PART TWO LIFE PATH TRUST LIMITED

Transcription

1 PART TWO LIFE PATH TRUST LIMITED AUDITOR S REPORT AND FINANCIAL STATEMENTS 31 March 2012 CONTENTS Page 22 Statement of Trustees responsibilities 23 Independent auditor s report o Respective responsibilities of the trustees and auditors o Basis of audit opinion o Opinion 25 Consolidated Statement of financial activities 26 Balance sheet 27 Notes to the financial statements THIS IS THE SECOND PART OF THE REPORT. IF PART ONE OF THIS DOCUMENT CONTAINING THE REPORT OF THE BOARD OF THE TRUSTEES IS REQUIRED IT MAY BE OBTAINED BY CONTACTING THE CHARITY S REGISTERED OFFICE AT 511 WALSGRAVE ROAD, COVENTRY, CV2 4AG.

2 STATEMENT OF TRUSTEES RESPONSIBILITIES The Trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of its net incoming resources for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue to operate. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed They are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 22

3 INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF LIFE PATH TRUST LIMITED We have audited the financial statements of Life Path Trust Limited for the year ended 31 March 2012 which comprise Group Statement of Financial Activities, the Group and Company Balance Sheets, and the related notes numbered 1 to 20. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 and the charitable company s trustees as a body in accordance with section 154 of the Charities Act Our audit work has been undertaken so that we might state to the charitable company s members and trustees 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, the charitable company s members as a body and the charitable company s trustees as a body for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of trustees and auditor As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company 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. We have been appointed as auditor under section 151 of the Charities Act 2011 and under the Companies Act 2006 and report in accordance with regulations made under those Acts. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the trustees annual report to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

4 INDEPENDENT AUDITOR S REPORT TO THE MEMBERS OF LIFE PATH TRUST LIMITED In our opinion the financial statements: give a true and fair view of the state of the group s and the charitable company s affairs as at 31 March 2012 and of the group s 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 accordance with the requirements of the Companies Act 2006 and the Charities Act Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Trustees Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: the parent charitable company has not kept adequate accounting records; or the parent charitable company financial statements are not in agreement with the accounting records 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 statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees Annual Report. Alastair Lyon (Senior Statutory Auditor) For and on behalf of Crowe Clark Whitehill LLP Statutory Auditor Reading Date: Crowe Clark Whitehill LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act

5 LIFE PATH TRUST LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2012 Unrestricted funds Restricted funds Total funds Total funds Notes INCOMING RESOURCES INCOMING RESOURCES FROM GENERATED FUNDS Voluntary income: Donations and gifts 123, ,138 72,112 Activities for generating funds: Rental income 57,260-57,260 16,425 Investment income ,414 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Care and support 3 3,744,343 91,037 3,835,380 3,497,964 Supported employment income 4 459, , ,379 OTHER INCOMING RESOURCES Minibus income 13,265-13,265 25,223 Miscellaneous income 4,577-4, ,481 TOTAL INCOMING RESOURCES 4,402,758 91,037 4,493,795 4,142,998 RESOURCES EXPENDED COSTS OF GENERATING FUNDS Costs of generating voluntary income: Fundraising 1,201-1,201 1,625 CHARITABLE ACTIVITIES Care and support 3,556, ,722 3,656,850 3,409,773 Supported employment costs 4 768, , ,734 GOVERNANCE COSTS 21,808-21,808 19,180 TOTAL RESOURCES EXPENDED 5 4,348, ,722 4,448,739 4,075,312 NET INCOMING/(OUTGOING) RESOURCES Net movement in funds and net income and expenditure for the year 6 54,741 (9,685) 45,056 67,686 RECONCILIATION OF FUNDS Fund balances brought forward at 1 April ,343,311 30,195 2,373,506 2,305,820 FUND BALANCES CARRIED FORWARD At 31 March ,398,052 20,510 2,418,562 2,373,506 All gains and losses recognised in the year are included above. The notes on pages 27 to 39 form part of these financial statements 25

