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2024-12-31-accounts

Report of the Trustees & Financial Statements

for the year ended 31 December 2024

Contents of the Financial Statements

for the year ended 31 December 2024

Introduction 4
Trustees’ Annual Report 5-12
Report of the Independent Auditors 13-15
Consolidated Statement of Financial Activities 16
Consolidated Balance Sheet 17
Balance Sheet 18
Cash Flow Statement 19
Notes to the Cash Flow Statement 19
Notes to the Financial Statements 20-30

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Introduction

for the year ended 31 December 2024

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 2024.

As we look to invest in the growth of Spear, the backdrop is sobering. In 2024, we sadly saw the unemployment rate increase each quarter, reflecting a worsening picture for young people across the country. At the end of the year, 1 in 8 young people in the UK found themselves Not in Education, Employment or Training (NEET).

In addition, regional differences show that young people in the north of England are even more likely to be NEET.

The Spear Programme equips young people with the skills and mindset they need to get into work or education, and we have robust evidence that it really works. In 2024, we were in touch with 93% of young people who completed our classic model of Spear, of which 73% not only got into work or education but also remained there a year later.

During the financial year Resurgo posted a deficit of £148k. This reduced our reserves slightly; however, they remained healthy and allow us to plan significant growth in forthcoming years. The Trustees have made a decision to deploy a significant portion into growth, at the same time as managing our day-to-day budget tightly. We continue to offer the seed fund to support new church partners in launching our streamlined version of Spear.

As ever, we remain profoundly grateful to our donors, supporters, volunteers and partners, all of whom make an essential contribution to our work.

We are also so grateful to our dedicated team, who work hard to help make Resurgo’s vision a reality. Over the past year it has been our privilege as a board to support Iona and the Senior Executive Team as they have transitioned into the new season under Iona’s leadership.

Yours ever,

Letter from the Chief Executive

2024 marked my first full year as Chief Executive at Resurgo, and I am thrilled to introduce this Annual Report and Financial Statements at the end of what has been a challenging and inspiring year.

In July, we enrolled our 10,000th young person onto the Spear Programme, a milestone that represents over 20 years of hard work and dedication to equipping young people facing barriers to work with the skills, confidence and mindset they need to succeed. We now have Spear Centres across England and Wales, having opened new locations in Gateshead and Hastings during the year.

Later in the year, I met John, who did Spear in Leeds after growing up in the care system, where he experienced abuse and other challenges. John told me how he gets up at 5am to go to his job as a caretaker, and how work has given him a sense of purpose and hope for the future. When he first came on Spear his goal was to buy himself a meal; now he is saving up to get his own place to live. Do watch John’s story on our website – there are many more young people like him who need the transformation that the Spear Programme gives.

We made the difficult decision to wind down Resurgo Consulting at the end of the year, to ensure we could focus our resources and efforts on the growth of Spear. I’m so proud of everyone who was involved in this work coaching corporate clients and others. Resurgo’s focus is now wholly focused on young people who need our help and we have ambitious plans to grow the reach of Spear across the UK.

I am so grateful to everyone who is joining with us in this work – to all of you, thank you. And to every young person who has changed their life on the Spear Programme, thank you. It is a privilege to see how each of you have transformed your futures.

Yours,

Rev’d. Tom Jackson MBE Chair

Iona Ledwidge Chief Executive

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31st December 2024

Trustees’ Annual Report

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 2024. 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 programme – Spear – 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.

In 2024, through culture and impact coaching, we equipped 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 which helps 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 2024, 96% of trainees faced one or more barriers to employment; for example, 46% received free school meals, 46% had low educational attainment and 41% said they were facing mental health challenges. 50% of trainees are from UKME (UK Minority Ethnic) backgrounds . There is no financial charge for young people attending the Spear Programme.

In 2024:

of trainees faced one or more barriers to employment

of completers of our classic model were in work or education a year later

We deliver two models of the Spear Programme, classic and streamlined. Both versions of the programme deliver an initial high-intensity phase called Spear Foundation. This focuses on work-readiness coaching, aiming to support trainees to develop the mindsets, skills and resources needed to enter work. This is followed by lower-intensity long-term support called Spear Career, 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.)

