THE REN TRU H81 communili8S row The Renewal Trust Consolidated Financial Statements For The Period Ended 31 March 2024 Contents Administrative Information . Directors Report.................................. Independent Auditors, Report to the Trustees to The Renewal Trust...... Consolidated Statement of Financial Activities......................................................................19 Parent Charitable Company Statement of Financial Activities............,............................... .21 Consolidated Balance Sheet............................................ .23 Parent Charitable Company Balance Sheet . .24 Consolidated Cashflow Statement..................................................................,......................25 Notes to the consolidated financial statements.................... .26 The Renewal Trust Administrative Information for the period ended 31 March 2024 Directors B Wallace C Harries D Liversidge E Aboagye-Nimo (appointed 29 November 2023 E Davidson L Raddon-Jackson (appointed 26 March 2024) M Shannon P Wright R Purewal (appointed 29 November 2023) Chief Executive Officer C Wells Senior Leadership Team N Renton N Williams P Purewal Chairman D Liversidge Registered Office 27 - 31 Carlton Road Sneinton Nottingham Nottinghamshire NG3 2DG Auditors Rogers Spencer Limited Newstead House Pelham Road Nottingham NG5 1AP The Renewal Trusl Directors Report for the year ended 31 March 2024 Refei'ence and Administrative Details Registered charity name Charity registration number Company registration number Registered office The Renewal Trust 1077450 03345194 Carlton Road Bljsiness Centre 27- 31 Carlton Road Nottingham NG3 2DG B Walla C Harries D Liversidge E Aboagye-Nimo (appointed 29 November 2023 E Davidson L Raddon-Jackson (appointed 26 March 2024) M Shannon P Wright R Purewal (appointed 29 November 2023) The Trustees Chief Executive Officer C Wells Chairman Bankers D Liversidge National Westminster Bank PIC Nottingham Smiths Bank Branch 16 South Parade Nottingham NG12JX Wrigleys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG Solicitors Auditors Rogers Spencer Limited Chartered Accountants Newstead House Pelham Road Nottingham NG5 1AP Structure Governance & Management The Renewal Trust is a Company Limited by Guarantee and a Registered Charity. It is a membership organisation. It is governed by its Memorandum and Articles of Association. Trustees are appointed at the Annual General Meeting. A third of the Board retire by rotation each year and are eligible for re-election. The Board takes representation from 3 sectors - Public, Private & Voluntary Sector. Recruitment & Appointment of Trustees The charity carries out an audit of skills, knowledge and experience of existing Trustees and uses the information gathered to determine any skills, knowledge of experience gaps on the board of Trustees. All Trustees must be Members prior to applying to be Trustees. Those applying to be Trustees are required to provide an application and two references prior to their appointment at the AGM. The Renewal Trusl Trustee Induction & Training All new Trustees are inducted by taking part in a discussion with the Chief Executive Officer (CEO) who takes them through the Trustee Handbook and explains the current and aspiring business of the Charity. The Trustee Handbook identifies how the Renewal Trust is governed, managed and its purposes along with links to Company Policies. All Trustees will receive a copy of the latest financial reports. Trustees are encouraged to take part in training opportunities throughout the year. All Trustees are also Company Directors for the purposes of Company Law. The Board of Trustees meets monthly to discuss and set strategic direction and policy for the organisation. Operational decisions are delegated to the CEO. Minutes of all meetings are maintained and provided to all maintain the overall policy and direction of the charity where minutes are recorded. Risk Management The Trustees have a risk management strategy, which comprises: An annual review of the primary risks to Governance, Operations, Finances, Environment and Compliance to the Charity and its subsidiaries. Policies, systems and processes to mitigate those risks Implementation of procedures to minimise or manage any potential impact on the charity if any of the primary risks should materialise. Related Parties Transactions Where costs have been incurred by The Renewal Trust's trading subsidiaries but have been procured through The Renewal Trust, all costs have been transferred at face value, this includes the cost of staff who are employed by the Renewal Trust and have a proportion of their salaries recharged to subsidiaries. The Renewal Trust rents office space at Carlton Road Business Centre from Hungerhill Trading Ltd at market rate. Objectives and Activities The Renewal Trust's Charitable Objects are: To relieve poverty and to advance education amongst person5 in Nottinghamshire and especially in the communities of St Ann's and Sneinton and with particular regard to such persons who are unemployed or suffering the consequences of economic disadvantage in order to contribute to the development of the area economically, socially and in spirit. To train and educate persons resident in the area through their leisure time activities and through the provision of regular work for such persons who would otherwise be unemployed so as to develop their physical. mental and spiritual capacities so that their conditions of life may be improved. To promote such charitable purposes in the area and in particular purposes directed to the benefit of people suffering from unemployment or economic decline. The Renewal Tiusl Aprll 2023 Easter in the Park Activity undertaken to achieve the Charitable Objectives The trustees have had regard to the Charities Commission guidance on public benefit. Commuiiity Our Feel Good programme started in 2019 and recognising the impact of the cost of living crisis has on our communities we have continued to provide the programme through low cost activities and support bags, which include household items, sanitary products, Feel Good famllle8 supported nappies, books, back to school items and children's toys. Throughout the year we offered weekly activities during term time including Feel Good Gold, Mini Movers, Feel Good Football and yoga. Monthly activities included Chatty Café and Family Fun Friday. Spiing Live Holiday Camp Chatty Cale Communily Grant Drop in May 2023 62 Chatty Cafe Coronation Party in 10 Term tlmo weekly actlvltles 236- Greon uslje Fring8 evenl June 2023 8.146 booklngs mad• lor octlvltl•8 and ov•nt8 Fed Good Family Support bao5 3.615 Indlvldual• reach•d through book•d a¢tlvltl•• and •v•nt• During school holidays we offered holiday clubs, funded by the Holiday Activity Fund. Throughout the year we offered a number of seasonal