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2022-12-31-accounts

Report of the Trustees & Financial statements urgo

Contents of the Financial Statements

for the year ended 31 December 2022

Introduction 3
Report of the Trustees 4-11
Report of the Independent Auditors 12-14
Consolidated Statement of Financial Activities 15
Consolidated Balance Sheet 16
Balance Sheet 17
Cash Flow Statement 18
Notes to the Cash Flow Statement 18
Notes to the Financial Statement 19-27

2

Introduction

for the year ended 31 December 2022

Letter from the Chair of Trustees

I am pleased to present our Annual Report and Financial Statements for the year ending 31 December 2022.

Over the past year, the economic outlook, and the cost of living crisis dominated headlines. We are acutely aware that this impact would be felt most keenly by those who come on Resurgo’s employment programmes. The young people who come on the Spear Programme have, on average, two barriers to employment, and this past year, more than ever, the number presenting with significant mental health problems has increased. With the expert help they receive from the Spear coaches their chances of success in employment are radically changed, and the impact on the rest of their life cannot be understated.

I am thrilled that young people in Bristol and Preston now have the opportunity to come on the Spear Programme, having opened in these cities in 2022 and that more are planned in 2023, partially as a result of our initiative to provide seed funding for centres that need some help.

In 2022 we worked with 895 young disadvantaged people across 12 centres.

Partnership remains at the heart of what we do. Our partner churches who deliver the Spear Programme and Re-Work in their communities, our funders, corporate partners and trusts and foundations are integral to this life-changing work.

2022 saw the completion of a restructure, focusing our core teams around target populations, laying the foundations for future growth. We also moved into new offices in Hammersmith and now have a wonderful but economical place to collaborate and work together.

We exceeded our income targets and despite the investment in the future kept well within our budgeted expenditure, which allowed for growth in our reserves. These have been actively invested in our strategic goals for national growth.

In this my last year as Chair of the Trustees I want to extend my thanks to each member of the team, volunteer, funder, supporter, and individual connected to Resurgo, for the part they have played in enabling our work to prosper.

It is both humbling and inspiring to see what can be achieved when we work together.

Thank you!

Letter from the Chief Executive and Co-Founder

I am grateful to our team, funders, supporters and partners for their continued commitment to Resurgo’s vision to make a tangible impact on society, coming together to create ambitious and sustainable social change.

This year the Spear Programme expanded to Bristol and Preston. It also saw the launch of a streamlined iteration of Spear, in line with our ambitions for national expansion, and Re-Work continued to be offered to unemployed adults across the UK. We were thrilled to welcome HRH King Charles (then HRH Prince Charles), who visited a Re-Work taster session for Afghan nationals, hearing directly about their experiences.

Another highlight of 2022 was the Spear Programme being independently evaluated by the Department for Work and Pensions’ Data Lab. It is hard to overstate the importance and significance of the results – they found that the Spear Programme has a measurable, statistically significant impact on young people’s chance of being not in employment, education or training (NEET), reducing it by 20%.

In 2022, the total number of young people given the opportunity to change their lives through the Spear Programme reached 8,500. Despite the lasting impact of the pandemic, and the broader economic outlook, the outcome of 75% being in work or education 12 months after the programme has been maintained, largely due to the hard work and dedication of the Spear coaches, who continue to bring encouragement, enthusiasm and resilience to their work.

Resolute in the belief that positive change within a business will extend outward to society, we worked with 52 clients as part of our consultancy work, to help them develop a thriving working culture and deepen their social impact, as well as generating revenue.

In that spirit, and with the continued backing of our dedicated supporters, partners and Trustees, we were confident in setting bold organisational priorities for 2023. The fabric of our society is fraying, and in some places, torn. As I write this, it’s Resurgo’s 20th anniversary. I invite you to celebrate with us in looking back, and join us as we move forward to repair the tears in our social fabric together. I’m hugely grateful to everyone who gets behind our vision and makes it possible.

Yours,

Jo Rice

Nigel Mapp

3

for the year ended 31 December 2022

Report of the Trustees

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

1. Summary of purposes of the charity

Mission and purpose

Resurgo is a Christian organisation working with all, irrespective of faith background, to relieve hardship or distress, as a result of social and or economic circumstances.

Resurgo means to ‘rise up again’. We believe that everyone has a role in the transformation of society, and that if we each play our part, society will flourish. So, we use our expertise in coaching and impact management to equip and empower businesses, charities, churches and individuals to transform society.

Through our employability programmes, Spear and Re-Work, we help church communities to deliver life-transforming services that equip those facing barriers to work in their communities with the necessary life skills and mindset to overcome them and find the contribution they want to make through their work.

Through culture and impact coaching, we equip teams, to work together more effectively, and to identify and pursue the meaningful social change they can create in their communities.

We take impact management seriously, using quality data to inform our operational decisions, and to ensure we are delivering our mission effectively.

4

2. Summary of the main activities

2.1 The Spear Programme

The Spear Programme is a year-long programme helping young people facing barriers to work into sustainable employment.

