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← The Church Renewal Trust

2024-12-31-accounts

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

Company number 6849860 Charity number 1129661

The Church Renewal Trust

(A charitable company limited by guarantee)

Trustees' report and

Financial Statements

For the year ended 31 December 2024

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust Financial Statements For the year ended 31 December 2024

Contents

Page
Trustees' report 1-3
Independent Examiner's report 4
Statement of financial activities 5
Balance sheet 6
Statement of cashflows 7
Notes to the financial statements 8 - 13

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust Trustees' Report For the year ended 31 December 2024

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 independently reviewed financial statements for the year ended 31 December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice “Accounting and Reporting by Charities” 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
Mr A C Winther
Reverend N P G Gumbel
Miss P M Neill
Mrs S Jackson (appointed 3 July 2024)
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

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 may be put forward by the trustees and appointed by 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 2023 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 Commission’s guidance on public benefit, including the guidance ‘Public 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.

1

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust Trustees' Report For the year ended 31 December 2024

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), and bridging finance provided by HTB. The outstanding balance of £25,548 on LDF loans was fully 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. As part of this commitment, CRT plans to use restricted funds to carry out façade repairs at St Jude's Courtfield Gardens, continuing its support for the long-term renewal of the site.

Financial Review

Results for the Year

CRT recorded a shortfall on unrestricted funds of £78,046 (2023: £187,347) and net surplus on restricted funds of £40,451 (2023: £Nil) to give a net reduction to reserves of £37,595 (2023 net reduction: £187,347). Cash in hand at the end of the year for the group and charity was £142,880 (2023: £9,512). The net current assets for 2024 are £140,180 (2023: £9,512), with amounts falling due within one year of £2,700 (2023: £Nil) and after more than one year of £61,530 (2023: £80,207); 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 £1.5 million. Nearly £800,000 was raised through donations, leaving a shortfall of approximately £700,000. To address this, an agreement was signed in December 2018 with St Paul's Theological Centre (SPTC), the main user of the building, committing to an annual service charge of £70,000 over ten years starting in 2019.

In 2021, the board paused these payments following a £225,000 gift from St Mellitus College towards the outstanding loans. In 2022, a further £250,000 gift was received from St Mellitus College, originating from the London Diocesan Fund as part of the proceeds from a property sale. The purpose of this gift was to help repay the outstanding HTB loan related to the spire repairs, and it was onward granted from St Mellitus to CRT. This contribution further reduced the HTB loan balance and SPTC’s remaining service charge commitment. As a result, the HTB loan was reduced to £61,530 (2023: £80,207), and SPTC fully settled its outstanding commitment in 2024.

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. CRT has a surplus on free reserves of £38,199 (2023 shortfall: £70,695) and a designated fund of £7,284,141 (2023: £7,471,081) 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 reported in 2023 was due to a temporary mismatch between funds raised and costs incurred on the St Jude’s spire repair project. This was covered by an interest-free loan from HTB, which was not subject to repayment terms. In 2024, following additional gifts and the final settlement of SPTC’s commitment, the free reserves position has normalised.

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

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust Trustees' Report For the year ended 31 December 2024

Restricted Funds

Restricted funds comprise the unused element of donations given for specific purposes. At 31 December 2024 these totalled £40,451 (2023: £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 2024.

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 Major Risks and Uncertainties Major Risks and Uncertainties
Potential Risk Mitigation
Lack of formal contractual relationships between CRT, St Paul’s Contract discussions to be continued with St Paul’s Theological
Theological Centre and St Mellitus College over the St Jude's Centre so that SPTC bears responsibility for the repair and upkeep
building results in increased liability and financial risk. of the building. SPTC has settled the 10 year service charge
relating to the spire repair works.

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

Rev Richard Coates

17 September 2025

3

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

Independent examiner’s report to the trustees of The Church Renewal Trust (‘the Company’)

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Moore \Kinedten Graton LP

Adam Fullerton (FCA, DCHa) For and on behalf of Moore Kingston Smith LLP

6[th] Floor 9 Appold Street London EC2A 2AP

Date: 19 September 2025

4

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust

Statement of Financial Activities

For the year ended 31 December 2024

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 2024		 Unrestricted
funds
2024
£
-
30
30
98,319
98,349
-
189,714
189,714
(91,365)
13,319
(78,046)
7,400,386
7,322,340		 Restricted
funds
2024
£
53,770
-
53,770
-
53,770
-
-
-
53,770
(13,319)
40,451
-
40,451		 Total
funds
2024
£
53,770
30
53,800
98,319
152,119
-
189,714
189,714
(37,595)
-
(37,595)
7,400,386
7,362,791		 Unrestricted
funds
2023
£
-
228
228
-
228
561
187,014
187,575
(187,347)
-
(187,347)
7,587,733
7,400,386		 Restricted
funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
2023
£
-
228
228
-
228
561
187,014
187,575
(187,347)
-
(187,347)
7,587,733
7,400,386

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 8 to 13 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.

