centr
ANNUAL REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Registered Office: 9 Holyrood Street, London SE1 2EL
www.centreforcifiies.or
A Charitable Company Limited by Guarantee Registered in England and Wales
Company No. 06215397
Registered Charity No. 1119841

CENTRE FOR CITIES
CONTENTS
YEAR ENDED 31 DECEMBER 2024
Pages
Trustees. Annual Report
3-12
Independent Auditorf8 Report
13-16
statement of Financial Activities
17
Balance Sheet
18
statement of Cash Flows
19
Notes to the Accounts
20-30

CENTRE FOR CITIES
TRUSTEES. ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2024
Foreword by Nigel Huglll, Chalr of Centre for Cities
2024 was a year of notable political and pollcy activity, shaped by a pivotal general election
and significant metro mayor contests. Arnld this dynamic landscape. the Centre continued to
fulfil its mlssion.. to provide rigorous. evidence-based Insight that informs better policy and
declsion-making In government and citles across the UK.
Over the course of the year, the Centre published 20 research reports and briefings, more
than 100 blogs, launched 25 podGasls, and convened 53 public events. Each of these output8
played a role in shaping publlc dlscourse and strengthenlng the Ilnk between research and
policy.
At the start.of the year, we18unched ourflagshlp annual report on the UK'S urban aconomles.
Thls report laid bare the perslstent challenge of weak economic productivity across citles
since 2010-a reality that must underpin any serlous conversation about the country's long-
term economic growth strategy.
In the lead-up to the mayoral electlons In May, the Centre explored public perceptlons of
metro mayors through targeted polling. The findings were widely dSss8minated via online
events, press briefings, and media coverage. including a notable edltorlal in the Financlal
Times. This work helped place th8 rol8 of metro mayors front and centre In the public and
political debate.
As the country prepared for the General Election In July, our engagement deepened, We
worked closely with pollcymakers across the polltlcal spectrum and supported national and
regional media coverage through expert brlefings. Our newly developed onllne tool enabllng
Gomparlsons of constltuencies across England and Wales on key urban economlc
Indlcator8-provided a valuable resource for Journallsts, campalgners and analy5t8 alike.
In the 88cond half of the year, our influence was dearly vlslble In the new government's
natlonal gr0￿h agenda, Our report Climbing th6 summit.. Blg cities in the UK and the G7
highlighted the underperformance of UK cities compared to thelr Intemation81 peers and
dlrectly Informed the Government's Industrial Strategy Green Paper.
Our three-part houslng research serles, Restartlng housebuilding, hlghlighted the gap
between the new national housing targets and the scale of urban housebuilding. It Sparked a
welcome response from the government setting out how they would ensure cities play an
Important rol8 in the housing agenda, underscoring the Centre's growing role In shaping the
natlonal conversation on housing and planning refonn.
Throughout 2024, th8 Centre'swork has been grounded in the economic realities facing cities.
As we look ahead, we remaln commltted to equipping leaders-local and national with the
insights they need to make informed, effective decisions to achieve a more prosperous
country,
Nigel Huglll

CENTRE FOR CITIES
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2024
The Board of Trustees are pleased to present their Trustees, Annual Report and Accounts for
the year ending 31 December2024. The Trustees, Annual Report contains a Directors, Report
as required by company law. The aGcounts comply with the requirements of the Companies
Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practi
applicable to charities preparing their accounts in accordance with FRS102, effective 1
January 2019.
Our Objectives and Activitles
Centre for Cities is an independent charity. We work dosely with urban leaders. Whitehall
and businesses to ensure our work is relevant. ac￿Ssible and of practical use to local and
national policymakers.
The purposes of the charty. as set out In the Memorandum of Association, are..
To promote education for the public benefit in issues of economics and publlc policy
In relation to cities and large towns in the United Kingdom and elsewhere in the world;
To promote for the public benefit research in the aforementioned fields,. and
To publish the useful results of such research.
The vision shaping our activities each year Is of a UK economy that makes the most of
different cities, potential to increase economic prosperity across the country.
We work to undgrstand how and why economic growth and change take place in cities in the
UK and disseminate these findings widely in orderto help British cities improve their economic
performance.
To fulfil its purpo86, the Centre undertakes the following activitles:
1) Producing high-quallty research and policy: We publish a range of original
research reports and briefings. blogs and papers on the economic performance of UK
cities and large towns- and how to improve opportunities for their residents.
Our research is produced by an in-house team of analysts, with input from external
experts. The research is of high qualtty, drawing on a robust evidence base. It aims to
inform public debate. policy and practi￿ and includes the development of clear,
evidence-based policy proposals. We do this independently but in consultation with
Whitehall departments, political parties, local authorities and business organisations.
We Garry out research in association with UK cities and bring together networks of
local and national decision-makers frcxn both the public and the private sector to share
knowledge. This enables us to inform poliGy and practice directly and to publicise
lessons from this work. which are relevant to other citie5.
2) Engaging wlth stakeholders: To ensure the public benefits of the work we do, all
our reports and papers are available to the public free of charge on our website and
we disseminate these findings to varied audiences through national, local and
specialist broadcast and print media, social media and presentations at our own and
others, events. Our events programme includes public events (free to attend) as well
as events at the major party conferences each year. We publish a regular newsletter
and work in partnership with others, including journalists. universities and cities, to
publicise the findings of our work.

