Charity giStratIon number 516925 Company registration number 01934024 (England and Wales} ACORN VENTURE ASSOCIATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
ACORN VENTURE ASSOCIATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees A D Burke R T Muspratt R V Rishworth C J Roderick APWare F C Hartshome {Appointed 12 January 2023) Secretary T J Trumble Charity number 516925 Company number 01934024 Registered office Acom Venture Fami Depot Road Kirkby Knowsley Merseyside L33 3AR Independent examiner Peter Alkinson JS. Accountants & BusinessAdvisors Limited James House Stonecross Business Park Yew Tree Way Warrington Cheshire WA3 3JD Bankers National Westminster Bank PIC Aintree Black Bull Comer of Longmoor Lane and Cedar Road Aintree Liverpool L9 OEG
ACORN VENTURE ASSOCIATION CONTENTS Page Trustees report Statement of trustees responsibilities Independent examiner's report 10 Statement of financial activities 11 Balance sheet 12-13 Statemenl of cash flows 14 Notes to the financial statements 15-27
ACORN VENTURE ASSOCIATION TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Iruslees present their annual report and financial statements for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 110 the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019)". Objectives and activities Our Aim To provide a high quality, affordable and inclusive resource for the local community- We believe that everyone has a valued social role to play within their community and therefore we provide opportunities for individuals with disabilities and young people to fvlly participale in the day to day running of the farm. Public Benefit We review our aims, objectives, and aclivilies each year. We have referred to the guidan contained in the Charity Commission's Charities and Public Benefft document. All of our charitable activities focus on the provision of skills development and recreational opportunities for persons designated as having speci81 needs and the promotion of other charitable purposes for the benefit of the community. A recent comment from a visitor which staled "Lovely few hours out and local to usl! Fanlastic to feed Ihe animals and very good valLbe for money suggests that we are succeeding in providing public benefit. This annual report sums up whal we have achieved and the outcomes of our work in the year lo 31 Dember 2023. It looks at the success of each key activity and the benefits which they have brought to those groups of people which we are set up lo help. A¢hievements & Perfonnance a) Daytime Support Programme One of the major ways we fulfil our aims is in the running of our very SusSful daytime activities programme for people with special needs. We currently provide 100 plaMen1S per week to 36 different individuals. This results in us having a maximum of 20 individuals who we support attending the fami each day and ensures that each individual gains maximum benefit from the time that Ihey spend here. Most individuals now purchase the service through their personal budget. This is either done on their behalf by the local authority via the Intemal Service Fund or by the individual themselves via a Direct Payment. However, we still have seNice level agreements for the provision of community support setvices with several local authorities. This service continues lo be well attended and has been here for many years. This suggests that they are very happy al Acorn. The charity is well supported by its board of trustees and is led by a highly experienced and respected management team. Our daytime activities programme includes= Horticufture Horticultural activities range from the production and selling of bedding plants and hanging baskets to maintaining the sensory garden, lawns, and flower beds. Conservation aclivities include mainlaining the woodland walk. which is widely used by visitors as our ovefflow car park is accessed through this area and the tree shelterbelt.
