**REGISTERED CHARITY NUMBER: 1062479**
**Report of the Trustees and**
**Financial Statements**
## **for the Year Ended 31 March 2021**
## **for**
**The Education Renaissance Trust**
Gorman Darby & Co Limited Chartered Certified Accountants Regal House 70 London Road Twickenham TW1 3QS
**The Education Renaissance Trust**
**Contents of the Financial Statements for the Year Ended 31 March 2021**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|3|
|**Independent Examiner's Report**||4||
|**Statement of Financial Activities**||5||
|**Statement of Financial Position**||6||
|**Notes to the Financial Statements**|7|to|11|
**The Education Renaissance Trust**
## **Report of the Trustees for the Year Ended 31 March 2021**
The trustees present their report together with the financial statements of the charity for the year ended 31 March 2021. The financial statements have been prepared in accordance with the accounting policies set out in the notes and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The principal objective of the Trust is to help develop schools and support teachers who offer a spiritual dimension to education. The Trust promotes the development of a distinctive approach to education which has been pioneered in a group of London schools for 47 years. This approach is based on the understanding that the desire for truth is part of human nature. It can inspire every lesson and it has proved beneficial to the lives of children and their teachers.
## **Significant activities**
The Trust furthers its charitable purposes for the public benefit through its grant-making policy and teacher training. The Trust currently supports bursary funds for pupils, and makes grants for teachers' salaries, training, school buildings and improved facilities. It runs training programmes, open to all teachers, to pass on the experience and lessons learned from the spiritual approach to education. It also facilitates dialogue, visits and teacher exchanges between the schools which it supports in a number of countries. The Trust undertakes continuous fundraising for its own work, and provides help and advice for others to do so.
## **Public benefit**
In planning and directing the Trust's activities, the trustees have fully considered the guidance on public benefit, published by the Charity Commission. The grants made and teacher training benefit the public in the area of education.
## **ACHIEVEMENT AND PERFORMANCE Charitable activities**
## **Grants, teaching bursaries and donations paid**
During the year grants of £69,930 were made to St James Johannesburg ("SJJ"), as a continuing programme of support. SJJ has suffered low pupil numbers, exacerbated by the pandemic, and the school's governors decided to search for a new site for the school. Trustees agreed to support this quest financially and with expertise. The Trust's educational advisers, Mr. and Mrs. Moss, have been attending the relocation project steering committee via Zoom. The Trust also completed a two-year grant to SJJ to fund the salary of the executive head. We also received a donation of £125,000 including gift aid towards the SJJ relocation project. As a suitable site has not yet been found, the donation is held by the Trust as restricted funds. Individual UK Friends of the Trust continued to sponsor bursaries for children at SJJ. The total value of their donations, including Gift Aid, was £3,650.
Little Stars School in Varanasi, India, continued to receive instalments of the Trust's 5 year grant of £55,900.
Gap year students were sponsored in London, Melbourne and Auckland.
A £20,000 grant funded a second year's internship in the St James London Sanskrit Department. The beneficiary is to take up a full-time teaching post in St James in September 2021.
The two people leading the work of Sanskrit@ St James, which promotes the study of Sanskrit around the world, each received a grant of £8,000.
An educational project for teachers in Argentina received £8,750, the second instalment of a start up grant of £35,000. The project was then halted by the closure of all schools because of the pandemic.
## **Teacher training and school development**
The training and development of teachers is a priority for the trustees, as is the development of the schools which the Trust helps to support. To deliver these priorities, Mr Paul Moss, former Head of Development at St James Schools, London, and his wife Penny, a retired St James teacher, both work as consultants to the Trust.
Because of the pandemic these activities have been halted. The annual international teachers conference in Lucca, Italy was cancelled both for 2020 and 2021. We hope to run a conference in July 2022.
Page 1
**The Education Renaissance Trust**
## **Report of the Trustees for the Year Ended 31 March 2021**
## **ACHIEVEMENT AND PERFORMANCE**
## **Fundraising activities**
The Friends of the Education Renaissance Trust continue to be a valuable source of funding, mainly from one-off donations, regular standing orders, a sponsorship scheme for pupils in South Africa, and, occasionally, bequests. A fundraising campaign on behalf of St James School in Durban has continues to generate donations. Donations are made to the Trust, which periodically transfers the funds raised to Durban. The total amount of these donations for Durban for the year including gift aid was £17,717.
