REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
For The Year Ended 31 December 2023 |
for |
The Venture Community Hub Ltd |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
For The Year Ended 31 December 2023 |
for |
The Venture Community Hub Ltd |
The Venture Community Hub Ltd |
Contents of the Financial Statements |
For The Year Ended 31 December 2023 |
Page |
Report of the Trustees | 1 | to | 11 |
Independent Examiner's Report | 12 |
Statement of Financial Activities | 13 |
Balance Sheet | 14 | to | 15 |
Notes to the Financial Statements | 16 | to | 23 |
The Venture Community Hub Ltd (Registered number: 06689116) |
Report of the Trustees |
For The Year Ended 31 December 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). |
The Venture Community Hub was registered with the Charity Commission in England and Wales (Registered Number 1198098) on 1st March 2022 and is constituted as a company registered in England and Wales (Number 06689116) and limited by guarantee. Its objects and powers are set out in its Memorandum and Articles of Association which were updated on 5th November 2021 prior to the registration of the company as a charity. |
Chairs report |
To fellow Trustees, to the Employees and Volunteers of the Charity, to our Stakeholders and Friends. |
This has been another successful year for our Charity, one of consolidation both financially, in terms of organization development and for laying the foundation for our significant capital projects, both the refurbishment of the Playground and the building of a new community hub. It has seen the celebration of the 40 th year of the Venture in its provision of the open- access playground facility an event brilliantly supported by the local community at a party for the community. It has seen the Charity win two awards for the delivery of the HAF programme on behalf of Gloucester County Council. |
Our income for 2023 was £372.8k (2022 £427.3k) and our net income/expenditure a deficit of £51.4k (2022 Surplus £105.0k). |
We have seen the implementation of a new staff structure with Dawn Barnes as our CEOsupported now by an administrator, Shalene Pearce, with Caroline Essen promoted to Project Manager. The staff team is now 9 an increase of 4 over the last two years with in addition to the administrator, a new role of Community Connector whose prime objective is to work with families. |
A new planning application was made on the 10 th September 2022 for a smaller community hub and one that incorporated the needs, too, of the Playground, both in terms of the various internal activities provided to the children and food provision. That application was approved on the 16 th November 2023 with a significant number of expected and some unexpected conditions the most significant of the latter being its validity for only a 12 month period meaning that work has to start before that end date. We will need the full support of the planning department of the Gloucester City Council if we are to navigate and satisfy those conditions within that short timescale. |
The securing of that planning consent is one of a number of challenges and risks in the 12 months ahead. |
The post Covid Challenges referred to in last year's report continue particularly with respect to funding, both that required for the complete refurbishment of the playground and to our second stage of our capital plans, the new community hub. |
Our three year HAF contract comes to an end in October 2024 and either that will need to be renewed in similar form or we will need to continue to diversify and find new work and income streams to sustain the operation now built up. |
Both the organization of the Trustee Board and the Governance put in place is robust but we need to recruit further Trustees and recognize that they and the existing Trustees will need to receive further training for the Charity to be properly equipped to successfully deal with present and future challenges. |
Our grateful thanks to all of those employees and volunteers alike who daily inspire us with their limitless commitment and always with a positive spirit and friendly smile that makes their working together so successful and is fundamental to the extraordinary community relations we enjoy. |
The Venture Community Hub Ltd (Registered number: 06689116) |
Report of the Trustees |
For The Year Ended 31 December 2023 |
OBJECTIVES AND ACTIVITIES |
Objectives and aims |
The objects of the charity as set out in the Memorandum of Association state that: |
"To further or benefit all the residents of Gloucester City, and in particular the neighbourhood, without distinction of age, sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education, and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for the residents. |
In furtherance of these objects but not otherwise, the directors shall have power: |
To establish or secure the establishment of a Community Centre and Adventure Playground and to maintain and manage or co-operate with any statutory authority in the maintenance and management of such facilities for activities promoted by the charity in furtherance of the above objectives." |
