Resource for London Report and Financial Statements 31 December 2022 Cofflpany no. 02676631 Charty no. 1015305 Resource for London Report and Financial Staternents 31 December 2022 Resource for London Report and Financial Statements 31 December 2022 Rfysource for London Contents Forth• ear ènded 31 D&¢ember 2022 PwJe Reference and adminislralive details Report ofthe Trustees Independent Auditor's report 12-14 Statement of financial activities Balance sheet 16 Cash flow statement 17 Notes lo the financial statements 18-24 Resource for London Report and Financial Statements 31 December 2022 Resource for London Rèfernnce and adminlstrative details For thè èar ènd&d 310•c8mbor 2022 Company number 02676631 Charity nUM￿r 1015305 Registered offico 4 Chiswell Street London EC1Y4UP Operational address 356 Holloway Road Lor)don N7 6PA Trustees Trustees. who are also directors under company law, who 5erveil during the year and up lo the dale of this ieport were as follows". Lynda Stevens (Chairl Stephen Burns Sarah Hadland Pandora Haydon Denise Joseph Rushmi Katyal Kevin Pease Michael Raibin WIW Weeks Iresigneil 26 April 2￿22) Company Secretary Heather Taylor (appointed 21 Juty 20221 Carol Har(ison {￿signed 21 July 20221 Cantr8 Manag8r Mark Deakin Auditors Crowe U.K. LLP 55 Ludgale Hill London EC4M 7JW Resource for London Report and Financial Statements 31 December 2022 Solicitors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Bithetts LLP 22 StatM)n Road Cambridge Cambridgeshire CB12JD Hewitsons LLP Exchange House 482 Midsummer Boulevard Central Miwon Keynes MK9 2EA Bankers Lloyds Bank plc 39 Threadneedle Street London EC2R 8AU Resource for London Report and Financial Statements 31 December 2022 Rosourc& for London Report of the Trustees For thg y&ar &nded 31 De¢omber 2022 The Trustees present their report and the audited financial ststements forthe year ended 31 December 2022. Reference and adminislralive information sel out on page 3 fomis part of this report. The financial slatemenls comply with currenl siatutory requirements. the articles ol association and the Statement of Recommended Practice - Accounting and Reporting by Chaftties ISORP FRS102). Foreword Resource for London continued to recover from Covid-19 throug￿ut 2022 new organisalions moving into the Centre and a much higher level of meelings taking place cornpared lo 2021. Our Social impact proje¢ls benefitting LorKfon's votunlary sedor had another strong year wlh many local group5 supported as attention moved on from the pandemi¢ and onlo Ihe cost ol living ¢risis Thanks lo a significant granl from Trust for London we were able to invest in the buikling fabric which wll benefit many charities and other not for profits in the years ahead. The Tiuslees have a clear vision and plan for Resource for London m the years ahead and this Report gives us the opportunity lo review our achievements in 2022 and lo look loNard wlh ouf plans for the future. Ovèrview Resource foi London provKles office space and meeling ¥oorns lo London based charitable organis8lion5 81 an affordable rent al 356 Holloway Road, London N7 under a fifteen-yearlease granted in 2018 by Trust lor London, (UK registered Charity 2056291. Resource for London is a wholly owned subsidiary of Trust for London Ithe Trust). the largest independent Charitab￿ foundation funding work tackling povety and inequality in the capital. The Centre is managed on a day-to-day basis by The Ethical Propety Company who work dosely with the Board. Objectives and Activities We have given due consideration lo the Charity Commissiorh's published guidance on the Public Benefit requirements under the Charilies Act 2011 when reviewing our aims and obje¢lives and in planning our future aclivilies. Resource for London promotes and improves the efficiency and effectNeness of charitable organisalions. In delivering this object Resource for London's Centie provides office space and meeting rotsms lo London based ¢harrties * affordable rents and charges. 11 is where London'5 voluntary sector comes together to work. meel. train and exhibit- a key hub for the sector for over 30 years. It delivers outstandin9 social impact for Ihe voluntary sector in the Ca￿tal. Achievements and Performance Our Tenants Resource for London is home to organisations addressing povety and inequality in the capital both by campaigning or providing servi¢es and supp(￿. Our Tenants currenlly include Race On The Agenda. Hibiscus, Student Action for Refugees and Ihe St Giles Trust. The Elhical Propety Cornpany. who manage the Centre for Resource for London. worked hard throughout the year to find new tenants. and Resource for London Report and Financial Statemerbt$ 31 December 2022 we recently welcomed Rosa Fund and Healing Justice. We also provide free desk space as part of our grant funded Enhance project. During the year the Enhance desk space gave rnany small and start up community groups space lo work from as well as support around govemance and fundraising. As with offices throughout the UK and beyond the post-covid wortd is one where many more people work from hc*me for part of the week. Although we continued to see a trend of people returning lo offices pre-pandemic levels have not yet been achieved. We started the year with 65% occupancy and despite some tumover of tenanls during the year, o¢cupan¢y of 70% was a¢htved from 151 January 2023. There are 18 tenants currently in the building and we are finding