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2025-03-31-accounts

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025 1

Southside Partnership

Report and Financial Statements for the year ended 31 March 2025

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Contents

Contents
Chair and Chief Executive Introduction 3
Annual Report of the Board 5
Structure, Governance and Management 6
Risk Management 8
Fundraising 13
Objectives and Activities 14
Financial Review 20
Reserves Policy 21
Going Concern 22
Investments Policy 23
Remuneration 24
Statement of the Board 26
Statutory information 27
Independent Auditor’s Report 28
Statement of Financial Activities 32
Balance Sheet 33
Notes to the Financial Statements 34

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025 3

Chair and Chief Executive ‘i h, Introduction

We are pleased to present Southside Partnership’s annual accounts for the year ended 31 March 2025 and proud that they continue to reflect a strong, people focussed and financially resilient organisation.

Southside Partnership’s financial position is particularly impressive given the ongoing challenges across the social care sector which continue to adversely impact support provider organisations. This has been an important year for Southside Partnership which has included the Certitude group launch of our new threeyear forward plan ‘Being Local,’ which will build on the positive progress we have already made towards our strategic goals of being the Provider, Employer and Strategic Partner of choice in the local areas where we work and a digital and data-enabled organisation.

The continuous development of the quality of our support to people and their families remained our most important priority. Our CQC performance surpasses national benchmarks, with 88% of our regulated support rated Good or Outstanding and 96% of people using our regulated support in locations rated Good or Outstanding across the group. To provide further confidence about the consistent quality of our support, we have undertaken a comprehensive review of our approach to quality assurance and improvement. We have launched an eighteen-month development programme to implement a new approach for monitoring and assessing how our care and support meets best practice and required

standards, our processes for detecting and remedying quality issues when they arise, and how our learning drives further quality improvement. The new approach will increase our focus on people’s experience, outcomes, the impact of our support, their involvement and influence locally and organisationally, and our use of data.

Southside Partnership colleagues across the organisation have continued to demonstrate passion, commitment and the sheer hard work that enables us to do our best for people we support. Over the last year, following the introduction of a revised approach to recruitment in the previous year we have maintained a vacancy level of less than 3% and a colleague turnover rate of 11%. This consistent excellent performance reflects Southside Partnership as a great place to work. We want to continue to attract, recruit and retain colleagues with the right skills, knowledge and most importantly the right values and behaviours. We are also committed to continuing to review and, where appropriate, improve the efficiency and productivity across all of our teams.

Our work on diversity and inclusion has continued to grow and develop and we are proud of our richly diverse colleague make-up.

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Colleagues who identify as ethnically diverse remain significantly higher at 58% than the ethnically diverse population in London at 40% and our London Peers at 49% (Skills for Care October 2024). Our ethnically diverse manager population is 49%, which is higher than peer groups report for managers working in Adult Social Care at 21% and reflects the diversity seen in our overall colleague population. Some of the initiatives we have hosted include a Reclaiming Narratives event during Black History Month in partnership with Notting Hill Genesis. Working in our localities, we held our first World Intercultural day on 21 May, with celebrations in many of our homes with people we support. This enabled wider engagement with our drive to increase inclusion and a sense of belonging, with colleagues coming to work in traditional dress, food prepared from different cultures, presentations and talks about individuals’ ethnicity and heritage.

We continued our transformation programme to improve the way we support people and their families, and to become a more productive, efficient, fit-for-the-future organisation. This has seen us shift to a locality approach for providing great local support to people and their families, whilst making the most of local resources, networks, and creativity to deliver quality and value. We have also made real progress with our plans to implement modern digital systems across all our core business areas, with our new HR & Payroll system now in place. We remain on track and on budget to implement a new Finance system and a new Care Management system, all of which are helping us to streamline and automate business processes and improve our data management and utilisation.

operational efficiency and ensure financial sustainability during, what will be, a period of sustained funding uncertainty in social care. The Budget announcements on national insurance contributions were an unexpected and damaging blow to the sector. To drive a shared agenda of increased funding to meet these costs, we worked with key umbrella and sector bodies, including Voluntary Organisation Disability Group (VODG), Association of Directors of Adult Social Services (ADASS) and Local Government Association (LGA).

The year ahead will again be complex and uncertain in terms of the social, political and economic environment. However, we are optimistic that the actions and decisions that we have taken over the last year and indeed over the last several years, will stand us in good stead to navigate the road ahead with confidence. We are also determined to continue to work in collaboration with Certitude colleagues, people we support and families, our commissioners, strategic partners, and our regulator CQC to build a sustainable and fair social care system that we can all be proud of.

We extend a very sincere thank you to everyone within Southside Partnership and our many partners who have made our accomplishments possible. With a special appreciation expressed to our talented and committed colleagues who make a difference to so many lives each and every day across London.

Adebayo Emanuel Chair of the Southside Partnership Board

Southside Partnership has not been immune to the financial pressures affecting the sector. We have taken the right decisive steps to maximise

Aisling Duffy Chief Executive

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025 5

Annual Report of the Board

The Board is pleased to present its report along with the financial statements of Southside

Partnership (SSP) (a Company Limited by Guarantee) for the year ended 31 March 2025.

Southside Partnership is a subsidiary of Certitude Support (Certitude). Certitude is the only shareholder of Southside Partnership. Certitude Support is a Registered Society registered under the Co-operative and Community Benefit Societies Act 2014 (previously an Industrial and Provident Society), with registration number 30891R. Southside Partnership is a Registered Charity 1010187 and company 2599171.

The Registered Office is 31-33 Lumiere Court, 209 Balham High Road, Balham, London SW17

7BQ, which is also one of the two principal offices from which the affairs of the charity are managed.

The Board

Ultimate responsibility for the governance of Southside Partnership Ltd rests with a Board which is comprised of the following members

Adebayo Emanuel, Chair Adebayo Emanuel, Chair 31/3/25
1		 31/3/24
1
Prof. Sally Glen, VC
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Louise Graham-Smith 1 0
(from 24/7/24)
John Turner 1 1
Michael Mowlem 1 1
Susie Young Total 1
6		 1
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All current Board members are also Board members of Certitude Support. The day-to-day management of the Group is delegated to a Chief Executive and other members of the Executive Team who, and at the date of approval of these Financial Statements, are as follows:

Aisling Duffy Chief Executive
Nicholas Campbell-Watts Executive Director of Strategy & Development
Caroline Fraser Executive Director of People
Emma Main Executive Director of Quality and Operations
Sanjay Shah Executive Director of Finance

The Trustees submit their annual report and audited financial statements for the year ended 31 March 2024. The report has been prepared in accordance with the Charities Act 2011 and as a Directors’ Report for the purposes of section 415 of the Companies Act 2006. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The reference and administration information also forms part of this report. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and

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Articles 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 (FRS 102) (effective 1 January 2015).

Structure, Governance and Management

The Board has overall responsibility for ensuring all areas below are in place and are reviewed on a regular basis to ensure compliance with best practice.

The Southside Partnership Board may have up to 6 board members who are appointed by the Certitude Board. The approach taken to appoint Board members is the same as for the Certitude Board, the same approach is also in place to ensure effective governance of the relevant subsidiary.

The Board regularly reviews its performance to identify any specific skills, knowledge or experience which are lacking, and which should be sought in the appointment of any new members.

The following areas are identified as important:

Prospective Board members who meet the identified needs at the time are interviewed by the Nominations Committee. Written references are obtained, together with an enhanced disclosure from the Disclosure and Barring Service, which includes a check against the Protection of Vulnerable Adults list. Successful candidates are invited to apply to become a Board member shortly before their appointment to the Board.

Once appointed Board members are provided with a comprehensive induction, access to the Board portal (SharePoint site) which includes the board manual and take part in visits to people we support and teams. Mandatory training includes:

The Board has seven committees:

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025

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overall formulation and implementation of the organisation’s policies and procedures. In accordance with the guidelines from the Board and various committees, the Leadership Team advises the Board on the development and practical implementation of the Business Plan.

Gender Pay Gap

Certitude has Standing Orders which set out the delegation of day-to-day management to the Chief Executive and the Executive Team, and the Terms of Reference of the Board and its committees. Following an annual review, objectives for the board and for the Chair of the Board are reviewed and approved by the Board.

Given the importance of safeguarding in our sector, the Board has continued to review governance and reporting in relation to safeguarding concerns, reinforcing the Board’s commitment to quality, transparency, and continued learning. Certitude works to ensure the organisation is run in a way that actively prevents harm, harassment, bullying, abuse and neglect. Everyone in the organisation has a role to play in safeguarding; it is part of everyone’s day-to-day activities. All safeguarding incidents are reported at each Quality, Performance and Compliance Committee meeting and an annual review is also completed to understand the learning that has taken place and how we can improve safeguarding protocols across the organisation.

