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← Pursuing Independent Paths

2025-03-31-accounts

Charity Registration No. 1088592

Company Registration No. 04107226 (England and Wales)

PURSUING INDEPENDENT PATHS

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

PURSUING INDEPENDENT PATHS

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees P Brown T Cash J Chowdhury (Appointed 8 July 2024) T Ekendu M Gold (Appointed 4 September 2024) T Lang J Wilcox L Williams Charity number 1088592 Company number 04107226 Registered office 306 Kensal Road London W10 5BE United Kingdom Auditor HW Fisher Audit Acre House 11-15 William Road London NW1 3ER United Kingdom Bankers Unity Trust Bank Four Brindleyplace Birmingham B1 2JB

PURSUING INDEPENDENT PATHS

CONTENTS

Page
Trustees' report 1 - 6
Statement of trustees' responsibilities 7
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 DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual trustees’ report together with the financial statements of the charity for the year ending 31 March 2025. 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 Act 2006, the Memorandum and Articles of Association 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 (FRS 102) (effective 1 January 2019).

Objectives and activities

PiP’s charitable objects are to promote any charitable purpose for the benefit of the public in the UK which will assist adults (aged over 18) living in Greater London who have learning disabilities and/or mental health problems, by the advancement of education and the protection of health.

Our vision is ‘that all adults with 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 towards the life goals they have set, choosing 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 and 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 informal timetable with more focus on special events and trips.

PiP’s 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 multiple 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.

Achievements and performance

Our work in our centre continues to be recognised by families & commissioners as best-in-class with 90 adults now on our student roll and many more wishing to join. We continue to optimise our centre utilisation and create new community partnerships that allow us to offer more student spaces and a broader curriculum offer.

PiP’s provision from our centre is done via our four pathways each overseen by one of our pathway co-ordinators. These pathways allow us to have dedicated resource for sessions, grow specialisms in our staff team, and increase opportunities for collaboration. Each of our pathways had wonderful years full of new work, improved offers, and special moments:

Creative & Performing Arts – Our first Summer Showcase in five years was a natural highlight with dozens of students performing and nearly 200 people in the audience. On screen in April, seven of our students featured in BBC’s The Assembly, interviewing Michael Sheen, with the show so successful ITV commissioned it for a series which filmed in winter 24-25 and was Broadcast in April-May 2025. Within our centre our curriculum offer continued to improve with new sessions on Fashion and a partnership with a Nordoff Robbins trained Music Therapist for students.

PURSUING INDEPENDENT PATHS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Health & Wellbeing – this pathway has seen significant investment in community spaces and accessible equipment to enable more of our students to access sessions and be challenged. Our new Keep Fit session at St. Jude’s Community Hall is a wonderful example of our work to continually improve our offer. This was complimented by bigger community events including our annual football tournament and our first Sports Day since pre-Covid-19. This work to broaden and deepen our provision received deserved recognition by colleagues in the Public Health team for Westminster, with them nominating us for the North West London Health Equity Awards. That our work is seen as best practice across over a quarter of London is great praise.

Independent Living Skills – continuing the work on new sessions, sessions in the community, and partnership working this pathway has gone from strength-to-strength this year. Taking our Friday Cooking sessions, which through a lack of space at our centre have always been constrained, to Dalgarno Community Centre which has a full catering-grade kitchen allowing our students to learn more skills and improve their confidence. In our centre, we have new sessions including Bike Repair and a focused Travel Training session.

Employment – a year of continued growth with new staff with our first ever focused 1:1 job coach joining our team and a new partnership with Battersea Power Station creating multiple work experience and paid roles for students across security, customer service, and facilities. Other significant achievements include securing a runner role on ITV’s The Assembly and our annual Careers Week which saw multiple workshops and employers visits including Heathrow Express.

Outside of our centre our community projects and partnerships really went from strength to strength:

Gig Buddies - our project that pairs adults with learning disabilities with volunteers with shared interests to address social isolation celebrated its 1st anniversary in 24-25 following its public launch in Autumn 2023. We now have over 20 volunteer pairings with a further 15+ attendees to Gig Buddies socials.

