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← Centre For London

2025-06-30-accounts

REPORT AND FINANCIAL STATEMENTS For the year ended 30 June 2025 Centre for London Company number: 08414909 Charity number: 1151435 CENTRE FOR LONDON BL. Ben Leach Associates 9 Shiregreen Lane Sheffield S5 6AA VINEYARI V Accountant Vineyard Accountants 5 The Chambers Vineyard, Abingdon OX14 3PX

CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

Contents

References and administration 2
Trustees’ annual report 2
Independent examiner’s report 18
Statement of financial activities (incorporating an income and expenditure
account)		 19
Balance Sheet 20
Statement of cash flows 21
Notes to the financial statements 22

References and administrative information

Company number
Country of incorporation
Charity number
Country of registration
Registered office and operational address		 08414909
United Kingdom
1151435
England & Wales
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:

Mrs Fiona Carswell Appointed 26 Feb 2019 Chair - Appointed as chair 9 Feb 2023 Mr Nicholas Kilby Appointed 9 Feb 2023 Resigned 11 Dec 2025 Ms Tej Barde Appointed 9 Feb 2023 Resigned 4 Sep 2025 Ms Piali Das Gupta Appointed 26 Nov 2025 Mr Geraud De Ville de Appointed 26 Sep 2025 Goyet Mr Tim Donovan Appointed 26 Nov 2025 Ms Annelie Drabu Appointed 9 Feb 2023 Resigned 4 Sep 2025 Mr Samuel Ewuosho Appointed 29 Sep 2020 Ms Laia Gasch Casals Appointed 9 Feb 2020 Ms Jenna Goldberg Appointed 9 Feb 2023 Mr Daniel Hawthorn Deputy Chair - Appointed 9 Feb 2023 Mr Matthew Pencharz Appointed 9 Feb 2023 Ms Alice Poole Appointed 26 Sep 2025 Mr Patrick Scally Appointed 26 Sep 2025

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CENTRE FOR LONDON

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TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

Mr Shashi Verma Appointed 26 Dec 2019 Resigned 4 Sep 2025 Mr Dominic Wilson Appointed 20 Sep 2020 Key management Ms Antonia Jennings Chief Executive (Appointed 11 personnel September 2023) 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

Independent Examiners Ashley Poyton FCCA, Vineyard Accountants, 5 The Chambers, Vineyard, Abingdon, OX14 3PX

The trustees present their report and the unaudited financial statements of the charity for the year ended 30 June 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

As per the charity’s governing document, the objectives and activities of the charity are:

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

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

  3. a. the preservation, conservation and the protection of the environment and the prudent use of resources;

  4. b. the relief of poverty and the improvement of the conditions of life in socially and economically disadvantaged communities; and

  5. c. 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."

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

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.

Centre for London 2024-2025

In 2024–2025, Centre for London delivered a strong year of impact: publishing six research reports, including a flagship report, and shaping two major policy consultations. Our work was brought to life through roundtables and advisory group discussions, alongside eight public events, including two ‑ high profile conferences.

Across the year, our research generated 44 clear policy recommendations and secured more than 250 media mentions, significantly amplifying our influence and reach.

Beneficiaries of our services

While Centre for London exists to make London a successful, sustainable global city that works 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 from July 2024 – June 2025 were:

Achievements and performance

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

Research

In 2024/2025, Centre for London published six new research reports along with five additional publications.

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CENTRE FOR LONDON

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TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

Reports

A Healthy Placemaking Approach for London Bridge: The role of Business Improvement Districts in promoting health and wellbeing

Highly commended at the prestigious Healthy City Design Awards, this report drew on the latest evidence on the role of place in influencing health to explore how Business Improvement Districts (BIDs) can promote health and wellbeing and designed an innovative and practical Healthy Placemaking Framework to guide BIDs looking to maximise their impact on health and wellbeing.

Arts for All: Tackling Barriers to Arts and Cultural Participation in London

This major project analysed the latest statistics from the Department for Culture, Media and Sport (DCMS) and new data from a survey of 1,579 Londoners to understand the barriers to Londoners enjoying the variety of arts and culture London has to offer and drew out fresh recommendations to ensure more Londoners benefit from London’s world-class cultural offer.

