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2022-12-31-accounts

For the year ended 31 December 2022

Centre for London Company number: 08414909 Charity number: 1151435

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

For the year ended 31 December 2022

Contents

Reference and administrative information ....................................................................................................................... 1 Trustees’ annual report ......................................................................................................................................................... 2 Independent auditor’s report ............................................................................................................................................ 21 Statement of financial activities (incorporating an income and expenditure account) ....................................... 25 Balance sheet ........................................................................................................................................................................ 26 Statement of cash flows ...................................................................................................................................................... 27 Notes to the financial statements .................................................................................................................................... 28

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

For the year ended 31 December 2022

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 House of Sport, 190 Great Dover St, London, England, SE1 4YB

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, (Term ended 24 May 2022) Mrs Fiona Carswell Chair (started as chair 24 May 2022) Mr Paul King Deputy Chair (Term ended 9 Feb 2023) Mr David Slater Chair of the Finance Committee (Term ended 11[th] May 2023) Miss Bomonlu Adelaja Ms Tej Barde Appointed 9 Feb 2023 Ms Annelie Drabu Appointed 9 Feb 2023 Mr Samuel Ewuosho Ms Laia Gasch Mr Daniel Hawthorn Appointed 9 Feb 2023 Mr Nicholas Kilby Appointed 9 Feb 2023 Appointed Chair of the Finance Committee May 10[th] 2023 Mr Peter Lewis Mr Matthew Pencharz Appointed 9 Feb 2023 Ms Sonal Shah Term ended 9 Feb 2023 Mr Andrew Travers Term ended 9 Feb 2023 Mr Shashi Verma Mr Dominic Wilson Key management Dr Nicholas Bowes Chief Executive (departing 9[th] June 2023) personnel 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 2022 Trustees’ annual report

The trustees present their report and the audited financial statements for the year ended 31 December 2022.

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

We are London’s think tank. We see a London that could be safe, connected, post-carbon and pro-nature. A London that is welcoming to all. We know that vision is bold, but we’re willing to stand by it and speak up for it, and call things out when London is falling short.

Because that’s what this city needs: a champion that believes in and celebrates London’s potential and a vocal critic unafraid to speak the truth. We are a brave, independent policy voice for London. We are a voice for what all London is, and could be.

Our activities

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

Our Vision

London is a thriving, sustainable, global city, run in the long-term interests of its people and the UK as a whole.

London is:

Londoners have:

Our aims

Achieving this degree of change is hard, and thorny issues are easy to avoid. But we are not afraid of tackling the complex and entrenched issues the city faces, nor speaking truth to those in authority where needed. We propose ideas even if they are difficult or downright unpopular, fiercely retaining our independence.

Developing the right solutions to London’s challenges - so they meet the needs of the city and its people both now and in the future - requires innovative, long-term thinking which adapts to the ever-changing policy landscape and realities of life in London.

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

Centre for London’s work is focused on achieving the following outcomes:

Changed perceptions

Improved practices

Better policy

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 2022 Trustees’ annual report

Achievements and performance

The charity's main activities are described below. All its charitable activities focus on making London better for everyone and are undertaken to further Centre for London’s charitable purposes for the public benefit.

We launched one major strategic project (including reports, data breakdowns and events) and published 9 reports. Most of our publications also included a hybrid launch event, and/or other associated events such as advisory group discussions and roundtables. We also delivered 19 public events – in person, hybrid and webinars.

Standalone events

Trackers

Levelling Up London

Homes and places

Environment and Transport

Skills, work and good business

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

In addition to these outputs we ran a number of roundtables and other events related to projects which will be launched in 2023. To avoid double-counting these will be described in the 2023 report.

We ran four Partner Forum events – Chatham House rule discussions with some of the city’s senior decision-makers. Speakers included:

In May we re-launched this group as the Centre for London Supporters Network. The network has differing benefits for different levels of membership and membership categories depending on the type of organisation. Speakers at Supporters Network events included:

Influence and impact

Things that have changed as a result of our work

Policy change

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

Shaping the debate

Supporting strategic planning

How we have shared our messages

Speaking to decision makers

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

Development Rob Whitehead speaking at Property Week’s Industrial & Logistics Conference 2022.

