**REGISTERED COMPANY NUMBER: 04930129 (England and Wales) REGISTERED CHARITY NUMBER: 1100573**
Report of the Trustees and Financial Statements for the Year Ended 31 December 2024 for Revelation Foundation
Dyke Yaxley Limited Registered Auditors 1 Brassey Road Old Potts Way Shrewsbury SY3 7FA
Revelation Foundation
Contents of the Financial Statements for the Year Ended 31 December 2024
||Page|
|---|---|
|Report of the Trustees|1 to 6|
|Report of the Independent Auditors|7 to 9|
|Statement of Financial Activities|10|
|Balance Sheets|11|
|Cash Flow Statement|12|
|Notes to the Financial Statements|13 to 23|
Revelation Foundation
Report of the Trustees for the Year Ended 31 December 2024
The trustees of the charity, who are also directors from a company law perspective, present their report with the financial statements of the charity for the year ended 31 December 2024. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 (FRS 102) (published October 2019).
**REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number**
04930129 (England and Wales)
**Registered Charity number** 1100573
**Registered office** Ashfields 129 Prestbury Road Macclesfield Cheshire SK10 3DA
## **Trustees**
I G Pettie J A Odell P A Darg – Resigned 22 April 2024 L Pettie L A Conder S J Jayakrishna A M Scott – Appointed 23 January 2025
**Company Secretary** I G Pettie
## **Chief Operating Officer**
I G Pettie
**Auditors**
Dyke Yaxley Limited 1 Brassey Road Old Potts Way Shrewsbury SY3 7FA
## **Solicitors**
Pearce Legal Limited 2 The Square Solihull West Midlands B91 3RB
## **Bankers**
HSBC plc 1 Victoria Road Surbiton, Surrey KT6 4LF
1
Revelation Foundation
Report of the Trustees for the Year Ended 31 December 2024
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Revelation Foundation was incorporated as a company limited by guarantee on 13 October 2003. It was registered as a charity on 6 November 2003.
Revelation Foundation has a wholly owned subsidiary, Genesis 247 SL, incorporated in Spain. Revelation Foundation and Genesis 247 SL are reported herein as the Group.
## **Recruitment and appointment of new trustees**
The trustees, who are also directors for the purpose of company law, who served during the period of this report, are set out on page 1. There is a procedure for the recruitment and appointment of new trustees, namely that nominations are received in writing by the current trustees, who then discuss and vote upon any nominations received. New trustees are recognised and appointed by the current board in recognition of their contribution and value to the charity. A further independent trustee is being sought for the Board.
## **Induction and training of new trustees**
All new trustees are given, in the view of the board, sufficient training and have enough knowledge of their specific field to understand the nature of the charity and fully comply with the charity's objectives and responsibilities.
## **Organisational structure**
The trustees are responsible for the strategic direction and policy of the charity. Day to day responsibility is delegated to a leadership team of four, which consists of three trustees plus the founder, Howard Conder, who is not a Trustee.
## **Wider network**
Revelation Foundation has set up two non-profit organisations, namely Revelation Association in Spain and Revelation TV Inc., in the United States. They have been established with the same purpose and function as the Revelation Foundation in the UK.
A number of trustees of the Revelation Foundation are also trustees of the Revelation Association and directors of Revelation TV Inc., in the US.
## **Risk management**
The trustees have a risk management strategy and the trustees regularly review the risks that the charity may face. The trustees consider that the charity is exposed to minimal risks and existing systems and procedures adequately manage such risks.
## **Public benefit**
The trustees have had regard to the Charity Commission statement on public benefit, and particularly the specific guidance on charities for the advancement of religion. In this respect the trustees want to record that they have seen many lives changed through the Christian message being proclaimed across the television airwaves. During the year, by phone, text and email, as well as by personal visits to the studios, viewers have testified to the benefit of the messages heard on the TV station. Personal visitors to the studio are invited to share their story and spiritual journey. If they agree this is recorded with a view to showing on the channel at a future date.
2
Revelation Foundation
Report of the Trustees for the Year Ended 31 December 2024
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives of the charity are the advancement of Christianity in the United Kingdom and elsewhere by any means including the preaching and proclamation of the Christian Gospel and the teaching of Christian doctrines and principles and values. The trustees consider these objectives are being fulfilled through the programmes that are being made and broadcast on Revelation TV.
The TV station's main base is in the UK and the day-to-day editorial, and management decisions are taken there by the leadership team, under the direction of the trustees. The TV station has a purpose-built studio and offices in Spain and operates a studio and office in commercial premises in the London area.