one-off events and we continued to work with Nottingham Panthers to offer £1 tickets to Ice hockey matches. We worked with over 100 different partner organisations on events, activities and sharing best practice. Both Brendon Lawren￿ Sports Centre and Cherry Lodge benefited from UK SPF funding. The funding helped improve the facilities, allowing us to offer more activities and events from Cherry Lodge and new heating and indoor cricket nets at Brendon Lawrence Sports Centre to benefit the organisations and people who hired the centre for sport and other activities. Greal Gel Togelher Ice Cream SuTrJay Great Gel Together Fomily Fun Fnoay Hollday Club• Hollday Actlvlty Fund partners 66 16 one off event$ and actlvltlo• July 2023 Expenan Volunteer Oay Cherry Lodge Nottlngham Panthor6 gqm•• Feel Good Gold Summer Ttlp Feel Good Ice Creani FJiday. Lov Parks 11 events 8UPPOrtod Chally Cale August 2023 Lego Creallves Play Day Summer Live Hdiday Club Volunteering We continued to build our volunteer team throughout the year through our community activities and at St Ann's Allotments. Our volunteer team supported us at all our events and 74 Allolrnenl compelillon Feel GoepJ Family Fun Biwvsleis Park Building Palfs wotkshop5 Chalty Cafe The Renewal Trust Feel Good Back to School Foel G￿ Give8Way Feel Gcthl Summer Family Skate New webslle lavnched activities and in Ihe visitor garden at the allotments. As a thank you we held of volunteer celebration events in December. We held volunteer drop in sessions for anyone who was interested in volunteering with us and we also welcomed a number of organisations on Corporate Social Responsibility (CSR) days. St Ann's Allotments - Hungerhill Developments Ltd Hungerhill Developments Ltd hold a 30-year lease and management agreement with Nottingham City Council. Alongside providing best practice allotment management, we offer a unique sustainable building which provides office, meeting and activity space for tenants and visitors. S•ptamber 2023 Chally Cake Cafe F8mity Fun FiKlay King Ethvaio Park 8iko Club Explore- Princes Trusl al Che LodGe 16.00A1 ,. ,-,.,. Octob•r 2023 EXp￿rfr- Plin￿9 Twsl al Chairy Lodge for re-letting Chatty Cake Cafe Feel Good Aulumn A¢tivity N￿h1 Our focus in this year was to increase plot lettings and to encourage cultivation of plots that were underused, working in partnership with the East Midlands Probation Service - Community Payback to clear and prepare problem plots. We also held an Allotment competition for tenants, 23 tenants Fomily Fun FTrJay Lego Creative& Play" Hillview *.l-.A" HaifTemi Llve Holkjay Club Leoo CFealive5 Play Clifton people on Probation attended sessions Novgmb•r 2023 Volunteer Drop in entered with categories which included climate friendly gardening and wildlife conservation, as well as most improved plot and starter plot, best all round and best young grower. Chaity Cake Cafe Family Fun Fr￿aY Feel G￿1 Feslive Acbwty Night Decemb•r 2023 Notliroham Panlhers Teddy Toss and'natlvé trees planted Sanla's Giotto Chalty Cake Cale Farnlly Fun Friday Feel Gor G¢Jd Chnslmas Meal The Renewal Trust Feel GorNJ Christma5 Bags WLluiileeis Chnstmas L￿ch Feel Gcod Christmas thank you Breakfast Feel Gwd Chnslmas Farnily Skale Area Based Grant The Renewal Trust managed and co-ordinated the Area Based Grant (ABG) from Nottingham City Council for Area 6, which covers the Dales, Mapperley and St Ann's wards of the city and this year we added Area 7, which covers Clifton East and Clifton West wards of the city. Area 6 - Dales, Mapperley and St Ann's Chrfstrn35 Llve Holiday Club Carols aiound the Chrislrnas Tree January 2024 Christmas Live Holiday Club sslons BLSC Improvemen15 su￿eY launched 29 Job Club drop In Feel ￿(1 Ba¢k to SthD to ployment Lego Crealives Winter Gel Togelhgr Chatty Cak8 Cale wo ed wlth Feel Gwd Social Supermarkel 17 peoplo Ip Into trainlng Family Fun Friday Hansel and Grelel al BLSC JOWFalr February 2024 RT Big Survey launched Chlldmn and Youn9 P•opl• Vol¢Jnleer Orop In Chatty Cake Cafe providers 478 sessions Family Fun Frt(Jay Kks Hall Tgrm Family Skalo Hall Term Lego Creatives March 2024 CK XE ChBIIy Cake Cale Feel Good Make Molhtr's Day Gift 10.294 720,°" ".' reached attendances Feel Nottingham Panlhers Egg r/Jlle¢tion The Renewal Trust Family Fun Fthy Vc4unieer Diop in Feel Good Aclivity Bags Egg-cellenl Feel Good Adventure Area 7- Clifton East and Clifton West Gardener'8 Annual rewrt issueil 1:18*6sions worke Ith 174 people- Employment and Skills ployment 90 Idrop In i•yilons In aining air Chlldr•n and Young P•opl• provlders 192 sessions AIITER 8CHOOLS oAoup excite - youl 3.929 attendances 231 young people The Renewal Trust As part of the Area Based Grant we managed four networks- Children and Young People Network, Health and Wellbeing Network, Hardship network and the Clifton Partnership. The networks bring together providers to share what they are doing and share best practices. Renewal Trust Networks 22 Network meetlngs -3 partof REN Networks 14 local communlty networks Business Centres- Hungerhill Trading Ltd Hungerhill Trading Limited is the property- trading subsidiary of The Renewal Trust, created to generate a profit from commercial property management, which in turn supports the incredible work at The Renewal Trust, with all profits reinvested to support deliver The Renewal Trust's charitable objectives. Through the three Business Centres we offer affordable office space for local community organisations, charities and small businesses. of tenants wer8 Charities supportSng the local communlty and beyond Community Grants Our Community Grants programme awards grants to local groups and organisations working in the St Ann's and Sneinton areas of Nottingham. The grants are available for projects up to £500 and they support a range of projects from arts and craft workshops, physical activity to Christmas lunches and fayres. During the year we held community grant drop-in sessions to enable people to ask questions about the application and the process. 20 appllcatlons THE ommunlty Gran Helplng ¢ommunltles grow £6.750 16:;;.°-' 8UPPOrted wlth grants awarded In grants 10 The Renewal Trust The RT Big Survey This year we launched a survey to get feedback on the services we provide and to help us plan future activities. The survey was open to anyone aiid as part of the survey we asked what was important to people. 