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 2023** ## **Church Revitalisation Trust** ## **Financial statements for the year ended 31 December 2023** |**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** ## **the year ending 31 December 2023** ## **Reference and administrative information** The registered name of Charity is Church Revitalisation Trust (CRT). During the year the trustees adopted the working name of Revitalise Trust, and it is referred to by this name throughout these financial statements. Company number: 10754427 Charity Registration Number: 1174882 Principal and Registered Office: Holy Trinity Brompton, Brompton Road, London, SW7 1JA. Trustees: Adebimpe Nkontchou Ademola Adebajo (Treasurer) Angus Winther Reverend Archie Coates Harry Lawson Johnston Jeremy Herrmann Nichola Pease Reverend Naomi Maxwell Sir Paul Marshall Toby Baxendale Company Secretary: Mr Jon Shippen Bankers: National Westminster Bank PLC, 18 Cromwell Place, London, SW7 2LB Auditor: Moore Kingston Smith LLP, Devonshire House, 60 Goswell Road, London, EC1M 7AD ## **Objectives and activities** The Revitalise Trust was incorporated on 4 May 2017 in order to further the church planting activity undertaken by Holy Trinity Brompton (HTB). 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 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. RT aims to fulfil its vision for church revitalisation primarily by recruiting and training leaders and planting Resource Churches in cities and towns across the country and supporting the ongoing planting of churches from those already established, as well as providing ongoing training and support for those churches and their leaders. 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. RT 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 1 ## **CHURCH REVITALISATION TRUST** ## **the year ending 31 December 2023** 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 provision of services including those of crisis response (including food provision), debt advice, employment support and wrap around care. ## **Achievements and Performance** 3 were as follows: 1. A total of 22 new church plants within the HTB Network were supported by the Revitalise Trust with a major Resource Church being planted in Manchester. 2. A total of seven planting curates were recruited and are currently undergoing training at HTB or London Network churches. 3. The Accelerate Programme, a one-year training programme for planting curates, was run for a cohort of 22 leaders with seven of those on the Neighbourhood Stream (Estates planting). 4. Twenty future ordained leaders, were recruited and are enrolled on a one-year training and support programme in partnership with St Mellitus College with a view to this leading to selection for ordination within the Church of England. 5. The Caleb Stream, in partnership with St Mellitus College, entered its third year with 46 candidates, nearly doubling the number of cohorts from the year before. 6. A number of retreats and training events were run for leaders and teams from across the HTB Network. 7. support 10 new church-based Hubs to be more impactful centres of social transformation in their towns and cities. 8. Love Your Neighbour also held its first Alumni day in November 2023, with 50 attendees from 22 Hubs. 5 key priorities emerged including piloting forums and collaborations, piloting national partnerships, building a new impact platform, creating a shared resource library, and influencing policy and advocacy. 9. 2023 was the fourth year of the annual Love Christmas campaign and saw 6,000 volunteers from over 1,000 churches and other organisations across the UK deliver 107,000 bags of kindness to those most in need. Churches from over 30 denominations and networks took part. 10. Ukrainians, with a shift in emphasis towards helping Ukrainians integrate into UK society. LYN provided 15 grants to churches, equipping them to support Ukrainians locally including community meals, English classes, employment support and emergency arrival integration support. 11. A new 3 5-year strategy and business plan for Love Your Neighbour was developed and signed off by the board in summer 2023. ## **Plans for future periods** principal plans for 2024 are as follows: 1. To support a number of new church plants (20+) from within the HTB Network across the country, with many of those continuing to plant into areas of high deprivation. 2. A further nine planting curates are to be recruited and undergo training to plant into Estates. 2 ## **CHURCH REVITALISATION TRUST** ## **the year ending 31 December 2023** 3. The Accelerate Programme will continue with a new cohort of church planting leaders including the Neighbourhood Stream for Estates p and a number of other new streams for staff team roles (kids pastors, operations managers and worship leaders). 4. A bespoke and tailored suite of online and in-person leadership and team training programmes is currently under development with a new Head of Training and is due to begin in September. 5. The Wellbeing Chaplain will continue to support leaders across the Network in various ways and will film a series of short films as a resource to support healthy leadership to help enable that. 6. 70100 ordination discernment and theological and life skills training. 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. 8. Trialling a new initiative - - in conjunction with the Leadership Conference to invite potential donors to find out more about the work of the Revitalise Trust. 9. Continue to roll out a bespoke impact and data-gathering system to the Network. 10. Focus, the annual long weekend away for the HTB Network congregations, will take place in July with an expected 8,000 attendees, now in its second year of being run and administered by the Revitalise Trust. 11. support 10 more Hub churches. Combined with the 26 churches from cohorts 1 and 2, this will mean 36 Hubs have been supported and we are on track to raise up over 50 Hubs to be impactful centres of social transformation in key towns and cities across the UK by 2026. 12. At the same time, Love Your Neighbour will work closely with its Alumni network. A key priority will be launching new learning forums and from this piloting collaborations around topics such as food supply, employment, and modern slavery. We also aim to pilot a small number of national partnerships. A new impact platform will be launched in Q3, providing real-time data visualisation insight for Hubs. A new resource site will also be launched in Q2 to aggregate knowledge and share best practices. 13. Love Your Neighbour will continue to engage a broad number of churches through its annual 14. as long as is needed. ## **Financial Review** Following a number of successful grant and funding applications, as well as Focus ticket sales, RT generated income of £10.5m compared to £11.2m in 2022. Included in the income figure is £1.3m pertaining to Focus ticket sales, as a result of Focus being fully managed and administered by RT in 2023 (2022: £1.1m). Total expenditure for 2023 came to £9.8m (2022: £7.8m), resulting in a surplus for the year of £714k (2022 surplus: £3.4m). The 2023 surplus consists of £234k surplus on restricted funds and £480k surplus on general funds. As a result RT ended the year with a closing balance on unrestricted funds of £2.4m (2022: £1.9m). 