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2025-03-31-accounts

Passage Housing Services Financial Statements Year Ended 31 March 2025

Regulator of Social Housing registration number:4842 Company registration number: 09337431 Charity registration number: 1161696

Passage Housing Services

Contents

Year Ended 31 March 2025

Contents

Contents
Page
Passage Housing Services Information 3
Board Report 4
Independent Auditor’s Report 11
Statement of Comprehensive Income 15
Balance Sheet 16
Statement of Changes in Reserves 17
Statement of Cash Flows 18
Notes to the Financial Statements 19

Passage Housing Services

Services Information

Year Ended 31 March 2025

Passage Housing Services Information

Regulator of Social Housing
registration number		 4842
Company number 09337431 (England and Wales)
Charity number 1161696
Directors of the board Jane Campbell
Jonathan Fewster
Steven Haynes
Michael Kelly
Kiran Pawar
James Lally (resigned 12 June 2025)
Faraz Kidwai (appointed 17 June 2025)
Vasiliki Arvaniti (appointed 17 June 2025)
Michael Broom (resigned 28 August 2024)
Claire Wise (resigned 28 August 2024)
Secretary Jane Sandeman resigned 21~~st~~July 2025
Jennifer Hinton appointed 21stJuly 2025
Registered office St Vincent’s Centre
Carlisle Place London
London
SW1P 1NL
United Kingdom
Place of business As above
Auditor Sayer Vincent LLP
110 Golden Lane
London, EC17 0TG
Solicitor Pothecary Witham Weld
70 St George's Square
London SW1V 3RD
Bankers HSBC plc
Belgravia Branch
The Peak
333 Vauxhall Bridge Road
London SWIV 1EJ

3

Passage Housing Services

Board Report

Year Ended 31 March 2025

Board Report

The board of Passage Housing Services presents their report and the audited financial statements of Passage Housing Services for the year ended 31 March 2025.

Directors of the board

The directors of the board who have served during the year were as follows:

Michael Broom (resigned 28th August 2024) Jane Campbell Jonathan Fewster Steven Haynes (appointed 24[th] September 2024) Michael Kelly James Lally Kiran Pawar Claire Wise (resigned 28[th] August 2024)

Review of the Business and Business Model

Passage Housing Services (PHS) , a private company limited by guarantee without share capital, was incorporated on December 2, 2014 (Company No. 09337431). It operates as a wholly owned subsidiary of Passage 2000, a charity and company limited by guarantee dedicated to ending street homelessness. Passage 2000 is a registered charity (No. 1161696) and PHS is a Registered Social Landlord (RP Number: 4842).

Operational History:

Objectives and Strategies

With the acquisition of the lease of Montfort House, PHS now oversees 73 units. Following refurbishment, the units at Passage House became operational in August

4

Passage Housing Services

Board Report

Year Ended 31 March 2025

2022, and Bentley House units were available from December 2022, with 10 units occupied by March 31, 2023. Montfort House units were taken on with residents in situ.

PHS's three-year strategy (2025-28) aligns with the strategic priorities of Passage 2000.

The principal income for the year was derived from core rents for the three properties, collected by Passage 2000 on behalf of PHS. The entity held reserves of £370k at year-end (2024: £266k). Passage 2000 will continue to support PHS in its activities.

Principal Risks and Uncertainties

Last year, the organisation experienced an instance of unintentional non-compliance, which has since been addressed through an external compliance review to strengthen oversight and ensure future adherence.

Strategic Planning Challenges

A key strategic challenge remains the organisation’s ambition to expand its housing portfolio. However, forward planning is currently constrained by the need to await the outcomes of the government’s Spending Review and the Autumn Statement. These external dependencies limit the ability to make informed investment decisions and long-term commitments.

Main Trends and Factors

The successful refurbishment of 57 units to a high standard, along with the acquisition of a lease for an additional 16 units at Montfort House, has significantly strengthened the organisation’s housing portfolio. These developments provide a solid foundation for future growth and operational performance.

As of the balance sheet date:

36 of the 37 units at Passage House were occupied,

All 20 units at Bentley House were fully occupied, and

15 of the 16 units at Montfort House were tenanted.

To support the long-term sustainability of these assets, Passage 2000 commissioned an Asset Management Review during the financial year. This has resulted in the implementation of a comprehensive Asset Management Strategy, which now covers all three properties leased by PHS, ensuring their ongoing maintenance and strategic oversight.

