Prospex (A company limited by guarantee)
Annual Report and Accounts Year ended: 31 May 2025
Charity No: 1087591 Company No: 04224699
ANNUAL REPORT AND ACCOUNTS
YEAR ENDED 37 MAY 2025
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Contents|Page|
|Legal|and|administrative|information|4|
|Trustees|/|directors|report|
|(Incorporating|the|CEQ’s|report)|2|
|Statement|of trustee|responsibilities|11|
|Report|of the|independent|examiner|12|
|Statement|of financial|activities|13|
|Balance|sheet|14|
|Statement|of cash fos|16|
|Notes|to the|accounts|16|
----- End of picture text -----
LEGAL AND ADMINISTRATIVE INFORMATION
Status
The organisation is a private 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 Robin Vos Marjorie Waymouth (resigned 9 July 2024) Aneisa Bolton (appointed 9 July 2024)
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
4
TRUSTEES REPORT FOR THE YEAR ENDED $34 MAY 2625
The trustees present their Annual Report and Accounts for the year ended 31 May 2025. The trustees are also directors of the charitable company for the purposes of company law.
The Trustee’s Report has been prepared in accordance with the Charities SORP (FRS102), the Financial Reporting Standards applicable in the UK and Republic of lreland, 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 2025 was 7.
The organisation is a charitable company iimited 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 peopie 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
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 peopie. We put young peopie first and support them in building self-confidence, developing lasting friendships, gaining new experiences and in developing life and employment skills.
2
TRUSTEE REPORT FOR THE YEAR ENDED 31 MAY 2025 (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.
islingion 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 menial 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 ihose 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 parinership with islington Council. This initiative nas 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;
-
Dynamic, integrated solutions - 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.
-
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.
-
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.
-
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 peopie to becomea part of creating a safer, more secure community, a better place to live in, work in and thrive in.
-
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 environment
3
TRUSTEE REPORT FOR THE YEAR ENDED 31 MAY 2025 (continued)
The Trustees Board
The Board of Trustees meets every two months. The Board is comprised 7 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
Aneisa Bolton - Youth Work
Robin Vos, Legal and Company Secretary
(Note. Since the end of the financial year the St. Andrews nominated trustee, Aneisa Bolton, has had to resign her position due to outside work and personal commitments. St Andrews is actively searching to find a replacement)
Special Advisers
Isabelle Gerretsen: Special Advisor, External Communications and Promation
lan Middleton, Financial Analysis, reporting, and accounting support
Operational Team
Richard Frankland, CEO
Alan Hopson, Senior Youth Worker
Carole Degirmenci, Senior 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
Amol Rajan (Journalist, Broadcaster and Writer))
JHC Haynes (former Chief Executive of Haynes Publishing PLC)
Dame Emma Thompson DBE (Actress and Screenwriter)
4
Prospex
TRUSTEE REPORT FOR THE YEAR ENDED 21 MAY 2025 {continued)
Safeguarding
Praspex has a dedicated 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 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 £619,983 of which £553,807 was given with restrictions on its use. Total resources expended amounted to £634,665 giving a deficit £14,682. Total reserves at the balance sheet date stood at £386,875 of which £236,903 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 2025 stood at approximately £149,972 (2024: £181,655). The Trustees have designated £68,200 (2024: £94,579) 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 or with other financial institutions offering more competitive rates.
Prospex
TRUSTEE REPORT FOR THE YEAR ENDED 31 MAY 2025 (continued)
Prospex pay and remuneration policy
Prospex pay and remuneration policy is based on three factors.
-
A performance based annual review of each employee against goals agreed and defined with their supervisor each vear.
-
An element related to protection 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 and remuneration we provide employees.
Our policy is to be highly selective in both the recruitment and retention of our employees, to ensure we hire, motivate, and retain the very best. In this respect we therefore aim to position our pay above market average rates.
For market comparators we rely on a combination of review of local! authority pay scales, publicly available pay review data and cost of living data, as well as information from recruitment market sources.
Performance assessments and pay / remuneration reviews are developed and proposed each year by a Trustee subgroup comprising the CEO, the Trustee responsible for HR, and the Chair of Trustees, these proposals are then discussed refined and agreed by the Trustee Board.
