TRUSTEES’ REPORT AND ANNUAL ACCOUNTS 

FOR THE YEAR ENDED 

3187 DECEMBER 2024 

Registered Charity No. 1066739 Registered Company No. 03460296 



London Catalyst Report and Accounts 2024 nnn 

|CONTENTS|PAGE(S)|
|---|---|
|REPORTS||
|Reference and administrative information|3-4|
|Trustees’ Annual Reportforthe yearended 31 December2024|5 - 16|
|Independent auditor's report totheTrustees ofLondon Catalyst|17-20|
|ACCOUNTS||
|Statement offinancial activities|21|
|Balance sheet|22|
|Notes tothe financial statements|23 - 30|
|GRANTSAND DONATIONS||
|Summary of all grants paid or committed in2024|31-34|
|TheHospital-SundayAppealdonationsin2024|34|



2 



London Catalyst Report and Accounts 2024 EE ee 

## LONDON CATALYST 

(formerly the Metropolitan Hospital Sunday Fund) 

# 45 WESTMINSTER BRIDGE ROAD, LONDON, SE1 7JB 

T: 07578742574 

E: london.catalyst@peabody.org.uk W: www.londoncatalyst.co.uk 

Charity Registration No. 1066739 

Registered Company No. 03460296 

## PRESIDENT 

The Right Hon the Lord Mayor of London (ex officio) 

## VICE-PRESIDENTS 

The Rt. Reverend & Rt. Honourable The Lord Bishop of London His Eminence the Cardinal Archbishop of Westminster The Rt. Reverend the Lord Bishop of Chelmsford The Rt. Reverend the Lord Bishop of Southwark The Rt. Reverend the Bishop of Stepney The Most Reverend the Archbishop of Southwark The Rt. Reverend the Lord Bishop of Rochester The Very Reverend, the Dean of St. Paul’s The Very Reverend, the Dean of Westminster The Chief Rabbi The Venerable, the Archdeacon of London The Free Churches Moderator 

## BOARD OF DIRECTORS (TRUSTEES) 

Kate Sing’ombre (resigned May 24) Dela Glevey (appointed June 24) Dr Sarah Divall (resigned June 24) Fr Simon Cuff (appointed Sep 24) Mark Palframan (resigned June 24) Rebecca Rittner (appointed Sep 24) Dr Naureen Bhatti (Chair, Dec 24) Matthew Wilson (appointed Dec 24) Joan Major (resigned Dec 24) Anna Grey (appointed Dec 24) Philippe Granger (resigned Dec 24) Catherine Hill (appointed Dec 24) Ruby Sethna (resigned Dec 24) Andriy Voshchevskyy (appointed Dec Danny Daly 24) Emma Whitby Alice Groux Nick Durack 

## MEMBERS OF THE CHARITY 

Dr Caroline Vaughan Dr Ruth Kosmin Dr Muhammad Bari MBE, DL Dr Steve Mowle Tim Cook OBE Heather Williams Zoe Camp John Pulford Victoria Willetts Judy Jones Margaret Elliott Robin Holland-Martin Charles Davidson Sara Humphreys Rebecca Rittner 

> Members are those who, in addition to the Board of Directors, subscribe to the Memorandum of Association and assist in the advancement of the objects of the charity. They may, but not exclusively, represent and are nominated by a faith group or religious denomination. 

3 



London Catalyst Report and Accounts 2024 

## STAFF & PROFESSIONAL ADVISERS 

|Directorand Company Secretary|Rosario Guimba-Stewart|
|---|---|
|Administrator|Jessica Stephenson Clarke|
|Principal office|45 Westminster Bridge Road<br>London|
||SE1 7JB|
|Auditors|BUZZACOTTAUDIT LLP|
||130 Wood Street|
||London, EC2V6DL|
|Bankers|CAF BANK LTD|
||25 Kings Hill Avenue, Kings Hill|
||West Malling|
||Kent, ME19 4JQ|
||ROYAL BANK OF CANADA|
||54 Bath Street,|
||St Helier,|
||Jersey, JE4 8YD|
|Investment Advisers|STANHOPE CAPITAL LLP|
||35 Portman Square|
||London, W1H 6LR|
|Solicitors|WITHERS|
||16 Old Bailey|
||London,EC4M7EG|



4 



London Catalyst Report and Accounts 2024
TRUSTEES, ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
The trustees present their report together with the financial statements of London Catalyst for
the year ended 31 December 2024.
The report has been prepared in accordance with the Charities Act 2011 and serves as the
directors, report for the purposes of company legislation.
The financial statements have been prepared in accordan￿ wtth the accounting policies on
pages 23 to 25 of the attached financial statements and comply with the charitable company's
memorandum of Articles of Association applicable laws and the requirements of Accounting
and Reporting by Charities Statement of Recommendation Practice applicable to charities
preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in
the UK and Republic of Ireland (FRS 102).
STRUCTURE, GOVERNANCE AND MANAGEMENT
HISTORY
London Catalyst, formerly the Metropolitan Hospital Sunday Fund, was established in 1873
following a meeting of religious and civic leaders hosted by the Lord Mayor of London. Appalled
by the impoverished lives of many in the capital. they agreed that on one day each year, in
places of worship throughout Greater London, a collection should be taken up to provide a fund
to improve the health of the 'sick and poorf of London. The legacy of the original entreaty and
subsequent annual appeals provides the charity's income.
ADMINISTRATION
London Catalyst is a registered charity and company limited by guarantee. The company's
governing docurnent is its Memorandum and Articles of Association dated 4th November 1997.
The charity comprises the Board of Trustees, Committees, Membership and Staff as shown on
pages 34. The Board meets four times a year to conduct the fonnal business of the charity,
including recommendations and reports from its sub-committees. The day-to-day administration
of the charity, including the processing of applications before consideration by the Grants
Scrutiny Committee and the Board, is delegated to the Director of the charity and supported by
a part-lime Administrator.
KEY MANAGEMENT
The trustees consider Ihat they, together with the Director, comprise the key management of
the charity in charge of directing and controlling. running and operating the charity on a day-to-
day basis. The trustees do not receive any remuneration in connection with their duties as
trustees.
The Board decides staff remuneration and pay at the second meeting of the year. This includes
a review of the Directorfs perfo￿an￿ by trustees as part of an annual appraisal process
conducted by the Chair. The trustees refer to the rate of increase of the Consumer Prices Index
and the Retail Price Index, and the percentage salary award by Peabody as benchmarks. The
charity does not have a performance-related pay structure and expects staff to take all holiday
entitlement within the year.
TRUSTEES
Trustees are appointed by the Board and serve for three years, after which they may be
reappointed. A trustee may serve three consecutive temis of Offi￿ before retiring. The charity
is required under its constitution to have two religious and one medical or social work
representative on the Board.

London Catalyst Report and Accounts 2024
TRUSTEES REPORT (CONTINUED)
Prospective trustees are invited to submit a CV to the Board and to meet with the Director.
Chair and trustees. They are provided with infomiation on the charity and the report and
accounts. A trustee-led panel then interviews the candidate before reporting to the Board.
Trustee training and support are arranged as required, and the availability of such is included
on the agenda of Board meetings. Trustees, interests are recorded on appointment and
updated annually. Any possible conflict of interest is declared at the start of each meeting,
recorded in the minutes, and rf applicable, the trustee would not participate in the decision.
A review of the membership is undertaken annually, and members who have not fulfilled the
requirements for membership are removed from the register. All trustees and members are
volunteers, and the Board greatly appreciates all the voluntary assistance given to the charity.
The charity is fortunate to have trustees and members with a range of skills and professional
expertise in key areas.. grantmaking, governan￿ and finance. It is acknowledged that to truly
reflect the aims of the charity and the interests of beneficiaries, a diverse and informed board
of trustees. willing to address issues of equality and inclusion, is required.
RISK MANAGEMENT
Trustees have identified and assessed the various risks to which the charity is exposed. The
principal risks are as follows:
Decline in investment value: The wars in Gaza and Ukraine and the political instability
in other parts of the world. including the economic crisis. create an uncertain and volatile
market that could lead to a decline in investment value and redu￿ funds available for
our operation and grantmaking. We will mitigate this by having a long-term investment
horizon and taking an average of value to determine how much we spend. This should
enable us to absorb almost any temporary decline in investment value as and when
they occur.
Loss of ke
staff". The charity is dependent for its day-to-day operations on its full-time
Director. To mitigate the effects of any unplanned absence from the offi￿, the trustees
have in place a system of regular meetings between the Chair and Director, an internal
audit by a trustee of documented processes, the support of a part-time Administrator,
an annual appraisal system and support for professional development. A Salesforce
grants management system and regularly updated office control documents are in
pla￿.
Loss of office and services: The charity has a service level agreement (SLA) with
Peabody for back Offi￿ support. This is a commercial arrangement that may change
over time. The SLA is agreed for two years and reviewed annually. The Director and
trustees oversee all essential functions to ensure a smooth process for relocation if
required.
Failure to effectivel
mana
e its
rantmakin
ro
ramme: London Catalyst is a small
charity providing grants to organisations for the benefit of London residents. It aims to
support organisations and or projects that address social determinants of health,
including povety, a￿sS to information and advice, and isolation. The annual financial
request we receive from organisations far exceeds our financial capacity. This year, our
rejection rate for our Projects Grants programme was 800A, which is not ideal. To reduce
rejection and ensure that we draw interest from organisations that fit our funding
programme, we reviewed our vision and mission, including our grantmaking strategy,
funding criteria. and priorities.

