**COMPANY REGISTRATION NUMBER: 07665606 CHARITY REGISTRATION NUMBER: 1145692**
## **Promise Works Limited Company Limited by Guarantee Unaudited Financial Statements**
**30 November 2023**
## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Financial Statements**
## **Year ended 30 November 2023**
||**Page**|
|---|---|
|Trustees' Annual Report (incorporating the Director's Report)|**1 - 12**|
|Independent Examiner's report to the trustees|**13**|
|Statement of Financial Activity (including Income and Expenditure Account)|**14**|
|Balance Sheet|**15**|
|Notes to the financial statements|**16 - 26**|
## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)**
## **Year ended 30 November 2023**
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 November 2023.
## **Reference and administrative details**
**Registered charity name** Promise Works Limited **Charity registration number** 1145692 **Company registration number** 07665606 **Principal office and registered** 7 Castle Street **office** Bridgewater Somerset TA6 3DT **The trustees** K A O'Donnell R H Peto C E Drew M G Elliott T Knight N Gething (Appointed 23[rd] October 2023) M S Conway (Resigned 1[st] January 2024) **Independent examiner** Joshua Kingston BSc. ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
**- 1 -**
## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 30 November 2023**
## **Structure, governance and management**
Promise Works Limited is a charitable company (company number 07665606; charity registration number 1145692) governed by Articles of Association for a Charitable Company dated 1 November 2011.
## **Risk Management**
PROMISE _works_ maintains a formal Risk Management process, employing a Risk Matrix to assess the charity’s exposure to a variety of risks and to define its mitigation efforts.
The risks to which the charity is exposed are reviewed regularly by the Board of Trustees. They are divided into five categories:
- Reputational
- Personal Safety
- Financial
- Service Delivery
- Organisational
The impact of each risk is assessed together with the likelihood of its occurrence. The product of these two factors is used to identify the most significant risks to the charity; prioritise mitigation efforts and ensure that those efforts employed are adequate.
The most significant risk to the charity is Personal Safety and the consequential Reputational risk that would be associated with one of our clients or volunteers suffering abuse or sustained physical or emotional harm as a result of their mentoring activities. Such an occurrence would risk a critical loss of credibility and carry with it the potential for closure of the service.
To mitigate this primary risk, the charity employs robust and constantly reviewed safeguarding processes and procedures. These include:
- Systematic, thorough recruitment and screening procedures.
- Deliberately extended training programme, to ensure that volunteers are assessed over an appreciable period of time and in a variety of settings and situations.
- Extensive vetting processes, with two or more interviewers examining the history, background and motivation of each volunteer.
- Careful matching process, placing the needs and desires of the child at the centre of the decision-making process.
- Continued, regular supervision of volunteers by trained case holders who are, in turn, supervised by an experienced General Manager.
- Continuous professional development of all members of the team.
- Regular internal audits conducted by the Safeguarding Lead Trustee.
- Regular clinical supervision of all case holders and the general manager by Somerset Counselling Centre.
These requirements are all reflected in the charity’s Safeguarding Policy which is reviewed on an annual basis.
Each year, in the light of this risk management process, the charity reviews its insurance arrangements to ensure that it is adequately covered should any worst cases transpire.
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## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 30 November 2023**
## **Objectives and activities**
The objects of the charity are:
- to help vulnerable children, young people and families in Somerset and nationally by providing practical and emotional support, and;
- the advancement of education by the provision of training, educational programmes and information to a range of voluntary, public and professional individuals, groups and organisations for the public benefit.
## **PUBLIC BENEFIT**
The charity provides mentoring services and support to some of the most vulnerable and at-risk children and young people in Somerset. Many of these young people are classed as "Children in Need" as defined in the Children Act 1989. The charity does not fund services and support which are within the statutory duty of the local authority.
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
## **ACHIVEMENTS AND PERFORMANCE**
## **Summary – our expanding team delivered steady, sustainable growth**
2022-23 saw PROMISE _works_ continue its steady, purposeful growth. This expansion has had two main dimensions:
- The team continued its path towards maturity. We added case holding capacity and built the capability to assume additional roles and responsibilities within the team.
- PROMISE _works’_ mentoring service supported an increasing number of vulnerable and disadvantaged children and young people and began expansion into new regions of Somerset.
During 2022-23, we completed the transition to employee operational leadership. Care was taken to establish new processes and procedures. These enable the management team to flourish while allowing effective, unobtrusive governance and oversight by the trustees.
As this new organisation developed, employees were encouraged to acquire new skills and knowledge to fill gaps in capability. For instance, each of our Area Coordinators has assumed a secondary functional role as lead in areas like safeguarding, training, EDI (equality, diversity & inclusion) and childhood trauma. The case-holding demands placed upon each of them have been reduced to enable them to fulfil these additional roles in a meaningful way without jeopardising the performance of their other duties.
Our recruitment programme continued to add case-holding capacity to the team. This helped us to match ninety-two vulnerable children and young people with a trained volunteer mentor during the year. This is a 51% increase on the previous year and means that more than 350 children and young people have been matched since our service began in April 2017.
Forty-nine young people graduated successfully from the scheme – a 44% increase on 2021-22. These young people had all recognised that the formal period of their mentoring relationship had run its course and that, consequently, they were better equipped to manage their future life challenges. After these formal closures, many mentoring pairs continued to meet regularly as friends.
**- 3 -**
## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 30 November 2023**
During the year, PROMISE _works_ continued to expand the network of professional agencies that rely upon our vital support. With other long-term interventions for vulnerable children becoming increasingly scarce, the 311 qualifying referrals made by these agencies to the service was a 11% increase on the previous year.
During the year, we made fundamental changes to how we manage these referrals. After consultation with various stakeholders, we reduced the period we hold an open referral from twenty-four to twelve months. After that time has elapsed, a new referral must now be submitted to maintain a request for help.
