Annual Report and Financial Statements 2024125 Groundwork London (A company limited by guarantee) 18 - 21 Morley Street London SE17QZ Registered Charity No. 1121105 Registered Company No. 04212532 (England and Wales) Contents Page Report of the Trustees Chairfs Report About Groundwork Objectlves and Activitles Public Benefit Statement Strategic Report Achlevements and Performance Flnancial Revlew Reserves Policy Investment Policy Section 172 Statement Future Plans 2025126 Principal Risks and Uncertaintles Financial Instruments Energy and Carbon statement Employees 15 15 15 16 17 21 22 22 22 Reference and Administratlve Detalls 23 Structure, Governance and Management 24 Statement of Trustees, Responslbilities 27 Independent Audltors, Report 28 Consolidated Statement of Flnanclal Activltles 32 Charlty Statement of Flnancial Actlvltles 33 Consolldated Balance Sheet 34 Charity Balance Sheet 35 Con501idated Cash Flow Statement 36 Charity Cash Flow Statement 37 Notss to the Financial Statements 38-58 2of58 Report of the Trustees for the year ending 31 March 2025 The trustees are pleased to present their annual directors, report together with the consolidated financial statements of the charitable company and its subsidiaries for the year ending 31 March 2025 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 l January 20191. Groundwork London's operational focus is primarily on London; the City of London and the 32 London Boroughs. Groundwork London is a150 the sole company member of Groundwork South whose operational focus is on the South East and South West regions of England, and that part of the District of Three Rivers within the Colne Valley Regional Park. Where specialist services are required, these are delivered across both Trust areas by specia list teams. Both Trusts have a Board of Trustees who are principally responsible for the strategic oversight and governance of Groundwork activities within their operational areas. Each Trust has its own business plan defining the activities it plans to deliver in its area of operation. Each Trust will produce an Annual Report and Financial Statements. This report includes the consolidated financial statements of Groundwork London and its subsid ia ries, details of charitable activities within the two operation areas wlll be described separately withln each company'5 annual report. 3of58 Chairfs Report Groundwork London works with communities across the capital to transform their lives and the places they live. At a time when London faces significant social, economic and environmental challenges our work has never been more necessary, Over 2.5 million Londoners are living in poverty, many struggling with inequality, poor health and wellbeing, food and fuel poverty, and the escalating effects of changing climate. Our work supports these diverse and vulnerable communities to find practical, long-term solutions too many such challenges. Despite the challenges of delivering se￿iceS in the current economic climate, we completed over 500 projects to a value of £26.03m. We did not do this on our own. The strength of our approach lies in the relationships we build and maintain with our funders and partners acr055 the public, private, and voluntary sector, and within the communities themselves. We offer our sincere thanks and appreciation to our staff, trustees, partners, and volunteers for all the hard work and passion they continually give to everything they do. It reminds us that we all share a vision for the future: where every Londoner can thrive and benefit from a greener, safer, healthier, and more equitable city. We are pleased to present our 2024125 Annual Report, dernonstratlng the difference we've made to the lives of thousand5 of Londoners. As a member of the Groundwork Federation, we are proud to support our neighbouring Trust Groundwork South as our wholly owned subsidiary. Groundwork South has changed significantly in the last three years to ensure efficient and effective delivery of high-quality services across the South East and South West of England and will present its own Annual Accounts. Whilst we take this time to reflect on our successes to date, it's important to also look towards the future. We know that the social, economic and environmental impacts have been immense and will be felt for many years to come, and that the poorest of our communities will be the most greatly affected. We will continue to create and deliver services to meet the changing needs of London and its most in need communities, by working to three key strategic objectives: Improving people's prospects- delivering support to increase the confidence, skills, well-being, and employability of young people and adults. Creating better places - supporting communities to work together in making their neighbourhoods safer, healthier, greener, and more resilient to climate change,. and enabling their active involvement in the decision-making concerning the services in their area. Promoting greener living and worklng - helping people, organisations, and businesses to learn more about their environmental impact and how they can behave more sustainably. addressing food and fuel poverty; and improving health and wellbeing. We thank you all and look forward to working with you. Alan Smith Chairman 4of58 About Groundwork Vision Our vision is of a society of sustainable communities which are vibrant, healthy and Safe, which respect the local and global environment and where individuals and enterprise prosper. Mission Creating a better future where people, places and the environment thrive through practical action. Our core values: Equality and Diversity valuing differences, addressing individual needs and barriers and ensuring inclusion accessibility and equity Innovatton and Learning- continuously seeking creative, new and better ways of worklng Co-productlon and Collaboratlon - making decisions together with communlties and ensuring their voice5 define and transform the issues that affect them Integrity and Professlonalism - maintaining high personal and professional standards Partnershlp collaborating with communities, public bodies, educatlonal institutions, private companies and voluntary organisations to maximise benefit5 to people, places and businesses Sustalnability - preserving resource5, protecting ecosystems, reducing waste and building community resilience Our Approach We support those in most need - we provide targeted and inclusive 5UPPOrt tailored to address the Specific needs of vulnerable, excluded or diverse communities and tackle material hardship and povertv by building skills a nd ca pacity We work with others - we collaborate with individuals, communities, Local Authorities, the Mayor of London and other public sector organisations, regional bodies, the private sector and the voluntary/charitable sector to bring about positive and lasting change in London We joln things up - we bring our skills and expertise and forge strong partnershlps that enable us to deliver maximum impact for communities and maximum value for money for those who help us do it We embed equity and Inclusion in everythlng we do - seeking out a diversity of viewpoints, both In the work we do and the people we employ We collaborate and Innovate - we pilot and test new solutions and approaches and embed successful practice in our future work and share our learning with others We act as environmental champions delivering practical action to combat climate and nature emergencies and measuring and reducing our own environmental impact We measure our impact - we focus the time and resources, a5 well as work with others, to really understand the impact of our work and the social value we are achieving We operate within the Federation of Groundwork Trusts sharing learning and identifying local opportunities to nationa I progra mme5, as well as collectively mobilising practical community action to accumulate impact on poverty and environmental issues right across the UK 5of58 Objectives and Activities Charitable Objectives Groundwork London's charitable objectives are set down in its Articles of Association, they include: to advance public education in environmental matters and other ways of better conserving, protecting and improving the same wheresoever. to advance the education of the public in subjects relatinE to sustainable development and the protection, enhancement and rehabilitation of the environment and promote study and research in such subjects; to promote the eff iciency and effectiveness of charities in the direct furtherance of their objects; And within the area defined as London, the South East and South West regions of England, and that part of the District of Three Rivers within the Colne Valley Regional Park; to promote the conservation, protection and improvement of the physical and natural environment to provide facilities i n the interest of social welfare for recreation and leisure time occupation with the objective of improving the condition5 of life for those living or working in or resorting to the area; to promote for the public benefit urban and rural regeneration in areas of social and economic deprivation; to promote sustalnable development for the benefit of the public; to promote the efficiency and effectiveness of the voluntary sector for the benefit of the public by the provision of information, support and advice to local community-based groups. Strategic Objectives To deliver our charitable objectives we: Create and deliver programmes and projects to meet the needs of local communities.. Improving people's prospects Promoting greener living and workin8 Creating better places Build productive relationshi ps and partnerships, influence and shape policies a nd share learning Maintain a stron8, vlable busine55, achleving excellence in service delivery Public Benefit Statement All Groundwork London's activities contribute to the achievement of our strategic aims & objectives and are undertaken to further our charitable purposes for the public benefit. Our main activities and who we try to help are described below. We review our aims, objectives and activities each year in the Busine55 Planning process. This review looks at what we achieved and the outcome5 of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are established to help. The review also helps us ensure our aim, objectives and activities remained focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In pa rticular, the trustees consider how planned activities will contribute to the aims and objectives they have set. Grant Making Policy The Trust administers application5 for various grants schemes on behalf of partnerships with local authoritie5 and other Public Agencies. The Applications are reviewed against specific criteria and business objective5, which are set out by the grants panels and awarded to constituted groups. 6af58 Strategic Report Working with Groundwork South Groundwork London is a member of the Groundwork Federation, together we are working locally and nationally to transform lives in the UK'S most disadvantaged communities. In 2017 Groundwork London agreed to provide financial support and to become the sole company member of Groundwork South, to enable the Groundwork South Trust to continue to deliver Groundwork services in areas of need. Groundwork South continues to operate with its own identity, its own geographical focus and with its own Board of trustees a5 an independent charity and company limited by guarantee. We are proud to support the Trust which ha5 undergone significant change to ensure the effectiveness and efficiency in its operations whilst continuing to deliver high quality services across the South East and South West of England. In future years, Groundwork South will continue to operate a5 an independent Trust and will benefit from both Trusts working together through executive, finance and support services functions. Groundwork South, does not currently deliver all 'Groundwork services, acros5 Its area, in future, highly specialised services will be provided with leadership from Groundwork London whilst delivery will continue to be embedded in local areas; and delivered by the Groundwork South team. Groundwork South has produced its own annual accounts for 2024/25. Their annual report and accounts demonstrate the considerable contribution the Trust is makin8 to Changing Places and Changing lives in the South East and South West of En8land. Financial Revlew Groundwork London has determined to voluntarily provide a Statement of Financial Activity for 2024125, as well as the required consolidated accounts for Groundwork London and Groundwork South las it5 wholly owned subsidiary) for the same period. The consolidated statement of financial activities for Groundwork London and for Groundwork South for the year ended 31st March 2025 shows a total income of £27.857m. The consolidated balance sheet shows total Funds of £11.579m of which £3.595m is designated and restricted reserves. Groundwork London's subsidiary, Groundwork South, has a surplus at 31 March 2025 of £47,731. Groundwork South made financial losses in the years In and prior to 2018119. Following a restructure of governance and management in 2018, GWS is now operating at a surplus with £41,684 confirmed in the statutory accounts for the year ending 2023124 and prevlously £79,537 in 2019/20, £8,952 in 2020121, £191,906 in 2021122 and £211,273 in 2022/23. This has achieved a balance sheet surplus of £16,909 at 31 March 2025. GWS is commltted to retaining surpluses untll GWS has 180 days of unrestricted reserves which we estimate will take 2 years. As explained in the Trustee Report, by virtue of the loans from GWL, GWS continues to operate a5 a going concern. The remainder of this Strategic report focuses on Groundwork London. st Related Party Transactions The Trust is supported by Groundwork UK and the national Federation of Groundwork Trusts and has strong links and collaborative working arrangements with other Trusts within the Federation. Each Trust is an independent charity, but they all share a similar ethos. Each Trust is responsible for its own management and administration, and for developing and delivering projects, that meet its objectives and core purposes. The SORP determines that a charity is not necessarily related to another charity simply because a particular person happens to be a trustee of both. It will only be related if one charity subord inate5 Its interests to the other charity in any transaction because of this relationship. The Federation of Groundwork Trusts and other Groundwork Trusts are therefore not considered to be related parties under the definition of the SORP and the grants made by the Federation to individual Trust5 do not require separate disclosure. 