90 % of people who respond to the survey rated us at four stars or above (out of 5). And the top four things that were most important to people were, getting together and meeting with other people, taking part in physical activities, having access to opportunities for children to learn and play and having access to low-cost activities. l-he R T S,iJriieJ,' CEO Report This was a challenging year for the Trust, as it was for the whole of the VCS sector in Nottingham, primarily due to the Local Authority issuing a Section 114 Notice during this period. As part of this, Nottingham City Council undertook a process to advise the public of cuts being made across their budget, including a total withdrawal of all VCS support grants. This was poorly communicated and ultimately approved. The impact to The Renewal Trust and local communities was the loss of the Area Based Grant and all support for children and young people's activity and bespoke employment support in the area. Beyond the immediate impact of terminating the Area Based Grant, Nottingham City Council failed to deliver on their Management Agreement for St Ann's Allotments with Hungerhill Developments Ltd (HDL) and advised that all funding for this historic site would cease in March 2025. Despite protracted negotiations with Nottingham City Council, we were unable to reach a satisfactory conclusion. The consistent under funding of the Management Agreement by Nottingham City Council and the lack of future investment, led Directors for HDL to determine that the position was no longer financially viable and agreed to communicate this and our intention to issue notice to end the lease in 2025. INhilst this is a very disappointing position to be in, HDL have managed and delivered a successful restoration and conservation programme to protect of a key national heritage site. We will return the Grade Il. listed site to Nottingham City Council with over 650 tenants and community organisations using the space and the land and heritage features protected for the future and future generations to come. We continue to wait for a decision on a key community facility lease with Nottingham City Council which has now been in process for over five years, this has prevented us from accessing some grants and opportunities for local communities. Furthermore, we await another lease decision on a property in the Hungerhill Trading Ltd portfolio for future periods. The challenges of working with Nottingham City Council and the changing landscape for our communities in light of the budget pressures, post Covid era and the cost of living impacts moved our Re-lmagining the Trust work forward with Trustee's - reviewing and refreshing our priorities and redesigning our future work. This work platformed the success of the Feel Good programme that emerged through the Covid period and now includes Mini Movers, Feel Good Gold, Feel Good activities and events and support through Feel Good Families as our core community offers. The Renewal Trust Throughout this period we continued to lead the sector in offering opportunities to connect and build relationships, through our Children and Young People, Health and Wellbeing, Haidship and More In Common networks. This has been a very challenging year 2nd the support and guidance of the Board of Trustee's has been invaluable. Trustees generously provide time and expertise not just to address the challenges of the Trust but also in building relationships and opportunities. We are very fortunate to have a very loyal and committed team of regular volunteers across our programmes who donate their time and energy and ensure our projects are accessible and successful. This year we had support through corporate volunteers from Experian and Copley Scientific, which really helped progress Cherry Lodge as a community facility. Thank you to all our volunteersl And throughout this tumultuous year, the staff team have been unwavering in their commitment to providing opportunity and support to our local communities. Thank you to all our staffl Plans for Future Periods Trustees have started work with the CEO and the Senior Management Team to undertake a re-imagining process, to actively review our charitable objects and ensure they still reflect and address community needs and any future delivery plans meet those needs. This work is essential in the current financial operating environment with Nottingham City Council and likely future cuts which will further impact our communities. Regular reviews of our iisk analysis will ensure the key strategic risks of the current operating environment are tracked and addressed appropriately. Financial Review The charity and its beneficiaries have benefitted from UK SPF funding and Holiday Activities (HAF) funding in this period. The UK SPF funding was secured to increase the income generation potential of the Brendon Lawrence Sports Centre and to try and secure its future sustainability. The HAF provided positive activities for young people in receipt of free school meals during the holiday periods. It is not expected that these programmes will continue to benefit the charity in the future. The future financial insecurity of the Local Authority, Nottingham City Council will impact the charity directly in the future with the loss of the Area Based Grant and the return of St Ann's Allotments in light of no further financial investment. However, the failing, under resourced and underperforming local authority position will also impact on future property negotiations and remains a key short and medium term risk. Action has been taken to mitigate the risk of the loss of Area Based Grant and St Ann's Allotments. Principle funding sources include income from the trading company Hungerhill Trading, UKSPF, HAF, hire income from the Brendon Lawrence Sports Centre and charitable funding from Independent Age, Children in Need and Nottingham City Council in this period. Staff Remuneration The Renewal Trust and subsidiaries are committed to recruiting high calibre people to represent our interests. We also believe in rewarding staff fairly for jobs they do and in fostering a positive working environment, we believe our salaries and our terms and conditions reflect this. As such we have a robust Remuneration Policy which is overseen by the HR Sub Committee and decisions ratified by the Renewal Trust Board. 12 The Renewal Trust We are proud to be a Living Wage Employer. New posts are benchmarked against market comparables. Each year the HR Sub Committee will consider cost of living adjustments against affordability, performance and recent Cost of Living adjustments. The Renewal Trust HR Sub Committee assumes the responsibilities of a remuneration committee and comprises the Chair of the Board along with at least two other trustees. Formal consideration of remuneration matters will take place annually however. they may also be considered at other meetings if ad hoc issues arise during the year. The CEO attends Committee meetings. Decisions regarding the CEO'S salary are considered by the HR subgroup without the CEO being present and will include an external independent advisor. This year we commissioned an independent salary benchmarking review, reviewing all staff salaries and resulting in a new pay structure approved by the HR Sub Committee. Reserves The Renewal Trusts policy is to hold a minimum of three months of planned annual expenditure in short term reserves, cash or cash equivalents, to ensure continued financial security, accommodate monthly fluctuations in income and expenditure, provide a buffer in the event of a significant loss of funding, continue projects in the event of contracts being terminated, provide for any other contingencies and meet unanticipated cash flow needs. The Reserves Policy is being appropriately implemented and will continue to be reviewed by the Finance and Fundraising Subgroup. At 31 March 2024 The Renewal Trust held restricted funds £97,517 (2023: £nil). As of the 31 March 2024, The Renewal Trust held £948,888 of unrestricted reserves (2023.. £826,382), of which £506,250 relates to the revaluation reserve (2023: £472,500) and positive unrestricted reserves of £442,638 (2023: £353,882). The level of free reserves held by The Renewal Trust at the 31 March 2024 was £239,901 (2023. £149,420). 