Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 Charity number: 1189223 THE RENEGADE FOUNDATION UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION CONTENTS Page Reference and administrative details of the trust, its trustees and advisers Trustees, report Trustees, Sponsibl11t1es Statement Independent examlner's report statement of financlal artlvltles Balance sheet Notes to the flnanclal statements 9-14
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION REFERENCE AND ADMINIRATIvE DAILs OF THE TRUST, Ths TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 5 APRIL 2024 Trustees L R Plant B E Plant D Jackson Charity registered number 1189223 Prln¢lp•l offl¢e Buckles Soli¢ittsrs LLP Grant House 101 Bourges Boulevard Peterborough Cambridgeshire PEI ING Independent ex•mln¢r SRLV Audit Llmited Elsley Court 20-22 Great ntchfield Street London WIW 88E Page 1
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION TRUSTEES. REPORT FOR THE PERIOD ENDED 5 APRIL 2024 The trustees present thelr report together wlth the financlal statements of the charfty for the perfod ended S Apdl 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Prartice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective l January 20191. On 19 December 2022, the charity changed its name from The BLP Charitable Trust to The Renegade Foundation. The company has shortened its accounting period from 6 April 2024 to 5 April 2024. ObJectlves and actlvltles a. ObJe¢tlves and •lm$ The objectives of the trust are to act as a resource for young people up to the age of twenty flve years livlng In Greater London by providing advice and assistance and organisin9 programmes of physical, educational and other activities as a mean5 of- advancing in life and helping yourbg people by developing their skills, capaclties and capabllities to enable them to participate In society as Independent, mature and responsible Indlvlduals,. advancing education. relieving unemployment. providino recreational and leisure tlme actlvity In the interests of soclal welfare for people Ilvlng In the area of benefit who have need by reason of thelr youth, age, infirmity or disability, poverty or social and economic circumstances with a view to improving the conditions of Ilfe of such persons, such other charitable objerts as the trustees for the time being shall in thelr absolute dlscretion deterrnlne. Achlev•m•nts and p•rformanc• a. Flnan¢lal po$ltlon Durlng the period, the trust received no further donatlons. as the trust plans to use exlstlng funds Invested in a share portfolio to support various charities. During the period, the investment portfolio generated dividend and interest income of E76,087 12023 £66,055) and realised and unrealised gains of £282.198 12023 losses of £200,763). This performance Is consldered acceptable conslderlng the volatlllty of the market. Grants were made to a number of charitie5 totallin9 £96,000 12023 £100.0001 and these are detailed in the note5 to the financial statements. Total income exceeded expenditure by £225,439 (2023 total expenditu exceeded in¢ome by £270,174) which has been carried forward in unrestricted serVeS. b. Investment policy and perforniance The trust's current investment strategy is managed by Quilter Cheviot, a member of London Stock Exchange who is authorised and regulated by the Financial Conduct Authority. Financial review a. Reserves policy The trust currrently has free reserves equal to the value of the tnjst's unrestncted funds. As overheads are low, the trustees do not consider it necessary to maintain a speofic level of reserves. Page 2
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 5 APRIL 2024 structure. governance and management a. Constitution The Renegade Foundation is a registered charity, number 1189223, and is constituted under a trust deed. b. Methods of appointrnént or tléctlon of trusté¢s The management of the trust is the responsibility of the trustees who are elerted and co-opted under the terms of the trust deed. c. Oryanisalional structure and decision-making policies The charity Is managed on a day-to-day basis by the trustees who deal with all appllcations for grants. d. Flnanclal rlsk mana9ement The trustees have a duty to IdentSfy and revlew the rlsks to which the charity Is exposed and to ensu appropriate 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 flnances of the trust, are satisfied that Systems and procedures are in place to rnltlgate exposure to the major rfsks. As the trust has low expendSture, there Is no mlnlmum requlrement of reserves needed to rnalntaln the trust. The trust Seryes are all held in share investment portfolios and cash at bank. Pl•ns for future perlods There are no concrete plans to change the activities of the charity. However, the trustee5 are keen to expand the ambitions of the charity when they are not as busy with working life. Although no declslon5 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.. Trustee 2/5/2025 Page 3
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION srATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE PERIOD ENDED 5 APRIL 2024 The trustees are responslble for preparlng the trustees, report and the financlal 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 requi$ the trustees to Ppare financial statements for each financial 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: selert suitable accounting policies and then apply theffl consistently- observe the methods and principles of the Charities SORP IFRS 102),. make judgements and accounting estimates that are reasonable and prudent- state whether applicable UK Accounting Standards IFRS 1021 have been followed, subjett to any material departure5 disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless It Is Inappropriate to presume that the trust will continue in business. The trustees are responslble for keeping adequate accounting records that are sufflcient to show and explaln the trust's transactions and disclose wlth reasonable accuracy at any time the flnanclal posltlon of the trust and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charlty (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 detertion of fraud and other irregularilies. Approved by order of the members of the board of trustees and slgned on Its behalf by.. L R Plant Trustee 2/5/2025 Page 4