Arts Sector Employment Scheme – our partnership with John Lyon’s Charity which aims to create 12 year-long paid internships in arts organisations across nine boroughs of London had its the first cohort start with paid internships at the Lyric Theatre & ArtsDepot beginning in March 2025.

Enterprise training schemes – a busy year for our catering training scheme with Fruitful in residency at the Queen Mother Sports Centre in Victoria & Paddington Central while Seedlings, our community garden training scheme had its first full year of operation, improving significant stretches of the canal and benefiting from over 100 community volunteers.

Knowledge Transfer Partnership – this is our partnership with the University of Essex and Innovate UK which aims to answer the ‘social value’ of PiP and similar services for adults with learning disabilities. Our project is circa 50% complete with multiple workshops and engagements with Learning Disability charities, local authorities, families, and our students. We’re proud that this project is working to ensure full participation of as many students as possible including using PhotoVoice and in 25-26 Peer Researchers.

Volunteering Partnerships – PiP is grateful to City University and Action Reconciliation Service for Peace for their providing of volunteers for our services and wish to express our gratitude to Anna-Marie, Florian, and Veronika for giving so much of their time to support our work.

The common thread in all of the above is impact. Our aim is to support our beneficiaries to be more independent and across our work that goal and our success towards it is evident.

In London 5.2% of adults with learning disabilities are in paid work, at PiP that figure is over 33%

Our Gig Buddies project, which aims to address social isolation and create independence, has created circa 300 unique experiences where adults with learning disabilities can experience their community without carers.

PiP’s Student Council is now a forum where our attendees can not only express their views but hold staff and trustees accountable for our work for them.

When social isolation is one of the prevailing challenges for adults with learning disabilities, 25% of our provision is in our community and over 95% is in group settings.

PURSUING INDEPENDENT PATHS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

We delivered over 70 unique sessions per week in 2024-25, with over 100 trips & external activities over the year.

We must do more to improve how we measure and communicate this impact, our knowledge transfer partnership with the University of Essex is the best example of our recognition of this and work to address it. In the interim though our work has been recognised by funders, local authorities, NHS bodies, parents/carers, partner charities, local employers, and by researchers as outstanding. The greatest praise though is students wish to come back everyday. That we are a safe space and trusted friend during their hardest moments and that we have contributed to many of their best moments.

Fundraising

2024-25 saw the continued implementation of our fundraising strategy started in 2023-24. This has shown fundraising growth of 21% plus securing of significant in-kind resource, particularly for Knowledge Transfer Partnership with the University of Essex. For 25-26 PiP is confident this income will be maintained allowing us to continue to invest in our existing service and new projects e.g. our Craftwork student training enterprise.

PiP would like to register its thanks to Bowmark Capital, K&C Foundation, St James’s Place 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 24-25 this was our Head of Development & Engagement and a Senior Fundraising & Communications Lead, from September.

As part of our fundraising work, we voluntarily subscribe to the Fundraising Regulator and all our activities are regulated by the Charity Commission.

In 2024-25 PiP received no complaints related to its fundraising activities. The CEO provides 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 21% to £1,791,154 (2023-24: £1,486,081). 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 £1,349,133, an increase of 19% from last year (2023-24: £1,137,465). This is primarily student income from local authorities who have continued to support PiP enabling us to offer more sessions to more students throughout the year. There was an additional increase in voluntary income, generated by donations and fundraising which increased by 22% to £413,625 (2023-24: £340,323) following the recruitment of the Head of Fundraising towards the tail end of the previous financial year therefore being in post for the full financial year.

Total expenditure has increased by 27% to £1,800,647 (2023-24: £1,413,828) due to increased staffing costs related to increased provision alongside greater revenue expenses related to the new centre and residual previous expenses.

The deficit for the year of £9,493 (2023-24: surplus of £72,253) is largely due to the recognition of a dilapidations provision for our current premises. The aim is to create a fund to reinstate the building to its original condition were we to exit the lease. The costs continue to be well controlled in line with prior years.

