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2022-03-31-accounts

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Company Registration No. 01673720 (England & Wales) Charity No. SC038932 (Scotland)/285891 (England & Wales)

The Venture Trust

(a company limited by guarantee not having a share capital)

Annual report & financial statements for the year ended 31 March 2022

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

CONTENTS Chair and CEO Report .......................................................................................................... 1 Trustees’ Report .................................................................................................................. 2 Independent auditors’ report to the trustees of the Venture Trust for the year ended 31 March 2022 ...................................................................................................... 122 Statement of Financial Activities (including Income and Expenditure) ................ 16 Balance Sheet as at 31 March 2022 ................................................................................ 17 Statement of Cashflows as at 31 March 2022 ............................................................... 18 Notes to the financial statements for the year ended 31 March 2022…………………19

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CHAIR AND CEO REPORT

We continue to face uncertainty in terms of recovery from the pandemic, climate change and increasing political and cultural division both domestically and globally.

These challenges are not felt evenly – they highlight and exacerbate inequalities in our society. The increasing cost of living is pushing people, families and communities further into poverty and inequality. They have been the hardest hit socially, educationally, economically and in terms of health and wellbeing.

Venture Trust is committed to being there for those furthest from opportunity as we navigate the road ahead. Our ambition is for growth, not just for the sake of it but because it’s clear that more people than ever before will benefit from our unique support and interventions. Our focus will be on working with people earlier to prevent them from ending up in more challenging life circumstances down the road.

Venture Trust has launched a Strategic Plan for 2022-25. It restates our firm commitment to working with people with multiple and complex challenges in their lives, working with them in their communities, building trusting relationships and using the outdoors as a therapeutic means to support them to venture out into the world.

Our funding and referral partners continue to be supportive and adaptable, allowing us to keep delivering services during a year that has been challenging for everyone.

Huge thanks go to our Participant Panel, staff team and Board who have responded flexibly and agilely to the external environment maintaining a sharp focus on supporting those who need it most.

Susan Davies Chair of the Board

Alastair Pringle CEO

27 September 2022

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TRUSTEES’ REPORT

INTRODUCTION

Venture Trust believes no one should be left behind. We work with people who struggle with complicated life circumstances such as difficulties with mental, emotional, and physical wellbeing, involvement in the criminal justice system, long term unemployment, recovery from addiction, homelessness or risk of homelessness, isolation, or a history of trauma or harm. We support people to gain the life skills, stability and confidence they need to reach their potential.

Venture Trust has been building its approach to personal development in the outdoors for the past 40 years. We have had to weather many storms along the way and our lengthy experience, alongside the commitment of our staff, senior team and engaged Board of Trustees has been essential in responding to the challenge of the last few years.

As restrictions have eased our focus on outdoors delivery has been hugely beneficial. We resumed face to face work by safely meeting participants in local greenspaces and delivered group work and journeys in outdoor locations closer to home.

From June 2021 we were able to resume delivery of wilderness journeys. It is however clear that recovery will take time and we will need to continue to respond to the challenges that lie on the road ahead.

As we emerge from the pandemic, we enter a challenging funding environment, with an ambitious strategic fundraising strategy to support our new strategic plan.

OBJECTIVES AND ACTIVITIES

Our Trustees are responsible for agreeing the aims, objectives and activities of Venture Trust. These are monitored and reviewed, alongside the management of our strategic risks throughout the year to ensure that the planned activities are achieving our agreed outcome measures. This report presents the key activities undertaken and an assessment of the personal and societal benefit for the people we support.

Venture Trust’s objective is to support people who may be surviving outside mainstream support or are in contact with the criminal justice system, or who have never worked or are experiencing longterm unemployment in order to gain the life skills, stability and confidence to succeed. Each person’s individual circumstances sit at the core of our approach which supports people both in their local community and in Scotland’s outdoors with learning and personal development.

The outdoors present individuals with challenging environments in which to reflect on beliefs, attitudes, and behaviours. With time and space away from influences at home, individuals can unlock skills and learn new, more positive, ways of approaching situations.

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OUR VALUES

Underpin everything we do

Courage – we remain brave when things get tough Curiosity – we are thoughtful Care – we will attend to people and place Collaboration – we work together for greater impact

ACHIEVEMENTS AND PERFORMANCE OVERVIEW

Over the last 12 months, we have provided support tor 643 individuals across our programmes and services. As we have emerged from lockdown, we have also made the gradual transition back to full outdoor delivery, adapting our approach as restrictions have eased over the year and responding to the needs of our participants.

We began the year delivering a blended model of digital and face-to-face interactions alongside a blended phase 2 where participants took part in a four-day programme of daily activities and personal development delivered in their Local Authority area.

With the easing of restrictions, we then began to deliver short (4-day) wilderness journeys on an East/West basis before restarting full wilderness journeys in the summer. During this time, we were working closely with our participants to make them aware of the changes we were making and supporting them throughout.