London Catalyst Report and Accounts 2024
TRUSTEES REPORT (CONTINUED)
GRANT APPLICATION AND SELECTION
Grant applications are made online via the charity's website. This allows for a seamless process
by which applications are received, reviewed, managed. and monitored. The website, which we
recently modernised, is regularly updated to provide infomiation on grantmaking and offer
advice and guidance to applicants. Applications are reviewed by the staff against eligibility
criteria before consideration by the Grants Scrutiny Committee and the Board.
NETWORKS AND AFFILIATIONS
The charity maintained its participation in grantmaking sector networks as a member of London
Funders and the Association of Charitable Associations (ACF) and is registered with the
Fundraising Regulator. The London Catalyst Director was elected as a trustee for ACF in July
2024.
PEABODY
In 1995. London Catalyst enlered a management agreement with Peabody. benefiting from the
reSoUr￿S of one of London's largest social housing providers. Peabody provides office space,
accountancy and other services under the management agreement. This agreement is
reviewed every year.
CHARITABLE OBJECTIVES & ACTIVITIES
THE OBJECT OF THE CHARITY
'The charity is established to relieve poverty. sickness, disability and infirmity among persons
resident in the area bounded by the M25 London Orbital Motorway or persons who have a real
and substantial connection with such area or any part of it, particularly but without prejudice to
the generality of the foregoing by supporting and working with other charitable organisations
established for relief of poverty, sickness, disability and infirmity and by providing grants to
assist individuals and organisations for the aforementioned purposes.,
VISION
A healthy and thriving life for Londoners.
MISSION
To enable organisations to improve the health of Londoners by tackling poverty and isolation.
AIMS
To improve the health and well-being of people living in poverty and affected by ill
health. disability, and social exclusion (Catalytic)
To remove people from poverty (Compassionate)
To raise awareness of the work of the organisations we fund and the needs of the sick
and poor of London (Collaborative)
OBJECTIVES
To act as a catalyst through a programme of grantmaking lo indude:
Support for agencies best pla￿d to distribute grants to people in need.
Projects tackling unmet health needs and the effects of poverty.
Working with other grant givers and philanthropists.

London Catatyst Report and Accounts 2024
TRUSTEES REPORT (CONTINUED)
PUBLIC BENEFIT
London Catalyst makes grants to support the work of charities. communty groups, and social
enterprises operating in London that are established for public beneftt. The trustees have
complied with their duty to have due regard to the Charity Commission's public benefit
guidance. The organisations funded by the charity are considered well placed to realise its
charitable objects and to help improve the lives of the sick and poor of London.
The charity ran the following grant programmes during the year.
Main grants for initiatives tackling unmet health needs and the effects of poverty.
Partners for Health collaborative grants programme.
Hardship grants to organisations for distribution to people in need.
London Catalyst continued to target funding for the relief of poverty and to tackle social and
health inequalities. This is not a static approach. and consideration is given to the social
deteminants of poverty, ill health, and inequality in London. The trustees recognise that to meet
the charity's objectives and to demonstrate public benefit. a balanced approach to grantmaking
is required. In the case of the Hardship grants, the intention is to work with effective partner
agencies to assist with the distribution of funds, particularly in areas of deprivation, and more
generally to people in need in all London boroughs. Our Main grants are made in response to
unmet health and social needs. It remains the Board's intention to work with other grant makers
when possible and where common interests exist to maximise the impact and reach of our
grantmaking.
ACHIEVEMENTS AND PERFORMANCE
A. STRATEGIC ACHIEVEMENTS
Recognising the need to focus our resources and create a sustainable impact,
we reviewed our vision and mission. including our grantmaking strategy,
criteria, and priorities
b. We renamed our grants programmes to respond to the growing call from the
charity sector for different types of grants and on how they are used. The
Projects Grants Programme is now called Main Grants Programme recognising
our grantees, need for core and unrestricted grants as well as project grants.
Our Samaritan Grants Programme is now called Hardship Grants Programme
to reflect how the grants are mainly used, to add￿$S the hardship many
Londoners are experiencing.
c. London Catalyst joined the Open and Trusting Grantmaking community in
2024, pledging to implement its eight commitments.
d. Due to the pressing economic crisis, the board made a strategic decision to
increase its maximum grants for the Main Grants Programme from £5,000 to
£10.000 and to implement multi-year grant funding of up to three years from
2025.
e. We modemised our website to make it more user-friendly.
B. GRANTS PROGRAMMES OVERVIEW
During the year, the trustees paid or committed £318.741 in grants to charitable, not-for-profit
and community organisations (2023: £327,188).

London Catalyst Report and Accounts 2024
TRUSTEES REPORT (CONTINUED)
In 2024, we received a total number of 325 applications with a total requested amount of
£1.829,537 for all three grant programmes. namely Main, Hardship. and Partners for Health. Of
those, 114 applications were Suc￿sSfUl. Key points include:
Assisting over 100 organisations in 27 London boroughs and across the M25 area.
Most applications came from the following boroughs: Hackney (49>, Southwark (23),
Barnet (21), Newham (17), Tower Hamlets (17), and Barking and Dagenham(16).
The top six boroughs re￿Iving grants are Hackney (£29,400), Islington (£18,200),
Newham {£17,460), Lewisham, Southwark, and Wandsworth (£16,492).
MAIN GRANTS
During the year, we received 206 applications for Ihis programme with a total requested amount of
£1,124,735. Of those, 44 applications were successful. totalling £185,438.
Refugees, asylum seekers. and migrants (RASM). women, and people with disabilities were the top
three communities that received the most support from the grants, whilst physical and wellness
activities, counsellingnherapylrehabilitation, and sports and social activities were the top project
activitieslservices offered by successful organisations.
CASE STUDIES
1. Lewisham Donation Hub - £2,500
The Hub diverts waste that would otherwise go to landfill, refurbishing it and giving it away
for free to those in need. This could include household items, clothes or children's toys.
Funding was awarded for a Hub Operations role, allowing them to fund Ihe role for a longer
duration and extended hours.
2. Champions 4 Change Wellbeing - £4,500
This organisation provides fitness and wellbeing services to marginalised groups such as the
physically challenged and those at risk of anti-social behaviour. The grant supported boxing
fitness therapy for adults with or at risk of type 2 diabetes. During the 24-week programme,
GPS noted there was at least a 50QA reduction in the need for diabetes medicalion.
3. Wave for Change-£3,500
WAVE for Change is a movement of people with and without learning disabilities working
together to create more vibrant mixed-ability places in the heart of our communities across
Barnet, Haringey and Enfield. Funding was for the delivery of 3 mixed-ability events to
encourage inclusivity. °The clear success was the July Drama Event. The group was large
(22 people) and involved a full day of drama-based activities and interactions. What worked
particularfy well was the level of interactions Whe￿ the activities were designed for everyone
to meet everyone else, leam about each other and complete tasks together, building
relationships and teamwoth. The majority of attendees had disabilities, and most would not
have had another activity that day, showing the strength of such activities. We will be using
this model going forward for new groups and encouraging arts based interactions as the
entire day was positive."

