Charity registration number 1048584 The Prospects Trust (A Company Limited by Guarantee) Annual Report and Financial Statements 31 March 2024 FAIRWAY Tax ond Accounh"ng
The Prospects Trust Charity registration number Contents 1048584 Reference and Administrative Details Trustees, Report 2106 Statement of Trustees, Responsibilities Independent Examiner's Report Statement of Flnanclal ActSvilies Balance Sheet 10 Notes to the Financial Statements 11to19
The Prospects Trust Reference and Admlnlstratlve Detalls Trust••s MargaTet Bandlng {r&tirad Novembèi 20231 Paul Hamer Jane Kershaw Margaret Kerry Andy Feather Naomi Rowe Suz8 Oldfield Rachel Coquard Peter Freell Amir Suleman (appointed January 20241 Prlnclpal Offic• Snakehall Farm Swaffharn Road Reach Cambridge C825 OHZ Company R¢gl$tr4tlon Numb•r 3087221 Charlty Reglstratlon Number 1048584 Bankers Bardays Bank 58 High Street Newmarket CB8 8NH Independent Examiner FalrwayTax al Accounting Limited 11C Ajma Road Snettisham King's Lynn Nortolk PE31 7NY
Annual Report Prospect Trust l April 2023 to 31 March 2024 Constitution: The Prospects Trust is a charitable company limited by guarantee, registered charity number 1048584, constituted under a Memorandum & Articles of Association 3 August 1995 and updated 20, of October 2022. Objectives and Activities In setting objertives and planning for activities. Trustees have given due consideration to guidance published by the Charity Commission relating to public benefit. The objects of the charity are.. o advance the education und promote the relief of persons (Co-workers) who are vulnerable ond who moy be t7t risk of sociol exclusion because of their oge. physical or learrjing disabilities or mentol health through the provision of trt7ining and work opportunities in ogriculture. horticulture and related subjects in the principles of good citizenship 50 tht7tsuch persons can develop theirphysical. mental t7nd spirituol CaPGTCities ond grow tofull maturity as individuals t7nd members of society and improve their conditions of life" Our aims for achieving this are: l. Core Busine55: We will continue to create and promote seasonal supported work opportunities linked to skills progression and individual aspirations 2. Develop Snakehall Farm Site & Facililies: We will make Snakehall Farm the hub and heart of the organisation 3. Income Generation: We will identify ventures, projects and products that support our core enterprise and provide new opportunities for Co-workers 4. Nurture Values and Ethos.. We will ensure that the values and ethos that guide us are understood, shared and promoted. The organisutional vclues ore recorded on the chority webslte www.prospectstrust.org.uk Achievements and Performance IApril 2023 to March 20241 2023124 has been another year to be proud of at The Prospects Trust. We continued to provide real work experience sessions for our beneficiaries lour Co-workers- adults with a range of additional needs) across all our teams and saw a further rise in the number of people involved and social income generated. Our Innovative, creative and hard-working teams achieved a 22% increase in social enterprlse income to £249,083 compared to last year. A huge well done to all that seeded, mowed, baked, harvested, toasted, planted, barista-d and watered and of course to those that enabled it all to happen safely and within budget during the year. Our social enterprise achievements included.. the Farm Team selling 1.2 tonnes of leafy greens and I tonne of tomatoes over the year, the Garden team tending gardens for over 700 hours and Unwrapped serving over 20,0(KI customers at the till and the Enterprise Kitchen baklng 2,500 vegan sausage rolls. The social enterprise element of The Trust is vital not only to provide real work experience for our Co-workers, but the income it generates also helps plug the social care funding gap, every Co-worker Placement is supported by our socially inspiring enterprise and our very loyal customers.
