wr Trustees, Report and Accounts 2023 - 2024 The Passage Everyone deserves a place to call home Contents: 1) Trustees, Senior Management and Advisors 2- 3) Chief Executive and Chairfs Statement= Directors, and Strategic Report 4) Our vision, mission, ethos and value5 5) Theory of change model 6) Our impact in 2023124 7) Demographics data for those who supported.. 8) A messag8 from our Experts By Experience Team 9) Review of volunteering 10 - 13) Review of strategic objectives 14 - 15) Striving to achieve Excellence for All 16) Strategic objectives for 2024125 17) Thank yous 18 24) Financial review 25 - 28) Independent Audltorfs report 29) Consolidated statement of financial activities 30) Balance sheet 31) Consolidaled statement of cash flows 32 - 50) Notes to the financial statement Passage 2000 Trustees, Report and Accounts for the year ended 31 Marcli 2024 (Passage 2000- operating as The Passage) The Passage Trustees Senior Mana ement and Advisors Founding Patron: Cardinal Basil Hume | Royal Patron: HRH Prince of Wales | Patron: Cardinal Vincent Nichols Chair of Trustees: Michael Kelly FICRS. FRSA Board of Trustees: Micha81 Kelly FICRS, FRSA (Chair) Christopher Williams (Treasurer, Chair of Finance Committee) Victoria Bevilacqua-Stephen50n Sr Eileen Glancy - resigned 24 January 2024 Kevin Hyland Calvin Lau Alexandria Godwin-Brown Christopher Morris (Chair of Risk and Audit Committee) - resigned 12 December 2023 Roisin Murphy (Deputy Chair) Antonio Orlando Michael Broom (Chair of Risk and Audit Committee) Joanna Hindley Karen Marie Dennehy - appointed 12 March 2024 Claire Wise - appointed 12 March 2024 Sr Margaret Barratt- appointed 18 June 2024 Dr Iram Sattar Company Secretary.. Jane Sandeman Senlor Management Team: Michael Clarke {Chief Executive) Emma Noble {Director of Income Generation and Communications} Jane Sandeman (Chief Operating Officer) Jenny Travassos (Director of Housing and Services) Prlnclpal Bankers: HSBC Belgravia Branch. The Peak, 333 Vauxhall Bridge Road. London. SW1V 1 EJ Solicitors: Pothecary Witham Weld, 84 Eccleston Square, London. SWIV 1 PX Audltors: Sayer Vincent LLP, Invicta House, 108- 114 Golden Lane. London, EC1Y OTL Telephone: 020 7592 1850 1 Fax: 020 7592 1870 | Webslte: www. assa e.or .uk | Email: info Charlty registration number: 1079764 | Company number: 03885593 assa e.or Address: The Passage, St Vincent's Centre, Carlisle Place, London SWIP 1 NL The trustees present their ￿pOrt and the audited financial statements for the year ended 37 March 2024. Refe￿nCe 8nd administrative infom)ation 881 oul on Ihis page forms part of this ￿pOrt. The finanGi81 statements comply with cuffent statutory requirements, the memorandurn and articles of association, the requirem8nls of a directors, and strategic report as requi￿d under comp8ny law, and the Slalemenl offiecommended Pr8cliGe - AccounlFng and Reporting by Charities.. SORP 8ppliGable to charities preparing their accounts in accord8n¢e with FRS 102. Passage 2000 Trustees, Report and Accounts for Ihe year ended 31 March 2024 IP8ssage 2000- operating as The Passage) The Passage I Chief Executive and Chair's Statement: Directors. and Strate icRe The Passage's vision 1$ of a society where street homelessness no longer exists and where everyone has a place to call home. We have now completed year 2 of our 3-year business plan No Going Back. The strategy was informed by our learnings from the pandemic, ensuring that our client-facing seNices are implemented with a sense of urgèncy and focusing in particular on solutions to prevent homelessness. The Passage has continued to develop innovative and creative services that help to prevent and end homelessness for those who come to our doors. This has taken place at a time when we are seeing the highest number of people who are street homeless in over a decade. which is both deeply disappointing and deeply concerning, especially as over half are reported as sleeping out for Ihe first time. Despite this unprecedented rise, The Passage has prevented 844 people from becoming street homeless through our Housing Solutions and No Night Out schemes. This is 326 more pooplp that we have helped than in the previous 12-month period. In our other projects, we have also achieved incredible outcomes, for example, providing routes off Ihe slreet and into sustainable employment. Each service and indeed every aspect of our work across the organisation is aligned to our values, this ensures that everyone using our services experiences the dignity and respect they deseNe. Our pioneering work to evidence the links belween modern slavery and homelessness continues to bring about systemic change and we are now sharing our learnings and best practice with partners internationally. It has also been immensely pleasing to see the real and tangible outcomes in our commitment to Equity, Diversity and Inclusion and quality standards throughout the organisation with the launch of our Excellence for All quality programme. The people who use our services inspire us every day with their courage and resilience. In the last year, our Experts by Experience panel - who help to ensure that our service deliv8ry, slrategic direction and influencing work are delivered with those we support, not to those we support- has gone from strength lo st￿ngth, and we look forward to further developing these projects over the next 12 months, particularly in th8 area of governance. The work of The Passage would not be possible without our dedicated staff and volunteers, who are committed to the art of the possible- being as creative as they possibly Can to help those using our services to achieve positive oulcomes. Furthermore, our supporters and funders, both voluntary and statutory, are critical to all we do., without their support we simply could not run our seNices and we thank them sincerely. As we said earlier, we have seen a significant and rapid increase in the number of people using our services during the last year. In one project alone, we supported over 850 unique individuals in the space of just one month. tangible evidence of the housing crisis that is taking place on our streets. Unsurprisingly these pressures are reflectod in our year-end financial position, with cost5 exceeding income. Despite these challenges, we remain determined to continue providing services that bring hope to Ihose who need hope the most. The final year of our 3-year business plan coincides with the general election and we will press all the more for a radical and evidence-based strategy in England to end homelessness., promoting and scaling-up prevention projects and schemes that make a real and lasting impact. As a society we find ourselves at a crossroad. either do more of the same or seize the opportunity for radical change. We choose change. The Passage is not a political organi5ation, but we are confident in challenging those in power - be it regional or central government - to show real leadership and accountability to drive forward programmes to end homelessness. And we will seek to work collaboratively with them at a strategic and operational level. The Beveridge Report, published in December 1942, recommended a radirAI shift in social policy and a more collaborative approach to address the pressing needs of the time. From this came the welfare state and the NHS. We truly need another 'Beveridge Report moment, in social housing, that lifts aspirations above party polilics and seeks to work together to deliver a new social housing programme in our Country. Passage 2000 Trustees, Report and Accounts for the year ended 31 March 2024 (Passage 2000- operating as The Passa9el The Passage We know what needs to be done to end homelessness., we see it in our services each and every day and we witness the hope that this brings to so many individuals.11 is this sense of hope that, despite the crisis on our streets, shows us how homelessness can be both prevented and ended. If vou believe this too, r)lease loin us in our work to end homelessness and ensure everyone has a place to call home. Michael Kelly, Chair of rtees | Mick Clarke, Chief Executive us Passage 2000 Trustees, Report aiid Accounts for the year ended 31 Maich 2024 (Passage 2000 - operaling as The Passage) The Passage I Our vision mission ethos and values Our vision is of a society where street homelessness no longer exists, and everyone ha5 a place to call home. Our mission is threefold: 1) Prevenl street homelessness by intervening quickly before people reach crisis point. 2) End street homelessness by providing innovative and tailor-made services that act with compassion and urgency. 3) Advocate for those who feel they are not heard by amplifying their voice to bring about real systemic change. Our ethos comes from the teachings and example of St. Vincent De Paul, a Christian and social reformer, who co- founded the Daughters of Charity in 1633. Vincent believed in action rather than words and in hands-on service to vulnerable people. As a Vincentian organisation, The Passage strives to be inclusive, encompassing a diverse and rich culture from wilhin our members, clients, volunteers and staff. Actively working with others across all aspecls of society, seèking to have influence and be an advocate for people who are homeless, The Passage seeks to be a place of hope, aspiration, change and innovation, underpinned by values that reach back over four hundred years. Our values: We assist people who have experienced homelessness to realise thelr own potential to transform their lives. We act with compassion and kindness. We are a voice for change and justice. We build relationships based on trust. We respect each other. We are slraightforward in all our dealings. We believe in practical hands-on hard work. We collaborate across all sectors of society. Passage 2000 Trustees, Report and Accounls for Ilie year ended 31 Marcli 2024 (Passage 2000- operating as The Passage) The Passage Theo of chan e model The Passage is based in the heart of Westminster, providing practical support and a wide range of seNices to help transform the lives of people who are at risk of street homelessness. who are homeless and those who are victims of modern slavery. People strengthen exists.ng and gain new skills. resouices and kn¢wrfleclge •.• They access the entitlements and support that are right br them Happiness 'le1￿1￿j People who use our services help to shape our seNices Idenlilv Relatrensb.ips People experience positive changes Housing Hean We listen to. and provide a platform for people wth tsved experien Each person's joumey is unyue Incorr£ Safely Our work is infom*d by what we hear Choice We bring together partners and deciS￿n- makers to collabrxate based on evidence People thrive in their homes and lives People know where to go for suprKYt needed f(K the future We inform and infltsence public policy and ser4ice ¢Jelivery improvements Passage 2000 Triislees, Report and Accouiits for the vear ended 31 March 2024 (Passage 2000- operating as The Passage) The Passage Our im act in 2023124 We supported 2,146 people who were experiencing or at risk of homelessness in London. Prevention: 844 people were prevented from becoming homeless across the organisation. Accommodatlon: 325 people were helped lo move inlo accommodation. 