Company r¢8iStration numb¢r: 03686719 Charity registration numlrr.. 1076541 The PROSPECTS Foundation (A company limited by suarante¢) Arniual Report and Financial Statcmentg for the Year Ended 31 October 2024 SPECTS HYNDBURN'S COMMUNITY-OWNED ENVIRONMENTAL CHARITY Charted Accountsnts 1st Floor, Block C. The Wharf Manchester Road Burnley Lancashire BBII IJG
The PROSPECTS Foundation Contents R¢fcrence and Athninistrative Detsils Tnle¢s, R¢port 2tolO Independent Examiner's Report Statement of Financial Activities 12 Balance Sheet 13 Notes to the Fitianciai Statements 14to22
The PROSPECTS Foundation Reference and Admlntstrative Details Trustees Mr P Britcliffe Mr S Button MTNCort Mr R Cunliffe Mr D Dal)" Mr S Hemingway Ms C Holme8 Mr M Hopl¢y Mr J Scal¢s Mr P Vin¢¢nt-Barwood Mrs M WoTden Mr P Worswick Setretsry Mrs M Worden Charlty Registradon Number 1076541 CompaDy Reglstration Number 03686719 Regi$tered Office 54 Broadway Accrington Lancashire BB5 IEW Independent ExAminer Chartered Ac¢ountgDts 1st Floor, Block C The Wlwf Manchester Road Burnley Lancasbire BBII IJG SolEtitor$: Wood¢ Haworth & Nuttall IA Strawberry Bank Preston New Road Blackburll Lancashire BB2 6AA Bankt Triodos Bank Brunel House I l The Promenade Bristol BS8 3NN Page I
The PROSPECTS Foundation Trustees, Report The trustees. who are directors for the Purposes of company law. Present the annual report together with th¢ financial statements of the ¢lwitabl¢ company for th¢ year ¢Dd¢d 31 October 2024. Trustees Mr P Britcliffe Mr S Button (appointed 3110712024) MrNCort Mr R Cunliffe Mr D Daly Mr S Hemingway Ms C Holme5 Mr M Hoplcy (appointed 0710312024) Mrs C E Monts8ue (resigned 0310512024) Mr J sce8 (appointed 3110712024) Mr P Vincent-Barwood Mrs M Worden r P Worswick STRUCTURE, GOVERNANCE AND MANAGEMENT AppointJnent and election of Trustee As per our Articles of Association, the Committee sball consist of.. (a) one representative5 from each of the Approved PROSPECTS Panels. an Approved PROSPECTS Panel being a PROSPECTS Panel that bas been approved by the Management Committee (b) otte representative of Hyndburn Borough Council (c) one repreS¢Thtati of Lancushire County Council (d) up to six members of th¢ PROSPECTS Foundation. elected at the AGM {e) up ts> six co-options appointed by the MAnagement Committee in accordance with Clause 42. Inductlon and tralnlng of Trusteei The M4nagement Cotiwrtitttt is resp)nsible for the goven)ance and overall strategic direction of the Foundation. Therefore. tStreS need to be aware and capable of mtillg tho8¢ r¢spoDsibiJiiies for the benefit of all involved with the Foundation and associated groups and organisations. The responsibility of ensuring that trvste¢s are given an appropriate induction lics with the cuffent ChalerSon. Once trusteeB are appointc(L tbey are given a TnLStees Induction Pack which includes infonnation on: • Background inforn)ation about Tbe PROSPECTS Foundation i Roles & Respon8ibilities of Trustees . Organisational Chart • Charity Commission leaflet 'Responsibilities of Charity Trustees.. Appropriatc trailling is ar£anged for Trustees, following consultstion on their trnining needs. Page 2
The PROSPECTS Foundation Trustees, Report Organi5Ationa] Structurc In general. the tNstees have overall responsibility for the govenwe and strategic direction of the Foundation. The day-to-day operational business of the Foundation is delegated to the ChaTity Development Manager. The PROSPECTS Panels Each of the PROSPECTS Panels has one T¢pr¢sentative appointed to the PROSPECTS Foundation Managcmenl Comrnittee. Rlsk managernent The trustees have assessed the major risks to whicb the charity is CXP05ed, in particular those related to the operation and finance of the charity and are satisfied that systems are in place to mitigate tkneir exposure to major risk5, The Charity has the following insurance coi'er in place.. . Employers Liability. £10 million Public Liabillty. £5 million Products Liability, £5 million . Trustee Liability. £1,000,000 . Person81 Ac¢id¢nt Cover for Slaff, Trustees & Volunteers £10,000 . Property Damage • Contents Cover • Legal Expenscs £250.000 oR1EIvEs AND ACTIVITIES OUR CHARfTY'S OBJECTS Publlc Benefit The trustees confirni that we have paid duc regard to the Charity Commission guidance on public benefit reporting in deciding what 8clivities the charity should undertake. The objects of the Foundatio as set out in our Memorandum of Asswiation, are 85 follows: A) The Advancement of EnviroDmental Prote£tion or ]mprovcment, includin8: l) the ¢onseryatioD of flora, fauna and the Datural environment in Hyndburn generally: a2) the edu¢ation of the public around local and global sustainable development and biodiversity. and a3) the promotion of recycling and sustainable waste n)anagetnenL B) The Advancement of Citizensbip and Community Development, including.. bl) the promotion of volunteering to improve the skills, qualities and life prospects for residents of Hyndburn; b2) the promotion of community capacity building in pursuance of environmental and sustsinable developrnent purpose5" and b3) the promotion of urban and nwaj r¢gen¢ration in Hyndburn, in relation to Sustainable development for current and tllre generations. Page 3
