NTURE Community Association VENTURE COMMUNITY ASSOCIATION FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31st March 2024 Registered Charity Number: 1073115 Company Registered Number: 2178614 VEKfuRE COMMUNITY ASSOCIATION Trustee¥ Report for the year ended 315t March 2024 It gives me great pleasure to introduce the annual report and accounts. In the introduction to last year's report, my predecessor as Chair of Trustees, refiected on the transition from one crisis (covid) to another (cost of liNqng). This year there's no transition - the cost-of-living crisis feels like iys here to stay. But so are we! The Venture cent￿ is here for the good times and the bad, and we have continued to do all we can to help. During the year, to ty and ease some of the pressure, we opened our doors to provide one of a range of wann spaces during the winter and ccK)I spaces during the summer. Anyone can come in, have free tea and coffee, use the inteme¢ join in activities and generally stay cool or keep warm on our heating, so they dont have to use their own. We have continued to help people through our f(M)dbanks, both at the Venture Centre and at Flashpoint in Chelsea, providing a range of food items which also helps to reduce the shocking amount of food that would otherwise be thrown away. Food is such an important part of life and is at the heart of what we are. Evey day children who come to our playgrounds are given hot and healthy meals. Whether during temi time or in the holidays we know that far too many of our children go hungry as families struggle with so many competing pressures. We also know that anything is easier after a good meal and our M￿t and Eat community lunch continues to provide contact, conversation, fiiendship and support to the many from our community who come and share a v￿nderFul, hot chef-cooked meal. We are really pleased that this year we have started to host a Meet and Eat at FlashFM)int in Chelsea. These gatherings over food and conversation are also an opportunity for serdices to introduce themselves and we have worked with a number of partners including Citizens Advi￿ to provide easy access to help and 5UPPOrti particularly around issues like income and debt. Our community programmes, which we divide into four seasons every year- see around 30 different activities from art to zumbabies, tsking pla￿ from Monday to Sunday, every day of the year. We produce two colourFul booklets each season, one for North Kensington and one for Chelsea, which we distribute widely. Packed with infomation about our own activities we also feature other events and services, to help people make the most of evewing that this vibrant community has to offer. This summer, once again our playgrounds put on a huge range of attivities and trips, on top of a fvll day of opening, from breakfast club at 8.30 am until 6 pm in the evening. We were delighted that we were able to take our young people once again to a residential camp, in KenL Staying up too late, being a bit afraid of the dark and testing themselves on a zipwire is such a transformative experien￿. It gives our children as many stories to go back to school with, as any child in this economically diverse borough. The summer also provided us once again with opportunities to spread the fvn and colour of Carnival from Portobello Green and Powis Square to Worfd's End Piazza, with our ever-popular pre-Girnival carnival and Steel the Show youth steel band event. We also celebrated 45 years of Glissando (in the rain but that has never stopped us having a good time!) and we welcomed the new king to the throne with a Coronation Str￿t party. Inevitably the year flew by and before we knew it, it was Christmas! As well as our usual round of parties and celebrations, we hosted an altemative New Years Eve - celebrating at rnidday with fireworks from Sydney, we were able to Sha￿ the magic for all who couldn't face or were too young to stay up until midnight. Of course, there was also one that night for those that could! VENTURE COMMUNrrY ASSOCIATION Trustees. Report for the year ended 31st March 2024 It has been another eventful year but one where we hope we have supported and entertained all of our communities and helped to make it feel in some way that we are all in this together. It is only by coming together that we can athieve anything, so, as always, we are incredibly grateful to all our partners and funders, without whom none of this would be possible - The Royal Borough of Kensington and Chelsea, The National Lottery Community Fund, Peabody Trust. JH Rausing Trust, The Caring Family Foundation, Young K&C - Lancaster Youth Hub, Kensington & Chelsea Social Council, John Lyon's Trust and other small donations. I must also pay tribute to the tireless work of the staff. William Roberts, as Director, continues to provide great drive and leadership but he is extremely well supported by an excellent Senior Management Team, Pattr?na Quashie-Ferguson as Head of Operations (who left us in January to join Peabody), and Iyob Zkirstos as Head of Finance, Melissa Richards as Services Development Lead and Carmella Jervier as the Lead for the borough-wde and local Community and Maternity Champions programmes. However, success is down to a great team and all the staff, apprentices and volunteers have shown themselves to be just that. I also want to thank my fellow trustees, who have helped to prowde the oversight and guidance that has helped the Venture Community Association to go from strength to strength, whist staying true to its purpose at the heart of our community. It is, however, to our community that we owe the greatest debt of thanks - because we are all Ventur Best wishes Huey Walker Chair of the Board of Trust￿5 VENTURE COMMUNITY ASSOCIATION Trustees. Re￿rt for the year ended 31" March 2024 The trustees present their report and accounts for the year ended 31 March 2024 which are also prepared to meet the requirements for a direttor5' report and accounts for Companies Att PurP￿es. The accounts have been prepared in accordance with the accounting policies set out in Note I to the accounts and comply with the company's memorandum and articles of association, the Charities Act 2011, the Companies Att 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of