C(hMPANIES HOUSE Charity rngistrakn n￿nber 1089932 2 9 AU6 ZllZ3 Ctynpany registration number 04342518 (England and Wale$} EDINBURGH MAILBOX THE PRINCE'S REGENERATION TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 IIIUMI *ACDHPTLL' os11fy2￿1J COMPANIES PKMJSE *SCWR1156" A16 #112 COMPANIES HOUSE THE PRINCE'S REGENERATION TRUST LEGAL AND ADMINISTRATIVE INFORMATION Tru$tses Mr Bpniamin James Mr lan Marcu5 Mrs Emty che￿￿10Th hèiity number 1089932 Company numb¢r 04342510 RqgiSt•red offlce 1￿22 Chath Ro•J EC2A3SG Auditor S*Wery Ch8mrK Edintsjrgh Quay 133 FwrtsinbT*Jge Edinbjrgh EH3 THE PRINCE'S REGENERATION TRUST CONTENTS Page Trustses. report state￿rI ofTrustees' It5Pti￿1Xlth$ Indwndent audrtorfs reFtyJrf SbleThent of finarKial aGiM* Balance 8l*et stathen¢ ofG•sh lkns 10 Notes to the fmawal statemenls THE PRINCE'S REGENERATION TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORTI FOR THE YEAR ENDED 31 MARCH 2023 The Twslees presentthelr annual re￿￿rt arbj fmanraal statements fortheyear 8rthd 31 Marth 2023. The finanaal slalemenls have been preparwl in acCOrdar￿ vrith thp polKw sBt out in the notes 1 of the finanryal 5totements and compty the charivs MerrK)randum and A￿e5 Of A550Gialion. the Ccmparbies Act 2006 and "Accounliro and Reporbng by Charities Ststement of Recornmendod Ptacbr* applicable lo chariti85 preparing their acrouThts in aCcr￿danCe the FJrwKial Rewtw Stand8rd in the UK &nd RepU￿1C of Irdand (FRS 1021 leffttts.ve 1 Jarwry 20191.. Th8 Prince's Regen8ralK)n Trust SUPF4xts and Strengthe￿ communits8s by.resCU￿g and reusing important UK buikJings al ri8* of being &Jst lorever through demolrtth ￿ decay. Our prll)rity is to in area8 of depriv8tKJn where the benefit from regenetstion and economK grts￿ ￿ThI1 be the greatest Objectives 4nd acW¥ltles The Prince'8 Reg￿rati￿ Tntsf$ otaedNes arts". The preser¥afron, lor the benefit of the puwio of twiuirys. monuments. 5trudurÈ$ or $rta$ In the Un fjngdgrn of parli￿lar beauty OT hi51otKa. aiehrfectuTrl wcon5tru¢*onal interesL and - The prornation. for thB bpnefrt of the pulAi¢, of urban ru￿ rtgwat¥)n in arras of soti*l and ewnorni¢ BpriY4IK)n thwughout the unit￿ Kirryrkxn the atrancwvrtof￿uCatiOn. training or r￿mI￿J1. The Pnnce's Regener3l*n IPRT) of ￿ has ctsa5ed as a result of *s wG¥k being tskèn forward by The Prinr£'s Faundation. By way of ba￿￿￿nd. on 8 Dtr*n**r 2016 Tr Prin¢e's Fwtsjation lor Burfdiny Communths IPFBCI took effEctive control of PRT *ith PFBC b2cornin9 the solE rnember of PRT and sorne TrusleES cl PFBC joining Ihe board Ol PRT ¢￿atIng 3n elFecbv¢ maionty. The managerneni ol PRT then tran$ferred from the PRT managernetrt team to the rnanagemtnt learn of PFBC. This arrangernenl Con￿.￿ued through the 2017118 finanrial year. During the Same period. the Trustees of PRT and PFBC deudetl Ihat the most effective way to ¢ontsnuo wth their Wofk woukl bv for The Prince's Foundation. lorrnerfy The Great Steward of scOt￿nd's Oumfrie5 House Twst IDHTI. to conb'nue work pre￿O￿SlY being run by PRT. On 1 Novernbei 2017. a nv PFBC boaril was apwnted and the comlination with The PrinceS Foundalp)n wa5 compkted on 1 April 2018. From 1 April 2018, the majority ofthe wolk w8¥Kiusty by PFBC and PRT was tsken forward by The Prirtt's Foundatk)n. Both PF8C and PRT a￿ no lorger going concems. JI 15 Ihe intentsn that PRT wll bewme th)￿an1 followin9 Ihe resolut￿ of an outstsnding *gacy. Public benafft In selb.rfj the Tnvtsf8 obJ8cts%*s and plannw ts athli8s. Ihe Tnjstees gib* careful uJnshJ8ration to the ChaAty Commissions guidan¢* ¢)n pubfic benafft and athieve ttHs ty. - Creating sustainable regenera*"on by emptr*EriTrJ. listening to and ￿￿MIr¥ frorn tho$e wl%) will drive it, SUSt¥in rt and benefit peDpk - tho ￿nerts to Ihe pubhc of whth are ￿¢Ze?5￿￿ ern￿oYM￿nl. oppothIMtie5. edvc81ion and a redudion in wvety.. - Partnw5hips worf( Irul c#mmunty grwps. bilding w￿[5. local aulhoritN# and olher Publ￿ bodies as an *Jvisor. enabler. ￿ndraiser and thocate. PRT occasionalw undertake prqects as prinupal and step in as developer of last re$ort to save heril*Je buikliNJs for the benefit of the local resbjenfs and the nation. allmng mportant buildiw5 being Saved for th¢ nats.on r¢gÈneration.' and THE PRINCE'S REGENERATION TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 •YARCH 2023 PublK benefrt (cont￿￿ed) . Research and eduGqtion prcgIan￿. ￿￿ferEnceS. workshops aThJ pu￿1call0n5. rEathiThJ a much wKler audience th8n we can directty through our projects. thjr edUcat￿n are oren lo any indMduaL% inlere5te¢J in preserv￿￿ their I(￿1 henl•Je builjings ¥Yhth inLYea5e knowledge and e£tucats"on resulting tn reduclion ofpoverty and an enhanceffÉnt to communty devdopnxTht. As aforemen￿.0ned, PRTS prthjramme 01.*￿rk ￿ Ihese areas laken fonvard by The PMc&'s Foundation and PRT is no bnger a going Cor￿m. Suslainab The Twst is committed 10 I)￿r¥Ir¥￿ hffJh eThroThmenlal sr#nd*ds and has da¥*10￿ a sustsirtabilty polty. which iftcludes soual, ecor￿M￿a￿l en￿1￿{￿￿ental poticies. Perfonn8nc8Ag8inst Ouring IhE pa51year. PRT ha5 contiwedts successlul Th2 PrirKe'5 FourKlats"on. Obi¢¢tiwes forcomfftg Year The Prince's Regeneration Tw5t ceased tradu￿ 45 a separale enbty the ry)ur5e of t1￿ 2018119 fin8nG¥l year and its aCt￿ltieS are beiw taken foThYdrd by The P[•r￿'S Foundation. The T￿￿tee5 intend to move the entty lo dryrnant 5tatU5 giMrvJ fo￿ard. pendirg resolution of an outstsndirmj ￿gaCy. On thi5 basis. Ihe Trustees do not consijer The Prirtr'5 Regerwabon Trust to be a goirvJ ¢mm and tlwefore the acc￿nIS have not been prepared on thi5 bw. a5 Set r*Jt in note I lo the xcounts. Financial review t￿ring the year £107.500 of incorre was rewve(I IW21r22.. £2.5001. This represenls an wrestricted grdnt of £2.500 and a leyaty receipl of £105.Otx) 12021r22 PRT Teceived an unrestrided grant of £2.5￿ l. Tra¢Jing and Tnjsvs xtNthe5 have nowceased. due to the inlegration wlh The Prince's FoundatK)n. Tolal expendilure amounted to £107.750 P021r22: £2.5601. £250 of bank administrgbon fees were incurred to allow Ihe bank accounl to remain open in antKyation of future receipts from an out5tandiry legacy 12021122. £601. £53.800 wa$ translerned lo The PrirKe's FoundalJ"on a dOna￿n paYa￿e to allow the contsnuin9 acliwties to benefrt from the grant and legacy payrnent recewed. A futhT £51.300 donation payable 12021r22". £nill was paKt to a third paty beneficiiry of legacy paymenL Legal adMt5tratNe fees of £2.400 were incurredl2021122".£nill. Overal there was a defrit for the y•ar of £250 P021r22". £60 d8fKitI. Histori￿1￿. the pdKy of the Board ol TNslees wa5 ￿ ￿￿taIn suffKient unrestrKted funds to cover three months ol unrestricted expendilure. The dos¥¥ baL4nce of fvnds as of 31 March 2023 15 £4.058 12021r22.. £4,308), all of which represenlad unrestricted fvnds. We bdi8ve th* represents more than 3 months, unre8trycted expenditure as Ihe TDJst is no ￿er tr*knJ. R88tricted fvnds occur whtn incorne ￿ re£*ved by a charity for a purw)sÈ sp8¢>fied by Ihe dtsnor 8ftd only appropriate expenses may chaised against such inct¥ne. The charity had nD restricted fund5 balanos at 31 March 2023 nor at 31 Marrh 2022. was no restrthd funding in the ye41 to 31 March 2023 Ihe year to 31 Marth 2022. Ob￿"gationS lo the lunder5 who pmvided restricted fundin9 in prewoL&S years were mel. Th¢ Tw51ees have a5$85sed the major r￿ to whKh Il* rhaw i8 exposed, and are sati5r￿d Ihat SySt are in place fo mitijate exposure to Ihe maiorn5ks. Prin¢tpal funding $tsyrc85 HiStoric￿ty the prinopal fundry sources lor