The Turnaround Project ## Company Limited by Guarantee ## Statement of Financial Activities (including income and expenditure account) ## Year ended 31 March 2025 ||||2025||2024| |---|---|---|---|---|---| |||Unrestricted|Restricted||| |||funds|funds|Totalfunds|Total funds| ||Note|£|£|£|£| |Income and endowments|||||| |Donations and legacies|5|5,708|-|5,708|3,416| |Charitable activities|6|392,028|252,468|644,496|610,591| |Other trading activities|7|27,707|-|27,707|50,673| |Other income|8|152|-|152|1,785| |Total income||425,595|252,468|678,063|666,465| |Expenditure|||||| |Expenditure on raising funds:|||||| |Costs ofothertrading activities|9|(8,469)|-|(8,469)|(25,248)| |Expenditure on charitable activities|10,11|(428,044)|(174,936)|(602,980)|(585,287)| |Total expenditure||(436,513)|(174,936)|(611,449)|(610,535)| |Net income and net movement in|funds|(10,918)|77,532|66,614|55,930| |Reconciliation offunds|||||| |Total funds brought forward||235,825|78,875|314,700|258,770| |Totalfundscarriedforward||224,907|156,407|381,314|314,700| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 21 to 33 form part of these financial statements. 18 ## The Turnaround Project ## Company Limited by Guarantee ## Statement of Financial Position ## 31 March 2025 |||2025|2024| |---|---|---|---| ||Note|£|£| |Fixed assets|||| |Tangible fixed assets|16|46,327|64,858| |Current assets|||| |Stocks|17|5,738|14,163| |Debtors|18|40,500|88,944| |Cash at bank and in hand||324,236|199,518| |||370,474|302,625| |Creditors: amounts falling due within one year|19|35,487|52,783| |Net current assets||334,987|249,842| |Total assets less current liabilities||381,314|314,700| |Funds ofthe charity|||| |Restricted funds||156,407|78,875| |Unrestricted funds||224,907|235,825| |Totalcharityfunds|21|381,314|314,700| These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime. These financial statements were approved by the board of trustees and authorised for issue on 26 September 2025, and are signed on behalf of the board by: A Hamilton Trustee The notes on pages 21 to 33 form part of these financial statements. 19 The Turnaround Project ## Company Limited by Guarantee ## Statement of Cash Flows ## Year ended 31 March 2025 **----- Start of picture text -----**
|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Cash|flows|from|operating|activities| |Net|income|66,614|55,930| |Adjustments|for:| |Depreciation|of tangible|fixed|assets|32,791|31,004| |Interest|payable|and|similar|charges|1,560|661| |Accrued|income|-|(1,440)| |Changes|in:| |Stocks|8,425|(1,785)| |Trade|and|other|debtors|48,444|(50,131)| |Trade|and|other|creditors|(17,296)|30,095| |Cash|generated|from|operations|140,538|64,334| |Interest|paid|(1,560)|(661)| |Net|cash|from|operating|activities|138,978|63,673| |Cash|flows|from|investing|activities| |Purchase|of tangible|assets|(14,260)|(32,241)| |Net|cash|used|in|investing|activities|(14,260)|(32,241)| |Net|increase|in|cash|and|cash|equivalents|124,718|31,432| |Cash|and|cash|equivalents|at|beginning|of year|199,518|168,086| |Cash|and|cash|equivalents|at end|of year|324,236|199,518| **----- End of picture text -----**
The notes on pages 21 to 33 form part of these financial statements. 20 ## The Turnaround Project Company Limited by Guarantee ## Notes to the Financial Statements ## Year ended 31 March 2025 1. 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 Northern Ireland. The address of the registered office is Turnaround Project Office Hydebank College,, Hospital Road,, Belfast, BT88NA, Northern Ireland. ## 2. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. 3. 