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2023-04-06-accounts

Charlty number: 1189223 THE RENEGADE FOUNDATION (FORMERLY THE BLP CHARITABLE TRUST) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2023

THE RENEGADE FOUNDATION CONTENTS Page Reference and administrative detaS15 of the twst. its trustees and advisers Trustees. report Trustees. responslbllltles statement Independent examlner's report Statement of financial artsvitles Balance Sheet Notes to the flnanclal statements 9-14

THE RENEGADE FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS OF THE TRUST. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 6 APRIL 2023 Trustees L R Plant B E Plant D Jackson Charlty reglstered number 1189223 Prlnclpal offlce Btjckles Solicitors LLP Grant House 101 Bourges 8oulevard Peterborough Cambridgeshire PEI ING Independent ex•mlner SRLV Audit Limited Elsley Court 20-22 Great Titchfield Street London WIW 8BE Page 1

THE RENEGADE FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 6 APRIL 2023 The trustees present their report together with the financial statements of the charlty for the year ended 6 April 2023. The trustees have adopted Ihe provisions of Accgvnting and Reporting by Charities.. Statement of Recommended Prattice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of freland IFRS 1021 (effective l January 2019). On 19 December 2022, the charity changed its name from The BLP Charltable Twst to The Renegade Foundation. Objectives and •ctSvltles ObJectlv•* and •lm¥ The oblectSves of the trust jre to art as a resource lor young people up to the age of twenty five years livin9 In Greater London by providing advice and assistance and or9anising pro9rammes of physical, educational other activities as è means of.. advancin9 in life and helping youn9 people by developlng thelr skills, capacities and capabilities to enable them to participate in society as Independent. mature and responsible individuals,. advancing educatlon.. relievin9 unemployment,. providing recreational and leisure time activity in the Interests of soclal welfare lor people living in the area of benefit who have need by reason of thelr youth, age. Inflrmity or disability, poverty or social and economic circumstances with a view to Improving the condltions of life of such persons, such other charitable objects as the trustees for the time being shall In their abstslyte discretion determine. Achl•vements and performanc• . Flnanclal pos5tlon During the year, the trust received no further donations, as the trust plans to use existing fvnds Invested in a share portfolio to support various charities. During the year, the investment portfolio generated dividend and interest Income of E66,055 12022 £49,192) and realised and unrealised losses of £200,763 12022 gains of £62,75SI. Thls performance is con51dered acceptable considering the volatility of the market. Grants were made to a number of charities totJllin9 £100.000 (2022 £70,000) and these are detailed In the notes to the financial statements. Total expenditure exceeded income by £270,175 12022 - total income exceeded expenditure by £7,575) which has been carried forward In Ltnrestritted reserves. b. Investment pollcy and perfornbance The trust's current investment strategy is managed by Quilter Cheviot. a member of London Stock Exchange who Is authorised and regulaled by the Financial Conduct Authority. Financial review a. Going coneerrb After making appropriate enqlbiries, the triistees have a reasonable expectation that the trust has a(Jequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Page 2

THE RENEGADE FOUNDATION

TRUSTEES'REPORT(CONTINUED) FOR THE YEAR ENDED 6 APRIL 2023

b. Reserves policy

The trust cur r ently has free reserves equal to the value of the trust's unrestricted funds. As overheads are low, the trustees do not consider It necessary to maintain a specific level of reserves.

Structure, governance and management

a. Constitution

The Renegade Foundation 1s a registered charity, number 1189223, and is constituted under a trust deed.

b. Methods of appointment or election of trustees

The management of the trust ls the responsibility of the trustees who are elected and co-opted under the terms of the trust deed.

c. Organisational structure and decision-making policies

The charity Is managed on a day-to-day basis by the trustees who deal with all applications for grants.

d. Financial risk management

The trustees have a duty to identify and review the risks to which the charity Is exposed and to ensure appropnate controls are In place to provide reasonable assurance against fraud and error.

