Resource for London Report and Financial Statements 31 December 2024 Company no. 02676631 Charity no. 1015305 Resource for London Report and Financial Statements 31 December 2024
Resource for London Report and Financial Statements 31 December2024 Resource for London Contents For the ear ended 31 December 2024 Page Reference and administrative details Report of the Trustees 5-10 Independent Auditor's report 11- 13 Statement of financial activities 14 Balance sheet 15 Cash flow statement 16 Notes to the financial statements 17-23
Resource for London Report and Financial Statements 31 December 2024 Resource for London Reference and adminlstrative details For the ear ended 31 December 2024 Company number 02676631 Charity number 1015305 Reglsterod office 4 Chiswell Street London ECIY 4UP Operatlonal 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 2024) Pandora Haydon Rushmi Katyal {resigned 20 March 2024) Kevin Pease Company Secretary Heather Taylor Centre Manager Mark Deakin Auditors Haysmac LLP 10 Queen Street Place London EC4R IAG
Resource for London Report and Financial Statements 31 December 2024 Solicitors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Birketts LLP 22 Station Road Cambridge Cambridgeshire CB12JD Bates Wells 10 Queen Street Place London EC4R 1BE Bankers Lloyds Bank plc 39 Threadneedle Street London EC2R 8AU
Resource for London Report and Financial Statements 31 December 2024 Resource for London Report of the Trustees For the year ended 31 December 2024 The Trustees present their report and the audited financial statements for the year ended 31 December 2024. Reference and administrative information set out on page 3 forms part of this report. The financial statements comply with current statutory requirements, the articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP FRS1021. Foreword Resource for London houses many important charities and is a key meeting and training hub for London's voluntary sector. 2024 was a further year of recovery from the pandemic for the charity. As with the previous years there was a steady recovery in the office occupancy and the meeting rooms at our Holloway Road centre. We organised events and exhibitions offering opportunities that brought people from across London to discuss and network around poverty and inequality issues in London. Our 'Enhance' capacity building initiative has made a positive impact for hundreds of smaller charities and other not for profits in the capital. However, the changes in working practices and the office rental market as a result of Covid, and the need for major investment in the building, have had a major impact on Resource for London in the last four years. It is not surprising therefore that the need to financially su pporl the charity led to a decision by the Trust for London to sell the Holloway Road centre after 30 years of ownership and Resource for London will vacate the building on completion of the sale in J uly 2025. The financial report that follows reflects this decision and ils implications for the charity. This Annual Report therefore reviews our achievements in 2024 and the decision to sell the building and wind up the charity in 2025. Overvlew Resource for London provides office space and meeting rooms to London based charitable organisations al an affordable rent at 356 Holloway Road, London N7 under a lease granted by Trust for London, {UK registered charity 205629}. Resource for London is a wholly owned subsidiary of Trust for London (the Trust), one of the largest independent charitable foundations funding work tackling poverty and inequality in the capital. The Centre is managed on a day-lo-day basis by the Ethical Property Company who work alongside the Board to deliver the charity's objectives. Objectives and Actlvltles We give due consideration lo 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 aclivilies. Resource for London has always been committed lo promoting and improving the efficiency and effectiveness of charitable organisations. It has delivered this object al our Centre by providing office space and meeting rooms to London based charities at affordable rents and charges. 11 is where London's voluntary sector comes together to work, meet, train and exhibit- il has been an essential hub for Ihe sector for over 30 years and delivers outstanding social impact for the voluntary sector in the capital.
