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2024-11-30-accounts

COMPANY REGISTRATION NUMBER: 07665606 CHARITY REGISTRATION NUMBER: 1145692

Promise Works Limited Company Limited by Guarantee Unaudited Financial Statements

30 November 2024

Promise Works Limited

Company Limited by Guarantee

Financial Statements

Year ended 30 November 2024

Page
Trustees' Annual Report (incorporating the Directors’ Report) 1 - 14
Independent Examiner's report to the trustees 15
Statement of Financial Activity (including Income and Expenditure Account) 16
Balance Sheet 17
Notes to the financial statements 18 - 28

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report)

Year ended 30 November 2024

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 2024.

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 (Resigned 31stDecember 2024)
T Knight
N Gething
M S Conway (Resigned 1stJanuary 2024)
K Mckenzie (Appointed 17thSeptember 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 Directors’ Report)

Year ended 30 November 2024

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 and as amended on 16[th] October 2023.

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:

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:

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.

- 2 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

Objectives and activities

The objects of the charity are:

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 – PROMISE works continued to deliver its commitments

During 2023-24, PROMISE works focused upon the continued improvement of its service to vulnerable and disadvantaged children and young people (CYP) in Somerset. This translated into delivering the commitments that had previously been made to the charity’s two largest funders: the National Lottery Reaching Communities Fund and the Hinkley Point C Community Fund.

These developments had three main themes:

The new Somerset Coastal region presented characteristically different challenges to the ongoing work in more familiar territories. Sue Bill, the new Somerset Coastal Area Coordinator joined the charity a few weeks before the start of the year. She concentrated on building new relationships and weaving them into an effective network.

In terms of professionalising the service, each of the Area Coordinators (ACs) continued to lead key functions on behalf of the team. Each has gained valuable skills and expertise in disciplines like safeguarding, training, EDI (equality, diversity & inclusion), childhood trauma and fundraising & promotion.

The service continued to be hampered by unfavourable trends in volunteer recruitment, a factor that has been felt nationally across the charity sector. To some extent, the team were able to counter these trends by re-engaging experienced mentors when they were released by the closure of older relationships. These closures were always done in consultation with the CYP involved and with their interest, safety and well-being as the paramount considerations.

During the year, trained volunteer mentors were matched with 77 vulnerable children and young people. Hampered by the limited availability of new volunteers, this is a 16% decrease on the previous year.

- 3 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

43 young people “graduated” successfully from the scheme – a 12% decrease on 2022-23 (which had seen a particularly high level of successful closures). 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 future life challenges. After these formal closures, many mentoring pairs continued to meet regularly as friends.

Early Help services in Somerset continue to be oversubscribed. PROMISE works received 311 qualifying referrals during the year from a wide variety of professional agencies. This was identical to the number received in 2022-23.

PROMISE works has continued to build its reputation and position within the county’s social infrastructure. The number of businesses, other organisations and individuals that support the charity’s work has continued to grow. This growth helped the charity to exceed its fundraising targets for 2023-24.

Delivery Performance

Since the service started in April 2017, by the end of November 2024, 443 children and young people had been carefully matched with a long-term volunteer mentor.

From the 141 mentoring relationships in place at the start of the year, the service grew by 12 (8.5%) to 153 ongoing relationships at year end.

With an original plan to complete 90 matches during the year, the team matched 77 new relationships – 14% less than planned. Again, this shortfall

is explained by the continued softness in volunteer recruitment. It is the first year that the annual matching target has not been met.

During the year, the team oversaw 65 disengagements compared to the planning assumption of 48. It now seems that the higher rates of disengagement seen in recent years were not a post-COVID aberration. More likely, the average duration of our relationships has permanently reduced. Several factors are likely to have contributed to this including the team’s increased ability to identify and manage the closure of relationships that have maximised the potential benefit to the young people involved.

- 4 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

The 65 closures seen during the year broke down as follows:

In 2022-23, successful graduations represented 67% of all disengagements. These latest figures show a slight increase to 69% during 2023-24.

As in previous years, the demand for mentors continues to outstrip their availability. The 311 referrals received in 2023-24 took the total received since launch in April 2017 to 1,459 and was identical to the number received the previous year.

