TURninGTIDES ENDING LOCAL HOMELESSNESS TURNING TIDES TRUSTEES, REPORT & FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Charitable Housing Trust A Company Limited by Guarantee Registered as Turning Tides Homelessness Charity Number: 1027832 Company Limited by Guarantee: 2708334 (England) TURNING TIDES Reports and Financial Statements for the Year Ended 31 March 2021 CONTENTS PAGES Reference and Administrative Detalls of the Charity, Its Trustees and Advisers Trustees, Report---------------------------------------------------------------------------. 5-20 Independent Audltor's Report---------------- 21-24 Statement of Flnan¢lal Actlvltles- -25 Balance Sheet . -26 Statement of Cash Flows-----------.----.-.----.-...-...-....-.....-..--..-....--. -27 Notes to the FSnanclal Statement5----------------------------.-.-.... 28-51 Page.. 2 TURNING TIDES Reports and Financial Statements for the Year Ended 31 March 2021 Reference and administrative details of the Company* its Trustees and Advisers Trustees lan Mintram (Chair) Rlchenda Kullar (Company Secretary) Duncan Ander50n Tlmothy Cooper lappointed 28 September 2020) Matthew Hodson Molra James 8111 Jones {appointed 28 September 2020) Jane Lodge lappolnted 28 September 2020) Alwen Lyons (appolnted 28 September 20201 Martin Quinn Davld Standlng Dr Linda Rockall (reslgned 6 July 20201 Company Registered numbei 1708334 Charity Re8lstered number RebTstered office 1027832 Worthin8 Town Hall Chapel Road Worthin£ West Sussex BNII IHA Company Secretary Rlchenda Kullar Chief Executive Offlcer John Holmstrom Independent Auditors Kreston Reeves LLP Chartered Accountants Springfield House Springfield Road Horsham West Su55ex RH12 2RG Page: 3 TURNING TIDES Reports and FIDancial Statements for the Year Ended 31 March 2021 Bankers HSBC Goring Road Worthing West Sussex BN12 4AW Chairfs statement This year has, unsurprisingly, been domin3ted by the unprecedented challenges presented by the COVID crisis. Early in the crisis the Government launched the 'Everyone In, initiatNe whereby all rough Sleepers were required to be housed. Working closely with Councils and other agencies we managed to support an additional 150 people within a very short timeframe. More generally the Charity managed to adapt and develop our services to ensure our Clients received the support they needed. Coping with many enforced changes brought about by the pandemic undoubtedly put great stress on Our staff in particular our frontline staff who worked dirertly with clients throughout the various lockdowns. The Staff at Turning Tides deseNe great credit for the extraordinary commitment they have shown. As the immediate impact of this virus is hopefully receding. the Charity now faces the imminent increase in homelessness caused by the economic fallout from the pandemic. We have already seen a 45 per cent increase in Tough sleeping in the first quarter of 2021. In that context, it is vital we remain fin3ncially strong in order to meet the challenges ahead and we are hvEelv Erateful for the tremendous support we have received from our donors. community partners and funders. Their help has been vital throughout this extrèordinary year 3nd we will continue to rely on their generosity in the coming years.. as we strive to eradicate homelessness in all the areas where Turning Tides operates. lan Mintram Chair of Trustees June 2021 Pale: 4 TURNING TIDES Reports and Flnanclal Staiements forthe Year Ended 31 March 2021 The Trustees present their annual reF)Ort together with the audited financial statements for the year l April 2020 to 31 March 2021. The Trustees confirm the Annual Report and financial statements of the Company comply with Cufrent statutory requirements. requirements of the Company's Boverning document and the provisions of the Statement of Recommended Pf3Ctice1SORPI. applicable to all harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l Janvary 20191. Since the Company qualifies as medium under Section 382. the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directo¢s Report) Re8ulations 2013 is included. About Turning Tides Turning Tides, previously Worthin8 Churches Homeless Projects IWCHPI, was established by 3 Broup of local Christians in 1992, providin8 practical help and support to the local people sleeping rough in Worthing. The Charity rebranded in 2018 to Turning Tides. reflecting the development and delivery of services countywide. Now, Turning Tides provides a wide range of homeles5 SUPPOrt services acros5 West Sussex- as many as 39 different project5, all strivinB to achieve complete pathways out of homelessness. The Charitv looks to enhance and develop a broad range of services in order to meet the diverse needs of those who have nowhere to call home. Fundamental to the Charity's approach is the understanding that every client has their own unique set of circumsiances which led to them becoming homeless. Consequently. we offer a varied and holistic model spannin8 low, medium and hi8h SLlPPOrt setvices. Empowering each client to achieve ndependent living is a unique personal journey. requiring services to be responsive and tailored, innovative and diverse. Collaboration with local authorities, partner a8encies and external provider5 is critical to ensurln8 a joined-up and inclusive approach. Turning Tides works within systems such as housing, health, social care, substance misuse and criminal justice ensurin8 equality of ac￿55 for clients experiencing homelessness. The Charity harnesses lived experiences of clients. which inform and shape service delivery. Reco8nisin8 the trauma each individual h35 faced within a Psychologically Informed Environment ensure5 individual needs are central. Reflective and responsive service delivery enables people to thrive and move on. Charitable Objertives Turning Tides is a charitable housin8 trust whose objects. as set out in its Memorandum of Association, is to relieve poverty through the provision of emergency and other accommodation, advice and assistance for persons who are deemed homeless and l or in need of such accommodation. advice or assistance. P34e: S TURNING TIDES Reports and Financial Statements for the Year Ended 31 March 2021 Our Vision. Mission and Ambitions Our Vision Ending local hornele55ne55 in the areas in which Turning Tides operates. Our Mission We are a community-led charlty that puts clients antl local people at the heart of our mission to end homelessness. To do thi5 we will be- AmbitiOU5- homelessne55 15 not an inevitability A voice for homeless men and women A place of safety, respect and trust Kind. generous and warmhearted Engagin& motivating and inspiring Inclusive and welcoming Valuing faith, spirituality and our Christian roots Led by our clients. and communitie5' expertise and experience Our Ambitions (now- 2024): To reduce rough sleeper numbers and develop pathways out of homelessness To be led by our clients. and communities. expertise and experience To be innovative and deliver good value in order to win new resources To grow a thriving, resilient organization that attracts and retain5 talent Turning Tides, Services The Charity provides a diverse rangè of sèrvices to meet the varied and complex needs of those who are homeless or at risk of becoming homeless. We operate across West Sussex covering Adur and Worthin& Littlehampton. Horsham District and Mid Sussex. 841 individual clients accessed the Charivs services in 2020 12021, 459 of which were new clients. The early months of the year also included supporting approximately 150 additional people who were brought into emergency accommodation as part of the Government's 'Everyone In, initiative. to protect homeless people from the spread of Covid. As at the end of March 2021 the Charity has 158 paid staff and 283 volunteers who currently deliver.. Hubs and Outreach Multi-agency centres where anyone who is homeless can receive practical help such as food. showers and clothing. Specialist staff supporting clients into appropriate accommodation and helping with health needs. Groups and community inclusion activities are held. reducing social isolation. Outreach teams also work in Horsham and Mid Sussex, including a Rough Sleeper Coordinator. High and Medium Support Residential - 5 high and medium support residential projects.. o Lyndhurst Road- 34 bed short stay accommodation. 2417 cover Pa8e'. 6 TURNING TIDES RepL)rts and Financial Statements for the Year Ended 31 Marth 2021 Byron Road- 15 bed complex-needs project. 2417 cover Recovery Project- 28 bed Cafe Quality Commission I'CQC'I regISte￿d drug rehabilitation. 2417 cover Manor Road- 14 bed medium support. day support with on call St John's- 6 bed medium support. day support with on call Move on Hou$in8- 19 move on properties with 108 beds across vafiOUS properties. All low support Worthing o Littlehampton East Clayton- Horsham--- East Grinstead 12 houses 162 beds) 3 houses 116 beds) I house 15 bedsl 2 houses 18 beds) I house 117 bedsl Multi-Dixiplinary Team - specialist staff who provide additional support to clients across service5. o Social Workers o Mental Health Workers Mental Health and Trauma Coordinator Complex Needs Specialists Substance Misuse Worker o Dual Diagnosis Worker o Hou5inB Firsl Workers Private Rental Sector Access Workers Turning Tides Approach Turning Tides is firmly committed to being psycholoBically and trauma informed la PIE approach: Psychologically Infornied Environment). This means we work carefully to understand the typically traumatic events leading to a person becoming homeless and the emotional impact of their experiences. We seek to create safe and positive relationships and environments so tlients tan begin to rebuild their lives and thrive. Our services are continually developed and delNered responsively to the need5 of clients. Taking a strengths-based and systems approach. Turning Tides also seek to coordinate resources acTOSS the sectors and within the community. Ending local homelessness cannot be achieved by the Charity alone. Time and time again the challenges and barriers Clients face are sy5ternic. The Charitv listen to their experience and works with colleagues in other related systems such a5 housin& health, social care, substance misuse and criminal justice to create a "coalttion of the willing" to end local homelessness. Strategic Review