that smaller units ale proving more attractive lo potential tenants. Throughout 2022. Resource for London continued its positive action lo retain and support our tenants. This included free fundraising and business planning sessions resulb'ng n some securing new funding streams and two new collaborations on projects befv￿en tenants. Conference and Meetin ce Resource for London continued to see a good rebound in demand for meeting space post-pandemic. This may mean that whilsl demand for office space is only steadily increasing, working from home appears lo generate a higher demand for meeting rooms. In particular, organi5alions providing training or organising seminars for the nol-for-profit se¢lor have relumed to the Centre. We have ¢onb'nued lo engage ¥Mth our key cuslomers lo relain their commitment to Resource for London and our marketing efforts also attra¢led many new customers. One of our ground floor shop front spaces vras used a5 an NHS Vaccination Cenlie until June 2022 and the National Heatth Blood Translusion Service conlinueil lo fun an average ol two sessions a month", they see us as a valuable. even essential resource. Maytree, pioviders of ￿SidentIal facilities for people in suiud31 crisi% and the Samarrtans have continued to use the Centre in 2022 and Barnardo's are now regular users of our meeting space. Through these organisations, Resource for London has conlinued to make a si9nificanl contribution to the wellbeing of Londoners. A large proportion of the smaller meelings th* %%Y)tsld have laken I￿ace at Resou￿ for London pre- 2020 have now migrated online. We have therefore had to rethink our model and many organisalions now use a hybrid model that provides both face-lo-face and online optK)ns for attendees. All of our meeting looms as well as the Conference Hall are now equipped to offer hybrid meelings and we have Gonlinued lo inve51 in sound equipment and othei resources to meet the Increasing expecl8b.ons of our customers. As a￿aYS, the diversity of not-for-profit organisalions that choose Resource for London for their events is striking ranging frorn small community groups to major national charities and health and social care public sector bOd￿S local. Tegional and national. Our café was closed throvghoul the pandem￿ and this was much missed by both lenants and meeting room users. During Ihe year St Giles Tcust reopened the café as a social enterprise enabling them lo train and employ clients. We are looking forward lo a pos11ive year in 2023 wlth a go￿ level of forward bookings for meeting space. The following graph illustrates our continued recovery from the pandemic with projections for the next two years. Resource for London Report and Financial Statements 31 December2022 Resource for london Income 2018-2024 £1,4(O. £1,2W.(XI0 £i.(LyJ.￿o £￿0,[￿) ÉwJo,oxJ £40QI £2(llQ Éo Endolltyll 2018 2019 2020 2U21 2U22 2023 2024 Total IrKome OffKe Space MeÉtin8Space Social Im a¢t and Pro ects Good progress has been made over the yearwlh the Enhance project. This provided capacity building support for London's voluntary arKI community se¢lor IVCS) with a focus on srnall and medium sized BAMER, LGBTQ+ Traveller and women's community organisalions. 2022's aGtivilies have been resourced through the second of a major five-year funding Commitment by the City Bridge Trust. Enhance is also funded by other grant makers. Enhance has funded a number of imwrtanl ￿nferenCeS during 2022 such as Econornic IlnlJustice'. Understanding inequality and galvanising Change. This in¢luded the launch of a new documentary The Long Shadow of Class limed lo lake place during Eradication of Poverty Week. In addili0n, the project has also supported many training events arid seminars. Often Ihese are the resurt of partnering with Resource for London tenants such as Race on the Agenda. Eachother and the YPF Trust which supports supplementary schools nationally. We worked wlh the latter and UNICEF on a 'Train the Trainer, programme around children's rights in oul-of-s¢hool settings. Our exhibitions and events programme included a collaboration Cty & Islinglon College and we have secured funding to expand this part of our work in 2023. In 2023 Resource for London plans to laun¢h a newwebsile'London Calling, Ihatwill list events, funding and news for London's third sector. London Calling will enable CVSS, the GLA. London Funders and others to promote their events. grants programmes and much mo￿. During the year we have been carrying out research and producing a report f¢xused on the slate of voluntsry and community se¢tor ¢apa¢ity building in London. 'Changing Capacity. is a review ol the sector's needs and where there are gaps. We have been inlerviewng funders. CVS organisations and academics and the report wll be launched lo the media and third sector in 2023. Finally, we have partnered with a new charity based al Resource for London, the Islinglon BAMER Advice Aliance, on a major new project called I-CAN Oo. To secure funding we produced an eight minute video about the proje¢l which inVo￿ed inlerviewng I￿al refugees and advice workers from BAMER commLJnrty groups wlK> are on the frontline of the Cost of liwng crisis. Financial Report Resource for London's income in 2022 Wds £1,172,578 against expenditure 01£1,121.010. Unreslri¢ted funds were £300,742 al the year end The 2022 figures were greatly assisted by grants secured. These in¢luded grants from the local aulhonty towards business