Charity number: 1204622 Purposeful Ventures Trustees’ Report and Financial Statements For the period ended 31 August 2024 ## **Table of Contents** _**Reference and administrative details of the charity, its trustees and advisers ............ 3 Trustees’ report .............................................................................................................................. 4 Independent auditors’ report ....................................................................................................... 17 Statement of financial activities................................................................................................... 20 Balance sheet ............................................................................................................................... 21 Statement of cash flows ............................................................................................................... 22 Notes to the financial statements ................................................................................................ 23**_ Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Reference and administrative details of the charity, its trustees and advisers for the period ended 31 August 2024** |**Trustees**|Elizabeth Dangoor, Chair (appointed 7 September 2023)| |---|---| ||Emilio Domingo (appointed 1 November 2024)| ||Edward Fidoe (appointed 7 September 2023)| ||Tara Haig (appointed 1 April 2025)| ||Lucy Heller (appointed 7 September 2023)| ||Gareth Lambert (appointed 20 December 2024)| ||Justine Lutterodt (appointed 1 April 2025)| ||Nat Sloane (appointed 1 November 2024)| |**Charity registered**|1204622| |**number**|| |**Principal office**|1 EdCity| ||EdCity Walk| ||London| ||W12 7TF| |**Independent auditors**|Goodman Jones LLP| ||Chartered Accountants| ||1stFloor, Arthur Stanley House| ||40-50 Tottenham Street| ||London| ||W1T 4RN| |**Bankers**|The Co-Operative Bank| ||131-135 Northumberland Street| ||Newcastle upon Tyne| ||Tyne & Wear| ||NE1 7AG| ||Flagstone| ||1stFloor, Clareville House| ||26-27 Oxendon Street| ||London| ||SW1Y 4EL| 3 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Trustees’ report For the period ended 31 August 2024** ## **Welcome from the Chair** Our vision is of a fairer society where all young people thrive. Not every child and young person has a stable and supportive home environment, or access to what they need to participate and excel in education. This has far-reaching consequences for their employment and well-being and it needs to change. At Purposeful Ventures, we partner with social entrepreneurs and philanthropists to improve the education and well-being of young people from their earliest years. We do this by selecting, accelerating and, where we find a gap, incubating organisations focused on a particular issue. Together, we test and scale effective solutions and influence system change. The challenges we seek to address are complex, and while there are many great non-profits already tackling them, they often struggle to scale or maximise their impact. No single organisation can solve these problems. Instead, we need an ecosystem of effective non-profits working collaboratively around a shared goal. Purposeful Ventures focuses on understanding the root causes of issues facing young people then supports the development of this ecosystem, ensuring that efforts are coordinated, scalable and sustainable. Philanthropy plays a crucial enabling role. There are many individuals, trusts and foundations who want to make a difference and seek the most effective ways to direct their support. At Purposeful Ventures, we help philanthropists identify high-impact organisations and gaps in the market where funding can drive the greatest change. Whether by directing funding to a specific non-profit, catalysing systemic change in a particular portfolio area or investing across multiple non-profits with a thematic focus, we ensure that philanthropic resources are used to generate meaningful and lasting impact. In our first year since spinning out from Ark, we have made significant progress. We have welcomed 16 non-profits into the Purposeful Ventures family, launched two new funds and incubated two new organisations within our Children and Families and STEM Excellence portfolios. These milestones reflect the momentum we are building and the potential for even greater impact in the years ahead. We are building a strong team with relevant sectoral and functional expertise. Our new senior leaders have brought excellent networks with them and having additional capacity at this level enables us to offer more peer-to-peer senior leadership support to our partner organisations. This is an investment in the impact that we intend to have over time. In addition, we are building a diverse and effective board to ensure that Purposeful is stewarded effectively. I am excited to see what this excellent team can achieve for young people in 2025. ## **Libby Dangoor, Chair of Trustees** 4 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Welcome from the Chief Executive** It has been an exciting and fast-moving period for Purposeful Ventures. We have an ambitious vision and have been growing rapidly – in our team, our partner organisations and the funds we are delivering. We are now looking forward to driving meaningful impact for young people this year and beyond. Our initial focus was on setting ourselves up as an independent organisation following the spin-out from Ark, ensuring that we had the right structures, team and partnerships in place to deliver our mission. As we move into our second year of operation, our focus is on delivering our portfolio goals as well as deepening our foundations – refining our strategy and strengthening our approach to impact measurement. A key part of this next phase will be evolving our strategy and theory of change to ensure we are working in the areas where we can make the greatest difference. In addition to the growing work within our Children and Families and STEM Excellence portfolios, which you will read about in this report, we have identified emerging areas of importance for us, including mental health and music and arts. These themes reflect our commitment to giving young people the best start in life, recognising that education and career progression are deeply connected to well-being and opportunities for creativity and self-expression. We are excited to expand our work in these areas over the coming years, delivering innovative projects such as 1729 Maths School and incubating new initiatives