The Board of Trustees set5 an annual budget accompanied by a 5 year financial business plan every March. Thi5 15 accompanied by a detailed Organisational Plan which sets out how the business plan will be delivered. Pa8e.. 7 TURNING TIDES Reports and Financial Ststernents for the Year Ended 31 March 2021 In 2019 the following four ambitions were set: To reduce rough sleeper number5 and develop pathways out of homelessness To be innovative and deliver good value in order to win new resources To grow a thriving. resilient organisation that attracts and retain5 talent To be led by our clients. and communitie5' expertise and experience The Organisational Plan is structured against these ambitions. Progress against the Plan is reviewed quarterly by the Management Team and Board of Trustees using a Red Amber Green IRAGI system. In addition. KPIS are monitored across all the Charitvs service5 and functions. These are also reviewed quarterly by the Management Team antl Board of Trustees. Achievements and Performance Covid 19 and 'Everyone In. Covid 19 ushered in 3 truly historic moment for the homeless sector. In March. we received an instruction from national Government gtving us two weeks to implement an emergency response to the spread of the virus. Working with partners, we were asked to find every person sleeping rough and bring them into emergency temporary accommodation. This quick response was crucial; even without a deadly virus homeless people die 30 years sooner than the general population. In West Sussex. a multi-agencyTask Force was immediately established, including West Sussex County Council IWSCCI. all the District and Borough Councils. other lot31 homeless charities. the Police, Probation. NHS mental health service5, primary care and MHCLG Special Adviser. The group met twice weekly to coordinate the response and unprecedented numbers of homeless people were given shelter in newly vacant hotels and 8&Bs. This ground-breaking initiative was named 'Everyone In,. Across the nation some 37.SCO homeless people were involved - shining a light on the real extent of homelessness which is now understood to be nine times more than the pre-covid Government estimate. It is hard to convey the enormity of this achievement and its impact on the sector. What happens next to all these people is absolutely crucial and of real concern but for a moment in history, homelessness wa5 all but briefly ended. Everyone In demonstrated that given the mandate and means. rough sleeping can be dramatically reduced. Partnership working was key and relationships flourished in the face of adversity. On the ground, our frontline staff worked every hour to build trust with people who were sleeping rough in order to support them into emergency accommodation. Hundreds of wellbeing and i501ation pack5 were distributed acr055 the county containing essentials such as food and toiletries. in addition to wellbeing exercises to combat loneliness. Crucially, our keyworkers. and particularly our Hubs. adapted their work to visit hotels and B&Bs to provide emotional and practical support throughout. At the same time 24-hour counselling telephone support was quickly established, and much needed. as fear and isolation took hold. Our face-to-face wellbeing support had to move to digital platforms and we secured funding to support our staff and clients with equipment and skills, to ensure they had the ability and confidence to connect. This way of working will enhance our offer beyond Covid and Pa8e: 8 TURNING TIDES Reports and Flnan¢ial Statements for the Year Ended 31 Marth 2021 has enriched many relationships. However, digital inclusion remains a challenge, as some clients are not yet able to fully access the skills and resources needed. Overall, Everyone In was a remarkable success. saving INes and strengthening 5VStem5 and relationships in a way never seen before. The road ahead. however. is deeply concerning. In West Sussex. a record number of nearly l.CKIO people are in emergency temporary accommodation with limited support and limited pathways out of homelessness. For some clients, this short-term security has provided the stability they needed to start rebuilding their lives. For others. the future looks more challenging. Beyond 'Everyone In. In the last quarter of 2020-21, we have seen a 45% increase in the number of people rough sleeping, compared to the previous quarter. This increase is undoubtedly due to a shift in focus as local authorities are no longer consistently accommodating rough sleepers under Everyone In. On top of this. more and more people are presenting as homeless as the full economic impact of Covid begins to reveal itself. In Worthin& for example, the numberof people reporting as homeless doubled last year. Further north. Horsham District Council reported record numbers, dealing with 800 enquiries relatinE to homelessness in the first six months of the year. A great deal has been accomplished but we now face a different - and very real crisis. A lack of affordable housing. increased economic hardship and record numbers in unsupported teM￿rary accommodation all tombine to create a perfect storm of homelessness. Our Services Whilst adapting to the specific challenges of the pandemic we have managed to push forwards in other areas too. Improving actual pathways out of homelessness has been key: compared with last year. there has been 3 73% reduction in clients returning to rough sleeping following our intèrvention nd support12020.. 55. 2021= 151. Our commitment to offering tailored support to each individual underpins this improvement. Perhaps most crucially we have added 19 further units of much needed accommodation countywide. These include the addition of houses in Littlehampton. Burgess Hill and Worthing as well as creating further units within our current residences. We operate a diverse number of services and projects throughout West Sussex, 39 in total, only some of which we have space to explore here. Community Hubs Our Community Hub5 faced significant challenge5 to deliver frontline services amidst lockdowns and social distancing mea5ure5. Flexibility and resourcefulness both played a part as the Hubs implemented booking systems (rather than free-flow acces51, developed food takeaways. delivered essential support kits to emergency accommo(lation and increased outreach provision. In both Worthing and Littlehampton, staff worked closely in the nearby hotels accommodating our clients during the lockdowns. In ￿tent months, our Worthing Hub hos also evolved towards a more multi-agency approach, enabling stronger pathways of support for clients. Our Littlehampton seNices benefited from the generosity of a number of local donors. including the Rowaubof Page.. 9 TURNING MDES Reports and Financial Statements for the Year Ended 31 March 2021 M&m&ThsaThJcrtherMta AwJtenabled us to move the Littlehampton Hub to a larger venue and refurbish the space to include showers and private one-to-one spaces. We also secured the lease and renovation of 8 6 bedroom house nèxt door to thè Hub which expands our housing provision in the area. In Horsham and Mid Sussex. our Hub spaces were closed for safety and the Team moved to an outreach model. Many clients in this locality face multi-disadvantage and have stru8gled without support for a lonB time. Our Mid Sussex Team made significant inroads with some and throughout this year we have seen an increase of $3% in the number of clients supported in Mid Sussex - an increase that is evidence of the development of our work within the district. Thanks to a partnership with Worthing Homes and a grant from the Ministry lor Housing Communities and Local Government. we have also opened a new 6 bedroom project in Burgess Hill. These developments have strengthened our important relationship with Mid Sussex District Council. A150 in Mid Sussex, we were given the opportunity to acquire a double decker bus. The bus has now been fitted with a kitchen. toilet and shower. and digital equipment. enablin8 It to as a mobile Hub in an area where rough sleeping is often rural and dispersed. Residentlal Projects Elsewhere, in Worthin& a successful tender has secured the future our Recovery Project for the next 6 years. ThSs is a Turning Tides-led partnership with Stonepillow and Emerging Futures and will help many to move on from addiction. Our hostels, Byron and Manor Road, si8nilitantly refined their provision, increasing their effectiveness to 5UPPOrt people on their journey to independent living. Likewise, our East Grinstead project, West Hill, made a similar transformation and better aligned Its provision with local need, empowering more people to move into their own home. Overall, planned departures in our high support projects increased by Il% this year, as opposed to last12020.. 55%, 2021.. 