REGISTERED COMPANY NUMBER: 02849833 (England and Wales) REGISTERED CHARITY NUMBER: 1025557 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 FOR PROTECT (WHISTLEBLOWING ADVICE} LIMITED
PROTECT {WHISTLEBLOWING ADVICE) LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Reference and Administrative Detsils Report of the Trustees 2to6 Report of the Independent Auditors ststement of Financial Activities 10 ststement of Financial Position Statement of Cash Flows 12 Notes to the Financial Statements 13to21
PROTECT (WHISTLEBLOWING ADVICE} LIMITED REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES M Gelb {appointed 12 November 2024) J Graham K Jordan L McLynn (Chair} S Murdoch (appointed 12 November2024) D O'Flahety {appointed 17 September 2024) G Sparkes {appointed 12 November 2024) R Wansbrough-Lloyd D Widdowson COMPANY SECRETARY Rebecca Linford (appointed 6 February 2025) REGISTERED OFFICE The Green House 244-254 Cambridge Heath Road London E2 9DA REGISTERED COMPANY NUMBER 02849833 (England and Wales) REGISTERED CHARITY NUMBER 1025557 AUDITORS Azets Audit servIs Statutory Auditor 2nd Floor, Regis House 45 King William Street London EC4R 9AN BANKERS CAF Bank Kings Hill West Malling Kent ME194TA Page 1
PROTECT {WHISTLEBLOWING ADVICE} LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are also Directors of the charity for the purposes of the Companies Act 2006, present their report with the firiancial stalements of the charity for the year ended 31 December 2024. The Trustees have adopted the provisions of the Accounting and Reporting by Charities.. Ststemenl of Recommended PractlGe applicable to the charities prepar¢ng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued in October 2019. COMPANY AND CHARITY DETAILS Statutory Information Protect (Whistleblowing Advice) Limited is a registered charity (No 1025557) and a Gompany limited by guarantee No 02849833). Our registered address is The Green House, 244-254 Cambridge Heath Road, London E2 9DA. Objectives and activity Protect is the UK'S whisdeblowing charty, established in 1993. Our vision is of a wodd where no whistleblower goes unheard or unprotected. Our mission is to protect the public interest by helping workers to speak up to stop ham and wrongdoing. We support whistleblowers by providing free and confidential legal advice. We support employers to implement effective whistleblowing arrangements. We campaign for legal and policy refonn to better protect whistleblowing. Our values are: supportive, independerit. expert and collaborative. Public Benefit When setting our objectives and planning all our activities the Trustees have considered the Charity Commission guidance on public benefit. Through the activities described above we promote the role of whistleblowing in furthering organisational accountability, individual responsibility and public confidence. All our activities help to promote the public interest and are for the public good in that they protect the interests of citizens, consumers, patients, regulators, shareholders, tax payers and the vulnerable, both individually and collectively. Achievements and perfomiance 2024 was our free legal Advice Line's busiest year since 2020 with 3,336 new cases a rise of 100/0 on the previous year. We also intervened in two crucial cases in 2024. The first (MacLennan v British Psychological Society (Protect and anor intervening) [20241 EAT 166} resulted in a landmark ruling which opened the door to UK charity trustees receiving whistleblowing protections if they suffer adverse treatment for speaking up. The second {Mr Declan Durey v {11 South Central Ambulance Service NHS Foundation Trust {2) Protect Ilntervenor)'.120241 EAT 1731 held off a threat to removing "injury to feelings" compensation safeguarding this crucial reparation for non-financial losses. We were highly commended in the Sustainability category for our Environmental Whistleblowing toolkit at the Lexis Nexis Legal Awards and won the best In-House Legal Team award at the inaugural Legal ESG Awards. The launch of Labour's flagship Employment Rights Bill enabled us to gather cross-paty SLlPPOrt for our legal reform campaign. We are pleased that the length of time to bring a claim at the Employment Tribunal will be exlended from three lo six months a welcome improvement for whistleblowers. We also welcomed the Govemment's proposals to clarify the law by introducing sexual harassment as a category of wrongdoing that can be protected as whistleblowing. During the Bill's passage through the House of Commons we promoted three important amendments - to introduce a duty on employers to investigate whislleblowing concems, to extend whisueblowing protection to excluded workers and to simplify the test for automatically unfair dismissal. These amendments have not been accepted, but wé continue to press for change as the Bill enters the House of Lords. Alongside playing an active role in the UK Anti-corruption Coalition, we persuaded the Home Office to include whistleblowing in their latest statutory guidance on the new offence of failure to prevent fraud. We were pleased that the guidance spells out some of our key policy recommendations {and a reference to Protect). Page 2