CENTRE FOR CITIES
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2024
a) 'demonstratlon' projects, or local policy experiments.
In 2024 wg undertook work In the following area5:
cities Outlook 2024 - The annual flagshlp report on the UK'S urban economles
hlghlighted how a long-term decline in economic productlvity has affected places
everywhere since 2010, providing a backdrop for discussion of UK econornic pollcles
in that period. It was launched with an in-person event featurlng high-profile speakers
includlng former Buslness Secretary Greg Clark.
General Election 2024-The Centre engaged wtth key pollcy figures and politlcians In
Government and opposltlon in antiCiP8tion of the General Election. Throughout the
electlon campalgn, the Centre pursued actlvities to inform and Influence discussion. It
hosted online panel disGusslons and brlefings; created a new online data tool to
compare each England and Wales constituency on urban economic Indicators., and
briefed broadcast Journallsts at BBC Radlo 4, Sky News and els8where a5 they
reported locally on constltuency races and prepar8d for key broadcast events and
debates outside of London. Following the election. Centre for Cities publlshed a
shortllst of pollcy proposals fortackling urt)an economy challenges and hosted several
onllne events to rnark the first 100 days of the new Government.
Devolution - Centre for CEti8s developed its policy thinking on devolution, built on the
ase for fiscal devolution and encouraged Government to conslder the ro18 these
should play in its economic policy agenda, across several reports and in briefings with
civll service in advance of the Engllsh Devolutlon Whlte Paper. It produced modelling,
published wlth an accompanying online interactlve data tool, to support proposals for
council tax reforms, and published a briefing arguing for a pragmatic Engllsh
Devolution Whlte Paper that uses economlc geography 88 the basis for local
government reorganisatlon.
Mayoral electlons
Centre for Cltles (wlth Focaldata) polled public perceptions
towards metro mayors and awareness of their policies in the run-up to the 2024
Mayoral Elections. The Centre hosted online events to disseminate the polling findlngs
aGross England and briefed natlonal and reglonal press
leading to references
throughout local reporting on election races and in an editorial by the Financial Times
on the success of England's metro mayors. An FAQS page on metro mayors on the
Centre's webslte has be8n seen by over 12.000 web users.
Economic productlvlty - A report, tltled Cllmbing the summit.. Big citl8s in the UK 8nd
the G7, demonstrated large UK cities, poor performance compared with G7 peers on
several productivity performance Indicators. This analysis provides a valuable
evldence base for pollcy development in key areas including industrial strategy
planning and publlc transport. The influence of this work is reflected throughout the
Government's Industrial Strategy Green Paper which contained several references to
the report.
Housebuildlng and planning
A three-part research report titled Restarting
housebuilding provided insight intothe geography of housebuilding in the period since

CENTRE FOR CITIES
TRUSTEES. ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2024
the 1947 Town and Country Planning Act, based on historic local-level housing stock
and housebuilding data digitised for the first time by Centre for Cities. It demonstrated
that cities were likely lo under-perform against the housebuilding targets set by the
Government and supported the case for bolder refomis of the aplnning system. The
Centre's analysis and recommendations received widespread pick-up, to which the
Ministry of Housing. Communities and Local Government responded with a blog post
settirig out steps the Government was taking to accelerate housebuilding. Publication
of the"reports was followed by a Parliamentary reception co-hosted with the
Government's Growth Mission Champion Dan Tomlinson MP. attended by over 100
stakeholders including Parfiamentarians.
Green belt reform - A report titIed Ship shape? How the planning system is holding
back Bristol's economy showed that the restrictive green belt in the city and national
planning policy together acted as a barrier to the growth in one of the UK'S fastest-
growing local economies. Planning policy commentary - in The Sunday Times and
Daily Telegraph and elsewhere - has referred to the work as a case study.
Local gov2mment funding - What Works Growth and Centre for Cities produced
joint report, L.A. Evidential.. Improving evidence use in local economic poliGymaking,
to demonstrate areas of reform needed to promote economic development, focusing
on local authorities, powers and incentives. This was used as a basis for further
engagement with Govemment as MHCLG (then the Departm8nt for Levelling Up,
Housing and Communities) and its activity to streamline local government grants.
Levelling up - A report titled Donation nation explored the effectiveness of the charlty
sector at addressing local needs and highlighted the of role of mayors, funds in
Greater Manchester and West Yorkshire in directing local charitable donations
towards key causes in Ihe area. The Centre provided two separate briefings on the
research for the Mayors of the North East and West Yorkshire.
Net zero - Centre for Crties co-hosted a roundtable with several of England's metro
mayors to discuss net zero, before undertaking research into the rose of policy at
devolv8d18vel in achieving the UK'S national net zero goals. It launched the r8search
at an event in Leeds with Mayor of West Yorkshire Tracy Brabin as a keynote speaker.
Visitor economy - The Centre undertook work to understand the opportunities for
places to grow the local economy and improve local amenities through visitoi
spending. Following analysis of card spending data and a series of policy roundtables,
thB resulting report, Spending time.. The role of the visitor economy in UK cities.
identified the cities and large towns with substantial visitor offerings and made
recomm8ndations to places drawing up Local Growth Plans. The publication was
accompanied wilh an online data tool showing place-to-place variation in the.
contribution of visitors to local spending in cities and towns in the UK.
London
Several projects focused on the capital including a briefing on how its
economy has been shaped by changes in population In the years affected by Covid
and the Centre's widely-reported research report, Return to the office.. How London
compares to other global Cities and why this matters. Return to th8 office compared

