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, reSP￿s1b11Itie3 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
Xedo￿ts
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 acCOrda￿e 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