The Board has adopted the Charity Governance Code. This is reviewed during the year and any changes are agreed by the Board. The nominations committee undertakes an annual review. The Chair meets all Board members, and the Chairs of the various committees meet with the Chair. Through the Chief Executive, the Leadership Team has corporate responsibility for the

Certitude has conducted a review of its gender pay gap statistics. The information has been considered by the Board and senior management, and we are pleased to be able to continue to report a low gender pay gap across the organisation, which reflects our commitment to diversity and inclusion across the organisation. More details are available in our latest Gender Pay Gap Report.

Diversity and Inclusion

Our Diversity and Inclusion Strategy, 20232026, details our mission to develop a diverse and inclusive Certitude that enables colleagues to do their best work for the people we support so they can lead the lives they want. We operate in diverse, multicultural communities in London and are committed to providing support that is inclusive of those communities. We want to ensure a positive work environment in which everyone can influence, share their knowledge and experiences, and feel their perspectives are valued. We have established four networks – Intercultural Network, Pride@Certitude, AccessAbility Network and Women’s Network. The Diversity & Inclusion Steering Group continues to meet regularly and updates the Executive Team on progress against the Diversity and Inclusion Strategy. The Board is updated annually.

Environmental, Social, and Governance

The second year of implementing Certitude’s ESG strategy has continued to make good

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progress. We remain ESOS compliant and have continued to review our energy usage across all locations, identifying areas for improvement and reduction in local energy use. Our offices include energy efficient lighting, energy saving appliances and smart energy management systems. We continue to review our supply chain practice, increasing our due diligence requirements to meet quality, reliability and sustainability criteria. We continue to support social value for communities by recruiting locally, offering apprenticeships, offering services to micro, small and medium enterprise, voluntary and community groups and take action to care for local environments. Our Social Impact has been strengthened further by the continued growth of Connect and Do which has extended into two new boroughs and remains a free, inclusive community arts programme which welcomes and provides a safe space for over 200 people across London each week. We are also pleased to have welcomed 90 colleagues this year who were previously unemployed.

The Board reviews compliance with the Charity Governance Code on an annual basis and any changes are agreed by the Board. The Audit and Risk Assurance Committee continues to review improvement in governance practices and monitor progress and address any areas requiring further improvement.

Risk Management

The Board has overall responsibility for ensuring that Certitude and its subsidiaries have appropriate systems of controls; financial and otherwise. The Board is also responsible for safeguarding the assets of the organisation and for taking reasonable steps for the prevention and detection of fraud and other irregularities, and to provide reassurance that:

unauthorised use or disposal

As part of Certitude’s risk management process, the Board acknowledges its responsibility for the system of internal control and for reviewing its effectiveness. The Board recognises that such a system is designed to manage (and not eliminate) risk of failure to achieve the organisation’s vision and mission and can only provide reasonable (not absolute) reassurance against material misstatement or loss.

Management of risk is an integral part of our planning and project management processes, with risks identified and assessed as we develop our plans each year. With support from the Board, we have a Corporate Risk Register setting out key strategic risks, scoring of these based on gross and net risks, the actions needed to achieve the target net risk rating, assessing risk appetite and further actions required. We have also developed a Quality Assurance and Improvement Framework that provides a range of assurance processes to ensure the ongoing provision and improvement of high-quality care and support.

The Corporate Risk Register is overseen by the Audit and Risk Assurance Committee who provide scrutiny and recommends any changes to the Risk Register to the Certitude Board. The Executive Team owns and reviews risks with the relevant Board committee on a quarterly basis and proposes changes, including any new risks, to the Audit and Risk Assurance Committee.

To ensure we are appropriately measuring the

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financial impact of key risks, during 2024/25 we reviewed the financial measures used to assess impact. This has taken account of the reserves position as well as the financial targets set by the Certitude Board, whilst recognising that there are some risks that are easier to measure by their financial impact than others.

responsible for risk management of that particular risk attend the meeting to discuss and take questions from the Committee.

During 2024/25 deep dives were completed on the following risk areas:

The Audit and Risk Assurance Committee is now, at each of its meetings, completing a deep dive review of at least one of the risks on the Risk Register. This allows the Committee to fully understand the risk and test the mitigating actions in place. Colleagues

Actions from these deep dive reviews are taken forward by the relevant Certitude lead in each specific area.

Key Risks

The following key risks have been identified by the Board as part of its review, Southside Partnership’s risks are completely aligned to Certitude’s:

Risk Impact Management
Financial
Sustainability
- Depletion of
Certitude funds
resulting from
expenditure in
excess of income		 Impact on quality of
service as costs are cut
to mitigate losses. Forced
reduction in central costs
leading to inadequate
resources to properly
manage the organisation.
Difficulties to grow and
invest in new activities due
to lack of funds.
Unable to pay staff
adequately, leading to
difficulties to attract and
retain staff.		 invest in new activities due
Controls in place to manage and monitor Certitude
finances, key targets set for the year are reviewed
monthly, prioritising of tasks to deliver the targets set.
Investment in critical digital systems is enabling a more
efficient central infrastructure.
Quarterly review of all contracts, and financial
viability; on-going review of loss-making services with
commissioners seeking additional income or remodelling
of services, priority target list agreed for 25/26. Empty
rooms management, all high value empty rooms actively
reviewed and managed; Finance provide detailed
monthly information on financial impact, regular updates
provided to the Executive Team and other senior
managers, and overall performance monitored by the
Strategic Development and Finance Committee.
Close monitoring of all people metrics to ensure pay
and reward strategies are effective; Recruitment and
retention targets significantly outperform the benchmark.
Monitored by People & OD Committee
Maintain a detailed financial forecast model that reflects
the organisations future plans, assumptions and cost
implications. Informs growth plans and targets.

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----- Start of picture text -----
Risk Impact Management
Quality and Contract loss and Contract uplift targets set for 25/26 to be reviewed
performance not reduction in income. monthly by the Exec Team with regular reports to the
consistently achieved Ongoing cost increase SDF Committee on progress.
or maintained for has a detrimental impact
people we support on colleagues, people we
and their families support and budget cost
pressures.
Potential risks to the Keep under review Local Authority Financial positions
health and wellbeing of including any S114 notices.
people we support. Fail to Refreshed Quality Assurance and Improvement
meet Quality standards, framework being rolled out across our localities and
experience and outcomes central functions. Quality of Life embedding programme
for people we support and is supporting more consistent use of measurable quality
their families. Potential outcomes. Development of Local Quality Partnerships
loss of contracts or in progress to strengthen the influence and contribution
closure of services and of people we support and families and commissioners
the resulting impact on regarding quality locally.
our reputation as a high-
quality provider. Embedding a localised model of service delivery and
design which sees local leadership and subject matters
experts developed in every locality.
Maintain our focus on achieving Good and Outstanding
ratings in CQC registered services (97% of people
using regulated support are in services rated Good
or Outstanding). Implementing our approaches to
organisational learning/practice improvement from
accidents and incidents.
Quarterly audits by Operations and Community Managers
to review that managers are meeting expectations.
Actions following audits/visits are RAG rated to ensure
high risk and priority actions are completed in a timely
fashion and attract the level of scrutiny and importance
they need.
Completing a review of all best practice approaches, to
develop a single Certitude ‘Way of Working’ framework to
ensure consistently high-quality support.
Monitored by Quality, Performance & Compliance
Committee.
Quality and Potential risks to the Deployment of skilled and committed managers
performance not health and wellbeing of accountable for delivering on quality performance
consistently achieved people we support. Fail to including use of compliance folder of daily, weekly and
or maintained for meet Quality standards, monthly manager audits.
people we support experience and outcomes
and their families for people we support and Refreshed Quality Assurance and Improvement
their families. Potential framework being rolled out across our localities and
loss of contracts or central functions. Quality of Life embedding programme
closure of services and is supporting more consistent use of measurable quality
the resulting impact on outcomes. Development of Local Quality Partnerships
our reputation as a high- in progress to strengthen the influence and contribution
quality provider. of people we support and families and commissioners
regarding quality locally.
----- End of picture text -----

