C¢mp•ny No. . 02731429 Charity No. . 1013242 LIFE PATH TRUST LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 IHIIIIIIIII •A(￿RzIY• 11108r2023 COMPANIES HOUSE A27 LIFE PATH TRUST LIMITED CONTENTS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Pag• R¥port of the Trusl8es Staterneni ol Trustees. Respon$￿￿ti•S 12 Independent Audilorfs RewNt 13-16 Consdidated Stalement of F￿￿KIal ￿ti￿￿¢S 17 Balar￿e Sheet 18 Consolid8t8d staiement ol Cash Flows 19 Notes to Ihe Flnan¢l81 Stsiertwnt$ 20-39 LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The Board of Truste•s, who are the Dvectors ol Lile Path Trust are pleased io Ffesènl the Annual Report and Finaneial infom)ation lor the yeBf 1h8t finished on 31 March 2023. The inlorm81ion in thi3 report inclJJ*s the sUbsid￿ry company Newpath ven￿leS Limited in the group infcthiaih?n. Who *r• wJ•7 Charity Name Life Path Trusi Lirn￿d Charity Regi5tFation Number 1013242 Company RegIstratic￿ Number 2731429 Registered Offte 511 W•lsgravtr Road Coventy CV2 4AG The charity is managed duriNJ Ihe year by a Board of Tnjstees were.. Keilh Chapman Roberl Hall Edward Lam Phillip Rusk Judy Ryan (Cha￿) Philip Emsden Peter Manger Jon Baines Patricia 80gle Adam Hivts Diane Perry IR•4leeleiJ W March 2023) {Re4ected 3tO March 2023) {Resi9ned 21st October 20221 {Apwnied 2Pb February 20231 {Reswed 3111 December 2022) The Trustees havè some woftssi(x)a advtser5 10 help. These are: AuLlitors cro￿ U.K. LLP Aquis House 49-51 81agrave Stre•1 Reading. BerkSh￿e RGI 1PL Banker5 N¥lWesl 24 Broadgate Coventry CV1 1ZZ s￿￿1t01$ Hammons SolirAlors ktt>rporab"tYJ Payne Ski*'n9lon The Old Bank 353 Walsgrave Road Coventry CV2 48G Anth¢Jiy Cdlins LLP 134 EdmurM1 Str•el &rrningharn 832ES Page 1 LIFE PATH TRUST LIMrrED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Insur￿ Brokers Arthur GaNagher Tempb Point 71h Fl•)or 1 Temple Row fmingham B2 5YB Pa9e 2 LIFE PATH TRUST LIMrrED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 An¢y to man89e the charity day to day the Trustees have 4)pointed stsff. The Senior Management Team dwtng the was as folb)ws.' Execvlive Direclor Chief Execu*'ve oificer Head of Operalions Difeclor ol Finance Adam Hives {appo￿ted 2P Feb￿ry 20231 th.ane Perry {ré51gned 3111 December 20221 Fogg lappoinled V May 2022- res￿Jned 14 Juty 2022) Caroline Milthell {apwnted 4th January 2022 - resigned 1V Juty 20221 The Trvstees are responsible for presenting an wwHJal (ep￿1 each year*Mth fina￿la1 stalemenls thal give a lair and Irue view ol the aclivities of Lile Palh Trust. The report and slalement5 have been prepared in 8¢¢orn 41SA of Iht Aei relating to small companies. Our Vlsion vision ol Life Pau) Trnst ￿.. Peoplè *ilh leanNrvJ di5**liles h'¥e their live5 to Ihe lull. Our MSsslon Our rniSSiOA 1$.. "To provide the t)esi sUpp￿t and enable people lo be valued, lo develop and achieve" Our Key Valuès Choice -to have a choice in: how you live your life. 7hthere you li￿. wh8r• y￿j work. %thal you do V*ilh your leisure time. Right$ - lo a r￿h1 io.. make deu5￿Y6 aboul li¥in9 y￿r life. live the Ile you want lo. have a home ol youf own. 5UPPOrt lo achieve your ambTrti0￿. be re¢ognwd and valued a$ yoursèlf. Inclusion. lo be ?trAe lo Ivnlh 5UPP(xt rf ￿edEd1' be involved Fn deosions about yow life, have a voice. have yrAJr wews Ideas lister*d to, parliopate in your local commur#ty. Opportunlty- To be gven a chance to," deveknp yow ovm path in life. undertake lifekng learning, achieve qualrfKalM)ns. have a job and be lor wryknn9. folk)w interesls ol yow choice. Independen¢•- lo be atle lo.. look after yoursell as rn￿h as you ¢8n, make your own deri510nS. b8 supported whar¢ necessaty. be sale and ma￿1*n weM>e1￿. understand accepl rights and responsi￿111￿$ whith maintain IndeperKJence. R•$ponsibilty. to understaThJ thai all the above cairy resp(￿SibIlItIes. you need lo understand Ihose rewnybililies, you may need sUFfrtxt to Unde￿￿1￿1 Ih)se responsibilities. Pag• 3 LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Structure. gov•manc• and m•nag•m•nt The charity ¢#lled Coventry Homes lor Meniaty Handicapped Cibzens was formed in 1973 by a group of parents and concerred professKJnats In 1991, the charity vas Incorporated as a company Ilmited by gu8ran1ee wilh 8 Memorandum and Arti¢ks ofAssociaOon. set hL)W th• ¢harity Is lo be govemed and *sobiectives 2CQ4, Ihe charlty ch￿ge￿ ils name to Life Path Trusl Limited to reflect rn￿e effectivety the work11 undertakes. In 2011, upd8le(l Arfths ol Assoo3lI￿ were adopted. Exh year the charity's members elect a 8ts*d of Directors are also Ihe Truslees of the tharity. Every yew thlrd ol the Trustees stand down. trtjtcan be redected ty the membership. If Ihe charity is up. members are requred to pay £1.00. All new Trustees ha* an irKK￿lI)ft. whth indudes all man p￿i¢leS. Iha Ch*ity Commission Wel abwt Trustee ￿Sp(¥}$1￿1lIie$. a role descriptrf>n loi Twustees, ￿ ch8rity'S Artide5 oIAssociation and other inlormallon about Ihe chafity's vth. New Trustees wrll also meel wlth the Chair and the Execvlive Dire¢lor for an inductlon inlo thek rok. The d¥y-to4ay runr¥ng ol the charity is delegated io the Ch￿1 ExecutNe and the Senior Managemenl le￿1. The Board of Twslees has e$la￿&*d cemmbttees to loth *. Fironce and Audil Strategy & Remunerali Each commlttee has a remit and there Is at leasi one Trustee rnvul¥ed. Th¢ Board ol Trusteés mèets every quarter lo supporl Ihe 8x8cubve team and algn more dosoty wilh ¢ommittee meeb'NJs. Strnteglc Aims Within Ihi$ fmwal ye¥r slrategt aims have remalned the same.. Slralegie Aim l. SustaiAaly"lity to ensure Life Paih Trust G￿lInUeS lo achieve ft5 Mis$ion and Vision lor Cilizens. C*JjectNes include.. Cont*we lo ddNtir. retawi arKI develop effective hgh Iwality services acxoss cwrenl areas of delivery. Re¢fuiI. Iran {provide approwiBle accre(Sled trainirg) aTrJ relaln high quality ￿p￿yeeS to provide lo C*z¢ns. Strategi¢ 2. Enabl8 Cilizens of Lrf¢ Path Trusl lo INe their Ir¥es to Ihe full. All staff and •/olunteers I￿o¥1de Ihe best and seTrrfces lo en8bJe people to be valued. to de¥*p arKI *thieve. An slall and vc4unleers dehver Servlces detemined by the core v3M*s ol Lile Path Tru51. sliale9￿ Aim 3. D•veltsp and rnainlain the as50t base of Lrfe Palh Trust t¢ ensure maximum b•nefil ach￿Ved for existing