Core Programme

Most participants engage in our 3-phase programme for around 9 months where they are supported in their communities with the help of a dedicated and trusted outreach worker. At the heart of our unique offer is the journey (between 5- and 10-days duration) delivered in the Scottish Highlands and led by expert outdoor development practitioners. This journey acts as a catalyst for change, creating time and space away for development and to harness the powerful, restorative benefits of being in nature.

Our core programmes are:

These programmes follow our three-phased approach:

This year we gradually reintroduced our 3-phase service as Covid restrictions eased across the country. We began with a localised blended community approach, before moving to short wilderness journeys then full wilderness journeys in June 2021.

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In total, we worked with 555 individuals across our four ‘core’ programmes in 2021/22, 408 of which were new referrals, and we delivered 37 phase 2 courses (14 blended community, 4 short wilderness journeys and 19 full wilderness journeys). 204 individuals were supported onto at least one of these phase 2 courses, with an 80% completion rate.

The impact of our work has been reflected in the monitoring we carry out with our participants over the year. Of those who participated in our core programmes, 80% saw an improvement in their resilience, 82% made improvements in measures which show increased stability and 84% made improvements to their soft skills related to employability.

This year has also seen 53 participants from our 3 Phase Programme progress into at least one positive destinations in employment (29), training (8), education (11) and volunteering (3) over the year. For many, this is a big step towards a happier, healthier life where they have control and can make positive choices for their future.

Employability – Change Cycle

This year saw us run 5 Change Cycle courses which were delivered in Edinburgh, Glasgow and expanded to a new location in Livingston. Change Cycle is a vocational course offering recognised qualifications in bicycle mechanics, SQA (Scottish Qualifications Authority) and Workplace training such as manual handling and Health and Safety. Over the five courses, which had a total capacity of 50 learners, 41 participants started the course with 35 completing – a completion rate of 85%.

Including those who recently completed a Change Cycle course in 20/21, this year saw 24 participants move into at least 1 positive destination with 16 entering employment, 7 starting further education and 2 moving into training by the end of March 2022.

Outdoor Therapy

We have now successfully launched our Outdoor Therapy service for young people (16-25) and those with a history of service in the armed forces. The service is delivered by our team of dedicated and qualified therapists (including trainee therapists where appropriate) and it takes place in urban outdoor and green/blue spaces such as parks, community gardens, waterways, woodlands, beaches, or local hills.

We worked with 63 participants over the year, with 54 having at least 4 outdoor therapy sessions. We delivered 690 sessions in total with the average per participant being 11 sessions. Early results on the change the service is making to our participants is very encouraging, with 87% of participants who have successfully left the service after receiving at least 4 therapy sessions reporting an improvement in their Core-OM score – this measures the level of an individual’s psychological distress – with 52% seeing a ‘meaningful’ improvement to their score.

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Other highlights this year include:

Sharing success

This year Venture Trust has been seeking to utilise the new website and branding that was created last year to further raise awareness of our work, to tell the powerful stories of our participants about the impact our programmes have had on their lives, and to increase engagement with potential funders and partners.

At the heart of this was our Impact Report that showcased the outcomes we achieved within 20202021 at a challenging time for the organisation as we adapted our delivery within the Covid-19 pandemic and into a recovery phase.

We were also very pleased to launch our new ‘Bothy Book’ Blog as a space for influential voices to share their voices on issues affecting our participants. Our Leadership Team, staff and stakeholders also continue to publish opinion pieces in the Scotsman and we are developing more engaging content utilising video and photography. We introduced Donnie Campbell as a new Ambassador who is the record holder for a complete round of Scotland’s 282 Munros in 31 days, climbing 126,143m and running 833 miles.

Strategic direction 2022-25

For 40 years we have been supporting people who need it most, to gain life skills, stability and the confidence to help them reach their potential.

Our Strategic Plan for 2022-25 restates our firm commitment to working with people with multiple and complex challenges in their lives, working with them in their communities, building trusting relationships and using the outdoors as a therapeutic means to support them to venture out into the world.

Our Strategic Plan sets out 5 Strategic Aims for the organisation, which we believe will enable us to meet our ambition for growth in order to provide support to more people through our programmes.

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  1. We deliver exemplary person-centred programmes, working with those who struggle the most with transitions in life, using the outdoors to make long-term sustainable positive change.

  2. We are recognised leaders in our field, extending our reach by sharing practice, developing the evidence base and building the capability of others.

  3. We are an organisation fit for the future, delivering an impactful journey for all our people. 4. We are an authoritative voice on the issues affecting those most in need, influencing positive change in society to improve life choices and chances.

  4. We have a robust and sustainable funding model, increasing income from a range of highvalue public and private sources, adapting to the changing socio-economic landscape.

Fundraising and Partnerships

Our work would not be possible without the continued support and encouragement from our partners and funders who understand the value of the impact we can achieve with their support. We continue to work with a range of statutory, trusts and foundations, lottery, corporate funding partners which provides a rich co-investment approach for Venture Trust.