CENTRE FOR CITIES
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2024
the rate of return to the office post£ovid in London and global competitor cities such
as New York and Paris. adding to the evidence base in support of continued
investment in the capital's growth.
City visits
Centre for Cities held a programme of City Visits, visiting 12 cities and
towns on its list of Primary Urban Areas to engage with local government leaders.
urban policy experts and other stakeholders and exchange ideas and insights about
the issues local areas face.
What Works Centre for Local Economic Growth - What Works Growth continued
running tr8ining throughout the country and producing resources for economic
development professionals in local govemment. It produced four evidence briefings
and four rapid evidence reviews on communty finance, plural ownership policies.
social infrastructure. and the impact of local economic growth interventions on minority
ethniG and immigrant groups. It also published a self-assessment tool for local
government on their use of evidence in local growth, and 4 'how to, resources for
evaluatlon practitioners.
Publlc Benefit
The trustees of a Gharity must have regard to the Charity Commission's guidance when
exercising any powers or duties to which the guidance is relevant.
The Charity remains committed to the aim of providing public benefit in accordance with the
Charities Act 2011.
The Trustees also confirm that, in carrying out its Principal Activities, the Centre provided
public benefit during 2024.
The Centre produces high-quallty research and policy analysis that are Independent of
government, individual cllents or companies. The research is made available widely and free
of charge to individuals. organisations, practitioners and others actlve in urban economic
development. The Centre constantly invests in improving outreach to ensure our work
reaches more policymakers, practitioners and members of the public.
To complement our research work, we deliver papers, which focus on praGtical ways in which
UK Glties can tackle longstanding challenges such as productivity and unemployment,
drawing on the UK and international case studies.
In 2024, we released over 120 briefings, blogs and research reports Govering topics inGluding
cities, recovery from pandemic restrictions. efforts to increase public transport ridership and
active travel, the potential for fiscal devolution to England's largest cities, and the role of big
cities in driving pr05perily in their regions.
Financial review
The year ended with a surplus of £107.662 (2023: £141.316). Funds carried forward were
£1,066.983 (2023: £959.321).

CENTRE FOR CITIES
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2024
During the year, our maln activities were Research, Extemal Affairs and the What Works
Centre for Local Economic Growth. The income and expenditure linked to these activities
were unrestriGted.
Income
Total incoming resources were £1,923,328 {2023: £1,878,873). Our main source of income
was a Gore grant from the Gatsby Charitable Foundation. In 2024, we received £1,300,000,
which was approximately 68 per cent of all our revenues.
other funding was generated through sponsorship agreements for research projects and
events.
In 2024, the What Works Centre for Local Economic Growth project run in partnership with
the London School of EconomiGS generated £345,950 (2023: £488,532) for the Centre.
Resources expended
The Centre's expenditure was £1,815,666 (2023: £1,737,557). The increase in expenditure
was mainly due to the higher than in the previous year staff and projects costs.
Reserves Policy
The C8ntre for Cities, reserves are defined as unrestrlcted net current assets, and they are
set to the equivalent of at least six months of the operating costs.
The reserves are required to protect the continuity of the organisation against drops in
income, to carry out research projects not funded by sponsorship, for capital items
replacement and to cover unplanned emergencies and potentlal risks.
Free reseNes held on 31 De￿mber 2024 were £1,058,392 (2023: £950,190), up by
£108.202. The surplus on the free reserves will be expended in 2025 on new advocacy and
research projects.
FUTURE PLANS
To continue to advance understanding of the economies of the UK'S largest cities and towns
and exert influence on public policy in 2025, Cenlre for Cities will produce excellent research
and communicate it across tts networks and to the public. In 2025, it will focus on those areas
of national and local policy of more Importan￿ to the eGonotnic performance of cities..
The flagship Cities Outlook 2025 report focuses on role of cutting-edge "new
eGonomy industries in shaping productivity outcomes in cities and towns across the
UK. As the Government devises an industrial stratogy, a key part of its economic
growth mission. Cities Outlook will take the opportunity to demonstrate the role of city-
centers, 8conomies in achieving higher average incomes.
Centre for Cities will continue to bring attention to the economic performance of the
UK'S cities and large towns wrth regular media commentary on key economic
milestones and the development of new Govemment policy and legislation. The

CENTRE FOR CITIES
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2024
Planning and Infrastnjcture Bill. Industrial Strategy White Paper, Spending Review
and English DevolLrtion Bill will present opportunities to inform public discussion and
shape public policy.
Centre for Cities, working in partnership with What Works Growth, will progress its
research into the impact of devolution and govemment grant-making, aiming to inform
Government thinking in its approach to increasing growth in all parts of the country.
Centre for Ctiies will undertake new research and policy analysis on the likely impact
of new devolved spatial planning powers and the role these will have in increasing
productivity and housing delivery particularly in large ctties.
Centre for Cities will build further on its post-covid use of city-centres by focusing next
on the return-tooffice patterns in the UK'S large cities outside of London as well as
the impact of hybrid working on the function of town centres and high streets,
Centre for Cities will pursue research into the role of city centres in supporting
business innovation and growth in "cutting-edge" industry, drawing on comparisons
with internatlonal peers, to conlribute evidence in support of the Governrnent's
Industrial 8tr8tegy.
Centre for Cities wlll conlinue to promote and run in-person events and, onllne events to
provide audienGes with commentary and insight on key policy ar8as, as well as hosting public
panel discussions at party conferences. It will continue to run and promote its City Talks and
City Minutes podcast series. with guests including former scien￿ Minister George Freeman
MP and Government Growth Champion Dan Tomllnson scheduled tojoln the City Talks serie5
in 2025.
Engaging with senior figures from business, academia, poliGymaking, local and national
government and Westminster to present research and tdeas, inform the public debate and
discuss policy and practice will continue to be an important part of Centr8 for Cities, strategy
to influence policy outcomes in recent years.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity number
Company number
Registered office
Website:
1119841
06215397
9 Holyrood Street. London SE12EL
www.centreforcilies.or
REGISTERED AUDITORS:
Chariot House Chartered Accountants
44 Grand Parade
Brighton and Hove
Brighton
BN2 9QA

