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2025-03-31-accounts

Company No. : 02731429 Charity No. : 1013242

LIFE PATH TRUST LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

LIFE PATH TRUST LIMITED

CONTENTS TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page
Report of the Trustees 1-11
Statement of Trustees’ Responsibilities 12
Independent Auditor’s Report 13-16
Consolidated Statement of Financial Activities 17
Balance Sheet 18
Consolidated statement of Cash Flows 19
NoiestotheFinancialStatements 20-36

LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Annual Report

The Board of Trustees, who are the Directors of Life Path Trust, are pleased to present the Annual Report and Financial information for the year that finished on 34 March 2025. The information in this report includes the subsidiary company Newpath Ventures Limited in the group information.

Who are we? Charity Name Life Path Trust Limited Charity Registration Number 1013242 Company Registration Number 02731429 Registered Office 511 Walsgrave Road Coventry, CV2 4AG The charity is managed during the year by a Board of Trustees who were: .

The charity is managed during the year by a Board of Trustees who were:

Keith Chapman (Treasurer) Robert Halt Edward Lamb Phillip Rusk Judy Ryan (Chair) Philip Emsden Peter Manger Kim Cave Adam Hives (Company Secretary)

Director and Trustee Changes

The Trustees have some professional advisers to help. These are:

Auditors Crowe U.K. LLP R+ Building Reading, RG1 1AZ

,

Bankers NatWest 24 Broadgate Coventry CV1 122

Solicitors Hammons Solicitors Anthony Collins LLP Incorporating Payne 134 Edmund Street Skillington Birmingham The Old Bank B3 2ES 353 Walsgrave Road Coventry CV2 4BG

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LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Trustees are responsible for presenting an annual report each year with financial statements that give a fair and true view of the activities of Life Path Trust. The report and statements have been prepared in accordance with the Statement of Recommended Practice (SORP) 2019 for Charities and the requirements of the Companies Act 2006 using the Special Provisions of Section 41SA of the Act relating to smail companies.

Our Vision

People with learning disabilities tive their lives to the full.

Our Mission

To provide the best support and services to enable people to be independent.

Our Values

Choice: To have a choice in: To have a choice in:
- how you live your life
- who you live with
- where you live and work
Rights: To havea right to:
- _ live the lifeyou wantto
- have your own home
- support to achieve your ambitions
Inclusion: To be abte to (with support if needed):
- be involved in decisions about your life
- have your views and ideas listened to
- participate in your local community
Opportunity: To be given a chance to:
- study and achieve qualifications
- have a properjob with properwages
- follow leisure pursuits of yourchoice
Independence: To be abie to:
- look after yourself as much as you can
- make your own decisions
- be supported where necessary
Responsibility: To understand that:
- all the above carry responsibilities
- you need to accept those responsibilities
- youmayneedsupporttounderstandthoseresponsibilities

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LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Structure, governance and management

Life Path Trust previously called Coventry Homes for Mentally Handicapped Citizens was formed in 1973 by a group of parents and concerned professionals In 1991, the charity was incorporated as a company limited by guarantee with a Memorandum and Articles of Association, which set out how the charity is to be governed and its objectives. In 2004, the charity changed its name to Life Path Trust Limited to reflect more effectively the work it undertakes. In 2011, updated Articles of Association were adopted.

Each year the charity's members elect a Board of Directors who are also the Trusiees of the charity. Every year one third of the Trustees stand down, but can be re-elected by the membership. If the charity is wound up, members are each required to pay £1.00.

All new Trustees have an induction, which includes alf the main policies, the Charity Commission leaflet about Trustee responsibilities, a role description for Trustees, the charity's Articles of Association and other information about the charity's work. New Trustees will also meet with the Chair and the Executive Director for an induction into their role.

The day-to-day running of the charity is delegated to the Chief Executive and the Senior Management team. The Board of Trustees has established committees to look at:

Each committee has a remit and there is at least one Trustee involved. The Board of Trustees meets every quarter to support the executive team and align more closely with committee meetings.

Strategic Aims

Within this financial year our strategic aims have remained the same:

Strategic Aim 1. Sustainability to ensure Life Path Trust continues to achieve its Mission and Vision for Citizens.

Objectives include:

Strategic Aim 3. Develop and maintain the asset base of Life Path Trust to ensure maximum benefit is achieved for existing and future Citizens of Life Path Trust and the wider community.

Strategic Aim 4. Innovate to ensure the future of Service delivery to maintain independent, safe services for Citizens.

Strategic Aim 5. Enhance the involvement of Citizens and Families in Life Path Trust.

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LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

What Are We Doing and How Did We Get On?

The objectives, as outlined in our Articles of Association, are:

“The provision of care, assistance, support, and relief of suffering amongst people who are disadvantaged by society due to health conditions, age, infirmity, or learning disabilities/difficuities within the area of benefit, which is England and Wales.”

Delivery Against Strategic Aims — 2024-25

Strategic Aim 1: Sustainability

This year, Life Path Trust has maintained its focus on delivering high-quality, person-centred services across all existing areas of support. Despite financial pressures in the secior, services remained sirong and stable, with new developments, including the upcoming supported living project and café, adding to our long-term sustainability. We have made significant progress in recruitment and retention, with better staff siability across key services and continued investment in accredited training programmes, including autism awareness, medication and safeguarding.

Strategic Aim 2: Enabling Citizens to Live Life to the Full

Across the organisation, staff and volunteers have worked with compassion and creativity to support Citizens to be seen, heard and valued. From creative sessions at Henry Fry to the social enterprise model at Newpath, individuals have developed confidence and life skills in environments shaped around their goals. Teams continue to reflect our core values in everyday practice — fostering dignity, independence and connection.

Strategic Aim 3: Asset Development

We have made gocd progress in managing and improving our physical assets. Kings Hill Nurseries and the Four Seasons Function Room have coniinued to grow as meaningful sites for inclusion and enterprise. The planned saje of Walsgrave Road and Mikleton properties will release capital to reinvest in frontline delivery, with a focus on supported living and employment-focused projects. This investment will secure long-term benefits for Citizens and the wider community.

