Charlty Reglstratlon No. 1088592 Company Reglstratlon No. 04107226 (England and Wales) PURSUING INDEPENDENT PATHS ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
PURSUING INDEPENDENT PATHS LEGAL AND ADMINISTRATIVE INFORMATION Trustees M Barrie P Brown T Cash J Chowdhury K Clarke T Ekendu T Lang J Leach D Wakerley J Wilcox L Williams M Gold Charity number 1088592 Company number 04107226 Registered office 306 Ken5al Road London WIO 5BE United Kingdom Audltor HW Fisher LLP Acre House 11-15 William Road London NWI 3ER United Kingdom Bankers UnityTrust Bank Nine Brindleyplace Birmingham BI 2HB
PURSUING INDEPENDENT PATHS CONTENTS Page Trustees, report Statement of tru5tees' respon5ibilitie5 Independent auditor's report 8-10 Statement of financial activities 11-12 Balance sheet 13 Statement of cash flows 14 Notes to the financial statements 15-28
PURSUING INDEPENDENT PATHS TRUSTEES, REPORT {INCLUDING DIREcfoR'S REPORT) FOR THE YEAR ENDED 31 MARCH2024 The trustees present their annual trustees, report together with the financial statements of the charity for the year ending 31 March 2024. The trustees. report is also prepared to meet the requirements for a directors, report for Companies Act purposes. The financial statements comply with the Companies Art 2(KJ6. the Memorandum and Articles of Association and Accounting and Reporhng 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 IFRS 1021 leffective l January 20191. OBJECTIVES AND AcllviTIES PIP'S charitable objects are to promote any charitable purpose for the benefit of the public in the UK and in particular adults (aged over 181 living in Greater London who have learning difficulties and/or mental health problems, by the advancement of education and the protection of health. Our vision is 'that all adults Wlth a learning disability are empowered to achieve their ambitions,. Our mission is to 'work together with people with a learning disability and their support networks to gain skills and opportunities for independence and to live a life of their choice.. Our learning programmes are developed to align with these statements. Our students design their own personalised learning programme to work toward5 the life goa15 they have set, ch005ing sessions from our four delivery pathways: Employment and Vocational Training,. Creative and Performing Arts,. Health and Wellbeing,. and Independent Living Skills. Their individual learning programme is then reviewed with their key workers on a termly basis and changed according to their choices. All PIP students have a key worker who supports them with their learning outcomes and acts as the liaison between the student's local support and health networks and their families and carers who will advocate on their behalf at the student's request. PIP utilises an academic term calendar that mirrors those common in schools and colleges to support student transition from formal education and provide windows for family holidays that do not disrupt progress. In between terms. Pip provides Autumn, Spring and Summer Leisure Programmes. which adopt a more casual timetable with more focus on special events and trips. Piws centre includes a range of facilities including a performing & creative arts space- a teaching kitchen- multiple classrooms; and a digital-immersion room. The centre allows us to support students with multr.ple disabilities and the high demand from potential students, their families. and social workers demonstrates the demand for places. We have capacity for 40 places per day at our centre. Developing our community provision is a way of including a greater number of people with a learning disability in the activities that PIP can offer and supporting students to integrate into the wider community. Weekly student meetings and a Student Council ensure that the student voice is kept central to the way PIP operates. Work continues with students to ascertain how best to amplify this at all levels of the organisation so that the management team and trustees can respond to the changes and service improvements students wish to see.