We also stopped using the size of our waiting list as a Key Performance Indicator (KPI). This change reinforced our determination to deliver a safe and effective service to those to whom we have given our promise. Stretching resources to speed up the shortening of a waiting list that is a result of inexorable demand across the county could risk both the safety and the effectiveness of the existing service.
In 2021-22 we were honoured to receive the Queen’s Award for Voluntary Service. Accolades such as this, and the increasingly positive reputation that our service has built, are translating into financial benefit for the charity. As we establish a respected position in the county’s social infrastructure, so a wider network of businesses, other organisations and individuals are hearing about our work and coming forward to support us. Reaching this “critical mass” position within the county helped us to meet our fundraising targets for the year.
## **Delivery Performance**
Since the service started in April 2017, by the end of November 2023, 366 children and young people had been carefully matched with a long-term volunteer mentor.
_(Please note that during 2022-23, for completeness, we adjusted our operational statistics to include ongoing relationships that had been transferred from Somerset County Council during the first eighteen months of operations. For this reason, the data presented this year may have small arithmetical inconsistencies when compared to that presented in previous Annual Reports.)_
We began the year supporting 122 mentoring relationships, growing by nineteen (16%) to 141 ongoing relationships by the end of the year.
As in 2021-22, when taken at face value, and particularly given the recent increases in case holding capacity, this might suggest possible under-performance. However, as in 2021-22, looking at the constituent parts of the process – matches and disengagements – reveals that we exceeded expectations in terms of new matches and that a higher-than-expected number of disengagements continued to depress the number of ongoing relationships we supported.
Against an original plan to complete eighty-four matches during the year (which assumed a larger increase in capacity than we eventually introduced), our team matched ninety-two new relationships – 9.5% better than planned.
Given the higher-than-expected number of disengagements in 2021-22, our plan for 2022-23 had assumed a significant slowing down in relationship closures. However, the 73 disengagements seen during the year continued the trend of the previous year, being 45 more than our planning assumption.
Two operational developments underly this continued trend:
- Improved monitoring and evaluation techniques enable our operations team to recognise when a mentoring relationship has progressed beyond mentor/mentee status to become a less formal friendship.
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## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 30 November 2023**
- In parallel, the team have developed techniques to encourage and manage a successful closure when such a shift has happened, allowing, when appropriate, an informal friendship-driven relationship to continue thereafter.
These developments are further evidence of our maturing service. Our formative years were coloured by our origins as a county council service, where there was much less emphasis upon closing relationships because children in care were entitled to receive such support until they reached 18 years of age. With impact and efficacy replacing this statutory, time-based driver, we are recognising the value of graduating relationships as soon as it becomes clear that maximum value has been gained from the mentoring activity. This releases the valuable resource that is a trained mentor to go on to support another young person. This recognition will be reflected in our future planning assumptions.
The 73 disengagements seen during the year broke down as follows:
- 49 young people “graduated” from the scheme; their successful mentoring relationships having come to an end by mutual agreement. This was a 44% increase on the previous year and made a total of 124 successful graduations since the programme began.
- Fifteen relationships were closed for unavoidable reasons such as the young person moved home or where severe mental health problems meant that support for the young person was beyond the scope of a volunteer-delivered service. This was a similar number to 2021-22 (17)
- Nine young people or their parents disengaged prematurely from the scheme due to a mismatch between mentor and the mentee or their family. This was an increase on the previous year (4). We recognise that premature disengagements are inevitable in a service that is continually striving to expand its ability to support children and young people with more challenging needs. However, all relationships are monitored very carefully throughout the year to ensure overall effectiveness of the service.
In 2021-22, successful graduations represented 62% of all disengagements. Our analysis last year argued that this lower figure (a reduction from 74% in the previous year) had been influenced by the COVID-19 pandemic. These latest figures show a slight increase to 67% during 2022-23.
The demand for our service continues at similar levels to previous years. The 311 referrals received in 2022-23 took the total received since launch in 2017 to 1,148 and was an 11% increase on the previous year.
2022-23 marked a significant change in the way in which we understand our referral statistics. Developed in consultation with our referrers, who were surveyed using a detailed questionnaire, our new method is based on the following:
- We have halved the length of time that we will hold an open referral – from twenty-four down to twelve months. If a match has not been made during that period, the referrer will be asked to re-confirm the need for a mentor and re-submit the referral request.
- We have relegated the concept of a “waiting list” in our thinking. There was a risk, however small, that the pressure of a waiting list could drive the wrong behaviours, stretching resources and introducing the potential for increased safeguarding risks.
- These changes have helped to clarify our purpose and objectives. We are not a universal, statutory service that has a responsibility for the total population of vulnerable children across the county (as might be inferred from a “waiting list”). Our responsibility is to the children to whom we have made a formal support commitment.
Following the consultation in June 2023, we closed 187 referrals that were more than twelve months old. For information, our outstanding referrals number at the end of the year sat at 257.
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## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 30 November 2023**
With the above considerations in mind, the structure of the referral data that we collect is being refined for use in confirming the size and type of need seen across the county (rather than deduce the element of that need which we have to date been unable to support). These analyses help to support our funding proposals as well as confirm the extent and adequacy of the agency networks within which we operate.
## **Volunteer Recruitment & Training**
We have always been proud of the mentor training that we provide. It is regularly praised by our trainees and cited as a major benefit of being a PROMISE _works_ volunteer.
Given the investment that we have made in developing the course, the cost associated with running each training event and the vital contribution of new mentors to our success, during the year we refreshed the structure of the data we collect to monitor our training performance. The results for 202223 are summarised below:
- We ran seven courses over the year, each with a maximum capacity of 15 trainees giving a total training potential of 105 new mentors.
- 64 places were booked on these courses (61% of total capacity).
- 10 candidates failed to turn up.
- 7 trainees dropped out during the course or soon after its completion.
- 47 trainees completed the training course and made themselves available for the next phases of vetting and matching – 73% success rate with respect to course bookings but only 45% of training capacity.
