OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

Company number 6849860 Charity number 1129661

The Church Renewal Trust

(A charitable company limited by guarantee)

Trustees' report and

Consolidated Financial Statements

For the year ended 31 December 2022

The Church Renewal Trust Consolidated Financial Statements For the year ended 31 December 2022

Contents

Page
Trustees' report 1-3
Independent Auditor's report 4
Statement of financial activities 8
Balance sheet 9
Statement of cashflows 10
Notes to the financial statements 11 - 16

The Church Renewal Trust Trustees' Report For the year ended 31 December 2022

The trustees, who are also directors of The Church Renewal Trust for the purposes of the Companies Act, are pleased to submit their annual report and audited financial statements for the year ended 31 December 2022. The trustees have adopted the provisions of the Statement of Recommended Practice and Reporting by Charities SORP (FRS 102), the Companies Act 2006 and applicable UK accounting standards in preparing the annual report and financial statements of the charity.

Reference and Administrative Information

Full name of charity The Church Renewal Trust
Trustees Reverend R M Coates (appointed 25 March 2022)
Mr A C Winther (appointed 28 August 2022)
Mrs G Mensah (appointed 29 August 2022)
Reverend M P Layzell (resigned 24 August 2022)
Mr J A Jennings (resigned 25 August 2022)
Reverend N P G Gumbel
Miss P M Neill
Secretary Mr J Shippen
Company number 6849860
Charity number 1129661
Registered office and address Holy Trinity Brompton, Brompton Road, London, SW7 1JA
Bankers National Westminster Bank, 186 Brompton Road, Knightsbridge, SW3 1HL
Independent Auditors Moore Kingston Smith LLP, 9 Appold Street, London, EC2A 2AP

Structure, Governance and Management

The Church Renewal Trust (CRT) is governed by its Memorandum and Articles of Association and is constituted as a company limited by guarantee (number 6849860) and a registered charity (number 1129661).

New trustees of CRT are appointed by the existing trustees who are also the members. New trustees are provided with guidance notes explaining their role and responsibilities as trustees of the charity. All new trustees are fully briefed on the activities and vision of CRT. The board met formally once during the year to discuss strategic matters and approve the 2021 annual accounts. Outside of this meeting there was regular contact between all trustees.

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity guidance on public benefit, including the guidance benefit: running a charity (PB2)'. The trustees believe that CRT is providing a public benefit by keeping open churches as places of public worship and as centres for community activities which benefit individuals and society as a whole.

Objectives and Activities

The vision of The Church Renewal Trust is to see church buildings kept open, renewed and alive as places of worship, teaching and other services for the local community.

The main activity of CRT is to hold leases of church buildings that are at risk of leaving ecclesiastical use; to renew them by repair and refurbishment and then lease them on (at a peppercorn rent) for suitable church purposes, such as establishing a vibrant worshipping community, providing theological teaching and other related activities around the hub of a church, thus securing the ecclesiastical use for future generations.

Incorporation: CRT was incorporated on 17 March 2009 and registered as a charity shortly thereafter. Thus far two Church leases have been taken on.

Subsidiary: On 8 March 2010 CRT acquired the sole share in Holy Trinity Brompton Developments Ltd (HTBDL) for £1. HTBDL is a private limited company registered in England and Wales (registered number 5559730). In August 2009 CRT entered into a design and build contract with HTBDL for the refurbishment of St Jude's church. This contract was completed during 2015, and HTBDL is currently dormant. On 19 December 2022, an application to strike HTBDL off the Register of Companies, was made. This is currently in process and expected to be completed in 2023.

1

The Church Renewal Trust Trustees' Report For the year ended 31 December 2022

Achievements and Performance

The charity completed the repair and restoration of the spire and tower at St Jude's Courtfield Gardens at the end of 2018 which was identified as needing urgent repairs late in 2016. This was funded by gifts received from St Paul's Theological Centre (SPTC), Holy Trinity Brompton (HTB), Chelmsford and London Dioceses, AllChurches Trust, and from congregation members. Loans totalling £450,000 were granted by the London Diocesan Fund (LDF) (see Note 5), and bridging finance provided by HTB. LDF loans have largely been repaid with the remaining outstanding balance (2022: £25,548) to be repaid mid 2023.

The two building leases currently held by CRT (St Peter's, Brighton and St Jude's, Courtfield Gardens) continue to facilitate excellent charitable work;

St Peter's, Brighton: This magnificent church, known as "the Cathedral of Brighton" sits on a prominent island between the two main highways into the city centre. Having been made redundant and due for closure, friends of the church staged a campaign to keep it open culminating in an agreement to award a lease to CRT. In 2009 a new parish was created and a plant from Holy Trinity Brompton joined the tiny remnant of a congregation. Former HTB curate, Archie Coates, was made vicar and around fifty of the HTB congregation joined him and his family in Brighton. St Peter's Brighton now has a thriving worshipping community of around 1,400, and runs numerous community courses, a homeless shelter, a debt advice centre and a food bank. St Peter's planted its first church, Holy Trinity in Hastings, in 2015 and there have been six other church plants from St Peter's since then.