5

Passage Housing Services

Board Report

Year Ended 31 March 2025

Future Prospects

Looking ahead, PHS, in collaboration with Passage 2000, is actively exploring strategic partnerships with Housing Associations to expand accommodation options for individuals affected by homelessness. These partnerships aim to enhance service delivery and increase housing capacity through shared expertise and resources.

To support this ambition, a Financial Options Review has been commissioned and completed. This review provides a detailed assessment of the financial instruments and funding models available to both Passage 2000 and PHS, enabling informed decision-making around the acquisition of additional housing stock in the future.

Assessment of how the RP is achieving Value for Money

The company is conscious of the need to provide value for money to our users and stakeholders. As a registered provide of social housing with the Regulator of Social Housing (RSH) in England, we are committed to delivering value for money and continuing to meet the RSH's Value for Money Standard. Our rental and social housing related support levels are set in consultation with Westminster City Council to ensure that they, as the principal commissioners of our services, have assurance that they are receiving such value. We regularly review our performance and working practices to continue developing the impact of services and using resources in the most effective and efficient way.

Metric 1 - Reinvestment %

This demonstrates the investment in properties (existing stock as well as new supply) as a percentage of the value of total properties held. The company's metric for reinvestment for the year was 0.0% (2024: 0.1%) representing consultancy costs only; the cost of refurbishment and all other relevant costs have been borne by the parent charity.

Metric 2 - New supply delivered %

In April 2024 the company acquired the lease of Montfort House increasing the supply of social housing units by 16 (21.9%). There was no change in the total number of social housing units in 2023/24.

Metric 3 - Gearing

This metric looks at the extent to which the company's activities are dependent on debt finance. The company holds leasehold property stated at the cost of transfer of the lease less accumulated depreciation. The balance of the loan at 31 March 2025 was £328k (2024: £393k). This represents the cost of the remaining lease repayments spread over ten years from acquisition of the lease. In addition, the company has a liability for short term borrowings of £nil (2025: £29k) representing administrative costs paid by the parent charity. Total borrowings represent 40% (2024: 58%) of the depreciated value of the lease.

6

Passage Housing Services

Board Report

Year Ended 31 March 2025

Metric 4 - Earnings before interest, tax, depreciation, amortization, major repairs included (EBITDA MRI) interest cover %

The company paid no interest on the loans referred to in Metric 3 (2024: £nil).

Metric 5 - Headline social housing cost per unit

The cost per unit for the year to Passage Housing Services was £4,012 (2024: £3,944). This reflects the average cost to the company of providing accommodation to residents during the year. If the additional costs to Passage 2000 (acting as agent for PHS) are taken into account, the total cost per unit to Passage 2000 and PHS combined is £6,683 (2024: £6,456).

Metric 6 - Operating margin (overall) - %

The operating margin from social housing lettings was 21.6% (2024: 17.3%) while the operating margin of the company as a whole was 21.6% (2024: 17.3%).

Metric 7 - Return on capital employed (ROCE) %

This metric compares the operating surplus to total assets less current liabilities. For the company this was 16.5% (2024: 8.1%).

Tenant Satisfaction Survey

In Quarter 4 of 2024–25, we conducted our annual Tenant Satisfaction Survey across all three residential properties owned by Passage 2000 and leased by PHS. These services comprise a total of 73 self-contained flats and ensuite rooms. At the time of the survey, 70 units were occupied, with three voids.

All current residents were invited to participate, resulting in a strong response rate:

50 residents (71.4%) completed the survey

20 residents (28.6%) declined or did not respond

The survey was conducted over a one-month period using the standardised questions set by the Housing Regulator. Residents were informed of the survey’s purpose and how the feedback would be used to improve services. Responses were collected anonymously through multiple formats—online, paper-based, and face-toface interviews. Residents were also encouraged to contact their keyworkers for follow-up discussions or to raise concerns.

To gain deeper insights, we included an optional comment box with each question. This allowed residents to explain their responses, helping us identify both areas of strength and opportunities for improvement. Some residents requested and received support to complete the survey.

7

Passage Housing Services

Board Report

Year Ended 31 March 2025

We are now engaging in further discussions within services to address the feedback received and implement meaningful improvements.

Overall, the results were highly positive, with an average of 94.3% of responses indicating residents were either Very Satisfied or Fairly Satisfied .

