**RENAISSANCE FOUNDATION (A company limited by guarantee)**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2024**
**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|
2
**RENAISSANCE FOUNDATION (A company limited by guarantee)**
## **COMPANY INFORMATION FOR THE YEAR END 31 MARCH 2024**
## **Reference and administrative details**
Charity number: 1128772 Company number: 05811643 Registered office: 146 New London Road Chelmsford England CM2 OAW
## **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:
Giles Drury Nigel Langstaff Patrick McCrae Caroline Hayes (appointed 28 April 2023) Dominic Cunliffe (appointed 1 May 2024) Gurmail Singh (resigned 28 April 2023)
## **Founder and Chief Executive**
Sat Singh
3
**RENAISSANCE FOUNDATION (A company limited by guarantee)**
## **THE REPORT OF THE TRUSTEES FOR THE YEAR END 31 MARCH 2024**
The trustees are pleased to present their annual report, together with the financial statements of Renaissance Foundation, for the year ended 31 March 2024.
## **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.
Our work remains focused on two hard-to-reach groups: young carers and young hospital patients. Whilst each group has its own specific issues, research has shown that carers and patients have much in common, suffering from significant educational, social and emotional challenges, including low academic attainment, high unemployment rates, isolation, and lack of self-esteem. The young people supported by Renaissance Foundation are typically aged between 12 and 18 and are from London. We provide a threeyear programme that has a deep and long-lasting impact on the young people who participate in it.
We refined our theory of change during the year. Our intended short-term outcomes target improved: selfawareness, self-management, social awareness, relationship skills and responsible decision-making. Our intended longer-term outcomes are to improve: confidence, well-being, educational achievement, careers readiness and leadership skills. We expect to be able to report on these areas in our next annual report.
Renaissance Foundation has continued to build its 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 strong 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**
We finally moved into our new premises in Algate in early Autumn, after a major refurbishment project over several months. We received amazingly generous pro bono support on this project from several building and design experts, and we are delighted with the finished product. Our premises serve as a hub for our activities and provide space for workshops and programme sessions, as well as a drop-in centre for our young people.
We finished the year supporting 83 young people, including 20 alumni. As noted last year, our referrals pipeline has been hampered somewhat by the intense pressure on school teams, who have been trying to manage academic recovery, attendance issues and mental health challenges, and hospitals, struggling with the lengthy backlogs caused by the pandemic. We continue to make our referrals and onboarding processes as efficient as possible, and to explore new sources of referrals, and aim to increase our participant numbers in the year ahead.
The year also saw the formation of a Youth Board, the "Renaissance Collective", comprising former participants on the charity's programme. They meet regularly to discuss issues, to contribute to improving and developing the programme, and to provide feedback to the executive and Board.
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.
4
**RENAISSANCE FOUNDATION (A company limited by guarantee)**
## **THE REPORT OF THE TRUSTEES FOR THE YEAR END 31 MARCH 2024**
The year saw another full programme, with events at inspirational venues such as Kew Gardens, Silverstone, Windsor Castle, The Living Rainforest and, for a select group, the Nobel Peace Prize in Oslo. For the first time in the charity's history, we took a group of young people on a three-day residential to an outdoor activity centre in Buckinghamshire. We had careers visits to a number of businesses, and partnered with global management consulting firm, Bain & Company, on our first work experience programme, which saw five young people complete a week-long work experience programme. We continued the Miriam Waterman Art Project, and heard from several inspirational speakers.
## **Financial review**
A significant part of our income for the year came in the form of donated assets and services associated with our hub refurbishment project, with gifts-in-kind of £264,781 (2023: £38,415). The fundraising environment was challenging during the year, and cash donations fell from £308,400 in 2022-23 to £227,752 in the current year. We continue to build our fundraising pipeline and aim to grow our cash funding in the year ahead. We could not run the programme without the generous help of all our donors and are incredibly grateful for their support.
Alongside the capital project to refurbish the hub, we incurred higher operating costs as a result of having premises, as well as a larger team, with operating costs before depreciation increasing to £357,223 (2023: £266,210). We therefore saw a decrease in cash from £259,789 at the start of the year to £161,876 at the end of the year. Our unrestricted non-capital funds at the end of the year were £96,092 (2023: £240,226), reflecting this decrease in cash, cash investment in our new premises, and higher year-on-year deferred income and accruals. We are aiming over time to increase our free reserves to a minimum of six months' unrestricted expenditure, equating to approximately £190,000.
