2020-06-30-accounts

Registered number: 5328511 Charity number: 1107956

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2020

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

CONTENTS

	Page
Reference and administrative details of the Company, its Trustees and advisers	1
Trustees' report	2 - 5
Independent auditors' report on the financial statements	6 - 8
Statement of financial activities	9
Balance sheet	10 - 11
Statement of cash flows	12
Notes to the financial statements	13 - 27

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2020

Trustees

A Boshoff A Gava Miss N Heyneke

I Marais

R Harmse

C Nel

Company registered number

5328511

Charity registered number

1107956

Registered office

46 Commercial Road London E1 1LP

Independent auditors

Baldwin Scofield Limited Chartered Accountants Statutory Auditors 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU

Bankers

HSBC 191 High Road Loughton Essex IG10 4LN

Page 1

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2020

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 July 2019 to 30 June 2020. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) as amended by Update Bulletin 1 (effective January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

 Policies and objectives

The company is constituted under a Memorandum of Association dated 10 January 2005 and is a registered charity number 1107956.

• The principal objects of the company are to advance the Christian faith in particular but not exclusively by: - the establishment of Christian fellowship meetings;

• the establishment of Christian teaching classes and distribution of Christian teaching material;

• the promotion of Christian Evangelistic events and literature;

• the promotion and support of international Christian ministries and events; and

• the production and distribution of creative Christian media.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Page 2

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020

Achievements and performance

 Review of activities

During the year under review the church continued to host Sunday celebration services, weekly homecell and prayer meetings, trainings and community outreaches for the benefit of the members of the church and local communities in and around Greater London, Kent and Essex.

Until the announcement of the national lockdown due to COVID-19 in March 2020 the church held services in three campuses: Bromley by Bow in East London, Kensington in West London and Sevenoaks in Kent.

At the announcement of lockdown until the end of the year under review, Sunday celebration services moved to online streaming platforms. All other meetings were also successfully adapted to continue virtually during periods of lockdown. The church initiated a COVID-19 fund to provide relief to those affected by lockdown locally and internationally. Outreaches were held in the local communities to offer practical support to anyone in need of assistance. Due to lockdown the church had to close the campus in Kensington and were not able to host its annual Harvest Event.

The church continued to support CRC Poland and CRC Pakistan throughout the period under review and CRC Manchester until December 2019. During lockdown the church also started to support Pastors and churches in India with similar objectives and strong relationships have been established through this process.

In addition to the above and COVID-19 support initiatives, financial contributions were made towards other missions with similar causes including:

• Disadvantaged children in Pakistan and Africa;

• Anti-human trafficking campaigns;

• Christian legal support;

• Outreaches, Bible distribution and community work in Israel;

• Local community projects such as the church’s Bags of Love campaign.

Financial review

 Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

 Reserves policy

The directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and level of financial commitments held. The directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.

 Principal risks and uncertainties

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

Page 3

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020

 Principal funding

The church’s main source of income remains donations from church members. Income decreased by 17.5% with expenses decreasing by 16% resulting in a net surplus of £130,754 (2019: £194,521).

Total reserves stood at £1,523,779 (2019: £1,393,025) at 30 June 2020 of which £970,218 (2019: £791,710) were unrestricted funds.

Structure, governance and management

 Constitution

Revival Church Europe is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

 Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

 Policies adopted for the induction and training of Trustees

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) 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).

Company law requires the Trustees to prepare financial statements for each financial year. Under company 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 Company 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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2020

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditors

The auditors, Baldwin Scofield Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees on 29 April 2021 and signed on their behalf by:

Miss N Heyneke

Page 5

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REVIVAL CHURCH EUROPE

Opinion

We have audited the financial statements of Revival Church Europe (the 'charitable company') for the year ended 30 June 2020 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, 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 charitable company's affairs as at 30 June 2020 and of its 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

• the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the Trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Page 6

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REVIVAL CHURCH EUROPE (CONTINUED)

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the 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 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Page 7

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REVIVAL CHURCH EUROPE (CONTINUED)

Auditors' 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 or 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 Auditors' 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.

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 Auditors' report.