217 people helped into long-term accommodation. 56 people helped into emergency accommodation. 94 people helped into temporary accommodation. Please note.. some individuals may fall into moTr than one accommodation Gategory Advice and advocacy: 23 people with no eligibility for public funds were helped away from the street. 43 immigration cases were resolved. 46 survivors of modern slavery were supported by our Modern Slavery Team. 84 p8op18 were helped to access benefits and reduce their debts. Engagement and outreach: 501 Outreach sessions completed by our Community Intervention Team. 343 people were received support from our Health and Outreach teams. Educatlon and employment: 329 people were supported by this service across 2,870 interventions. 47 people were helped to secure a job. 106 clients acc8ss8d training with 65 people receiving digital support. 23 clients were supported lo access volunteering. 54 groups sessions were delivered supporting 144 clients. 32 Roma clients were supported to access work or training. 31 people were supported to retain employment across 151 interventions. Passage 2000 Trustees, Report aiid Accounts for the year ended 31 March 2024 (Passage 2000 - operating as The Passage) The Passage I Demo ra hics data for those who su orted Below is the demographic data of those we supported in 2023124, representing those who disclosed this information". Age: 18-24: 29518.99 /0 25-35: 987130.09/0) 36-59: 1624 (49.51010) 60+: 374 (11.280/0) Gender: Male: 1844 (74 /0 Female.. 653 (260/0) Non-binary I transgender.. 3 {0.120/0) Ethnlclty: Asian or Asian British.. 204115.04 %) Black, Black British, Caribbean, or African.. 380 (28.020/01 Mixed or multiple ethnic groups- 7115.240/0) White.. 651 {48.010/0) Other.. 50 {3.69 /0) Please note, this information will be grouped as 2021 c9nsus. 'This data is representative of those who disclosed their age, gender, or ethniGity with our teams. Passage 2000 Trustees, Repoil and Accounts for the year ended 31 March 2024 (Passage 2000- operating as The Passage) A messa e from our Ex erience Team The Experts By Experience team is a group of individuals with a lived experience of homelessness, who work with us over the course of a calendar year across a range of differenl projects. As we move into the new financial year, it presents an opportunity to reflect on the achievement5 of the Experts By Experience {EBE) Project and set out the upcoming direction of co-production work within The Passage. The 2023 EBE team have made a Lsnique contribution to The Passage, supported in progressing the project, and have worked with us to develop and deliver sev8ral exciting projects. Many of these were informed through consultation with other service users, through peer research. At the conclusion of the calendar year, and following the successful advertising. recruitment, and training of new EBE 2024 group, a number of the 2023 tranche are stepplng into further employment or training: JG has secured a full-time paid mle as a Community Health & Wellbeing Worker at The Abbey Centre. EB has secured a paid consultancy ro16 on a project with the Westminster Homeless Partnership. JW is volunteering as a Peer Coordinator role with Groundswell. DH is studying at the Mayor's Acad8my on a Digital programme via the Employment Team. "Being a client of the Passage, it is easy to be tunnel-visioned into believing that all you have to look fO￿ard to, are the services given every day (food, shower etc). My inclusion into the Experts by Experience (EBE) team. came at a time when I was still looking for a place to stay. At times it felt like t17ere was a conflict of interests by attending the sessions. 'Why am I helping someone else if I haveny been able to sort out my own situation ?' However, as time progressed, my EBE involv8ment broke that tunnelled perspective on life and gave me a sense of purpose which I can proudly evidence on my CV. It has also led to me currently work with a private consultant to tackle issues surrounding homelessness in Westminster. This is not, nor has it ever been a not for profit, exercise. I come away with my EBE cohort from the Passage, in the knowledge that I have new fo￿ard-tI11nk1￿g friends to rely on and a lasting feel-good factor that cannot be bought." - The Passage 2023 EBE Cohort The group remain in touch with the project on a consultancy basis and have supported the recruitment and embedding of the 2024 team, which have worked to solidify as a leam and begun co-producing with us. So far, the new EBE 2024 group have: Completed our Terms Of Reference Delivered slaff training on organisation skills. Consulted on Ihe Competencies Framework Delivered Peer Research, speaking to over 40 clients & developing an action plan for managers. Helped develop the staff supervision template. We will Gontinue to work together over the Gourse of the year to help guide and steer our delivery and continue to embed the voice of lived experience in everything we do. Passage 2000 Trustees. Report and Accounts for Ihe year ended 31 March 2024 (Passage 2000- operating as The Passagel The Passage Review of volunteerin Be￿een 1st April 2023- 31st March 2024, 210 people volunteered a total of 13,988.5 hours at The Passage. This shows a 19 % Inc￿aSe compared to the financial year ending on 21 $1 March 2023 (with 11,770.5 hours given}. We received an average of 20 applications per month, totalling 245 for the year. Most applicants found out about volunteering at The Passage through their own web search. The second most common way people heard about it is from current or previous staff members or volunteers which indicates the experience has by those people was good. This year there has been a noticeable increase in the number of people who convert to volunteer5 compared to 22123, 62¥0 of those who applied in 23124 went onto volunteer, which is up from 279/0 in the previous year. New roles have been developed, particularly in the Employment Strategy team where volunteers have supported with: Fitness classes. Digital drop-in sessions. In-work support groups. CV clinics. English conversation sessions. Two volunteer celebration events were held in June and December, attended by approx. 70 guests each. November saw the launch of a new Volunteer Management System, Better Impact, which replaces Salesforce. Volunteers can log in and book shifts and update their details anytime they need lo. Staff with volunteer supervisory responsibility have been trained in how to use it. We have also partnered with Community Payback Scheme run by HM Prison and Probation Service to bring volunteers to our Resource Centre Kitchen. Two participants started to volunteer in the kitchen totalling 51 hours in February and Ma￿h 2024. We saw the Home for Good Community Partnerships and Sunday Social club come to an end in March 2024. Status of Volunteer$ as of 3110312024 35 61 90 240 Applicant Inacliije - fesigend Ina¢ti'ie - moiied Act11ie . Wrthdrawn Inacli'ie - other Inactive - distnissed Inacli'ie - rejected iy Process As Shown in the graph above, the 35 volunteers with a status of 'Other' represents former Home for Good Volunteers whose 'tenure' ended with the closure of Home for Good project. The number of accepted volunteers as of 21103124, is lower than the lotal number of people who volunteered over the course of the entire year as some volunteers have left. Of the 30 people who haven't volunteered- 19 completed the Volunteer Induction in March. 9 have been contacted about booking a shift and have replied saying they will. 2 have booked a shift in April 2024. Passage 2000 Trustees, Repoi-l and Accounts for the year ended 31 March 2024 (Passage 2000- operating as The Passage) The Passage Review of strate ic ob'ectives 1) Evaluate our No Night Out and Housing Solutions Service and share our findings and recommendation5 with the wider sector and centralllocal government. We evaluated the first 12 months of operation of our No Night Out programme using the data and evidence gathered and followed up each case to identify whether anyone had been seen sleeping rough since the intetvention. The evidence demonstrated that of the 101 people who were supported through NNO, only 1 has been seen sleeping rough in London after going through the NNO programme. We have shown the approach works and as we move into our second year of the scheme, we continue to develop the approach to best meet the needs of the people we work with. The outcomes have been shared with wider local and Central governrnent colleagues alongside colleagues in the wider sector of organisations supporting those experiencing homelessness. 2) Ensure that any additional infrastructure requlred to support the delivery of this plan is in place. In 202312024 we invested in our infrastructure to ensure that we had Created resilience to deliver on the current three- year strategy and had capacity for future growth. We developed full cap8Clty in People's Servi¢&s- delivering a comprehensive Learning and Development plan throughout the organisation. We started to develop our Business Partnership model- investing in a volunteer datsbase and enhancing our HR database to enable managers to have more control. We conduded an NCVO review of our volunt88ring offer and have put an action plan in around the recommendations. We developed the IT department. We appointed a Head of IT, two project managers and contracted with a Managed Service provider. This has enabled us to identify key IT projects to deliver and has meant we do not have the risk of a single point of failure, We appointed a Financial Controller at the beginning of 202312024 to supporl the Finance function and have developed a Financial Policy and comprehensive financial procedures to underpin that policy. We increased our Facilities department by an extra post and are continuing to develop how the facilities and maintenance function is proactive rather than reactive. 3) Develop our Steps Home programme. ensurlng sustainable routes off the streels for those using Passage services. Following the comprehensive refurbishment of Passage House and Bentley House, we now have 37 brand new, en- suite rooms in our assessment centre and 20 units of new social housing for people who have long histories of experiencing homelessness. Following the refurbishment. we were delighted to find the outcomes we have achieved with our residents have improved, which demonstrates that providing high quality housing environments positively impacts people's experiences in seNices. As part of this refurbishment. we have further developed Passage Housing Services, our Registered Provider ami, to implement the high standards required of being a registered provider of housing alongside focusing on value for money in managing the accommodation, tenant 5atisfa¢tion, complaints handling and resident involvement. 