Company No. 10754427 Charity No. 1174882
## **Church Revitalisation Trust**
**(A Charitable Company Limited By Guarantee)**
**Trustees' Report and**
## **Financial Statements**
**For the year ended 31 December 2020**
## **Church Revitalisation Trust**
## **Financial statements for the year ended 31 December 2020**
|**Contents**|**Page**|
|---|---|
|Trustees' annual report|1 - 8|
|Independent auditor's report|9-11|
|Statement of financial activities|12|
|Balance sheet|13|
|Statement of cashflows|14|
|Notes to the financial statements|15 - 25|
**CHURCH REVITALISATION TRUST**
## **Trustees’ Annual Report for the year ending 31 December 2020**
## **Reference and administrative information**
The registered name of Charity is Church Revitalisation Trust (CRT).
Company number: 10754427
Charity Registration Number: 1174882
Principal and Registered Office: Holy Trinity Brompton, Brompton Road, London, SW7 1JA.
Trustees: Reverend Nicky Gumbel (Chair) Ademola Adebajo (Treasurer) (appointed 1 May 2020) Angus Winther Reverend Archie Coates Harry Lawson Johnston Jeremy Herrmann Nichola Odey Sir Paul Marshall Toby Baxendale Tricia Neill
Company Secretary: Mr Jon Shippen
Bankers: National Westminster Bank PLC, 186 Brompton Road, London, SW3 1XJ
Auditors: Moore Kingston Smith LLP, Devonshire House, 60 Goswell Road, London, EC1M 7AD
## **Objectives and activities**
The Church Revitalisation Trust was incorporated on 4 May 2017 in order to further the church planting activity undertaken by Holy Trinity Brompton (HTB).
The charity’s objectives, as laid out in its governing document, are the advancement of the Christian religion through the establishment, renewal and revitalisation of churches within the Anglican communion, and any such other church(es) or denomination(s) approved by special resolution of the Members, and the maintenance of the services and activities therein. The charity’s objects were amended by special resolution on 18 Aug 2020 to include the relief of hardship and distress of individuals who, by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances are in need and require support in such ways as are exclusively charitable, including but not exclusively by providing grants, counselling and support services, facilities and education.
CRT aims to fulfil its vision for church revitalisation primarily by planting Resource Churches in cities and towns across the country, and supporting the ongoing planting of churches from those already established. The aim is that Resource Churches can help resource and facilitate further planting within their diocese, particularly into areas of social deprivation, and thereby help transform the communities and cities which they serve.
CRT aims to address the problems of hardship and distress through its social action initiative called Love Your Neighbour. Love Your Neighbour draws on its extensive network of churches, philanthropists and charitable contacts to bring together churches, charities and organisations with a common purpose in providing support to the most vulnerable in their communities through the
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## **CHURCH REVITALISATION TRUST**
## **Trustees’ Annual Report for the year ending 31 December 2020**
provision of services including those of food provision, debt advice, employment support and many others.
## **Achievements and Performance**
CRT’s principal achievements in 2020 were as follows:
1. A rapid response to the COVID-19 pandemic and a pivot to establishing Love Your Neighbour, which includes Love Christmas, as an initiative to draw together thousands of churches and organisations in a joint response to provide critical support to those most affected by the pandemic.
2. Resource Churches were planted in Liverpool, Cardiff, Wrexham and Rochdale, with a number of other plants going out from previous plants (in Bognor, Derby, Nottingham and Hackney).
3. A total of 9 planting curates were recruited and are currently undergoing training at HTB.
4. The Accelerator Programme, a one-year training programme for planting curates, was run for a cohort of 11 leaders and their teams.
5. 19 ‘Peter Stream’ candidates, representing educational, social and ethnic diversity for future ordained leaders, were recruited and are enrolled on a one-year training and support programme with a view to this leading to selection for ordination within the Church of England.
6. A number of retreats and training events were run for leaders and teams from across the HTB Network.
7. A new initiative for the recruitment and training of potential ordination candidates from an older demographic with a particular focus on rural parish ministry, the ‘Caleb Stream’, was launched.
## **Plans for future periods**
CRT’s principal plans for 2021 are as follows:
1. Build on the success of Love Your Neighbour as it transitions from an urgent response to critical needs (‘hand out’) to a more sustained and holistic offering (‘hand up’ and ‘hand on’).
2. A number of new Resource Church plants planned for 2021 across the country as well as supporting a number of other ‘second generation’ plants, particularly into areas of deprivation.
3. A further 12 planting curates to be recruited and to undergo training.
4. The Accelerator Programme will be run with a new cohort of planting leaders.
5. In partnership with St Paul’s Theological Centre we aim to recruit and sponsor between 2050 new ‘Peter Stream’ and ‘Caleb Stream’ candidates who will embark on a year of ordination discernment and theological and life skills training.
6. A number of retreats and training events will be run for leaders and teams from across the HTB Network.
7. Grants will be awarded to HTB Network churches to support strategic growth, building redevelopment and social action projects, as well as seed capital grants for new plants.
## **Financial Review**
Following a number of successful grant and funding applications, CRT generated income of £9,636,113 (2019: £2,479,163). £4,000,000 of this was received from the Department of Culture, Media & Sport (DCMS) as part of the Community Match Challenge scheme. The purpose of the scheme was to provide a match fund grant to philanthropists, foundations and grant making organisations for onward
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## **CHURCH REVITALISATION TRUST**
## **Trustees’ Annual Report for the year ending 31 December 2020**
distribution to voluntary and community organisations to respond to the needs of the most vulnerable and marginalised people affected by the COVID-19 crisis.
The DCMS funds had to be matched either by CRT or by the network of participating LYN churches and other charitable organisations by 31 March 2021. The DCMS funds had to be spent by 31 March 2021, with a longer time period allowed to spend matched funding, and the DCMS funds had to be distributed by CRT to each organisation between 14 October 2020 and 31 March 2021. All requirements for the DCMS funds were met by 31 March 2021 and therefore no funds are expected to be returned to DCMS.
A further £3,185,544 were raised from private donations, for the express purpose of supporting social transformation through the Love Your Neighbour initiative.
Total expenditure came to £7,203,250 (2019: £2,688,298), resulting in a surplus for the year of £2,432,863 (2019 deficit: £209,135). The 2020 surplus amount relates to the following: £504,007 DCMS funding which has been distributed within the first quarter of 2021; £1,645,390 restricted to supporting Love Your Neighbour social transformation initiatives and will be spent during 2021; and £46,046 restricted for planting curates and other grants and mission giving which will also be spent during 2021. This leaves a surplus of £237,420 which is unrestricted, resulting in CRT ending the year with a closing balance on unrestricted funds of £1,402,341 (2019: £1,164,921).