## **Staffing and volunteers**
During 2024, the majority of Revelation staff were based in Spain and paid through the Spanish Company, Genesis 247 SL, which is a subsidiary of the Revelation Foundation. During 2024, Revelation Foundation employed four staff in the UK. In addition, there were five paid consultants in the UK who worked as required for the TV station.
## **Significant activities**
Building work on the Revelation International Centre in Spain began in 2017. The trustees decided when the building project started that the centre would be built without any debt, mortgage or bank borrowing. Through the grace of God, and the favour of supporters, that has been achieved. The effects of the global pandemic, and the political decisions on Brexit, caused a delay to the completion of the building. The Centre was completed in late 2022. The official Opening Ceremony, with viewers visiting the centre, was in the April of 2023. The property is owned by Genesis 247 SL, a Spanish company, wholly owned Revelation Foundation.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
The trustees are encouraged by the extent of the charitable activities being achieved by Revelation Foundation.
Revelation TV is now available on the following platforms: Freeview HD, Sky, Freesat, Roku Box, Apple TV, the Revelation ‘app’, and the internet. The increase in ways that people can see and hear Revelation TV has enabled the message of salvation through Christ to reach more viewers. An example of this is the ‘Revelation app’ which enables viewers to watch Revelation TV ‘on the go’ on their phones and ipads, and also watch ‘catch-up’ TV for programmes they might have missed. The use of social media by the TV station is increasing.
The TV station operates under a Spanish licence. This licence is in the name of Revelation TV Europe SL, which is a Spanishbased company, wholly owned by the Revelation Association. The costs incurred by Revelation TV Europe SL and Revelation Association, in operating the TV station in Spain, are covered through grants made by the Revelation Foundation to the Revelation Association. The costs incurred by Genesis 247 SL, which is a subsidiary of Revelation Foundation, are invoiced on a monthly basis from Genesis 247 SL to Revelation Foundation. In addition, the Spanish broadcasting license, Revelation TV has an operative license in the UK with OFCOM.
3
Revelation Foundation
## Report of the Trustees
for the Year Ended 31 December 2024
## **Internal and external factors**
The trustees have made a full assessment of the internal and external factors that may affect these financial statements.
During the year, and since the year-end, the TV station has maintained output of programmes, 24 hours a day, seven days a week. Live programme output continues to increase to help viewers with their worries, concerns and spiritual needs.
## **FUNDRAISING**
## **Our Fundraising Approach**
The ethos of the charity’s fundraising is that fundraising activities must reflect the charity’s values and should be carried out in a manner that the public and supporters would expect of Revelation TV – sensitive, courteous, sincere and genuine.
The charity does not use professional fundraising agencies such as outbound telemarketing agencies or face to face / street fundraising agencies to fundraise on their behalf. They do not use a bureau to handle inbound telephone donations and to call back people who have texted or otherwise contacted the charity to donate. All fundraising is done in-house by staff and volunteers, who work under the supervision of the management team. Viewer generosity continues to enable the TV to meet all its obligations without significant cut-backs.
Since the beginning of 2023 advertisements for a free will service for legacies to the Revelation Foundation have been made and are being shown on Revelation TV.
## **Fundraising Standards**
GDPR is exercised in all administration matters affecting donors and supporters who contact the charity.
Supporters, and the charitable giving public, are the life-blood of the charity, and the relationship with supporters is so important. The ethos of fundraising is principally based on what the trustees consider is fair, ethical and appropriate to ask for. The corporate values of integrity, accountability, compassion and respect are not only at the heart of the charity’s mission as a Christian television station and charity but are also the driving forces for the way in which fundraising is done for the charity.
## **Fundraising on Our Behalf**
No external people or organisations are engaged in fundraising on behalf of The Revelation Foundation.
## **Monitoring of Fundraising**
It is part of the trustees and management team brief to review the approach to fundraising and to seek to be sensitive in the approach taken to raise funds. The lack of complaints is taken as a sign that the right approach is being taken.
## **COMPLAINTS**
There were no recorded complaints from members of the public to the fundraising methods adopted by Revelation TV in 2024. If a complaint was received there is a complaints policy in place outlining the correct procedure to take to deal with the complaint.
## **PROTECTING VULNERABLE PEOPLE**
Because no external or ‘professional’ fundraisers are used to fundraise on the charity’s behalf, the trustees are very much in control of how fundraising appeals are carried out.