13 The Renewal Ttusl Statement of Trustees. Responsibilities The trustees (who are also directors of The Renewal Trust for the purposes of company law) are responsible for preparing the Directors Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements Ljnless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP 2019 (FRS 102)., make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements 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. In so far as the trustees are aware.. there is no relevant audil information of which the charitable company's auditor is unaware., and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The Directors Report was approved by the Board of Trustees on behalf by. and signed on its Iversidge Trustee 14 The Renewal Trust Independent Auditors, Report to the Trustees to The Renewal Trust for the period ended 31 March 2024 Opinion We have audited the financial statements of The Renewal Trust (the 'parent charitable company,) and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group and parent statements of financial activities, the group and parent balance sheets, the consolidated cash flow statement and notes to the fiiiancial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standai-ds, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and parent charitable company's affairs as at 31 March 2024, and of the group's incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the Directors report , other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 15 The Renewal Trust Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we ideiitify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Directors, report for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Directors, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstalements in the Directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company's financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit.. or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemption from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, set out within the Directors Report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. 16 The Renewal Trust Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuran￿ but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. The extent to which the audit was considered capable of detecting irregularities including fraud Our approach to identifying and assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., We identified the laws and regulations applicable to the group through discussions with trustees and other management, and from our knowledge and experience of the charity sector and grant providers; We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, Charities Act 2011, taxation legislation and data protection, anti- bribery, employment, environmental and health and safety legislation- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence., and Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. and Understanding the design of the group's remuneration policies. To address the risk of fraud through management bias and override of controls, we: Performed analytical procedures to identify any unusual or unexpected relationships; Tested journal entries to identify unusual transactions,. 17 The Renewal Trust Assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias. and Investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to" Agreeing financial statement disclosures to underlying supporting documeiitation; Reading the minutes of meetings of those charged with governan￿. Enquiring of management as to actual and potential litigation and claims., and Reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: https'.lkn.frc.org.uklauditorslaudit- assurancelauditor-s-responsibilities-for-the-audit-of-the-fildescription-of-the- auditor % E20/080 /099s-responsibilities-for. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. /////2b Melvin Bailey FCCA DChA (Senior Statutory Auditor) For and on behalfof Rogers Spen￿r Chartered Certified Accountants statutory Auditor Newstead House Pelham Road Nottingham NG5 1AP Rogers Spenceris eligible lo acl as an auditorin temis of sect￿n 1212 of the Companies Acl 2006. 18 The Renewal Trust Consolidated Statement of Financial Activities (Incorporating the Income and Expenditure Account) For the year ended 31 March 2024 Total 2024 Total 2023 Current Financial year Ui)restricted Funds Restricted Fuiids Notes Income and endowmenls from.. Charitable activities.. Operation of The Renewal Trust 293.673 398.260 691,933 575,780 Investment income 22 Other trading activities 463 574 5,026 468,600 511,157 Total income 757 247 403 286 1160 533 1.086 959 Expenditure on: Raising funds: Property management 170,916 170,916 259,011 Charitable aclivilies.. Operation of The Renewal Trust 382,186 846 344 855 632 Total expenditure 635 074 382 186 1017,260 1 114643 Net Incomellexpenditurel before investment gai nslllosses} 122 173 143 273 Net gainsl{losses) on investments Actuarial gainl{loss) on defined benefil pension Scheme 20 33,750 33,750 69.000 17 43,000 43,000 485,000 Net incomellexpenditurel 198,923 21,100 220,023 526.316 Transfers between funds 18119 (76,41n 76,417 Net movement in funds 122,506 220 023 526316 Total funds brought fofward al 1 st April 2023 826,382 826,382 300,066 Total funds carried forward at 31st March 2024 948.888 1,046,405 826 382 The notes on pages 26 to 43 form parl of these financial slatemenls 19 The Renewal Trust Consolidated Statement of Financial Activities (Incorporating the Income and Expenditure Account) For the year ended 31 March 2024 Unrestricted Funds Restricted Funds Total 2023 Total 2022 Prior Financial Year Notes Incoine and endowments from: Charilable aclivilies-. Operation of The Renewal Tiusl 26 276,639 299,141 575,780 678,147 Inveslmenl income 28 22 22 23 other trading activities 27 411082 100 07J 511 