Spear delivers award-winning, impact-led coaching, focusing on the attitudes and behaviours that are holding young people back from entering the workforce. Attendees are aged between 16 and 24 and are accepted regardless of background, faith, gender, or any other personal circumstance.

In 2022, 89% of trainees faced one or more barriers to employment ; for example 41% received free school meals and 42% had low educational attainment. 55% of trainees are from UKME (UK Minority Ethnic) backgrounds. There is no financial charge for young people attending the Spear Programme.

The Spear Programme consists of an initial high-intensity sixweek phase, Spear Foundation, focusing on work-readiness coaching, followed by lower-intensity long-term support for the remainder of the year, which is shaped according to each young person’s specific needs. Once in work, coaches continue to provide support tailored to individuals, helping to iron out any issues that may arise to ensure they sustain and advance in their role.

Our partners at Impetus continued to support us by helping us to become the first organisation to go through the government’s rigorous Employment Data Lab evaluation which conclusively confirmed the impact of the Spear Programme.

Throughout the year, we continued to see trainees enter sustained employment, education and training; our most recent 12-month data shows that we were in touch with 95% of completers 12 months after the foundation phase , and more than 75% of them were in work or education . At 3 months, we are in touch with 98% of our trainees, of whom more than 60% are in work or education.

The programme is also growing; by 2022, Spear had supported more than 8,500 young people since its inception and was operating across 12 locations ; eight in London, with further Spear Centres in Brighton, Leeds, Bristol and Bournemouth.

We have also developed a lighter touch model of Spear, which is more affordable for our partners, enabling us to work with churches in resource-poor areas with high youth unemployment. We have set aside some of our reserves as a seed fund, which churches can access over a period of 3 years. This is intended to kick-start their launch, whilst we work with them to build a sustainable fundraising strategy.

We currently have two pioneer partners running this version of Spear: Trinity Cheltenham and Preston Minster and we have two partners lined-up for the autumn of 2023.

12 months after Spear Foundation:

of completers were still in 95% touch with us

75%

of known completers were in work or education

5

Report of the Trustees (continued) for the year ended 31 December 2022

2.2 Re-Work

2.4 Corporate Culture Coaching

Re-Work equips unemployed adults from all backgrounds with the skills, mindset and confidence to re-enter the workplace.

This lighter touch, volunteer-led programme was launched as a post-pandemic response to the mass unemployment that resulted during this time.

In 2022, we equipped 7 churches to deliver Re-Work. Of the 144 delegates enrolled, 92 delegates completed the course , including those on a pilot programme designed to support Ukrainian refugees, in partnership with Holy Trinity Brompton.

144

delegates enrolled on a Re-Work programme across 7 churches

Resurgo transforms people’s experience of the workplace through coaching that enables teams to relate well, perform at their best and resolve conflict.

With the constraints of the pandemic continuing into the start of the year, Resurgo delivered a mixture of online and in-person coaching, offering the elements fundamental to our coaching approach in both formats: light on theory, heavy on practice, with lots of time for discussion and application.

The team ran ‘ Coaching for Leadership ’ programmes, welcoming clients from a range of organisations across the corporate, non-profit and public sectors. In addition, they ran tailored programmes for clients from sectors ranging from investment, venture capital and financial services, Edtech, medical science and research, to social ventures, churches and charities.

2.3 Social Impact Coaching

Resurgo delivers bespoke social impact consultancy to a range of organisations, helping them develop an ambitious yet sustainable approach to social impact.

We draw on our coaching, impact management and theoryof-change experience to help teams reach greater clarity and focus.

In 2022 we continued to deepen our partnership with Church Revitalisation Trust and Love Your Neighbour, an initiative set up to mobilise the UK church’s ability to transform communities. We helped design and deliver an accelerator programme for more than 15 churches across the country , supporting them to bring about even greater social transformation in their communities.

We have also worked with corporate and charitable organisations across the UK, to help them develop their social impact strategy.

Our tailored programmes included modules on developing trust, using behavioural preference profiles to understand yourself and others better, and engaging in healthy conflict. Positive feedback from a number of clients has led to repeat business and we are now developing an even more robust approach to measuring the impact of the programmes on behaviour change and organisational culture.

Resurgo undertook this commercial work through its trading subsidiary called Resurgo Consulting Ltd, generating £453,363 of revenue for both corporate culture coaching and social impact coaching, a 7% increase compared to £422,221 in 2021. The costs associated with resourcing that level of delivery resulted in a total expenditure of £537,443 compared to £409,320 in 2021. This led to a loss of £84,079 which will carry forward into 2023. We have budgeted to break even for 2023, with the subsidiary returning to a profitable position in 2024. Resurgo Consulting Limited is solely owned by Resurgo Trust.

7%

increase in revenue generated by our commercial work compared to 2021

15

churches took part in our social transformation accelerator progamme

Report of the Trustees (continued) for the year ended 31 December 2022

6

2.5 Corporate Engagement & Partnerships

Resurgo seeks to build strong relationships with the corporate sector in order to further our charitable objectives, to drive engagement across our various initiatives, and to raise charitable funds.