Prospex Fundraising Guidance
Prospex has adopted a diverse income generation strategy alongside comprehensive financial policies and practices to ensure future financial viability and accountability. We ensure funders have confidence in our organisational integrity through acting professionally in all areas of fundraising.
income generation is the responsibility of our Business Development Manager (BD), a paid roie in the Charity. The BDM, as a member of staff, is subject to the same professional standards as all members of the Prospex charity's staff team, including enhanced Disclosure and Barring checks and regular supervision. The role of the BDM predominantiy consists of applying for and securing grants and contracts from statutory sources, charitable trusts and overseeing our individual giving through regular communication. Fundraising reports are submitted to every Trustee meeting alongside management accounts.
Prospex embraces the Fundraising Regulator’s Standards. We endeavour to ensure our funding supporters have trust and confidence in our fundraising integrity including treating people fairly and with respect, explaining our cause in a way which does not mislead people, and being sensitive to people who may be in vulnerable circumstances.
To ensure we act in accordance with these principles Prospex has adopted the Fundraising Regulator’s Guidance in the following areas
-
Behaviour when fundraising
-
Responsibilities of charitable institutions and those who govern them
-
Processing personal data (information)
-
Processing donations
Detailed information about this code of practice is available at https:/Iwww.fundraisingrequlator.org.uk/code/allfundraising/responsibilities-charitable-institutions
6
Prospex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2025 (continued)
Indenendent Examiners
The independent examiners, Pau! Howley and Co Ltd, have expressed their willingness to continue in office.
Conclusion
On behaif 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 possibic. 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 individuais and groups who selfiessly 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
Chair of Trustees
20 January 2026
Prosmex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2025 (CONTINUED)
CEO's Renort
introduction
This year has been one of continued growth, reflection, and innovation for Prospex. Our work across Islington and beyond has fecused on supporting young people in a wide range of settings — from street-based engagement to creative and therapeutic projects. Despite ongoing challenges in youth work funding and increasing compiexity in young people’s lives, our staff and volunteers have remained committed, adaptable, and compassionate. | am incredibly proud of their dedication and of the positive impact we have made in the community. We were shortlisted for the Children’s and Young Peoples Now Awards.
Street Team — isiington Enhanced Detached Project
Our street teams have been operating in the following areas over the last year - Finsbury Park, Cierkenwell, Bunhill, Caledonian Road, Mildmay, Elthorne, Archway, Laycock, Holloway and Tufnell Park. We have 5 teams, and they deliver 84 hours of detached work a week (plus extra hours for trips and individual support). In each session they will see between 10 — 25 young people.
Our Street Team has continued to play a vital role in engaging young people where they are, building trust and offering early intervention. The Islington Enhanced Detached Project has strengthened our visibility and responsiveness working in the above areas, allowing us to identify young people at risk of exploitation, offending, or social isolation. Through regular detached sessions, the team has provided guidance, signposting, and practical support, helping many young people re-engage with education, employment, and positive activities.
Robbery Fund
The Robbery Fund has enabled us to respond swiftly to young people affected by youth violence, theft and exploitation in the Archway area of Islington. This targeted resource allows us to offer a detached presence at the crucial time as schools finish their day. The team have been a consistent presence and built strong relationships with young people and the community. The team have worked with key groups of young people and taken them on activities to strengthen their relationships. The project has worked in collaboration with local partners which has been crucial in ensuring timely and effective intervention. These have included Arsenal in the Community and Jigsaw GC.
North Road and My Ends
The North Road base has remained a key area for our detached youth work, offering consistent support to young people in the area and encouraging them to access our wider services at the Underground Youth Cenire. This year has also included two evenings of football coaching in Caledonian Park which has proved really popular.
The My Ends initiative, funded by the Violence Reduction Unit is a consortium made up of Prospex, Wipers CIC, Jigsaw GC and Leap Confronting Conflict, has further embedded us in the community of Finsbury Park, promoting collaboration between agencies to tackle violence and improve safety for young people in Islington. Through this work, we have strengthened relationships with schools, police, and community organisations to provide a fully holistic support to young people affected by youth violence. Our detached workers consistently engage with young people, steering them into positive activities, helping them find employment and supporting them through the[justice] system. This is a vital area for youth work and one that needs long term investment.
