TURninGTIDES ENDING LOCAL HOMELESSNESS TURNING TIDES HOMELESSNESS TRUSTEES, REPORT& FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charitable Housing Trust A Company Limited by Guarantee Registered as TurningTides Homelessnes5 Charity Number: 1027832 Company Limited by Guarantee: 2708334
Tuming rides Homelessness R e p o r t s and Financial Ststements for the Year Ended 31 March 2025 CONTENTS PAGES Reference and Administrative Details of the Charity.- its Trustees and Advisors Tru5tees' Report -___---- - 4-17 Independent Audltors. Report---- Statement of Financial Activities - 18-20 -21 Balance sheet----- Statement of Cash Flows-- -23-24 Notes to the Flnancial Statements --- - 25-36 Page". 2
Turning rides Homelessness R e ports and Financial Statements for the Year Ended 31 March 2025 Reference and administrative details of the Charity. its Trustees and Advisors Trustees Martin Quinn (Chair) Nicholas Beverley-Hedger (Chair Finance and Audit Committee) Duncan Anderson rimothy Cooper (Resigned 30 August 2024) Peter Holloway (Appointed 12 May 2025) Samantha James (Appointed 12 May 2025) Bill Jones Jane Lodge (Re&wd 22Juty2024) lan Mintram (Resigned 12 May 2025) Neil Ranger {Appointed 12 May 2025) Jonathan Rosser (Appointed 13 May 2024) Marianne Wright {Resigned 19 December 2024) Company Registered number 2708334 Charity Registered number 1027832 Registered office Worthing Town Hall Chapel Road Worthing West Sussex BNII IHA Company Secretary Richenda Kullar (Resigned 12 May 2025) Chief Executive Officer John Holmstrom Independent Auditors Lewis Brownlee (Chichester) Limited Appledram Barns Birdham Road Chichester West Sussex P020 7EQ Bankers HSBC Goring Road Worthing West Sussex BN12 4AW Page 3
Turning Tides Homelessnes5 R e p o r t 5 and Financial statements for the Year Ended 31 March 2025 Chairfs Statement This year Turning rides helped another record number of people to step out of the margins of society and begin to find a pathway outof homelessne5s- in total 1.065. We have seen people from all walks of life, many of them newly homeless due to the cost-of-ltving crisis and struggling to process what ha5 happened. Nevertheless, alongside the trauma and hardships we are also humbled and privileged to see the transforniations people make when they are given the right SUPPOrt, in the right way, at the right time. This profoundly indtvidual. sensitive. and holistic approach underpins all our work. A current and major challenge is the increasing complexity of clients with whom we work. This is often associated with the increasing impact of substance use and connected poor mental health. Our prompt and thorough response to this issue is a fine example of the commitment shown by our Team. We are extremely grateful to all of our dedicated staff. We are delighted to have been shortlisted for the Charity Awards 2025. The Organisation has been shortlisted in the 'Social care, advice & supporf category for its Housing First model; which aims to provide clients with stable home first, alongside person-centred. holistic support with no specified end point. We were also proud when our Chief Executive. John Holmstrom, was awarded the High Sheriff of West Sussex's Award for Turning rides, valuable seniices to the community. We are pleased to have covered our costs this year. With a rising need for our services in the communities we serve and uncertainty over future fundin& financial challenges are ever present. If you have supported Turning rides during the last year- in anyway, it might be through donating your time as a volunteer or donating goods or money- we are extremely grateful and would like to thank each of you. Your generosity helps people to find lasting pathway5 Out of the desperation of homelessness. Your support continues to be vitsl. Finally, huge thanks and best wishes go to lan Mintram, who recentty stood down as Chair of Trustees after eight outstanding years in the role. Martin Quinn Chair of Trustees July 2025 Page 4
Turning rides Homelessness R e p o rt s and Financial Statements forthe Year Ended 31 March 2025 The Trustees present their annual report together with the audited financial statements for the year l April 2024 to 31 March 2025. The Trustees confirm the Annual Report and financial statements of the Charity comply with current statutory requirements of the Chariws governing document and the provisions of the Statementof Recommended Prartice (SORP), applicableto all charities preparingtheiraccounts in accordance with the Financial Reporting Standard applicable inthe UK and Republicof Ireland (FRS 102, effective l January 2019). The Charity is considered to be a Charttable Housing Trust as defined by the Housing Association Act 1985. Since the Charity does not qualify for the small companies. regime, the strategic report required of medium and large companies underThe Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 is included. About Turning Tides Turning Tides, previously Worthing Churches Homeless Projects (WCHP), was established by a group of local Christians in 1992, providing practical help and support to the local people sleeping rough in Worthing. The Charity rebranded in 2018 to Tuming rides, reflerting the development and delivery of services countywide. Now, Tuming rides provides a wide range of homeless support services across West Sussex, all striving to achieve complete pathways out of homelessness. The Charity looks to enhance and develop a broad range of services to meet the diverse needs of those who have nowhere to call home. Approach of Turning rides Fundamental to the Chariws approach 15 understanding every client has their own unique set of circumstances which led to them becoming homeless. Consequently, we offer a varied and holistic model spanning low, medium and high support seniices. Empowering each client to achieve independent living is unique personal journey, requiring services to be responsive and tailored, innovative and diverse. Turning rides is firmly committed to being psychologically and trauma informed (a PIE approach: Psychologically Informed 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 produce asafe, positive relationshipand environmentso clientscan begin to rebuild theirlivesand thrive. Our services are continually developed and delivered responstvely to client need. Taking a strengths-based and systems approach, Tuming rides also seeks to coordinate resources across the sectors and within the community. Ending local homelessness cannot be achieved bythe Charity alone. Time and time againthe challenges and barriersfaced bydientsare systemic. The Charity listensto theirexperience and works with colleagues in other related systems such as housin& health, social care, substance use and criminal justice to create a "coalition of the willin¢ to end local homelessness. Charitable Objerts Turning Tides is a charitsble housing trust whose objects, as set out in its Memordndum of Association, are to relieve poverty through the provision of emergency and other accommodation, advice and assistsnce for persons who are deemed homeless and/or in need of such accommodation. advice or assistance. Page 5
Turning rides Homelessness Re p orts and Financial Statements for the Year Ended 31 March 2025 Our Vision, Mission and Ambitions Our Vision Ending local homelessness in the areas in whichTurningfides operate. Our Mission We are a community-led Charity which puts clients and local people at the heart of our mission to end homelessness. To do this we will be: Ambitious- homelessness is not an inevitability A voice for people experiencing homelessness A place of safety, respect and trust Kind, generous and warm hearted Engagin& motivatingand inspiring Inclusive and welcoming Valuingfaith, spiritualityand our Christian roots Led by our clients, and communities, expertise and experience. Our Ambitions 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 delivergood value in orderto win new resources To grow a thriving charity where people enjoy working and feel empowered to create a bright future for themselves and others. Services of Turning Tides The Charity provides a diverse range of services 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 Worthing, Littlehampton, Horsham Distrirt. Mid Sussex and Crawley. 1065 individual clients accessed the Charib/s services in 202412025. 409 of which were new clients. As at the end of March 2025 the Charity had 171 paid staff and 191 volunteers who currently deliver: Hubs and Oirtreach - Multi-agency centres where anyone who is homeless or insecurely housed can receive practical help such as food, showers and clothing. Specialist staff supporting clients into appropriateaccommodationand helpingwith health needs. Groupsandcommunity inclusion activities are held, reducing social isolation. Outreach Teams also work in Horsham and Mid Sussex, including a Rough Sleeper Coordinator. Page 6
