Wales and elve months activity in England. TrLf5t and Trustees are cornfortab16 11 has sufficient reseN6s lo meet this target. Al the year-end free reserves of the group amounted lo £4m. This is derived from the total of unreslricled funds at the end of the reporting period less total value of fixed assets at the balance sheet dale. Plans for future periods The Coalfields RegeneratSon Trust continues to make the case for further and sustained investment in the former coalfields. We are a key player facilitating the development of community capacity, by encouraging small voluntary. charitable and other organisalions lo expand their scope, build new partnerships and tackle more ambitious projects. W8 work in the heart and soul of Goalfiold Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commertlal In confidence THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 communities. by invasling resources. expertise and knowledge lo ensure lo¢al people are able to fulfill their polentsal. Our specrfic in-house programmes tackle key issues such as helping people into work, building skills and capa¢ity and improving health. The pandemic has brought to the fore the significant effects of health inequalities and we continue lo work on inlrodu¢lng new innovative ways of addressing these issues with key partnership agencies. With the continued support of the Scottish Government and Walsh Government we ￿11 continue as a British Trust 5ervlng the coalfield communities of England, Scouand and Wales. Our strategic objectives are simpl¢ and respond directly lo the evidenced problems. We are committed lo changlng the outlook for people in our communities and reco9nise that improved health, skills and employment prospects ￿rill greatly contribute to this aspiration. Given the UK Govemment's commitment to levelling L¢p we continue lo pursue the creation of a ngw investment fund for the Coalfields of England of vthich the Trust would be a partner. 11 is the intention lo use this fund lo further enhance our successful model of the delivery of development investments in the form of new induslTial commercial propety, suitable for new and growing SME businesses in locations where growth 15 desperately needed. OUR STRATEGIC OBJECTIVES 201￿2024 To enable us to cr88le opportunities for social and @conomic growth, deliver a positive lasting impact and ensure former mining Communities are not disadvantaged by the legacy of the past th6 Trust will focus on the following strategic objectives.. 1. Employment- the strategic goal will be lo Increase the number of people in work and create the conditions for new lob opportunllles in our communities. 2. Skills- grow the confidenca and qualificatsons of our ¢0811ields population 3. Health and wellbeSng improve the health outcomes for our coalfield population and increase the numbers of people taking part In healthy lrfestyle aclivilies. The Slate ol the Coalfields Report 2019. confimied that in all of the above themes coalfield communities lag behind the United ￿ngdoM averages and overall 42010 of our communities are among the lop 300k most deprived. htt s.'Ilwww.coalfields-re en.or .uklresearch and re ortslsiate-of-the-coaifields-2019-re ortl Structure. govern4n¢e and manag8m8nt Govemlftg Document The Coalfields Regeneration Tfust Is a charitable company limited by guarantge govemed by ils Memorandum and Articles of A550Gialion dated 7 March 2012. It is registered as a charity with the Charity Cornmisslon. The members of the Board are members ol the Company and each agrees lo contribute £1 in the event of the charity winding up. Appolntmont of trustees A board of up lo 16 non-execulive Iruslees. 13 of whom are e1g¢led by a simple majority of all the trustees entitled lo allend and vole al ony meeting ol the Board and 3 nominated Trustees governs thg Trust. One nominated Trustee may be appointed by the Secrolary of State for the Departm8nl of Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 CAJmmercial in tx)nfidence THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Communities and Local Government IDCLGI. one by the Minister for Housing and Communities in the Scottish Governm&nl and one by the Minister for Local Govemmenl and Communities in the Welsh Govemmenl IThe Nominating Aulhoriliesl. New Tru51ees are chosen with a view lo ensuring that the Board contains an appropriate balancg of experience relovant lo the requiTemenls of the operations of the Trust and in line with the requirements of ils Memorandum & Artlcles of Association. Trustee Inductlon and tralnlng On appointment to the Trust Trustees recewe.. Job description., and Extensive background information including.. Annual reports ststulory accounts Recent Board minutes and Code of Conduct for Trustees. In addition, new Trustee3 benefit from 'on the job, training which resulis from Board and Committee meetings. Trustees also have regular contact with the principal offi￿rS of the Trust lo &nsure their knowledge ol the Trust's work is comprehensive. Trustees are roulingly asked if they have any training or information needs. Actlvltlés In Scotland Over the18sI 12 months CRT Scotland programme delivery was still affected by various reslriclions and we continued lo adapt the delivery methods. The Community Action team finalised the development of the Place Standard Tool together with a Virtual Engagemonl platform. Having both the in person community consultations and virtual platfomi ensured our communities could share their views and help form their new Place Plans. Our Community Investment Programme resumed enobling voluntary organisations to access our funding stream which was adapted in 2020 to fil wth tha ng8d of communities during the pandemic. Game On Scotland started in April 2021. The priorities of the programme are lo coordinate and manage ¢urrenl delivery of our sporting acliwlies and lo establish new proj&¢ls and programmes that will quickly build the number of young people engaging in sport. This programme has proved lo be hugely successful with hundreds of young people participating in a divorsionary activity on a Friday night. Investigating purchases of propety in Dalmellinglon, East Ayrshire and Cowdenbealh, Fife which wlll bring d¢relicl bLtildings into much needed community facilities in these areas. Training and Learning has played an important part in the work wo have done throughout th15 year with communllies participats'ng in awards that have benefited their health and wellbeing. Regenerating Ihg Town Centre in Ktncardine is an ongoing prolecl working in partnership with SUSTRANS. This proloct Is at the planning stage. Oryanlsation The Board rneels al least four limes a year and delegate5 the day lo day operatlon of the organisalion to tha principal officers who make up the Senior Management Team {SMTI. io Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commerclal In confjden THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 The Board delegates certain functions lo Committees whlch regularly review their terms of reference lo ensure they are fil for purpose. Any amendments requlre Board approval. There are currently five such Commillees.. Audit and Risk Committee This ctsmmSlleo ensures that Ihg internal control system, including audit activities of the Trust and any of its subsidlaiies are monitored actively. independently and objectively. 