COMPANY REGISTRATION NUMBER: N1647706 CHARITY REGISTRATION NUMBER.. NIC1Q6841 The Turnaround Project Company Limited by Guarantee Unaudited Financial Statements 31 March 2023 Finegan Gibson Ltd Chartered accountants Causeway Tower 9 James Street South Belfast BT2 8DN
The Turnaround Project Company Limited by Guarantee Financial Statements Year ended 31 March 2023 Page Trustees, annual report (incorporating the directorfs report) Independent examiner's report to the trustees Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements 11 12 13
The Turnaround Project Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) Year ended 31 March 2023 The trustees, who are also the directors for the purposes of company law. present their report and the unaudited financial statements of the charity for the year ended 31 March 2023. Reference and administrative details Registered charity name The Turnaround Project Charity registration number NIC106841 Company registration number N1647706 Principal office and registered Tumaround Project Office Hydebank College, office Hospital Road, Belfast BT88NA Northern Ireland The trustees N Mccartan C Bell N Casey M Dohety S Donnelly Clegg A Hamillon C Mayrs R O'Brien M Topping M I1n E Donaghy (Appointed 23 June 2023} Company secretary R Good Independent examiner FINEGAN GIBSON LTD Chartered accountant and registered auditors Causeway Tower 9 James Street South Belfast BT2 8DN
The Turnaround Project Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) fc<>ntinu•d) Year ended 31 March 2023 Trustees Report As Ihe Trustees, who are also Directors of the Charity for the purposes of the Companies Acl 2006, we have pleasure in submitting Iheir annual report and the independently reviewed financial statements of the Charity for the Period ended 31 March 2023. We have adopted the provisions of the Stalement of Recommended Practice (SORP) -Accounting and Reporting by Charities- issued in 2005 in preparing our annual report and financial statemenls of the Charity. The legal and administrative information on page 1 forms part of this report. Purposes The Turnaround Project's vision Fs of an indusive community whore everyone has hope and opportunity. In pursuit of this vision, Tumaround's goals are- to enable people who have served sentences in prison or in the community to tum around their futures: and to turn around the wider community, encouraging others to support people on that joumey. Structure and Governance The Turnaround Project is a company limited by guarantee, incorporated as such on 31 August 2017. It was registered as a charity on 4 December 2017. It is govemed by a Memorandum and Articles of Association. The Trustees meet al least once every o months and have overall responsibility for the business of the charity and the exercise of ils powers. The daY-ldaY management of the organisation is carried oul by the D1ctOr and Company Secrelary, Richard Good, who is accountable to the Board of Truslees. The Board has adopted a planned and systematic approach to the identification. evaluation, and control of risk Io Secure the assets and reputstion of the organi5ation. A risk management framework is in placa to ensure that the principles of good risk management are integrated into all its activitl8S. Risks are documented in a Corporate Risk Register showing the lav81 of th8 risk. identifying the risk owner and the steps b&ing taken to miligate the risk. The risk register provides an overview of risks at a given time and a tool to monitor the effectiveness of the methods used to mitigate the effect of the risks. Throughout the year the Corporate Risk Register was reviewed on a regular basis by the Director and Head of Operations, and in advance of each Board meeting by the Chair, Deputy-chair, Treasurer and Director. Towards Ihe end of the year the Board agreed lo establish a 'Finance, Risk and Compliance Committee, whose responsibilities include reviewing the Risk Register between Board meetings. Risk management is induded as a standing agenda item at each Board meeting, allowing recommendations lo be made to the Board in relation to any new risks identifEd, any that might be terminated, and contrds and actions Ihal could be updated in response to changing intemal and external events. The Board receives quarterty financial management reports to ensure Ihal it is fully informed of the organisation's finanaal position and that any financial management issues are identified and considered by Trustees. A comprehensive set of poliues are in place and a rolling schedule of review is followed to ensure that Trust8&s review each policy at appropriate intervals.
The Turnaround Project Company Limited by Guarantee Trustees. Annual Report {Incorporating the Directorfs Report) fcontinuadj Year ended 31 March 2023 In line with the Board's policy, the Trustees undertake an annual 'Governance Health Check, to ensure the Board continues to operate effectively and in line with the Code of Good Governance. Dlrectors and Trustees The Directors of the Company are its Trustees for the purpose of charity law and Ihroughoul this report are collectively referred lo as the Trustees. All TnJslees are unpaid. Twstees may be appoinled al the Annual General Meeting, or between Annual General Meetings by a resolution of Ihe other Trustees. The Trustees during the period were: Catherine Bell, Sara Donnelly-clegg (Deputy Chair), Andrew Hamlton (Treasurer), Niall Casey, Moira Doherty. Michael Irwin. Neil Mccartan, Colin Mayrs. Rachel O'Brien, and Margar81 Topping {Chair)- Trustees. interests No trustee had at any time during the period any beneficial material interest in any contract that was significant in relation to the Charity's business. Twstees are given the opportunity to declare a conflict of interest al each Board meeting should that situation arise. At the start of each meeting Trustees also commit to consider their charitable purposes and duties as charity trustees when making any decision. Dunng the period no conflicts were declared that could have affected any Twstee's ability to act solely in the best interests of the charity.
