PLATFORM.. LONDON REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Reglster•d company number: 2658515 R•glstered charfty nurnr: 1044485
PLATFORM: LONDON Reference and Administrative Detsils Trustees Tahir Latrf (Chair) Anna Llewallyn Esra Ozkan Anna Hashmi-Queen Farah Sanaa Ahmed (appointed 18 Juty 2023) Michael Edward Newman {appointed 18 July 2023) Company Roglstratlon Number 02658515 Charlty Raglstratlon Number 1044485 Reglsterod Offlce Oxford House Derbyshire Street London E2 6HG Audltors Azets Audit Services 2nd Floor, Regis House 45 Klng Wllliam Street London EC4R 9AN Bank•M The C¢>operative Bank plc 80 Comhlll London EC3V 3NJ
PLATFORM: LONDON Report of The Trustees The Trustees present their report and the audited financial statements for the year ended 31 March 2024. Objectives and Activities Th8 Company is established to promote knowledge and understsnding of the natural environment and its interrelationship with the social and economic aclivities of humans. Plafform's current objectives in line with this broader goal afe.. Stimulating cultural change toward greater environmentsl and social justice Promoting transition to a sustainable and jLFSt energy economy Supporting and promoting marginalised perspectives in arts and social change Highlighting and addressing the threats to human rights that arise from energy extraction and operations Exploring the role of London and its institutions in environmental and social impacts elsewhere in the wodd Our principal activities to these ends are: Research and advocacy Cultural interventions Publications Education Achievements and Performance Program Delivery Embolden Impacted communities to lead a jusl transition across our energy and food systems: We worf(ed with community groups in the Highlands region of Scotland to push for public and community energy ownership. This included co-organising a public assembly on community energy in October 2023, and publishing research highlighting the huge potential economic benefits of public energy ownership for local councils. Our community and public energy campaigner has continued wothing with a group pushing for public energy at the local level. including through action meetings, online workshops and street stalls, towards the launch of the Highland People's Power project. We developed and solidified a partnership with tenants union Living Rent to jointly hire a community organiser based in Invemess with the aim of supporting communriies to campaign on public energy issues in their area. Continued our work with food justice group 'the Blueprint Architects,, and launched 'Recipes for a Revolution,, a publication containing the outcome of 2 years of participatory research with community rnembers in Tower Hamlets, outlining a community-led vision for an altemative food system in the borough and beyond. Co-hosted a food justice fellowship alongside The Food Ethi¢s Council to explore stories of decolonial, reparative and community-led food systems, from the grassroots, and methods of sharing these leamings and frameworks to engage a wider audience. Hired a new Political Advocacy Just Transition Campaigner to launch campaigns off the back of the Our Power report. Set up a Workers Advisory Board made up of the offshore workers involved in the Our Power report, to help steer the next stages of the work. Produced a briefing for the climate movement with 5 demands for a Just Transition that they should be usirwJ in their campaigns, and presented it in numerous movement spaces.
PLATFORM: LONDON Report of The Trustees Achievements and Performance - contlnued Research and publishad an MP briefing with 5 demands fora JustTransition, built from the Our Power report. Worked with a supportive MP to table an amendment to the Offshore Petroleum Licensing Bill on worker-led just transition plans, which was signed by backbench Labour MPS. A similar amendment was tabled in the House of Lords. Worked with the APPG Green New Deal to include a just transition demand in their report on Game Changers for a Green New Deal. Our Just Transition campaigner spoke at their evenl in Parliament. Harness the power of arts and culture to build solidarity, imagine alternatlves to injustice and Inspire soclal transfomiation: Took part of Leeds Art & Climate week running climate conversation sessions with local communities. creating a safe space to discuss climate change issues. Our Platform-commissioned documentary Offshore highlighting worker perspectives of the energy transition continued to be screened around the UK, including at the Barn Arts Festival in Aberdeen, and at COP28 in Dubai. In total, we organised 40 screenings across local community, climate and union groups. We wrapped up outreach to 600 local community and climate groups as part of impact production for the Offshore drumentary. We continued to participate in the tour of