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 I￿1n
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-l￿daY management of the organisation is carried oul by the D1￿ctOr 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 em￿OyMent 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 fUtU￿S indudes three areas of focus..
1. A strengths-based model of support
Respecting iheir self￿etermInat1on. 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.
tra1￿￿8 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 neI￿orkS 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, ou￿ork 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 ou￿ork 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 F￿anS 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 kno￿edge-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 Un￿sIr1Cted 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
c￿operative
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 obj￿tives.
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
c￿operative 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