The key difference between the two programmes is the dosage. The classic programme delivers Spear Foundation over 6 weeks, whereas the streamlined version is delivered over 4 weeks. And whereas Spear Career lasts for 12 months on the classic model, it lasts for 6 months on the streamlined version. This reduced dosage allows the costs of the programme to be significantly reduced through a reduction in the required staffing (1.4 FTE compared to 3 FTE). Our hope is that the streamlined version offers us a more cost-effective model enabling us to work with churches in resource-poor areas with high youth unemployment. In 2022, we set aside £750,000 of our reserves as a seed fund, and at the end of 2024, our Trustees committed a further £250,000, to bring the total seed fund to £1 million. Churches can access funds over a 3-year period to launch new centres delivering the streamlined version of the programme. While the seed fund does not guarantee the success of the centre, it is intended to kick-start their launch, whilst we work with them to build a sustainable fundraising strategy.

The programme is growing; by 2024, Spear had supported more than 10,500 young people since its inception and was operating across 17 locations ; seven in London, with further Spear Centres in Brighton, Leeds, Bristol, Bournemouth, Preston, Cheltenham, South Wales, Ipswich, Gateshead and Hastings. Of these centres, 6 are delivering the streamlined version of the programme.

Throughout the year, we continued to see trainees enter sustained employment, education and training. Our most recent 12-month data on the classic version of the programme shows that we were in touch with 93% of completers 12 months after the foundation phase, and more

than 73% of them were in work or education (2023: 94% in touch, 74% in work/education). At 3 months, we are in touch with 98% of our trainees, of whom more than 50% are in work or education (2023: 99%, 55%).

We are still on an evaluation journey with the streamlined model, but the early data is encouraging; at 3 months we were in touch with 99% of trainees, 48% who are in work or training. While we anticipate the outcomes for this version of the programme will be lower than the classic version, due to its lower cost increasing our ability to expand across the UK, we will be able to increase our overall impact by supporting more young people into work or employment.

2.2 Corporate Coaching

In 2024 our Corporate Coaching team delivered 16 programmes to ten clients from a range of commercial sectors, as well as a series of Lunch & Learn sessions and webinars.

We used our world-class coaching expertise to equip teams to shape their internal workplace culture so that employees thrive and hone their external social mission and purpose.

Our tailored programmes included modules on developing trust, using behavioral preference profiles to understand ourselves and others better, engaging in healthy conflict and effective line management. Our delivery included cohorts from HSBC Life, Impetus, Soha Housing, Findlay Park, Xapien and Revitalise Trust to name a few.

In an increasingly crowded commercial space however, it was becoming challenging to sustain the business and in

October the Trustees took the decision to wind down our Consulting business – both Corporate Culture Coaching and Social Impact Consulting – by the end of the year, to focus our energies on accelerating the growth of the Spear Programme across the UK.

We are hugely proud of all that has been achieved and delivered to a wide range of clients since Resurgo Consulting launched. Coaching and impact remain at the heart of all we do, and we will continue to run Coaching for Leadership and other bespoke coaching and consulting programmes where there is a value-add to our Spear corporate, charitable or church partners.

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Trustees’ Annual Report (continued) for the year ended 31 December 2024

2.3 Social Impact Consulting

Resurgo delivered bespoke social impact consulting to a range of organisations, helping them develop an ambitious yet sustainable approach to social impact. We drew on our coaching, impact management and theory-of-change experience to help teams reach greater clarity and focus.

In 2024 we continued 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 Limited, generating £333,314 of revenue, a 34% decrease compared to £507,773 in 2023. The costs associated with resourcing that level of delivery resulted in a total expenditure of £293,655 compared to £463,353 in 2023. This led to a profit of £39,659 (2023: 44,420). This profit eliminated the previous liability from Resurgo Consulting to Resurgo Trust, ensuring all donated funds go towards the work of the Spear Programme.

Resurgo Consulting Limited is solely owned by Resurgo Trust.

2.4 Corporate Engagement & Partnerships

The Corporate & Employer Partnerships Team contributes 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 raised £546,429 in charitable income, a 23% decrease from 2023 (£709,948). Alongside ongoing strategic partnerships, in total, corporate (philanthropic) giving decreased to £746,429 (2023: £934,456). The largest contributing factor to the decrease in charitable income was the loss of two key multi-year partnerships that ended in 2023.

