## **Audit findings report**
**Protect (Whistleblowing Advice) Limited Year ended 31 December 2025**
## **Strictly Private & Confidential**
The Board of Trustees Protect (Whistleblowing Advice) Limited The Green House 244-254 Cambridge Heath Rd London E2 9DA
Our ref: JH/ST/LNPUB10 2 June 2026
Dear Trustees
## **Protect (Whistleblowing Advice) Limited Audit findings for the year ended 31 December 2025**
This Audit Findings Report highlights the significant findings arising from the audit for the benefit of those charged with governance. We appreciate that you may be aware of some of the matters contained in this report, however as required by International Standard on Auditing (UK) 260 we are communicating them to you formally.
As auditor we are responsible for performing the audit, in accordance with International Standards on Auditing (UK) (ISAs UK)), which is directed towards forming and expressing an opinion on the financial statements. The audit of the financial statements does not relieve management or those charged with governance of their responsibilities, including those in respect of the preparation of financial statements.
There is more detail in respect of the responsibilities of the auditor and those charged with governance within our engagement letter. Our standard terms and conditions can be found at https://www.azets.co.uk/terms-of-business.
The contents of this report relate only to those matters which came to our attention during the conduct of our normal audit procedures which are designed primarily for the purpose of expressing our opinion on the financial statements. We do not accept any responsibility for any loss occasioned to any third party acting or refraining from acting on the basis of the content of this report, as this report was not prepared for, nor intended for, any other purpose.
We would like to take this opportunity to record our appreciation for the kind assistance provided by your team during our audit. If we can be of any further assistance, please contact Maria Maltby.
Yours faithfully
## **Maria Maltby**
Director Senior Statutory Auditor Azets Audit Services
## **Contents**
|1.|Executive summary|1|
|---|---|---|
|2.|Financial performance|2|
|3.|Significant audit findings|3|
|4.|Going concern|5|
|5.|Audit communication|6|
|6.|Internal controls|7|
|7.|Independence and ethics|9|
|8.|Emerging issues|10|
||||
## **1. Executive summary**
## Significant matters relevant to our audit
This table summarises the significant matters arising from the statutory audit of Protect (Whistleblowing Advice) Limited (“the Charitable Company”) for the year ended 31 December 2025 for those charged with governance.
|**Audit opinion**|We do not propose any modifications to our audit opinion which is unqualified.
We have no matters to report regarding the adoption of the going concern basis or inadequate
disclosures relating to material uncertainties.
Our audit work is substantially complete and there are currently no matters which would require
modification of our audit report.|
|---|---|
|**Audit**
**approach**|There were no changes to our audit approach as set out to you in our letter dated 6 March 2026.|
|**Significant**
**audit findings**|We have reported our significant audit findings on pages 3-4 and audit adjustments on page 2. The
impact on the Charitable Company’s net income is a reduction of £13,629.
We are pleased to report that the audit progressed well from our perspective and in accordance
with the agreed timetable.|
|**Audit**
**adjustments**|We are required to communicate all potential adjustments, other than those considered to be
clearly trivial, to management and to request that management corrects them.
Audit adjustments proposed can be seen in the reconciliation to accounts below.
Presentational and reclassification adjustments wereproposed and accepted bymanagement.|
|**Internal**
**controls**|The purpose of the audit was for us to express an opinion on the financial statements. The audit
included consideration of internal controls relevant to the preparation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of internal control.
Our audit is, therefore, not designed to identify all control weaknesses. However, where, as part
of our testing, we identify deficiencies in internal control, we have reported these to you on page
7.|
1
## **2. Financial performance**
This section of our report summarises the main features of the financial statements and key movements from the prior financial year.