5

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust

Balance Sheet

As at 31 December 2024

CRT Charity

Note 2024 2023
£ £
FIXED ASSETS
Leasehold Improvements 3 7,284,141 7,471,081
CURRENT ASSETS
Cash at bank and in hand 4 142,880 9,512
Total current assets 142,880 9,512
LIABILITIES:
AMOUNTS FALLING DUE WITHIN ONE YEAR 5 (2,700) -
ASSETS 140,180 9,512
LIABILITIES: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR 5 (61,530) (80,207)
NET ASSETS 7,362,791 7,400,386
FUNDS
Unrestricted 7 38,199 (70,695)
Designated fund 9 7,284,141 7,471,081
Restricted 8 40,451 -
7,362,791 7,400,386

For the financial year in question, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

This report is prepared in accordance with the Special Provisions of the Companies Act relating to small companies. The notes on pages 8 to 13 form part of these accounts.

Approved by the board on 17 September 2025 and signed on its behalf by:

Rev Richard Coates Trustee

Company number 6849860 Charity number 1129661

6

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust

Statement of Cashflows For the year ended 31 December 2024

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
2024
Cash at bank and in hand
4
9,512
Loans
5
(80,207)
Net debt
(70,695)		 Cash flows
133,368
(20,000)
113,368		 2024
£
152,045
(18,677)
133,368
133,368
9,512
142,880
2024
£
(37,595)
186,940
2,700
152,045
Other
movements
-
38,677
38,677		 2023
£
(5,207)
(45,615)
(50,822)
(50,822)
60,334
9,512
2023
£
(187,347)
186,940
(4,800)
(5,207)
31 December
2024
142,880
(61,530)
81,350

7

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust

Notes to the financial statements

For the year ended 31 December 2024

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 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 date of approval of the financial statements. In particular, the trustees have considered the charity’s forecasts and projections and have taken account of the unexpected additional cost of the major repairs required to the charity’s leasehold premises.

The trustees have assessed the going concern of CRT and as highlighted in the Trustees Annual Report, the charity's mitigations against any going concern risk are:

  1. The receipt of the outstanidng service charge agreement with St Paul's Theological Centre (SPTC) for £70,000 per annum originally for the forthcoming ten years which has been paid off in full in 2024.

  2. The intercompany loan from HTB £61,530 (2023: £80,207) which carries neither interest nor repayment terms.

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.

8

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust

Notes to the financial statements For the year ended 31 December 2024

Financial Instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments. 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
Independent examiner's remuneration
Bank Charges
Depreciation for the year
3. TANGIBLE FIXED ASSETS
Cost
Cost b/f at 1 January 2024
Additions
Closing Balance at 31 December 2024
Depreciation
Depreciation b/f at 1 January 2024
Depreciation for the year
Depreciation c/f 31 December 2024
Net Book Value
At 31 December 2023
At 31 December 2023 (CRT)		 2024
2023
£
£
-
561
2,700
-
2,700
-
74
74
186,940
186,940
189,714
187,014
CRT
Leasehold Improvements
£
9,347,014
-
9,347,014
1,875,933
186,940
2,062,873
7,471,081
7,284,141
CRT

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).

SH AT BANK AND IN HAND
Balance at bank and in hand		 2024
2023
£
£
142,880
9,512
142,880
9,512
CRT

4. CASH AT BANK AND IN HAND

9

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust

Notes to the financial statements

For the year ended 31 December 2024

5. CREDITORS
Amounts falling due within one year:
Accruals
Amounts falling due after more than one year:
Amounts owed to Holy Trinity Brompton		 2024
2023
£
£
2,700
-
2,700
0
2024
2023
£
£
61,530
80,207
61,530
80,207
CRT
CRT

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).