ACORN VENTURE ASSOCIATION TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Farrn Maintenance Farm Maintenance tasks around the farm site include building animal shelters. repairing benches and picnic tables, flagging, fencing, plumbing, and painting. Anlmal Caro Activities include, collecting and grading the eggs and feeding and mucking out the animals. During school holidays additional activities include assisting in the small animal petting sessions and giving horse rides to visitors to the farm. Although we have these three specific daytime support programmes Acom Fam is a truly inclusive project. Therefore, individuals with disabilities are involved in every aspect of running the fami on a daily basis. Young People We continue to enable young people to volunteer at the farm al weekends. Under Ihe supervision of the Weekend Manager, they help to run the farm carrying out all the tasks from caring for the animals to helping with horse rides and in the small animal petting area. We have an average of eight young people who help out each day and a waiting list of those who would like to volunteer. Taking on these responsibililies enables them to develop their self*steem and sense of pride in Iheir community and consequently encourages them to become responsible citizens. b) Plant Sales We had another busy plant sales season. The high quality of the plants together with the competitive pricing and outstanding customer service has led to a large number of customers retuming year after year. The success of this enterprise is a credit to our Horticultural Unil Manager, Mike Taylor, and his team. Although the vast majority of the plants are sold in the spring and summer we do have plants. tubs, baskets. and perennials on sale throughout the year. This enterprise is run parallel to the horticultural daylime programme. c) Livestock The farm's livestock continue to be a major attraction for everyone involved. including our visitors. During the year eight larnbs were bom to our ewes which induded two sets oflriplets and a set oftwins. Pearl the pygmy goat gave birlh to twins, male and female. We ran a 'name the kid. competition through our Facebook page and the winner received a family pass to the fa. They are called Benny and Bella. Kathy the Saddleback sow gave birth lo a litter of eight piglets in June. They were a multitude of colours including ginger, black and white in a range of designs including plain, spots and stripes! Watching them play provided much joy to all who saw them. Lola and Jimmy. the horses, continue lo put plenty of smiles on little faces every weekend and during school holidays when they give horse rides to visiting children. The meerkats continue to be very popular. and they keep us busy filling in the holes they have dug. Our four miniature Southdown Sheep are back enjoying going out to schools as part of our Animobile project, where we bring the fami to those who don't always get the opportunity to visit. Our neighbour Stuart Baldwin from Sed Services bought us two Alpacas in February. They are called Elvis and Emie and are a great addition to the fami. All the visitors love them, and they are real characters! We bought two Steers from market in June. We ran a 'name the steers, mpetitiOn through our Facebook page and the winner received a family pass lo the farm. They were named Angus and Ferdinand.
ACORN VENTURE ASSOCIATION TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 We also acquired three Jacob and one Herdwick Sheep to join our breeding flock. Their names are Jasmine, Jesse, Jorgi, and Bea. All the animals on the fami are cared for during the week by the people who we support and at the weekends by our young volunteers. The animal sponsorship scheme which we operate continues to be popular and helps us to offset the cost of keeping Ihe animals. Sponsors are rewarded with a certificate, a visitorfs pass to the fami. a photograph of Iheir animal, birthday and Christmas cards and a mention on the Roll of Honour on our website. We have extended the scheme to enable sponsors lo add the cost of a bale of hay or straw or a bag of animal feed onto their sponsorships. d)Visitor Facilities and Attractions Horse Rides This activity is very popular wth visitors. Our horses give rides every weekend aftemoon throughout the year as well as every afternoon during school holidays. Bookings may also be made by groups during term time. During the period we were open Ihe horses have given rides to 8.349 children. Small Anlmal Pettlng Sesslons This attraction continues to be extremely popular wilh many repeat wsitors. Over 22,626 people attended sessions during the period covered by this report. Activities include stroking a rabbit, guinea pig and a pet rat, holding a bantam hen and playng with Toby. Teddy, and Paddy the pygmy goats. The petting area is open to visitors every weekend and bank holiday and every day during school holidays. e) Educational services All the activities below are promoted and delivered by our Education Worker, Marie Moulsdale. School WisitslGuided Tours We hosted 1.847 visitors from 42 establishments which indude mother and toddler groups. nurseries. and primary schools. Incubator Hire We have five incubators available for hi to schools and other registered groups. We supply the whole package including incubator, brooder, fertile eggs. and feed. We are able lo take Ihe resullanl chicks back where the hens join our laying flock producing free range eggs for sale in our shop. The incubators were hired out a total of eight times over the four-rnonth period and one dozen eggs were distributed to a childminder with their own incubalor. Anlmoblle (Moblle Fami Unlt) This is a hugely successful project whereby we take a selection of the farm animals out to groups in the community who would otherwise have difficulty accessing our services. These include children's centres, nursery schools, residential and nursing homes, and community fun days as well as mainslream and special schools. The selection of animals laken includes a goat, sheep, hen, duck, rabbit, guinea pigs and pet rats. Lambs, goat kids, ducklings and chicks are also taken when available. Over the period covered in this report, the Animobile made 42 visils seeing a lotal of 2,963 people. Demand for this service always eXe5 the number of sessions which we are able to deliver during our peak season.