Media

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

Beneficiaries of our services

While Centre for London exists to create a fair and prosperous global city, 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 2022 were:

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

Financial review

Income

In the period to 31 December 2022, Centre for London received income of £1,198,932 (2021: £1,047,279), an increase of 14 per cent (2021: 9 per cent) year on year. Of this, £213,803 (2021: £136,157) was restricted funds with £985,125 (2021: £911,122) unrestricted.

In previous year’s accounts a distinction had been made between income and expenditure for Research and Events, as there is great overlap between the two areas of activity the figures have been combined and previous year’s figures restated.

Income from Charitable Activities increased in total amount to £914,025 but reduced to 76 per cent of all income (2021: £847,059, 81 per cent of all income). Income for events only activities increased by 48 per cent to £323,749 in 2022 (2021: £219,431), which is increasing closer to prepandemic levels even though almost all events are now hybrid or webinars. Levels of research activity funding (which includes events activities) remained at a stable level £625,276 (2021: £627,627).

There was an increase in the total amount of income from consultancy, referred to as “other income”, (2022: £42,700, 2021: £28,596,). This increase was mostly due to three consultancy projects.

However, this increase did not change the percentage of total income (2022: 4 per cent, 2021: 3 per cent). Income from donations in kind increased by two thirds to £68,126 (2021: 40,875).

There was also an increase in unrestricted core funding to £165,827 in 2022 (14 per cent of total income, 2021: £130,750, 12 per cent). This change is due to increases in donations mainly due to the launch of Supporters Network. There was also an increase in donations in kind, £68,126 (2021: £40,875).

Within the year an additional £49,950 (2021: nil) was raised as unrestricted income in advance (included in the accounts as deferred income, see table 14, in 2021 £55,000 which was referred to as pledged income as a footnote in the financial review).

Year on year the general unrestricted fund was a surplus of £5,893 (2021: £43,556 surplus). In year, the restricted funds were spent in line with project plans, and all but one, New Neighbourhoods, were completed. We carried forward £7,137 of restricted funds into 2023, all of which was spent within the first quarter of this year.

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

----- Start of picture text -----
2022 Income by sector
Third Sector Grants
£352,783 £213,807
29% 18%
Other
£58,527
5%
Public Sector Private Sector
£302,027 £271,176
25% 23%
----- End of picture text -----

Comparing income by sector

----- Start of picture text -----
30%
25%
20%
15%
10%
5%
0%
Grants Other Private Sector Public sector Third sector
2021 2022
----- End of picture text -----

Expenditure

Total spending amounted to £1,197,626 for 2022, 11 per cent increase year on year (2021: £1,082,626). The divide between charitable activities and raising funds remained the same as the previous year (83% charitable activities, 17% raising funds). Total expenditure for activities amounted to £989,180 (2021: £898,607). Costs of Raising Funds increased to £208,446 (2021: £184,019) which is due to changes in staffing and use of a fundraising consultant.

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

Direct costs for the year:

----- Start of picture text -----
2022 direct costs
----- End of picture text -----

Comparing direct costs

----- Start of picture text -----
80%
70%
60%
50%
40%
30%
20%
10%
0%
Raising Funds Charitable Support Governance
Activities
2021 2022
----- End of picture text -----

Support costs cover 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.

Staffing costs remained similar year on year – Charitable activities 70 per cent (2021: 73 per cent), raising funds 16 per cent (2021: 16 per cent), Support and Governance fourteen percent (11 percent).

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

The Key Management Personnel are the Chief Executive and the Operations Director. In autumn 2021 the Events and Communications teams were merged to form an External Affairs Directorate and one of the Directors’ roles was changed at this time to lead the Development Team. The effects of these changes are reflected in these accounts.

Breakdown of expenditure is shown in note 5 on page 34.

Principal risks and uncertainties

The Centre keeps a working risk register. The risk register is reviewed at senior leadership group meetings, at finance committee meetings and is included in papers circulated to trustees prior to Board meetings. The Chief Executive has ownership and reviews the register on a fortnightly basis.

Securing income and cashflow remained the most important risks in 2022. 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. Due to the continued strain of the pandemic the risk of staff disruption due to illness or caring responsibilities was monitored closely.