The Underground Youth Centre
The Underground has continued to thrive as a welcoming and creative space for young people. Regular sessions have provided opporiunities for socialising, skill development, and personal growth. We have seen sirong attendance and received positive feedback. The Centre remains central to our vision of providing inclusive, youthled environments where every young person feels valued. Our sessions offer young people a wide range of activities and support for 8-13s. 11+, 14+ and a dedicated Girl's group.
8
Prospex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2025 (CONTINUED)
CEO’s Report (continued)
Holiday Programme
Our holiday programmes have offered vital structure, enjoyment, and learning during schoo! breaks and has enabled 124 individual young people to access this support across the year. Activities ranged from sports and outdoor challenges to creative arts and trips, ensuring young people had opportunities to build confidence, social skills, and friendships. Feedback from participants and families has been overwhelmingly positive, highlighting the importance of these programmes in supporting wellbeing and reducing isolation. As with all our services this is free and this is important for those we support who otherwise would not have anything to do without such programmes. A big highlight is our annual Summer Camp which saw 40 young peanle spend 5 days at Maes Y Lade centre in North Wales for an amazing week of challenge, fun and friendship.
Prospex Studio — Music, Podcast, Film
The Prospex Studio continues to inspire creativity and self-expression. 104 Young people have engaged in music production, podcasting, and filmmaking — gaining both technical skills and confidence. The content created reflects their voices, experiences, and aspirations, giving them a powerful platform for self-representation. The Studio has become a cornerstone of our approach to youth empowerment through creativity.
Make sure you check out the Prospex podcasts available on Spotify, Apple and most platforms.
Girls Work
This has continued through both our weekly sessions focused on relevant issues girls and young women face. The Girls Super Group brings partner groups together monthly to widen their network and friendships across Islington. in addition, the SIS project gives support to girls across Islington including mentoring, peer mentoring, and therapeutic support to 80 girls.
The SIS project residential brought together 40 girls from across the borough for 3 days and our girls group saw 15 girls enjoy an amazing time at Woodrow House deepening their friendship with each other and trust with our workers.
Food
Providing free nutritious meals at our youth hub sessions remains essential to our sessions and over this year we have provided well over 4,000 meals.
Elthorne Youth Hub
Elthorne Youth Hub has expanded our reach into the local community, offering safe and engaging sessions for young people aged 11-19. Activities have focused on health, wellbeing and life skills, helping young people build resilience and positive relationships. The Hub’s success has been driven by a dedicated team who continue to create a welcoming and supportive environment.
Boxing
This has really developed and grown this year, and we provide 2 sessions a week at Rivals Gym on the Caledonian Road. We have also led sessions at Mildmay community Centre, our Girls Group, and open-air sessions with our detached work in Tufnell Park which proved popular with young people and parents. Boxing sessions develop discipline and focus, and each training session always ends with mentoring for each young person. It has been great to see how this really engages young people particularly those who are struggling with education. It is an area we would like to see grow and develon in the coming months.
fa)
Prospex
TRUSTEES REPORT FOR THE YEAR ENDED 31 MAY 2025 (CONTINUED)
CEO’s Report (continued)
Outdoor Adventure
Our outdoor adventure programme has remained a highiight of the year. Through camping, hiking and teambuilding experiences, young people have developed confidence, leadership, and problem-solving skills. For many, these experiences provide a rare opportunity to step outside urban life, connect with nature, and discover their own strengths. We have provided 11 residential trips which this year included the 100 mile canoe test, a 24 hr survival weekend, Angel barge trip and a highlight of a three-week trip to Nepal trekking to Bapak for two of our older young people and Alan, our Senior Youth worker - a life changing experience. Overall, this gave 84 young people the chance to engage in one or more of these opportunities. As well as this we also saw 7 young people gain their Start and Explore kayaking certificates and 3 young people and three of our staff team become canoeing instructors.
Wellbeing at Prospex
Wellbeing remains at the heart of everything we do — for both young people and staff. Our psychotherapy and mental health support service, Prospex Listens and Cares (PLC), has grown, addressing increasing demand and offering vital space for reflection and healing and we have supported 16 young people this year through this programme. We have also worked to embed a culture of openness and support within the team, ensuring staff wellbeing is prioritised.
We have also supported 34 young people with one-to-one support over the year.