CENTRE FOR CITIES
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2024
BANKERS:
HSBC Bank PLC
16 King Street
London WC2E 8JF
DIRECTORS AND TRUSTEES
The directors of Centre for Cities are its trustees for the purpose of charity law.
The trustees serving during the year and up to the date of approval of the accounts were as
follows..
William Nigel Hugill (Chairman)
Miranda F4elen Sharp
Alan Paul Harding
John James Cummlns
Joseph Christopher Burns
Deborah Cadman
Jane Elizabeth Robinson
Marc Elllot Mogul
KEY MANAGEMENT PERSONNEL:
Andrew Carter
Paul Swinney
Sian Morgan
Anna Bullegas
Chief Executive
Director of Policy and Research
Director of Extemal Affairs
Head of Finance and Operations
STRUCTURE. GOVERNANCE AND MANAGEMENT
Governlng Docum8nt
Centre for Cities is a company limrted by guarantee, governed by its Articles of Association,
last amended on 11 April 2011.
Appointment of trustees
The Board of Trustees, who are also Members and Directors of the Charitable Company. is
self-appointing. A trustee's period of office is three years from the date of appointment or
reappointTnent. A trustee may be re-appointed by the trustees for a further period of three
years.
New members of the Goveming Body are elected on the basis of nominations from the
Trustees and the executive officers based on the candidates, professional qualities,
experience and personal competence.
10

CENTRE FOR CITIES
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2024
Trustee induction and training
All new trustees are provided with an induction pack giving full details of how the Charity is
constituted and operates. Any further information they require is provided by an appropriate
senior person within the Charity.
Organisation
The Board of Trustees consists of not less than three members and is not subjeGt to any
maximum. The Board is responsible forthe overall govemance of the Charity. It meets three
times a year to oversee the affairs of the Centre. The Board appoints a Chief Executive to
manage the day-to-day operations of the charity.
Related parties
Upon appointment, each trustee makes full written disclosure of interests, including
relationships that may be of relevance to the Centre's work and posts held that could
potentially result in a confliGt of interest. This wrltten disclosure will be kept on file and trustees
are emailed annualSy to check that it is up to date. It can be updated at any time throughout
the year.
In the course of meetings or activltles, trustees disdose any interests in a transaction or
decision wh8re there may be a conflict between the organisation's best interests and the
' trustee's best inte￿StS, or a conflict between the best interests of two organisations with which
the Trustee Is Involved.
In the currgnt year, no related party transactions were reported. None of our trustees receives
remuneration or other b8nefits from the charity.
Pay pollcy for staff includlng key management personnel
The pay of all staff, including senlor staff, Is reviewed annually. The current policy is to award
all staff an increase in salary provided the Centre r6aches a fundraising milestone set by the
Finance and Audit Committee. The Increase is based on a review of changes in the cost of
living during the course of the year and is agreed by the Finance and Audit Committee. All
the Centre's salaries, including those of senior staff. are benchmarked against pay levels in
similar organisations.
Risk management
The established risk assessment system involves Identifying the types of threats the Charity
face5, prioritising them in terms of impact and recommending controls to mitigate them.
The ongoing risks Gontinue to be around securing sufficient funding to deliver the Centre's
ambitions and ensuring our work is of high quality and policy relevance.
The funding risks are mitigated by engaging with a wide range of potential sponsors and
building long-term relationships with them. To ensure our work is of the highest standard and
relevanGe we have a quality assurance and poliGy relevance process in place, with internal

CENTRE FOR CITIES
TRUSTEES. ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2024
and extemal checks at key stages to peer review our work and ensure it continues to be
objective, independent, robust and rigorous.
The Board is satisfied that. for all major risks. appropriate controls have been put in place
which are regularly reviewed and adjusted accordingly.
12

CENTRE FOR CITIES
TRUSTEES, ANNUAL REPORT
YEAR ENDED 31 DECEMBER 2024
Statement of trustees, responsibilitles
The Charity's trustees (who are also the directors of Centre for Cities for the purposes of
company law) are responsible for preparing a trustees, annual report and accounts in
accordance with applicable law and United Kingdom Accounting Standards (United Kingdom
Generally AGcepted Accounting Practi￿) including FRS 102 °The Financial Reporting
standard applicable in the UK and Republic of Ireland"
Company law requires Charity trustees to prepare accounts for each 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
ompany for that year. In preparing the accounts, the trustees are required to:
select suitable accounting policies and then apply them consistently.,
obseNe the methods and principles in the Charities SORP (Statement of
Recommended PractiGe>;
make judgements and estimat85 that are reasonable and prudent.,
State whether applicable UK accounting standards have been followed, subject to
any material departures disclosed and explained In the accounts;
prepare accounts on the going concern basis unless it is inappropriate to
presume that the Charity will continue in operation.
The trustees are responsible for keeping proper accountlng records that disclose wlth
reasonabl6 accuracy at any time the financial position of the Charity and to enable them to
ensure that the accounts comply with the Companies Act 2006. They are also responsible for
safeguarding the asspts of the charitable Company and hence taking reasonable steps for the
prevention and detection of fraud and other Irregularities.
Dlsclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware, which
Is relevant to the audit, but of which the auditor is unaware. They have further confirmed that
they have taken appropriate steps to identrfy such relevant information and to establish that
the auditor is aware of such information.
Auditor
In accordance with section 485 of Ihe Companies Act 2006, a resolution proposing that
Chariot House Ltd be reappointed as auditorof the company will be putto the Annual General
Meeting.
On b8half of the Board o
Trustees
201
Nigel H
Dat8
13