The Turnaround Project Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2023 Objectives and Activities In setting our objectives and planning our activilies for the year the Trustees have given careful Consideration to the Charity Commission for Northem Ireland's guidance on public benefit to ensure that the activities have helped to achieve the charty's purposes and provide a benefit to the beneficiaries. Our objectives include: the provision of training and emOyMent opportunities for people who are disengaged from the employment m2rket.' helping to turn around the futures of people who are serving sentences in prison or in the community, and turning around the wider community. encouraging others to support people on Ihat journey. We believe that achieving these objectives will help to increase public understanding of, and engagement in meeting, the needs of people as they move out of the justice system. It will also help to reduce the likelihood of re-offending. and thereby the individual. social and financial impact of crime. Our approach to helping people to turn around their fUtUS indudes three areas of focus.. 1. A strengths-based model of support Respecting iheir selfetermInat1on. and in order to strengthen their sense of personal 'agency' we support people to develop their own plan for where they want to go beyond the justice system, and how they plan lo get the. While the process to develop a plan is structured around the social and economic factors that have been identified as important on people's journeys away from the justice system, each plan is personal. Tumaround commits to supporting people in achieving them through individual coaching. And we encourage each person to use their own learning to support oth&rs on the same journey. 2. Transitlonal trainlng and employment At the centre of our model is 'transitional employment., using enterprise to give people the opportunity lo experience and demonstrate competency in real jobs, in real businesses, as a means of accessing employment and developing the ability to secure and sustain conventional employment in due course. We currenuy run two enlerprises.. Loo Bikes provides bike servicing and repair, sale of professionaly refurbished bikes, bike leasing schemes for employers and 'Dr Bike. sessions in the community. It operates at three locations within Belfast.. at our full- service bike shop on the Queen's University campus; at the sustsinable travel hub at Belfasys Cathedral Gardens. and at our communty workshop in North Street. Our circular economy model strengthens Big Loop's contribution to waste reduction, meaning that we provide both a social and environmental retum for our customers and supporters. tra18 aqd •gerKY thrwh sh?r
The Turnaround Project Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (etsntlnued) Year ended 31 March 2023 These locations allow us to provide opportunriies for people serving sentences in the community, and for volunteers to work alongside them. New relationships, new skills, a sense of purpose and a shift in identity are all important in helping people lo tum around Iheir futures. Our Big Loop shops and workshops provide the spaces for our movement and ils members to grow. Oubwork provides property maintenance services, induding routine exlemal grounds maintenance and indoor cleaning. design and installation of planting schemes- and one-off intensive clearance and tidy-ups to clients when they acquire a new property, need additional support on top of their regular caretaking, or lo dear up after events. Outwork currently delivers long-term contracts for Alpha Housing Association, Belfast International Airport, and Transport Training Services, and undertake sub-contracting for Idverde and PK Murphy. Transitional employment environments drfter from conventional environments in Ihe way they offer a more supportive. flexible ethos that is designed to take account of the complex issues people face at that stage of their journeys. 3. Shared, supportive communities Desistance is not only about changes in individual behaviour and identity. but also relies on people's access to positive neIorkS and developing a sense of belonging. So. Tumaround's approach is also designed to develop community capital, engaging people who have served sentences and others who have not in a shared, supportive community that engages in supporting its own members and others in wider society- Engaging iogether helps to build everyone's sense of agency, to shape how they are perceived by themselves and by others, and to strengthen their sense that they have something to offer. Achievements and Performance This has been the sixth year of Tumaround's development as an organisation. In the first year the organisation's foundations were laid,. in the second it began employing staff and delivering its model of transitional training and wider support. Its third and fourth years saw il increase its activities, employing additional slaff and provide support lo more people as they transitioned out of the justice 5ySt&m, but were also marked by th8 impact of the Covid-19 pandemic. In many ways, its fifth year was the first in which Tumaround operated at Yull steam., developing its management Structure, growin9 Its enterprises, and expanding the range of individuals and organisations with which it engaged. That progress continued throughout this 5iXth year. with growlh in enterprise activity. in the numbers of people who availed of its transilional employment opportunities, and in its community engagement and advocacy work. Social Enterprises Over the course of Ihe year, our social enterprises provided 33 people wilh transittonal employment opportunities (more than double the 15 people employed in the previous year) over a cumulative 8,377 hours (a 70 % Increase on the hours provided in the previous yeai). Six of those transitional employees went on to secure convgntional employment. Th& growth of our enterprises during this year allowed the organisation, fDr the first time, to secure more of its income through its primary-purpose trading activity than through its fundraising activity.