7of58 Strategic Report Groundwork London's principal focus is on delivering activity to meet the needs of London and Londoners. Achievements and Performance As London's population approaches 9 million, with an estimated 2.3 million people living in poverty, and with the city facing an evolving and increasingly complex set of challenges, our work is more critical than ever. Over the past year, our staff teams have worked tirelessly to deliver much-needed services to communities most in need. We delivered more than 600 projects, focusing on the most disadvantaged and hardest-hit communities, while continually adapting our ways of working in response to political, social, economic, and growing environmental challenges. Our work was delivered in partnership with local authorities, housing associations, London regional agencies, the private sector, and other voluntary organisations. We have progressed positive working relationships within the London Boroughs of Haringey, Camden, Croydon, Barnet, Brent, Islington, Hammersmith & Fulham, Ealing, Hounslow, Wandsworth, Lambeth, Southwark, Lewisham, Newham, Hackney, Waltham Forest, Enfield, the Royal Boroughs of Kensington & Chelsea, Klngston-Upon-Thames and Greenwich, and the City of Westminster and London. We continued to build on productive relationships with regional bodies, and in particular the Greater London Authority IGLAI, delivering 46 programmes involving regional support and delivery agencies. As part of our strategic work, we continued to serve on the Cross River Partnership Board, the All-London Green Grid Steering Group, deliver the Greenspace Skills Hub on behalf on the Mayorfs academy programme and our Community Interest Company- Our PorkLife with Equans, Renaisi and Idverde. We delivered 25 projects involving Housing Association partners, reflecting the needs of their residents and neighbourhoods. We developed new and strengthened existing relationships with corporate partners, through employee volunteering engaging with 77 organisation5. In 2024, we agreed on our new Groundwork London 2030 strategy through Trust-wide engagement, seeking the input, views, and ideas from Trustees and our colleagues across the organisation. The strategy development took place over 3 months, starting with 'spotlight' sessions led by colleagues to showcase their work and explore ideas for future working; external input looking at the national framework in which we operate and the context of London,. and Trust wide session5 focused on what we deliver, exploring what is needed by London and Londoners and the role Groundwork London should play over the next 5 years. Our 2030 strategy underpins ou r annual Business Planning and is reflected in the future plans section of this report. As part of this process, we held a staff team event, Building Our Workplace Together, providlng colleagues with an opportunity to share their thoughts, ideas, and hopes for improving everyone's experience at work. These facilitated sessions covered a range of tOPlCs: learnlng and growing together; supporting health and wellbeing; improving communication; our team and our culture; providing an effective workspace for all; empowering our work with technology; and building a greener future together. Underpinning every discussion was the questlon of how we could improve in the context of equity, diversity, and inclusion. A wide range of actions have Since been taken forward under the oversight of the Trust's Senior Leadership Team. Highlights include: a monthly internal newsletter led by staff contributions,. monthly office meetings in our main offices,. informal get-togethers to connect and learn about each other and the organisation, including the annual picnic and BBQ; and the promotion of activity groups such as running and yoga. Our staff induction continues to evolve, and our annual training programme covers a broad array of core subjects, including line management, project management, and safeguarding, with EDI embedded throughout, as well as dedicated sessions on anti-harassment and equal opportunities. Our cross-team Environment Group continues to support delivery of our Environmental Management System land IS014001 accreditation objective5} and to monitor and report on carbon emissions. We have created and published a carbon reduction plan, setting out our commitment to reduce emissions by 50 by 2035 on a pathway to achieving net zero by 2050. 8of58 We delivered several other business performance and improvement measures: retaining environmental management standard IS014001, which we have held since 2008; maintaining our Health & Safety standard CHAS; and Achilles which covers quality, health and safety, environmental 5UStainability/CSR and carbon management. We also maintained our accreditation as 'Disability Confident, in our recruitment practi5es and we retained our Matrix accreditation in recognition of the advice and guidance we offer our trainees and volunteers. In support of our staff team, we continue to provide a Health Cash plan, which enables staff to reclaim costs against certain essential health services. We have maintained our wellbeing notice board featuring resources such as the Groundwork Employee Assistant Programme with helplines, counselling, online resources, and staff have contributed articles and photos about their work and interests to our regular staff newsletter. We have in place a Mental Health First Aid network to support both our staff and volunteers. We have also continued to offer mental health awareness training to many senior managers and other staff across the Trust. We have delivered an incredible range of work during the year, our achievements, described below, are a result of the exceptional time and effort of our colleagues across the Trust being innovative and determined to contlnue to support individuals and communltles in need, Improvln8 people's prospects delivering support to increose the confidence, skills, well-being, and employability of those furthest removedfrom the lobour market, in porticular, young people. We believe that supporting people into lon8-term, sustainable work brings them the economic and social stabillty that can be life cha nging a nd is a key factor contributing to strong and thriving communities. This Is why we deliver employment and skills programmes in London. Through these programmes, we help hundreds of Londoners every year to grow in confidence, gain new skills, and take that step into work. We work with young people, people with disabilities or health conditions, refugees, and many other Londoners who are facing barriers to employment. In 2024/25 we supported over 1,260 people with employment information, guidance and advice and 480 into jobs with over 60 sustained for at least 6 months into jobs. In partnership with our private and public sector employer5, we deliver training and pre-employment programmes designed to increase the confidence, skills, and overall employability of Londoners facing the greatest barriers to employment. Through 2024125 we continued to deliver our DWP Restart contract in Hounslow supporting people who had been out of work for at least six months, and this was extended for another two years. 350 people were supported during the year, of whom 40 found work. We commenced rebuilding our Employabilitv programme that had suffered through the cessation of EU funding at the end of 2023, securing new contracts to support older workers In Westminster and Ukrainlan refugees in Southwark. We have expanded our green skills offer into a family of projects supporting London's grounds maintenance and horticulture Industry to recruit and diversify, helping more unemployed Londoners to find their first job in the sector. Our Green Space Skills Hub entered its fourth year, and with our partner Capel Manor College, almost 1,550 Londoners were trained, of which 542 secured work. For those unemployed people who lacked entry level skills for the sector we have delivered Level l and 2 Vocational Horticultural courses. For those needing most support, we offered training and six months of work experience on our green teams. Our Green Teams delivered landscaping schemes in six London Boroughs and grounds maintenance contracts for clients including City of London, Grosvenor and Bedford Estates. In addition to the jobs offered on our Green Teams, we continued to offer waged training place5 in Westminster Wheels and 80 of those secured long term work on completion. Westminster Wheels has thrived, greatly valued by the Church Street community and traders where it has given a second life to over 2000 unwanted bike5 and serviced the bikes of 5000 Londoners. Those jobs we created on the Green Teams and in Westminster Wheels were only possible with the considerable funding we continued to receive from Grosvenor Estate's Greener Futures programme. During the year, with their support we piloted Route5 Into Retrofit which will bring those same opportunitie5 for unemployed Londoners seeking work in building renovation and energy improvements. During 2024-25, The Nest, Young People's Mental Health Services, Southwark strengthened its role as a leading provider of mental health services for young people in Southwark. Services were externally evaluated by Impact for Urbon Health, which confirmed robust outcomes, far-reaching engagement, and continued responsiveness to community needs. During the year, The Nest under 11-year-service received 79 referrals & accepted 61 1481. For 11-25-year-olds we processed 483 referrals and accepted 48 {232}. 9of58 Evaluation highlighted that we are supporting almost l in 5 of all children and young people mental health referrals in Southwark. Average waiting times were 3 and a half months compared to 12-18month5 for NHS specialist service's, with no notable gaps between demographic groups. 95% of young people rated their support positively and nearly two-thirds of those aged 11-25 showed clear improvements in wellbeing. Our Strengthening Fathers Programme supported 140 fathers With experience in the criminal justice system to rebuild family relationships and strengthen emotional connections. Over 160 children and young people were directly involved, and 310 indirectly, through advocacy meetings, activities, mentoring, through conflict resolution and healthy relationships training and workshop5 including peer to peer support groups and whole family sessions. Our Strengthening Families Programme for parents and carers of young people aged 11-24, Iprimarily from African-caribbean and mixed communities) was delivered bv therapist and family practitioner, and included workshops, peer support, and one-to-one guidance. Externally evaluated by Corum the service received 64 referrals and accepted 88 1561. Findings showed that 94% of parents/carers reported improved mental he3lth145 'to a large extent,), with marked improvement in life satisfaction {+25 ), happiness and worthwhileness {+lO l and reduced anxiety1-25 1. Young people involved in the programme received fewer behavioural sanctions at school and attendance increased from an average of 50 to 87 Parents also reported increased understanding of school policies and greater confidence to advocate for their children. Our School Engagement Team delivered classroom-based interventions to raise awareness of mental health, support Year 6-7 transition5 and reduce absenteeism. We engaged with 31 schools la 31 increase from 2023-241, running 305 session5 and reaching over 9,500 young people, parentlcarers and staff. As part of a national initiative, our Mental Health Support Team (MHST) works acros5 Southwark'5 primary and secondary schools providing early intervention and prevention support for children, young people, their families and staff. The team offers free help for wellbeing concerns such as anxiety, phobias, challenging behaviour, low mood and depression, in schools across Southwark. In 2024-25, we expanded to over 30 schools116 Primary and 14 Secondary), processed 469 referrals, and accepted 88 14141 for support. Activities reached 21,234 children, young people, parent/carers and staff - an increase of 31 on the previous year. The Roots Servlce launched in 2024, the Roots service provides therapy (individual, group, systemic familv therapy, CBT groups and single-session parent workshops) for children aged 5-17 and their families in Waltham Forest alongside the borough's mental health services. Delivery takes place in family hubs, libraries, schools, a nd online. Young people are referred by schools, G P surgeries a nd other local services. We focus on breaking down barriers for children and young people from minority backgrounds and supporting those with neurodiverse needs. Durin8 the year, we received 156 referrals; worked with 151 young people and 151 families. In the last quarter of the year, our Waltham Forest work expanded to oversee the School Mental Health Ambassadors Project, currently in 4 schools. This peer-support programme trains 18-25s to mentor secondary students with mlld mental health needs. The project aligns with clinical sta ndards and Includes referral screening, clea r inclusionlexclusion criterla, robust case management, safeguarding, and clinlcal supervision of the School Mental Health Ambassadors. So far, over 25 young people have received peer sUPPOrt, with 100 reporting the help as positive and that they would recommend the sep4ice to a friend. The programme a150 provides Ambassadors with valuable work experience and professional development, building employability skills. Funded by the Berkeley Foundation, the Youth Leadership project delivered 12 cohort5 of a 14-week programme combining personal development and social-action. Compared to 2023124, we worked with 84 more young people. Of 193 participants, 177 reported improved leadership skills, 163 increased employability for the future green economy and 157 improved resilience and mental wellbeing. Additionally, 157 reported better access to green spaces, and 170 felt more confident to drive change on issues that matter to them. 10 of58 In 2024125 we significantly scaled up delivery of mental health care and prevention. One-to-one therapy rose to 5,982 sessions l+ 130 1 and 7,094 clinical hours {+94 1, while group delivery increased to 1,420 sessions {+ 137 1. Total attendance more than doubled to 34,473 {+112 1, enabling thousands more young people, parents/carers and staff to access timely support. This growth strengthens early help; eases pressure on statutory services and embeds whole-school and community capacity demonstrating a step- change in access and impact across our rnental-health contracts. These results position Groundwork London as a high-performing, evidence-led partner of choice for commissioners, schools and communities. Our Volunteer Centres in Kingston and Barnet continue to grow and evolve, sUPPOrting people to find volunteering opportunities in their community and helping organisations strengthen their volunteer management practices. In 24125, we supported 225 organisations through training and one-to-one guidance, helping them create new roles and improve volunteer management. Over 1800 new volunteers were registered with Volunteering Barnet and Volunteering Kingston and more than 300 new volunteer roles were promoted, We codesigned borough-wide volunteering strategies in Kingston and Barnet to make volunteering accessible, inclusive and a high-q uality experience. The Barnet Volunteer Strate launched in June 2023, set out a shared vision: Together we build stronger communities by embracing ond empowering volunteering. Progress against strategy goals in 24125 included: producing Easy Read documents and short explainer videos to Improve accessibility; supporting sanctuary seekers to take up volunteerlng with tailored role-matching,. expanding youth volunteering opportunitles and launching a dedicated Young Volunteers section on the Volunteerlng Barnet website; piloting a Time Credits scheme to recognise and reward volunteers. The Kingston Volunteer Strategy will be launched in June 2025. In Barnet and Waltham Forest, we completed the final year of Food Hub delivery. The hubs redistributed surplus and purchased food to foodbanks and food aid organisations, helping to reduce food insecurity for residents. Over the year, we supported more than 30 foodbank5 and food aid organisations, distributing over 474,OOOkg of food equivalent to over 760,000 meals - while preventing 543,814 of CO2 by diverting food from waste. As Local Authority funding come to an end in both boroughs, we supported the establishment of local initiatives to fill the gap. In Barnet, this included a volunteer led daily distribution of surplus food to foodbanks. Promoting greener living & working helping people /and businesses learn more about their environmentol impact