10 Passage 2000 Trustees, Report and Accounts for the year ended 31 March 2024 (Passage 2000- operating as The Passage) The Passage 4) Continue to develop our quality systems across the organisation (with SMG responsible for the central coordination aGro$$ team51departments), to caplure the impact of our work, support our staff and reinforce our commitment to EDI in every aspect of The Passage. Developing our quality systems forms part of our Excellence for All IEfA) Programme. Overseen by the Senior Leadership Team, the programme provides the ownership and co-ordination needed to successfully deliver quality improvements across every part of the organisation. Each project that makes up EfA aims to improve how we operate so that we are an organisation that continually evaluates, learns and improves. The projects range from updating our Competency Framework to developing a bespoke Intranet. Involving frontline staff, and the people who use our services. we have reviewed and reissued key policies. They provide a robust, values driven framework which provides sufficient guidance to ensure consistently high quality services, whilst still encouraging innovation. Our commitment to Equity, Diversity and Inclusion IEDI) is mainstreamed Ihroughout the guidance we provide staff and we have refreshed and reissued our EDI Policy. Our staff led EDI Group devised and delivered an EDI staff survey to involve everyone in our ongoing work to develop an EDI strategy and action plan. We continue to update and refine our Outcomes Framework to ensure that we are able to evidence the impact of our work. 5) Further develop our work on the links between modern slavery and homelessness, including Sharing the findings of our international mapping work in this area. Human trafficking and modern slavery do not respect borders. this is an international issue. Over the course of the last year, in partnership with DePaul Ireland, we have completed research in Dublin which explored the links between human trafficking and homelessness. This research will be published in April 2025 and has evidenced that there is a link and thal there are clear actions that can be taken to increase the number of survivors who are identified and supported. We also began a research project in New York City in partnership with the Mayorfs Office to End Domestic Abuse and Gender Based Violence. We have completed site visits {including tsking part in a street count), surveys and interviews with partners and look fO￿ard to launching the report in the coming year. Passage 2000 Trustees, Report and Accounts for the year ended 31 March 2024 (Passage 2000 - operating as The Passage) The Passage 6) Continue to develop our internal communications Systems and forums and implement our new external communications and digital marketing stralegy. At the Staff Conference in May 2023, we gathered feedback and ideas for how to improve internal communications and continue building a 'one organisation, culture within The Passage. This was used to inform a number of projects as part of our Excellence for All quality programme, including Internal Communications Content and Updates, Celebration Communications and Staff Networking Events. A key project cU￿entlY under development and to be rolled out in 2024 is the implemenlation of a staff intranet. We established a new Digital Marketing and Communications goveman¢e committee, which first met in June 2023 wtth the purpose of: Sharing knowledge and skills that will help to raise the profile of The Passage and attractlretain new supporters. Supporting and advising with the creation of a new Digital Content strategy. Guiding The Passage to influence decision makers and represent the views of its clients. Supporting a recruitment and stewardship programme for celebrity and high-profile ambassadorslpatrons. Sharing relevant trends, insights and opportunities that could be adopted by The Passage. Ke vements this ear include: An audit to capture feedback about our online presence leading to the development of a new social media strategy and improvements to our website content and user experience. Reviewing the Opiions for a new Email CMS leading to the launch of a new platform resulting in enhanced database integration, improved automation and audience segmentation ready for rolling out supporterjourneys. Development of a new Media Consent Pack in consultation with staff and clients, which we will use lo gather client stories and case studies with their permission, in order to generate authentic and meaningful content for our digital platforms and campaigns. Social Media Strate We have developed a new social media stralegy informed by external benchmarking. expertise from the Digital Marketing and Communications Committee and a compreh@nsiv8 analysis of our current social media performance and content. During the last 6 months, we have lested a range of different post, calls to action and messages to measure audience engagement. The strategy has three clear objectives: 1) To raise awareness of The Passage's services and impact. 2) To help educate both warm and cold audiences about our work and wider homelessness issues whilsl giving our Clients a platform to share their stories and experiences. 3) To engage new supporters through building fruitful relationships with The Passag8 via our online community. We've also clearly identified and agreed how each objective will be measured, some of the key metrics being.. Engagement Rate.. gauging audience interaction and measuring conlent engagement Reach and Impressions.. monitor the reach and impressions of our content to assess our online visibility Follower Growth.. indicating the effectiveness of our strategies in attracting new supporters Click-Through Rates {CTRs)-. measure the effectiveness of our cal1-t(￿a¢t1OnS Conversions: how OUT social media efforts contribute lo specific goals, such as evenl sign-ups or donalions We will monitor our activity on a monthly, quarterly and yearly basis and share these results with the DM & Comms Committee for feedback and to identify where there may be areas for new opportunities or further improvement. Finally, we have identified four key audience personas that we will target using social media. These profiles have been developed based on the people that we know are most likely to be interested and engage with our work, our cause and our sector and they have been reviewed in line with our wider communication objedives for the organisation. 12 Passage 200D Trustees, Report and Accounts for the year ended 31 March 2024 (Passage 2000- operating as The Passage) The Passage I 7) Further develop our co-production work, ensuring we deliver our serrfices with those we support, and not to those we support, further developing the influence of those we work with in our everyday work and decision making. We know that we are stronger and better as an organisation when we involve people with lived experience of homelessness in our decision-making and service delivery. At the core of our Co-production work sits the Experts By Experience {EBE) Group. a team of individuals with lived experience of accessing Passage services. The EBE Group spearheads peer-delivered, co-produced suNeys which, alongside our Client Forums, help to ensure we better understand the needs of the people who use our services and that we factor Iheir voices in our organisational development. Highlights include.. Delivering a project to enable people who currently use our services to volunteer within our Resource Centre Co-producing a Welcome Pack for people new to our service, backed by a weekly induction group delivered by our lived experience volunteers. Launching an art group that is led by a volunteer with experience of using our services. Ensuring that people with lived experience are represented on all frontline worker interview panels Co-producing a social media consent pack to ensure that we provide bespoke choices on how images and stories of our clients. lived experience of homelessness are shared online. We have also supported our EBE members to represent lived experience voices across a variety of extemal platforms, including.. Producing training for Ne￿Ork Rail stsff on how to engage with people who are street homeless. EBE participation in the Westminster Homelessness Partnership co-production steering group. Engagement with DLUHC on policy development that impacts vulnerable people. We are looking to expand our co-production work over the next year. Alongside our current co-production programme, we are focusing on meaningful ways to include lived experience voices in our organisation's governance slruclures and training provision. 13 Passage 2000 Trustees, Report and Accounts for the year ended 31 March 2024 (Passage 2000 - operating as The Passage) The Passage I strivin to achieve Excellence for All The Excellenc8 for All Programme: The No Going Back Strategy sets out a clear vision of the organisation thal we want to be and the societal changes we want to achieve. Our Excellence for All {EfA) Programme supports our staff and volunteers to play a full part in delivering that vision. The programme manages a portfolio of projects that aim to continually improve our working practices. We are building a culture that is supportive, inspiring and resilient. We fo¢used our last Staff Conference on the theme of Excellence for All to ensure Ihat our programme not only reflects our strategic vision, but features the developments that staff felt that they most needed to perform at their bes1.11 incorporates our Quality Programme through which we have continued to develop policies and procedures that support our slaff to deliver innovative services within a clear framework. The programme also brings together projects ranging from developing new appraisal and competency frameworks to building an Intranet to help connecl all our serviGes and teams. The successful implementation of the EfA programme will ensure that all our staff feel confident in their roles, develop their careers and most importantly deliver amazing services with and for the people who come through our doors. Co-production: please see page 8 and page 13 (strategic objective 7). Equity, Diverslty. and Incluslon (EDI): The Passage started a journey in 2022 to embed EDI across the organisation, seeking to better understand the diversity needs of the service users, staff & volunteers, and to ensure that The Passage provides an inclusive and equitable working environment and service for all. In the last year, the EDI Working Group, made of staff from across the organisation, focussed on 3 key areas: 1) ￿PoliC - As part of the QAF Project, the organisalional EDI Policy was reviewed by both the Staff Consultation Group and the EDI Working Group. It was amended following consultation and following recommendations the Working Group developed Best Practise Guides for all 9 of the Protected Characteristics. Whist the decision has been reached since that the Best Practise Guides are not needed within the policy itself, they will be available on Share Point for all slaff to access, enabling the organisation to b8 proactive in our work around EDI, rather than reactive. 