St Jude's, Courtfield Gardens : The refurbishment of St Jude's (a grade I listed building), as a theological college, was completed towards the end of 2012. The building now comprises office space, a multi-purpose church space, lecture rooms, meeting rooms and a library. The building is occupied by St Mellitus College & St Paul's Theological Centre which provides degree and other theological education for ordinands and lay students. Hundreds of students attend the college each week and the college is fulfilling its vision of equipping next-generation church leaders with the knowledge and practical skill to enrich their lives and guide others. Repair and restoration work for the St Jude's spire started in 2017 and was completed in 2018, at a total cost of just over £1.5m.

Future Plans and Objectives

In the coming year, CRT will be open to taking on leases on redundant church buildings to contribute towards the restoration and renewal of the buildings and the communities that worship and serve there.

Financial Review

Results for the Year

CRT group recorded a shortfall on unrestricted funds of £187,763 (2021: £185,939) and net income on restricted funds of £250,000 (2021: £225,000) to give a net addition to reserves of £62,237 (2021: £39,061). Cash in hand at the end of the year for the group and charity was £60,334 (2021: £134,243). The net current asset for 2022 is £29,986 (2021: £82,005), with amounts falling due within one year of £30,348 (2021: £52,238) and after more than one year of £100,274 (2021: £395,910); liabilities relate to the repair work on the St Jude's spire tower. This project was carried out between 2017 and 2018 at a total cost of just over £1.5m. Nearly £800K of donations were raised to fund the repair works, leaving a shortfall of circa £700K. An agreement was signed with St Paul's Theological Centre (SPTC) - the main user of the building - in December 2018 whereby SPTC will pay an annual service charge of £70,000 per annum for ten years to offset the remaining unfunded cost of these repairs. These annual payments commenced in 2019. During 2021, the board made a decision to pause these commitments until 2024, having received a gift of £225,000 from St Mellitus College towards the repayment of the outstanding loans. A further gift of £250,000 was received from St Mellitus in 2022. This donation was originally from the London Diocesan Fund, being part of the proceeds of a property which they had sold, the purpose of which was to help pay off the outstanding HTB loan from the repairs to the spire at St Jude's. Therefore the funds were onward granted from St Mellitus to CRT. This gift has further reduced SPTC's service charge commitment to end mid 2025 and reduced the loan outstanding with HTB to £100,274 (2021: £370,910).

General Funds & Reserve Policy

It is the policy of the trustees not to build up reserves beyond the operating needs of the charity. The majority of the work of CRT consists of capital projects and supporting church plants, and each project will be financed by a targeted fundraising campaign. The CRT group has a shortfall on free reserves of £44,740 (2021: £238,905) and a designated fund of £7,410,066 (2021: £7,541,994) in respect of the St Jude's development work. This designated fund is equal to the net book value of the leasehold improvements at St Jude's less the outstanding balance on loans taken out to finance the works - which represents funds invested in this project.

The shortfall on free reserves is the result of a shortfall on funds raised versus costs incurred on the St Jude's repair project as at 31 December 2022. The charity's mitigations against this temporary position are:

The trustees have therefore concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

2

The Church Renewal Trust Trustees' Report For the year ended 31 December 2022

Specified Funds

Specified funds comprise the unused element of donations given for specific purposes. At 31 December 2022 these totalled £Nil (2021: £Nil).

Policy on Grants

The board's policy is to pursue its charitable objects by making supportive grants and loans to churches or to charities with similar objects, which have planted a new church or plan to do so. No grants were awarded in 2022.

Related Parties

For related party details please refer to note 11.

Trustees' Responsibilities

Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the company as at the end of the financial year and of the surplus or deficit of the company for that period. In preparing these accounts, the trustees are required to:

Risk Management

The trustees have conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems and procedures have been established to mitigate the risks that the charity faces. The schedule of major risks and mitigations identified by the board is set out below.

Major Risks and Uncertainties

----- Start of picture text -----
Potential Risk Mitigation
Theological Centre and St Mellitus College over the St Jude's Centre so that SPTC bears responsibility for the repair and
----- End of picture text -----

Potential Risk Mitigation
Theological Centre and St Mellitus College over the St Jude's Centre so that SPTC bears responsibility for the repair and
building results in increased liability and financial risk. upkeep of the building. SPTC has agreed a 10 year service
charge relating to the spire repair works.
Operating with negative free reserves may result in going
concern issues.		 The service charge agreement with SPTC, the informal loan from
HTB (together with HTB's underwriting of the London Diocese
loan) and the £250k gift from St Mellitus College received in 2022,
mitigate this risk.

Given the service charge agreement with SPTC and the informal loan from HTB, the trustees believe CRT will continue to fulfil all contractual obligations and remain in operation for the foreseeable future. Refer to Note 1 for details on our going concern assessment.

This report is prepared in accordance with the Special Provisions of the Companies Act relating to small companies.

By order of the board

3

THE CHURCH RENEWAL TRUST

Opinion

We have audited the financial statements of The Church Renewal Trust for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the 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, (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our Responsibilities for the audit of 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 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

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 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 annual report, other than the financial 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.

