## Time & Talents **TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021** ## **Time & Talents** The Old Mortuary St Marychurch Street Rotherhithe London SE16 4JE Registered charity number: 1084545 Company number: 4009766 ## **TIME & TALENTS ASSOCIATION** (A company limited by guarantee) ## **CONTENTS** **of the Trustees' Report and Financial Statements for the Year Ended 31 March 2021** ||**Page**| |---|---| |**Trustees’ Report**|1 - 25| |**Reference and Administrative Details**|26| |**Trustees' Responsibilities Statement**|27| |**Independent Auditor’s Report**|28 - 30| |**Statement of financial activities**|31| |**Balance Sheet**|32| |**Statement of Cash Flow**|33| |**Notes to the Financial Statements**|34 - 50| ## **Time & Talents Association** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021** The Trustees of the Charity, who are also the Directors of the Company for the purposes of the Companies Act 2006, present their annual report, as required by company law, together with the audited financial statements of Time & Talents Association for the year ended 31 March 2021. Reference and administrative information set out in the 'TRUSTEES' REPORT AND FINANCIAL STATEMENTS' forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102. ## **OBJECTIVES AND ACTIVITIES** ## **a. POLICIES AND OBJECTIVES** The Charity’s objects are restricted specifically, in each case, only for the public benefit of the inhabitants of the London Borough of Southwark and elsewhere and in particular: to relieve persons who are in a condition of financial hardship or who are otherwise in need by reason of their age, infirmity, disability or social or economic circumstances; to advance education; and to provide or assist in the provision of facilities for education, recreation and other leisure time occupation in the interests of social welfare and with the object of improving the conditions of the families for whom the facilities are provided. ## **b. STRATEGIES FOR ACHIEVING OBJECTIVES** 2020-21 was the final year of our three-year strategy, ‘Closing Gaps and Healing Divisions’, which remained our focus, with the additional and unexpected demands created by the COVID-19 pandemic. 1 ## **Our Mission** ## **At Time & Talents our mission is to:** - Increase the happiness and wellbeing of our community - Make sure no one has to feel lonely, isolated or excluded, especially those most in need - Reduce divisions and create community cohesion - Build a strong sense of place and shared experience through shared space - Help people support each other, by sharing their time and talents Stimulate community activity to build a thriving, active neighbourhood 2 ## **Our Strategy** We engage with as many people in our community as possible, through a wide variety of programmes and activities that provide fun, friendship and mutual support, and make our local area a happier, healthier place to live. ## **We make all this happen by offering:** - Groups of many different kinds for children, adults, and families, which foster meaningful and lasting social relationships - Targeted individual support for people in need - A huge range of fun activities and events to bring everyone together and reduce social divisions - Space and practical support for community activities - Volunteering and community development to boost and sustain local capacity ## **Our core beliefs drive everything we do, and we know that:** - ‘Community’ doesn’t just happen: communities have to work hard to make sure that no one is excluded - Connected people are happier, healthier people - People thrive when they are able to help others, and to receive help in return - Place matters: people need to feel genuinely involved in the place where they live Settlements are a powerful force for positive change, and the Settlement Movement is more relevant than ever - Threads of shared culture, identity, history – and most of all, fun! – bring people together, and help to heal divisions 3 ## **OUR WORK AND ACHIEVEMENTS IN 2020-21** The emergence of COVID-19 and the lockdowns of 2020-21 were a shock to all of us, causing a dramatic and unwelcome upheaval of the life that we knew. We could no longer physically be the bustling, joyful community hub that we have been for so long. However, in the face of enormous difficulties, we rapidly adapted to our changed situation, putting everything we had into serving our community when it needed us most. Throughout the first year of the pandemic, we continued to work with some of the most vulnerable and isolated people in our community – in one of the most unequal and deprived areas in the UK. Our elderly, disabled, mentally ill, and economically disadvantaged clients have experienced unprecedented need during this extremely difficult time. They have faced severe challenges, from being unable to get food (because of self-isolation or sudden loss of income), to having to endure intense loneliness, to seeing a withdrawal of support by NHS and public services due to their emergency reorientation toward COVID-19. We have worked tirelessly to support them and our wider community throughout the crisis. Inevitably, our activity in the community since the start of the pandemic has been very different from before. In spring 2020, we reorganised at great speed and stepped up to become an emergency food hub. We continued to provide essential food relief for 11 months, whilst maintaining support for older people, children and families with outdoor groups, home activity packs, online sessions, and telephone support. To adjust to the new situation, we also developed our digital offer: community groups previously run from our Old Mortuary centre became online-only, as did our volunteer training sessions and meet-ups. Meanwhile, we made extensive and regular use of telephone check-ins and befriending, to support isolated and vulnerable adults during periods of lockdown. 4 ## **Our COVID-19 Emergency Relief Food Hub** Because the arrival of the pandemic meant that Time & Talents could no longer be a friendly place of welcome for our local community, we quickly made the decision to use our space for a very different, yet urgently needed purpose. At the invitation of Southwark Council, and in partnership with FareShare and a wide network of community organisations, we took on a new temporary role, turning our Old Mortuary venue into a weekly emergency-relief food hub. Sharply increased demand from local households in crisis was overwhelming existing foodbanks, and the Rotherhithe peninsula was in urgent need of an operation on the ground, so we took on the challenge and set up our food hub from scratch in two weeks. For 11 months – from the beginning of May 2020 to the end of March 2021 – we stored and distributed food to local households, providing critical support through successive lockdowns. These households ranged from families who had seen their income disappear overnight, referred to us by local schools, to isolated and housebound older people already known to us. Our staff adapted with impressive speed and huge energy to put this operation in place. Every week, with a group of dedicated local volunteers, they stored, sorted and delivered essential supplies across Rotherhithe and Bermondsey. We were humbled by the response we received from funding bodies, individual donors and local charity partners. We collaborated with 18 other organisations, including local Mutual Aid groups, various newly formed neighbourhood groups, local charitable trusts, and national donors, who contributed to our food hub operation generously throughout the year. 5 We are very proud of the part that our food hub played in the unfolding COVID-19 crisis: it was an emergency response to an unprecedented situation, and the best way to support our community until we were able to reclaim the Old Mortuary as the meeting place it has always been. The food hub also extended our reach into the local community, and we continue to welcome families and older people we met during the crisis to our social contact groups and in-person activities. ## _**Over the course of our emergency food hub operation we:**_ ## **Stored, sorted and delivered 2,641 emergency food boxes** ## **Helped 540 people in 180 households** **Organised and worked with 40 volunteers every week** ## **Benefitted from 2,684 volunteer hours** _**"T&T has been a lifesaver for me in every respect, from the food parcels to the phone calls. I cannot thank T&T enough for everything"**_ _- Asma_ 6 _**“It's been a really, really hard week. Thank you for help with the food and for all your efforts for me! It's actually brought tears to my eyes that you care this much”**_ _- Tony_ ## **Our wider COVID-19 response** In the first two weeks of the pandemic, we got in touch with 3,200 service users, immediately triaging 394 of the most vulnerable and putting urgent support packages in place. Like many front-line key workers in the UK, our staff worked many, many hours in excess of their usual working days, to support people in serious need. After this initial period, we continued to work with extraordinary speed and urgency to develop new ways of delivering our services; moving to virtual and telephone services, and finding safe ways to maintain vital social contact with our most vulnerable service users. We knew how hard things were for our community and, as a team, we put huge energy, thought and care into keeping people going through the worst crisis many of us have seen in our lifetimes. ## **90% found support T&T has given during the COVID-19 period very useful** _**"I think T&T has been amazing, I’ve had phone calls to check I’m doing ok. I’ve had offers to help me pick up medication. I even got a birthday card which was wonderful!! Just knowing T&T is there has been a lifeline. Thank you SO much!"