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 There 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 make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including 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 future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 21 ## The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements (continueg) ## Year ended 31 March 2025 3. Accounting policies (continued) ## Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated 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 gift, receipt is probable and its amount can be measured reliably. - ° legacy income is recognised when receipt is probable and entitlement is established. - e 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 unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. ## Resources expended - Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: ® expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, 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 costs relating to the governance of the charity apportioned to charitable activities. - © other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to 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 at cost, and subsequently stated at cost less any accumulated depreciation and impairment 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 impairment losses. 22 ## The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements (continueg) Year ended 31 March 2025 3. Accounting policies (continued) ## Tangible assets (continued) 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 financial 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 - 25% straight line Motor vehicles - 25% straight line Equipment - 25% straight line ## Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes 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 date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. ## Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. ## Financial instruments A financial asset or a financial liability is recognised only when the charity becomesa party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. 23 The Turnaround Project ## Company Limited by Guarantee ## Notes to the Financial Statements (continued) ## Year ended 31 March 2025 3. Accounting policies (continued) ## Financial instruments (continued) Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. ## Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal 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 debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, 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 carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. ## Defined contribution plans Contributions to defined contribution plans are recognised as an expense 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 the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. 4. Limited by guarantee without share capital use of 'Limited' exemption 24 The Turnaround Project ## Company Limited by Guarantee ## Notes to the Financial Statements (continuea) ## Year ended 31 March 2025 |5.|Donations and legacies||||| |---|---|---|---|---|---| |||Unrestricted|Total Funds|Unrestricted|Total Funds| |||Funds|2025|Funds|2024| |||£|£|£|£| ||Donations||||| ||Donations|5,708|5,708|3,416|3,416| |6.|Charitable activities||||| ||||Unrestricted|Restricted|Total Funds| ||||Funds|Funds|2025| ||||£|£|£| ||Triangle Trust income||-|354|354| ||Ulster Garden Villages||-|-|_| ||Rank Foundation - Start Here Fund||_|30,222|30,222| ||Rank Foundation - Profit for Good||-|=|-| ||AB Charitable Trust||20,000|-|20,000| ||Rank Foundation - Time to Shine||-|12,930|12,930| ||Schroder Charitable||-|4,000|4,000| ||IPS - Lived Experience||-|17,457|17,457| ||SSE Dolphin Procurement Readiness|Programme|-|-|-| ||Shared Island||-|19,257|19,257| ||Community Foundaton NI||-|4,803|4,803| ||Halifax Foundation||-|10,000|10,000| ||Rank Foundation - Cost of Living||-|-|-| ||Rank Foundation - Capital Equipment
