CENTRE F•R LONDON REPORT AND FINANCIAL STATEMENTS For the 18 Month period to 30June 2024 Centre for London Company number: 08414909 Charity number: 1151435
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Contents References and administration Trustees, 8nnu81 report Independentexaminer's report Statement of financial activities (incorporating an income and expenditure account) Balance Sheet Statement of cash flows Notes to the financial statements 18 20 21 23 24
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 References and administrative information Company number Country of incorporation Charity number Country of registration Registered oiyice and operational address 08414909 United Kingdom 1151435 England & Wales House of Sport, 190 Great Dover St, London, England. SE14YB Trustees Trustees, who are also directors under company law. who served duringthe year and up to the date of this report were as follows: Mrs Fiona Carswell Mr Paul King Mr David Slater Chair (Started as chair 9 Feb 20231 Deputychair (Term ended 9 Feb 2023) Chair of the Finance Commitee (Term ended 11th May2023) Appointed 9 Feb 2023 Appointed Chair ofthe Finance Commitee 10th May 2023 Resigned 21 Jul 2023 Appointed 9 Feb 2023 Appointed 9 Feb 2023 Mr Nicholas Kirby Miss Bomonlu Adelaja Ms Tel Barde Ms Annelie Drabu Mr Samuel Ewuosho Ms Laia Gasch Casals Ms Jenna Goldberg Mr Daniel Hawthorn Appointed 9 Feb 2023 DeputyChair- Appointed 9 Feb 2023 Resigned 13 Jun 2024 Appointed 10 Feb 2023 Term ended 9 Feb 2023 Term ended 9 Feb 2023 Mr Peter Lewis Mr Matthew Pencharz Ms Sonal Shah Mr AndrewTravers Mr Shashi Verma Mr Dominic Wilson Dr Nicolas Bowes Key management personnel Chief Executive (Departing 9 June 2023) Ms Antonia Jennings Chief Executive (Appointed 11 September 20231 Operations Director (resigned Sept 2023} Ms Rachel Heilbron Bankers The Co-operative Bank PIC PO Box 101. 1 Balloon Street. Manchester. M60 4EP Solicitors Bates. Wells & Braithwaite 10 Queen Street Place, London, EC3R 1 BE Independent Examiners Joanna Pittman FCA. Sayer Vincent LLP. Chartered Accountants and Independent Examiner 110 Golden Lane. London. EC1Y OTG
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Trustees, Annual Report The trustees present their report and the independently examined financial statements for the 18 months ended 30 June 2024. Reference and administrative information set out on page I 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= 50RP 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 20261Strategic Report and Directorfs 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 As per the charity's governing document. the objectives and activities of the charity are-. l. 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 affett London and other cities; 2. To promote civic responsibility and sustainable development for the public benefit in London and other cities by.. lal the preservation, conservation and the protection of the environment and the prudent use of resources,. Ibl the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities,. and Icl 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." Achievements and performance The charity's main activities are described below. All its charitable attivities focus on making London better for all Londoners and are undertaken to further Centre for London's charitable purposes for the public benefit. We launched one ma ic ect (including reports, data breakdowns and events} and published 10 research reports. Most of our publications also included a launch event and/or other associated events such as advisory group discussions and roundtables. We also delivered 11 in-personlhybrid events. or strate ro
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Our research over this period has resulted in over l(KJ policy recommendations between January 2023-June 2024. Meanwhile. media coverage of our work surpassed 740 mentions in the past year. Our 2023 and 2024 London Conferences. combined, saw over 800 people come together in person and online. Our London Housing Summit 2024 was the first thematic, participatory conference in Centre for London's history and brought together 150 in-person delegates. In 2024. we also introduced paid tickets for our conferences - amounting to total ticket sales of £24,216. Events Standalone The London Housin Summit 2024 The London Conference 2023- Is London in Crisis? London Conference Dinner Labour Pa Conference 2023: London's Role as a Global Ci Conservative Part Conference 2023.. London's Role as a Global Ci Summer Drinks Rece tion Report launches What influences Londoners. Wellbein and What Can Hel ? Clutter and Chaos= How to Sort Out Central London's Streets with the Times.. Trans ort Solutions for London Movin Research projects Reports Urban lo 15tic hubs: what are London's needs? Licence to Let= How licensin could rotect rivate renters Movin with the Times.. Su ortin Sustainable Trans ort in Outer London Movin with the Times.. Financial Incentives for Sustainable Travel Homes Fit for Londoners: Londoners Homes Toda Reducin Street Clutter in Central London What influences Londoners. wellbein and what can hel ? London's Housin Crisis ro Homes Fit for Londoners: Solvin Rebootin London's econom London and the Heathrow Re ion In addition to these outputs, we ran severol roundtobles and other events reloted to projects which hove been launched in the second half of 2024 or will be launched in 2025. To ovoid double counting, these will be described in the next report. Supporters Network We ran 11 Supporters Network events- Chatham House rule discussions with London's leaders. Speakers included.. Bek Seeley- Managing Director of Development {Europel, Lendlease
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Mark Wild- Chief Executive of SGN and H52 Limited Wendy Thomson- Vice-chancellor. University of London Andy Roe- Commissioner of the London Fire Brigade Enver Solomon - Chief Executive. Refugee Council Alison Griffin- Chief Executive. London Councils In this period, 75% of our members renewed. and our membership grew to 23 members from across the public, private and third sectors. The network has differing benefits for different levels of membership depending on the type of organisation. 2023-2024 members include, among others: 7 London Boroughs City of London Corporation GLA G15 and L&Q KPMG Port of London Authority Places for London (previou5 Properties) University of London. Influence and impact Things that have changed as a result of our work. Policy change In February 2023, the latest version of The London Plan called for parking spa$ within communal parking facilities to be leased rather than sold, a recommendation from our 2020 report, Buildin New Urban n4obilit The government announced in March 2023 that it would include powers for compulsory rent of vacant properties in the ASB Bill, a5 suggested in our Communit Tobvn Centre5 report. Mayor Sadiq Khan announced a £4 million 'licensing hub to support boroughs taking action to support tenants,. This closely aligned with our recommendation for the GLA to support boroughs to harmonise and rationalise their licensing schemes in our report Licence to Let. Newham Council referenced our Licence to Let report. as they initiated/ extended the work on their landlord licensing scheme. oro Informing Policymakers Private briefing letter5 were sent to key polirymakers following the Licence to Let re ort informing those in power of our recommendations, leading to meetings between our Senior Research Officer, Jon Tabbush, and several civil servant5. Centre for London has an ongoing quarterly meeting with the Cities and Local Growth Unit, which includes members from four different government departments. providing insight into our latest research particularly Rebootin London's 5conom and Solvin London's Housin Crisi5. Following publication of our multi-year programme. Moving with the Times, which resulted in two reports on Su5tainoble Travel in Outer London and Finorjciol Ir7centive5 or Sustuingble Trc7vel we sent out over 50 letters to policymakers briefing on the top-lines of our findings and recommendations.
