Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Charity Registration Number- 1100630
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND LEGAL AND ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2025 Trustees C Danniell A Grey E Guilfoyle N Hope-collins P Kemball E Wade A Black Charlty number 1100630 Principal address 100 Rochester Row London SW1P 1JP Independent Examiners Sarah Anderson BDO LLP Central Square 29 Wellington Street Leeds LS14DL Bankers Unity Trust Bank plc 4 Brindley Place Bimiingham B12JB Investment advisors Sarasin & Partners Associates Juxon House 100 St Paul's Churchyard London EC4M 8BU
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND CONTENTS Page Trustees, Report Statement of Trustees, Responsibilities Independent Examiners, Report Statement of financial activities Balance Sheet Notes lo the accounts 8-11
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Trustees present their report and financial statements for the year ending 31 December 2025 of the Prospect Benevolent Fund. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102"FRS102 applicable in the UK and Republic of Ireland las amended for accounting periods beginning on or after 1 January 20191. Objectives of the Charity The charity's objectives are to assist in the relief of financial hardship suffered by members, fom)er members, employees or former employees and their dependents, either of Prospect- The Union I"Prospect'l and their dependanls or an unincorporated Association or other organisalion which shall succeed or replace Prospect., and other Organisations, Charitsble Trusts or other Associations that provide for the relief of financial hardship suffered by persons engaged or formerly engaged in professional. scientific, technical, managerial or allied work. Review of Activities and Achievements & Perfomiance Incoming resources were from general donations of £9,80412024.. £3,367), a £6,437 increase from the prior year. Investment income decreased by £1,063 10 £18,758 {2024.. £19,821). In the year, a donation in kind from Prospect was recognised of £6,966 {2024'. £16,200) in relation lo the audit and independent examination fees. Total grants of £31,91312024= £40,206) were paid out in the year mainly on welfare activities in line with the objectives of the Fund. The market value of the Fund's fixed asset investments increased from £708,163 at the beginning of the year to £726,081 al the end of the year. During 2025, a total 2912024.. 471 grants were made lo individuals. These were all in response lo requests for financial assistance from individuals who were either members or members of stsff or their dependents, either of Prospect or its predecessor organisations. Plans for the Future To continue lo maximise income in order lo assist in the relief of financial hardship suffered by individuals in line with the objects of the Benevolent Fund. Public Benefit The Trustees have complied with their duly in Section 17 of the Charities Act 2011 to have due regard lo guidan published by the Charity Commission. Structure, Governance and Management The ¢harity was established by a charitable trust deed on 28 October 2003. The fund is a registered charity under the Charities Act 1993 and ils registration number is 1100630. The body of Iruslees consists of seven persons being.. 4 ex officio trustees (being part of National Executive Committee of Prospecl},' 2 trustees (Prospect member and Retired Prospect memberl- 1 trustee nominated by the National Executive Committee. Whilst no formal training is given to the Trustees, they have a long history within Prospect and are specialists in their own fields. New trustees are given a thorough grounding in the operations of the charity and ils objectives and all relevant documentation covering the operation of the charity, the current financial position, including the last published sel of accounts.
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The charity exists mainly to process and agree to grants in accordance with the objectives of the scheme. A formal application is submitted for consideration by a minimum of two trustees. Decisions are then ratified al the next formal trustees, meeting. Trustees The trustees who served during the year were.. C Danniell A Grey E Guilfoyle N Hope-collins P Kemball E Wade A Black Review of Financial Position The lolal value of the funds al 31 December 2025 was £767,13012024.' £752,563) all of which are unrestricted. Current assets as al 31 Dember 2025 was £41,04912024 £45,030). The changes are due lo an increase in portfolio value and a decrease in cash in bank. Going Concern The Trustees consider the Charity lo be a going concem on the basis that the investment portfolio is fully diversified and realisable which together with available cash is more than sufficient to meet the limited annual expenditure that is incurred running the charity. The Trustees confirm that at the lime of approving the financial stalemenls, there are no material uncertainties regarding the Charity's ability lo continue in operational existence for the next 12 months. Reserves Pollcy Al present the Trustees do not believe that they need lo maintain any specific reserves. The charity does not own any properties or have any employees and as such there will be no unforeseen expenditure that would necessitate reserves being held. The trustees, budget to distribute all the income that is generated from the Charity s investment portfolio on an annual basis and the grants that the charity makes are only decided on once the level of income is known. No future spending commitments are made in advance of knowing the available income of the Charity. Grant Pollcy The Trustees meet regularly lo ensure that all grant applications are approved and meet the object of the Benevolent fund which is to support members and their dependanls through financial hardship. Investment Pollcy Investments are a fomi of basic financial instrument and are initially recognised al their transaction value and subsequently measured al their fair value as al the balance sheet date using the closing quoted market price Iwhere applicable). The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. The Benevolent Fund does not acquire put options, derivatives or other complex financial instruments. The main form of financial risk faced by the fund is that of volalilily in equity markets and investment markets due lo wider economic conditions, the altitude of investors to investrnent risk, and changes in sentiment conceming equities and within particular sectors or sub sectors.