The PROSPECTS Foundation Trustees, Report OUR CHARITY'S ACTJVJTIES BETWEEN NOVEMBER 2D23 AND OCTOBER 2024 In order to achieve the objertives set out above, the Foundation carried out the following programme5 of work whilst also spending time looking for funding to continue projects beyond the end of the financial year. a. Windfall Con)muDlty Benefit Fund EnergieKontor UK Ltd. has creatrd the 'Windfall Fund. for the 25-yeaT life of the wind farn) on Oswaldtwistle Moor in Hyndburn. The PROSPECTS Foundation receives £105.000 per year (iiidex-linked from February 2010) to employ a Con]munity Projects Officer and provide a capital fund to support volunteer groups i Hyndburn in developing proje¢ts in lin¢ with our six Sustainability themes. During the year we received income of £185,335 for the Windfall Fulld. Total expenditure during the yeat amounted to £175,025 and Consisted of the grants Paid out plus the ruDDing costs of the Fund. There are ihree funding deadlines per year for Small and Large graTJt5, Mini grants can be applied for at any time. Th¢ alliount available for Mini grants bas remaill at £1,000 P¢T proje¢L Srnall grants aTe up to £5,000 per project and L8T8e grants are above £5.000. There were no community or school visits to the v4ind fam thi5 year due to no staff being available from Deutsche WindteKhnik Ltd (EK contractor) to facilitat¢ this. Over the financial year a total of 33 grants were paid out, including 19 rnini grants totalling £15.602, 9 Small grants tolalling £26,340 and 5 Large grants totalling £81,633. Included in these totals are the grdnts paid to The PROSPECTS Foundation totslling £42.035 towards the following projects Brookside R¢storatiQT). IA)W Carbon Commumty Buildings. Eco-Fest 2024 and new office heating. Ov¢t811, £123,575 was paid out in grants duTing the year. b. Hxbhats and Herltsge In Hyndburn Tbis was originally a 3-year pro8ramme. which started in May 2019 and was planned to run until th¢ end of April 2022. However. owing to activities being curLgiled during the COronavin pandemic and the Project Officer Iving in May 2021, th¢ fiuKler agreed to an extension until 30th April 2023. A furth¢r extension wa5 subs¢quently granted due to the second PrOjt officer leaving at the end of April 2023 with some of the work incomplete. The project was finally completed in April 2024 when the last few payments were made. The project f¢Med on woodl&n£Ls in Hyndburn and in particular the long-tmn management and con$¢TVJtion of 8 Lancasbire Cowlty CouDcil woodland sitss. Part of the project was to map all the woodlands in the borougb and C8Jry Out condition surveys of at least IOll/o of the woodiaud$ to give a pictUT¢ of th¢ hcaltb of the collectivc woodland habitat in HyndbunL A database of inforntiOn Wds created whicb Ilas been made publicly available through a new Hyndburn Woodland website. The project offered a range of voluntecTing opportunities in practical conservation techniques, surveying and mapping Work and included a comprehensive training programme in woodland management. wood]aDd crafts and identifying skills. It offered the opportunity for local p¢ople, schools and groups to g¢t illvolved and al80 Provided advice on what to see in woodland4 where to go for woodland walk5 and activities indivithials can enjoy in the borough's woodlartds. Money wa5 ¢TI¢d over from the prcvious fmancial year and erpenditurc durin8 this financial year totalled £3.083. c. Outdoor Learnlng We secured fiding for thi5 three year programme from the Ernest Cook Tnt early in 2020 but du¢ to CoronaviTUS the Outdoor LeaTning Project Officer didn't start with us until November 2020. The programme is aimed at helping people connect with the outdooT5 &nd l¢Jrn about environmentsl management through adivities and workshops. with a specific focus on way5 to mitigate climate change. Page 4
Tbe PROSPECTS Foundatio Trustees, Report Unfortun8tely the Project Officer left in December 2021 and duc to H nutnber of reasons the post wag vacant for two years. However, following a successful recrnitment process a new Outdoor Learning Officer started at the beginning of November 2023. They have worked with a number of schools and community groups and carried out activitie5 including food gromryng at Millerfold allotment, constNrting model wind turbines with school children, wreath makin& forest school activities and leading guided waLks. Income during the year foi. the projert totallcd £8,430 from the Ernest Cook Trust and £2:500 from Onward. Bxpendift]re during the year totalled £34.82]. d. Peel Pwrk Pollinators The Peel Park Pollinator project took over seamlessly from the Peel Park and the Coppice Local Nature Reserve project in April 2023. The nature of the work shifted sligbtly to concentrating more on jusl the grassland and heathland areas in respect to pollinators and was funded by the Lancashire Wildlife Trust via funding from Lancashir¢ Environillenl Fund (LEF) and National Highways. Moth, butterfly and bee