rates relief. City Bridge Trust towards the Enhance Project and a major grant from the Trust for London of £170.000 1¢)wards the costs of major Resource for London Report and Financial Statements 310ecember 2022 capital work5 al the Cenlre. As a Te5uII of the last of these aircondilioning works were completed during 2022 and both the lifts were in the pro¢ess of being refurbished or repla¢ed as the year ended. Excluding the Trust's grant. the defKit for 2022 was £118,432 against a budgeted deficit of £122,777. Resour¢e for London operates wthin a large Converteil Victorian dePartn￿nt store. It needs an average 01 £250.000 annually foc major repairs and improvements. As we ￿build otjr finances following the pandemic we have commiited unrestricted reserves combined wrth grants to continue lo maintain the building lo a high standard Govemance Resour¢e for London is a charitable company limited by guarantee. inc(*poraled on 10 January 1992 and registered as a charity on 23 Novembei 1992. The corwany was esiablished under a Memorandum of Association which established the objects and powers of the charitable company and is governed under r(s Articles of Association. All Twslees give freely of their lime and no Trustee ￿M￿neratiOn was paid in Ihe year. Note 3 lo the accounts provides the nil disclosure for Tmstee ￿MuneratiOn and ￿Lated party transactions. Trustees are required to disclose all ￿levant interests and wthdiaw from deasions where a conflict of interest arises In accordance with policy. New Trustees that join the Resource for London Board have a full indu¢lion programme and are supported by a Trustee mentor. Trustees ale re¢wiled based on their professional and Community ba¢kgrourKI. and their commitment to Resource for London's objectives. All new Board membeis a￿ appointed on five-year temis, nomially wth a rnaximum of tsyo temis. Resource for London is focused on delivering rts five year strategic plan which se15 out the way5 in which the chaiity will continue to recover rts aclivilies and finances foll¢)wing the pandemi¢ This include5 the need lo achieve and defflonslrale even greater levels ol s(Kial impact. A Social Impact Working Gr(>up was established wrth Ihis remit in 2022 and this has so far led lo a theory of change and a new section on the charity's website detailing our projects Resource for London's Board is also working with Ihe Trusl for London to review the Charity's mission given the changes to office workn'ng practices brought atrrt)ut by the pandemic and their effect on the serviced oflice and mee14ng room markets. The Trustees use the Charity Governance Code lo assess and review the charity's effeclivene5S around decision making, inclusion and accountability. Resour￿ for London has given due consideration lo the Code of Fundraising Piaclice and Charity Comrnission Guidan¢e on Fundraising and notes that the Chaiity had no fundraising a¢tiv£tses requiring disclosure under S162A of the Charities Acl 2011. Risk Management The Trustees are cesponsible for fisk management at Resource for London. reviewing and updating the regisler ol risks, monitoring risks and establishing control measures io rnrtigate the likelihwd and impact of these risks. Major risks are monitored al each meeiing of the Board. The risks are reviewed under governance, operational. financial, exlemal. compliance and environmental. The most significant risk identified Is the Charity's dependence on ils income sources, namely the ¢h3rilable and voluntary sector. This risk is miligaled by ¢lose monitoiing of the Cashflow. the budgel and the market. The Trustees have examined the majtsr slralegi¢, business and operalional risks which the Charity laces and confirm that syslems have been established to enable ce9ul31 reports to be produced so that the necessary steps can be taken to lessen the risks. The most significant risks are as follows.. Oependen¢y on Income Sour¢es - Offi¢e voids and lenan¢y tumover in the changing markel for offices, and meeting room demand". letb'ngs and bookings are monitored and reviewed regularly by the Board so that appropriate action can be promptly taken. Resource for London Report and Financial Statements 31 December 2022 Cashflow sensitNities and reserves - Resource for London's reserves policy is linked to the Charity's business plan and is reviewed annually by the Board. The cashflow is monitored monthly and projections are based on a wudenl approach lo income and expendrture_ Risk of r￿SSIOn - the Board onty commils to expenditure if the cashfiow Supports it and adjusts staffing levels to reflect demand for meeting and office spa￿. Competition from similar organisations- ResouTce for London's Board rnnttors ¢usiomer service feedback lo ensure high levels of satisfaction are mainlained. Office rents and meeting room charges are periodically benchmart(ed against the wider market lo ensure Resource for LOn￿'S soaal impact objective of providing affordable office and meeting space is achieved. Failure to maintain building in a good condrtion. The Board commissi)ned a 10-year condrtion survey by an independent specialist in 2015 which was updated in 2019. Thi5 programme and reports from The Ethical Property Company are used lo priorilise major repairs aftd improvement w)rks each year and lo monitor planned maintenance works. Impa¢l of Ukraine War- the Board have ensured that additional equipment supplies have been purchased as crili¢al spares due to the