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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 2024
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## **ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
**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 2024 ......................................................................................................... 11 Statement of Financial Activities (including Income and Expenditure) ................ 15 Balance Sheet as at 31 March 2024 ................................................................................ 16 Statement of Cashflows as at 31 March 2024 .............................................................. 17 Notes to the financial statements for the year ended 31 March 2024…………………18
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## **CHAIR AND CEO REPORT**
At Venture Trust, we have experienced another challenging but rewarding year.
In light of the shrinking and challenging funding landscape across the third sector, early in the year we embarked on a transformational change programme to revise our operating model and enable longterm viability. In July we embarked on a transformational change programme to revise our operating model. This included a complete organisational restructure, which helped to make essential cost savings, but this was not the only driver behind the changes. We recognised that if we organised ourselves differently, into inter-disciplinary locality-based teams, our participants would benefit from relational continuity, which in turn would improve the quality of our support leading to better, lasting outcomes for the people we work with.
We are extremely grateful to all our staff, who have continued to show up every day – even under testing circumstances and give their all to support our participants and get behind the vision and mission of our charity.
We would like to thank our funders and referral partners, especially over this last year, for their support and understanding whilst we navigated the transition from one way of working to another and for choosing to continue to invest in Venture Trust and our new service delivery model.
Towards the end of the year we developed a one-year strategy to help consolidate our new structure and way of working, whilst maintaining focus on four key strategic objectives – to provide support that leads to lasting change, to ensure the voices and experiences of the people we work with are at the heart of our charity, that Venture Trust is a great place to work, where our people feel valued and are supported to be their best and finally, that our charity is compliant and financially sustainable.
The Chair of our board of trustees, Angela McCusker and CEO Jenny Paterson have now both completed a full financial year leading our charity and we are pleased with the outcome of our transformational change programme and satisfied with how we ended the year.
**Angela McCusker Chair of the Board**
**Jenny Paterson CEO**
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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 over 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.
## **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.
## **OUR VALUES**
Underpin everything we do
**Courage** – in our thinking, our decisions and our actions – even when things feel difficult **Curiosity** – we are always learning and growing
**Care** – for the people we work with, ourselves, and our planet **Collaboration** – we believe in the power of partnerships to drive real change **Connection** – to the people we work with, our colleagues, our communities and to nature
## **ACHIEVEMENTS AND PERFORMANCE OVERVIEW**
This year, we have continued to deliver our personal development programmes (where each have a wilderness journey of between 5 and 10 days as a central element), and we have seen further development of our Outdoor Therapy service and the launch of two new employability programmes, CashBack Green Futures and Forward for Families Fife.
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Over the last 12 months, we have provided support to 634 individuals across our programmes and services, delivering 20 wilderness journeys, 4 CashBack Green Futures courses, 3 Forward for Families in Fife courses and an increased level of support in our Outdoor Therapy service. Across the year, 148 people participated on a wilderness journey.
Across all of programmes, 91% of participants reported a mental health issue and just under half of all participants (48%) were involved in the justice system.
## **Personal development programmes**
Scotland’s natural environment is blessed with beautiful greenspaces, breath-taking scenery, and stunning landscapes. At Venture Trust, we see these places as positive therapeutic learning and development environments where people have the space and opportunity to reflect, challenge themselves, enjoy a sense of achievement, and work towards improved outcomes. Ultimately, we use outdoor challenges and therapeutic experiences to help participants understand their personal journey, the disadvantages they have experienced, and empower them to take control of their own future, leading to a more fulfilled life.
Our work is trauma-informed, recognising that our participants have multiple and complex needs, which is why our work not only focuses on the issues presented, but on the whole person and the different factors impacting their lives.
We deliver a person-centred service with embedded trauma-informed practices, giving people the opportunity and freedom to understand, reflect upon, and begin to heal from any adverse experiences. We respect the individuals needs and values, appreciating they are the experts in their own lives, and provide the means and conditions for them to not only make changes, but to thrive. Most importantly, we build positive relationships and create the space for people to discover their identity, heal from their trauma, and look forward with optimism.
By making use of the outdoors, either in the local community or in some of Scotland’s more remote locations, we are providing an environment which is conducive to reflection and recovery. Our programmes help improve confidence, health, and relationships, leading to improved circumstances and outcomes, meaning participants are more able to play a positive role within their communities, ultimately strengthening and developing a more resilient, tolerant, and inclusive society throughout Scotland.