4
Revelation Foundation
## Report of the Trustees
for the Year Ended 31 December 2024
## **PLANS FOR FUTURE**
Revelation Foundation continues to gain momentum with supporters being able to access Christian programming 24 hours a day. Work is being done, particularly through social media and improvements, to reach out to a wider audience.
## **FINANCIAL REVIEW**
Revelation Foundation is pleased to receive funding from many individuals and organizations. Resources have been expended on the continued running of the television channel and programme production, which has enabled the Foundation to continue the advancement of Christianity. Overall, the charity has experienced a good year and trusts that this will continue in future years.
## **RESERVES POLICY**
Total group funds at 31 December 2024 were £6,164,133 of which £3,553,447 were restricted funds. As a charity, the trustees have an agreed reserve policy. This relates to funds that the trustees consider it necessary to retain, to enable future invoices, contracts, staff wages, etc. to be paid. The amount the trustees currently are holding in reserve is £500,000. The restricted fund primarily consists of the building fund of £3,551,599 which has been used to fund the construction of the Revelation International Centre included in tangible assets at a cost of £4,986,801. The remainder has been funded by unrestricted reserves.
## **STATEMENT OF TRUSTEES RESPONSIBILITIES**
The trustees (who are also the directors of Revelation Foundation for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the group for that period. In preparing those financial statements, the trustees are required to
- Select suitable accounting policies and then apply them consistently;
- Observe the methods and principles in the Charity SORP;
- Make judgements and estimates that are reasonable and prudent;
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and the group to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS**
So far as the trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company`s auditors are aware of that information.
5
Revelation Foundation
Report of the Trustees for the Year Ended 31 December 2024
## **AUDITORS**
Dyke Yaxley Limited are the auditors and they have expressed their willingness to continue in that capacity.
This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities and in accordance with the Chapter 6 part 16 of the Companies Act 2006.
## **ON BEHALF OF THE BOARD** :
............................................. I G Pettie - Trustee
> Date: 29th September 2025
6
## **Independent Auditor’s Report to the Members and Trustees of Revelation Foundation**
## **Opinion**
We have audited the financial statements of Revelation Foundation (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2024 which comprise the Group Statement of Financial Activities, the Group and the Parent Charitable Company Balance Sheets, the Group Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 December 2024, and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the trustees annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
7
## **Independent Auditor’s Report to the Members and Trustees of Revelation Foundation**
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Act 2011 requires us to report to you if, in our opinion:
- adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 5, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made of having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
8
## **Independent Auditor’s Report to the Members and Trustees of Revelation Foundation**
## **Auditor’s responsibilities for the audit of the financial statements (continued)**
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below
Based on our understanding of the charity and industry, we identified the principal risks of non-compliance with laws and regulations. We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on those that had a direct effect on material figures and disclosures in the financial statements, the main regulations considered in this context included the Companies Act 2006, Charities Act 2011, FRS 102 and Charity SORP together with UK and Spanish broadcasting regulations.
We evaluated the incentives and opportunities for fraud in the financial statements, including, but not limited to, the risk of override of controls, and designed procedures in response to these risks as follows;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- testing the appropriateness of journal entries and other adjustments;
- assessing whether the judgements made in making accounting estimates were indicative of a potential bias; and
- • evaluating the business rationale of any significant transactions that were unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We did not identify any matters relating to irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable parent company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the parent charitable company’s members and its trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body and the parent charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**………………………………………** Stacey Lea FCA (Senior Statutory Auditor) For and on behalf of Dyke Yaxley Limited Statutory Auditors & Chartered Accountants Registered Auditors 1 Brassey Road Old Potts Way Shrewsbury SY3 7FA 29/09/2025 Date …………………………..