We have seen a further increase of nearly IO% in the numbers of Co-workers from delivering 6,800 work experience sessions to 80 individuals in 2022123 to providing 7,450 sessions to 84 individvals this year. While growing in number5 is of course an achievement, it 15 critical that The Trust a150 continues to deliver sessions safely and supportively. Hand in hand with an increase in Co-worker numbers, we have also seen a trend in retent years where our Co-workers require more specialised support to help them achieve. We recruited 8 new staff to support The Trust in its work and trained our whole team in PROACT-SCIPr-UKO a proactive and therapeutic training for support workers of adults with complex needs. Our Operational Managers have also all passed their Level 3 in First Aid and Health & Safety. Our entire staff team are trained to a high standard in mandatory care courses but also in on- the-job training from making the perfect cappuccino to side shooting the acres of tomatoes, every day at The Prospects Trust is indeed a learning day for all. We appointed a Co-worker Representative to join our Co-worker Experience Board Sub Committee, ensuring our Co-workers have a very loud and Clear voice on the Board of Trustees and helping shape our provision for the future. Our bespoke CRM la database designed to record Co-worker achievementsl is also in full use and completed by the team daily. The CRM records Co-worker achlevements, any concerns noted by staff and most importantly, the satisfaction of Co-workers with their working day. The CRM also helps us to identify changes in Co-worker behaviours and adjust our support accordingly and in full communicatiorb With wider stakeholders Ifamilies, carers, local authorities and other support professionals). In January we introduced a flexible staffing rota for Co-workers at Snakehall Farm for those that flourish working alongside different people and a fixed rota for those that succeed better with routine. With 101 se55ions over a week at Snakeh311 Farm, it takes an enormous amount of planning and sometimes improvising on the day, thank you to those that work so hard to get it right for all our people. We Ilnked with a number of organisations over the year to promote and publicise our tharitable work.. We hosted 110 days of work experience sessions to school children from Highfield School Ely, Centre School, Ely College and Bottisham Village College, either for SEN group5 or individual work experience sessions for young people looking at careers in health and social care. We hosted 37 Corporate Volunteering Groups at Snakehall Farm over the year and welcomed 719 volunteer visitors who helped create new pathways, plant trees, paint fences and weeded the farm. We attended and hosted awareness sessions about the work of The Prospetts Trust. Farmer Mark has become the keynote speaker at many Wl meetings. We welcomed longstanding and new funders to meet the teams and sample a bit of Prospects Magic,. thank you to Art of Flooring, Thurlow Nunn Stander7, PYE Foundation and Cambridgeshire Community Foundation. We were Ely Heroes, chosen charity of year and again privileged to serve on the judging panel, raising our profile with local businesses and dignitaries. The raffle and event fundraising of £625 boosting our voluntary intome.
We sent quarterly Co-worker newsletters to parents and carers showcasing our work and posted 238 positive, engaging feelgood social media posts featuring Co-workers going about their working day. Amir Suleman featured us on BBC Radio Cambridgeshire in May as part of the Great Outdoors programme. Amir spent a sunshiny day at Snakehall Farm meeting all of our Co- workers and fell in love with the magic of the place. The admirable work we do day to day at The Trust is boosted and sometimes only made possible through our vital supporters. A big thank you, a massive Farm spud-up and a beaming Unwrapped smile to those that supported and donated to our summer Co-worker sponsored walk, Farmer M3rk's compost spa day. our"All I want for Christmas is lal loooooo" appeal, Ely Heroe5 raffle and the Co-op Community Fund. Our Spooky Snakehall event wa5 again a resounding success and special mention to Team Lensfield and Art of Flooring for ch005ing vs as their charity to run half marathon5 and climb mountains for. Thank you to those that ran car boot sales, launched an EP, used Don't Send Me a Card, Amazon Smlle and donated individually throughout the year. Thank you to The PYE Foundation, The Blunt TrLSSt, Turners Distribution, Centurian Management, Evelyn Partners, The Rock Allotment Society, TNS, Thorlabs, Reach Solar Farm, Rotary Club Ely and The Dyke's End for your continued and valuable support. Thank you too to Global Make Some Noise for funding core salaries, The Access Foundation for funding new IT technology, Eric Drumrnond-mercer Memorial Trust for funding a new tool shed and our Christmas party. Ely Rotarians for renovating the outside of Unwrapped and The Bernard Sunley Foundation and The Bailey Thomas Charitable Fund for funding the Orchard Project,. our new specialist farm-within-a-farm area for Co-workers with complex needs. We have created a safe haven in our Orchard plot, with a cabin, polytunnel and garden shed, raised beds and fruit trees. Future plans for 2024125 Developing and investing in our people and facilities will continue to be our priority as will consolidating and improving what we already deliver. In september 2024 we will be celebrating our 35 birthday with an Open Day at Snakehall Farm and plan to host a number of exciting fundraising events throughout the year. Our fundraising focus will be raising £35K for 35 years,. with a new cabin, new toilets and replacing worn out facilities, machinery and eqL¢ipment on our long-term funding wish list. Our project focus will be the Far Field Nature Reserve, using corporate work partie5 and volunteers to re-wild and shape the 7.5-acre field into a haven for wildlife and the natural environment accessible to the public. We plan to site a cabin in the area to not only host conservation focused Co- worker sessions but also to hire out to sthool and community groups interested in learning about nature. We plan to have a grand opening of the new nature reserve on our Open Day. Our strategic focus continues to be our long-term financial sustainabllity. Our Finance Sub- Committee will be closely monitoring our 3-year financial cashflow to help us pro-actively plan for any shortfall In our cashflow. We will also continue to advocate for an across-the-board placement fee rate that is fair to Co-workers and pays fairly for our quality social care provision.