157 460,544 Total income 687,743 399,216 1086 959 1 138 714 Expenditure on.. Raising funds,. Property managemenl 29 201,584 57.427 259,011 205,510 Charitable aclivilies.. Operation of The Renewal Trust 30 484 179 371453 855.632 781,284 Total expenditure 685 763 428 880 1114643 986 794 Net incomellexpenditure} before investment gaiiislllosses) 1.980 27.684 151920 Transfers belween funds 31 14,471 (14,471) Net incomellexpenditure) 16.451 (44.135) (27.684) 151,920 Nel gainsl(losses) on inveslmenls Actuarial gainl(lossl on defined benefit pension Scheme 31 69,(￿0 69,000 141,000 31 485.000 485.000 95,000 Net movement In funds 570 451 526 316 387 920 Total funds brought forward at 1 st April 2022 255.931 44,135 300,066 (87,8541 Total funds carried forward at 31st March 2023 31 826 382 826,382 300,066 The notes on pages 26 to 43 form part of these fir)ancial statefflenls 20 The Renewal Trusl Parent Charitable Company Statement of Financial Activities (Incorporating the Income and Expenditure Account) For the year ended 31 March 2024 Unrestricted Funds Restricted Funds Total 2024 Total 2023 Current Financial Year Notes Income and endowments from: Charitable aclivilies.. Operation of The Renewal TTUSI 293.673 398,260 691,933 575,780 Other trading aclivilies 64.221 5,026 69,247 107,219 Investment income 22 Total income 357 894 403 286 761 180 683,021 Expenditure on: Raisiiig funds.. Property management 50,697 50,697 126,592 Charitable aclivilies.. Operation of The Renewal Trusl 209.377 382 186 611960 Total expenditure 260.074 382 186 642 260 738 552 Net incomellexpenditurel before transfers 97,820 21,100 118.920 (55,531) Transfers between Funds 18119 Net incomel(expenditure) for the year 118920 Other recognised gains and losses Actuarial gainl(loss) on defined benefit pension scheme 17 43.000 485,000 Net movement in funds 147,038 14,882 161,920 429,469 Total funds broughl forward al 1 sl April 2023 346.303 82,635 428.938 (531) Total fund5 carried forward at 31st March 2024 97,517 590,858 428,938 The notes on pages 26 10 43 form part of these financial slalemenls 21 The Renewal Trust Parent Charitable Company Statement of Financial Activities (Incorporating the Income and Expenditure Account) For the year ended 31 March 2024 Unrestricted Funds Restricted Funds Total 2023 Total 2022 Prior Financial Year Notes Income and endowments from: Charitable aclivilies.. Operation of The Renewal Trust 26 276.639 299.141 575.780 775,920 Other trading aclivilies 27 101.275 5.944 107.219 102,144 Inveslmenl income 28 22 22 23 Total income 377 936 683 021 878 087 Expenditure on: Raising funds.. Property management 29 89.307 37,285 126.592 86,897 Charitable aclivilies.. Operation of The Renewal Trust 30 314,496 297,464 611960 585 462 Total expenditure 403 803 334 749 738 552 672 359 Net Incomellexpenditurel before transfers (25,867) (29.664) {55.531) 205,728 Transfers between Funds 31 Net Incomellexpenditurel for the year 11.396 44.135 55.531 205 728 Other recognised gains and losses Acluarial gainllloss) on defined benefit pension scheme 31 485 000 Net movement in funds 473,604 (44,135) 429,469 300,728 Total funds brought fotward at 1 sl April 2022 127.301 126770 531 301259 Total funds carried forward at 31st March 2023 31 346,303 82,635 428,938 531 The notes on pages 26 to 43 form part of these financial statements 22 The Renewal Trusl Consolidated Balance Sheet at 31 March 2024 2024 2023 Notes Fixed assets: Tangible assels Investments 33.987 675,000 708,987 46,962 630.000 676,962 12 Current assets: Debtors Cash al bank and in hand 13 185,783 673,308 859.091 134,536 629,207 763.743 Creditors: amounts falling due within one year 14 342.923 402 823 Net current assetsl{liabilities) 516,168 360,920 Total assets less current liabilities 1.225,155 1,037,882 Provisions for liabilities 16 168 750 157 500 Total net assetsllliabilities} 1056.405 880 382 Defined beneflt pension liability 17 (10.000) (54,000) Nel Liabilities 1046 405 826 382 The funds of the charity Reslricled funds Unreslricled funds Revaluation reseive 18 19 20 97,517 442.638 506,250 1046 405 353,882 472 500 Total charity funds 826 382 These financial slalemenls have been prepared in accordance wilh the special provisions of Part 15 of the Companiés Act 2006 relating lo small companies. These financial slalemenls were approved by the Truslees on Signed on behalf of the Trustees z?/1i/ D Liver Trustee Company Registration Number.. 03345194 The noles on pages 26 10 43 form part of these financial slalemenls 23 The Renewal Trust Parent Charitable Company Balance Sheet at 31 March 2024 2024 2023 Notes Fixed assets: Tangible assels Investments 5.591 10,535 12 10,536 Ciirrent assets: Debtors Cash al bank and in hand 13 333.096 412,337 295,985 374,386 745 433 670 371 Ciirrent Liabilities: Creditors.. amouiils lalling due wilhin one year 14 (150,1671 1197,9691 Net current assetsl (liabilities) 595 266 472 402 Total assets less current liabilities 600 858 482 938 Definod benefit pensioi) liability 17 Net Llabilities 590,858 428 938 The funds of the charity Reslricled funds Unreslricled funds 18 19 97,517 493.341 82,635 346,303 Total charity funds 590 858 428 938 These linancial slalèmenls have been prepared in accordance wilh the special provisions of Part 15 of the Companies Act 2006 relaling 10 5rnall companies. These financial statements were approved by the Trustees on Signed on behalf of the Trustees z ?J!1/21 DLI rsidge Trustee Company Registration Number.. 03345194 The notes on pages 26 10 43 fomi pari of these financial statements 24 The Renewal Trust Consolidated Cashflow Statement for the year ended 31 March 2024 2024 2023 Cashflows from operating activities Cash 9eneraled from operalions 44,101 64.227 Nel cash inflowlloulflow) from operating aclivities 44.101 (64.227) Investiiig activities Payments to acquire tangible assets Disposal of tangible assets Interest received (23,255) 7,252 22 Net casli used In investing activities Net Increasel(decrease) in cash and cash equivalents 44,101 (80,208) Cash and cash equivalents al 1 April 2023 629,207 709.415 Cash and cash equivalents at 31 March 2024 673 308 629 207 Reconciliatlon of operating surplus to net cash outflow from operating activities 2024 2023 Operating (deficilllsurplus Depreciation of tangible assets Difference between pension charge and cash conlribulions (Increaselldecrease in deblors Increaselldecrease) in creditors Increaselldecrease) in deferred income 143.273 12,975 {1.000) (51,247) (41,860) 18.040 (27,706) 18,089 485,000 <30,977) 1482,5771 Net cash inflowlloutflow} frorn operating activities Analysis of net debt 1 Aprll 2023 Cashflow 31 March 2024 Cash al bank and in hand 629,207 673,308 The notes on pages 26 to 43 form part of these financial statements 25 The Renewal Trusl Notes to the consolidated financial statements for the year ended 31 March 2024 1. Accounting Policies Basis of accounting The Renewal Trust is a private company limited by guarantee, incorporated in England and Wales. The registered office is 27-31 Carlton Road, Nottingham, NG3 2DG. Basis of accounting The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. statement of Recommended Practice applicable to charities prepariiig their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued October 2019, the Financial Reporting Standard applicable in the Ui)ited Kingdom and Republic of Ireland (FRS 102), the Charilies Act 2011, the Companies Act 2006 and UK Generally Accepted Practice. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless olherwise stated. Basis of consolidation The consolidated financial statements include the financial statements of the parent charitable company and its subsidiary companies, Hungerhill Trading Limited and Hungerhill Developments Limited. Fund accounting General funds are unrestricted 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. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial slatements. Restricted funds are funds which are to be used in accordance with specific restriction imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Restricted funds represent grants, donations and legacies received which are allocated by the donor for specific purposes. 26 The Renewal Trust Incoming resources All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. For legacies, entitlemeiit is the earlier of the charity being notified of an impend ing distributio n or the legacy being received. Gifts in kind donated are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when Ihe charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs 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 the resources. Fund raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements. Donations Donations and gifts are included in full in the Statement of Financial Activities when receivable. Post-employment benefits The Company operates a defined contribution pension scheme and a defined benefit pension scheme. Obligations for contributions to the defined contribution pension scheme are charged to profit or loss in the period to which the contributions relate. For the defined benefit scheme, the pension costs are assessed using the projected unit of credit method and reviewed annually by independent actuaries. Service costs are charged to profit or loss so as to spread the costs over the service lives of employees. Net interest on the net defined benefit liabilityl(asset) is determined by multiplying the net defined benefit liabilityl(asset) by the discount rate. as determined at the start of the annual reporting period, taking account of any changes in the net defined benefit liabilityl{asset) during the period as a result of contributions and benefit payments. Net interest is charged to profit or loss in the period. comprehensive income in the period in which they occur. Remeasurement of the net defined benefit liabilityl(asset) recognised in other comprehensive income is not reclassified to profit or loss in a subsequent period. Remeasurement of the net defined benefit liabilityl(asset) comprise actuarial gains and losses, the return on plan assets, excluding amounts included in net interest on the net defined benefit liabilityl(asset). If the defined benefit plan has been curtailed or settled during the year, the defined benefit obligation is decreased or eliminated, and the Company recognises the resulting gain or loss in profit or loss in the current period. 27 The Renewal Trust Tangible fixed assets and depreciation Tangible fixed assets costing more than £1.000 are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write down the cost of v21Lration, less estimated residual value, of each asset on a systematic basis over their expected useful lives on a straight line basis. The rates applicable are.. Building improvements - 100/0 Office furniture and equipment- 20 /. Motor vehicles- 250/0 Investments Investments are stated at market value at the balan￿ sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations throughout the year. Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable wilhin one year are recorded at transaction price. 2. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 28 The Renewal Tfust 3 Cliaritable activities income: Operation of The Renewal Trust (Group only) Unrestricted Restricted 2024 2023 Nottingham City Council Other Grant Income 222,554 71,119 293,673 180.796 217.464 398.260 403.350 288.J83 691.933 403,126 172.G54 575 780 (Parent only} Uiirestricted Restricted 2024 2023 Nollingham City Council other Granl Income 222.554 71.119 180,796 217,464 398,260 403,350 288,Jf83 691.933 403,126 172,654 575.780 293,673 4 Otlier trading activities (Group only) Unrestricted Restricted 2024 2023 Rent DBS checks Other earned income Grants 329,804 2.880 332,684 349,348 6,315 21,402 134 092 511,157 14,923 118847 463.574 2,146 17,069 118847 468,600 (Parent Only) Unrestricted Restricted 2024 2023 Rent DBS checks Other earned income 56.675 2,880 59.555 91.549 6,315 9,355 107219 7.546 5 Investment income IGroup Only) Unrestricted Restricted 2024 2023 Bank interest 22 (Parent Only) Unrestricted Restricted 2024 2023 Bank interest 22 29 The Renewal Trust 6 Raising funds expenditure IGroup oiilyl Unrestricted Restricted 2024 2023 Property managemenl and other trading aclivilies.. Properly managemenl D8S Checks 170.866 50 170.916 170.866 50 170.916 254.065 4,946 259.011 (Parent only) Unrestricted Restricted 2024 2023 Property management arid other Irading aclivilies.. Property management OBS Checks 50,647 50 50,647 121,646 4,946 126 Jf92 7 Charitable activities expenditure IGroup only) Unrestricted Restricted 2024 2023 Programmes and activities Olher Communily Funding Staff Costs Community Grants Admin costs Advertising & Publicily Governance Costs (note 8) Pension scheme interest 10,317 113,258 160,092 98,896 123,575 160.092 387,589 5,560 96,747 60,673 129,090 438,154 11,265 117,533 3,949 81,968 288,693 5,560 86,807 9,940 70,781 70,781 464 158 382 186 846 344 855 632 (Parent onlyl Unrestricted Restricted 2024 2023 Progiammes and activities Other Community Funding Staff Costs Community Grants Admin costs Advertising & Publicily Governance Costs Inole 8> Pension scheme interest 10,317 113,258 160.092 98,896 123,575 160.092 199,963 5,560 53,986 60,673 129,090 263,149 11,265 78,524 3,949 52,310 lo1,￿7 5.560 44,046 9,940 46,387 46.387 209.377 382.186 591.563 611960 30 The Renewal Trusl 8 Goverijance Costs (Group only) Unrestricted Restricted 2024 2023 Boaid.. Admin Costs Staff Costs Audil and Accountancy Legal 67 20,318 29,914 20,482 70.781 67 20,318 29,914 20,482 70,781 40 19,809 26,001 36.118 81,968 (Parent only} Unrestricted Restricted 2024 2023 Board.. Admin Cosls Staff Costs Audit & AccounlanGy Legal 67 20.318 10.055 67 20,318 10.055 15,947 40 19,809 12,941 9 Net Incoming I Ioutgoingl Resources for the year Thi5 IS staled after charging.. 