IrelarKI (FRS 102), effective I January 2019. REFERENCE AND ADMINIsfRATIVE DEfAILS OF THE CHARrrY, ITS TRusfEES AND ADVISERS Trustees who have Se￿ed from 1st April 2023 to the date of approval of accounts (and as members of the Management Committee) are: Gillian Kleinert Adam Fergus (freasurer) Karina Skinner Alison Sage Colin Simmns Huey Walker (Chair) Apwinted ApFrf)intaJ Appointaj App)inted Apw)inted Ap￿inted 16th October 2014 3td DeC￿ber 2015 24th October 2019 16th OLtober 2014 5th June 2017 Appointed 26th March 2015 and aprK)inted as chair on 17th April 2024 14th May 2015 17th April 2024 Nicole Belfon Monica Baron Appoin￿1 Appoint￿1 Senior Staff: William Roberts Iyob Zkir5tOS Pattrina Quashie Ferguson Direttor Head of ￿nance Head of Operations (resigned D￿emter 2023) Seryice Devebpmert Lead Melissa Richards Bacchus Advisers: Bankers Auditors Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ Peninsula Business Services (HR and Health and Safety) Riverside New Bailey Street Manchester M3 5BD VENTURE COMMUNrrY ASSOCIATION Trustees. Report for the year ended 31st March 2024 ii. srRUCTURI GOVERNANCE AND MANAGEMEKr Trustees are recruited through a process of selection and election as outlined in our constitution. The process involves nomination of potential trustees from the membership base. Nominees are then elected at the Annual General Meeting. up to ten trustees can be eletted to the Board in a year. From time to time the Board of Trust&s (The Board) invites new people to join as Co-optees. Up to five individuals a year can be c(Fopted onto the Board. All new trustees receive an induttion pack which provides information about the roles and responsibilities of Trustees. They are also invited to meet with the Director and senior staff to understand more about the operation of the Centre. Trustees are invited to participate in a range of training events organised by various umbrella bodies. The Board is responsible for overall govemance. It is also responsible for keeping financial records which disclose the financial txjsition of the charity. The Board considers recommendations from two sub-committees, Finance and Income Generation and Community Development Engagement committees. The Finance and Income Generation Committee oversees income and expenditure across all areas. It looks at issues around financial controls and fundraising. The T￿aSurer sits on this Committee and receives reports from the Director and the Head of ￿nan￿. The Community Development Engagement Committee looks at development activities in all activity areas of the centre. The two core areas are the Children and Community development services. In the children services, it will observe services and projects in relation to children, young people and their families. The Committee monitors Health and Safety, Safer recruitmen¢ OfsfED Registration, child protection and aid in implementing and reviewing government policy and procedure for the association. This committee will observe the provision and facilitation of a wide range of accessible educational and recreational activities and Info￿natiOn for individuals, groups and communities. The committee works with the Director and Service Development Lead to monitor contracts and look at new innovative ways of sourcing funding. The day-tctrday running of the Organisation and financial management is delegated to the Director who reports to the Chair of the Board of Trustees. statement on Risk The Trustees have examined the major strategic and operational risk5 and confirm that Systems have been estsblished so that the necessary steps can be tsken to control these risks. The main risks for this financial year and the mitigation plans are as follows: Si nificant rfsk Significant reduction in fundraising and kjss of room hires income. Miti ation Expand and Diversify FuThJraising OppM)rtunitbes: Continue tr> identify and develop innovative strategies to broaden and enhance funding sources. VENTURE COMMUNrrY ASSOCIATION Tru5tees' Report for the year ended 315t March 2024 L055 of core and playground fundirKJ. induding the two new sites. Secure Funding for Income Generation Specialist.. Pursue funding to hire a specialist d&Jicated to d￿elOping commercial revenue streams arKJ securing sponsorship opportunities. Utili* New L￿ationS. L￿erage athlitional 5ttes in Kensington and Chelsea to expand acce55 to trust funder5 With geographical funding criteria. Enhan￿ Individual Giving Strategy: Create and implement a comprehensive plan to boost individual donatK)ns and build long-term donor relationships. Promote Faalty Rentals: Actively market room, playground, and other facility rentals, ensuring full Complian￿ and safety protocols tt) provide secure and accessible spaces. Safeguarding risk of children arKI vulneratAe adults. Establish&J Pdicies and pro￿ures. Robust Jlicies and pr(￿edu￿5 are in pla￿ to ensure safety and complian￿. Enhanced DBS aearance: All staff, volunteers, and trustees undergo enhanced DBS checks to uphold safe practi￿5. Safer Recruitment Practi￿.. Recruttment prC￿Se5 are designed to prioritise safety, embedding safer recruitrnert stsndards across all roles. TrainiThJ and Awareness: Staff and volunteers receive training to identify tthntial issues and harKlle disck)sures effectively and sensitively. Regular Safety InsFErtions: Routine physical PEalth and safety checks are conducted for buikfjings and playgrounds to maintain a ￿Ure environment. OBJECrnIES AND AcrIvrrIES FOR THE PUBLIC BENEFrr The objective of the Venture Community Association (VCA), as defined in its governing document, is to promote the benefit of the inhabitants of North Kensington and the neighbourh¢)od. The Centre works with the local authority, statutory providers and other voluntsry sector organisations in pathership to relieve poverty, advance education, and provide facilities for recreation and leisure in the interests of social welfare, with the aim of irnproving the conditions for residents of North Kensington and neightM)urhood and the relief of poverty of the inhabitsnts. The VCA also provides play and other facilities to help and educate children and young residents or those who attend schools in North Kensington and ne1ghb0urhcm￿ to develop their physical, mentsl, and spiritual