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2020-12-31-accounts

Report and financial statements

For the year ended 31 December 2020

Company number: 08414909 Charity number: 1151435

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Contents

Reference and administrative information .............................................................................................................. 1 Trustees’ annual report ............................................................................................................................................. 2 Independent auditor’s report ................................................................................................................................. 18 Statement of financial activities (incorporating an income and expenditure account) ........................................ 22 Balance sheet .......................................................................................................................................................... 23 Statement of cash flows ........................................................................................................................................... 24 Notes to the financial statements ........................................................................................................................... 25

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Reference and administrative information

Company number 08414909 Country of incorporation United Kingdom Charity number 1151435 Country of registration England & Wales Registered office and operational address Unit 1 32-33 Hatton Garden London England EC1N 8DL

Trustees

Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Ms Elizabeth Peace CBE Chair Mr Paul King Deputy Chair Mr David Slater Chair of the Finance Committee Miss Bomonlu Adelaja Appointed 29 September 2020 Mrs Fiona Carswell Mr Samuel Ewuosho Appointed 29 September 2020 Ms Laia Gasch Appointed 29 September 2020 Mr Peter Lewis Mr Ben Page Ms Sonal Shah Mr Andrew Travers Mr Shashi Verma Mr Dominic Wilson Appointed 29 September 2020 Key management Mr Ben Rogers Director (resigned 31 Jan 2021) personnel Dr Nicholas Bowes Chief Executive (starting 1 June 2021) Mr Richard Brown Deputy Director Ms Rachel Heilbron Operations Director Bankers The Co-operative Bank Plc PO Box 101, 1 Balloon Street Manchester, M60 4EP Solicitors Bates, Wells & Braithwaite 10 Queen Street Place London, EC3R 1BE Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor Invicta House, 108-114 Golden Lane, London, EC1Y 0TL

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

The trustees present their report and the audited financial statements for the year ended 31 December 2020.

Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Since the charity qualifies as small under section 383, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Director’s report) Regulations 2013 is not required. The report of the trustees has been prepared in accordance with the special provisions applicable to companies subject to the small companies’ regime.

Objectives and activities

Purposes and aims

An independent think tank and a charity, Centre for London exists to develop new solutions to London’s critical challenges, and to advocate for a fair and prosperous global capital. We publish research, stage events, convene and influence. We act as a critical friend to national and London government, encouraging policymakers to think beyond the next election cycle and plan for the future.

Our work is founded on a belief in the power of new, long term, independent and evidence based thinking to help solve London’s problems and achieve our vision for the capital. We believe it is better to invest ‘upstream’ in evidence, policy and strategic thinking, rather than pay for the downstream costs that result from their absence.

Research and analysis are at the heart of everything we do. Our ideas and arguments only have value if they are based on a robust understanding of the challenges and opportunities facing London and on a well-grounded analysis of options for reform.

But we aren’t interested in research and ideas for their own sake – we aim to influence policy and practice, and to inform and further public debates, to effect practical change for London and Londoners.

We have worked on many research topics over the last decade – ranging from London rail services, to intermediate housing and employee ownership, minimum wage policy and charitable giving. Over the last few years, we have honed our focus to strengthen our expertise, increase our credibility and profile, and maximise our influence. Our work is currently organised under four broad priorities,

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

with two cross cutting concerns. Our selection of these priorities is based on our analysis of London’s challenges combined with a sense of where we can have most impact.

----- Start of picture text -----
Skills and Housing and Transport and London, UK and the
opportunity neighbourhoods environment world
Devolution and Brexit
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The priority themes were reviewed at the end of 2020, to reflect the rapidly changing circumstances of the year, and will be updated in the 2021 annual report.

The objectives of the charity are:

To undertake, publish and promote the useful results of non-partisan, objective research and to host public educational events and conferences in pursuit of the advancement of education for the public benefit in issues of economic, social, environmental and public policy which affect London and other cities;

To promote civic responsibility and sustainable development for the public benefit in London and other cities by:

2.1 the preservation, conservation and the protection of the environment and the prudent use of resources;

2.2 the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities; and

2.3 the promotion of sustainable means of achieving economic growth and regeneration.

Sustainable development means “development which meets the needs of the present without compromising the ability of future generations to meet their own needs.”

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it was set up to help. The review also helps the trustees ensure the charity's aims, objectives and activities remain focused on its stated purposes.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Achievements and performance

The charity's main activities are described below. All its charitable activities focus on making London a fairer and more prosperous global city and are undertaken to further Centre for London’s charitable purposes for the public benefit. This year, as for many charities, our research and events programme was affected by the pandemic and associated lockdowns, which included a transition to digital events.

Reports published and publications

Most of the below publications also included a physical or digital launch event, and/or other associated events such as advisory group discussions and roundtables.

13 public events – in person and webinars, and seven roundtables

COVID-19 recovery series:

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Influence and impact

Policy influencing

Giving evidence

We submitted written evidence and consultation responses to four policy consultations and inquiries. These included:

External speaking engagements and social media

We spoke at 40 external events in 2020 including private roundtables, conference presentations and panel discussions. Highlights include the London Councils Chief Executives ‘Away Day’, the Create Streets and London Sport conferences, and a PechaKucha event at The British Museum.