such as Reset (read more in our case studies). This new work will offer innovative and scalable solutions to philanthropists who are as passionate about supporting young people as we are. Our first annual report outlines key progress measures. Developing our evaluation framework will enable us to report more robustly on clear outcome measures in future years as well as helping us to refine our approach, ensuring we build on our impact to date. Becoming independent from Ark was a significant milestone and a necessary step for us to fulfil our potential. Our independence has allowed us to be more agile, take a broader perspective beyond education and work across multiple sectors to build a more equitable society. We are grateful to Ark for their incredible support throughout the transition and continue to work in partnership. In this coming year, as we refine our approach and grow our impact, we will remain focused on the following long-term outcomes to support young people: - Increased participation and attainment in education, employment and training - Improved home environment - Improved well-being - Increased scaling of effective solutions and recognition by policy makers and funders. These measures will guide our decision-making and help us assess how we are contributing to a fairer society. We are excited about what lies ahead and are grateful to our partners, funders and team members for their commitment and collaboration. Together, we are not only supporting change financially but shaping the systems that will enable all young people to thrive for generations to come. ## **Michael Clark, Chief Executive** 5 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. The Trustees present their annual report together with the audited financial statements of the Charity for the period 7 September 2023 to 31 August 2024. ## **Our purpose and public benefit** Our aims are: 1) to advance education; and 2) to relieve those in need by reason of youth, financial hardship or other disadvantage, in such manner as the charity trustees may from time to time determine, including through providing support and activities which develop skills, capacities and capabilities to enable full participation in society. In setting objectives and planning for activities, the Trustees have given due consideration to the general guidance published by the Charity Commission relating to public benefit, including the guidance ‘Public benefit: running a charity’ (PB2). ## **Our approach and activities** Through our partnerships with non-profits and funders, we: - Define and diagnose the issues affecting children and young people, analyse evidence and explore the most promising solutions. - Select organisations through a rigorous due diligence process, partnering with those who share strong theories of change and mirror our ambitions - Accelerate and grow our partner organisations or incubate new organisations to address genuine gaps. We have a responsive, tailored approach to working with all the organisations we support, the core elements of which are: **----- Start of picture text -----**
We have a team of ex-charity and for-profit CEOs, COOs, founders and consultants, who do
Expertise anything from strategy reviews and evaluation to organisation design and interim
management for our portfolio
Network We introduce our portfolio to potential funders, partners, policy teams and anyone else who
can help them grow and thrive
Reputation We use our reputation for sourcing and scaling non-profits to help them secure funding,
contracts and staff, and to open doors that would otherwise be closed to organisations of
their size and track record
Operations We provide back-office support from partnerships through to provision in IT, HR,
governance, finance and operations. We also have room in our offices so that organisations
can co-locate if helpful
Funding We provide catalytic grants tailored to the needs of the organisation. This could range from a
small grant to fund a new team member, to covering the first three years of operating costs
**----- End of picture text -----**
In partnership with visionary philanthropists, we support organisations to grow and thrive in three ways: - **Incubation:** building organisations from scratch and spinning them out once they have demonstrated impact, strong governance and financial sustainability. - **Acceleration:** providing tailored support and funding (typically £50k - £500k per annum for 1-3 years) to help existing organisations grow and scale. Renewal of this support is based on clear KPIs and a mutual bespoke agreement between us, the organisation and our funders. - **Sustaining and funding:** offering funding to existing organisations with fewer support needs and/or managing our own funds whose specific goals can be achieved by grantees. 6 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Our portfolios** The work carried out in relation to our objectives between September 2023 and August 2024 was split into three portfolios: ## **Children and Families portfolio** Every child should grow up in a stable and supportive family environment and have the opportunity to thrive academically, socially and emotionally. In our Children and Families portfolio, we build and strengthen organisations that support parents, families and carers through children’s early years and young people who face tough circumstances, so they can thrive despite the challenges they encounter. ## **STEM Excellence portfolio** In the UK, young people are not reaching their potential in maths and other STEM subjects during their education. Our work in the STEM Excellence portfolio seeks to identify and unlock where support is most needed, to help all young people engage with and excel at maths at every stage. ## **Music and Arts portfolio** Fewer young people from low socio-economic backgrounds are excelling in classical music and arts. We are building a new portfolio to support more of these young people to progress to the highest level in these subjects and, if they choose, pursue related careers. ## **Case studies and impact** ## **Baby Bank Alliance: Helping families living in poverty by raising the profile and impact of baby banks nationwide** 4.3 million children are living in poverty in the UK, with a million facing destitution. Baby banks provide a vital service for families experiencing poverty and disadvantage, allowing their children to have a better start in life. We have been working with Little Village (originally when we were part of Ark Ventures) since 2016, supporting them to establish