Staff Training and Support
Investing in our team has been essential to maintaining high standards of practice. Over the past year, staff have engaged in training on safeguarding, trauma-informed approaches, mental health awareness, and creative youth engagement. Regular supervision, reflective practice sessions, and peer support have strengthened our collective capacity to deliver high-quality work. | am grateful that we have a dedicated and loyal team. Many members of our team have been with us for multiple years which is important when working with young people where trust must be earned and demonstrated.
Conclusion
This year has demonstrated the power of consistent, compassionate youth work to change lives. | want to extend my heartfelt thanks to our staff, volunteers, trustees, funders, and partners — and to the young people who inspire us every day. As we look ahead to our 25th Year, we remain committed to building on these foundations, ensuring Prospex continues to be a trusted, creative, and resilient presence in our community. If you would like to know more about any of our work, please get in touch via info@prospex.org.uk Pa GY Car A
Richard Frankland (Beef) CEO 20" January2026
10
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 charitabie 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:
-
e Select suitable accounting policies and then apply them consistenily; e Observe the methods and principles in the charities SORP; e Make judgements and estimates that are reasonable and prudent;
-
e State whether appiicabie accounting standards have been foliowed, subject to any materiai departures disclosed and explained in the Accounts;
-
e 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 Reporis) Reguiations 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 irusiees 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 behaif by:
beses i pe geeeeeeensweeesien
as iaiee
Chair of Trust
20% January 2026
11
Prospex
REPORT OF THE INDEPENDENT EXAMINER
| report to the charity trustees on my examination of the Accounts of the charitable company for the year ended 31 May 2025.
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, | 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 carrving out my examination | 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. | confirm that | am qualified to undertake the examination because | am member of The Association of Chartered Certified Accountants, which is one of the listed bodies. | have completed my examination. | confirm that no matters have come to my aitention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
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
-
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)}.
| 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 $70 1BB
20% January 2026
12,
Prospex
PROSPEX LIMITED
(REGISTERED CHARITY NO 1087591, COMPANY NO 04224699)
| STATEMENT OF FINANCIALACTIVITIES | STATEMENT OF FINANCIALACTIVITIES | ACTIVITIES FORTHE | THEYEARENDED 31 MAY 2025 | THEYEARENDED 31 MAY 2025 | |
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | Funds | Funds | ||
| 2025 | 2025 | 2025 | 2024 | ||
| £ | £ | £ | £ | ||
| Note | |||||
| INCOME | |||||
| Incomefrom generated funds | |||||
| Donations and grants | 3 | 67,421 | 528,794 | §96,215 | 524,446 |
| Rent received | (88) | - | (88) | 2,495 | |
| Gift aid refund | 18,209 | - | 18,209 | 15,580 | |
| Interest received | 5,647 | - | 5,647 | 11,286 | |
| Total Income | 91,189 | 528,794 | 619,983 | 553,807 | |
| EXPENDITURE | |||||
| Managing& Administeringthe Charity |
5 | 122,872 | - | 122,872 | 123,934 |
| Charitable Activities | 6 | - | 511,793 | 511,793 | 396,943 |
| Total Resources Expended | 122,872 | 511,793 | 634,665 | 520,877 | |
| Netincome /movementinfunds | (31,683) | 17,001 | (14,682) | 32,930 | |
| Reconciliation ofFunds | |||||
| Balance as at 1 June2024 | 181,655 | 219,902 | 401,557 | 368,627 | |
| Balanceasat31May2025 | 12/13 | 149,972 | 236,903 | 386,875 | 401,557 |
For the purposes of Company Law, the above SOFA is also an Income and Expenditure Account The annexed notes form part of these Accounts
12
Prospex
PROSPEX LIMITED
(REGISTERED CHARITY NO 1087591, COMPANY NO 04224699)
BALANCE SHEET AT 31 MAY 2025
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Note|£|£|
|FIXED ASSETS|8|-|-|
|CURRENT ASSETS|
|Debtors|9|67,930|18,929|
|Cash|at|bank and|in|hand|485,561|555,807|
|553,491|574,736|
|CREDITORS:|Amounts|due|within|one|year|10|(166,616)|(173,179)|