6 LIFE PATH TRUST LIMITED BALANCE SHEET COMPANY REGISTERED NUMBER: MARCH 2012 GROUP COMPANY Notes FIXED ASSETS Tangible fixed assets 9 2,281,063 1,901,808 2,206,950 1,863,859 Programme related investments 10 2,000 2, , ,742 2,283,063 1,903,808 2,396,533 1,982,601 CURRENT ASSETS Stocks 11 65,001 80, Debtors , , , ,219 Cash at bank and in hand 321, , , , ,901 1,168, ,794 1,032,309 CREDITORS: amounts falling due within one year 13 (498,660) ( ) (439,151) (440,345) NET CURRENT ASSETS 441, , , ,764 CREDITORS: amounts falling due after more than one year 14 (305,742) (201,059) (305,742) (201,059) NET ASSETS 18 2,418,562 2,373,506 2,444,434 2,373,506 CAPITAL AND RESERVES Unrestricted funds: General funds: Including a revaluation reserve of 455,853 (2011: 532,851) 2,219,376 2,152,855 2,245,248 2,152,855 Designated funds 178, , , ,456 Restricted funds 20,510 30,195 20,510 30, ,418,562 2,373,506 2,444,434 2,373,506 These financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities. The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 26 th July John Higgins Chair The notes on pages 27 to 39 form part of these financial statements 26

7 LIFE PATH TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH ACCOUNTING POLICIES The financial statements have been prepared under the historical cost convention with the exception of certain land and buildings which are included at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP), Accounting and Reporting by Charities published in 2005, The Financial Reporting Standard for Smaller Entities (effective April 2008) and the Companies Act 2006 and they comply with the requirements of the charity s Memorandum and Articles of Association. a) Basis of consolidation The Statement of Financial Activities and Group Balance Sheet consolidate the financial statements of the charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. No profit and loss account is presented for Life Path Trust Limited as permitted by Section 408 of the Companies Act The Trustees consider that there is a reasonable expectation that Life Path Trust Limited has adequate resources to continue in operational existence for the foreseeable future and for this reason, the Trustees continue to adopt the going concern basis in preparing the accounts. b) Fund accounting General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated fund comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of such designated funds is set out in the notes to the financial statements. Restricted funds are subject to restrictions on their expenditure imposed by the donor. c) Incoming resources All incoming resources are included in the statement of financial activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:- Voluntary income received by way of donations and gifts is included in the statement of financial activities when receivable. Legacies are recognised when the charity has notice of their existence and their value can be reliably measured, this is normally only once they have been received. Property bequeathed to the charity is recognised at probate value. Activities for generating funds include income from leases of properties to third parties (where the properties are occupied by beneficiaries) and investment income, both of which are recognised when receivable. Incoming resources from charitable activities include grants towards care and support of beneficiaries and supported employment income. Grants are recognised during the year to which they relate and supported employment income is accounted for when earned by the charity s subsidiary company. 27

8 d) Resources expended Expenditure is recognised on an accruals basis as liabilities are incurred. Irrecoverable VAT is reported as part of the expenditure to which it relates. The following specific policies are applied to particular categories of expenditure:- Costs of generating funds include costs associated with attracting voluntary income. Charitable expenditure includes those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Supported employment costs represent the cost of sales and administrative and other costs incurred by the charity s subsidiary company. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include audit fees and staff costs in connection with trustees meetings. Staff costs are allocated on the basis of estimated time spent. All other costs are directly allocated. e) Freehold and leasehold properties On adoption of FRS 15, the Group followed the transitional provisions to retain the book value of land and buildings which were re-valued in 2001, but not to adopt a policy of revaluation of these properties in the future. These values are retained subject to the requirement to test assets for impairment in accordance with FRS 11 and subject to annual depreciation charges. Property bequeathed to the charity since 2001 is included at probate value. Properties used by the subsidiary company are stated at depreciated historical cost. f) Depreciation Depreciation is provided on all tangible assets, excluding freehold land, at rates calculated to write each asset down to its estimated residual value evenly over its expected useful life, as follows:- Freehold buildings houses over 50 years Freehold buildings others over 8-25 years Leasehold property over period of lease Service furniture, fittings and equipment over 4-10 years Office fixtures, fittings and equipment over 5 years g) Impairment of redeveloped property All newly developed property whose independent valuation falls below carrying value plus redevelopment costs has additional depreciation charged to it in the financial year that the retention monies have been authorised and paid. h) Stocks Stocks are valued at the lower of cost and net realisable value. Costs of finished goods include a relevant proportion of overheads. Net realisable value is based upon estimated selling price less further costs expected to be incurred to disposal. Provision is made for obsolete and slow moving items. i) Retirement benefits The group operates a defined contribution scheme. The amount charged to the Statement of Financial Activities in respect of pension costs and other post retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. j) Operating leases Annual rentals are charged in the Statement of Financial Activities on a straight line basis over the lease term. 28