In addition to existing partnerships with Eight Roads, the EQ Foundation, Findlay Park Partners, Gate One, Gleeds, GMS Estates, Guidehouse, Hayfin Capital Management, Jude’s Ice Cream, Knight Frank, Landsec, Oldfield Partners, Page Group, Robeco, Spencer Stuart, SR Group, State Street and Verition Fund Management, we were pleased to work with new partners, Bunzl, Buzzacott, Derwent London, Kreston Reeves, Office Agents Society, tml Partners, Uncovered Group and Winckworth Sherwood. We also entered the third and final year of our strategic partnership with Clayton, Dubilier & Rice (CD&R).

We hosted over 200 corporate volunteers across our Spear Centres in 2024. 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 and volunteering, employer partners played a key role in providing job opportunities for Spear completers in 2024. We worked with 21 employer partners and six training providers, to ensure young people

were given direct access to live vacancies and courses. We held 22 ‘Hire Me’ recruitment events across the year for both London and regional centres (up from 10 ‘Hire Me’ events in 2023). Combined with our jobs board, weekly jobs email and job placements with our corporate and employer partners, 215 opportunities to interview were offered to Spear trainees, resulting in 176 placements into jobs or training opportunities in 2024 (up from 125 in 2023). Of these, 49 young people secured jobs with our national employer, Nando’s (up from 38 in 2023).

Volunteering as a mock interviewer was one of the richest experiences I’ve had for a long time. ... [It] went a long way towards restoring my faith in humanity. I’d jump at the chance to get involved again; very much recommended.

We’re proud to support Resurgo financially. They helped us find a great colleague ... It seems only fair that we help the next generation of Resurgo candidates have the same opportunities.

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Trustees’ Annual Report (continued) for the year ended 31 December 2024

2.4 Corporate Engagement & Partnerships (cont.)

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.

Our Corporate Partners

Our Employer Partners

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Trustees’ Annual Report (continued) for the year ended 31 December 2024

3. Fundraising

Resurgo generates income predominantly through engaging with the philanthropic community in the form of trusts and foundations along with private individuals by inspiring them to become involved in the work of the Spear Programme. Resurgo also receives a small amount of statutory income thanks to a long-standing partnership with the London Borough of Hammersmith & Fulham and hosts several fundraising events.

In June, we celebrated reaching the milestone of working with more than 10,000 young people since Resurgo’s inception with our inaugural Rooftop Drinks event. The 80 guests, together with those supporters who took part in our ‘Backing The Future’ match-funding campaign, generously raised £100,000 to enable a further 50 young people to believe in their future and take hold of the opportunities they deserve.

In 2024, we continued to contend with a volatile economic and geopolitical climate and an ever-increasing number of young people out of work and education, unable to fulfil their potential. Despite the challenging landscape, our loyal supporters generously joined with us to help the highest number of young people go through the Spear Programme in any calendar year to date.

Through the generosity of our donors, we raised £2,089,017, which was a 2% increase on the £2,053,230 raised in 2023. This is in addition to the £746,429 raised through our corporate and strategic partnerships. These funds enabled us to deliver lifetransforming support through the Spear Programme to more than 1,100 unemployed young people in 17 locations across the country.

From our Spear Ambassadors to individual supporters and our own staff, we are really grateful to our amazing fundraisers, who took on the Three Peaks Challenge, marathons, triathlons, 10ks and even a Santa Fun Run in 2024 – all to make sure young jobseekers have access to the support they need. To round off the year, we hosted a dinner for 70 key individual supporters who were inspired by John, a courageous recent Spear completer, and Iona Ledwidge, Resurgo’s new CEO, who shared her vision for increasing Resurgo’s growth ambition for the Spear Programme. Guests, together with other fantastic supporters who took part in our ‘A Career is a Gift’ Christmas campaign, raised a total of £211,000 to help realise our vision of expanding the Spear Programme across the UK and enable even more young people to kick-start their careers in 2025.

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

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.

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Trustees’ Annual Report (continued) for the year ended 31 December 2024

4. Financial results for the year

Resurgo continued to explore opportunities for income growth during 2024 alongside renewing our focus on the Spear programme. Through the continued generous support of our donors, trusts, corporate partners and commercial organisations we generated a consolidated income of £3,493,616, which was an 8% decrease on the £3,795,936 the year before. Income was down versus budget for the commercial operation, (in part due to the winding up in the year), from partner contributions from Spear Trusts, corporate partnerships and major events. In all these areas, full analysis has led to changes in approach and how income streams are to be structured in following years. Income was up against budget from trusts and major donors, thanks to continued ongoing support from key partners, and up against budget for interest income due to the use of the Flagstone cash management platform.