## **Policy on reserves**
The policy of the charity is not to build up reserves, and wherever possible to expend income received during the course of each financial year on its purposes. However, in order to ensure that the charity is able to manage its operational cashflow needs, the trustees aim to hold working capital sufficient to cover three months’ committed costs.
The reserve target based on the approved 2021 budget is therefore £1.05m. Free reserves at 31 December 2020 were £1.4m (2019: £1.16m), which exceed the target. On the basis of current risks to long-term funding and anticipated increases in the 2022 budget due to growth in activity, the trustees are comfortable with reserves at this slightly higher level. Flexibility will be maintained over the level of reserves required to enable the charity to respond to the risks it is facing at any particular time.
## **Fundraising**
The trustees are committed to maintaining the highest legal and ethical standards in the way the charity undertakes its fundraising activities. All fundraising takes place in-house, and the charity does not use any professional fundraisers or commercial participators. CRT is committed to abiding by the Code of Fundraising Practice and to the Fundraising Promise.
CRT takes precautions to ensure the protection of the public, including vulnerable persons, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate. Our fundraising team take seriously any expression of dissatisfaction we receive regarding our fundraising practice and aim to resolve any complaints as quickly as possible. Our policy is to escalate the issue internally to the Chief Executive Officer. If the complaint cannot be resolved, it will be further escalated to the chair of our board of trustees, who will nominate an independent member of the board of trustees to consider the merits of the complaint and any resulting actions. If necessary, we will contact the Charity Commission for advice and guidance. No complaints of this nature relating to fundraising were received in 2020.
CRT has responded to the General Data Protection Regulation (GDPR), introduced May 2018, and continues to monitor the use of data carefully, particularly concerning donor data for fundraising
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## **CHURCH REVITALISATION TRUST**
## **Trustees’ Annual Report for the year ending 31 December 2020**
purposes. Our Privacy Policy covers how we use donor data, and gives donors the option to opt out of any contact or make a formal complaint. We carefully monitor the relationships we have with donors and seek to maintain a consistent means of stewardship based on the guidance of the Code of Fundraising Practice and the Fundraising Promise.
## **Structure, governance and management**
Church Revitalisation Trust is a charitable company limited by guarantee and not having a share capital. It was registered as a company on 4 May 2017 and with the Charity Commission on 28 September 2017.
Procedures for the recruitment and appointment of trustees are laid out in the memorandum and articles of association. Trustees nominate new or replacement trustees with approval by the members. The trustees are also directors for the purpose of Company Law.
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, and they pursue the independent interests of the charity notwithstanding their separate responsibilities in other organisations.
Weekly management team and general staff meetings deal with the day to day issues arising. An executive committee meets as and when needed to deal with wider strategy, finance and staff appointment issues arising between board meetings. The board meet a minimum of three times a year.
## **Remuneration Policy, Principles and Governance**
We place great value on our highly talented, dedicated and passionate staff team, without whom we could not deliver against our vision, mission and goals. Our remuneration policy is aimed at ensuring that pay is competitive within our sector, rewards staff fairly and enables the staff team to feel valued.
Our principle is to reward staff, irrespective of seniority, informed by the following:
- Fairness; without discrimination and with an intention of cross-entity parity
- Differentiation; to reflect a combination of what is achieved and the way in which it is achieved
- Compliance; to all HMRC and Charity Commission requirements
- Affordability; with good stewardship
- In line with at least the London Living Wage for London-based staff and the Real Living Wage for UK regionally-based staff
The HTB Group entities (HTB, Alpha International, the Church Revitalisation Trust and St Paul’s Theological Centre) operate in close co-operation and within a shared operating model, including a harmonised pay and benefits structure for staff employed within the group entities. Whilst staff compensation is the responsibility of each entity board, authority is delegated by each to the Remuneration Committee (RemCo) to oversee group-wide remuneration. At least one representative of each entity sits on RemCo. The purpose of RemCo is to ensure that pay and benefits across the group are consistent, fair and that group-wide alignment is maintained.
## **Relationships and Related Parties**
Details of related parties are given in note 14 of the financial statements.
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**CHURCH REVITALISATION TRUST**
## **Trustees’ Annual Report for the year ending 31 December 2020**
## **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 the charity’s affairs and of the surplus or deficit for that year. In preparing these financial statements the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- comply with applicable accounting standards, including FRS 102, subject to any material departures disclosed and explained in the financial statements;
- state whether a Statement of Recommended Practice (SORP) applies and has been followed, subject to any material departures which are explained in the financial statements
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
- Each of the trustees at the date of approval of this report confirms that:
1. So far as the trustees are aware, there is no relevant audit information of which the charity’s auditors are unaware; and
2. The trustees have taken all the steps that they ought to have taken as trustees to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.
The trustees are committed to maintaining the highest legal and ethical standards in the way the charity undertakes its fundraising activities. CRT is committed to abiding by the Code of Fundraising Practice and to the Fundraising Promise. CRT has appointed external consultants to provide staff training, advise the charity on fundraising matters relating to data protection and to help promote best practice within the charity.
## **Public Benefit**
The trustees are aware of the Charity Commission’s guidance on public benefit in “The advancement of religion for the Public Benefit" and “Public benefit: running a charity (PB2), _”_ and have had regard to it in their administration of the charity.
The trustees believe that CRT provides a benefit to the public by:
- Providing trained leadership and facilitating physical space for the administration of public worship, pastoral care and spiritual development, both for existing church members and for anyone who wishes to benefit from what the church offers;
- Promoting Christian values, and service by members of the church in and to their communities, to the benefit of individuals and society as a whole; and
- Promoting the establishment and running of social action programmes, to the benefit of those in need and on the margins of society; including but not limited to the homeless, the unemployed, and those struggling with poverty, debt or addiction.
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## **CHURCH REVITALISATION TRUST**
## **Trustees’ Annual Report for the year ending 31 December 2020**
## **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. Procedures are in place to ensure compliance with health and safety of staff, volunteers and visitors. The schedule of major risks and mitigations identified by the board is set out on pages 7 and 8.
The trustees have considered the potential impact of the coronavirus on CRT’s operations, and the various measures taken to contain it. The decision to suspend all public gatherings has had a significant impact on both existing plant churches and on planned new church plants. However, activity in this area has continued despite the challenges, with planned plants being successfully established, albeit with launch dates slightly delayed in some cases. CRT has also adapted quickly to the needs caused by the pandemic by pivoting our focus to the rolling out of the new Love Your Neighbour initiative pioneered by HTB, across hundreds of churches. This campaign is a social response to some of the pressing needs now facing many people in this crisis. The trustees are keeping the potential financial effect under constant review and steps have already been taken to reduce costs in order to mitigate against a drop in income. Refer to Note 1 for details on our going concern assessment.