PRT lees raMed ttwD￿jh seTrK• contract grani5. ron5uttancy and subs*Jiary retharges, as 85 g¥ants aTrJ donatb)ns la￿￿ thrO￿h lunthai%ing activi￿88. THE PRINCE'S REGENERATION TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Strudure. gov¢rnance and management The Trust is a charity registered In England and WalEs and a c4xnpany lirr* by guarantee The Trust 15 govetned by ils Memorandum and Artides, adopted in Marth 2020. The Tru5fs goveming b￿ty * the Board of Trustee5. which 15 ￿sponsIble for the Trusfs direction arKf overall poli¢y. The sole rnernber of the charity 15 The Pnn¢e'$ Foundation. The Trustees who have served during Ihe year. and since the yearend. are set oul below. NewTwstee5 ar8 gNen a short induclion wJrs8 on the work ofthe Twsl The Twslees agree Strategy and make decis￿n$ on key project acbwtss. The irnpknenlatr.on of that strategy 15 Ihe responsikn'lity of Ihe exec￿Ne direrJor5. The Trustees ha¥0 during th• fir￿￿la$ to rewew and apwo¥e the financial 5talements. The T￿￿tee5, who are also the dxeciors forth? purpose of rA)mpaAy l*w. who swved during the yw aTrJ up lo the date of ¥ign8twe of the fwwrKi815¢atement5 were.. Mr Benjamin Jam88 Mr lan Marcus Mr5 Ernity c￿rringtOn Appoinbnen( Induction aTKI Trnining of Truste The Board ofTwstees ￿nSIsts olnot more thrEe e￿tted Trn$lees apwMr7ted bythe SO￿ memb8r, The Princè's Foundation. Non-tmst8e$ and non*xecubves olthe P￿n¢t.$ FoundatK)n who ate trustees are SL*iect to re-election every three yeaws. Tru51ee5 reuurted fot their knovAedge ar￿ experiEnGE of hEritsg8. generation, prwerty of ¢orM)¢rce and mos¢ havg maryy¢ars' eyr*nr8 ofthg Tw$Y$ actswtss. Pay Pollcy for Senior Staff The Trust dHI not recrurt any mernbe￿ of slaff durry Ihe fiTharKaal yw arvj has ￿ plans for recrui1￿nI activty as Ihe Trust has now ceased tradir%J. A￿dI￿r In accordanco I￿1h the compaThYs artide5. a resoth.on proFWry that Saffery Chamwess bo re3ppoint8d as audttor ofthe conyany win be put at a Gereral MeeknJ. Disclosure of infi)rnl•¢ityn to auditor Each of the Trustees ha5 ￿nfirrned that there r8 no inf￿rnabcffj ofwhth they are awwe whith is r*anl to the audit. bul of which the auditor is un8warB. They have fiJrfher confirmed Ihat they have tsken apprwate Bteps to *Jentfy such relevant Info￿alKin and to establish lttat the auditor aware of such Infornalictn. The Tw5¢xs' report was approved ty tt* Board ofTnJsle85. Mrs Effllty Chettl Trusteo THE PRINCE'S REGENERATION TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023 The Trustees, who are also the direclor5 of The PrirKe5 Regenwat*in for the PUFpo3e of company law. are re5pon5ible fer preparing Ihe Trustees, RepDrt and Ihe finaKal slatemerts in accordan￿ with appliGable law and Unite(l Kir#JdomAccounting Stsndwts IUn*eil ￿"1Y￿d0rri Ge￿ra1￿mA¢ceptsd Accwnkng Practicel. Conpeoy Law requires the TDJStees to wepare finarthl staterrents for e￿h finawal year give a tiue and fair view of the slale of affairs ol Ihe charity and of the WIC￿ing resources and appkation of resourc85. indudiThJ the irKome and 8xp8nthtsJre, of chaiital>le cLvry>arby for year. In pr8paring Ihese fmancial 51atements. the TnBtees ¥8 rewred to.. - select Sultab￿ accounting FtyJScies and then them consthTrty. - ob8eAve tht methotts and printw in th8 Charths SORP: . make I￿￿gements and estimates Ihat are rea$￿ and pruden( - state whelhEr applicab￿ UK Accounb"ng Stsndards ha* been sutryect lo any Mat￿[al departures disdo8ed explained in Ihe finanGial ststements" arwf - wepare Ihe finantial statements on the goiffj ¢onEem basls i% Miapwpriate to wesume thal tht thafty il con1"n￿ in ts￿rat￿)n. The Trustee$ are resPon&b￿ f¥ keeping adequa￿ ¥C¢OUftting wtrjrtls Ihat disdose wsonable accyra¢y at any ts.me the finafirAal po&lion of Ihe thanty 