## Reconciliation to accounts
The reconciliation of the trial balance presented to the audited statutory financial statements is as follows.
|||||**Statement of Financial**|**Statement of Financial**|
**Effect to**|
|---|---|---|---|---|---|---|
|**No**|**Detail**|**Balance**|**sheet**|**Activities**||**surplus/(deficit)**|
|||**Dr**|**Cr**|**Dr**|**Cr**||
|||**£**|**£**|**£**|**£**|**£**|
||(Deficit) per TB|||||(138,049)|
||||||||
|1|Beinglate client adjustments toplanningTB|||||16,579|
|2|Beingadjustment to audit accrual||(2,400)|2,400||(2,400)|
|3|Being fixed asset disposals noted in Fixed Asset||||||
||Register|55,767|(55,767)|||-|
|4|Beingvaluation ofgifts in kind|-|-|
4,500|(4,500)|-|
||||||||
||**Net(deficit) per statutory financial statements**|||||**(123,870)**|
2
## **3. Significant audit findings**
This section of our report includes a summary of significant audit findings relating to significant risk areas identified at planning and other risk areas that required special consideration or arose during the course of the audit.
## Significant risk areas identified at planning
Significant risks are risks that require special audit consideration and include identified risks of material misstatement that:
- our risk assessment procedures identified as being close to the upper range of the spectrum of inherent risk due to their nature and a combination of the likelihood and potential magnitude of misstatement; or
- are required to be treated as significant risks due to requirements of ISAs (UK), for example in relation to management override of internal controls.
## **Significant risks at the financial statement level**
The below table summarises conclusions in relation to significant risks of material misstatement identified at the financial statement level. These risks are considered to have a pervasive impact on the financial statements as a whole and potentially affect many assertions for classes of transaction, account balances and disclosures.
**Key risk area Audit Approach and Conclusions Management override of controls** Procedures performed to mitigate risks of material misstatement in this area will include: Management is in a unique position to perpetrate fraud because of management's • Review of accounting estimates, judgements and decisions ability to manipulate accounting records and made by management; prepare fraudulent financial statements by • Testing of journal entries; and overriding controls that otherwise appear to be • Review of any unusual significant transactions. operating effectively.
Although the level of risk of management Based on the testing performed and the results obtained, we override of controls will vary from entity to have not identified indication of management override of entity, the risk is nevertheless present in all controls. entities. Due to the unpredictable way in which such override could occur, it is a risk of material misstatement due to fraud and thus a significant risk.
Risk of material misstatement: High
3
## **Significant risks at the assertion level for classes of transaction, account balances and disclosures**
The below table summarises conclusions in relation to significant risks of material misstatement assertion level for classes of transaction, account balances and disclosures.
|**Key risk area**|**Audit Approach and Conclusions**|
|---|---|
|**Fraud in revenue recognition**
Material misstatement due to fraudulent
financial
reporting
relating
to
revenue
recognition is a presumed risk in ISA 240 (The
Auditor's Responsibilities Relating to Fraud in an
Audit of Financial Statements).
**Inherent risk of material misstatement:**
•
Income (Accuracy, Cut-off and
Completeness):High
Procedures performed to mitigate risks of material
misstatement in this area will include:
•
Review and testing of revenue recognition policies;
•
Detailed substantive testing on material revenue streams;
and
•
Substantive analytical procedures
Based on the testing performed and the results obtained, we do
not believe income is materially misstated.||
## Other identified risks
The below table summarises conclusions in relation to other identified risks which although not considered to be significant required specific consideration during the audit or were risks otherwise identified during the course of the audit.
|**Identified risk of material misstatement**|**Audit**|**Approach and Conclusions**|
|---|---|---|
|**Other risk 1**|•|We concur with management’s assessment that it is|
|The
Trustees
must
undertake
a
formal||appropriate to continue to adopt the going concern basis|
|assessment of the Charity’s ability to continue as||and there are no material uncertainties relating to going|
|a going concern for at least the 12 months||concern which should be disclosed in the financial|
|following the signing of the financial statements||statements.|
|at both the planning stage of the audit and at the|•|Further information in respect of our assessment can be|
|date the financial statements are signed.||seen in section 3 below.|
4
## **4. Going concern**
As auditors, we are required to “obtain sufficient appropriate audit evidence about the appropriateness of management's use of the going concern assumption in the preparation and presentation of the financial statements and to conclude whether there is a material uncertainty about the entity's ability to continue as a going concern” (ISA (UK) 570).
