Prospex (A company limited by guarantee) Annual Report and Accounts Year ended: 31 May 2024 Charity No: 1087591 Company No: 04224699
AMWAL REPORT AhD AccoiNrs YEAR EhtED 31 MAY 2024 Legal and thiimstrative in10alK)n Trustees I directors report (Incorporatwig the CEO'S rert} sktemwt of trustee resnSi1).1[tss li Report ol the in(Èpendent exaniner 12 stateMt of financia activits'es 13 Balan sheet 14 ststemt of cash floAvs 15 Notesto the accoun 16
LEGAL AND ADMINISTrATIVE INF4)RMATION Status The organisation is a private charitable comparylimted byguarantee. incorporated on 29 May 2001 aj registered as a charity on 18 July 2001. Company Number 04224699 (England & Vkles) Charlty Registration NumIr 1087591 (England & Vlales) Trustees IDirectors Danielle Cohen Monique Ferdinand Mike Hickes (Chair) Vlad Levits Frances Middleton Ruth Richards (resigned 13th June 2023) Robin Vos Marjorie Waymouth Secretary Robin Vos Reglstered Office The Underground Youth Centre. Piper Close. Holloway, London. N7 8TQ Operating Address The Underground Youlh Centre. Piperclose. Holloway. London. N7 8TQ Independent Examiners Paul Howley & Co Limited, 42 Pitt StreeL Bamsley. South Yorkshire. S70 IBB Bankers HSBC PLC, Lion House. 25 Islington High StreeL London, Nl 9LJ
Prospex TRUSTEES REPORT FChR THE YEAR ENDED 31 MAY 2024 The trustees present theii Annual Report and Accounts for the year ended 31 May 2024. The tnistees are ak) directors of the charitable company for the purposes of company law. The Trustee's Report has been prepared in accordan wrth the Charities SORP (FRS102). the Financial Reporting Standards applicable in the UK and Republicof Ireland, the CharitiesAct2011 and UK Generally Accepted Accounting Practice. The Charity is a public benefÉt entity as defined ty FRSIO2. Structure, Governance and MawJement Prospexwasestsblished undera MemorandwnofAssoaation.which establshedthe objectivesand powers of the charitable company and isgovemed under its Articles of Association. Underthose tiCleS (as amended). trustees are elected at the AGM. One third of trustees must retsre at each AGM and may be reelected. The District Church Counal of St Andrew's Church, Bamsbury has the right to appointone trustee. who is not required to rets're by rotation. Members of the charitable company guarantee to conlribute an amount not exceeding £1 to the assets of the charitable (x)mpany in the event of winding up. The totd number of such guarantees at 31 May 202 4 was 7. The organisatr'on is a charitable company limited byguarantee, incorporated on 29 May 2001 and registered as a charity on 18 July 2001. Further detlS of the stattjs of the cornpanyare given on page 3. The Board of Trustees meets at least six ts'mes a year to provide the overall strategic guidan and direction for the charitabk ccthpary and to ensure that the highest standards of g0Veman are maintsined. The day kn day running of the charity has been delegaÈd from Chair of Trustees Mike Hickes to CEO Richard Frankland. Trustee Recrullment and Trainiry As vacancies arise on the Board ofTrustees, Ihe charity endeavoursto attract nominations to replace the lostareas of experttse and,where appropriate,accommfxlate newly idert'fEd imFQrtantareas of knowle(h3e andlor expeit absent from the team. At the same time, we are looking to increase dIVerty amongst our trueeS. Newtrustees are brieled ontheir legal obligati5 undercharityand comwylaw, the contentof Ihe Memor and Artides of Associatson,thecommittee and decisKin-m*r'ng process and the currentperformarce of the charty. Mosttsijstees are alreadyfamiliarwith the practical workof the charity butare introduced to the key employ$ other trustees. All trustees are required to sign up to Prospex'8 Code of Condu(X for trustees. Objectives and activilies f(Y the public benefft Prospex is a grassroots, Islington-based youth charity, supporting young people aged 8 to 21 whose life chanr are affected through circumstances outside their control: povety, social deprivation, high unemployment K1 crime.our organisationworkstohelpyoung peoplefaceupto anddealwith these negative InflUeres,wh1Ch( result in low selfosteem and poor school attendan, leading to limrted employmeni prospects. Through Ihe provision of posrtive Telationshps togetherwithtransferrablelife and empbyablity skills, young Fe¥È areableto broadentheirhorizonsoutsidethe limitsoftheirexists"ngthinking and are giventhetoolstoachieveth8r goals. Prospex engages with young people aged 8-21 in the London Borough of Islington and offers a¢sS to tailiThl setvicesand OppornItieSthat can be life-changng foryoung peopÈ.MÈ put young people firstand supportthem in building Self-confid. developing lasting friendships, gaining new eXperienS and in developing life and employmentskills. TRusfEES REPORT FOR THE YEAR ENDED 31 MAY 2024 {eontinued)
Prospex Objectives and activities for the publlc benefft (Contid) Each young person istreated as a unique individual.our focusis on recognisingand meetingtheirunique needs through the power of specialised youth workprovided bytalentrd and highlytratned and skilled staff. In everythirKJ we do. we a aiming to build essential lifeskills. induding emcAional intej1rJee and interperso1 skills. We vaue community and patherships. and we work alongside others io achieve the bestfor young people. Diversity and Equity lie at the heart ot everything we do at Prospex. also ensure Ihe highest Safeguar standards in everyarea ofourworf(. By leveraging the powerofyouth WOTkto engage wrth young people, we iThne to under*and them as individuals and provide accessto relationships. expetiencesand servis1hat can cha lives. Our work takes place in communities with high levels of povety, social deprivatson, mental health issues, unem ployment and crime. We strongly believe in the power of posits.ve eXperienS and relationships to extoT¥J horizons, challenge precOnp(nS and supporteveryyoung person to reach their potential. aim to suppat each individual on their paih to adulthood, helpingthem develcpthe skillsand confidencetofind a pemanent r(È out of povety. Islington has one ofthe largest poverty gaps in the UK. Both the past pandemicand currenteconomic crisis ha increased the need in communw.es as a result of increasing pressure on mental health, education and hoUJ provision which are being lelt by Ihe young people we are woth.ng witrb. The cost-of-living crisis is pushiTrJ me and more families into povety and increa9ng pressures on those already in poverty. Our priority is to consolidate. strengthen and build on Ihe work we already deliver well, and we have signifanty extended our reach within Ihe borough in this way through enhand detached wort( and Street Team a1vIty in pathership wtth Islington Council. This initiative has both enhanced our existing relationshi with young pey and is resulting in many new ones. IAÈ are now also fo(Sed on developingour communityof support arKI parLnerships so that the growing and emerging needs Ihai we are encou ntenng can be meL Jrther details of ourwork in this past year can be found in the CECYS report below. Prospex wqKk is comwised five fwxlatlonal elements: l. Dynamic, integrated solutlons - Programmes that are designed to adapt and evolve with the changirrJ dynamiGS of a vulnerable commurity and ensure both short-term as well as sustained long-tem) action aJKI collaboration to ensure maximum positive impact and outcomes for the young people. 