# PRINCE’S TRUST INTERNATIONAL ANNUAL REPORT AND FINANCIAL STATEMENTS 2021/22 



Annual Report and Accounts 2021/22 1 

## EMPOWERING YOUNG PEOPLE TO BUILD THEIR OWN FUTURES 

## CONTENTS 

|**FOREWORD**|**4**|
|---|---|
|**WELCOME**|**6**|
|**TRUSTEES’ REPORT**|**7**|
|**At a Glance: Our Year in Numbers**|**8**|
|**Principal Activities and Purposes**|**10**|
|**Achievements and Performance 2021/22**|**12**|
|**Prince’s Trust Global Sustainability Award:**||
|**Ecoroad team, Jordan winners 2022**|**14**|
|**Equality, Diversity & Inclusion**|**16**|
|**FINANCIAL REVIEW**|**22**|
|**Fundraising for Our Work**|**23**|
|**Future Plans**|**24**|
|**GOVERNANCE**|**27**|
|**Risk Policy**|**28**|
|**Structure, Governance and Management**|**29**|
|**Statement of Trustees’ Responsibilities**|**30**|
|**Reference and Administrative Details**|**31**|
|**Independent Auditors’ Report**|**32**|
|**FINANCIAL STATEMENTS**|**36**|
|**Statement of Financial Activities**|**37**|
|**Balance Sheet**|**38**|
|**Statement of Cashfows**|**39**|
|**Notes to the Accounts**|**40**|



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Annual Report and Accounts 2021/22 5 

4 Prince’s Trust International 

## FOREWORD 

**from Shabir Randeree CBE, Chairman** 

**Over nearly five decades, the vision and leadership of our Founder and President, the former Prince of Wales, has inspired the work of The Prince’s Trust. We have, of course, sent our deepest condolences to the Royal Family on the sad passing of HM The Queen. It is with profound gratitude we remember her unwavering commitment to our country, the Commonwealth, and all our young people.** 


have fared far worse in terms of the economic consequences of the pandemic. Education has been disrupted, employment has been lost or curtailed and young people are often ‘first out of the door’. 

As a long-standing supporter, Mosaic Chair, Trustee of The Prince’s Trust and now Chairman of Prince’s Trust International, I am incredibly proud of the growing role that Prince’s Trust International is playing around the world, particularly as we adapt to the ‘new normal’ post pandemic. 

emphasis on the sad reality that young women face an even harder time than young men. Last year, two-thirds of our beneficiaries were young women. 

Over the next year, we intend to deepen our work in the countries where our programmes are delivered; to focus on improving the quality of our partnerships and outcomes for young people and to do more to use our convening power to amplify their voices. We will also work to recover the deficit we incurred this financial year, due to a timing issue of donations received, in order to continue building a resilient reserves position. 

Mental health and self-confidence 

have been shattered for far too many of our young people, and more so, those in challenging environments. 

Central to Prince’s Trust 

International is our primary goal to tackle the global crisis in youth unemployment. Our mission is to empower young people to learn, earn and thrive. We work with local delivery partners to deliver programmes and interventions which help young people to complete their education, find employment, or become an entrepreneur. 

It is not all forlorn of course. Medical science has produced we incurred this financial year, vaccines at a record speed due to a timing issue of donations and given hope to us all. It will, received, in order to continue however, take time for younger building a resilient reserves generations to adjust. Our position. teams are listening intently to young people to understand In this, my first year as Chairman, what they need and how we can I would like to thank all of our best support them. We know supporters for their commitment to that employment skills, or ‘life young people around the world. In skills’, such as self-confidence, particular, I would like to recognise teamwork and communication His Highness The Aga Khan, are critical to young people our Global Founding Patron, for – their future job prospects his transformational gift, which remain our core area. Our is enabling us to support young work is increasingly preparing people in Asia, Africa, the Middle young people for emerging jobs, East and the Caribbean. especially in the green and digital sectors. On behalf of our Trustees, 

Currently we work in 17 countries around the Commonwealth and beyond, including Barbados, Egypt, Ghana, Greece, India, Jamaica, Jordan, Kenya, Malaysia, Malta, Nigeria, Pakistan, Rwanda, St Lucia, Tanzania, Trinidad & Tobago, and Uganda. 

Now more than ever, we believe young people need greater support. While the older generation have faced the brunt of the health crisis, young people 

On behalf of our Trustees, I want to expressly thank our wonderful team of staff and delivery partners, who together 

On a most painful note, we recognise and place a deep 

worked tirelessly to support young people around the globe during these testing times. They are led admirably by Will Straw, our “ CEO. If ever an organisation like ours were to be tested, then this pandemic pushed every button NOW MORE THAN EVER, and our management responded professionally. WE BELIEVE YOUNG I want to also acknowledge the PEOPLE NEED GREATER support of my predecessor, Sir Lloyd Dorfman CVO CBE, SUPPORT. 

I want to also acknowledge the support of my predecessor, Sir Lloyd Dorfman CVO CBE, for his leadership and Dame Martina Milburn CBE, the CEO of the Prince’s Trust Group, for her counsel. 

**Shabir Randeree CBE** 

Finally, our deepest thank you is reserved for the former Prince of Wales – his guidance and unstinting support are ever present and truly inspirational to everyone at Prince’s Trust International. 


## **Shabir Randeree CBE** 

Chairman, Prince’s Trust International 


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Skills for School, Ghana<br>**----- End of picture text -----**<br>




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## WELCOME 

**from Will Straw CBE, Chief Executive** 


**The work of Prince’s Trust International has never been more vital. While we hope the pandemic recedes, the scale of the economic decimation for young people is only beginning to be understood.** 

**Unesco has called Covid-19 ‘the worst education crisis on record’ with, at its peak, more than 1.6 billion learners affected by school closures. They estimate that the losses in lifetime earnings for this cohort could reach US$17 trillion which is around 14% of global GDP.** 

Seven in ten children aged 10 in middle- and low-income countries could find themselves in ‘learning poverty’. In 2022, the International Labour Organization estimates the unemployment rate for 15–24-year-olds will be 14.9%; compared to 4.4% for those aged 25 and above. Distressingly, one in four young people cannot find jobs that pay more than US$1.25 a day. 

By April 2022, Prince’s Trust International had supported 45,762 young people to develop their education, employability and enterprise skills since we were founded in 2015. Around six in ten young people on our employability programmes go on to find work. Pleasingly, we have begun to see a virtuous circle where young entrepreneurs who have been supported by our enterprise programmes are now working with our employability programmes to find young people to help expand their business. 

The last year has seen some operational developments as we have begun working in our own dedicated headquarters for the first time and improved the diversity of our team as we seek to achieve stretching targets to represent at all levels the communities where we work. As Covid restrictions have been lifted, we have been able to revive our travel to visit our programmes and partners while being increasingly mindful of our carbon footprint by reducing the overall number of trips and making better use of video conferencing technology. These developments will allow us to be a more responsive and dynamic organisation. 

Despite these alarming statistics, young people are optimistic about their future. Our second report examining young people’s attitudes to the future of work found that this cohort overwhelmingly believe that they will have a career that is fulfilling and better than their parents’, that they will always be able to get a job, and that they will achieve what they want despite Covid-19. Optimism is particularly strong in the African and Asian countries where we work. 

Prince’s Trust International now has partnerships with 36 youth organisations who deliver our programmes internationally and provide consultancy support to several others. With these organisations, we are creating a community of practice to share insights from around the world on the best ways to support young people into employment. 

We share young people’s optimism but are not naïve about the challenges they face. Over the year ahead, we will continue to stand with young people helping empower them to a brighter future. 

We need to meet this optimism with opportunity. I’m proud that in 2021/22, our programmes were able to support 18,815 young people, a 77 per cent increase on the previous year. 

In the year ahead, we aim to bring these partners together virtually and in person to enhance this mutual learning. 

**Will Straw CBE** Chief Executive 

## TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2022 

The Trustees present their report and audited financial statements for the year to 31 March 2022. A copy of the annual report and accounts can be obtained from Prince’s Trust International, 8 Glade Path, London, SE1 8EG. 

The Trustees have adopted the provisions in section 234 of Companies Act 2006 and Charities SORP (FRS 102) in preparing the Annual Report and Financial Statements. The reference and administration information on page 29 forms part of this report. Prince’s Trust International (the Charity) is a charitable company and, for the year to 31 March 2022, subsidiary of The Prince’s Trust, which was the sole member. On 1 September 2022, Prince’s Trust Group Company replaced The Prince’s Trust as the sole member and parent charity of Prince’s Trust International. 

**Founder and President, the former Prince of Wales, with Prime Minister Mia Mottley and young people from our programmes, Barbados, November 2021** 



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## AT A GLANCE: OUR YEAR IN NUMBERS 


18,815 **young people reached** 



17 89% **countries improved their soft skills** 



> 36 64% 

## **FINDING DIRECTION** 

## **AROUND THE WORLD** 

**In Nigeria** 


**of young people on green employability programmes gained employment within three months** 

96% **In Crete** 

63% 

**of young people in work or training after three months** 

**of participants in Crete went into a positive outcome** 

86% 

71% **In Malaysia** 

**of young people in work or training after six months** 

**of those on an employability programme moved** 92% **into a positive outcome within three months** 

**local partners of our support went to girls and young women** 



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## PRINCIPAL ACTIVITIES AND PURPOSES OF PRINCE’S TRUST INTERNATIONAL 

We develop programmes and interventions to help young people build their own futures, working with a global network of local partners to deliver education, employability and enterprise programmes for young people. We believe that every young person should have the chance to succeed and to contribute to their local economy, engaging as active members of society. 

The primary objective of Prince’s Trust International is set out in its Articles of Association, being: 

In accordance with Charity Commission guidance on public benefit (section 17 of Charities Act 2011), Prince’s Trust International achieves its requirements for public benefit by developing programmes to meet its objectives. During 2021/22, Prince’s Trust International successfully delivered programmes with partners to engage and support 18,815 young people in their journey from education to employment in Barbados, Egypt, Ghana, Greece, India, Jamaica, Jordan, Kenya, Malaysia, Malta, Nigeria, Pakistan, Rwanda, Tanzania, Trinidad & Tobago, and Uganda. Consultancy work has also commenced in St Lucia. 