Moving to a serviced office in summer 2022 mitigated some of the risks relating to increased costs, particularly electricity and gas.

Following the move a new hybrid working model was introduced, the effects of this change are being tracked, particularly to ensure some workers do not become disadvantaged through working from home. In December we started a 6 month trial of a reduced hours working week as one mitigation of this risk and to support staff wellbeing.

There was further change in the staff team. All roles were filled and the necessary changes were made to scheduling, although the risk of a backlog were monitored. The Chief Executive, Dr Nick Bowes, resigned in March 2023. Research Director, Claire Harding will be Interim Chief Executive until the recruitment process is complete.

New risks identified and monitored in the year included complaints from external individuals or organisations about Centre for London events and/or speakers and panellists at our event.

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 reserves in case they are needed to cover its operational expenses, a reduction in income or increase in expenditure due to unforeseen circumstances or to invest in new opportunities

This would allow for the delivery of any projects which have started , 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.

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

In 2022 Centre for London reported a surplus of £1,306 (2021: £35,347 deficit).

That meant that at the end of December 2022, the charity had increased its total funds to £232,113 (2021: £230,807), of which unrestricted reserves were £244,976 (2021: £219,083). There were £6,007 in designated funds (2021: £3,216). This represents the net book value of fixed assets.

It is the trustees’ intention to ensure that there is adequate working capital, as represented by its unrestricted funds. As at year end (31[st] December 2022) unrestricted reserves were less than three months of operating costs (2021: less than three months).

The trustees feel confident that the organisation is a going concern due to the success in fundraising in the first quarter of 2023 (from former funders and new organisations), that there is £302,432 pledged income, and the planned fundraising activities. Also, they know that the Centre’s work is considered high quality and is valued by policy makers. By managing income and expenditure effectively over the course of the year Trustees are aiming to make a financial surplus this financial year, and to add to our level of reserves.

The financial results for the year to 31 December 2022 are shown on pages 25 to 41.

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.

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 which make explicit the fact that we retain editorial control of our reports. 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 2022 the organisation employed the services of a fundraising consultant.

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

We do not 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 2022.

The following organisations and individuals supported our work in 2022:

Be First British Land Buro Happold Carter Jonas City Bridge Trust City of London Corporation Enfield Council Enterprise Rent-A-Car G15 Greater London Authority Hawkins\Brown Impact on Urban Health International Quarter London Landsec Lendlease Development Europe Ltd Lendlease Europe Ltd KPMG London & Quadrant Housing Trust London Borough of Hounslow London Borough of Newham London Borough of Waltham Forest London Borough of Tower Hamlets London Communications Agency London Councils London HQ London TravelWatch

Mastercard National Zakat Foundation NEP Peabody Planning Aid for London Port of London Authority Queen Elizabeth Olympic Park ReLondon SavanaComRe Sir Harvey McGrath Sir Trevor Chinn South Bank BID South London Partnership South Westminster BIDs Steer The Earls Court Development Company The Friends Provident Charitable Foundation The London Community Foundation The London Property Alliance (CPA and WPA) The Royal Borough of Kensington and Chelsea The Silvertown Partnership LLP Transport for London Trust for London University of East London University of London Westminster City Council Wilmott Dixon

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 2022 Trustees’ annual report

Plans for the future

We are in year two of our new strategic plan, which will last till 2025. The plan is bold in our mission to support the actions of our political leaders and decision makers by thinking up new ideas and policies designed to solve some of the city’s big problems. We will not shy away from speaking truth to power and focusing on what we believe will make London a fairer, more prosperous, safer, and greener city for all those who live and work in it.

Our research explores ways to make London better.

We focus on five key areas:

Places: Creating neighbourhoods that work. Connecting areas through world-class transport and active travel options. Pushing for safer, better policed communities. Supporting vibrant high streets, accessible cultural spaces, and successful business districts.

People: Making life better for all Londoners. Standing up for everyone to be able to afford the essentials and live in a decent, healthy home. Empowering people to learn throughout their lives.

Prosperity : Sustaining London’s economic success. Enabling innovative and responsible businesses to start, settle and grow in the city. Attracting the talent of tomorrow. Leading the world into a fairer future.