and act responsibly to reduce natural resource use ond improve their health. Fuel poverty continues to affect London's most vulnerable residents, with some GLA modelling showing that it could potentially impact as many as 24% of London households. It's families with young children, the elderly and those with existlng health conditlons that suffer the most acute effects of this through mental stress, poor health, and wellbelng. During 2024125 our Green Doctors sUPPOrted over 2,400 households In fuel poverty, helping people save more than £325,000 through our energy saving advice and free devices. We installed 4,993 free energy saving devices {including LED bulbs, radiator panels and draught proofing), helping London households cut 1200 tonnes of C02 emissions. Alongside our Home Visit Service, we delivered energy saving outreach events, engaging over 2,000 people with advice. free 'keep warm, packs and referrals into our seniice. We also saw households facing rising debt, particularly over the winter, a5 high energy costs left many unable to clear debt5. We 5UPPOrted people with debt write-off applications and set up sustainable repayment plans. London faces growing water stress due to climate change (extremes of hotter, drier summers and less predictable rain patterns), population growth and rising demand. One of the solutions, is for domestic propertie5 and businesses to Use, and waste, less water. In partnership with Groundwork South, we have supported people to reduce their water use, fitted water saving device5 and leak fixes through our Water Efficiency programme. Together we delivered over 25,000 visits to customers of Thames Water (5,055), Affinity Water117,3121, Wessex Water12,7241 to reduce their water consumption. These visits reduced average consumption by about 60 litres per household per day, or up to 300 litres where leaks were identified and fixed. Customer satisfaction remained high, with average scores of 9110 and Net Promoter Scores above 70 11 of58 Our Thames Water funded 'Smarter Business Vi51t' programme delivered savings of 10.1 megalitres IMLI per day. focusing on Schools and other high footfall venues. Additional non-household water efficiency visits, delivered with Groundwork South, achieved water savings of 5ML per day (South-west Water), 1.67ML per day (Southern Water) and just under 1.5MLD for {South East Surrey Waterl. We also supported Thames Water on pilot projects to reduce storm overflow events, installing 89 devices at 89 properties in Potters Bar and 66 devices at 59 properties in the Lye Valley area of Oxford, receiving excellent customer and client feedback. Our community reuse hub, The Loop Grahame Park Estate, established in 2015 as part of the EU LIFE funded REPURPOSE programme, continues to provide essential services for local communities. We collect unwanted furniture and household appliances from residents, homes, repair them and resell them at low cost. The Loop also acts as a community hub, engaging volunteers and delivering workshops and training in repair and crafts. All sales income is reinvested into the project to purchase workshop equipment and fund more local events and free training. In 2024/25 we implemented a new digital sales system with online capabilities and invested in a new van for deliveries and collections, increasing capacity, reach and reliability. The site also offers year-round opportunities for smaller corporate groups to volunteer and gain hands-on experience of furniture upcycling. Across all our reuse programmes diverted over 612 tonnes of waste from landfill and achieved overall savings of over 10,697 tonnes of CO2 emissions. As part of our health focused work, our team of 18 Soclal Prescrlbing Link Workers ISPLWs} supported over 5,100 patients across Hounslow GP practices in 2024125, addressing non-clinical health needs such as mental health, housing issues {mould & damp), homelessness, employment, and social isolation. Patients were referred to over 130 specialist or8anlsations, and wellbeing scores improved by an average of +0.81 points (ONS scale). In December 2024, we introduced a specialist Link Worker at West Middlesex Hospital to support frequent Users of Emergency Departments. Since the launch 125 patients have been supported with referrals covering mental health, urology, gastrological, cardiology, alcohol and d rug addiction, diabetes, chronic pain and dermatological issue5 and social support, helping to reduce A&E attendances. The London Borough of Barnet {LBB) Public Health commissioned us to engage with young people, parents/carers and delivery stakeholders (including school nurses, School Age Immunisation Services (SAISI providers) to understand barriers and attitudes towards Human Papillomavirus IHPVI vaccination. The project targeted communities with lower uptake of the vaccine, including Turkish, Jewish, Romanlan, Black African, Black Caribbean, Jewish and Perslan/Farsi speaking groups. We engaged 150 individuals through focus groups a nd one to one discussion providing insight into both practical and cultural barriers. Key themes identified included, lack of clear accesslble information for young people and their parents/carers before the vaccine Is offered, specifically via reputable sources in communlty languages; concerns that the HPV vaccine will promote sexual activity; uncertainty around whether the vaccine is necessary; and concerns about safety and side effects relating both to HPV and vaccines more broadly. Recommendations are now being taken forward by Barnet Public Health and shared across North Central London boroughs, 12 of58 Creatlng better places - supporting people to work collectively to make their surroundings greener, safer, and healthier and be octively involved in the way decisions ore made about services in their orea. We managed a broad portfolio of Grant programmes in 2024125 distributing £9.5m on behalf of national, regional and local partners, to support nearly 650 grass roots community organisations across London. We have focused on grant administration opportunities that reflect the breadth of our own delivery services, allowing us to share valuable insight with partners and beneficiaries on codesign, effective selection and deSivery. Funded projects have supported public space enhancement. tree planting, green travel choices, energy efficiency, community safety integration, access to culture, skills development and employment. Through the grants programmes and the delivery of our own seniices - including community gardening, corporate volunteering and the work of our Landscape Design Team - 173 hectare5 of land was improved in London. Our Landscape Design Team's expertise is reflected in its expansive project portfolio Spanning core areas, such as climate adaptation and resilience; biodiversity and water management; SUDS (Sustainable Urban Drainage System5) design {in both new landscapes and challenging retrofit scheme51; training in SUDS design and management; planting and design to improve air quality; innovative natural, incidental and formalised play spaces; improved access to open and green spaces; therapeutic landscapes, and revitalising historic landscapes and heritage assets. Our approach is to codesign with local communities, ensuring that projects reflect residents, aspirations and priorities. This year we continued to deliver therapeutic green spaces for the NHS, improve and enrich the well-being of patients, staff and visitors and provide opportunities for social prescribing. At the John Scott Health Centre, for example, we designed the garden with raised beds for the gardening group and sensory planting with a medicinal theme and blodiverse habitats. The space also accommodates outdoor exercise and innovative, low maintenance decklng and benches made from Plastecowood; a carbon neutral product made from 100 UK waste plastic. Building on our successful project at John Burns Primary School, we have worked with LB Richmond and Wandsworth on projects to reduce flood risk and alleviate pollution to water courses, improve biodiversity and create greener public spaces. Highlights include a new on-street SUDS rain garden in Barnes and a SUDS retrofit on a Mortlake social housing estate, working with Richmond Housing Partnership {RHP} and Mortlake Hall through the Community Bluescapes Ideas Fund. This year also saw the launch of our SuDS/Green Infrastructure training course with Capel Manor College. Our first cohort, from the London Borough of Barnet explored how SUDS and green Infrastructure can reduce flood risk and enhance biodiversity. The 3-day training course Included site vislts to our flagship SUDS retrofit project at Queen Caroline Estate in Hammersmith, and covered topics such as construction and maintenance of SUDS and green infrastructure, the purpose and benefits of SUDS; climate change resiSience; and the four pillars of SUDS: water quantity, water quality, amenity, and biodiversity. We embarked on the second year of a two-year Knowledge Transfer Partnershlp with the University of East London, helping the Trust to realise Biodiversity Net Gain opportunities on land owned by Groundwork South (Goblin Combe in Bristol} and on sites owned by local authorities and private landowners in East Sussex. In 2024/25, Groundwork London our Communities team were commissions by the GLA Resilience Team to work with partners, to develop a city-wide programme of community resilience, drawing on Groundwork's Communities Prepared model. This work led to the Communities Prepared Toolklt and Climate Connected Communlties a new GLA-funded programme designed to help London's communities strengthen resilience to climate risks and extreme weather. The first London Community Resilience Toolkit provides a practical guidance to help local groups prepare for, respond to and recover from future challenges and emergencies. It covers mapping community assets and partners, developing and supporting volunteers, and making effective use of community spaces. In March 2025, we concluded our Afghan Refugee Resettlement programme as part of London Borough of Hackney's commitment in the Afghan Relocation and Assistance Scheme funded by the Home Office. From 2021 to 2025, we provided intensive support to seven families including welcome booklets, benefit applications, school and college enrolments, and GP and dentist registrations. Personalised Support Plan5 affordability assessments and housing move-on plans were created. Ongoing support has also included E50L courses, employment advice and health referra15, and integration as well as acce5S to hardship and furniture fund5. 13of58 Educational events were held on housing and wellbeing and E-visa applications completed for all familv members. The project successfully supported families to improve self-sufficiency, overcome barriers and integrate into their community. London Borough of Tower Hamlets commissioned Groundwork London in consortium with ReLondon, to deliver community engagement as part of the borough's 'Let's rethink Recycling, campaign. With a borough wide target to raise recycling rates from 17.7% to 23 by March 2025, activities focused on improving recycling knowledge and participation, held in primary schools and mosques in five neighbourhoods. Engagement included sessions with 9 mosques 1800+ people) and 19 schools 1725 children). Children and teachers rated the sessions 4.2 out of 5, with 75 of children saying they had learned, quite a lot, or a 'lot', while 87 of teachers said the sessions linked well to the curriculum that they were studying. As part of Islington Council's effort5 to tackle the climate emergency and create a more sustainable future, the council launched Islington Greener Together in March 2022. The programme invited residents, businesses and community groups to help shape a more environmentally friendly future by bringing their green ideas to life. Groundwork London was commissioned to deliver the 2-year sister programme, Islington Greener Together Champions programme 2023-2025. We devised and facilitated 32 bespoke training events for the growing network of 154 Champions and we designed and distributed a Maintenance Guide Pack for highways and housing green sites. We also provided a legacy strand, Wilder Streets-community Science which offered Carbon Literacy accredited training and upskilled Champions to monitor the highways Sites for biodiversity and recommend improvements for priority species habitats. The GDS Team provides spatial and non-spatial data expertise to Trusts across the Groundwork Federation, streamlining processes, improving data-related efficiency, and ensuring reliable systerns for project delivery and reporting. The team has focused strongly on data and system development, wlth Salesforce used to create tools for data management, programme reporting, and national initiatives. Power Bl dashboards now give Trust5, client5, and funders access to real-time data, improving transparency and decision-making. Automatic reporting 15 increasingly used to provide consistent updates to Customers and businesses, for programme5 such as Water Efficiency and Green Doctors. New process automations reduce manual data entry, while integration with Outlook via the Microsoft Graph API is streamlining scheduling and communication. This work underpins some of the Federation's largest programmes. The GDS Team supports the delivery of the Water Efficiency Programme for 5 water companies covering over 827,000 properties and 65,000 businesses. For the Mental Health Programmes, 13 initiatives have reached more than 4,300 children, young people, and families. The Green Doctors seNice is currently delivered through 35+ active projects {including British Gas, Cadent Foundation) across 11 Trusts, with over 24,800 bookings completed in the FY 24/25. Through the Federation GIS programme, 8 Trusts now use the ESRI ArcGIS platform to map and showcase projects both internally and publicly. Thi5 includes impact analysis, river5 management and story maps. The team also provides training and tailored mapping support, enabling colleagues across the Federation to make better use of spatial data in both project delivery and communications. 