Prospex
(A company limited by guarantee)
Annual Report and Accounts Year ended: 31 May 2023
Charity No: 1087591 Company No: 04224699
ANNUAL REPORT AND ACCOUNTS
YEAR ENDED 31 MAY 2023
| Contents | Page |
|---|---|
| Legal and administrative information | 1 |
| Trustees / directors report | |
| (Incorporating the CEO’s report) | 2 |
| Statement of trustee responsibilities | 10 |
| Report of the independent examiner | 11 |
| Statement of financial activities | 12 |
| Balance sheet | 13 |
| Notes to the accounts | 14 |
LEGAL AND ADMINISTRATIVE INFORMATION
Status
The organisation is a charitable company limited by guarantee, incorporated on 29 May 2001 and registered as a charity on 18 July 2001.
Company Number
04224699 (England & Wales)
Charity Registration Number
1087591 (England & Wales)
Trustees /Directors
Danielle Cohen Monique Ferdinand Mike Hickes (Chair) Vlad Levitsky Frances Middleton Ruth Richards (resigned 13 June 2023) Robin Vos Marjorie Waymouth
Secretary
Robin Vos
Registered Office
The Underground Youth Centre, Piper Close, Holloway, London, N7 8TQ
Operating Address
The Underground Youth Centre, Piper Close, Holloway, London, N7 8TQ
Independent Examiners
Paul Howley & Co Limited, 42 Pitt Street, Barnsley, South Yorkshire, S70 1BB
Bankers
HSBC PLC, Lion House, 25 Islington High Street, London, N1 9LJ
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Prospex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2023
The trustees present their Annual Report and Accounts for the year ended 31 May 2023. The trustees are also directors of the charitable company for the purposes of company law.
The Trustees Report has been prepared in accordance with the Charities SORP (FRS102), the Financial Reporting Standards applicable in the UK and Republic of Ireland, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The charity is a public benefit entity as defined by FRS102.
Structure, Governance and Management
Prospex was established under a Memorandum of Association, which established the objectives and powers of the charitable company and is governed under its Articles of Association. Under those Articles (as amended), trustees are elected at the AGM. One third of trustees must retire at each AGM and may be re-elected.
The District Church Council of St Andrew’s Church, Barnsbury has the right to appoint one trustee, who is not required to retire by rotation.
Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up. The total number of such guarantees at 31 May 2023 was 8.
The organisation is a charitable company limited by guarantee, incorporated on 29 May 2001 and registered as a charity on 18 July 2001. Further details of the status of the company are given on page 3. The Board of Trustees meets at least six times a year to provide the overall strategic guidance and direction for the charitable company and to ensure that the highest standards of governance are maintained.
The day to day running of the charity has been delegated from Chair of Trustees Mike Hickes to CEO Richard Frankland.
Trustee Recruitment and Training
As vacancies arise on the Board of Trustees, the charity endeavours to attract nominations to replace the lost areas of expertise and, where appropriate, accommodate newly identified important areas of knowledge and/or expertise absent from the team. At the same time, we are looking to increase diversity amongst our trustees.
New trustees are briefed on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making process and the current performance of the charity. Most trustees are already familiar with the practical work of the charity but are introduced to the key employees and other trustees. All trustees are required to sign up to Prospex’s Code of Conduct for trustees.
Objectives and activities for the public benefit
Prospex is a grassroots, Islington-based youth charity, supporting young people aged 8 to 21 whose life chances are affected through circumstances outside their control: poverty, social deprivation, high unemployment and crime. Our organisation works to help young people face up to and deal with these negative influences, which often result in low self-esteem and poor school attendance, leading to limited employment prospects.
Through the provision of positive relationships together with transferrable life and employability skills, young people are able to broaden their horizons outside the limits of their existing thinking and are given the tools to achieve their goals
Prospex engages with young people aged 8-21 in the London Borough of Islington and offers access to tailored services and opportunities that can be life-changing for young people. We put young people first and support them in building self-confidence, developing lasting friendships, gaining new experiences and in developing life and employment skills.