PROTECT (WHISTLEBLOWING ADVICE) LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and performance (continued) During the year we also collatjorated with the UK Research Integrity Office {UKRIO} to produce new guidance to support whistleblowers in research settings. We worked with the BBC team on the programme 'Casualty' which ran a whistleblowing storyline. We gave evidence to the Thidwall Inquiry, examining the crimes of Lucy Letby at the Countess of Chester hospital. 2024 was a year of extensive training. consultancy and activity to connect, inform and support organisations motivated to improve and prioritise their whisUeblowin9 Systems. We wotked directly with more than 300 organisations over th8 ourse of the year, diverse in size and focus, and coming to us for a range of reasons.. some as part of their built-in approaches to risk and compliance and others responding to whistleblowing leamings and workplace culture issues. Our induslry-leading benchmark and scanner assessmenls were completed by 25 organisations allowing them to identify the strengths and weaknesses in their whistleblowing praclices and plot out improvement strategies to address them. We ran well-attended events including a breakfast brtefing for the financial services sector, an environmentsl whistleblowing breakfast briefing, and a webinar for Wortd Whistleblowers, Day discussing the importance of whisueblowing and sexual harassment. We saw an increase in our revenue of 4 per cent on 2023 and are very grateful for the support we received from four charitable trusts.. Joseph Rowntree Charitable Trust, The Joffe Charitable Trust, AB Charitable Trust, and Souter Charitable Trust. We are also grateful to Baker McKenzie LLP for Iheir donations, and Ihe individual donations received for our completion of the London Legal Walk. We said farewell to longstanding Irustees Frances Morris-Jones and Simon Gaysford and thank them and Rav Passi - whose term of office ended in 2024- for their support. Future plans We want to continue to build on our successes. This means for instance continuing our legal reform campaign and our work on anti4orruption and accountability, building on the momentum we achieved in 2024. We aim to consolidate and future-proof our free advice delivery. continuing to improve its efficiency and adapt to the ever-increasing number of people contacltn9 us for advtr. We want to encourage every employer to have good whislleblowing processes, increase our market penetration, improve and refine our products, and invest in marketing. We want to grow our income so that we can provide more advice and support and ensure Protect remains a great place to work. FINANCIAL REVIEW Where does the money come from? We continue to be largely a self-funded organisation, with most of our income being trom employer membership of Protecl and the income we generate from our consultancy and training woth. However, we were delighted to have the generous support of four charitable foundations in 2024.. The Joseph Rowntree Charitable Trust, The Joffe Charitable Trusl, A B Charitable Trusl and the Souter Charitable Trust. Their funding allows us to campaign for legal refom, to build our policy networks particularly in the anti-corruption space, to encourage better workplace practices among employers, and to keep our vital advice seNice functioning. We receive benefits in kind from law fimis and barristers, chambers, including making rooms available for meetings and events and seconding a trainee solicitor. The TrLtslees ensure that our self-funding slatus does nol result in conflicts which could undernine or constrain our independence and the charitable and public benefit purposes of our activities. This is carefully and constantly reviewed. Review of Financial Activity Despite setting a deficit budget, the charity 8xceeded its income target and ended the year with an operating surplus of tbc 41 k. We have invested in pub5ic affairs consultancy, fundraising and some workplace culture coaching. Page 3