and future Citizens of Life Path Trusl and the W￿•r communty. stratèg￿ Aim 4. Innovale io ensure the future of Service deU¥ery to malnlain ndependenl, s8fe services for Citizens. Str8iegt Aim 5. Enhance ihe involvemenl ol atizens and F￿)Irl•S in Life P8th TnJSi Page 4 LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Our A¢hi•¥•m•rts and Servlces Co¥•ntry Tralnlng Consortlum Coventry Training Consortium dd1ve￿d trainirs wedominantty lo profess*)nals in Ihe health and Social care 58¢10f ¥%ilhin the Coventry and WaTh¥ickshife a￿0. We are pas&onate aL¥)ul 9iVtny trainè8s lh8 skills orKI knowledge they nee¢J lo enai* tt*m to th Iheiriob lo It￿ htghest standard and to provide good quality support lo users of they services. In the period Awl 2022 to March 2023 delive￿￿ training lo 859 prol¢ss¢onals. citizens and volunte&s. CKJr work is funded by organisabor)s 1 indmduals who pur¢h4$8 training from ys. Cmjr biggest achievernenis this Wriling and launchkng cw new 24ay Autism rA)urse. The launch of our new ￿b￿te aNI Facebts)k page. Training >tszens al lfjngthll Nurserjes in heallh and salety. fire awareness and mov*)g and handling, Being the firsl Iraining provider in Ihe M*Jands region lo be trwrwd and apwoved io deliver the Oliver McGowan mandal¢xy trainirKJ in ￿arTrThj dlsabilily and Aulism. This inclJdes training experts th livedoxperience ofa leamin9 (￿SabIl￿ and Aukn.st￿ experts Wilh bved experien¢e to co-deliver this trawling. Beginning the roll out of I￿nI￿ of ¥oSLFnleers at ￿'ngshI in safegLwding. GDPR. Equality. Diveisity and Inclusicffi. Heath and safety aThJ Leaming DisabTrlity aWa￿ness. Conn•¢i2 Conne¢t2 is a Ewopean S(K*l Fwbj parfnership th•t engages vulneratle partripanls a9e(116+ who are unemployed or inaclbve #nd who INe Covenlry. Our ser¥ice help5 participanls*Mlh 'baTrier b￿aking, 511PPOrt lo re-engage ¥￿th educalwJn. train*ig cff employmenl. We offer one lo one suFwJrt to access Work experience. volijntary ro￿$ and ernployatslity courses. Lile Path Trusl swjport people V*ilh barriers to work such as aulism, learn¥19 disat¥"lIt￿s. menlal health iSSL*S and isolatitr) to address the obstacle tsl the job markel. We under51and Ihé uniwe and complex prtsblems whi¢h ¢an deter people from ernploymenl. This year we intensivety supported 16 people. 4 01 w*k*h fouThJ parf) emP￿0ymenl wilh our suFport whilst 5 progressed inlo e￿¢allOn or training C¢>nmunity Day Opportunlties Al day ops we 019anise varied activities. Gourse5. voluntary opportuniligs. trainin9 and s0¢i¥I gioups lo give people a ran9e ol opportunities and experien¢es. Our approach is always person-cenlred. wilh stalf supporting individuals lo idenrily whal Ihey would like to do in the community and linking up wilh others Wlth Ihe Same inieresis tsn • day by tjay basis. DtJrin9 the period April 2022 to March 2023 we supported 54 ¢ilizens to &¢ess Ihe $ervti. The service 15 predominantly fundÈd by local authorily and dire¢l payments. We a150 worked in partnership wrth Coventry City Council's Digital Collaboralion to accass digital equipment lor cilizens who are non-verbal to Provide opportunitles lor Iheffl lo enhance their communication using technolo9y. Thi5 has been a p051tive initiatsvè and wll now be expanded aGrtss$ 10 Ihe respite seThi¢e. Page S LIFE PATH TRUST LIMrrED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 R•spit• I Short Br*8*5 This ts a reguJate¢l service r3led ¥$'Good' •1 Ihe lime olow lasl CQC inspecbon. Respbte provides a shorl slay service to alkjw citizens and their famil￿5 or carers re9uLw breaks. We ddlver a high qual'ly of care addressing i￿￿VIdUal needs in a wgm). friendty and secure environment. Wè alsofadKtst8 transitK)￿ shorl stay when ser¥i¢e uws acce55 reS￿le prior to moTrMJg to a long slay s8rvti. The short slay service is for adults vkno have a learn￿g disakn"￿ty. howevw a150 svpwl people with athjilbnal needs such a5 m8ntal health. eFilepsy and physKal thsabil"b"es where they do nol reqLMre Ihe Ltse ol a h(¥$l. The $ervke Is for bolh rnen and women over Ihe age ol etrJhleen. The service 15 pre(Jominately lunded by local avlhority and direct payments although we do aceepi sell-funded individuals on reques1. This year 26 Cl￿ZenS accessed ih• servic£ aThJ all receive(J person. cenknd support plans ￿ engaged In a variely of a￿l￿ties. The respite buildirvJ is conb"nuing to undergo upgrades. ImwoTr*in9 the quallty of the 8nvironm•nt lor thos8 thal use Ihe servKg. This year ￿ invested in a pollcy aThJ compliaThx syst8m ensures aN staff have bett¥ access to documentat¢cffj. We have also imFAemenled a system in partnersNp with the NHS call80 DOCOBO. Thi5 enabled the peopte we suFwi to ac¥ess haalth services V+ithtrJt allendin9 A&E, Iherefo aiding in ieducliLW of wailNig times aThJ a150 provi¢Jed a baseline ol obseThations to cliniclans surrounding an indwidual's heatth. Newpath Ventures- Xlngshlll Nurswy and Fow Sèason Functlon Room Nevyath provmles placemenls. Iralning, work exp8rie¢)ce and jobs lor people a broad spectrum of learning (STrsabililies wlhin holl￿11￿¢ (Kings Hill Nurseries} and varioL* ¢alering operalions at lh• Four Seasons fijnction room. wo1￿￿ with people with ￿amIng disatxlilks is central lo cullure of th• business and staff work in learn5 to help maxynise each worker's poleTrli￿. The company is run as any other commercial concern. bul wilh values of i￿aUs1on asplfatKm. Newpath w(￿ked wilh 35 tsli28ns this year. 32 within hor1icul1u￿ and 3 at the 1vncll￿ room ￿'t¢1￿). L•ndlofd Servic This year Lile Palh Trust has set up a laThJk)rd sery￿e wovhllng hrKJsin9 Iof those learn￿g disabilities whitst support is being delivered by a￿lher provlder. In this year we were Ihe ￿ndlordS lor 24 people with 1garnin9 dis8bililiès. Support•d Uvlng Serwi Life Paih Trust has Undergone Swjnifrarbt changes %￿lI￿n thi5 finanual year. The bi99eSt Ch￿ge has been th8 CQCS removal ol re9istralN)n for Ihe Supported Living SeN¢e. the rK)W81ion ol the contr#¢l and the TUPE transfèrol 162 S￿ff and 160 Citizens to a new provxler. Thts has had an impad on Ihe organisalion's inccme and as a res￿1 has prompiefj an intemal rèstru¢ivre aThJ ini￿allI¥j Ihe sole ¢1 ow W8lsgr•ve Ro8d Rlsk$ and Unc•rtalnib•s The Truslees review the majof rlsks to the charity ai ea¢h board meetwty and update the ri8k