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Our Senior Research Officer, Jon Tabbush and CEO. Antonia Jennings were asked to brief civil servants from the Partnerships and DeliveryTeam at the Department forTransport on our transport research. They covered Sustainuble Travel in Outer London and Turning South London Orange. Briefing letters were also sent following the publication of Rebooting London's Economy. receiving a response from Rachel Reeves (Shadow Chancellor at the timel and three London MPS stating the letters were being included in upcoming briefings to the MPS. Jon Tabbush and Antonia Jennings were also invited to write up a briefing by the APPG for London. convened by London Councils and attended by MPS, to outline the next steps for devolution in the capital. Significant work has followed in the financial year starting July 2024. Jon Tabbush and Head of Research. Josh Cottell. met with alarge group of Dutch civil servants in their housing ministry la group called Jong BZK). They briefed them on London's housing market, with a particular focus on affordable housing policy. Shaping the debate May 2024 saw London's Mayoral Elections. In partnership with Savanta, we polled Londoner5 on their voting intentions in the upcoming election. This work received over 60 pieces of media coverage and was the most accurate predictor of the election outcome. Alongside voting intention, we polled and published key data on democratic engagement such as: A press release on how many young people were unaware of the upcoming Mayoral Election in 2024. A press release unpacking Sadiq Khan's record to date- where Londoners felt he had performed well or badly. A press release on the knowledge, or lack thereof. of new voter ID regulation which turned people away at the door if they did not show valid identification. This partnership, titled Whot London Thinks, is ongoing. Between March 2024 and June 2024 alone we published 10 press releases utilising the polling data, to share Londoners perceptions of key issues facing the capital. Following our publication of Homes Fitfor Londoners. Solving London's Housing Cri515, we have been a crucial voice and informer on Green Belt policy where we have advocated for building on 'low-quality' area5 of the Green Belt otherwise known as the 'grey belt,. Following June 2024 thi5 is now government policy. This includes: Releasing a press release which received coverage across national and London news including across BBC channels {online, radio and rvi, ITV News, Inside Housing and The Evening Standard. Working with BBC Verify to put together a long-form media piece informing the public on what changes to Green Belt Policy would mean. Working alongside our data partners, Savanta, to establish the popularity of housing policies among Londoners. such as building on the Green Belt. Sharing this data at our London Housing Summit in June 2024 to highlight the popularity of Using 'low-quality' section5 of Green Belt designated land to build new housing with high profile policymakers and private and public sertor leaders. In January 2024, we co-wrote an open letter with the G15 to Michael Gove outlining the need for greater grant funding to London's Affordable Homes Programme. This was published in the Guardian and received a response from Gove's office.
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 In JLJne 2024, we were asked to write an op-ed as part of City Am's Build Boby Build campaign, unpacking key solutions to London's housing crisis. Supporting strategic planning The London Borough of Islington directly clted our Remixin Centr31 London report in their Article 4 application to remove permitted development rights in Kings Cross. Delivering London are publicly launching their new network of par1 lockers in June, incorporating recommendations from our report The Active Last M I le. The Greater London Authority have published their plans for the pedestrianisation of Oxford Street. echoing our long-term call for this to happen. London Councils are working with Boroughs and Transport for London to create a strategy around E-Bike Parking, as called for acr055 our transport reports including Micromobility in London, Reducing Street Clutter and Sustainable Travel In Outer London. How we shared our messages Speaking to decision makers Centre for London events On 19 July 2023 we co-hosted a private, invite-only Summer Drink5 Reception in partnership with City BIDS- Aldgate Connect. Culture Mile Bid and Cheapside which brought together MPS, council leaders, business executives and third-sector leaders. On 5 June 2024 we h05ted our first, sold-out London Housing Summit. The summit brought together leaders from across the public. private and third sector to brainstorm solutions to London's housing crisis and included participatory workshops hosted by thematic partners. The London Conference 2023 took place ahead of the Mayoral Election in 2024. We secured the four leading Mayoral candidates for an in-conversation discussion with the Mayor of London Sadiq Khan. Rob Blackie, Zoe Garbett and Susan Hall. Deputy Mayor for Housing and Residential Development. Tom Copley, and London Borough Leaders, Adam Hug, Elizabeth Campbell, Stephen Cowan, Darren Rodwell and Kieron Williams also spoke at Centre for London events. External events In 2023, we co-hosted events at both Labour and Conservative Party Conferences alongside The Earls Court Development Company, panels of which featured our Chief Executive Antonia Jennings, Fiona Fletcher-smith, CEO of L&Q and Chair of Trustees at Centre for London, Fleur Anderson MP, MP for Putney. Graeme Craig• CEO of Places for London. Cllr Elizabeth Campbell, Leader of the Royal Borough of Kensington and Chelsea and Paul Scully. Minister of London lat the timel. Both Party Conferences, events featured an audience of a range of Conservative and Labour politicians including MPS, Assembly Members and council leaders. We held a panel discussion at the London Assemblvs Cost of Living Conference in 2023, which featured our CEO Antonia Jennings, Kojo Sarpong, Director of Housing Need5 at the Royal Borough of Kensington and Chelsea, Lord Shaun Bailey of Paddington. Ten Twomey, CEO of Generation Rent and Albinia Stanley, Community Organiser at London Citizens.