2024 2023 Auditors, remuneration.. audit of the financial slalemenls other services 10,200 10,000 10.200 10 Staff Costs and Emoluments Total Stall costs were as follows.. 2024 2023 Wages and Salaries Social Security Costs Pension Costs 183,892 8,760 13,195 205 847 237,647 11,746 19,042 268 435 Particulars of employees: The average number of employees during the year was as follows 2024 2023 15 Number of staff - full lime Èquivalent 13 No employee earned £60.000 p.a. or more. The trustees received £nil emolumenls and expenses (2023.. £nil) during the year. Remuneration of ke mana emenl ersonnel The remuneralion of key management personnel is as follows.. 2024 2023 Aggregate compensation 170,023 137,498 31 The Renewal Trusl 11 Tangible Fixed Assets Fixtures, Fittiiigs & Equipmeiit Motor Vehicles Total {Groiip only) Cost Al 1 April 2023 Addilioiis Disposals Al 31 March 2024 119,101 5.829 124,930 119,101 5,829 124,930 Depreciation At 1 April 2023 Chaige for the year Disposals Al 31 March 2024 Depreciation 76.511 11,518 1,457 1,457 77,968 2,914 90,943 Net Book Value At 31 March 2024 At 31 March 2023 42.590 4.372 46,962 Fixtures, Fittings & Equipment Motor Vehlcles Total (Parent only Cost Al 1 April 2023 Additions Disposals Al 31 March 2024 22.553 22,553 22.553 Depreciation Al 1 April 2023 Charge for the year Disposals Al 31 Maich 2024 Depreciation 12,018 4,943 12.018 4.943 Net Book Value Al 31 March 2024 Al 31 March 2023 5,591 The Allolmenl Centre was built on the Slonepil Coppice Allolmenl sile in 2013 and Ihe cost of the conslruclion of £321 ,504 was funded entirely by granls. A value has not been included in these accounts due to the limiled lime remaining on the lease and the fact that a full valuation of Ihe land and buildings has not been undertaken. 32 The Renewal Trusl 12 Iiivestments (Group only) 2024 2023 Investment property Market value at 1 April 2023 Disposal 630,000 538.000 Revaluation 45,000 92,000 Market value al 31 March 2024 675 000 630 000 Historical c051 al 31 March 2024 137,500 137,500 During 2024 3 valuation of the inveslment property, 3 Hawksworth Street, Sl Ann's, Nollingham was carried out by the properly manager. whom is a qualified surveyor. The markel value of the property was indicated at £675,000 which has been reflected in Ihe financial statements. 2024 2023 Inveslmenl in subsidiaries Markel value al 1 April 2023 Market value at 31 March 2024 Historical cost al 31 March 2024 (Parent only) 2024 2023 Market value al 1 April 2023 Provision against subsidiaTy Market value at 31 March 2024 Historical cost at 31 March 2024 50,003 50,002 50.003 50,002 13 Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Trade deblors Prepayments Amounls owed from group undertaking Other debtors 168,766 16,107 106,445 13,163 122.610 10.205 201,075 794 112,245 5,289 179,395 944 910 14.928 185 783 333 096 295 985 14 Creditors: Amount5 falling due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Trade creditors Grants paid in advance Accruals other creditors 126,140 49,054 58.639 109,090 342.923 1￿,678 66,594 91,109 138,442 402,823 76.161 46.304 27,387 315 150,167 70,598 64,344 60,836 2,191 197,969 33 The Renewal Trust 15 Deferred Income InclLided within credilors is £90.906 of deferred income. The Imovemenl can be analysed as follows: 2024 2023 Balance as at 1 April Amounl deferred in year Almounl released in year Balance as at 31 March 64,344 46.304 64,344 5.000 64,344 64,344 16 Provisions for liabilities Group 2024 Group 2023 Charity 2024 Charity 2023 Deferred lax liabilily 168,750 157 500 In accordance wilh FRS 102 deferred lax has been provided al Ihe current rale of corporation lax on the potential gain arising on the revaluation of 3 Hawksworlh Street, Sl Ann's, Nottingham. 17 Post-einployment benefits Defined contribution plan The Company operates a defined conlribulion plan for all employees of the coinpany. Contributions made into this plan are paid by the Company al Tales specified in Ihe rules of the schemes. The lolal amount recognised in profil or10ss during this year was £43k (2023: £485kl. As al the reporting dale, ainounls payable of £nil {2023.' £nil> had not been paid over lo the plan. Defined benefit plan The company operates a defined benefit pension scheme. The scheme is a funded defined benefil pension scheme in the UK, the assets of which are held as a segregated (und and adminislered by lluslees. The Company has agreed lo a funding plan wilh the Iruslee. whereby oTdinary contributions are made inlo the scheme based oil a percenlage ol active employees, salary. Additional conlribulions are agreed with the Iruslee lo redltce the funding deficil where necessary. The lalesl actuarial valualion was performed in 2019. This scheme is subject lo risks in relalion lo changes in inflalion, fulure salary increases and o changes in the value of inveslmenls and the returns derived from such inveslmenls. An investment strategy is in place which has been developed by the pension Iruslee in order to manage inveslmenls and miligale such risks. The amounts recognised are as follows.. 2024 2023 Present value of funded obligations Fair Value of plan assets Nel Liability 722,000 (712.000) 10.000 731,000 {677.0001 54,000 The amounts recognised in profil or loss are as follows.. 2024 2023 Current service cost 19,000 2,000 25,000 13,000 Nel interest expense Total 21,000 38,000 34 The Renewal Trust 17 Post-employment benefits continued The amounts recognised in other comprehensive income are as follows.. 2024 2023 Actuarial gains and losses 43.000 485,000 Changes in the present value of the defined benefit obligalion are as follows.. 2024 2023 As al 1 April 2023 Current service cost 731.000 1,181,000 25,000 30,000 19,000 34,000 Interest expense Change in financial assumptions Change in demographic assumplions Experience lossl(gain) on defined benefil obligation Eslimaled benefits paid nel of transfer in Conlribulions by scheme pariicipants and other employers As al 31 March 2024 (14,000) {9,000) 4,000 {470,000) (51,0001 32,000 (20,000) 4,000 731,000 (49,000) 6,000 722.000 Changes lo the fair value of plan assets are as follows.. 2024 2023 As at 1 Apri5 2023 Inleresl on assets 677,000 32,000 24,000 662,000 17,000 131,0001 27.000 Return on assets less interest Other aGtuarial gains I (losses) Contributions by employer Contributions by scheme participants and other employers Estimated benefits paid nel of transfers in As at 31 March 2024 22,000 6,000 (49.000) 712.000 18.000 4,000 120.000) 677,000 The major categories of plan assets as a percenlage of total plan assets are as follows.. 