2023-03-31-accounts - Time Banks UK

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

REGISTERED COMPANY NUMBER: 04502783 (England and Wales) REGISTERED CHARITY NUMBER: SC039370 AND 1101204

REPORT OF THE TRUSTEES

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR TIME BANKS UK

TIME BANKS UK CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
||| |---|---| |CONTENTS|Page| |Reference and Administrative Details…............. 3| |Independent Examiner's Report…...................... 4| |Report of the Trustees…..................................... 5| |Statement of Financial Activities…..................... 10| |Statement of Financial Position…....................... 11| |Notes to the Financial Statements…...................12|

----- End of picture text -----

TIME BANKS UK REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023

CHARITY NAME TIME BANKS UK

CHARITY NUMBER SC039370 AND 1101204

COMPANY NUMBER 04502783 (England and Wales)

TRUSTEES F Fozard I Clark C L Davis J Michalovic D Ghai (resigned 07 September 2023) B Taubner C A Ryan

REGISTERED OFFICE The Exchange Brick Row Stroud Gloucestershire GL5 IDF

INDEPENDENT EXAMINER

Nathan Grace Ltd 6 Homestead Lane Buckingham MK18 2RU

TIME BANKS UK INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2023

I report to the trustees on my examination of the financial statements of Time Banks UK ('the charity') for the year ended 31 March 2023.

Responsibilities and basis of report

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.

…............................................................. 22/09/2023

Mr Olufemi Oyetunde(FCCA)

Nathan Grace Ltd 6 Homestead Lane Buckingham MK18 2RU

TIME BANKS UK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

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 2023. 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.

Our Trustees have regard for Charity Commission’s advice on highlighting our public benefit and impact on communities. They meet quarterly and our Chair of Board ensures that all new Trustees are recruited and inducted using our internal processes.

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.

TIME BANKS UK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Numbers in reflection Our data is kept by our Time Online2 platform specifically designed for time banks.

March 2019 – cumulative hours swapped across the UK reached 5,450,568

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).

March 2022 – cumulative hours swapped across the UK reached 6,111,966

March 2023 – cumulative hours swapped across the UK reached 6,660,142

TIME BANKS UK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Overview of 2022 activities

Staffing/Board changes

1 new staff member (Rebecca Cobb) employed from November 2022 to strengthen our core team to support the transformation focus (main tasks are fundraising via the corporate engagement for
sponsorship, improved communication methods, improved social media profile, project management and fundraising support)
New Board members to include professional fundraiser Clare Davis and Ian Clark who is a retired fundraising director.
2 new associates (social media assistant and IT/data officer)

New publications/equipment

2022 Year in Review report written and published
4 new business Proposals created for new enquiries:
Partners In Time –timebanking in prisons
Supporting volunteering for national Charities
Local Authorities/NHS & commissioners
Corporates (individually tailored)
New training workshops to December 2023
2022 Report on Stories, Case Studies and news items.
Easy Read TBUK banner designed

New partnerships, project work and potential income streams

Betknowmore
Blind Golf England and Wales
Blind Veterans UK
HMPPS Prison and Probation Services
Peabody Housing Association
Co-hosting of the 4th International Day alongside USA leading to memberships from Saudi Arabia, Qatar and Canada

New technology to facilitate more effective timebanking

•Appointment of company to begin the design of �mebanking app (wireframes will be completed in the autumn of 2023) •Review of our current IT pla�orm to make it more accessible and user-friendly for �me bank members. Upda�ng functionality and design from the 2014 version.

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 the National Lottery, Disability Rights UK, Sport England and the Allen Lane Foundation 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.

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 and the trustees continue to prioritise the increase of reserves for the charity.

TIME BANKS UK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

2023 and beyond

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.

TIME BANKS UK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

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; - ssobserve the methods and principles in the Charity SORP; - smake judgements and estimates that are reasonable and prudent; - sprepare 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 22 September 2023 and signed on its behalf by

….........................................................

