PROSPECTS (KENSINGTON) LTD (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCEAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Company Number: 2665204 Charfty Number: 1036225 PROSPECTS (KENSINGTON) LTD (A COMPANY LIMITED BY GUARANTEE) THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 CONTENTS Page Company I Charity Infomiation Report of the Dlrtctors / Tru5teES Independent Examiners Report ststement of Financial Attivities Balance Sheet Notes to the Accounts 9-12 PRospecTS (KENSINGTON) LTD (A COMPANY LIMThED BY GUARANTEE) THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 CHA￿ INFORMATION COMPANY REGIsfRATION NUMBER 02665204 CHARrrY REGIsfpATION NUMBER 1036225 BOARD OF DIREcfoRS I TRUSTEES D. McLeod E. Bary S. Joseph T. Le Maitre Treasurer Cllr. S Hoier Chairperson Vice Chair COMPANY SEcR￿ARy J. Edward REGIsreRED OFFICE Swinbrook Cornmunity Centre 145 Acklam Road London WIO 5YX ACCOUNTANTS CASH l Thorpe Cl London WIO 5XL BANKERS HSBC LONDON WII 3JJ PROSPEcfs KENSINGTON LTD (A COMPANY LIMThED BY GUARANTEE) REPORT OF THE DIREcfoRS I TRUSTEES The directors l trustees, present their ￿pOrt and financial statements for the year ended 31 March 2022. Legal Ststus Corrpany.. Limited by guarantee, Company Number 02665204 Charity.. Registered with the Charity Cornrnission, Charity Number 1036225 (A COMPANY LIMrrED BY GUARANTEE) PRINCIPAL AcnvmES'. The main activities of Prospects is to provide seNices and support to disadvantaged people in our community, to enable them to aC￿sS current servlces in the community and improve their future prosperts. The organisation primarily caters for the education of the family, frorn children to parents,. therefore it is a lifelong learning prograrnme. Thls is a key elernent of our'Futures PrOgramn￿,. The organisation has specialist representation in Th, Education, Employment Advice and Guidance, and Community work on the management committee,. who work in a professional level in those fields. There are also volunteer Mernbe￿ with specialist skills. 'Futures of Youth Pragramme (F.0. Y.E) A) Supplementary School (THE P. JEFFREY ACADEMY OF HIGHER ACHIEVEMENT) There are currently 21 children young people registered for the Supplementary School classes aged 8 to 18. Post pandemlc, state funded schools have received government funds to engage extra stsff and provide out of school houts extra curriculum classes, so the Supplernentary School full formal classes are not required at present. In addition the teachers now have very highly paid extra hours at the stste funded schools. We continue to help students who require extra help when reouested and required, particularty with revision school worf(, and aim to run ￿vIsion classes during half term breaks. We a￿ aiming to resume the full fornal classes as needed and as required by the students, parents and the Schools. B) AdvLracy, Support and Advlce.. The advocacy, support and advice section Is predominantly for children who have been excluded or are in the danger of being excluded from school. The issue of school exclusion is a vast concern, Prospetts has many reqU￿ts for help and has been successful in running the Servi￿ exclusively with volunteers and through our links with other organisations. Prospects currently has 2 advocates who are volunteer5 and continues to provide this service. The organisation is pleased to report that there is an increase in public interest in the effects of School Exclusion5 in society at large with new carnpaigns being stsrted nab"onally. It 15 hoped that this new interest will enable more organisations to provide *rvices which tackle school exclusions. It has been many years since the organisation has been working to address thls issue. C) Structured Educational Enternet Actlvltles {srrEC) "Computer Club": EducationallRecreationol internet activities for young people, we currently have 23 young people regi￿red. PROSPEcfs KENSINGTON LTD (A COMPANY LIMtrED BY GUARANTEE) REPORT OF THE DIREcfoRS I TRUSTEES (CONTINUED) Futures of RetUrniTng to Work[FoRworKJ.' Education and EmploYmL￿t support Trainingi Advice Guidanty. Indudes.. Beginners