The Oil Machine feature-length documentary that we helped create and were execLrtive producers of. The film was screened at 53 community events across England, Scotland and Wales. as well as al 29 venues in the USA and al 5 events in Notway. It was also featured in film festivals in South Korea. Italy, Czech Republic. Brazil, Sweden, Gemiany, Austria, Eire, Spain, and the Netherfands. It was continuously available on BBC iPlayer throughout the year. We Covcreated the Tides of Transformation. a four part podcast with the Fraying Ties? team. produced by Intelligence Squared. We launched our Three Sisters - a story from the climate future four-part audio play as a podcast. produced by The Big Light. And we created live listening events in New Abbey, Dumfries as part of the Wild Goose Festival coordinated by The Stove Network. Our book Crude Britannia - how oil shaped a nation. published by Pluto press. continued to sell in hardback. We launched our Recipes for a Revolution publication at social arts centre House ofAnnetta. with 65 attendees enjoying music, a panel discussion, and community food. A crafts room allowed for collaborative artwork, resulting in a communal banner connecting local food justice with the Palestine solidarity efforts. Launched a soundscape project 'Recipes for Change., resourced and commissioned 4 community members to become creakn've audio-researchers and create a piece of audio linteNiew, original writing, music etc} that explores themes of food justi. Interrupt the flow of money. power and polltlcal Influence to fossil fuel companies, and build support for public investment. communlly ownership and democratlc control of sustalnable alternatlves: Launched Mapping the Pensions Pipeline, an interactive website exposing £16 billion of investment in fossil fuels by local authority pension funds, securing 50 media hits across national, local and trade press
PLATFORM.. LONDON Report of The Trustees Achievements and Performance - continued Supported Leeds Caribbean & African centre in Leeds which is a community owned building in need of updating to become an eco hub. To save energy and support community needs in a more cost effective way and to help the ntre to thrive as a cultural space. Launched Gamechanger Sponsorship Pledge and gained pledg6s of support across multiple sports from sports teams, athletes, fans and organisations. Researched and Covwrote a series of reports highlighting issues related to sponsorship in major toumaments including aviation sponsorship in the Champions League. Supported other organisalions launching campaigns against high-cart)on sponsors in the sports they compete in i.e The Green Runners campaigning against Dacia's sponsorship of UTMB. Gained media coverage in mainstream media on importsnt sponsorship and sport and sustainability. Including TotalEnergies sponsorship of AFCON. Gazprom sponsoring Crvena Zvezda, aviation sponsorship in the Champions League and the expansion of the FIFA Wodd Cup. Joined and played a role in a neOrk of organisations working at the intersection of sport and sustainability- (Cooldown) Promoted Gamechanger by appearing on podcasts, writing for audience specific platfoms, and attending relevant conferences focussed on sport and sustainability- Develop ways of worklng that centre compassion, care and liberation: Published Clirnate Equities, a report, toolkit and soundscapes exploring decoloniality and diversity in the climate movement. Developed and signed off an Memorandum of Understanding belween Platform and youth worf( project Vol$ that Shake! supporting this BPOC-led project to be held within Platform whilst enjoying full autonomy over its political slrategy, allowing the project to remain uncompromisingly decolonial and youth-led in its approach to care and liberation work. Inspired by Voices that Shake! publications. we established a community arts practi within our Tower Hamlets work, building trust with group members and started co-creating a food justice mobile arts installation rooted in values of compassion. care and liberation. Collectively create and Implement an internal structure that holds us accountable to our prlnciples as a flat structured organI&50n and meets our capaclty needs: Organised an all-staff retreat with extemal facilitation to explore organisational challenges, stsff tumover, delivery of core work and cross-programmatic functions that support campaign delivery. Initiated a collaborative restructure process centred on sociocratic principles. . Introduced Asana across Platfomi, to integrate and organise our work and help stsff to hold one another accountable. Coordinated a Platfomi-wide budgeting process, including new cross-programmatic budget lines following staff training on equitable budgeting. Completed an audit of campaigning activtties lo inform role development for new and existing staff.