Using local green spaces, we connect with participants either individually or through group outdoor activities, supporting them to map out and work towards their personal goals and destinations. For some, this will be going on a wilderness journey, for others, participating in our outdoor employability programme, engaging in outdoor therapy, or continued community engagement until confident to progress; what’s important is that we take a person-centred approach, with our multi-disciplinary teams working together to support each person to participate in the activity or activities that’s right for them at that time.
When ready and where appropriate, participants can go on an outdoor wilderness journey. Our journeys take participants out into the stunningly beautiful Scottish wilderness, where they typically travel for anything up to ten days, wild camping, walking, canoeing, abseiling, climbing, and overcoming challenging terrain. Away from technology, their local environments, networks of family and friends, and the pressures associated, our participants are given the freedom to truly find themselves, leading to an improved sense of self-worth, confidence, and wellbeing. Our wilderness journey leaders are highly trained to help participants safely navigate the physical journey but also
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attuned to support their individual mental and emotional needs. We use the experiences and challenges of the great outdoors to enable participants to reflect on day-to-day concerns, behaviours, and choices, helping them to forge a different path when they return home to their communities.
The wilderness journeys are carefully planned to include intense personal development sessions which are designed to help participants truly reflect on their life choices, the external influences, the pressures they face, the relationships they hold, and the environment in which they inhabit. Through the community created, people experience safety, positive relationships, and the space for people to create a new understanding of themselves and how they might navigate the world.
On returning from a wilderness journey, we bring participants back together in their community, revisiting the things they identified as important during their wilderness journey and support them to implement the changes. This could mean taking up our offer of outdoor therapy or participating on our outdoor employability programme, and for some, it will be an external progression pathway including other services, college courses, or employment.
## **Employability**
We deliver outdoor employability projects using green spaces to develop skills, improve wellbeing, and build confidence. Participants are supported to write a CV, and apply for further training, college, or employment, and some can work towards achieving a qualification. Many of our participants believe a job is beyond them, but our carefully designed outdoor programmes help people discover their strengths, realise their talents, and gain the confidence to find and secure employment or further training.
Our CashBack Green Futures programme worked with 32 individuals across the four courses we delivered, with another 10 individuals taking part in one of our Booster Sessions. The Forward for Families Fife programme worked with 17 individuals across the three courses we delivered.
## **Outdoor Therapy**
Our Outdoor Therapy service helps tackle personal challenges, the effects of trauma, and mental health. Delivered by experienced Outdoor Therapists, participants engage for up to 20 Outdoor Therapy sessions. Our therapists meet participants in an outdoor space where they feel comfortable and safe; this could be a public park, nature trail, or even a local football pitch. Walking side by side, sitting by a loch, or relaxing in an outdoor environment participants can freely talk about their feelings, challenges, and anxieties. For many people, outdoor therapy is more suitable than traditional therapeutic settings, as it gives them a sense of control and choice over the environment, connecting with nature in their local areas building a connection to place and community. Outdoor Therapy has been proven to transform lives, allowing people to move forward with confidence.
Our free, confidential service worked with 122 clients over the year, delivering 1,014 one-to-one therapy sessions in urban outdoor spaces in client’s local communities. These spaces included local parks, community gardens, waterways, woodlands, beaches, and local hills.
Levels of engagement with our clients have been strong over the year with 90% of our clients having at least 4 sessions with one of our therapists. Of those who completed their time in the service in 2023/24, each client had received an average of 10.3 one-to-one sessions with their Outdoor Therapist, and of those who completed and had at least 4 sessions, their average was 13.5 during their time working with Venture Trust.
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## **Overview of Impact**
Over 2023-24, we saw 79 participants from our personal development programmes achieve at least one positive outcome. These included entering employment (31), education (13), training (9), volunteering (23), a positive onward referral to other organisations (6) and referral into another Venture Trust service (12), such as our Outdoor Therapy or Employability programmes. Others also achieved something more personal to them such as joining a local drama group, gaining a first personal tenancy, getting a dog (which has helped their mental wellbeing) and gaining permanent access to their children.
