Company registr81ion number.. 04478819 Charity regIStraOn number. 1097772 P.A.T.H (PLYMOUTH ACCESS TO HOUSING) LIMITED (A company Ilmited by gu8rants81 Annual Raport and Flnanclal Stalemonts for tho Year Endad 31 March 2025 WESTCOTTS HARfi410 ACCOUNT•L14T Ib iu*itl•ll ADVIAIAS
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Contsnts Reference aThl Admlnl$tratlvo Dataiis 1to2 TruslgeB' annual report (inwporaung the dlre¢tofs report) 17 Independent Audllorfs Report post June 2016 18to21 statement of Flnandal AdlvlU96 Balance Sh•el 23 st&tsment of CABh FIOWB 24 Note8 lo the Flnancial Statemonts 25to39
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Reference and Admlnlstratlve Details charity R•gIStraOn Numb•r 1097772 Company R•gl8trallon Number 04478819 RègS$tered 0ffl¢o The Harwell Centre 2842 Harwell Court. Westem Approach PlnOth Devon PL1 1PY Mr D Mlllar Mr S J Brown IApFK>lnted 27 June 20241 Mr K A Chapman MT C M Coldrick MISS J Beor Mr C Mcclgllan Pagg 1
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMrrED R•feronce and Admlnlstratlve Detalls We8tC4)tt8 (SW) LLP PW Hou66 3 Longbrldgo Road Marsh Mllls Ptymouth PL6 8LT Audltor Pag8 2
P.AT.H IPLYMOUTH ACCESS TO HOUSING) LIMITED Path Trustees, Annual Report 2024125 Hope Begins with a Home Page 3
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED 1. Message from the Chair li gkes me great pkasure k> pen alewwvros Dy way rf Int¢t tt> yes Rep)¢ partkukity Osw¢ nwiK tht 30th InceObYI. Ihe last 5farhas kn one resrdtoen a Conse dMr¥Je: b•Je1•w ** hèj beeTh our Execthe for 191[5 wekomed a5 fv5 SUC95. The fad In oUr respe¢As. traglcalty, nrthkng ThgscN3r¥&1. HotNlesrn is a lJ•Jetythat Whlswrcty. demTra lorwrsep4i¢e5 tfffitmiity lo rte. Fof each pErn( affethe NWS a senes olreialed chWS. In respw, Pth grown scak aThJ pnxntrlence. strengWW e4w to Ineei these needs wth o)ry5sth and conmnthenl. We treai al rThis Mlh dh3nty and wh1houlomenl. ymach has ¢amed Ihe resFdol many ndthjuats d oryanLsalthsacmss N¢J)• ofthth ha¥ Ib•en eff010 Staff ¥#J l ie wncIKle ty rntord41 nry n#rtft thankSj athntralm l¢rw•ry one of rm. l um knrr¢nty piryitt ol tmm alll AIi&T 15 sr•rs al thv ndm, i •m down year. n nag bw a prtvkge to sefft such •n rJutsl¥#W wlgalkn.•TrJ I c(fflfyJert pamlsth •rf• hands c0nknetofflrl1. 2. Charltable Purpos• and Public Ben•fft Path ba cmity th ptynmI. For 1 ha% teen al the fortfiont ol lackW Th)Me$S$s kn oji cty. Gfven the chakrwg navmal ¥Jcal tyclu. wllh e0rd nwnbeis htrjsth¢% th tewry acffjnTh)dat aTh] rwgh sepw * on a#.tkn nb)h. P4'S L mr¢ ¢ruc&l ever. Behwi 2024 2025. path srrted than 1.700peOpkt tre expeitnc¥ Of 4t tskoThome5sness. Th¢ Tnjstees rA¥e carnkffji 0X<hI Chaity Comnts9th¥9th)¢Ydguwce Wblc beneffl •n {an5 and pwnnkng ouradl¥lls. TWen$U ihal * a¢XMU•s altyi wllh ujr clorllALle ¥eSd M5, ar¥J thourarthWesprovldE car benerrt a5 rwllMd In IN5 IW. Page 4
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Our Vlslon OurPuYpoJ• ¥ •al8 to cal IKrfM. Our V•hMs CUR9 ¢QMPAS•IOKA M¢)NE•T kngPY•8 Us b keep iilo lm Fe¥1¢. gIW rWiTAY It•y IjcJ on DEPENDA8LE We dolwt sayTAel th. Pts)F4e ltheY (rA us lo v&lKn Irs. Vlele PftOACTfv• te•n, or hewffj pe( 41JMxrta ba¢k fm Ifi¢et. We dr7 ltI thwvJe. gO ke tt IHFV. Iwt the 5treetsolow L*. Pege 5
P.AT.H {PLYMOUTH ACCESS TO HOUSING) LIMITED 3. Prlncipal Activities and Perf0mnCe Ih15 yeart ld il¥xt5arwJ5 kn10 5alety. 1hrgh IiKvJh sleepty ujlreach, cftsls p1. effrgerKy slKIItr. kng.tem me5. and ta WFP)rt lortrdffll. veftige¢sio cwnpkxwhJ Ihe Iwmey to fthdvJ a t¥) i$ tA nm a wde1x serv¢s siaNIFICANT ACMKVEMEIITg i$)g ¢YJSO P¢OF4e per pJht. We secured aThJ gr4rts to purrhase proFeiUes. buWThJ Ubree and plwMirvJ seNM nK¢ ¢Mrtherxlyeaf. We Eon¥)ieled ex1eTrse ?al thrjrks prop¥11es. We ¢ontknueO to IrI•s nunthroiiamy m•S ** age•$toffp)rary a¢¢on¥rt¢iai, Irom 24 10 3), yeww1th the pTh15th by 50% We t)Fea a secoThJ lor peop expenenckng ¢nM¢ In5r¢s5j r¢41gN $b•Pkn9, and coryled r¢Vatn of another. wovhjkng 14 mre unlls 014¢¢offM)>jatkffi. CKW pnvat• Renled ACC seThti slwa 46% Incrtam kn wccetsos lol)yw. 1¥) 164 people Irrto prfv fenled hwslry. We ¢ypanI our CArtmt tearn by 33% and #th)thJced S[)rt se55kn9. 8LIMMARYOP $TATI•TI¢• 1,700 pecyje expertEnthg oralllsk rA Mrssiess swyka. 421 peop seOfWJ NOI re9aOulrn, pg)F recetthg ar•J orffjohig 2 Fec ln orderto pre¥enltKffielee$I. 210 SeOlsWere suptx)rtoJ wi Path leThprr•y acCn0d•vcffi e• tdml*s 171 Chren. Page 6
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED 102 wvmte renled were n3¥alb Its8$$ people thIgn the Path eas 164 I¥Ju5eluJld5 We sw>sy)¥knJ kn acces5 tendeS 101 Tecebrti a Depjsm Guaonlee. 4. Parthorshi Trcklkng cannotbe achkn¥Y•J al). p•tr(¥i IM Lo¢al Aolty. Oo¥emment. andotherdWrtI lo ath¥e ourakns. Spffmuty. Path Is a key ffmbEroln% CDmx Neetsliare, wWordtlr¥J SL¥ 5wvlcè pm¥i(r5. a rkngE ol ju[(1aLl0vS, aml Cty to enhance seNces tsr perp wth conwx neeos. Ttte nce ewcrfts in homessne% aTra b8ce us¢ trU)e ¢LMvad. manw ¢Ie¢l. For Pab). snared resp)nsw"Mls ¢¢Inmaikn, goveCe. C1$. a5 as ioknt Se(• wD¥15n for pe experlencwo mullple a (Nerfappkng dLaingts. suth rth)elesyss. nearth w aNI thtan u8e. Furfher lif081 can be Tr¥JrKJ at" W• arn 41v) a nmberoflhe Pljlntyjth Reseiuthil SJKpJt Sw¥k tr• ¢ow)rAak wth kxal tharffbes 10 hJ¥e ¢on to ptTh Via 1¥$01 w IhrW wbvant scMm•s setme tty. -. 5. S8rvlcos Rovlew Rou h Slee in SeTvice 421 Fe¢¢Ae tr 41Tr)r1¢4 ty our Rcwh Outmch TeamthrolYArt theye¥. 45 Pewere pffj¥I1ed wllh MItense siitwt. Eath mcffilh we saw an abrdge 0176 mdWJa15aeepkng loTh peakty at 97 kn Seplerth. I FLye our Plyjsth Flnt Sdme. We Fw are sleeph41 to Th)¥oll stre•t. 14Ve VISA loi eerw pffjde ts)trte Swihw rothjn, and wth Partr kn heth aDd thlance servlces tOensU pwp ate Ine FVOrt IW need. Alor4Jsb]e rowh sjeeplry (tha(h. tAe pro%lde and 5UPPOrt p5 aco)nThoTh for entrenched I(9h epeTrwtto nave rn omernwsmg 00th9, a llQél[ls{e. The 5eNke ftje ty Cty ¢0Cl VACLG. Page 7
P.A.T.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Rouqh Sl••plnq Outr••eh we ("nuell to eatymcffikvJ ¢>Are sesskins cK4JstrJe rtnget¥j (Artreath r kn the ay. CASÉ STUDY.. Rough 51••ping Oytrna¢h Tne SÈeK4ft9 Ourath nr& wnrttt¥eQ Wrth Pm 001 2021, altei he spent Ilwng In a ieoi, Ijjen In CeniRI Park ljtxf year5. leam wofftdpaiknity a s1ety wihJ4 reikinsnlP 1tr7th DJM, 5wIveaml nisfrLt& wnik offenrJ supwrt aThYpalniwdy$ io &trf0ccomndO1AVTr Tnen. ounng a partty spevin mtser ?024. p loo# a wura9ew5 nist ep acLYpied a siwl slay In u 8&8, IniWy lundeu by Paift I1 momentmatheda iuining polnt Fffrjm ihert. ne inlts a Pd1 iKNtse. 4le. wAn Ihe suppoitofa AMRS fte began ID iii his fcw. Pts Ifn9 aheaty WMD Iw, eXOi1rj newopix1rtLweS and 19 lOW4tdS $8CtJrtry a fflne hon ofhL% LXWI Day C•niM S•sslons We deveknFed exiia Siv[¢1 sessTh atthe Shekknah ¢Jty centrE sabJrdtynKmirrtJ sess¥)Trs wmh the Swp R. These ges5Kms oITer a Te ¢wt kncussed h(Xbsing 5UPPOrt, a¢ce5310 I1, • essentM. by. Oentsl s( reffats wd softle to lari10. S•v•r• W•aih•r Em•r4•n#y PMfo¢•l (swep> Thts ytsr was pafvcuty wm regards to se¥ewt tath¢r coThlnknS. .baCk thms nber and Decembere Dy extrEmety J•)uJry. We wothded addrtkml outrearh. v) In coiLwalkn1 wth ptyrnth ciy CoL)I. the Swp Ilihn and lnce parkners we 5w(¥ied people 10 access waffl) aTrJ dry spaces durty the We l(hea ne partner¥hlp Muiley BapiL¥t ciwh, 1th we resjll in tlIa.b0$ed spaces becuthg awa1ble b) wkle emerger@f accunm<Jatbn owti the cuiirti y. Many pecwe S¢Wnl shetter duflr4J SWEP were knto ana rnnN1 Int•nslv• Support and A¢Eommod•tlon Ihe M4RS (li{AYeY RWI SkepthJltQ4m wOleng. knt¥t W trFecf eypefiencty ciwthc IKJmessness and rJh septsJ aTh1 need5. thcwir#J m•ntal Fthyskal coThINk)nsonffi thtanc• usé. Theleam gage$11h theit¥ei ey ar•. fftetMrb)afgon the sreeK ift IK>sle, ortwxhkn Palh's sp¢¢W1B14¢rffl1)0atth. Imkn Ine style Homele$5A¢commrpaAUon FDJrarrvne IwpI.we puthaEed an a¢&J0al piofftTCfj IMRS dnIs. wmer me exisllw Path W4RS nwse, tnis fEd US k) accixmTr)date eer su5131ned. 5WPK)rt to 13 ttopk wft05e Ngnty CDmF4Ex needs Ihem wlth lrtk orno ae[te (V¥Jns. The gJPFat exleThts L%ythJ heW•¥J acc8$5 heartncare, ojnmunty seiviw, gockl a¢u¥ll. Jur•lth. andvowthethJ4pp)rnJnNs. Palh's we a ¥trtJSty F4$1stMm lth pwfi Comrwnlty Hav5 IPCHI lo for peop diivnk roLvJh gepkng Page 8
