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 servI￿s
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 Rese￿eS 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. w*ich 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 JUdp￿￿enlS 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 $18temeiils on ltte going co￿9T11 basls unless Il Is In8ppfopnciie to presuine that th
h8rrtable coinpLny will continue ir) operalioii.
Tl)e Trusl86s ère r8sponsiLle for k8aping 8d8qLJAte £ccoullling records that disdose with reasnnHhlp 8ecurnoy al any
lime the fii)ancial posilion ol Ihe charil&ble company afid eTrBble tliv.ni to Lknsure Ihal the firt8rrial Stat￿1*￿1$ 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 preVe￿Ilon 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 p*epa￿d 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
othe￿ise 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
D￿bI￿r$
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 state￿entS have been pr8parÉ>d In aLLordaiice vAth the special provIs￿n8 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 De￿mber
375,028
{375,028)
381,088
383.426
1383,4261
375.028
381,088
375,028
Defe￿ed 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