Resource for London Report and Financial Statements 31 December 2024 Achievements and Performance Our Tenants Resource for London is home to organisations addressing inequality both by campaigning or providing services and support. Our Tenants currently include Healing Justice, Tender, Hibiscus Initiatives, Cloudesley, Vaccination UK and the St Giles Trust. New organisations moving in during the year included Betknowmore, Aisling Project and Iranian & Kurdish Women's Rights Organisation. We continued to provide free desk space as part of our Enhance project and during 2024 we saw a number of start-up charities become members of the Enhance desk space group which also gave them access to support around governance and fundraising. Throughout the year Resource for London supported tenants with capacity building. For some this has involved help with business planning or developing funding plans. Where opportunities have arisen, we have forged partnerships between tenant organisalions and assisted with applications for funding. Conference and Moetin ace Over 250 different organisations booked our meeting space during the year and the space has been actively marketed including a revamped website. The Ethical Property staff team have worked hard to build strong customer relationships with key organisations that regularly book our space. Every weekday and some weekends our meeting rooms and large conference hall have allracted a diverse cross-section of the not-for-profil sector. They include pu bli¢ sector bodies local, regional and national including the NHS. The National Health Blood Transfusion Service conducts a session once a month. Barnardo's, Vaccination UK, Refugee Action and Mencap are frequent users. The Brewbird Café was operated by Sl Giles Trust during 2024 as a social enterprise enabling them to train and employ clients with our support. Soclal Im act and Pro ects Funded by City Bridge Foundation, the Lottery and other trusts, our Enhance project provides capacity building for ethnically minoritised, LGB TQ+ Traveller and women's organisations throughout London. It includes partnering with tenants and others on seminars and training events. Enhance events during 2024 included partnerships with the Young People's Foundation, the Beller Justice Partnership and Islinglon People's Rights. Over the last year we have focused our training programme towards support lor smaller not for profits serving communities across London to help close the digital divide. Called Digital Training for London this is linked to our new London Calling website and provides charities and other VCS serving minority groups across London with free training. This has enabled them lo provide valuable digital inclusion support lo the communities they serve. London Calling is the result of three years, work and is an important new resource bringing together, for the first time, a constantly up to date searchable database of all of the training and funding opportunities available to London's not for profit sector. Financial Report Overall income in 2024 matched that in 2023 at £1.04 million and expenditure of £912k was higher compared the previous year. Office income was up on the forecast at the beginning of the year, but the total achieved for the meeting space was slightly down. Islinglon Council awarded the charity 1000/0 Business Rates relief which was very welcome. Trust for London again agreed to waive payment of the annual rent leading to a net income of £128k.
Resource for London Report and Financial Statements 31 December 2024 Unreslricled funds for the charity were £297k at the year end and there was a total of £12k in restricted funds which included grant funding for the Enhance project. As a result of the Trust's support, lift renewal, air conditioning and lighting works were completed in the year. A budget has been prepared and approved by the Trustees for the period January September 2025 which reflects the decision to sell the building in July 2025 and the solvent winding down of the charity. Governance Resource for London is a charitable company limited by guarantee, incorporated on 10 January 1992 and registered as a charity on 23rd 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 its Articles of Association. All Trustees give freely of their time and no Trustee remuneration was paid in the year. A note in the accounts shows nil disclosure for Trustee remuneration and related party transactions. 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 8oard have a full induction programme and are supported by a Trustee mentor. Trustees are recruited based on their professional and community background and their commitment to 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 to rebuild and adapt Its activities and finances to the changing ways of working. The Trustees use the Charity Governance Code to assess and review the charity's effectiveness around decision making, inclusion and accountability. Resource for London has given due consideration lo the Code of Fundraising Practice and Charity Commission Guidance on Fundraising and notes that the Charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011. Rl8k Management The Trustees are responsible for risk management at the Charity, 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 al 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 its income sources, namely the charitable and voluntary sector. This risk is mitigated by close monitoring of the cashflow against the budget and rnarkel 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 lo lessen the risks. The most significant risks are as follows.. The decision has been taken to wind up the Charity in September 2025 following the sale in July. The most significant risks associated with this decision are.. Cashflow sensitivities 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 rnonitored monthly and quarterly projections are based on a prudent approach to income and expenditure. 11 is not expected additional support from the Trust for London will be required in 2025 but there is a risk it may be. Termination of Lease and delivering Vacant Possession the Charity's lease from the Trust and the Management Agreement with the Ethical Property Company were varied by mutual agreement and the Charity served notice in December terminating all tenancies. 11 has offered Tenants a generous financial support package to ensure that service charge income in 2025 is maxirnised, as opposed to having an empty buildin9 and the associated costs pending completion of the sale.
