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2024-12-31-accounts

REGENERATE TRUST

Company Number : 12346123

Registration Charity Number : 1191234

ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees and directors

Matt Isaacs (Chairman) Richard Brass Gi Fernando MBE Devina Paul Anna Swaithes

Executive team/Key management personnel in the year

Ed Boyd (Executive Director) Harry Brown (Director) Esme Clifford (Policy Director)

Company registration number

12346123

Registered Charity number

1191234

Registered office and contact address

Fivefields 8-10 Grosvenor Gardens London SW1W 0DH

Website

www.re-generate.org

Independent examiner

Daniel Valentine, ACA, Begbies Chartered Accountants Unit 14, Park Barn, Evegate Business Park, Smeeth, Ashford TN25 6SX

Bankers

Barclays Bank

1

REGENERATE TRUST TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024.

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 pioneers business solutions to the UK’s biggest social and environmental challenges.

We focus on unlocking the win-win opportunities where businesses—through their unique capacity to innovate and scale—can actively address the pressing issues of our time, from breaking down barriers to employment to climate change. We believe that businesses that operate in a purpose-driven way tend to be more successful and are key to driving economic growth.

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.

2

REGENERATE TRUST TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

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

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:

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 2024

Looking forward

In 2025, 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 £241,287 (57.6%) to £659,829. Total expenditure rose by £105,078 (28%) to £479,823. The charity recorded a surplus for the year of £180,006 (2024: £43,797). Reserves at 31 December 2024 are £357,600, of which £147,705 are restricted.

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 unrestricted funds of £209,895. 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 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.

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 in line 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.

4

REGENERATE TRUST TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024

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 3 September 2025 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 2024

I report to the charity trustees on the accounts of the charitable company for the year ended 31 December 2024, which are set out on pages 7 to 13.

Responsibilities and basis of report

As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

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 charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s 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:

  1. 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 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 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 [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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 Unit 14, Park Barn Evegate Business Park, Smeeth Ashford Kent TN25 6SX 4 September 2025

6

REGENERATE TRUST

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING AN INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 DECEMBER 2024

Restricted
Unrestricted
Funds
Fund
2024
Note
£
£
£
Income from:
Donations and legacies
Grants and donations
2
412,866
236,143
649,009
Gift Aid
6,375
1,565
7,940
Donated services
2
-
2,880
2,880
Total income
419,241
240,588
659,829
Expenditure on:
Charitable activities
3
309,226
170,597
479,823
Total expenditure
309,226
170,597
479,823
Net income / (expenditure)
110,015
69,991
180,006
Transfers between funds
-
-
-
Net movement in funds
110,015
69,991
180,006
Reconciliation of funds:
37,690
139,904
177,594
Total funds carried forward
147,705
209,895
357,600
Total funds brought forward		 Restricted Unrestricted
Funds
Fund
2023
£
£
£
243,366
160,551
403,917
-
-
-
14,625
14,625
243,366
175,176
418,542
214,454
160,291
374,745
214,454
160,291
374,745
28,912
14,885
43,797
-
-
-
28,912
14,885
43,797
8,778
125,019
133,797
37,690
139,904
177,594

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 2024

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		 £
£
£
£
308
581
19,142
39,431
363,878
216,873
383,020
256,304
(25,728)
(79,291)
357,292
177,013
357,600
177,594
147,705
37,690
209,895
139,904
357,600
177,594
2024
2023

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 3 September 2025 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 2024

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 2024

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

No government grants were received in 2024 and 2023.

From 1 January 2024 to 31 March 2024, the charity received office space at no charge. The value of this service is estimated at £2,880 (2023: £14,625) and is recognised within incoming resources as a donation, and an equivalent charge included within rent.