surveys were carried out at int¢rva]s aeross the summer months alon8 with other 8rassland conservation activitie5 such as s¢¢d wllecting, scything and spccies ID and recording 811 with the belp of volunteers. A butterfly bank was also constrncted on Plerk M¢adow. The project ¢am¢ lo an end at the end of October 2024. Income received duTing the year for this project totslled £17.421 from the Lanca5hire Wildlife Trusl. £1.985 frojll Naturnl England and expeDditur¢ was £39,126. Comnjunity Tree Actlon We secured the funthng for this project from Hyndburn Borough Council's Clin]ate Emergency budget. This has beeD extended to a four year project which started in July 2023 with the aim of planting ot least 15,(KIo tr¢¢5 (contributing toward5 the tree for every resident target) by the end of June 2027. Most of the trees will be planted on Hyndburn BoTougb Council lao Income of £7,273 was received from Trees for Cities, £30,000 fron] HndbUrn Borough Council. £7.790 tranSfe¢d from the Habitats & H¢ritage prograTnm¢ and £1,560 from the Hyndburn Woodlands proj¢cL Expenditsre for the year totalled £46,677. f. HyDdbllrn W(Jodiands This project follows on from the Habitats and Herilag¢ proj¢rt but ha5 an eznphasis on WhiDney Hill woodland. 8 other Laneashir¢ County Council woodlands are also managed thn)ugh this project plus oth¢r woodland related work a¢ros5 Hjmdburn. This project started in July 2023 and will run for three years. We have s¢awcd funding for tbis work from LancashiR Cow)ty Coullcil and HyndbuTn Borough Council {Section 106 monies). Income received in the financial year totalled £22,291 and the expenditure was £23.862. BroDkslde Restoratlon We hav¢ been workin8 on a new project aiming to transfonn the old Brookside induslrial site in Strdnhill village in Oswald1st1e into a haven of biodiversity. habitst recovery, carbon capturc and Clinte artion. This first 18 Month dcvclopm¢nt phase is a partncrship b¢twcen PROSPEcfs, Hyndburn Borougb CounciL Lancashire Wildlife Trnst. Ribble Riv¢T5 Trust, Stanhill Village Community Associatiott al Proffitts, Investing in CoMnllties. CIC. We have been WOTking with volunteers and community groups on habitat and ¢¢$8 improvement5 aud have been gathering the views of the local Community to inform the development of a MastelaTh which will steer future improvements. Jncorne received ding the year wa8 £96,556 frorn The National Lottery and interest paynThts and £25.035 from ihe Willdfall Fund. Expenditure totalled £58,047. Page 5
The PROSPECTS Foundation Trustees, Report h. Low Carbon Community Buildings Thanks to fimding from Electricity North West's 'Powering Our Communities. Fund and the Windfall Fund we stsrted a new year long project to help Community buildings in Hyndburn lower their carbon footprint and take action against clitDate ¢bang¢. By improving the energy elTJGienGy of tbeir buildings> community organisations will reduee their energy costs, helping them to bewrne more fllmicially viable. meaning they can conlinu¢ to provid¢ valuable services and support local people. Their buildings will also bc wanner, providing a more welcotniTJg 5pacc for Users. Communty groups are Support in obtsining an energy aL,dit of th¢ir buildings and applying foT funding for energy efficicncy and renewable energy measuffs. Income of £14.054 was Teceived from El¢Gtricity North West and £15,000 frthn the Windfall Fund. Expendirure forth¢ year was £15.519. L Great Harwood Memorlal Park We have been working in partnership to deliver woodland improvements at Memori21 Park in Great Harwood as part of a larger Hyndburn Borough Council project fiulded by the National tA>ttery HeTitage Fund. We Carried out work in Roiind Wood including the removal of invasive rhododendron. We also designed a nature trail around tb¢ Park and Worked with a local school on the design of a for¢st school are& Jn¢om¢ received was £22,736 and the ¢xp¢nditUTe on th¢ project was £18.773. J. Eco Fest 2024 We held our third very successful Eco Fesi 2024 on Broadway in Accrington in June 2024. It enabled us to pronM)te PROSPECTS to a wide audience and on the day we rnade over l 00 wildflower seed bombs and gave away more than 200 g(KJdy bags. Hundr¢ds of p¢opl¢ visited our stall and many enquired about volunteering with us people and signed up to our mailing list. We hosted over 20 stall8 from other environmental organisations and chaTities and pro)led all thing5 eco via talks. demon5tratiiJn8, perforniances and handg-on activilies. It was such a success that we are already platmin8 Eco Fest 20251 We received funding for the event from Hyndburn Borough Council, Windfall Fund and Hyndbum Leisi]re. The totsl expenditure on the festival was £12,323. IL Woody (Hyndburn) CIC Durin8 the year the Prospects. staff continued to provide 8UPPOrt to Wocdy (Hyndburn) CIC (re8iSter¢d charity munb¢r 07984087), one of our link¢d s]81 ent¢rpris¢s. Woody {HyDdburn) CIC was set up by Thc PROSPECTS Foundation eleven years ago and is legally and fllwicially a separate organisation. It is completely volunteer led and most of its income is generated from woodland