The Future of London’s Black Cab Trade: Delivering a sustainable taxi trade for London

This briefing paper analysed key evidence and data into the state of London’s iconic Black Cab trade to enable the Mayor, TfL, the taxi trade and its stakeholders to explore the challenges and opportunities facing the trade.

West London’s Growth Potential: Leveraging the opportunity for a more polycentric city

Delivered in partnership with Ealing Council, Imperial College, and the West London Alliance, this timely project influenced the London Growth Plan and set out new analysis on the role and potential of London’s substantial sub-regional economies in driving growth and prosperity in the capital, using West London as a case study.

London’s Social Housing Waiting Times

Nominated for the Smart Thinking think tank awards ‘Stat of the Year’, this data-rich publication collated extensive new data through Freedom of Information Requests and analysis of public data to map the state of social housing waiting lists and allocation policies across the capital.

Devolution in London: the unfinished story

With a new wave of English devolution in the pipeline, this focussed briefing analysed the state of play for London’s devolution deal and powers, setting out priorities for the next chapter of devolution for the capital.

Publications

Towards the London Plan Consultation Response

Responding to the Mayor’s consultation Towards the London Plan, this publication drew on insights from across our work to set out how the next London Plan can unlock the delivery of the homes Londoners need and support the capital’s economic growth, covering viability issues, densification, industrial land and the creation of healthy, liveable spaces.

Oxford Street Pedestrianisation Consultation Response

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

Drawing on evidence from our Remixing Central London, Rebooting London’s Economy and Reducing Street Clutter reports, this publication outlined the value of regenerating London’s most popular shopping destination, and proposed solutions to key issues regarding transport, safety and street clutter.

Global Cities Survey March 2025

The March 2024 edition of our regular publication in partnership with the London Property Alliance tracked the latest data on London’s performance as a global city, showing that London finished 2024 showing signs of progress but also some challenges with economic growth at 1.6% for the year as a whole, on par with Berlin but below New York, Hong Kong and Paris.

National planning Policy Framework Consultation Response

Following an invitation from the Secretary of State for Housing, Communities and Local Government, this publication advocated for the need for planning reform to prioritise measures to open up new land, including on the green belt, to increase housing supply in and around the capital and boost social housing delivery, and re-iterated that London’s housing crisis is ongoing, pervasive and requires urgent, bold and sustained action.

Global Cities Survey September 2024

The September 2024 edition of our regular publication in partnership with the London Property Alliance tracked the latest data on London’s performance as a global city against peers in New York, Paris, Hong Kong and Berlin, with the strong performance of Paris contrasting to a more mixed picture for London the standout story of this edition.

Advocacy and Influencing

Policy impact as a result of our work - case studies

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CENTRE FOR LONDON

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TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

Social Housing Waiting Times Reports.

Informing policymakers

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CENTRE FOR LONDON

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YEAR ENDED 30 JUNE 2025

Sharing our messages with decision makers

Communications and Media

Press & Media

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

appearing on the Evening News in the studio alongside Karl Mercer to unpack findings from the day.

Corporate Communications

Social Media

Events and Convening

Annual conferences

Centre for London conferences focus on the biggest challenges facing London and this year was no exception. These events in 2024-2025 reinforced Centre for London’s position as a trusted convenor on the capital’s most pressing policy issues, providing highprofile forums for engagement with senior decision-makers from national and local government, the private sector and civil society.

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

Shanks MP; Mayor of London, Sadiq Khan; Deputy Mayor for Business and Growth, Howard Dawber OBE; and many other senior civic and political leaders, such as, Lord Mark Sedwill GCMG FRGS, Non-Executive Director Rothschild & Co & Chairman of the Atlantic Future Forum , Florence Eshalomi MP, and Sem Moema AM among others.

Collectively, these events strengthened Centre for London’s role as a key intermediary between research, policy development and decision making in the capital. Our combined conferences sold more than 400 in-person delegate tickets, generating a total of £31,749.65 in ticket sales.

Standalone events

In addition to the research launches and conferences outlined above, Centre for London also convened the following events around key advocacy moments in the year, including party conference season and London Climate Action Week.