3 ## **CHURCH REVITALISATION TRUST** ## **the year ending 31 December 2023** ## **Policy on reserves** The policy of the charity is not to build up excess 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 at least The reserves target based on the approved 2024 budget is therefore £2.04m. Free reserves at 31 December 2023 were £2.4m (2022: £1.9m), which exceeds the target. The trustees are comfortable with reserves at this 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. RT is committed to abiding by the Code of Fundraising Practice and to the Fundraising Promise. RT 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 2023. RT 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 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** Revitalise 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 RT, 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 4 ## **CHURCH REVITALISATION TRUST** ## **the year ending 31 December 2023** 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 (AI), the Revitalise Trust Theological Centre (SPTC) operate in close co-operation and within a shared operating model, including a common approach to pay and benefits for all staff employed within the group entities. -committee of the HTB PCC and the RT and SPTC boards, and includes representatives from each. Alpha International has its own Global Remuneration Committee (Global RemCo). In order to maintain a unified approach, Group and Global RemCo interface through the HTB Group COO who sits on both committees. Authority has been delegated by each of the entity boards to the relevant Group and Global RemCo, to oversee remuneration on behalf of each board whilst acting within the group remuneration framework. ## **Relationships and Related Parties** Details of related parties are given in note 14 of the financial statements. Company law requires the trustees to prepare accounts for each financial year which give a true and 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 5 ## **CHURCH REVITALISATION TRUST** ## **the year ending 31 December 2023** 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. auditors are unaware; and 2. The trustees have taken all the steps that they ought to have taken as trustees to make 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. RT is committed to abiding by the Code of Fundraising Practice and to the Fundraising Promise. RT 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 Public benefit: running a charity (PB2), and have had regard to it in their administration of the charity. The trustees believe that RT 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. ## **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. This report was approved by the board on the 2024 and signed on its behalf by The Reverend R.M. Coates, Chair of the board of trustees 6 ## **CHURCH REVITALISATION TRUST** ## **the year ending 31 December 2023** ## **Major Risks and Uncertainties** ||**Potential Risk**|**Mitigation**| |---|---|---| |1.|Loss of confidence by
stakeholders due to the
behaviour of senior leadership
or staff members.|Organisational values are clearly defined and regularly communicated.
Prayer and worship are central to life at RT.
Oversight and governance structures are in place for senior leaders and
staff.| |2.|Reputation of RT is damaged by
actions of church plants or their
leaders.|RT seeks to maintain close relationships with church plant leaders and
to provide ongoing training and support to them.| |3.|Safeguarding incident arises in
a church plant or HTB Network
church related to RT.|Church plants fall under the authority of their respective diocese, each
of which has robust safeguarding policies and officers in place in line
with official Church of England safeguarding policy.| |4.|Harm comes to visitors or staff
due to lack of appropriate and
compliant Health & Safety
procedures.|Internal and external H&S advisors monitor and report on risk areas
identified.
Regular H&S reporting takes place at senior management and Board
meetings.
Staff training in key H&S procedures is ongoing.| |5.|Future of the organisation
jeopardised due to lack of
adequate succession planning
for key senior roles.|Succession planning is under continual review for key senior roles in the
organisation.
Recent smooth and successful transition to a new Vicar of HTB.
RT maintains a close working relationship with HTB, which has a large
staff team.| |6.|Poor decision-making and
breach of regulatory
requirements due to weak or
non-compliant governance
structures.|Board meetings and structures are compliant with Charity Commission
requirements.
Care is taken to ensure that each group entity has a suitable number of
independent trustees.
Conflicts of interest are handled appropriately, approved by the Board,
and fully disclosed in the Annual Accounts.| |7.|Inability to operate in the event
of a disaster due to lack of
adequate business continuity
planning. Business continuity
compromised or critical data
lost through cyber-attack.|Significant investment has been made in upgrading digital and
technology systems, including moves to largely cloud-based systems
which has increased resilience. We demonstrated during the pandemic
our ability to respond flexibly and quickly in a crisis to organisational
needs.| |8.|Cyber security risks continue to
increase rapidly with changes in
technology, creating risk of
data security breaches,
impacting our ability to operate
and potential significant
financial loss.|Continuous review of risks, education of staff and ongoing investment in
technology solutions which counter this risk| |9.|Lack of sufficient income
and/or inadequate cashflow
results in an inability to meet
salary and creditor payments.|RT operates a financial policy framework which includes escalating any
policy which has been exceeded in this financial year.
Cash flow and income projections are reviewed monthly and reported
to senior staff and to the board.| 7 ## **CHURCH REVITALISATION TRUST** ## **the year ending 31 December 2023** ||**the year**|**ending 31 December 2023**| |---|---|---| ||**Potential Risk**|**Mitigation**| |10.|Safeguarding, H&S and other
reputational risks arising
through Focus event|The RT team work closely with the HTB team to ensure that appropriate
robust and compliant systems are in place to manage these risks and
keepall those comingto focus safe.| |11.|Risk of unforeseen events (e.g.
adverse weather or disease)
resulting in the need to cancel
Focus leaving RT with the
liability for substantial costs|Costs are carefully controlled and incurred as close to the event as
possible to manage the risk.