capacities so that they May grow to fiJll maturity as individuals and as members of society. To achieve its objertives the oryanisation does the ft)Ilowing: _ VENTURE COMMUNrrY ASSOCIATION Trustees. Report for the year ended 31st March 2024 the provision and faciitstion of a wide range of accessible educatlonal and recreational activities and information for individuals, groupsi and communities hosts and supports partner organisations that deliver complementary initiatives. provides a friendly and safe environment offering sUPPOrt and friendship. organises a programme and opportunities for consultation with our members and local residents. provides an open access adventure playground and complementsry enrichment programme to enable young people to thrive in all areas. To achieve all it sets out to do, the VCA will continue to work in partnership with statutory, voluntsry and community organisations to develop innovative services whlch allow people to come together in education, leisu￿, and recreation programmes. The trustees confimi that they have referred to the guidan￿ contsined in the Charity Commission's general guidance on public benefit when revieKfjng the charitrts Community Health Events Partnered with professionals to provide residents with access to health screenings, wellness information, and resources from local health experts. Neighbourhood Clean-up Days Encouraging community participation to promote environmental health. Collaboration with Local Schools Organised workshops and attivities supporting children's physical and mentsl health, induding nutrition education and mindfulness sessions. 10 VENTURE COMMUNrrY ASSOCIATION Trustees. Report for the year ended 315t March 2024 Support for Vulnerable Populatlons Initiatives include food drives, clothing donations, and supwrt for new parents and families in need. Volunteer Contributions Our experienced volunteers continue to drive program success. Notsblyi one Matemity Champion completed Ncr-aCc￿dlted breastfeeding peer support training and offers one-on-one assistance. Popular activities such as Stsy and Playl baby massage, and Zumbabies remain well attended. Apprenticeship Scheme In July 2023, we launched an App￿ntIceShiP Stheme for Communty Champions. The Venture Centre secured two pla￿ments for the Communty Champions Health and Wellbeing Worker Apprentice program. The first cohort is nearing the completion of their training, marking significant achievement. This year, we proudly maintain a team of 12 volunteers. FINANCIAL REVIEW This is a preview of the Venture Community Association's financial report for the fiscal year ending March 2024. This snapshot highlights key financial figures and perft)rmance indicators, which will be fully detailed in the comprehensive audit retK)rL This financial year has been particularly challenging for our charity, mainly due to the difficult economic environment and the ongoing cost-of-living pressures. The Venture Community Association raised a total income of £893,232 (2023: £785,201), with £834,374 (2023: £720,982) generated from fijndraising attivities for projects and playground initiatives. Expenditure for the same pericKI amounted to £826,324 (2023: £927,374). As a result, the net positron for all restritted and unrestrtcted funds shows a net contribution of £66,908 (2023: £142,173 defi(it). With a balance of £164.377 in unrestricted funds carried forward from the previous financial year, this contribution brings the final unrestricted fund balance to £231,285, which will be carried forward into the 2024125 fiscal year. At the end of the last financial year, we conducted a comprehensive wiew of our fundraising strategy to identify areas for improvement and ensure alignment with our organisational goals. This review enabled us to target key fundraising areas more effectively and focus on creating a long- term 5UStainable fundrdiSing approach, leading to a hTghly successful fundraising performance throughout the year. A major focus was on the diversification of fundraising sources, with revenue tsrgets adjusted to flect cu￿ent economic conditions. This shift strengthened our resilience against financial pressures, such as a reduction in funding from our core supporters and allowed us to broaden our funding base. At the same time, we continued advancing our long-term fundraising strategy, which has already started to produce encouraging results. While there were reductions in income from trading activities, such as hall hire income, overall fundraising income showed significant growth, surpassing previous years. figures. This achievement underscore5 the effectiveness of our revised strategies and the hard work and dedication of our team. VENTURE COMMUNrrY ASSOCIATION Trustees. Report for the year ended 31st March 2024 In addition, we implemented cost containment measures to better manage expenses. We reviewed the organisational structure to ensure efficiency across all areas of the Centre. This included optimising operations, controlling maintenance and building costs, and carefully managing our largest expenditures-salaries, office running costs, and cKcupancy expenses. As a result. overall spending for the year decreased substsntially, significantly strengthening our financial position. In summary, the combination of strategic fundraising efforts and prudent financial management has positioned us well for continued growth and sustainability in the years ahead. We are grateful for the continued SUp￿rt of the Royal Borough of Kensington and Chelsea in providing us with core funding which is key to attracting new sources of income. Of the grantslcontracts received by the Venture Community Association for pursuing its charitsble activities, the chief source of funding was The Royal Borough of Kensington and Chelsea (£628, 104), The National Lottery Cornmunity Fund (£74,715), Peabody Trust (£44,624), JH Rausing Trust (£23,816), Young K&C - Lancaster Youth Hub (£18,780), The Caring Family Foundation (£15,300), Kensington & Chelsea Social Council (£11,821), The Mayorfs fund (£6,500), John Lyon's Trust (£5,000) and other small donations. The main expenditure of the organisation was on project costs ft)r providing serrfices of the Venture Community Assoaation to its users {£826,324). These sen4ices and artivities are summarised in the report and identified in Note 4 to the accounts, namely Adventure Playground, Community Centre, Education and Learning and Arts and Culture. The Board has been attively implementing its financial strategy recovery plan with a renewed focus on increasing the fundraising as well as overall review of staff costs and all other running costs. 