Below is a summary of responses to the 12 questions asked:

Below is a summary of responses to the 12 questions asked:
Code Question % of
Respondents
Satisfied
TP01 Taking everything into account, how satisfied or dissatisfied
are you with the service provided by PHS/The Passage?		 94 .0
TP02 If you have received a repair in the last 12 months, how
satisfied or dissatisfied are you with the overall repairs
service?		 100.0
TP03 If you have received a repair in the last 12 months, how
satisfied or dissatisfied are you with the time taken to
complete the most recent repair you reported?		 100.0
TP04 How satisfied or dissatisfied are you that PHS/The Passage
provides a home that is well maintained?		 98.0
TP05 Thinking about the condition of the property or building you
live in now, how satisfied or dissatisfied are you that PHS/The
Passage provides a home that is safe?		 96 .0
TP06 How satisfied or dissatisfied are you that PHS/The Passage
listens to your views and acts upon them?		 89.6
TP07 How satisfied or dissatisfied are you that PHS/The Passage
keeps you informed about things that matter to you?		 86.0
TP08 To what extent do you agree or disagree with the following
'PHS/The Passage treats me fairly and with respect'?		 90.0
TP09 If you have made a complaint in the last 12 months, how
satisfied or dissatisfied are you with PHS/The Passage's
approach to complaints handling?		 100.0
TP10 How satisfied or dissatisfied are you that PHS/The Passage
keeps communal areas clean and well maintained?		 100.0

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Passage Housing Services

Board Report

Year Ended 31 March 2025

TP11 How satisfied or dissatisfied are you that PHS/The Passage
makes a positive contribution to your neighbourhood?		 94.6
TP12 How satisfied or dissatisfied are you with PHS/The Passage's
approach to handling anti-social behaviour?
83.3

Code of Governance

Passage Housing Services (PHS) adheres to the National Housing Federation Code of Governance 2020.

Board’s Annual Review of Internal Control

The Board conducts a review of significant risks and agrees on mitigation strategies at each meeting.

Public Benefit

In collaboration with its parent entity, Passage 2000, PHS aims to provide resources that encourage, inspire, and challenge individuals experiencing homelessness to transform their lives. The primary focus of PHS is to offer accommodation for vulnerable people as a crucial step towards ending street homelessness.

Future Developments

The ongoing development and growth of the refurbished properties remain a principal focus. Future strategic partnerships will be built on positive outcomes, with Directors closely monitoring the risks and uncertainties associated with these projects to ensure a solid foundation for future developments.

Employees

During the year, the average number of employees was 0 (2023-24: 0). PHS does not employ staff directly; services are delivered through its parent organisation, Passage 2000.

Directors’ Responsibilities

The Board is responsible for preparing the report and financial statements in accordance with applicable laws and regulations.

The Co-operative and Community Benefit Societies Act 2014 and registered social housing legislation require the Board to prepare financial statements for each financial year that give a true and fair view of the association's state of affairs and its income and expenditure for that period. In preparing these financial statements, the Board is required to:

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Passage Housing Services

Board Report

Year Ended 31 March 2025

The Board is responsible for keeping proper accounting records that disclose with reasonable accuracy the financial position of the association at any time and ensure compliance with the Co-operative and Community Benefit Societies Act 2014, the Housing and Regeneration Act 2008, and the Accounting Direction for private registered providers of social housing in England 2019. It has general responsibility for taking reasonable steps to safeguard the company's assets and to prevent and detect fraud and other irregularities.

The Board is also responsible for maintaining the integrity of the corporate and financial information included on the association's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of Information to the Auditors

We, the directors of the company who held office at the date of approval of these Financial Statements, each confirm, to the best of our knowledge:

The board report has been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board on 20[th] August 2025 and signed on their behalf by

Kiran Pawar, Director

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Passage Housing Services

Independent Auditor’s Report to the Board of Passage Housing Services

Year Ended 31 March 2025

Opinion

We have audited the financial statements of Passage Housing Services (the ‘association’) for the year ended 31 March 2025 which comprise the statement of comprehensive income, balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the association in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the board's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the association's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the board with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the board report, other than the financial statements and our auditor’s report thereon. The board are responsible for the other information contained within the board report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in

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Passage Housing Services

Independent Auditor’s Report to the Board of Passage Housing Services

Year Ended 31 March 2025

our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the board report.

We have nothing to report in respect of the following matters where the Co-operative and Community Benefit Act 2014 requires us to report to you if, in our opinion:

Responsibilities of the board

As explained more fully in the board's responsibilities statement set out on page in the board report, the board is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as it determines 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 board is responsible for assessing the association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the board either intends to liquidate the association or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of

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Passage Housing Services

Independent Auditor’s Report to the Board of Passage Housing Services

Year Ended 31 March 2025

assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 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:

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 that 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 instances 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 description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report.