Our social media reach also grew during the year, with a growth in 10 per cent in our Twitter followers and of nearly 80 per cent in our Linkedin network. Newsleter subscribers and web site visits also grew rapidly.

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Performance against objectives

Centre for London’s organisational objectives are drawn up by the Senior Management Team, with input from managers and the team as a whole, before being signed off by the Board of Trustees. The trustees review performance against the last year’s objectives in their first meeting of the year. The trustees were pleased that almost all objectives were met.

Beneficiaries of our services

While Centre for London exists to create a fair and prosperous global capital, the Centre considers its direct beneficiaries to be the policymakers and practitioners who rely on our research to inform their work in London. When a policy is changed or a recommendation adopted as a result of our research, the Centre’s work has the potential to benefit a much wider group – namely those whose lives, living standards or experiences are set to benefit from a new policy being implemented.

We calculate that our total beneficiaries in 2020 were:

Our broader impact is much harder to quantify. However, the combined impact of the policy changes we have influenced (as outlined above) affects millions of lives across the capital and the country and, potentially, beyond.

Events since the end of the year

The first quarter of 2021 has been busy one for the Centre. We have strengthened our relations with the Mayor of London, several boroughs and a number of trusts and foundations, who have offered support for a number of projects, notably our major strategic review of London, London 2050.

In the first quarter of 2021, the Centre has:

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Response to the COVID-19 pandemic

Since the start of the pandemic Centre for London’s board and senior leadership have worked together in response to the challenges it has presented the organisation. Steps were taken in Spring 2020 to ensure financial stability whilst continuing to deliver new policy thinking, and opportunities for debate and discussion.

When the crisis hit in March, we paused delivery of projects to take stock and to assess fundraising risks. A number of staff were furloughed or reduced their working hours for a number of months. While private sector fundraising became very tough, we had more success with trusts and foundations, and public bodies, with the result that we were able to restart paused projects and initiate new ones as planned. We switched all planned events and report launches to virtual events – which had the result of a significantly larger number of people being able to access our activities.

The full staff team had returned by June, although some staff had to do periods of flexible furlough in the autumn. The team pivoted quickly to working remotely - all operational systems were already digitised so we were able to adapt quickly to the new working conditions and respond to the immerging circumstances. Our crisis and recovery programme included research, analysis and convening to support London through the crisis, as well as more strategic content:

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Financial review

Income

In the period to 31 December 2020, Centre for London received income of £964,806 (2019: £1,170,043). Of this, £166,253 (2019: £149,500) was restricted funds with £798,553 (2019: £1,020,544) unrestricted.

There was an increase in restricted income in 2020 with a total of £158,753 of grants, (2019: £102,000) mostly due to the London Futures strategic project, as well as a planned focus was placed on grant applications to respond to the expected reduction in income from corporates due to the pandemic. The organisation received £37,751 grant income from the HMRC Coronavirus Job Retention Scheme (CJRS, 4% of total income). This grant is not included in the Income by Sector graph below.

Income from charitable activities comes in the form of unrestricted sponsorship as well as restricted grants. Research income reduced in year, £529,473 in 2020 (2019: £597,977). Approximately 56 per cent (2019: 54 per cent) of all funding secured during 2020 was research funding. The was a notable reduction in events income of 48 per cent year on year (2020: £198,833; 2019: £385,326). This resulted in a reduction in the percentage funding for events - 19 per cent (2019: 33 per cent) event funding, and an increase in the percentage of unrestricted core funding (including donations in kind) of 22 per cent (2019: 13 per cent). The reduction in income from events was a result of the pandemic when all events were conducted remotely, and a decision was made not to run the planned summer conference.

Year on year the general unrestricted fund has decreased from a smaller to a larger deficit (unrestricted deficit of £97,622, 2019: £2,756 deficit) which is due to timings of two invoices for research income, both of which were pledged in December 2020 and recognised in Jan 2021 for £86,545.

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Other, CJRS, 2020 Income by sector
£37,751, 4%
£63,050
7%
Grants,
£130,753
14%
Third Sector,
£214,467
Private
22%
Sector
£364,064
38%
Public Sector,
£154,719
16%
----- End of picture text -----

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

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2020 Income by sector
50%
40%
30%
20%
10%
0%
Grants Private Sector Public sector Third sector Other CJRS
2019 2020
----- End of picture text -----

Expenditure

Total spending amounted to £1,050,458 for 2020 just under 10 per cent decrease year on year. (2019: £1,158,752). This reflects the reduction in Events spend which decreased by 27 per cent year on year, in line with the reduced level of income (2020: £265,147; 2019: £361,538). Costs of Raising Funds has slightly increased by 13% year on year (2020: £195,458; 2019: £173,170) in line with increased staffing efforts for grant applications.

