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2021-12-31-accounts

REGENERATE TRUST

Company Number : 12346123

Registration Charity Number : 1191234

ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

REGENERATE TRUST

INDEX

Page
Reference and administrative information 1
Trustees' Annual Report 2-5
Independent examiner's report 6
Statement of financial activities 7
Balance Sheet 8
Notes to the accounts 9-13

REGENERATE TRUST TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees and directors

Matt Isaacs (Chairman) Richard Brass Gi Fernando MBE Devina Paul Michelle Weston

Executive team/Key management personnel

Ed Boyd (Co-Founder & Executive Director) Harry Brown (Director) Mary Pizzey (Director)

Company registration number

12346123

Registered Charity number

1191234

Registered office and contact address

People’s Mission Hall 20-30 Whitechapel Road London E1 1EW

Website

www.re-generate.org

Independent examiner

Daniel Valentine, ACA, Begbies Chartered Accountants, Old Printers House, Stone Street, Cranbrook, Kent, TN17 3HF

Solicitors

Bates Wells, 10 Queen Street Place, London, EC4R 1BE

Bankers

Barclays Bank

1

REGENERATE TRUST TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

The Trustees, who are also members and directors of the charitable company for the purposes of the Companies Act, submit their annual report and accounts for the year ended 31 December 2021.

The Trustees confirm that the Annual Report and Accounts have been prepared in accordance with the accounting policies set out in Note 1 to the accounts and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published on 16 July 2014.

Objectives and activities for the public benefit

The charitable company was incorporated on 3 December 2019 and became a registered charity on 10 September 2020.

The objects of the company are for the public benefit to: 1) advance education and promote study and research including without limitation in the subjects of sustainable development and responsible and purposeful business and to publish and disseminate the useful results of such study and research; 2) promote ethical standards and conduct in business through the provision of education and advice to purpose-driven businesses and encouraging the adoption and application of high standards of business ethics and governance and thereby: (a) maximising the material positive impact of business activities on people and the environment affected by such activities; and (b) minimising the negative effects of business activities on people and the environment affected by such activities.

The charity’s trustees have complied with their duty in Section 17(5) of the 2011 Charities Act to have due regard to public benefit guidance published by the Charity Commission.

Mission

ReGenerate Trust is investigating how the growth of the ecosystem for purpose-driven business can be accelerated, making it easier to start, grow and lead a business doing good.

Entrepreneurs and established businesses have a tremendous power to help tackle the great social and environmental issues of our age, from modern slavery and in-work poverty to climate change.

When their unique ability to innovate and scale is combined with a drive for positive impact it can transform society and the planet. We believe that the world would be a better place if there were more businesses operating like this.

Unfortunately, the ecosystem within which these organisations sit is not well developed, meaning it is far harder than it should be to operate in a purpose-driven way. For example, there is too little focus from educators to prepare people to set up or lead purpose-driven businesses; too few investors who understand the benefits of a purpose-driven approach; and little recognition or support from the government to help businesses that operate in this way to thrive, despite the obvious benefits of doing so.

It is eminently possible to change this. We need systemic reforms that set out tangible recommendations for leaders to act upon. This is where ReGenerate Trust comes in.

ReGenerate is making purpose-driven business the new normal.

2

REGENERATE TRUST TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

We are a deeply collaborative organisation, and have gathered leading thinkers from across established business, government, academia, investment and entrepreneurship. Together, we are conducting research that identifies the barriers and shares the solutions necessary to make the UK, and wider world, a great place for purpose-driven entrepreneurs and businesses.

Organisation, Structure and Governance

ReGenerate Trust is a charitable company limited by guarantee. It is governed by its Memorandum and Articles of Association. The trustees and directors are listed on page 1.

The trustees are appointed through recommendation based on knowledge of and commitment to the aims of the charity.

Decisions are taken in the following way:

The trustees are aware of the principles and recommended practice for good governance set out in the Charity Governance Code.

Activities and achievements

All the activities of ReGenerate Trust support the objectives set out on page 2 above.