Craig Ryan- Trustee

TIME BANKS UK STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Restricted Notes fund funds INCOME AND ENDOWMENTS FROM: Charitable activities 2 77,890 37,120 Other trading activities 3 17,347 Investment income 16 Total 95,253 37,120 EXPENDITURE ON Charitable activities 4 79,043 50,856 NET INCOME/(EXPENDITURE) 16,210 (13,736) RECONCILIATION OF FUNDS Total funds brought forward 10,303 13,736 TOTAL FUNDS CARRIED FORWARD 26,513 -	31/03/2023 Total funds £ 115,010 17,347 16 132,373 129,899 2,474 24,039 26,513	31/03/2022 Total funds £ 115,934 23,660 9 139,603 153,206 (13,603) 37,642 24,039

TIME BANKS UK STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2023

Notes FIXED ASSETS Intangible assets 7 Tangible assets 8 CURRENT ASSETS Cash at bank Debtors 9 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 11 NET ASSETS FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS	31/03/2023 Total funds £ 10,222 2,428 12,650 37,673 2,638 40,311 (9,214) 31,097 43,747 (17,234) 26,513 26,513 - 26,513	31/03/2022 Total funds £ 12,266 3,721 15,987 23,199 18,768 41,967 (10,264) 31,703 47,690 (23,651) 24,039 10,303 13,736 24,039

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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 22 September 2023 and were signed on its behalf by:

…....................................................

Craig Ryan - Trustee

TIME BANKS UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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.

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.

TIME BANKS UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

2. INCOME FROM CHARITABLE ACTIVITIES

Grants Grants received, included in the above, are as follows: Tudor Trust More Leisure Community Trust Postcode Lottery Disability Rights UK Big Lottery Bet Know More DWP Kickstarter ESF Community Grant ESF Works Vision Foundation Allen Lane Foundation Albert Hunt South Derbyshire CVS Coronovirus Job Retention Scheme Grant 3. OTHER TRADING ACTIVITIES Training and Presentations Membership income Miscellaneous income	31/03/2023 £ 115,010 31/03/2023 £ 37,000 17,390 25,000 12,120 15,000 - 2,000 6,500 115,010 31/03/2023 £ 2,138 15,165 44 17,347	31/03/2022 £ 115,934 31/03/2022 £ - 21,410 9,870 19,836 14,712 13,098 16,944 8,000 9,300 2,000 765 115,935 31/03/2022 £ 1,538 21,907 214 23,659

TIME BANKS UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

4. EXPENDITURE ON 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 Travel & Subsistence Depreciation Legal & Professional fees Other Total - -	31/03/2023 £ 93,063 1,244 - 599 3,580 - - 569 11,124 - 6,391 3,431 1,293 3,849 4,756 129,899	31/03/2022 £ 121,125 3,370 - 1,261 7,590 - - 2,595 10,800 - 3,693 565 1,240 1,718 750 - 153,206

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.

Trustees' expenses

Expenses of £nil (2022 : £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:

	2023	2022
Charity employees	4	5
No employees received emoluments in excess of £60,000.

TIME BANKS UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

7. INTANGIBLE FIXED ASSETS

COST At 1 April 2022 Additions At 31 March 2022 AMORTISATION At 1 April 2022 Charge for year At 31 March 2022 NET BOOK VALUE At 31 March 2023 At 31 March 2022 8. TANGIBLE FIXED ASSETS Fixtures & fittings COST At 1 April 2022 3,502 Additions - At 31 March 2022 3,502 DEPRECIATION At 1 April 2022 3,424 Charge for year 78 At 31 March 2022 3,502 NET BOOK VALUE At 31 March 2023 - At 31 March 2022 78 9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Debtors Other debtors	Office Equipment 19022 - 19,022 15379 1215 16,594 2,428 3,643 31/03/2023 £ 2,638 - 2,638	Software £ 20,442 0 20,442 8,176 2,044 10,220 10,222 12,266 Totals 22,524 - 22,524 18,803 1,293 20,096 2,428 3,721 31/03/2022 £ 4,608 14,160 18,768

TIME BANKS UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/03/2023 £ Bank loans and overdrafts 6,680 Social security and other taxes 2,291 Creditors 242 Deferred income 9,214 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31/03/2023 £ Bank loans 17,235 17,235 12. MOVEMENT IN FUNDS Unrestricted Restricted £ £ At 31 March 2022 10,303 13,736 Net Movement in Funds 16,210 (13,736) At 31 March 2023 26,513 -	31/03/2022 £ 7,264 3,000 10,264 31/03/2022 £ 23,651 23,651 31/03/2023 £ 24,039 2,474 - 26,513