Use of our report

This report is made solely to the charitable 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 charitable company's trustees those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Baldwin Scofield Limited

Chartered Accountants Statutory Auditors 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU 30 April 2021

Baldwin Scofield Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 8

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2020

Note Income from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Total income Expenditure on: Raising funds Charitable activities 6 Total expenditure Net (expenditure)/income before net gains on investments Net gains on investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Restricted funds 2020 £ 183,869 - - 183,869 - 255,792 255,792 (71,923) - (71,923) 601,315 (71,923) 529,392	Unrestricted funds 2020 £ 1,726,065 30,950 32,896 1,789,911 7,293 1,592,352 1,599,645 190,266 12,411 202,677 791,710 202,677 994,387	Total funds 2020 £ 1,909,934 30,950 32,896 1,973,780 7,293 1,848,144 1,855,437 118,343 12,411 130,754 1,393,025 130,754 1,523,779	Total funds 2019 £ 2,349,949 27,003 20,444
				2,397,396
				4,128 2,200,906
				2,205,034
				192,362 2,158
				194,520
				1,198,505 194,520
				1,393,025

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 27 form part of these financial statements.

Page 9

REVIVAL CHURCH EUROPE (A company limited by guarantee) REGISTERED NUMBER: 5328511

BALANCE SHEET AS AT 30 JUNE 2020

Note Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Investments 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds	445,364 49,520 771,737 1,266,621 (56,859)	2020 £ 313,615 400 314,015 1,209,762 1,523,777 529,391 994,386 1,523,777	423,019 38,616 733,500 1,195,135 (89,030)	2019 £ 286,520 400
				286,920 1,106,105
				1,393,025
				601,315 791,710
				1,393,025

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 10

REVIVAL CHURCH EUROPE (A company limited by guarantee) REGISTERED NUMBER: 5328511

BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2020

The financial statements were approved and authorised for issue by the Trustees on 29 April 2021 and signed on their behalf by:

Miss N Heyneke

The notes on pages 13 to 27 form part of these financial statements.

Page 11

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2020

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Net cash used in investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 13 to 27 form part of these financial statements	2020 £ 160,609 (122,372) (122,372) - 38,237 733,500 771,737	2019 £ 302,031 (183,384) (183,384) - 118,647 614,853 733,500

Page 12

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

1. General information

Revival Church Europe is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Revival Church Europe meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Page 13

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

2. Accounting policies (continued)

2.4 Tangible fixed assets and depreciation (continued)

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following bases:

• Short-term leasehold property Over the remaining term of the lease - Plant and machinery 25% reducing balance - Fixtures and fittings 10% reducing balance - Computer equipment 33% reducing balance Other fixed assets - 25% straight line

2.5 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 less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.9 Financial instruments

The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 14

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

2. Accounting policies (continued)

2.10 Pensions

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Income from donations and legacies

Donations Similar incoming resources Total 2019	Restricted funds 2020 Unrestricted funds 2020 £ £ 183,869 1,696,155 - 29,910 183,869 1,726,065 269,345 2,080,604	Total funds 2020 £ 1,880,024 29,910 1,909,934 2,349,949	Total funds 2019 £ 2,329,609 20,340
			2,349,949

4. Income from charitable activities

Income from charitable activities Total 2019	Restricted funds 2020 Unrestricted funds 2020 £ £ - 30,950 1,041 25,962	Total funds 2020 £ 30,950 27,003	Total funds 2019 £ 27,003

Page 15

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

5. Income from other trading activities

Income from non charitable trading activities

Unrestricted funds 2020 £ Trading income - charity shop 19,634 Trading income - fundraising 13,262 32,896 Total 2019 20,444	Total funds 2020 £ 19,634 13,262 32,896 20,444	Total funds 2019 £ 9,540 10,904
		20,444

6. Analysis of expenditure on charitable activities

Summary by fund type

Direct costs of charitable activities Total 2019	Restricted funds 2020 Unrestricted funds 2020 £ £ 255,792 1,592,352 608,488 1,592,418	Total funds 2020 £ 1,848,144 2,200,906	Total funds 2019 £ 2,200,906

Page 16

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

7. Analysis of expenditure by activities

Direct costs of charitable activities Total 2019	Activities undertaken directly 2020 £ 1,841,544 2,194,306	Support costs 2020 £ 6,600 6,600	Total funds 2020 £ 1,848,144 2,200,906	Total funds 2019 £ 2,200,906

Analysis of direct costs

Staff costs Depreciation Bookshop and student resources Conferences, events and seminars Gifts and donations Honorarium Materials and equipment Premises costs Support church plant Support other ministries Travelling and subsistence Venue hire Communications Resources Bank charges Accounting and legal fees Hospitality Miscellaneous Member donations	Total funds 2020 £ 718,428 95,276 898 136,949 55,365 5,411 60,952 191,825 49,962 115,803 127,189 230,615 24,815 255 12,383 2,686 1,606 7,726 3,400 1,841,544	Total funds 2019 £ 686,370 82,612 2,372 331,704 67,105 4,105 46,417 185,196 105,515 114,888 126,904 388,895 25,439 96 8,770 15,880 2,023 15 -
		2,194,306

