REGISTERED COMPANY NUMBER: CE021289 (England and Wales) REGISTERED CHARITY NUMBER: 1188757
Report of the Trustees and Financial Statements for the Period 25 March 2020 to 31 March 2021
for
Renova Trust
Brewers Chartered Accountants Bourne House Queen Street Gomshall Surrey GU5 9LY
Renova Trust
Contents of the Financial Statements for the Period 25 March 2020 to 31 March 2021
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 11 |
| Detailed Statement of Financial Activities | 12 |
Renova Trust
Report of the Trustees for the Period 25 March 2020 to 31 March 2021
The trustees present their report with the financial statements of the charity for the period 25 March 2020 to 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
INCORPORATION
The charitable company was incorporated on 25 March 2020 and commenced operating on the same date.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Renova is a new charitable organisation that aims to provide a holistic, long-term solution to the needs of people who are homeless or at risk of homelessness in Berkshire to help them become self-sufficient, contributing members of the community.
Renova's goal is to reduce homelessness in Bracknell, Berkshire by providing support and accommodation to those who have previously been homeless or at risk of homelessness so they can address their difficulties to enable them to achieve a liveable wage and sustain housing. Renova also has a plan to extend their services to Hackney or Tower Hamlets London where their office is based.
Our first beneficiaries are from Bracknell Forest and nearby areas. They come to us through our partnership with Bracknell Borough's Rough Sleepers' Team, who receive referrals from and facilitate our collaborating with the probation service, the Police, the Night Shelters, Mental Health Teams, Hope Drug and Alcohol Service, Churches, the CAB and the Job Centre. We also receive referrals from the Reading Salvation Army, Yeldall Manor and the Community Rehabilitation Company (Berkshire Probation Service).
Our services and approach follow the findings that "Housing First is best used as part of an integrated strategy, which coordinates and provides the full range of services homeless people need, rather than as a standalone response to homelessness."(Housing First England: The Cost Effectiveness of Housing First in England, Pleace and Bretherton, March 2019).
Public benefit
The Trustees have considered the guidance provided by the Charity Commission regarding public benefit and the work of the charity.
ACHIEVEMENT AND PERFORMANCE
Review, achievements and performance
A commendable start to the charity despite the pandemic. With our amazing team and volunteers we raised a staggering £370,000 (in grants, loans and individual donations) to support the work of Renova Trust
We first partnered with the Methodist Church; who were going to lease their manse to us. This was very encouraging and Renova benefitted from this support and encouragement even if eventually we were not able to lease the manse due to a restrictive covenant. The Methodist Church have remained partners.
Through the generosity of people in the Kerith Community (Kerith Community Church Bracknell), Family and Friends of Renova Trust we have been able to raise the £290,000 (from grants, donations and an £80,000 loan) to buy a 3 bedroom house in Wildridings, Bracknell which allows us to house 4 residents at any one time. This house has been renovated, decorated and fully furnished. It has been described by all as a very lovely and safe home.
We are also in partnership with Green Pastures, a national housing the homeless charity, who are buying another house in Wildridings, Bracknell which will be leased to Renova when we are ready thus increasing our capacity in Bracknell to 8 residents.
Renova is now identifying and taking in new residents. The residents being considered at present include ex-offenders, men on probation, and/or with mental health and/or drug related problems or other needs. These are people that are in or starting their recovery programme and this is reflected in the support services we offer. Our pathway for our beneficiaries includes up to 2 years in Covid secure supported housing and a further 3 years in independent living to ensure that they are able to maintain independent living. Each person also has an individual intensive support package of engagement with recovery services, including counselling or therapy and life skills training.
Page 1
Renova Trust
Report of the Trustees for the Period 25 March 2020 to 31 March 2021
ACHIEVEMENT AND PERFORMANCE
Short/Medium Term Objectives
The charity's aim is to provide accommodation and support - primarily to residents of the Renova House, but possibly to other members of the public who could benefit from our services - with getting back into community, employment and ultimately, into independent living. We would hope that over the next two years half of our beneficiaries would be back in employment or education. To this end we will also link our residents to Colleges, Trainers and Companies providing Apprenticeships.
We aim to increase our capacity to accommodating 8 residents within the next 15 months, with a vision to increase our housing pool to 10 houses across the South East over a period of 5 to 10 years.
Volunteer Support
The total number of volunteers during the year was 27.
This includes befrienders, mentors, life coaches, therapists and facilities management.
Staff
Full-time: 0, Part-time: 2.
FINANCIAL REVIEW
Financial review
During the financial year, the charity received donations, grants and other income amounting to £290,946 and incurred expenditure of £35,162, which with further loan capital, enabled the acquisition of a freehold property as described earlier.
