THE PROGRESS FOUNDATION THE PROGRESS FOUNDATION Report and Financial Statements Year ended 31 March 2024 Charity number- 1123219 Company number- 6515146
The Progress Foundation Report and Accounts-year ended 31 March 2024 Reference and administrative information Trustees and Directors The following Trustee5 and Directors have served throughout the period: Roger Pilgrim, Chair Nigel Hamway Nadine Majaro, Secretary Registered Office c/0 New Quadrant Partners 25 Bury Street London SWIY 6AL Charity Number 1123219 Company Number 6515146 Independent Examiner Andrew Churchill Stone, Mercer Lewin 6-7 Citibase, New Barclay House 234 Botley Road Oxford OX2 OHP Solicitors c/0 New Quadrant Partners 25 Bury Street London SWIY 6AL Bankers CAF Bank 25 Kings Hill Avenue Kings Hill, West Malling Kent ME19 4TA Website www.progressuk.org Email info@progressuk.org
The Progress Foundation Report and Accounts-year ended 31 March 2024 Report of the Dlrectors for the year ended 31 March 2024 The Directors present their annual report and financial statements of the charity for the year ended 31 March 2024 Structurep governance and management The Progress Foundation (the "Companl, or the "Charitl'l was formed on 27 February 2008 as a private company limited by guarantee (company number 6515146) and registered as a charity (charity number 1123219). It is governed by its Memorandum and Articles of Association, company and charity law. It seeks to undertake its chosen charitable work through the deployment of its existing funds (both income and capital). It has three dirertors, who act as tru5tee5 of the Charity and who served throughout the period: Roger Pilgrim, Chair Nigel Hamway Nadine Majaro, Secretary New directors will be appointed by the existing directors a5 needed to complement the skills available to the board. The Memorandum and Articles of Association require a minimum of three directors, with no maximum number. As required by the Memorandum and Articles of Association, one third of the directors must retire by rotation at each general election; Nigel Hamway will retire at the annual general meeting of the Company held to consider these accounts and, being eligible, offers himself for re-election. New directors are provided with information on their responsibilities as directors and trustees and are briefed on the areas of activity of the Charity. Directors, meetings are held to discuss strategy, policy and major grants. Day-to-day administration, such as reviewing grant applications, monitoring grants, bookkeepin& finance and general administration is handled by the Chair and the secretary. All the Directors give their time and are not paid. None of the Directors has claimed any expenses. Objectives and activities for the public benefit The objects of the Charity are to pay or apply the income and capital to or for the benefit of any charity or charitable purpose or purpose5 as the Directors shall in their discretion think fit. In determining how to apply these objectives, the Directors have complied with their duty to have due regard to the guidance on public benefit published by the Charities Commission in exercising their powers or duties. The Directors have decided to focus their attention on giving grants to: Organisation5 working with young people, normally in the age range 14- 21, though we will also look at projerts helping younger children or young people up to age 25 Organisations which help young people to become fully involved with society, particularly through education, assistance with findin8 work or involvement with social enterprise Organisations working in the UK and, in particular, within Greater London.
The Progress Foundation Report and Accounts- year ended 31 March 2024 Grant making policy The Directors consider applications from charities and other social enterprise bodies which meet the criteria set out above and which are further explained on our website. After an initial review to detemiine whether the applicant appears to meet the Charit¢s requirements, the Directors meet to select a short list of possible recipients of grants from the main grant fund. Following this meetin& at least one of the Directors will normally visit or speak to the applicant to understand the nature of the work being done in more detail. A further meeting of the Directors is then held to allocate the available grant funds. Review criteria are built into the agreement for grants, and these are normally assessed annually prior to the approval and payment of subsequent tranches of grant. The Charity will not normally give grants from the main grant programme of more than £25,000 per annum or for periods of more than 3 years. We encourage recipient5 to consider innovative approaches, in the form of new activities, new partnerships or new funding approaches. We also give unrestricted core grants to some charities with which we have worked closely over an extended period. We do not accept applications for this element of funding as it is based entirely on the assessment by the Director5 of the quality of work and management of potential recipient charities. We also occasionally make small grants of less than £5,000 to charities which do not fully qualify under the main grant programme but which any two of the trustees consider to be worthy of support. Our general preference is to fund independent voluntary organisation5 and not to replace or subsidise statutory funding. In addition, we will not make grants to organisation5 which promote a particular religious belief but will consider applications from faith-based organisations where the work is not for religious purposes and clearly fits our funding guidelines. These criteria and further guidance to charities who wish to apply for funding are clearly set out on our website along with details of how to apply. We do not encourage applications outside the process outlined on our website. Achievements and Performance During the year. the Directors approved grants totalling £302.322. The principal recipients of grants are set out in Note 4 of the accounts. We received a very high number well-qualified applications and were able to approve grants to 23 organisations, of which one was a three-year core grant, seven We follow on grants, three were one-off grants, six were potentially multi-year grants and six were small grants. We normally ask organisations to which we give project grants to provide us with ways of measuring whether a project has been successful. Over the years, we have supported several projects which have developed during our period of support and which we consider have made a significant contribution to the wellbeing of young people in this country. Financial review In the period under review the Charity received donations of £87,750 (including £17,550 of Gift Aid). The Directors have approved the use of both income and capital for grant-making purposes and a main grant programme of approximately £150,000 each year. In addition, the Directors have approved the use of both income and capital for the payment of unrestricted grants of up to £75,000 per annum payable over up to three years for a maximum of two charitie5 each year.