Multi-year funding relationships with multiple Scottish Government departments, Souter Charitable Foundation, Fidelity UK Foundation, Impetus, Gannochy Trust, European Social Fund and Ministry of Defence’s Armed Covenant Fund remain invaluable to sustaining our work. This year we also benefitted from the Government Kickstart Scheme which funded multiple employment opportunities with Venture Trust for young people aged 16-24yrs old at risk of long term unemployment.

Other vital support has come from trusts, foundations, local authorities, lotteries and other agencies including:

Inspiring Scotland - Delivering Equally Safe, National Lottery Community Fund, Cycling Scotland, Youthlink Scotland, The Prince's Trust, UK Government Community Renewal Fund, West Lothian Council, EEA and Norway Grants: Fund for Youth Employment, Glasgow City Council, Aberbrothock Skea Charitable Trust, Al-Maktoum Community Grants Fund, Alexander Moncur Trust, Bauer Radio's Cash for Kids Charities (Forth), Clubs in Crisis, Comic Relief, Dr Guthrie's Association, Dunlossit and Islay Community Trust, Findlay Charitable Trust, Garfield Weston Foundation, Goldsmiths' Company Charity, Hedley Foundation, Hugh Fraser Foundation, James Weir Foundation, Kilpatrick Fraser Charitable Trust, Leng Charitable Trust, Mathew Trust, Mrs Williamina Mclaren's Trust Fund, Nancy Roberts Charitable Trust, New Park Educational Trust, Robert Barr's Charitable Trust, Tay Charitable Trust, The Anton Jurgens Charitable Trust, The C J C Whitehouse 2006 Charitable Trust, The Cordis Charitable Trust, The EY Foundation, The Lady Marian Gibson Trust, The MacRobert Trust, The Mrs Janet T Isles Denny Trust, The Nancie Massey Charitable Trust, The Pilgrim Trust, The Pixel Fund, The Pleasance Trust, The Robert Haldane Smith Charitable Foundation, The Veterans Foundation, Violet M Lessel Trust, Waitrose Morningside (Edinburgh), Whirlwind Charitable Trust, Amazon, Tayport Charity Shop.

Sincere thanks to our individual supporters who have taken the time to proactively fundraise vital contributions to our work. This includes participants of the Bag a Munro summer fundraising campaign which has gained momentum and we plan to grow it further in 2022.

The Future

As we enter the next phase of our journey, we alongside every other charity, face numerous financial challenges. Cost of living increases, uncertain global pressures and those who are wealthiest cutting their typical donation to charity by more than a fifth in recent years, despite

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enjoying a 10% increase in income over the same period. Our ambitions need to be caveated in the context of the funding challenges faced. We will need to continually review our plans to ensure we offer the most effective and impactful interventions for our funders and most importantly for our participants.

Our Response

Set in this challenging context, with such clear demand and growing need, our aim is to be able to provide consistent, accessible, early and effective interventions, supporting those who need it most and are least likely to be able to access support through the difficult transitions in their lives.

Our ambition is for growth. We want to be able to significantly increase the number of people we can offer support to, because the demand is there.

To do this we need to:

• Develop our funding strategy to encompass the shift to local community partnerships, whilst at the same time engaging new corporate partners

FINANCIAL REVIEW

Financial Position

Grants form most of the charitable company’s income for 2021-22, 31.1% (2021: 37%) of total income being grants from Scottish Government, 28.5% (2021: 26%) grants from other central and local government, 40.3% (2021: 32%) grants from trusts, foundations, and other bodies, and 0.1% (2021: 5%) grants from the National Lottery.

Net income for this year amounted to £121,008 (2021: £92,764). However, this includes expenditure of £18,781 (2021: £29,265) relating to depreciation on capital purchases in previous years, which were funded by grants recognised in full in the year of receipt.

Excluding this capital fund, net income on revenue funds for the year amounted to £139,789 (2021: net income £122,029).

Reserves Policy

Venture Trust considers that an appropriate level of reserves for the organisation to hold is an amount sufficient to cover potential winding up costs as well as certain events that may occur during the year that have not been budgeted for. It also provides for replacing equipment, business continuity and working capital requirements taking into account any restrictions on funding. The estimated amount of this is £655k.

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Total funds held by the charitable company as of 31 March 2022 were £440,992 (2021: £319,985), however £60,203 (2021: £78,984) are restricted funds relating solely to the purchase of fixed assets as described above. The actual free reserves held as of 31 March 2022 were £380,789 (2021: £241,001), with no amounts (2021: none) having been designated or otherwise committed.

Eighty-two per cent (82%) of our revenue expenditure is activity on restricted funds and these programmes are fully funded, a position closely monitored by the Board on an ongoing basis. The Board considers the growth of reserves to meet the target value as a strategic priority in order to give us flexibility to innovate in service delivery. Plans to achieve this include the following:

Going Concern Basis

In the last year, the third sector has seen a change in the funding landscape with a number of previously centrally distributed statutory funds, such as the No-One Left Behind fund, transitioning from central grants to funds distributed by local authorities, requiring engagement with not one central body but 32 local commissioning frameworks. In addition, we are seeing the end of European Social Funds with the UK Government replacement still not yet in place; a reduction in overall philanthropic giving, and; increased competition for reduced funds from trusts and foundations.

