Recent advances in logics for reasoning about resources provide a new approach to compositional reasoning in interacting systems. We present a calculus of resources and processes, based on a development of Milner's synchronous calculus of communication systems, SCCS, that uses an explicit model of resource. Our calculus models the co- evolution of resources and processes with synchronization constrained by the availability of resources. We provide a logical characterization, analogous to Hennessy-Milner logic's characterization of bisimulation in CCS, of bisimulation between resource processes which is compositional in the concurrent and local structure of systems. This technical report has been updated to match exactly the version of the paper to be published under the same title in the journal Formal Aspects of Computing. 29 Pages