a network of baby banks in London. We could all see the impact that baby banks were making across the country and were convinced that more could be achieved by working more closely together. Based on this insight, we co-incubated the Baby Bank Alliance with Save the Children, alongside Little Village and Bristol Baby Bank Network as partners. The Alliance aspires to connect the nation's baby banks: raising their profile, championing their cause, bringing in funding and creating a national movement for change. ## _**Impact**_ As part of our co-incubation of the Baby Bank Alliance, we have seconded experienced Purposeful Ventures team members to run the Alliance alongside Save the Children. Together, we have: - Forged relationships with corporate partners to increase awareness and bring in over £600,000 in funding and in-kind donations - Distributed £150,000 of unrestricted grants to 112 baby banks in round one of the Development Fund. Since launching in 2023, the Baby Bank Alliance has rapidly grown to over 200 members – over half of the ~350 baby banks nationwide. Alliance members supported roughly 100,000 babies and children in 2023 and have gifted 600,000 items worth c. £13.7 million. In the coming year, the Alliance will be directing further funding to baby banks and growing the number of baby banks it supports. 7 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. _‘Being part of a national Alliance gives us a national voice and a united front, whilst remaining independent and supporting our community in the way that suits them. It gives us the opportunity to raise the profile of the vital work we are doing for families.’_ Leanne Simcoe, Founder of Little Stars Baby Bank and Baby Bank Alliance member ## **Reset: Creating better futures for the most vulnerable children by testing and piloting a new programme** In 2024, our research uncovered that a growing number of children with complex needs present a high risk to themselves and, at times, others. Many experience multiple placement breakdowns and are placed on Deprivation of Liberty (DoL) orders – a last-resort measure to restrict a child’s liberty without consent to ensure their safety when no other legal or care option is available. In 2023, 1,368 children were subject to DoL applications, a 12x increase since 2017. These children are often selfharming, facing mental health struggles, experiencing exploitation, exhibiting aggression and/or are going missing. In response, Purposeful Ventures is developing Reset, a bold new initiative to transform the lives of these young people. We identified a critical gap in provision and are building a solution from the ground up, co-designed with frontline practitioners to ensure it is grounded in real-world expertise. Reset aims to reduce the risk of future harm, help children achieve safe and stable living environments, improve relationships and develop self-confidence and aspiration. Led by Sophie Humphreys OBE – our Social Entrepreneur in Residence and founder of Pause and SHiFT – the programme is based on these organisations’ Breaking Cycles Core Ingredients. The pilot will see children receiving 18 months of 1:1 support from a skilled Reset Partner, a 12-week immersive residential placement and sustained follow-on support during the first year of reintegration into their community. Purposeful Ventures has led the research and high-level programme design process, ensuring a rigorous and innovative approach rooted in evidence and best practice. We are now seeking funding for the pilot phase, which will lay the foundation for scaling this initiative and driving lasting systemic change for vulnerable children across the UK. ## **Martingale Foundation: Supporting a new generation of postgraduates to become STEM leaders** Students from low socio-economic backgrounds are up to 15 times less likely than their most privileged counterparts to progress to postgraduate study, which is increasingly associated with academic and career advancement. With student loans often falling short – especially for living costs – many are unable to continue without family financial support. As Ark Ventures, we worked closely with a funder to design a solution to this issue, focused on supporting future STEM leaders, and launched the Martingale Foundation in September 2022. The Martingale Foundation came with us from Ark and we continue to support them on their journey to independence. Martingale partners with world-leading universities to support talented STEM students through fullyfunded Scholarships and access to a network of leaders in academia and industry – helping them thrive at postgraduate level and make a meaningful contribution to research. 8 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. The organisation is driving systemic change in the postgraduate sector. With the government’s ‘New Deal for Postgraduates’ and the cost-of-living crisis on the agenda, Martingale is well positioned to shape policy and amplify the voices of underrepresented students. ## Our incubation has included: - Securing £12 million in funding from founding donor XTX Markets for the pilot phase - Piloting new AI Masters Scholarships, funded by Google DeepMind - Establishing partnerships with eight leading UK universities - Hiring a high-performing team and expert advisory board - Seconding an interim C-suite team while recruiting a permanent CEO - Providing crucial back-office support, including finance, HR, IT and office space. Martingale’s impact is growing rapidly. By August 2024, they were supporting 50 postgraduate Scholars, with more than £3.5 million committed in Scholarship funding. Alongside its generous Scholarship package, Martingale provides extensive leadership training to Scholars. It is expanding its offer into other STEM subjects, starting with the pilot of the Google DeepMind AI Masters Scholarships, supported by Google DeepMind. _‘Being incubated within Purposeful Ventures means we have been able to scale quickly, supported by their in-house experts and vast network. It has enabled us to focus primarily on growing our programme in a fast-paced, outcomes-focused environment rather than on operations and systems like many new charities.’