The Turnaround Project Cornpany Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnuod) Year ended 31 March 2023 TURNOVER Charitable Funds Outwork Big Donations 500.000 400,000 300,000 200,000 loo,000 2018-19 2019-20 2020-21 2021-22 2022-23 Having previously only offered transitional employment opportunities to peoFAe who were still serving a sentence. this year we extended our criteria to indude people who have been through the justice system, completed their sentences, but who continue to struggle to secure or sustain employment as a result of their criminal record. This, combined with Tumaround's increasing profile, saw us receive 84 referrals over the course of the year, more than twice the number during the previous year. Outwork Through a combination of the quality of its delivery and Ihe development of strong partnerships with clients who believe in Tumaround's vision, ouork continued lo retain key clients this year, including pha Housing Association, Belfast International Airport and idverde. The year also saw the securing of long-tenn contracts with new clients. induding Transport Training Services, Springfiald Chantable Association and PK Murphy. The contract with PK Murphy allow8d Outwork to explore whether painting would be a viable addition to the services il offers. While the conclusion was that it was nol suitable for a transitional employment model, the rdalionship with PK Murphy extended successfully into indoor cleaning. We are grateful to all of these clients for their commitment to developing partnerships wilh us to enable more people to experience hope and opportunity. As well as allowing us to employ more transitional staff, these new contracts required the recruitment of a third full-time Supervisor and two 'Supervisor's Assistants,, and we wère pleased that one of those posts was filled by a former transitional employee. During the year ouork passed the significant milestone at which all of its operational staff costs were met through enterprise income. We were also delighted that the Outwork staff team won 'Outstanding Staff Team of the Year. at the Social Enterpnse Nl Awards. with the judges praising the way in which peoF4e leaving the justice system had integrated into the team. Big Loop Bikes Originally based within Hydebank Wood College. bul having relaunched as a community-based enterprise in Qctober 2021 after a break of over years caused by Covid-19 restrictions, Big Loop Bikes consolidated its growth over the course of this year. Its team of pemianent and transilional employees conlinued to deliver services al the retail and workshop premises provided by Queen's
The Turnaround Project Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continu8dJ Year ended 31 March 2023 University Belfast. It also conts'nued to provide mobile services induding 'Dr Bike. sessions that provpJed opportunities for positive community engagement with its transitional employees. Belfast City Council appoinled Big Loop as the provider of bike Maintenan and other seNices at its new sustainable transport hub al Cathedral Gardens in Belfast city cent. Coaching Each of our transitional slaff received strengths-based coaching, which extended to support for those who moved on into conventional employment. We continued to see the breadth, depth and complexity of the challenges that our transitional staff have to deal with in the course of their personal journeys, and the benefit that coaching support can provide. Engagement and Community Building Our Engagement and Participation Manager led on a series of initiatives across the year. These included the devek)pment of a peer4ed research project within Hydebank Wood College involving Professor Shadd Maruna from Queen's University Belfast that saw people who were serving custodial sentences receive training on peor-research and support to design and distribute a survey among their peers. Current and former transitional staff. and rnembers of Probation Board User Groups were also engaged, as were others who had been through the justice system and were now employed in the community. All of these research engagements helped Tumaround to adapt and develop its current approach lo enabling people, as well as our FanS for the future. One of the areas examined through this research was the potential to develop a 'New Futures Centre., a concept that Tumaround has been developing over a number of years that would involve co-localion of social enterprises and other transitional support services in a trusted space. This model was piloted in a small way during the year by creating a 's¢xial space, within Turnaround's city centre offices, and bringing in advisors on benefits, housing and personal money-management. Turnaround also assumed a leadership role in facilttating increased knowledge-sharing and collaboration on an all-lreland basis. Having participated in a meeting in Dublin with a range of third sector organisations covering social enterprise, access to education, advocacy, and crealing opportunities for service users, Tumaround staff organised a follow-up meeting in Belfast that allowed for knoedge-sharing around social enterprise as a vehicle for transitional employmenl- and initiatives to lower barriers to entry into higher educalion for people with criminal records. In tum, Tumaround worked in partnership with the Irish Department of Justice to oTrdesign and facilitate a workshop in Dublin to exchange ideas. share knowledge and explore solution5 to how we might work more collaboratively across the island. We look fomard to continuing lo develop this wider role for Turnaround, and in particular to bring voices of lived experience lo such discussions. Wilh this in mind, Turnaround's 'Lived Experience Podcast. series continued, amplifying voices of lived expenence and raising Tumaround's profile in Britain and Ireland, as reflected in a striking increase in its social media following. Partnerships I Volunteering We continued to build partnerships with other organisations and offer volunteering opportunities for people who share our commitment to lowering barriers for people. 