Following a review by the Board the voting members of the Company and Charity have been amended as follows: |
A) Any newly appointed Director of the company should automatically become a member. |
B) Any appointed member of the Community Engagement Group should automatically become a member. |
C) The CEO should be a member. |
The Charity is aware of the Charity Code of Governance and is working towards incorporation of the Code into its governance practice, using the Charity Code of Governance assessment tool. |
Public benefit |
This Annual report explains how the charity has carried out its objects in accordance with the Charity Commissions guidance on Public Benefit. The Trustees have concluded that the stated objectives and activities of the Charity are beneficial to the intended sections of the public in accordance with this guidance. |
The Trustees consider that they have complied with their duty to have due regard to the public benefit guidance when exercising any powers or duties to which the guidance is relevant. |
The Venture Community Hub Ltd (Registered number: 06689116) |
Report of the Trustees |
For The Year Ended 31 December 2023 |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
The Venture Community Hub provides play and community development opportunities for children, young people and their families living in White City and the surrounding wards. Operating from a community-built adventure playground and a small play hut building the Venture provides a whole range of activities and opportunities including supervised play sessions, holiday playschemes, workshops, day trips, residential holidays, community events and more. |
In 2023 the Venture worked with over 500 children and young people aged 0 - 20 (including SEND) and our Play Team provided 174 supervised play sessions - that's over 750 hours of play! All these play sessions were open access and free at the point of delivery. |
The range of positive activities that the Venture provides is huge, ranging from arts and crafts, sports and games, dance, drama, music, cooking, den building and more. These community-based activities are complimented by regular day trips where children are given the opportunity to explore activities like swimming, roller skating, theatre trips and visiting the seaside. These are such valuable opportunities and give children and young people a chance to explore the world outside of their own community. |
Alongside the core play offer, the Venture provides support to other community members for a whole range of issues including family crisis, mental health and wellbeing and education. This support is either delivered directly by us or via a partnership approach that sees us signposting to other community partners e.g., housing providers, PCSO teams and schools. |
This year we began providing more focused activities targeted at young people aged 11+. Whilst we recognise that there are many similarities between play and youth work, we know that young people benefit from a more focused approach to their social and personal development as they grow, and our multi-disciplinary team are able to provide this. |
Our Eat Well Wagon has toured the city this year, providing free nutritious meals to families in the school holidays. Over 50 people volunteered their time to support us this year and together we served 6918 meals. This service has been a lifeline to many families who are really struggling with the cost of living crisis. |
The HAF project that we lead for Gloucester City continues to go from strength to strength and we are reaching some of the City's most vulnerable families. This year we worked with over 5,500 children and their families through this programme, and we expect this number to grow in 2024. We worked with 27 organisations to deliver HAF activities and raised over £60,000 of additional funding to support the programme and extend its reach. |
We received two awards for HAF this year, these were the 'Family Favourite' provider for the City as voted for by families and then secondly, we won a national award for 'Effective Partnership Working'. The team were invited to the House of Commons to collect this award and celebrate with other HAF Providers nationally. |
We also celebrated our 40th birthday this year and spent time reflecting with community members past and present on the impact the Venture has had on their lives. Some of this was captured in a video that was created to mark the year and we shared this at a Stakeholders event in March where we talked about our achievements and impact over the last 40 years and our ambitious plans for the future. Guest speakers at this event included Dame Janet Trotter, Bishop Rachel Treweek, Baroness Rennie Fritchie, and Sir Dusty Miller who all reflected on the thousands of people who have been supported by the Venture during its lifetime. We also held a huge celebration event in the summer that was attended by over 500 people who came together to share memories and tell their stories. |