9
## Revelation Foundation
## Registered Company Number: 04960129 (England and Wales) Consolidated Statement of Financial Activities for the Year Ended 31 December 2023
|2024
Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS**
**FROM:**
Donations and legacies
2
1,872,588
Other trading activities
3
52,702
Income from investments
4
2,793
**Total income and endowments**
1,928,083
**EXPENDITURE ON:**
Expenditure on raising funds
23,010
Expenditure on charitable activities
1,733,456
Expenditure on governance
69,424
**Total expenditure**
1,825,890
**NET INCOME**
102,193
Foreign exchange translation of
subsidiary
-
Transfer between funds
16
56,917
Other recognised losses/gains
Unrealised foreign exchange
(6,621)
**Net movement in funds**
152,489
**RECONCILIATION OF FUNDS**
Total funds brought forward
2,496,041
**TOTAL FUNDS CARRIED**
**FORWARD**
2,648,530|2024
2024
2024
2023
Restricted
funds
Foreign
currency
translation
reserve
Total Funds
Total funds
Restated
£
£
£
£
-
-
1,872,588
1,781,416
-
-
52,702
75,306
-
-
2,793
4,559
-
-
1,928,083
1,861,281
-
-
23,010
34,572
-
-
1,733,456
1,668,564
-
-
69,424
66,553
-
-
1,825,890
1,769,689
-
-
102,193
91,592
-
(237,849)
(237,849)
24,100
(56,917)
-
- -
-
-
(6,621)
(146,512)
(56,917)
(237,849)
(142,277)
(30,820)
3,610,364
199,985
6,306,390
6,337,210
3,553,447
(37,864)
6,164,113
6,306,390|
|---|---|
10
Revelation Foundation
## Registered Company Number: 04930129 (England and Wales) Balance Sheets
## At 31 December 2024
|Notes
**FIXED ASSETS**
Tangible assets
11
Investments
12
**CURRENT ASSETS**
Debtors
13
Cash at bank
**CREDITORS**
Amounts falling due within one year
14
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS**
Unrestricted funds
15
Restricted funds
16
Foreign exchange translation
**TOTAL FUNDS**|Group
2024
£
5,526,941
-
5,526,941
301,360
658,448
959,808
(322,636)
637,172
6,164,113
2,648,530
3,553,447
(37,864)
6,164,113||Group
Restated
2023
£
5,302,095
-
5,302,095
360,237
960,301
1,320,538
(316,243)
1,004,295
6,306,390
2,496,041
3,610,364
199,985
6,306,390|Charity
2024
£
529,038
5,109,745
5,638,783
598,009
603,590
1,201,599
(676,268)
525,331
6,164,114
2,579,847
3,584,267
-
6,164,114|Charity
2023
£
7,367
5,377,123
5,384,490
600,437
812,207
1,412,644
(561,790)
850,854
6,235,344
2,651,077
3,584,267
-
6,235,344|
|---|---|---|---|---|---|
|||||||
|||||||
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.
29/09/25
The financial statements were approved by the Board of Trustees on ……………………. and were signed on its behalf by:
…………………... I G Pettie - Trustee
11
## Revelation Foundation
## Registered Company Number: 04930129 (England and Wales)
## Cash flow statement
for the Year Ended 31 December 2024
|2024
Group
£
**Cash flow from operating activities:**
Net cash provided by operating activities
**Cash flow from investing activities:**
75,757
Purchase of property, plant and equipment
(604,958)
Foreign exchange movements
227,348
**Change in cash and cash equivalents in the**
**reporting period**
(301,853)
**Cash and cash equivalents at the beginning of the**
**reporting period**
960,301
**Cash and cash equivalents at the end of the**
**reporting period**
658,448
**Reconciliation of net income to net cash flow from operating activities:**
**Net income for reporting period (as per**
**the statement of financial activities)**
(142,277)
Depreciation charges
152,764
Decrease in debtors/(Increase in debtors)
58,877
(Decrease)/Increase in creditors
6,393
**Net cash (used in)/provided by operating activities**
75,757|
|2023
Restated
Group
£
(30,930)
(96,048)
106,913
(20,065)
980,366
960,301
(30,820)
121,440
(28,427)
(93,123)
(30,930)|
|---|---|---|
||||
12
Revelation Foundation Notes to the Financial Statements for the Year Ended 31 December 2024
## **1. ACCOUNTING POLICIES**
Revelation Foundation is a private company limited by guarantee, incorporated in England and Wales. The registered office is Ashfields, 129 Prestbury Road, Macclesfield, Cheshire, SK10 3DA.
The work of the Revelation Foundation is based in two countries. In Spain the office address is Calle Arcaduces 2, Pol. Ind La Cala de Mijas, 29649 La Cala de Mijas, Mijas Costa, Malaga, Spain, and in the UK the address is Revelation TV, Suite 124, 61 Victoria Road, Surbiton, Surrey, KT6 4JX , UK.
The nature of the charity’s operations is set out in the Report of the Trustees. The TV station's main base is in the UK and the day to day editorial and management decisions are taken there by the leadership team, under the direction of the trustees.
## **Accounting convention**
The financial statements of the charitable company, 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) (published in October 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the Charities Act and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Group financial statements**
The financial statements consolidate the results of the charity and its wholly owned subsidiaries (see note 12). A separate Statement of Financial Activities for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. The accounts of Genesis 247 SL have been consolidated within these figures at 31 December 2024.
