Charity Registration No. 1137068 (England and Wales)
Charity Registration No. 043186 (Scotland) Company Registration No. 07260299 (England and Wales)
AUTISM VENTURES
ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
AUTISM VENTURES
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Secretary
Mr N Grogan Mr A Grainger Mrs E V Slater Mr A Grainger
Charity number (England and Wales) 1137068 Charity number (Scotland) 043186 Company number 07260299 Registered office Sefton House Bridle Road Petersfield House Bootle L30 4XR Auditor DSG Castle Chambers 43 Castle Street Liverpool L2 9TL
AUTISM VENTURES
CONTENTS
| Page | |
|---|---|
| Trustees report | 1 - 4 |
| Statement of trustees responsibilities | 5 |
| Independent auditor's report | 6 - 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Statement of cash flows | 11 |
| Notes to the financial statements | 12 - 21 |
AUTISM VENTURES
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2021
The trustees present their report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association , the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".
Objectives and activities
Purposes and objectives
The charity's purpose as set out in the objects contained in the company’s memorandum of association are:
“To promote the relief, personal development and education of children and people with an autistic spectrum condition. Without prejudice to the generality of the foregoing, the relief of unemployment in such ways as may be thought fit, including assistance to find employment”
The charity aims
-
To encourage personal development, communication skills, self esteem and confidence amongst people with Autism Spectrum Conditions thereby increasing their employability.
-
To aid transitions of individuals who have taken part in the charity’s work activities to help them access education, work training and employment opportunities should they wish to do so.
-
To ensure that the people we support are fully included in their community through partnership working.
Public benefit
The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities.
The charity aims to work in partnership with all service users, helping them to develop successful and independent communication skills, according to individual strengths, needs and preferences, within a total communication environment. Autism Ventures offers a learning opportunity to each person, addressing the areas of communication, social interaction and flexibility of thought, which has regard for their personal goals. It is the overall objective to make people feel good about themselves and raise their self esteem. This enables each individual to enjoy more successes at a level achievable for them and so take greater pleasure in life.
How our activities deliver public benefit
The charitable activities focus on meeting the needs of people with Autism Spectrum Conditions and are undertaken to further the charitable purposes of public benefit.
Autism is found in people of all ages, regions, countries and societies. Equal access to its services is an important issue for us. Autism Ventures has an equal opportunity policy and diversity statement, which ensures that the charity has a culture, which is reinforced via its robust training program, which ensures equality of access to the services by gender, disability and sexual orientation. We believe equal access to the services is vital to our success, and that successful outcomes must be shared by all communities that use the services.
- 1 -
AUTISM VENTURES
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Achievements and performance
-
Café income has been drastically reduced during this Covid-19 period with some sites closed and restricted trading for others. This has effected overall performance although the vegetable home delivery and bike sales have increased
-
Staff and people we support have adapted quickly and well to new Covid-19 working particularly encouraging customers to follow the guidelines
-
Two young people have achieved cycle mechanic qualifications at L1 or L2
-
One young person has achieved part time employment as a bike mechanic
Specialist Service
- Despite the challenging times this year we were able to take on four new referrals from mainstream school as part of an flexible education programme .
Financial review
Income was £441,012 (2020: £544,248) for the year which included a donation of £80,976 (2020:£50,888) from Autism Initiatives (UK). Resources expended were £441,012 (2020: £544,248) for the year. For the year ended 31st March 2021 Autism Ventures has reported a surplus of £Nil (2020: £Nil).
Reserves policy
It is the policy of the charity that unrestricted funds, excluding fixed assets, which have not been designated for a specific use should be maintained at a level equivalent to between two and three months of expenditure. This is to allow the charity to be managed efficiently, and provide a buffer for uninterrupted services.
The trustees are aware of the current level of free reserves and expect it to increase to the required level in future years. The trustees are of the opinion that the level of free reserves does not impact on the charity’s ability to meet its day-to-day activities as it has the continuing support of the parent charity, Autism Initiatives Group.