Financial Review At the end of this financial period, 31" March 2024, the income for this year amounted to £840,968 12023 . £758,9661 and expenditure amounted to £789,84012023 £749,891). After takin8 account of a gain in value of investments the overall surplus was £67,582. Flnanclal Reserves Policy: Trustees reviewed and agreed an updated Reserves Policy on the 28, of November 2023 in light of The Trust's increase in income and expenditure. Total reseryes agreed at £270,(X)O= of which £220,000 is 3 months costs adversity reSee under Trustee governance to allow continuity during a period of unforeseen difficulty and £50,(KJO is a flexible reserve to allow a rapid response to new income generating opportunities. General reserves this year are £435,812, as shown on the balance sheet on page 10. Three months costs are £197,460 for year to 31, March 2024. Trustees are considering ways of investing in the infrastructure and facllities of The Trust to improve the working conditions of staff and Co-worker5. Trustees are revising the reserves policy to bring it into line with current needs and costs. The Trustees, at the date of approving the report ond accounts, will continue to focus on way5 to remain true to the purpose of the charity. minimising all charitsble expenditvre and overseeing an enhanced and robust financlal monltorinE System. The Prospects Trust has no fund or subsidiary undertaking that is materially in deficit. Structure, Governance and Management Pay Policy: The Management Committee, formed of both the Management Team and Trustees, 15 responsible for directing, controlling, running, and operating the Trust, includin8 pay policy. Certain decisions e.B. Staffing structure, pay rates or appointment of Executive Director are reserved to Trustees. The respective responsibilities of Trustees and Managers are set out in the Scheme of Delegation. The Trustees Idirectorsl give their time freely and no director received remuneration in the year. Trustees are entitled to claim expenses relating to travel or training fees, but no transactions were made in the year. The Trust has an Executive Director and Senior Management Team who are paid in accordance with their skills and experience as well as the joint responsibility of the daily management of a complex charitable organisation. All staff are paid at the national living wage or above. Fundraising Activity: The Trust employs an Executive Direttor with fundraising experience and a proven track record in donor and grant management. The Trust adheres to the fun(Iraisin8 principles of The Fundraising Regulator and all grant management is overseen by the Trustee board. The Trust ensures that any fundraising activity Is legal, open, honest, and respectful to the donors. During this reporting period The Trust used digital collection methods through Local Givin& Facebook, and in partnership with AVIVA Community Fund - Crowdfunder. There were no complaints made regarding The Trusvs fundraising nor breach of the Code of Fundraising conduct. All donor data collected is in line with GDPR and with agreement from the donor. Grant management 15 adhered to by The Trust with the Management Team responsible for daily compliance ond the Trustee Board for strategic review. All grar)ts and donations are spent in accordance with their terms and conditions of offer. Support from grant givers and friends of The Prospects Trust are acknowledBed, and where permitted, on our charity communicalion channels including social media, organisational newsletters, and website as appropriate.