14of58 Groundwork London Financial Review Groundwork London has determined to voluntarily provide a Statement of Financial Activity for Groundwork London 2024125 as well as the required consolidated accounts for Groundwork London and Groundwork South las its wholly owned subsidiary) for the same period. The financial review of the group is described earlier in this report. Groundwork London shows income achieved in the year of £21,605,730 with expenditure of £21,969,528. Principal Funding Sources Funding for Groundwork London was provided by the following sources: Local Authorities Public and Regional Agencies European Union Private Sector National Lottery 4,930,697 5,026,846 16,552 11,540,444 91,191 21,605,730 Reserves Policy The Board of Trustees has agreed a long-term aim of holding unrestricted, free reserves equivalent to six months'1180 days) running costs. The Board believes this is a prudent level of reserves for a Charity based in Central London and is in line wlth other Groundwork Trusts. The Board has agreed that a reasonable level of reserves is required to.. absorb Short term setbacks such as loss or delays in funding finance working capital needs and fund time delays between the expenditure and receipt of funds set aside funds for appropriate capital assets such as IT equipment and securin8 and developin8 suitable prem ises The Board monitor unrestricted reserves on a quarterly basis and the Reserves Policy is reviewed on an annual basis to assess the needs of the organisation. At the year-end unrestricted reserves shown In the balance sheet covered 218 days {2024: 208 days) running costs. The reserve5 days includes the consolidation of Groundwork South's accounts into the Groundwork London accounts. Investment Policy The Trust aims to have a portfolio of Financial Investments consistent with a "Balanced Portfolio" profile of risk, return, and liquidity, as identified in an externally conducted assessment of attitude to risk of the trustees when investing the Trust's asset5. In order to achieve this it will select Investment Managers which are able to make informed and timely asset allocation decisions consistent with the objectives of this Investment Policy and which may include Government and Corporate Bonds IUK and Overseas), UK and overseas Equitie5, Property, Gold and other commodities (excluding coal) and cash. The Trust aims to utilise returns from financial investments for its day to day operations. The Trust Wishes to keep at least 40% of total asset5 in investments which can be realised within three months. A minimum of 10 of total assets should be capable of being liquidated within 7 working days. 15 of58 The Trust will not invest directly in any organisation whose main business activity is: The production of tobacco or narcotics The production of pornographic material The manufacture of weapons of war Encouraging or enabling gambling Providing Home Credit (Doorstep Lending} Using child labour or other exploitative employment practices The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors. The total return on the Trust's investments for 2024-25 were 0.1 (2023-24 8.96 1. Section 172 Statement The Board is required to report on how its decision making has aligned with its duty to promote the success of the Charity in accordance with section 172 of the Companies Act 2006 The Board is required by law to take regard to the followin8 factors in any decision-making process: the likely consequences of any decision making in the lon8 term the interests of the company's employees the need to foster the compan(s business relationships with suppliers, customers and others the impact of the company's operations on the community and the environment the desirability of the company malntaining a reputation for high standards of buslness conduct and the need to act falrly as between members of the company 16of58 Future Plans 2025/26 In line with our new strategy: Groundwork 2030, our ambition is continue to be a significant force for changing places and changing lives across London. During 2025126 Groundwork London will work to three strategic objectives through which we expect to meet the challenges posed by London's operating environment: l. Creating and delivering services to meet the needs of London and Londoners. Delivering high quality, innovative actions with multiple economic, social and environmental benefits will be central to all that we do. Our priorities are: Improving people's prospects- delivering support to help young people and adults improve their health and wellbeing, increase their confidence, skiI15 and help those out of work find job5. Promoting greener living and working - helping people, organisations and businesses understand their environmental impact and take action to reduce carbon footprints, water consumption, waste, food and fuel poverty; and respond to climate, water and nature emergencies. Creating better places - supporting people to work collaboratively to make their surroundings greener, more resilient, safer and healthier; and enabling people to work together, take action and bring about change in their local area 2. Bulldlng productive relatlonships and partnerships, influence and shape pollcles and share learning The success of our work is reliant on building long-term, cross sector alliances to develop collaboratlve business opportunities and by adding value to local and regional strategic partnerships. We will focus on". Developing and expanding our assoclations with the London Boroughs and the Housing sector Exploring and creating new programme activities with the GLA and TfL, London Counci15, and the London Strategic Waste Authorities, Health commissioners and providers and academic institutions Develop new services for residents and businesses with utilities companies and expanding our work with the corporate sector Provide management and Board support to Cross River Partnership, London Community Resource Network and Our Park Life Working with the voluntary sector and other community support organisations Working with the members of the Groundwork Federation on business development, peer support and the future development of the Federation 3. Maintaining a stron& viable buslness, achlevlng excellence in service delivery We will continue to innovate, evolve and grow as an organisation building on our experience, our Successes and learning. We will continue to improve how we plan, deliver and measure the impact of our programmes, whilst enhancing our organisational capabilities, internal systems and operations ensuring that we are: Fostering a culture of equity and inclusion Enabling collaboration Driving innovation Demonstrating and promoting the value and benefit of our services Focusing on those in most need Continuing to invest in our competencies. professionalism and specialist skills Diversifying our funding Modelling 5UStainable behaviour5 17of58 As we continue to evolve and grow a5 an organisation we build on our experiences, successes, and learning. We are committed to fostering a culture of equity and inclusion and support participative and integrated working across all staff teams. We will progress actions identified by our staff and trustees with a focus on; raising our consciousness and actions of Equity, Diversity & Inclusion; diversity in our employees and at senior levels; and communications. We view promoting equality in the workplace as an ongoing endeavour; we aim to ensure our approach and processes continue to be aware and responsive to continuous improvement. We will also ensure that Groundwork activity is sustained and developed across the South of England through our wholly owned subsidiary Groundwork South. We will do this through shared leadership and management of defined specialist activities. Groundwork South wi51 present its own business plan focused on the communities in South East & South West England. We wlll deliver: Community spaces: Enabling community led environmental improvements through co-creation of open spaces. We will: Inspire, mobilise and support people of all ages to take a more active role in improving, managing and activating the local spaces or community hubs that matter to them Focus activity on neighbourhoods where there is more limited access to high quality open space. Work creatively with landowners, funders and other partners to maximise the social, health and wellbeing economic and environmental benefits of green spaces Green infrastructure: Providing leading technlcal expertise in sustainable urban landscape deslgn, Nature Based Solutions and climate change adaptation. We will: Provide technical and delivery expertise in landscape design, sustainable drainage systems, rainwater management and storm-water reduction initiatives Providing Geographic Information Systems mapping insight and Spatial analysis Create and enhance spaces that are resilient to the changing climate, and that meet the needs of local communities for sport, play and recreation and enhance London's nature and heritage Apply our expertise in rewilding, land management, Biodiversity Net Gain and carbon sequestration to support green space projects including those of our partners and community initiatives Health & Wellbeing Encouraging physical activity, promoting healthy lifestyles, supportlng personalised care and the prevention of poor health and addressing environmental causes of health problems and tackling health Inequalities. We will". Encourage, enable and champion people to improve their health and well-being through physical activity and pa rtlcipation in social prescribin8 and community champions, initiatives. Linking individuals to alternatives to clinical 5UPPOrt, such as community services, activities, and resources, to address wider health and well-being needs Help people improve their mental health through specialist support, well-being coaching and signposting Address food poverty by tackling food inequalities, promoting community food growing and healthy eating Focus on addressing major environmental issues that impact health such as poor air quality and extreme weather events, and help Londoners adapt to these challenges Social integration Using a community participation approach to create stronger, more cohesive communities, to improve quality of life and opportunity. We will: Tackle the socia I, physical and practical barriers to inclusion, including knowledge and skills, perceptions and confidence, and access issues such as digital exclusion Help socially isolated individuals, in particular older people through activities such as 1-2-1 support, creative group workshops and facilitating volunteering opportunitie5 Support the integration of marginalised groups, including refugees, migrants and older people, through peer support, building confidence, connection to local services and linking to social networks 18of58 Volunteering: Brokering volunteering opportunities for individuals and organisations. We will: Inspire and support people of all ages to volunteer, helping them find the right opportunities, ensuring they have great experience and fulfil the goals that motivated them to volunteer Encourage volunteering to improve well-being, build Skills, and gain experience for employment Support organisations to identify volunteering opportunities and make the most of volunteers, time and skills Helping businesses and the public sector to enhance employee engagement and their workforce through team buildin& skills-based, and micro-volunteering activities and volunteering programmes Employment and Skills: Providing personal advice and guidance, training, work experience and job brokerage. We will: Help the most disadvantaged people improve their skills and move from welfare into sustainable employment by: personal advice and guidance; realistic work placements and trials; addressing barriers to work and linking the right people with the right jobs Deliver accredited training, certifying the skills that people have gained from working with us, and enabling them to gain employment and progress into further training Youth work: Delivering coaching, mental health support and engaging activitie5 to empower young people to develop their life skills and achieve their potential. We will: Run clubs and activities for young people that enable them to develop life skills, engage in social action and contribute to rewarding work in their local community Work to improve the attainment, aspirations and wellbeing of young people, coaching them to make the most of their educatlon opportunities, explore meaningful career paths and make positive life cholces Provide young people with early Intervention and prevention for mental health and wellbeing Green Jobs: Promoting the growth of green Sobs, raising awareness of them and providing practical, attainable routeways for disadvantaged job seekers. We will: Raise awareness of green jobs and create and deliver training programmes to enable people to secure work in this sector Create waged, supported work opportunities in the green sector to enable people to gain work experience Support green sector businesses to attract and upsklll a diverse workforce Create trainee and apprenticeship opportunities across Groundwork's work programmes covering areas such as reuse, water and energy efficlency Resource efficiencv: Reducing waste, energy and water consumption through advice and action. We will: Help more people, particularly vulnerable residents, to reap the benefits from more efficient consumption of resource5, changing behaviour5 and accessin8 SUPPOrt to improve home5 through retrofit and new technologies leading to reduced energy and water consumption and lower utility bills Support and build the capacity of public, private and voluntary sector organisations to meet carbon and water stress reduction targets, as well as their wider environmental management aspirations, ESG and social responsibility or social value targets Contribute to London's circular economy and it's wider co-benefits by increasing and promoting upcycling, recycling and reuse, in particular domestic furniture, white goods and bicycles Grants Management Provide grants administration service for public, third sector and private partners to efFiciently distribute funding to delivery organisations of all sizes, types and sectors ensuring accessibility and support for diverse communities and needs Provide grant management consultancy and co-design services to funders, helping them effectively achieve their goals whilst ensuring support meets the needs of grantees Design and deliver practical capacity building including training, workshops, 1-2-1 guidance, to help organi5ations access funding more equitably, strengthen their ability to deliver successful projects and embed strong environmental practices in their work Climate Action 19of58 Empowering Londoners to tackle climate change through education, coproduction, and sustainable action. We will: Increase Londoners, awareness of and resilience to climate change through carbon literacy training and other educational initiatives that support them to minimise the causes and effects of climate change, reducing climate and wider eco-anxiety Support communities in emergency planning through large scale engagement campaigns, with a focus on those most disproportionately affected by the impacts of climate change Identify opportunities to help London respond to the nature emergency and reduce biodiversity1055 Actively support and promote greener travel opportunities in the capital Innovation and development Investing in new ideas and development to meet London's changing needs. We will: Invest in ideas and new ways of doing things in collaboration with our key partners, clients and funders to address the challenges facing London and Londoners 20of58 Principal Risks and Uncertainties The Board accepts its responsibility under the Charity Commission's Statement of Recommended Practice ISORP) for ensuring the major risks to which the charity is exposed are identified and reviewed and that there are systems in place to mitigate against them. The Trust undertakes an annual review of risk; the principal risks identified during the business planning process for the forthcoming year are: Failure to secure funding for the projected operations plans Inability of the organisation to meet it5 Utilisation target5 or chargeable rates Poor performance and partner dissatisfaction with the quality of delivery Loss of large contracts Failure to deliver targets in'payment by results, contracts Strategic planning is central to our business management, common features that will help us address these risks are: Undertaking regular compliance reviews of all contracts to ensure Se￿iCe delivery meeting contract requirements Implementing adjustments to ensure agreed outputs and outcomes are met, empowering our staff to develop new, creative and effective ways of working Reviewing and amending our business operations, including a focus on ICT as being essential to adapting our delivery and working arrangements Implementing changes to our structure and operations as required to ensure the Charity can continue to deliver its charitable objectives Expanding our offer to existing and new partnerships with local authorities, housing associations and the private sector Investing in specialist 5ki11s to drive up quality across all our services Prioritising and consolidating development, marketing and communications to grow our visibility and broaden our access to new income sources Developing and implementing new strategies for the recruitment of experienced staff to mana8e and deliver seNices, balanced with identifying and developing talent within our staff team Maintaining fundralslng capacity and continuing to strengthen the quality of our bids and tenders Continued emphasis on demonstrating the value and benefits of Groundwork's seniices Monitoring delivery and financial performance Preparing actions plans to mobilise change proce55es arising from changes or loss of major contracts Providing training and sUPPOrt to improve project and performance management and client focus ski155 to ensure projects are delivering required outcomes, on time and to budget Engaging with Groundwork South and the Federation to provide support to business management and development and specialist delivery services Financial management of projects is controlled using PIMS (Project Information Management System). The Trust has strong skills within the staff teams in its effective use. Expenditure is only made on projects once income has been secured. The amount of secured and unsecured income and the expenditure and revenue on all projects is analysed on a monthly basis. Detailed management information is imported from the system to provide up to date financial and operational performance against targets. The Executive Team reviews income and contribution secured against business plan, team capacity and project performance together with other business information. These are also reported to the staff teams at monthly Operations and Development meeting5 and on a quarterly basis to the Board, to focus Trust attention on achieving Business Plan targets. 