2> Staff surve In order to best understand what we are doing well as an organisation and where we need lo improve, as well as what staff learning needs are and who our workforce are, the Working Group developed a staff survey. The survey was announced at the 2023 staff conference in May and Phase 1, focused on demographic data of the workforce, was run in September 2023. It was a great success, with 730/0 of staff completing the survey. The data from this survey was collated and reviewed by the Working Group, and feedback was gathered lo inform how Phase 2, focused on staff experience and leaming needs, would be developed. Phase 2 is due for launch April 2024. 3) ￿Trainin - The EDI Training Module, previously developed by the EDI Working Group and launched on Training Tracker, is now mandatory training for all staff - ensuring a basic knowledge and understanding of EDI and the Equalities Act. The Working Group members have also been actively attending and promoting external trainings related to EDI, which has resulted in staff across the organisation attending a range of specialist trainings on topics such as 'Helping to Identity Adults who may have a Learning Disability,, 'Anti-Racism Training,, 'Roma Prejudices & Realities,, 'Supporting LGBTQI Survivors of Modern Slavery, and 'lntroduction to Gender and Sexuality Diversity., 14 Passage 2000 Trustees, Report and Accouiils for Ilie year enoed 31 March 2024 (Passage 2000- operating as The Passage) The Passage I The EDI Working Group, in collaboration with the Learning & Development Manager, will use the findings from Phase 2 of the Staff Survey to identify the key leaming needs of the organisation related to EDI, and pull together programme of relevant trainings to support this. Other achievements in EDI in 23124.. Following guidance from the Board and Consultation with the EDI Working Group, the term 'equity' has replaced 'equality' in our EDI work. It has been recognised that this better reflects the goals and objectives of the organisation and what we are tying to create in our work around inclusivity. The Drganisation continues to ensure representalion at various EDI Forums and within relevant external networks. In addition to this, the current Chair of the EDI Working Group recently spoke on a panel for Nelsons, one of our corporate funders, for their event on International Women's Day, focused on understanding gender disparity in various sectors, including within homelessness. Following the accessibility audit of the Resource Centre carried out last year, the EDI Working Group have successfully managed to secure funding to install a stair lift in the Resource Centre to ensure that the Winter Garden space is fully a¢¢essib5e to all. With the size of the group and the scope of the work growing. the EDI Working Group are currently in the process of developing clear Terms of Reference and formalising their role within the organisation. The EDI Working Group have completed draft EDI Commitments, based on the organisational values. Once onsulted on and finalised, these will be shared and form a key part of the EDI Action Plan for the coming year. The EDI Working Group will be focusing on the development of the organisational EDI Action Plan this year, as part of the Excellence for All project. At thls early stage the main objectives are yet to be confinrjed, but it is expected that some key aclions that the plan will include will be around addressing the EDI Data Gap for service users, development of EDI Training for Managers, development of the Multi-Failh spaces and the role ofthe chaplain within client services, and further development of the recruitment process. 15 Passage 2000 Tru51ee5' Report and Accounts for the year ended 31 March 2024 (Passage 2000 - operating as The Passage) The Passage i Strate ic ob'ectives for 2024125 The objectives below form the final year {2024-25} of our current 3-year strategy No Going Back. During the next 12 months, we will also develop our new 3-year strategy for the period 2025-28. 1) Implement our Excellence for All quality programme across the whole organisation. 2) Build on the success of our homelessness prevention models to ensure we can intervene with urgency to prevent and and homelessness. 3) Explore new housing options lo increase pathways off the street5. 4) Continue to develop our co-production work and opportunities to embed co-production within our governance structures. 5) Utilise our data and convening power to demonstrate impact, influence policy and informlshare best practice within the sector, locallcentral government and the Homewards initiative. 6) Share evidence and our experience of best practice in homelessness prevention with all main political parties in the build up to the General Election, seeking to inform and influence policy direction and manifesto commilments and to address the current crisis in rough sleeping. 7) Implement our IT Transformation programme. 8} Pilot a seNi¢es and policy consultancy work stream. to further develop our influencing and convening work, inform possible avenues for our next 3-year strategy, and diversify income streams. 9) Continue to develop our work identifying the link between human trafficking and homelessness to generate tangible systemic change. 10) Develop and enhance our digital platforms to further raise brand awareness, amplify client voices and engage existing and new supporters. 16 Passage 2000 Trustees, Report and Ac,counls for the year ended 31 March 2024 (Passage 2000- opei-aling as The Passage) The Passage i Thank The Passage is very fortunate to be supported by many corporate businesse5, trusts, foundations and individuals. We are hugely grateful to them all. The funders listed below have been mentioned due to the Size of their donation. or as a special condition of their support. 31 Group Baker Street Quarter Partnership BlaGkrock Chestertons Foundation Findlay Park Partners LLP Garfield Weston Foundation Government of Ireland,. Emigrant Support Programme Javelin Global Commodities Landsec Manchester Square Partners Nelsons Findlay Park Partners LLP PIMCO Foundation Qube Research and Technologies The Dischma Charitable Trust The Government's Community Organisations Cost of Living Fund The National Lottery Community Fund The Reed Foundation The Story of Christmas Appeal The Thompson Family Charitable Trust The Tompkins Foundation Toby and Regina Wyles Charitable Trust TP ICAP, via ICAP Charity Day Trust for London Tudor UK Foundation Victoria Business Improvemenl District We would like to take this opportunity to thank everyone within The Passage community. From our funders, donors, volunteers, to our staff, events participants. and those raising awareness and changing the narrative that surrounds homelessness - we are twly grate￿1 for your support. 17 Passage 2000 Trustees, Report and Accounts for the year ended 31 March 2024 (Passage 2000 - operating as The Passage) Financial review Financial results for the year ended 31st March 2024 In the cUr￿nt year there was a deficit of £1,678k12023 restated- £3.313k surplus). The surplus in the prior year was primarily generated by the inflow of £4.2m of restricted income which was applied to the capital project of refurbishing Benlley House and Passage House. When examining non-capital, unrestricted income, there was an unrestricted deficit of £533k (2023 restated.. £2k). As seen across the seGtor, there has been a shift in the demand for our services as a result of the ongoing Cost of living crisis. This has also had a knock-on effect on the levels of voluntary income received, with individuals, businesses and trusts and foundations being more mindful of their financial contributions. Therefore, it has been crucial for us to adapt and evolve our services to meet the needs of those we support and alter our expenditure accordingly. Looking ahead we will continue to strategically review our costs and opportunities to diversify our income. Income from charitable a¢tivities - Statutory bodies. grants Statutory income was £2,324k {2023-. £5,228k)- Prior year statutory income included £3.1 m of capitsl grants. An analysis of this income and its uses is in notes 19a and 19b. Slatutory income {8xcluding capital grants} foms 30¢/• (2023.. 260/0) of the total income of Th8 Passage. Expendlture Employment costs made up 640/0 of totsl expenditure in the year (2023.. 60 % ). This was impacted by the high NJC pay award in the year and some reslrucluring costs that will provide efficiencies for future years. Delails of expenditure to deliver our services are given in note 5 of the financial statements. Details of all restricted and unrestricted funds are given in note 19. Fundraising donations and legacles The Passage relies on the generosity of our supporters to help us achieve our vision of a society where street homelessness no longer exists, and everyone has a place to call home. Our supporter5 are at the heart of so much of what we do, and we are truly grateful to the many individuals, companies, trusts and foundations, churches, schools and community groups whose donations make our work possible. Donations (excluding legacies) in the year were £3,219k (2023: £4,484k). £1,122k of prior year donations related to capital grants. Legacy income in the year was £163k12023 restated.. £1.062k}. The cost of raising donations and legacies was £1,164k1£2023'. £955k). After deducting Passage Trading Services expenditure this is £1,016k (2023.. £807k). During FY 23-24 we continued to invest in new staff posts and supporter stewardship to establish a professional team of fundraising and communication specialists that will further diversify and enhance income in a su5tsinable way. 18 Passage 2000 Tru%lees' Report and Accouiils for tlie year ended 31 March 2024 (Passage 2000- operating as The Passage) The Passage Designated funds and reserves The Board is aware of the need to maintsin adequate reserves to fund working capital, ensure that adequate resources are available to avoid disruption to the services for the charity's clients and ensure that the charity's work can be continued into the future. The Board has taken a risk-based approach to develop an appropriate level of undesignaled free