Recrultment and Appolntment ol NewTrustees.. As stated within the Goveming Documents, The Trust shall comprise of no more than 10 but no less than 3 serving Trustees Idirectorsl- All Tru#ees are subject to an enhanced DBS check. proof of identlty and 2 references. Any newTru5tee is invltsd to attend a Management Committee Meeting betore being formally appointed on to the Board of Trustees at the Annual General Meeting or ¢o-OPted onto the board at the next Management Committee Meetlng. Trusteè Governance Trustees are expected to engage with and inform themselves about The Prospects Trust to gain an understandinB of the organi5ation in working practi. Trustees must un(Jerstand all organisational pollcies and procedures a5 well as their legal responsibllltles for good 8overnance as an appointed guardian of the charity before undertakinB decision making on behalf of the organisatlon. Trustees will attend the Management Committee Meeting5. Annual General Meeting and engage proactively in at least one of the sUcOmmittee$.. Prolert & Developmen( Finance, Co-worker Experience and Human Re50urce5. The Prospects Trusts has no exemptions from di5closure,' and N) funds held as custodian Trustee on behalf of others. The annual report was approved by theTrustees of the charity on 19 November2024 and slgned on its behalf by: Margaret Kerry Chairman
The Prospects Trust Charity registratlon number 1048584 Statement of Trustees. Responsibilities The trustee5 are SponSible for preparing Ihe Iru$tee5' report and the financial stalemenls in accordance with the United Kingdom Accounting Standards Iunsted Kingdom Generally ACpIed AoUnting Prdcticel and applicable law and regulati¢$. The law applicable lo charities requires the Iruslees lo prepare financial 5taternents for each flnancial year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial slatements, the trustees ore required to.. $elect suitable accounling policies and then apply them consistenuy, observe the methods and principles in the Charities SORP.. make judgements and estimates that are re8$0nable and prudent-, slate whether applicable accounting standards have been followed. subject to any matsrial departures disclosed and explained in the financial statements". and prepare the financial 5talemenls on the going eoncern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping woper accounting records that disclose with reasonable acBuracy al any lime the financiat position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, the appllcable Charities (Accounts and Reports) Regulations. and the provisions of the consltiulion. The Iruslees are also responsible for safeguarding the assets of the charity and h&nce for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees of the charity on 19 November 2024 and stqned on ils behalf by.. Margaret Kerry Chaim1an
The Prospects Trust Independent Examiner's Report to the trustees of The Prospects Trust I report on the accounts of the charlty lor the year ended 31 March 2024 whlch are sel out on pages 9 to 19. Respective responslbllltles of trustees and examlner The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 Ithe 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Chartered Certified Accountants. 11 is my Tesponsibility to: examine the accounts under section 145 of the 2011 Act. to folk)w the procedures laid down in the general Directions given by the Charity Commission under section 14515)Ibl of the 2011 Act- and to state whether particular matters have come lo my allenlion. Basls of Independent examlnerfs report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the ¢harity and a comparison of the accounts presented with those Teeords. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be requlred in an audit and consequently no opinion is given as lo whether the accounts present a 'true and fair view and the report is limlted lo those matters set out in the next statement. Independent examinerfs statament In connection with my examination, no matter has come to my attention.. 11) which gives me reasonable cause to b91igve that in any material respect the requirements.. lo keep aocounling records in accordance wth section 130 of the Charities Act 2011; and to prepare accounts which accord with the accounting records and comply w¢th the accounting requirements of the 2011 Act have not been mel-, or {21 to which, in my opinion, attention should be drawn in order to enatde a proper understanding of the accounts to be reached. Gary Eves FCCA Associalon of Chartered Certified Accountants Fairway Tax and Accounting Limited Chartered Certified Accountant5 11C Alma Road King's Lynn PE317NY 19 November2024
The Prospects Trust Statement of Flnanclal Actlvltles for the year ended 31 March 2024 Note¥ Llnrestrld•iJ funds Gngral 1)oslwatsd Totsl 2024 Total 2023 Dcnalions 8nrt1898CI88 Charilabltr tr¥ding Inccne Invesimenl income Other 16.054 774.428 15.741 1.249 33.496 49,550 774,428 15,741 1,249 101.4( 645,168 11.246 1,146 Total Iorne 807,472 33.496 840.968 758.9e6 Expendlture on.. Costs ofgènèrallng ftsnds Raising fund8 118,5391 118,5391 Chartlable aGtiwlies Charitable aC1wleS 41,)4 760,443 29.397 29,397 (771.301)_ 789,640 -IT33.7041 749,691 Total èxpèndituré Gainslllos¥251 on dispDsal of listed investment assets Gainslgossp$l on li$led investment assets revaluatnS 16,454 16.454 8.432 Nel tnovement in funds 63,483 4,099 67.562 643 ReGonGillatlon of fur Total fund5 brought forword Transf5 belween fund5 372.365 37.962 410.327 409.6 TO1 funds Cad fowArd 435.812 477,909 410.327 All of the chaTitYs aGl1vil¥ derive trotll GDnlinuiry operatnS duriJwJ the above two pwiods. The funds breakdown for 2023 15 shOn in note 16.
