2022-03-31-accounts

RENAISSANCE FOUNDATION (A company limited by guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Company Number: 05811643 Charity Number: 1128772 (England and Wales)

RENAISSANCE FOUNDATION (A company limited by guarantee)

Contents

	Page
Company Information	3
Trustees' Annual Report	4 - 5
Independent Examiner's Report	6
Statement of Financial Activities	7
Balance Sheet Notes to the Financial Statements	8 9 - 16

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RENAISSANCE FOUNDATION (A company limited by guarantee)

COMPANY INFORMATION FOR THE YEAR END 31 MARCH 2022

Reference and administrative details

Charity number: 1128772 Company number: 05811643 Registered office: 68-80 Hanbury Street, London E1 5JL

Directors

The directors of the charitable company are its trustees for the purpose of charity law. The directors serving during the year and since the year end were as follows:

Gurmail Singh Giles Drury Nigel Langstaff Jamie Warren Patrick McCrae (appointed 25 May 2022) Kate Mogridge (resigned 16 March 2022)

Company Secretary

Jamie Warren

Chief Executive

Sat Singh

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RENAISSANCE FOUNDATION (A company limited by guarantee)

THE REPORT OF THE TRUSTEES FOR THE YEAR END 31 MARCH 2022

The trustees are pleased to present their annual report, together with the financial statements of Renaissance Foundation, for the year ended 31 March 2022.

Objectives and activities

Renaissance Foundation was registered as a charity in 2009 . Its charitable objects are set out in its governing document and these objects underpin its operational objectives. The trustees have paid due regard to the Charity Commission's guidance on public benefit when determining the activities of the charity.

In another difficult year, our mission to transform the lives of young Londoners living with significant challenges remained as critical as ever. The Covid-19 pandemic disproportionally affected young people with the closure of schools and other support services. The young people Renaissance Foundation helps are typically aged between 12 and 18 and live across London, although the majority are from Tower Hamlets.

Our work remains focused on two hard-to-reach groups: young carers and young hospital patients. Whilst each group is dealing with certain specific issues, research has shown that these two groups both suffer from significant educational, social and emotional challenges including low academic attainment, high unemployment rates, isolation, and lack of self-esteem.

We invested a significant amount of time during the year into creating a revised theory of change, streamlined outcomes and a new set of programme themes. We aim to use this work to deliver an even higher quality programme and to enhance our impact. We have redefined our core outcomes as follows: increased educational engagement; improved careers awareness; improved personal resilience; improved self-management (including medical adherence); becoming an active global citizen; and increased fulfilment and engagement. Our programme will continue to apply a three-stage model focused on the needs and aspirations of each of our participants. The three stages of the programme - Engage, Inspire, Achieve - give our young people an arc to follow and enable them to develop key skills. Themes are subject areas on which our programme activities focus, each of which highlights a particular area that aims to open up new insights, opportunities and career pathways for our young people. The themes - STEM; Sustainability; Business and Entrepreneurship; Culture, Media and Sports; and Self-Nurturing - are delivered through workshops and visits to institutions, businesses and events.

Renaissance Foundation has continued to build up a broad network of relationships with high profile people from business, sport, the arts, academia and government, providing us with a wealth of options to use in our programme. These activities are designed to motivate, inspire, and enable our young people to imagine and build a better future.

All participants in the charity’s programme are referred by well-respected authorities. We have forged stronger links with schools as referral partners and have delivered a number of assemblies to showcase our work. In addition to this, we continue to foster strong relationships with London-based hospitals (including UCLH and Great Ormond Street Hospital) which provide referrals, alongside other leading organisations and charities supporting young carers.

Achievements and performance

The past year has again been affected by Covid-19. We continued to provide a range of high quality motivational online sessions before, with careful planning, returning gradually to face-to-face activities in July 2021. We have developed a blended delivery model that combines digital and face-to-face support, and will continue to use this model in the future. Our financial performance remained strong and we are grateful to key partners and funders for enabling us to remain a constant, reassuring and positive presence in the lives of our young people.

The pandemic has also affected our recruitment over the past two years, often making face-to-face meetings with referral partners, young people and their parents impossible. While we have used digital tools to try to overcome this, it has inevitably made engagement and onboarding more difficult. Nonetheless, we currently have more than 60 young people on the programme, and expect significant growth over the coming year, supported by a strong pipeline from the referral agencies with whom we work.

