**REGISTERED COMPANY NUMBER: 04502783 (England and Wales) REGISTERED CHARITY NUMBER: SC039370 AND 1101204**
## **REPORT OF THE TRUSTEES AND**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
**FOR**
**TIME BANKS UK**
TIME BANKS UK
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
||Page|
|---|---|
|Reference and Administrative Details|3|
|Report of the Trustees|4|
|Independent Examiner's Report|8|
|Statement of Financial Activities|9|
|Statement of Financial Position|10|
|Notes to the Financial Statements|12|
TIME BANKS UK
**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2022**
## **TRUSTEES**
G Lonergan-Jessup G Taylor C A Ryan Ms B Taubner Miss H L Foley D Ghai
## **COMPANY SECRETARY**
## S Bird
## **REGISTERED OFFICE**
**REGISTERED COMPANY NUMBER**
The Exchange Brick Row Stroud Gloucestershire GL5 IDF 04502783 (England and Wales)
## **REGISTERED CHARITY NUMBER** SC039370 AND 1101204
## **INDEPENDENT EXAMINER**
Nathan Grace Ltd 6 Homestead Lane Buckingham MK18 2RU
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TIME BANKS UK
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 MARCH 2022**
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Repotting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2019).
## **ACHIEVEMENTS AND PERFORMANCE Charitable activities**
## **Our vision**
A country in which there’s a time bank in every community and on every high street, connecting and valuing people, and helping to eliminate loneliness.
## **Our mission is…**
- To support time banks by giving them resources, tools and information they need to thrive;
- To work with organisations and commissioners to engage local people in timebanking;
- To influence policymakers, local and central government to promote the advantages of timebanking.
We provide operational guidance for time banks, with our Quality Mark™ representing a model of best practice for community time banks. We specialise in person-to-person timebanking and recommend clear procedures to minimise risk for people who engage in time exchanges.
Many local time banks were impacted by covid-related restrictions, and we are working to help those that are still struggling with the aftermath of the pandemic. We also changed the way we were working and created a range of materials and guidelines for our time banks. Our monthly Check In and Chat sessions have remained in place. We are now pleased to say that we have specialist training in place which is online to support new and existing time banks.
Our Trustees have regard for Charity Commission’s advice on highlighting our public benefit and impact on communities. Whilst we are an infrastructure organisation we also work in partnership to run local funded programmes which directly impacts on people with sight loss, young people, those who are disabled and offenders.
## **Numbers in reflection**
**March 2020 –** cumulative hours swapped across the UK reached **5,716,858**
**March 2021 –** cumulative hours swapped across the UK reached **6,018,641** (during lockdown 2 ladies hit the magical 6 million number whilst supporting each other by phone). Our data is kept by our Time Online2 platform specifically designed for time banks.
**March 2022 –** cumulative hours swapped across the UK reached **6,111,966**
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TIME BANKS UK
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **Current programmes**
Whilst some of our programmes remained on hold for the first part of the financial year we remained busy with the following:
## **Helping everyone to get active**
Our second funded programme with Disability Rights UK and Sport England involving disabled people and people with long-term health problems to become more active: time bank members pair up using a buddy scheme to take part in activity together twice a week for 10 weeks.
## **Introducing leisure centres to those with disabilities**
We have restarted the project with Serco and Sport England, which is supporting people living with dementia or long-term health conditions to access leisure facilities, using a timebanking framework.
## **A guide for prisons to introduce timebanking**
Timebanking recognises the value of everyone in society, including people who have committed offences and those at risk of offending. With thanks to Allen Lane Foundation we have created a guide for prisons on how they can use timebanking to benefit those in prison and for those released.
## **International membership**
As a result of our hosting the 4[th] International Day we had a flurry of international enquiries and thrilled to say that Canada, Saudi Arabia and Qatar are now International Members of TBUK.
## **‘Sound Ideas’ for people in Warwickshire to learn radio skills**
Funded by the ESF and in partnership with Creative Lives, the Warwickshire and Coventry CVS and the Atherstone Time Bank, we delivered a one year long project ‘Sound Ideas’ providing media training to unemployed people in Warwickshire. Participants gain skills in teamwork, project management, writing and editing, and podcast presenting, recording and editing, as well as taking part in timebanking activities.
## **FINANCIAL REVIEW**
Timebanking UK has clear policies for sound financial management with particular emphasis on having a variety of income streams alongside our grants and trust funding. We are extremely grateful to Disability Rights UK, Sport England, Allen Lane Foundation, Vision Foundation and ESF for the grants and contracts that have provided our project funding.
## **Investment Policy**
Due to the relatively low level of funds available for investment, the Trustees consider that bank deposits provide a satisfactory return to the Charity.