The national expansion of the Spear Programme continued with successful openings in Gateshead and Hastings, whilst we wound down the commercial entity to ensure full focus on supporting Spear. The resulting ability to grow nationally, alongside the continued need to retain the quality staff team and attract new members at a time where the cost-of-living crisis affected all parts of society, increased our consolidated expenditure by 6% from £3,438,669 in 2023 to £3,640,885 in 2024.

This led to an overall deficit of £147,269, which in turn decreased our total year-end reserves from £4,804,259 in 2023 to £4,656,990.

Restricted funds increased by 77% from £116,925 in 2023, to £206,681 at year-end, with a decrease of 5% in unrestricted funds from £4,687,334 in 2023 to £4,450,309 at year-end. As the focus for Resurgo’s operation is now fully on operating and expanding the Spear programme, previous designations of unrestricted funds have been lifted. Instead, the Trustees have ringfenced £1.5m to support the opening of new centres and the sustainment of current centres.

This includes the decision taken in partnership with the Trusts in Bethnal Green and Leeds to transition these centres to be run centrally by Resurgo in 2025.

Our reserves position at year-end is evidence of the continued generosity and support from our donor base and the financial controls to spend sustainably. 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 have set an intentional deficit budget in 2025 to draw on these reserves as we seek to grow the reach of our charitable programmes. We will continue to steward these generously provided resources efficiently, so the deficit is entirely made of one-off costs directed wholly at the mission to grow Spear. We forecast to set smaller intentional deficit budgets in 2026 and 2027 to continue to grow the Spear Programme nationally and bring our reserves levels in line with our policy and best practice.

Locations shown are for illustrative purposes only. Forecasting based on economic climate and wider landscape at time of development in 2024.

Open 2 streamlined centres along with first regional hub in Leeds.

Open 3 streamlined centres and learn from regional hub model.

Open 3 streamlined centres and a regional hub e.g. in Midlands.

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Trustees’ Annual Report (continued) for the year ended 31 December 2024

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 60 full-time equivalent staff on payroll (2023: 62) and has the responsibility to provide support to an additional 33 coaching staff who are employed by Spear Trusts founded by our partner churches (2023: 30).

In 2024, Resurgo Trustees took the decision to wind down our Consulting business and to focus our energies on accelerating the growth of the Spear Programme across the UK. This required a limited restructure, with a small number of staff leaving or being redeployed elsewhere in the organisation and one member of staff being made redundant. We are hugely proud of all that has been achieved since Resurgo Consulting launched and we’d like to thank all the team over the years who have worked hard to deliver this impact.

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 2024 Iona Ledwidge stepped into the CEO role, and is in regular contact with the Trustees 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 majority supporting the decision. If there is any doubt, the Chair will make the final decision.

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. The Strategy, Finance and Risk sub-group, has continued to meet monthly 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 2024 and post year-end, no significant events occurred that have negatively affected the financial position of Resurgo Trust.

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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Trustees’ Annual Report (continued) for the year ended 31 December 2024

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.

In preparing those financial statements, the Trustees are required to

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:

5.8 Auditors

The auditors, Cooper Parry Group Limited, 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:

15th July 2025

and signed on the Board’s behalf by:

Rev’d. Tom Jackson MBE (Chair of Trustees)

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Trustees’ Annual Report (continued) for the year ended 31 December 2024

Report of the Independent Auditors to the Members of Resurgo Trust

for the year ended 31 December 2024

Opinion

We have audited the financial statements of Resurgo Trust (the ‘charitable company’) for the year ended 31 December 2024 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:

Report of the Independent Auditors to the Members of Resurgo Trust (continued) for the year ended 31 December 2024

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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: 15 July 2025 ~~lap th~~

Report of the Independent Auditors to the Members of Resurgo Trust (continued) for the year ended 31 December 2024

