**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 - 1. 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. 2. 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. Page 2 **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 rna￿￿71 skolements of Renova Tw51 (Yhe ch]rity'l fu the r)eFtod 25 M¢ych to 31 M￿ch xf2T wtirh c(mFkne ts St¢Jtemert of AclNilEs. Ihe Bala￿e Sheet and reloled notes. T￿ re￿￿t 15 made sow to Ihe cfrmyity's t￿ee$. 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￿ rep￿1 (￿d fLY no other purpose. To the ful￿$1 extent r)emirt*ed by hJv. I do not accept CY (tssume respo[￿ to ryone ofvr flyn the Ch￿ (¥)d the Ch￿rIv.5 fntstees a5 0 body, for my w¢JL torlhi5 rep(Mt. (Yfu the I havet¢ymed. As the trustees of the chyity yw (Ye resportsble f(x Ihe of the ffnanod statements accordance wtlh the requwements ottr* ChcwTlies Acl X)I l I'lhe Act'i. I rep(*l n resF)ect of my examinolKm of Ihe ctKrrity's statemerrf5 Cctiied out vrtder section 145 01 the Act ond in caryiro oul my extynw)olion l f(Abwed al the i¥pkatk D￿ectIO￿ gven by the Chtrtly Commi55ion vnder Sect[￿ 14515llbl otlhe Act. An independenl examftMylK)n does rK)I nY￿e gotkErr)g au the evidwKe Ihatr woukl be re(wred in an oudit and consequentty does rnt coveT al ttE rn(Itte￿ th]1 cn oucfftor gtvr¥J Ihew oiynion on Ihe finoncid strotements. The plomry (￿d corKknct of outhl goes beyond tt)e knited asswonce thot an irKJependent exiJminÈion can rxovide. C¢x&e(wtty l eyFw w opiThon as to whether the ffnoncial statements present a 'true ¢Jid for. wew cmd my rep(xt ts &YMled to Ihose Spect￿ mattets set out in the independent exominer's 5tratement. Since Ihe CJO'S gross income exceeded£25).(fil exorrn musl be o memtw of a bo(ty kted in section 145 of the Chartlies Act 2011. I confim Ihat l thè fr￿nc￿￿ slatemenls do r￿fr ¢Xc￿j vthh 11K￿e records: (y the financid sFotrements ch) not comr* fJPF*aEJe requrement5 concem¥u Ihe fomi and conlent of OCC¢>Jnts set wt In the Chcr[li￿ (Acco￿ts Rewlsl Regukjltons 2CI)8 other than any requrement that the a￿OL￿ts give o 'true fcs vw which is not a m¢Jtter considered ￿ port of on ￿depen(￿nt ex(yniKrtN I hove no concerrs orKI hcNe come ￿[Os$ no other m¢Jtt￿5 wi ¢0￿Cl10n 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 chart￿ed 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 FORWARD**10
**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... Page 8 **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. Page 11 **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 Page 12