Page 5
TIME BANKS UK
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **Reserves policy**
The trustees would like to target having sufficient free reserves to cover at least three months forecast operating costs. This would cover the normal fluctuations in cashflows and unexpected one-off costs. At the year-end the free reserves were reduced to less than one month's budgeted costs, well below this target, but the trustees continue to prioritise the increase of reserves for the charity.
## **Revised 3-year strategy and organisational aims**
Our revised three-year strategy works towards a more sustainable economic position for TBUK, a stronger position for our time banks, and an increase in the recognition of timebanking. For the year head our 6 strategic aims are as follows:
Page 6
TIME BANKS UK
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document and legal status**
The Charity is incorporated as a company limited by guarantee, and therefore it has no share capital. It is governed by its Memorandum and Articles of Association dated 2 August 2002. In the event of the company being wound up and the liabilities and winding up expenses being in excess of assets, the liability of each member is limited to El.
The Charity operates as Timebanking UK and will therefore be referred to throughout this document by that name.
## **Organisational structure**
The Charity is controlled by a Board of Trustees, which meets on a regular basis. Names of the Trustees and advisers of the Charity are listed on page 1 of these financial statements. The power to appoint new trustees is vested in surviving and continuing trustees.
## **Related parties**
The company has no subsidiary undertakings or direct relationships with other organisations.
## **Risk management**
The Trustees actively review the major risks that the Charity faces on a regular basis and believe that maintaining its current reserves policy, combined with an annual review of the controls over key financial systems, will provide sufficient resources for the Charity going forward. The Trustees have also examined other operational and business risks faced by the Charity and confirm that they have established systems to mitigate the significant risks.
## **TRUSTEES' RESPONSIBILITY STATEMENT**
The trustees (who are also the directors of Time Banks UK for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 20 December 2022 and signed on its behalf by
D Ghai - Trustee
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TIME BANKS UK
## **INDEPENDENT EXAMINER’S REPORT**
## **FOR THE YEAR ENDED 31 MARCH 2022**
I, Olufemi Oyetunde report on the accounts for the year ended 31 March 2022 set out on the following pages which have been prepared based on the accounting policies shown in the corresponding pages.
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
## Basis of the independent examiner's report
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## Independent examiner's statement
In connection with my examination, no matter has come to my attention
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006
Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
20 December 2022
Mr Olufemi Oyetunde(FCCA) Nathan Grace Ltd 6 Homestead Lane Buckingham MK18 2RU
Page 8
TIME BANKS UK
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 31 MARCH 2022**
|Notes
INCOME AND ENDOWMENTS FROM
Charitable activities
2
Other trading activities
3
Investment income
Total
EXPENDITURE ON
Charitable activities
4
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD||Unrestricted
fund
38,886
23,660
9
62,556
78,696
-16,140
26,443
10,303|Restricted
funds
77,048
77,048
74,511
2,537
11,199
13,736|31/03/22
Total
funds
115,934
23,660
9
139,604
153,206
-13,603
37,642
24,039|31/03/21
Total
funds
123,976
33841
19|
|---|---|---|---|---|---|
||||||157,836
161,738|
||||||-3,902
41,544
37,642|
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TIME BANKS UK
## **STATEMENT OF FINANCIAL POSITION**
## **FOR THE YEAR ENDED 31 MARCH 2022**
|`Notes`
FIXED ASSETS
Intangible assets
7
Tangible assets
8
CURRENT ASSETS
Debtors
9
Cash at bank
CREDITORS
Amounts falling due within one year
10
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
16
NET ASSETS
FUNDS
18
Unrestricted funds
Restricted funds
TOTAL FUNDS|Unrestricted
fund
£
12,266
3,721
15,987
18,768
23,199
41,967
(10,264)
31,704
47,691
(23,651)|Restricted
funds
£
-
0
0
0|31/03/22
Total
funds
£
12,266
3,721
15,987
18,768
23,199
41,967
(10,264)
31,704
47,691
(23,651)
24,039
10,303
13,736
24,039|31/03/21
Total
funds
£
8,178
4,961|
|---|---|---|---|---|
|||||13,139
1,574
62,338|
|||||63,912
(8,492)|
|||||55,420|
|||||68,559
(30,917)|
||24,039|||37,642|
|||||26,443
11,199
37,642|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