## **Management’s assessment of going concern**
The Charitable Company has prepared its financial statements on the going concern basis. Management believe that the financial statements should be prepared on the going concern basis on the grounds that existing cash reserves and current sources of funding or support will be more than adequate for the Charitable Company’s needs.
Management’s assessment covers a period of at least 12 months from expected date of approval of the accounts
## **Audit work performed**
ISA 570 (revised) specifies mandatory procedures that we are required to carry out on going concern.
We have reviewed the results for the year alongside management’s assessment of going concern, supporting budgets and post year-end results.
## **Disclosures**
We have reviewed the disclosures set out in note 2 and consider them to be appropriate and adequate.
## **Conclusion**
We concur with management’s assessment that it is appropriate to continue to adopt the going concern basis and there are no material uncertainties relating to going concern which should be disclosed in the financial statements.
5
## **5. Audit communication**
## **Materiality**
Whilst our audit procedures are designed to identify misstatements which are material to our audit opinion, we also report to those charged with governance and management any uncorrected misstatements of lower value errors to the extent that our audit identifies these.
Under ISA (UK) 260 ‘Communication with those charged with governance’, we are obliged to report uncorrected omissions or misstatements other than those which are ‘clearly trivial’ to those charged with governance. ISA (UK) 260 defines ‘clearly trivial’ as matters that are clearly inconsequential, whether taken individually or in aggregate and whether judged by any quantitative or qualitative criteria.
An omission or misstatement is regarded as material if it would reasonably influence the users of the financial statements. The assessment of what is material is a matter of professional judgement and is affected by our assessment of the risk profile of the business and the needs of the users.
## **Accounting policies**
The accounting policies used in preparing the financial statements are unchanged from the prior year [or set out details of changes]. These have [not] been deemed appropriate for the audited period.
## **Presentation and disclosures**
Our work included a review of the adequacy of disclosures in the financial statements and consideration of the appropriateness of the accounting policies and estimation techniques adopted by the entity. We identified a number of reclassification adjustments and some minor presentational issues in the Charitable Company, and these have all been amended.
Overall, we found the disclosed accounting policies, significant accounting estimates and the overall disclosures and presentation to be appropriate.
## **Fraud and suspected fraud**
We have previously discussed the risk of fraud with management. We have not been made aware of any incidents in the period nor have any incidents come to our attention as a result of our audit testing.
Our work as auditor is not intended to identify any instances of fraud of a non-material nature and should not be relied upon for this purpose. In the event that the directors wish to obtain enhanced assurance with regard to the effectiveness of internal control in preventing and detecting fraud we should be happy to provide additional services.
## **Written representations**
We will present the final letter of representation to the Board to sign at the same time as the financial statements are approved.
## **Related parties**
We are not aware of any related party transactions which have not been disclosed.
## **Confirmations from third parties**
All requested third party confirmations in respect of bank and legal confirmations have been received.
6
## **6. Internal controls**
The purpose of the audit was for us to express an opinion on the financial statements. The audit included consideration of internal controls relevant to the preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of internal control. Our audit is, therefore, not designed to identify all control weaknesses and the matters reported below are limited to those deficiencies that we have identified during the audit.
## Control weaknesses and recommendations
Control weaknesses and recommendations identified from previous years are summarised below.
The control weaknesses are categorised into three risk ratings as shown in the key.
## **Key**
**1. Significant deficiency**
**2. Other deficiency**
**3. Other observations**
|**Control**
**weakness**
**identified**|**Implication**|**Recommendation**|**Management Response**|
|---|---|---|---|
|Some expenditure
transactions were not
posted on the invoice date
Although generally
posted within a few
days of the invoice
date, this could
cause cut-off issues.
Ensure all
transactions are
posted on the
invoice date.
Noted and accepted.||||
7
Control weaknesses and recommendations identified from our current year work are summarised below.
## **Table of control weaknesses and recommendations**
|**Control**
**weakness**
**identified**|**Implication**|**Recommendation**|**Management Response**|
|---|---|---|---|
|**The fixed asset register**
**had not been kept up to**
**date during the 2025**
**financial year.**
There was confusion
at the year-end with
regards which assets
were still in use by
the charitable
company.