Turningfides Homelessness Re po rts and Financial Statements for the Year Ended 31 March 2025 High Support Residential with 24n cover- 4 projects with 114 beds: o Byron Road, Worthing- 16 bed complex-needs project, o Recovery Project, Worthing - 31 bed Care Quality Commission I'CQC) registered drug rehabilitation, o Manor Road. Worthing- 17 bed complex-needs projert. o Roffey Place, Horsham- SO bed cornplex-needs project. Medium and Low Support Move on Housing- 17 properties with 114 beds: o Worthing- 8 houses- (62 beds) o Littlehampton 3 houses 117 beds) o East Clayton I house 15 beds) o Horsham 2 houses {8 beds) o Mid Sussex 3 houses {22 beds) Multi-Disciplinary Team- specialist staff vtho provide additional support to clients across seNices: o Social Workers o Mental Health Workers o Counselling Coordinator o Complex Needs Specialists Substance/Alcohol Miwse Workers o Lived Experience and Trauma Informed Navigators o Housing First Workers. Strategic Review The Board of Trustees sets an annual budget accompanied by a 5-year financial Business Plan in March each year. This is accompanied by a detailed Organisational Plan which sets out how the Business Plan will be delivered. The Organisational Plan has 6 overarching objertives to deliver our four ambitions set in 2019 (please refer to page 6). Progress against the Plan is reviewed quarterly by the Senior Management Team and Board of Trustees using a Red Amber Green IRAGI system. In addition, Key Performance Indicators {KPls) are monitored across all the ChariVs services and functions. These are also reviewed quarterly by the Senior Management Team and Board of Trustees. Achievements, Challenges and Performance Ourdedicated staff and volunteers strive to ensure nOOnefaSthetraUrna of homelessness alone, and during the period of this report they supported a record number of 1065 people. Our Services Our drop-in Community Hubs and Outreach Teams have helped 736 people overthis period. They also report ever more diversity in the people they see; many having what seemed to be a 'normal' life, with a job and home, only a few months prior to presenting for help. Mo0ver, some people are homele$5 and still in employment, using our facilities to maintain some noTmality and dignity as they try and hold onto work and routine. The costf-11vIng crisis is extracting a heavy pri from many in our society who have little saving5 or support on which to lean. Page 7
Turning Tide5 Homelessness Re po rts and Financial Statements for the Year Ended 31 March 2025 This was the second full year of operation of our high support 50 unit residential project at Roffey Place, near Horsham- a collaborative response betweenTurningfides and Horsham Districtcouncil based in a rural setting Working in conjunrtion with our multi-disciplinary Teams. both our high support accommodation and our low/medium support housing enable residents with complex needs to aspire to their full potential, and move towards independent living. Challenges A continuing major challenge is the inueasing complexity of clients with whom we work. This is often associated with the increasing impact of substance use and connected poor mental and physical health. We are a memberof the Westsussexcombating Drugs Partnership. An 85% redurtion in the amount of heroin coming out of Afghanistan has led to an exponential increase in availability of synthetic opiates which can be anything from 50 to 1000 times more potent than street heroin resulting in a spike in overdoses. Added to this there is an increase in the availability of synthetic drugs over the internet delivered to your door or purchased via QR codes on lamp posts. Naloxone is a safe medicinethat rapidly reverses an opioid overdose. As part of our overall response. we have rapidly distributed it into the community and are ensuring that both clients and trained stsff are carrying. We have also installed Naloxone boxes in all our SIdential and hub services. Recent Achievements We have continued to develop a more co-produced and trauma-informed Organisational ethos, This has been supported by the Sussex wide 'Changing Futures, programme: a system change programme for people experiencing multiple disadvantages. This has provided a Trauma Infomed Navigator and 2 staff who use their lived experience to build deep connections with our most vulnerable clients and also guide staff and Managers in the co-design and deliveryof ourservices. Through the development of these roles, we have also been able to introduce a peer support training and volunteer programme with funding via the NHS. These voluntary roles have made such a positive difference to the Worthing Hub in the way it feels and the sense of safety and connections the peer support workers bring. In addition, it makes a real difference to their lives giving them a sense of purpose by knowing the difference they make. Receipt of resettlement funding frorn the Office for Health Improvement and Disparities IOHIDI has been significant as it includes funds for a dedicated Resettlement Manager and a Mental Heahh Workerto support clients with a historyof substance use, including some dual diagnosis clients, to move into theirforever homes. It also includes sufficient funding to pay for deposits, cost of removals and money to fit out flats with new carpets, curtains, furnishings, white goods and cookers. This all ensures clients have the greatest opportunity for success. Building trusting relationships with landlords has also been a cornerstone to the success of this Project and much positive feedback has been received. Our application continues to the Regulator of Social Housing to become a Housing Association. We were invited to submit a Detailed Application following a successful Preliminary Action. The Detailed Application is being assessed at the time of writing. A successful application would allow access to capital funding for new. better buildings and renew our older housing stock to meet longer tem 5UStainability targets (such as net zero by 2050). Longer term this would place us in a stronger position to apply for revenue funding for new supported housing schemes. In recent years the Government has shown a preference to invest capital/revenue in Registered Providers. Page 8
Turning rides Homelessness R e p o r t s and Financial Statements forthe Year Ended 31 March 2025 OurTeam We are incredibly grateful to our staff for their huge commitment and dedication throughout the continued challenges faced by the Charity. Operational staff are, understandably, feeling the stretch as they manage an increase in need alongside an increase in complexity and their work is a constant source of pride for the Trustees. Investing In OurTeams Once again, we are indebted to our inspirational, generous and caring staff for their continued commitment to the mission and vision of Turning rides. They are the key to the success of the Charity. They are integral to making Turning rides a great place to work and through co-production, staff are involved in various initiatives to ensure we continue to improve how we go about our day-to-day work. We value staff input and feedback into everythingwe carryout, and everyone can have their saythrough Yourvoice,, our internal staff feedback forum. We attach great importance to training our people. We have made good progress on compliance and mandatory training and reflective prartice for our Operational Teams. We have developed a new range of training which is bespoke to the needs of the Organisation. This includes a wide range of supplementary training alongside an extensive library of online courses and learning to support continual development of skills. A Staff Conference took place in September 2024, affording an opportunity for all Teams across the Organisation to connect with each other and to understand more about the latest challenges which face our Sector. Diversity, Equity. and Inclusion Diversity, Equity and Inclusion continue to be an area of increased focus and activity. We collert data from our staff annually and have discussions with staff in Your Voice meetings- with a group comprising staff from across the Charity. We noted the need for great diversity on our board, and it is more balanced now in terms of age, gender, neuro dtversty and Irrfed experience, especially with the recent recruitrnent of 3 women trustees and a further woman as independent on the Finance and Audit Committee. Health and Wellbeing The challenges we all face in our wider INes can have an impact, which sometimes affects our mental health and/or our financial situation. As a pers0n-ntred Charity, the health and wellbeing of all our stakeholders including clients, volunteers and staff, is an ongoing priority. We are pleased stsff continue to be offered Medicash. It offers a wide range of trainin& mindfulness meditations, 24-hour GP service, digital physiotherapy along with the cash plan element with the option of adding family members. We also continue to offer the 2417 Employee Assistan Programme which offers I:1 counsellin8 for employees and assistance with any worl personal or family issues. In addition, Reflectp4e Practice and our internal CounsellingTeam continue to be key in offering support to our frontline Tearns who often deal with trauma. and we are looking to develop this offer in 2025126. Volunteers Volunteers are crucial to the delivery of our services and their support can be transfonnational for clients. This year 191 volunteers supported our work across the Charity, providing a generous and hugely valuable 10,038 hours of support. We also held many corporate volunteer sessions. We are in awe of all the wonderful volunteers who give their time 50 freely to support the people we serve. Without them we could not achieve these amazing outcomes. Page 9