11 also provides a medium of direct Communication for the Trust's auditors. The Committee has a co-opted membar with relevant financial expertise and qualifications. General Purpose Committee This commSllee receives and considers reports from members of the Board of Trustees, from the Chlef Executive as well as considering and approving employment policles and procedures and govemance related mallers. The cofflmillee also has responsibility for Discipline and Grlevance procedures. English, Welsh and Scottish Commillees These committees may approve grant aid lo an applicant lo a maximum valua of £10,000. The commillees may draw up schedules of recommendation for approval or rejectlon in respect of all grant applicalh)ns of £10,000 or more for presentation lo the full Board of Trustses for final decision. Pay pollcy forsenlor staff The pay of senior slaff is reviewed annually and is Sncreased 01 the same rate as all other employees of the Trust. No Iruslee receives remuneration or any olhfjr benefit from their work with the Trust. Rolatedparties The followng Trustees are also Trustees of The Community Legacy Trust.. Peter McNesty Nicolas Wilson The following Trustees are directors of CRT Trading Llmi18d'. Peter McNes1ry Michael Clapham Linda Rulter The following Truslees are directors of CRT Renewable Energy Limited.. Dawn Davies Nicolas Wilso The following Trustees are directors of CRT Property Investments Limited.. Nicolas Wilson Wayne Thomas Keith Cunliffe The followSng Trusteos are directors of CRT Communlty Enterprises Limited.. Nicolas Wilson Keith Cunliffe li Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commeraal in confidence THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Audltor Th8 company's articles require annual reappoinlmenl ol the audiloTS. Grant Thornton UK LLP havg expressed wllingness lo continue in office. In accordance wlth S485141 of the Companies Act 2006 8 resolution lo reappoint Grant Thomlon UK LLP a5 auditors will be proposed al the Annual General Meeting. Ref•rence and adminlstratlvg dgtalls Charity number.. Scollish Charity number.. Company nufflber.. Registered Office: 1074930 SCO 39277 03738566 1 Waterside Park, Valley Way. Wombwell, Bamsley, South Yorkshire, S73 OBB Website.. www.coaifiglds-regen.org.uk Advlsers Auditor Bankers Grant Thornton UK LLP Senior Statutory Auditor. 1 Holly Street, Sheffield, S12GT NatW¢sl 12 High St., Doncaster, DN1 1 ED Handelsbanken Unil G, First Floor, The Polnt, Bradmarsh Way, Rotherhavn S60 18P 1 Aexandra Rd, Buxton. De￿yShire, SK17 9NQ Solicitor And￿W Uprichard Public b8n8fit The Trust, established in 1999, is dedicated lo improving the quality of life for peop18 lThiing in Britain's coalfield communiligs. Our mission is to lead the way in coalfields reg8neraUon and lo restore healthy, prosperous and sustainable communities. The Trust is about giving people aspirations. talking about the long term and making coalfield communities sustainable so they can be prosperous wilhoul our support. This all needs commitment and we at Ihg Trust sland by our communities lo help them lo achieve their goals. The principal activity is the promotion for the public bangfil of urban or rural regeneration in areas of social and economic deprlvallon in the coalfield areas in England, Scotland and Wales. Dlre¢tors and trustoas The direclors of tho charitable company are its Trustees for the purpose of charity law. The Iruslees and officers serving durlng the year were as follows.. Directors.. Peter McNeslry M.B.E. {Chairl Nicolas Wilson (Vice Chairl Sylvia Wileman {resigned 31111211 Wayne Thomas Down Davies Michaèl C18pham Robert Young Trudie McGuinness Nicky Stubbs Keith Cunliffe Juditt) Kirton-Darfing Linda Rutter 12 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commerdaf In confiden¢8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Secretary: Teresa Jones Prlncipal officers= Gary Ellis Andy Lock Alun Ta￿or Michelle Rowson-woods s￿art Douglas Chief Executive Head of Operations (England) & Deputy Chief Executive Head of Operations Iwalesl (resigned 311101211 Head of Operations IWales} (appointod 1111121} H8ad of Operations (Scollandl lappoinled 19107121 resigned 301061221 Head of Operations Iscollandl lappointed 117122) Property Investment & Development Dlreolor Pauline Grandis011 Shaun O'Brien 13 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Cotnrnercial in confiderKe THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Trusteès, responsibllltlos statement The Trustees (who are also directors of the Coalfields Regeneration Tru81 for the purposes of company lawl are responsible for preparing the Trustees. Annuaj Report and the financtal statements In accordan￿ with applicable law and regulations. Company law requires the Trustees to prepare financlal slalemenls for each financial year. Under that law the Trustees have elecled to prepare the flnancial statements in a￿ordance wllh United Kingdom Generally Accepted Accounting Pracllce (United Kingdom Accoijnling Standards and applicable lawl. including FRS 102 The Financial Reporting Standard applicable in th8 UK and Republic of Ireland. Under company law the Trustees musl not approve the financial statements unless they are satisfied that they give a true and falr view ol the stale of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditu￿, of the charilablg companylgroup for th81 period. In preparing these financial slatemenls. the trustees are required to.. select sullable accounting policies and Ihen apply them consistently.. obseTve the methods and principles sel out in the Charities SORP IFRS 102)., make judgments and a¢￿untIng oslimates that are reasonable and prudenl., 51ale whether appli¢8ble UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the finana81 slatemenl5' prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the group will continue in busines$. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable company's and gioup's transactions and disclose with reasonable accuracy al any b'me the financial position of the charitable Company and the group and enable Iham to ensure that the financial 51alemenls comply with the Companies Act 2006, the Charities and Trustee Investment Iscollandl Act 2005, the Charities Accounts IScotland} Regulations 2006 {as amended) and the provisions of the trust deed. The Trustees are also responsible for safeguarding the assets ol the charitable company and the group and hence for laknng reasonable steps for the pr6v6ntion and detection of fxaud and other irregularities. The Trustees confirm that.. so far as each Trustee is aware, there is no relevant audit information of whi¢h tho charitable company's auditor is unaware,. and the Trustees have taken all the steps that they ought lo have taken as Truslees in order lo make themselves aware of any relevant audit information and lo establish that the charitable Company's audrtor is aware of that information. The Trustee5 are responsible tor the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the Uni(ed Kingdom governing the preparation and dissemination of financlal slalements may differ from legislation in olherjurisdictions. In appmving the Report of the Trustees, the Trustees are also approving the Strategic Report in their capacity as company directors. On behalf of the Board of Trustees Name'.N i lai Date.. 14 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 c0ny￿dr￿al In confidence Independent audltor's report to the members and trustees of The Coalfi8lds Regeneratlon Trust Opinion We have audited the financial statements of The Coalfields Regeneration Trust {Ihe 'parenl charitable company'l and ils subsidiaries Ilhe 'group'l lor the year ended 31 March 2022, which comprise the Consolidated and Charlty Slaloments ol Financial Activities {including the Consolidated and Charity Stslemenls of Income and Expondilurel. the Consolidated and Charity Balance Sheets. the Consolidated Statement of Cash Flows, and notes lo the financial slalemenls, including a summary of significant accounting policies. The financial reporting framework that has been applied in their pr¶lion is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102,. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Praclicel- In our opinion, the fin8ndal slalemenls.. give 8 true and fair view of the slate of the group's and parent Charitable company'y affairs as at 31 March 2022 and of the group's and the parent charitable company's incoming resources and application of rgsources, including the group's and the parent company's income and expenditure for the year then ended., have been properly prepared in accordance with United Klngdom GenerBlly Accepted Accounting Pracli¢e', 8nd have been prepared in aceord8nce wlh the requlrements of the Companles Act 2006. the Charities and Trustee Investment IScolland} Act 2005 and regulations 6 and 8 of the Charities Accounts (Scollandl Regulations 2006 las amended)- Basls for opinlon We have been appointed as auditor under section 441111¢) of the Charities and Trustee Investment Iscollandl Act 200S and under the Companies Act 2006 and report in accordance wllh regtjlalions made under those Acts. We conducted our audit in accordance with International Standards on Auditing {UKI IISAS IUKII and applicable law. Our r8sponsibilities under those standards are further described in the 'Audilor's responsibilities for the audit of the financial slalemenls, s8Ction of OLtr report. We are independent of the group and paranl charitable company in accordance with the ethical requirements that ar8 relevant to our aucfil of the financial statements in th8 UK, including the FRC'S Ethical Standard. and we have fulfilled our oth6r ethical responsibllilies In accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to going concorn We are responsible for concluding on the appropriateness of the trustees, use of the going concem basis of 2ceounling and, based on th¢ audit evidence obtained, whether 8 material uncertainly e￿SIS laled to events or oondilions that rnay cast significani doubl on th8 parent charitable company and group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw allenlion in our report lo the related disclosures in the financial slalemenls or, if such disclosuros are inadequate, lo modify the audilorfs opinion. Our conclusions are based on the audit evidence obtainad up lo the dale of our report. However, future events or conditions may cause the parent charita￿e company or gTOUP lo cease to continue as a going concem. In our evaluation of the Iruslees, conclusions, we considered the inherent risks associated with the P8rent¢harilable company's and group's business model including affects arising from macro-economic uncertainlles such as Brexit and Covid-19, we assessed and challenged the reasonableness of eslimales made by the trustees and the related disclosures and analysed how those risks might affect the parent charitable company's and group's financial resources or ability lo continue operations over the going concern period. Based on the work we have perfomied, wg havg not identified Jny material un￿rtaInlieS relating to ovenls or condillons that, individually or collectively, may cast significant doubl on the parent charitable company's and group's ability lo continue as a going concern for a period ofal least ￿e1ve months from when the financial slalements are aulhorised for issue. 15 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commardal In ts)nfid8ncè Independant audltor's report to the mombers and trustees of The Coalllelds Regeneration Trust In auditing the financial statem8nts, we have conclud8d that the Iruslees, use oflhe going concern basis of accounting in Ihe preparation of the financial statements is appropriate. The responsibilities of the trustees with respect lo going concern are described in the 'Responsibilf(ies of trustees for the financial statements. section of this report. Other Information The Iruslees are responsible for the other infomialion. The other information ¢offlprises the infomialion included in the Report of the Trustees {incorporallng the Strategic Report). other than the financial slalemenls and our auditor's report Ihereon. Our opinion on the financial statements does not cover the other information and, except to the exlenl otherwse explicitly slal8d in our report. we do not express any form of assurance conclusion Ihereon. In connection with our audit of th8 financial statements, our responsiblllly is to read the other information and, in doing so, consider whether Ihe other information is materially inconsistent wllh the financial stslemenls or our knowledge obtained in the audit or olhewise appears lo be materially misstated. If we identify such materi81 inconsistencies or apparent material misslalemenls, we are required lo determine whether there Is a material misstalement in the financial slalemenls or a material misslalement of the other infomialion. If, based on the work we have perfomied, we conclude that there is a matefial misstalemenl of this other inlomialion, we are required lo report that fact. We have nothing lo report in Ihls regard. Opinion on other matters prescrlbed by tho Companles Act 2006 In our opinion. based on the work undertaken in the ¢ourse of the audit.. the information given in the Strategic Report and the Diieclors, Report, prepared for the purposes of company law. included in the Trustees, Annual Report for the financial year for which the financial statements are prepared is consislenl wlh the financial stalemenls. the Strategic Report and the Directors, Report included in the Trusloes, Annual Report have been prepared in accordance with applicable legal requirements. Mattor on which wo arg requlr•d to report undor the Companles Act 2006 In the light of the knowledge and understanding of the group and parent charitable company and Its environment obtained in the course of the audit, we have not identified any mal8ri81 misstatements in the Strategic Report or the Directors, Report included in the Trustees, Annual Report. Matters on whlch we are rgqulrnd to report by exceptlon We have nothing lo report in respect of the following mallers where the Companies Act 2006 and the Charities Accounts Iscollandl Re9ulalions 2006 (as amended) requires us to report lo you if, in our opinion.. proper and adequate accounting records have not been kepl by the parent charitable company, ty returns adequate for our audit hav& not been received from branches not visited by us-, or the parent charitable companls financial statements are not in agreement with the accounting records and returns., or certain disclosur8s of trustees. remuneration specified by18W are not made,. or we have not received all the infomialion and explanations we require for our audit. 16 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commercid in GonfidÈrt8 Independent audltor's report to the memb¢r$ and trust•es of The Coalflolds Regeneration Trust Rosponsibilltles of trusto8s for the flnan¢lal stat8m8nts As explained more fully in the Trustees, Responsibllllies Slalemenl sel out on page 14. the Irusleos {who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation Df the financial statements and for being salisfied that they give 8 true and lair wew, and for such Internal control as the trustees d$lermine is necessary lo enable the preparation of financial $18lemenls that are free from material misslalernent, whèther due to fraud or error. In preparing the financial $18temenls, the Iruslees are responsible for assessing the group and the parent charitable company's ability lo continue a5 a 90ing concern, disclosing, as applicablg, mallers related lo going concern and using the going concern basis of ac¢ounling unless the tfuslees either intend lo IiqL*idale the group or parent charitable company or lo ￿ase operations, or have no realistic alternative but lo do so. Auditorfs responsibiliti&s for the audlt of the financial statements Our objectives are lo obtain reasonable assurance about whether the financsal slatsments as a whol8 are free from material misslalemenl, whether due lo fraud or error, and to issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted Sn accordance with ISAS IUKI will always delecl a malerial misslalemenl when it exists. Misslatemenls can arise from fraud or error and are considered malerlal if, individually or In the aggregate, they could re8sonably be expectèd to inlluence the economic decisions of users taken on the basis of these financial stalemenls. A further description of our responsibilities for the audit of the financial slalemenls is located on the Financial Reporting Council's website al.. wvrn.