REGISTERED COMPANY NUMBER: 12287786 (England And Wales) REGISTERED CHARITY NUMBER: 328288 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST Milne Craig c.hartered AccoLintanl8 Abercorn House 79 Rcnfrew Road Paisley Rcnfrcwshire PA3 4DA
REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST CONTEf4TS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees Independent Examiner's Report Statement of Flnancial Activitie5 Balance Sheet Notes to the FinAncial StAternents 9 10 13 Detailed Statement of FinantlAI Activitie5 14
REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 Th¢ trustees who are a150 directors of the Charity tor the purposes of the Companies Act 2006, present their report with th¢ financial statetncnts of the chariry for the yeaT ended 31 December 2023. Thc trustees have adopted ihe provisions of Accounting and Reporting by Charities.. Statement of Recommended Prdclice applicable lo charilies preparing their accounts in a¢¢ordance with the Financial Reporting Standard applicable in the LK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The objccts of the Charity, in summary, are lo advance edu¢alion by- Providing training and educational facilities for ihose concemed with th¢ crcation, ownership and management of propety and buildings relating lo shopping and shopping centres and lo other retail, Commercial and leisur¢ centres and similar amellities Support everyone involved in th¢ diverse world of r¢tail properly and placemaking lo Ihrive and prosper ¢n¢rgisin8 and driving progress for our community. Providing career opportunities. Encouraging by eduealional methods ihe study of all related subjects Providing facilities for all persons concemed with the functions above lo kecp their technical knowledge al the highe51 and most up-to-date standaid Developing and instru¢ting by educational methods public opinjon, including through th¢ means of study tours, seminars, and courses Promoting educaiional contacts between stydents and members of the professions and voc8tions concerned with the above Supporting academic endeavours related to the above, such as special projects, priz¢s, elc. Promoting research into th¢ subject areas above and publishin¥ and disseminating the useful results The Trustees aim lo fulfil ihese objects by suppofling w¢ll-forniulaled projects direcled ai improving widespread understanding of the fonn, impa¢l and uses of retail propety and by fvnding initiatives to assist and encourage the students involved. Page I
REVO (RETAIL EVOLUTIOP4) EDUCA Tiof4AL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AD PERFORMANCE Charitable activities Diploma Thc Diploma in Retail and Leisure Place Management launched in April 2019 with 21 blu¢J¥nls i¥gibL¢iiiig and continues to be the key focus of interest for the TNSI. The produ¢t developed is in partnership wilh Solcnl Univetsity Southampton. The offering is available to the wider public and will be promoted through the various channels. As this is a vocational offering, through a partnership-led approach, both academia and industry partners used a joined up approach to develop and dclivcr content, with the focus being on the a¢ademic work. As s¢ructural change ill the sector was apparent, the new qualification is now relevant to oihers sectors and audicnccs sucb as local authorities, BIDS, transport hubs and moye which serve (lie wider community. As such. a comprehensive marketing strategy was developed, to ensure that the new offering was made available to wider audiences and the public. The cours¢ was officially validated and wenl through the Quality Assurance Agency {QAA) for Higher Educalion, to ensure that it met the academi¢ rigour and standards. Full learning materials, content, assessment techniques, marketing and timetabling were developed, an attracted a further 20 stud¢nts registered for cohort 2, 15 for cohort 3 and 15 for cohort 4. FINANCtAL REVIEW Financial position Income during the year was £25,900 and expenditure lotalled £14,775. There were investment gains in the year of £3,382. Total funds al the year end date were £102.604 (2022.. £88.097). Ini'estment policy and objectives Tb¢ Trustees, investment policy is lo maintain income while pr¢s¢rving the real value of investments. The Trusvs investments are spread between equity, bond, and cash holdings, with equity and bond exposure gained through unit trusts managed by Black Rock and M&G (with holdings in bond fijnds and equity funds operated by each manager). Cash reserves (as opposed to current account balances) are held in a cuent account with Cater Allen bank to provide the best available interesl rale wiihoul constant switching belween accounts artdlor banks. The Trnstees are satisfied with the pcrfomian¢e and ongoing monitoring of the Trust's reserves. Reserves policy The Trnst needs reserves to ensurc il ¢an fulfil and complete the ¢haritabl¢ obligations and commilmentb It enlers inlo. The Trustees have maintained in recent years that the appropriate level of reserves that are freely availuble for its general purposes sl)ould be in th¢ range of two to Éhree year5 cov¢r of average annual charitable expenditure, enabling Ihe charity lo withstand any short terni setbacks in its key sources of income. At the end of the financial year th¢ l¢vel of freely available reservcs stood at £102,604. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Trtt is a r¢gistered charity, created by the British Council of Shopping Centres {now Rclail Evolulion), number 328288 governed by its Trust Deed dated 12 July 1989. A supplemental deed in September 1995 altered the manner in which the trustees werc Èo be appointed. A Deed of Variation of 30 November 2001 provided for an increase in the number of Iruslees to o maximum of twelve. The Tntst was incorporated on 29 Oclobcr 2019 as a ¢ompany limited by guarantee, as defined by the Companies Act 2006, and 15 conlrolled by ils governing document, a deed of trust. Page 2
REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANI'CE AND MANAGEMENT Recruitment and appointment of new trustees The Trusleeb are all from 5cnior professional backgrounds akin lo the interests of the Trust, which benefits greatly from their collective wealth of knowledgc and exp¢rience. As part of their induction, new Trustee5 are fully briefed by the Chainnan or another senior Trust¢e and are issued with a manual of kcy do¢umentation relating lo th¢ constitution of the Tnjst, the procedures for the operation of the Trust and the guidance issued by ihe Charity Commission. Wheie appropriate, and within strict limits, the Trustees are prepared lo support a ncwcomerfs attendance on a spe¢ialised training cours¢. The ternis of office of all Trustees are detemiinable. At ea¢h of their meetings the Trustees review theiT own composition as part of an assessment of performance. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 12287786 (England and Wales) Registered Charity Thumber 328288 Registered o(fice 3 la High Streei Hemel Hempstead HPI 3AA Trustees The Trust is administered by a Board of Trustee5. Apart from ex officio appointments and that of a Board member appointed by the Board of Revo, Trustees are usually appointed for 3 year tenns, and can be reappointed. The following served as Trustees during the year.. Chainnan.. Julie Fitzsimmins (appointed as trustee on 15 December 2020) Other TTuslee5'. Derek W Barker (appointed as tnlee OD 29 Octob¢r 2019. resigned as tnJst¢e on l December 2023) appointed by the Trustees Catherin¢ Lambert appointed by the Revo Executive Board {appoint¢d as trustee on 29 October 2019) Yvonne Boyd {appointed as trustee on 9 March 2020) (Treasurer of the Trust) David Johnston (appointed as trustee on 15 D¢¢emb¢r 2020) Nicholas R Martel (appointed as trustee on 29 October 2019) appointed by the Board of Revo Pablo Pimenta (appointed as Iruslee on 29 Oclober 2019) Revo Hub, ex officio Appoinled in accordance with the 2001 Deed, these Trustees do not hold executive posltions in Revo. Page 3
REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner Milne Craig Chartercd A¢counlants Abercorn House 79 Renfrew Road Paisley Renfrewshtre PA3 4DA Professiollal Advisors and K¢ Personnel Correspondence address= cl o Revo, 65 Chandos Place, London, WC2N 4HG Bankers: Cater Allen Private Bank, 21 Prescot Street, London El 8RP Solicitors.. Thomas Eggar, 76 Shoe Lane, London EC4A 3JB 23 Sèpt•mb8r 2024 Approved by ord¢r of the board of trustees on ...-............................. and signed on its behalf by- J M Filzsimmins - Trustee Page 4
1Tr4DEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REVO {RETAIL EVOLUTION) EDUCA TIONAL TRUST Independent cxaminer's report to the trustees of Revo (Retail Evolution) Educational Trust ('the Companv,) I report to thc charity trustees on my examination of the accounts of the Company for the year ended 31 Decemb¢r 2023. Responsibilities #nd basis of report As the charity's trustccs of the Company (and also its directors for the purposes of ¢ompany law) you are responsible for the preparation of the accounls in accordance with the requirements of ihe Companies Act 2006 ('tFLe 2006 Act). Having satisfied myself ihal the a¢counts of Ihe Company are not required lo be audited under Part 16 of the 2006 Act and are eligible for indcpendcnt examination, I report in resp¢ct of my examination of your charity's accounts as carried out undcr Section 145 of the Charities Act 2011 ('the 201 l Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Acl. Indepcndcnt examiner's statement I have completed my examination. I confirni thai no matters have come to my attention in connection with the examination giving me cause io believe.. accounting records wer¢ not kept in respect of the Compony as required by Section 386 of the 2006 Act. or Ihe accounts do not accord iviih those records,. or the accounis do not comply with ihe accounting requiremenrs of Section 396 of the 2006 Aet other than any requirement tliat the accounis give a trne and fair view which is 7)ot a n]aller consid¢red as part of an independent examination. or the accouuts have not been prepared in accordance with the methods and principles of the Statemeni of Recommended Practice for a¢counling and reporting by charities {applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102}). J have no concerns and have come across no other matters in connection with the examination to whicli attention should be drawn in this report in ordci io enable a proper understanding of the accounts TO be reached. ( b(rf" William Vernall BA CA Milne Craig Chartered Ac¢ouniants Abercorn House 79 Renfr¢w Road Paisley Renfrew5hir¢ PA3 4DA Datc.. Pagc 5
REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Unreslri¢led fund 2022 Total funds Nol¢s INCOME ATr¥D ENDOWMENTS FROM Charitable activities Charitable activitie5 25,900 39,328 EXPENDITURE ON Charitable activities Charilable activities 12,622 1,540 Other 2,153 2,525 Total 14,775 4,065 Net gainsJ(losses) on investments 3,382 2,686 NET INCOME 14.507 32,577 RECONCJLIA TION OF FUTriDS Total funds brought fonvard 88,097 55.520 TOTAL FUP4DS CARRIED FORWARD 102,604 88,097 The notes fotm part of thes¢ financial statements Page 6
REVO {RETAIL EVOLUTION) EDUCATIONAL TRUST BALANCE SHEET 31 DECEMBER 2023 2023 2022 Total funds Unrestri¢led nd Noies FIXED ASSETS Investmcnls 54,390 51,008 CURRENT ASSETS Cash ai bank 60,699 38,992 CREDITORS Amounts falling due within one year {12.485) (1,903) 'ET CURRENT ASSETS 48.214 37.089 TOTAL ASSETS LESS CURRENT LIABILITIES 102,604 88.097 NET ASSETS 102,604 88,097 FUNDS Unrestricted ndS 102.604 88,097 TOTAL FUNDS 102,604 88,097 The charitable cumpany is entitled to exemption from audil undcr Section 477 of the Companies Act 2006 for the year ended 31 December 2023. The members have not required ihe company to obtain an audit of ils finanLial statements for ilie year ended 31 Dec¢mb¢r 2023 in accordance with Section 476 of the CompanÉes Act 2006. The trustees acknowledge their responsibilities for (a) cnsuring that the charitable company keeps accouniing rccords that comply with S¢¢tions 386 and 387 of the Companies Act 2006 ond preparing financial statements which give a true and fair view of the state of affaiTS of the charitable company as at th¢ end of e&ch financial year and of its surplus or defi¢il for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwisc comply with the requirements of the Compani¢s Act 2006 relating to financial stat¢m¢nts. so far as applicable to ihe charitablc company. (b) The notes fom) part of these financial slatcments Page 7 continued...
REVO {RETAIL EVOLUTION) EDUCATIONAL TRUST BALANCE SHEET- continued 31 DECEMBER 2023 These financial statemenls have been PTcparcd in a¢cordance with the provisions applicabl¢ to ehari(able companies subj¢ct to the small companies regime. The fillancial statements were approved by Ihe Board of Tn]stees and authorised for issue on and were signed on its behalf by: 23 Sept¢mb•r 2024 yUfty- J M Fitzsimmins - Trus(ee Th¢ notes forni part of these financial stat¢n)ents Page S
REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST NOTES TO THE FIP4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the tingncig15tatements The financial slalements of the charitable company. which is a public benef1t entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 1021 'Accounting and Reporting by Charities: Stalcm¢nt of R¢commendcd Practice applicabl¢ to charitics preparing Iheir ac¢ounis in accordance with the Financial Rcporting Standard applicabl¢ in the UK and Republic of Ircland {FRS 102) (effeelive l January 2019),, Financial Reporting Standard 102 'The Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland, and The Companies Act 2006. The financial slalemenls have been prepared under the hislorical ¢051 convention, with the exception of investment5 which are included at markel value, as modified by the rcvaluation of certain assets. Th¢ financial statements are prepared in sterling, which is th¢ functional currency of the charity. Monetary amounts in thes¢ financial siatem¢nts are rounded to the nearest £. Going concern The trustees consider that there aTe no material uncertainlics about the Trust's ability io continue as a going concern. Therc were no significant areas of adjustment and wilh respect to the n¢xt reporting period, no significant areas of uncertainty. Income All income is re¢ognised the Slal¢ment of Financial A¢Livities once the ¢harily hds entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditur¢ as soon as there is a legal or constwctive obligation committing the charity to that expenditure, it 1.% probable that a Iransfer of economic benefils will be required in seltlemenl and the amounl of the obligation can be measured reliably. Expenditure is accounted for on an 8c¢ruals basis and has been c18ssified under headings that 2ggreEate all eosi related to the category. Where costs cannot be directly attribut¢d to partlcular headings Il)ey have been allo¢ated to activities on a basis consistent with the use of resources. Granis otrered subj¢¢t to conditions which have not been m¢t at the year end dale are noted as a commitmeni bul not accrued as cxpenditure. Taxation The Lharity is exempt fFom corporation tax on its charitable activities. Fund aecountlng Unreslri¢led funds can b¢ used in accordanc¢ with the charil8bl¢ objectives al the discretion of the Iruslees. Restricted funds ¢an only be used for particular reslricted purposes iviihin tlie objects of the charity. Restrictions arise when specificd by the donor or when funds are raised for particular reslricled purposes. Further explanation of Ihe naturc and Purpose of each fund is included in Ihc notes lo the financial statements. Cash and casb equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held al call with banks and othcr shorr-tenn liquid investments with original mUritIcS of three months or less. Investments Fixed ass¢1 inv¢stiiients ar¢ stated at their fair value at the p¢riod end date. Any aggregate surplus or dcfi¢ii arising from changes in fair value is recognised in Ihe Statement of Financial A¢tivities. Page 9 continued...