PURSUING INDEPENDENT PATHS TRUSTEES, REPORT {INCLUDING DIREcfoR'S REPORT) FOR THE YEAR ENDED 31 MARCH2024 ACHIEVEMENTS AND PERFORMANCE During the year we increased our student numbers to 80 which represents a 39% increase in delivery of student provision, part of our 5-year plan to increase student numbers overall. The plan specifically related to an increase in student numbers from our Beanstalk campaign originating from 2018 which aimed to secure our-now full. new centre. Having settled into our new home and got to know our local communities. we were able to reconnect with existing partnerships that had been on hold since Covid and develop new ones offering further opportunitie5 for our students in their local communitie5. More students were able to do work experience in a variety of sectors such a5 hospitality. security and front of house roles. For example. January saw multiple students have placements at Britlsh Land's Paddington Central site. We're grateful for their continued support and we can already see outcomes f rom th is work. with some students now securing part-time work. Gig Buddies formally launched with an event at the Royal Albert Hall. Live music went late into the night and brought together circa 150 people consisting of our students, volunteers, and the general public. G ig Buddies is a scheme pairing adults with learning disabilities with volunteers who share the same cultural tastes so they may attend events as friends. In September 2023 we launched our refreshed FnJitFul social enterprise. Post<ovid this model has been challenged as more people work from home and companies struggle to justify spending the sum to hire us- while for students it has been difficult to provide a routine, consistent experience. Our new model includes residencies in locations around London for 4-5 weeks and optimises the way our stall works to provide the best possible work experience. Following our successfu I pilot of a co-ordinator for our employment pathway, we expanded our team to recruit co- ordinators for Health & Wellbeing: Independent Living Skills: and Creative & Performing Arts. This investment of over £IOOk per annum in our curriculum has allowed us to be more ambitious for our students and Support staff career progression. In addition, we created an events officer role to manage our new community events programme and support our operational team in planning student trips and leisure programmes and were able to run an enriched and more personalised Spring scheme. In late 2023-24 seven students participated in lilming for the BBC'S The Assembly show which saw neurodiverse individuals interview the actor, Michael Sheen. This was a significant moment for our creative & performing arts pathway as PIP was selected alongside two specialist performing arts organisations to provide (ast members. As PIP has grown in student numbers and breadth of sessions delivered. our ambition has been to update our monitoring system and enable us to better articulate our impact on our students and our community. To this end we successfully applied for over £150,000 towards an exciting and ambitious Knowledge Transfer Partnership with the University of Essex. its purpose to design an Impact Toolkit specifically designed around adu Its with learning disabilities. It will see an academic member of staff based full-time for two years at PIP, developing a tool to as5e55 our service, and similar services in other parts of the UK, based specifically on our students and their support networks perception and definition of 'value'.
PURSUING INDEPENDENT PATHS TRUSTEES, REPORT {INCLUDING DIREcfoR'S REPORT) FOR THE YEAR ENDED 31 MARCH2024 FUNDRAISING 2023-24 saw the implementation of a new fundraising strategy focused upon diversification of funding sources, funder- aligned project development structures, and improved integration into the service delivery team. In 2023-24 this saw income of £340.323 secured. with a target of £550.000 for 2024-25 for which significant progress has been made. PIP would like to register its thanks to Bowmark Capital, K&C Foundation. National Lottery Reaching Communities Fund, City Bridge Trust, John Lyon's Charity, British Land, and Kusuma Trust for their significant support towards our work. PIP'S fundraising is conducted through full-time employed personnel. in 2023-24 this was our Head of Fundraising & Communications, with occasional bid-writinE SUPPOrt from an external contrartor. As part of our fundraising work. we subscribe to the FundraisinE Regulator. follow their Euidelines and all our activities are regulated by the Charity Commission. In 2023-24 PIP received no complaints related to its fundraising artivities. The CEO provide5 an ethical oversight function for all new donors and fundraising activities. and by the nature of our work are conscious of vulnerable people in all that we do. FINANCIAL REVIEW Total income increased by IO% to £1,486,08112022-23: £1.353.0511. We are pleased to report that having settled into the new premises, we have continued to see a remarkable increase in student activity resulting in an income from charitable activities of £1,137,465, an increase of 16% from last year12022-23'. £982,256). This is primarily student income from local authorities who have continued to support PIP enabling us to offer more se55ions to more students throughout the year. There was a slight reduction in voluntary income, generated by donations and fundraising which decreased by 7% to £340,32312022-23.. £367.7181 mainly due to the absence of a fundraising Manager during the majority of the year but has now been in post since the tail end of the financial year under review with the results of applications submitted due to be seen in the coming year. Total expenditure has increased by 6% to £1,413,82812022-23.' £1.340,4681 due to increased staffing costs related to increased provision alongside greater revenue expenses related to the new centre and residual previous expenses. The surplus for the year of £72,25312022-23: £12,583) is higher than last year mainly due to ongoing control of costs coupled with staff vacancies during the year. As of 31 March 2024, PIP held general unrestricted reserves of £611.40712022-23'. £482,3821 and unrestricted designated fixed assets reserves of £322.88012022-23.. £374.8751. At that date PIP held £131,67612022-23.. £136,453) in restricted reserves. The general reserves requirement is detailed in the reserves section below. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Pursuing Independent Paths IPIPI is a charitable company limited by Euarantee governed by its Memorandum and Articles of Association dated 9 November 2000 as amended on 25 September 2015. It is registered as a charity with the Charity Commission. PIP was established in 1984 as a charitable trust (originally called the Paddington Integration Projectl- It changed its name on incorporation to indicate its activities were no longer solely based in Paddington.