2. Safety and protection from violence - Outreach and engagemwttto build long-temi stable relationshipswith disadvantaged young people outsidethe system. on the street young people who are vulnerable and at high risk due to gang violence. povety, abuse, and an insecure home lite. 3. Self-confidence, awareness arKI engagement in life - Expose young people to and engagethem in p051 lationships. activities, programm, groups and experiences in which they build seFI-confithntr, reduce their vulnerability. leam how to 1ookafterthemseeS in bodyand mnd, be with others and develq) a broader aWaesS of and aspirations towards the true po&sibilits"es of life. 4. Skills devel¢Jpment for lile and work - Solffiions Ihat grow prac17cal inter-relatsonal and life skn'lls, create ffleaningftjl expernc and purpose. enhare self-ktK)wÈdF, develop leaders and provKle practical work skills whichenableyoung peopletobecomeapartof creatinga safer. moresecure community, abetter placeto live in, work in and Ihrive in. 5. Coaching and personal Sup1 through the greatest qfifficulties - One-to-one praclical and emolNJnal support to overcome very difficul persona] situatiorE. often involving physical, sexual abuse and grooming, (in crime. knife crime. gang violence and deeply troubled home environments.
Prospex TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2024 (contlnuedl The Trustees Board The Board of Trustees meets every tsvo months. The Board is comprised 8 trustees and in addition has Special Advisers providing supplementsry professional support in PR and nan. Danielle Cohen, Child Proteclion and Safeguarding Monique Ferdinand. Mentsl Health and Vbtll Being Mike Hickes, Chair of Trustees Vlad Levitsky, Marketing and Project Management Fran Middleton. Human Resources and Development Fljth Flchards, PR and Digilal Communicalions Robin Vos. Legal and Company Secretary Marjorie INenQuth, Local Community Relations tNote. Sincethe end ofthe financial year, Mjor[elVeYrnoth has retired and Rmth Fl'chards has moved away frc the areaand stepped down as a Trustee. We arevery grateful to boih fortheir contribution. are in the Process of recruiting a replacefflentTrustee for Ruth and wfrth the assistan ot St Andrewshave appointed Aneisa Bok to repla Marjorie as their nomminaÈd Trustee.) Special Athii5ers Isabelle Gerretsen.. Special Advisor. Exiemal Cotnmunicalions an(J Promotion lan Middleton, Finanaal Analysis. reporting and accounting SUPFM)rt Operational Team Richard Frankland. CEO Alan Hopson, Senior Youth IAbrker Carole Degirmenci. Senior Youth Vklrker Charlotte Nwaordu, Youth Vknrker Cathy Norri5, Business Development Manager Eveltos Pagdades. Administrator The Operationd Team are supported by strong team of salarted and sessional youth workers, as well as mar volunteers. most of whom have been with us for many years. The Patrons Amol Rajan (JoumaEisL Broadcaster and V*iEr)) JHC Haynes (former Chief Executive of Haynes Publishing PLC) Dame Emma Thompson DBE ( Actress and Screenwriter)
Prospex TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2024 (continued) Safeguarding Prospex has a dedicatsd Trustee with specific in4epth professiond eXperIee and qualificats'orsto oversee our child protection responsibil"es. The operational Team has fully trained youth workers as safeguardir¥J kad5 and our staff and trustees have parts"cipated in safeguarding awarerEss courses. Our young people are risk assessed and then provided the correct level of supervision Ihat their needs require, either in groups or on a one- on-one basis. These are regularly reviewed with end of session de-briefs to provide the best on-going suppL required and are linked to Ihe improvement prosS. Staff Development We pla specid emphasis on Ihe continuous developm( retenlion and personal growih of our youth work professionals. Staff Developrnert is planned through ouiannual appraisal process, as is succession planninu. As we have grown overthe past 20 yearsthis has become increasin£*y integrd to our perfomianceas an organisath)n, in recruiting and retaining high qualitytalentas well as for planning ourfutyre. This emphasisand commitsment high quality developmentof our&aff will be contsriued in Ihe coming year. Future Plans The charity plans to cary on its current auivities in Ihe forlhcoming years to ensure the aims of the charity can continue to be achieved. The Irustees are aware of funding requirements and togeiher with the Operlord are continuously lookn'ng to establish new sour5 of income tu support the variousprogrammes. The charity a&) continues to concentrate on the recruitrnent of volunteers where necessary. Financial Results TotaE incomeforthe period amounted to £553,807 ofwhich £389,361 was givenwith restrictions on its use. Total reSoUrS expended amounted to £520,877 giving a surplus £32.930. Total reserve5 at the balance sheet date stood at £40157 of which £219.902 is resuicted. The trustees are satisfied with ihe financial pertormarte of charitable company in the year. Reserves Policy The trustees have established a policywherebythe unre5trictd funds not committed orinvested in tangible fixed assets (the "free reserves") held by the charitable COTn pany should be approximately 4 monthsof the tolal salary related costs. which equates to around £80,000. At this level. the trustees feel thatthey would be able to contir the current ath"vitses in the event of a signrficant drop in funding. The tree reserve as at 31 May 2024 stood at approximately £181,655 (2023: £194.189). The Trustees have designated £94.579 (2023: £110.930) of the unrestricted tunds to meet essenti fure spending. Envesthient policy AS the chari1ablecompanSfundSWll1 be needed in the shortterm, the trustees are of the beliefthat it is prud¥ for all funds to be held in cash. on deposit wilh the companys bankers or with other financia insD"IUDons offen.ro more compettsve rates.