15

Consolidated Statement of Financial Activities

for the year ended 31 December 2024

Note
Income and endowments from
Grants, donations and gifts
3
Fundraising events
3
Trading revenue
3
Income from Investments
4
Total income and endowments
Expenditure on
Charitable activities
5
Trading subsidiary costs
6
Raising funds
7
Total expenditure
Net income/(expenditure)
Reconciliation of funds
Total funds at 1 January 2024
10
Total funds at 31 December 2024
10		 Unrestricted
funds
2024
£
1,968,644
176,830
335,164
132,814
2,613,452
2,196,321
293,655
360,501
2,850,477
(237,025)
4,687,334
4,450,309		 Restricted
funds
2024
£
880,164
-
-
-
880,164
790,408
-
-
790,408
89,756
116,925
206,681		 Total
funds
2024
£
2,848,808
176,830
335,164
132,814
3,493,616
2,986,729
293,655
360,501
3,640,885
(147,269)
4,804,259
4,656,990		 Total
funds
2023
£
2,920,080
368,083
507,773
-
3,795,936
2,601,108
374,208
463,353
3,438,669
357,267
4,446,992
4,804,259

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

16

Consolidated Balance Sheet

31 December 2024

Unrestricted Restricted Total Total
funds funds funds funds
2024 2024 2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 11 180,149 - 180,149 221,915
Investments 12 9,972 - 9,972 9,972
190,121 - 190,121 231,887
Current assets
Debtors 13 492,618 - 492,618 385,255
Cash at bank and in hand 4,036,165 206,681 4,242,846 4,456,972
4,528,782 206,681 4,735,463 4,842,227
Creditors
Amounts falling due within one year 14 (268,595) - (268,595) (269,855)
Net current assets 4,260,188 206,681 4,466,869 4,572,373
Net assets 4,450,309 206,681 4,656,990 4,804,259
Represented by:
Unrestricted funds 18 4,450,309 4,687,334
Restricted funds 18 206,681 116,925
Total funds 4,656,990 4,804,259

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

and were signed on its behalf by:

Rev’d. Thomas Jackson MBE Chair of Trustees

Thomas Shippey Treasurer

Company Number 04670794

The notes form part of these financial statements.

17

Balance Sheet

31 December 2024

Unrestricted Restricted Total Total
funds funds funds funds
2024 2024 2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 11 180,149 - 180,149 221,915
Investments 12 10,072 - 10,072 10,072
190,221 - 190,221 231,987
Current assets
Debtors 13 490,196 - 490,196 818,372
Cash at bank and in hand 4,028,802 206,681 4,235,483 4,034,887
4,518,998 206,681 4,725,679 4,853,259
Creditors
Amounts falling due within one year 14 (258,910) - (258,910) (241,327)
Net current assets 4,260,089 206,681 4,466,769 4,611,932
Net assets 4,450,309 206,681 4,656,990 4,843,919
Represented by:
Unrestricted funds 18 4,450,309 4,726,994
Restricted funds 18 206,681 116,925
Total funds 4,656,990 4,843,919

The financial statements were approved by the Board of Trustees and authorised for issue on 15 July 2025

and were signed on its behalf by:

Rev’d. Thomas Jackson MBE Thomas Shippey Chair of Trustees Treasurer

Company Number 04670794

The notes form part of these financial statements.

18

Consolidated Cash Flow Statement

For the year ended 31 December 2024

Notes
Cash fow from operating activity
Cash (utilised)/generated (by)/from operations
1
Net cash (utilised)/provided by operating activities
Cash fows from investing activity
Purchase of tangible fxed assets
Sale of tangible fxed assets
Net cash (utilised)/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		 2024
£
(198,658)
(198,658)
(15,468)
-
(15,468)
(214,126)
4,456,972
4,242,846		 2023
£
548,431
548,431
(30,280)
-
(30,280)
518,151
3,938,821
4,456,972

Notes to the Cash Flow Statement for the year ended 31 December 2024

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
01/01/24
£
4,456,972
4,456,972		 2024
£
(147,269)
57,234
-
(107,362)
(1,261)		 2023
£
357,267
69,515
-
26,740
94,909
(198,658)
Cash fow
£
(214,126)		 548,431
At
31/12/24
£
4,242,846
(214,126) 4,242,846

The notes form part of these financial statements.

19

Notes to the Financial Statements

For the year ended 31 December 2024

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 straightforward nature of the activities of the charity, the Trustees do not believe that there are any estimation uncertainties 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 Consolidated 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.

20

Notes to the Financial Statements (continued) for the year ended 31 December 2024

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:

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

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.