66%). with exceptional performances notably Byron, with an average of 93% of planned departure5. Our Selden Road project also improved planned departures by 12%. Low/medium 5UPPOrted accommodation in Worthin8 achieved an average of 96% planned departures and Littlehampton achieved ICKI%. Housing First has developed significantly within our services this year, with work taking place to build the infrastructure necessary for its success. Housing First is an alternative to a system of transitional housing progressions i.e. high. medium and low support. Rather than moving homeless people through different 'levels' of housin& where each level moves them closer to independent living. Housing First moves the homeless person immediately from the streets into their own accommodation. A support plan is also created to help them rebuild their life. While the potenlial of Housing First will be realised throughout next year. vital relationships have beers forged during the last year that will pay dNidends in the next. At the time of writin8, we are working with nine individuals who have been offered accommodation and we plan this to increase. Housing First remains one of the most desirable models for our clients to reach independent living. We also implemented 3 successful Discharge to Access ID2AI scheme that supports people with mental health difficulties asthey leave h05Pltal and adjust again to life at home. This scheme has been recognised by partners as exemplary. Pale- 10 TURNING TIDES R*port5 and Financial Statements lor the Year Ended 31 March 2021 The number of clients supported by the Multi-Disciplinary Team IMDn in 2020121 increased by 47% in comparison to the previous year. attributable to the expansion of the MDT service, including HARP IHospital Admi55ion Reduction Pathway). Staying Well. 02A and Ending Women's Homelessness projects. Our data shows that 219 clients have a mental health diagnosis and 381 have a self-reported mental health difficulty. Investment in mental health support 15, therefore. a key growth area in 2021122. A5 we look to move beyond Cowd and temporary emergency measures. our most pressing priority is to find effective and sustainable Move On Housing. We are seeing. and anticipate. increases in levels of homelessness. In order to meet this increased need and welcome more people into Our services, we also need to empower others to move on. With such a shortage of affordable housing we will inevitably need to continue to create some of these housing solutions. OurTeam We cannot praise our staff enough for their selfless determination throughout the pandemic. At the onset, we implemented significant changes to working practices in order to minimise the spread of infection. New protocols for our frontline staff had to be swiftly adhered to but could not eliminate real risks to our keyworker5' health. Staff across the organisation also voluntarily opted to become a new relief team a5 part of contingency planning. This was activated to ensure st¥ffin8 could be sustained during heightened periods of absence and increased client need. Other, less front facing staff. rapidty migrated workstation5 from office to home, which presented numerous challenges in ternis of work-life balance and wellbeing. The pressure and stretch have been felt across our whole organisation and are still present. Additionally, our Team have battled illne55 and the inevitable spread of inlection throughout some of our services, working hard at every step to minimise the danger.. they have also rallied to facilitate speedy vaccinations for client5, to provide them with the protection so desperately needed. Our generous volunteer5 were largely stood down. to ensure their safety. This denied them the opportunity for the social corbnection and altruistic 'gNing back, they, and we. treasure. We worked hard to remain connected with them throughout the pandemic, ensuring volunteering can be re- engaged in service delivery at the ￿oneSt opportunity. The enomious contribution of our volunteers was lormally and nationally reco8nised this year when the charity was awarded the prestigious Queen's Award for Voluntary Service_ At the time of writing. plans are being made for the presentation of the award once social distancing restrictions ease. Our HR Team had to interpret changing employment law on an almost daily basis and focused on e5t3blishing a comprehensive range of wellbeTrn8 SUPPOrt for both staff and volunteer5. Training wa5 revised towards a re-launched training programme with greater emphasis on mental and emotional health and resilience. During thi5 time. our Quality Team were instrumental in helping the orBanisation adapt to the threat of Covid. They played a vital part in keeping Staff. volunteers and clients safe. We strengthened and expanded our Health and Safety Team and practices. deploying a number of measures including the reduction of footfall into seNices. bubbling of staff through modified shift patterns and stringent rapid testing across all our services. Incredibly. in spite of the huge challenges, this year ha5 seen a reduction in staff turnover12020.' 4.4%, 2021.. 3.6%1 and reduction in short term staff sicknes$12020.. 656 FTE days, 2021: 258 FTE days) Pate: 11 TURNING TIDES Reports and Financial Ststements for the Year Ended 31 Marth 2021 real testament to the resilience and dedication of our Team. Understandably. we are beginning to see siBns of fatigue and strain. so supporting our invaluable workforce w411 be cru£ial rnovinB forwards. Community Support As with many charities, we started the year with apprehension that fundraised income would dramatically decrease as a result of lockdown measures. cancelled fundraising events. and the impact of the pandemic on the economy and public giving. Forecasted figures implied an anticipated drop of at least 50% in fundraised income. alongside an impact on the trusts and foundations that are so crucial to fundin8 service5. The Fundraising and Communication Team. and. the Business Development Team, worked exceptionally hard to rework our entire fundraising programme and make rapid grant applications. We launched the charity's first ever Emergency Appeal and worked creatively and ÈnergÈtic3lly within the wider community to rally support during these unprecedented times. We are incredibly grateful to our 5UPPOrter5 and the wider public for their generous response to these requests for help. One talented local fundraiser. Phil Heckels IHercule van Wolfwsnklel has raised a staggering £80k which also paved the way for an online merchandise platform. Overall, our Fundraising and Communication Team secured income substantially over target and this supported 3 range of vital work acr055 the county including the opening of a new projert for people sleeping rough in Burgess Hill. The Business Development Team secured £1.8m through Brants and trusts. not just protecting the delivery of our services but also developing them. In addition to this. their skills brought significant gain to some of our partners.. by leading on joint bids and developing partnership projects we secured a further £1.4m for other local authorities and charities too. This incredibly hard work and resulting generosity enabled us to achieve three crucial things.. 11 we continued to provide our services and help those most in need.. 21 we could expand our services to support the influx of new clients and make preparations for the significant challenges ahead,. 31 we were able to increase our financial reserves to hit our target range. We are enomiously grateful to every person, partner. community group, company, school, church, foundation - and all the many others- who have supported Turning Tides this year. These 5UPPOrters have not just enabled us to save lives, but also rebuild lives. so client5 can begin to create the future they long for. As we look ahead. we fear o much harder landscape and have concerns about our ability to meet the future demand on our services. These worries aside. we couldn't be more grateful for the gift of community generosity towards local people who have lost everything. Page- 11 TURNING TIDES Reports and Financial St3ternents for the Year Ended 31 March 2021 KPIS 2019-2020 202(k2021 % Increase or Decrease Pathwoys out olhomelessness.. Average length of rough sleeping of new clients lin weeks) 16.8 65%- Number of Clients who returned to sleeping rou8h after being helped 55 15 73%- Number of clients rough sleeping at end of Q4 % ol new client5 Wlth local connection 23 16 31%- 84% 5%+ Number of new clients iaking up high support residencies with Turning Tides 104 118 13%+ Average len8th ol stay in high support projects lin weeks) 39.5 29.3 26%- Total high support move ons 105 107 2%+ % planned high support departures 55% 66% 20%+ Total individuals supported by Multi-Di5ciplinary Team 244 359 47%+ Total individuals supported by Community Inclusion Team 149 240 61%+ Welfare alerts 112 50 55%- A¢¢ommodutlon.' Total high and medium support units of actommodation 77 97 25%+ Total low support units of accommodation 105 3%+ HR.. Voluntary staff turnover 18.3% 14.9% 3.4%- Stability Inditator 69.3% 73.8% 4.5% + No of training sessions provided 20 ioi 405% + Paze: 13 TURN114G TIDES Reports and Finanual Statements for the Year Ended 31 Mar(h 2021 Future Plans The year ahead will see us foc¥Js more on the wellbeing of our clients and team. We will be folling out greater training and resources across the organisation to ensure our work is psychologically informed and take5 place wsthin a compassionate and empowering framework for staff. volunteer5 and clients alike. Where we can, we are seeking longer term funding models rather than short term Interventions that are costly to set up and potentially damaging to clients when wound down. We will also be developing our co-production forums and involving clients to a greater de8ree in our decision makin& much of this work had to be paused this year as we adhered to social di5tancin8 measures. A deeper focus on Equality and Diversity will also come to the fore and a Significant IT step change will enable us to embrace hybrid workin8 so our homeworking staff can also access shared spaces and office resources. In 2022, Turning Tides will be turning 30 and applying for Housin8 Association status. Thi5 milestone will enable us to access additional grants that, in turn, will enable us to deliver increased accommodation. A Homeless Crlsls: Our biggest challenge, undoubtedly, will be to respond to the emer8in8 homeless crisis. Record numbers of people are in emergency temporary accommodation across West Sussex. These arrangements provide a roof for now, but little else, and certainly no plan for the future. People are often completely unsupported. with complex needs, at risk of exploitation and harm, and in a sense more hidden than ever. A critical shortage of affordable accommodation and barriers in the private rented sector tan hold us back from supporting people to move on. We can find ourselves in a situation where we have client5 ready to move to independent living but are Still 'stuck' due to a lack of housin8 Opportunities. Without thi5 mobility our services can become'stuck, too, unable to 5UPPOrt the influx of new people. We are committed to doin8 everything we can to ensure no one faces homele5sne55 alone. Nevertheless, it will be 3 challenge for us to implement sustainable growth that genuinely meets need and is also deliverable for our Team. And, of course, we will also need the support of the community and our partners throughout. The end of the pandemic might be appearin8 on the horizon buta homeless crisis is just beginning. Principal Risks and Uncertainties Turning Tides has a formal risk man3gement process to assess business risks and implement risk management Strategies. Thi5 involves