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Explanatlon as to what extent the audlt was consldered Capable of detocting Irrogularltios, Includlng fraud Irre9ularilies, includSng fraud, are instances of non-compliance with laws and regulations. We design pro¢edures irb line with our responsibilities. outlined above, to delecl material misstalemenls in respecl of irregularities. including fraud. Owing lo the inherent limitations of an audit, there is an unavoid8blg risk that material misslalemen15 In the financial statements may not be detected, even though the audit is properly planned and perforrned in accordance with the ISAS IUKI. The exlenl to which our procedures arg capable of detecting irr9gularilies, including fraud is detailed below.. The Company Is subject lo many laws and regulations where the Consequences of non-compliance could have a m81grial effect on amounts or disclosures in the financial stalemenls. We identified the following laws and regulations as the most likely lo have a material effecl if non-complian¢e were to occur,. Charitles SORP IFRS 1021, FRS 102, Charities Acl 2011, Data Protection Act 2018, the Charity Code of Gov8rnance, Ihe Charities and Trusleo Investment Iscollandl Act 2005, the Charflies Accounts Iscollandl Regulations 2006 la5 amended) and th6 provisions of the trust deed. We communicated relevant laws and regulalrons and polenlial fraud risks to all gngagemenl team members. and remained alert to any indications of fraud or non-compliance with laws and r8gulalions throughout the audit. We understood how the Company Is complying with those legal and regulatory frameworks by making enquirigs of management. We corroborated our enquiries through our review of board minutes and legal expenses. We assessed the susceplibllily of the Company's flnancial statements to material misstatement, including how fraud might occur by discussions with management lo understand where management consldeTed ther8 is a susceptibility to fraud. 17 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commerdal confidencé Independent auditorfs roport to the mgmbers and trusteos of The Coalfi•ld$ Regeneration Trust Audit procedures performed by the engagement team included.. evaluation of the controls established lo address the risks related lo Irregularities and fraud., tesling manual journal entries, in particularjournal entries determined lo be large or relating to unusual Iransactlons based on our understanding of the businoss. identlfylng and testing related party Iransach'ons completion of audit procedures to conclude on the compliance of disclosures in the annual report and accounts wllh applicable financial ￿pOrting requirements. Assessment of the appropriateness of the collective competence and capabilities of the engagernenl team included consideration of the engagement team's.. understanding of, and practical experience wlth aud(( engagements of a similar nature and complexity through appropriate training and participatlon kn￿edge of the industry in which the cllenl operates underslandlng of the legal and regulatory requirements specific to the entity These audit procedures were designed lo provfde reasonBble assurance that the financial statements were free from fraud or error. The risk of not delecling a material misslalemenl due lo fraud is higher than the risk of not delecling one results'ng from error and dele¢ling irregularities that result from fraud is inherently more difficult than dele¢ling those that resLJIt from error. as fraud may involve collusion, deliberate concealment. forgery or inlenllonal misrepresentations. Aso, the further removed non- compliance with laws and regulations is from events and transactions reflected in the financial stalemenls, the less likely we would become aware of it. use of our raport This report is made solety lo the charitable company's members and Iruslees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotlandl Regulations 2006, Section 4411 Ilc) of the Charities and Trustee Investment {Scotlandl Act 2005 and Chapter 3 of Part 16 of th@ Cornpanies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable Company's members and trustees those mallers we are required lo slate lo them in an auditorfs report and for no other Pkjrpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and ils members and Iruslees as a body, for our audit work. for this report. or for the opinlons we have formed. Peter Edwards Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Stalulory Auditor. Chartered Accountants Sheffield Date.. 3/11/2022 Grant Thomton UK LLP 18 eliglble to aot as an auditor in lem)s of section 1212 of the Companies Acl 2006 18 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 comff￿r￿al In confldwc THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 The Coalflolds Regeneratlon Trust Consolldated Stat¢mént of Flnanclal Activitie5 {In¢ludlng consolidated income and expenditure account} for yoar ending 31 March 2022 Unrestrlcted Unr8stri¢tsd Total General Penslons Unrèslrl¢tsd Restrlctsd Fund¥ Funds Funds Funds 2022 2022 2022 2022 £'ooo £'ooo £'ooo £'ooo Total Funds 2022 £'ooo Total Funds 2021 £'ooo Note Income from: Donations and18gaGie5 Charilab18 8cliviti8S Other trading activities Investments Other Total 1,297 776 1.297 776 112 3,781 33 2.551 575 96 3,282 61 6,565 112 3,739 33 112 3,781 33 42 42 Expendlture on.. Charttab18 activitie5 Other Total 2,104 76 2,180 2.054 4,234 1.731 4,932 76 2,054 5,944 Nal gains l {losses) on investments 16 8,242 8,242 8,242 4,447 Net Income I l•xp8nditurel before lax Tax charge Not Income l {exp8ndltur•l forlhe year 8,291 1341 8,257 19 8,276 5,068 899 14 6,910 1341 6,876 19 6,895 4,169 Transfers betwèèn funds Acluari81 Iloss8sygains on defined benefit pen8K)n schemes Ilncluding restriction on pen51on asGetl Net movement In funds 21 77 4,246 6,910 2.148 9.058 19 9.077 Reconciliatlon of funds.. To(al funds brought lomard 22123 Total funds Ca￿led forward 80S 37 41.900 50.977 41,900 All income and expenditure derive from conlinulng activities. The notes on pagès 23 10 39 form part of these accounts. 19 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commtrrtk¥l In c¥>nffd￿c9 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 The CoalfFeld$ Regen•ratlon Trust Charity Statemgnt of Flnan¢lal Actlvltles lincluding Incom& and exp•ndlture account for year endiny 31 March 2022 Unrestricted Unrestrlcted Total General Penslons Unrestrlcted Restrl¢tsd Funds Funds Funds Funds 2022 2022 2022 2022 £'ooo £'ooo £'ooo £'ooo Total Funds 2022 £'ooo Total Fund5 2021 £'ooo Note Income from: Donations and legacles Charitable activities Investments Other Total 1,297 776 1.297 889 2.732 33 2,551 683 2,726 61 113 2.690 33 2,836 113 2,732 33 2.878 42 42 2.073 Expandltum on- Charitable a￿￿tieS Total 76 4,932 4.932 2,104 2,180 Impamient loss on investments Net Income I l•xponditurel Transfers between fund$ Acluarial10558s on deflned ben&fil p8nslon 5chernes lindudlng restric￿On on pension as5ell Net movement In fund$ 16 418 732 1341 19 717 671 21 2,182 77 732 2,148 2,880 2.899 Reconclllètlon of funds.. Total fund5 brought fopward Totsl funds earrled forward 22123 805 37 37.616 38.364 AJI income and expenditure derive from continuing aclivilies. The notes on pages 23 to 39 fomi part of these accounts. 