The London Network

Overall, we ran 12 very successful London Network roundtables – our exclusive, Chatham House rule discussions with London’s leaders.

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

2024-2025 speakers included:

Renewal highlights

In this financial year, we retained (on average) 61% of our members and welcomed 4 new members – the London Boroughs of Hammersmith & Fulham and Wandsworth, Studio Zao and Barratt London.

2024-2025 members included, among others:

Financial Review

This year was characterised by the operationalisation and fundraising for Centre for London’s new strategy and associated business plan which was launched at the end of last year. Our new strategy, available on our website, moves us away from solely project based funding and onto a business model which allows for long-term, strategic and comprehensive partnership options. Our strategy’s vision takes us to London 2030, and positions our work as supporting an ascendant global city.

This vision guides our work from 2025-2030, ensuring we focus on what matters most for London and Londoners and can work together to build:

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TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

Alongside sits our new vehicle for bespoke commissions: the London Policy Lab. We are very pleased to report this strategic transition has gone well, and whilst this has been a reduction in the overall size of the organisation, this annual report shows that we have successfully begun the process of moving to a firmer, long-term and more stable financial footing.

Within the staff team, we now have established a coherent and bedded in structure. Antonia Jennings now sits alongside a strong executive team, and the wider team structure is commensurate with our activities and needs.

We are pleased this year to report a notable reduction in our balance sheet deficit, that we have consistently met our payment plan with our only debtor (HMRC), and are due to have cleared this debt in December 2026. Our financial priority for the current financial year is meeting this alongside building up our reserves level, for which we have a clear fundraising pipeline, forecast and plan for growth.

Income

In the 12 months ending June 2025, Centre for London received income of £644,657 (period ending 30 June 2024: £980,877), all of which was unrestricted.

Income from charitable activities totalled £391,460, amounting to 61% of total income (period ending 30 June 2024: £615,735, 63% of total income). Income from conferences and events totalled £205,127, representing 52% of income from charitable activities (period ending 30 June 2024: £286,511, 47% of charitable activities). Income from research sponsorship amounted to £186,333 (period ending 30 June 2024: £329,224).

Income from donations and grants totalled £253,123 (period ending 30 June 2024: £293,550), of which £153,203 related to the London Network (period ending 30 June 2024: £140,639).

Fundraising highlights

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

Expenditure

Total expenditure amounted to £593,649 for the year ended 30 June 2025 (period ending 30 June 2024: £1,437,055). Fundraising costs were significantly lower, representing 3.7% of total expenditure (period ending 30 June 2024: 18% of total expenditure) - despite this, however, the trustees consider that the fundraising performance of the charity has been entirely satisfactory. Expenditure on charitable activities amounted to £571,535 (period ending 30 June 2024: £1,184,087).

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 weighted basis.

Principle risks and uncertainties

Securing income and cash flow remained the most important risk during 2024 and 2025. Cash flow 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. Whilst the debt with House of Sport outlined in our last accounts has been cleared, PAYE debt with HMRC remains (VAT debt has been cleared) and is due to be paid off by December 2026. We are pleased to have kept on track with repayments.

There has also been change in the staff team. All posts have now been filled, and we have been pleased to welcome a new Research Director, Operations Officer, Events Officer and two Research Officers into the team.

The external fundraising environment remains challenging and we are currently operationalising a new strategy for securing funding from philanthropic trusts and foundations, a revenue stream relatively under-exploited by Centre for London historically. There is a risk around no prior relationships with these organisations, and securing funding and developing these connections efficiently.

Politically, the London context is rapidly changing. Centre for London has only been in existence during a largely two party London, and as polls split five ways the organisation has a significant undertaking building up connections and esteem with the historically smaller parties in the capital. We have begun this process by meeting with politicians we already have relationships with across the political spectrum, and have plans for a June reception to both welcome in new councillors following the May local elections and to celebrate 15 years of Centre for London’s existence.

We have been pleased to bring on five new board members, which has made the skills and experience make up of the trustees more comprehensive and suited to the needs of the charity. Specifically, we have filled gaps in VCSE sector experience and media skills. Currently, we are recruiting for a new Chair of the board, and believe this transition may bring new networks and profile to Centre for London.