This report was approved by the board on the 26[th] April 2021, and signed on its behalf by
The Reverend N.G.P. Gumbel, Chair of the board of trustees
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## **CHURCH REVITALISATION TRUST**
## **Trustees’ Annual Report for the year ending 31 December 2020**
## **Major Risks and Uncertainties**
**----- Start of picture text -----**
Potential Risk Mitigation
1. Actions of senior leadership or Organisational values are clearly defined and oversight structures are in
staff members cause damage to place for senior leaders and staff members.
CRT’s reputation.
2. Reputation of CRT is damaged CRT seeks to maintain close relationships with church plant leaders and to
by actions of church plants or provide ongoing training and support to them.
their leaders.
3. Inadequate plans for succession CRT’s strategy and mission is not dependent on any one person and
in relation to key roles could succession planning for key roles is ongoing.
jeopardise the future of the CRT maintains a close working relationship with HTB, which has a large
organisation. staff team.
4. Safeguarding incident arises in a Church plants fall under the authority of their respective diocese, each of
church plant or HTB Network which has robust safeguarding policies and officers in place in line with
church related to CRT official Church of England safeguarding policy.
5. Lack of appropriate and Internal and external H&S advisors monitor and report on risk areas
compliant Health & Safety (H&S) identified.
procedures results in harm to Staff training in key H&S procedures is ongoing.
staff, volunteers or the public, Regular H&S reporting to the board takes place.
exposure to legal liability,
insurance claims and
reputational damage.
6. Breach or failure to demonstrate The composition of the board is kept under review to ensure that there is
compliance in light of increased sufficient independence.
regulatory scrutiny in the charity Conflict of interests are disclosed appropriately in the annual accounts,
sector particularly in relation to and care is taken to ensure that payments to trustees and related parties
fundraising and governance are compliant with Charity Commission requirements.
Compliance with Charity Commission, Fundraising and other regulatory
requirements is closely monitored.
7. Data security or management A HTB group-wide project to implement a data management framework
breach or failure to demonstrate and to upgrade processes across the organisation is ongoing to ensure a
compliance with GDPR resilient and secure approach to data handling and compliance with GDPR.
requirements
8. Lack of adequate disaster IT systems are backed up remotely and can be accessed remotely.
recovery planning exposes the A Business Continuity Plan (BCP) has been developed and approved by
organisation to risks from which CRT’s insurers.
it is unable to recover in the Training in recovery from a terrorist attack or other major event takes
event of a disaster. place across the organisation.
The organisation has adapted well to the work-from-home requirements
arising as a consequence of the coronavirus pandemic, demonstrating that
the BCP was fit for purpose.
9. Information or communications Significant investment has been made in upgrading our digital architecture
technology compromised, or and improving security. We monitor the resilience of our digital systems on
critical data lost through cyber- an ongoing basis.
attack.
10. Lack of sufficient income and/or CRT operates a financial policy framework which includes escalating any
inadequate cashflow results in potential future cash flow deficits to the board as well as a reserves’ policy
an inability to meet salary and which has been exceeded in this financial year.
creditor payments. Cash flow and income projections are reviewed monthly and reported to
senior staff and to the board.
**----- End of picture text -----**
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**CHURCH REVITALISATION TRUST**
## **Trustees’ Annual Report for the year ending 31 December 2020**
## **Potential Risk**
## **Mitigation**
11. The coronavirus pandemic is CRT has adapted quickly to the challenge with staff working remotely and causing significant operating successfully coordinating the Love Your Neighbour and Love Christmas challenges and could impact campaigns. CRT’s income and/or cash flow. Expenditure is being carefully controlled and income closely monitored.
- CRT has adapted quickly to the challenge with staff working remotely and successfully coordinating the Love Your Neighbour and Love Christmas campaigns.
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**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CHURCH REVITALISATION TRUST**
## **Opinion**
We have audited the financial statements of The Church Revitalisation Trust (‘the company’) for the year ended 31 December 2020 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, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and 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 31 December 2020 and of its incoming resources and application of resources, including its income and expenditure, for the period then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of 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 UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.
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:
- the information given in the trustees’ annual report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the trustees’ annual report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
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**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CHURCH REVITALISATION TRUST**
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.
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:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from preparing a Strategic Report.
## **Responsibilities of trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 4, 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.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
## **Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud**
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:
- We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council.
- We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
- We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
- We inquired of management and those charged with governance as to any known instances of noncompliance or suspected non-compliance with laws and regulations.
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**INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE CHURCH REVITALISATION TRUST**
- Based on this understanding, we designed specific appropriate audit procedures to identify instances of noncompliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
- Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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.
## **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 might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 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
Devonshire House 60 Goswell Road London EC1M 7AD
> Date: 27 April 2021
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## **Church Revitalisation Trust**
## **Statement of Financial Activities**
**For the year ended 31 December 2020**
|**Note**
**INCOME**
**Donations and legacies**
Donations and grants
2
Booking fees & other income
3
**EXPENDITURE**
**Expenditure on raising funds**
Costs of raising funds
4
**Expenditure on charitable activities**
Clergy training and preparation
4
Grants and mission giving (excluding social
transformation grants)
4
Other ministry and operational costs
4
Social transformation
4
**Total expenditure**
**Net income/(expenditure)**
**Funds brought forward**
**Funds carried forward at 31 December**|**Unrestricted**
**funds**
**2020**
**£**
1,112,871
22,217
1,135,088
87,131
12,169
225,822
572,546
-
897,668
237,420
1,164,921
1,402,341|**Restricted**
**funds**
**2020**
**£**
8,501,025
-
8,501,025
23,395
1,035,455
183,980
50,000
5,012,752
6,305,582
2,195,443
38,472
2,233,915|**Total**
**funds**
**2020**
**£**
9,613,896
22,217
9,636,113
110,526
1,047,624
409,802
622,546
5,012,752
7,203,250
2,432,863
1,203,393
3,636,256|**Total**
**funds**
**2019**
**£**
2,463,993
15,170
2,479,163
176,190
862,141
842,405
807,562
-
2,688,298
209,135
-
1,412,528
1,203,393|
|---|---|---|---|---|
All amounts are derived from continuing activities. The notes on pages 15 to 25 form part of these financial statements.
All recognised gains and losses are included in the statement of financial activities. The statement of financial activities also complies with the requirement for an income and expenditure account under the Companies Act 2006.
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## **Church Revitalisation Trust**
## **Balance Sheet**
## **As at 31 December 2020**
|**Note**
**FIXED ASSETS**
**Tangible fixed assets**
7
**CURRENT ASSETS**
**Debtors**
8
**Cash at bank and in hand**
9
**Total current assets**
**LIABILITIES**
**Amounts falling due within one year**
10
**NET CURRENT ASSETS**
**NET ASSETS**
**FUNDS**
**Unrestricted**
11
**Restricted**
11,12|**2020**
**£**
213
2,545,814
3,361,194
5,907,008
(2,270,965)
3,636,043
3,636,256
1,402,341
2,233,915
3,636,256|**2019**
**£**
1,224
22,444
1,272,991
1,295,435
(93,266)
1,202,169
1,203,393
1,164,921
38,472
1,203,393|
|---|---|---|
## **Approved by the Board on 26th April 2021 and signed on its behalf by:**
……………………………………………………………….