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED CASE sniDY.. IAARS S oeen swn Sn&T[orMaft yeafs tfore mDwnginlo a Paitj IK>use Ityesets, he ¢ng8ged WRS le4m aTh1+3CIed a rte31 to HathJurloralthLtsn support As Injsi devek)pea, hepJWllJe re9ure $$5 atlhe MARS nouse ano AllTrS aThlEngJrnh cksses al the Shethah Day Centre experien8 helw nIn7te anu kil lo a wrth i5 famity aKwrt. S man$ absvneni and Is now 0kIng fo vIrIntO pe1menta¢CoMfflth10th. svppM•O Oyihe MARS eewn as ljeawatys a HotwNJ Fmsi pffei. IA 949 ye ad¥lté gUbJant durkng Ihe year. dt•ttAth'. 39 suNJDrtedlo n41kntakn ex1511 tenancy. 28 5ecwed aprfvate renled tenancy aTrJ werE to fflaknlakn N. 41 Serjjred othei Sell xconwrKJJltn. socw ts)ft9 arbj b) 18 were >Jvlce am sb3wsiod to others¢Nces. ¢0 peop we(e swrt and•d¥lat Ihe end 0fts)eal. 02 peLyk reol¥ed Ienle. one.104Y case swwt, 1141 Ihem lo aThJ mAkitahl trtrith)anty Cte$llFI. Path k•s a to hJmef•svss pr•wntM Ihal L¥)es bwd xces5 to hkn9. We help peoF aFoty efrt&. rnaNge debts. aThl acce55 ¥lal heakn seNices such as GPS. nla1 hrth teams and p1a1 aFpJntrnenls. We roc on l•)endent Ilvig 01051¢0 c(fflMence neeAled lo Lwine aclJ¥E. DnecIe fflefflbe ofthe tnty. By 011eity Ihtj 94pJrf. hdp peoF4È Th)1 onty seture tArt al Ihe stabmty afftd ¢onTrJenc• fieeded 10 thrfve rnw rtrfnes, mkng iong.temi n£#Thl8ssn898 pr•yenlt a Te•ity. Houslno Inforniadon and Support s•r¥lc• IHISSI "PATH have oeen aDsoluiwy JmaJng. Iniijally I was sulck#al, onGI theyfvstenetl to mysfDry DnrJmAeÈ I reelseen, Kary, Kewy ana Roz natrr been wontyertyl, Invrltlfypmi& olsupportlornr. fyt)w l affl In my own rthi and Inally safe. It ha$ lleen a decade In Me kIngdu+ ID truufft8 8IILY Ican ffnamybtyin heal Fn o sale ertrnnt. Thankyou so fflu¢h." Ow HISS team retsrred ty Cty red exa h to M¥Wte thelr hCv5 pl0% iaikjred CJr*40-one swrt forup to si¥ fflthilhs. Page 9
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P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED These •ments co¥rffje ol fenl ordwyge fora ¢Jui whlch dlMlspartJMe th a sa¥kngs5dwm¢ • Cath de71 can Wdal Il ollhe ienn. have been "nOne&t1I I h8venY a kjng Ilme, wknowwcha bl olhelpfvl foffth311011" Thls year, the sepAce ha8 seen U¢¢X8$. $FtrJ 164 fvate rerted ac¢oThth¥Alatbn. a 46% IKrease last ytar. Th¢ rtt Llxai Hw$r4J Wan rntes ha$ hel acrnss the cty. enswY4J 4encKs le Ihe Amry. PW Fryu, aDLenshAl¥M2 w1. Inf0md aThJ aue lo * Ihose n Deed. hfyntlEd Ly Cty nonkyou so muth, I'm wgffjlefyl Ilwtyou I{LI aty011 rtaffly n4ns * muoj mep rm happy wlh ¢ I feeiihe mosirtyea i in a rt9 thTre" . M people rn0 knttsknpry9ccOrnM01th. . 81 peop mo%ed pernrlIaDmnkn. . a• peop gJFVle the Homes Ukrakne 6o)émè. hen I gotihe ollw of atsxmmoyatknn, I wés very happywjd when the (Saycame loi fo ffiove iY710 lThe rw IKJuse, ljtsst Idn¥ belleve Maffernv)nth5 Bnd monlhs orsofa at frknOs'fj&is, MO9 fffjrn e friend lo sleepry on J 40ts, I fell hDFeftl. Ilell wery exL>teO, o%eFJoyed, 8nd tnanked Gol lOran8WEft mywDyern." a membercl Ihe Reselueffjent gJFwrt sth¢4, Cty Cwndl, £¢YlatAYate with fi kjca chaNlestogwrt peop Dyre lo Pfyrtj¥l VdbFwsal or thrth relevant StheIr * sell In cty. Tht5 SUFfrtMt acc0390, 8TrJ onto miate lendes. host$ rents en the h)mes tsr UJakne sdnK, aTrJ enablrwj dnis acc prp48te rwtéd accomnKlalk)n as hothj agreurnrts comt 104n th)a. . It$ the Syrtan qJ¢tths, WDrktyvJ cthety and Ccffjwal ReAwJee SUrrt IDcRsI atso pro¥k1e41 Path accorMKrfJatKJn Itf 6 peopk th)re appealw fai awm appthS as part OTtheAFveal RW Exnausled IAAE}Mne 9wJie¢i. VimwI w supp)rt h•¥t ien street homeith. Y wJhnewJrloryei Paih nas done lorm¢. Thank you so tr¢ailng abo¢rtfflt. Anytlrn¢ lrt•ed•d hep, y(Wprow0spwhdrIIpert. ittm vèrygraiefvl.. Pagg 11
P.A.T.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Criminal Justice Work 3J Fejpk Serj wfvate Tented le1cS. TNS the cuNknueib guc¢eggoflth TASS (renWASsJ S11118mt 8UFw¥lI leTh. strne. TASS Is ¢lesbW lo W pÉ¢pleon prDbaiCffi or access pnvate WorkrvJ ckjsety wth Pr1th Citycamcll. Ihe gece a Cmrnknal JUSu H(xtskng Oplu Wofftf IGIHOW)wIIO IW to Refer ¢8$ rrom probatm ser¥ites. 0rtar, TASS 33 Inio Pnva rent¢d homs. WDvldkng talty¢a sufvpyl lo W Ihwii mainl a huge aththnnt sb)nknt f•c¢O. Welt bt lth cthinai Jusle str41. partUMty Pffjbjkn, have re11 allÈfthJJ Ihe Check1 kwrvJe al Exeter Prtson to er4age peopk prE-release. We've a partICl li ronTh5, traknirbg 5e8sb)n5. n¥Jlt-awcy elty¥ loewth S)1$ lx Ih group. c8115 tfvAth Ple[s ol rebease hew us prepare Pgth aiio#ayy a Key ffAe h)t•¥aled Off&TrJ•r Mryement IIOMI t•am.WI hrAtsk¥J offlcw wksto secL¥e tf ifyJiYks wlth seths ollendty bathg1odj aTh1 ccffjplex reds. hwslr¥J. the rlsk ofrettwnkng to clime knrJeases dAm•b"calty rrfovwjty taLtJred YJWt aThJ sakll$. V+T're hepkng peop lake tosltive steps toward rebulklty Imr CASE STUDY.. TASS Aftera in ¥th rtls pawilj, YlotmLI rtiffAeKsoh and Iw4h sieepmg, 90PPtsry Wlh PTSD, $eff-na, antr a olcnrnlnal off•rKs Refened ro Palh elunrg vUhernbpenY, yreIktO laji0& sup nawJ&e benefii oNa anua¢ Wrtii Ilnanci&va from Ihe TASS pYogramff to Ms feni tt) aan, Ywas k) jetw a K4)rn slhvedh$e. a turniry mnt Jn hisfvurney. NancY supwvl flom P4lh, re¥rw5 a>JprDaerfve larhJk)id ernJtyem•ni, ¢onbnuu to staDIity. Tem ora Housin 17 unX501 acc¢Thn18tpJf0r Feopie Wry4WJed. 14 IMi¥¥JuY ¥¢CthftKJat•) ond sivfxjrieii. . IM gJccesJty movtsj to Iytem a¢cu)NKAakn. 33 ramty provbjea. GS lamI5 a¢crAMa am 94¢vied. 171 thldr¢n. JJ lamlls 9JttesSfv to lo Page 12
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED hrJ for ThL4attoMr1knn Is slK¥I tem). aTh] mknthH5a Trkerto I n manage thetrslay Lth) Seiiied SIr•0. Slng1• T•mpornry Accommodatlon AWde ourMARS Icf people ev[Cing aThJ sleepmg. t)W aThJ ase tenw&ry aCc¢ffinYAaft Tor sk¥Jie ts)mess trto m&JhJn jF r¢•as. ThL% tw) ollety a sale aTrJ en¥oMl01wlIatykn AY PrrJert thln trt PLt PL4 area4 engJdrvJ reshjents h04 $Y awss to 4TrJ safety pns. 49 1 1$m1rj ¢on6nl. p•rs(ffi-centr&J to help regthnts Mrd5 lfvkig. Athjlkwl ar#J mc¥• lee31tIS yoJed vh Il MARS t•om AllwKe SUFWMI wth•rs, as1 as otheragencs •cTrJ5sihe w. .1 aPPLIated Ihe sla17forlJetyf¥J to ¥vpportond Imw)¥e Ihe qualltyofhye fotlhose who Jve thr everylhlng, tumry a Iwse Inlo a I. .1 am wrygrnlelw Joupr¢¥¥d•. 11eratyWrnY&(t )ygfvwm• ol ome$S$S,. l•mlly T•mpornry A¢comm•datl•n Th¢ piwe renkl mwxel remabisiaipety uftafbr44Dle lorby•i.Inc(ff Iwnll69. Imkblg o¢¢eM Io syk7 In ryd•rto demaTrJ. w• Iru•Thd farnlty lums Irom 24 to Ihe yew. Fr.•1j fve4>ethr#yn wryertsartpafticulaty 8urte t)th Ihe prfvate alo %KJal txxisyij secKrf5. 9) wee fwJJ5&J l4ryerm1sto ffet Ihe rReds cllamlAe5 diieiwbe be ieiitthyjt suffat4e I9. rneansiess kmls. aThJ OwFamUknst•am provthsde¢Ycated ID rnSbJ•nl$ h minagty and ward5 secunw thtte¥erpos8lb. Famlles rated Ihesjpmlly recep Bs S ¢yJt ol 5 shared V)ey felsale a¥J 3eLUE TAilleTrJ th Palh a¢c(yMKall)n. We IKJttsed G6 1mIeS 1T6 P8 13