Power: Championing the needs of Londoners. Giving London’s decision-makers more control over the biggest issues facing the city. Strengthening governance and accountability. Boosting London’s connections with the rest of the UK and the world.

Planet: Leading the way to a sustainable future. Promoting net zero, nature positive approaches. Building a more resilient city.

To capture our ambition and reflect the new policy and political landscape the city finds itself, Centre for London will:

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

By the end of the strategic plan we will have:

To achieve these objectives, we will

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. 2022 was its eighth 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 2022, there were 11 trustees. A recruitment process was led in winter 2022, five new trustees joined the board in February 2023. 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’s second term as chair ended in May 2022 when she was replaced by Mrs Fiona Carswell. Mr David Slater continued as Chair of the Finance Committee until May 2023 when he was replaced by Mr Nick Kilby. Four trustees’ second terms ended so they stepped down. Five new trustees were recruited. Any person who is willing to act as a trustee, and who

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Centre for London (company no: 08414909, charity no: 1151435) For the year ended 31 December 2022 Trustees’ annual report

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 2022, the Board met four times. The Finance Committee (a subcommittee of the Board) met four times. In addition, trustees provided significant ongoing support to the organisation throughout the year.

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 charity. 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.

The Trustee Board delegates responsibility for the day-to-day activities of the organisation to the Key Management Personnel which, in 2022 included the Chief Executive, Dr Nicholas Bowes and Ms Rachel Heilbron, who 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 Chief Executive’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 Chief Executive.

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 2022 Trustees’ annual report

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 have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. 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 2022 was eleven (2021: twelve). 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 2022 Trustees’ annual report

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 2022.

The trustees’ annual report has been approved by the trustees on 11 May 2023 and signed on their behalf by

Fiona Carswell

Chair of the Board of Trustees

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Independent auditor’s report (company no: 08414909, charity no: 1151435)

To the members of Centre for London

Independent auditor’s report to the members of Centre for London

Opinion

We have audited the financial statements of Centre for London (the ‘charitable company’) for the year ended 31 December 2022 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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Independent auditor’s report (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:

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

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Independent auditor’s report (company no: 08414909, charity no: 1151435)

To the members of Centre for London

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.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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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Independent auditor’s report (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) Date

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 2022

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

Note
Income
Income from generated funds
Donations
2
Donations in kind
3
Charitable
activities
4
Other Income
4a
Total income
Expenditure
Expenditure on:
Raising funds
5
Charitable
activities
5
Total expenditure
Net
(expenditure)/
income
6
Fund balances brought
forward at 1 Jan 2022
Fund balances carried
forward at 31 Dec 2022		 Unrestricted
Funds
2022
£
:
165,827
68,126
700,218
50,954
985,125
208,446
770,786
979,232
5,893
219,083
224,976		 Restricted
Funds
2022
£
-
-
213,807
-
213,807
-
218,394
218,394
(4,587)
11,724
7,137		 Total
2022
£
165,827
68,126
914,025
50,954
1,198,932
208,446
989,180
1,197,626
1,306
230,807
232,113		 Unrestricted
Funds
2021
£
130,750
40,875
710,902
28,596
911,122
184,019
683,547
867,566
43,556
175,727
219,083		 Restricted
Funds
2021
£
-
-
136,157
-
136,157
-
215,060
215,060
(78,903)
90,627
11,724		 Total
2021
£
130,750
40,875
847,059
28,596
1,047,279
184,019
898,607
1082,626
(35,347)
266,154
230,807

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.

25

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

For the year ended 31 December 2022

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		 2022
£
1
3,216
137,610
235,986
373,596
(144,700)
228,896
232,113
7,137
3,216
221,760
232,113		 2021
£
1
6,007
141,436
159,825
301,261
(76,462)
224,799
230,807
11,724
6,007
213,076
230,807

The financial statements were approved and authorised for issues by the Board of Trustees on 11 May 2023,

And signed on its behalf by:

Fiona Carswell Chair, Board of Trustees

Mr David Slater

Chair, Finance Committee

26

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

For the year ended 31 December 2022

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		 2022
£
1,306
5,551
3,825
68,238
78,920
(2,760)
(2,760)
76,160
159,825
235,986		 2021
£
(35,347)
9,934
117,731
(88,234)
4,084
(4,129)
(4,129)
(45)
159,870
159,825

27

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

For the year ended 31 December 2022

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:

Statutory information

Centre for London is a charitable company limited by guarantee and is incorporated in England. The registered office address is House of Sport, 190 Great Dover St, London SE1 4YB.