## **Income**
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The charity also benefits from volunteer time from its founder and others. It is not possible to place a value on this time therefore this is not included in the Statement of Financial Activities.
## **Expenditure**
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**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc. - 16.7% and 33% on cost Buildings - 2% on cost Land is not depreciated
## **Investments**
Investments represent investments in subsidiary undertakings, which are measured at cost less any permanent impairment.
## **Foreign Currencies**
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Irrecoverable VAT**
The irrecoverable VAT on expenditure is shown separately in the notes to the Statement of Financial Activities.
13
Revelation Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
## **Operating leases**
Rentals paid under operating leases are charged to income and expenditure as incurred.
## **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.
## **Going concern**
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for the 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **Debtors**
Short term debtors are measured at transaction value less any impairment. At each balance sheet date, debtors are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is measured as the difference between the carrying amount and the amount expected to be received.
## **Creditors**
Short term trade creditors are measured at transaction value. Other financial liabilities are measured initially at fair value, net of transaction costs, and subsequently at amortised cost using the effective interest method.
## **Critical accounting judgements and key sources of estimation uncertainty**
No significant judgements have been made by the Trustees in preparing these financial statements.
## **2. DONATIONS AND LEGACIES**
|**DONATIONS AND LEGACIES**||||||
|---|---|---|---|---|---|
||Unrestricted|Restricted||Total Funds|Total Funds|
||Funds|Funds||2024|2023|
||£|£||£|£|
|Donations received from supporters|1,592,832||-|1,592,832|1,490,801|
|Legacies|101,097||-|101,097|122,782|
|Tax repayable|178,659||-|178,659|167,833|
||1,872,588||-|1,872,588|1,781,416|
## 2023 Funds allocation:
Of the £1,490,801 donations received from supporters £1,479,934 was unrestricted and £10,867 was restricted. Of the £122,782 legacies received from supporters all was unrestricted.
Of the £167,833 tax repayable £164,165 was unrestricted and £3,668 was restricted.
## **3. OTHER TRADING ACTIVITIES**
|||Unrestricted|Unrestricted|
|---|---|---|---|
|||and Total|and Total|
|||Funds|Funds|
|||2024|2023|
|||£|£|
|Hire of equipment/use|of platform|52,702|75,306|
|||52,702|75,306|
14
Revelation Foundation
## Notes to the Financial Statements – continued
for the Year Ended 31 December 2024
## **4. INCOME FROM INVESTMENTS**
|**INCOME FROM INVESTMENTS**|||||||
|---|---|---|---|---|---|---|
||Unrestricted|Restricted||Total|Funds|Total Funds|
||Funds|Funds|||2024|2023|
||£|£|||£|£|
|Deposit account interest and dividends received|2,793||-||2,793|4,559|
|2023 Fund allocation:|||||||
|Of the £52 income from investments received £NIL|was restricted and £52 was unrestricted.||||||
## **5. EXPENDITURE ON RAISING FUNDS**
||Unrestricted|Restricted|Restricted|Total Funds|Total Funds|
|---|---|---|---|---|---|
||Funds|Funds||2024|2023|
||£|£||£|£|
|Consultancy costs|1,251||-|1,251|6,822|
|Postage, printing & stationery|21,759|-||21,759|27,750|
||23,010||-|23,010|34,572|
2023 Funds allocation:
Of the £34,572 expenditure on raising funds £28,850 was unrestricted and £5,722 was restricted.
