THE PROGRESS FOUNDATION
Report and Financial Statements
Year ended 31 March 2025
Charity number- 1123219
Company number- 6515146

The Progress Foundation
Report and Accounts-year ended 31 March 2025
Reference and administrative information
Trustees and Directors
The following Trustees 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 BarcSay House
234 Botley Road
Oxford OX2 OHP
Solicitors
c/0 New Quadrant Partners
25 Bury st￿et
London SWIY 6AL
Bankers
CAF Bank
25 Kings Hill Avenue
Kings Hill, West Malling
Kent ME19 4TA
Website
www.progres5uk.org
Email
info@progressuk.org

The Progress Foundation
Report and Accounts-year ended 31 March 2025
Report of the Directors for the year ended 31 March 2025
The Directors present their annual report and financial statements of the charity for the year ended 31
March 2025
Strurture, governance and management
The Progres5 Foundation (the "Company" or the "Charitl,) was formed on 27 February 2008 as a private
company limited by guarantee Icompany number 6515146) and registered as a charity (charity number
11232191. 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 directors, who act as trustees 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 as 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, bookkeeping, 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 purposes 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:
Organi5ations working with young people, normally in the age range 14- 21, though we will also
look at projects 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 finding 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 2025
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 determine
whether the applicant appears to meet the Charitls requirements, the Directors meet to select a short list
of possible recipients of grants from the main grant fund. Following this meeting, 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 recipients 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 Directors 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 organisations 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 £385,483. 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 27 organisations, of which one was the second year of a three-year core grant,
thirteen were follow-on grants, five were one-off grants, seven were potentially multi-year grants and
three 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 project5 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 revlew
In the period under review the Charity received no donations.
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 Director5 have approved the use of

The Progress Foundation
Report and Accounts-year ended 31 March 2025
both income and capital for the payment of unrestricted grants of up to £75,000 per annum payable over
up to three year5 for a maximum of two charities each year.
Investment policy and performance
The Progress Foundation holds its asset5 in a combination of bank account5 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 £45.9
million. The management of Lundvs assets is divided between three investment manager5, Goldman
Sachs Asset Management, Cazenove Capital Management and Ruffer LLP. All managers follow an active
management approach aimed at capital growth and, overall, the portfolio is divided between holdings in
quoted equities, bonds, cash and gold related investments. Further information on the Fund is available
upon request from Yealand Fund Services at info@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 3.7 per cent during the year (2024: 4.8 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 £17.52, below last yearfs closing price of £17.67; the total return (income and capital) for
the year to 31 March was 0.9 per cent12024: 4.8%). The ARC Balanced index Showed 2.7 per cent on a
median total return basis over the same period (2024: 5.8%}.
The Company's holding5 at the period end were as follows:
Cash and equivalent
Cash at bank
95,388
532,498
1,103,633
1,731,519
Money market funds
Investments in Lundy Fund
Reserves policy
The Companls 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 Directors 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 Director5 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

The Progress Foundation
Report and Accounts- year ended 31 March 2025
additional payments to those charities with which we are already working, we continue to look for simllar
organisations to support.
Auditors
For the year ended 31 March 2025, the Company was entitled to exemption from audit under section 477
of the Companies Act 2006 relating to small companie5. We are also not required by the Charitie5'
Commission to have an audit, but we are required by them to have an independent examination. Andrew
Churchill Stone of Mercer Lewin has examined these accounts and reported accordingly.
Directors. responsibilities in relation to the financial statements
The Direttors are responsible for preparing the Directors, Report and the financial statements in
accordance with applicable law and United Kingdom Accountin8 Standards (United Kingdom Generally
Accepted Accounting Prattice).
Company law requires the Director5 to prepare financial Statements for each financial year, which give a
true and falr view of the state of the affalrs of the charltable Company and of the incoming resources and
applicatlon of resources, including the income and expendlture, of the charitable Company for the year. In
preparing these financial statements, the Dirertors are required to:
select suitable accounting policles and apply them consistentlyi
observe the methods and principles in the Charities SORP,.
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material
departures disclosed and explalned in the financial statements; and
prepare the financial statements on a going concern basis unless it is inappropriate to presume
that the Charity will continue in operation.
The Directors are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the charitsble Company and enable them to ensure that the
financial statements comply with the Companies Act 2006. They are a150 responsible for safeguarding the
assets of the charitable Company and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularitie5.
The directors are responsible for the maintenance and integrity of the corporate and financial information
included on the Ccmpanvs website. Legislation in the UK governing the preparation and dissemination of
financial 5tatement5 may differ from legislation iTrotherjurisdictions.
Approved by the Directors on 3 J
e 2025 and signed on their behalf by:
Roger
ilgrim
Chair of Directors