London Catalyst Report and Accounts 2024
TRUSTEES REPORT (CONTINUED)
4. Remark- £3,000
Remark is a deaf led communty charity, aiming to reduce isolation amongst the deaf
community. Funding was awarded towards their new initiative of supporting deaf parents and
deaf children. reaching around 90 families. The groups became hugely popular, particularly
during
school
holidays.
Here
is
one
parent's
experience,
"My son, Alex., is somewhat isolated when it comes to holidays and weekends, as we have
to plan things well in advance to meet other families. You have provided many opportunities
for us all to meet and catch up, and it has been lovely to see children of various ages getting
on. These events have made Alex" so happy, to the point wheTr he has been sad today
because he misses the children, parents, and the Remark staff. Please continue with the
events, especially as they have been helpful to me. Seeing other parents sharing their
difficulties has made me feel less alone in my strnggles. It is so important that we have the
opportunity to support each other to stay positive, and that your services continue to facilitate
this. I have enjoyed every event. Thank you so much for this opportuntyl You are the bestl I
appreciate itl You have made a big difference for the boys with these events, espacially when
supporting them with their additional needs."
5. Intergenerational Music Making (IMM) - £2,000
IMM is a national organisation which delivers programmes. training and research to improve
health through the power of music. It combines clinical praCtI￿S used in music therapy with
bespoke techniques proven to maximise intergenerational engagement. Programmes
include a national. digital and in-person programme in schools, care homes and hospitals.
Funding was allocated to support rehabilitate patients leaving Charing Cross Hospital.
Feedback
from
one
participant
shows
the
deep
impact.
'This programme has done wonders for me. I didn't think l Gould move like l used to, but the
music and the encouragement from the children made me want to try. I feel more alive now,
and I've even made a few new friends. It's been a ￿al lifeline."
HARDSHIP GRANTS
For this programme, we received a total number of 72 applications with a total requested amount of
£131,160 (2023.. 64 applications). A total of £82,600 (2023. £82,400) from 57 applications was
awarded to frontline social work, health, and advi￿ ServI￿S to distribute to people in acute need.
Hardship grants are an important part of our grantmaking, reflecting our charitable purpose and
providing direct public benefit. Reports from our partner agencies highlight the complex and often
desperate circumstan￿$ faced by many of the poorest in society, and the value of a small, timely
grant, as shown in the following extracts from case studies:
CASE STUDIES
The case studies we re￿iVed highlight the daily struggles of people living with long-term ill health,
coping with trauma, and being excluded from support services. We feature these here and on our
website to raise awareness of this continuing and pervasive social injustice.
10

London Catalyst Report and Accounts 2024
TRUSTEES REPORT (CONTINUED)
1. Greenwich & Bexley Community Hospice - £1.000
The Cornmunity Hospice supports patients and families of patients with terminal illnesses.
Care is delivered at home, in care homes, hospice beds, local hospitals, or in prisons. The
Hardship Grants support a variety of needs, such as access to food or support whilst awaiting
benefits payments.
2. Freedom from Torture (Fff) - £1,500
Operating as the only national charity dedicated to protecting and healing survivors of trauma,
Fff supports the most marginalized and vulnerable across London. Survivors face a range
of challenges, such as severe and complex mental health conditions, such as post-traumatic
stress disorder (PTSD). Around 80% of survivors are also experiencing lasting physical
problems as a result of torture. Grants supported necessities such as food and clothing. 'It is
thanks to supporters like London Catalyst that we are able to support desperately traumatised
clients through the Emergency Relief Fund, with donations that help them to purchase food
and clothing when they need it most."
3. Caritas Bakhita House - £2.000
Bakhita House is a refuge for women escaping human trafficking across London and
Hertfordshire. working in partnership with the Metropolitan Police. 660/0 of the women arriving
have experienced sexual exploitation. and 270h have experienced domestic servitude. The
grants support practical items such as glasses or hearing aids, buggies and high chairs, as
well as other resources such as travel costs.
4. Healthy Living Projects - £2,000
Based in Redbridge, the team runs a day centre to support those at a critical time, such as
those who are homeless, experiencing farnily breakdown, or escaping from violence, mental
breakdowns. addictions, and those facing health issues. °By providing essentials, people's
dignity starts to retum. and we are able to engage with them in depth" Grants supported with
essential travel and to access support such as emergency respite care.
5. Indoamerican Refugee and Migrant Organisation (IRMO) - £1.000
IRMO is a community-led organisation that provides Latin Americans with tools and
information in an empowering process to build secure, independent, and integrated lives in
the UK. focusing on education, training. and employment. Around 500A of their clients are out
of work and struggling to pay rent. 300A are facing food poverty, and over 250/0 are not entitled
to any form of benefits. A large proportion of grants supported emergency accommodation
costs for those facing homelessness.
PARTNERS FOR HEALTH
In partnership with the Hospital Saturday Fund (HSF). this programme re￿IVed 47 applications with
a total requested amount of £573,642. from 47 organisations. Of those. 13 applications were
successful with a total approved amount of £104.758, with London Catalyst providing £52,379.

London Catalyst Report and Accounts 2024
TRUSTEES REPORT {CONTINUED)
CASE STUDIES
1. Healthwatch Camden - £7,580
A total grant of £15,160 was agreed for a peer-led support netrNork and awareness campaign for
women and girls living with endometriosis in Camden. Six sessions were held in total between
January and June 2024. with about 40 women in attendan￿, each month hosting a different
healthcare professional to talk about clinical and holistic approaches to management. The second
purpose of the funding was to gather data and feedback from women about their experiences. to
then work collaboratively with Camden Council Health and Wellbeing Board and Central London ICB
to implement changes to care. The largest barrier to the project was engaging GPS and the
unwillingness of GPS to recognise the condition and its impacts. An unexpected lesson was the shift
to how valuable a holistic approach to treatment was to the participants and reinforced the
Importan￿ of a multi-disciplinary pathway to care needed for this condition.
2. Ryan MS Therapy Centre- £2.346
A total grant of £4,692 was agreed for a new occupational therapy serrf1￿ to improve the well-being
of those with MS, helping them to overcome the physical and mental barriers caused. They
supported 5 hours of Occupational Therapy a week for members with MS, for 6 months between
December 2023 and May 2024. resufting in 19 out of 24 weeks of support. Appointments varied
between home visits, ongoing advi￿ as well as new assessments in the centre. Support was carried
out alongside Social Seriices Adult Care teams across 10 different local authorities in London. "It is
very apparent how grateful the Members and the fellow staff at the Centre have been for the
Occupational Therapy (OT) input. Members appreciate the assessments, home visits, and ongoing
support, and how OT is transforming their lives to help them manage daY-t￿daY activities and
hobbies, with adaptive equipment, and new techniques to manage moving about and coping with
fatigue. To this end, we a￿ continuing OT as an ongoing service for our members."
PERFORMANCE MONITORING
London Catalyst has an online grants management system for applications and monitoring reports.
This provides a seamless submission, grantmaking, and reporting process. Reports are requested
from all grant recipients after 12 months, and these describe the activty and progress towards
specific outputs and outcomes. The system allows the follow-up of non-reporting and the production
of monitoring reports as required and as requested by trustees. Larger grants are reviewed
throughout the grant period to track progress against the original purpose and outcomes. A random
number of funded organisations is selected by the trustees to visit and review during the year.
Monitoring reports and case studies are featured on the London Catalyst website and included in
quarterly reports for our trustees and members. Joint work with other grant makers requires a
balanced approach that recognises the distinct nature of each funder and avoids burdening grantees
with Unne￿SSary reporting. As part of our commitment to collaboration with other funders, London
Catalyst offers to lead, if required, the administration and reporting of the collaborative programmes
on behalf of our partners.
FUTURE PRIORITIES
The charity's priorities for the coming year, as discussed and agreed in board meetings and strategic
review awayday, include:
en and Trustin
Grantmaker. We are fully committed to realising the eight principles of
being an Open and Trusting grantmaker, namely: notwasting time, asking relevant questions,
accepting risks. acting with urgency. being open, being flexible. communicating with purpose,
and being proportionate. We will pursue our joumey to be a grantmaker that cares, creates
relationships. and enables grantees to thrive.
12