management contract work and woodtiith sal. The 855rt lo¢k for Woody (Hylldbum) CIC is The PROSPECTS Foundation, Nvhich means that assets, (including any profits) must be retained within the CIC to be used for the Community pu)SeS for which it was fonne¢ or can be transferred and used to benefit the Work of PROSPECTS. l. Prospects Communlty Energy We a150 provided som¢ small support for PrOSpt5 Coll]munity Energy Ltd (PCE), a Gommunity iefit s(Kiety. set up to tske forward the feasibility study and future development of a solar meadow at our site at Coach Road in Ogwaldtwistle. PCE, funded by the Rural Community Energy Fund (RCEF) and trM)rc recently the Comullty Encrgy Fund (CEF) and Hyndbum Borough CounciL has been w01n8 with Sharenergy and during the financial year received planning perniission from Hyndburn Borough Council for the photovoltaic arroy to go ahead. Pflge 6
The PROSPECTS Foundation Trustees, Report hL Tlnker Brook Tree Nursery The Tinker Brook site has been Iwed by the ¢harity from Hdburn Borough Council since 1998. In 2007 ihe charity entered into a new lease with the Council for the site that will expire in August 2031. The sile is CUTrently used on a day to day basis to facilitste horticlllturdl trdining and day care services foT people with learning difficulties. This service is provided by Tinker Brook SuPrt Services CJC. registered company number 11839753. As part of our Coinmunity TreeAction proje¢t we are rontinuing to d¢velop a tree muscry al Tinker Brook, with the wvice users, planting and caring for tree saplin8S. . Coach Road Meadows The land at Coach Road Meadow was purchased by Pr05pects in March 2005. During the last couple of yeaTS Prospects Community Energy Ltd lias been taking fonyard plan5 to develop a solar n]eadow on the site (see above). Planning p¢mii55ion for the photovoltsic array now been granted and PROSPECTS will have to fomally lease the site to PCE {or other development orgaJij5ation). which will result in secuTing a small annual income. o. Charity Development work A continual and necessary part of our work involves se¢uTing external funding in order to continu¢ our chaTity work DuTing the year we were successful with new funding applications to Onward Homes. Windfall, Hyndburn Borough Council, IAncasbire Wildlife Trust and Hyndlxwn Leisure. Other Clwity Development work ha8 included organising and facilitating Manageme]Jt Con)mittee and Finance GTOUP meetiDg5. Tbe AGM was held at Barjk Mill Housc in Great Harwd where we looked at the woodland alld habilat work undert8kell 81 Memorial Park The work has also included liaising with our TaSure[ and staff to monitor project budgets and fullder monitorillg requirements and the line mgement of staff. Tbe pr0¢¢s5 of rhanging the fonnal structure of The PROSPECTS Foundation from a Tegistered charity ?nd company limited by guaTantec to a Clwitsble Incorporat Organisation (CIO) 18 8till on hold. The advanlagcs however of the new SIntUre would include the fact that accounts will only have to be filed with the Charity Commission and not with Companies House as well; there will be no dual regulation. Trnstees will still benefit from limited liability.. and the structure 15 specifically desigtted for chltieS. We also started the process of lting a new 5 year Development Plan, wl)icb involved WOTkshop8 with staff and trustees and hopefully thi5 will be finalised in th¢ next financial year. DuTing the year the Charity Manager p03t was funded by management fees. Expenditure thring the ye&r was £44,052. The cbarity has gone from strength to Strngth in the last couple of years and during the majority of ihe 202312024 year we had 8 staff. the most in the chaTity's history. p. The PROSPECTS Pine]s The PROSPECTS Panels are separate entities 2nd their finances do not therefore show in our aGcounts. They are an important part of the PROSPECTS movemenL and deliver a range of volunteer PTojects in their neighbourhoods that are important to local people. There is a relationship of mutuality bthveen the Foundation and the Panels. The Foundalion provides centralised services to support the work of the Panels, and the Panels frequently provide volunt¢cr skilled labour to work on projed5 other than their own. Panels sel¢¢t a representative to serve on the Foundation'5 management committee. Four of the ¢ight Panels are currently a¢liv¢: Baxenden Community Fonjm. Clayton-le-Moor8 With Altham Pn)speets Panel, Hun¢oat Community Fonmj and Rishton Prospects Panel. During the y¢ar Prospects staff supported the panels with a number of pn)jects. Page 7