## **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 29 July 2024 and signed on their behalf by:
.......................... Nigel Langstaff Chairman
5
**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 2024 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 Association of Chartered Certified Accountants, 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.
## **..................................**
Sandra Morrell FCCA
146 New London Road Chelmsford CM2 0AW
29 July 2024
6
## **RENAISSANCE FOUNDATION**
## **(A company limited by guarantee)**
**Statement of Financial Activities (Incorporating an Income and Expenditure Account) For the Year Ended 31 March 2024**
|**Note**
**Income from:**
2
Grants and donations
Donated services
Investments
**Total income**
**Expenditure on:**
3,9
Raising funds
Charitable activities
**Total expenditure**
Transfers between funds
9
**Net movement in funds**
**Reconciliation of funds**
**Total funds brought forward**
**Net income (expenditure)**|**£**
16,900
-
-
**16,900**
-
300
**300**
**16,600**
(25,300)
**(8,700)**
9,000
**Restricted**
**funds**|**Unrestricted**
**funds**
**£**
210,852
264,781
2,766
**478,399**
80,979
327,882
**408,861**
**69,538**
25,300
**94,838**
337,206|**2024**
**Total funds**
**£**
**227,752**
**264,781**
**2,766**
**495,299**
**80,979**
**328,182**
**409,161**
**86,138**
-
**86,138**
346,206|**2023**
**Total funds**
**£**
308,400
38,415
97
346,912
62,224
207,382
269,606
77,306
-
77,306
268,900|
|---|---|---|---|---|
|**Total funds carried forward**
9|**300**|**432,044**|**432,344**|**346,206**|
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.
7
## **RENAISSANCE FOUNDATION (A company limited by guarantee)**
## **Balance Sheet As at 31 March 2024**
|**Note**
**Tangible fixed assets**
6
**Current assets**
Debtors
7
Cash at bank and in hand|335,952
1,148
161,876
**2024**
**£**|335,952
1,148
161,876
**2024**
**£**|**2023**
**£**
96,980
2,540
256,789|
|---|---|---|---|
|**Creditors**: amounts falling due within one year
8|163,024
66,632||259,329
10,103|
|**Net current assets**||96,392|249,226|
|**Net assets**||**432,344**|**346,206**|
|**Funds of the charity**
Restricted funds
9
Unrestricted funds
9||300
432,044|9,000
337,206|
|**Total charity funds**||**432,344**|**346,206**|
For the year ending 31 March 2024 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 29 July 2024 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.
8
## **RENAISSANCE FOUNDATION (A company limited by guarantee)**
**Notes to the Financial Statements For the Year Ended 31 March 2024**
## **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 146 New Road, Chelmsford, England CM2 0AW. 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.
9
**RENAISSANCE FOUNDATION (A company limited by guarantee)**
**Notes to the Financial Statements (continued) For the Year Ended 31 March 2024**
## **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, on a straight-line basis, over their expected useful lives on the following basis:
Office equipment, fixtures & fittings 33% per annum Computers & electronics 33% per annum Leasehold improvements 20% per annum or the lease term if shorter