Page 17

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

8. Auditors' remuneration

	2020	2019
	£	£
Fees payable to the Company's auditor for the audit of the Company's
annual accounts	6,600	6,600

9. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2020 £ 649,401 54,580 14,447 718,428	2019 £ 621,139 54,552 10,679
		686,370

The average number of persons employed by the Company during the year was as follows:

Activities in furtherance of organisation's objectives Management and administration	2020 No. 14 14 28	2019 No. 13 14
		27

No employee received remuneration amounting to more than £60,000 in either year.

Page 18

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

10. Trustees' remuneration and expenses

During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Company. The value of Trustees' remuneration and other benefits was as follows:

		2020	2019
		£	£
I Marais, including K Marais, spouse	Remuneration	88,000	75,000
	Pension contributions paid	2,280	1,688
	Other benefits	39,703	52,501
Miss N Heyneke	Remuneration	66,543	45,996
	Pension contributions paid	1,560	1,035
	Other benefits	957	1,294

During the year ended 30 June 2020, expenses were reimbursed or paid directly to 2 Trustees (2019 - to 2 Trustees) broken down as follows:

Travel Insurance	2020 £ 13,857 2,820 16,677	2019 £ 10,342 2,820
		13,162

Page 19

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

11. Tangible fixed assets

Cost or valuation At 1 July 2019 Additions At 30 June 2020 Depreciation At 1 July 2019 Charge for the year At 30 June 2020 Net book value At 30 June 2020 At 30 June 2019	Short-term leasehold property £ 18,205 - 18,205 18,204 - 18,204 1 1	Plant and machinery £ 629,319 111,766 741,085 428,148 78,465 506,613 234,472 201,170	Fixtures and fittings £ 105,311 2,228 107,539 34,880 7,570 42,450 65,089 70,432	Computer equipment £ 36,195 6,686 42,881 30,953 3,978 34,931 7,950 5,242	Other fixed assets £ 19,355 1,692 21,047 9,680 5,263 14,943 6,104 9,675	Total £ 808,385 122,372
						930,757
						521,865 95,276
						617,141
						313,616
						286,520

12. Fixed asset investments

Cost or valuation At 1 July 2019 At 30 June 2020 Net book value At 30 June 2020 At 30 June 2019	Investments in subsidiary companies £ 400
	400
	400
	400

Page 20

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

Principal subsidiaries

The following were subsidiary undertakings of the Company:

Names Company Registered office or principal Principal activity number place of business Soul Productions Ltd 08510025 46 Commercial Road, London, IT services E1 1LP Mend Limited 08509910 46 Commercial Road, London, Construction and E1 1LP maintenance ACTS Accounting Services Ltd 08510045 46 Commercial Road, London, Bookkeeping services E1 1LP Education Champs Ltd (dormant) 08489829 46 Commercial Road, London, Child care E1 1LP

IT services Construction and maintenance Bookkeeping services Child care

Class of Holding Included in shares consolidation Ordinary 100% Yes Ordinary 100% Yes Ordinary 100% Yes Ordinary 100% Yes

The financial results of the subsidiaries for the year were:

Names	Income	Expenditure	Profit/(Loss)	Net assets
	£	£	/ Surplus/	£
			(Deficit) for
			the year
			£
Soul Productions Ltd	-	90	(90)	(10,953)
Mend Limited	-	103	(103)	(21,111)
ACTS Accounting Services Ltd	404	404	-	99
Education Champs Ltd (dormant)	-	-	-	6,445

Page 21

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

13. Debtors

Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income Tax recoverable	2020 £ 24,948 45,455 22,565 288,000 64,396 445,364	2019 £ 23,577 42,443 21,100 288,000 47,899
		423,019

14. Current asset investments

	2020	2019
	£	£
Unlisted investments	49,520	38,616

15. Creditors: Amounts falling due within one year

Trade creditors Amounts owed to group undertakings Other taxation and social security Pension contributions payable Other creditors Accruals and deferred income	2020 £ (2,372) 1,053 20,823 2,728 4,872 29,755 56,859	2019 £ 11,324 300 23,621 2,621 14,152 37,012
		89,030

16.	Financial instruments
		2020	2019
		£	£
	Financial assets
	Financial assets measured at fair value through income and expenditure	821,257	772,116

Financial assets measured at fair value through income and expenditure comprise funds held in bank accounts and current asset investments.

