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← Resurgo Trust

2023-12-31-accounts

for the year ended 31 December 2023

Contents of the Financial Statements

for the year ended 31 December 2023

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 2023

Letter from the Chair of Trustees

On behalf of the Trustees of Resurgo, I am delighted to present our Annual Report and Financial Statements for the year ending 31 December 2023.

The year was characterised by a continued cost-ofliving and mental health crisis affecting many young people. These challenges, although wide-spread, disproportionately affected those we support on the Spear Programme.

In 2023, well over a third (35%) of young people who attended the Spear Programme reported struggling with their mental health. Young people more widely across the country were (and are) anxious, under-equipped and lacking the resilience to take up the job vacancies on offer. I know that our expert coaching radically improves their chances of success in employment; in 2023 we presented the Department of Work and Pensions’ benchmarking findings that attest as such at the Houses of Parliament.

During the financial year Resurgo exceeded its income targets and kept well within budgeted expenditure. This allowed for growth in our reserves, in turn meaning we could offer a ‘seed fund’ to support new church partners in launching our streamlined version of Spear, and to set some bold organisational goals for growth in 2024. As well as the expansion of the Spear Programme, these include to diversify our commercial client base and to equip more churches to deliver high-impact programmes in their communities.

Partnership remains at the heart of what we do. Our volunteers, supporters, funders, church partners, corporate partners, trusts and foundations are integral to this lifechanging work; we extend our thanks to each one of them for the part they have played. It is both humbling and inspiring to see what can be achieved when we work together.

We are also deeply grateful to our superb team and in particular I am delighted at the recent appointment of our highly talented and capable new CEO, Iona Ledwidge.

Letter from the Chief Executive

As I write this, I am still in my first year as Chief Executive, so I consider it a particular privilege to introduce the Annual Report and Financial Statements for what was Resurgo’s 20th anniversary year. What a year it was, with much to celebrate!

For the first time in a calendar year, we coached more than 1,000 young people in the UK through our award-winning Spear Programme, 74% of whom were in work or education a year later. We continued to pilot our streamlined iteration of Spear and were delighted to launch in Ipswich and South Wales – our first location outside of England – taking our total number of Spear locations to 15.

These achievements show we are well placed to meet our ambitions for national growth, and are resolutely committed to tackling the persistent problem of youth unemployment. There are now 900,000 young people not in employment, education or training (NEET) in the UK, who face a difficult economic outlook and pervasive mental health challenges.

Our life-changing coaching is not only for them, but for the businesses and organisations they aspire to work for. In 2023 our consultancy team coached ten Chief Executives and delivered 32 culture coaching programmes to commercial clients across a breadth of sectors, helping them develop working cultures where every employee really thrives. Our impact consultants also worked with many organisations, helping them to create meaningful social impact.

There remain huge social challenges to tackle, but with the energy and diligence of our team, the continued backing of our supporters, partners and funders, and the resilience and inspiration of those we serve, I am confident for all that we will achieve together in 2024.

I am honoured to lead Resurgo into this new chapter, and hugely grateful to everyone who gets behind our vision and makes it possible.

Yours,

Tom Jackson MBE

Iona Ledwidge

3

for the year ended 31 December 2023

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 2023. 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. And 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.

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.

In 2023:

of trainees faced one or more barriers to employment

of completers were in work or education a year later

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 2023, 91% of trainees faced one or more barriers to employment; for example, 39% received free school meals and 41% had low educational attainment. 48% 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 six-week 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.

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2.1 The Spear Programme (cont.)

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 94% of completers 12 months after the foundation phase, and more than 74% of them were in work or education (2023: 95% in touch, 75% in work/education). At 3 months, we are in touch with 99% of our trainees, of whom more than 55% are in work or education (2022: 98%, 60%).

The programme is also growing; by 2023, Spear had supported more than 9,500 young people since its inception and was operating across 15 locations; seven in London, with further Spear Centres in Brighton, Leeds, Bristol, Bournemouth, Preston, Cheltenham, South Wales, and Ipswich.