Turning rides Homelessne55 R e p o r t s and Financial Statements forthe Year Ended 31 March 2025 Community Support Turning Tides relies on the support and generosity of its local community, and we are thankful to those who feel able to donate. The Fundraising and Communications Team worked hard to raise £614k in unrestritted income during this year through a combination of new and established events and activities. The Sleepout and Skydive attracted support from clients and volunteers. as well as staff. A new event, the National Three Peaks Challenge, saw 18 fundraisers, including staff and a client. tsckling Great Britain's three highest peaks in a 24-hour period- and was our most profitable single fundraising activity of the year. Another new event, sponsored dog walk, brought the yearfs fundraising calendar to a successful close. The publication of our 2025 Impact Report highlighted many aspects of the Charitys work. This included the Housing First service, which was also featured in the 2024 Christmas appeal. The combination of these two activities attracted significant additional funds from the community. This income enables the Charity to be agile and responsive and help to protect its independence. TheTeam continued to undertake a wide rangeof speaking engagements and attend networking events across West Sussex to raise awareness of homelessness. Support came from all sectors of society: schools, churches, corporates, social groups. sportsclubsand many more. Relationships includingthose with Worthing Golf Club, Haskins Garden Centre, the Hackett Group and the John Lewis Partnership provided funds to support the Chariws mission, and enabled the building of relationships across the wider community. Individua15 also undertook a variety of fundraising challenges to support Tuming rides, including Hercule Van Wolfwinkle whose fundraising and awareness raising continues to be invaluable. In term of communications, our work continued to attract media attention, with interviews and pieces in BBC South Today, BBC South East Today• Inside Magazine. 88C Sussex and Heart FM. Greatest Hits Radio and BBC Radio Su$5ex carried interviews with John Holmstrom on the subjert of homelessness at Christmas. The sponsored dog walk attracted a great deal of attention with coverage in the Worthing Herald online, in addition to multiple radio pieces. Littlehampton Community Hub's Wellbeing Wednesdaf was featured in Sussex World. The Centre for Homelessness Impart mentioned Turnin8 rides in a blo8 piece, and included photO8raphs of client Franc, which is aimed at challengin8 negative images of homelessness. The issue of rural homelessness was also picked up by the National Sun newspaper who carried out an interview with staff at Roffey Pla. Also, throughout this year, the Organisation secured £1.86m through grants and trusts. These applications were doubly challengin& not only due to the cost of living crisis but also because the Charity has expanded to meet the increased need in our community. As our tumover now comfortably exceeds £5m, this limits the scope of grants and trusts open to our application. This income not only ensured our existing services continued to support as many clients as p055ible, but also led to the development of new serrfices. Key Perfomiance Indicators 202 20Z5 Incre or De¢rease123124- 241251 2024 Pothwaysourolhomelessoes&' Total clients supported Total newdients supported Average length of rough eepIng of new clients lin weeks) Number of people rough sleeping at end of Q4 Ire5tatedl Safeguarding Reports 938 1057 1065 +1% 372 433 409 -6% -13% 36 -6% 19 18 -5% Totol units of accommodation i( iii 114 3% % Oetupancy 95% 94% Number of new clients taking up residenoes 177 172 166 -3% Page 10
Turning Tides Homelessness Re po rts and Financial Statements for the Year Ended 31 March 2025 Average length of stay lin weeks) Total movtrtsns 26 28 *4% 147 158 179 +13% % planned departure5 Ireststedl 65% SPA 51% Total units ol accornmodation 114 114 +1% % Occupancy 93% 96% +3% Number of new dientstaking up residenaes Average length of stsy1Sn weeks) Totsl departures 79 71 72 +7% 81 65 -18% % planned departures 67% 62% 66% +6% HR.. Voluntary staff tumover Ireststedl Staff sickne5$1otal average % wothng da lost 17% -33% 5.6% 444% Health & Safety compliance % Targeted resporb5e time athieved of emer8ency maintenance tasks lin da 51 target of I da % Targeted response time achieved of emeryenty maintenance tasks lin daysl target of 7 days Targèted response time achieved of emergtnq rn•lntenance tasks lin day51 target of 28 day5 Complolnts.. 97% -1% 94% 94% 91% +6% Totsl complaints 21 62 +63% Commentary on KPIs As demand for our service continues to increase. we have sUPPOrted more clients than ever before {up 1% on last year). There has been positive Prog55 on pathways Out of homelessness wtth a reduction by 13% to 3.3 weeks for the average length of stay on the streets. Overall numbers rough sleeping were similar. with a small decrease of 6% over the previous 12 months. Safeguarding notifications have stabilised. We take a rigorous approach through our Social Worker to refer cases where an alert is properly justified. Key to our safeguarding approach is to follow through any referral and be clear the difference we are seeking to achieve. The sirnilar numbers forthe currentyear can largely be explained by this being the second year our high support project, Roffey Place, has operated for the entire year, and due to the increased complexity of the clients we support which include a number of health and social care needs. Similarly, we are also pleased the actual number of client move-ons oirt of high support residential services have again increased this year from 158 to 179. Planned departures from high support has reduced in the year from 57% to 51% as we have managed to somewhat maintain the level in a client environment of increasing complexity. Within the sector we have a strict definition of planned departures and most unplanned departure clients are supported into other accommodation. The actual number of planned departuresfrom low/medium support. often to Social Housin& has fallen a little from 49 to 43 and the percentage of planned departures has risen from 62% to 66%. Notwithstanding the client environment of increasing complexity, we seek to improve these figures with our dedicated Resettlement Manager, together with the receipt of sufficient grant funding to finance these moves. Voluntary staff turnover has reduced signÉficantly. We have intrOdUd additional staff well-being measures. Health and Safety perfomiance remains very high, and our maintenance response times are strong at lOO% for emergency tasks. We have a stable and well led maintenan Team who have the capability to continue this improvement. Page 11