**_ _- Brenda_ 7 ## **Volunteer response to the crisis** We were – and are – full of appreciation for the 170 new local volunteers who applied to help Time & Talents in the early weeks of the pandemic – more than we usually see in a whole year. We swiftly adapted our induction and training processes to make the best use of their energy and eagerness to help, and to ensure the effectiveness and safety of the support that they could provide. We converted our volunteer befriending service from in-person to telephone-based for more than 115 of our befriendees, and stayed on top of a significant daily increase in new referrals. For older people who were told to ‘shield’, especially those who already had significant mobility problems, we also continued to provide as much practical support as possible within the constraints of COVID rules. ## **Our volunteers helped these vulnerable members of our community through:** - Weekly shopping and home delivery of essential items Prescription collection - Organising transport to urgent hospital and medical appointments ## **Holiday Hunger Clubs: providing kids with food and fun** A crucial area of our work during this period has been our extremely popular yearround school-holiday clubs for primary-aged children, which we have embedded into our core offer. While our kids’ clubs are about fun, creativity, making friends and learning, they are also a vital source of food for children whose families are living in poverty. The pandemic has unmasked food poverty amongst many more families in our local area: some we already worked with; others we made contact with through our emergency food hub. We have given targeted support to disadvantaged children, and partnered with Rotherhithe Consolidated Charities to take referrals from other families they work with. Throughout each school holiday, we provided 30 children with healthy breakfasts for the week, and lunches every day of the club, as well as delivering a fun and stimulating range of arts, crafts and cultural activities. With the extent of this problem both exacerbated and starkly illuminated by the pandemic, we are increasingly taking a whole-family approach, and ensuring that we provide enough food for the week for all the children in a household, not only those participating in our activities. 8 _**“Time & Talents have played a positive and fantastic role in the kids' life and mine. They provide fun and positive groups to make all feel supported and welcomed. Thank you.”**_ _- Sam_ 9 ## **Ageing Well Southwark: support for seniors and their carers** We maintained and strengthened key partnerships, including our membership of COPSINS, the older people and carer providers consortium in Southwark. The consortium tendered successfully for a new multi-year contract to deliver services across the borough, and ‘Ageing Well Southwark - support for seniors and carers’ launched in June 2020. Time & Talents are operating as one of six sub-hub ‘One Front Door’ service providers, with lead partner Age UK Lewisham & Southwark and the four other local COPSINS charities: Blackfriars Settlement, Link Age Southwark, Southwark Carers, and Southwark Pensioners Centre. Together we provide: - A coordinated ‘Front Door’ for people to find services they need Opportunities for making friends and building community Information, advice and practical services to support independent living For Time & Talents, this partnership means that, in addition to the social contact groups, volunteer befriending and neighbourhood care we provide, we are also able to offer a footcare toenail-cutting service and drop-in IT support. ## **Digital support in a time of social distancing** For various reasons, we know that some people cannot be supported digitally, or lack access to digital technology. We worked with social enterprise Hubbub to provide tech devices to 27 households, and found other ways to help those individuals and families who were still without digital access. Telephone-only work was a lifeline, though having to rely on it also drove home the richness of in-person working, especially with vulnerable adults. Home visits, in particular, pick up a wealth of information that is much harder to come by over the phone. 10 **What we do - a vital community hub** ## **1. Targeted services and activities for isolated and vulnerable older people** We exist to connect everyone in our community, but we focus particularly on those who are most vulnerable and most marginalised. Our targeted services are concentrated especially on the elderly and frail, those with disabilities, and people experiencing dementia or poor mental health. For many years, Time & Talents has provided vitally important group activities, transport, befriending, and one-to-one support to older, lonely and isolated people, to reduce their isolation, improve their wellbeing, and ensure they remain active and connected citizens in their community. These activities have expanded significantly in the last five years, and we now work with more older and vulnerable people than ever. Our services for older people and carers include regular weekly social and support groups, a wealth of keep-fit classes, a major befriending service, a chapter of the **Cycling Without Age** project, and several popular – and ever-growing – intergenerational projects. Diverse services and activities for people with disabilities, sensory impairments, or mental health issues also form a central strand of our targeted work, although we continue to work to avoid the creation of ‘silos’. Instead, we offer more mixed-ability, mixed-need groups, which are more effective and beneficial in multiple respects. Our wide range of services for people with disabilities and/or sensory impairments, or who are frail as a result of old age, is more popular, and more needed, than ever, particularly as we start to emerge from the pandemic. We continued to see increased referrals and demand for our services for older people during the first year of the COVID-19 pandemic. Over the course of the year, we worked with **340 people aged over 55** , and **27 of these were over 90 years of age** . In addition to assessments for groups and care coordination, we provided one-to-one in-depth support to **a further 17 people** , including helping with housing matters, care home placements, care plan issues and reports to social workers, and visits to services users in hospital. We offer older people and their carers a high level of support with practical issues – something we have done since long before the pandemic, and which we have continued throughout the crisis. We know that this support makes a huge difference to their quality of life, helping to secure their physical health and safety, as well as their confidence and peace of mind. 11 ## **2. Our children and families programme** Time & Talents offers a busy, varied programme of fun, free and low-cost activities for children and their families. This makes it easier for us to connect with local families, while giving them opportunities to meet others in their community and build meaningful, mutually supportive relationships. This work enables us to make contact with even more people in our local area – with its fast-changing demographic and to cut through boundaries of class, background, and origin. Our children and families programme, like all of our work, seeks to break down barriers and foster new, strong connections throughout the whole community. Our thriving partnerships with nine local primary schools and GP practices have continued to lead to referrals of disadvantaged children to our free after-school activities, which are designed around having fun, making friends, learning new skills and getting active. We adapted our BBC Children in Need work to continue to deliver groups during COVID-19 restrictions, and took a similarly proactive and creative approach to activities for under-5s. Over the year, we ran groups outdoors whenever possible and introduced the very popular **Forest School** programme, while expanding our **holiday hunger clubs** . Children and their parents continue to tell us that, as a direct result of participating in our groups, they have experienced growing confidence, built social skills, improved communication skills, increased their physical activity and explored new things. As with **75% of Southwark residents** , the majority of children we work with do not have any outdoor space at home. With COVID-19 lockdowns forcing families to stay inside for long periods, the opportunity to play and learn safely outside in our grounds (in all weathers!) has been valued more than ever. - We supported **over 1000 children** through home activity packs during lockdowns, between school term times We provided **265 children** with face-to-face activities (including term-time activities since July 2020) 12 In parallel with our kids’ groups, we provide **‘Whole Family Support’** in a trusted and neutral environment. This support includes a whole range, for example, introducing parents to partners such as Big Local Works for benefits advice, helping a single parent find free or low-cost music lessons for their child, or supporting a single parent with childcare when they are starting employment. We don’t give up on our kids and families. A parent might be suffering from depression, or experiencing financial hardship, or a child might be ill or recently bereaved – whatever the situation, we keep in touch and do all we can to provide the support that kids, parents and families need. During our holiday clubs, we increasingly provide additional food for older siblings who are at home (being too old to attend our clubs), and for children who tell us that they have to share the meals we provide with their brothers and sisters. We frequently also make a snack for parents, when they arrive to collect their children without having eaten themselves. _**"Most definitely met new people of all walks of life and made new friends."**_ _- Daniela, Little Bugs Nature Club_ 13 ## **3. Older adults** Our programme aimed at older men is an integral and flourishing area of our work. It comprises **Pub Club** , the **Rotherhithe Shed** and several walking groups. A diverse cohort of older men have consistently acted as volunteers over a long period of time, forging strong and meaningful links with their community in the process. They get particular enjoyment from offering their skills as former tradespeople - as well as deeply valuing the friendship and support that they offer one another. Our work with older men in our community is very much peer-driven, resulting in very well used, effective services that are tailored to what they want and need. We deliver the **Rotherhithe Shed** with our neighbour **Bubble Theatre** , and this partnership continued to strengthen through the year as we collaborated on tackling the challenges brought by pandemic restrictions. Each ‘Sheddist’ has the opportunity to work on carpentry, repair and craft projects of their choice, on their own or in cooperation with other participants. One has even been whittling new soles for a favourite pair of shoes! When lockdowns arrived and in-person sessions were no longer possible, we kept in touch with participants by phone and introduced a new weekly video session. We sent or delivered materials to Sheddists’ homes, to enable full participation in the online sessions. These provided a regular, enjoyable point of contact, giving people a sense of continuity through all the disruption, and helping them to feel less isolated. The sessions proved very popular, and several new members were introduced through them. Since in-person sessions have resumed, the weekly video session has nevertheless continued, to allow members to participate even if they are self-isolating or not mobile enough to attend in person. 