At the 31 st March 2021 there is a surplus on general free reserves of £31,345 (2020 : £29,417). The trustees are aware of the current level of free reserves and expect it to increase to the required level in future years. The trustees are of the opinion that the level of free reserves does not impact on the Charity’s ability to meet its day-to-day activities due to the continuing support of the parent Charity, Autism Initiatives Group.
Principal source of funding
The principal source of funding for the charity, aside from trading profits is grant and donation income, details of which can be found in the notes to the accounts.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks
Future Plans
-
We plan to reintroduce face to face social groups for young autistic people as well as the community choir
-
We will further develop our flexible and complementary education offer for autistic children in main stream schools
-
We will introduce new improved products and services within social enterprise
Structure, governance and management
- 2 -
AUTISM VENTURES
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Governing document
Autism Ventures is a company limited by guarantee and is governed by its Memorandum and Articles of Association incorporated 20th May 2010. Autism Ventures is registered with the Charities Commission, number 1137068 and with the office of the Scottish Charity Registrar, number SC043186.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Mr N Grogan
Mr A Grainger
Mrs E V Slater
Membership
Autism Initiatives Group is the sole member until such time as the subscriber appoints other members, goes into liquidation or is subject to receivership.
Trustee body
There are currently two trustees (who are also the directors of the company for the purpose of company law) who oversee the activities of the charity. Trustees give their time voluntarily and receive no benefits from the charity. Trustees work within the code of conduct and good practice as set out by the Charities Commission.
Executive management
The Chief Executive of Autism Initiatives Group has global responsibility for all group operations, including the implementation of the policy and strategic direction of the organisation. The Chief Executive is the interface between the governance and management functions of the organisation.
The Chief Executive has an executive management team with all directors having specific responsibilities in their own area that they form the executive group advising on the corporate and strategic direction of the organisation, reporting directly to the Chief Executive.
Organisational structure
The parent charity, Autism Initiatives Group provides a team of executive staff to manage the day-to-day operations of Autism Ventures and to report to the Board of Trustees .
Risk management
The trustees have a risk management strategy that comprises of:
A yearly review of the risks that the charity may face
A system of establishing the high risk factors and a procedure to mitigate the risk
The implementation of procedures designed to minimise any potential impact on the charity should those risks materialise
This work is ongoing and the particular formulation of the risks identified through the procedure allow for the contingency plans to be drawn up through the identified risk procedure, the main focuses being corporate risk. The charity also has a robust risk management procedure that looks at the direct risks faced by the individuals that are supported directly by the charity.
Auditor
The auditor, DSG, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
- 3 -
AUTISM VENTURES
TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
Disclosure of information to auditor
Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.
The trustees r eport was approved by the Board of Trustees.
Mr A Grainger
Trustee Dated: 25 August 2021
- 4 -
AUTISM VENTURES
STATEMENT OF TRUSTEES RESPONSIBILITIES
FOR THE YEAR ENDED 31 MARCH 2021
The trustees, who are also the directors of Autism Ventures for the purpose of company law, 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).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that 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 Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). 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.
- 5 -
AUTISM VENTURES
INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF AUTISM VENTURES
Opinion
We have audited the financial statements of Autism Ventures (the ‘charity’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, 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).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, for the year 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 Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
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 Auditor's 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 UK, including the FRC’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.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
- 6 -
AUTISM VENTURES
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF AUTISM VENTURES
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
-
the information given in the trustees r eport, which includes the d irectors ' r eport prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the d irectors ' r eport included within the trustees r eport has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors ' r eport included within the trustees r eport.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:
-
adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees r eport and from the requirement to prepare a s trategic r eport.
Responsibilities of trustees
As explained more fully in the s tatement of trustees r esponsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they 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 charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts 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 auditor's 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 .
- 7 -
AUTISM VENTURES
INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF AUTISM VENTURES
Capabiliy of the audit in detecting irregularities,including fraud
Based on our discussions with the charity’s management and the Trustees, we identified that the following laws and regulations are significant to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards and Charity Law.
