Resource for London Report and Financial Statements 31 December 2023
Company no. 02676631
Charity no. 1015305
Resource for London
Report and Financial Statements
31 December 2023

Resource for London Report and Financial Statements 31 December 2023
Resource for London
Contents
For the
ear ended 31 December 2023
Page
Reference and administrative details
Report of the Trustees
Independent Audilor's report
13- 15
Statement of financial activities
16
Balance sheet
17
Cash flow statement
18
Notes to the financial statements
19-25

Resource for London Report and Financial Statements 31 December 2023
Resource for London
Reference and administrative details
For the
ear ended 31 December 2023
Company number
02676631
Charity number
1015305
Registered office
4 Chiswell Street
London
EC1Y 4UP
Operational address
356 Holloway Road
London
N7 6PA
Trustees
Trustees, who are also directors under company law, who served during the
year and up to the date of this report were as follows..
Lynda Stevens {Chair>
Douglas Gunn (appointed 18 January 20241
Stephen Burns {resigned 22 February 20231
Sarah Hadland (resigned 25 September 20231
Pandora Haydon
Denise Joseph {resigned 8 November 2023)
Rushmi Katyal (resigned 20 March 2024)
Kevin Pease
Michael Raibin {resigned 28 September 2023}
Company Secretary
Heather Taylor
Centre Manager
Mark Deakin
Auditors
Haysmacinlyre LLP
10 Queen Street Place
London
EC4R 1AG

Resource for London Report and Financial Statements 31 December 2023
Solicitors
Farrer & Co LLP
66 Lincoln's Inn Fields
London
WC2A 3LH
Birketts LLP
22 Station Road
Cambridge
Cambridgeshire
CB12JD
Hewitsons LLP
Exchange House
482 Midsummer Boulevard
Central Milton Keynes
MK9 2EA
Bankers
Lloyds Bank plc
39 Threadneedle Street
London
EC2R 8AU

Resource for London Report arld Financial Statements 31 December2023
Resource for London
Report of the Trustees
For the year ended 31 December 2023
The Trustees present their report and the audiled financial statements for the year ended 31 December
2023.
Reference and administrative information sel out on page 3 forms part of this report. The financial
slalements comply with current statutory requirements, the articles of association and the Statement of
Recommended Practice - Accounting and Reporting by Charities (SORP FRS102).
Foreword
As for most organisations 2023 has been an interesting and challenging year for Resource for London.
A year best described as "a curate's egg - good in parts"
The good parts included the continued return to working in the bu ilding of our office tenants, a welcome
increase in meeting room bookings and use of the catering facilities. The building is now humming again
on most days including weekends.
The less welcome parts stem from factors beyond our control. Frequent rail strikes resulted in meeting
room booking cancellations and some office tenants decided to leave or downsize.
However overall, with the continuing support of the Trust, we have held our own and continued to deliver
high levels of social impact through our projects and by continuing to provide affordable office space and
meeting and training facilities for London's voluntary sector.
This Annual Report gives us the opportunity to both review our achievements in 2023 and lo look foNard
to the future.
Overvlew
Resource for London provides office space and meeting rooms to London based charitable organisalions
at an affordable rent at 356 Holloway Road, London N7 under a fifteen-year lease granted in 2018 by
Trust for London, (UK registered charity 205629). Resource for London is a wholly owned subsidiary of
Trust for London (the Trust), the largest independent charitable foundation funding work tackling poverty
and inequality in the capital.
The Cenlre is managed on a day-to-day basis by The Ethical Property Company who work closely with
the Board.
Objectives and Activities
We have given due consideration to the Charity Commission's published guidance on the Public Benefit
requirements under the Charities Act 2011 when reviewing our aims and objectives and in planning our
future activities.
In 2023, Resource for London completed 30 years of promoting and improving the efficiency and
effectiveness of charitable organisations. It has delivered this object at our Centre by provid ing office
space and meeting rooms to London based charities at affordable rents and charges. It is where
London's voluntary sector continues to come together to work, meet, train and exhibit- it has been a key
hub for the sector for 30 years and delivers outstanding social impact for the voluntary sector in the
capital.