The Rev’d N.G.P. Gumbel Chair of the board of trustees
The notes on pages 15 to 25 form part of these financial statements.
Company no: 10754427 Charity no: 1174882
13
## **Church Revitalisation Trust**
## **Statement of cashflow**
**For the year ended 31 December 2020**
|**Note**
**Net cash inflow from operations (see note below)**
**Cash flows from investing activities**
Tangible fixed assets purchased
7
**Net increase in cash & cash equivalents**
Cash balance brought forward
**Cash balance carried forward**
9
**Note to cash flow statement**
**Cash flow from operating activities**
Net operating surplus/(deficit) (per SOFA)
Depreciation and amortisation charges
7
(Increase)/decrease in debtors
8
Increase/(decrease) in creditors
10
**Net cash inflow from operating activities**|**2020**
**£**
2,088,203
-
2,088,203
1,272,991
3,361,194
**2,020**
**£**
2,432,863
1,012
(2,523,370)
2,177,698
2,088,203|**2019**
**£**
39,097
(1,161)
37,936
1,235,055
1,272,991
**2,019**
**£**
(209,135)
2,526
563,548
(317,842)
39,097|
|---|---|---|
14
## **Church Revitalisation Trust**
**Notes to the financial statements For the year ended 31 December 2020**
## **1. ACCOUNTING POLICIES**
These accounts are prepared on a going concern basis under the historical cost convention.
The charitable company is a public benefit entity for the purposes of FRS 102 and therefore 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 charitable 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, including those as a result of the coronavirus pandemic, 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 potential impact of the coronavirus pandemic on existing church planting activities, as well as the potential reduction in voluntary giving.
While the coronavirus pandemic is causing significant operating challenges, and could impact CRT’s income and/or cash flow, CRT has adapted quickly to the challenge by pivoting our focus to the new Love Your Neighbour initiative pioneered by HTB, across Network Churches. This campaign is a social response to some of the pressing needs now facing many people in this crisis. As can be seen on the SOFA on page 10, CRT's income has increased significantly in 2020 as a result of the Love Your Neighbour campaign, which includes £4m of DCMS funding.
The strength of CRT's 2021 pipeline, the generous donations received towards the Love Your Neighbour campaign across the network and the current free reserves of £1,402,341 mean that the trustees have 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**
## _Donations and grants_
Donations and grants 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 income is recognised.
## _Government grants_
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the associated costs for which the grant is intended to compensate. This includes £7,333 of Government assistance under the Coronavirus Job Retention Scheme (CJRS) relating to staff who were furloughed due to Covid-19.
Grants received from the Government as part of the emergency COVID-19 response are recognised when the charity is legally entitled to the grant.
## **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: Cost of raising funds, Clergy training and preparation, Grants and mission giving and Other ministry and operational costs.
As reflected in note 14 (Related Parties), a close working relationship is enjoyed between Holy Trinity Brompton (HTB), Alpha International (AI), St Paul’s Theological Centre (SPTC) and Church Revitalisation Trust (CRT). Shared service costs (known as Central Services) are incurred by HTB and then recharged to the other charities using the most appropriate driver for each service cost type. These support costs are allocated between charitable activities based on estimates of the resources deployed towards each of these activities.
## **Grants**
Grants are made to charitable organisations whose activities accord with the objects of Church Revitalisation Trust. These are made at the discretion of the board, based on established evaluation criteria. Grants are accounted for when due.
15
## **Church Revitalisation Trust**
## **Notes to the financial statements For the year ended 31 December 2020**
## **Fixed assets**
Cost related to the assets purchased are capitalised as incurred. The charity capitalises any fixed assets over £1,000.
Assets are depreciated on a straight line basis over their estimated useful lives. The periods used are as follows:
Computer Equipment - 2 years
Depreciation has been charged on the computer equipment from the date of purchase.
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.
## **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 notes 8 and 10 for the debtor and creditor notes.
## **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.
## **Employee benefits**
The costs of short-term employee benefits are recognised as a liability and an expense.
## **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 judgements and estimates are 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 Fixed Assets is sensitive to change in the estimated useful economic lives and residual value of assets. These are reassessed periodically and amended where necessary to reflect current circumstances.
## _Support cost allocation_
The allocation of support costs from Central Services is based on estimates of the resources used by Central Services on each of these activities.
16
**Church Revitalisation Trust**
**Notes to the financial statements For the year ended 31 December 2020**
## **2. DONATIONS AND GRANTS**
|Donations under Gift Aid
Income tax recovered
Dept for Culture, Media & Sport grant
Other donations and grants
**BOOKING FEES & OTHER INCOME**
Booking Fees - Retreats & Events
Interest and Other Income
Coronavirus Job Retention scheme|**Unrestricted**
**funds**
**Restricted**
**funds**
**2020**
**2020**
**£**
**£**
18,720
53,909
4,680
13,477
-
4,000,000
1,089,471
4,433,639
1,112,871
8,501,025|
**Total funds**
**2020**
**£**
72,629
18,157
4,000,000
5,523,110
9,613,896
**Total**
**2020**
**£**
12,858
2,026
7,333
22,217|**Total funds**
**2019**
**£**
233,155
58,289
-
2,172,549
2,463,993
**Total**
**2019**
**£**
10,795
4,375
-
15,170|
|---|---|---|---|
## **3. BOOKING FEES & OTHER INCOME**
The booking fee income received is related to various retreats run to support and train clergy and their families. The cost of these events are also borne by CRT, and amounted to £43,474 (2019: £52,642).
## **4. EXPENDITURE**
## **4a Analysis of expenditure**
The following table analyses expenditure on the Statement of Financial Activities (SOFA) between direct and support costs.
