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 2024
FOR
REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
Azets Audit Services Chartered Accountant Titanium 1 King's Inch Place Renfrew Glasgow PA4 8WF
REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 12 |
| Detailed Statement of Financial Activities | 13 |
REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Charity, in summary, are to advance education by:
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Providing training and educational facilities for those concerned with the creation, ownership and management of property and buildings relating to shopping and shopping centres and to other retail, commercial and leisure centres and similar amenities
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Support everyone involved in the diverse world of retail property and placemaking to thrive and prosper - energising and driving progress for our community. Providing career opportunities.
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Encouraging by educational methods the study of all related subjects
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Providing facilities for all persons concerned with the functions above to keep their technical knowledge at the highest and most up-to-date standard
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Developing and instructing by educational methods public opinion, including through the means of study tours, seminars, and courses
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Promoting educational contacts between students and members of the professions and vocations concerned with the above
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Supporting academic endeavours related to the above, such as special projects, prizes, etc.
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Promoting research into the subject areas above and publishing and disseminating the useful results
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The Trustees aim to fulfil these objects by supporting well-formulated projects directed at improving widespread understanding of the form, impact and uses of retail property and by funding initiatives to assist and encourage the students involved.
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Diploma - The Diploma in Retail and Leisure Place Management launched in April 2019 with 21 students registering and continues to be the key focus of interest for the Trust. The product developed is in partnership with Solent University 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 deliver content, with the focus being on the academic work.
As structural change in the sector was apparent, the new qualification is now relevant to others sectors and audiences such as local authorities, BIDS, transport hubs and more which serve the 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 course was officially validated and went through the Quality Assurance Agency (QAA) for Higher Education, to ensure that it met the academic rigour and standards.
Full learning materials, content, assessment techniques, marketing and timetabling were developed, an attracted a further 20 students registered for cohort 2, 15 for cohort 3 and 15 for cohort 4.
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REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
FINANCIAL REVIEW
Financial position
Income during the year was £48,100 and expenditure totalled £39,373. There were investment gains in the year of £2,727.
Total funds at the year end date were £114,058 (2023: £102,604).
Investment policy and objectives
The Trustees' investment policy is to maintain income while preserving the real value of investments.
The Trust's 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 funds and equity funds operated by each manager).
Cash reserves (as opposed to current account balances) are held in a current account with Cater Allen bank to provide the best available interest rate without constant switching between accounts and/or banks.
The Trustees are satisfied with the performance and ongoing monitoring of the Trust's reserves.
Reserves policy
The Trust needs reserves to ensure it can fulfil and complete the charitable obligations and commitments it enters into. The Trustees have maintained in recent years that the appropriate level of reserves that are freely available for its general purposes should be in the range of two to three years cover of average annual charitable expenditure, enabling the charity to withstand any short term setbacks in its key sources of income.
At the end of the financial year the level of freely available reserves stood at £114,058.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The Trust is a registered charity, created by the British Council of Shopping Centres (now Retail Evolution), number 328288 governed by its Trust Deed dated 12 July 1989. A supplemental deed in September 1995 altered the manner in which the trustees were to be appointed. A Deed of Variation of 30 November 2001 provided for an increase in the number of trustees to a maximum of twelve.
The Trust was incorporated on 29 October 2019 as a company limited by guarantee, as defined by the Companies Act 2006, and is controlled by its governing document, a deed of trust.
Recruitment and appointment of new trustees
The Trustees are all from senior professional backgrounds akin to the interests of the Trust, which benefits greatly from their collective wealth of knowledge and experience.
As part of their induction, new Trustees are fully briefed by the Chairman or another senior Trustee and are issued with a manual of key documentation relating to the constitution of the Trust, the procedures for the operation of the Trust and the guidance issued by the Charity Commission. Where appropriate, and within strict limits, the Trustees are prepared to support a newcomer's attendance on a specialised training course.
The terms of office of all Trustees are determinable. At each of their meetings the Trustees review their own composition as part of an assessment of performance.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
12287786 (England and Wales)
Registered Charity number
328288
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REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
Registered office
31a High Street Hemel Hempstead HP1 3AA
Trustees
The Trust is administered by a Board of Trustees. Apart from ex officio appointments and that of a Board member appointed by the Board of Revo, Trustees are usually appointed for 3 year terms, and can be reappointed.
The following served as Trustees during the year:
Chairman:
*Julie Fitzsimmins (appointed as trustee on 15 December 2020)
Other Trustees:
Catherine Lambert appointed by the Revo Executive Board (appointed 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 December 2020)
*Nicholas R Martel (appointed as trustee on 29 October 2019, resigned as trustee on 21 January 2025) appointed by the Board of Revo
*Pablo Pimenta (appointed as trustee on 29 October 2019) Revo Hub, ex officio
*Appointed in accordance with the 2001 Deed, these Trustees do not hold executive positions in Revo.
Timothy J Keeping and Donna Callander were appointed as trustees on 1 January 2025.