3. EXPENDITURE ON CHARITABLE ACTIVITIES

Employee costs (Note 4)
Pension provider costs
Staff training
PA/secretarial support
Freelance support
Rent
Other staff costs
Recruitment costs
Travel
Research & subcontracted services
Conferences and events
PR, marketing and website costs
IT services & software costs
Insurance
Bank charges
Sundry expenses
Depreciation
Governance costs
Legal fees
Accountancy & independent
examination		 Restricted
Unrestricted
2024
£
£
£
256,909
115,275
372,184
-
641
641
-
1,632
1,632
-
7,023
7,023
-
11,040
11,040
-
10,894
10,894
-
2,661
2,661
-
2,714
2,714
-
1,608
1,608
52,317
-
52,317
-
-
-
-
3,172
3,172
-
1,396
1,396
-
1,313
1,313
-
102
102
-
2,303
2,303
-
273
273
309,226
162,047
471,273
-
5,400
5,400
-
3,150
3,150
309,226
170,597
479,823		 Restricted
Unrestricted
2023
£
£
£
203,566
102,028
305,594
-
641
641
-
2,784
2,784
-
5,670
5,670
450
8,023
8,473
-
14,625
14,625
-
3,034
3,034
-
660
660
-
1,574
1,574
9,725
-
9,725
713
-
713
-
7,818
7,818
-
1,183
1,183
-
1,254
1,254
-
502
502
-
3,472
3,472
-
285
285
214,454
153,553
368,007
-
5,850
5,850
-
888
888
214,454
160,291
374,745

10

REGENERATE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.
EMPLOYEES
Gross salaries
Social security costs (less Employment Allowance)
Ex-gratia payment
Pension costs		 2024
2023
£
£
316,109
273,327
33,288
27,803
17,866
-
4,921
4,464
372,184
305,594

The charity had 4 employees during the year to 31 December 2024 (2023: 4 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
£70,000-£80,000
£100,000-£110,000
Total emoluments received by the charity's key management personnel		 2024
2023
No.
No.
1
-
-
1
2
1
2024
2023
£
£
282,834
236,146

Total emoluments received by the charity's key management personnel

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 (2023: no trustee and £nil of expenses).

11

REGENERATE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7. TANGIBLE FIXED ASSETS
Furniture &
equipment
£
COST
At 1 January 2024 1,538
At 31 December 2024 1,538
DEPRECIATION
At 1 January 2024
Charge for the year		 957
273
At 31 December 2024 1,230
NET BOOK VALUE
At 31 December 2024		 308
At 31 December 2023 581
8. DEBTORS
Trade debtors
Other debtors		 2024
£
10,000
9,142		 2023
£
30,000
9,431
19,142 39,431
9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
PAYE & NIC
Accruals and deferred income		 2024
£
2,684
18,177
4,867		 2023
£
1,746
9,312
68,233
25,728 79,291
**10. ** ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
Fund
Restricted
Funds Total Funds
Unrestricted
Fund
£
£
£
£
Fixed assets
308
-
308
581
Net current assets
209,587
147,705
357,292
139,323
2024		 Restricted
Funds
£
-
37,690
2023		 Total Funds
£
581
177,013
209,895
147,705
357,600
139,904		 37,690 177,594

12

REGENERATE TRUST

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11. MOVEMENT IN FUNDS
Restricted funds:
Government Programme
Early Childhood Development Project
Other
Unrestricted general reserve
Restricted funds:
Government Programme
Unrestricted general reserve
Good Jobs Project
Good Jobs Project		 At 1
January
2024
Income
Expenditure
At 31
December
2024
£
£
£
£
-
163,625
(155,125)
8,500
37,690
98,366
(101,534)
34,522
-
144,500
(45,048)
99,452
12,750
(7,519)
5,231
37,690
419,241
(309,226)
147,705
139,904
240,588
(170,597)
209,895
177,594
659,829
(479,823)
357,600
At 1
January
2023
Income
Expenditure
At 31
December
2023
£
£
£
£
8,778
125,000
(133,778)
-
-
118,366
(80,676)
37,690
8,778
243,366
(214,454)
37,690
125,019
175,176
(160,291)
139,904
133,797
418,542
(374,745)
177,594

Government Programme - Educating the government and other key decision makers on how to support purpose-driven business in the UK.

Good Jobs Project - helping find systemic ways of filling the UK's labour vacancies with people with barriers to work.

Early Childhood Development Project - exploring how businesses can support Early Childhood Development outcomes in a way that makes business sense.

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 SW1W 0DH.

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