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

New risks identified are monitored via a risk register which is presented to the board on a quarterly basis.

Reserves policy and going concern

The trustees of Centre for London have reviewed the charity's financial position as at 28 February 2026 and are confident in its ability to continue as a going concern, reflecting on the significant progress that has been made towards financial stability within the last two years.

The charity has continued to develop a robust pipeline of funding, which has been crucial in stabilizing its operations and creating the required level of surplus. This funding, coupled with strategic cost-saving measures and an increase in funding streams, positions the charity well for future growth. The charity has continued to make good progress against its historic debts, with a significant portion of these now fully paid.

Given these developments, the directors have a reasonable expectation that the charity will be able to meet its obligations as they fall due, pay down the charity’s creditors, and continue to operate normally for the foreseeable future.

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. While the charity does not currently satisfy the requirements of this policy, the directors are confident that the charity is on-track to reach this position within the coming years.

In June 2025, Centre for London reports a surplus of £51,008 for the year (period ending 30 June 2024: deficit of £456,178), and a balance sheet deficit of £173,057 consisting entirely of unrestricted funds (period ending 30 June 2024: balance sheet deficit of £224,065, consisting entirely of unrestricted funds). All of the charity’s restricted funds were fully spent in the period ended 30 June 2024.

It is the trustees’ intention to ensure that there is at all times a sufficient level of current assets to cover the charity's immediate cash-flow needs. As at 30 June 2025, current assets stood at £148,565 (period ending 30 June 2024: £107,011). As at 28 February 2026, current assets are £140,842 and the balance sheet deficit is £127,263, having achieved a year-to-date surplus of £54,017.

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, in this or the prior period.

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

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

our funding – publishing the name of any individual or organisation who supports us with funding over £1,000.

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 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 and are registered with the Fundraising Regulator.

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 2024/2025.

Plans for the future

Centre for London has developed plans for the future which learn from and answer current and past challenges. Our new strategy sits alongside a clear 36 month forecast, with associated fundraising plans. To date, fundraising for our Developing London and Governing London strands of our strategy has gone according to plan, and we are now turning to focus to Decarbonising London, which we envisage will be predominantly funded by trusts and foundations.

Developing London and Governing London are delivering and having impact as planned in our new strategy, and having the correlated benefits of increasing funder confidence in the reframed direction of the Centre under a new leadership team. Of course, it is also providing a much-needed morale boost to the team, who have seen a lot of change and uncertainty at Centre for London over the past three years.

After a very successful first London Housing Summit in 2024, we have made the event a permanent feature of our calendar and are planning for our third and largest yet Summit in April 2026. London Conference continues to be our other major annual event, and we have begun planning our November 2026 event with an inclusive economy theme. Our impact with our programmatic work is also increasing the number of approaches we are getting for bespoke commissions (which we now run through our new London Policy Lab). Current secured work through the Policy Lab includes a major project developing an economic strategy for London’s easterly sub-regional partnership Local London, a project looking at London’s status as a HQ city (funded by the London Property Alliance), an event series bringing London’s VCSE sector in front of policy makers (funded by the Trust for London) and a project in partnership with the Centre for Democratic Business on developing a pathway to strengthen and support London’s social clubs. Successfully delivering these projects, and further expanding the work of the London Policy Lab is a current priority.

Financially, the priorities are ensuring we continue to meet the terms of our payment plan with HMRC, and build up our reserves. Whilst we are pleased this year’s accounts show a surplus of just over £50,000 for the year, this is still a degree off our target reserves policy which aspires for reserves of at least 3 months’ operating costs (in the region of £200,000).

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

As a board, we have recently reviewed our current skills and conducted a board audit, and are confident these will be further strengthened when we have a new Chair of the board in post. We are extremely grateful for all the support, guidance and leadership our outgoing Chair, Fiona Carswell, has provided to the board over the past 6 years.

We are confident these measures taken together are ensuring a more stable and prosperous future for the charity.