13

Passage Housing Services

Independent Auditor’s Report to the Board of Passage Housing Services

Year Ended 31 March 2025

Use of our report

This report is made solely to the association’s members, as a body, in accordance with section 87 of the Co-operative and Community Benefit Societies Act 2014. Our audit work has been undertaken so that we might state to the association’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the association and the association’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (senior statutory auditor) on behalf of Sayer Vincent LLP, 11 September 2025 Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

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Passage Housing Services

Statement of Comprehensive Income (Including Income and Expenditure Account)

Year Ended 31 March 2025

Note
Turnover
2
Cost of sales
3
Gross surplus
Administrative expenditure
4
Operating surplus
Surplus for the year before taxation
6
Surplus for the year
Total comprehensive income for the year / period		 2025
£
481,456
(202,730)
278,726
(174,562)
104,164
104,164
104,164
104,164		 2024
£
322,903
(173,370)
149,533
(101,938)
47,595
47,595
47,595
47,595

All of the above results are derived from continuing activities. There were no recognised gains or losses other than those stated above. All income is unrestricted.

Approved by the Directors on 20th August 2025 and signed on their behalf by

Kiran Pawar, Director

15

Company number: 09337431

Passage Housing Services

Balance Sheet

Year Ended 31 March 2025

Note
Fixed assets
Tangible fixed assets - housing properties
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one year
11
Net current assets / (liabilities)
Total assets less current liabilities
Creditors: amounts falling due after more than one year
12
Total net assets
Reserves
Income and expenditure reserve
Total Reserves		 2025
£
626,736
626,736
36,358
39,978
76,337
(71,302)
5,035
631,771
(262,000)
369,771
369,771
369,771		 2024
£
633,286
633,286
1,324
57,728
59,052
(99,231)
(40,179)
593,107
(327,500)
265,607
265,607
265,607

These accounts have been prepared in accordance with the special provisions applicable to small companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the Board on 20th August 2025

Signed on behalf of the Board

Kiran Pawar, Director

The notes to financial statements form part of these accounts.

16

Passage Housing Services

Statement of Changes in Reserves

Year Ended 31 March 2025

Balance as at 1 April 2023
Surplus for the year
Total comprehensive income
Balance at 31 March 2024
Surplus for the year
Total comprehensive income
Balance at 31 March 2025		 Income and
expenditure reserve
£
218,012
47,595
265,607
265,607
104,164
104,164
369,771		 Total
£
218,012
47,595
265,607
265,607
104,164
104,164
369,771

17

Passage Housing Services

Statement of Cash Flows

Year Ended 31 March 2025

Year Ended 31 March 2025
Note
13
Cash flow from operating activities
Net cash flow from operating activities
Change in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at the end of the year		 2025
£
(17,750)
(17,750)
(17,750)
57,728
39,978
39,978
39,978		 2024
£
2,153
2,153
2,153
55,575
57,728
57,728
57,728

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Passage Housing Services

Notes to the Financial Statements

Year Ended 31 March 2025

1 Summary of significant accounting policies

(a) General information and basis of preparation

Passage Housing Services (PHS) is a charitable company, limited by guarantee without share capital registered in England and Wales, company registration number 09337431, charity number 1161696. It is also a Registered Provider of Social Housing, registration number 4842. The registered office is St Vincent's Centre, Carlisle Place, London, London, SW1P 1NL, United Kingdom.

PHS constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared in accordance with applicable accounting standards including the Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with the Accounting Direction for private registered providers of social housing in England 2019. The financial statements are also prepared under the requirements of the Housing and Regeneration Act 2008 and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling, which is the functional currency of PHS, and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The management committee does not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

(b) Going concern

The directors consider that there are no material uncertainties about the company's ability to continue as a going concern. The company has made a surplus for the year and has the commitment of ongoing financial support available from the parent charity should this be required. Since the completion of the refurbishment of Bentley House and Passage House the company has been in regular receipt of rental income, and there is no reason to assume this will change in the foreseeable future.

(c) Tangible fixed assets

Housing properties

Social housing properties are stated at cost less accumulated depreciation. Fixed assets represents the leasehold property held by the entity and is stated at the cost of the buyback of the lease. The assets are capitalised on the basis that Passage Housing Services holds the risks and rewards of ownership. The Housing property is depreciated over the life of the lease.

(d) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.

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Passage Housing Services

Notes to the Financial Statements

Year Ended 31 March 2025

1 Summary of significant accounting policies (continued)

(e) Tax

Current tax represents the amount of tax payable or receivable in respect of taxable income for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. For 2025 the liability to tax for PHS was £nil (2024: £nil).

(f) Turnover and other income

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Turnover represents rental income receivable in the year and revenue grants received during the year.