PLATFORM: LONDON Report of The Trustees Achievements and Performance - continued Completed 360 annual reviews for all stsff. Intemal Communicatlons: Launched a new website. following a year-long collaborative design process with Common Knowledge. aimed at better representing Platfomi's vision and the broad range of tactics Platform has used over 40 years of campaigning, research and arts inteNentions. Operations: Our Operations and Organisational Development Manager continued to work through the systems review, identifying and plugging key gaps within our policies and processes. Kick-started a process to implement a new project management and worf( plan SOare. Asana, across the organisation, by working wilh Soare consultant 'aya Halkeal from Systems of Impact. Organisational Development: We developed and finessed our organisational strategy to reflecl our current projects and priorities, at our retreat in September 2023 and in the months before and after at staff monthly meetings. We began a long-temi organisational restructure process from December 2023, including reviewing collective worfting structures, meeting cycles, core work all(Kation and building in cross-collaboration betsveen projects, programs and staff. Finance: Collaborated to produce the 2023-2024 budget. using new systems for setting project budgets. Created new systems for tracking expenditure. Strengthened financial monitoring and capacity- Updates and developments: The following staff members left: Rosemary Harris, Just Transition Campaigner (December 2023) Rowan Kinchin, Operations and Organisational Development Manager {November 2023) Sarah Legge, HR Manager {OCtor 2023} Ben Lennon, Project Coordinator (July 2023) Mika Minio, Researcher (February 20241 We recruited: A new Just Transition Campaigner, Ruby Earfe {in post January 20241 A new Energy Partner for'climate Action Leeds,, Lucy Meredith (in post April 2023) A new Arts & Food Justice Coordinator, Radhika Jani lin post May 20231
PLATFORM: LONDON Report of The Trustees Achievements and Performance - continued We collectively agreed and planned lo recruit: A new Fossil Free Campaigner (in post April 2024) A new People & Process Manager {in post August 20241 A new Finance Development and Fundraising Manager (in post August 2024) A new Fossil Free Campaign Manager (in post September 2024) Plans for future periods: We are now in the implementation phase of our restructure. and are finalising meeting cycles and new roles in time for our annual retreat in Septemberloctober 2024. Planning a community energy event at the Leeds Climate hub to bring together Ial groups and run visioning sessions about the futures of community energy in Leeds, with a live drawing artist in October 2024. Coordinate public inteNentions where unions and the climate movement to advocate for implementation of North Sea Just Transition policy that benefits climate and workers. Develop political advocacy strand of the Our Power project and meet with key Govemment Ministers to advocate for just transition policies in the Our Power report. Develop a just transition training programme to roll out to Glimate groups. Launch our food justice arts installation in Tower Hamlets and build ground for a community land acquisition campaign building on the last years of participatory research exploring more just and sustainable food systems. Scope out a national campaign for public energy, including how this relates to the Govemment's Great British Energy and local power plan. Main funders for 2023-24 were: Open Society Europe (OSIFE) Solberga Lankelly Chase JRCT Uplift Leeds Tidal contract (funded by Big Lottery) WEN ¢ontract (funded by Big Lottery} Neork for Social Change Climate Change Collaboration Esmee Fairbaim ETF Anne Robbins (via Rockefeller) Doc Society Polden Puckham Charitable Foundation Roddick Foundation Arts Council of England (NPOI Paul Hamlyn Foundation ESRC {via University of Durham) Sunrise Project
PLATFORM- LONDON Report of The Trustees Flnancial Review The financial position of Plaffom has been stsble during the year. Incoming resources were £841,680 {2023- £958,028) and expenditure levels were £810,85212023'. £939,369). The resources deployed by the organisation have enabled the impact of our work to be sustsined and developed further. Substantial levels of restricted funding were deferred into 2024125 providing continuity of income streams for our various projects. During the year the organisation has been able to maintain its unreslricted reseNes at a level where they represent three month running costs meaning that we remain at stage 2 of our reserves policy. This provides a stable foundation for the organisation's future growth and development. Financial systems continue to be strengthened with the introduction of adaptive capactty for finance staff, the streamlining of expenditure tracking systems and the enhancement of financial planning through quartedy projections. Plaffomi is sustained by numerous trusts, funding bodies and private donors mentioned elsewhere in this report and we remain very appreciative of the vital support that they provide. Reserves Policy In line with the requirements ofthe Charity Commissionerfs guidance. trustees should have a reseNes policy based on a realistic assessment of their reserve's needs. The Plafform ReseNes Policy requires.. Reserves to be developed and maintained at a level which ensures that Platfom's core activity could continue during a period of unforeseen difficulty or, in the worst Case, provide for a controlled closure of Platfom's activities. A proportion of reserves be maintained in a readily realisable form. The calculation of the required minimum level of reserves is an integral part of the organisation's planning budget and forecast cycle. In the first stage of the reserves fund's development, Platfomi aimed to build a pool that makes provision to cover the "Costs of Closure" This cost is currently estimated to be £125.000. The unrestricted reseNes are currently £264,477 as at 31 March 2024 (2023.. £261.416}. The current level of reserves, therefore, is sufficient to meet the estimated funds required to cover the costs of closure and to achieve the second stage of our reserves policy i.e., to reach a sum equivalent to three months running costs. Platfonn continues to implement a fundraising strategy to identify and maximise any income generating opportunities thal will help build the reserves fund. to ensure that Platfomi's core activity could continue through a period of unforeseen difficulty. Plattonn will continue to add to rts reserves fund until such time as the target figure is achieved. Investment policy The trustees have reviewed the issue of investments in the Ih1 of the charity's position on Ethical Financing and Fundraising. Plaffomi does not generally invest Fts fijnds. Social Justice Waging Wages are detemiined by Platform's ground-breaking Social Justice Waging System. Under this radical scheme, not only are all staff subject to the same salary levels {regardless of position in the organisation). but the levels are also adjusted according to need. For example, those with substantial inherited savings are paid less than those without, and there are extra salary increases available to those with children or dependents. We believe this system constitutes a major step forward in providing equal opportunities.