As of 31 March 2025, PiP held general unrestricted reserves of £750,642 (2023-24: £611,407) and unrestricted designated fixed assets reserves of £175,862 (2023-24: £322,880). At that date PiP held £129,966 (2023-24: £131,676) in restricted reserves. The general reserves requirement is detailed in the reserves section below.

Structure, governance and management

Governing document

Pursuing Independent Paths (PiP) is a charitable company limited by guarantee 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 Project). It changed its name on incorporation to indicate its activities were no longer solely based in Paddington.

PURSUING INDEPENDENT PATHS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

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 - Resigned 24 June 2025 Patrick Brown Katherine Clarke – Resigned 25 March 2025 Terri Cash Jannatul Chowdhury – Appointed 8 July 2024 Theresa Ekendu Micah Gold (Chair) - Appointed 17 September 2024 Tilly Lang John Leach - Resigned 10 December 2024 Daniel Wakerley - Resigned 10 December 2024 Judith Wilcox Leanne Williams 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.

The Board normally meets four to five times a year and trustees are responsible for setting and monitoring the strategic direction, managing and supporting 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.

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 PiP’s recent financial performance. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

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, running and operating 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.

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:

PURSUING INDEPENDENT PATHS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Key risks and uncertainties

PIP has a detailed risk register which is updated and reviewed by the Board semi-annually (or more frequently if appropriate). 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 2025 the main risks identified by our board are below with our primary mitigation:

Plans for future periods

Our in-house training enterprises will reach the end of their initial development cycle in April with the launch of our third scheme, Craftwork, focused on woodworking and crafting. This will mean each week will have 12 students in part-time work within our Fruitful, Seedlings, and Craftwork training schemes equivalent to around 13-14% of our students.

Our summer showcase will return to the Tabernacle theatre. Around 75% of our students will feature across live performances, displays of work, or in support roles on the day.

In Autumn 2025 we expect our research partnership with the University of Essex & Innovate UK to produce PiP’s new impact toolkit, a bespoke impact measurement system that values student voice as paramount to our assessment of the difference we make. Over 6 months from Autumn 2025 – Spring 2026 this system will be refined and shared with our sector to help support best practice.

In October 2025 the third cohort of arts sector internship partnership with John Lyon’s will begin. In 2024-25 we supported the Lyric Theatre and ArtsDepot charities to hire an intern with SEND into their organisation and provided job coaching to the intern across their first few months.

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 maximising the funding available for those activities.

The trustees have agreed the policy that general reserves should comprise two elements:

The general reserves requirement for the current year is therefore £718,384 in total (2023-24: £507,278). General unrestricted reserves levels (excluding designated funds) are £750,642 (2023-24: £611,407). This indicates a surplus of £32,258 (2023-24: £104,131) which is not excessive and can be tolerated whilst providing room for rebuilding as has been done in the past.

PURSUING INDEPENDENT PATHS

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Disclosure of information to auditor

Each trustee has confirmed that in so far as they are aware at the time of approving our trustees’ annual report:

The trustees' report was approved by the Board of Trustees.

Micah Gold ..............................

..............................

M Gold

Trustee 11 Nov 2025 Dated: .........................

PURSUING INDEPENDENT PATHS

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

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 statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for 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 (the ‘charity’) for the year ended 31 March 2025 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 Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted 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 charity 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 opinion.

Conclusions relating to going concern

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.

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’s ability to continue as 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 trustees are responsible for the other information contained 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 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 statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies 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 misstatement 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 Act 2006

In our opinion, based on the work undertaken in the course of our audit:

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 directors' 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:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors 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 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 charity’s ability to continue as a going concern, disclosing, 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.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

PURSUING INDEPENDENT PATHS

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF PURSUING INDEPENDENT PATHS

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

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. The primary responsibility for the prevention and detection of irregularities and fraud rests with the trustees of the charity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor's report.

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, for our audit work, for this report, or for the opinions we have formed.

Darshna Choudhury

Darshna Choudhury (Senior Statutory Auditor) for and on behalf of HW Fisher Audit

Chartered Accountants Statutory Auditor Acre House 11-15 William Road London NW1 3ER United Kingdom 11 Nov 2025 .........................