Turning Tides Homelessness R e p o rt s and Financial Statements for the Year Ended 31 March 2025 Future Plans Our core strategy remains to follow the four ambitions set in 2019 (please refer to page 3). The financial health and security of the Charity is a priority. W5th current levels of fundin& it is a major challenge to make ends meet each year. This challenge increases with funding uncertainty and the increasing need for our services as more people fall into homelessness. Short term funding {and lack of Housing Related Support commissioned income, in particular) is an issue for us and the wider homelessness sertor. A Board/Management strate Daywas held in August 2024 to assess business risks. This provided a detailed review of risks and how we can ensure a robust Business Plan which maintains reasonable reserve levels and manages fluctuating income and retention/development of missional services. Board/Management Strategy Day was held in February 2025 to review the Business Plan. We are grateful to Worthing Homes to develop two supported housing schemes on our behalf. Skywaves is a 21 studio-flat high-support scheme and multi-agency hub. due to open in August 2025 and Clifton Road is a 13 studio-flat medium support housing scheme which opened in April 2025. We continue to explore other property opportunities. Our 8usiness Development Strategy also seeks to ensure services are sustainable, and key risks identified at the earliest opportunity and mitigated. We worked hard to bring our existing housing stock up to a good standard and meet the Decent Homes Standards. We received the results of an independent 30-year stock condition survey and updated our asset management plans accordingly. Supporting and investing in our dedicated Teams will also be paramount. In 2023124 we undertook an employee Engagement Survey for staff, followed by staff survey conducted by an independent consultant for Board/Senior Management Away Day November 2024. We are using the feedback to make improvements and inform our Strategic Plans and review of our Values. Turning Tides has a robust approach to compliance and internal controls. This yearwe delivered a full roll out of our internal Quality Framework and Quality Reviews across all Operational Services: with an emphasis on safety, compliance and best practice. Page 12
Turning rides Homele$5ness R e p o r t s and Financial statements forthe Year Ended 31 March 2025 Principal Risks and Uncertainties Turning Tides has a formal risk management process to assess business risk and implement risk management strategies. This involves identifyingthe type of risks we may face, prioritising them in terms of potential impatt and likelihood of occurrence, and identifying the means of mitigating each potential risk. This analysis forms the Risk Register. The Risk Register is reviewed on a regular basis by relevant members of the senior ManagementTeam and the Board of Trustees. The Board of Trustees have responsibility for ensuring risks are identified and appropriate mitigations are in place, as required by the Treatment Plans. Turning rides recognise the role of robust KP15 and Organisational Plan together with the Risk Register in mitigating risk. The Terms of Reference of the Finance and Audit Committee (a sub committee of the Board of Trustees) include the detailed review of the KPIS. Organisational Plan and Risk Register on a quarterly basis. The Charity actively reviews its key risks and how these can be mitigated. Significant risks are shown in the table below: Risk Action Plan here is a risk that lack of capacity at urning Tides will lead to failures in client ervice delivery and the ability to deliver he Organisational Plan. This could lead to urther stress, attrition and lowerin8 of taff engagement. here is a risk that a high level of staff urnover and absenteeism will lead to ultural issues and adverse impact on mployee engagernent. omplete succession plannin& skills and ornpetency assessment, competency amework, capacity planning at projett level. anagement development and systems and rocess improvements. ontinuou5 improvement in learning and evelopment. Improved internal ommunications and a refresh of organisation alues. here is a risk of cyber attacks and data reaches which could lead to penalties nd financial losses. IT risk assessment and review. here is a risk of missing opportunities for brand expansion and enhanced wareness of . Turning rides . in the local ommunity and stakeholder engagement. his may lead to a loss of fundraising and upport forTurning rides. rry out community engagement and an wareness campaign. Review Communications trategy including social media. Page 13
Turning rides Homelessnes5 R e p o rt s and Financial Statements for the Year Ended 31 March 2025 Financial Review During 2024125 Financial YearTurningfides made a management accounting surplus of £397k which is better than the budgeted surplus of £73k. Careful management of activity and expendtture continued. The following table shows the reconciliation between statutory accounts and management accounting financial perforniance. Reconciliation 202 202 Management accounts surplus est Hill, RavenscourtTrust and other smaller fund movernents Depreciation and accounting adjustments Net ststutorysurplus beforetransfers io (14 39 1291 {9 35 The Charity strives to make efficient use of its resources and has achieved an average occupancy level (including maintenance void51 of 94% {2024: 93.8%). Bad debts were 1.4% (2024: 2.7%) of rent receivable against a target of 2.5%. Reserves Policy and Going Concem The Charity aims to match income and expenditure year to year while maintaining a suitable level of cash reserves. Having a Reserves Policy helps infomi the way in which a charity manages its cash, liquid assets and debt. Free Reserves are defined to be cash held in current, deposit or fixed terrn investments that are not already specifically committed or designated to a particular purpose or expense. Reserves should be consistentwith ongoing activitiesand financial commitments such that reductions in andlor loss of income streamsdo not have an immediate adverse impact on clients orstaff. This is particularly crucial for Turning Tides a5 much of our funding from commissioners and trusts is short term. This can sometimes produce an environment wherewe are empowered to support people for all too brief a period. and then have to close a project. Consequently, we strive for reseryes which enable us to comrnit to ser41$ longer tem and bring lasting change to the lives of clients. Cash reserves also provide vital funding which allows us to l) respond in an agile manner to increased need and 2) trial and deliver interventions the wider systems have failed to put in place. The Reserves Policy contribute5 significantly to the Board's ability to balance the needs of current and future clients, to provide supporters and stakeholders with assurances the Charity is well managed and it has, where appropriate, a strategy for building up reseNes. The Reserves Poliry also assists when planning and explaining our mission to supporters and stskeholders, and how it is vttalforusto retain resources, focusand energy. This is because our mission is not simplyto maintain the delivery of our current SUPPOrt serrfices- we also need to innovate• grow and develop services. systems and partnerships that can contribute towards the ending of local homelessness. In settingthe appropriate level of ReservestheTrustees have consideredthe following: Forecast cashflow (tsking into account the reliability of each source of income and the commitments associated with each source of expenditure) Riskand likely changes in the main sources of income/ expenditure Existing restricted and designated reserves along with expenditure plans / timescales Future income streams with an assessment of their reliability Commwtted expenditure and how farthis is controllable The assessment of how to cope with changes in the main sources of income Likely effects on the beneficiaries resulting from significant changes to income/cost Page 14
Turning rides Homelessness R e p o rt s and Financial Ststements forthe Year Ended 31 March 2025 New opportunities not in the Business Plan The level of fixed assets, borrowing and loan repayment risk Using the poliry described above Trustees. in collaboration with the Chief Executtve and Head of Finance, have agreed the following thresholds: inimum reserves level udden1055 of fundingforone project eneral loss of funding in one year New opportunities not in Business Plan otal £200 £300 £250 £750 aximum reserves level Doublethe minimum reserves level (being approximately 3 months operating costs atthe time the policy was set) £1,500 If reserves fall, or are forecast to fall, below the rninimum level agreed, the Trustees will work with the Chief Executive and Senior Management Team to agree plans and drive attions which will replenish reserves to above that minimum. Conversely, if reserves rise above the maximum level agreed, the Trustees will support the Chief ExecutNe and Senior Management Team to ensure the surplus is explicitly considered. Future plans will utilise the resource to further the Charitrls aims. over a defined period, so reserves are brought back within the agreed range. At the year end. totsl funds were £7,177k {2024: £6,818kl. Free reserves (cash less restricted and designated reserves which are unrelated to Fixed Assets) arnounted to £1,562k (2024: £1,174k) which is at the top of the agreed range and, therefore, we are well positioned to face a period with significant financial challenges ahead. Ravenscourt restricted funds are being utilised to fund a specific revenue expense over the following 10-15 years. Restricted funds received from Adur Furniture Network will be utilised if/when an appropriate opportunity with long term, sustainable benefrt is identified. Our accounts also show a designated fund associated with our property in East Grinstead (West Hill) which has been used to help improve the building and support services offered to clients in the local area. The remaining funds are likely to be utilised to refurbish the property. Structure, Governance and Management Turning rides is a registered Charity and is registered as a company limited by guarantee. Trustee members are also Directors of the Company. The governing documents of the Charity are its Mernorandum and Articles of Association. The latter was updated in line with good practice in 2024. There are currently 10 Trustees out of a maximum possible 12. Regarding recruitment of Trustees, when a vacancy occurs the Board will take the opportunity to review the skills matrix of Trustees to identify skill sets that would strengthen the Board's overall effectiveness. In addition. consideration is given as to whether there is a need for any specrfic community or stakeholder group that needs to be represented by a new Trustee. Page 15