Structure, governance and management

Centre for London 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 in which are established the objects and powers of the charitable company and is governed under its articles of association. 2025 was its 11th 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 2025, there were 8 trustees. Trustees are recruited whenever the Board of Trustees considers there to be a gap in the skills or capacity of the existing membership. Following an open recruitment process involving both Key Management Personnel and current trustees, trustees are appointed by majority vote of the current board of trustees.

Two of the trustees are also Board Members of Centre for London Trading Limited (Company number: 08565144), the charity’s 100 per centre owned trading subsidiary, through which it carries out non-primary purpose trading activities. The trading subsidiary was dissolved on 17 February 2026.

In the year ending 30 June 2025, the Board met 4 times. The Finance Committee (a sub-committee of the Board) met eleven times.

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. Any expenses reclaimed from the charity are set out in note 19 to the accounts.

The Trustees Board delegates responsibility for the day-to-day activities 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 charity’s key management personnel is set in accordance with Centre for London’s pay principles reflecting:

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

and those at the top should not be excessive; and also, our commitments as a London Living Wage Employer;

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.

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 30 June 2025 was nine (2024: ten). The trustees are members of the charity, but this entitles 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 2024 and 2025.

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

TRUSTEES’ ANNUAL REPORT (INCORPORATING THE DIRECTOR’S REPORT)

YEAR ENDED 30 JUNE 2025

The trustees' annual report has been approved by the trustees on ______ and 03-27-2026 signed on their behalf by

________ Fiona Carswell

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

INDEPENDENT EXAMINER’S REPORT

YEAR ENDED 30 JUNE 2025

Independent Examiner's Report to the Trustees of Centre For London

I report to the trustees on my examination of the accounts of Centre For London for the year ended 30 June 2025.

Responsibilities and basis of report

As the charity’s trustees (and also its directors for the purposes of company law) 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 financial statements of the charity are not required to be audited under Part 16 of the 2006 Act, I report in respect of my examination of the charity’s accounts carried out under section 145 of the Charities Act 2011 (‘the Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Certified Chartered Accountants, 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 examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. 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 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Ashley Poyton FCCA

Vineyard Accountants 5 The Chambers Vineyard Abingdon-on-Thames Oxfordshire OX14 3PX

03-30-2026

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 30 JUNE 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other income
6
Total income
Expenditure on:
Raising funds
7
Charitable activities
8
Total expenditure
Net income/(expenditure)
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
Restricted
Funds
Total
Funds
Unrestricted
Funds
Restricted
Funds
18 months
to June
2024
£
£
£
£
£
£
253,123
-
253,123
293,550
-
293,550
391,460
-
391,460
570,835
44,900
615,735
74
-
74
71,592
-
71,592
644,657
-
644,657
935,977
44,900
980,877
22,114
-
22,114
252,968
-
252,968
571,535
-
571,535
1,132,050
52,037
1,184,087
593,649
-
593,649
1,385,018
52,037
1,437,055
51,008
-
51,008
(449,041)
(7,137)
(456,178)
-
-
-
-
-
-
51,008
-
51,008
(449,041)
(7,137)
(456,178)
(224,065)
-
(224,065)
224,976
7,137
232,113
(173,057)
-
(173,057)
(224,065)
-
(224,065)

The statement of financial activities includes all gains and losses recognized in the year. All income and expenditure derive from continuing activities

The notes on pages 23 to 34 form part of these financial statements.

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

STATEMENT OF FINANCIAL POSITION

30 JUNE 2025

2025 2024
Note £ £ £
Fixed assets
Investment in subsidiary 13 1 1
Tangible assets 14 416 1,753
417 1,754
Current assets
Debtors 15 133,130 56,102
Cash at bank and in hand 15,435 50,909
148,565 107,011
Creditors: amounts falling due within one year 16 (322,039) (332,830)
Net current assets (173,474) (225,819)
Total assets less current liabilities (173,057) (224,065)
Net assets (173,057) (224,065)
Funds of the charity
Unrestricted funds (173,057) (224,065)
Restricted funds - -
Total charity funds 17 (173,057) (224,065)

For the year ending 30 June 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorized for issue on _______ and are signed on behalf of the board by: 03-27-2026

Fiona Carswell - Trustee

Company registration number 08414909

The notes on pages 23 to 34 form part of these financial statements.