For most of our participants, a positive result of working with Venture Trust is the development of their core life skills and positive behavioural change. We have seen fantastic levels of personal development and growth over the year, captured through our bespoke monitoring system and our wilderness journey course reports. Some of the highlights from the year include: 79% reported an increase in their confidence, 82% saw their skills in dealing with challenge improve, 81% showed improved mental wellbeing, 81% increased their hope/aspiration/motivation for the future and 77% also reported an increase in their ability to maintain positive relationships.
These all make a massive difference to our participants' prospects moving forward in life and can have a profound impact on them and the wider community.
## **Strategic Planning**
Whilst we continue to work towards our Strategic Plan 24-25, we recognise the need to review and refresh this in line with the challenging funding environment and the cost-of-living crisis combined with an upturn in referrals and evidence of need. We will complete a three year strategy for 25-28 by March 2025.
## **Fundraising and Partnerships**
Our work would not be possible without the continued support and encouragement from our partners and funders who value the impact of our approach to supporting some of the most vulnerable and disadvantaged people. We continue to work with a range of statutory, trusts and foundations, lottery, and corporate partners to fund our work.
We were successful in securing funds from the following sources:
The Scottish Government, Inspiring Scotland, CORRA Foundation, Fife Council, Glasgow City Council, North Lanarkshire Council, East Ayrshire council, North Ayrshire Council, Perth Community Mental Health and Wellbeing Fund, Aberdeen Community Mental Health and Wellbeing Fund, Souter Charitable Trust, National Lottery, Arc'teryx, Dunlossit and Islay Community Trust, Gannochy Trust, Hugh Fraser Foundation, Mathew Trust, The MacRobert Trust, The Pilgrim Trust, Scottish Mountaineering Trust, Whirlwind Charitable Trust, Youthlink Scotland, and some community fundraising activities and individual donations.
## **The Future**
In the face of a shrinking and challenging funding landscape, it is imperative that Venture Trust takes proactive measures to secure its financial sustainability. While our core mission remains steadfast, the reality demands a strategic expansion of our income streams.
Unrestricted income will allow us to not only sustain current operations but be more flexible with strategic decisions which can be informed by need, rather than being driven, restricted, or ring fenced by funding. To achieve this, we will seek to diversify our income through community fundraising
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events, individual donations, corporate partnerships, and commercial ventures. As we navigate the intricate terrain of social impact, pursuing income generating activities is not just a prudent choice but a strategic imperative.
We recognise that applications to Trusts and Foundations and statutory bodies will remain a substantial source of income as we develop and build on other means of fundraising, and that we will need to build slowly as we navigate the change.
## **FINANCIAL REVIEW**
## **Financial Position**
Grants form most of the charitable company’s income for 2023/24: 44% (2022/23: 37%) of total income being grants from Scottish Government, 25% (2022/23: 32%) grants from other central and local government, 25% (2022/23: 22%) grants from trusts, foundations, and other bodies, and 6% (2022/23: 9%) grants from the National Lottery.
Net income for this year amounted to £3,338 (2022/23 net expenditure: £312 567). This includes expenditure of £18,349 (2022/23: £18,715) 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 £21,687 (2022/23 net expenditure £293,852).
## **Reserves Policy**
Venture Trust aims to hold reserves at a level 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 account of any restrictions on funding. The Trustees recognise it will take a number of years to reach this level.
Total funds held by the charitable company as of 31 March 2024 were £131,763 (2023: £128,425), however £23,139 (2023: £41,488) are restricted funds relating solely to the purchase of fixed assets as described above. The actual free reserves held as of 31 March 2023 were £108,624 (2023: £86,937), with no amounts (2023: none) having been designated or otherwise committed.
Eighty-eight 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:
- Investment in our Funding and Partnerships team to develop and implement our fund raising strategy to maximise unrestricted income from individual, community and corporate giving.
- A diverse and balanced range of funding underpinning continued positive partnerships to enable Venture Trust to target limited resources to where they will achieve the greatest impact for the people we support.
## **Going Concern Basis**
In 2023/24, the Board took a decision to restructure the business, creating multi-disciplinary teams with specialist skills, allowing us to be more fluid, connected, and person centred with the support we provide. As we progress into 2024, we will embed this new structure and evaluate the impact of improving the lives and outcomes for individuals who have experienced trauma, adverse childhood
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experiences, and a multitude of other challenges. The re-structure was also influenced by the need to reduce our costs in order to remain viable.