identifying the types of risks we may face, prioritising them in terms of potential impact and likelihood of occurrence. and identifying the means of mitigating the potential risk. This analysis forms the Risk Map. The Risk Map is reviewed on a regular basis by relevant member5 of the Management Team and the Board of Trustees. The Board of Trustees have the reswnsibility for ensuring risks are identified and appropriate mitl8ations are in place as required by the Risk Action Plans. Turning Tides recoBnises the role of robust KPIS and Organisational Plans together with the Risk Map in mitigating risk. The terms of ￿ference of the Finance Committee la subcommittee of the Board of Page: 14 TURNING TIDES Reports and Financial Statements for the Year Ended 31 Marth 2021 Trusteesl were broadened to a Finance and Audit Committee. to include the detailed review of the KPIS, Organisational Plan and Risk Map on a quarterly basis. Additional trustee5 have joined the Committee during 2021 to assist with these quarterly reviews. The Charity artively reviews its key risks and how these can be mitigated. Significant risks are shown in the table below.. Risk Risk Artion Plan Inability to end local homelessness and deliver mission due to increase in homelessne55 following long term impact of the pandemic and austerity measures. Finding shared purpose. and generating social movement to end local homelessness in wider system. and make good progress against our ambstions. Pandemiclausterity results in sutlden change in commissioning or drop in housing benefit levels which renders Se￿ICe5 unviable. Gain intelligence and influence widef Svstem and new developments. Drive efficiency. Ensure or8anisation can adapt quickly to chanBed circumstances and new opportunities. Increase investment in Business Development capacity. Increased homelessness if Lyndhurst Road not re-provisioned and sufficient move on hoLtsing procLbred. Pursue application to register as Housing Association. Ensure strong business plan can support borrowing and housing development risk. Invest in Private Rented Sector Access Development Worker. Increase in homelessness due to lack of vacancies resulting from slow throughput within residential seNices. Identify move on needs and in particular clients who are ready to move but restricted by lack of housing opportunities. Implementation of PIE/co- production leading to higher and sooner planned m￿e5. Increase move on options. Covid- 19 The Charity responded effectively to the risks of Covid 19 and quickly introduced social di5tancinE and infection control measures. It took a leading role in the West Sussex multi-agency response to ensure a coordinated and sustainable strategy evolved. The combined result of this ha5 led to very low infection rates as at the date of this Report, notwith5tandin8 some challenges around infection and illness throughout January and February. As a consequence of this careful management, high occupancy levels in our housing have been maintained and are likely to continue. Its main income source is. therefore. secure. Robust planning has been put in place to mitigate the challenges of Covid-19. Frequency of Board and management meetings have been increased until confidence retums that the pandemic no longer creates a risk. Page.. IS TURNING TIDES Reports and Financial Ststernents for the Year Ended 31 March 2021 Financial Review During the 2020121 Financial Year Turnirbg Tides has generated an underlying surplus of £267k compared to 3 budget of £132k. This over-target income enables us to 11 meet extra need for our services as homelessness escalates and 21 rnove our reserves to a more acceptable level of between two to three months, running COSt5. The financial performance is due to.. Strong infection control measures and. therefore. the continuation of core services throughout the pandemic Consistent Government funding Levels of individual and community donations The following table shows the reconciliation between the statutory accounts and underlying financial performance. Reconciliati¢n 2021 £k 267 618 2020 £k Underlying Turning Tides surpluslldeficitl.. Non cash grant funding transferred with the acquisition of 2 client properties Imove-on Housin81 Pandemic specific fundtnE Ravenscourt Trust Net surpluslldeficitl before transfers 321 140 183 1,206 During the financial year Turning Tides acquired 2 properties in Horsham. The grant liability (Public Health England) of £618k was transferred and is shown as income in the 2020121 accounts after adjusting for impairment. The Charity strives to make efficient use of its resources and has achieved an average occupancy level lincluding maintenance voids) of 90.5%12020 = 93.9%). Bad debts were 0.7%12020 = 2.3%) of rent due against a target of 2.5%. Resernes Policy and Going Concern The Charity aim5 to match income and expenditure year to year while maintaining a suitable level of cash reserves. Having a Reserves Policy helps inform the way in which a charity manages its cash, liquid assets and debt. ReseNes are defined to be cash held in current, deposit or fixed term investments that are not already specrfically committed or designated to a particular purpose or expense. ReseNes should be consistent with ongoing activities and financial commitments such that reductions in 3nd/or loss of income streams do not have an immediate adverse impart on clients or staff. This is particularly crucial for Turning Tides as much of our funding from commissioners and trusts is short term. This can sometimes create an environment where we are empowered to support people for all too brief a period. and then have to close a project. Consequently. we strive for reserve5 which enable us to commit to services longer terni and bring lasting change to the lives of clients. Page.. 16 TURNING TIDES Reports and Flnanclal Statements for the Year Ended 31 March 2021 Cash reserves also provide vital funding that allows u5 to 11 respond in an agile manner to increased need and 21 tri31 and deliver interventions that wider system5 have failed to put in place. The Reserves Policy contributes significantly to the Board's ability to balance the needs of current and future clients. to p¥ovide supporters and stakeholders with a55urances the charity is well managed and it has. where appropriate, a strategy for building up reserves. The Reserves Policy also assist5 when planning and explainin8 our mission to supporters and stakeholders, and in particular how it is vital for u5 to retain resources, focus and energy. Thi5 15 because our mission is not simply to maintain the delivery of our current support services we also need to innovate, grow and develop services, SV5tems and partnerships that can attually contribute to the ending of local homelessness. In setting the appropriate level of Reserves the Trustees have considered the following.. Forecast cashflow Itaking into account the reliability of each source of income and the commitments associated with each source of expenditure) Risk and likely changes in the main sources of income / expendSture Exi5tin8 restricted and designated reserves along with expenditlbre plans I timescale5 Futufe income streams with an assessment ol their reliabllity Committed expenditure and how far this is controllable The asse55ment of how to cope with changes in the main sources of Income Likely effects on the beneficiaries resulting from significant changes to intomelcost New opportunities not in business plan The level of fixed assets. borrowing and loan repayment risk Using the policy described above, the Trustees ir* collaboration with the Chief Executive Officer and Head of Finance have agreed the following thresholds.. Mlnlmum reserves level Sudden loss of fundin6 for one project General loss of funding in one year New opportunities not in business plan Total £200k £300k £250k £750k Maxlmum reserves level Double the minimum reseNes level (being approximately 3 month5 operating costs) £1,5Wk If reserve5 fall, or are forecast to fall, below the minimum level agreed, the Trustees will work with the CEO and Senior Management Team to agree plans and drive actions that will replenish reserves to above that minimum. Conversely, if reserves rise above the maximum level agreed the Trustees will work with the CEO and Senior Management Team to ensure the excess is explicitly considered and included within future plans to further the charity's aims such that, over a defined period, re5eNes are brought back within the agreed range. Pa8e: 17 TURNING TIDES Reports and Financial Ststements forthe Year Ended 31 March 2021 At the year end, total funds were £6,877k12020'. £5.671kl. Unrestrirted reseNes It3sh less restricted and designated reserves which are unrelated to Fixed Assets) amounted to £1,067k12020: £620kl which falls within our target range. Unrestricted reserves are forecast to increase to £1,272k during the 2021-22 year. Restricted funds received from Adur Furniture Netsvork will be utilised if/when an appropriate opportunity with long term. sustainable benefit is identified. Ravenscourt funding is being utili5ed to fund a Specific revenue expense over the following 11>15 years. Our accounts also show a designated fund associated with our property in East Grin5tead Iwest Hill) which has been used to help improve the building and support servites offered to client5 in the local area. The remaining funds will be utilised fully during 2021-2 to fully refurbish the propertv. Structure. Governance and Management Turning Tides is a registered charity. Tuming Tides is registered as a company limited by guarantee. Trustee members are also Director5 of the Company. The governing documents of the Charity are its Memorandum and Articles of A%sociation. The latter was updated in line with good practice in 2020. There are currently 11 Trustees out of a possible 15. During the course of the year 4 new Trustees were appoirsted and one Trustee retired. With regard to recruitment of Trustees.. when a vacancy occurs the Board will take the opportunity to review the skills matrix of Trustees in order to identify skill sets that would St￿ngthen the Board's overall effectiveness. In addition, consideration is given as to whether there is a need for any specific community or stakeholder group that needs to ￿ represented by a new Twstee. Positions