reglster accordingly. Some risk5 may be de￿galed lo commlttees who rwlew the major risk5 using a risk as5essmenl tool, which ¢overs all afeas ol risk idenb.fied by Ihè Charrty Commission ￿ their report 'Charilies and Risk Mana9emenl' published in June 2010. This ensurès that we do not o¥¢1k￿ any main rlsks and makes suwe Ihat we ale consistent about the way we locjk at ea¢h item. Against ea¢h identth.ed rbsk. Ihè control measures ihgt are in place are recorded and any fvrther act•)n requifed ts identified. The organisati￿'S s¢nioT monagèmenl team is responsible for taking any aclKJns required by the rtsk assessment. The ielevartl prqecl fisks are also reviewed at ea¢h Mmrniiiee meeling and ihèn iepcrfed into 8oard Meet￿9S so that it is a dynamic process. The mwn risks ￿entIr￿d durirvj the year have been: Risk to svstainabdity ¢kn lo the novat#)n of the supported living servk• Change of CEO Page 6 LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Rlsk to SUStainability dut to thg ngvation of lh• supported livlng ser¥l¢• The novalion ol Ihe 5UPPOrted Ibvin9 service has crealed a 9zeable loss of income lor the organi5al•)n. This corne ¢￿tributed significanlty to the overheads and thwelore ha5 fjrealed pr¢55ures durin9 Ihis linan¢ial year. Curreniiy Teserve5 are being ulilised vthAsi actiC￿S kn reduce costs and generale income are being implemented. These aclKins i￿lu(le Ihe $8kn ol Wals9rave Ro*J sile •rbJ thts implemenlati¢ffi of8 ￿an(jaI recovery plan which will work towards a full cost recovery modd. Lile Path Trust is exlremety focused on INgh4Juality service delivery lor citizens and has exce118nt prospects for dev81opmÈnt over the nèxi fmantial y8ar The Charity h85 relaineé all other5 Se￿￿¢$ with wew to gro￿n9 communily-based ac11￿lIeS al day opporlunities. potential eXpanS￿n ol the rewle services and Ihe crea1*￿ of a r*w business stral¢gy at Kingshill nurseiies. Changes will be co-produced alon9side Ihose ¥%ith leamin9 disabilibes to ensure we have a high-quality ol service delivery moving ffyv481d$. Change ol CEO Life Path Ttusl appointed a new ExecJJtNe Director at Ihè erKJ of F•bnJ8ry 2023. Any chBrbye at 8 senior mana9emenl level Cixnes with potential risks around the direclion ol the organizatton and ensuring the candidale is Ihe right fil for the chan.ty These risk have been milpaated by a thorough recruilment process spanning a numbef of monlhs and Ihe new Executive 0*￿10r app(N"nied having 13 years tsl experiw¢e within Ihe third se¢tor. wilh maionly oflhis time in a Sen1￿ managomeni ro￿ ai antsthercharity %thowork5 with people who have leaming di5abililie5. We are ¢onfKJent this appoffttmenl %bill bring aboul pos1ive chaThJe and collaboralively lead Ihe organisation loTh¥ard. How w• b•n•llt •v•ryon• The Tru51ees have made sure Ihat Lrfe Palh Tryisl lollows Ihe Charty Cofflrniss￿ guN#ance on public benefil. Our Arlicles of Associatk)n show we beneffit the Publ￿ and thal wr pracbces ensur¥ th8t anyone with a Itam￿9 (Si$a￿lity can benèfil Irom the Charivs work. What are we doing an(1 how we get on? . Oiieclives and acttvities The objeciives as 9iven in the ArDcles of AsyKiatirM) are.. the provision ol car•, asststance, support and relipf 01 5uffewing amongst peoplp are disadvantaged by socieiy due io heallh condibons. age infirmty or learr￿n9 disabililiesldiffKult￿s wilhin the area ol benelK" is England and wa￿5. The main activities of Ihe dwity 31 present We: Carn and supp This cowed supportin9 peoplè in Iheir own homes and provbJing personal care rf needed. The Supwrted LI￿n9 SeNi¢es was novated in July 2022. We 81s0 provKle care and support in our short Stsy sefyice lo people wih learnirvJ disabl￿lies. Supported employmenl We pr()vide SUp￿led emrAoym*nt lo peoplè leaming th'sabilil*s through our subsidiary Newpath Venlvie5 Limrted which runs a number ol businesses. We also support peoplè to lind work experien￿ with omer employers throu9h our ESF Empbyment SuppNI Projecl Conneei 2. The Tfuslees havè decided thal Ihe objeclives need to be in￿rpreted ar¥J staled in 8 mowe useful way, has been done fvough Ihe mission slalemeni and key Vall￿ gtven earfier in this repNI. In 2022- 23, yeai 4 01 a 5 year strategic plan ff*ant Ihat lo lh¢ siluation V•ith CQC and Ihe Supported Living S$rviGe operating in special Measures. prioiTrly VAS given to safety arKI susian8bilily ol ihe C￿rIty- The strateg￿ aims and ot4￿￿ve$ con￿￿ io be rdevant. Page 7 LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Money. Flnancial R•vl•w For re aThJ &pport 2.557,526 uppcwted empl ent income 360.151 Donations. ifts granls 31,233 Rental income and investments 53,357 Pknn we s ond.. Running the 5er¥ices 3.718.59 Raising money Monoy- ft￿r¥ The Trustees have reviewed the Charrty's needs lor reserves in ￿ne￿1h 9u￿arte issued by the Charity commis￿Th. The hokth.ng ol reseThes has been eonsKlered aorvjside major rlsks that the organisation is laclng at the time of the rewew. Ilsk management is ncw conshlered at every Quarterly Board meetin9. rhe Resuves Pdicy will be re￿We￿ on * •nrwal ba&s at February Finar￿￿ Committee lo estabnsh.. what benefit there %%ill be in hcAdirvJ S￿h reserves. 2. ltte levèl ol resewves reqJwe¢l ea¢h year. based on the and expe￿Il￿e patterr) lor ihe followlng year. 3. what aCllon15 required io meet Ihe agreed le￿1 ol resems. in whal lorffl feseNes we kj be I￿￿J. TYPE OF RESERVES HELD BY UFE PATH TRUST These lurKts are set aside lor a Sp￿ pwpose. l *op•rty D•v•lopm•nt Fund A large legacy was received by thè chxnty in the yèar ending 31 M8rch 2013 of t91.676 and pul into this new fund $0 tw n could be used devdopmenis. T￿re 15 also an annual dorsati¢)n of£30,000 which is put into Ihis fund. It was agreed that this donatw be wl into this fvnd Irom year end 3141 March 2016 willb the that it ￿¥￿1￿ syow the fuTrJ. bl S•rvlc• D•v•lopm•nt F￿d Thls is set asde tor any ir*ome to ensure thal it can be used to develop value added seryices lor cits"zens. Tnese a￿ resorye5 were lunds twe l)een provithd V*llh specbfic lerm5 as lo how thty are to be spent. This type of reserye can onty be rel8ased when the explicit costs are irKurred. Pa9& 8 LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Charity shwld hohj unosiricled reserves for PLKP05e5: a) To ¢ov•r known lutur• •xp•nditur• To