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Risk Impact Management
Continued... Continued... Embedding a localised model of service delivery and
design which sees local leadership and subject matters
experts developed in every locality.
Maintain our focus on achieving Good and Outstanding
ratings in CQC registered services (97% of people
using regulated support are in services rated Good
or Outstanding). Implementing our approaches to
organisational learning/practice improvement from
accidents and incidents.
Quarterly audits by Operations and Community
Managers to review that managers are meeting
expectations. Actions following audits/visits are RAG
rated to ensure high risk and priority actions are
completed in a timely fashion and attract the level of
scrutiny and importance they need.
Completing a review of all best practice approaches, to
develop a single Certitude ‘Way of Working’ framework
to ensure consistently high-quality support.
Monitored by Quality, Performance & Compliance
Committee.
Loss of strategically
important
contracts leading
to significant loss
of income and
contribution to
central management
costs		 central management
Strain on other contracts
and less service
development and
innovation opportunities
through reduced central
management income.
Reputational damage of
losing contracts in key
boroughs.		 Discussion with commissioners to review service model
changes and work towards more flexible longer term
contracting arrangements.
We continue to review options for each contract and any
cost centres in deficit and agree action plans to bring
the relevant budget back to balance.
We ensure pricing for new services include all fixed
and variable costs and future proof value for the life of
the contract. Service redesign options for houses with
empty room to provide longer term sustainability.
Ending of contracts/services where we cannot make
progress in bridging financial sustainability gaps, various
options are reviewed with exiting a contract a last
resort.
Being exposed to
a Cyber-security
threat that results
in loss of sensitive
information or fraud		 Failure to protect sensitive
data, Certitude holds
a significant amount of
sensitive data relating to
the people we support,
colleagues and families.
Fail to maintain an IT
infrastructure and network
configuration that is
adequate to ensure data
protection and protect
against cybersecurity
threats.		 Regular external reviews of our security with penetration
testing.
Cyber-security improvements and accreditations now
achieved providing greater systems assurance. Details of
projects to improve cyber-security position and reduce
risk are updated on an ongoing basis.
GDPR compliance review undertaken using expert
support, we continue to review data transfer and
storage requirements for all new contracts and
renewals.

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Risk Impact Management
Continued... Continued... Ongoing reviews by the IT team to ensure system
threats are reviewed as they materialise, deployment of
new technology to support the safeguarding of systems
and data.
Learning taken from cyber-attacks to ensure we
implement any changes that help safeguard Certitude
data and systems.
Monitored by the Transformation Advisory Committee.

Overall responsibility for overseeing the management of risks, compliance with our risk management framework and the agreed risk appetite of the Group lies with the Board. The appetite considers the level of risk and risk combinations that the Board is prepared to take to achieve the strategic objectives, together with the level of risk the organisation can withstand.

In the ordinary course of activities, Certitude and its subsidiaries actively manage a variety of financial risks which include credit and liquidity risk through various control mechanisms. Our liquid assets are held in cash and in a well-diversified investment portfolio, which is managed by professional Investment Managers, this is overseen by the Strategic Development and Finance Committee. Cash levels are reviewed on an ongoing basis to ensure funds are held at appropriate levels, considering both daily operational needs and the need to diversify the risk. With planned transformation activities over the next few years, cash management will need to be monitored closely as well as ensuring a strong balance sheet is maintained.

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025

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Fundraising

We work closely with all our supporters and endeavour to:

We continue to provide several ways for people to give including Enthuse, our main giving platform, and JustGiving as an alternative platform, along with options such as text to donate, donating gifts in kind through our Amazon Wishlist and donating whilst shopping through Easy Fundraising. In 2024 we introduced contactless devices so people attending events and our community activities can make contributions if they choose.

We comply with fundraising guidelines from the Fundraising Regulator, Charity Commission, and this includes the Code of Fundraising Practice for the UK. We are committed to maintaining the highest standards by meeting best practice guidelines and complying with regulations when undertaking our activities and insist on the same from those raising funds on our behalf. For individuals, this is through our fundraising guidelines. We are not aware of any instances where those acting on our behalf have failed to comply. We currently work with a small number of companies to raise money and expect them to work with us to meet the same high standards.

We carefully manage our corporate relationships and have contracts and/or memorandums of understanding in place to ensure compliance and shared understanding. We also ensure that all companies are subject to our due diligence process. We have received no complaints in 2024/25 regarding fundraising. However, we continue to monitor our fundraising channels to ensure any complaints are dealt with according to guidance from the Fundraising Code of Practice and internal practices.

We monitor regulatory developments to ensure these standards are maintained, and our fundraising activity is open, legal and fair. We are registered with the Fundraising Regulator and our Fundraising Promise is posted on our website. Our approach to data protection is in line with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. We take our supporters’ requests and the protection of their personal data very seriously. We never swap or sell their data, and our supporters can change their communication preferences at any time. Southside Partnership follows the same fundraising strategy as Certitude.

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Objectives and Activities

The Objectives of the Society, as set out in its Rules are for public benefit:

Public benefit

We provide support across London to adults with learning disabilities, mental health support needs and autism. We support people to develop new skills, meet new people and live the life they want – so they can bring their own unique brilliance to the world.

We remain mindful of our commitment to public benefit by working to fulfil our charitable aims and we have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025

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Our Strategic Priorities

As set out in our 10 year ‘Plan Big, Be Local’ strategy, our vision is based on four strategic destinations, which started in 2022. Southside Partnership follows the same strategic priorities and objectives as Certitude:

Provider of choice

High-quality, impactful person-led Certitude support is provided by well-resourced local teams, best-placed to help people and their families to live happier, healthier, and more fulfilled lives. We help people to live, work, and learn in places that they love. We encourage people to set their own goals and aspirations, direct their support, and monitor its effectiveness through access to personalised impact data. People and families contribute their lived expertise at all levels and across all activities in Certitude, helping us to be betterdesigned, better-led, smarter, and more locally focused on what matters most.

Employer of choice

People want to work for Certitude because we develop people and support them to be their best selves. This has made it easy to recruit and keep the best colleagues. Our organisation is designed around agile, highly motivated teams who have fully embraced the clever, reliable technology that we have in place to help them to work smarter and be more effective. Our leaders are great coaches who sponsor innovation and grow and develop individuals and teams to great performance. We are mission-driven, using intelligent data to focus our efforts on continuously improving our ability to help people and their families to live great lives.

Partner of choice

Through ambitious and thoughtful strategic growth and innovation, we have been able to keep investing wisely and well in the quality of our support and teams. As a result, we have been able to extend our reach to significantly more people and their families. We are the strategic partner of choice for several commissioning areas in and around London who approach us when they need big, tricky issues resolved. This is because we are trusted to deliver transformation efficiently and effectively.

A digital-first organisation

As a digitally enabled organisation, our people, systems, and processes are agile, proactive and easily able to adapt to our constantly growing and flexing organisation. Through effective investment and implementation, we have embedded digital thinking and design into all aspects of Certitude, including our workspaces. This has enabled fully remote, flexible, and smarter ways of working. It has enabled more efficient and effective ways of providing support to people and their families.

In order to achieve this, we measure our progress against three strategic goals:

Strategic Goal 1: Quality and Impact of Our Support: To become the provider of choice in the areas where we work

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Strategic Goal 2: People Culture and Organisational Development: To become the employer of choice in the areas where we work

Strategic Goal 3: A Strong and Growing Organisation: To become the strategic partner of choice in the areas where we work

Organisational Transformation

We have embarked on a significant transformation programme to make a step change in how we work as an organisation so that we can better and more consistently meet the needs of people we support and their families through quality-focused, localitybased, personalised approaches that shift decision-making, choice, and control as close to the person as possible. Our transformation programme will ensure that we have the right digital and non-digital capabilities to deliver our ambitions and operate successfully within an increasingly challenging external environment.

Progress so far

Certitude’s transformation represents the changes we need to make to become an organisation that is truly fit for the future. This involves changes to our digital systems as well as changes to how we operate, so we can achieve the ambitions set out in our Forward Plan.

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025 17

Over the past 12 months, we have made good progress, as follows:

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Daisy Green Café | Community Partner

In 2024, Certitude’s Connect and Do team was approached by the Daisy Green Collection to collaborate on a series of workshops to be held at Daisy Green Café in Holland Park.

All Connect & Do sessions are peer-led by artists with lived experience of learning disabilities or mental health support. Working together they coproduced a 6-week art programme called ‘Inspired by Nature’ where each session explored the theme, encouraging people to draw inspiration from materials found in Holland Park using a range

of different art mediums. Connect and Do’s Community Development Practice Lead, Jake Meyer, said

“The collaboration was a fantastic opportunity for our creative facilitators to develop and grow whilst introducing a whole new borough to the Connect and Do programme.”

Workshops were held in the café and included gel printing, jewellery and stone painting and each session were free and open to everyone in the community.

As an organisation we’re committed to supporting diversity and inclusion, so this was a wonderful opportunity for us to work with Certitude as a trusted partner to create an inclusive series of workshops that could impact our local community. We look forward to doing another series of events together in the future to continue our contribution in building a society that we can all enjoy.

Tom Onions Founder of the Daisy Green Collection

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Abu Hasnat | Supported Living

Abu, who we’ve been supporting since 2022, loves to express himself through art. When he is painting, he feels more jovial and it’s an important part of how Abu chooses to alleviate any stress he might be feeling.