_ Cassie Hugill, CEO, Martingale Foundation ## **Maths Excellence Fund: excellence and equity in maths education at secondary schools** Maths is a gateway to future educational and career opportunities, but socio-economically disadvantaged students in the UK face significant barriers. Amongst top performers in maths at age 11, only half of disadvantaged students go on to achieve top GCSE grades, compared to over three quarter of their more affluent peers. Many lose interest and confidence in maths during secondary school, limiting their paths to STEM studies and careers. In 2023, we worked with XTX Markets and Hg Foundation to expand their work in maths education. Having previously worked on large-scale education interventions within Ark, we saw an opportunity to help our funders maximise their impact. Informed by the _Maths Excellence Pathways_ research by the University of Nottingham and XTX Markets, we recognised the challenges in supporting secondary students to stay on the maths excellence pathway, especially students from disadvantaged backgrounds. ## _**Impact**_ The result was the creation of the Maths Excellence Fund, a pioneering initiative designed to boost student attainment and progression in maths, with a particular focus on students from disadvantaged backgrounds with high prior attainment. After a competitive selection process, four delivery partners were announced in early 2024: Co-op Academies Trust, Inspiration Trust with the University of East Anglia, MEI and United Learning. Together, they are now supporting over 2,000 young people, over 80% of whom are eligible for the pupil premium or equivalent. Their interventions were built using a 'Cohort and Champion' approach, focussing on the target cohort of young people with an in-school champion accountable for their success in maths. We appointed Dr Helen Drury as Dean of Maths Excellence to ensure high standards in programme design and delivery, and each programme is being independently evaluated for effectiveness and scalability across the sector. 9 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. In 2024, the Fund led programme and evaluation co-design, and collaboration and shared learning between sector leaders. With expert-led evaluation and building on the existing evidence base, the Fund is laying the foundation for long-term systemic change, ensuring that all young people can thrive in maths and access greater opportunities. _‘The expertise, resources and strategic support from Purposeful Ventures through the Maths Excellence Fund have guided us from inception to implementation. This partnership has helped us reach more pupils with high-quality maths enrichment and inter-school competitions, improving attainment and broadening aspirations. None of this would be possible without Purposeful Ventures and we are excited to further develop and embed these programmes within schools.’_ Jay Timotheus, Director of Mathematics, Co-op Academies Trust ## **Key events and achievements** ## **Timeline of key events September 2023 – August 2024** Autumn 2023: - Purposeful Ventures launches, along with its new website and LinkedIn page - **Martingale Foundation** announces three new partner universities: The University of Bristol, The University of Edinburgh and the University of Manchester. - Winter 2023: - **Maths Excellence Fund** launches, announcing four delivery partners for improving maths outcomes for high-potential pupils in secondary schools and colleges across the UK - **STEM Talent Fund** launches its European Grants Programme, providing grants to initiatives that target students with the potential to achieve at Olympiad level, particularly those from under-represented groups - Purposeful Ventures announces its **Children and Families portfolio,** awarding grants to nine organisations in our first round of Children and Families partnerships and providing strategic and operational support to maximise each organisation’s impact. Spring 2024: - Purposeful Ventures **welcomes a host of sector experts** and experienced senior leaders to the team, including Nick Darbyshire, Helen Drury, Tom O’Beirne, Courtney Gainer and David Monis-Weston - Purposeful Ventures partners with **Leading Routes,** which strengthens the pipeline for the next generation of Black academics in the UK, working alongside CEO Paulette Williams to develop their strategy, maximise impact and support fundraising. Summer 2024: - Purposeful Ventures delivers the 65[th] **International Maths Olympiad,** bringing together young mathematicians from over 100 countries in Bath to compete for the title - The **Baby Bank Alliance** launches publicly, calling on the new government to prioritise tackling the root causes of child poverty and launching its Development Fund to provide critical funds to members through unrestricted grants. ## **Assessing our impact** We have hired a Head of Evaluation to develop our evaluation framework over 2024/2025 so that we can better understand and report on our impact. We will also be providing more tailored support to our partner organisations to evaluate their activities so that they understand their impact and use findings to strengthen design and delivery. 10 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Plans for future periods** ## **Summary of plans for future** Our plans over the next 1-3 years include: - To successfully deliver the current projects within our existing portfolios - To expand our portfolios by launching new partner organisations in the Children and Families space, conducting research in maths to identify key levers for change, and incubating new organisations such as Reset and the UK’s first specialist maths secondary school – 1729 Maths School - To further refine the Purposeful Ventures’ approach to delivering impact and develop a rigorous evaluation framework so that we can better understand and report on our impact - To spin out incubated organisations so they can thrive independently - To initiate partner organisation community events, starting with the _Leading with Purpose_ CEO talk series, to foster collaboration and shared learning among their leaders. Our medium to long-term plans over the next 5-10 years include: - To grow the pipeline of incubated organisations across our portfolios, ensuring that they consistently demonstrate impact for young people - To expand our areas of work into other themes, in partnership with a broad pool of philanthropic supporters - To strengthen our ecosystem, building ongoing support for our family of partner organisations through regular community events - To increase our focus on advocacy and policy engagement, amplifying our impact and driving systemic change - To diversify our funder base, ensuring financial stability and long-term growth. ## **Principal financial risks and mitigations** |**Risk**|**Existing mitigation and ongoing**