8nd enable Ihem to that the finanL?al ststemÈnts tompty with thÈ Compan*s Act 20LK. T￿Y are also re$p¢Jrwb￿ lor safegualdiw the 35sets ol the charty and lor lakinB reasonabl¢ $tys for the preventpw and dete¢*on of froul and Olher i￿￿9￿1¥nti*$. THE PRINCE'S REGENERATION TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE PRINCE'S REGENERATION TRUST Opinion We have audiled Ihe finanaal stalemerts cl The PriTKe'5 Regen8ralwJn Trust lthe'thawl lor ye8r ended 31 March 2023 which ￿MpriSe the statement of finanual athities, the balance sheet. the statement of cash flows and notes lo Ihe financigl slatemenls. including styJnffjrcant accounting pokies. The financ431 reporbng framewo￿ tlat has been applied in Iheir preparation is applica￿8 L8W 8nd United Kingdom Accountiw Standards, indudiTrJ Financial Reportiw Standard 102 The FNnan&81 ReF¥Xting SlanLt&& apWK8ble ftn th& UK 8nd Reptsb1￿ of lrn18nd nlted thgdom GeneralyAcceFxedAr*xnts"rvJ Praclicel. In ourcpinion. the fin￿¢la1 ststements.. a trL* and lair wew ¢1 the stkte of the charitsble ¢empaN￿$ affairs as at 31 Marth 2023 and ol ils incorn￿9 resources and appkab.on ol rEsiNrn. inrjuding it5 inLvrne arnl expenditute. for the year then ¢nd¢d". ha￿ been pryJperty prepared ￿ acrnrd8r￿ wilh United Kiwjom G8ner81ty Acc¥pled Accounting prac￿¢4. have be8n prepared in ortxwdonce *ith tha requiiwts c￿mPari￿A￿ 20C6. Basis for opinion We ￿ndUded our 8￿rt in at£4ydan¢e IntemalN)Tral siandards on AudthtYJ IUKI IISAS IUKII and applic8b law. Our responsibilrties under Ihostr stsndards are furtber de￿￿bed in Ihe Audilots r&S￿n￿b￿￿$ for the audit ol tt16 finanth81 sl818m&nls seclion of our reF￿ We are independent of the charity in accordancÈ wth Ihe ethical requir&menls that are relev3nt to our audit of Ihe fiThana￿ stotements in the UK, includinu thé FRC s Eth￿al Skndard. and we have fuifrfied our other ethical re$ponsibilibes in a￿Or￿an￿ writh these re4uirements. We belie¥* that Ihe audit ewdence we ha¥e oblwrwd is and apwopriote to P￿¥￿Ie a ba&s for ¢wr wiw. Emphash of matter- basis of P￿ParatIon We draw attent￿ to Note 1 in the fifianual 51atemenls, whth W￿1rateS Ihal it is e¥wled Ihat the charty wll become domiant AW the rBrnainirv4 assets and liabilities olthe ¢harty ￿11 be transferred io Th¢ Prin¢e's Foundation. As stsled in Note 1 Ihe charity is not ￿1$mI￿red a going rAJntsm aThJ 1he￿fOre Ihe *¢x)unts have been prepar2d on a wg Conc￿ basis. (￿[ not modthed n rEspecl Dllhi* mattw. Other Info￿ation The trustee$ are resPOn￿bkn the olher inf0M￿￿)Th. Thè Olhw in10m￿tion compr￿8 the infomMtK)n Induded thts annual rep)rt, other th4n Iht ffinan(ial statsments our audrtors ￿port t￿reen. Our tspinKJn on the finanoal stalemerits daes not cover the other informthft and, except to the extent othemse explicity stated in our repts we do not express any fom of a55urance conclLts*Jn thereon. Our responsibility is to reJl Ihe other information artd. in doing so. cansder byhelher the other infomialion is rnalerFIty inGonstsl¢nt with the financial 51atgm¢nts ￿ our kn￿￿￿ge obtair￿d in the cwr5e of th• audit or otherwise appear5 10 be rnaterialty mi55tsted. If ￿ Klentsfy swh malerial incon515rentie5 or apparent matsr misstslemenls, we are required to determine wl*ther this gNes ￿ to 8 malenal msstalernent in the financ staternenls therD5e￿es. If, based on Ihe work we have perforned. we corKJwle Ihal ihere 15 a rnateri misstatement of this othef informalwJn we arn required to rewtthat lacL W8 have nothir¥J to reporf IA thrs ward. Oplnlons on other Matters prescrlbed by the Companies Aet 2006 In our OF4nion. based on the work undertaken in Ihe iyJJrse of oui audit the infO￿alK)n 9wen in th8 Twu5tees' repJrt for Ihe finarKial year for the ffinanual s¢alerrEnts are prepared, whKh