As Abu decides when he wants to do his art, he also decides when during the day he wants support and chooses who he wants to be supported by.

Because the team know how important it is to Abu to be creative when the mood takes him, he has the space and freedom to do so and we support him to keep regular stocks of art materials he might need. He often works at his ’mini studio’ in his room or sometimes in the communal lounge in his supported living accommodation. Once a week he is supported to go an open session in a studio where there is a tutor on hand to provide support for him as an artist.

When Abu is working on a painting or drawing, he becomes particularly focused on his art and doesn’t like to be distracted, His support team respects this and waits for Abu to let them know when he has finished by showing a thumbs up. He will often then express how he feels about it using basic Makaton.

Abu is a respected artist and has had a number of exhibitions over the years with ActionSpace, who say of his work;

“He explores colour, texture and shape through a variety of mediums and surfaces giving his work a very distinct style. His adventurous use of different, sometimes unexpected and unusual materials makes his work daring and visually absorbing”

Image by Daniel Regan, courtesy of Actionspace.org

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Financial Review

Southside Partnership presents its Financial Statements in line with the Charities SORP (FRS 102). It has been a very challenging year financially across the sector and like other organisations we have continued to face cost-of-living pressures brought about by high levels of inflation and the impact of ongoing external funding pressures.

This year has presented financial challenges, reflecting broader economic pressures and sector-wide funding constraints. Total income for the year was £19,440k, an increase of 3.59% compared to the previous year. Whilst we didn’t achieve the budgeted level of contract uplift fee income, we did deliver additional support hours and had further contractual income from the award of new contracts in Southwark.

At the same time, the organisation has faced significant cost pressures including increases to London Living Wage of 8.5% as well as ongoing cost of living pressures which led to total expenditure of £19,293k excluding transformation costs. This resulted in a net increase in cost of 4.49% compared to the previous year. This has resulted in a small operating surplus of £147k, whilst this is a relatively small operating surplus it is important to remember that this is on the back of significant financial challenges across the whole sector. We aim to manage our resources effectively and we have done well during the year to maintain an overall operating surplus.

During the year Southside Partnership took proactive steps to manage the complex

external environment including cost-saving measures, renegotiating contracts and seeking funding reviews. All the Local Authorities and Integrated Commissioning Boards that we work with have faced significant pressures on their budgets which ultimately has resulted in difficult conversations around contract uplifts, which are needed to ensure the financial sustainability of core service delivery. We were not able to achieve our budgeted income contract uplifts which meant we had to manage further financial pressures.

Empty rooms (voids) across the organisation has also had a significant impact. A lack of suitable referrals has meant loss of income without being able to reduce our base cost to the same extent. This is an area of priority for the organisation moving forward given the risk we carry on empty rooms.

Despite these challenges we have ended the year with a relatively small operating deficit which is a considerable achievement and reflects good budget management by colleagues across Southside Partnership which has supported us in managing our expenditure. Clearly, when 75% of our income is colleague related, the margins are significantly reduced in areas where we can look at cost reductions without compromising on the quality of support we continue to provide.

Southside Partnership will continue to operate, for the foreseeable future, in an uncertain and complex external social, political and economic environment. Because of this uncertainty, organisations across many sectors, including many of our peers in the not-for-profit sector,

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025

21

are increasingly focussing on organisational transformation to reimagine their business model to be more resilient and adaptable, and better able to respond to challenges and opportunities.

The Certitude Board has agreed investment in the Fit-for-the-Future programme (including digital transformation) to deliver the capabilities that we believe are required for Certitude to continue to successfully grow, develop and invest in quality. In total £226k of transformation costs were charged to Southside Partnership in 2024/25 These costs are shown under a separate heading in the financial statements, which has been effectively funded from free reserves.

Reserves Policy

The balance sheet shows total unrestricted reserves of £9.69m (2023/24: £9.81m) and restricted reserves of £15k (2023/24: £1k).

There have been a number of items that have contributed to the decrease in reserves, including the operating surplus of £147k, the investment in transformation activities of £226k, and a net loss on investments of £42k together with actuarial gain on the closed SHPS defined benefit scheme of £12k.

Reserves are maintained at a level that enables the organisation to manage operational financial risks and short-term income volatility. They allow the Charity to sustain service delivery over the long-term, ensuring that financial commitments can be met as they fall due. Free reserves are those unrestricted funds which are freely available to the trustees to spend on any of the organisation’s purposes.

However, they exclude amounts which, if spent, would adversely affect the organisation’s

ability to deliver its aims. Free reserves do not therefore include property, funds which are set aside for programmes specifically to further our organisation’s objectives, or amounts set aside for essential costs.

During 2024/25 the Certitude Board undertook a review of the reserves policy and agreed to keep the current policy, this will however be kept under review and the policy changed as appropriate.

Certitude has a reserves policy as follows:

Free reserves should be maintained to cover a minimum of 6 months of Central Management costs as well as an amount to manage any one-off events that may occur and the annual pension deficit payments. This is reviewed annually by the Audit & Risk Assurance Committee and the Board.

The 6 months of central costs stipulated by the policy ensure we can manage the loss of the contribution from our largest contracts, as well as the unlikely loss of one of the Group’s subsidiaries.

The one-off events that we have factored into our review include risks around the potential level of grant income or one-off income that may have potential pick up costs or exit costs, as well as exit costs for services fully subsidised by Certitude or non-statutory services such as day support.

The pensions deficit held on the balance sheet is not a useful measure for us to use when considering our reserves policy. Instead of providing cover for the full balance sheet obligation, the Board have agreed that we should have sufficient cover to hold one year’s worth of deficit payments.

22

Levels of minimum reserves required by the policy are calculated as follows:

When calculating free reserves, property assets are excluded. In addition, we add back the pension defined benefit liability held on the balance sheet, as cover for pensions deficit payments are provided for in our minimum reserves calculation.

For 24/25 for Southside Partnership, we calculated free reserves of £4.41m. With a minimum fund requirement of £1.96m, additional reserves of £2.45m are therefore available for Certitude to invest in future activities, including continued investment in the Certitude Forward Strategy programme.

Designated funds:

The Forward Strategy programme, which was initiated 3 years ago, included a decision to create designated funds, ring fenced for investments in activities to deliver organisational change. The Certitude Board have reviewed reserves held, together with the organisational transformation investments identified in the Certitude’s Forward Strategy. This review has resulted in the decision to continue investing in the planned activities included in the Forward Strategy.

The forward strategy fund includes the following element:

These will be utilised over the next two years as part of delivering our key forward strategic plans. As the majority of reserves are held within the 3 subsidiaries, the designated funds have only been shown on the consolidated group accounts. There are no specific allocations of reserves from individual subsidiaries. The designated fund is across the Group and not specific to Southside Partnership.

Going Concern

The Board of Trustees has reviewed Certitude’s key activities, financial position and risk management policies together with factors likely to affect future development, including the impact of the ongoing economic uncertainty. Whilst the assessment is of Certitude as a Group, the analysis applies to Southside Partnership.

The Board of Trustees have concluded that, with agreed adjustments to our plans and with ongoing financial risk management, it is reasonable to expect Certitude to have adequate resources to continue in operation for the foreseeable future. Accordingly, the going concern basis of accounting continues to be adopted in preparing the financial statements.

During 2023/24, as part of the forward strategy development, we have undertaken detailed financial modelling which is projected to 2026/27. Audit & Risk Assurance Committee and Finance, Housing and Development Committee have reviewed this at different points over the last 12 months.

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The modelling work included:

Cash Flow Analysis: we have reviewed as part of the 5-year financial modelling a detailed cash flow which considers income and expenditure changes as well as other capital commitments, this shows that Certitude has a good level of cash reserves.

Contracts Review: We have reviewed the contracts pipeline and considered any significant changes that will have an impact on the organisation. We are confident that the contracts pipeline is strong, and we have contractual commitments with commissioning authorities at least until 2024/25.

All new contracts are based on us being able to include a reasonable central management return. We review the benchmarks that are available for the sector to assist in cost profiling and to remain competitive.

Staff Costs and Non-Pay Expenditure: An annual review of staff remuneration is completed by the Board to ensure we can attract and retain quality staff and ensure pay and reward remain competitive. Financial modelling is based on staff costs increasing year on year, but this must be in line with affordability. Non-pay costs are assumed to increase with inflation year on year, while utility and housing costs are increasing above inflation. These assumptions remain under review.

Income and expenditure are reviewed monthly and reported to the Finance, Housing and Development Committee and Board quarterly and more frequently, if required.

It is important to note that Certitude holds investments of £8.9m (of which Southside Partnership is £3.7m) which can be liquidated in a short timeframe. At present we do not believe we will need to seek any additional cash to meet requirements.

Investment Policy

The overall objective of the Certitude investment portfolio is to create sufficient income and capital growth to enable Certitude to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of, and if possible, enhancement of the value of the invested funds while they are retained.