The senior team actively monitor the income pipeline on a regular basis and, along with available reserves, use this as a basis to make decisions about the charity and its operations, escalating strategic decisions to the Finance and HR Committee and Board as necessary.

The forecasted income pipeline for the current financial year and beyond is sufficient to support the charity to meet its principal aims and objectives and the senior team and Board have agreed a number of cost savings that can be made if and when required to allow this. As a result of this, the trustees consider the charity to be a going concern and have prepared the financial statements on that basis.

Structure, Governance and Management

The Board of trustees presents the report and financial statements of Venture Trust for the year ended 31 March 2022. The statements appear in the format required by the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with FRS 102. The report and statements also comply with the Companies Act 2006, as Venture Trust was incorporated by guarantee on 25 October 1982 and registered as a charity on 16 March 1983. The company was established under a Memorandum of Association which established the objects and powers of the company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.

Board of trustees

The trustees of the charity are also directors for the purposes of company law and under the company’s Articles are known as members of the Board. Ten non-executive directors meet on a quarterly basis and have delegated the day-to-day management of the organisation to the CEO.

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The Board is supported in assessing that the organisation has safe and effective systems of control in place by a Finance and HR Governance Committee. Membership of this Committee comprises representatives from the Board, the CEO, and members of the Senior Leadership Team. The Committee reports directly to the Board of trustees.

Members of the Board, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 11.

Induction and training for new trustees is led by the Chair and CEO. This includes:

Upon appointment, all members complete a register of interests, which is reviewed and updated annually.

All trustees give of their time freely and no trustee remuneration was paid in the year. Trustees are required to disclose all relevant interests and register them with the CEO, and in accordance with our policy, to withdraw from decisions where a conflict of interest arises. Trustees are appointed for a maximum of two terms of three years each on a rolling basis and shall not be reappointed within one year.

There is currently one board member who has been in role for longer than the two terms of 3 years. In addition, the Chair’s term completed in August 2021 and has been extended to allow a smooth transition for the incoming CEO. The recruitment for a new Chairperson is in progress.

Venture Trust has been inspected, monitored, or evaluated by the following organisations, all of whom are able to provide information on the quality and appropriateness of the organisation: The Adventure Activities Licensing Authority, the Association of Heads of Outdoor Education Centres, the Scottish Government, and Impetus.

Senior Leadership Team

The CEO has responsibility for the day-to-day management of the organisation within the context of the strategic direction, financial plan and delegations set by the Board. They are supported by the Senior Leadership Team (SLT) who are responsible for strategic development, engagement with partners and stakeholders and delivering community and wilderness-based personal development and therapeutic support for people aged over 16 years old.

The SLT meets frequently and is comprised of CEO, Director of Operations, Director of External Affairs, and Director of Corporate Services.

The Board approves the delegation of financial authority through the CEO, with a specific scheme of financial delegation in place that sets responsibilities and levels of authority to commit expenditure, to submit funding applications and /or to accept funds on behalf of the organisation.

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Related parties

Venture Trust is the parent company of Venture Mòr Ltd which is a wholly owned subsidiary company. The Board of trustees maintain oversight of the management and performance of the Charity and its subsidiary. Venture Mòr Ltd is currently dormant and has not delivered any trading activities in 2021-22.

Risk management

Venture Trust has a robust approach in place to assess, manage and mitigate risk at an operational and strategic level The strategic risk register is regularly reviewed by the senior team and board providing constructive challenge and a balanced view of risks facing the organisation and appropriate mitigations.

This approach ensures that we have appropriate policies, procedures, and systems in place to address risk across all areas of our operations. These policies and procedures are periodically reviewed to ensure they continue to comply with statutory requirements and the needs of the organisation.

Currently the most significant risks and uncertainties faced by the organisation relate to securing funding for delivery and adapting our work to meet funders’ evolving requirements and participants’ needs in the current context of covid recovery and cost of living challenges. Strain on staff through the pandemic and the evolving cost of living crisis have also increased the risk of delivering our targets and outcomes.

Our workplan and budgeting is adapted to mitigate risks as they evolve.

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TRUSTEES AND ADVISERS

Board of trustees

Susan Davies (Chair) Paul Brown Adam Burley Alastair Clarkson Katy Hetherington Pete Higgins Catherine Lindsay Hugh McGregor Jill Roulston Nicola Thomson

Senior leadership team

Mike Strang, Interim CEO (appointed 1 February 2021); Chief Operating Officer (appointed 2 August 2021, resigned 11 March 2022)

Alastair Pringle, CEO (appointed 2 August 2021) Tejesh Mistry, Director of External Affairs

Stuart MacMillan, Interim Director of Operations (appointed 1 February 2021, resigned 16 July 2021) Andrew Russell, Head of Programmes, Performance and Impact (resigned 28 February 2022) Jenny McIvor, Director of Corporate Services

Gemma Jones, Director of Operations (appointed 16 May 2022)

Auditors Solicitors Bankers
Chiene + Tait LLP Morton Fraser The Royal Bank of Scotland
Chartered
Accountants		 & Quartermile Two Bank Street
Statutory Auditor 2 Lister Square Portree
61 Dublin Street Edinburgh Isle of Skye
Edinburgh EH3 9GL IV51 9BX
EH3 6NL
Charity number SCO38932 (Scotland)
285891 (England)
Company number 01673720
Registered office 10 Orange Street, Haymarket, London, WC2H 7DQ
Operational address Argyle House, 3 Lady Lawson Street, Edinburgh EH3 9DR
Web www.venturetrust.org.uk

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INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF THE VENTURE TRUST FOR THE YEAR ENDED 31 MARCH 2022

Opinion

We have audited the Financial Statements of Venture Trust for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and 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 charitable company’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.