The trustees have assessed the major risks to which the trust is exposed, In particular those related to the operations and finances of the trust, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

As the trust has low expenditure, there Is no minimum requirement of reserves needed to maintain the trust. The trust reserves are all held In share Investment portfolios and cash at bank.

Plans for future periods

There are no concrete plans to change the activities of the charity. However, the trustees are keen to expand the ambitions of the charity when they are not as busy with working life. Although no decisions have yet been made, one area the trustees would like to advance is In environmental giving. This may take the form of donations from the trust or in the creation of a separate charitable entity.

Approved by order of the members of the board of trustees and signed on their behalf by:

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BE Plant
Trustee
11 April 2024
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THE RENEGADE FOUNDATION

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 6 APRIL 2023

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities In England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of Its incoming resources and application of resources, Including Its Income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the trust's transactions and disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities.

Approved by order of the members of the board of trustees and signed on its behalf by:

BE Plant Trustee 11 April 2024

Page 4

THE RENEGADE FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 6 APRIL 2023 Independent examlner's report to the trusttts of Thè Renegade Foundatlon ('the trust,) I report to the charlty trustees on my examination of the accounts of the trust for the year ended 6 Aprll 2023. R￿ponsIbIlItIeS •nd basis of report As the trustees of the trust, you are responsible for the preporation of the accounts in accordance with the requirements of the Charities Act 2011 I'the 2011 Act'}. report in respect of my examination of the trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the appllcable Directlons glven by the Charity Commission under sectlon 145(5llbl of the 20IJ Act. Ind•p•nd•nt •xamln•r'• •tstemeht Your attention Is drawn tts the fact that the trust has prepared the accounts in accrgrdance with Accountlng and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reporting Standard applicable In the VK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reportlng by Chantles: Statement of Recommended Practice Issued on l Aprll 2005 whlch is referred to In the extant regLtlatlons but has been withdrawn. l understand that thSs has been done In order for the accounts to provlde a true and falr vlew In accordance with the Generally Accepted Accounting Prarti¢e effective for reporting periods beginnlng on or after I January 2015. I have completed my examinatlon. I confi.rm that no material matters have come to my attention In connection with the examination givlng me cause to believe that in any material respect.. accounting records were not kept in respect of the trust as required by section 130 of the 2011 Act,. or the accounts do not accord with those re¢ords' or the accounts do not comply with the applicable requirements concerning the form and content of accounts Set out In the Charities {Accounts and Reports) Regulation5 2008 other than any requirement that the accounts give a 'tnJe and fair. view which is not a matter considered as part of an independenl examination. I have no concerns and have come across no other matters In connertion with the examlnation to whlch attentlon should be drawn in thi5 report in order to enable a proper understandFng of the accounts to be reached. Page 5

THE RENEGADE FOUNDATION

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 6 APRIL 2023

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the trust and the charity's trustees as a body, for my work or for this report.

Richard Gilbert

For and on behalf of

SRLV Audit Limited

Chartered Accountants Elsley Court 20-22 Great Titchfield Street London WlW 8BE

11 April 2024

Page 6

THE RENEGADE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 6 APRIL 2023 Unrestricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Investments 66,055 66,055 49, 192 Total income 66,055 66,055 49,192 Expendlture on: Charitable activltles 133,701 {1.041) 133,701 (2,041) 105,356 {9841 Other expendlture Total exwndlture 131,660 131,660 104,372 Not expendlture b•for• n•t (lo$w$)1g•ln• on Investments Net IlossesllgaSns on Investrnents {65,605) (200.763) (65,605) (200,763) 155,1801 62,755 Net (•xpendltUTe)/lncome before taxatlon Taxation {266,368) (3,806) (266,368) (3,806) 7,575 Net rnovemont In lunds (270,174) (270,174) 7,575 RecoThclll•tlon of ltsnd•: Total funds brought forward Net movement in funds 2,229,507 {270,174) 2,229,507 (270,174) 2,221,932 7,575 Total funds c•rrled forward 1,959,333 1,959,333 2,229,507 Page 7