We are also continuing to expand our streamlined, more cost-effective model, 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. The early data is encouraging; at 3 months we are in touch with 99% of trainees, 51% who are in work or training. This is now being delivered across five of our fifteen centres, with more in the pipeline for 2024.

2.2 Re-Work

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.

Having reflected on the impact of the programme, it became clear during 2023 that the unemployed people our partners now engage with are often long-term unemployed, or experiencing multiple barriers to finding work, and require a greater level of specialist intervention than Re-Work was designed to provide. As such, we have decided to conclude Re-Work, with a view to exploring possible opportunities to serve unemployed adults later in 2025.

----- Start of picture text -----
In total, since its launch:
churches equipped
to deliver Re-Work
individuals
supported
----- End of picture text -----

We are really proud of the fact that since Re-Work launched 3 years ago, 17 churches were equipped to deliver the programme and collectively worked with over 500 individuals.

5

Report of the Trustees (continued) for the year ended 31 December 2023

2.3 Corporate Culture Coaching

We use our world-class coaching, honed over two decades of delivery on the Spear Programme, to coach a variety of commercial clients to achieve meaningful social impact.

We help our clients shape their internal workplace culture so that employees thrive and hone their external social mission and purpose.

Throughout 2023 we continued to deliver our flagship ‘Coaching for Leadership’ programmes, welcoming clients from a range of organisations across the corporate, nonprofit, and public sectors. In addition, we ran tailored programmes for clients from sectors ranging from investment, venture capital and financial services, executive search, medical science and research, to social ventures, churches and charities. Our delivery included cohorts from Impetus, Kea Consultants, HSBC Life and The Revitalise Trust to name a few.

Our tailored programmes included modules on developing trust, using behavioural preference profiles to understand oneself and others better, engaging in healthy conflict, and effective line management.

We consistently experienced positive feedback from our clients resulting in repeat business. We embedded a robust approach to measuring the impact of our programmes on behaviour change and organisational culture, tracking four key workplace behaviours that help build trust, surveying delegates to understand how much change we generate in these areas. 95% of delegates agreed or strongly agreed that our programmes made a positive difference to their relationships at work.

Our expert coaching team delivers the elements fundamental to Resurgo’s coaching approach: light on theory, heavy on practice, creating space for clients to engage in discussion and application. We continued to implement our live coaching approach, offering real-time feedback to clients as they work through real-world applications; in many instances, this enabled teams to address live challenges in a space that offers both the support and challenge needed to identify and adopt necessary changes.

In 2023, we were delighted to deliver 32 culture coaching programmes, working with more than 460 individuals including 10 CEOs. We also delivered more than 430 1-1 coaching sessions.

“[Since we started working with Resurgo], we’ve seen our engagement indexes improve and we’re in a position where we can point to productivity across the business and say it’s up.”

“Coaching for Leadership has completely changed the way we function as a staff team. ... I couldn’t recommend it highly enough.”

2.4 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 theory-of-change experience to help teams reach greater clarity and focus.

In 2023 we continued to deepen our partnership with the Revitalise 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 12 churches across the country, supporting them to bring about even greater social transformation in their communities.

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

Resurgo undertook this commercial work for both corporate culture coaching and social impact consulting through its trading subsidiary called Resurgo Consulting Ltd, generating £507,773 of revenue, a 12% increase compared to £453,363 in 2022. The costs associated with resourcing that level of delivery resulted in a total expenditure of £463,353 compared to £537,443 in 2022. This led to a profit of £44,420 which will carry forward into 2023 (2022: loss 84,079). We have budgeted to make a profit in 2024, with the subsidiary reverting to a break-even ‘not-for-profit’ position in 2025.

Resurgo Consulting Limited is solely owned by Resurgo Trust.

6

Report of the Trustees (continued) for the year ended 31 December 2023

2.5 Corporate Engagement & Partnerships

The Corporate & Employer Partnerships Team contribute to the financial and operational success of Resurgo through corporate charitable donations, staff volunteer engagement and job opportunities for those who complete the Spear Programme.