REVO (RETAIL EVOLUTION) EDUCATIOf4AL TRUST NOTES TO THE FINANCIAL STATEMEIYTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 NET INCOMEI(EXPENDITURE) Net inLuTnLI(¥xp¥ndiLur¢) is stated aftcr cliaigin81(crediting)= 2023 2022 Indcpendenl examin¢r's fee 2.350 2,10 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuncration or other benefits for th¢ year ended 31 Dcecmber 2023 nor for the year ended 31 December 2022. Trustees, expenses There w¢re no 31 December 2022. trustees, expenses paid for the year ended 31 D¢cemb¢r2023 nor for the year ended COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS fROM Charitable activities Charitable activities 39,328 EXPENDITURE ON Charitable activities Charitable activities 1,540 Other 2.525 Total 4,065 Net gains/(losses) on investments r4ET INCOME 32,577 RICONCJLIATION OF FUNDS Total funds brought fonvard 55,520 TOTAL FUNDS CARRIED FORWARD 88,097 Page 10 continued...
REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEIIIEYTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSET INVESTMENTS Listed invesltn¥nlb IRKET VALUE Al l January 2023 Disposals 51,008 3,382 Al 31 Dec¢mber 2023 54,390 NET BOOK VALUE Al 31 December 2023 Al 31 Decernber 2022 51.008 There were no investment assets outside the UK. Cost or valuation al 31 December 2023 is r¢pres¢nted by: Listed investments Valuation in 2023 54.390 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Accrued expenses 12.485 1.903 MOVEMENT IN FUNDS Net movemenl in funds Ai 31112123 At 111123 Unrestricted funds General fund 88,097 14,507 102,604 TOTAL FUNDS 88,097 14.507 102.604 Page 11 colltinued...
REVO (RETAIL EVOLUTION} EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 DECEI%BER 2023 MOVEMENT IN FUNDS- eontinued N¢l InuV6I in fui)ds, ijicluded iii tlic abov¢ are as follows.. Incoming resources Resources expcndcd Gains and losses Movement in funds Unrestricted funds General fund 25,900 (14.775) 3,382 14,507 TOTAL FUNDS 25.900 14.775) 3,382 14.507 Comparatives for movement in funds Net movement in funds At 31112122 At 111122 Unrestricted funds General fund 55,520 32,577 88.097 TOTAL FUNDS 55,520 32,577 88,097 Comparative net movement in funds, included in thc above are as follows.. Jncoming resourccs Resources expended Gains and losses Movement in funds Unrestricted funds General fund 39,328 (4.065) (2,686) 32,577 TOTAL FUNDS 39.328 (4,065) 2,686) 32,577 A cUeTIt year 12 months and prior year 12 months combined posilion is as follows- Nel movem¢ni in funds At 31112123 At 111122 Ullrestricted funds General fund 55,520 47.084 102,604 TOTAL Fuf4DS 55,520 47,084 102,604 Page 12 conlinucd...
REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 MOVEMEIYT IP* FUNDS - continued A current ycar 12 months and prior year 12 months combined net movement in funds, included in Ihe above are as follows.. Incoming rcsources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 65,228 (18.840) 696 47,084 TOTAL FUNDS 65.228 18,840 696 47.084 RELATED PARTY DISCLOSURES There were no related party transactions In the years ended 31 Decernber 2022 and 31 December 2023. Page 13
REVO (RETAIL EVOLUTJON) EDUCATIOf4AL TRUST DETAILED STATEMENT OF FINAYCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME AND ENDOWMENTS Charitable activities Diploma contribution 25,900 39.328 Total incoming rcsour¢es 25,900 39,328 EXPENDITURE Charit3blc gCtivitie$ Diploma ceremony Grants to individuals 1,022 9,250 1,540 10.272 1,540 Other Profession81 fees Marketing costs 53 2,100 53 372 2.153 425 Support costs Governance Costs Independent exaniiner's fee 2,350 2.100 Total resource5 expended 14,775 4,065 Net Income before gaitts and losses 11,125 35,263 Investment gainsl{losses) Unr¢ali5ed gainsl{losses) on fixed assel investments 3,382 2,686} Net income 14,507 This page does not fomi part of the statutory financial statetncnls Page 14