Resource for London Report and Financial Statements 31 December 2024 Reserves Policy Total funds at 31 December 2024 amounted to £308,509 compared to £704,721 in 2023. Following advice from the charity's auditors a substantial charge of £524,582 was realised in the year which was a combination of writing off leasehold improvements and the costs of closing the Holloway Road centre in 2025. Restricted funds at 31st December 2024 tolalled £11,553, leaving £296,956 unreslricled reserves. Free reserves, after discounting the net book value of fixed assets and resliicted reserves are £293,87112024'. £205,739). The working capital requirements have been identified as three months of operating costs. This is considered sufficient to safeguard the Charity and lo deal with challenging operating conditions. This is calculated as 250/0 of unrestricted expenditure in the 2024 budget, being £196,000. Actual unrestricted reseeS al the end of 2024 were £296,956. The decision by the Trust for London to sell the centre in 2025 means there is limited scope to improve this position. Going Concern The financial statements have been prepared on a basis other than going concern. This reflects the decision by the Trust for London lo sell the centre. The solvent winding down ol operations will take place over the period January 2025 to July 2025. Plans for Future Perlod8 Resource for London is a key capacity building organisation for London's voluntary sector with a focus on activities supporting disadvantaged communities across London and the closure of the bLJilding did not require the winding up of the Charity. The Board took the view that it would consider options for the future of the charity and at the end of 2024, the following options were under consideration.. To work with a building management company to secure sn alternative building and continue providing affordable voluntary sector meeting and workspace. Clearly il would be beneficial for our existing tenants to secure a space that they can move directly into when we vacate Holloway Road and, al the point of drafting this report, efforts are being made to achieve this outcome. In the absence of an alternative building, to work with Partners lo deliver training and other capacity building initiatives through the Enhance project for which Resource lor London has funding for 2025, benefitling smaller not for profits throughout London. This would involve building on our partnerships with many other second tier organisations, especially those active in delivering digital and data training. Post year end, the Board worked closely with the Ethical Properly Cornpany on ils proposals for acquiring a building to be leased by the Charity and managed by the Company. However, this proved not to be financially viable. The second option was also carefully considered, and the Board decided it would work with partners of the Enhance project with a view to transferring the current year's projects to other providers, subject to the agreement of the project funders and lo wind-up the charity at the end of September 2025. All unrestricted reserves at that time would be passed lo the Trust. In 2025 therefore the Board of Trustees is focussed on supporting ils tenants and meeting room users as they leave the Holloway Road building and winding up the Charity. Disclosure of Information to Auditors The Trustees who held office at the date of approval of this Trustees, report confirm that, so far as they are aware, there is no relevant audit information 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 thal the Charity's auditors are aware of that information.
Resource for London Report and Financial Statements 31 December 2024 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 statements for each financial year. Under that law they have are required to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice). 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 slate of affairs of the charitable company and of the excess of expenditure over income for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements., make judgements and estimates that are reasonable and prudent., and prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charitable company will continue ils activities. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any lime 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 lo safeguard the assets of the charitable company and to prevent and detect 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 the company's auditors are unaware., and each Trustee has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to 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. 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 al 31 December 2024 was 1 (2023 - 11. 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. Concluslon Whilst 2024 has been a positive year and Resource for London has achieved a great deal through the support of Trust for London, City Bridge Foundation and the Elhical Property team. It has also been a very sad year as Trustees plan to end their work at Holloway Road. The continuing impact on the poorest communities from the cost-of-living crisis together with a very challenging funding environment means that small charities are facing soaring demand often with diminished resources. It is in this context that Resource for London will leave a relevant and important legacy of more Ihan 30 to a vibrant and successful voluntary sector in London. This report is prepared in accordance with the provisions of the Companies Act applicable to small entities. Auditor Haysmac has ind icated its willingness to be reappointed as statutory auditor for the next financial year.