**“promoting by all charitable means throughout the world the mental, spiritual, moral and physical development and improvement of young people and providing opportunities for them to develop their full capacities and enabling them to become responsible members of society so that their conditions of life may be improved.”** 

## OUR MISSION 

## OUR VISION 

**Every young person should have the chance to succeed.** 

**To empower young people to learn, earn and thrive.** 

**We provide opportunities to develop the skills and confidence to succeed and deliver tangible employment outcomes.** 

## OUR PURPOSE 

**Prince’s Trust International exists to tackle the global crisis of youth unemployment.** 

**We blend our expertise with a global network of local partners and develop programmes and interventions to help young people to build their own futures.** 


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Nithyasrii, Malaysia<br>**----- End of picture text -----**<br>




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12 Prince’s Trust International 

## ACHIEVEMENTS AND PERFORMANCE 2021/22 

## **Global Impact** 

In 2021/22 18,815 young people were supported through Prince’s Trust International and its delivery partners. This is a 77% increase on the number of young people reached in 2020/21. Of these, 64% of young people were women or girls and we delivered three gender specific programmes, Enterprise Challenge in Jordan, Project Lehar in India and consultancy in Saint Lucia. 

The current positive outcome rate (i.e. finding work, training or further education) for our employability programmes is 63% after 3 months and 71% after 6 months. 

Delivery of 10 new projects took place and we grew our delivery into four new countries - Egypt, Nigeria, Tanzania and Uganda - bringing us to a total of 17 countries where Prince’s Trust International interventions are delivered. 

We saw an improvement in data submission for Social and Emotional Learning (SEL) outcomes: our partners increased response rate by 23% in comparison to 2020/21. 

SEL outcomes are rated higher across all six areas at the end of our programmes than at the beginning, namely: 

## 1. Communication 

2. Confidence 

3. Leadership skills 

4. Managing feelings 

5. Setting and achieving goals 

6. Working with others 

Compared to last year we saw an improvement in skills across the board. Delivery to over 3,000 of the young people mentioned above was enabled thanks to financial support provided directly by third party funders to our delivery partners. This support, worth over £840,000, came from sources including the Canadian Bureau of International Education, the Government of Barbados, the Maria Holder Memorial Trust, King Abdullah II Fund for Development, Proman, the Government of Malta, and the Jack Dorsey Foundation. We are grateful to these funders for their faith in our programmes and delivery partners. 

## **Education** 

Over 9,000 young people were supported through our education interventions, of which 72% were women or girls. 

Our Achieve programme participants have provided insights on their skills development journey where there were improvements in communication skills, teamwork, self-confidence and feeling empowered; while teachers reported significant impact on their teaching style outside of Achieve modules and the relationships with young people. 

## **Employability & Enterprise** 

9,678 young people took part in our employability and enterprise programmes of which 55% were women or girls. 

*63% were in a ^positive outcome three months after the end of a programme and 71% after six months. 

## **Highlights included:** 

- ➔ In India, 94% of young people felt ready to apply for jobs and 65% of participants had started work within six months of completing the programme. The most popular sector being IT. 

## **Gender** 

Prince’s Trust International has a gender responsive approach to our work, assessing the varying needs of different gender identities in different contexts, and tailoring our delivery to ensure it is most impactful. 

In 2021/22, we delivered three gender focused programmes: Enterprise Challenge in Jordan, Project Lehar in India and consultancy with Girls of a Feather in St Lucia. 

Project Lehar supported 749 women to develop skills and knowledge to make informed decisions about their future pathways in Bihar and Uttar Pradesh. Of the 370 young people that took part between April to July 2021, 96% of respondents felt that the entrepreneurial skills helped them understand the choices available to them, while 90% of respondents wanted to open a business, get a job, or pursue education. 

## **Climate Action** 

371 young people were supported through pilot programmes focused on the green economy in Ghana and Nigeria. 

In Nigeria, 96% of young people from our green employability programme gained employment in solar energy and green baking. 

## **Young people reported:** 

- ➔ a greater understanding of green economy jobs 

- ➔ having a newfound 

   - understanding of what goes into a company which balances competing economic and environmental demands 

- ➔ skills development which they could use with employers and to start their own business 

## **Partnerships** 

In March to May 2022, Prince’s Trust International carried out its annual partner survey to understand partners’ experience of collaborating with Prince’s Trust International, their views on the support provided by Prince’s Trust International in the last year and how it could be strengthened. 

   - ➔ 92% of respondents felt positively that Prince’s Trust International involves them in decision-making. (40% responded “Strongly agree” and 52% “Agree”) 

   - ➔ 80% of respondents agree that Prince’s Trust International involves them in its strategy and developments (36% responded “Strongly Agree”) 

   - ➔ 80% of respondents agree that Prince’s Trust International learns their methodology and incorporates into the programme adaptation (44% responded “Strongly Agree”) 

   - ➔ 92% of respondents believe that Prince’s Trust International listens and responds to their concerns and suggestions (68% responded “Strongly Agree”) 

- ➔ In Crete, Greece, 87% of those on our employability programme moved into a positive outcome within three months of the programme ending. 

- ➔ In Kenya, 90% of participants reported an increase in their entrepreneurial knowledge. 

*Data reported in April 22, accounting for ¾ of the year’s delivery 

^A positive outcome is considered as moving into employment, full time education, training, or volunteering 



14 Prince’s Trust International 

## PRINCE’S TRUST GLOBAL SUSTAINABILITY AWARD: ECOROAD TEAM, JORDAN WINNERS 2022 

For most people, speed bumps are a common and unremarkable road safety feature. But for a team of teenage entrepreneurs in Jordan, they’re an inspiration. Fifteen-year-old Zaid, Maya and Mohammad have come up with an ingenious way of using speed bumps to generate electricity. 

The trio’s prize-winning business concept, EcoRoad, sees the bumps adapted to absorb and transform kinetic energy from passing cars, with the electricity then stored in batteries for sale. 

and an online simulation game. Finalists design, develop and pitch their own business ideas, focusing on enterprises with a positive social or environmental impact as well as profit-making potential. 

‘We need entrepreneurs to come up with ideas that fix problems,‘ explains Zaid, the team leader. ‘Our business idea is about tackling the energy problem and tackling environmental issues.’ 

The EcoRoad team came up with the idea while taking part in the Enterprise Challenge programme, delivered in Jordan by our partner Injaz. Designed around an inter-school competition, the programme enables school students to develop practical business skills and awareness through coaching, mentoring 

Last year, over 5,500 students took part in the Enterprise Challenge programme in Jordan, 


with over 130 school teams entering the competition. When the EcoRoad team won the national finals, they collected £800 in prize money to further their idea. Since then, they’ve also secured additional seed funding from a private businessman. The team has used their funding to bring in expert engineering input from a local university, where their prototype is now under development. 

In May 2022, recognising their outstanding achievements, the EcoRoad team won The Prince’s Trust Group’s first ever Global Sustainability Award. ‘Winning this award means a lot to us as a team,’ says Maya, the team’s technician. ‘It proves that anyone can create a change if they put enough time and effort into their idea.’ 

“ I BUILT A WHOLE COMPANY WITH MY TEAM AND THAT COMPANY IS HELPING TO CHANGE THE WORLD. **Zaid** 



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## EQUALITY, DIVERSITY & INCLUSION 

Prince’s Trust International is committed to embedding equality, diversity and inclusion (EDI) in all our work. We continue to take action to help address inequalities so that our Trustees and staff are more representative of the communities with which we work, to dismantle structural inequalities, and to promote a more inclusive environment. There is, however, more to do. 

In 2021, we set challenging targets to address under-representation of Black, Asian, mixed and other ethnic groups within three years and five years. 

## “ 

WE LEARNED ABOUT HOW TO MANAGE MONEY AND WHAT A BUSINESS IS REALLY ABOUT; HOW TO WORK TOGETHER WITH OTHERS INSTEAD OF WORKING ALONE 

## **Sahara** 

## **Targets** 


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Targets (white:black, asian, mixed, other) Actual<br>By 2024 By 2026 Apr 2021 (baseline) Mar 2022<br>Trustees and Managers 70:30 60:40 75:25 78:22<br>Regional Programmes 50:50 50:50 78:22 61:39<br>Central / Cross-team  70:30 60:40 82:18 81:19<br>Annual Progress<br>100%<br>90%<br>80%<br>70%<br>60%<br>50%<br>40%<br>30%<br>20%<br>10%<br>0%<br>White Black, Asian, Mixed, Other ethnic<br>Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22<br>**----- End of picture text -----**<br>


Our Trustees comprise 56% from a Black, Asian, mixed or other ethnic background. Our challenge remains the appointment of diverse staff at senior management levels. 

Across Prince’s Trust International there has been a 7.6 percentage point increase in staff identifying as Black, Asian, mixed and other ethnic. 

A new approach to in-region appointments, particularly in the Caribbean, has had a significant impact in the regional programmes team. 

## SAHARA, BARBADOS 

Twelve-year-old Sahara doesn’t want to wait until she’s left school to start her own business – she’s keen to get going right now. Her business idea, Frutify Smoothies and Health Shack, focuses on healthy snack food, especially for children. 

‘We’ll sell juices or smoothies, baked goodies like muffins – healthy muffins though – and things like nuts packaged together,’ Sahara explains. ‘Things that will look and taste delicious and also will be very healthy.’ 

As part of the programme, small Money management was one of teams design, develop and pitch the key things that Sahara and her their own business idea, focusing teammates learned about during on enterprises with a positive the programme, and this included social or environmental impact, how to set prices. The simulation as well as profit-making potential. game gave them the chance to Sahara, who was elected leader discover, by trial and error, that of her team, explains that their higher prices don’t necessarily idea aims to promote healthier mean greater profit, as customers eating habits. will choose to go elsewhere. 

Sahara and her teammates came up with the idea while taking part in the Enterprise Challenge programme, a joint initiative from Prince’s Trust International and Barbados Youth Business Trust. The programme enables school students to learn practical business skills through coaching, mentoring and an online business simulation game. 

‘Even though we all like junk food, we need to stay healthy,’ she explains. ‘There’s lots of problems with obesity at the moment…. Even young children are becoming obese.’ 

When I was younger, I always wanted to start my own business but I never knew how or what to do, so when my mum told me about this I thought yes I want to do it, it will help me and then after this probably I can start my own business. 