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED S APRIL 2024 Independent examlner's report to the trustees of The Renegade Foundatlon ('the trust.) I report to the charity trustees on my examination of the accounts of the trust for the period ended 5 April 2024. Responslbllltles and basls of report A5 the trustees of the trust, you are responsible for the preparation of the accounts in accordance with the requlrements of the Charltles Art 2011 I'the 2011 Art,). L report in respett 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 applicable Directions given by the Charity Cornmlsslon under sectlon 145{5llb) of the 2011 Act. Independent •xamlner's statement Your attention is drawn to the fart that the trust has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practice Issued on l April 2005 whlch Is referred to in the extanl gUlatIOnS but has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair vlew in accordance with the Generally Accepted Accounting Prartice effective for reporting periods beginnlng on or after I January 2015. I have completed my examSnatSon. I confirm that no material matters have come to my attentlon In connectlon wlth the examlnatlon glvlng me cause to belleve that In any rnateal respett.. accountlng records were not kept in respert of the trust as required by section 130 of the 2011 Art; or the accounts do not accord wlth those records. or the accounts do not comply wlth the appllcable quIrernents conceming the form and content of accounts set out in the Charities {Accovnts and Reports) Regulations 2008 other than any requirement that the accounts give a 'trve and fair. view which is not a matter ¢onsidere(J as part of an independent examination. I have no concerns and have come auoss no other matters In connectlon with the examlnatlon to whlch attentlon should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page S
Docusign Envelope ID: 78D38001-DC46-4D76-ABF9-41458A79F185
THE RENEGADE FOUNDATION
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE PERIOD ENDED 5 APRIL 2024
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
5 February 2025
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Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED S APRIL 2024 Unrestricted funds Total funds Total funds Period ended 5 April 2024 Period ended S Year ended 6 April 2024 April 2023 Note Income from: Investments 76,087 76,087 66,055 Total Income 76,087 76,087 66,055 Expenditure on: Charitable artivities other expendlture 128,616 25 128,616 25 133,701 12,0411 Total expendlture 128,641 128,641 131,660 Net eXndIture before net galns/(loss•s) on Investm•nts Net gains/llossesl on Investments (52.554) 282,198 (52,554) 282,198 165,6051 (200,7631 Net Incom•l(•xp•ndlture) befor• taxatlon Taxatlon 229.644 (4,205) 229.644 (4,205) (266,3681 13,8061 Net movement In fund$ 225,439 225,439 (270,1741 Reconclllatlon of funds: Total funds brought forward Net movement in lunds 1,959,333 225,439 1,959,333 225,439 2,229,507 (270,1741 Total funds carrled fonvard 2,184,772 2,184,772 1,959,333 Page 7
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION BALANCE SHEET AS AT S APRIL 2024 5 April 2024 6 April 2023 Note Fixed assets Investments 2,207,551 1,933,126 2,207,551 1,933,126 Current assets Cash at bank and in hand 3,599 37,733 3,599 37,733 Credltors.. amounts falling due within one year io (26,378) 111,526} Net current Ilabilltles / assets (22,779) 26,207 Total a$t$ le$$ current Ilabllltles 2,184,772 1,959,333 Total net assets 2,184.772 1,959,333 Charlty tunds Unrestricted funds li 2,184,772 1,959,333 Total fund$ 2,184,772 1,959,333 The flnanclal statements were approved and authorlsed for Issue by the trustees and slgned on theSr behalf by.. L R Plant Trustee 2/5/2025 The notes on pages 9 to 14 form part of these finandal statements. Page 8
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024 Accountlng pollclès 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reportlng by Charities.. Statement of Recommended Prartlce appllcable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcable In the UK and Republic of Ireland (FRS 1021 {effective l January 20191, the Financial ReportSng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepareil to give a 'true and fair. view and have departed from the Charities (Accounts and Reports) Reoulations 2008 only to the extent required tt> provlde a 'trne and fair, view. This departure has involved following the Charities SORP IFRS 1021 published in October 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 meets the defirbition Of a public benefit entlty under FRS 102. Assets and liabilities are initially re¢ognised at hlstor6¢al Cost or transaction value unless otherwlse stated in the relevant accounb'ng policy. 1.2 Income All Income Is recognised once the trust has entitlement to the incorne, it is probable that the Income wlll be recelved and the amount of income receivable con be measured reliably. Income tax recoverable In relation to investment Income Is recognlsed at the time the Investment Income Is recelvable. 