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the charitable objectives, public benefit, fundraising regulations, safeguarding and health and safety legislation.
These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s :// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Jean Ellis BA FCA CTA (Senior Statutory Auditor) for and on behalf of DSG
25 August 2021
Chartered Accountants Statutory Auditor
Castle Chambers 43 Castle Street Liverpool L2 9TL
- 8 -
AUTISM VENTURES
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2021
| Current financial year Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income and endowments from: Donations and legacies 3 120,119 16,369 Charitable activities 4 304,524 - Other income 5 - - Total income 424,643 16,369 Expenditure on: Charitable activities 6 424,630 16,382 Net income/(expenditure) for the year/ Net movement in funds 13 (13) Fund balances at 1 April 2020 61,851 1,805 Fund balances at 31 March 2021 61,864 1,792 |
Total 2021 £ 136,488 304,524 - 441,012 441,012 - 63,656 63,656 |
Total 2020 £ 69,672 471,633 2,943 |
|---|---|---|
| 544,248 | ||
| 544,248 | ||
| - 63,656 |
||
| 63,656 |
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. Prior financial year
| Unrestricted Restricted funds funds 2020 2020 Notes £ £ Income and endowments from: Donations and legacies 3 51,051 18,621 Charitable activities 4 471,633 - Other income 5 2,943 - Total income 525,627 18,621 Expenditure on: Charitable activities 6 521,315 22,933 Net income/(expenditure) for the year/ Net movement in funds 4,312 (4,312) Fund balances at 1 April 2019 57,539 6,117 Fund balances at 31 March 2020 61,851 1,805 |
Total 2020 £ 69,672 471,633 2,943 544,248 544,248 - 63,656 63,656 |
|---|---|
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
- 9 -
AUTISM VENTURES
BALANCE SHEET
AS AT 31 MARCH 2021
| 2021 Notes £ Fixed assets Tangible assets 9 Current assets Stocks 10 12,118 Debtors 11 21,420 Cash at bank and in hand 23,761 57,299 Creditors: amounts falling due within one year 12 (24,162) Net current assets Total assets less current liabilities Income funds Restricted funds 14 Unrestricted funds |
2020 £ £ 30,519 17,169 33,021 10,627 60,817 (29,595) 33,137 63,656 1,792 61,864 63,656 |
£ 32,434 31,222 63,656 1,805 61,851 63,656 |
|---|---|---|
The financial statements were approved by the Trustees on 25 August 2021
Mr A Grainger Trustee
Company Registration No. 07260299
- 10 -
AUTISM VENTURES
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Notes Cash flows from operating activities Cash generated from/(absorbed by) operations 19 Investing activities Purchase of tangible fixed assets Proceeds on disposal of tangible fixed assets Net cash (used in)/generated from investing activities Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year |
2021 £ (9,650) - |
£ 22,784 (9,650) - 13,134 10,627 23,761 |
2020 £ £ (37,424) - 3,451 3,451 - (33,973) 44,600 10,627 |
|---|---|---|---|
- 11 -
AUTISM VENTURES
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
Charity information
Autism Ventures is a private company limited by guarantee incorporated in England and Wales. The registered office is Sefton House, Bridle Road, Petersfield House, Bootle, L30 4XR. The principal activities of the charity are disclosed in the Trustees' report.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
The trustees consider that it is appropriate to prepare the accounts on a going concern basis as the charity will be able to meet its liabilities as they fall due, due to the continuing support of the Autism Initiatives group. In making this assessment the trustees have considered the impact of the Coronavirus which is prevalent at the time of approval of these accounts and are confident that they, and the Autism Initiatives group, have adequate resources to continue to operate having taken account of current and future income streams and expenditure commitments.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
1.4 Incoming resources
All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
The specific policies used are as follows:
Donations are included when the monies have been received. Donations received for the general purpose of the charity are included in unrestricted funds. Donations which have been received for specific projects are included in restricted income.