18 Prince’s Trust International 

## **Initiatives** 

- ➔ We have undertaken a comprehensive review of our organisational values and behaviours framework, which has included feedback from our global delivery partners. 

- ➔ We have commenced a wide-ranging policy review, introducing new policies around Dignity at Work, Mental Wellbeing, Time off and Family Friendly, amongst others, and consolidated our Flexible and Agile Working practices. We are scrutinising our approach using equality impact assessments. 

- ➔ We have undertaken our first gender and ethnicity pay gap surveys. 

**Our Gender Pay Gap** Mean (average) Median (middle) 13.6% 3.5% 

The mean pay gap of 13.6% is below the national average of 14.6%, with the median of 3.5% significantly lower than the national average of 15.4%. 

Due to the small number of employees the figures should be treated with caution as one individual at either extremity can have a major impact on the data. For a sample size such as Prince’s Trust International, the median figure may be more representative as it removes issues with outliers. 

## **Our Ethnicity Pay Gap** 

Mean (average) Median (middle) 2.8% -12.7% 

As ethnicity pay gap reporting is not mandatory there is insufficient data for a broader UK comparison. However, our data shows a minimal mean gap of 2.8% in favour of white employees but a median gap of 12.7% in favour of staff who identify as Black, Asian, Mixed or other ethnicity. 

➔ In association with The Prince’s Trust, we offer a mutual mentoring scheme to support colleagues from ethnically diverse and LGBTQ backgrounds with their career development. 

➔ Our senior leadership have made a commitment through “My Big Promise” to provide a safe space for conversations and to actively sponsor Black, Asian, Mixed and other ethnic talent in their career development. 

- ➔ We aim to raise awareness among staff through sharing knowledge and understanding, including on: ➔ Say My Name (which adds the phonetic pronunciation of their name to email signatures) 

   - ➔ Use of pronouns 

   - ➔ Celebrations of awareness weeks and key religious dates 

   - ➔ Tackling Islamophobia 


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## ACHIEVEMENTS AND PERFORMANCE 2021/22 




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CARIBBEAN<br>1,748 young people<br>Jamaica<br>St Lucia<br>Barbados<br>Trinidad<br>& Tobago<br>**----- End of picture text -----**<br>



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EUROPE<br>1,409 young people<br>Greece<br>Malta<br>Jordan<br>Pakistan<br>Egypt<br>MIDDLE EAST AND  India<br>NORTH AFRICA<br>5,703 young people<br>Ghana Nigeria ASIA<br>5,209 young people<br>Malaysia<br>Uganda<br>Kenya<br>Rwanda<br>Tanzania<br>AFRICA<br>4,746 young people<br>**----- End of picture text -----**<br>


**Prince’s Trust International Programme Delivery** 



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22 Prince’s Trust International 

## FINANCIAL REVIEW 

Prince’s Trust International had actual income for the year of £4,248,332 (2020/21: £3,896,815) and expenditure of £4,672,028 (2020/21: £3,626,465), resulting in an operating deficit for the year of £423,696 (surplus 2020/21 £270,350). 

The operating deficit was caused by a delay in receipt of expected income. In particular, one large unrestricted donation just missed our year end cut off and another has just been received. These two donations alone would have prevented the full year deficit and we are keen to reinstate our reserves. We are therefore adding £423,696 to our income target for FY22/23 to ensure our reserves are not affected by this timing issue. 

This includes a number of 

## **Reserves Policy** 

The Trustees review the reserves policy annually and our aim is to have a level of free reserves of between four to six months of operational expenditure. However, as we are a young organisation and still in our growth stage, the Trustees are comfortable with a level of reserves lower than this. 

new positions to support our development, particularly in the areas of Fundraising, Digital and Design, Communications and Risk and Compliance. 

We were cognisant of the need to recruit people with direct knowledge of, and networks within, the youth sector of countries where we have programmes. This has resulted in a more diverse workforce. 

Total funds as of 31 March 2022 were at £1,293,093 (2020/21: £1,716,789), of which £766,560 (2020/21: 

Adding the brought forward reserves of £1,716,789 results in new total reserves of £1,293,093. Of these reserves £766,560 is restricted to delivery due to take place in FY22/23. The free reserves are therefore £526,533 (2020/21: £483,396). 

£1,233,393) were restricted funds. Unrestricted reserves £526,533 (2020/21: £483,396) represent approximately two months of nonprogramme related expenditure, therefore building these unrestricted reserves is a key focus for the coming year, through the generation of unrestricted income to fund our core running costs. This will be a primary focus for our Fundraising team. 

Following consultation, a restructuring of the fundraising team and programmes team was completed. The fundraising team are now led by a new Director of Fundraising and we have created a new Deputy Director of Communications and External Affairs. Both positions report directly to the CEO and has enabled a more strategic focus on both functions. With the increase in our delivery across seventeen countries the demands on the programmes team significantly increased. The restructure introduced the new positions of Director of Delivery and Impact and Deputy Director of Global Delivery. The safeguarding function was moved to our risk and compliance team. This has successfully enabled additional capacity for strategic development and operational management of our regional programmes. 

## **Staff Team** 

During the recent pandemic staff have shown a resilience and an ability to be flexible and adapt to different ways of working. With the easing of COVID-19 related restrictions and a return to more normal working patterns we received several flexible working requests from staff. This has resulted in a more agile workforce across the organisation with a mixture of office, home and hybrid working. 

The team has grown over the past year with our staff numbers at 56 (48.5 full time equivalent) with effect 31 March 2022. 

## FUNDRAISING FOR OUR WORK 

Since 2015, Prince’s Trust International has grown to support over 45,000 young people in the Caribbean, Middle East & North Africa, Sub-Saharan Africa, Asia and Europe. This has been made possible through generous donations from a wide variety of philanthropic donors, foundations and corporate partners. 

fungible token market to see how these methods of fundraising may impact our work and provide further opportunities for young people. 

With continued uncertainty across the philanthropic landscape in the aftermath of the pandemic, and more recent market shocks from the Russia-Ukraine war, sustaining and growing our income remains a priority for the charity. 

donations wisely, and to help young people in the most effective and efficient manner. 

- ➔ You can expect Prince’s Trust International to hold your information securely and responsibly, and we will not share any of your details for use by any other organisation. 

Prince’s Trust International is registered with the Fundraising Regulator and endeavours to carry out fundraising activities in line with the Code of Fundraising Practice, our own ethical fundraising policy and the expectations of our supporters. We are signed up to the Fundraising Preference Service, which gives the public control over the fundraising communications they receive. 

The charity continues to broaden and diversify its income; growing the portfolio of philanthropic donors to support its work, while pursuing innovative funding partnerships with corporates, foundations and multilateral donors that can leverage the financial and technical resources to deliver sustainable impact at scale. 

- ➔ If you have supplied your name and address, we would like to let you know how your donation is helping to transform young lives. We will only send you communications that you have asked for, or have agreed to receive, and you can choose to stop hearing from us at any time. 

Prince’s Trust International is 

We have welcomed and encouraged the growing faith of our donors in giving more flexibly and in a less restricted manner, allowing us to direct resource where the need and impact is greatest. 

committed to providing high quality services to all of our service users, partners and supporters. We have a clear, publicly available complaints policy that allows us to investigate thoroughly any complaints, communicate results, record results and review our work, enabling improvements to be made, if required. For the financial year 2021/22, we received no complaints about our fundraising activities (2020/21: nil). 

Prince’s Trust International is committed to protecting vulnerable people and other members of the general public from unreasonable intrusion into their privacy, unreasonably persistent fundraising approaches and placing undue pressure on any individual to give money. To help protect vulnerable people, we have a field on our fundraising database which records a potentially vulnerable person. We exclude anyone flagged on the database as vulnerable from all of our fundraising communications. 

Prince’s Trust International results and review our work, primarily fundraises through enabling improvements to be its own staff team and through made, if required. For the financial senior stakeholders, who support year 2021/22, we received no fundraising with connections and complaints about our fundraising introductions. We have actively activities (2020/21: nil). pursued greater exposure and impact through commercial Further to our complaints partnerships, recognising policy, we make a pledge to our synergies with partner’s Corporate supporters whose generosity is Social Responsibility (CSR) vitally important to transforming priorities. These include gender young lives. As a supporter of equity and empowerment, climate Prince’s Trust International, we action and the future of work. make a pledge that: We are exploring and closely monitoring developments across ➔ You can expect Prince’s Trust the cryptocurrency and nonInternational to use your 

Since all our fundraising activities target major donors, the communications are bespoke and personal. We carry out no direct mail activity and there are no plans to do so in the foreseeable future. 



Annual Report and Accounts 2021/22 25 

24 Prince’s Trust International 

## FUTURE PLANS 

The economic impact of COVID-19 has meant more young people than ever before need the support provided by Prince’s Trust International and our delivery partners. Thankfully, our operations are returning to a ‘new normal’ following two years of disruption. 

sources, such as social finance. End the year with a financial surplus and recuperate the loss made in FY21/22. 

to safeguarding. Embed robust safeguarding frameworks and foundations to ensure safe and sustainable growth, including support and capacity building resources, compliance and monitoring tools and response planning. Work collaboratively and utilise the expertise of partners to ensure contextspecific approaches and therefore the best outcomes for children and young people globally. 

With this in mind, we are determined to do even more to support young people while ensuring that our delivery model and finances are efficient and sustainable. We have set the following objectives for 2022/23: 

- ➔  Corporate services: Provide 

efficient and effective support to enable Prince’s Trust International to deliver on its mission statement and broader strategic goals, responding and adapting to changing internal and external challenges. Review and enhance legal, finance, safeguarding, HR, risk and regulatory input to the Prince’s Trust International activities. 