Resource for London Report and Financial Statements 31 December2023
Resource for London
Report of the Trustees
For the year ended 31 December 2023
Achievements and Performance
Our Tenants
Resource for London is home to organisations addressing poverty and inequality in the capital both by
campaigning or providing services and support. Our Tenants currently include Jengba, Tender, Hibiscus
Inilialives, Cloudesley and the St Giles Trust. The Ethical Property Company, who manage the Centre
for Resource for London, worked hard throughout the year to bring in new tenants and we welcomed
Charity Digital, Maa Shanti, Opening Doors and Just Like Us into the Centre. We also provide free desk
space as part of our grant funded Enhance project and during the year the Enhance Deskspace gave
many small and start up community groups space to work from as we11 as support around governance
and fundraising.
Whilst the trend of people retu rning to work in offices, albeit on a hybrid basis for most, has continued,
pre-pandemic levels of occupancy have still not been achieved and the situation is exacerbated for the
voluntary sector which is so dependent on core cost funding. Resource for London supports its tenants
when this situation arises by the provision of free fundraising and business planning training resulting in
a number securing new funding streams as well as collaborations be￿een tenants. Resource for London
is pleased lo report that these have included support for the Islinglon BAMER Advice Alliance and
Reconnect both of whom work with refugees and asylum seekers in London.
It has been noticeable that smaller units continue lo be more attractive to current and prospective tenants.
Conference and Meetln
ace
The Ethical Property staff team at the Centre have worked incredibly hard to continue to rebuild our
meeting room activities following the pandemic bul the continued rail strikes have had an impact with
estimated loss of income to the charity of £15k. Despite this overall income from conferencing increased
by 19./0 compared to 2022.
The National Health Blood Transfusion Service has continued to run an average of three bi-monthly
sessions and the Child Poverty Action Group uses the Centre on a regular basis to give frontline staff
practical help with social security systems enabling families to slay af loat. Barnardo's, Refugee Action
and NATCEN are also regular users. 75 new organisations have used the Centre in 2023.
As always, the diversity of not-for-profit organisations that choose Resource for London for their events
is striking, ranging from small community groups to major national charities and health and social care
public sector bodies local, regional, and national.
Our Brewbird café continues to be operated by St Giles Trust as a social enterprise enabling them to
train and employ clients with our support, This arrangement benefits both charities as a café adds value
lo the Centre and this one delivers valuable social impact as well.
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 December 2023
Resource for London
Report of the Trustees
For the year ended 31 December 2023
RfL Income 2019-2025
J,Goo,ouc)
El.4VU.OOU
El,200.000
£1,000,000
f 800.0(X)
E600,0(X)
£rtOO.OCO
£200,0(X)
End 012073
£0
2019
2020
2021
2022
2023
2024
2025
Total IiicuJne
Ollice Space
Meeliriy. Space
Soclal Im
act and Pro'ects
Throughout 2023 we provided free fund raising and business planning sessions for the organisations
based al Resource for London. For some this included drafting applications for funding and forging new
partnerships. This additional support for tenants resulting in several securing significant new funding
streams to underpin their finances and extend their impact.
Enhance is our capacity building project that provides support lo black and minority communities,
LGBTQ+ and women's organisations Ihroughout London. Funded by the City Bridge Foundation this
project includes partnering with tenants and others on seminars and training events. Highlights of the
2023 events programme included collaborations with Voice4Change, Street Talk and UCL'S Institute of
Education. We worked with Race on the Agenda on a conference designed lo get more refugees and
traveller, Gypsy, and Roma community members into university. In Novemberwe partnered with Islington
People's Rights on 'Out of Debt, to support people in fuel poverty. There were stalls plus workshops
around welfare benefits and grants for insulation.
We worked on a new website called London Calling which will provide up to dale searchable information
on events, funding and news for the not-for-profit sector, We have teamed up with funders, training
providers and other capacity building organisations to make this initiative a success. A launch is planned
for 2024.
In 2023 we produced a major piece of research around the slate of the capacity building in London.
Called Capacity to Change our report brought together interviews with CVSS, larger funders, the GLA
and others to build a Comprehensive picture of the second-tier sector. Its main findings were that demand
for support had soared because of austerity, the pandemic and the cost of living crisis yet, over the last
decade, there has been a sig nificanl reduction in fund ing available for this essential work.
We were awarded a grant by the Mayor of London for LED lights. This project will not only upgrade the
lighting at our cenlre, it will include an event showing other community spaces and residents across
London how they can save money on their energy bills.
Over the year our exh ibitions programme included a collaboralion with City & Islington College and with
artists committed lo inspiring social action and addressing inequality.

