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2022-03-31-accounts

Charity registration number 1137068 (England and Wales)

Charity registration number 043186 (Scotland) Company registration number 07260299 (England and Wales)

AUTISM VENTURES

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

AUTISM VENTURES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr N Grogan Mr A Grainger Mrs E V Slater Secretary 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
Chairman's statement 1
Trustees report 2 - 5
Statement of trustees responsibilities 6
Independent auditor's report 7 - 9
Statement of financial activities 10
Balance sheet 11
Statement of cash flows 12
Notes to the financial statements 13 - 21

AUTISM VENTURES

CHAIRMAN'S STATEMENT

FOR THE YEAR ENDED 31 MARCH 2022

I would just like to thank all the staff at our social enterprises for all their fantastic work this year. It has been a difficult year, but our response to changes in guidance around Covid, and the way we have kept going has been fantastic.

It has understandably been another difficult trading year, but the intangible benefits that we bring to our beneficiaries has just been immense.

Mr A Grainger

Date: 25 November 2022

AUTISM VENTURES

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The trustees present their annual report and financial statements for the year ended 31 March 2022.

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

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.

AUTISM VENTURES

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance

Achievements

Our staff teams and people we support all showed great resilience during a second challenging pandemic year, for which we thank them all. Staff worked flexibly, supporting other teams on different sites as and when the business required it. As a result we were able to continue working with and supporting a number of autistic people to learn new work skills, increase their confidence and improve employability, although this was less than normal. There was an increase in referrals for the following year during this time however as our relationship with a couple of schools in particular strengthened.

Unfortunately we did have to close sites or restrict trade to comply with guidance at the time that has impacted on our financial performance.

Performance that Demonstrate our Specialism

One person we have supported since high school to achieve academic and cycle mechanic qualifications with relevant experience has accepted a full time job at a local bike manufacturer. He was a very quiet boy with an interest in bikes who has really challenged himself over a period of years to become self-sufficient and employed. This bold step took courage and determination. His confidence and maturity have really developed during his time with us and we are all so proud of what he is achieving.

Financial review

Income was £553,067 (2021: £441,012) for the year which included a donation of £83,807 from Autism Initiatives Group (2021:£80,976 from Autism Initiatives (UK)). Resources expended were £553,067 (2021: £441,012) for the year. For the year ended 31st March 2022 Autism Ventures has reported a surplus of £Nil (2021: £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 2022 there is a surplus on general free reserves of £45,838 (2021 : £31,345). 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-today 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

AUTISM VENTURES

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Plans for future periods

We aim to increase our current commitment to social enterprise over the coming year as they return to full strength and capacity, supporting the development of our flexible education offer that can increase opportunities for young autistic people in mainstream school and the variety of placements and skills learned. We will be investing in a new role to help drive this development, coordinate the quality of support we provide, maintain excellent practice support and increase employment opportunities for people we support. We will be working alongside other teams within Autism Initiatives Group from Peterhouse School and OSSME to coordinate this. To compliment this development we are undergoing a review of the opportunities we offer from each enterprise to ensure they remain attractive and appropriate for a younger audience.

We have fundraised for and plan to re-open our popular social group for autistic people that runs one evening per week as well as reinstating our weekly led community bike rides.

Structure, governance and management

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 Mr M P Nash (Appointed 16 May 2022 and resigned 26 July 2022)

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.

Qualifying third party indemnity provisions

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.

AUTISM VENTURES

TRUSTEES REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Risk management

The trustees have a risk management strategy that comprises of:

• 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

In accordance with the company's articles, a resolution proposing that DSG be reappointed as auditor of the company will be put at a General Meeting.

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 report was approved by the Board of Trustees.

Mr A Grainger Trustee

25 November 2022

AUTISM VENTURES

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2022

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:

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.

AUTISM VENTURES

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF AUTISM VENTURES

Opinion

We have audited the financial statements of Autism Ventures (the ‘charity’) for the year ended 31 March 2022 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:

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.

AUTISM VENTURES

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS AND 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:

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 directors' report included within the trustees report.