PURSUING INDEPENDENT PATHS

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Current financial year
Unrestricted
Unrestricted
funds
funds
general
designated
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
134,215
-
Income from charitable activities
4
1,349,133
-
Investments
5
28,396
-
Total income
1,511,744
-
Expenditure on:
Raising funds
6
107,859
-
Charitable activities
7
1,278,221
133,447
Total resources expended
1,386,080
133,447
Net incoming/(outgoing) resources before
transfers
125,664
(133,447)
Gross transfers between funds
13,571
(13,571)
Net income/(expenditure) for the year/
Net movement in funds
139,235
(147,018)
Fund balances at 1 April 2024
611,407
322,880
Fund balances at 31 March 2025
750,642
175,862		 Restricted
funds
2025
£
279,410
-
-
279,410
-
281,120
281,120
(1,710)
-
(1,710)
131,676
129,966		 Total
2025
£
413,625
1,349,133
28,396
1,791,154
107,859
1,692,788
1,800,647
(9,493)
-
(9,493)
1,065,963
1,056,470		 Total
2024
£
340,323
1,137,465
8,293
1,486,081
98,495
1,315,333
1,413,828
72,253
-
72,253
993,710
1,065,963

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 2006.

PURSUING INDEPENDENT PATHS

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year
Unrestricted
Unrestricted
funds
funds
general
designated
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
137,225
-
Income from charitable activities
4
1,137,465
-
Investments
5
8,293
-
Total income
1,282,983
-
Expenditure on:
Raising funds
6
98,495
-
Charitable activities
7
972,934
134,524
Total resources expended
1,071,429
134,524
Net incoming/(outgoing) resources before transfers
211,554
(134,524)
Gross transfers between funds
(82,529)
82,529
Net income/(expenditure) for the year/
Net movement in funds
129,025
(51,995)
Fund balances at 1 April 2023
482,382
374,875
Fund balances at 31 March 2024
611,407
322,880		 Restricted
funds
2024
£
203,098
-
-
203,098
-
207,875
207,875
(4,777)
-
(4,777)
136,453
131,676		 Total
2024
£
340,323
1,137,465
8,293
1,486,081
98,495
1,315,333
1,413,828
72,253
-
72,253
993,710
1,065,963

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 2006.

PURSUING INDEPENDENT PATHS

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
13
Net current assets
Total assets less current liabilities
Provisions for liabilities
14
Net assets
Income funds
Restricted funds
16
Unrestricted funds - designated
17
Unrestricted funds - general		 2025
£
256,656
1,075,541
1,332,197
(295,321)		 £
163,594
1,036,876
1,200,470
(144,000)
1,056,470
129,966
175,862
750,642
1,056,470		 2024
£
252,574
996,528
1,249,102
(246,932)		 £
268,842
1,002,170
1,271,012
(205,049)
1,065,963
131,676
322,880
611,407
1,065,963

11 Nov 2025

The financial statements were approved by the Trustees on .........................

Micah Gold .............................. M Gold Trustee

Company Registration No. 04107226

PURSUING INDEPENDENT PATHS

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

Notes
Cash flows from operating activities
Cash generated from operations
21
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from/(used in) investing
activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2025
£
(28,199)
28,396		 £
78,816
197
-
79,013
996,528
1,075,541		 2024
£
(28,491)
8,293		 £
134,307
(20,198)
-
114,109
882,419
996,528

PURSUING INDEPENDENT PATHS

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

1 Accounting policies

Charity information

Pursuing Independent Paths is a private company limited by guarantee incorporated in England and Wales. The registered office is 306 Kensal Road, London, W10 5BE, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 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 (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared 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 expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their 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 statements.

Designated funds are subject to specific conditions for use, as set by the trustees.

1.4 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.

Local authority personal budgets relates to student income. The main bulk of the 'Student Income' relates to the personal budgets received for the adults that PIP support, with invoices being sent to the boroughs for payment. Student income is recognised on an accrual basis, meaning revenue is recorded when earned, not when received.