PURSUING INDEPENDENT PATHS TRUSTEES, REPORT (INCLUDING DIREcfoR'S REPORT) FOR THE YEAR ENDED 31 MARCH2024 Directors and trustees The trustees of the charitable company are its directors for the purposes of company law. The trustees and officers who served during the year and up to the date of signature of the financial statements were as follows: Trustees Mark Barrie Kate Clarke- Appointed 26 March 2024 Patrick Brown- Appointed 29 May 2023 Terri Cash Jan Chowdhury-Appointed 8 July 2024 Theresa Ekendu- Appointed 29 May 2023 Tilly Lang John Leach (Chair} Daniel Wakerley Judith Wilcox Leanne Williams- Appointed 26 March 2024 Micah Gold - Appointed 17 September 2024 Chief Executive Denise Largin None of the trustees have any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Appointment of trustees Unless otherwise determined by a General Meeting the number of trustees shall be no less than three and a maximum of fifteen. In accordance with the Articles of Association, trustees are appointed at a General Meeting for a term of three years with the possibility of being renewed for a further three years. Trustee induction and training New trustees undergo induction to brief them on their legal obligations under charity and company law and the Charity Commission guidance on public benefit and inform them of the content of the Memorandum and Articles of Association, decision making processes, the strategic plan and Piws recent financial performance. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Organisation The Board normally meets four to five times a year and trustees are responsible for setling and monitoring the strategic direction, managing and 5upporhng the Chief Executive and ensuring that the charity meets its charitable objectives by Using the best possible practice and financial prudence. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the trustees, for operational matters. Remuneration policy for Senior Staff The trustees consider that the Board of Trustees, the Chief Executive, the Head of Fundraising and Communications, the Service Manager and the Financial Controller comprise the key management personnel of the charity in charge of directing and controlling, runninE and operatinE the charity on a day-to-day basis. All trustees give of their time freely and no trustee received remuneration in the year. The base salaries of the Chief Executive and Senior Management Team are reviewed annually using benchmarking data.
PURSUING INDEPENDENT PATHS TRUSTEES, REPORT (INCLUDING DIREcfoR'S REPORT) FOR THE YEAR ENDED 31 MARCH2024 Public benefit The trustees have given due consideration to the Charity Commission's published guidance on the Public Benefit requirement under the Charities Act 2011. The trustees have considered the objectives and activities. together with the achievements and performance, reported separately and have concluded that: The aims of the organisation continue to be charitable- and The aims and the work done to give identiliable benefits to the charitable sector and both directly and indirectly to individuals in need- and The benefits are for the public and not unreasonably restricted in any way and certainly not by ability to pay- and There is no detriment or harm arising from the aims or activities. KEY RISKSAND UNCERTAINTIES PIP has a detailed risk register which is updated and reviewed by the Board semi-annually lor more frequently if appropriatel. Risks are scored on impact and likelihood before and after identified mitigating actions and movements tracked from one period to the next. As at end of March 2024 the main risks identified by our board are below with our primary mitigation.. Dilapidation costs involved in relinquishing the lease on our previous main base- we are being advised by leading legal, real estate services and surveying firms and have made appropriate provisions for potential costs. Departure of key management staff - we continue to review our staffing structure5 to provide resilience, staff development and progression alongside performing market reviews of personnel terms and conditions. Local Authoritycommissioning model aligned to an individual budget market- We maintain close working relationships with the relevant local authority teams. We have a150 worked hard to diversify our income streams including from new IIKal authority services, corporates, trusts & foundations and our social enterprise. Voluntary income- PIP has agreements with multiple funders for sums of volurbtary income which would be material within total income. Changes to a funderfs circumstances, e.g. exceptionally poor trading conditions for corporate supporters. could reduce total income and to this end a pipeline of new opportunities is maintained and developed. PLANS FOR FUTURE PERIODS In September 2024 we forecast to reach capacity of our new centre at 306 Kensal Road, culminating a five-plus year project which has secured PIP'S future as a provider of choice in our sector. Work is planned in the coming year for the Charity to develop its future strategy. We expert to launch our second social enterprise, Seedlings, focused Dn gardenin8. We have Secured a partnership for this Wlth a community garden partner and have adopted the Canal Towpath behind our centre. Our students will be performing in our end of year sumrner showcase, the Sound of PIP, at the Tabernacle Theatre, which features a siEnilicant number of PIP students across our creative pathway. We hope to make this an annual event.
