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# THE PROSPECT TRUST

## Company limited by guarantee

## Company Registration Number:
10842315 (England and Wales)

## Unaudited statutory accounts for the year ended 31 March 2026

## Period of accounts

## Start date: 1 September 2025

## End date: 31 March 2026

# THE PROSPECT TRUST

## Contents of the Financial Statements

for the Period Ended 31 March 2026

Directors report |
Profit and loss |
Balance sheet |
Additional notes |
Balance sheet notes |

# THE PROSPECT TRUST

Directors' report period ended 31 March 2026

The directors present their report with the financial statements of the company for the period ended 31 March 2026

Principal activities of the company

The Trust is a multi-academy trust, set up to enable the strategic collaboration between education organisations to maintain and improve educational standards. The Trust is at the core of an education hub, responsible for supporting, enabling, and driving excellence across all academy partners. Up until 31 March 2026 the Sixth Form College Farnborough, Tomlinscote School, Frimley Church of England School and St Mark’s Church of England Primary School were the academy partners in the Trust, responsible for the provision of 4 -19 education to around 6,000 learners from the local community.

Company policy on disabled employees

Engagement with employees (including disabled persons) The Trust has taken the following actions: Regularly provided employees with information on matters of concern to them, including updates on Trust and academy developments. This has been through staff meetings and briefings, with notes circulated for those who could not attend. Consulted employees regularly so that their views can be considered. Consultation has taken place through a variety of communication channels including staff surveys. Encouraged the involvement of employees through staff associations, union meetings and regular staff updates. Sought to improve the wellbeing of staff through on-going consideration of work-life balance and commitment to the DfE’s Staff Wellbeing Charter. Held an annual Trust-wide conference for all staff and those involved in Trust governance. Entered into a Trust-wide Join Union Recognition Agreement to formalise the Trust’s relationship with the unions and facilitate collective bargaining, negotiation and consultation on key staffing matters.