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.

4

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not iden

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained mor on page 3, 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 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.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

5

resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

6

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of this report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Cross (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

9 Appold Street London EC2A 2AP

Date: 12 June 2023

7

The Church Renewal Trust

Consolidated Statement of Financial Activities

For the year ended 31 December 2022

Note
Income
Donations and legacies
Donations including Gift Aid
Interest received
Property related income
Total charitable income
Expenditure
Expenditure on charitable activities
Project Costs
2a
Operating and Governance costs
2b
Total charitable expenditure
Net income/(expenditure)
Transfer from restricted to unrestricted funds
Movement in funds
Funds brought forward
Funds carried forward at 31 December 2022		 Unrestricted
funds
2022
£
-
245		 Restricted
funds
2022
£
250,000
-		 Total
funds
2022
£
250,000
245		 Unrestricted
funds
2021
£
-
7		 Restricted
funds
2021
£
225,000
-		 Total
funds
2021
£
225,000
7
245
-		 250,000
-		 250,245
-		 7
-		 225,000
-		 225,007
-
245 250,000 250,245 7 225,000 225,007
1,720
186,288		 -
-		 1,720
186,288		 2,220
183,726		 -
-		 2,220
183,726
188,008 - 188,008 185,946 - 185,946
(187,763)
250,000		 250,000
(250,000)		 62,237
-		 (185,939)
225,000		 225,000
(225,000)		 39,061
-
62,237 - 62,237 39,061 - 39,061
7,303,089 - 7,303,089 7,264,028 - 7,264,028
7,365,326 - 7,365,326 7,303,089 - 7,303,089

All amounts are derived from continuing operations. The company has no recognised gains and losses other than the net movement in funds for the period shown above. No salaries were paid to either staff or trustees in either years.

The notes on pages 11 to 16 form part of these financial statements.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

8

The Church Renewal Trust

Consolidated and Charity Balance Sheet As at 31 December 2022

Note
FIXED ASSETS
Leasehold Improvements
3
CURRENT ASSETS
Cash at bank and in hand
4
Total current assets
LIABILITIES:
AMOUNTS FALLING DUE WITHIN ONE YEAR
5
ASSETS
5
NET ASSETS
FUNDS
Unrestricted
7
Designated fund
9
Restricted
8
LIABILITIES: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR		 2022
2021
£
£
7,435,614
7,616,994
60,334
134,243
60,334
134,243
(30,348)
(52,238)
29,986
82,005
(100,274)
(395,910)
7,365,326
7,303,089
(44,740)
(238,905)
7,410,066
7,541,994
-
-
7,365,326
7,303,089
CRT Group		 2022
£
7,658,022
60,334
60,334
(30,348)
29,986
(100,274)
7,587,734
(44,740)
7,632,474
-
7,587,734
CRT		 2021
£
7,844,962
134,243
Charity
134,243
(52,238)
82,005
(395,910)
7,531,057
(238,905)
7,769,962
-
7,531,057

The total income of the parent charity for the year was £250,245 (2021: £225,007) and its net result was income of £56,676 (2021: £33,501).

This report is prepared in accordance with the Special Provisions of the Companies Act relating to small companies. The notes on pages 11 to 16 form part of these accounts.

Approved by the board on

and signed on its behalf by:

Trustee

Company number 6849860 Charity number 1129661

9

The Church Renewal Trust

Consolidated Statement of Cashflows

For the year ended 31 December 2022

Net cash inflow from operating activities (see note below)
Cash flows from financing activities
Net receipt / (repayment) of loans
Net increase / (decrease) in cash & cash equivalent after financing
Increase / (decrease) in cash and cash equivalents
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward
Note to cash flow statement
Cash flow from operating activities
Net operating income / (expenditure) (per SOFA)
Depreciation and amortisation charges
(Decrease) / increase in creditors
Net cash inflow from operating activities
NET DEBT RECONCILIATION
Notes
1 January
2022
Cash at bank and in hand
4
134,243
Loans
5
(445,910)
Net debt
(311,667)		 Cash flows
(73,909)
299,452
225,543		 2022
£
246,179
(320,088)
(73,909)
(73,909)
134,243
60,334
2022
£
62,237
181,380
2,562
246,179
Other
movements
-
20,636
20,636		 2021
£
220,027
(102,951)
117,076
117,076
17,167
134,243
2021
£
39,061
181,380
(414)
220,027
31 December
2022
60,334
(125,822)
(65,488)

10

The Church Renewal Trust

Notes to the financial statements

For the year ended 31 December 2022

1. ACCOUNTING POLICIES

The Church Renewal Trust is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), Companies Act 2006, and the Charities Act 2011.

The statement of financial activities (SOFA) and balance sheet consolidate the financial statements of the charity (The Church Renewal Trust) and its wholly owned subsidiary undertaking, Holy Trinity Brompton Developments Ltd for the year ended 31 December 2022. The subsidiary was dormant during the year under review. No separate statement of financial activities has been presented for the charity alone as permitted by Section 408 of the Companies Act 2006 and the FRS 102 charity SORP.