5.2 Reserves Policy The trustees conduct an annual review of the charity's reserves to ensure the charity is equipped to manage unforeseen events, contingencies, arKI opportunities. The charivs policy is to maintain unrestritted funds at a level sufficient to cover approximately three months of totsl projected running costs. However, with the significant in(Tease in the Centre's attivities over the past year, the previously ststed reserve target has been adjusted. Going forward, the charity aims to maintain reserves at a level of approximately £160,000 to adequately support its expanded operations. These reserves are designed to ensure the charity can continue operdting in the event of temporary or partial cessation of funding, providing a finanaal cushion to sustain attivities until funding is restored. As of 31st March 2024, unrestritted reseNes have increased to £231,285, which represents approximately four months of expenditure. The Board is actively working with the director to strengthen the charivs financial position. Progress in this area will be closely monitored by the Finance Committee and Board throughout the year, with regular updates to ensure the finanaal sustainability af the charity in the long term. LEAVERS AND sfARTERS The VCA Trustees recognise that our staff are the most valuable asset of the Community Centre, and we deeply appreciate the commitment and dedication they demonstrate in delivering day-to- day services. This year, we bid farewell to Pattrina Quashie-Ferguson, Sona Dierrahian, and Wasim Abd-El Aziz, and we thank them for their valuable contributions. At the same time, we are excited to welcome Carmella Jervier, Dereje filahun. Nasra Mohamed, and Ruth Chenery to our team. Additionally, we VENTURE COMMUNITY ASSOCIATION Trustees. Report for the year ended 315t March 2024 continue to employ sessional staff to help cover vacancies at our playground sites, ensuring that we maintain smooth operations and continued support for our community. FUTURE PIANS The last few years have seen significant growth and change for the Venture Community Association. It has brought many new opportunities, new relationships and partnerships and it has shown that we can be an agile organisation, able to change and adapt to the needs of our community. Food support has been a major part of our service offer since the pandemic. We are not a food bank organisation, but we know that by meeting food insecurity needs, we can build the trust of some of our most vulnerable residents. With this trust and their physical presence in the building, we will continue to develop our'foodbank plus, model, which seeks to help people to address some of the underlying issues that brought them to need food support. We will continue to grow and develop our pivotsl service offer- the Meet & Eat lunch, which we currently hold in Notting Hill and Chelsea, offering an OPFK)rtunity for our communities and support seNices, to come together in a relaxed and informal way - but one in which transformative conversations can happen. We will continue to build on our partnership with debt and welfare advisers to operate from the Centre, as well as DWP, RBKC and other housing providers. We will also extend the service to include an evening version, one where we will focus on families joining us as we11 as people who work during the day. We will continue to develop seasonal programmes of activities to bring a wide cross settion of our community together. Using our Community Development Children's Development Team, we will continue to see what people would like us to offer and continue to find the people and the money to put activities on at no or very low cost. We are aware that the age at which our young people outgrow our play service is younger now than it used to be. We will be extending our children and young people offer to include a 'Venture Laterf service where older and SEND children and their families, can participate in structured attivities. This service will also act as a bridge into older youth seNices and aim to build relationships (both with young people and parents and Ca￿rs) enabling a smooth transition to attending youth serrfices. We will also seek to make more of our history and association with Camival and will find more opportunities to provide perfomiance opportunities for our in-house steel band (Glissando) as well as opportunities to bring more people to carnival arts. Our communities have suffered a lot in recent years, we are now facing a cost-of-living crisis. Our focus will be on recovery - recovery from Covid as well as the ongoing recovery from Grenfell. We will also explore ways in which we can offer suppjrt during the cost-of-living crisis offering a place of wamith, for example, to th¢)se who cant afford to put the heating on at home. We will continue to deliver on-line attivities as we know that a whole new group of people are able to access the Venture Centre that way. By building on our Virtual Venture Centre - the vventure and through funding we have secured to transform our rr infrastructure, we are excited about the possibilities of a mixed offer of in-person and online services and attivities. to truly make us as accessible as possible. We have always faced an uncertain financial future, but we will continue to diversify our lines of income, particularly via our buildings and facilities. Our fundraising strategy will continue to seek VENTURE COMMUNrrY ASSOCIATION Trustees. Report for the year ended 31" March 2024 srATEMENT OF TRusfEES' RESPONSIBILMES The Trustees (who are also the directors of the A550aation for the purposes of company law) are responsible for preparing the Annual Report and finanaal statements in accordance with applicable law and United Kingdotn Accounting Stsndards (United Kingdom Generally Accepted Accounting Prattice), including ￿nanaal Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law