Direct costs for the year:

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Governance 2020 direct costs
£19,755, 2%
Raising Funds
£157,025, 15%
Support
£179,807, 17%
Charitable
Activites: Charitable
Events Activites:
£211,580, 20% Research
£481,428, 46%
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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

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Comparing direct costs
50%
40%
30%
20%
10%
0%
Raising Funds Charitable Charitable Support Governance
Activities: Activities:
Research Events
2019 2020
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Support costs are the office, finance and administration, management and governance costs incurred by the charity. Where support costs cannot be directly attributed to particular projects, they have been allocated to the costs of raising funds and expenditure on charitable activities on a basis consistent with use of the resources using the ACEVO Full Cost Recovery model. The effects of Covid-19 meant that slightly more time was required on the management of the organisation and on fundraising, including developing new funding relationships, and slightly less time was spent on delivering charitable activities. In preparation for the planned exit of the Director in early 2021 the leadership model was amended to include two new roles – Deputy Director and Strategic Projects Director – alongside the Research Director and Operations Director. Breakdown of expenditure is shown in note 5 on page 31.

Principal risks and uncertainties

The Centre keeps a working risk register. The risk register is reviewed at management team meetings, at finance committee meetings and is included in papers circulated to trustees prior to Board meetings.

Securing income continued to be monitored as the most important risk in 2020. Even with the challenges of fundraising during the pandemic fundraising performance remained strong. The risk of a long-term financial downturn was included with the mitigation to continue to diversify income streams, with emphasis on core and longer-term funding commitments. Discussions are underway to review organisational strategy in light of the pandemic, and the growing importance of issues such as anti-racism and climate change, and a brand review was initiated in order to maintain strategic direction and focus.

Other risks highlighted at various points during the year have been the risks involved in the change of leadership, which are being addressed through clear interim and recruitment plans, and the risks of disruption owing to staff illness, low morale, or caring responsibilities during the pandemic, which are being monitored and addressed when they occur.

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

The risk of Centre for London looking unrepresentative of the city it serves has also been raised, and in response a commitment to increasing diversity and equality was at the core of the recruitment drives for new staff and trustees.

Alongside the core risk register, a specific register of coronavirus risks was created in early 2020 along with additional financial monitors. These risks have now been resolved or added to the core corporate register as the crisis unfolds.

Cashflow is monitored against risk daily by the operations team to ensure the minimum level of cash does not reduce below one month plus 10% operating costs.

Reserves policy and going concern

Centre for London’s reserves policy states that it will aim to ensure that it has between three and six months’ worth of working capital to cover its operational expenses. This allows for the delivery of any projects which have started (which typically have a delivery time of six to twelve months), the opportunity to source new income streams and three months’ worth of wind-up costs to discharge all the charity’s liabilities in the event that the Trustees decide the charity is no longer a viable going concern.

In 2020 Centre for London reports a deficit of £85,652 (2019: £11,291 surplus). At the end of December 2020, the charity decreased its level of reserves to £266,154 (2019: £351,806), of which unrestricted reserves were £175,527 (2019: £273,149). There were £11,812 in designated funds (2019: £23,784).

It is the trustees’ intention to ensure that there is adequate working capital, as represented by its unrestricted funds. As at the Balance Sheet date, unrestricted reserves were less than three months of operating costs (2019: over three months). However, this decrease is due to a timing issue in income recognition, which will be reflected in the 2021 accounts.

At the date of approval of these accounts the Charity’s reserves position has been maintained within the first few months of the year forecasting just over three months of budgeted expenditure for 2021. The financial results for the year to 31 December 2020 are shown on pages 22 to 39.

The Covid-19 pandemic declared in spring 2020 created considerable short-term uncertainty for Centre for London, but the organisation proved resilient and remained viable through reducing costs and successfully pursuing new sources of funding. While 2021 is also expected to be a turbulent year, the value that partners place on the Centre’s work, and the fundraising and contingency plans that management have developed, give trustees confidence that the organisation will continue to operate successfully, and that it is a going concern at the time of sign off for these accounts.

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Related party transactions

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties. Details of all related party transactions can be found in note 9 of the accounts.

Fundraising

Centre for London’s development team leads and coordinates fundraising; all staff participate in fundraising activities. Any expenditure required to generate income is clearly identified. Other than salaries, there was no material expenditure incurred to raise income.

All fundraising practices are framed within the values and principles of the organisation. We place great value on protecting our independence and are committed to being transparent about our funding – publishing the name of any individual or organisation who supports us with funding over £1000. The terms of our relationship with funders are clearly set out at the start of every project and made explicit using funding agreements. We will not accept funding from organisations whose record or conduct could compromise our reputation. We have a clear due diligence procedure with responsibilities explicitly outlined.

The regulatory landscape for fundraising is evolving and we will continue to monitor and adapt with these changes. In 2020 the organisation did not employ the services of any fundraising agencies or third parties. Nor do we run telephone or door to door fundraising campaigns. We have ensured we are in line with the GDPR data protection regulations and all other relevant codes of conduct. We do not pressure supporters to make gifts and respect decisions to stop giving. We received no complaints about our fundraising practices in 2020.

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

The following organisations and individuals supported our work in 2020:

Be First (London Borough of Barking & Dagenham) Beth and David Blood Bosch British Land Capital City College Group Capital & Counties Properties PLC City Bridge Trust City of London Corporation Commonplace Community Union Cross River Partnership Dott Enfield Council FT'Work Trust Gerald Eve LLP Greater London Authority Google Landsec L&Q Lendlease Europe London Borough of Barnet London Borough of Brent London Borough of Camden London Borough of Ealing London Borough of Lambeth London Borough of Sutton

London Borough of Wandsworth London Councils Mastercard National Association of Local Councils Populo Living Port of London Authority Power to Change Primera Queen Elizabeth Olympic Park Riverstone SEGRO Sir Trevor Chinn Soho House & Co The London Directors' Environment Network (LEDNet) The Mark Leonard Trust The Mori Memorial Foundation The Rothschild Foundation The Royal Borough of Kingston Upon Thames Transport for London Trust for London Uber University of London Van and Eva DuBose Wei Yang & Partners Westminster City Council

In accordance with our policy we publish the names of any individuals or organisations who support us with funding over £1000, whether in money or in kind.