The third sector continues to face a shrinking funding landscape. We remain steadfast to our cause, our strategic objectives and the increasing demand for our services. Despite these challenges, the Senior leadership team and Board of Trustees have implemented several strategic measures to ensure the charity’s ongoing viability:
- The income pipeline is monitored on a regular basis to inform decisions about the charity and its operations, escalating strategic decisions to the Finance and HR Committee and Board as necessary.
- Cost Management – during the re-structure a review of our expenses was conducted to identify areas for cost reduction without compromising the quality of our services. This is an ongoing exercise.
- Diversification of Funding Sources: We are actively seeking new funding opportunities, including partnerships with corporate sponsors, government grants, and individual donors.
- - Enhanced Fundraising Efforts: We are expanding our fundraising ad partnerships team to increase donor engagement and support.
- Community Engagement: We are strengthening our relationships with the community and stakeholders to raise awareness of our mission and the critical need for support.
The forecasted income pipeline for the current financial year and beyond is sufficient to support the charity to meet its principal aims and objectives. The senior leadership team and Board have agreed a medium term plan including new fundraising opportunities and identified some cost savings that can be made if and when required. 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 2024. 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. Nine non-executive directors meet on a quarterly basis and have delegated the day-to-day management of the organisation to the CEO.
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.
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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 10.
Induction and training for new trustees is led by the Chair and CEO. This includes:
- The obligations of trustees;
- Key documents which set out the operational framework for Venture Trust including the Memorandum and Articles;
- Meetings with key members of staff;
- Resourcing and the current financial position as set out in the latest published financial statements, and
- Future strategy, plans and objectives.
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 four years each on a rolling basis. This period may be extended for a further one term of two years. Directors shall not be reappointed within one year.
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 programmes.
The SLT meets frequently and is comprised of CEO, Director of Operations, Director of Funding and Partnerships, 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.
## **Related parties**
Venture Trust was the parent company of Venture Mòr Ltd which was a wholly owned subsidiary company. Venture Mòr Ltd was dormant and has not delivered any trading activities in 2022-23 or 2023-24. On 12 December 2023 Venture Mòr Ltd was dissolved via voluntary strike-off.
## **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
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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.
Our workplan and budgeting is adapted to mitigate risks as they evolve.
## **Trustees’ responsibilities statement**
The trustees (who are also directors of the Venture Trust for the purposes of company law) are responsible for preparing the Trustees' Annual 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. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
•select suitable accounting policies and apply them consistently;
•observe the methods and principles in the Charities SORP;
•make judgments and estimates that are reasonable and prudent;
•state whether applicable UK accounting standards have been followed, subject to any departures disclosed and explained in the financial statements; and
•prepare the accounts on a going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the accounts comply with the Companies Act and the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report was approved by the Directors on 30th October 2024 and signed on their behalf by:
## **Angela McCusker**
**Chair of the Board**
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## **TRUSTEES AND ADVISERS**
## **Board of trustees**
Angela McCusker (Chair) Adam Burley Alastair Clarkson Katy Hetherington Catherine Lindsay Hugh McGregor Jill Roulston Nicola Thomson (resigned 14 August 2024) Bill Stephen (appointed 23 October 2023)
## **Senior leadership team**
Jenny Paterson, CEO Jenny McIvor, Director of Corporate Services (resigned 20 October 2023) Lynn Simmers, Director of Corporate Services (appointed 23 October 2023) Gemma Jones, Director of Operations
Gavin Sinclair, Director of Funding and Partnerships (appointed 15 April 2024)
**Auditors Solicitors Bankers** Chiene + Tait LLP (trading as CT) Kerr Stirling LLP The Royal Bank of Scotland Chartered Accountants & 10 Albert Place Bank Street Statutory Auditor Stirling Portree 61 Dublin Street FK8 2QL Isle of Skye Edinburgh IV51 9BX EH3 6NL **Charity number** SCO38932 (Scotland) 285891 (England) **Company number** 01673720 **Registered office** 10 Orange Street, Haymarket, London, WC2H 7DQ **Operational address** Unit 6 Block 1, Manor Farm Business Park, Stirling, FK9 5QD **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 2024**
## **Opinion**
We have audited the Financial Statements of Venture Trust for the year ended 31 March 2024 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:
- give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **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:
- the information given in the Trustees’ Annual Report which includes the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Trustees’ Annual Report which includes the Directors’ Report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the 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:
- adequate and sufficient accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
## **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
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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:
- A review of manual adjustments made in coming to the financial statements would identify any unusual adjustments.