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Prospex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2023 (continued)
Objectives and activities for the public benefit (continued)
Each young person is treated as a unique individual. Our focus is on recognising and meeting their unique needs through the power of specialised youth work provided by talented and highly trained and skilled staff. In everything we do, we are aiming to build essential life skills, including emotional intelligence and interpersonal skills. We value community and partnerships, and we work alongside others to achieve the best for young people.
Diversity and Equity lie at the heart of everything we do at Prospex. We also ensure the highest safeguarding standards in every area of our work. By leveraging the power of youth work to engage with young people, we come to understand them as individuals and provide access to relationships, experiences and services that can change lives.
Our work takes place in communities with high levels of poverty, social deprivation, mental health issues, unemployment and crime. We strongly believe in the power of positive experiences and relationships to expand horizons, challenge preconceptions and support every young person to reach their potential. We aim to support each individual on their path to adulthood, helping them develop the skills and confidence to find a permanent route out of poverty.
Islington has one of the largest poverty gaps in the UK. Both the past pandemic and current economic crisis have increased the need in communities as a result of increasing pressure on mental health, education and housing provision which are being felt by the young people we are working with. The cost-of-living crisis is pushing more and more families into poverty and increasing pressures on those already in poverty.
Our priority is to consolidate, strengthen and build on the work we already deliver well, and we have significantly extended our reach within the borough in this way through enhanced detached work and Street Team activity in partnership with Islington Council. This initiative has both enhanced our existing relationships with young people and is resulting in many new ones. We are now also focused on developing our community of support and partnerships so that the growing and emerging needs that we are encountering can be met.
Further details of our work in this past year can be found in the CEO's report below.
Prospex work is comprised of five foundational elements ;
1 Dynamic, integrated solution s - Programmes that are designed to adapt and evolve with the changing dynamics of a vulnerable community and ensure both short-term as well as sustained long-term action and collaboration to ensure maximum positive impact and outcomes for the young people.
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Safety and protection from violence - Outreach and engagement to build long-term stable relationships with disadvantaged young people outside the system, on the street; young people who are vulnerable and at high risk due to gang violence, poverty, abuse, and an insecure home life.
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Self-confidence, awareness and engagement in life - Expose young people to and engage them in positive relationships, activities, programmes, groups and experiences in which they build self-confidence, reduce their vulnerability, learn how to look after themselves in body and mind, be with others and develop a broader awareness of and aspirations towards the true possibilities of life.
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Skills development for life and work - Solutions that grow practical inter-relational and life skills, create meaningful experiences and purpose, enhance self-knowledge, develop leaders and provide practical work skills which enable young people to become a part of creating a safer, more secure community, a better place to live in, work in and thrive in.
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Coaching and personal support through the greatest difficulties - One-to-one practical and emotional support to overcome very difficult personal situations, often involving physical, sexual abuse and grooming, drug crime, knife crime, gang violence and deeply troubled home environments.
3
Prospex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2023 (continued)
The Trustees Board
The Board of Trustees meets every two months. The Board is comprised 8 trustees and in addition has Special Advisers providing supplementary professional support in PR and Finance.
Danielle Cohen, Child Protection and Safeguarding
Monique Ferdinand, Mental Health and Well Being
Mike Hickes, Chair of Trustees
Vlad Levitsky, Marketing and Project Management
Fran Middleton, Human Resources and Development
Ruth Richards, PR and Digital Communications
Robin Vos, Legal and Company Secretary
Marjorie Waymouth, Local Community Relations
[Note. Since the end of the financial year, Ruth Richards has moved away from the area and stepped down as a trustee. We are very grateful to her for her contribution. We are in the process of recruiting a replacement trustee.]