20 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commerd81 kn conftlwc THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 The Coalflelds R8g•neration Trust Consolidated and Charlty Balance Sheet As at 31 Mar¢h 2022 Group 2022 £'ooo Group Charlty Charity 2021 2022 2021 £'ooo £'ooo £'ooo Note Flxed assets: Tangible assets Investments Total flxed assets Current assets: Doblors Cash 8t bank and in hand Total curr¢nt assats Liabilities: Creditors-. Amounts falling due withln one year Not current {Ilabllltlesl l assots Total assets less currènl IlabllStla$ Creditors: Amounts falling due after more than one year Net assets excludlng pension asset Oefined benefit pension scheme asset Total not a55et$ 15 18 5,160 1,698 58805 47 145 63 965 48 843 404 394 16,566 16,960 17 1.140 7.429 8.569 957 7.165 8.122 16,845 5,324 22,169 16.030 5,252 21,282 18 829 683 20,599 37,559 462 63,503 5,031 53,874 38,310 19 12,779 41,095 805 41,900 48,024 3B,310 37,559 805 38,384 21 41.263 The funds of the ¢harlty: un￿Stricted funds Restricted funds 50,921 41,863 37 41.207 56 38.327 37 Total charlty funds 22123 50 977 41900 38,364 Approved by the Board of Trustees on 2 L VJQL)l.￿bc￿ ID IL nc) Name.. Nl WIL On behalf of the Iruslees Company number.. 03738566 The notes on pages 23 to 39 fomi part of these accounts. 21 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Comm8rdal in o)nfldÉnc8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 The Coalfields R8gan•ratlon Trust Consolldated Statemènt of Cash Flows For yoar andlng 31 March 2022 Group 2022 £'ooo Group 2021 £'ooo Cash flow$ from oparating a¢tivitles: Net cash used in operating activities 13.0601 12,498) Cash flows from invo$tlng activities: Rents from investments Interest re￿iVed Proceeds from sale of propety, plant and equipment Purchase of property. plant and equipment Proceeds from sale of investments Purthase of investments Nel cash used in investing aclimlies 3,739 42 3,247 35 13.528) 534 3,963 16741 2,697 Cash flows from flnancing actlvltle$- Cash inflows from new borrowing Net cash provided by financing 8¢livlties Change in cash and cash equlvalents in the year 284 199 Cash and cash equivalents al the beginnlng of the year Cash and ca$h equivalents at the ond of the year 7.165 6,966 7.165 Notes to the consolidated cash flow statoment al Reconciliation of Incomo to n•t cash flow from opgratlng a¢tlvltl•s Net income for the year Depre¢i81ion charges (Gains) I losses on investments Lossllprofill on inveslmgnt disposals Rental Income Interest received {Increasel / decrease in debtors Increase I Idecreasel in creditors P6nsion adjuslmenl N&t ¢ash used In operatlng actlvltles 6,895 4,169 66 72 18.2421 (4,4471 46 13,739) (3,2471 1421 {351 (183) 11581 2,140 1.069 34 33 2.498 The notes on pages 23 10 39 fomi part of these accounts. 22 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Gorrmardal In confldence THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Not•s on th• accounts 1 Accounting Pollcles The principal accounting policies adopted, judgements and key sources of eslimalion uncertainty In the preparation of the financia1 statements are as follows-. Basls of preparatlon The financial sialements hav& been prepared in accordance with Accountlng and Reporting by Charities.. Statement ol Recommended Practice appllcable to charities preparin9 their accounts in accordan¢g with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffecliva 1 January 2Q1191- {Charilies SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and RepubS1¢ of Ireland IFRS 102} and the Companies Act 2006. The Coalllelds Regeneration Tru51 meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless oiherwise ststed in the relevant 8ccounling policy note. The linanGial statements are presented in pound slo1ling and in round thoLJsands l£'OOO'sl. Preparatlon of accounts on a golng concern basls After making enquiries, the Trustees have a reasonable èxpeclalion that the charSly has adequate resources lo continue in operation81 existence for the foreseeable future. being al loasl 12 months from the dale that the financial staleTnents are signed. Accordingly, they continue lo adopt the going concern basis in preparing the annual report and accounts. Going concern though the Trust was no different lo other org8nisalions caught up in the upsurge of the omicron variant during the ￿nter months. il 15 pleasing lo bts able lo report that during the past 12 months none of our staff have had a serious illness resulthng from the pandemic. Like the majority of organisations the Trust has now setited into a hybrid method of working ensuring we maximise productivity and impact whlle also coniribuling lo the reduction of our carbon footprint. The Trust's finances continue lo remaln healthy despite the challenges over the last two yaars. Thi5 IS reflected in an increasg in our asset base and relatively strong ¢ash position. CRT Property Investment Llmiled lour wholly owned subsidiary) continues lo be tho main source of funds via gift aid for the Trust's charitable activities in England and allow us lo contribute to thè funding received dlreclly from the governments in Scotland and Wales Given the size of the chall8nge facin9 former coalfield communities throughout Great Britain il Is vitally important for the Trust lo be in a position lo contribute lo partnerships and Ils own growth strategy in the years ahgad Twsl8es, after reviewng cashflow forecasts prepared for a 12 month period after the dale these financial statements are slgned, havg every confid8nce th81 there are not any malerial uncertalnties, which cast significant doubl on the ability of the Trust lo conlSnue as B going concern. Group flnancial statements The financial stalemenls consolldatg the results of the charily. its wholly owned subsidiaries CRT Trading Limited. CRT Renewable Energy Limited, CRT Proparty Investments Llmiled and CRT Community Enterprises Limited on a line-by-line basis. The SLJbsidiary. The Community Legacy Trust, has not been consolidated on the basis that il was dormant in the year. 23 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Comrnerdal Sn o)nld8nc8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income Income is Tecognised when the charity has enlillemenl lo th9 funds, any performance conditions attached lo the income have been mel, It is probable that the income will be re￿iVed and the amount can be measured rellably. Income fmm govemmenl and other grants is recognised ¥¥hen the charity has entitl￿nent lo the funds, any perfomiance conditions allached lo the grant have been mel, il is probable that the income will be received and the amount ¢an be measured reliably and is not deferred. Income received in advance of provision of a specified service is deferred until the crlleria for income recognition Is met. Donat6d servlGes and faclllties Donated professional seNi¢es and donated faolilles are recognised as income when the charily has control over the item, any conditions associated wllh the donated item have been met. the receipt of economlc b8nefil fmm the use by the charity of the item is probable and the economic benefit can be measured reliably. On rèceipt. donated professional servic8s and donated facilities are recognised on the basis of tho value of the gifl lo the charity which is the amount the charity would have been willing to P8y lo obtain services or facillties of equivalent economlc benefit on the open market,. a corresponding amount Is then recognised in expenditure in the period of rgceipt. Interest receivable Interest on funds held on depos11 is included when recewable and the amount can be measured reliably by the charity.. this is normally upon noliti¢alion of the interest Paid or payable by the banks. Fund accountlng Unreslricled funds are available to Spgnd on activities that further any of the purposes of tho charity. Deslgnaled fijnds are unreslrfcled funds whi¢h the trustees have d8¢ldgd al their discretion to sel 8side to use for a specific purpose. Reslrlcled funds are donations which the donor has specified aro solely to be used for particular areas of the trust's work or for specific projects being undertaken by the trust. 