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TIME BANKS UK
## **STATEMENT OF FINANCIAL POSITION**
## **FOR THE YEAR ENDED 31 MARCH 2022**
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 20 December 2022 and were signed on its behalf by:
D Ghai - Trustee
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TIME BANKS UK
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## 1. ACCOUNTING POLICIES
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
- Fixtures and fittings 20% on reducing balance - Office equipment 20% on reducing balance
## **Taxation**
As a recognised charity, the company is exempt from Corporation Tax so far as it relates to its charitable objects. It is not, however, exempt from VAT, and irrecoverable VAT is included in the cost of those items to which it relates.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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TIME BANKS UK
## **NOTES TO THE FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 31 MARCH 2022**
## 2. INCOME FROM CHARITABLE ACTIVITIES
|Grants
Grants received, included in the above, are as follows:
Big Lottery
Dunhill Medical Trust
Coronovirus Job Retention Scheme Grant
DWP Kickstarter
Tudor Trust
ESF Community Grant
Disability Rights UK
ESF Works
More Leisure Community Trust
Vision Foundation
Allen Lane Foundation
Albert Hunt
. OTHER TRADING ACTIVITIES
Training and Presentations
Membership income
Miscellaneous income|31/03/22
£
115,934
31/03/22
£
19,836
765
14,712
0
13,098
9,870
16,944
21,410
8,000
9,300
2,000
115,935
31/03/22
£
1,538
21,907
214
23,659|31/03/21
£
123,976|
|---|---|---|
|||31/03/21
£
45,069
18,123
15,896
15,000
12,000
9,900
7,988
123,976
31/03/21
£
4,100
21,140
8,601
33,841|
## 3. OTHER TRADING ACTIVITIES
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TIME BANKS UK
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## 4. DIRECT COSTS OF CHARITABLE ACTIVITIES
|Staff costs
Administration expenses
Subscriptions
Training and recruitment
Premises expenses
Staff travel and expenses
Research and facilitation
Promotions
Pilot projects
Network development
Software and website costs
Bad debts
Depreciation
Legal & Professional fees
Other|31/03/22
£
116,002
1,757
403
1,261
7,500
409
2,595
10,800
8,304
2,583
1,240
1,718
353
153,206|31/03/21
£
119,719
1,345
538
2,195
6,856
57
1,572
660
10,017
8,304
3,072
360
5,328
1,702
1,715
161,738|
|---|---|---|
## 5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
## Trustees' expenses
Expenses of £nil (2021 : £nil) were re-imbursed to the trustees in the year.
## 6. STAFF COSTS
The average monthly number of employees during the year was as follows:
||`31/3/22`|`31/3/21`|
|---|---|---|
|Charity employees|`5`|`5`|
|No employees received emoluments in excess of £60,000.|||
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TIME BANKS UK
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## 7. INTANGIBLE FIXED ASSETS
|**`COST`**
At 1 April 2021
**AMORTISATION**
At 1 April 2021
Charge for year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021|Software
£
`20,442`|
|---|---|
||`12,264`
`-4,088`|
||`8,176`|
||`12,266`|
||`8,178`|
The software is being amortised over 8 years from 2018 when it was operational.
## 8. TANGIBLE FIXED ASSETS
|**`COST`**
At 1 April 2021
Additions
At 31 March 2022
**DEPRECIATION**
At 1 April 2021
Charge for year
At 31 March 2022
**NET BOOK VALUE**
At 31 March 2022
At 31 March 2021|Fixtures
&
fittings
£
`3,502`
`3,502`
`3,399`
`25`
`3,424`
`78`
`103`|Office
Equipment
£
`19,022`
`19,022`
`14,164`
`1,215`
`15,379`
`3,643`
`4,858`|Totals
£
`22,524`|
|---|---|---|---|
||||`22,524`|
||||`17,563`
`1,240`|
||||`18,803`|
|||||
||||`3,721`|
||||`4,961`|
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TIME BANKS UK
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|Trade debtors
Other debtors
Prepayments|31/03/22
£
14160
`14160`|31/03/21
£
-
792
783
`1575`|
|---|---|---|
## 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|Bank loans and overdrafts
Trade creditors
Social security and other taxes
`Accrued expenses`
`Deferred income`|31/03/22
£
`7,264`
`3,000`
`10,264`|31/03/21
£
`4,083`
`-`
`2,369`
`2,040`
`4,409`|
|---|---|---|
11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
||31/03/22|31/03/21|
|---|---|---|
||£|£|
|Bank loans|`23,651`|`30,917`|
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TIME BANKS UK
## **12. NOTES TO THE FINANCIAL STATEMENTS 13. FOR THE YEAR ENDED 31 MARCH 2022**
## **14.**
## 15. MOVEMENT IN FUNDS
|Unrestricted funds
Restricted funds
TOTAL FUNDS|At
31/03/21
£
`26,443`
`11,199`
`37,642`|Net
Movement
In Funds
£
`-16,140`
`2,537`
`-13,603`|At
31/03/22
£
`10,303`
`13,736`
`24,039`|
|---|---|---|---|
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