Our corporate partners support us not only financially, but also with their time and expertise. For some, this takes the form of volunteering, such as mock interviewing. For others, it might be welcoming a Spear young person into their workplace.

Our Corporate Partnerships team had their biggest year to date in 2022 with £531,309 in charitable income , a 2% increase on £522,789 in 2021 and a 64% increase from the height of the pandemic in 2020.

In addition to existing partnerships with Eight Roads, the EQ Foundation, Findlay Park Partners, Gate One, GMS Estates, Guidehouse, Hayfin, Informa, Jude’s Ice Cream, Knight Frank, Landsec, MAPP, McDonald’s, Spencer Stuart, SR Group, State Street, tml Partners and Warner Bros. Discovery, we were pleased to work with new partners, Blackstone Group, BPTW, JMW Solicitors, RiverStone Group, the Robeco Foundation and Verition. We were also thrilled to be selected as one of ‘five outstanding handpicked charities’ to receive a two-year grant from the ‘Skill Up Step Up’ Employability Programme, an Evening Standard and Independent appeal, in partnership with Barclays and the London Community Foundation (LCF).

In 2022, we also received an additional £357,996 from our strategic partnerships, TowerBrook Capital Partners, and a new strategic partner, Clayton, Dubilier & Rice (CD&R).

In March 2022, we celebrated our fourth annual International Women’s Day with an event hosted by Landsec and sponsored by MAPP. Guests included corporate partners, Resurgo Corporate Coaching clients, key individual supporters and a number of Spear Ambassadors. It also featured an interview with Nicole, and a former trainee from Spear Islington, who now works as an Apprentice Fibre Specialist at G Network.

In addition to corporate funding, volunteering and events, the team was focused on building relationships with employers to provide roles for Spear completers. Five ‘Hire Me’ recruitment events were held online in 2022, with 16 employers and training providers attending across the events, including Harvey Nichols, Imperial London Hotels, McDonald’s, Nando’s, and Skills Training UK. As a result of these events, 238 trainees were taken forward to a secondstage interview after attending a Hire Me interview , and 48 trainees secured work or training placements as a result.

Funding was also received from Agora Talent, Regenerative Investment, Sceone + Berne and the TK Maxx and Homesense Foundation.

We are very grateful to our loyal corporate partners and employers for their continued support over the year; their investment allows us to continue to achieve great impact in the lives of those we exist to serve.

Report of the Trustees (continued) for the year ended 31 December 2022

7

3. Fundraising

Resurgo generates income predominantly through engaging with the philanthropic community in the form of trusts and foundations along with key individual givers by inspiring them to become involved in the social impact of our organisation. Resurgo also receives occasional grants from the local authority and hosts an annual fundraising event.

In 2022, due to the difficult economic climate, we set intentionally conservative targets, but again were overwhelmed by the commitment of our supporters as they joined with us to transform people’s lives across the UK.

Through the generosity of our supporters, we raised £1,914,441, which was a 4% increase on the £1,846,695 raised in 2021 . This is in addition to the £889,306 raised through our corporate and strategic partnerships. These funds enabled us to deliver life-changing support to more than 1,000 unemployed individuals in 16 locations across the country, through the Spear & Re-Work Programmes.

Through the generosity of our supporters and with thanks to the EQ Foundation who provided part of the match funding, our Skill Up for Success appeal, in partnership with the Big Give raised just over £100,000 – a remarkable amount which will help to equip even more young people with the skills they need to get into work.

The trustees would like to make special mention of the following for their generous support of our work:

With the results of the rigorous Employment Data Lab evaluation, we were able to conclusively communicate the impact of Spear to our donors which led to further engagement, which will ultimately result in raising more funds to continue the work of Spear.

For a second consecutive year, we gathered some of our closest private donors for a fundraising dinner at a central London location, to celebrate our Spear trainees, to thank our generous supporters for enabling our work to take place and to envision them for the year ahead. The event raised £220,136 to further Resurgo’s work in 2023.

We are incredibly grateful to all those whose support has enabled our work in 2022, from those who have fundraised for us through sponsored events such as the Royal Parks Half Marathon to supporters of our Christmas matched funding ‘Skill Up for Success’ appeal.

Resurgo adheres at all times to the legal requirements of the Charities Act 1992 and the Charities (Protection and Social Investment) Act 2016 and any amendments made to them, with specific regard to our fundraising and income generation.

4%

increase in funds raised by our supporters compared to 2021

Report of the Trustees (continued) for the year ended 31 December 2022

8

4. Financial results for the year

As the economy continued to recover from the effects of the Covid Pandemic in 2020, Resurgo continued to explore opportunities for income growth during 2022. Through the continued support of our donors, trusts, corporate partners and commercial organisations we generated a consolidated income of £3,554,622, which was an 8% increase on the £3,281,351 the year before.

With the majority of our programmes returning to in-person delivery, we undertook a detailed organisational restructure and moved into improved offices at Colet Court. This was in order to ensure our departments were better equipped for continued organisational resilience, the national expansion of the Spear Programme and to improve the service delivery of the commercial subsidiary. These changes increased our consolidated expenditure by 29% from £2,123,080 in 2021 to £2,980,183 in 2022.