Corporate Partnerships had their biggest year to date in 2023 with £709,948 in charitable income, a 34% increase from 2022 (£531,309). Alongside ongoing strategic partnerships, corporate (philanthropic) giving rose to £934,456 (2022: £889,306)

In addition to existing partnerships with Agora Talent, Altum Group, Barclays, Eight Roads, the EQ Foundation, Findlay Park Partners, Gate One, GMS Estates, Guidehouse, Hayfin Capital Management, JMW Solicitors, Jude’s Ice Cream, Knight Frank, Landsec, MAPP, McDonald’s, Oliver Wyman, RiverStone Group, Robeco, Spencer Stuart, SR Group, State Street and Verition Fund Management, we were pleased to work with new partners, CVC Capital Partners, Gleeds, Jobs Go Public, Killik & Co, PageGroup, Oldfield Partners and PAI Partners. We also entered the second year of our strategic partnership with Clayton, Dubilier & Rice (CD&R).

We hosted roughly 206 corporate volunteers across our Spear Centres in 2023. These volunteers gave their time and shared their experience and expertise with our Spear trainees by participating in a range of activities including mock interviews, sharing about their career journeys on Q&A panels and hosting young people in their offices as part of a company visit.

In addition to corporate funding, volunteering and events, employer partners played a key role in providing job opportunities for Spear completers in 2023. We held 12 central and regional ‘Hire Me’ recruitment events across the year involving 500+ young people and 27 employers and training providers. Employers included Nando’s, Imperial London Hotels, TJX Europe, Iceland, and PPHE Hotel Group, among others. As a result of these events, 337 trainees were taken forward to a second-stage interview after attending a Hire Me interview, and 82 trainees secured work or training placements as a result. An additional 56 trainees secured jobs with our employer partners in 2023 through our jobs board, weekly jobs email and bespoke recruitment.

Another highlight in 2023 was hosting an event in July to celebrate and thank our corporate partners and employers who have supported us in running the Spear Programme. The evening also showcased how Resurgo is working with organisations like HSBC Life UK and COOK through culture coaching and social impact consulting to make a greater social impact, both internally for their employees and externally in their local communities.

We are incredibly grateful to our 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 serve.

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Report of the Trustees (continued) for the year ended 31 December 2023

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 2023, we entered the year contending with a cost-of-living crisis and closed it with a generation of young people only more deeply immersed in a mental health crisis. Despite the challenging landscape, our loyal supporters generously joined with us to help the largest number of young people to go through the Spear Programme in a year and, with this year marking Resurgo’s 20-year anniversary, there was much cause for celebration.

Through the generosity of our supporters, we raised £2,053,230, which was a 7% increase on the £1,914,441 raised in 2022. This is in addition to the £934,456 raised through our corporate and strategic partnerships. These funds enabled us to deliver life-transforming support to more than 1,000 unemployed young people in 15 locations across the country, through the Spear Programme.

To round off the year, our fantastic supporters, including the EQ Foundation who provided part of the match funding, helped us raise more than £80,000 in just one week through our Inspiring Futures match funding appeal. This is a remarkable amount which will help even more young people to take hold of their future.

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

Throughout the year we took the opportunity to celebrate Resurgo reaching its 20th birthday with our supporters, to recognise all that has been achieved and the thousands of lives that have been transformed. Celebrations kicked off with a summer drinks reception at the June cohort’s Spear Celebration at our very first Spear centre in Hammersmith.

We are incredibly grateful to all those who fundraised for Resurgo through sponsored events such as our Walk 20 challenge, where supporters, staff, and Spear Ambassadors walked 20 km from the east to the west of London, raising almost £7,000.

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.

In honour of Resurgo’s 20th year the Resurgo Party made a comeback in November, our first large scale fundraiser since the pandemic. The 270 guests who attended generously raised over £400,000 to further Resurgo’s work in 2024.

8

Report of the Trustees (continued) for the year ended 31 December 2023

4. Financial results for the year

Resurgo continued to explore opportunities for income growth during 2023 alongside consolidating the team for national growth. Through the continued generous support of our donors, trusts, corporate partners and commercial organisations we generated a consolidated income of £3,795,936, which was a 7% increase on the £3,554,622 the year before.

