Report of the Trustees & Financial Statements
# 2025 1
## Contents
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Introduction
4-11
Report of the Trustees
Report of the Independent Auditors 12-14
Consolidated Statement of Financial Activities 15
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Consolidated Balance Sheet
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Balance Sheet
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Cash Flow Statement
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Notes to the Cash Flow Statement
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Notes to the Financial Statement
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for the year ended 31 December 2025
## Introduction
## Letter from the Chair of Trustees
## On behalf of the trustees of Spear, I am delighted to present our Annual Report and Financial Statements for the year ending 31 December 2025.
The number of young people who are out of work or education remains worryingly high, with numbers above a million, as recently highlighted in the media. This affects over 1 in 8 young people, which is a devastating loss of potential. The issue has become sufficiently serious that the government has launched an independent enquiry to understand and address the drivers of youth unemployment in the UK.
Meanwhile, all the evidence continues to demonstrate that Spear is hugely effective. Of those who completed the Spear Programme in 2025, 71% entered into work or education and were still there a year later.
Nonetheless, the need to do more is urgent and we believe Spear can make a greater contribution across the country. Therefore, in 2025, we made the decision to deploy a portion of our organisational reserves to further our mission and reach, approving a planned deficit budget to invest in key growth projects and ensure greater continuity of service to young people.
The net effect was that we achieved our planned deficit of £665k. The trustees decided to allocate a significant portion to further support our growth in 2026, while managing our day-to-day budget carefully. We continue to offer the seed fund to support new church partners to launch 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 Spear’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 the organisation has moved into a new phase of growth.
Yours ever,
Rev’d Tom Jackson MBE Chair of Trustees
## Letter from the Chief Executive
## I am pleased to introduce this Annual Report and Financial Statements at the end of a significant year of growth for the organisation.
In 2025, we progressed our ambitious plans to grow the Spear Programme and reach more young people in areas of high need. We extended our reach in the North of England by opening new Spear Centres in St Helens and York, and we developed our Leeds centre into a Regional Hub. To underpin our growth, we changed our operating name from Resurgo to Spear, bringing clarity and focus to our work. By the end of the year, over 11,500 young people had enrolled on the Spear Programme.
I met so many young people over the course of the year, but La’Seye’s story stood out to me. When she came to Spear in Hammersmith, she was homeless, waiting for a phone call at the end of each day to find out where she would sleep that night. La’Seye said she felt “invisible and forgotten”, but her Spear coach reminded her of who she was, and she began to hope again. She now has a stable place to live, she is working as a Front of House Manager at a clinic in central London and is thriving. We know there are so many young people like La’Seye who need Spear, and it is our vision to unleash their potential.
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 completed Spear, it is a privilege to see how each of you have transformed your futures.
Yours,
Iona Ledwidge Chief Executive
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## Trustees Annual Report
## 31st December 2025
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 2025. 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
## Our vision is to see every young person in the UK, regardless of background, fulfilling their unique potential and contributing to society.
Spear’s mission is to inspire and equip young people to overcome the barriers they’re facing to enter and sustain employment. We do this through The Spear Programme, which has been running for over 20 years and has worked with over 11,500 young people facing barriers to employment.
The programme, run in partnership with churches, is currently running in 18 centres across the UK, reaching over 1,200 young people annually with the skills, mindset and support they need to not only get into work or education, but also to help them thrive there.
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Report of the Trustees for the year ended 31 December 2025
## 2. Summary of the main activities
## 2.1 The Spear Programme
The Spear Programme is a six to twelve-month programme which helps young people who face barriers to work into sustainable employment or back into education or training.
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 2025, 95% of trainees faced one or more barriers to employment; for example, 48% received free school meals, 48% had low educational attainment and 40% said they were facing mental health challenges. 46% of trainees are from UKME (UK Minority Ethnic) backgrounds, whilst 29% of trainees in 2025 have lived in care or had an assigned social worker. There is no financial charge for young people attending the Spear Programme.
In 2025 alone, Spear’s work supporting young people into jobs or education saved the taxpayer just over £13 million. This saving is based on young people getting into work or education who wouldn’t have done so without Spear. The figure reflects, for example, the state benefits they won’t need to claim, and the tax they’ll contribute over a lifetime.
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. Once in work, coaches continue to provide support tailored to individuals, called Spear Career, helping to iron out any issues that may arise to ensure they sustain and advance in their role. The key difference between the two programmes is the dosage, the classic programme delivers Spear Foundation over 6 weeks, followed by 12 months of Spear Career, whereas the streamlined version is delivered over 4 weeks, followed by 6 months of support. 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).
The streamlined version is designed to be a more costeffective model enabling us to work with churches in resource-poor areas with high youth unemployment. We have committed to provide seed funding to support the launch of 12 new Spear centres totalling £1 million between 2022 and 2028 to grow the programme. 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 the end of 2025, Spear had supported more than 11,500 young people and was operating across 18 locations; seven in London, with further Spear Centres in Brighton, Leeds, Bristol, Bournemouth, Preston, Cheltenham, South Wales, Gateshead and Hastings. We opened new centres in York and St Helens, while we sadly made the joint decision to close in Ipswich due to difficulties recruiting staff for the centre. Of these centres, 8 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 71% of them were in work or education (2024: 93% in touch, 73% in work/education). At 3 months, we are in touch with 99% of our trainees, of whom more than 54% are in work or education (2024: 98%, 50%).