Turning rides Homelessness R e p o rt s and Financial Statements for the Year Ended 31 March 2025 The Board and its sub committees will also conduct regular performance reviews and skills audit of Trustees/Members. In October 2022 it condurted a Board Effectiveness RevTew. This found the Board was broadly working well but would benefit from more lived experience and diverse membership. Since then the Board has recrutted Trustees with a wider range of backgrounds including lived experience. A register of Trustee skills audit is updated as new Trustees join the Board. Skills audit has similarly been undertaken for the Finance and Audit Committee. and register will be updated on any new appointments. The Board plan a governance review in the Autumn 2025 which will include a review of Committee structure. The Trustee recruitment process isdesigned is to find candidates who are fully independentwith sultable skills and experience. Positions are advertised widely, and Trustee recruitment will encourage a diversity in applications, and that Irved experience is valued. Applicants undergo a structured interview process. There is also client involvement in the interview process. The Board operates an equal opportunities recruitment policy. Induction infom)ation covering the role and responsibilities of Trustee5 are provided to the Trustees and governance updates are provided as and when appropriate. Trustees are all volunteers and receive no remuneration. Trustees are required to disclose all relevant interests and register them with the Chief Executive and withdraw from any decision making process where there is a conflict of interest. The Board of Trustees is the goveming body of Turning rides and is responsible for all its artivities and affairs. The operational running of the Charity is delegated to the Chief Executive and the Senior Management Team. The Board meets as a full Board at least 4 times a year. The Charity benefits from 2 sub committees which have been estsblished to overview key areas of activity. Each sub committee has clear terms of reference. The Finance and Audit Committee meets at least 6tuiiesayear The Remuneration Committee meets 2-3 times a year. These sub committees report to the main Board at each main Board meeting. The Remuneration Committee is tasked with reviewing the salaries of the Chief Executive and the Senior Management Team. The Committee reviews the relative size of the roles and receives information on market comparisons through two comprehensive surveys of local charity sector pay. Public Benefit Statement Turning rides, charitable objects are 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 across West Sussex. As a Charity with a Christian background and ethos, Turning rides provide service5 to any adult member of the general public regardless of whether they have a personal faith in any religion or denomination or none. Turning rides asks for no membership fees from individuals in order to benefit from assistance. Page 16
Turning rides Homelessness R e p o rt s and Financial Statements for the Year Ended 31 March 2025 Trustees, Responsibilities Statement The Trustees (who are also the Dirertors of Tuming rides Homelessness for the purposes of Company Law) are responsible for preparing the Trustee5' Report including the Strategic report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prartice). Company law requires the Trustees to prepare financial statements for each financial year which grve a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitsble company for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently Obsenie the methods and principles of the CharFties SORP {FRS 102} Make judgments and accounting estimates that are reasonable and prudent State whether applicable UK Accounting Standards IFRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements Preparethe financial statements on the going concem basis, unless it is inappropriate to presumethat the charity will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Disclosure of Information to Auditors Each individual Trustee, at the time when this Trustees, Report is approved, has confirmed: So far as the Trustee is aware, there is no relevant audit information of which the charitable companvs auditors are unaware, and The Trustee has taken all steps that ought to have been taken as a Trustee to be aware of any relevant audit information and to establish the charitable compan$ Auditors are aware of that information. Approved by order of the members o and signed on their behalf by: the Board of Trustees on Martin Quinn Chair Nicholas Beverley-Hedger Chair of Finance & Audit Committee Page 17
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TURNING TIDES HOMELESSNESS Opinion We have audited the financial statements of Tuming rides Homelessness {the 'charitable company,) for the year ended 31 March 2025 which comprise the Statement of Financial Activtties, the Balance Sheet, the Cash Flow Ststement and notes to the financial statements, including a summary of signfficant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accountin8 Standards (United ngdoM 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 2025 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended: have been properly prepared in accordan with United Kingdom Generalty Accepted Accounting Prartice; 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) IISAS (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 accordan with the ethical requirements that a relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditin8 the financial statements, we have conduded 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 perfornied, we have not identified any material UnrtaIntIeS relating to events or conditions thaL individually or collectively, may cast significant doubt on the tharitable company's abilty 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 tnstees with respect to going concern are described in the relevant sections of this report. Other infomiation The trustee5 are responsible for the other information. The other infonnation comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the firpncial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurdnce 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 ststements or our knowledge obtsined in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gNes rise to a rnaterial mis>catement in the financial statements themselves. If, based on the work we have performed. we conclude that there 15 a material misststement of this other infoation, we are required to report that facL We have nothing to report in this regard. Page 18