Additional information

Significant achievements at The Sixth Form College, Farnborough include: The College continues to provide a wide range of Level 3 subjects with over 45 different courses offered in 2025/26. Despite this expansive curriculum offer, standards of Level 3 attainment remain excellent across both the A Level and vocational offer. During 2025/26, the College supported over 4,000 learners from Hampshire, Surrey, and Berkshire. Despite the considerable number of schools from which it draws students, the College maintains its traditional close links with its local Partner and Link schools in the boroughs of Rushmoor, Hart, Surrey Heath, and Woking. The A Level pass rate in 2024/25 was 99.3 per cent with 74.5 per cent of grades on or above target, and 39 per cent and 69 per cent of A level grades awarded at A*-A and A*-B respectively. The value-added score under the Alps system for A levels was graded 2 (rated ‘outstanding’ – in the top 10 per cent of providers nationally). The vocational pass rate was 99.6 per cent, with 83.5 per cent of students achieving high grades (D*-M/D*D*-MM). The College continues to provide learners with high quality support and guidance through the tutorial system, which was fully reviewed during the year. The tutorial system works alongside a team of specialist counsellors to support learners' mental health. In addition, the College offers a wide-ranging enrichment programme, available to all learners, including sport, music and performing arts, as well as a broad range of other clubs and societies reflecting its diverse student community. Student recruitment remains robust, with the highest ever numbers of first years starting in September 2025. other achievements included the Quality in Careers Standard Award; a full review of the digital strategy; as well as achieving Cyber Essentials accreditation. The College benefits from continued investment by the Trust through ongoing IT network infrastructure improvements and computer upgrades in maths. Significant achievements at Tomlinscote School include: Impressive outcomes with 74 per cent of pupils achieving at least five GCSE passes including English and Maths in 2024/25. While there were no national Progress 8 measures in 2024/25 due to the absence of SATs in 2020, internal data analysis suggests this cohort achieved the second best progress in the history of the School. Teaching and learning targets for the school continue to be focused on embedding the pedagogic priority of mastery learning using Rosenshine’s Principles of Instruction. The School remains extremely popular, with the September 2026 intake oversubscribed by approximately 20 per cent (based on first choice school). The School continues to benefit from a stable and highly-skilled teaching staff team. Tomlinscote was awarded the Quality in Careers Standard, a highly prestigious, national quality award for careers education, information, advice, and guidance. Significant achievements at Frimley Church of England School include: Frimley Church of England School achieved its best ever results, significantly higher than national and Surrey comparators in reading, writing and maths. There were no KS1 tests in 2020 and therefore national progress measures are not available. However, based on internal data, progress made by Frimley pupils during 2024/25 was the best ever, continuing the solid upward trajectory since Frimley joined the Trust. Frimley received the Social Impact Schools Award 2025, a recognition of the passion and dedication the children have displayed through meaningful social action. The careers curriculum at Frimley has been developed so that learners are exposed to explicit links between what they learn in school and their future selves. Frimley has been awarded the ‘Investor in Careers’ award. Significant achievements at St Marks Church of England Primary School include: St Marks’s has been awarded the Brightcore Excellence in Safeguarding Commitment Award following a very thorough and successful safeguarding audit in March Whole school consistent approaches to phonics, reading, writing and maths have been implemented across the school. ELS has been purchased for phonics and White Rose Hub has been purchased for maths. The role of subject leaders has been developed this year and all teachers have focused on a smaller number of subjects so that monitoring and feedback is more effective. The Sports Premium has been allocated to enable the children at St Mark’s to access wider opportunities both in school and in the local community. An external Hockey coach provided lessons for KS2 students and CPD for staff. Orienteering markers and planning have been implemented (again including staff CPD). A range of instructors and sports are being represented in Sports Week. Promoting the success of the company The Trust has taken the following actions to promote its success: Provided the necessary support and challenge to continue the exceptional standards and results achieved by our Academies. Ensured that there is robust financial management across all academies, and that there are systems in place to support this and investigated processes and options to improve financial efficiency Recruited and retained high-calibre teaching and support staff Ensured that there are robust safeguarding policies within academies, which have been subject to rigorous external review. Drawn upon external expertise to support the Trust in terms of evaluating existing effectiveness in terms of school standards, safeguarding and special educational needs. Identified shared opportunities for CPD (Continuing Professional Development), curriculum and resource planning to strengthen the quality of teaching and learning and its impact on learners’ progress. Held annual Trust-wide conferences for all staff and those involved in Trust governance. In 2025 the programme centred on artificial intelligence (AI) in recognition of the priority AI is being given across the Trust. Invested in a Trust-wide talent management programme and a Leadership Development Programme for newly-appointed and aspiring middle and senior leaders. Developed and implemented Trust-wide ICT programmes to continually improve ICT hardware and software to deliver desired outcomes. Continued to implement a programme of staffing efficiency savings to ensure best value is achieved across the Trust. Adopted new Articles of Association to enable St Mark’s, a Voluntary Aided Church of England school, to join the Trust (from 1 September 2025). The CEO and Principal of The Sixth Form College Farnborough continued to strengthen relationships with local schools. Appointed an external agency to review marketing resulting in a new digital brochure and upgrades to the website. Created a public speaking competition for local secondary schools, hosted at the College. Concluded discussions with Weydon Multi-Academy Trust with the decision to integrate and build a larger, stronger Trust from 1 April 2026. Public benefit In setting the Trust’s objectives and planning its activities, the Board of Trustees has considered the Charity Commission’s general guidance on public benefit. During the financial period, the Trust furthered its charitable purposes for the public benefit by providing 4-19 general education incorporating GCSE and vocational qualifications plus wide-ranging sixth form provision including A Levels and BTEC courses. Going concern With effect from 1 April 2026, in accordance with a legal transfer of undertakings, all assets, liabilities and activities associated with The Prospect Trust transferred to Weyden Multi Academy Trust including, following consultation, all staff under the Transfer of Undertakings Protection of Employment (TUPE) regulations. For