The financial statements are prepared in sterling, which is the functional currency of the charity and company. Monetary amounts in these financial statements are rounded to the nearest pound.

Funds

General funds represent the funds of the charity that are not subject to any restrictions regarding their use and are available for application on the general purposes of the charity. Funds designated for a particular purpose by the charity are also unrestricted. The accounts include all transactions, assets and liabilities for which the charity is responsible in law.

Restricted funds arise where the donor has specified which area of activity they wish to be supported by their gift. The charity is not at liberty to utilise these funds to support other activity without the express permission of the donor.

The accounts include all transactions, assets and liabilities for which the charity is responsible in law.

Going Concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the

The trustees have assessed the going concern of CRT in light of the negative unrestricted undesignated funds. The deficit on free reserves is the result of a mismatch between costs and donations for the St Jude's spire project as at 31 December 2022. As highlighted in the Trustees Annual Report, the charity's mitigations against this temporary position are:

  1. The service charge agreement with St Paul's Theological Centre (SPTC) for £70,000 per annum originally for the forthcoming ten years which has been paused until 2024 with a revised commitment end date of mid 2025, given the St Mellitus donations in 2021 and 2022.

  2. The intercompany loan from HTB (£100,274 at 31 December 2022) which carries neither interest nor repayment terms.

  3. The PCC of HTB have underwritten both capital and interest on the loans to CRT from the London Diocese.

The trustees have therefore concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Income

Voluntary income and capital sources

Donations receivable are recognised only when the charity is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the charity is probable. Income tax recoverable on Gift Aid donations is recognised when the donation is recognised.

Expenditure

Expenditure is charged to the statement of financial activities as it falls due, and is analysed according to its nature between the following categories: Project Costs, Operating and Governance Costs and Grants outwards.

Grants

Grants are made to charitable organisations continuing activities which accord with the objects of The Church Renewal Trust, and are accounted for when due. All grants are made at the discretion of the board.

Fixed Assets

Costs related to the Leasehold Improvements are capitalised as incurred.

Assets are depreciated on a straight line basis over their estimated useful lives. The periods used are as follows:

Leasehold Improvements 50 years

Depreciation has been charged on the leasehold improvements from the date they are brought into use.

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate the carrying value may not be recoverable.

Current Assets

Amounts owing to the charity at 31 December are shown as debtors, after providing for amounts that it is thought may prove uncollectable.

Cash and Cash Equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

11

The Church Renewal Trust

Notes to the financial statements For the year ended 31 December 2022

Financial Instruments

are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

With the exceptions of prepayments and deferred income, all other debtor and creditor balances are considered to be basic financial instruments under FRS 102. See note 5 for the creditor note.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be measured or estimated reliably.

Critical Accounting Estimates and Areas of Judgement

In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgement and estimate is considered by the trustees to have the most significant effect on amounts recognised in the financial statements:

Useful Economic Lives

The annual depreciation charge for leasehold improvements is sensitive to change in the estimated useful economic lives and residual values of assets. These are reassessed periodically and amended where necessary to reflect current circumstances.

2. EXPENDITURE

a)
Project Costs
Interest paid
b)
Operating and Governance Costs
Auditor's (2021 - Independent Examiner's) remuneration: current year
Bank Charges
Depreciation for the year		 2022
2021
2022
2021
£
£
£
£
CRT
CRT Group
1,720
2,220
1,720
2,220
4,800
2,238
4,800
2,238
4,800
2,238
4,800
2,238
108
108
108
108
181,380
181,380
186,940
186,940
186,288
183,726
191,848
189,286

3. TANGIBLE FIXED ASSETS

NGIBLE FIXED ASSETS
Leasehold
Cost
Cost b/f at 1 January 2022
Additions
Closing Balance at 31 December 2022
Depreciation
Depreciation b/f at 1 January 2022
Depreciation for the year
Depreciation c/f 31 December 2022
Net Book Value
At 31 December 2021
At 31 December 2022		 CRT Group
Improvements
Leaseho
£
9,069,005
-
9,069,005
1,452,011
181,380
1,633,391
7,616,994
7,435,614		 CRT
ld Improvements
£
9,347,014
-
9,347,014
1,502,052
186,940
1,688,992
7,844,962
7,658,022

Leasehold improvements relate to the alteration and repair of St Jude's Church. The lease is held for a 125-year period commencing 1 July 2009.

The St Jude's tower and spire was brought into use on the 1st January 2019. The total amount of costs to complete the project amounted to £1,508,603 (including VAT which the charity has claimed back, where allowed, from the Listed Places of Worship Grant Scheme).