This rate of referral is only expected to increase, driven in part by the financial problems at local government level. Whilst PROMISE works does not depend on local government funding, it is indirectly affected by funding and service cuts and how they impact upon the children and families they support. A simple monitoring process has been established to identify when and how the charity should intervene on behalf of those who have been adversely affected. For example, Sam Paull, PROMISE works South Somerset & Mendip Case Holder, played a crucial role in helping two mentees to obtain support from Adult Social Care, they having fallen off the services radar once they turned 18 years of age.

- 5 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

Volunteer Recruitment & Training

The flat profile in volunteer recruitment is best illustrated in PROMISE works’ training record for the year. This included:

numbers – an average of nine trainees per course versus a maximum capacity of 15 per course

In total, 39 new volunteers successfully completed their training during the year, compared to 47 the previous year.

This, at best, flat recruitment performance was achieved by the team’s focus upon improvements during the year. For instance:

At the end of the year, there were 143 active mentors supporting 153 ongoing relationships. In addition, three experienced mentors were waiting to be re-matched and seven newly trained mentors were preparing to be matched with their first mentee.

As the year closed, the team were continuing the work focused upon improving the volunteer pipeline. This included:

Since the end of the year, these initiatives are beginning to bear fruit, with 15 trainees booked for the first course that started in early February 2025.

- 6 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

Staffing & Organisation

As explained in the 2022-23 report, PROMISE works’ recruitment programme has concentrated upon two underlying drivers:

The latest addition to the team was made in late 2022-23 with the recruitment of the Somerset Coastal Region Area Coordinator.

New capacity was also needed to counter changes made to the case workload expected to be borne by each Area Coordinator. In 2023, the maximum case holding capacity expected of each Area Coordinator was reduced from 40 to 35 ongoing relationships. This was done to reflect the work that each AC does to support functional requirements on behalf of the team. In addition to the five ACs, a single Case Holder focuses solely on matching and supporting ongoing mentoring relationships and is expected to support a maximum of 50 ongoing cases. With 5 ACs and 1 Case Holder, the notional maximum capacity is, thus, 225 ongoing cases.

Exacerbated by the distances involved, the development of service in the new Somerset Coastal region has been slow. It has been burdened by the inevitable inefficiencies of growing a service from scratch. For example, rather than expect trainees to travel to Somerton, our usual training venue, a mid-year course was organised in Wiveliscombe. Initially planned around eight people, for a variety of reasons, only two of the trainees were able to attend. While it was costly to go ahead with this very small group, it was seen as a vital stage in the development of the new region. The two mentors who stayed the course will be excellent additions and have agreed to promote local recruitment. Their mentoring journeys will be documented and presented on social media to help demystify the process for others.

Through the course of 2023-24, those trustees who had, during the charity’s formative years, taken prominent operational roles, took further steps backward. They now have limited involvement in dayto-day operational matters and are able to concentrate on governance, strategy, fundraising and external relationship development.

- 7 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

Improved Support to our Team

Ali Hart, General Manager, has continued to lead the development of a more professional organisation, one that is able to support the continued growth and maturity of the service. Examples of this work from across the year include:

As noted elsewhere in this report, PROMISE works is seeking accreditation for its training programme from the Open College Network (which has since been confirmed post year-end). This should assist in the recruitment of new groups of volunteers for whom a professional qualification could be important.

Almost 25% of the mentor training course content examines the neurobiology of childhood and how Adverse Childhood Experiences can affect brain development. Trauma Lead, Sarah Taylor, heads the delivery of these sections. The quality of this training has gone from strength to strength as Sarah's own knowledge grows as a result of her continuing MSc degree studies.

- 8 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

the social media journey that each prospective volunteer makes during these crucial early stages. The intent is to minimise the risk of candidates losing interest or finding more readily available volunteering opportunities

Financial Strategy

For several years, PROMISE works ’ successful financial strategy has focused upon securing larger, longterm funding arrangements that have often included the prospect of continuation funding.

More recently, as the national funding environment weakens, the Trustees have recognised that they cannot always rely upon prospective continuation funding arrangements. Thus, fundraising initiatives and strict cost controls have combined to build a financial buffer that will allow the charity to bridge longer gaps between the establishment of each new long term funding arrangement.