- Through gaining a detailed understanding of the business and operations this allowed for identification of irregularities.
- Review of minutes of board meetings throughout the period;
- Specific consideration was given to transactions with related parties.
- Reviewing grant documentation to ensure that they have been allocated correctly between restricted and unrestricted funds and recognised accurately.
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.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
13
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **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 CT
Chartered Accountants & Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL
Date – 31 October 2024
Chiene + Tait LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
14
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **(INCLUDING INCOME & EXPENDITURE)**
## **for the year ended 31 March 2024**
|**or the year ended**|**31 March**|**2024**|||||
|---|---|---|---|---|---|---|
|**Note**
**Income from:**
**3**
Charitable activities
Donations
Interest
Other
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
**4**
**Total expenditure**
**Net income/ (expenditure)**
**5**
Balance at 1 April 2023
**Balance at 31 March 2024**|**Unrestricted**
**funds**
**£**
-
285,702
3,148
21,825
**310,675**
61,439
227,549
**288,988**
**21,687**
86,937
**108,624**|**Restricted**
**funds**
**£**
1,902,659
128,500
-
-
**2,031,159**
-
2,049,508
**2,049,508**
**(18,349)**
41,488
**23,139**|**Total**
**2024**
**£**
1,902,659
414,202
3,148
21,825
**2,341,834**
61,439
2,277,057
**2,338,496**
**3,338**
128,425
**131,763**|**Unrestricted**
**funds**
**£**
39,730
104,602
1,402
44,767
**190,501**
14,616
469,737
**484,353**
**(293,852)**
380,789
**86,937**|**Restricted**
**funds**
**£**
1,813,787
412,204
-
2,245
**2,228,236**
-
2,246,951
**2,246,951**
**(18,715)**
60,203
**41,488**|**Total**
**2023**
**£**
1,853,517
516,806
1,402
47,012|
|||||||**2,418,737**|
|||||||14,616
2,716,688|
|||||||**2,731,304**|
|||||||**(312,567)**
440,992|
|||||||**128,425**|
All recognised gains and losses are included in the statement of financial activities.
The notes on pages 18 to 31 form part of these financial statements.
15
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **Balance Sheet as at 31 March 2024**
|**Notes**
**Fixed assets**
Tangible assets
**8**
Investments
**9**
**Current assets**
Debtors
**10**
Cash at bank and in hand
**Current liabilities**
Creditors: amounts falling due
within one year
**11**
**Net current assets**
Provision for Dilapidations
**18**
**Net assets**
**13**
**Funds**
Unrestricted
Restricted – revenue
**14**
Restricted – capital
**14**
**Total funds**|**2024**
**£**
84,774
-
**84,774**
179,859
210,313
**390,172**
(332,606)
**57,566**
10,577
**131,763**
108,624
-
23,139
**131,763**|**2023**
**£**
117,317
2|
|---|---|---|
|||**117,319**|
|||87,947
222,711|
|||**310,658**
(258,126)|
|||**52,532**|
|||41,426|
|||**128,425**|
|||86,937
-
41,488|
|||**128,425**|
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 30[th] October 2024.
Angela McCusker (Chair)
The notes on pages 18 to 31 form part of these financial statements. Company number **:** 01673720
16
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **Statement of Cashflows as at 31 March 2024**
|**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
2023
**Total cash and cash equivalents at 31**
**March 2024**|**2024**
**£**
(15,546)
3,148
-
-
**3,148**
-
**(12,398)**
222,711
**210,313**|**2023**
**£**
(174,010)|
|---|---|---|
|||1,402
-
(41,461)|
|||**(40,059)**|
|||-|
|||**(214,069)**
436,780|
|||**222,711**|
The notes on pages 18 to 30 form part of these financial statements.
17
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024**
## **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 they cease 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. The financial statements are prepared in sterling.
## **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.
18
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **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:
- When donors specify the period to which income applies, the charity deems entitlement to arise evenly over that period,
- Charitable income received for the delivery of services is accounted for as services are provided, and
- When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until these pre-conditions have been met.