24 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Cummerdal in ￿nfidenc￿ THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Expendllur• and irrecoverable VA T Expenditure is re¢ognised once there Is a legal or constructive obllgatlon lo make a payment to a third party. it Is probable that selllemenl wll be required and the amount of Ihg obligation can be measured reliably. Expenditure is classified under the following activity headings: Expenditure on ch8rilable activities includes tho costs of activities undertaken lo further the purposes of the charity and associated support costs. Other expenditure comprises the costs of commercial trading and associated support costs and those items not falling into any other heading, Irrecoverable VAT is charged as a cost against the activity for whl¢h the expenditure was incurred. Allocatlon of support costs Support costs are those functions that assist the work of the charity bul do not direclly und8rt8ke charitable aclivilies. Support costs include shared seNiees, finance, IT. quallly and govemance which support the Trust's programmes and aclivilies. These cgsls have been allo¢al8d be￿eeTh costs of raising funds and expenditure on charitable acti￿lIeS and are shown in note 8. Op•rating leases Oper8ting1gase rentals are charged on a slraighl line basis over the term of the lease. Tangible fixed ass&ts Assets costing £2,000 or more are capilalised at C05t and are depTecialed over their estimated useful economic lives on a slraighl lin& basls as follows.. Freehold propety IT Equipment Office equipment, furniture. fixture5 & fillings Solar panels Biomass boiler & wind lurblno 2V/o slraighl line 33Qh slraighl line 200h slraighl line 4010 straight line 501• straight line Inve$tm8nts Investment properties are valued annually and any surplus or deficit recognised in the year. Unlisted investments are slated al cost less any provlslon for diminution in value. Debtors Debtors are racognised al their expected recoverable amount. Cash at bank and in hand Cash at bank and in hand includes any short lenn, highly liquid investments rgquiring less than three months, notice. Creditors andprovlslons Creditors and provision$ are recognised where the charity has a present obligation resulting from a Past event that will probably result in the transfer of funds lo a third party and the amount due lo setNe the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised al their selllemenl amount after allowing for any trade discounts due. Flnanclal instruments The trust only has financial assets and liabililies of a kind that qualify as basic financial inslrumenls. Baslc financial instruments are initially recognised al transaction value and subsequently me8sured al their solllemgnl value with the exctrplion of bank loans whlch ar8 measured al amortised cost using the effective interest method. 25 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commerryal in wnfidence THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Pensions Existing employees of the charity were entitled lo join the Wesl Yorkshire Pension Fund {WYPF) which is funded by contributions from employee and employer or allemalively they may have ople(J lo join the group stakeholder pension scheme operated by Scottish Widows which is funded by d8fingd contributions from employee and employer. Since 1 January 2008 new employees are only able lo join the stakeholder scheme and cannot loin the WYPF. From 1 January 2015 new and 8xisling employees who are not In the WYPF or Scotlish Widows scheme are automatically enrolled Into the National Employment Savings Trust INESTI unless Ih8y have exercised their right to opt out of scheme's membership. The WYPF is part of the Local Government Pension Fund ILGPFI which is a multi-employer funded defined benefit plan wlh benefits earned up to 31 March 2014 being linked lo final salary. Beriefits after 31 March 2014 are based on a Career Average Revalued Eamings scheme. Concossionary loans An inlercompany loan between The Coalfi8lds Regeneration Tnjst and CRT Renewable Engrgy Llmiled is treated as a concessionary loan. They are initially reeognised as a loan at the amount received and any iwnpairment loss is recognised in income 8nd expenditure. No interest is accrued on this loan. 2 Lègal status of th• Trust The Trust Is a company limited by guarantee, incorpor8te(l in England and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited lo £1 per member ofthe charity- 3 Judgements in applylng accounting pollclo$ and key sourcos of 0Stlmatlon un¢ertalnty Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future even15 that are believed lo be reasonable under the circumstances. The directors made the following judgements and èstimates in preparing the financial stalemenls. Impalmient of debtors The comp8ny makes an estimate of the recoverablg value of trade and other debtors. When assesslng the impairment of trade and other debtors, management considers factors which include the agoing of the debtors and historical experi8nce. Us8ful economic Ilves of property? plant and equlpment The annual depreciation charge for propaty, plant and equipment is sensitive lo changes in the eslimaled useful economic lives and residual value of the assets. These are Te-assessed annually and are amendèd when necessary to reflect current eslimales, based on technological advancement, economic ulilisalion and physical condition of the assets. 26 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 COrT￿r￿Al In confidence THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Deflned Bgnellt Pension Scheme The present value of the Local GoveTnment Penslon Scheme defined benefit Ilabillty dgpend5 on a number of fadors that are determined on an 8¢luari81 basis using a variety of assumptions. The assumption5 used in determining the nel cost Ilncome) for pensions include the discount rate. Any changes in these assumptions, which are disclosed In note 20. will impact the carrying amDunl of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2019 has been used by the actuary in valuing the pensions 1Sabllily at 31 March 2021. Any differences between the figures derived from the roll fomard approach and a full acluarial valuation would impact on the carrying amount of the pension liability. 4 Income from donatlons Group Group Charity Rastrlcted Restricted Unre$lrlct8d 2022 2021 2022 £'ooo £'ooo £'ooo Charlty ChaTity Charity Restricted Unrestricted Reslricled 2022 2021 2021 £'ooo £'ooo £'ooo Govemmenl grants Donations 1,205 92 2,200 351 1.205 92 2,200 351 S In¢¢me from charitable activltles Groyp Group Gmup Group CharTrty Chqrlly Charity Unr08trlctèd R68(rl¢ted Llnreslricled Restrlcl8d UnroStrlGtod Re5trlctad Unr881rlcted 2022 2022 2021 2021 2022 2022 2021 £'ooo £'ODQ E'ooo £'ooo £'ooo £'oo £'ooo Charity Reslricl 2022 £'oLMJ Contracts and Serth¢a Levd Agreernenis Manayemnt¢h8r￿s 776 575 776 575 113 108 776 $7S 113 776 108 515 6 Income from other tradlng oetlvltles Group Unr8Stricted 2022 £'ooo Group Unrestricted 2021 £'ooo Charfty Unrestricted 2022 £'ooo Charity Unrestricted 2021 £'ooo Renewable energy 112 96 112 96 27 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commwc￿l ￿ cOnfid￿Ce THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 7 Incoma from investments Gmup Group Group Group Charity ¢harlty Unr8strl¢tgd Rèstri¢¢frd UnrestrScted R88trici•d Unreotrlcted Rostrlct•d ZVZ2 2022 2021 E'ooo £'ooD rooo Charty Charity Unr8slricted Reslrtcted 2021 £'ooo 2022 £'ooo 2022 £'ooo 2021 £'ooo 2021 £'ooo Bank intsre81 Flnanc8 income Prop8rty Income Grfl Aid received Pension r88erve inrorne 353 3.739 3,247 2,326 2.338 33 33 8 Expendituro on charltable activitios GROUP AND CHARITY Unr•strlctod Ptrn$lon Fund 2022 £'ooo Unrostrtctèd 2022 £'ooo R•strlctod 2022 £'ooo Total 202Z £'ooo Total 2￿21 £'ooo Grant making: Grants approved Staff costs Other ovetheads Governance General support 785 90 52 656 168 54 1,441 258 106 70 429 2,493 372 106 97 432 411 18 899 Community Support: Programme costs Staff costs Other oveth8ads Governance G$neral support Pension 329 703 97 379 1.033 178 37 227 78 210 816 133 38 169 81 33 205 22 699 1.155 Total 76 4,932 There wer¢ 392 grants approved in the year tolalling £1.441k. All grant approvals are intended lo support the regeneration of coalfield communities and contribute towards the implemenlalion plans agreed with the Trust's principle fundars. Grants are 8pproveiJ under our social investment templates to contribute to the Trust's strategic objectives. 