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RENAISSANCE FOUNDATION (A company limited by guarantee)

THE REPORT OF THE TRUSTEES FOR THE YEAR END 31 MARCH 2022

A staged return to in-person events enabled us to connect with new partners, including The DVS Foundation, who delivered a 6-week personal development course to our older group. We also held a speed careers evening with Bedrock Group, financial literacy sessions with HSBC UK Bank plc and participated in the launch of the Miriam Waterman Portraiture Award. We also took groups of young people to long-standing partners such as Buckingham Palace, The Tate Modern and The Royal Albert Hall and took advantage of London’s green spaces for picnics and walks.

After two frustrating years of delays due to Covid-19, we are close to finalising an agreement for new premises, which will be a hub for our activities and provide space for workshops and programme sessions, as well as a drop-in centre for our young people. Having been without our own space for a long time, we are hugely excited about this prospect.

Financial review

Fundraising this year was boosted once again by two successful match funding campaigns, Champions for Children in June and The Big Give in December, which jointly generated over £200,000. We benefitted from over £87,000 in Covid-19 emergency grants in 2020-21, which were not repeated in the current year, and were pleased to have increased funding slightly year-on-year despite this. We could not run the programme without the generous help of all our donors and are hugely grateful for their support.

Increased levels of funding resulted in an increase in year-end cash from £168,786 at March 2021 to £268,173 at March 2022. We aim to hold cash reserves that are sufficient to cover at least six months of operational costs. While we have higher levels of reserves than we have ever had in the past, we expect to see a further increase in our cost base in the year ahead, as we continue to invest in the charity's team and operational infrastructure. We will also be undertaking major rebuilding and refurbishment work at our new premises, to provide us with a platform for further development. We have ambitious aims to grow our participant numbers, reach and outcomes to benefit those vulnerable young people who need us to reach their full potential.

Structure, governance and management

Renaissance Foundation is a company limited by guarantee, and its activities are governed by its articles of association. New trustees are elected by the existing board members. On appointment the new member receives an induction programme by way of one-to-one meeting with a trustee, working through a package of information, including the memorandum and articles of association, historical documents and Renaissance Foundation's business plan.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements 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 accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

Approved by the Board of Trustees on 6 July 2022 and signed on their behalf by:

.......................... Nigel Langstaff Chairman

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RENAISSANCE FOUNDATION (A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2022 which are set out on pages 7 to 16.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no 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 company as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

..................................

Colin Barker FCA

146 New London Road Chelmsford CM2 0AW

26 July 2022

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RENAISSANCE FOUNDATION

(A company limited by guarantee)

Statement of Financial Activities (Incorporating an Income and Expenditure Account) For the Year Ended 31 March 2022

Note Income from: 2 Grants and donations Investments Total income Expenditure on: 3,9 Raising funds Charitable activities Total expenditure Transfers between funds Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 9 Net income (expenditure)	£ 30,568 - 30,568 - 4,968 4,968 25,600 - 25,600 10,000 35,600 Restricted funds	Unrestricted funds £ 270,037 8 270,045 57,950 145,051 203,001 67,044 - 67,044 166,256 233,300	2022 Total funds £ 300,605 8 300,613 57,950 150,019 207,969 92,644 - 92,644 176,256 268,900	2021 Total funds £ 298,343 22 298,365 50,216 138,650 188,866 109,499 - 109,499 66,757 176,256

All results are derived from continuing activities. There were no recognised gains or losses other than those stated above. Movements in funds are disclosed in note 9 to the financial statements.

The notes on pages 9 to 16 form part of these financial statements.

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RENAISSANCE FOUNDATION (A company limited by guarantee)

Balance Sheet As at 31 March 2022

Note Tangible fixed assets 6 Current assets Debtors 7 Cash at bank and in hand	4,217 1,968 268,173 2022 £	4,217 1,968 268,173 2022 £	2021 £ 7,613 1,057 168,786
Creditors: amounts falling due within one year 8	270,141 5,458		169,843 1,200
Net current assets		264,683	168,643
Net assets		268,900	176,256
Funds of the charity Restricted funds 9 Unrestricted funds 9		35,600 233,300	10,000 166,256
Total charity funds		268,900	176,256

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of the accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the directors on 6 July 2022 and signed on their behalf by:

Nigel Langstaff Director

Registered Company number: 05811643 Registered Charity number: 1128772

The notes on pages 9 to 16 form part of these financial statements.