indLvJes the direclws. rep)rt prepwed ts the purposes of cornpany ￿w, is coftsistenl with the finanaal sts{e￿￿ts', and the directors, report ind￿￿ed wilhin Ih8Twst¢¢¥ ￿[#￿ ha5 bgen NEPO￿ in 0¢￿dar￿ Writh appli¢alAe 18gal requirements. THE PRINCE'S REGENERATION TRUST INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PRINCE'S REGENERATION TRUST MatterJ on vthrch •rt rtqulrwl to r¢ptyrt by ¢xeèptlon In Ihe I￿ht of the knth¥ledge and understsndiThJ of the Chaiitable ￿ryany and its enwronment cttlained in the course Oft￿ audrt we have not idenhfied material mi58tatements in Ihe Trustees'Annual Report. We hav¢ nolhing to réport srb respect of Ihe fol1w￿ rTwtt¢ts in Rlobon to ¥hch Ihe Charitses (Accounts and Reports} RegubliMs 2W8 us to report to you rf. In our opinKtin". adequate accountirvj records have nol beEn kep( or rebjms adaquate lor wr aud￿1 ha¥e nut ljgen rwwed from branches not wsiled by us.. lh& finanual statements are not in agreementwith a¢tAM￿tir￿j r•rths and retu￿￿,. or certain disdosures of tru5tees' remuneration SPE(Yr￿ by Law are rrwde.. or we have not rec*ived all the inforrnation and exwanationswe ￿91￿re for oura￿St", or thE Trustees were not entitlEd to prEpare Ihe financial 51aternents in accordan￿ wtth Ihe small compani8S regirne an¢J tak¢ advant4g¢ ol Ihe smol c*mpan*s' gxernptlW5 in prBparing Iho Trust¢e$' report and frem Ihe equirernent to prepart a Strategi¢￿p￿. Re$pon$ibilib¢$ of Trustees As eX￿ained more fijlty in the Tru5tees' Respon5ilMli*es Statement set wl on page 4. Ihe tntstee5 Iwhu are also irectors of the Charilab￿ company for thtr purposes ol comparw Lwl we responsib￿ for the prepatalion of th• finaTh￿81 ststements and for being satisfied that Ihey gNe a true and fwr VbW4, and for such intemal coNrol 35 the trustees delennine 15 rttessary to enat4e the preparatM of fmancial sl8temenl8 that are free from materk31 rnisstatement, whether du8 lo fraud or error. In preparing the finana81 slalemenls, the lrnstees a￿ respon*ble for assessirrfJ Ihe Charita￿ crjr1yan￿S abilty te continue as a concem. disclosir¥J, as 8ppb.¢ab￿. matte15 related tD g￿n9 c4)ncem and using Ihe going confjem bag$ of accounting Un￿$$ Ihe trustees *ther the Charilab￿ company u to ceas8 cyratims. or have no ￿li1￿C anemati* todo 80. Audltofs re8ponslbi161ie8 forthe audit oltho financial statements We have been appointed a5 auditor5 ￿der the c¢JMparX￿ Art 2LW)S repDrt in accordall￿ ￿1h regulations made under tha1A￿. Ouf objecbves are to c&18in r8asoThable asswance at*x* *thelhw the fift8r￿1 slatements 88 8 wthole 8re free from material misstalemenl, whether du8 lo Iraud or errN, and to issue an audilofs report that indudes our opinion. Reasonable assurance is a h￿h level of assurance 15 not a gL*aiantee that an audrt o)ThYucted in accordance with ISA$ IUK) s￿11 ahvays delect a malerial M￿statement when it exists Misstètemenls can aris? from Iraud or error and are cansidered rnaterral rf. iThJNidualty or in the 4gregate. they coukl reasonabty be expected to Influ&r￿a Ihe eGonorniG d&kswJns of users tak￿ on Ihe basis ofthe* ffinwial 5talgffwts. IrregUlar￿e$. induding fraud, a￿ instances of nortrcomplanEe wlh ￿1¥$ and wulations. We deS￿n proc8dure5 in e vrilh ¢ur reswnsibilittes. rojuined atme. to deted material mi5$1atemerts in respect of irregularities, inclu¢Jing traud. The extent to our pror*lurÈs are cA￿￿1È of detectiry irregukirii*5. in¢Winy fraLKI. is detailed below. Identifyiro and aSSe￿ng risks ￿lated to We asses8ad tha sus(*pknilty of the chardat4e comparfs fmantial stakments to malerid rnisslalemonl how tra￿[ migm occur, ￿￿uding throLbJh discuyJw)n$ the tsustees. diststs$ths within tyjr audit team planning meeting. updabng our reu)rd of intemal (x)ntrob and ensuriry these controL4 