safe9uard Ihe Charity'$ servTrce ¢mIt￿nIS in the Èvent that Ihere are delay5 in Ihe ¢eipt ol fur￿$ available io provide ttE Serv￿e$ to meet our stated objeclives. There should be reserves lo be able lo meet 3 months runnng cosls. The reseryes will be cash backed wilh Ihe remainder backed by shm tgm) debtors. b) In the eveni ol Ihe Charily ceasww to OP8rJ* ILmds ry kn501vency to enable Ihe thsing ol Ihe Charity. At Ihe yearond Ifte ièserves are £113.911 {2022.' £77T.g10) represenls 0.3 months operating ¢osis, Ovr aim is lo hol¢J 3 months ol operatiTh3 cosls in tree reserves to cover our cash fflow requiiemenls. Given ihe un¢ertainty of lun¢Jng for Ihe social cwe seclcrf the Tfustees a￿ conscious ihat Ihe Ifee reserves need to be higher and wll consider this issue as part of Iheir ongoiry deosTron makin9 proctrsses over the next year. Monèy. Investment powers and perfomianc• The Arti¢les 01 Assoeialion wtyeh sk)vem the charity 9ve the Truslees *ide powers lo invest any money. As money Is enly being kepl lo make swe we can run the chaiily effiC￿lty. the money is ￿lY invested in places thal are sale and aUch¥ u$ to get ts morw rf it is needed. During the yeer we earned £3,382 (2022.. E141) in inlerest ￿ ow cash baPdnces. onoy- Penslons Lilt Path Trust has a Slakehdderdefined contribuliorts pension scheThE that all slaff are eligible to jo•) after 3 months. Life Path Trust contributes 3% 01 salary of methrs lo the pensicn. The stakeholder p￿S￿)n s¢heme 1$ opwaie¢J by Aegon. on¢y- Setting pay for k•y slaff The Trus*es sei the pay ol key staff e8th year at Ihe same time that the pay scales fu all staff are a9reed. All pay scales are set by be￿￿rnalking jobs against similar pbs in the charity sector and ow ability lo pay. Money- Major •v•nts A impact this year has been no¥atng the Sjp￿led Lmng servre in July 2022 back to thè local authority which has significanily ￿UCed our irtome ￿vels. However, il has also reduced our expenditure as Ihe siaff supp￿1 for ihe Sypptyied kn"vin9 semce w8$ TUPE translerred lo It￿ new cwe wovider. Page 9 LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 What are we goir@ to do next yearf The Iransler ol Ihe Supwled Lw•ig Sefyice to a new pro￿ will mèan that lh• Trustees VAII need lo review the stra(eg￿ difeclm of the Charity èuikling on the remainin9 business uftits and loc*ing io devetop projects which contmue lo Sup[￿ the Visbjn. fvth.sslL￿ and Valutrs ol the Charty To ensure Life Palh Tiusl contin￿S to ￿leVe sts kllsgon arhj ViS￿n for c1￿1￿n5 Enable Cifr'zens of Lile P8th T￿￿t lo INe Ihelr Ilves lo the ful Devekjp and maintain the assel base ol Life Palh Twst to ensure maximLTh benefit is achieved IN e¥isling and cilizerys of Llfe Palh Trusl and Ihe wder communily. ovate to ensu￿ the ￿tUre o15¢Trice de&"¥ery io mairrtairt indePe￿nI. safe s•V1¢￿ for cilizens. Enhance Ihe w)¥oJvernent ol¢S1itens and famlies kn Life Palh Trust Through the way we delver serykes, ￿se awareness thalleroe wllve stereotypes and alb'lud8s towards peoFAe with leammg disab￿.11¢$ Futur• Plons Our chan'ty has excits'ng pl￿S for Ihe futu￿ Ihal encompass mulliple areas of developmenl. Flrstly. we aim to enha￿e our K￿gS Hill nursery site by focugThJ on Ihe development of the fur*tion room. This wll enab us lo offer a versatile space for various évents and aeimties. creaiin9 adOIlKJnal Op￿rtunItieS to enga98 th the local ¢ommunily and 9ener818 incLM))e bul rnore importanuy new opp)rtuNties for indivit1uals with disabilities tg access We are commttted lo I￿lUSiv1fy and empowemient, provtéing tailored IrainiTrJ and support lo foster person81 arKb prolessw)nal ￿h. By expa￿lA9 OUT services and offering inclusive Palhway5. we aim ID ereaie an enMrcfftmenl where everyone has equal opporturilles for success and contriLwtion. We are alsc) Ii)cused M increasing sales at CTC by introducing newlraining opporlunllies and implementing effective promotional 5trai6gies. To help 8chie¥e Ihis. we w￿1 be hirin9 a dedirAled commuThcabons offKer who will play a vitsl role.in Spre￿￿'n9 awareness about wr wograms. altractiThJ rnore participants. #nd •xp*ding our reath. Additionally. wé a￿ ex￿0￿￿9 expansion respte 5èMce to 8 second venue. By providin9 resplle care a￿1 support to Individua￿ and lamilies in need. we can make a P05blive impacl in the lives of even more people. This expansion w￿1 alt(N# us to offer our swvices lo a widar commurnity, ensurlng Ihai ihose ho require rewxla caFe can a￿S il cMvenieThtly. Laslty, we recogntse ts imkwN1ance ol contintjous improvement and adap￿t￿n. In line with this. w8 we reVarn￿.ng our slraiegy in the thiryl and Iwrth quarters of 2023. This strats9￿ overha1￿ wll enatrAe us io belter align OLK effo￿, optimizè rèsource 4lk)Calion. and ertsure Ihe &￿￿1&Tht execulk)n ol ovr iriti#tNes, LAiirnalely maximiting th8 Po￿tiVe outcomes ¢an ach*ve through our ¢hariiable woik. Measuring Obj•¢tiv¢ At Life Path Trust. we are deiOmiw)e(I to meet (xif iargets and ensure ihe Ofganisation's finèncTral siabilily. To 8thi$ve Ihis. we have devised a rotrKJst financial re¢o¥ery p18n that wlll guidè us in managng our resources effeclively. By cl)sety moriioring our financial performance Ihrough Month￿ manag8ment a¢counts, 0￿rseen by our finance manager. we can make inlorme(I decisions and take n8cessary aciitins io meet our financial teAgets. This pro￿tIVe approach will alb)w us lo idenh.fy any poièntial issue5 earfy on and implemenl approw8le meawres lo manl•"n financial he*th. Page 10 LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 In addilion Io Ouf financial tsrws, we ￿defstand the irnFortance ol c0niirtLw￿Y improving our services and outcomes for our service users. To track our progress in this re9ard. we will be implementin9 8 Monrtoring. Evalualion. ￿ Lewning IMELI slfalegy. This strategy will nvofve Monit￿Ing the pÈrlorman¢e and progress of service Lbseis a9ainst bolh slandafdised and ser¥Ke-speryficbaselines and out¢ornes. By syslemalically collecting and aNalysing data. we can 9ain valuable insights into the ellectiveness ol our programs and interyentions. This inf￿rnal40n will enable us to thnlify areas of immement. make data- driven decisions. and ultimately enhance the quahty d our ser¥ice5. Fundraising As parl ol the strategic fevthv the Charity Mll hx*k community based