Grants are treated as restricted funds if they are for specific purposes. All grants are included when the charity is entitled to the monies.
No amounts are included in the financial statements for services donated by volunteers.
- 12 -
AUTISM VENTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.5 Resources expended
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Restricted expenditure is set against restricted income.
The specific bases used are as follows:
-
Charitable expenditure comprises direct expenditure in the furtherance of the charity’s objectives.
-
Governance costs include those incurred in the governance of its assets and are associated with constitutional and statutory requirements.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements Over the life of the lease Motor vehicles 33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
Freehold land is not depreciated.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
1.8 Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
- 13 -
AUTISM VENTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.10 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
1.11 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
- 14 -
AUTISM VENTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
1 Accounting policies
(Continued)
1.13 Leases
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| Unrestricted Restricted funds funds 2021 2021 £ £ Donations and gifts 80,976 16,369 Grants receivable for core activities 39,143 - 120,119 16,369 Donations and gifts Autism Initiatives (UK) 80,976 - Charitable Trust Grants - 14,370 Local fundraising - 1,999 Other - - 80,976 16,369 Grants receivable for core activities Coronavirus funding 39,143 - Other - - 39,143 - |
TotalUnrestricted Restricted funds funds 2021 2020 2020 £ £ £ 97,345 51,051 12,181 39,143 - 6,440 136,488 51,051 18,621 80,976 50,888 - 14,370 - - 1,999 - - - 163 12,181 97,345 51,051 12,181 39,143 - - - - 6,440 39,143 - 6,440 |
Total 2020 £ 63,232 6,440 69,672 50,888 - - 12,344 63,232 - 6,440 6,440 |
|---|---|---|
- 15 -
AUTISM VENTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
4 Charitable activities
| Income from c haritable activities Other income Net gain on disposal of tangible fixed assets |
2021 2020 £ £ 304,524 471,633 TotalUnrestricted funds 2021 2020 £ £ - 2,943 |
|---|---|
5 Other income
- 16 -
AUTISM VENTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
6 Charitable activities
| Staff costs Depreciation and impairment Purchases for resale Insurance Repairs and renewals Management fees Utilities Cleaning and maintenance Bank charges Local fundraising expenditure Growing business expenditure Vehicle and transport costs Office costs Rent and rates Miscellaneous costs Analysis by fund Unrestricted funds Restricted funds For the year ended 31 March 2020 Unrestricted funds Restricted funds |
2021 £ 227,177 11,565 114,708 5,818 2,008 3,131 11,354 8,679 5,405 10,762 1,138 3,326 2,402 27,668 5,871 441,012 424,630 16,382 441,012 |
2020 £ 296,905 10,462 136,221 5,803 9,385 3,231 10,805 9,415 5,840 6,735 1,747 1,962 3,603 36,348 5,786 544,248 521,315 22,933 544,248 |
|---|---|---|
7 Trustees
None of the trustees (or any persons connected with them) received any remuneration or reimbursed expenses in the year.
- 17 -
AUTISM VENTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
8 Employees
The average monthly number of employees during the year was:
| Administration Managers Total Employment costs Wages and salaries Social security costs Other pension costs |
2021 Number 9 3 12 2021 £ 211,527 11,981 3,669 227,177 |
2020 Number 13 3 16 2020 £ 281,214 11,553 4,138 296,905 |
|---|---|---|
There were no employees whose annual remuneration was £60,000 or more.