- ➔  Programmes: Maintain our and utilise the expertise of reach to support a minimum of partners to ensure context18,700 young people through specific approaches and face-to-face, consultancy, therefore the best outcomes digital and blended delivery. for children and young people Focus on improving the quality globally. of partnerships and outcomes for young people. Continue to ➔  Impact: Strengthen monitoring, improve the response rates of evaluation and learning tools partners for positive outcomes, and processes, which allow us and social and emotional to evidence the impact of our learning data. programmes and interventions. Further develop fit for purpose 

- ➔  Design & Digital: Create digital tools and processes to support products that strengthen the our development of genderimpact, reach and efficiency considered programming and of our existing delivery, with a our delivery of green focused focus on experiences that are interventions, entrepreneurship engaging, useful and relevant and employability skills. for young people. Develop Enhance our support of systems, tools and processes partners’ effectiveness through that underpin the quality and learning and delivering integrity of our content and impactful programmes, while programme delivery. Design enabling us to tell a compelling content and methodologies story. Future-proof our data that build on the quality and infrastructure through a detailed impact of programmes, with a scoping analysis to understand particular focus on gender and the best way we can capture the green economy. data in a compliant, meaningful 

   - ➔  External affairs: Commission 

      - and produce high quality research to enhance understanding of the global crisis in youth unemployment, young people’s perspectives, and solutions that are both practical and sustainable through a second annual report into the future of work. Utilise Prince’s Trust International’s convening power to disseminate these insights to those in a position to make changes and amplify young people’s voices, including at major global moments such as CHOGM, UN General Assembly and potentially COP27. 

- systems, tools and processes partners’ effectiveness through report into the future of that underpin the quality and learning and delivering work. Utilise Prince’s Trust integrity of our content and impactful programmes, while International’s convening power programme delivery. Design enabling us to tell a compelling to disseminate these insights content and methodologies story. Future-proof our data to those in a position to make that build on the quality and infrastructure through a detailed changes and amplify young impact of programmes, with a scoping analysis to understand people’s voices, including at particular focus on gender and the best way we can capture major global moments such the green economy. data in a compliant, meaningful as CHOGM, UN General and effective way in the Assembly and potentially 

- ➔  Safeguarding: Ensure that medium-to-long term. COP27. Prince’s Trust International maintains a ‘Safeguarding First’ ➔  Finances and fundraising: ➔  Valuing our staff: Employ, organisation, by continuing Increase Prince’s Trust develop and reward staff, to prioritise the safety and International’s income by enabling them to be their wellbeing of children and 50% to £6.4 million to support authentic selves at work and young people in all areas of our enhanced delivery, by inspired to deliver their best. our work, and that all staff are expanding income from Create, implement and promote aware of their specific roles philanthropy, foundations, a supportive environment and responsibilities in relation corporate giving, and other where our staff feel valued. 

- ➔  Creating a diverse, equitable and inclusive culture: Create a culture of inclusion, challenging our ways of thinking, removing barriers and creating opportunities that reflect the diverse needs of the communities with which we work. To learn and innovate through the lived experiences of our staff, young people, partners and stakeholders. 

## **Delivery** 

2022/23 will have a focus on quality, compliance, and governance with an aim to improve Monitoring & Evaluation (M&E) quality to enable further subsequent scale and impact in the following year. We will expand our reach to 18 countries, with delivery in Serbia commencing which had been previously paused due to COVID restrictions. 

The ongoing delivery of our mobile learning platform will be embedded within regional teams, to increase the impact of our face-to-face programmes. In 2022/23, we anticipate delivery of this to take place in Barbados and Trinidad & Tobago. 

Thematically, we will continue developing new resources focused on the green economy and gender; and deliver our gender focused interventions for young women in India, Jordan and Saint Lucia as well as programmes focused on the green economy in Ghana and Nigeria. We will also strengthen our offer to teachers by providing continual professional development training online and, in partnership with the Commonwealth Education Trust (CET), initially in the Caribbean region, with the view of then expanding this further. 

We will begin scoping in the USA on behalf of PT USA to understand the need and 

opportunities for young people particularly in the local labour market with a view of delivering pilot programmes by the end of the financial year. 

## **New Headquarters** 

Prince’s Trust International moved into new headquarters in Central London in Autumn 2021. Prince’s Trust International staff had been working from home since the charity vacated our previous headquarters in March 2020. The move to new offices has provided a welcome chance for colleagues to collaborate and innovate face-to-face and provided an opportunity to showcase our work to guests. 

The sustainability of our programmes will remain a significant focus, where we will continue to work with delivery partners to increase organisational effectiveness in areas such as programme design, impact, safeguarding, and fundraising. 

## **Our People** 

## **Financial Sustainability** 

As we develop it is critical that we have exceptional talents who champion our culture and are a highly talented, diverse, skilled and motivated workforce. Through our People Strategy, we have committed to the following key priorities where we will: 

Prince’s Trust International’s 2022/23 budget aims to continue to respond to the increased demand for our services while ensuring our risk and compliance, fundraising and external affairs teams keep pace, so as not to jeopardise our performance. We plan to secure £6.51 million income during 2022/23, which represents growth of 53% on 2021/22. At 31 July 2022, we had already secured 58% per cent of the £6.51 million income target. We are expecting to achieve total Unrestricted Reserves of approximately five months operating expenditure by 31 March 2023. 

   - ➔  Attract, identify, develop and retain talent across all teams. 

   - ➔  Enable the development of a high-performance culture in which staff performance is supported, rewarded and managed effectively. 

   - ➔  Continue to foster a valuesbased culture focused on equality, diversity, inclusivity and positive staff engagement through the implementation of our Equality, Diversity and Inclusion Strategy. 

- To support longer-term planning, and positive staff engagement we have produced an initial through the implementation 2023/24 budget that includes an of our Equality, Diversity and estimated five per cent increase in Inclusion Strategy. income compared to our FY22/23 budgeted income. To date we ➔  Maintain and develop the have secured commitments health, safety and wellbeing of totalling £2.5 million for the year our staff, both in the UK and 2023/24. This would enable overseas. Prince’s Trust International and partners to support over 16,000 ➔  Develop and support young people during 2023/24. management effectiveness and We will continue to adjust our transformational leadership. fundraising plans and income expectations as we move forward ➔  Develop and support career through 2022/23 and beyond. progression and professional growth. 



“ I WAS APPLYING FOR JOBS BUT I COULDN’T GET ANYWHERE. I WAS FRUSTRATED AND DEPRESSED MANY TIMES **Anozie** 

## ANOZIE, NIGERIA 

After taking part in the Get Into Renewable Energy programme, Anozie (28) was immediately employed as an electrical engineer with the company where he did his training internship. After two years looking for work, this is his first ever job. 

that they immediately offered him a permanent job. Now that he’s earning, Anozie has started saving up for a Master’s degree in renewable energy, and is proud to be able to take on his family responsibilities. 

Anozie’s role involves auditing clients’ energy usage and then designing and installing solar systems. He has always wanted to work in this field, but after graduating and completing his national service, Anozie struggled to find work. 

programme, delivered in Nigeria by youth training academy Field of Skills and Dreams, focuses on supporting young people to enter and thrive in jobs in the green economy, and the content varies depending on the sector. 

‘My parents will be retiring soon,’ Anozie explains, ‘They’ve already done everything for us, so it’s now my turn to step up… I’m so grateful to Prince’s Trust International for what they’ve done for me, for the opportunity they’ve given me. I’ll be grateful forever.’ 

Anozie’s course covered general employability skills, such as communication and time management, and technical solar engineering knowhow. After four weeks of classroom learning, participants moved into internship placements with employers, to gain on-the-job training and experience. 

‘I was applying for jobs but I couldn’t get anywhere,’ he recalls. ‘I was frustrated and depressed many times, I didn’t know what to do, but I didn’t want to involve myself in committing any crime or anything like that.’ 

When Anozie heard about the Get Into Renewable Energy programme – our first such programme in Nigeria – he jumped at the chance to join. The 

Anozie’s employer for his internship, an alternative energy firm, was so impressed by him 


**----- Start of picture text -----**<br>
GOVERNANCE<br>Enterprise Challenge Pakistan<br>**----- End of picture text -----**<br>




Annual Report and Accounts 2021/22 29 

28 Prince’s Trust International 

## RISK POLICY 

Prince’s Trust International recognises the inherent risks in working with young people outside the United Kingdom and in raising the funds to pay for its work. These risks, including external risks as highlighted by the COVID-19 pandemic, the Russian invasion of Ukraine and inflationary pressures, can be outside our control. We are required to consider and mitigate all risks, to ensure there is the right balance in place between the risks taken, the benefits and required standards. 

Prince’s Trust International has a Risk Register, which scores and ranks the status of risks, including (but not limited to) staff, partners, beneficiaries, reputation, intellectual property, quality assurance, financial sustainability and funding. The methodology of this Risk Register has been developed by The Prince’s Trust and tailored to fit the needs of Prince’s Trust International. 

The Board of Trustees delegates risk management to the CEO and senior management. The Risk & Audit Committee has responsibility to look in detail at Risk and does so as a standing item at every meeting. Risk is also reviewed regularly at the meetings of the Prince’s Trust International Board. 

These risks include safeguarding, fraud, health and safety (related to both staff, volunteers, trustees and programme beneficiaries), mental health and wellbeing, reputation, programme development, information and cyber security, and data protection and management. Prince’s Trust International works to mitigate the risks that it takes and aims to help delivery partners to ensure safe and effective opportunities for young people. 

Prince’s Trust International has a comprehensive insurance policy, reviewed annually under the guidance of its insurance broker, and is currently held with Hiscox Insurance. 

Prince’s Trust International carries out due diligence on all countries where it works and is proposing to work, and on all delivery partners. The scope of due diligence includes risks relating to the country, the in-country delivery partner and the project funder. This due diligence is captured within a Delivery Partner Assessment proposal that is reviewed by the Prince’s Trust International Board, before a decision is made on whether to progress. Our Risk & Audit Committee considers a Holistic Country and Programme Assessment of existing programmes on a regular basis. This due diligence process has been developed with feedback from external advisers. 

## STRUCTURE, GOVERNANCE AND MANAGEMENT 

## **Committees** 

Prince’s Trust International is a charitable company limited by guarantee registered in England and Wales (charity number 1159815 and company number 9090276). The Memorandum and Articles of Association, as amended on 23 June 2020 and 1 September 2022, form the governing document. 

**Committees** International with the provision The Prince’s Trust International of certain administrative support, Board has established three services and resource. committees to help with the execution of its responsibilities: A managed services agreement 

A managed services agreement has been put in place to govern the provision of, and payment for, services from The Prince’s Trust (parent charity) to Prince’s Trust International, together with a licence agreement to govern the licensing of The Prince’s Trust know-how and intellectual property for use by Prince’s Trust International. 