33 people. including university students, employees within corporate partners, and other individuals brought their skills across a broad range of areas, including research, communication, business development and bicycle repair, providing a combined 2,333 hours of volunteering lime. Having secured funding from the Triangle 1949 Fund to work with other organisations and employers to pursue new approaches to supporting people to find and sustain employment, we began to engage with other third-sector partners and private sedor employers to explore ideas. Organisational development
The Turnaround Project Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2023 Earty in the year a new post of Head of Operations was created and filled. allowing us to WO over the course of the year to consolidate finance, HR and other key policies and procedures. This appointment helped the organisation to navigate a challenging iransition from one provider of outsourced financial services lo another, while developing our internal financial management capacity- An addilional full-time business support position was created through the 'Start Here, scheme funded by the Department for Communities and managed by The Rank Foundation. The Board was successful in applying to become a 'host Board. for the Boardroom Appientice scheme. Towards the end of the year the Board reviewed the structure and frequency of its own meetings, and agreed to move to four (rather than six) meetings per year, bul with the appointment of a new 'Finance, Risk and Compliance. Committee that now meets in between each Board meeting. Working Groups of Trustees were also identified lo focus on the development of Turnaround's social enterprises and a new Strategic Plan for 2023-2026. Flnanclal Review The statement of financial activities reported below covers the 12-fflonth period from 1 April 2022 to 31 Mafch 2023. These show income of £487,514 for the period against which expenditure of £511,648 was incurred. Having brought forward £282,904 from the previous financial year, the total funds carried forward at the end of the year were £258,770. Small company provisions This report has been prepared in accordance with the provisions applicable lo companies entitled to the small companies exemption. The trustees, annual report was approved on 7 September 2023 and signed on behalf of the board of trustees by.. éLJL A Hamilton Trustee
The Turnaround Project Company Limited by Guarantee Independent Examiner's Report to the Trustees of The Turnaround Project Year ended 31 March 2023 I report on the financial statements for the year ended 31 March 2023. which comprise the statement of financial activities (induding income and expenditure account), statement of financial posilion and the related notes. Respective responsibilities of trustees and examiner The charity's trustees {who are also the directors of the company for the purposes of company law} are responsible for the preparation of the accounts in accordance with Ihe requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audil under company law, and is eligible for independent exarnination, it is my responsibility to- examine Ihe accounts under section 65 of the Charities Act: to fdlow the procedur8s laid down in the general Directions given by the Charity Commission for Northern Ireland under section 6519}(b) of the Charities Act; and to state whether particular matters have come to my attention. Basis of independent examinorfs report I have examined your chanty accounts as required under section 65 of the Charities Act and my examination was carried out in accordance wilh the general Directions given by the Charity Commission for Northem Ireland under section 6519}(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those record5. It also included consideration of any unusual items or disdosures in the accounts, and seeking explanations from the Irustees concerning any such matters. My role is to state whether any material matters have come lo my attention giving me cause to believe.. That accounting records were nol kept in accordance with section 386 of the Companies Act 2006 That the accounts do not accord with those accounling records That the accounts do not comply with the accounting requirements of section 396 of the Companie5 Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charitie5 prepanng their account5 in accordance with th8 Financial Reporting Standard applicatsle in the UK and Republic of Ireland. That there is further infomialion needed for a proper understanding of the accounts to be reached.