We ended the year by being a partner in a tender application for Universal Youth Services. This contract sees us managing open access youth provision for young people in the City and being instrumental in changing the way that youth services are currently provided. Too many of our young people are falling through the gaps in services and are not receiving the support they so desperately need - this needs to change and the contract will allow us to do this. |
The Venture Community Hub Ltd (Registered number: 06689116) |
Report of the Trustees |
For The Year Ended 31 December 2023 |
FINANCIAL REVIEW |
Results for the year |
The results for the year to 31 December 2023 were very solid and inline with Trustees expectations. |
Total income at £372.8k was down by £54.4k (14.58%) over the prior year (£427.2k). However it is pleasing to note that Unrestricted income at £171.3k was ahead of prior year by £105.9k. |
Set out below is a summary analysis of the key changes in our income levels, this reflects note 2 of the accounts which shows a total reduction in grants/donations received of £124.6k: |
1. HAF (Holiday Activities & Food programme : £(60k) |
In 2022 the charity received substantially higher additional funding for HAF. Primarily to purchase bulk quantities of food (£55k) to be distributed to families, £36k to purchase an Eat Well Wagon and £29k to enable the charity to employ a Logistics Co-ordinator to manage the Wagon. |
Off setting these income reductions in 2023 was additional unrestricted funding (£38k) for the charity's role as district lead and £21k for an additional role of Community Connector. |
2. Gloucester City Homes awarded a one off grant of £10k to support our new build project in 2022. |
3. 2022 was the final year of 2 year funding from Henry Smith (£10k) |
4. Strike a Light awarded the charity time limited funding from a grant they received to enable us to provide, creative and cultural experiences for the community. This resulted in a £24k fall in income in 2023. |
5. In 2022 the NHS via Barnwood Trust awarded us £20k towards our new build project. In 2023 they awarded us £12k to provide activities to families across Gloucester City |
6. Partially offsetting these grant/donations reductions of £124.6k was an increase in income from other charitable activities of £70k. The principle reasons being : |
- ILP Community Investment Fund - £50k |
- Recovery of Costs - £18k |
Expenditure in 2023 at £424k was £102k above prior year. |
The principle reasons for this increase in expenditure is as follows : |
1. Payroll : |
a. The Logistics Co-ordinator, who started in October 2022 and was funded upfront by way of restricted HAF |
income (£35k) |
b. After an organisational restructure, job reviews and recruitment, our staff count increased by 1 |
in quarter 4 of 2022 and 2 in 2023. This has built additional resilience into the organisation but |
generated an increase in expenditure of £40k. |
2. Outings and Activities (+£62k) |
3. ILP Community investment fund (+£39k) - the charity administered a grant giving process which involved |
distributing £45,300 in payments to partners. This was a simple pass through cost. |
4. HAF/ Other (-£84k) |
Overall, the deficit for the year was £51.4k (£105k surplus in 2022). Because of this, net assets less current liabilities decreased to £124.4k (2022:175.9k). |
Reserves |
The Venture Community Hub Ltd (Registered number: 06689116) |
Report of the Trustees |
For The Year Ended 31 December 2023 |
As of 31st December 2023, the charity's unrestricted funds were in surplus by £65.8k (2022: £75.8k). Restricted funds at 31st December 2023 stood at £58.5k (2022: £100k). Total reserves decreased 41.3% to £124.4k (2022: £175.9k), principally because of the deficit in the year. |
The total expenditure incurred on the new build project in 2023 is £27.1K (as included in note 10). We are left with £5.2k carried forward into 2024. |
The movement in reserves is analysed in note 10 to the accounts. |
Principal funding sources |
The Charity's Business Model |
The charity currently derives its income from several sources with Grant Income comprising 76% of the total generated in 2023 of £372.8k. |
Restricted Income comprises 54.0% (2022: 84.7%) of total income. Almost all our restricted income comes from grants with the largest provider being the HAF programme (70.6%, 2022: 60.5%). The other providers are listed in Note 2 to the accounts. |
The principal sources of unrestricted income come from a grant provided by the Gloucestershire Gateway Trust (£20k) and a grant from Gloucester County Council (GCC) for the Charity's role as HAF district lead (£64k). |
Reserves policy |
The charity's reserves policy seeks to protect all its stakeholders, in particular its clients and staff by ensuring that services can continue to operate should unforeseen fluctuations in income or expenditure occur. The Board has established a Reserves policy to protect these Stakeholders and reviewed the policy in February 2024 carrying out a detailed analysis of its 2024 budgeted income and cost base to determine the reliability of its income and the extent to which its expenditure is committed. |