this reason, the Trustees do not deem it appropriate to adopt the going concern basis and therefore have prepared the accounts on a basis other than going concern. After making the appropriate enquiries the Board of Trustees has a reasonable expectation that the Academy Trust has adequate resources to continue in operational existence until it is wound down in 2026. Financial review The Trust's income continues to be provided predominately by the DfE in the form of recurrent grants, some of which are restricted to particular purposes. The grants received from the DfE during the period ended 31 March 2026 and the associated expenditure are shown as restricted funds in the Statement of Financial Activities. Where The Trust received grants for fixed assets in accordance with the Charities Statement of Recommended Practice, 'Accounting and Reporting by Charities' (SORP), these grants will be shown in the Statement of Financial Activities as restricted income in the fixed asset fund. The restricted fixed asset fund balance is reduced by annual straight-line depreciation charges over the expected useful life of the assets concerned. During the period ended 31 March 2026, total expenditure of £23.2 (2025: £38.8m) was met by recurrent grant funding from the DfE together with other income. Due to staffing restructure costs associated with the merger along with the shortened accounting period the excess of operational expenditure over income for the period (excluding both the restricted fixed asset fund and FRS102 pension adjustments and also before transfers) was a deficit of £89k. (2025: £0.7m). At 31 March 2026, the net book value of tangible fixed assets was £46.8m (2025: £46.9m) with investment properties at £1.1m (2025: £0.4m). Movements in investment property and tangible fixed assets are shown in notes 11 and 12 respectively. The investment properties were revalued during the period with the above value reflecting the revised valuation. The tangible fixed assets are used exclusively for providing education, and associated support services to the learners of the Trust and the provision of resources for the benefit of the local community. The Hampshire and Surrey County Councils’ Local Government Pension Schemes, in which the Trust participates, showed a balance of £Nil at 31 March 2026 (2025: £Nil). The Trust held total fund balances at 31 March 2026 of £49.7m (2025: £49.7m) comprising £1.5m of unrestricted general funds (2025: £2.7m), £251k of restricted general funds (2025: £81k), £48m of fixed assets (2025: £46.9m) and a balance of £Nil on restricted funds arising from the pension scheme (2025: £Nil). Financial report for the period Total income for the period (including the restricted fixed asset fund and before transfers) was £24m (2025: £38.1m). The results for the period are shown on page 288. Financial and risk management objectives and policies The Trust’s financial objectives are focused on ensuring that each year and over the next three-year period, the Trust as a whole and its constituent academy partners are self-sufficient in terms of generating operational (cash) surpluses to cover fixed asset funds movements including capital expenditure. This work will be continued following the integration with Weydon Multi Academy Trust. Reserves policy- The Trustees have reviewed the reserves of the Trust, encompassing the nature of the income and expenditure streams, the need to match them with commitments and the nature of the reserves. The Trust’s unrestricted reserves as at 31 March 2026 were £1.5m (2025: £2.8m) compared to an agreed £2.0m minimum. The Trustees’ policy is to carry forward a prudent level of resource that will enable the longer-term cyclical needs of the Trust to be met as well as retaining a provision for any unforeseen contingencies. The level of reserves as at 31 March 2026 represented 7.4% per cent of income (less fixed asset fund) (2025: 7.4%). This is in excess of the best practice requirement of the DfE that reserves are more than five percent of income. During 2024/25 the Trust focused on increasing classroom space and improving shared areas. In 2025/26, the Trust continued to improve IT accessibility and further increase classroom space. The Trust aims to support levels of reserves in the short term by securing operating surpluses in line with budget forecasts. Revenue reserves total £1.7m (2024/25 £2.8m) and will help towards financing the Trust’s ongoing capital expenditure programme. Trustees believe this to be a prudent amount to enable it to invest in its development plans and to respond to current economic uncertainties. Investment policy Due to the merger with WMAT the Trust released the medium-term investment deposit of £2.15m (2025: £2.13m) on 31 March 2026. Prior to this the investment deposits were in line with the Trust’s agreed Treasury Management approach which notes the requirement for Trustees to take particular care when investing funds by identifying low risk deposits, setting out minimum bank account levels and restricting investment exposure of any funds. PRINCIPAL RISKS AND UNCERTAINTIES The Board of Trustees, through the Audit & Risk Committee, has considered the major risks to which the Trust is exposed and has implemented controls, systems, and processes to mitigate them. The existing key known strategic risks and the associated mitigating actions include: Performance of individual academies – The Trust actively monitors the performance of academy partners in terms of recruitment, retention and attainment, and promotes and shares best practice through collaborative working across and between academies. As part of this the Trust is reviewing how it will respond to known and future Governmental changes in academic qualifications. Financial constraint – As with most education establishments across the country, the Trustwill be adversely affected by the current national economic pressures. To respond to this and to maintain sufficient level of reserves, the Trust continues to review its cost base across the organisation. Resource distribution – The Trust historically has operated a GAG pooling approach, ensuring that campus, systems, and people infrastructures are equitable, and allocations are made based on risk and need. As the Trust moves towards a membership fee model under Weydon Multi Academy Trust, academies will work to achieve sustainable efficiency. Infrastructure – The Trust continues to invest in its infrastructure across all academies including the IT network and IT security, building on the Cyber Essentials accreditation the College achieved in 2024/25, as a recognition of the work that has taken place to improve IT security. Governance – Due to the merger with Weydon Multi Academy Trust no further Governors were recruited in 2025/26. Integration –The Trust is merging with WMAT on 1 April 2026, up until the merger date the working group continued to monitor any associated risks. The Trust has an effective system of internal financial control, as explained in the Statement on Internal Control, and insurance arrangements are in place where significant financial risk remains. PLANS FOR FUTURE PERIODS Since its formation, The Sixth Form College Farnborough, Tomlinscote School and Frimley Church of England School have successfully been transferred into the Trust. During 2024 the Trust began working with St Mark’s Church of England Primary School which joined the Trust on the 1 September 2025. Going forward, the Trust will continue investment into its IT network infrastructure to support an effective digital strategy. Following successful discussions with Weydon Multi Academy Trust the decision to integrate with them was ratified and takes effect on 1st April 2026.