9 2. INVESTMENT INCOME Bank interest receivable 858 1, CARE AND SUPPORT Service income:- Social services 2,892,883 2,519,138 Supporting people 853, ,588 Health authority - 113,000 Respite care 88,647 89,238 3,835,380 3,497, SUPPORTED EMPLOYMENT Provision of goods and services through Newpath Ventures Limited & The Cookery Path Limited: Supported employment income 459, ,379 Cost of sales 180, ,411 Administrative and support costs 598, , , ,454 Less audit fees included in governance costs (10,300) (4,720) Supported employment cost 768, ,734 29

10 5. RESOURCES EXPENDED Care and support Supported employment Fund raising Governance Total 2012 Total 2011 Staff costs 2,974, , ,406,723 3,228,116 Service user costs - 27, ,453 28,924 Temporary staff 49,177 1, ,581 27,328 Coventry training consortium staff costs 67, ,136 70,312 Coventry training consortium - other 27, ,066 26,794 Training, travelling & recruitment 99, ,834 75,450 Cost of sales - 180, , ,411 Insurance 15,730 11, ,742 23,724 Sleep in room costs 1, ,392 4,194 Premises costs 142,827 56, , ,935 Transport 11,752 9, ,638 25,758 Repairs & maintenance 13,003 9, ,993 23,289 Telephone, postage & stationery 88,703 4, ,423 72,990 Depreciation 110,677 21, ,877 84,882 Legal & professional 31,106 3, ,070 39,869 Audit fees ,808 21,808 15,169 Other costs 23,317 9,666 1,201-34,184 42,167 3,656, ,880 1,201 21,808 4,448,739 4, Support costs and overheads have been allocated on the basis of time spent by staff. 30

11 6. NET INCOMING/(OUTGOING) RESOURCES Group Company This is stated after charging:- Auditors remuneration - audit 19,903 15,169 11,508 10,449 - other services 1, Hire of plant and machinery - operating leases 7,576 5,107 4,766 3, STAFF COSTS The average monthly number of employees during the period was as follows: Group Company Central support Care and support staff (including production and day care staff) Administration staff In addition the group gave supported employment and training to 36 people (2011: 34). The aggregate payroll costs of employed persons were as follows:- Group Company Wages and salaries 3,205,497 3,034,866 2,814,152 2,669,406 Social security 245, , , ,820 Pension costs 22,404 18,884 16,721 13,265 3,473,859 3,298,428 3,051,322 2,899,491 In addition to the above the cost of temporary staff during the year was 50,591 (2011: 27,328) There were no employees with total emoluments in excess of 60,000 (including other costs and benefits). The amount of remuneration earned by directors and trustees in the year was Nil (2011: Nil). Expenses reimbursed to the trustees amounted to 474 (2011: 875). travelling costs. These related to There was 1 (2011: 1) trustee who received reimbursements in the year. 31

12 7. STAFF COSTS (continued) Pension costs The group operates defined staff pension schemes. The assets of the scheme are held separately from those of the group in independently administered funds. The pension costs charge represents contributions payable by the group to the funds and amounted to 26,864 (2011: 18,884). Contributions totalling 4,460 (2011: Nil) were payable to the funds at the year end and are included in creditors. 8. TAXATION No liability to corporation tax arises on the results of the company or the group for the year (2011: Nil). 9. TANGIBLE FIXED ASSETS GROUP Land and buildings Assets in the course of construction Service, furniture, fittings & equipment Office fixtures, fittings & equipment Motor vehicles Total Cost or valuation At 1 April ,166, , , ,541 12,955 2,906,529 Additions 435,954-16,134 57,034 3, ,122 Disposals (1,794) - (1,794) Transfer 180,096 (180,096) At 31 March ,782, , , ,781 15,955 3,416,857 Depreciation At 1 April ,794-58, ,444 9,051 1,004,721 Charge for the 62,990-7,165 24,551 2,780 97,486 year Impairment 34,387 34,387 Disposals - - (800) - (800) At 31 March ,171-65, ,195 11,831 1,135,794 Net book value At 31 March 2012 At 31 March ,138, ,096 55,359 82,576 4,124 2,281,063 1,620, ,096 46,390 51,097 3,904 1,901,808 32