This led to an overall surplus of £574,439, which in turn increased our total year end reserves from £3,872,553 in 2021 to £4,446,992.

Restricted funds decreased by 57% from £299,482 in 2021, to £128,433 at year end, with an increase of 49% in unrestricted funds from £3,573,525 in 2021 to £4,318,560 at year end. These funds, whilst unrestricted, include £1,890,581 of general funds which equate to approximately 6 months of operating expenditure, aligning with our reserves policy.

The balance of £2,427,979 has been ringfenced for our charitable purposes associated with the delivery, support and operational costs associated with Spear and our strategic goal to expand into areas which are underserved and where cost implications are a barrier to partnership.

Our reserves position at year end is evidence of our stringent financial response to the pandemic, alongside the continued generosity and support from our donor base and the growth of our commercial coaching subsidiary. While this places us in a strong cash position at the 2023 year-end, we are mindful that in order to continue to undertake our national expansion, build sustainable growth and organisational resilience, our costs are likely to increase significantly in the next few years and as a result we are anticipating the need to draw on these reserves as we invest in the future.

5. Structure, Governance and Management

5.1 Governing document

Resurgo Trust is constituted as a company limited by guarantee having been incorporated on 19th February 2003 (Company number 04670794, originally named The St Paul's Centre) as a limited company, limited by guarantee, as defined by the Companies Act 2006 and is therefore governed by its memorandum and articles of association. Charitable status was granted on 25th November 2003 (charity number 1100885).

The objectives of Resurgo Trust are to promote, as an expression of the Christian life and faith, the relief of persons anywhere in the world who are in conditions of need, hardship or distress as a result of local, national or international disaster or by reason of hunger, disease, sickness or their social and/or economic circumstances; and the promotion and support of such other exclusively charitable purposes and institutions as may from time to time be determined by the trustees of the charity.

5.2 Organisational updates

At year end Resurgo had 57 full-time equivalent staff on payroll and has the responsibility to provide support to an additional 21 coaching staff who are employed by Spear Trusts founded by our partner churches.

During 2022, Tom Jackson continued his secondment to the Church Revitalisation Trust (CRT) to head up the Love Your Neighbour Project, as part of the pandemic response. His salary was fully reimbursed by CRT who run Love Your Neighbour.

To deliver our 2022 strategic objective to build operational resilience and lay the foundations for longer-term growth, Resurgo undertook an organisational restructure to focus our teams on our different target populations. This led to the appointment of several key management roles and staff to manage and develop new regional programmes and partnerships.

Report of the Trustees (continued) for the year ended 31 December 2022

9

5.3 Governance and Management

The directors of the company are also the trustees of the charity and there are no other trustees. The Board has the power to appoint additional trustees as it considers fit.

Resurgo Trust is managed on a daily basis by an executive team headed by Chief Executive Jo Rice, who is in regular contact with the Trustees through targeted steering groups, who hold delegated authority from the Board on aspects covering strategy, finance, human resources and safeguarding.

The following persons served as trustees/directors during the period under review:

There is an induction process for all new trustees including an introduction to the key strategies and policies of the charity and trustees’ responsibilities. The induction includes eligibility checks and a statement of conflict of interest.

All trustees serve a maximum three-year term, where they are re-appointed at the Annual General Meeting each year. After three years of consecutive service, the decision to renew an appointment will be determined in light of a meaningful review led by the Chair in consultation with all Trustees. In order for the Trustee to stand for a further three-year period, there will need to be an overall overall majority supporting the decision. If there is any doubt, the Chair will make the final decision.

5.4 Risk Management and Reserve Policy

5.5 Reference and Administrative Details

The Trustees continue to review and assess the key operational, governance, compliance and risks faced by Resurgo Trust. Targeted steering groups have been established to regularly monitor and manage key areas across the organisation. The appointed Trustees, along with senior management, have been given delegated authority to take action, if required, to mitigate any major risks identified.

The principal risk is a cashflow deficit should insufficient funds be raised from grants, donations and commercial trading activity, to meet the ongoing cost of operations.

To this end, the Trustees have stipulated that Resurgo Trust should normally operate with a minimum of reserves, sufficient to fund at least six months of operating costs.

At the year end, the charity's general funds exceeded these minimum reserve levels.

During the year, no significant events occurred that have negatively affected the financial position of Resurgo Trust.

Registered Company number 04670794 (England and Wales)

Registered Charity number 1100885

Registered Office

3rd Floor, Colet Court 100 Hammersmith Road London W6 7JP

Auditors

Haines Watts London LLP Statutory Auditor New Derwent House 69-73 Theobalds Road London WC1X 8TA

Report of the Trustees (continued) for the year ended 31 December 2022

10

5.6 Provision of Support

In addition to the financial and other support already recognised above, the trustees would like to thank Haines Watts London LLP for their assistance with preparing and auditing the accounts of the charity.