ongoing disruption in supply chains. Increasing utility cosls-lhe Charity ha$ agreed a three-year electriaty contract lo ensure stable pricing and is planning lo invest in the cent￿ that will k*wer energy bills. Loss of management or calering contractors - there are lengthy notice periods in place in contracts that would facilitale a change in contraclof if needed. Reserves policy Total funds a131 December 2022 amounted lo £489,201 compared lo £437.633 in 2021. Restricled funds al 31 December 2022 toialled £188,459 (including £170.000 loc buildin9 improvement works), leaving £300.742 unrestricted reserves. Free ieserves, after discounting the net b)ok value of fixed asse15 and restricted reserves a￿ £3.27312021- £246,534). General reserves Resoui¢e for London has a target lo build unresth.cled reserves to a level suff&cient to ensure adequate working capital for Ihe operations of the business without recourse to exlernal capital. The woiking ¢api131 requirements have been identified a5 three months of operating costs. This is considered sufficient lo safeguard the Charity under challenging operabng conditions. This is calculated as 2str￿ of unrestricted expenditure included in the 2023 budget. being £288.747. In addition lo working ¢apilal, the Charity aims to rebuild ils property reseNes to £300,000 by continuing to increase mpancy levels and recovering meeting room bookings Ir) Pfe-pandemic levels. Going Concem After reviewing the Charity's forecasts and projects"ons. the Trustees have a ieasonable expectation that the Charity has adequate resources to continue in operational exislencelor the foreseeable future. The Charily therefore continues to adopt the going concern basis in preparing its financial stalements. Throughout 2022 Resource for London's operations conlinued its recovery from the pandemsc. A number of actions were taken to en5uie that were sufficient financial resources in place to meet the day lo day needs of the Charity. The Chaiily also provided support to Tenants in financ￿1 difficulty lo assist them in their recovery and long term sustainability. The ffinancial statemenls have been prepa￿￿ on a going concem basis on Ihe grounds that Tru51 for Londc)n, the ultimale parent charity, will continue to support Resource for London by providing flexibility around the liming ol rental payments piovide a basis for OUT opinion. Conclusions relating to going concarn In auditing the financial statements. we have ¢on¢luded that the Trustee's vse of the going concem basis of a¢¢ounling in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any malerial uncertainties relating to events or condits'ons that. individually or collecb"vely, may cast significant doubt on the charitable company's ability lo continue as a going concem for a period of al least tWe￿e months from when the financial statements are aulhorised for issue. Our ￿SponSibl1111es and the responsibilities of the Trustees Trmth respect lo going con¢em are described in the relevant sections of this report. Other information The Twslee$ are re5pon5ible for the other infomiation. The olher information comprises the infoimalioll included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not covei the other informal.on and. except to the extent otherwise explicitly slated in our report. we do not express any foim of a55uiance conclusion Iheieon. Our responsibility is to read the other information and, in doiro so, consider whether the other information is materially inconsistent with the finan¢ial slalemenls or our kn￿edge obtained in the audit or otherwise appears lo be materially misstated. If we identify such maleiial in¢onsislencies or apparent rnalerial misslalemenls, we are required to delermine whether this gives rise lo a maleiial mis51alemenl in the financial slalemenls themselves. If. based on the work we have performed. we conclude that Iheie Is a malerial misstalemenl of this other information, VR are requi￿ lo report that facl. We have nothing to report in this regard. 12 Resource for London Report and Financial Statements 31 December 2022 Oplnions on other matters prescribed by the Companios Act 2006 In our opinion based on the work undertaken in the course of our audit the informatlon given in the Trustees. report, vthich includes the directors, prepared lor the purposes of company law, for the financial year for which the financial stslemenis are prepared is consislenl with the financial slalemenls", and . the directors. report included wlhin the Trustees. report have been prepared in accordance with applicable legal requirements. Matters on which w6 are required to report by exception In light of the knowledge and understanding of the ¢harilable company and its environrnent obtained in the course of the audit, we have not idenb'fied mateii31 misstatements in the directors. report included within the Trustees, report. We have nothing lo report in respect of the following matters in relation io vthich the Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate a¢¢ounling records have not been kept.. or . the financial statements are nol in agreement wlh the accounting reQ￿d$ and retums." or certain disclosures of Trustees. iemuneralion specified by law are not made," Of ' we have nol received all the information and explanations we requite for our audit- or Ihe trustees were nol enlilled to prepare the ffinan¢ial slalements in accordance wth the small companies. regime and lake advantage of the