PLATFORM- LONDON Report of The Trustees Financial Review (continued) Risk Management The trustees have examined the major risks which the charity faces and confimi that systems have been established so that the necessary steps can be taken to manage those risks. This policy will be reviewed annually. Plans for Futuro Perlods In 202£k2025, Platfom aims to: Develop an equitable budgeting strategy for Plattom, in partnership with JRCT'S Sustsinable Future programme Review and update Plaffomi's groundbreaking Socially Just Waging System Launch Platfomi's new website, hosting blogs. research publications, films. podcasts and a bespoke digital timeline of 40 years campaigning for climate justice Host 72 screenings of our short documentary Offshore, including 20 in impacted communities across the North East, 50 hosted by climate groups and 2 screenings in parliament Develop framing for amplifying a worker-led just transition in phase-out messaging ahead of the next General Election Launch our Compassionate Organising toolkit alongside soundscapes exploring barriers to climate action and how to overcome them Publish Recipes for Revolution.. Reclaiming our Food System. community-led research highlighting food justice policy recommendations for Tower Hamlets Launch Mapping the Pensions Pipeline, an interactive digital tool revealing the scale of local authority pension investments in fossil fvels Launch a campaign on municipal public energy in the North East of Scotland Launch the Game Changer Sponsorship Pledge, bringing fans. clubs and sports organisations t(NJether to challenge fossil fuel sponsorship in football Produ and launch Three Sisters, a four-part audio play imagining a just transition in Scouand.
PLATFORM: LONDON Report of The Trustees Structure, Governance and Management Constitution The Charity, registered number 1044485, is also a company limited by guarantee and is govemed by its Memorandum and Articles of Association dated 16 October 1991, amended on 20 December 1994. The guarantee of individual members is limited to £1. Trustees Th8 tTUStees. who are also directors for the purposes of th8 Companies Act 2006, who served during the year were: Tahir Latif {Chairl Ella Ravilious Anna Llewellyn Esra Ozkan Anna Hashmi-Queen No ttustees had any contract or arrangement of a material nature with the company during the year under review. The present body of trustees appoints additional trustees, either to fill a casual vacancy or by way of an addition to the board. Trustees have been appointed on personal recommendation and through Platfom's extensive networks. Potential trustees are asked to attend and observe one or more Trustees meetings before both parties decide on whether to proceed to appointing a new Trustee. Organisation The policies and prOdureS for inducting new trustees will conform to best practice as recommended by the Charities Commission and the NCVO. This will include fomial introduction to the roles and responsibilities of trustees as set out in Charity Commission guidelines and additional support and training will be provided in the conduct of these responsibiltties as required. Any new trustee is provided with details of Platfom's current projects, a copy of the articles of association and a copy of the Charities Commission's publications "Responsibilities of Trustees CC3" and "How to be an effective Trustee" Plalfom is based in London. It operates from its registered address and its projects are carried out in London, nationally and internationally.
PLATFORM: LONDON Report of The Trustees Statement of Trustees, Responsibilities The trustees (who are also directors of Platfomi: London for the Purposes of company lawl are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of reSoUrs, including the income and expenditure, of the charitable company for that period. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP 2015 IFRS 102)., make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitsble company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit information of which the charitable company s auditor is unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit infomiation and to establish that the auditor is aware of that infomiation. The trustees are responsible for the maintenance and integrity of the corporate and financial infomiation included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report was approved by the Trustees taking advants9e of special provisions applicable to small companies conferred by Part 15 of the Companies Act 2006. Auditors A resolution for the re-appointment of Azets Audit Services as auditors to the charitable company will be submrlted to the Annual General Meeting. By Order of the Board Tahir Latif - Chair Date.. 11 li 10
PLATFORM.. LONDON Independent Auditors, Report To The Members Oplnlon We have audited the financial ststements of Platforn: London (the 'charitable company'} for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial stslements. including a summary of significant accounting policies. The financial reporting framewoth that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, induding 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 ststements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources. 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. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS {UK}) and applicable law. Our responsibilities under those stsndards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charrtable company in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and the provisions available for small entities, in the cirGumslances set out in note 1 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS {UKI require us to report to you where.. the trustees. use of the going concem basis of accounting in the preparation of the financial statements is not appropriate-or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company's ability to continue to adopt the going concem basis of accounting for a period of at least e1ve months from the date when the financial statefflents are authorised for issue. Other information The trustees are responsible for the other infomation. The other infomiation comprises the infomiation 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 Ihe other infomiation and. except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial stalements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine Whetherthe is a material misstatement in the financial statements or a material fflisstatement oflhe other infomation. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinions on othèr matters prescribed by the Companies Acl 2006 In our opinion. based on the work undertaken in the course of the audit= the information given in the tnjstees. r6POrt, which includes 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 directors, report included within the trustees, report has been prepared in accordan wrth applicable legal requirements.