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMrrED Settled Housin Pam, 34 •1 ptynwth HoTrs4 Leiana22 1th tenont firKJ s. iandbjrds lo Easwet stheme. on. managlNJ an¢yor supwlthg managementof propeths for prlvate laThJh)rdS. Eas1 Ls corMILsskned ty PtyiTh)uth Clty C(yJnd ¥%llh bJTrYlng IrrAn MHCLG aThJ In¢e9 a futhj %thld) IS Used lorpaWrvJ 011 reniaNeaT5 ordamage thsts. ¥ertt In adv hon vrnis (VR recoup any kntge eywwJfoKe Ihrwji k•8p wothlng wmh Paih ¢offe wilh perkst rheira¢céss pOiS l %try Iwpfrll Iri MlplTr3 IniRA¢e land{d$ to lake on nKJfe enaMengln9 ieplartls." 6. Slructure, Gmman¢o and Management Qo¥•mlng Do¢um•nt We are 0 charltable corroarylffdl•a ty yJwee. feglstered as a rtArty 19•Aprll 1995 arx1 ID¢orpyated on S%1 2CQ2. The corw isestabiisIRd under a KmordnthJm ofAs9)cL3th)n vthlfh sets oul fe obdS aTrJ tharttab company ¥#J ts go¥emed K3 ArUtsor Assocktro. Ihe obieLts esthshed Mefftxdr¥Jurn olAs50ci are re¥e pwty the Cty(rf btytyid ty woWJIF¥J lo Il¥Jge In fLuJJ¥J red.' old ot Trust• Ihe direcknts of the ¢omparry tsustws kn th¢ pJwesofch¥rty , aThJ the panys Artides are kTrJwn a5 oflhe company. UrKl¢r the requlr¢rrnnts •NIArt¢lesofAssoclatkrfi Ine mlr$ olthe cthrwyare to ser¥e lor a wrtwj ol three ytars after Nth lIn11St be reQe0 the Ge oiihe C¢JlTVry ge trlewime and rÈttwe no [emSo me tspeth)mthg tswstee OryanlsSon•l Structur• The day to day responsltOr kn9e degated to the Execut. year. we bjentlw thal Pams In¢JrtKJnaity fiai struCbJas no iger1 Torpuy gtyen tyjr and ¢wing growth. N was agreed thai a new LtaJersThJp Team wouhl be eablIS al ISU10 lake effecl fnm 1"ApiU 2025. Tht leam <1)nlS nf D]pmen1 & Cyralths. pie&J rf Fkna[. Page 14
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED serte txo ptovhje u$ witr a greater fe%el of ncIaleyllse lll alow u$to Rlsk Maao•m•ni An enftaKeo rsk refft haStn IJ u1le disw&8ed at temate 8c where necess8ry. sySle and pwcesfes have Deen kntrclJd to rnltlgate thntifvj tegkn cperalry h"s [. In extèmai MKS. aNnd fvlu(• the C4rffi¢ed a Ixand refrnsh •WJ a stralegic frJndraLsiTrJ aTrJ comnwnkthis pkn. tdh ol lvhlth WAII mfaj ¢xrto%tr Ihe cortlrs year. To slierythen IwJ.tern have Intrrthcèj a slaff ructure o1th keo co1JtXavetylo adeai¥bn, pup)se, and set rl valw. 7. Flnanclal Reviow PYln¢lpal Pundlnq S•uro••lln¢gm• 0•n•M• Path¥ swrceoflrK£ c4 rthital <119 enhl¢•J I$3 benem ¢) ¢orrmbBkn•J ¢Mlracls Imn) Ptymilh Cty CAxn¢Jl. Tse C(Mlas are jur¢e tyt l authoty ana ¢entrai gcwnmenlfunrffj. enabllry tsIera Ivth rary rth>Jsw a SIW servte5acmss Ihe cty. In •JJMhJn fn CLYe •JThJlT¥J, Palh tJs to re taptsl lor prtyeity puwLtsNJ. we so access a vwty oftene¥oknl lJTrJs we use to a¥ecty asstsl clents w essentyai Kems Bs Ipxnblpjre. ¢4Jwco•ls thai Iim gettse aC(onJaIlN and maknl4n ieniii¢s. Thll bMthJ •x#Jkng 4knW8 Palh ty) remakn •J h)(aine¢iis enro flMn¢l swtaknabMtyaThJ Inw¢t Tr wdel thll be ftxtherd4ernlled yEarwlth the cr ol¥ itsalety¢ hJThJrty JTrJ pl to maxlnlse bJOs R•A•rv•s Polley Pab) Thkntahs a reseThesfftkJ en5 ffcfrI Mnknxhtyclservl. We l¥)l Reser$ may be uged to pro¥th Ferh)dsofr•JJced kncom casl dem¥0. In swh uses. a (irpknn IS Pjt kn pw¢• to reDuJ Rw¥ts overUm8. Th1¥ wroath M*¢ls Page 15
P.A.T.H (PLYMOUTH ACCESS TO HOUSING) LIMITED In¥1m•nt Poll¢y As Path CthUeSt0 grtyw. we iecose the a fr)mial InvmlI P(ylQ gutyje the Rsp(> rnanagemenl ofour lInand resources. WhHe have rni hal an knvestrne w)lry to date. IrKleas scakarwj ronvexty rnaketh a pty fr)r ihe tomty year. The poWt btraefv to mat Mwged wth a10aOn r15k. Iwbjty. aTrJ relum. rt vAt supwt rJJT W.tennsJtsWlty, aw our charttL (jett, corr(wwt ourexlslknJ reseryes strdtegy. The dèkvnt ol Ihb p)11 WUI C¢ over3een by IM ec4¥d ana Irthmj w wert atrjlce. ènsumg rt refcts best prac0 Ph'$ 8. Plans for iho Futur The TNslees have J new trdtt-year pban lor 2025 102028. ¢on501h1s ITh#we$ aspathTh kntoa (araThJ (ortlsefonTwI. lih•s bee¥e . managefs. and Twstees ow pst yeat. The [) i• a thrJJrnit that nlr$ e¥0e as tffle pItyj9se5. Inlllaths Ire I rnwoms art cothext we We hlenlKd three strate9k Okirs.. l. Intrease and iryrnip tyjflwskng pr11)n hKknJlrrfJ expaTrJlng wrtefflw¥rary Setbeo 2. Prevert pec Trtyl) Decoinig h(18, oltyjr kkJu51I1 Infonnatbj) * A4¥lte dwi4n sesslons. 3. Deuver rTh)re eomprehensive support iorpewkn Orn stre•t Thomel I1W4 emryenry tAb$tathd OPthJM. PUars be tya raDge 11 pro¥kJtow frWÉUSta In¢mlg.. Incre8slw Ine wiwnl of P8th pup¥rt Slrtamwned and Improve prom manwerrtnt and o¥er84hl. Rtbxatkig lo a¢$m> and Irryoved pr•seY a giealerprnwce th• conminty. Irwot a 5ustsmabk ano Sca¢ staffln9 Stsuclurt. Enhanced fwncL41 and O%trsW. Dr¥ersty wr Èam5 thrroJn grearbrdnd a4Ydverrts. ] corm)uiiakn. D4ttal iran9[Mal)n olouT syslem and pTot•sses. InsYsMg In ourslaff and foslemg a postt¢ curture Ihal15 fvlty alwieowkn owvaiJe5. Pegg 16
P.AT.H {PLYMoufH ACCESS TO HOUSING) LIMITED Trustees. annual report (incorporatlng tho directorfs report) statement of Trustees. Responslblllties The truste08 Iwho are also tho directors for the purposos of company law, are responsible for preparing the Iruslees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Gèneralty Accepted Accounting Practice). Company law requlros the Irustaes to prepare ftnanclal slal8m8nls for each financial year whlch glv8 a true 8nd falr vlew of the stat8 of affalrs of th8 charltable company and of the incoming rasources and applicallon of resourc8s, Including ils income and expenditure for Ihal period. In preparing these financial statements, the trustees are requ5rod lo: select Sultab accountlng polScies and apply them nSIstenI., ob8erve the methods and prlnclples In the Ch8rltl88 SORP., make judg6ments and eslimatos that arg reasonablé and prudent., prapare the financlal statemonts on th¢ going concern ba81s unless it Is Inapproprlala to pr68ume that Ihg chaAt8bla ty)mpany wlll continue In buslnes8. The trustee8 are responsible for kgaping proper accounung records tho1 Gon disclose w61h reasonablg accuracy at any time Ihg financial position of thè charltsble comp8ny and enable them lo ensure that the financlal 8lalemenls comply with the Cornp8nles Act 2006. They are al¥0 responslble for safoguardlng thè 8s8el8 of the chadtablo ¢ompany 8nd hence for taklng reasonablg St8ps for the prevenllon and detsctlon of fraud and other ITregulailtles. Small company provlslonB Thls report has been prepared in accordance %•llh the provl¥lons appllcablè to companles entillgd lo the Small companle8 oxgmpllon. The tnJ$te88' 8nnual report W88 approvèd on ..lJ .1 tfand Slgngd on behalf of th8 board of tru81ee8 Mr D Mlllgr Chalr Pagg 17
