I would start with the capacitors, check the diodes' transistors' Vr and Vceo.
The plan seems to suggest that those leds are 3.5v@20ma. If so, the output is about 3.5+0.7(p-n junction) + 0.3v (bat48) - 0.7v (p-n junction), just shy of 4v.
If you are brave, just hook it to 14v - it was designed for 12v and 12v isn't that much different from 14v.
Two (potential) issues with the plan:
1) there is a lot of current going through the npn transistor, at least 40ma, without any load attached. that means a power dissipation of (12-4)v*40ma = 0.3w - a lot to dissipate for those tiny transistors (200c/w thermal resistance at least).
2) the topology has very little gain so its line regulation / psrr aren't great.