The depreciation
charge was posted
as a year-end
adjustment.
The fixed asset
register should be
updated and
reconciled to the
nominal ledger on a
quarterly basis, to
ensure that the
management
accounts accurately
reflect the year’s
depreciation
charge.||||
|||||
|There is no record
maintained of gifts in kind
Gifts in kind may be
missed from the
statutory financial
statements
Ensure that a
central record of
gifts in kind is
maintained, to
ensure they are
recognised on a
timely basis.||||
8
## **7. Independence and ethics**
In accordance with our profession’s ethical requirements and further to our audit planning letter issued confirming audit arrangements there are no further matters to bring to your attention in relation to our integrity, objectivity, and independence.
## **Long-association**
The audit partner has held a senior position in the audit of the Charitable Company for a period of more than ten years. We deem it appropriate for us to continue to act as auditor for the following reasons:
- The senior statutory auditor’s knowledge of the company is vital to reducing the overall audit risk and the efficiency of the audit process; and
- The familiarity threat is mitigated by the fact that audit files are reviewed on a rotational basis by highly experienced internal reviewers.
We confirm that Azets Audit Services and the engagement team complied with the FRC’s Ethical Standard. We confirm that all threats to our independence have been properly addressed through appropriate safeguards and that we are independent and able to express an objective opinion on the financial statements.
## Audit and non-audit services
The following services were provided in the year to 31 December 2025 and 2024.
|**Audit services**|**Fees 2025**|**Fees 2024**|
|---|---|---|
|Charitable Company audit|£8,550|£8,000|
||||
|**Non-audit service**|**Fees 2025**|**Fees 2024**|**Type of**|**Safeguard**|
|---|---|---|---|---|
||||**threat**||
|Preparation of statutory|£1,850|£1,800|Self-review|Trustees to sign and approve all|
|accounts|||threat|adjustments made to the financial|
|||||statements.|
||||Management||
||||threat|Whilst the preparation of the statutory|
|||||financial statements is carried out by|
|||||members of the audit team, it is|
|||||reviewed by a reviewer separate from|
|||||the audit team.|
9
## **8. Emerging issues**
## Charities SORP 2026
The Charities Statement of Recommended Practice 2026 (SORP) will be effective from 1 January 2026. The new SORP reflects changes introduced by the Financial Reporting Council (FRC) to FRS102, these changes include:
- Introduction of 3 tiers based on income levels to ensure proportionate reporting, whilst also meeting the information needs of users;
- Key accounting changes to leases, revenue recognition and provisions, contingent liabilities and contingent assets;
- Advancing reporting in important areas such as impact reporting, reserves, going concern, legacies and volunteering;
-
- Introduction of proportionate reporting for environmental, social and governance issues.
## Charity audit thresholds
From 1 October 2026, charities in England and Wales will see significant changes to financial reporting thresholds. Key changes include:
- The income threshold for a statutory audit will rise from £1m to £1.5m.
- Where income is greater than £500k (currently £250k), the asset threshold for a statutory audit will rise from £3.26m to £5m.
- Independent examinations will be required where income is greater than £40k (currently £25k).
## Code of Fundraising Practice
From 1 November 2025, the new Code of Fundraising Practice was launched. The Code sets the standards for fundraising practices in the UK. Key changes include:
- A shift to a principals-based approach which allows greater flexibility and proportionality in fundraising activities.
- It’s shorter in length and more streamlined .
- There is a focus on core principles such as legality, openness, honestly and respect.
- More clarity and rules to protect donors.
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## Charity Governance Code The Charity Governance
Code provides a practical framework to help charities strengthen governance and operate effectively. While it’s not law or a regulatory requirement, the Charity Governance Code serves as an aspirational benchmark and a valuable starting point for assessing governance practices. The code adopts an apply or explain principle, encouraging charities to adopt its recommendations or explain why they haven’t. Rather than a rigid checklist, the code should be viewed as a tool for continuous improvement, supporting transparency and accountability.
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AJ AZETS