CENTRE FOR CITIES
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2024
Opinion
We have audited the financial statements of Centre for Cities (the 'charitable company,)
for the year ended 31st December 2024 which comprise the Statement of Financial Activities.
the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including
a summary of significant accounting policies. The financial reporting fiamework that has been
applied in their preparation is applicable law and United Kingdom Accounting Standards
(Unit8d Kingdom Generally AGGepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the charitable company'5 affairs as at
31st December 2024 and of its incoming resources and application of resources.
including its result, for the year then ended
have been properly prepared In a¢Gordance with United Kingdom Generally Accepted
Accounting Practi￿. and
have been prepared in accordan¢8 wlth the requirements of the Companies Act 2006
Basis for oplnlon
We conducted our audit in accordance with Intemational Stand8rds on Auditing (UK) (ISAS
(UK)) and applicable law. Our responsibilities under those standards are further described in
the Auditor's responsibilities for the audit of the accounts section of our report. We are
independent of the charlty in accordance with the ethical requirements that are relevant to our
audit of the accounts 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 ongoing 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 accounts is appropriate.
Based on the work we have performed, we have not identified any material uncertainties
relating to events or conditions Ihat, 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 responsibi5ities 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, otherthan the financial statements and our Report
of the Independent Auditors thereon.
Our opinion on the financial statements does not COV8r the other informatlon and. except to
the extent otherwise explicitly staled in our report, we do not express any forrn of assurance
conclusion thereon.
14

CENTRE FOR CITIES
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THEYEAR ENDED 31 DECEMBER 2024
In connection with our audit of the financial statements. our responsibility is to read the other
infomation and, in doing so, consider whether the other information is materially inconsistent
with the financial statements or our know]edge obtained in the audit or otherwise appears to
be materially misstated. If we identify such material inconsistenGies or appa￿￿t 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 prescrfbed by the Companies Act 2006
In our opinion, based on the work undertaken in Ihe course of our audit..
the information given in the Report of the Trustees for the financial year for which the
financial statements are pTrpared 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 charity 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 rf, in our opinion:
adequate accounting records have not been k8Pt. or returns adequate for our audit
have not been received from branches not visited by us; or
the financial statements are not in agreementwith the accounting records and retums;
or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to take advantage of the'small companies exemption
from the requirement to prepare a Strategic Report or in preparing the Report of the
Trustees.
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 purpose 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 neGessary to enable the
preparation of financial statements that are free from material misstatement, whether due to
fraud or error. In preparing the financial statements. thetrustees are responsiblefor assessing
th8 Gharitable company's ability to continue as a going concern, disclosing, as applicable.
matters related to going concem and using the going concem basis of accounting unless the
trustees either intend to liquidate the charitable wmpany or to Gease operations, or have no
realistic alternative but to do so.
Our responsibilitles for the audlt of the flnanclal ststements
15

CENTRE FOR CITIES
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2024
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 ouropinion. 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 rf. 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.
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.
W8 considered these risks in the light of various factors including the level of complexity,
subjeGtivity, uncertainty, potentlal management bias, fraud, materiality and any other
rglevant factors. We considered the extent to which these would have a material impact
on the financial statements and designed our audit work a￿ardIngly.
We identified that the following areas were of high risk:
Completeness of income. We perfomied various audittests to ensure thaf Income was
not materially understated In the financlal statements.
Management override of controls. We performed various audit tests to 6nsure there
was no material management override of controls
We designed audit procedures to respond to the risks identified, recognising that the risk of
not detecting a material misstatement due to fraud is higher than the risk of not detecting one
resulting from error, as fraud may involve deliberate concealment by, for example, forgery or
intentional misrepresentations, or through collusion.
We focussed on laws and regulations which could give rise to a material misstatement in the
financial statements, including, but not limited to, the Companies Act 2006, UK tax legislation,
Charitie5 Act 2011 and Charities SORP 2019.
We did not find any Instances of non-compliance or breach of the legislation framework
applicable to the charitable company.
We also;
Agreed the financial statement disclosures to underlying supporting documentation,
Made enquiries with management and of legal counsel when considered necessary.
performing analytical procedures to identify any unusual or unexpected relationships
that may indicate risks of material misstatement due to fraud. and reviewing
significant or unusual transactions to identify their underlying supporting ratlonale
Discussed and reviewed the charity'5 business model and fO￿ard planning to
assess going concern
Carried out substantive testlng on income and expenditure
16

CENTRE FOR CITIES
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2024
R8-performed reconciliations of control accounts, and reGalGulated items such as
depreciation
Inspected the minutes of meetlngs of those charged with govornanGe, and made
direct enquiries of management and the board of trustees concernlng the charity's
policies
There are inherent limitations In the audlt procedures described above and, the further
removed non-compllance wlth laws and regulations Is from the events and transaGtions
reflected In the financial statements, the less Ilkely we would become aware of it. We did not
identify any key audit matters relatlng to irregularities, including fraud.
As In all our audits, we also addressed the rlsk of management overrlde of internal controls,
includlng testing journals and evaluating whether there was evidence of management bias by
the directors that represented a risk of material mlssiatement due to fraud.
A further desGription of our responsibillties for the audit of the financial statements Is located
on th8 Financlal Reporting Council's webslte at www.frc.org.uklaudltorsresponsibillties. This
desGriptlon 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 Companles Act 2006. Our audlt work has been undertaken
so that we might state to the charitable company's members thosg matters we are required
to state to them in an auditor's report and for no other purp¢)se. To the fullest extent permltted
by law, we do not aGcept or assume responslblllty to anyone other than the charitable
company and th8 charitable company's members as a body, forthis report, orforthe oplnions
we have formed.
Mark Partridge FCA (Senior Statutory Auditor)
for and on behalf of Chariot House Limited
Chartered Accountants and Statutory Audltor
44 Grand Parade
Brighton
BN2 QQA
Date..
17