Event cancellation insurance has been investigated but is often subject
to exclusions which can restrict available cover considerably.| 8 DoGusign Envelope ID." 9E86OsA9-7E6￿Es9-991C-7479F1AFE7BE INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF CHURCH REVITALISATION TRUST Opinion We have audited the financial statements of Revitalise Trust I'the companV'I for the year ended 31 December 2023 which comprise the Statement of Financial Activitt"es, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a 5urnmary of significant accounting policie5. The linancial reporknng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 rhe Financial Reporknng 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 tornpany's affairs as at 31 December 2023, and of its incoming resources and application of resources. for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilitres 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 ctsmpany in accordance with the ethical requirernents that are relevant to our audit of the linancial statements in the UK, including the FRC'S Ethical Standard, and we have fulhlled 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 relatin8 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 identilied any material uncertainties relating to event5 or conditions that, individually or collectively, may cast significant doubt on the charitable company'5 ability to continue as a going concern for a period of at least twelve months from when the fi'nancial statements are authorised for issue. Our responsibilities and the re5pon5ibilitie5 of the trustees with respect to going concern are described in the relevant sections of this report. Other InfOrMa￿On The other information comprise5 the information included in the annual report, other than the linancial statements and our auditor'5 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 tsur audit of the financial statement5, our re5pon5ibility is to read the other information and, in doin8 so, consider whether the other information is materially inconslstent with the linancial 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 DoGusign Envelope ID." 9E86OsA9-7E6￿Es9-991C-7479F1AFE7BE information. If, based on the work we have performed. we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters ot) which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Att 2006 requires us to report to you if, in our opinion= the information given in the Annual Report 15 inconsistent in any material respect with the tinancial statements,. or the charitable company has not kept adequate accounting records., or the linancial statements are not in agreement with the accounting records and returns.. or we have not received all the information and explanations we required for our audit. Responsibilities of trustees As explained more fully in the trusiees, responsibilitres statement set out on pages 5 and 6, the trustees (who are also the directors of the charitable company) are responsible for the preparation of the financial statements and for being 5ati5lied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of linancial statements that are free from material misstatement, whether due to fraud or error. In preparing the finantial statements, the trustees are responsible for a55essing the eharitable eompany's ability to continue as a going concern, disc105in8, 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. A5 part of an audit in accordance with ISA5 IUKI we exercise professional judgement and maintain profe55ional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the linancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that Is sufficient ènd appropriate to provide a basis for our opinion. The risk of not detecting a material mi55tatement resulting from fraud 15 higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omi55ion5, rnisrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to desiEn audit procedures that are appropriate in the circumstances, but not for the purp05e5 of expre55ing an opinion on the effectiven8ss of the ch3ritabl8 company'5 intern31 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 toneern ba51% of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event5 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 fi-nancial 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'5 report. However, future event5 or conditions may cause the charitable company to cease to continue as a going concern. 10 DoGusign Envelope ID." 9E86OsA9-7E6￿Es9-991C-7479F1AFE7BE 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 achieve5 fair presentation. We communicate with those charged with governance regarding, among other matter5, the planned Scope and timing of the audit and significant audit findings. including any significant deliciencies in internal control that we identify during our audit. Explanation as to what extent the audit W35 considered capable of detecting irregularitie5, including Fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecbng irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are,. to identify and assess the risks of material misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence regarding the assessed risks of rnaterial rnisstatement due to fraud, through designing and implernenting èppropriate responses to those assessed ri5ks,' and to respond appropriately to in5tance5 of fraud or Suspected fraud identih'ed 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 companv. Our approach was as follows= We obtained an understanding of the legal and regulatory requirement5 applicable to the charitable company and considered that the most significant are the Companie5 Act 2006, the Charities Act 2011, 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 