1.3 Expendlture Expenditure Is recognised once there is ) legal or constructive obligation to transfer econom1¢ benefit to a third partys It is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be meaSud reliably. Expenditure Is classified by attivity. The costs of each attivity are made up of the total of direct costs and shared costs, Including support costs involved in undertaking each activity. Dirert costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one attivity and support costs which are not attribvtable to a single activity are apportioned between those activities on a basis consistent with the use of resour¢es. ExpendSture on charltable actlvltles Is Incurred on dlrectly undertaklng the attlvltles whlch further the trust's oblectlves, as well as any assoclated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer 15 conditional, such grants being recognised as expenditure when the condition5 attaching are ftjifilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is indusive of irrecoverable VAT. 1.4 Interest receivable Interest on funds held on deposit is included when CeiVable and the amount can be measured relSably by the trust; this is nomially upon notificats.on of the Interest paid or payable by the institution with whom the funds are deposited. Page 9
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024 Accountlng pollclès (contlnued) 1.5 Taxation The trust Is consldered to pass the tests set out In Paragraph I Schedule 6 of the Flnance Act 2010 and therefore it meets the definitlon of a charitable company for UK corporation tax purposes. Accordingly, the trust is potentially exempt from taxation in respect of income or capital gains 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 incorne or gains are applied exclusively to charitable purposes. 1.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost les5 impairment. Investment gains and losses, whether realised or unrealised, are comblned and presented as 'Galns/llosses) on investments, in the statement of financial activities. 1.7 Fund accountlThg General funds are unrestrtcted fund5 which are available for use at the dISctIOn of the trustees In furtherance of the general oblectlves of the trust and which have not been deslgnated for other purposes, Investment Incomei galns and losses are allocated to the approprlate fund. Investment Income Total funds Unrestrlcted funds Period Peri¢xl ended ended S 5 April 2024 April 2024 Deposlt account Interest Investment Income 253 75,834 253 75,834 76,087 76,087 unStrICted funds Total funds Year ended Year ended 6 April 2023 6 April 2023 Deposit account interest Investment income 65 65,990 65 65,990 66,055 66,055 Page 10
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024 Activitieg of expenditure by expenditure type Perlod ended 5 Year ended April 2024 6 April 2023 Donations to institutions 96,000 28.476 4,140 loo,000 30.062 3,639 Support costs Governance costs 128,616 133,701 Analy919 ol grants Total funds Grants to Instltutlons Perlod Perl¢xl ended ended 5 5 Aprll 2024 Aprll 2024 Charttable attivles 96,000 96,000 Grants to Institutlons Total funds Year ended Year ended 6 April 2023 6 Aprll 2023 Charitable activies loo,000 loo,000 The trust has made the following material grants to institutions during the period/year'. Page 11
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024 Analysis of grants (continued) Period ended 5 Year ended April 2024 6 April 2023 Nam• of Instltutlon Flsh Tank Band 50,000 25,000 5,000 5,000 5,000 5,000 5,000 Fish Tank Ltd Clapton Common Boy Get Set Glrls Kids Space Refugee Youth Klds N'Acilon Young Roots Inspire a Teen Kldshlne Ltd Happy Days Children's Charity South Downs Natlonal Park Trust 50,000 5.000 10.000 5,000 3,000 5.000 5.500 2,500 5,000 5,000 The Exodus Prolert Sparks of Hope A Spark In The Dark Ltd 96,000 loo,000 Analyslg of support costs Peri¢xl ended 5 Year ende(J April 2024 6 April 2023 Investment management charges Investment adviser fees Legal and professlonal fees Accountanty fees Bank fees 8.168 8,608 8.096 3.600 10,996 9,924 5,400 3,738 28,476 30,062 Page 12
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024 Analysis of governance costs Period ended 5 Year ended April 2024 6 April 2023 Independent examiner fees 4,140 3,640 Trustees. r•mun•ratlon and expenses During the period. no trustee received any remuneration or other benefits12023 - £NIL). During the period ended 5 April 2024. no trustee expenses have been incurred12023 - ENIL). Flx•d aSt Inv•stm•nts Llst¢d Investments Cost or valuatlon At 7 April 2023 Addltlons Dlsposals Revaluatlons Forelgn exchange movement 1,933,126 117,039 (79,376) 236,791 (29) At S Aprll 2024 2,207,551 Net book value At S April 2024 2,207,551 At 6 April 2023 1,933,126 Taxation Period ended 5 Year ended Aprll 6 Aprll 2024 2023 Foreign tax on income suffered 4.205 3,806 Page 13
Docusign Envelope ID.. 78D38l-DC464D7&A8Fyl4s8A79Fl85 THE RENEGADE FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 5 APRIL 2024 10. Creditors: amounts falling due within one year 5 Aprll 2024 6 Aprll 2023 Accruals 26,378 11,526 11. Statement of funds statemént of funds - current perlod Balance at 7 April 2023 Balance at 5 April 2024 Gains/ {Losses) Income Expenditure Taxation Unrestrlcted funds General funds all lunds 1,959,333 76,087 (128,641) (4,205) 282,198 2,184,772 Statement of funds - prlor year Balance )t 7 April 2022 Galnsl Balance at {Lossesl 6 Aprll 2023 Income Expendlture Taxation Unrestrlcied funds General funds all funds 2,229,507 66,055 (131,660) 13,806) {200,763) 1,959,333 Page 14