We remain on an evaluation journey with the streamlined model, but the early data is encouraging; at 3 months we were in touch with 98% of trainees, 48% who are in work or training. At 12 months our outcomes are also very positive – 67% of completers were in work or education, above our initial target of 60%. We recognise that a number of centres are still in their infancy and sample sizes are small, so we are monitoring outcomes closely and continue to learn a lot, but we have decided to increase our target to 65% from 2026 due to this initial positive data.
We continue to anticipate the outcomes for this version of the programme to be lower than the classic version. However, 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 education.
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## 2.2 Corporate Engagement & Partnerships
## The Corporate & Employer Partnerships Team contributes to the financial and operational success of Spear through corporate charitable donations, staff volunteer engagement and job opportunities for those who complete the Spear Programme. The fundraising performance is detailed in the next section.
In 2025, we hosted over 200 corporate volunteers across our Spear Centres. 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 2025. We worked with 27 employer partners to ensure young people were given direct access to live vacancies and training opportunities. Key highlights of the year included: continuing our national employer partnership with Nando’s, hosting seven in-person recruitment events across our London Spear Centres, and delivering tailored, localised support to five Spear Centres. Combined with our internal jobs board and direct interviews or applications with our corporate and employer partners, 163 Spear trainees were
placed into jobs or training opportunities centrally in 2025. Of these, 70 young people secured jobs with our national employer, Nando’s (up from 49 in 2024).
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.
In addition to existing partnerships with Bunzl Greenham, Derwent London, Eight Roads, Findlay Park Partners, Gate One, Gleeds, GMS Estates, Hayfin Capital Management, Jude’s Ice Cream, Knight Frank, Kreston Reeves, Landsec, Page Group, Nando’s, Robeco and State Street, we were pleased to work with new partners, 1Spatial, AtkinsRéalis, Avison Young, the CVC Foundation, Headlam Group, Mace, New Street Consulting Group, NorthStandard and previous partner, the Baird Foundation, as well as receiving donations from AJ Bell and Citibank.
## 2.3 Consulting partnerships
To increase our focus on running the Spear Programme, a strategic decision was taken to significantly wind down trading activities at the end of 2024. A small number of coaching programmes continued to run through 2025, working with selected strategic partners on coaching and social impact projects. These earned a small amount of trading income (2025: £98,137; 2024: £333,314) and these partnerships helped to grow the overall mission of Spear.
Purely commercial work, and work with partners with related parties were charged VAT through the trading subsidiary Resurgo Consulting Limited. This subsidiary is solely owned by Resurgo Trust.
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Report of the Trustees (continued) for the year ended 31 December 2025
## 3. Fundraising
## Spear generates income by engaging with the philanthropic community in the form of Trusts and Foundations along with private individuals. Spear 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. Funds are also raised in partnership with corporate partners.
In 2025, we continued to contend with a stagnant economy, a volatile geopolitical climate and, moreover, 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 £2,269,363, which was a 9% increase on the £2,089,017 raised in 2024. This is in addition to the £515,996 (2024: £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 18 locations across the country, and fund further growth of centres across the country. Significant multi-year funding was also secured from corporate partners for 2026 to 2028, including from the DHL Foundation.
In June, we held our Rooftop Drinks event where 64 guests, together with those supporters who took part in our ‘Equipping Young People to Change their Story’ matchfunding campaign, generously raised £103,220 to enable a further 52 young people to believe in themselves and take hold of their future.
The generosity of supporters didn’t stop there. We are grateful to all the amazing individuals who took on a variety of challenges from a mother and son half-marathon, triathlon, 10ks and an extreme ultra marathon – all to raise vital funds to ensure young jobseekers have access to the support they need.
We also hosted our first Pub Quiz in London Bridge, raising awareness and funds for Spear.
To round off the year, we hosted a trio of events from intimate dinners to a Cocktail Party for 75 key individual supporters. Guests were entertained by Jeremy Vine, inspired by La’Seye, a courageous and confident recent Spear completer, and Iona Ledwidge, Spear CEO. Guests raised a total of £163,197 to help realise our vision of expanding the Spear Programme across the UK and enable even more young people to thrive in work and life in 2026.
## The trustees would like to make special mention of the following for their generous support of our work:
- Ares Charitable Foundation
- The Calleva Foundation
- The Dulverton Trust
- The Frank Jackson Foundation
- The Garfield Weston Foundation
- John Thaw Foundation
- The Jongen Charitable Trust
- Kensington & Chelsea Foundation
- London Borough of Hammersmith & Fulham Council
- • Melville Charitable Trust
- Montpelier Foundation
- Tuixen Foundation
- Benefact Trust
- East Head Impact
- Drapers Charitable Fund
- The Liz and Terry Bramall Foundation
- Josephy Levy Foundation
- The Gosling Foundation
- The Daisy Trust
- Wogen Anniversary Trust
Spear 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. The charity is also registered with the Fundraising Regulator and upholds its Code of Fundraising Practice.