PLATFORM: LONDON Independent Auditors, Report To The Members Matters on which we are requlrod to report by exception the audit, we have not identified material misstatements in the directors. report included within the truste6s' 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, or retums adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and retums; 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- 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. Responsibillties of trustees As explained more fully in the trustees. responsibilities ststement, 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 intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financlal stalements 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 {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or errof and are considered material if. individually or in the aggregate, they could reasonably be expected to inlluence 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 misststements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below: Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud- Reviewing minutes of meetings of those charged with govemance; Assessing the extent of compliance with the laws and regulations considered lo have a direct material effect on the ffinancial ststements or the operations of the company through enquiry and inspection,. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Performing audit work over the risk of management bias and override of controls, including testing of joumal entries and other adjustments for appropriateness, evaluating the business ralionaSe of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Because of the inherent limitstions of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial stslements or non-complian 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 regarding irregularities occurring due to fraud rather than emr, as fraud involves intentional conalMent, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.'Ilwww.frc.org.ukJOur-WorkJAudiVAudit-and-assurancelStandards-and-guidancelStandards-and-guidance-for- auditorslAUditors-responsibilities-for-audiUDescriptionf-8udltors-reSponSibIll1ies-1or-audit.aSpx. This description fomis part of our auditor's report. 12
PLATFORM: LONDON Independent Auditors, Report To The Members U•0 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 und8rtaken so that we might stste to the charitable company's members those matters we are required to state to them in an audrtorfs report and for no 0th8r purpos8. To the fullest extent pemitted by law. we do not 8ccept or assume responsibility to anyone other than the charitable Company and the charitable company's members as a body, for our audit woth, for this report, or for the opinions we have formed. John Howard {Senlor Ststutory Auditor) For and on behalf of Azets Audit Servic8S Chartered Accountanls, Statutory Auditor 2nd Floor, Regis House 45 King Wllllan Street London EC4R 9AN Date 13
PLATFORM:LONDON Statement of Financial Activities {Includ5ng Incom• and Expenditure Account) For The Year Ended 31 March 2024 Unrn8trlct•d R•slrlct•d Funds Funds Notes 2024 2023 Income from Donations Grants & fees receivable Investment income 7,757 66,025 5.012 375 762.511 8,132 828.536 5,012 9,741 947,660 627 Total Incomlng resources 78,794 762,886 841,680 958,028 Expendlture on Charltable actlvltle$ 194,821 616,031 810,852 939,369 Net Incomlng resourcfjs before transfers (116,027) 146.855 30,828 18,659 Transfers 119.088 (119,088) Net movements In fund8 18.859 Funds brought forward at 1 April 2023 1 SA116A 261,416 2,233 263,649 244,990 Funds ¢arrf•d foTward at 31 March 2024 15116 264,477 30,000 294,477 263,649 The notes on pages 15 to 25 fomi part of these financial statements. 14
PLATFORM: LONDON Balance Sheet As at 31 March 2024 Company number: 2658515 Not•1 2024 2023 Flxed assats Tangible assets 2,659 6,068 Currenl a88ets D8btors Cash at bank and in hand 10 27,230 540,900 167,103 423,954 568,130 591.057 Credltors: Amounts falling due within one year 11 (276,312) <333,476) Not current a88•ts 291,818 257.581 T¢)tal As8ets1•88 current Llabllltlos Cr•dllor8: Amounts falllng due aft•r more Ihan one year NET ASSETS 294,477 263,649 R•pre8•nted by: Restrlcted funds Unr8Strf¢ted funds: General reserve 15115A 30,000 2,233 16116A 264,477 261.416 Total funds 294,477 263,649 The financial statements have been prepared in accordance with the special provlsions of Part 15 of the Companies Act 2006 relating to small entities. Approv8d by the Board of trustees .......o n and slgned on their behalf by: Name.. i LJI IAk4iL LATIF The notes on pages 15 to 25 fomi part of these financial statements. 15