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CENTRE FOR LONDON

COMPANY LIMITED BY GUARANTEE

CASH FLOW STATEMENT

30 JUNE 2025

Cash flows from operating activities
Cash generated from operations (below)
Cash flows from investing activities
Net purchase of tangible fixed assets
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning of the
reporting period
Cash and cash equivalents at the end of the
reporting period		 2025
2024
£
£
(35,474)
(183,828)
-
(1,249)
(35,474)
(185,077)
50,909
235,986
15,435
50,909

Reconciliation of net income to net cash flow from operating activities

Net income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charged
(Increase) / decrease in debtors
(Decrease) / increase in creditors		 2025
2024
£
£
51,008
(456,178)
1,337
2,713
(77,028)
81,508
(10,791)
188,129
(35,474)
(183,828)

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CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

1. General information

The charity is a public benefit entity and a charity registered in England and Wales. The address of the registered office is Centre For London, House of Sport, 190 Great Dover Street, London, SE1 4YB .

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)).

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The are prepared in sterling, which is the functional currency of the charity.

Going Concern

In light of the improved financial position of the charity in the financial year to 30 June 2025, and also in view of the positive financial performance and forecast for the financial year to 30 June 2026, the trustees consider that there are no material uncertainties around the charity’s ability to continue as a going concern.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

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. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

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

Allocation of staff, support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. Staff costs include all direct costs of employing staff, including any applicable taxes and pensions. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis:

- 23 -

CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

Staff Costs Support & Governance Support & Governance
2025 2024 2025 2024
Raising funds 15% 13% 20% 19%
Charitable activities 65% 64% 80% 81%
Support & governance 20% 23% - -

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

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 recognised at amortised cost using the effective interest method.

Pension costs

The charitable company offers a defined contribution pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

Income tax

The charity is exempt for taxation on its income and gains where they are to be applied for charitable purposes.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future projects or commitments.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

- 24 -

CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

Investments in subsidiaries

The charity’s subsidiary company has been dormant since incorporation. The charity values its investment in this subsidiary at historic cost.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computer equipment - 3yr straight line

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

4. Income from donations and legacies

London Network memberships
Supporter donations and grants
Donations in kind		 Total
2025
Total
2024
£
£
153,203
140,639
99,920
126,323
-
26,588
253,123
293,550

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CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

5. Income from charitable activities

Conference income
Research income		 Total
2025
Total
2024
£
£
205,127
286,511
186,333
329,224
391,460
615,735

6. Other income

Consultancy
Speaker fees		 Total
2025
Total
2024
£
£
-
71,592
74
-
74
71,592

7. Total expenditure

Note
Staff costs
10
Event & research costs
Support & governance costs
8
Sub-total
Allocation of support and
governance costs
Note
Staff costs
10
Other direct costs
Support & governance costs
8
Sub-total
Allocation of support and
governance costs		 Raising
funds
Charitable
activities
Support and
governance
costs
Total
2025
£
£
£
£
68,000
294,665
90,666
453,331
-
63,684
-
63,684
-
-
76,634
76,634
-
358,349
167,300
593,649
33,460
133,840
(167,300)
-
101,460
492,189
-
593,649
Raising
funds
Charitable
activities
Support and
governance
costs
Total
2024
£
£
£
£
189,324
832,474
166,301
1,188,099
6,038
98,316
-
104,354
-
-
144,602
144,602
195,362
930,790
310,903
1,437,055
57,606
253,297
(310,903)
-
252,968
1,184,087
-
1,437,055

- 26 -

CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

8. Analysis of support costs

nalysis of support costs
Staff costs
Depreciation
Premises costs
Communication costs
Staff recruitment, training & wellbeing
Legal & professional fees
Office and administration costs
Governance costs
ndependent examination fees
Fees payable to the independent examiner for:
Independent examination of the financial
statements		 Total
2025
Total
2024
£
£
90,666
166,301
1,337
2,713
21,192
62,083
22,114
27,043
4,107
-
11,535
7,340
14,689
24,767
1,660
20,656
167,300
310,903
2025
2024
£
£
1,600
8,830

9. Independent examination fees

- 27 -

CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

10. Staff costs

Staff costs were as follows:

Wages and salaries
Social security costs
Pension costs
Ex-gratia and redundancy payments		 Total
2025
Total
2024
£
£
393,716
1,032,502
35,862
92,991
19,878
49,320
3,875
13,286
453,331
1,188,099

For the year ended 30 June 2025, staff remuneration packages included:

2025 2024
No. No.
Employees earning between £90,000 and £100,000 1 1

During the year ended 30[th] June 2025, one employee received a termination payment totalling £3,875. The benefit was paid in full by the year-end date.