Resource for London Report and Financial Statements 31 December 2024 Approved by the Trustees on 291h May 2025 and signed on their behalf by Lynda Stevens Chair io
Resource for London Report and Financial Statements 31 December 2024 Independent auditor's report to the Members of Resource for London Opinion We have audited the financial statements of Resource for London (the 'chaiitable company,) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial slatemenls, 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 the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its 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. Bas18 for opinlon We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs {UK)} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the aud it of the financial statements section of our report. We are independent of the charitable company 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. Concluslons relatlng to golng concern We draw attention to note 1 a of these financial statements, which explains that the financial slalements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this maller. Other Informatlon The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon, Our opinion on the financial statements does not cover the other information and, except to the exlenl otherwise explicitly stated in our report, we do not express any lorrn of assurance conclusion thereon. Our responsibility 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 olhewise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themselves. If, 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 to report in this regard. li
Resource for London Report and Financial Statements 31 December 2024 Opinions on other matters prescribed by the Companies Act 2006 In our opinion based on the work undertaken in the course of our audit.. the information given in the Trustees, report, which includes the directors, prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial stalemenls., and the directors, report included within the Trustees, report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In light of the knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the Trustees, report. We have nothing lo report in respect of the following matters in relation lo which the Companie5 Act 2006 requires us to report to you if, in our opinion.. • adequate accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of Trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit Responsibilities of Trustee8 As explained more fully in the Trustees, responsibilities statement set cut on pages 10-11, the Trustees (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 statements that are free from material misstalemenl, whether due lo 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, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend lo liq uidate the charitable company or to cease operations, or have no realistic alteinalive but to do so. Auditor's responslbilltles for the audlt of the flnanclal 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, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstalemenl when it exists. Misslalements can arise from fraud or error and are considered rnaterial 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 delecl material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed on the following page.. 12
Resource for London Report and Financial Statements 31 December 2024 Based on our understanding of the charitable company and the environrnenl 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 lax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to areas of estimation uncertainty and to manual accounting journals. Audit procedures performed by the engagement team included.. Inspecting correspondence with regulators and tax aulhorilies., Discussions with management including consideration of known or suspected instances of noncompliance with laws, regulation, and fraud., Evaluating management's controls designed to prevent and delecl 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 delect all irregularities, including those leading lo a material misslalemenl 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 noncompliance, The risk is also greater regarding irregularities 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.. www.frc.org. uklaudilorsresponsibililies. This description forms parl of our auditor's report. U8e 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 state lo the charitable company's members those matters we are required lo slate to them in an auditor's report and for no other purpose. TO the fullest extent permitted by law, we do not accept or assume responsibility lo 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. Richard Weaver Senior Slalulory Auditor For and on behalf of Haysmac LLP statutory Auditor 10 Queen Street Place London EC4R 1AG 02/06/2025 13
Resource for London Report and Financial Statements 31 December2024 Resource for London Statement of financial actlvitles For the year ended 31 December 2024 Note 2024 Unrestricted Funds 2024 Restricted Funds 2024 2023 Total Total Income Income and endowments from.. Charitable activities Investments 1,000,147 591 39,840 1,039,987 1,051,760 591 444 Total Income 1 000 738 1040 578 1052 204 Expenditure Expenditure on: Charitable activities Other 673,287 191 246 47,675 720,962 191 246 612,722 223 962 Total Expendituro 864 533 912 208 836 684 Net income 136,205 (7,835) 128,370 215,520 Disposal of fixed assets (524,582) 1524,5821 Transfers between fund8 170,000 1170,000) Reconclllatlon of funds Funds brought foward at 1 January 515 333 189 388 704 721 489 201 Funds carried fotward al 31 Deceniber 10 296 956 308 509 704,721 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 17 to 23 form part of these financial statements. 14