The Progress Foundation Report and Accounts- year ended 31 March 2024 Investment policy and performance The Progress Foundation holds its assets in a combination of bank accounts and money market funds- to cover at least eighteen months of outgoings- while money to be deployed in the longer term is invested in units of the Lundy Fund, an Open-Ended Investment Company with total assets of approximately £42.7 million. The management of Lundy's assets is divided between three investment managers, Goldman Sachs Asset Management, Cazenove Capital Management and Ruffer LLP in broadly equally portions. All managers follow a "cautious managed" approach and, overall, the portfolio is divided between holding5 in quoted equities, bonds, cash and gold related investments. Further information on the Fund is available on request from Yealand Administration at carvetian@yealand.com. Market yields on cash and near cash investments have improved during this year and the Company's return on its cash assets was 4.8 per cent during the year12023: 1.8 per cent). The Company acquired its investment in Lundy unit5 at an average value of £10.83 per unit. At the Company's year end, the units were valued at £17.67, above last year's closing price of £16.99. the total return {income and capital) for the year to 31 March was 4.83 per cent {2023: _5.1¥.l. The ARC Balanced index showed 5.8 per cent on a total return basis over the same period {2023: .4.7%). The Company's holdings at the period end were as follows: Cash and equlvalent Cash at bank Money market funds Investments in Lundy Fund 355,829 378,540 1,358,875 2,093,244 Reseryes policy The Companvs policy is to invest its income and capital to achieve its charitable objectives by giving grants at a rate of approximately £150,000 - £200,000 per annum in the main grant programme and up to £150,000 of unrestricted grants. The Director5 are satisfied that there are sufficient resources within the Company to maintain this donation rate and are satisfied that we will be able to find appropriate organisations to receive grants of this level each year. Risk management The Directors have considered the major risks to which the charity is exposed and satisfied themselves that Systems or procedures are established to manage those risks. This review is updated annually. Plans for the future We intend to continue our work in identifying and supporting organisations, whether charities or not, who work with young people in innovative and effective ways to integrate them with society. As well as making additional payments to those charities with which we are already working, we continue to look for similar organisations to SUPPOrt.
The Progress Foundation Report and Accounts-year ended 31 March 2024 Auditors For the year ended 31 March 2024, the Company was entitled to exemption from audit under section 477 of the Companles Act 2006 relating to small companies. We are also not requlred by the Charftles. Commlssion to have an audlt, but we are required by them to have an independent examinatlon. Andrew Churchill Stone of Mercer Lewin has examlned these accounts and reported accordingly. Dlrectors, reSPs1b11Itie3 In relatyon to the financlal statements The Directors are responsible for preparlng the Dirertors, Report and the financial statements In accordance wlth applicable law and United Klngdom Accountlng Standards (United Kingdom Generally Accepted Accountlng Practi). Company law requlres the Dlrectors to prepare financlal statements for each flnancial year, which glve true and fair vlew of the state of the affairs of the charltable Company and of the Incorning resources and application of resources Induding the income and expendlture, of the charitsble Company forthe year. In preparlng these flnancial statements, the Dlrertors are required to: selert suitsble accounting pollcies and applythem consistently; obsenje the methods and principles in the Charities SORP; make ludEements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been follcwed. subject to any materfal departures dlsclosed and explained in the financial statements: and prepare the finandal statements on a goln8 concern basi5 unless It is inappropriate to presume that the Charity wlll continue In operation. The Dirertors are responsible for keeping proper accountlng records which disclose wlth reasonable accuraci at any tlme the financial posltion of the tharitsble Company and enable them to ensure that the financial ststements comply with the Companies Act 2CQ6. They are also responsible for safeguardlng the assets of the charltable Cornpany and hence for tsking reasonable steps for the prevention and detectlon of fraud and other irregularities. The dirertors are responsible forthe maintenance and integrity of the corporate and flnanciaS Information Included on the Companls webslte. Leglslation In the UK govemlng the preparatTon and dlsseminatlon of financlal statements may dlfferfrom leglslation in other jurisdiction& Approved by the Dlrectors on 2 September 2024 and slgned on thelr behalf by: Roger Pilgrim Chair of Olrectors cy6<<
