DDEuS¥n ID.. F9WCE-P¥fA3F>AC*2-9A9WSL170 Charlty R•gistration No. 1089932 Ctynpany Regl¥tr•tlon Mo. 04342518 (England and INale$l THE PRINCE'S REGENERATION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 "SAjC)P￿K￿ 14112r2W21 COMPANIES HOUSE sc I I DEC 2021 THE PRINCE'S REGENERATION TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Ben1￿￿ James Mr lan MarGus P41ts Emily Cherrin (Apw'nted 26 Novethr 20211 Charity number 1089932 Company numb 04342518 Registered ¢)Ifi 1&22 Chark)tte Road London EC2A3SG Auditor Saffery Champr*ss LLP Edinbtjrsh Quay 133 FtyJnlathdge Edinburgh EH3 98A En¥dcw ID." F9880E¢e.F9FWF&AG424A93A352C17D THE PRINCE'S REGENERATION TRUST CONTENTS Pagè Trustees. ryyort Stgtoment ofTrustees' In(Jependent auditof5 Statement of financial adivths Balance sheet 10 Stalemenl of cash fi￿1 11 Notes to the finaN* statements 12-18 Dtthsw En¥t¥Jt* ID." F9888ECEAFWFMCA2-9A93435X17D THE PRINCE'S REGENERATION TRUST TRUSTEES. REPORT IINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 IAARCH 2021 The Trustees pfe5ent Iheir report 8nd finwKy81 slatemenls for ￿ year e¥￿ed 31 Marcth 2021. The finwKi81 statements have been prepared in aw)rd*Ke wrth Ihe am)untirtrJ w11¢￿ set ¢)ut in note 1 10 the financial statements and comply wrth chanws Memorandum and AFb'des of Associats)n, thè Companies Act 2006 and "Accounling arn1 ReFKxling by Charrfws". Statement of ReLtJmmerKJed Prath"ce applicable to charities p￿Pariry t1￿ accojnts in accofdaTh2 wth the Financial Reporting Standard applicable in the UK and RepU￿1C of I￿￿n￿ IFRS 1021 (effective 1 January 2019}". The Prince's Regeneral*)n Trust sup￿rtS strerytherts communiiies by re$uJing and ￿uSIr￿j important UK buildings at risk of being lost forever throL#Jh dern￿rt￿ or decay. Our pri￿lty t5 to work in areas of deprivation where Ihe benefft from regeneralKy) and er4)nomr grrywth Vlil be thè greale5t. Objèetlves and aetlvltie$ The Prince's Regengrati¢Jn TNsfs obled1￿ *e: - preservation. for the benefft tsf the put4ie. of buildings, monuments. stwctL5res or sites in the United Kingdom of particular beauty or hi8kn"cal, arthrtectural or constructional interest., and . The &vomotion, fcf the benefft of the public. of Lyban and rural re9¢￿ ￿ a￿85 of sotial economic deprbvalirm througlwt the United Kingdixn lin(knling the *Jvaneement of educth"tsn. training ￿ re-lrainingl. Rev￿￿ olDevelopments andActNitres Dwing Ihe Year The Prince's Rege￿￿tion Tn&'s (PRTI y93rarr￿ ofTth has rèthjced 5ubstantialty as a rèsult of its wo being taken fo￿ard by The Prince's F(wr￿al￿n. y way ol ba¢kgroLW)d. on 8 Decen￿1 2016 The Prince's Fwndation for Buikjing Communrties IPFBCI took effethe control of PRT wrth PFBC I￿0)mIng Ihe sole member of PRT and some TnJstÈes of PF8C joining the txjard ol PRT creating an effectNe majorty. The management of PRT was then transferred from Ihe PRT management team to the managenRnl tearn of PFBC. Thi5 a￿ar￿Jement continued through the 2017118 financial year. OuriThJ the same period, Ihe Trustees of PRT and PFBC décbjed Ihat the most èllecbve way to continue wrth their work would be for The Prir￿'S F￿ndalK￿. fofft*rly The &eat Steward ol Scouand's Dumfr¢'es House Trust IOHT). to (y)ntinue Ihe work pre¥th￿Y being njn by PRT. On l November 2017. a new PF8C board was apwnted and the c4Jmbina1￿ with The prin￿.$ was oJmpleled on 1 April 2018. From 1 Awil 2018, the majority of the wowk previously run by PF8C and PRT was taken foA¥ard by The Prince's Fwndalion. Both PFBC and PRT are lorw going o)ncems. Thg pasl year has ￿n11ft￿￿ with ths s￿b￿l Mtegra1￿ of elem￿￿ of PRTS WOFk into The Prince Foundat￿. lar￿￿ centrèd on the rèsoluiTh of an cArt*ThJirvJ legaGy. Ct*JJSw ID.. F9888ECE.FgFfA3F>ACA2-W3A35L170 THE PRINCE'S REGENERATION TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Public benefit In setting the Trusfs obieclives and planning ts aclNates. the Trustees give caTefvl tg)nsKleratK)n lo the Charily CommissK)n'$ gutslance on public benefft awM1 achieve this by.. - Creating Suslainatr￿ regeneral*m by empowerThJ. listenry tr> and Wnirg frorn those who will it. sustain