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 2024
FOR TIME BANKS UK
TIME BANKS UK CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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|CONTENTS|Page|
|Reference and Administrative Details…..............3|
|Independent Examiner's Report…...................... 4|
|Report of the Trustees…..................................... 5|
|Statement of Financial Activities…......................8|
|Statement of Financial Position…....................... 9|
|Notes to the Financial Statements…...................10|
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TIME BANKS UK REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024
CHARITY NAME TIME BANKS UK CHARITY NUMBER SC039370 AND 1101204
COMPANY NUMBER 04502783 (England and Wales) TRUSTEES S Fafinski (Chair, appointed 29 January 2024) C A Ryan (acting Chair until 29 January 2024) I Clark C L Davis F Fozard J Michalovic B Taubner REGISTERED OFFICE The Exchange Brick Row Stroud Gloucestershire GL5 IDF INDEPENDENT EXAMINER Nathan Grace Ltd 6 Homestead Lane Buckingham MK18 2RU
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TIME BANKS UK INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MARCH 2024
I report to the trustees on my examination of the financial statements of Time Banks UK ('the charity') for the year ended 31 March 2024.
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:
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(1) which gives me reasonable cause to believe that, in any material respect, the requirements
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to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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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
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
…............................................................. 19/07/2024
Mr Olufemi Oyetunde(FCCA)
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 2024
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 2024. 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…
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To support time banks by giving them resources, tools and information they need to thrive;
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To work with organisations and commissioners to engage local people in timebanking;
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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.
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 (this number includes historical hours exchanged prior to the implementation of our IT system).
March 2024 – cumulative hours swapped across the UK reached 6,704,714
Comparison of time bank membership which includes:
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1.Individual members currently part of a local �me bank
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2.Organisa�onal members currently part of a local �me bank
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3.Number of actual �me bank exchanges over the year (irrespec�ve of how many hours were exchanged)
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Data counted 1 - Members 2 - Organisations 3 -Actual exchanges
01/04/23 - 31/03/24 24624 4326 16361
01/04/22 - 31/03/23 24382 3271 15513
01/04/21 - 31/03/22 23589 3031 18050
01/04/20 - 31/03/21 19925 2791 15558
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TIME BANKS UK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
Overview of Activities
Government backing
Supported by MP Deidre Brock, the timebanking concept was given space at Westminster to debate the merits. The result was approval for support for Timebanking UK and the benefits of timebanking to individuals and communities with evidence of impact improving mental and physical health when people help one another using time as the currency not money. Further meetings agreed with government MP’s in 2024 to discuss the ways in which government can support the development of community timebanking across the UK.
New publications/training/app development
•Corporate and business pitch designed to encourage dona�ons and sponsorship
•New training workshops over 12 months which include specialist topics with external speakers
•Prototype and wireframes built for new �mebanking app
•Timebanking UK are now Cyber Essen�als Plus compliant
New partnerships, project work and potential income streams
•NHS Mental Health Commissioning Team (�mebanking pilot in secure mental health se�ngs)
•Betknowmore (�mebanking to support people recovering from gambling addic�ons)
•Dartmoor Prison (prisoner �mebanking scheme with hours donated to those in need in communi�es)
•Housing 21 (pilot for �mebanking to support older people living alone)
•Progress Global (youth �mebanking in Brixton)
•Co-hos�ng of the 5th Interna�onal Day alongside USA and the Spanish speaking network of world �me banks with new membership from University in South Africa
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 NHS England (Devon Partnership), National Lottery, Disability Rights UK, Betknowmore and the Allen Lane Foundation for the grants and contracts that have provided our project funding. The Worshipful Companies have offered grant funding for a range of activities and these include:
•Worshipful Company of Informa�on Technologists
•Worshipful Company of Insurers
•Worshipful Company of Weavers
•Worshipful Company of Spectacle Makers
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.
2024 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.
In November 2024 will be the first conference since before the pandemic.
The app will enable the launch of the national time bank where individuals and groups can join together to swap time on a national level.
Corporate engagement to provide monies to increase the number of community time banks and a way in which timebanking can support their Corporate Social Responsibility.