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RENAISSANCE FOUNDATION (A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2022

1 Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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 (effective 1 January 2019) (Charities SORP FRS102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Legal Status

Renaissance Foundation is a charitable company limited by guarantee. It is incorporated in England and Wales and its registered address is 68 Hanbury Street, London E1 5JL. The company meets the definition of a public benefit entity under FRS 102.

Going Concern

The trustees are of the opinion that the charity has sufficient resources to continue trading for the next 12 months from the date of signing these accounts.

1.2 Income

Voluntary income received by way of donations and gifts to the charity is included in full in the Statement of Financial Activities when received. Intangible income, such as donated professional services, is not included unless it represents goods or services which would otherwise have been purchased. Material gifts in kind are valued and brought in as income.

Grants received for specific purposes are accounted for as restricted funds in the Statement of Financial Activities.

1.3 Expenditure

The cost of raising funds represents the costs associated with attracting voluntary income and grants for the provision of services run by the charity.

Expenditure is recognised in the period in which it is incurred.

Charitable expenditure comprises direct expenditure including direct staff costs attributable to its activities. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of resources. Percentages for the current year are as follows:

Charitable activities 80% Raising funds 20%

Governance costs are those incurred in connection with the management of the charity’s assets, the running of the organisation and compliance with constitutional and statutory requirements.

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RENAISSANCE FOUNDATION

(A company limited by guarantee)

Notes to the Financial Statements (continued) For the Year Ended 31 March 2022

1.4 Tangible fixed assets and depreciation

Fixed assets are only capitalised if their value is above £500 and they have a life of more than one year.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Office equipment 33% straight line Computers & electronics 33% straight line

1.5 Restricted funds

Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets this criteria is allocated to the fund, together with a fair allocation of overheads and support costs where relevant.

1.6 Unrestricted funds

Unrestricted funds, including designated funds, are donations and other incoming resources received or generated for the charity's purposes and are expendable at the trustees’ discretion.

1.7 Deferred grants

Grants of a revenue nature are credited to incoming resources in the period in which they meet the definition of a receivable. Grants received in advance for specified future periods are carried forward as deferred income.

1.8 Debtors

Trade and other debtors are recognised at the settlement amount due.

1.9 Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount.

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RENAISSANCE FOUNDATION (A company limited by guarantee)

Notes to the Financial Statements (continued) For the Year Ended 31 March 2022

2 Income

From grants and donations Cherry Family Foundation Mercers' Company Childhood Trust Pen Trust Autumn Stone Foundation	Restricted £ 20,000 5,000 - - -	Unrestricted £ - - 50,000 50,000 25,000	2022 Total £ 20,000 5,000 50,000 50,000 25,000
Rumi Foundation	-	25,000	25,000
Kickstart employment scheme Audible Avocado+ Accelerator Programme Masonic Charitable Foundation Wakefield and Tetley Trust	- - - - -	11,532 10,000 5,000 5,000 5,000	11,532 10,000 5,000 5,000 5,000
Other donations	5,568	83,505	89,073
From investments Bank interest From grants and donations London Community Response Fund National Lottery Barnardo's Pen Trust Childhood Trust Autumn Stone Foundation Rumi Foundation Masonic Charitable Foundation Individuals Coronavirus Job Retention Scheme Other From investments Bank interest	30,568 - - 30,568 Restricted £ 47,325 39,996 13,800 - - - - - - - 1,841 102,962 -	270,037 8 8 270,045 Unrestricted £ - - - 49,600 35,600 17,800 17,800 5,000 45,459 13,967 10,155 195,381 22	300,605 8 8 300,613 2021 Total £ 47,325 39,996 13,800 49,600 35,600 17,800 17,800 5,000 45,459 13,967 11,996 298,343 22
	-	22	22
	102,962	195,403	298,365

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RENAISSANCE FOUNDATION (A company limited by guarantee)

