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2020-09-30-accounts

Charity Registration No. 1158695

Company Registration No. 08447370 (England and Wales)

PROMISE FOUNDATION

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

PROMISE FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees C Lewis
S Reynolds
E Shapero
P Knight
A Yakubu
M Hulme
J Campbell
T Whitwell
N Ramsay
C Miller
Secretary J Campbell
Charity number 1158695
Company number 08447370
Registered office Plot 7
70 Craven Park
London
NW10 9AZ
Independent examiner Rouse Partners LLP
55 Station Road
Beaconsfield
Buckinghamshire
HP9 1QL

PROMISE FOUNDATION

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 13

PROMISE FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2020

The trustees present their report and financial statements for the year ended 30 September 2020.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's article of association , the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ".

Objectives and activities

The charity's mission statement is as follows:

Promise Foundation deploys the resources of the community to provide young people with a mentoring relationship that unlocks their unique potential.

The charity's objectives are to:

-Advance academic and career prospects.

-Provide formal mentoring and training.

-To promote the advancement of education for the public benefit, in particular, but without limitation by providing advice, training, coaching and mentoring to students and young persons aged 13 to 18 years.

Our mentees come from households in which the following are pressing issues, and are referred based on the prevalence of:

-Pupil Premium.

-Single-parent families.

-Being in care. -'Complex' needs such as crowded housing.

-Not having English as a first language (relevant to 60% of mentees).

Main activities

Over a hundred and sixty people including young people from disadvantaged communities between the age of 12 – 18 and adults benefited directly from the services provided by Promise Foundation.

Activities for young people include: mentoring, academic support, training , work experience and extracurricular trips.

For adults: volunteering, work experience and training .

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Objectives for the Year

The charity has delivered its objectives of running a wide range of mentoring and training activities for young people from disadvantaged communities and adults. These activities have focused on raising attainment of young people from disadvantaged communities, broadening their horizons, increasing independence and improving well-being socially and academically.

PROMISE FOUNDATION

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Achievements and performance

30 young people from disadvantaged communities received mentoring and training and made significant progress.

70% of students made progress in three or more of their subjects.

Teachers reported that 39% of mentees made an improvement in their grades in both Maths and English; followed by a 54% improvement in Science.

66% of students agreed with the statement ‘mentoring has helped me to do better in school’.

Skills Club, Confidence, Self-esteem

76% of students said that attending weekly mentoring sessions had made them feel more confident.

A mentee said that one of the most beneficial development activities she worked with her mentor on was ‘self confidence’ and this had an impact on her personal growth when it comes to public speaking.

A mentee spoke about the impact his mentoring sessions had on his low self-esteem. He said ‘my mentor has helped me figure out how to improve my confidence when talking to strangers. I am more confident when talking to new people’

54% of students agreed that ‘attending mentoring sessions has had a positive impact on my self-esteem’; with over a third saying that mentoring extremely made an impact.

71% of students felt more positive about how they view their future.

78% of mentees in year 10 received work experience placements in a number of industries including, the Media, Architecture and Home Automation.

Targets

83% of mentees said that their mentors provided regular feedback and constructive criticism in order to help them achieve their targets.

A mentee said ‘my mentor has helped me express myself. I learnt to articulate my thoughts better. I am able to identify struggles and make them better.’

30 Adults comprising of volunteers from the local area delivered and received mentoring and training. All of these were involved in a mentoring relationship. A number of adult mentors say that they now feel confident enough to get involved in their local community.

60 parents benefitted from having their children participate in the mentoring programme. 60% are single parents or families otherwise identified as having 'complex' needs such as crowded housing.

The charity has reviewed the business plan and continues to identify the need to improve its fundraising performance and thus future viability in order to maintain the fundamental services needed to co-ordinate the project. The charity has continued to pursue many areas of funding in order to further secure its income stream for the academic year 2020/21.

PROMISE FOUNDATION

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Impact on how students view their future/how they feel about life after school

88% of students saying that they now felt more positive about how they view their future.

Pupils were asked if having a mentor had helped them think more clearly about what they wanted to do when they left school and 66% of pupils said that it had.

