Turning Point’s £10m income rise boosts reserves

14 Dec 2022 News

Income at social care charity Turning Point has increased by more than £10m, leaving it in “good financial health” as it embarks on a new strategy.

According to the charity’s latest set of accounts, its overall turnover reached £143.7m in the year to March 2022, with the charity transferring £3m to its reserves.

The income increase was driven by the charity receiving more grants to provide non-residential services.

Entering 2022-23 ‘in a robust position’

Turning Point provides health and social care services for people with a learning disability and also people at risk of, or with a mental health diagnosis, mental health issues, drug or alcohol use, misuse or dependency or other addictive behaviours.

The accounts show the charity has been putting an emphasis on securing new funding streams, and expanding its reach.

They add: “The organisation recovered well from the impact of the first year of Covid-19 and adapted to a changed operating environment. Financial control remains strong, and we enter the 2022-23 financial year in a robust position and better placed to face the challenges ahead.”

Indeed, overall turnover reached £143.7m, up from £132.8m the year prior, generating an operating surplus of £2.4m.

On March 31 2022 it transferred a surplus of £3m to reserves, giving it unrestricted reserves of £11.4m, which was up from £9.2m the year prior.

This means its reserves “are now in the strongest position” since 2015-16 and it is entering the new strategic period “in good financial health”.

Nonetheless, the accounts state it has fiscal challenges given high inflation rates, so is working closely with commissioners to ensure it delivers safe and high-quality services.

Staff numbers on the rise

The average monthly number of employees during the year was 3,702 which is up from 3,585 the year prior.

Turning Point was hiring 170 people per month by the end of the financial year, the accounts state, with recruitment and retention remaining “a national and sector challenge”.

Its accounts also show the highest paid member of staff received between £220,000 - £230,000 which is the same band as the year before.

During the year four employees were paid a combined £73,000 as compensation for the termination of their employment before the normal retirement date, and £27,000 was paid to two staff in redundancy.

The accounts also show Turning Point is further developing a diversity, equity and inclusion plan, and putting an emphasis on lived experience.

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