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Plans for the future

Centre for London’s 2019-23 strategic plan, adopted in February 2019, focuses on further strengthening the quality of our research and events, maximising our impact and ensuring we have a more sustainable business model. In order to achieve this, the strategic plan is based on increasing our income and staff numbers, as well as becoming an even more professional and well-run valuesled organisation.

By the end of 2023 the strategic plan envisages that we will have:

We will undertake a review of the strategic plan during 2021. In part, this is a response to the changed operating context created by the pandemic, which may make previous expansion plans harder to realise. The appointment of a new chief executive, and the completion of our London Futures visioning exercise, also create an opportunity to review how Centre for London operates, its brand and role in London’s civil society, and how it should respond to the fast-changing challenges facing London and its citizens.

Structure, governance and management

Centre for London (the Centre) is a company limited by guarantee (registered 22 February 2013), registered in England and Wales, and a registered charity (27 March 2013). The company was established under a memorandum and articles of association which established the objects and powers of the charitable company and is governed under its articles of association. 2020 was its seventh year of operation as an independent organisation.

Centre for London is governed by a Board of Trustees, with a minimum membership of three. At the end of December 2020, there were 13 trustees. Two of these trustees are also Board Members of Centre for London Trading Limited (Company number: 08565144), the charity’s 100 per cent owned trading subsidiary, through which it carries out non-primary purpose trading activities. The trading subsidiary is currently dormant. Ms Elizabeth Peace CBE continues as Chair, Mr Paul King as Deputy Chair and Mr David Slater as Chair of the Finance Committee.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts.

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

No board member resigned or left in 2020. Any person who is willing to act as a trustee, and who would not be disqualified from acting under the provisions of Article 26, may be appointed to be a trustee by a decision of the Board of Trustees.

In the year to 31 December 2020, the Board met five times (an additional meeting relating to Covid19 response). The Finance Committee (a sub-committee of the Board) met four times and received fortnightly updates for much of the year. In addition, trustees provided significant ongoing support to the organisation throughout the year. The trustees agreed to developing a mid to long-term strategic plan, along with new processes to support the monitoring effectiveness of its organisational objectives.

The full membership of the Trustee Board, who are also directors under the terms of the Companies Act, are set out above. The members of the Trustee Board have no beneficial interest in the group or charity.

The Trustee Board delegates responsibility for the day-to-day activities of the organisation to the Senior Management Team which, in 2020 was the Director, Mr Ben Rogers, Mr Richard Brown and Ms Rachel Heilbron. Mr Ben Rogers resigned in January 2021. Mr Richard Brown is Interim Director until Dr Nicholas Bowes starts as Chief Executive in June 2021. The senior management team produce monthly reports on the activities undertaken in managing the charity including management accounts that explain the financial position of the charity.

Remuneration policy for key management personnel

Pay and remuneration of the charity’s key management personnel is set in accordance with Centre for London’s pay principles reflecting:

The Director’s pay is agreed by the Board on the recommendation of the Chair. The remaining Key Management personnel’s pay is agreed by the Board on the recommendation of the Director.

Public benefit

The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance, published by the Commission, in determining the activities undertaken by the charity. The trustees are satisfied that the aims and objectives of the charity, and the activities reported on above to achieve the aims, meet these principles.

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Statement of responsibilities of the trustees

The trustees (who are also directors of Centre for London for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

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 financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31st December 2020 was thirteen (2019: fourteen). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Auditor

Sayer Vincent LLP continued as the charitable company's auditor during the year and has expressed its willingness to continue in that capacity.

The trustees would like to thank all those who have supported the Centre since its establishment and during 2020.

The trustees’ annual report has been approved by the trustees on 19 May 2021 and signed on their behalf by

Ms Elizabeth Peace CBE Chair of the Board of Trustees

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(company no: 08414909, charity no: 1151435)

To the members of

Centre for London

for London

Opinion

We have audited the financial statements of Centre for London (the ‘charitable company’) for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Centre for London's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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(company no: 08414909, charity no: 1151435)

To the members of

Centre for London

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual 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:

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(company no: 08414909, charity no: 1151435)

To the members of

Centre for London

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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 auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

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(company no: 08414909, charity no: 1151435)

To the members of

Centre for London

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s 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.