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Other information

The other information comprises the information included in the Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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.

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 information is materially inconsistent with the financial statements, or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in 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 Act 2011 requires us to report to you if, in our opinion:

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Responsibilities of the Trustees

As explained more fully in the Statement of Responsibilities of the Trustees, the trustees’ 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 charitable company’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 auditor under the Companies Act 2006 and section 151 of the Charities Act 2011 and report in accordance with those Acts.

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:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-ofauditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Board of Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s members and its 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 and 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.

Jeremy Chittleburgh (Senior Statutory Auditor) For and on behalf of Chiene + Tait LLP

Chartered Accountants & Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL

Date – 27 September 2022

Chiene + Tait LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

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STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME & EXPENDITURE)

for the year ended 31 March 2022

Notes
Income from:
4
Charitable activities
Donations
Interest
Other
Total income
Expenditure on:
Raising funds
Charitable activities
5
Total expenditure
Net income/ (expenditure)
6
Balance at 1 April 2021
Balance at 31 March 2022		 Unrestricted
funds
£
500
521,234
68
87,056
608,858
13,753
455,317
469,070
139,788
241,001
380,789		 Restricted
funds
(revenue)
£
1,837,540
385,588
-
-
2,223,128
-
2,223,128
2,223,128
-
-
-		 Restricted
funds
(capital)
£
-
-
-
-
-
-
18,781
18,781
(18,781)
78,984
60,203		 Total
2022
£
1,838,040
906,822
68
87,056
2,831,986
13,753
2,697,226
2,710,979
121,007
319,985
440,992		 Total
2021
£
1,737,160
928,185
153
43,653
2,709,151
16,897
2,599,490
2,616,387
92,764
227,221
319,985

All recognised gains and losses are included in the statement of financial activities.

The notes on pages 19 to 32 form part of these financial statements.

16

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

Balance Sheet as at 31 March 2022

Notes
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due
within one year
12
Net current assets
Net assets
14
Funds
Unrestricted
Restricted – revenue
15
Restricted – capital
15
Total funds		 2022
£
109,647
2
109,649
190,434
436,780
627,214
(295,871)
331,343
440,992
380,789
-
60,203
440,992		 2021
£
130,307
2
130,309
178,919
605,229
784,148
(594,472)
189,676
319,985
241,001
-
78,984
319,985

These financial statements have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Approved by the Board and signed on its behalf on 27 September 2022

Susan Davies (Chair)

The notes on pages 19 to 32 form part of these financial statements. Company number : 01673720

17

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

Statement of Cashflows as at 31 March 2022

Cash provided by operating activities
16
Cash flows from investing activities:
Interest income
Proceeds from the sale of property, plant
& equipment
Purchase of property, plant & equipment
Cash provided by investing activities
Cash flows from financing activities:
Repayments of borrowing
Increase in cash and cash equivalents for
the year
Cash and cash equivalents at 31 March
2020
Total cash and cash equivalents at 31
March 2022		 2022
£
(162,238)
68
1,500
(7,416)
(5,848)
(363)
(168,449)
605,229
436,780		 2021
£
464,772
153
550
-
703
(3,782)
461,693
143,536
605,229

The notes on pages 19 to 32 form part of these financial statements.

18

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

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

1. Status of the company

Every member of Venture Trust undertakes to contribute to the assets of Venture Trust in the event of a winding-up while a member, or within one year after ceasing to be a member. This is for payment of the liabilities of Venture Trust contracted before he ceases to be a member, such amounts as may be required will not exceed £1.

2. Accounting policies

2.1 Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. Venture Trust meets the definition of a public benefit entity under FRS102.

2.2 Going concern basis

The Trustees consider the charitable company to be a going concern.

The future operations of the charitable company are dependent on continued financial support from funders, the generation of future operating surpluses and sufficient ongoing operating cashflows. When looking ahead for the next 12 months the availability of this type of income is likely to become more constrained. At the date of approval of the financial statements, the Trustees have undertaken a detailed review of the known and likely funding position and using their knowledge of the charity sector in general, their specific knowledge of funding sources and experience and knowledge of the staff team, consider it reasonable to expect sustainable funding will be sourced to enable the charity to meet its principal aims and objectives.