The trustees would also like to thank the partner organisations in which the Spear Centres are based:

5.7 Statment of Trustees’ Responsibilities

The Trustees (who are also the directors of Resurgo Trust for the purposes of company law) are responsible for preparing the 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 resources, including the income and expenditure, of the charitable company for that period.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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:

In preparing those financial statements, the trustees are required to

5.8 Auditors

The auditors, Haines Watts London LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on:

12 June 2023

and signed on the board’s behalf by:

Nigel John Godfrey Mapp (Chair of Trustees)

Report of the Trustees (continued) for the year ended 31 December 2022

11

Report of the Independent Auditors to the Members of Resurgo Trust

for the year ended 31 December 2022

Opinion

We have audited the financial statements of Resurgo Trust (the 'charitable company') for the year ended 31 December 2022 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis 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 Auditors' 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 statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating To Going Concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, 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 concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

12

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:

Matters On Which We Are Required To Report By Exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material 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 concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the Trustees the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance.

During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.

Our procedures in relation to fraud included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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 auditors' 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.

Robert Blundell FCA BSC (Hons) (Senior Statutory Auditor)

for and on behalf of Haines Watts London LLP (Statutory Auditor) New Derwent House 69-73 Theobalds Road London WC1X 8TA

Date: 12 June 2023

14

Consolidated Statement of Financial Activities

for the year ended 31 December 2022

Notes
Income and endowments from
Grants, Donations and gifts
3
Trading Revenue
4
JRS Furlough grants
Fundraising events
3
Total income and endowments
Expenditure on
Charitable activities
5
Raising funds
7
Trading subsidiary costs
6
Total expenditure
Net income/(expenditure)
8
Reconcilitation of funds
Total funds at 1 January 2022
15
Total funds at 31 December 2022
15		 Unrestricted
funds
2022
£
2,323,799
453,363
-
220,136
2,997,298
1,413,485
300,883
537,443
2,251,811
745,487
3,573,072
4,318,559		 Restricted
funds
2022
£
557,324
-
-
-
557,324
728,372
-
-
728,372
(171,048)
299,481
128,433		 Total
funds
2022
£
2,881,122
453,363
-
220,136
3,554,622
2,141,857
300,883
537,443
2,980,183
574,439
3,872,553
4,446,992		 Total
funds
2021
£
2,610,307
416,604
7,164
247,276
3,281,351
1,450,377
263,383
409,320
2,123,080
1,158,271
2,714,282
3,872,553

There are no other recognised gains or deficits other than the above.

15

Consolidated Balance Sheet

31 December 2022

Unrestricted Restricted Total Total
funds funds funds funds
2022 2022 2022 2021
Notes £ £ £ £
Fixed assets
Tangible assets 11 261,149 - 261,149 23,416
Investments 12 9,972 - 9,972 9,972
271,121 - 271,121 33,388
Current assets
Debtors 13 411,996 - 411,996 191,168
Cash at bank and in hand 3,810,389 128,433 3,938,822 3,722,376
4,222,385 128,433 4,350,817 3,913,544
Creditors
Amounts falling due within one year 14 (174,946) - (174,946) (74,379)
Net current assets 4,047,439 128,433 4,175,872 3,839,165
Net assets 4,318,559 128,433 4,446,992 3,872,553
Represented by:
Unrestricted funds 18 4,318,559 3,573,072
Restricted funds 18 128,433 299,481
Total funds 4,446,992 3,872,553

The financial statements were approved by the Board of Trustees and authorised for issue on 12 June 2023

and were signed on its behalf by:

Nigel John Godfrey Mapp Chair of Trustees

Thomas Shippey Treasurer

Company Number 04670794

The notes form part of these financial statements.

16

Balance Sheet

31 December 2022

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors
Amounts falling due within one year
14
Net current assets
Net assets
Represented by:
Unrestricted funds
Restricted funds
Total funds		 Unrestricted
funds
2022
£
261,149
10,072
271,221
1,410,900
2,872,132
4,283,032
(151,614)
4,131,418
4,402,639		 Restricted
funds
2022
£
-
-
-
-
128,433
128,433
-
128,433
128,433		 Total
funds
2022
£
261,149
10,072
271,221
1,410,900
3,000,564
4,411,465
(151,614)
4,259,851
4,531,072
4,402,639
128,433
4,531,072		 Total
funds
2021
£
23,416
10,073
33,489
762,228
3,100,560
3,862,788
(23,882)
3,838,906
3,872,395
3,572,914
299,481
3,872,395

The financial statements were approved by the Board of Trustees and authorised for issue on

12 June 2023

and were signed on its behalf by:

Nigel John Godfrey Mapp Chair of Trustees

Thomas Shippey Treasurer

Company Number 04670794

The notes form part of these financial statements.

