REGISTERED COMPANY NUMBER: 06707365 (England and Wales) REGISTERED CHARITY NUMBER: 1132577
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR
PAXTON GREEN TIME BANK
DSK Partners LLP D S House 306 High Street Croydon Surrey CR0 1NG
PAXTON GREEN TIME BANK
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Statement of Financial Position | 6 | ||
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 |
PAXTON GREEN TIME BANK
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
The trustees who are also directors of the charity for the purpose 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 the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued January 2019.
OBJECTIVES AND ACTIVITIES
Objectives and aims
Time banking is a continually developing and exciting way for people to come together to help others and to get help for themselves through reciprocal volunteering and the exchange of skills. Members 'deposit' their time in the bank by sharing skills or helping others, and can spend their time credits on the skills and support of other participants when they need a helping hand. Time Banks are based on the principle of coproduction, and recognizing the assets within the local community.
Everyone's time is valued equally: One hour = 1 time credit
People help each other out with everything from making phone calls to sharing meals and giving lifts to the shops - anything that brings them together. As such Time Banking has an economic benefit as well as improving well-being and building social networks. In a time bank, everyone becomes both a giver and a receiver.
Background
In February 2008 Drs Kevin Brinkhurst and Gemma Anson, GPs based at Paxton Green Group Practice (PGGP) submitted a proposal to Lambeth Primary Care Trust (PCT) for a time bank in this area and were delighted when the PCT agreed funding for 2 years. Subsequent funding has been raised by submitting bids to potential grant givers. The current staff team consists of a Director and three part time staff. In the first year offices were set up in Kingswood House, and Paxton Green Time Bank was registered as a charity with the Charity Commission. There are currently eight trustees who meet bi-monthly.
Achievements in the past year
During this year we continued to deliver our Southwark food hub work, supporting over 200 isolating or vulnerable households with food every week. As restrictions lifted we were able to wind this work down, and focus on the new Pantry project (due to open summer 2022). As 2022 got underway we were able to slowly restart face to face activities, including a weekly drop in, art class, and IT lessons. We also had several trips out to places including Kew Gardens and the Victoria and Albert Museum, and some of our members were involved in a new community exhibition at the Dulwich Picture Gallery.
Current activities and membership
We have now completed our fourteenth year as Paxton Green Time Bank and are currently able to offer in excess of 400 different skills to the local community through our members. These range from walking groups to CV writing, with a lot in between.
Members come to the Time Bank through GP and other professional referrals, word of mouth and community links to other organisations. Our membership is diverse, and includes many people with a variety of long-term health conditions, both mental and physical. Our membership ranges from people in their late teens to their eighties, although we do engage with younger people and children as part of 'family memberships'. We do not require members to divulge their age, sexuality or ethnicity unless they offer the information, as Time Banking aims to be fully inclusive with the idea that an hour is an hour to anyone.
Public benefit
The Trustees have paid due regard to the guidance on public benefit produced by The Charity Commission and are confident that the work of the charity meets all the criteria for public benefit.
Page 1
PAXTON GREEN TIME BANK
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
OBJECTIVES AND ACTIVITIES
Future
We look forward to the future of Paxton Green Time Bank, and hope to continue our steady growth through the 'hub' model where members come together geographically into smaller groups within our catchment area. We are also looking forward to opening our Pantry, where we will be providing access to cheap healthy foods.