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Antonia Jennings, Centre for London CEO, chaired the London Anchor Institute Conference, speaking alongside Deputy Mayor for Business, Howard Dawber. at City Hall to bring together the key institutions to reflect on their progress on the 5-year-goals, 3-years into the LAIN Network. Our CEO Antonia Jennings spoke at'opportunity Hounslow. conference. and an Institute for Government roundtable on "How can the government ensure investment in the infrastructure the UK needs?" Our external speaking engagements for 2024 included our Senior Research Officer, Jon Tabbush, speaking on a panel at the Parliamentary Research Symposium, Westminster Hall. Jon Tabbush also spoke to a series of councils and council leaders across the capital. sharing the insight into our research on housing over the past 3 years. alongside speaking at Lambeth Council to a group which included the Leader of Lambeth Council on a piece Jon wrote, discussing Child Free Inner London. Formal politics Centre for London cited by the GLA in their London Assembly Budget and Performance Committee 'Housing Budget - What progress will be made to tackle London's Housing Crisis?, Centre for London organised for the following questions to be asked in House of Lords.. l. To ask His Majestvs Government what assessment they have made of the Centre for London's report'Home5 fit for Londoners- Solving London's Housing Crisis,. 2. To ask His Majesty's Government what assessment they have made ofthe potential benefits of 10-year rent settlements for social homes to create certainty for social housing providers. 3. To ask His Majesty's Government what assessment they have made ofthe potential benefits of the creation of an Affordable Housing Commission to set levels of grant for affordable housing based on expert projections. Centre for London cited by the London Assembly's Transport Committee letter to the Mayor, where our former Head of Research Josh Cottell shared our recommendation within the Moving with the Times of an outer London Strategy. Media Centre for London published over 60 press releases, leading to ourwork being featured in the press over 740 times, including the Evening Standard, The Independent. The Financial Times, The Telegroph, City AM, and the Guordion. and broadcast on BBC Radio. Politics London. Politics Live, ITV and Times Rodio. In 2024, we've developed a close relationship with the Evening Standard, partnering with them on our 'What London Thinks, work and leading to over 60 high quality pieces of coverage, featuring in The Telegraph. GB News, The Dolly Express. The l. Politlcs Home and City AM. We published 30 blogs, which were viewed 62.864 times. The three most popular blog posts published in 2022 were: Understanding Car Ownership (5,641), What isAwL70b'5 Law12,447), and Solving London's Housing Crisis (1, 744). There were 391,119 page views on our website and 177.798 users visited our website this year. Our reports were viewed 40,469 times. Our most viewed publications were Solving London's Housing Crisis13,8111 and Reducing Street Clutter11.9101. Our following on X grew by roughly 2,000 followers. from 18.688 at the start ofjanuary 2023, to over 20,500 by June 2024. Our following on Linkedln once again grew significantly. by roughly 1300 followers. from 5,270 to roughly 6500.
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 We had 3,679 newsletter subscribers as of June 2024, with a 49% open rate {significantly higher than the industry average of 34%). Beneficiaries of our services While Centre for London exists to create a fair and prosperous global city for all Londoners, 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 June 2023-June 2024 were: Almost 700 event attendees 3.679 newsletter subscribers 177,798 viewers of research reports on our website. People who read about our work in the media: over 740 press mentions included national coverage from outlets including The Guardian. GB News, LBC. The Telegraph and Times Radio, and regional coverage from BBC London. City A.M. and the Evening Standard.
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 The following organisations and individuals supported our work in this period: ARCO London Communications Agency London Councils London HQ London Legacy Development Corporation ILLDCI Love Wimbledon Mayorfs Fund for London Mount Anvil Nine Elms of the South Bank Be First Berkeley Group Buro Happold Central District Alliance Central London FOard City Bridge Trust City of London Corporation Cratus Communications Culture Mile BID Dolphin Living EC BID Old Oak & Park Royal Development Corporation IOPDCI Places for London Peabody Planning Aid for London Port of London Authoritv Primera Queen Mary University of London IQMULI SavanaComRes G15 Greater London Authority Heart of Business London Alliance Heathrow Strategic Planning Group HawkinslBrown Impact on Urban Health KPMG Sir HaNey McGrath South Bank BID Steer Team London Bridge The Crown Estate L&Q Housing Group Legal & General Lendlease Development Europe Ltd Lime The Earls Court Development Company The London Housing Directors, Group The Royal Borough of Greenwich The Social Innovation Partnership Trust for London University of East London University of London West London Alliance Westminster City Council Wilmott Dixon London Borough of Brent London Borough of Ealing London Borough of Hounslow London Borough of Lambeth London Borough of Lewisham London Borough of Newham London City Airport In accordance with our policy. we publish the names of any individuals or organisations who support us with funding over £IOOO. whether in money or in kind.
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Financial Review Centre for London took the decision to extend its financial year as it transitioned through significant change and financial development. This has been a year of two halves. The first half of this period involved challenging external factors that impacted on the ability to fundraise, coupled with leadership changes and targeted financial management attion involving voluntary redundancies to contain expenditure. In contrast. the remainder of the eighteen months up to June 2024. under new leadership and a strengthened senior team. saw the organisation stabilised and developin& with a new strategic a plan for growth and a marked increase in successful fundraising. First half of the financial At the sta rt of 2023. the charity existed in a volatile external context, with many funders seeing their own costs rise following unprecedented levels of inflation. not seen for decades. The aftermath of Covid also coincided with a period of political uncertainty, culminating in two major elections for London (the Mayoral and General elections). and as a thought leadership and policy development organisation, many scheduled projects were postponed until there was further clarity on the political direction of London and the wider UK. ear This period also saw a major senior leadership transition within the organisation. CEO Nick Bowes left the organisation on the 9 June 2023. and between that period and Antonia Jennings starting on the 11 September. the Direttor of Research, Claire Harding. was interim CEO, before her intended departure from the organisation in November, along with the charl5 Director of Operations. Inevitably, the period from June- December was a challenging period for the organisation. Antonia's immediate priorities coming into Centre for London were ensuring greater financial stability. developing a new business plan for the organisation, and working to establish a financial position to justify a coherent senior team being reinstated. Ahead of new CEO starting, the Board and the interim CEO implemented a round ofvoluntary redundancies to reduce overheads whilst ensuring essential deliverables were achieved and funded commitments honoured. The voluntary redundancies resulted in a loss of seven staff member5 and a reduction of operational costs by 33%. Second half of the f inancial ear The second part of the period saw a rapid stabilisation of the organisation with new leadership, a strengthened senior team and new income streams. Specifically. this was a period in which extremely tight monitoring of cash flow took place ensuring CFL could work within its means. During the second half of the year, we retained remaining staff, delivered against our funding agreements and established a plan to support financial susta inability, including= Strategic cost-saving measures Planning and securing sponsorship for a bigger. housing focused spring conference (which we are delivering again this yearl, and introducing paid tickets to generate further revenue. as well as Developing a more robust. risk adjusted pipeline. which provides more accurate insight into our income projectionsThis included the first ever Housing Summit and successful support from the newly launched London Network, both bringing significant increases in unrestricted funds.