The Trustees have approved up to date management accounts, budgets and cash flow projections which include key income and cost assumptions including ongoing support from funders and, where necessary, the curtailment or change of activities to match funding opportunities. Having considered these matters, the Trustees are of the view that, at the date of approval of the financial statements, the company will have sufficient resources to continue to operate and meet debts as they fall due for the foreseeable future, therefore the financial statements are prepared on a going concern basis.

19

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2.3 Income recognition

Income is included when the charitable company is entitled to receipt, the amount can be determined reliably, and the receipt is reasonably certain. Specific conditions apply as follows:

2.4 Expenditure

Expenditure is included in the Statement of Financial Activities when the charitable company has a legal or constructive obligation to transfer economic benefits to a third party. Venture Trust operates a full cost recovery model for allocation of expenditure among programmes and costs are allocated based on planned activity in each programme. Costs have been attributed to one of the functional categories of expenditure as follows:

2.5 Fund accounting

The majority of income receivable is restricted to be used on specific programmes, activities or costs. Funding received for a specific capital purchase is treated as restricted capital funds and written off in accordance with the asset’s depreciation policy.

Any funding received without terms and conditions attached is treated as unrestricted.

A programme will normally be funded by a combination of restricted and unrestricted funding. Programme costs are allocated to restricted funds first then the balance is allocated to unrestricted funds.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows:

Leasehold property over the term of the lease
Fixtures, fittings & equipment 4 years
Computer equipment 3 – 5 years
Motor vehicles 5 years

All expenditure on items of a capital nature exceeding £2,000 are capitalised.

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DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

2.7 Financial instruments

Financial instruments are contracts that give rise to financial assets or liabilities. All of the charitable company’s financial instruments qualify as “basic” in accordance with FRS102 section 11 “Basic financial instruments” and accordingly the requirements of that section are applied here. Financial instruments are measured initially at transaction price including transaction costs.

Basic financial assets comprise:

Basic financial liabilities comprise creditors and are all payable within one year. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

2.8 Operating leases

Rentals payable under operating leases are charged on a straight line basis over the lease term.

2.9 Pensions

The charity operates a defined contribution scheme for employees. Contributions payable are charged to expenditure as the obligation arises.

2.10 Foreign currency transactions

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to the statement of financial activities.

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3 . Statement of Financial Activities prior year

Income from:
Charitable activities
Donations
Social enterprise subsidiary
Interest
Other
Total income
Expenditure on:
Raising funds
Charitable activities
Subsidiary trading
Total expenditure
Net income/ (expenditure)
Balance at 1 April 2020
Balance at 31 March 2021		 Unrestricted
funds
£
15,591
438,920
-
153
43,653
498,317
16,897
359,391
-
376,288
122,029
118,972
241,001		 Restricted
funds
(revenue)
£
1,721,569
489,265
-
-
-
2,210,834
-
2,210,834
-
2,210,834
-
-
-		 Restricted
funds
(capital)
£
-
-
-
-
-
-
29,265
-
29,265
(29,265)
108,249
78,984		 Total
2021
£
1,737,160
928,185
-
153
43,653
2,709,151
16,897
2,599,490
-
2,616,387
92,764
227,221
319,985		 Total
2020
reclassified
£
1,999,768
640,212
25,295
325
58,038
2,723,638
17,949
2,660,735
172,550
2,851,234
(127,596)
354,817
227,221

22

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

4. Analysis of income by activity

2022
Scottish Government
Other central and local government
Trusts and foundations
Other
Total 2022
2021
Scottish Government
Other central and local government
Trusts and foundations
Other
Total 2021		 3-phase
journeys
£
863,027
618,407
506,460
102,500
2,090,394
3-phase
journeys
£
913,266
522,514
434,161
146,297
2,016,238		 Employability
£
3,276
101,481
11,586
39,103
155,446
Employability
£
56,863
45,568
102,345
1,000
205,776		 Outdoor
therapy
£
13,931
40,992
133,357
48,829
237,109
Outdoor
therapy
£
43,708
1,865
52,361
44,509
142,443		 Central
£
-
76,003
175,791
97,243
349,037
Central
£
-
124,681
155,362
64,651
344,694		 Total
2022
£
880,234
836,883
827,194
287,675
2,831,986
Total
2021
£
1,013,837
694,628
744,229
256,457
2,709,151

Of Other Income included in the Statement of Financial Activity, £38,164 (2021: £42,132) relates to income received for secondment of an employee to Angus Council.