to advanced Digital and Computer CoU￿es, and Open Learning. We are now forrnally partnered with Th? Computing Technology Industry Asgoclatiowtr ICompTIAI, for the ￿ higher skills for young people CompTIA is considered one of the IT industry's top trade associations and issues prof8S510nal ￿rtIfiCatiOnS. which are the standards reouired by employers in the Inforrnation Technology Industry. At present we are concentrating on ensuring that young people are able to secure higher skilled training and supwrt, and that they are able tr> Secu￿ further apprenticeships and jobs. We encourage them to follow their splrations and 8150 pfftvent them from being encouraged to do unskilled low paid work. For beginner5 and interrnediate students we are re-assessing our digital certifications and aim to access suitable qualifications fmm qualifying bodies in the near future. For the time being suitable candidates are able to take the Micr050ft Office Specialist (MOS) exams. This initiative allows work experience trainees, and volunteers to work with the Computer trainers to update their skills and to gain first hand experien￿ as Computer tra1ners. We currently have 3 work experience volunteers, Shadow5 who help with the rr CoU￿eS and help run Open Leamlng. Employment Support.. The prograTnme continues to be successful, and enables people to attain skills, and suitable employment. The programrne is in-house as well as referrals to partner organisations to ensure that people secure the relevant and needed trainin9 and employment opportunities. General Communlty Support.. We work w he famil a whol so also undertake a considerable amount of work involving helping, and referring seNice users who need help, and support. Ttt￿S includes advice and help with UCAS and bursary applications, issues including housing, homelessness, benefits, and irnmigration, help with letter writing, applicabon form filling etc. This aspect of our work has increased not only due to the grassroots nature of our organlsabon, but also the increasing need for help and support in the community. Our community suptK)rt continue5 to be successful and show results including preventing and over turning evlrtions, getting benefits re-imbursed etc. Ongoing Covid Pandemic ServKes.. Our Foodshare partnership Mith the CO-OP is ongoing and enables extra fresh foodèvailability, to be èccessed bypeople In need, we make 6 pfckups nd deliveries a kveek to local foodbanks there ats 5 volunt￿r$ worting on this progrBmme. One gre3t èdvantage which has emerged is that the progranFme enobles people who ère isolbted to becon7e involved and empowered by hel￿ng Ihe progrèmme. It has enBbled them to make neFV friends and colleagues at the food banks and they have become MO￿ involved wth the foodbanks and the community. Hence, another added advantage Is that this programme has enabled tl)e foodbanks to also access more volunteets to help with their Se￿￿5. INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES, OF PROSPEcfs IKENSINGTON) LTD I report on the accounts of the charity, wh5ch are set out In this document. Respectlve respon5ibTrlities of trustees and examlner The Company's Dirertors, who are also the cttarity'5 trustees, are resronsible for the preparation of the accounts. The chaiity's trustees consider that although neither an audti nor an independent examlnation Is required for this year under section 144 of the CharStles Act 2011 ItfÉ Charities Artl. have nevertheless concluded that an indepetsdent examination is n&d&l. It Ls my resFQn5ibility to.. examine the accounts under section 145 of the Charitie5 Art, to follow the procedures lald down in the general Dlrections given by the Charity Comrnission (under section 145lSllbl of the CharitES Act, and to state whether parbcular rnatte￿ have ctsne to rny attentsty). $1$ of Independent examlnerf5 report My examinatson wa5 carried out In accordanTr wlth general Direttions given by the Charlty Cornmission. An examination includes a review of the accountlng record5 kept by the tharity and a compadson of the accounts presented with those records. It also includes consideratE¢n