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 A￿D 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 cu￿ent 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 Trt￿t 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 tn￿lee 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 mU￿ritIcS 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
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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
I￿RKET 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 InuV6￿￿￿I 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 cU￿eTIt 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