Support costs have been allocated to the categories below on the basis of workload involved in supporting them.
|**Charitable activities**
Clergy Training and Preparation
Grants and Mission Giving (excluding Social Transformation Grants- see note 4c)
Other Ministry and Operational Costs
Social Transformation Grants (see note 4c & 4d)
Love Your Neighbour
Love Christmas
Dept for Culture, Media & Sport
Social Transformation Operational Costs (see note 4d)
**Fundraising costs**
General
Love Your Neighbour
**Total on Statement of Financial Activities**
**Charitable activities**
Clergy Training and Preparation
Grants and Mission Giving (see note 4c)
Other Ministry and Operational Costs
**Fundraising costs**
**Total on Statement of Financial Activities**
**4b Support costs**
Facilities and property costs
IT
Finance
HR
Legal
Media, Production and Moving Image
**Total Support costs**
The following support costs have been allocated to the charitable activities above:|**Direct costs**
**2020**
**£**
973,098
405,408
505,943
313,399
860,298
3,495,993
286,323
65,070
23,395
6,928,927
**Direct costs**
**2019**
**£**
739,019
833,172
653,662
154,644
2,380,497|**Support costs**
**2020**
**£**
74,526
4,394
116,603
25,970
6,763
-
24,006
22,061
-
274,323
**Support costs**
**2019**
**£**
123,122
9,233
153,900
21,546
307,801
**2020**
**£**
58,118
58,008
80,663
39,033
33,038
5,461
274,323|**Total costs**
**2020**
**£**
1,047,624
409,802
622,546
339,369
867,061
3,495,993
310,329
87,131
23,395
7,203,250
**Total costs**
**2019**
**£**
862,141
842,405
807,562
176,190
2,688,298
**2019**
**£**
107,250
77,644
42,782
50,440
21,594
8,091
307,801|
|---|---|---|---|
17
**Church Revitalisation Trust**
**Notes to the financial statements For the year ended 31 December 2020**
|**4c Grants**
**Grants and Mission Giving (excluding Social Transformation Grants)**
**Grantee**
**Grant Purpose**
St Barnabas PCC
Support new church plant
Harbour Church Portsmouth
Support new church plant
Hope Street Church, Wrexham
Support new church plant
Nelson Street Church, Rochdale
Support new church plant
Holy Trinity Hounslow
Support development of existing church plant
St Paul's Theological Centre
Support the Peter Stream Tutor 2020
Individual Bursary Recipients
Support for Peter Stream
PCC of St John at Hackney
Support new church plant
St Peter's Brighton
To cover Worship Training costs
St Peter's Brighton
Grant Head of Network cost (2019 & 2020 costs)
Nelson Street Church, Rochdale
Regrant - support church plant
St Mary's Southampton
Regrant - support church plant
St Mary's Southampton
Support development of existing church plant
Individual Bursary Recipients
Support for General Expenses
Preston Minster
Support launch and early life of new church plant
St Matt's Exeter
Support new church plant
St Cuthman's Whitehawk
Support development of existing church plant
St George's Gateshead
Support development of existing church plant
Holy Trinity Hastings
Support development of existing church plant
Kings Cross Church
Support development of existing church plant
St Mary's Andover
Support new church plant
St Swithins Lincoln
Support development of existing church plant
Individual Bursary Recipients**
Support for Focus, Leadership Conference and HTB Clergy Marriage Retreat
Urban Action Trust
Support grants to existing church plants
St John Hackney
Support development of existing church plant
St Paul's Theological Centre
Support for Peter Stream
Resurgo Trust
Support development of social action
St Peter's Vauxhall
Support development of existing church plant
Other Churches
Support for Focus
St Nicholas Bristol
Support new church plant
Support costs
**Total Grants and Mission Giving (excluding Social Transformation Grants)**|**Unrestricted**
**Restricted***
**Total**
**funds**
**funds**
**funds**
**2020**
**2020**
**2020**
**£**
**£**
**£**
55,121
-
55,121
-
50,000
50,000
-
50,000
50,000
-
50,000
50,000
39,920
-
39,920
24,275
11,725
36,000
29,148
-
29,148
23,168
1,832
25,000
25,000
-
25,000
18,121
-
18,121
-
12,271
12,271
-
8,152
8,152
3,500
-
3,500
3,175
-
3,175
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
221,428
183,980
405,408
4,394
-
4,394
225,822
183,980
409,802|**Total**
**funds**
**2019**
**£**
-
-
-
-
140,855
-
93,640
-
19,250
-
-
-
-
-
96,024
55,000
52,550
52,242
50,000
50,000
50,000
50,000
42,688
25,000
21,000
12,000
8,333
6,176
4,785
3,629
833,172
9,233
842,405|
|---|---|---|
*The grants from restricted funds take account of the specified wishes of particular donors, but all grants are subject to the review, sign-off and approval of the CRT board.
18
**Church Revitalisation Trust**
**Notes to the financial statements For the year ended 31 December 2020**
## **4c Grants continued**
|**Grantee**
Holy Trinity Brompton
Hillsong
Jesus House Ltd
Ground Level
Charles with St. Matthias Plymouth
Redeemed Christian Church of God Stevenage
St John's Crawley
Love Church (St Swithun's Bournemouth)
Soul Foundation
Resurgo Spear Centres (London)
Emmaus Road
St John at Hackney
St. Werburgh's Derby
St Peter's Brighton
Preston Minster
Gas Street Church Birmingham
Holy Trinity Clapham
Hope Church Islington
Trent Vineyard
St Peters Bethnal Green
Bridge Community Church
Christ Church London
Holy Trinity Hastings
Network Church Sheffield
St James in the City
International Christian Centre - Chadwell Heath
CCRC Bristol Trust (St Nicholas)
Love Your Community (Reading Hub)
Lighthouse London
The Salvation Army
St Mark's Coventry
Harbour Church Portsmouth
St George's Gateshead
Amazing Grace Chapel Hull
Kings Church, London - Lewisham
St Swithin's Lincoln
Citizen Church
St Peter's Harrow
Jubilee Church London - Enfield and Ilford
C3 Cambridge
KingsGate Church Peterborough and Cambridge
Saint Marys Southampton
Trinity Church Nottingham
City Life Southampton
Junction Community Trust (St Mark's Battersea)
Swindon CCRC Trust (Pattern Church)
Open Hands Leicester
Assemblies of God Inc
Ascension Balham
The Kings Arms, Bedford