The Venture Community Hub provides important services to many beneficiaries within the Gloucester city boundaries not least through its Adventure playground and HAF services. In general, we have a limited number of funders whose funding commitment (apart from HAF) is approximately one year. |
Based on this analysis the Trustees consider it prudent to hold reserves representing the full contractual commitment it holds for its staff and suppliers. This commitment is between 3 to 6 months. |
In total at current planned levels of activity the reserve should be approximately £70k. |
The Charity currently holds unrestricted reserves of £65.8k which is in line with the reserves policy. The Trustees will review this policy during Q1 2025. |
Going concern |
The Charity has maintained healthy reserves throughout the year and sufficient funding is in place to ensure that its going concern status is not placed at risk. |
The Venture Community Hub Ltd (Registered number: 06689116) |
Report of the Trustees |
For The Year Ended 31 December 2023 |
FINANCIAL REVIEW |
Cash and Cash Flow |
Cash is tightly managed throughout the year and a balance of £101.1k was held at the end of 2023 (2022: £187.3k). The decrease in cash during 2023 (- £86,206) can be analysed as follows: |
Net income for the year (£51,490) |
Add back depreciation £7,349 |
Increase in debtors (£5,576) |
(Decrease) in creditors (£25,386) |
Net cash from |
Operating activities (£75,103) |
Purchase of fixed assets (£11,103) |
Change in cash at bank (£86,206) |
Cash at bank at start |
of year £187,344 |
Cash at bank at end |
of year £101,138 |
Given the level of funds held with the Cooperative Bank the Board have agreed to open an account with a second bank to benefit from the Financial Services Compensation Scheme and reduce its dependence on the Cooperative Bank. |
The Board has considered the cash flow forecast to December 2024. This shows that the charity, based on reasonable estimates of new income sources, together with its continuing sources can pay its creditors as they fall due without recourse to additional funding. |
The Venture Community Hub Ltd (Registered number: 06689116) |
Report of the Trustees |
For The Year Ended 31 December 2023 |
LOOKING TO THE FUTURE |
In response to the need to support our community in a much more holistic way we have ambitious, community driven plans to redevelop our well-loved adventure playground and play hut into a sustainable, multipurpose hub that will provide a range of services and facilities for people of all ages. This includes a co designed outside play space, a multi-use games area and a community building. Whilst we have a commitment to these ambitious plans it is essential that we continue to fund and deliver our day-to-day services. |
We have four key principles that underpin what we want to do: |
1. Recognising the importance of play as the foundation of our organisation and our most important tool in developing relationships with our community and understanding their needs and aspirations. |
2. Keeping the community at the heart of what we do, ensuring that we do not stop listening to and involving them. |
3. Having a strong voice - telling our story, inspiring others, and changing the narrative about disadvantaged communities. |
4. Being ambitious - capitalising on our assets; our history, our community; our team and trustees to realise our plans and build capacity for the future. |
Decisions on our key areas of focus for the next three years are based on: |
- Understanding the needs of our community and in particular the changing economic landscape. Needing to ensure that we are prioritising the services that will help those that need it the most at the time they need it. |
- Recognising that our current facilities are not fit for purpose and need significant investment. |
- Building our capacity as an organisation to deliver services across Gloucester City. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The Venture Community Hub was registered with the Charity Commission in England and Wales (Registered Number 1198098) on 1st March 2022 and is constituted as a company registered in England and Wales (Number 06689116) and limited by guarantee. Its objects and powers are set out in its Memorandum and Articles of Association which were updated on 5th November 2021 prior to the registration of the company as a charity. |
There have been recent amendments to the Memorandum and Articles of Association as follows: |
A) Any newly appointed Director of the company should automatically become a member. |
B) Any appointed member of the Community Engagement Group should automatically become a member. The fist appointment being Mr Chris Jenkins. |
C) The CEO should be a member. |
D) The re-election of directors will take place every 3 years. |
The Venture Community Hub Ltd (Registered number: 06689116) |
Report of the Trustees |
For The Year Ended 31 December 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Charity constitution |
The objects of the charity as set out in the Memorandum of Association state that: |