The majority of our programmes returned to in-person delivery in 2022, a detailed organisational restructure was completed, and we moved into improved offices at Colet Court. This was 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. The resulting ability to grow nationally, alongside the continued need to retain the quality staff team and attract new members increased our consolidated expenditure by 15% from £2,980,183 in 2022 to £3,438,669 in 2023.

This led to an overall surplus of £357,267 (2022: £574,439), which in turn increased our total year end reserves from £4,446,992 in 2022 to £4,804,259.

Restricted funds decreased by 9% from £128,433 in 2022, to £116,925 at year end, with an increase of 9% in unrestricted funds from £4,318,559 in 2022 to £4,687,334 at year end. These funds, whilst unrestricted, include £1,959,978 of general funds which equate to approximately 6 months of future operating expenditure, aligning with our reserves policy. The balance of £2,727,356 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 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 2024 year-end, we are mindful that to continue to undertake our national expansion, build sustainable growth and organisational resilience, our costs are likely to continue to increase in the next few years. As a result, we are planning to draw on these reserves in the near future as we seek to grow the reach of our charitable programmes, alongside continuing to steward these generously provided resources efficiently, and directed wholly at the mission and purpose of the organisation.

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 4670794, 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 objects 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 62 full-time equivalent staff on payroll (2022: 57) and has the responsibility to provide support to an additional 30 coaching staff who are employed by Spear Trusts founded by our partner churches.

Resurgo began an organisational restructure in 2022 to focus our teams around 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, and that restructure completed in 2023. The Founder and CEO Jo Rice decided to move on to new missions in July 2023, and after a stringent interview process Iona Ledwidge was appointed as the new CEO, taking over at the start of 2024.

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Report of the Trustees (continued) for the year ended 31 December 2023

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 the Chief Executive. In 2023 this was Jo Rice, and from 2024 is Iona Ledwidge. They are 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:

5.4 Risk Management and Reserve Policy

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 2023 and post year-end, no significant events occurred that have negatively affected the financial position of Resurgo Trust.

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 majority supporting the decision. If there is any doubt, the Chair will make the final decision.

5.5 Reference and Administrative Details

Registered Company number 04670794 (England and Wales)

Registered Charity number 1100885

Registered Office

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

Auditors

Cooper Parry Group Limited Statutory Auditor New Derwent House 69-73 Theobalds Road London WC1X 8TA

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Report of the Trustees (continued) for the year ended 31 December 2023

5.6 Provision of Support

In addition to the financial and other support already recognised above, the trustees would like to thank Cooper Parry Group Limited 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 Statement 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 audit business of Haines Watts London LLP was acquired by Cooper Parry Group Limited on 14 November 2023. Haines Watts London LLP has resigned as auditor and Cooper Parry Group Limited has been appointed in its place.

Under section 487(2) of the Companies Act 200, Cooper Parry Group Limited has been appointed in its place.

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

16 July 2024

and signed on the board’s behalf by:

Rev Tom Jackson MBE (Chair of Trustees)

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Report of the Trustees (continued) for the year ended 31 December 2023

Report of the Independent Auditors to the Members of Resurgo Trust

for the year ended 31 December 2023

Opinion

We have audited the financial statements of Resurgo Trust (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 December 2023 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.

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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 overleaf:

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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. In assessing the potential risks of material misstatement we obtained an understanding of; the entities operations, including the nature of its revenue sources and services and of its objectives and strategies to understand the classes of transactions, account balances, expected financial statement disclosures and business risks that may result in risks of material misstatement. We did not identify any matters relating to non-compliance with laws and regulations relating to fraud.

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 Cooper Parry Group Limited New Derwent House 69-73 Theobalds Road London WC1X 8TA

Date: 16 July 2024

MA teh 14

Consolidated Statement of Financial Activities

for the year ended 31 December 2023

Notes
Income and endowments from
Grants, Donations and gifts
3
Fundraising events
3
Trading Revenue
4
Total income and endowments
Expenditure on
Charitable activities
5
Trading subsidiary costs
7
Raising funds
6
Total expenditure
Net income/(expenditure)
8
Reconciliation of funds
Total funds at 1 January 2023
15
Total funds at 31 December 2023
15		 Unrestricted
funds
2023
£
2,310,349
368,083
507,773
3,186,205
1,979,869
463,353
374,208
2,817,430
368,775
4,318,559
4,687,334		 Restricted
funds
2023
£
609,731
-
-
609,731
621,239
-
-
621,239
(11,508)
128,433
116,925		 Total
funds
2023
£
2,920,080
368,083
507,773
3,795,936
2,601,108
463,353
374,208
3,438,669
357,267
4,446,992
4,804,259		 Total
funds
2022
£
2,881,122
220,136
453,363
3,554,622
2,141,857
537,443
300,883
2,980,183
574,439
3,872,553
4,446,992

