2024-03-31-accounts

REGISTERED CHARITY NUMBER: 1062479

Report of the Trustees and

Financial Statements

for the Year Ended 31 March 2024

for

The Education Renaissance Trust

The Education Renaissance Trust

Contents of the Financial Statements for the Year Ended 31 March 2024

		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 2024

The trustees present their report together with the financial statements of the charity for the year ended 31 March 2024. 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 50 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.

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 realm of education.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Grants, teaching bursaries and donations paid

During the year grants of £36,000 were made to St James Johannesburg as a continuing programme of support. Unfortunately, falling pupil numbers meant that the school closed its doors in January 2024.

Little Stars School in Varanasi, India, received £12,000 for the first year of the Trust's 5-year grant totalling £60,000. Two gap year students were sponsored at St James Schools, London.

The person leading the work of Sanskrit@ St James, which promotes the teaching of Sanskrit around the world, received a grant of £8,000. The Trust also made a grant of £8,500 to fund Sanskrit exam fees for children 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.

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. The conference was held successfully in July 2023. Some 60 participants from several countries attended.

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 £59,172 from the late John Lawrence.

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 £38,043.

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 performance

The charity's policy is to make investments which provide a high level of capital security and a competitive yield. There were no investment gains or losses in the year and the trustees are satisfied with the level of interest income achieved.

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The Education Renaissance Trust

Report of the Trustees for the Year Ended 31 March 2024

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 £85,391 (2023: £31,280), income from legacies was £59,173 (2023: £25,240) and total expenditure was £194,273 (2023: £316,163). The net decrease in funds for the year was £12,384 (2023: £241,310).

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 2024, 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.

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.

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

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The Education Renaissance Trust

Report of the Trustees for the Year Ended 31 March 2024

Trustees

Mr M Kettle - Chairman Mr A Marshall Mr C Rees Mrs T Glover Mrs K Boddy Mrs P Moss (appointed 12.5.23) Mr B Gorman (appointed 23.6.23) Mrs M Brewster (appointed 15.5.24)

Independent Examiner

Timothy N. Horne Timothy N. Horne Ltd Chartered Accountants Suite 215B Westerfield Business Centre Main Road Westerfield Ipswich IP6 9AB

Approved by order of the board of trustees on 15 May 2024 and signed on its behalf by:

Mr B Gorman - 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 2024.

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.

Timothy N. Horne

Timothy N. Horne Ltd Chartered Accountants Suite 215B Westerfield Business Centre Main Road Westerfield Ipswich IP6 9AB

15 May 2024

Page 4

The Education Renaissance Trust

Statement of Financial Activities for the Year Ended 31 March 2024

Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 106,521 Charitable activities Teacher training and school development 24,650 Investment income 2 12,675 Total 143,846 EXPENDITURE ON Raising funds 1,440 Charitable activities Grants 53,980 Teacher training and school development 51,474 Teaching bursaries 26,828 Governance and administrative support costs 20,252 Total 153,974 NET INCOME/(EXPENDITURE) (10,128) RECONCILIATION OF FUNDS Total funds brought forward 301,618 TOTAL FUNDS CARRIED FORWARD 291,490	Restricted funds £ 38,043 - - 38,043 - 40,299 - - - 40,299 (2,256) 4,413 2,157	2024 Total funds £ 144,564 24,650 12,675 181,889 1,440 94,279 51,474 26,828 20,252 194,273 (12,384) 306,031 293,647	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

The notes form part of these financial statements

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The Education Renaissance Trust

Statement of Financial Position 31 March 2024

Unrestricted fund Notes £ CURRENT ASSETS Debtors 4 5,422 Investments 5 300,000 Cash at bank and in hand 83,398 388,820 CREDITORS Amounts falling due within one year 6 (61,330) NET CURRENT ASSETS 327,490 TOTAL ASSETS LESS CURRENT LIABILITIES 327,490 CREDITORS Amounts falling due after more than one year 7 (36,000) NET ASSETS 291,490 FUNDS 8 Unrestricted funds Restricted funds TOTAL FUNDS	Restricted funds £ 2,041 - 116 2,157 - 2,157 2,157 - 2,157	2024 Total funds £ 7,463 300,000 83,514 390,977 (61,330) 329,647 329,647 (36,000) 293,647 291,490 2,157 293,647	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

The financial statements were approved by the Board of Trustees and authorised for issue on 15 May 2024 and were signed on its behalf by:

Mr B Gorman - 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 2024

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.

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 activities, these costs are shown as a separate heading on the face of the Statement of Financial Activities.

All expenditure is inclusive of irrecoverable VAT.

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon the notification of the interest paid or payable by the institution with whom the funds are deposited.

Taxation

The charity is exempt from tax on its charitable activities.

Debtors

Debtors are measured at the settlement amount.Prepayments are valued at the amount prepaid.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

continued...

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The Education Renaissance Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Current asset investments

Current asset investments are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(losses) on investments' in the Statement of financial activities..

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.

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.

2. INVESTMENT INCOME

INVESTMENT INCOME
	2024	2023
	£	£
Interest receivable	12,675	2,333

3. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

No expenses were reimbursed to trustees during the year or the previous year.

continued...

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The Education Renaissance Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Income tax recoverable 3,857 Prepayments 3,606 7,463 5. CURRENT ASSET INVESTMENTS 2024 £ Common deposit fund 300,000 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £ Accruals for grants payable 54,000 Other accruals 7,330 61,330 7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2024 £ Accruals for grants payable 36,000 8. MOVEMENT IN FUNDS Net movement At 1.4.23 in funds £ £ Unrestricted funds General fund 301,618 (10,128) Restricted funds St James Durban 4,413 (2,256) TOTAL FUNDS 306,031 (12,384)			2023 £ 4,639 7,769
			12,408
			2023 £ -
		2023 £ 68,000 8,770 76,770 2023 £ 90,000 At 31.3.24 £ 291,490 2,157	2023 £ 68,000 8,770
			76,770
			2023 £ 90,000
		293,647

continued...

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The Education Renaissance Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

8. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds General fund Restricted funds St James Durban TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds St James Durban TOTAL FUNDS	Incoming resources £ 143,846 38,043 181,889 At 1.4.22 £ 538,954 8,387 547,341	Resources Movement expended in funds £ £ (153,974) (10,128) (40,299) (2,256) (194,273) (12,384) Net movement At in funds 31.3.23 £ £ (237,336) 301,618 (3,974) 4,413 (241,310) 306,031

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 £ 55,614 2,850 16,389 19,239 74,853	Resources Movement expended in funds £ £ (292,950) (237,336) (2,850) - (20,363) (3,974) (23,213) (3,974) (316,163) (241,310)

The St James Johannesburg fund was in respect of specific donations received for sponsorship of children attending the school. The school closed in January 2024.

The St James Durban fund is in respect of specific donations received to support St James Durban.

continued...

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The Education Renaissance Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

9. RELATED PARTY DISCLOSURES

During the year the charity received a donation of £50,000 from one of the trustees, Mr A, Marshall.

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