The PROSPECTS Foundation Trustees, Report q. Volunteer contrlbvtlons to the PROSPECTS FouDd*tion The trustees are extreinely srateful for th¢ contribution that our volunteers make in tem]s of giving their own valuable time. support, advice and help and we fully recognise that this suppori is vital in enabling the Foundation to achieve its objethives. Il is thi5 enornious volunteer effort which ensures that the work achieved by PROSPECTS is far, far great¢r than tbai repr¢tea by the foTrnal accounts. It is ihe backbone of everything we do. F]NANCIAL REVIEW The attached stat¢mt$ sliow the CUellt state of the finances. Total in¢orning r¢SoLr¢S increasd from £386,933 to £486,601 an increas¢ of £99,668 frorn the previous year. The total resources expended incras¢d fron) £350,755 to £444,547 an Increa of £93,792 frorn the previous year. The net incorning resources for the year were £42,054. Restricted inc4)me for specific activities totalled £453287 and total restrlcted expenditure was £414.712. The overall balance on Testricted funds was £37,575 at the 31 October 2024. The size of the balance is due to grants paid in advance of expenditure being incurred. The balance will be CATried fonvard and spent on s¢)riC scheme5. Policy on reserves The Trustees have adopted a policy regarding reserves which ensu5 we are able to meet all our CULTent and future liabiJiti¢5 aDd is reviewed annually and approved by the Management Con]mittee, As we are so dependent on grants it is Considered that the level of reserves ne&ls lo be adequate to maintain Core activitie5 and that the equsvalent of three rnon¢hs of totsl expenditure is appropriate (being approximately £1 11,150). During the year the ullrestricted r¢serves increased from £134,905 to £139.384. The RescrYe5 include £15,000 tied up in fixed assets. Henee, the free reserves amount to £124 J84. PLANS FOR FUTURE PEIUODS The key tssk5 Ihat have been identified for the forthcorning year are as follows: StrAtegic Revyew and set Aims and Objectives annually {en8uring 'Community' features as much as 'Environment' and that all our themes are well represented) Finalise the Developrnent Plan Ensure wide consultation with the broader local community to belp influcnce current and future progT2mmes, projects and activities Keq) under review the llke-up of the Managemeni Committee in terni8 of Community representation and re]evant skills Reconsider th¢ Conv910n of our status from a Charity into a Charitsble IncotPOTated Organisation (cio) Ensure c]imate change is at the core of our decisions and activities Maintain and develop good relations with partner organisations to further the aims of the cbarity and to ensure climate change is on the wider agendp thTovghout Hyndburn WoTk Closely with PROSPECTS Community Energy to assist with the development of the solar meadow at Coath Road Work closely with Hyndbum Borougb Council and trustees over the plans for Lo¢al GOvernMt Reorganisation and the impact on the Foundation Page 8
The PROSPECTS Foundation Trnstees, Report Projects & Programmes Review existing projects and amend l enhance l improve as necessary Secure continuation fvnding for exisiing Projects and source funding for new project activities CoJJtinu¢d annual l¢W of the (klivery of grant8 to the conllllty throu8h tb¢ Windfall Commuwty Fund Charity Management Update and review policies in the Staff Handbook as and when necessary, prioritising Safeguardin& Volunteerin8, Health and Safety ar Equality and Diversity Ensur¢ regular monitoring and evaluation of all our work Improve facilities at our EnvirOnmt Centre and at our training centre in Oakhill Park Review the suitability of our current premise8 for the needs of the charity's activities Put together & training prograrnme for trustees and staff including Carbon Literacy training Furth¢r work planned for 2024125 Includes: Generate new project ide88 With clirnate change at the heart of what wc do, and particularly in r¢sponse to the Action Plan asso¢iat¢d with the new Development Plan Work closely with H)dburn Borough Council alld other partners to develop projects across the Ixjrougb including in relation to Local Govenjment Re4)rganisation Increase PROSPEcfs Foundation membership Continue the closeT working with the PROSPECTS Panels Secure funding to continue existing projects and for new proaMme$ of work Secure long tenn future funding for the Brookside woject, in partnership with other organisations Improve and update our social rnedi8 plarfoms including our website, Fa¢ebooK YouTube and Thvitter accounts and hold social media training for staff. trnsttes and Panel members Plan and deliver our fourth Eco-Fest 2025 in Acoington town centre Our Six Themes of Sustslnabillty: These are set by the Mana8ement Committee and provide the frnmework within which the Charity develops its project work.. lodfverstty - protecting and enban¢ing local wildlife and plant lif¢ Energy Saving - home alld ry)rnznunity energy efficiency and development of renewables Suitslnable Transport- encowaging more use of public transport, cyGling and walking WAste and Reryclkng- idcntifying more ways of redu¢iJLg, reusing and r¢cycling our waste Lo¢al Food- encouTaging more local, organic, healthy food, grown by the comnMu)ity for the community. Envlronmental Awareness - raising awartness of our work and of environmental issues in genera] Page 9
The PROSPECTS Foundation Trustees, Report Snthll eompanles provtslon statement This report has been Prepared in accordance with the small companies regime under tbe Companies Act 2006. The annual report was approved by the trustec5 Of the charity on 26 March 2025 aJKI signed on its behalf by. Vincent-Barwood Trustee Page 10