Resource for London Report and Financial Statements 31 December 2023
Resource for London
Report of the Trustees
For the year ended 31 December 2023
Looking ahead Resource far London is planning a new focus on digital and data training for London's
voluntary sector. With technology evolving ever more rapidly there are huge challenges around managing
data safely, especially for smaller charities. We are looking at ways to provide software and technical
support to raise standards and reduce duplication. Our aim is lo be a hub for IT and data services for
London's third sector.
Flnancial Report
In order to mitigate the impact of the challenging office renlal market in 2023 resulting from the trend lo
working from home, Resource for London reviewed its marketing strategy and rent policy lo remain
competitive and affordable by the voluntary sector and closely Controlled expenditure. Therefore, income
in 2023 was lower than in 2022 al £1,052,204 against expenditure of £836,648. Unrestricted funds were
£515,369 at the year end. The 2023 figures were greatly assisted by the Trust for London's decision to
waive the rent charges for the year (2022.. £300,000), resulting in a surplus of £215,55612022.. £51,568).
As a result of the Trust's support, lift renewal and major repair works were completed, and a further
phase of air conditioning replacement was possible at a capital cost of £201,247.
Resource for London operates within a large, converted Victoria department store which is costly to
operate, maintain and repair and needs major investment every year. Our aim is to manage the building
cost effectively and to reduce our carbon footprint. The Energy Performance Rating has improved to'c"
from "D" over recent years as a result of improvements to the heating and lighting systems.
Governance
Resource for London is a charitable company limited by guarantee, incorporated on 10 January 1992
and registered as a charity on 23 November 1992. The company was established under a Memorandum
of Association which established the objects and powers of the charitable company and is governed
under ils Articles of Association,
All Trustees give freely of their lime and no Trustee remuneration was paid in the year. Note 3 to the
accounts provides the n il d isclosure for Trustee remuneration and related party Iransaclions. Trustees
are required lo disclose all relevant interests and withdraw from decisions where a conflict of interest
arises in accordance with policy. New Trustees that join the Board have a full induction programme and
are supported by a Trustee mentor. Trustee5 are recruited based on their professional and community
background, and their commitment lo our objectives.
All new Board members are appointed on five-year terms, normally with a maximum of two terms.
Resource for London is focused on delivering its five year strategic plan which sets out the ways in which
the charity will continue lo rebuild and adapt ils activities and finances lo the changing ways of working.
The Board has continued to work with the Trust for London lo review the Charity's mission given the
changes to office working practices brought about by the pandemic and their effect on the serviced office
and meeting room markets.
The Trustees use the Charity Governance Code lo assess and review the charity's effectiveness around
decision making, inclusion and accou ntability Resource for London has given due consideration to the
Code of Fundraising Practice and Charity Commission Guidance on Fundraising and notes that the
Charity had no fundraising activities requiring disclosure urider S162A of the Charities Act 2011.

Resource for London Report and Financial Statements 31 December2023
Resource for London
Report of the Trustees
For the year ended 31 December 2023
Risk Management
The Trustees are responsible for risk management al Resource for London, reviewing and updating the
register of risks, monitoring risks and establishing control measures to mitigate the likelihood and impact
of these risks. Major risks are monitored at each meeting of the Board. The risks are reviewed under
governance, operational, financial, external, compliance and environmental. The most significant risk
identified is the Charity's dependence on ils income sources, namely the charitable and voluntary sector.
This risk is mitigated by close monitoring of the cashflow against the budget and market conditions. The
Trustees have examined the major strategic, business and operational risks which the Charity faces and
confirm that Systems have been established to enable regular reports to be produced so that the
necessary steps can be taken to lessen the risks.
The most significant risks are as follows..
Dependency on Income Sources
Office voids and tenancy turnover in the changing market for
offices, and meeting room demand., lettings and bookings are monitored and reviewed regularly by the
Board so that appropriate action can be promptly taken,
Cashflow sensStivities 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 prudent approach to income and expenditure.
Rlsk of recession- the Board only commits lo expenditure if the cashflow supports it and adjusts staffing
levels to reflect demand for meeting and office space.
Competition from similar organ5sations - Resource for London's Board monitors customer service
feedback to ensure high levels of satisfaction are maintained. Office rents and meeting room charges
are periodically benchmarked against the wider market to ensure Resource for London's social impact
objective of providing affordable office and meeting space is achieved.
Failure to malntain building in a good condition
The Board commissioned a 10-year condition
survey by an independent specialist in 2015 which was updated in 2019. This programme and reports
from The Ethical Property Cornpany are used to priorilise major repairs and improvement works each
year and to monitor planned maintenance works.
Geopolitlcal Confllcts - the Board have ensured that additional equipment supplies are available to
allow for the ongoing disruption in supply chains.
Increasing utility costs - the Charity has agreed a Ihree-year electricity contract to ensure stable pricing
and is planning lo invest in the Centre that will lower energy bills.
Loss of management or catering contractors - there are lengthy notice periods in place in contracts
that would facilitate a change in contractor if needed.
Reserves policy
Total funds at 31 December 2023 amounted to £704,721 compared lo £489,201 in 2022. Restricted
funds at 31 December 2023 tolalled £189,388 (including £170,000 for building improvement works),
leaving £515,333 unrestricted reserves. Free reserve5, after discounting the net book value of fixed
assets and restricted reserves are £35,739 (2022.. £3,273).