Joanna Pittman (Senior statutory auditor)

26 May 2021

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, London, EC1Y 0TL

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Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Statement of Financial Activities (incorporating the Income & Expenditure Account)

Unrestricted
Funds
2020
Note
£
Income
Income from generated funds:
Donations
2
139,587
Donations in
kind
3
18,250
Charitable
activities:
Research
4
380,720
Charitable
activities: Events
4
188,833
Other Income
4a
71,163
Total income
798,553
Expenditure
Expenditure on:
Raising funds
5
195,458
Charitable
activities:
Research
5
445,538
Charitable
activities: Events
5
255,179
Total expenditure
896,175
Net
(expenditure)/
income
6
(97,622)
Fund balances brought
273,149
forward
Fund balances carried
175,527
forward		 Restricted
Funds
2020
£
7,500
-
148,753
10,000
-
166,253
-
144,283
10,000
154,283
11,970
78,657
90,627		 Total
2020
£
147,087
18,250
529,473
198,833
71,163
964,806
195,458
589,821
265,149
1,050,458
(85,652)
351,806
266,154		 Unrestricted
Funds
2019
£
88,419
49,100
510,977
370,326
1,721
1,020,543
173,170
503,591
346,538
1,023,299
(2,756)
275,905
273,149		 Restricted
Funds
2019
£
47,500
-
87,000
15,000
-
149,500
-
120,453
15,000
135,453
14,047
64,610
78,657		 Total
2019
£
139,919
49,100
597,977
385,326
1,721
1,170,043
173,170
624,044
361,538
1,158,752
11,291
340,515
351,806

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the financial statements.

22

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Balance Sheet

Note
FIXED ASSETS
Investment in subsidiary
12
Tangible Assets
11
CURRENT ASSETS
Debtors
13
Cash in Bank and
in hand
Total current assets
CREDITORS:falling
14
due within one year
NET CURRENT ASSETS
NET ASSETS
FUNDS:
Restricted Funds
17
Unrestricted Funds
Designated funds
General funds		 2020
£
1
11,812
259,167
159,870
419,037
(164,696)
254,341
266,154
90,627
11,812
163,715
266,154		 2019
£
1
23,784
339,334
78,652
417,986
(89,965)
328,021
351,806
78,857
23,784
249,365
351,806

The financial statements were approved and authorised for issues by the Board of Trustees on 19 May 2021

And signed on its behalf by:

Ms Elizabeth Peace CBE Chair

Mr David Slater Chair, Finance Committee

23

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Statement of cashflow

Cash flows from operating activities
(Deficit)/Surplus for the financial year
Adjustment for:
Charge for depreciation
(Increase) / decrease in debtors
(Decrease) / increase in creditors
Net cash generated from operating activities
Cash flows from investing activities
Payments to acquire tangible fixed assets
Net cash from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the
year
Cash and cash equivalents at end of year		 2020
£
(85,652)
13,942
80,167
74,731
83,188
(1,970)
(1,970)
81,218
78,652
159,870		 2019
£
11,291
13,285
(93,042)
(15,177)
(83,643)
(3,619)
(3,619)
(87,262)
165,914
78,652

24

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

1. Accounting policies

A summary of the principal accounting policies all of which have been applied consistently throughout the year, are set out below:

a) Statutory information

Centre for London is a charitable company limited by guarantee and is incorporated in England. The registered office address is Unit 1 32-33 Hatton Garden, London, England, EC1N 8DL

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (March 2018) and the Companies Act 2006. Centre for London has a trading subsidiary, Centre for London Trading Limited. The subsidiary was dormant in the year so was not consolidated in the accounts.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. The charity ended the year having secured pledges of £917,146, which was 83% of the annual target. In the first quarter of 2021 we have secured £372,870 (invoiced and pledged income), which is 13% higher than the year to date target and higher than in previous years. The pipeline of prospective income remains robust and conversations are strong with repeating and new potential prospective donors. We continue to tightly control expenditure and regularly review financial indicator, and have developed contingency plans for reducing costs if the financial position becomes more challenging.

25

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

At the reporting date, the trustees do not consider that there are any sources of uncertainty for the future of the charity that would result in needing to change the value of the assets that are held.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Gift Aid claimable in relation to qualifying donations received is recognised at the time of the donation.

Donations in kind represent professional services or facilities which are recognised in income on the basis of the value of the gift to the charity. Typically this is the amount the charity would be willing to pay in the open market for such equivalent services or facilities.

f) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

g) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

h) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

26

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

i) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Raising funds 15%
Charitable activities: research 46%
Charitable activities: events 20%
Governance and Support costs 19%

Support and governance costs are re-allocated to each of the activities on the following basis, which is an estimate based on staff time, of the amount attributable to each activity.

Raising funds 17 %
Charitable activities: research 54 %
Charitable activities: events 27%

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

j) Operating leases

Rental charges are charged on a straight-line basis over the term of the lease.

k) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Leasehold improvements over 5 years Computers and telephone over 3 years Fixtures, fittings and equipment over 5 years

27

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

l) Investments in subsidiaries

Investments in subsidiaries are at cost.

m) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

n) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

o) 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 due.

p) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

q) Pensions

The Charity is a member of an auto enrolment workplace Group Personal Pension scheme. The scheme is a multi-employer defined contribution plan for certain employees who meet certain criteria as prescribed by the Pensions Act 2008. The costs of the plan charged in a statement of financial activities represents the contributions payable during the year.