The key management personnel of the charitable company comprise the trustees and the chief executive. The total employee benefits of the key management personnel were £112,175 (2024: £141,366).

Average head count 2025
No.
2024
No.
8
17

11. Trustee remuneration

No trustees received any remuneration during the year or in the previous period.

- 28 -

CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

12. Tangible fixed assets

angible fixed assets
Cost
At 1 July 2024
Additions
Disposals
At 30 June 2025
Depreciation
At 1 July 2024
Charge for the year
Eliminated on disposal
At 30 June 2025
Net Book Value
At 30 June 2025
At 30 June 2024		 Computer
equipment
Total
£
£
24,288
24,288
-
-
-
-
24,288
24,288
(22,535)
(22,535)
(1,337)
(1,337)
-
-
(23,872)
(23,872)
416
416
1,753
1,753

13. Investment in subsidiary

Centre For London wholly owns the share capital of Centre For London Trading Ltd, a company registered in England (company number 08565144). The subsidiary has been dormant since incorporation.

14. Debtors

ebtors
Accounts receivable from charitable activities
Prepayments and accrued income
Deposits held
reditors: amounts falling due within one year
Note
Accounts payable
Accruals
Deferred income
16
Taxation & social security		 2025
2024
£
£
124,553
48,542
1,017
-
7,560
7,560
133,130
56,102
2025
2024
£
£
5,472
78,841
1,600
8,800
169,393
114,644
145,574
130,545
322,039
332,830

15. Creditors: amounts falling due within one year

- 29 -

CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

16. Deferred Income

Note
Balance brought forward
Amounts released into incoming resources
Amounts deferred in year
16
Balance carried forward		 2025
2024
£
£
114,644
49,950
(323,651)
(49,950)
378,400
114,644
169,393
114,644

17. Analysis of charitable funds

Unrestricted funds
General funds
Restricted funds
Home Fit For Londoners
Londoners Wellbeing
Trust For London
New Neighbourhoods
Total funds
Unrestricted funds
General funds
Total funds		 At 1
July
2024
Income
Expenditure
Transfers
Between
Funds
At 30
June
2025
£
£
£
£
£
(224,065)
644,657
(593,649)
-
(173,057)
(224,065)
644,657
(593,649)
-
(173,057)
At 1
January
2023
Income
Expenditure
Transfers
Between
Funds
At 30
June
2024
£
£
£
£
£
224,976
935,977
(1,385,018)
-
(224,065)
-
10,000
(10,000)
-
-
-
18,900
(18,900)
-
-
-
16,000
(16,000)
-
-
7,137
-
(7,137)
-
-
49,421
44,900
(52,037)
-
-
2,467,219
980,877
(1,437,055)
-
(224,065)

- 30 -

CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

General funds: Funds which can be used at the discretion of the trustees to further the objectives of the charity.

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 Londoners. The first report, ‘London’s Homes Today’, 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.

Trust For London : This grant represent specific funds set aside for The London Conference in 2023, and was fully spent within the year.

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, place makers and policymakers to explore what we can learn from people's experience of living in London's newest neighbourhood?

18. Analysis of net assets between funds

nalysis of net assets between funds
Fixed assets
Current assets
Creditors less than 1 year
Net assets
Fixed assets
Current assets
Creditors less than 1 year
Net assets		 Unrestricted
Funds
Restricted
Funds
Total Funds
2025
£
£
£
417
-
417
148,565
-
148,565
(322,039)
-
(322,039)
(173,057)
-
(173,057)
Unrestricted
Funds
Restricted
Funds
Total Funds
2024
£
£
£
1,754
-
1,754
107,011
-
107,011
(332,830)
-
(332,830)
(224,065)
-
(224,065)

19. Related party transactions

Four trustees identify themselves as related parties with respect to their roles within other organisations who are financial supporters of the charity.