ACORN VENTURE ASSOCIATION TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Anirnal Handling Workshops This topic is appropriate for secondary school pupils studying animal-based courses. Each group of students participates in an animal handling workshop which can include working with the horses, sheep, and goats. The horse workshop entails leaming about health and safety around horses before grooming and tacking up Lola and Jimmy and leading them around the arena. The sheep workshop enlails the students safely fftting the hamess and lead rope on to the sheep and individually walking them around the field in a controlled manner. They then muck out the sheep shed and using teamwork herd the sheep into the shed. The goat workshop entails looking at the different bed$ of goat that we have on the fami. Safe and appropriate ways of handling and restraining them are demonstrated and practised. A foot trimming demonstration is also given. Each group is given information about the animals they are working with and encouraged to ask questions. Farrn themed Activity Days We held six 'Farm Experience Days. and three 'Horse Days, this year. They were attended by 92 young people who thoroughly enjoyed themselves. as well as leaming new skills. fj Events Halloween This year we held our daytime event on the Friday of Halloween. Aclivilies included Halloween themed games.. Feed the ghost,. Witches Broomsticks., Pin the nose onto the Skeleton- and Splat the ral. We also held a fancy dress competition. The lambing shed was converted into a fabulous spooky Haunted House with real live 'ghosts' and ghoulsl The event was a huge success with 513 people attending. We were greatly helped on the day by a team of corporate volunteers from clp. friends, and family of Acom Fami's Staff. Christmas Grotto This was open for three weeks in the lead up to Christmas for pre-booked school visits and also over a weekend for visitors to the farm. The lambing shed was transfoned into a magical grotto by fami staff and volunteers. The grotto proved popular once again with 286 Children visiting from eight schools and nurseries during the week. Over the weekend 207 children came lo see Father Christmas and re1ve a present. g} Vlsltors We had another successful year in terms of visitor numbers. During the hvelve-month period covered by this report we welcomed 84,195 visitors to Ihe fam). h) Awards We have been re-awarded the Visit Britain- accreditation as a Quality Assured Visitor Attraction-, receiving an overall score of 76 /0 which was an increase (up from 7390) from our last inspection. In 2024 the fam was named the mosl cost effeclive fam to visit in England, (x)ming fifth overall. i) Local Fundraising Our supporters continue lo fundraise for us and Lady Derby who is our Patron conlinues to support us yearly. Also, during the year Ihree intrepid members of our staff dimbed the Yorkshire three Peaks and raised over £3,000 which was a fantastic achievementl j) Trading Company Acorn Fam Trading Company continues as a thriving operalion. The shop and café who trade through this company have both had a busy summer. However, during busy periods both the kitchen and café area slruggle lo cope with the volume of customers due to insufficient seating in the café area and lack of workspace in the kitchen. Similady. the shop can get very congested.
ACORN VENTURE ASSOCIATION TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 k) Risk Management The trustees have conducted a review of the major risks to which the charity is exposed. This has led to the implementalion of a number of policies including the Reserves Policy, which states that in order to safeguard the future of the fami we will hold in reserve six months of resources expended. Inlemal risks are minimised by the implementation of additional policies including Policy and Practi on Paymenls, Banking and Custody Procedure, Payroll Financial Procedure, Capitsl Purchases Policy, and Asset Control. Procedures are in place to ensu compliance wlh health and safety of staff, people we support, volunteers and visitors. These include a comprehensive set of risk assessments. The implementation of safeguarding policies for both Vulnerable Adulls and Children ensure that we deal wtlh any safeguarding issues which may arise in a consistent manner. All policies are reviewed on a regular basis by the trustees. Staff Team Permanent Staff. Name ob title Hours racy Trumble Rebecca Little Mike Taylor Craig Ellingham Marie Moulsdale acant ane McKillop anela Radilova Lisa Hughes Lisa Gunn acant ue Rowan Lynn Fitzpatrick al Kell Marta Silva o Mountain Megan Roberts Hannah Duddle Hannah Maudsley al Kelly ennifer Hardie Erin Rhead my Martlew uzanne Austin Donna T Chelsea Trusdale Fam Manager Deputy Mana er Horticultural Unit Manager Farm Maintenance Worker Education Worker dministrative Assistant afe Manager eekda Cafe Assistant hop Worker Fam Animal Supervisor Fami Assislanv Driver ardenerlsupport Worker eekend Manager (Job Share) eekend Mana er (Job Share eekend Cafe Team Leader eekend Café Assistant (Job Sha) eekend Cafe Assistant (Job Share} eekend Shop Worker eekend Animal Petting Area Supervisor undayl School holiday Horse Ride Supervisor aturday Horse Ride Supervisor eekend Horse Ride Helper eekend Horse Ride Helper Fam Assistant leaner Iweekda leaner (weekends) 37.5 37.5 15 11 12 12.5 10 rer