## **6. EXPENDITURE ON CHARITABLE ACTIVITIES**
|Wages
Satellite, broadcasting and other direct costs
Premises costs
Equipment maintenance
Travel and subsistence
Computer expenses
Consultancy costs
Subscriptions
Advertising
Sundry expenses
Postage, printing & stationery
Staff welfare
Telephone
Donations
Irrecoverable VAT and other taxes
Depreciation
Insurance
|Unrestricted and
Unrestricted
Total Funds
Total Funds
Restated
Funds
2024
2023
£
£
£
447,391 447,391 427,560
6529,715
529,715
501,368
170,296
170,296
273,365
-
-
905
27,847
27,847
42,588
42,406
42,406
49,626
138,045
138,045
115,764
13,456
13,456
11,875
2,470 2,470 2,804
15,412
15,412
27,895
41,856
41,856
45,111
389
389
1,458
39,739
39,739
37,494
46,429
46,429
26,541
44,717
44,717
(34,836)
152,764
152,764
121,440
21,125
21,125
17,606
1,733,456
1,733,456
1,668,564|
|---|---|
15
Revelation Foundation
Notes to the Financial Statements – continued for the Year Ended 31 December 2024
## **7. EXPENDITURE ON GOVERNANCE**
|**7.**|**EXPENDITURE ON GOVERNANCE**|||
|---|---|---|---|
|||Unrestricted and|Unrestricted and|
|||Total Funds|Total Funds|
|||2024|2023|
|||£|£|
||Professional fees|32,819|31,167|
||Legal fees|7,444|3,204|
||Auditors’ remuneration|16,000|16,300|
||Interest payable and similar charges|13,161|15,882|
|||69,424|66,553|
|**8.**|**INCOME/EXPENDITURE**|||
||Income/Expenditure is stated after charging:|||
|||Total|Total Funds|
|||Funds|Restated|
|||2024|2023|
|||£|£|
||Auditors’ remuneration|16,000|16,300|
||Depreciation – owned assets|152,764|121,440|
## **9. TRUSTEES’ REMUNERATION AND BENEFITS**
There were no trustees’ remuneration or other benefits for the year ended 31 December 2024 and nor for the previous period.
## **Trustees’ Expenses**
Travel expenses amounting to £7,872 were reimbursed to 2 trustees (31 December 2023 - £7,254 – 3 trustees).
|**10.**
**STAFF COSTS**
Wages and salaries
There were no staff earning more than £60,000.|2024
£
447,392|2023
£
427,560|
|---|---|---|
||||
The key management personnel of the Charity are considered to be the Trustees who receive no remuneration.
The average number of employees analysed by function was as follows:
||2024|2023|
|---|---|---|
|Charitable services|11|13|
|Fundraising/Admin|4|2|
||15|15|
||||
16
Revelation Foundation
Notes to the Financial Statements – continued for the Year Ended 31 December 2024
## **11. TANGIBLE FIXED ASSETS**
|**Group**
**Freehold land**
**and buildings**
**Studio, camera,**
**computer equipment**
**and fittings**
**£**
**£**
**COST**
At 1 January 2024
5,387,800
1,081,187
Additions
350,790
254,168
Foreign exchange movements
(227,348)
-
At 31 December 2024
5,511,242
1,335,355
DEPRECIATION
At 1 January 2024 - restated
93,072
1,073,820
Charge for the year
94,934
55,112
Foreign exchange movements
2,588
130
At 31 December 2024
190,594
1,129,062
**NET BOOK VALUE**
At 31 December 2024
5,320,648
206,293
At 31 December 2023
restated
5,294,728
7,367
**Charity**
**Freehold land**
**and buildings**
**Studio, camera,**
**computer equipment**
**and fittings**
**£**
**£**
**COST**
At 1 January 2024
-
969,090
Additions
340,660
237,016
At 31 December 2024
340,660
1,206,106
**DEPRECIATION**
At 1 January 2024
-
961,723
Charge for the year
6,813
49,192
At 31 December 2024
6,813
1,010,915
**NET BOOK VALUE**
At 31 December 2024
333,847
195,191
At 31 December 2023
-
7,367|**Total**
**£**
6,468,987
604,958
(227,348)
6,846,597
1,166,892
150,046
2,718
1,319,656
5,526,941
5,302,095
**Total**
**£**
969,090
577,676
1,546,766
961,723
56,005
1,017,728
529,038
7,367|
|---|---|
|||
17
Revelation Foundation
Notes to the Financial Statements - continued for the Year Ended 31 December 2024
## **12. FIXED ASSET INVESTMENTS**
|**Charity**|Shares in group|
|---|---|
||undertakings|
||£|
|**COST**||
|At 1 January 2024|5,377,123|
|Impairment|267,378|
|**NET BOOK VALUE**||
|At 31 December 2024|5,109,745|
|At 31 December 2023|5,377,123|