and the law applicable to charities in England and Wales requires the Charity Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charttable Company and of its incorning resources and application of resources, induding the income and expenditure, of the Charitsble Company for that period. In preparing these financial statements, the Trustees are required to:_ Selett suitable accounting policies and then apply them consistently; Make judgements and estimates that are reasonable and prudent; State whether applicable accounting standards have been followed, subjett to any material departures disclosed and explained in the financial ststements. and Prepare the financial statements on a going concem basis unless it is inappropriate to presume that the Charitable Company will continue to operate. The Trustees are responsible for keeping proper accounting records which disdose with reasonable accuracy at any time the financial position of the Charitable Company and to enable them to ensure that the financial statements comply with the Companies Att 2006, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Memorandum and Articles of Association. 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 ir￿guIantie5. The Trustees confirm that, in the case of each of the persons who are Trustees at the date of this report, the following applies". So far as each Trustee is awa￿ there is no relevant audit information (information needed by the Charitable Company's auditors in connection with preparing their report) of which the auditors are unaware; and Each Trustee has taken all the steps necessary to make herself/hlmself aware of any relevant audit information and to establish that the Charitable Company s auditors are aware of that infonnation. This report was approved by the Trustees on 4th of December 2024 and signed by order of the Board: _ y Order of the Trustees Huey Walker (Chair) VENTURE COMMUNrrY ASSOCIATION Independent Auditors. Report Opinion We have audited the financial statenEnts of Venture Communty Ass(￿katIon for the year ended 31 March 2024 which comprise the Statement of Financial Activitie5 (inCI￿lng the Income arKI Expenditure Account), the Balan￿ Sheet, the Statement of Cash Flows and the note5 to the financial statements, including summary of significant accounting wlicies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), induding Financial Rep)￿ng Standard 102'The FirkirKial Reporting Standard applicable in the UK and Republic of Ireland.. In our opinion the financial statements: give a true and fair view of the state of the chaiitable companfs affairs as of 31 March 2024 and of its income and expermditure, for the pericxl then ended,. have been properly prepared in accordan￿ with Unitoj Kingdom Generally Accepted Accounting Practice, including Financia5 Re￿rting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and have tEen prepared in accordance with the requirements of the Companies Act 2006. Use of our report This report is made solely to the charitable CL￿panIS MeM￿r5, as a body, in accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has b&n undertaken so that we might state to the Charitable Company's memtrErs those matters we a￿ required to state to them in an auditors, report and for no other purwse. To the fullest extent permttted by law, we do not a￿pt or assume reswnsibilty to anyone other than the Charitable Comp3ny and the Charitsble Company's members as a body. for our audit work, for this reporL or for the opinions we have fomied. Conclusions relating to going Con￿rn In auditing the finanoal statements, we have cotKlu(Jed that the trustee5' use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not idenbfEd any material un￿rtaIntE5 relating to events or condtbons that, indivi(lually or collectively, may cast significant doubt on the charitable company's ability to continue as a going con￿rn for a perKKI of at knst twelve months from when the financial Statements are auth0ri5ed for issue. Our responsibilities and the reswnsibilitEs of the trustees with respect to going Co￿ern are described in the relevant sections of this report. other Infomiatlon The other infomiation comprises the inforniation included in the ReFKJrt of the Twstees, other than the financial statements and our auditorfs report thereon. The Trust*s a￿ ￿￿K)nSIble for the other information. Our opinion on the financial statements wt cover the other informatyon and, ex￿pt to the extent otherwise explicitly stated in our report, we do not expre55 any fomi of assuran￿ conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial ststements, or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify SLJch material inconsistencies or apparent material misstatements, we are required to determine whether there is a materFal misstatement in the financial statements or a material misstatement of the other information. If, based on the V￿rk we have pErformed, we conclude that there is a material misstatement of this other information, we are required to ￿pK)rt that fact. We have rK)thing to report in this regard. VENTURE COMMUNITY ASSOCIATION Independent Auditors. Report (continued) Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertsken in the course of the audit: the infomiation given in the Report of the Trustees, which IT￿ludeS directors, rew)rt prepared for the purtx)ses of company law, for the financial year for which the financial statements are prepared is consistent with the firkincial ststenEnts," and the directors. report, included wrthin the ReFOrt of the Trustees, has been prepared in accordance wrth applicable legal requirements. Matters on which we are Required to Report by Ex￿ptIon In the light of the knowledge and understanding of ￿ Charitable Company and tts environment obtained in the course of the audi¢ we have not identified material misststements in the Report of the Trustees. We have nothing to report in respett of the following matters in relation to which the Companies Act 2006 requires us to rewrt to you rf, in our opinion: Adequate accounting rLrords have not I￿n kep¢ or returns adequate for our audit have not been received from branches not visited by u5; or The financial ststements are not in agr￿ment with the accounting records and