14 **Pub Club** continues to be very popular, with two sessions a week in local pubs. Members have a lot of fun together, bringing along card games, dominoes and the occasional quiz. The group also uses the time to discuss more serious and personal issues, such as health, staying safe, and the many benefits of regular exercise. The relaxed, welcoming atmosphere makes members feel comfortable and supported enough to share personal stories, which have been a powerful tool in reaching out to others and building deeper relationships. They support each other outside of **Pub Club** , visiting each other to socialise and offer help, including DIY and gardening for those who might need a bit of a hand, and welfare check-ins when people have been unwell. Our older men’s **Walking Groups** are an integral part of our offer and continue to grow. Two walks every week provide opportunities to explore the local area and further afield in London, taking in all sorts of interesting places, historical sites and events, whilst encouraging a greater sense of community and belonging. Fortunately, the walks were able to continue during several periods of pandemic restrictions, and they provided a much-needed opportunity for participants to get outdoors and socialise with others. Crucially, this regular exercise also helped walkers to retain mobility and supported their physical health. To meet increasing demand, we introduced a third weekly walk for both women and men, and this too is very popular. _**"The pub club and the walking group make me feel part of something. I like meeting up for a chat and seeing the other members of the group. I look forward to it."**_ _Steve, Pub Club_ 15 The **Green Team** , which continues to flourish, was also able to continue throughout most of the COVID-19 restrictions. Participants, who represent a wide range of abilities, ages and backgrounds, worked with great effort and skill throughout the year to care for our outdoor spaces, and to continue to develop the **‘Secret Garden for All’** . The plant, seed and cuttings exchange continues to add value to the garden and has introduced various new species, as well as being an excellent opportunity to encourage new membership. ## **4. Volunteering and skills-sharing** We only achieve our aims by managing a team of wonderful volunteers, who offer their energy, time and talents on a consistent basis. Their input, as well as being crucial to the success of our programmes, enables us to build wider connections and social networks across the local community. In return, we offer volunteers wide-ranging, substantial opportunities for self-development. In addition to our regular network of volunteers, we had **40 volunteers per week** helping to operate our COVID-19 emergency food hub. Every one of them put immense amounts of time, energy and care into making it work, so that the members of our community most acutely affected by the crisis could continue to put food on the table. We have a large number of ‘traditional’ regular volunteers, relative to the size of our organisation, including: **befrienders** for older people and within our **Team-Up TakePart** project; **Cycling Without Age** ‘pilots’; people who give support in our many groups; people who prepare food; assistants in our office; to name a few. Rather than treating volunteering as a separate ‘programme’ of work, we recognise it as fundamental – integral to our work in all its forms. 16 Our two-year BBC Comic Relief-funded **Team-Up Take-Part** pilot project is becoming established as a key area of our work. Building on our expertise in running a long-term volunteer befriending programme, we introduced this innovative scheme with the aim of building social integration in divided communities through shared exercise and sport, while making use of local parks and open spaces. We pair isolated, inactive, and often anxious adults with local volunteer befrienders who can offer support, enthusiasm and encouragement as they try out a new activity or sport. We train our volunteers and carefully match them with local people, to have fun together playing tennis or football, doing workouts or going for walks in the park. Following COVID-19 lockdowns, we initially placed more emphasis on the social element and getting outside, than on taking up a strenuous new sport. This was to help ease participants back into gentle physical activity and rebuild social connections. As many of them reported deteriorations in their mental and physical health in the isolated confinement of lockdown, the structure of **Team-Up Take-Part** , and the sociability provided by befrienders, were vital sources of motivation and support as they sought to regain fitness and confidence. **Team-Up Take-Part** continues to prove popular, despite the challenges of operating it during the pandemic, and with more limited opportunities for face-to-face befriending pairs to get to know each other. During the year our partnership with Decathlon’s local flagship store grew, and we were very grateful to them for giving our participants the chance to learn to play tennis with a coach on their rooftop courts. _**"Doing work, being productive, getting out of the house and helping the less fortunate has really opened my eyes and improved my mood."**_ _(T&T volunteer)_ 17 ## **5. General events, activities and support to build a more cohesive community** Our community engagement work encourages relationships between local people, and creates ways for people to meet their neighbours and feel connected to the place where they live and work. In an area undergoing sustained and dramatic change, there is a serious and pressing need to reduce division and promote community cohesion. ‘Placemaking’, community development, and the fostering of grassroots initiatives continue to play crucially important roles, and have become major strengths of our organisation over the last four years. In our work to build community cohesion, we focus on: - **Fun, creative community events and parties** , which bring people of all ages and backgrounds together for music and dancing, games and activities, food and friendship. We look forward to resuming these when the pandemic eases. - **Community gardening and engagement with nature** in our beautiful gardens and heritage building. - **Building community capacity by offering high-quality space** at the Old Mortuary and our second ‘T&T2’ venue, plus support for community-led activities and groups - from a Local History Society, to chess, yoga, Pilates, and activity groups for children. - **Informal leisure learning for adults and families.** Again, we look forward to expanding these opportunities as the situation allows. We were able to continue some of them – such as Mindfulness and ESOL – online during COVID-19 restrictions, and are gradually reintroducing in-person classes. ## **6. Intergenerational activities** In an area divided along age lines as well as by wealth, there is often a lack of trust between the newer, younger population, and the more established, older residents. To try to tackle these divisions and foster greater understanding, stronger connections and new friendships, we continue to design intergenerational projects in many areas of our community programme. Whilst in-person activity indoors was restricted through the year, we were able to bring generations together for gardening, harvesting produce and making meals together outside in our gardens. In sessions leading up to the festive period, children in our **Forest Club** and **Crafty Beasts** groups made Christmas cards and decorations to be delivered to vulnerable and isolated older people. The present boxes also contained fridge magnets made by the kids, and plants potted by our **Green Team** . 18 ## _**"It's lovely of you to come out with me, these walks are keeping me sane!"**_ _**-** Tom, Visually Impaired Group_ _**"Being from a different country it has been hard to meet new people. The Stroke Club used to be the main social support in my life, and now I have the chess club - really grateful!"**_ _- Dina_ ## **Board of Trustees** Over the course of the year, we further strengthened our Board of Trustees, who together bring a broad range of skillsets from the voluntary and commercial sectors. The majority of our trustees are also local residents. The Board meets quarterly, while an annual strategy day allows for a constructive review of our work and ensures a renewed consideration of our priorities. We thanked Chair Stephen Whittle for his huge contribution to Time & Talents, when he stepped down from the Board in November. Existing trustee Angela Woodley was elected as our new Chair. ## **Staffing** Our review of our organisation strategy and performance continued as we also adapted to changes brought about by the COVID-19 pandemic. We refined our programme areas and management team according to the following groupings: ## **Children & Families, Volunteering and Community** **Older People** – now incorporating the older men’s projects (Rotherhithe Shed, Green Team, Pub Club and the Walking Groups) 19 ## **Annual survey: what our community thinks** To evaluate our impact in relation to our mission, we carried out our third in-house, community-based survey over the summer of 2020. Unfortunately, due to the COVID-19 pandemic, we were not able to ask service users to complete an evaluation form during attendance at their groups, so staff instead contacted people by phone. Whilst the sample size was, understandably, reduced this year, the survey again showed a very positive perception of our work, and of our response to the COVID-19 crisis. As a result of taking part in our groups and activities, respondents reported increased confidence and told us that they enjoyed the many opportunities we offer for them to meet local people from other backgrounds. There was a widely held strong sense of belonging to a community, and increased feelings of connection: respondents said that they had built up social networks extending beyond our physical spaces. Our regular groups also had a positive impact on the emotional and/or physical health and wellbeing of the overwhelming majority of participants. **Percentages of survey respondents who agreed or strongly agreed with the following