The Trust is a member of the British Schools and Universities Foundation. The BSUF is a US 301(c)(3) charity which can receive tax-deductible donations from US tax payers.
Two further editions of the ERT newsletter 'Report' were published, to keep friends and supporters in touch with our work.
## **FINANCIAL REVIEW**
## **Investment policy and objectives**
The Trust held 2 Berkshire Hathaway shares at the year end. The trustees have regularly reviewed the investment and best advice has been to hold, subject to realising it in full or in part at any time, at their discretion, in order to further the objectives and activities of the Trust.
## **Reserves policy and review of the year**
The Trust's policy in respect of reserves is to meet requests for support as far as possible but to continue to adopt a cautious policy of grant-making in order to preserve the value of the Trust's main asset for as long as possible. Income from donations and legacies for the year ended 31st March 2021 was £177,217 (2020: £108,132). Total expenditure was £250,283 (2020: £396,919), of which £228,164 (2020: £368,958) was direct expenditure on charitable activities. There were gains of £151,755 (2020: losses £22,233) on the Trust's investment assets and net income for the year was £78,764 (2020: net expenditure £278,201), comprising net income on restricted funds of £126,509 less net expenditure on unrestricted funds of £47,745. Total unrestricted funds at the year end were £656,772 (2020: £704,517).
## **FUTURE PLANS**
Plans for the future include:
To continue to promote the exchange of experience between, and the development of teachers in, the family of schools which we support.
To run a further international conference in Lucca, Italy, in July 2022, for teachers from the schools which we support as well as others, some of whom we have not yet met.
To continue to provide in-service training opportunities for teachers.
To continue to provide financial support to educational initiatives which are within our objectives.
To continue to fund-raise for our cause, education based on spiritual values, and to help others to do so.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
## **Recruitment and appointment of new trustees**
The trust deed provides for a minimum of three trustees. New trustees are appointed by a resolution of the trustees at a special meeting.
## **Organisational structure**
All property of the Trust is managed by the trustees. All decisions are made by the trustees at meetings which take place at least 6 times a year. Administrative and fundraising support is provided by consultants, Mr H Venables and Mrs D Venables.
## **Induction and training of new trustees**
The existing trustees are responsible for the induction of any new trustee. This involves awareness of a trustee's responsibilities, the trust deed and the history of the Trust. A new trustee receives copies of the previous year's annual report and accounts and a copy of the Charity Commission booklet 'The Essential Trustee: what you need to know, what you need to do'.
Page 2
**The Education Renaissance Trust**
## **Report of the Trustees for the Year Ended 31 March 2021**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT General Data Protection Regulation**
We have audited the data we hold on people, in the form of a mailing list of c.600 to whom we send a one-page newsletter twice a year. We are satisfied that the vast majority of the data has been given to us by the people concerned, for the exact purpose of keeping in touch with them twice a year. Nobody has been offered or requested that they should be removed from the list after some specified time. Everybody is reminded regularly that they can be removed from the list on request at any time.