13 9. TANGIBLE FIXED ASSETS (CONTINUED) The net book value of land and buildings at 31 March 2012 comprised:- Group Company Freehold 2,019,488 2,019,488 Long leasehold 119, ,506 2,138,994 2,138,994 Historical cost convention Historical cost of revalued land and buildings 1,198,939 1,198,939 Depreciation based on historical cost (291,484) (291,484) Net historical cost 907, ,455 Certain of the properties were originally acquired at no cost to the charity. COMPANY Land and buildings Assets in the course of construction Service, furniture, fittings & equipment Office fixtures, fittings & equipment Total Cost or valuation At 1 April ,166, , , ,154 2,578,187 Additions 435,954-16,134 1, ,765 Disposals Transfer 180,096 (180,096) At 31 March ,782, , ,831 3,031,952 Depreciation At 1 April ,794-58, , ,328 Charge for the 62,990-7,165 6,132 76,287 year Impairment 34, ,387 Disposals ,171-65, , ,002 Net book value At 31 March ,138,994-55,359 12,597 2,206,950 At 31 March ,620, ,096 46,390 17,052 1,863,859 33

14 9. TANGIBLE FIXED ASSETS (CONTINUED) The freehold and leasehold properties of the group and company were valued as at 31 March 2001 by Messrs Shortland Horne at the lower of value in use basis or net realisable value. A property bequeathed to the charity and recognised as an addition in the year ended 31 March 2006, was valued at 20 December 2003, the date of death of the legacy, at 180,000 by Wigglesworth & Co, Chartered Surveyors. The properties at 503/507 Walsgrave Road, acquired on 23 March 1998 and valued at 100,000 are currently surplus to the immediate requirements of the charity and have consequently been let to third parties on a short-term basis to maximise the return on the charity s assets. As the properties are not held for investment purposes they are not regarded as investment properties. 10. PROGRAMME RELATED INVESTMENTS Group Company Shares in The Cookery Path Limited Loan to The Cookery Path Limited Shares in Newpath Ventures Limited at cost Loan to Newpath Ventures Limited ,836 1, ,746-1, ,742 Here to Help Consortium 2,000 2,000 2,000 2,000 2,000 2, , ,742 Newpath Ventures Limited is a wholly owned subsidiary company incorporated in England. The market value of the shares is equivalent to cost. During the year the company made a grant of 311,675 (2011: 267,396) to Newpath Ventures Limited. The loan to Newpath Ventures Limited is unsecured and interest free. The company is engaged in prime purpose trading on behalf of the charity. In addition the company has made a loan to Cookery Path Limited of 77,836 (2011: Nil). 11. STOCKS GROUP Stocks held by the trading subsidiary 65,001 80,925 34

15 12. DEBTORS Group Company Trade debtors 399, , , ,848 Due from subsidiary Other debtors 7,345 1,760-1,760 Prepayments 146, , , , , , , , CREDITORS Amounts falling due within one year Group Company Other loans 4,000 4,000 4,000 4,000 Bank loans 41,126 15,000 41,126 15,000 Trade creditors 68,019 81,344 43,803 44,682 Other taxation and social security 60,374 67,667 50,529 55,106 Other creditors 51,566 40,580 26,118 38,568 Accruals 273, , , , , , , ,345 The bank loans are secured against the properties to which they relate, Middleborough Road, Coventry and 37 Shuttle Street, Coventry. 14. CREDITORS Amounts falling due after more than one year Group Company Bank loans 232, , , ,059 Other loans 73,000 81,000 73,000 81, , , , ,059 The loans are analysed as follows: Within one year 45,126 Between two and five years 234,500 After five years 71, ,868