7. ANALYSIS OF NET ASSETS BY FUND
2024
Fixed Assets
Current assets
Current liabilities
Long-term liabilities
Fund balance
2023
Fixed Assets
Current assets
Current liabilities
Long-term liabilities
Fund balance		 Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
£
£
£
£
-
7,284,141
102,429
-
40,451
(2,700)
-
-
(61,530)
-
-
-
7,284,141
142,880
(2,700)
(61,530)
38,199
7,284,141
40,451
7,362,791
Unrestricted
Designated
Restricted
Total
funds
funds
funds
funds
£
£
£
£
-
7,471,081
-
7,471,081
9,512
-
-
9,512
-
-
-
-
(80,207)
-
-
(80,207)
(70,695)
7,471,081
-
7,400,386

10

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust

Notes to the financial statements

For the year ended 31 December 2024

8. RESTRICTED FUNDS

St Jude's, Courtfield Gardens
St Jude's, Courtfield Gardens		 2024
2024
2024
2024
2024
b/fwd
Income
Expenditure
Transfer from
Restricted to
Closing
Unrestricted
funds
Balance
£
£
£
£
£
-
53,770
-
(13,319)
40,451
-
53,770
-
(13,319)
40,451
2023
2023
2023
2023
2023
b/fwd
Income
Expenditure
Transfer from
Restricted to
Closing
Unrestricted
funds
Balance
£
£
£
£
£
-
-
-
-
-
-
-
-
-
-

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. £53,770 was received in 2024 for building renewal works at St Jude's Courtfield Gardens. £40,451 remains unspent at year end and is held for façade repairs planned in 2025. No transfers to designated funds have been made for the façade repairs, as the expenditure has not yet occurred.

9. DESIGNATED FUNDS

St Jude's, Courtfield Gardens Fund
St Jude's, Courtfield Gardens Fund		 2024
2024
2024
2024
B/fwd
Income
Transfers
Closing
balance
£
£
£
£
7,471,081
-
(186,940)
7,284,141
7,471,081
-
(186,940)
7,284,141
2023
2023
2023
2023
B/fwd
Income
Transfers
Closing
balance
£
£
£
£
7,632,474
-
(161,393)
7,471,081
7,632,474
-
(161,393)
7,471,081

11

Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust

Notes to the financial statements For the year ended 31 December 2024

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 2024 or 2023.

==> picture [503 x 380] intentionally omitted <==

----- Start of picture text -----
Trustee & Related Directorships/Trusteeship Remuneration for non-trustee services Related Party payment Notes
Members
Miss P M Neill None £Nil (2023: £Nil) £Nil (2023: £Nil) None
Reverend Nicky Alpha International (Trustee) and St £Nil (2023: £Nil) £Nil (2023: £Nil) None
Gumbel Mellitus College Trust (Trustee until 16
January 2023).
Reverend R M Holy Trinity Brompton (Trustee), Church £Nil (2023: £Nil) £Nil (2023: £Nil) None
Coates Revitalisation Trust (Trustee), St Paul's
Theological Centre (Trustee), St Mellitus
College Trust (Trustee), Alpha
International (Trustee).
Mr A C Winther Holy Trinity Brompton (Trustee & £Nil (2023: £Nil) £Nil (2023: £Nil) None
Churchwarden), Church Revitalisation
Trust (Trustee), St Paul's Theological
Centre (Trustee), St Mellitus College
Trust (Trustee)
Mrs S Jackson St Paul's Theological Centre (Trustee) £Nil (2023: £Nil) £Nil (2023: £Nil) None
(appointed 3 July
2024)
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Docusign Envelope ID: 08CCAE84-E2CD-4A73-93CD-ADAD78310420

The Church Renewal Trust

Notes to the financial statements For the year ended 31 December 2024

Related party transactions:

==> picture [518 x 362] intentionally omitted <==

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Related parties Income Expenditure Balance owing to/(from) CRT at year Notes
end
HTB £53,770 (2023: £Nil) £Nil (2023: £Nil) (£61,530) (2023: (£80,207) HTB managed the costs related to
the St Jude's spire repair and
restoration in 2017 - 2018 and
these are charged through to CRT.
SPTC £98,319 (2023: £Nil) £Nil (2023: £Nil) £Nil (2023: £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
commitment was paid off in full in
2024 (see beloe).
12. SERVICE CHARGE INCOME
On 14 December 2018, the SPTC board agreed to pay the unfunded costs of the emergency spire repair work carried out in 2017 and 2018 at St Jude's Courtfield Gardens.
These payments could be accelerated at the board's discretion, however the original intent was for SPTC to pay the Church Renewal Trust (CRT1) £70,000 per annum, over a
period of ten years starting in 2019.
This commitment was paused in 2021 following a £225,000 gift from St Mellitus College to CRT1, and further reduced by a £250,000 gift received in 2022. In response, SPTC
agreed to contribute additional funds towards loan interest costs. The outstanding commitment was fully settled in 2024.
CRT
2024 2023
£ £
Not later than one year - -
Later than one year but not later than five years - 98,319
Later than five years - -
- 98,319
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13. POST BALANCE SHEET EVENTS

There have been no post balance sheet events for The Church Renewal Trust for the year ended 31 December 2024.

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