it and benefit frorn il - local people - the r&su￿"n9 benefits to thè putrAi¢ of ¥thich are incrèastd employment, opportunities. education and a retluct￿ in poverty: - Partnerships WO￿ with lttal community groups. building owners. fLxal authorities and othei public bodies as advisor. enab￿, fundraiser and advocatè. Wè Lxcasionalty undertakè projècts as pri￿1paI and step in as a e¥glnrspr nf lasl ￿SOrt to save heritage twjildings for Ihe be￿fft of the lo(al ￿e￿Ients and the natN)n. ￿SU111n9 in importsnt buildir¥Js bw.ng save(I for Ihe nation resulliNJ in regeneradon: di . Research educa1*￿ prty3ramrres, cOnferen￿S. a￿1 pubkncations. reathiryJ a much widef audience than we diredy through our projects. ()Jr ed￿tA)n athvates are open to any indNiduals intoresteil in presemng their local herilage buildings which Increase pU￿1C knovAedge and ed￿at￿n ￿s￿lI1ng in a reductM￿ of povety an enhancement to conNMunity devdopmonl. As aforemenb.oned The Prin￿.5 Regeneratw)n Tnjsts IPRTI pro3ramme of WO￿ in It￿Se areas is bw'ThJ laken f0Th￿rd by The PrwKe's Foundati￿ 8TrJ PRT is ￿ bngw 8 goir*J c<￿eM. Sustainabilty The Trust is committe¢J to obsèrving high environmentsl has developed a $ustsinab￿ify w)li¢y, which includes sco81, economi¢ and ¢rNironmentsl polKaes. Perfom?anceAgainst stfategic Plan Duriny the past year, we have (yjr SLKxessfvl mtegrat*Jn wrth Tr P￿￿.$ FouThJatLffi. ObiKttves for Coming Year The Prince's Regenerat#)n Trust ceased trndirvJ as a separate entrty during Ihè ¢owse of the 2018119 finanrial year and its ac11v￿e$ are beir¥J taken forward by The Prince's Foundati￿. The Truslees intend to move the entity lo domianl status going foThvard. pending reS￿U￿.On ofan outstsndÈng legacy. On this basis. Ihe Trustees do not conswjer The Prince's Regenernkn"on Trust to bè a going cOr￿n and therefore the accounts have nol teen p￿pared cffi thi% basis. as set OLrt in note 1 to the accx>Jnt5. Doujsiyn En¥t&)￿ ITr Fg8e8EcE**fA3F&ACA2-9A9&i)5￿I7o THE PRINCE'S REGENERATION TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 IrfARCH 2021 Financlal rèview During the year £86,617 of income was received {2019120 £2.5rxl).. ThTrs ￿￿esents an unreSlr￿ted grant of £2,500 and a legacy receipt of £84.117. Trading and Tmst's a￿￿￿"eS hav• now cease¢J, due to intègrati with The Prince's Founda1￿. The totsl expenditure fw the year was £125.252. compared with £13,997 in 2019120. ¥thich resulted in a dètsit for the yèar of £38,635 1£11.W in 20191201. This was rrfrnarity due to £78,022 of irtrwme being transferred to Tlre Prince's F¢wftdatton via a donalx)n payab￿ to allow Ihe ts)ntinuin9 *ivitss to benefft from the grant and legacy received. A fvrtlw £37.058 don8tKJn payatrAe wa5 POKI ￿ a third party tr￿nefi￿.ary of * kgacy payrnent plus legal arKJ administrative fees of E10.172. The Trust opened Ihe ye* with totsl f￿lS of È43.(IM on balan￿ sheet. The ckJsiThJ balar￿ on funds as ol 31 March 2021 ss £4.368, all oft*hKh ￿presented urwestrKled fund5. Historically, the Oicy of Ihe Board of Truslees was to maintsin sufficient ynrestsicted fund5 lo thr*e months of unre5tricled expeThJrture. At 31 Marth 2021. unresln"ct8d funds are £4.368. which we beliève rèpresents mort than 3 months. Ur￿eStrth￿ exp8ndrture as Trust is no knnger trading. Restiicied funds ocojr when Ir￿)rne is by a chaity tr a purpose SFeufied by the donor and only appropriate exper￿eS may be Charged againsl such incThne. The tharity had restricted lunds balances at 31. March 2021 nor * 31 Marth 2020. Thgra was rK) r•Str#￿e￿ fundirKJ in the year lo 31 March 2021. AI ligati(*is 10 the l￿dets pro¥￿e¢l restncted fuThJing n pre￿&5 years were mel. Prlnclpal fundlng sources HistoricaNy the priwpal tur￿1ng sources for PRT indudeLf fees raised through Servi￿ wfttrad grants. consultancy subshyiary recharyes. aswell as grants and donattsms raised through fundraising adiwiies. Structure. governance and manag•ment The Trust is a charity regislered England and bwdies awwj a CL)Mpany limited by guaranteè. The Trust is 9)verned by its Mernorandum and ￿tietes, adopted in March 2020. The Trust's