4. CASH AT BANK AND IN HAND

Balance at bank and in hand

CRT Group CRT
2022 2021 2022 2021
£ £ £ £
60,334 134,243 60,334 134,243
60,334 134,243 60,334 134,243

12

The Church Renewal Trust

Notes to the financial statements

For the year ended 31 December 2022

5. CREDITORS
Amounts falling due within one year:
Accruals
LDF loans
Amounts falling due after more than one year:
LDF loans
Amounts owed to Holy Trinity Brompton		 2022
2021
2022
2021
£
£
£
£
4,800
2,238
4,800
2,238
25,548
50,000
25,548
50,000
CRT Group
CRT
30,348
52,238
30,348
52,238
2022
2021
2022
2021
£
£
£
£
-
25,000
-
25,000
100,274
370,910
100,274
370,910
CRT Group
CRT
100,274
395,910
100,274
395,910

HTB liaised with the contractors for the repair and restoration works at St Jude's, and all amounts paid by HTB were charged through to CRT. These amounts are shown in creditors above. There is neither an interest rate nor repayment terms attached to this outstanding balance owing to HTB (which is largely as a result of the repair and restoration work).

A loan agreement with the London Diocese was signed in 2017 and £250,000 was drawn down in February 2018. The loan bears an interest rate of 2% over Bank of England base rate (3.5% at the end of 2022). The loan was for the sole purpose of repair of St Jude's spire and tower and is underwritten entirely by the PCC of HTB. The repayment schedule ends in 2023 and £25,548 remains outstanding at the year end.

6. SUBSIDIARY

On 8 March 2010 CRT acquired the sole share in Holy Trinity Brompton Developments Ltd (HTBDL), a private limited company registered in England and Wales (registered number 5559730). HTBDL has no contracts in progress and was dormant throughout the current and previous year. Its total capital and reserves are £nil. On 19 December 2022, an application to strike HTBDL off the Register of Companies, was made. This is currently in process and expected to be completed in 2023.

7. ANALYSIS OF NET ASSETS BY FUND
CRT Group
2022
Fixed Assets
Current assets
Current liabilities
Long-term liabilities
Fund balance
CRT
2022
Fixed Assets
Current assets
Current liabilities
Long-term liabilities
Fund balance
CRT Group
2021
Fixed Assets
Current assets
Current liabilities
Long-term liabilities
Fund balance
CRT
2021
Fixed Assets
Current assets
Current liabilities
Long-term liabilities
Fund balance		 Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
£
£
£
£
-
7,435,614
-
7,435,614
60,334
-
-
60,334
(4,800)
(25,548)
-
(30,348)
(100,274)
-
-
(100,274)
(44,740)
7,410,066
-
7,365,326
Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
£
£
£
£
-
7,658,022
-
7,658,022
60,334
-
-
60,334
(4,800)
(25,548)
-
(30,348)
(100,274)
-
-
(100,274)
(44,740)
7,632,474
-
7,587,734
Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
£
£
£
£
-
7,616,994
-
7,616,994
134,243
-
-
134,243
(2,238)
(50,000)
-
(52,238)
(370,910)
(25,000)
-
(395,910)
(238,905)
7,541,994
-
7,303,089
Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
£
£
£
£
-
7,844,962
-
7,844,962
134,243
-
-
134,243
(2,238)
(50,000)
-
(52,238)
(370,910)
(25,000)
-
(395,910)
(238,905)
7,769,962
-
7,531,057

13

The Church Renewal Trust

Notes to the financial statements For the year ended 31 December 2022

8. RESTRICTED FUNDS
CRT Group
St Jude's, Courtfield Gardens
CRT
St Jude's, Courtfield Gardens		 2022
2022
2022
2022
2022
b/fwd
Income
Expenditure
Transfer from
Restricted to
Closing
Unrestricted
funds
Balance
£
£
£
£
£
-
250,000
-
(250,000)
-
-
250,000
-
(250,000)
-
2022
2022
2022
2022
2022
b/fwd
Income
Expenditure
Transfer from
Restricted to
Closing
Unrestricted
funds
Balance
£
£
£
£
£
-
250,000
-
(250,000)
-
-
250,000
-
(250,000)
-

The St Jude's Courtfield Gardens fund relates to donations which have been given specifically for the building renewal work undertaken. As the funds are utilised a transfer is made to a designated fund set up for the purpose.

9. DESIGNATED FUNDS
CRT Group
St Jude's, Courtfield Gardens Fund
CRT
St Jude's, Courtfield Gardens Fund
CRT Group
St Jude's, Courtfield Gardens Fund
CRT
St Jude's, Courtfield Gardens Fund		 2022
2022
2022
2022
B/fwd
Income
Transfer to
Unrestricted
from
Designated
fund
Closing
balance
£
£
£
£
7,541,994
-
(131,928)
7,410,066
7,541,994
-
(131,928)
7,410,066
2022
2022
2022
2022
B/fwd
Income
Transfer to
Unrestricted
from
Designated
fund
Closing
balance
£
£
£
£
7,769,962
-
(137,488)
7,632,474
7,769,962
-
(137,488)
7,632,474
2021
2021
2021
2021
B/fwd
Income
Transfer to
Unrestricted
from
Designated
fund
Closing
balance
£
£
£
£
7,673,374
-
(131,380)
7,541,994
7,673,374
-
(131,380)
7,541,994
2021
2021
2021
2021
B/fwd
Income
Transfer to
Unrestricted
from
Designated
fund
Closing
balance
£
£
£
£
7,906,902
-
(136,940)
7,769,962
7,906,902
-
(136,940)
7,769,962

A total profit of £278,009 arose from the cost-plus contract between CRT and HTBDL from 2009-2015. This margin has been capitalised in the charitable company accounts as part of the cost of leasehold improvements and depreciated over the lease term. This margin has been eliminated in the consolidated accounts. Correspondingly the transfer to designated funds in respect of the leasehold improvements and their depreciation includes the margin in the charitable company and excludes it in the group accounts.