30 Adults comprising of volunteers from the local area delivered and received mentoring and training. All of these were involved in a mentoring relationship, with 79% overall attendance this year. A number of adult mentors say that they now feel confident enough to get involved in their local community.

60 parents benefitted from having their children participate in the mentoring programme. 60% are single parents or families otherwise identified as having 'complex' needs such as crowded housing.

The charity has reviewed the business plan and continues to identify the need to improve its fundraising performance and thus future viability in order to maintain the fundamental services needed to co-ordinate the project. The charity has continued to pursue many areas of funding in order to further secure its income stream for the academic year 201 9 / 20 .

Financial review

Net incoming resources for the year amounted to a surplus of £ 7,569 (201 9: £ 4,764 ). Unrestricted reserves stand at £ 11,482 (201 9 : £ 12,355 ) and restricted reserves stand at £ 13,422 (201 9 : £ 5 , 000 ). All funding was spent in accordance with the key objectives of the charity.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees considers that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

The trustees seek to maintain sufficient reserves to cover contingent liabilities . I n line with good governance, we seek to increase the level of our reserves.

The charity's fixed assets are few, because the accommodation and facilities it enjoys are provided by partner schools.

Investment policy

The charity only invests funds in guaranteed investment/high interest deposit accounts operated by high street banks.

The trustees has assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

PROMISE FOUNDATION

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 SEPTEMBER 2020

Structure, governance and management

The Charity is governed by its Article of Association dated 15 March 2013, registered with the Charity Commission with charity registration number 1158695 on 26 September 2014.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

C Lewis S Reynolds E Shapero P Knight A Yakubu M Hulme J Campbell T Whitwell N Ramsay C Miller

The board of trustees aims to represent a range of skills and backgrounds including: education, parents of children who attend or used to attend partner schools, media, charity and business professionals.

Membership of the board of trustees is for three years in the first instance. Following the resignation of a trustee, the board will consider the existing skills set alongside the strategic needs of the charity when deciding where to recruit a replacement. A committee of trustees will interview prospective candidates and select those to invite to become members of the board.

No preference dividends were paid. The directors do not recommend payment of a final dividend.

The trustees' r eport was approved by the Board of Trustees.

P Knight Trustee Dated: 9 February 2021

PROMISE FOUNDATION

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PROMISE FOUNDATION

I report to the trustees on my examination of the financial statements of Promise Foundation (the charity) for the year ended 30 September 2020.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act) . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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 that in any material respect:

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 financial statements to be reached.

Rouse Partners LLP

55 Station Road Beaconsfield Buckinghamshire HP9 1QL

Dated: 9 February 2021

PROMISE FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2020

Unrestricted
Restricted
funds
funds
2020
2020
Notes
£
£
Income from:
Donations and legacies
2
6,286
32,329
Charitable activities
3
-
-
Total income
6,286
32,329
Expenditure on:
Charitable activities
4
6,192
23,888
Net income for the year/
Net movement in funds
94
8,441
Fund balances at 1
October 2019
12,355
5,000
Fund balances at 30
September 2020
12,449
13,441		 TotalUnrestricted
Restricted
funds
funds
2020
2019
2019
£
£
£
38,615
15,775
14,238
-
200
-
38,615
15,975
14,238
30,080
11,211
14,238
8,535
4,764
-
17,355
7,591
5,000
25,890
12,355
5,000		 Total
2019
£
30,013
200
30,213
25,449
4,764
12,591
17,355

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

PROMISE FOUNDATION

BALANCE SHEET

AS AT 30 SEPTEMBER 2020

Notes
Current assets
Cash at bank and in hand
Creditors: amounts falling due within
one year
8
Net current assets
Income funds
Restricted funds
9
Unrestricted funds		 2020
£
29,446
(3,556)		 £
25,890
13,441
12,449
25,890		 2019
£
23,628
(6,273)		 £
17,355
5,000
12,355
17,355

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2020.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 9 February 2021

P Knight

Trustee

Company Registration No. 08447370

PROMISE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2020

1 Accounting policies

Charity information

Promise Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Plot 7, 70 Craven Park, London, NW10 9AZ.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations and grants are recognised on receipt.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: Expenditure on charitable activities includes costs associated with mentoring programme , support and governance costs which are incurred in running the charity .