The Progress Foundation Report and Accounts-year ended 31 March 2024 INDEPENDENT EXAMINERS, REPORT TO THE MEMBERS OF THE PROGRESS FOUNDATION (CHARITY NUMBER- 1123219) FOR THE YEAR ENDED 31 MARCH 2024 Respective responsibilities of directors and examiner The Charity's Directors are responsible for the preparation of the accounts. The CompanW5 Directors consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities Act} and that an independent examination is needed. It Is my responsibility to: examine the accounts under section 145 of the Charities Act. to follow the procedures laid down in the general Directions given by the Charity Commi55ion (under section 145{5)(b) of the Charities Act, and to state whether particular matters have come to my attention. Basls of independent examinerfs statement My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disc105ures in the accounts and seeking explanations from the Director5 concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair, view and the report is limited to those matters set out in the statement below. Independent examlnerfs ststement In connection with my examination, no matter has come to my attention l. which gives me reasonable cause to believe that in, any material respect, the requirements: to keep accounting records in accordance with section 130 of the Charities Act; and to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Charities Act. have not been met- or to which, in my opinion, attention should be drawn in order to enable a proper understanding of the ccounts to be reached. Andrew Churchill Stone FCA DChA Mercer Lewin Ltd, Chartered Accountants 6-7 Citibase, New Barclay House 234 Botley Rd Oxford OX2 OHP
The Progress Foundation Report and Accounts- year ended 31 March 2024 STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) Note Year to 31 March 2024 Year to 31 March 2023 Income Donations Investment income 87,750 45,172 132,922 50,000 20,864 70,864 Expenditure Charitable activities: Grants and programme related expenditure Other Total expenditure 302,322 1,129 303,451 229,581 1,124 230,705 Net income Gains/{lossesl on investment assets (170,529) 54,719 {159,841) (96,494) Net Movement of Funds (115,810) {256,335) Reconciliation of Funds Total Funds brought forward Total funds carried forward 2,168,454 2,052,644 2,424,789 2,168,454 All funds are unrestricted
The Progress Foundation Report and Accounts- year ended 31 March 2024 8alanee Sheet at 31 Marth 2024 31 March 2024 31 March 2023 Xedots Investments Tolal fixed assets 1,358,875 1,358,875 1,554,156 1,554,156 Current ossets Debtors Cash at bank and in hand Total current assets 734,369 734,369 654,898 654.898 Liobilftles Credltors falling due withln one year Net current assets 20,600 713,769 40,61)0 614,298 Totsl assets less current Ilablllties 2,072,644 Credltor5: amounts falling due after more than one year Net assets 20.000 2,051644 2.168,454 Thefvnds of the Chority.. Unrestrlcted funds Total Char5ty fund5 2,052,644 2J)52 2,168,454 2,168,454 For the year endln8 31 March 2024, the Company was entitled to exemption from audlt under section 477 of the Companles Art 2006 rdating to small companies. The mèmbers have not required the Company to ¢)btain an audit of its accounts forthe year In questlon in accordance TAvlth section 476. The directors acknowledge thelr responsibllltiesfor complylng with the requlrements of the Act wlth re$pectt¢ accounting records and the preparatlon of accounts. These finandal ststements have been prepared in accordan with the speclal provlsions relatlng to the small companies, regirne wlthin Part 15 of the Companies Art 2006 and in acCOrdae wlth the Flnan¢lal Reportlng Standard forsmaller Entlties {effectiveJanuary 2015). The notes on pages 11 to IS forni part of these accoun Approved by the Dirertors on 2 Sèptember 2024 and slgned on thelr behalf bv.. RG Pi18rim
The Progress Foundation Report and Accounts-year ended 31 March 2024 Accounting policies Basis of preparation The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2015)., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial 5tatement5 have been prepared under the historical cost convention, with the exception that investments are included at market value. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. b) Fund structure and activities The Charity ha5 only one fund, an unrestricted income fund. The Directors may, at their discretion, allocate any part of the fund to the purposes of the Charity. The Charity's sole activity is the making of grants and social investments. Incoming resources All incoming resource5 are recognised once the Charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of income resource can be measured with sufflcient reliability. d) Resources expended Liabilitie5 are recognised as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure 15 accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Grants payable are recognised when they have been approved by the Directors and the beneficiaries have been notified, whether orally or in writin& that the grants have been approved. Where grants are made with associated conditions, such a5 obtaining matching funding, the grants are nonetheles5 accrued as the achievement of these conditions fall outside the control of the Charity. Where multi-stage grants are approved and communicated to recipient charities and subsequent stages are dependent on a satisfactory review, the nature of which is defined in the communication to the c[Plent, only the approved and reviewed stages are accounted for. Allocation of overhead and support cost5 Since the Directors are not paid and do not reclaim their expenses for operating as Directors, all administrative costs relate to governance costs. These costs are related to statutory, legal and other fees.