"To further or benefit all the residents of Gloucester City, and in particular the neighbourhood, without distinction of age, sex, sexual orientation, race or of political, religious or other opinions by associating together the said residents and the local authorities, voluntary and other organisations in a common effort to advance education, and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for the residents. |
In furtherance of these objects but not otherwise, the directors shall have power: |
To establish or secure the establishment of a Community Centre and Adventure Playground and to maintain and manage or co-operate with any statutory authority in the maintenance and management of such facilities for activities promoted by the charity in furtherance of the above objectives." |
The voting members of the Company and Charity are the Directors (Trustees). |
The Charity is aware of the Charity Code of Governance and is working towards incorporation of the Code into its governance practice, using the Charity Code of Governance assessment tool. |
Board of Trustees and their responsibilities |
The governing body is the Board of Trustees ("Board") whose members are elected by the charity's membership at the Annual General Meeting and are directors for the purpose of company law and trustees for the purpose of charity law. |
The Board of Trustees is constituted and regulated in accordance with The Venture Community Hub's Memorandum and Articles of Association which the Board is using as a basis to develop its own Governance Framework document. |
The Board consists of a minimum of 3 Trustees and there is no maximum number of Trustees. Currently there are 4 Trustees following the resignation of Mr C P Jenkinson. |
The Board of Trustees meets every two months to determine the ongoing strategic direction and operational activity of the Charity. The agenda for these monthly meetings include the following standing items: Declaration of Interest,Action Log, CEO report, New Build Project, Risk Management, Finance, Governance. Minutes are recorded and circulated for all Board of Trustees meetings. Additional meetings of The Board of Trustees are called if required. |
The principal responsibilities of the Trustees have been reviewed, to ensure they effectively dovetail with those of management. A Statement of Reserved Powers and Delegated Authorities has been developed laying out the Functions Reserved to the Board and those Functions Delegated to Management. The Trustees have responsibility for those matters that are likely to have a material impact on the organisation, performance, and reputation of the charity. |
All matters not specifically reserved to the Board and necessary for the day-to-day operations of the charity will be delegated to management. |
The Venture Community Hub Ltd (Registered number: 06689116) |
Report of the Trustees |
For The Year Ended 31 December 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Organisational structure |
The Board of Trustees currently has the following posts of responsibility: Chair, Vice-Chair, Treasurer and Governance. Members of the Board of Trustees receive no remuneration or benefits from their Trusteeship of the Charity. The CEO reports into the Board with a specific reporting line to the Chair. |
Details of the Trustees are noted below. |
Chair: Drewe Lacey BA (hons), BSc(hons), DMS, FRSA (appointed 07/03/2022) |
Drewe has strategic business expertise and strong financial management in general management and ownership through roles in FTSE 100 Companies such as BTR plc and international companies such as Ford Motor Company, to his own business in the regulated financial services sector. He won the IOD Director of the Year Award in Wales for a family business. He has also developed an expertise in business change engaging with his Livery Company, the Metropolitan Grand Lodge of London, and District 1100 of Rotary GB&I, an area including Bristol and North Somerset, Gloucestershire, Herefordshire and Monmouthshire and parts of Wiltshire and Worcestershire |
Vice-Chair: Sue Cunningham |
Sue is a registered Social Worker who works in Community and Economic development. She is CEO of a local charity, GL Communities, a role she has held for the last 25 years. |
Sue has vast experience, knowledge and skills in leadership and management and leads on partnership and collaboration. She has been a Trustee of the Venture for many years and truly believes in the benefits of providing play and support for children and families at grass roots level. Sue is involved with many other organisations providing leadership, management and support and works alongside all elements of community engagement. |
Treasurer: Chris Elliott BA (hons), FCMA, MioD (appointed 07/03/2022) |
As an independent professional of 11 years Chris holds a range of non-executive director positions and provides consultancy services principally to family and private equity owned businesses, primarily within the business support services, healthcare, technology and third sectors. As an executive Chris brings a wide range of Board Level experience from the private and public sectors. He is a qualified accountant with over 30 years of commercial, operational, and financial management experience, most recently as Group MD for a FTSE 100 services group. |