|NET CURRENT ASSETS|386,875|401,557|
|NET ASSETS|386,875|401,557|
|FINANCED|BY:|
|Restricted|Funds|12|236,903|219,902|
|Unrestricted|Funds|13|149,972|181,655|
|TOTAL FUNDS AT YEAR|END|386,875|401,557|
----- End of picture text -----
For the financial year to 31 May 2025, 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 2025, in accordance with section 476 of Companies Act 2006.The directors acknowledge their responsibility for complying with the requiremenis 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 annexed notes form part of these Accounts
----- Start of picture text -----
The AccountsTih. on 20 January 2026 and signed on their behalf by:
ssbb sbdesten
wine tickos O cswasawaawactNiteeNuerseswsaste0
Chair of Trustees
----- End of picture text -----
14
Prospex
PROSPEX LIMITED
(REGISTERED CHARITY NO 1087591, COMPANY NO 04224699)
STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MAY 2025
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Net|income|/|movement|in|funds|
|Net|income|for the|financial|year|(14,682)|32,930|
|Adjustments|for:|
|Depreciation|of tangible|assets|5|-|
|Interest|received|(5,647)|(11,286)|
|(Increase)/decrease|in debtors|(49,001)|(2,870)|
|decrease|in creditors|(6,563)|27,896|
|Net cash|generated from|operating|activities|(75,893)|46,670|
|Cash|flows from|investing|activities|
|Interest|received|5,647|11,286|
|Net cash|generated from|investing|activities|5|647|11,286|
|Net Increase|in cash and|cash equivalents|(70,246)|57,956|
|Cash|and|cash|equivalents|at|beginning|of year|555,807|497,851|
|Cash|and|cash|equivalents|at|the|end|of year|485,561|555,807|
|Cash|and|cash|equivalents|at the end|of the|Year comprise:|
|Cash|at bank and|in|hand|485,561|555,807|
----- End of picture text -----
15
Prospex
PROSPEX LIMITED
(REGISTERED CHARITY NO 1087591, COMPANY NO 04224699) NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2025
-
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:
-
e 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;
-
e 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;
-
e 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 attrioutable 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
-
e General funds - these are funds which can be used in accordance with the charitable company’s objectives in the discretion of the trustees.
-
e 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.
16
Prospex
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2025 (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 Vehicles
33% on written down value.
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.
- 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.
- DONATIONS AND GRANTS RECEIVABLE
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| 2025 | 2024 | |||
| £ | £ | £ | £ | |
| Grants (see note 15) | - | 528,794 | 528,794 | 442,407 |
| Donations | 67,421 | - | 67,421 | 82,039 |
| 67,421 | 528,794 | 596,215 | §24,446 |
- RENTAL INCOME
This represents income received from renting out the Underground Centre to other parties when it is not being used by Prospex.
17
Prospex
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2025 (CONTINUED)
| 5. EXPENDITURE ON MANAGING |
5. EXPENDITURE ON MANAGING |
ANDADMINISTERINGTHE CHARITY | ANDADMINISTERINGTHE CHARITY | ANDADMINISTERINGTHE CHARITY | |
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| 2025 | 2024 | ||||
| £ | £ | £ | £ | ||
| Staffcosts | 33,987 | - | 33,987 | 57,479 | |
| Insurance | 3,000 | - | 3.000 | 3,502 | |
| Telephone and information systems | 13,254 | - | 13,254 | 11,286 | |
| Independentexaminer | examinerfees | 2,678 | - | 2,678 | 2,644 |
| Vehicle running costs | 171, | - | 171 | 1,515 | |
| Other costs | 69,872 | - | 69,872 | 47,508 | |
| 122,872 | - | 122,872 | 123,934 | ||
| 6. EXPENDITUREON CHARITABLE ACTIVITIES |
|||||
| Unrestricted | Restricted | Total | Total | ||
| 2025 | 2024 | ||||
| £ | £ | £ | £ | ||
| Apportioned | Staffcosts | - | 108,491 | 108,491 | 107,846 |
| Charitable projects (including apportioned staffcosts) |
403,302 | 403,302 | 289,097 | ||
| - | 511,793 | 511,793 | 396,943 |
- STAFF COSTS AND TRUSTEES / DIRECTORS REMUNERATION AND EXPENSES
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Total staffcosts comprise: | ||
| Salaries and wages | 464,561 | 346,647 |
| Social security costs | 22,462 | 15,162 |
| 487,023 | 361,809 |
The average number of employees was 26 (2024 — 20)
No employee received remuneration in excess of £60,000 during the year ended 31 May 2025 (2024: nil).