21

Notes to the Financial Statements (continued) for the year ended 31 December 2024

3. Revenue

Trusts and Foundations
Corporate (philanthropic)
Major donors and individuals
Statutory
Partnership income
Other
Corporate Coaching
Social Impact Consulting
Total
Grants, Donations and Gifts
Trading revenue		 2024
£
697,733
746,429
1,310,014
81,270
175,080
15,223
3,025,639
295,938
39,226
335,164
3,493,616		 2023
£
571,614
934,456
1,417,086
64,530
296,167
4,310
3,288,163
463,388
44,385
507,773
3,795,936

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

During the course of 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 2025:

Trusts and Foundations
Corporate partnerships (philanthropic)
Major donors and individuals
Statutory		 2024
No. of
Grants
Total
£
7
253,169
4
100,000
5
293,159
4
65,520
20
711,848		 2023
No. of Grants
Total
£
7
468,550
9
410,485
2
90,488
4
63,000
22
1,032,523		 2023
No. of Grants
Total
£
7
468,550
9
410,485
2
90,488
4
63,000
22
1,032,523
1,032,523

22

Notes to the Financial Statements (continued) for the year ended 31 December 2024

4. Income from investments

During the financial year, the charity utilized the Lloyds Instant access savings account and the Flagstone cash management platform to manage its cash deposits. The platform provided access to a range of savings accounts with competitive interest rates, allowing the charity to maximize its interest income while maintaining low-risk diversification.

Interest Income: The total interest income earned from investments through the Flagstone platform amounted to £132,814 for the year ended 31st December 2024. This income was derived from multiple deposit accounts with various financial institutions, all of which are fully covered by the Financial Services Compensation Scheme (FSCS) up to the applicable limits.

Breakdown of Interest Income:

Investment Strategy:

The charity’s investment strategy focuses on capital preservation and liquidity while seeking to achieve a competitive return on its cash holdings. The Flagstone platform was chosen for its ability to offer a wide range of deposit accounts, enabling the charity to optimize returns and manage risk effectively.

Compliance and Risk Management: All investments made through the Flagstone platform are subject to rigorous risk assessment and compliance checks. The platform’s proprietary risk methodology ensures that all financial institutions are thoroughly vetted, providing the charity with confidence in the security of its deposits.

23

Notes to the Financial Statements (continued) for the year ended 31 December 2024

Central activities and support costs
Spear direct work
Re-work direct costs
5. Charitable activities		 Unrestricted
2024
£
1,183,318
534,197
0
1,717,515		 Restricted
2024
£
-
1,269,213
0
1,269,213		 Total
2024
£
1,183,318
1,803,411
0
2,986,729		 Total
2023
£
1,263,140
1,320,969
17,000
2,601,108

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

6. Trading activities

Consulting direct stafng & operational delivery costs
Administrative and governance costs
6. Trading activities		 2024
£
246,613
47,042
293,655		 2023
£
375,452
87,901
463,353

7. Raising funds

Staf costs for income generating teams
Annual event and other operating costs
.
asng uns		 2024
£
332,601
27,900
360,501		 2023
£
286,301
87,907
374,208

8. Net income

Net income is stated after charging: 2024 2023
£ £
Depreciation of tangible assets - owned 57,234 69,515
Auditors renumeration 9,000 5,000
Other account services 2,194 5,800

9. Trustees’ renumeration and benefits

There were no Trustees’ remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees’ expenses

There were no Trustees’ expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

24

Notes to the Financial Statements (continued) for the year ended 31 December 2024

10. Staff costs

Wages and salaries
Social security costs
Other pension costs
. ta costs		 2024
£
2,377,133
275,833
72,828
2,725,794		 2023
£
2,220,857
232,626
69,179
2,522,662

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

Full time staf
Part time staf		 2024
44
23		 2023
47
21
67 68

At 31 December 2024 there were 60 full time equivalent staff (2023: 62).

During the year, up to 33 (2023: 30) 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 93 FTE staff (2023: 92).

During the year there were an average of 9 members of staff who worked directly as coaches across the 3 centres controlled by Resurgo (2023: 9). The remaining 51 FTE members of staff worked in supporting the charity in undertaking its objectives, including staff within the Spear, Corporate Coaching, and Social Impact Consulting teams. As a result of the decision to wind down the Consulting business, one member of staff was made redundant during the year.

The cost of key management personnel was £396,090 combined, including NI & pension contributions (2023: £380,455).