16 15. SUBSIDIARY COMPANIES The charity has two wholly owned trading subsidiaries which is incorporated in the UK. Newpath Ventures Limited operates tea rooms, outside catering and function facilities, a packing department and a horticultural nursery, which provide employment for people with learning difficulties. The Cookery Path Limited operates 2 cafes in the War Memorial Park in Coventry and offer people with a learning disability the opportunity to experience being part of a business environment providing a catering service. All activities have been consolidated on a line by line basis in the SOFA. Audited financial statements are filed with the Registrar of Companies. A summary of the results of the subsidiary is shown below:- NEWPATH VENTURES LIMITED Turnover 344, ,379 Cost of sales (145,464) (115,411) Gross profit 199, ,968 Administrative expenses (519,634) (560,426) Operating loss (320,374) (270,458) Grant from parent company 320, ,446 Interest receivable Interest payable - - Profit on ordinary activities before taxation - - Tax on profit on ordinary activities - - Profit on ordinary activities after taxation - - The aggregate of the assets, liabilities and funds was:- Assets 150, ,697 Liabilities (149,068) (172,697) Funds (representing 1,000 ordinary shares of 1 each) 1,000 1,000 36

17 THE COOKERY PATH LIMITED 2012 Turnover 114,593 Cost of sales (35,449) Gross profit 79,144 Administrative expenses (105,016) Operating loss (25,872) Interest receivable - Interest payable - Loss on ordinary activities before taxation (25,872) Tax on loss on ordinary activities - Loss on ordinary activities after taxation (25,872) The aggregate of the assets, liabilities and funds was:- Assets 71,152 Liabilities (97,024) Funds (representing 1,000 ordinary shares of 1 each) (25,872) 16. CAPITAL AND RESERVES The charity is a company limited by guarantee. In the event of it being wound up the liability in respect of the guarantee is limited to 1 per member of the company. 37

18 17. FUNDS Unrestricted Restricted General Designated Coventry Training Consortium Southern Hemisphere Garden Leeming Close Total Balance at 1 April ,152, ,456 22,095 8,100-2,373,506 Incoming resources 4,402,758-89,137-1,900 4,493,795 Outgoing resources (4,336,237) (11,780) (94,203) (6,519) - (4,448,739) Balance at 31 March ,219, ,676 17,029 1,581 1,900 2,418,562 Designated Funds The trustees have set aside designated funds for the repair and maintenance of managed properties and refurbishment of owned properties. Restricted Funds Coventry Training Consortium The Coventry Training Consortium fund represents monies held by Life Path Trust for training activities to be carried out by Coventry Training Consortium. Life Path Trust is a member of the Consortium which trains staff in the Learning Disability Sector. The funds were acquired by grants from the LSC and other funding bodies. Southern Hemisphere Garden The Southern Hemisphere Garden Fund represents monies donated to cover the costs of a consultant s feasibility report for a garden at the Kings Hill Nursery site. 18. ANALYSIS OF ASSETS BETWEEN FUNDS Fixed assets Net current assets/ (liabilities) Long-term liabilities Total Unrestricted general funds 2,283, ,055 (305,742) 2,219,376 Designated funds - 178, ,676 Restricted funds - 20,510-20,510 2,283, ,241 (305,742) 2,418,562 38

19 19. CAPITAL COMMITMENTS At 31 March 2012 there were capital commitments of Nil ( ,536) contracted for, but not yet provided. 20. RELATED PARTIES Mr M Galli, son of Mr H Galli (trustee), is a director of HTA Systems Limited which made sales to the charity of Nil (2011: 294) and purchased services from the charity amounting to Nil (2011: 3,009). At the year-end Nil (2011: 2,659) was owed to the charity by HTA Systems Limited. Michael Everard Walsingham Barnes was employed by West Midlands Special Needs Trans[port Limited, during the year Life Path Trust Limited purchased services totalling 2,340 (2011: Nil) from the company. At the year-end Nil (2011: Nil) was still owed to West Midlands Special Needs Trans[port Limited. Gary Bye served as a director of the Association for Real Change Limited, during the year Life Path Trust Limited purchased services totalling 6,113 (2011: Nil) from the company and 404 (2011: Nil) was still owed to the Association for Real Change Limited. 39

20 Get in touch with us: 511 Tel: Fax: Walsgrave Road Coventry CV2 4AG