London Catalyst Report and Accounts 2024
TRUSTEES REPORT (CONTINUED)
Im
rovin
our
rantmakin
We will continue to monitor our grantmaking processes and
practices, ensuring that they are aligned with our vision and mission statement and our
funding priorities.
Sociall Res
onsible Investment
We will continue investing in companies that are
committed to a socially responsible approach without affecting Ihe overall performance of our
fund.
STATEMENT OF TRUSTEES. RESPONSIBILITIES
The trustees are responsible for preparing the Annual Report and Ihe financial statements in
accordan￿ with the Companies Act 2006 and for being satisfied that the financial statements give
a true and fair view. The trustees are also responsible for preparing the financial statements in
accordance with United Kingdom Accounting Standards (United Kingdom Generally AC￿pted
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 charity and of the income and expenditure of the
charity 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 Accounting and Reporting by Charities
Statement of Recommended practi￿ {'SORP').
Make judgments and estimates that are reasonable and prudent.
State whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements.
Prepare the financial statements on the going-concern basis unless it is inappropriate to
presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records Ihat show and explain the
charity's transactions, disclose with reasonable accuracy at any time the financial position of the
charity, 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 charity and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularities.
Financial statements are published on the charity's website in accordance with legislation in the
United Kingdom goveming the preparation and dissemination of financial statements, which may
vary from legislation in other jurisdictions. The maintenance and integrity of the charity's website are
the responsibility of the trustees. The trustees, responsibility also extends to the ongoing integrity of
the financial statements contained therein.
The financial statements have been prepared in accordance with the accounting policies set out in
note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and
Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities
preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the
United Kingdom and Republic of Ireland (FRS102).
In preparing this report, the directors have taken advantage of Ihe small company exemptions in Part
15 of the Companies Act 2006.
STATEMENT AS TO DISCLOSURES OF INFORMATION TO AUDITORS
The trustees in office at the date of the report have confirmed, as far as they are aware, that there is
no relevant audit infomiation of which the Auditors are unaware. Each of the trustees has confirmed
that they have taken all the steps that they ought to have taken as trustees in order to make
themselves awa￿ of any relevant audit infom)ation and to establish that it has been communicated
to the auditor.
13

London Catalyst Report and Accounts 2024
TRUSTEES REPORT (CONTINUED)
FINANCIAL REVIEW
2024 RESULTS
The value of the charity's investments at the year*nd was £15.762,713 (2023: £14,603.503), which
represents an increase of £1.159,210 over the year after cash withdrawals. Grantmaking for 2024
was £318.741 (2023: £327,188).
There was a deficit of £201.966 (2023: £137,784} between the income of£278.790 (2023: £339,565)
and expenditure of £480,756 (2023: £477,349) in the year. The main reason for this deficit is a
shortfall of investment income (interest and dividends) compared to wtthdrawals, which the charity
uses to pay for grantmaking and administrative costs.
The annual operating costs for 2024 were £116,756 (2023. £109.286).
RESERVES POLICY
The year-end balance sheet total funds were £15.734,633 (2023.. £14,633.958). During the year, the
reseNes policy was reviewed by the Finance Committee.
All funds are available for the general purposes of the charity. The charity's net assets constitute
unapplied and unrestricted free reserves. It is the trustees, no￿al policy to make grant commitments
for one year, but multi-year funding will be implemented from 2025. The target cash reserve is 20/0
of the asset value of the portfolio to ensure seamless operation and grantmaking.
INVESTMENT MANAGEMENT
The level of grants that can be made is dependent upon the retum that can be generated from the
charity's assets, which are mostly held in an investment portfolio. The trustees engage Stanhope
Consulting, a division of Stanhope Capital LLP, in an investment advisory capacity. The Stanhope
advisers attend the quarterly Finan￿ Committee, at which they present their financial review,
discuss the market conditions, performance of the portfolio, and the investment strategy.
INVESTMENT POLICY
The charity aims to maintain or grow the real value of the investment portfolio responsibly over the
long term (g￿ater than 10 years) and to support an annual drawdown of 3.250h of the portfolio per
annum (averaged over a rolling >year period) for grant distributions and operating expenses.
The trustees intend to invest with reasonable care and skill to meet the aims of the charity and
achieve a balance between capital growth and income. The Finance Committee reviewed the
investment portfolio during the year and. following advice from Stanhope, changed its holdings in
certain stocks whilst maintaining a core investment in passive vehicles at 53 % (580/0 excluding cash
and property). There were no changes to the strategic asset allocation (SAA) over the year.
The purpose of the SA4 is to achieve the portfolio's retum objectives with no more risk to capital
than is necessary within the constraints placed on the portfolio by rts time horizon, liquidity needs,
and income requirements.
14

London Catalyst Report and Accounts 2024
TRUSTEES REPORT (CONTINUED)
The investment parameters are shown in the following table.
ALLOCATION
AT 31 DEC
2024
STRATEGIC
ASSET
ALLOCATION
ASSET CLASS
RANGE
BENCHMARK INDICES
Cash
Government bonds
Index linked bonds
Corporate bonds
Overseas bonds
Total bonds
UK equities
Overseas equib'es
Total equlties
Property
Absolute retum
Commodities
Total alternatives
Total
0-15
0-20
0-20
0-20
0-10
10-30
20-50
20-50
55-85
5-15
(>10
(k10
5-20
Sterting 3-month LIBOR
FTSE All Stocks All Gilts
FfsE All Stocks Index Linked
Merrill Lynch Sterling Corporate Bonds
JPMorgan Global Government Bonds
15
20
50
70
10
25.3
FTSE All Share
MSCI AC World ex UK
79.8
MSCI UK Monthly Propety Index
RPI +2.5°A p.
Rogers International Commodity
11.4
100
13
100
At the year-end the portfolio lagged the benchmark by 2.3 %. This is largely due to the poor
relative performance of the active global equrty funds. This was partly offset by the positive
impact of asset allocation, in particular the overweight exposure to global equities and
underweight positions in bonds, cash, and property. Over the year, the portfolio has produced
return of 10.80/0 (2023: 90/0)
SOCIALLY RESPONSIBLE INVESTMENT
The trustees, in adopting a Socially Responsible Investment position, acknowledge their duty
to maximise investment returns for the charity whilst adhering to the Principles for Responsible
Investing {PRI) standards. The underlying managers within the portfolio are expected to
consider best practice when assessing any individual investment. To this end, it is agreed,
insofar as it is possible, lo encourage investment in companies that behave in a socially
responsible fashion without adversely affecting the overall performance of the fund.
During the year, the finan￿ committee led a discussion with all trustees to agree on an
investment framework that assures the investments held by London Catalyst are consistent
with its charitable purposes. With regard to our objects as set-out in our Memorandum of
Association, which reference the relief of poverty. sickness, disability and infirmity, the Trustees
agreed to place upper bounds on investments made in companies engaged in alcohol and
gambling (each of which are not to ex￿ed 1 Oh of total invested assets). and a Ook investment
target in tobacco companies. where such a target is practicable to implement.
This new framework was agreed and implemented over the course of 2024.
HOSPITAL SUNDAY APPEAL AND FUNDRAISING
The Hospital Sunday Appeal is an integral part of the charity's history. A target of £15,000 is
set each year for the Appeal, which is maintained to promote the charity's work to a wider
audience and raise additional funds for grantmaking. All proceeds are added to the allocation
for the following yearfs Hardship grants. The charity does not employ commercial fundraisers
and relies on the charily's staff for its fundraising. The charity is registered with the Fundraising
Regulator, and no complaints regarding our fundraising activity were received during the year.
Vhile the charity's main source of income is derived from its investment portfolio, it continues
to receive generous support from individuals, companies, places of worship, and charitable
15

London Catalyst Report and Accounts 2024
TRUSTEES REPORT (CONTINUED)
trusts. In 2024, the charity raised £12.861 (2023: £18,797) in donations for its annual appeal
from individuals and from faith, business and charitable institutions.
We also received £4.000 from a private donor, distributed under an agency arrangement. The
Director made recommendations to the donor, and grants were agreed to assist four community
organisations with poverty relief inrtiatives.
The Board welcomes donations from individuals. trusts. and corporations that increase funds
available to beneficiaries. The trustees would like to record their sincere thanks to all who
contributed to the Appeal and all our other valued partners. A list of institutional donors is shown
at the end of the report and accounts.
By Order of the Board
Dr Naureen Bhattr
Chair
Date:
2025
16