Resource for London Report and Financial Statements 31 December 2024 Resource for London Company Number 02676631 Balance sheet For the year ended 31 December 2024 Note 2024 2023 Flxed assets.. Tangible assets 479 594 Current assets: Debtors Cash al bank and in hand Total current assets: 39,807 579,424 619,231 65,465 411222 476,687 Llabilltles Creditors.. Amount falling due within one year Net current assets 263 807 355 424 186560 290 127 Creditors.. Amount falling due after one year (50,0001 (65,000) Total net as8et8 308 509 704 721 The funds of the charlty Reslricled income funds Unrestricted funds Total charity funds 10 11,553 29S,956 308 509 189,388 515 333 704 721 These accounts are prepared in accordance with the special provisions of Parl 15 of the Companies Act relating to small companies. Approved by the Trustees on 291h May 2025 and signed and aulhorised for issue on their behalf by Lynda Stevens Chair The notes on pages 17 to 23 form part of these financial statements. 15
Resource for London Report and Financial Statements 31 December 2024 Resource for London Cash flow statement For the year ended 31 December 2024 2024 2023 Cash flows from operatlng actlvltles: Net cash (used inllprovided by operating activities 239 741 327 672 Cash flows from invosting activities: Bank interest Purchase of property, plant and equipment Net cash (used in)Iprovided by investing activities 591 444 203 748 203,304 Change In cash and cash equivalents In the reportlng period 168,202 124,368 Cash and cash equivalents at the beginnSng of the reporting perlod Cash and cash equlvalents at the end of the reportlng period 411222 286 854 579 424 411,222 2024 2023 Reconclllatlon of net Income to cash flow from operating activltles Net Income for the year ended 31 December Adjustments for: Depreciation charges Bank interest Decrease in debtors Increase in creditors 128,370 215,520 24,056 (5911 26,658 21,622 14441 113,894 Net cash (used In)Iprovided by operatlng activities 239 741 327,672 2024 2023 Total cash and cash equivalents and net debt 579 424 411,222 16
Resource for London Report and Financial Statements 31 December 2024 Resource for London Notes to the financial statements For the year ended 31 December 2024 Entity Detalls Resource for London is a charitable company limited by guarantee, incorporated within England and Wale8 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, other than some day-to-day decisions which are delegated lo The Ethical Property Company. Accountlng policles Basss 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 and Republic of Ireland, and the Companies Act 2006. The accounts are prepared in UK pound sterling, the enlily's reporting currency, and are rounded to the nearest pound. Golng concern The financial statements have been prepared on a basis other than going concern. This reflects the decision by the Trust for London lo sell the cenlre. The solvent winding down of operations will take place over the period January 2025 to July 2025. The Charity's lease from the Trust and the Management Agreement with the Ethical Property Company were varied by mutual agreement and the Charity served notice in December terminating all tenancies. 11 has offered Tenants a generous financial support package to ensure that service charge income in 2025 is maximised, as opposed to having an empty building and the associated costs pending completion of the sale. b} Charltable activities Income - rents, hiring, servlce charge Income and simllar Income Rents, hiring, service charge income and similar income are shown exclusive of value added tax (VAT}. renta1 income, conference income and service charge income is recognised on a daily basis in line with the use of the facilities. Deposit income from hiring is deferred to the extent that il is receivable in relation to a future booking. Investment income Interest income is accounted for on a receivable basis. d) 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, worki ng capilal, recovery of unrestricted reserves and any other adjustments agreed with Trust for London. Liabilities are recognised as a constructive obligation arises. 17
Resource for London Report and Financial Statements 31 December 2024 Costs relating to 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 accounts. Services, Staff and Management, and Administration Costs. Fund accounling 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-imposed restrictions and are used accordingly. Taxatlon Resource for London satisfies the tests set out in Paragraph I Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the charity is potentially exempl from laxalion in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Acl1992, to the exlenl that such income or gains are applied exclusively to charitable purposes. g) Tanglble flxed assets Tangible fixed assets costing more than £1,000 are capilalised and included in historic costs. Depreciation is provided to write off the cost of tangible fixed assets by equal instalments over their estimated economic useful lives as follows: Leasehold improvements Fixtures and fittings Computer equipment 25Q/o In 2024, on audit advice, all the net book value of all leasehold all leasehold improvements were wrillen off following the decision lo sell the centre in 2025. h) Operating lease Operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. Income recognltlon pollcy Grant income is recognised when the charity becomes uncond ilionally entitled lo the grant. Grants receivable which are subject lo donor imposed reslriclions are recorded as restricted funds in the statement of financial position. Rent and service charge income are recognised afler the start of a lease and a tenant has moved in. Accountlng Judgements and sourcos of estlmation In the application of the charity'5 accounting policies, which are described above, the Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities, The estimates 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-going basis and revisions to accounting eslimales 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. 18