Prospex TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2024 (conilnued) Prospex pay aNJ reMUratIOn Prospex pay and remuneration poliey is based on three fa(lors. A performare based annual review of each employee aganst goals agreed and defined with their supervisor each year. An element related to proteclion of employees against upward variations in the general cost of living. an assessment of the market we compete within to ensure we remain competitive in the pay remunerats.on we provide employees. Our policy is to be highty seleaive in both the recruitment and retention of our employees, to ensure we hire, motivate and rets'n the very best In Ihis respectwe therefore aim to position ourpay above fflarketaverage rates. For market comparators we rely on a combinaiion of revrew of local authority pay scales, publidy availab tAy review data and cost of living data, as well as infomiation from recruitment market sources. Performance assessmerts and pay I remunerats'on reviews are develo and proped each year by a TrusÈe subgroup compristrg the CEO. the Trustee iesponsiblefor HR, and the Chairof Trustees, these proposalsare then discus*d refined and agreed by the Trustee Board. Prospex FundraislNJ Guidance Prospex has adopted a diverse income generation strategy alongside comprehensive firHncBI poli(ies aJKI practices to ensure futyre financial viabilty and accountability. ensure funders have Confidence in our organisational integrity through aaing prof essionally in all areas of fundraising. Income generaiion is the responsibilty of our BusTne&8 Developmert Manager (BDM). a paid role in the Charity. The BDM, as a member of staff. is subject to the same professional standards as dl members of the Pros charity's staff team. includingenharted Discbsureand Baring checksand regular supeNisK)n. The role of the BDM predominanllyconsists of applying forand securing grants and contracts from statutory souices, charitable trusts and overseeing our individual giving through regukr commuricaticn. Fundraising reporL% are submitted to every Trustee meeting alongside management accounts. Prospex embraS1he Fundraising Regulatorfs Stsndards. endeavourto ensure our funding supporters ha trust and Confiden in our fundratsing integrity indudiNJ treating people f[lY and with respect. explainiThJ wr cause in a way which does not mislead people. and being sensitive to people who may be in vulneralk cirCumstans. To ensurewe ad in accordance wilh these prinoples Prospex hasadopted Ihe Fundraising Regulatorfs Guid in the tollowing areas l. Behaviour when fundraising 2. Responsibilities of charitable instibjtions and Ihose who govern them 3. Processing personal data (Information) 4. Processing donations Detailed infompti¢m aboutlhiscode of practi is availa)le at
Prospex TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2024 (c(Nrtinued) Independent EXaMirS The independent examiners, Paul Howley and Co Ltd. have expressed their willingness to continue in offi. Conclusion On behalt ofthe Trustees, the Trusteeswould like io expresstheirdeep grab"ttJde to all those who in so manyw contribute so generouslyto Prospex. It isthisgenerositylhatmakesourworkpossible. Thankyou to the wide raroe of funding organisaii¢Ms, corporates. businesses. charittble foundations, personal givers, and publlcfundersO together fund Prospex. Thank you to all the individualsand oroupswho selflesslygive their bme and expertise in supporting ourOperationalTeam in deliveriro prOspeSSer¥iceSand maingitall happen.Thankyouto the m organi5ab.ons who partnertogetherwith Prospex to enable us broaden and deepen the soluoons we provKÈ atKI Ihank you to Ihe Operational Team who are so utterly dedicated to Prospex. tt is the total contnbutton of all these elementswhen puttogether that enables Prospexto make such a diffe in our community. Please spread the word. Mike Hickes - c1r of Trustees es 21st January 2025
Prospex TRUSTEES REPORT FOR TrIE YEAR ENDED 31 MAY 2024 (CONTINUED) CE(Ys Report We have had an extremely busyyear which has seen us workwilh moreyoung people across Islington than ever and new partnershipsto strengthen ouroffer. ft has been anotheryearof seeing ourteam grow and we also won an award! Street team This has been a hugely successful year delivering the firstyear of the Islington Enhanced detached youth wo programme across Clerkenwdl. Bunhil. Tufnell Park. Finsbury Patk. Mildmay and the Elthome Estate. We hav2 also expanded with the VRU Robbery Fund which sees a team engaging young peop 3 aftemoons aweekin the N19 area of the Borough focusing on young people at risk of being exploited or those on the edges of exclusion. sin the start of the offer the team have had 1932 ellgagernts wtth young people in designated areas. An engagement is defined as having had a conversalion eitherto Introdu the team or a tnore in-depth di5cusg)n aboutyoung people's needs and interests. Physical activilies such as bowling, focrtballand basketballtsurnam&ts have been great oIStt} connectwith young people, and encourage them tofocus on their physical and emot.onai wellbeing. The team have been able to support young people to asS Ihese including through providing necessary equipment5uch as boots and shin padSforyoungpeop attendingthe'Playon the Pit¢h' day atArserd stadium Trips have also proven popular. and by uts"lising cafes and olher wami spaS the team have been able to ha significantconversatiorL%with young people in need of sUpt. A notable instance being when Ihe teaffl sUPPOtMJ ayoung personwho had 1eftcol1egedue poOrMen healthtoexploretheir Optionsandwrite aletter requestiNJ support and advice to the college by making use of W-fi in a local cafe. We continueto deliverdetached youth work in and around Ihe borough covering Laycockward, Caledonian Watl and Hollowaywardwith