REPORT OF THE INDEPENDEKf AuDrroRS TO THE MEMBERS OF TURNING TIDES HOMELESSNESS Opinions on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infonnation given in the Report of the Twstees for the financial year for which the financial ststements are prepared is consistent with the financial statements; and the Report of the Trustees has been ppared in accordance with applicable legal requirements. Matters on which we are required to report by exoption In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audiL we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the followin8 matters where the Companies Act 2006 requi5 us to report to you if. in ouropinion: adequate accounting records have not been kept or returns adequate for our audit have not been ceived from branches not visited by us: or the financial statements are not in agreement with the accounting records and returns: or certain disclosuS 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 Statsrnent. the trustees Iwho 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 pparIng the financial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going concem, dtsclosin& as applicable. matter5 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 alternatNe but to do so. Our responsibilities for the audit of the finanaal 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 a Report of the Independent Auditors that includes our opinion. Reasonable assurdnce is a high level of assurance, but is not a guarantee that an audit condutted in accordance with ISAS (UK) will always detett 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. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: enquiry of management, those charged with governan and the entity's solicttors around actual and potential litigation and daims," enquiry of entty's staff to identify any inStar$ of non-complian with laws and regulations; reviewing minutes of meetings of those charged with governance; reviewing financial statement disclosures and testing to supporting documentstion to assess compliance with applicable lav and regulations; and auditing the risk of management override of controls including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the nornial course of busines5. e19
REpoirr OF ThE INDEPENDENT AUDITORS TO THE MEMBERS OF TURNING TIDES HOMELESSNESS A further description of our responsibilitie5 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uvauditor5responsibilities. This description forms part of our Report of the IndependentAuditor Use of our report This report is made solely to the charitsble companrfs members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Att 2(J)6. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are QuIred to state to them in an auditors, report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or forthe opinions we have formed. Sarah Alexander FCCA FCA (Senior Statirtory Auditor) for and on behalf of Lewis 8rownlee Ichichesterl Limited Statutory Auditors Appledram Barns Birdham Road Chichester West Sussex P020 7EQ Date: .... Page 20
TURNING TIDES HOMELESSNESS srATEMENT OF FINANCIAL ACtIVlTIES FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted funds Restricted funds Notes INCOMEAND ENDOWMENTS FROM Donation5 and legacies 512,363 512.363 487,721 Charitable activities Byron, Manor, Roffey and Skywaves Recovery Services Move on Housing Homelessness Services Central Fundraising events Donated Goods & Volunteering 2.546,108 1,150,893 1,717,988 1,489,583 1,455 111.675 4,683 2,546,108 1.150,893 1,717,988 1,638,895 1,455 111,675 21,872 2,276,377 1,021,990 1,619,729 1,585,687 3,900 107,260 6,970 149,312 17,189 Investment income 16,673 16,673 15,553 Total 7,551,421 166,501 7,717,922 7,125,187 EXPENDITURE ON Charitable artlvitie5 Byron, Manor, Roffey and Skywaves Recovery Services Move on Housing Homelessness Services Central Fundraising events Donated Goods & Volunteering 2.521,666 1,082,594 870,337 1,525,892 809,308 165,891 186,563 2,521,666 1.112.066 870.337 1,675,204 809,308 165,891 203,752 2,459,945 981,584 915,885 1,514,748 848,432 185,620 126,123 29.472 149,312 17,189 Total 7,162,251 195,973 7,358.224 7,032,337 NET INCOME/(EXPENDITURE) 389.170 (29,472) 359,698 92,850 RECONCILIATION OF FUNDS Total funds brought forward 6.604.287 213,485 6,817,772 6,724,922 TOTAL FUNDS CARRIED FORWARD 6.993,457 184.013 7.177,470 6,817,772 The notes fcxrn part of these finarKial Statnents Page 21
TURNING TIDES HOMELESSNESS BALANCE SHEEr 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted funds Restrirted funds Notes FIXED ASSErs Tangible assets 11 5,686.378 5.686,378 5,214,074 CURRENT ASSErs Debtors Investments Cash at bank and in hand 12 13 910,787 128 1,696.837 910,787 128 1.880,850 733,982 128 1,416,570 184,013 2,607,752 184,0 2,791,765 CREDITORS Amounts falling due within one year 2,150,680 14 1572,&88) (572,888) 1491,783) NET CURRENT ASSETS 2.034,864 184,0 2,218,877 1,658,897 TOTAL ASSETS LESS CURRENT LIABIUTIES 7.721.242 184,013 7,905.255 6,872,971 CREDITORS Amounts falling due after more than one year 15 1727,785) 1727,785) {55,1991 NET ASSErs 6,993.457 184,013 7,177,470 6,817,772 FUNDS Unrestritted funds Restricted funds 17 6,993,457 184,013 6,604,287 213,485 TOTAL FUNDS 7.177,470 6,817,772 ancial statements were approved by the Board of Trustees and authorised for issue on L< and were signed on its behalf by: Martin Quinn - Trustee Nicholas Beverley-Hedger- Trustee The notes ftjrm part of these financial strLanents Pdge 22
TURNING TIDES HOMELESSNESS CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operating artivities Cash generated from operations 489,492 182,877 Net cash provided by operating attivities 489,492 182,877 Cash flows from investing activities Purchase of tangible fixed assets Interest received (766.500) 16.673 (56,6871 15,553 Net cash used in investing activities 1749,827) 141,134) Cash f lows from financing artivities New loans in year Loan repayments in year 750,01)0 (25,385) (22,7201 Net cash provided by/lused inl financing activities 724,615 (22,7201 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period 464,280 119,023 1,416,570 1,297,547 Cash and cash equivalents at the end of the reporting period IWO,850 1,416,570 The notes fc¥m part of thtse finanoal statfients Page 23
TURNING TIDES HOMELESSNESS NOTES TO THE CASH FLOW sfATEMENr FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING AcnvmES 2025 2024 Net income for the reporting period las per the Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Increase in debtors Increase/ldecreasel in creditors 358,698 92,850 294,196 (16,673) 1176.805} 29,076 284,133 115,553) 1137,092) 141,4611 Net cash provided by operations 489.492 182,877 ANALYSIS OF CHANGES IN NEf FUNDS At 114124 Cash flow At 3113/25 Net cash Cash at bank and in hand 1.416,570 464.280 1,880,850 1.416,570 464,280 1,880,850 Liquid resources Deposits included in cash Current asset investments 128 128 128 128 Debt Debts falling due within l year Debts falling due after l year 125.120) 120,212) (45,332} 123.381) 1704A04) (727,785} (48,501) (724,616) (773,117} Total 1,368.197 (260,336) 1,107.861 The note5 frn part of thse financial statwnents Page 24
TURNING TIDES HOMELESSNESS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 GENERAL INFORMATION The company is a private company, limited by guarantee. incorporated in England and Wales wthin the United Kingdom. In the event of the company being wound up. the liability is respert of guarantee is limited to £10 per member of the company. ACCOUNTING POLICIES Basis of preparing the financial staternents The financial statements of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accountin8 and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191,, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Compani•s Att 2006. The finanaal statements have been prepared under the historical cost convention. Critical accounting judgements and key sources of estimation uncertainty Estimates and judgements are continually evaluated and are based on historical experience and other factors, includin8 expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimate5 and assumptions: Depreciation and useful economic life of properties - this requires an estimation of the useful economic lives of properties {which are based on surveyors, reports when available) and an estimate of land apportionment at each site. The charity makes estimates and assumptions concerning the future. The resultin8 accountin8 estimates will, by definition, seldom equal the related actual results. Income All income is recognised in the Statement of Finanaal Activities once the charity has entitlement to the funds, it 15 probable that the income will be received and the amount can be measured reliablv. The recognition of income from legacies is dependent on establishing entitlemenL the probability of receipt and the ability to estimate with sufficient accurary the amount re1Vable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them Ithrough knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a le8acy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the experted cash amount to be distributed to the charity, can be reliably measured. Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income recelved for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipL its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the incorne is accrued. Gifts in kind are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are 501d. Income tax recoverable is relation to donations received under Gift Aid or deeds of covenant is recogni5ed at the time of the donation. Page 25 continued...