## **Risk management**
The main form of financial risk faced by the Trust is that of volatility in equity markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities. As previously stated, the trustees have regularly reviewed the investment in Berkshire Hathaway shares. The trustees do not consider that the Trust is exposed to any other significant risks but the position is kept under regular review at trustees meetings.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1062479
## **Principal address**
9 Bedford Gardens London W8 7ED
## **Trustees**
Mr. M Kettle - Chairman Mr. A. Marshall Mr. C. Rees Mrs. M. Camp Mrs T Glover
## **Independent Examiner**
Brendan Gorman FCCA Gorman Darby & Co Limited Chartered Certified Accountants Regal House 70 London Road Twickenham TW1 3QS
Approved by order of the board of trustees on 7 May 2021 and signed on its behalf by:
Mr. M Kettle - Trustee
Page 3
## **Independent Examiner's Report to the Trustees of The Education Renaissance Trust**
## **Independent examiner's report to the trustees of The Education Renaissance Trust**
I report to the charity trustees on my examination of the accounts of The Education Renaissance Trust (the Trust) for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
Brendan Gorman FCCA Gorman Darby & Co Limited Chartered Certified Accountants Regal House 70 London Road Twickenham TW1 3QS
7 May 2021
Page 4
**The Education Renaissance Trust**
## **Statement of Financial Activities for the Year Ended 31 March 2021**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
30,850
**Charitable activities**
Teacher training and school development
-
Investment income
2
75
**Total**
30,925
**EXPENDITURE ON**
Raising funds
3,921
**Charitable activities**
Grants
124,572
Teacher training and school development
57,000
Teaching bursaries
26,734
Governance and support costs
18,198
**Total**
230,425
Net gains/(losses) on investments
151,755
**NET INCOME/(EXPENDITURE)**
(47,745)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
704,517
**TOTAL FUNDS CARRIED FORWARD**
656,772|Restricted
funds
£
146,367
-
-
146,367
-
19,858
-
-
-
19,858
-
126,509
7,846
134,355|2021
Total
funds
£
177,217
-
75
177,292
3,921
144,430
57,000
26,734
18,198
250,283
151,755
78,764
712,363
791,127|2020
Total
funds
£
108,132
32,287
532
140,951
6,436
228,343
94,950
45,665
21,525
396,919
(22,233)
(278,201)
990,564
712,363|
|---|---|---|---|
The notes form part of these financial statements
Page 5
**The Education Renaissance Trust**
## **Statement of Financial Position 31 March 2021**
|Notes
**FIXED ASSETS**
Investments
5
**CURRENT ASSETS**
Debtors
6
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
7
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**CREDITORS**
Amounts falling due after more than one year
8
**NET ASSETS**
**FUNDS**
9
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Unrestricted
fund
£
559,148
8,441
157,913
166,354
(57,550)
108,804
667,952
(11,180)
656,772|Restricted
funds
£
-
28,555
105,800
134,355
-
134,355
134,355
-
134,355|2021
Total
funds
£
559,148
36,996
263,713
300,709
(57,550)
243,159
802,307
(11,180)
791,127
656,772
134,355
791,127|2020
Total
funds
£
657,903
22,956
147,397
170,353
(93,533)
76,820
734,723
(22,360)
712,363
704,517
7,846
712,363|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 7 May 2021 and were signed on its behalf by:
Mr. M Kettle - Trustee
The notes form part of these financial statements
Page 6
**The Education Renaissance Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements have been prepared under the historical cost convention, with the exception of listed investments which are included at market value, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The financial statements have been prepared to give a true and fair view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **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 a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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. Governance and support costs include the independent examiner's fees, other professional fees, and general administration overheads. As there is no meaningful way of apportioning or allocating governance and support costs to the other expenditure categories, these costs are shown as a separate heading on the face of the Statement of Financial Activities.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fixed asset investments**
Listed investments are carried at their market value.
## **Debtors**
Debtors are measured at cost.
## **Creditors**
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.
## **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.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
Page 7
**The Education Renaissance Trust**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **1. ACCOUNTING POLICIES - continued**
## **Fund accounting**
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Foreign currencies**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
## **2. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
||2021|2020|
||£|£|
|Interest receivable|75|532|
## **3. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.
## **Trustees' expenses**
No expenses (2020: travel expenses of £559) were reimbursed to trustees during the year.
## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
64,136
**Charitable activities**
Teacher training and school development
32,287
Investment income
532
**Total**
96,955
**EXPENDITURE ON**
Raising funds
6,436
**Charitable activities**
Grants
183,899
Teacher training and school development
94,950
Teaching bursaries
45,665
Governance and support costs
21,525
**Total**
352,475
Net gains/(losses) on investments
(22,233)
**NET INCOME/(EXPENDITURE)**
(277,753)|Restricted
funds
£
43,996
-
-
43,996
-
44,444
-
-
-
44,444
-
(448)|Total
funds
£
108,132
32,287
532
140,951
6,436
228,343
94,950
45,665
21,525
396,919
(22,233)
(278,201)|
|---|---|---|
continued...