Reserves policy
Within 18 months, the trustees will seek to hold adequate reserves to meet three months' operating costs. Unrestricted fund ‘free’ reserves at 31st March 2021 totalled £19,532.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing Instruments
The Charity is controlled by its governing document, a deed of trust, and is established as a Charitable Incorporated Organisation (CIO), its activities are regulated by its constitution. The objects of the CIO are, for the public benefit -
-
To relieve the needs of people who are former rough sleepers, vulnerably housed people or people who would otherwise be at risk of street homelessness, in Berkshire and such parts of the United Kingdom as the charity trustees may from time to time decide, including but not restricted to ex-offenders, those affected by relationship breakdown, illegal substance and alcohol addictions and people affected by poor mental health, or have been abused by the provision of supported housing, accommodation and related support services.
-
The relief of financial hardship, sickness and to promote good health by the provision of accommodation or education.
Trustees
The named trustees have served during the year. The Trustees are kept informed of the activities and performance of the charitable organisation and provided with regular management information. The composition of the board is kept under review and additional appointments will be made should the need arise. All trustees are made aware of their responsibilities.
Board Of Trustees
We started with a board of seven trustees. We had to say goodbye to three trustees, one who was appointed to the position of Churches Commissioner sitting with the Archbishop of Canterbury, another who moved and the last electing to devote her time to other commitments. The existing board retains expertise of the key aspects required to run the charity - Vincent Balogun has current experience of managing and running supported housing, Stephen Ediale is a management consultant with expertise in Compliance and Anti-Money Laundering and is a qualified accountant, Lincoln Osunkoya was until recently a trustee of a large charity with a significant social justice department and Tess Osunkoya, a solicitor, specialises in family law and child law - with a significant portion of her work representing individuals who are typical of the Renova resident base.
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Renova Trust
Report of the Trustees for the Period 25 March 2020 to 31 March 2021
Management Team
The management of the charity is undertaken mainly by the trustees. The trustees have worked hard to get the charity fully functional - undertaking fundraising themselves, building relationships with local churches, Green Pastures, Stewardship, the Local Authority, Probation Services and other referral agencies, putting all the necessary policies and procedures in place and interviewing prospective candidates for the roles of Key Worker and Housing Project Manager.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
CE021289 (England and Wales)
Registered Charity number
1188757
Registered office
16 Marner Point Jefferson Plaza London E3 JQB
Trustees
Lincoln Osunkoya Amatesiro Osunkoya Stephen Ediale Vincent Balogun
Thomas Ward - resigned 21/10/2020 Freda Myall - resigned 10/12/2020 Olubusola Sodeinde - resigned 02/02/2021
Independent Examiner
A M Skilton ACA Brewers Chartered Accountants Bourne House Queen Street Gomshall Surrey GU5 9LY
Website address
www.renova.org.uk
Page 3
Renova Trust
Report of the Trustees for the Period 25 March 2020 to 31 March 2021
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year. Under that law they are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the excess of expenditure over income for that year.
In preparing these financial statements, the Trustees are required to: o select suitable accounting policies and then apply them consistently; o observe the methods and principles in the Charities SORP; o make judgements and estimates that are reasonable and prudent;
o state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and,
o prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue its activities.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the relevant legislation. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the charity and to prevent and detect fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the financial information included on the charity's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In addition, the Trustees confirm that they are happy that the content of the annual review in pages 6 to 12 of this document meet the requirements of the Trustees' Annual Report under charity law. They also confirm that the financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity's governing document, the Charities Act 2011 and the Charities SORP (FRS 102).
In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.