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Jndopendent Auditorfs Report to the Members of P.A.T.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Oplnlon Wo have audited the financial 5tstemonts of PA.T.H (PLYMOUTH ACCESS TO HOUSING) LIMITED (the'charity'l for the year ended 31 March 2025, whlch comprise the Statement of Financial Activities, Balancè Sheèt, Slalemènt ol Cash Flows, and Nol8s lo the Financial Stst8ments, ineluding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is Unrted Kingdom Accountlng Standards, comprising Charities SORP - FRS 102 'The Fln8ncial Repong Standard appllc8ble Sn the UK 8nd Republic of Ireland, and appllcable law Iunlled Kingdom Generally Accepted Accountlng Pracllcel. In our oplnlon tho financlal statem6nl8: gNg a true and fair view of the stale of the charlly's affalrs as al 31 March 2025 and of Ils Incorning resources and applicatson of resources, Including its Income and expenditure, for tho year then ended; have been properly preparad In accordance wllh Unlted Klngdom Gonerally AGcaptad kcwntlng Pracllc8', and have been prepared In accordance with the requlrements of the CompanSes Act 2006. 8a•l• for opSnlon We conducted our audit in 8ccord8nce wth Intemalional Stsndards on Audillng (UK) IISAS IUK}l and appllc8ble law. Our re8ponsfjbi1le8 under those Standards are further do8Crtbed in the auditor r68ponsibllS1188 for th$ audlt of the finandal 8tatement8 sectlon of our r8port. We are Independent of the charlty in accoTdBnc& wllh the 8thlcBI r8quir8m8nts that Br8 r818vanl lo our audll of tho flnanclBI slalements In the UK, Including the FRC'S Elhlcal Standard, and wg havo fulfilled our olhei olhiGal respon8ibllille8 In accordance wllh Ihe8e requlrements. We believ8 that the audlt &vldence we have obtalnad is 8Lrfficlenl and 8ppropd8tè to provlde 8 bas58 for our oplnlon. Conclu8loM rnlatlng to golng conc•m In 8udltlng thè fln8nclal 8talèmènls. havè Concludèd Ihat th6 Iru81888 use of the golng concem ba81s of accountlng In the preparaOn of th8 flnanclal stst8mgnl8 Is approprfate. 8ased on the work w8 hav8 performed, we have not identified any material uncertalnlieg latIng to events or conditions that, individualty or ¢o11g¢lNgly. may cgsl signfficanl doubl on the chadty'5 abillty lo continu8 as 8 golng concem for 8 perlod of 81 least tsvelv9 months from when the odgln81 ffinon&al slalemen(s were 8Uthodsed for188ue. Our re$pon$lbillle$ and the Tè$pon51bllitio$ of thè tw$l•$8 wllh rèspect to golng concern are descrtbed In the relgvont 50Ctlons of thls report. Other Infom)allon The Iruslees are responsible for the other infornialion. The other infomiation wmprlses the Information Included In the annual report, other than the financlal ststemenls and our 8vdllorf5 report thereon. OUT opinion on the financial statements does not cover the other Infomalion and. except to the 8xlent otherwi88 8xpllcltty ststed In our report, we do not express any form of assurancè conclusion thareon. Pagg 18
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Indopendent Audltor's Report to the Members of P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED In connectlon wtth our audit of the flnancial slalemenls, our responsIlIty Is to read th8 Other Information and. in doing so, conslder whether the olh&r informatlon 18 m8terialty inconsistent wllh the financial statements or our kC¥1edge oblaing11 in th8 audll or otherwise appears lo be materially misstated. If we identify such material inconslstencies or apparent material mlsstalements, we arg required trj detemiine whether there is a matgri81 misslalemenl in the financial statements or material misst81ement of the other infomialion. If, based on the work we hove performed, we conclude that there Is a material mls$tatemenl of Ihls 0th8r information. we are required to r8POrt that faol. We have nothing lo r8port In thls regard. OplnSon on other matter pr•scrlb•d by the Compan[08 AGt 2006 In our oplnion, based on the work undertaken in the ¢x)ursè of tho audll.. infomiallon given in the Trustees, annual report lincorporaling th8 dirocto$ rgportl for the tlnanclal yoar for whlch th8 financigl 8talomenls are prepared is conslsl8nt wlh the financial statemonls,. and the TN31ees' annual report 1lncorp0r8n9 thé direclo¢s report) has been prepared in accordance th 8pplicablg logal requSrements. MatterB on whlch wo are requlrèd to report by •xcoptlon In the light of our knowledge and under81anding of the Gharily and Its enronment oblalned In the course of the audll, we h8ve not idenlSfied mBtarial misslalemenls in the Trusl&es' annual report Ilncorporollng the director'8 report). We have nothing to report in respect of th8 followiThJ m#ttgrs where the Companles Art 2006 rgqulres 118 to report lo you il. in our opinion: ad9quale accounting records have not been kept, or relums adequate for our audlt have not beon receiv8d from branches not v15118d by us., or the fingnclal slalemenls are not In agreem8nl wlth th& aCcounn9 record5 and rglum8' or Qgrtain dlsdosur8s of trustees remunerallon specified by law are not made.. or w8 have not r8celved all the Informotlon and explanallons we requlr• for our audll. R•8pon•lbllItl of truslee• As 9xplalnod more fully Sn the Statement of Trustees, Respon51bllllie8 (set out on pago 171, the Irust88s are responsibl8 for the preparatlon of Ihe financl81 sldlements and for belng sa115fied that they give a true and fair view. and for such Inlerllal control as th8 trust898 delermlnels neces$0ry to onable the preparatlon of financlal statemen18 that are ffge from material mi89latement. whothei due to fraud or error. In preparfng the fSnancial stalemants, the trustees are responsible for asse$slng the charrty's ablllty lo conlinue as a going concern. disclosing, as gppllcable. matters related to going conc8m and using th8 golng concern b85is of accounting unless the trustees either intend lo liquidate thg charity or to cease oparalions, or have no reallstlc altemalive bul to do 80. Pag8 19
PAT.H (PLYMOiTfH ACCESS TO HOUSING) LIMITED Independant Audltor's Roport to the Members of P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Audbtor r•#pon¥lbllltlo$ for th• audlt ollh• lInala1 staloments Our objoctlves aro to rtjtaln reasonabl8 assuranc6 about whether tho financlal statem8nts as a whole ar6 frèe from materlal mlsslalemeiit. whèther due lo fraud or error, ant1 to Issue an audltorfs report that Indudes our opinlon. Reasonable assurance Is a hlgh16vel ol assuranc8, but Is not a guaranleg that an audit conducted in 8¢cordanc& wlth ISAS IUK) will aays detect a material misslalement when11 exists. Misstatements can arlse from fraud or eTror arbd are considered malerial il, indSvidually or in the aggregate. they could reasonably be expoctsd to influence th8 ernoMIC decislons of users taken on the basis of these financial statements. The 9xlont lo which our procedures ar8 capable of d8t8ctlng Irrogulorilles. Includlng fraud Is detailed b010w'. We Identified aroas of laws and regut8llons that Gould reasonably be expected to have a mal8ri81 efffjcl on the financlal slalem8nts from our general ¢ommerGial and sector experience and through dlscussion with thè direclors and other m8nagem8nl. We communicaled identified laws and regulations throughout our leam, and remalned 81ort to any Sndlcatlons of non-¢omplS8nGe throughout tho audlt. Tho company 1$ sublact lo laws and regulallon5 that govem the preparatlon of th¢ fin8ndg1 slalemen18, including financlal reportlng legislatlon. and other companies legislation. The company Is also subject to olhor laws 8nd regulations where the consequences of nonwcompllance could have a materSal