The 47 training graduates during 2022-23 was almost identical to the number trained in 2021-22 (46).
While the 73% conversion rate with respect to course booking can be frustrating, we recognise it as an inevitable consequence of our safeguarding process. We would much rather recognise that mentoring is not for someone during their training course than find it out after they have started to meet their young person.
The course booking numbers (61% of total capacity) is a more fundamental issue and one that we are working hard to improve.
At the end of the year, we had 130 active mentors supporting 141 ongoing relationships. In addition, we had nine experienced mentors waiting to be re-matched and two newly trained mentors ready to be matched with their first mentee. There were also twenty recent trainees that had completed their training and were progressing through the vetting and accreditation processes (references, Disclosure & Barring Service (DBS) clearance etc).
Volunteer recruitment and training will be the major operational focus for 2024, particularly in the west and coastal regions of the county.
## **Staffing & Organisation**
The National Lottery Reaching Communities Fund (NLRCF) grant that was announced at the end of 2020-21 has continued to define our recruitment programme. However, we have very much appreciated the flexibility that our NLRCF representative has encouraged, allowing us to adapt our plans to meet emerging requirements during the year.
Our organisation development programme concentrated upon two underlying drivers:
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## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 30 November 2023**
- Growing our case holding capacity.
- Developing a sustainable, robust organisation, moving away from volunteer towards staff led operational processes.
In February, our case holding capacity was increased when we recruited Sam Paull as our first new Case Holder. Sam is working alongside the Area Co-ordinators (ACs) in Mendip and South Somerset. As a Case Holder, Sam focuses solely on matching and supporting ongoing mentoring relationships. This gives the two regions that she supports the ability to sustain safely a significantly higher number of relationships and to react more quickly to pressing demands.
In addition to capacity expansion, our General Manager, Ali Hart, is creating a vibrant, talented team. As trustees take steps backwards from day-to-day involvement, so Ali’s team are stepping up to take additional responsibilities and fill gaps in coverage.
Each AC is now taking on additional responsibilities in areas such as fundraising, training, and business development. This expansion in role is often on behalf of the whole organisation and not just limited to their local regional responsibilities.
John Chambers in Mendip and Louise Wallace in South Somerset now share the role of Lead Trainer, significantly increasing the flexibility within our training programme. John also leads on the redesign of our impact evaluation model while Louise has assumed the vital role of Designated Safeguarding Lead. In Sedgemoor, Sarah Taylor has become our Trauma Recovery Lead, delivering all neuroscience sessions in our training. In Taunton & West Somerset, Christell Charles has assumed the role of Equality, Diversity and Inclusivity Lead.
During the year, we recognised that these additional responsibilities expected of ACs came at a cost and that this cost needed to be reflected in our capacity planning. Thus, we reduced the notional maximum capacity of each AC from 40 to 35 ongoing relationships. We continue to expect that a Case Holder like Sam Paull, whose working day is very specifically focused upon volunteer support, should be able to oversee up to 50 relationships. Therefore, splitting a Case Holder’s workload equally over two geographical areas, should give us a capacity of 60 relationships in regions that are serviced by both role types.
In mid-November 2023, we launched our service in the Somerset Coast region (Exmoor, Minehead, Williton and Watchet areas) with the recruitment of Sue Bill as Area Coordinator.
Through reference to available regional data (Indices of Multiple Deprivation and Social Mobility Index) we know that this area is one of the worst in Somerset for social mobility and outcomes for children and young people. This made it a primary target for the establishment of a PROMISE _works_ service.
The area had formerly been covered from Taunton, but the distances involved in supporting such a largely rural community and the different support networks established in these contrasting parts of the county meant that a new solution was needed.
Sue has gained valuable experience as a THRIVE practitioner in a local primary school, identifying developmental delay in children and young people due to trauma and neglect and developing strategies to help them move forward. She also has business development experience having run her
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## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 30 November 2023**
own business for ten years prior to the pandemic. This will be invaluable in developing effective mentor recruitment networks in this new region.
We now have a field-based team of 5.75 full time equivalents and a mentoring relationship capacity of circa 220. Sonja Finely (Finance & Administration Manager) and Rebecca Williams (Finance & Administration Assistant) support not only Ali Hart and this team, but also the150 or so volunteers upon whom we depend.
## **Improved Support to our Team**
Ali has continued to lead the development of a more professional, sustainable organisation that is able to support the continued growth of the service. The following examples illustrate how this process of professionalisation has progressed over the year:
- **Clinical Supervision** – After a concerted search for a suitable provider, we selected Somerset Counselling Centre (SCC) and have established them within an integrated supervision and safeguarding process. All operations staff have six-weekly, one-to-one supervision sessions with the General Manager. In addition, they now take part in a regular group clinical supervision session facilitated by a counsellor from SCC. This allows them to discuss cases of concern and share ideas on ways to maximise the added value of this independent third-party input. The same counsellor provides supervision every 8 weeks for the General Manager. Staff also have access to private counselling through the same organisation should they feel that they need this to support their own emotional health and wellbeing.
- **Safeguarding** – Ali continues to work closely with Carolyn Drew, Lead Trustee for Safeguarding, in the continuous improvement of our integrated safeguarding system. The Clinical Supervision support outlined above is an example of our primary focus upon the safety and wellbeing of everyone associated with our charity and service. During the year, we were invited by the Somerset Safeguarding Children Partnership to submit an audit of our safeguarding organisation and processes as part of their county-wide Section 11 Audit activity. We seized upon this as an opportunity to receive an expert external assessment of our systems. We have submitted our audit and await our panel interview.
- **External Evaluation** – The assessment project that was conducted by Prof Rudi Dallos, funded by a PROMISE _works_ donor and started in 2022, has reached peer review stage. We will share this more widely when we have the final report and peer appraisal. In the meantime, we have been able to introduce key elements from the draft report into our mentor training sessions around communication, boundaries, and attachment.