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## Expansion of the Spear Programme
Opening 4 streamlined centres in Wolverhampton, Norwich, Stockton and Bristol North-west.
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2026
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Locations shown are for illustrative purposes only. Forecasting based on economic climate and wider landscape at time of development in 2025.
Churches can access funds over a 3-year period to launch new centres delivering the streamlined version of the programme from the Spear Partner Investment Fund. The decision as to whether to fund and the quantum of any funding is taken by a sub-committee of the Board of Trustees and is intended to kick-start the launch of the programme, while we work with the church to build a sustainable fundraising strategy.
Open 3 streamlined centres and a regional hub e.g. in Midlands.
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2027
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Potential expansion into Scotland and Northern Ireland.
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2028/9*
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*indicative
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Report of the Trustees (continued) for the year ended 31 December 2025
## 4. Financial results for the year
In 2025, trustees made the decision to deploy a portion of our organisational reserves to further support growth, whilst ensuring continued financial best practice and future sustainability with a balanced operating budget.
We approved a planned deficit budget in 2025 using some of our reserves to invest in key growth projects to further our mission and reach and provide continuity of service to young people. Specifically, we decided to:
- Create a £1.5m Spear Partner Investment Fund, including the £1m seed fund supporting the set-up of new centres in key areas of need, to be committed by 2027 and spent by 2029.
- Invest over £600k between 2025 and 2027 in specific, time-limited roles and projects to accelerate growth.
Through the continued generous support of our donors, trusts and corporate partners we generated a consolidated income of £3,237,020. This was a 7% decrease on the £3,493,616 the year before but within 5% of our budgeted target. Income was down versus budget for corporate partnerships and major events. In corporate partnerships, this was in part due to a strategic focus on securing larger, longer-term partnerships for 2026 onwards after several of these larger partnerships came to the end of terms in 2024. We have already seen significant progress and have secured a stronger pipeline for 2026. Similarly, our major events strategy in 2025 was to prioritise engaging funders new to Spear to help the sustainability of the income pipeline into the future.
Income was up against budget from trusts and major donors, thanks to continued ongoing support from key partners, who have helped support the transition away from trading income from the Consulting business.
As highlighted in section 2.3, a strategic decision was taken to significantly wind down trading activities of Resurgo Consulting Limited at the end of 2024. A small number of coaching programmes continued to run through 2025, and these earned a small amount of trading income.
The national expansion of the Spear Programme continued with successful openings in York and St Helens. The trustees made the decision in 2024 to transition the Spear Leeds and Bethnal Green teams and the continued operation of these centres from local partner trusts to Resurgo Trust during the first half of 2025. This increased payroll and operational costs during 2025, but was felt to be strategically important as it enables us to provide continuity of service for young people in those areas, support ongoing growth and retain quality staff. As a result of external factors – such as the increase in Employer National Insurance contributions – some of our costs did increase and are likely to continue to increase in future years. These changes increased our consolidated expenditure by 7% from £3,640,885 in 2024 to £3,901,978 in 2025.
This planned use of our organisational reserves led to an overall deficit of £664,958. This in turn, after the deduction of all reserves already committed, decreased our total free reserves to £2,350,199 (7.7 months) at the end of 2025*.
Restricted funds increased by 28% from £206,681 in 2024, to £264,011 at year-end, with a decrease of 16% in unrestricted funds from £4,450,309 in 2024 to £3,728,021 at year-end, in line with what was planned in the budget. The restrictions primarily relate to support costs for specific Spear centres so are expected to be used up throughout 2026 in the normal course of our work.
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 and we remain thankful for our strong cash position at the 2025 year-end. In line with our current 3-year strategy, we have set another intentional deficit budget in 2026, where we will draw on these reserves to grow the mission and reach of Spear. Funds from reserves will be used entirely on one-off, clearly defined project costs or trials alongside a balanced operating budget so that we continue to steward our charitable resources as effectively as possible.
We plan to set a smaller intentional deficit budget in 2027 – the final year of our current 3-year strategy – which will also bring our reserves levels in line with our policy and best practice, before returning to balanced overall budgets from 2028.
## 5. Structure, Governance and Management
## 5.1 Governing document
Spear is the operating name of Resurgo Trust. Resurgo Trust is constituted as a company limited by guarantee having been incorporated on 19th February 2003 (Company number 04670794, originally named The St Paul’s Centre) as a limited company, limited by guarantee, as defined by the Companies Act 2006 and is therefore governed by its memorandum and articles of association. Charitable status was granted on 25th November 2003 (charity number 1100885).