## **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.
10
**RENAISSANCE FOUNDATION (A company limited by guarantee)**
**Notes to the Financial Statements (continued) For the Year Ended 31 March 2024**
## **2 Income**
|**From grants and donations**
Rumi Foundation
Pen Trust
Autumn Stone Foundation
New Era
Childhood Trust
Wecharity
DVS Foundation
Cherry Family Foundation
Greville Waterman|**Restricted**
**£**
-
5,000
-
-
-
-
-
10,000
-|**Unrestricted**
**£**
50,000
24,500
25,000
25,000
24,470
15,000
10,757
-
5,000|**2024**
**Total**
**£**
**50,000**
**29,500**
**25,000**
**25,000**
**24,470**
**15,000**
**10,757**
**10,000**
**5,000**|
|---|---|---|---|
|Other donations|1,900|31,125|**33,025**|
|**From donated services and assets**
Overbury
Fit Out Expert
Morgan Lovell
Oktra
Other
**From investments**
Bank interest
**From grants and donations**
Cherry Family Foundation
Pen Trust
Childhood Trust
Rumi Foundation
Autumn Stone Foundation|16,900
-
-
-
-
-
-
-
-
**16,900**
**Restricted**
**£**
10,000
20,000
-
-
-|210,852
207,957
9,120
24,000
17,659
6,045
264,781
2,766
2,766
**478,399**
**Unrestricted**
**£**
-
50,000
50,000
40,500
25,000|**227,752**
**207,957**
**9,120**
**24,000**
**17,659**
**6,045**
**264,781**
**2,766**
**2,766**
**495,299**
**2023**
**Total**
**£**
**10,000**
**70,000**
**50,000**
**40,500**
**25,000**|
|Clarkson PLC|-|10,000|**10,000**|
|The Boltini Trust
Kickstart employment scheme
Masonic Charitable Foundation
Peter Cruddas Foundation|-
-
-
-|10,000
7,752
5,100
5,000|**10,000**
**7,752**
**5,100**
**5,000**|
|Other donations|2,933|72,115|**75,048**|
|**From donated services**
Fit Out Expert
Morgan Lovell|32,933
-
-|275,467
33,060
5,355|**308,400**
**33,060**
**5,355**|
||-|38,415|**38,415**|
|**From investments**
Bank interest|-|97|**97**|
||-|97|**97**|
|||||
||**32,933**|**313,979**|**346,912**|
|||||
11
## **RENAISSANCE FOUNDATION**
## **(A company limited by guarantee)**
## **Notes to the Financial Statements (continued) For the Year Ended 31 March 2024**
## **3 Expenditure**
**----- Start of picture text -----**
Raising Charitable 2024
funds activities Total
£ £ £
Direct costs
-
Project costs 36,436 36,436
Contractors - - -
Salaries 48,165 172,927 221,092
Staff and volunteer expenses - 77 77
Subscriptions 3,562 1,740 5,302
51,727 211,180 262,907
Indirect costs
Personnel 7,335 29,339 36,674
Premises 5,753 23,010 28,763
Depreciation 10,388 41,550 51,938
Office overheads 5,216 20,866 26,082
Other operating costs 185 739 924
Governance costs (see below) 375 1,498 1,873
29,252 117,002 146,254
Total expenditure 80,979 328,182 409,161
Raising Charitable 2023
funds activities Total
£ £ £
Direct costs
-
Project costs 33,314 33,314
Contractors - - -
Salaries 47,872 129,111 176,983
-
Staff and volunteer expenses 1,526 1,526
Subscriptions 3,712 874 4,586
51,584 164,825 216,409
Indirect costs
Personnel 5,512 22,048 27,560
Premises 499 1,995 2,494
Depreciation 679 2,717 3,396
Office overheads 3,515 14,058 17,573
Other operating costs 168 673 841
Governance costs (see below) 267 1,066 1,333
10,640 42,557 53,197
Total expenditure 62,224 207,382 269,606
Governance costs include the independent examiner's fee of £1,860 (2023: £1,320).
**----- End of picture text -----**
12
## **RENAISSANCE FOUNDATION (A company limited by guarantee)**
**Notes to the Financial Statements (continued) For the Year Ended 31 March 2024**
## **4 Staff costs and numbers**
|Staff costs were as follows:
Salaries and wages
Social security costs
Pension costs (defined contribution)|**2024**
**£**
232,268
20,166
5,332|**2023**
**£**
185,818
14,858
3,867|
|---|---|---|
||**257,766**|**204,543**|
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 £180,631 (2023: £133,043).