Resource for London Report and Financial Statements 31 December 2023
Resource for London
Report of the Trustees
For the year ended 31 December 2023
General reserves
Resource for London has a target to build unrestricted reserves lo a level sufficient to ensure adequate
working capital for the operations of the business without recourse to external capital. The working
capital requirements have been identified as three months of operating costs. This is considered
sufficient to safeguard the Charity under challenging operating conditions. This is calculated as 25 % of
unrestricted expenditure included in the 2024 budget, being £279,197.1 n addition to working capital, the
Charity aims to rebuild its properly reserves to £300,000 by continuing to increase occupancy levels and
recovering meeting room bookings to pre-pandemic levels,
Going Concern
After reviewing the Charity's forecasts and projections, and in the light of the Trust for London having
agreed to waive the annual rent for 2024, the Trustees have a reasonable expectation that the Charity
has adequate resources lo continue in operational existence for the foreseeable future. The Charity
therefore continues to adopt the going concern basis in preparing ils financial statements.
Throughout 2023 Resource for London's operations continued and a number of actions were taken to
ensure that were sufficient financial resources in place to meet the day to day needs of the Charity.
The financial statements have been prepared on a going concern basis on the grounds that Trust for
London, the ultimate parent charity, will continue to support Resource for London by providing flexibility
around the timing of rental payments due under the agreed lease.
Plans for Future Periods
Life is getting much harder for communities in the capital that were already experiencing the highest
levels of poverty and disadvantage. As a key capacity building organisalion for London's voluntary sector
and for activities that support the hardest hil communities, the Trustees, vision is for Resource for London
is to be a vibrant hub for addressing inequality.
Our plan is designed lo contin ue to rebuild our office and meeting room activities by ensuring charges
remain affordable for the voluntary sector, by closely monitoring our costs and reducing them wherever
possible. Our aim is to achieve high satisfaction levels for all Centre users and to grow our customer
base.
We will continue lo support joint working be￿een office tenants and those organising their meetings at
the Centre and to offer capacity building support more widely for London's voluntary sector. We aim to
build partnerships and develop projects with organisalions that share our vision and objectives so that
together we can build a stronger not for profit sector in the capital. Looking ahead to 2024 the Charity
has exciting plans to deliver talks, exhibitions and education focused projects to engage London's
residents around poverty and inequalities issues. This work is resourced through grants from trusts and
we will continue to raise funds for existing and new projects.
The planned maintenance and improvement survey of the building informs the annual programme to
ensure that Resource for London continues to be the first choice for organisations planning their
meetings, training sessions and conferences. The Board will continue to invest in the fabric of the Centre
in line with the priorities identified in the survey and the expectations of the building users. The budgel
for 2024 includes replacing the remaining lighting to LEDS and repairs to the facade. Where possible the
Charity will seek grant funding to help fund these plans.
io

Resource for London Report and Financial Statements 31 December 2023
Resource for London
Report of the Trustees
For the year ended 31 December 2023
Everyone involved with Resource for London including the Ethical Property Company and Trust for
London, remain committed to realising the potential for the Centre. The 8oard is focused on ensuring
that the Centre returns to generating sufficient annual surpluses to invest the required sums in the
building. Vvh ilst meeti ng th is objective, the charges for office and meeting space will always be designed
to be affordable for the voluntary sector.
Disclosure of Information to Auditors
The Trustees who held office at the dale of approval of this Trustees, report confirm that, so far as they
are aware, there is no relevant audit informalion of which the Charity's auditors are unaware,. and the
Trustees have taken all the steps that they ought to have taken as Trustees to make themselves aware
of any relevant audit information and to establish that the Charity s auditors are aware of that information.
Statement of responsibilities of the Trustees
The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in
accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial slalemenls for each financial year. Under that
law they have are required to prepare the financial slalemenls in accordance with UK Accounting
Slanclards and applicable law (UK Generally Accepted Accounting Praclicel.
Under company law the Trustees must not approve the financial statements unless they are satisfied
that they give a true and fair view of the stale of affairs of the charitable company and of the excess of
expenditure over income for that period. In preparing these financial slatemenls, the Trustees are
required to..
select suitable accounting policies and then apply them cons islenlly.,
stale whether applicable accounting standards have been followed, subject to any material
departure5 disclosed and explained in the financial statements.,
make judgements and estimates that are reasonable and prudent., and
prepare the financial statement5 on the going concern basis unless it is inappropriate to presume
that the charitable company will continue its activities.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and
explain the charitable company's transactions and disclose wilh reasonable accuracy al any time the
financial position of the charitable company and enable them to ensure that the financial statements
comply with the Companies Act 2006. They have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the charitable company and to prevent and delect
fraud and other irregularities.
In so far as each Trustee is aware, there is no relevant audit information (that is, information needed by
the company's auditors in connection with preparing their report) of which Ihe company's auditors are
unaware,, and each Trustee has taken all the steps that they ought lo have taken as a director in order
to make themselves aware of any relevant audit information and lo establish that the company's auditors
are aware of that information.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information
included on the charitable company's website. Legislation in the UK governing the preparation and
dissemination of financial statements may differ from legislation in other jurisdictions.
li

Resource for London Report and Financial Statements 31 December 2023
Resource for London
Report of the Trustees
For the year ended 31 December 2023
Members of the Charity guarantee to contribute an amount not exceeding £1 to the assets of the Charity
in the event of winding up. The total number of such guarantees at 31 December 2023 was 112022- 1).
The Trustees are not members of the Charity therefore they have no entitlement to voting rights. The
Trustees have no beneficial interest in the Charity.
Conclusion
2023 has been a year a further year of recovery and rebuilding and Resource for London would not have
achieved what it has without the support of Trust for London, City Bridge Foundation and the hard work
by the Ethical Property Company team. Resource for London will continue to work for the benefit of
Londoners most impacted by poverty and inequality ancl support the hardest hit communities throughout
2024.
This report is prepared in accordance with the provisions of the Companies Act applicable lo small
entities.
Auditor
Haysmacintyre LLP has indicated its willingness to be reappointed as statutory auditor for the next
financial year.
Approved by the Trustees on 181h April 2024 and signed on their behalf by
Lynda Stevens
Chair
12

