REGISTERED COMPANY NUMBER: 07006082 (England and Wales)

REGISTERED CHARITY NUMBER: 1156726

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Greatest Expectations Limited

(A Company Limited by Guarantee)

Page

Report of the Trustees

1

to

6

Independent Examiner's Report

7

Statement of Financial Activities

8

Balance Sheet

9

Notes to the Financial Statements

10

to

14

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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).

OBJECTIVES AND ACTIVITIES

Purpose of Greatest Expectations

The prevention or relief of poverty and financial hardship within the Tees Valley by providing or assisting in the provision of adult education and training, creative projects and the necessary support designed to enable people to generate an income and become self-sufficient.Empowering individuals to generate sustainable income and achieve self-sufficiency, and the promotion of social inclusion for the public benefit by supporting those most at risk.

To promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded and assisting them to integrate into society. 'Socially excluded' is defined as being excluded from society, or parts of society, as a result of one of more of the following factors: unemployment;- financial hardship; youth or old age; ill health ( physical and mental ); substance abuse or dependency including alcohol or drugs; discrimination on the grounds of sex, race, disability, ethnic origin, religion, belief, creed, sexual orientation, or gender re-assignment; poor educational or skills attainment; relationship and family breakdown; poor housing (that is housing that does not meet basic habitable standards); crime (either as a victim of crime or as an offender rehabilitating into society).

Public Benefit

In setting the charity's objectives and planning its activities, the trustees have complied with the duty to have due regard to guidance published by the Charity Commission, including public benefit guidance.

We exist for the public benefit to promote the education of people of any age in the North East of England in such ways the charity trustees see fit, including by provision of education to prepare for any occupation, trade or profession on leaving any education establishment.

Overview

Greatest Expectations has been helping local, unemployed people to move closer to the jobs market through sector and employability provision since 2009. We are proactive in response to the needs of local people and employers needs with training solutions which lead to real and positive outcomes.

The development of employability skills is a priority in learning pathways. Our mission is to give a grounding in the kind of skills required by employers and where possible provide valuable work experience opportunities which can be a big help in improving confidence and motivation. Locally our services contribute to the prevention and relief of poverty in the Tees Valley by assisting with educational, training and healthcare projects, and giving other support to enable people to generate an income and become self-sufficient.

We know that there are huge benefits to learning, not least of all the increase in confidence and personal fulfilment, motivation and overall quality of life. Our aim is to encourage our learners to become active members of society and to promote the ethos of fundamental British Values in their lives.

Greatest Expectations has a strongly vested interest in promoting the local and national economies by supporting people to overcome "social barriers", which is a term used to highlight inequalities existing between individuals for different reasons, i.e. socioeconomic status, religion, race, ethnicity or gender, and lately exacerbated by the current economic climate.

Greatest Expectations is a proponent of collaborative working and maintains long standing relationships with our prime funder and a network of local organisations, which often enable learners to expedite their move into employment.

Learners are at the heart of all decisions. Our commitment to exceptional information, advice and guidance has been underpinned by Matrix accreditation since 2015. Where we cannot provide help and support, we will use our network to refer to an alternative.

Key Aims of Greatest Expectations

- To help people to build better lives through education and training

- To unlock individual potential

- To eliminate physical and psychological barriers to learning and development as far as possible

- To inspire, motivate and challenge

- To prioritise employability and softer skills, including confidence and self-belief

- To ensure teaching, learning and assessment are of exceptional quality

- To ensure all subjects are relevant and contextual to the area and the needs of local people and employers

- To ensure the learner is at the heart of curriculum planning

- To engender a supportive, collaborative environment which is safe and welcoming to all

- To monitor our internal processes and systems so they are fit for purpose

- To provide exceptional, bespoke information, advice and guidance

- To use every practical tool possible to combat stress, loneliness and isolation in learners

- To cultivate key relationships and create new business opportunities, ensuring a sustainable future for Greatest Expectations

- To continue to invest in our employees, which enhances our reputation and the quality of delivery to learners

- To maintain excellence in business practices which are mindful of, and promote, our charitable aims

Now in its fifteenth year, Greatest Expectations supports unemployed people across the Tees Valley to move closer to work through focused training and personalised support. We help individuals build practical skills that matter to employers, offering hands-on learning, work experience, and activities that boost confidence and motivation. By working closely with local businesses, we support workforce development through training for both new recruits and existing staff. Our programs aim to reduce poverty by encouraging long-term employment, independence and wellbeing. We promote equal opportunities by helping people overcome barriers linked to income, background or identity. Through strong partnerships and trusted guidance ( recognised Matrix since 2015) we ensure everyone receives the right support at the right time.