**monitoring**|**Further planned**
**mitigation**| |---|---|---| |We continue to be reliant on a small
number of funders and the scale of their
giving and ambition makes diversification
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Continue to strengthen relationships
with major funders, including building
understanding of their longer-term
plans|Develop a three-year
fundraising strategy to
deliver financial stability
and long-term growth with
a diversified funder base| ## **Non-financial risks and mitigations** **----- Start of picture text -----**
Existing mitigation and ongoing Further planned
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have risen on the risk culture development take into account capacity
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the speed of growth and Continue to forecast staff requirements special projects
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skills and policies Continue to prioritise team
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As the team and our Continue to review our theory of Ensure our longer-term
reach grows, defining a change and develop our evaluation strategy is rigorous and
Impact and clear strategy is crucial. framework agile, is shared with the
strategy Relatedly, we need to team and we monitor
develop our impact progress against KPIs and
measurement objectives linked to it
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11 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Financial review** Income for the period totalled £22,545,588, including £10,263,008 received from Ark following the transfer of some ongoing programmes from Ark to Purposeful Ventures. Our income is largely derived from grants and donations supported by income received directly from our activities (such as Maths Olympiad Observer fees) and is used to deliver our programmes including grant funding. Expenditure totalled £12,641,794 resulting in a surplus for the period of £9,903,794. At the balance sheet date, the charity had reserves of £9,903,794, of which £7,995,153 was held in restricted funds and £1,908,641 in unrestricted funds. ## **Policy on holding reserves** The charity shall seek to hold between three to six months’ core operating expenditure by way of “free reserves”. Core operating expenditure is the cost of running the charity on an ongoing basis and excludes one-off costs and pass-through grants. This equates to a level that is designed to ensure that the charity can navigate uncertainty in a planned and timely manner, ensuring that the interests of beneficiaries, stakeholders, creditors and staff are protected. In addition, the charity will aim to hold between three and six months of core operating costs in restricted reserves for incubated organisations to ensure they can navigate uncertainty in a similar way to that outlined above. Three to six months’ core operating expenditure is c. £788k - £1.576m. At the balance sheet date, free reserves totalled £1.909m, slightly exceeding that required by the reserves policy. Given that we are continuing to expand our operations, we expect that the amount of reserves we need to hold will increase, bringing us back in line with our reserves policy. ## **Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. ## **Details regarding fundraising** In our first year, Purposeful Ventures was supported by freelance Philanthropy Adviser Doug Thomson as we began to build our fundraising team. With a Philanthropy Manager to support gift administration and stewardship, the majority of fundraising was done by our Chief Executive, Michael Clark. In September 2024, Holly Piercy joined as the Director of Philanthropy. We fundraise by soliciting donations from a defined list of individuals, companies, and charitable trusts and foundations. This list is carefully considered, and approaches are only made to those we already have a connection to, or we think may have an interest in our work. We do not conduct mass mailing or telephone campaign fundraising and do not outsource fundraising activities. Our partner organisations also conduct their own fundraising and may use fundraising platforms such as Just Giving to promote specific campaigns. Donor data is handled securely and with care in accordance with statutory obligations. The charity has not yet signed up to any voluntary codes of conduct regarding fundraising but is planning to do this in the coming year. We have never received any fundraising complaints and make use of our Ethical Fundraising Policy to protect individuals when carrying out fundraising. 12 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Structure, governance and management** Purposeful Ventures is a Charitable Incorporated Organisation (CIO), governed by a Constitution and Scheme of Delegation, dated 7 September 2023. The charity is governed by a Board of Trustees that meets at least three times per year. The Board of Trustees makes objective, long-term decisions on key issues in order to advance the organisation’s mission and goals. Such key issues include but are not limited to: - Goal setting - Strategy - Programme or product design - Relationships with important stakeholders (e.g. funders and government) - Public relations - Finances - Employment - Safeguarding - Other legal matters Operational matters connected with implementation of the strategy, together with responsibility for the day-to-day running of the charity, are delegated to the CEO and management team. The Board of Trustees is committed to considering decisions objectively and seeking to reach consensus where possible. However, recognising that this may not always be possible or desirable, the Board of Trustees adheres to the following decision-making process, which is consistent with our Constitution: - For any substantive decision to be formally agreed, a quorum (the number nearest to one third of the total number of trustees, whichever is greater, or such larger number as the trustees may decide from time to time) of trustees must be present - In the first instance, decisions are made according to a simple majority vote of a quorum of trustees - In the event of a tied vote, the Chair has the opportunity to cast a deciding vote or to reconvene the decision at a later time. The Board of Trustees may decide, in the future, to convene sub-groups or sub-committees to focus on particular issues and delegate certain responsibilities to those sub-groups. This may include ‘standing groups’, such as an Audit and Risk Committee or a Remuneration Committee. This may also include ‘task and finish groups’ to focus on a particular project or issue. Any ‘standing