Resource for London Report and Financial Statements 31 December 2023
Independent auditor's report to the members of 31 December 2923
Opinion
We have audited the financial statements of Resource for London for the year ended 31 December 2023
which comprise the Statement of Financial Activities, Balance Sheet, Cash Flow Statement and notes to the
financial slalements, including a summary of significant accounting policies. The financial reporting
framework that has been applied in their preparation is applicable law and United Kingdom Accounting
Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in Ihe
UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)
I n our opinion, the financial statements..
give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and
of the charitable company's net movement in funds, including the income and expenditure, for the
year then ended.,
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006,
Ba51s for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs IUKI) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our reporl, We are independent of the
charity in accordance with the ethical requirements that are relevant to our audit of the financial statements
in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate lo provide a basis for our opinion,
Conclusions relatlng to going concern
I n auditing the financial statements, we have concluded that the Iruslees, use of the going Concern basis of
accounting in the preparation of the financial statements IS 8ppropriale.
Based on Ihe work we have performed, we have not identified any rnaterial uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability
to continue as a going concern for a period of at least twelve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the
relevant sections of this report.
other Snformatlon
The trustees are responsible for the other information. The other information comprises the information
included in the Report of the Trustees. Our opinion on the financial statements does not cover the other
information and, except to the extent otherwise explicitly stated in our report, we do not express any form of
assurance conclusion thereon.
I n connection with ou r audit of the financial statements, our responsi bility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the financial statements or
our knowledge obtained in the audit or othetwise appears to be materially misstated. If we identify such
material inconsistencies or apparent material misstatements, we are requ ired to determine whether there is
a material misstatement in the financial statements or a material misstatement of the other information. If,
13

Resource for London Report and Financial Statements 31 Oecember2023
based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing lo report in this regard.
Opinions on other matters prescribed by the Companles Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Report of the Trustees (which includes the strategic report and the
directors, report prepared for the purposes of company law} for the financial year for which the
financial statements are prepared is consistent with the financial statements, and
the strategic report and the directors, report included within the Report of the Trustees have been
prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exceptlon
I n the light of Ihe knowledge and understanding of the charitable company and its environment abtained in
the course of the audit, we have not identified material misstatements in the Report of the Trustees (which
incorporates the strategic report and the directors, report),
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion..
adequate accounting records have not been kept by the charitable company., or
the charitable company financial statements are not in agreement with the accounting records and
returns., or
certain disclosure5 of trustees, remuneration specified by law are not made., or
we have not received all the information and explanations we requ ire for our audit,, or
the trustees were not entitled to prepare the financial statements in accordance with the small
companies, regime and take advantage of the small companies, exemptions in preparing the
trustees, report and from the requirement to prepare a strategic report.
Responsibilities of trustees for the flnancial statements
As explained more fully in the trustees, responsibilities statement set out on page 11 , the Iruslees (who are
also the directors of the charitable company for the purposes of company law) are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and for such
internal control as the trustees determine is necessary to enable the preparation of financial stalemenls that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's
ability lo continue as a going concern, disclosing, as applicable, mallers related to going concern and using
the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company
or to cease operations, or have no realistic alternative bul to do so.
Auditor's responsibillties for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit
conducted in accordance with ISAS (UK) will always detect a malerial misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below..
14

Resource for London Report and Financial Statements 31 December 2023
Based on our understanding of the charitable company and the environment in which it operates, we
identified that the principal risks of non-compliance with laws and regulations related to registered charities,
and we considered the extent to which non-compliance might have a material effect on the financial
statements. We also considered those laws and regulations that have a direct impact on the preparation of
the financial statements such as the Companies Act 2006, the Charities Act 2011 and other factors such as
income tax and sales tax.
We evaluated management's incentives and opportunities for fraudu5ent rnanipulalion of the financial
statements (including the risk of override of controls), and deterrnined that the principal risks were related to
areas of eslimation uncertainty and to manual accounting journals. Audit procedures performed by the
engagement team included..
Inspecling correspondence with regulators and lax aulhoritie5'
Discussions with management including consideration of known or suspected instances of non-
compliance with laws and regulation and fraud.,
Evaluating management's controls designed to prevent and detect irregularities.,
Identifying and testing journals, in particular journal entries posted with unusual account
combinations, postings by unusual users or with unusual descriptions., and
Challenging assumptions and judgements made by management in their accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This
risk increases the more that compliance with a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-
compliance. The risk is also greater reoarding irregu larities occurring due to fraud rather than error, as fraud
involves intentional concealment, forgery, collusion, omission or misrepresentation,
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. ￿w,frQ.0r
, uklauditorsres
onsibililies. This description forms part of ou r
auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the
charitable company's members those matters we are required to stale to them in an Auditor's report and for
no other purpose. To the fullest extent permitted by law, we do nolaccepl or assume responsibility to anyone
other than the charitable company and the charitable company's members, as a body, for our audit work, for
this report, or for the opinions we have formed.
Siobhan Holmes (Senior Statutory Auditor)
For and on behalf of Haysmacintyre LLP, Statutory Auditor
Date..
10 Queen Street Place
London
EC4R 1AG
15