- 9 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

This strategy will likely cause noticeable fluctuations in cash holding levels. For instance, as the charity prepares for the end of the National Lottery Reaching Communities Fund grant in mid-2025, a larger than usual cash holding has been established to protect operations while new funding arrangements are established.

Fundraising Performance

PROMISE works has always relied almost entirely upon the philanthropy of individuals and organisations. It continues to benefit from the closer relationships that have been built with a wide variety of people and organisations across Somerset. Fundraising Income of £436,377 was 18.6% larger than 2022-23.

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
Trading Activities (book sales)
Fundraising Total		 £
41,440
4,872
8,685
62,378
97,357
217,265
4,380
436,377

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:

- 10 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

The Trustees & Staff of PROMISE works are delighted that organisations and individuals apply their energy, networks and creativity to raise funds on behalf of the charity. During 2023-24, these included:

In addition to the organisations listed above, the Trustees would like to thank the many groups and individual donors and fundraisers who have given of their time, energy and money in support of PROMISE works during the year.

In 2023-24, exploiting the new trading facilities available on its website, the charity began direct marketing of the My Brain range of books written by Ali Hart, PROMISE works’ General Manager. In previous years, Ali had kindly donated book sales proceeds to the charity. These funds are now accounted for as “Trading Activities” with the accounts.

As in previous years, the Trustees would also like to thank and recognise the work of the staff who have worked tirelessly to ensure the continued successful development of mentoring operations.

Finally, as always, the greatest thanks and appreciation is reserved for the volunteer mentors upon whom the service depends. It is their dedication and commitment that improves the life chances of vulnerable children and young people across Somerset.

- 11 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

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:

- 12 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

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:

Risk Assessment

The Trustees regularly review the risks to which the charity is exposed and minimise these risks through implementation of such controls and procedures as they deem appropriate, taking into consideration the likelihood of occurrence and the potential severity of each risk.

The charity has a safeguarding policy which is reviewed every year.

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:

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.

- 13 -

Promise Works Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report) (continued)

Year ended 30 November 2024

The trustees' annual report was approved on 18 March 2025 and signed on behalf of the board of trustees by:

K A O'Donnell Trustee

- 14 -

Promise Works Limited Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Promise Works Limited

Year ended 30 November 2024

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 2024.

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: 18 March 2025

- 15 -

Promise Works Limited

Statement of Financial Activities (Including Income and Expenditure Account) Year ended 30 November 2024

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
£
201,175
13,598
9,819
224,592
1,349
157,551
158,900
65,692
261,835
327,527		 Restricted
Funds
£
217,265
4,339
-
221,604
-
216,669
216,669
4,935
59,122
64,057		 Total Funds
2024
£
418,440
17,937
9,819
446,196
1,349
374,220
375,569
70,627
320,957
391,584		 Total Funds
2023
£
357,775
10,177
6,412
374,364
1,216
316,687
317,903
56,461
264,496
320,957

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 18 to 28 form part of these financial statements See note 11 for fund-accounting comparative figures

16

As at 30 November 2024

Promise Works Limited

Balance Sheet

Company number: 07665606

Note
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Liabilities
Creditors : amounts falling
due within one year
14
Net current assets
Total assets less current liabilities
Net assets
FUNDS
Unrestricted funds
General funds
17
Designated funds
17
Restricted funds
17
Total funds		 2024
£
2,977
2,977
3,780
419,423
423,203
(34,596)
388,607
391,584
391,584
167,430
160,097
64,057
391,584		 2023
£
2,215
2,215
6,602
343,970
350,572
(31,830)
318,742
320,957
320,957
84,851
176,984
59,122
320,957

For the year ending 30 November 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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 18 March 2025 and are signed on their behalf by:

T Knight Trustee

The notes on pages 18 to 28 form part of these financial statements

17

Promise Works Limited

Notes To The Financial Statements

Year ended 30 November 2024

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.

18

Promise Works Limited

Notes To The Financial Statements

Year ended 30 November 2024

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 16 of the financial statements.