bv discussions with management and those charged with governance. We assessed the risk of material mi55tatement of the h"nancial staternent5, including the risk of material mi55tatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. There are inherent limitations in the audit procedures described above. We are less likely to become aware of in5tance5 of non-compli3nce with laws and regulation5 that are not c105ely related to events and tran5athon5 reflected in the linancial statements. A150, the risk of not detecting a rnaterial rnisstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment bv, for example, forgery or intentional misrepresentations, or through collusion. Use of thi5 report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 8 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the members of the trustees those matters we are required to state to them in an auditorfs repoit and for no othei purpose. To the fullest extent peirnitted by law, we do not accept or a55urne re5pon5ibility to any party other than the charitable company and charitable company'5 members as a body, for our audit work, for this report, or for the opinion we have formed. O&Y& K, L Jarne5 Cross, Senior Stat ory Auditor For and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th Floor, 9 Appold Street, London. EC2A 2AP Date.. 20 sep.tember 2024 ## **Church Revitalisation Trust** **Statement of Financial Activities For the year ended 31 December 2023** |**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 Love
Your Neighbour grants)
4
Other ministry and operational costs
4
Love Your Neighbour grants and support
4
FOCUS
4
**Total expenditure**
**Net income/(expenditure)**
**Funds brought forward**
**Funds carried forward at 31 December**|**Unrestricted**
**funds**
**2023**
**£**
2,223,846
144,566|**Restricted**
**funds**
**2023**
**£**
6,846,892
1,283,045|**Total**
**funds**
**2023**
**£**
9,070,738
1,427,611
10,498,349
376,253
2,075,699
1,802,606
1,312,363
2,194,502
2,022,622
9,784,044
714,305
5,736,529
6,450,834|**Total**
**funds**
**2022**
**£**
10,076,234
1,105,645| |---|---|---|---|---| ||2,368,412|8,129,937||11,181,879| ||37,293
79,322
192,606
1,107,945
-
471,033|338,960
1,996,377
1,610,000
204,418
2,194,502
1,551,589||217,065
1,699,100
1,590,185
1,209,518
1,792,282
1,315,162| ||1,888,198|7,895,846||7,823,312| |||||| ||480,214|234,091||3,358,567| ||1,932,971|3,803,558||2,377,962| ||2,413,185|4,037,649||5,736,529| All amounts are derived from continuing activities. The notes on pages 16 to 26 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. 1 ## **Church Revitalisation Trust** ## **Balance Sheet** ## **As at 31 December 2023** |**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|**2023**
**£**
3,247
499,432
6,515,810
7,015,242
(567,655)
6,447,587
6,450,834
2,413,185
4,037,649
6,450,834|**2022**
**£**
6,497| |---|---|---| |||552,444
5,742,856| |||6,295,300
(565,268)| |||5,730,032| |||5,736,529| |||1,932,971
3,803,558| |||5,736,529| ## **Approved by the Board on 2024 and signed on its behalf by:** Chair of the board of trustees The notes on pages 13 to 26 form part of these financial statements. Company no: 10754427 Charity no: 1174882 1 ## **Church Revitalisation Trust** ## **Statement of cashflow** **For the year ended 31 December 2023** |**Note**
**Net cash inflow / (outflow) 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
Decrease in debtors
8
(Decrease) in creditors
10
**Net cash (outflow) / inflow from operating activities**|**2023**
**£**
772,954
-
772,954
5,742,856
6,515,810
**2023**
**£**
714,305
3,250
53,012
2,387
772,954|**2022**
**£**
3,383,478
(7,414)| |---|---|---| |||3,376,064
2,366,792| |||5,742,856| |||**2022**
**£**
3,358,567
2,923
403,163
(381,175)| |||3,383,478| The charity has no net debt and accordingly no net debt note is presented. 1 ## **Church Revitalisation Trust Notes to the financial statements For the year ended 31 December 2023** ## **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 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. The strength of RT's 2024 pipeline, the generous donations received towards the Love Your Neighbour campaign across the network and the current free reserves of £2,413,185 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. ## **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, Other ministry and operational costs and Social transformation. As reflected in note 14 (Related Parties), a close working relationship is enjoyed between Holy Trinity Brompton (HTB), Alpha International (AI), St Theological Centre (SPTC) and Revitalise Trust (RT). 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. 1 ## **Church Revitalisation Trust** ## **Notes to the financial statements For the year ended 31 December 2023 (continued)** ## **Grants** Grants are made to charitable organisations whose activities accord with the objects of Revitalise Trust. These are made at the discretion of the board, based on established evaluation criteria. Grants are accounted for when due. ## **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 Other Equipment - 3 years Depreciation has been charged on the computer and other 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 Financial 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: ## _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. 1 ## **Church Revitalisation Trust Notes to the financial statements For The Year Ended 31 December 2023 (continued)** ## **2. DONATIONS AND GRANTS** |Donations under Gift Aid
Income tax recovered
Department for Levelling Up, Housing and Communities
Other donations and grants
**3. BOOKING FEES & OTHER INCOME**
Booking Fees - Retreats & Events
Booking Fees - Focus Event
Booking Fees - Transform Event