reserves. This has been focused on the key risks identified on The Charity's risk register. Income risk.. The charity has varied and reliable sources of funding. However, due to the current Gost-of-living crisis and the unpredictability of legacy income, volunlary income has been identified as a potential area of risk. Thi5 review has produced a figure of £650k to be held in free reserves. lanned ex enditure- The Board wants to ensure that The Charity can reacl effectively and be resilient in the face of an un-expected event or need affecting our clients. An amount of £500k has been decided upon to meet this risk. Ada tabilit Faced with potentially changing funding streams The Charity must have the ability to adapt, re-align and potentially r8- structure at short notice, and with minimal impact on its clients, in order to then Continue effectively within a new model. An amount of £225k has been decided upon to meet thls risk. Informatlon technol The Board wants to ensure continuous investment in IT infrastructure as well as protect against the risk of a cyber breach. An assessment of these risks has produced a figure of £300k. Maintenanc&'. The charity owns property that needs Constant maintenance and periodic refurbishment. As such, the trustees are undertaking a review of the future financial commitment required to ensure that the properties remain in good Condition and fit for purpose. In addition to this a reserve of £250k has been decided upon to meet 8ny urgent unexpected facilities needs to ensure the health and safety of The Charity's clients, staff and volunteers. Tar eted reserves fi £'ooo 650 500 225 Income risk lanned ex tabilit enditure da 300 250 1,925 Facilities Total.. Based on the above The Board believes undesignated free reserves in the range of £1.9m to £2.1 m should be held. There are currently undesignated free reserves (after excluding long-tarm liabilities) of £2,033k. This is within the targeted range. Designated funds are set aside to enable the Trustees to develop specific areas of charitable work. The Board has designated £1m of unrestricted reserves to develop our housing options provision. 19 Passage 2000 Tiuslees, Report and Accounts for the year ended 31 March 2024 (Passage 2000- operating as The Passage) The Passage I Going concern The trustees have set aside a level of reserves to enable us to continue to operate effectively in a changing landscape as well as lo continue to develop and grow the organisation. The unprecedented levels of need for our services and the expenditure challenges due to increased salary costs, restructuring and the Cost-of-Living crisis resulted in a deficit in the year. However, the trustees are confident in achieving the surplus budget approved for next year and the organisalion maintains a steady cash balan¢e. The capital project completed in the prior year has future-proofed key parts of our infrastructure and designated funds have been put aside to continue to cement our resilience. The trustees are confident Ihat we can continue to operate and meet our obligations for the foreseeable future. Governanco and management $tru¢ture Passage 2000 ('The Passage.) is incorporated in England as a company limited by guarantee, Company number 3885593. The company is registered with the Charity Commission, registered charity number 1079764. For Companies Act purposes, the members of the Board of Trustees are the directors of the company. The financial statements Comply with the Charities Act 2011, the Companies Act 2006, the M8morandurn and Article5 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 IFRS 102) (effective 1 January 2015). Board of Trustees and Committees Under the Articles of Association, the election of the Board is in the power of the members of the company at the Annual General Meeting. The Sister Provincial of the Daughters of Charity of St Vincent de Paul {"the Provincial") and the Administrator of Westminster Cathedral ("the Administratorf) are ex officio company members. They each have the right to serve on the Board of Trustees and each to appoint a second member of the Board of Trustees. No member of the Board of Truslees received any remuneration or reimbursement of expenses during the year ended 31 March 2024. The company has purchased insurance lo protect the charity from any loss arising from the neglect or defauFts of its Board of Trustees, employees and agents and to indemnify the Board or other officers against the consequences of any neglect or delault on their part. Five committees advise the Board on.. Client Services Finance Risk and Audit People, Perfomance and Culture. Digital Marketing and Communications They also assisl the Board in monitoring the work of the company in these areas. The Board has adopted a fomial code of good governanGe- Good Governance - A Code for the Voluntary and Community Sector which can be downloaded from the Code Sleerin Grou website. 20 Passage 2000 TrLislees' Repoil aiid Accounts for the year ended 31 March 2024 {P8ssage 2000 - operating as The Passage} The Passage Selection and training of new Board members In line with The Passage's diversity and equality policy and procedure, new Board members are recruited with appropriate skills and back9rounds following a regular assessment of the experience of current Board members and the areas in which additional expertise is required. New members of the Board and its Committees see all aspecls of the work of The Passage at first hand and have one-to-one meetings with senior employees. All Trustees are encouraged to undertake training, where necessary, to enable them to discharge their responsibilities more effectively. Subsidiary companles Passage 2000 has two fully owned subsidiary companies. Passa e Housin Services (PHS) is a company limited by guarantee, company number 9337431, charity number 1161696. and a registered provider of social housing number 4842. Passa e Tradin SeNices {PTS) is a company limited by shares, company number 9874011. PTS commenced trading activities in support of Passage 2000 in 2016117. The main activity of Passage Trading is the operation of Cathedral View conference venue. located within St Vincent's Centre. Other Information Public benefit statement The Truslees confirm that they have complied with their duty under sections 4 & 1715) of The Charities Act 2011 to have regard to the public benéfit guidance published by The Charity Commission. This report includes a detailed description of the activities undertaken by the charity during the year to further its charitable purposes for the public benefit. The Board ha5 referred to the Charity Commission's guidance on public benefrt when reviewing its strategy and objectives, and in planning The Passage's future activities. The assistance given to people who are homeless is proportionate to their needs. All members ofthe Board, Committees and senior employees complete an annual conflict of interest declaration. The Board has referred to the Charity Commission's guidance on public benefit and has planned The Passage's activities to avoid the granting of any private benefit olher than one that is purely incidental to carrying out The Passage's objectives. The Board believes it has followed the Charity Commission's guidance in this area. Relaled parties The subsidiary companies Passage Housing Services and Passage Trading Services are both related parties. The Administrator of Westminster Cathedral and the Sister Provincial of the Sisters of Charity of St Vincenl de Paul, by virtue of their right to board membership and to each appoint a board member are also both related parties of the company. Full details of transactions and balance5 With these related parties are shown in note 9. 21 Passage 2000 Trustees, Report and Accounts for Ilie year ended 31 March 2024 (Passage 2000 - oper3ting as The Passage) The Passage I Pay policy for senior employees The Board of Trustees delegate responsibility for the day-to-day operations of the charity to the Chief Executive and Senior Management Team. The pay of senior staff is reviewed annually, and any increases are applied in line wilh the cost of living applied as part of Ihe NJC salary scale. The Director5 benchmark against pay levels in other similar charities. Trustees and Committee members give their time freely and none have received remuneration or reimbursement of expenses in the past year. Safeguarding of vulnerable adults The Passage has a safeguarding policy regarding vulnerable adults. The organisation tskes responsibility for identifying, preventing. investigating and responding to all allegations or incidents of abuse. If clients believe that they are subject to abuse of any kind, they are encouraged to speak to a member of staff or volunteer at the project, or to an external advocate. Risk assessments. needs assessments and support plans are implemented and agreed with clients, are reviewed on a regular basis, and are recorded and kept on file at the project. In addition, risk assessmenls that relate to all forms of abuse that may occur, detsil potential risks to staff and volunteers, and to clients who use the service. The Passage's recruitment and selection process aims to ensvre thal those short-listed and selected for job vacancies have the skills and experience that are relevant to the posts. Suitability is tested by means of an application form. and a formal interview with a panel of at least senior membèrs of staff. The Passage obtains Disclosure and Barring Service (DBS) checks on all staff members or volunteers who may be working with clients in unsupervised contexts. Living wage The Passage is an accredited London Living Wage Employer under a sch8m8 organised by the Living Wage Foundalion. Fundraising Regulator The Passage is registered with the Fundraising Regulator. We follow the Code of Fundraising Practice guidelines on best practice and are compliant with current data protection legislation. The safety and appropriate use of supporters, data is important Io us and we will never share or sell personal details to another organisation for their own use. We have not received any fomal fundraising complaints in the past financial year and there have been no fundraising compliance issues. All our fundraising activities are Carried out in-house by a team that is employed directly by The Passage - for some activities such as direct mail appeals we work with a specialist direct mail agency. We do not Use professional fundraisers or commercial participators to fundraise on our behalf. Our staff and any agencie5 or consultants that we use are expected to follow the slandards in the Code of Fundraising Practice which forms part of their induction programme as well as monthly reviews. We do receive support from volunteers who assist with public colledions or collections at Passage events and they follow the required slandards with regard to handling donations. We follow the Code of Practice guidelines in relation to the fair treatmenl of all donors to ensure that they can make an informed decision about their support. We take into account the needs of any possible donor who may be in vulnerable circumstances. Our policy, as per the Code, is to return any donations to a supporter that may not have the capacity to make an informed decision. This practice is also in line with The Passage's own values. 