The Prospects Trust Chavity registration number Balance Sheet as at 31 March 2024 1048584 Notes 2024 2023 Flxed assets Tangible assets Listed inveslTnenls 11 12 28.115 182,980 211.095 28,683 166.526 195.209 Current assets Slo¢k Other current ass8ts Cash at bank and in hand 10,616 28,245 253,250 292.111 13.935 18,923 195,419 228,277 13 14 Creditors: amounts falling due wlthln one year (25.2971 113,1591 Net currgnt assets 266,814 215.118 Net a$s¢ts 477,909 410,327 Funds of the ¢harlty: Unrestricted funds General Deslgnated 16 435,812 42,097 372,365 37,962 Total funds 477,909 410.327 Number 47 Number Average number of employee5 The directors are satisfied that the company is entitled to exemption from the Tequirernent lo oblaln an audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit in accordance wlth sedon 476 of Ihe Act. The directors acknowledge their responsibilities for complying with the requirements of the Companles Act 2006 with respect lo accounting rgcords and the preparation of accounts. The accounts have been prepared in accordance with the special provisions applicablg to ompanies subject to the small companies regime. The financial statements on pages 9 10 19 were approved by the trustees, and aulh)rlsed for Issu8 on 19 Novembor 2024 and 51gned on their behaW ty. Naomi Rowe Treasurer 10
The Prospèet$ Trust Notès to thè Accounts for the year ended 31 March 2024 1 Accountlng pollcSes statement of compliance The financial statetnents have been propared Sn a¢¢ordarKe wlth A¢¢ountiro Reportlno by Chadts"es= ststement of Recommended Practice applicable to charilies preparing their accounts in accordance with th8 Financial Reporting Standard apFIic8bl8 in the UK ar Republic of Ireland IFRS 1021 leffeclive 1 January 20151- IChari118s SORP IFRS 10211, the Financial Reporting Standard appli¢aUe in the UK and Fiepubsr of Ireland IFRS 1021 and the Chariiies Act 2011. Bas1$ of preparation Tha Prospects Tiust m88ls th8 d8finition of a wblic bonafit entity under FRS 102. A55ets and liabilit105 are initially recognised as historical c05t or transaction value unless ott)erwse slated in the relevant a¢¢ounling policy notes. EKemptlon from preparlng a cash flow staternent Th8 charity optsd to eady adopt Bulletin 1 published on 2 February 2016 have therefore not indu¢Jed a cash flow statement in these financial slalemenls. Income and endowments Voluntary incorne including donation5, grfts. l¢gacles aNJ grants that providg ¢ore fundlng or are of a general nalur is recognised when Ihe ¢harity has enlidement to thg income. it 1$ proba8 that th8 incom8 wll be re¢8n18d and amount Can be me8sur8d with suffKi8nt reliability. Donations and legad¢$ Donations and lega¢ie5 are reGognised on a receivable basis when rece¥it is probabje and Ihe amount can be liably measured. Investrnent income Interest on fund5 held on deposit is hduded when receivable and the amount can measured r8li8bty by the charity., this is nomially upon notification of the interest paid or payable by Ihe bk. DidendS are reeognised once the divkyend has b88n declared and notification has been recÈlvèd of thè dividend due. Expgnditur• All expenditure ts recognised once there is 8 legd or constructive obligatK)n to that expenditure. it is probable setUem8nt Is required and the arnnI can be rnea5ured reli8y. All ¢osts are ÈlloEalÈd lo the applicable expenditure heading that aggregate 5irnilar costs to ihat ¢alegory. Where ¢o$ts cannot bÈ direcuy attributed to particular headings they have been allocated on a basis consislanl with Ihe usa of resources, wth central staff Costs allo¢ated on the basis of time snt, and depreciation charges allocated on the portion of Ihe a5sel'5 use. olher support costs ale allocated based on the spread of stsff Costs. Charitable activities Charitable expenditu comprk8e$ those costs incurred by the charity in Ihe delivery ol ils actDii118s and services for its beneficiaries. It ild&S both cost8 that can be dir6cUy allocated t¢ such activities and those costs of an indirect nature neeassaryto support them.