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Current status and future rowth By the end of this period, we were in a position to recruit a new Director of Research - and now have a permanent senior team who are all experienced fundraisers and have continued to focus on building financial sustainability. We have aqlso made good progress in reducing our liabilities - clearing our rent debt and setting up a manageable payment plan with HMRC. We have also developed and launched a new five year strategy. which strengthens our funding proposition and is supported by- A funding model which continues to move away from an over reliance on project-based and towards more strategic, long-term partnerships with funders Investing resource into improving our network offer and growing its membership, to increase our unrestrirted income A more f lexible operational model, which uses more associate support rather than full-time, permanent staff Our priority is to continue securing funding and diversifying our income sources and we aim to return our reserves to a healthy level by the end of the current FY. Income In the 18 months ending June 2024. Centre for London received income of £980.877 Iprior year ending 31 December 2022.. £1,198,932), This represents a slight decrease in raised funds during a period of senior leadership transition and political uncertainty impacting fundraising in the run up to the 2024 Mayoral and Government elections. Income was made up of: Income from Charitable Artivities £626,735 representing 61 per cent of all income (prior year ending 31 December 2022: £914,025, 76 per cent of all income). Income for Events increased by 10 per cent to £272.393 . representing 45 per cent of Charitable Activities income lyear ending 31 December 2022.. £323.749, 35 per cent of Charitable Activities) with the introduction of the annual London Housing Summit conference. Levels of research sponsorship funding came to £300.324 (year ending December 2022= £590,277) due to the cumulative effect of the previous CEO departure, the incumbent Research Director was needing to cover two roles as interim CEO during a critical fundraising period. compounded by a period of political uncertainty underpinned by the two elections mentioned above. Within the 18 months ending June 2024. there was an increase of unrestricted income of £114,644 lyear ending 31 December 2022: £49,950) from the Supporters Network. Year on year, the general unrestricted fund was in deficit £449.041 as explained in the above (year ending December 2022.. £5,893). In the year, the restricted funds were spent in line with project plans. We carried forward £nil funding into July 2024. {Year ending 31 December 2022: £7,137) Over the past 9 months the organisation has developed a strong pipeline of funding.
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Expenditure Total expenditure was £1,437,055 for the 18 months ending June 2024, representing a 20 per cent decrease month on month (year ending 31 December 2022= £1.197,626}. The divide between spending on Charitable Activities and Cost of Raising Funds compared to the previous accounting period has remained the same 183% charitable activities. 17% raising funds). Expenditure is categorised as follows: Expenditure on Charitable Activities amounted to £1,184,087 (year ending December 2022: £989,180), Costs of Raising Funds increased to £252.968 (year ending 31 funding December 2022.. £208,446), representing 17 per cent of spending. Included within expenditure are Support Costs which cover office, finance and administration, management and governance costs incurred by the charity. Where Support Costs cannot be directly attributed to the expenditure categories above. they have been apportioned between these categories on a full cost recovery model. Support and Governance costs represent 23 per cent of total expenditure. a reflection of the lean operating model at Centre for London. Whilst staffing costs decreased in line with redundancies, the allocation between Charitable activities, Raising Funds, and Support and Governance costs remained on par with the prior financial year ending 31 December 2022; Principle risks and uncertainties Securing income and cash flow remained the most significant risk during 2023 and 2024. Cash flow is monitored against risk by the operations team to ensure the minimum level of cash does not reduce below one month plus IO% operating costs, however, the uncertain nature of secured funding during the 18 months ending June 2024 meant that Centre for London's creditors increased during this period, with agreed plans in place with the House of Sport for our rental obligations, and HMRC for our tax liabilities.Since the year-end, these liabilities have been paid in full. In December 2023, the staff team started a 6-month trial of a reduced hours working week as a response to flexible and hybrid working models, and to support staff wellbeing. We are proud to be an employer that offers flexibility and support to 5UIt our team's lifestyles and ensure a happy and productive workplace. We are never complacent and are constantly seeking ways to further improve our working environment. Following a successful trial period where we found that the reduced hours had no adverse impact on productivity and regular staff surveys indicated the change was broadly positive for staff - the board and SLG agreed to formally move to a 35 hour working week (instead of 37.5 hours}, with no impact on pay. In March 2023, The Chief Executive, Dr Nick Bowes, resigned, Research Director, Claire Harding stepped up as Interim Chief Executive until the recruitment process appointed Antonia Jennings in September 2023. There were further change5 iri the staff team. All posts were filled. and necessary change5 were made to ensure that the organisation could work within its means and deliver the programme of funded activity. 12
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 New risks identified and monitored in the year included a reduced staff team, initially without an adjusted strategy to reflect capacity, a more difficult fundraising landscape, exacerbated by three months in which the charity had no permanent Chief Executive or senior leadership team. which had an impact on staff morale at the time. Reserves policy and going concern The trustees of Centre for London have reviewed the charity's financial position as of 17, March 2025 and are confident in its ability to continue as a going concern. Oespite a reduction in reserves over the past 18 months, primarily due to reduced funding, redundancies and a transition in the senior management team, significant progress has been made towards financial stability. Over the past nine months, the company has developed a robust pipeline of funding, which has been crucial in stabilizing our operations. This f unding. coupled with strategic cost-saving measures and an increase in funding streams, positions the company well for future growth. Given these developments, the directors have a reasonable expectation that the charity's will be able to meet its obligations as they fall due, pay down their creditors and continue in operational existence for the foreseeable future. We anticipate that our reserves will return to a healthy state by the end of the current year, assuming the economic climate remains stable. The directors therefore consider it appropriate to prepare the financial statements on a going concern basis. Centre for London's reserves policy states that it will aim to ensure that it has between three- and six- months, worth of reserves lat least £63,CQOI in case they are needed to cover its operational expenses temporarily. or to invest in new opportunities. Centre for London's prudent policy over the past 8 years. coupled with a strategic short-term plan has enabled them to see through a period of uncertainty experienced earlier in the year. At the end of June 2024. the chariws total funds had reduced to £1224,065} {year ending December 2022.. £232,113), of which all were unrestricted reserves (year ending 31 December 2022.. £224,976). There were £1,753 in designated funds (year ending 31 December 2022= £3.2161. This represents the net book value of fixed assets. The trustees feel confident that the organisation is a going concern due to the success in fundraising since early 2024 (from former funders and new organisationsl, that there is £205,925 pledged income at the end of March 2025, lyear ending 31 December 2022: £302.4321 and the planned fundraising activities. By managing income and expenditure challenges effectively over the course of the 18 months reported in these accounts, coupled with the support of our creditors. the trustees are confident in a financial surplus in the current financial year{to June 20251, and to Start to build up the level of reserves. At the date of signing the accounts- the total reserves stood at £{180.6091. with £330.479 of secured income for the 12 months ahead. and risk adjusted pipeline income of £451,146. The financial results for the 18 months to 30June 2024 are shown on pages 20 to 39.