Impacl on the amounts or disclosures wllhln Ihe financial glatements. including employment. anti-bribery. anli-money laundering ond G8rt8ln aspects of companles legl$lation. Matters rog8rdlng rnCOMPlI8nce th law8 gnd rggulalions and fraud wère communlotsd wlth th8 engagomont team. Owlng to the inherent Ilmiiallon$ of an audlt. ther¢ Is on vnavoid8ble d$k that Wo moy not havg detected some material mlsslalemenls in the financial $latemenl$. even though have Pfoperly planned 8nd performed our audit in Èccordance with auditing Standards. In any audlt, ther rem8ins a highor risk of non-detectlon of Irregularitles, ag these may Involve collusion. lorgery, ntentlon81 omlssion5. misrepresenl8lion8, or ihe override of internal Gonlrols. We are nol re8ponsible for prevenllng non-¢ompli8nce and cannot ba expeded to dgtecl non-complian¢8 with all laws and regulotlons. As part of an 8udlt In aGcordènce wllh ISA$ IUKI, we oxeTCi$8 professional judgment and mainlain prof885ional scgpliclsm throughout the audit. we also.. Idenllfy and 88sess the risks of maleriol mlsslatement of the flnancial 8talements. whether dug 10 fraud or error, dèslgn and p9rfom audll proc8dures responsfve to thoye ri5k8, and oblaln audbt evidence thot Is sufficlenl and approprtale lo PrOde 8 basls for our opSnlon. The rlsk of not detecllng a material mlsstatem&nl resulting from fraud Is hlgher than for one resulllng from error, as fraud may involve collusion, forgery. Intenllonal omlssions. mlsrepre8entation8, or the ovgrrldo of inlornal control. Obtain an ynderslanding of Inlem81 control rolev8nt to the oudlt In order to dfjslgn audit procedures that are appropfièle in the circumsiancas, bul riul for tho purpojo of eypre$sing An rtpinion on thè effectiven9s5 of the internal control. Pag8 20
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Independent Audltor's Report to the Members of P.T.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Evaluate the appropriateness of accounting pollele8 Usgd and th8 raasonablen688 of 8ceounllng eslim8tes and related disclosures made by the directors. Condude on the approprialeness of the directors use of the going concem bosis of accounting and. based on the audit evid8nc& obtained, whether a material uncert8lnly exists r&l8tsd to events or condltSon8 that may cast slgnrficant doubt on th8 company's ability to rtinUe as a going concem. If w8 conclude that a material un¢ertalnty èxists, we arè requir8d tr) draw attention In our auditorfs roport lo th8 rel8t6d dlsclosures In the financlal ststemenls or, if such disclosures are Inadequate, to modify our opinion. Our con¢lusions are based on the audh evidence obtained up lo the dats of our auditor's report. However. future ovenls or condillons may cause the company to cease to contlnue a3 a going concem. Ev8luale Ihg overall presentation. slnjelure and content of the financial gt8lements, includffing the disclosures, and whether the Ilnanclal sta19ments represent th8 underf9 Iran$actlons and events in a manner that achiav8s falr presentation. We communl¢ale wlth those charged wlth govemanco reg8rdlng, among other matters. the planned scop8 and Ilmin9 of Ihg audll and slgnifScanl audlt findings, including any significant d&ficien¢*s In Intemal ntrOl. A further descrlptlon of our responslblllties is Bvallable on the Flnanclal Reportlng Councll's w8b8tte at.. www.frc.org.uklauditoTsrespon8lbllllies. This description fomis part of our auditor's report. U•• of our report Th1$ report 18 mad8 8018ty to the charttsble companV8 trustees, a8 8 body, In accord8nc6 Ch8pler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertakon so that we mlghl 81al8 lo tho charhy's Iruslea$ those matters wo are required lo slalg to them in an audllor's report and for no othei purpo$g. To the fullest extent pemltted by Igw. we do not accept or assume re8ponsibillty lo anyone olhgr than th8 charllable company and its truste88 as a body, for our audll work, for Ihls report, or for the opSnions we have formed. Adam Cronoy ACA (Senlor Slalulory Auditor) For and on bahalf of Weslcotts {SWI LLP, Slatulory Auditor Plym House 3 Longbridge Road Plymouth Marsh Mllls D8von PL6 8LT Dalé.. Pag6 21
P.A.T.H (PLYMOUTH ACCESS TO HOUSING) LIMITED statement of Flnancial Actlvltles for thè Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of ToLIl Recognlsed Galns and Lossas) Unrestricted R•strl¢tsd funds funds Total 2025 Tt)tsl 2024 lThcom• and endowm•nts trom: Donation5 arbd1ggacie$ Charitsblo activltles othor trading actlvrtlas Invostment Inwme Tol81 Income 71,689 1,294,171 1,527,070 1.587 80,636 900.831 80.636 1.995,806 1.819.657 7,776 1,094,975 1.819.857 7.776 2,894,517 2.922,408 981,467 3,903.875 Exp•ndlturo on: Chorltable actlvltle8 2.707.684 2,707,684 186,833 186,833 2,798,482 2,798,462 123,946 279.593 3.078,055 3,078,055 825.820 279,593 Total expenditure Nèt income Net movoment In fund8 ReGonclll•tlon of fund• Tot81 lund8 brought forward Totsl fund8 ¢Orrt foNard l of the charity'8 8dvlti88 derive from Gontinulng 0ratIOnS durlno the above pe0d9. The fund8 breakdown for 20241s 6hown In not8 21. 701,874 701,874 825,820 123,946 1,335,505 1.522,338 1,353,930 1,477,876 168,408 870,282 1,522,338 2,348,158 21 The note8 on pago8 25 to 39 form an integral part of these finanal statements. Pagg 22
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMrrED (Reglstratlon number: 04478819) Balance Shget as at 31 March 2025 2025 1024 Flx•d a•¢ts Tanglbl8 asgets Investments 12 13 2,131,737 3,092 2.134.829 1,395,621 2,844 1,398.465 Curronl a8J•t• Deblors Cash at bank and In hand 14 15 415,170 948,707 129.584 407.911 1,363,877 537.475 Cr•dltor•: Amount• f•lllng duo wlthln on• y••r N•t currnnt a•••ts 16 367,993 162,259 995,884 375.216 Total a$$•tB hs8 Gurrnnt Ilabllltl•s 3.130,713 1,773,681 Cr•dltOTS: Anount• falllng du• aftor mor• than ono yo•r 17 782,555 251,343 N•t ••••ts 2.348.158 1,522,338 Fund• ol th• charlty: Re61dcled funds 870,282 Unr••trfct•d In¢om• fund• Gener81 Funds Dt8lgnaled Funds Total unr•sldcted funds 1,217,066 260,810 1,043,120 310.810 1.477.876 1,353,930 Total lund• 21 2,348.158 1,522,338 The financlal statements on pageg 22 to 39 were approved by the trustees, and guthorfsed for186ue on ..i.lio.l.Pf.. and slgned on Iheir behalf by.. Mr D Mlll8r Chalrman and trustee Tho notes on pages 25 to 39 fomi an integral part of these finanaal statements. Page 23
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Statement of Cash Flows for the Year Endod 31 March 2025 2025 2024 Ca•h flows from oporatlng a¢tl¥lti Net cash Incom6 825,820 186.833 ustments to ¢a8h Ilows from non•cash Iteffl8 Depreciation Investment In¢om 12 52,049 17.7761 870.093 33,393 1.587 218,639 Worklng capltsl adlutm•nt Ilnere8s8ydocre89è In d8btor8 Increas81{decreasel In crodltors Increa8el{decreas81 in deferred Income Net cash flow6 from oparatlng acllvNI68 Ca•h flow• from Invo•tlng actlvltlg• Intsre8t recelvable and simllar Incomo Purchase of tonglble fixed assets Purcha88 of Inve8lm8nts 14 16 16 285,6061 96,454 74,486 134,8701 84.977 780,311 193,258 7,776 (788,1651 248 1,S87 (375,8681 12 13 Nel c88h flows from Investlng 8Ctlvllle8 C•h flow• from Ilnnclng •th5ti Repaym8nl ol108n3 and borrowlng8 Net Increa8elldecreas81 In castt and cash eqUIlent8 Cash and cash equfv81ent8 al 1 Aprll Cash and ca8h 8qulvalents al 31 March (780,6371 {374,281) 16 541,122 14,902 540,796 (195,9251 603,836 407,911 948.707 407,911 Thè nots8 on pages 25 to 39 form an integral part of thése finantsal ststements. Page 24