Thè Prospects Trust Notss to thè Aeeount$ for the year ended 31 March 2024 GIrnaN¢t ¢•$¢$ These include the costs attribut86 to th8 charitys complianc8 Wth constilutional and statuiory r8quir8rn8nts, iluding audit, strategic rnanagerrnt and trustees, rneelin95 and reirnburse(S Expenses. Tanglble ffixed as58t5 Individual fixed as5et5 G051ing £10Q.00 or more arÈ initially rerded at cost. 18ss any subsequent accumulated depclOti9rn and subsequent accumulated irnpairment Ioss85. D8preclatlon and amort15atlon Depreciation is prOve on langibk fixed assets 50 as to lIe off the cost or valuation, less any estimated r85idual value. over their e)tP8¢t8d u$oful o¢ononuc life as follows.. reciation method and rate 10-20Yo Strw9ht line 25% slraighl line 10% slraighl lin8 1100% in yaar of purcha58 Plant and machin8ry Motor vehicle5 Leasehold irnprovements Inve$knents Investments comprise inve51rnents in equity instruments wthi¢h a measured at falr value. Charyes in far value are recognised in profit or loss. Cash and ca8h equival8nts Cash and cash 8quivalents comprise ¢ash on hand anrf call deposits. and olh8r short-lerm hiqhly liquid inve51rrenls that are readily convertsble to a known amount of cash and are subject lo an insignificant risk of charYJe in v4ue. Fund structure Unrestricted incorne fund$ ère general funds that are availa& for use at Ihe trustees. disCretn in furtherance of th8 obje¢tfves of the charity. Financlal Instruments Classificatlon Financial assets ar financi81 liablities reeowlsed when the charfty boMe$ a party to the ¢ontra¢lu¥4 provisions of the inslrurnenl. Finan¢ial liabilities and equity instruments ar8 classffi8d according tts the substance of the Contracal arranMentS enter8d into. An equity instrumènt 15 any contra¢t that evidences a residu81 interest In the assets of the charity afterdeduGting all of its Iiabililes. Recognilion andmpo$uremeftt All financial assets and liabilities ar8 initialty measured al transaction prKe lincluding transaction cost51. except for those flnancial assgts classified as at fair value through profil or loss, whi¢h are Inltlaity measured al falr val (which is normally the transaction pri¢e excluding transaction coslsl, unless the arrang8mgnt conslitules a finan¢iTrg tyansa¢lion. If an ?rrangement constitut8s a financing transaction. the finanoal asset orfinancial liability is meaSUd al th8 wes8nl ¥abJ8 of the future paynEnls discounted at a rnarket rate of interest for a similar debt instrum8nL Financial a5S8ts and liabilitie5 ale only offset In Ihe statement of financial posiknn wthen, and onlywhen there exists a legally enforGe3ble rigN to sel off th8 recognised amounts and the charty intend5 either to settle on a ret basis. orto alIse the asset and s8llle the liablty simultaneously. Financlal assets ar8 derecogr5ed when and or4y when al tho eonlractual rlgM$ lo the cash Ihws from Ih8 financial asset 8xpir8 or are selued. bl the ¢harity transfers to another party substantially al of th8 risks and rewards of o¥wner5hip of the financial asset, or cl the charity, despit8 havirYJ retained some. bul not all, significant risks and rewards of ownership. has transferred control of the a55et to another party. Financial liabilities ar8 der8cogni58d only when the obligation spedfied In the contracl is discharg8d. canceld or expires. 12
The Prospects Trust Notès to thè Aceounts frr the yr ended 31 Mareh 2024 lttve$thRents Investments in nonvconvertible yeference shares and nUable ordinary or preferfjn shares (where $hares art publidy traded or theirfairvalue is r81iably measurable) are rneasured at fair valu8 throL4h profft or loss. Where fair value cannol be m&asured reliably. investments are Measured at cost less irnparment. Investments in subsidiaries and associates a MeaSud at cost less impairment. For investmen15 in Subsidiaries acquired for consideration irtluding the isstse of shares qualfying for merger relief, cost is measured by reference to the nominal value of the 8hares issu&Y plus fair value of olher consideration. Any prernium is ignor8d. Falr value measurement The best evidence of fair value is a quoted price an identical asset in an active market. When quot prices are unavailable, the Pr of a recent transaction for an Kjenlical asset provides gvvjence of fair value as long as ther ha5 not been 8 signifant thange in e¢onomic ¢ir¢umstan¢es or a significt kpse ol lirne since the transaction t(K>k pla¢e. If the market is not active and ie¢enl transactions of an identical as$el on Iheir own are not a good eslimatÈ of fair value. the fairvalue is estimated by using a valuation technique. 