statements about our groups and activities:** **96% said that attending our groups makes them feel part of a community** **91% said that they have made friends and built relationships** **92% felt supported and included** **82% met people they wouldn't normally meet, including people of different ages and backgrounds** **92% felt able to get actively involved with their local community** **99% said it improved their wellbeing, i.e. feeling happier, fitter, or more purposeful** **95% felt more positive about their local area** 20 **ACHIEVEMENTS AND PERFORMANCE** ## **Key Areas of Organisational Development** Time & Talents continues to modernise and improve its systems and infrastructure, to ensure efficiency, and to keep delivering to a high standard. Over the year, we have: - Continued to implement our ‘Closing Gaps and Healing Divisions’ 2018-2021 business plan and strategy - Responded to the recent intensification in the UK of the Black Lives Matter movement, by introducing an Equity, Diversity & Inclusion working group, made up of staff and trustees - Retained the services of an HR and Employment Law specialist firm to ensure that we mitigate HR risks - Retained an Employee Assistance service to provide emotional and health assistance for staff - Introduced a Cycle to Work scheme Reviewed, refined and agreed all policy and procedure documents ## **Plans for the future** To build on the important work we have begun on ‘Closing Gaps and Healing Divisions’, we will be developing a new programme strategy for the coming years. For the immediate future, we have developed an interim ‘Rotherhithe Recovery’ plan to guide our work as we emerge from the current crisis. This is a direct response to what local people have told us they need, and we will continue to adapt our work to meet the ongoing challenges and uncertainty created by the pandemic. ## **To reduce isolation and fight loneliness, we are:** Adapting and resuming in-person groups and activities for older people; - Providing space for people of all ages to talk about their experiences of the past year; Introducing all-ages volunteer befriending. 21 ## **To create a safe space for women, we are:** - Developing new services and activities in response to what women tell us they want, and facilitating peer support; - Introducing women-only sessions of Pub Club, the Shed, walking and exercise groups. ## **To support children’s learning and development, we are:** - Further expanding our existing Children in Need-funded programme of free activity for primary children; - Designing new activities for pre-school children; Expanding holiday hunger clubs through a whole-family approach. ## **To develop a new ‘Outdoors’ umbrella programme, we are:** - Growing our all-ages offer of groups and activities outside, such as walking groups, Cycling Without Age trishaw rides, our Team Up Take Part befriending project, and groups for primary and pre-school children, along with their families; - Offering gardening activities for people to connect with nature by tending our flowerbeds, forge links with each other through collaborative projects, find peace in our Secret Garden, or volunteer in the new Marychurch Oasis community garden redesign; - Introducing multigenerational outdoors activities to help people reconnect and rebuild trust. ## **To achieve successful intergenerational outreach, we are:** - Building on our strong track record with the ‘Crafty Beasts’ project, on the positive results of our external ‘pop-up’ Shed sessions, and on our ad hoc outreach activity; - Taking Time & Talents to where people are, such as sheltered accommodation, care homes and almshouses, providing them with social contact, gardening, crafts, and more. We will continue to focus on our key goal: breaking down barriers, perceived and actual, in a highly diverse and changing area and in an increasingly divisive political climate. We will continue to ensure that inclusion gaps – between those who are doing well in terms of health, wellbeing, money, and status, and those who are struggling – are narrowed as far as possible, wherever possible. 22 Over the past year, we have taken time to pause and reflect on our heritage, and the thread running through **Time & Talents’ 134 years of history** . While we are proud of numerous aspects of this history, we also know that we need, and want, to change, and we have begun the process of becoming a proudly, actively anti-racist organisation. We are committed to ensuring that the people who attend Time & Talents – at both our venues – as well as our staff and volunteers, fully reflect the diversity of the community and the neighbourhoods we serve. We are also currently working to bring black and minoritised voices into the core of our programme design, in order to make our groups, events and services truly user-led. Our internal **Equity, Diversity and Inclusion** group of staff and trustees is working to learn, understand and ensure that our commitment is kept, so that it informs everything we do – now and in the future. Concerning our reputation, and our place both in the sector and in Southwark, we are extremely proud of the consistently high quality of the services and activities that Time & Talents provides. We are also proud of our reputation for innovation, creativity, adaptability and impact. Our goal over the next few years is to continue to be known as an exemplar of what multipurpose community hubs can achieve. 23 ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **a. CONSTITUTION** Time & Talents is a charitable company limited by guarantee, incorporated on 7 June 2000 and registered as a charity on 15 January 2001. ## **b. TIME & TALENTS BOARD OF TRUSTEES** The Trustees of the charity are known as Directors of the company, as Time & Talents is registered as a limited company and a charity. Trustees are appointed for a three-year term renewable up to nine years. New Trustees are recruited to the Board through soliciting expressions of interest through Time & Talents' supporter network, advertising on the website and through other media. Subject to having the necessary skills and experience, they can be elected to the Board by the Directors. Trustees go through a process of induction and are offered development opportunities. The Board meets four times a year as a whole group. There are also appropriate task and finish subcommittees when specific projects require the input of the directors. All trustees give their time voluntarily and receive no benefits from the charity. ## **c. ORGANISATIONAL STRUCTURE AND DECISION MAKING** The Board oversees the work of the Director, staff and volunteers, delegating operational running of the organisation to the Director who provides regular reports to them on progress against agreed targets to ensure the work is carried out according to the strategic plan. ## **d. RISK MANAGEMENT** Our Risk Management policy is designed to support the charity’s objectives. Trustees believe it is appropriate to take risks with our charity’s resources in line with our strategy. We will not, however, take any risks relating to the protection of our service users or volunteers. Full vetting procedures are followed for all staff and volunteers. A similar policy is adopted in relation to fraud and corruption. Time & Talents has a set of policies and procedures which include data protection; fraud; health and safety; IT and data protection; lone working; safeguarding; whistleblowing and financial controls. Strategic risks are managed by senior staff and Trustees and regularly discussed by the Board. An operational risk assessment is carried out by staff, recorded in the operational risk register and reported to the Board annually. The organisational risk register is regularly reviewed by Trustees. There is also a regular report and review of Safeguarding issues. ## **PUBLIC BENEFIT STATEMENT** The objects of the charity and the activities described above ensure that Time & Talents delivers public benefit by focusing on the needs of local individuals, communities and small organisations, in particular those in need, to provide services at low or no cost in line with the duty in Section 17 of the Charities Act 2011. 24 ## **FINANCIAL REVIEW** ## **Income** In the year to 31 March 2021, Time & Talents received income of £865,876 (2020: £509,235), an increase of £356,641. This was driven by an increase in income from charitable activities, in particular the temporary emergency relief COVID-19 food hub operated by the charity during eleven months of the year. The value of the donated food parcels in the year has a corresponding amount recognised within expenditure. ## **Expenditure** The annual expenditure (including non-cash cost of depreciation) was £663,593 (2020: £581,848). Staff costs at £387,741 (2020: £406,828) make up 58% of all expenditure and saw 5% decreases versus 2020. Expenditure has increased due to the temporary emergency relief Covid-19 food hub as mentioned above. ## **Net surplus/deficit** The surplus of £202,705 (2020: deficit of £73,153) is stated after the non-cash charge of depreciation on the historic building works and other assets of £25,631 (2020: £24,693), with a resultant cash surplus of £177,074 (2020: deficit £48,460). ## **INVESTMENT AND POLICY AND PERFORMANCE** The majority of the Charity’s liquid assets are kept in bank accounts and cash deposits, to ensure they would be available to cover operating needs or emergencies. The charity may invest amounts that are not immediately required for the objectives in such investments as may be thought fit by the Board of Trustees subject to such conditions and such consents as may be imposed or required by law. ## **RESERVES POLICY** Each year, the Board of Trustees reviews the Reserves Policy. In 2020/21 there was no change to the policy of holding a minimum of three months’ operating costs in unrestricted reserves, which cover any liabilities in the event of winding up. The Association’s current level of unrestricted funds, totalling £405,461, complies with this policy. The Association also holds restricted funds which are those with specific restrictions imposed by the donors and include both those received for specific projects of the Charity and funds raised for the Old Mortuary Renovation capital project. Restricted funds totalled £150,040 at the year end and do not form a part of the Association’s free reserves. 25 TIME &TALENTS ASSOCIATION IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS Charity number.. 1084545 Companynumber.. 