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Notes to the Flnanclal Statements for tho Year Ended 31 March 2025 1 Ggngral lTrformatlon Thè charity 18 a public benefit entSty and a private company Ilmlted by guarantee, rgglst9re(I In England and Wales and a reglst&red chartty in England and Walès. The address of th9 rogisterod offlce18 2842 Harwell Court. We81em Approach, Poth 08von. PL1 1 PY. UK. 2 Accountlng pollclos Summary of slgnlficant accountlng pollcl•s and key a¢countlng •stlmat•• The prfnclpal accounting policies applied In the preparatlon of these financlal statements are s8t out below. These policies have l)een wn5151enlly applied lo all th& years presented. unless otherwSso slated. Statem•nt of compllance These flnanclal ststemonts havo bgon prepared In compllanca wlth FRS 102, Th8 Financial Reporting Standard applicable In the UK and the Republlc of Irgland,. the Slalernanl of Rgcommended Practtce appllcable lo charitie8 preparlThJ thelr accounts aGcordanGe with thè Financial Raporting Stsndaid appllcable In Ihg UK and R8publlc ol Ireland {FRS 1021 Icharftlos SORP IFRS 1021 and th• Companle8 Act 2006. Bas1• ol prnp•ratlon Th8 flnanclal statements have been prep8red on the historfcal cost basls, as modifled by thg revaluation of certain financlal assets and Ilabllllies and Investment properties measured al falr vatsje through Income or expenditur8. The financial sLqtement8 are preparod In sterling, whlchls th8 fvncllonal currency of th8 8ntlty. Golng concorn There are no m9terlal uncertalntl88 about tha charfty8 ablllty to ¢ontlnu8 a8 a golng concgm. Pag8 25
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMrrED Note$ to the Flnanclal Statements for the Year Ended 31 March 2025 Judgements In the applicallon of Ihe chadvs accounting pollcles, the Trustèes ar• requlred to make judgement8, estimates and assumpllons about th8 carrying amount of assets and liabilities that ar8 not readlly apparènt from othgr sources. The estlmalos Bnd assodated ossumption8 are based on hSslorical experlances and olher factors that are consldered to be relèvant. Actual rasults may dlffer from thes a8timateB. K•y #ources of tIMatIOn unc•rtalnty The estlmalos and undertying 8ssumptions are r8vi8wed on an ongoing bag18. Revisions lo accouriung estlmales are recognised in the period in which the estimate is revised where th8 revislon affocts only that wriod, or in th8 period of revision and futuro perlods whero the revlslon affects both ¢urrent and future pertod8. Fund accountlng Unrestricted fund8 are avallablg for u88 al the dl8c*ellon of Ihg tru8tees to lurther ary of the ch8rfW8 purpDSeS. Deslgnated funds are unreslrlcted funds e8miarked by th8 trustees for partlcul8r future project or commllmonl. Restricted fvnds ar8 subleclod to rèslrlcllons on thalr èxpendSlure dedarod by the donor or through tho 1gm8 of an appèal. and fall Into ong of 8ub-Glasse8: re8trlct8d income fvnds or endowment fvnd¥. Incoming rvJourG•¥ l income 1$ reco9nl8ed on¢9 th8 charlty has entlllement to thg Income,1118 probable th8t the income wlll be recelvad and th8 amount of the Income receivable can be measured Tellably. Income from don•tlons. grnnts and1•g•¢y Income from donatlons or grants Is r8cognl6ed when there Is evldonce of entlllèment to thg glft. recelpt18 probable and Its amount Can be measured reliably. Legacy Income Is recognis8d when receipt is probable and gntttlemenl Is estab118hed. Income from donated goods Income from donated goods 18 measured 81 the falr value of the good8 un1988 Ihl8 19 Impractical lo measure rollably, in which case the value Is derlved from th8 cost lo the donor or the eslimaled resale value. Donatgd facilities and services are recogn15ed In the accounts when received rf the value Can bo reliably measurad. No amounts arg included for the contributlon of general volunteers. Income from ¢ontra¢ts Incom8 from contracts for the supply of s6Nlce8 Is recn9nised wSth the delivery of the conlr8cled servlce. This Is classmed as unreslrlcled funds unless there is a contractual requlrement for it to be spent on a parti(aJlar purpos8 and returned rf unspent, in which case It may be wg8rded as restricted. Page 26
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Notes to the Financial Statements for the Year Ended 31 March 2025 Re80urce8 expend•d Expenditure is recognised on an accruals basis os a liobilty is incuired. Expendlture includes any VAT which cannot be fully recovered, and 18 classlfled under headings of the statement of financial advltie8 to vA)Ich It r8l8te8.' Raising funds Expendlture on raislng funds Includes the costs of all fundraSslng aclivlt408, 8v6nls, nO1htabl8 trading aclivilies, and the sale of donated goods. ¢h•rlt•bl• •¢tlvftlg$ ExpendiluTe on charitable activities inclvdes all costs incurred by a charity in undertaking actiwlies that further its charitable aims for th& benefit of ils beneficiarles, induding those support costs and cos18 relallng to the govem8nce of the charlty apportfjoned to ch8rltable 8Ctivitl89. Other •xpendlturn Other expenditure includes all expenditure that 18 nelther related to ralsSng funds for the ch8rlty nor part of ils expgndSlure on chorltoble activlties. All costs are allocated to expendlture calegorl88 rell8cllng the use of the re80urce. Dlrecl costs ottribulable to 8 slngle acllvlty are allocated dlreclly to that actSvlty. Shar8d costs grg apportloned bo09n the acllvlllfrs they contrlbulg to on a roasonablg, lusllflable and consSslent basls. Tanglblo flx•d a$$•ts Tangible assets are Initially recorded at cost, and Subseouenlly slated at cost Igss any accumulated depreciation and Impaimenl108se8. Any tsnglble assets c8rrfed 81 revalued 8moun18 are recorded al the falr value al the date of rev8luallon 1888 any sub88quenl accumulated depreclatlon and subsequent accumulated impalimont lossès. An Incre5e In Ihe csrrying Èmounl of an a8sel 0$ 8 rasutt of a revaluallon, 1$ recogni¥od In olh9r r8cogni58d gains and loss85, unless It rev8r58s o ch0rg8 for Impalrmenl that ha$ prevlously been recognlsed as 8xpendllure wllhln the slalernent of Ilnanclal 8Ctlvllles. A decrease In the carrylng amount of an a8s81 a8 a result of revaluation. Is iecognised In othèr rectsgnls6d gslns and lossès. except to which it offsets any pr&vious revaluation gain, in which case the loss is shown within olhef r8cognl$ed gains and losses on th8 statement of fin8n¢ial activities. D•pr•¢ladon and amortis•tlon Deprecialion is calculated so as tr) will8 off th8 Cost or valuation of an assgt, less Its resldual value, over Ihe useful economSc life of th81 asset as follows.. A88et class Land and bullding5 Fixtures and fittings Equipment Elethc pod blkes Dèpreclatlon method and rats 2Vo slraighl line 25.ts slraighl Ilne 3- 5 Years Straight Ling 33% stralghl line Page 27