returns" or Certain di%105ure5 of Tru5tees' temUnera￿n 5￿c[fied by law are rb)t made; or We have not received all the infOrMat￿n and explanations we require for our audit; or The trustees were not entitkd to prepare the firkincial Staterr￿nts in accordance with the small companies, regime and take advantage of the small companies exemption from the requirement to prepa￿ a Strategic RetKJrt or in preparing the Re￿rt of the Trustees. Responsibilities of Trustees As exptained more fully in the Ststement of Trustees. ReS￿nSIbl11￿es, the Trustees (who are also the directors of the Charitable Company for the purFX)ses of c(Nnpany law) are responsible for the preparation of the finanaal statements and for being satisfied that ttw give a true and fair view, and for such internal control as the trustees determine is necessary to enab￿ the preparation of financial ststements that are free from material mi5Statement, whether due to f￿ud or error. In preparing the financial 5￿t￿l￿nts. the Trustees are ￿￿)nsIble for assessing the Companys ability to continue as a going COn￿rn, disdosing, as applKable, matter5 related to going con￿rn and using the going con￿rn basis of accounting unless the trustees either intend to liquidate the company or to ￿se operations, or have no realislic altemative but to (k> so. Auditorfs responslbllltles for the audit of the finanaal statements Our objecbves are to obtain reasorkible assuran￿ a￿ut whether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to issue an auditorfs reFX)rt that includes our opinion. Reasonable assurance is a high level of assuran￿ but is rK)t a guarantee that an audit conducted in accordan￿ with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraLKi or error and are consKlered material if. individually or in the aggregate, they could reasonably be expected to Influen￿ the economic decisions of users taken on the basis of these financial ststements. Irregularities, including fraud, are instances of non-complian￿ with laws and regulations. We design procedures in line with our respJn5ibilities, outlined atx)ve, to detett material misstatements in respect of irregularities, including fvBud. The extent to which our procedures are capable of detecting irregularities, including fraud is detsiled beluw: VENTURE COMMUNrrY ASSOCIATION Independent Auditors, Report (continued) The Charitable Company is required to C￿nplY with both company law and charity law as applicable in England and Wales and, based on our k￿wI&Jge of ts activities, we identified that the legal requirement to accurately account for restritted funds was of key significan￿. We gainLx1 an understsnding of how the charitable company complied with its legal and regulatory framework, irKluding requirement to properly account for restrtcted fijnds, through discussions with management and a review of the d￿umented rrt)licies, prc(edures, and controls. The audit team, which is experienced in the audit of charities, considered the charitsble company's su￿ptIbl1ity to materval misstatement and how fraud may C￿Ur. Our considerations included the risk of management override. Our approath was to ched< that all restritt￿ income was properly identified and separately accounted for and to ensure that only valid and appropriate exp￿ditUre was charged to restricted funds. This included reviewing joumal adjustments and unusual transattrons. A further description of our responsibilitEs for the a[￿lit of financial statements is l¢xated on the Financial Reporting Council's website at: wv4w.frc. auditorsres nsibilitie5. This description foms part of our auditorfs report. Richard Billinghurst AC4 (Senior Statutory Auditor) For and on behalf of Knox Cropper LLP (Ststutory Auditor) 65168 Leadenhall Street London, EC3A 2AD 17 December 2024 VENTURE COMMUNITY ASSOCIATION srATEMENT OF FINANCIAL AC￿v[rIEs (Including the Income & Expenditure Account) For the year ended 319t March 2024 2024 2024 Notes Unrestrirted Restrirted 2024 Total 2023 2023 Unrestrirted Restricted 2023 Totsl Income from: t>)nations and legacies Other trading activities 132,885 132,885 136,292 136,292 58,027 58,027 63,805 63,805 Charitable Activities 2 701,489 701,489 584,690 584,690 Bank Interest 831 831 414 414 Totsl 191,743 701,489 893,232 21X),511 584,690 785,201 Expenditure on: Charitsble Activities 4.5 Total 124,835 701,489 826,324 250,751 676,623 927,374 124,835 701,489 826,324 250,751 676,623 927,374 Net Incomel (Expenditure) (50,240) (91,933) (142,173) Reconciliation of Funds: Funds brought fO￿ard 164,377 164,377 214,617 91,933 306,550 nds carried forward £231,285 £231,285 £164.377 £164,377 The statement of financial activities also complies With the requirements for an income and expenditure account under the Companies Act 2006. All the activities referred to atK)ve are continuing activities. All movements in the charivs funds durirKJ the year are refkcted through the statement of financial attivities. VENTURE COMMUNITY ASSOCIATION BALANCE SHEET As at 31st March 2024 2024 2023 7,251 13,585 CURRENT ASSErs Debtor5 Bank 6,335 288,IM7 294,382 71,074 111,351 182,425 CREDITORS: Amounts falling due within one year 70.348) 31,633 224,034 150 792 £164 377 NEf ASSETS FUNDS: UNREsfRIcfED 231.285 164,377 REsfRIcfED £231.285 £164 377 These accounts have been prepared in accordan￿ with the speaal provisions ￿lating to small companies within part 15 of the Companies Act 2006. The financial statements We￿ approved by the directors on December 4th 2024. Huey Walker (Chair) Adam Feryus (Treasurer) Company Registered Number 2178614 Charity Registered Number 1073115 VENTURE COMMUNrrY ASSOCIATION srATEMENT OF CASH FLOWS For the year ended 319t March 2024 Description Notes 2024 2023 Cash flows from operdting activities: Net cash generated from operating attivities Cash flows from investing activities: Interest Purchase of property, plant and equipment Net cash provided by (u*d) investing attivities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period 161 392 831 1,524 693 414 176,696 (175,978) 111,351 287,329 £288 047 £111351 Notes to Cash flows Statsment Note l. Reconciliation of net movement in funds to net cash flow from operating activities Description 2024 2023 Net incomel(expenditure) for the reporting period (as per the statement of flnandal