wemirvJ b(xly is the Board of Trvstees, which is responsi￿￿ foi the Trusfs direcb'on and overall pdtcy. The sde member of the charity ss The Princè's Fount1ab"on. The Truslees who have served durirs the year. and sirtt the year-end. are set out below. The Twstees met as a board on three LKwions durirvJ the peritsj. New TnJslees are gbven a short induclior) couw on thè *vrk of the Tnjst. The Trustees agree strale9y and fflak8 dew.ons ￿ key F¥ciect activitias. The implementation of Ihal Stra￿3Y is the respon5itxlty of the executNe dir¢cth. The Trustees. who ar8 als0 thè director5 for the PUTpose of crjmpany law, and ¥tho served dum9 thè year and Lbp to the dattr of signatufv of the financAal statements We￿.. Mr Douglas Connell Mr Bénjamtn Jamés Mr lan Marcus Mrs Emily Cherrington (Resuned 4 Odober 21Y21) (ApF￿￿ted 26 November 20211 AppolDtment. Inductlon and Tralning of Tntstees The Board gf Trusleès consisls ol more than Ihree elected Tnjstoes appointed by Ihe sole mèmber. Thè Prince's Foundation. Non-lruslees and nort0xeculj￿ of ts Prince's Fournjation who are trustees are subj8cI to redeclion every threo years. Twstees are recwited for their kI￿￿edge and ex￿rienCe ol hentage. r¢gen8ratw. prcyerty or commerce and have mary expen"•nce oflhe Tmsfs actsvit*s. Pay PolKy lor Senior Staff The Trust not rÈcNit any members of s&iff duTf#J the fnan¢ial year and ha5 Th) Flans for recwitinent activity as the Trust has now ceased tradirrfJ. OttuSvJn En¥eW ID. F￿0ECE*9F￿43F￿cA2-9￿9￿5￿l7O THE PRINCE'S REGENERATION TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT> (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Audltor Thè auditor. Saffèry Chwnwess LLP. is dèem￿ to be reap1>￿"n1ed uThJer Sed1￿ 487121 ofthe Companies Act 2006. Disclosur• of •nfornia¢ion to auditor Each of the Twstees has confirmed that there 15 no infryrnakn of which they are a￿ta￿ whic* is relevant to the audrt, but of which the audrtor is unaware. They have frlrlher cwfirmed thal they have taken appropriate steps to i(Jentify ￿Jch re￿¥￿rt infOffl￿ts.on to eslatjkh that the a￿l￿or is aware of s￿h inlorniatKJn. The Trustees. rem was approveil by Ihe Boarf of TrLJ51ees. (kn.4- Mrs Emlty c￿rrIngton Trustee 30 Novwnber 2021 Oaled.. C)rnJ&gn Enb*knp& IO". F98B8ECE.FgFN3F>AcA2-9A9WS￿1FD THE PRINCE'S REGENERATION TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR ThIE YEAR ENDED 31 MARCH 2021 Thè Trustees, who are also the directrys of Th& PrirKe's RegèrwalÈon Tr{￿ lor the puryjose of company LHW. S￿ responsib￿ for preparirrfj the Trustees. Rèp*yt and the finanrAal stst•ments in accordance with applicablè law Ènd Urnrted Kingdom Aec(yJnts"ng SlarKlards Iuniied KiTh3dom Gèneralty Acctpted Ar£ounting Prdcticel. ¢￿panY Law require$ Ihe Tn*tBes * kyewe finantsal Stat￿￿ for e¥h fin*cAal year wh¢h give a true and fair viw of the ststg of affair5 of ts thanty and of thè in￿nIng resources arwj application of resourcos, including the incom& and •xpenditurè. of the charilable cxxnpany for that year. In p￿paring Ihese fiwwcial statements. the Tnjstees are to." - sel8ct suitable ac¢4Junting p￿￿leS and then apFdy them cOnS￿lent1Y". . obserye the Th*thods and prrripies in the Chaiii*s SORP.. . make judwenls and eslimales that are rea$(Th￿e and - stste whether applicable UK A£counbng Stsn¢Jards have been to11cy￿J. subFd to any materi4 d￿rtureS disdosed and explained in Ihe financial slalements.. - prepare the finanoal ststem¢nts on tr* gc*NJ cwm basis unkn$$ rt 1$ in8kyw.ale io kyesume thal thè Charity will continuè in (y8ralion. The Trustees afe res(K￿ltIe for keeFW¥J •Jewate ￿nt￿lY re(xwds that disdose 7*rilh reasonalje a(xxJracy at any time Ihe financial posit￿ of the charity and enable them to ensure that the finarrial statements ojmply wth the CompaniesAct 2006. They are also responsble for safeguarding the assets of the charity and hence for tsking'rea%)nabl¥ $teps for the pre¥enlK)n and dÈiedb)n of fraud and tsthèr wlaritiès. D￿J￿9th En¥gW K).. F988gECE-FW3F>ACN2.gA9J4352C17D THE PRINCE'S REGENERATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PRINCE'S REGENERATION