are advertised widely to encourage a diversity in applications. Applicants undergo a structured interview process. There is also client involvement in the interview process. The Board operates an eqL¢al opportunities recruitment policy. Induction information covering the role and responsibilities of Trustees a￿ provided to the Trustees and governance updates are provided as and when appropriate. Trustees are all volunteers and receive no remvneration. Trustees are required to disclose all relevant interests and register them with the Chief Executive Officer and withdraw from any decision making process where there is a conflict of interest. The Board of Trustees is the governing body of Turning Tides and is responsible for all its attivities and affairs. The operational runnlng of the Charity is delegated to the Chief Executive Officer and his/her Senior Management Team. During 202112022 existing governance documents will be reviewed with new standing orders developed together with a detailed table of delegations. The Board meets as a full Board at least 4 times a year. During the COVID crisis the Board met on weekly basis to enable swift decision making during thi5 difficult time. The Charity benefits from 2 sub committees which have been established to oveThiew key areas of activity. Each Sub-committee has clear ternis of ￿ference. Pa8e- 18 TURNING TIDES Reports and FI￿n¢0a1 Statementsfof the Year Ended 31 March 2021 The Finance and Audit Committee meets monthlv The Remuneration Committee meets 2-3 times a year These sub committees report to the main Board at each main 803rd rneeting. The Remuneration Committee is tasked with reviewing the salaries of the Chief Executive Officer and the Senior M3n3gÈmÈnt Team. The Committee reviews the relative size of the roles and receives information on market comparisons through two comprehensive surveys of local charity 5ettor pav. Public Benefit Statement Turning Tides. object is the relief of poverty through the provision of accommodation and advice to those who find themselves homeless or at risk of homelessness. The services are provided acioss West Sussex. As a Charity with a Christian background and ethos Turning Tides provide servicesto any adult member of the general public regardless of whether they have a personal faith in any religion or denomination, or have none. Turning Tides asks for no MeM￿r$hIp fees from individuals in order to benefit from a5SiStance. Trustees, Responsibilities Statement The Trustees Iwho are also the Directors of the Charity for the purposes of Company Lawl are responsible for preparing the TTUStees' Report including the Strategic report and the financial statements In accordance with applicable 18w and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year. Under Company Law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resource5, including it5 intome and expenditure, for that period. In preparing these financial statements. the Trustees are required to= selert suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP IFRS 1021- make judgments and accounting estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial statements: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are svfficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Comp8nies Act 2(K)6. They are also responsible for safeguarding the assets of Pa8e: 19 TURNING TIDES Reports and Financial Statements for tht Year Ended 31 March 2021 the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure ol informatlon to auditors EJch individual Trustee, at the tirne when this Trustees, Report 15 approved. has confirmed: sofar as theTrustee is aware. there is no relevant audit information of which the Charity's auditors are ijnaware, and the Trustee has taken all the steps that ought to have been taken as 3 Trustee to be aware of any relevant audit information and to establish that the Charity's auditors are aware of that information Approved byorderof the member5 ofthe board ofTrustees on and signed on their behalf by.. /NI l Mintram Chair T Cooper Chair of Finance & Audit committee 20 Zoll Page: 20 **Turning Tides Homelessness** ## **(A company limited by guarantee)** ## **Independent auditors' report to the Members of Turning Tides Homelessness** ## **Opinion** We have audited the financial statements of Turning Tides Homelessness (the 'charity') for the year ended 31 March 2021 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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: - give a true and fair view of the state of the charitable company's affairs as at 31 March 2021 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' 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 United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the Trustees' 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. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 21 **Turning Tides Homelessness (A company limited by guarantee)** ## **Independent auditors' report to the Members of Turning Tides Homelessness (continued)** ## **Other information** The Trustees are responsible for the other information. The other information comprises the information included in the Annual report, other than the financial statements and our Auditors' 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. In connection with our audit of the financial statements, 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 there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinion on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Trustees' report including the Strategic report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Trustees' report and the Strategic report have been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report including the Strategic report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of Trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of trustees** As explained more fully in the Trustees' responsibilities statement, 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 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. Page 22 **Turning Tides Homelessness** **(A company limited by guarantee)** ## **Independent auditors' report to the Members of Turning Tides Homelessness (continued)** ## **Auditors' 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 Auditors' 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: ## _Capability of the audit in detecting irregularities, including fraud_ The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Based on our understanding of the charity and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, the CQC, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Statement of Recommended Practice applicable to charities. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase income or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the allocation of costs and depreciation. Audit procedures performed by the engagement team included: - Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and - Assessment of identified fraud risk factors; and - Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and - Challenging assumptions and judgements made by management in its significant accounting estimates; and - Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and - Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and - Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and - Reading minutes of meetings of those charged with governance; and - Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and - Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Page 23 **Turning Tides Homelessness** ## **(A company limited by guarantee)** ## **Independent auditors' report to the Members of Turning Tides Homelessness (continued)** - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the charitable company's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. - Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. ## **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 Auditors' 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 its members, as a body, for our audit work, for this report, or for the opinions we have formed. ## **Sarah Ediss BSc FCA (Senior statutory auditor)** for and on behalf of **Kreston Reeves LLP** Chartered Accountants Statutory Auditor Horsham 10 September 2021 Page 24 Turnlng rides Homelessness IA Company limiled by guarant￿) Statement of financial activities lin￿rPOratIng income and expenditure a¢count} For the yeai ended 31 March 2021 Unvestricted Restricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Note Income from: Donations and leg&ies Charrtable activrties Inveslments 558.079 4,448,912 800 1,041,558 $58,879 S.490,470 274,540 3.862.786 2.206 Total Income Expenditure on: Charrtable activrtjes 5,007.897 1.042,358 6.050,255 4,139,532 4,469,305 375.265 4.844.570 3.955,886 Total expenditure 4.469.305 375.265 4.844,570 3,955,886 Net income before net losses on investrnents 538,592 667.093 1.205.685 183,646 Nel losses on investment5 13461 Net movement in lunds Reconciliation of funds: Total funds brought forward Nel movement in funds 538,592 667.093 1.205.685 183,3 4.730.848 538.S92 940.749 667.093 5,671,597 1205,685 5.488.297 183.300 Total funds carried forward 5,269,440 1,607,842 6.877,282 5.671.597 The Statement of financial activities indudes all gains and losses rwnised in the year. The notes on pages 28 to $1 ft¥m part of these finanaal statements. Page 25 Turning Tide5 Homelessness IA company limited by guarantee) Rogistered number: 02708334 Balance sheet As at 31 March 2021 2021 2020 Note Fix8d assets Tangible assets 5.512,617 4,758,918 5.512.617 4.758.918 Current assets Debtors Investments 12 13 201.395 128 1.510,520 274,149 128 Cash * bank and in hand 1,010,269 1.712,043 1,284,546 Creditor5. amounts falling due within one year 14 {253.4421 1253.812) Net current assets 1.458.601 1.030,734 Total assets less current liabilities 6.971.218 5.789,652 Credrtors. amounts falling due after more than one year 15 193,9361 1118,0551 Net assets excludlng pension asset 6,877,282 5.671,597 Total net assets 6.877.282 5.671.597 Charity funds Reslricled funds Unrestricted funds 16 16 1,607,842 5.269,440 940,749 4.730.848 Total funds 6.877.282 5.671,597 The Trustees acknovledge their responsibilrbes for complwng ￿th the requirefflent5 of the Act W￿h respect to accounting words and prepar*ion of financial sWement$. The financial slalements were approved and authon5ed for issue by the Twstees on 20 August 2021 and signed on their behalf by. T Cooper l Mintram The notes on pages 28 to 51 form part of these financial stalemenls. Page 26 Turning Tldes Homelossntss IA company limlted by guaranleel Statement of cash flows For the year ended 31 March 2021 2021 2020 Cash fl1?