(g) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

(h) Financial instruments

Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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Passage Housing Services

Notes to the Financial Statements

Year Ended 31 March 2025

2 Turnover, cost of sales, administrative expenditure and operating surplus

2 Turnover, cost of sales, administrative expenditure and operating surplus
2025 2024
£ £
Social Housing Activities:
Rent receivable from social housing lettings 481,456 322,903
481,456 322,903
3 Cost of sales 2025 2024
£ £
Support costs recharged by parent entity 202,730 173,124
Council Tax on vacant properties - 246
202,730 173,370
4 Administrative expenditure 2025 2024
£ £
Audit fees 7,212 5,610
Bank charges 60 60
Depreciation 6,550 6,550
Finance costs - 13
Membership subscriptions 2,606 1,595
Consultancy 17,355 687
Insurance 50,373 35,515
IT licences and software 232 230
Maintenance expenses 90,173 51,678
174,562 101,938
The operating surplus on social housing lettings was £104,164 (2024: £47,595 )
5 Accommodation owned, managed and in development
Number of Number of
units 2025 units 2024
No. No.
Social housing: total owned and managed 73 57
73 57

21

Passage Housing Services

Notes to the Financial Statements

Year Ended 31 March 2025

Net surplus for the year
Surplus is stated after charging:
Auditor’s remuneration (including expenses and benefits in kind) for
audit
Auditor's remuneration for preparation of corporation tax return
Depreciation of tangible fixed assets - housing properties
Auditor's remuneration is stated exclusive of VAT		 2025
£
3,600
1,235
6,550		 2024
£
3,500
1,175
6,550

7 Board and key management personnel remuneration

The entity has no employees. The directors of the board are all unpaid, the company had 5 directors at the year end (2024: 7).

8 Tax

The entity which is a registered charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

22

Passage Housing Services

Notes to the Financial Statements

Year Ended 31 March 2025

9 Tangible fixed assets – housing properties

Cost:
At 1 April 2024
At 31 March 2025
Depreciation:
At 1 April 2024
Charge for year
At 31 March 2025
Net book value:
At 31 March 2025
At 31 March 2024		 Social Housing
properties for
letting
£
655,000		 Total
£
655,000
655,000 655,000
21,714
6,550		 21,714
6,550
28,264 28,264
626,736 626,736
633,286 633,286

Housing property comprises Bentley House which has been acquired via a lease buyback arrangement.

The full amount is payable to the former leaseholder over a period of ten years.

23

Passage Housing Services

Notes to the Financial Statements

Year Ended 31 March 2025

10 Current assets

Prepayments
Amounts owed by group undertakings		 2025
£
1,418
34,940
36,358		 2024
£
1,324
-
1,324

Amounts owed by group undertakings represents the balance of core rents collected by the parent charity less administrative costs paid by the parent charity on behalf of PHS.

11 Creditors: amounts falling due within one year

Amounts owed to group undertakings
Other creditors
Accruals		 2025
£
-
65,500
5,802
71,302		 2024
£
29,494
65,500
4,237
99,231

Amounts owed to group undertakings represent administrative costs paid by the parent charity on behalf of PHS.

Details of leasing arrangements are provided in note 1c.

12 Creditors: amounts falling due after more than one year

Other creditors 2025
£
262,000
262,000		 2024
£
327,500
327,500

Other creditors represent the balance of the payments due after more than one year under the purchase agreement for the lease of Bentley House.

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Passage Housing Services

Notes to the Financial Statements

Year Ended 31 March 2025

13 Reconciliation of operating surplus to cash flow from operating activities

Reconciliation of operating surplus to cash flow from operating activities
Surplus for the year
Depreciation and impairment of tangible fixed assets
(Increase) in trade and other debtors
(Decrease) in trade and other creditors
Net cash flow from operating activities		 2025
£
104,164
6,550
(35,034)
(93,429)
(17,750)		 2024
£
47,595
6,550
(29)
(51,963)
2,153

14 Ultimate controlling party

The parent company of Passage Housing Services is Passage 2000 (operating as The Passage), Company no. 03885593, Charity no. 1079764.

PHS is consolidated in the group financial statements of The Passage, and the group accounts are available to the public from:

The Passage, St Vincent's Centre, Carlisle Place, London, SW1P 1NL.

15 Related party transactions

Passage 2000 paid to Passage Housing Services core rents for Bentley House and Passage House collected on its behalf totalling £481,456 (£2024: £322,903).

Passage Housing Services paid to Passage 2000 salary, maintenance and insurance costs for Bentley House and Passage House totalling £343,186 (2024: £260,317).

25