operated as IntendÈd. We evaluated P055ible inTrntives and OpportUn￿e5 for fraUdu￿nt manipu￿¢¥>￿ of the finanual stslempnts. We iderttited and reguL4lion5 that are of 5vanrficance in th• conl•xt of ￿ charitsbk cornpany by di5CU55ions with tru5LeES and updating our undernlandir¥J of the sector in which the chari12bSe comparby operates. Laws and regula1￿￿5 of dir8Ct syJn1fic￿ in the context of the L*aritable comparby ￿¢￿jde Th• CompaniES Ao* 2Q(6, and guhlarKe Kssued bythe Charity CorThri￿.0Th for EnglaTh1 and Waks. THE PRINCE'S REGENERATION TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE PRINCE'S REGENERATION TRUST Audft response to risks identlfied: We. conS￿ere￿ the extent of compliaft￿ *ith these IM aTrJ reguLth"￿ts as wi of audit Yo￿￿reS on the ted financial stat￿ent items intluding a reTrriew of fina￿￿ statement disdosures. We revièwed the charitable ¢ompanYs rècords of breache5 of bws and ￿ulationS. minutes of Meetir￿ and C4)r￿sp￿ndentÉ ￿th relevant authoritie5 to identify potential material misstatements ansing. We discuss￿ the tharilaNe rA)mpanl5 PDli¢ies and procedures forc0rn￿ra￿￿ with 14w5 and regu￿1￿)n5 ¥￿th mernber5 01 managernEnt responsiwe for wmpliant*. Duftng th8 planniry meetiry ￿1h the team. the eNJ3gement pather drv* atteTrtion tts thÈ key 8rea$ vthich might involve non-comkqiance %tsTth laws and regu￿1¥￿5 Ot fraud. We enquired ol managernent whether they we aware of any instances of nonme and expenditura arcount undertha C¢)mpBniBsAd 2(￿. THE PRINCE'S REGENERATION"TRUST BALANCE SHEEr ASAT31 MARCH 2023 2023 2022 Current a560ts Debtors Cash at bank and in hond 3,578 Nel cu￿8nt assets 4,058 4,308 Income funds Unrestrthd fvrxts 4.058 4.308 4,058 4.308 The company Is enkn.led to th8 exemption from the audit requirement wnt8ined in section 4T1 Of￿ Compar4esAct 2006, for the yearendetl 31 March 2023, atth0￿h an audit has iEen caNied 0￿ under seclion 144 01 ¢he Charities Act 2011. The directors ackn￿•A8￿9e Iheir respon5iWities the requiremEnts of thE Comwies Aol 20C6 with respeth ¢0 a¢£oun￿n9 record8 and Ihe preparabon offfinancial sta¢ernents. These financial statements have bEen pwared in acwrrfance with the pro¥isiws ap￿le¥b￿l Io c4Jmpanw 5Ut4'ECt to the srnall cornpan￿ regime. The finan04 ststernonlswEre approbyd tythe Tru5tW5 W....... .... .......... Mrs Emily Cherringt Trnsteg Cornpany wl8trathn number04342518 THE PRINCE'S REGENERATION TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash flows from operating acthmles Cash absortjtd by operations 14 (730} 16,1801 Net cash used in Invesdng act1¥ Net cash used In Ilnancing activrlies Net derTrase In cash and cash ¢qyv¥•lents (7301 16.1801 Cash aThJ cash ¢quN*lerts at btyiniJvJ ofyear 4.308 10,468 Cash and cash eqU￿alents at end ofyear 3.578 4,306 10- THE PRINCE'S REGENERATION TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounling ￿￿1¢1￿0 Charlty Informatlon The Prince's Re9er￿raI￿Tr Tw51 is a wvate ttffjpany limhed by guarantee irKo￿r￿d IJ England and Wales. The registered Offi￿ 15 19-Z2 Charbtte Road. Lorthn. EC2A 3SG. 1.1 Accountkng convenlioii The financial stslements have teen pwar8d in accordance wlh Ihe charrtls Klemorandurn and Art￿•S of Ass￿•a￿.0n, Companie5 Act 20C￿ -AcwJnting aTrJ ReportirvJ by Charities.. Staternent of R8comm6nded PRclice appl￿ble to charit*s pwaring their 8C£OUMS in acts)￿an£* wlh the Financkql Repor￿n9 StaNlard appl￿￿4? in the UK and of IreL7nd IFRS 1021 leffecb¥e 1 January 20191". The ¢harity 1$ a publ￿ Benefit Entty a5 dBfineil by FRS 102. The financial statements are wesented in sterfing, whKh the fiJncl*Jnal of the charity. MMetary amounts in these financ4al statemènts are iOLmded to r*aresiL 1.2 Going concern The charity Is not cons*Jered a goiffj i%)rL(*m arvj tsrafv)re th& xcounts have not been wapared on 8 going eoncem b￿$. The charty is awaitirvJ a legacy and Ihe T￿￿teeS intend to make Ihe chanty dL4inant once These ￿8￿cial stat￿eThts present inforrnation abrxrt Ihe charit2bk8 company as an ￿l¥*Jua1 undertaking and not about its group. Full ¢￿$01K101ed ￿antial statements of Ihe parwrt Glwity. The Pthce's FtyJndats"on. havè btèn pwartd and are availabk frryn Compan*s House. 