A&O Sherman||al
-_|=>
7,322|-
7,322| ||BelfastCC Social Economy||-|3,134|3,134| ||James Brown||-|-|-| ||Dormant Fund||~|-|-| ||Tudor Trust||-|33,000|33,000| ||Austin Hope Pikington||=|=|=| ||NI Housing Executive||-|-|=| ||1961 Society||_|5,000|5,000| ||Archer Trust||-|1,000|1,000| ||Ardbarron Trust||-|20,000|20,000| ||Bromley Trust
Clothworkers||-
-|20,000
5,500|20,000
5,500| ||LFT Charitable Trust||-|10,000|10,000| ||Tabhair Trust||-|5,000|5,000| ||Considered Ask||-|40,000|40,000| ||Belfast HarbourCommission||—-|2,500|2,500| ||Version 1||-|989|989| ||Outwork||372,028|-|372,028| ||||392,028|252,468|644,496| 25 ## The Turnaround Project Company Limited by Guarantee Notes to the Financial Statements (continueg) Year ended 31 March 2025 ## 6. Charitable activities (continued) ||Unrestricted|Restricted|Total Funds| |---|---|---|---| ||Funds|Funds|2024| ||£|£|£| |Triangle Trust income|-|29,888|29,888| |Ulster Garden Villages|-|17,610|17,610| |Rank Foundation - Start Here Fund|-|29,615|29,615| |Rank Foundation - Profit for Good|-|12,500|12,500| |AB Charitable Trust|20,000|-|20,000| |Rank Foundation - Time to Shine|-|17,895|17,895| |Schroder Charitable|-|-|-| |IPS - Lived Experience|-|-|-| |SSE Dolphin Procurement Readiness Programme|634|-|634| |Shared Island|-|-|-| |Community Foundaton NI|-|-|-| |Halifax Foundation|-|-|-| |Rank Foundation - Cost of Living|-|11,978|11,978| |Rank Foundation - Capital Equipment|-|1,300|1,300| |A&O Sherman|-|7,322|7,322| |BelfastCC Social Economy|-|4,560|4,560| |James Brown|1,500|-|1,500| |Dormant Fund|-|24,989|24,989| |Tudor Trust|—|30,000|30,000| |Austin Hope Pikington|1,000|-|1,000| |NI Housing Executive|-|4,791|4,791| |1961 Society|-|=|-| |Archer Trust|-|-|-| |Ardbarron Trust|—-|—|—| |Bromley Trust|-|-|-| |Clothworkers|-|-|—| |LFT Charitable Trust|-|-|-| |Tabhair Trust|-|-|-| |Considered Ask|_|-|_| |Belfast Harbour Commission|-|-|-| |Version 1|-|—|-| |Outwork|395,009|-|395,009| ||418,143|192,448|610,591| The income generated and associated with Outwork has been reclassified in the current year and the comparatives within Income from Charitable Activities as it is deemed one of The Turnaround Project's main charitable activities and the sale of services is provided by the beneficiaries of the charity. In previous years the Outwork income had been disclosed within Other Trading Activities. 26 ## The Turnaround Project ## Company Limited by Guarantee ## Notes to the Financial Statements (continuea) ## Year ended 31 March 2025 ## 7. Other trading activities |||Unrestricted|Total|Funds|Unrestricted|Total Funds| |---|---|---|---|---|---|---| |||Funds||2025|Funds|2024| |||£||£|£|£| ||BLB Retail income|16,199||16,199|45,420|45,420| ||Fundraising events|11,508||11,508|5,253|5,253| |||27,707||27,707|50,673|50,673| |8.|Other income|||||| |||Unrestricted|Total|Funds|Unrestricted|Total Funds| |||Funds||2025|Funds|2024| |||£||£|£|£| ||Other income|152||152|1,785|1,785| |9.|Costs ofother trading activities|||||| |||Unrestricted|Total|Funds|Unrestricted|Total Funds| |||Funds||2025|Funds|2024| |||£||£|£|£| ||Costs ofother trading activities|8,469||8,469|25,248|25,248| |10.