28

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

2. Income from donations and legacies

Allies and Morrison LLP
Bosch
Beth and David Blood
British Land
Delancey
Gerald Eve LLP
Google
Kohn Pederson Fox
Land Securities Group plc
Primera
Sir Trevor Chinn
Tideway
U+I
Uber
Van and Eva DuBose
Wilmott Dixon
Gift Aid
Sundry donations under £1,000		 Unrestricted
Funds
2020
£
-
6,000
10,000
10,000
-
22,000
7,000
20,000
-
10,000
10,000
4,000
-
-
10,000
20,000
10,587
-
139,587		 Restricted
Funds
2020
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,500
-
7,500		 Total
Funds
2020
£
-
6,000
10,000
10,000
-
22,000
7,000
20,000
-
10,000
10,000
4,000
-
-
10,000
20,000
18,087
-
147,087		 Unrestricted
Funds
2019
£
5,000
6,000
10,000
-
10,000
-
-
-
5,000
10,000
4,000
5,000
10,000
-
10,000
5,000
6,244
2,175
88,419		 Restricted
Funds
2019
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30,000
-
7,500
-
47,500		 Total
Funds
2019
£
5,000
6,000
10,000
-
10,000
-
-
-
5,000
10,000
4,000
5,000
10,000
-
40,000
5,000
13,744
2,175
135,919

3. Income from donated services and facilities

Event Personnel
Event Venue & Catering
Research Consultant
Staff Travel & Subsistence		 Total
Funds
2020
£
-
3,500
14,750
-
18,250		 Total
Funds
2019
£
5,000
17,100
23,000
4,000
49,100

Donations in kind are treated as unrestricted funds .

29

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

4. Income from charitable activities

Research & Event Sponsorship
Be First (London Borough of
Barking & Dagenham)
Capital City College Group
City Bridge Trust
City of London Corporation
Cross River Partnership
Enfield Council
Greater London Authority
Hackney Council
L&Q
London Borough of Barnet
London Borough of Brent
London Borough of Camden
London Borough of Ealing
London Borough of Hounslow
London Borough of Lambeth
London Borough of Lewisham
London Borough of Southwark
London Borough of Waltham
Forest
London Councils
Mastercard
National Association of Local
Councils
Port of London Authority
Power to Change
Queen Elizabeth Olympic Park
The London Directors'
Environment Network (LEDNet)
The London Property Alliance
The Mark Leonard Trust
The Rothschild Foundation
The Royal Borough of Greenwich
The Royal Borough of Kingston
Upon Thames
Transport for London
Trust for London
University of London
Westminster City Council
Miscellaneous Income
TOTAL		 Unrestricted
Funds
2020
£
245,000
10,000
27,000
-
44,833
3,220
10,000
-
20,000
-
20,000
10,000
10,000
5,000
10,000
-
20,000
-
-
-
10,000
-
-
15,000
5,000
5,000
19,500
10,000
-
-
-
10,000
40,000
-
10,000
10,000
-
569,553		 Restricted
Funds
2020
£
(5000)
-
-
50,000
-
-
-
18,753
10,000
-
-
-
-
-
-
-
-
-
-
-
-
15,000
5,000
-
20,000
-
-
-
5,000
30,000
-
-
-
10,000
-
-
-
158,753		 Total
Funds
2020
£
240,000
10,000
27,000
50,000
44,833
3,220
10,000
18,753
30,000
-
20,000
10,000
10,000
5,000
10,000
-
20,000
-
-
-
10,000
15,000
5,000
15,000
25,000
5,000
19,500
10,000
5,000
30,000
-
10,000
40,000
10,000
10,000
10,000
-
728,306		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2019
2019
2019
£
£
£
569,993
20,000
589,993
-
-
-
-
-
-
-
-
-
40,000
-
40,000
9,500
-
9,500
65,000
10,000
75,000
10,000
-
10,000
-
-
-
10,000
-
10,000
-
-
-
20,000
20,000
-
-
-
30,000
-
30,000
-
-
-
5,000
-
5,000
10,000
-
10,000
15,000
-
15,000
35,000
-
35,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,000
-
10,000
-
-
-
40,000
-
40,000
-
42,000
42,000
-
-
-
11,500
-
11,500
310
-
310
881,303
102,000
983,303

The table (above) details income from local and central government, and grant funding. The figure for sponsorship income is an aggregate that includes include from private and third sector

30

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

organisations. There are no unfulfilled conditions or other contingencies attached to amounts recognised from government grant income. The total amount of income from government in 2020 was £257,585 (2019: £321,000). In addition, the organisation received £37,751 from the Coronavirus Job Retention Scheme, which is included within other income on the SOFA.

4a. Other income

Consultancy
Coronavirus Job Retention Scheme
Mayor at 20 book sales		 2020
£
28,835
37,751
4,577
71,163		 2019
£
1,722
1,722