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Notes to the Flnancial Statements for the Year End&d 31 March 2025 lrnpalTmnt of fix¢d a850ts A review for indicators ol imp8irnenl is Garried out at each reporting dalo, wilh the recoverable amount being estimated where such indicatOTS exist. Where the carrng value exceeds the racovarable amount, the asset Is impaired accofdingly. Prtor Impalrnenls are alw TovIeW for posslble reversal al each Teportlng date. For the purposas ol impalmient1o$llng. whfjn It 1$ not possible lo estimate the recoverable amount of an Sndividual asset, an oslimale Is made of the recoverable amount ol Ibe cash-generating unil to which the asset belongs. The cash4Jeneraling unll is the smallest Sdentrfiable group of assets that includes the asset and genorale$ c8sh Inllows that largely ind$pendenl of the cash inflows from othar a88els OT groups of assets. For Impairment te8Ung of goodwlll, the goodwll acquSréd In a buslness comblnatlon is, trom the acqulsllion dote, ollocated lo each of the Ga3h-gènefallng units that ar8 expected to benefit from the Syfgrgies of th& combin8tlon, Irrespective of whether othèr assets or liabllilies of the charity are a881gned lo th058 unl18 Flnan¢lal In¥trurn•nts A financlal asset or a financlal Ilablllty 18 r8cognlsod onty when the entlty becomes a party to th8 conlraclu81 provislon3 of tho instrurnenl. Basic flnancial Instruments are Snilialty r8cognl8ed al the amount recalvable or paYae Including any rolaled IrAns8¢llon costs. unless the orrangemgnl constitutes È flnancing Ironsactlon. whore It ig recognised al the pr88ent V8lu8 of tho futuro pawngnts dlsGountsd al a market ral8 of Interest for a similar debt inslrumenl. Curfenl 08sets and curyent Ilabllillos arg 8ubs8qu8ntly me88ur8d at the Ga8h or oth6r consld•ratlon expected to b8 p8id or rocelved and not discounlod. Dgbt Instruments are sub8equenlly mgasured 8t amortlsed cost. Dollned contrlbutlon pl•n• Contrlbullon8 to defined contribullon plans are rewgnlsed as an exp8nse In Ihe perS¢xI in whlch the felatgd servlce 18 provlded. PropaSd contrlbulions ar8 rocognls•d os an Asset lo the 6Xtont that the prepayment will lead to a roducllon in future payments or a cash rèfund. When conlrlbLbtlons are not expected to be seitled wholly 12 monlh8 of th8 end of the reporttng date In which the Om0Yea$ render the related 58rvlce, thè Ilablllty Is measured on a discosjnted present value ba818. The unwlndlng of the dlscount is re@138d as an expense in the perlod in which arlses. Cash and cash equlv•l8nt• Cash and cash equlvolents comprfse cash on h8nd and call deposfts. and other short-term hlghly ilquid investments that are re8dlly convertible lo a known amount of cash and arg subct to an Insignificant risk of change In v8lue. Page 28
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Not8s to the Flnanclal Statements for tho Yoar Ended 31 March 2025 Borrowing$ Inleresl-be8ring borrowings are inldalty recorded at fair value, nel of transaction ¢osl$. Inlerest-bearing borrowings are subsequently carrled at amortisgd ry)st, with tha dlff8r8nce be88n the proceed8. net of Iransacllon co$l$, and the amount due on rgdemption belng recognlsed as charge lo the Stslamenl of Flnanclal Activities ov8r th8 p6riod of the rel8vant borrowing. Inlor8St 8xpense is r8cognlsèd on the basls of the effectlve Intereul method and18 Included In Intsrest payable an¢J slmilar charge5. Borrowlngs are classlfled as current liabilllles unless the charlty has an uncondltional rlght to dofer 88ttlem8nl of the liabi1Sty for at18ast tsvelve months after tha r8porting dale. Fund structur• Unrestricted InGome lund8 are general funds that ar• av8llabl8 for usa at the Iruslees dlscrelon In furtherance of the obl8cllves of th8 charfly. Designated funds 8re unrestdcted fund5 set a8ide for specffic PUfpose8 at the d18crellon of tho twslees. Restrlcled Income funds are thosè donated for use Sn a partlcular ar8a or for specffic purposgs, the uso of whlch18 re8tricl8d to that area or purp08e. 3 Llmlt•d by guarant9• PA.T.H (PloUth Acc¥ss To Houslngl Ltd Is a prlvate company Ilmlled by guarantee Incorporated In England and Wales. The registered officb is 2842 Harwell Court. We3tern Approach, Plymouth, Devon, PL1 1PY. In th6 event of th8 company being wound up, the Ilablllty in re5PeCt of thé guarantee 18 Ilmlled to £1 per momber of th8 company. 4 Donatlon• and legacl•• R•$trl¢t•d funds Total 2025 Donafjon 16,100 16,100 64,536 80,636 Grants 64.536 80,636 Unrngtdcted fund$ Restrlct•d funds Total 2024 Oonations 11,792 11.792 Grants 59,897 59.897 59,897 11,792 71,689 Page 29
P.AT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Notes to the Flnancial Ststemonts for the Year Ended 31 March 2025 5 lThcom• from charft•ble actlvltl•s Unr•stri¢t•d funds R•8lrl¢tod lunds Tot•1 2025 Rough Sleeping Privala Ronng Acces8 SHAP Tgnancy Support HISS Other 267.700 412,236 31,048 192,195 175.9 15,896 1,094.975 31,328 169,503 700,000 299,028 581,739 731.048 192,195 175,900 15.896 900,831 1995.806 Vnrn•trl¢t•d fund R••trlct•d funds Total 2024 Rough Sleeplng Private Renting Access Tenancy Support HISS Other 251,9(N) 497,562 147,160 165.287 5,241 1067,130 31,000 196,041 282.900 693,603 147.160 165,267 5.241 227,041 1,294,171 Page 30
P.A.T.H (PLYMOUTH ACCESS TO HOUSING) LIMrrED Notes to tho Flnancial Statements for the Year Ended 31 March 2025 6 In¢om• from olh•r tradlng activlti•s UnrtrICI0d funds Total 2023 Total 2024 Property ren181 incomg 1,819.657 1,819.657 1,819,657 1.527.070 1.819.657 1,527,070 7 Expgndltur• on charltablo actlvltl•s Unr8strlct•d fundj Doslgnated Gen•ral R•8trl¢tod funds Total 2025 Totsl 2024 Charltable 8ctlvlllo¥ Govornanc8 costs 50,000 2,732,912 1 S,550 279,593 3,062,505 15,550 3,078,055 2,693,901 13,783 2,707.684 2 748 462 279 593 Actlvlty und•rtak•n dlroctty Actlvlty Support costs 1025 2024 Charltsble actltI88 Governance c08ts 3,062,505 3,062,505 15,550 3,078.055 2,693,901 13,783 15,550 15,550 3,062,505 2,707,684 Pago 31
P.A.T.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Notes to Ihe Flnanclal Ststsmonts for the Year End•d 31 March 2025 8 Net Incom• Net incom is stated after chargingl(credlUng)'. 2025 2024 Depr&clation of tangLblg flxed a888ts 52.049 33,393 9 Tru•1 rgmun•ratlon and •xp•nae• No tru8t8es, nor any persons Gonn9¢t vlth them. tt& fec8lved any remun8r8tlon from the charlty durlng tho year. No tru8t8e¥ hav¢ reclved any reimbursed exFenses from tho charity durlng thg yaar. 10 Staff cMt• The aggregat8 payroll co$18 wero as follows.. 2025 2024 Stsff colts durlng th• y••r wor•: Wages and $alade8 Soclal 88curlty 08ts Pen81on co#18 1,234,274 105,189 80,674 1,400,137 1,137,919 93,176 54,036 1,285,131 The monthly average numbèr of p8rson$ {Indudlng senlor man8g¢ment I legder8hlp tsam) omployed by the charlty durin9 the year was a$ follows: 2025 2024 No 52 Avorage head ¢ount of employees No employe8 recelved emolumonls ol more than £60.000 dudng the ygai121)24.' Nll). 11 Audllorn. rornunoratltrn 2025 2024 Audit of the financlal slalem8nts oth•r to 4udltors Accountancy sgrvices All other 8ssur8nG8 servic08 11,640 11.400 1,860 7,500 9.360 1.770 1,770 Page 32
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Notss to the Financlal Ststsments for the Year Ended 31 March 2025 12 Tanglble flx•d assèts Land and Flxtur•$ and bulldlngs ffftlng• Ehctric pool blk•$ Equlpment Total Cost At 1 Awil 2024 Addltlons 1.475.627 756.907 11,754 9,061 118,316 22,197 3.253 1.608,950 788,165 At 31 Mafch 2025 2,232,534 20.815 140,513 3,253 2.397,115 D•prnclation At 1 Aprll 2024 Charge for the ygar 84,832 10.869 114,575 3,253 213,329 44,279 2,943 4,827 52,049 At 31 March 2025 129,111 13,612 119,402 3,253 265.378 N•t book valu• At 31 March 2025 2.103.423 7,203 21,111 2.131,737 Al 31 M8rch 2024 1 390,79S 1,085 3,741 1395,621 13 Inv•*tm•nt• Flx•d t•fm depo•lt• Tot•l Cost or V41uatlon At 1 April 2024 Addltion$ 248 248 At 31 March 2025 3.092 3,092 Not b¢x>k v•luo At 31 March 2025 3.092 3,092 At 31 March 2024 All informatlon shown abov& are held 81 valuatlon. P8ge 33