The company's investments at the balance sheet date in the share capital of companies include the following:
## **Revelation TV (London) Limited**
Country of incorporation: England and Wales Nature of business: Dormant Registered address: Ashfields, 129 Presbury Road, Macclesfield, Cheshire SK10 3DA Registered number: 04572981
||%|||
|---|---|---|---|
|Class of share:|holding|||
|Ordinary|100|||
|||2024|2023|
|||£|£|
|Aggregate of assets, liabilities and funds||100|100|
18
Revelation Foundation
## Notes to the Financial Statements – continued
for the Year Ended 31 December 2024
## **Genesis 247 SL**
Country of incorporation: Spain Nature of business: Christian TV channel. Registered address: Calle Arcaduces 2, 29649 La Cala de Mijas, Mijas Costa, Málaga
|%
Class of share:
holding
Ordinary
100
Aggregate of assets, liabilities and funds
Incoming resources
Expenditure on charitable activities
Governance costs
Total costs
Profit/(Loss) for the year|2024
2023
Restated
£
£
5,091,355
5,402,851
910,532
1,219,693
947,402
1,085,387
12,663
27,000
960,065
1,112,387
(49,533)
107,306|
|---|---|
|||
## **13. DEBTORS:**
## **AMOUNTS FALLING DUE WITHIN ONE YEAR**
|**13.**
**DEBTORS:**
**AMOUNTS FALLING DUE WITHIN ONE YEAR**||||
|---|---|---|---|
|Trade debtors
Other debtors
Tax recoverable
Prepayments
**AMOUNTS FALLING DUE AFTER ONE YEAR**
Amounts owed by group and associated
undertakings|**Group**
2024
2023
£
£
47,557
60,732
173,330
201,808
65,622
72,475
14,851
25,222
301,360
360,237
**Group**
2024
2023
£
£
-
-
-
-||**Charity**
2024
2023
£
£
47,557
60,732
155,706
187,728
47,232
27,157
14,851
17,480
265,346
293,097
**Charity**
2024
2023
£
£
332,663
307,340
332,663
307,340|
|||||
|||||
19
Revelation Foundation
## Notes to the Financial Statements – continued
## for the Year Ended 31 December 2024
## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|||||**Group**|||**Charity**|
|---|---|---|---|---|---|---|---|
||||2024||2023|2024|2023|
||||£||£|£|£|
||Trade creditors||30,789||39,022|13,898|13,866|
||Social security and other taxes||2,469||-|2,469|-|
||Other creditors||289,378||277,221|659,901|547,924|
||||322,636||316,243|676,268|561,790|
|**15.**|**MOVEMENT IN FUNDS – UNRESTRICTED**|||||||
||**Group**|||||||
||**Unrestricted funds**||At 01.01.24|||Net movement|At 31.12.24|
|||||||in funds||
||||£|||£|£|
||General fund||2,496,041|||152,489|2,648,530|
||Net movement in funds, included in the above are as follows:|||||||
|||Incoming|Resources|Transfers||Foreign|Movement in|
|||resources|expended|||exchange|funds|
||**Unrestricted funds**|£|£||£|£|£|
||General fund|1,928,083|(1,825,890)|56,917||(6,621)|152,489|
||**Charity:**|||||||
||||At 01.01.24|Transfers||Net movement|At 31.12.24|
|||||||in funds||
||**Unrestricted funds**||£|||£|£|
||General fund||2,651,077||56,917|(128,147)|2,579,847|
||Net movement in funds, included in the above are as follows:|||||||
|||Incoming|Resources|Transfers||Foreign|Movement in|
|||resources|expended|||exchange|funds|
||**Unrestricted funds**|£|£||£|£|£|
||General fund|1,922,476|(1,991,009)|(56,917)||(2,697)|(128,147)|
20
Revelation Foundation
for the Year Ended 31 December 2024
## Notes to the Financial Statements – continued
## **16. MOVEMENT IN FUNDS – RESTRICTED**
|**Group and charity**|||||
|---|---|---|---|---|
|||Restated|Net movement||
|||At 01.01.24|in funds|At 31.12.24|
|||£|£|£|
|**Restricted funds**|||||
|Building fund||3,608,516|(56,917)|3,551,599|
|Compassion Rwanda||1,848|-|1,848|
|Total restricted funds||3,610,364|(56,917)|3,553,447|
|Net movement in funds, included in the above are as follows:|||||
||Incoming|Incoming|Transfers|Movement in|
||resources|resources||funds|
||£|£|£|£|
|**Restricted funds**|||||
|Building Fund|-|-|(56,917)|(56,917)|
|Total restricted funds|-|-|(56,917)|(56,917)|
The Building Fund is a fund set up to acquire land and build a new studio. The transfer is in relation to the restricted element of depreciation on the building.