St Paul's Hounslow West (with St Stephen's East Twickenham)
LCC Community Trust
Kings People's Church
St Matthew with St Sidwell
St Cuthman's Brighton
Support costs
**Total Social Transformation Grants**
**Social Transformation Grants**
The grants below were all awarded from Restricted funds in connection with Love Your
Neighbour activity:
Other grants £10,000 and under|**Dept for Culture,**
**Dept for Culture,**
**Media &**
**Media &**
**Love**
**Love Your**
**& Sport (Paid)**
**Sport (Liability)**
**Christmas**
**Neighbour**
**2020**
**2020**
**2020**
**2020**
**£**
**£**
**£**
**£**
227,084
272,916
-
-
117,014
259,627
62,955
-
80,541
145,618
-
-
87,085
112,873
-
-
86,382
75,778
11,400
10,000
-
-
150,000
-
45,000
67,141
12,450
12,500
18,636
86,364
22,060
6,000
36,631
86,750
5,250
-
56,721
65,021
-
-
22,468
93,048
-
-
24,066
29,934
51,984
-
57,870
32,130
-
10,500
46,586
35,960
-
10,000
-
61,418
22,724
-
11,429
42,207
26,200
-
46,669
27,955
-
-
48,308
24,727
-
-
37,524
31,097
-
-
9,240
55,760
200
-
5,607
55,893
-
-
41,613
19,387
-
-
16,436
25,484
2,500
10,500
25,309
28,707
-
-
31,765
7,736
2,050
10,000
30,396
20,510
-
2,279
7,657
29,300
10,500
37,764
10,905
-
-
25,536
22,894
-
-
-
-
42,000
-
-
38,000
-
3,500
8,894
4,459
19,500
-
3,781
16,969
12,000
-
8,800
21,010
2,000
-
20,833
10,417
-
-
9,171
16,514
5,500
-
-
-
30,000
-
16,146
12,684
-
-
12,590
16,043
-
-
16,784
11,140
-
-
18,502
9,251
-
-
12,615
1,533
12,000
-
-
-
15,273
10,000
19,954
4,046
-
-
12,705
11,045
-
-
3,051
9,449
-
10,000
4,511
16,490
-
-
-
-
18,400
-
12,032
5,468
-
-
5,200
9,772
-
-
5,005
8,671
750
-
-
-
12,500
-
-
-
12,000
-
-
-
28
10,500
-
-
-
10,500
-
1,000
279,274
188,899
1,466,533
2,029,460
860,298
313,399
-
-
6,763
25,970
1,466,533
2,029,460
867,061
339,369|**Total**
**2020**
**£**
500,000
439,596
226,159
199,958
183,560
150,000
137,091
133,060
128,631
121,742
115,516
105,984
100,500
92,546
84,142
79,837
74,624
73,035
68,621
65,200
61,500
61,000
54,920
54,016
51,551
50,906
49,736
48,669
48,430
42,000
41,500
32,853
32,750
31,810
31,250
31,185
30,000
28,830
28,633
27,924
27,753
26,148
25,273
24,000
23,750
22,500
21,002
18,400
17,500
14,972
14,426
12,500
12,000
10,528
10,500
469,173
4,669,690
32,733
4,702,423|
|---|---|---|
The total of DCMS grants (paid and liability totalling £3,495,993) reflects all matched funding raised by the Hub partner organisations CRT is working with as at 31 December 2020. The remaining DCMS income of £500,007 is recognised as a restricted surplus at year end and has been distributed within the first quarter of 2021.
19
**Church Revitalisation Trust**
**Notes to the financial statements For the year ended 31 December 2020**
|**4d Social Transformation Analysis**
Social Transformation Grants
Love Your Neighbour
Love Christmas
Dept for Culture, Media & Sport
Social Transformation Operational Costs
The following table analyses social transformation expenditure on the Statement of Financial Activities (SOFA)
between unrestricted and restricted funds.|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**2020**
**2020**
**2020**
**£**
**£**
**£**
-
339,369
339,369
-
867,061
867,061
-
3,495,993
3,495,993
-
310,329
310,329
-
5,012,752
5,012,752|**Total funds**
**2019**
**£**
-
-
-
-
-|
|---|---|---|
## **5. AUDIT COSTS AND DEPRECIATION**
|**Net income / (expenditure) is stated after charging:**
Auditor's remuneration
Under accrual for prior year
Other services provided
Depreciation
**6. STAFF COSTS**
Wages and salaries
Social security costs
Pension costs|**2020**
**£**
4,500
-
2,500
7,000
1,012
**2020**
**£**
697,811
78,140
43,985
819,936|**2019**
**£**
2,145
920
535
3,600
2,526
**2019**
**£**
665,306
73,588
40,200
779,094|
|---|---|---|
As disclosed in note 14 (Related Parties), there is a close working relationship between HTB, AI, SPTC and CRT. The Central Services staff who support all of the charities with 'back office' functions are employed by HTB, and their costs (together with the costs of their departments) are allocated across the entities using the most appropriate basis for each support service. The staff costs and information in this note includes the proportionate share of these Central Services staff, as well as the relevant share of ministry staff who split their time across the charities due to the nature of their roles.
The costs of the planting curates licenced to HTB (which is the training ground for CRT curates) were cross-charged for work which was done for CRT. However, as these clergy members are employed by the Diocese of London and not by HTB, their costs have not been included in the salary figures shown above.
The average monthly number of full time equivalent employees (excluding clergy) was 16 (2019: 16)
The number of employees whose total benefits (excluding pension contributions and employer national insurance) were greater than £60,000 was 3 (2019: 2) **,** as follows:
£70K-£80K bracket - 1
£80K-£90K bracket - 1
£100K- £110K bracket - 1
None of the trustees received remuneration for services as employees or consultants during the year, or for services as trustees (2019: £Nil). Further details can be found in note 14 (Related Parties).
The key management personnel of CRT comprise the Church Revitalisation Trust CEO and COO. The total employee benefits (including pension and Employer NIC) of these staff was £209,757 (2019: £173,297).
The key management personnel of the central service function which serves HTB, AI, SPTC, and CRT2 comprise the Group Director of People, and the Group Chief Operating Officer. The total employee benefits (including pension and Employer NIC) of these key management personnel were £191,078 (2019: £174,821); CRT only bore a portion of these costs - £15,314 (2019: £12,835).
Redundancy/termination payments totalled £1,410 for the year (2019: £1,036), and include statutory payments as well as ex-gratia amounts where these were considered appropriate. This includes CRT's share of any Central Services redundancies.