of any unusual items or dlsclosures in the accounts, and seeking explanatlon5 from the truste￿ concerning any such matters. The procedu￿$ undertaken do not provlde all the evidence that would be required in an audit, and con5eouently M opin￿￿ 15 given as to whether accounts present a'true and falrf view and the ￿port Is limited to those Matte￿ set out in the statement below. Dlrector Report The InforrNation in the DirKtots report on pages 4 to 61$ conslstent with the accounts page5 7 to 12. Independent examlner's ststement In connection with my examination, no m8tter has come trj my attention.. whKh give5 me [￿sonable cause to believe that in any material re5PE£t the ￿UIrements.. to keep accounting ￿ordS in accordantt with section 386 of the Companie5 Art 2006., and to prepa￿ accounts which accord with the accounting records and comply with the accountlng requirements of sectiofi 396 of the Cotnpanle5 Act 2006 and wlth the methods and principles of the Statement of *ommended Practice.. Accounting and Reporting by Charities have not iEen met., or to which, In rny opinion, atteition shovld be drawn in order to enabk a proFer understandirs of the acctsunts to be reached. Slgned.. Date.. 31 January 2023 Trn Atch 8Sc Community Accountsncrf Self Help l Thorpe Close, London WIO 5XL PROSPEcfs {KENSINGTON) LTD STATEMENT OF FINANCIAL ACtivrrIES (Incorporating Income & Expenditure A¢¢ount) FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Totsl Funds Unrestrlded fund5 Restrlcted Funds Notes Total Funds Incoming Resources Incoming Resour¢esArom Chorltable octivtties Contracts Gr3nts & Donations Incomlng Resourcesfrom GeneratedAunds Feès computer use etc. Fundraising events Total Incomlng Resources 19.943 27,308 19,943 27,308 71,688 L70 170 3,474 26,407 170 47,251 47,421 Resource5 Expended Charitable ryctivites Prem5ses Cost5 Operational Costs Volunteers ExpÈnses Educations Support Costs Projects Depreciation Govemunre Costs Accountant'5 Fee Insurance Tolol Resources Expended 7,100 5,769 7,100 5,?69 3.000 7,670 920 20,532 L2,51i0 15 20,073 16,467 17 20,073 16,467 L7 350 427 50,203 350 427 50,203 355 401 43,393 Net Incoming lQutgoin81 Resources For the year 170 -2,952 -2,782 29,769 Balance b/f èt l April 2020 10,185 27,843 38,028 8,259 Balance clf at 31 March 2D21 10.355 24,891 35,246 38.028 PROSPEcfs (KENSINGTON) LTD (Company Number 2665204) BALANCE SHEET AS AT 31 MARCH 2022 Notes 2022 2021 Flxed assets Tangible fixed assets. 35 52 CUr￿nt assets Debtors Prepayment Cash at bank and in hand. 5,968 29,593 4,317 35,094 35,561 39,441 abilities.. arwjunts falling due within One year. 350 1,435 Net current Assets 35,200 37,976 Net Assets 35.246 38,028 Funds Unrestricted IrKome funds.. General Restricted funds.. 10,355 24,891 10,187 27,841 35,246 38,028 Exemption from Audit These financial statetnents have been prepared in accordance with the special provisions for small Compani￿ under Part 15 of the Cvmpanles Act 2006 and with the Finanaal Reporting Stsndard for Smaller Entities leffectyve January 20151. The trustees (who are also the dimtgrsl are sabsfied that the charif8ble company is. entitled to exemption from the provi*ons of the Companies Aot 2006 (the Attl relatin9 to the audit of the Jccounts for the year by virtue of section 477, and that no member or merntsrs have requested an audit pursuant to sethon 476 of the ACL The trustées acknowlédge their rèsponslbilities for.. lil ensunng rhat the charitsble company keeps proper èccounting record5 whith comply section '386 of the Act, and lill preparifig actounts which give a true and fair view of the stats of affairs of the charitable COTnp8ny as at end of the flnantsal yÈèr and of It5 surplus or def￿￿nty for the finantièl year ID atcordance with the requirements 'of sections 394 and 395 and which otheNise comply wrth the reouirements of the Companie5 Att 2006 relating to financ￿1 statemeTIts subject to the sma11 companie5, re9lme and $0 far as applicawe to the charitable COTDP8ny. The Dotes M pages 9 to 12 fortn part of these financial statements The financial Statements on pages 7 to 12 were approved by the