The day-to-day management of the portfolio was delegated to Cazenove Capital in 2024, who implement the portfolio allocation which has been agreed with Certitude. The portfolio asset allocation is agreed with Cazenove, the Investment Manager, and includes specific benchmarks that we will use to monitor performance. The long-term portfolio is invested in the Sustainable Multi-Asset Fund which has a target of inflation (CPI) plus 4% per annum, net of fees, over rolling tenyear periods. The Fund targets a stable and sustainable total return distribution of 4% per annum. The short-term portfolio is invested in a money market liquidity fund.

Ethical considerations

Certitude Support has adopted a Socially Responsible Investment position which seeks to ensure that its investments do not conflict

24

with its stated vision and mission, and that minimises the risk of stakeholder alienation and damage to the organisation’s reputation. This includes excluding companies that carry out activities contrary to their aims or from holding particular investments which damage the Charity’s reputation. In appointing Cazenove as the investment manager, the Certitude Board has assessed Cazenove’s ESG performance to ensure our investment portfolio will be managed with appropriate ESG considerations. Therefore, the Directors wish to implement sustainable investment as part of the investment process and have chosen to invest in the Sustainable Multi Asset Fund (SMAF).

The Sustainable Multi-Asset Fund is designed for charities who want to align their investments with their charitable mission and invest for a better future. Cazenove’s intention is for the Fund to have a positive impact on people and the planet. They will achieve this by Avoiding harm through ESG integration and exclusions, benefiting society through responsible business activities and contributing to solutions through investing for impact. They will also use their influence to push for progress towards the Sustainable Development Goals.

term portfolio value was £7,089k. Performance since inception (01.06.2024) to the end of March 2025 was 0.5% which was behind the peer group ARC Steady Growth ACI which was 2.6% and CPI +4% which was 5.3%. For the three months to the end of March the portfolio was down -3.0%, the peer group ARC Steady Growth ACI was down – 1.4%, with CPI +4% being up 1.7%.

Certitude Support – Short Term portfolio (investment in the HSBC Sterling Liquidity Fund)

As at the end of March 2025 the total short term portfolio value was £1,500k. Performance since inception (01.06.2024) to the end of March was 3.4%. For the three months to the end of March the portfolio was up 1.1%.

Certitude Support – Savills Inv Mgmnt Charities Property Fund

In addition there were investments of £146k held by Investec in the charity’s property fund.

Remuneration

Certitude and its subsidiaries including Southside Partnership aims to pay salaries which are fair and competitive within the charity sector and proportionate to the complexity of the role.

Investment performance

For 2024/25 there was an unrealised loss of £41k (£127k gain in 2024/25); dividend income continued to produce a good return. Total income was £128k (£68k in 2024/25). At end of March 2025, Southside Partnership holds £3,728k of investments, which represents 42.68% of the investments held by Certitude Support on behalf of Certitude Group.

Certitude Support – Long Term portfolio (investment in SMAF) As at the end of March 2025 the total long

In determining the right level of pay, this last year has shown the true value of what colleagues deliver and this needs to be recognised in their remuneration particularly when people live and work in London.

We aim to:

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The Remuneration Committee reviews salary levels annually.

Our approach to remuneration is to ensure we can attract and retain the talented and motivated people needed to ensure we achieve our mission and deliver our strategic goals. The pay of the Leadership Team is reviewed annually, alongside that of all staff, by the Remuneration Committee which is a committee of the main Board. Salaries are reviewed and benchmarked with other similar organisations in the not-for-profit sector and taking account of the fact we work in London. All Board members give their time freely and no Board member received remuneration in the year.

Funds managed on behalf of others

Certitude including its subsidiaries does not formally hold funds itself on behalf of others. However, it does offer some support with, and management of, people we support’s finances in some cases, which is overseen by the Customer Finance Manager. For some people, the Customer Finance Manager acts as appointee for DWP benefit purposes, and in a small number of cases has been appointed Receiver by the Court of Protection. All monies are held in Trust accounts with Barclays, these monies are fully protected.

26

Statement of the Board members’ responsibilities in respect of the Financial Statements

The Board is responsible for preparing the report and financial statements in accordance with applicable law and regulations. The Companies Act 2006, and the provision of the Charity’s constitution requires the Board to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and the Group and of its income and expenditure for that period. In preparing these accounts the Board is required to:

In so far as the Board members are aware:

The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable it to ensure that the financial statements comply with the Companies Act 2006 and the provision of the Charity’s constitution. It has general responsibility for taking reasonable steps to safeguard the assets of the charitable company and the Group and to prevent and detect fraud and other irregularities.

The Board members are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

A resolution will be proposed at the Annual General Meeting that Crowe U.K. LLP be reappointed as auditor to the registered society for the ensuing year. In approving the Annual Report of the Board, the Board members are also approving the Strategic Report included therein.

By order of the Board

Adebayo Emanuel Chair of the Southside Partnership Board

Date: 23 July 2025

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Statutory Information

Other relevant organisations

Bankers:

Barclays Bank plc South West London Group PO Box 385 Onslow Hall The Little Green Richmond Surrey TW9 1WB

Auditors:

Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Investment Managers

until 01 May 2024:

Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN

Investment Managers

From 01 May 2024:

Cazenove Capital 1 London Wall Place London EC2Y 5AU

28

Independent Auditor’s Report

Opinion

We have audited the financial statements of Southside Partnership (‘the charitable company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the 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:

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 charitable company 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities

concern

In auditing the financial statements, we have concluded that the trustee’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 charitable company’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.

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025 29

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

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the 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.

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 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.

and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

We have nothing to report in this regard.

Responsibilities of the Board

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

As explained more fully in the trustees’ responsibilities statement (set out on page 26), the trustees (who are also the directors of the charitable company for the purposes of company law) are 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 the

30

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 trustees are responsible for assessing the charitable company’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 trustees either intend to liquidate the charitable company or to cease operations, or have 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 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.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities.

This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were CQC Regulations for service providers and managers, General Data Protection Regulation (GDPR), Health and

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025

31

safety legislation and Employment legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of contract income, recording the impact of the CQC regulatory reviews and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing of contract income and posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be

expected to detect non-compliance with all laws and regulations.

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. Our audit work has been undertaken so that we might state to the charitable company’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 charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Janqne [ne Jayne Rowe

Senior Statutory Auditor

For and on behalf of

Crowe U.K. LLP

Statutory Auditor London

30 September 2025

32

Statement of Financial Activities
(Includingincome and Expenditure Account)For theyear ended 31 March 2025
~~ee~~		 Statement of Financial Activities
(Includingincome and Expenditure Account)For theyear ended 31 March 2025
~~ee~~		 Statement of Financial Activities
(Includingincome and Expenditure Account)For theyear ended 31 March 2025
~~ee~~		 Statement of Financial Activities
(Includingincome and Expenditure Account)For theyear ended 31 March 2025
~~ee~~		 Statement of Financial Activities
(Includingincome and Expenditure Account)For theyear ended 31 March 2025
~~ee~~		 Statement of Financial Activities
(Includingincome and Expenditure Account)For theyear ended 31 March 2025
~~ee~~		 Statement of Financial Activities
(Includingincome and Expenditure Account)For theyear ended 31 March 2025
~~ee~~		 Statement of Financial Activities
(Includingincome and Expenditure Account)For theyear ended 31 March 2025
~~ee~~
Income from
~~ee~~		 Notes
~~ee~~		 Unrestricted
Funds
£’000
~~ee~~		 Restricted
Funds
£’000
~~ee~~		 Total Funds
2025
£’000
~~ee~~		 Unrestricted
Funds
£’000
~~ee~~		 Restricted
Funds
£’000
~~ee~~		 Total Funds
2024
£’000
~~ee~~
Investments 2 142 - 142 112 - 112
Donations and legacies 1 44 45 - 50 50
Charitable Activities
Contract income:
Supporting people with
learningdisabilities		 Supporting people with 7,039 - 7,039 6,773 - 6,773
Supporting people with
mental health needs		 Supporting people with 9,508 - 9,508 9,287 - 9,287
Rental Income 2,680 - 2,680 2,480 - 2,480
Other Income 26 - 26 64 - 64
Total income ~~ee~~ 19,396
~~ee~~		 44
~~ee~~		 19,440
~~ee~~		 18,716
~~ee~~		 50
~~eee~~		 18,766
~~ee~~
Expenditure on
~~es~~		 ~~es~~
~~ee~~		 ~~es~~
~~ee~~		 ~~es~~
~~ee~~		 ~~es~~
~~ee~~		 ~~es~~
~~ee~~		 ~~es~~
~~eee~~		 ~~es~~
~~ee~~
Raising Funds
~~es~~		 ~~es~~
~~ee~~		 ~~es~~
~~ee~~		 ~~es~~
~~ee~~		 ~~es~~
~~ee ~~		 ~~es~~
~~ee~~		 ~~es~~
~~eee~~		 ~~es~~
~~ee~~
Investment management fees 31 - 31 12 - 12
Fundraising 33 - 33 47 - 47
Charitable Activities:
Supporting people with
learningdisabilities		 Supporting people with 8,011 30 8,041 7,773 4 7,777
Supporting people with
mental health needs		 Supporting people with 11,188 - 11,188 10,562 66 10,628
Operating Expenditure
excluding transformation costs		 5 19,263 30 19,293 18,394 70 18,464
Operating Surplus
excluding transformation costs		 133 14 147 322 (20) 302
Transformation costs 226 - 226 374 - 374
Operating Expenditure
including transformation costs		 19,489 30 19,519 18,768 70 18,838
Operating (Deficit)/Surplus
including transformation costs		 (93) 14 (79) (52) (20) (72)
Net gains/(losses) on
investments		 8 (42) - (42) 127 - 127
Net(Expenditure)/Income (135) 14 (121) 75 (20) 55
Actuarial (loss)/gains on
defined benefitpensionplans		 15 12 - 12 (57) - (57)
defined benefit
Net movement in Funds		 (123) 14 (109) 18 (20) (2)
Total Funds brought
forward		 13 9,812 1 9,813 9,794 21 9,815
Total Funds carried forward 13 9,689 15 9,704 9,812 1 9,813