actlvltles) Adjustments for: Depreciation charges Interest (Increase)/decrease in debtors Decrease/(inc￿aSe) in creditors Net cash pmvided by (used in) operating activities 66,908 (142,173) 7,858 (831) 64,739 10,251 (414) (2,049) 27,007 £177 389 £161 392 Note 2. Analysis of cash and cash equivalents 2024 2023 Cash in hand Total cash and cash equivalents 288,047 £288 047 111351 £111351 20 VENTURE COMMUNrrY ASSOCIATION NOTES TO THE ACCOUNTS For the year ended 31st March 2024 AccoupifiNG POLICIES (a) Basis of Accounting The accounts have been prepared in accordan￿ with Accounting and Rep)rting by Charitie5: Statement of Recommended Practtt applKable to charitie5 preparing their accounts in accordance with the Firkincial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102), effective l January 2019 (Charities SORP FRS 102), the Financial Rep)rting Standard applicable in the UK and Republic of Ireland (FRS 102). The Venture Communty Association meets the definition of a public tenefit entity under FRS 102. Assets aThJ liabiltties are initially recognised at historical cost or transKtion value unkn othenvise ststed in the relevant accounb'ng policy note. As indicated in note 15 to these financial statements, the Trust￿ consider that there a￿ no material un￿rtaIntieS about the charivs ability to continue a5 a going COn￿rn. Therefore, these financial ststements continue to be prepared on a going con￿rn basis. The presentstional currency of the financial statements is Pound Sterling (E). (b) Key Judgements and Estimates Financial instrument classificatr'on The classification of financial instruments, both assets and liabilities, as 'basic' or'otherf requires judgement as to whetkEr all applicable conditions as basic a￿ met. This includes the type of investrnent or loan and its ￿tUrn. The Charity only has financial assets and liabilitles of a kind that qualify as basic financial instrurnents. These are initially r￿gnised at transaction value and subsequenuy valued at their settlement value. Useful life of functional properties The remaining useful Itfe of depr￿Jable pro￿rtieS is reviewed by management at each reporting date and, if necessary. the depreciation charge adjusted accordingly. (c) Income Revenue grants are credited to incomitwJ resour￿ on the earfier of when they are received or when they become receivab￿, unless relate to a specific futu￿ pericrtl, in which case they are deferred. Capital grants for the purchase of fixed assets are credited to restricted incoming resources on the earlier date of when they a￿ received or become receivable. All other incoming resour￿ are included in the Strtement of Financial Activities (SOFA) when the charity is legally entitjed to the income and the amount can be quantified with reasonable ￿rtainty. (d) Investment Income Interest is credited to the accounts in the year in which it is receivable. (e) Fixed Assets Depreciation is calculated to write off the cost of fixed assets on a straight-llne basis over the u*ful economic lives of the assets cOn￿rned. offi￿ equipment and computers are depreciated over various periods of one to thr￿ year5 (depending on the nature of the ath). Playground irnprovements are depreciated over a three-year period. (fj Short-term debtors and Lyeditors Debtors are reccMJnised when the Charity is legalty entitled to the income after any performance conditions have been met, tre armunt can be measured reliably, aNI it is probable that the income will be recerved. Creditors are rec(MJnised when the charity has a present legal or constructive obligation resulting from a past event to make payment to a third party, it is probable that settlement will be required and the amount due to settle the obligation can be measured or estimated reliabty. (g) Value Added Tax The Company is not registered for VAT and accordingly, Whe￿ applicable, all expenditure incurred is inclusive of VAT. 21 VENTURE COMMUNITY ASSOCIATION NOTES TO THE ACCOUNTS For the year ended 31st March 2024 (h) Funds Unrestricted funds are those funds which can ￿ used at the Trustee5' discretion. Restritted funds are those fund5 whose purpJ5es have been restricted by the donor. Designated funds are those funds which have been eanrorked by the trustees for S￿lf￿ purposes. (i) Allocation of Overhead and Support Costs Overhead and suppjrt costs, which include governan￿ costs, are allocated between charitable activitr'es. These costs have been aptL)rtioned to the varM)us activrties on the basis of staff time. The all￿tr.0n of overhead and suP￿rt Costs is anatysed in r)ote 5. Support costs are general costs of the charty which have been funded by core grant which is not attributsble dir￿ to S￿lfIC projects. Governan￿ costs comprise all costs involving the public accountability of the charity and its Complian￿ with regulation and good Pract￿ including costs relating to ststutory audit. ti) Charitable Activities Costs of charitable activities indude direct costs, arKI an app)rtionment of overhead, support and govemance costs are shown in rw)te 4. (k) Financial Instruments The charity only has finanoal assets and liabilities of a kind that qualify as basic financial instruments. These are initially recogni5ed at trdns3ttion value and Subsequently valued at their settlement value. (l) Cash and Cash Equlvalents Cash and Cash Equivalents in the Statement of Financial Position comprise cash at bank and in hand and short-temi deFY)sits with an original maturity of three months or less. For the purpose of the Strdtement of Cash Fl(Y*VS cash and cash equivalents are as defirEd atx)ve net of outstanding bank overdrafts if they exist. (m) Pension Costs The charitable company operates a defined contribution ￿nsiOn scheme. Contributions payabk to the charitable CoM￿n￿S pension scheme a￿ charged to the Statement of Financial Activities in the period to which they relaie. 22 VENTURE COMMUNrrY ASSOCIATION NOTES TO THE ACCOUNTS For the year ended 31" Marth 2024 2. DONATIONS Totsl 2024 Total 2023 RB Kenslngton & CI￿Lsea. Core Fwding 132.885 132,885 136,292 84.721 84.721 94,134 82,782 81782 91,980 81,985 81.985 91,094 2023-2024 45.910 45,910 60,￿0 54.032 60,O¢X) 54,032 60,000 52.539 Indugon WL¥tasx4& 30,000 30,OC 30.000 21 21.864 11.682 6.886 6,&86 ca￿ carn￿￿ G￿nt FY23.24. 