14

The Church Renewal Trust

Notes to the financial statements For the year ended 31 December 2022

10. COMMITMENTS

CRT holds a 125-year lease on the church building, St Jude's Courtfield Gardens from the Diocese of London. This building is used as a theological college by St Paul's Theological Centre and St Mellitus College Trust.

CRT holds a 125-year lease from The Chichester Diocesan Fund & Board of Finance, at a peppercorn rent, on St Peter's, a large church in the centre of Brighton. The building has been leased at a peppercorn rent, to the Anglican Parish of St Peter's Brighton.

11. RELATED PARTIES

Trustee remuneration:

No trustees were paid any remuneration nor were there any reimbursed expenses claimed by the trustees in either 2022 or 2021.

Trustee &
Members		 Related Directorships/Trusteeship Remuneration for non-trustee
services		 Related Party payment Notes
Miss P M Neill Alpha International (Trustee until 29
April 2022), Church Revitalisation Trust
(Trustee until 6 June 2022), Holy Trinity
Brompton Developments Limited
(Director).		 £Nil (2021: £Nil) £Nil (2021: £Nil) None
Reverend Nicky
Gumbel		 Alpha International (Trustee), Holy
Trinity Brompton (Trustee until 31
August 2022), Church Revitalisation
Trust (Trustee until 31 August 2022),
Holy Trinity Brompton Developments
Limited (Director), St Paul's Theological
Centre (Trustee until 31 August 2022)
and St Mellitus College Trust (Trustee
until 16 January 2023).		 £Nil (2021: £Nil) £Nil (2021: £Nil) None
Mr J A Jennings
(Resigned 25
August 2022)		 Holy Trinity Brompton Developments
Limited (Director) and St Paul's
Theological Centre (Trustee).		 £Nil (2021: £Nil) £Nil (2021: £Nil) None
Reverend M P
Layzell
(Resigned 24
August 2022)		 None. £Nil (2021: £Nil) £Nil (2021: £Nil) None
Reverend R M
Coates
(Appointed 25
March 2022)		 Holy Trinity Brompton (Trustee), Church
Revitalisation Trust (Trustee), St Paul's
Theological Centre (Trustee), St Mellitus
College Trust (Trustee), Alpha
International (Trustee) and the Anglican
Parish of St Peter's Brighton (Trustee
until 31 August 2022).
£Nil (2021: £Nil)		 £Nil (2021: £Nil) CRT holds a 125-year lease from
The Chichester Diocesan Fund &
Board of Finance on St Peter's
Church, Brighton. The building
has been leased, at a peppercorn
rent, to the Anglican Parish of St
Peter's Brighton.
Mr A C Winther
(Appointed 28
August 2022)		 Holy Trinity Brompton (Trustee &
Churchwarden), Church Revitalisation
Trust (Trustee), St Paul's Theological
Centre (Trustee), St Mellitus College
Trust (Trustee) and Benefact Group
PLC (known as Ecclesiastical Insurance
Group PLC until 7 March 2022)
(Director).
£Nil (2021: £Nil)		 Ecclesiastical acts as insurers to
the HTB Group. CRT pays
insurance premiums on HTB's
behalf. These insurance
premiums for HTB, paid by CRT,
amounted to £22,874 (2021:
£20,603).		 None
Mrs G Mensah
(Appointed 29
August 2022)		 Holy Trinity Brompton (Trustee &
Churchwarden), St Paul's Theological
Centre (Trustee), and Alpha
International (husband, Bernard
Mensah, is a Trustee).		 £Nil (2021: £Nil) £Nil (2021: £Nil) None