STRATEGIC REPORT

Achievements and performance

Following the funding challenges we faced at the end of the year, we continued to provide training and support to Tees Valley residents wherever possible, focusing on the following areas

- First Aid and Disability Awareness for Private Hire Drivers

- Basic computer and online skills, with pre-employability support

- Mental Health Awareness

- Health and Social Care

Quality Assurance

We meet our aims through quality internal assurance which is shared by the whole team. We have established robust systems and processes which support exceptional teaching learning and assessment, and aim always that our services be supportive, informative and accessible and makes use of feedback from learners to identify areas of excellence and drive continuous self-improvement. Feedback is used to inform our annual Quality Improvement Plan and Self Awareness Review.

We also continue to receive strong feedback from external quality assurance visits and sampling, and effective quality assurance reassures learners in the quality of our services and facilitate monitoring and improving efficiency. This keeps us competitive with similar organisations. We have created products and services which meet suit learner expectations, resulting in a large number of people who return to Greatest Expectations to progress.

When measuring success we consider the following criteria in terms of reporting and internal aims:

- Quality standards achieved

- Whether it has met the needs of the local community and industries

- Workforce upskilling

- Equality and Diversity (needs & targets)

- Economic growth

- Cultural and social impact

As a financially responsible organisation, we continuously monitor data which quantifies and assesses achievements, progression rates and customer satisfaction.Strong feedback is a key to securing further funding. This data will ultimately help in the preparation of a self-assessment report, and help in assessing individual staff performance.

Equality and Diversity

Middlesbrough is an especially diverse town and our delivery engages a diverse and representative group of learners. Greatest Expectations strongly believes in equality of opportunity for all, and ensure British Values, Safeguarding and Prevent are embedded into the curriculum and induction. We strive to create a culture of respect and dignity where everyone is welcome and individuals are free to raise and discuss issues openly. We monitor awareness of this through the individual learning plan at key points on the programme, and the wider impact through the learner's awareness of equality and diversity and how to contribute effectively to British life.

Financial review

Greatest Expectations main source of funding this year has been from our contract with Middlesbrough College. Income has also been supplemented with small scale contracts, together with disability awareness training and first aid training.

Middlesbrough College have had a change in their strategy with almost total loss of any subcontractors. Greatest Expectations no longer act as a subcontractor with Middlesbrough College and has therefore had to implement the reserves policy.

Reduction in income from Middlesbrough College from August 2023 has necessitated using a portion of our Charity Reserves.

The net result for the year was a deficit of £25,731 (2023: deficit of £2,323). At the end of the year our reserves stood at £79,475 (2023: £105,206), which consists of £79,475 unrestricted funds. (2023: £105,206 unrestricted).

Reserves Policy

The charity maintains modest reserves to ensure continuity of its core activities, allocated to cover operating cost and planned programme delivery in the coming year.

Going Concern

The trustees have considered the position regarding going concern and consider it is appropriate to prepare the financial statements on a going concern basis. The going concern assumption is based on an up to date business plan in place.

During the period, Middlesbrough College has restructured its operating model and has undertaken duties in house and as a result the charity has therefore had to implement the reserves policy.

Savings have been made in staff costs, reducing staff numbers from 10 to 4 employees.

In addition the Trustees continue to work with providers of funding to investigate opportunities to enhance the long term sustainability of the charity. The trustees have implemented a cost reduction programme and as a result the Trustees consider the going concern basis to be appropriate.

Future Plans

There are also ongoing issues with decreased learner engagement in the training sector as a whole, and while we have always responded robustly to this type of challenge, we are in no way complacent to the task ahead in order to sustain our charitable endeavours.