PROTECT (WHISTLEBLOWING ADVICE) LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW {continued) Revlew of Financial Positlon The Trustees keep the required level of reserves under review and a ReseeS Policy is in place which is regularly reviewed and updated as appropriate. This Resetves Policy focuses on the amount of accumulated surpluses that the charity shoLsld retain in order to ensure that it has resilience and capacity to manage unforeseen financial difficulties. An assessment is made of the broad range of reseNes thal would be required across four layers including an immediate solvent closure ofthe charity, costs to continue for three months assuming no income, loss of a major income source and a buffer for general risks. The ReseNes Policy in place throughout 2024 sets the recommended range of reserves in the range of £175,000 to £275,000. Al Ihe 8nd of 2024. the charity had reserves of £325,678, which is above this comfortable level but allows for the budgeted deficit in 2025 as approved by the Board. A review of the reserves and liquidity poliGies took place in eady 2025. The charity has an adequate balance sheet at year end with total funds and net assets of £325,678. Risk Management The charity maintains a risk register which is regularfy reviewed by the Audit and Risk Committee and reported to the Board. During 2024 the following risks were deemed to have the biggest potential impact were= Income shortfall,. the uncertain economic outlook meant that Trustees carefully monitored sales and considered the charity's income at every Board meeting Dats securitylData protection noted Ihat the Data Protection Officer provided training to all staff and that the charity's IT system penetration had been tested wtth its IT provider., Loss of key stsff - Trustees noted that pay and rewards were reviewed annually. Competition, particularly in the provision of business support with an increasing range of organisations offering whistleblowirig training and consultancy. The trustees noted that the charity continues to build on its reputation, PL6blic profile and markel position as the only organisation seeing whistleblowing in the round, able to bring the perspective from employer best practice, whisleblowers ca15ing the advice line, and our policy work. Trustees discussed mitigation plans for these risks and keep the register under regular review. Going concem After reviewing the charity's forecasts and projecttons and taking into account the economic conditions and possible changes in sales performance, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues lo adopt the going concem basis in preparing its financial statements. Page 4
PROTECT (WHISTLEBLOWING ADVICE> LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Dlrectorsrrrustees The Directors are also the charity Trustees for the purposes of charity law. Individually the Trustees bring expertise and experience from the various key areas in which the charity operates. Trustees meel at least four times a year and have established Audit and Risk, Remuneration and Nomination committees. The Trustees who served dufing the year were.. Lucy McLynn (Chair), Simon Gaysford (Chair of the Remuneration Committee. term of office ended in November 20241, Julia Graham (appointed November 2021 and reappointed in November 2024), Karen Jordan (Chair of the Audit and Risk Committee), Rebecca Wansbrough-Lloyd (appointed May 2021 and reappointed in May 20241, Frances Morris-Jones (Deputy Chair, temi of office ended in November 20241, Ravinder Passi (appointed May 2021, temi of Offi ended in May 20241 and David Widdowson (Deputy Chair from November 2024). As several trustees came to the end of their term of office in November 2024. a recruitment exercise was undertaken in 2024, using Protect's website and social media channels to advertise the vacancies which resutted in the appoinlment of one new trustee in September 2024- Damien O'Flaherty (appointed Chair of the Remuneration Committee in November 2024) and three new trustees in November.. Stephen Murdoch, Mallary Gelb and Gayle Sparkes. Karen Jordan was appointed the charity's Whistleblowing Champion. Rebecca Durkin, stood down as Company Secretsry in February 2024 and Alice Norga was appointed to take her place. She in turn was replaced by Rebecca Linford in January 2025. Executive Officers Elizabeth Gardiner is the Chief Executive. Jon Cunningham is the Business Development Director, Andrew Pepper- Parsons is the Director of Policy and Communications, and Sybille Raphael is the Legal Director. Related Parties During the year the charity entered into no transactions with any parties deemed to be related Page 5