Governance: Joanna Robinson-Cox BSc (hons), PGCE (appointed 07/03/2022) |
Joanna is a chemistry graduate with over 30 years' teaching experience in state secondary schools. She has held a variety of middle and senior leadership roles within the academic, pre-vocational and pastoral aspects of school life. Prior to her retirement in 2016, Joanna had 12 years' experience as Pastoral Deputy Head Teacher in an Ofsted graded 'Outstanding' High School in one of the most deprived areas of the country. Her expertise includes Safeguarding, admissions and appeals hearings, student attendance and behaviour management, tracking and analysing student data, parent/carer liaison, staff development, community has worked as an SLE, (Senior engagement, governing body work and membership of Local Authority panels. Joanna Leader in Education), delivering high quality in-service training to high schools around the country. She has written training modules on behalf of the National College for the NPQSL programme (National Professional Qualification for Senior Leaders) and has delivered lectures and seminars at both local and national level. |
Chris Jenkinson (resigned 11.12.2023) |
Chris's family have been residents of White City for over 40 years. His father Jerry took a major role in getting White City identified as a community and promote the brilliant strengths within. Chris was a PCSO for 17 years covering the local community and took an active interest in community-based strengths and asset work to achieve a common goal of making the local communities safer places to live and work. |
The Venture Community Hub Ltd (Registered number: 06689116) |
Report of the Trustees |
For The Year Ended 31 December 2023 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Induction and training of new trustees |
New Trustees are recruited by personal recommendation, external references, and an interview with the Board, in accordance with Charity Commission guidance CC30. They are inducted in the workings of The Venture Community Hub, including policies and procedures. Members of the Board of Trustees attend external trustee training as required and had a Trustee Governance training update in March 2023. All trustees are encouraged to remain up to date with the Charity Commission guidance on governance and trusteeship. |
The Trustees are currently reviewing their mix of skills and capabilities and will be identifying key gaps which they will seek to fill by recruiting appropriate new trustees. |
Policies and Procedures |
Following the The Venture being registered as a charity on 1st March 2022, the subsequent transfer of the assets of White City Community and Recreation CIO and the change of name, the Venture Community Hub has adopted the policies of the former Venture. A plan has been formulated and implementation started for the review of all current policies and development of new policies as required. All policies to be made available electronically to all relevant parties. |
Trustee Insurance |
The trustees have ensured that the Charity is fully insured against all current potential risks and have in place: Charity Trustee Assurance £0.05m; Public Liability £5m; Employers Liability £10m; Abuse Insurance £5m. Given the increasing size of the Charity the Board have resolved to increase the Charity Trustee Assurance to £0.5m. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Company Secretary |
The Venture Community Hub Ltd (Registered number: 06689116) |
Report of the Trustees |
For The Year Ended 31 December 2023 |
REFERENCE AND ADMINISTRATIVE DETAILS |
Independent Examiner |
Kingscott Dix Limited |
Chartered Accountants |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
The Venture Community Hub Ltd |
Independent examiner's report to the trustees of The Venture Community Hub Ltd ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent examiner's statement |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. |
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 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 |
4. | the accounts 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 concerns 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 accounts to be reached. |
Mark Spashett |
The Institute of Chartered Accountants in England and Wales |
Kingscott Dix Limited |
Chartered Accountants |
Goodridge Court |
Goodridge Avenue |
Gloucester |
Gloucestershire |
GL2 5EN |
10 May 2024 |
The Venture Community Hub Ltd |
Statement of Financial Activities |
For The Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 2 |
Charitable activities |
Total |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 175,892 |
The Venture Community Hub Ltd (Registered number: 06689116) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 10 |
Unrestricted funds | 75,836 |
Restricted funds | 58,595 | 100,056 |
TOTAL FUNDS | 175,892 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each 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 charitable company. |
