REGISTERED COMPANY NUMBER: 06707365 (England and Wales) REGISTERED CHARITY NUMBER: 1132577 Re rt of Ihe Trustees and Financial Statements for the Year Ended 31 March 2024 for Paxton Green Time Bank Acom Limited b Guarantee Barne5 Noble Ltd Unitec House 2 Albert Place London N3 1QB
Paxton Gree Time Bank Contents of the Financial Statements r the Year Ended 31 March 2024 Page Report of the Trustees Independent Examine¢s Report statement of Financial Activities Balsnce Sheet Notes to the Financial Statements 8 to 12
Paxton Green Time Bank istered number: 06707365 Re ort 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 trUStS 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 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (effecttve 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims Time banking is a continualty 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 Gan 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 cooperation, and recognizing the assets within the local comrnunlty. Everyone's tlme Is valued equalty: One hour= 1 time credit People help each other out with everything frorn making phone calls to sharing meals and giving lifts to the shops - anything that brings them togelher. As such Time Banking has an economic benefrt as well as improving well-being and tilding 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 {PG(iP) submitted a proposal to Lambeth Primary Care Trust (PGT) 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 two 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 Charty Commission. There are currently seven trustees who meet bi-monthty. ACHIEVEMEKfs IN THE PAST YEAR During this year our Pantry has served over 600 local residents. We are proud to be able healthy fresh food within an atsnosphere of dignity hope and choi. Many of our Pantry shoppers have gone on to join the time bank and share skills. "I love my weekly pantry trip. I look forward to finding the goodies in store and a friendly chat." 'The pantry has been very helpful. Stsff are very lovely and very friendly. so sociable with everyone....I'm so glad we have this possibilrty around here. Thank you so much., Page 1
Paxton Green Time Bank Re istered number. 06707365 Re ort of the Trustees for the Year Ended 31 March 2024 Our time bank members have hosted visits from other time banks in Gloucester, and even a member from a time bank in Ilaly. Regular activities indude yoga. wellbeing sessions, art classes and more. Through the wlnter we were able to help over 140 families access the Southwark Cost of Living fund to help with energy bills. We also continued to work wilh our various partners such as the Neighbourhood Poli leam and also Citizens Advi, who attend the Pantry fortnightly to offer support wth debt management and benefit advice. I welcome the opportunity to do the sessions and in the cyde of things and look fonNard to attending more because rt contributes to my wellbeing." "If not this time bank, I will sleep in bed so I really like it because of it I can get up and have something to enjoy in the morning. Significant activities Current activities and membership We are now into our sixteenth year as Paxton Green Time Bank and are currenlly able to offer in 6xcess of 400 different skills to the local communty through our rnembers. These range from teaching how to make organic soap to window cleaning, with a lot in between Mernbers come to the fime Bank through GP and other professional referrals, word of mouth and community links to other organlsations. Our membership is diverse, and includes many people with a variety of long-tsrm 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 Yamily memberships,. We do not require members to divulge their age, sexuality or ethnlcty unless they offer the infortnation, as Titne Banking airns to be fully inGSu?•ive witli 11)e idea that an hour is an hour to anyone. Public benefft The Trusteas have paid due regard lo the guidance on public benefit produced by The Charity Commission and are confklent that the work of the charity meets all the Critla for public benefrt. FINANCIAL REVIEW Financlal posltlon We are very grateful to the following funders frorn April 2023 to March 2024: Southwark Common Purpose fund £22,920 Prince Elizabeth & Zaiger trust £ 4,000 Anonymous £30,000 United St Saviour £3.000 NISA £1,000 Reserves pollcy The Trustees, aim is to carry reserves of £40,000. In order to achieve this, the Trustees monitor income, ex endlture and cash flow throu h their bi-monthl meetings. The TruStS remain committed to achieving and maintsining this level of reserv&s. Page 2
Paxton Green Time Bank Re Istered number: 06707365 Re ort of the Trustees for the Year Ended 31 March 2024 FUTURE PLANS 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 also look foNrfard to new opportunities and to developing new projects with the growing numbers of asylum seekers we have as members. including some around cultural food STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its goveming 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) Reglstered Charlty number 1132577 Reglstered office Paxton Green Health Centre 1 Alleyn Park Road London SE218AU Trustees Mr J Boateng Revd T J G Buckler (appointed 1.1.24) Ms C L Courtenay (appointed 1.1.24) Ms D J Masters Dr l L Michell Ms T M V Nash Chair MsMMPeli Ms S J Rutter (resigned 1.1.24} Ms C A Warren (resigned 1.1.24) Independent Examiner Bames Noble Ltd Unitec House 2 Albert Pla London N3 1QB 27 Jan 2025 Approved by order of the board of trustees on behalf by: and signed on its Ms T M V Nash - Trustee Page 3