The Progress Foundation Report and Accounts- year ended 31 March 2024 fl Fixed asset investments Investments are stated at market value as at the balance Sheet date. The statement of financial activitie5 includes the net gains and losses arising on revaluation and disposals throughout the period. g) Realised gains and losses All gain5 and losses are taken to the statement of financial activities as they arise. Realised gains and1055es on investments are calculated as the difference between sales proceeds and the opening market value or purchase date, if later. Unrealised gains and losses are calculated as the difference between the market value at the period end and opening market value lor cost if purchased after the start of the accounting period). Reali5ed and unrealised gains and losses are not separated in the statement of financial activities. h) Programme related investments Programme related investments comprise loans and are included in the balance sheet at the amount invested less any impairments and any amounts repaid. Impairments or outstanding loans converted to a grant are charged to resource5 expended on charitable activities. Contingent Liabilities In accordance with the SORP, a contingent liability is disclosed for those grants which do not represent liabilities, where the possible obligation, which arises from past events, will only be confirmed by the occurrence of one or more uncertain future events not wholly within the Directors, control. Related Party transactions and Directors, remuneration The Directors received no emoluments and reclaimed no expenses during the period. There were no related party transactions during the period. Investment Income 2024 2023 Interest on money market and other accounts Dividend income from investments Total Investment Income 26,891 18,281 45,172 238 20,626 20,864
The Progress Foundation Report and Accounts-year ended 31 March 2024 Analysis of expenditure on charitable activities 2024 2023 New grants approved during the year {see details below) 302,322 229,581 Main Grant Programme: Bloomsbury Football Clement James Exposure Farms for City Children Hounslow Action for Youth Jamie's Farm Katherine Low Settlement Launch It Literacy Pirates Mayor's Fund for London Mental Health Innovation New Horizons Youth Centre Power2 Roundhouse St Giles- Major Trauma centre Yes Futures Small grants: Bang Edutainment Lambourne End Lyme Regis Boat Building St Hilda's East The Kids Network The Garden Classroom Core grants: Urban Synergy {payable over 3 years) 12,392 15,000 10,000 23,218 15,000 12,740 14,720 15,000 20,000 15,000 10,000 10,402 10,000 10,0 10,000 15,OCrf) 5,CrfJO 2,500 5,CrfJO 5,CrfJO 5,CK)O 1,350 60,0(J) TOTAL GRANTS approved during the year 302.322 Other charitable expenditure 2024 2023 Independent examinerfs remuneration Other expenses 600 529 600 524 1,129 1,124
The Progress Foundation Report and Accounts-year ended 31 March 2024 Fixed Asset Investments 2024 2023 Market value at l April Additions to investments at cost Disposals proceeds Gains1(losses) on investment assets Market value at 31 March 1,554,156 1,650,650 {250,0001 54,719 1,358,875 (96,494} 1,554,156 Investments were held primarily in the Lundy Fund, an open-end investment company incorporated in the United Kingdom. The Fund Seeks to preserve and grow capital. The Fund invests globally in securities, bonds, collective investment schemes {regulated and unregulated), warrants, money market instruments, cash and deposits. The historical cost of the investments is £832,456 {2023: £990,347). Analysls of current liabilities and long-term creditors 2024 2023 Grants payable within one year Accruals 20,000 600 40,000 600 20,6CrfJ 40,600 Grants payable in more than one year 20,OCN) Movement in recognised grant commitments during the period: Grant commitments payable at 31 March 2023 New grant commitments charged to the SOFA in period (see note 41 Less." Grants paid during the period Grant commitments payable at 31 March 2024 40,000 302,322 (302,322) 40,000 Grant commitments represent amounts which might become payable for future years of multi-year grants which do not relate to specific programmes and where the amount5 are quantifiable. Contlngent liabllities As described in our accounting policy, where the Directors retain discretion as to whether to make subsequent years, payments based on the evaluation of the project performance, amounts related to such
The Progress Foundation Report and Accounts-year ended 31 March 2024 payments are not accrued. At 31 March 2024, there were £237,438 of contingent liabilities (2023: £180,876). Analysis of funds Total Unrestrlcted fund Fund brought forward at l April 2023 Incoming resources Resources expended Gains and1055es Fund carried forward at 31 March 2024 2,168,454 132,922 (303,451) 54,719 2,052,644