## **Risk and Audit** 

The Risk, Audit & Finance Committee meets at least four times a year. Members of the Committee are appointed by the Board. The current Trustee members are Alistair Summers (Chair), António Simões, Michael Nartey and Michelle Pinggera (re-appointed to the Committee on 28 September 2021). Sir Lloyd Dorfman was a member until 8 December 2021. 

Prince’s Trust International is part of The Prince’s Trust Group of charities, which also includes The Prince’s Trust in the United Kingdom and The Prince’s Trust in Australia, Canada, New Zealand and the United States. Each Prince’s Trust charity, including Prince’s Trust International, has an independent Board of Trustees, who are solely focused on each respective charity. 

on 28 September 2021). Sir Lloyd The charity is grateful for the Dorfman was a member until 8 commitment of a core group of December 2021. volunteers who have assisted with its development and provide **Fundraising** ongoing support in the UK. It The Fundraising Committee also acknowledges the support meets at least four times a year. of volunteers to the local partner The current Trustee members organisations delivering the are Shabir Randeree (Chair, programmes and projects in other appointed 8 December 2021) countries worldwide where the and Michelle Pinggera. Sir Lloyd Charity operates. Dorfman and Rupert Goodman were Trustee members before TRUSTEE retiring as Trustees and becoming RECRUITMENT, advisors to the Committee APPOINTMENT AND respectively on 8 December 2021 and 14 March 2022. TRAINING 

During the year to 31 March 2022, The Prince’s Trust was the parent charity of Prince’s Trust International. However, on 1 September Prince’s Trust Group Company replaced The Prince’s Trust as the sole member and parent charity of Prince’s Trust International. 

Trustees are appointed in accordance with the Articles and are collectively known as the Prince’s Trust International Board. On joining the organisation, new Trustees receive a comprehensive induction which covers the values, purpose, vision, and mission of Prince’s Trust International; and includes strategy, finance, fundraising, programmes, operations and governance matters. They also meet key staff, including the Senior Leadership Team. 

## **Nominations** 

## ORGANISATIONAL STRUCTURE **The Board** 

The Nominations Committee was established by the Board at its meeting on 12 April 2021. It is to meet as required to consider nominations and perform its other functions. The current Trustee members are Shabir Randeree (Chair, appointed 8 December 2021) and Michelle Pinggera. Sir Lloyd Dorfman was a member until 8 December 2021 and Rupert Goodman was a member until 14 March 2022. 

The Prince’s Trust International Board of Trustees is accountable for the work of Prince’s Trust International. The matters reserved for the Prince’s Trust International Board include the approval of strategy, the budget and business plan and the Annual Report and Financial Statements. The Prince’s Trust International Board also retains oversight of management controls and corporate governance, along with the appointment of the Chief Executive and those Trustees not appointed by The Prince’s Trust. The Board met five times in 2021/22. 

The Prince’s Trust International Board has delegated authority to the Chief Executive for the day-to-day management of the organisation. The Prince’s Trust supports Prince’s Trust 



Annual Report and Accounts 2021/22 31 

30 Prince’s Trust International 

## STATEMENT OF TRUSTEES’ RESPONSIBILITIES 

The Trustees of the Charity as at the date of this report are set out in the Reference and Administration section on page 29 and, unless stated otherwise, served throughout the year. 

In preparing these Financial Statements, the Trustees are required to: 

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

- ➔ select suitable accounting policies and then apply them consistently; 

## **Statement of Disclosure** 

## **of Information to Auditors** 

In accordance with section 234 Companies Act 2006, a qualifying indemnity provision, for the benefit of the Trustees, was in force during the financial year and remains in force at the date of approval of the financial statements. 

In accordance with section 418 Companies Act 2006, the Trustees confirm that, in the case of each of the persons who are Trustees at the time when this report is approved, so far as each of the Trustees is aware, there is no relevant audit information of which the charitable company’s auditors are unaware and each of the Trustees has taken all steps that ought to have been taken to make themselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information. 

- ➔ observe the methods and principles in the Charities SORP; 

- ➔ make judgments and estimates that are reasonable and prudent; 

- ➔ state whether FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” has been followed, subject to any material departures disclosed and explained in the financial statements; and 

The Trustees (who are also directors of Prince’s Trust International for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable law and regulations. 

- ➔ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. 

Company law requires the Trustees to prepare financial statements for each financial year. Under that law, the Trustees have prepared the financial statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law (United Kingdom Generally Accepted Accounting Practice). Under company law, the Trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. 

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006. 

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and disclose with reasonable accuracy, at any time, the financial position of the Charity and enable it to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

PricewaterhouseCoopers LLP (PwC) have issued an unqualified auditors’ report. 

Approved by the board and signed on its behalf by: 


## **Shabir Randeree CBE** 

Chairman, PRINCE’S TRUST 

INTERNATIONAL 29th September 2022 

The Trustees are responsible for the maintenance and integrity of the Charity’s website. 

Company registration No. 9090276 Charity No: 1159815 

## REFERENCE AND ADMINISTRATIVE DETAILS 

## **Senior Leadership Team** 

## **Trustees** 

The Trustees of the Charity in office during the year and up to the date of signing the financial statements were: 

Kat Farram, Director of Fundraising Jo Parsons, Director of Delivery & Impact Alison Lavelle, Senior Head of Finance Helen Pedley, People Partner **Company Secretary** 

## **Shabir Randeree CBE** 

Chair from 8 December 2021 (Trustee from 13 July 2021) 

Simon Major (to 12 April 2021) 

## **Sir Lloyd Dorfman CVO CBE** 

Chair to 8 December 2021, when also retired as a Trustee 

Roger Johnson (from 12 April 2021) 

## **Michelle Pinggera** 

Deputy Chair from 14 March 2022 

**Company number** 9090276 

## **Rupert Goodman DL** 

Deputy Chair to 14 March 2022, when also retired as a Trustee 

**Charity number** 1159815 

## **Governing Document** 

## **Bomonlu Adelaja** 

Memorandum and Articles of Association 

**Mohamed Amersi** (to 12 April 2021) 

## **Registered office** 

## **Paraskevi Galani** 

8 Glade Path, London, SE1 8EG 

(from 29 September 2022) 

## **Independent Auditors** 

## **Farah Ramzan Golant CBE** 

PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors 1 Embankment Place London WC2N 6RH 

## **Michael Nartey** 

**Arunma Oteh OON** (from 13 June 2022) 

## **Bankers** 

**Philip Parham CMG** (from 8 December 2021) 

National Westminster Bank plc 3rd Floor 280 Bishopsgate London EC2M 4RB 

## **António Simões** 

**Alistair Summers Chief Executive** Will Straw CBE 

## **Principal Solicitors** 

DLA Piper UK LLP 160 Aldersgate Street London EC1A 4HT 



Annual Report and Accounts 2021/22 33 

32 Prince’s Trust International 

## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF PRINCE’S TRUST INTERNATIONAL 

## REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS 

## OPINION 

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

In our opinion, Prince’s Trust International’s financial statements (the “financial statements”): 

- ➔ give a true and fair view of the state of the charitable company’s affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure, and cash flows, for the year then ended; 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Reporting on other information** 

The other information comprises all of the information in the Annual Report and financial statements other than the financial statements and our auditors’ report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. 

- ➔ have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and 

## _**Independence**_ 

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. 

- ➔ have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Conclusions relating to going concern** 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. 

- We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 31 March 2022; the statement of financial activities (including income and expenditure account) and statement of cash flows for the year then ended; and the notes to the financial statements, which include a description of significant accounting policies. 

In auditing the financial 

statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF PRINCE’S TRUST INTERNATIONAL **(CONTINUED)** 

Based on our understanding of the charitable company/industry, we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries and the manipulation of key accounting judgements and estimates. Audit procedures performed included: 

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. 

The trustees are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below. 

## **Trustees’ Report** 

In our opinion, based on the work undertaken in the course of the audit the information given in the Trustees’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trustees’ Report has been prepared in accordance with applicable legal requirements. 

## _**Auditors’ responsibilities for the**_ 

## _**audit of the financial statements**_ 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

- ➔ Enquiry of management and the board of trustees, including consideration of known or suspected instance of noncompliance with laws and regulation and fraud; 

In addition, in light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we are required to report if we have identified any material misstatements in the Trustees’ Report. We have nothing to report in this respect. 

- ➔ Reading minutes of meetings of the board of trustees and board subcommittees, including the audit and risk committee; 

## RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS AND THE AUDIT 

- ➔ Reviewing terms and conditions of significant contracts; 

- ➔ Reviewing the correspondence with regulators including the Charities Commission; 

## _**Responsibilities of the trustees for the financial statements**_ 

As explained more fully in the Statement of Trustees’ Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. 

Irregularities, including fraud, 

- ➔ Understanding and evaluating the Charity’s control environment; 

are instances of non-compliance the Charity’s control with laws and regulations. We environment; design procedures in line with our responsibilities, outlined above, to ➔ Identifying and testing journal detect material misstatements in entries, including journal entries respect of irregularities, including posted with unusual account fraud. The extent to which our combinations to income or cash procedures are capable of accounts; detecting irregularities, including fraud, is detailed below. 



Annual Report and Accounts 2021/22 35 

34 Prince’s Trust International 

## INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF PRINCE’S TRUST INTERNATIONAL **(CONTINUED)** 

- ➔ Assessing the reasonableness of key accounting judgements and estimates including the allocation of support costs; and 

- ➔ Assessing financial statement disclosures, and testing to supporting documentation, for compliance with applicable laws and regulations. 

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion. 

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc. org.uk/auditorsresponsibilities. This description forms part of our auditors’ report. 

## _**Use of this report**_ 

This report, including the opinions, has been prepared for and only for the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. 

## OTHER REQUIRED REPORTING 

**Companies Act 2006 exception reporting** 

Under the Companies Act 2006 we are required to report to you if, in our opinion: 

- ➔ we have not obtained all the information and explanations we require for our audit; or 

- ➔ adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or 

- ➔ certain disclosures of trustees’ remuneration specified by law are not made; or 

## **Entitlement to exemptions** 

Under the Companies Act 2006 we are required to report to you if, in our opinion, the trustees were not entitled to: prepare financial statements in accordance with the small companies’ regime take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility. 


**Philip Stokes (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London** 

**4 October 2022** 

- ➔ the financial statements are not in agreement with the accounting records and returns. 