PLATFORM: LONDON Cash Flow Ststement As at 31 March 2024 Notes 2024 2023 Cash flows from operatlng actlvltles: Cash generated from operatlons 20 113,122 {120,205) Nel cash provldod by (used In) operatlng actlvltles 113,122 {120,205) Cash flows from Investlng actlvltlos: Purchas8 of tangible fixed assets Interest received 11,1881 5,012 (5,374) 627 Net rash provld•d by (used In) Investlng actlvltle8 3,824 (4,747) Change In cash and cash •qulval•nts In Ihe reportlng perlod Cash and cash equlval•nts at th• b•glnnlng of the reportlng perfod 116,946 (124.952) 423,954 S48,6 Ca$h and cash oqulval•nts at th• •nd of th• r•portlng porlod 540,900 423,954 Cash and cash •qulvalonl$ ¢on$l$t of: Cash at bank and in hand 540,900 423,954 The notes on pages 15 to 25 fomi part of th888 ffinanclal statements. 16
PLATFORM- LONDON Notes To The Financial Statements For the Year Ended 31 March 2024 ACCOUNTING POLICIES General Informatlon Platfomi: London is company limited by guarantee in the United Kingdom. The address of tha registered office is given in on page 1 ofthese financial statements. The nature of the charity's operations and principal activities are set out on pag8 2. Basis of preparation The charity constitutes a public benefit entily as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Stalement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued on 16 July 2014, the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Ireland (FRS 1021, the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include rtain items at fair value. The financial statements are prepared in sterling which is the functional currency. The significant accounting policies applied in the preparation of these financial siatements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. Golng concern Al the time of approving the financial statements the Trustees have considered the financial operations for the period of 12 months following the date of approval of these financial statements. Therefore, the financial stalements have been prepared on a going conrn basis as the Trustees believe that no material uncertainties exist. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concem. Funds accounting Restricted funds - these are funds that can only be used for specific restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Designated funds- these are fvnds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Unrestricted general funds - these are funds whith can be used in accordance with the charitsble objects at the discretion of the trustees. Incomlng resourcès All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Voluntary income including grants, sponsorship, donations and gifts is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific perfomance by the tharity, are rec(w3nised when the charity becomes unconditionally entitled to the grant. Donated seNices and facilities are included at the value to the charity where this can be quantified. 17
PLATFORM - LONDON Notes To The Financial Statements For the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Incoming resources from charitable activities includes income from grants and fees. Grant incom8 included in this category provides funding to support certain activities or projerts and is recognised where there is entleMent, certainty of receipt and the amount can be measured with sufficient reliability. Investment incom8 is included when receivable. Resources expended Expenditure is accounted for on an accruals basis. Costs are allocated between the charitable activities and govemance costs according to the nature of the cost. Where items involve more than one category they are apportioned beeen categories according to the nature of the cost. Costs of generating funds are those costs incurred in attracting voluntary income. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs allocated directly to such activities and those costs of an indirect nature necessary to support them. Govemance costs include those incurred in the govemance of the charity and are primarily associated with constitutional and statutory requirements. Pension schemes The Charity contributes to personal pension schemes for certain staff. Pension contributions are charged to the Statement of Financial Activities in the year in which they fall due. Legal status Platfom)- London is a company limited by guarantee and has no share capital. The liability of each member in the event of a winding up is limited to £1. Taxation The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tsx purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlent that such income or gains are applied exclusively to charitable purposes. 1.10 Tangible fixed assets Tangible fixed assets are ststed at cost less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets. less their estimated residual value. over their expected useful lives as follows: Fumiture and equipment 2 years straight line 1.11 Debtors Other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Accrued income is measured at the amount dua to be received. 1.12 Cash at bank and in hand Cash at bank and cash in hand includes cash and short tenn highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar accounts. 18