21 of58 In addition to reviewing the risk register, quarterly reports to the Board monitor income & expenditure and progress towards financial targets. Detailed management accounts are examined at each meeting. The Trust submits these accounts to Groundwork Federation on a quarterly basis and is monitored on security of income and financial stabilitv. Financial Instruments Groundwork London's financial risk management objective is broadly to seek not to make losses from exposure to any interest rate or currency fluctuations. In the year 2024125 we have had no exposure to these fluctuations. Our policy has been to finance fixed assets through retained reserve5. Other than bank charges, no interest 15 payable on our bank accounts. Energy and Carbon Statement As part of the obligations set out under the Energy and Carbon Report Regulation5 2018, we monitor and measure energy consumed, and subsequent carbon created as an organisation. The energy we consume is primarily fossil fuel which falls Wlthin scope l & 2, as classified under Energy and Carbon Reporting (SECRI. We created and published our carbon reduction plan in March 2025. Employees Groundwork London provides an inclusive working environment for employees and supports professional and personal development. Groundwork London is committed to fostering a culture of diversity, respect and inclusion as well as equality of opportunity for all employees. Employment practices and policies are in place to ensure that no employee receives less favourable treatment because of age, disability, gender, race, religion or sexual orientation. The Executive Team regularly provides information to employees through inductions, monthly emails and regular all team meetings. We have also setup Teams channels for specific topics including Wellbeing and Learning and Development. The organisation provides wellbeing support through its Wellbeing Network and its team of Mental Health First Aiders. We subscribe to Health Assured's Occupational Health Employee Assistance programme, help and advice lines, counselling and listening line, online web chat and online videos. The organisation also operates an Employee Benefits Health Cash Plan where staff can claim contributions on healthcare bills. In line with legislation we calculate and publish our annual gender pay gap data and report in April each year. Our mean gender pay gap in April 2025 reported that women earn 4.2 more than men (April 2024: 4.2% higher) and median was 10.27° hlgher {April 2024: 7.1% higher). 22 of58 Reference and Administrative Details Registered Company number 04212532 (England and Wales} Registered Charity number 1121105 Reglstered office of the company and principal office of the charity 18-21 Morley Street, London, SEI 7QZ Our advisers Auditors Hartley Fowler th 4 Floor, Tuition House, 27137 St George's Road, London, SW19 4EU Blackheath Branch, PO Box 1000, BXI ILT 61 Charterhouse Street, London ECIM 6HA Bankers Solicitors Lloyds Bates, Wells & Braithwaite Key management personnel: Dlrectors and Trustees The directors of the charity are its trustees for the purpose of charity law. The trustees and officers sepiing during the year and since the year end were as follows. Co-opted Alan Smith (Chair 114114) Graham Beal Dan Davidson Phil Stokes Keith Taylor Sophie Tay50m Sadaf Rasheed Tom Leake Alex Beer Tony Beaman Wen-yu Weng Simon Herbert appointed appointed resigned resigned appointed resigned 20/02/2012 10/03/2014 24106/2024 2310912024 2010312017 1010312025 11 resigned appointed appointed appointed appointed appointed 11104/2025 28109/2020 2711112023 2610212024 2610212024 12/06/2025 Groundwork UK nomlnee Marilyn Baxter resigned 1010312025 Local Authority nomlnee Susan Wise resigned 2310912024 Company Secretary Stuart Harrlson Key management personnel: Senior Managers Executive Director Director, Finance & Corporate Services Director, Communities & Environmental Services Director, Development & Strategic Programme5 Director, Youth, Employment & Skills Lindy Kelly Stuart Harrison Katrina Baker Ben Coles Graham Parry 23of58 Structure, Governance and Management Structure Groundwork London is a registered charity and company limited by guarantee and is governed by its th Articles of Association. Groundwork London was registered as a limited company on 8 May 2001 under the name Groundwork London Partnership and changed its name by Special Resolution to Groundwork th London on 10 September 2007. On l November 2007 Groundwork London merged with Groundwork Southwark & Lambeth, Groundwork South East London and Groundwork Merton. On I" April 2008 Groundwork London merged with Groundwork West London and incorporated the London activities of Groundwork Federation Inon-legal incorporation). Groundwork North and Groundwork East London gt st transferred as mergers on l April 2009. Groundwork London is a member of the Federation of Groundwork Trusts in England, Wales and Northern Ireland, each working with partners to improve the quality of the local environment, the lives of local people and the success of local businesses in areas in need of investment and support. The Federation Membership Agreement is a bilateral agreement jointly signed by both the Trust and the Federation, setting out the obligations, def ining the minimum quality and ethical sta nda rds, setting out the core values and defining the circumstances and procedures whereby Trusts may be required to leave the Federation. Groundwork London became the sole company member of The Groundwork South Trust Ltd on the 14 March 2017. Groundwork South continues to operate as an independent company with it5 own Board. The Members of Groundwork London The company members are the Federatlon of Groundwork Trusts, Dan Davldson, Eugenie White, Alan Smith, John Smith and Susan Wise. th Governance As Groundwork London has evolved so has our Governance ensuring that it is both relevant and effective as well as being resilient to future changes in our operating environment. Board of Trustees The Governing body of the Trust is the Board of Trustees. The Board is responsible for major strategic decisions and has ultimate responsibility for the conduct and financial via bility of the organisation, it meets formally four times a year. The Board comprises of not more than 15 Directors of whom not more than 6 are either nominated or appointed and 9 co-opted Trustees: Trustees generally serve In terms of between 12 months and 3 years and can be reappointed by the Board. The Board has an agreed strategy to enable Board succession to occur on a rolling basis. Committees The Board has established several commlttees: Finance & Audit Committee is responsible for reviewing the overall status of financial and investment resources and for making appropriate recommendations to the Board. It meets four times a year. The Executive Recruitment & Remuneration Committee assists the Board in the appointment of the Executive Director and to support the Executive Direttor in the appointment of Directors and to consider and approve their remuneration. The Remuneration Committee meets once per year. The Remuneration Committee is appointed by the Board to consider and approve the Trusts annual pay review within the parameters set by the Board and to approve the Trusts salary grading structure. The committee a150 assist5 the Board in the appointment of the Executive Director and to support the appointment of members of the Executive Team. The governance structure has included the Local Authority Members Board. It is proposed to discontinue this Board during 2025126. This will necessitate a change in the Trusts Articles of Association. Induction & Trainin New members of the Board of Trustees are provided with the Groundwork London Governance handbook and other key documents and have an induction meeting with the Executive Director. The induction includes an overview of the objects of Groundwork London and its Vision and Mission, the structure, its staff and volunteers and finance. Trustees are also encouraged and supported in visiting projects. 24of58 Communit Interest Com Our Parkli Our Parklife was formally constituted in September 2014 by company members; Equans (previously known as Engle prior to name change). Groundwork London; Renaisi and Idverde (previously known as The Landscape Group prior to acquisition). Equans appoint two members to the Board and all other members appoint one Director. Groundwork London's has appointed two Directors who alternate, they are Graham Parry (Director, Youth, Employment & Skills) & Ben Coles {Director, Development & Strategic Programmesl. The objects of the Company are to carry on activities which benefit the community and in particular (without limitation) to promote the social, economic and environmental well-being of residents in the boroughs immediately surrounding the Queen Elizabeth Olympic Park in Stratford by providing opportunities in the park: for employment and training; improvin8 skills and knowledge: and encouraging entrepreneurship, innovation and business skills. within the operations of the Members across London for employment and training and Improving skills and knowledge; for new and existin8 residents to meet and mix to promote cohesion and Inclusion; and for local people to volunteer, to learn about environmental sustainability and to undertake Initiatives in their own neighbourhoods and provide educational opportunitles for schools and young people. an 25of58 Management The Board delegates day-to-day financial and managerial control of the organisation to the Executive Director. The Executive Director, together with the Executive Team, meets monthly to discuss the operational and financial status of the Trust. Groundwork London's professional team continues to evolve in response to changes to our organisational structure and changes to the scale of the activities across each of our thematic areas and the needs of our business operational requirements. The framework within which our teams are organised are guided by the following principles: We must remain embedded in the local community, With local delivery at the core of what we do We must be able to operate a seamless, consistent and high-quality delivery service across London We need to be a credible local and regional partner able to operate at a strategic level We must be a strong and viable organisation Projects and programmes continue to be delivered by local teams, with management organised through area management Structures and specialist service. At the end of the 2024125 we had 231 FTE employees. Lindy Kelly Executive Director Katrina Baker, Olreclor Communllles & Envlronmenlal Services Graham Parry, DirecloT Youth, Employment & Ben Coles. Dlreclor D&velopmenl & SlraleglG Programmes Stuart Harrison, Dlreclor Flnance & Corporate Services • Communits'8s & Volunleerlng services . Landscape Deslgn Servlces Geospatlal arKI data setvlces Envlronmental ServlGes Social PresGrlblng Employment & SkSlls Trdlnlng servlces Youth Services Development & Fundraising • Grants Managamanl . Corporate Partnershlps Water Efficiancy servSc8S Straleglc Marketlng •EU • Flnance • Admlnlslralion • Property •HR Tralnlng & Development 26of58 Trustees, responsibilities in relation to the financial statements The charity trustees (who are also the directors of Groundwork London for the purposes of company law) are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resource5, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the trustees are required to: select suitable accounti ng policies and then apply them consistently,. obsenle the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any material depa rtures d isclosed and explained in the financial statements; prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responslble for keepin8 proper accounting records that disclose with reasonable accuracy at any time the financial posltion of the charity 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 charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financia I statement5 may differ from le8islation in other jurisdictions. Statement as to disclosure to our auditors In so far as the trustee5 are aware at the time of approving our trustees, annual report: there is no relevant Information, being information needed by the auditor in connection with preparing their report, of which the group's auditor is unaware, and the trustees, having made enquiries of fellow directors and the group's auditor that they ought to have individually taken, have each taken all steps that he/she is obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. By order of the board of trustees Trustee th Date: 15 September 2025 27of58 Independent Auditor's Report to the members of Groundwork London Opinlon We have audited the financial statements of Groundwork London (the 'parent charitable company,) and its subsidiaries (the 'group'l for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, 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 group's and the parent charitable company's affairs as at 31 March 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 Companies Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Audlting (UK) {ISAs (UKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Flnancial Reporting Council's Ethical Standard, and we have fulfllled 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. Concluslons relatlng to going concern We have nothlng to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where.. the trustees, Use of the goin8 concern basis of accounting in the preparation of the financial statements is not appropriate; or the trustees have not dlsclosed in the financial statements any identified material uncertalnties that may cast Significant doubt about the group's or the parent charitable company's ability to continue to adopt the going concern bas15 of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Other information The trustees are responsible for the other information. The other information comprises the information included in the trustees, annual report, including the strategic report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material mi55tatement of thi5 Other information, we are required to report that fact. We have nothing to report in this regard. 