The 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 Trust had 66 full-time equivalent staff on payroll (2024: 60) and has the responsibility to provide support to an additional 32 coaching staff who are employed by Spear Trusts founded by our partner churches, or the partner church in the case of streamlined centres (2024: 33). No significant changes were made to the management team or Board of trustees through 2025.
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*Months of reserves remaining calculated using average 2025 operating expenditure.
Report of the Trustees (continued) for the year ended 31 December 2025
## 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, Iona Ledwidge. She 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:
- Rev’d Tom Jackson MBE (Chair)
- Thomas Shippey (Treasurer)
- Carolyn Longton
- Seema Paterson
- Clementine Read
- Egerton Bayode
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 following 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.
Thomas Shippey has now served for twelve years. In line with best practice in the Charity Governance code, his reappointment is reviewed annually by the Chair. It is agreed by trustees that his financial expertise is critical to enable the charity to deliver its charitable purposes.
A thorough governance review was carried out by an independent consultant in 2025, with a report shared at the AGM in July. This commended much of the work and structures of the organisation, and highlighted the Board of Trustees’ strong relationships, commitment to mission and compliance, and buy-in to the strategic direction. The Board met in September to further discuss and develop a plan to implement recommendations to bring greater definition and clarity in the role of the Board and the role of the CEO and the Executive team, and to review the make up of the Board to ensure relevant skills and expertise remain in place for the next phase of the organisation’s growth.
## 5.4 Risk Management and Reserve Policy
The trustees continue to review and assess the key operational, governance, and compliance risks faced by Spear. The Strategy, Finance and Risk sub-group, has continued to meet quarterly to regularly monitor and manage key areas across the organisation. Reporting, which includes key performance indicators and risks, are distributed monthly to all trustees for their review. 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. The full reserves policy additionally has clear procedures of warning systems and actions in case of a reduction in reserves below the minimum level.
At the year-end, the charity’s general funds exceeded these minimum reserve levels. The budget for 2026 is intentionally planned as a deficit to deliver our growth strategy and to bring the reserves level sustainably towards the policy level.
## 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 5 Appold St Broadgate London EC2A 2DA
During 2025 and post year-end, no significant events occurred that have negatively affected the financial position of Spear.
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Report of the Trustees (continued) for the year ended 31 December 2025
## 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:
- St Paul’s Church, Hammersmith • HTB, Dalgarno Way
- • St Mark’s Church, Battersea • Bridge Community Church, Leeds • Lighthouse Church, Camden • LOVECHURCH at St. Swithun’s • St Peter’s, Bethnal Green Church, Bournemouth • Hope Church, Islington • Christchurch, Bristol • St Mark’s, Kennington • Trinity Cheltenham, Cheltenham • St Peter’s, Brighton • Preston Minster, Preston
- River Church, Ipswich
- • Citizen Church, Cardiff • Holy Trinity, Hastings • Alive Church, Gateshead • The Mount, St Helens • York Vineyard, York
## 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
- there is no relevant audit information of which the charitable company’s auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## 5.8 Auditors
The auditor, Cooper Parry Group Limited, has indicated its intention not to seek reappointment as auditor to the charity. The trustees are currently in the process of appointing a new auditor, and a resolution concerning the appointment will be proposed 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: 20th July 2026
and signed on the Board’s behalf by:
________________________________
Rev’d Tom Jackson MBE (Chair of Trustees)
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Report of the Trustees (continued) for the year ended 31 December 2025
## Report of the Independent Auditors to the Members of Resurgo Trust
## for the year ended 31 December 2025
## Opinion
We have audited the financial statements of Resurgo Trust (the ‘charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 December 2025 which comprise Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
## 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 auditor 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 other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 course of 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.
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Report of the Independent Auditors to the Members of Resurgo Trust (continued) for the year ended 31 December 2025
## Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
## 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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.
## Responsibilities of Trustees
As explained more fully in the trustees’ responsibilities statement, the trustees 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.
## Auditor Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the group financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (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 group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We gained an understanding of the legal and regulatory framework applicable to the charitable company and the industry in which it operates, and considered the risk of acts by the charitable 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 focused 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 Charities Act 2011, 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: enquires 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.
**13**
Report of the Independent Auditors to the Members of Resurgo Trust (continued) for the year ended 31 December 2025
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 entity’s 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 Auditors’ Report.