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 Risk Factors The trustees have assessed the major risks lo which the charity is exposed and are satisfied that systems are in place lo mitigate exposure to the major risks including the current economic climate. Funding risks are Carefully appraised lo ensure that all future commitments Can be mel from existing resources and an ongoing process of diversifying the funding base is in operation. The conditions identified above have not caused significant disruption lo the charity's operations and the trustees expect charity to continue in operation for the foreseeable future. On behalf of the trustees Eleanor Wade Trustee 2026-08-29
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025 The trustees are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel, including Financial Reporting Standard 102. Charity law requires the Trustees to prepare financial slalements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable lawl. Under charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the stste of affairs of the charity and of the inwming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these accounts, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent- slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts., and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charity will continue in operation. The trustees are resFX)nsible for keeping proper accounting records that disclose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PROSPECT BENEVOLENT FUND I report lo the Iruslees on my examination of the accounts of the charity for the year ended 31 December 2025, which are sel out on pages 6 to 11. This report is made solely to the charity's trustees, as a body, in accordance with Regulation 31 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale to the charity's trustees those mallers l am required to slate lo them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity's trustees as a body, for my wort(, for this report, or for the statement I have made. Responsibilities and basis for report As the trustees of the charity. you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Acl'l I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examiner's statement I have completed my examination. I confirm that no material mallers have Come to my attention in connection wtth the examination giving me cause to believe that in any material respect.. 1. accounting records were not kept in respect of the charity as required by section 130 of the Act- or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements concerning the form and content of the accounts set out in the Charities IAccoLJnls and Reports) Regulations 2008 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 4. 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 Stsndard applicable in the UK and Republic of Ireland IFRS 102}1. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accoLJnts to be reached. Dorusne4 by.. trso Signed= Sarah Anderson, FCCA Leeds, UK 11912026
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2025 2025 Unrestrlcted Total 2024 Unrestrlcted Total Notes INCOME Donations and legacies Income from investments 16,800 18,758 19,567 19,821 TOTAL INCOME 35.558 39,388 EXPENDITURE Charitable activities.. Welfare grants Governance costs 31,913 6,996 40,206 16,200 Raising Funds- 832 Investment Manager Fee 39.741 56,406 TOTAL EXPENDITURE Net gains on investments 18,750 56,346 NET INCOME 14,567 39,328 NET MOVEMENT FUNDS 14,567 39.328 RECONCILIATION OF FUNDS.. TOTAL FUNDS BROUGHT FORWARD 752,563 713,235 TOTAL FUNDS CARRIED FORWARD 767,130 752,563 The notes to the accounts on pages 8 to 11 form part of these accounts.
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND Charity Registration No- 1100630 BALANCE SHEET AS AT 31 DECEMBER 2025 NotOS 2025 2024 FIXED ASSETS Investments 726,081 708,163 CURRENT ASSETS Current asset investments Debtor- accrued donation income Cash at Bank and on Deposit 900 40,149 1,280 43,750 41.049 45.030 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 630 NET CURRENT ASSETS 41,049 44,400 767,130 752.563 TOTAL ASSETS LESS CURRENT LIABILITIES Represented by.. FUNDS 767.130 752.563 Unreslricled funds 767.130 752.563 The accounts were approved by the Trustees on their behalf by.. 2026-08-29 and signed on E Wade Trustee N Hope-collins Trustee The notes to the accounts on pages 8 to 11 form part of these accounts.