17

Consolidated Cash Flow Statement

For the year ended 31 December 2022

Notes
Cash fows from operating activity
Cash generated from operations
1
Net cash provided by operating activities
Cash fows from investing activity
Purchase of tangible fxed assets
Sale of tangible fxed assets
Net cash provided by investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents
at the beginning of the reporting period
Cash and cash equivalents
at the end of the reporting period
The notes form part of these fnancial statements.		 2022
£
491,637		 2021
£
1,175,445
491,637
(275,192)
-
(275,192)
216,445
3,722,376
3,938,821		 1,175,445
(10,451)
1,516
(8,935)
1,166,510
2,555,866
3,722,376

Notes to the Cash Flow Statement for the year ended 31 December 2022

Net income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation
Loss on disposal
(Increase)/decrease in debtors
(Increase)/decrease in creditors
Net cash provided by operations
Net cash
Cash at bank
Total
1.
Reconciliation of net income to net
cash fow from operating activities
2. Analysis of changes in net funds		 At 01/01/22
£
3,722,376
3,722,376
3,722,376		 2022
£
574,439
37,252
207
(220,828)
100,567
491,637
Cash fow
£
216,445
216,445		 2021
£
1,158,271
14,503
1,314
(45,195)
46,552
1,175,445
At
31/12/22
£
3,938,821
3,938,821
216,445 3,938,821

The notes form part of these financial statements.

18

Notes to the Financial Statements

For the year ended 31 December 2022

1. Legal status

The Charity 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. The Trust’s registered number and registered office address can be found in the Trustees’ report.

The presentational currency of the financial statements is the Pound Sterling (£).

2. Accounting policies

The summary of principal accounting policies, all of which have been applied consistently throughout the year and the preceding year, is set out below:

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Group financial statements

The financial statements consolidate the results of the Charity and its wholly owned subsidiaries on a line-byline basis. A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented because the Trust has taken advantage of the exemption afforded by section 408 of the Charities Act 2006.

Significant judgements and estimates

In applying the trustees’ accounting policies, the trustees are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The trustees’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the company’s accounting policies

The critical judgement that the Trustees have made in the process of applying the company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below:

(i) Assessing indicators and impairment

In assessing whether there have been any indicators or impairment of assets, the trustees have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year.

(ii) Key sources of estimation uncertainty

Due to the straight forward nature of the activities of the charity, the trustees do not believe that there are any estimation uncertainty’s that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Donation income recognition

Charitable income is recognised on a cash received basis other than where an accruals basis provides a more accurate basis or will give a fairer representation of the underlying nature of the transaction. Income is recognised so far as there is entitlement to the income, there is certainty of its receipt and the amount is quantifiable.

Expenditure recognition

Resources expended are included in the Consolidate Statement of Financial Activities on an accruals basis, inclusive of VAT which cannot be recovered.

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category.

Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.

Financial instruments

Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments which comprise cash at bank, trade and other receivables and trade and other payables.

19

Notes to the Financial Statements (continued) for the year ended 31 December 2022

Financial assets and liabilities - classified as basic financial instruments

(i) Cash at bank and in hand

Cash at bank and in hand include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. (ii) Other receivables

Other receivables are initially recognised at the transaction price, including any transaction costs. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment.

At the end of each reporting period, the company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables. The amount of the provision is the difference between the asset’s carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss.

(iii) Other payables

Other payables are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the discounted amount of the cash expected to be paid.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Balance Sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Fund structure

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Trustees.

Restricted funds are donations made to Resurgo for specific projects or segments of work.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company’s pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going concern

Tangible fixed assets

Depreciation is charged on all tangible fixed assets over their estimated useful lives as follows:

After making enquiries, the Trustees believe that Resurgo has adequate resources to continue in operational existence for the foreseeable future. For this reason, the trustees have continued to adopt the going concern basis in preparing the financial statements .

Computer equipment:

33% per annum on a straight-line basis. Furniture and equipment:

25% per annum on a straight-line basis. Leasehold improvements:

10% per annum on a straight-line basis.

Taxation

As a charitable trust, the Charity is exempt from UK Corporation Tax under Section 505 (1) (c) ICTA 1988.

Taxation for the limited company subsidiary for the year comprises current and deferred tax. Tax is recognised in the Statement of Financial Activity, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date

20

Notes to the Financial Statements (continued) for the year ended 31 December 2022

3. Grants, Donations and Gifts

Trusts and Foundations
Corporate (philanthropic)
Major donors and individuals
Statutory
Partnership income
Other		 2022
£
552,750
889,306
1,301,241
60,450
295,000
2,512
3,101,258		 2021
£
759,017
521,925
875,641
148,029
263,500
42,195
2,610,307

During the year Resurgo was awarded several multi-year grants which form part of our active pipeline.

Below is a summary of the grants in excess of £15,000 that we have already secured for 2023/24:

Trusts and Foundations
Corporate partnerships (philanthropic)
Major donors and individuals
Statutory		 2023
No. of
Grants
Total
£
5
237,500
11
472,500
5
345,200
1
15,000
22
1,070,200		 2022
No. of Grants
Total
£
7
267,500
11
472,400
8
350,200
1
60,000
27
1,150,100		 2022
No. of Grants
Total
£
7
267,500
11
472,400
8
350,200
1
60,000
27
1,150,100
1,150,100

4. Trading revenue

. rang revenue
Corporate Culture Coaching
Social Impact Coaching		 2022
£
405,298
48,065
453,363		 2021
£
408,294
8,310
416,604

5. Charitable activities


Central activities and support costs
Spear direct costs
Re-Work direct costs		 Unrestricted
2022
£
358,803
868,336
186,346
1,413,485		 Restricted
2022
£
-
728,372
-
728,372		 Total
2022
£
358,803
1,596,708
186,346		 Total
2021
£
419,706
957,171
73,500
2,141,857 1,450,377

Direct charitable activities excludes the direct salaries and operational expenditure of our Spear Partner Trusts and Re-Work Church Partners, however it does include the costs to manage, train and recruit staff.