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 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 coordinated 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 organi5ation who supports us with funding over £lOOO. 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 fart that we retain editorial control of our research publications. 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. We do not run telephone or door to door fundraising campaigns. We have ensured we are in line with the GDPR data protertion 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 202312024. Plans for the future Centre for London has developed plans for the future which learn from and answer current and past challenges. Our new Chief Executive has set out to remedy these challenges. Antonia has led on developing a new strategy and business model, which is already putting us on a fimier financial footing. Our new strate available on our website. moves us away from solely project based funding and onto a model which allows for long-term, strategic and comprehensive partnership options. Our new strategy's vision takes us to London 2030. and positions our work as supporting an ascendant global city- This vision will guide our work from 2025-2030. ensuring we focus on what matters most for London and Londoners and can work together to build.. A prosperous and thriving city. with more Londoners achieving a decent standard of living and participating fully in city life. A capital in service to the UK and a competitive global city. with exemplar public services and world- class governance. A global leader in urban decarbonisation, fast approaching net positive on carbon and nature. Operationally, our new strategy also moves us to an operating model which uses more Associate support over full time permanent staff members. This will allow us to draw on capacity as and when funded work requires it. Further, the multi-year strategy allows for a higher degree of philanthropic trust and foundation support, which staff have already begun successfully pursuing. the most recent success being a £IOOk grant from Trust for London. secured in December 2024. Additionally. the seniorteam have adjusted our back 14
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 office functions to better work for a smaller staff team. Our fundraising efforts are translating into a pipeline which continues to expand with larger and more sophisticated asks for support. We have also invested in and relaunched our Supporters Network now as The London Network. This followed market research which suggested we had underutilised the fundraising potential of the network, and we continue to bring in new members to the reformed network apace. A larger proportion of income from the network will result in a higher degree of stable core funding. As a board, we have recently reviewed our current skills and conducted a board audit. The results of this will inform additional trustee recruitment which we will be conducting this year. and which will aim to bring in more small charity funding and governance experience. We are confident these measures taken together are ensuring a more stable and prosperou5 future for the charity. Structure, governance and management Centre for London is a company limited by guarantee (registered 22 February 20131. registered in England and Wales, and a registered charity {27 March 2013). The company was established under a memorandum and articles of associate ion which established the objects and powers of the charitable company and is governed under its articles of associates. 2024 was its 10th year of operations as an independent organisation. Centre for London is governed by as Board of Trustees, with a minimum membership of three. At the end of June 2024, there were 10 trustees. Two of the trustees are also Board Members of Centre for London Trading Limited (Company number: 085651441. the charity's 100 per centre owned trading subsidiary. through which it carries out non-primary purpose trading activities. The training subsidiary is currently dormant. In the 18 months ending 30 June 2024, the Board met 5 times. The Finance Committee la sub-committee of the Boardl met six 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, is set out above. The members of the Trustee Board have no beneficial interest in the charity. Any expenses reclaimed from the charity are set out in note 7 to the accounts. The Trustees Board delegates responsibly for the day-to-day activrties of the organisation to the Key Management Personnel 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 chariws key management personnel is set in accordance with Centre for London's pay principles reflecting: The overall financial position of the charity-
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Considerations of internal equity, i.e., that the pay of those carrying out a similar role will remain broadly equivalent,. that difference between those at the bottom of the pay scale and those at the top should not be excessive,. and also. our commitments as a London Living Wage Employer,. Increases in the cost of living; Comparisons with the external job marketto ensure Centre of London remains competitive and supports the retention of team members: The relative levels of responsibility and contribution of individuals across the organisation. 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 satlsfied that the aims and objectives of the charity, and the artivities reported on above to achieve the aims. meet these principles.