We pursued our purpose to advance education and promote study and research including without limitation in the subjects of sustainable development and responsible and purposeful business and to publish and disseminate the useful results of such study and research by undertaking and releasing the following research papers, following events and major research gathering:

We pursued our purpose to promote ethical standards and conduct in business through the provision of education and advice to purpose-driven businesses and encouraging the adoption and application of high standards of business ethics and governance by undertaking and making publicly available:

3

REGENERATE TRUST TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

Traffic to the ReGenerate website nearly doubled from 2020, with over 16k visits. Roughly a quarter of the traffic was to the homepage, the ecosystem map and research reports. Dwell time on the report and ecosystem pages was on average, over three minutes. There were nearly 1,000 downloads of the ecosystem map content, including the infographic and directory.

We grew our mailing list by 346, an increase of 88%. It has an average open rate of 45%, which generates over 12k clicks on the content. We had over 1,000 click interactions from social media (630 from LinkedIn, 430 from Twitter).

Looking forward

In 2022, in delivering on its ambitions and in mitigation of the risks listed above, ReGenerate Trust has undertaken the following major activities:

Financial Review

Total income increased by £20,755 (6.5%) to £339,403. Total expenditure rose by £79,831 (36%) to £301,565. The charity recorded a surplus for the year of £37,838 (2020: £96,914). Reserves at 31 December 2021 are £134,752, which all are unrestricted.

Reserves Policy

The trustees have agreed that the reserves policy is to have adequate unrestricted reserves to sustain the early development of the charity and have a target of holding at least three months of predicted regular expenditure, primarily the salaries of the Executive Team, supporting contracted research costs and accounting and compliance costs.

At the year end the charity had total funds of £134,752 which are all unrestricted. Holding reserves at this level and at this time is deemed to be prudent and recognises that there will be additional initial set up costs over and above regular running costs as the charity seeks to establish its purpose. This necessarily includes spending executive time on attracting new sources of funding, the timing of which is unpredictable, and time on evolving our research capacity and capabilities to have sufficient capacity ahead of delivering the quality of applied research we are endeavouring to provide within the timescales demanded by our funders.

4

REGENERATE TRUST TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2021

Risk management

The trustees are responsible for identifying the major risks to which the Charity is exposed and ensuring that steps are taken to manage those risks. The major risks identified by the trustees and Executive Team include the following; publishing something that is not inline with the charity’s objects, absence of key personnel in a small team, publishing incorrect information and failing to raise sufficient funds to cover the charity’s operating costs.

Trustees’ responsibilities in relation to the financial statements

The Trustees (who are also directors for the purposes of company law) are responsible for the preparation of the Annual Report and the financial statements in accordance with UK Generally Accepted Accounting Practice (UK Accounting Standards and applicable law). The financial statements are required to give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) published on 16 July 2014 and in accordance with the special provisions of the Companies Act 2006 relating to small companies (section 419(2)).

This report was approved by the board on 7 September 2022 and signed on its behalf by:

Mr M F A Isaacs – Chairman

5

REGENERATE TRUST Company reg no. 12346123. Registered Charity no. 1191234. INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2021 1 report to the charity trustees On the accounts of the charitable company for the year ended 31 December 2021, which are set out on pages 7 to 13. Responsibllities and basis of report As the charity's trustees of the company land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirement5 of the Companies Act 20061'the 2006 Act'l. Having 5at15fied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 Ithe '2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs report I have completed my examination. I confirm that no matters have come to my attention in connection with the examination Eiving me cause to believe- accounting records were not kept in respect of the company as required by section 386 of the 2(X)6 Act- or the accounts do not accord with those accounting records. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fail view which is not a matter considered as part of an independent examination,. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended prartice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financi31 Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mr Daniel M Valentine ACA Begbies Chartered Accountants Old Printers House Stone Street Cranbrook Kent TN17 3HF