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

15

Consolidated Balance Sheet

31 December 2023

Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 11 221,915 - 221,915 261,149
Investments 12 9,972 - 9,972 9,972
231,887 - 231,887 271,121
Current assets
Debtors 13 385,255 - 385,255 411,996
Cash at bank and in hand 4,340,047 116,925 4,456,972 3,938,822
4,725,302 116,925 4,842,227 4,350,817
Creditors
Amounts falling due within one year 14 (269,855) - (269,855) (174,946)
Net current assets 4,455,447 116,925 4,572,372 4,175,872
Net assets 4,687,334 116,925 4,804,259 4,446,992
Represented by:
Unrestricted funds 18 4,687,334 4,318,559
Restricted funds 18 116,925 128,433
Total funds 4,804,259 4,446,992

The financial statements were approved by the Board of Trustees and authorised for issue on 16 July 2024

and were signed on its behalf by:

Reverend Thomas Jackson Chair of Trustees

Thomas Shippey Treasurer

Company Number 04670794

The notes form part of these financial statements.

16

Balance Sheet

31 December 2023

Unrestricted Restricted Total Total
funds funds funds funds
2023 2023 2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 11 221,915 - 221,915 261,149
Investments 12 10,072 - 10,072 10,072
231,987 - 231,987 271,221
Current assets
Debtors 13 818,371 - 818,371 1,410,901
Cash at bank and in hand 3,917,963 116,925 4,034,887 3,000,564
4,736,334 116,925 4,853,259 4,411,465
Creditors
Amounts falling due within one year 14 (241,327) - (241,327) (151,614)
Net current assets 4,495,007 116,925 4,911,932 4,259,851
Net assets 4,726,994 116,925 4,843,919 4,531,072
Represented by:
Unrestricted funds 4,726,994 4,402,639
Restricted funds 116,925 128,433
Total funds 4,843,919 4,531,072

The financial statements were approved by the Board of Trustees and authorised for issue on 16 July 2024

and were signed on its behalf by:

Reverend Thomas Jackson Thomas Shippey Chair of Trustees Treasurer

Company Number 04670794

The notes form part of these financial statements.

17

Consolidated Cash Flow Statement

For the year ended 31 December 2023

Notes
Cash fow 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.		 2023
£
548,431		 2022
£
491,637
548,431
(30,280)
-
(30,280)
518,151
3,938,821
4,456,972		 491,637
(275,192)
-
(275,192)
216,445
3,722,376
3,938,821

Notes to the Cash Flow Statement for the year ended 31 December 2023

Net income for the reporting period (as per the
Statement of Financial Activitiy)
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
01/01/23
£
3,938,821
3,938,821
3,938,821		 2023
£
357,267
69,515
-
26,740
94,909
548,431
Cash fow
£
518,151
518,151		 2022
£
574,439
37,252
207
(220,828)
100,567
491,637
At
31/12/23
£
4,456,972
4,456,972
518,151 4,456,972

18 The notes form part of these financial statements.

Notes to the Financial Statements

For the year ended 31 December 2023

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 Trustee’s 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 2023

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.

Tangible fixed assets

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

Computer equipment:

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

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.