## Use of our report
This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an 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 Statutory Auditor 5 Appold St, Broadgate, London, EC2A 2DA Date: 20th July 2026
**14**
## Consolidated Statement of Financial Activity
(incorporating income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2025
|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)
Total funds at 1 January 2025
15
Total funds at 31 December 2025
15|Unrestricted
funds
2025
£
1,779,067
223,250
98,137
144,916
2,245,370
2,452,441
29,423
485,794
2,967,658
(722,288)
4,450,309
3,728,021|Restricted
funds
2025
£
991,650
-
-
-
991,650
934,320
-
-
934,320
57,330
206,681
264,011|Total
funds
2025
£
2,770,717
223,250
98,137
144,916
3,237,020
3,386,761
29,423
485,794
3,901,978
(664,958)
4,656,990
3,992,032|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|
15
## Consolidated Balance Sheet
## AS AT 31 DECEMBER 2025
|Note
Fixed assets
Tangible assets
11
Investments
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors
Amounts falling due within one year
14
Net current assets
Net assets
Represented by:
Unrestricted funds
15
Restricted funds
15
Total funds|Unrestricted
funds
2025
£
143,178
9,972
153,150
200,853
3,638,295
3,839,148
(264,277)
3,574,871
3,728,021|Restricted
funds
2025
£
-
-
-
124,300
239,711
364,011
(100,000)
264,011
264,011|Total
funds
2025
£
143,178
9,972
153,150
325,153
3,878,006
4,203,159
(364,277)
3,838,882
3,992,032
3,728,021
264,011
3,992,032|Total
funds
2024
£
180,149
9,972|
|---|---|---|---|---|
|||||190,121
492,618
4,242,846|
|||||4,735,464
(268,595)|
|||||4,466,869|
|||||4,656,990|
|||||4,450,309
206,681|
|||||4,656,990|
The financial statements were approved by the Board of Trustees and authorised for issue on 20th July 2026, and were signed on its behalf by:
Rev’d Tom Jackson MBE Chair of Trustees
Thomas Shippey Treasurer
Company Number 04670794 The notes form part of these financial statements
16
## Balance Sheet
## RESURGO TRUST
## AS AT 31 DECEMBER 2025
|||Unrestricted|Restricted||Total||Total|
|---|---|---|---|---|---|---|---|
|||funds|funds||funds||funds|
||Note|2025|2025||2025||2024|
|||£|£||£||£|
|Fixed assets||||||||
|Tangible assets|11|143,178|-||143,178||180,149|
|Investments|12|10,072|-||10,072||10,072|
|||153,250|-||153,250||190,221|
|Current assets||||||||
|Debtors|13|200,853|124,300||325,153||490,196|
|Cash at bank and in hand||3,634,471|239,711||3,874,182||4,235,483|
|||3,835,324|364,011||4,199,335||4,725,679|
|Creditors||||||||
|Amounts falling due within one year|14|(260,553)|(100,000)||(360,553)||(258,910)|
|Net current assets||3,574,771|264,011||3,838,782||4,466,769|
|Net assets||3,728,021|264,011||3,992,032||4,656,990|
|Represented by:||||||||
|Unrestricted funds|15||||3,728,021||4,450,309|
|Restricted funds|15||||264,011||206,681|
|Total funds|||||3,992,032||4,656,990|
The financial statements were approved by the Board of Trustees and authorised for issue on 20th July 2026, and were signed on its behalf by:
Rev’d Tom Jackson MBE Chair of Trustees
Thomas Shippey Treasurer
Company Number 04670794 The notes form part of these financial statements
17
## Consolidated Cash Flow Statement
AS AT 31 DECEMBER 2025
|Note
Cash fows from operating activity
Cash utilised by operations
1
Net cash utilised by operating activities
Cash fows from investing activity
Purchase of tangible fxed assets
Net cash utilised 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
2|2025
£
(345,432)
(345,432)
(19,408)
(19,408)
(364,840)
4,242,846
3,878,006|2024
£
(198,656)|
|---|---|---|
|||(198,656)
(15,468)|
|||(15,468)|
||||
|||(214,124)
4,456,972|
|||4,242,846|
## Notes to the consolidated cashflow statement as at 31 December 2025
|Net income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation
Loss on disposal
Decrease/(Increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operations
Cash at bank
Total
1.
Reconciliation of net income to net cash fow
from operating activities
2. Analysis of changes in net funds|At 1 Jan 2025
£
4,242,846
4,242,846||2025
2024
£
£
(664,958)
(147,269)
55,282
57,234
1,098
0
167,465
(107,362)
95,681
(1,261)
(345,432)
(198,658)
Cash fow
At 31 Dec 2025
£
£
(364,840)
3,878,006|2025
2024
£
£
(664,958)
(147,269)
55,282
57,234
1,098
0
167,465
(107,362)
95,681
(1,261)
(345,432)
(198,658)
Cash fow
At 31 Dec 2025
£
£
(364,840)
3,878,006|
|---|---|---|---|---|
||||(364,840)|
3,878,006|
The notes form part of these financial statements.
18
## Notes to the Financial Statements
## FOR THE YEAR ENDED 31 DECEMBER 2025
## 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 Report of the Trustees. 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.
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
## GROUP FINANCIAL STATEMENTS
The Financial statements consolidate the results of the Charity and its wholly owned subsidiary on a line-by-line 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
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.
19
Notes to the Financial Statements (continued) for the year ended 31 December 2025
## 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.
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 - 25% per annum on a straight-line basis.
Leasehold improvements - 10% per annum on a straightline 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.
## 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.
## FUNDS STRUCTURE
Unrestricted funds can be used in accordance with the charitable activities at the discretion of the trustees. Restricted funds are donations made to Spear 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 charity 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 Spear 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.