PROTECT IWHISTLEBLOWING ADVICE) LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 TRusfEES' RESPOPISIBILITIES STATEMEAIT The Tmsiees (who are also Dlreclots of Protocl IWh151Ieblowing Advice) Limited for the purposes of company IHWI 8r respansible for preparing the Tiuslees Annual Report and the fin8nci81 statements in a¢cDrdance wtlh applicable law Uniled Kip.odom Accounling Standards Iuniled lfjngdom Gen¥fally Acrepted ALClJUnting PraGlicol. Company law requires Ihe Trusl8o% 10 prepare finr?¥icial slaiomcnts lor each financial year. wich give 8 Irtse aiid falr view ol 11?p slate ol allairs ol Ihe charil8ble Lompany drid of Ilic inctsrriing resources and applio&litsn uf resources. inoluding Ilie Incc)mtt 8nd expenditure, of the chantrble ¢oinpany for that period. In prisparing Iht>se finèncièl siatemfynts, the Twstees ère iequiied to". sole¢l 5Uitabtg policles and then apply them conbislently., observe the tpplhtxls and pniicipleb in the Charities SORP IFRS 1021; make JUdpenlS 8nd estitnate5 Ihal arp rei150n3ble 3nd prudeni.. slalo wholher app15catsle UK Accouiiting siaDdards have been followed, ubjer.I lo any materlal Ilepartures disclosed 3lld explained in tlie fiiiariciAI slalcinenls. prep¢are ltte financi31 $18temeiils on ltte going co9T11 basls unless Il Is In8ppfopnciie to presuine that th h8rrtable coinpLny will continue ir) operalioii. Tl)e Trusl86s ère r8sponsiLle for k8aping 8d8qLJAte £ccoullling records that disdose with reasnnHhlp 8ecurnoy al any lime the fii)ancial posilion ol Ihe charil&ble company afid eTrBble tliv.ni to Lknsure Ihal the firt8rrial Stat11$ compty wth the C.Dmpanies Act 2006. They are also responsible lor saf8gu8fding the asse15 01 th$ r.ttaritable company and h8nC8 lor laking reasonable sieps for tlie preVeIlon detectio of fraud and r)Itipr irregularities. In so far a8 the Truslees ale aware.. tt7ere is no r818vAnt audit infomialion of which the charilBble compally s auditor is tJn3wore,' and Lhe Truslp>s have laken 811 sleps Ihst Ihe.y ought lo have 13ken to tnake IhL&fnsL)Ivts aware ol ic ny rp.lev3nl audit Itilornialion and lo establish Ihal the auditor aware of th81 iolormalion_ AUDITORS The audilor, Aze15 Audit StsNices. Is deeined to titt i¥appoinled uftder $8clion 481121 of lh8 Comwnies Act 20Q¢). This report hos beeri pepad in èccoidance Wllh tlntt SPékn121 provisions of Part 15 of the Companies Acl 2006 relaling to small cumpanies. The Report of thé Trustegs was approved by the Board OD IE15/Lf and signed on Iheir behalf by.. L MrLyn Chair
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PROTECT (WHISTLEBLOWING ADVICE) LIMITED Opinion We have audited the financial statements of Protect {Whistleblowing Advice) Limited (the 'charitable company,) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and noles to the financial statements, including significant accounting policies. The financial reporting framewotk that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2024, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been property prepared in accordance with United Kingdom Generally Accepted Accounling Practice,. and have been prepared in accordance with the requirements of the Companies Ad 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK} IISAS IUKI} and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevanl to our audit of the financial statements in the UK. including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial ststemenls, we have concluded that the trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectivety, may cast significant doubt on the charitable company's ability to continue as a going concem for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other information The other infomation comprises the infonnation included in the trustees, annual report. other than the financial ststements and our auditor's report thereon. The trustees are responsible for the other infomiation contained wtthin the annual report. Our opinion on the financial statements does not cover the other infomation and, except to the extent otheise explicitly stated in our report, we do not express any fom of assurance conclusion thereon. Our responsibility is to read the other infomation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial slatements themselves. If, based on the work we have perfonned, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomiation given in the tTustees' report {incorporaling the directors, report} for the financi81 year for which the financial statements are prepared is consistent with the financial statements. and the trustees, report has been prepared in accordance with applicable legal requirements. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PROTECT (WHISTLEBLOWING ADVICE) LIMITED Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us lo report to you if, in our opinion- • adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us,. or • the financial statements are not in agreement with the accounting records and returns,. or • certain disclosures of directors, remuneration specified by law are not made., or • we have not received all the information and explanations we require for our audit. or • the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement set out on page 9, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial staternents and for being satisfied that they give a true and fair view. and for such intemal control as the trustees detennine is necessary to enable the preparation of financial statements that are free from material misstatemenl, whether due to fraud or error. In preparing the financial ststements, the trustees are responsible for assessing the charitsble company's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from malerial misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misststement when it exists. Misstalements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected io influence the economic decisions of users taken on the basis of these financial statements. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detsiled below- EnqLAiry of management and those charged with govemance around actual and potential litigation and claims as well as actual, suspected and alleged fraud- Reviewing minutes of meetings of those charged with govemance., Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection., Reviewing financial statement disclosures and testin9 to supporting documentation to assess compliance with applicable laws and regulations- Performing audil wort( over the risk of management bias and override of controls, including testing of jOLtrnal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the nomial course of business and reviewing accounting estimates for indicators of potential bias. Irregularilies. including fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a malerial misstatement in the financial statements or non-compliance with regulation. This risk increases the more that Gompliance with a law or regLslation is removed from the events and transactions reflected in the financial statements, as we will be loss likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlation. A further description of our responsibilities is availableon the Financial Reporting Council's website at.. httPS'.Ilwww.frc.org.uklOur-WorklAudiUAudit-and-assurancelStandards-an(5-guidancelStandards-and%Lsidance-for- auditorslAuditors-responsibilities-for-audttlDescription-of-audilors-responsibilities-for-audit.aspx. This description fonns part of our auditorfs report. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PROTECT {WHISTLEBLOWING ADVICE) LIMITED Use of our Teport This report is made solely to the charTrtable company s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an audilorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitsble company's members as 8 body, for our audit work, for this report, orfor the opinions we have formed. Azts LLI "_ John Howard (Senior Statutory Auditor) For and on behalf of Az6ts Audit Services Statutory Auditor 2nd Floor, Regis House 45 King William Street London EC4R 9AN Date: az J ?oir Page 9
PROTECT {WHISTLEBLOWING ADVICE) LIMITED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Total Total Unrestricted Unrestricted Funds Funds Notgs INCOME AND ENDOWMENTS FROM Donations and legacies 30,817 67.258 Charitable activities Business consultancy Membership 215,615 708,017 118,613 732,019 Investment income 15,468 12,063 Other income 116,070 101,052 Total 1,085,987 1,031,005 EXPENDITURE ON Charitable activities Business support and knndraising Advice line Public Education and Policy Development and Growth 337,171 500.320 163,146 43,506 348,098 516,533 168,433 44,916 Total 1,044,143 1,077,980 NET INCOME 41,844 {46,975} RECONCILIATION OF FUNDS Total funds brought fonvard 283.834 330,809 TOTAL FUNDS CARRIED FORWARD 17 325,678 283.834 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes fomi part ofthese financial statements Page 10
PROTECT IWHISTLEBLOWING ADVICEI LIMITED STATEfvIENT OF FINANCIAL POSITION AT 31 DECEMBER 2024 2024 Total lund8 2023 Total lund5 N016S FIXED ASSETS Tai)gible asolts 13 CURRENT ASSETS DbIr$ Ca811 ai b%iiik 14 213,145 634 971 252,268 543,250 848,116 79&,518 CREDITORS AiiiouiTrls falling duo wilhiii one yedr 15 1522,4381 1511.6841 NET CURRENT ASSETS 325 678 215.4 834 TOTAL ASSETS LESS CURRENT LIA81UTIES 325.fj78 2B3.834 NET ASSETS 325,678 283,834 FUNDS Unrestricted funds 17 325 678 283,834 TOTAL FUNDS 325 678 283,834 These financial stateentS have been pr8parÉ>d In aLLordaiice vAth the special provIsn8 ol Part 15 01 Ihe Companies Act 2006 relatinq i() small r.hafjtable MpanIes. The financial slatemeiils were 3pproveLI by liitr Bodrd Dfi¥ustees on 131Sl2f arid were sigi)ed 01) Ils beh*lf by. L fvl¢Lynn- Chalr TlTre Troies torm P31 ri of thLse linanLIBI slaienien Page li
PROTECT (WHISTLEBLOWING ADVICE) LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating actlvltles.. Cash generated from operations 19 76,253 58,884) Nèt cash provlded by operating activities 58,884) Cash flows from investing artivities: Interest received 15.468 12.063 Net cash provided by (used in) Investing activities 15,468 12,063 Cash flows from financing activities: Capital repayments in year Net cash provided by {used inl financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 91,721 {46,821 } 543,250 590.071 Cash and cash equivalents at the end of the reporting period 634.971 543.250 The notes fomi part of these financial statements Page 12