Special Advisers
Isabelle Gerretsen: Special Advisor, External Communications and Promotion
Ian Middleton, Financial Analysis, reporting and accounting support
Operational Team
Richard Frankland, CEO
Alan Hopson, Senior Youth Worker
Carole Degirmenci, Youth Worker
Charlotte Nwaordu, Youth Worker
Cathy Norris, Business Development Manager
Eveltos Pagdades, Administrator
The Operational Team are supported by strong team of salaried and sessional youth workers, as well as many volunteers, most of whom have been with us for many years.
The Patrons
Professor Tanya Byron (Clinical Psychologist, Author, TV presenter and Journalist)
Amol Rajan (Today Programme presenter at the BBC)
JHC Haynes (previously Executive Chairman of Haynes Publishing)
Revd & Rt Hon Richard Chartres (former Bishop of London)
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Prospex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2023 (continued)
Safeguarding
Prospex has appointed a Trustee with specific in-depth professional experience and qualifications to oversee our child protection responsibilities. The operational Team has two fully trained youth workers as safeguarding leads and [all?] of our staff and trustees have participated in safeguarding awareness courses. Our young people are risk assessed and then provided the correct level of supervision that their needs require, either in groups or on a oneon-one basis. These are regularly reviewed with end of session de-briefs to provide the best on-going support required and are linked to the improvement process.
Staff Development
We place special emphasis on the continuous development, retention and personal growth of our youth work professionals. Staff Development is planned through our annual appraisal process, as is succession planning. As we have grown over the past 20 years this has become increasingly integral to our performance as an organisation, in recruiting and retaining high quality talent as well as for planning our future. This emphasis and commitment to high quality development of our staff will be continued in the coming year.
Future Plans
The charity plans to carry on its current activities in the forthcoming years to ensure the aims of the charity can continue to be achieved. The trustees are aware of funding requirements and together with the operational team are continuously looking to establish new sources of income to support the various programmes. The charity also continues to concentrate on the recruitment of volunteers where necessary.
Financial Results
Total income for the period amounted to £389,361 of which £296,413 was given with restrictions on its use. Total resources expended amounted to £386,843 giving a surplus £2,518. Total reserves at the balance sheet date stood at £368,627, of which £174,438 is restricted. The trustees are satisfied with the financial performance of the charitable company in the year.
Reserves Policy
The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (the ‘’free reserves’’) held by the charitable company should be approximately 4 months of the total salary related costs, which equates to around £80,000. At this level, the trustees feel that they would be able to continue the current activities in the event of a significant drop in funding. The free reserve as at 31 May 2023 stood at approximately £194,189 (2022: £206,253). The Trustees have designated £110,930 (2022: £100,956) of the unrestricted funds to meet essential future spending.
Investment policy
As the charitable company’s funds will be needed in the short term, the trustees are of the belief that it is prudent for all funds to be held in cash, on deposit with the company’s bankers.
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Prospex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2023 (continued)
Independent Examiners
The independent examiners, Paul Howley and Co Ltd, have expressed their willingness to continue in office.
Conclusion
On behalf of the Trustees, the Trustees would like to express their deep gratitude to all those who in so many ways contribute so generously to Prospex. It is this generosity that makes our work possible. Thank you to the wide range of funding organisations, corporates, businesses, charitable foundations, personal givers, and public funders who together fund Prospex. Thank you to all the individuals and groups who selflessly give their time and expertise in supporting our Operational Team in delivering Prospex’s services and making it all happen. Thank you to the many organisations who partner together with Prospex to enable us to broaden and deepen the solutions we provide and thank you to the Operational Team who are so utterly dedicated to Prospex.
It is the total contribution of all these elements when put together that enables Prospex to make such a difference in our community. Please spread the word.
Mike Hickes - Chair of Trustees
15 December 2023
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Prospex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2023 (CONTINUED)
CEO’s Report
It has been an amazing year at Prospex, marked by significant growth and impactful endeavours that have further solidified our commitment to empowering young people. I am thrilled to share with you the remarkable progress we've made in various aspects of our organisation's mission.