The PROSPECTS Foundation Independent Examlner's Report to the trustees of The PROSPECTS Foundation ('the Company,) I report to the charity trUe¢S on my examination of tbe aceounts of the Company for th¢ year ended 31 O¢iober 2024. Responsibilitie$ and basis of report As the charity's tSteeS of tl)e Company land a150 jt5 directors for the puoSeS of company law) you are responsible for the preparntion of the a¢counts in accordance with the requireTnents of ihe Companies Aet 2006 {'the 2006 Act.). Having satisfied myself that the accounts of the Company arc not rwuired to be audited under Part 16 of the 2006 Act and are eligible for independent examinatioo I report in speCt of my exatllillation of your charity. accounts as catTied out under section 145 of the ChaTities Act 2011 ('the 2011 Act.). In caTrying out my examination I have followed tbe Direction5 given by the Charity Commission under s¢dion 145(5)(b) of the 2011 Act. Independent examiner'5 Statement Since the Company's gross income exceeded £250,000 YOUT examiTJer must be a member of a body lisl¢d in section 145 of the 2011 Act. I confm that l am qualsfied to undertake the exavnillation because I am a member of the Association of Cbarity Independent Examiners, which is one of the listed bodies. I have cA)mpleted my examination. I confm that no rnafters have come to my attention in connection with the examination giving me cause to belie., aOuntIng T¢£ords wer¢ not kept in respect of Th¢ PROSPECTS Foundation as required by section 386 of the 2006 Acl. or 2. the accounts do not 2CCOTd with those record5. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'trne and fair view, which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in a¢¢ordan¢e with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable ¢0 charities preparing their arxounts in a¢GoTdallGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be rea¢bed. Heaton FCCA FCIE DChA 1st Floor, Block C The Wbarf Manchester Road Burnley Lancashire BBI I IJG 26 March 2025 Page 11
a
The PROSPECTS Foundation (Registration number: 03686719) Balance Sheet as at 31 October 2024 2024 2023 Fixed a88eti Tangible assets 12 15.000 15.(K)o Current assets Debtors Cash at bank and in Iwid 13 9,762 677,721 687,483 (207.016) 456281 456,281 Creditors: Amounts f*lling du¢ within one year 14 (17.868) Net curreDI as5e15 480,467 438,413 Net assets 495.467 453,413 Funds of the charity: Re8tricled income funds Restricted fimds 356,083 318,508 Unmtrltted Intome funds Unrestricted f(mds 139,384 134,905 Total funds 18 495,467 453,413 For the fmancial year c11n8 31 October 2024 tbt charity was entitled to ex¢mption from audit under section 477 of the Companies Ad 2006 relating to small companies. DirectOTS' responsibilities: The members have not required the charity to obtain an audit of its a¢Unts for the year in question in accordance with section 476,, and The directors acknowledge their responsibiliti for complying with the requirements of the Act with respect to acrounting rewrds and the prepaTation of accounts. The financial staternet)ts on pages 12 to 22 were approved by the tN5tees, and authorised for issue on 26 March 2025 and signed on their behalf by: Mr P Vinc¢nt-Banvood Trustee Th¢ nolcs on pages 14 to 22 forni an integral part of these financial statements. Page 13
The PROSPECTS Foundation Notes to the Financial Statements for the Year Ended 31 October 2024 I Charity status The ¢lwity is limited by guarantK, in¢orporat¢d in England and Wal¢s, and consequenily doe8 not have thare capitsl. Each of the trustees is liable to contribute an amount not exceeding £1 towaTd5 the assets of the Charity in tbe event of liquidation. The address of its r¢gister¢d office is.. 54 Broadway Acerington Lanra5hire BB5 IEW TIL¢se fJnan¢ial stat¢m¢nls wer¢ aUthl5¢d foT issue by the trustees on 26 MarGh 2025. 2 Accounting pollcles Summary of sfignlflcant accollntlng pollcles and key a¢vndnE estlmates The principa] accounting policies applied in d)e preparation of these financial ststement5 ar¢ get out below. Th¢s¢ polirie5 have ¢onsisl¢ntly applied to all the y¢ars presentcl UTJI¢s5 otherwise stated. Staten*nt of eompllance The finan statements have been prepared in accordance with Accounting aDd Reporting by Charities: Statement of Recommended Praclice (applicable to clwities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charitie5 SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Irelad (FRS 102) al the Companies Act 2006. Basis of preparation The PROSPECTS Foundation meet8 the definition of a public benefit entity under FRS 102. Assets and liabilitie5 are initially recoBni5ed at historical cost or transaction value unl¢ss othenvise slated in the relevant a¢counting policy noteg. Coing concern The Iru5tees consideT that theTe are no mateTial uncertaintics about the cbarity's ability to continue as a going con¢ern nor any $i1ficant areas of unrertaijjty that afftct the ¢]llg value of assets held by the Chlty. Expendlture All expenditLwe is recognised once there is a le8al or constructive obligation to that expenditure, it 1$ probable settlem¢nt 1$ required and the omounl can be measur¢d r¢liabty. All costs aTe allocated to the applicable expenditure heading that aggate similar costs to that category. Where costs cannol be directly attril)uted to particular headings tbey have been allocated on a basis consittent with the use of resources. Charitable aetivitles Charitable expenditure comprises tbose costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be all(ated directly to sucb xtsvities and those costs of an indirecl nature necessary to PpOrt them. Page 14