5. Analysis of expenditure (current and prior year)

Staff
Costs
2020
£
Raising funds
142,659
Charitable activities:
research
406,109
Charitable activities:
events
200,823
Support &
governance
68,290
TOTAL
817,881
Support & governance costs
Staff costs
Communications costs
Office & administration costs
Premises costs
Audit and Accountancy
Other professional,
legal & finance
Trustee Expenses
Other governance costs
Depreciation
Total		 Other
Costs
2020
£
14,724
75,324
10,757
131,772
232,577
Support
2020
£
55,870
10,429
19,348
63,384
10,905
5,915
-
-
13,942
179,793		 Apportioned
Support &
Governance
costs 2020
£
38,075
108,388
53,599
(200,062)
-
Governance
2020
£
12,240
-
-
-
7,850
-
-
-
-
20,270		 Total
2020
£
195,458
589,821
265,179
-
1,050,458
Total
2020
£
68,290
10,429
19,348
63,384
18,755
5,915
-
-
13,942
200,063		 Staff
Costs
2019
£
117,000
433,938
185,973
32,543
769,454		 Other
Costs
2019
£
26,412
79,739
128,264
154,883
389,298
Support
2019
£
3,211
14,265
30,912
70,700
17,130
792
-
-
13,285
150,295		 Apportioned
Support &
Governance
costs 2019
£
29,758
110,367
47,301
(187,426)
-
Governance
2019
£
29,332
-
-
-
7,200
-
-
600
-
37,132		 Total
2019
£
173,170
624,044
361,538
-
1,158,75
2
Total
2019
£
32,543
14,265
30,912
70,700
24,330
792
-
600
13,285
187,426

31

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

6. Net income/expenditure for the year

6. Net income/expenditure for the year
2020 2019
£ £
Net income/(expenditure) is stated after charging/(crediting)
Depreciation 13,942 13,285
Auditors' remuneration
Audit Services exclusive of VAT 7,850 7,200
Operating lease rentals 55,663 67,000

7. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Wages and salaries
Social security costs
Pension costs
Other staff costs		 2020
£
716,405
59,782
34,288
7,406
817,881		 2019
£
664,517
57,897
32,627
14,413
769,454

Other staff costs include staff training and welfare expense.

The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £221,256 (2019: £227,233).

Key management personnel are the trustees (unpaid) and members of the Senior Management Team (SMT).

The following number of employees received employee benefits (excluding employer pension costs and employer's national insurance) during the year between:

2020 2019
No. No.
£60,000-£69,000 - 1
£70,000-£79,000 1 -
£80,000-£89,000 1 1

SMT pay is agreed by the Board on the recommendation of the Director. The Director’s pay is agreed by the Board on the recommendation of the Chair. Key management personnel pay is determined by reference to the Centre’s pay and progression policy.

32

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2019: £nil). No charity trustee received payment for professional or other services supplied to the charity (2019: £nil). Trustees' expenses represent the payment or reimbursement of travel and subsistence costs and board administration totalling £ Nil (2019: £Nil).

8. Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 22 (2018: 19). Staff are split across the activities of the charity as follows:

2020 2019
No. No.
Charitable activities: research 11 11
Charitable activities: events 5.5 5
Raising funds 4 3
Management, support and governance 1.5 1

9. Related parties and relationships with other organisations

Four trustees identified themselves as Related Parties, being in positions of responsibility within sponsoring organisations. One key management personnel identified their familial relationship with a trustee of a donating trust. All confirmed they did not have overall control of the decision to sponsor/donate to the Centre. None of our Trustees receive remuneration or other benefit from their work with the charity.

During the year £190,000 of unrestricted donations were received from related parties of the trustees or key management personnel (2019: £163,400). No trustees contributed personal donations in 2020 (2019: £975).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

10. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

33

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

11. Tangible fixed assets

Leasehold Computer Fixtures & Total
Improvements Equipment fittings
£ £ £ £
Cost
B/f 11,500 14,178 31,292 56,970
Additions - 1,970 - 1,970
At 31 December 2020 11,500 16,148 31,292 58,940
Depreciation
At 1 January 2020 6,900 10,111 16,176 33,187
Charge 2,300 5,383 6,258 13,941
At 31 December 2020 9,200 15,494 22,434 47,128
Net book value
At 31 December 2020 2,300 654 8,858 11,812
At 31 December 2019 4,600 4,068 15,116 23,784

All of the above assets are used for charitable purposes.

12. Investment in subsidiary

Centre for London has a trading subsidiary, Centre for London Trading Limited (Company number: 08565144).

The charity owns the whole of the issued ordinary share capital of Centre for London Trading Ltd, a company registered in England. The subsidiary is used for non-primary purpose trading activities. The trading subsidiary is currently dormant.

34

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

13. Debtors

Trade debtors
Prepayments and accrued income
Due within one year
Other debtors
Due more than one year
Total Debtors		 2020
£
223,352
17,725
241,077
2020
£
18,090
18,090
309,167		 2019
£
303,044
18,200
321,244
2019
£
18,090
18,090
339,334

Other debtors represents the amounts recoverable more than a year.

14. Creditors

Trade creditors
Accruals
Social security and
other taxes
Due within one year
15. Deferred income
Balance brought forward
Amount released to incoming resources
Amount deferred in the year
Balance carried forward		 2020
£
47,443
33,095
83,768
164,696
2020
£
-
-
-		 2019
£
54,882
14,906
20,177
89,965
2019
£
10,000
(10,000)
-
-

There was no deferred income in 2020 (2019: no deferred income).