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Enhanced Detached Youth Work Programme : One remarkable achievement is winning the tender with Islington Council to deliver the borough's Enhanced Detached Youth Work Programme. This two-year contract, with the potential for a further two years, has allowed us to extend our reach to new areas, including Clerkenwell, Bunhill, Finsbury Park, Tufnell Park, Mildmay, and the Elthorne Estate in Archway. This expansion is a testament to our dedication to engaging local communities and addressing young people's needs. This is alongside our existing detached work in Laycock, Holloway and Caledonian Wards. The model is to engage with local young people and where possible introduce them to relevant provision in their areas or of their interests. Time is given to build relatonships with all providers in these areas, so partnership is key.
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Street Team and Staff Growth : We are proud to have expanded our street team by hiring six part-time workers to enhance our detached youth work efforts. Their dedication, coupled with the experience of our team, has already shown positive outcomes in each area. Notably, one of our new recruits was once a young person we worked with, exemplifying the full circle of growth and mentorship.
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Engaging Young People : The involvement of young people in shaping our organisation is a cornerstone. We've welcomed James, a former participant turned full-time team member through the Jack Petchey Foundation's internship program. This initiative not only supports young people's development but also enriches our team with fresh perspectives and insights. One of his roles is heading up the young ambassador's programme to ensure that a youth voice is heard throughout the organisation.
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PLC Prospex Listens and Cares Programme : With five years of secured funding, we are excited to deliver our PLC Prospex Listens and Cares Programme, offering fast psychotherapeutic support for young people. Our ongoing efforts to recruit a therapist for this role will further enhance our holistic approach.
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The Underground Youth Centre : We continue to provide a safe space for young people at the Underground Youth Centre, where a diverse range of activities and personal development opportunities are offered to different age groups. We have engaged 204 young people at the underground youth centre over the past year. The Graph below shows the ethnicity breakdown
The next graph shows the gender spit:
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Prospex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2023 (CONTINUED)
CEO’s Report (continued)
The next graph shows the gender spit:
We continue to provide a healthy nutritious meal at all our youth hub sessions which is essential for many of the young people and families especially considering the cost-of-living crisis we are currently in. 119 members of our user group have free school meals. However, it is more than just providing a meal. We teach young people how to cook, about nutrition and a balanced diet and how to cook on a budget. The other important part is the sitting and eating together where many important conversations are had.
As part of the programme at the Underground Youth Centre we provide free holiday provision throughout every half term and summer holidays which is accessed by over 60 young people and includes our annual summer camp which this year saw 38 young people camp under canvas in what was a fantastic week and thankfully a sunny one.
As a youth centre we are open to all young people, and we endeavour not to exclude anyone. This year we have 38 young attendees with a disability and 8 with Autism.
- Girls Supergroup and Media Suite : Our dedication to gender-specific initiatives was evident through the Girls Supergroup, a collaborative effort with partner organisations, fostering a network and diverse experiences for young girls across the borough as well as our own weekly girl’s group sessions.
Additionally, our Media Suite has empowered over 100 young people, allowing them to explore their creativity and providing them with essential employability skills in the digital realm. Please check out The Prospex Podcast which you can listen to on your preferred podcasting platform. This gives an insight into another way the media suite is being used and an insight into young people's views on both our services and the world
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Prospex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2023 (CONTINUED)
CEO’s Report (continued)
- Arts and Experience Enrichment: The inaugural Art Exhibition at the Lethaby Gallery showcased the artistic talents of our participants. The unexpected highlight of this event was that four young people sold their work which was an incredible boost to their self-esteem.
Our Breathe Project has delivered nine residential weekends ensuring young people get out of their urban environment, nurturing teamwork, resilience, and personal growth. These have included the 100-mile canoe test, adventure weekends, bush craft weekends and girls only residential and arts weekends to name a few.
- Commitment to Quality and Training : Our Bronze Quality Mark revalidation from London Youth and the commitment to Trauma-Informed Practice training through CTIPS with CAMHS underline our dedication to maintaining high standards and consistent approaches. All staff have refreshed their safeguarding and our Street Team have completed first aid training and Bleed Control training.