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Notss to the Flnanclal Statements for the Year Endod 31 March 2025 14 D•btors 2025 2024 Trade debtors Prep8ymenls and accrued Income Othor dgblors 342,881 64,920 7,309 415.170 97.757 29,847 1.960 129,564 15 Cuh and cash •qulval•nt• 2025 2024 948.707 407,911 Cash at bank 10 Cr•dltor•: amounts lalllng du• wlthln on• y••r 2025 2024 Bank and other loan$ Trade credllors Accruals D8f8rrod In¢om8 other credltors Dllapldation prov181on 25,592 56.990 60,181 141.616 63,614 20.000 367.993 15,682 34,853 35,758 42,246 13.720 20,000 162,259 2025 2024 Def8Tred Income 8t 1 Aprll 2024 Resources dèferred In Ihe period ounts releosed from preylous perlod5 Deferred Income ot yew end 142,246) 1353.402> 254,032 1107.223) 123,1491 88.126 141.616 Page 34
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Notes to the Financlal Statements for the Year Ended 31 March 2025 17 Cr•dltors: amounts falllng du• after on• y0JT 2025 2024 Bank and oth6r kJ8n8 782,555 251.343 Wthn bank and other loans18 a bank loan that i¥ secured agalnst the assets to which it relatss and is repayable over 25 years at an Snteresl rale of 7%. In addition lo the security on the loan thera is a debentur8 comprising a fixed and floating ch8rg8 over 011 tha assals and undertaklngs Ibolh present and fuiurel of th8 Borrower. The other loans were made by PFymoulh Clty Coundl. Th888 ara 8ecured over lh8 88$0ts to whlch Is relat8s with onè loan repayable over 15 years at an Sntorast rate of 3Ok. and over 25 years at an Inteiost rat8 of 6.75%. 18 Obllgatlons undgr1ga•o• and hlr• purch••e contract3 The total value of fulurg mlnlfflum1888e payment8 was a8 follows.. 2023 2024 Withln one year In lo flva years (687.8261 839,322 11,527,148) 1457,3181 900,866 1,358,184 19 Pon•lon• and other post r•tlrnm•nt b•n•flts D•flned ¢ontrlbutlon penslon schomg The amount rocognised in income or expendllure as an 8xpgn$e In relation to deflned corrtnbution plans was £60,674 {2024.. £54.0361. Al the 8nd of the year there wo¥ an outstandlng pen8lon credllor of £8,57312024.. £8.9901, 20 Commltm•nts C•pltal commltments The total amount contracted for bul not provld¢d In the flnanclal statements was £817,500 12024 £NII}. Pag8 35
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Notes to the Flnanclal Statsments for tho Year Ended 31 March 2025 21 Funds Balaffi at 31 March 202S Balan¢• at 1 Aprll 2024 In¢omlng ro•ourc Ro$ourc •xynd•d UnrnJtrlct•d fund• 1,043,120 2,922.408 12,748.462) 1,217.066 Dv¥lgn•t•d Property malntengnGe Proparty purthase8 Tot•1 unr••tri¢ted fund• 18,310 292,500 18,310 242,$00 50,000 1,353,930 2,922,408 2,798,462 1.477,876 R•$trlctod fund• Hardshlp Fund MARS Private Rentéd Acc0s8 SHAP Capltal gr8nt 77,316 6,849 84.243 80,636 31,328 169,503 700,000 (84.386} 134,521) {180,686) 93,586 3,656 73.060 700,000 870,282 168,408 981,467 279,593 Totsl fund• 1,522.338 3.903.875 3,078055 2.348,158 Pag8 36
PAT.H (PLYMOUTH ACCESS TO HOUSING) LIMtrED Notgs to tha Flnanclal Statements for the Year Ended 31 March 2025 Balance at 1 Aprll 2023 Balance at 31 March 2024 Incomlng Rosour¢o0 r•$ourc•s •xp•nd•d Transf•r4 Unr••trict•d fund• 1,001,147 2,607,579 1,043.120 2,427,298 138,310 Deslgn4t•a7 PrortY maintenance Property purchase$ 18.310 292.51XS 18.310 292.500 31 D,810 310.810 TotAI uni•8trlct•d lund¥ 1.001,147 2.607.579 2.427.296 172.5ts) 1.353,930 R•strlct•d fund• Hardshlp Fund MARS Prlvate Rented Access Cap4tal Grant 70,257 27,139 64,462 172,500 334,358 59,897 31,000 198,041 (52,8381 {51.290) 1176,260) 77,316 6.849 84,243 172,500 286,938 188,408 280,388 172,500 Total fund• 1,335,505 2,894,517 2,707,684 1.522,338 Page 37
P.T.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Noles to the Flnanclal Ststements for the Year Ended 31 March 2025 Th8 sp8clfic purp080s for whlch the funds aro to be applied are as follows.. Hardtship fund: Hou$ehold grant. b•n•volont funds and donations The Path Hardship Fund is used to provlde small, flexlbl8 grants to cllents fadng Immedlat8 and crltlcal needs-such as food, essentials, ID docum8nl$. rent arrears, or transport-when no other funding option8 are available, helplng them stabilise, access 5grvic88. OT move into accommodation. Mar8 personal budget fund The MARS Personal Budget Fund Is used to provide small, flexib grants for Mars dlents, enabllng them lo meet speclfic neéds or selze opportunities that support their progres¥, wellb¢lng, or roconnectSon th s¢xigty. Prlvato R•nt•d Access These funds are designed to encourage and support landlord$ lo offer accommodallon to vulnerable indivlduals-suGh a$ those wllh complex needs or offendlng hl8tories-by Covering costs Ilke propety Improvements, safety certrflc8llons. tenancy-r¢l81gd expgn86s, and by offering conllngency 8UPPOrt to reduce r18k and promote long-lerm stabillty. SHAP Capltal Grant Provided through the Singlo Homglessng$s Accommodation Programme for the purchase of 12 units of supported accommo(181ion for people with hi8torfe8 of rough 8le6plng, and to provide bespoke and ongoing support for re8ldenl8. 22 Anaty•l• ol n•t ••••t• b8tw••n fund• Unrgstrfcted funds R••trl¢t•d funds Total 2025 TangSble flxed 8ssets Flxed 8886t Inv6slmen18 Current assets Current Ilabllkle8 Cfeditors over 1 year Totsl net assets 2,131,737 3,092 462,409 1367,9931 782,555 2.131,737 3,092 1.363.877 1367,993) 782.555 901,468 1.446.690 901,468 2,348,158 Unre•trlctod funds R•strlctod funds Total 2024 Tangible fixed assets Flx¥U iiiv•J¥iFii¥iIL¥ Current assets Current liabilities Creditors over 1 year Total net assets 1,39S,621 2,844 369,067 1162,2591 2S1,3431 1,353,930 1,395,621 168,408 537,475 1162.2591 1251,343 1,522,338 168,408 Page 38
P.T.H (PLYMOUTH ACCESS TO HOUSING) LIMITED Notes to the Flnanclal Statements for tho Year Ended 31 March 2025 23 Anotysis ot ehanggl In n•1 dobt At 1 April 2024 Fln8nclng ih flows At 31 March 2025 C83h at b8nk arKI in hand Dabl due within on8 yoar Debt due after mora than one year Net debt 407.911 {15,682} 1251.343 540,796 19,9101 531,212 326 948,707 {25.592} 782,555 At l Aprll 2023 Flnanclng cash flow¥ At 31 March 2024 Cash al bank and In harKI Debt due wlthin one year Dgbt due after more than on• year Nel debt 603.836 115,0401 266,887 1195,925) 1642} 15,544 407.911 115,6821 251,343 140.886 321.909 181,023 24 Rocl•••lflc•tlon from prlor y••r In the current finandal year. the ¢harlty untJ8rtook a comprohenslve r¢vlew of Its Income L8ssrficAtlons to 8n5urn they more accurately reflect th¢ nature and scopg of its actlvlUe$. A8 8 result, th8 comparalive figures from the Prior period have been r8clas$ified for ¢omparabllity. wllh Ilerns previously groupéd under general categorie8, roallocated to more specffic ¢lassifi¢atlons. Thg reclasslficalions are reflected in Nolas 4 and 5, The ¢h8rtty have 8180 r8cla5sffl8d one $8vlng$ accounts from Investrnènts to Ca8h. The re¢lassificalSon Is Tefiected In Notss 13 and 1 S. Undèr FRS 102, Iheso chang06 do not constitute a restat8menl a8 thèy do not havè a mal8dal effact on Ihe flnanci81 statements. Page 39