THE RENEGADE FOUNDATION

BALANCE SHEET AS AT 6 APRIL 2023

Note
Fixed assets
Investments
8
Current assets
Debtor
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
12
Unrestricted funds
12
Total funds		 37,733
37,733
(11,526)		 2023
£
1,933,126
1,933,126
1,299
48,753
50,052
{18,657)
26,207
1,959,333
1,959,333
1,959,333
1,959,333		 As restated
2022
£
2,198,112
2,198,112
31,395
2,229,507
2,229,507
2,229,507
2,229,507

The financial statements were approved and authorised for issue by the trustees and signed on their behalf on 11 April 2024 by:

BE Plant Trustee

The notes on pages 9 to 14 form part of these financial statements.

Page 8

THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL StATEMENTS FOR THE YEAR ENDED 6 APRIL 2023 Accounting pollcles l. l Basis of preparation of tinanci•l ststements The financial statements hove been prepared in accordance with the Charities SORP IFRS 102) Accountin9 and Reporting by Charities.. Statement of Recommended Practice applicable to charlties preparing thelr accounts In accordance with the Financial Reportlng Standard appllcable In the UK and Republic of Ireland IFRS 1021 leffective l January 20191, the Financlal Reporting Standard applicable irb the UK and RepLrblic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charltles SORP IFRS 1021 published In Ortober 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The Renegade Foundation meet5 the definition of a public benefit entity under FRS 102. A55ets and liabilities are inltially ￿COgnised at historical cost or transactlon value unless otherwlse stated In the relevant accountlng pollcy. 1.2 Incom• All in¢tsme is recognised once the trust has entitlement to the income, It is probable that the Income will be received and the amount of Income receivable can be measured rellably. Income tax recoverable In relatlon to investment income is recognised at the tlme the Investment Income Is receSvable. 1.3 Exp•ndltyr* Expenditure Is ￿cognISed once there Is a legal or construttlve obligatSon to transfer economlc benefit to a third party. it is probable that a transfer of economic benefits will be requlred In settlement and the amount of the obligation Can be measured ￿lIablY. Expenditure is classifietj by activity. The costs of each artivity are made up of the total of direct C05t5 and shared cost5, Including support Costs involved in undertaking each activity. Direct costs attributable to a single act¢vity are allocated dSrectly to that actlvity. Sha￿d costs which contribute to more than one activity and support costs which are not attdbutable to a single activlty are apportioned between those activities on a basls consSstent with the use of resources. Expenditure on charitable activitie5 is incurred on dirertly undertaking the artivitles which further the trust's objertive5, as well a5 any associated support Costs. Grants payable are charged in the year when the offer Is made except Sn those cases where the offer is conditional. such grants being recognised as expenditu￿ when the condition5 attaching are fulfilled. Grants offere(J subject to conditions which have not been met at the year end are noted ès a commitment, but not accnjed a5 expenditure. All expenditure is incluslve of irrecoverable VAT. 1.4 Interest recelvable Interest on funds held on dep051t 15 included when recesvable and the amount can be measured reliably by the trust. this is norrnally upon notificatiorb of the interest paid or payable by the tnstitutiorb With whom the funds ore deposited. Page 9

THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2023 Accountlng policies (continued) 1.5 TxatSon The trust is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporatSon tax purposes. Accordingly. the trust is potentially exempt from taxation in respect of income or capital gaTrns received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Sertion 256 of the Taxation of Chargeable Gains Art 1992, to the extent that such n¢ome or gains are applied exclusively to chontoble purposes. 1.6 Investments Fixed asset Investments are a form of financial instrument and a￿ initially recognised at thelr transactSon cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it 15 measured at cost les5 impairment. Investrnent galns and losses, whether realised or unrealised, are comblned and presented as 'Gainslllossesl on Snvestments. in the statement of financlal activities. 1.7 Fund •ccountlng General Iijnds are unrestricted fvnds which are available ftsr use at the d15cretlon of the trustees in furtherance of the general objectives of the trust and which have not been designated for other purposes. Investment Income galns and losses are allocated to the approprlate fvnd, Inv•$tm*nt Income Unre$trl¢t•d fundg 2023 Tot•1 tunds 2023 Deposit account Interest Investment Income 65 65,990 65,990 66,055 66,055 Unrestricted funds 2022 Totèl funds 2022 Deposit account Interest Investment income 49.184 49. 184 49, 192 49, 192 Page 10

THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2023 Arttvities of expenditure by expeThdlture type 2023 2022 Donations to institutions loo,000 30,062 3,640 70,000 32,956 2,400 Support costs Govern4nce costs 133,702 105,356 Analyslffi of gr•nts Grants to Instltutlons 2023 Total funds 2023 Charitable actlvles loo,000 loo,000 Grants to Insiittjtions 2022 Total funds 2022 Charttable actlvSes 70,000 70,000 The trust has made the following material 9rants to institutions durin9 the year.. Page11

THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 6 APRIL 2023 Analysls of 9r•nts (continued) 2023 2022 Name of Instltutlon Fish Tank Band Fish Tank Ltd 50,000 25,000 5,000 5,000 5,000 5,000 5,000 Clapton Common 8oy Get Set Girls Klds Space Refugee Youth Klds N, Action Copenhagen Youth Project St Giles Trust 2,500 50,000 5,000 5,000 2,500 2,500 2,500 Community Hub Up'N Away Youth on the above The Exodus Project loo,000 70,000 Analysls of support costs 2023 2022 Investment management charges Investment adviser fees Legal and professional fees Accountancy fees Bank fees lQ,996 9.924 5.400 3,738 12,813 11,231 5,400 3,508 30,062 32,956 Analysi$ ot governance costs 2023 2022 Independent examiner fee5 3,640 2,400 Page 12

THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 6 APRIL 2023 Trustees. remtsn•ratloTh and expense5 During the year, no trustees received any remuneration or other benefits12022 - ÉNILI. During the year ended 6 April 2023. no trustee expenses have been incurred {2022 - ENIL). Flxed assèt Invèstments Llsted Investments Cost or valuatlon At 7 Aprll 2022 Addltions Disposals Revaluations Forei9n exchange movement 2,198,112 72,172 (129,748) (209,451) 2,041 At 6 April 2023 1,933,126 Net book v•lu• At 6 Aprll 2023 1,933,126 At 6 April 2022 2,198,112 Taxatlon 2023 2022 Foreign tax on Income suffered 3,806 10. Debtors 2023 2022 Prepayments and accrued income 1,299 Page 13

THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2023 11. Creditors: amounts falling due within one year 2023 2022 Accruals 11,526 18,657 12. Statèmtnt ol tunds statement of funds - current y••r Balance •t 7 Aprfl 2022 Balance at 6 Aprll 2023 Galnsl (Losses) Income Expendlture Taxatlon Unre•tricted funds General fLtnds all funds 2,229,507 66,055 (131,660) {3,806) (200,763) 1,959,333 st•t•m•nt ol funds - prlor year Balance at 7 April 2021 Gains/ Balance at {L05ses) 6 April 2022 Income Expendlture Unr••trlct•d fund• General funds all funds 2,221.932 49.192 (104,372) 62,755 2,229,507 13. Prior year adjustment The tnJstees have considered the classificètion gf in¢ome and capital investment accounts within the balance sheet. These accounts form part of the investment, and it was considered to be more appropriate to be classified as fixed assets investments. Comparative amounts have been restated accordingly. The effect of these adjustments Is to reduce the bank balance brought forward from £87,258 to £48,753 and increase fixed assets investments brought foTrvard frorn E2,160,906 to £2, 198,112. These adjustment5 have no impact on retained earnings. Page 14