TURNING nDES HOMELESSNESS NOTES TO THE FINANaAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIES- continued Expendtture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been Classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis conslstent with the use of resources. Dirert costs attributable to a single activity are allocated directly to that activity- Shared costs which wntribute to more than one activity and support costs which ai e not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of dirert staff cost at each projett. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include projert management carried out at Headquarters. Costs of generatin8 funds are costs incurred in attractin8 voluntary income, and those incurred in tradin8 activities that raise funds. Governance costs are those incurred in connectlon viith adminlstration of the company and compliance with constitutional and statutory requirements. Expenditure on charltable artNities is incurred on directly undertaking the activities which further the charity's oblectlves. as well as any associated 5UPPOrt costs. All expenditure is inclusive of irrecoverable VAT. Interest rtteivable Interest on fund5 held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Tangible fixed assets The charity only capitalises major capital expenditure relating to the construction or extensive refurbishment of property and the purchase of vehicles. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impaiments. Impairment losses are recognised in the Statement of Financial Activities. Tangible fixed assets are carried at cost, net of depreciation and any provision for irnpairment. Depreciation is provided at rates calculated to write off the cost of fixed assets. less their estimated residual value. over their expected useful lives. Depreciation is provided on the following bases= Freehold property Freehold land Option to Buv Motor vehicles Building improvements to leasehold properties - 2% Straight line - not depreciated - 2.5% straight line - 25% straight line - 33.3% straight line Page 26 continued...
TURNING TIDES HOMELESSNE55 NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POUCIES- continued Taxation The charity is exempt from corporation tsx on its charitable artivities. Fund accountin8 Unrestricted funds can be used in accordance with the charrtable objectives at the discretion of the trustees. Designated funds comprise unrestrirted fvnds that have been Set aside by the trustees for particular purposes. Restrirted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Penslon costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Artivities in the period to which they relate. Investments Asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably In which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLosses} on investrnents, in the Statement of Financial Activities. Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued atthe amount prepaid net of any trade discounts due. Cash bank and in hand Cash at bank and in hand includes cash and short-tem highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account Liabilities and provisions Liabilities are recognised when there is an obligation at the Balan Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in setdement. and the amount of the settlement can be estimated reliably. Liabilities are reco8nised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money 15 material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risk specific to the liability- The unwinding discount is recognised in the Ststement of Financial Actiwties as a finance cost. Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlemènt value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 27 continued...
TURNING TIDES HOMELESSNESS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 DONATIONS AND LEGACIES 2025 2024 Donations Legacies 419.925 92,438 484,723 2,998 512,363 487,721 INVEsfMENT INCOME 2025 2024 Deposit account interest 16,673 15.553 INCOME FROM CHARrrABLE ACTWMES Byron. Manor. Roffey and Skywaves Recovery Servifes Move on Homelessness Housing Services Housing Benefit Housing Support Sejvices SerNice Charge Grants Fundraising Events Charitable Trusts Other income 2,120,639 235,932 115,995 60.962 719,245 364,336 41,812 4,165 IM47.922 7.701 147,932 99,504 1.514,617 21,335 22,630 113,882 2,670 2,546,108 1.150,893 1,717,988 1,638,895 2025 2024 Donated Fundraising Goods & events Volunteering Total artivities Total activities Centrdl Housing Benefit Housing Support Services Service Charge Grants Fundraising.Events Charitable Trusts Other income 4,287,806 607,969 305,764 1,702.575 111,675 170,427 2,670 3,936,267 594,631 289.831 1.562,342 107,260 128,212 3,370 IA55 21.872 111.675 1,455 111,675 21.872 7,188,886 6,621,913 Grants received, included in the above. are as follows: 2025 2024 Other grants 1,687.682 1,562,342 Page 28 continued...
TURNING TIDES HOMELESSNESS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 CHARITABLE AcrwmES cosrs Direct Support costs Costs (see note 71 2025 Totals 2024 Totals Byron, Manor. Roffey and sk3ve$ Recovery Services Move on Housin8 Homelessness Semces Central Fundraising events Donated Goods & Volunteering 2.408,425 1.051,770 802,984 1.542,666 802,610 139,632 187,725 113,241 60,296 67,353 132,538 6,698 26,259 16,027 2,521,666 I.1,066 870,337 1,675,204 809.308 165.891 203,752 2,459,945 981,584 915,885 1.514.748 848,432 185,620 126,123 6.935,812 422.412 7,358,224 7,032,337 SUPPORT Cosrs Governance costs 2025 costs 2024 costs Management Byron, Manor, Roffey and Skywaves Recovery Servlces Move on Housing Homelessness Services Central Fundraising events Donated Goods & Volunteering Tl.816 38,909 41,689 91,711 35.425 21.387 25.664 40,827 6.698 9,584 4.910 113,241 60,296 67,353 132,538 6,698 26,259 16,027 113,241 60,296 67,353 132,538 6.698 26,259 16,027 16.675 11.117 277,917 144.495 421412 422.412 Included in governance costs is audttor's remuneration of £15,Ci)012024: £12,000}. NEf INCOMEIIEXPENDrruRE) Net income/lexpenditurel is stated after ChargIn{creditIngl. 2025 2024 Depreciation - owned assets 294.196 284.133 TRUSTEE5' REMUNERATION AND BENEFrrs There were no trustees, remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024. TnAStees' expenses There were no trustees, expenses paid for the year ended 31 March 202S nor for the year ended 31 March 2024. Page 29 continued...
TURNING TIDES HOMELESSNESS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 io. STAFF C05rs 2025 2024 Wages and salaries Social security costs Other pension costs 4.239.034 385.574 92.033 4.015,661 353,006 89.824 4,716.641 4,458.491 The average monthly number of employees durin8 the year was as follows- 2025 166 2024 166 Total The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2025 2024 £70,001- £80.000 Remuneration and benefits received by key management personnel amounted to £138,15812024.' £109,766). TANGIBLE FIXED ASSErs ii. Freehold property Improvernents to property Motor vehi£les Land Totals COST At l April 2024 Additions Dispo•als 5318,347 562.500 977,124 187,SLX) 437,995 147,351 16,500 (10,6681 6,880,817 766,500 (10,6681 At 31 March 2025 5.880.847 1,164.624 437,995 153,183 7,636,649 DEPRECIATION At l April 2024 Charge for year Eliminated on disposal 1374.658 109.946 184,833 157.505 107.252 26.745 110,668) 1,666,743 294.196 110,668) At 31 March 2025 1.484,604 342.338 123.329 1.950,271 NEf BOOK VALUE At 31 March 2025 4.396,243 1,164,624 95.657 29,854 5.686,378 At 31 March 2024 3,943.689 977.124 253.162 40,099 5,214,074 Included in cost or valuation of land and buildings is freehold land of £1,164.62412024 - £977.1241 which is not depreciated. The properties at West Hill Grinstead, being numbers 20. 22 and 24 are held at valuation at the date that the properties were tranSferd to the charity. Page 30 continued...