04W9766 ReElstered Address: The Old Mortuèrv St Marythurch Street London SE16 4JE Trustees.. Angela Woodley Chair Stephen Whlttle- Chalr- re51gned 11 November 2020 Rebecc3 Bl8nd-Trea5urer Nl8el Clemson - reslgned 8 September 2021 Alisa Dolgova-appointed 8 September 2021 Mark Fisher- appointed 8 September 2021 Trulyjohnston Time? K8dar- appointed 8Septetnber 2021 Anne Koch Susan Lower- appolnted 8 September 2021 Franci5 Williams Lorralne Zuleta Exe£utlve Dlrector Sarah Glbb IndependentAuditors'. Azets Audit Services Chartered Attountants 2nd Floor, Regis House 45 King William Street London EC4R 9AN Bankers.. UnityTmst Bank Four 8rindley Place Birmingham 812J8 CCLA Investment Llmlted COIF Charity Funds 80 Cheapside London EC2V 60Z Investment Managers.. M & G Inve5trnpnt5 ICh8rltlesl PO Box 9038 Chelmsford CM99 2XF Black Rock Merrlll Lynch PQ Box 9036 Chelm51ord CM99 2XD Paae 26 TIME & TALENTS ASSOCIATION TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees (who are also directors of Tlme & Talents Association for the purposes of company lawl are responsible for preparingthe Trustees. report and the finHncia15tatements Sn accordancewith applicablelawand Unlted Kln8dom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practlcel. Company law requires theTrustee5 to prepare financial statements foreath financial year. Under companylaw the Tru5tee5 must not approve the financial Statements unless they are 5atisliedth3t they give a true and fair viewof the state of affairs of the Iharit8ble company and of the incoming resources and appllc8tlon of resources, including the income ènd expenditure, of the chHrit8ble company for that period. In preparing these financlal statements, the Trustees are required to.. sÈlÈrt suitable accounting pollcles and then Bpply them con51Stently.' observe the methods and principle5 In the Charitles SORP IFRS 1021. tnake judgments and accountlng Èstimates that are reasonable and prudent.. prepare the financial statement50n thegoing concern b8sls unless it is inappropriate to presume thatthecharitable company will cantinue in operation. The Trustee5 3re responsible for keeping adequate accounting records that arè Sufficient to Show and explain the charltable company's transactions and disclose with reasonable accur6cy at any time the financial posltlon of the charitable companv and enable them to ensure that the financial statements comply with Ihe CompaniÉ5 Act 2006. They are also responslble for Safeguarding the assets of the ch3ritable company and hence for taking re3son3ble steps for the prevention and detection of fraud and other irregularities. OISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who are Tru5tee5 * the time when th15 Trustees, report is approved has confirmed that.. 50 far a5 that Trustee Is aware, there is no relevant audit Informatlon of thich the ch3ritaNe company's audltors are unaware, and that Trustee has taken all the steps that OU8ht to have been taken as è Trustee In order to be aware of any information needed by the charitable compally's audltors In connettion with preparing the report and to estèbllsh that the tharitable company's audltors are aware of that information. Thls report was èpproved by the Trustees on the 10 November 2021 and signed on their behalf by.. Angela Woodley, Chair Trustee Rebecca Bland. Treasurer Trustee Page 27 INDEPENDENT AUDITORS, FIEPORTTO THETRUSTEES OFTIME &TALENTS ASSOCIATION Opinion We have audited the financial statemènts of TSme & Talents Association Ithe'charitable cotry)anll for the year ended 31 March 2021 which cornprlse Statement of Financial Artivities, the Balancè Sheet, the cashflow statement and note5 to the financial 5tatemÈnts, intludln8 a summary of Si￿lfICant accounting policies. The flnanclal reporting framework that ha5 been pplled in their preparation is applicable law and Unlted Kingdom Accounting Standard5, intluding Flnanclal Reporting Stand3rd 102 The Finonciol Reportlng Standard ¢Tpplicoble the UK Republlc ol Irelond (United Kingdom Generally Accepted Accounting Practice). In our opinion the finantlal st8tements'. give a true and 18ir view af the state of the charltable compan¢s afl?ir5 a5 3t 31 March 2021, and of Its Incoming resource5 and appllcatlon of resources, including its income and Èxpendlture. for the year then ended. have been properly prepared in attordance wlth United Kingdom Generally Accepted Acc(xJntin8 Practlce.. and have been prepared Sn accordance with the requiretnents of the Companles Acl 2006. Basls for opinio WÈ conducted our audit in accordan￿ V￿th Internatlonal Standards on Auditing IUKI IISAS IUKII and appllcable law. Our responsibilities under those standards are further described in the Audltor's responsitx-Illie5 for the audit of the finantlal statements sectlon of our report. We are inde￿ndent of the charitable company in 3ccordance with the Èthlcal requirements that 8re relevant to our audit of the financial staterr*nts In the UK, including the FRC'5 Ethic31 Standard, and we have fulfilled our other ethical re5ponsibllitles In accordance with these re4uirÉments. We belleve that the audit eV￿en￿ we have obtalned Is suffldent and appropriate to provide a basls forour opinion. Contluslons relatlng to Eolng concern In auditlnE the financial statèments, we have concluded thatthe trustee< USÈ of the golng concern basis of 3ccounting in th preparatlon of the finana81 statements Is appropriate. Based on the workwÈ have performed, we have not identified anymateri31 uncertalntles relatingto events orconditions that, indlmdually or collectively, m3y cast Significant doubt on the charitable company'5 3blityto continue as a golng contrrn fora period of 3t least twelve months from when the financial statements tre authorlsed for Issue. Our responsSbllitles and the responsibilities ofthe trustees wlth respecttoE￿ngC0ncer￿ aredestrlbedln therelevant sections of this report. Other Intormation The other Information comprises the information Included In the trustees annu31 report, other than the flnanclal statements and our auditor's report thereon. The trustees are responsible for the other Information contained within the annual report. Our opinion on the flnanclèl statements does not cover the other Informatlon and, except to the extent othÈrwlse explicltly stated in our report, we da not exprÈss any form of assurance conclusion thereon. Our responslblllty Is to read the other information and, In dolng so, consider whether the other Informatlon Is materially iNconsiStent with the financial siatements or our knowledge obtainÈd in the course of the audit or otherwise appear5 to bÈ materlally misstated. If we identify such material inconslstencles or apparent material tni55tatements. we are requlred to determine whether this glves ri5eto B material mlsstatementin thefinancial statements thern5È1ves. If, based on thework we have perfortned. wÈtonclude that there Is a material mi55tètement of this other Information, we are required to report that fact. We have nothinE to report in thi5 regard. Page 28 INDEPENDENT AUDITORS, REPORTTOTHE TRUSTEES OF TIME & TALENTS ASSOCIATION Opinions on other mètters prescribed by the Companles Act 2006 In our oplnlon, based on the work LJndert8ken In the covrse of the audlt.. the information glven in the truste￿, repori Ilncorporatingthe directors, report) forthe financial yearforwhSch thÉ flnancial statements are prepared is con515tent with the financlal staternent5'. and the directors, report has been prepared in accordèntÈ wth applicable legal requlrements. Matters on whlch we are required to report hy exception In thÈ light of the kno￿edge and understanding of the charlt8blÈ totnpany 3nd its enwronmentobtained in the course of the 6udit. we have not Identified tnateri?I misstaterfftnts in the directors, report. We have nothing to report In respect of the followinE matters In relBtion to whith the Companle5 Act 2￿6 requlres us to ieport toyou If, In our opinion.. adequate èccouniing records have not been kept. or returns adeqvate for our audlt have not been received from branches not vlslted by us.. or the financlal statements are not in 8Ereement with the accounting records and returns,. or certain disclosures of directors, rÉmuneratlOn 5pecifled by law are not made. or we have not recÈivÉd all the information and explanations we require for our audit., or the trustees were not entitled to prepare the fiDanaal statemÈnts in accordènce with the small companies, regln and take 3dv3ntage ofthesmall companie5, exemptionsln preparing the directors, rewrt and frotntherequirement to prepare a strateglc report. Respon5ibilltles of trustees As explalned more fully in the trustees. respon5ibilitie5 Statement, the trustÈÈ5 Iwho are also the dlrector5 of the charitable company for the purposes of comp8ny13wl are re5ponslble for the preparation of the flnèncial Statements and for belng satisfied that they give a true and fairview, and for such Internal control as the trustees determine 15 necessary to enable the preparatlon of flnancial 5titements that are free from rnaterial misstatement. wh@ther dve to fraud orerror. In preparinÈ the financial statements, the trustees are re5pon5ible for assesslng thÈ charitable companvs abilityto continue s a 8oin8 concern, disc105in& as appllcable. matters related to Eoln8 tontern and using the Eolne concern basis of accountlng unless the trustees either intend to Ilquidate the charitable company or ta ￿ase operations, or have no realistic alternative but to do so. Auditor's responslbllltles for the audit of the flnancial 5taternent5 Our obleclive5 are to obtain reasonable assurance about whether the flnanti31 statements as a ¥4hole are free from material rnis5tateMent, wheiherdue tofraud orerror. and to issue an auditor's report that includesovropinion. Reasonable assurènc@ 15 a high level of assurancÈ, but 15 not 3 guarèntee that an audit conducted in accordance with ISA5 IUKI wll always detect a materi81 mlsstatementwhen it exists. MlsstatÈments can 3ri5efrom fraud or error3nd are considered material if. individually or in the aggregate, they could rÈa50nably be expected to Influence the economlc declsions of user5 taken on the basls of these flnancSal statements. Irregul3ritie5. includlng fraud, are instances of non-complSance wth laws regulatSons. We design procedures In1Sne wlth our responslbllitie5, Outlined above, lo detect material misstitement5 in respect of irregularities, includinÉ fraud. The Specific procedure5 for thi5 engagemeni and thÈ extent to which these are capatle of detecting Irre8ularitie5. induding fraud is detailed below.. Enquiry of management and those ch8rEed wlth governance 3round actual and potential litigation ond claims ès well as actuèl, suspected arid alleged fraud.. Rewewing