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 2023

3. Grants, Donations and Gifts

3. Grants, Donations and Gifts
Trusts and Foundations
Corporate (philanthropic)
Major donors and individuals
Fundraising events
Statutory
Partnership income
Other		 2023
£
571,614
934,456
1,049,003
368,083
64,530
296,167
4,310
3,288,163		 2022
£
552,750
889,306
1,081,105
220,136
60,450
295,000
2,511
3,101,258

The above balances represents unrestricted income, except for the following restricted income, which are included in the total above:

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
£
7
468,550
9
410,485
2
90,488
4
63,000
22
1,032,523		 2022
No. of Grants
Total
£
5
237,500
11
472,500
5
345,200
1
15,000
22
1,170,200		 2022
No. of Grants
Total
£
5
237,500
11
472,500
5
345,200
1
15,000
22
1,170,200
1,170,200

4. Trading revenue

4 Tdi
. rang revenue
Corporate Culture Coaching
Social Impact Coaching		 2023
£
463,388
44,385
507,773		 2022
£
405,298
48,065
453,363

21

Notes to the Financial Statements (continued) for the year ended 31 December 2023

Central activities and support costs
Spear direct costs
Re-Work direct costs
5. Charitable activities		 Unrestricted
2023
£
641,900
1,320,969
17,000
1,979,869		 Restricted
2023
£
621,239
-
-
621,239		 Total
2023
£
1,263,139
1,320,969
17,000
2,601,108		 Total
2022
£
358,803
1,596,708
186,346
2,141,857

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.

6. Trading activities

Consulting direct stafng & operational delivery costs
Administrative and governance costs
. rang acves		 2023
£
375,452
87,901
463,353		 2022
£
405,693
131,750
537,443

7. Raising funds

Staf costs for income generating teams
Annual event and other operating costs
.
 2023
£
286,301
87,907
374,208		 2022
£
260,035
40,847
300,883

8. Net income

Net income is stated after charging: 2023 2022
£ £
Depreciation of tangible assets - owned 69,515 37,252
Auditors renumeration 5,000 4,500
Other account services 5,800 5,255

9. Trustees’ renumeration and benefits

There were no trustees’ remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees’ expenses

There were no trustees’ expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

22

Notes to the Financial Statements (continued) for the year ended 31 December 2023

10. Staff costs

Wages and salaries
Social security costs
Other pension costs
.
The average monthly number of Resurgo employees during the year was as follows:
Full time staf
Part time staf		 2023
£
2,220,857
232,626
69,179		 2022
£
1,899,620
222,051
62,890
2,184,561
2,522,662
2023
47
21
68
2022
47
20
67

At 31 December 2023 there were 62 full time equivalent staff (2022: 57).

During the year, up to 30 (2022: 21) 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 92 FTE staff (2022: 78).

During the year there were an average of 30 members of staff who worked directly as coaches across the 11 centres controlled by Resurgo. The remaining 33 members of staff worked in supporting the charity in undertaking its objectives, including staff on front line delivery of our Spear & Re-Work programmes.

The cost of key management personnel was £380,455 combined, including NI & pension contributions (2022: £470,557).

Tom Jackson worked as a consultant for Resurgo on a 12 hours per month basis as an independent contractor through 2023. He received £25,000 in consideration for this service during the year. Post year end Tom became a Trustee of the Charity, and there was no longer any charge for his consultant work.

£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
Employees who earned more than
£60,000 p.a. are as follows:		 2023
-
1
-
1
2		 2022
1
1
-
2
4

Pension contributions made on behalf of employees earning over £60,000 p.a.:

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		 2023
£
-
2,236
-
2,895
5,131		 2022
£
1,862
2,113
-
5,630
9,605

23

Notes to the Financial Statements (continued) for the year ended 31 December 2023

11. Fixed Assets

Group and Trust

Group and Trust
Fixtures &
fttings		 Computer
equipment		 Leasehold
improvement		 Total
£ £ £ £
At cost
At 1 January 2023 87,327 59,969 161,950 309,246
Additions 12,434 9,917 7,930 30,281
Disposals (2,664) (11,554) (14,218)
At 31 December 2023 97,097 58,332 169,880 325,309
Depreciation
At 1 January 2023 20,623 17,790 9,684 48,097
Charge for the period 25,366 27,139 17,010 69,515
Disposal charge (2,664) (11,554) - (14,218)
At 31 December 2023 43,325 33,375 26,694 103,394
Net book value
At 31 December 2023 53,772 24,957 143,186 221,915
At 31 December 2022 66,704 42,179 152,266 261,149