4.056 4,056 K& Cmatemity cIwi&yL¥￿*1Offt* L*¥rft 4.200 4.200 Uplirt 3.783 3.783 3.oc￿) 4,500 9.000 RBKCcultU￿ knces. CanFiva12023 4,51Y) i.cKJo event RBKC(thtrgn*lgrapts Community prnjett.￿uHCCVc 5CIJ 27,OC(I RSKC The Town Halk81ack History Kfonlh events & other Fundraislng National Lottery CommLwity FLmd F*atMxty Trust JH R￿ng Tr Young K&C- La￿r Y(th Hub The Caring Family Fou￿l0￿.0n Kensington & Chdsea knal C(Nthol Maytrs Fund for LI￿don L￿dOn SF*Nt Together Fur¥J John Lyon's TrL6t The Gmve TnLSt fund The London C0mmL￿1ty ￿Tr￿ation Power To CharnJe 74,715 44,624 23￿16 18.780 15.300 I1￿21 74,715 44,624 23,816 18,780 15,300 11,821 6,500 5,714 5,(rf)O 10,000 36,544 15,760 4,933 2,￿0 5.714 5,0 4,000 2D,ODO 14,999 4,000 2,025 Kensngton & CheLw FO￿da￿.0￿ TOTAL £132,885 £701,489 £834.374 £720,982 23 VENTURE COMMUNrrY ASSOCIATION NOTES TO THE ACCOUNTS For the year ended 31st March 2024 OTHER TRADING AcfIvThIES Total 2024 Total 2023 Acbvities & Membership Fee5 Hall B￿king5 TOTAL 26,262 31,765 £58,027 26,262 24,249 £58,027 £63,805 4. ANALYSIS OF CHARrrABLE ACTIvrriES Undertaken Direct Support Costs Totsl 2024 Adventure PlaygrouTh Education and LeamiThJ Community Sep41 Arts and Culture 308,412 36.914 293,908 85.410 2,625 78,930 393,822 39,539 372,838 TOTAL £657,963 £168,361 £826 324 Undertaken Direct Support Costs Totsl 2023 Adventure Playground Education and Learning Community Servi Arts and Culture 307,296 39.202 334,079 124,046 3,456 90,690 431,342 42,658 424,769 TOTAL £706 878 £220 496 £927 374 24 fo ¢y) ￿ m roln￿o￿￿rn r44 (ri tN N O LThom￿ )tTrONOTt r•J i Ci ri CL) N Ln ¢yJ r4 m Ln (N (F) rfj (Th m 515 oornm om Ln o) m ¢0 ro ￿ o) ¢xJ CO 40 Èè V O) CO Oor￿1nM OO>vf oro c£O(L J <(J VENTURE COMMUNrrY ASSOCIATION NOTES TO THE ACCOUNTS For the year ended 31st March 2024 . FIXED ASSErs Furniture & Furniture & Equlpment Equipment 2024 2023 Cost 1st April Additions Disposals 31st March 37,149 1,524 22,149 15,000 38,673 37,149 Depreciation 1st April Charge for the year DistM)sals 31st March Net Book Value 3tst March 23,564 7,858 13,313 10,251 £7,251 £13,585 DEBTORS 2024 2023 Prepayments Other 828 1,371 £6,335 £71,074 8. CREDrroRS Taxation and gxial Security Accruals and Deferred Income Grdnts received in advan 8,355 40,590 7.694 23,939 £70,348 £31,633 9. REsfRIcfED FUNDS Balance blf 0110412023 Balance clf 3110312024 Income Expended Adult Servl Children's Services 326,083 (326,083) 375 406 £(701,489) £701,489 BalarKe blf 0110412022 Resources Expended Balance clf 3110312023 IrKome Adult Services Children's Servi 77,401 14,532 £91,933 Detai15 of the restricted funds are as follows: Adult Services: Activities and events at Venture CenlJe from furKlraising of different sources. Children's Services: Grants ftom RBKC to part-furKI the cost of providing our aftethool & school holiday play provision in our playground. 198,154 386,536 £584,690 275,555 E676,623 26 VENTURE COMMUNrrY ASSOCIATION NOTES TO THE ACCOUNTS For the year ended 31st March 2024 10. EMPLOYEE COSTS 2024 2023 Salaries and Wages Social Security PensM)n Costs 416,562 19,391 469,611 26.548 508 115 51,610 Consultancy costs Redundancy Total staff costs 49300 £497 889 £559 725 Full time Parttime 13 16 No employ& earned MO￿ than £60,01]O during the year. The key management personnel of tre charity are those persons having autFN)rity and resp)nsibility for planning, directing, and controlling the actrvities of the charity, directly or indirecdy, inclLKling any trustee of the charity. The senior management team consists of the Director, the Head of Operations, and the Head of Finan￿. Total employee benefits including employer Fension contributions for key management personnel in the period amounted to £124,032 (2023: £138,562). 11. TRUSTEES. REMUNERATION AND EXPENSES No remuneration, directy or indir￿, out of funds of the Charity was pa￿ or is payable for the year to any Trustee or to any [￿Son or ￿SOnS kn(P•vn to be connetted with any of them. The￿ was no travel cost reimbursement to board members in this year (2023: Nil). 12. MOVEMENT IN TOTAL FUNDS FOR THE YEAR 2024 2023 Is stated after charging: Depreciation Auditors, remuneration: External Audit 7,858 10,251 8,328 6,826 13. TAXATION The Venture CcKnmunity ASs￿latIon is a registered charity and is exempt from taxation in respett of income and capital gains received within the categories covered by Part 11 of the Corporation Tax Act 2010 or SLrtion 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gain5 are applied to exclusively charrtable purposes. 14. ALLOCATION OF NEf ASSEfs BEfwEEN THE FUNDS Fixed Assets Current Assets Creditors Unrestricted Fund5 7,251 294,382 (70,348) 231,385 Restricted Funds £7,251 £294,382 £(70,348) £231,385 27 VENTURE COMMUNITY ASSOCIATION NOTES TO THE ACCOUNTS For the year ended 31st March 2024 15. GOING CONCERN finarKial ststements have LEen prepared on a going con￿rn basis. This is dependent uwn the availability of adequate continued funding. The nature of the organisation s funding is inherently uncertain, as it is only agreed by its fundirKJ bcxlies every one to thr￿ years. Should grant funding be discontinued in future years, the organisation would have to find other Sour￿ of funding, or s￿nificant7V curtail its activities. In the current economic dimate, with riSiTNJ inter& rates and infiation, obtaining funding 15 increasingly difficult. Senior management continue to keep in touch with funders and costs are Careful￿ monitored and controlled and cost savirwj measures put in place. In deciding that the going con￿rn basis is approryiate, the trustees have considered informed forecasts of income and experKliture for a perK)d of at ￿st 12 months from the date of approval of these financial statements and the level of its free reserrfes. 16. RELATED PARTY TRANSACTIONS During the financial year, there was one related party transaction. The Chair of Venture Community Assooation is also a Trustee of Wethay Trust. Westway Trust paid £IO,IYJO to the ASs￿latIon for hall hire used for their nursery provision. 17. COMPANY sfATUS Venture Communty knctiation is a itharitsble comparby limited by guarantee, registered in England (Company registration numtEr 2178614); charity registsBtion number 1073115. Its registered offi and operational address is 103A Womiwn Road, Lcxknn, WIO 5YB. 28