REGISTERED CHARITY NUMBER: 1062479
Report of the Trustees and Financial Statements
for the Year Ended 31 March 2023
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 2023
| 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 | 10 |
The Education Renaissance Trust
Report of the Trustees for the Year Ended 31 March 2023
The trustees present their report together with the financial statements of the charity for the year ended 31 March 2023. 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 49 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 £48,500 were made to St James Johannesburg as a continuing programme of support. The school continues to suffer low pupil numbers. It is considering relocating to a more prosperous area of Johannesburg, and the Trust has promised to help with this.
Little Stars School in Varanasi, India, received the final two six-monthly instalments of the Trust's 5-year grant of £55,895. Trustees resolved to make a further 5-year grant of £60,000, starting in April 2023
Four gap year students were sponsored at St James Schools, London. Two are refugees from Ukraine. A South African student was sponsored for a gap year at John Colet School in Sydney, Australia.
The two people leading the work of Sanskrit@ St James, which promotes the teaching of Sanskrit around the world, each received a grant of £8,000. The Trust also funded a year's salary for a Sanskrit teacher in Nepal.
Una Educacion Consciente (UEC), an educational project for teachers in Argentina, is receiving a three-year grant of £56,000 per annum, which began in 2022.
Individual UK Friends of the Trust continued to sponsor bursaries for children at St James, Johannesburg. The total value of their donations, including Gift Aid, was £2,850.
Teacher training and school development
The training and development of teachers is a priority for the trustees, as is the development of the schools the Trust helps to support. A key part of this is our international teachers' conference, held annually in Lucca, Italy. After a two-year gap because of the pandemic, we were able to run a successful conference in July 2022, with some 60 participants from several countries.
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The Education Renaissance Trust
Report of the Trustees for the Year Ended 31 March 2023
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. We received a bequest of £10,000 from the late June Wilson.
A fundraising campaign on behalf of St James School in Durban continues to generate donations. Donations are made to the Trust, which periodically transfers the funds raised to Durban. The total amount of donations for Durban for the year including gift aid was £16,389.
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
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 and to continue fundraising in order to maintain its grant-making capability for as long as possible.
Income from donations for the year was £31,280 (2022: £50,138), income from legacies was £25,240 (2022: £222,187) and total expenditure was £316,163 (2022: £660,339). There were no gains or losses on investment assets (2022: Gains £144,203). The net decrease in funds for the year was £241,310 (2022 - £243,786).
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 2023, 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 objects.
To continue to fund-raise for our cause, education based on spiritual values.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and is constituted as 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'.
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.
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The Education Renaissance Trust
Report of the Trustees for the Year Ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The trustees do not consider that the Trust is exposed to any 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 (resigned 19.3.23) Mrs T Glover Mrs K Boddy (appointed 22.7.22) Mrs P Moss (appointed 12.5.23)
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 12 May 2023 and signed on its behalf by:
Mr M Kettle - Trustee
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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 2023.