- 31 -

CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

No trustees are remunerated by the charity, either in respect of their role as trustees or in any other capacity. No trustee incurred or was reimbursed for any out-of-pocket expenses in this or the previous financial year.

During the financial year ended 30 June 2025, twelve financial contributions (2024: 12) totalling £150,080 (2024: £147,180) were received from organisations connected with four of the trustees. A further 10 (2024: 18) donations, totalling £770 (2024: £900), were made personally by members of the board of trustees.

20. Operating lease commitments

The charity’s total future minimum lease payments under non-cancellable operating leases is as follows:

Operating lease which expires:
Within one year
In 2-5 years		 2025
2024
£
£
4,536
27,216
-
-
4,536
27,216

21. 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.

- 32 -

CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

22. Centre For London’s Supporters

The charity would like to thank each of its individual, corporate, public-sector and third-sector supporters for their ongoing financial contribution to the charity’s operations. Details of significant financial contributions are given below:

2025 2024
£ £
Associated Retirement Community Operators - 7,746
Ballymore Development Management Ltd 9,000 -
Barratt Homes 18,000 -
Be First 12,000 6,000
Central District Alliance Ltd - 84,121
Central London Forward 26,400 2,400
City Bridge Trust 75,000 80,000
City of London Corporation 18,000 60,000
City of Westminster - 2,400
Cratus Communications Ltd 12,000 17,000
Culture Mile Business Improvement District - 24,000
David Chipperfield Architects Ltd. - 7,200
Dolphin Living 4,440 -
Dolphin Square Foundation 4,200 2,400
Earls Court Partnership Limited - 24,000
Eastern City Business Improvement District - 9,900
Finsbury Square BV - 3,300
G15 c/o Network Homes 35,200 66,000
Greater London Authority 11,400 51,888
Harvey McGrath 30,000 30,000
Heart of London Business Alliance - 9,000
Impact on Urban Health - 14,792
Imperial College London 9,960 -
KPMG 18,000 18,000
L&Q 77,910 36,000
Legal & General - 90,000
Lendlease Development Europe Limited - 18,000
Lime Technology Ltd 11,750 -
London Borough of Brent 6,000 11,400
London Borough of Ealing 29,040 14,400
London Borough of Hammersmith & Fulham 6,000 -
London Borough of Hounslow 12,000 22,800
London Borough of Lambeth 3,000 20,832
London Borough of Lewisham 3,000 2,400

- 33 -

CENTRE FOR LONDON

NOTES TO THE FINANCIAL STATEMENTS

30 JUNE 2025

Centre For London’s Supporters (contd.)
2025 2024
£ £
London Borough of Newham - 6,600
London Chamber of Commerce and Industry - 39,624
London City Airport - 18,000
London Communications Agency 7,200 7,200
London Councils 18,000 52,968
London Housing Directors Group 9,000 9,000
London Legacy Development Corporation - 22,000
London Property Alliance 15,904 27,083
London School of Economics and Political Science 18,000 -
Love Wimbledon - 1,800
Mount Anvil 4,800 2,400
Old Oak and Park Development Corporation (OPDC) 3,600 6,000
Port of London Authority 6,000 20,100
Primera Corporation Ltd - 24,600
Queen Mary University of London - 18,900
South Bank BID 12,000 13,800
Team London Bridge 22,800 26,060
The Berkeley Group Holdings plc - 30,000
The Crown Estate - 18,000
The Royal Borough of Greenwich 6,000 6,000
The Social Innovation Partnership (TSIP) - 2,400
Transopco UK Ltd. 18,469 -
Transport for London 48,000 48,000
Trust for London 51,490 36,000
University of London - 12,400
Wandsworth Borough Council 6,000 -
West London Alliance 6,000 -
Westminster Property Association - 37,253
Willmott Dixon Holdings Limited 9,000 12,000
Worldline - 9,000

- 34 -