Plans for 2025 include:

- Increased awareness and plans to address the levels of digital poverty in the Tees Valley

- Provision of training and support, and easing social isolation, through mental health awareness training including working with various support hubs and local employers

- To source new streams of funding to ensure Greatest Expectations can continue to fulfil its aims

Greatest Expectations Limited is actively seeking sustainable funding to support our charitable aims. We remain committed to providing as much support as possible , to as many people as we can, for as long as resources allow and maintaining a small core team to continue this work.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Recruitment and Appointment of New Trustees

The board of trustees has power to appoint additional trustees as it considers appropriate.

Organisational Structure

The Trustees are responsible for strategic direction and policy of the company and to ensure that it meets its legal requirements.

The Managing Director is supported by the Finance Director and Business Development Manager. The average number of employees throughout the year was 4, including, but not limited to tutors and internal quality assurance, administrators and employer/learner engagement team.

Pay Policy For Senior Staff

The Trustees consider the senior management team the key management personnel of the charity, in charge of directing and controlling, running and operating the company on a daily basis. The pay of senior staff is reviewed annually and normally increased in line with inflation, based on the benchmarks of other similar organisations.

Recruitment Of New Trustees

The number and skills of Trustees is reviewed annually and any gaps identified. An existing trustee would approach suitable candidates who will be invited to attend trustees' meetings as observers, before being formally invited to become a trustee following discussions and with the provision of references. Trustees' recruitment is bound by the same fair recruitment processes as staff.

Induction And Training Of New Trustees

A Trustee's induction covers their legal obligations under charity and company laws, roles and responsibilities, organisational structure, health and safety and all company policies and procedures, with emphasis on Equality & Diversity, Health and Safety and Quality Assurance. Trustees are bound by the same confidentiality agreement as members of staff.

Risk Management & Trustees

Greatest Expectations' Trustees are duty bound to review any potential risks which the charity may be exposed to, and to ensure that the appropriate processes are in place to provide protection against fraud. Trustees are aware of the potential risks to the charity (financial and other types) and has strategies to control or minimise these risks, which are regularly reviewed.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

07006082 (England and Wales)

Registered Charity number

1156726

Registered office

Calvary House

36-40 Grange Road

Middlesbrough

TS1 5BQ

Trustees

Mr W H Guthrie Director

Mr M J Lithgo Director

Mrs E J Donnelly Director

Company Secretary

Mrs V G Guthrie

Independent Examiner

Alan Richard Cousins FCA

Cousins & Co Limited

Chartered Accountants

18 Brentnall Street

Middlesbrough

Cleveland

TS1 5AP

Bankers

HSBC Bank plc

60 Albert Road

Middlesbrough

TS1 1RS

Accountants

Cousins & Co Limited

Chartered Accountants

18 Brentnall Street

Middlesbrough

TS1 5AP

Mr W H Guthrie is the charitable company's Managing Director.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 27 August 2025 and signed on the board's behalf by:

Mr M J Lithgo - Trustee

Independent examiner's report to the trustees of Greatest Expectations Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.

Responsibilities and basis of report

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

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Alan Richard Cousins FCA

The Institute of Chartered Accountants in England and Wales

Cousins & Co Limited

Chartered Accountants

18 Brentnall Street

Middlesbrough

Cleveland

TS1 5AP

27 August 2025

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

funds

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

2

Provision of education and training

97,627

-

97,627

344,752

EXPENDITURE ON

Charitable activities

3

Provision of education and training

123,358

-

123,358

347,075

NET INCOME/(EXPENDITURE)

(25,731

)

-

(25,731

)

(2,323

)

RECONCILIATION OF FUNDS

Total funds brought forward

105,206

-

105,206

107,529

TOTAL FUNDS CARRIED FORWARD

79,475

-

79,475

105,206

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

funds

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

10

4,240

-

4,240

5,782

CURRENT ASSETS

Cash at bank and in hand

80,748

-

80,748

105,561

CREDITORS

Amounts falling due within one year

11

(5,513

)

-

(5,513

)

(6,137

)