TRUST Opinion We have audited Ihe f￿anual staiements ofThe Prince's Regeneral*)n Trust lthe'charity.) for the year ended 31 March 2021 whKh c￿mpriSe ihe statement of finan(ial athitses, th& balance sheet. the statement of cash Ilows and the note$ to the finarKial stalements, induding ￿nifiCant accounting policies. The financial reporting framework Ihal ha5 been ap￿led in th￿r preparatw)n is applicable law and United Kingdom Ar￿UntIng StsrKlards. including FRS 102 The Financial Repo￿ng Standard aw4Kable in the UK and Republic of Ireland (United Kingdom GeneraltyAccepted Accounling Practice). In Ixjr oKxnion, the financjal Stsleff￿ts'. give a true and fair view of Ihe state of the chaiilable affaws as at 31 2021 and of Its incoming resour￿5 and applicatN)n of resources, ￿ thè yèar tfwi Ènded., have properly prepared in ac£c¥dance wth United Ger￿alIYAr£epIed Acc(AJnting Pract￿,. and have been prepared in aCC￿￿ar￿ the wuiremwlts oflhe CthnpaniesAd 21K6. Basi$ for Iwinion We o)nducted C¥Jf audit in ac¢ordanc8 with Intemalional StaThJards ￿ AUd￿r￿j (UK) IISAS IUKII and appli¢able law. Our responsibilities under tIK)5e standards are fvrt￿ described in the Auditorf5 re5rnnsibililies for the audit of the financial state￿ntS seets)n of our re￿rt. We a￿ independent of the d￿nty in 4¢tortlan¢e wilh the èthic41 requirements that are relevant to our audit of the financial statements in the UK. indudirry the FRC'S EthicAI Standai¢J, and we have fulfilled our other ethKal re5[￿nsIbIlrtte5 ￿ aCC￿￿anCe wrth these requirements. Wg believe that the audit evNJence wè have obtainèd is suIt￿nI and appropnatè to provmlè a basis for our opin•)n. Emphasls of matter- basls of prnparatlon We draw attentK)n to Nole 1 in the financial slatements. f*thith indicales that it is expe￿ed Ihal Ihe charity wll become dowrnanl. Al the remaining assets and liab￿ltieS of the charity will be trartsferred to The Prince's Foundab"on. As stated in Note 1 the tharity is not cons•Yered a gy'ng concem and the￿fore the accounts have not been p￿pared on 8 going concem basis. Our cynk)n is not mojtfied in respect of this matter. Oth•r infommtion The truslees are responsib￿ for the other infomialion. The other infom)atK*i comprises the inf0m￿tIOn ir￿lUded in the annual report, other than the finanual statèments and our audrtor's report thereon. Our opinion on the ffin8neiAI statements ths not cO￿T the other infomiatKJn and, except to the extent otheTh¥ise eWicAtly stated in our report. we do nol expr￿ any form of aS￿rar￿e c(rfKth¥)n thereon. Our responsits'lty is to read the other ￿f0mall0l) and. in d￿ng so. cortstsder whether the other inf￿rnatIon is materially inconsi51ent with li￿ financial statemenls or cwJr k￿￿edge obtsir*d in the cojrse of the audit OT othe￿ise appears io be materially misstated. If we idenbfy such mater¢al inconsistencie5 or apparent malerial misstatements, we are reqUI￿d to delem)ine vthether this gives rise io a maierial misstalerwt in the financial $tatements themselves. If, based on the work we have Ferlmd. conckjde that there is a malerial misslatement of this other wftirmat*Jn we we requml to reF4)rt that fxt. We have nolhing lo repori in Ihis regard. Opinlons on other matters prescrlbed by the Companles Act 2006 In Ouf opin￿n, based on the work undertaken ffi the c(xJrsè of our audit." the informalKJn given in the Trustees. report. *•thich indudes the diredors. report prepared for the purposes of company law. ft)r the finarKaal year for whi(* the fmarKial State￿￿ts awe prepar&J is o)n5islenl wilh the ffinancial ststerrents., an the (liredors. rewsrt induded wrtlw"n the Tws¢ees' rewt has t*en prepa￿ in a1X￿lanCe with appyicable legal requirem¢nts. DooJS•w Envdwe ID". Fg888ECE4gFN3F>AG42.9A93A352C17D THE PRINCE'S REGENERATION TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PRINCE'S REGENERATION TRUST Matters on which we arè r•qulred to r•port by exception In the light of the knowlèdge and undèrstanding of the charitablè company aThJ rts environment obtained in Ihe COLFrse olthe audit, we have Th)t NJenti￿d material rnisslatemenis