## **17. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **Group**
|**Group**||||
|---|---|---|---|
||Unrestricted|Restricted|Total Funds|
||Funds|Fund|2024|
|Tangible fixed assets|2,013,206|3,513,735|5,526,941|
|Current assets|301,360|-|301,360|
|Cash at bank|656,600|1,848|658,448|
|Current liabilities|(322,636)|-|(322,636)|
||2,648,530|3,515,583|6,164,113|
|**Charity**||||
||Unrestricted|Restricted|Total Funds|
||Funds|Fund|2024|
|Tangible fixed assets|529,038|-|529,038|
|Investments|1,527,326|3,582,419|5,109,745|
|Current assets|598,009|-|598,009|
|Cash at bank|601,742|1,848|603,590|
|Current liabilities|(676,268)|-|(676,268)|
||2,579,847|3,584,267|6,164,114|
21
Revelation Foundation
Notes to the Financial Statements – continued for the Year Ended 31 December 2024
## **18. RELATED PARTY DISCLOSURES**
21[st] Century Television Limited (a company in which Lesley Conder, a trustee, is a major shareholder) was invoiced by the Charity £52,702 (2023: £75,306) in respect of broadcasting costs. £47,557 (2023: £60,732) was owed at the year end and is included in trade debtors.
Luke Conder (son of Lesley Conder a trustee) was paid £40,580 (2023: £39,996) for the provision of consultancy services.
Park 3D Limited (a company under the control of Jeremy Park - brother in law of Lesley Conder a trustee) was paid £12,586 (2023: £8,501) for the provision of consultancy services.
The balance owed by Revelation TV SL is £155,706 (2023: £155,706) and is included in other debtors.
During the year, donations totalling £27,645 (2023: £Nil) were paid to Revelation Association, a charity connected by trustees in common. The balance due to Revelation Association was £255,975 (2023: £255,975) and this is included in other creditors.
## **19. FINANCIAL PERFORMANCE OF THE CHARITY**
The consolidated statement of financial activities includes the results of the charity’s wholly owned subsidiaries (see note 12).
The financial performance for the charity alone is:-
||Unrestricted|Restricted|Total Funds|Total Funds|
|---|---|---|---|---|
||Funds|Funds|2024|2023|
|Incoming reserves|1,922,476|-|1,922,476|1,857,797|
|Costs of generating voluntary income|23,010|-|23,010|34,572|
|Expenditure on charitable activities|1,911,238|-|1,911,238|1,807,340|
|Governance costs|56,761|-|56,761|39,553|
||1,991,009|-|1,991,009|1,881,465|
|Other gains/(losses)|(2,697)|-|(2,697)|(138,558)|
|Net incoming resources|(71,230)|-|(71,230)|(162,226)|
|Total funds brought forward|2,651,077|3,584,267|6,235,344|6,397,570|
|Total funds carried forward|2,579,847|3,584,267|6,164,114|6,235,344|
22
Revelation Foundation
Notes to the Financial Statements – continued
for the Year Ended 31 December 2024
## **20. ULTIMATE CONTROLLING PARTY**
The trustees consider there to be no overall controlling party.
## **21. PRIOR YEAR RESTATEMENTS**
The following prior year errors have been identified:
- Land held by the subsidiary, Genesis 247 SL, was depreciated in error. This also lead to a misstatement in the amount transferred from the unrestricted funds to the restricted fund relating to depreciation of property funded by the Building Fund.
- Foreign exchange differences relating to the translation of the subsidiary, Genesis 247 SL, for consolidation purposes, were posted to retained earnings in error.
- No VAT debtor had been provided for the subsidiary, Genesis 247 SL.
|**Changes to Group Balance Sheet**
**FIXED ASSETS**
Tangible assets
**CURRENT ASSETS**
Debtors
**FUNDS**
Unrestricted funds
Restricted funds
Foreign currency translation reserve
**Changes to Consolidated Statement of Financial Activities**
**EXPENDITURE ON:**
Expenditure on charitable activities
**TOTAL EXPENDITURE**
**NET INCOME/(LOSS)**
Foreign exchange translation of subsidiary
Other recognised (losses)/gains
Unrealised foreign exchange
Net movement in funds
**RECONCILIATION OF FUNDS**
**TOTAL FUNDS CARRIED FORWARD**|**As previously**
**reported**
**Adjustment**
5,287,102 14,993
314,919
45,318
2,661,812
(165,771)
3,584,267
26,097
-
199,985
1,729,048
(60,484)
1,830,173
(60,484)
31,108 60,484
- 24,100
(122,239)
(24,273)
(91,131) 60,311
6,246,079
60,311|**As restated 31**
**December 2023**
5,302,095
360,237
2,496,041
3,610,364
199,985
1,668,564
1,769,689
91,592
24,100
(146,512)
(30,820)
6,306,390|
|---|---|---|
23