a highfocuson North Road andthe Ringcrossareafunded bythe Hyde Foundation.Thi5 included thisyeara Rise up project that focused on 13 young people who ourstreet team have known forthe past 4 years with a 3-month intensive programme to really engage them, Challge behavi(xJrs and to integrate tHn In ourwiderhub programme,asaresult9gainedaccreditstion, 2wanttojoin ournextyoung leaderspr0lme and 6 now altend the youth hub sessions regularly. The programme was a mix of actvities and learniro opporttjnities and proved a real success and a templale fof fure groups also won a consortium bid called The Kickback Projectwhich is a violence reduaion initiattve fun(*d by ttE My Ends VRU programme. This is made up of a collection of communtyand grassroots organisationsdedicaknl to reducing violen, providing positi've activil]'esand increasing OppOrnIeS1oryoUng people to make Finsbury Park a better placeto live, workand thrtve. The consonium is made up of Prospex, Wpers, Jigsawand LEAP and together we offer detached youth worK mentoring support, universal youth support gangs and violen intervent"on, youth voice, parentand famlysupp(rt therapeutic suppcrL leamingand develcpmertand communty partherships. The undergr(nd Youth Ceiitre. This year has seen us engage 160 young peoplewith a fullweeldy programme forthe 8-13s and 14+. Offeriro a safe space. sports, crafts, workshops. a hotmeal, the Prospex studio, Duke of Edinburgh award. trips and so mLth more.This is a playOUng people andfamilieshavetold ustheyfeelcomfortableand havefun. leam new ski115 and grow as young people. The Elthorne Youth Hub In response to recentyouth violence on the Elthome Estate, including several murders. Prospex launched ayouh hub in October2023 in pathershipwith Elthome Prideand Islington Coutril.The huboffersasafe spaCefOrj people aged 13-19 to engage in positive activits"esand relax. sin its launch. 60 young people have participat1, including Ihose direcuy affected bythe violence. The hub provides vlouS activities. yjch as pool, gaming. ans and crafts, DJ workshops, and boxing sessions Special events indude a London scavenger hunt a gaming day, and first aid workshops. Young people are encouraged to share feedbad(to shape future athvitses. The hub also facililalesissue-based sessionson safety, mental health, and other relevant topics. In addition to activities, the hub offersfood, partjujlatyva1d byyoung pecpleImCted bythe cost-of-liviig cri. The team collaborates with other ServiS, making refeffals for additional support where needed. The hub has received positive teedback from participants, who value it as a safe and supportive space.
Prospex TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2024 (C(WITINUED) CEO'S Report .1 like coming here because ifs a plaWhere young, like-min(d peopÈ can ojme together to have fun, rela and enjoy various actiwties.ll also has given me many OppOrnieS to leam whilst having fun. forexample wFEn people from StJohns Ambulance (2me and taughlus CPFf~ Young Person. Elthorne Glrls Work This has seen us deliver weekly sessions supporting 80 girls throughout wilh what is a popular and essent programme. The weeklysessions exploretopics relevarntoyoung women andinclutd a podcastseries 0fen inworkwheregirfsmetyoung entrepreneursto inspirethem fortheirfutures.Thegirlsgroupalso had aresidentiaj weekend to build on the weekty sessions She is Supp(xted aka The SIS prect We are very happyto annOunthat we have been Granted 'Deliverand Develop, funding forthe next iwo yeaE5 by Propel London and this will increase the joined-up Girlsvknrk offer in Islington. This is a consortium is made up ofProspex, MarWs Youlh Club.The Brandon Centreand HighburyRoundho and so far is supporting 80 girls across the borough. The aims are to offer Acce&£ible weekly free Girls Groups across the borough 6 weeks of individual mentDring for 360 Girls by either a wellbeing ambassa(br or Youth worker. (140 supported so far) There is a IherapeuDC pathway with The Brandon Centre for 50ffj0 high risk girls & Young women. An annual residential for 40 Girls and Young l(bmen who are part of The SIS Project Yearly will be recnjiting and training 8 wellbeing ambass&Jors a yearto support young people in peer mentor¥wJ. Ideally 1-2 WA per Home club. There isalso 6 Islington Girls SuperGroups ayearforGirfswho are partof any Girls Group acrossthe borol coming together as a whole for a range of exciting OppOrn1"es. It has been goingwell and included its first residential weekend for40 girfsfrom acmssthe borough.whichwasa huge Sucss. By worting in partsiership and modelling whatposilive relationships beiween women can looklike. the team ha seen the young women become more confKlertto make new friends. speak openly aboutthe issues they face as girls. and encourage each otherto succeed. 'it will make the idea of therapy and counsellng a lot less scary for young people because Ihey haveny gotta somewhere that is unfamiliar." _ Carole. Prospex T It has been anotheryearwherewe have been able to offeryoung people a massiverange of outtjoor activitie5 a residents'al weekends. This has included regular canoeing and kaya]allo with qroups for our 8-13 with ac*ieving their certFficates. along with 3 ofour 16+ gaining their paddle instructorscerts"ficatesalong with oursenioryouth workerand anoth youth worker. This means that the young people eam as paddle insiructors. We have delivered 10 residential weekerKls and our five-day summer camp over the year for 82 young peopk, each giving the young people the OPPOnunityto experien new Ihings. come out of their comfort zones aThJ develop new friendships. These always challenge and build Confiden and selfosteem. We were exciÈd to re1ve Ihe London Youth A(fventure Awa Novemberthal celebralesthis worf( and gave us a real boost to carry on.