## **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:
- _Fundraising costs:_ direct costs of fundraising events, marketing and publicity materials along with direct and support costs associated with funding and contracts staff involved in raising voluntary income.
- _Charitable activities:_ These include direct costs incurred in programme delivery along with administration and support costs allocated to the various activities as shown in note 5.
- _Governance_
- _costs:_ These are costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
## **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 is capitalised.
19
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **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:
- debtors which are all receivable within one year. Financial assets are assessed for indicators of impairment at each reporting date. Impairment losses are recognised as expenditure in the period in which objective evidence arises that that the estimated future cash flows are negatively affected by events occurring since initial recognition.
- cash and cash equivalents which comprise deposits held with banks and cash in hand.
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.
20
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **3** . **Analysis of income by activity**
|**2024**
Scottish Government
Other central and local government
Trusts and foundations
Other
**Total 2024**
**2023**
Scottish Government
Other central and local government
Trusts and foundations
Other
**Total 2023**|**Personal**
**Development**
**Programmes**
**£**
880,508
430,462
215,482
91,071
**1,617,523**
**Personal**
**Development**
**Programmes**
**£**
824,149
605,380
321,751
70,267
**1,821,547**|**Employability**
**£**
151,885
126,918
-
-
**278,803**
**Employability**
**£**
-
113,029
38,206
38,000
**189,235**|**Outdoor**
**therapy**
**£**
-
46,396
44,486
122,158
**213,039**
**Outdoor**
**therapy**
**£**
75,000
22,703
74,800
32,450
**204,953**|**Central**
**£**
-
-
225,000
7,470
**232,470**
**Central**
**£**
-
27,717
91,029
84,256
**203,002**|**Total**
**2024**
**£**
1,032,393
603,775
484,967
220,699|
|---|---|---|---|---|---|
||||||**2,341,834**|
||||||**Total**
**2023**
**£**
899,149
768,829
525,786
224,973|
||||||**2,418,737**|
Of Other Income included in the Statement of Financial Activity, £nil (2023: £9,637) relates to income received for secondment of an employee to Angus Council.
21
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **4. Charitable expenditure by activity**
|**2024**
Staff
Programme
Premises
Communications
Other
**Total 2024**
**2023**
Staff
Programme
Premises
Communications
Other
**Total 2023**
Governance costs included above comprise:
External audit costs
Staff costs
Meeting costs
**Total governance**|**Personal**
**Development**
**Programmes**
**£**
1,284,294
134,311
87,027
77,066
63,877
**1,646,575**
**Personal**
**Development**
**Programmes**
**£**
1,667,208
132,272
230,083
117,118
70,624
**2,217,305**|**Employability**
**£**
209,110
1,924
15,803
13,994
11,600
**252,431**
**Employability**
**£**
141,807
50,342
12,224
10,071
5,145
**219,589**|**Outdoor**
**therapy**
**£**
311,629
3,912
23,863
21,132
17,515
**378,051**
**Outdoor**
**therapy**
**£**
229,026
3,506
22,608
15,060
9,594
**279,794**
**2024**
**£**
11,602
7,258
-
**18,860**||**Total**
**2024**
**£**
1,805,033
140,147
126,693
112,192
92,992|
|---|---|---|---|---|---|
||||||**2,277,057**|
||||||**Total**
**2023**
**£**
2,038,041
186,120
264,915
142,249
85,363|
||||||**2,716,688**|
||||||**2023**
**£**
11,590
8,239
147
**19,976**|
22
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **5. Net income/(expenditure)**
|**5. Net income/(expenditure)**|||
|---|---|---|
||**2024**|**2023**|
|Net income/(expenditure) is stated after charging:|**£**|**£**|
|Depreciation|32,543|33,791|
|Auditors’ remuneration:|||
|For the provision of statutory audit services|11,602|11,590|
## **6. Employment costs**
|Salaries and wages
Social security
Pensions
**Total**|**2024**
**£**
1,459,485
137,954
40,666
**1,638,105**
|**2023**
**£**
1,581,869
151,151
44,717|
|---|---|---|
|||**1,777,737**|
One employee earned between £60,000 and £70,000 during the year (2023: one).
