Passage 2000 Summarised financial accounts - Statement of Financial Activities
Year to 31 March 2005

				Restricted funds				Total		Total
		Unrestricted				St Vincent’s		funds		funds
		funds		Revenue		Centre		2005		2004
Notes		£		£		£		£		£
Incoming resources
Donations, legacies and grants from trusts		884,825		397,713		-		1,282,538		1,254,326
Grants from statutory bodies		-		1,571,712		-		1,571,712		1,510,617
Grants for St Vincent’s Centre	*1	-		-		5,000,000		5,000,000		250,000
Rents and charges to residents		287,676		-		-		287,676		256,094
Profit on property disposal		294,771		-		-		294,771		-
Bank interest		42,404		-		-		42,404		19,300
Total incoming resources		1,509,676		1,969,425		5,000,000		8,479,101		3,290,337
Resources expended
Cost of generating funds		105,670		2,000		940		108,610		97,607
Charitable expenditure
Passage day centre & outreach		880,212		1,003,104		15,985		1,899,301		1,684,407
Passage residential services		301,300		905,865		11,626		1,218,791		1,130,404
Support costs		112,246		2,000		940		115,186		84,611
Direct costs		1,293,758		1,910,969		28,551		3,233,278		2,899,422
Management and administration		87,608		2,000		940		90,548		106,013
		1,381,366		1,912,969		29,491		3,323,826		3,005,435
Total resources expended		1,487,036		1,914,969		30,431		3,432,436		3,103,042
Net income for the year:-net movement in funds		22,640		54,456		4,969,569		5,046,665		187,295
Total funds brought forward		677,373		25,044		250,000		952,417		765,122
Total funds carried forward		£ 700,013		£ 79,500		£ 5,219,569		£ 5,999,082		£ 952,417

Passage 2000 Summarised financial accounts - Balance Sheet
31 March 2005

		2005		2004
	Notes	£		£
Fixed assets
Freehold property — St Vincent’s Centre	*1	5,012,607		-
Current assets
Freehold property		-		77,782
Debtors		246,678		212,359
Cash on deposit and in hand		885,464		856,691
		1,132,142		1,146,832
Liabilities
Creditors		145,667		194,415
Net current assets		986,475		952,417
Total net assets		£ 5,999,082		£ 952,417
Representing:-
Unrestricted funds
Accumulated fund		7,513		37,373
Designated funds		692,500		640,000
		700,013		677,373
Restricted funds
Running costs		79,500		25,044
St Vincent’s Centre		5,219,569		250,000
		5,299,069		275,044
Total funds		£ 5,999,082		£ 952,417

The board of trustees confirms that the above financial summary is taken from the full accounts approved on 16 May 2005. The summary may not contain sufficient information to allow a full understanding of the financial affairs of The Passage. Copies of the full accounts on which the auditors have reported without qualification and which will be delivered to the charity commission may be obtained free of charge from The Passage, St Vincent's Centre, Carlisle Place, London SW1P 1NL
By order of the Board of Trustees

Mgr. Mark Langham, Chairman
16 May 2005

Summarised financial accounts

Notes to the summarised accounts

*1 - St Vincent's Centre

On 28 September 2004 The Passage purchased the freehold of the St Vincent's Centre from the Sisters of Charity of St Vincent de Paul ("the Sisters") for £5 million. The company had previously enjoyed the rent-free use of the day centre, which forms part of St Vincent's Centre, and had occupied these premises under a licence from the Sisters. The whole of the building was generously offered by the Sisters to The Passage at a price based on existing use value. Under the original purchase agreement, the consideration was payable in instalments with £1 million being payable on completion and then five annual instalments of £800,000. The outstanding balance was subject to interest. The original purchase was subject to leases back to the Sisters of certain parts of the building for five years and on the Sisters' house for twenty years. The Passage received advice on the purchase from Cluttons, chartered surveyors.

On 3 February 2005 The Passage received a grant of £5 million to fund the purchase of the building. The grant was provided out of funds held by the Housing Corporation, on instructions from the homelessness directorate of the Office of The Deputy Prime Minister, and paid through Westminster City Council, who administered the making of the grant. The terms of the contract with the Sisters were renegotiated and a final payment of £4 million was made to the Sisters on 31 March 2005. In return the Sisters waived the interest due for the period 28 September 2004 to 31 March 2005. In addition the terms of the five-year lease were modified to allow The Passage to elect to give notice for early termination.

The Passage has given Westminster City Council a five-year legal charge over the building in return for the £5 million funding. The charge secures the repayment of the grant during this period should The Passage become insolvent, dispose of the property or use the property other than for the provision of accommodation and other services for the relief of poverty for homeless persons, unless the alternative purpose is first approved by the Council.

Although it may be up to five years before The Sisters give up all the parts of the building they presently use for their charitable work, the purchase of St Vincent's Centre will in due course provide considerable extra space to enable The Passage to extend and improve its work. St Vincent's Centre is a substantial property. The Sisters will only keep the part of the building that is used as the Sisters' House, which they will retain for 20 years. The purchase will in due course provide some 1605 square metres of additional space for the work of The Passage compared with the 930 square metres currently occupied by the day centre and the 575 square metres utilised by Montfort House. The board of trustees has started to plan the development of services to make full use of the opportunities that the additional areas will create as soon as each one becomes available.

The plans for the future use of the building are expected to require extensive refurbishment. An appeal to cover the estimated cost of refurbishment will be launched once the initial planning process is complete.

Auditors' statement
We have reviewed the above financial summary and are of the opinion that it is consistent with the accounts of The Passage for the year ended 31 March 2005 on which we gave an unqualified audit report.

Buzzacott
Registered auditors
London
16 May 2005

In 2005 The Passage celebrated the 25th anniversary of its foundation by Cardinal Basil Hume and the Daughters of Charity of St Vincent de Paul.