28of58 Independent Auditor's Report to the members of Groundwork London Icontinued) Opinion on other rnatters 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 trustees, annual report, including the strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements. the trustees, annual report, includin8 the strategic report has been prepared in accordance with applicable legal req uirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual report, including the strategic report. 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 by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or the parent charitable company 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 informatlon and explanations we require for our audit. Responsibilltle5 of trustees As explained more fully in the trustees, responsibilities statement Set out in the trustees, annual report, the trustees {who are a150 the directors of the parent charitable company for the purposes of company lawl 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 assesslng the group's and the parent 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 Siquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditors, responslbilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors, 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 {UKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the aud it a nd significa nt audit f indings, including any Significant deficiencies in internal control that we identify during the audit. We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks. including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 29of58 Independent AUdit0￿S Report to the members of Groundwork London (continued) In identifying and assessing risks of material misstatement in respect of irregu la rities, including fraud and non-compliance with laws and regulations, we considered the following: the nature of the industry and sector, control environment and the charities activities; results of our enquiries of management about their own identification and a55essment of the risks of irregularitie5,' any matters we identified having obtained and reviewed the charltable company's documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance. detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud,. the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; the matters discussed among the audit engagement team regarding how and where fraud might occur in the f inancial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory framework that the charitable company operates in. The key laws and regulations we considered in thls context included the Charities Act 2011, UK Companies Act and tax legislation. In addition we considered provlsions of other laws and regulation5 that do not have a direct effect on the rinancial statements but compliance with which may be fundamental to the charitable company's ability to operate or to avoid a material penalty. A5 a result of performing the above, we did not identify any key matters related to the potential risk of fraud or non-compliance wlth laws and regulations. Our procedure5 to respond to risks identlfied included the following: reviewing the financial statement disclosures and testlng to supporting documentation to assess compliance with provision of relevant laws and re8ulatlons described as having a direct effect on the financial statements; enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing minutes of meetings of those charged with governance, reviewing internal reports, and in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale for any significant tra nsactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit. 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 auditor's report. 30of58 Independent Auditor's Report to the members of Groundwork London (continued) 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. Jonathan Aske FCAI for and on behalf of H Statutory Auditor Chartered Accountants Fourth Floor, Tuition House 27/37 St George's Road London SW19 4EU ior statutory auditor) ley Fowler LLP Date 8 December 202S 31 of58 Groundwork London IA company limited by guarantee) Registered Number: 04212532 Consolidated Statement of Financial Activities for the year ended 31st March 2025, incorporating the Income and Expenditure account 31.3.25 31.3.24 Total Funds Total Funds Unrestrirted Funds Restricted Funds Notes INCOME Investment income Income from charitable activities 415,393 415,393 398,994 20,935,174 6,506,976 27,442,150 32,017,127 Total Income 21,350,567 6,506,976 27,857,543 32,416,121 EXPENDITURE Cost of raising funds Charitable activities 100,891 21,931,112 100,891 28,085,230 94,120 32,257,746 6,154,118 Total expendlture 22,032,003 6,154,118 28,186,121 32,351,866 Net income before gains/ (losses) on investments Net Ilossesl/ gains on investment propertie5 Net gains / {lossesl on cash investments 1681,4361 352,858 1328,578) 64,255 14 {2,896} {2,8961 {19,717) 18 1101,5601 1101,5601 152,408 Net income (782,996) 349,962 1433,034) 196,946 Transfers between funds 23 357,858 (357,8581 Net movement in funds {425,1381 (7,8961 1433,0341 196,946 RECONCILIATION OF FUNDS Total funds brought forward 10,524,281 1,487,895 12,012,176 11,815,230 TOTAL FUNDS CARRIED FORWARD 23 10,099,143 1,479,999 11,579,142 12,012,176 The Statement of Fi na ncia l Activities includes all gains and losses recognised in the yea r. All incoming resources and resources expended derive from continuing activities. The notes on pages 38 to 58 form part of these financial statements. 32 of58 Groundwork London {A company limited by guarantee) Registered Number.. 04212532 Charity Statement of Financial Activities for the year ended 31st March 2025, incorporating the Income and Expenditure account 31.3.25 Total Funds 31.3.24 Total Funds Unrestricted Funds Restrlcted Funds Notes INCOME Investment income Income from charitable activities 415,393 415,393 398,994 21,190,337 25,635,771 16,672,760 4,517,577 Total Income 17,088,153 4,517,577 21,605,730 26,034,765 EXPENDITURE Cost of raising funds Charitable activitles 100,891 17,371,385 100,891 21,881,148 94,120 25,918,074 4,509,763 Total expenditure 17,472,276 4,509,763 21,982,039 26,012,194 Net Income before galnsl (losses) on Investments Net {lossesl/ ga ins on investment properties Net gains / (losses) on cash investments (384,123) 7,814 {376,3091 22,571 14 (2,8961 12,8961 {19,7171 18 1101,5601 1101,560) 152,408 Net Income (485,683) 4,918 1480,7651 155,262 Transfers between funds 23 12,814 112,814) Net movement In funds (472,869) 17,8961 1480,765) 155,262 RECONCILIATION OF FUNDS Total funds brought forward 10,555,103 1,487,895 12,042,998 11,887,736 TOTAL FUNDS CARRIED FORWARD 23 10,082,234 1,479,999 11,562,233 12,042,998 The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. The notes on pages 38 to 58 form part of these financial statements. 33of58 Groundwork London IA company limited by guarantee) Registered Number: 04212532 Consolidated Balance Sheet as at 31st March 2025 31.3.25 31.3.24 Notes FIXED ASSETS Tangible assets Intangible assets Investment properties 12 13 2,128,613 2,188,622 14 3,500,000 3,502,896 TOTAL FIXED ASSETS 5,628,613 5,691,518 CURRENT A55ETS Debtors Current asset investments Cash at bank 17 18 6,453,759 2,915,130 3,540,883 10,058,074 3,016,690 2,574,990 TOTAL CURRENT ASSETS 12,909,772 15,649,754 LIABILITIES Creditor5 falling due within one year 19 {6,959,243} {9,329,096) NEf CURRENT ASSETS 5,950,529 6,320,658 TOTAL ASSETS LESS CURRENT LIABILITIES 11,579,142 12,012,176 NET ASSETS 11,579,142 12,012,176 THE FUNDS OFTHE GROUP 23 General funds Designated funds Fair value resenie Restricted revaluation fund Restricted property fund 6,053,652 2,105,361 1,940,130 1,017,776 462,223 6,367,230 2,115,361 2,041,690 1,020,672 467,223 TOTAL GROUP FUNDS 11,579,142 12,012,176 The financial statements were approved by the Board of Trustees on 15th September 2025 and were signed o ehalf bv: Alan Smith - Trustee The notes on pages 38 to 58 form part of these financial statements 34of58 Groundwork London IA company limited by guarantee) Registered Number.. 04212532 Charity Balance Sheet as at 31st March 2025 31.3.25 31.3.24 Notes FIXED ASSETS Tangible assets Investment properties 12 1,161,367 3,500,000 1,207,307 3,502,896 14 4,661,367 4,710,203 TOTAL FIXED ASSETS NON CURRENT ASSETS 16 CURRENT ASSETS Debtors Current assets investments Cash at bank 17 18 6,001,059 2,915,130 3,019,008 9,221,198 3,016,690 1,652,560 TOTAL CURRENT ASSETS 11,935,197 13,890,448 LIABILITIES Creditors falling due within one year 19 (5,034,331) {6,557,653} NET CURRENT ASSETS 6,900,866 7,332,795 TOTAL ASSETS LESS CURRENT LIABILITIES 11,562,233 12,042,998 NET ASSETS 11,562,233 12,042,998 THE FUNDS OF THE CHARITY 23 Unrestricted funds Designated fund5 Fair value resenie Restricted revaluation f und Restricted property fund 6,036,743 2,105,361 1,940,130 1,017,776 462,223 6,398,052 2,115,361 2,041,690 1,020,672 467,223 11,562,233 12,042,998 TOTAL CHARITY FUNDS The financial statement5 were approved by the Board of Trustees on 15, September 2025 and were signed o eh31f bv: Alan Smith - Trustee The notes on pages 38 to 58 form part of these financial statements 35of58 Groundwork London {A company limited by guarantee) Registered Number: 04212532 Consolidated Statement of Cash Flows for the year ended 31st March 2025 31.3.25 31.3.24 Notes Cash flows from operatlng activitles 25 570,878 12,606,465) Cash flow from Investing activltles Investment income received Income from sale of investments Disposal of fixed a55ets Purchase of fixed assets 415,393 398,994 690 {21,0681 395,015 169,8771 Net cash used In inve5tlng activltles 329,117 Net Increase/(decrease) in cash and cash equlvalents Cash and cash equivalents at the beginning of the year 965,893 2,574,990 12,277,348) 4,852,338 Cash and cash equlvalents at the end of the year 3,540,883 2,574,990 The notes on pages 38 to 58 form part of these financial statements 36of58 Groundwork London IA company limited by guarantee) Registered Number: 04212532 Charity Statement of Cash Flows for the year ended 31st March 2025 31.3.25 31.3.24 Notes Cash flows from operatlng actlvlties 25 971,433 (3,061,467) Cash flow from investlng actlvlties Investment income received Income from sale of investments Cash inflows from new investments Cash outflows from new investments Disposal of fixed assets Purchase of fixed assets 415,393 398,994 690 121,0681 395,015 169,8771 329,117 Net cash used in investlng actlvlties Net Increase/(decrease) In cash and cash equivalents Cash and cash equivalents at the beginning of the year 1,366,448 1,652,560 {2,732,350) 4,384,910 Cash and cash equivalents at the end of the year 3,019,008 1,652,560 The notes on pages 38 to 58 form part of these financial statements 37of58 Groundwork London (A company limited by guarantee) Registered Number.. 04212532 Notes to the financial statements for the year ended 31st March 2025 I. ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial Statements are as follows: Basis of preparation and assessment of golng concern The financial statements have been prepared in accordance with 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 IFRS 1021 (effective l January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Groundwork London meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. With respect to the next reporting period, 2025-26, the most significant areas of uncertainty are the impacts on Government and Local Authority funding commitments following the change in Government. b) Estimates and judgements The investment property valuations referred to in note 14 are based on the professional opinion of fair value from a qualified chartered surveyor. Income All income is recognised once the charity has entitlement to the income, it Is probable that the income will be received, and the amount of income receivable can be measured reliably. Grant5 recelvable, where related to performance are accounted for as the charity earns the right to consideratlon by its performance. Where income is received in advance, recognition is deferred and included in creditors and where entitlement arise5 before income is received the income is accrued. d) Expendlture 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 settlement will be required 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. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Allocation of support and governance costs Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involvi ng the public accountability of the charity and its complia nce with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs. These costs are allocated to projects based on the ration of project time incurred. 38of58 Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Items over £2,000 are capitalised. Long leasehold -over the term of the lease Buildings -2 per annum Fixtures and fittings -at varying rates on cost Motor vehicles -at varying rates on cost Computer equipment -at varying rates on cost g) Intangible fixed 355ets Amortisation is provided at the following rates: Software 20 straight line h) Investment property Investment property is shown at m05t recent valuation. Any aggregate surplus or deficit arising from changes in market value 15 transferred to a revaluation reserve. No depreciation or amortisation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years to run. Realised gains and losses All gains and losses are taken to the Statement of Financial Activltles as they arlse. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. J) Taxation and VAT The charity is exempt from corporation tax on its charitable activities. The company 15 registered for VAT and all resources expended are inclusive of irrecoverable VAT. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. k) Fund accountlng Unrestrlcted funds can be used in accordance wlth the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charitv. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the note 24 to the financial statements. i) Hire purchase and leasing commitments Rentals paid under operating leases are charged to the statement of financial activities on a straight line basis over the period of the lease. Consolldation The financial statements consolidate the results of the charitable company and its wholly owned subsidiary, The Groundwork South Trust Ltd, on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charitable company has also been presented. The charitable company also has two dormant subsidiaries as set out in the notes to the accounts. Pensions Employees of the charity are entitled to join a defined contribution 'money purchase, scheme. The company pays fixed contributions, charged to the statement of financial activities in the period to which they relate. The charity contribution is restricted to the contributions disclosed in note 11. 