PURSUING INDEPENDENT PATHS TRUSTEES, REPORT {INCLUDING DIREcfoR'S REPORT) FOR THE YEAR ENDED 31 MARCH2024 In winter 2024 we will see the first cohort of young people with additional needs begin their arts sector internships with employment coaching from PIP in our new partnership with the John Lyon's Charitv. Our research partnership with the University of Essex shall begin to result in positr.ve impact on PIP'S evaluation of our services, with public engagement across WOrhOp5, consultations, and research conferences beginning. We expect fundraising revenue to be signiticantly higher than in 2023-24. This increase in revenues, we forecast, will require an increase in fundraising team staff numbers. It is expected the structure of this expanded fundraising team will be implemented during 2024-25. RESERVES POLICY AND GOING CONCERN The trustees review PIP'S reserves policy annually. balancing the need to hold back sufficient general reserves to protect its charitable objectives with the objective of maximisinE the funding avhilable for those activities. The trustees have agreed the policy that general reserves should comprise two elements: A working capital reserve equal to three months, average student income for the year. The requirement for 31 March 2024 is £284,36612022-23: £245,564) An income shortfall reserve of 15% of total standard service income. The requirement for 31 March 2024 is £222.91212022-23: £202.9581 The general reserves requirement for the current year is therefore £507,278 in total12022-23: £448,522). General unrestricted reserves levels lexcluding designated funds) are £611,40712022-23.' £482,382). This indicates a surplus of £104,12912022-23 £33.8601 which shows an improvement from the last financial year. This is a good position to be espetially given that the budget for the upcoming financial year 2024-25 reflects Erowth in revenues and therefore a higher reserves balance of at least £567k is required. STATEMENT AS TO DISCLOSURE TO THE AUDITOR Each trustee ha5 conlirmed that in so far as they are aware at the time of approving our trustees, annual report.. there is no relevant information, being information needed by the auditor in connection with preparing their report. of which the auditor is unaware, and each trustee, having made enquiries of fellow trustees and the auditor, has taken all steps that helshe is obliged to take as a trustee in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. In accordance with section 485 of the Companie5 Act 2006, a resolution proposing that HW Fisher LLP be re-appointed as auditor of the company will be put to the Annual General Meeting. By order of the board of trustees John Leach Ichairl Date.. 18 Sep 2024
PURSUING INDEPENDENT PATHS STATEMENT OF TRusfEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of Pursuing Independent Paths for the purpose of company law, are responsible for preparing the Trustees, Report and the financial ststements in accordance with applicable law and United Kingdom Accounting Stsndards Iunited Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepa financial statements for each financial year which give a true and fair view of the stste of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure, of the charitsble company for that year. In preparing these financial statements. the trustees are required to= select Sultable accounting policie5 and then apply them con5i5tently- observe the method5 and prirhciples in the Charities 50RP. make judgements and estimate5 that are reasonable and prudent- and prepare the financial Statements on the going conr ba515 unle55 it 15 inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting CordS that disclose with reasonable accurary at any time the financial position of the charity and enable them to ensure that the financial Statements comply with the Companie5 Art 2006. Thev are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PURSUING INDEPENDENT PATHS INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PURSUING INDEPENDENT PATHS Opinion We have audited the financial statements of Pursuing Independent Paths Ithe 'ch3riVI for the year ended 31 March 2024 which comprise the statement of financial activities. the balance sheet. the statement of cash flows and the 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 Stsndard 102 The Finonciol Report1ft9 Stondord applicoble in the UK Gnd Republic of Irel(7nd (United Kingdom Generally ACpted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure. for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordan with the requirements of the Companies Art 2(. Basis for opinion We conducted our audit in accordance with International 5tsndards on Auditing IUKI IISAs IUKII and applicable law. Our responsibilities under those standards are fvrther described in the Auditors responsibilitiesfor the audit of thefinoncial stotements section of our report. We are independent of the charity in 3ccordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK. including the FRC'S Ethical Stsndard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriate to provide a basis for our opinion. Conclusions relatin8 to Boing concem In auditing the financial ststements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity'5 ability to continue a5 a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The tru5tee5 are re5porhsible for the other information contsined within the annual report. 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 a55urance conclusion thereon. Our re5pon5ibility 15 to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misststed. If we identify such material incon515tencies or apparent material misstatements. we are required to 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 misststement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Art 21))6 In our opinion, based on the work undertaken in the course of our audit.. the information given in the tru5tee5' report, which includes the directors. report prepared for the purpose5 of company13W, for the financial year for which the financial statements are prepared is consistent with the financial statements.. and the dirertors. report included within the trustees. report has beerh prepared in accordance with applicable legal requirement5. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the director5, report included within the trustees, report.