lundrai5ry acINity. The charity had ￿ fundraising actiwtr¢s reqwwo disdoswe under S16ZA of the Char*i"e5 Ad 2011. Provision ol inlorniation lo audilors The people vkno are Directors vknen this report is appr￿￿e￿ agree Ihat.. so lar a5 Ihey are aware. Ihere is no ai**"l irtf0frna1￿ thal has nol been u¥ven k) tr* A￿JitorS They have taken al Ihe sleps they should take to be aware of wy inlorrn?lion neentinue to opeoit. The TIu5tees are responsib￿ lor keeping adequate accothting records thal are sufficienl to show and explain the Charitab￿ cemwany's Iransactions discb)w wth reasonabke accuracy al any ts.me the fnancial po￿tIOn oflhe ehafiiable company enable Ihem toen5W¢ that the ffinan¢ial s¢atem¢nts comply th Companie5 Act 2006. T1￿Y are *0 reswjnsible for safeguarding ihe assets of Ihe ¢harify the (yJp and htrnce fty takin9 reason¥blB steps lor the w¢vÈnl¥)n * detection of fraud and other irfegulaiit*$. Page 12 Crow• U.K. LLP 49.51 Slreel Relthy INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF LIFE PATH TRUST LIMITED RGI 1PL. LIK Tel +41 {0)118YSg 7322 Fax +44101118 05ts 4640 Independent Auditor's Report to the Members Op¢nion We have audited the fjnancial statements d Life Path Trust Limited I'the charitable c(￿PanY') aThJ its subsidiary I'lhe group'l lor ihe yeai ended 31 March 2023 vknich wnpri5e the Consok"daieO Statemenl of Financial Aclivit*s, Tha Group and C¢)rnpany Balance Sheets. the ConsolKJated Statement ofcash Flows ar￿ notes to the financial slatements. inchJdin9 SNJruficanl accounting Fdic￿5. Ttr* financial reporling Iramewofk Ihal has beèn applied In ih*"r P￿Parab0ft 15 0FWitsNe law and Vniled Kingdom A¢Count￿9 Standards, In¢luding Financial Reportin9 StsrKlard 102 The Financial Reporfing Standard aP￿Icable m Ihe UK and Republ￿ of Irelafid (Uniied Kingthyn Generaty Accepted A¢cowting Prac￿e). In our opinion Ihe fmancial 51atemenlS". give a Irve and far vie•4 01 the stalè of thègroup's and the chant8trAÈ eompany's Offaws •$ ai 31 M¥¢h 2023 and ol Ihe grojp s income aTrJ expendrfure, ts the year Ihen entJed'. have been properly prepared in accordarte *ilh Vniled ￿"ngdoM Generally Accepted Accounlir Pr8cltce.' and have been prepared in aCC￿danCe *ith Ihe requiremenls of theComparMes Act 2006 and the Charilies Act2011. 8asls for opifiion We conducted our audit in accofdance With Iniemalional Siandards ￿ Audiling IUKI {ISAs IUKII and applicable I￿. Our responsitslrt￿s under Ihose slandards are further deSCr￿ed in the Audilor's responsibilrties lor the au¢Jit ol Ihe financial STalements seclw)n ol ￿pOrt. We are independent ol Ihe 9roup in accordance wth the ethical ￿qUireMents that are ￿￿vant to audit ol the linancial slatements in the LK. I￿lUdin9 the FRC'S Ethical Standard. and we have luifilled wr other ethical fegp)nsibililies in accordance wilh these re¢wiremenis. We b¢l*ve thai ihe audii evidence we have ¢)btained is sufticienl and appropnale to provth a ba515 lor our wrmon. Con¢lu$lons relating lo goin9 Coii¢evn In auditing Ihe lina￿la1 statements, we have conclLMled Ihat Ihe trustees. use of the g￿n9 concem bags of accounb'ng in Ihe prepara11￿ ol the financial ststement5 is approprk?te. Based on Wofk we have perfomied. have not •Jenblied any matenal LW)cerlainties relatin9 to events or ¢ondilir)ns thai. individually N collecbvety. may casi si9nificanl th)ubl on the 9roup's abilily to ¢onl*nu• a5 a going concem for a perth of al ￿8st ￿efve months from when the finanual slatemwls are aulhorised lor issue. (￿r responsibilities aThY the ￿SpOn￿bIllI•S of the trUs￿e$ bwlh fespect lo g(Mn9 concem are dascribed in the relevant sections ol this report. Ernphasis of malter We draw your attention to note 2 in ihe financial statements. whKh states that the truslee5 assessmenl of Going Concern is based on the presumplKJn thal the charity can sell Ihe laTrJ al Ihe Walsgrave slte. In the evenl Ihal Ihe property cannot be sold wilhin a reasonable timescale. alternative linancing arrangemenls may need lo be consideied As a resull of Ihe uncertainty arounE1 these events. a material ijn¢ertainly exisls which may cast doubt on the charity s ats'hty lo continue as a Goin9 Concem. Our opini¢x) is not modilied in respect lo Ihis matter_ Page 13 A Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIFE PATH TRUST LIMITED Oth¢r Infomiatton The trustees are responslje for Ihe olher infrntion contalned wilhin annual ￿POrt. The other Inf(Ymaiion comprises Ihe tnformaticrt) ir)cfuded irb ts anwal report. other ihan the fnancial statements and our 8udrtor'$ report Ihereon. Our OF¥niry) on Ihe fin?nclaJ st*ernents does nol cover Ihe other knformalion 8rKI, except to Ihe extent otherw•i5e expltttty stsled in w rewt. we do not express 8ny fomi of assurwc• conclusion therèon. r responsibility 15 to ￿a￿ the other infomalion *)d. in doing so. ￿n$14*T ¥•theih¢r It* othw Inlornalbn is materialty picon&stenl with th• fifi￿lar ststements v our knowledge oblarned In the audit or Olherw15e appears io be rnateiially fflisststeo. 11 we Identfy sI￿h material Ir￿￿￿teA¢18S or apparent m¥tarial mt5Stalernenls, we a￿ required to detemiine vthelher Ihis gryes rlse 10 a maier¢al mi5sts1emeni in U anual stalemenls Ihemsefves. If. based on the woth ve have perfOrn￿0. we conclude Ihat th¢r¥ is o mater￿1 misstalerneni of ti¥s other inlorma1￿￿. ￿ ar8 re¢wired lo re￿￿ that tscl. We have ThJlhin9 to rewt in thbs regard. Opinlons on other matters pr•scrfb•d by lh¢ CLYnpanlps Aci 201)6 In our oplnion based on the w)rk undertaken in the COU￿ ol our audrt the inlormalion 9fftn in the trusttes. report. whrh in¢kth5 Ihe d¥•clcKs' report prepared fcff the rpos¢s ol cornpany law. Ihe financial year lor wh¢h the fffiancial slaternenls a￿ prepared Is consistenl wth Ihe fin￿1•1 stalements,. aThJ Ihe diieclor5' report included W[(h￿ Ihe lrnslees. fewl have been Prepa￿ In a¢cordan¢e ￿th applicable legal reqLdremenls. lIatte￿ on vthkh we ar• r•quiwed to r•port by exception In Irghl of Ihe krw)wfedge and uthlwstanthThJ of ￿0UP and ctharitable company and Ihetr envlronment ct)larned in the course of the audm. we have not Ndentrf￿d matwial mi55tatements kn the directows, report included within Ihe trustees. rekKJrt. Wè have nolhiAg to repryl n respect ol Ihe followng matters in relatA7n to vthich the CoMpan￿S Act 2006 requires us to