22 Passage 2000 Trustees, Report and Accounts for Ihe year ended 31 March 2024 (Passage 2000- operating as The Passage) The Passage I Principal risks and uncertainties The Board of Trustees regularly assesses the major risks to which the company is exposed. The systems established to mitigate those risks are periodically reviewed to ensure that they conlinue to meet the needs of the company. The Risk and Audit Committee meets regularly and reviews in greater detail the risks to which The Passage is exposed and the approach of the senior management team lo mitigate such risks. A risk register highlighting high, medium and low risks is maintained and regularly reviewed- Ihis is a vital tool in risk management. A risk-based internal audit approach is in operation. Key risks have been identified and mitigated within the reserves policy. Other mitigations include regular budgeting, forecasting and internal policy revièws. Another key risk relates to the storing of confidential information. This is mitigaled by having a strong GDPR policy in place which is regulady reviewed and ensuring that all staff are trained on how to handle such data. Statement of Trustees, responsibilities The Trustees (who are also directors of Passage 2000 for the purposes of company lawl are responsible for preparing the Trustees, report. including the Strategic Report, and financial slatements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice). Company law requires the Trustees to prepare financial statements for each financial year that give a tnje and fair view of the slate of affairs of the charitable company and group, and of the incoming resources and application of resources, including the income and expenditure of the charitable company and group for that period. In preparing these financial statements. the Trustees are requir8d to- Selecl suitable accounting policies and then apply them consistantly Observe the melhods and principles in the applicabl8 Statement of Recornmended Practice (Accounting and Reporting by Charities} (the Charities, SORP) Make judgemenls and estimates that are reasonable and prudent state whether applicable UK Accounting Standards and stalements of recommended practice 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 in operation. The Trustees are responsible for keeping proper and adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company. and enable them to ensure that the financial statemenls comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and, therefore, for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the Trustees confirms that.. So far as the Trustee is aware. there is no relevant audit information of which the Gharity's auditor is unaware; and The Trustee has taken all the steps that helshe ought to have taken as a Trustee to make himselflherself aware of any relevant audit information, and to establish that Ihe charity's auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's websile. Legislation in the United Kingdom governing the preparation and dissemination of financial stalements may differ from legislation in other jurisdiGtions. Members of the charity guarantee lo contribute an amounl not exceeding £1 to the assets of the charity in the event of winding up. The lotal number of such guarantees at 31.3.2024 was 13 {2023-13). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interesl in the charity. 23 Passage 2000 Trustees, Repori aiid Accounts for the year ended 31 March 2024 (Passage 2000- operating as The Passage) The Passage Signed on behalf of the Board Michael Kelly, Chair of Trustees Approved by the Board on 24 Passage 2000 Trustees, Report and Accounts for the year ended 31 March 2024 (Passage 2000 - operating as The Passage) The Passage Inde endent Auditor's re ort Independent auditor's r8port to the members of Passage 2000 Oplnlon We have audited the financia5 slatements of Passage 2000 (Ihe 'parent charitable company,) and its subsidiaries (the 'group') for the year ended 31 March 2024 which Gomprise the consolidated and parent charitable company statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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- Give a true and fair view of the stste of the group's and of the parent charitable company's affairs as at 31 March 2024 and of the group's and parent charitable company's incoming resourc8s and application of resources, including its income and expenditure, for the year then ended Have been properly prepared in accordance wilh United Kingdom Generally Accepled Accounting Practice Have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011 Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUK}) and applicable law. Our responsibilities under those standards are further described in Ihe Auditorfs responsibilities for the audit of the group financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements thal are relevant to our audit of the financial statements in the UK, including the FRC'S Ethi¢al Standard, and we have fulfilled our other ethical responsibilities in a¢Gordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions ￿lating to golng concern In auditing the financial statements, we have concluded that the trusteas, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any malerial uncertainlies relating to events or conditions that, individually or collectively, may cast significant doubt on Passage 2000's ability to continue as a going concern for a period of at leasl Iwelve months from when the financial stalements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going con¢em are described in the relevant sections of this report. Other information The other information comprises the information included in the trustees, annual report, including the strategic report. other than the group 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 group 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. 25 Passage 2000 TrLislees' Report and Accounts for Ihe year ended 31 March 2024 (Passage 2000- operating as The Passage) The Passage Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of th8 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparenl material misststements, we are required to determine whether this gives rise to a material misstatement in Ihe group 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 Ihat fact. We have nothing lo report in this regard. Opinions on olher matters prescribed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audit.. The information given in the trustees, annual report, including the strategic report, for the financial year for which the financial stat8ments are prepared is consistent with the financial statements The trustees, annual r8POrt, including the strategic report, has been prepared in accordance with applicable legal requirements Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have nol identified material misstatements in the trustees, annual report, including the strategic report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if. in our opinion.. Adequate accounting records have not been kept by th8 parent charitable company, or returns adequate for our audit have not been received from branches not visit@d by us., or The parent charitable company finanGial 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. Responsibllltles of trustees As explained more fully in the statement of trustees, responsibilities set out in the trustees, annual report, the trustees (who are also the directors of the parent Charilable company for the purposes of company law) are responsible for the preparalion of the financial statements and for being satisfied that they give a true and fair view, and for such intemal 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 trustee5 are responsible for assessing the group's and the parent charitable company's ability to continue as a going conGern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee5 either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed auditor under the Companies Act 2006 and seclion 151 ofthe Charites Act 2011 and report in accordance with Ihose Acts. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenl, whether due to fraud or error, and to issue an auditor's report that includes our opinion. 26 Passage 2000 Ti uslee5' Report and Accounts lor Ilie year ended 31 Maich 2024 (Passage 2000 - operating as The Passage) The Passage Reasonable assurance is a high level of assurance, but is not a guaranlee that an audit conducted in accordance wilh ISAS (UK) will always detect a material misstatement when it exists. Misstalements can arise from fraud or error and are considered material rf, 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 are set out below. Capablllty of the audit in detectlng Irregularltles In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- Compliance with laws and regulations. our procedures included the following.. We enquired of management, and the audit and risk committee, which included obtaining and reviewing supporting documentation, concerning the group's policies and procedures relating to.. Identifying. evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance: Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud; The inlernal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the group operates in. focusing on those laws and regulations that had a material 8ff8Ct on the financial ststements or that had a fundamental effect on the operations ofthe group from our professional and sector experience. o We Communicated applicable laws and regulations throughout th8 audit team and remained alert to any indications of non-compliance throughout the audit. We reviewed any reports made to regulators. We reviewed the financial 5talemenl disclosures and tesled these to supporting documentation to ass8SS compliance with applicable laws and regulations. We performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due lo fraud. In addressing the risk of fraud through management override of controls. we tested the appropriateness ofjournal entries and other adjustments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significanl transactions that are unusual or those outside the normal course of business. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more thal compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of inslances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further descriplion of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description forms part of our auditor's report. 