Prospex TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2024 (CONTINUED) CErys Rept Wellbelng at Prospex We are delighted to have finally recruited both our supemsor Iherapist and on site therapist tor young people at Prospex. This is a progression of our PLC programme (Prospex Listens and Cares) PLC aims to provide emotional well-being counselling foryoung people. Provide fast acsS counselling foryoung people with qualified therapists. From the completion of the referral forms young people can be seen within weeks of these being received. Provide professional supetvision for Ihe therapists and the youth workers who work regularfy with the young people. This has been the progression from its launch during covid in 2020 offering online therapy to now having tace to face sessions also available. Our One-2-One support has also grown. and we have supported 26 young people over Ihe year, with a structured 6-week programme that allows us to assess the support the young person needs whether that is just a regular rneet with a youth worker lo chat or a referral to PLC. One-2-One takes many forms from boxing Ifikness sessions. a chat over a coffee orsoftdrink, a craft activity all with the purpose on workn.ng on issues or behaviours that are affecting the young people. This has helped young people with Anxiety Understanding emotr'ons Behavioural issues School exclusions Anger Family issues Griefiloss of a parent Coping with divorce Self-harm Depression School pressures .1 leamt how to express rny own feelings. °Mindful Gratiknde. .1 leamt how to control my emotions"_Young People. Prospex This has given a overview of the year and the key aTeas f work but Ihere has been so much more chard Frankland (Beefj CEO 21 January 2025 io
Prospex STATEMENT OF TRUSTEE RESPONSIBILMES The trustees (who are also diredorsforlhe purposesof company law) are responsible for preparing the Trustees, Report and the Accounts in accordan with applicable law and United Kingdom Accounts"ng standards (UK Generally Accepted Accountsng Practice). The law applicable to charities in England & Wates requires the trustees to prepare Accounts for each finan(ial yearwhich givea true and farviewofihe sLate ofaffairsofthe charitable companyandoftheincoming resour and application of resources ofthe charttable companyforthat period. In preparing these Accounts. the trustees are required to- Select suiiable accounting policies and Ihen apply them consistenity" Observe the methods and principles in the charities SORP" Make judgements and estimates that are reasonable and prudent State whether applicable accounting standards have been fo1bw, subject to any material departu disclo*d and explained in the Accounts. Prepare the Accountson the going concern basis unless it is inappropriateto presumethatthe charitalle Company will conlinue in operation. The trustees are responsible for keeping properaccountiry records thatdisclose with reasonable accuracy at ary time the tinancial positt.on ofthe charitable CompYand enable them to ensure thatthe Accounts complywilh trE 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 takiro reasonable steps for the preventon and detects'on of fraud and other irreoularities. The trustees confimi thatthey have complied wilhlheirduty underseclion 17(5) ofthe 2011 CharitiesAct to haNE due regard to the guidance published bythe Charities Commission. So far as each trustee is aware, there is no information relevantto Ihe Independent Exafflinatson of which the independentexaminers are unaware. The trustees confimi thatthey have taken all the stepstheyoughtlo havetaken in orderto make Ihemselves of any infom7ati relevantto the Independent Exam inationand to make the independenl examliersaware of thal information. Approved by the trustees and signed on their behalt lry: Mike H kes Chair of Trustees 21 January 2025 li
Prospex REPORT OF THE WDEPENDENT EXAMINER I reportto the charty trustees on myexamin&ion of the Accountsofthe charitable companyfortheyear ended 31 May 2024. Responslbilities 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 Ihe preparation of the accounts in accordance with Ihe requiremer15 of the CompanEs Act 2CM ('the 2006 Acr). Having satisfied mysell Ihatthe accounts ofthe Companyare r7otrequired to be audited under Part 16 of the 201 Act and a eligibleforindependtex8MlnatiC, I report in respectof myexamination ofyourcharrty's accoun as carried out undersethon 145of the Charitie5Act 2011 ('the 2011 Act). In rying out my examination I haNE followed the Directions given by the Charity Commission under section 145(5) (b) of Ihe 2011 ACL Independent examiner's statement Since the Company's gross income exceeded £250.000 your examinermustbe a memberof a body listed i) section 145 of the 2011 Act I confimi that l am qualified to undertake the examnaticm because l am membw The Association of Chartered Certified Accountants, which is one of the li*ed bodies. I have completed my examination. I confirm that no rnatters have come to my attention in connection with the examination giving me cause to believe.. l. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act" or 2. the accounts do not accord with those records; or 3. the accounts do not compty with the accounting requiremerts of seclion 396 of the 2006 Act other than any requirementthatthe accountsgivea'true andfairviewwhith isnota matterconsidered aspartofan independ examinats'on- or 4. the accounts have not been prepared in accordan with the methods and principles ot the Statement of Recommended Practiceforaccounting and reponing bychariiies lapplicableto charitses preparingtheiraccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concems and have come across no othermatters in conneclion with the examinationto which attenti should be drawn in this reportin 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 IBB 21 January 2025
Prospex PROSPEX UMrrED (REGISTERED CHARrrY NO 1087591. COMPANY NO 04224699) STATEMENT OF RNANCIAL ACTivmES FOR THE YEAR ENDED 31 MAY 2024 Unrestrict&l Restrictal Funds Total Total Funds 2024 2024 2024 2023 Note INCOME Income from generated funds Donations and grants Rent reiVed 82,039 2.495 15,580 11,286 442.407 524,446 2,4g5 15.580 11,286 363,172 12,689 13,500 Gift ald refund Interest received Total Income 111,400 442,407 553,807 389,361 EXPENDrruRE Managing & Administering the Charity 123.934 123,g34 iig.053 Charilable Activitses 396,943 396,943 267,790 Total Resources Expended 123,934 396,943 520,877 386,843 Net income I movement in lunds (12,534) 45,464 32,930 2,518 Reconeiliation of Funds Balan as at l June 2022 194,189 174.438 368,627 366.109 Balance as at 31 May 2023 12113 181.655 219.902 401,557 368,627 For the purposes ofCompanyLaw, the above SOFA is also an Income and Expenditure Account The annexed notes fonn part oflhese Accounts
Prospex PROSPEX LthItTED (REGISTERED CHARtrrf NO 1087591, COMPANY NO 04224699) BALANCE SHEEfAT 31 MAY 2024 2024 2023 Note FIXED ASSErs CURRENT ASSErs Debtors 18.929 555,807 574.736 16.059 497,851 513.910 Cash at bank and in hand CREDrroRS'. Amounts due within one year io (173.179) (145,283) NEfcuRRENT ASSErs 401.557 368,627 401,557 368.627 FINANCED BY: Restricted Funds 12 219,902 181.655 174,438 194,189 Unrestrlcted Funds 13 TOTAL FUNDS AT YEAR END 401.557 368,627 R)r the financial year to 31 May 2024, the company was entilled to exemptson under secton 477 of the CompaniesAct2006 relats'ng to small companies. No members have required the company to obtsin an audit of its accounts for the year to 31 May 2024, in accordance sectron 476 of Companies Act 2006.The directors acknowledge their responsibility for complying wilh the requirements of the Actwilh respect to accounting rewrds and for the preparation of accounts. These accounts have been prepared in accordance with Ihe provisions applicable to companies subjectto Ihe small companies regime. The annexed notes tomi part of these Accounts The Accountsw reap roved by the trusiees on 10 December 2024 and signed on their behalf by: Mike Hickes Chair of Trustses 14
Prospex PROSPEX UMrrED (REGSTERED CHARrrY NO 1087591. COMPANY NO 04224699) STAIEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MAY 2024 2024 2023 Net income I movement in lurnls Net income forthe financial year Adjustments for: Depreciation of tangible assets Interest reIVed 32,930 2,518 (11.286) (2,870) 27.896 (Increase)Idecrease in debtors (iecrease in crediiors 393 10.854 Net cash generated from operating activilies 46,670 13,765 Cash flows from investlNJ acdvities Interest received Net cash generated trom investiry activilies 11,286 Net Increase in cash aThl cash equfvalents 57,956 13,765 Cash and cash equivalents at beginning of year Cash and cash equivalents at the end of year 497,851 484.086 555 807 497 851 Cash and cash equivalents at the end ot the Year comwlse: Cash at bank and in hand 555 807 497 851
Prospex PROSPEX LNrrED (REGISTERED CHARtrY NO 1087591. COMPANY NO 04224699) NOTES TO THE ACCOUNTS FOR TrIE YEAR ENDED 31 MAY 2024 ACCOUNnNG POLICIES Basis of preparation of the Accounts The Accounts have been prepared under Ihe historical c05t convenfr'on and in accordance with the Statementof Recommended Practs"ce'. Accounb"ng and Reporb"ng by Charities preparing their accounts accordance with the nanCIal Reporting Standard applicable in the United Kingdom and Republic or Ireland (FRS 102) and the Charits'es Act 2011 and UK Generally ACpted pra[ce. Prospex meets the definition of a public benefitentity under FRS 102. Having considered future plann&l aaiMties and Ihe resources avwlable L) the charttable company, tte trusteesare