PURSUING INDEPENDENT PATHS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PURSUING INDEPENDENT PATHS 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.. adequate accounting records have not been kept. or returns adequate for our audit have not been received from branches not visited by us. or the financial ststements are not in agreement with the accounting CordS and returns. or certain disclosures of trustees, remuneration specified by law are not made," or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to prepare the financial ststements in accordance with the small companies regime and tske advantage of the small companies. exemptions in preparing the trustees. report and from the requirement to prepare a strategic report. Responslbllltles of trustees As explained more fully in the ststement of trustees. respon5ibilttie5, the trustees, who are also the dirertors of the charity for the purpose 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 internal control as the trustees determine is necessary to enable the preparation of financial 5tatement5 that are free from material misststement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity'5 ability to continue as a going cOnrn, di5c105ing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor's responsSbllltles for the audlt of the financlal statements Our objectives are to obtain reasonable a55urance about whether the financial 5tatement5 a5 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 a55urance but is not a guarantee that an audit corhdurted in accordance with ISAS IUKI will alway5 detert a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the ag8re8ate, they could reasonably be expected to influence the economic decision5 of users taken on the ba515 of these financial statements. Irregularities, including fraud, are instsnces of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misststements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud. is detsiled below. As part of our planning process.. We enquired of management the systems and controls the charity has in pla, the areas of the financial statements that are m05t susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The charity did not inform us of any known. susperted or alleged fraud. We obtsined an understanding of the legal and regulatory frameworks applicable to the charity. We determined that the following were most relevant.. the Charity SORP. FRS 102. Charities Art 2011. Companies Act 2006. We considered the incentives and opportunities that exist in the charity, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated. and tailored our risk assessment accordingly. Using our knowledge of the charity. together with the discussions held with the charity at the planning stsge, we formed a contlusion on the risk of misststement due to irregularities intluding fraud and tailored our procedures actording to this risk assessment.
PURSUING INDEPENDENT PATHS INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF PURSUING INDEPENDENT PATHS The key procedures we undertook to detect irregularities includingfraud during the course of the audit included.. Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual. Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied. Reviewing and challenging the assumptions and judgements used by management, and the conclusion that there are no signifitant actounting estimates. Assessing the extent of compliance, or lack of, with the relevant laws and regulations. Testing key income lines. in particular tut-off. foi evidence of management bias. Assessing the validity of the classification of income. expenditure. assets and liabilities between unrestricted. designated and restrirted fvnds. Performing a physical verification of key assets. Obtaining third-party confirmation of material bank balances. Documenting and verifying all Significant related party balances and transactions. Reviewin8 documentation such a5 the charity board minutes and correspondence with 501icitors, for discu55ions of irregularities including fraud. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected wme material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing stsndards. The primary re5pon5ibility foi the prevention and detection of irregularities arhd fraud rests with the tru5tee5 of the charity. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https.-Ilwww.frc.org.uV auditorsresponsibilities. This description forms part of our auditor's report. Use of our report Thi5 report is made 501ely to the charitable company's vnembers, a5 a bo(ty, in accordance with Chapter 3 of Part 16 of the Companie5 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'5 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 charitsble company's membeis as a body. for our audit work, for thi5 report, or for the opinion5 we have formed. re Andrew Rich1Senior Statutory Auditor) for and on behalf of HW Fisher LLP Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NWI 3ER United Kingdom 10-