Support costs are those that assist the work of the charity and include overhead costs, governance costs and administrative costs. They are incurred directly in support of expenditure on the objects of the charity and allocated to expenditure on charitable activities on a basis consistent with use of the resources.

PROMISE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

1 Accounting policies

(Continued)

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs .

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.7 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
£
£
Donations and gifts
6,286
-
Grants
-
32,329
Gift Aid Tax
-
-
6,286
32,329
For the year ended 30 September 2019
15,775
14,238		 Total
2020
£
6,286
32,329
-
38,615		 Total
2019
£
8,727
20,238
1,048
30,013
30,013

PROMISE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

3 Charitable activities

2020 2019
£ £
Mentoring income - 200
Charitable activities
Costs
Costs
associated
associated
with
with
mentoring
mentoring
programme
programme
2020
2019
£
£
Staff costs 22,699
19,874
Mentoring programme costs 4,544
2,000
27,243
21,874
Share of support costs (see note 5) 1,030
1,795
Share of governance costs (see note 5) 1,807
1,780
30,080
25,449
Analysis by fund
Unrestricted funds 6,192
11,211
Restricted funds 23,888
14,238
30,080
25,449

4 Charitable activities

PROMISE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

5
Support costs
Support costs Governance
costs
£
£
Repairs
383
-
Telephone & Fax
338
-
Travelling expenses
178
-
Mentor Training
1,040
-
Subsistence
-
-
Advertising
60
-
Subscriptions
216
-
Event costs
112
-
Legal and
professional
190
162
Bank charges
-
83
Independent
examination fee
-
1,470
Filing of annual
return
-
13
2,517
1,728
Analysed between
Charitable activities
1,030
1,807		 2020
£
383
338
178
1,040
-
60
216
112
352
83
1,470
13
4,245
2,837		 2019 Basis of allocation
£
377 Actual basis
286 Actual basis
625 Actual basis
- Actual basis
14 Actual basis
560 Actual basis
216 Actual basis
338 Actual basis
84
Governance
- Governance
1,440
Governance
13
Governance
3,953
3,575

6 Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year .

7 Employees

The average monthly number of employees during the year was:

2020 2019
Number Number
1 1
Employment costs 2020 2019
£ £
Wages and salaries 22,699 19,701
Other pension costs - 173
22,699 19,874

PROMISE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

7 Employees

(Continued)

There were no employees who received total employee benefits (excluding any employer pension costs) of more than £60,000.

8 Creditors: amounts falling due within one year

Other taxation and social security
Accruals and deferred income		 2020
£
2,116
1,440
3,556		 2019
£
3,083
3,190
6,273

9 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 October 2018 resources expended
1		 October 2019 resources expended 30 September
2020
£ £ £ £ £ £ £
Project Co-
ordinator
salary - 14,238 (14,238)
-		 22,699 (22,699)
-
Mentorship
Program - - - - 9,630 (1,189)
8,441
Major capital
costs 5,000 - - 5,000 - - 5,000
5,000 14,238 (14,238)
5,000		 32,329 (23,888)
13,441

The Project Co-ordinator salary fund was set up due to a restricted grant received providing support towards the salary of a fundraising role.

Mentorship program relates to funds received to run the mentoring program in the year.

The Major capital costs fund was set up due to a restricted grant received providing support in case of major capital costs or professional fees incurred.

PROMISE FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2020

10
Analysis of net assets between funds
Unrestricted
Restricted
2020
2020
£
£
Fund balances at 30
September 2020 are
represented by:
Current assets/
(liabilities)
12,449
13,441
12,449
13,441		 TotalUnrestricted
Restricted
2020
2019
2019
£
£
£
25,890
12,355
5,000
25,890
12,355
5,000		 Total
2019
£
17,355
17,355

11 Related party transactions

There were no disclosable related party transactions during the year.