20
**Church Revitalisation Trust**
**Notes to the financial statements For the year ended 31 December 2020**
## **7. TANGIBLE FIXED ASSETS**
|**COST**
Cost as at 1 January 2020 and 31 December 2020
**DEPRECIATION**
Depreciation b/f
Depreciation for the year
Depreciation c/f
**NET BOOK VALUE**
At 31 December 2019
At 31 December 2020
**8. DEBTORS**
Other Debtors
Prepayments
Accrued income
Balance owed from HTB - unrestricted
**9. CASH AT BANK AND IN HAND**
Balance at bank and in hand
**10. CREDITORS**
**Amounts falling due within one year:**
Accruals
Balance owed to HTB - 2020 restricted
Grants committed but unpaid
Sundry creditors
Trade creditors
Taxation and social security
**11. ANALYSIS OF NET ASSETS BY FUND**
**2020 Net Assets by Fund**
**Fund Analysis**
Fixed assets
Current assets
Current liabilities
Fund balance
**2019 Comparison of Net Assets by Fund**
**Fund Analysis**
Fixed assets
Current assets
Current liabilities
Fund balance|**Computer**
**Other**
**Equipment**
**Equipment**
**£**
**£**
**4,389**
**1,529**
3,595
1,098
581
431
**4,176**
**1,529**
794
431
**213**
**-**
**2020**
**£**
50,727
19,719
2,223,476
251,892
**2,545,814**
**2020**
**£**
**3,361,194**
**2020**
**£**
23,018
272,916
1,931,698
4,083
20,066
19,184
**2,270,965**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2020**
**2020**
**£**
**£**
213
-
1,587,278
4,319,730
(185,150)
(2,085,815)
**1,402,341**
**2,233,915**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2019**
**2019**
**£**
**£**
1,224
-
1,256,963
38,472
(93,266)
-
**1,164,921**
**38,472**|**Total**
**£**
**5,918**
4,693
1,012
**5,705**
1,225
**213**
**2019**
**£**
-
22,331
113
-
**22,444**
**2019**
**£**
**1,272,991**
**2019**
**£**
3,299
18,071
50,338
3,191
4,930
13,437
**93,266**
**Total**
**funds**
**2020**
**£**
213
5,907,008
(2,270,965)
**3,636,256**
**Total**
**funds**
**2019**
**£**
1,224
1,295,435
(93,266)
**1,203,393**|
|---|---|---|
21
**Church Revitalisation Trust**
**Notes to the financial statements For the year ended 31 December 2020**
## **12. RESTRICTED FUNDS**
|**. RESTRICTED FUNDS**
**Movement on restricted funds**
**Other ministry and operational costs**
**Planting Curates**- stipend, accommodation, training and support of
curates preparing to plant churches
**Social Transformation -**Love Your Neighbour initiative, including
Love Christmas campaign and a grant from the Department for
Culture, Media & Sport
**Grants and Mission Giving**- seed capital, ongoing support for
church plants & network churches and support of Peter Stream
candidates|**Transfer to**
**Opening**
**unrestricted**
**Closing**
**balance**
**Income Expenditure**
**funds**
**balance**
**2020**
**2020**
**2020**
**2020**
**2020**
**£**
**£**
**£**
**£**
**£**
-
1,083,333
(1,035,456)
-
47,877
38,472
182,148
(183,980)
-
36,640
50,000
(50,000)
-
-
-
7,185,544
(5,036,146)
-
2,149,398
38,472
8,501,025
(6,305,582)
-
2,233,915|
|---|---|
|**Movement on restricted funds 2019**
**Plant Support**- operational support for church plants & network
**Grants and Mission Giving**- seed capital, ongoing support for
church plants & network churches and support of Peter Stream
candidates
**Building Projects**- core costs and project management assistance
on church plant and network church building projects
**Planting Curates**- stipend, accommodation, training and support of
curates preparing to plant churches|**Transfer to**
**Opening**
**unrestricted**
**balance**
**Income Expenditure**
**funds***
**2019**
**2019**
**2019**
**2019**
**£**
**£**
**£**
**£**
- 671,111
671,111 -
500,000 -
- 500,000
50,000 713,897
725,425 -
- 100,000
100,000 -
550,000 1,485,008
1,496,536 500,000|**Closing**
**balance**
**2019**
**£**
-
-
38,472
38,472|
|---|---|---|
*During 2019 a restricted re-grant of £500,000, awarded in 2018, was transferred to unrestricted funds in accordance with the terms of the agreement with the donor, as the original purpose could not be fulfilled satisfactorily.
22
**Church Revitalisation Trust**
**Notes to the financial statements For the year ended 31 December 2020**
## **13. COMMITMENTS**
The leases of property for clergy accommodation are held by HTB and have been disclosed separately in those financial statements.
## **14. RELATED PARTIES**
None of the trustees were reimbursed expenses during the year.
**----- Start of picture text -----**
REMUNERATION FOR NON RELATED PARTY
TRUSTEE RELATED TRUSTEESHIPS
TRUSTEE SERVICES PAYMENTS
Alpha International (Trustee, Member and Chair of the Board), Holy Trinity
Brompton (Trustee and Chair of PCC), St Paul's Theological Centre (Trustee, See below for payments to/from
Nicky Gumbel £Nil (2019: £Nil)
Member and Chair of the Board), The Church Renewal Trust (Trustee, Member HTB Group entities
and Chair of the Board) and St Mellitus College Trust (Trustee).
Ecclesiastical acts as insurers to
Alpha International (Member), Holy Trinity Brompton (Trustee), St Paul's the HTB Group.
Theological Centre (Trustee), St Mellitus College Trust (Trustee), Ecclesiastical The 2020 insurance premium for
Angus Winther £Nil (2019: £Nil)
Insurance Office PLC (Director) and Ecclesiastical Insurance Group PLC CRT amounted to £7,440 (2019:
(Director). £7,089) and was cross-charged
by HTB.
CRT awarded St Peter's Brighton
network support grants of
£43,121 (2019: £19,250) and a
Archie Coates St Paul's Theological Centre (Trustee from 20 April 2020), St Mellitus College £Nil (2019: £Nil) further £79,422 in grants as part
Trust (Trustee), St Peter's Brighton (Trustee).
of the DCMS charity match
challenge scheme, which is
administered by CRT.
Tricia Neill Alpha International (Trustee), Church Renewal Trust (Trustee and Member) and £Nil (2019: £Nil) See below for payments to/from
St Paul's Theological Centre (Member). HTB Group entities
Sir Paul Marshall St Paul's Theological Centre (Trustee from 24 April 2020). £Nil (2019: £Nil) See below for payments to/from
HTB Group entities
Ademola Adebajo Holy Trinity Brompton (Trustee). £Nil See below for payments to/from
HTB Group entities
**----- End of picture text -----**
The total donations made by trustees for 2020 was £2,685,117 (2019: £507,361).
23
**Church Revitalisation Trust**
**Notes to the financial statements For the year ended 31 December 2020**
## **14. RELATED PARTIES (continued)**
**----- Start of picture text -----**
ENTITY INCOME EXPENDITURE BALANCE OWED TO/ (FROM) CRT NOTES
AT YEAR END
HTB has received grants under the DCMS
Govt scheme administered by CRT. CRT
£251,892 (2019: (£18,071))
bears a share of Central Service costs charged
Holy Trinity Brompton (HTB) £250,000 (2019: £386,640) £500,000 (2019: £Nil) DCMS grant owed to HTB (£272,916) by HTB, refer to note 4b. Sarah Jackson (CEO
(2019: £Nil)
of CRT) and Tom Jackson (husband) are both
Clergy and Trustees of HTB.
CRT awarded SPTC a grant, specified towards
St Paul's Theological Centre (SPTC) £Nil £36,000 (2019: £12,000) £Nil (2019: £Nil) support of a Peter Stream tutor (2019: general
Peter Stream ministry support). Sarah Jackson
(CEO of CRT) is a Trustee of SPTC.