CENTRE FOR CITIES
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Notes
Income frorn:
Donations and Grants
1.300,ODO
1,100,000
Charitable activities..
Research
138,600
137,166
External Affairs
88,955
83,500
What Works Centre
345,950
488.532
Total from charitable actlvities
573,505
709,198
Income from investments
49,823
28,787
Other Income
40,888
Total Income
1,923,328
1,878,873
Expenditure on..
Charitable activities:
R8search-Policy
738,665
642,441
External Affairs
731,051
606,584
What Works Centre
345,950
488,532
Total
1 8_16,666
1,737,557
Net Income and net
movement in funds
107,662
141,316
Re¢oncillatlon of funds
Total funds brought forward
959,321
818,005
Total funds carried forward
1,066,983
959,321
All funds in the current and comparative year were unrestricted.
All income and expenditure derive from continuing activities.
The statement of financial activilies also complies with the requirements for an income arid
expenditure account under the Companies Art 2006.
18

ConwuyReglBiratsM flumbÈrQ6215397lErtgl*nd •ndWaley
CENTRE FOR CITIES
BALANCE SHEET
AS AT 31 DECEMBER 2024
2024
2023
Notes
Fixed assets
Tanglble assets
8,591
9,131
Total fixed assot8
9.131
Current assets
Debtors
C86h at bank and In hand
12
222,549
2,040,409
289,251
824.034
Total current a888t8
2 262 958
1113285
Llabllltlas
13
1204 566
1,204,566
183 095
163,095
Net current as8et8
1.058,392
950,190
Total assets less current
Ilabllltles
1,068.983
959,321
Unrestrlcted funds:
16
1.066.983
1,066,983
959,321
959,321
Approved and authorised for issue by the Board of Trustees o
signed on their behalf by Nigel Hugill
fl 2oZS
and
19

CENTRE FOR CITIES
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
2024
2023
Note
Not Cash provld8d by operatlng actlvltles
1 172,146
883,534
Cash tlows from Investlng a¢tlvitlg6:
Inte￿3t recelvablo
49,823
28,787
Purchase of tanglbl8 fixed asBets
{5.5941
44,229
(4,527)
24,260
Change In cash and cash equlval8nts In the
reporting pBriod
1216375
859 274
Ca8h and cash equlvalenls at thg
bg9lnnlng of the reportlng perlod
824,034
1,683,308
Cash and ¢a5h equlv8lenls at the end of th8
r8POrtlng perlod
2 040 409
824 034
RECONCILIATION OF NET INCOMEIIEXPENDITURE) TO NET CASH FLOW FROM OPERATING
ACTIVITIES
2024
2023
Net Incom8 for tha reporting period
Adjustments for:
Depreciation charg88
Interest rBGeivable
Decrease in debtors
Increase In creditors
107,682
141,316
6.134
(49.823}
66.702
1,041,471
8,690
128,787)
98,779
(1,103,532)
N8t cash provided by {absorbed byy operallonal acllvlliès
1,172,146.
883,534
20

CENTRE FOR CITIES
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
AccouNTING POLICIES
Accounting policies provide the basis on which the accounts are prepared and explain the
accounting treatment of malerial transactions or items in the accounts.
(a)
Basis of preparation of accounts
The accounts have been prepared in accordan￿ with the Charity's Memorandum & Articles,
the Companies Act 2006 and "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)" The Charity is a Public Benefit Entity as defined by FRS 102.
Assets and liabilities are initially recognised at historica5 or transaction value unless Otherwise
stated in the relevant policy note(s).
The financial statements are prepared in pounds sterling. which is the functional currency of
the.charity. Monetary 8mounls in these fEnancial statements are rounded to the nearest £.
(b)
Golng concern
The Charity has confirmed corefunding of £1,100,000 per annurn from tho Gatsby Foundation
for the period 2023 to 2025, and a supplementary grant of £200,000 In 2024. As set out in
'Reserves Policy, in the Trustees, Annual Report, the Charity holds reserves in the minimum
required, which are avallable to support research and advocacy in coming years.
The Trustees have a reasonable expectation that the Charity has ad2quate resources to
remain In operation for the foreseeable future. Thus, the Trustees continue to adopt the going
concem basis of accounting in preparing the accounts.
{c)
Critical acGounting estimates and judgements
In the application of the Charity's accounting policies, the Trustees are required to make
judgements. estimates and assumptions about the carrying amount of assets and liabilities
that are not readily apparent from other sources. The estimates and associated assumptians
are based on historical experience and otherfactors that are considered to be relevant. Actual
results may differ from these estimates. 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 where the revision affects only that period, Dr in the period of
the revision and future periods where the revision affects both current and future periods.
There were no critical accounting estimates during the period
(d)
Recognition of income
Donations are accounted for as received. In the event that a donation is Subject to fulfilling
performance conditions before the charity is entttled to the funds, the income is deferred until
either those conditions are met in full. or their fulfilment is wholly within the control of the
charity. and it is probable that those conditions will be fulfilled by the reporting period.
21