group’ must have a separate terms of reference, to be agreed by the Board of Trustees. It is recommended that any ‘task and finish group’ has a separate terms of reference, but this may be agreed pragmatically on a case-by-case basis. New Trustees are appointed by the existing Trustees in accordance with the charity’s constitution. There should always be a minimum of three Trustees. The induction and training of trustees includes: - An induction programme – face to face meetings with leaders, visit to partner organisations and sharing of documentation - Dissemination of guidance on being a Trustee from the Charities Commission and other leading organisations - Funded conference places - Opportunities to access online training, e.g. safer recruitment - Short relevant training sessions as part of the board meetings, e.g. on funding partner organisations 13 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. The Board of Trustees is responsible for reviewing and setting the remuneration of the senior management team, after due consideration for market rates, skill sets and performance. Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Acknowledgements** We would like to thank our funders for their support over an impactful first year of operation. We look forward to our continued partnership and growth. ## **Core funders** - AKO Foundation - Ark - Bain & Company* - UBS Optimus Foundation - XTX Markets - Anonymous donor ## **Project Partners** - Elba Foundation - Hg Foundation **Supporters of our incubated organisations** Baby Bank Alliance - Amazon - Deloitte* - Save the Children** - Anonymous donor ⱽ - The Sun’s ‘Cosy at Christmas’ campaign Martingale Foundation - XTX Markets ⱽ - Google DeepMind - University of Bristol - University of Cambridge - University of Edinburgh - King’s College London - University of Manchester - University of Oxford - University College London - St John’s University, Cambridge* - Imperial College London ## _* Gift in kind_ - _** Co-incubation partner_ - ⱽ _Founding donor_ 15 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Statement of Trustees’ responsibilities** The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure 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 of the Charities SORP (FRS 102) - make judgements and accounting estimates that are reasonable and prudent - state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions, disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the CIO Foundation. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. ## **Disclosure of information to auditor** Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that: - so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and - that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. ## **Auditors** The auditors, Goodman Jones LLP, were appointed in the period and have indicated their willingness to continue in office. The Trustees will propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees and signed on their behalf by: ………………………………………. Elizabeth Dangoor, Chair Date: 17 June 2025 16 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Independent auditors’ report to the members of Purposeful Ventures** ## **Opinion** We have audited the financial statements of Purposeful Ventures (the 'charity') for the period ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is 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 Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 August 2024 and of its incoming resources and application of resources for the period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Charities Act 2011. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 17 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Other information** The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: - the information given in the Trustees’ Report is inconsistent in any material respect with the financial statements; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records or returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Trustees' Responsibilities Statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. ## **Auditors' responsibilities for the audit of the financial statements** We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. 18 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried. These procedures included: - Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; - Reading minutes of meetings of those charged with governance; - Obtaining and reading correspondence from legal and regulatory bodies including HMRC; - Identifying and testing journal entries; - Challenging assumptions and judgements made by management in their significant accounting estimates. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. ## **Use of our report** This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. **Goodman Jones LLP Date: 26 June 2025** Chartered Accountants Statutory Auditors 1st Floor, Arthur Stanley House 40-50 Tottenham Street London W1T 4RN Goodman Jones LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. 19 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Statement of financial activities For the period ended 31 August 2024** |**Income from:**
**Note**
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
**Total income**
**Expenditure on:**
Charitable activities
8
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**5,114,376**
**-**
**-**
**145,835**
**5,260,211**
**3,351,570**
**3,351,570**
**1,908,641**
**1,908,641**
**1,908,641**|**Restricted**
**funds**
**202**
**4**
**£**
**16,873,909**
**261,468**
**150,000**
**-**
**17,285,377**
**9,290,224**
**9,290,224**
**7,995,153**
**7,995,153**
**7,995,153**|**Total**
**funds**
**2024**
**£**
**21,988,285**
**261,468**
**150,000**
**145,835**| |---|---|---|---| ||||**22,545,588**| ||||**12,641,794**| ||||**12,641,794**| ||||**9,903,794**
**9,903,794**
**9,903,794**| The Statement of Financial Activities includes all gains and losses recognised in the period. The notes on pages 23 to 33 form part of these financial statements. 20 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Balance sheet As at 31 August 2024** |**Note**
**Fixed assets**
Tangible assets
14
**Current assets**
Debtors
15
Investments
16
Cash at bank and in hand
Creditors: amounts falling due within one year
17
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
19
Unrestricted funds
19