|The average number of employees during the year was as follows:|**2024**
**No.**
**6.3**|**2023**
**No.**
**4.9**|
|---|---|---|
## **5 Taxation**
The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
13
## **RENAISSANCE FOUNDATION**
## **(A company limited by guarantee)**
**Notes to the Financial Statements (continued) For the Year Ended 31 March 2024**
## **6 Tangible fixed assets**
|**Office equipment,**
**fixtures & fittings**
**£**
**Cost**
At 1 April 2023
-
Additions
43,459
Disposals
-
At 31 March 2024
**43,459**
**Depreciation**
At 1 April 2023
-
Charge for the year
7,243
Disposals
-
At 31 March 2024
**7,243**
**Net book value**
**At 31 March 2024**
**36,216**
At 31 March 2023
-
**7**
**Debtors**
Prepayments
**8**
**Creditors: amounts falling due within one year**
Accruals
Deferred income|**Computers &**
**electronics**
**£**
13,422
6,855
-
**20,277**
11,053
2,794
-
**13,847**
**6,430**
2,369|**Leasehold**
**improvements**
**£**
94,611
240,596
-
**335,207**
-
41,901
-
**41,901**
**293,306**
94,611
**2024**
**£**
1,148
**1,148**
**2024**
**£**
41,632
25,000
**66,632**|**Total**
**£**
108,033
290,910
-
**398,943**
11,053
51,938
-
**62,991**
**335,952**
96,980
**2023**
**£**
2,540
**2,540**
**2023**
**£**
10,103
-
**10,103**|
|---|---|---|---|
14
## **RENAISSANCE FOUNDATION (A company limited by guarantee)**
## **Notes to the Financial Statements For the Year Ended 31 March 2024**
|**9 Movements in funds**
**Restricted funds (see below):**
Cherry Family Foundation
Pen Trust
Other
**Total restricted funds**
**Unrestricted funds:**
General unrestricted funds
**Total unrestricted funds**|**At 1 April**
**2023**
**£**
-
9,000
-
**9,000**
337,206
**337,206**|**Income**
**£**
10,000
5,000
1,900
**16,900**
478,399
**478,399**|**Expenditure**
**£**
-
-
(300)
**(300)**
(408,861)
**(408,861)**|**Transfers**
**£**
(10,000)
(14,000)
(1,300)
**(25,300)**
25,300
**25,300**|**At 31 March**
**2024**
**£**
**-**
**-**
**300**
**300**
**432,044**
**432,044**|
|---|---|---|---|---|---|
|**Total funds**|**346,206**|**495,299**|**(409,161)**|**-**|**432,344**|
|**Restricted funds (see below):**
Mercers' Company
Cherry Family Foundation
Pen Trust
Other
**Total restricted funds**
**Unrestricted funds:**
General unrestricted funds
**Total unrestricted funds**
**Total funds**|**At 1 April**
**2022**
**£**
15,000
20,000
-
600
**35,600**
233,300
**233,300**
**268,900**|**Income**
**£**
-
10,000
20,000
2,933
**32,933**
313,979
**313,979**
**346,912**|**Expenditure**
**£**
-
-
-
(3,533)
**(3,533)**
(266,073)
**(266,073)**
**(269,606)**|**Transfers**
**£**
**(15,000)**
**(30,000)**
**(11,000)**
**-**
**(56,000)**
56,000
**56,000**
**-**|**At 31 March**
**2023**
**£**
**-**
**-**
**9,000**
**-**
**9,000**
**337,206**
**337,206**
**346,206**|
Funding from the Cherry Family Foundation and the Pen Trust relates to refurbishment costs for the charity's new youth hub. The transfer from restricted to unrestricted funds is in respect of expenditure on the hub which has been capitalised as leasehold improvements. Other restricted funding was given to support various specified outreach projects.
15
**RENAISSANCE FOUNDATION (A company limited by guarantee)**
**Notes to the Financial Statements For the Year Ended 31 March 2024**
## **10 Analysis of net assets (between restricted and unrestricted funds)**
|**31 March 2024**
Restricted
Unrestricted
**31 March 2023**
Restricted
Unrestricted|**Tangible**
**fixed assets**
-
335,952
**335,952**
**Tangible**
**fixed assets**
-
96,980
**96,980**|**Other net**
**assets**
300
96,092
**96,392**
**Other net**
**assets**
9,000
240,226
**249,226**|**Total**
300
432,044
**432,344**
**Total**
9,000
337,206
**346,206**|
|---|---|---|---|
## **11 Operating leases**
Total rental payments due under operating leases in respect of land and buildings are as follows:
**----- Start of picture text -----**
2024 2023
**----- End of picture text -----**
|Within 1 year
Within 2 to 5 years|**£**
8,384
76,438
**84,822**|**£**
-
99,758
**99,758**|
|---|---|---|
## **12 Related party transactions**
There were no related party transactions during the year that require disclosure.
16