£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:
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		 2024
1
1
1
1
4
2024
£
1,788
1,840
1,654
2,475
7,758		 2023
-
1
-
1
2
£
-
2,236
2,113
-
2,895
5,131

25

Notes to the Financial Statements (continued) for the year ended 31 December 2024

11. Fixed Assets

Group and Trust

At cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the period
Disposal charge
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Fixtures &
fttings
£
97,097
-
-
97,097
43,325
21,845
-
65,170
31,927
53,772		 Computer
equipment
£
58,332
15,468
-
73,800
33,375
18,379
-
51,754
22,046
24,957		 Leasehold
improvement
£
169,880
-
-
169,880
26,694
17,010
43,704
126,175
143,186		 Total
£
325,309
15,468
-
340,777
103,394
57,234
-
160,628
180,148
221,915
Totals
£
9,972
9,972

26

Notes to the Financial Statements (continued) for the year ended 31 December 2024

12. Fixed asset investments (cont.)

Market value
At 1 January 2024
Disposal
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
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 office: United Kingdom Nature of business: Consultancy

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
2024
2023
£
£
85,828
141,566
-
-
406,789
243,689
492,617
385,255		 Trust
2024
2023
£
£
67,924
101,080
15,482
474,686
406,790
242,606
490,196
818,372		 Trust
2024
2023
£
£
67,924
101,080
15,482
474,686
406,790
242,606
490,196
818,372
818,372

14. Creditors: amounts falling due within one year

Trade creditors
Other creditors and accruals		 Group
2024
2023
£
£
128,561
147,473
140,033
122,382
268,594
269,855		 Trust
2024
2023
£
£
122,473
125,893
136,436
115,434
258,909
241,327		 Trust
2024
2023
£
£
122,473
125,893
136,436
115,434
258,909
241,327
241,327

27

Notes to the Financial Statements (continued) for the year ended 31 December 2024

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 2024
£
4,687,334
116,925		 Incoming
resources
£
2,613,452
880,164
3,493,616
Incoming
resources
£
2,613,452
880,164
3,493,616
Incoming
resources
£
3,186,205
609,731
3,795,936
Incoming
resources
£
2,678,432
609,731
3,288,164		 Outgoing
resources
£
(2,850,477)
(790,408)
(3,670,885)
Outgoing
resources
£
(2,890,137)
(790,408)
(3,680,545)
Outgoing
resources
£
(2,817,430)
(621,239)
(3,438,669)
Outgoing
resources
£
(2,354,078)
(621,239)
(2,975,317)		 At 31 Dec
2024
£
4,450,309
206,681
4,804,259
At 1 Jan 2024
£
4,726,994
116,925
4,843,919		 4,656,990
At 31 Dec
2024
£
4,450,309
206,681
4,656,990
At 1 Jan 2023
£
4,318,559
128,433		 At 31 Dec
2023
£
4,687,334
116,925
4,446,992
At 1 Jan 2023
£
4,402,639
128,433		 4,804,259
At 31 Dec
2023
£
4,726,994
116,925
4,531,072 4,843,919

28

Notes to the Financial Statements (continued) for the year ended 31 December 2024

Purpose of restricted funds

Restricted funds in 2024 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 current central Spear centres (namely Hammersmith & Fulham, North Kensington and Kennington) and other Spear centres supported in Resurgo’s work.

Our reserves position at year end is evidence of the continued generosity and support from our donor base. While this places us in a strong cash position at the 2024 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 due to the mission to grow the Spear Programme nationally and as a result we 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 2024.

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		 2024
£
98,608
533,119
296,420		 2023
£
98,608
486,890
441,257
928,147 1,026,755

29

Notes to the Financial Statements (continued) for the year ended 31 December 2024

18. Funds

Unrestricted funds

Unrestricted funds saw a decrease of 5% from £4,687,334 in 2023 to £4,450,309 at year-end. This relates to approximately 14.7 months of full operating expenditure.

As the focus for Resurgo’s operation is now fully on operating and expanding the Spear programme, previous designations of unrestricted funds have been lifted. Instead, we have ringfenced £1.5m for both growth (i.e. to seed fund up to 11 centres over the next three years) and sustainment of current centres by reducing the support contributions across centres and operating the centres in Leeds and Bethnal Green centrally.

Restricted funds

The balance of £206,681 (2023: £116,925 represents the unspent portion of 8 (2023: 5) grants made to the charity to cover running and support costs. There is only 1 fund with a remaining balance carried over from 2023, all other brought forward funds have been cleared within 2024.

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.

30

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