20
Notes to the Financial Statements (continued) for the year ended 31 December 2025
## 3. Revenue
|3. Revenue|||
|---|---|---|
|Trusts & foundations
Corporate (philanthropic)
Major donors and individuals
Statutory
Partnership income
Other (loss on fx conversion)
TRADING REVENUE
Corporate Coaching
Social Impact Consulting
TOTAL
RANTS, DONATIONS AND GIFTS|2025
£
683,169
515,996
1,520,674
65,520
214,581
(5,973)|2024
£
697,733
746,429
1,310,014
81,270
175,080
15,113|
||2,993,967|3,025,639|
||66,716
31,420
98,136
3,092,103|295,938
39,226|
|||335,164|
|||3,360,802|
GRANTS, DONATIONS AND GIFTS
The above balances represent unrestricted income, except for the following restricted income, which are included in the total above:
||2025|2024|
|---|---|---|
||£|£|
|Trusts and Foundations|461,409|363,733|
|Corporate partnerships (philanthropic)|174,745|269,646|
|Major donors and individuals|259,146|165,514|
|Statutory|65,520|81,270|
|Partnership income|30,830|-|
During the course of the year, Spear 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 2026:
|Trusts & foundations
Corporate (philanthropic)
Major Donors and individuals
Statutory|2026
2025
No. of grants
Total
No. of grants
Total
£
£
9
443,712
7
253,169
4
295,000
4
100,000
6
325,000
5
293,159
2
32,760
4
65,520|
|---|---|
||21
1,096,472
20
711,848|
21
Notes to the Financial Statements (continued) for the year ended 31 December 2025
## 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 £137,640 for the year ended 31 December 2025. Total interest income, including interest earned in the Lloyds Instant Access account, amounted to £144,916 (2024: £132,814). 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:
Account 1 - Lloyds - Instant Access account - Amount £7,276
On Flagstone Platform:
Account 2 - Standard Chartered Bank - Amount £13,747
Account 3 - Charter Savings Bank - Amount £23,278
Account 4 - Hampshire Trust Bank - Amount £662
Account 5 - HSBC - Amount £2,355
Account 6 - Aldermore - Amount £12,944
Account 7 - OakNorth - Amount £20,793
Account 8 - Reliance Bank - Amount £1,018
Account 9 - Nationwide - Amount £35,481
Account 10 - Cambridge and Counties - Amount £8,514
Account 11 - Kingdom Bank - Amount £2,072
Account 12 - Shawbrook - Amount £696
Account 13 - Sainsburys Bank - Amount £7,789
Account 14 - Castle Community Bank - Amount £2,850
Account 15 - Charity Bank - Amount £2,897
Account 16 - Investec - Amount £1,917
Account 17 - LHV Bank - Amount £627
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.
22
Notes to the Financial Statements (continued) for the year ended 31 December 2025
## 5. Charitable activities
||||||
|---|---|---|---|---|
|. Charitable activities
Central activities and support costs
Direct programme growth work
Spear direct work|Unrestricted
2025
£
983,410
41,971
1,427,060
2,452,441|Restricted
2025
£
67,128
336,551
530,641
934,320|Total
2025
£
1,050,538
378,522
1,957,701
3,386,761|Total
2024
£
1,183,318
-
1,803,411|
|||||2,986,729|
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 staffng & operational delivery costs
Administrative and governance costs|Total
2025
£
20,199
9,224
29,423|Total
2024
£
246,613
47,042|
|---|---|---|
|||293,655|
## 6. Trading activities
This reduction is due to the strategic decision to wind down trading activities at the end of 2024, per section 2.3 of the Report of the Trustees.
## 7. Raising funds
|Rii fd|||
|---|---|---|
|. asng uns
Staff costs for income generating teams
Annual fundraising event and other operating costs|Total
2025
£
415,187
70,607
485,794|Total
2024
£
332,601
27,900|
|||360,501|
## 8. Net income
|8. Net income|||
|---|---|---|
|Net income is stated after charging:|2025|2024|
||£|£|
|Depreciation of tangible assets – owned|55,326|57,234|
|Defcit on disposal of fxed assets|1,098|-|
|Auditors’ remuneration|10,800|9,000|
|Other accounting services|1,500|2,194|
## 9. Trustees’ remuneration and benefits
There were no trustees’ remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.
Trustees’ expenses: There were no trustees’ expenses paid for the year ended 31 December 2025 nor for the year ended 31 December 2024.
23
Notes to the Financial Statements (continued) for the year ended 31 December 2025
## 10. Staff costs
||||
|---|---|---|
|Wages and salaries
Social security costs
Other pension costs
Class 1A NICs on benefts
0. Staff costs|2025
£
2,451,123
309,932
77,013
2,573
2,840,641|2024
£
2,377,133
275,833
72,828
-|
|||2,725,794|
The average monthly number of Spear employees during the year was as follows:
|Full time staff
Part time staff|2025
49
22|2024
44
23
67|
|---|---|---|
||71||
At 31 December 2025 there were 66 full time equivalent staff (2024: 60).