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Statement of responsibilities of the trustees The trustees (who are also director5 of Centre for London for the purposes of company lawl 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: Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charities 50RP- Make judgements and estimates that are reasonable and prudent; State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements- Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. 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. Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in th the event of winding up. The total number of such guarantees at 30 June 2024 was ten12022: elevenl. The trustees are members of the charity, but this entitle5 them only to voting rights. The trustees have no beneficial interest in the charity. The trustees. annual report has been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The trustees would like to thank all those who have supported the Centre since its establishment and during 2023 and 2024. The trustees, annual report has been approved by the trustees on the 17th March 2025 and signed on their behalf by Fiona Carswell Chair of the Board of Trustees 17
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Independent Examinerfs report to the members of Centre for London Opinion I report to the trustees on my examination of the accounts of Centre for London for the 18 month period ended 30June 2024. This report is made solely to the trustees as a body. in accordance with the Charities Act 2011 ('the 2011 Act,). My examination has been undertaken so that I might state to the trustees those matters l am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law. I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed. Responsibilities and basis of report As the charity trustees of the company, you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the company's accounts carried out under section 145 of the 2011 Act and in carrying out my exami nation I have followed all the applicable Directions given by the Charity Commission under section 1451511b) of the 2011 Act. Independent examinerfs statement Since the Company's gross income exceeded £250.000. your examiner must be a member of a body listed in section 14 5 of the 201 l Act. I confirm that l am qualified to undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no material matters have come to my attention in connection with the exami nation giving me cause to believe that in any material respect.. Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or The accounts do not accord with those records.. or The accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination., or The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Centre For London {company no: 08414909, charity no: 11414351 For the 18 months ended 30 June 2024 Signed.. Name.. Joanna Pittman Address= Sayer Vincent LLP. I l O Golden Lane. London. ECI Y OTG Date.. 27 March 2025 19
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Statement of Financial Artivities (incorporating the Income & Expenditure Account) Unrestrirted Restrirted 18 months Unrestritted Restricted Total Funds Funds tojune Funds Funds December 2024 2024 2024 2022 2022 2022 Note Income Donations 266,962 26.588 570,835 266.962 26.588 626.735 165.827 68,126 700,218 165,827 68,126 914.025 Donations in kind Charitable 44.9LKJ 213,807 activities Other income 4b 71.592 71.592 50,954 50,954 Total income 935,977 44,900 98077 985,125 213,807 1,198,932 Expenditure Expenditure on.. Raising funds Charitable 252.968 1,132,050 252,968 1.184.087 208,446 770,786 208,446 989,180 52.037 218,394 activities Total expenditure 1,385,018 52,037 IA37,055 979,232 218,394 1,197,626 Net lexpenditurell income 1449.041) {7.137) (456.1781 5,893 14,5871 1,306 Fund balances 224,976 7,137 232,113 219,083 11,724 230,807 brought forward Fund balances 1224.065) (224.0651 224.976 7.137 232,113 carried forward 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 of the financial statements. 20
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Balance Sheet 2024 2022 FIXED ASSErs Investment in subsidiary Tangible Assets 12 li 1,753 3,216 CURRENT ASSETS Debtors 56,102 50,909 137,610 235,986 Cash in Bank and in hand Total current assets 107,011 373,596 CREDITORS: falling due within one year 14 1332.8301 1144,7001 NET CURRENT ASSETS 1225.8191 228,896 NET ASSETS 1224,065) 232,113 FUNDS: Restrirted Funds 16 7,137 Unrestricted Funds Designated funds General funds 1.753 1225.8181 3,216 221,760 1224,065) 232,113 The opinion of the directors is that the company is entitled to the exemptions conferred by Section 477 of the Companies Act 2006 relating to small companies. The directors acknowledge the following responsibilities: The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts 21
The financial statements were approved and authorised for issue by the Board of Trustees on 17th March 2025,
And signed on its behalf by:
Fiona Carswell Chair, Board of Trustees
Annelie Drabu Chair, Finance Committee
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Statement of cash flows 2024 2022 Cash flows from operating activities IDeficitl/Surplus for the financial year 1456,1781 1.306 Adjustment for.. Charge for depreciation Ilncreasel / decrease in debtors Increase / Idecreasel in creditors 2,713 81,508 188,129 5.551 3,825 68.238 Net cash generated from operating artwities {183.8281 78,920 Cash flows from Investlng artiwtles Payments to acquire tangible fixed a55ets 11.2491 12,7601 Net cash from investlng actlwties 11.249) 12,7601 Net Idecreasel / intrease in cash and cash equivalents 1185.0771 76,160 Cash and cash equivalents at the beginning of the year 235.986 159.825 Cash and cash equivalents at the end of the year 50.909 235.986 23
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements l. 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 off ice address is House of Sport, 190 Great Dover St, London SEI 4YB. 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 f inancial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021- (Charities SORP FRS 102). The Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (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 event5 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 after their work on planning for the future of the organisation, 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. 24
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements The charity generated income of £980.877 for 2024 which was 82% of the annual target. In addition, £114,644 was secured for 2024-2025. 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 source5 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 othergrants. 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 seNices or facilities. Supporters Network income is recognised when the charity has delivered the service. Income received in advance of the provision of a specified seNice is deferred until the criteria for income recognition are met. n Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably bv the charity; this is normally upon notification of the interest paid or payable by the bank. gl 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 fund5 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. 25