small Companies. exemptions in preparing the Iruslees, directors, report and frorn the requirement to prepare a stiategic report. Re$ponsibilitias of Trustees As explained more fully in the Trustees, responsibilitie5 slalemenl sel out on pages 10-11, the Trustees (who are also the directors of the charitable company for Ihe purposes of company law) are responsible for the preparation of the financial slalemenls and for being satisfied thatthey give a true and fair view, and lor such internal control as the Tnjslees determine is necessary lo ena￿e the preparation of financial statements that are free from material misslatement. whelhu due lo fraud or error. In preparing the financial statements, the Twstees a￿ responsible lor assessing the charitable company's ability to continue as a going concern, disGlosin9, as applicable. matters related lo going concern and using the going concern basis of accounts.ng unless the Trustees either intend lo liquidale the charitable company or lo cease operab"ons. or have no ￿alIStiC alternative but to do so. Auditor's rèsponsibilities for thg audit of the financial statements Our objectives are lo obtain Teasonable assufance about whelher the fina￿la1 stalemenls as a whole are free from material misslalemenl, whether due to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable a5suran¢e is a high level of assurance, bul is not a guarantee that an audit conducted in accordance wth ISAS {UKI will always deleGI a Thaterial misstatement when it exists. Misstatements can arise from fraud or erior and are conside￿d material rf. iadividually or in the aggregate, they could reasonably be expected lo influence Ihe economic decisions ol users taken on the basis ol these financial statements. Details of the extent lo which the audit was considered capable of delectiw irtegularib'es, including fraud and non-compliance wlh laws and regulations are sel out below. A ftjrther description of our responsibilities for the audit ol the financial ststements is located on the Financial Reporting Council's website al". www.ftG.org.uklauditorsresponsibilities. This description forms part ofour auditor's report. 13 Resource for London Report and Financial Statements 310ecember 2022 Extent to which th8 audit was consideTrd capable of detecting irregularities, including fraud Irregularities, including fraud. are instances of non-compliance wth laws and regulations We identified and assessed the risks of material misslalemenl of Ihe financial statements from irregularities, whelher due to Iraud or error, and discijssed these between our audit team members. We then de519ned and performed audit procedures responsive to those risks. inrjuding oblaining audit evidence suffi¢ienl and appropriate lo provide a basis for our opinion. We obtained an understanding ofthe legal and regulatory frameworks wlhin which the charitable company operates, focusing on those laws and regulations that have a direct effect on the delemiinalion of material amounts and dis¢losures in the financial statemenls. The laws and regulalions we considered in this context were the Companies Act 2006 logelhw with the Charities SORP IFRS 102). We assessed the required cornpliance wth these laws and regulation5 as part of our audit procedures on the related financial slalemenl items. In addition, we Considered provisions of other laws and regula￿'OnS that do not have a direct effect on the Inancial statements bul ¢omplian¢e wlh which mighl be fvndamenlal lo the charitable company's ability to operate or lo avoid a material penaty. We also ¢onsidered the opportunitie5 and incentives that may exist thin the charitable company for fraud. The laws and ￿gUlationS we considered in this context foi the UK operations were Televanl health and safety and other legislatson in connection with operating as a commercial landlord. Auditing standards limit the required audit procedures to identfy non-compliance wlh these laws and regulations lo enquiry of Ihe Twstees and other management and inspection of regulatory and legal correspondence, if any. We identified the g￿alest risk of material impact on the financial slalemenls from irregularities, including fraud, lo be within the timing of recognition ol ienl and servKe charge income, aulhorisalion and approval of expenditure transactions and the override of controls by management. Our audrt procedure5 to respond lo these risk5 included enquiries of the managing partner, The EthTcal Property Company, and the Board about their own idenlificalion and assessment of Ihe risks of irregularities, sample tests'ng on the posting ol journals, reviewing accounting eslimales foi biases, reviewng regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with govemance. Owing lo the inherent limitations of an audil. there is an unaVoida￿e risk th* we may not have dele¢teil some material misslatemenls in the financial statements. even though we have properfy planned and performed our audit in accordance wth auditing standards. For example, the lurther removed non- compliance with laws and regulations lirregularib.esl 15 from the events and 1ransacb.ons reflected in the rinancial siatemenls. the less likely the inherently limited pr￿edureS required by auditing standards would identify it. In addition, as ¥Mlh any audit. there remained a hrgher risk ol non-deleclion of Irregularities, a5 these may involve collusion. forgery. intentional omissk)ns, misfepresentations. or Ihe override of internal controls. We are not fesponsible for preventiThJ non-compliance and cannot be expected to dete¢l non- compliance with all laws and reguLqtions. Use of our report This report is made solety to the charitable company's members. 