- **Social Media** – To underpin our recruitment effort, we have enlisted PATH Marketing to schedule and publish our social media offerings. To increase the efficiency of this activity, on a pro-bono basis, PATH also completed a redesign of our website. Social media has become the most crucial channel for volunteer recruitment. Approximately 60% of our mentor applications now come via social media and the website with 40% coming via word of mouth.
- **HR Services** - Auxilium HR have been enlisted to provide ad hoc HR advice and guidance. They also review our suite of HR policies once a year and advise on any updates in legislation. They have proved invaluable when dealing with potentially tricky arrangements and in ensuring our recruitment adverts and processes are compliant.
**- 8 -**
## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 30 November 2023**
- **Customer Relationship Management** – With funding received from SCF we have invested significant effort into completing the development of our Customer Relationship Management (CRM) system. This will help us to manage all fundraising activities as well as support targeted volunteer recruitment efforts. 2023-24 will see us bring this to maturity and exploit the improved information management and communication capabilities that it will provide.
- **Network expansion** – As our fundraising abilities improve and our financial situation becomes more stable, our communications and network development has increasingly focused upon volunteer recruitment. We are building new links across the county to encourage people from all walks of life to consider taking a mentoring role. For instance, in March, we signed the Armed Forces Covenant, with Major Thomas French, Officer Commanding 651(Headquarters) Squadron, 1 Regiment Army Air Corps, RNAS Yeovilton co-signing on behalf of the Armed Forces.
## **Fundraising Performance**
Our continued growth is very much dependent upon the size and stability of our income, all of which relies upon the philanthropy of both individuals and organisations. The effort that has been made over recent years to develop closer relationships with key people and organisations across Somerset bore fruit during 2022-23. Our Fundraising Income of £367,903 was 14.6% larger than 2021-22.
Our parallel objective of increasing the bow wave of income for future years was also achieved. As the year ended, we were working with Somerset Community Foundation to finalise a second large grant from the Hinkley Point C Community Fund. This will be received over the next three years (subject to performance and successful annual reporting). Also, two trusts that have supported us throughout our development increased their contributions and reconfirmed their long-term commitments to PROMISE _works_ , again dependent upon adequate annual reporting.
The fundraising income for the year breaks down as follows:
|Personal Donations (including JustGiving)
General Fundraising (public appeals etc)
Fundraising Events
Corporate Donations
Unrestricted Grants
Restricted Grants
Fundraising Total|£
31,102
6,677
3,092
89,238
65,622
172,172|
|---|---|
||367,903|
The Trustees would like to thank the organisations and volunteers who have helped the charity to continue to grow successfully during the year and who have provided encouragement and advice as well as financial and practical support. In particular:
- The following, provided via the good offices of Somerset Community Foundation (in addition to grants received directly from the Foundation itself):
- Avon & Somerset Police and Crime Commissioner's Crime Prevention Fund
- `o` Corton Hill Trust
- Hinkley Point C Community Fund
- Adfal Trust
- Adrian Swire Charitable Trust
- Basil Samuel Charitable Trust
- Bruton Town Council
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## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 30 November 2023**
- Burns the Bread, Glastonbury – for both financial support and the invaluable practical assistance of allowing us to share their storage facilities
- Charles Dowding Open Day
- Cyril & Eve Jumbo Charitable Trust
- Enmore Park Golf Club
- Esmee Fairbairn Foundation
- Frome Lions Club
- Hedley Foundation
- Irwin Mitchell (Bristol)
- Lloyds Bank Foundation
- My Brain Books
- National Lottery Reaching Communities Fund
- National Farmers Union Mutual Insurance Society
- Ninesquare Trust
- Perivoli Foundation
- Prudence Trust
- Rotary Club of Crewkerne
- Shepton Mallet Rotary Club
- Sherborne Castle Country Fair
- Sherborne Classic Cars CIO
- Somerset Trust for Arts & Recreation (STAR)
- Tesco Community Grants (via Groundwork UK)
- Whitehill Chase Foundation
- Yeovil Lions Club
- Yeovil Round Table
As we build a “critical mass” of connections and supporters across the county, so we are delighted that more and more organisations and individuals are coming forward to raise funds on our behalf or provide new fundraising channels for PROMISE _works_ . During 2022-23, these included:
- Individual challenges taken by the likes of Steve Atkinson, a PROMISE _works_ mentor, who cycled around Somerset during the summer, promoting our volunteering opportunities as well as raising funds. Steve is but one of the several people who took on personal challenges in support of PROMISEworks. We thank them all for their efforts on our behalf.
- Stewart Cursley, the Mayor of Wells who selected PROMISE _works_ as his chosen charity for the year. This provided a wide variety of awareness and fundraising opportunities.
- We were delighted to be selected as Leonardo in Yeovil Trainee Fundraising committee’s charity of the year and very thankful for the creativity and enthusiasm of these wonderful young people and the generosity of the Leonardo employees that contributed to a significant donation during the year. We are also thrilled that this effort will be repeated in 2023-24, with a new committee already hard at work on our behalf.
- Taunton Round Table Charity Dinner – which raised a large amount and allowed us to present our work and volunteering opportunities to a broad, corporate audience.
- Acorn Solicitors who offered prospective customers a discounted will writing service in return for a donation to PROMISE _works._
- Kilver Court Pop-up Christmas Fair who selected PROMISE _works_ as their chosen cause at both their 2022 and 2023 events. These well attended fairs provided excellent awareness raising and volunteer recruitment opportunities as well as collecting donations from stallholders.
In addition to the organisations listed above, the Trustees are grateful to the many other community groups and individual donors and fundraisers who have given of their time, energy and money in support
**- 10 -**
## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 30 November 2023**
of PROMISE _works_ during the year.
As in previous years, the Trustees would also like to thank and recognise the work of the staff who have continued the successful development of our mentoring operations.