Strategic Aim 4: Innovation in Service Delivery

Innovation has been a consistent thread throughout the year. Staff have piloted new session formats, strengthened co-production and used digital tools to increase accessibility. Our new café, set to open in 2025, is designed as a training ground for independence and skills development, while our supported living model focuses on matching staff and Citizens carefully to create strong relationships and person-led routines.

Strategic Aim 5; Involvement of Citizens and Families

Citizen and family voices remain central to planning and review across the charity. This year we’ve built on our approach to co-production, particularly in day opportunities and respite services. Regutar forums, feedback tools and one-to-one engagement have helped shape decisions and improve quality. Families continue to be valued partners in care, and we are committed to further strengthening this involvement in the year ahead.

Service Reviews 2024—25

Henry Fry Day Opportunities

This year, Henry Fry has continued to offer a rich, varied programme for people with learning disabilities, shaped by their interests and choices. We’ve expanded our community links and seen increased participation in sessions focused on creative arts, independent living and wellbeing. Feedback from families and carers has been overwhelmingly positive, and the team has developed new ways to track progress and celebrate achievements. Staff have embedded a co-production approach, ensuring that planning happens with people, not just for them. This year we worked with over 65 people intensively to provide high quality community day opportunities

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LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Respite Service

Our respite service has provided essential short breaks for individuals and families, offering flexible support that responds to people’s needs. This year, the service has focused on improving accessibility and providing a saie, welcoming space where people feel they belong. Demand for respite has increased, and the team has adapted to support a wider range of needs, including more complex health requirements. Positive working relationships with families have remained central to the service’s success. There is a need for service expansion which we will explore in the coming year.

Newpath: Kings Hill Nurseries and Four Seasons Function Room

Newpath has made sieady progress as an enterprise, offering meaningful opportunities for people with learning disabilities to engage in horticulture, hospitality and enterprise. Kings Hill Nurseries has produced and sold high-quality plants, while Four Seasons Function Room has hosted a range of community events. Participants have developed skills in customer service, teamwork and independence. Feedback from visitors and partners has been encouraging, and the sites continue to offer a valuable stepping stone towards employment and inclusion. 53 people have accessed Newpath this year with an additional 87 children and college students with a learning disability accessing the site. This year Coventry City Council gave the service a glowing audit visit which praised the quality of the service delivered.

Coventry Training Consortium {CTC)

CTC has continued to provide essential training for people working in social care across Coventry and beyond. This year, the focus has been on practical, values-based training that equips staff to work confidently and compassionately. Courses in safeguarding, medication and autism awareness have been particularly well received. Partnerships with local authorities and training providers have remained strong, and ihe ieam has explored digital options to make learning more accessible. Participant feedback shows extremely high levels of satisfaction, with many saying they feel better prepared for the challenges of frontline care and through the Oliver McGowan training, better equipped to support people with a learning disability and Autism.

Landlord Service

Life Paths iandlord service provides housing for those with learning disabitities whilst support is being delivered by another provider. This year we invested more money into our property maintenance, per house, than ever before to ensure a high standard is maintained for our tenants.

Director and Trustee Changes

The charity is managed during the year by a Board of Trustees who were:

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LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Going Concern Statement

The Trustees have assessed the current financial position and future plans of Life Path Trust and are confident that the charity remains a going concern.

In evaluating the charity's ability to continue operating, the directors have scrutinised the recent financial performance over the past year alongside the projected budget, both of which are showing positive trends towards sustainability. With reserves stl! intact and promising income prospects, including the anticipated sale of Walsgrave Road, the charity remains well-placed to uphold its mission.

Our primary focus remains on sustainability, emphasising robust financial planning that extends beyond the immediate impact of the site sale and prioritises the implementation of long-term strategies. Despite experiencing a loss last year, there's a promising trajectory, with savings achieved compared to budgeted expenses.

While the charity has reported a loss this year, the outcome is better than initially expected. The organisation is now positioned for growth, with a solid infrastructure in place to support expansion. The introduction of new services, including our supported living project and the café at Newpath, is expected to shift the financial balance towards break-even by Q3 or Q4 of 2025-26.

The planned sale of Walsgrave Road remains ongoing. Once completed, this will further strengthen reserves and allow us to invest more heavily in services. In the meantime, the expected sale of Mikleton will provide upfront investment to support the successful launch and operation of both the café and supported living.

With these developments, the reliance on asset sales to maintain financial viability is reducing. The Trustees therefore consider it appropriate to continue to prepare the financial statements on a going concern basis.

Risks and Uncertainties

Risk Management

The Trustees review the major risks to the charity at each board meeting and update the risk register accordingly. Some risks may be celegated to committees, which use a risk assessment tool covering all areas of risk identified by the Charity Commission in their June 2010 report, ‘Charities and Risk Management’. This process ensures that no significant risks are overlooked and maintains consistency in our risk assessment approach. For each identified risk, control measures are documented, and any further actions required are identified. The organisation's senior management team is responsible for implementing any necessary actions as determined by the risk assessment. Relevant project risks are also reviewed at each committee meeting and subsequently reported to board meetings, ensuring a dynamic and responsive risk management process.

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LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

Financial Sustainability

We are still in the process of achieving financial stability but are beginning to bridge the existing gap. Currenily, reserves are being utilised while actions to reduce costs and generate income are being implemented. These actions include the sale of our Walsgrave Road site, new veniures at Newpath, and ongoing fundraising efforts, all of which aim to work towards a full cost recovery model.

Although financial sustainability remains the main ongoing risk to the charity, contingencies and positive trajectories demonstrate effective risk management. As financial plans have begun to take effect, our cash flow has extended beyond initial projections. By continuing to focus on these financial strategies, we aim to ensure the long-term solvency and sustainability of the charity, allowing us to maintain and enhance the quality of our services.

Future Plans

We aim to faunch boih a café and new supported living service in 2025 aimed at providing greater opportunities for people with a learning disability, high quality services and a financial boost to the charity.

We are continuing to create additional nursery space, a new allotment. These enhancements will not only revitalise the site but also render it suitable for broader community use, offering more opporiunities for individuals with learning disabilities to engage in meaningful work.