PURSUING INDEPENDENT PATHS STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Current flnanclal year Unrestrirted Unréstricted Rèstrirtèd Totsl Total funds general 2024 funds designated 2024 funds 2024 2024 2023 Notes Income from: Donations and legacies Income from charitsble activities Investments 137.225 1,137.465 8.293 203.098 340,323 1,137,465 8,293 367,718 982,256 3,077 Total income 1.282.983 203.098 1.486,081 1,353,051 enditure on- Raising funds 98,495 98,495 89,557 Charitsble activities 972.934 134.524 207.875 1.315,333 1.250.911 Total resources expended 1.071.429 134.524 207,875 1.413,828 1.340,468 Net incomingl{outgoingl resources bèfore transfers 211,554 1134,5241 14,7771 72,253 12,583 Gross transfers between fund5 17 182,5291 82,529 Net incomel{expenditurel for the year/ Net movement in funds 129.025 151.99SI 14.7771 72.253 12.583 Fund balances at l April 2023 482.382 374.875 136,453 993.710 981.127 Fund balances at 31 March 2024 611.407 322.880 131.676 1.065.963 993.710 The ststement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The Statement of financial activtties also complies with the requirements for an income and experhditure account under the Companies Act 21YI6. 11
PURSUING INDEPENDENT PATHS STATEMENT OF FINANCIAL AcfiviTIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prlor financlal year Unréstricted Unrèstrirtèd Rèstrirtèd Totsl funds génèral 2023 funds designatèd 2023 funds 2023 2023 Income from: Donations and legacies Income from charitsble activities Investments 114.895 982.256 3.077 252,823 367,718 982,256 3,077 Total income l.l(K).228 252,823 1,353,051 enditure on- Raising funds 89,557 89,557 Charitsble activities 934.116 125.81X) 190,995 1.250.911 Total resources expended 1.023.673 125,8(X) 190,995 1.340,468 Net incomingl{outgoingl resources bèfore trdnsfers 76.555 1125.8(X)I 61.828 12.583 Gross transfers between funds I2.(11} 39.240 137.2391 Net Incomellexpendlturel for the yearl Net movement in funds 74,554 186,5601 24,589 12,583 Fund balances at l April 2022 407,828 461,435 111,864 981,127 Fund balances at 31 March 2023 482,382 374,875 136,453 993,710 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2(K>6. 12-
PURSUING INDEPENDENT PATHS BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets li 268,842 374,875 Current a55ets Debtors Cash at bank and in hand 252.574 996,528 131.682 882,419 1,249,102 1246.9321 1,014,101 1192.7921 Credltors: amounts falllng due vAthln one year Net current assets I.(2.170 821.309 Totsl assets less current Ilabllltles 1.271.012 1,196.184 Provlslons for Ilabllltles Provisions 14 205,049 202,474 1205.0491 1202.4741 Net assets 1.065.963 993.710 Income fvnd5 Restricted funds Unrestricted funds- designated Unrestricted funds- general 16 131.676 322.880 611.407 136,453 374,875 482.382 17 1,065.963 993.710 18 Sep 2024 The financial statements were approved by the Trustees on ......................... J Leach Trustee Company Registration No. 04107226 Charity Registration No. 1088592 13-
PURSUING INDEPENDENT PATHS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 21 134.307 76.047 Investlng actlwtles Purchase of tangible fixed assets Investment income received 128,4911 8.293 139,2401 3.077 Net cash used In Investlng actlvltles 120.1981 136.1631 Net cash used In fSnanclng actlvltles Net Increase In cash and cash equlvalents 114.109 39,884 Cash and cash equivalents at beginning of year 882.419 842.535 Cash and cash equIlents at end of year 996.528 882,419 14-
PURSUING INDEPENDENT PATHS NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting polities Charity information Pursuing Independent Path5 15 a private company limited by guarantee incorporated in England and Wale5. The registered office is 306 Kensal Road. London. WIO 5BE. United Kingdom. 1.1 Accounting convention The financial ststements have been prepared in accordance with the charity's Memorandum and Article5 of Association, the Companies Act 2006 and "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 IFRS 1021 (effective l January 20191". The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are ppared in sterlrng which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been ppared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the trustees have a reasonable expertation that the charity has adequate resources to continue in operational existence for the foreseeable futu. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial ststements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtheran of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial ststements. Designated funds are subject to spectfic conditions for use. as set by the trustees. Incoming resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met. the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. 15-