The key management personnel of the charitable company comprise the trustees and the senior leadership team, as set out on page 10. 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 £209,871 (2023: £219,616).
The total amount of redundancy costs during the year was £8,887 (2023: nil). At the year end, there was £nil outstanding (2023: £nil).
The average number of employees during the year was 48 (2023: 58). Staff numbers were made up as follows:
|Personal Development Programmes
Employability
Outdoor therapy
Management and support
**Total**|**2024**
**Number**
18
4
5
21
**48**
|**2023**
**Number**
30
3
3
22|
|---|---|---|
|||**58**|
No trustees received remuneration or expenses (2023: nil).
23
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **7. 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 2024 amounted to £40,666 (2023: £44,717). £14,388 (2023: £8,567) was outstanding at 31 March 2024.
## **8. Fixed assets**
|**Cost**
At 1 April 2023
Additions
Disposals
**At 31 March 2024**
**Depreciation**
At 1 April 2023
Charge for the year
On disposals
**At 31 March 2024**
**Net book value**
**At 31 March 2024**
At 31 March 2023|**Motor**
**vehicles**
**£**
59,352
-
-
**59,352**
22,187
10,215
**32,402**
**26,950**
37,165|**Leasehold**
**property**
**£**
159,911
-
-
**159,911**
114,663
14,324
-
**128,987**
**30,924**
45,248|**Other**
**£**
154,585
-
(40,156)
**114,429**
119,681
8,004
(40,156)
**87,529**
**26,900**
34,904|**Total**
**£**
373,848
-
(40,156)|
|---|---|---|---|---|
|||||**333,692**|
|||||256,531
32,543
(40,156)|
|||||**248,918**|
|||||**84,774**|
|||||117,317|
## **9. Investments**
The charitable company held 100% of the share capital of Venture Mòr Ltd, a company incorporated in Scotland. The aggregate amount of capital and reserves of this undertaking was £2 (2023 £2). On 12 December 2023, the company was dissolved. The aggregate amount of capital and reserves (£2) was written off during the year ended 31[st] March 2024.
24
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **10. Debtors**
|Prepayments
Other debtors
Accrued income
**Total**|**2024**
**£**
33,016
4,626
142,217
**179,859**
|**2023**
**£**
30,361
6,769
50,817|
|---|---|---|
|||**87,947**|
## **11. Creditors payable within one year**
|Trade creditors
Taxation and social security
Other creditors
Deferred income (note12)
**Total**|**2024**
**2023**
**£**
**£**
39,729
24,457
44,486
45,221
38,763
22,261
209,628
166,187|
|---|---|
||**332,606**
**258,126**|
## **12. Deferred income**
|Brought forward at 1 April 2023
Released to incoming resources in year
Received in year and deferred
**Carried forward at 31 March 2024**|**2024**
**£**
**166,187**
(1,749,474)
1,792,915|
|---|---|
||**209,628**|
25
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **13. Analysis of net assets among funds**
|**2024**
Non-current assets
Net current assets including dilapidations
**Net assets at 31 March 2024**
**2023**
Non-current assets
Net current assets including dilapidations
**Net assets at 31 March 2023**|**Unrestricted**
**funds**
**£**
-
108,624
**108,624**
2
86,935
**86,937**
|**Restricted**
**funds**
**(revenue)**
**£**
61,635
(61,635)
**-**
75,829
(75,829)
**-**
|**Restricted**
**funds**
**(capital)**
**£**
23,139
-
**23,139**
41,488
-
**41,488**
|**Total**
**funds**
**£**
84,774
46,989|
|---|---|---|---|---|
|||||**131,763**|
|||||**117,319**
**11,106**|
|||||**128,425**|
## **14. Analysis of movements in restricted funds by programme**
|**2024**
Restricted funds – revenue
Personal Development Programmes
Employability
Outdoor therapy
**Total restricted funds - revenue**
**Restricted funds – capital**
Total restricted funds
Unrestricted funds
Total funds|Opening
£
-
-
-
41,488
41,488
86,937
128,425|Income
£
1,549,497
278,803
202,859
2,031,159
-
2,031,159
310,675
2,341,834|Expenditure
£
1,549,497
278,803
202,859
2,031,159
18,349
2,049,508
288,988
2,338,496|Closing
£
-
-
-|
|---|---|---|---|---|
|||||-
23,139|
|||||23,139|
|||||108,624|
|||||131,763|
26
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **Restricted funds**
The charitable company relies on a mix of restricted and unrestricted funding to fulfil our charitable objectives, including Trusts and Foundations and statutory funding from the Scottish Government and local authority grants. Our programmes are funded by a range of sources, some with specific restrictions. The restrictions attached to each funding source are monitored, recorded, and reported correctly to the individual funder.