REGENERATE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2021

Restricted
Unrestricted
Funds
Fund
2021
Note
£
£
£
Income from:
Donations and legacies
Grants received
2
87,716
251,687
339,403
Total income
87,716
251,687
339,403
Expenditure on:
Charitable activities
3
87,716
213,849
301,565
Total expenditure
87,716
213,849
301,565
Net income
-
37,838
37,838
Transfers between funds
-
-
-
Net movement in funds
-
37,838
37,838
Reconciliation of funds:
-
96,914
96,914
Total funds carried forward
-
134,752
134,752
Total funds brought forward		 Restricted Unrestricted
Funds
Fund
2020
£
£
£
105,250
213,398
318,648
105,250
213,398
318,648
105,250
116,484
221,734
105,250
116,484
221,734
-
96,914
96,914
-
-
-
-
96,914
96,914
-
-
-
-
96,914
96,914

The notes on pages 9 to 13 form part of these financial statements.

The Statement of Financial Activities includes all gains and losses in the period. All income and expenditure derive from continuing activities.

7

REGENERATE TRUST

Company reg no. 12346123. Registered Charity no. 1191234.

BALANCE SHEET AS AT 31 DECEMBER 2021

Notes
FIXED ASSETS:
Tangible assets
7
CURRENT ASSETS:
Debtors
8
Cash at bank
Total current assets
LIABILITIES:
Creditors:amounts falling due within one year:
9
Net current assets
NET ASSETS
THE FUNDS OF THE CHARITY:
Restricted funds
11
Unrestricted fund
11
TOTAL CHARITY FUNDS
11		 £
£
£
£
588
840
-
1,021
149,385
194,814
149,385
195,835
(15,221)
(99,761)
134,164
96,074
134,752
96,914
-
-
134,752
96,914
134,752
96,914
2021
2020

The accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities.

For the year in question the charitable company was entitled to exemption from an audit under section 477 of the Companies Act 2006.

The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with Section 476 of the Act.

The trustees/directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The financial statements were approved by the Trustees on 7 September 2022 and signed on their behalf.

M Isaacs - Chairman

The notes on pages 9 to 13 form part of these financial statements.

8

REGENERATE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and in the preceding period.

(a) Basis of accounting and assessment of going concern

The financial statements of the charity have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP (FRS 102)) published on 16 July 2014, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charity constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

(b) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of grants. Further details can be found in note 13.

(c) Income recognition

All income is included in the statement of financial activities when the charity is entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy.

Grants are recognised when the charity has an entitlement to the funds and conditions linked to the grant has been met.Where performance conditions are attached to the grant and are yet to be met or where it relates to a time period after the accounting reference date, the income is recognised as a liability and included on the balance sheet as deferred income.

(d) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the independent examiner's fees and costs linked to the strategic management of the charity.

9

REGENERATE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1. ACCOUNTING POLICIES CONTINUED

(e) Tangible fixed assets and depreciation.

Individual fixed assets costing more than £500 are initially recorded at cost, less any subsequent accumulated depreciation and impairment losses.

Depreciation has been computed to write off the cost to residual value over their useful lives at the following rates:-

Fixtures, fittings and equipment - 25% straight line method

(f) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

2. GRANTS RECEIVABLE

The charity received £39,966 from the Department for Digital, Culture, Media and Sport in the year to fund research on systemic reforms to help social entrepreneurs to scale and have more impact, building demand for impact investment. No government grants were received in 2020.

3. EXPENDITURE ON CHARITABLE ACTIVITIES

Employee costs (Note 4)
Pension provider costs
Staff training
Other staff costs
Travel
Consultancy
IT services & software costs
Insurance
Bank charges
Donations paid
Sundry expenses
Depreciation
Governance costs
Legal fees
Accountancy and independent
examination		 Restricted
Unrestricted
2021
£
£
£
71,376
188,059
259,435
-
619
619
-
1,150
1,150
-
1,511
1,511
-
701
701
16,340
10,602
26,942
-
747
747
-
426
426
-
65
65
-
210
210
-
1,497
1,497
-
252
252
87,716
205,839
293,555
-
7,362
7,362
-
648
648
87,716
213,849
301,565		 Restricted
Unrestricted
2020
£
£
£
105,250
88,197
193,447
-
516
516
-
-
-
-
2,319
2,319
-
42
42
-
15,193
15,193
-
1,269
1,269
-
324
324
-
-
-
-
-
-
-
244
244
-
168
168
105,250
108,272
213,522
-
3,802
3,802
-
4,410
4,410
105,250
116,484
221,734