PLATFORM - LONDON Notes To The Financial Ststements For the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued 1.13 Credltors Creditors are recognised where the charitable company has a pr6S8nt obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can measured or estimated reliably. 1.14 Financial instruments The charitable company one has financial assets and liabilib'es of a kind that qualify as ba¢ financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 1.15 Judgements and key sources of estimation uncertainty Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the cirCumstans. The following judgements (apart from those invofving estimates) have been made in the process of applying the accounting policies that have had the most significant effect on amounts recognised in the financial statements. Useful economic lives of tangible assets The useful economic lives and residual values are assessed annually. They are amended when necessary to reflect cuffent estimates based on technological advancement, future investments, economic utilisation and the physical condition of the assets. There are no key assumptions conceming the future and other key sources of estimation UnrtaInty at the porting date that have a significant risk of causing a material adjustment to the carying amounts of assets and liabilities within the next financial year. Donations Unrestricted Funds Restricted Funds Total 2024 Total 2023 Donations 7,757 375 8,132 9.741 7,757 375 8,132 ,741 Grants & fees receivable Unrestricted Funds Restricted Funds Total 2024 Total 2023 Fees receivable Grants 500 65,525 500 828.036 9,921 937,739 762.511 66,025 762,511 828,536 947,660 £50,225 was donated by the Joseph Rowntree Charitable Trust. 19
PLATFORM. LONDON Notes To The Financial Statements For the Year Ended 31 March 2024 Charltable actitIo3 Dlrect Costs Support Costs (note 5) Total Operating costs 700,098 110,754 810,852 In 2023, totsl exp8ndlture on charitable a¢tlvlties amounted to £939,369, split £827.612 within direct costs and £111.757 within 8UPPOrt costs. Support costs Other Gov•manc• Cosls Total OperatSng costs 100,254 10,500 110,754 Support costs included In the above, a as foll0v. 2024 2023 Rent & rates Telephone Computer costs Printing, postage & Stationery Consultan Accountancy Legal & Professional Fees Training costs Insurdnce Sundry Bank ¢harges Depreciation of tsngible fixed assets Expens88 19.525 20,378 42,898 262 1.885 6,774 49,099 561 1,230 5,206 2,622 3,713 5,616 286 4,597 12,076 13,174 3,549 2,259 354 2.889 5,158 Governance costs: Auditors muneratIon Trustees expenses 10,500 7.900 110,754 111,757 20
PLATFORM - LONDON Notes To The Financial Ststements For the Year Ended 31 March 2024 Staff co8t8 2024 2023 Wages and salaries Social security costs Pension contributions Temiination payments 398,098 37,577 24.620 434,984 43,337 24,607 460,295 502,928 The number of employees in the year was.. Number Number Full-lime equivalent 1S 17 There was no employee eaming more than £60,000 (2023: None). Trust••s' r•muneratlon and •xpen80S The key management P8rsonnel comprise of the Trustees only. The trust88s dld not e1ve any remuneration during the year12023.. £Nil). The trustees were 1MbUrSed expenses totalllng £Nil {2023: £NII). 21
PLATFORM- LONDON Notes To the Flnancial Ststements For the Year Ended 31 March 2024 Nel Incomlng rasourcos 2024 2023 Net Incoming resources are stated after charging.. Depreciation Auditors, remuneration 4,597 10.500 2.889 7,900 Comparatlves for the statomont of flnanclal actlvltles12023) Unrostrlcted Funds Re8trfcted Funds 2023 Income from Donations Grants & fees receivable Investrnent income 7,741 105,133 627 2,000 842,527 9.741 947.660 627 Total Incomlng resources 113,501 844,527 958,028 Exp•ndlture on Charltable actlvltl•8 223,111 716,258 939.369 Nel InGomlng r•sOur8 b•for• transfers (109,610) 128,269 18,659 Transfers 165,558 (185,558) N•t mov•monts In funds 55,948 (37,289) 18,659 Funds brought forward at 1 Aprll 2022 205,468 39,522 244,990 Fund8 carrlad forward at 31 March 2023 261,416 2,233 263,fA9 22
PLATFORM- LONDON Notes To the Financlal Statem•nts For the Year Ended 31 March 2024 Tanglble flx•d assets Equlpm•nt Cost At 1 April 2023 Addltions 16,968 1.188 At 31 March 2024 18,156 D•pr•clatlon Al 1 April 2023 Charge forth8 year 10,900 4,597 At 31 March 2024 15.497 Net book valu• At 31 March 2024 2,659 At 31 March 2023 6,068 10. D•btors 2024 2023 Trade Debtors Other debtors and prepayments Accrued income 8,979 138,124 20,000 9,010 18,220 27,230 167,103 11. Credltors: Amounts falling due within one year Trade Creditors Social security and other taxes Other credrtors Accruals and deferred Income (note 12} 5,927 8,279 11,491 250.615 5,237 5,214 11,490 311.535 276,312 333,476 12 Cr•dltors: Amounts falling after one year Accruals and deferred Income 23