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND NOTES TO THE ACCOUNTS AS AT 31 DECEMBER 2025 Accounting policigs 1.1 Basis of preparation The financial statements are prepared under the historical cost convention modified to include the revaluation of investments al market value. The financial statements have been prepared in accordance with the Charities Act 2011 and the Statement of Recommended Practice {Charilies SORPI "Accounting and Reporting by Charities" preparing their financial statements in accordan with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland l FRS 102.1 {as amended for accounting periods beginning on or after 1 January 2019). The financial statements have been prepared in sterling, which is the functional currency of the Charity. Monetary amounts of these financial statements are rounded to the nearest pound. The charity conslitules 8 public benefit entity as defined by FRS102. The charity has taken advantage of the provisions in the SORP for charities not lo prepare a Statement of Cash Flows. Preparation of the accounts on a going concern basis The Trustees confirm that al the lime of approving the financial statements in March 2026 that there are no material uncertainties regarding the charity's ability to continue in operational existence for the foreseeable future. In arriving at this conclusion, the trustees have taken into account their cash balances al July 2026 of £27,953 and the readily realisable nature of the investment assets that they hold, including in addition lo cash al June 2026 liquid assets valued al £759,047. As a grant making charity with minimal ongoing commitments, the trustees consider that they can sustain a comparable level of activity for at least the next two years . For these reasons the trustees continue to adopt the going COnM basis in preparing the financial stalemenls. 1.2 Income All income is recognised once the Trust has entitlement lo the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. 1.3 Expenditure Liabilities are recognised as resources expended as soon as there is a legal or conslruclive obligation committing the charity lo the expenditure. Al expend(cure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related lo the category. Grants payable are payments to third parties in the furtherall of the charitable objectives of the Trust. Single grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant wilhoul condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside of the control of the trust.
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND NOTES TO THE ACCOUNTS AS AT 31 DECEMBER 2025 1.4 Donated Goods and Services Donations in kind are for professional fees in relation lo the audf( or independent examination that are paid by Prospect- The Union on behalf of the Charity. 1.5 Fixed Asset Investments Investments are a form of basic financial instrument and are initially recognised al their transaction value and subsequently measured 8t their fair value as at the balance sheet dale using the closing quoted market price Iwhere applicable}. The Statement of Financial Activities includes the nel gains and losses arising on revaluation and disposals throughout the year. 1.6 Realised and unrealised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Unrealised gains and losses on investments are calculated as the difference between the fair value at the year end and the fair value at the start of the year. If the asset is purchased during the year, the unrealised gain or loss is calculated as the difference belmeen the fair value al the year end and the purchase price. Realised gains are calculated as the difference between the proceeds on sale and the carrying value of the asset. Realised gains and losses are combined in the Statement of Financial Activities. 1.7 Short-tem) debtors and credltors Debtors and creditors with no stated interest rale and receivable or payable within one year are recorded al the transaction price. Any losses arising from impairment are recognised in the Statement of Financial Activities. 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-lerm investments with original maturities of three months or less and bank overdrafts. 1.9 Fund Accounting All of the charity's funds are unrestricted. Unrestricted funds are available lo spend on activities lo further any of the purposes of the charity. Voluntary Income 2025 2024 Donations 9,804 3,367 6,996 16,200 Donations in kind from Prospect 16.800 19.567 Welfare Grants lo individuals 31,913 40,206 31,913 40,206
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND NOTES TO THE ACCOUNTS AS AT 31 DECEMBER 2025 Govemance Costs 2025 2024 Auditors, & Independent Examiners, Fee (Donation in kind from Prospecll 6,996 6,996 16,200 16,200 Trustees & Employees The key management personnel of the charity comprise the trustees only. None of the Iruslees lor any persons connected with them) received any remuneration or benefits from the charity during the year12024.' £01. There were no employees during the year or prior year. 2025 2024 6a Fixed asset investments Market value at 1 January 2025 708,163 651,817 Addition al cost 642 Disposals 18321 1311 Net change in value in the year 18,750 55,735 Market value at 31 December 2025 726,081 708,163 6b Current asset investments 2025 2024 Market value at 1 January 2025 86,177 Addition at cost Disposals 186,7881 Change in value in the year 611 Markgt valug at 31 December2025 SCHEDULE OF INVESTMENTS AS AT 31 DECEMBER 2025 Managed by Sarasin & Partners HISTORIC MARKET COST VALUE Sarasin Endowments Fund 481,884 726,081 io
Docusign EnvelopÈ ID." DE802B3&794D-8633-81 D9-A4FB59108531 PROSPECT BENEVOLENT FUND NOTES TO THE ACCOUNTS AS AT 31 DECEMBER 2025 Related Party Transactions During the year, the charity received no short-lerm loans12024.. £5,630> from Prospect. £630 was repaid during the year12024- £35,000), and the balance outstanding al the year end was £nil12024'. £6301. Details of the Trustees, association with Prospect are provided on page 1. The professional fees in relation to the audit or independent examination of the charity is paid on an annual basis by Prospect. This is recognised as a donation in the year of £6,96612024'. £16,200) and Prospect do not expect repayment. Movement in Funds- 2025 At1 Net At31 January 2025 movement Dgcembgr in funds 2025 Unrestricted funds- General fund 752,563 14,567 767,130 Total funds 752.563 14.567 767,130 Movement in Funds- 2024 At 1 January Net 2024 movement in funds At31 December 2024 Unrestricted funds= General fund 713,235 39,328 752,563 Total funds 713,235 39,328 752,563 -SIGN li