We are exploring plan still to increase respite capacity by using Ansty road whilst maintaining our current evel of service delivery at Ellys Road. These future plans demonstrate our commitment to enhancing our services and making a positive impact in the lives of individuals with learning disabilities and their communities.

Measuring Objectives

To ensure prudent financial management, we have established a robust financial plan that serves as our roadmap for effective resource allocation. This plan includes quarterly management accounts featuring Key Performance Indicators (KPIs). Through regular review of our financial performance via monthly management accounts, overseen by our finance manager, we can make well-informed decisions and take necessary actions to achieve our financial targets. This proactive approach enables us to detect and address any poiential issues early on, thus maintaining our financial stability.

Recognising the importance of continual improvement in service delivery and outcomes for our service users, we are implementing a Monitoring, Evaiuation, and Learning (MEL) system alongside reflective practice. Utilising a blend of qualitative and quantitative measures, such as KPls, case studies, testimonies, and more, we systematically gather ongoing feedback to enhance our services. This comprehensive approach ensures that we remain responsive to the evolving needs of our stakeholders, driving continuous improvement in the quality of care and support we provide,

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LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

How We Beneiit Everyone

The Trustees of Life Path Trust have prioritised adherence to the Charity Commission's guidance on public benefit. Our Articles of Association demonstrate our commitment to benefiting the public, ensuring that individuals with learning disabilities can access and benefit from the services provided by the Charity.

By aligning our practices with regulatory standards and maintaining a clear focus on inclusivity, we ensure that our work has a positive impact on ail members of society. Through our dedication to serving individuals with learning disabilities, we contribute to fostering a more inclusive and equitable community, where everyone has the opportunity to thrive and lead fulfilling lives.

Financial review

Moneywe have received 2025 2024
ForCare and Support £1,266,328 £1,112,542
Supported employment income £501,589 £409,413
Donations, gifts and grants £79,558 £32,655
Rental income and investments £ 8,247 £11,934
£1,855,722 £1,566,544
Moneywe have spent 2025 2024
Runningtheservicesprovided £2,030,409 £1,777,967

Total income increased by £289,178 (18%) which related largely to fee rate uplifts from the local authority, delivering a large Oliver McGowan training contract with the NHS and increase in Day Opporiunities and Respite referrals.

Our expenditure for the year increased by £252,442 (14%) which related significantly to higher staff costs due to the national living wage increase and additional resource to deliver the Oliver McGowan training and additional! Day Opportunities and Respite support.

We remain very grateful to all our supporters who provide us with the financial resources we need to continue to maintain and develop our work. Their many contributions are essential given that there is continuing demand for the charity's services.

Our reserves

The Trustees have reviewed the Charity’s needs for reserves in line with the guidance issued by the Charity Commission. The holding of reserves has been considered alongside the major risks that the organisation is facing at the time of the review. Risk management is now considered at every Quarterly Board meeting.

The Reserves Policy will be reviewed on an annual basis at the February Finance Committee to establish:

  1. what benefit there will be in holding such reserves, 2. the level of reserves required each year, based on the income and expenditure pattern for the following year,

  2. what action is required to meet the agreed level of reserves,

  3. 4, in what form the reserves are to be held.

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LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

TYPE OF RESERVES HELD BY LIFE PATH TRUST

1) Designated Reserves

These funds are set aside for a specific purpose.

b) Service Development Fund This is set aside for any legacy income to ensure that it can be used to develop value added services for citizens.

2) Bestricted Reserves

These are reserves were funds have been provided with specific terms as to how they are to be spent. This type of reserve can only be released when the explicit costs are incurred.

3). Unrestricted Reserves

The Charity should hold unrestricted reserves for two purposes:

At the year-end there were free reserves of (£226,605) (2024: (£62,779)). Our aim is to hold 3 months of operating costs in free reserves to cover our cash flow requirements, of which the Charity is not currently achieving.

Given the uncertainty of funding for the social care sector the Trustees are conscious that the free reserves need to be higher and will consider this issue as part of their ongoing decision making processes over the next year.

Money - Investment powers and performance

The Articies of Association which govern the charity give the Trustees wide powers to invest any money. As money is only being kept to make sure we can run the charity efficiently, the money is only invested in places that are safe and allow us to get the money ff it is needed.

During the year we earned £8,347 (2024: £9,644) in interest on our cash balances.

Money - Pensions

Life Path Trust has a stakeholder defined contributions pension scheme that ail staff are eligible to join after 3 months. Life Path Trust contributes 3% of salary of members to the pension. The stakeholder pension scheme is operated by Aegon,

Money — Seiting pay for key staff

The Trustees set the pay of key staff each year at the same time that the pay scales for all staff are agreed. All pay scales are set by benchmarking jobs against similar jobs in the charity sector and our ability to pay.

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LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Fundraising

Last year the charity made a concerted effort io increase its fundraising activities, seeking grant funding opportunities in order to begin new initiatives and increase the opportunities we provide for people with learning disabilities.

The charity had no fundraising activities requiring disclosure under S162A of the Charities Act 2011.

Here is a list of funders:

Funder Cause Amountgranted Amountgranted
Anonymous Kitchenequipment £ 12,000
npowerBusiness solutions foundation CapitalWorksontheglasshouse £ 25,000
Heart of England Mobilityaids £ 5,000
LillieJohnson Allotment Grow Project £ 500
Kenilworth LionsAkoiment Grow Project £ 560
Coveniryand District Charitable trust Grow Project £ 224
Christadelphian SACSF Grow Project £ 500
RotaryClub Café/coffee shop project £ 1,000
The Richard CadburyCharitableTrust Grow Project £ 500
David Solomons Charitable Trust Grow Project £ 1,000
Varrier-Jonesfoundation Grow Project £ 2,000
Edward and DorothyCadburyTrust GrowProject £ 1,000
WE Dunn charitable trust Grow Project £ 500
EH Smith -throughSam's contact Grow Project £ 500
WPH Charitable Trust Grow Project £ 3,000
Charityof Elizabeth Swallington Grow Project £ 5,000
CoventryBuilding Employers Charity Café/coffee shop project £ 5,000
The PatrickTrust Café/coffee shop project £ 3,000
Ardonagh Community Trust Woodworkproject £ 5,000
CoventryChurch (Municipal} Charities Café/coffeeshop project £ 1,000
29th MayCharitableTrust Unrestricted £ 30,000
£ 102,224

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LIFE PATH TRUST LIMITED REPORT OF THE TRUSTEES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Provision of information to auditors

Auditors

Crowe U.K. LLP has indicated its willingness to be reappointed as statutory auditor.