21

Notes to the Financial Statements (continued) for the year ended 31 December 2022

6. Trading activities

6. Trading activities
Consulting direct stafng & operational delivery costs
Administrative and governance costs
 2022
£
405,693
131,750
537,443		 2021
£
379,649
29,671
409,320

7. Raising funds

Staf costs for income generating teams
Annual event and other operating costs

 2022
£
260,035
40,847
300,883		 2021
£
232,911
30,472
263,383

8. Net income/(expenditure)

Net income/expenditure is stated after charging:

Net income/expenditure is stated after charging:
2022 2021
£ £
Depreciation of tangible assets - owned 37,252 14,503
Defcit on disposal of fxed assets - 1,315
Auditors renumeration 4,500 4,500
Other account services 5,255 5,420

9. Trustees’ renumeration and benefits

There were no Trustees’ remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.

Trustees’ expenses

There were no Trustees’ expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.

22

Notes to the Financial Statements (continued) for the year ended 31 December 2022

10. Staff costs

10. Staf costs
Wages and salaries
Social security costs
Other pension costs
 2022
£
1,899,620
222,051
62,890		 2021
£
1,514,877
153,114
44,945
2,184,561 1,712,936

The average monthly number of Resurgo employees during the year was as follows:

Full time staf
Part time staf		 2022
47
20		 2021
38
13
67 51

At 31 December 2022 there were 57 full time equivalent staff (2021: 40).

During the year, up to 21 (2021: 22) full time staff were paid for by the partner trusts, but line managed by Resurgo staff. This means Resurgo has line management responsibility for on average 78 FTE staff (2021: 62).

During the year there were an average of 31 members of staff who worked directly as coaches across the 12 centres controlled by Resurgo. The remaining 31 members of staff worked in supporting the charity in undertaking its objectives, including staff on front line delivery of our Spear & ReWork programmes.

The total cost of key management personnel was £470,556 to include NI & pension contributions, this is an increase of 35% on £348,848 in 2021. This increase is largely as a result of our organisational restructure which took place during 2022, whereby we appointed several new key management team members.

Tom Jackson remained on a fixed term secondment to the Church Revitalization Trust to head up the vision of the Love Your Neighbour initiative and one additional coach was employed by Resurgo and seconded to a partner trust. We receive reimbursement for these staffing costs in full.

Employees who earned more than £60,000 p.a. are as follows:

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000		 2022
1
1
-
2
4		 2021
2
-
1
1
4
Pension contributions made on behalf of
employees earning over £60,000 p.a.:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000		 2022
£
1,862
2,113
-
5,630
9,606		 2021
£
3,715
-
2,588
2,741
9,044

23

Notes to the Financial Statements (continued) for the year ended 31 December 2022

11. Fixed assets

Group Fixtures &
fttings		 Computer
equipment		 Leasehold
improvement		 Total
£ £ £ £
At cost
At 1 January 2022 14,406 202,987 - 217,393
Additions 74,946 38,296 161,950 275,192
Disposals (2,025) (181,314) - (183,339)
At 31 December 2022 87,327 59,969 161,950 309,246
Depreciation
At 1 January 2022 9,397 184,580 - 193,977
Charge for the period 13,044 14,524 9,684 37,252
Disposal charge (1,818) (181,314) - (183,132)
At 31 December 2022 20,623 17,790 9,684 48,097
Net book value
At 31 December 2022 66,704 42,179 152,266 261,149
At 31 December 2021 5,009 18,407 - 23,416
Trust Fixtures &
fttings		 Computer
equipment		 Leasehold
improvement		 Total
£ £ £ £
At cost
At 1 January 2022 14,406 202,987 - 217,393
Additions 74,946 38,296 161,950 275,192
Disposals (2,025) (181,314) - (183,339)
At 31 December 2022 87,327 59,969 161,950 309,246
Depreciation
At 1 January 2022 9,397 184,580 - 193,977
Charge for the period 13,044 14,524 9,684 37,252
Disposal charge (1,818) (181,314) - (183,132)
At 31 December 2022 20,623 17,790 9,684 48,097
Net book value
At 31 December 2022 66,704 42,179 152,266 261,149
At 31 December 2021 5,009 18,407 - 23,416

24

Notes to the Financial Statements (continued) for the year ended 31 December 2022

12. Fixed asset investments

Group

Market value
At 1 January 2022 and 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
Market value
At 1 January 2022
Disposal
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
Group
Trust		 Shares in group
undertakings
£
101
(1)
100
100
101		 Unlisted
investments
£
9,972
9,972
9,972
Unlisted
investments
£
9,972
-
9,972
9,972
9,972		 Totals
£
9,972
9,972
9,972
Totals
£
10,073
(1)
10,072
10,072
10,073

There were no investment assets outside the UK. The shares in group undertakings are eliminated on consolidation.