Directors

The director shown below has held office during the whole of the period from
1 September 2025 to 31 March 2026

Andrew Needham

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
15 July 2026

And signed on behalf of the board by:
Name: Andrew Needham
Status: Director

# THE PROSPECT TRUST

## Profit And Loss Account

for the Period Ended 31 March 2026

| 7 months to 31 March 2026 | 2025
--- | --- | ---
| £ | £
Turnover: | 23,967,000 | 38,020,000
Gross profit(or loss): | 23,967,000 | 38,020,000
Administrative expenses: | ( 24,338,000 ) | ( 38,797,000 )
Operating profit(or loss): | (371,000) | (777,000)
Interest receivable and similar income: | 24,000 | 48,000
Profit(or loss) before tax: | (347,000) | (729,000)
Profit(or loss) for the financial year: | (347,000) | (729,000)

# THE PROSPECT TRUST

## Balance sheet

As at 31 March 2026

| Notes | 7 months to 31 March 2026 | 2025
--- | --- | --- | ---
|  | £ | £
Fixed assets
Tangible assets: | 3 | 46,850,000 | 46,453,000
Investments: | 4 | 1,145,000 | 442,000
Total fixed assets: |  | 47,995,000 | 46,895,000
Current assets
Stocks: | 5 | 24,000 | 37,000
Debtors: | 6 | 2,165,000 | 1,288,000
Cash at bank and in hand: |  | 2,980,000 | 2,144,000
Investments: | 7 |  | 2,129,000
Total current assets: |  | 5,169,000 | 5,598,000
Creditors: amounts falling due within one year: | 8 | ( 3,106,000 ) | ( 2,544,000 )
Net current assets (liabilities): |  | 2,063,000 | 3,054,000
Total assets less current liabilities: |  | 50,058,000 | 49,949,000
Provision for liabilities: |  | ( 345,000 ) | ( 249,000 )
Total net assets (liabilities): |  | 49,713,000 | 49,700,000
Members' funds
Profit and loss account: |  | 49,713,000 | 49,700,000
Total members' funds: |  | 49,713,000 | 49,700,000

The notes form part of these financial statements

# THE PROSPECT TRUST

## Balance sheet statements

For the year ending 31 March 2026 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 15 July 2026
and signed on behalf of the board by:

Name: Andrew Needham
Status: Director

The notes form part of these financial statements

# THE PROSPECT TRUST

## Notes to the Financial Statements

for the Period Ended 31 March 2026

- ## 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Tangible fixed assets depreciation policy

  Assets costing £5,000 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment. Where tangible fixed assets have been acquired with the aid of specific grants, either from the government or from the private sector, they are included in the Balance Sheet at cost and depreciated over their expected useful economic life. The related grants are credited to a restricted fixed asset fund in the statement of financial activities and carried forward in the Balance Sheet. Depreciation on such assets is charged to the restricted fixed asset fund in the statement of financial activities so as to reduce the fund over the useful economic life of the related asset on a basis consistent with the Trust’s depreciation policy. Depreciation is provided on all tangible fixed assets other than freehold land, at rates calculated to write off the cost/valuation of each asset on a straight line basis over its expected useful economic life, generally as follows: Freehold buildings 50 years Furniture and equipment 10 years IT equipment 4 years Motor vehicles 5 years Depreciation is charged from the month of acquisition. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the statement of financial activities.

  Other accounting policies

  Going concern With effect from 1 March 2026, in accordance with a legal transfer of undertakings, all asset, liabilities and activities associated with The Prospect Trust were transferred to Weyden Multi Academy Trust. For this reason, the Trustees do not deem it appropriate to adopt the going concern basis and therefore have prepared the financial statements on a basis other than going concern. No adjustments have been made to book values as a result of this. After making appropriate enquiries the Trustees has a reasonable expectation that the Academy Trust has adequate resources to continue in operational existence until it is wound down in 2026. Income All income is recognised when the Trust has entitlement to the funds, the receipt is probable and the amount can be measured reliably. Grants Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of meeting any performance-related conditions there is not unconditional entitlement to the income and its recognition is deferred and included in creditors as deferred income until the performance-related conditions are met. Where entitlement occurs before income is received, the income is accrued. The General Annual Grant is recognised in full in the statement of financial activities in the period for which it is receivable and any abatement in respect of the period is deducted from income and recognised as a liability.Capital grants are recognised when there is entitlement and are not deferred over the life of the asset on which they are expended. Unspent amounts of capital grant are reflected in the balance in the restricted fixed asset fund. Capital grants are recognised when there is entitlement and are not deferred over the life of the asset on which they are expended. Donations Donations are recognised on a receivable basis (where there are no performance-related conditions) where the receipt is probable and the amount can be reliably measured. Other income Other income is recognised in the period it is receivable and to the extent the Trust has provided the goods or services. Transferon conversion Where assets and liabilities are received by the academy trust on conversion to an academy, the transferred assets are measured at fair value and recognised in the balance sheet at the point when the risks and rewards of ownership pass to the academy trust. An equal amount of income is recognised as transfer on conversion within donations and capital grant income to the net assets received. Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Charitable activities These are costs incurred on the Trust’s educational operations, including support costs and costs relating to the governance of the Trust apportioned to charitable activities. All expenditure is stated net of recoverable VAT. Investment Property Investment properties (i.e. those not occupied by the Trust but rented out at a commercial rental) are included on the balance sheet at fair value. Liabilities Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions Provisions are recognised when the Trust has an obligation at the reporting date as a result of a past event which it is probable will result in the transfer of economic benefits and the obligation can be estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. Leased assets Rentals under operating leases are charged on a straight-line basis over the lease term. Financial Instruments The Trust only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Trust and their measurement basis are as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost as detailed in note 14. Prepayments are not financial instruments. Amounts due to the charity’s wholly owned subsidiary are held at face value less any impairment. Cash at bank – is classified as a basic financial instrument and is measured at face value. Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost as detailed in note 15. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. Taxation The Trust is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Trust is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Pensions benefits Retirement benefits to employees of the Trust are provided by the Teachers’ Pension Scheme (‘TPS’) and the Local Government Pension Scheme (‘LGPS’). These are defined benefit schemes. The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the Trust in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a prospective unit credit method. As stated in note 21, the TPS is a multi-employer scheme and there is insufficient information available to use defined benefit accounting. The TPS is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate. The LGPS is a funded scheme and the assets are held separately from those of the Trust in separate Trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the statement of financial activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in other recognised gains and losses. Actuarial gains and losses are recognised immediately in other recognised gains and losses. Fund accounting Unrestricted income funds represent those resources which may be used towards meeting any of the charitable objects of the Trust at the discretion of the Trustees. Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by the Education and Skills Funding Agency, Department for Education or other funders where the asset acquired or created is held for a specific purpose. Restricted income funds comprise all other grants received from the Department for Education, the Local Authority and other sources . Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Restricted fixed asset funds are resources which are to be applied to specific capital purposes imposed by the Education and Skills Funding Agency, Department for Education or other funders where the asset acquired or