ACORN VENTURE ASSOCIATION TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Seasonal staff: Name Hollie Langley Charlotte Wallwork Emma Walsh Edwina Johnson Billy Halligan Holly Fitzpatrick ue Rowan Helen Corrin Christelle Wintersdroff ob title eekend Admissions Kiosk Pettin Area (School Holida dmissions Kiosk (School Holidays) Horse Rides (School Holidays) Horse Rides (School Holidays) Horse Rides (Sch(K)l Holidays) Plant Production Assistant {Weekdaysl eekend Plant Sales Assistant lant Sales Assistant (Weekdays) Hours 11.5 30 10 10 10 15.5 4.25 Staff Developments Acom Farm conlinues to succeed largely through the high level of commitment shown by the staff team, who are always willing to tum their hand lo whatever needs doing. All staff are encouraged to undertake training relevant to their role. m) Trustees We are always keen to welcome new tnjstees on to the board which meets quartedy. Our aim is to recruit trustees who are able to complement the skills and experience of our existing board. In line with our Memorandum and Articles of Association the trustees may appoint any interested party as a member of the board either to fill a casual vacancy or by way of an addition to the board. Any member so appointed shall retain their office only until the next AGM. but they shall then be eligible for re-election. The current members of the board of trustees are.. Chris Roderick Andrew Ware Fiona Hartshome Ray Muspratt Pauline Burrows Bob Rishworth Aiden Burke Chairperson Vice Chairperson Treasurer Trustee Trustee - resigned Trustee Trustee n) Site Developments Site Reconfi uration and fundraisin We have exciting plans for the farm which includes the building of an amazing purpose-built farm hub. This will include a new and enlarged café and shop so we can provide high quality food. drink. and products to our visitors in a relaxing atmosphere. Our new building will also include a community hub, a space for Ihe individuals and young people who run our fami and upgraded offices. Our ambition is for it to be a great space to meet, learn, relax, work and play, whilst giving the visitors to our fami a perfect day out and the animals who call it home the best environment we can. If you visit the farm. you may have already seen the initial work on this project. We have new padd(Kks and shelters for our animals. However. we cannol do this on our own and are currently undertaking a major fundraising campaign to enable us to realise the hub of our dreams.
ACORN VENTURE ASSOCIATION TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review Income from charitable activities and other trading activities decreased to £653k {2022'. £706k). Expenditure for the year increased to £478k {2022.' £445kl, resulting in a net surplus before inveslment gainsllosses of £175k 12022.. £262k). Unrealised investment losses of £97k {2022.' £136k} were inCued in the year. Reserves Policy The Acom Fam Board of Trustees re¢xJgnises the need to hold ServeS to allow for unforeseen circumstances which could result in a substantial drop in income. These could indude.. 1. A global pandemic. 2. A lack of funding could cause local authorities to teminate the contracts which they have wtth us for the provision of day services for people with disabilities. 3. A fire, flood or similar incident could result in business intemjption whilst repairs are underway. 4. Severe weather could result in damage to the farm buildings making the site unsafe for visitors until repairs are undertaken. 5. Outbreak of animal disease (e.g. Foot and Mouth, e.coli) which could result in the compulsory closure of the farm for a period of time. 6. Outbreak of food poisoning which could result in the closure of the café andlor dairy whilst investigations by the Environmental Health Office are undertaken. Addilionally, Ihe reserves would allow for UnfoSeen capital works or purchases which may be required to ensure the safety of the fami site le.g. replacement of unsafe animal housing or to replace faulty tools and equipment). To cover such eventualilies, the trustees believe that Acom Venture Association needs to hold in reserves 6 months of resources expended and have maintained this position throughout the year. The actual level of free reserves held is stated in our annual accounts. SITUCture. governance and management The Association is a charitable company limited by guarantee. incorporated on 26 July 1985 and registered with the Charity Commission on 4 March 1986. The Association was established under a Memorandum of Association which established the objects and powers of the charitable company and is govemed under its Articles of Association. The charity is a company limited by guarantee and has no share capital. The trustees, who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were.. A D Burke P L Burrows R T Muspratt R V Rishworth C J Roderick APWare F C Hartshorne (Resigned 12 January 2023) {App)inted 12 January 2023)