Interest and Other Income|**Unrestricted**
**funds**
**Restricted**
**funds**
**Total funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
227,289
139,918
367,207
80,932
78,811
159,743
-
-
-
1,915,625
6,628,163
8,543,788
2,223,846
6,846,892
9,070,738
**Unrestricted**
**funds**
**Restricted**
**funds**
**Total**
**2023**
**2023**
**2023**
**£**
-
-
-
-
1,283,045
1,283,045
59,707
-
59,707
84,859
-
84,859
144,566
1,283,045
1,427,611|**Total funds**
**2022**
**£**
398,972
101,298
200,000
9,375,964| |---|---|---| |||10,076,234| |||**Total**
**2022**
**£**
22,272
1,070,904
-
12,469| |||1,105,645| The booking fee income received is related to various retreats run to support and train clergy and their families. In addition, Focus, the annual long weekend away for HTB Network took place in July 2023 and was fully managed and administered by RT (previously run by HTB). Total cost of the Focus Event including retreats was borne by RT, and it amounted to £2,022,622 (2022: £1,315,162). ## **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
Love Your Neighbour Grants (see note 4c & 4d)
Love Your Neighbour General
Love Christmas
Love Cities including Dept for Levelling Up, Housing and Communities
Love Ukraine
Love Your Neighbour Operational Costs (see note 4d)
Focus Direct and Support Costs
**Fundraising costs**
General
Love Your Neighbour
FOCUS
**Total on Statement of Financial Activities**
**Charitable activities**
Clergy Training and Preparation
Grants and Mission Giving (excluding Social Transformation Grants- see note 4c)
Other Ministry and Operational Costs
Focus Direct and Support Costs
Love Your Neighbour Grants (see note 4c & 4d)
Love Your Neighbour General
Love Christmas
Love Cities including Dept for Levelling Up, Housing and Communities
Love Ukraine
Love Your Neighbour Operational Costs (see note 4d)
**Fundraising costs**
General
Love Your Neighbour
**Total on Statement of Financial Activities**|**Direct costs**
**Support costs**
**2023**
**2023**
**£**
**£**
1,988,600
87,099
1,796,121
6,485
1,139,799
172,564
-
-
418,553
28,328
967,521
45,459
37,749
12,879
640,550
43,463
1,894,529
128,092
182,790
54,503
-
137,912
-
1,048
9,066,212
717,832
**Direct costs**
**Support costs**
**2022**
**2022**
**£**
**£**
1,599,071
100,029
1,585,484
4,701
1,021,466
188,052
1,315,162
-
5,000
-
345,333
31,399
522,176
42,616
168,200
34,884
593,828
48,846
81,231
41,503
77,613
16,718
7,314,564
508,748|**Total costs**
**2023**
**£**
2,075,699
1,802,606
1,312,363
-
446,881
1,012,980
50,628
684,013
2,022,622
237,293
137,912
1,048| |---|---|---| |||9,784,044| |||**Total costs**
**2022**
**£**
1,699,100
1,590,185
1,209,518
1,315,162
5,000
376,732
564,792
203,084
642,674
122,734
94,331| |||7,823,312| 1 ## **Church Revitalisation Trust Notes to the financial statements For The Year Ended 31 December 2023 (continued)** ## **4b Support costs** |**Support costs**||| |---|---|---| |Facilities and property costs
IT
Finance
HR
Legal
Focus
**Total Support costs**
The following support costs have been allocated to the charitable activities above:|**2023**
**£**
157,263
132,963
231,251
109,468
85,467
1,420|**2022**
**£**
94,164
118,755
146,766
97,722
51,341
-| ||717,832|508,748| ## **4c Grants** **Grants and Mission Giving (excluding Love Your Neighbour Grants)** |**Grantee**
St Paul's Theological Centre
AZ Alliance
PCC of St Paul's Shadwell S/O
Manchester - Start up grant
St Swithin's Lincoln
All Hallows Church Bow S/O
PCC of Leatherhead
St John's Hampton Wick S/O
Lighthouse London S/O
St Peter's Brockley S/O
Holy Trinity Clapham S/O
Preston Minster
St James in the City
Christ Church Feltham S/O
The St Lukes Mission Initiative S/O
Gosport South PCC
Family Life and Relationships Trust
St Peter's Bethnal Green S/O
PCC of St John at Hackney S/O
PCC of St Cuthman's Church Brighton
St John's Hampton Wick
St Peter's Brighton
Basingstoke PCC (St Michaels Church)
Christ Church Rio
River Church Ipswich
Harbour Church Portsmouth
St Werburgh's Church Derby
Other Grants £10,000 and under
Support costs
**Total Grants and Mission Giving (excluding Social Transformation Grants)**|**Unrestricted**
**Restricted***
**Total**
**funds**
**funds**
**funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
950,000
950,000
120,000
120,000
64,342
64,342
50,000
0
50,000
50,000
50,000
48,424
48,424
45,001
45,001
38,644
38,644
35,751
35,751
32,443
32,443
26,097
26,097
25,000
0
25,000
25,000
0
25,000
20,403
20,403
17,842
17,842
17,554
17,554
15,000
15,000
14,000
14,000
12,565
12,565
12,377
12,377
11,667
0
11,667
11,280
0
11,280
0
0
0
0
0
0
0
0
0
0
0
0
0
0
63,174
89,558
152,732|**Total**
**funds**
**2022**
**£**
954,000
53,319
21,369
74,172
22,563
16,185
13,010
12,836
17,777
15,000
9,155
7,573
43,771
53,673
50,000
40,000
25,000
13,000
17,685
25,000
100,394| |---|---|---| ||**186,121**
**1,610,000**
**1,796,121**|**1,585,482**| ||6,485
-
6,485|4,790| ||**192,606**
**1,610,000**
**1,802,606**|**1,590,272**| *The grants from restricted funds take account of the specification of particular donors, but all grants are subject to the review, sign-off and approval of 1 ## **Church Revitalisation Trust** ## **Notes to the financial statements For The Year Ended 31 December 2023 (continued)** **4c Grants continued** |**Grantee**
Gas Street Church Birmingham
Vineyard Compassion
Network Church Sheffield
St Swithun's Church Bournemouth
Harbour Church Portsmouth
Hackney Church London
St George's Gateshead
SOUL Foundation Norwich
Hillsong Church London
Destiny Church Glasgow Southside
Trent Vineyard
Audacious Church Manchester
LCC Community Trust
B&A Church Bristol
The C3 Cambridge
King's Church Aberdeen
River Church Ipswich
SAINT, East London
KingsGate, Peterborough
Church Crawley
PCC Southampton City Centre
Bristol CCRC Trust
PCC St Johns Church
Holy Trinity Brompton