The Venture Community Hub Ltd (Registered number: 06689116) |
Balance Sheet - continued |
31 December 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
The Venture Community Hub Ltd |
Notes to the Financial Statements |
For The Year Ended 31 December 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery | - |
Motor vehicles | - |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
The Venture Community Hub Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
2. | DONATIONS AND LEGACIES |
31.12.23 | 31.12.22 |
£ | £ |
Donations |
Grants |
Grants received, included in the above, are as follows: |
31.12.23 | 31.12.22 |
£ | £ |
HAF (Holiday Activities & Food programme) | 188,632 | 248,759 |
Barnwood Trust | 12,300 | 20,000 |
Strike a Light | 8,000 | 31,771 |
Gateway Trust | 20,000 | 25,598 |
GCC Household Support Fund | 42,970 | 20,000 |
National Benevolent Fund | 10,000 | 10,000 |
Henry Smith | - | 10,000 |
Various other small grants | 1,500 | 16,181 |
Gloucester City Homes | - | 10,000 |
283,402 | 392,309 |
3. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
31.12.23 | 31.12.22 |
£ | £ |
Depreciation - owned assets |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
The Venture Community Hub Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
5. | STAFF COSTS |
The average monthly number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Venture community Hub support |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Charitable activities |
Total |
EXPENDITURE ON |
Charitable activities |
Other |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward | 41,870 | 29,000 |
TOTAL FUNDS CARRIED FORWARD | 75,836 | 100,056 | 175,892 |
The Venture Community Hub Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
7. | TANGIBLE FIXED ASSETS |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
The Venture Community Hub Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
10. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.1.23 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 75,836 | (10,029 | ) | 65,807 |
Restricted funds |
HAF (Holiday Activities and Food Programme) |
41,340 |
(8,177 |
) |
33,163 |
Other Community Projects | 14,323 | (9,280 | ) | 5,043 |
Community Centre Construction Project | 32,362 | (27,173 | ) | 5,189 |
Household Support Fund | 12,031 | 3,169 | 15,200 |
100,056 | (41,461 | ) | 58,595 |
TOTAL FUNDS | 175,892 | (51,490 | ) | 124,402 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 171,387 | (181,416 | ) | (10,029 | ) |
Restricted funds |
HAF (Holiday Activities and Food Programme) |
153,016 |
(161,193 |
) |
(8,177 |
) |
Other Community Projects | 5,505 | (14,785 | ) | (9,280 | ) |
Community Centre Construction Project | - | (27,173 | ) | (27,173 | ) |
Household Support Fund | 42,970 | (39,801 | ) | 3,169 |
201,491 | (242,952 | ) | (41,461 | ) |
TOTAL FUNDS | 372,878 | (424,368 | ) | (51,490 | ) |
The Venture Community Hub Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
10. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.1.22 | in funds | 31.12.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 41,870 | 33,966 | 75,836 |
Restricted funds |
HAF (Holiday Activities and Food Programme) |
29,000 |
12,340 |
41,340 |
Other Community Projects | - | 14,323 | 14,323 |
Community Centre Construction Project | - | 32,362 | 32,362 |
Household Support Fund | - | 12,031 | 12,031 |
29,000 | 71,056 | 100,056 |
TOTAL FUNDS | 70,870 | 105,022 | 175,892 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 65,411 | (31,445 | ) | 33,966 |
Restricted funds |
HAF (Holiday Activities and Food Programme) |
218,989 |
(206,649 |
) |
12,340 |
Other Community Projects | 65,791 | (51,468 | ) | 14,323 |
Community Centre Construction Project | 57,087 | (24,725 | ) | 32,362 |
Household Support Fund | 20,000 | (7,969 | ) | 12,031 |
361,867 | (290,811 | ) | 71,056 |
TOTAL FUNDS | 427,278 | (322,256 | ) | 105,022 |
The Venture Community Hub Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
10. | MOVEMENT IN FUNDS - continued |
A current year 12 months and prior year 12 months combined position is as follows: |
Net |
movement | At |
At 1.1.22 | in funds | 31.12.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 41,870 | 23,937 | 65,807 |
Restricted funds |
HAF (Holiday Activities and Food Programme) |
29,000 |
4,163 |
33,163 |
Other Community Projects | - | 5,043 | 5,043 |
Community Centre Construction Project | - | 5,189 | 5,189 |
Household Support Fund | - | 15,200 | 15,200 |
29,000 | 29,595 | 58,595 |
TOTAL FUNDS | 70,870 | 53,532 | 124,402 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 236,798 | (212,861 | ) | 23,937 |
Restricted funds |
HAF (Holiday Activities and Food Programme) |
372,005 |
(367,842 |
) |
4,163 |
Other Community Projects | 71,296 | (66,253 | ) | 5,043 |
Community Centre Construction Project | 57,087 | (51,898 | ) | 5,189 |
Household Support Fund | 62,970 | (47,770 | ) | 15,200 |
563,358 | (533,763 | ) | 29,595 |
TOTAL FUNDS | 800,156 | (746,624 | ) | 53,532 |
The Venture Community Hub Ltd |
Notes to the Financial Statements - continued |
For The Year Ended 31 December 2023 |
11. | RELATED PARTY DISCLOSURES |