The Trust’s investments at the balance sheet date in the share capital of companies include the following:

Resurgo Consulting Limited

Registered office: United Kingdom Nature of business: Consultancy

Class of share: % holding:
Ordinary shared 100.00

Resurgo Ventures Limited was dissolved in the year on the 22nd March 2022, and so the investment is considered disposed of.

25

13. Debtors: amounts falling due within one year

Trade debtors
Amount owned by group undertakings
Other debtors & prepayments		 Group
2022
2021
£
£
87,727
11,981
-
-
324,269
179,187
411,996
191,168		 Trust
2022
2021
£
£
54,334
11,319
1,032,298
571,722
324,269
179,187
1,410,900
762,228		 Trust
2022
2021
£
£
54,334
11,319
1,032,298
571,722
324,269
179,187
1,410,900
762,228
762,228

14. Creditors: amounts falling due within one year

Trade creditors
Other creditors and accruals		 Group
2022
2021
£
£
141,842
11,258
33,104
63,121
174,946
74,379		 Group
2022
2021
£
£
141,842
11,258
33,104
63,121
174,946
74,379		 Trust
2022
2021
£
£
138,484
8,948
13,130
14,934
151,614
23,882		 Trust
2022
2021
£
£
138,484
8,948
13,130
14,934
151,614
23,882
15. Movement in funds
Unrestricred funds - General
Restricted funds
Total funds
Group
Unrestricred funds - General
Restricted funds
Total funds
Trust
Unrestricred funds - General
Restricted funds
Total funds
Group		 At 1 Jan 2022
£
3,573,072
299,481
3,872,553
At 1 Jan 2022
£
3,572,914
299,481
3,872,395
At 1 Jan 2021
£
2,395,904
318,378
2,714,282		 Incoming
resources
£
2,997,298
557,324
3,554,622
Incoming
resources
£
2,544,093
557,324
3,101,417
Incoming
resources
£
2,530,463
750,888
3,281,351		 Outgoing
resources
£
(2,251,811)
(728,372)
(2,980,183)
Outgoing
resources
£
(1,714,368)
(728,372)
(2,442,740)
Outgoing
resources
£
(1,353,295)
(769,785)
(2,123,080)		 At 31 Dec
2022
£
4,318,559
128,433
4,446,992
At 31 Dec
2022
£
4,402,639
128,433
4,531,072
At 31 Dec
2021
£
3,573,072
299,481
3,872,553

26

15. Movement in funds - continued

Trust

Trust
Unrestricred funds - General
Restricted funds
Total funds
 At 1 Jan 2021
£
2,408,800
318,378
2,727,178		 Incoming
resources
£
2,108,081
750,888
2,858,969		 Outgoing
resources
£
(943,967)
(769,785)
(1,713,752)		 At 31 Dec
2021
£
3,572,914
299,481
3,872,395

Purpose of restricted funds

Restricted funds in 2022 were largely raised to cover the support and operational costs of running the partner Spear centres, along with the direct salaries and operational costs for our central Spear centres namely Hammersmith & Fulham, North Kensington and Kennington.

Our reserves position at year end is evidence of our stringent financial response to the pandemic, along with the continued generosity and support from our donor base and the growth of our commercial coaching subsidiary. While this places us in a strong cash position at the 2022 year-end, we are mindful that in order to continue to build sustainable growth and organisational resilience, our costs are likely to increase significantly in the next few years and as a result we are anticipate the need to draw on these reserves to invest in the future.

16. Related party transactions

There were no related party transactions for the year ended 31 December 2022.

17. Lease obligations

17. Lease obligations
As at the year end the Charity was committed
to lease payments for the property.
Less than one year
2 - 5 years
Over 5 years		 2022
£
82,890
319,345
512,964		 2021
£
-
-
-
915,289 -

18. Funds

Unrestricted funds

Unrestricted funds of £4,318,560 (2021: £3,573,072) equate to approximately 12 months of full operating expenditure. These funds, whilst unrestricted, include £1,974,659 (2021: £1,575,071) of general funds which equate to approximately 6 months of operating expenditure, aligning with our current reserve policy. The balance of £2,427,979 (2021: £1,998,454) has been ringfenced for the purpose, delivery, support and operational costs associated with Spear and our strategic goal to expand into arears where the cost implications are a barrier to growth in partnership.

Restricted funds

The balance of £128,433 (2021: £299,481) represents the unspent portion of 7 (2021: 9) grants made to the charity to cover running and support costs. There are only 2 funds with remaining balances carried over from 2021, all other carried forward funds have been cleared within 2021. Restricted funds are represented in the balance sheet purely in cash and cash equivalents.

19. Post balance sheet disclosure

No post balance sheet events have been identified.

27

Resurgo Trust 3rd Floor, Colet Court 100 Hammersmith Road London W6 7JP 020 3327 2070 resurgo.org.uk