15

The Church Renewal Trust

Notes to the financial statements For the year ended 31 December 2022

Related party transactions:
Related parties
HTB
HTBDL
SPTC
SMC
£Nil (2021: £Nil)
£Nil (2021: £Nil)
Income
Expenditure
£Nil (2021: £Nil)
£Nil (2021: £Nil)
(£100,274) (2021: (£370,910))
In December 2018, SPTC made a
commitment to pay £70,000 a
year for 10 years (commencing
2019) as a service charge to CRT
to fund the deficit on the St Jude's
spire restoration project. This has
been paused until 2024 given the
donation from SMC (see below).
£Nil (2021: £Nil)
£Nil (2021: £Nil)
On March 8 2010 CRT acquired
the sole share of HTBDL. On 19
December 2022, an application to
strike HTBDL off the Register of
Companies, was made. This is
currently in process and expected
to be completed in 2023.
HTB managed the costs related
to the St Jude's spire repair and
restoration in 2017 - 2018 and
these are charged through to
CRT.
As outlined in Note 5, HTB has
underwritten the loans from the
London Diocese.
Balance owing to/(from) CRT at
year end
Notes
Donation to CRT £250,000
(2021: £225,000)
£Nil (2021: £Nil)
£Nil (2021: £Nil)
SMC donated towards the St
Jude's spire tower repair and
restoration in 2021 and 2022.
The 2022 amount of £250,000
was received by SMC from the
London Diocesan Fund, specified
as a contribution to this project.
£Nil (2021: £Nil)
£Nil (2021: £Nil)		 Related party transactions:
Related parties
HTB
HTBDL
SPTC
SMC
£Nil (2021: £Nil)
£Nil (2021: £Nil)
Income
Expenditure
£Nil (2021: £Nil)
£Nil (2021: £Nil)
(£100,274) (2021: (£370,910))
In December 2018, SPTC made a
commitment to pay £70,000 a
year for 10 years (commencing
2019) as a service charge to CRT
to fund the deficit on the St Jude's
spire restoration project. This has
been paused until 2024 given the
donation from SMC (see below).
£Nil (2021: £Nil)
£Nil (2021: £Nil)
On March 8 2010 CRT acquired
the sole share of HTBDL. On 19
December 2022, an application to
strike HTBDL off the Register of
Companies, was made. This is
currently in process and expected
to be completed in 2023.
HTB managed the costs related
to the St Jude's spire repair and
restoration in 2017 - 2018 and
these are charged through to
CRT.
As outlined in Note 5, HTB has
underwritten the loans from the
London Diocese.
Balance owing to/(from) CRT at
year end
Notes
Donation to CRT £250,000
(2021: £225,000)
£Nil (2021: £Nil)
£Nil (2021: £Nil)
SMC donated towards the St
Jude's spire tower repair and
restoration in 2021 and 2022.
The 2022 amount of £250,000
was received by SMC from the
London Diocesan Fund, specified
as a contribution to this project.
£Nil (2021: £Nil)
£Nil (2021: £Nil)		 Related party transactions:
Related parties
HTB
HTBDL
SPTC
SMC
£Nil (2021: £Nil)
£Nil (2021: £Nil)
Income
Expenditure
£Nil (2021: £Nil)
£Nil (2021: £Nil)
(£100,274) (2021: (£370,910))
In December 2018, SPTC made a
commitment to pay £70,000 a
year for 10 years (commencing
2019) as a service charge to CRT
to fund the deficit on the St Jude's
spire restoration project. This has
been paused until 2024 given the
donation from SMC (see below).
£Nil (2021: £Nil)
£Nil (2021: £Nil)
On March 8 2010 CRT acquired
the sole share of HTBDL. On 19
December 2022, an application to
strike HTBDL off the Register of
Companies, was made. This is
currently in process and expected
to be completed in 2023.
HTB managed the costs related
to the St Jude's spire repair and
restoration in 2017 - 2018 and
these are charged through to
CRT.
As outlined in Note 5, HTB has
underwritten the loans from the
London Diocese.
Balance owing to/(from) CRT at
year end
Notes
Donation to CRT £250,000
(2021: £225,000)
£Nil (2021: £Nil)
£Nil (2021: £Nil)
SMC donated towards the St
Jude's spire tower repair and
restoration in 2021 and 2022.
The 2022 amount of £250,000
was received by SMC from the
London Diocesan Fund, specified
as a contribution to this project.
£Nil (2021: £Nil)
£Nil (2021: £Nil)		 Related party transactions:
Related parties
HTB
HTBDL
SPTC
SMC
£Nil (2021: £Nil)
£Nil (2021: £Nil)
Income
Expenditure
£Nil (2021: £Nil)
£Nil (2021: £Nil)
(£100,274) (2021: (£370,910))
In December 2018, SPTC made a
commitment to pay £70,000 a
year for 10 years (commencing
2019) as a service charge to CRT
to fund the deficit on the St Jude's
spire restoration project. This has
been paused until 2024 given the
donation from SMC (see below).
£Nil (2021: £Nil)
£Nil (2021: £Nil)
On March 8 2010 CRT acquired
the sole share of HTBDL. On 19
December 2022, an application to
strike HTBDL off the Register of
Companies, was made. This is
currently in process and expected
to be completed in 2023.
HTB managed the costs related
to the St Jude's spire repair and
restoration in 2017 - 2018 and
these are charged through to
CRT.
As outlined in Note 5, HTB has
underwritten the loans from the
London Diocese.
Balance owing to/(from) CRT at
year end
Notes
Donation to CRT £250,000
(2021: £225,000)
£Nil (2021: £Nil)
£Nil (2021: £Nil)
SMC donated towards the St
Jude's spire tower repair and
restoration in 2021 and 2022.
The 2022 amount of £250,000