in the Tntstees, Annual Report. We nothing lo rnport in resped of the fOll¢￿1￿j matters in relalion to t•*ith the Charit* (Ac0￿￿ts and Reports) RegulatM)ns 2008 requife us to report to Y{￿ rf. in our O￿nI)n'. adequate accounts.ng ￿e0rdS havè not been kept. of relurns adequate for audit havè ￿t been I￿1Ve￿ frorn branches not vi&ted by us: or the financi81 ststement5 are nol in agreeffer)t a(£ounting reu)rds and returrs,. or certain disclosures of trustees. remuneralKJn spec¢f*d by law a￿ not made., OT we have not re¢*ived all the inforrnaiw and explanatitins we requi￿ for our audii". or the Twstee5 were not entrfjed lo prepare the financi81 statements in a¢£Ordan￿ wrth the small companies regime and tske advan* of the small ￿MpanieS. exèmw•)ns in prèparing the Trustees. ieport and from tho require￿￿rtI to prepare a *Trtegic reF¢tt Responsibilities xes ol cyJmpany law) are responsible for thè preparation ol the finanual statéments and for b*"ng satisf*d that they give a true and fair view. and for gJch intemal conlrol as the trustees dètèmine is ftecessary to eftable ihe Prepalati￿ of financral statemeTrts that are free from material misstatement. whelher t1ue to fra￿1 or e￿01. In preparing the finanoal st*¢mèrts, ts Intstees are resFrf)nsible for assessing charitat4è company's ability lo continue as a g￿n9 concem, dtsdosng. as applicable. mattefs rdated to wng concern and using the going o)ncern ba%s of accounting unless the trustees ether inteTrJ lo IKiutdale the charilable company or to cease Operat￿S. or ha￿ no realL8tsc aliemalNe to do so. Audltorfs responslbillti•$ for the audit of the finan¢l•l Stztements We h￿e been appoinled as auditors uThJer the Com￿leS Acl 2[￿ a￿1 rerrt)rt in a¢xordance with rè9ulatior n7ade uniler that Ad. Our obiectsves are to rthin reasona￿ al￿1 ￿eT the finanrial slalements as a whdt are free from material misststement, whether dL* lo fraud or error. to issue an auditorfs reFX)rt that irKludes our opinion. Reawable assurance iq a high level ol assurance bui is rK)t a 9uarantee that an audit C￿duCte(l in accordan￿ ISAS IUKI will a￿ayS delect a rTraterial ￿￿tatement when it exists. Misstst8ménts can aiise from fraud or error and a￿ considered material rf. indTriidualty or in ts aggregale, they could reasonably bo expected lo influerKe the eCOn(Mn￿ deci5Kms of laken on the basis of thèse financrdl ststemènts. Irregulariliès, indLNJing fraud, a￿ Instar￿e$ of n￿￿liance vnlh ￿wS aThJ regulations. We desvJn kKwedures in line wrth our respon&bilrties, outlined above. to detect malerial misststements in ￿$r>ect of irregularrties. induding fraud. The extent to woc*Jures we CaPa￿e of deleclry irregularrtw. indudiry frau¢J, is detailed below. Idenlfying and assessing iisks rtlatèd to irregulaiit*s.' We a55essed the 5uscepliknlity of the (*aritalAe ¢x)rnpany's finanN31 statements to Ma￿la1 misstatement and how fraud might Trxur, induding through discussior6 ¥rith the trustees. disoJssions within our audit leam planning meeting. U￿￿atr￿j our recorol of intemal ¢ontrrAs aryl ensvrirw these contrds operated as intended. Wo evaluated I￿Sible incenty.ves aryl opro)rtunitie5 for fraudulent Manipulat￿ of the financial st*ements. W8 idenlifiÈ(J laws and le9ula1￿$ that are of &gntficanL* in the context of the charita￿￿ company by diScu￿OnS vhth trustees and upjatmg our underslandiryj of the secttjr in the charrta￿e (x>mpany ￿rates. L8ws and Tegulatr)ns of dired &9nffiC8r￿ in thè ¢x)ntexl of Ihè charilable company indude Thè Companiès Aci 2006. and guidance issue(1 by Charity Commi%yon for Engla￿1 and Wales. Cbr4JSvJn Erwdtye ID.. F98B8E(X4gF￿F>AC*2-9A9jA3wl7D THE PRINCE'S REGENERATION TRUST INDEPENDENT AUD￿OR's REPORT (CONTINUED) TO THE TRUSTEES OF THE PRINCE'S REGENERATION TRUST Audit r•sponse to risks Identif￿d. We consK1ered thè extent of complia￿* with these laws and regulat*)ns as part of our audit procedures on Ihe related finar￿la1 sl*ment items incI￿￿1ng a rev7ew of financu?I Stat￿nt disclosure5. We ￿vieWed Ihe tharitable company's reoyds of breaches of Liws and Tegulations. minutes of rreetings and ￿rrespOnden￿ with relevant aulhorities to rdenlfy Wential rn8twial mwlaterTwts ariwThJ. We diwussed t1￿ charitable company'$ policies and procedu￿ for ¢ompiwgrr* laws arxj regulations with members of marwernenl responsiblè for ccffipliance. During the planning meeting ￿1h the audrt tsam. the Èngagtrm&nt partner drew altenb.on to thè key arèa$ which might inV￿Ve non-c1y. in accorfance with Chapter 3 of Part 16 01 the Companies Act 2006. Our audit woth ha5 been Lmxjertaken so that we mvJht state to the charitable company's rnernbers those matters we are required to state to thern in an auditor's report and for no other pu¥pose. To the full¢s1 exlent pe￿nitted by law. we do r¥)t accepl OT assume responsitx.lty to anyon6 otheT Ihan thè chafilaNe company and the th*table company's rt￿M￿rs a$ a tody. fc* our auth"t w)rf(. for thts report, or for the opinions we have fomied. Kenneth McDowell (Senior StalutoryAu¢Jitorl fw and on behalfof Saffery Champness LLP Chartered Accountants Statutory ALKlrtors 133 Fountainbridge Edinburgh EH3 gBA Date.. Saffery Champness LLP is digiblè to act as an *Jditor th temi$ d sectw 1212 olthe Companies Act 2006. DroJS*n ErNdr4Je ID.. F98B8ECE￿f￿43F>ACA2-9A93￿￿l7D THE PRINCE'S REGENERATION TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE AccouKr FOR THE YEAR ENDED 31 MARCH 2021 Unrestricted Unrnstrleted funds lunds 2021 2020 Incorn Donalions and legacaes 86.617 Chariwe activiti 125.252 13,997 Other 10 Total resour¢•s expend•d 12S.252 14.083 Net gainsl{lossesl ￿ ir1vestn￿nts Il•t •xpenditurn forth• yearl movement in fvnds (38.635) (11,$841 Fund balaneès at 1 Awl 2020 43.￿3 54,587 Fund balances at 31 March 2021 4,368 43.003 The stalement of fmarKial actyvrfigs als9 wilh the rewwrths for an and eXPBndrture accounl under the CoTryanièsAct 2006. D¢KuSvJn EnALY)O ID.. F988eEcE.F*&43FmCA2-9A9￿352cl7D THE PRINCE'S REGENERATION TRUST BALANCE SHEET AS AT 31 MARCH 2021 2020 Current assets Cssh at bank aThJ Mi hand 10.488 46,￿3 Cr¢ditors: an¢ynts falling wlthlD one y•ar 11 16.120) {3,9001 Nel current assets 43.￿3 Income fvnds Unrestricted luThJs 4.368 43,C4J3 4,368 43.1))3 Those finarwl stslements have t*en prepargj ￿ acoydance the provisior$ appl￿bItt to companies s￿10￿ to the small cOmpan￿S regwne. 30 Novembèr 2021 The financial statemgnts wère apmgj by thè Trustees rm......................... Mrs Emily CherriThJton Trusteè Company R•glstwatlon No. 04342518 10- THE PRINCE'S REGENERATION TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Ca¥h flows from operatin9 actlvlti Cash abwrw by operJlK%is 17 136,4151 {23.5331 Met u$•d In Investing actl¥its¢s Met cash used in financlng activlii Net decrease In cash and cash equivalents {36.415) 123,5331 sh and cash equivalents at teginnwy of year 46.913 70.436 Cash and cash equ•valents at enql of year 10.488 46,903 0￿¥S￿)n En¥dope ID.. F9WECE.F9FwF>ACA2-&i9)A15￿l?O THE PRINCE'S REGENERATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Chaiity informatlon The Prin¢x's Reg8neration Tnjst is a wvate ￿￿panY limiied by guarantee If￿ in England and Wales. The register8<1 office is 1922 Charfotte Road. London. EC2A 3SG. 1.1 Accounting con¥ent40n The financtal statements have been in aCCor￿ance th• thaltys MenKwandum ancl Artides ol Association. the Companies Act 2006 and "A￿nts.￿3 and Repo￿"ng by Charitie5'. Statement ol Re(x)mmended PractirR ap￿1¢able lo tharrt*s preparing th￿"r acc(￿nts in accwdance with the Financial Reportir¥J Stsndard applKable in the UK and Republic of I￿land IFRS 1021 leffeclive 1 January 20191" The charity is a PutAi¢ Benefrt E￿ty as defined by FRS 102. The finan¢Tral statrments are wesenied in steding. whth is the fvDCt￿aI of lh$ chanty. Monetsry amounis in thèse financial statements are rimm￿ed to thg nearest £. 1.2 Going ¢oncem The chanty is Th)t cons•kned a goiThJ c¥JrKwn and thÈwÈforÈ thè &fAMJnts have nol been PrePa￿d on a going concem basis. The charity is a¥A￿"r@ a and ￿ Trustees intend to make the charity domiant once recoived. These financial staternenls present infomialw)n at¥)ul the chaiitable company as an indivhlual undertaking and not about its group. Full consolidaled financral slatements of the pafenl charity. The Prince's Foundation, have been prepare(l aThJ a￿ available from Companigs House. 