The Trustees have agreed these financial statements which have taken advantage of the small companies exemptions provided by section 415a of the Companies Act 2006.

ThesignedTrustees on theirReport behalf by:has been approved by the Board of Trustees on 2 iy. doe; 2025 and is

Judy Ryan Chair

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LIFE PATH TRUST LIMITED STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025

The Trustees (who are also directors of Life Path Trust Limited for the purposes of company law) are responsible for preparing the Trustees’ Report, and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statemenis for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law.

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of its net incoming resources for that period. In preparing these financial statemenis, the trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Am ayy Crowe

Crowe U.K. LLP CharteredAccountants Member of Crowe Global R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 Wwww.crowe.co.uK

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LIFE PATH TRUST LIMITED

independent Auditor’s Report to the Members

Qualified Opinion

We have audited the financial statements of Life Path Trust Limited (‘the charitable company’) and its subsidiary (‘the group’) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, The Group and Company Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in ihe basis for qualified opinion section of our report, the financial statements:

Basis for qualified opinion

We did not observe the counting of physical stock held by the subsidiary company, Newpath Ventures Limited, at the end of the year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 March 2025, which are included in the balance sheet at £118,554, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

We conducied our audit in accordance with International Standards on Auditing (UK) (ISAs (UK}) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Materlal uncertainty relating to going concern

We draw your attention to note 2 in the financial statements, which states that the charitable company and the group incurred losses again in 2025 and that alternative financing arrangements may need to be considered if the Walsgrave site cannot be sold within a reasonable timescale. As stated in note 2, these events or conditions indicate that a material uncertainty exists which that may cast significant doubt on the charitable company’s or the group's ability to continue as a Going Concern. Our opinion is not modified in respect to this matter.

Crowe U.K. LLP is 4 limiled liabliity partnership registered In England and Wales with registered number OC307043. The registered office Is at 55 Ludgate Hill, London EC4M 7.JW. A isi of the LLP’s members Is available at the ragislered office. All insolvency practitioners in ihe lirm are ticensed in the UK by the Insolvency Practitioners Association. Crowe U.K. LLP is a member of Crowe Global, a Swiss verain. Each member firm of Crows Global is a separate and independent tegat antity. Crowe U.K. LiP and its affiliates are not responsible or fiable for any acts ar omissions of Grows Global or any other member of Crawe Global, Page 13

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A Crowe

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LIFE PATH TRUST LIMITED

In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibitities of the trustees with respect to gaing concern are described in the relevant sections of this report”

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statemenis or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required io determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £118,554 held at 31 March 2025. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion of our audit repo, in light of the knowledge and understanding of the group and charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

Arising sotely from the limitation on the scope of our work relating to stock, referred to above:

We have nothing to.report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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As. Crowe INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LIFE PATH TRUST LIMITED

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement page 12, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internai control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting untess the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs {UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www-frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Extent to which the audit was considered capable of detecting irregularities, inctuding fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of materiai misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other taws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s and the group’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company and the group for fraud. The laws and regulations we considered in this context for the UK operations were CQC Regulations for service providers and managers, the Care Act 2014, General Data Protection Regulation (GDPR), Health and safety legislation, and Employment legislation.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

.

We identified the greatest risk of material impact on ihe financial statements from irregularities, including fraud, to be within the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance Committee about their own identification and assessment of the risks of irregularities, sampie testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with ihe Charity Commission, and reading minutes of meetings of those charged wiih governance.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

LIFE PATH TRUST LIMITED

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may invoive collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Alastair Lyon

Senior Statutory Auditor

For and on behalf of Crowe U.K. LLP Statutory Auditor Reading Date: 4d Sute, FO2Ue

Crowe U.K. LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 16

LIFE PATH TRUST LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Notes|Unrestricted|Restricted|Total|Total| |Funds|Funds|Funds|Funds| |2025|2025|2025|2024| |£|£|£|£| |Income|and|endowments|from:| |Donations|4|79,558|-|79,558|32,655| |Other trading|activities:| |-|Rental|income|-|.|-|2,290| |Charitable|activities:| |-|Gare|and|support|5|1,266,328|-|1,266,328|1,112,542| |-|Supported| |employment|income|6|429,365|72,224|507,589|409,413| |Investments| |-|Bank|interest|8,247|-|8,247|9,644| |received| |TOTAL|INCOME|1,783,498|72,224|1,855,722|1,566,544| |Expenditure|on:| |Charitable|activities:| |-|Care|and|support|1,450,116|-|1,450,116|1,381,240| |-|Supported| |employment|costs|6|508,069|72,224|580,293|396,727| |TOTAL|EXPENDITURE|7|1,958,185|72,224|2,030,409|1,777,967| |Transfers|-|-|-|-| |Net|income|and|net| |movement|in|funds|(174,687)|-|(174,687)|(211,423)| |Reconciliation|of|funds:| |Total|funds|brought|forward|2,031,995|mer|83000|2,037,995|2.249.478| |Toial funds|carried forward|1,857,308|—.6,000|1,863,308|_2,037,995|

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The notes on pages 20 to 36 form part of these financial statements