minute5 of meetings of those charged with governance.. Assessing the extent of compliance with the liws and reEulatlons considered to have a dlrect material effect on the financial statements or the operatlon5 of the company Ihrou8h enquiry and inspection,. Pège 29 INDEPENDENT AUDITORS, REPORfTOTHE TRUSTEES OF TIME &TALENTS ASSOCIATION Reviewlng financi315t3temènt disclosures and testing to supporting (Socumentètlon to assess compliance with applicable law5 and re8ulations,' Performing audlt work over the risk of manaRement bias and ovèrride of controls, includingtestlng of journ31 entries and other 8djustmÈnts for appropriateness, evaluating the busines5 rationale of significant trHnsadlons outside the normal tourse of business reviewin8 accounting estimate5 for Indlcator5 of potential blas. Because of the inherent limitations of an audit, there 15 4 riskthat we will not detect all Irregularlties. includingthose leading to a material mi55tatement in the financial statements or non-compliante wlth regulation. This risk increases the more that compliance with a law or regulatlon is removed from the Èvents and tran53Ction5 reflecied in the financial statements, as we wlll be le55 likely to become aware of instances of non-compli8nce. The risk Is also gre8ter regardlng Irregularities occurrlng due to fraud ratherthan error, as fraud InV￿ve5 Intentlonal concealment, forgery. colluslon, omission or misrepiesentation. A further descriptlon of our responsibillties Ss avail3Neon the Flnanci31 Reportin8 Council's website at.. https..Ilwww.frc.orE.uklOur-WorklAudit/Audit-and-a55urancelStandards-and-guidanceisiandards-and-guidance-for- auditorslAuditor5-rÉsponsibilities-for-3uditlDescrlptlon-ol-auditors-responsibilities-for-audit.aspx. Thls description forms part of ouravditor'5 rèport. Use of ovr report Thi5 report is made 501ely to the charltable compaDrf5 members, as a bodyi in accordance wlth Chapter 3 of Part 16 of the CompaniesArt 2006. Ouraudit work has been undertaken so thatwe might stète tothe charitable companvs membersthose matters we are required to state to them in an auditorfs repori and for no other purpose. To the lulle5t extent permitted by law. we do not accept or assume responsibS11ty to anyone other than the charitable company and the chiritable compantys members as a body. for our audit work. farthls report. or for the opinions we have formed. John Howard FCA (Senlor StatutoryAuditorl For and on behalf of Azet5 Audlt Services 5tatutoryAuditor 2nd Floor. Regi5 House 45 King Willl8m street London EC4R 9AN Oate 02/12 121 Page 30 TIME & TALENTS ASSOCIATION STATEMENT OF FINANCIAL ACTIVITIES Ilncluding thè Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2021 U*restricted funds 2021 Restricted funds 2021 Total funds 2021 Total funds 2020 Note5 INCOME FROM.. Donations and fundraising income 74,569 227.181 162 4,430 74,569 786,715 162 4,430 44,179 464,541 515 559,534 InvestmÉnt5 Other Income TOTAL INCOME 306,142 559.534 865,876 509,235 EXPENDITURE ON.. Raising funds 7,865 7,865 7,599 DeprecSètlon Governance Othercharltable activitie5 2,851 6,500 190,230 22,780 25.631 6.500 623.597 24,693 6,360 543,196 433,367 204,850 458,743 663,598 581,848 Net galns/llossesl on investments li 422 422 15401 Net Incomelexpenditvre 101,91dl 100,791 202,705 173,1531 other recognised Ealnslllosse51: Aituarial gains/llossesl on pension scheme 14 12641 12641 248 NET MOVEMENT IN FUNDS 101,650 IOCl.791 202,441 172.9051 RECONCILIATION OF FUNDS.. Total funds brought forward 15 180,240 172,820 353,060 425,965 TOTAL FUNDS CARRIED FORWARD 15 281,890 273,611 555,501 353,060 All income and expenditure derlve from continuing actlvltiÈs. All recognised galns and1055e5 are included In the Statement of Flnancial Actimties. The notes on pages 34 to 50 form pBrt of these financial 5t3tements. P8ge 31 TIME &TALENTS ASSOCIATION BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2021 Company number: 04009766 2021 2020 Notes FIXED ASSETS Tangible assets InvÉstmÈnts io li 190,497 3,281 196,515 2,859 193,778 199,374 CURRENT ASSETS Debtors Cash at bank and in hand 12 20,484 459,823 51,146 211.969 480,307 263,115 cRED￿OR5.. amounts falling due within one year 13 1110,8711 I1￿,289} NET CURRENT ASSETS 369,436 162.826 Oelined benefit pension scheme 14 17,7131 19,1401 NET ASSET5 555,501 353.060 CHARITY FUNDS Restricted funds Unrestricted funds 16 15 273,611 281,890 172,820 180,240 YOTAL FUNDS 555,501 353,060 These financial statements have been prepired in accordance with the special provislon of Part 15 of the CompHnie5 Act 2006 relatlng to charitable small tompanles. The finanaal Statery￿nt5 were approved and authorised for issue by theTrustees on the 10 November 2021 ènd ￿Ened on their behalf by.. Angelt Woodley, Chair Trustee Rebetta 813nd, Treasurer Trustee The nate5 on pages 34 ro 50 form part of these flnanclal statements. Page 32 TIME & TALENTS ASSOCIATION STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Notes Cash flows from operatinE actlvltles Net c3sh used in operatin8 activities 22 268,033 140.3001 268.033 140.3001 Cash flows frern investing actlvltles.. Dividends, Interest and rent5 from Investments Purthase of tangible fixed assets 162 515 121,8671 Net ta5h provided bylnvestlng attivitles 120.1791 121,3521 Change in cash and cash equlvalents in the year Cash and cash equlvèlent5 brought fonvard 247,854 211,969 161,6521 273.621 Cash artd cash equivalents carrled forward 23 459.823 211,969 The notes on pages 34 to 50 form part of these financl31 statement5. Page 33 TIME & TALENTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES lal General Information and basls of preparation Tirne & Talents Association is a company limited by guarantee In the United Kingdom. In the event of the company being wound up. the Ilability in respect of the guarantee 15 limitedto £1 per membèr of the company. The address of the reg￿stered offlce Isgiven in the reference and admini5trHtive details on page 26of thesÈflnanclal statements. The ature of the charit¢5 operations and principal èctivities are set out on p3ge l. The charltable company constitutes a public benefit Èntity as defilled by FRS 102. The financial statements have been prepared In accordance with Accountlng and Reporting by Charltie5.' Statetnent of Recommended Proctice applitable io charities preparlng their accounts in accordance with the Financlal Reporting standard ipplicable in the UK IFRS 1021 issued on 16 July 2015 las updated through Update Bulletin published on 2 February 20171, the Financial Reporting Standard applicable in the United Kin8dom (FR5 1021, the Charftles Act 2011, the Companles Act 2006 and UK GenerallyAccepted Prattlce ès it applies from l January 2017. The financial statement5are preparedon a going concern basis underthe historlcèl cost convention, modlfledto include certain item5 at fair value. The fin3ncial statements are prepared In sierfing which 15 the functional currency of the The 5iEnificant accounting policies applied In the preparation of these financial 5tHtements are set out below. These policles have been conslStÈntly applied to 311 ye3r5 presented unle55 Othermse stated. Ibl Going Contern The Tru5teps have considered the organlsation's perfortnance, including the exceptlonèl additional new funding attracted by the Covid response. They have considered the level of funds held and the expetted level of income and expenditurÈ for 12 months Irorn authorlslngthese financial statements ond believe that no material uncertalntles exlst. The finèncial statements have therefore been prepared on a golng concern b35iS Icl Funds Unrestrlcted lund5- represent funds which can be used in accordance wlth the charitible objects at the discretion of the Trustees. Designated funds-the5e 3re funds set èslde by the Trustees out of unrestricted 8eneral'fund5 lor 5peciflc purposes or projects. Restricted funds- represent funds whlch are to be usèd In accordance with speclflc restriction5 irnposed by donor5 Of when the fund5 3rÈ ralsed by the charityfor ￿rtIcUlar purpose Furtherexplanation of the naturÈ and purpose of each fund Is included in the notes to the financi31 statements. Page 34 TIME & TALENTS ASSOCIATION NOTES TOTHE FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES Icontlnuedl Idl Income All IncottE is included In the Statement of Flnancial Activities ISOFAI when the charlty Is legally entitled to the Incotne after ony performance conditions have bÈen met, the amount c3n be measured relisblyi and It Is probable that the income will be receivÈd. Donations and fundraislng income are recognised In the flnanclal statements when the Charity is convlnted that there is entitlement to the income, therè is certaintyof recÉlpt and the amount question is measurable. Incorne from charltable activities includes Intotne from Érants and donation& Grant Income 15 recognlsed vthere there is entitlemenL certainty of recelpt and the amount can be measured wlth sufficient reliabilltv. InV￿tment Sncome, vthich includes interest on funds held on deposit Ss Included when recelvable and the amount can be measured reliably by the company,. thi5 15 normally upon notificatlon of the inteiest paid or ￿Yable bythe Bank. Donated serv]ces ar facilities are recognised when the company has control over the Item, any conditions assoclated with the donated Item have been met, the receipt of economic benefit from the use of the company of thè item is probèblÉ and that economlc benefit can be measured reliably. In accordance with the Charitie5 SORP IF115 10211 general volunteer time is not reco8ni5ed. Refer to the Tru5tees' report for more information about the support provlded by general volunteerstothe Charity. On recelpt, donated profe￿10n81 Services and donated facilities are recogni*d on the basls of the value of the 8lft to the company which isthe amount the company would have been wllllng to payto obtaln serwces or facilities of equivalent economic bÉnefit on the open market. a corresponding amount isthen recognised inexpenditure inthe period of recelpt. lel Expenditure All expenditure Is accounted for on an accrua15 ba￿$ and hès been c135sified under heading5 that aggregète Hll cost5 related tothÈ category. Expenditure is recogni5ed where there 15 a legal or constructive obllgatlon to Tnake payments to third partie5, ItisprobablÉ that thesetllement wll be ￿quired3nd the atnount of Iheobligation can be measured reliablv. Expenditvre Is classified bYacti￿ty. The costs of each attivity are made up of the total of dlrett C05t5 and shared costs, including support cost5 involve(f in undertaking each actlvlty. Dirert C05ts attrlbutable to a single acti￿tY are allocated