**Total funds**|**362,032**
**3,426,105**
**10,732,240**
**14,520,377**
**(4,638,055)**|**2024**
**£**
**21,472**| |---|---|---| |||**21,472**
**9,882,322**| |||| |||**9,903,794**| |||**9,903,794**| |||**9,903,794**
**7,995,153**
**1,908,641**
**9,903,794**| The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: ………………………………………. Elizabeth Dangoor Chair Date: 17 June 2025 The notes on pages 23 to 33 form part of these financial statements. 21 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Statement of cash flows For the period ended 31 August 2024** |**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Transfer to short-term deposits
**Net cash used in investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the period**
**Cash and cash equivalents at the end of the period**
The notes on pages 23 to 33 form part of these financial statements.|**2024**
**£**
**14,035,868**| |---|---| ||**145,835**
**(23,358)**
**(3,426,105)**| ||**(3,303,628)**| ||**-**| ||**10,732,240**| ||**10,732,240**| 22 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **Notes to the financial statements For the period ended 31 August 2024** ## **1. General information** Purposeful Ventures is a charity limited by guarantee in England and Wales, it is registered with the Charity Commission under charity number 1204622. The registered office address of the Charity is 1 EdCity, EdCity Walk, London, W12 7TF. The objectives of the Charity are set out in the Trustees' Report. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Purposeful Ventures meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements have been prepared in Sterling, the functional currency of the Charity. Monetary amounts in these financial statements have been rounded to the nearest £. The financial statements cover a period of less than 12 months, from the date of registration on 7 September 2023 to 31 August 2024. ## **2.2 Going concern** At the time of approving these financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue to operate for the foreseeable future. The Trustees consider that there is no material uncertainty about the Charity's ability to continue as a going concern after considering budgets, forecasts, cashflow forecasts, reserves, cash balances, and the future plans of the Charity. As a result, the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 23 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **2.3 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of Financial Activities on a receivable basis and to the extent that any attached perfromance conditions have been met. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. ## **2.4 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure includes irrecoverable VAT. Grants payable are charged in the period when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the period end are noted as a commitment, but not accrued as expenditure. 24 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **2.6 Tangible fixed assets and depreciation** Tangible fixed assets costing £1000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: Computer equipment - 33% ## **2.7 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.8 Cash at bank and in hand** Cash at bank and 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. ## **2.9 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. ## **2.10 Financial instruments** The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.11 Pensions** The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the period. 25 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **2.12 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. **3. Critical accounting estimates and areas of judgement** Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## Critical accounting estimates and assumptions: The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. ## Critical areas of judgement: Income recognition - the Charity receives grant income. These agreements may include quantitative and qualitative milestones, performance conditions, and/or donor-imposed time conditions which must be met in order for the Charity to have entitlement to the funds. ## **4. Income from donations and legacies** |
Grants
Donated services|**Unrestricted**
**funds**
**2024**
**£**
2,720,050
2,394,326
5,114,376|**Restricted**
**funds**
**2024**
**£**
16,873,909
-
16,873,909|**Total**
**funds**
**2024**
**£**
**19,593,959**
**2,394,326**
**21,988,285**| |---|---|---|---| 26 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **5. Income from charitable activities** ||**Restricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2024**| ||**£**|**£**| |Income from charitable activities – STEM|261,468|**261,468**| ## **6. Income from other trading activities** ## **Income from non charitable trading activities** ||**Restricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2024**| ||**£**|**£**| |Sponsorship|150,000|**150,000**| ## **7. Investment income** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2024**| ||**£**|**£**| |Investment income|145,835|**145,835**| ## **8. Analysis of expenditure on charitable activities** ## **Summary by fund type** |STEM
Children & Families
Music & Arts|**Unrestricted**
**funds**
**2024**
**£**
2,863,639
460,509
27,422
3,351,570|**Restricted**
**funds**

**2024**
**£**
7,662,425
1,536,091
91,708
9,290,224|**Total**
**funds**
**2024**
**£**
**10,526,064**
**1,996,600**
**119,130**
**12,641,794**| |---|---|---|---| 27 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **9. Analysis of expenditure by activities** |STEM
Children & Families
Music & Arts|**Activities**
**undertaken**
**directly**
**2024**
**£**
3,438,373
230,666
48,532
3,717,571|**Grant**
**funding of**
**activities**
**2024**
**£**
4,411,370
1,305,425
43,176
5,759,971|**Support**
**costs**
**2024**
**£**
2,676,321
460,509
27,422
3,164,252|**Total**
**funds**
**2024**
**£**
**10,526,064**
**1,996,600**
**119,130**
**12,641,794**| |---|---|---|---|---| ## **Analysis of support costs** |Staff costs
Pro bono consulting support
Premises costs
HR and other staffing costs
Financial and governance costs
Information technology
Other|
**STEM**
**2024**
**£**

578,184
1,784,067
127,066
56,121
91,830
27,877
11,176
2,676,321|**Children &**
**Families**
**2024**
**£**
99,487
306,980
21,864
9,657
15,801
4,797
1,923
460,509|**Music &**
**Arts**
**2024**
**£**
5,924
18,279
1,302
575
941
286
115
27,422|**Total**
**funds**
**2024**
**£**
**683,595**
**2,109,326**
**150,232**
**66,353**
**108,572**
**32,960**
**13,214**
**3,164,252**| |---|---|---|---|---| ## **10. Analysis of grants** |
Grants, STEM
Grants, Children & Families
Grants, Music & Arts|**Grants to**
**Institutions**
**2024**
**£**
4,411,370
1,305,425
43,176
5,759,971|**Total**