Our Trustee board are active and ensure we stay true to both our mission and to all who fund us, that we use our funds correctly and achieve the best outcomes possible. They bring a lot of skill, time and dedication to the organisation and I am grateful for all they give.
- Gratitude and Recognition : None of these achievements would be possible without the incredible Prospex team and the support of our partners, funders, and volunteers. Your belief in our mission drives our success.
As we look ahead, we are excited to build on these accomplishments and continue making a lasting impact in the lives of young people. Thank you for your unwavering support.
Richard Frankland (Beef)
CEO
15 December 2023
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Prospex
STATEMENT OF TRUSTEE RESPONSIBILITIES
The trustees (who are also directors for the purposes of company law) are responsible for preparing the Trustees’ Report and the Accounts in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the trustees to prepare Accounts for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources of the charitable company for that period. In preparing these Accounts, the trustees are required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principles in the charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Accounts;
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Prepare the Accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the Accounts comply with the Charities Act 2011, the applicable Charity (Accounts and Reports) Regulations and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees confirm that they have complied with their duty under section 17(5) of the 2011 Charities Act to have due regard to the guidance published by the Charities Commission.
So far as each trustee is aware, there is no information relevant to the Independent Examination of which the independent examiners are unaware.
The trustees confirm that they have taken all the steps they ought to have taken in order to make themselves aware of any information relevant to the Independent Examination and to make the independent examiners aware of that information.
Approved by the trustees and signed on their behalf by:
Mike Hickes Chair of Trustees
15 December 2023
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Prospex
REPORT OF THE INDEPENDENT EXAMINER
I report to the charity trustees on my examination of the Accounts of the charitable company for the year ended 31 May 2023
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am member of The Association of Chartered Certified Accountants, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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 ‘true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance 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 reached.
T R Ware, FCCA
Paul Howley & Co Limited Chartered Certified Accountants 42 Pitt Street Barnsley S70 1BB
15 December 2023
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Prospex
PROSPEX LIMITED
(REGISTERED CHARITY NO 1087591, COMPANY NO 04224699)
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MAY 2023
| Note INCOME Income from generated funds Donations and grants 3 Rent received Gift aid refund Transfer between funds Total Income EXPENDITURE Managing & Administering the Charity 5 Charitable Activities 6 Total Resources Expended Net income / movement in funds Reconciliation of Funds Balance as at 1 June 2022 Balance as at 31 May 2023 12/13 |
Unrestricted Funds 2023 £ 66,759 12,689 13,500 14,041 106,989 119,053 - 119,053 (12,064) 206,253 194,189 |
Restricted Funds 2023 £ 296,413 - - (14,041) 282,372 - 267,790 267,790 14,582 159,856 174,438 |
Total Funds 2023 £ 363,172 12,689 13,500 - 389,361 119,053 267,790 386,843 2,518 366,109 368,627 |
Total Funds 2022 £ 353,902 11,626 13,228 - |
|---|---|---|---|---|
| 378,756 | ||||
| 99,073 311,838 |
||||
| 410,911 | ||||
| (32,155) 398,264 |
||||
| 366,109 |
For the purposes of Company Law, the above SOFA is also an Income and Expenditure Account
The annexed notes form part of these Accounts
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Prospex
PROSPEX LIMITED
(REGISTERED CHARITY NO 1087591, COMPANY NO 04224699)
BALANCE SHEET AT 31 MAY 2023
| Note FIXED ASSETS 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand CREDITORS: Amounts due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS:Amounts due after one year 11 NET ASSETS FINANCED BY: Restricted Funds 12 Unrestricted Funds 13 TOTAL FUNDS AT YEAR END |
2023 £ - 16,059 497,851 513,910 (145,283) 368,627 368,627 - 368,627 174,438 194,189 368,627 |
2022 £ - 16,452 484,086 |
|---|---|---|
| 500,538 (134,429) |
||
| 366,109 | ||
| 366,109 - |
||
| 366,109 | ||
| 159,856 206,253 |
||
| 366,109 |
For the financial year to 31 May 2023, the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year to 31 May 2023, in accordance with section 476 of Companies Act 2006.The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The Accounts were approved by the trustees on 15 December 2023 and signed on their behalf by:
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Prospex
PROSPEX LIMITED
(REGISTERED CHARITY NO 1087591, COMPANY NO 04224699)
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023
1. ACCOUNTING POLICIES
1.1 Basis of preparation of the Accounts
The Accounts have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice.