TURNING TIDES HOMELESSNESS NOTES TO ThE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 12. DEBTORS 2025 2024 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 540,982 17,425 168.130 404,428 10.971 129.333 726,537 544,732 Amounts fallin8 due after more than one year: Other debtors 184,250 189.250 Aggregate amounts 910.787 733,982 The lease premium held on Burgess Hill was surrendered and replaced with a management agreement giving the charity the right to manage the property for a period of up to 40 years for a maximum of £210,000. This will be amortised within the statement of financial activities across the 40 year period. CURRENT ASSET INVESTMENTS 13. 2025 2024 Listed investments 128 128 The market value of listed investments at 31 March 2025 was £12812024: £128}. 14. CREDITORS: AMouKfs FALLING DUE WITHIN ONE YEAR 2025 2024 Bank loafjs and overdrafts (see note 16} Other loans (see note 161 Trade creditors Other creditors Accruals and deferred income 23,916 21.416 133,377 22,065 372,114 25,120 108,208 18,982 339.473 5n.888 491,783 Deferred income arise5 from grants received in the finanaal year that also relate to subsequent financial years. At 31 March 2025 totsl deferred income was £2S1,5(2024. £215,360). Page 31 continued...
TURNING TIDES HOMELESSNESS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 Is. CREDITORS: AMOUKFS FALLING DUE AR MORE THAIN ONE YEAR 2025 2024 Bank loans {see note 16) Other loans Isee note 16) Accruals and deferred income 23,381 727.785 31.818 727,785 55.199 16. LOANS An analysis of the maturity of loans is given below: 2025 2024 Amounts falling due within oneyear on demand: Bank loans Other loans 23,916 21,416 25,120 45,332 25,120 Amounts falling between one and two years: Other loans - 1-2 years 23.815 Amounts falling due betsveen two and fNe years: Bank loans - 2-5 years Other loans - 2-5 years 23,381 74,367 74.367 23.381 Amounts falling due in more than five years: Repayable by instalments- Other loans more 5yrs instal 629,603 The bank loan is a commercial mortgage. The commeraal mortgage is secured by way of a fixed legal charge dated 22 September 2006 over the freehold property known as 14-16 Selden Road. Worthing, West Sussex, 8NII 2LL. The bank loan 15 repayable over a 20 year term at an interest rate of 1.25% above base rate. The other loan is loan facility agreement with St Andrew< TrusL The loan is secured by way of a fixed legal charge dated 21 February 2025 over the freehold property known as 21 Victoria Road. Worthing. BNII IXB. The loan is repayable over a 25 year tem at an interest rate of 2% per annum. Page 32 conttnued...
TURNING TIDES HOMELESSNESS NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMENT IN FUNDS Net movement in fvnds Transfers between funds At 114124 At 3V3125 Unrestricted funds General fund Designated fund - West Hill, East Grinstead Designated fund - PRS and Personalisation Budget Building maintenance fijnd 6.575.317 389.170 1105.482) 6,859.005 21,524 21,524 105.482 105,482 6,604.287 389.170 6,993.457 Restricted funds Adur Furniture Network Ravenscourt 154,387 S9,098 154,387 29,626 129,472) 213,485 (29,472} 184,0 TOTAL FUNDS 6,817.7n 359.698 7.ITI,470 Net movement in funds, Included in the above are asfollows: Incoming resourtes Resources expended Movement in fvnds Unrestricted funds General fund 7.551.421 (7.162,251} 389.170 Restrirted funds The Big Lottery funding Ravenscourt 166.501 (166,501) (29.472) {29,47ZI 166,501 (195.973) (29,472) TOTAL FUNDS 7,717,922 (7,358.224) 359,698 Page 33 continued...
TURNING TIDES HOMELESSNESS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2025 17. MOVEMEKf IN FUNDS - continued Comparatives for movement in fvnds Net movement in funds Transfers between funds At 114123 At 3113124 Unrestrirted fvnds General fund Designated fund - West Hill. East Grinstead Designated fund- PRS and Personalisation Budget 5,313.171 107.146 1.155,000 6,575.317 21.524 21,524 7.446 5,342.141 107,146 1,155,iJfXI Restricted funds WSCC PHE Capital Funding Scheme Adur Furniture Network Ravenscourt 6.604,287 1,155.000 154.387 73.394 11,155.000} 154,387 59,098 {14,296) 1,382.781 114,296) 11,155.0001 213,485 TOTAL FUNDS 6,724.922 92,850 6,817,772 Comparative net m(Ivement in funds. included in the abr)ve are as follows: Incomlng resources Resources expended Movement in funds Unrestricted funds General fund 6.981,665 16,874.5191 107,146 Restrirted funds The Big Lotteryfunding Ravenscourt 143,522 1143.5221 114,2961 114,2961 143,522 {157.818) 114,2961 TOTAL FUNDS 7.1?.5,187 {7,032.3371 92.850 Page 34 continued...
TURNING TIDES HOMELESSNESS NOTES TO THE FINANCIAL STATEMENTS - continued FOR ThE YEAR ENDED 31 MARCII 2025 17. MOVEME IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follow5: Net movement in funds Transfers between funds At 1/4123 At 3113125 Unre#ricted funds General fund Designated fund - West Hill, East Grinstead Oe5ignated fund - PRS and Personalisation Budget Building Maintenan fvnd 5.313,171 496,316 1,049,518 6,859,1)05 21,524 21.524 7.446 7,446 105,482 105,482 5,342,141 496.316 1.155,000 6,993,457 Restrirted funds WSCC PHE Capital Funding Scheme Adur Furniture Network Ravenscourt 1,155,000 154,387 73.394 11.155,0001 154.387 29,626 143.768} 1,382,781 143.7681 11,155,OWI 184,013 TOTAL FUNDS 6,724,922 452.548 7.177,470 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement In funds Unrestrirted funds General fund 14,533,086 114,036,770) 496,316 Restrirted funds The Big Lotteryfundin8 Ravenscourt 310,023 1310,0231 143,7681 143,7681 310.023 {353.7911 143.7681 TOTAL FUNDS 14,843.109 {14,390,5611 452,548 Designated Funds West Hill Following the acquisition of the Richard Housing Association the charity has decided to designate the value of cash held and the investments at the date of transfer, together with an amount equal to the Social Housing Grant, for the use in relation to West Hill. East Grinstead. Page 35 continued...
TURNING TIDES HOMELESSNESS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCII 2025 17. MOVEMENT IN FUNDS- continued PRS and Personalisation Budget Funding relating to Private Rented Sector and Personlisation retained for the continuation of our work in these areas. Building maintenance Funding set aside for planned building projerts. Restrirted funds WSCC PHE Capital Funding Scheme The Trustees have reviewed the terms of the grant funding provided by West Sussex County Council and have agreed that these funds are not restrirted and the balance held has been transferred to unrestrirted reserves. The Big Lottery fund Funding has been received for the Reaching Communities programme at St Clare's Community Hub and for the Littlehampton Community Hub. Adur Furnlture Network The Adur Furniture NeOrk Fund shall be used by the charity to support low income Adur residents to 5UStain their independence and ensure suitable housin& Ravenscourt To enable group working within the Worthing Recovery Project through the refurbishment of a group working space and the employinent (rf a dedicated Group Worker. CONTINGENT LIABILITIES In the event of the disposal of the property at West Hill. East Grinstead, there may be a requirement to repay the value of the Social Housing Grant being £186,000, which was awarded to the charity on purchase of the property. West Sussex County Council provided funding under its PHE Capitsl Funding Scheme to assist with the purchase of certain properties. Under the temis of the grant agreements there is a potential liability to repay each of the grants if the properties are disposed of within ten years of the 8rant bein8 prowded. The final ten year period comes to an end on 26 April 2027. 19. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2025. Page 36