PROTECT (WHISTLEBLOWING ADVICE) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 STATUTORY INFORMATION Protect (Whistleblowing Advice) Limited is a charitsble company. limited by guarantee, registered in England and Wales. The company's registered number and registered address can be found on the Reference and Administrative Details page. ACCOUNTING POLICIES Basis of Preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: ststement 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} issued in October 2019, the Financial Reporting Standard applicable in Ihe United Kingdom and Republic of Ireland IFRS 102), the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements are prepared on a going concem basis under the historical cost convenb'on, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are sel out below. These policies have been consistently applied to all years presented unless otherwise stated. Public Benefit The charilable company meets the definition of a public benefit entity under FRS 102. Legal Status The charity is a company limited by guarantee and has no share capitsl. The liability of each Trustee in the event of winding up is limited to £1. Going Concern After reviewing the charity's forecasts and projections and taking into account the economic conditions and possible changes in trading perfomiance, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concem basis in preparing its financial statements. Fund Accounting Unrestricted fijnds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. The charity currenlly has no designated funds. Restricted funds are funds which are to be used in accordance with specific restriclions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 13
PROTECT (WHISTLEBLOWING ADVICE) LIMITED NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES- continued Income All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to Ihe income after any perfomance conditions have been met. the amount can be measured reliably and it is probable that the incom8 will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writin9. If there are conditions attached to the donation and this requires a level of perfomance before entitlement can be obtsined then income is deferred until those conditions are fully met or the fulfilment of those onditions is within the control of the charity and it is probable that they will be fulfilled. For legacies, entitlement is taken as the earlier of the date on which either.. the charity is aware that probate has been granted- the estate has been finalised and notification has been made by the executorlsl to the charity that the distribution will be made., or when a distribution is received from Ihe estate. Receipt of a legacy, in whole or in part is only considered probable when the amount can be measured reliably and the charity has been notified of the executorfs intention to make a distiibution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Income from charitable activities represents net amounts receivable, excluding any value added tax. Where income relates to services to be provided over a number of years, income is matched to the service provision and income invoiced in advance is deferred to future years. Donated professional services and donated facilities are recognised as income when the charity has control over the item,. any conditions associated with the donated ilem have been met- the receipt of economic benefit from the use by the charity of the item is probable. and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 1021, volunteer time is nol recognised so refer to the Trustees, annual report for more information about their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open markel. a corresponding amount is then recognised in expenditure in the period of receipt. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is nonnally upon notification of the interest paid or payable by the bank. Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is cOgnised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following heading= Expenditure on charitable activilies which includes costs in relation to Business Support and Fundraising,. Advice Line,. Public Education and Policy and Development and Growth. Allocation and apportionmènt of costs Resources expended that relate direcuy to specific activity are allocated solely to that activity- All other resources expended are allocated based on total staff time. Other resources expended and support costs are allocated to charitsble activities based on total staff time. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. Fixtures and fittings Computer equipment 4 years straight line 4 years straight line Assets that are expected to be of continuing use to the Charity are capitalised at either their cost to the charity or, if donated, at their estimated market value. Assets with a value of less than £1,000 are expensed at the point of purchase. Assets are reviewed for impainnent if circumstsnGes indicate their carrying value may exceed their net realisable value and value in use. Page 14