NET CURRENT ASSETS

75,235

-

75,235

99,424

TOTAL ASSETS LESS CURRENT LIABILITIES

79,475

-

79,475

105,206

NET ASSETS

79,475

-

79,475

105,206

FUNDS

12

Unrestricted funds

79,475

105,206

TOTAL FUNDS

79,475

105,206

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 27 August 2025 and were signed on its behalf by:

Mr M J Lithgo - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the time of approving the accounts, 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 accounts.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category inclusive of VAT which cannot be recovered. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.	INCOME FROM CHARITABLE ACTIVITIES

31.12.24

31.12.23

£

£

Middlesbrough College

38,713

332,519

HBC Grant

NIL

5,193

Other Income

52,914

7,040

91,627

344,752

Income from Middlesbrough College is under the Education and Skills Funding Agency for the provision of education and training to learners. HBC is income to assist learners obtain skills for future employment. The other income is for disability training and first aid training to the transportation sector.

3.	CHARITABLE ACTIVITIES COSTS

Direct

Costs (see

Support

note 4)

costs

Totals

£

£

£

Provision of education and training

121,222

2,136

123,358

4.	DIRECT COSTS OF CHARITABLE ACTIVITIES

31.12.24

31.12.23

£

£

Staff costs

83,900

155,530

Rent and rates

4,094

32,921

Insurance

1,591

2,344

Motor expenses

-

1,564

Telephone and communications

4,585

4,241

Postage and stationery

951

1,289

Computer software

1,244

1,830

Sundries

244

1,198

Training

5,318

105,386

Professional fees

17,694

36,649

Depreciation

1,541

1,927

Interest payable and similar charges

60

60

121,222

344,939

5.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Depreciation - owned assets

1,542

1,927

6.	TRUSTEES' REMUNERATION AND BENEFITS

In accordance with the express authority given in a resolution of the Board of Trustees, Mr W H Guthrie was in a position of paid employment during the year with a gross salary of £43,126 (2023: £55,737) which included national insurance.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.

7.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.12.24

31.12.23

Administration

4

10

No employees received emoluments in excess of £60,000.

8.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

fund

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Charitable activities

Provision of education and training

344,752

-

344,752

EXPENDITURE ON

Charitable activities

Provision of education and training

347,075

-

347,075

NET INCOME/(EXPENDITURE)

(2,323

)

-

(2,323

)

RECONCILIATION OF FUNDS

Total funds brought forward

107,529

-

107,529

TOTAL FUNDS CARRIED FORWARD

105,206

-

105,206

9.	GOVERNANCE COSTS

Governance costs include accountancy fees of £2,136 (2023: £2,136) which includes the independent examiner fee of £1,020 (2023: £1,020)

10.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

21,146

Disposals

(2,058

)

At 31 December 2024

19,088

DEPRECIATION

At 1 January 2024

15,364

Charge for year

1,542

Eliminated on disposal

(2,058

)

At 31 December 2024

14,848

NET BOOK VALUE

At 31 December 2024

4,240

At 31 December 2023

5,782

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

-

1,602

Social security and other taxes

3,473

2,495

Accrued expenses

2,040

2,040

5,513

6,137

12.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

105,206

(25,731

)

79,475

TOTAL FUNDS

105,206

(25,731

)

79,475

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

97,627

(123,358

)

(25,731

)

TOTAL FUNDS

97,627

(123,358

)

(25,731

)

Comparatives for movement in funds

Net

movement

At

At 1.1.23

in funds

31.12.23

£

£

£

Unrestricted funds

General fund

107,529

(2,323

)

105,206

TOTAL FUNDS

107,529

(2,323

)

105,206

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

344,752

(347,075

)

(2,323

)

TOTAL FUNDS

344,752

(347,075

)

(2,323

)

A current year 12 months and prior year 12 months combined position is as follows:

Net

movement

At

At 1.1.23

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

107,529

(28,054

)

79,475

TOTAL FUNDS

107,529

(28,054

)

79,475

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

442,379

(470,433

)

(28,054

)

TOTAL FUNDS

442,379

(470,433

)

(28,054

)

13.	RELATED PARTY DISCLOSURES

During the year the company paid rent of £NIL (2023: £23,000) to a company controlled by Mr W H Guthrie.