Finances
We are very grateful to the following funders from April 2021 to March 2022:
| £ | ||
|---|---|---|
| Southwark Common Purpose fund | 16,750 | |
| (For work Planned financial year | ||
| 09/2021 Southwark Health Improvement Grant | 37,500 | 22/23) |
| Prince Elizabeth & Zaiger trust | 4,000 | |
| Big Lottery-Reaching Communities Yr 3 of 3 | 67,040 |
FINANCIAL REVIEW
Reserves policy
The Trustees' aim is to carry reserves of £40,000. In order to achieve this, the Trustees monitor income, expenditure and cash flow through their bi-monthly meetings. The Trustees remain committed to achieving and maintaining this level of reserves.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
06707365 (England and Wales)
Registered Charity number
1132577
Registered office
Paxton Green Time Bank Paxton Green 1 Alleyn Park London SE21 8AU
Trustees
Ms J D Park ( Vice Chair ) Miss S J Hill Miss D J Masters Dr I L Michell J Boateng Mrs C A Warren ( Chair ) J Weeks ( Hon. Treasurer ) (resigned 3.5.22) Ms T M V Nash P E Young (appointed 15.3.22)
Page 2
PAXTON GREEN TIME BANK
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Romit Basu FCA ICAEW DSK Partners LLP D S House 306 High Street Croydon Surrey CR0 1NG
Banker
Barclays Bank PLC 1 Churchill Place, London, E14 5HP
Approved by order of the board of trustees on 28 November 2022 and signed on its behalf by:
Mrs C A Warren - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PAXTON GREEN TIME BANK
Independent examiner's report to the trustees of Paxton Green Time Bank ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Romit Basu FCA ICAEW DSK Partners LLP D S House 306 High Street Croydon Surrey CR0 1NG
28 November 2022
Page 4
PAXTON GREEN TIME BANK
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Charitable activities Activities for generating funds - Grants and donations 5,564 Other income 4 Total 5,568 EXPENDITURE ON Charitable activities Strengthening and supporting people and their communities. 8,233 Other - Total 8,233 NET INCOME/(EXPENDITURE) (2,665) RECONCILIATION OF FUNDS Total funds brought forward 39,419 TOTAL FUNDS CARRIED FORWARD 36,754 |
Restricted fund £ 137,877 - 137,877 103,288 1,635 104,923 32,954 63,296 96,250 |
2022 Total funds £ 143,441 4 143,445 111,521 1,635 113,156 30,289 102,715 133,004 |
2021 Total funds £ 149,496 38 |
|---|---|---|---|
| 149,534 | |||
| 133,908 2,248 |
|||
| 136,156 | |||
| 13,378 89,337 |
|||
| 102,715 |
The notes form part of these financial statements
Page 5
PAXTON GREEN TIME BANK
STATEMENT OF FINANCIAL POSITION 31 MARCH 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 6 1 CURRENT ASSETS Cash at bank and in hand 39,825 CREDITORS Amounts falling due within one year 7 (3,072) NET CURRENT ASSETS 36,753 TOTAL ASSETS LESS CURRENT LIABILITIES 36,754 NET ASSETS 36,754 FUNDS 8 Unrestricted funds Restricted funds TOTAL FUNDS |
Restricted fund £ - 96,250 - 96,250 96,250 96,250 |
2022 Total funds £ 1 136,075 (3,072) 133,003 133,004 133,004 36,754 96,250 133,004 |
2021 Total funds £ 1 143,888 (41,174) 102,714 102,715 102,715 39,419 63,296 102,715 |
|---|---|---|---|
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.
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 28 November 2022 and were signed on its behalf by:
C A Warren - Trustee
The notes form part of these financial statements
Page 6
PAXTON GREEN TIME BANK
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.
Currency
The financial statements are prepared in sterling which is also the functional currency of the company and rounded to the nearest pound.
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
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives at the following rates.
Fixtures & fittings - 25% straight line Computer equipment - 25% straight line
Assets held under finance leases are depreciated in the same way as owned assets.
At each statement of financial position date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Taxation
The charity is exempt from corporation tax on its charitable activities.
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.
continued...
Page 7
PAXTON GREEN TIME BANK NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
1. ACCOUNTING POLICIES - continued
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Independent Examination Fee | 1,380 | 1,380 |
3. 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
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
5.
| Employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund £ INCOME AND ENDOWMENTS FROM Charitable activities Activities for generating funds - Grants and donations 7,342 Other income 38 Total 7,380 EXPENDITURE ON Charitable activities Strengthening and supporting people and their communities. 6,897 Other - Total 6,897 |
2022 5 Restricted fund £ 142,154 - 142,154 127,011 2,248 129,259 |
2021 5 Total funds £ 149,496 38 |
|---|---|---|
| 149,534 | ||
| 133,908 2,248 |
||
| 136,156 |
continued...