No trustee/director was remunerated or received any expense payments during the year ended 31 May 2025 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.
18
Prospex
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2025 (CONTINUED)
| 8. TANGIBLE FIXEDASSETS |
|||
|---|---|---|---|
| Plantand equipment |
Motor vehicles |
Teta | |
| £ | £ | £ | |
| Cost | |||
| At 31 May2024 | 16,743 | 13,069 | 29,812 |
| Additions | - | - | - |
| At 31 May2025 | 16,743 | 13,069 | 29,812 |
| Depreciation | |||
| At 31 May2024 | 16,743 | 13,069 | 29,812 |
| Provided forthe year | - | - | - |
| At 31 May2025 | 16,743 | 13,069 | 29,812 |
| Net book value | |||
| At 31 May2024 | - | - | - |
| At 31 May2025 | - | - | - |
| 9. DEBTORS |
|||
| 2025 | 2024 | ||
| £ | £ | ||
| Pre-payments and accrued income | 67,930 | 18,929 | |
| 67,930 | 18,929 | ||
| 10. CREDITORS: FALLING DUEWITHINONEYEAR |
|||
| 2025 | 2024 | ||
| £ | £ | ||
| PAYE and National Insurance | 6,160 | 3,685 | |
| Accruals | 6,833 | 9,9916 | |
| Deferred income | 153,623 | 159,578 | |
| 166.616 | 173,179 | ||
| 11. DEFERRED INCOME |
|||
| 2025 | 2024 | ||
| £ | £ | ||
| Deferred income 1 June | 159,578 | 138,096 | |
| Released inthe year | (159,578) | (138,096) | |
| Accrued intheyear | 153,623 | 159,578 | |
| Deferredincome31May | 453,623, | "459,578 |
19
Prospex
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MAY 2025 (CONTINUED)
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|12.|RESTRICTED|FUNDS|
|As|at|Incoming|Outgoing|Transfers|As|at|
|01/06/2024|Resources|Resources|Transfers|31/05/2025|
|£|£|£|£|£|
|Prospex Youth|Hubs|19,391|25,749|18,295|3,061|29,906|
|Prospex Street Team|30,434|23,523|20,140|-|33,817|
|Prospex One2One|9,167|17,500|8,638|-|18,029|
|Salary|for CEO|-|63,533|63,533|-|-|
|Salary for|Snr Youth Worker|-|8,664|8,664|-|-|
|Christmas|Hampers|128|-|128|-|-|
|Jack|Petchey|1,815|2,700|4,454|-|61|
|Minibus|2,411|-|2,411|-|-|
|Breathe|Project|15,091|1,000|13,327|-|2,764|
|Kitchen|Social|-|4,020|3,365|-|655|
|Holiday|Scheme|8,937|-|11,893|2,956|-|
|Keeping|It Wild|1,047|-|-|(1,047)|-|
|Newby|Truest|Covid|19|Program|63|-|63|-|-|
|Woodward|Trust|Covid|Program|632|-|-|-|632|
|Hyde|Housing|Covid|Relief Program|858|-|858|-|-|
|LCR|Covid Wave|3|783|-|783|-|-|
|Funding|-|25,013|25,013|-|-|
|Administration|-|11,281|11,281|-|-|
|Getting|Active|922|-|168|(754)|-|
|PLC|Mental|Health|48,987|42,300|42,153|-|49,134|
|Sports|Leadership|565|-|325|(240)|-|
|Gift|Ball|and|Signs|1,981|-|1,727|-|254|
|Windrush|Program|2,008|-|-|(2,008)|-|
|Sports|England|478|-|350|(128)|-|
|Youth|Music|2,181|2,603|4,784|-|-|
|Detached|Program|41,952|89,999|93,650|-|38,301|
|Robbery|Fund|-|17,234|17,234|-|-|
|JP|Intern|Program|-|12,880|4,783|-|8,097|
|Administration|Costs|-|7,613|7,613|-|-|
|LBI|Rise|Up|2,014|-|-|(2,014)|-|
|LBI|Podcast|4,586|3,622|4,650|2,008|2,566|
|Gosling|Foundation|4,394|10,000|10,000|-|4,394|
|Sport|England SG|5,491|2,307|5,964|(1,834)|-|
|Million|Hours|2,032|42,279|42,223|-|2,088|
|Propel|6,522|31,400|26,799|-|11,123|
|Cajon|Project|1,332|-|635|-|697|
|Nepal|Funding|300|2,000|159|-|2,141|
|Elthorn|House|6,400|11,392|17,792|-|-|
|Garfield|Weston|re|Core|Costs|:|8,750|8,750|-|-|
|B Ward|-|-|(27)|-|27|
|My End|-|47,646|20,551|-|27,095|
|Summervercity|-|2,298|2,298|-|-|
|Staff|Celebrations|-|1,000|4,000|-|-|
|Dragon|Hall|-|8,488|5,366|-|3,122|
|Boxing|Project|-|2,000|-|-|2,000|
|219,902|528,794|511,793|-|236,903|
|Purpose|of restricted funds|
----- End of picture text -----
The funds provide support in a wide range of settings from street-based engagement to creative and therapeutic projects for young people in and around Islington and beyond.