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements 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 artivity headings: Costs of raising funds relate to the costs incurred by the charity in inducing third parties to make voluntary contributions to it. as well as the cost of any activities with a fundraising purpose Expenditure on charitable activities includes the costs of producing reports, events and publications undertaken to further the purposes of the charity and their associated support costs Other expenditure represents those items not falling into any other heading 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 Charitable activities Governance and Support costs 13% 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 Charitable activities 19% 81% Governance costs are the costs associated with the governance arrangements ofthe 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 basi5 over the term of the lease. 26
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements kl Tangible fixed assets Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation cost5 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 Computers and telephone Fixtures, fittings and equipment over 5 years over 3 years over 5 years l) Investments in subsidiaries Investments in subsidiaries are at cost. ml 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. pl 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 mortised 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 3 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. 27
Centre For London (company no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements 2. Income from donations and legacies Unrestricted Restrirted Total Unrestricted Restricted Total Funds Funds Funds Funds Funds Funds 2024 2024 2024 2022 2022 2022 Be First ILB of Barking & Dagenharnl Central London Fonard 4(Kl 1,600 1,600 2.167 2.167 City Bridge Trust City of London Corporation City of Westminster Cratus Communications Ltd 75,IMXJ 75,CKK) 1.833 1.833 8,333 8,333 David Chipperfield Architects Ltd Dolphin Square Foundation 1.2LK) 1.2LLI 4.800 4,800 2.292 2,292 G15 17.(XK) 17.0(X) 8.(X)O 8.(X)O Greater London Authority KPMG 5.3( 15.( 1s,orKJ IS.0 15,CKJO London & Quadrant Housing Trust Land Securities Group plc Lendlea5e Development Europe Ltd London Borough of Hounslow London Borough of Lambeth London Borough of Lewisham London Borough of Newham London Communications Agency London HQ 20.LKK) 20.LMX) 15,IXIO 15.tK)o 15,(K)O 15,000 15.fK)O 15.0Th) 15.IXJO 15.000 81KJ 8(KJ 3,200 3,200 1,833 2.21Yd 1,833 2.208 2,875 2,875 1.2LK) 1.2LKI 4.800 2.250 2.250 9,(X)O Port of London Agency Sir Harvey McGrath Sir Trevor Chinn 3.200 3.200 30.Q 30.0 30.LKIO 30,000 8.CKJO 8,CM)O South Bank 81D 5.217 5.217 3.200 3.200 The Earls Court Development Co. The Royal Borough of Greenwich The Social Innovation Partnership Team London Bridge Transport for London Trust for London 2,5Th) 2,51XJ io,ioo 10,000 1,875 1,875 3.0 12.LLIO 12.000 20,IMXJ 20,(KKI University of London Willmott Dixon 5.556 5.556 5.625 5.625 5.(LlO 5,(KlO GiftAid 323 323 2.427 2.427 Sundry donatitrns under £l.O 5.125 5.125 600 600 266.712 266.712 165,827 165,827 28
Centre For London (company no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements 3. Income from donated services and facilities Total Total Funds Funds 2024 2022 Event AV 13,643 Event Venue & Catering Research Consultant 26.588 25,167 25,000 4,316 Consulting & Administration Support 26.588 68,126 Donations in kind are treated as unrestricted funds. 29
Centre For London (company no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements 4a. Income from charitable activities Unrestricted Restricted Totsl Unrestrirted Restricted Total Funds Fund5 Funds Funds Funds Funds 2024 2024 2024 2022 2022 2022 Research & Event Sponsorship Be First ILB of Barking & Dagenhaml City Bridge Trust City of London Corporation G15 345,568 10,0 355,568 260,014 30.000 io,IM)o 270,014 30,000 55,0(K) 55,(X)O 66.500 66.500 15.( 15.(KKI 25.(X)O 25,000 Greater London ALrthority Impact on Urban Health London Borough of Brent London Borough of Newham London Borough of Waltham Forest London Borough of Tower Hamlets London Borough of Hounslow London Councils 34.300 35.r 3s,ofJO 15.(XNJ 59.167 74.167 5,000 45.(XM) 45.000 15.(KKJ 15,(x)O 24.(KlO 24.( 3,200 3,200 42,500 42,51XJ 45,(KX) 45,(X)O London Travelwatch 12.0 12.000 National Zakat Foundation 10,000 10.000 Peabody Planning Aid for london Port of London Authority Queen Elizabeth Olyrnpic Park Queen Mary University of London ReLondon 15.(X)O 15.000 1.500 1.500 12.750 12.750 10.0 10.000 18,9CK 18,9(M) South Westminster BIDS 7.500 7.5(X) Team London Bridge The Friends Provident Charitsble 19,217 19,217 39.640 39.640 Foundation The London Property Alliance The Royal Borough of Kensington and Chelsea 22.569 22.569 25.135 25,135 Transport for Londtsn Trust for London 10.000 io.L 50.LXJJ 50.000 16,CD) 16,C University of London 12.5(M) 12.500 570,835 44.90D 626,735 7CM),218 213.807 914,025 30
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements The table above details income from local and central government, and grant funding organisations. The figure for sponsorship income is an aggregate that includes income 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 the 18 months to 30 June 2024 was £178,80012022.' £314,635). 4b. Other income 2024 2022 Consultancy Kickstart grant Other income 70,047 42,700 7,792 462 1.545 71.592 50,954 5. Analysis of expenditure (current and prior year) Current Year Staff Costs Other costs Apportioned Support & Total Governance costs 2024 2024 2024 2024 Raising funds Charitable activities 189.324 6.038 57,606 252,968 832.474 98.318 253,297 1.184,087 Support & governance 166,301 144,602 1310,9031 Total 1,188.099 248,958 1,437,055 Support & governance costs Support 2024 Governance Total 2024 2024 St3ff Costs 135.622 30,679 166,301 Comrnunications costs 27.043 27.043 Office & administration costs 24,768 24,768 Premises c05t5 62.083 62,083 Audit and Accountancy Other professional legal & finance Trustee Expenses Depreciation 11.656 8,830 20,486 7,340 7,340 170 170 2.713 2,713 TOTAL 271.224 39,679 310,903 31
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements 5. Analysis of expenditure (current and prior year) Prior Year Apportioned Support & Governance Staff Costs Other costs costs Total 2022 2022 2022 2022 Raisin8 funds Charitable activities 145.021 13.183 50.242 208,446 637.669 130,595 220,916 1271.1581 989,180 Support & governance 127.386 143.772 TOTAL 910.076 287,550 1.197,626 Support & governance costs Support 2022 Governance Total 2022 2022 Staff costs 103.886 23.500 127.386 Communications costs 17,896 17,896 Office & adrninistration costs 35.496 35,496 Premises costs 65.279 65,279 Audit and Accountancy Other professional legal & finance Trustee Expenses 6.528 8,8CM] IS.328 2.919 2,919 1,303 1,303 Depreciation 5.551 5,551 TOTAL 237.555 33,602 271,158 6. Net income/expenditure for the year 2024 2022 Net income/lexpenditurel 15 Stated after chargingllcreditingl= Depreciation Auditors, renLJmeration- Audit services exclusive of VAT 2.713 5.551 8.8CKJ Independent Examinerf5 reffluneration- service5 inclusive of VAT Operating lease rentals 8,830 62,083 63,607 32