Approved by order of the board of trustees on ............................................. and signed on its behalf by: 27 July 2021
........................................................................... L Osunkoya - Trustee
Page 4
Renova Trusfr I report lo the frustrees on my exgmwKJlion of the rna71 skolements of Renova Tw51 (Yhe ch]rity'l fu the r)eFtod 25 M¢ych to 31 Mch xf2T wtirh c(mFkne ts St¢Jtemert of AclNilEs. Ihe Balae Sheet and reloled notes. T ret 15 made sow to Ihe cfrmyity's tee$. a5 0 bocty. n ttcoydcmce wrfh Sect 145 of the Charities Act 2011. My wort hu5 been urKlert(en so thot I mvJht stale lo the ctrKTrly's Irvstee5 Mall l am reqvired to strate to them in th rep1 (d fLY no other purpose. To the ful$1 extent r)emirted by hJv. I do not accept CY (tssume respo[ to ryone ofvr flyn the Ch (¥)d the ChrIv.5 fntstees a5 0 body, for my w¢JL torlhi5 rep(Mt. (Yfu the I havet¢ymed. As the trustees of the chyity yw (Ye resportsble f(x Ihe of the ffnanod statements accordance wtlh the requwements ottr ChcwTlies Acl X)I l I'lhe Act'i. I rep(l n resF)ect of my examinolKm of Ihe ctKrrity's statemerrf5 Cctiied out vrtder section 145 01 the Act ond in caryiro oul my extynw)olion l f(Abwed al the i¥pkatk DectIO gven by the Chtrtly Commi55ion vnder Sect[ 14515llbl otlhe Act. An independenl examftMylK)n does rK)I nYe gotkErr)g au the evidwKe Ihatr woukl be re(wred in an oudit and consequentty does rnt coveT al ttE rn(Itte th]1 cn oucfftor gtvr¥J Ihew oiynion on Ihe finoncid strotements. The plomry (d corKknct of outhl goes beyond tt)e knited asswonce thot an irKJependent exiJminÈion can rxovide. C¢x&e(wtty l eyFw w opiThon as to whether the ffnoncial statements present a 'true ¢Jid for. wew cmd my rep(xt ts &YMled to Ihose Spect mattets set out in the independent exominer's 5tratement. Since Ihe CJO'S gross income exceeded£25).(fil exorrn musl be o memtw of a bo(ty kted in section 145 of the Chartlies Act 2011. I confim Ihat l <Tn to L(knoke the excNrirnty because l am a member of the knstiule of Ctrx)tered Account(YT15 & Wde5 IICAEW) . which of Ihe 4sted bocfies. I hove comF)leted my ex¢Tnnation. I confrm thal no molwmj mcAter5 hjve come to my ¢jttent conneclK)n with the eXCrnin mè cou5e 0 befieve thal ary moteTicd SpeCtr occounthw record5 were nol kept n resrEd ofttE CW as recwwed by tiOn 13) of ts Actr. or
thè frnc slatemenls do rfr ¢Xcj vthh 11Ke records: (y the financid sFotrements ch) not comr fJPFaEJe requrement5 concem¥u Ihe fomi and conlent of OCC¢>Jnts set wt In the Chcr[li (Accots Rewlsl Regukjltons 2CI)8 other than any requrement that the aOLts give o 'true fcs vw which is not a m¢Jtter considered port of on depen(nt ex(yniKrtN I hove no concerrs orKI hcNe come [Os$ no other m¢Jtt5 wi ¢0Cl10n with fv e¥71n0110n to whic attention shovld be drffivn n trms reFXXt in lo erKt)le a vrhJerst(YKffig ofts On¢ statements to be reached. A M Sknlton ACA Brewws charted Acc(MJnt(w Bourne House Queen Street Comshall Suffey GUS 9LY
Renova Trust
Statement of Financial Activities for the Period 25 March 2020 to 31 March 2021
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 25,124 Investment income 2 3 Total 25,127 EXPENDITURE ON Charitable activities Administration and support costs 5,572 NET INCOME 19,555 Transfers between funds (23) Net movement in funds 19,532 TOTAL FUNDS CARRIED FORWARD10 **19,532 ** |
Restricted fund £ 265,819 - 265,819 29,590 236,229 23 236,252 **236,252 ** |
Total funds £ 290,943 3 |
|---|---|---|
| 290,946 35,162 |
||
| 255,784 - |
||
| **255,784 ** | ||
| **255,784 ** |
The notes form part of these financial statements
Page 6
Renova Trust
Balance Sheet 31 March 2021
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 - CURRENT ASSETS Cash at bank 21,532 CREDITORS Amounts falling due within one year 7 (2,000) NET CURRENT ASSETS 19,532 TOTAL ASSETS LESS CURRENT LIABILITIES 19,532 CREDITORS Amounts falling due after more than one year 8 - NET ASSETS 19,532 FUNDS 10 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ 290,000 26,336 (84) 26,252 316,252 (80,000) **236,252 ** |
Total funds £ 290,000 47,868 (2,084) 45,784 335,784 (80,000) 255,784 19,532 236,252 **255,784 ** |
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 22 July 2021
............................................. L Osunkoya - Trustee
The notes form part of these financial statements
Page 7
Renova Trust
Notes to the Financial Statements for the Period 25 March 2020 to 31 March 2021
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the CIO, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and relevant charity legislation. The financial statements have been prepared under the historical cost convention.
The functional currency of the charity is sterling and amounts in the financial statements are rounded to the nearest pound.