London Catalyst Report and Accounts 2024
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LONDON CATALYST
Opinion
We have audited the financial statements of London Catalyst (the 'charitable ￿rnpanY') for the year ended
31 December 2024, which comprise the statement of financial activities. the balance sheet, the principal
accounting policies and the notes to the financial statements. 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 appSicable 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.
Basls for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of the
charitable company in accordance with the ethical requirements that are relevant to our audit of the
financial statemenls 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 to provide a basis for our opinion.
Concluslons relatlng to golng concem
In auditing the financial statements, we have concluded that the trustees, use of the going concern basis
of accounting in the preparatj'on of the financial statements is appropriate.
Based on the work we have perfomled, we have not identified any material uncertainties relating to events
or conditions that. individually or collectively. may cast significant doubt on the charitable company's ability
to continue as a going concem for a period of at least iwefve months from when the financial ststements
are authorised for issue.
Our responsibilities and the resFM)nsibilities of the trustees with respect to going concem are described in
ihe relevant sections of this report.
Other Infomiation
The other information comprises the information included in the annual report. including the trustees,
report, other than the financial statements and our auditorfs report thereon. The trustees are responsible
for the other information contained within the annual report. Our opinion on the financial statements does
not cover the other information and. ex￿pt to the extent otherwise explicitly stated in our report, we do not
express any form of assurance conclusion the￿On.
In connection with our audit of the financial statements. our resp)nsibility 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 otherwise appears to be materially misstated. If we
identify such material inconsistencies or apparent material misstatements. we are required to determine
whether there is a material misstatement in the financial statements or a material misstatement of the other
17

London Catalyst Report and Accounts 2024
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LONDON CATALYST
(continued)
information. If, based on the work we have perfomied. we conclude that there is a material misstatement
of this other informats'on. we are required to report that facL
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the trustees, report. which is also the directors, report 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 trustees, report, which is also the d￿￿tOrs. report for the purposes of company law, has been
prepared in accordance wth applicable legal requirements.
Matters on which we are required to report by exceptlon
In the light of the knowledge and understanding of the charrtable company and its environment obtained
in the course of the audit, we have not identified material misststements in the trustees. 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 kepc or returns 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. ￿MuneratiOn specified by law are not made; or
• we have not received all the inf0m￿tiOn and explanats'ons we require for our audit; or
+ the trustees We￿ 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,
port and from the requi￿rnent to prepare a strategic ￿pOrt.
Responslbilities of trustees
As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors
of the charitable company for the purposes of company law) are responsible for the p￿paratIOn of the
financial statements and for being sab'sfied that they grve 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 misstatement, 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 concern and using
the going concem basis of accounb.ng unless the trustees either intend to liquidate the charitable company
or to cease operations. or have no realistic altemative but to do so.
18

London Catalyst Report and Accounts 2024
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LONDON CATALYST
(continued)
Auditorfs responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes
our opinion. Reasonable assurance is a high level of assuran￿. but is not a guarantee that an audit
conducted in accordance with ISAS (UK) will always detect a material misststement when it exists.
Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users tsken 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. outtined above, to detect material misstatements in respect of
irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below..
Our approach to ider)tifying and assessing the risks of material misstatement in respect of irregularities,
including fraud and non-compliance with laws and regulations. was as follows:
• the engagement partner enSU￿d that the engagement team collectively had the appropriate
competence, capabilits'es and skills to identify or recognise non-compliance with applicable laws and
regulalions; and
+ we obtained an understanding of the legal and regulatory frameworks that are applicable to the
charitable company and determined that the most significant frameworks which are directly relevant
to specific assertions in the financial statements are those that relate to the reporting framework
(Statement of Recommended Practs'ce: Accounting and Reporting by Charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and
Republic of Ireland (FRS 102) and the Charitses Act 2011).
We assessed the susceptibility of the charity's financial statements to material rnisstatement, including
obtaining an understanding of how fraud might occur. by:
making enquiries of management as to their knowledge of actual, suspected and alleged fraud., and
+ considering the internal controls in place to mitigate risks of fraud and non<ompliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls. we:
+ performed anatytical procedures to identify any unusual or unexpected ielationships:
• tested journal entries to Klentify unusual transactions; and
+ assessed whether judgements and assumptions made in detemiining the accounting estimate were
indicative of potential bias.
19

London Catalyst Report and Accounts 2024
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF LONDON CATALYST
(continued)
In response to the risk of irregularrties and non-compliance with laws and regulations, we designed
procedures which included, but were not limited to:
+ review of the minutes of meetings of those charged with govemance., and
• enquiring of management as to actual and potential lib'gation and claims.
The￿ are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-
compliance. Auditing stsndards also limit the audtt procedures required to identify non-compliance with
laws and regulations to enquiry of the trustees and other management and the inspection of regulatory
and legal correspondence, if any.
Material misstatements that arise due to fraud be harder to detect than those that arise from error as
they may involve deliberate concealment or collusion.
A further descripkn'on of our responsibilities is available on the Financial Reporting Council's website at
v(ww.frc.org.uklauditorsresponsibilities. This descripts'on fonns part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3
of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the
charitable company's members those matters we are required to state to them in an auditorfs report and
for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the charitable company and the charitable company's members as a body. for our audit
work, for this report, or for the opinions we have formed.
LL fi
Alison Pyle (Senior Statutory Auditor)
For and on behalf of Buzzacott Audtt LLP, Statutory Audrtor
130 Wood Street
London
EC2V6DL
Date.. 2 September 2025
20

London Catalyst Report and Accounts 2024
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING AN INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF TOTAL
RECOGNISED GAINS AND LOSSES)
YEAR ENDED 31 DECEMBER 2024
2024
Total
Funds
2023
Total
Funds
Notes
Income and expendlture
Income
Donations
Investment Income
Sundry Income
Interest Receivable
12.861
265.875
18,797
316,861
3,829
78
Total Income
278.790
339 $65
Expendlture
Costs of Raising Funds
Fundraising Costs
Inveslrnent Management Costs
(4.400)
{40.859)
(4,259)
(36,616)
Expendlture on Charitsble Actlvities
4.5.7
(435,497)
(436.474)
Totsl Expendlture
480,756
477,349
Net Expenditure beforo Investment gainl(loss)
(201.966)
{137,784)
Gainl(loss) on investrnents
1302,641
728914
Net Incomel{expendilure) and Net Movement in
funds for the Year
1.100,675
591,130
Reconciliation of Funds:
Balances brought foThvard at
1 January
14.633,958
14,042,828
Balances carrfed foThrard at
31 December
12.13
15734633
14 633 958
All amounts relate to unrestricted furKls in b)th financial years.
All recognised gains and losses arisirKJ in the year are included in the above Statement of Financial Activities.
All amounts relate to continued activittes.
The notes on pages 22 to 30 fonn part of these financial statements.
21

London Catalyst Report and Accounts 2024
BALANCE SHEET AS AT 31 DECEMBER 2024
Registered Company No. 03460296
Notes
2024
2023
INVESTMENTS
Fund investments
15.762.713
14,603,503
TOTAL FIXED ASSETS
15,762,713
14,603,503
CURRENT ASSETS
Debtors
Cash at Bank
10
15.372
2,109
17N81
42,203
15,475
57,678
CURRENT LIABILITIES
Creditors due within one year
(45,561)
(27,223)
NET CURRENT {LIABILITIES)I
ASSETS
(28,080)
30,455
TOTAL ASSETS LESS
CURRENT LIABILITIES
15,734,633
14,633,958
Represented By:
Unrestricted Funds
12, 13
15.734,633
14,633.958
TOTAL FUNDS
12, 13
15,734,633
14,633,958
The financial statements were approved and authorised for issue by the Board and were signed on its
behalf on
025.
Dr Naureen Bhatti-
Chair of the Board
Nick Durack
Chair of the Finance Committee
Date:

London Catalyst Report and Accounts 2024
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 310ECEMBER 2024
1. ACCOUNTING POLICIES
The following are the main accountin9 policies adopted by the charity:
Basls of accounting
The financial statements have been prepared for the year ended 31 December 2024 and the C4Thparative for the year
ended 31 December 2023.
The financial ststemenls have been prepared under the historical cost convention as modified by the revaluation of
Alinveslments and in accordance with the Companies Act 2(￿. In addition. the accounts have been drawn up in
accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Finan¢ial
Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS102) (Charities SORP FRS102), the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charites Act 2011.
The charity constitutes a public benefft entity as defined by FRS102. The accounts are presented in sterling and are
rounded to the nearest pound.
Critlcal accounting estimates and areas of judgement
There are no items in the financial statements that require the trustees arKI manageff￿nt lo make significanl
judgements or estimates.
Assessment of golng concern
The trustees have assessed whether the use of the going c<)ncem assumption is appropriate in preparing these
financial statements. The trustees have made this assessrnenl in respect to a period of one year from the date of
approval of these financial slalements.
The twstees of the charity have concluded that there are no material uncertainties related to events or ¢onditions that
may cast significant d¢Jubt on Ihe abilty of the charity to continue as a going concem. The trustees are of the opinion that
the charity will have sufficient resources to meet ils lia￿lItieS as they fall due. V4fjth regard to the next accounting period.
the year ended 31 D￿rnber 2025, the mosl significanl areas that affect Ihe carryin9 value of the assets held by the
charity are the level ol investment retum and the perfomlance of the investment markets (see the investment policy and
the risk management sections of the trustees. report for more information).
Income recognition
Income is recognised in the period in which the charity has entitlement to the income. the amount of income can be
measured reliably, and it is wobable that the income will be received.
Income comprises dona￿n$ and investment income.
Donations are recognised when Ihe charity has confimation of both the amount and the settlement date. In the event
of donations pledged bul not received. the amount is aCcn￿d for where the receipt is considered probable.
In accordance with the Chariknes SORP FRS102, volunteer time is Mt recognised.
Dividends are recognised once Ihe dividend has been declared and notification has been received of the dividend due.
Interest on fvnds held on deposit is induded when receivable and the amount can be measured reliably by the charity:
this is nomially upon notifution of the interest paid or payable by the bank.
23

London Catalyst Report and Accounts 2024
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Expenditure recognitlon
Liabilities are recognised as experKliture as S¢)on as there is a legal or constructNe obligation committing the charity to
make a payment to a third party. it is probable that a transfer of economic benefits will be required in settlement. and the
amounl of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. Expendriure comprises direct costs and support costs. All
expenses. including support costs. are all(Kated orappor￿ned to the applicable expenditure headings. The classification
between activities is as follows:
Expenditure on raising funds includes all expenditure associated wtth raising funds for the charity. This includes
investment management fees and an apportionment of5 /• ofstsff costs as being the amount directly attributable
to raising funds.
Expendilure on tharitable activities indudes all costs associated with furthering the charitable purposes of the
charty through the provision of its charitable acliviti'es. Such costs include tharitable grants and donations, and
support costs, induding govemance costs.
Charitable grants and donations comprise single•year payments rather than mulli-year grants. Grants and donations are
included in the statement of financial adivities when approved for payment. Grants approved but not paid at the end of
the financial year are accrued.
All expenditure is stated indusive of irrecoverable VAT.
Allocation of support and governan¢e costs
Support costs represent indirect charitable expenditu￿. In order to carry out the primary purposes of the charity, it is
necessary io provide support in the fomi of personnel development. financial procedures. provision of Offi￿ services and
equipment. and a suitable working environment.
Governance costs comprise the costs involving the public accountabilty of the d)arity (induding audit ¢osts) and costs
in respect to tts compliance V￿th ￿gulation and good practice.
Support costs and govemance costs. exduding staff-related costs. are alltxated to the sole ¢haritable activty. Staff-
relaled costs are allocated in accordance with the time spent on each activity.
Fund accounting
Unrestricted funds are those funds which are available for use at the discretion of the tnjstees, in fijrtherance of the
general objectives of the charity, and which have not been designated for other purposes.
Restricted fvnds are funds that are to be used in accordance with specific restridions imposed by donors or that have
been raised by the charity for particular purposes. The cost of raising and administering such funds is charged against
the specific fund.
Fixed asset investments
Listed investments are a form of basic financial instrument and are initially reccNJnised at their transaction value and
subsequently measured at thwr fair value as at the balan￿ sheet date using the dosing quoted market price.
Realised gains (or losses) on investrnent assets are Ca1￿lated as difference belween disposal proGeeds and their
opening carrying value or their purchase value rf acquired subsequent to the first day of the finanaal year. Unrealised
gains and losses are calculated as the d[ffe￿n￿ belween the fair value at the year end and their carying value al that
date. Realised and un￿aliSed investment gains (or losses) are combined in the statemenl of financial activities and are
credited (or debited) in the year in which they arise.
24

London Catalyst Report and Accounts 2024
NOTES TO THE FINAFICIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Debtors
Debtors are recognised at their settlement amount. less any provision for non-recoverability. Prepayments are valued al
the amount prepaid. They have been discounted to the present value of the fulure cash re￿Ipl where such discounting
is material.
Cash at bank and In hand
Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of
less than three months from the dale of acquisition. Depostts for n￿re than three months but less than one year have
been disclosed as short-term deposits. Cash placed on deposit for more than one year is disclosed as a f￿ed asset
investment.
Credltors and provisions
Creditors and provisions a￿ re¢ognised when there is an obligation at the balance sheet date as a result of a past event,
il is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be
estimated reliably. Creditors and prowsions are recognised at the amount the charity anticipates il will pay to settle the
debt. They have been discounted to the present value of the future cash payment where such discounting is material.
Penslons
The charity contributes a defined contribution to the per%)nal pension plans of its Iwo employees. Contributions are
Charged on the statement of financial adivities when they are payable to the schemes
The charty's contribulions are restricted to the contriiwtions disdosed in note 5. There were no outstanding contributions
at the year-end. The charity has no liability beyond making its contributions and paying the deductions forthe employees,
contributions.
Taxation
London Catslysl is a registered charity and. therefore. is nol liable to income tax or corporation tax on income on gains
derived from its ¢harilable adivities, as they fall within the vari(￿$ exemptions available to registered charities.
Statement of cash flows
The financial statements do not indude a statemenl of cash flows because the charity is considered a small charity and
is therefore exempt from Ihe requirement to prepare such a statement urKler the Charities SORP FRS102.
Agency arrangements
The charity has acted as an agent in distributing grants on behalf of private donors. Payments received from the donor
and subsequent disbursements to grant recipients have been excluded from the statement of finartial activities as the
charity does not have control over the charitable applicatr'on of the funds.
The funds received and disbursed. and any balan￿S held. are disclosed in note 15.
25

London Catalyst Report and Accounts 2024
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2. DONATIONS
2024
2023
Donations including deeds of covenant & Gift Aid
12,861
18.797
12,861
18,797
3. INVESTMENT INCOME
2024
2023
Dividends on UKForeign pooled funds
Interest Receivable
265.875
316,861
78
265,929
316,939
4. TOTAL EXPENDITURE
2024
2023
STAFF COSTS
OTHER
TOTAL
TOTAL
Costs of ralslng funds
Fundraising Costs (5% of Salaries)
Investment Management costs
Charitable activitie8
(Note 6)
4,400
4,259
40,859
40.859
36,616
Grant making (note 8)
Support costs (note 5)
318,741
318,741
327,188
83.603
33.153
116,756
109,286
Total Expenditure
88,003
392.753
480.756
477,349
Peabody charged £12.528 (2023.. £11.932) for the provision of office and administration seTrices specffied under a
Management Agreement.
26