1.3 Ch¥ri¢alAe lunds Gereral Un￿S1￿cled funds are whth can be used in accordants wilh trusfs tharitaUe objects at the discretion of the Trustees. Restricted funds are ftjnds which are to be used in acc(Jrdance with Spe￿ restricbons imF*)sed ty dorKys or which have been raised by the charty for parI￿lar purposes. The aim arwj use of the restricted fvnds is set out in the ￿te5 lo the financial ststemerts. 1.4 Income Income is recognised when the tharity has entts￿. lh¢ receipt 1$ protsa￿e and ihe amount can be measured feliably. The fdlowin9 Wicies apply lo paiti(Alar catwes of in(yJne." DonatSons and grants un￿sIr￿ted grants donath￿ a￿ reccrfJr4sed when receivabse. Restricled donalions are a￿OUnted for as restrKied funds mat(*ed agai1￿ reLtsJ ex￿ndIt￿￿. Income from granls is recognised on an accnJals b￿$ to ihe extent thal grnnts are for Services lo be provided over a specffied period, or if the grants are condthnal upon the delivèry of a spÈtffièd level of sery1￿s. Grants to which the tharitable company ￿ not yet entilled under these oreurn5t￿￿ are accounled for as delerred irKome. Charilable aclivities Incoming resour￿ fwom tha111a￿e acil¥ii￿S are re(yJgnised on an aCcn￿S ba51$. as the relatsd sermces are supplied over a wioj. 12- THE PRINCE'S REGENERATION TRUST . NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 A¢¢ountlng pollcles ICont•nuodl Othgr Income and Investmgnl Incom Othtrr income is recognwd in line vAth the rKgvision of ￿ S￿￿eS. Inco￿ from is recoynisèd when èvent takes pL4ce. Invèsknent inr£xne is reC￿niSed 7*rt*n ￿e1Vable. 1.5 Expendlture Expendilure is r8cognt50d when a prèsént or consIn￿￿"ve ￿19allOn extsts at the balance sheèt date as a result ol a past event, rt is Pr()ba￿e Ihat a transfer of econtsm￿ beneffts will be requ￿e￿ to settle the OblKJ￿i0Th, and the amount can bè measur8d or estimated fel6ably. Expenditure has dassified undef head1r￿S thal aggregate all o)sts related to the category. Staff costs have been allocated to eXpendrtU￿ headings on the basis of an eslimate ot the arr#Junt of time spent by slaff members in eath area. Raising fvnds Expenditure on raising tuTh1$ indwjes those inr#yred in furKlr8iwrKJ and rA)mmunrati¢)ns woth. and do not include Ihè (x)sts ol di&seminab"rvJ ￿f0m￿￿n in SUPF*Jt of the charilable aclivities. Charftabl• actl¥lti¢s The charity ojrrenlly has I¥￿ activit*s,' ￿searCh an(1 e(lucatw and regereration projects. Charitable aCtI￿tieS reprèsènt the direct ￿$ts of the orEtsI￿￿al charrta￿e prL¥JrammÈs. and tht t3)sts incurred to support the operat*￿•1 pro9rarwMw. Sw)pDrt costs have been across the aCt￿lI1e9 C￿ the basis of slaff time. Support ￿$ts Support costs a￿ those costs in suppwt of expendth ￿ the objects of the tharity and irtlude . govÈmance rA)Sts in (xjnnedion %bilh administration of the cmipany and o)n¥Jliarte ¥Jilh LY)nstitutional and ststutory requirefnents. 1.6 .' Cash and cash equivalents Cash and cash equivalents indude cash in haThJ. depoyts held at call wth banks. ottsr sFKSrt-teffti liqu#J investments wilh original maturities of lh￿ months or I￿. aryl bank overdrydfts. Bank overdrafts we shown within tM)rrowings in Gurrent Irabililie5. 1.7 Taxation The charsty is exempt from c(W[￿tion lax on its tharitat4e aclNth5. 1A Valuè Added Tax The activrties of the charitable c￿anY have led to il trKing part￿llY exempt for VAT pu￿95¥&. Irrecoverat4e VAT is irKluded in costs. 13- DNSvJn ErN¢*pè1g: F98B8EcE-F9￿aF>A￿-9A9)￿lS?C17D THE PRINCE'S REGENERATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Don•tlons and legacles Unr•strict•d Unrestricted fvnd lunds 2021 2020 Legaci&s re¢eiv*e Grants 84.117 2,500 86,617 Charltabte act6vities Charftable Charltable ExpenditureExpenditure 2021 2020 DepreciatKm and impainrE Office and other costs Bank charges Rent Donalion5 Payable 521 613 295 112 115,080 115.192 3.237 Share of governance costs (see note 41 10.060 10.760 125,252 13.997 Duè to the mergèr agree￿nI all a(J]"vities are uNlert*n by Tr Princè's FcxJndab"on. In the year 2020121 a legary of £84.117 was r8ceNed of vthich £37,058 was dislributed to Thè Pfincè's Foundation and £37.058 was distributed to a thirf party bÈnefi¢iary. The Pn"nce's Regen￿ation Trust made further donat¥)n of £40.W to cover the costs of thé conts)uiwwJ a¢*vths I￿1 undertaken by the parent entity. Thes& aM￿ntS are shown uThJar donabons payaWe. 