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TIME BANKS UK REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024
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
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select suitable accounting policies and then apply them consistently;
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ssobserve the methods and principles in the Charity SORP;
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smake judgements and estimates that are reasonable and prudent;
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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 19 July 2024 and signed on its behalf by …......................................................... 4 bd Stefan Fafinski- Trustee
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TIME BANKS UK STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted Notes fund INCOME AND ENDOWMENTS FROM: Charitable activities 2 79,850 Other trading activities 3 33,250 Investment income 227 Total 113,326 EXPENDITURE ON Charitable activities 4 103,237 NET INCOME/(EXPENDITURE) 10,089 RECONCILIATION OF FUNDS Total funds brought forward 26,513 TOTAL FUNDS CARRIED FORWARD 36,602 |
Restricted funds 135,000 135,000 28,500 106,500 0 106,500 |
31/03/2024 Total funds £ 214,850 33,250 227 248,326 131,737 116,589 26,513 143,102 |
31/03/2023 Total funds £ 115,010 17,347 16 132,373 129,899 2,474 24,039 26,513 |
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FOR THE YEAR ENDED 31 MARCH 2024
TIME BANKS UK STATEMENT OF FINANCIAL POSITION
| 31/03/2024 | 31/03/2023 | |||
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| Total | Total | |||
| Notes | funds | funds | ||
| FIXED ASSETS | £ | £ | ||
| Intangible assets | 7 | 8,178 | 10,222 | |
| Tangible assets | 8 | 1,942 | 2,428 | |
| CURRENT ASSETS | 10,120 | 12,650 | ||
| Cash at bank | 149,492 | 37,673 | ||
| Debtors | 9 | 3,500 | 2,638 | |
| CREDITORS | 152,992 | 40,311 | ||
| Amounts falling due within one year | 10 | (9,231) | (9,214) | |
| NET CURRENT ASSETS | 143,761 | 31,097 | ||
| TOTAL ASSETS LESS CURRENT LIABILITIES | 153,880 | 43,747 | ||
| CREDITORS | ||||
| Amounts falling due after more than one year | 11 | (10,779) | (17,234) | |
| NET ASSETS | 143,102 | 26,513 | ||
| FUNDS | 12 | |||
| Unrestricted funds | 36,602 | 26,513 | ||
| Restricted funds | 106,500 | 0 | ||
| TOTAL FUNDS | 143,102 | 26,513 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.
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
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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 19 July 2024 and were signed on its behalf by: ….................................................... dba Stefan Fafinski- Trustee
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TIME BANKS UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
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.
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 2024
2. INCOME FROM CHARITABLE ACTIVITIES
| Charitable activities Grants received, included in the above, are as follows: NHS Devon Partnership Tudor Trust Garfield Weston WCIT Allen Lane Worshipful Company of Weavers Somerset Community Foundation Others More Leisure Community Trust Postcode Lottery Disability Rights UK Bet Know More South Derbyshire CVS 3. OTHER TRADING ACTIVITIES Consultancy Income Membership income Training and Presentations Miscellaneous income |
31/03/2024 £ 214,850 31/03/2024 £ 110,000 35,000 15,000 15,000 10,000 9,500 5,000 5,000 10,350 214,850 31/03/2024 £ 17,550 13,200 2,175 325 33,250 |
31/03/2023 £ 115,010 31/03/2023 £ 37,000 2,000 17,390 25,000 12,120 15,000 6,500 115,010 31/03/2023 £ 15,165 2,138 44 17,347 |
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TIME BANKS UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. EXPENDITURE ON CHARITABLE ACTIVITIES
| Staff costs Software and website costs Travel & Subsistence Computer running costs Legal & Professional fees Amortisation Depreciation Administration expenses Interest Payable Pilot projects Adverts/Promotions Premises expenses Training and recruitment Bad debts Other Total - - |
31/03/2024 £ 111,327 4,932 3,459 2,690 2,448 2,044 1,215 1,055 999 620 441 200 - - 667 132,098 |
31/03/2023 £ 93,063 6,030 3,431 305 3,849 2,044 1,293 1,244 454 11,124 569 3,580 599 1,640 313 129,539 |
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5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023
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:
| 2024 | 2023 | |
|---|---|---|
| Charity employees | 3 | 4 |
| 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 2024
7. INTANGIBLE FIXED ASSETS
| COST At 1 April 2023 Additions At 31 March 2024 AMORTISATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 8. TANGIBLE FIXED ASSETS COST At 1 April 2023 Additions At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Fixtures & fittings 3,502 - 3,502 3,502 - 3,502 - - |
Office Equipment 19022 729 19,751 16594 1215 17,809 1,942 2,428 |
Software £ 20,442 0 20,442 10,220 2,044 12,264 8,178 12,266 Totals 22,524 729 23,253 20,096 1,215 21,311 1,942 2,428 |
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TIME BANKS UK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 31/03/2024 £ Debtors 3,500 Other debtors - 3,500 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31/03/2024 £ Bank loans and overdrafts 6,680 Social security and other taxes 1,883 Creditors 668 Deferred income 9,231 11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31/03/2024 £ Bank loans 10,779 10,779 12. MOVEMENT IN FUNDS Unrestricted Restricted £ £ At 31 March 2023 26,513 - Net Movement in Funds 10,089 106,500 At 31 March 2024 36,602 106,500 1 |
31/03/2023 £ 2,638 - 2,638 31/03/2023 £ 6,680 2,291 242 9,214 31/03/2023 £ 17,235 17,235 31/03/2024 £ 26,513 116,589 - 143,102 |
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