These financial statements on pages 32 to 33 were approved and authorised for issue by the Trustees on 23 July 2025 and signed on their behalf by:

Adebayo Emanuel Chair

John Turner Trustee

The results relate wholly to continuing activities and the notes on pages 34 to 45 form an integral part of these financial statements

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33

|Balance Sheet as at 31 March
Southside Partnership | Company registration number 2599171
For theyear ended 31 March 2025
~~ee~~|Balance Sheet as at 31 March
Southside Partnership | Company registration number 2599171
For theyear ended 31 March 2025
~~ee~~|Balance Sheet as at 31 March
Southside Partnership | Company registration number 2599171
For theyear ended 31 March 2025
~~ee~~|Balance Sheet as at 31 March
Southside Partnership | Company registration number 2599171
For theyear ended 31 March 2025
~~ee~~| |---|---|---|---| |~~ee~~|Notes
~~ee~~|2025
£’000
~~ee~~|2024
£’000
~~ee~~| |Fixed assets|||| |Intangible assets|6|256|212| |Tangible assets|7|5,325|5,442| |Investments|8|3,728|3,451| |||9,309|9,105| |Current assets|||| |Debtors|9|1,981|1,998| |Cash at bank and in hand||465|914| |||2,446|2,912| ||||| |Creditors|||| |Amounts fallingdue within oneyear|10,11|(1,637)|(1,680)| |Net Current Assets||809|1,232| ||||| |Total Assets less Current Liabilities||10,118|10,337| |Amounts fallingdue after more than oneyear|12|(111)|(142)| |Net asset or liabilities excluding pension asset or liability||10,007|10,195| |Defined Benefit Pension Scheme(Liability)|15|(303)|(382)| |Defined Benefit Pension Scheme
Net Assets||9,704|9,813| ||||| |Unrestricted funds|||| |General funds||6,916|7,007| |Propertyrevaluation reserve||2,773|2,805| |Total unrestricted Funds||9,689|9,812| |Restricted Funds||15|1| |Total Funds|13|9,704|9,813|

These financial statements on pages 32 to 33 were approved and authorised for issue by the Trustees on 23 July 2025 and signed on their behalf by:

Adebayo Emanuel Chair

John Turner Trustee

The notes on pages 34 to 45 form part of these financial statements.

34

Notes to the Financial Statements

1. Accounting policies

below. These policies have been consistently applied to all years presented unless otherwise stated.

Legal status

Southside Partnership is a charitable company incorporated in England under the Companies Act 2006. The Charity is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. At the balance sheet date there was 1 member (2021: 1). The address of the registered office is 31-33 Lumiere Court, 209 Balham High Road, Balham, London, SW17 7BQ. The nature of the charity’s operations and principal activities are to provide care and support for people who are coping with or have coped with mental ill health and/ or physical disability and/or learning difficulties or disabilities, or are elderly or infirm, and in particular, but not so as to limit the generality of the forgoing, the provision of residential care services.

Basis of accounting

The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.The financial statements are prepared on a going concern basis under the historical cost convention, modified to include revalued freehold and leasehold properties and investments at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £000. The significant accounting policies applied in the preparation of these financial statements are set out

The Trustees have taken advantage of the exemption from including a Statement of Cash Flows as per paragraph 1.12 of FRS 102 in the financial statements as the consolidated accounts of Certitude Support Group (Registered Society Number 30891R) are publicly available.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Investments

The organisation’s investments are stated at market value. It is the organisations policy to keep valuations up to date such that when investments are sold there is no gain or loss arising to previous years. As a result the SOFA includes those unrealised gains and losses arising from the revaluation of the investment portfolio throughout the year. Certitude as the parent company administers the investment portfolio on behalf of its subsidiaries and a Declaration of Trust arrangement has been agreed to facilitate this. Short term investments are treasury deposits held at financial institutions for a short period with a view to earn interest income.

Fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where

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35

appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Depreciation is provided to write off the costs or valuation of property, plant and equipment less any residual value over their estimated useful lives on the straight line basis as follows:

Intangible asset, major software development of internal communication
system - BUZZ		 over 10 years
Intangible asset,HR software over 5years
Software development and investment in IT infrastructure over 5years
Office equipment and computers over 4years
Office e
Fixture,fittings and equipment		 over 5years
fittin
Property held on long leases for residential accommodation		 over the term of the lease or 2%
pa,whichever is the shortest.
Freeholdproperty (excludingland)- at between 2% and 3.2%
Capitalisation threshold has been set at £5,000

Fixed assets, except freehold property and property held on long leases, are disclosed at cost less accumulated depreciation. Freehold property and property held on long leases are carried at professional valuation in accordance with the Royal Institute of Chartered Surveyors Valuation Standards. Professional revaluations will be undertaken at least once in every five year period. Impairment reviews will be carried out in the interim period.

An increase arising on revaluation is taken to the Revaluation Reserve except where it reverses impairment for the same asset. A decrease is charged to the Revaluation Reserve to the extent that there is a balance on the reserve for the asset and thereafter to expenditure. Freehold land is not depreciated.

Income

All income is accounted for in the Statement of Financial Activities (SOFA) when the Charity is legally entitled to the income, it is probable that the income will be received, and the amount can be quantified with reasonable accuracy. Income due to delivery of goods and services, furthering the objects of the Charity is included under income from charitable activities. Contractual income and grants are included on a receivable basis. Contract income is recognised as performance obligations are satisfied. Rental income represents fees received for managing accommodation on behalf of housing associations, stated net of voids. All income received in advance for the delivery of a specific service or activity is deferred until such service delivery or activity has taken place.

Expenditure

Resources expended are included on an accruals basis and allocated to appropriate heading in the SOFA. Any irrecoverable VAT is included as part of the cost to which it relates. Redundancy costs are recognised when there is a legal or constructive obligation. Employment related costs and redundancy costs are detailed within note 3. Costs in relation to operating leases are written off to the Statement of Financial Activities as they are incurred. Support costs are the infrastructure costs supporting the group’s charitable activities and governance. Support costs are allocated substantially on the basis of expenditure. By virtue of S.478 Corporation Tax Act 2010, the charitable company is exempt from corporation tax. Transformation costs are expenses incurred to deliver organisational change, to improve on quality, efficiency and effectiveness.

36

Reserves

Restricted funds comprise monies where a restriction has been placed on their use by a donor. These are separately accounted for and described in note 13. Unrestricted funds comprise monies given freely to the organisation that can be applied at the discretion of the trustees in accordance with Certitude’s charitable objectives.

Pensions

Designated funds are part of the unrestricted funds which Trustees have earmarked for a particular project or use, without restricting or committing the funds legally. The designation may be cancelled by the Trustees if they later decide that the charity should not proceed or continue with the use or project for which the funds were designated.

Financial instruments

Financial instruments held are classified as follows:

The company participates in pension schemes for eligible employees through several schemes. The NHS Pensions Agency (for former health service employees). There is also a Defined Contribution Scheme which is with the Social Housing Pension Scheme (SHPS), administered by TPT Retirement Solutions. This scheme was available to staff since 2011 and is now also the scheme for auto enrolment which Southside Partnership implemented for all staff from February 2014 as required by new pension regulations. The company also participates in a defined benefit pension scheme for eligible employees through SHPS, administered by TPT Retirement Solutions. This defined benefit scheme was closed to new entrants in October 2011.