Independent Examiner
Azets Audit Services Chartered Accountant Titanium 1 King's Inch Place Renfrew Glasgow PA4 8WF
Professional Advisors and Key Personnel
Correspondence address: c/ o Revo, 65 Chandos Place, London, WC2N 4HG
Bankers:
Cater Allen Private Bank, 21 Prescot Street, London E1 8RP
Solicitors: Thomas Eggar, 76 Shoe Lane, London EC4A 3JB
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REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024
Approved by order of the board of trustees on ............................................. and signed on its behalf by: 16 September 2025
........................................................................ J M Fitzsimmins - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
Independent examiner's report to the trustees of Revo (Retail Evolution) Educational Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
William Vernall BA CA The Institute of Chartered Accountants of Scotland
Azets Audit Services Chartered Accountant Titanium 1 King's Inch Place Renfrew Glasgow PA4 8WF
Date: 16/9/25
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REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Charitable activities 48,100 EXPENDITURE ON Charitable activities Charitable activities 31,631 Other 7,742 Total 39,373 Net gains on investments 2,727 NET INCOME 11,454 RECONCILIATION OF FUNDS Total funds brought forward 102,604 TOTAL FUNDS CARRIED FORWARD 114,058 |
2023 Total funds £ 25,900 12,622 2,153 14,775 3,382 14,507 88,097 102,604 |
|---|---|
The notes form part of these financial statements
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REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
BALANCE SHEET 31 DECEMBER 2024
| 2024 | 2023 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 5 | 57,117 | 54,390 |
| CURRENT ASSETS | |||
| Cash at bank | 101,303 | 60,699 | |
| CREDITORS | |||
| Amounts falling due within one year | 6 | (44,362) | (12,485) |
| NET CURRENT ASSETS | 56,941 | 48,214 | |
| TOTAL ASSETS LESS CURRENT | |||
| LIABILITIES | 114,058 | 102,604 | |
| NET ASSETS | 114,058 | 102,604 | |
| FUNDS | 7 | ||
| Unrestricted funds | 114,058 | 102,604 | |
| TOTAL FUNDS | 114,058 | 102,604 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
16 September 2025
Type text here
............................................. J M Fitzsimmins - Trustee
The notes form part of these financial statements
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REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern. There were no significant areas of adjustment and with respect to the next reporting period, no significant areas of uncertainty.
Income
All income is recognised in the Statement of Financial Activities once the charity has 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 expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
Investments
Fixed asset investments are stated at their fair value at the period end date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
continued...
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REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Independent examiner's fee | 2,500 | 2,350 |
3. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted | |
|---|---|
| fund | |
| £ | |
| INCOME AND ENDOWMENTS FROM | |
| Charitable activities | |
| Charitable activities | 25,900 |
| EXPENDITURE ON | |
| Charitable activities | |
| Charitable activities | 12,622 |
| Other | 2,153 |
| Total | 14,775 |
| Net gains on investments | 3,382 |
| NET INCOME | 14,507 |
| RECONCILIATION OF FUNDS | |
| Total funds brought forward | 88,097 |
| TOTAL FUNDS CARRIED FORWARD | 102,604 |
continued...
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REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
5. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 January 2024 Revaluations At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023 There were no investment assets outside the UK. Cost or valuation at 31 December 2024 is represented by: Valuation in 2024 6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accrued expenses 7. MOVEMENT IN FUNDS At 1/1/24 £ Unrestricted funds General fund 102,604 TOTAL FUNDS 102,604 Net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 48,100 (39,373) TOTAL FUNDS 48,100 (39,373) |
Listed investments £ 54,390 2,727 57,117 57,117 54,390 Listed investments £ 57,117 2024 2023 £ £ 44,362 12,485 Net movement At in funds 31/12/24 £ £ 11,454 114,058 11,454 114,058 Gains and Movement losses in funds £ £ 2,727 11,454 2,727 11,454 |
|---|---|
continued...
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REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
7. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Net | |||
|---|---|---|---|
| movement | At | ||
| At 1/1/23 | in funds | 31/12/23 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 88,097 | 14,507 | 102,604 |
| TOTAL FUNDS | 88,097 | 14,507 | 102,604 |
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 25,900 | (14,775) | 3,382 | 14,507 |
| TOTAL FUNDS | 25,900 | (14,775) | 3,382 | 14,507 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1/1/23 £ 88,097 88,097 |
Net movement in funds £ 25,961 25,961 |
At 31/12/24 £ 114,058 114,058 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Incoming | Resources | Gains and | Movement | |
|---|---|---|---|---|
| resources | expended | losses | in funds | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 74,000 | (54,148) | 6,109 | 25,961 |
| TOTAL FUNDS | 74,000 | (54,148) | 6,109 | 25,961 |
continued...
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REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
8. RELATED PARTY DISCLOSURES
There were no related party transactions in the years ended 31 December 2023 and 31 December 2024.
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REVO (RETAIL EVOLUTION) EDUCATIONAL TRUST
| DETAILED STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|
| FOR THE YEAR ENDED 31 DECEMBER 2024 | ||
| 2024 | 2023 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Charitable activities | ||
| Diploma contribution | 48,100 | 25,900 |
| Total incoming resources | 48,100 | 25,900 |
| EXPENDITURE | ||
| Charitable activities | ||
| Diploma ceremony | 1,381 | 1,022 |
| Grants to individuals | 27,750 | 9,250 |
| 29,131 | 10,272 | |
| Other | ||
| Professional fees | 224 | 53 |
| Marketing costs | 7,518 | 2,100 |
| 7,742 | 2,153 | |
| Support costs | ||
| Governance costs | ||
| Independent examiner's fee | 2,500 | 2,350 |
| Total resources expended | 39,373 | 14,775 |
| Net income before gains and losses | 8,727 | 11,125 |
| Investment gains/(losses) | ||
| Unrealised gains/(losses) on fixed asset | ||
| investments | 2,727 | 3,382 |
| Net income | 11,454 | 14,507 |
This page does not form part of the statutory financial statements
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