2 In¢¢me from donatlons and lega¢$ Unr88trtetsd General Designated Totsl 2024 Totsl 2023 Donatk)ns and18gacies.' Donatn5 35K for 35 Years At$S Grant AZ Unwrapped Bags of Joy Chller App&al CPFT Wellbei ED Ely Firework Far Field prOjt Global Make Some NoLe Greening The Kerb Orchard Capi181 Orchard Facilitie5 OrGhard Operalion PcA5rtunnel Appeal rractor Aid 16.054 16,054 30,323 1.908 S.030 5.030 3.OOD 200 3,538 200 3.538 350 500 250 2,864 10,000 500 250 2,864 10,000 8,615 35.000 437 12,494 8,000 1,2[ 8,000 1,206 10,000 138 1,049 16.054 33,496 49,550 101.406 The total income from donations and legacies wa5 £49,55012023- £101,406) of which £16,05412023- £30,323) VAS unrestricted general and £33.49612023- £71.0831 was deslgnated. 13
The Prospects Trust Notes to the Arxounts for the year ended 31 March 2024 3 Charitable trading income Unrestrlcled Goneral 0851gnated Totsl 2024 Total 2023 Placement fee5 Farm team generatsd In¢ome Garden team generated incorne Personal support income Unwrapped 369,722 63,128 31.923 155,623 154,032 774.428 369,722 63.128 31.923 155,623 154.032 774,428 308,975 39,781 25.529 132,297 138,586 645.168 The lotaf incorne from charitable activitie5 was £774.42812023- £645.1681 of whKh £774.428 12023- £645,168> was unrestricted general and £Nil12023-£Nill was desnated. 4 Investment Sncomo Unrestricted General Deslgnatsd Total 2024 Total 2023 Incorne from investments., DivSdends R8nt receDied Interest receivable and sirnilar inGc¥ne'. Gross bank Intwest 5,086 5.873 5.086 5.873 5,084 5,873 4,782 15,741 4.782 15,741 289 11,246 The total inveslrnent incorne was £15.741 12023 - £11.2461 of which £15,741 12023 . £11,2461 wd5 unreStrted general and £NII12023-£NIII was d¥sionated. 5 Expendituro on ral$in9 fvrtds Unrestrlctsd General Design4ted Total 2024 Total 2023 Developrnrundra1slng salaries and NIC Fundraising COSt5 17.643 17,643 15.762 425 18,S39 18,539 16,187 The total expgndlture on raigng funds Vds £18,539 12023 £16,187) of which £18,539 12023 £16,187) was unreslrict8d general and £Nil12023- £Nill was designated. 14
The Prospects Trust Notes to the Accounts for the year ended 31 March 2024 6 Expenditure on charitable aetivitles Unrestrlcted G8neral Designatsd Totsl 2024 Total 2023 Govemance and suppmxt Costs 741.904 741.904 29,397 29,397 771,301 771,301 733,704 733,704 7 Analysis of governance and support costs Unrestrtcted Genoral Designated Total 2024 T*)tsl 2023 Office salartés Farm team expenses Garden team eXnSeS Unwrapped Bank eharges Cleaning omputer expenses Electrlty Equipment lease Health and safety Independent examiners lees Payroll seNicès Postsge and printing Re¢tuiltnenl and tralnlng Rent, rates and insurance Repair5 and tnwnt8nanc8 Se¢urity Staff travd and rn88tings stationery Steng expe86 Subscriptions sUndrs Telephone anQ intemel Depreciation Project costs 89.221 329,006 49.656 215.725 703 4,392 2.761 9,421 1,726 3,512 2.175 1,200 545 7,677 13,802 2,899 89,221 329.006 45,656 215,725 703 4,392 2.761 9,421 1.736 3.512 2,175 1,200 545 7,677 13,802 2,899 89,342 265.915 42,921 176,087 707 4,52e 1.927 8.956 6.030 2.302 2,350 1,200 728 4,199 13,096 520 583 314 456 13 249 4.118 1.887 ,683 98,595 299 486 1fj3 265 1,284 1.741 3,235 299 486 163 265 1,284 1,741 3.235 29.397 771.301 29,397 29,397 741.804 733,704 The total expendlture on governance and support costs was £771,30112023. £733.7041 of whKh £741,90412023- £635,109) was unrestricted general and £29,39712023- £98,595) was designated. 15