Resource for London Report and Financial Statements 31 December2023
Resource for London
statement of f inancial activities
For the year ended 31 December 2023
Note
2023
Unrestricted
Funds
2023
Restricted
Funds
2023
2022
Total
Total
Income
Income and endowments from..
Charitable activities
Investments
1,009,826
444
41,934
1,051,760 1,172,542
444
36
Total Income
1010 270
1052 204 1 172,578
Expendlture
Expenditure on:
Charitable activities
other
571,717
223 962
41,005
612,722
223 962
918,146
202 864
Total Expendlture
795 679
836 684 1121010
Net income
214,591
929
215,520
51,568
Reconciliation of funds
Funds brought fomard at 1
January
300 742
188 459
489 201
437 633
Funds carried foward at 31
December
10
515 333
189 388
704 721
489,201
All of the above results are derived from continuing activities. There were no other recognised gains or
losses other than those stated above.
The notes on pages 19 to 25 form part of these financial statements.
16

Resource for London Report and Financial Statements 31 December 2023
Resource for London
Company Number 02676631
Balance sheet
For the year ended 31 December 2023
Note
2023
2022
Fixed assets".
Tangible assets
Total fixed assets
479,594
479,594
297 469
297,469
Current assets:
Debtors
Cash at bank and in hand
Total current asset8:
65,465
411,222
476,687
179,359
286,854
466,213
Llabilities
Creditors.. Amount falling due within one
year
Net current assets
186,560
290127
134,481
331732
Creditors.. Amount falling due after more
than one year
(65,0001
{140,000)
Total net assets
704 721
489 201
Tho funds of the charity
Restricted income funds
Unrestricted funds
Total charity funds
10
189,388
515,333
704 721
188,459
300,742
489 201
These accounts are prepared in accordance with the special provisions of Part 15 of
Ihe Companies Act relating to small companies.
Approved by the Trustees on 181h April 2024 and signed and aulhorised for issue on
their behalf by
Lynda Stevens
Chair
The notes on pages 19 to 25 form part of these financial statements.
17

Resource for London Report and Financial Statements 31 December2023
Resource for London
Cash flow statement
For the year ended 31 December 2023
2023
2022
Cash flows from operating activities:
Net cash provided byl(used in) operating activities
327 672
103131
Cash flows from investing actlvities:
Bank interest
Purchase of property, plant and equipment
Nel cash (used in} investing activities
444
203 748
36
162 647
162,611
203 304
Cash flows from financlng activltie8:
Repayment of loan to parent charity
Change in cash and cash equivalents in the reporting period
124,368
(265,7421
Cash and cash equlvalents at the beginnlng of the reportlng perlod
Cash and cash equlvalents at the end of the reporting period
286 854
552,596
286 854
411222
2023
2022
Reconclllation of net income to cash flow from operating
activltles
Net Income for the year ended 31 December
Adjustments for:
Depreciation charges
Bank interest
Decreasel{Increase) in debtors
I ncreasel(Decrease) in creditors
Net cash provided byllused in) operating activitles
215,520
51,568
21,622
1444)
113,894
25,923
{361
{29,3981
151 188
327 672
103,131
2023
2022
Analysis of cash and cash equivalents and net debt
Cash in hand
Total cash and cash equivalents and net debt
411222
411222
286,854
286,854
18

Resource for London Report and Financial Statements 31 Decembef2023
Resource for London
Notes to the financial statements
For the year ended 31 December 2023
Entity Details
Resource for London is a charitable company limited by guarantee, incorporated within England
and Wales on 10 January 1992 and registered as a charity on 23 November 1992 and is a Public
Benefit Entity,
Company Number '. 02676631
Charity Number.. 1015305
Registered Address 4 Chiswell Street, London, EC1Y 4UP.
All decisions are made by the Trustees of Resource for London. Some day to day decisions are
delegated to The Ethical Property Company.
Accountlng pollcles
Basls of Accounting
The accounts (financial statements) have been prepared in accordance with the Charities SORP
applicable to charities preparing their accounts in accordance with FRS 102, the Financial
Reporting Standard applicable in the UK arsd Republic ol Ireland, and the Companies Act 2006.
Going concern
The financial statements have been prepared on a going concern basis. A key consideration is the
wider London office rental market. To mitigate the impact of the trend for increased homeworking,
Resource for London reviewed 115 marketing strategy and rent policy to remain competitive and
affordable by the voluntary sector.
We have prepared a revised cash forecast to the end of April 2025 which considers our cash
position, sources of income and planned expenditure. This forecast considers recovery in
income from meeting rooms and occupancy The Board has scrulinised the key assumptions
within this forecast 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 concern basis on the grounds that
Trust for London, the ultimate parent charity, will continue to support Resource for London by
providing flexibility around the timing of rental payments due under the agreed lease.
Having regard to the above, the Trustees are satisfied that there are no material uncertainties
around the decision to adopt the going concern basis of accountin9 in preparing these financial
statements.
b)
Charitable activities income - rents, hiring, service charge income and similar Income
Rents, hiring, service charge income and similar income are shown exclusive of value added
tax (VAT). rental income, conference income and service charge income is recognised on
daily basis in line with the use of the facilities. Deposit income from hiring is deferred to the
extent that it is receivable in relation lo a future booking
Investment income
Interest income is accounted for on a receivable basis.
19