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Page 17

LIFE PATH TRUST LIMITED

BALANCE SHEET COMPANY REGISTERED NUMBER: 02731429 31 MARCH 2025

GROUP GROUP COMPANY COMPANY
Notes 2025 2024 2025 2024
£ £ £ £
FIXED ASSETS
Tangible assets 11 1,253,731 1,292,595 1,234,497 1,284,417
Programme related
investments 12 2,000 2,000 128,734 104,059
1,255,731 1,294,595 1,363,231 1,388,476
CURRENT ASSETS
Stocks 13 118,554 104,433 - -
Debtors 14 256,177 244,828 247,564 237,118
Cash at bank and in hand 15 521,852 751.503 479,004 730,416
‘ 896,583 1,100,764 726,568 967,234
CREDITORS: amounis falling
due within one year 16 (289.006) (357,364) (225.487) (316,503)
NETCURRENTASSETS 607,577 743,400 501,081 650,731
NETASSETS 21 4,863,308 _2.097,995 1,864,312 2,039,207
_ .
CAPITAL AND RESERVES
Unrestricted funds:
General funds 20 1,027,426 1,231,813 1,028,130 1,233,025
Designated funds 20 830,182 800, 182 830,182 800,182
Restricted funds 20 6,000 6,000 6,000 6,000
—1.863,308 _2037995 1864312 _2,039.207

Included within the group results is a deficit of £174,895 (2024: deficit £211,211) in respect of Life Path Trust Limited.

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

The financial statements were approved and authorised for issue by the Board and were signed on its

----- Start of picture text -----
JudyChair Ryan y
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The notes on pages 20 to 36 form part of these financial statements

Page 18

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LIFE PATH TRUST LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

2025 2024 2024
Notes £ £
Cash flows from operating activities:
Net cash (used in)/provided by
operating activities 17 {187,002} (75,734)
Net cash used in investing activities
Purchase of property, plant and equipment (50,896) (43,400)
Bank interest receivable 8,247 9,644
Net cash used in investing activities {42,649} (33.756)
Change in cash and cash equivalents
in the reporting period {229,651} (709,490)
Cash and cash equivalents at the
beginning of the reporting period 751,503 860,993
Cash and cash equivalents ai theend
ofthe reporting period 521,852 wom L203
CHANGE IN MOVEMENT JN NET FUNDS
At 1? April Cash flow At 31 March
2024 2025
£ £ £
Cash at bank and in hand 751,503 (229,651) 521,852
NetFunds 751,503 (229.651) __
521,852

The notes on pages 20 to 36 form part of these financial statements

Page 19

LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

The principal activity of the charity is to provide care, assistance, support and relief of suffering amongst people who are disadvantaged by society due to health conditions, age infirmity or learning disabilities/difficulties within England and Wales. The charity (registered number 02731429 and charity number 1013242) is incorporated and domiciled in the UK. The address of the registered office is 511 Walsgrave Road, Coventry, CV2 4AG.

  1. ACCOUNTING POLICIES

The financial statements have been prepared in accordance with 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) ~ Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going Concern

in evaluating the charity's ability to continue operating, the directors have scrutinised the recent financial performance over the past year alongside the projected budget, both of which are showing positive trends towards sustainability. With reserves still intact and promising income prospects, including the anticipated sale of Walsgrave Road, the charity remains well-placed to uphold its mission.

Our primary focus remains on sustainability, emphasising robust financial planning that extends beyond the immediate impact of the site sale and prioritises the implementation of long-term strategies. Despite experiencing a loss last year, there's a promising trajectory, with £126,000 in savings achieved compared to budgeted expenses.

For the forthcoming year, the directors believe it's appropriate to continue operating under the going concern assumption based on several key factors:

Although there is no immediate risk of financial danger it is prudent to mention that in the medium-term a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern due to the pending sale of Walsgrave site. Although an offer is progressing on the land this would cause hardship in the future should it not be sold within a reasonable timescale.

Page 20

LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

a) Basis of consolidation

The Statement of Financial Activities and Group Balance Sheet consolidate the financiat statements of the charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line-by-line basis. The subsiciary companies have been exempt from the requirements to the audit of individual accounts by virtue of section 477 of Companies Act 2006. No profit and loss account is presented for Life Path Trust Limited as permitted by Section 408 of the Companies Act 2006.

b) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designatedfor other purposes.

Designated fund comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of such designated funds is set out in the notes to the financial statements.

Restricted funds are those which must be applied in accordance with the purpose specified by the donor. Expenditure relating to these purposes is charged directly to the fund.

c) Income

Income is included in the Statement of Financial Activities when the charity is legally entitled to the incame and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:-

d) Government grants

Grants are accounted for under the performance model as permitted by the Charities SORP. Grants of a revenue nature are recognised in the Statement of Financial Activities in the same period as the related expenditure.

Page 21

LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

e) Expenditure

Expenditure is recognised on an accruals basis as liabilities are incurred. Irrecoverable VAT is reported as part of the expenditure to which it relates. The following specific policies are applied to particular categories of expenditure:-

f) Tangible fixed assets Tangible fixed assets under the cost modei are stated at historical cost less accumulated depreciation and any accumulated impairment iosses. Historical cost includes expenditure that is directly attributable to bringing the asset te the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is provided on all tangible assets, excluding freehold land, at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:-

Freehold buildings — houses over 50 years Freehold buildings — others over 8 - 25 years Leasehold property over period of lease Service furniture, fittings and equipment over 4 - 10 years Office fixtures, fittings and equipment over 3 - 5 years

g) Impairment of redeveloped property All newly developed property whose independent valuation falls below carrying value plus redevelopment costs has additional depreciation charged to it in the financial year that the retention monies have been authorised and paid.

h)} Stocks Stocks are valued at the Jower of cost and net realisable value. Costs of finished goods include a relevant proportion of overheads. Net realisable value is based upon estimated selling price less further costs expected to be incurred to disposal. Provision is made for obsolete and slow moving items.

i) Debtors Short term debiors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequenily at amortised cost using the effective interest method, less any impairment.

j) Cash and cash equivalents Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 22

,

LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

k) Financial instruments

The company holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Financial instruments where future cash flows are anticipated, are categorised as financial assets referring to fixed asset investments and debtor balances excluding prepayments, and financial liabilities referring to all creditor balances excluding deferred income and other taxation and social security.

i) Creditors Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

m) Retirement benefits

The group operates a defined contribution scheme. The amount charged to the Statement of Financial Activities in respect of pension costs and other post-retirement benefits is the contributions payabie in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

The Charity also operates defined contribution schemes including an auto enrolment arrangement. Contributions to the schemes are charged in the Statement of Financial Activities as they become payable, in accordance with the rules of the schemes.

n) Operating leases

Annual rentals are charged in the Statement of Financial Activities on a straight line basis over the lease term.