Finally, as always, we reserve our greatest thanks and appreciation for the volunteer mentors upon whom our service depends. It is their dedication and commitment that improves the life chances of our children and young people.
## **FINANCIAL REVIEW**
## **Financial Controls**
The necessary financial processes and procedures have been set out in a Finance Manual. The procedures outlined therein are always followed by trustees, staff, and volunteers.
The Finance Manual includes the customary internal controls on receipts and payments. All payments must be authorised by trustees or the appropriate delegated authority. Online banking payments require input and authorisation, and cheques require signature by two authorised signatories. Expenses may be reimbursed to volunteers, trustees, and staff where costs are incurred in their role in the normal course of charity business.
## **Reserves Policy**
In principle, PROMISE _works_ aims to maintain free reserves which are available for its general purposes, i.e., funds which are not restricted, designated, or otherwise committed, at a level which is likely to sustain its activities over an appropriate closure period and, in doing so, minimise any adverse consequences for our mentees.
PROMISE _works_ wants to grow its services to children and young people but will temper all growth decisions by reference to this policy.
The success of the PROMISE _works_ mentoring model is founded upon the long-term promise that is made to each young mentee when they join the programme - that they can count on having their mentor for at least two years. The fidelity of this promise must be protected for the service to continue to be effective.
If the charity failed it could cause significant distress to mentees. Suddenly losing the trusted relationship with their mentor, perhaps the first trusting relationship they had ever experienced, could be traumatic and only serve to exacerbate a young person's problems. Consequently, the PROMISE _works_ Reserves Policy has been designed to minimise the risk of breaking these promises for purely financial reasons. This translates, in financial terms, into maintaining enough unrestricted funds to cover the cost of completing all the promises that have been made to our children and young people. To this end, the Trustees of PROMISE _works_ have designated two funds to represent these financial commitments:
- Close Down Costs – this reflects the unrestricted cash holding that is likely to be needed during a controlled, six-month run-down period once a decision to close the service has been taken. During this time, mentoring services would continue as necessary.
- Complete Promises – represents the additional cash holding needed to fund a third-party organisation to support and supervise volunteer mentors as they complete the remainder of any promises still outstanding at the end of the six-month Close Down period.
**- 11 -**
## **Promise Works Limited**
## **Company Limited by Guarantee**
## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_
## **Year ended 30 November 2023**
## **Designated Funds**
In addition to the Reserves-related designated funds described above, the trustees may earmark unrestricted funds for specific charitable purposes in accordance with the charity's objectives. At the end of the 2022-23 financial year, the Trustees had retained two such additional designated funds:
- Hardship - for the benefit of children and young people living in poverty and to help fund their immediate short-term needs for food, shelter, clothing, heat, light & power and other basic and essential needs
- Mental Health – to cover the costs of occasional therapeutic counselling sessions arranged to help some of our young people cope with various issues in their lives.
## **Statement of trustees’ responsibilities**
The trustees (who are also directors of Promise Works Limited for the purposes of company law) are responsible for preparing the Trustees’ Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report was approved on 19 March 2024 and signed on behalf of the board of trustees by:
K A O'Donnell Trustee
**- 12 -**
**Promise Works Limited Company Limited by Guarantee**
## **Independent Examiner's Report to the Trustees of Promise Works Limited**
## **Year ended 30 November 2023**
I report to the charity trustees on my examination of the financial statements of Promise Works Limited ('the charity') for the year ended 30 November 2023.
## **Responsibilities and basis of report**
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner’s statement**
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Joshua Kingston BSc. ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Date: 19 March 2024
**- 13 -**
## **Promise Works Limited**
## **Statement of Financial Activities (Including Income and Expenditure Account)**
## **Year ended 30 November 2023**
|**Note**
**Income from:**
Grants, donations and legacies
**2**
Other trading activities
**3**
Investments
**4**
**Total income**
**Expenditure on:**
Raising funds
**5**
Charitable activities
**6**
**Total expenditure**
**Net income/(expenditure) and**
**9**
**net movement in funds**
**Total funds at start of year**
**16**
**Total funds at end of year**
**16**|**Unrestricted**
**Funds**
**£**
185,962
9,819
6,412
202,193
1,216
135,939
137,155
65,038
196,797
261,835|**Restricted**
**Funds**
**£**
172,171
-
-
172,171
-
180,748
180,748
(8,577)
67,699
59,122|**Total Funds**
**2023**
**£**
358,133
9,819
6,412
374,364
1,216
316,687
317,903
56,461
264,496
320,957|Total Funds
2022
£
307,526
12,407
753
320,686
7,644
255,996
263,640
57,046
207,450
264,496|
|---|---|---|---|---|
The Charity has no recognised gains or losses other than the results for the year as set out above.
All of the activities of the charity are classed as continuing.
**The notes on pages 16 to 26 form part of these financial statements See note 11 for fund-accounting comparative figures**
**14**
## **Promise Works Limited**
## **Balance Sheet**
**----- Start of picture text -----**
As at 30 November 2023 Company number: 07665606
2023 2022
Note £ £
Fixed assets
Tangible assets 12 2,215 1,568
2,215 1,568
Current assets
Debtors 13 6,602 4,021
Cash at bank and in hand 343,970 284,555
350,572 288,576
Liabilities
Creditors : amounts falling
due within one year 14 (31,830) (25,648)
Net current assets 318,742 262,928
Total assets less current liabilities 320,957 264,496
Net assets 320,957 264,496
FUNDS
Unrestricted funds
General funds 17 84,851 59,828
Designated funds 17 176,984 136,969
Restricted funds 17 59,122 67,699
Total funds 320,957 264,496
**----- End of picture text -----**
For the year ending 30 November 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the Trustees on 19 March 2024 and are signed on their behalf by:
T Knight Trustee
**The notes on pages 16 to 26 form part of these financial statements**
**15**
**Promise Works Limited**
**Notes To The Financial Statements**
## **Year ended 30 November 2023**
## **1 Accounting policies**
## **Accounting convention**
The financial statements have been prepared under the historical cost convention, and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.