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.

Public benefit entity

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

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

The trustees are confident about the charity’s ability to continue as a going concern while taking the into account the current economic climate and changes in Leadership. This takes account of the performance of the Charity during the pandemic, when the Charity faced similar challenges and overcame them.

28

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

For the year ended 31 December 2022

Notes to the Financial Statements

The charity generated income of £1,076,700 for 2023 which was 83% of the annual target. In addition, £78,000 was secured for 2024. In the first three months of 2023 we have secured £302,432 in income.

The pipeline of future income remains robust and conversations are strong with repeating and new potential donors. We continue to tightly control expenditure and regularly review financial indicators and have developed contingency plans for reducing costs if the financial position becomes more challenging.

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.

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.

Supporters Network income is recognised when the charity has delivered the service. Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

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.

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.

29

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

For the year ended 31 December 2022

Notes to the Financial Statements

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.

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:

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

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 13%
Charitable activities 64%
Governance and Support costs 23%

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 19%
Charitable activities 81%

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.

30

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

For the year ended 31 December 2022

Notes to the Financial Statements

Operating leases

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

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

Investments in subsidiaries

Investments in subsidiaries are at cost.

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.

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.

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.

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.

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.

31

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

For the year ended 31 December 2022

Notes to the Financial Statements

2. Income from donations and legacies

Be First
Beth and David Blood
David Chipperfield Architects
Ltd
Delancey
G15
Gerald Eve LLP
KPMG
L&Q
Land Securities Group plc
Lendlease Development Europe
Limited
London Borough of Hounslow
London Communications
Agency
London HQ
Port of London Agency
Sir Harvey McGrath
Sir Trevor Chinn
South Bank BID
The Earls Court Development
Company
Transport for London
Van and Eva DuBose
Willmott Dixon
Gift Aid
Sundry donations under £1,000		 Unrestricted
Funds
2022
£
1,600
-
4,800
-
8,000
-
15,000
15,000
15,000
15,000
3,200
4,800
9,000
3,200
30,000
8,000
3,200
10,000
12,000
-
5,000
2,427
600
165,827		 Restricted
Funds
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2022
£
1,600
-
4,800
-
8,000
-
15,000
15,000
15,000
15,000
3,200
4,800
9,000
3,200
30,000
8,000
3,200
10,000
12,000
-
5,000
2,427
600
165,827		 Unrestricted
Funds
2021
£
-
20,000
-
10,000
-
7,000
15,000
-
-
-
-
5,000
-
12,500
15,000
8,000
-
-
25,000
-
13,250
-
130,750		 Restricted
Funds
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2021
£
-
20,000
-
10,000
-
7,000
15,000
-
-
-
-
5,000
-
12,500
15,000
8,000
-
-
25,000
-
13,250
-
130,750

3. Income from donated services and facilities

Event AV
Event Personnel
Event Venue & Catering
Research Consultant
Consulting & Administration
Support		 Total
Funds
2022
£
13,643
-
25,167
25,000
4,316
68,126		 Total
Funds
2021
£
-
1,875
5,000
34,000
40,875

Donations in kind are treated as unrestricted funds.