The Progress Foundation
Report and Accounts- year ended 31 March 2025
INDEPENDENT EXAMINERS, REPORT TO THE MEMBERS OF THE PROGRESS FOUNDATION {CHARITY
NUMBER- 1123219) FOR THE YEAR ENDED 31 MARCH 2025
Respective responsibilities of directors and examlner
The Charity's Directors are responsible for the preparation of the accounts. The Company's Directors
consider that an audit is not required for this year under section 144121 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 Direction5 given by the Charity Commission {under
section 145151(b} of the Charities Act, and
to state whether particular matters have come to my attention.
Basis of independent examinerfs statement
My examination was carried out in accordance with general Directions given by the Charity Commi55ion.
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 disclosures
in the accounts and seeking explanations from the Directors 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 fairf view and the report 15 limited to those
matters set out in the statement below.
Independent examinerfs statement
In connection with my examination, no matter ha5 come to my attention
l. which gives me reasonable cause to believe that in, any material respect, the requirement5:
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
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the
accounts 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
4 June 2025

The Progress Foundation
Report and Accounts-year ended 31 March 2025
STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account)
Note
Year to
31 March 2025
Year to
31 March 2024
Income
Donations
87,750
45,172
132,922
Investment income
43,582
43,582
Expenditure
Charitable activities:
Grants and programme related expenditure
Other
385,483
1,082
386,565
302,322
1,129
303,451
Total expenditure
Net income
Gains/llossesl on investment assets
(342,983)
{5,2421
(170,529)
54,719
Net Movement of Funds
(348,225)
1115,810)
Reconciliation of Funds
Total Funds brought forward
Total funds carrfed fonward
2,052,644
1,704,419
2,168,454
2,052,644
All funds are unrestricted

The Progress Foundation
Report and Accounts- year ended 31 March 2025
Balance Sheet at 31 March 2025
Note
31 March
2025
31 March
2024
Fixed Ossets
Investments
1,103,633
1,103,633
1,358,875
1,358,875
Total fixed assets
Current Ossets
Debtors
Cash at bank and In hand
Total current assets
627.886
627,886
734,369
734,369
Liabilities
Creditors falling due within one year
Net current assets
27,100
600,786
20,600
713,769
Total assets less current liabillties
1,702,373
2,072,644
Creditors: amounts falling due after more than one year
Net assets
20,000
2.052,644
1.704,419
Thefvnds of the Charity..
Unrestricted funds
Total Charity funds
1,704,419
1,704,419
2,052,644
2.052.644
Forthe year endlng 31 March 2025, the Company wa5 entitled to exemption from audit under section 477 of the
Companies Act 2006 relating to small companies.
The members have not required the Company to obtain an audit of its accourbts for the year in question in accordance
with section 476.
The directors acknowledge thelr responsibilities for complying with the requirements of the Act with respect to
accountlng records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to the small
companies, regirne within Part 15 ofthe Companie5 Act 2006 and in accordance with the Financial Reporting Standard
for Smaller Entrcies (effective January 20151.
The notes on pages 9 to 13 form part of these accounts.
Approved by the Director5 on 3 June 2025 and signed on thelr behalf by..
RG Pllgrirn