PLATFORM - LONDON Notes To The Financial Statements For the Year Ended 31 March 2024 13. D•ferr•d Income Balance at 1 April 2023 Amount released into incoming sourceS Amount deferred in the year 302.975 1302,975) 240,679 371,796 (371,796) 302,975 240,679 302.975 Deferred Incom8 relales to income received during the year in advance of expenditur8 occurring. 14. Allocatlon of the charfty net assets Flxod Asset8 Not Currenl Asset$ Total Restrided funds Unrestrided funds 30.000 261,818 30,000 264,477 2,659 2,659 291,818 294,477 14A. Allocallon of the charfty n•t assets- Prlor Y•ar Flxod Assets N•t Ass•ts Total Restricted funds Unrestrlcted fvnds 2,233 255,348 2,233 261.416 6,068 6,068 257,581 263,649 24
PLATFORM: LONDON Notes To The Financial Statements For the Year Ended 31 March 2024 15. Reslrlcted funds Balance 01.04.23 Incomlng resources Resources Expended Balanco 31.03.24 Transfer Energy Programme Partner Organisations Shake Leap 564.237 15.000 85,923 97,726 1413.756) (15,OlXI) 180,906) 1106,3691 1120,481) 30,000 2,233 {7,250} 8,643 Total restricted funds 2,233 762,886 {616,0311 {119.088) 30,000 Energy Programme.. focuses on envisioning. researching and promoting visions and plans for a just, democratic. and ecologically sound energy system it also supports education and awareness-raising on the environmentsl and social impacts of the oil industry. EdU10n and Arts Programme Ishakel): this is an educational pragramme bringing the impact of Platfomi and its work to a wider audience, aiming to uplift the voices of a new generation of artisl-citizens from marginalized communities. EU Horizon 2022, mPower: 4-year peer lo peer leaming programme, mPower will enable in-depth, wide-scale and systematic city to city leaming arnong at least 100 local public authorities, in order to replicate innovative best practices in municipal energy and develop ambitious energy transition plans. Income includes £Nil {2023 £Nill from the Joseph Rowntree Charitable Trust. Switched on LondonlLondon Leap: Platfomi is working with Swilched on London to build the London Leap an organisation platfomi Ihal brings together groups to worf( across climate issues at a London level- taking a broad, interseclional approach and nIred on people with lived experience who are often excluded from the London climate movement. Partner organisatlons.. funds for partners with whom Platform is working in collaboration in the delivery of project activities. 15A. Restrfcted funds- Prior Year Balance 01.04.22 Incoming resources Resources Expended Balance 31.03.23 Transfer Energy Programme EU Horizon 2022, mPower Partner Organisations Shake Leap 544,125 32,000 128.857 78,163 61,382 {371.256) {172,869} 153.931) 21,931 (138,883) (7.439) {67,930) (8,000) {84,258) 819 17,465 2,233 22,057 Projects 39.522 844,527 (716,258) (165,558) 2,233 25
PLATFORM: LONDON Notes To The Financial Statements For the Year Ended 31 March 2024 16. Unrestricted funds Balance 01.04.23 Incomlng resources Resources Expended Balance 31.03.24 Transfer General reserve 261.416 78,794 {194,821) 119.088 264,477 261,416 78,794 {194,821) 119.088 264,477 16A. Unrestricted funds - Prior Year Balance 01.04.22 Incoming resources Resources Expended Balance 31.03.23 Transfer General reserve 205.468 113,501 {223,111) 165,558 261.416 205,468 113.501 1223.111) 165,558 261,416 17. Pension costs The Charity makes contributions to personal pension schemes for certain staff. The assets of the schemes are totally separate from those of the Charity in independently administered funds. The pension cost charged in the financial statements in the year was £24,620 {2023- £24,607). At the end of the year there was outstanding contributions payable of £7,08812023.' £5,214). 18. Leasing Agreements Land and Building 2024 2023 At the 31 March 2024. the charity had total commitments under an operating lease as follows.. Expiring= Less than 1 year 4,904 4.670 At 31 March 2024 the lease commilment represents 3 months rent. The current lease expires in March 2025, with a three month rolling break clause. 19. Related Parties There were no related party transactions for the year ended 31 March 202412023.. None) 26
PLATFORM: LONDON Notes To The Flnancial Statements For the Year Ended 31 March 2024 20. R•conclllatlon of net Incom61(oxpendlture) to net cash flow from oporatlng acllvllles 2024 2023 Net incomell8xpenditure} for the reporting period {as per the statement of financial activities) Adjustments for: Depwiation Int8rest received {Incr8aseyDecrease In trad8 debtors Increas81{DecaSe) in trad8 creditors 30.828 18,859 4.597 (5,012) 139,873 {57,164) 2,889 (627) 154,922) {86,204) Net cash provlded by (used In) operatlng a¢tlvltles 113,122 (120,205) 27