3. Significant judgements and estimates

In the application of the charity's accounting policies, which are described in note 2. Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

The trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

Page 23

;

LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

4. DONATIONS AND GRANT INCOME

5,

2025 2024
£ £
Donations and legacies 79,558 32,655
CARE ANDSUPPORT
2025 2024
£ £
Service income:
Social services 748,773 657,027
Respite care 363,392 318,321
1,112,165 975,348
Residential income 154,163 137,194
1,266,328 _i,112542

CARE AND SUPPORT

6. SUPPORTED EMPLOYMENT

Provision of goods and services through the Charity, Newpath Ventures Limited, and other external providers.

2025 2024
£ £
Supported employment income 901,589 409,413
Cost of sales 115,630 40,245
Admin and auditcosts 464.663 356,482
Supportedemploymentcost 580,293 396,727

Inciuded within supported empfoyment is income related to other external providers of £19,318 (2024: £23,656).

Included within supported employment are costs related to other external providers of £19,378 (2024: £24,262).

;

Page 24

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LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8. NET INCOME

Group Company Company
2025 2024 2025 2024
£ £ £ £
This is stated after charging:
Auditors’ remuneration
- audit (parent) 24,800 16,275 24,800 16,275
- other services 5,775 6,975 - -
Hire of plant and machinery
-operaiingleases 9,253 9,656 9,253 9,656

9. STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL

The average monthly number of employees during the period was as follows:

Group Company
2025 2024 2025 2024
Central support 5 § 3 3
Care and support staff {including operating,
production and day care staff) 30 30 21 2t
Adminisiration siaff 15 16 14 18
The average monthly number of fulltime equivalent employees during the period was as follows:
Group Company
2025 2024 2025 2024
Central support 5 5 3 3
Care and support staff (including operating,
production and day care staff) 22 20 17 13
Administration staff & 8 7 8
. 35 33 27 24

The average monthly number of fulltime equivalent employees during the period was as follows:

In addition, the group gave supported employment and training to 34 people (2024: 37).

The aggregate payroll costs of employed persons were as follows:

Group Group Company Company
2025 2024 2025 2024
£ £ £ £
Wages and salaries 1,034,952 908,280 807,681 730,681
Social security 81,234 73,347 63,967 60,576
Pension costs 28.572 24,550 20,976 19,443
1,144,698 1.006177 _892.624 _810,640

Page 26

LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

9. STAFF COSTS AND REMUNERATION OF KEY MANAGEMENT PERSONNEL {continued)

tn addition to the above, the cost of temporary staff during the year was £17,929 (2024: EN).

Inciuded in staff costs are redundancy payments totalling £3,815 (2024: ENil).

The number of employees whose remuneration exceeded £60,000 was:

Between £60,000 - £70,000

2025 2024
No. No.
—____dt 7

Of the employees whose annual remuneration exceeded £60,000, one (2024: one) have retirement benefits accruing under a defined contribution scheme. Total employer contributions in the year to the scheme were £1,699 (2024; £1,353).

Key management personnel consist of the Trustees and senior management team listed on page 3, received aggregate remuneration (including employers National Insurance and employers pension Contributions) of £64,911 (2024: £61,264).

The amount of remuneration earned by directors and trustees in the year was £64,911 (2024: £61,264).

Trustee expenses

Expenses reimbursed to the trustees amounted to £144 (2024; £144). These related to travelling costs. There was 1 trustee who received reimbursements in the year (2024: 7).

Pension costs

The group operates a defined contribution staff pension scheme including an auto enrolment arrangement. The assets of the scheme are held separately from those of the group in independently administered funds. The pension costs charge represents contributions payable by the group to the funds and amounted to £28,152 (2024: £24,550). Contributions totalling £5,171 (2024: £4,865) were payable to the funds at the year-end and are included in creditors.

10. TAXATION

No liability to corporation tax arises on the results of the company or the group for the year (2024: £Ni).

Page 27

.

LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

11. TANGIBLE FIXED ASSETS

GROUP

Assets Service, Office
under the furniture, fixtures,
Land and course of fittings & fittings &
buildings construction equipment equipment Total
£ £ £ £ £
Cost or valuation
At 1 April 2024 2,801,723 16,826 134,224 471,881 3,424,651
Additions
Disposals		 14,160
:		 17,658
:		 1,784
:		 17,295
(50,979)		 50,897
(50,979)
At 31 March 2025 2,815,883 34,484 136,005 438,197 3,424,569
Depreciation
At1 April 2024
Charge for the year
Disposals		 1,582,252
71,272
-		 -
-
-		 91,456
9,647
-		 458,351
8,839
(50,979)		 2,132,059
89,758
(50,979)
At31 March 2025 1,653,524 - 101,103 416.211 2,170,838
Net book value
At31 March 2025 1,162,359 _34,484 _34902 _21,986 1,253,731
At 31 March 2024 1,219,472 16.826 _42,765 —_13,532 1,292,595
COMPANY
Assets Service, Office
underthe furniture, fixtures,
Land and course of fittings & fittings &
buildings construction equipment equipment Total
£ £ £ £ £
Cost or valuation
Ai 1 April 2024 2,801,723 16,826 134,221 171,503 3,124,273
Additions
Disposal		 14,160
:		 17,658
:		 1,784
:		 2,349
(50,979)		 35,951
(50,979)
At 31 March 2025 2,815,883 34.484 136,005 122,873 3,109,245
Depreciation
At1 April 2024		 1,582,252 - 91,456 166,149 1,839,857
Charge forthe year 71,272 - 9,647 4,951 85,870
Disposal : : : (50.979) (50,979)
At 31 March 2025 1,653,524 - 101,103 120,121 1,874,748
Net book value
At31 March 2025 1,162,359 _34484 ___34902 _2752 4,234,497
At 31March2024 1,219,471 16,826 42765 __5,354 1,284,416

Page 28

LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

12. PROGRAMME RELATED INVESTMENTS

Group Company Company
2025 2024 2025 2024
£ £ £ £
Shares in Newpath Ventures
Limited at cost - - 1,000 7,000
Loan to Newpath Veniures Limited - - 454,608 358,114
Impairment of Loan to Newpath
Ventures Limited . - (328,874) (257,055)
Here to Help Consortium 2,000 2.000 2,000 2,000
2,000 ___2000 _128,734 _104,059

Newpath Veniures Limited is a wholly owned subsidiary company incorporated in England. Newpath Ventures Limited is engaged in primary purpose trading on behalf of the charity.