19

Promise Works Limited

Notes To The Financial Statements

Year ended 30 November 2024

2 Income from grants, donations and legacies

Donations
Personal donations
Corporate donations
Grants received
Bruton Town Council
Cyril & Eve Jumbo Trust
Enterprise RAC UK
Groundwork UK
Ninesquare Trust
Prudent Trust
Sherborne Castle Country Fair
Sherborne Classic Cars
Somerset Community Foundation
The National Lottery
The Worshipful Company of Grocers
The Perivoli Found
Young Somerset
Prior year comparatives
Donations
Personal donations
Corporate donations
Grants received
Cyril & Eve Jumbo Trust
Groundwork UK
Hedley FDN
Mendip Early Help (SCF)
Ninesquare Trust
Somerset Community Foundation
The National Lottery
The Perivoli Found
Anonymous donor
Whitehill Chase Fundation
Young Somerset		 Unrestricted
Funds
£
41,440
62,378
800
10,000
2,500
2,125
30,000
30,000
2,300
2,000
7,500
-
-
10,000
132
201,175
Unrestricted
Funds
£
31,102
89,238
30,000
3,500
2,000
-
7,500
10,000
-
10,000
2,000
-
622
185,962		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
56,142
157,363
3,760
-
-
217,265
Restricted
Funds
£
-
-
-
-
-
34,526
-
-
132,787
-
-
4,500
-
171,813		 Total Funds
2024
£
41,440
62,378
800
10,000
2,500
2,125
30,000
30,000
2,300
2,000
63,642
157,363
3,760
10,000
132
418,440
Total Funds
2023
£
31,102
89,238
30,000
3,500
2,000
34,526
7,500
10,000
132,787
10,000
2,000
4,500
622
357,775

20

Promise Works Limited

Notes To The Financial Statements

Year ended 30 November 2024

3 Income from: Other trading activities

Fundraising activities
Other income		 Unrestricted
Funds
£
13,557
41
13,598		 Restricted
Funds
£
-
4,339
4,339		 Total Funds
2024
£
13,557
4,380
17,937		 Total Funds
2023
£
9,769
408
10,177

All prior year income from other trading activities was unrestricted, except for other income totalling £358 which was restricted.

4 Income from: Investments

Interest received Unrestricted
Funds
£
9,819
9,819		 Restricted
Funds
£
-
-		 Total Funds
2024
£
9,819
9,819		 Total Funds
2023
£
6,412
6,412

All prior year income from Investments was unrestricted.

5 Expenditure on: Raising funds

Fundraising costs Total Funds
2024
£
1,349
1,349		 Total Funds
2023
£
1,216
1,216

All prior year expenditure on raising funds was unrestricted.

6 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
£
131,929
25,622
157,551
Unrestricted
Funds
£
113,326
22,613
135,939		 Restricted
Funds
£
204,285
12,384
216,669
Restricted
Funds
£
168,232
12,516
180,748		 Total Funds
2024
£
336,214
38,006
374,220
Total Funds
2023
£
281,558
35,129
316,687

21

Promise Works Limited

Notes To The Financial Statements

Year ended 30 November 2024

7 Support costs

----- Start of picture text -----
|||| |---|---|---| |Total Funds|Total Funds| |2024|2023| |£|£| |Training costs|6,697|7,039| |Communication and IT|17,849|15,753| |General Office|3,010|2,471| |Professional services|6,649|6,314| |Governance costs|2,490|2,328| |Loss on disposal of fixed assets|31|-| |Depreciation|1,280|1,224| |38,006|35,129| |Staff costs and numbers| |The aggregate payroll costs were:| |2024|2023| |£|£| |Wages & salaries|251,728|211,115| |Social security costs|18,441|14,216| |Pension contributions|12,197|10,124| |282,366|235,455|

----- 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 9 (2023: 8), 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 £46,543 (2023: £43,854).

One trustee (2023: Two) has been reimbursed for their out of pocket travel and subsistence expenses totalling £358 (2023: £621). No Trustee received any remuneration during the year.

The total aggregate donations received in the year from Trustess, Key Management and related parties are £3,860 (2023: £1,168).

9 Net income/(expenditure) for the year

This is stated after charging:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Fees payable to the independent examiner for:| |Independent examination fee|2,490|2,328| |Depreciation|1,280|1,224|

----- End of picture text -----

10 Taxation

The charity is exempt from corporation tax on its charitable activities.