London Catalyst Report and Accounts 2024
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
5. SUPPORT COSTS
2024
2023
Wages and salaries (95°A)
Management fees
Insurance
80.907
12,528
11.932
856
798
Sundry expenses and other expenses
Auditorfs remuneration (note 7)
7.169
6,109
12.6CKI
9,540
116,756
109,286
6. Staff Costs and Remunerallon of Key Management Personnel:
2024
2023
Wages and salaries
Social security costs
Pension
77.236
74,989
2,985
7.724
88.003
7.190
85,164
Employees eaming £60.(KX)- £70,(K)O is one {2023: one).
The key management personnel ofthe chanty in charge ofdirecting and controlling. funning and operating the charity
on a day-to-day basis comprise the trustees and the Director. The total remuneration (induding taxable benefits bul
exduding the employerfs pension contribulions) of the key management petsonnel for the year was £72,698 {2023'.
£72,590).
None of the trustees of the charity were remunerated durin9 2024 {2023: £nil). and no trustees were reimbutsed for
expenses incurred during 2024 (2023: £nil).
The total number of employees for the year 2024 was 2. full-time equivalent (FTE) 1.4 (2023.. 2, FTE 1.4). The average
number of employees. expressed as a full-time equivalenl. analysed by tunction. was:
2024
2023
No.
Support Staff
7. GOVERNANCE COSTS
2024
2023
Current year audit fees
Total
12.6C
9,540
12,600
9,540
27

London Catalyst Report and Accounts 2024
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GRANTS
2024
2023
Institutional
320,941
(2.200)
318.741
(114 grants)
327.188
Prior year grants withdrawnlretumed
327,188
(157 grants)
Grants withdrawnlretumed ￿￿esent unulilised prior year grants retumed of £2.200 (2023: £0).
See pages 31 to 34 for the anatysis of grants made in the year.
9. FUND INVESTMENTS
2024
2023
Ll8ted investments
Market value at 1 January
Additions
14,513,602
13,778,420
1.902.389
2,521,502
Disposals
Realised gains
Unrealised gains
Market value at 31 December
(1.977.911)
67,309
(2.515,2341
3,579
1.235,332
725,335
15.740.721
14,513,602
Cash deposits held for investment
Total Investments at 31 December
21,992
89,901
15,762.713
14,603,503
Historical cost at 31 December
(including deposits)
12.577.448
12,420,513
The charity engages Stanhope for investmenl advice and invests in pooled funds from which investment managers, fees
are deducted before the markel value is established. Consequently, the valuation of investments is net of investment
managers. fees, any third-party managed fijnds. and custody fees. total: £40.859 (2023: £36.054).
28

London Catalyst Report and Accounts 2024
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9. FUND INVESTMENTS (Contin{￿d)
Investments. including cash deposits. are held in the following geographical areas-
2024
2023
UK & Ireland
9.985.917
7,251,583
Europe (Ex UK)
North Ameri¢a
561,557
563,932
320.055
298,326
Pacific
622.380
Global
3.976.228
5.627,998
Intemalional
254,861
15,762,713
239,284
14,603,503
Materlal Investments
Included within the investments held at the year*nd are the folltr*in9 investments. which individually comprise more
than 5./0 of the total market value of nonwcash investments.
Ishare$111 PLC- th MSCI World ETF
2.637.085
1.773,683
Vanguard Funds PLC-S&P 5Q) UCITS
1.854.025
1,476.987
Artemis InGome Exclusions Dis
1.512.880
Fundsmith LLP
1.476,174
1,365,392
Charities Prop Propety Fund
1.108.498
1,102,466
UBS (1RL) PLC- ETF MSC1 UK IMI SOC
884.601
832,555
Vanguards Funds PLC-FTSE 250 UCITS ETF
875.679
839,390
Evenlode Iny Mgt Ltd
1.431,648
10. DEBTORS
2024
2023
Accrued Income
15.372
42,203
15.372
42,203
29

London Catalyst Report and Accounts 2024
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11. CREDITORS DUE WITHIN ONE YEAR
2024
2023
Accruals for grants payable
Taxation and social security
Trade creditors
6,000
2.592
2.238
18.985
45,561
27,223
12. UNRESTRICTED FUNDS
2024
2023
Balance at 1 January
Net expenditure in the year
Gains on investment assets
14,633,958
14,042,828
(201.966)
1.302,641
(137,784)
728,914
Balance at 31 December
15,734,633
14,633,958
13. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024
2023
FIXED ASSETS
NET CURRENT
UABIUTIES
TOTAL
TOTAL
Unrestricted funds
15.762.713
128.080)
15.734.633
14.633.958
15.762.713
128.080)
15,734,633
14,633,958
The totsl unrealised gains a5 at 31 December 2024 constitute movements on
revaluation and are as fdlows:
2024
Unrealised gains included above on investments
3 185,265
Reconciliation of movements in unrealised gains=
Unrealised gains at 1 January 2024
Les5.' in respect of disposals in the year
Add.. net gain arising from revaluations in the year
Total unrealised gains at 31 December 2024
2,182,991
(233.058)
1.235.332
3,185,265
30

London Catalyst Report and Accounts 2024
14. RELATED PARTY TRANSACTIONS
Owing to the nature of the charity's operations and the composition of the Board of Trustees being
drawn from local public and charitable sector organisations. it is inevitable that transactions will take
place with organisations in which a member of the Board of Trustees may have an interest. Mark
Palframan is Director of Hackney Doorways, Matt Wilson is the CEO of Spires Centre, and Simon Cuff
is the Vicar for St Peter de Beauvoir and Trustee of Migrants Organise. These organisations are all
grant recipients. All transactions involving such organisations are conducted at arm's length and in
accordan￿ with the charity's financial regulations and normal procurement procedures. Any Trustee
who has any interest in a potential grant recipient will withdraw from all related grant discussions. The
aggregate amount of donations made by the trustees to the charity in the year was £1,045 (2023..
£1,305)
15. AGENCY ARRANGEMENTS
In 2024, the charity received £4,000 (2023: £3.000) to disburse as grants to nominated charities
on behalf of private donors.
The following pages do not fomi part of the statutory accounts. They are included for illustrative
purposes and show the range of grant-making. including those made under agency arrangements,
that the charity undertakes during the year.
SUMMARY OF ALL GRANTS PAID OR COMMirrED IN 2024
MAIN GRANTS
Organisations
Purpose
Borough
Amount
£185,438
£6,OlY)
Hopeful Futures
Empower parents of children with
additional needs
Provide affordable and accessible
rehabilitstion
Peer support group for people
ex
riencin
homelessness & addKtion
Benefits advice for people wtth a
leamin
disabili
Mentsl health and well-being supp￿1
Nevtham
Local Exercise
Grou
People's Recovery
Pro
ect
Toucan Employment
Croydon
£3.OC
Hackney
£S.OC()
Southwark
£3,ofA)
Independent
Newham Users
Forum
Therapeuti
Productions
Newham
£3,0
Production of a film based on the
experience of people with mental health
roblems
Well-being and therapy sessions for
refu
ees and as lum seekers
Yoga for people Y￿th disability
Croydon
£3.OIXI
The Vavengers
City of London
Harrow Association
of Disabled Peo
le
Champions for
Chan
Downsyndrome OK
Haryow
£2,5fY)
Boxing Fitness Therapy for people vith
e 2 Diabetes
Showcasing the talents of people with
Down S ndrome
Sports and well-being support for newly
arrived as
um seekers
Counselling support to adults with I(￿￿-
tem) mental health issues
Inter
enerational Postcard Excha
rt for homeless
Housin
su
rtforre
Lambeth
£4.5LKI
10
Kingston Upon
Thames
Wandsv￿rth
£1.5(Ki
CAFL4S
£3,OQ)
12
Talk
Su
rtlcounselli
In Common
Standin
Tall
ires Centre
Brent
£5.OCKI
13
14
15
Wandsworth
London-wide
Cro
£1,810
£5.OIXI
£5.0(M)
ees
31