￿ from oporating activities Net cash used in operating ￿tl¥rt 851,359 394,714 Cash flows from Inv•stlng a¢tl¥ltles Dividends, interests and rents from investments Purchase ol tangible fixed assets Proceeds from sale of investments 2.206 {11,0541 135.655 1329.0711 Net Cash lusod InVprovld¢d by Investlng actlvttle• 1328.1651 126,807 Cash flows from flnanclng actlvltles Repayments of borrowing 122,9431 1333,0431 Not cayh In fln•nclng actlvbtles 122,9431 1333.0431 Change Sn cash and c•sh •qulvalent8 In th• y•ar Cash and cash equivalents at the beginning of the yeai 600,261 188.478 1,010,269 821,791 Cash and cash •qulvahnts at th• end of the y￿r 1,510,S20 1.010.269 The notes on pages 28 10 51 fcrfm part of these final￿￿1 statements Page 27 Turning Tides Homelessness IA company Ilmlted by guarantee) Notès to thè financial statements For the year ended 31 March 2021 General inforniation The company Is a pnvate company. limited by guarantee. incorporated in England and Wales within the United Kingdom. The Trustees of the ¢ompany are the members of the company named on page 3. In the event of the Company being wound up. the Iwbilty in respect of the guarantee 15 limited lo £10 per member of the company. The address of the registere(l office Is Worthing TCNM Hall, Chapel Road, Worthing, We51 Sussex, BN11 1HA. Accountlng pollcle• 2.1 8asls of preparntlon of flnanclal ¥l•tem•nts The financial statements have been prepared in accordance with the Charrties SORP IFRS 1021 Accounting and Reporting by Charities. Statement of Re￿MMended PraCt￿e applicable lo charrtie6 preparing their accounts In accordance vAth Ihe Financial Reporting Standard applicable in the UK and Republic of Irdand IFRS 1021 (effective 1 January 20191, Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and Ihe Comp8nies Act 2006. 2.2 Golng concern The financial statements have been prepared on a gosng concern basis as the trustees believe that no malerial uncertainties exist. The trustees have considered the ￿Ve1 of funds held and the expected level of In¢ome and expen¢Jilufe lor 12 months from aLrthorising these financial statements. The budgeted inccme and expendrture is suff￿lent the level of reseThes the charity lo be able lo continue as a going concem. While the impact (rf the Covid-19 wrus has been assessed by the Board, so far as reasonably possible, due to rts unpiecedented impact on the wider eeon¢Jny, rt 15 diff￿Utt lo evaluate with any certainty the potential outcomes on the organisation's actMt+es. However. taking into consideration the UK Govemment's response and the organisalion's pL4nning. the Board have a Teasonable expectation that the organisalion will continue In oper*ional existence for the foreseeable future. The financial slalements have therefore been prepared on a going concern basis. Page 28 Tuming Tides Homelessness IA company limited by guarantee) Notès to the financial statements For the year ended 31 March 2021 Accountlng pollcles Icontlnu•d 2.3 Income l income is recc#JllL%eil once the charty has entrtlement to the inccffne. rt is probable that the income 11 be f￿81¥8￿ and the amount of income receivable can be rwsured reliably. The recognrtion of income from legacies is dependent on e￿abItshlng entrtlement, the prthabilily of receipt and the abilty lo estimate %wth sUffiC￿nI accuracy the amount receivable. Evidence of enlrtlement to a *acy exists when the chanty has sufficient ewdence that a gnl has been left lo them Ithrough knth￿edge of the existence of a valkl wll and the dealh of the benefadorl and the executor is satisfied that the propety in question wll not be reqvired lo satisfy claims in the eslale. Receipt of a legacy musl be feccgnised when rt is probable that rt will be r￿eNed and the fair value ol the amount receivab￿, thich wll generalty be the expected cash amount lo be distnbuied to the charty, can be reliably r￿asUred. Grants ale included in the Statement ol financial aclivities cm a receivable basis. The balance of income re¢e*ved for specrfic purposes but not expended during the period is shown in the relevanl funds on the Balance sheet. Where Incc¥ne Is received In advance of enlrtlement of receipt. its recognrtion Is deferre(l and included In credrtors a$ deferred Income. Where enlrtlemenl occurs belore incc4ne is received, the inccthe is accrued. Gffts in kind are included at valuatw and recognised as income %then they are di51nbul80 to the prgect$. Gift5 donated for resale a￿ included a8 inojme %then they are sold. Income lax recoverable in relation lo donalh)ns received under Gfft Aid or deeds of covenant is recognised al the lime of the d￿all￿. 2.4 Expendbturo ExpendrtLITe is reccgn15ed once there is a legal OT eonslructive obligalKJn to transfer economic benefrt lo a third party, rt is prcbable that a transfer of economi¢ benefrts wll be required in settlement and the amount of the obligat￿ft can be measured ￿l￿bly. Expendrture is classified by activty. The costs of each activty are made up ol the lolal of direct costs and shared costs, Including support costs involved in undertaking each aclNty. Oirecl costs attributsble lo a single activrty are all¢xated directly lo that aetivty. Shared eosls which contnbute lo MO￿ than one activty and support CLYdls which are not attributable to a single actNty are apportioned betsveen those actsvit￿S on a basis consislenl wrth the use of resources. Central stsff costs are alloc*ed on the basis of direct siaff cost at each project. Fundraising costs are those inCUr￿d in seeking voluntary conlribulil￿S and do not include the costs of disseminating infomiation In support of the charrtable actNrties. Support costs are those costs incuryed directly in support of expendilufe on the th'ects of the company an(1 include project management caTned out al Headquarters. Costs of generating fvnds are costs incurred in attracting voluntsry income, and those incurreil in trading activrties that raise funds. Governance costs are those incurred in eonnection with aminislrati¢)n of the company and ccffipliance wth constitutional and st*ulory requirements. Expendrture on charrtable acbwties is incurred on directly undertsking the actiwtie$ which further the charrty's objeclives, as well a5 any associated support costs. All expendrture is in¢lusNe of irrecoverable VAT. Page 29 Turning Tides Homelessness IA company limited by guarantee) Notes to the financial statements For the year ended 31 March 2021 Accounting polici8s I￿ntinuad) 2.5 Gov•rnm•nt grants Govemment grants relating lo tangible fixed assets are treated as deferred income and released lo the Ststement of financial actmties over Ihe expected useful lives of the assets concemed. Other gTan15 are credrted lo the Statement of finanaal acti￿1￿$ as the related expendrture Is incurred. 2.6 Interest receivable Interest on funds held on deposit is induded when receivab￿ and the amount can be measured reliably by the chaTty". thi5 is normally upon notrficats.on of the interest pa￿ or payable by the instrtutson wi(h whom the funds are deposited. 2.7 Tangible fixed assets and depreciation The charity On￿ c8pitalises major Ca￿ts1 expendrture relating lo the WI$tnJct￿n or extensive refurbishment of pr￿ty and Ihe purchase of vehicles. A review for impairnenl of a fixed asset is carried rf events fx changes in circumstances indicate that the Car￿n9 value of any fixed asset may not be recoverab￿. Shortfa115 between the carrying value of fixed assets and their recoverable amounts are Tecognised as impairnients. Impaimient losses are reCOgn￿ed in the Statement of finanual activities incorporating income and expendrture account. Tangible fixed assets are carried al cost. net of depfeciation and any prowsion for impairment. Depreciation 15 Provided at rates calculated to write off the cost of fixed assets, less Iheif estimated residual value, over their expected useful Iwe5. Deprec￿￿10￿ is provided on the folkws.ng bases.. Freehold pryty Freehold land Lease premium Motor vehicles Building Improvements lo leasehc4d buildings 2% straight line not depreciated 2.50A straight line 25.￿ straight line 33.3°A straight line 2.8 Investments Asset investments are a fcmi of financial inslTumenl and are initially recoJnised al their transaction cost an(i Subsequent￿ measured al fair value * the Balance sheet dale. unless Ihe value cannot be measured reliabty in which case rt is measured at cost less impairment. Investment gains and losses, whether realised or unrealised. ￿ ei)mbined and presented as 'GainsllLosses1 on investments, in the Statement of financial activrties. 2.9 Debtors Trade and other debloTS 8re recognised at the setuement amount after any trade discount offered. Prepayments are valued at the amount prepajd nel of any trade discounts due. 110 Cash at bank and in hand Cash at bank and in han¢J indude5 cash and short-lerm highty I￿uld investments wth a short m*urity of three months or less from the date of a¢quisrtion or opening of the deposit or similar account. Page 30 Turnlng Tides Homelessness IA company Ilmlted by guarantee) Notes to the financial statements For th8 yèar endèd 31 March 2021 Accounting policies Icontinuedl 2.11 Liabilities and provisions LiabIl￿.eS a￿ recognised then there 15 an ci)IwJation at the Balance sheet dale as a resutt of a past event, rt is probable that a transfer of economic benefft will be required in settlement. and the amount of the settlement can be estimated ￿lIablY. Liabilities are recognised at Ihe amount that the charity anticipates (( wll pay 10 settle the debt or the amount (( has received as advanced payments for the goods or services it must provide. ProvisKJns are measure(l * the best esbm*e of the amwnts required lo settle the obligation. Where the effect of the lime value of money 15 matellal. the provision is based on the present value of those nounts. discounted * the pre-tsx discount rale that ￿fie¢ts the risks specrfic to the liability. The unwinding of the discount Is recoJni5ed In the Stalemenl of financial activities as a finance cost. 112 Financial instruments The charity only has financial assets and financial liabilrties of a kind that qualrfy as basic financial inslrumenls. 