# THE PROSPECT TRUST

## Notes to the Financial Statements

for the Period Ended 31 March 2026

- ## 2. Employees

  | 7 months to 31 March 2026 | 2025
  --- | --- | ---
  Average number of employees during the period | 788 | 752

# THE PROSPECT TRUST

## Notes to the Financial Statements

for the Period Ended 31 March 2026

## 3. Tangible assets

| Land & buildings | Plant & machinery | Fixtures & fittings | Office equipment | Motor vehicles | Total
--- | --- | --- | --- | --- | --- | ---
Cost | £ | £ | £ | £ | £ | £
At 1 September 2025 | 50,485,000 |  | 4,975,000 |  |  | 55,460,000
Additions | 820,000 |  | 691,000 |  |  | 1,511,000
Disposals |  |  |  |  |  |
Revaluations |  |  |  |  |  |
Transfers |  |  |  |  |  |
At 31 March 2026 | 51,305,000 |  | 5,666,000 |  |  | 56,971,000
Depreciation |  |  |  |  |  |
At 1 September 2025 | 8,515,000 |  | 492,000 |  |  | 9,007,000
Charge for year | 668,000 |  | 446,000 |  |  | 1,114,000
On disposals |  |  |  |  |  |
Other adjustments |  |  |  |  |  |
At 31 March 2026 | 9,183,000 |  | 938,000 |  |  | 10,121,000
Net book value |  |  |  |  |  |
At 31 March 2026 | 42,122,000 |  | 4,728,000 |  |  | 46,850,000
At 31 August 2025 | 41,970,000 |  | 4,483,000 |  |  | 46,453,000

# THE PROSPECT TRUST

## Notes to the Financial Statements

for the Period Ended 31 March 2026

## 4. Fixed assets investments note

The property was valued at 26 June 2026 by SHW, independent chartered surveyors, on the basis of market value in accordance with RICS Valuation – Global Standards.

# THE PROSPECT TRUST

## Notes to the Financial Statements

for the Period Ended 31 March 2026

## 5. Stocks

| 7 months to 31 March 2026 | 2025
--- | --- | ---
| £ | £
Stocks | 24,000 | 37,000
Total | 24,000 | 37,000

# THE PROSPECT TRUST

## Notes to the Financial Statements

for the Period Ended 31 March 2026

## 6. Debtors

| 7 months to 31 March 2026 | 2025
--- | --- | ---
| £ | £
Trade debtors | 2,000 | 12,000
Prepayments and accrued income | 2,048,000 | 1,026,000
Other debtors | 115,000 | 250,000
Total | 2,165,000 | 1,288,000

# THE PROSPECT TRUST

## Notes to the Financial Statements

for the Period Ended 31 March 2026

## 7. Current assets investments note

Current assets investment relates to funds in a high interest deposit bank account

# THE PROSPECT TRUST

## Notes to the Financial Statements

for the Period Ended 31 March 2026

## 8. Creditors: amounts falling due within one year note

| 7 months to 31 March 2026 | 2025
--- | --- | ---
| £ | £
Trade creditors | 357,000 | 148,000
Taxation and social security | 667,000 | 575,000
Accruals and deferred income | 1,237,000 | 990,000
Other creditors | 845,000 | 831,000
Total | 3,106,000 | 2,544,000

# THE PROSPECT TRUST

## Notes to the Financial Statements

for the Period Ended 31 March 2026

## 9. Financial Commitments

At 31 March 2026, the total of the Trust’s future minimum payments under other contractual commitments was: 2026 £125,000 2025 £31, 000