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 Resources expended

Liabilities are recognised as expenditure once there is a legal or constructive obligation committing the charity to that expenditure, it is 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 charitable 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 Disabilities".

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements Straight line over remaining period of the lease Furniture and equipment Straight line over 3 years

Expenditure for furniture and equipment which exceeds £500 is capitalised.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.8 Provisions

Provisions, being liabilities of uncertain timing and amount, are recognised when the charity 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.

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services 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

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Dilapidation Provision

The charity recognises provisions for estimated costs of restoring leased properties to their original condition at the end of the lease term. These estimates require judgement and are based on the condition of the properties, expected works, and current cost information.

At 31 March 2025, the dilapidation provision for the existing leases was revised from £205,049 to £144,000, following an updated assessment by a third party contractor.

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
general general
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Donations and gifts 134,215 279,410 413,625 137,225 203,098 340,323

4 Income from charitable activities

Supporting Supporting
Adults with Adults with
learning learning
disabilities disabilities
2025 2024
£ £
Special projects - 9,960
Local authority personal budgets 1,349,133 1,127,505
1,349,133 1,137,465

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

5 Investments

Unrestricted Unrestricted
funds funds
general general
2025 2024
£ £
Interest receivable 28,396 8,293

6 Raising funds

Raising funds
Unrestricted Unrestricted
funds funds
general general
2025 2024
£ £
Costs of generating voluntary income
Other fundraising costs 9,877 22,392
Staff costs 97,982 76,103
Costs of generating voluntary income 107,859 98,495

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

7 Charitable activities

Staff costs
Depreciation and impairment
Rent, utilities & rates
Recruitment & Training
Activities & Events
Service Development Staffing
Travel
Repairs & renewals
Cleaning
Mobile & Telephone
Computer Expenses
Office Equipment
Insurance
Books, stationery & postage
Sundry Expenses
Share of support costs (see
note 8)
Share of governance costs (see
note 8)
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds		 Ongoing
services
Service
development
2025
2025
£
£
783,853
108,869
117,433
5,338
103,402
4,700
14,210
1,974
120,135
-
-
25,725
28,429
1,182
65,725
54,184
18,305
832
17,528
797
22,158
1,007
5,457
248
9,818
446
2,906
132
5,670
256
1,315,029
205,690
117,797
-
54,272
-
1,487,098
205,690
1,077,869
200,352
128,109
5,338
281,120
-
1,487,098
205,690		 Total
2025
£
892,722
122,771
108,102
16,184
120,135
25,725
29,611
119,909
19,137
18,325
23,165
5,705
10,264
3,038
5,926
1,520,719
117,797
54,272
1,692,788
1,278,221
133,447
281,120
1,692,788		 Ongoing
services
Service
development
2024
2024
£
£
608,825
84,559
118,381
5,381
100,115
4,551
15,744
2,651
57,315
-
-
23,141
14,558
571
25,638
8,399
17,673
803
13,834
629
14,858
675
-
-
10,207
-
11,890
-
4,638
211
1,013,676
131,571
122,894
-
47,192
-
1,183,762
131,571
851,521
121,413
129,143
5,381
203,098
4,777
1,183,762
131,571		 Total
2024
£
693,384
123,762
104,666
18,395
57,315
23,141
15,129
34,037
18,476
14,463
15,533
-
10,207
11,890
4,849
1,145,247
122,894
47,192
1,315,333
972,934
134,524
207,875
1,315,333

Included within Rent, utilities and rates are lease payments totalling £111,000 (2024: £104,678), split as £102,120 (2024: £96,304) within charitable activities (above) and £8,880 (2024: £8,374) within support costs (per Note 8).