The Turnaround Project Company Limited by Guarantee Independent Examiner'5 Report to the Trustees of The Turnaround Project (continued) Year ended 31 March 2023 Independent examinerfs statement I have completed my examination arKI have no concems in respect of the malters (l ) 10 (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. FINEGAN GIBSON LTD Chartered accountant and registered auditors Causeway Tower 9 James Street South Belfast 8T2 8DN Indepandent Examiner 10
The Turnaround Project Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricled funds Total funds Toial funds 2022 Unrestricted Jnds Note Income and endowments Donations and legacies Charitable activities Other trading activities Total Income 5,634 16,500 261,176 5,634 220,704 261,176 12 274,748 200,478 204.204 283,310 204,204 487.514 475.238 Expenditure Expenditure on raising funds= Costs of other trading activities Expenditure on charitsblo activities 15.181 287.576 15,181 496,467 27,606 314,041 9.10 208,891 Total expanditure 302.757 208.891 511.648 341,647 Net {expenditure)fincome (19,4471 (4.687) (24,134) 133.591 Transfers belween funds {500) 500 Net movement in funds {19,947) (4.187) {24,134) 133,591 Reconciliation of funds Total funds brought forward Total funds carried forward 197,397 85,507 282,904 149,313 177.450 81.320 258,770 282,904 The statement of financial activities indudes all gains and losses recognised in the year. Afi income and expenditure derive from continuing activilies. The notgs on pages 13 to 25 fomi part of theso financial statements. 11
The Turnaround Project Company Limited by Guarantee Statement of Financial Position 31 March 2023 2023 2022 Fixed assets Tangible fixed assets Note 15 63,621 88,515 Current assets Stocks Debtors Cash at bank and in hand 16 17 12,378 38,813 168,086 104,340 125,899 219,277 230,239 Creditors: amounts falling due within one year Net current assets 18 24,128 35,850 195,149 194,389 Total assets less current liabilities Net assets 258,770 258.770 282,904 282,904 Funds of the charity Restricted funds Unrestricted fijnds 81.320 177,450 85.507 197.397 Total charity funds 21 258,770 282,904 For the year ending 31 March 2023 Ihe charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with sects.on 476,. The directors acknowledge their responsibilities for complying wrth the requirements of the Act with respect to accounts'ng records and the preparation of financial statements. Thgs8 financial statements have been prepared in accordance with the provisions applicable to Gompanies subject to the small companies, r&gime. These financial statements were approved by the board of trustees and authorised for issue on 7 September 2023. and are signed on behalf of the board by: 2lJ_ ia A Hamilton Trustee 12
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northem Ireland. The address of the registered office is Turnaround Project Office Hydebank College,, Hospital Road,. Belfast, BT88NA, Northern Ireland. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in Ihe UK and the Republic of Ireland,, the Statement of Recommended Pra¢lice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern Therè are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to Tnake judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, induding expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular fijture project or commitment. Restricted funds are subjected to restrictions on their expenditure dedared by the donor or through the terms of an appeal, and fall into one of two sub-dasses: restricted income funds or endowment funds. 13
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements (eonlinu•dJ Year ended 31 March 2023 Accounting policies (continued) Incoming resources All Incoming resources are induded in the statemenl of financial activities when entitlement has passed to the charity.. it is probable that the economic benefits associaled with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the grft, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entittement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as UnsIr1Cted funds unless Ihere is a contractual requiremenl for il to be spent on a particular purpose and returned if Ljnspenl, in which case it may be regarded as restricte(l. Resources expended Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the stalement offinancial activities to which it relates: expenditure on raising funds indudes the costs of all fundraising activtlies, events, non- charitable trading activitres, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and sts relating to the govemance of the charity apportioned to Charitable activities. other expenditure includes all expenditure Ihat is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expendrture categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded atcosl, and subsequently stated at cost less any accumulated depreciation and impainnenl losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impaimient losses. 14