Resource for London Report and Financial Statements 31 December 2024 Other trading activities 2024 2023 Unrestricted Funds Rents, hiring and similar income Room bookings Service charge income 304,336 423,868 271 943 1000 147 353,301 442,062 214,463 1,009,826 Restricted Funds Grant Income 41,934 1039 987 1009 826 Expendlture Direct Costs 2024 Total 2023 Total Depreciation Charitable activities centre operations Other- service charge expenses 24,056 696,906 720,962 571,717 191246 888 152 191246 912 208 223 962 795 679 The staff at the Centre are employed by The Ethical Property Company, the managing agent. Resource for London does not employ any members of staff. The Trustees received no remuneration in the year (2023.. none). The Trustees received no expenses in the year12023'. none) Fees payablp in relalion to the slalutory audit in 2024 were £11 ,00012023'. £10,000). Taxation Resource for London is exempl from corporation lax as all ils income is charitable and applied for charitable purposes. 19
Resource for London Report and Financial Statements 31 December 2024 Tangible fixed assets Leasehold Improvements Fixtures and Fittings Computer Equipment Total Cost At 1 January 2024 Additions Disposals Al 31 December 2024 515,469 71,071 586,540 1,551,686 182,189 1,059 2,249,344 72,130 1863,292 458,182 1245,466 306,220 151 962 Depreclatlon At 1 January 2024 Charge for the year Eliminated on disposal At 31 December 2024 40,099 21,858 1,549,311 500 1245,466 304,345 180,340 1,698 31,286 150 752 1,769,750 24,056 1338 709}_ 455,097 Net book value At 31 December 2024 At 31 Docomber 2023 475 370 479 594 All fixed assets are lield for charitable purposes. Debtor8 2024 2023 Trade debtors Prepayments VAT debtor 28,418 3,052 46,508 18,957 65,465 Credltors: Amounts falllng due withln one year 2024 2023 Trade cred itors VAT creditor other creditors Accrual Deferred income 17,356 38,209 34.137 59,883 50,565 61,062 169,534 263 807 186,560 20
Resource for London Report and Financial Statements 31 December 2024 Creditors: Amounts falling due within one year 2024 2023 Amounts owed to parent charity 50,000 65,000 Amounts owed to parent charity represent rent due under a collection's agreement. Deferred income 2024 2023 Brought forward at 1 st January 2024 Received during the year Release of deferred income in the year Carried foNard at 31st December 2024 3,766 15,855 1,520 3,766 10. Restrlcted funds 2024 2023 Enhance Project Restricted funds balance at 1 January Grant received during the year Expenditure Restricted funds balance at 31 December 19,388 39,840 18,459 41,934 41,005 The Enhance Project funds capacity support for London's voluntary and community sectors. 2024 2023 Bulldlng Improvement Works Restricted funds balance at 1 January Transfers beeen funds Restricted funds balance at 31 December 170,000 170 000 170,000 170 000 These funds, provided lo the charity by ils parent Trust For London, are no longer considered lo be restricted, as the purpose for which they were given has now been completed. They have therefore been transferred into unrestricted funds. Net assets spllt between funds 2024 Restricted Unrestricted Total Fixed assets Net current assets Creditors.. amounts falling due after one year 3,085 343,871 50,000 296,956 3,085 355,424 11,553 308,509 21
Resource for London Report and Financial Statements 31 December2024 2023 Restricted Unrestricted Total Fixed assets Net current assets Creditors.. amounts falling due after one year 479,594 100,739 65,000 515 333 479,594 290,127 189,388 189,388 704,721 11. Operating lease commitments A - Operatlng lease commitment to parent charity. 2024 Land and Bulldlng 2023 Land and Building Total rental payable commitments under operating leases which expire.. Between 1 5 years Over 5 years 1,200,000 1,200,000 Lease payments were recognised in the slalement of financial activities in 2022. These are waived in both 2023 and 2024 (£300,000 per annuml. B - Operatlng lea8e commltment8 from tenants. 2024 Land and Building 2023 Land and Building Rental commitments receivable under operating leases which expire or tenant break dales if sooner.. Unde,r 1 year 118 291 202 263 12. Capltal commitments There were no capital commitments at the end of 202412023: £18,210). 13. Share Capital The company has no share capital and is a private company limited by guarantee. The sole member's liability under the guarantee is limited to £1 14. ultimate parent undertaklngs In the opinion of the Trustees Resource for London is a subsidiary of Trust for London. Resource for London prepares separate accounts as it is a limited company. Tiusl for London is a charity registered with the Charity Commission for England and Wales. Trust 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 EC1 Y 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 (2023.. nil). No payments were made to Trust for London for rent during the year12023'. nil}. The amounts due to Trust for London in 2023 totalled £50,000 (2023.. £65,000). This was for historic rent outstanding. 22
Resource for London Report and Financial Statements 31 December 2024 16. Comparative Financial Statements statement of financial activities 2023 Unrestricted Funds 2023 Restricted Funds 2023 Total Income Inc,ome and endowments from.. Charitable activities Investments 1,009,826 444 41,934 1,051,760 444 Total Income 1010270 1052 204 E'xpendlture Expenditure on: Charitable activities Olher 571,717 223 962 41,005 612,722 223 962 Total Exppndlture 795 679 836 684 Net Incomol(expendlture 214,591 929 215,520 Reconcillation of funds Funds brought fotward al 1 January 470 742 489 201 Funds carried foiward at 31 December 685 333 704 721 23