REGENERATE TRUST Company Number: 12346123 Registration Charity Number . 1191234 ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
REGENERATE TRUST INDEX Page Reference and administrative information Trustees, Annual Report Independent examiner's report Statement of financial activities Balance Sheet Notes to the accounts 9-13
REGENERATE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE INFORMATION Trustees and directors Matt Isaacs (Chairman) Richard Brass Gi Fernando M BE Devina Paul Anna Swaithes- appointed 24 April 2023 Executive team/Key management personnel Ed Boyd (Executive Director) Harry Brown (Director) Esme Clifford (Policy Directorl- from 11 September 2023 Mary Pizzey IDirectorl- to 21 July 2023 Company registration number 12346123 Registered Charity number 1191234 Registered office and contact address Fivefields 8-10 Grosvenor Gardens London SWIW ODH Website www.re- enerate.or Independent examiner Daniel Valentine, ACA, Begbies Chartered Accountants Unit 14, Park Barn, Evegate Business Park, Smeeth, Ashford TN25 65X Solicitors Bates Wells, 10 Queen Street Place, London, EC4R IBE Bankers Barclays Bank
REGENERATE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTORS, REPORT} FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, who are a150 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 2023. The Trustees confirm that the Annual Report and Account5 have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of AsSOClation, and Accounting ond Reporting bv Charities.- Stutement of Recommended Practice applicoble to charities prepuring their accounts in uccordunce with the Finonciol Reporting Stondard opplicable in the UK und Republic of Irelund IFRS 1021 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.. 11 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,. 21 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= lal maximisin8 the material positive impact of business activities on people and the environment affected by such activities,. and Ibl minimising the negative effects of bu51ness activities on people and the environment affected by such activities. The charity's trustees have complied with their duty in Section 17151 of the 2011 Charities Act to have due regard to public benefit guidance published by the Charity Commission. Mlsslon ReGenerate's mission is to unlock the power of bLJsiness to help tackle great social and environmental challenges and make purpose-driven business the new normal. This mission is important, as social and environmental challenges, from the cost of living crisls to climate change, are mounting. The UK has a record number of people in relative poverty and are seeing growing consequences from a warming planet. At the same time, the power of the government and charities to tackle these challenges are limited.. the government by debt, and charities by scale. While they both do great work, we need businesses to play their full part to see sustained social and environmental impact. Businesses are uniquely placed to innovate and scale profitable solutions to problems, and are increasingly dominating the global stage, with 69 of the richest 100 entitie5 on the planet now beinE corporations, not governments. Operating as a force for good is also hugely beneficial to businesses, as it is increasingly proven to make them more resilient and successfLJI. This is typically because it leads more people wanting to invest in, buy from and work for them.
REGENERATE TRUST TRUSTEES, ANNUAL REPORT IINCORPORATING THE DIREoR5. REPORTI FOR THE YEAR ENDED 31 DECEMBER 2023 As a result, business leaders are now as likely to think their company's purpose 15 to profitably tackle the problems of people and planet as to maximise return5 to shareholders, according to a ReGenerate and British Academy Poll120201. Our mission, therefore, is vital to the health of businesses, the UK economy and society at large. 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 l. 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 Board approves strategy/policy and budget considerations and delegates operational authority to staff. The Executive Team led by the Executive Director decides on day-to-day management of the charity and it5 activities, its Outreach, its programme development and prepares all papers and strategy documents for Board approval. The trustees are aware of the principles and recommended practice for good governance set out in the Charity Governance Code. Activities and achievements 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 the following research, ecosystem mapping and events.. Research: The purpose-driven business solution to the UK'S labour shortage, July 2023 Research.. The Purpose-Driven Business Solution to the UK'S Labour Shortage. Regional spotlight.. West Midlands, july 2023 Research.. Unlocking youth employment. Opportunities for employers and marginali5ed groups, july 2023 Research.. How government can partner with business to tackle the UK'S challenges Ireleased January 2024 Ecosystem mapping.. lust Energy Transitlon Ecosystem Map, June 2023 Event: Reducing friction for businesses seeking to employ people from marginalised backgrounds, October 2023