39of58 The money purchase plan is managed by AEGON and the plan invests the contributions made by the employee and employer in an investment fund to build up over the term of the plan. The Trust has no liability beyond making its contributions and paying across the deductions for the employee'5 contributions. A similar defined contribution scheme is operated by the subsidiary company, The Groundwork South Trust Ltd. Debtors Trade and other debtor5 are recognised at the settlement amount due. No discounts are offered. Prepayments are valued at the amount prepaid Cash at bank and In hand Cash at bank and cash in hand includes cash and short term highly liquid investments Wlth a short maturity of three months or less from the date of acquisition or opening of the deposlt or similar account. Investment policv Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Trust alms to have a portfolio of Financial Investments consistent with a "Balanced Portfolio" profile of risk, return, and liquidity, as identified in an externally conducted assessment of attitude to risk of the trustees when investing the Trust's assets. In order to achieve this It will select Investment Managers which are able to make informed and timely asset allocation decisions consistent with the objectives of this Investment Policy and which may include Government and Corporate Bonds (UK and Overseas), UK and overseas Equities, Property, Gold and other commodities {excluding coal} and cash. The Trust aims to utilise returns from financial investments for its day to day operations. The Trust wishes to keep at least 40 of total assets in investment5 which can be realised within three months. A minimum of io% of total assets should be capable of being liquidated within 7 working days. The Trust will not invest directly in any organisation whose main business activity is: The production of tobacco or narcotlcs The production of pornographic materlal The manufacture of weapons of war Encouraging or enabling gambling Providing Home Credit (Doorstep Lending} Using child labour or other expSoitative employment practices The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sector5 or sub sectors. Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts available. Government Grants Government grants are recognised when the entity has reasonable assurance that conditions attached to the grant will be complied with and that the grant will be received. 40of58 Revenue grants are recognised using the accrual model and are therefore recognised as income on a Systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Revenue grants are measured at fair value, being the amount of cash receivable. 2. LEGAL STATUS Groundwork London is a company limited by guarantee and has no share capital. The registered office and principal place of business is 18-21 Morley Street, London, SEI 7QZ. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the cha rity. 3. INVESTMENT INCOME Charlty 31.3.24 31.3.25 Rents received Bank and investment interest 282,568 132,825 415,393 297,711 101,283 398,994 Group 31.3.24 31,3,25 Rents received Bank and investment interest 282,568 132,825 415,393 297,711 101,283 398,994 Investment income includes Income received for the leasing out of business units at Artichoke Mew5, a public house adjacent to Denmark Hill railway station, income received for leasing out space at Morley Street and Lower Clapton Road, deposit interest received, income from Trust current investments and interest on loans from group undertakings. 4. INCOME FROM CHARITABLE AcfiviTIES Charity 31.3.24 Income was received for.. Unrestrlcted funds Restrlcted funds 31.3.25 Communitie5 and Environmental Service Landscape Design Services Youth, Employment & Skills Training Strategic Partnership5 & Programmes 8,287,376 24,033 8,311,409 9,649,368 1,374,118 1,514,109 5,497,157 16,672,760 1,374,118 6,007,653 5,497,157 21,190,337 1,464,990 6,936,191 7,585,222 25,635,771 4,493,544 4,517,577 In 2025 the income from charitable activities was £21,190,337 {2024'. £25,635,771) of which £16,672,760 (2024: £11,246,813) was income from unrestricted funds and £4,517,57712024: £14,388,958) was income from restricted funds. 41 of58 4. INCOME FROM CHARITABLE ACTIVITIES (convd) Group 31.3.24 Income was received for: Unrestrlcted funds Restricted funds 31.3.25 Communities and Environmental Seniice Landscape Design Services Youth, Employment & Skills Training Strategic Partnerships & Programmes 11,840,787 1,570,539 13,411,326 14,730,922 2,055,030 1,574,570 5,464,787 20,935,174 529,744 4,406,693 2,584,774 5,981,263 5,464,787 27,442,150 1,770,469 8,421,484 7,094,252 32,017,127 6,506,976 In 2025 the income from charitable activities was £27,442,149 {2024: £32,017,127) of which £20,935,173 (2024: £16,121,934) wa5 income from unrestricted funds and £6,506,97612024: £15,895,193) was income from restricted funds. Charlty 31.3.24 Income was provided by: 31.3.25 Local Authorities Public and Regional Agencies European Union Private Sector National Lottery 4,930,697 5,026,846 16,552 11,125,051 91,191 21,190,337 3,989,152 9,638,537 2,546,454 9,223,054 238,574 25,635,771 Group 31.3.24 31.3.25 Local Authorities Public and Regional Agencies European Union Private Sector National Lottery 8,497,974 5,193,565 6,244,952 10,214,171 2,122,987 12,886,139 548,878 32,017,127 13,523,354 227,255 27,442,150 Charity 31.3.24 Income arose from: 31.3.25 Sale of goods Rendering of sen4ices Grants Government grants- employment programme5 622.761 12,780,866 7,411,337 375.373 21,190,337 593,603 12,801,628 10,093,465 2,147,075 25,635,771 Group 31.3.24 31.3.25 Sale of goods Rendering of seniices Grants Government grants- employment programmes 622,761 19,032,679 7,411,337 375,373 27,442,150 593,603 19,182,984 10,093,465 2,147,075 32,017,127 42 of58 5. COSTS OF RAISING FUNDS Charity and Group 31.3.24 31.3.25 Other operating leases Administrative expense5 51,614 77,674 49,277 16,446 100,891 94,120 Administrative costs relate to the management of business units at Artichoke Mews and a public house adjacent to Denmark Hill railway station, offices at Morley Street and rental space at Lower Clapton Road. CHARITABLE AcfiviTIES COSTS Charity 31.3.24 Direct costs Governance and support costs (see note 7) 31.3.25 Communities and Environmental Services Landscape Design Sen4ices Youth, Employment & Skills Training Strategic Partnerships & Programmes 7,882,083 1,040,566 8,922,649 14,334,702 1,299,767 5,163,171 5,442,690 93,478 833,539 125,854 1,393,245 5,996,710 5,568,544 1,093,194 3,735,702 6,754,476 19,787,711 2,093,437 21,881,148 25,918,074 In 2025 the expenditure on charitable activities was £21,881,148 (2024: £25,918,074) of which £17,371,385 12024: £11,268,221 was expenditure from unrestricted funds and £4,509,763 12024: £14,649,853) was expenditure from restricted funds. Group 31.3.24 Dlrect Costs Governance and support costs (see note 7) 31.3.25 Communities and Environmental Services Landscape Design Services Youth, Employment & Skills Training Strategic Partnerships & Programmes 12,287,639 1,602,142 13,889,781 19,482,927 1,314,502 6,243,749 5,410,320 121,235 979,789 125,854 1,435,737 7,223,538 5,536,174 2,507,560 4,003,753 6,263,506 25,256,210 2,829,020 28,085,230 32,257,746 In 2025 the expenditure on charitable activities was £28,085,230 (2024: £32,257,746) of which £21,931,112 12024: £16,128,343) was expenditure from unrestricted funds and £6,154,11812024.. £16,129,403) was expenditure from restricted funds. 43of58 7. GOVERNANCE AND SUPPORT COSTS The Trust identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining 5UPPOrt costs, together with the governance costs are apportioned between the thematic programme areas in the year. The costs are allocated by staff time. The breakdown of costs are as follows: Charlty Total 2024 Cost type Support costs Governance costs Total 2025 Staff costs Office and other costs Total costs 1,321,701 701,912 2,023,613 29,433 40,391 69,824 1,351,134 742,303 2,093,437 1,358,886 830,876 2,189,762 Group Total 2024 Cost type Support costs Governance costs Total 2025 Staff costs Office and other cost5 Total costs 1,531,172 1,219,524 2,750,696 29,433 48,891 78,324 1,560,605 1,268,415 2,829,020 1,554,197 1,306,253 2,860,450 8. GOVERNANCE COSTS Group 31.3.24 31.3.25 Staff costs Legal fees Auditorfs remuneration Total costs 29,433 24,391 24,500 78,324 27,173 11,066 24,500 62,739 9. NET INCOMING/ (OUTGOING) RESOURCES Net resources are stated after charging Charlty 31.3.25 31.3.24 Auditors, remuneration- audit services Depreciation- owned a55ets Operating lease payments 16,000 66,318 102,532 16,000 84,168 133,665 Group 31.3.24 31.3.25 Auditors, remuneration- Groundwork London Auditorfs remuneration- Groundwork South Depreciation- owned assets Operating lease payments 16,000 8,500 80,387 164,163 16,000 8,500 98,634 222,594 44 of58 10. TRUSTEES. REMUNERATION AND BENEFITS No payments or remuneration were made to the Trustees during this year or the previous year, Reimbursement of trustee expenses incurred was £nil12024: £nil). 11. STAFF COSTS The average number of employees during the year was as follows: Charity 31.3.24 317 31.3.25 223 Direct charitable Fundraising Governance 234 325 Group 31.3.24 484 31.3.25 384 Direct charitable Fundraising Governance 395 492 Stsff costs were as follows Charlty 31.3.24 restated 31.3.25 Wages and salaries Social security costs Pension costs ,548,225 768,292 254,429 9,570,946 9,391,906 789,050 272,731 10,453,687 31.3.24 as reported 8,875,300 788,592 789,795 10,453,687 31.3.24 restated 9,391,906 789,050 272,731 10,453,687 reclassified 516,606 458 1517,0641 Wages and salaries Social security costs Pension costs The table above show5 the reclassification of expenditure within the accounts for the year ended 31 March 2024. There was no impact on the net asset5 or the surplus for the year ended 31, March 2024. St Group 31.3.24 restated 31.3.25 Wages and salaries Social security costs Pension costs 13,087,060 1,094,899 435,806 14,617,765 13,715,652 1,092,912 413,504 15,222,068 The company operated a defined contribution pension scheme. The assets of the scheme were held separately from those of the company in an independently administered fund. Contributions payable for the year were charged to the Statement of Financial Activities. 45of58 11. STAFF COSTS- cont'd 31.3.24 as reported 12,953,478 1,092,309 1,066,254 15,112,041 31.3.24 restated 13,715,652 1,092,912 413,504 reclassified {762,141) {6031 1135,686) 110,027 Wages and salaries Social security costs Pension costs 15,222,068 The table above shows the reclassification of expenditure within the accounts for the year ended 31 March 2024. There was no impact on the net assets or the surplus for the year ended 31" March 2024. The additional £110,027 relates to non-payroll staff costs which had been included within project costs in 2024. st Charlty 31.3.24 31.3.25 Amount of outstanding pension contributions 1,609 66,820 Group 31.3.24 31.3.25 Amount of outstanding pension contributlons 31,957 96,847 Number of employees whose emoluments (excluding pension contribution51 exceeded £60,000 in the year: Charity and Group 31.3.24 31.3.25 £60,000- £69,999 £70,000- £79,999 £80,CMJO- £89,999 £90,CM)0- £99,999 The total employer's contributions paid to defined contribution Schemes for the above higher paid employees was £32,922 12024 £31,740). The key management personnel of the charity, the Trust, comprise the Executive Director, Director Finance & Corporate Services, Director Youth, Employment & Skills Training, Director Communities & Environmental Services and Assistant Director, Youth. The total employee benefits of the key management personnel of the Trust were £670,632 (2024 £573,281). 46of58 12. TANGIBLE FIXED A5SETS- Group Freehold land and bulldlngs BuSldin8 Improve- ments Fixtures and fittlngs Computer Equip't Motor vehicles Floatlng Classroom COST At I" April 2024 Additions Disposals At 31st March 2025 2,625.000 99,266 380.241 6,859 355,759 14,209 {8571 20,503 116,250 20,503 116,250 2,625,000 99,266 387,100 369,111 DEPRECIATION At I" April 2024 Disposa15 Charge for year At 31st March 2025 585,139 86,666 361,751 293,888 11671 36,522 20,503 60,450 23,400 4,186 11,625 4.654 608,539 90,852 373,376 330,243 20,503 65,104 NEf BOOK VALUE At 31st March 2025 At 31" March 2024 51,146 2,016,461 8,414 13,724 38,868 2,039,861 12,600 18,490 61,871 55,800 12. TANGIBLE FIXED ASSET5- Group Total Tan8lble Flxed Assets Cost At l April 2024 Additions Disposals At 31 March 2025 3,597,019 21,068 18571 3,617,230 Depreciation At l April 2024 Disposals Charge for year At 31 March 2025 1,408,397 11671 80,387 1,488,617 Net Book Value At 31 March 2025 At 31 March 2024 2,128,613 2,188,622 47of58 12. TANGIBLE FIXED ASSETS- Charlty Freehold land and buildings Bulldlng improve- ments fixtures and fittlngs Computer Equlp't Motor vehicles Total COST At I" April 2024 Additions Disposals At 31st March 2025 1,620,000 99,266 247.941 6,859 281.657 14,209 18571 2,248,864 21.068 {8571 1.620,000 99,266 254,800 295,009 2,269,075 DEPRECIATION At I" April 2024 Disposals Charge for year At 31st March 2025 504,639 86,666 230,466 219,786 11671 36,522 1,041,557 15,000 4.186 10,610 66,318 519,639 90,852 241,076 256,141 1,107,708 NET BOOK VALUE At 31st March 2025 At 31" March 2024 13. INTANGIBLE FIXED ASSETS- Group 1,100,361 8,414 13,724 38,868 1,161,367 1,115,361 12,600 17,475 61,871 1,207,307 Software Cost At l April 2024 Subsidiary intangible assets at fa ir value Disposals At 31 March 2025 49,720 49,720 Depreclatlon At l April 2024 Disposals Charge for year At 31 March 2025 49,720 49,720 Net Book Value At 31 March 2025 At 31 March 2024 48of58 14. INVESTMENT PROPERTIES Group and charity Long leasehold Freehold propertv Short leasehold Total Fair Value at I" April 2024 Net loss on revaluation 2,250,000 2,896 {2,8961 1,250,000 3,502,896 12,896) Fairvalue at 31st March 2025 2,250,000 1,250,000 3,500,000 Groundwork London operates out of a 21 Morley Street. This property is also used for investment income. It was determined during the 2019120 year that 50% of the property should be treated as an investment property in accordance with SORP FRS 102. An external valuation of £1,875,000 from 2016 was assigned to the investment element of this property. The investment element of the property has been subsequently revalued at 31" March 2021 by Avison Young, Chartered Surveyors, with a valuation of £2.25m. In the opinion of the Tru5tee5 there have been no changes in valuation since that date. The short and long leasehold investment properties are held in the UK. The historical cost of the properties is £373,000. Artichoke Mews was revalued for a sum of £1.25m on 31" March 2021 by Avison Young, Chartered Surveyors, on an open market value in accordance with the guidelines Issued by the Royal Institute of Chartered Surveyors. In the opinion of the Trustees there have been no changes in valuation since that date. The above represents investment at fair value in the following propertie5 which were transferred from Groundwork Southwark and Lambeth on l November 2007 as follows: Artichoke Mews {125 year lease from l July 1990}- £1.25m. Historical cost £183,000. Denmark Hill {41 year lease from 5 June 1983) - £2,896. Historical cost £190,000. This lease ended 5 June 2025. 15. SUBSIDIARY COMPANIES Charlty 31.3.24 31.3.25 Shares in Group Undertakings The charity holds 100 of the Issued ordinary share capital of Groundwork Environmental se￿ice5 {West London) Limited Icompany number 03810135) and Groundwork Environmental Services (East London) Limited {company number 043087771. Both companies are incorporated in England and Wales. Both companies were dormant during the year. th On 14 March 2017 Groundwork London became the sole member of The Groundwork South Trust Ltd, company registered in England and Wales Ire8lStered co number 01982077, registered charity no. 2937051 for no consideration and the Group has consolidated its accounts from that date. The separate account5 for The Groundwork South Trust Limited show the following for the year ended 31 March 2025. 31.3.25 31.3.24 Total income for the year Total expenditure for the year Total surplu5 for the year 9,432,485 9,384,754 47,731 9,361,404 9,319,720 41,684 Aggregate amount of assets Aggregate amount of liabilities Aggregate deficit on unrestricted funds 3,308,459 3,291,550 16,909 3,969,560 4,000,382 {30,822) 49of58 16. NON-CURRENT ASSETS Charity 31.3.24 31.3.25 Loans to subsidiary undertakings There was no Loan outstanding with The Groundwork South Trust Ltd at 31" March 2025 or 2024. Interest on outstanding loans 15 charged to subsidiary undertakings at 2.85 above the Bank of England base rate, monthly in arrears. The freehold property of the charity has been pledged as security on these funds. 