32

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

For the year ended 31 December 2022

Notes to the Financial Statements

4. Income from charitable activities

Research & Event Sponsorship
Be First (London Borough of Barking &
Dagenham)
Central District Alliance Ltd
City Bridge Trust
City of London Corporation
Enfield Council
Foundation for Integrated Transport
G15
Greater London Authority
Impact on Urban Health
London & Quadrant Housing Trust
London Borough of Brent
London Borough of Hounslow
London Borough of Lambeth
London Borough of Lewisham
London Borough of Newham
London Borough of Southwark
London Borough of Waltham Forest
London Borough of Tower Hamlets
London Councils
London TravelWatch
Mastercard
National Zakat Foundation
Peabody
Planning Aid for London
Port of London Authority
Power to Change
Primera BID
Queen Elizabeth Olympic Park
ReLondon
The Friends Provident Charitable
Foundation
The Golden Bottle Trust
The London Property Alliance
The Mark Leonard Trust
The Royal Borough of Kensington and
Chelsea
South London Partnership
South Westminster BIDs
Transport for London
Trust for London
University of London
Westminster City Council		 Unrestricted
Funds
2022
£
260,014
30,000
-
-
66,500
-
-
25,000
35,000
15,000
-
5,000
18,000
-
-
45,000
-
15,000
5,000
45,000
12,000
-
10,000
15,000
1,500
-
-
-
10,000
2,000
-
-
22,569
-
25,135
25,000
12,500
700,218		 Restricted
Funds
2022
£
10,000
-
-
55,000
-
-
-
-
-
59,167
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
39,640
-
-
-
-
-
50,000
-
213,807		 Total
Funds
2022
£
270,014
30,000
-
55,000
66,500
-
-
25,000
35,000
74,167
-
5,000
18,000
-
-
45,000
-
15,000
5,000
45,000
12,000
-
10,000
15,000
1,500
-
-
-
10,000
2,000
39,640
-
22,569
-
25,135
25,000
50,000
12,500
914,025		 Unrestricted
Funds
2021
£
292,428
-
22,000
-
42,500
27,000
-
10,000
30,000
20,833
10,000
-
16,000
20,000
10,000
-
12,500
20,000
-
-
-
-
21,500
-
15,313
-
-
-
-
-
-
41,963
10,000
17,318
40,000
-
10,000
21,546
710,902		 Restricted
Funds
2021
£
-
-
-
-
-
-
10,000
-
10,000
35,000
-
-
-
-
-
-
-
-
15,000
-
-
-
-
-
-
-
-
16,157
10,000
-
5,000
-
-
-
-
35,000
-
-
136,157		 Total
Funds
2021
£
292,428
-
22,000
-
42,500
27,000
10,000
10,000
40,000
55,833
10,000
-
16,000
20,000
10,000
-
12,500
20,000
15,000
-
-
-
21,500
-
15,313,
-
-
16,157
10,000
-
5,000
41,963
10,000
17,318
40,000
35,000
10,000
21,546
847,059

33

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

For the year ended 31 December 2022

Notes to the Financial Statements

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 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 2022 was £314,635 (2021: £291,509).

4a. Other income

Consultancy
Coronavirus Job Retention Scheme
Kickstart grant
Other income		 2022
£
42,700
-
7,792
462
50,954		 2021
£
12,867
2,178
13,212
339
28,596

5. Analysis of expenditure (current and prior year)

Staff
Costs
2022
£
Raising funds
145,021
Charitable activities:
637,669
Support &
governance
127,386
TOTAL
910,076
Support & governance costs
Staff costs
Communications costs
Office & administration costs
Premises costs
Audit and Accountancy
Other professional,
legal & finance
Trustee Expenses
Depreciation
Total		 Other
Costs
2022
£
13,183
130,595
143,772
287,550
Support
2022
£
103,886
17,896
35,496
65,279
6,528
2,919
-
5,551
237,555		 Apportioned
Support &
Governance
costs 2022
£
50,242
220,916
(271,158)
-
Governance
2022
£
23,500
-
-
-
8,800
-
1,303
-
33,602		 Total
2022
£
208,446
989,180
1,197,626
Total
2022
£
127,386
17,896
35,496
65,279
15,328
2,919
1,303
5,551
271,158		 Staff
Costs
2021
£
123,562
553,937
81,737
759,237		 Other
Costs
2021
£
21,109
168,269
134,012
332,390
Support
2021
£
72,691
9,268
24,641
70,686
9,787
1,696
-
9,934
198,703		 Apportioned
Support &
Governance
costs 2021
£
39,348
186,956
(215,749)
-
Governance
2021
£
9,046
-
-
-
8,000
-
-
-
17,046		 Total
2021
£
184,019
909,162
-
1,082,626
Total
2021
£
81,737
9,268
24,641
70,686
17,787
1,696
-
9,934
215,749

34

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

For the year ended 31 December 2022

Notes to the Financial Statements

6. Net income/expenditure for the year

. Net income/expenditure for the year
2022 2021
£ £
Net income/(expenditure) is stated after charging/(crediting)
Depreciation 5,551 9,934
Auditors' remuneration
Audit Services exclusive of VAT 8,800 8,000
Operating lease rentals 63,607 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		 2022
£
786,674
79,605
31,806
11,991
910,076		 2021
£
654,797
62,807
30,804
10,828
759,236

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 £151,628 (2021: £156,400).