The Trustees have chosen to prepare the financial statements on a going concern basis given the free reserves held by the charity and the careful planning of the Trustees.
## **Income**
Income from donations is included in income when these are receivable, except as follows:
I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods; II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.
Legacies are included on a receivable basis where charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is not included in income but is treated as a contingent asset and disclosed if material.
Investment income is included on a receivable basis.
Donations in kind comprise donated services where the costs are measurable and the services would otherwise have to be paid for to maintain operational effectiveness.
## **Expenditure**
Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered.
## _**Raising funds**_
Raising funds expenditure include those costs incurred in seeking voluntary contributions, costs of goods sold and other costs which include the costs of running and participating in fundraising events and collections and cost of goods purchased for resale.
## _**Charitable Activities**_
Grants awarded are allocated to charitable activities. Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years’ funding.
## _**Governance costs**_
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.
**16**
**Promise Works Limited**
**Notes To The Financial Statements**
## **Year ended 30 November 2023**
- **1 Accounting policies** _**(continued)**_
## _**Allocation and apportionment costs**_
Certain expenditure is directly attributable to specific activities and this has been included in those cost categories. Other costs, which are attributable to more than one category, are apportioned across cost categories on the basis of an assessment of workload carried out from time to time.
Overhead support costs have been allocated between fundraising and publicity costs, fundraising trading and charitable activities. The apportionment has been allocated on the basis of usage and is analysed in note 7.
## **Pension costs and other post-retirement benefits**
The charity contributes to defined contribution pension schemes. Contributions payable to the charity's pension schemes are charged to the Statement of Financial Activities in the period to which they relate.
## **Tangible fixed assets**
Fixed assets are held at cost less accumulated depreciation. Depreciation is calculated so as to write off the cost of an asset, less its estimated ultimate residual value, over the useful life of that asset as follows:
Plant and machinery - over 3 years; straight line Equipment - over 3 years; straight line
## **Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due.
## **Cash and cash equivalents**
Cash at the bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **Creditors**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees.
Further explanation of the nature and purpose of each fund is included in note of the financial statements.
**17**
## **Promise Works Limited**
## **Notes To The Financial Statements**
## **Year ended 30 November 2023**
- **2 Income from grants, donations and legacies**
|**Donations**
Personal donations
Corporate donations
**Grants received**
Cyril & Eve Jumbo Trust
Groundwork UK
Groundwork UK
Hedley FDN
Mendip Early Help (SCF)
Mental Health Fund
Ninesquare Trust
Sommerset Community Foundation
The National Lottery - Covid 19
The Perivoli Found
Weinstock Fund
Whitehill Chase Fundation
Young Somerset
**Prior year comparatives**
**Donations**
Personal donations
Corporate donations
**Grants received**
Bruton Town Council
Bus Development Grant (SCF)
Cyril & Eve Jumbo Trust
High Sheriff Charitable Trust (SCF)
Hinkley Point C Community Fund (SCF)
Mendip Early Help (SCF)
Ninesquare Trust
Orchard Fund (SCF)
Powell & Samuel
Project Cosmic
Prudence Trust
The Leonard Laity Stoate Charitable Trust
The National Lottery - Covid 19
The Swire
Weinstock Fund|**Unrestricted**
**Funds**
**£**
31,102
89,238
30,000
3,500
-
2,000
-
-
7,500
10,000
-
10,000
2,000
-
622
185,962
**Unrestricted**
**Funds**
**£**
29,423
49,061
-
-
20,000
2,000
-
-
10,000
5,000
5,000
-
30,000
1,000
-
20,000
2,000
173,484|**Restricted**
**Funds**
**£**
-
-
-
-
-
-
34,526
358
-
-
132,787
-
-
4,500
-
172,171
**Restricted**
**Funds**
**£**
-
-
800
15,000
7,500
-
43,731
25,000
-
-
-
1,800
-
-
40,211
-
-
134,042|**Total Funds**
**2023**
**£**
31,102
89,238
30,000
3,500
-
2,000
34,526
358
7,500
10,000
132,787
10,000
2,000
4,500
622
358,133
**Total Funds**
**2022**
**£**
29,423
49,061
800
15,000
27,500
2,000
43,731
25,000
10,000
5,000
5,000
1,800
30,000
1,000
40,211
20,000
2,000
307,526|
|---|---|---|---|
**18**
**Notes To The Financial Statements**
## **Promise Works Limited**
## **Year ended 30 November 2023**
## **3 Income from: Other trading activities**
|Fundraising activities
Other income|**Unrestricted**
**Funds**
**£**
9,769
50
9,819|**Restricted**
**Funds**
**£**
-
-
-|**Total Funds**
**2023**
**£**
9,769
50
9,819|Total Funds
2022
£
11,777
630
12,407|
|---|---|---|---|---|
All prior year income from other trading activities was unrestricted.
## **4 Income from: Investments**
|Interest received|**Unrestricted**
**Funds**
**£**
6,412
6,412|**Restricted**
**Funds**
**£**
-
-|**Total Funds**
**2023**
**£**
6,412
6,412|Total Funds
2022
£
753
753|
|---|---|---|---|---|
All prior year income from Investments was unrestricted.
## **5 Expenditure on: Raising funds**
|Fundraising costs
All prior year expenditure on raising funds was unrestricted.