ACORN VENTURE ASSOCIATION TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 We are always keen lo welcome new trustees on to the board which meets quartedy. Our aim is to recruit trustees who are able to complement the skills and experience of our existing board. In line with our Memorandum and Artides of Association the tnjstees may appoint any interested paty as a member of the board either to fill a casual vacancy or by way of an addition to the board. Any member so appointed shall retain their office only until the next AGM. but they shall then be eligible for re-election. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. All trustees have completed a Dedaration of Confidentiality and a Dedaration of Commitment and Eligibility to be a trustee having regard to Section 72 of the Charities Act. We have in place a number of policies relevant to the trustees which help to ensure that governance of the charity is perfomied to the highest standard. These include a Trustee Recruitment Policy, a Conflicl of Inleresu Loyalty Policy, a Register of Interests and a Trustee Code of Practice. Small companies provisions This report has been prepared in accordan with the special provisions relating to small companies wilhin Part 15 of the CompaniesAct 2006. The Iruslees report was approved by the Board of Trustees. C J Roderick Trustee Dated: 4 June 2024
ACORN VENTURE ASSOCIATION STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The ITuslees, who are also the directors of Acom Venture Association for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Apted Accounting Practice). Company Law requires the trustees lo prepare financial statements for each financial year which give a true and fair view of the stale of affairs of the charity and of the incoming reSoUS and application of resources. including the income and expenditure, of the charitable company for thal year. In preparing these financial statements, the trustees are required to= select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going conrn basis unless it is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any lime the financial position of Ihe charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for takin9 reasonable steps for the prevenlion and detection of fraud and other irregularities.
ACORN VENTURE ASSOCIATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ACORN VENTURE ASSOCIATION I report to the trustees on my examination of the financial statements of Acom Venture Association (Ihe charity) for the year ended 31 December 2023. Responsibilities and basis of report As the Iruslees of the charity {and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance wilh the requirements of the Companies Act 2006 Ilhe 2006 Act). Having salisfied myself that the financial statements of the charity are not required io be audited under Part 16 of Ihe 2006 Acl and are eligible for independent examination. I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(bl of the 2011 Act. Independent examiner's statement Since the charity's gross income exeded £250.000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I confinn that no matters have come to my attenlion in connection with the examination giving me cause to believe that in any material respect- accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act,. or the financial statements do nol accord with those records.. or the financial stalements do not comply with Ihe accounling requirements of seclion 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or the financial statemenls have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. PeterAlkinson F.C.A JS. Accounlants & Business Advisors Limited James House Slonecross Business Park Yew Tree Way Warrington Cheshire WA3 3JD Dated.. .J.uD..F.IQ.14.... 10-
ACORN VENTURE ASSOCIATION STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restricted funds funds Total 2023 Total 2022 Notes Income from: Donations and legacies Charitable activities Other trading activities Investments Other income 7.447 346,643 268.065 30,576 279 7,447 346,643 268,065 30,576 279 60,767 309,443 290,827 45,422 Tolal income 653.010 653,010 706,459 enditure on: C05t of generating funds 6.120 6,120 11,195 Charitable activities 465.689 6,012 471,701 433,580 Tolal expenditure 471.809 6,012 477,821 444,775 Net incoming resources before galnslllosses} on Investmonts 181,201 16,012) 175,189 261,684 Net gainslllosses) on investments 12 (96,8191 {96,819) {136,103) Net movement in funds 84,382 16,012} 78,370 125,581 Fund balances at 1 January 2023 2,254,539 257,450 2,511,989 2,386,408 Fund balances at 31 December 2023 2,338,921 251,438 2,590,359 2,511,989 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the CompaniesAcl 2006. 11
ACORN VENTURE ASSOCIATION BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Investments 14 15 942,403 1,282,019 968,826 1,357,488 2.224,422 2,326,314 Current assets Debtors Cash at bank and in hand 16 23,500 365.349 32,457 171,956 388.849 204,413 Credltors: amounts falling due withln one year 17 (22.9121 {18,738) Net current assets 365.937 185,675 Total assets less current liabilities 2.590.359 2,511,989 Funds of the charlty Restricted funds Unrestricted funds - designated General unrestricted funds 18 19 251.438 257,450 2,000,000 338.921 1,875,000 379,539 Total unrestricted funds 2.338.921 2.254,539 2.590.359 2,511,989 12-