The PTo$pects Trust Notes to the Ac¢ounts for the year ended 31 March 2024 8 Staff costs The aVere numtrer of staff empbyed during the yearwas.. Total 2024 T¢ttal 2023 Part lime 39 38 47 45 Staff costs Induded In the financial $¢alements a broken down as.. Total 2024 Total 2023 Wage$ aThl salaries Social security costs Ernployer's pETrsion eontribution$ 526,041 26,80S 9,714 562.580 453,367 23.804 8,733 485,904 No èmployees reCeIng employe8 benefits lexdudiry 8mployer pensk)n ¢ostsl rételved more £60.000 In the Cent year. 9 Trustees remuneratlon and oxpenses No tfU51ees. nor any person ¢¢nneGtwJ with Ihem, have ta1ve{l any r&muneration from Ihe charty during the year. 10 Taxotion Th8 charfty Is a registered charity and op8r*s on a not for profit basis ther8fore 1$ not subject lo ¢owratlon lax. The eompany registered IOT VAT on 1 May 2019 and its ineomo from its own genorated sales ar8 5ubj8ct to VAT ere appropriate. 11 Tangible fixed as5et5 Plant and Machinery Motor Vehicles Leasehold Improv8m8nts Total Cost At 1 April 2023 Additions at cost Disposals al cost At 31 March 2024 100.242 7,763 35.810 207,054 343,106 7,763 108,005 35,810 207,054 350.889 Depr¢¢latlon Al 1 April 2023 Charge for the year Eluninated on di5P05a15 At 31 March 2024 89,014 6,149 35.810 189.599 2.182 314,423 8.331 95.1fj3 35,810 191.781 322,754 Nat book valve At 1 April 2023 Al 31 March 2024 11,228 12.842 17,455 15.273 28,683 28,115 16
The Prospects Trust Notes to the Accounts for the year ended 31 March 2024 12 Listed inve5tm8nts 2024 2023 Listed other shar88 182,980 166,526 13 Othercurrenl a550t5 2024 2023 Trade debtors Other debtors 27,861 18.539 18,923 14 Cash at bank and In hand 2024 2023 Cash at bank and In hand 253.250 253.250 195,419 195,419 15 Creditors.- amounts falling due wlthln one year 2024 2023 othar ¢redltors Accruals 22,642 2,655 25.297 11,104 2,055 13.159 17
The Prospects Trust Note5 to the Accounts for the year ended 31 March 2024 16 Fund$ Balance at 0110412023 Balance ot 3110312024 Income Expenditure Transfers Unre$lri¢ted general 372,365 807,472 743,9891 435,812 Designated.. 30K for 30 years 35Kfor 35 y8ars Access Giant Anton Jurgens AZ Unwrapped Bags of Joy Canopy of Care Chiller Appeal EDMT Chrislrnas Ely Firework Far Field Prolect Fruitful Learning Global MSN Greening The Kerb Leaky Dishwasher Lollery Covid Nature Save Trust Orthard Capital Orchard Facilth'e5 Polytunnel Appeal TractorAid Virgin 02 1.887 19441 943 1,908 4.159 259 1.908 5.030 11,0401 11301 13.WOI 169 389 200 200 15,273 3,538 17.455 12.1821 3,538 500 2SO 2,864 13071 16,0421 13101 110.0001 57 12,753 930 68 9,575 620 10,0(K> 1881 141 227 426 1381 18,0001 11,2051 10,309 245 157 12271 12121 214 38 8.000 1,206 14,9521 1551 12451 5,302 106 37,962 33,496 129,3971 36 42,097 Total funds 410.327 840,968 773.386 477,909 18
Thè Prospèets Trust Notès to thè Aeeounts for the year ended 31 March 2024 Balan¢e at 0110412022 Balarbce at Incom Expendilure TTan$fers 3110312023 Unrestricted genergl 350,537 687.883 659.728 6,327 372.365 Designated.. 30K for 30 years Anlon Jurgens AZ Unwrapped Canopy of Care CPFT Wellbeing EDMT Chrlstmas Far Field Project Fruiiful Leaming Global MSN Greening The Kerb Leaky Dishwash8r Lotterycovid Naiure Save Tw$t New Plough Appeal Orchard Capital Or¢hard Operati$ (hhard Facdilies PoltUnnel Appeal Tractor Ald Virgin 02 3,728 519 12,4671 11301 626 1.887 389 3,000 17,455 3.IK>O 19,637 12,1821 13501 15001 15,8621 13101 134,9321 15781 12251 12121 1381 350 15001 12,753 930 68 10.000 1.240 8.615 35,000 437 452 638 227 426 1381 245 6.550 12451 5.701 12.494 10,QOO 132.7451 110.0001 11.2051 15,7591 11.0491 18.IX)01 11.2051 10,309 245 157 15,930 138 1.049 245 59.147 71,083 198,5951 6,327 37,962 Total funds 409.684 758,966 758,323 410.327 The dgsignatsd funds ar8 raised for these proj8cts and are consolidated in the financial statements. 17 Analy515 of ngt 0558t5 betw fvnds Unrestrlcted General Designated Total Fixed assets Current assets 189.522 271.587 25,297 435,812 21,573 20.524 211,095 292.111 25.297 471,909 42.097 18 Relaled party tTan$a¢tl)n$ There were no rdated parkne8 or related party traractionS during the year ended 31 March 2024. 19