PURSUING INDEPENDENT PATHS NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountin8 policies (Continued) 1.5 Resources expended Liabilities are recognised as expenditure once the is a legal or construrtive obligation committing the charity to that expenditure, it 15 probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Direct charitsble expenditure comprises all the expenditure relating to the activities carried out to achieve the charitable objective. Support costs represent costs that cannot be directly attributed to activities. Governance costs include the costs of statutory audit and other costs related to the governance of the charity. Support and governance costs have been allocated to the single charitable activity'supporting Adults with Learning Di5abilitie5" 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and Subsequently mea5ure(l at C05t, net of depreciation and any impairment losses. Depreciation is recognised 50 a5 to write off the cost of a55ets less their residual values (wer their useful lives on the following bases= Leasehold improvements Furniture and equipment Straight line over remaining period of the lease Straight line over 3 years Expenditure for furniture and equipment which exceeds £51K> is capitslised. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the tarrying value of the asset, and is recognised in net income/lexpenditurel for the year. rinantial instrumènts The charity has elected to apply the provisions of Section 11 'Basic Finanoal Instruments. and Section 12 '0ther Financial Instruments 155ues' of FR5 102 to all of it5 financial instruments. The Charity only has financral a55ets anfl financral liabilities of a kind that qualify a5 basic financial instruments. These financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 1.8 Provlslons Provisions, being liabilitie5 of uncertain timing and amount, are recognised when the ch8TTty has a legal or constructive present obligation as a result of a past event. it is probable that the charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.10 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.11 Leases Rentsls payable under operatirhg lease5, including any lease incentives received, are charged a5 an expense on a straight line basis over the term of the relevant lease. 16-
PURSUING INDEPENDENT PATHS NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements Trustees do not believe there to be any critical estimates or judgements in the ffinancial ststements. Donations and legacies Unrestritted funds general 2024 Restricted lunds Total Unrestricted funds general 2023 Restricted fund5 Total 2024 2024 2023 2023 Donations and gifts 137.225 203.098 340.323 114.895 252,823 367.718 Income from charitsble artivitie5 Supportlng Adults with learnlng disabilrties SupportlnE Adults with learnlnE disabilities 2024 2023 Special projects Local authority personal budgets 9.960 1,127,505 24.565 957,691 1,137,465 982,256 Investments Unrestrirted funds general 2024 Unrestrirted funds general 2023 Interest receivable 8.293 3,077 17-
PURSUING INDEPENDENT PATHS NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Raising funds Unrestrlrted fvnds general 2024 Unrestricted fund5 general 2023 Costs of eneratin volunta Other fundraising costs Staff costs income 22,392 76,103 24.237 65,320 Costs of generating voluntary income 98,495 89,557 18-
PURSUING INDEPENDENT PATHS NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable attivities Ongoing Sernice ser¥ices development 2024 2024 Total 2024 Ongoing Service services development 2023 2023 Total 2023 Staff costs Depreciation and impairment Rent, utilities & rates Recruitment & Training Activitie5 & Events Service Development Staffing Travel Repairs & renewals Cleaning Mobile & Telephone Computer Expenses Office Equipment Insurance 608,825 118.381 l(K),115 15.744 57,315 84,559 5.381 4,551 2.651 693,384 123.762 104,666 18.39S 57,315 23.141 15,129 34.037 18,476 14.463 15,533 522,556 110,704 164,372 23,814 64,691 72,577 5.032 7,472 3.656 595,133 115.736 171,844 27.470 64,691 23.400 13,078 40.736 15,711 12.864 13,567 2.591 7,663 3.073 2,462 3.772 23.141 571 8.399 23.4(Kl 560 29.483 683 559 14,558 25.638 17,673 13.834 14,858 12,518 11.253 15,028 12.305 12,977 2.478 7,663 2.939 2,355 3.610 629 675 590 113 10,207 11.890 10,207 11.890 Books, stationary & postage Equipment Lease Sundry Expenses 134 107 162 4.638 211 4.849 1.013.676 131.571 1.145.247 969.263 144.528 1.113.791 Share of sUPPOrt costs15ee note 81 Share of governance costs (see note 81 122.894 122.894 95.138 95.138 47.192 47.192 41.982 41.982 1.183.762 131.571 1.315.333 1.106.383 144.528 1.250,911 Analysls by fund Unrestricted fund5- gerheral Unrestricted funds- designated Restritted funds 851,521 129.143 203,098 121,413 5.381 4,777 972,934 134.524 207.875 823,592 120.768 162.023 110,524 5.032 28,972 934,116 125.800 190,995 1.183,762 131.571 1.315.333 1,106.383 144,528 1,250,911 Included within Rent, utilities and rates are lease p3yments of £120,76412023 - £160,cixJI. Included within Books, stationary and postage are lease payments of £l.(K>312023- £1.0941. 19-
PURSUING INDEPENDENT PATHS NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support costs Governance 2024 Support costs Governance costs 2023 Staff costs Depreciation Rent, utilitie5 & rates Recruitment & training Travel Repairs & renewals Centre expenses Insurance 59,190 10.762 9,315 1.531 1,142 8.594 1,607 1.258 27,278 2.217 16,912 76,102 10.762 9,315 1.969 1,142 8.$94 1,607 1.258 27,278 2.217 50,805 10.064 14,943 2.315 1,121 1.023 1,366 697 14,515 65,320 10.064 14,943 2.977 1,121 1.023 1,366 697 438 662 Legal and professional Other 7,140 5.664 7,140 5.929 265 Audit fees Accountsncy 22.083 7,759 22.083 7,759 20,456 6,084 20.456 6,084 122,894 47,192 170,1)86 95,138 41,982 137,120 An31ysed between Charitable activities 122.894 47.192 170.086 95.138 41,982 137.120 Governance c05t5 include payments to the auditors of £22,08312023= £20,456) audit fee5, accountsnry fee5 include £7,759 12023.. £6.0841 in relation to other services provided by the auditors. Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the charity in the urrent or prior year. No tru5tee5 were reimbut5e(l any expenses during the current or prior year. -20-