ACORN VENTURE ASSOCIATION BALANCE SHEET (CONTINUED) AS A T 31 DECEMBER 2023 The company is entitled lo Ihe exemption from the audit requirement contained in seclion 477 of the Companies Act 2006, for the year ended 31 December 2023. The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing ffinancial slatements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and applicalion of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements. so far as applicable to the company. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial slatements have been prepad in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on 4 June 2024 C J Roderick Trustee Company Registration No. 01934024 13-
ACORN VENTURE ASSOCIATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash generated from operations 24 187,711 179,915 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Investment income received (16.123) {369,340) 17.872 3,933 310 Net cash generated froml(used in) investing activities 5.682 1369,0301 Net cash used in financing activities Net increasel(decrease) in cash and cash equivalents 193,393 {189,1151 Cash and cash equivalents at beginning of year 171,956 361,071 Cash and cash equlvalents at end of year 365,349 171,956 14-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity information Acom Venlure Association is a private company limiled by guarantee incorporated in England and Wales. The regislered Offi is Acom Venture Fami, Depot Road, Kirkby, Knowsley, Merseyside, L33 3AR. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102.1 and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (effective 1 January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterfing. which is the fijndional currency of the charity- Monetary amounts in these financial slatements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention, modified to reflecl certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concem At the time of approving the financial slatements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existen for the foreseeable future. Thus the trustees continue to adopt the going COnM basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charilable objectives. Designated unrestricted funds relate to funds that the trustees have designated for a particular project within the the objectives of the charity. Restricted funds are subject to specific condilions by donors or grantors as to how they may be used. The purposes and uses of the restricted fvnds are sel out in the notes to Ihe financial ststements. 1.4 Income Cash donations are recognised on reipl. Other donations are recognised On the charity has been nolified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the atnount is not known, the legacy is treated as a contingent asset. Other Irading income is measured at the fair value of the consideration received or re1vable and represents amounts receivable for goods and ServIS provided in the nomial course of business, net of discounts. 15-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.5 Expenditure Expenditure, including irrecoverable VAT is recognised on the accrual basis. In particular, the policy for including items within costs of generating funds is as follows- Charitable aclivilies comprise those costs incurred by the charity in the delivery of ils activities and services for its beneficiaries. It indudes both the costs that can be allocated directly to such aclivilies and those costs of an indirect nature necessary to support them. All costs are allocated between the expenditure categories of the Statement of Financial Activities on bases designed to reflect Ihe uses of particular resour$. Costs relating to a particular activity are allocated directly, while others are apportioned on an appropriate basis. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impaiment losses. Depreciation is recognised so as lo write off the cost of assets less their residual values over their useful lives on the following bases= Long leasehold land and buildings Renovations Outbuildings and paddocks Fixtures, fittings and equiprnent Motor vehicles Play equipmenl Over the temi of the lease 20% per annum straight line basis 100/0 per annum straight line basis 20°A per annum straight line basis 25¥/0 per annum straight line basis Over 15 years The gain or loss arising on the disposal of an asset is detemined as the difference between the sale proceeds and Ihe carying value of the asset. and is recognised in the statement of financial aclivities. 1.7 Fixed asset investments Listed investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel{expenditure) for the year. Transaction costs are expensed as incurred. Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impaiment losses. The investments are assessed for impaimenl at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in net incomel (expenditure) lor the year. A subsidiary is an entity controlled by the charity- Control is the power to govem the financial and operating policies of the entity 50 as to oblain benefits from its activities 1.8 Impairment of fixed assets At each reporting end dale, the charity reviews the carying amounts of its langible assets to delemine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemine the extent of the impaiment loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-temi liquid investments wilh original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown wiihin borrowings in current liabilities. 