REGENERATE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2023 Event.. How Businesses can tackle povertyi November 2023 Events.. Established the Future Business Ambassadors network from April 2023 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.. Programme: Co-founded the West Midlands Employment Alliance Newsletter.. the regularly produced Purpose Digest Looking forward In 2024, in delivering on its ambitions and in mitigation of the risks listed above, Regenerate Trust has undertaken the following major activities. Expanded our Future Business Ambassadors Network Advanced work to educate decision makers on how to help purp05e-driven businesses flourish in the UK Expanded the West Midlands Employment Alliance Set up a programme to research how businesses can help children in their early years Financial Review Total income increased by £67,148119.IY.I to £418,542. Total expenditure rose by £22,396 16.4Yol to £374,745. The charity recorded a surplus for the year of £43,79712023'. deficit of £9551. Reserves at 31 December 2023 are £177,594, of which £37,690 are restricted. Reserves Pollcy The trustees have agreed that the re5erve5 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 c05t5 and accounting and compliance costs. At the year end the charity had total unrestricted funds of £139,904. Holding reserves at this level and at this time is deemed to be prudent and recognises that there will be additional 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 capabilitie5 to have sufficient capacity ahead of delivering the quality of applied research we are endeavouring to provide within the timescales demanded by our funders.
REGENERATE TRUST TRUSTEES, ANNUAL REPORT (INCORPORATING THE DIRECTORS, REPORTI FOR THE YEAR ENDED 31 DECEMBER 2023 Risk management The trLJStees are responsible for identifying the major risks to which the Charity is exposed ènd 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 charittys 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 director5 for the purposes of company lawl are responsible for the preparation of the Annual Report and the financial statements in accordance with UK Generally Accepted Accounting Practice IUK Accounting Standards and applicable lawl. 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.. select suitable accounting policie5 and apply them consistently make judgements and estimates that are reasonable and prudent observe the methods and principles in the Charities SORP prepare the financial statements on the going concern basis unles5 It is inappropriate to presume that the Charity will continue operations. The Trustees are responsible for keeping proper accounting record5 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 und Reporting by Chorities.. Statement of Recommended Practice applict7ble to charities preporing their uccounts in uccordunce with the Finunciol Reporting St(Jndurd opplicable in the UK and Republic of Ireland (Charities SORP IFRS 10211 published on 16 July 2014 and in accordance with the special provision5 of the Companies Act 2006 relating to small companies (section 4191211. This report was approved by the board on 31 May 2024 and signed on its behalf bv= Mr M F A Isaacs- Chairman
REGENERATE TRUST Company reg no. 12346123. ReElStered Charity no. 1191234. INDEPENDENT EXAMINER'S REPORTTO THE MEMBERS ON THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 I report to the charity trustees on the account5 of the charitable company for the year ended 31 December 2023, which are set out on pages 7 to 13. Responsibilities and ba515 of report As the charity's trustees of the company land also its director5 for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 ACYI. Having satisfied 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 charitys accounts as carried out under section 145 of the Charitie5 Act 2011 (the '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 examiner'5 report I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe-. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act,. or 2. the accounts do not accord with those accounting records; or 3. the 3ccount5 do not comply with the accounting requirements of section 396 of the 2006 Art other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come acros5 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 Unit 14, Park Barn Evegate Business Park, Smeeth Ashford Kent TN25 6SX 6 June 2024
REGENERATE TRUST STATEMENT OF FINANCIALACTIVITIES (INCLUDING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted Funds Fund Restricted Unrestricted Funds Fund 2023 2022 Note Income from., Donations and legacies Grants and donations GiftAid Donated service5 243,366 160.551 403,917 132,000 186,043 318,043 9,250 9,250 3,000 3,000 14,625 14,625 Income from charitable artivities Pioneers Programme 21,101 21,101 Total income 243.366 175,176 418,542 132,000 219,394 351,394 Expenditure on.. Charitable activities 214,454 160,291 374.745 123,222 229,127 352,349 Total expenditure 214,454 160.291 374,745 123,222 229,127 352,349 Net lexpenditure} l income 28,912 14,885 43,797 8,778 19,7331 19551 Transfers between funds Net movement in funds 28,912 14,885 43,797 8,778 19,7331 19551 Reconciliation of funds,. Total funds brought forward Total funds carried forward 8,778 125,019 133,797 134,752 134,752 37,690 139,904 177.594 8,778 125,019 133,797 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.