We have no exceptions to report arising from this responsibility. 


**----- Start of picture text -----**<br>
Dorcas, Ghana<br>**----- End of picture text -----**<br>




Annual Report and Accounts 2021/22 37 

## STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022 


**----- Start of picture text -----**<br>
Unrestricted  Restricted  Unrestricted  Restricted<br>Note Funds Funds Total 2022 Funds Funds Total 2021<br>£ £ £ £ £ £<br>Income from:<br>Donations 2 1,383,516 2,843,759 4,227,275 424,760 3,207,214 3,631,974<br>Income from Charitable  2 - - - - 488 488<br>Activities<br>Trading Activities 2 - 5,000 5,000 - 38,850 38,850<br>Other 2 5,000 11,057 16,057 2,979 12,514 15,493<br>Grant Income 2 - - - 210,010 - 210,010<br>Total Income 1,388,516 2,859,816 4,248,332 637,749 3,259,066 3,896,815<br>Expenditure on:<br>Raising funds 3 381,377 - 381,377 457,271 - 457,271<br>Charitable Activities 4 964,002 3,326,649 4,290,651 420,263 2,748,931 3,169,194<br>Total Expenditure 1,345,379 3,326,649 4,672,028 877,534 2,748,931 3,626,465<br>Net (expenditure)/income  43,137 (466,833) (423,696)* (239,785) 510,135 270,350<br>and movement in funds<br>Total funds brought forward 483,396 1,233,393 1,716,789 723,181 723,258 1,446,439<br>Total funds carried forward 526,533 766,560 1,293,093 483,396 1,233,393 1,716,789<br>**----- End of picture text -----**<br>


The Statement of Financial Activities has been prepared in the current year on the basis that all operations are continuing operations. 

There are no recognised gains and losses other than those passing through the Statement of Financial Activities. 

There is no difference between the results on ordinary activities before taxation and the retained results for the year stated above, and their historical cost equivalents. 

The notes on pages 40 to 48 form part of these Financial Statements. 

## FINANCIAL STATEMENTS 

**Adrian, Trinidad & Tobago** 



Annual Report and Accounts 2021/22 39 

38 Prince’s Trust International 

## BALANCE SHEET AS AT 31 MARCH 2022 


**----- Start of picture text -----**<br>
2022 2021<br>Note £ £<br>Fixed Assets<br>Tangible Assets 7 108,736 -<br>Total Fixed Assets 108,736<br>Current Assets<br>Cash in bank and in hand  2,337,993 2,233,413<br>Debtors 8 37,032 175,779<br>Creditors:  Amounts falling due within one year 9 (1,190,668)  (692,403)<br>Net current assets 1,184,357 1,716,789<br>Net Assets 1,293,093 1,716,789<br>The funds of the Charity:<br>Unrestricted income funds 11 526,533 483,396<br>Restricted income funds 11 766,560 1,233,393<br>Total Charity funds 1,293,093 1,716,789<br>**----- End of picture text -----**<br>


The notes on pages 40 to 48 form part of these financial statements. The financial statements on pages 37 to 48 were approved by the Board and signed on its behalf by: 


**Shabir Randeree** Chairman 29th September 2022 

Company registration No. 9090276 Charity No: 1159815 

## STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 


**----- Start of picture text -----**<br>
2022 2021<br>Note £ £<br>Cash flows from operating activities:<br>Net cash generated (used in) / from operating activities A 221,779 (108,182)<br>Cash flows from investing activities:<br>Purchase of property, plant and equipment  7 (117,199) -<br>-<br>Net cash (used in) / generated from investing activities (117,199)<br>Change in cash and cash equivalents in the reporting year 104,580 (108,182)<br>Cash and cash equivalents at the beginning of the reporting year B 2,233,413 2,341,595<br>Cash and cash equivalents at the end of the reporting year B 2,337,993 2,233,413<br>Note A: Net cash generated from/(used in)  Note B: Analysis of cash and cash equivalents<br>operating activities<br>2022 2021 2022 2021<br>£ £ £ £<br>Net (expenditure)/income for the  Cash at bank 2,316,113 2,213,918<br>reporting year (as per the statement  Cash in hand  21,880 19,495<br>of financial activities) (423,696) 270,350<br>Total cash and cash equivalents 2,337,993 2,233,413<br>Adjustments for:<br>Depreciation charge  8,463  -<br>Increase / (Decrease) in Creditors 498,265 (309,757)<br>Decrease / (increase) in Debtors 138,747  (68,775)<br>Net cash generated generated from<br>/ (used in) operating activities  221,779  (108,182)<br>**----- End of picture text -----**<br>




Annual Report and Accounts 2021/22 41 

40 Prince’s Trust International 

## NOTES TO THE ACCOUNTS 

## 1 ACCOUNTING POLICIES 

## **Accounting Convention** 

## **Income from trading activities** 

The financial statements are prepared under the historical convention. 

Income from trading activities is recognised when services are delivered. Income is deferred when payment has been received for services which are to be delivered in the future. 

## **Basis of Preparation** 

The financial statements have been prepared in accordance with the going concern basis. There are no material uncertainties about the Charity’s ability to continue. The Charity is a public benefit entity. The accounting policies have been applied consistently. 

## **Grant income** 

Grant income is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless the grant relates to a specific future period, in which case it is deferred. Included within grant income is income received as part of the Coronavirus Job Retention Scheme (CJRS), which has been accounted for as a government grant under the performance model. CJRS grants are receivable in respect of qualifying employees and are recognised when salary payments have been made to the qualifying employees. 

## **Basis of Accounting** 

The financial statements have been prepared in accordance with the following: 

- ➔ Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (‘FRS 102’) 

As the CJRS is designed to compensate for staff costs, the amounts received are recognised over the same period as the costs to which they relate. CJRS grants are not received with restriction as to the charitable purposes for which they can be spent. 

- ➔ CHARITIES SORP (FRS 102) (second edition – October 2019) 

➔ The Companies Act 2006 

- ➔ The Charities Act 2011 

## **Other income** 

- ➔ The historical cost convention 

Other income relates to income which is not donations, from charitable activities or from trading activities. This income is recognised when there is entitlement, receipt is probable and the amount is measurable. 

## **Income from donations** 

Donations are recognised when there is entitlement, receipt is probable and the amount is measurable. All donations are shown gross of related expenditure. Tax credits receivable from gift aid donations are recognised when there is a valid Gift Aid declaration. 

## **Expenditure** 

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

Income is deferred where the donor has specified that the income is to be expended in a future period or where contractual conditions for entitlement will be met in a future period. 

Donations in kind comprise goods, services and facilities donated to Prince’s Trust International which would otherwise have had to be purchased. They are valued at the amount that Prince’s Trust International would have paid in order to obtain them and are included both in income and expenditure. 

The costs of raising funds include the salaries and overhead costs of the staff who undertake fundraising activities and the marketing and publicity costs associated with raising the profile of Prince’s Trust International (but not those which are used in an educational manner in furtherance of the Charity’s objects). Other costs, in compliance with constitutional and statutory requirements, include external audit costs. 

## **Income from charitable activities** 

Grants from government and income from other public sector contracts have been recorded as income from charitable activities. All income from charitable activities is shown gross of related expenditure. Income is deferred when the conditions applying to the grant are not wholly within the control of Prince’s Trust International. 

Support costs include the salaries of those managerial staff which are not directly attributable to a particular programme of charitable work, governance costs, and of charges made by The Prince’s Trust for support services (e.g. Finance, IT, HR and for other administrative staff and all office running costs) consumables and other 

overheads not specifically attributable to a particular programme of charitable work. 

Support costs are allocated to costs of raising funds and charitable activities on the basis of the relative effort involved, based on an assessment by the Charity’s management. Irrecoverable VAT is included with the item of expense to which it relates. 

## **Contractual liabilities** 

Prince’s Trust International provides for legal or constructive obligations that are of uncertain timing or amount at the balance sheet date on the basis of the best estimate of the expenditure required to settle the obligation. 

## **Tax** 

The charitable company is exempt from income and corporation taxes on income and gains to the extent that they are applied for their charitable objects. 

## **Funds** 

The funds of the Charity have been segregated as follows: 

Restricted Funds consist of donations for 

which the donor giver has specified the purposes for which the resources can be utilised and therefore to which expenditure is restricted. 

Unrestricted Funds consist of all other 

income that has not been restricted. They are expendable at the discretion of the Trustees in furtherance of the objects of the charity. 

## **Tangible Assets** 

Tangible fixed assets costing more than £500 are capitalised and are valued at their purchase cost, including any incidental expenses of acquisition. Any impairment is recognised in the year in which it occurs in the corresponding SOFA category. Donated assets are capitalised at a value equivalent to their notional cost at the time of acquisition. Depreciation is provided on all tangible fixed assets (excluding land but including donated assets) at rates calculated to write off the cost, less estimated residual values, on a straight line basis over their expected useful economic lives as follows: 

Asset Category Useful economic life as at 31 March 2022 Computer Equipment 3 years Fixtures and fittings 5 years Leasehold improvements  Over the lease 

## 1 ACCOUNTING POLICIES (CONTINUED) 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 

## **Financial Instruments** 

The charitable company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. 

## **i. Financial assets** 

Basic financial assets, including trade and other debtors, and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. 

Such assets are subsequently carried at amortised cost using the effective interest method. 

## **iii. Offsetting** 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the SOFA. 

## **Critical Accounting Judgements** 

## **and Key Estimates and Assumptions** 

The Charity allocates support costs between different charitable activities using management’s judgement of the proportion of effort expended on each category during the year. 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the SOFA. 

## **Pension Scheme** 

The Prince’s Trust has arranged a defined contribution pension scheme for Prince’s Trust International staff. Pension contributions charged in the Statement of Financial Activities represent the contributions payable by the Charity in the year. Defined pension scheme contributions were charged to the profit and loss as they fall due. The Charity had no potential liability other than for payment of those contributions. 

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 

## **Foreign Currencies** 

Transactions in foreign currencies during the year are translated at the rate ruling at the transaction date. Foreign currency balances are translated at the rate by exchange prevailing at the balance sheet date. 

## **ii. Financial liabilities** 

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. 