CENTRE FOR CITIES
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Grants are recognised when the chartty has an entitlement to the funds and any conditions
linked to the grants have been met. Where performance conditions are attached to the grant
and are yet to be met, the income is recognised as a liability and included on the balance
sheet as deferred income to be released.
(e)
Interest receivable
Interest on funds held on deposit is included when receivable. The charity records it upon
notification from the Bank.
(fj
Funds
Funds which are expendable at the discretlon of the Trustees in furtherance of the objectives
or administration of the Charity are classified a5 unrestricted funds.
Ig)
FinanGial instrurnents
The charity has elected to apply the provision5 of Section 11 'Basic Financlal Instruments and
Section 12 '0ther Flnancial Instruments Issues, of FRS102 to its financial instruments.
The Charity only has financial assets and liabilities of a kind that qualify as basic financial
instruments. These flnancial instruments are recognised at the amount payable or receivable
when the instrument is first recognised and subsequently measured at their settlement value.
(h)
Debtors
Trad8 and other debtors are recognised at the settlement amount due after any trade discount
offered. Pr6payments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and equivalents comprise cash on hand and call deposits, and other short-temi highly
liquid investments that are readily convertible to a known amount of cash and are subject to
an insignificant risk of change in value.
a)
Liabilitie5
Liabilitles are recognised when there is an obligation at the Balance sheet date as a result of
a past event, it is probable that a transfer of economic benefil will be required in settlement.
and the amount of the settlement can be estimated reliably. Liabilities are recognised at the
amount that the company anticipates it will payto settle the debt or the amount it has received
as advanced payments for the goods or ServI￿S it must provide.
(k)
Expenditure and recoverable VAT
All expenditure is recognised once there is a legal or constructive obligation to that
expenditure, it is prDbable settlement is required and the amount can be measured reliably.
All costs are allocated to the applicable expenditure heading that aggregate similar costs to
that category.
22

CENTRE FOR CITIES
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Irrecoverab5e VAT is charged as a cost against the activily for which the expenditure was
incurred.
{1) Allocation of support costs
Support costs are the cosls of those functions that assist the work of the charity but are not
directly charitable activities. Support costs include HR, finance. payroll, governance and
general office costs which support Centre for Cities, activities. The basis on which support
costs have been allocated is set out in note 7.
(m) Operating leases
Rentals paid under operating leases are charged to the Statement of Financial Activities on
a straight line basis over the period of the lease.
(n)
Tanglble fixed assets
Tanglble fixed assets are staled at cost including any incldental expenses of acquisition and
unrecoverable VAT where appropriate. All assets costing more than £500 are Gapitalised.
Depreciatlon Is calculated to write off the cost of fixed assets on a straight-line basis over their
estimated useful lives. Depreciation is Charged from the month of acquisition. The principal
estimated useful Ilves for this purpose are:
Comput8r equlpment and software- 3 years
Fixtures and Fittings - 5 years
Leasehold lrnprovements - Over the life of the lease
To the extent that VAT is irrecoverable, the cost is inc5uded and identified separately within
the contract or functlonal area to which it relates and where appropriate VAT on Fixed Assets
Is capitalised.
{0)
Pension costs
The Charity has a money purchase scheme for qualifying employees. Pension costs charged
to the statement of Financial Activities represent the contributlons payable by the Charity in
the period (see Note 9).
COMPANY STATUS
Centre for Cities is a company lirnited by guarantee and has no share. capital.
Every member af the charity undertakes to contribute such amount a5 may be required (not
exceeding £10) to the Charity'5 assets rf it should be wound up while he or she isa member
or within one year after he or she ceases to be a member, for payment of the Charity's debts
and liabilities contracted before he or she ceases to be a member, and of the costs, charges
and expenses of winding up, and for the adjustment of the rights of the contributories among
themselves. Its registered office is 9 Holyrood Street, 2nd Floor. London SE12EL.
23

CENTRE FOR CITIES
NOTES TO THEACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GRANTS
2024
2023
Core Grant
1.300.000
1,100,000
In 2024, Centre for Cities received a grant of £1.300,000. This was an annual core grant of
£1,100,000, and a supplementary grant of £200.000 from Gatsby Foundation, Lord
Sainsbury's family charitable trust.
INVESTMENT INCOME
Centre for Citie5, investment income of £49,823 (2023: £28,787) arises from money held In
deposit accounts.
INCOME- OTHER ACTIVITIES
None
24

CENTRE FOR CITIES
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Research-
Pollcy
External What Works
Affalrs
Centre
Total
2024
Staff Cost5
Projects Direct Costs
Premises
Depreciation
IT & Communication
Printing & Stalionery
Miscellaneous Off ice Costs
Legal, Professional and Insurance
450.221
53.070
74,117
2,760
5.821
909
57.738
6,765
433,155
130,842
55.999
2.086
4,398
687
33,661
4.680
280.290
3.334
34,588
1,288
2,716
424
13,631
2.890
1.163,686
187,246
164,704
6,134
12.935
2.020
105,030
14,335
Subtotal
651,401
665,508
339,161
1,656,070
Support Costs (note 7)
Gov8rnanc8 Costs (note 7)
Subtotal
67,085
20,179
44.832
20,711
4,475
2.314
116.392
43.204
65,543
159,596
Total
738 6.65
731,051
345,950
1,815,666
Analysls of expendlture on charltablè acllvlties
2023
Resear¢h-
Policy
External What Works
Affalrs
Centre
Total
staff Costs
Prolects Dlrect Cost5
Premises
Depreciatlon
IT & Communlcation
Printing & Stationery
Miscellaneous Office Costs
Legal. Professional and Insuranc&
410,227
36,868
70,878
3,737
8,153
1,040
37,293
3,338
347,691
116,545
49,450
2,607
5,688
726
25,372
2.329
398,533
5,354
44,505
2,346
5,119
653
19.892
2,096
1,156,451
158,767
164,833
8,690
18,960
2,419
82,557
7,763
Subtotal
571,534
55D,408
478,498
1,600,440
Support Cost5 (note 7)
Governance Costs (note 7)
Subtotal
57.458
13.449
38.339
17,837
7,167
2,867
102.964
34,153
70.907
56,176
137,117
Total
642,441
606.584
488,532
1,7.37.557
Expenditure on charitable activities was £1,815,666 (2023: £1.737,557>- All expenditures
were unrestricted. Most of the costs in the above table (note 6) relate to staff. project direct
costs and premises Gosts.
Staff costs Gonsist of gross pay, employer Nl and penslon costs and are directly attributable
to th8 Centre for Cities, activities. Other staff costs are part of support costs.
25