During the year, up to 32 (2024: 33) full time staff were paid for by the partner trusts, but line managed by Spear staff. This means Spear has line management responsibility for on average 98 FTE staff (2024: 93).
During the year there were an average of 13 members of staff who worked directly as coaches across the 5 centres controlled by Resurgo Trust (2024: 9 across 3 centres). After the transition of Leeds and Bethnal Green teams to central centres during 2025 (see Section 4 of Report of the Trustees) there were 15 members of staff. The remaining 51 FTE members of staff (2024: 51) worked in supporting the charity in undertaking its objectives.
The cost of key management personnel was £393,758 combined, including NI & pension contributions (2024: £396,090).
Employees who earned more than £60,000 p.a. are as follows:
|mployees who earned more than
60,000 p.a. are as follows:|||
|---|---|---|
|£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000|2025
-
3
-
1
4|2024
1
1
1
1|
|||4|
|Pension contributions made on behalf of
employees earning over £60,000 p.a.:
£60,001 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000|2025
£
-
5,621
-
2,781
8,402|2024
£
1,788
1,840
1,654
2,475|
|---|---|---|
|||7,758|
24
Notes to the Financial Statements (continued) for the year ended 31 December 2025
## 11. Fixed assets (RESTATED)
|11. Fixed assets (RESTATED)|||||
|---|---|---|---|---|
|At cost
At 1 January 2025 (restated)
Additions
Disposals
At 31 December 2025
Depreciation
At 1 January 2025 (restated)
Charge for the period
Disposal charge
At 31 December 2025
Net book value
At 31 December 2025
At 31 December 2024
Group and Trust|Fixtures &
equipment
(restated)
£
87,377
550
-
87,927
55,450
21,938
-
77,388
10,539
31,927|Computer
equipment
£
73,800
18,858
(7,813)
84,845
51,754
16,334
(6,715)
61,373
23,472
22,046|Leasehold
improvement
£
169,880
-
-
169,880
43,704
17,010
60,714
109,166
126,176|Total
£
331,057
19,408
(7,813)|
|||||342,652|
|||||150,908
55,282
(6,715)|
|||||199,475|
||||||
|||||143,177|
||||||
|||||180,149|
25
25
Notes to the Financial Statements (continued) for the year ended 31 December 2025
## 12. Fixed asset investments
|Market value
At 1 January 2025 and 31 December 2025.
Net book value
At 31 December 2025
At 31 December 2024
Market value
At 1 January and 31 December 2025.
Net book value
At 31 December 2025
At 31 December 2024
Group
Trust|Shares in group
undertakings
£
100
100
100|Unlisted
investments
£
9,972
9,972
9,972
Unlisted
investments
£
9,972
9,972
9,972|Totals
£
9,972|
|---|---|---|---|
||||9,972|
|||||
||||9,972|
||||Totals
£
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
Class of share: % holding Ordinary shared 100.00
26
Notes to the Financial Statements (continued) for the year ended 31 December 2025
## 13. Debtors: amounts falling due within one year
|Trade debtors
Amount owed by group undertakings
Other debtors and prepayments|Group
2025
2024
£
£
5,183
85,828
-
-
195,670
406,790
200,853
492,618|Trust
2025
2024
£
£
5,183
67,924
-
15,482
195,670
406,790
200,853
490,196|Trust
2025
2024
£
£
5,183
67,924
-
15,482
195,670
406,790
200,853
490,196|
|---|---|---|---|
||||490,196|
A restricted grant of £124,300 is accrued towards supporting two new centres and creating new media content (2024: nil restricted funds)
## 14. Creditors: amounts falling due within one year
|Trade creditors
Amount owed to group undertakings
Other creditors and accruals|Group
2025
2024
£
£
26,354
128,562
-
-
237,923
140,033
264,277
268,595|Trust
2025
2024
£
£
23,031
122,474
1,491
-
236,031
136,436
260,553
258,910|Trust
2025
2024
£
£
23,031
122,474
1,491
-
236,031
136,436
260,553
258,910|
|---|---|---|---|
||||258,910|
A restricted grant of £100,000 is deferred towards supporting the Leeds centre in 2026 (2024: nil restricted funds)
27
Notes to the Financial Statements (continued) for the year ended 31 December 2025
## 15. Movement in funds
|Group
Unrestricted funds - General
Restricted funds
Total funds
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 2025
£
4,450,309
206,681|Incoming
resources
£
2,245,370
991,650
3,237,020
Incoming
resources
£
2,245,370
991,650
3,237,020
Incoming
resources
£
2,613,452
880,164
3,493,616
Incoming
resources
£
2,613,452
880,164
3,493,616|Outgoing
resources
£
(2,967,658)
(934,320)
(3,901,978)
Outgoing
resources
£
(2,967,658)
(934,320)
(3,901,978)
Outgoing
resources
£
(2,850,477)
(790,408)
(3,640,885)
Outgoing
resources
£
(2,890,137)
(790,408)
(3,680,545)|At 31 Dec
2025
£
3,728,021
264,011|
|---|---|---|---|---|
||4,656,990
At 1 Jan 2025
£
4,450,309
206,681|||3,992,032|
|||||At 31 Dec
2025
£
3,728,021
264,011|
||4,656,990
At 1 Jan 2024
£
4,687,334
116,925|||3,992,032|
|||||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|
28
Notes to the Financial Statements (continued) for the year ended 31 December 2025
## Purpose of restricted funds
Restricted funds in 2025 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 - Hammersmith & Fulham, North Kensington, Kennington, Bethnal Green & Leeds. There are minimal funds relating to specific activities outside of the normal running of the Spear programme, such as the purchase of smart clothing for trainees (<£5,000). A restricted grant of £124,300 is accrued towards supporting two new centres and creating new media content, whilst another grant of £100,000 is deferred towards supporting the work of the Leeds centre in 2026.