was received by SMC from the
London Diocesan Fund, specified
as a contribution to this project.
£Nil (2021: £Nil)
£Nil (2021: £Nil)		 Related party transactions:
Related parties
HTB
HTBDL
SPTC
SMC
£Nil (2021: £Nil)
£Nil (2021: £Nil)
Income
Expenditure
£Nil (2021: £Nil)
£Nil (2021: £Nil)
(£100,274) (2021: (£370,910))
In December 2018, SPTC made a
commitment to pay £70,000 a
year for 10 years (commencing
2019) as a service charge to CRT
to fund the deficit on the St Jude's
spire restoration project. This has
been paused until 2024 given the
donation from SMC (see below).
£Nil (2021: £Nil)
£Nil (2021: £Nil)
On March 8 2010 CRT acquired
the sole share of HTBDL. On 19
December 2022, an application to
strike HTBDL off the Register of
Companies, was made. This is
currently in process and expected
to be completed in 2023.
HTB managed the costs related
to the St Jude's spire repair and
restoration in 2017 - 2018 and
these are charged through to
CRT.
As outlined in Note 5, HTB has
underwritten the loans from the
London Diocese.
Balance owing to/(from) CRT at
year end
Notes
Donation to CRT £250,000
(2021: £225,000)
£Nil (2021: £Nil)
£Nil (2021: £Nil)
SMC donated towards the St
Jude's spire tower repair and
restoration in 2021 and 2022.
The 2022 amount of £250,000
was received by SMC from the
London Diocesan Fund, specified
as a contribution to this project.
£Nil (2021: £Nil)
£Nil (2021: £Nil)		 Related party transactions:
Related parties
HTB
HTBDL
SPTC
SMC
£Nil (2021: £Nil)
£Nil (2021: £Nil)
Income
Expenditure
£Nil (2021: £Nil)
£Nil (2021: £Nil)
(£100,274) (2021: (£370,910))
In December 2018, SPTC made a
commitment to pay £70,000 a
year for 10 years (commencing
2019) as a service charge to CRT
to fund the deficit on the St Jude's
spire restoration project. This has
been paused until 2024 given the
donation from SMC (see below).
£Nil (2021: £Nil)
£Nil (2021: £Nil)
On March 8 2010 CRT acquired
the sole share of HTBDL. On 19
December 2022, an application to
strike HTBDL off the Register of
Companies, was made. This is
currently in process and expected
to be completed in 2023.
HTB managed the costs related
to the St Jude's spire repair and
restoration in 2017 - 2018 and
these are charged through to
CRT.
As outlined in Note 5, HTB has
underwritten the loans from the
London Diocese.
Balance owing to/(from) CRT at
year end
Notes
Donation to CRT £250,000
(2021: £225,000)
£Nil (2021: £Nil)
£Nil (2021: £Nil)
SMC donated towards the St
Jude's spire tower repair and
restoration in 2021 and 2022.
The 2022 amount of £250,000
was received by SMC from the
London Diocesan Fund, specified
as a contribution to this project.
£Nil (2021: £Nil)
£Nil (2021: £Nil)
Related parties Income Expenditure Balance owing to/(from) CRT at
year end
Notes
HTB £Nil (2021: £Nil) £Nil (2021: £Nil) (£100,274) (2021: (£370,910)) HTB managed the costs related
to the St Jude's spire repair and
restoration in 2017 - 2018 and
these are charged through to
CRT.
As outlined in Note 5, HTB has
underwritten the loans from the
London Diocese.
HTBDL £Nil (2021: £Nil) £Nil (2021: £Nil) £Nil (2021: £Nil) On March 8 2010 CRT acquired
the sole share of HTBDL. On 19
December 2022, an application to
strike HTBDL off the Register of
Companies, was made. This is
currently in process and expected
to be completed in 2023.
SPTC £Nil (2021: £Nil) £Nil (2021: £Nil) £Nil (2021: £Nil) In December 2018, SPTC made a
commitment to pay £70,000 a
year for 10 years (commencing
2019) as a service charge to CRT
to fund the deficit on the St Jude's
spire restoration project. This has
been paused until 2024 given the
donation from SMC (see below).
SMC Donation to CRT £250,000
(2021: £225,000)		 £Nil (2021: £Nil) £Nil (2021: £Nil) SMC donated towards the St
Jude's spire tower repair and
restoration in 2021 and 2022.
The 2022 amount of £250,000
was received by SMC from the
London Diocesan Fund, specified
as a contribution to this project.

12. SERVICE CHARGE INCOME

On 14 December 2018, the SPTC board agreed to pay CRT for the unfunded costs of the St Jude's spire repair work. These payments could be accelerated at the SPTC board's discretion, however the original intent was for SPTC to pay CRT £70,000 per annum, over a period of 10 years starting in 2019. During 2021, the board made a decision to pause these commitments until 2024, given the £225,000 gift received by SMC (disclosed in note 11). A £250k donation received in 2022, from SMC (onward granted from the London Diocese Fund) has further reduced SPTC's service charge commitment to end mid 2025. In light of this reduction, SPTC agreed to pay an additional amount towards the interest costs of the loan.

Not later than one year
Later than one year but not later than five years
Later than five years		 2022
2021
2022
2021
£
£
£
£
-
-
-
-
98,316
210,000
98,316
210,000
-
125,000
-
125,000
CRT Group
CRT
98,316
335,000
98,316
335,000

13. POST BALANCE SHEET EVENTS

There have been no post balance sheet events for The Church Renewal Trust for the year ended 31 December 2022.

16