28 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 commer￿81 In confidence THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 9 Analysls of governan¢e and yen8ral support costs Gen•ral support costs £'ooo Governan¢o Total £'ooo £'ooo Staff costs Legal and professional fees Audit Trustee costs IT Markeling Insurance Depreciation Other 63 264 109 327 109 25 25 61 95 21 10 96 656 95 21 10 103 763 107 10 Net Income l {expenditurel for the yoar This is stated after ¢harglng'. Group 2022 £'ooo Group 2021 £'ooo Charlly 2022 £'ooo Charity 2021 £'ooo Depreciation Loss on disposal of fixed assets Bank Interest payable Auditor's remuneration= Audit fee Non-audil 72 10 16 11 410 347 31 15 25 17 12 11 Analysls ol stsff costs. trustee ramun•ratlon and gxpenses and the Costs of key management personn81 Group 2022 £'ooo Group Charity Charity 2021 2022 2021 £'ooo E'OOO £'ooo Salaries Soclal security costs Pension costs - defined conlrlbulion schemes Pension costs- defined benefit scheme 1,522 160 69 1.464 148 60 1,381 142 60 1.342 133 53 35 1,786 28 43 1.715 26 35 1,618 12 43 1.571 17 other banefits 1.741 1,630 29 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commerdal Irs confidenc8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 There were 3 emplDyees Icharfty: 2 employees) whose total employee benefits lexduding amployer pension costs) exceeded £60,000 in the following ranges {2021.' 5 Charity.. 4}. Group 2022 Group Charlty Charfly 2021 2022 2021 £60,000- £70,000 £70,001- £80,000 £80,001 - £90,000 £90,001 - £100,000 £100,001- £110,000 £110,001 - £120.000 The charity Iruslees were not paid or did not re￿1ve any othèr bgnefits from their serwce with the Trust or ils subsidiaries in the year12021'. nill. No trustees received payrnelll for professional Dr other seNices supplied lo the charity {2021'. nlll. A lolal of £4.5.k12021- £0.3kl for 4 (2021.. 31 trustees was r8imbursed or mel by the charity for travel and sybsislence. The key management personnel of the Trust comprise the Chief Executive and the Deputy Chlef Executive {2021'. Chlef Executive and Head of Flnance & Corporate se￿ice$l The total employee benefi15 of the key personnel of the Trust were £181 k (2021.. £197kl. 12 Stalf numbers The average monthly head count was 44 staff12021.. 421 and the average monthly number of full-time equivalent employees during the year was as follows.. Group 2022 Group Charity Charity 2021 2022 2021 Grant making Community support Management and administration 30 28 30 28 43 40 40 38 13 Rolat•d party transactlon$ The following Trustee5 are also Trustees of The Community Legacy Trust.. Peter McN8sIry Nico18s Wilson The followng Tiuslees are dirgclors ol CRT Trading Limited.. Peter McNeslry Michael Clapham Linda Rutler The following Trustees are directors of CRT Renewable Energy Limited= Dawn Davies Nicolas Wilson 30 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commerdal In confidonc8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 The following Trustees are dirsclors of CRT Propety Investrnenls Limited: Nicolas Wilson Wayne Thornas Keith Cunliffe The following Trustees are directors of CRT Community Enterprises Limited.. Nicolas Wilson Keith Cunliffe 14 Taxotlon GROUP Analy$ls of tax (credit) chary¢ for tha period Current lax UK corporation lax at 19Vg12021.' 190/0) 2022 £'ooo 2021 £'ooo 19 Deferred lax Origination and reversal of liming differences 1.362 898 Tax payable 899 Provislon for d•f8rr8d tax Fixed asset differences 2,260 898 Total deferred tax liability 898 Movement in provision.. Provision brought forward Charge for the period Provision Ca￿led foNard 898 898 Factors affecting the current tsx charge for the year.. The tax Charge for the year is lower12021'. lower) than the standard rate of corporation tax in the UK of 190/012021.. 19°/.l. The dlfferences are explained below.. 2022 £'ooo 2021 £'ooo Current t8x reconclli81ion Net Income I lexpendilur81 before tax 5.068 Current lax al 19Y¢12021-. 19Q/ol Effects of.. Items not subject to corporation tax Expenses not deductible for tax purposes Fixed asset timing differences Tax losses carried forward lulllised) Deferred lax liming differences Overprovision in previous year 1,572 963 305 139 {1,553) 317 68 19041 1,362 (444) 898 (443} Total current tsx charge 899 31 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commerdal In confld8nc& THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15 Tanglblo flxod assots GROVP Freeho land & A¥88t3 FlxlLYe8 under tting5 & Solar &omass Wlnd consIFuctk￿ equiptnenl equiprnenl PaneL8 BoilBr Turbine É'ooo £'ooo £'ooo £'orM) £'ooo rooo Total £'ooo eooo Cost Al 1 Apiil 2021 Additions Transferlo ve51tnenl prop Disposals At 31 Marth 2022 481 433 3,528 157 1,087 142 2,434 3,528 481 157 25 1,087 109 142 Dèprèciation Al 1 Aprti 2(Y21 Charge for year Al 31 March 2022 87 fo 97 157 25 374 43 417 44 49 66 802 157 26 49 57 Not Book Value At 31 Mar¢h 2022 670 60 85 At 21 IAarch 2021 394 433 713 65 1.698 CHARITY Freehold Fixluies Assets land & ritting5 & under bulldSngs ￿uipment equipment construction £'ooo £'o(x) £'ooo £'ooo Total £'ooo Cost At 1 Aprll 2021 Additions Transfer to Investment property 481 157 25 663 20 At 31 March 2022 481 157 25 20 683 Dopreclatlon Al 1 April 2021 Charge for year 87 10 157 25 269 10 Al 81 March 2022 97 157 25 279 Net Book Value At 31 Mar¢h 2022 Al 31 March 2021 384 394 404 394 32 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commardal In confid8rt8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16 Investments GROUP Investment proparti89 £'ooo Falr valug Al 1 April 2021 Additions Transfer from propety plant and equipment Disposals Fair value adjuslmenl At 31 March 2022 47,145 3,963 15451 8,242 Al 31 March 2021 47.145 The historical c051 of properties held al fair value is as follows.. At 31 March 2022 Al 31 March 2021 46,134 42,484 CHARITY Invastment in group Investment undertaklngs Property £'ooo £'ooo Total £'ooo Cost At 1 April 2021 Transfer from property plant and equipment FaiT value adjuslmenl 16.765 150 18. 915 16.765 150 16,915 Impaimi•nt Al 1 April 2021 Charge In year Al 31 March 2022 349 349 349 Net book value At 31 March 2022 Al 31 March 2021 150 150 The historlcal cost of properties held al f8lr value is as follows= £'ooo At 31 March 2022 Ai 31 March 2021 568 568 The investment propertS9s ware valued al 31 March 2022 by BNP Paribas Real Eslale, an independent valuer with a re¢ognised and relevant professional qualification and with recent experience in the location and category of the investment propety being valued. The properties have been valued on the basis of open market value in accordance with the Appraisal and Valuation Manual of The Royal Institute of Chartered Sijrveyors 33 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Comm8rdal In ¢onldan¢8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Sub$ldlary Company numb$r Charity number Equity sharaholdlng Prlncipal activity CRT Trading LSmiled 04547241 nl8 1000 Business loans The Community Legacy Trust 06855302 1133280 Dormant CRT Renewable Energy Limited 07876060 Renewable initiatives CRT Property Investments Limitsd 08380021 100% Property Investment CRT Community Enlerprlses Limited 08791168 100% Propety Investment e Community Legacy Trust is a company limited by guarantee and is Irealed as a subsidiary of the Trust by virtue of il being the founder member and by holding the majority of voting rlghts. The financial results of the ssjbsidiaries for the year ended 31 March 2022 and their nel assets at that dale are as follows.. CRT CRT CRT Renèwable Property Communlty Energy Investmonts Ent•rprlse$ Llmited Llmited Llmited £'ooo £'ooo £'ooo CRT Tradlng Llmlt¢d £'ooo Income Expenditure Other operating income Other operaling axpense Interest receivable Interest payable Nel gain on Investments 112 {128) 3,488 11.192} 234 16 1101} {7741 8,242 Profitl Ilossl before tax Tax payable Trading profiv (Ioss) for the year Gift 8id payment Proflt l {Loss} for thè y•4T (161 9.987 1.376 8,611 1851 121) {851 21 85 Net Assets at 31 March 2022 288 25.