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements {conbnu•dJ Year ended 31 March 2023 Accounting policies (continuèd) Tangible assets (continuéd) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of finanaal activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less its residual value. over the useful economic life of that asset as follows= Plant and machinery Motor vehicles Equipment 25°A straight line 25 % straight line 250/0 Straight line Impairmenl of fixed assets A review for indicators of impaimient is carried out at each reF4)rting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accor(Jingly. Prior impaim)ents are also reviewed for possible reversal al each reporting (Jate. For the purposes of impairmenl testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amunt of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that indudes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated to each of the cash-generating units Ihat are expected to benefil from the synergies of the combination, irrespective of wheiher other assets or liabilities of the charity are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated selling pri less costs to complete and sell. Cost inciudes all costs of purchase. costs of conversion and other costs incurred in bringing the stock to its present localion and condition. Financial instrumeirts A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instnjments are initially recognised at the amount receivable or payable including any related transaction costs. 15
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting policies (continued) Financlal instruments (c¢nlinued) Current assets and current liabilities are subsequently measured at the cash or other consi(Jeration expected lo be paid or received and not discounted. Debt instruments are subsequenliy measured at amortised cosL Where investments in shares are publicly traded or their fair value can othernise be measured reliably, the investment is subsequ&nlly measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impaiment. Other financial instruments. induding derivatives. are initially recognised at fair value. unle55 payment for an asset is deferred beyond nomal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debl instrument. Other financial inslrumenls are Subsequently measured al fair value, with any changes recognised in the stalement of financial activities. wilh the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cosl or amortised cost are reviewed for objective evidence of impairment al the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the ststemenl offinancial activities in which the initial gain was recognised. For all equity instruments regardless of significano, and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carying amount would have been had the impaimient not previously been recognised. Defined contribution plans Contributions to dofined contribution plans are recognised as an expens9 in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of Ihe reporting date in which Ihe employees render the related service, the liability is measured on a discounted present value basis. The unwinding ofthe discount is recognised as an expense in Ihe period in which it arises. Limiled by guarantee Without share capital use of 'Limitèd' exemption 16
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements {eontinu•d) Year ended 31 March 2023 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations 5,634 5.634 12 12 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2023 DOJIARCS Triangle Trust income School for Social Entrepreneurs Rank Foundation Department lor Infrastructure Rank Foundation Start Here Fund Rank Foundation Profit for Good AB Charitable Trust C(>Operative Altematives Nl National Lottery - Awards for All Belfast Harbour Halifax Foundation Archileclural Heritage Fund SSE Dolphin Procurement Readiness Programme NIHE Homelessness Prevention Fund The Fore Income RSA Catalyst Ajlen and Overy NIHE Social Enterpnse Innovation CFI Covid Grant Fund CF-Social Justice CF-ARN Foundation Rayne Foundation Dormant Fund Tudor Trust Vinci Uk Job start Levelling up NIACRO Rank foundalion-pioneers for good 27.242 27.242 32,124 6,622 32,124 6,622 15,000 2,500 9,863 4,813 4,690 5,000 1.5DO 8,330 244 15,000 2,500 9,863 4,813 4.690 5,000 1,500 8,330 244 7,328 7.328 49,977 30.000 49,977 30,000 2,702 12,769 2,702 12,769 16.500 204.204 220,704 17
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Charitable activities (contlnued) Unrestricted Funds Restricted Total Funds Funds 2022 DOJIARCS Triangle Trust income School for Social Entrepreneurs Rank Foundation Department for Infrastnjcture Rank Foundation - Start Here Fund Rank Foundation - Profit for Good AB Charitable Trust CoThOperative Altematives Nl National Lottery - Awards for All Belfast Harbour Halifax Foundation Architectural Hentage Fund SSE Dolphin Procurement Readiness Programme NIHE Homelessness Prevention Fund The Fore Income RSA Catalyst Allen and Overy NIHE Social Enterprise InnovatM)n CFI Covid Grant Fund CF-Social Justice CF-ARN Foundation Rayne Foundation Dormant Fund Tudor Trust Vinci Uk Job start Levelling up NIACRO Rank foundation-pioneers for good 6,000 20,000 3,000 5,364 85,360 6,000 20.000 3,000 5,364 85,360 4.042 4,042 10,187 10,187 30,000 4,932 14,798 10.000 24,988 30,000 5,000 4,996 12,769 3,312 274,748 30,000 4,932 14,798 10,000 24,988 30.000 5,000 4.996 12,769 3.312 30,000 244,748 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 BLB Retail income Outwork Retail income- Hire 32,366 227.053 1.757 32,366 227,053 1.757 19,298 181,180 19,298 181,180 261.176 261.176 200,478 200,478 18