16-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instnjments are recognised in the charity's balance sheel when the charity becomes paty to the contractual provisions of Ihe instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and setue the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constilutes a financing iransaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Derecognition of financial assets Financial assets are derecognised only when the contraclual rights to the cash flows from the asset expire or are settled, or when the charity transfers the financial asset and substantially all the risks and rewards of ownership lo another enlty, or rf some significant risks and reward5 of ownership are retained but control of the asset has transferred to another paty that is able to sell the asset in its entirety to an unrelated third party. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are inilially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classtfied as payable within one year are not amortised. Debt inslruments are subsequently carried at amortised cost, using the effeclive interest rate method. Trade creditors are obligations to pay for goods or servi$ that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are reived. Terminalion benefils are re(x)gnised immediately as an expense when the chartty is demonstrably committed to temiinate the employment of an employee or to provide temiination benefits. 1.12 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 17-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacies 2023 2022 Donations, legacies and gifts 7,447 60,767 Donations and gifts Gift aid Donations 881 6.566 34,441 26,326 7,447 60,767 Charilable activltles 2023 2022 Daytime activities programme Product sales Educational income Other income 236,937 78,693 29,327 1,686 215,640 62,444 29,439 1.920 346,643 309,443 Analysis by fund Unrestricted funds - general 346,643 For the year ended 31 December 2022 Unreslricled funds - general 309,443 Other trading activities 2023 2022 Sponsorship Admission charges Horse riding charges Petting pavilion charges Room hire 1,322 204,374 21,185 38,402 2,782 829 228,380 17,554 40,534 3.530 Other Irading aclivilies 268,065 290,827 All income for both years relate to unrestricted general funds. 18-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Investments 2023 2022 Income from listed investments Interest receivable 26,643 3,933 45,112 310 30,576 45,422 All costs for both years relate to unrestricted general funds. Other income 2023 2022 Net gain on disposal of tangible fixed assets 279 All income for both years relate to unrestricted general funds. Cost of generating funds 2023 2022 Fundraisin and ublicit Other fundraising costs Investment management administration costs 827 5.293 265 10.930 6.120 11.195 All costs for both years relate to unStricted general funds. 19-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable activities 2023 2022 Staff costs Deprecialion and impairrnent Costs of activities in furtherance of the charity's objectives Indirect employee costs Premises costs General adminislralive costs Professional fees in support of charitsble activities Direct employee costs Govemance costs 294,784 24,953 57,880 1,219 52,167 18,512 15,863 2,547 3,776 288,579 20,273 65,716 2,116 33,869 14,081 1,622 3,995 3,329 471,701 433,580 Analysis by fund Unreslricled funds - general Restricted funds 465,689 6,012 471,701 For the year ended 31 December 2022 Unrestricted funds - general Restricted funds 429,115 4,465 433,580 Independent examiner remuneration Fees payable to the independent examiner 2023 2022 Independent examiner review of the annual accounts 2,100 2.000 Non-audit services All other non-independent examiner services 1,395 1,329 10 Trustees None of the trustees lor any persons connected with them} received any remuneration or benefits and there were no other transactions with the trustees during the year. -20-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Employees Number of employees The average monthly number of employees during the yearwas= 2023 Number 2022 Number Charitable activities 29 24 Employment costs 2023 2022 Wages and salaries Social security costs Other pension costs 274,788 14,658 5,338 263,764 18,834 5,981 294,784 288,579 There were no employees whose annual remuneration was £60,IXIO or more. 12 Nel gainslllossesl on investments 2023 2022 Revaluation of investments 196,819) 1136,1031 13 Taxation The charity is exempt from taxalion on its activities because all its income is applied for charttable purposes. 21