14. Oty)JSign En¥dope10.. F98È8ECE.FW3F>ACA2-9A93￿￿l7D THE PRINCE'S REGENERATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 Support costs Support Governance Costs 2021 sup[￿ Goveman costs (osts 2020 Audit fees Accountancy Legal and professional 16CK)I 10.660 2,400 10.£ 10.060 10.060 10.760 10,760 Analysed befv￿n Charitable actNities 10.060 10.060 10,760 10.760 Charges in the year for audit accojntary of £1,300 have teen rr*t by the parent o)mpany. Net movement in funds 2021 2020 Net movement in luTh1s is slated after chargIn￿(￿￿￿1￿￿I Fees payable to the compatys auditw the ￿￿111 of ts coryatys financ￿1 slatements Depreciation of own8(I tangibk fixed assets L05s on disposal oftsngibte fixed assets 1.500 521 86 Trustees None of t1￿ Trustees lor any pe(sons connecaed with them) received any rem￿￿rat￿n or bpntrfits from the tharity during the ye¥. Auditorfs remuneralion The analysi$ of auditofs remuneration is as folknws= payable lo the tharltys auditor associatss: 21121 2020 Audit of the charl￿S annu* a¢cc*Jnls 1.500 Charges in Ihè year for aud(1 * 0x(￿nIanCY of £1.31X) have been ￿ by the parent company. Employets There were no eryloyees during the year12020.' nill. 15- D￿L*SHJTh ID." F9888EcE.F9Ffv43FMCA2-9A93A35￿l7D THE PRINCE'S REGENERATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 N•t galnsllloss•sl ¢)n Investments Totsl un￿$tr￿ted fwds 2021 2020 Gainlllossl on sale of investments 10 Other Totsl un￿strICted fvnds 2021 2020 Net loss on disposal ol tangknlè fixed assets 86 11 cr￿￿10r9. amounts falllng due t*lthln one year 2021 2020 Amount owed to parent uTrJertaking Accruas an¢J defsrred in¢ty￿ 6,120 3.9LTh) 6.120 3.9CM) 12 Unre$tricted Funds These are unrestn"¢ted fvthys vA)i¢h a￿ material to the ¢harity$ adivities made up as Movem•nt In lunds 8aance at gains ar#i 31 Il¥¢h 2021 1 Awil 202• General 43.C(13 86.617 1125.252) 43,IXJ3 86.617 {125.252) 4,366 16 DroJ&w EnvÈk)pe ID.. F98B8ECE-F9F&43F>ACAZ.9A93A352C17D THE PRINCE'S REGENERATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2021 12 Unrtstrieted Funds IC¢ntlnued) Unr•strict•d Furrtls . Prioryear c¢mpariti¥e Pjlovemtnt irb funds 8Jkn¢¢ ot galns and 31 klarth 2020 I0￿e& 1 Apn"l 2lJf9 General fund 54.S87 (14.083) 43.003 54.587 {14,083) 43.003 13 R•lat•d party transa￿nS Durirvj the year Thè P￿"1￿'S Found*in recharged £6.120 01 legal fees for advKe given in relat￿n lo le9ac¢es received. At Ihe year end 31st March 2021 thèse fees are St￿mm as an wtstandiThJ creditor owirrfJ to the parent enlty.12020- none). 14 Ullimate parent company The Prince's Foundation {incorp)rated in ScoUaThJl is warded by the Truslees as beiryJ the ch?rty's ults.mate par¢nt company. Its registered address is Oumfries House. Dumfries Estrte, Cumnock, Ayrshi￿, KA18 2NJ. The smallest gftyJp whth prepa￿ COr￿OI￿JaIed finarKial ststè￿ts is Thg plin￿.$ F0uThJa￿. Consolidated ac£4Junts are pu￿IrjY a¥a￿a￿e from Companies HoLtse. 15 Contifig•nt liablllty The Prince's Regeneral*Jn Trl￿ may receive ftjrther legacy irKryfE Ixrt is urwble lo reli?bty quantify th¢ value of this at this time. A Ihir(I pwty obthgatw eX￿ts ￿ relatw to this lew. 16 Analysis of chang•s in n•t funds The charity had no debt the yew. DopJ&w ErNeW ID." F9￿£cE￿9F￿F&AQ424A9￿Sx11D THE PRINCE'S REGENERATION TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 17 Cash generated from o￿lOn$ 2021 2020 Defiat for th? year (38,635) 111.5841 Adjuslments for.. (Gainllloss on disposal of tang&)k fixed assels (Gainvloss on disposal of inveslments Depreciati¢)n and imp8im$nt of larwJit4e fixed assets 86 521 Movements in wcyking eaprtal.. Incrèasèlld8creasel in cre(IrtOTS 2,220 112,557 136.415) {23.5331 18-