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements (contlnuerfj Year ended 31 March 2023 Costs of other trading activities Unfeslricted Total Funds Unrestricled Total Funds Funds 2023 Funds 2022 Costs of other trading activities 15.181 15.181 27,606 27,606 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Charitable Activities Support costs 280.604 6,972 208.891 489,495 6.972 287.576 208.891 496,467 Unrestricted Funds Restricted Total Funds Funds 2022 Charitable Activities Support costs 189,408 5.057 119.576 308.984 5,057 194,465 119.576 314,041 10. Expenditure on charitable activities by activity type Aclivits'es undertaken directly Support Total funds costs 2023 Total fund 2022 Charitable Activities Governance costs 489,495 489,495 6,972 308,984 5,057 6,972 489,495 6,972 496,467 314,041 11. Net (expenditure)lincome Net lexpenditure)lincome is stated after chargingl{crediting).' 2023 2022 Depreciation of tangible fixed assets 28,671 9,646 19
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements {cominued) Year ended 31 March 2023 12. Independent examination fees 2023 2022 Fees payable to the independent examiner for- Independent examination of the financiaf statements 1.950 1.875 13. Staff costs The total staff costs and employee benefils for the reporting period are analysed as follows: 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans 334.653 21,274 7.416 235,972 10,981 5,048 363,343 252,001 The average head counl of employees during the year was 23 (2022: 19). The average number of full-time equivalent employees during the year is analysed as follows.. 2023 2022 Number of staff 23 19 No employee received employee benefits of more than £60,000 during the year (2022: Nil). Key Management Personnel Key management personnel indude all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the Charity was £87.331 (2022'.£52.030). 14 Trustee remuneration and expenses The charity trustees were not paid or received any other benefits from employment wilh the charity (2022-. £nill. No charity truslee received payrnent for profe5Stonal or other 5erviGes supplied to the charity 12022.- £nil). The charity trustees were reimbursed expenses during the year totalling £123.6012022'. £nil). 20
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements {continuedJ Year ended 31 March 2023 15. Tangible fixed assels Plant and machinery Motor vehides Equipment Total Cost At 1 April 2022 Other movements 15,350 488 88,759 3,429 6,740 (140) 6,600 110,849 3,777 At 31 March 2023 15,838 92,188 114.626 Depreciation Al 1 April 2022 Charge for the year At 31 March 2023 398 3.861 18,578 23.125 3,358 1.685 22.334 28,671 4.259 41,703 5,043 51,005 Carrying amount At 31 March 2023 11.579 50.485 1,557 63,621 At 31 March 2022 14.952 70,181 3,382 88.515 16. Stocks 2023 2022 Raw materials and consumables 12,378 17. Debtors 2023 2022 Trade debtors Prepayments and accnjed income Other debtors 33,382 5,431 71,984 5,128 27,228 38.813 11)4.340 18. Creditors." amounts falling due within one year 2023 2022 Trade creditors Accruals and deferred income Social security and other taxes Other credilors 8,278 1,440 13,066 1,344 3,579 28,453 3,779 39 24,128 35.850 21
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements {ceiitinu Year ended 31 March 2023 19. Deferred income 2023 2022 Amount deferred in year 21.622 20. Pensions and other posl retirement benefrts Defined contrlbutlon plans The amount recognised in income or expenditure as an expense in relation to defined conlribulion plans was £7,416 (2022: £5,048). 21. Analysis of charitable funds Unrestricted funds At 1 April 2022 At 31 March 2Q23 Income Expenditure Transfers General funds Fixed asset funds 110,332 87.065 283.310 (274,0861 128,671 } (302.757} (5Th)) 119.056 58,394 197.397 283.310 (500) 177,450 At 1 April 2021 At 31 March 2022 Income Expenditure Transfers General funds Fixed asset funds 92,267 24,302 230,490 (212,4251 {9,646) (222.071) 110,332 87,065 72,409 116,569 230,490 72,409 197.397 Restricted funds At 1 April 2022 Income Expenditure At 31 March 2023 Transfers DOJIARCS National Lottery - Awards for Ail Triangle Trust The Fore RSA Catalyst PSNI Granl 9.863 27,242 244 (4,531 } 122,188) {244) (4,042) (24.075) 5,332 5,054 4,042 24,075 22