directorsltrustees. and authorised forlssue on 31 January 2023 and signed on thelr behalf by.. Sign¢d Dale 31 January 2023 Director and Irustee.. Prini Name PROSPECTS (KENSINGTON) LTD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2022 Accountin9 polldes Summary of $lgnlfKant ac¢ountlng poli¢le$ and key accountlng estimate$ The principal accounting policie5 appl*d in the PreParat￿n of these financial statements a￿ set out below. These policies have been consistently applied to all the yeats presented, unless otherwise stated, Basi$ of preparatlon, The financial statements have been prepared under the historical cost conventlon, with the exception of listed iD¥e5tments are included at their market value. The financial statements have been pre￿red In accordanTr wlth the Accounting and Reporting by Charlties,. Ststement of Recommended PraLtiTr, applicabk to charities preparing thelr accounts in.. accordan￿ with the Financial Reporting Stsndard for Smaller Entities (the FRSSEI (effective lJanuary 20151 and the 2006 Cornpanies Art. Golng concem The financial Statements have been pre￿red ￿ a going concern basis. The trustees assess whether the use of going con￿r￿ is appropriate i.e. whether there are any materral uncert31nties ￿￿ted to events or condltions that may cast significant doubt on the ability of the Charity to continue as a going concem. The trustees make this 355essment in res￿ of period of one year frorn the date of approval of the financialststements. Income and endowments VOl￿ntary incorrE including dorbal￿n5, gift5, legacies and grants tht prOV￿e CO￿ funding or are of a general nature is recogfji5ed when. the Charity h35 entitlement to the income, it LS probable that the incw wlll iE r￿1ved and the amount can be measured with suffhcient reliability. Donations and legacies a￿ recogni￿ on a receivable bals when ￿elpt 15 Probab￿ and the amount can be reliably measur&. Interest is included when by the charity. Expenditure All exkEnditure Is rec￿niSed ontr there is a legal or constructlve obligat￿n to that expeT￿1ture, It is probable 5ettlement1s required and the atnount can be measured reliably, All costs are allcKated to the applicable expenditure heading thal aggregate simiLAr costs to thal category., Where costs cannot be directly attributed to particular headings they have been allo¢atsd on a ba51$ tonsistent with the Jse of resources, with central staff costs allocated on the basis of time spent, and deprfrdtlon charges allocate¢l on the ￿rtIOn of the asset's Use. Other supwrt Costs are alkxated based on the spread of staff costs. All resources expended are Inclusive of 1rrLroVeFa￿e VAT. amrttable acUwtie$ Charitable expenditure comprfses those costs incurred by the Charity in tre delivery of its aCtivitle5 and Services for it5 iEneficiarie5. It includes both costs that be all￿ared direttly to SLKh activities and those costs of an iTrdirect nature necewry to support them. PROSPECTS IKENSINGTONI LIMITED NOTES TO THE ACCOUNTS AT 31 MARCH 2022 Irrecoverable VAT Irrecoverable VAT is charged agaSnst the category of resources expended for whlch it was incurred. Taxation The Charity Is considered to pass the t￿ts set out in Paragraph I Schedule 6 of the Finan￿ Act 2010 and therefore it meets the definition of a charitsble company for UK cOrporat￿n tsx purposes. Accordingly, the Charity 15 Potentially exempt from taxation in respect of incorne or capital gains received within cat￿OrieS covered by Chapter 3 Part 11 of the CorporatK)n Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such incorne or gains are applied exclusively to charitable purposes. T•ftglble flxed assets Individual fixed as5et5 Costing £S(M) or more are initially recorded at C05t, less any subsequent accumulated depredation and subsequent accumulated irnpaimRnt k)sses. Depreciation and amorti5ation Dep￿latIOn is provided on tangible fixed assets so as to write off the cost or valuation, less 3ny estimated residual value, over their eX[￿d useful economK life at a rate of 15% using the reducing balance method. Trade debtors Trade debtors are 'amounts due from customers for merchandise