3$ a body, in accordance with Chapter 3 of Part 16 of the Companies Acl 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are required to state to them in an auditor's report and lor no other purpose To the fullest extent permitted by law. we do not accept or assume responsibilily to anyone olher than the charitable Company and the tharitsble company's members as a body, for our audit work, for this report. or for the opinions we have forffled. Tina Allison Senior Slatulory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor 28 June 2023 14 Resource for London Report and Financial Statements 31 December 2022 Resource for London Statement of financlal activities For the year ended 31 December 2022 Note 2022 2022 Unrestricted Restricted Fund5 Funds 2022 2021 Totsl Total Incomè Income and endomnenls from" Charitable activities Investments 964.042 36 208,500 1.172.542 796,087 36 Total Income 964.078 208.500 1.172.578 796,094 Expenditure Expenditure on: Charitable activities Other 867,751 202,864 50,395 918,146 509,489 202,864 201,210 Total Expènditure 1.070,615 50.395 1.121,010 710,699 Net income 1106.537) 158,105 51,568 85.395 Reconciliation of funds Funds brought fo￿ard at 1 January 407.279 437.633 352.238 Funds carried forward al 31 December 300.742 188,459 489 201 437.633 All of the above resuTts are derived from continuing a¢bvities. There were no other recognised gains or losses other than those staled above. The notes on pages 18 to 24 fomi part of these financial statements 15 Resource for London Report and Financial Statements 31 December 2022 R&source for London Company Numbèr 02676631 Balance sh&6t For the year ended 31 December 2022 Note 2022 2021 Fixed assets: Tangible assets Total fixed assets 297,469 297.469 160.746 160,746 Current assets.. Debtors Cash at bank and in hand Total current assèts: 179,359 286.854 466.213 149,961 552.596 702,SS7 Liabilities Creditors." Amount falling due within one year Net current assets 134,481 331,732 285,670 416,887 Creditors.. Amount falling due aftei one year 1140,0001 1140.000) Total net assets 489,201 437.633 The funds of th8 charlty Restr￿ted income funds Unreslricled funds Total charity funds 10 188.459 300.742 489.201 30,354 407,279 437,633 These accounts are prepared in accordance wlh the special provisions of Part 15 of the Companies Acl relating to small companies. Approved by the Trustees on 20th April 2023 and signed and aulhorised for issue on their beh311 by Lynda Stevens Chair The notes on pages 18 to 24 fomi part of these financial slatemenls. 16 Resource for London Report and Financial Statements 31 December 2022 Resour¢a for London Cash flow statement For the yèar ended 31 December 2022 2022 2021 Cash flows from operating activities.. Net cash {used inllprovided by operating aclivilies 103,131 135.015 Cash flows from investing activities: Bank interest Purchase of property, plant and equipment Net cash {used inllprovided by investiThJ activities 36 162.647 162,611 Cash flows from financing activities: Repayment of loan to parent charity Change in cash and cash equlvalènts in the Teporting period 1265.742) 135,022 Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting pèriotl 552,596 286,854 417,574 552,59S 2022 2021 Reconciliation of net incomo to cash flow from op•ratiny activities N¥t Income for the year ended 31 D8c8mber Adjustmants for: Deprecialitsn Charges Bank interest Iln¢reasel in debtors IDecreasellln¢rease in credilors N&t cash lused inllprovided by 0￿ratIng activities S1,$68 85,395 25.923 1361 129.3981 151,188 27.027 171 {4,1911 26,791 103,131 135,015 2022 2021 Analysis of cash and cash equlvalènts and net debt Cash in hand Total cash and cash equivalents and nat debt 286.854 286 854 552,596 552,596 17 Resource for London Report and Financial Statements 31 December 2022 Rosource for London Notes to the financial statements For the year end￿ 31 Do¢ember 2022 Entity Datalls Resource for London is 3 charitable company limited by guarantee, incorporated within England and Wales on 10 January 1992 and registe￿d as a tharity on 23 November 1992 and is a Publi¢ Benefit Enlrty. Company Number '. 02676631 Charity Number '. 1015305 Regisleied Address.. 4 Chiswell Street. London. EC1Y 4UP. All decisions are made by the Trustees of Resource for London. Some day lo day decisions are delegated to The Ethical Property Company. Accounting policies Basis of Accounting The a¢¢ounls (financial stalemenlsl have been prepared in accordance with the Charities SORP appli¢able lo charities preparing their accounts in a￿Ordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Compallie5 Act 2006. The financial stslemenls have been wepared on a going concern basis. We have prepared a revised cash forecast lo the end of April 2024 which considers our cash position, sources of income and KAanned expendiluTe. This forecast considers recovery in income from meeting rooms and occupancy. A five year plan has also been prepared looking at the period 2023 to 2027 showng recovery in Ihe short to medium lerm. The Board has sciulinised Ihe key assvmplions within this forecast and plan. and is satisfied that the cash reserves are adequate lo meet the Charity's obligations as they fall due. The