**funds**
**2024**
**£**
**4,411,370**
**1,305,425**
**43,176**
**5,759,97**| |---|---|---| 28 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. As part of its charitable activities, the Charity makes grants to recipient organisations alongside providing strategic and operational support to these entities. Grants ranged from £1,000 to £750,000 and details of grant recipients are disclosed in the Annual Report and on the Charity's website (https://purposefulventures.org/). Recipients of material grants comprise: Dr Frost Learning - £750,000 Global Talent Network - £472,206 Inspiration Trust - £470,000 Mathematics in Education and Industry - £490,000 United Church Schools Trust - £520,000 Other grants (individually not material) - £3,057,765 ## **11. Auditors’ remuneration** The auditors' remuneration amounts to an auditor fee of £24,000. ## **12. Staff costs** |Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2024**
**£**
**1,570,959**
**188,119**
**175,226**
**1,934,304**| |---|---| The average number of persons employed by the Charity during the period was as follows: |Incubated ventures
PV core|**2024**
**No.**
**10**
**16**
**26**| |---|---| The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: |£60,000 was:|| |---|---| ||**2024**| ||**No.**| |In the band £60,001 - £70,000|**3**| |In the band £70,001 - £80,000|**2**| |In the band £80,001 - £90,000|**3**| |In the band £140,001 - £150,000|**1**| During the period, the Charity incurred costs including employer's national insurance and employer's pension contributions in respect of key management personnel totalling £552,332. **13. Trustees’ remuneration and expenses** During the period, no Trustees received any remuneration or other benefits. During the period ended 31 August 2024, no Trustee expenses have been incurred. 29 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **14. Tangible fixed assets** |**14.**
**Tangible fixed assets**|| |---|---| |**Cost or valuation**
Additions
At 31 August 2024
**Depreciation**
Charge for the period
At 31 August 2024
**Net book value**
At 31 August 2024
**15.**
**Debtors**
**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income
**16.**
**Current asset investments**
Short-term cash deposits
**17.**
**Creditors: Amounts falling due within one year**
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Resources deferred during the period|**Computer**
**equipment**
**£**
**23,358**| ||**23,358**| ||**1,886**| ||**1,886**| ||**21,472**
**2024**
**£**
**247,028**
**101,753**
**13,251**
**362,032**
**2024**
**£**
**3,426,105**
**2024**
**£**
**947,779**
**73,828**
**28,701**
**3,587,747**| ||**4,638,055**
**2024**
**£**
**3,525,000**| Deferred income represents grant funding received in advance for specific projects to be carried out in a future period as determined by the donor. 30 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. **2024 £** ## **18. Financial instruments** **Financial assets** Financial assets measured at fair value through income and expenditure **14,158,345** Financial assets measured at fair value through income and expenditure comprise cash at bank and short-term cash investments. ## **19. Statement of funds** ## **Statement of funds – current period** |**Statement of funds – current period**||| |---|---|---| |**Unrestricted funds**
General Funds - all funds
**Restricted funds**
STEM
Children & Families
Music & Arts
**Total funds**|**Income**
**£**
**5,260,211**
**13,927,178**
**3,284,999**
**73,200**
**17,285,377**
**22,545,588**|**Expenditure**
**Balance at**
**31 August**
**2024**
**£**
**£**
**(3,351,570)**
**1,908,641**| |||**(7,662,425)**
**6,264,753**
**(1,536,091)**
**1,748,908**
**(91,708)**
**(18,508)**| |||**(9,290,224)**
**7,995,153**
**(12,641,794)**
**9,903,794**| Restricted funds comprise: STEM - funds received towards the STEM programmes, in particular in Maths excellence. Children & Families - funds received towards projects designed to support children to enable them to grow up in stable and supportive family environments. Music & Arts - funds received towards projects designed to promote excellence in music. The fund was in deficit at the balance sheet date but this has been cleared by operational capital received in September 2024. 31 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **20. Analysis of net assets between funds** ## **Analysis of net assets between funds – current period** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**|**Unrestricted**
**funds**
**2024**
**£**
**Restricted**
**funds**
**2024**
**£**
**Total**
**funds**
**2024** **£**
21,472
-
**21,472**
4,000,224 10,520,153
**14,520,377**
(2,113,055) (2,525,000)
**(4,638,055)**
1,908,641
7,995,153
**9,903,794**| |---|---| ## **21. Reconciliation of net movement in funds to net cash flow from operating activities** |Net income for the period (as per Statement of Financial Activities)

**Adjustments for:**
Depreciation charges
Dividends, interests and rents from investments
Decrease/(increase) in debtors
Increase in creditors
**Net cash provided by operating activities**

**22.**
**Analysis of cash and cash equivalents**
Cash in hand
**Total cash and cash equivalents**

**23.**
**Analysis of changes in net debt**
**Cash flows**
**£**
Cash at bank and in hand
**10,732,240**
Liquid investments
**3,426,105**
**14,158,345 **|


| |---|---| 32 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF. ## **24. Pension commitments** The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £175,226. Contributions payable to the fund at the balance sheet date totalled £24,883 and are included in creditors due within one year. ## **25. Related party transactions** The Charity was spun out of another entity, Absolute Return for Kids ("Ark”), in November 2023. Lucy Heller, Trustee, is CEO of Ark. During the period, the Charity received an amount of £10,263,008, representing the balance on funds for programmes previously run by Ark but now run by the Charity. In addition, during the period Ark provided various services including HR, finance and IT support to the Charity at a value of £509,276, and the Charity provided strategic support to Ark at a value of £112,034. At the balance sheet date, the Charity owed an amount of £36,813 to Ark and its subsidiaries, and was owed an amount of £9,775 by Ark. Other than disclosed in this note and elsewhere in these financial statements, there were no other transactions with related parties requiring disclosure. 33 Purposeful Ventures is a registered charity (1204622) in England and Wales. Registered office: 1 EdCity, EdCity Walk, W12 7TF.