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DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

5. Charitable expenditure by activity

2022
Staff
Programme
Premises
Communications
Other
Total 2022
2021
Staff
Programme
Premises
Communications
Other
Total 2021
Governance costs included above comprise:
External audit costs - prior year auditor
External audit costs – current auditor
Staff costs
Total governance		 3-phase
journeys
£
1,755,098
132,918
172,906
153,199
64,337
2,278,458
3-phase
journeys
£
1,634,597
82,135
223,340
184,649
72,287
2,197,008		 Employability
£
91,099
52,271
8,384
7,456
5,597
164,808
Employability
£
123,865
395
24,164
20,676
4,102
173,202		 Outdoor
therapy
£
221,557
761
15,266
12,670
3,707
253,960
Outdoor
therapy
£
157,227
16,701
27,138
16,919
111,295
229,280
2022
£
-
12,190
8,239
20,429		 Total
2022
£
2,067,754
185,950
196,556
173,324
73,641
2,697,226
Total
2021
£
1,915,689
99,231
274,642
222,244
87,684
2,599,490
2021
£
10,980
12,500
7,649
31,129

24

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

6. Net income/(expenditure)

6. Net income/(expenditure)
2022 2021
Net income/(expenditure) is stated after charging: £ £
Depreciation 30,057 51,208
Auditors’ remuneration:
For the provision of statutory audit services 12,190 11,580
Under provision in prior year - 11,900

7. Employment costs

Salaries and wages
Social security
Pensions
Total		 2022
£
1,661,338
151,049
47,029
1,859,416		 2021
£
1,624,267
146,858
44,860
1,815,985

One employee earned between £60,000 and £70,000 during the year (2021: none). No employees earned over £70,000 (2021: none).

The key management personnel of the charitable company comprise the trustees and the senior leadership team, as set out on page 11. Remuneration of the key management personnel is set according to pay scales which are approved by the Board at the point of any changes being made. The total employee benefits of the key management personnel of the charity were £283,861 (2021: £256,598).

The average number of full-time equivalent employees during the year was 58 (2021: 57). Staff numbers based on full-time equivalents were made up as follows:

3-phase journeys
Employability
Outdoor therapy
Management and support
Total		 2022
Number
29
3
4
22
58		 2021
Number
32
3
3
19
57

No trustees received remuneration or expenses (2021: nil).

25

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

8. Pension

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension scheme complies with automatic enrolment requirements. The pension contributions payable by the charity for the year ended 31 March 2022 amounted to £47,029 (2021: £44,860). £8,581 (2021: £ 9,012) was outstanding at 31 March 2022.

9. Fixed assets

Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
On disposals
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Motor
vehicles
£
55,331
3,396
(40,835)
17,892
48,436
5,018
(40,835)
12,619
5,273
6,895		 Leasehold
property
£
159,911
-
-
159,911
85,046
14,926
-
99,972
59,939
74,865		 Other
£
216,121
7,416
(68,652)
154,885
167,574
11,528
(68,652)
110,450
44,435
48,547		 Total
£
431,363
10,812
(109,487)
332,688
301,056
31,472
(109,487)
223,041
109,647
130,307

10. Investments

The charitable company holds 100% of the share capital of Venture Mòr Ltd, a company incorporated in Scotland. The aggregate amount of capital and reserves of this undertaking for the last relevant financial year to 31 March 2022 was £2 (2021 £2). The company is now dormant.

In the opinion of the trustees, the aggregate value of the charitable company’s fixed asset investments is not less than the amount included in the balance sheet.

26

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

11. Debtors

Trade debtors
Prepayments
Other debtors
Accrued income

Total
 2022
£
-
38,960
8,525
142,950
190,435		 2021
£
300
36,649
18,321
123,649
178,919

12. Creditors payable within one year

Trade creditors
Taxation and social security
Other creditors
Deferred income
Term loans due within one year
Total		 2022
2021
£
£
57,878
62,158
34,452
36,751
34,288
46,764
169,253
448,436
-
363
295,871
594,472

13. Deferred income

3. Deferred income
Brought forward at 1 April 2021
Released to incoming resources in year
Received in year and deferred
Carried forward at 31 March 2022		 2022
£
448,436
(448,436)
169,253
169,253

27

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

14. Analysis of net assets among funds

2022 Charity
Tangible fixed assets
Net current assets
Net assets at 31 March 2022
2021 Charity
Tangible fixed assets
Net current assets
Net assets at 31 March 2021		 Unrestricted
funds
£
2
380,787
380,789
2
240,999
241,001		 Restricted
funds
(revenue)
£
49,444
(49,444)
-
51,323
(51,323)
-		 Restricted
funds
(capital)
£
60,203
-
60,203
78,984
-
78,984		 Total
funds
£
109,649
331,343
440,992
130,309
189,676
319,985

15. Analysis of movements in restricted funds by programme

2022
Restricted funds – revenue
3-phase programmes:
Inspiring Young Futures
Living Wild: Chance for Change
Next Steps
Positive Futures
Employability
Outdoor therapy
Any programme
Total restricted funds - revenue
Restricted funds – capital
Total restricted funds
Unrestricted funds
Total funds		 Opening
£
-
-
-
-
-
-
-
-
78,984
78,984
241,001
319,985		 Income

£
403,388
946,072
282,902
153,646
148,860
139,450
148,810
2,223,128
-
2,223,128
608,858
2,831,986		 Expenditure
£
403,388
946,072
282,902
153,646
148,860
139,450
148,810
2,223,128
18,781
2,241,909
469,070
2,710,979		 Closing
£
-
-
-
-
-
-
-
-
60,203
60,203
380,789
440,992

28

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

Restricted funds

The charitable company relies on a mix of restricted and unrestricted funding to fulfil our charitable objectives. None of our programmes are fully funded by one type of funding only and there are many different types of restrictions. The restrictions attached to each funding source are recorded specifically so it can be used and reported correctly to the funder. For the purposes of statutory reporting, we have grouped the funding according to our programme themes and set out the restrictions applying to each below.