REGENERATE TRUST Company reg no. 12346123. Registered Charity no. 1191234. BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes FIXED ASSETS: Tangible assets 581 336 CURRENT ASSETS.. Debtors Cash at bank 39,431 216,873 17,821 139,612 Total current assets 256,304 157,433 LIABILITIES: Creditors: amounts falling due within one year: 179,291} 123,9721 Net current assets 177,013 133,461 NET ASSETS 177,594 133,797 THE FUNDS OF THE CHARITY: Restricted funds li 37,690 8,778 Unrestricted fund li 139,904 125,019 TOTAL CHARITY FUNDS li 177,594 133,797 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 accordance with Section 476 of the Act. The tru5tees/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 31 May 2024 and signed on their behalf. M Isaacs- Chairman The notes on pages 9 to 13 form part of these financial statements.
REGENERATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 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. lal Basis of accounting and assessment of going concern The financial statements of the charity have been prepared in accordance with Accounting (Jnd Reporting by Churitie5.' Statement of Recommended Prjctice opplicuble to chorities preparing their occounts in accordunce with the Financiul fieporting Stt7ndL7rd applicoble in the UK und Republic of Irelt7nd (Charities SORP IFRS 10211 published on 16 July 2014, the Financial Reporting Stondt7rd applicoble in the UK and Republic of Ireland IFRS 1021 and the Companie5 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. Ibl Fund accounting Unrestricted fund5 are availabSe for use at the discretion of the trustees in furtherance of the general objectives of the charity. Restricted funds are subjected to restriction5 on their expenditure imposed by the donor or through the term5 of grants. Further details can be found in note 13. (cl Income recognition ASI 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 accuracv. 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. Idl 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 15 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 cost5 include those costs associated with meeting the constitutional and statutorv requirements of the charity and include the independent examiner's fees and c05t5 linked to the strategic management of the charitv.
REGENERATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 I. ACCOUNTING POLICIES CONTINUED lel Tangible fixed assets and depreciation. Individual fixed assets Costing more than £500 are initially recorded at cost, less any subsequent accumulated depreciation and impairment105ses. 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 Sine method If) 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. GRANTS RECEIVABLE No government grants were received in 2023 and 2022. From September 2022, the charity has received office space at no charge. The value of this service is estimated at £14,625 12022.. £3,000) and is recognised within incoming resources as a donation, and an equivalent charge ncluded within rent. EXPENDITURE ON CHARITABLE ACTIVITIES Restricted Unrestricted 2023 Restricted Unrestricted 2022 EmpSoyee costs (Note 41 Pension provider costs staff training PAlsecretarial support Freelance support Rent Other staff costs Travel Research & subcontracted services Pioneers Programme costs Conferences and events PR, marketing and website costs IT services & software costs Insurance Bank charges Sundry expenses Depreciation 203,566 102,028 305,594 641 641 2,784 2,784 5.670 5,670 8,023 8,473 14,625 14,625 3,694 3.694 1,574 1,574 9.725 111,023 179,563 290,586 621 621 1,265 1,265 5,548 5,548 4,007 4,007 8,250 8,250 2,021 2,021 976 976 4,000 16,199 2,781 2,781 778 778 2,155 2,155 1,981 1,981 1,153 1,153 113 113 1,994 1,994 252 252 450 9,725 12,199 713 713 7,818 1,183 1,254 502 3,472 285 7,818 1,183 1,254 502 3,472 285 214,454 153,553 368,007 123,222 217,458 340,680 Governance costs Accountancy & independent examination Legal fees 5,850 888 5.850 888 11,669 11,669 214,454 160,291 374,745 123,222 229,127 352,349 io
REGENERATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 EMPLOYEES 2023 2022 Gross salaries Social security costs Iless Employment Allowance) Pension costs 273,327 27.803 4,464 258,796 27,922 3,868 305,594 290,586 The charity had 4 employees during the year to 31 December 202312022.. 4 employeesl 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. 2023 No. 2022 No. £60,000-£70,000 £70,000-£80,000 EIOO,000-EIIO,000 2023 2022 Total emoluments received by the charity's key management personnel 236,146 231,225 TAXATION As a charity, Regeneration Trust is exempt from tax on income and gains falling within section 505 Df the Taxes Act 1988 or $256 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 Charity12020'. nill. TRUSTEES REMUNERATION AND EXPENSES None of the trustees received remuneration or were reimbursed expenses during the year12022= no trustee and £nil of expenses). li
REGENERATE TRUST NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS Furniture & equipment COST At 113nuary 2023 Additions 1,008 530 At 31 December 2023 1,538 DEPRECIATION At ljanuary 2023 Charge for the year At 31 December 2023 672 285 957 NET BOOK VALUE At 31 December 2023 581 At 31 December 2022 336 DEBTORS 2023 2022 Trade debtors other debtors 30.000 9,431 7,101 10,720 39,431 17,821 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Other creditors PAYE & NIC Accruals and deferred income 1,746 9,312 68,233 10,052 9,154 4,766 79,291 23,972 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 2022 Unrestricted Restricted Fund Funds Unrestricted Restricted Fund Funds Total Funds Total Funds Fixed assets Net CLJrrent assets 581 139,323 581 336 336 133,461 37,690 177,013 124,683 8,778 139,904 37,690 177,594 125,019 8,778 133,797 12
REGENERATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. MOVEMENT IN FUNDS Ati At31 December 2023 January 2023 Income Expenditure Restricted funds: Good Jobs Project Government programme 8,778 125,000 118,366 1133,778} 180,6761 1214.4541 1160,2911 1374.7451 37,690 8,778 125.019 133,797 243,366 175,176 418,542 37,690 Unrestricted general reserve 139.904 177,594 Atl January 2022 At31 December 2022 Income Expenditure Restricted funds.. Solve fors Good Jobs Project lust Energy Transition 15,000 92,000 25,000 115,0001 183,2221 125,0001 1123,2221 1229,1271 8,778 132,000 8,778 Unrestricted general reserve 134,752 219,394 125,019 134,752 351,394 1352,3491 133,797 Government programme - Educating the government and other key decision maker5 on high-impact and compelling reform ideas promoting purpose-driven business. Good Jobs Project - a project seeking to help find systemic ways of filling the UK'S 1.1 million labour vacancies Wlth people from marginalised backgrounds. Solve for S a research project exploring how businesses can approach the S in ESG and how partnerships with civil Society can help. Just Energy Transition The Just Energy Transition Ec05y5tem Map brings together, in one place, all the major organi5ations working towards ensuring a just transition to clean energy in the UK. 12. LIMITED BY GUARANTEE AND REGISTERED OFFICE The charity is a company limited by guarantee registered in England and Wales. The registered office is Fivefields, 8-10 Grosvenor Gardens, London SWIW ODH. 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 toward5 the costs of dissolution and the liabilities incurred by the charity while the contributor was a member. 13