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

8
Support costs
Support costs
Governance
costs
£
£
Staff costs
76,207
21,774
Depreciation
10,676
-
Rent, utilities & rates
9,400
-
Recruitment & training
1,381
395
Travel
2,364
-
Repairs & renewals
5,975
-
Centre expenses
1,664
-
Insurance
893
-
Legal and professional
4,354
-
Other
4,883
-
Audit fees
-
23,756
Accountancy
-
8,347
117,797
54,272
Analysed between
Charitable activities
117,797
54,272		 2025
Support costs
Governance
costs
£
£
£
97,981
59,190
16,912
10,676
10,762
-
9,400
9,315
-
1,776
1,531
438
2,364
1,142
-
5,975
8,594
-
1,664
1,607
-
893
1,258
-
4,354
27,278
-
4,883
2,217
-
23,756
-
22,083
8,347
-
7,759
172,069
122,894
47,192
172,069
122,894
47,192		 2024
£
76,102
10,762
9,315
1,969
1,142
8,594
1,607
1,258
27,278
2,217
22,083
7,759
170,086
170,086

Governance costs include payments to the auditors of £23,756 (2024: £22,083) audit fees, accountancy fees include £8,347 (2024: £7,759) in relation to other services provided by the auditors.

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity in the current or prior year. No trustees were reimbursed any expenses during the current or prior year.

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

10 Employees

Number of employees

The average monthly number of employees during the year was:

Supporting people with learning disabilities
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
37
2025
£
972,520
89,033
27,132
1,088,685		 2024
Number
32
2024
£
763,592
62,606
19,391
845,589

Remuneration paid to key management personnel in the year totalled £292,997 (2024: £241,739).

The number of employees whose annual emoluments £60,000 or more were:

2025 2024
Number Number
£60,000 - £69,999 - 1
£70,000 - £79,999 1 -
£80,000 - £89,999 1 1

11 Tangible fixed assets

Tangible fixed assets
Leasehold
improvements
Furniture and
equipment
£
£
Cost
At 1 April 2024
437,387
109,790
Additions
23,639
4,560
At 31 March 2025
461,026
114,350
Depreciation and impairment
At 1 April 2024
210,132
68,203
Depreciation charged in the year
106,490
26,957
At 31 March 2025
316,622
95,160
Carrying amount
At 31 March 2025
144,404
19,190
At 31 March 2024
227,255
41,587		 Total
£
547,177
28,199
575,376
278,335
133,447
411,782
163,594
268,842

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

12 Debtors

Debtors
Amounts falling due within one year:
Other debtors
Prepayments		 2025
£
193,911
62,745
256,656		 2024
£
193,052
59,522
252,574

Within Other Debtors are amounts due after more than one year of £60,500 (2024: £60,500).

13 Creditors: amounts falling due within one year

Other taxation and social security
Other creditors
Accruals and deferred income		 2025
£
23,089
35,408
236,824
295,321		 2024
£
-
38,808
208,124
246,932

Deferred income relates to project grant income received in advance.

Deferred income at the start of the financial year amounted to £133,415 with £133,415 of deferred income being released in the current year. There was an additional deferral of £170,295 in the current year, leading to a year end balance of £170,295.

14
Provisions for liabilities
Leased properties
Movements on provisions:
At 1 April 2024 and 31 March 2025
Additional provisions in the year
Reversal of provision
At 31 March 2025		 2025
2024
£
£
144,000
205,049
Leased properties
£
205,049
144,000
(205,049)
144,000		 2024
£
205,049
144,000

The provision of £144,000 (2024: £205,049) comprises the outstanding building works and other costs to bring the buildings back in line with the commencement of the lease.

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

15 Retirement benefit schemes

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 fund.

The charge to the profit or loss in respect of defined contribution schemes was £27,132 (2024 - £19,391).

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

16 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2023 resources expended 1 April 2024 resources expended 31 March 2025
£ £ £ £ £ £ £
John Lyons - 5,000 (5,000) - 46,331 (46,331) -
Beanstalk (W10 programme) 136,453 - (4,777) 131,676 - (1,710) 129,966
BLF - 51,316 (51,316) - 12,500 (12,500) -
City Bridge Trust - 36,093 (36,093) - 42,924 (42,924) -
Kensington and Chelsea Foundation - 36,219 (36,219) - 37,626 (37,626) -
Westminster Amalgamated Charity - 5,000 (5,000) - - - -
Kusuma Trust UK - 32,745 (32,745) - 32,745 (32,745) -
Westminster City Council - 19,500 (19,500) - 12,000 (12,000) -
Paddington Central - 5,700 (5,700) - 12,066 (12,066) -
Bowmark Capital - - - - 30,000 (30,000) -
The Baily Thomas Charitable Fund - - - - 10,000 (10,000) -
Sports England - - - - 8,294 (8,294) -
Westminster Health - - - - 30,000 (30,000) -
Other - 11,525 (11,525) - 4,924 (4,924) -
136,453 203,098 (207,875) 131,676 279,410 (281,120) 129,966