Annual Report and Accounts 2021/22 43 

42 Prince’s Trust International 

## 2 DONATIONS 


**----- Start of picture text -----**<br>
Unrestricted  Restricted Total 2022 Unrestricted Restricted Total 2021<br>£ £ £ £ £ £<br>Donations from Major Donors 1,027,568 580,824 1,608,392  40,625  646,950 687,575<br>Donations from Corporate Partners 40,500 533,839 574,339 110,460  557,326 667,786<br>Donations from Charitable Trusts 200,000 1,729,096 1,929,096 200,000 2,002,938 2,202,938<br>Donations from Individuals  10,082 -   10,082   4,383 - 4,383<br>Donations in Kind  105,366 -  105,366 69,292 - 69,292<br> 1,383,516 2,843,759 4,227,275  424,760 3,207,214 3,631,974<br>Unrestricted  Restricted Total 2022 Unrestricted Restricted Total 2021<br>Income from Charitable Activities £ £ £ £ £ £<br>Training Fees - - - - 488 488<br>- - - - 488 488<br>Unrestricted  Restricted Total 2022 Unrestricted Restricted Total 2021<br>Income from Trading Activities £ £ £ £ £ £<br>Licensing - - - - 38,850 38,850<br>Consulting Income - 5,000 5,000 - - -<br>- 5,000 5,000 - 38,850 38,850<br>Unrestricted  Restricted Total 2022 Unrestricted Restricted Total 2021<br>Grant Income £ £ £ £ £ £<br>Furlough Income - - - 210,010 - 210,010<br>Unrestricted  Restricted Total 2022 Unrestricted Restricted Total 2021<br>Other Income £ £ £ £ £ £<br>Other Income 5,000 11,057 16,057 2,979 12,514 15,493<br>5,000 11,057 16,057  2,979 12,514 15,493<br>Donations in kind represent the estimated cost of services donated to Prince’s Trust International, at the value at which Prince’s Trust<br>International would have paid. All income was generated in the UK.<br>3 RAISING FUNDS<br>Direct  Other  Allocated  Direct  Other  Allocated<br>staff  direct  support  Total  staff  direct  support  Total<br>costs costs costs 2022 costs costs costs 2021<br>£ £ £ £ £ £ £ £<br>Expenditure on Raising Funds 207,272 17,621 156,484 381,377 286,769 14,565 155,937 457,271<br>4 CHARITABLE ACTIVITIES<br>Direct  Other  Allocated  Direct  Other  Allocated<br>staff  direct  support  Total  staff  direct  support  Total<br>costs costs costs 2022 costs costs costs 2021<br>£ £ £ £ £ £ £ £<br>Programme scoping 132,941 74,047 57,359 264,347 188,735 69,664 58,342 316,741<br>Programme delivery 1,100,224 2,052,437 873,643 4,026,304 884,788 1,442,257 525,408 2,852,453<br>1,233,165 2,126,484 931,002  4,290,651  1,073,523  1,511,921 583,750  3,169,194<br>**----- End of picture text -----**<br>


## 5 SUPPORT COSTS 


**----- Start of picture text -----**<br>
Raising  Charitable  Raising  Charitable<br>Funds Activities Total 2022 Funds Activities Total 2021<br>£ £ £ £ £ £<br>Staff costs: 97,572 580,504 678,076 95,510 357,543 453,053<br>Other costs:<br>Communications and Marketing 5,623 33,456 39,079 5,241 19,617 24,858<br>Other staff costs  9,364 55,716 65,080 17,145 64,184 81,329<br>Fees paid to The Prince's Trust  6,524 38,812 45,336  14,819  55,475 70,294<br>Legal costs  15,162  90,204 105,366  14,608  54,684 69,292<br>Governance Costs 8,375 49,829 58,204 7,001 26,209 33,210<br>Sundry other costs 13,864   82,481 96,345  1,613 6,038 7,651<br> 156,484  931,002 1,087,486 155,937 583,750 739,687<br>**----- End of picture text -----**<br>


Governance costs includes £14,280 (2020/21: £13,600) as audit fees. 

There were non-audit fees of £12,500 paid to the external auditors (2020/21: £28,100). 

## 6 EMPLOYEES’ AND TRUSTEES’ EMOLUMENTS 


**----- Start of picture text -----**<br>
2022 2021<br>Staff members No. No.<br>Average Headcount of employees analysed by function:<br>Charitable purposes and support staff 46 39<br>Fundraising 4 6<br>50 45<br>2022 2021<br>No. No.<br>Average monthly number of employees analysed by function:<br>Charitable purposes and support staff 44 36<br>Fundraising 4 6<br>48 42<br>2022 2021<br>Staff Costs for the above employees were: £ £<br>Wages and Salaries 1,836,716 1,566,094<br>Social Security costs 185,959 164,162<br>Pensions and post retirement benefits 83,837 62,188<br>Redundancy payments 12,000 20,900<br>2,118,512 1,813,344<br>**----- End of picture text -----**<br>


Prince’s Trust International paid £12,000 (2020/21: £20,900) in redundancies and termination payments during the year. 



Annual Report and Accounts 2021/22 45 

44 Prince’s Trust International 

## 6 EMPLOYEES’ AND TRUSTEES’ EMOLUMENTS (CONTINUED) 

## **Employee numbers** 

The number of employees whose benefits fell within the following bands were: 

|**Employee numbers**<br>The number of employees whose benefts fell within the following bands were:|||
|---|---|---|
||**2022**|**2021**|
||**No.**|**No.**|
|£60,000 - £70,000|2|2|
|£120,000 - £130,000|1|-|



Staff costs include £1,233,165 (2020/21: £1,073,522) for staff directly involved in delivering charitable activities, £207,271 (2020/21: £286,769) for staff involved in raising funds and £678,076 (2020/21: £453,053) for support staff. 

The total remuneration of key management was £282,341 (2020/21: £137,265). There were three (2020/21: two) members of key management personnel. 

Three (2020/21: one) members of key management claimed travel expenses of £4,016 (2020/21: £10). 

## **Trustees’ Emoluments** 

No Trustee received salaries, fees or other benefits during the year (2020/21: £nil). 

Trustees have claimed £nil (2020/21: £nil) expenses. 

## 7 TANGIBLE ASSETS 


**----- Start of picture text -----**<br>
Fixtures & Fittings Computer Equipment Total<br>£ £ £<br>Cost or valuation on transfer<br>- - -<br>At 1 April 2021<br>Additions 83,352 33,847 117,199<br>At 31 March 2022 83,352 33,847 117,199<br>Accumulated Depreciation<br>- - -<br>At 1 April 2021<br>Charge for year 5,466 2,997 8,463<br>At 31 March 2022 5,466 2,997 8,463<br>Net book value<br>At 31 March 2022 77,886 30,850 108,736<br>At 31 March 2021 - - -<br>**----- End of picture text -----**<br>


## 8 DEBTORS 


**----- Start of picture text -----**<br>
2022 2021<br>£ £<br>Accrued Income - 867<br>Trade Debtors - 153,156<br>Other Debtors 2,071 425<br>Prepayments 34,961 21,331<br>Total 37,032 175,779<br>9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR<br>2022 2021<br>£ £<br>Amounts owed to group undertakings 214,293 161,209<br>Trade Creditors 313,725 367,231<br>Other Creditors 69,483 63,234<br>Other Tax and Social Security 78,370 -<br>Accruals 2,765 679<br>Deferred Income 512,032 100,050<br>Total 1,190,668 692,403<br>**----- End of picture text -----**<br>


Creditors were higher in 2022 due to a donation received in March 2022 to fund programme activity in Greece in 2022/23. 

## 10 FINANCIAL INSTRUMENTS 

The charitable company has the following financial instruments: 

|10 FINANCIAL INSTRUMENTS<br>The charitable company has the following fnancial instruments:||
|---|---|
|**2022**|**2021**|
|**£**|**£**|
|**Financial assets measured at amortised cost**||
|Trade Debtors<br>-|153,156|
|Other Debtors<br>2,071|425|
|Cash and Cash Equivalents<br>2,337,993|2,233,413|
|**2,340,064**|**2,386,994**|
|**Financial liabilities measured at amortised cost**||
|Amounts owed to group undertakings<br>(214,293)|(161,209)|
|Trade Creditors<br>(313,724)|(367,231)|
|Other Creditors<br>(69,483)|(63,234)|
|Other Tax and Social Security<br>(78,370)|-|
|**(675,870)**|**(591,674)**|





Annual Report and Accounts 2021/22 47 

46 Prince’s Trust International 

## 11 MOVEMENT IN FUNDS 


**----- Start of picture text -----**<br>
Funds  Funds  Funds  Funds<br>brought  carried  brought  carried<br>forward Income Expenditure  forward  forward Income Expenditure  forward<br>2022 2022 2022 2022 2021 2021 2021 2021<br>£ £ £ £ £ £ £ £<br>Scoping<br>Greece Scoping - - - - - 300 (300) -<br>Eastern Caribbean  39,561 60,000 (82,511) 17,050 50,660 58,423 (69,522) 39,561<br>Scoping<br>India Scoping - 85,000 (85,000) - - 44,000 (44,000) -<br>Ghana Scoping 49,159 - (49,159) - 144,258 - (95,099) 49,159<br>Other Caribbean Scoping - 140,000 (126,478) 13,522 - 4,236 (4,236 -<br>Rwanda Scoping - 5,000 (5,000) - - 23,000 (23,000) -<br>Enterprise Programmes<br>Greece 28,209 22,801 (51,010) - - 216,269 (188,060) 28,209<br>Get into Programmes<br>Barbados 10,593 37,209 (47,802) - - 29,862 (19,269) 10,593<br>Crete 93,817 280,756 (374,573) - - 255,444 (161,627) 93,817<br>Greece 166,755 170,603 (253,724) 83,634 - 409,109 (242,354) 166,755<br>Jordan - 11,057 (11,057) - - 12,514 (12,514) -<br>India 417,249* 424,000 (458,673) 382,576 369,000 397,060 (227,387) 538,673<br>Rwanda - 31,567 (31,567) - - 54,000 (54,000) -<br>Canada - - - - - - - -<br>Team Programmes<br>Barbados - - - - - 6,000 (6,000) -<br>Malaysia 93,202 76,000 (110,757) 58,445 100,000 101,470 (108,268) 93,202<br>Jamaica - - - - - - - -<br>Jordan - - - - - - - -<br>- - - - - - - -<br>Trinidad & Tobago<br>Achieve Programmes<br>Barbados 32,584 23,518 (56,102) - - 81,524 (48,940) 32,584<br>Greece - - - - - 5,500 (5,500) -<br>Jamaica - 45,000 (45,000) - - 124,000 (124,000) -<br>Malaysia 123,539* - (123,539) - 59,340 35,470 (92,695) 2,115<br>Malta - 19,270 (19,270) - - 40,515 (40,515) -<br>Trinidad & Tobago - 25,000 (25,000) - - 98,000 (98,000) -<br>Rwanda  - 49,000 (49,000) - - - - -<br>Enterprise Challenge<br>Programmes<br>Pakistan Enterprise  - 118,460 (113,242) 5,218 - 146,081 (146,081) -<br>Challenge<br>Jordan Enterprise  - 240,000 (240,000) - - 208,850 (208,850) -<br>Challenge<br>Ghana Enterprise  - 15,000 (15,000) - - - - -<br>Challenge<br>Kenya Enterprise  - 55,000 (55,000) - - - - -<br>Challenge<br>**----- End of picture text -----**<br>