PURSUING INDEPENDENT PATHS NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 io Employees Number of employees The average monthly number of employee5 during the year was= 2024 Number 2023 Number Supporting people with learning disabilities 32 29 Emplownent costs 2024 2023 Wa8e5 and Salaries Social security costs Other pension costs 763,592 62.606 19,391 668,169 41.750 15,854 845,589 725,773 Remuneration paid to key management personnel in the year totalled £241.73912023: £188.3321. The number of employees whose annual emoluments £60.C#J) or more were.. 2024 Number 2023 Number £70,000- £79.999 li Tangible fixèd assèts Leasehohl Impro¥ements Furniture and equlpment Total Cost At l April 2023 Additions 433,318 4.069 85,368 24.422 518,686 28.491 At 31 March 2024 437.387 109.790 547.177 Depreciation and impairn)ent At l April 2023 Depreciation charged in the year 105,721 104,411 38.090 30,113 143,811 134,524 At 31 March 2024 210,132 68,203 278,335 Carrying amount At 31 March 2024 227.255 41.587 268,842 At 31 March 2023 327.597 47.278 374,875 21
PURSUING INDEPENDENT PATHS NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Debtors 2024 2023 Amounts falling due wthin one year- Other debtors 193,052 59,522 84.671 47,011 Prepayments 252,574 131,682 Within Other Debtors are amounts due after more than one year of £60.SCKJ12023.' £78.3751. 13 Credltors: amounts falllnE due wlthln one yeay 2024 2023 Other creditors Accrua15 and deferred income 38,808 208,124 26.452 166,340 246,932 192,792 Deferred income relates to project grant income reiVed in advance. Deferred income at the start of the financial year amounted to £50.144. with £286.988 of deferred income being released in the current year. There was an additional deferral of £370,259 in the current year, leading to a year end balance of £133,415. -22-
PURSUING INDEPENDENT PATHS NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Provisions for liabilities 2024 2023 Warwick Court Property 205,049 202.474 Movements on provision5'. Warwlck Court Property At l April 2023 Additional provisions in the year 202.474 2,575 At 31 March 2024 205,049 The provision of £205.04912023: £202.4741 relating to the Warwick Court Property la lease no longer required), comprises the outstanding rentsl Costs, up to the end of the lease, and remedial works to the property to bling the building back in line with the commencement of the lease. 15 Retirement benefit xheme5 Defined contribution schemes The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held Separately from those of the charity in an independently administered fvnd. The charge to the profit or1055 in respect of defined contribution schemes was £19,39112023- £15,8541. -23-
rn u) o o o o o 0 Lrt Ln O¥ th x rrt th o Ln o O Ln ¢75 o v o o r4 o p4 O N Ln N Ln O O (T> Ln O O o O CO (*) o o o¥ O Lfi Cfl V ¢75 o ¢f> o o 0 0 05 0) o o o000)0 o Ln O 0 Lfi O (Ts 0 (f> O
PURSUING INDEPENDENT PATHS NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Designated funds The income funds of the charity include the following designated funds which have been set aside out of unrestrieted funds by the trustees for specific purposes- Balance at l April 2022 Resources Trnnsfers Balance at l April 2023 Resoue$ expended Transfers Balan at JI March 2024 Fixed asset fund Kensal Road Property 461,435 1125,8Tr)1 39,240 374,875 1134,5241 28,491 268,842 54,038 54,038 461,435 1125,8cKII 39,240 374,875 1134,5241 82,529 322,880 The charity made the decision in 2021-22 to create a designated fund which represents the net book value of fixed assets at the year end. The Kensal Road Property works of £54,038 is a new designated fund in the year, which provides for future estimated costs, repairs and maintenance towards the propertv. -26-
o o) o) 00 Ln o LLQ F u F fi
PURSUING INDEPENDENT PATHS NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Opèrating lèase commitments At the reporting end date the charity had outstsnding commitments for future minimum lease payments under non- cancellable operating leases. which fall due as follows-. 2024 2023 Within one year Between two and five years 164,003 150,000 164,670 306.670 314,003 471.340 20 Related party transactlons There were no related party transactions during the year12023'. nonel. 21 Cash generated from operatlons 2024 2023 Surplu5 for the year 72,253 12,583 Adjustments for.. Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets 18.2931 134,524 13,0771 125,800 Movements in working capital.. Ilncreasel in debtors Increaselldecreasel in credrtors Increase in provisions 1120.8921 54,140 2,575 118,0931 142,3221 1,156 Cash generated from operations 134,307 76,047 22 Analysis of changes in net funds The charity had no debt during the year. -28-