Resource for London Report and Financial Statements 31 December2023
dl
Rents payable and reserves
Included in expenditure is rents payable to Trust for London. A rent is paid to Trust for London
for the premises. Further rent can then be payable based on the surplus in the audited annual
accounts, as adjusted to allow for capital expenditure, working capital, recovery of unrestricted
reserves and any other adjustments agreed with Trust for London. Liabilities are recognised as
a constructive obligation arises.
Costs relating lo central operations are classed as Charitable Activities. Costs relating to the
buildings service Charge are classed under other, these costs are charged to tenants through
the Service Charge as per their lease Resource for London splits costs under the following
headings in the management accounls, se￿iCe5, Staff and Management, and Administration
Costs.
Fund accountlng
General funds are available for use at the discretion of the Trustees in furtherance of the general
objectives of the charity. Restricted funds have donor-irnposed restrictions and are used
accordingly.
Taxatlon
Resource for London satisfies the tests set out in Paragraph 1 Schedule 6 Finance Act 2010
and therefore it meets the definition of a charitable company for U K corporation tax purposes.
Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains
received within categories covered by Chapter 3 Pail 11 Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are
applied exclusively to charitable purposes.
gl
Tanglble fixed assets
Tangible fixed assets costing more than £1,000 are capitalised and included in historic costs.
Depreciation is provided to write off the cost of tangible fixed assets by equal inslalmenls over
their estimated economic useful lives as follows..
Leasehold improvements
Fixtures and fittings
Computer equipment
20%
h}
Operatlng lease
Operating leases are charged to the Statement of Financial Activities on a straight line basis over
the lease term.
Income recognition policy
Grant income is recognised when the charity becomes unconditionally entitled to the grant. Grants
receivable which are subject to donor imposed restrictions are recorded as restricted fund5 in the
slatement of financial position. Rent and service charge income are recognised after the start of a
lease and a tenant has moved in.
Accounting judgements and sources of estimation
In the application of the charity's accounting policies, which are described above, the Trustees are
required to make judgements, eslimales and assumptions about the carrying values of assets and
liabilities. The eslimales and underlying assumptions are based on historical experience and other
factors that are considered to be relevant. The estimates and underlying assumptions are reviewed
on an on-goi ng basis and revisions to accounting estimates are recognised in the period in which
the estimate is revised if the revision affects only that period, or in the period of the revision and
future periods if the revision affects the current and future periods.
20

Resource for London Report and Financial Statements 31 December 2023
other trading activities
2023
2022
Unrestricted Funds
Rents, hiring and similar income
Room bookings
Service charge income
353,301
442,062
214,463
1009 826
393,613
375,372
195,057
964,042
Restricted Funds
Grant Income
Donation from Trust for London received during the
year
41,934
38,500
170 000
208 500
In 2022, 8 £170,000 donation was received from the Trust lor London lo fund building improvements. A
grant amounting to £41,934 (2022.. £38,500) was received from City Bridge Trust.
Expenditure
Direcl
Costs
2023
Total
2022
Total
Depreciation
Charitable activities
centre operations
Other- service charge
expenses
21,622
550,095
571,717
918,146
223,962
774 057
223 962
202 864
1121010
795 679
The staff at the Centre are employed by The Ethical Properly Company, the managing agent. Resource
for London doe5 not employ any members of staff.
The Trustees received no remuneration in the year12022'. none).
The Trustees received no expenses in the year {2022'. none)
Fees payable in relation lo the statutory audit in 2023 were £10,00012022.. £9,340)
Taxation
Resource for London is exempt from corporation tax as all ils income is charitable and applied for
charitable purpose5.
Tangible fixed assets
21

Resource for London Report and Financial Statements 31 December 2023
Leasehold
Improvements
Fixtures
and
Fittings
Computer
Equipment
Total
Cost
At 1 January 2023
Additions
314,222
201,247
1,549,186
2,500
182,189
2,045,597
203,747
At 31 December 2023
515,469
1,551,686
182,189
2,249,344
Depreciation
At 1 January 2023
Charge for the year
27,846
12,253
1,549,186
125
171,096
9,244
1,748,128
21,622
At 31 December 2023
1549,311
180,340
1769,750
Net book value
At 31 December 2023
At 31 December 2022
475,370
286 376
479,594
297 469
All fixed assets are held for charitable purposes.
Included within leasehold improvements is additions of £73,604 relating to assets under construction
which have not been depreciated in the year. Once completed, will be depreciated in 2024.
Debtors
2023
2022
Trade debtors
Prepayments
Accrued income
VAT debtor
46,508
18,9S7
18,118
90,130
37,241
179 359
Debtors shown net of a provision for doubtful debts of £24,258 {2022.' £16,718).
Creditors: Amounts falling due within one year
2023
2022
Trade creditors
VAT creditor
Other creditors
Accruals
Deferred income
Amounts owed to parent charity
38,209
34,137
59,883
50,565
3,766
44,628
53,849
34,484
1,520
186,560
134,481
Crcditors: Amounts falling due within one year
2023
2022
22