financial statements have been prepared on a going ¢oncern basis on the grounds that Trust for London, the ultimate parent chaiity. will continue to support Resource foF London by providing flexibility around the timing of rental paymenls due under the agreed lease. Having regard lo the above. the Trustees a￿ satisfied that there are no material uncertainties around the decision lo adopt ihe going concern basis of acwunb.ng in preparing these financial stslemenls. bl Charitable activiti6s incomè- rents, hiring, service charge income and similar income Ren15, hiring, service charge income and similai income are Sho￿ exclusive ol value added lax (VATI. rental income, conference in¢ome and service charge income is recognised on daily basis in line with the use of the facilrtr'es. Deposit income from hiring is deferred to the extent that rt is r￿1vable in relabon lo a future booking. Investment incomè Interest income is accounted lor on a weivable basis. 18 Resource for London Report and Financial Statements 31 December 2022 dl Rants payable and reserves Included in expenditure is rents payable to Trust for London. A rent is paid lo Ttusl for London for the premises. Further fenl Gan then be payable based on the sutplus in the audited annual accounts, as adjusted lo allow for capital expenditure. working tapilal. recovery of unrestricted serves and any olher adiustments agreed with Trust for London. Liabilities are recognised as a conslruclive obligation arises. C051s relating lo central operations are classed as Charitable Acttvities. Costs relaling to the k￿lIding$ servi¢e charge a￿ classed under other. these costs are charged to lenants through the Service Chafge as per their lease. Resouc¢e for London splits costs under the follo￿n9 headings in the management ac¢ounls'. Services. Slaff and Managemenl. and Adminislration C051s. Fund accounting General funds are available for use al Ihe discretion of the Trustees in ftjrtherance of the general objectives of Ihe charity. Restn"cled funds have donor-imposed iestiiclion5 and are used accordingly. Taxation Re50ur¢e for London salisfies the tests sel out in Paragraph 1 schedu￿ 6 Finance Act 2010 and therefore il meets the definition of a charitable company fr)r UK corporation tax purposes. A￿OrdInglY. the charity is polenlially exempl from taxation in respect of income or capital gains received within categorie5 covered by Chaptei 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. gl Tangible fixed a$sèts Tangible fixed assets costing more than £1,000 are ¢apitalised and induded in historic C05t5. Depreciation is provided lo write off the cost of tangible fixed assets by equal instslmenls over their estimated economic useful lives as follows.. Leasehold improvements Fixtures and fittings Computer equipment 20% 25% h) Operating lease Operating ￿aSeS are charged lo the Sl*ement of Finan￿al Activities on a straight line basis over the lease tefm. Income recognition policy Grant income is recognised when the charity becomes unconditionally entitled to the grant. Grants receivable whi¢h a￿ subject to donor imposed reslriclions are recorded as restricted funds in the slalemenl of financial wsition. Rent and serwe charge iwme are recognised after the start of a lease and a tenant has moved in. Accounting judgemènts and sources of estimation In the application of the charity's a¢¢ounting policies, which are described above, the Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities. The e51imales and underlying assumptions are based on histori¢al experience and other factor5 that are Considered to be relevant. The eslimales and underlying assumptions are reviewed on an on-gtyng basis and revisions lo accounting estimates are recognised in the period In which the estimate is revised il the revision affe¢ts only that perbod, ￿ in Ehe period of the revisK)n and future periods if the revision affects the current and future perths. 19 Resource for London Report and Financial Statements 31 December 2022 Othèr trading a¢tivities 2022 2021 Unrestricted Funds Rents, hiring and similai income Room bookings Service charge income 393.613 375,372 195.057 964,042 385,498 186,334 141.469 713,301 Rèstricted Funds Grant Income Donation from Trust for London ￿ceived during the year 38,SOO 82,786 170,000 208.SOO 82.786 £170,000 donation was r￿1Ved from the Trust for London in 2022 12021.. nil) lo fund building improvemenls. A further £38,500 received from City Bridge Trusl12021". £42,500). A £40,286 grant received from Islington Council in 2021 as part of a Covid-19 support scheme was not repealed in 2022. Expendlture Direct Costs 2022 Total 2021 Total Depreciation Charitable activities centre operations Other- service charge expenses 25.923 892.223 918,146 509.489 202,864 1.095,087 202,864 1.121.010 201,210 710,699 25.923 The staff al the Centre are employed by The Ethical Property Company, the managing agent. Resource for London does nol employ any members of staff. The Trustees received no remuneialion in the year {2021'. none). The Trustees received no expenses in Ihe year12021.' n<￿e} Fees payable in relation lo the statutory audit in 2022 were £9,340 (2021.. £6.100} Taxation Resource for London is exempl from corporats.on lax as all its Ir￿Me is charitable and applied for charitable purposes. 