8asic financial instruments are Inrtlalty recognised at transaction value and subsequently measured at their Sett￿ment value wth the exception of bank loans which are subsequently measured at alW￿Sed cost using the effective interest method. 2.13 Pensions The chanty operates a defined contribLrtion pension scheme and the pension charge represents the amounts payable by the charty to the fund In respect of the year. 2.14 Fund accountlng General hJnds are unreslncted funds which are available for use * the discretK)n of the Trustees in furtherance of the general objectNes of the chanty and which have not been designated for other purposes. Designated funds comprise unreslricted funds that have keen set aside by the Trustees for particular purposes. The aNn and use of each designated fund K8 set out in the notes lo the financial 5ts1ements. Restricted funds are funds which are lo be used in accordatKe wth specrfic restrictions imposed by donors or which have been raised ty the chanty for particular purtK)ses. The costs of raising and administering such funds are Charged against the speufic fund. The aim and use of each reslricled fund Is sel out In the notes to the financial statements. 2.15 Crltical accounting estimates and areas of judgmenl Estimates and judgment5 are continualty evaluated and are based on histori￿1 experien￿ and other factors, Induding expectations of future events that a￿ beI￿Ve￿ to be reasonable under the circumstances. Crrtical accounting esb"males and assvmptsons". depreciation and useful e¢on(ynic lrfe of properties th15 requires an estimation of the useful economi¢ lives of prope￿e$ Iwhich are based on surveyors, reports when available) and an estimate of land apwjrtionment al each srte. The charity makes esthm*es and assumptions concerning the future. The resulting accounting estimates and assumptions ￿11. by definitson. seld¢yn equal the ￿l*ed aclual ￿SU￿$. Page 31 Turning rides Homelessne55 IA company limlted by guarantee) Notes to the financial statements For the year ended 31 March 2021 In¢ome from donations and1gga¢i¢s Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Donations 381,516 10,036 166,527 800 382,316 10,036 166,527 Legacies Government grants 558,079 800 558,879 UnrestrKted funds 2020 Restricted funds 2020 Total funds 2020 Donations 265,145 8.000 1.395 266,540 8,000 Legacies 273,145 1,395 274,540 Income from charitsble aclivities Unrestricted Restricted nds funds 2021 2021 Total funds 2021 Bryon, Manor and Lyndhursl Homelessness SeNices 1,448,256 929,454 688,582 274,330 1,053,537 51.186 1,448,256 1,219,925 688,582 346,681 1,728,537 54,922 3,567 290,471 Recovery Service5 Fundraising & Volunteering Move on Housing Central Development 72,351 675,000 3,736 Total 2021 4.448,912 1.041,558 5,490,470 Page 32 Tuming Tldes HOM￿essneSS IA c¢)mpany limited by guarantee) Notes to the financial ststements For the year ended 31 Mar¢h 2021 Income from charftable activities l¢onlinued} Unrestr￿ted funt1s 2020 Restricted funds 2020 Total funds 2020 Bryon. Manor and Lyndhursl Homelessness Seryices Recovery Services Fundraising & Volunteering Move on Housing Central 1,440,355 584,227 564,207 162,462 681,651 3,910 1.440.355 869,644 703,964 163.262 681,651 3,910 285,417 139,757 800 Total 2020 3,436.812 425.974 3.862.786 Page 33 Turning Tides Homelessness IA Company limited by guarantee) Notes to the financial statements For the year ended 31 March 2021 Analysis of expenditure on charltable actlvltles Summary by fund type Unrestricted Restricted funds funds 2021 2021 Total funds 2021 Bryon. Manor and Lyndhursl Homdessness Services Recovery Setmces Fundraising & Volunteering Move on Housing Central Develcyment 1,189,116 751.262 568.688 442,4S2 1,OCKI,228 509.132 8.427 1,189,116 1,126.527 $68,688 442,452 1,000,228 509,132 8.427 375,265 4,469.305 375,265 4.844.570 Unrestricted fvnd$ 2020 Restricted fvnds 2020 Total funds 2020 Bryon and Manor Homelessness SeThices Recovery Semces Fundraising & Volunteering Move on Housing Central 1,135.578 575,982 549,359 327,583 664,236 404,748 1.135.578 870,782 552,959 327,583 664,236 404,748 294,800 3,600 3,657,486 298,400 3,955,886 Page 34 Turning rides Homelessness IA company limited by guardnteel Notes to the financial statements For the year ended 31 March 2021 Analysis of expenditure by actpiities Activities undertaken directly 2021 Support costs 2021 Total funds 2021 Bryon, Manor and Lyndhurst Homelessness Services Recovery Serwces Fundraising & Volunteering Move on Housing CenlTal DevdC¥)￿nt 1,127,811 1,095,875 527,305 423.456 1,OCQ,228 508.2 8.427 61,305 30,652 41,383 18,996 1,189,116 1,126,527 568,688 442,452 1,000.228 $09.132 8.427 926 4,691,308 153,262 4.844,570 undertaken direthy 2020 Support costs 202L) Total funds 2020 Bryon and Manor Homelessness Servi￿5 Recovery Semces Fundraising & Volunteering Move on Housing Central 1.086.016 49,562 24,780 33,456 15.357 1,135,578 870,782 552,959 327.583 664,236 404.748 519,503 312.226 664.236 403.998 750 3,831,981 123,905 3.955.886 Page 35 Tuming Tides Homelessness IA company limited by guarantee) Notes to the financial statements For the year ended 31 March 2021 Anatysis of expenditure by acti¥bti¢s Icontinuedl Analysbs of dlrect costs 8ry0n. Manor and Homelessness Lyndhurst Serii¢es 2021 2021 Fundraising R￿0Very Ser¥lces Volunteering 2021 2021 Move on Housing 2021 Staff costs Depfeciati Establishment Other Other staff costs 783,397 99.839 185.154 58,607 814 882.840 3.959 93.180 112.444 342,372 10.500 102,138 71,943 352 299,534 2.763 72,461 48,328 370 350.044 68,177 468,2D8 113,726 73 3.452 1,127.811 1,095.875 527,305 423,456 1,000,228 Total funds 2021 Central Development 2021 2021 Staff costs Depreciation Establishment Other Other staff costs 499.633 8.059 3.157.820 193,297 921,141 413,989 5,061 514 8.427 508.2C6 8.427 4,691,308 Fundraising Bryon and Hc¥neles$nes$ Manor Services 2020 2020 Recovery Sermtes Volunteering 2020 2020 Retsil & Donations 2020 Staff costs Depre¢iatson Eslablishmenl Other 744,948 103.591 142.132 94.762 583 704,441 3.959 55.951 71,759 9.892 351.396 10,500 80,650 76.729 228 224.855 3.356 60,967 18.797 4,251 197.629 63,552 337,038 65.972 4S Other staff costs 1.086.016 846.002 519.503 312.226 664,236 Page 36 Tuming Tides Homel8ssn•ss IA company limit￿ by guarnntee) Notes to the financial stst•ments For the Y•arend￿ 31 March 2021 Analysls of eX￿ndItUrn by adfvltles Icontlnuedl Anafysis of direct costs Icontinu•dl Move on Housing 2020 Total funds 2020 Central 2020 Staff cosls Depreciation Establishment 399.CQ7 4,498 2,622,276 189,4S6 676,738 328,512 14.999 Other Othef Staff cost$ 493 403,998 3.831,981 Anatysls of support colts Bryon. Manor and Hom•l•ssn•ss Lyndhurst S•Thlc 2021 2021 Fundrnlslng Recovery Ser41¢o1 Volunt•erlng 2021 2021 Other Governance 28,249 2,403 38,139 3,244 17.507 1,489 4.805 61.305 30,652 41,383 18,996 Total funds 2021 Central 2021 other Govemance 854 72 141.249 12,013 926 153,262 Page 37 Turning Tides Homelessness IA company limit8d by guarantee) Notes to the financial statefflents For the year ended 31 March 2021 Analysis ol expenditure by actSvltles Icontinuedl Analysis ofsupport costs Icontinuodl Fundraising Bryon and Homelessnes5 Manor Services 2020 2020 Recovery Services Volunteering 2020 2020 Other Govemance 45,108 4.454 22,553 2,227 3Q.448 3,008 13,910 1,447 49.562 24,780 33,456 15,357 Total funds 2020 Central 2020 Other Governance 7SO 112,769 11,136 750 123,905 Net incomellexpendlturel 2021 2020 This is stated after charging.. Depreciation of tangible fixed assets owned by the charty 193.298 179,854 193.298 179.854 Audltors. rernuneration 2021 2020 Fees payable lo the charivs auditor for the audit of the charity's annual accounts 10,800 10,080 Page 38 Tumtng Tides Homelessness {A company limited by guardnteel Notes to the financial statements For the year ended 31 March 202t Staff ¢osts 2021 2020 Wages and salaries Social securrty tosls Other pension costs 2,862,872 231,960 62,988 2,373,336 192,537 $6,403 3.157.820 2,622,276 The average number of Pe￿On$ employed by the charity during the yearwas as follows.. 2021 No. 2020 No. Total 134 109 The number of employees wth05e empbyee beneffts lexduding empbyer pension costs) exceeded £60,000 was". 2021 2020 No. In the band £60,001 - £70.OC Remunerat￿ and benefrts r￿e1Ved by key managemenl personnel amountetl lo £113,907 1202 £112,909). 10. Trustees. remuneration and exp9n$es Dunng the year. no Twstees recaved any remuneralTron or other benefits12020- £NILI. During the year ended 31 March 2021, no Trustee expense5 have been incLbThed12020- £NILI. Page 39 Turning Tides Homelessness IA company limited by guarantee) Notes to the financial statements For the year ènded 31 March 2021 Tanglble fixed assets Building improvements Motor to Leasehold vehlclos buildings Freehold property Lease premium Totsl Cost or valuation Al 1 Apnl 2020 Ad¢Jitions Impairrnenl of assets 5.625.471 727,074 157,074) 31.416 66.997 256,703 5.913,590 1.004,071 157,0741 210,000 At 31 March 2021 6,295,471 210,000 98.413 256,703 6,860,587 Doprecialion At 1 April 2020 Charge for the year 967,161 96.339 16.945 10,822 170,566 86,137 1,154,672 193,298 At 31 March 2021 1,063,500 27,767 256,703 1,347,970 Net book value At 31 March 2021 5.231.971 210.000 70,646 5,512,617 At 31 March 2020 4.658.310 14.471 86.137 4,758,918 Included wthin Freehdd Propety are a number of properties vthh a nel bo¢k value of £2.430.45912020". £1,823.2851 for which there are legal charges in place and as a resutt the assets have restricted trtle. 12. Debto 2021 2020 Due within one year Trade debtOTS Other deblo Prepayments and accrued income 122.404 2,500 76.491 178.038 2,606 93.505 201.395 274,149 Page 40 Tuming Tides Homelessness IA company limited by guarantee) Notes to the financial statements For the year ended 31 March 2021 13. Current asset investments 2021 2020 Lisled investments 128 128 The market value of the listed investments al 31 March 2021 was £128. 