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Tangible fixed assets Long Outbuildings leasehold land arKI paddocks and buildings Fixtures. Motor vehicle5 fittings and equipment Total Cosl At 1 January 2023 Addilions Disposals 1.064.429 15,489 (17.572) 582.328 116,433 634 (300) 15,490 1.778,680 16,123 {17,8721 At 31 December 2023 1.062.346 582,328 116,767 15,490 1.776,931 Depreciation and impairnient At 1 January 2023 Depreciation charged in the year Eliminaled in respect of disposals 104,789 19.443 (234) 578,417 1.565 113.416 1,687 (45) 13,232 2,258 809,854 24,953 (2791 At 31 Dember 2023 123,998 579.982 115,058 15,490 834,528 Carrying amount At 31 Dember 2023 938.348 2.346 1,709 942,403 At 31 Dember 2022 959.640 3.911 3,017 2,258 968,826 15 Fixed asset investments Listed Other investments investments Total Cost or valuation At 1 January 2023 Valualion changes Income Management fees 1.357,487 {96,819) 26,643 (5,293) 1,357,488 {96,8191 26,643 {5.2931 At 31 December 2023 1.282,018 1.282,019 Carrying amount At 31 Dember 2023 1,282,018 1,282,019 At 31 December 2022 1,357,487 1,357,488 2023 2022 Other investments comprise.. Notes Investments in subsidiaries 22 -22-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Debtors 2023 2022 Amounts falling due within one year: Trade deblors Other debtors Prepayments and accrued income 13,961 6,860 2,679 18,460 12,042 1,955 23,500 32,457 17 Creditors: amounts falling due within one year 2023 2022 Other taxation and social security Trade creditors Accruals and deferred income 2,705 6,801 13,406 737 1,674 16,327 22,912 18,738 18 Restricted funds The reslricted funds of the charity comprise the unexpended balances of donations and grants held on Irusl subject to specific conditions by donors as lo how they may be used. At 1 January 2023 Resources expended At31 December 2023 Restricted funds Farm building refurbishment 1,174 256.276 {817} 15,195) 357 251.081 257.450 16,012) 251,438 Prevlous year: At 1 January 2022 Resources expended A131 December 2022 Restricted funds Farni building refijrbishment 2.176 259,739 11,002) 13,463} 1.174 256,276 261,915 14,465} 257,450 The reslricled and farm building refurbishment funds relate to fixed assets Ihal were boughl using restricted income with the annual depreciation charge of these assets being allocated against the brought forward balance. -23-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted fvnds by the trustees for specific purposes. Al 1 January 2023 Incoming resources Resources expended Transfers Gains and losses At31 December 2023 Farm building refurbishment fund General funds 1,875,000 379,539 125,000 (125.000) 2,000,000 338,921 653.010 (471.8091 (96,819) 2.254,539 653.010 {471.809) (96,819) 2,338,921 Prèvious year: Al 1 January 2022 Incoming resources Resources expended Transfers Gains and losses A131 December 2022 Fam building refurbishment fund General funds 1,750,000 374,493 125,000 (125.000) 1,875,000 379.539 706.459 {440.3101 (136,103) 2.124,493 706.459 {440.3101 (136,103) 2.254,539 -24-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Analysis of net assets between funds Unrestricted funds 2023 Restricted funds 2023 Total 2023 Fund balan¢es at 31 December 2023 are represented by: Tangible assets Inveslments Current assetsl(liabilities) 690.965 1,282,019 365.937 251,438 942,403 1,282,019 365.937 2.338.921 251,438 2.590,359 Unrestricted funds 2022 Restricted funds 2022 Total 2022 Fund balances at 31 December 2022 are represented by: Tangible assets Investments Current assetsl(liabilities) 711,376 1.357.488 185,675 257,450 968,826 1.357,488 185,675 2.254.539 257,450 2,511,989 -25-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Related party transactions Rernuneration of key management personnel 2023 2022 Aggregate compensation 60,515 84,289 Transactions with related parties During the year the charily entered into the following transactions wilh relaled parties.. Gift Aid 2023 2022 Entities over which the entity has control. joinl control or significant influence 881 34,441 881 34,441 The following amounts were outstanding at the reporting end date.. Amounts owed by related parties 2023 Balance 2022 Balance Entities over which the entity has control. joint ujntrol or signtficant influence 6.860 12.042 -26-
ACORN VENTURE ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 22 Subsidiaries These financial statements are separate charity financial stalemenls for Acom Venture Association. Consolidated financial statements are not prepared as the parenl company and its subsidiary is considered a small group. Details of the charity's subsidiaries at 31 December 2023 are as follows- Name of undertaking Registered office Natu of business Class of shares held °A Held Direct Indirect Acom Venture Trading Co. As per parent Ltd company Cafeteria ServIS and the saleordinary of gtfts 100.00 The aggregate capital and reserves and the result for the year of subsidiaries excluded from consolidation was as follows.. Narne of undertaking ProfiU(L(vJs) Capital and Reserves Acom Venture Trading Co. Ltd 135 23 Control The charity is controlled by the Iruslees. 24 Cash generated from operations 2023 2022 Surplus for the year 78,370 125,581 Adjustments for= Investment income recogni5ed in statement of financial activities Gain on disposal of tangible fixed assets Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets Investment management fees deducted from portfolio (30,576) {279} 96,819 24,953 5,293 {45,4221 136,103 20,273 10,930 Movements in working capital- Decreasellincreasel in debtors Increaselldecreasel in creditors 8,957 4,174 {6,9431 {60,6071 Cash generated from operations 187.711 179,915 25 Analysis of changes in net debt The charity had no material debt during the year. -27-