1.3 c￿ri1￿h1o fvnds General unrestricted fvnds are those can b8 in aC￿dar￿fj v*iih Ihe injsfs C￿lab￿ objeds al Ihe discfeb.on of the Trustees. Restricted funds are fund5 whth are lo ￿ used in accrffilance with restTL1￿5 imposed by donDr5 or vthich have been raised by Ihe chanty for paFlicular purF 1.$ Expendituwe Expenditure is recu9￿￿ed unce there ￿ a W or con5truct¥e obfwJatK)n to transfer ecoMmic benEfit to a Ihird party. it is probabjè that a transler of eEonomi¢ benefits ￿11 be tequited ￿ $8tdemenL and the amount of the obligation be measured ￿1b1￿¥. Expenditure is Glas￿r￿ ty aCts￿ty. The costs of Èath aCts￿ty are made up of the telal of dired tosts arKI shared cosls. including sUPPOrt C4tsts in¥d¥ed in undertaking eath acts￿. Oirvd Costs altributable lo a sing acbvity are allocalod dir￿ to that acbwty. Shared costs whKh conlitjute to Ihan one activity and $upport Costs which afe rK)t aknIxrta￿e lo a singSB act￿1￿ are 3worboned bthyen Ih05e al*?￿lieS on a ba5i4 onsstenl ￿1h Ihe use ol resources. Central stsff costs arE ￿ll￿ated of tirn• ¥en( and lepreaation tharges are ￿t￿ated on wbon ofts* asseY5 use. ExpErKlitur8 15 recogni5ed **en a rAe8ent18g81 ￿ constr￿tiN￿ OL1h3at￿ ex*ts at the ba￿n£t sh88t date a5 B resutt ol a past evenL rt probats￿ that a transfer of ec4Jrrf>rn￿ b8nefft5 ￿11 rBquirod to 88We Ihe cNigalion, and the amount can be measured or estsmated reliably. EI￿r￿llUre has been ¢L￿fvd un(kr head￿g8 that aggregate all costs reialed to Ihe ca¢egDry. Staff costs have been allocated to wenditure headir¥Js on the basis of an estimale of the arrnunt oftime ynt by staff rn•mbers in each 8rea. Raising fund8 Expenditure on rak5ing funds indud65 those costs incurred in aTrJ umMunKa￿l)n5 and do t include Ihe costs of di85eminab"ThJ Informattrjn in suwort of the charitabk aCt￿￿"e¥. Charlt4ble aetl¥ltle8 The charty currenly has tsvo acliwbes., research education and rgjeneration project5. Charitable activibe5 represent di¥eci costs of Ihe operatb)nal Charitab￿ programmes, the costs irKurred to SUPPOrt Ihe operab.onal programrrE5. SuFWrt costs have teen awNtKsned across the acb¥i￿5 on the basi8 of staff time. Support costs Support costs are those costs incu￿ed ￿ SUPFQrt of exF￿d￿Jre ￿ Ihe itycts of the charty and indude 90¥8mance costs in ConneCth￿ *knink8tratw)n of the company and 0x￿lanc$ with con5b"tubonal and 8talutory r8quiremenls. 1.6 Cash and cash equlvalents cash and cash equ1¥a￿￿ts itKlude cash in hand. dÈptssbts hdd at ￿1 wih bank$. other short-terTn liquid inyesttnents original maturitse5 gl ￿nIhS or ￿$$. atKI bank overdraft5. Bank overdrats ore 5hDvm thirb bLvfowry5 in cuirentliabilb*¢s. 1.7 Taxation Thp Gharity is exemptlrom I&K m it5 aGIl￿b￿s. 1.8 Employee bwnefrt5 The cost of any unused holday entkn rd recc4Jnised n the peric4J in whKh the employee's serviu5 are TeimiThatM benefits are reo£*3nised immediatety as an exper&e the chwity demonslrabty committed to leminate thÉ eMpty￿ertt of an employee atkn wovwje le￿inat*￿Tr benefits. 