dirertly to that activity. Shared costs which contribute to more than trne actiwty and support COSts whith re not attributable to a single artivity are apportioned between those activities on a ba51S CQn515tent wlth the use of resources. Central staff c05t5 are allocated on the basis of tlme spent, and depreciatlon charges allocated on the portion of the assÈt's use. SupportC05ts are those c05t5 incurred dlrectly in support of expenditure on the oblott5 of the company and include project Management tarried out at Headquarters. Governante costs are those Incurred in connettion with administration of the company ard compliance wlth ton5titutional and statutoryrequirements. Page 35 TIME & TALENTS ASSOCIATION NOTES TOTHE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES Icontinuedl lel Expendlture Icontlnuedl Cost5 of EeneTating funds are costs incurred in attrattlng voluntary income. and those Incurred in trading actlvltles that ralsefunds. CharltaNe actlvlties and Govemance costs are costs incurred on the company's operatlws. includlng support C05tS and costs re1atlngto the governance of the company apportioned to charltable activitie5. All expendlture 15 Incluslve of irrecoverable VAT. If) Tangible fixed a55ets Tangiblefixed assets are stated at COStlor deemed tostl orvaluation less accurnulated depreaation and accumulated impairment losses. Cost includes costs direttly attributable to making the asset capable of operating as Intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost I￿5 estimated resldual value, of e8ch asset on a sy5tem3tic ba￿S over Its experted useful Ilfe as follows.. Lon8 Term Leasehold pro[￿rtY Motor Vehlcles Fixture5, Fittings and Equlpment Computer Equiprnent Garden Offic Solar PaneSs 20 years straight line 2￿ rÈducln8 balance 20%- 33% reducing balance 20%- 33% reducing balance 20 years Straight Ilne 20 years Straight line All asget5 C05ting morethèn £500 are capitali5ed. Igl Fixed Asset Investments Flxed Asset Investments arè 8 form of flnancial instrument and are initially recogn15ed at thelr transaction cost and subsequently measvred at fair ￿lue at the 8alance Sheet date, unfess falr value cannot be measured rellably in which case it is measured at cost le55 ImP3irment. Investment 88ins and losses, whether reallsed or unre31i5èd, are combined and shown in the headinE 'Gains/l105se51 on invÈstments' In the Statement of financlal activities incorporatlne Income and expenditure actount. Ihl Debtors Trade (lebtor5 are reco8nlsed at the settlement amount after any tr3de discount offered. Other debtors are reco8nlsed al the settlement amount due. Prepayment5 3re valued at the amount prepald. Accrued income is measured at the amount due to be received. 111 Cash at bank and in hand Cash at bank and cash in h3nd intludes cash and short term hi8hly Ilquld Investments with a short maturlty of three months or less from the datÈ of acqulsitlon or opening of the deposlt or Similar account. Page 36 TIME & TALENTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES Icontlnuedl 111 Credltors and provisions Creditor5 are recognised wheretheTrust has a present obligation resultinÉ from a p35t event that will probèbly result in the transfer of funds to a third party and the amount due to settlè the obligation can be mÈ8sured or estimated Other credltors and attrua15 are recognlsed 8t thÈlr settlement amount due. Prowsions are reco8nlsed when the charSty has an obligation at the balan￿ sheet date a5 a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliablv estlmated. Ikl Operatlng Leases Rentals under operatlng leases ?re charged to the Statement of fSnancial activities incorpor*ing incorne ?nd expenditure account on a straiEht-Ilne basi5 over the lease term. 111 Taxatlon ThÈ charitv Is an exempt charitywithin the meanln8 of schedule 3 of the Charities Act 2011 and Is conslderèd to pa55 the test5 set out In ParaEr8ph I SchedulÈ 6 Finance Act 2010 and therefore it meets the definition ol a charitable comp8nyfor UK corporatlon tax purposes. Iml Employee benefits The charity operates 8 deflned contribution penslon schetne lor its employees. A defined contrlbutlon plan 15 a pension plan under which the charity pays flxed ¢￿tributIonS into a separate entity. Once the contributions have been paid the charityhas nofurtherpaymènt obligations.The contributlonsare recognised as an expense when they are due. Amount5 not Paid 3re shown in the tciruals in the balance shÈets. The assets of the plan are held separately from thè charity in n independently administered lund. Previously the pension provision was made through multiemployer dÈfined benefit penslon plans. Where it is not possible forthe charity to obtaln Sufficient informatlon to enable it to account for a plan as a defined beneflt plan, it accountsforthe plan as a defined tontribution plan. Where the plan 15 in deflclt and where the charity has a8reed, with the plan, to participate In a deficit funding arrangement, the ch3rityreco8nise5a liabilityforthis obligation. The amount recoenlsed is the net present value of the contributions pa￿ble under the agreement that relate to the deflcit. Thls amount 15 expensed in thè Statement of Financlal Activities. The unwlndln8 of the discount is reco8nlsed a5 a finance cost. A liability for the agreed pension scheme defitit plan of the TPT Retirement Solution Scheme has beÈn included based on an estimate ol the remalnln8 Costs to complete the wnd up ol the scheme, In accordance with the Schedule of Contributions dated 31 March 2021. Page 37 TIME & TALENTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES Icontlnuedl Inl Critleal Accounting Eslimates and Areas oljudgement Estimates and judgement5 are continually evaluated and are based on historical experience and otherfattors. IncludinE expect3tions of future events that are believÈd to be reasonable underthe clrcum5tance5. al Judgements in applylng the entitV'5 acccuntlne policies.. lil Multi-employer defined benefit pension scheme5 The charity plrtitipates In a multi-employer defined benefit pension scheme wlth other organlsat10￿. In the judgement of thetrustee5, the tharfty does not have 5ufflcient Information on the plan assets and liabllltiesto be able to reliably account for its share of the defined benefit obligation and plan a55ets. Therefore. the schemes are accounted lor a5 defined contribution Schemes. bl Critical accountlng estimate5 and assumptlons.. lil Multi-employer defined bÈneflt penslon scheme5 The chèrity has an obligalion to pay a deficlt funding 3rrangetnent in respect of 3 multi-employer defined benefit pension Scheme. The present value of the obllgatlon depend5 on a numberof factors includin8the RPI rate and the discount rate on corporatÈ bonds. Man3gernent have used the present value prowded by the Scheme administr8tors in determlnlng the new penslon obllgation in the balance sheet. The annual depreclation charge of tan8lble assets 15 5en5itive to chanEe5 in the estlmated useful economlt Ilves and the residual value of the assets. The useful economic live5 and residual values are rtrassessed annually. They are ?mended when necessary to reflect turrent estimates, based on economic utilisatlon. physical condition and future investment5 of assets. Page 38 TIME &TALENTS ASSOCIATION NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 INCOME FROM DONATIONSAND LEGACIES Unrestrlcted funds 2021 Restricted funds 2021 Total lund5 2021 Total funds 2020 Donations and fundralslng income 74,569 74.569 44.179 Total 2020 44,179 44,179 INCOME FROM CHARITABLE ACTIVITIES UnrÈ5tricted funds 2021 Restrlcted funds 2021 Total funds 2021 Total funds 2020 General purposes. tore rNan3gement and Premises Space Hire Cycling without age Older people Servi￿$ Gardenin8 Food hub Chlldren ènd familyservices Outdoor Activities Adult Groups efrlendln OlderActivitie5 Health and Wellbelng 228.026 228,026 76,409 18451 18451 5,850 122,531 10,596 286,269 38,185 22,745 14.638 46.926 11,794 38,607 3,752 82,303 35,384 5,850 122,531 10,596 286,269 38,185 22,745 14,638 46,926 11,794 29,459 10,ooD 75,115 30,124 10,000 73,388 227,181 559,534 786,715 464,541 Total 2020 113,416 351,125 464,541 Page 39 TIME & TALENTS ASSOCIATION NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 INVESTMENT INCOME Unre51ricted funds 2021 Restricted funds 2021 Total funds 2021 Total funds 2020 Investment income sank Interest 103 59 103 59 237 278 162 162 515 Total 2020 515 515 OTHER INCOME Unrestrlcted funds 2021 Restrrrted fund5 2021 Total fund5 2021 Tot81 funds 2020 Job Retention Scheme 4,430 4,430 4,430 4,430 rolal 2020 TOTAL RESOURCES EXPENDED Cost Of Generatin8 Hlre Cycling Wlthout Older People Gardenin8 ManaEement Marathon costs Staff costs Auditor5 remuneration 7,865 81,404 4,367 70,297 12,733 Dppretiatlon Otherc05t5 70,644 IOD 1,583 1,788 Total 7,865 152,Q48 4.467 71,880 14.521 Page 40 TIME & TALENTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 TOTAL RESOURCES EXPENDED Icontinuedl Food Hub Chlldren & Famlly Outdoor Adult Groups Befrlendlng Older Marathon tosts Staff costs Auditors remuneration 97,577 21.255 27,927 19.059 21,984 31,138 Depreciation Other costs 151,825 4,425 46 1,451 2,777 1,217 Total 249,402 25.680 27.973 20.510 24,761 32.355 Governance Costs Support Costs 2021 Total 2020 Total Marathon tosts Staff cost5 Auditors remunerttion 7,865 387,741 7,599 406,828 6,500 6,500 25.631 235,856 6,360 24,693 136,368 Depreciation Other cost5 25.631 Total 6,500 25.631 663,593 581.848 NET INCOMEIIEXPENDITUREI This15 Stated alter chargln8'. 2021 2020 Depreciation of t3nglble fixed 35set5'. owned by the charity Auditor5, remunerètlon (VAT inclusivel 25,631 6,500 24,693 6,360 AUDITORS, REMUNERATION 20ZI 2020 Auditors remuneratlon Auditors rernuneration- non-audit work Overllunderl pro￿￿On 4,500 2.280 12801 4.260 2,250 11501 6,500 6.360 Page 41 TIME &TALENTS ASSOCIATION NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL Staff tosts were as follow5.. 2021 20ZO 345,615 28.408 13.718 366.823 26,527 13,478 Employers Nl Pension cost5 387,741 406,828 The average nUm￿rOf persons employed bythe company durlngthe yearwa5 3$ follows.. 