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
rese￿eS 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 be￿een 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