27 Passage 2000 Trustees, Report and Accounts for the year ended 31 March 2024 (Passage 2000 - operating as The Passage) The Passage 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 and section 144 of the Charities Act 2011 and regulations made under section 154 oflhat Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to slate 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 opinion5 we have formed. Judith Miller, Senior statutory auditor for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON. EC1Y OTG 23 October 2024 Say8r Vincent LLP is eligible to act as auditor in terms of section 7 212 of th& Companies Act 2006. 28 Passage 2000 Tru5tees' Report and Accounts for the year ended 31 March 2024 (Passage 2000 - operating as The Passage) The Passage Consolidated statement of financial activities Re5taiEd 2023 Trrtal 2024 Totsl Re5taied Unrestricted UnTe5tri£tÈd Restri£¢ed e5triited Noie Intom• ltsm: Donariofts and legacles 2.795.559 586.217 3.311.776 3.702,154 1.843.847 5.546.001 CFaDf5 frown 5raiutory bod*s ArEommodaEiDn and oievention proiec15 Other +niDme orhec trad¢ng actiYitlf5 Invesimenis 2.323.968 2,323.988 1.129,529 1 #6.837 457.72$ 36,S61 7.516.410 5.228,455 5.228.455 868.925 1.129.529 186.831 451.725 36.561 868,925 42,251 59,J71 16.631 16.631 4.606.205 Z.910,20S 5.041.513 7.131.673 Ewdltur• on.. Raising funds Charitable actNirie5 Pa55age Resourie Ceniie ccommodation and preventipn prajeas Depreci3iion 1.164.367 1,164,367 954.S04 954.504 1.908.OQ7 2.081.621 106.497 586,748 2.404,7915 1.063,907 2.494.755 4.486.41 S 1.170,404 2.054.506 1.896.046 98.822 464,083 2.470,273 918,724 2.518.590 4.366.319 5,260.493 4.055.449 9.315.942 S.003,877 3.853,081 8.856.958 Nlt Inc¢m• I l•xpwthirn) forth• y•v 1654.2881 11.799.531) 37.636 3.278.592 3.316.228 Transfers be￿etn funds 136.000 36.QOO Plei Income I (expwwm￿r1￿ bth oth•r g•tn$ 4hd knis¢s 1654.2881 11.799.531) 1.6J6 3.314.592 J.3 16.228 Othef 9ains I I￿SSes1 121.194 1533.094i (1.67&338) 3.314.592 3.312.703 R•¢tyKIIWn olfvnds.. Toial fund5 brought forward 22 6.269.661 21.912.783 2&i 02,H4 6.271.550 18.598.191 24.869.741 lundi carr￿ lor*wd 5.736.568 20.767.Si9 26,504.107 6.269.661 21.912,783 28.182.444 All of the above results are derived from continuing activities. Th8re were no other recognised gains or losses Other than those stated above. Movements in funds are disclosed in Note 19a to the financial ststements. 29 The Passage 1 w; Passage 2000 Trustees' Report and Accou11ls fo1· the year ended 31 March 2024 (Passage 2000 - operating as Tl1e Passage) ## **Balance sheet** > Company number: 03885593 I Charity number: 1079764 |||**The group**|**The group**|**The charity**|**The charity**| |---|---|---|---|---|---| ||||Restated||Restated| |||**2024**|2023|**2024**|2023| ||Note|Note
**£**|**£**||£| |**Fixed assets:**|||||| |Tangible assets|11|**23,597,684**|24,518,218|**22,248,787**|23,135,699| |Investments|12|**1,162,413**|741,219|**1,162,513**|741.319| |||**24,760,097**|25,259.437|**23,411,300**|23.877,018| |**Current assets:**|||||| |Debtors|1 5|**870,093**|1,163.559|**863,939**|1,223,313| |Cash at bank and in lland||**1,957,365**|2.804,734|**1,876,852**|2,700,704| |||**2,827,458**|3.968.293|**2,740,791**|3,924.017| |**Uabllltles:**|||||| |Creditors:amounts falling due within one year|16|**(755,948)**|(652,286)|**(660,886)**|(564,622)| |**Net current assets**||**2,071,510**|3,316,007|**2,079,906**|3,359,395| |**Total assets less current llabllltles**||**26,831,607**|28,575,444|**25,491,205**|27.236,413| |Loans to Subsidiaries|15|=||**722,288**|722,286| |Creditors:amounts falling due after more than one|||||| |year|16|**(327,500!**|(393,000)|~~|=| |**Total net assets**||**26,504,107**|28.162.444|**26,213,493**|27,958,700| |||a|rc||| |**Funds:**|19a||||| |Restricted income funds:|||||| |Capital funds||**20,566,581**|21.630.488|**20,566,581**|21,630.488| |Other funds||**200,958**|282,295|**200,958**|282.295| |Total restricted funds||**20,767,539**|21,912.783|**20,767,539**|21,912,783| |Unrestricted income funds:|||||| |Designated funds||**4,031,102**|2,200,362|**4,031,102**|2,200,382| |General funds||**1,705,466**|4,069,279|**1,414,852**|3,845.535| |Total unrestricted funds||**5,736,568**|6.269,661|**5,445,954**|6,045,917| |**Total funds**||**26,504,107**
oe|28.162.444
OOSeee|**26,213,493**
eee|27,958,700
eee| Approved by the trustees on 24 September 2024 and signed on their behalf by **Michael Kelly,** Chair of nustees 30 Passage 2000 Trustees, Report and Accounts for the year ended 31 March 2024 (Passage 2000- operating as The Passage) The Passage Consolidated statement of cash flows Restated 2023 Note 2024 C•sh from operatlng actmlles Net Income lexpenditurel fol the reporrincj period las per the statement of financial aaivitie51 Depreciarion charges L055 on disposals of fixed assets Intere5r Income Ilncrea5el,'decrease in debtor5 Increase 'ldecrea5el In cfediior5 (1.799,531) 3,316,228 1.170.404 761 .068 256.478 116,631 69.501 1947.199 (36,561) 293,469 38,160 Net ush provlded ty l (used In) operatlng •ctMdes (334,060) 3,591,914 Cash from Inv•stlng acil¥ltl•s' Dividends. interest anc¢ rents from Investment5 Purchase of fixed a55ets Purchase of Investments 36,561 (249.870) (3(10.000) 16.631 15,447.3361 I i 00.0001 Net cash l (used In) Invutlng ￿￿leS 1513,309) 15.530,7051 Charffje In ruh and c•sh eqUIv￿Qnts In the y 1847,369) 11.938,791 Cash and cash equivalent5 at the beginning of The year 2,804.734 4.895.994 C•sh and cash equlvalents at the end of th¢ 1,957,365 2.804,734 Anthsls of ruh Ind cash ¢qul¥alents and of nrt d•bt Other non" At 31 Marth cash 2024 changes Restated at I Agril 2023 Cash flow5 Cash at bank and In hand 2.804.734 1847,3691 1,957,365 a T for the year 47.595 89,735 Funds brought forward 218.012 128.277 Total fund5 &*rrl*d fornArd 265,607 218,012 The aggregate of the assets. liabilities and reserves was.. A55et5 692.338 (426,731 > 696.706 1478,6941 R¢xrv•s 265,607 218.012 42 Passage 2000 TrLislees' Repoi't aiid Accounts for the year ended 31 March 2024 IPassage 2000- operating as The Passage) The Passage The charity owns the whole of the issued ordinary share capital of Passage Trading Services Limited. a company registered in England. The company number is 09874011. The registered office address is St Vincent Centre, Carlisle Place, London SW1 P 1 NL. The subsidiary is used for non-primary purpose trading activities. All aclivities have been consolidated on a line by line basis in the statement of financial activities. Available profits are distributed under Gift Aid to the parent charity. A summary of the results is shown below.. 2024 2023 Tufnovei Expendlture 250,114 (165.306) 150.608 Gross prDfft111055) Interest on loan payable ro parent undertaking 84,808 (45,455) 9.290 125,6661 Profft l (loss) on ordlnary actMile$ before taxatlon Taxaiion on profil on ordlnary activities 39.354 116.3761 3,309 (6.658> Profft l (loss) for the flnancl•l year 42,663 123.0341 Retalned earnlngs Toral retained earnings brought forward Profit I Ilossl for the financial year Disiribution under Gift Aid io parent charity 5,733 42.663 (42.663) 28.767 123.0341 Total retalned earnlDgs carrfed forward 5,733 5,733 The aggregaie of the assets, liabilities and reserves was.. Assets 779.365 (773,532) 818,305 1812.4721 Reserves 5,833 5.833 Amounts owed to the parent undertaking are shown in note 15. 14) Parent charlty The parent charitys gross income and the results for the year are disclosed as follows.. Restaied 2023 2024 Gr055 income Result for ihe year 7.412,749 (1.74S,207> 11.956.922 3.246,003 43 The Passage 5 % Passage 2000 T1·ustees' Report and Accounts fo1· the year ended 31 March 2024 (Passage 2000 - operating as The Passage) ## **15) Debtors** |**15) Debtors**||||| |---|---|---|---|---| ||**The group**|**The group**|**The charity**|| |||Restated||Restated| ||**2024**|2023|**2024**|2023| ||**£**|£|**£**|**£**| |Trade debtors|**33,439**|22.833||| |Other debtors|**284,570**|191,986|**284,570**|191,986| |Amounts due from subsidiary undertakings||-|-|88,215| |Prepayments|**212,632**|133,488|**207,166**|127,860| |Accrued income|**280,998**|780.157|**280,998**|780,157| |Sundry Debtors|**58,454**|35,095|**91,205**|35,095| |**Debtors over one year:**||||| |Funding advance to Passage Trading Services Limited|||**722,288**|722,288| ||**870,093**|1,163.559|**1,586,227**|1,945.601| ## **16) Creditors: amounts falling due within one year** ||**The group**||**The charity**|| |---|---|---|---|---| ||**2024**|2023|**2024**|2023| ||**£**|**£**|**£**|**£**| |Trade creditors|**127,313**|98,563|**125,391**|96,743| |Taxation and social security|**155,826**|1I9.102|**142,439**|108,936| |Pension contributions|**41,342**|32,287|**41,055**|32,346| |Other creditors|**70,985**|70,226|**5,485**|4,303| |Accruals|**355,240**|327,434|**346,516**|319,294| |Deferred income (note 1 7)|**5,241**|4.674|-|3,001| ||**755,948**|652,286|**660,886**|564,622| Creditors greater than one year comprises amounts due for the buyback of the lease on Bentley House of £327,500 (2023: £393,000) and is repayable over 9 years (until 2030) in equal instalments each year. The value of one annual payment, £65,500, is included in Current Creditors (2023: £65,500).The value of one annual payment, £65,500, is included in Current Creditors (2023: £65,500). ## **17) Deferred income** Deferred income comprises funds in advance from Housing benefits and room hire paid in advance. ||**The group**||**The charity**|| |---|---|---|---|---| ||**2024**|2023|**2024**|2023| ||**£**|**£**|**£**|**£**| |Balance at the beginning of the year|**4,674**|19,051|**3,001**|11,625| |Amount released to income in the year|**(4,674)**|(19,051)|**(3,001)**|(11.625)| |Amount deferred in the year|**5,241**|4.674|-|3,001| |Balance at the end of tl1e year|**5,241**|**4,674**|=|**3,001**| 44 Passage 2000 Trustees, Repoft and Accounts foi- the year ended 31 March 2024 (Passage 2000 - operating as Tlie Passage) 18a) Analysis of group net assets between funds (current yearl Genefal unrestricted Deslgnated funds Resirictetl funds Total funds Tangible fixed assers Investments Net current assets Long term liabilities 3.031 102 20.566.5 82 23,597.684 1,162,413 2,071,509 1327.4991 1 162.413 870.5S2 132 7,4991 1.000.000 200.957 N•t ass•ts at 31 March 2024 7,705,466 4.031,102 20,767,539 26,504,107 18b) Analysls of group net assets between funds (prior year, restated) General unrestrlcted Designared funds Restricted funds Total fund5 Tangible fixed assets Investments Net current asseis Long (erm liabiliiies 2.731,348 741.219 989.712 1393.0001 156.382 21.630.488 34,518.218 741.219 3,316,007 (393,000) 2.044.000 282.295 Not assets at 31 Much 2023 4,069,279 2,200,382 21.912,783 28.182,444 45 Passage 2000 Trustees, Repoil and Accounts for the year ended 31 March 2024 (Passage 2000- operating as The Passage) The Passage 19a} Movements in funds (current year) Restated Expenoiiure & losses At l April 2023 Income & gains Transfers At 31 March 2024 Restrlcted funds.. Advice & Advocacv Health & Wellbeing Prime Services Prlvate Renied Sector Home for Good No Nighi Oui Co- Production Rough Sleeping Team Pa55a9e House Montforr House Modern Slavery We5rminster Housin9 Project Employment and tralning Reseitlement Community Intervention Team Prevention and parinership Other statutory 9rants OtheT resiricied funds 8ulldlng fvnd: St Vincent's relurbi5hmeni Passage House and Bentley House rel St Vincent's Centre General Building developmeni fund Passage House Passage Re50urcÈ Cenire 50,000 76,373 21.490 30,000 9,790 67.000 196.9991 174.5431 1143.1841 130,0001 15 3.4661 11 0.0001 130.000 20.001 1,830 122.694 50.000 46.523 i 0.000 30.000 50,000 2.847 27,000 5.000 27,000 15161 8.568 5.841 18.5681 191.7551 158.000 72,086 3.225 74.098 13.2251 1139.S881 12.306.837) 12.8621 66,500 2.323,988 3.500 I,oio 17,157 3,549 2,911 9.020.205 6.867,141 3.9410.493 914.253 846,414 41,982 271.8821 1757,5701 117.9771 8,748,323 6,109.571 3,922.516 914,253 832.869 39.049 113.5451 12.9331 Total restrfcted fvnds 21.912,783 2.910.205 14,055.4501 20.767.539 Unrestrlcted fvnd5: Deslgnaied fund5'. Equlpmeni Housing Option5 Development Infrastructure Developmeni Fixed Asseis 156.382 1.800.000 244.000 117.5701 180.0001 1800,0001 192.7001 2.909,918 58,812 1,000.000 147,451 2,824.839 13.8491 185.0791 Total desi9naied funds 2,200,382 1106.4981 1.937.218 4,031.102 General funds 4.069.279 4,606.205 15.032.800) 11,937.2181 1,705,466 Total unrestrlcted funds 6.269.661 4.606.205 15.139.298) 5.736.568 ToTal fvnds 28.182.444 7,516,410 19,194.7481 26.504,107 The narrative to explain the purpose of each fund 15 given al the foot of the note below. 46 Passage 2000 Trustees, Report and Accounls for tlie year ended 31 March 2024 (Passage 2000 - operating as The Passage) The Passage 19b) Movements in funds {prior yearl Restated Expenditure & losses At l April 2022 Income & gains Transfers At 31 M•rch 2023 Kestrlcted funds., Immi9ration Advice & Advocacy Healih & Wellbeing Prime Setvices Privaie Renied Secror Home for Good Rou9h Sleeping Team Passage House Monifori House Modern Slavery Wesiminsier Housing Project Employmeni and rraining Resetilement Move On Community Intervention Team Preveniion and partnership Oiher siatutory grant5 Othei re51ricied funds Bulldlng fund.. St Vincent's refurbishmeni Passage House artd Bentley House rel Si Vinceni's Centre General Building developmenl fLbnd Passage House Passage Resourie Centre 719 17191 17,0001 136.62 71 114,8731 57.000 77,000 36.363 30.000 45,610 so,000 76,373 21.490 30.000 36.000 39,571 5.000 14.657 175.3911 15.0001 114.6571 15.0001 5.000 32,007 50,000 2.009 17.250 89.650 140.689) 1133.8091 12.009) 8,568 5.841 37.080 52.964 263.916 170.000 2.112.455 5.000 1297.7711 1148.8661 12.112,4551 139.4911 3.225 74,098 37.402 2,911 9.291.492 3.001,500 3.958.470 914.253 1.119,085 41,982 1271.2871 1356.7891 117,9771 9,020,205 6.867,141 3,940.493 914,253 846.414 41,982 4,222.430 1272.6711 Total rtstrltted funds 18.598.191 7.131,673 13,853,081) 36.000 21,912,783 Unrestrfcted fvnds: Designaied fund5. Funding Contingency Si Vinceni'5 refurbishment Equipment Strategy investment COSt5 Housing Options Development Infrasiructure Development 1.750,000 2.012.999 171,460 187.455 11 , 750.0001 (1.562.327) 115.0781 1187.4551 1.800,000 244,000 1450,6721 156,382 1,800,000 244,000 Total designated funds 4.121.914 1450,6721 11.4 70.8601 2,200.382 Genernl funds 2.149,636 S.041,513 14,5 56.7301 .434.860 4,069.279 Total unrestrlcted funds 6,271,550 5.041,513 15,007.4021 136,0001 6,269.661 Totsl funds 24.869, 741 12.173.186 18.860,4841 28,182,444 47 Passage 2000 Trustees, Repori aiid Accounts for the year erided 31 March 2024 (Passage 2000 - operating as The Passage) The Passage Pur oses of restricted funds The St Vincent's Refvrbishment Fund Represents payments contributed by developers to The Passage for the refurbishment of St Vincent's Centre, plus interest earned on this fund. The Passage House and Bentley House Refurbishment Fund - Represents donations made specifically for the refurbishment of Passage House and Bentley House. The St Vincent's Centre Building Fund - Represents donations and grants made towards the cost of purchasing and improving Sl Vincent's Centre in respect of works completed before the current rafurbishment. The General Development Fund - Represents donations and grants made towards the cost of purchasin9 and improving St Vincent's Centre in respect of works completed befor8 the current refurbishment. The Passage House Fund - Consists of the historical cost of Passage House to The Passage Trust. less accumulated depreciation and loss on disposals to 31 March 2023 (including the Lily Ann & William Wiggins Fund of £146,045, which the donor agreed could be used for this purpose), and grants payable to the company to develop Passage House. The Passage Resource Centre Fund - Represents a legacy received by The Passage Trust for use in the Resource Centre, given to Passag8 2000 for the development and maintenance of the R8sourGe Centre. All other restricted fund balances represent donations and grants received or receivable during the year to support the running of specific projeds, which have not been entirely spent by the end of the year. Restricted fundin inGludes the followin rants-. Westmlnster City Council Passage House Grant- Funding to provide specialist triage, assessment and resettlement housing related support for people who were identified as new to rough sleeping in Westminster. Montfort House Grant- Funding to provide specialist housing related support for people with a history of rough sleeping in Westminster. Bentley House Grant- Funding to provide specialist housing related support for people with a history of rough sleeping or acute mental health issues in Westminster. Newman Street Grant - Funding to provide on-site support to residents in temporary accommodation. Private Rented Sector Advice Grant- Grant to employ a staff team giving advice and assistance to homeless people to access private rented accommodation and related resettlement cosls. No Night Out Grant- Funding to provide prevention of homelessness advice, support and resettlement. Modern Slavery Grant- Funding towards a service to identify and support people who are homeless and survivors of modem slavery and trafficking. Housing Solutions Setvice Grant- Funding for prevention aGtivity. advice arsd assisiance for people at risk of or who are currently homeless. Irish Government-Department of Foreign Affairs - Funding to employ a worker lo co-ordinate the Resource Centre's services to Irish clients and to research their needs. 48 Passage 2000 TrLislees' Report and Accounts tor the yea.. ended 31 March 2024 IPassage 2000- operaling as The Passage) The Passage oses of desi nated funds.. Funding Contingency Fund Ensures that adequate resources would be available to maintain seNices lo beneficiaries in the short-term, having regard to seasonal fluctuations in income and the company's exposure to possible variations in future grant levels from major funders. It was not necessary to draw on this reserve during 2022-23. The trustees have made the decision to transfer this fund to new designated funds and unrestricted reserves. St Vincent's Refurbishment Fund - Designated for future major cyclical maintenance of St Vincent's Centre and towards any costs of acquiring and refurbishing Bentley House, which cannot be funded through grants and donations. Full refurbishment of Bentley House was completed in 2022-23. The trustees have made the decision to transfer this fund to new designated fijnds and unrestricted reserves. Equlpment Fund - Represents the net book value of equipment, apart from equipment funded as part of the St Vincent's refurbishment project. Strategy Investment Fund - Represents funds designated by the Board to develop and implement the 2022- 2025 strategy for The Passage. It was not necessary to draw on this fund in 2022-23 and the trustees see no future requirement to draw on the fund. The trustees have mad the decision to transfer this fund to new designated funds and unrestricted reserves. Housing Options Development Fund - Designated for future developments to the housing options that we can offer lo ensure that decent housing is available for our client group as part of our 2022-2025 strategy. Infrastructure Development Fund - These funds are designated for projects that will improve our processes and systems to ensure that we are meeting the needs of clients with quality solutions and agility. Fixed Assets Fund- These funds represent the net book value of unrestricted fixed assets which are not included in either the Equipment Fund or Infrastructure Development Fund. 20) Financlal commitments 2024 2023 Equipmeni.. Obligations due within l year Obligaiions due In 2-5 years 16.605 27.676 16,605 44.281 Toial commitmenis H,281 60,886 Total operating lease commitments paid between April 2023 and March 2024 were £ (2023: £16,605). 21) Capital commitments Al the balance sheet date, Ihe group had no commitment to further expenditure relating to the refurbishment of Bentley House and Passage House (2023- £nil). 49 Passage 2000 Trustees. Report and Accounts for the year ended 31 March 2024 (Passage 2000 - operating as The Passage) The Passage 22) Prior period adjustment In the year to 31 March 2023, legacy income from Imo related legacies was recognised. It was subsequently established thal the charity had been advised of ils entitlement in error. This income is being reversed as a prior period adjustment to ensure that we provide a true and fair view of results for the relevant financial periods. Group Unrestricted Restricted At 31 March 2023 Total ReseNts po$ltlon Funds prevlously reported ustments on resmement Lègacy Income Correction 6,422,129 21.912.783 28.334,912 11 S2.4681 1152.468) Funds restated 6.269,661 21,912.783 28,182,444 Unrestricied Resiricied 31-Mar-23 Total Impatt on Income and ¢xpendfture Net movement In funds as prevlously reponed Adjustments on restatement Legacy Income Correction 150.579 3,314.592 3,465.171 1152.4681 1152.468) Net movement In funds as restated 11.8891 3.314,592 3.312.703 Ch4rtty Reserves posltlon Vnresiricted Resrrlcted Ar 31 March 2023 Total Funds prevlou51y reported Adjustments on restatement Legacy Income Correction 6.198.386 21.912.783 28,Tl1,168 1152.4681 1152,468) Funds r•stated 6.045.918 21.912.783 27.958,700 Unrestricted Restricied 31-Mar-23 T¢)Thl Impact on Inc¢ffle and expendlture Net fflovement In fvnds as prevlously reported Adjustments on restatement Legacy Income Correction Net mu¥ement In funds a5 restated 83.879 3.314.592 3,398,471 1152,4681 (152,468) 168,5891 3.314.592 3.246,003 50