Key management personnel are the trustees (unpaid), the Chief Executive and the Operations Director

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

2022 2021
No. No.
£90,000-£99,000 1 -

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2021: £nil). No charity trustee received payment for professional or other services supplied to the charity (2021: £nil). Trustees' expenses represent the payment or reimbursement of travel and subsistence costs and board administration totalling £ Nil (2021: £Nil).

35

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

For the year ended 31 December 2022

Notes to the Financial Statements

8. Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 22 (2021: 20). Staff are split across the activities of the charity as follows:

2022 2021
No. No.
Charitable activities 17 15
Raising funds 3 3
Management, support and governance 3 2

9. Related parties and relationships with other organisations

Seven trustees identified themselves as having relationships with other organisations, being in positions of responsibility within sponsoring organisations. 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 £167,841 of unrestricted donations were received from organisations connected to trustees or key management personnel (2021: £95,000). One trustee is a staff member of the GLA. Within the year there were three unrestricted donations from GLA.

One trustee contributed personal donations in 2022 totalling £600 (2021: nil).

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.

36

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

For the year ended 31 December 2022

Notes to the Financial Statements

11. Tangible fixed assets

Leasehold Computer Fixtures & Total
Improvements Equipment fittings
£ £ £ £
Cost
B/f 11,500 20,277 31,292 63,069
Additions/(disposals) (11,500) 2,760 (31,292) (40,032)
At 31 December 2022 - 23,037 - 23,037
Depreciation
At 1 January 2022 11,500 16,870 28,692 57,062
Charge - 2,951 2,600 5,551
Elimination on disposal (11,500) - (31,292) (42,792)
At 31 December 2022 - 19,821 - (31,321)
Net book value
At 31 December 2022 3,216 - 3,216
At 31 December 2021 - 3,407 2,600 6,007

All of the above assets are used for charitable purposes.

12. Investment in subsidiary

Centre for London owns the whole of the issued ordinary share capital of Centre for London Trading Ltd, a company registered in England (Company number: 08565144). The subsidiary is used for non-primary purpose trading activities. The subsidiary is currently dormant therefore consolidated accounts are not required.

13. Debtors

Trade debtors
Prepayments and accrued income
Due within one year
Other debtors
Due more than one year
Total Debtors		 2022
£
123,487
6,563
130,050
2022
£
7,560
7,560
137,610		 2021
£
105,418
17,928
123,346
2021
£
18,090
18,090
141,436

Other debtors represents the amounts recoverable in more than a year.

37

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

For the year ended 31 December 2022

Notes to the Financial Statements

14. Creditors

4. Creditors
Trade creditors
Accruals
Deferred income
14a
Social security and
other taxes
Due within one year		 2022
£
7,706
16,953
49,950
70,091
144,700		 2021
£
9,831
9,788
-
56,843
76,462

Deferred income refers to an invoice for £35,000 which was pledged in 2022 and recognised in 2023, and also £14,950 from the Supporters Network to cover activities in 2023.