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**The Education Renaissance Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
|**4.**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**||
|---|---|---|---|---|
|||Unrestricted|Restricted|Total|
|||fund|funds|funds|
|||£|£|£|
||**RECONCILIATION OF FUNDS**||||
||**Total funds brought forward**|982,270|8,294|990,564|
||**TOTAL FUNDS CARRIED FORWARD**|704,517|7,846|712,363|
|**5.**|**FIXED ASSET INVESTMENTS**||||
|||||Listed|
|||||investments|
|||||£|
||**MARKET VALUE**||||
||At 1 April 2020|||657,903|
||Disposals|||(219,301)|
||Revaluations|||120,546|
||At 31 March 2021|||559,148|
||**NET BOOK VALUE**||||
||At 31 March 2021|||559,148|
||At 31 March 2020|||657,903|
Fixed asset investments, which were all donated, comprise a holding of 3 Berkshire Hathaway Inc. A shares, which are listed on the New York Stock Exchange. The market value of these shares on the dates on which they were donated was £156,609.
## **6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Income tax recoverable
Prepayments|2021
£
29,905
7,091
36,996|2020
£
16,203
6,753|
|---|---|---|
|||22,956|
continued...
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**The Education Renaissance Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|||||2021|2020|
|---|---|---|---|---|---|
|||||£|£|
||Other creditors|||57,550|93,533|
|**8.**|**CREDITORS: AMOUNTS FALLING DUE AFTER MORE**||**THAN ONE YEAR**|||
|||||2021|2020|
|||||£|£|
||Other creditors|||11,180|22,360|
|**9.**|**MOVEMENT IN FUNDS**|||||
|||||Net||
|||||movement|At|
||||At 1.4.20|in funds|31.3.21|
||||£|£|£|
||**Unrestricted funds**|||||
||General fund||704,517|(47,745)|656,772|
||**Restricted funds**|||||
||St James Johannesburg||-|128,650|128,650|
||St James Durban||7,846|(2,141)|5,705|
||||7,846|126,509|134,355|
||**TOTAL FUNDS**||712,363|78,764|791,127|
||Net movement in funds, included in the above are as follows:|||||
|||Incoming|Resources|Gains and|Movement|
|||resources|expended|losses|in funds|
|||£|£|£|£|
||**Unrestricted funds**|||||
||General fund|30,925|(230,425)|151,755|(47,745)|
||**Restricted funds**|||||
||St James Johannesburg|128,650|-|-|128,650|
||St James Durban|17,717|(19,858)|-|(2,141)|
|||146,367|(19,858)|-|126,509|
||**TOTAL FUNDS**|177,292|(250,283)|151,755|78,764|
continued...
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**The Education Renaissance Trust**
## **Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **9. MOVEMENT IN FUNDS - continued**
**Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**Restricted funds**
St James Durban
**TOTAL FUNDS**|At 1.4.19
£
982,270
8,294
990,564|Net
movement
in funds
£
(277,753)
(448)
(278,201)|At
31.3.20
£
704,517
7,846|
|---|---|---|---|
||||712,363|
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
St James Johannesburg
St James Durban
**TOTAL FUNDS**|Incoming
resources
£
96,955
3,600
40,396
43,996
140,951|Resources
expended
£
(352,475)
(3,600)
(40,844)
(44,444)
(396,919)|Gains and
Movement
losses
in funds
£
£
(22,233)
(277,753)
-
-
-
(448)
-
(448)
(22,233)
(278,201)|Gains and
Movement
losses
in funds
£
£
(22,233)
(277,753)
-
-
-
(448)
-
(448)
(22,233)
(278,201)|
|---|---|---|---|---|
|||||(448)|
|||||(278,201)|
The St James Johannesburg fund is in respect of specific donations received to support St James Johannesburg including specific sponsorship of children attending the school.
The St James Durban fund is in respect of specific donations received to support St James Durban.
## **10. RELATED PARTY DISCLOSURES**
The Trust received donations including gift aid from related parties of £125,000 (2020: £50,000).
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