$77 11001 34 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commerdth In confidence THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17 Debtor8 Group 2022 £'ooo Group 2021 £'ooo Charlty 2022 £'ooo Charity 2021 £'ooo Trade debtors Amounts owed by group undertakin9S Prepayments and accrued income Other taxation 230 321 16.BOO 45 15,968 61 688 222 636 957 16,030 Amounts falling due after more than one year included above are- Group 2022 £'ooo Group 2021 £'ooo Charity 2022 £'ooo Charity 2021 £'ooo Amounts owed by group undertakings 12.868 12,504 18 Crodltors: amounts falllng dua wlthln one year Group 2022 £'ooo Group 2021 £'ooo Charlty 2022 £'ooo Charity 2021 £'ooo Bank loans Grants payable Trade craditors Accruals Corporation lax Deferred tax Other taxation and social security 3.800 278 184 1.993 462 2,260 54 193 88 1,263 444 898 205 278 98 366 193 56 367 87 67 3,091 829 683 19 Credltors: amounts falllng duo after ong yoar Group 2022 £'ooo Group 2021 £'ooo Charity 2022 £'ooo Charity 2021 £'ooo Bank loans The bank loans are secured by fixed charges over a nLJmber of investment properties. Interest on the loans is charged at bebmeen 2.6Vo and 3.2OA over the Bank of England base rate and repayable between 25 May 2022 and 3 December 2026. 35 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commèrdal In uinftd*c8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 20 Loans Loans repayable. included within creditors, are analysed as follows.. 2022 £'ooo 2021 £'ooo Amounts owed to group Ltndertakings due in one year Bank loan due in one year Bank loan repayable behNeen two to five years Amounts owed to group undertakings not wholly repayable thin five years 3,121 3,800 15,479 3.009 12,779 11,829 27,817 Details of loans not wholly repayable within five years are as follows.. Limited recourse loan from parant company 11.829 The bank loan is secured by fixed charges over a number of th8 company's properties. Interest on the loan is charged at between 2.6Yo and 3.2°/o over the Bank of Eng18nd base rale and is fftpayable between 25 May 2022 and 3 December 2026. The loans are securgd against investment properties held by the company with a value of £53.7m 12021 £45.9ml. Amounts owed lo group (Limited recourse108nl is repayable by 31 March 2040, interest is charged at a ral& o13.10k. 21 Pensions and othèr po$t.retirement benofits The Trust operates a defined benefit pension s¢heme which 15 part of the West Yorkshire Pension Fund multi-ernployer scheme. The assets of the scheme are held separately from Ihose of the Trust and are independently administered. Th8 V8lualion used has been based on the most recent actuarial valuation al 31 March 2019 and was U¥￿31ed by Aon Hewill lo lake account of the iequiremenls of FRS 102. The assets and liabilities of the scheme al 31 March are.. 2022 £'ooo 2021 £'ooo Schgme assets al fair value Equities Property Govemment bonds Corporate bonds Cash Other 10,989 551 1,019 661 399 151 10.042 479 1,046 252 202 Fair value of scheme assets Present value of funded defined benefit obligations Funded status Unrecognlsed asset Asset recognised on tha balance she•t 13,770 12,601 3.710 757 1,946 1.141 36 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Commerdal In wnfjdenc THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 The amounts recognised in the income statement are as follows.. 2022 £'ooo 2021 £'ooo Oporatlng cost Current seNice cost Past service cost Flnancing cost Interest on nel defined benefit ossel 111 109 142) 133) Penslon axpenso recognised 76 Arnount recognised in other comprehensive income 2022 £'ooo 2021 £'ooo Asset gains in the year Liability galns I Ilosses} in the year Change in the tsffecl of asset ¢eiling Adjusifflenl lo reflect restriction on pension asset 697 1.101 2,172 11.625) 1151 (455} 384 Total amount racognlsed Changes In the present value of the defined benefit obligallon are analysed a5 follows.. 2022 £'ooo 2021 £'ooo Al 1 Aprll 2021 Current service cost Interest expense on defined benefit obligation Contributions by participants Actuarial {gainsl I losses on Ilabilllies Nel benefits paid Past service cost At 31 March 2022 10,655 111 221 22 16971 12521 8.984 109 204 26 1.625 {2931 Changes in the fair value of plan assels are analysed as follows: 2022 £'ooo 2021 £'ooo Al 1 April 2021 In18resl on income assets Re-measuremenl gains on assets Employer contributions Participant ¢onlribulions Nel benefi15 paid At 31 March 2022 12,601 263 1.101 35 22 252 10,416 237 2.172 43 26 293 37 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 Comm8rdal In confid8nc THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Maln assumptions 2022 2021 Discount rate CPI inflatio Pension increases Pension accounts revaluation rato Salary increases 4.25 3.95 Postwrell￿MenI wnortality.. Current pensioners aged 65- male Current pensioners aged 65- famale Future pensioner current age 45 - male Future pensioner Gurrenl age 45- female 21.8 24.6 22.5 25.7 21.9 24.7 22.6 25.8 22 R•strlcted funds Analysls of movement In restricted funds Balanc• at 1 Aprll 2021 Balance at31 March 2022 £'ooo Galns and losses Income Expèndlture £'ooo £'ooo Transfer8 £'ooo £'ooo £'ooo Belleve Housing Wakefield MDC Sh8ffield Futures ESC Lottery Yorkshlre Sport Five Towns PCN Scottish GDvernmant Corra Foundatvjn Suslrans East Ayrshire DC Fife Council Clacks Coundl Zone Initiab'v8 Fala Foods Other Wglsh Assembly Involced 58rvic85 Tes(x) Foundation FA Wales Trust Transport for Wale5 Skewen Flood Donations WCVA Together Fund C8fn Golau Dnving Change Mèrthyr Tydlil CBC RDP THI H8ritage Lottery Granlscape DWP Klckstart Coronoviru5 Job Retention Schem8 CHARITY TOTAL Subsidiary Companies GROUP TOTAL 47 72 10 to 115 755 25 131 47 72 10 10 115 755 25 124 30 17 24 181 450 20 450 16 19 68 40 34 16 68 209 209 37 2,073 2,054 56 37 56 Purpos0 of funds All funds are used to d&liver activity in accordance with the Trust's ob]ectives in Scgtland and Wales respectively. 38 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35 CornmèrrJ21 In Confider￿8 THE COALFIELDS REGENERATION TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 23 Analysls of net a$sats betweBn funds Group Unro$trl¢tgd Fund$ Ilncludlng Group Pension) Restrlcted £'ooo £'ooo Charlty Unr88trlcted Funds {Including Charlty Charity Penslonl Res¢rl¢tsd Total £'ooo £'ooo £'ooo Group Total £'ooo T8nglble fixed 4ssets Inveslmenls Cash al bank and In hand Other net current Iliabililiesl l assets Creditors due after one year Pension Scheme Asset 5.160 58,805 7,373 5,160 58,805 7,429 404 16,566 5,268 404 16.566 5.324 56 56 17,891} 115,479} 2,953 17,8911 115,4791 2,953 16,016 16,016 2,953 2.953 Total 56 41.207 56 41,263 24 L•aslng commltments Operating lease and rant81 payments fall due as follows.. Group and chorily Equlpment 2022 £'ooo Equipment 2021 £'ooo In one year or less Be￿een one and five years 10 10 25 Financial commltmants The group had capital commitments amounting to £479k al 31 March 202212021.. £nil}. There were no Contingent liabilities al the year end. 39 Docusign En¥ÈlopÈ ID". 87000E4F-1D714F47-83B4-C1657COEOE35