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:

Responsibilities of trustees

As explained more fully in the statement of trustees responsibilities, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

AUTISM VENTURES

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS AND 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 noncompliance 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: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body,and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jean Ellis BA FCA CTA (Senior Statutory Auditor) for and on behalf of DSG 25 November 2022 Chartered Accountants Statutory Auditor Castle Chambers 43 Castle Street Liverpool L2 9TL

AUTISM VENTURES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Current financial year

Unrestricted Restricted Total Total
funds funds
2022 2022 2022 2021
Notes £ £ £ £
Income from:
Donations and legacies 3 100,403 5,974 106,377 136,488
Charitable activities 4 446,690 - 446,690 304,524
Total income 547,093 5,974 553,067 441,012
Expenditure on:
Charitable activities 5 545,301 7,766 553,067 441,012
Net income/(expenditure) for the year/
Net movement in funds 1,792 (1,792) - -
Fund balances at 1 April 2021 61,864 1,792 63,656 63,656
Fund balances at 31 March 2022 63,656 - 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 Total
funds funds
2021 2021 2021
Notes £ £ £
Income from:
Donations and legacies 3 120,119 16,369 136,488
Charitable activities 4 304,524 - 304,524
Total income 424,643 16,369 441,012
Expenditure on:
Charitable activities 5 424,630 16,382 441,012
Net income/(expenditure) for the year/
Net movement in funds 13 (13) -
Fund balances at 1 April 2020 61,851 1,805 63,656
Fund balances at 31 March 2021 61,864 1,792 63,656

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

AUTISM VENTURES

BALANCE SHEET

AS AT 31 MARCH 2022

2022 2021
Notes £ £ £ £
Fixed assets
Tangible assets 8 17,818 30,519
Current assets
Stocks 9 18,402 12,118
Debtors 10 84,881 21,420
Cash at bank and in hand 10,444 23,761
113,727 57,299
Creditors: amounts falling due within
one year 11 (67,889) (24,162)
Net current assets 45,838 33,137
Total assets less current liabilities 63,656 63,656
Income funds
Restricted funds 13 - 1,792
Unrestricted funds 63,656 61,864
63,656 63,656

The financial statements were approved by the Trustees on 25 November 2022

Mr A Grainger Trustee

Company registration number 07260299

AUTISM VENTURES

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022

2022 2021
Notes £ £ £ £
Cash flows from operating activities
Cash (absorbed by)/generated from 18
operations (13,317) 22,784
Investing activities
Purchase of tangible fixed assets - (9,650)
Net cash used in investing activities - (9,650)
Net cash used in financing activities - -
Net (decrease)/increase in cash and cash
equivalents (13,317) 13,134
Cash and cash equivalents at beginning of year 23,761 10,627
Cash and cash equivalents at end of year 10,444 23,761

AUTISM VENTURES

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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 amounts 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.

AUTISM VENTURES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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:

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 the statement of financial activities.

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.

AUTISM VENTURES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

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.

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 payments 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.

AUTISM VENTURES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.12 Retirement benefits

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

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 Unrestricted Restricted Restricted Total Unrestricted Unrestricted Restricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Donations and gifts 84,403 5,974 90,377 80,976 16,369 97,345
Grants receivable for
core activities 16,000 - 16,000 39,143 - 39,143
100,403 5,974 106,377 120,119 16,369 136,488
Donations and gifts
Autism Initiatives (UK) - - - 80,976 - 80,976
Autism Initiatives Group 83,807 - 83,807 - - -
Charitable Trust Grants - 3,480 3,480 - 14,370 14,370
Local fundraising - 1,564 1,564 - 1,999 1,999
Other 596 930 1,526 - - -
84,403 5,974 90,377 80,976 16,369 97,345
Grants receivable for
core activities
Coronavirus funding 16,000 - 16,000 39,143 - 39,143
16,000 - 16,000 39,143 - 39,143

AUTISM VENTURES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

4 Charitable activities

Income from charitable activities

2022 2021
£ £
446,690 304,524

5 Charitable activities

2022 2021
£ £
Staff costs 302,810 227,177
Depreciation and impairment 12,701 11,565
Purchases for resale 134,705 114,708
Insurance 5,841 5,818
Repairs and renewals 8,048 2,008
Management fees 3,060 3,131
Utilities 10,656 11,354
Cleaning and maintenance 11,842 8,679
Bank charges 9,217 5,405
Local fundraising expenditure 2,564 10,762
Growing business expenditure 1,014 1,138
Vehicle and transport costs 2,408 3,326
Office costs 3,217 2,402
Rent and rates 33,876 27,668
Legal and consultancy 9,120 -
Miscellaneous costs 1,988 5,871
553,067 441,012
Analysis by fund
Unrestricted funds 545,301
Restricted funds 7,766
553,067
For the year ended 31 March 2021
Unrestricted funds 424,630
Restricted funds 16,382
441,012