2024 2023 Equities Gills 61 58 Other bonds Property Cash 12 Inflalion-linked pooled fund Infraslruclure Private equities Total 100 100 35 The Renewal Trust 17 Post.employment benefits continued The fair values of plan asse(s were as follows 2024 2023 Equilies Gills 431.000 396,000 14,000 40,000 80,000 17,000 35,000 76.000 Other bonds Property Cash 43,000 36,000 51,000 23,000 35,000 34,000 53.000 Inllalion-linked pooled fund Infrastructure Private equities Total 25.000 712,000 677,000 Actuarial Inethods and assumptions The pension plan has not Invested In any of the Charity's own finanaal Instruments or other assets. The financial assumptions have been set with consideration of the duration of Ihe Employevs past servl¢e liabilities, estimated lo be 26 years. Post retirement mortallty 31 March 2024 S3PA 31 March 2023 S3PA Base lab18 Multiplier (MIF) Future improvements model Long-term rale of Improvement Smoothing parameter Initial addition parameter 2021 weight parameter 2022 weight parameter 115QknI 1100/0 1150h11100 CMI 2022 CMI 2021 1.25% pla 1.25'/0 p.a. O.OOA p.a O°/0 O.OOh p.a 250 nla Life expectancy from 65 (years) 31 March 2024 20 31 March 2023 21 Males Retiring today Females 23 24 Males Retiring in 20 years 22 22 Females 25 25 Financial assumptions 31 March 2024 31 March 2023 31 March 2022 Discount rale Pension increases (CPI) RPI inflation 2.9/ 3.2001. 3.29 3.25/ 3.50°/. Salary increases 4.20°h 36 The Renewal Ttusl 17 Post-employinent benefits continued Past service cost5 Past setvice costs arise as a result of inlroduclion or withdrawal of. or changes lo, member benefits. For example, an award of additional discretionary benefits lo a member such as added years by a member would be considered a past service cost. We are not aware of any additional benefits which were granted over the year ending 31 March 2024. Curtailments Over the year, we undersland no employees were permitled by the Employer lo lake unreduced early retirement that they would not otherwise have been entitled to. Settlements We are not aware of any liabililies being sellled al a cost materially different lo the accounting reserve during the year 18 Net Movement in Restricted Funds (Group only) Opening balance Incoming Resources Resources expended Other Gains & Losses Transfer Closiiig balance Mini Movers Holiday Activity Fund Independenl Age Area Based Granl UKSPF HLG 24,276 91.032 42,407 180,797 64.774 (4,212) (91,032) (37,649) (174,5791 (64,7741 9,940 382.186 20.064 4,758 {6,218> 82,635 403 286 (Parent only) Opening balance Incoming Resources Resources expended other Gains & Losses Transfer Closing balaiice Mini Movers Holiday Activity Fund Independent Age Area Based Grant UKSPF HLG 24.276 91,032 42.407 180,797 64,774 (4,212) (91,032) (37,649) (174,579) (64,774) 20,084 4,758 (6,218) 82,635 403.286 382 186 6,218 Mlni Movers Soft play and ouldoor play for children under 4 years old. Holiday Activity Fund Positive activities for children of families receiving free school meals. Independent Age Feel Good Gold, luncheon club wilh social activities for vulnerable people over 60. Area Based Grant Administering grant funding lo the voluntary sector. UKSPF Capital and revenue funding lo support the future sustainability of the Brendon Lawrence Sports Cenlre. Nottingham Hoste15 Liaison Group IHLG} Funds tiansferred lo The Renewal Trust on the dosure of Nottingham Hostels Liaison Group. To support the relief of poverty for those experiencing hardship. 37 The Renewal Trust 19 Net Movement in Unrestricted Funds IGroup oiilyl Opening balance Incoming Resources Resources expended Other Gains & Losses Transfer Closing balanco Unrestricted Funds General Funds General Funds 284,447 757,247 (635,074) (92,897) 43,000 356.723 Designated Funds Redundancy Provision 69.435 353 882 85.915 442.638 757 247 635 074 (Parent only) Opeiiing balance Incoming Resources Resources expended Other Gains & Losses Transfer Closing balaiice Unrestricted Funds General Funds General Funds 276,868 357.894 (260.074) (10.2621 43,000 407,426 Designated Fiinds Redundancy Provision 69,435 16,480 357 894 260 074 493 341 20 Net Movement Revaluation Reserve (Group Only) Opeiiing balance Gains and llossesl Deferred tsxatlon Closiiig balance Inveslmenl Property 472 500 45.000 506 250 506 250 472,500 11,250 21 Analysis of Net Assets Between Funds (Group Only) General Fund Designated Funds Restricted Funds Total Tangible fixed assets Nel current as5els I liabilities Provisions and pensions Total 708.987 332,736 178 750 862.973 708,987 516,168 178,750 1046,405 85,915 97,517 (Parent Only) General Fund Designated Funds Restricted Funds Total Tangible fixed assets Net current assets I liabilities Provisions and pensions Total 5,592 411,834 10,000 407.426 5.592 595,266 10,000 590.858 85.915 97,517 85,915 97.517 38 The Renewal Trusl 22 Subsidiary Companies The charity owns the whole of Ihe issued ordinary share capital of Hungerhill Trading Ltd (company number 038973221 and Hungerhill Developmenls Ltd (company numbei 06229672) companies registered in England. All activities have been consolidated on a line by line basi5 in the SOFA. A sunimary of Ihe results ol the subsidiaries is shown below". 2024 2023 Hungerhill Trading Ltd Income Adminislralive expenses Nel operating Profil I (Loss) Revaluation of inveslmenl property Taxation Profil for year 224,418 200,063 24.355 4Jr,000 11,250 58.105 210.262 186,668 23.594 92.000 23,000 The aggregate of the assels. liabilities and funds was.. Assets Liabilities Provisions for liabilities and charges 831.847 (212,115) 168 750 450.982 746,154 1195,777} 157,500 392 877 Share capital Revaluation reSe￿e Retained prolil Profil for the year 50.001 675,000 (332,124) 58.105 450,982 50,001 630,000 {379,718} 392 877 2024 2023 Hungerhlll Developments Ltd Income Cosl of sales Gross profit Adminislralive expenses Nel operaling profil Taxation Profil for year 193,848 223,470 193848 1194.846) (998) 998 223 470 (218,217) 5,253 998 The aggregate of Ihe assets, liabililies and funds was: Assets Liabilities 186.282 181,708 4,574 205.594 201,025 4,569 Share capital Retained profil Profit for the year 4.573 313 4.255 4,569 4,574 39 The Renewal Trust 23 Operating lease commitments The charity has three leases with Nollingham Cily Council. One is for 3 period of 7 years from 17 August 2015 for the Sycamore Millennium Cenlre. Hungerhill Road, St Ann's, Nottingham and tlie other is for a period of 24 years from 8 October 2003 for The Brendon Lawrence Sports Hall, Hungerhill Road, Sl Ann's, Notlingham. No rental charges are payable in respect of the leases. The tnosl recent lease is for Cherry Lodge which commenced on 16 Apiil 2019 wilh a lease lenglh of 5 years. The renl charge of £5,800 pla has been reduced by the Landlord lo a peppercorn rent. Hungerhill Developments Limited has a lease with Nollingham Cily Council for a period of 30 years from 16 June 2008 for the Slonepil Coppice Allolmenls, the Gorsey Close Allolmenls and the Hungerhill Allolmenls all al Sl Ann's Nollingham. No rental ch