PROTECT {WHISTLEBLOWING ADVICE) LIMITED NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES- continued Trade and other debtors Trade and other debtors are measured at transaction price less any impaimient. Current asset investments Current asset investments comprise cash deposits with an original maturity date of more than 3 months. Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short temi deposits with an original maturity date of three months or less. For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts. Trade and other creditors Trade and other creditors are measured at their transaction price unless the arrangement constitutes a financing transaction in which case the transaction is measured at present value of future payments discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair value net of their transaction costs. They are subsequently measured at amortised cost using the effective interest method. Leases Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned belween the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. Rentals payable and receivable under operating leases are charged to the SOFA on a straight line basis over the period ofthe lease. Employee benefits When employees have rendered seNice to the charity, short-term employee benefits to which the employees are entitted are recognised at the undiscounted amount expected to be paid in exchange for that setvice. The charity operates a defined contribution plan for the benefil of its employees. Contributions are expensed as they become payable. Taxation The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meels the definition of a charitsble company for UK corporation tsx purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxalion of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Judgements and key sources of estimation uncertainty The preparation of financial ststements requires management to make judgements, estimates and assumptions about the carying values of assets and liabilities that are not readily apparent from other sources. The estsmates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underfyin9 assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the fevision affects both current and future periods. The Tfustees consider that there are no significant judgements or estimatss in the preparats'on of these financtal statements. Page 15
PROTECT (WHISTLEBLOWING ADVICE) LIMITED NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 DONATIONS AND LEGACIES 2024 2023 Donations (unrestricted) Benefit in-kind 22,167 15,258 52,000 30,817 67.258 In 2024 we benefited from pro bono support from trainee solicitors from Baker McKenzie and Howard Kennody LLP who were seconded to us for 3 or 6 month placements. We estimate the value of this to be around £8,650 (2023.. £20,000) overthe year. In 2023 we also benefited from pro bono support towards our annual conference and for design and publication costs from 018W fimis, which we estsmate is worth around £22,000. INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Incoming resources from charitable activities Incoming resources from charitable activities Business consultancy 215,615 118,613 Membership 708,017 732,019 923.632 850.632 INVESTMENT INCOME 2024 2023 Investment income 15,468 12,063 OTHER INCOME 2024 2023 Grant income Other income 115,070 1.000 101,052 116,070 101,052 Included within grant income is an amount of £67,070 {2023'. £61,052) received from Joseph Rowntree Charitable Trust, £20,000 12023.. £15,000) from AB Charitable Trust, £25,000 {2023: £25,000) from Joffe Charitsble Trust and £3,000 {2023- £nil) from Souter Charitable Trust. CHARITABLE ACTIVITIES COSTS Support Direct costs Costs (See note 8) (See note 9) Tolals Business support and fundraising Advice lin8 Public Education and Policy Development and Growth 303,046 449,682 146.634 39,103 34.125 50,638 16.512 337,171 500,320 163,146 43,506 938.465 105,678 1044,143 Page 16