9 Tangible fixed assets
| Leasehold improvements Motor vehicles £ £ Cost At 1 April 2020 94,055 - Additions - 9,650 At 31 March 2021 94,055 9,650 Depreciation and impairment At 1 April 2020 61,621 - Depreciation charged in the year 10,297 1,268 At 31 March 2021 71,918 1,268 Carrying amount At 31 March 2021 22,137 8,382 At 31 March 2020 32,434 - |
Total £ 94,055 9,650 103,705 61,621 11,565 73,186 30,519 32,434 |
|---|---|
- 18 -
AUTISM VENTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
| 10 Stocks Finished goods and goods for resale 11 Debtors Amounts falling due within one year: Trade debtors Amounts owed by fellow group undertakings Other debtors Prepayments and accrued income 12 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Amount owed to parent undertaking Other creditors Accruals and deferred income |
2021 £ 12,118 2021 £ 1,363 11,653 2,454 5,950 21,420 2021 £ 5,165 2,748 7,146 936 8,167 24,162 |
2020 £ 17,169 2020 £ 9,452 17,518 - 6,051 33,021 2020 £ 17,912 5,631 - 1,032 5,020 29,595 |
|---|---|---|
13 Retirement benefit schemes
Defined contribution schemes
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £3,669 (2020 - £4,138).
- 19 -
AUTISM VENTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
14 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement | in funds | Movement | in funds | |||||
|---|---|---|---|---|---|---|---|---|
| Balance at | Income | Expenditure | Balance at | Income | Expenditure | Balance at | ||
| 1 April 2019 | 1 April 2020 | 31 | March 2021 | |||||
| £ | £ | £ | £ | £ | £ | £ | ||
| Me-Cycle - | ||||||||
| Other Grants | ||||||||
| and | ||||||||
| Donations | - | 10,118 | (10,118) | - | 5,620 | (5,620) | - | |
| Local | ||||||||
| Fundraising | 6,117 | 2,063 | (6,375) | 1,805 | 2,249 | (2,262) | 1,792 | |
| WeGrow | - | 6,440 | (6,440) | - | 8,500 | (8,500) | - | |
| 6,117 | 18,621 | (22,933) | 1,805 | 16,369 | (16,382) | 1,792 |
Me-Cycle - Other Grants and Donations - grants received from various charitable trusts towards the work of the Me-Cycle social enterprise. Donations received in the year include £5,620 from CT Cyclists Club.
Local fundraising- General public fundraising including a number of significant donations from various donors in support of all of our individual social enterprises. Balance represents funds remaining to be spent.
WeGrow - Grants received towards the WeGrow social enterprise. During the period these included funding from Community Foundation,PH Holt and LCVS Community Impact.
15 Analysis of net assets between funds
| Unrestricted funds Restricted funds 2021 2021 £ £ Fund balances at 31 March 2021 are represented by: Tangible assets 30,519 - Current assets/ (liabilities) 31,345 1,792 61,864 1,792 |
TotalUnrestricted funds Restricted funds 2021 2020 2020 £ £ £ 30,519 32,434 - 33,137 29,417 1,805 63,656 61,851 1,805 |
Total 2020 £ 32,434 31,222 63,656 |
|---|---|---|
16 Related party transactions
There were no disclosable related party transactions during the year (2020 - none).
- 20 -
AUTISM VENTURES
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021
17 Controlling party
At the year end, the ultimate controlling party was Autism Initiatives Group , a company incorporated and registered in England and Wales. The registered office is Sefton House, Bridle Road, Bootle, Merseyside, L30 4XR. Autism Initiatives Group prepares consolidated financial statements which include Autism Ventures .
18 Operating lease commitments
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
| Within one year Between two and five years 19 Cash generated from operations Deficit for the year Adjustments for: Gain on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets Movements in working capital: Decrease/(increase) in stocks Decrease in debtors (Decrease) in creditors Cash generated from/(absorbed by) operations 20 Analysis of changes in net funds |
2021 2020 £ £ 20,000 27,000 11,667 31,667 31,667 58,667 2021 2020 £ £ - - - (2,943) 11,565 10,462 5,051 (2,021) 11,601 2,686 (5,433) (45,608) 22,784 (37,424) |
|---|---|
The charity had no debt during the year.
21 Acknowledgements
Autism Ventures is extremely grateful to all of our funders and donors who have generously given grants and donations to support our work over the last year. Each donation is generous in its own right and can provide valuable support to us and our service users, parents and other care professionals.
P.H. Holt Foundation LCR COVID-19 Community Support Fund Tesco Bags of Help LCVS Community Impact Fund
- 21 -