During the year the charity made a grant of £137,903 (2024: £123,546) and charged rent and an administrative charge of £38,359 (2024: £32,473) to Newpath Ventures Limited.

The loan to the subsidiary is unsecured and interest free. A provision has been made against the Joan to Newpath Ventures Limited to reflect the net realisable value of the assets held by the company.

43.

STOCKS

STOCKS
Group Company
2025 2024 2025 2024
£ £ £ £
Stocks 118,554 __
104.433

Where stock for the group is held by the trading subsidiaries.

14. DEBTORS
Group Company
2025 2024 2025 2024
£ £ £ £
Trade debtors 154,735 135,630 145,687 128,117
Other debtors 24,846 19,060 14,198 11,537
Amounts due from subsidiary - - 6,823 8,196
Prepayments and accrued
income 76,596 90,138 80,856 89.268
206.177 — 244,828 —247,564 297,118

Page 29

LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15. CASH AND CASH EQUIVALENTS

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Group|Company| |2025|2024|2025|2024| |£|£|£|£| |Cash|at|bank|and|in|hand|521,852|_—|751,503|479,004|730,116|

----- End of picture text -----

16. CREDITORS: Amounts falling due within one year

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Group|Company| |2025|2024|2025|2024| |£|£|£|£| |Trade|creditors|140,897|130,435|93,846|109,|1217| |Other|taxation|and| |social|security|11,773|19,466|11,779|19,466| |Other|creditors|62,772|68,037|62,772|68,037| |Accruals|and|deferred|income|73,558|139,426|57,090|119,879| |—289,006|397964|225,487||[316.503]| |year|end,|total|deferred|income|was|£9,493|(2024:|£75,545).|Deferred|income|comprises|of| |received|in|advance|for training training|invoiced|in|advance|that|is|predominantly|occurring|in|2025/2026| |grants|received|that|have|not|yet been been|spent.| |Movement|on|deferred|Group|Company| |income| |2025|2024|2025|2024| |£|£|£|£| |Opening|deferred|income|75,545|3,800|75,545|3,800| |Release|of|deferred|income|in|(72,175)|(3,800)|(72,175)|(3,800}| |the|year| |Income|deferred|this|year|6.123|75,548|6,123|£5,545| |Deferred|income|—|9,493|75,545| 9,493|75,545|

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At year end, total deferred income was £9,493 (2024: £75,545). Deferred income comprises of fees received in advance for training training invoiced in advance that is predominantly occurring in 2025/2026 and grants received that have not yet been been spent.

  1. RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Net|income|(174,687)|(211,423)| |Depreciation|89,758|94,785| |Loss|on|disposal|-|5,422| |Interest|received|{8,247)|(9,644)| |Increase|in|stock|(14,121)|(50,754)| |(Increase)/decrease|in|debtors|(11,349)|49,737| |(Decrease)/increase|in|creditors|(68,356)|46.143| |Net cash|(used|in)/provided|by operating|activities|£(187,002)|£|(75,734)|

----- End of picture text -----

Page 30

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LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

18. SUBSIDIARY COMPANY

The charity has one wholly owned active tracing subsidiary which is incorporated in the UK.

Newpath Ventures Limited (Company number: 02757473, registered Office: 511 Walsgrave Road, Coventry, CV2 4AG) operates function facilities and a horticultural nursery, which provide employment for people with learning difficulties.

All activities have been consolidated on a line-by-line basis in the SOFA.

Financial statements are filed with the Registrar of Companies. A summary of the results of Newpath Ventures Limited is shown below:

Newpaih Ventures Limited 2025 2024
£ £
Turnover 390,616 261,529
Cost of sales (115,630) (40,245)
Gross profit 274,986 227,284
Grantfrom parent charity
Administrative expenses		 137,154
(483,749)		 123, 564
(364,693)
(Loss) on ordinary activities before taxation (71,609) (19,845)
Tax on loss on ordinary activities __" __=
(Loss) on ordinary activities aftertaxation __{71,609) (19,845)
The aggregate ofthe assets, liabilities and funds was:
Assets
Liabilities		 200,332
(529,206)		 149,903
(407,169)
Netliabilities (328,874) (257,266)

19. CAPITAL AND RESERVES

The charity is a private company limited by guarantee. In the event of it being wound up the liability in respect of the guarantee is limited to £1 per member of the company.

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LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20. FUNDS
GROUP
Balance at f Transfer Balance at
April
2024		 Income Expenditure between
funds		 31 March
2025
£ £ £ £ £
Unrestricted funds
General funds 1,237,813 1,783,498 (1,958,185) (30,000) 1,027,126
Designated funds
Service developmentfund 473,496 - - - 473,496
Property development fund 326,686 : : 30,000 356,686
800,182 - - 30,000 830,182
Total unrestricted funds 2,031,995 1.783.498 {1,958,185) - 1,857,308
Restricted funds
GROW Project - 15,224 {15,224) - ,
Glass house - 25,000 (25,000) - -
Coffeeshop - 10,000 (10,000) - -
Other - 22,000 (22,000) - -
Coventry University Project 6.000 : - - 6,000
Total restricted funds 6,000 72,224 (72,224) - 6,000
Total funds 2,037,995 1,855,722 (2,030,409) .- 1,863,308
COMPANY
Balanceat Transfer Balance at
7 April
2024		 income Expenditure between
funds		 31 March
2025
£ £ £ £ £
Unrestricted funds
General funds 1,233,025 1,503,465 (1,678,360) (830,000) 1,028,130
Designated funds
Servicedevelopment fund		 473,496 - - - 473,496
Property development fund 326,686 - - 30,000 356,686
800,182 - - 30,000 830,182
Total unrestricted funds 2,033,207 1,503,465 (4,678,360) - _1,858,312
Restricted funds
Govenitry University Project 6,000 - - - 6,000
COVID Grants : : - = ____
Total restricted funds 6,000 : - : 6,000
Total funds 2,039,207 1,503,465 (4,678,360) - 1,864,312
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LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20. FUNDS (continued)

Designated Funds

Service development fund

In December 2019 the board agreed to set aside a designated legacy fund to include funds gifted to Life Path Trust that can be used for value added services for the benefit of citizens.