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

16 Restricted funds

(Continued)

John Lyons charity - A grant towards training and employability services and leisure programme.

Beanstalk W10 (expansion programme) - This is an initiative designed to broaden the range of services and number of students reached by PIP.

BLF - A grant towards core project running costs and essential activities that all relate to Project Beanstalk

City Bridge Trust - A grant towards Advocacy sessions.

Kensington and Chelsea Foundation - A grant towards training and employability services.

Westminster City Council - A grant towards Gig Buddies.

Westminster Amalgamated Charity - A grant towards Dance sessions including BLNK Dance facilitators.

Kusuma Trust UK - A grant towards Gig Buddies.

Paddington Central - A grant towards training and employability services.

The Baily Thomas Charitable Foundation - This vocational learning project will provide direct skills and hands-on experience for adults with Learning Disabilities around gardening and horticulture.

Bowmark Capital - A grant to support the enterprise pathways and employment support programme.

Sports England - A grant to support people to take part in sport and other physical activity.

Westminster Health - A grant towards health & wellbeing.

Other - Any grants less than £5,000.

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

17 Unrestricted funds - designated

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 April 2023
Resources
expended
£
£
Fixed asset fund
374,875
(134,524)
Kensal Road
Property
-
-
374,875
(134,524)		 Transfers
Balance at
1 April 2024
Resources
expended
£
£
£
28,491
268,842
(133,447)
54,038
54,038
-
82,529
322,880
(133,447)		 Transfers
Balance at
31 March 2025
£
£
28,199
163,594
(41,770)
12,268
(13,571)
175,862		 Transfers
Balance at
31 March 2025
£
£
28,199
163,594
(41,770)
12,268
(13,571)
175,862
175,862

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 £12,268 (2024: £54,038) which provides for future estimated costs, relates to repairs and maintenance towards the property.

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

18 Analysis of net assets between funds

Unrestricted
funds
Designated
funds
2025
2025
£
£
Fund balances at 31 March 2025 are represented by:
Tangible assets
-
163,594
Current assets/(liabilities)
894,642
12,268
Long term liabilities
-
-
Provisions
(144,000)
-
750,642
175,862		 Restricted
funds
2025
£
-
129,966
-
-
129,966		 Total
Unrestricted
funds
Designated
funds
2025
2024
2024
£
£
£
163,594
-
268,842
1,036,876
870,494
-
-
(54,038)
54,038
(144,000)
(205,049)
-
1,056,470
611,407
322,880		 Restricted
funds
2024
£
-
131,676
-
-
131,676		 Total
2024
£
268,842
1,002,170
-
(205,049)
1,065,963

PURSUING INDEPENDENT PATHS

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

19 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under noncancellable operating leases, which fall due as follows:

Within one year
Between two and five years		 2025
£
121,176
32,877
154,053		 2024
£
164,003
150,000
314,003

20 Related party transactions

There were no related party transactions during the year (2024: none).

21 Cash generated from operations

Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
Increase in creditors
(Decrease)/increase in provisions
Cash generated from operations		 2025
2024
£
£
(9,493)
72,253
(28,396)
(8,293)
133,447
134,524
(4,082)
(120,892)
48,389
54,140
(61,049)
2,575
78,816
134,307		 2025
2024
£
£
(9,493)
72,253
(28,396)
(8,293)
133,447
134,524
(4,082)
(120,892)
48,389
54,140
(61,049)
2,575
78,816
134,307
134,307

22 Analysis of changes in net funds

The charity had no debt during the year.