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 and we remain thankful for our strong cash position at the 2025 year-end. In line with our current 3-year strategy, we have set another intentional deficit budget in 2026, where we will draw on these reserves to grow the mission and reach of Spear. Funds from reserves will be used entirely on one-off, clearly defined project costs or trials alongside a balanced operating budget so that we continue to steward our charitable resources as effectively as possible.
## 16. Related party transactions
The charitable company has taken advantage of the exemption in FRS 102, Section 33.1A, which permits nondisclosure of transactions with wholly owned group undertakings. Accordingly, the charitable company has not disclosed details of intercompany loan balances or transactions with other entities within the group. The charity received income of £31,651 (2024: £12,203) from Revitalise Trust with which the Chair of the Trust holds a senior management position as Co-CEO and income of £1,908 (2024: nil) from Holy Trinity Brompton with which the Chair of the Trust is also a trustee.
## 17. Lease obligations
||||
|---|---|---|
|17. Lease obligations
As at the year end the Charity was committed to
lease payments for the property.
Less than one year
2 - 5 years
Over 5 years|2025
£
98,608
579,348
151,583
829,539|2024
£
98,608
533,119
296,420|
|||928,147|
## 18. Funds
## Unrestricted funds
Unrestricted funds saw a decrease of 16% from £4,450,309 in 2024 to £3,728,021 at year end (approximately 12 months of businessas-usual operating expenditure).
In 2024, Resurgo Trust refined our strategy to focus fully on operating and expanding the Spear programme. At the start of 2025, previous designations of unrestricted funds were therefore lifted, and new designations were introduced. We created a £1.5m Spear Partner Investment Fund, including a £1m seed fund supporting the set-up of new centres in key areas of need to be committed by 2027 and spent by 2029, and the sustainment of current centres, enabling the transition of Spear Leeds and Bethnal Green teams and the continued operation of these centres from local partner trusts to Resurgo Trust during the first half of 2025. We also invested further in trial roles to help grow our network of both church partners and corporate partners. To reflect the above, in 2026 the Trustees have formally designated these reserves as ‘Unrestricted – designated growth’ and this will be reflected in next year’s accounts.
## Restricted funds
The balance of £264,011 (2024: £206,681) represents the unspent portion of 11 (2024: 8) grants made to the charity to cover running and support costs. There are only two small funds with remaining balances carried over from 2024, all other brought forward funds were cleared within 2025.
29
Notes to the Financial Statements (continued) for the year ended 31 December 2025
## 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.
## 21. Prior period adjustment
During the year, the charity identified a minor classification error within the opening balances of tangible fixed assets relating to the cost and accumulated depreciation of the Fixtures and equipment. The correction has been reflected in the comparative opening balances for cost and depreciation.
No journal entry was required in the current year’s accounting records, and the adjustment had no impact on the net book value of tangible fixed assets, the Statement of Financial Activities, or the charity’s reserves. The adjustment is limited solely to the presentation of comparative cost and depreciation figures to ensure they are stated on a consistent basis.
|Opening Balance at 1st January 2025|Cost (£)|Accumulated Depreciation (£)|Net Book Value (£)|
|---|---|---|---|
|As previously stated|97,097|(65,170)|31,927|
|Adjustment|(9,720)|9,720|-|
|As restated|87,377|(55,450)|31,927|
30
Spear made a huge difference to my life. I felt I had forgotten how to socialise with people and I didn’t believe in myself. Once I started going to Spear it built up my confidence again and made me realise that I wasn’t as alone as I thought... and I shouldn’t be ashamed of how I was feeling. I managed to then get my job through the Spear Hire Me event.
I’m now an apprentice at the Royal Parks, working in Regent’s Park as a landscape gardener. I never expected to be doing this but the great thing about Spear is it made me apply for any type of job so I ended up finding something I love even though I wasn’t expecting it.
## - Bailey
31
Spear, 3rd Floor Colet Court, 100 Hammersmith Road, London W6 7JP spear.org.uk | 020 3475 0431
Spear is the operating name of Resurgo Trust, a registered charity in England & Wales (Charity Number 1100885) and a company limited by guarantee (Company Number 04670794). Registered address: 3rd Floor Colet Court, 100 Hammersmith Road, London, W6 7JP.
32