|Expenditure on charitable activities byfund type|||||| ||||Unrestricted||Restricted|Total Funds| |||||Funds|Funds|2025| |||||£|£|£| ||Charitable Activities||413,703||174,936|588,639| ||Support costs|||14,341|-|14,341| ||||428,044||174,936|602,980| ||||Unrestricted||Restricted|Total Funds| |||||Funds|Funds|2024| |||||£|£|£| ||Charitable Activities||404,314||176,425|580,739| ||Support costs|||4,548|-|4,548| ||||408,862||176,425|585,287| ## 10. Expenditure on charitable activities by fund type 27 ## The Turnaround Project ## Company Limited by Guarantee ## Notes to the Financial Statements (continuea) ## Year ended 31 March 2025 ## 11. Expenditure on charitable activities by activity type |||Activities|Activities|Activities||||| |---|---|---|---|---|---|---|---|---| |||undertaken|||||Total funds|Total fund| ||||directly Support costs||||2025|2024| ||||£||£||£|£| ||Charitable Activities|588,639||||-|588,639|580,739| ||Governance costs|||-|14,341||14,341|4,548| |||588,639|||14,341||602,980|585,287| |12.|Net income|||||||| ||Net income is stated after charging/(crediting):|||||||| ||||||||2025|2024| ||||||||£|£| ||Depreciation oftangible fixed assets||||||32,791|31,004| |13.|Auditors remuneration|||||||| ||||||||2025|2024| ||||||||£|£| ||Fees payable for the audit ofthe financial|statements|||||3,969|3,780| |14.|Staff costs|||||||| ||The total staffcosts and employee benefits for||the|reporting period||are|analysed as|follows:| ||||||||2025|2024| ||||||||£|£| ||Wages and salaries||||||425,055|426,927| ||Social security costs||||||24,430|24,026| ||Employer contributions to pension plans||||||6,909|8,848| ||||||||456,394|459,801| The average head count of employees during the year was 31 (2024: 32). No employee received employee benefits of more than £60,000 during the year (2024: Nil). ## Key Management Personnel Key management personnel include 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 £91,788 (2024:£98,408),. 28 ## The Turnaround Project ## Company Limited by Guarantee ## Notes to the Financial Statements (continueg) ## Year ended 31 March 2025 ## 19. Creditors: amounts falling due within one year |||||2025|2024| |---|---|---|---|---|---| |||||£|£| |Trade|creditors|||10,334|17,985| |Social|security|and|othertaxes|25,153|31,997| |Other|creditors|||_|2,801| |||||35,487|52,783| ## 20. Pensions and other post retirement benefits ## Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £6,909 (2024: £8,848). ## 21. Analysis of charitable funds ## Unrestricted funds |Unrestricted funds|||||| |---|---|---|---|---|---| ||At||||At 31 March| ||1 April 2024|Income|Expenditure|Transfers|2025| ||£|£|£|£|£| |General funds|158,963|425,595|(436,513)|-|148,045| |Fixed assetfunds|76,862|-|-|-|76,862| ||235,825|425,595|(436,513)|-|224,907| ||At||||At 31 March| ||1 April 2023|Income|Expenditure|Transfers|2024| ||£|£|£|£|£| |General funds|119,056|474,017|(434,110)|-|158,963| |Fixed asset funds|58,394|-|-|18,468|76,862| ||177,450|474,017|(434,110)|18,468|235,825| |Restricted funds|||||| ||At||||At 31 March| ||1 April 2024|Income|Expenditure|Transfers|2025| ||£|£|£|£|£| |National Lottery -|||||| |Awards for All|29|-|(29)|-|-| |Triangle Trust|5,870|354|(6,217)|-|7| |Allen & Overy|2,790|7,322|(9,754)|-|358| |NIHE Social Enterprise|223|-|-|-|223| |DormantFund|13,459|-|(12,784)|-|675| 30 The Turnaround Project ## Company Limited by Guarantee ## Notes to the Financial Statements (continuea) ## Year ended 31 March 2025 |21.|Analysis ofcharitable funds (continued)|Analysis ofcharitable funds (continued)||||| |---|---|---|---|---|---|---| ||TudorTrust
Rank Foundation - Start|17,500|33,000|(30,000)|-|20,500| ||Here Fund
Rank Foundation - Profit|15,176|30,222|(24,328)|-|21,070| ||forGood|7,500|-|(7,500)|-|-| ||Belfast Harbour|-|-|-|=|—| ||Belfast CC Social|||||| ||Economy|-|-|-|=|=| ||Rank Foundation - Cost|||||| ||ofLiving
Rank Foundatiion - Time|4,682|-|(122)|-|4,560| ||to Shine|11,646|12,930|(24,576)|-|-| ||Ulster Garden Villages|-|=|=|=|=| ||ArcherTrust|-|1,000|(1,000)|-|~| ||Ardbannon Trust
Belfast Harbour|-|20,000|(10,000)|-|10,000| ||Commission|-|2,500|-|-|2,500| ||Bromley Trust|-|20,000|-|=|20,000| ||Clothworkers|=|5,500|(1,186)|=|4,314| ||Community Foundation|||||| ||NI - Social Justice Fund