Page 8
PAXTON GREEN TIME BANK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
| 5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fund fund £ £ NET INCOME 483 12,895 RECONCILIATION OF FUNDS Total funds brought forward 38,936 50,401 TOTAL FUNDS CARRIED FORWARD 39,419 63,296 6. TANGIBLE FIXED ASSETS Fixtures and Computer fittings equipment £ £ COST At 1 April 2021 and 31 March 2022 293 3,667 DEPRECIATION At 1 April 2021 and 31 March 2022 293 3,666 NET BOOK VALUE At 31 March 2022 - 1 At 31 March 2021 - 1 7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Trade creditors 90 Social security and other taxes 1,282 Other creditors 320 Wages payable - Accruals and deferred income 1,380 3,072 |
Total funds £ |
|---|---|
| 13,378 89,337 |
|
| 102,715 | |
| Totals £ 3,960 3,959 1 1 2021 £ - 1,411 403 480 38,880 41,174 |
continued...
Page 9
PAXTON GREEN TIME BANK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
8. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Restricted General Fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Restricted General Fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Restricted General Fund TOTAL FUNDS |
At 1.4.21 £ 39,419 63,296 102,715 Incoming resources £ 5,568 137,877 143,445 At 1.4.20 £ 38,936 50,401 89,337 |
Net movement At in funds 31.3.22 £ £ (2,665) 36,754 32,954 96,250 30,289 133,004 Resources Movement expended in funds £ £ (8,233) (2,665) (104,923) 32,954 (113,156) 30,289 Net movement At in funds 31.3.21 £ £ 483 39,419 12,895 63,296 13,378 102,715 |
|---|---|---|
continued...
Page 10
PAXTON GREEN TIME BANK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
8. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted General Fund TOTAL FUNDS |
Incoming resources £ 7,380 142,154 149,534 |
Resources Movement expended in funds £ £ (6,897) 483 (129,259) 12,895 (136,156) 13,378 |
Resources Movement expended in funds £ £ (6,897) 483 (129,259) 12,895 (136,156) 13,378 |
|---|---|---|---|
| 13,378 |
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted General Fund TOTAL FUNDS |
At 1.4.20 £ 38,936 50,401 89,337 |
Net movement in funds £ (2,182) 45,849 43,667 |
At 31.3.22 £ 36,754 96,250 |
|---|---|---|---|
| 133,004 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted General Fund TOTAL FUNDS |
Incoming resources £ 12,948 280,031 292,979 |
Resources Movement expended in funds £ £ (15,130) (2,182) (234,182) 45,849 (249,312) 43,667 |
Resources Movement expended in funds £ £ (15,130) (2,182) (234,182) 45,849 (249,312) 43,667 |
|---|---|---|---|
| 43,667 |
continued...
Page 11
PAXTON GREEN TIME BANK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2022
9. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 March 2022.
Page 12
PAXTON GREEN TIME BANK
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022
| INCOME AND ENDOWMENTS Charitable activities Grants Other income Bank interest income Total incoming resources EXPENDITURE Charitable activities Wages Social security Light and heat Telephone Sundries Event running costs General admin expenses Travel and meeting cost Rent Professional fees Insurance Childcare Projects Other Pensions Support costs Finance Bank charges Governance costs IE Fee Total resources expended Net income |
2022 £ 143,441 4 143,445 78,473 2,231 497 2,235 1,346 12,665 3,339 730 - 819 1,348 - 5,842 109,525 1,635 181 1,815 113,156 30,289 |
2021 £ 149,496 38 |
|---|---|---|
| 149,534 106,123 4,524 - 2,050 2,803 4,136 2,790 742 2,800 778 670 96 4,575 |
||
| 132,087 2,248 117 1,704 |
||
| 136,156 | ||
| 13,378 |
This page does not form part of the statutory financial statements
Page 13
SIGNATURE CERTIFICATE
Document
Name PGTB Full Accounts 31.03.2022.PDF Creator Yeliz Kaptan (yeliz.kaptan@dskllp.com) Date 28 November 2022 12:58:11 UTC Identifier 19b1fa7d-309f-4038-8d53-438f4aea11ec
Signers
christine.warren3@btinternet.com
E-mail christine.warren3@btinternet.com Signed 30 November 2022 16:19:08 UTC IP address 86.160.116.22