2. Investment Income

----- Start of picture text -----
2025 2024
£’000 £’000
Bank/ short term investment interest receivable 14 44
Income on investments 128 68
142 112
----- End of picture text -----

3. Staff Costs

----- Start of picture text -----
2025 2024
£’000 £’000
Wages and salaries 13,867 13,290
Social security costs 1,325 1,244
Pension costs 924 814
Agency staff 51 201
16,167 15,549
----- End of picture text -----

Redundancy costs of £36,870 has been recognised as expenditure and paid.(2024:£124,241 expensed and paid).

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025

37

Average number of employees: 2025
Number		 2024
Number
Average number of full time employees 405 400
Average number of employees
~~a~~		 544
~~a~~		 572
~~a~~

Seven staff members received emoluments plus taxable benefits between £60,000 to £70,000 during the year (2024:six).

Two staff member received emoluments plus taxable benefits between £70,001-£80,000 during the year (2024:nil). Pension contribution for higher paid staff was £52,743 (2024: £35,304). No remuneration for services was paid to any members of the Board.

4. Net income/(expenditure) for the year

Stated after charging: 2025
£’000		 2025
2024
£’000
Depreciation of tangible and intangible fixed assets
~~		 ~~
ible fixed assets
Auditor remuneration		 26 25
Operatinglease rentals 107 -

5. Analysis of total expenditure

Activities
undertaken
directly
£’000		 Support
costs
£’000		 Total
2025
£’000
Expenditure on raising funds
~~		 ~~
~~		 ~~ ~~
Investment management fee 31 - 31
Fundraising 32 1 33
Charitable activities
~~		 ~~ ~~ ~~
Supporting people with learningdisabilities
~~		 ~~
~~a~~
 6,843
~~
Supporting people with mental health needs
~~a~~
 8,606
~~a~~		 2,582
~~a~~
~~
Total resources expended
~~a~~
15,512
~~a~~

Included in Support costs are Governance costs of £37,519

38

6. Intangible fixed assets

----- Start of picture text -----
Software Cost
£’000
Cost or valuation
At 1 April 2024 443
Additions 86
Disposals (45)
At 31 March 2025 484
Depreciation
At 1 April 2024 231
Charge for the year (48)
Disposals 45
At 31 March 2025 228
Net book value
At 31 March 2025 256
At 31 March 2024 212
----- End of picture text -----

7. Tangible fixed assets

----- Start of picture text -----
Freehold Long Fixtures IT Total
Land & Leasehold fittings & equipment £’000
Buildings Property equipment £’000
£’000 £’000 £’000
Cost or valuation
At 1 April 2024 3,500 2,014 165 89 5,768
Additions - - - - -
At 31 March 2025 3,500 2,014 165 89 5,768
Depreciation
At 1 April 2024 84 94 59 89 326
Charge for the year 42 40 35 - 117
Revaluation - - - - -
At 31 March 2025 126 134 94 89 443
Net book value
At 31 March 2025 3,374 1,880 71 - 5,325
At 31 March 2024 3,416 1,920 106 - 5,442
----- End of picture text -----

Freehold Land and Buildings and Long Leasehold Property classes of Tangible fixed assets were assessed and

revalued on 31 March 2022 by Robert Wilson of HB Surveyors and Valuers. The basis of this valuation is Fair Value. The valuation has been undertaken in accordance with RICS valuation standards- Global and UK edition.

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025

39

Historical Cost (Long Leasehold Property) at 31 March 2025 £’000
Freehold Land and Buildings 1,334
LongLeasehold Property 1,147

8. Fixed asset investments

~~ee~~ 2025
£’000
~~ee~~		 2025
2024
£’000
~~ee~~
Market value as at 1 April
~~————_—~~		 3,451
~~————_—~~		 2,336
~~————_—~~
Additions
~~————_—~~		 350
~~————_—~~		 1,000
~~————_—~~
Investment management fee
~~————_—~~		 (31)
~~————_—~~		 (12)
~~————_—~~
Net investment(loss)/gains
~~————_—~~
Market value at 31 March 3,728 3,451
~~—————————E~~ ~~—————————E~~ ~~—————————E~~
Historical cost at 31 March
~~—————————E~~		 3,799
~~—————————E~~		 3,166
~~—————————E~~
~~—————————E~~ ~~—————————E~~ ~~—————————E~~
Investments are represented by:
~~—————————E~~
~~ee~~		 ~~—————————E~~
~~ee~~
~~ee~~		 ~~—————————E~~
~~ee~~
UK Fixed Interest 97
~~ee~~		 458
Overseas Fixed Interest 220 194
Total Fixed Interest 317 652
UK Equities 105 563
European Equities 165 317
North American Equities
~~st~~		 707
~~st~~		 919
~~st~~
Japanese Equities
~~st~~		 84
~~st~~		 139
~~st~~
Far East & Australasian Equities
~~st~~		 29
~~st~~		 89
~~st~~
International equities
~~st~~		 1028
~~st~~		 82
~~st~~
EmergingEconomies
~~st~~		 67
~~st~~		 178
~~st~~
Total Equities 2,185 2,287
Property
~~———~~		 64
~~———~~		 76
~~———~~
Alternative Assets
~~———~~		 408
~~———~~		 352
~~———~~
Cash
~~———~~		 754
~~———~~		 84
~~———~~
Total Fixed Asset Investments
~~———~~		 3,728
~~———~~		 3,451
~~———~~

9. Debtors

~~ee~~ 2025
£’000
~~ee~~
~~eee~~		 2025
2024
£’000
~~ee~~
~~eee~~
Trade debtors 1,212
~~eee ~~		 1,314
~~eee~~
Rent debtors 108 78
Prepayments and accrued income 395 312
Other debtors 13 11
Amounts owed byGroup 253 283
1,981 1,998

40

10. Creditors: amounts falling due within one year

----- Start of picture text -----
2025 2024
£’000 £’000
Trade creditors 140 267
Other taxation and social security 297 318
Accruals 455 319
Annual Leave Accrual 32 84
Deferred income - -
Other creditors 665 648
Amounts owed to Group 25 32
Mortgage (see note 12) 23 12
1,637 1,680
----- End of picture text -----

11. Deferred income

----- Start of picture text -----
The movement on deferred income in the year is: 2025 2024
£’000 £’000
Brought forward - 37
Deferred in year - -
Released in year - (37)
Carried forward - -
----- End of picture text -----

12. Creditors: amounts falling due after more than one year

----- Start of picture text -----
2025 2024
£’000 £’000
Mortgage repayable – within 2 to 5 years 91 48
Mortgage repayable – in over 5 years 20 94
111 142
----- End of picture text -----

The mortgage is secured on a freehold supported living scheme property. The initial mortgage of £428,000 comprised 80% of the property’s cost and is repayable over 25 years. The interest rate is 1.25% above base rate. Interest payable for the year was £8.9k (2024: £10.1k).

13. Fund statement and revaluation reserve

----- Start of picture text -----
At 31 March Incoming Resources Gains/ Transfers At 31 March
2024 Resources Expended (Losses) £’000 2025
£’000 £’000 £’000 £’000 £’000
Restricted funds:
Other Fundraised income 1 44 (30) - - 15
Total restricted funds 1 44 (30) - - 15
General funds 7,007 19,396 (19,489) (30) 32 6,916
Property revaluation reserve 2,805 - - - (32) 2,773
Total unrestricted funds 9,812 19,396 (19,489) (30) - 9,689
Total restricted and 9,813 19,440 (19,519) (30) - 9,704
unrestricted funds
----- End of picture text -----

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025

41

Restricted funds

• City Bridge Project - A community arts project, with focus on mentoring people with lived experience for them to be able to run and facilitate various arts activities.

Revaluation Reserve
Freehold
Land & Buildings
£’000
Long Leasehold
Property
£’000
Total
£’000
At 1 April 2024
2,057
748
2,805
Revaluationgain
-
-
-
Transfers
(17)
(15)
(32)
~~ee~~
~~ee eee~~
~~a~~
~~CO~~
At 31 March 2025
2,040
733
2,773
14. Analysis of net assets between funds
Designated
£’000
Unrestricted
£’000
Total
Unrestricted
£’000
Restricted
£’000
2025
Total
£’000
Fixed assets
5,581
-
5,581
-
5,581
Investments
-
3,728
3,728
-
3,728
Current assets
-
2,431
2,431
15
2,446
Creditors: due within oneyear
-
(1,637)
(1,637)
-
(1,637)
Creditors: due after more than one
year
-
(111)
(111)
-
(111)
Defined Benefit Pension Liability
-
(303)
(303)
-
(303)
5,581
4,108
9,689
15
9,704
~~—~~
~~ee~~
~~ee ee~~
~~a~~
~~es~~
15. Pension Adjustments
Pensions Trust Social Housing Pension Scheme
A Recovery Plan has been put in place with the aim of
The company participates in the Social Housing
removing this deficit by 31 March 2028.