Halifax Foundation|-
-|4,803
10,000|(600)
(10,000)|-
-|4,203
-| ||IPS - Lived Experience|||||| ||Ireland|-|17,457|(6,810)|-|10,647| ||LFT Charitable Trust|-|10,000|(6,667)|-|3,333| ||Schroder Charitable|||||| ||Trust|-|4,000|(1,000)|-|3,000| ||Shared Island Civic|||||| ||Society
Tabhair Trust|-
-|19,257
5,000|(345)
-|-
-|18,912
5,000| ||The Considered Ask|-|40,000|(20,000)|~|20,000| ||29th May 1961 Society|-|5,000|(457)|-|4,543| ||Version 1|-|988|(870)|-|118| ||BCC - Go Succeed|-|3,135|(691)|-|2,444| |||78,875|252,468|(174,936)|-|156,407| |||||||At| |||At||||31 March 202| |||1 April 2023|Income|Expenditure|Transfers|4| |||£|£|£|£|£| ||National Lottery -|||||| ||Awards for All|5,332|-|(5,303)|=|29| ||Triangle Trust
Allen & Overy|5,054
2,443|29,888
7,322|(29,072)
(6,975)|-
-|5,870
2,790| ||NIHE Social Enterprise|-|4,791|(4,568)|=|223| ||DormantFund|38,024|24,989|(49,554)|-|13,459| 31 ## The Turnaround Project ## Company Limited by Guarantee ## Notes to the Financial Statements (continued) ## Year ended 31 March 2025 |21.|Analysis of charitable funds|(continued)||||| |---|---|---|---|---|---|---| ||Tudor Trust|17,500|30,000|(30,000)|-|17,500| ||Rank Foundation - Start|||||| ||Here Fund|11,042|29,615|(25,481)|-|15,176| ||Rank Foundation - Profit|||||| ||for Good|-|12,500|(5,000)|-|7,500| ||Belfast Harbour|1,925|-|(1,925)|-|-| ||Belfast CC Social|||||| ||Economy|-|4,560|-|-|4,560| ||Rank Foundation - Cost|||||| ||of Living|-|13,278|(12,298)|(858)|122| ||Rank Foundatiion - Time|||||| ||to Shine|-|17,895|(6,249)|-|11,646| ||Ulster Garden Villages|-|17,610|-|(17,610)|-| ||Archer Trust|-|-|-|-|-| ||Ardbannon Trust|-|-|-|-|-| ||Belfast Harbour|||||| ||Commission|-|-|-|-|-| ||Bromley Trust|-|-|-|-|-| ||Clothworkers|-|-|-|-|-| ||Community Foundation|||||| ||NI - Social Justice Fund|-|-|-|-|-| ||Halifax Foundation|-|-|-|-|-| ||IPS - Lived Experience|||||| ||Ireland|-|-|-|-|-| ||LFT Charitable Trust|-|-|-|-|-| ||Schroder Charitable|||||| ||Trust|-|-|-|-|-| ||Shared Island Civic|||||| ||Society|-|-|-|-|-| ||Tabhair Trust|-|-|-|-|-| ||The Considered Ask|-|-|-|-|-| ||29th May 1961 Society|-|-|-|-|-| ||Version 4|-|-|-|-|-| ||BCC - Go Succeed|-|-|-|-|-| |||81,320|192,448|(176,425)|(18,468)|78,875| A transfer has taken place during the year which relates to fixed assets. The Turnaround Project used funding to purchase assets which have been transferred to Unrestricted Funds as Turnaround fully own the asset, no restrictions have been placed on the asset. 32 ## The Turnaround Project ## Company Limited by Guarantee ## Notes to the Financial Statements (continuea) ## Year ended 31 March 2025 ## 22. Analysis of net assets between funds ||Unrestricted|Restricted|Total Funds| |---|---|---|---| ||Funds|Funds|2025| ||£|£|£| |Tangible fixed assets|46,327|-|46,327| |Current assets|214,067|156,407|370,474| |Creditors less than 1 year|(35,487)|-|(35,487)| |Net assets|224,907|156,407|381,314| ||Unrestricted|Restricted|Total Funds| ||Funds|Funds|2024| ||£|£|£| |Tangible fixed assets|64,858|-|64,858| |Current assets|223,750|78,875|302,625| |Creditors less than 1 year|(52,783)|-|(52,783)| |Netassets|235,825|78,875|314,700| ## 23. 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 objectives. ## 24. Ethical standard In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statemenis. ## 25. Contingencies A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied with and no liability is expected. ## 26. Analysis of changes in net debt ||||||||||At|| |---|---|---|---|---|---|---|---|---|---|---| |||||||At1|Apr 2024|Cash flows|31 Mar2025|2025| ||||||||£|£||£| |Cash|at|bank|and|in|hand||199,518|124,718|324,236|| ## 27. Related parties There were no related party transactions in the year ending 31st March 2025. 33