Prospex meets the definition of a public benefit entity under FRS 102.
Having considered future planned activities and the resources available to the charitable company, the trustees are satisfied that the Accounts should be prepared on the going concern basis.
1.2
Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charitable company is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applicable to categories of income:
Donations and Grants
Income from donations and grants is included in incoming resources when these are receivable, except as follows:
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When donors specify that donations and grants given to the charitable company must be used in future accounting years, the income is deferred until those years;
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When donors impose conditions which have to be fulfilled before the charitable company becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met and;
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When donors specify that donations and grants, including capital grants, are for particular restricted purposes which do not amount to pre-conditions for entitlement this income is included in incoming resources of restricted funds when receivable.
Interest, rent and Gift Aid receivable
These receivables are included in the Statement of Financial Activities on an accruals basis.
1.3 Resources expended
Resources expended are included in the Statement of Financial Activities on an accrual’s basis, inclusive of any VAT which cannot be recovered. Certain expenditure is directly attributable to specific activities and has been included in those categories. Certain other costs, which are attributable to more than one activity, are apportioned across cost categories based on an estimate of the proportion of time spent by staff on those activities.
1.4 Fund accounting
Funds held by the charitable company may be:
Unrestricted funds
-
General funds - these are funds which can be used in accordance with the charitable company’s objectives in the discretion of the trustees.
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Designated funds - these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.
Restricted funds - these are funds that can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
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Prospex
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 (CONTINUED)
1. 5 Tangible fixed assets and depreciation
Individual fixed assets costing £1,500 or more are capitalised at cost. Impairment reviews are carried out by the trustees as and when circumstances indicate a necessity. Depreciation is calculated to write off the cost of each asset, less any estimated residual value of each asset over its expected useful life as follows:
Computer equipment 33% on written down value. Vehicles 20% on written down value.
1.6 Current debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price.
1.7 Deferred income
Donations which have restrictions to which period they can be spent. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
2. LEGAL STATUS OF THE CHARITY
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
3. DONATIONS AND GRANTS RECEIVABLE
| Grants (see note 15) Donations |
Unrestricted £ - 66,759 66,759 |
Restricted £ 296,413 - 296,413 |
Total 2023 £ 296,413 66,759 363,172 |
Total 2022 £ 273,352 80,550 |
|---|---|---|---|---|
| 353,902 |
4. RENTAL INCOME
This represents income received from renting out the Underground Centre to other parties when it is not being used by Prospex.
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Prospex
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 (CONTINUED)
5. EXPENDITURE ON MANAGING AND ADMINISTERING THE CHARITY
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | £ | £ | |
| Staff costs | 77,682 | - | 77,682 | 15,894 |
| Insurance | 334 | - | 334 | 1,299 |
| Telephone and information systems | 10,249 | - | 10,249 | 10,719 |
| Independent examiner fees | 2,010 | - | 2,010 | 1,920 |
| Vehicle running costs | 1,739 | - | 1,739 | 2,010 |
| Other costs | 27,039 | - | 27,039 | 67,231 |
| 119,053 | - | 119,053 | 99,073 |
6. EXPENDITURE ON CHARITABLE ACTIVITIES
| Staff costs Charitable projects |
Unrestricted Restricted Total 2023 £ £ £ - 104,884 104,884 - 162,906 162,906 - 267,790 267,790 |
Total 2022 £ 151,152 160,686 |
|---|---|---|
| 311,838 |
7. STAFF COSTS AND TRUSTEES / DIRECTORS REMUNERATION AND EXPENSES
| Total staff costs comprise: Salaries and wages Social security costs |
2023 £ 166,137 16,429 182,566 |
2022 £ 154,837 12,209 |
|---|---|---|
| 167,046 |
The average number of employees was 15 (2022 – 15)
No employee received remuneration in excess of £60,000 during the year ended 31 May 2023 (2022: nil)
No trustee/director was remunerated or received any expense payments during the year ended 31 May 2023 or during the preceding year.