14. Creditors: Amounts falling due within one year 2021 2020 Bank loan5 Trade credrtors Other credrtors Accruals and deferred incon 22,943 99,441 12,000 119,058 21,767 30.695 22,163 179.187 253,442 253,812 2021 2020 Deferred income Deferyed inccme at 1 Aplll Resources deferred during the year Amounts released from prewous peric*Js 160,887 313.085 1390,997) 108,284 647.280 1594,677) Deferrod income as at 31 March 82.975 160.887 Deferred income arises fr(Mn grants receNed in the financial year that a150 relate 10 subsequent financial years. Page 41 Turning Tides Homelessness IA company Ilmited by guaranto8) Notes to the financial statements For the year ended 31 March 2021 15. Creditors: Amounts falling duè after more than one year 2021 2020 Bank loans 93,936 118,055 Included within the above are amounts falling due as folknvs" Between two and five yea Bank loans 91.770 87.067 Over five years Bank loans 2,166 30,988 The aggregate amount of l￿blIrt￿S payable or repayable wholly or in part more than five years after the reporting date is.. 2021 2020 Payable or repayable by instaknents 2.166 30.988 2.166 30,988 The bank loan is a CLjnmerCi￿ m¢Jtyage. The c(xnmercial mortgage is ￿ured by way of a fixed legal charge dated 22 September 2C￿ over the freehold propefty known as 14-16 Selden Road, Worthing. West Sussex, BN11 2LL. This bank klan is repayable over a 20 year term at an interest rate 1.25OA above base rate. Page 42 Turning Tides Homelessness IA company limited by guarantee) Notes to the financial statoments For the year endèd 31 March 2021 16. Statement of funds Statement of funds - current year Balanc& al 31 March 2021 Balance at 1 April 2020 Transf8Ys inlout In¢omo Expènditure Unrestricted funds Designated funds Designated Funds - Wesl Hill, East Grinslead Designated Fund - PRS and Personalisation budget 19120 185,073 11,387 137.2001 147,873 10,687 17001 196,460 17001 137.2001 158,S80 General funds General Funds Other general funds 4.348,388 186.000 5.007,897 14,468.6051 37,200 4,924,880 186,000 4.534,388 5.007,897 {4,468,6051 37.200 5.110,880 Total Unrestricted funds 4.730,848 5.007,897 14,469,305) 5.269,440 Page 43 Turning Tides Homelessness IA company limited by guarantee) Not•s to the flnanclal statement# For the year ended 31 March 2021 16. Statgment of funds Icontlnuedl Rostrlcted funds WSCC PHE Capital Funding Scheme YMCA 480,000 120,000 675.000 1,15S,000 120,000 Meam Worthing Borough Council Adur Furniture Network The Big Lottery funding Dr Chesters Charty Compass bus grant Pier Window Ravenycourt Albert Hunt Trust 66,788 188,7881 48,000 154,387 48,000 154,387 294,770 800 1294,7701 18001 17501 16551 111,S021 800 750 800 655 136,157 124,656 s,000 s.000 940,749 1,042,358 1375,2651 1,607,842 Totsl ol funds 5.671,697 6.050,265 14.844,5701 6.877,282 Page 44 Turning Tides Homelgs$ness IA Company Ilmlted by guarnntee) Notes to the flnanclal statements For the year ended 31 March 2021 16. Statement of funds l¢ontlnued) Statèment of funds- prlor year Balance al 31 Mafch 2020 Balance at 1 April 2019 Transfers inloul Gains1 ILo$ses1 Irthme Expendrture Unrestrlctèd funds Designated funds Designated Funds- Wesl Hill, East Grinslead Designated Fund - PRS and Personalisat￿n budget 19r20 217,282 16.437 32.2091 185.073 11,387 15,0501 233,719 132,209 15.0501 196.460 General funds General Funds Other general funds 4.257.840 186.000 3,711,121 13,625.2771 5.050 13461 4,348.388 186.000 4.443.840 3,711,121 13.625,2771 5,050 13461 4,$34,388 Total Unregtrlcted lundg 4.677.559 3,711,121 13,657,486) 13461 4,730,848 PaJe 45 Turning Tides Homelessness IA company limited by guarante81 Notes to the flnanclal statements For the year ended 31 March 2021 16. Stat8ment of funds Icontbnu￿l Restrlcted funds WSCC PHE Capital Funding Scheme YMCA Meam 480,000 120,000 7,651 48,000 154,387 460,000 120,000 67,950 175,6011 Worthing Bofough Council Adur Furniture Network The 819 Lottery lunding Dr Chesters Charity Compass bus grant Pier Window Ravenscourt Tampon lax fund 48,000 154,387 186,655 800 1186,6551 17001 700 800 7SO 655 136,157 750 655 139,757 31,844 13,6001 131,8441 810,738 428,411 1298,4001 940,749 Totsl of fund$ 5.488.297 4,139,532 13,955,886) 13461 5.671,597 Page 46 Turning Tid¢$ Homele$sne$s IA company limlttrd by guarantee) Notes to the flnancial statemonls For the year ended 31 March 2021 Designated Funds West Hill Following the acquisition of the Richard Housing Association the charity has decided lo designate the value ol cash held and the investments al the dale ol transfer, together with an amount equal lo the S¢xial Housing Grant, for the use in relation to Wesl Hill, East Grinslead. PRS 8nd Personalisalion Budget Funding relating lo Priv81e Rented Sector and PersonalisolK)n retained for the conlinualion of our work in these areas. Other g•n8ral funds This amount relates lo the value of the Social Housing Grant that would be payable Should the charity decide lo sell the propety al W881 Hill, East Grinslead. Restrlcted funds WSCC PHE Capital Funding Scheme Wesl Sussex County Council Public Health England Capital Funding - To a88181 in the purchase of propertie5 in Lilllehamplon and Horsham for clients lo live in a shared abstinence based environmenl. YMCA Downslink Gffjup Provision ol caprtal funding for the conversion ol a property lo shared accommodation. MEAM Funding from Sussex Police, WSCC, WBC and Sussex Partnership NHS lo improve policy and services for people facing multiple need8. Masonic Charilable Foundation Funding for a Community Inclusion Lead. Henry Smith Charity To provide funding lor a Substance Misuse Sccial Work Coryoidinalor al the Recovery project. The B w Lottery fund Funding has been received lor the Reaching Communi11os pro3ramme 81 Sl Clare's community Hub and for funding the Littlehamplon CommLtnrty Hub. Worthing 8(yrDugh Council Empty Home$ Grant Funding- To assist with the ￿fUrbIShMenl of a propety in Worthing for clients to Iwe in shared accommodation. Adur Fumilur& Network The Adur Furniture Nelwork Fund shall be used by the charity lo support low income Adur ￿sIdentS to sustain their independence and ensure suitable housing. Page 47 Turning Tides Homol•ssne$s IA company limlted by guarantee) Notes to the financial 5tatemonts For the year ended 31 March 2021 Dr Cheslerfs Charity The Tru51ees shall apply the income of the charty in relieving erther generally or individualty persons resident In the Borough 01 Worthing who are In conditions of need, hardship or distress by making grants of money OT providing or paying for items, services or facilities calculated lo reduce the need, hardship or distress of such persons. Compass bus grnnt A fund lo enable client travel. Pier Window fund To commission a window design on Worthing pier. Ravenscourt To en8ble group working bwthin the Worthing Recovery Project through the refurbishment of a group working space and the employment ol a dedicated Group Worker Tampon Tax Fund In partnership with Brighton Women's Centre and Safe in Sussex. a one year grant from The Tampon Tax Fund enabled more focused and much needed work with women, helping them lo move beyond trauma and build sale lives. Page 48 Tumlng Tld8s Hom&lessness IA crynpany limilod by guarantee) Notes to the financial ststements For the year ended 31 Mar¢h 2021 17. Analysis of net assets between funds Analysis of not assets between funds- current year Unrestricted Restrlcted funds fund5 2021 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due wrthin one year Creditors due in more than one year 4,194.617 1,422.201 1253.4421 193.9361 1,318,000 289,842 5.512,617 1.712,043 1253,4421 193,9361 Total 5,269,440 1,S07,842 6,877,282 Analysis of net assets between funds- prior year Unrestricted funds 2020 Restricted funds 2020 Total funds 2020 Tangible fixed assets Current assets Creditors due wrthin one year Creditors due in more than one year 4,110.918 991,797 1253,8121 1118.0551 648,000 292,749 4.758.918 1,284.546 1253,812} 1118.055} Total 4,730,848 940.749 5.671,597 Page 49 Turning Tides Homelessness IA company limited by guarantee) Notes to the financial statements For thè yèar endèd 31 March 2021 18. Reconciliation of net movement in fvnds to net cash flow from operating activities 2021 2020 Nel income for the year las per Statement ol Financial Adiwtiesl 1,20S685 183,300 Adjustments for. Depreciation charges Loss on investments Interest from investments 193,298 189,456 345 12,2C61 4,743 9061 Loss on the sale of fixed assets Impairment of propertie5 Decreasellincrease) in debto Increaselldecreasel in ¢yedit Don*ion in kind 57,074 72,754 (1.546) 1675.0001 122,9831 42.059 Net cash provided by operating activities 851,359 394,714 19. Analysis of cash and cash equivalents 2021 2020 Cash In hand 1.510.520 1.010.269 Total cash and cash equivalents 1,510,520 1,010,269 20. Analysis ol Changes In net debt At 1 April 2020 Cash Ilov At 31 March 2021 Cash at bank and in hand Debt due within 1 year Debt due after 1 year Liquid investments 1.010,269 121,7671 1118,055) 51KJ,251 11,1761 24,119 1,510,520 122.9431 193.9361 128 870,575 523,194 1.393,769 Page 50 Turnlng Tldes Homelessness IA company Ilmlted by guarantee) Notes to the financial statements For the year ended 31 March 2021 21. Opèrating leaso commitrngnts At 31 March 2021 the charity had commitments lo make future minimum lease payments under non- cancellable operating leases as follows.. 2021 2020 Not18ter than 1 year Later than 1 year and not later than 5 years 79,071 122,461 120.375 201,532 201,532 321,907 22. Rèlatod party trans¥tion$ John Holmstrom is a Director￿rusIee in YMCA Downslink Group. In 2016 the charity received a granl from YMCA Downslink Group of £120,000 for use in the redevelopment of 13 Graflon Road. As part of the grant conditions a lease was agreed be￿en TuTning Tides and YMCA Downslink Group for the property. During the year Turning Tides received £39,000 in rental income from YMCA Downslink Group 12020.. £39,000) and paiij £39,000 in rent lo YMCA Downslink Group 12020-. £39,000). There are no amounts due lo or from YMCA Downslink Group al the balance sheet dale. 23. Post balancg Sh￿1 events During the post year end period, the charity were advised that the lease premium of £210,000 Isee note 111 would have lo be reviewed as a result of the landlord breaching a pre*xisling grant condition. The lease will be surrendered and replaced with a management agreement betsveen parties for the charity lo manage the property for a period of up lo 40 years. Page 51