report to yov il. in our opin*y)'. Jequale and wopw rec(*ds have not been kepi: the finanoal slat8mgnls are not in agreemenl with Ihe accoimtrry recor¢ts aThJ felums: or certain th"scJosures of trustees. r•munerdfr"orr specifrtd bylaw are not m&Je.' have not received al the Inlcmiation and explanatbons we require for audiL' or Ihe irnJ*ees were nol enbJed to prepare Ihe finarKial statements in accwdance wth Ihe small Thpani8s regime and lake •Jvantage of Ihe $mall c(xrpanies' exemptti)s In preparlng the trust••s' report and Irom ihe rèquirement to wepwe a Strateg￿ report. ResponslbllStles of trust•es A5 explalned more lully In the truslees. respthsibdrtles statem•nt page 12, the trust•es (who are also Ihe ¢y￿e¢1¢Y$ of Ihe chariiabl• company lor Ihg putposes ol CLvnpany lawl ar8 rgyn5iblè for Ihe prèparation of the financial slalements lot being satisfi&d that they give a true and lay ￿•w, and lor such internal control as the trustees deterryyne s necessary to enabb Ihe preparalicn ol financial stalgmgnls that ar¢ free from matenal missiat•ment. whethw due to fra￿1 or error. In prepaiing the fin8nclal statements. thè trustee5 are ￿p￿S1￿￿ assessing the clFaritèbk ctynp8nfs ab￿llY lo ¢orrtinue as 8 90ing ¢oncern. discbsing. a5 *rAble. mattets related to going ccrfKern and using Ihe wng C¢sneern basis of a¢¢ounknrrtJ ￿lesS the truslees e[1￿[ Intend to liq￿date the charilablo CoMp￿Y ly 10 ¢e85e (wation5, or have Tr) ie¥bfyc altemalive but lo th) so. Page 14 A Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LIFE PATH TRUST LIMITED Auditor's responsibilitres for the audit of the finan¢i•l ststements Jr objectives are io ¢)btain feasonable assvrance about W￿[hel ihe fmncial statem8nts as a whok a Iree from matefial misslalernent. whether due lo fraud or effw. a￿1 to i55ue an auditor'5 reporl that includes our opsnion. Reasonable assurance is a levd of assurar￿. but is not a 9uaranlee that an auth'l conducted in accordance v*ilh ISAS IUKI will 8fv4ay5 delect a m*eiial misstatemenl when 1¢ exists. Misslai¢rn•nts ¢an 8rise from froud of error and are ¢onsiderèd malerial rf, individually or in the a99regate. Ihey could reasonably be e¥pected to inlluence the econtynr¢ (kn"5Ths ofusers taken on Ihe basis ol Ihese [￿ancIal slatements. Details of the extent lo which the audit was c￿SIdered c¥pabk ol detecling irregvlarilies. induding traLKI and n(￿<0MplIanC@ wilh laws and wulations are set out beknv. A lurthef description of our responsknlities lor the au¢Jt of the ftnanrial statements is bcaled on ihe Financi31 Reporting Council's websft• al.. www.frc.o .Ukla￿ItO1sT nsibilili&s. This descriptron ltym$ Part of our audkor'$ report. Extent lo whkh tho audit was Considered rapable of delecl5ng Irr•gularltles. Includlng Iraud Irr8gularitiÈs. inc1￿lIng fraud. a￿ insw¢ès ol nDnJe to the charrtab￿ trynpffj's members. as a boty, in accordance wlh Chapter 3 cl Part 16 of the ¢￿panIeS A¢t 2ff￿. (kn audil has been undertaken so that ryhl state to Ihe charrtable company's members Ihose maiters we are required to slate io them in ￿ authlor's rep¢)rt and lor no olher purpose To Ihe fvirest extent pemilted by law. we do rtot ￿1 01 assume fesponsibility 10 anyone other than Ihe chafitable ¢ompany ¥nd Cha￿able company s mémbers as a bcty and the charilable ¢(Nnpany'$ Irust¢e$ 05 ¥ bxly. work. l(W IhK% feport, ￿ Ic* the ¢w"nions have med. Janelle Joyce seni￿ Si*utory Audltor Fry on b•half of Crowe U.K. LLP Stalutory Autht¢r Reading Date". 3 Augusl 2023 Cr(Me U K. LLPis a¢ry¥himenias L*•rty fvy as of a conyny undei seow 1212 01 ts c&￿8r￿85 Aa 2rTh. Pwje 16 UFE PATH TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDA TED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 Notés Ufiièstricted Funts 2023 R•stiicl•d Fund$ 2023 Total Funds 2023 Tolal Funds 2032 kn¢¢Jme and end¢)wrn•nts frorn: Oonaiions Other Ifading 8Cts"viiE5'. Rental income Charitable activities". Cale artd support Supported employmenl income Investments Bank interest received 31.233 31,233 3T4.429 49.975 49.975 95,850 2.557.526 2.557.526 6,097,023 360.151 360.151 337,g53 3.382 141 Other TOTAL INCOME 3 002 267 72 Exponditiwe on.. Chafitable acty"vil*s." Care and SUP[￿rt Supported ern￿OYment costs 3.374.075 3.374,07S T.097.651 325 947 TOTAL EXPENDITURE 742359 N•t incom• and n•¢ mo¥•m•nt In funds 1716.3261 (716,326) (450, 737J Rgconciliati¢n of fund$: Toial funds brought forylard 2 9S1819 2 965 744 3416481 Total lunds cath•d forward The notes on pages 20 tc• 39 ftym part of these ffinancial statemenis Page 17 LIFE PATH TRUST LIMITED BALANCE SHEET COMPANY REGISTERED NUMBER: 02731429 31 MARCH 2023 GROUP COMPANY 2023 2022 2022 FIXED ASSETS Tangible asseis Investments Prowamme related inveslment5 1.349AOO 7.431. T2T 1.341,024 1,419. 151 13 12 1 433 727 1545417 CURRENT ASSETS Slocks Deblors Cash at bank and M) hand 14 15 16 53.679 294.$6S 860 993 38,087 703,288 284.067 832 375 692.175 1309237 2.799.694 1.116.442 2.662,463 CREDITORS.. amrths falling due wilhin one year 1 267 677 121 NET CURRENT ASSETS NET ASSErs 22 CAPITAL AND RESERVES unreStr￿ted lunds. General lunds Designated Iwids Restricted fund5 21 21 1,46S.311 770.182 2.211.637 740. 182 1.466.311 770.182 2.226.435 740, 182 Inclucknl wilhin the gioup ￿Sutts is a deficrt" of £730,124 (2022.. defi¢A £434. 70fj) ￿ respecl ol L￿e Palh Trust L*nited. These fina￿la1 stat&nenls been w¢p¥ed in acc(Yd8nce wilh Ihe Spe￿81 pro¥ig(*B relalirnj lo comparmes subj.ect lo Ihe small ¢¢xhpany ￿9111* within Part 15 rl the C¢ynparMes Acl 2006. The Iinancial Slaiemen15 were approved arKI aUlh￿ISed for i￿ue by the Board anil t1*we sgned on ils behalf on 20 Juty 2023. Judy Ryan The notes cl) pay$ 20 to 39 knn part of these fwwKial 51alemen15 Page 18 LIFE PATH TRUST LIMITEO CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Cash Il¢)ws from £)p•ratlng a¢tlvltloS: N¢1 ¢a$h lusod inVpro¥•d•d by optiating a¢tivili95 18 11,183.0041 113.237) N•t ¢a$h used in inv•sting aclivili•• Puichase of property, planl and equipm¢nt Bank interest receivabl# 117.7041 (43,166J 141 Not cash us•d in imi•stin9 Xtiviti•s (14.322) 143.025) Cash flows from finaneiny acttrvit4e$ Inler¢s1 paid Loon repaymenls (390) N•t ¢a$h us•d In lknwclng xtI¥l￿•S Ch•ng• In ¢¥sh ar¥J ¢¥sh •qthalents in the r•portiDg pwbod 11,197,326) (82.239) Cash and