The Progress Foundation
Report and Accounts- year ended 31 March 2025
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 1021 '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 statements have been prepared under the historical cost convention, with the exception that
investments are included at market value.
The financial statements are prepared in sterlin& which is the functional currency of the charity.
Monetary amounts in these financial Statements are rounded to the nearest £.
bl
Fund structure and activities
The Charity has only one fund, an unrestricted income fund. The Director5 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 investment5.
Incoming resources
All incoming resources are recognised once the Charity has entitlement to the resources, it is certain that
the resource5 will be received and the monetary value of income resource can be measured with sufficient
reliability.
d)
Resources expended
Liabilities are recognised as soon as there is a legal or constructive obligation committing the Charity to the
expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings
that aggregate all cost5 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 writing, that the grants have been approved. Where grants are made
with associated conditions, such as obtaining matching fundin& the grants are nonethele55 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 recipient, only the approved and
reviewed stages are accounted for.
Allocation of overhead and support costs
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 2025
f)
Fixed asset investments
Investments are stated at market value as at the balance sheet date. The statement of financial activities
includes the net gains and losses arising on revaluation and disposals throughout the period.
gl
Realised gain5 and losses
All gains and1055e5 are taken to the statement of financial activities as they arise. Realised gains and losses
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 a5 the difference between the market
value at the period end and opening market value (or cost if purchased after the start of the accounting
period). Realised and unrealised gains and losses are not separated in the statement of financial activities.
h)
Programme related investments
Programme related investments comprise loan5 and are included in the balance sheet at the amount
invested less any impairments and any amount5 repaid. Impairments or outstanding loans converted to a
grant are charged to resources expended on charitable activitie5.
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
2025
2024
Interest on money market and other accounts
Dividend income from investments
Total Investment Income
26,697
16,885
43,582
26,891
18,281
45,172
10

The Progress Foundation
Report and Accounts- year ended 31 March 2025
Analysis of expenditure on charitable activities
2025
2024
New grants approved during the year (see details below)
385,483 302,322
Artion Tutoring
Big House Theatre
Body & Soul
British Exploring
Clement James
Exposure
Farms for City Children
Future frontiers
Future Youth Zone
Get Further
Go Forward Youth
Haringey Shed
Hounslow Action for Youth
Jamie's Farm
Katherine Low Settlement
Literacy Pirates
Mayorfs Fund for London- Numbers@Work
New Horizons Youth Centre
Power 2
10,000
10,000
21,600
10,000
15,000
6,000
23,218
15,OCIO
iO.OCM)
25,000
13,000
9,878
15.000
25,222
14,720
20,000
15,000
27,435
10,000
23,000
10,000
17,000
io,o(J)
15,000
14,410
385,483
Refugee Education UK
Roundhouse
Social Enterprise Academy
St Gile5 Major Trauma Centre
Yes Futures
Small Grants
Other charitsble expenditure
2025
2024
Independent examinerfs remuneration
Other expenses
600
482
600
529
1,082
1,129
li

The Progress Foundation
Report and Accounts-year ended 31 March 2025
Fixed Asset Investments
2025
2024
Market value at l April
Additions to investments at cost
Disposals proceeds
Gains/{lossesl on investment assets
Market value at 31 March
1,358,875
1,554,156
1250,000)
(5,242)
1,103,633
{250,Crf)01
54,719
1,358,875
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), warrant5, money market instruments,
cash and deposits.
The historical cost of the investments is £682,032 {2024: E832,4561.
Analysis of current liabilitles and long-term creditors
2025
2024
Grants payable within one year
Accruals
26,500
6CK)
20,OCMJ
6CrfJ
27,ICKJ
40,600
Grant5 payable in more than one year
20,000
Movement in recognised grant commitments during the period:
Grant commitments payable at 31 March 2024
New grant commitments charged to the SOFA in period (see note 41
Less: Grants paid during the period
Grant commitment5 payable at 31 March 2025
40,000
385,483
{398,9831
26,5(M)
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 amounts are quantifiable.
12

The Progress Foundation
Report and Accounts-year ended 31 March 2025
Contingent liabilities
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
payments are not accrued. At 31 March 2025, there were £259,956 of contingent liabilities {2024:
£237,438).
Analysis of funds
Total
Unrestricted
fund
Fund brought forward at l April 2024
Incoming resources
Resource5 expended
Gains and losses
Fund carried forward at 31 March 2025
2,052,644
43,582
1386,565)
{5,242)
1,704,419
13