6 Trustees

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

AUTISM VENTURES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

7 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2022 2021
Number Number
Administration 11 9
Managers 3 3
Total 14 12
Employment costs 2022 2021
£ £
Wages and salaries 283,392 211,527
Social security costs 15,041 11,981
Other pension costs 4,377 3,669
302,810 227,177

There were no employees whose annual remuneration was more than £60,000.

8 Tangible fixed assets

8 Tangible fixed assets
Leasehold
Motor vehicles		 Total
improvements
£ £ £
Cost
At 1 April 2021 94,055 9,650 103,705
At 31 March 2022 94,055 9,650 103,705
Depreciation and impairment
At 1 April 2021 71,918 1,268 73,186
Depreciation charged in the year 10,297 2,404 12,701
At 31 March 2022 82,215 3,672 85,887
Carrying amount
At 31 March 2022 11,840 5,978 17,818
At 31 March 2021 22,137 8,382 30,519
9 Stocks
2022 2021
£ £
Finished goods and goods for resale 18,402 12,118

AUTISM VENTURES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

10 Debtors

Debtors
2022 2021
Amounts falling due within one year: £ £
Trade debtors 6,630 1,363
Amount owed by parent undertaking 68,081 -
Amounts owed by fellow group undertakings - 11,653
Other debtors 4,319 2,454
Prepayments and accrued income 5,851 5,950
84,881 21,420

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022 2021
£ £
Other taxation and social security 11,582 5,165
Trade creditors 2,660 2,748
Amount owed to parent undertaking - 7,146
Amounts owed to fellow group undertakings 27,232 -
Other creditors 965 936
Accruals and deferred income 25,450 8,167
67,889 24,162

12 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 £4,377 (2021 - £3,669).

AUTISM VENTURES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

13 Restricted funds

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

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Income Expenditure Balance at Income Expenditure Balance at
1 April 2020 1 April 2021 31 March
£ £ £ £ £ £ 2022
£
Me-Cycle -
Other Grants
and
Donations - 5,620 (5,620) - 3,480 (3,480) -
Local
Fundraising 1,805 2,249 (2,262) 1,792 1,564 (3,356) -
WeGrow - 8,500 (8,500) - 930 (930) -
1,805 16,369 (16,382) 1,792 5,974 (7,766) -

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 donations from Arnold Clarke Trust, Grand Sefton CVS and Community Foundation.

Local fundraising- General public fundraising including a number of significant donations from various donors in support of all of our individual social enterprises.

WeGrow - Grants received towards the WeGrow social enterprise.

14 Analysis of net assets between funds

Unrestricted
Restricted
Total		 Unrestricted
Restricted
Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Fund balances at 31
March 2022 are
represented by:
Tangible assets 17,818 - 17,818 30,519 - 30,519
Current assets/(liabilities) 45,838 - 45,838 31,345 1,792 33,137
63,656 - 63,656 61,864 1,792 63,656

15 Related party transactions

There were no disclosable related party transactions during the year (2021 - none).

AUTISM VENTURES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

16 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.

17 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:

2022 2021
£ £
Within one year 11,667 20,000
Between two and five years - 11,667
31,667 31,667
18 Cash generated from operations 2022 2021
£ £
Deficit for the year - -
Adjustments for:
Depreciation and impairment of tangible fixed assets 12,701 11,565
Movements in working capital:
(Increase)/decrease in stocks (6,284) 5,051
(Increase)/decrease in debtors
(63,461)		 11,601
Increase/(decrease) in creditors 43,727 (5,433)
Cash (absorbed by)/generated from operations
(13,317)		 22,784
19 Analysis of changes in net funds
The charity had no debt during the year.

20 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.

Community Foundation for Merseyside & Lancashire - The FPC Foundation Living Well Sefton – Community Champions Fund Arnold Clark Peter Cruddas Foundation P. H. Holt Foundation Resilience Fund

National Lottery Community Fund – Awards for All England