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements 7. Analysis of staff costs, trustee remuneration and expenses, and the costs of key management personnel 2024 2022 Wages and salaries Social security costs 1.032.502 786,674 92.991 49.320 79,605 31.806 Pension costs Other staff costs 13.286 11,991 TOTAL 1,188.099 910.076 Other staff costs include staff training and welfare expense. The total employee benefits (including pension contributions and employerfs national insurance) of the key management personnel were £141,36612022- £151.6281. 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 employerfs national insurance) during the year between= 2024 2022 No. No. £90,000-£99,000 The charity trustees were neither paid nor received any other benefits from employment with the charity in the year12022: £nill. No charity trustee received payment for professional or other services supplied to the charity12022.' £nill. Trustees, expenses represent the payment or reimbursement of travel and sub5iStence costs and board administration totalling £17012022= £nil.I 8. Staff numbers The average number of employees (head count based on number of staff employed} during the year was 17 12022.. 221. Staff are split across the activities of the charity as follows: 2024 2022 No. No. Raising funds Charitable activities 12 16 Management, support and governance 33
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements 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. None of our Trustees receive remuneration or other benef it from their work with the charity. During the year £17,250 lexcluding VATI of unrestricted donations were received from organisations connected to trustees or key management personnel12022= £167,841). One trustee 15 a staff member of the GLA. Within the year there were £39.600 unrestricted donations from GLA. One trustee contributed personal donations in 2024 totalling £900 {2022: £600). 10. Taxation The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. 11. Tangible fixed assets Computer Equipment Total Cost Blf Additionslldisposalsl As 30 June 2024 23.037 1,249 23,037 1,249 24,286 24,286 Depreciation At ljanuary 2023 Charge Elimination on disposal At 30 June 2024 19,822 2,713 19,822 2.713 22,535 22,535 Net book value At 30 June 2024 1,753 1,753 At 31 December 2022 3,216 3,216 All of the above assets are used for charitable purposes. 34
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements 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 Icompany number: 085651441. The subsidiary is used for non- primary purpose trading activities. The subsidiary is currently dormant therefore consolidated accounts are not required. 13. Debtors 2024 2022 Trade debtors 48,542 123,487 6,563 Prepayments and accrued income Due within one year 48,542 130.050 Other debtors 7,560 7,560 Due more than one year 7.560 7,560 TOTAL DEBTORS 56.102 137,610 Other debtors represent the amounts recoverable in more than a year. 14.a Creditors 2024 2022 Trade creditors 80,917 8,800 114.644 128,469 7,706 16,953 49,950 70,091 Accruals Deferred income 14a Social security and other taxes Due within one year 332,830 144,7(X) Deferred income refers to the Supporters Network 2024. 14.b Deferred income 2024 2022 Balance brought forward Amount released to incoming resources Amount deferred in the year Balance carried forward 49,950 149,9501 114,644 49,950 114.644 49,950 35
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements 15. Analysis of net assets between funds {current and prior year) Fund balances at 30 June 2024 are represented by= Unrestricted Restricted Total Unrestricted Restricted Total Funds Funds Funds Funds Funds Funds 2024 2024 30 Jun 2022 2022 31 Dec 2024 2022 Fixed Assets 1,754 107.011 1332.8301 1,754 107.011 1322.8301 3,217 366,459 1144,7001 3,217 373,596 1144,7001 Current Assets 7,137 Current Liabilities 1224.0651 1224,0651 224.976 7.137 232,113 16. Movement in funds (current and prior year) Statement of Funds Balance I Income Expenditure Transfer Balance 30 Current Year Jan 2023 June 2024 Restricted funds Home fit for Londoners lo,0 18,900 16.000 10,000 18,900 16,000 7,137 Londoners Wellbeing Trust for London New Neighbourhoods Total restrirted funds 7,137 7,137 44,900 52,037 Unrestrirted funds Designated funds Fixed Asset Fund 3.216 221,760 11.4631 1,463 1.753 227,281 General fund 935.977 1,385,018 Total unrestricted funds 224.976 935.977 1.385.018 1224.065) Total funds 232.113 980.877 1.437.055 1224.0651 The Board has designated funds totalling £1.75312022= £3.216) to be carried forward at 30th June 2024. This represents the net book value of fixed assets. 36
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements 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 note expendable funds. Depreciation of these assets Is initially recognised through expenditure in general funds and is then transferred to the Fixed Asset Fund. 16. Movement in funds cont. (current and prior year) Statement of Funds Balance I Income Expenditure Transfer Balance Prior Year Jan 2022 31 Dec 22 Restrirted funds Illuminated City Impact Investing Lotal Authority Assets Levelling up New Neighbourhoods The Active Last Mile iio iio iO,LK)O 20.LK)O 39,640 70,mO iO.(K)O 59.167 30,LK)O 39.640 70,(X)O 2.863 59,167 1,614 15,000 7,137 The Future of LTNS 1,614 The London Conference 15,(M)O 2022 Total restricted funds 11.724 213.807 218.394 7.137 Unrestrirted funds Designated funds Fixed Asset Fund 6,CKJ7 213,076 12,7911 2,791 3,216 221,760 General fund 985,125 979,232 Total unrestricted funds 219.083 985.125 979.323 224,976 Total funds 230.807 1.198.932 1.197.166 232.113 The funds of the charity include restricted funds compromising the balances of donation5 and grants, as set out below, held by trustees to be applied for the following purposes.. 37
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statements For year ending 30 June 2024: Londoners Wellbeing (Grant funded by Queen Mary University of London) Using data from Understanding Society, a survey which asks people questions about their lives and tracks their responses over multiple years, this report identified the factors which have the biggest influence on Londoners, wellbeing, and the policy interventions which can boost wellbeing for all Londoners. Home fit for Londoners (funded by Legal & General. G15. London Housing Directors Group and London Legacy Development Corporation) This research programme explored ways to create a sustainable system that delivers housing which feels like home to all Londoner5. The first report, 'London'5 Homes Todarf, examined the current state of London's housing market and reviewed the policy solutions proposed to improve it. The second report, 'Solving London's housing crisis.. proposed solutions to resolve the capital's housing crisis. 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 forthe countrvs economy and culture. 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 neighbourhoodl This project brought together builders, planners, sustainability experts, engineers, local authority leaders, place makers 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 LTS, 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. 38
Centre For London Icompany no: 08414909, charity no: 1141435) For the 18 months ended 30 June 2024 Notes to the Financial Statement 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.. 2024 2022 Within l year 2-5 years 27,216 9,450 27.216 9,450 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. 39
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