16. Analysis of net assets between funds (current and prior year)

Fund balances at 31 December 2020 are represented by:

35

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

Unrestricted Unrestricted
Restricted
Restricted		 Total
Unrestricted
Unrestricted		 Restricted Restricted Total
Funds Funds Funds Funds Funds Funds
2020 2020 31 Dec 2019 2019 31 Dec
2020 2019
Fixed Assets 11,813 - 11,813 23,785 - 23,785
Current assets 328,410 90,627 419,037
339,329		 78,657 417,986
Current liabilities (164,696) - (164,696)
(89,965)		 - (89,965)
175,527 90,627 266,154 273,149 78,657 351,806
17. Movements in funds (current year)
Balance
Income		 Expenditure
Transfer		 Balance
Statement of Funds 1 Jan 31-Dec
Current Year 2020 2020
£
£		 £ £ £
Restricted funds
College of Food 19,381
-		 (19,381) - -
Community Town Centres -
35,000
(11,040) - 23,960
FE review (Skills & 19,542
-
(19,542) - -
Opportunities)
Illuminated City 10,000
30,000
(18,654) - 21,346
London Futures (London 2050) 29,734
22,500
(44,734) - 7,500
London Futures Phase 2 -
50,000
(30,932) - 19,068
Public Involvement in Planning -
18,753		 - - 18,753
The London Conference 2020 -
10,000
(10,000)		 - -
Total restricted funds 78,657
166,253		 (154,283) - 90,627
Unrestricted funds
Designated fund
Fixed Asset Fund 23,784
-		 -
(11,972)		 11,812
General fund 249,365
798,553		 (896,175)
11,972		 163,715
Total unrestricted funds 273,149
798,553		 (896,175) - 175,527
Total funds 351,806
964,806		 (1,050,458) - 266,154

The Board has designated funds totalling £11,812 (2019: £23,784) to be carried forward at 31st December 2020. This represents the net book value of fixed assets.

The Fixed Asset Fund represents the net book value of fixed assets held in the unrestricted reserves. This is done to reflect the fact that these funds are not in liquid form and so are not expendable funds. Depreciation of these assets is initially recognised through expenditure in general funds and is then transferred to the Fixed Asset Fund. Additions of new assets are reflected as transfers from the general fund to the Fixed Asset Fund.

36

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

17b. Movements in funds (prior year)

Statement of Funds
Current Year
Restricted funds
College of Food
Cultural Industries & Mobility
Designing for Future Mobility
Illuminated City
Kitchen Skills
London 2050
London Conference 2019
Neighbourhood Planning in
Deprived Areas
Skills & Opportunities: FE
review
Transport and Equity
Total restricted funds
Unrestricted funds
Designated fund
Fixed Asset Fund
General fund
Total unrestricted funds
Total funds		 Balance
1 Jan
2019
£
-
6,275
-
-
20,910
-
-
13,250
24,175
-
64,610
33,450
242,455
275,905
340,515		 Income
£
20,000
-
30,000
10,000
10,000
37,500
15,000
2,000
-
25,000
149,500
-
1,020,543
1,020,543
1,170,043		 Expenditure
£
(619)
(6,275)
(30,000)
-
(30,910)
(7,766)
(15,000)
(15,250)
(4,633)
(25,000)
(135,453)
-
(1,023,299)
(1,023,299)
(1,158,752)		 Transfer
£
-
-
-
-
-
-
-
-
-
-
-
(9,666)
9,666
-
-		 Balance
31-Dec
2019
£
19,381
-
-
10,000
-
29,734
-
-
19,542
-
78,657
23,784
249,365
273,149
351,806

37

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

The funds of the charity include restricted funds compromising the unexpected balances of donations and grants, as set out below, held on trustees to be applied for the following purposes:

College of Food London has been through a food revolution over the last few decades. But we do a poor job of developing and retaining chefs. This project is exploring how a world class culinary college, on a par with London’s great art and design schools, might work in practice.

Community Town Centres This project explores how London’s local communities can play an active role in the stewardship and governance of their high streets and town centres to make them more resilient and sustainable.

Further Education review (Skills and opportunities) This project explores the ways in which London’s labour market is evolving, and asks how we can ensure that every Londoner can make the most of the opportunities the city offers with a focus on vocational training and further education.

Illuminated City Lighting has long been a neglected aspect of urban policy. For the most part, city authorities have taken a narrowly utilitarian approach, looking to lighting to make roads and streets brighter, but with little thought to creative, social or environmental dimensions of light.

London Futures Phases 1 and 2 (formerly London 2050) Working with leaders from across London, including the Mayor of London, London boroughs, national government, businesses, universities, charities and community groups we’re undertaking an ambitious, multi-year strategic review of the city to shape London’s future to 2050 and beyond.

London Conference 2020 This is likely to be viewed as the most significant year in London’s history in generations. The disproportionate impact of coronavirus on some Londoners has highlighted the long-enduring inequalities in our city. Other lifestyle changes forced upon us by the crisis have offered a glimpse of a calmer and greener future. The London Conference 2020 was a space for Londoners to reflect on this year and how we can create a more resilient and inclusive city going forwards.

Public Involvement in Planning a programme of research, coalition-building and influencing, aimed at strengthening public engagement in the planning process in London, as a means of generating more and better development.

38

Centre for London (company no: 08414909, charity no: 1151435)

For the year ended 31 December 2020

Notes to the Financial Statements

18. Operating lease commitments payable as a lessee

The charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods

Operating lease which expires:

Within 1 year
2-5 years		 2020
£
55,933
27,996
83,929		 2019
£
55,993
83,989
139,982

19. Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

39