St Mellitus College (SMC) £Nil £23,100 (2019: £19,480) £Nil (2019: £Nil) CRT supports Peter Stream students each year
by paying their fees to SMC.
The Church Renewal Trust made a £100k
Church Renewal Trust £Nil (2019: £100,000) £Nil (2019: £Nil) £Nil (2019: £Nil) grant to CRT during 2019, specified for
supporting the development of existing church
plants.
Until June 2020 the AI fundraising team
coordinated the interactions with donors who
Alpha International (AI) £Nil (2019: £Nil) £20,189 (2019: £28,556) £Nil (2019: £Nil) support both entities; CRT paid Alpha
International for this support.
Tom Jackson (Executive Chair of Resurgo) is
the husband of Sarah Jackson (CEO of CRT).
Resurgo has signed a Memorandum of
£77,106 Understanding with CRT during 2020 to
Resurgo Trust £Nil (2019: £Nil) (2019: £9,533) (£12,538) (2019: £Nil) provide support for social transformation and
impact measurement services. Tom was also
appointed CEO of the CRT Love Your
Neighbour initiative during 2020.
Tom Jackson (Executive Chair of Resurgo) is
the husband of Sarah Jackson (CEO of CRT).
Resurgo has received grant funding from the
Resurgo Spear Centres (London) £Nil (2019: £Nil) £121,742 (2019: £Nil) (£65,021) (2019: £Nil) Government DCMS grant administered by
CRT. Please see HTB, SPTC and Resurgo
Trust above for further details regarding both
Sarah and Tom.
Sarah Jackson (CEO of CRT) is the wife of
Crosslight Debt Advice £Nil (2019: £Nil) £Nil (2019: £Nil) £Nil (2019: £Nil) Tom Jackson, Trustee of Crosslight Debt
Advice (appointed in 2015).
Sarah Jackson (CEO of CRT) is a Trustee of
Nelson Street Church, Rochdale which is a
2020 HTB Network Church Plant. A new church
Nelson Street Church, Rochdale £Nil (2019: £Nil) £62,271 (2019: £Nil) (£62,271) (2019: £Nil) plant grant was awarded in 2020. Donations
have also been made by third parties to CRT to
regrant to Nelson Street Church.
Sarah Jackson (CEO of CRT) is a Director of
Citizen Church, Cardiff which is an HTB
Citizen Church, Cardiff £Nil (2019: £Nil) £30,000 (2019: £Nil) £Nil (2019: £Nil) Network Church Plant. A grant was awarded as
part of CRT's Love Christmas initiative.
Sarah Jackson (CEO of CRT), who is on the
PCC of HTB, was a Trustee of Hope Street
Wrexham, which is an HTB Network Church
Hope Street Wrexham £Nil (2019: £Nil) £50,300 (2019: £Nil) (£300) (2019: £Nil) Plant. A new church plant grant was awarded in
2020, and a further grant was awarded as part
of CRT's Love Christmas initiative.
Archie Coates (Trustee of CRT) is a Trustee of
St Peter's Brighton, which is an HTB Network
Church. Grants were awarded for network
St Peter's Brighton £Nil (2019: £Nil) £122,543 (2019: £19,250) (£65,982) (2019: £Nil) church support in 2020, and also as part of the
DCMS Government funded scheme, which is
administered by CRT.
Sarah Jackson (CEO of CRT) is a Trustee of St
Nicholas Bristol. Grants were awarded as part
of CRT's Love Your Neighbour initiative (which
Bristol CCRC Trust £Nil (2019: £Nil) £49,236 (2019: £3,629) (£7,657) (2019: £NIL) includes Love Christmas), and also as part of
the DCMS Government funded scheme, which
is administered by CRT. (2019 grant awarded
for network church support.)
Sarah Jackson (CEO of CRT) was a trustee of
Swindon CCRC Trust until July 2020. Grants
Swindon CCRC Trust £Nil (2019: £Nil) £22,500 (2019: £360) (£9,449) (2019: £Nil) were awarded as part of CRT's Love Your
Neighbour initiative, and also as part of the
DCMS Government funded scheme, which is
administered by CRT.
**----- End of picture text -----**
24
**Church Revitalisation Trust**
**Notes to the financial statements For the year ended 31 December 2020**
## **15. CONTINGENT LIABILITIES**
During the year, CRT entered into a grant agreement with the Department for Culture, Media and Sport (DCMS) whereby DCMS would pay CRT up to £4m of matched funding in support of the Love Your Neighbour initiative. CRT would then disburse these funds onwards to churches, charities and organisations (Hubs) who secured matched funding and met the social action purposes of the grant.
CRT holds identical grant agreements with the Hubs and as of 31 December 2020, the Hubs had matched funding in place for £3,495,993. Refer to Note 4.c. for a detailed breakdown of the £3,495,993 which has been broken down into grants paid in 2020 and liability for grants at year-end.
In order to fulfil CRT’s obligation to DCMS, the Hubs are required to spend the grants by 31 March 2021. Any amounts not spent by this date are required to be returned to DCMS, via CRT. CRT has confirmation that the full £4m has been spent by 31 March, however due diligence continues to be performed on the finance reports of each hub meaning a possible obligation still exists that funds will need to be returned to DCMS and therefore disclosure in the contingent liabilities note was considered necessary.
## **16. POST BALANCE SHEET EVENTS**
Love Christmas grants awarded and paid during December 2020 to the value of £50,727 were returned, unspent, to CRT after the balance sheet date of 31st December 2020. The Financial Statements have been updated to reflect the returned funds.
The Hubs raised matched funding for the remaining £500,007 by 31 March 2021 for the DCMS grant, thereby ensuring the entire DCMS grant of £4m was disbursed and spent by 31 March 2021.
## **17. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES**
The following table analyses 2019's income and expenditure between unrestricted and restricted funds:
|**INCOME**
**Donations and legacies**
Donations and grants
Booking fees & other income
**EXPENDITURE**
**Expenditure on Raising funds**
Costs of raising funds
**Expenditure on charitable activities**
Clergy training and preparation
Grants and mission giving
Other ministry and operational costs
**Total expenditure**
**Net income**
**Transfer from restricted to unrestricted funds**
**Movement in funds**
**Funds brought forward**
**Funds carried forward at 31 December**|**Unrestricted**
**Restricted**
**funds**
**funds**
**2019**
**2019**
**£**
**£**
978,985
1,485,008
15,170
-
994,155
1,485,008
176,190
-
191,030
671,111
116,980
725,425
707,562
100,000
1,191,762
1,496,536
(197,607)
(11,528)
500,000
(500,000)
862,528
550,000
1,164,921
38,472|**Total**
**funds**
**2019**
**£**
2,463,993
15,170
2,479,163
176,190
862,141
842,405
807,562
2,688,298
(209,135)
-
1,412,528
1,203,393|
|---|---|---|
25