The company participates in the Social Housing Pension Scheme (the Scheme), a multi-employer scheme which provides benefits to some 500 nonassociated employers. The Scheme is a defined benefit scheme in the UK. The Scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The Scheme is classified as a ‘last-man standing arrangement’. Therefore the company is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the Scheme. Participating employers are legally required to meet their share of the Scheme deficit on an annuity purchase basis on withdrawal from the Scheme. For accounting purposes, a valuation of the scheme is carried out with an effective date of 30 September each year. The liability figures from this valuation are rolled forward for accounting year-ends from the following 31 March to 28 February inclusive.

The last triennial valuation of the scheme for funding purposes was carried out as at 30 September 2023. This valuation revealed a deficit of £693m.

42

The latest accounting valuation was carried out with an effective date of 30 September 2024. The liability figures from this valuation were rolled forward for accounting year-ends from the following 31 March 2025 to 28 February 2026 inclusive.

The liabilities are compared, at the relevant accounting date, with the company’s fair share of the Scheme’s total assets to calculate the company’s net deficit or surplus.

We were notified in 2021 by the Trustee of the Scheme that it has performed a review of the changes made to the Scheme’s benefits over the years and the result is that there is uncertainty surrounding some of these changes. The trustee is seeking clarification from the court on these items, and this process is likely to be resolved during the calendar year 2025. It is estimated that this could potentially increase the value of the full scheme liabilities by 3.9%. Until the Court direction is received, it is unknown whether the full (or any) increase in liabilities will apply and therefore, in line with the prior year, no adjustment has been made in these financial statements in respect of this.

----- Start of picture text -----
2025 2024
Present value of defined benefit obligation, fair value of assets and
defined benefit asset/(liability) £’000 £’000
Fair value of plan assets 1,697 1,688
Present value of defined benefit obligation 2,000 2,070
(Deficit) in plan (303) (382)
Unrecognised surplus - -
Defined benefit asset /(liability) to be recognised (303) (382)
Deferred tax - -
Net defined benefit asset/ (liability) to be recognised (303) (382)
2025
Reconciliation of opening and closing balance of the defined benefit obligation
£’000
Defined benefit obligation at start of period 2,070
Expenses 4
Interest expense 99
Actuarial losses /(gains) due to scheme experience 108
Actuarial losses /(gains) due to changes in demographic assumptions -
Actuarial losses /(gains) due to changes in financial assumptions (189)
Benefits paid and expenses (92)
Defined benefit obligation at end of period 2,000
Reconciliation of opening and closing balance of the fair value of plan assets 2025
£’000
Fair value of plan assets at start of period 1,688
Interest income 82
Experience on plan assets (excluding amounts included in interest income) (69)
gain /(loss)
Employer contributions 88
Benefits paid and expenses (92)
Fair value of plan assets at end of period 1,697
----- End of picture text -----

The actual return on plan assets (including any changes in share of assets) over the period from 31 March 2024 to 31 March 2025 was £13,000.

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025

43

Assets
~~ee~~		 2025
£’000
~~ee~~		 2024
£’000
~~ee~~
Global Equity
~~ee~~		 190
~~ee~~		 168
~~ee~~
Absolute Return
~~ee ~~
~~——~~		 -
~~ee ~~
~~——~~		 66
~~ee~~
~~——~~
Distressed Opportunities
~~——~~		 -
~~——~~		 60
~~——~~
Credit Relative Value
~~——~~		 -
~~——~~		 55
~~——~~
Alternative Risk Premia
~~——~~
~~		 ~~
~~		 ~~
Liquid Alternatives 315 -
EmergingMarkets Debt - 22
Risk Sharing
~~		 ~~
~~		 ~~
Insurance-Linked Securities 5 9
Property 85 68
Infrastructure
~~a~~		 -
~~a~~		 171
~~a~~
Private Equity
~~a~~		 2
~~a~~		 -
~~a~~
Real Assets 203 -
Private Debt - 66
Opportunistic Liquid Credit
~~		 ~~
Private Credit 208 -
Credit 65 -
Investment Grade Credit
~~		 ~~
~~		 ~~
Cash 23 33
LongLease Property - 11
Secured Income 28 50
LiabilityDriven Investment
~~		 ~~
CurrencyHedging 3 (*1)
Net Current Assets 4 3
Total assets 1,697 1,688

None of the fair values of the assets shown above include any direct investments in the employer’s own financial instruments or any property occupied by, or other assets used by, the employer.

44

----- Start of picture text -----
Key assumptions 2025 2024
% per annum % per annum
Discount Rate 5.73% 4.87%
Inflation (RPI) 3.13% 3.19%
Inflation (CPI) 2.76% 2.76%
Salary Growth 3.76% 3.76%
Allowance for commutation of pension for cash at retirement 75% of maximum 75% of maximum
allowance allowance
----- End of picture text -----

----- Start of picture text -----
The mortality assumptions adopted at 31 March 2025 imply the Life expectancy at age 65
following life expectancies: (Years)
Male retiring in 2025 20.5
Female retiring in 2025 23.0
Male retiring in 2045 21.7
Female retiring in 2045 24.5
----- End of picture text -----

16. Capital and other commitments

There were no capital commitments as at 31 March 2025 (2024: nil).

There were no commitments under non-cancellable operating leases at 31 March 2025 (2024: £Nil).

17. Control relationship

Southside Partnership is a wholly owned subsidiary of Certitude Support Limited, a Registered Society with registration number 30891R which is the ultimate controlling party. Its Registered Office is 31-33 Lumiere Court, Balham High Road, Balham SW17 7BQ. The ultimate controlling parties are the Trustees of Certitude Support Limited.

18. Related party transactions

Southside Partnership is a 100% Subsidiary of Certitude Support, accordingly, transactions and balances arising with fellow group entities are not separately disclosed, as permitted by section 33.1A of FRS 102, since they are eliminated in the consolidated financial statements of Certitude Support, that are filed with the Charity Commission. The total indebtedness between group organisations as at 31 March 2025 and 31 March 2024 is stated in notes 9 and 10.

During the year Trustees have not declared any interests that could be determined a related party transaction.

19. Funds held on Trust

Southside Partnership Ltd hold appointeeship, to manage the finances on behalf of people we support. People we support funds are kept in ring fenced trust bank accounts, they do no form part of Southside Partnership Ltd’s assets, and funds can therefore not be impacted by any potential claim against Southside Partnership Ltd and Support for Living.

At end of March 2025, Southside Partnership Ltd was holding a total sum of £978,080 (2024: £1,269,836) on trust in relation to clients. This amount has not been included in cash or creditors in these accounts.

Southside Partnership| ANNUAL ACCOUNTS 2024 - 2025

45

20. Prior year comparatives, funds and asset allocation

At 1 April
2023
£’000		 Incoming
Resources
£’000		 Resources
Expended
£’000		 Gains/
(Losses)
£’000		 Transfers
£’000		 At 31
March
2024
£’000
Restricted funds:
Other Fundraised income 4 6 (9) - - 1
CityBridgeproject 17 44 (61) - - -
Total restricted funds 21 50 (70) - - 1
General funds 7,008 18,716 (18,768) 70 (19) 7,007
Propertyrevaluation reserve 2,786 - - - 19 2,805
Tota unrestricted funds 9,794 18,716 (18,768) 70 - 9,812
Total restricted and
unrestricted funds		 9,815 18,766 (18,838) 70 - 9,813

Analysis of net assets between funds

Designated
£’000		 Unrestricted
£’000		 Total
Unrestricted
£’000		 Restricted
£’000		 2024
Total
£’000
Fixed assets 5,654 - 5,654 - 5,654
Investments - 3,451 3,451 - 3,451
Current assets - 2,888 2,888 1 2,889
Creditors: due within oneyear - (1,657) (1,657) - (1,657)
Creditors: due after more than one
year		 - (142) (142) - (142)
Defined Benefit Pension Liability - (382) (382) - (382)
Defined Benefit Pension Liabilit 5,654 4,158 9,812 1 9,813

31-33 Lumiere Court, 209 Balham High Road, Balham, London SW17 7BQ Phone : 020 8772 6222 l Email : info@certitude.london | Web : certitude.london Certitude is a Registered Society incorporated under the Co-operative Community Benefit Societies Act 2014. 30891R Incorporating: Support for Living | A Registered Society incorporated under the Co-operative Community Benefit Societies Act 2014. 27062R Southside Partnership | Company No. 2599171. Registered Charity No. 1010187 Yarrow l A Registered Society incorporated under the Co-operative Community Benefit Societies Act 2014. 26315R