The PROSPECTS Foundation Notss to the Financlal Ststements for the Year Ended 31 October 2024 Grant provislons Provisions for allt5 are nde when the inlenlion to make & grant has been conllnunicated to tb¢ Tlplent but there is uncertainty about either the timing of tb¢ grant or the amount of grnnt payable. Governance costs The include the costs attributable to the charity's c4)mplt8nce with con5ti1utioDa] and statutory requirements. including Indeaint exan]ination, strategic managell)ent and trustees's meetin88 and reimbursed exPens. Taxatlon Th¢ charity 15 considered to pa88 tbe t¢5ts set out in Paragraph I Schedule 6 of the Finallce Act 2010 and therefore it meets the definition of a charitable company for UK ¢ory)oration tax purposes. Accordingly, the chaTity is potentially exempl from tsxation in Tespect of income or ¢apitsl gains received within categori¢s covered by Chapter 3 Part I l of the CotyoTation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent tbat such income or gains are applied exclusively to charitable puOses. T4n%ible fixed *55ets Deprwialion is provided at the following rates in ordeT to vnitc off each asset over ils estimated use1 life. Freehold land not provided Trade debtors Trad¢ debtors are amount8 due from customers for swvices perfornied in the ordiuary cours¢ of business. Trdde debtors are recognised initially at tbc trgnsaction price. They arc subsequently measured at amortised cost using the effective interest method. legs provision for impairnient. A provision for th¢ impairnient of trade debtors is established when th¢r¢ is objective evidence thal the charity will not be able to Collect all amouTrt5 due according to ttle original tern)s of the receivables. Fund structvre Unrestricted income funds are general funds that are available for use at the tnL8tees discretion in furtherance of the objwtiv¢s of th¢ charity. Restsictcd incollle fimds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Pensions and other p05t rctirement obligations The charity operates a defined contributlL)n pension scheme which is a PCn5ion plan under which fixed contributions are paid into a pension fund and the clwity has no legal or constrnctiv¢ obligation to pay fither contributions even if the fund does not hold sufficignt assets to pay all employees the benefits ielating to employee service in the CUTrent and priorperiods. Contributions to defined contnTr>ution plans ar¢ recogni5 in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for serYic4 the excess is recognised as a prepayment. Page 15
The PROSPECTS Foundation Notes to the Flnanclal Statements for the Year Ended 31 October 2024 3 Jncome from donations and legacie5 Unrestrleted funds General Tot21 2024 TotAI 2023 Regular giving and capital donations 325 325 397 325 325 397 4 Income from charitable aetivities Total 2024 Total 2023 Restricted Tinkcr Brook S.S CIC Grants 6.725 425,336 6,725 425.336 6,375 336,816 432,061 343,191 Grants rcceived. iJJc1ud In the above. are as follows: Energickontor Local Authority Grants Heritage Lottery Fund Lan¢a8hire Wildlife Tnjst Onward Hom&% Em¢st Cook Trust Hyndburn LeisuTe Other wts Natural England Ribble Riv¢rs TTUSt NinCh Trust Trees for Citics Electricity Northwest The National Lottery Climate Action Fund 182,341 81,394 9.510 17,421 2.5 8.430 1.000 182,341 81,394 9.510 17,421 2,500 8,430 1,000 167.799 60,000 40,702 21,700 1,486 12,591 200 4,999 4,999 25.862 1,51K) 4,976 7273 14,054 96,414 7.273 14,054 96,414 425.336 425,336 336,816 S Other incon Unrestrltted Totgl 2024 Total 2023 Cenergl Restrkted Fees and charg¢s Other 17,344 780 17,344 24,814 14,187 22,684 24,034 24,034 18,124 42,158 36,871 Page 16
The PROSPECTS Foundatio Notes to the Financial Statements for the Year Ended 31 October 2024 6 Expendlture on Charitable activitie5 Unrestricted Total 2024 Total 2023 General Restrltted Note Grants Governance costs Staff costs Charitable activity AIIocAted support 0St5 81.038 2,008 192,939 91,175 81.038 2,150 215,124 98,463 41,642 2,100 176,912 80,096 142 22,185 7,288 220 47,552 47.772 49,980 29.835 414,712 444,547 350,730 The totsl grants paid to institution5 dwing the year was as follows. General Grants (under £5000) St.Paul's Parochial Church Council BaxendeTJ & District Golf Club The Dog Inn (Belthorn) Ltd Active Lanwhire OswaldtWi8tle and Cburch Conservative Club Rishton Methodist Church 39.440 39,440 9,642 7.000 15.OCK) 10,000 10,750 10.750 10,91N) 10,900 19,948 19,948 81.038 41,642 7 Analysis of governanee and support cost5 Governance co818 Unrestrlcted funds Gener81 Restricted funds Total 2024 Total 2023 Independent exami fees Exarnination of the financial tatements 142 2,008 2,150 2,150 2,100 142 2.008 2,100 Page 17