London Catalyst Report and Accounts 2024
16
ANVIL
Cooking with English for Refugee
Women
rt for three thildren's or
anisations
Debt Advice and Financial Education
Tower Hamlets
£5.000
17
18
Childhood Trust
St Paul's Money
Advice Cenlre
Corinne Burton
Memorial Trust
Waltham Forest
rant Action
The Advocacy
Pro
ect
Citizens of the World
London-wide
Hamrnersmith &
Fulham
cty of London
£6,000
£5.000
19
Art therapy for can￿r patients
£3,586
20
Immigration and weffare advi￿ for
rants
Improving access to cancer screening for
le with leamin
disabili
Provision of pastoral care and support
for refu
ees
Creab've workshops for people wÉth
mental health issues.
Art and he￿th activities for those who
have expeiienced homelessness and
isolation.
Housing. deslitution, and adwce for
refv
ees and mi
rants.
Weekly stxial hub for the elderfy and
those ex
riencin
isolation.
Cancer awareness for people from all
ba
rounds.
Provision of space for activities for
le from the LGBTQ+ back
round.
Communty garden and prornote the
benefits of ardenin
Mentsl health support for thildren and
oun
Wnter walks for over 50s
Counselling and wellness workshops for
women.
Access to sport and physical activitses for
le with Down s
ndrome.
Speeth and language therapy for
children.
Detox facilty for women recovering from
addidion.
Physiotherapy for children wtlh Down
s ndrome.
service for homeless
Exercise and socials for older people.
Waltham Forest
£4.990
21
Westminster
£5,000
22
Greenwich
£4,500
23
Southeast London
Arts Netsyork
240 Project
Lewisham
£5,000
24
Kensington &
Chelsea
£5.000
25
Hackney Migrant
Cenlre
Shepherd's Star
Hackney
£5,000
26
Richmnd Upon
Thames
Bamet
£3,675
27
Somali Bravanese
Welfare Association
London LGBTQ+
Communi
Centre
Bold Vision
£5,O¢XI
28
London-wide
£4,992
29
Le￿sharn
£3,992
30
Play for Progress
Croydon
£5,000
31
32
Wheel Tots
Rahab Project
Harin
London-wide
£2,814
£5,000
33
Planet Penguin
Ealing
£5.000
Growing Hope Kings.
Cross
Treasures
Foundation
Downright EX￿lIent
Islington
£5,O¢XI
35
Redbridge
£5,000
Tower Harnlets
£4,790
37
38
Firm Foundation
Upper Norwood
Libra
Trust
Croydon Refugee
Da Centre
Li
hthouse
Refugee Workers
Cultural Association
Ekota Academy
Harrow
Lambeth
£5,000
£3,879
39
Cooking and socialising for women from
emer
en
as
lum accofflm¢xlation.
Counsellin
and thera
for women.
Yoga for over 50$ wt)men who suffer
from fibrom
al
Walking sports activities for over 65s and
over 50s ￿th disabili
Combatting isolation through peer
su
Creation and development of We're all
Valued E ual
' ethos.
Croydon
£5,000
40
41
Harin
Haringey
£5.OCK)
£4.0
42
Barking &
enham
Newham
£4,950
43
African Heatth Policy
Ne￿ork
Wave for Change
£4,460
Haringey
£ 500
32

London Catalyst Report and Accounts 2024
PARTNERS FOR HEALTH
Organisation
Purpose
Borough
Amount
(£104,758)
LC - £52,379
£12.830 (£6,415)
The Mason Foundation
Vocational opportunits'es for
neurixliver
enl
oun
Dance workshops for people who
have suffered from brain injury or
with neurol
ical conditions.
Psychological support for families to
cope with their loved one's life
ourne
Pottery dasses for people WFth
leami
disabili
Public health proied for the
communi
Outdoor well-being activities for
oun
le with autism.
Yoga for adults with leaming
disabil.
Counsellin
for women
Well-being arKI drop-in sessions for
their membersl lienls
Counselling for IFNJse sIn￿glIng with
drugs or alcohol and who have
ex
rienced trauma.
Skills training and employment
su
rt for ex-offenders.
Raising awareness on the top￿ of
Female Genilal Mutilation
Social prescribing gardening
programme fof people with mental
health issues.
Camden
CODA Dan￿ Company
Wandsworth
£11,928 (£5,964)
Harrison's Fund
Surrey
£15.000 (£7.500)
Maxabilty
Bamet
£10.000 (£5,000)
St Peter de Beauvour
Hackney
£10,000 (£5,0(M))
Hackney Play Asso¢ialion
Hackney
£9,8CM) {£4,900)
Maha Devi Yoga Centre
Islington
£8.400 (£4,200)
Henna Asian Women's Grou
Paxton Green Time Bank
Camden
Soulhwarf
£4.800
£2.400
£6,0(Xl (£3.000)
10
Rehabil
Islington
£4.000 (£2,000)
Onwards and Upwards
Lewisham
£4,0(J) (£2,000)
12
Educale not Mutilate
London-wide
£4.000 (£2,000)
13
Seeds for Growth
Tower
Hamlets
£4,1))0 (£2,000)
HARDSHIP GRANTS
Organisation
Borough
Amount
£83,100
£2.5CK)
£1.000
£1,200
£1,200
£1,100
£2.0(K)
£2,OtJ)
£1,0
£ 800
£1.OlX)
£2,OCKJ
£1,OIXI
£1.0(K)
£2.OCKI
£1,OLX)
£1,5fXI
£1,5
£1,000
£1,OCKI
£1,1iX)
£1.750
£1.51X)
£2,OCM)
£2,0(MJ
£2.0￿]
Camden Traumatic
CAB Enfiekl
Sl Chris Hos
Jewish Women's Aid
Cam
Simcha
Bromle and Cro
Birth Com
anions
and Friends
Kin
's Colle
e Palliative Care
Bromle Bri
hter B
ins
Slreel Stora
Hackne
OooThva
Hol Trini
Olive Branch
Southwark Adult Mental Health Semces
The Manna
St Ste
hens
Refu
ees Welcome Hounslow
Vine
ard Communi
Centre
SLAM Start Team
SLAM PCMHT
Southwest London St Geor
PRAXIS
The Manna Socie
Lewisham Refu
ee and Mi
Revival House
Westrninster Roman Catholic Diocesan Trust
Cam(Jen
Enfiekj
Bromle
London-wide
London-wide
Bromle
and C don
Lond0n-V￿de
Merton
Lambeth
Broml
London-wide
Hackne
Hounslow
Southwark
ton
Hounslow
Richmond
Southwark
Southwark
Wandsworth
Tower Hamlets
Southwark
Lewisham
Newham
Westminster
INomen's Aid
10
12
13
14
15
16
17
18
19
20
21
22
23
24
25
e's NHS
rant NelN
33

London Catalyst Report and Accounts 2024
26
27
28
29
30
31
St Paul's Mone
Advice Centre
sola￿ Women's Aid
Your Place
Posilivel UK
Welcare
Waltham Forest Refugee Psychological
Thera
1st Seplice
Harin
rant Su
Theu
r Room
MRS Inde
endent Livin
Barons Court
Maa Shanti
Hackne Mi
rant Centre
Health Livin
Pro
ects
Tootin
Commun
Kitchen
Z2K
SW London & St George's Mental Health
NHS
A e UK Lewisham and Southwark
rants Or
anise
Homerton Healthcare NHS Fwndats'on
Prison Advice and Care Trust
Ramfel
Notre Dame Refu
ee Centre
Action for Refu
ees in Lewisham
Cro
don Refu
eeDa
Centre
Room to Heal
The Olive Branch-Ho
CNWL NHS Trust
Headwa East London
Thes
ace
Mildma
Mission
The S ires Centre
NoThvood Ravenswood
Hammersmith & Fulham
ton
Newhafn£
Hackne
Souhwark
WaFtham Forest
£2,000
£2,000
£1.000
£2,000
£ 700
£2,000
32
33
rt Service
Harin
Hammersmith & Fulham
Hackne
Hammer5mith & Fulham
Islin
ton
Hackne
Redbrid
Wandsworth
Lond0n-V￿de
Wandsworth
£2.000
£2,000
£1,500
£1,500
£1.500
£1,500
£1.500
£1.500
£1,000
£750
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
Lewsham and Southwark
Hackne
Hackne
London-wide
Newham
London-wide
Lewisham
Cro
don
Islin
Hounslow
Southwark
Hackne
Kensin
ton &Chelsea
Tower Hamlets
Cro don
£2,0
£1.OCrf)
£1,500
£1,000
£1.500
£1,500
£1,500
£1.500
£1,500
£1.500
£1.OC
£1,500
£1.500
£1.500
Trini
Church
55
57
11
£1,500
Other payment
Cathedral Church of St Pancras
£ 24
NOTE:
The figures above include the retumed grants of £500 from The Olive Branch-Holy Trinity Church
and the payment of £24 to the Cathedral Church of St Pancras.
THE HOSPITAL SUNDAY APPEAL:
DONATIONS IN 2024: £12,861 (2023: £18.797)
Donor
Privy Purse Charity
BE Rodmell Trust
300
600
900
Institutions Totsl
Individuals (includes public collections). trustees & anonymous
Total Donations
11,961
12,861