20
Prospex
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2025 (CONTINUED)
13. UNRESTRICTED FUNDS
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| As at 1 June 2024 | 181,655 | 194,189 |
| Netmovement infunds | (31,683) | (12,534) |
| As at 31 May2025 | 149,972 | 181,655 |
| 2025 | 2024 | |
| £ | £ | |
| Designated reserve | ||
| - Staff Costs | 56,200 | 59,400 |
| -Other Costs | 12,000 | 35,179 |
| 68,200 | 94,579 | |
| General reserve | 81,772 | 87,076 |
| 149,972 | 181,655 |
14. RELATED PARTIES
There were no related party transactions during the period.
21
NOTES TO THE ACCOUNTS FORTHE YEAR ENDED 31 MAY 2025 (CONTINUED)
vtaepes
| 15. RESTRICTEDGRANTS |
||
|---|---|---|
| Funding Source | 2025 | 2024 |
| £ | £ | |
| London Borough ofIslington | 116,941 | 108,799 |
| TheNational LotteryCommunityFund -ReachingCommunities | 84,337 | 80,194 |
| WipersYouth C.1.CMyEnd(ViolenceReduction Unit) | 47,646 | - |
| CityBridge Trust | 42,300 | 47,108 |
| Anon | 33,766 | 37,656 |
| Brandon Centre | 31,400 | 19,517 |
| HydeCharitableTrust | 24,523 | 9,801 |
| TheNational LotteryCommunityFund -Million Hours | 24,522 | 7,422 |
| TheNational Lottery-Reaching Communities | 17,757 | 8,920 |
| Cloudesley Principal Grants | 17,500 | 4,325 |
| JackPetchyFoundation | 16,580 | 11,637 |
| GoslingFoundation | 10,000 | 6,672 |
| GarfieldWeston Foundation | 8,750 | 15,000 |
| CoventGarden Drag | 8,488 | - |
| BarbraWard Children’s Charitable Foundation | 7,500 | 3,750 |
| BBCChildren inNeed | 6,654 | 9,981 |
| Elthorne Pride | 6,272 | 6,400 |
| Handspark CharitableXmasCampaign | 6,009 | - |
| Caxton House | 5,120 | - |
| GLAMayorofLondon'sFund -Kitchen Social | 4,020 | 3,250 |
| SportEngland SmallGrants | 2,307 | 11,536 |
| Isledon Arts | 2,298 | 2,000 |
| Field FamilyCharitableTrust | 2,000 | - |
| TheNational CommunityFund | 1,703 | - |
| CaxtonYouth | 400 | - |
| BetsyFoundation | - | 10,000 |
| LBI -smallchange bigimpact | - | 9,470 |
| Charles SFrench CharitableTrust | - | 5,000 |
| MasonicCharitableTrust | - | 5,000 |
| Youth MusicTrailblazer Fund | - | 4,541 |
| LondonYouth | - | 3,134 |
| Enterprise HoldingsFoundation | - | 2,500 |
| Xmasappealtransfer | - | 2,303 |
| MusicforAll | - | 2,150 |
| Co-opCommunityFund | - | 2,042 |
| LondonYouth -QualityMark | - | 2,000 |
| Contact a Family | - | 300 |
| 528,794 | 442,407 |
22