PROTECT (WHISTLEBLOWING ADVICE) LIMITED NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs Non-staff costs 798.502 131,313 795.011 178,704 929,815 973,715 SUPPORT COSTS Governance costs Management Totals Business support and fundraising Advice line Public Education and Policy Development and Growth 18,307 27,166 8.858 2,362 15.818 23,472 7.654 2,041 34,125 50,638 16,512 4,403 56.693 48.985 105,678 10. NET INCOMEI(EXPENDITURE> Net incomel{expenditurel is staled after chargingl{creditingl= 2024 2023 Operating lease rentals Auditoffs remuneration - statutory audit Auditorfs remuneration - other services 40,305 10,300 1,800 38,769 7,250 1,750 Non-staff costs are made up of: 2024 2023 Premises Communications Training and library Public relations and marketing Office costs: Computer and photocopier Other office expenses Auditofs remuneration - statulory audit Auditor's remuneration - non-audit services Professional fees Provision for bad debts Other 51,348 6,141 12,615 13,838 25,372 19,339 10,300 1,800 8,650 7,899 55,763 5.603 2,255 20,914 18,132 11,276 7,250 1,750 52,000 18,106 11,294 166 669 204,343 11. TRUSTEES. REMUNERATION AND BENEFITS No Trustees received remuneration or other benefits during either the current or the prior year. No Trustees received reimbursements for expenses during either the current or the prior year. Page 17
PROTECT (WHISTLEBLOWING ADVICE) LIMITED NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 12. STAFF COSTS 2024 2023 Salaries and wages Social security costs Employerfs contribution to defined contfibution pension scheme Other staff costs 768,740 72,291 27,794 760,528 65,913 27,084 20,113 877.475 873,638 The average full-time employees. equivalent number during the year was 19.8 {2023: 21.3}- Employees remuneraled in excess of £60,000 excluding employer's pension contributions are as follows.. 2024 No. 2023 No. £60,001 to £70,000 £70.001 to £80,000 The aggregate employer pension expense in relation to these employees was £7,044 (2023.. £7,044). Staff costs have been allocated on a percentage basis over the charitable activity cost headings. The key management personnel comprises of the personnel given in the Report of the Trustees under Executive Officers. The total employee benefits of the key management personnel of the charitable company were £287,56612023.' £267,368). 13. TANGIBLE FIXED ASSETS Fixtures and fittings Computer equipment Totals COST At 1 January 2024 Additions 22.888 36,402 59,290 At 31 December 2024 22.888 36.402 59.290 DEPRECIATION At 1 January 2024 Charge for year 22,888 36,402 59,290 At 31 December 2024 22.888 36,402 59,290 NET BOOK VALUE At 31 December 2024 At 31 December 2023 Page 18
PROTECT (WHISTLEBLOWING ADVICE) LIMITED NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepayments and accrued income 180,423 3,126 29.596 214,248 3,126 34.894 213,145 252,268 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade creditors Social security and other taxes Accruals and deferred income 7,366 107,354 407,718 8,752 101,146 401,786 522,438 511,684 Deferred income reconciliation.. 2024 2023 Brought foward balance at 1 January Amounts recognised as incoming resources in the year Amount deferred at 31 Dember 375,028 {375,028) 381,088 383.426 1383,4261 375.028 381,088 375,028 Defeed income consists of subscription income and income in relation to retainers and consultsncy fees. An element of the income has been deferred at the year-end due to the subscription period spanning over the financial year end or the income having been received in advance. Page 19
PROTECT IWHISTLEBLOWING ADVICE) LIMITED NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 16. LEASING AGREEMENTS Total minimum lease payments under non-cancellable operating leases fall due as follows= 2024 2023 Wilhin one year Between one and five years 35,143 34,694 45,214 43.929 79.908 The above commitment relates to the charity's office and the totsl commitment shown is for the length of the lease. Protect (Whistleblowing Advice) Limited can temiinate the lease agreement at any time giving the landlord four months, notice in wrib'ng. 17. MOVEMENT IN FUNDS Net movement in funds At 111124 At 31112124 Unrestricted funds General fund 283,834 41,844 325.678 TOTAL FUNDS 283,834 41,844 325.678 Net movement in funds. included in the above are as follows: Incoming resources Resources Movement in expended funds Unrestricted funds General fund 1,077,337 11.035.493) 41,844 TOTAL UNRESTRICTED FUNDS 1077.337 (1.035.493) 41,844 Page 20
PROTECT (WHISTLEBLOWING ADVICE) LIMITED NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2024 18. PENSION COMMITMENTS The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund. The amounts payable at year end was £4,533 (2023: £4,301) and is included in creditors under other tax and social security- 2024 2023 Contributions payable by the Gompany for the year 27,794 27,084 19. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net Income for the reporting period (as per the statement of financial activities) Adjustments for: Interest received Decrease in debtors InGrease in creditors 41,844 {46,975) (15.468) 39,123 10.754 (12,0631 {8,2911 8,445 Net cash provided by operating activities 76,253 20. RELATED PARTY DISCLOSURES There are no related paty transactions to disclose for the current or the prior year. 21. ULTIMATE CONTROLLING PARTY The company is considered to have no ultimate controlling paty- Page 21