**Expenditure on: Charitable activities**
Assisting vulnerable young people
Support costs
(Note 7)
**Prior year comparatives**
Assisting vulnerable young people
Support costs
(Note 7)|**Unrestricted**
**Funds**
**£**
113,326
22,613
135,939
**Unrestricted**
**Funds**
**£**
85,379
16,638
102,017|**Total Funds**
**2023**
**£**
1,216
1,216
**Restricted**
**Funds**
**£**
168,232
12,516
180,748
**Restricted**
**Funds**
**£**
141,463
12,516
153,979|Total Funds
2022
£
7,644
7,644
**Total Funds**
**2023**
**£**
281,558
35,129
316,687
**Total Funds**
**2022**
**£**
226,842
29,154
255,996|
|---|---|---|---|
## **6 Expenditure on: Charitable activities**
**19**
## **Promise Works Limited**
## **Notes To The Financial Statements**
## **Year ended 30 November 2023**
## **7 Support costs**
**----- Start of picture text -----**
||||
|---|---|---|
|Total Funds|Total Funds|
|2023|2022|
|£|£|
|Training costs|7,039|4,163|
|Communication and IT|15,753|5,758|
|General Office|2,471|3,264|
|Professional services|6,314|12,358|
|Governance costs|2,328|2,160|
|Depreciation|1,224|1,451|
|35,129|29,154|
|Staff costs and numbers|
|The aggregate payroll costs were:|
|2023|2022|
|£|£|
|Wages & salaries|211,115|171,687|
|Social security costs|14,216|11,068|
|Pension contributions|10,124|8,679|
|235,455|191,434|
**----- End of picture text -----**
## **8 Staff costs and numbers**
No employee received emoluments of more than £60,000.
The average weekly number of employees during the year was 8 (2022: 7), calculated on the basis of average headcount.
The key management personnel are considered to be the trustees and members of senior management. The total employment benefits received by key management personnel in the year were £43,854 (2022: £41,964).
Two trustees (2022: Two) have been reimbursed for their out of pocket travel and subsistence expenses totalling £621 (2022: £555). No Trustee received any remuneration during the year.
The total aggregate donations received in the year from Trustess, Key Management and related parties are £1,168 (2022: Nil).
## **9 Net income/(expenditure) for the year**
This is stated after charging:
**----- Start of picture text -----**
||||
|---|---|---|
|2023|2022|
|£|£|
|Fees payable to the independent examiner for:|
|Independent examination fee|2,328|2,160|
|Depreciation|1,224|1,451|
**----- End of picture text -----**
## **10 Taxation**
The charity is exempt from corporation tax on its charitable activities.
**20**
## **Promise Works Limited**
## **Notes To The Financial Statements**
## **Year ended 30 November 2023**
**----- Start of picture text -----**
11 Statement of Financial Activities comparative figures
Unrestricted Restricted Total Funds
For the year ended 30 November 2022 Funds Funds 2022
Income from:
Donations and legacies 173,484 134,042 307,526
-
Other trading activities 12,407 12,407
Investments 753 - 753
Total income 186,644 134,042 320,686
Expenditure on:
-
Raising funds 7,644 7,644
Charitable activities 102,017 153,979 255,996
Total expenditure 109,661 153,979 263,640
Net income/(expenditure) for the year 76,983 (19,937) 57,046
Transfers between funds - - -
Net movement in funds 76,983 (19,937) 57,046
Total funds at start of year 119,814 87,636 207,450
Total funds at end of year 196,797 67,699 264,496
12 Tangible fixed assets
Plant &
machinery Equipment Total
£ £ £
Cost or valuation
At 1 December 2022 1,206 4,339 5,545
Additions - 1,870 1,870
At 30 November 2023 1,206 6,209 7,415
Depreciation
At 1 December 2022 1,085 2,892 3,977
Charge for the year 121 1,102 1,223
At 30 November 2023 1,206 3,994 5,200
Net book value
At 30 November 2023 - 2,215 2,215
At 30 November 2022 121 1,447 1,568
**----- End of picture text -----**
**21**
## **Promise Works Limited**
## **Notes To The Financial Statements**
## **Year ended 30 November 2023**
|**13 Debtors**
**Due in less than one year:**
Prepayments and accrued income
**14 Creditors: amounts falling due within one year**
Trade creditors
Other creditors
Accruals and deferred income|**2023**
6,602
6,602
**2023**
**£**
3,214
11,062
17,554
31,830|2022
4,021
4,021
2022
£
6,130
5,237
14,281
25,648|
|---|---|---|
## **15 Related party transactions**
There are no transactions with trustees or other related parties other than those disclosed as required by the Statement of Recommended Practice elsewhere in the financial statements.