CENTRE FOR CITIES
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Projects, direct expenditures are made up of costs that relate to events and research. Events
costs include venue and equipment hire, catering, travel and accommodation Gosts. Costs
related to research projects include data. polling and printing of reports. Premises costs
Include rent and rates, servlce charge, office security and insurance.
ANALYSIS OF SUPPORT AND GOVERNANCE COSTS
Centr8 for Cities Initially Identlfies the costs of Its support functions, It then Identifies those
cost5, which relate to the governance function. Havlng Identified Its governance costs, the
remaining support costs logether with the governance costs are apportioned between the
three charitable activitles (see note 6) In the year. The table below shows an analysis of
support and governance costs and the basis of apportlonment.
2024
Goneral Governance
Support
Functlon
Total
Basls of
Apportlonment
Salarles
113,684
32,183
145,867
Tlma
Information Technology
2,707
2,707
C08t
Audit Fees
10,000
10,000
Governance
Legal & Other Profession81 Fee5
1,022
1,022
Gov8rn8nca
Total
116,391
43,205
159,596
2023
General Governanc?
Support
FunGtion
Total
Basls of
Apportionmont
Sal8r188
100,435
23,533
123,968
Tim8
Inforrnation Technology
2.529
2,529
Cost
Audit Fees
9,500
9,5DO
Govemance
Legal & Other Profess5onal Fees
1,120
1.120
Governance
Total
102,964
34,153
137,117
26

CENTRE FOR CITIES
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NET INCOMEI(EXPENDITURE) FOR THE YEAR
Thls is stated after charging:
2024
2023
Operating leases - photocopier
352
Operating leases - propety
104.792
104.792
Depreciation
6,134
8,690
Auditoffs r8muneration.'
Audit fees
10.000
9,500
ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF
KEY MANAGEMENT PERSONNEL
2024
2023
Wages and salariès
Social securlty costs
Pension costs
1.085,275
112,992
111,265
1,069,748
106,656
104,016
1,309,532
1,280,419
2024
2023
Employees earning between £60,001- £70,000
Employees èarning between £70,001- £80,000
Employees earning between £80.001- £90.000
Employees 8arning between £90,001- £100,000
Employees earning between £100.001- £120.000
Employees earning above £120.001
Eight trustees were reimbursed £1.022 fortheir travel and subsistence expenses at the AGM
in N8wcastle in 2024 (2023: £254.10). They did nol receive any benefits.
Pen51Dn contributions in respect of higher-paid employees totalled £60,464 (2023: £42,098).
The total employee benefits (gross salaries, employer's Nl and employer's pension
contributions) received by the key management personnel listed on page 10 were £465,732
(2023.. £437,200).
27

CENTRE FOR CITIES
NOTES TO THEACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10 STAFF NUMBERS
The average Tnonthly headcount was 20 staff (2023: 21 stafQ and the average monthly
number of the full-time equivalent employees dLJring the year was as follows:
2024
2023
Research
External Affairs
wwc
Governance
19.0
20.0
11 TANGIBLE FIXED ASSETS
Leasehoid
Improvements
Computer
Equlpment
Fixtures and
Fittings
Total
Cost or book value
At 1 J8nuary 2024
AdditlDns
Disposals
At 31 December 2024
111,704
73,656
5,594
(35.129)
44.121
41,514
226,874
5,594
35,129
197,339
111,704
41,514
A¢cumulated depreclatlon
Al 1 January 2024
Charge for year
Disposals
111.704
69.165
4,435
35.129
36,874
1.699
217,743
6,134
35,129
At 31 Decembor2D24
111.704
38.471
38,573
188,748
Net book value
At 31 DpcBmber 2024
5.650
2,941
8,591
At 31 December 2023
4.491
4,640
9.131
All of the tangible fixed assets are used for charitable purposes.
12
DEBTORS
28

CENTRE FOR CITIES
NOTES TO THE ACCOUNTS
FOR THEYEAR ENDED 31 DECEMBER 2024
Total
2024
Total
2023
Due within one year:
Trade Debtors
Prepayments
Other debtors
54.999.
74,266
93,285
113.714
75,203
100.334
222,549
289,251
13
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Total
2024
Total
2023
Trade creditors
Taxation and soclal security
Accruals
Deferred income
2,727
52,869
48,970
1,100,000
6,284
67,180
69.631
20.000
1,204,566
163,095
14
OPERATING LEASE COMMrrMENTS
On 31 December 2024, the charity had the following operating lease commitments:
The above comrnitments are for an operating lease on the 2nd floor, 9 Holyrood Street.
Land and buildings
2024
2023
Not later than one year
Later than one year and not later than fivè years
Over five years
104,792
84,416
104.792
189.208
189.208
294,000
Toshiba Photocopier
Payable withln 1 year
Payable after 1 year
705
2,466
15
RELATED PARTY TRANSACTIONS
There were no related party transactions.
29

CENTRE FOR CITIES
NOTES TO THE ACCOUNTS.
FOR THE YEAR ENDED 31 DECEMBER 2024
16
THE FUNDS OF THE CHARITY
The fund of £1,066,983 on 31 December 2024 was unrestricted.
17
ANALYSIS OF CHANGES IN DEBT
The charity had no debt during the year.
18
TAXATION
The Charity Is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act
2010 and therefore it meets the definition of a charilable company for UK Corporation Tax
purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income
or capital gains r6C8ived within categories covered by Chapter 3 Part 11 Corporation Tax Act
2010 or Section 256 of the Taxatlon of Chargeable Gains Act 1992, to the extent that such
income or gains are applled exdusrvely to charitable purposes.
30