Hn'o)'Aij8doJdiE￿IYl3'￿ ￿￿9101 59BIIOI ty￿•.1
Resource for London Report a nifiF41Pafieial,¥￿4YW￿l ￿ IDèeeMtyèY42023
Jld
iuo J iJadoJd IBJ1413
Amounts owed to parent charity
65,000
140,000
Amounts owed to parent charity represenl rent due under a collection's agreement.
2023
Deferred income
2022
Brought forward at 1 st January
Received during the year
Release of deferred income in the year
Carried fO￿ard at 31 st December
1,520
3,766
16,423
1,520
3,766
1,520
10. Restricted funds
2023
2022
Enhanco Project
Restricted funds balance at 1 January
Grant received during the year
Expenditure
Restricted funds balance at 31 December
18,459
41,934
30,354
38,500
The Enhance Project funds capacity support for London's voluntary and community sectors.
Building Improvement Works
Restricted funds balance at 1 January
Donation from Trust for London received during the
year
Reslricled funds balance at 310ecember
170,000
170 000
170 000
170 000
Net assets split between
funds
2023
Restricted
Unrestricted
Total
Fixed assets
Net current assets
Creditors.. amounts falling due after one year
479,594
175,775
140,000
515369
479,594
365,163
140 000
704 757
189,388
189 388
2022
Restricted
Unrestricted
Total
Fixed assets
Net current assets
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
11.
Operating lease commitments
23

yn'o)'AiJadoJdieJi4ia'M 018LOZ g991101 iTtr4'1
Resource for London Report a nO￿vI¥￿￿'￿e1￿ Ststéry￿1KI-￿Q.lDè1th1k$è￿023
ald AuEdwo J iJ6doJd l¥?ly]3 OUI
A - Operating lease commitment to parent charity.
2023
Land and
Building
2022
Land and
Building
Total rental payable commitments under operating leases
which expire..
Under 1 year
Be￿een 1- 5 years
Over 5 years
300,000
1,200,000
1,675,068
1,200,000
1,200,000
Lease payments were recognised in the statement of financial activities in 2022. These are waived in
both 2023 and 2024 (£300,000 per annuml.
B - Operating lease commitments from tonants.
2023
Land and
Building
2022
Land and
Building
Rental commitments receivable under operating leases
which expire or tenant break dales if sooner..
Under l year
Between 1 5 years
202,263
154,214
12.
Capital commitmonts
Capital commitments totalled £18,210 at the end of 2023 {2022'. £108,427). This relates to air condition ing
works and will be spent before the end of 2025.
13.
Share Capltal
The company has no share capital and is a private company limited by guarantee. The sole member's
liability under the g uarantee is limited to £1.
14.
Ultimate parent undertakings
In the opinion of the Trustees Resource for London is a subsidiary of Trust for London. Resource for
London prepares separate accounts as il is a limited company, Tiusl for London is a charity registered
with the Charity Commission for England and Wales, Tru51 for London's charity number is 205629. The
accounts for Trust for London can be obtained from the Chief Executive at 4 Chiswell Street London
EC1Y 4UP. Trust for London's main objective is to tackle poverty and inequality in London and to support
the Church of England.
15.
Related party transactions
No payments were made to the Trustees during the year (2022.. nil). No payments were made lo Trust for
London for rent during the year (2022: £450,000). The amounts due to Trust for London in 2023 tot211ed
£65,000 {2022'. £140,000). This was for historic rent oulstandlng.
Additionally, £30,759 was also paid to Trusl for London for insurance cover {2022'. £23,987). In 2022 a
donation of £170,000 was received from Trust for London for building irnprovemenl works. This was not
repeated in 2023.
16.
Comparative Financial Statements
24

4n'o)'AiJèdoJdiÉ)14la'M 01gLOZ g991101tr¥+
Resource for London Report anLPibYa'fryei￿'sl￿térywK¥"n'￿YèeeM￿*lLQo23
Jld AuedLUO J lJ8doJd IL'?IyI] gul
Statemenl of f inancial activities
2022
Unrestricted
Funds
2022
Restricted
Funds
2022
2021
Total
Total
Income
Income and endowments from..
Charitable activities
Investments
964,042
36
208,500
1,172,542
36
796,087
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
202 864
509,489
201210
Total Expenditure
1070615
1 121 010
710699
Net lexpenditure}lincome
(106,537)
158,105
51,568
85,395
Roconclllatlon of funds
Funds broLighl forward at 1 Jaiiuary
407 279
437 633
352 238
Fund5 carried foNard at 31
December
300 742
188,459
489 201
437,633
25