satisfied thatthe Accounts should be prepared on the going concern basis. Incomiry resi)UTces All incoming resourcesare induded inthe Statementof nanalAC"VltieSwhentheCharitablecOM9ry is e[rtIed to the income and the amount Gan be quaniified with reasonable accuracy. The follobMrKJ specific poliaes are applicable to categorie5 Ot income- Donations and Grants Incomefrom donations and grants is induded in incoming resourceswhen these are receivable. ex0 as follows= lthen donors specity that donations and grants gNen to the charitable company must be used in future accounting years, the income is deferred until those years" Mthen donors impose condits'onswhich haveto be fulfilled before Ihe charitable company beccwnes enti11ed to use such income, the income isdeferred and not induded in incoming resour until trE pre-conditions tor use have been metand: Imien donors specitythat donations and grants. induding capikl grants, are for particular restricted purposeswhich do not amountto pre•conditionsforentitlementthis income isincluded in incoming resources of reslrscted funds when re{vable. Interest, rent and GiftAid receffvable These re1VableS are included in the Statementof nanCIat Activitses on an accruals basis. Resources expeNled Resourcesexpended are included in the Statementof Rnancial Activits"eson an a(181'S basis, inclus of any VAT which cannot be recovered. Certain expenditure is directly atttibutable to specific activitss and has been induded in those calegories. Certain othercosts. which ate aIbutab1e to fflore than or activity, are aPPOllioned acrosscost categories based on an eSt[M ofihe proponion of ts.me spent by statt on Ihose activities. Fund accounling Funds held by the charitable company may be: neralfvnd - these arefundswhich can be used in aCrdanwlth Ihe tharitsble compaS objectives in the discretion of the trustees. these are funds set aside by the trustees OLrt of unrestricted general fLMYts for specific future purposes or projects. Restri nds - these are funds that 7 only be used for particular restricted pUoseS within the objectives of Ihe charity. Restrictions arise when specified by Ihe donor or when funds are raised f particular restricted purposes. 16
Prospex NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 (CONTINUED) Tangible fixed assets and depre¢ot Individual fixed assetscostsng £1.500 or more ate capitalisedatcost Impaimient reviews are carried ( by the ITUStees as and when arcuMstanS indicate a necesstty. Depreciation is calculated to write off the cost of each asseL less any estsmated residuai value of each asset over its expecte(J useful lifr as follows: ccpUter ]u1)ment VehicÈs 33% on wntten down value. 2096 on written down value. Current debtors arKI credit(Ys Debtorsand creditorswith no slated interest rate and receivable or payable within one year are recorckd at Iransaction pri. Deferred incfwne Donations which have restriclions to which period they can be spenL Restricti'ons arise when specifHI by the donor or when funds are raised for parlicular restricted purposes. LEGAL STATUS OF THE CHARrrY The charity is a com pany limited by guarantee and ha5 no share capital. The liabilityof eath Memb the event of winding up is limited to £1. DONATIONS AND GRANTS RECEIVABLE Urwestricted Restricted Total Total 2024 2023 Grants (see note 15) Donats'ons 442,407 442,407 82.039 296,413 66,759 82.039 82,03g 442,407 524,446 363,172 RENTAL INCOME This represents income received from renting outthe Underground Centre to other parlieswhen it is not being used by Prospex. 17
Prospex NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 (CONTINUED) EXPENDrruRE ON MANAGING AND ADMIIISTERING THE CHARrrY unreStrted Restricted Total Total 2024 2023 Staff costs 57,479 3,502 11.286 57,479 3,502 11,286 77,682 334 Insuran Telephone and infomation systems Independentexaminerfees 10,249 2.010 Vehicle running costs Other costs 1,515 47,508 1,515 47.508 1,739 27.039 123,934 123,934 119,053 EXPENDttURE ON CHARABLE ACTivmES Unrestrted Restrthd Total 2024 2023 Apportioned Staff costs Charitable projects (including apportioned staff costs) 107.846 107,846 104,884 289,097 289,097 162,906 396,943 396,943 267.790 STAFF COSTS AND TRUSTEES I DIRECTORS REMUNERATKIN AND EXPENSES 2024 2023 Total staff costs comprise: Salaries and wages Social security costs 346,647 15,162 263,169 13,402 261,809 276.571 The average number of employees was 20 (2023- 15) No employee reiVed remuneration in eXsS of £60.CK)O during the year ended 31 May 202 4 (2023: nil). No trusteeldirector was remunerated or received any expense panertS during the year ended 31 May 2024 during the preceding year. Volunteers WO across all areas of the tharity including fa-to-fa delNery with young people, administratic roles. accounts. trustees and special advisors.