**22**
## **Promise Works Limited**
## **Notes To The Financial Statements**
## **Year ended 30 November 2023**
## **16 Movement in funds**
## **For the year ended 30 November 2023**
|**At 1 Dec**
**2022**
**£**
**Restricted funds**
Business Development (SCF)
14,352
Gooch Charitable Trust
157
32,979
Mental Health Fund
1,845
12,910
SCF Early Help Mendip Fund
5,304
Street Parish Council - SPC Grant
152
Whitehill Chase Foundation
-
67,699
**Unrestricted funds**
General funds
59,828
**Designated funds:**
Hardship fund
4,000
Mental health
1,000
Closedown costs
76,869
Complete Promises
55,100
**Total Designated funds**
136,969
**Total Unrestricted funds**
196,797
**Total funds**
264,496
Hinkley Point C Community Fund
(SCF)
National Lottery Reaching
Communities Fund|**Income**
**£**
-
-
-
358
132,787
34,526
4,500
172,171
201,699
494
-
-
-
494
202,193
374,364|**Expenditure**
**£**
(6,206)
(157)
(31,368)
(1,067)
(108,957)
(32,842)
(152)
-
(180,748)
(136,184)
(971)
-
-
-
(971)
(137,155)
(317,903)|**Transfers**
**£**
-
-
-
-
-
-
-
-
-
(40,492)
477
-
6,331
33,684
40,492
-
-|**At 30 Nov**
**2023**
**£**
8,146
-
1,611
1,136
36,741
6,988
-
4,500
59,122
84,851
4,000
1,000
83,200
88,784
176,984
261,835
320,957|
|---|---|---|---|---|
## **Transfer of funds**
The fund transfers between general funds and the designated funds are to reflect changes during the year in respect of reserve targets for Complete Promises and Closedown Costs. There is also a transfer into the designated hardship fund after a decision by the board to bolster this funds to £4,000 in light of the current
**23**
## **Promise Works Limited**
## **Notes To The Financial Statements**
## **Year ended 30 November 2023**
## **16 Movement in funds (continued)**
## **Prior year comparatives**
|**At 1 Dec**
**2021**
**£**
**Restricted funds**
68
Bruton Town Council
-
Business Development (SCF)
Gooch Charitable Trust
1,687
23,443
JUMBO Relationship Fund
1,230
Mental Health Fund
2,155
37,157
-
SCF Early Help Mendip Fund
8,349
Street Parish Council - SPC Grant
924
Taunton Fund
12,623
Velocity Small Grants - Cosmic
87,636
**Unrestricted funds**
General funds
15,910
Designated funds:
Hardship fund
607
Mental health
1,000
Closedown costs
58,900
Complete Promises
43,397
**Total Designated funds**
103,904
**Total Unrestricted funds**
119,814
**Total funds**
207,450
Hinkley Point C Community Fund
(SCF)
National Lottery Reaching
Communities Fund
7 Star Foundation - Shine Bright
Fund|**Income**
**£**
-
800
15,000
-
43,731
7,500
-
40,211
25,000
-
-
1,800
134,042
185,952
692
-
-
-
692
186,644
320,686|**Expenditure**
**£**
(68)
(800)
(648)
(1,530)
(34,195)
(8,730)
(310)
(64,458)
(28,045)
(772)
(12,623)
(1,800)
(153,979)
(109,026)
(635)
-
-
-
(635)
(109,661)
(263,640)|**Transfers**
**£**
-
-
-
-
-
-
-
-
-
-
-
(33,008)
3,336
-
17,969
11,703
33,008
-
-|**At 30 Nov**
**2022**
**£**
-
-
14,352
157
32,979
-
1,845
12,910
-
5,304
152
-
-
67,699
59,828
4,000
1,000
76,869
55,100
136,969
196,797
264,496|
|---|---|---|---|---|
## **Restricted funds**
**The 7 Star Foundation - Shine Bright Fund** relates to a grant received specifically for an event at Hallr Woods which was postponed due to the government restrictions in 2020.
**Bruton Town Council** provided a grant to support our mentoring in the Bruton area. This grant covered the training of 4 mentors and was exhausted in the year.
**Business Development (SCF)** provided a grant to support our fundraising by obtaining and developing a CRM system and to strengthen our team and our offering by providing training in clinical supervision.
**24**
**Promise Works Limited**
**Notes To The Financial Statements**
## **Year ended 30 November 2023**
## **16 Movement in funds (continued)**
**The Gooch Charitable Trust** issued a grant which was restricted to supporting the mentoring of young people in the Ilminster area.
**Hinkley Point C Community fund** is a grant that supports the establishment of a mentoring services in the Bridgwater/Sedgemoor region in the county.
**The Cyril and Eve JUMBO Charitable Trust** has provided a grant to fund a third party evaluation of our mentoring programme.
**The Mental Health Fund** relates to two funds received in the year from the Pixel Fund and My Brain Books (A. Hart), not the designated fund of the same name. This funding is restricted to providing counselling services to vulnerable children and young people.
**The National Lottery Reaching Communities Fund** provided a grant via the RC South West Region Programme. This grant is restricted to covering specific employment costs with a view to increasing mentoring across Somerset.
**The SCF Early Help Mendip Fund** is a grant from Somerset County Council via the Somerset Community Foundation. The grant is restricted to the establishment of mentoring services in the Mendip area of the county.
**The Street Parish Council - SPC Grant** is restricted to providing mentoring services in Street.
**The Taunton Fund** relates to grants received from Toroce Investments Limited and Gravis Capital Limited, restricted to covering the costs of a Case Holder in the Taunton area.
**Velocity Small Grants - Cosmic** provided a grant specifically to help with our SEO and our facebook campaign to attract new mentors. This grant was exhausted in the year.
**The Whitehill Chase Fundation** donated to cover the first three mentor training sessions for the 2023-24 financial year.
## **Designated funds**
**The Hardship Fund** is for the benefit of children and young people living in poverty and to help fund their immediate short-term needs for food, shelter, clothing, heat, light & power and other basic and essential needs.
**The Mental Health Fund** is to cover the costs of occasional therapeutic counselling sessions arranged to help some of our young people cope with various issues in their lives. This designated fund represents the Trustees commitment to maintaining a minimum level of funding in this area, should the restricted funds provided for this
**The Closedown Costs** designated fund reflects a prudent estimate of the costs that would be incurred over the six months following any decision to close the mentoring service. Some of the charity’s own staff would be retained during this period to manage the closure and to support the ongoing mentoring relationships.
**The Complete Promises** designated fund reflects an estimate of the costs that would be incurred by the charity in funding a third-party organisation to support those mentoring relationships that still had some of their two-year promise to complete at the end of the six-month Closedown period.
**25**
**Notes To The Financial Statements**
## **Promise Works Limited**
## **Year ended 30 November 2023**
## **17 Analysis of net assets between funds**
|**As at 30 November 2023**
Tangible fixed assets
Other net assets
**As at 30 November 2022**
Tangible fixed assets
Other net assets|**General**
**Funds**
**£**
2,215
82,636
84,851
**General**
**Funds**
**£**
1,568
58,260
59,828|**Designated**
**Funds**
**£**
-
176,984
176,984
**Designated**
**Funds**
**£**
-
136,969
136,969|**Restricted**
**Funds**
**£**
-
59,122
59,122
**Restricted**
**Funds**
**£**
-
67,699
67,699|**Total**
**£**
2,215
318,742
320,957
**Total**
**£**
1,568
262,928
264,496|
|---|---|---|---|---|
## **18 Limited by guarantee**
The Charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £10.
**26**