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:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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
12 May 2023
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The Education Renaissance Trust
Statement of Financial Activities for the Year Ended 31 March 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 37,281 Charitable activities Teacher training and school development 16,000 Investment income 2 2,333 Total 55,614 EXPENDITURE ON Raising funds 2,839 Charitable activities Grants 127,310 Teacher training and school development 98,696 Teaching bursaries 38,675 Governance and administrative support costs 25,430 Total 292,950 Net gains on investments - NET INCOME/(EXPENDITURE) (237,336) RECONCILIATION OF FUNDS Total funds brought forward 538,954 TOTAL FUNDS CARRIED FORWARD 301,618 |
Restricted funds £ 19,239 - - 19,239 - 23,213 - - - 23,213 - (3,974) 8,387 4,413 |
2023 Total funds £ 56,520 16,000 2,333 74,853 2,839 150,523 98,696 38,675 25,430 316,163 - (241,310) 547,341 306,031 |
2022 Total funds £ 272,325 - 25 272,350 3,058 531,368 75,639 27,700 22,574 660,339 144,203 (243,786) 791,127 547,341 |
|---|---|---|---|
The notes form part of these financial statements
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The Education Renaissance Trust
Statement of Financial Position 31 March 2023
| Unrestricted fund Notes £ CURRENT ASSETS Debtors 4 9,994 Cash at bank and in hand 458,394 468,388 CREDITORS Amounts falling due within one year 5 (76,770) NET CURRENT ASSETS 391,618 TOTAL ASSETS LESS CURRENT LIABILITIES 391,618 CREDITORS Amounts falling due after more than one year 6 (90,000) NET ASSETS 301,618 FUNDS 7 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted funds £ 2,414 1,999 4,413 - 4,413 4,413 - 4,413 |
2023 Total funds £ 12,408 460,393 472,801 (76,770) 396,031 396,031 (90,000) 306,031 301,618 4,413 306,031 |
2022 Total funds £ 9,792 712,289 722,081 (76,740) 645,341 645,341 (98,000) 547,341 538,954 8,387 547,341 |
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 May 2023 and were signed on its behalf by:
Mr M Kettle - Trustee
The notes form part of these financial statements
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The Education Renaissance Trust
Notes to the Financial Statements for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
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 the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Education Renaissance Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
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
Expenditure is recognised 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 classified by activity.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objects, as well as any associated support costs.
Governance and administrative 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 administrative support costs to charitable activites, these costs are shown as a separate heading on the face of the Statement of Financial Activities.
All expenditure is inclusive of irrecoverable VAT.
Taxation
The charity is exempt from tax on its charitable activities.
Fixed asset investments
Listed investments are included at their market value.
Debtors
Debtors are measured at cost.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement' and the amount of the settlement can be measured or estimated reliably.
continued...
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The Education Renaissance Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES - continued
Liabilities and provisions
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the discount rate that reflects the risk specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
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 are funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
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.
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 | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Interest receivable | 2,333 | 25 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
No expenses were reimbursed to trustees during the year or the previous year.
4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Income tax recoverable Prepayments |
2023 £ 4,639 7,769 12,408 |
2022 £ 5,156 4,636 |
| 9,792 |
continued...
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The Education Renaissance Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2023 | 2022 | |||
|---|---|---|---|---|
| £ | £ | |||
| Other creditors | 76,770 | 76,740 | ||
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE | THAN ONE YEAR | ||
| 2023 | 2022 | |||
| £ | £ | |||
| Other creditors | 90,000 | 98,000 | ||
| 7. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.4.22 | in funds | 31.3.23 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 538,954 | (237,336) | 301,618 | |
| Restricted funds | ||||
| St James Durban | 8,387 | (3,974) | 4,413 | |
| TOTAL FUNDS | 547,341 | (241,310) | 306,031 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 55,614 | (292,950) | (237,336) | |
| Restricted funds | ||||
| St James Johannesburg | 2,850 | (2,850) | - | |
| St James Durban | 16,389 | (20,363) | (3,974) | |
| 19,239 | (23,213) | (3,974) | ||
| TOTAL FUNDS | 74,853 | (316,163) | (241,310) |
continued...
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The Education Renaissance Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds St James Johannesburg St James Durban TOTAL FUNDS |
At 1.4.21 £ 656,772 128,650 5,705 134,355 791,127 |
Net movement in funds £ (117,818) (128,650) 2,682 (125,968) (243,786) |
At 31.3.22 £ 538,954 - 8,387 |
|---|---|---|---|
| 8,387 | |||
| 547,341 |
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 £ 249,351 3,363 19,636 22,999 272,350 |
Resources expended £ (511,372) (132,013) (16,954) (148,967) (660,339) |
Gains and Movement losses in funds £ £ 144,203 (117,818) - (128,650) - 2,682 - (125,968) 144,203 (243,786) |
Gains and Movement losses in funds £ £ 144,203 (117,818) - (128,650) - 2,682 - (125,968) 144,203 (243,786) |
|---|---|---|---|---|
| (125,968) | ||||
| (243,786) |
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.
8. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2023.
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