Three phase programmes

Inspiring Young Futures

This programme helps young people furthest from opportunity, primarily aged 16-25 across Scotland, especially those with experience of local authority care, who have had social work involvement and/or caring responsibilities, to reach positive destinations in employment, education, training, volunteering and a sustainable lifestyle.

Living Wild: Chance for Change

This programme is designed for men and women aged 16-40 who are involved in the community justice system anywhere in Scotland, and primarily aims to help them reduce their risk of reoffending.

Next Steps

Next Steps supports women of aged 16+ whose chaotic and disadvantaged backgrounds have led to their involvement in, or created a high risk of, offending. It helps them stabilise their lives and reduces their risks of future offending.

Positive Futures

Positive Futures provides specialist support to those who have left military service and are struggling with the transition to civilian life, offering a programme of personal development that helps participants to develop the life skills to make positive life changes and move towards employment, education, training or voluntary roles.

Employability

Change Cycle programme is an employability programme,), for young people aged 16-24, who have experienced challenging life circumstances and have recently completed a Venture Trust programme or equivalent.

Outdoor therapy

The service aims to support people by combining the full range of benefits from time in nature and the outdoors with professional therapy to improve mental health and wellbeing. This is a free, confidential service for 16-25 year olds and ex-service personnel.

Any programme

These are funds provided to support a number of participants. The funding may specify a specific cohort or criteria such as homelessness or young people but may not specify a specific programme or workstream. This funding allows us to take a needs lead approach and allocate participants to the programme must suited to their needs.

Capital grants

These funds represent grants received towards the purchase or development of fixed assets. Expenditure comprises depreciation on those assets.

29

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

Included in restricted fund programmes are income and expenditure specific to the following funders:

2022
Income
Expenditure
£
£
National
Lottery
Community Fund: Awards
for All
3,575
3,575
Heritage Lottery Fund :
Covid-19 emergency funding
-
-
Big Lottery: Investing in
Communities
Inspiring Young Futures
-
-
2021
Opening
£
Restricted funds – revenue
3-phase programmes:
Inspiring Young Futures
-
Living Wild: Chance for Change
-
Next Steps
-
Positive Futures
-
Employability
-
Outdoor therapy
-
Any programme
-
Total restricted funds - revenue
-
Restricted funds – capital
108,249
Total restricted funds
108,249
Unrestricted funds
118,972
Total funds
227,221		 2021
Income
Expenditure
£
£
-
-
82,900
82,900
51,332
51,332
Income
Expenditure
Closing
£
£
£
499,461
499,461
-
829,369
829,369
-
254,691
254,691
-
249,384
249,384
-
130,604
130,604
-
113,274
113,274
-
134,051
134,051
-
2,210,834
2,210,834
-
-
29,265
78,984
2,210,834
2,240,099
78,984
498,317
376,288
241,001
2,709,151
2,616,387
319,985		 2021
Income
Expenditure
£
£
-
-
82,900
82,900
51,332
51,332
Income
Expenditure
Closing
£
£
£
499,461
499,461
-
829,369
829,369
-
254,691
254,691
-
249,384
249,384
-
130,604
130,604
-
113,274
113,274
-
134,051
134,051
-
2,210,834
2,210,834
-
-
29,265
78,984
2,210,834
2,240,099
78,984
498,317
376,288
241,001
2,709,151
2,616,387
319,985
-
78,984
78,984
241,001
319,985

30

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

16. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year
Adjusted for:
Depreciation charges
Interest income
Loss / (profit) on the sale of fixed assets
Decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 2022
£
121,007
30,057
(68)
(3,478)
(11,517)
(298,239)
(162,238)		 2021
£
88,659
51,208
(153)
51,426
62,665
210,967
464,772

17. Analysis of net debt

7. Analysis of net debt
2022
Cash
Loans falling due within one year
Total
2021
Cash
Loans falling due within one year
Total		 Opening
£
605,229
(363)
604,866
143,536
(4,145)
139,391		 Cash
flows
£
(168,449)

363
(168,087)

461,693

(3,782)
457,911
 Closing
£
436,780
-
436,779
605,229
(363)
604,866

31

DocuSign Envelope ID: C4F0A91E-C0C4-4FF5-99B1-C5C615A435A3

18. Operating lease commitments

The charity has commitments for the total of future minimum lease payments under non-cancellable operating leases in respect of property, IT equipment and vehicles as follows:

Leases expiring in:
Less than 1 year
1 – 5 years		 2022
£
134,414
103,605
238,018		 2021
£
99,354
180,267
279,621

Total lease payments recognised as expenditure in the year were as follows:

Property
IT equipment
Vehicles		 2022
£
97,260
12,977
16,918
127,155		 2021
£
97,260
26,903
20,917
145,080

32