## 11 MOVEMENT IN FUNDS (CONTINUED) 


**----- Start of picture text -----**<br>
Funds  Funds  Funds  Funds<br>brought  carried  brought  carried<br>forward Income Expenditure  forward  forward Income Expenditure  forward<br>2022 2022 2022 2022 2021 2021 2021 2021<br>£ £ £ £ £ £ £ £<br>Other<br>Nigeria Programmes - 150,050 (89,362) 60,688 - - - -<br>India Consultancy - 5,000 (5,000) - - - - -<br>Kenya Consultancy - 75,000 (75,000) - - 50,000 (50,000) -<br>EBRD Consultancy - 18,839 (18,839) - - 19,226 (19,226) -<br>Rwanda Consultancy - 9,000 (9,000) - - 12,000 (12,000) -<br>Girls of a Feather  - - - - - 488 (488) -<br>Training<br>Impact, Safety & Security,  - 416,000 (416,000) - - 535,000 (535,000) -<br>Design, Policy & Legal<br>Brand & Comms Team - 70,000 (70,000) - - 112,000 (112,000) -<br>Job Integration  178,725 181,686 (214,984) 145,427 - 178,725 - 178,725<br>Programmes – Ghana<br>& Nigeria<br>Total Restricted funds 1,233,393 2,859,816 (3,326,649) 766,560 723,258 3,259,066 (2,748,931) 1,233,393<br>Unrestricted income  483,396 1,388,516 (1,345,379) 526,533 723,181 637,749 (877,534) 483,396<br>funds<br>Total funds 1,716,789 4,248,332 (4,672,028) 1,293,093 1,446,439 3,896,815 (3,626,465) 1,716,789<br>**----- End of picture text -----**<br>


Funds are restricted against core programmes of the charity, further restricted geographically as noted above. 

The Eastern Caribbean and Other Caribbean Scoping projects were funded by an award made by The Prince of Wales’s Charitable Foundation. The HSBC Malta Foundation funded the Achieve programme in Malta. 

The COSARAF Charitable Foundation have supported the Enterprise Challenge programme in Pakistan. The Stavros Niarchos Foundation have supported the Get Into programmes in Greece. 

Fidelity Bank Ghana Limited provided funding to support PTI in its charitable work and in particular to help fund the Ghana Enterprise Challenge National Finals. 

## 12 ANALYSIS OF NET ASSETS BETWEEN FUNDS 

||**Unrestricted**|**Restricted**||**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|
||**Funds**|**Funds**|**Total Funds**|**Funds**|**Funds**|**Funds**|
|**Funds balances at 31 March**|**2022**|**2022**|**2022**|**2021**|**2021**|**2021**|
|**2022 are represented by:**|**£**|**£**|**£**|**£**|**£**|**£**|
|Net Assets|526,533|766,560|1,293,093|483,396|1,233,393|1,716,789|
|**Total funds**|**526,533**|**766,560**|**1,293,093**|**483,396**|**1,233,393**|**1,716,789**|



*Funds split between Get into India and Achieve Malaysia in 2022 



48 Prince’s Trust International 

## 13 THE ULTIMATE 14 RELATED PARTY PARENT UNDERTAKING TRANSACTIONS AND CONTROLLING Prince’s Trust International has had PARTY 

Prince’s Trust International has had transactions throughout the year with its parent company, The Prince’s Trust, totalling £448,547 (2020/21: £335,511) relating to staff salaries and expenses, procurement cards, Click Travel, VAT and recharges for managed services fees and IT costs incurred for Park Crescent Mews West. At the year-end £214,293 (2020/21: £161,209) was outstanding and included within creditors. 

Prince’s Trust International (the Charity) is a wholly owned subsidiary of The Prince’s Trust. The Charity is incorporated in England and Wales and has its own registration with the Charity Commission. The Charity’s Articles of Association set out how The Prince’s Trust exercises control over the Charity. 

£100,000 (2020/21: £100,000) donation was received from The Dorfman Foundation, an organisation of which the former Chairman of Prince’s Trust International, Sir Lloyd Dorfman CBE, is the Chairman and Founder. £nil (2020/21: £36,129) was received for office space from The Office Group Ltd, an organisation of which the former Chairman of Prince’s Trust International, Sir Lloyd Dorfman CBE, was a shareholder for part of the financial year 2020/21. 

As the sole member, The Prince’s Trust has the power to appoint up to three Trustees and then appoint the Chairman from among the Trustees. 

The ultimate parent undertaking and controlling party is The Prince’s Trust, a charity registered in the United Kingdom. The Prince’s Trust Charity Registration Number in England & Wales is 1079675 and in Scotland is SC041198. The Royal Charter Number is RC000772. The consolidated financial statements of The Prince’s Trust are available from The Prince’s Trust, 8 Glade Path, London, SE1 8EG. The Prince’s Trust’s vision is that every young person should have the chance to succeed and its mission is to help young people transform their lives by developing the confidence and skills to live, learn and earn. 

£25,000 (2020/21: £nil) was received as a donation from Pelham Incorporated Limited, an organisation over which Shabir Randeree CBE (Chairman of Prince’s Trust International) has significant influence. Shabir Randeree’s family charitable trust, The Randeree Charitable Trust, are also the landlord of The Dorfman Centre, 35 Park Crescent Mews West, and have supported Prince’s Trust International to informally use Basement 1 as their office base since Autumn 2021. 

£25,000 (2020/21: £12,500) was received as a donation from Michelle Pinggera, a Trustee of Prince’s Trust International. 

£20,000 (2020/21: £nil) was received as a donation from Antonio Simoes, a Trustee of Prince’s Trust International. 

£25,000 (2020/21: £nil) was received as a donation from Michael Nartey, a Trustee of Prince’s Trust International. 

£15,000 (2020/21: £nil) was received as a donation from Elmbridge Partners Limited, an organisation of which Rupert Goodman, the former Deputy Chairman of Prince’s Trust International, is a director and shareholder. 

£5,000 (2020/21: £nil) was received as a donation from Alistair Summers, a Trustee of Prince’s Trust International. 

£1,000 (2020/21: £nil) was received as a donation from Farah Golant, a Trustee of Prince’s Trust International. 

There were no outstanding balances in relation to the above at the balance sheet date (2020/21: £nil). 

## 15 TAXATION 

The Charity was a registered charity throughout the year. As such it is not liable to corporation tax on the surplus of income over expenditure for the year (s478 CTA 2010) or gains arising from the disposal of assets (s256 TCGA 1992) so far as the proceeds are used for charitable purposes only. 

The Charity is registered for VAT and, where applicable, expenditure is recorded net of recoverable VAT. 

## 16 EVENTS AFTER THE REPORTING PERIOD 

Since the end of the reporting period there has been a change in the structure of the Prince’s Trust Group of charities. In particular, on Thursday 1 September 2022 Prince’s Trust Group Company replaced The Prince’s Trust as the sole member of Prince’s Trust International. As sole member, Prince’s Trust Group Company became a “Person with Significant Control” of Prince’s Trust International. Prince’s Trust International’s governing document (its Articles of Association) was amended on 1 September 2022 including to reflect this change in membership. 

## “ 

LIFE IS VERY ENJOYABLE NOW. I CAN PUT FOOD ON THE TABLE EASILY, WITHOUT STRESS. I CAN PROSPER. 

**Rinah** 

## RINAH, KENYA 

Before Rinah (25) started her own business, she and her husband sometimes struggled to put food on the table for their two young children. Rinah’s earnings from her thriving hair salon and grocery shop have transformed their family life. 

enabling them to learn from each other through a combination of local in-person hubs, online learning and digital networks. 

Rinah lives with her husband, who drives a motorcycle taxi, and their two young children in Butere, Kenya. ‘Before I started my business I was a housewife,’ she explains. ‘I had to wait for my husband to bring home the money and if he didn’t earn we didn’t eat.’ 

some invaluable tips on customer service from her fellow Shujaaz Biz entrepreneurs. 

With a stable cash flow and three times as many clients, she is now so busy that she’s had to employ an assistant. 

‘When I joined Shujaaz I’d already times as many clients, she is now started the salon but it wasn’t so busy that she’s had to employ doing that well, business was a an assistant. bit down.... I wasn’t saving any money so my business wasn’t This year we’ve supported our very stable,’ Rinah recalls, partner Shujaaz to develop, refine explaining that she used to spend and evaluate their programme, as all the day’s takings on immediate they prepare to scale it up across family needs, like food and school East Africa. fees. This left her cash flow very fragile, so if a customer was late paying her, she couldn’t pay her suppliers. 

Rinah started selling chips on the roadside to bring in a little extra money. Step by step, with determination and resilience, she has built up a successful grocery business, and has also opened a hair salon. 

The Shujaaz Biz programme has played a key role in enabling Rinah to grow her business. Shujaaz Biz supports and connects young entrepreneurs, 

Rinah started to keep accounts and to save a portion of her earnings. She also took on board 



## FIND OUT MORE ABOUT PRINCE’S TRUST INTERNATIONAL 

Visit: princestrustinternational.org Email: enquiries@princestrustinternational.org 

/Prince’s Trust International @princestrustint @princestrutinternational 

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