sold or serwces FErformed in Lhe ordinary course of buslness Trade debtor5 are ￿ognIsed initially at the transaction price. They are subsequentty measured at amorbsed cost using the effecttve Interest method, ￿S proVis￿n for 1mpairrne￿t. A provision for the impairment of trade debtors is established when thert Is objettive eVIden￿ that the Charity will not be able to collert all amounts due according to the original terms of the receivables. C#$h and cash equlvèlents Cash and cash equivalents comprise cash on hand and call detK>Sits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and a￿ subject tts an insignificant risk of change in value. Creditors and provlslons Creditors and provisions are reccgnised where the charty had a present obligation ￿Sur(Ing from a past event that will probably result in the transfer of funds to a third party and the amount due to settEe the obllgation can be Measured or estimated reliably. Creditors and provisK)ns are normally recognised at their settlement amount after allowing for any trade discounts. Fund accounting Unrestricted income funds a￿ general funds that are available for use at the trustee's dlscretion in furtherance of the objectives of the Chèrity. Operatiny leases Le35e5 in which Substantially all the risks and rewards of ownership are retsined by the lessor a dassified as operating leases. Rentals payable under opErating leases are charged in the Statement of Flnancial Activlties as incurred over the term of the lease. PROSPEcfs {KENSINGTON) LTD NOTES TO THE ACCOUNTS (continued) FOR THE YEAR eNDED 31 MARCH 2022 Pen$lons and other post retirement obllgatlons The company doe5 Dot contribute ro any empbyee PEnsion scheme Incomlng resourcts All materKal Incoming resources have been included on a welvable basts- i.e. they are Included if the date receivable fa115 within the period covered by these accounts. Fund accountlng Ill The charity's genepl fund consists of funds, which the charty may use for its purposes at its discretion within irs chaHtable objects. liilThe charlty'5 resthtted fund is zero, It would consi5t5 of cash at bank and fiwj assets (after depreciaJonl purchased from restricted funds. Donors would have pla￿ restrictions on how this fund can te spent. Voluntary income lil All involuntary income Is Included reTrlpts. Investment Income Credit is taken for Interest when the interest falls due for payment. 2. Depreciatlon Depreciation is Calcula￿ to write down the cost or valuatron, l&$ estimated residual value, of all tanglble fixed assets over tr￿1r expetted useful lives. The equiprneDt is deprec13ted at 33% per nnum, including the year of purchase to prowde ￿ NBV, uslng reducing balance basls. Items C05ting less than £500 aR not capitalised. 2022 52 2021 67 Opening value Additions DepreCiat￿n 17 15 Closlng book value 35 52 Llabllltles: amounts fallln9 due wlthln one year 2022 2021 (Éi 1,435 Trade C￿￿or$ 350 PROSPEcfs (KENSINGTON) LTD NOTES TO THE ACCOUNTS (continued) FOR THE YEAR ENDED 31 MARCH 2022 Debtors at end of year 2022 (£1 1,0 4,968 2021 1£) 1,000 3,316 Rent prepayment Funder Share Capital The company is limited by guarantee and ￿ not have a Share capitsl. 6. Tru5tees' remuneration, benefits and expenses Trustees received no expenses, remuneration or benefits In this pwiod. staff numbe The charity had three part-time staff during the year. No member of staff was paid over E30,0m. Grants, Contracts and donatlons blf IncomSno Aosour¢08 Trar￿fer3 01m412021 ReBour¢6s Expended 3110WI022 Unr8Strictsd 10,185 170 10,355 Re5trÉ¢ted City Living Local Life Bridg& House Estates Twsl Paddington Development Trust Calleva Foundatson 14,308 14,308 17,083 4,808 5.950 17,083 21,376 8,742 3.000 19,943 10,000 3,375 7,208 Kensington & Che188a Foundation Total Restrieted 3,000 27,841 47.2S1 51,501 24,891 Total unre6trlcted * r¢$trlctod 38,026 47,421 50,201 35,246 9. Trustees, remuneratlon, benefits and expen Trustees weived nts expenses, ￿MUnera￿on or benefits in this period. 10. Related party transactlons There were on ￿lated party transactions durlro the year or prlor year. End to notes to the account.