2021 No. 18 2020 18 No employee recèived remuneratlon amounting to more than £60,0￿ In either year. DurinE 2021, no Trustees were paid or retrived 3Dy other benefits from employment with thÈ d)arltable company 12020.. £nl11. NoTru5teeswere reimbursed for any expensesdurinE the year12020.' £nlll. The key management of the charitable comp3ny comprise the Trustees and the Director. The Trusiees do not retelve any remuneration for this rolè. The total employee benefit5 of the key management personnel of the charitable cotnpanywere £55,89312020.. £74,741). Page 42 TIME & TALENTS ASSOCIATION NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 io. TANGIBLE FIXED ASSETS LITerm Leasehold Property Solar Panels Motor Flxtures and Vehlcles Computey equipment Total Cost At l Aprll 2020 Addition Disposa15 Transfers 455,$94 32,713 47,201 9,488 2,837 11,5951 3,773 544,996 20,341 18,0901 17,504 16,4951 13,7731 At 31 March 2021 455,594 17,504 32,713 36,933 14,503 557,247 Depreciatlon At l April 2020 Charge for the year Di5PQsals Transfers 282.774 22.780 32,713 27,405 1,039 16,3681 13,7381 5,589 1,520 19941 3,738 348,481 25,631 17,3621 292 At 31 March 2021 305.554 292 32,713 18,388 9,853 366,750 Net book value At 31 March 2021 150,04Q 17,212 18,595 4,650 190,497 At 31 March 2020 172,820 19,796 3.899 196.515 ii. FIXED ASSET INVESTMENTS Ilsted Market value At l April 2020 RevalUat￿On$ 2,859 422 At 31 March 2021 3,281 Investments at market value comprise.. 2021 2020 Listed Investments 3,281 2,859 All the fixed asset investments are held in the UK, PèÉe 43 TIME & TALENTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 12. DEBTORS 2021 2020 Trade debtors Other debtor5 Prepayrnents and accrued incomÈ 1,264 227 18.993 12,122 2,755 36.269 20,484 51.146 13. CREDITORS.. AmountsfalllnE due withitt orte year 2021 2020 Trade creditors Other taxation and 50clal securitv Other treditors Accruals and deferrÈd Income 7,454 7,043 7,028 89.346 12,226 7,913 6,281 73,869 110,871 100,289 Deferred Inceme Deferred Income at l April 2020 Resources deferred durlnE the year Atnounts released from pre￿Ou$ years 60,878 156,6871 60,366 Deferred Income at 31 Marth 2021 64,S57 Deferred Income re1ate5 to Income received during the year lor activitles t8kinE place in 2021D022. Page44 TIME & TALENTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. PROVISION FOR LIABILITIES 2021 2020 Multl-employer schemè liHbility 7,713 9,140 The movement In the liability during the year was as follows.. 2021 2020 Balance at l Aprll Unwinding of the discount fèctor (interest expensesl Deficit contribution Rem?Èsurernent- impatt of any change In è55umptions Reme3surement- 2mendments to the contributSon schedule 9,140 205 11,8961 11,088 140 11,84Ql 264 12481 7,713 9,140 The Charity p3rticipates in the scheme, a multi-employer scheme which proirydes benefits to some 950 non- a550Ci?ted paiticipating employers. The Sche￿* Is a defined beneflt scheme in the UK. It 15 not possible for the Charity to obtain sufficient information to enable it to account for the scheme Ès a defined benefit scheme. Therefore it accounts forthe scheme as a defined contribution scheme. The Scheme Is subject to the fvndlng legislation outllnÈd in the Penslons Act 2004 whlch tame into force on 30 December 2(N)5. This, together with documents 155ued by the Pensions Re8ulBtor and Technical Actv8rial Standards issued by the FinancSal Reporting Councll. set out the framework for funding defined benefit occupatlonal pension SChe￿S in the UK. The schemels classified as è'last-m3n 5tandSnearrangeMent' Thereforethecompanyi5 POtentiallylSableforother participating employers, obligations if those employers arè unable to meet their share of the Scheme deficlt following wlthdrawal from the scheme, Participating employers arÈ legally requlred to meet thelr share of the schetne deficit on an 8nnuitypurchase basi5 on withdrawal from the scheme. A full actuarial valuation for the scheme was carrled out at 30 September 2017. Thls valuation showed èssets of £794.9m, liabilitie5 of £926.4m a deficit of £131.5m. To ellminate this funding shortfall, theTrustee ha5 asked the participating employers to pay addition31 contributlons to the scheme as follows.. Deflclt CL￿trib￿tiOn5 From l April 2021 to 31 January 2025.. £11.243,000 per annum (payable monthlyand increaslng by 3% each on 1st Aprlll Unless a concesslon ha5 been agreed with the Trustee the term to 31 January 2025 applles. Note that the scheme's previous valuatlon was c8rried out with Hn effectlve date of 30 September 2014. This valuation showed assets of £793.4m, liabilities of £969.9m and a defitit of £176.5m. To eliminate thls funding shortfall, the Trustee hès asked the partlcSpating ernployers to pay ad(titional contributions to thè scheme as follows.. Page 45 TIME & TALENTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 14. PROVISION FOR LIABILITIES- contlnued Defltlt Contrlbutittns From l April 2016 to 30 September 2025.. £12,945,440 per annum (payable monthly and Increasing by 3% eèch on 1sIAprill Ip8yable monthly8nd intreèslng by 3%each on 1st Aprlll From l Aprll 2016 to 30 September 2028., £54,560 per annum The recovery pl3n contributions arè allocated to each partitlpètlng emplO￿r In Ilne with their estlmated shHre of the Series l and Series 2 scheme liabilities. Where the schème is Sn deficit and where the companyhas agreed to 3 dÈficlt funding 3rrangèment the companv recognises a Ilability for thls obllgation. The amount recognised is the net present value of the deficit reduction contribution5 payable under the agreement that relates to the deficit. The present value is Calculated using the discount rate detailed In these disclosures. The unwinding of the discount rite Is recogN15ed as a flnance c05t, 2020 % per onnum 2021 % per ?nnum 2019 % per annum A55umptlons Rate of discount O.S6 2.53 1.39 The discount rates shown above are the equivalent slngle dlscount rates whSch, when used to dlscount the future recoveryplan contributitrnsdue, would give the sameresult5 as usin8 a full AA corporatebondyield curve todiscountthe SHmè recoveryplan contribuiions. PagÈ 46 TIME &TALENTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 15. STATEMENT OF FUNDS Balance at l Aprll 2020 Income Expenditure Galnsl Balance at 31 March 2D21 Unrestricted funds General fund5 180,240 306.342 1204.8501 158 281,890 RÈ5tricted funds Restricted funds forcharltable 172,820 559.534 458.7431 273,611 353.060 865,876 1663,5931 158 555,501 15A STATEMENT OF FUNDS- PRIOR YEAR Balance at Income Expenditure Galnsl Balance at 31 March 2020 2019 Unrestricted funds General funds 226.524 111.938 1157.9301 12921 180,240 Restrltted funds Restricted funds forcharitable 199.441 397,297 1423,9181 172.820 425.965 509,235 1581,8481 12921 353,060 Page 47 TIME & TALENTS ASSOCIATION NOTESTOTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 16. RESTRI￿ED FUNDS BREAKDOWN Balance at l April 2020 Balance at 31 Marth 2021 Intome Expendlture Old Mortuary Renovatlon Cycling Without age Older people 5ervlces Gardening Food hub Children and laTnlly Ser￿CeS Outdoor ActlvSties Adult Groups Befriending Older Activltles 172,820 122,7801 14,4671 171,8801 110,5961 1249,4021 125,6801 122,7451 114,6381 124,7611 111,7941 150,040 1,383 50.651 5.850 122,531 10,596 286,269 38,185 22,745 14,638 46,926 11,794 36,867 12,505 22,165 Balance carrled forward 172,820 559.534 1458,7431 273,611 Old Mortuary Renovation Thls relate5 to funds raised for the Old Mortuary Renovation Capltal project to which the annual depreciatlon Is allocatÈd. Cycllng without age Thi5 relates to funds ralsed for volunteers providing trishaw rldes for alder people. Older people services This rÈlates to fund5 raised for targÈted serwces and actlvlties lor isolated and vulnerable older people. Gardenln8 Thls relate5 to funds raised for Green Team and Rotherhithe Shed projects. Food hub Thls relates to funds raised for the weeklyCo￿d-19 emergencyfoLKI ddiveryto households In crisis. During the year Southwark Council supplied on average 264 food boxes a month, for 11 months durin8 the period May 2020- March 2021. ThÈ value placed on the food boxes was £40 per box. The income and correspondlng expendlture has been recognised withln the restricted food hub charitable activity. Chlldren and famlly service5 This relate5 tofund5 ralsed for progrtmmes of free actI￿ltIeSf0r children and whole famllysuwort. Outdoor Activltles Thi5 relates to funds ralsed for volunteer befriending through sport and activity for all age adults. Adult Groups This relates to fund5 raised for a cornmunlty offer of treatlve, learning and wellbeing classes. Page 48 TIME &TALENTS ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 16. RESTRICTED FUNDS BREAKDOWN-continued Belrlendlng Thi5 relatÈsto funds raispd lorvolunteer belriendlng service forfrail or vulnerable older people. Older Actlvlties Thls relates to funds r3ised fort8r8eted projects such a5 Pub Club lor older men and walkln8 groups. 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS-CURRENT YEAR Unrestricted lunds 2021 Restricted lund5 20ZI Total funds 2021 Tangible flxed asset5 Fixed ès5et investments Current assets Creditors due within one year 40,457 3,281 354,140 1110,8711 17,7131 150,040 190,497 3,281 480,307 1110,8711 7,7121 126.167 279,294 276,207 555,501 17A. ANALYSIS OF NET ASSETS BETWEEN FUND5- PRIOR YEAR Unrestrltted funds 2020 Restricted funds 2020 Total funds 2020 Tangible fixed asset5 Fixed asset investments Current assets Creditors due wlthln one year 23,695 2,859 263,115 1100,2891 19,1401 172.820 196,515 2,859 263,115 1100.2891 19,1401 180,240 172.820 353,060 18. PENSION COMMITMENT5 The company operates a defined contrlbution penslon scheme. The as5Ét5 of the scheme are held separatelyfrom those of the company in an Independently adtllini5tered fund. The penslon cast charge represents contributions payable bythe companyto the fund and èmounted to E13,71812020.. £13,478). P8ge 49 TIME & TALENTS ASSOCIATION NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 Ig. OPERATING IEASE COMMITMENTS At 31 March 2021 the total of the Charitrf5 future minimum lease pawnents undÈr Thon-cancellable oper2tlng leases wa5.. Land and buildlnES 2020 2021 Amounts payable Within one year Between one and five years After more than S years 11,250 45,(M)O 25,151 11,250 45,000 36,432 20. REiATED pARTYTRANSA￿l0N There were no related partytr3n5actlons noted durlng the yèar ending 31 Marth 2021 nor In the ￿ar ending 31 March 2020. 21. CONTROLLING PARTY There w35 no controllin8 partyin the year under revlew. 22. RECONCILIATION OF NET MOVEMENT IN FUNDSTO NET CASH FLOW FROM OPERATING Acriv￿lEs 2021 2020 Net expenditure forthe year las per Statement of Financlal Actiwtiesl Adlu5tment for.. Depreciation charges IL055esllgains on investment5 Dividends, Interest and rent5 from Investments Losses on disposal ol fixed assets Decreasellincreasel In debtors Increase in creditor5 Defined benefit scheme finance c05t adjustment 202,441 172.9051 25,631 14221 24,693 540 15151 728 30.662 10,582 IL.4271 19,8261 19,661 11.9481 Balance carrled forward 268,033 140,3001 Z3. ANALYSIS OF CASH AND CASH EQUWAIENT 2021 2020 Cash in hand 459.823 211,969 Page 50