Volunteers work across all areas of the charity including face-to-face delivery with young people, administration roles, accounts, trustees and special advisors.
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Prospex
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 (CONTINUED)
8. TANGIBLE FIXED ASSETS
| Cost At 31 May 2022 Additions At 31 May 2023 Depreciation At 31 May 2022 Provided for the year At 31 May 2023 Net book value At 31 May 2022 At 31 May 2023 9. DEBTORS Pre-payments and accrued income 10. CREDITORS: FALLING DUE WITHIN ONE YEAR PAYE and National Insurance Accruals Deferred income 11. CREDITORS: FALLING DUE AFTER MORE THAN Deferred income |
Plant and equipment £ 16,743 - |
Motor vehicles £ 13,069 - 13,069 13,069 - 13,069 - - 2023 £ 16,059 16,059 2023 £ 3,017 4,170 138,096 145,283 2023 £ - - |
Total £ 29,812 - 29,812 29,812 - 29,812 - - 2022 £ 16,452 16,452 2022 £ 3,688 4,533 126,208 |
|
|---|---|---|---|---|
| 16,743 | ||||
| 16,743 - |
||||
| 16,743 | ||||
| - | ||||
| - | ||||
| ONE YEAR | ||||
| 134,429 | ||||
| 2022 £ - |
||||
| - |
17
Prospex
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 (CONTINUED)
12. RESTRICTED FUNDS
| 2. RESTRICTED FUNDS |
|
|---|---|
| Prospex Youth Hubs Prospex Street Team Prospex One020One Salary for CEO Salary for Snr Youth Worker New Building Green Power Christmas Hampers Jack Petchey Minibus Breathe Project Kitchen Social Holiday Scheme Computer Equipment Keeping It Wild Newby Truest Covid 19 Program Woodward Trust Covid Program Hyde Housing Covid Relief Program LCR Covid Wave 3 Funding Administration Getting Active Postcode Lottery PLC Mental Health Garfield Weston Packington Street Team Technology Hub Sports Leadership Gift Ball and Signs Windrush Program Sports England Youth Music Podcast Program Detached Program JP Intern Program Masonic Funding |
As at Incoming Outgoing Transfers As at 01/05/2022 resources resources out 31/05/2023 £ £ £ £ £ 32,959 12,981 18,685 14,041 13,214 25,432 29,530 19,991 - 34,971 4,325 8,000 1,381 - 10,944 - 60,321 60,301 - 20 - 19,519 19,519 - - 7,093 500 3,971 - 3,622 5,865 - 160 - 5,705 3,565 - 3,074 - 491 10,297 8,656 4,911 - 14,042 2,409 - - - 2,409 12,973 - 5,694 - 7,279 4,617 2,250 2,781 - 4,086 11,079 13,036 24,040 - 75 2,689 - 2,689 - - 1,048 - - - 1,048 370 - 300 - 70 1,000 - 368 - 632 858 - - - 858 3,298 - 2,515 - 783 - 15,000 15,000 - - - 10,064 10,064 - - 761 500 - - 1,261 5,138 - - - 5,138 - 7,192 2,030 - 5,162 8,750 19,007 27,757 - - 1,893 8,470 4,956 - 5,407 8,765 - 8,766 - (1) 2,310 - 1,745 - 565 2,362 - 166 - 2,196 - 4,712 2,704 - 2,008 - 1,000 522 - 478 - 5,836 2,733 - 3,103 - 7,000 2,733 - 4,267 - 44,999 9,592 - 35,407 - 12,840 3,642 - 9,198 - 5,000 5,000 - - |
| 159,856 296,413 267,790 14,041 174,438 |
18
Prospex
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 (CONTINUED)
12. RESTRICTED FUNDS CONTINUED
MAJOR PROGRAMME DETAILS:
Providing a safe place where young people can meet, Prospex Youth Hubs socialise, and gain support from the Prospex team Prospex Street Teams Ongoing detached work. A project which helps to develop young people on a one- Prospex One to-one basis New Building General improvements Green Power Projects that focus on green issues Providing festive food hampers to families we work with Christmas Hampers who need a helping hand at this time of year. Jack Petchey Given for the young people’s achievements. Each award is £300 to be used in a way that benefits the group. Funding received for the purchase of mini-bus. Initial Minibus purchase posted to fixed assets, running cots allocated here Giving young people the opportunities to get out of the Breathe Project urban environment and into the countryside to challenge them both physically and mentally. Funding to provide a fully cooked meal for young people Kitchen Social during the school holidays Providing day time provision, activities, trips, and Holiday Scheme summer camp throughout the year during the school holiday periods Woodward Trust Covid Program Supporting our young leaders programme Funding for work aimed at the mental health of young PLC Mental Health people The development of a tech hub, a creative space for Technology Hub young people to learn and create music, film, photography, art and digital content. Sports England Supporting young people in developing Kayaking skills
19
Prospex
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 (CONTINUED)
12. RESTRICTED FUNDS CONTINUED
Youth Music
Providing the studio manager for the tech hub teaching young people how to write music and DJ
Podcast Program
The Prospex Podcast, a youth led podcast
Detached Program JP Intern Program Masonic Funding
Ongoing detached work
Paid Youth Work Assistant Intern.
Supporting our general work
13. UNRESTRICTED FUNDS
| As at 1 June 2022 Net movement in funds As at 31 May 2023 Designated reserve - Staff Costs - Other Costs General reserve |
2023 £ 206,253 (12,064) 194,189 2023 £ 83,156 27,774 110,930 83,259 194,189 |
2022 £ 199,922 6,331 |
|---|---|---|
| 206,253 | ||
| 2022 £ 83,156 17,800 |
||
| 100,956 105,297 |
||
| 206,253 |
14. RELATED PARTIES
There were no related party transactions during the period.
20
Prospex
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2023 (CONTINUED)
15. RESTRICTED GRANTS
| RESTRICTED GRANTS | ||
|---|---|---|
| Funding Source The National Lottery Reaching Communities Fund London Borough of Islington Anon Hyde Charitable Trust Garfield and Weston Foundation Jack Petchy Internship BBC Children in Need- Small Grants Programme Betsy Foundation GLA - Mayor's Young Londoners Fund Hyde Housing Foundation Pakington The London Community Foundation Masonic Charitable Trust Jack Petchy Foundation Reignite City Bridge Trust LBI HAF Funding Two Magpies Fund GLA Mayor of London's Fund Enterprise Holdings Foundation Southern Housing Foundation Jack Petchy Foundation Richard Cloudsley Foundation London Youth JP Achievement Award 24. JP Small Grants JP Achievement award Post Code Lottery Home Office LCF Save London Lives Hyde Housing Association Islington Safer Neighbourhoods Board Sport England Islington Arts Other grants |
2023 £ 78,740 49,711 44,507 19,000 15,000 12,840 10,480 10,000 8,598 8,470 7,000 5,000 5,000 3,525 3,036 2,500 2,250 2,000 1,932 1,800 1,668 1,500 956 900 - - - - - - - 296,413 |
2022 £ 75,712 33,000 30,611 5,000 8,750 - 3,327 - 20,504 - - - - - 7,360 2,500 2,650 1,500 14,261 8,090 7,500 4,200 - - 40,000 10,000 9,194 2,660 2,090 2,068 998 |
| 291,975 |
21