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

Fund balances at 31 December 2022 are represented by:

Fixed Assets
Current assets
Current liabilities		 Unrestricted
Funds
2022
3,217
366,459
(144,700)
224,976		 Restricted
Funds
2022
-
7,137
-
7,137		 Total
Funds
31 Dec
2022
3,217
373,596
(144,700)
232,113		 Unrestricted
Funds
2021
6,008
289,537
(76,462)
219,083		 Restricted
Funds
2021
-
11,724
-
11,724		 Total
Funds
31 Dec
2021
6,008
301,261
(76,462)
232,807

38

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

For the year ended 31 December 2022

Notes to the Financial Statements

16. Movements in funds (current year)

Statement of Funds
Current Year
Restricted funds
Illuminated City
Impact Investing
Local Authority Assets
Levelling up
New Neighbourhoods
The Active Last Mile
The Future of LTNs
The London Conference
2022
Total restricted funds
Unrestricted funds
Designated fund
Fixed Asset Fund
General fund
Total unrestricted funds
Total funds		 Balance
1 Jan
2022
£
110
10,000
-
-
-
-
1,614
-
11,724
6,007
213,076
219,083
230,807		 Income
£
-
20,000
39,640
70,000
10,000
59,167
-
15,000
213,807
-
985,125
985,125
1,198,932		 Expenditure
£
110
30,000
39,640
70,000
2,863
59,167
1,614
15,000
218,394
-
979,232
979,323
1,197,166		 Transfer
£
-
-
-
-
-
-
-
-
(2,791)
2,791
-
-		 Balance
31-Dec
2022
£
-
-
-
-
7,137
-
-
-
7,137
3,216
221,760
224,976
232,113

The Board has designated funds totalling £3,216 (2021: £6,007) to be carried forward at 31st December 2022. 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.

39

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

For the year ended 31 December 2022

Notes to the Financial Statements

16b. Movements in funds (prior year)

Statement of Funds
Current Year
Restricted funds
College of Food
Community Town Centres
Future of Freight
Illuminated City
Impact Investing
Local Authority Assets
The London Conference 2021
London Futures Phase 2
Public Involvement in Planning
The Future of LTNs
Total restricted funds
Unrestricted funds
Designated fund
Fixed Asset Fund
General fund
Total unrestricted funds
Total funds		 Balance
1 Jan
2021
£
-
23,960
-
21,346
-
-
-
26,568
18,753
-
90,627
11,812
163,715
175,527
266,154		 Income
£
5,000
10,000
35,000
-
10,000
16,157
15,000
35,000
-
10,000
136,157
-
911,122
911,122
1,047,279		 Expenditure
£
5,000
33,960
35,000
21,236
-
16,157
15,000
61,568
18,753
8,386
215,060
-
(867,566)
(867,566)
(652,506)		 Transfer
£
-
-
-
-
-
-
-
-
-
-
-
(5,508)
5,805
-
-		 Balance
31-Dec
2021
£
-
-
-
110
10,000
-
-
-
-
1,614
11,724
6,007
213,076
219,083
230,807

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

Impact Investing (Harnessing impact investment for London) The world’s big problems – climate change, lack of healthcare and education, poverty – are solvable, but they are mind-blowingly expensive to solve. This project brought together local authorities, investors, philanthropists and local communities to make social investment work for London and Londoners.

Levelling up in London This project explored London’s unique levelling up challenges and how the levelling up agenda looks outwards, highlighting why the capital is so important for the country’s economy and culture.

40

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

For the year ended 31 December 2022

Notes to the Financial Statements

Local Authority Assets (Making the most of Local Authority assets ) Local authorities in London are responsible for managing valuable resources. This projected showed how they could use their money and property to deliver social value to their residents.

New Neighbourhoods (Lessons from the future: what is life really like in a sustainable

neighbourhood) This project brought together builders, planners, sustainability experts, engineers, local authority leaders, placemakers and policymakers to explore what we can learn from people’s experience of living in London’s newest neighbourhood?

The Active Last Mile: how can we boost out-of-home deliveries? Switching to ‘Click & Collect’ options can reduce the environmental impact of online shopping and improve air quality. This project explored how to help enable people to walk or cycle to pick up their packages and how this would help London.

The Future of Low Traffic Neighbourhoods (Street Shift ) Local streets are complex places. This project learned from the rollout of LTNs, and why they’ve been controversial, to help councils develop new ways of reducing car dominance on local streets while bringing residents along with them.

The London Conference 2022 The London Conference is a cornerstone of the London public policy and political calendar, bringing together the brightest minds from government, the private sector, and the third sector each year to discuss the most pressing issues facing the city.

17. 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		 2022
£
9,450
-
9,450		 2021
£
37,329
-
37,329

18. 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.

41