cash ¢qulval•nts at i b•ginniThJ of the r•porting pofiod 214055 Cash and cash equivalents al th• •nd ol the reportin9 period CHANGE IN MOVEMENT IN NET FUNDS AtiAw 2022 Cash fiow At 31 March 2023 Cash at bank hand Bank loan5 2.058,319 (1.197.326) 860.993 Net Funds The nDte5 on pages 20 to 39 fimm part of Ihese finanual si*emeniS Page 19 LIFE PATH TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2023 COMPANY INFORIMTION The prineipal charlty is to prowde care, assistance. SLWPOrt arKJ relitf of SLTrffering amongsl ￿Ople ale ¢*sathantaged by society thje lo heallh ¢orKlitions. age infwmily or learning (Jlsabiltlie51th"ffKultieswilhin England and Wales. The charity{regi$ler¢d numb•r 2731429 and charity number 10132421 is incorpwated and domKiled in ts UK. The addrèss of Ihs re9lStera(J olliGe is 511 Wals9rove Road. COve￿ry. CW2 4AG. AC¢OUNnNG POUCIES The financlal staiements have been wep3f8d In a￿OrdanCe wilh Acc(yffitiftg R*porting by Charllies." Slaiemenl of RecoMMe￿d Practice applicable to charftbs yeparlng Iheir a¢¢ounls in accordance wilh the Financlal Reporbn9 Standard ap￿ie#ble in Ihe UK and Republlc of Ireland IFRS 1021 leffeclive 1 January 20191- ch￿"t*S SORP IFRS 102)). Ihe Fln8nda RepuYlin9 Standard appluble In the UK and Republ￿ ol Irdan¢J IFRS 1021 and the Compan*s Act 2006. The Cwty meels Ihe defin11c￿ ol a benefit enlity undef FRS 102. Assets liabifrties are iniijally recogr¥sed al his1or￿ eosl crf transactkn value Un￿$$ othewse staled in the rel•vant accounling pcl¢y note{sk Going Con¢ein In their assessment ol th? goiThJ eortcern Ih¢ ￿leclor5 have ¢￿51dere(l the ¢urrenl impact of the b)5$ of the supported living service overall re5trU¢lu￿ ol the wganisatson, has had 8 svJnifKant Impact the campany's flnaws and opuatr)ns. The organisation has be•n abkn to susta"n, Ihrough Ihe use ol reserves. arKI allow time for reslnKluring to provbye lime lor Ihe sale or Walsgrave roa¢J. I￿on￿ generat￿￿ ar￿ cost reductth activits"es. There will inewtably bé some drain on Ihe charit*s r￿rVeS in the sh0fl4erm, IN)N%*ver t1￿ LW9afIs8iK￿ ts lorlunate lo be abl to draw UF¥X) these lo provK1e a $￿J￿1r1ean( buffer dLving thi5 wjmirrfj perK>d. Ow main goal is Worki￿ lowaids suslaw)ability and $nsurirKJ robusl finartknal planning Ihal looks beyond in¢ome generaled Ihrtyjgh Ihe site sale and Ic￿SseS on lon*tem) prittsses and practi￿. In thè fOrt￿Orning year Ihe di￿t01S believe it aFqYOW"ate to ad(yl Ihe goiNJ cortem on the basls afr. Thè sale ol Walsgrave road wthich VAII C￿le a S￿Atric?nt Injècti￿ of cash. although Ihis may lake lo 18 months to comFlete. Once findised. wiu also reduce annual costs of DJn￿n9 and mainiaining lh* sile. Planning permi$5*)n has been 9ranled for KiThJs Hll offices. which in medium-term f&ds inlo our cosl reductKJn pbn a5 ihe buddiryJ will be exlremety CoSt-eff￿1ent. We wll also be gtLFated on land for vknich hdd Ihe freehold wlh improved access and communlcatth. This ￿11 also alltsw us to conso1￿laIe our facilrtEs. phasing out conlracis from W31sgrave road ar￿ k)wering ovetheads. This wll *1 lead to a reduckn'on in costs and ihe ￿8￿ning perrnission inth'cales thal steps ale beiry tak￿ towards increased efficlency and Ihe long-tern sustainability ol Ihe organisalt¢yi. Restru¢tuiin9 01 different busi￿$ area to rekeve finar￿181 pressu￿ ￿ services Excellent prospects gerwath.on for CTC. Re5Pte and Kingshtll nursery. Clear financial recovery and sustxlnatxh'ty ￿9n *orking towards lull cosl r￿Very withln sefw¢e5 provAled. Cost re(hJ¢iion - specifKatty prc¢urement and across ￿rren1 seryice contracts LPT a55e15 thai ￿ be flnanced to add sh(x14errn cash as conltrgency whlst charily 15 iow¥ds susi*abrfrty. P￿e 20 LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 8as5s of consolidatlon The Statement of Financial Acth"vhies aNJ Group Balance Sheel consdidate the finandal statement5 of tharity aNI ils 5ubsKliary urNlertakin99. The results ol the $ubsKliaries are consolidaled on a line by line b05is. The subshyiary companies have been exempt Irom tF requirements to Ihe avdit of individual accounts by virtue of seclbon 479A of Cornpanses Acl 2(thS. No kvofii and knss 8Ecouni is pr&seni&J fty Life Palh Trusl Limiled as permitted by Seclion 408 of the CompaNes A¢1 2￿. b) Fund a¢countlng General funds aro unre$trKted fvnds are availablè lor use al the dknretw)n of the trustees in lurther8nce ol Ihe gewal objeclives ol the charity and havé not been désignated lor other purposes. Designated l￿d ¢omwi5e Lmweslricled f￿dS thal hav• be8n set as1￿ by the trustees lor partiwlar PLirpose5. The aim and use of such designated funds ￿ set OLJI in the notes 10 the linancial stalem•nls. Restr¢ied funds are those which musl be apphed in x¢(w¢Jance v+ith thè purpose specffj￿d ty Ihe donor. Expenditure relalin9 lo these F4Mposes 1$ thar9ed direGIty lo the funcs. Income Income 15 induded in Ihe sialemwt of fmangal actI￿lIeS ¥then the thaiity is legalty entitled to the income anLS Ihe amwnt can be quanlified wilh reawable a¢¢wa¢y. The lollowng $pecrft p¢Ai¢ies are a￿le￿ to particular categories of irthme... Income r¢¢eived by way ol ¢Jonaiion5 and grfts ts inchjded in the $tateft7ent of financial actNilies when receivable. Legacies are recognised when the tharity has wtiGe of Iheir exisience artd th•ii value can be reliatsy w*8sured. Ihis is nomialty onty tw have been received. Property bequeathed to charity is recogThsed at probale value. Olher tradir¥J Y￿rne l￿deS frryn leases 01 proF*trs to third parties I￿#re Ihe properties are oCcu￿d by beneficiawsl and iftve$trr)eni in¢ome. both ol whth are recogniseil then feceivable. In¢rJme from charitable a¢b"vilies indude gran18 towards care and support of benef￿arleS and swporled employrnenl incorne. Grants a￿ recognised durin9 Ihe year w wh¢h Ihey relale and sworted employmenl incryre 1$ accounted lor kn eamed by Ihe charity's subsidiary ccfflpany. Page 21 LFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 d> Gov•fnmenl grantg Grants are aCcI￿rIte￿ for uftd•r the pwlmance mc*Jel as perynitled by ts Ch8filie5 SORP. ants ol a revenue nalwe 8r¢ recognised ￿ Ihe Statement of FInanC￿ Acts¥it*S in the Sème period as the related expendituwe. Ewnditure Expendilure is recogwmsed on ￿ wuals l>asis a5 lthlties we irwxrT•d. Irrecoverabl8 VAT is reported as part of Ihe exper#JiturE lo bthch it ￿lales. Th• folowry specific policies are applied lo parfKLAar calwrie5 01 expenditure... Charllable expen(%ture ￿￿￿e$ Ihose cosls wujryed by ihe ChaT￿Y in the delivery of ils acts'mties and Serw￿S its beneficaaries. SuppNled ern￿OYMent costs reFYesent the cost of Sales and admini51rativ& and olheT Costs incurred by Ihe ¢hwty's subsKliary comp8ny. Govemance costs I￿l￿de those costs assrxaled in the LIK. N￿th VentLwes Limite(I (Company n￿ntser.. 