Property development Fund

The development fund was established to set aside funds for future developments on owned properties.

Restricted Funds

Coventry University Project

This fund relates to monies donated to be spent on a research project with Coventry University, to support people with learning disabilities.

GROUP — Comparative

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at|7|Transfer|Balance|at| |Aprif|income|Expenditure|between|37|March| |2023|funds|2024| |£|£|£|£|£| |Unrestricted|funds| |General funds|1,465,311|1,566,544|(1,777,967}|{22,075}|7,231,813| |Designated|funds| |Service|development|fund|473,496|-|-|-|473,496| |Property|development|fund|296,686|:|:|30.000|326,686| |770,182|-|:|30,000|800,182| |Total unrestricted funds|2.295,493|_1,566.544|(1,777,987)|2925|2.031,995| |Restricted|funds| |COVID|Grants|7,925|-|-|(7,925)|-| |Coventry|University|Project|6,000|-|-|-|6,000| |Total funds|2,249,418|1,566,544|(1,777,967)|_____-|2,037,995|

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LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

20. FUNDS (continued)

COMPANY

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|Transfer|Balance|at| |1|April|income|Expenditure|between|37|March| |2023|funds|2024| |£|£|£|£|£| |Unrestricted|funds| |General funds|1,466,374|1,337,488|{7,548,699}|(22,075)|1,233,025| |Designated funds| |Service|development fund|473,496|-|-|-|473,496| |Property development|fund|296,686|:|:|30,000|326,686| |770,182|-|-|30,000|800,182| |Total unrestricted funds|2,236,493|_1,337,488|(1,548,699)|__|7,925|_2.033.207| |Restricted|funds| |Coventry|University|Project|6,000|-|-|-|6,000| |COVID|Grants|7,925|-|-|{7,925}|-| |Total funds|2,250,418|_1337.488|(1,548,699)||[ss]|-|=|2,039,207|

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21. ANALYSIS OF ASSETS BETWEEN FUNDS GROUP

2025

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Fixed|Net|current|Long-term| |assets|assets/|liabilities|Total| |(iabllities)| |£|£|£|£| |Unrestricted|general|funds|1,255,731|(228,605)|-|1,027,126| |Designated|funds|:|830,182|-|830,182| |Restricted|funds|:|6,000|:|6,000| |1.255.731|607577|=|1,863,308| |2024| |Fixed|Net current|Long-term| |assets|assets/|liabilities|Total| |(liabilities)| |£|£|£|£| |Unrestricted general|funds|1,294,595|(62,782)|-|1,237,813| |Designated|funds|-|800,|182|-|800,|182| |Restricted|funds|:|6,000|:|6,000| |1,294,595|_|[743.400]|___...-|_2,037,995| |Page|34|

----- End of picture text -----

!

LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

  1. ANALYSIS OF ASSETS BETWEEN FUNDS (continued)
COMPANY .
2025
Fixed Net current Long-term
assets assets/ liabilities Total
(liabilities)
£ £ £ £
Unrestricted general funds 1,363,231 (335,101) - 1,028,130
Designated funds - 830,182 - 830,182
Restrictedfunds - 6,000 - 6,000
=L363.237 _501081 uw- 1,864,312
2024
Fixed Netcurrent Long-term
assets assets/ liabilities Total
(liabilities)
£ £ £ £
Unrestrictedgeneral funds 1,284,447 (57,392) - 1,233,025
Designated funds - 800,182 - 800, 182
Resirictedfunds - 6,000 - 6,000
1,284,417 754,790 - 2,033,207

22. RELATED PARTIES

Judy Ryan a trustee of Life Path Trust paid a £10 donation with her membership fee in the year. Phillip Rusk, a trustee of Life Path Trust paid a £24 donation with his membership fee during the year. Transactions with the subsidiaries are detailed in note 12.

23. COMMITMENTS UNDER OPERATING LEASES

Lessee

At 31 March 2025 the Group had future minimum lease payments under non-cancellable operating leases as follows:-

GROUP AND COMPANY

GROUP AND COMPANY
2025 2024
£ £
Other
Not later than 1 year 9,253 9,656
Laterthan 1 year and not later than 5 years 2,390 18,919
11,643 __20.575

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LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

24. COMPARATIVE CONSOLIDATED SOFA

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|Total| |Funds|Funds|Funds| |2024|2024|2024| |£|£|£| |Income|and|endowments|from:| |Donations|32,655|-|32,655| |Other trading|activities:| |-|Fental|income|2,290|-|2,290| |Charitable|activities:| |-|Care and support|1,712,542|-|1,912,542| |-|Supported|employment| |investmentsincome|409,413,|-|409,413| |-|Bank|interest|received|9,644|-|9,644| |TOTAL|INCOME|1,566,544|:|1,566,544| |Expenditure|on:| |Charitable|activities:| |-|Care and support|1,381,240|-|1,381,240| |-|Supported employment| |costs|396, 727|-|396,727| |TOTAL|EXPENDITURE|1,777,967|:|1,777,967| |Transfers|7,925|(7,925)|-| |Net income|and net|movement|in| |funds|(203,498)|(7,925)|(211,423)| |Reconciliation|of funds:| |Total funds|brought|forward|2.235.493|13,925|2,249,418| |Total|funds|carried forward|2,037,995|6.000|_2.037,995|

----- End of picture text -----

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