12. Fixed asset investments

Market value
At 1 January 2023 and 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Group		 Unlisted
investments
£
9,972
9,972
9,972		 Totals
£
9,972
9,972
9,972

24

Notes to the Financial Statements (continued) for the year ended 31 December 2023

12. Fixed asset investments (cont.)

Market value
At 1 January 2023
Disposal
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Trust		 Shares in group
undertakings
£
100
-
100
100
100		 Unlisted
investments
£
9,972
-
9,972
9,972
9,972		 Totals
£
10,072
-
10,072
10,072
10,072

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 ofce: United Kingdom
Nature of business: Consultancy
Class of share: % holding:
Ordinary shares 100.00

13. Debtors: amounts falling due within one year

Trade debtors
Amount owned by group undertakings
Other debtors & prepayments		 Group
2023
2022
£
£
141,565
87,727
-
-
243,689
324,269
385,255
411,996		 Trust
2023
2022
£
£
101,079
54,335
474,686
1,032,298
242,606
324,269
818,371
1,410,901		 Trust
2023
2022
£
£
101,079
54,335
474,686
1,032,298
242,606
324,269
818,371
1,410,901
1,410,901

14. Creditors: amounts falling due within one year

Trade creditors
Other creditors and accruals		 Group
2023
2022
£
£
147,473
141,842
122,382
33,104
269,855
174,946		 Trust
2023
2022
£
£
125,893
138,484
115,434
13,130
241,327
151,614		 Trust
2023
2022
£
£
125,893
138,484
115,434
13,130
241,327
151,614
151,614

25

15. Movement in funds

Unrestricted funds - General
Restricted funds
Total funds
Group
Unrestricted funds - General
Restricted funds
Total funds
Trust
Unrestricted funds - General
Restricted funds
Total funds
Group
Unrestricted funds - General
Restricted funds
Total funds
Trust		 At 1 Jan 2023
£
4,318,559
128,433		 Incoming
resources
£
3,186,205
609,731
3,795,936
Incoming
resources
£
2,678,432
609,731
3,288,163
Incoming
resources
£
2,997,298
557,324
3,554,622
Incoming
resources
£
2,544,093
577,324
3,101,417		 Outgoing
resources
£
(2,817,430)
(621,239)
(3,438,669)
Outgoing
resources
£
(2,354,078)
(621,239)
(2,975,317)
Outgoing
resources
£
(2,251,811)
(728,372)
(2,980,183)
Outgoing
resources
£
(1,714,368)
(728,372)
(2,442,740)		 At 31 Dec
2023
£
4,687,334
116,925
4,446,992
At 1 Jan 2023
£
4,402,639
128,433
4,531,072		 4,804,259
At 31 Dec
2023
£
4,726,994
116,925
4,843,919
At 1 Jan 2022
£
3,573,072
299,481		 At 31 Dec
2022
£
4,318,559
128,433
3,872,553
At 1 Jan 2022
£
3,572,914
299,481		 4,446,992
At 31 Dec
2022
£
4,402,639
128,433
3,872,395 4,531,072

Purpose of restricted funds

Restricted funds in 2023 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 2023 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.

26

16. Related party transactions

There were no related party transactions for the year ended 31 December 2023.

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		 2023
£
98,608
486,890
441,257		 2022
£
82,890
319,345
512,964
1,026,755 915,289

18. Funds

Unrestricte d funds

Unrestricted funds equate to approximately 13.7 months of full operating expenditure. These funds, whilst unrestricted, include £1,959,978 (2022: £1,974,659) of general funds which equate to approximately 6 months of operating expenditure, aligning with our current reserve policy. The balance of £2,727,356 (2022: £2,427,979) has been ring-fenced for the purpose, delivery, support and operational costs associated with Spear and our strategic goal to expand into areas where the cost implications are a barrier to growth in partnership.

Restricted funds

The balance of £116,925 (2022: £128,433) represents the unspent portion of 5 (2022: 7) grants made to the charity to cover running and support costs. There is only 1 fund with remaining balance carried over from 2022, all other carried forward funds have been cleared within 2023.

19. 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.

20. 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