02757473. Re9iSttred Office." 511 Walsgfave Road. Covenlry, CV2 4AGI operales lurtlion facililies a hOrt￿UrtUl41 nwsery, wh¢h ￿¢V1<1¢ employment lor pÉOe with le*ning d1ificult￿s. rirt9 the year Lile P8th Trusi struck off rts olher subsidiary. Newpaih Housing Solutions Limited (Company number.. 12761300. Regislefed off￿e 511 Walsgrave Ro&J. Covenlry, CV2 4AGI. This cornpany was IlJ)% owned by Life Path Trust Limit￿. The C￿1panY was dissolved wlh Companies House on 23 November 2022. As ihe company had noi carrie¢ oui any trad¥)9 this rkjes noi have any impact on either this years ry the prewous years profrt figure. All activities have treen a￿s0￿dated a Ine-by-lirp b?515 in Ihe SOFA. FinarKial slaternen15 are Iled wilh the Regislfaf ol Companies. A swnmary ol Ihe result5 01 Newpath Ventu￿5 Limiled is shown bel(￿.. N•wpath V•ntur•s Llmlt•d 2023 2022 Turnover Cost of sales 227.661 278.601 Gross profil Grarbt fr<￿ paient Charty Adminlstrativè èx¢ense5 183.889 112.457 315è45 164, 787 92,585 ILossl on Ordin￿ activities before taxal {19,499 (16.031) Tax ¢)n lo￿ on ordwiary a¢livibes {Lossl on ordin¥y aclivli*s after taxai¥ The aggre9ate of Ihe ass$t$. kabdrti¢s •thJ was". Asse 101.171 148.574 Nel lialylities 20. CAPITAL AND RESERVES The charlty is a ￿vate company limited by guarantee. In Ihe evenl of il being VAyund up the liability in respect of the guarantee ￿ limited 10 £1 per member ol the company. Page 33 LIFE PATH TRUST LIIITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 21. FU14DS GROLIP Balance at 1 April 2022 Yrwsf•r b•twee lund$ Balanc¢ ?1 31 March 2023 Income Expendltur• UM•strict8d lund$ Gwwral lunds D•$lgnal•d lunds SeNice development fund Property developrnent fund 473.496 473.496 Tot•1 unrèstricted fuNJs Restrictèd funds COVID Granls 7.925 7,92S Coventry Univorsity Prol•ct ￿(￿ Tot•l funds 74 COMPANY Balance ¥ 1 April 2022 Tran5f•r bètw••n funds B•lanre at 31 Mar¢h 2023 Incom• Exp•ndltur• Unrestrict•d fund$ Gener81 funds 2264 Designat•d funds Service devdopmeni l￿d Propèrty devdopment lund 473.496 473,496 740 182 30 000 770 182 Total unr•$tri¢tod funds Restricied furlds Coventry University Prryect COVID Gran¢s 6.000 Tot•1 lund5 Page 34 LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 21. FUNDS l¢ontlftu•dl D•slwated Funds S•rvieè dwdopm•nt fund IA De¢ember 2019 the b08rd agreed to S￿ aside a de5ignaled legacy lund to include funds gifted to Lrfe Palh Trusl that can be used fcff v4ue added semces for the benefit of CIt￿enS. Property development Fund The development lund was estabh'shed to set aside lunds lor Tuture develLynents on owned properties. Restri¢i•d Funds Coventry Unlv•rslty Proleet This fund felaiès to moniès donated to be spem on a research projecl with Covenlry University. 10 supW people wilh learning dLsabiltties. GROUP. ComparatNe anc• al I Tron$ler bel4vèen lunds 8•18n¢e at 31 Mor¢h 2022 Expend#ure 2021 Unrestri¢t¢d lurtds Gereral fvnd8 422 Designated fvnds Sernce d6velopmonl fun A4ainf8n8nce lund Property developmert furKY 208.498 8.965 (1.407J 2fj6.465 (8,965J 473,496 459 149 740 182 Total unrèstncted funds Reslricled funds COVID Granls Covgntry Univ¢rsA"ly Pmied Tof81 lunds Page 35 LIFE PATH TRUST LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 21. FUMOS (cOn¢bn￿d￿ COMPANY. Comp8ratN8 BaTèrtce at qAwi 2021 Transfer beÈween Balanc* 81 31 March 2022 Expenditure Unrsslritled lunds 202 Desgn8ted funds ServKe devdopment fund Maintenance fvnd 208.498 8.9fj5 41 (1.467) 266,465 (8,965) 473.496 459 149 Tof81 Un￿sErIC18d funds RestrKled lunds CovenrryUnNer￿Y Fhie¢t COVID Granls 8.000 Total funds ANALYSIS OF ASSETS BETWEEN FI￿Ds GROUP 1073 Fix•d assèis Net ¢urr•ni 8SSgts Long.1grm li•bilTrt•e5 Total Unre5tricled general fimds Designaied fun(Is Rostrieted ILmds 1.351.4Crf) 113,911 770.182 1.465,311 770,182 2022 Flxed 8ssel$ Nel currert gssets Long-term liab-litie$ To(al Unreslricled general fvnds 0osJ9nalsd lunds Reslrict8d funds 1,433,727 r77,910 740. 182 2,211.637 T40. 182 Page 36 LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 ANALYSIS OF ASSETS BETWEEN FU14DS Icontinu•dl COMPANY 2023 Flx•d asset$ Net cwr•nt Lory4tmi assets liabilities Totsl Unre5tri¢led 9enero1 Designated fund5 Restricted funds 1.408.097 58.214 770,182 1.466,311 770,182 22 Fixed afsels Nel current LLwJ4erm assets halknties Total un￿StriC1ed gereral lund$ Designated funds Rostrided lunds 1.545.4f 17 681,018 740. 182 2.226.435 740, 182 23. RELATED PARTIES Rot*rt Hall ¥ trusiee ol Life Paih Trusi s ihe sole directry of Hall Bros Ltd. During the year Hall Br05 Lld received £Nil12022.- £231.52S) from cil¢zens supported by Life Path Trust and the b3lance due to Hall Bros Lld as al 31 March 2023 was £nil. Judy Ryan a iruslee of Life Path Tmst paid a £5 ¢knnèttJn with Iw membershy lee in thè yÈ8r. Philip Rusk. a Iruslee of Lrfe Palh Tru51 PaKI a E35 donation wth hbs membership fee dwwg the year. TTansacbon$ with Ihe subsidories •e ¢J¢laMed in note 12. Page 37 LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 COMMITMENTS UNDER OPERAT*4G LEASES a) L•$sor The gr¢xp eafns ￿la1 inC¢M￿ by lea%"ng Ms pYopertle5 to ienants under non-can¢ellable operating leases. L8asesin vknich subslanlially all rlsks and rewards ol ownwshlp are retained by another party. the lessor, art das&fied as O￿alin9 leases. Payments. inc*Jthg p￿payMen1s, made under op•rating leases In81 olany r￿n1"ye$ recèivèd from ihe lessor} are ¢h¥ged io ihe income ststem￿t on a straight4né basls over the p8rlo¢J ol the lease. Al the baL3nce sheet dai¢. the grwp had ¢ontrxted *ith len¥ftts lo receive Ihe following lulure mlnimym base paym¢nls". GROUP AND COMPANY 2023 2022 Not lafer than 1 year Later Ihan 1 yeaf ano no¢ later than 5 years Later Ihan 5 years 3S.000 b) Lessee At 31 March 2023 the Group had mlnNI)um lease payments ￿r￿er rYth