## **Funded Programmes**
Venture Trust offers a distinctive approach to supporting vulnerable individuals, including young people, women, and those involved with the criminal justice system. Our multi-disciplinary model integrates personal development programmes, outdoor therapy, and employability initiatives, all rooted in the power of nature to inspire transformation, growth, and healing.
At the heart of our work is a trauma-informed, person-centred approach. This ensures that we understand and address the lasting effects of trauma on the lives of our participants, creating a safe and supportive environment in which they can begin to rebuild their confidence and sense of selfworth. Our services include outdoor personal development programmes, which combine challenging wilderness journeys with ongoing support in the community, offering participants the tools to achieve sustainable, long-term progression in their lives.
We also deliver outdoor employability programmes aimed at young people and parents. These programmes offer a unique blend of outdoor experiences designed to enhance participants’ employability, build confidence, and improve overall wellbeing. By engaging in practical, hands-on activities in nature, participants gain valuable skills that can help them move closer to meaningful employment, while also benefiting from the positive impact of the natural environment on their mental and physical health.
Outdoor therapy plays a crucial role in our approach, providing participants with a therapeutic setting that promotes healing and recovery from trauma. The outdoors offers a calming, restorative backdrop for reflection and personal growth, helping individuals to build resilience and develop healthier coping strategies for the future. Through these combined initiatives, Venture Trust empowers individuals to overcome their past experiences and move forward towards a brighter future.
|**2023**
Restricted funds – revenue
Personal Development Programmes
Employability
Outdoor therapy
Any programme
**Total restricted funds - revenue**
**Restricted funds – capital**
Total restricted funds
Unrestricted funds
Total funds|Opening
£
-
-
-
-
60,203
60,203
380,789
440,992|Income
£
1,821,549
189,235
217,452
-
2,228,236
-
2,228,236
190,501
2,418,737|Expenditure
£
1,821,549
189,235
217,452
-
2,228,236
18,715
2,246,951
484,353
2,731,304|Closing
£
-
-
-|
|---|---|---|---|---|
|||||-
41,488|
|||||41,488|
|||||86,937|
|||||128,425|
27
Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
## **15. 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
(Increase)/Decrease in debtors
Increase/(decrease) in creditors
**Net cash provided by operating activities**|**2024**
**£**
3,338
32,543
(3,148)
2
(91,912)
43,631
**15,546**
|**2023**
**£**
(312,567)
33,791
(1,402)
-
102,487
3,681|
|---|---|---|
|||**(174,010)**|
## **16. Analysis of net debt**
|**6. Analysis of net debt**||||
|---|---|---|---|
|**2024**
Cash
Loans falling due within one year
**Total**
**2023**
Cash
Loans falling due within one year
**Total**|**Opening**
**£**
222,711
-
**222,711**
436,780
-
436,780|**Cash**
**flows**
**£**
(12,398)
-
**(12,398)**
(214,069)
-
(214,069)|**Closing**
**£**
210,313
-|
||||**210,313**|
||||222,711
-|
||||222,711|
## **17. 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|**2024**
**£**
24,124
4,899
**29,024**|**2023**
**£**
79,812
22,690|
|---|---|---|
|||**102,502**|
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Docusign Envelope ID: 1DD31A90-F83F-483F-B40F-B4CC97B91C62
Total lease payments recognised as expenditure in the year were as follows:
|Property
IT equipment
Vehicles|**2024**
**£**
72,260
1075
13,233
**86,568**|**2023**
**£**
118,371
-
15,314|
|---|---|---|
|||**133,685**|
## **18. Provisions**
On 22 May 2023 Venture Trust vacated its Edinburgh office. The landlord submitted a claim for dilapidations to a value of £41,426, which was provided for at 31[st] March 2023. Since then Venture Trust have negotiated the terms of the claim, and the latest estimate including professional fees is £10,577. This is provided for at 31[st] March 2024.
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