Emmaus Road, Woking
HTB, West London
Jesus House London
Life Church Ministries
St Werburgh's Church Derby
St John's Church Crawley
Alpha International
Pattern Church
Hillsong Newcastle
PCC of St Barnabas Church London
Parish of St Thomas and Kilvey
Sanctuary Foundation
St Catherine's Church Gorseinon
KingsGate Community Church Peterborough
Other Grants £10,000 and under
Various
Support costs
**Total Love Your Neighbour Grants**
**Love Your Neighbour Grants**
The grants below were all awarded from Restricted funds in
connection with Love Your Neighbour activity:|**Love**
**Christmas**
**Love Cities**
**including**
**Love**
**Ukraine**
**Total**
**2023**
**2023**
**2023**
**2023**
**£**
**£**
**£**
**£**
0
100,000
0
100,000
0
65,071
3,840
68,911
0
60,000
0
60,000
0
60,000
0
60,000
8,100
50,000
0
58,100
7,700
47,916
0
55,616
20,000
17,350
17,566
54,916
4,650
50,000
0
54,650
7,000
46,703
0
53,703
12,000
40,000
0
52,000
12,108
35,000
0
47,108
6,825
32,400
5,877
45,102
6,090
35,000
0
41,090
2,150
30,000
8,464
40,614
0
40,000
0
40,000
2,000
35,000
0
37,000
10,000
20,000
5,500
35,500
0
35,145
0
35,145
0
35,000
0
35,000
0
34,047
0
34,047
10,000
21,746
0
31,746
6,250
25,000
0
31,250
13,200
9,166
0
22,366
21,307
0
0
21,307
20,000
0
0
20,000
20,000
0
0
20,000
20,000
0
0
20,000
20,000
0
0
20,000
20,000
0
0
20,000
2,500
15,953
0
18,453
0
0
18,450
18,450
0
0
15,000
15,000
0
13,941
0
13,941
12,300
0
0
12,300
12,000
0
0
12,000
7,500
0
4,299
11,799
10,500
0
0
10,500
10,000
0
0
10,000
114,373
13,083
(41,247)
86,209
418,553
967,521
37,749
1,423,823
28,328
45,459
12,879
86,666
446,881
1,012,980
50,628
1,510,489|**Total**
**2022**
**£**
16,127
4,000
26,000
62,132
51,240
1,476
87,500
20,700
10,500
73,875
4,050
63,397
26,000
2,800
5,375
500
2,400
4,800
600
1,750
2,000
573,287| |---|---|---| |||1,040,509| |||108,899| |||1,149,408| ## **Church Revitalisation Trust Notes to the financial statements For The Year Ended 31 December 2023 (continued)** ## **4d Love Your Neighbour Analysis** The following table analyses Love Your Neighbour expenditure on the Statement of Financial Activities (SOFA) between unrestricted and restricted funds. |**All LYN is Restricted**
Love Your Neighbour Grants
Love Your Neighbour General
Love Christmas
Love Cities including Dept for Levelling Up, Housing and Communities
Love Ukraine
Love Your Neighbour Operational Costs
**5. AUDIT COSTS AND DEPRECIATION**
**Net income / (expenditure) is stated after charging:**
Auditor's remuneration
Depreciation
**6. STAFF COSTS**
Wages and salaries
Social security costs
Pension costs|**Unrestricted**
**Restricted**
**Total funds**
**2023**
**2023**
**2023**
**£**
**£**
**£**
-
-
-
-
446,881
446,881
-
1,012,980
1,012,980
-
50,628
50,628
-
684,013
684,013
-
2,194,502
2,194,502
**2023**
**£**
11,550
11,550
3,250
**2023**
**£**
1,948,033
197,540
86,665
2,232,238|**Total funds**
**2022**
**£**
5,000
376,732
564,792
203,084
642,674| |---|---|---| ||-
2,194,502|1,792,282| |||**2022**
**£**
6,000| |||6,000| |||2,923| |||**2022**
**£**
1,240,070
139,028
60,482| |||1,439,580| As disclosed in note 14 (Related Parties), there is a close working relationship between HTB, AI, SPTC and RT. 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 above Wages and Salaries costs include only staff on standard employment contracts with RT. It does not include the costs of costs of planting curates licenced to HTB (paid for by RT) or the share of clergy who do work for RT, as clergy fall under stipend arrangements with the Diocese of London. The average monthly number of full time equivalent employees (excluding clergy) was 43.69 (2022:29) The number of employees whose total benefits (excluding pension contributions and employer national insurance) were greater than £60,000 was 4 (2022: 3) **,** as follows: £70K - £80K bracket - 1 - £81K - £90K bracket - 1 - £100K - £110K bracket - 1 £120K - £130k bracket - 1 None of the trustees received remuneration for services as employees or consultants during the year, or for services as trustees (2022: £Nil). Further details can be found in note 14 (Related Parties). The key management personnel of RT comprise the Revitalise Trust Chief Executive Officer (RT CEO), Chief Operating Officer (COO) and Love Your Neighbour Chief Executive Officer (LYN CEO). The total employee benefits of the RT CEOs and COO (including pension and Employer NIC) were £348,375.15 (2022: £220,754). The LYN CEO is working for RT under secondment from Resurgo Trust. See Note 14 for Related Party disclosure. The key management personnel of the central service function which serves HTB, AI, SPTC, and RT comprise the Group Director of People, Group Chief Operating Officer and the Group Director of Finance. The total employee benefits (including pension and Employer NIC) of these key management personnel were £253,222.05 (2022: £254,482); but RT only bore a portion of these costs of £120,370.41 (2022: £58,810). Redundancy/termination payments totalled £Nil for the year (2022: £Nil), and include statutory payments as well as ex-gratia amounts where these were considered appropriate. This includes RT's share of any Central Services redundancies. 2 ## **Church Revitalisation Trust Notes to the financial statements For The Year Ended 31 December 2023 (continued)** ## **7. TANGIBLE FIXED ASSETS** |**7. TANGIBLE FIXED ASSETS**||| |---|---|---| |**COST**
Cost as at 1 January 2023
Additions
Cost as at 31 December 2023
**DEPRECIATION**
Depreciation b/f
Depreciation for the year
Depreciation c/f
**NET BOOK VALUE**
At 31 December 2022
At 31 December 2023
**8. DEBTORS**
Other Debtors
Prepayments
Accrued income
Balance owed from HTB
Balance owed from Alpha International
Trade Debtors
VAT Control Account
**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
Balance owed to Alpha International