20 Resource for London Report and Financial Statements 31 December 2022 Tangible fixed assets Leasehold Improvements Fixtu and Fitlings Computer Equipment Total Cost Al 1 January 2022 Additions Disposals Al 31 December 2022 152.484 161.738 1.549,186 181,281 908 1.882,951 162,646 1.549,186 182,189 2.045.597 Depre¢iation Al 1 January 2022 Charge lor the year Eliminated on disposal Al 31 December 2022 21,747 6.099 1,544,996 4.190 155.462 15,634 1,722,205 25,923 27.846 1.549.186 171,096 1.748.128 Net book value At 31 December 2022 286.376 130.738 11,093 25.819 297,469 160,747 At 31 December 2021 All fixed assets are held for charitable purposes. Included within leasehold improvements is additions of £161.738 relating to assets under consliuclion which have not been depreciated in the year_ As at 31 December 2022 £110.794 has completed and 11 be deprecialed in 2023 wlh £50,944 remaining as assets under consiruction. Debtors 2022 2021 Trade debtors Prepayments Accrued income VAT debtor 18,118 90,130 37,241 29,260 99.681 486 20,534 149,961 179,359 Debt￿S shown nel of a provision for doubttul debts of £16.71812021.' £23.8231. Creditors: Amounts falling due withln ono yèar 2022 2021 Trade ciedilors Other cieditors Accruals Deferred income Amounts owed to parent charity 44.628 53.849 34.484 1.520 93.253 52,030 33,964 16,423 90,000 285,670 134,481 21 Resource for London Report and Financi31 Stalements 31 December 2022 Creditors: Amounts falllng du• wlthin one year 2022 2021 Amounts owed to parent charity 140,000 140,000 Amounts owed to parent charity ￿present rent due under a collec￿On$ agreement. Deferred income Brought fotward al 1 sl January 2022 Received duiing Ihe year Release of deferred income in the year Carried forward al 31st December 2022 16,423 1.520 16,423 1.520 10. Rg$tri¢ted funds 2022 2021 Enhance Projèct Re51ricled funds balance al 1 January Grant received during the year Expenditure Restricted funds balance al 31 December 30.354 38,500 50,395 18,459 12,969 42,500 25,115 30.354 The Enhance Project fvnds capacity support for London's voluntary and community sectors. Building Improvement Works Re51ricled funds balance at 1 January Donation from Trust for London received during the year Restricted funds balance at 31 December 170.000 170,000 Nat assèts spllt between funds 2022 un￿strICted Reslricled Total Fixed assets Nel current assels Creditors.. amounts falling due after one year 297,469 143.273 140,000 300.742 297,469 331,732 140,000 489,201 188.459 188,459 2021 UnrestrKted Restricted Total Fixed assets Nel current assets Creditors-. amounts falling due after one year 160.746 386.533 1140.OOOL 407.279 160,746 416,887 140,000 437,633 30.354 30.354 22 Resource for London Report and Financial Statements 31 De¢ember2022 11. Operating leasa wmmltm&nts A . Operating lease commitment to parent charity. 2022 Land and Building 2021 Land and Building Total rental payable commitments under operating leases which expire.. Under 1 year Between 1- 5 years Over 5 years 300,000 300,000 1.200,000 1.200,000 1.675,068 2.042,071 Lease payments are recognised in the statement of financial activities in 2022. These were waive¢J in 2021 {£300,0001. B - Operating 18asè commltments from tenants. 2022 Land and Building 2021 Land and Building Rental commitments receivable under operating leases which expire or tenant break dales if sooner". Under 1 year Be￿een 1- 5 years 154,214 154,416 12. Capital commitmènts Capital commitments lotalled £108,427 al the end of 202212021.. nil). This relates to the lift replacement works and will be spent before the end of 2023. 13. Share Capital The company has no share Capital and is a private Company limited by guarantee. The sole memberfs liability under the guaranlee is limited lo £1. 14. Ultimata parent undertsking$ In the opinion of the Trustees Resource for London is a subsidiary of Trusl for London. Resource for London prepares separale accounts as it is a limited company. Trust for London is a ¢harily ￿gistered with the Charity Commission for England and Wales. Trust foi London's charity number is 205629. The ccounls for Trust for London can be obtained from the Chief Execuiive at 4 Chiswell Stfeel London ECIY 4UP. Trust for London's main objective is lo tackle povety and inequalrty in London and lo support the Church of England. 15. Relat￿ party transactions No payments were made lo the Trustees during the year12021.' nil). Payments totalling £450,000 were made lo Trust for London for rent during the year12021.' nil). The amounts due to Trust for London in 2022 tolalled £140,flOO12021= £230.0001. This was lor deferred ￿nI from 20201£90,0001 and historic ienl oulslanding1£50,0001. Additionally, £23.987 was also paid lo Tnjsl for London for insurance cover {2021." £59.000}. In 2022 donation of £170.000 wa5 received from Trust for London for building improvement wviks12021.' nill. 23 Resource for London Report and Financial Statements 31 December 2022 16. Comparative Financial Statements Statement of financial activities 2021 Unrestricted Funds 2021 Restricted Funds 2021 2020 Total Total Incomè Income and endowments from= Charitable activities Investments 753.587 42.S 796.087 963,984 20 Total Incom¥ 753.594 42,SOO 796.094 964,004 EX￿ndItuTe Expenditu￿ on.. Charitable activities Other 484,374 201.210 25.115 509,489 201210 927,290 181.691 Total Expenditure 685,$84 25.115 710,699 1.108.981 Nèt incomellexpenditure) 68.010 17.385 85.395 1144,9771 Reconciliation of funds Funds brought loiward al 1 January 339.269 12.969 352.238 497,215 Funds carried forward at 31 December 407,279 30,354 437.633 352,238 24