The Turnaround Project Company Lirnited by Guarantee Notes to the Financial Statements {con&nued) Year ended 31 March 2023 21. Analysis of charitable funds (contlnued) Ajlen & Overy NIHE Social Enterprise SSE The Rank Foundation- Time lo Shine Dept for Infrastructure CF-Social Justice small grant CF-ARN Foundation Rayne Foundation Donmant Fund Tudor Trust Vinci UK Foundation Job start Levelling up NIACRO Pioneers for Good- Rank Foundalion Rank Foundation - Start Here Fund Rank Foundation - Profrt for Good coperative Aternatives Nl Belfast Harbour Halrfax Foundation Architectural Heritage Fund NIHE Homelessness Prevention Fund 7,328 {4,885) (4,975) 4,975 2,443 4,932 (4,932) 833 24,988 21,662 (8331 (36,941) 134,162) 49,977 30,000 38,024 17,500 2.702 12.769 (2.702) (12.769) 32.124 (21,082) 11.042 6,622 (6.622) 2,500 4,813 4,690 (2,500) {2,888) (5.190} 1,925 500 5.000 (5,000} 8,330 (8.330) {208,891) 85,507 204,204 500 81.320 At 1 April 2021 Income Expenditure At 31 March 2022 Transfers DOJIARCS National Lottery- Awards for All Triangle Trust The Fore RSA Catalyst PSNI Grant Ajlen & Overy NIHE Social Enterprise SSE 6.000 (6.000) 20.000 (20.000) 4,042 24,075 4,042 24.075 10.187 3,000 (1.712) (3,000) (3,500) 4,975 23
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statement5 {¢OllbnuedJ Year ended 31 March 2023 21. Analysis of charitable funds (continued) The Rank Foundation- Time to Shine Dept for Infrastmcture CF-Social Justice small grant CF-ARN Foundation Rayne Foundalion Dormant Fund Tudor Trust Vinci UK Foundalion Job start Levelling up NIACRO Pioneers for Good- Rank Foundation Rank Foundation - Start Here Fund Rank Foundation - Profil for Good C(TrOperative Ajternatives Nl Belfast Harbour Halrfax Foundation Architectural Heritage Fund NIHE Homelessness Prevention Fund 8.669 5.364 85,360 (14.033) (21,451) {63,909) 4,932 14,798 10.000 24,988 30,000 5,000 4,996 12,769 4,932 (14,798) (9,167} 833 24,988 21,662 (8,338) {5,0(MJ) (4.996) (12,769) 3.312 13.312) 32,744 244.748 (119,576> {72,409) 85,507 24
The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements (conttnued) Year ended 31 March 2023 22. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 63.621 137,957 124.128) 177.450 63,621 219,277 (24,1281 258,770 81,320 81,320 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 88.515 202,180 (35.850) 254,845 88.515 230.239 {35,850) 282,904 28,059 28,059 23. Corporation taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objtives. 24. Related parties There were no related party transactions in the year ending 31st March 2023. 25
The Turnaround Project Company Limited by Guarantee Management Information Year ended 31 March 2023 The following pages do not fomi part of the financial statemonts. 26
The Turnaround Project Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Income and endowments Donations and legacies Donations 5,634 12 Charitable actlvlties DOJIARCS Triangle Trust income School for Social Entrepreneurs Rank Foundation Department for Infrastructure Rank Foundation - Start Here Fund Rank Foundation - Profit for Good AB Charitable Trust coperative Altematives Nl National Lottery - Awards for All Belfast Harbour Halrfax Foundation Architectural Heritage Fund SSE Dolphin Procurement Readiness Programme NIHE Homelessness Prevention Fund The Fore Income RSA Catalyst Allen and Overy NIHE Social Enlerprise Innovation CFI Covid Grant Fund CF-Social Justice CF_ARN Foundation Rayne Foundation Dormant Fund Tudor Trust Vinci Uk Job start Levelling up NIACRO Rank foundation-pioneers for good 6,000 20,000 3,000 5,364 85.360 27,242 32,124 6.622 15,000 2.500 9,863 4,813 4,690 5.000 1,500 8,330 244 4,042 7,328 10,187 30,000 4,932 14,798 10,000 24,988 30,000 5,000 4,996 12.769 3.312 49.977 30,000 2.702 12.769 220.704 274,748 Other trading activities BLB Retail income Oulwork Retail income - Hire 32,366 227,053 1.757 19,298 181,180 261.176 200,478 Total Income 487,514 475.238 27
The Turnaround Project Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Costs of other trading activities Big Loop purchases Bike purchases - costs of sales Outwork purchases Bike accessones 11,145 (12,378) 16,414 6.278 9,777 11,551 15,181 27,606 Costs of other trading activities 15,181 27,606 28
The Turnaround Project Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities {eontinii•dJ Year ended 31 March 2023 2023 2022 Expenditure on charitable activities Charitsble Activities Activities undertaken directly Gross wages & salaries Employerfs NIC Pension costs Trustee expenses Premises expenses Repairs & mainlenance Insurance Other staff costs Computer and Software Equipment hire MotorlTravel costs Legal and professional fees Telephone Printing. postage & stationary Depreciation Memberships Recruitment expenses Charitable expenditure - Grants payable Book keeping fees Staff training Advertising l Marketing Sundry expenses H&S and PPE Equipment VAT adjustments Light and heal 347,031 21,274 7,416 124 2,942 4,209 13,054 5.256 235,972 10.981 5,048 1,837 8,088 430 1,617 857 14.035 5,894 1,239 591 9,646 178 1.285 107 10,215 1,798 1,383 285 3,453 (6,065) 110 5,663 28,035 4,308 1.346 28,671 329 1,233 10,057 3,030 3,872 289 1.356 489.495 Governance costs Independent examination fees Consultancy fees Bank interest I Charges 308,984 948 5,399 625 1,875 2,865 317 6,972 5,057 Expendlture on charltable activlties 496,467 314,041 Total expenditure 511,648 341,647 Net (expenditure)lincome (24,134) 133,591