Grants committed but unpaid
Sundry creditors
Trade creditors
Taxation and social security
Deferred Income
**11. ANALYSIS OF NET ASSETS BY FUND**
**2023 Net Assets by Fund**
**Fund Analysis**
Fixed assets
Current assets
Current liabilities
Fund balance
**2022 Comparison of Net Assets by Fund**
**Fund Analysis**
Fixed assets
Current assets
Current liabilities
Fund balance|**Computer**
**Other**
**Equipment**
**Equipment**
**£**
**£**
6,818
8,943
-
-
**6,818**
**8,943**
6,026
3,238
792
2,458
**6,818**
**5,696**
792
5,705
**-**
**3,247**
**2023**
**£**
39,173
349,954
104,868
-
1,800
3,295
342
**499,432**
**2023**
**£**
**6,515,810**
**Updated**
**2023**
4,089
11,616
-
436,693
9,055
64,916
41,136
150
**567,655**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2023**
**2023**
**£**
**£**
0
3,247
2,902,580
4,112,662
(340,593)
(227,062)
**2,561,988**
**3,888,847**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2,022**
**2,022**
**£**
**£**
397
6,100
2,036,741
4,258,559
(104,167)
(461,101)
**1,932,971**
**3,803,558 `**|**Total**
**£**
15,761
-| |||**15,761**
9,264
3,250| |||**12,514**
6,497| |||**3,247**| |||**2022**
**£**
10,000
192,997
326,370
23,077
-
-
-| |||**552,444**| |||**2022**
**£**
**5,742,856**| |||**Updated**
**2022**
40,340
-
5,358
364,229
6,339
74,303
32,635
42,064| |||**565,268**| |||**Total**
**funds**
**2023**
**£**
3,247
7,015,242
(567,655)| |||**6,450,834**| |||**Total**
**funds**
**2,022**
**£**
6,497
6,295,300
(565,268)| |||**5,736,529**| 2 ## **Church Revitalisation Trust Notes to the financial statements For The Year Ended 31 December 2023 (continued)** ## **12. RESTRICTED FUNDS** |**Movement on restricted funds 2023**
**Movement on restricted funds 2022**
**Planting Curates**- stipend, accommodation, training and support of curates
preparing to plant churches
**Estates**- revitalising churches in Estates and Urban Areas with deprivation
**Grants and Mission Giving**- seed capital, ongoing support for church
plants & network churches and support of Peter Stream candidates
**Focus**- Gifts given towards Focus and RT Good Works
- costs associated with planting, leadership
and fundraising
**Other ministry and operational costs**- other
**Love Your Neighbour**- including a grant from the Department for Levelling
Up, Housing and Communities
**Planting Curates**- stipend, accommodation, training and support of curates
preparing to plant churches
**Love Your Neighbour**- including a grant from the Department for Levelling
Up, Housing and Communities
**Estates**- revitalising churches in Estates and Urban Areas with deprivation
**Other ministry and operational costs**- other
**Grants and Mission Giving**- seed capital, ongoing support for church
plants & network churches and support of Peter Stream candidates
**Focus**- Gifts given towards Focus and RT Good Works
- costs associated with planting, leadership
and fundraising|**Opening**
**balance**
**Income**
**Expenditure**
**2023**
**2023**
**2023**
**£**
**£**
**£**
799,074
1,676,089
(1,996,377)
326,556
300
-
50,231
2,962,101
(1,610,000)
269,592
1,283,045
(1,551,589)
576,578
500,000
(338,960)
91,393
113,025
(204,418)
1,690,134
1,595,378
(2,194,502)

|**Closing**
**balance**
**2023**
**£**
478,786
326,856
1,402,331
1,048
737,618
-
1,091,010| |---|---|---| ||**3,803,558**
**8,129,938**
**(7,895,846)**|**4,037,649**| ||**Opening**
**balance**
**Income**
**Expenditure**
**2022**
**2022**
**2022**
**£**
**£**
**£**
-
2,251,280
(1,452,206)
-
350,000
(23,444)
-
1,296,998
(1,246,767)
-
563,850
(294,258)
-
1,480,000
(903,422)
46,728
158,712
(114,047)
594,953
2,981,795
(1,886,614)
641,681 9,082,635
(5,920,758)

|**Closing**
**balance**
**2022**
**£**
799,074
326,556
50,231
269,592
576,578
91,393
1,690,134| |||3,803,558| ## **13. COMMITMENTS** The leases of property for clergy accommodation are held by HTB and have been disclosed separately in those financial statements. 2 ## **Church Revitalisation Trust Notes to the financial statements For The Year Ended 31 December 2023 (continued)** ## **14. RELATED PARTIES** None of the trustees were reimbursed expenses during the year. |**TRUSTEE OR KMP**|**RELATED TRUSTEESHIPS**|**REMUNERATION FOR**
**NON TRUSTEE**
**SERVICES**|
**RELATED PARTY**
**PAYMENTS**| |---|---|---|---| |Angus Winther*|HTB PCC (Trustee & Churchwarden), St Paul's
Theological Centre (Trustee), St Mellitus College Trust
(Trustee), Hiscox Syndicates Ltd (Director),
Ecclesiastical Insurance Office PLC (Director).|£Nil (2022: £Nil)|Ecclesiastical acts as insurers to the HTB
Group. The 2023 insurance premium for RT
amounted to £16,689 (2022: £14,253).| |Archie Coates*|HTB PCC (Trustee and Vicar ), Alpha International
(Trustee), St Paul's Theological Centre (Trustee), St
Mellitus College Trust (Trustee).|£Nil (2022: £Nil)|See below for related entity transactions.| |Ademola Adebajo*|London Diocesan Fund (trustee)|£Nil (2022: £Nil)|RT holds a close working relationship with the
London Diocese, with all HTB curates being
licensed under the London Diocese. During
2023 RT received funding of £626,089 (2022:
£676,280) for SMF and SDF, through a joint bid
with the London Diocese.| |Naomi Maxwell*|The Parochial Church Council Of The Ecclesiastical
Parish Of Hackney (SAINT)|£Nil (2022: £Nil)|See below for related entity transactions.| |Sarah Jackson^|St Paul's Theological Centre (Trustee), Citizen Church
Ltd (Director), and AZ Alliance Ltd (Director).|£Nil (2022: £Nil)|Tom Jackson (husband) is CEO of LYN within
RT. Further details are included under Tom
RT made a grant of £120,000 towards the work
of AZ Alliance Ltd in 2023.| |Tom Jackson^|Resurgo Trust (Founder and Executive Chairman),
Resurgo Consulting (Director) .|£Nil (2022: £Nil)|Sarah Jackson (wife) is CEO of RT.