10

REGENERATE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

4.
EMPLOYEES
Gross salaries
Social security costs (less Employment Allowance)
Pension costs		 2021
2020
£
£
231,225
176,211
24,254
15,376
3,956
1,860
259,435
193,447

The charity had 3 employees during the year to 31 December 2021 (2020: 3 employees)

The table below shows the number of higher-paid staff with emoluments falling in the following ranges. Emoluments include salary and taxable benefits in kind and other payments to employees, but exclude employer pension costs.

£60,000-£70,000
£80,000-£90,000
£100,000-£110,000
Total emoluments received by the charity's key management personnel		 2021
2020
No.
No.
2
-
-
1
1
-
2021
2020
£
£
231,225
171,262

5. TAXATION

As a charity, Regeneration Trust is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity (2020: nil).

6. TRUSTEES REMUNERATION AND EXPENSES

None of the trustees received remuneration or were reimbursed expenses during the year (2020: no trustee and £nil of expenses).

11

REGENERATE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

7.
TANGIBLE FIXED ASSETS
COST
At 1 January 2021
At 31 December 2021
DEPRECIATION
At 1 January 2021
Charge for the year
At 31 December 2021
NET BOOK VALUE
At 31 December 2021
At 31 December 2020
8.
DEBTORS
Other debtors
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
PAYE & NIC
Accruals and deferred		 Furniture &
equipment
£
1,008
1,008
168
252
420
588
840
2021
2020
£
£
-
1,021
-
1,021
2021
2020
£
£
1,667
1,179
7,985
7,289
5,569
91,293
15,221
99,761

10. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Net current assets		 Unrestricted
Funds
Restricted
Funds Total Funds
Unrestricted
Funds
Restricted
Funds Total Funds
£
£
£
£
£
£
588
-
588
840
-
840
134,164
-
134,164
96,074
-
96,074
134,752
-
134,752
96,914
-
96,914
2021
2020

12

REGENERATE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2021

11. MOVEMENT IN FUNDS
Restricted funds:
DCMS
'S in the ESG'
Unrestricted funds:
General reserve
Restricted funds:
'Harnessing business'
B Lab UK
Unrestricted funds:
General reserve
'Helping purpose-driven business thrive'
'Helping purpose-driven business thrive'		 At 1
January
2021
Income
Expenditure
At 31
December
2021
£
£
£
£
-
39,966
(39,966)
-
-
27,750
(27,750)
-
-
20,000
(20,000)
-
-
87,716
(87,716)
-
96,914
251,687
(213,849)
134,752
96,914
339,403
(301,565)
134,752
At 1
January
2020
Income
Expenditure
At 31
December
2020
£
£
£
£
-
83,250
(83,250)
-
-
10,000
(10,000)
-
-
12,000
(12,000)
-
-
105,250
(105,250)
-
-
213,398
(116,484)
96,914
-
318,648
(221,734)
96,914

DCMS - grant from the Department for Digital, Culture, Media and Sport to fund research on systemic reforms to help social entrepreneurs to scale and have more impact, building demand for impact investment.

Helping purpose-driven business thrive' - funding from The Joseph Rowntree Foundation to research how to help purpose-driven businesses thrive.

'S in the ESG' - funding for a roundtable and report to explore investment and purpose-driven business with a particular focus on the 'S' in ESG.

12. LIMITED BY GUARANTEE AND REGISTERED OFFICE

The charity is a company limited by guarantee registered in England and Wales. The registered office is People's Mission Hall, 20-30 Whitechapel Road, London E1 1EW.

Every member undertakes, if the charity is dissolved while he, she or it remains a member or within 12 months afterwards, to pay up to £1 towards the costs of dissolution and the liabilities incurred by the charity while the contributor was a member.

13