Going concern
The financial statements have been prepared on the going concern basis as the Board of Trustees is confident that future reserves and future income is more than sufficient to meet current commitments. There are no material uncertainties that impact this assessment.
Critical estimates and judgements
In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. In the view of the Trustees in applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material adjustment in the next financial year.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost 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 resources.
Tangible fixed assets
Tangible fixed assets comprise of the freehold property purchased in the year at cost; no depreciation has been applied in this period.
Taxation
The charity is exempt from corporation tax on its charitable activities and is not registered for VAT.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
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Renova Trust
Notes to the Financial Statements - continued for the Period 25 March 2020 to 31 March 2021
2. INVESTMENT INCOME
| INVESTMENT INCOME | |
|---|---|
| Deposit account interest NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Independent examination costs |
£ 3 |
| £ 2,000 |
3. NET INCOME/(EXPENDITURE)
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 31 March 2021.
Trustees' expenses
There were no trustees' expenses paid for the period ended 31 March 2021.
5. STAFF COSTS
No employee received remuneration, including employee benefits, in excess of £60,000.
6. TANGIBLE FIXED ASSETS
| Freehold | ||
|---|---|---|
| property | ||
| £ | ||
| COST | ||
| Additions | 290,000 | |
| NET BOOK VALUE | ||
| At 31 March 2021 | 290,000 | |
| The charity purchased a freehold property in Bracknell in March 2021 which will be used in connection | ||
| with its charitable objectives. | ||
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Social security and other taxes Accruals and deferred income |
£ 84 2,000 |
|---|---|
| **2,084 ** |
continued...
Page 9
Renova Trust
Notes to the Financial Statements - continued for the Period 25 March 2020 to 31 March 2021
£ 80,000
8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Other loans (see note 9)
9. LOANS
An analysis of the maturity of loans is given below:
£
Amounts falling due in more than five years:
Repayable by instalments: Other loans more 5yrs 80,000
Two separate loans of £40,000 each were received by the Trust in March 2021 from supporters of the charity - both loans are unsecured, interest free and due for repayment by equal instalments over 8 years commencing in October 2022; the amount of each loan due after more than 1 year but within 5 years is £35,000, with £45,000 due after 5 years (in aggregate).
10. MOVEMENT IN FUNDS
| Net movement in funds £ Unrestricted funds General fund 19,555 Restricted funds Restricted Fund 236,229 TOTAL FUNDS **255,784 ** |
Transfers between funds £ (23) 23 - |
At 31.3.21 £ 19,532 236,252 **255,784 ** |
|---|---|---|
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted Fund TOTAL FUNDS |
Incoming Resources Movement resources expended in funds £ £ £ 25,127 (5,572) 19,555 265,819 (29,590) 236,229 290,946 (35,162) **255,784 ** |
|---|---|
continued...
Page 10
Renova Trust
Notes to the Financial Statements - continued for the Period 25 March 2020 to 31 March 2021
10. MOVEMENT IN FUNDS - continued
Restricted funds analysis note
| Note Keywork, therapy and training Albert Hunt Trust 1 Bracknell Forest Borough Council 2 Renova House 3 |
Income 4,200 5,000 17,000 239,619 265,819 |
Expenses Tfrs -29,593 23 -29,593 23 |
Balance at 31.3.21 4,000 5,000 17,000 210,049 |
|---|---|---|---|
| 236,249 |
1 Funds donated by Albert Hunt Trust are restricted to cover future salaries
2 Funds donated by Bracknell Forest Borough Council are restricted to cover future salaries and project activities
3 Funds donated from a variety of sources were restricted to cover the acquisition cost of a freehold property in Bracknell renamed Renova House to be used to house the homeless.
11. RELATED PARTY DISCLOSURES
There were no related party transactions for the period ended 31 March 2021.
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Renova Trust
Detailed Statement of Financial Activities for the Period 25 March 2020 to 31 March 2021
£
INCOME AND ENDOWMENTS
| Donations and legacies Donations and grants Investment income Deposit account interest Total incoming resources EXPENDITURE Charitable activities Wages Pensions Repairs to property Insurance Telephone Postage and stationery Admin costs general Cleaning & PPE Computer costs Fittings non capital Keywork/ Counselling Subscriptions Professional fees Health & safety equip Welcome pack Contractor staff costs House management Tithe/giving Training course Support costs Governance costs Independent examination Total resources expended Net income |
290,943 3 290,946 6,298 23 7,520 775 25 92 118 388 2,067 3,502 2,647 299 1,651 333 660 4,058 1,620 1,000 86 33,162 2,000 35,162 **255,784 ** |
|---|---|
This page does not form part of the statutory financial statements
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