Tom Jackson is CEO of Love Your Neighbour
within RT. Remuneration of the CEOs is
overseen by the Remuneration Committee and
signed off by the board.
Resurgo work closely with RT providing advice
on impact measurement and training. There is
a Memorandum of Understanding between
HTB, RT and Resurgo covering these
arrangements.| * Trustee ^ Key Management Personnel The total donations made by trustees for 2023 was £2,501,200 (2022: £5,189,600). 2 ## **Church Revitalisation Trust Notes to the financial statements** ## **For The Year Ended 31 December 2023 (continued)** ## **14. RELATED PARTIES (continued)** |**ENTITY**|**INCOME**|**EXPENDITURE**|**BALANCE**
**OWED**
**TO/(FROM) RT**
**AT YEAR END**|**NOTES**| |---|---|---|---|---| |Holy Trinity Brompton
(HTB)|£250,000
(2022: £307,500)|£307,507
(2022: £122,203)|(£11,616)
(2021: (£24,769))|HTB makes an annual grant to the Revitalise Trust, in 2023 this was
£250,000. RT bears a share of Central Services costs charged by HTB
(See note 6).
RT bears the cost of off-Common Fund clergy who form part of RT's
planting pipeline and undergo their training at SMC.| |St Paul's Theological
Centre (SPTC)|£Nil
(2022: £Nil)|£950,000
(2022: £954,000)|£Nil
(2022: £Nil)|The grant to SPTC was in support of the Peter & Caleb Streams, and for
the general growth & development of the college.| |St Mellitus College
(SMC)|£Nil
(2022: £Nil)|£276,345
(2022: £150,338)|£Nil
(2022: (£25,047))|RT supports Peter Stream students each year by paying their fees to SMC.
RT paid SMC £276,345 for Caleb and Peter Stream Course Fees.| |Alpha International (AI)|£Nil
(2022: £16,9612)|£18,450
(2022: £Nil)|£1,800
(2022: £5,358)|RT awarded one-off grant of £18,450 to Alpha International towards the
cost of the Alpha AMENA Support Director for Ukraine. The grant was paid
from funding specified for the Love Ukraine inititative.| |Resurgo Trust|£Nil
(2022: £Nil)|£10,754
(2022: £157,563)|£Nil
(2022: (£7,572))|A Memorandum of Understanding is in place between RT and Resurgo.
The MoU is regularly reviewed and approved by the board and all
payments are disclsoed.| |Resurgo Spear
Centres|£Nil
(2022: £Nil)|£70,375
(2022: £Nil)|£Nil
(2022: £Nil)|RT paid Resurgo Spear Centres £70,375 for coaching design and
delivery and leadership.| |Citizen Church, Cardiff|£Nil (2022: £Nil)|£5,800
(2022: £1,260)|£Nil
(2022: £5,000)|Citizen Church is an HTB Network Church. Grants were awarded in both
2022 and 2023 as part of RT's Network Support and Love Christmas
initiatives.| |The Parochial Church
Council
Of The Ecclesiastical
Parish Of Hackney
(SAINT)|£Nil
(2022: £Nil)|£67,993
(2022: £25,782)|(£2,062)
(2022: (£37,523))|SAINT is an HTB Network Church. Grants were awarded as part of RT's
Love Your Neighbour initiative and to support an SMF funded curate.| 2 ## **Church Revitalisation Trust Notes to the financial statements For The Year Ended 31 December 2023 (continued)** ## **15. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES** The following table analyses 2022'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 (excluding Love Your Neighbour grants)
Other ministry and operational costs
Love Your Neighbour grants and support
**Total expenditure**
**Net income/(expenditure)**
**Funds brought forward**
**Funds carried forward at 31 December**|**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
993,599
9,082,635
1,105,645
-
2,099,244
9,082,635
64,094
152,971
17,796
1,681,304
160,797
1,429,388
1,659,867
864,813
-
1,792,282
1,902,554
5,920,758
196,690
3,161,877
1,736,281
641,681
1,932,971
3,803,558|**Total**
**funds**
**2022**
**£**
10,076,234
1,105,645| |---|---|---| |||11,181,879| |||217,065
1,699,100
1,590,185
2,524,680
1,792,282| |||7,823,312| |||| |||3,358,567| |||2,377,962| |||5,736,529| 2