22

Promise Works Limited

Notes To The Financial Statements

Year ended 30 November 2024

----- Start of picture text -----
11 Statement of Financial Activities comparative figures
Unrestricted Restricted Total Funds
For the year ended 30 November 2023 Funds Funds 2023
Income from:
Donations and legacies 185,962 171,813 357,775
Other trading activities 9,819 358 10,177
Investments 6,412 - 6,412
Total income 202,193 172,171 374,364
Expenditure on:
-
Raising funds 1,216 1,216
Charitable activities 135,939 180,748 316,687
Total expenditure 137,155 180,748 317,903
Net income/(expenditure) for the year 65,038 (8,577) 56,461
Transfers between funds - - -
Net movement in funds 65,038 (8,577) 56,461
Total funds at start of year 196,797 67,699 264,496
Total funds at end of year 261,835 59,122 320,957
12 Tangible fixed assets
Plant &
machinery Equipment Total
£ £ £
Cost or valuation
At 1 December 2023 1,206 6,209 7,415
Additions - 2,073 2,073
-
Disposals (3,414) (3,414)
At 30 November 2024 1,206 4,868 6,074
Depreciation
At 1 December 2023 1,206 3,994 5,200
-
Charge for the year 1,280 1,280
-
Disposals (3,383) (3,383)
At 30 November 2024 1,206 1,891 3,097
Net book value
At 30 November 2024 - 2,977 2,977
At 30 November 2023 - 2,215 2,215
----- End of picture text -----

23

Promise Works Limited

Notes To The Financial Statements

Year ended 30 November 2024

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		 2024
3,780
3,780
2024
£
29,387
1,830
3,379
34,596		 2023
6,602
6,602
2023
£
3,214
11,062
17,554
31,830

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.

24

Promise Works Limited

Notes To The Financial Statements

Year ended 30 November 2024

16 Movement in funds

For the year ended 30 November 2024

Restricted funds
Business Development (SCF)
Mental Health Fund
SCF Early Help Mendip Fund
Whitehill Chase Foundation
Unrestricted funds
General funds
Designated funds:
Hardship fund
Mental health
Closedown costs
Complete Promises
Total Designated funds
Total Unrestricted funds
Total funds
The Worshipful Company of
Grocers
National Lottery Reaching
Communities Fund
Hinkley Point C Community Fund
(SCF)		 At 1 Dec
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
 Income
£
56,142
4,339
157,363
-
-
3,760
221,604
224,086
506
-
-
-
506
224,592
446,196		 Expenditure
£
(6,185)
(57,753)
(1,040)
(136,443)
(6,988)
(4,500)
(3,760)
(216,669)
(158,632)
(268)
-
-
-
(268)
(158,900)
(375,569)		 Transfers
£
-
-
-
-
-
-
-
-
17,125
-
-
3,459
(20,584)
(17,125)
-
-		 At 30 Nov
2024
£
1,961
-
4,435
57,661
-
-
-
64,057
167,430
4,238
1,000
86,659
68,200
160,097
327,527
391,584

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.

25

Promise Works Limited

Notes To The Financial Statements

Year ended 30 November 2024

16 Movement in funds (continued)

Prior year comparatives

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		 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)
(108,956)
(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

Restricted funds

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.

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 of the county.

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.

26

Promise Works Limited

Notes To The Financial Statements

Year ended 30 November 2024

16 Movement in funds (continued)

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 Whitehill Chase Fundation donated to cover the first three mentor training sessions for the 2023-24 financial year.

The Worshipful Company of Grocers issued a grant to help cover the cost of activities for our mentees. This fund was exhausted in the 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 purpose by donors be exhausted.

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.

27

Promise Works Limited

Notes To The Financial Statements

Year ended 30 November 2024

17 Analysis of net assets between funds

As at 30 November 2024
Tangible fixed assets
Other net assets
As at 30 November 2023
Tangible fixed assets
Other net assets		 General
Funds
£
2,977
164,453
167,430
General
Funds
£
2,215
82,636
84,851		 Designated
Funds
£
-
160,097
160,097
Designated
Funds
£
-
176,984
176,984		 Restricted
Funds
£
-
64,057
64,057
Restricted
Funds
£
-
59,122
59,122		 Total
£
2,977
388,607
391,584
Total
£
2,215
318,742
320,957

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.

28

Audit Trail

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Final		 Accounts 2024 - 20.03.2024 (ID 241536).pdf
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