17. DEBTOR5: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 31.3.24 Charity 31.3.24 31.3.25 31.3.25 Trade debtors Prepayments and accrued income Other debtors 3,698,411 1,458,051 1,297,297 6,453,759 7,527,726 2,505,232 25,116 10,058,074 4,243,772 1,316,094 441,193 6,001,059 7,480,989 1,737,605 2,604 9,221,198 18. CURRENT ASSET5 INVESTMENTS Group and Charity 31.3.25 31.3.24 Quoted market price at start of year Additions in year at C05t Disposa15 in year Net gains / {lossesl on cash investments 3,016,690 2,864,282 1101,560) 152,408 Quoted market price at year end 2,915,130 3,016,690 19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 31.3.24 Charity 31.3.24 31.3.25 31.3.25 Trade Creditors Taxation and social security Deferred income Other creditors 518,195 680,927 5,502,600 257,521 6,959,243 1,153,853 746,930 6,990,821 437,492 9,329,096 890,316 577,716 3,482,448 83,851 5,034,331 1,470,792 510,380 4,412,032 164,449 6,557,653 50of58 20. DEFERRED INCOME Movements in group deferred income during the year were as follows: Group Balance at 31.3.25 Balance at 31.3.24 Amount release to incoming resources Amount deferred in the year Income from charitable activities 6,990,821 {6,990,8211 5,502,600 5,502,600 Net incoming group resources as shown in the Statement of Financial Activities result from the following: Group Net income Income received Transferred from deferred Income Income from charitable activities 33,360,143 15,502,600) 27,857,543 Movements in group deferred income during the year ending 31, March 2024 were as follow5: Group Balance Balance at 31.3.23 Amount release to incomlng resources Amount deferred In the 31.3.24 vear Income from charitable activities 7,619,232 (7,619,232) 6,990,821 6,990,821 Net incoming group resources as shown in the Statement of Financial Activities during the year ending 31 March 2024 result from the following: st Group Net income Income recelved Transferred from deferred Income Income from charita ble activitie5 39,406,942 16,990,821) 32,416,121 Movements in charity deferred income during the year were as follows: Charity Balance Balance at 31.3.24 Amount release to incoming resources Amount deferred in the 31.3.25 year Income from charitable activities 4,412,032 (4,412,032) 3,482,448 3,482,448 51 of58 20. DEFERRED INCOME- cont'd Net incoming charity resources as shown in the Statement of Financial Activities result from the following: Charlty Net income Income received TranSfer￿d to deferred Income Income from charitable activities 25,088,178 13,482,448) 21,605,730 5t Movements in charity deferred income during the year ended at 31 March 2024 were as follows: Charity Balance at 31 March 2024 Balance at l Aprll 2023 Amount release to incoming resources Amount deferred In the vear Income from charitable activities 5,390,366 15,390,366) 4,412,032 4,412,032 Net incoming charity resources as shown in the Statement of Financial Activities for the year ending 31, March 2024 result from the following: Charlty Net Income Income received Transferred from deferred income Income from charitable activities 30,446,797 14,412,032) 26,034,765 21. COMMITMENTS UNDER OPERATING LEASES Future minimum lease payments under non-cancellable operatlng leases for each of the following periods: Group Charlty 31.3.24 31.3.24 31.3.25 31.3.25 Not later than one year Later than one year and not later than five years Later than five years 190,548 204,827 169,459 105,898 129,187 186,479 88,459 69,558 Future minimum lease receipts under non-cancellable operating lease5 for each of the following periods: Group and Charity 31.3.24 31.3.25 Not later than one year Later than one year and not later than five years Later than five years 192,843 497,292 118,397 104,890 93,086 52 of58 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS- Group Unrestrlcted funds Restrirted funds 31.3.25 Total funds Fixed assets Investment Properties Current assets Current liabilitles 2,128,613 2.250,000 12,511,984 16,791,454) 10,099,143 2,128,613 3,500,000 12,909,772 {6,959.2431 11,579,142 1,250,000 397,788 1167,789} 1,479,999 Unrestricted funds Restrfcted funds 31.3.24 Total funds Fixed assets Investment Properties Current assets Current liabilities 2,188,622 2,250,000 15,204,598 19,118,939) 10,524,281 2,188,622 1,252,896 3,502,896 445,157 15,649,755 (210,158) {9,329,096} 1,487,894 12,012,176 22. ANALYSIS OF NET ASSETS BETWEEN FUNDS- Charity Unrestrlrted funds Restrfcted fvnds 31.3.25 Total funds Flxed assets Non-current a55ets Investment Properties Current assets Current liabilities 1,161,367 1,161,367 2,250,000 11,537,409 (4,866,542) 10,082,234 1,250,000 397,788 (167,7891 1,479,999 3,500,000 11,935,197 15,034,331) 11,562,233 Unrestricted fund5 Restricted funds 31.3.24 Total funds Fixed assets Non-current assets Investment Properties Current assets Current liabilities 1,207,307 1,207,307 2,250,000 13,445,292 16,347,495) 10,555,103 1,252,896 445,157 {210,158) 1,487,895 3,502,896 13,890,448 (6,557,653) 12,042,998 53of58 23. THE FUNDS OF THE GROUP- 2025 Net galns I (lasses) on invest- ment5 Brought forward 1.4.24 Carried Forward 31.3.25 Resour￿$ Expended Incoming Resources Transfers In I (Outl Unrestrlcted Funds General funds 6,398,052 17,088,153 117.472,2761 22,814 6,036.743 Groundwork South Inter Group trans. Total General funds 130,8221 7,199,894 12,937,480) 21,350,567 17,497,2071 2,937,480 122,032,003) 345,044 16.909 6,367,230 367.858 6,053,652 Designated funds 2,115,361 iio,0001 2,105,361 Fair value reserve 2,041,690 1101,5601 1.940,130 Total Unrestricted Funds Restrlcted Funds Revaluation fund Property fund Programme funds Groundwork South Inter Group trans Total Restrlcted Funds 10,524,281 21,350,567 122,032,003) 1101,5601 357,858 10,099,143 1,020,672 467,223 12,B961 1.017,776 462,223 15,0001 17,8141 1345,0441 4,517,577 2,232,591 1243,1921 14,509,763) 11,887,547) 243,192 1357,8581 1,487,895 6,506,976 16,154,118) 12,8961 1,479,999 Total Funds 12,012,176 27,857,543 128,186,121) 1104,4561 11,579,142 23. THE FUNDS OF THE GROUP- 2024 Net 8ains/ (losses) on invest- ments Brou8hl forward 1.4.23 Carried Forward 31.3.24 Incomlng Resources Resources Expended Transfers In / {Out) Unrestrlcted Funds General funds 6,360,481 11,645,807 111,362,341) 1245,8951 6,398,052 Groundwork South Inter Group trans. Total General fund5 172,5061 7.352,868 12,477,747) 16,520,928 17,337,869) 2,477,747 116,222,463) 26,685 130,8221 6,287,975 1219,2101 6,367,230 Designated funds 2,125,361 iio,0001 2,115,361 Fair value reserve 1,889,282 152,408 2,041,690 Total Unrestricted Funds Restrlcted Funds Revaluation fund Property fund Prograrnme funds Groundwork South 1229,210} 10,302,618 16,520,928 116,222,463) 152,408 10,524,281 1,040,389 472,223 119,7171 1,020,672 467,223 15,0001 260,895 126,6851 14,388,958 2,008,536 1502,3011 114,649,8531 11,981,851) 502,301 Inter Group trans Total Restricted Funds Total Funds 119,7171 1,487.895 1,512,612 15.895,193 116,129,403) 229,210 11,815,230 32,416,121 132,351,866) 132,691 12,012,176 54of58 THE FUNDS OF THE CHARITY-2025 Brought forward at 1.4.24 Incoming Resources Resources Expended Net galns / (losses) on invest- ments Transfe rslnl (Outl Carried Forward at 31.3.25 Unrestricted Funds General funds Designated funds Fair value reserve Total Unrestricted Funds Restrlrted Funds Revaluation fund Property fund Programme funds Total Restricted Funds 6,398,052 2,115,361 2,041,690 17,088,153 117.472,2761 22,814 iio,0001 6,036,743 2,105,361 1.940.130 1101,5601 1101,5601 10,082,234 10,555,103 17,088.153 117,472,276) 12,814 1,020,672 467.223 12,8961 1,017,776 462,223 15,0001 17,8141 4,517,577 14,509,763) 1,487,895 4,517,577 14,509,763) 12,8961 12,814 1,479,999 Total Funds 12,042,998 21.605,730 121,892,039) 1104,4561 11,562,233 THE FUNDS OF THE CHARITY-2024 Brought forward at 1.4.23 Incomln8 Resources Resoufces Expended Net gains / (losses) Transfe r51nl (Out) Carrled Forward at 31.3.24 on Invest- ments Unrestrlcted Funds General funds Designated fund5 Fair value reserve Total Unrestricted Funds Restflcted Funds Revaluation fund Property fund Programme funds Total Restricted Funds 6,360,481 2,125,361 1,889,282 11,645,807 111,362,341) 1245,8951 iio,0001 6,398,052 2,115,361 2,041,690 152,408 10,375,124 11,645,807 111,362,3411 152,408 1255,8951 10,555,103 1,040,389 472,223 119,7171 1,020,672 467,223 15,0001 260,895 14,388,958 114,649,853) 114,649,853) 119,7171 255,895 1,487,895 1,512,612 14,388,958 Total Funds 11,887,736 26,034,765 126,012,194) 132,691 12,042,998 24. THE FUNDS OF THE CHARITY Unrestrirted Funds General Funds Funds available are sufficient to permit the company to continue in operation in the short term given the continued sUPPOrt of the funder5. Should this support not continue in the longer term, further financial support would need to be sought to replace it. Where fund5 which are regarded as restricted are awarded based on outputs rather than actual costs any funds not applied against directly identified costs are transferred at the year end to unrestricted funds to cover overhead costs not directly recharged. Income that has not been fully delivered or earned is deferred. 55of58 Designated Funds The Designated Fund represents funds transferred from the general fund for the purpose of Groundwork London development. This includes the c05t of the Morley Street property less the property depreciation charges. Fair Value Reserve The Fair Value Reserve is a reserve for the unrealised gains and losses on the charity's unrestricted fixed asset investment5 and investment property revaluations. Groundwork South These financial statements Include the results of The Groundwork South Trust Ltd {reEiStered co number 01982077, registered charity no. 293705) following Groundwork London becoming sole company member th on 14 March 2017. The funds held in the group accounts represent the general funds of The Groundwork South Trust Ltd at 31, March 2025. Funds are transferred from unrestricted to restricted at the year-end on the basis that no restrictions exist on the income and expenditure recognised. Restricted Funds Revaluation Fund A revaluation fund is required by the Companie5 Act 2006 where investment properties are revalued subsequent to their acquisition, or in the case of assets held prior to the mergers, transfer to the control of Groundwork London. The balance shown on the revaluation reseNe in the accounts, represents the difference between the revaluation of the investment in the Denmark Hill property lin 20031 and its original cost. Pro ert Fund The investment property fund represents the valuatlon of the properties. The properties are the public house at Denmark Hill Station, the workshops and flats at Artichoke Mews and the property at Lower Clapton Road. The properties at Denmark Hill and Artichoke Mews are intended to be set aside so that the returns are used for the day-to-day expenses of the charity in relation to projects undertaken within the London Borough of Southwark. The property at Lower Clapton Road is a freehold property transferred from Groundwork East London. The trustees have set aside an amount equivalent to the value of the investment properties as designated funds. The revaluation surplus followin8 the most recent valuatlon of the properties for Denmark Hill is held in a separate Revaluation Fund. The investment Income less the Investment management costs are allocated to a 'Property restricted fund. Pro ramme Funds Grant5, which are received for specific programmes (Communities & Young People, Urban Landscapes and Open Space, Employment & Skills Training and Environmental Services), are accounted for as restricted funds. The balances on restricted funds arise from grants received for these programmes on which some expenditure is still to be incurred in the comin8 financial year. Where fund5 which are regarded as restricted are awarded based on outputs rather than actual costs, any funds not applied against directlv identified costs are transferred at the year end to unrestricted funds to cover overhead costs not directly recharged. There were no restricted balances on these grant funded programmes at 31, March 2025. Groundwork South Income which is received for specific programmes (Greener Living and Working, Youth and Employment, Parks and Open Spaces) are accounted for as restricted funds. These financial statements include the results for the year of The Groundwork South Trust Ltd (registered co number 01982077, registered charity th no. 293705) following Groundwork London becoming sole company member on 14 March 2017. The 5t balance of funds in the group account5 at 31 March 2025 represent the total funds held by The Groundwork South Trust Ltd at this date. 56of58 25. RECONCILIATION OF CONSOLIDATED NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES Group 31.3.24 Charity 31.3.24 31.3.25 31.3.25 Net movement in funds Investment income Depreciation Decrease/ (Increase) in debtors Net loss/ (gains) on cash investments Decrease in creditors Cash flows from operatlng activitles {433,034) {415,393) 80,387 3,604,315 104,456 {2,369,853) 570,878 196,946 {480,7651 1398,9941 1415,3931 98,634 66,318 {2,176,5311 3,220,139 (132,6911 104,456 (193,829) 11,523,322) 12,606,465) 971,433 155,262 1398,9941 84,168 12,234,346) (132,691) {534,866) (3,061,467) 26. Analysis of Changes In net debt Group 31.3.25 31.3.24 Cash flows Other non-cash change Cash and Cash equivalents Cash Overdrafts Cash equivalents 2,574,990 1965,8931 3,540,883 2,574,990 (965,8931 3,540,883 Borrowing5 Debt due within l year Debt due after I year Total 2,574,990 (965,8931 3,540,883 Charlty 31.3.25 31.3.24 Cash flows Other non-cash change Cash and Cash equivalents Cash Overdrafts Cash equivalents 1,652,560 (1,366,448) 3,019,008 1,652,560 11,366,448) 3,019,008 57of58 26. Analysis of changes in net debt- convd At 31.3.24 Cash flows Other non- cash change At 31.3.25 Borrowings Debt due within I year Debt due after l year Total 1,652,560 11,366,448) 3,019,008 27. FINANCIAL INSTRUMENTS Charity 31.3.24 31.3.25 Financlal Assets Financial assets measured at fair value through income and expenditure Financial assets that are debt instruments measured at amortised cost 2,915,130 7,703,973 10,619,103 3,016,690 9,136,153 12,152,843 Flnancial Liabllltles Financial liabilities measured at amortised cost 11,551,883} 12,145,621) 9,067,220 10,007,222 Group 31.3.24 31.3.25 Financial Assets Financial assets measured at fair value through income and expenditure Financial assets that are debt instruments measured at amortised cost 2,915,130 8,536,591 11,451,721 3,016,690 10,127,832 13,144,522 Flnancial Llabilltles Financial liabilities measured at amortised cost 11,456,643) 12,338,275) 9,995,078 10,806,247 Financial assets measured at fair value through income and expenditure comprise fixed asset investments in UK listed investments. Financial a55ets measured at amortised cost comprise all cash and cash equivalent balances and debtor balances, excluding prepayments and accrued income. Financial liabilities measured at amortised cost comprise all creditor balances except deferred income. 28. CAPITAL COMMITMENTS At 315t March 2025 there were no capital commitments or contingent liabilities for Groundwork London or Groundwork South. 29. RELATED PARTY TRANSAcfioNS Transactions between the charity and its wholly controlled subsidiary are not disclosed, as permitted by the exemptions set out in Section 33.IA of FRS 102 (Related Party Disclosures). 30. ACKNOWLEDGEMENTS Groundwork London thanks all its 5UPPOrters. 58of58