Notes to the Financial Statements (continued) For the Year Ended 31 March 2022

3 Expenditure

Direct costs Project costs Contractors Salaries Staff and volunteer expenses Subscriptions Indirect costs Personnel Premises Depreciation Office overheads Other operating costs Governance costs (see below) Total expenditure Direct costs Project costs Contractors Salaries Staff and volunteer expenses Subscriptions Indirect costs Personnel Premises Depreciation Office overheads Other operating costs Governance costs (see below) Total expenditure	Raising funds £ - - 46,174 - 3,659 49,833 5,399 122 679 1,443 192 282 8,117 57,950 Raising funds £ 5,418 2,202 32,767 - 782 41,169 3,863 1,512 517 2,769 118 268 9,047 50,216	Charitable activities £ 7,747 - 108,961 226 614 117,548 21,595 492 2,717 5,771 768 1,128 32,471 150,019 Charitable activities £ 9,631 - 91,612 652 567 102,462 15,452 6,050 2,068 11,075 473 1,070 36,188 138,650	2022 Total £ 7,747 - 155,135 226 4,273 167,381 26,994 614 3,396 7,214 960 1,410 40,588 207,969 2021 Total £ 15,049 2,202 124,379 652 1,349 143,631 19,315 7,562 2,585 13,844 591 1,338 45,235 188,866

Governance costs include the independent examiner's fee of £1,320 (2021: £1,200). 12

RENAISSANCE FOUNDATION (A company limited by guarantee)

Notes to the Financial Statements (continued) For the Year Ended 31 March 2022

4 Staff costs and numbers

Staff costs were as follows: Salaries and wages Social security costs Pension costs (defined contribution)	2022 £ 166,525 11,887 3,717	2021 £ 132,427 8,795 2,472
	182,129	143,694

No employee earned more than £60,000 during the year.

Trustees do not receive any remuneration or fees and no trustees were reimbursed for expenses during the year. Total key management personnel remuneration benefits in the year totalled £106,066 (2021 – £81,288).

The average number of employees during the year was as follows:	2022 No. 5.3	2021 No. 4.4

5 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

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RENAISSANCE FOUNDATION

(A company limited by guarantee)

Notes to the Financial Statements (continued) For the Year Ended 31 March 2022

6 Tangible fixed assets Cost At 1 April 2021 Additions Disposals At 31 March 2022 Depreciation At 1 April 2021 Charge for the year Disposals At 31 March 2022 Net book value At 31 March 2022 At 31 March 2021 7 Debtors Accrued Income Prepayments 8 Creditors: amounts falling due within one year Accruals	Office equipment £ - - - - - - - - - -	Computers & electronics £ 11,874 - - 11,874 4,261 3,396 - 7,657 4,217 7,613 2022 £ 1,456 512 1,968 2022 £ 5,458 5,458	Total £ 11,874 - - 11,874 4,261 3,396 - 7,657 4,217 7,613 2021 £ - 1,057 1,057 2021 £ 1,200 1,200

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RENAISSANCE FOUNDATION (A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2022

9 Movements in funds Restricted funds (see below): Mercers' Company Cherry Family Foundation Other Total restricted funds Unrestricted funds: General unrestricted funds Total unrestricted funds	At 1 April 2021 £ 10,000 - - 10,000 166,256 166,256	Income £ 5,000 20,000 5,568 30,568 270,045 270,045	Expenditure £ - - (4,968) (4,968) (203,001) (203,001)	Transfers £ - - - - - -	At 31 March 2022 £ 15,000 20,000 600 35,600 233,300 233,300
Total funds	176,256	300,613	(207,969)	-	268,900
At 1 April 2020 £ Restricted funds (see below): Mercers' Company 10,000 London Community Response Fund - National Lottery - Barnardo's - Other - Total restricted funds 10,000 Unrestricted funds: General unrestricted funds 56,757 Total unrestricted funds 56,757 Total funds 66,757		Income £ - 47,325 39,996 13,800 1,841 102,962 195,403 195,403 298,365	Expenditure £ - (47,325) (39,996) (13,800) (1,841) (102,962) (85,904) (85,904) (188,866)	Transfers £ - - - - - - - - -	At 31 March 2021 £ 10,000 - - - - 10,000 166,256 166,256 176,256

Funding from the Mercers' Company and the Cherry Family Foundation relates to planned refurbishment costs on t charity's new youth hub, the development of which has been delayed by Covid-19. Other restricted funding was given to support various specified outreach projects.

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RENAISSANCE FOUNDATION (A company limited by guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2022

10 Operating leases

The charity was committed to no future minimum lease payments under non-cancellable operating leases (2021: nil). No rent concessions were received in either year.

11 Related party transactions

There were no related party transactions during the year that require disclosure.

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