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REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

17. Statement of funds

Statement of funds - current year

Unrestricted funds Designated funds Training centre fund General funds General fund Total Unrestricted funds Restricted funds Builders club fund Media fund Total of funds	Balance at 1 July 2019 £ 15,587 776,123 791,710 588,994 12,321 601,315 1,393,025	Income £ 21,527 1,768,384 1,789,911 181,617 2,251 183,868 1,973,779	Expenditure £ (4,913) (1,594,733) (1,599,646) (255,792) - (255,792) (1,855,438)	Gains/ (Losses) £ - 12,411 12,411 - - - 12,411	Balance at 30 June 2020 £ 32,201
					962,185
					994,386
					514,819 14,572
					529,391
					1,523,777

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REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Designated funds Training centre fund General funds General fund Total Unrestricted funds Restricted funds Builders club fund Media fund Total of funds	Balance at 1 July 2018 £ 15,176 243,912 259,088 925,727 13,691 939,418 1,198,506	Income £ 17,308 2,109,702 2,127,010 269,372 1,014 270,386 2,397,396	Expenditure £ (16,896) (1,579,650) (1,596,546) (606,105) (2,384) (608,489) (2,205,035)	Gains/ (Losses) £ - 2,158 2,158 - - - 2,158	Balance at 30 June 2019 £ 15,588
					776,122
					791,710
					588,994 12,321
					601,315
					1,393,025

Restricted funds

The Builders club fund is for the purchase of new buildings and and other relevant activities relating to the development and expansion of the work of the church, including hire of venues.

The Media fund relates to bookshop activity.

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REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

18. Summary of funds

Summary of funds - current year

Designated funds General funds Restricted funds	Balance at 1 July 2019 £ 15,587 776,123 601,315 1,393,025 Balance at 1 July 2018 £ 15,176 243,912 939,418 1,198,506	Income £ 21,527 1,768,384 183,868 1,973,779 Income £ 17,308 2,109,702 270,386 2,397,396	Expenditure £ (4,913) (1,594,733) (255,792) (1,855,438) Expenditure £ (16,896) (1,579,650) (608,489) (2,205,035)	Gains/ (Losses) £ - 12,411 - 12,411 Gains/ (Losses) £ - 2,158 - 2,158	Balance at 30 June 2020 £ 32,201 962,185 529,391
					1,523,777
					Balance at 30 June 2019 £ 15,588 776,122 601,315
Summary of funds - prior year
Designated funds General funds Restricted funds
					1,393,025

19. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Total	Restricted funds 2020 Unrestricted funds 2020 £ £ 514,819 (201,204) - 400 14,572 1,252,049 - (56,859) 529,391 994,386	Total funds 2020 £ 313,615 400 1,266,621 (56,859
		1,523,777

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REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

19. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior period

Restricted funds 2019 Unrestricted funds 2019 £ £ Tangible fixed assets 171,237 115,283 Fixed asset investments - 400 Current assets 430,078 765,057 Creditors due within one year - (89,030) Total 601,315 791,710 20. Reconciliation of net movement in funds to net cash flow from operating activities 2020 £ Net income for the period (as per Statement of Financial Activities) 130,754 Adjustments for: Depreciation charges 95,276 Losses on investments (10,904) Increase in debtors (18,945) Increase/(decrease) in creditors (35,572) Net cash provided by operating activities 160,609 21. Analysis of cash and cash equivalents 2020 £ Cash in hand 771,737 Total cash and cash equivalents 771,737

Total funds 2019 £ 286,520 400 1,195,135 (89,030) 1,393,025 2019 £ 194,520 82,612 (1,733) (4,849) 31,481 302,031 2019 £ 733,500 733,500

Page 26

REVIVAL CHURCH EUROPE

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

22. Analysis of changes in net debt

Cash at bank and in hand Debt due within 1 year Liquid investments	At 1 July 2019 £ 733,500 (2,621) 38,616 769,495	Cash flows £ 38,237 (107) - 38,130	Changes in market value and exchange rate movements £ - - 10,904 10,904	At 30 June 2020 £ 771,737 (2,728) 49,520 818,529

23. Pension commitments

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £14,447 (2019: £10,679) Contributions amounting to £2,728 (2019: £2,621) were payable to the fund at the balance sheet date and are included in creditors.

24. Related party transactions

Two trustees, I Marais (together with his wife) and N Heyneke are remunerated by the charity for there work as pastors in the church.

Page 27