The PROSPECTS Foundation Notes to the Financial Statements for the Year Ended 31 October 2024 8 Tru3tc¢$ r¢mun¢ration wnd ¢%pens¢s No trLtstee6, nor any persons connected with them, have received any remuneration from the chaTity during the ye. No tru5t¢cs have Tcccived any reimbursed exp¢JL8¢S from th¢ charity durin8 the year. 9 Staff costs The aggrega1¢ payroll ¢0818 w¢r¢ as follow8: 2024 2023 Staff costs during the year were: Wages ajjd salaries Social s¢curity costs Pension rosts 192,246 17,430 5,448 157,625 14,275 5,012 215.124 176,912 Th¢ monthly average llumb¢T of peT50ns (including Senior management I leadership team} employed by the charity during the year expressed as fjjll time equivalents was as follows: 2024 2023 ChaTitable activitie8 No en)ployee Teceived emoluments of rnore than £60,000 during the y¢3r. 10 Independent examiner's remuneration 2024 2023 Examination of the fanCial 5taternents 2,150 2,100 11 TaxAtlon Th¢ charity is a r¢gist¢rcd charity and is theT¢for¢ ¢x¢mpt from t&xatio Page 18
The PROSPECTS Foundation Notes to the Financial Staternents for the Year Ended 31 October 2024 12 Tangible fjxed assets Freehold land Total Cost At l Noventher 2023 15,000 15,000 At 31 October 2024 15,000 15,000 Depreciation At 31 O¢tobcr 2024 Carrylng amount At 31 October 2024 15,000 15,000 At 31 October 2023 15.000 15,000 13 Debtors 2024 Trade debtor5 Other debtors 5,281 4,481 9,762 14 Creditors: Amounts falling due wlthln one year 2024 2023 AccTuals Deferred income 19.760 187256 17,868 207.016 17,868 2024 Def¢ed in¢ollLe at l November 2023 Resources deferred in the period Amounts released from previous periods 187,256 Deferred incontr at 31 October 2024 187,256 Page 19
The PROSPECTS Foundation Notes to the Financlal Statements for the Year Ended 31 October 2024 15 Leaslng agreements The total value of future minimum lease payments was as follows: 2024 2023 Within one year In to five years 7,500 25,625 7,500 33,125 33,125 40,625 16 PeDslon and other sthemes Defined contribution pension scheme The clwiiy operates a defined contribution pension scheme. The pension cost Charge for the year represenls contributions payable by the charity to the scheme dnd amounted to £5,448 (2023 - £5,012). 17 Related party tran5actioni Some of the trnstee8 for the Charity also make up the board for Prospects Community Energy Lin]ited, a registered society. Dwing the year the Charity made a grant Panellt to Pr05pe¢ts Cotnmunity Energy Limited amounting to £250.00, this was to help fund the purchase of some office equipment. Page 20
The PROSPECTS Follndation Notes to the Financial Statements for the Year Ended 31 October 2024 18 Funds Balance at I November 2023 Balance at 31 October 2024 Incoming resourees Rcsources expended Transfers Unrestricted General Fund 134,905 33.314 (29,835) 1,000 139,384 Restricted OtheT Projecls Windfall Charity Manager Habitats & Heritage Outdoor Learning Project Community Tre¢ Action Hyndburn Woodlands Peel Park Pollinators Brookside Developrnent Officer L()w Carbon Cornmunity Building Officer Gt. Harwood Memorial Woodland 64,925 109,813 14,838 185,335 18.798 9,510 10,930 38,833 22,291 19.406 (23,016) (132,990) (18,798) (3,083) (34,821) (46,677) (23,862) (39,126) 1.000 (42,035) 57.747 120,123 1,363 44,439 31,931 46J17 19.720 (7.790) 20,548 31,877 44,746 7.790 96.556 (58.047) 25,035 63,544 14,054 (15.519) 15,000 13,535 22,736 453.287 (18,773) (414,712 3,963 318.508 (I,CM)O) 356,083 Total funds 453.413 486.601 444.547) 495 467 Page21
The PROSPECTS Foundation Notes to the Financial Statements for the Year Ended 31 October 2024 Balance Bal*nce atl Other at31 November Incoming Resources recognised O¢tobtr 2022 rtsources expended Traniferi galnsloosses) 2023 Unrestricted GeneT21 Fund 125,756 27,305 (18,131) (25) 134,905 Restricted Other Projects Windfall Charity MaDager Rewilding Habitats & Heritage Outdoor Learning Project Natural Cojmections Ranger Programrne 55,073 94,648 9.435 15,390 23,248 23,064 30,075 170,049 13,667 486 {20,223) {90,913) (63,971) (13,292) {9,810) {8,104) (7.772) (21,885) {440) 64.925 109,813 1,363 44,439 21,815 37,727 12.422 13,436 40.702 7.591 25,862 21,700 5,496 44,000 359,628 {79,429) {12,661) (38,494) (22,002) (17,473) (7,683) 332,599} 1,000 (7,352) (804) 20,022 36,872 10,000 LNR Coppice Project Peel Park Pollinators Communty Tree Action Hyndburn Woodlands 19,720 31.931 46,317 318,508 7,036 291,479 Totsl fvnds 417,235 386,933 350,730 (25) 453,413 19 Anyly8is of net a$$ets between funds Unrestrleted Totsl funds ai 2024 GeDeral Restrict¢d Tangible fixed assets Currejjt assets Current liabilities 15.OlX) 144,144 {19,760) 15,(K)O 687,483 207,016 543.339 187.256) Total net assets 139,384 356,083 495,467 Unrestrlcted Total funds at 2023 General RestrActed Tangible fixed assets Current assets cUent liabilities 15.000 137,773 (17,868) 15,000 456281 (17,868 318,508 Total net assets 134,905 318,508 453,413 Page 22