12- THE PRINCE'S REGENERATION TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Donatlons and Unr¢stri¢¢td Um￿81r1¢t¢d funds fund 2023 2022 Lag8aes Grants 105.oc 2,500 2,500 107,500 2,500 har5table activtss Charitable Charilabl• Expvndllur• Expendlture 2023 2022 Bank charyes Donations Payabf8 60 105.700 105,350 Share ofèo¥emanct costs Ixe rth 41 2.400 1e7,750 to lh8 merger agreement 8di¥rttes are rthw undertaken by The Prince's F￿ndat￿. In Ihe year 2022r23 Th? Prirte's Regeneration Trusl made a donab.on lo The Prir￿'S Foundat*Jn of £53.800 to cover Ihe ￿sts of Ihe continuirwJ x4Mtses rth¥ undertaken by parent entty 12021122.. £2,5DDI and Jrther £51.31M) w88 dkstribJled lo a Ihird paty tener￿ary. These *nouThts are Sh￿ donations payable. Support eosts Supptlrt Govemance Costs 2023 Sypm Governan¢¢ costs 2022 Legal and prcles8￿ 2.4C hnatysed beh¥een Charrtabk aGlvifves 2.400 2.41KI 13- THE PRINCE'S REGENERATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Auditorf5 rernuiieratlon Charyes irb Ihe year for auort Df £1,3￿ and corw)raliDn tax tees of E550 (2021122.. £1.250 audit and £500 corpordtson tsx f￿) h•vo bo¢n rnet by the (¢￿￿y. Trustees None ￿ the Truste88 lor any (¥)nneded *1lh Iheml rw48d any r¢mun8ralion or benefits frem Ihe charty during the year. Employee There ￿re no tin￿oyeES during the year (2022.. nil Tax•￿￿n The charity is exempt from lay on inc4Th and g*s faifNvJ wilhmi 8ectv)n 505 of Ihe TaxesAct 1988 or seci 252 of Ihe Taxationol Chargeatde GainsAd 1992 to the 8￿eTht thal these ar¢ aPpl￿d to its Charits￿8 Ot¥ects. Debtors 2023 2022 Arnounts 14JlJng wlthin 000 year. othErdebtor5 10 Unr¢s¢rf¢¢•d Funds These are Unrest￿ fvnd5 whiL* *e malw1￿ to tho charity'5 activit￿5 made up as fdl>ws.' knment In fvr¥l¥ TrdnBf*rg R•v41uAiions, Balanc••t galnBand 11 20¥ 1 Aprfl 1022 General fund 4.308 107.5LXI 1107.750) 4.DS8 4,308 107.5CiI (107,7501 4.058 14- THE PRINCE'S REGENERATION TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 MARCH 2023 10 Unrnslrlci•d Fund5 Icontlnued) Unr¢strided Funds- Prror year compora¢i¥o PAovement In fund$ l Apnl2021 N*duY¢ IMADd 31 Mwch 2D22 General fl￿1 I2,￿) 4.308 12.560} 4,308 11 Related party tranSaCt￿n¥ In the year 2022r23 The prin￿.$ Rege￿I￿t￿ Trust made a th)naliw to The Prince's FourKla)on ol £53.8CIJ to cover the costs of the conDnuiThJ athitie5 n(￿ undertaken tsy Ihe pa￿￿1 entity 12021r22." £2.$￿}. The Prince's Foundation retharyed £2.400 12021122." £nill ol legal fees for advice gNen in rel*ion to 12gacies received. Al the year er¥1 31st March 2023 there were no ￿K)unIS QUtstandiThJ lo or from the patenl ¢ntsty, 12022.. £nill. The audit and accountsnGy fee5 IDr this year and last Year￿re met byTh? PrirKe's Foundakn. 8t 4 totsl cost of £1,30012021r22." £1.250}. as as corporath)n taxfee5 of £550 (2021r22.. £5001. Mccarthy Denning Y& a legal firln based in London. 8enJafflin Jame5. a partner *ithÈn Mccarthy Oennirvj. is also a Trustee of The Prir￿s Regeneratw Tft￿l. In the ye3r 2022r23 Mccarthy Dennirwj provided £2.400 of gal thic8 in reLgtDn to the receipl of a Wcy. Ther• w•re r￿ amounts outstanding lo w fforn Mccarthy Denning al the yearend 315t March 2023. 12 Ulllrnat• paTrn¢￿MP1nY The Pn"nce's FourvJath)n 1￿cl)￿1r81ed in Sts)I8ndl ￿ r8gwtsJ by Tntstees 88 bw"ThJ the ehantys ultimate parent conyry. tts regthrad *Id￿$S is Dumfits Htyjse, Oumfri&s Estate. CumnocK Ayrshire, KA18 2NJ. The smallest group prwres ¢￿#01￿181ed financial ststerf*nts ts The PMc8s Foundats"￿. ¢M501idated accounts are availablp from c￿panIES ￿¢￿￿e. 13 Contlngent Ilabllity Th8 Prince'5 Regeneration Trust may rec8Ne thjrther *cy incorne but is to quantify the value ofthis at this l*ne. A Ihird party Obl￿atiOn e￿$ts in relat*M to thk8 *gacy. 15- THE PRINCE'S REGENERATION TRUST NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 PAARCH 2023 14 Cash oenerated from operatlons 2023 2022 Deficit foT the ye (2501 1601 Mavemnts in workww caplal.. Ilncreasel in debtors (Decrease) in c¥editor5 1480} 16.1201 Cash al￿orb￿d by opvThlions (7301 16.1801 15 Analysis of ¢hanyts irb n¢tf¥nd$ Tho ¢h8rity had no debt during Ihe year. 16-