Prospex NOTES TO THE ACCNTs FOR THE YEAR ENDED 31 MAY 2024 (CONTINUED) TANGIBLE FIXED ASSETS Pkn and equlpment vehlcles Total Cost At 31 May 2023 Additions 16,743 13,069 29,812 At 31 May 2024 16,743 13,069 29,812 Depreciation At 31 May 2023 Provided for the year At 31 May 2024 16.743 13.069 29,812 16.743 13,069 29.812 Net l)ook value At 31 May 2023 At 31 May 2024 DEBTORS 2024 2023 Pre-payments and accrued income 18.929 18.929 io. CREDrroRS: FALUNG DUE 1N ONE YEAR 2024 2023 PAYE and National Insuran 3.685 9,9916 159,578 173,179 3,017 4,170 138,096 145,283 Accruals Deferred income ii. DEFERRED INCOME 2024 2023 Deferred income l June 138,096 126,208 Released in the year Accrued in the year (138,096) 159,578 (126,208) 138,096 Deferred income 21 May 159,578 138,096
Prospex NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 (cop¥fiNUED) 12. REsTRTED FUNDS Asat 01106r2023 Incom*vJ CXrtgThrrfJ Resowces Resowces Transfers Transfers Asat 31105r2024 Prospex Youth Hubs Prospex Street Team Prospex One0200ne Administration and Management New Building Green Power Chri51mas Hampers Jack Petchey Minibus Breathe Proje(X Kitchen Social Holiday Scheme Keeping It Imld Newby Truest Covid 19 Program Woodward Trust Covid Program Hyde Housing Covid Relief Program LCR Covid Vtave 3 Getting Active Postcode Lottery PLC Mental Health Packington Street Team Sports Leadership Gift Ball and Signs Wndrush Program Sports England Youth Music Podcast Program Detached Program JP Intem Program Administration Costs LBI Rise Up Kitchen refurb LBI Podcast Gosling FoundatFon Sport England SG Million Hours Propel Cajon Project Nepal Funding Cloudesley 121 Elthorn House Masonic re Core Costs Garfield Weslon re Core Costs 13,212 34,973 10,944 20 3.623 5.705 491 14.042 2.409 7,279 4.086 75 1,048 70 632 20,033 9,801 19,561 19.432 2.692 107.846 3.623 5,705 19,389 25,342 8,252 lo726 {5,705) 2.000 3.099 2.364 15.326 127 1.815 2,409 15,091 9.720 1,908 4.086 23,589 27,314 5.137 8,937 1,048 70 632 858 858 783 1,261 5.137 5,162 5,407 565 2,196 2,008 478 3,102 4.267 35,407 9,198 783 921 (5.137) 47,108 3,283 313 48,987 5,094 565 1,980 2,008 478 2,180 216 4,541 5,463 4,267 83.454 17,736 4,023 1,119 15.179 2,036 7.278 89,998 8,538 4.023 3,134 15.179 3.622 11.672 11.536 10,570 19.517 2,150 300 4.326 6,400 5.000 41,951 2,015 1,586 4,394 5,491 2,032 6,522 1,332 300 913 6,400 8.538 12.995 818 3.413 5.000 174,438 442,407 396,943 219,902
Prospex NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 (CONTINUED) 12. RESTRICTED FUNDS CONThIUED MAJOR PROGRAMME oAlLs. Prospex Y(xrth Hubs Providing a safe pla where young people can meet, socialise, and gain support from the Prospex team Prospex Street Teams Ongoing detached work. Prospex One A projertwhich helps to developyoung people on a one- to-one basis. New Building General improvements. Green Pcwer Projects that focus on green issues. Chrlstmas Hampers Providingfestive food hampers to families we work with who need a helping hand at this time of year. Jack Petchey GNen forthe youngpeople'sachievements. Each award is £31X) to be used in a way that benefits the group. Funding receÈved forthe purchase of mini-bus. Initial purchase posted to fixed assets, running cots allocated here. Mlnlbus Givingyoung people the opportunities to get out of the rban environment and into the countryside to challenge them both physically and mentally. Breathe Project Kitchen Social Fundingto provide a fully cooked meal foryoung people during the school holidays. Providing day time provision, activities, trips, and summer camp throughout the year during the school holiday periods. Hofiday Scheme Woothard Trust Covid Program Supporting ouryoung leaders programme. PLC Mental Health Fundingfor work aimed at the mental health of young people. The development of a tech hub, a creative space for young people to learn and create music, film. photography, art and digital content. Technology Hub Sports Eryland Supporting young people in developing Kayaking skills. 21
Prospex NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2024 (CONTINUED) RESTRICTED FUNDS CONTINUED Youth Music Providing the studio managerforthe tech hub teaching young people how to write music and DJ. Podcast Program The Prospex Podcast, a youth led podcast. Detached Program Ongoing detached work. JP Intern PrraM Paid Youth Work Assistant Intern. Masonic Fundlng Supporting ourgeneral work. 13. UNRESTRICTED FUNDS 2024 2023 As at l June 2022 194.189 (12,534) 206,253 (12,064) Net movement in funds As at 31 May 2023 181,655 194,189 2024 2023 Designated reserve - Staff Costs 59,400 35,179 94.579 83,156 27.774 - Other Costs 110,930 General reserve 87.076 83,259 181.655 194,189 RELATED PARTES There were no relaEd pary transath.ons during the period.
Prospex NOTES TO THE ACCCKJNTS FOR THE YEAR ENDED 31 MAY 2024 (CONTINUED) 15. RESTRICTED GRANTS Funding Source 2024 2023 London Borough of Islington The National Lottery Reaching Communi1ies Fund City Bridge Trust Anonymous Donatsons Brandon Centre 108,799 87,616 47,108 37.656 18,963 15,000 11,536 io,ocrf) 9.981 9.801 9,470 8,920 8.538 6,672 6.400 5,000 5,000 4,541 4.325 3,750 5,134 2,500 2,303 2,150 2,042 2,000 3.250 1,800 1.299 553 49,711 78.740 3,525 44.507 Garfield and Ston Foundation Sports England Small grants Betsy Foundation BBC Children in Need- Small Grants Programme Hyde Charilable Trust LBI- small change big impact TNLCF 15,000 10,000 10,480 19,000 Jack Petchy Intern Gosling Foundation Elthorne Pride 12,840 Charles S French Charitable Trust Masonic Chanlable Trust Youth Music Trailblazer Fund Richard Cloudsley Foundation Barbra Ihknrd Children's FoUndlOn 5,000 1,668 London YoLrth Enterprise Holdings Foundats"on Xmas appeal transfer Music for All Co-op Community Fund Isledon Arts 1,500 2,000 Mayor of London JP Achievemeni award Jack Petchy Foundation Propel Funding Contact a Family Two Magpies Fund Southem Housing Foundation JP AchievementAward 24. JP Small Grants GLA- Mayovs Young Londoners Fund Hyde Housing Foundation Pakington The Lonoon Community Foundation Jack Petchy Foundatson Reignite LBI HAF Funding 2,250 900 1.800 300 2,500 1,932 956 8.598 8,470 7,000 5,000 3,036 296,413 442,407