Ind endent Examinef s Re Paxton Green Time Bank ortto e Trustees of Independent examIneS report to the trustees of Paxton Green Tlme Bank ('the Company,) I report to the charity trustees on my examination of the accounts of Ihe Company for the year ended 31 March 2024. 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 accordan with the requirements of the Companies Act 2006 (Yhe 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 charitys accounts as carried out under Section 145 of the Charilies Act 2011 {'the 2011 Act,). In carrying out my exatnination I have followed the Directions gNen by the Charity Commission under Section 145{5) (b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confinn that no matters have come to my attention in connectton with the examination giving me cause to believe: accounting records were not kept in respwt of the Company as required by Seclion 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 Irue and fair view which is not a matter considered as part of an independent examination; or the accounts have not b*n 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 h&4e no cOnM8 and have come across no other matters in connection with the exarnination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. omit Basu FCA The Institute of Chartered Accountsnls in England and Wales Bames Noble Ltd Unitec House 2 Albert Place London N3 1QB Date: .... LI. 7prwJ. kn%( Page 4
Paxton Green Time Bank Statement of Financial Activities for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted funds fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitsble activitles Charitable activities 6,356 64,674 71,030 90,557 other income 373 373 Total 6,729 64,674 71,403 90,562 EXPENDITURE ON Charitable activities Charitable activities 5,447 123.395 128,842 114,731 NET INCOMEI(EXPENDITURE) 1,282 (58,721) (57,439} (24,169) RECONCILIATION OF FUNDS Total funds brought forward 36,570 72,265 108,835 133,004 TOTAL FUNDS CARRIED FORWARD 37.852 13,544 51.396 108,835 The notes form part of these financial statements Page 5
Paxton Green Time Bank R istered number. 06707365 Bala ce Sheet 31 March 2024 31.3.24 Totsl fvnds 31.3.23 Totsl funds Unrestricted Restiicled funds fund Notes FIXED ASSETS Tangible assets CURRENT ASSETS Cash at bank 40,062 13.544 53,606 112,153 CREDITORS Amounts falling due within one year (2,211) (2.211) (3,319) NET CURRENT AssErs 37,851 13,544 51,395 108,834 TOTAL ASSETS LESS CURRENT LIABILITIES 37,852 13,544 51,396 108,835 NET ASSETS 37,852 13,544 51,396 108,835 FUNDS Unrestricted funds Restiicted funds 37.852 13,544 36,570 72,265 TOTAL FUNDS 51.396 108,835 The charitable company is entitted to exemplion from audit under Section 477 of the Cornpanies Act 2006 for the year ended 31 March 2024. The mernbers have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance wtih Section 476 of the Companies Act 2006. The trustees aCknOedge their responsibilities for (a) ensuring that the charitable company keeps accounting Tecords that Gomply with SecliDns 386 and 387 of the Companies Act 2006 and (b) preparing flnancial statements which give a true and fair view of the state of affairs of Ihe charitable company as at the end of each financial year and of ils surplus or defictt for each financial year in accordan with the requirements of SeGtions 394 and 395 and which othewse compty with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitatle company. The notes form part of these financial statements Page 6 continued...
Paxton Green Time Bank Re islered number: 06707365 Balance Sheet - continued 31 March 2024 These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the srnall companies regime. I statements were approved by the Board of TSteeS and authorised for issue on . and were signed on its behalf by: T M V Nash - Trustee The notes form part of these financial statements Page 7
Paxton Green Time Bank Notes to the Financial Statements for the Year Ended 31 March 2024 AccouKfiNG POLICIES Basis of preparing the financial statements The financial 8lalem8nts of the charitable company, which is a public benetlt 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 charfties 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 Repotts"ng 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 Ihe Statement of Financial Activities once the charity has entitlernent to the funds, it is probable that the income will be receNed and the amount can be measured reliably. Expendlture Liabilities are reGognised as expenditure as soon as there is a legal or constructive obligation commlttlng the charity to that eynditure, 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 rAtegory. Where Costs cannot be directly attributed to Particular headings they have been allocated to activities on a basis consistent wilh the use of reSoUrs. Tanglble flxed assets Depreciation is provided at the following annual rates in order to vKite off each assei over rts estlmated useful life. Fixtures and fittings Computer equipment 25QA on cost 250/0 on cost Taxatlon The Gharity is exempt from Corporation tax on ts charitable activities. Fund accountlng Unrestricted funds can be used in accordan with the charitable objectThfes at the discretion of the trustees. Restricted funds can onty be used for particular restricted purposes within the objects of the harity. 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 finanGial statements. Penslon costs and other post-retlrement beneflts The charitable oompany operates a defined contribution pension scheme. Contributions payable to the charitable companvs pension scheme are charged to the Statement of Financial Activilies in the period to which they relate. Page 8 continued...
Paxton Green Time Bank Notes to the Financial Statements - continued for the Year Ended 31 March 2024 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 There were no tNstees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS The average monthly nurnber of employees during the year vras as follows.. 31.3.24 31.3.23 Employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMEKf OF FINANCIAL ACTIVITIES Unrestricted Restricted funds fund Total funds INCOME AND ENDOWMENTS FROM Donations and legacies Charftable actlvltles Charitable activities 4,770 85,787 90,557 Other income Total 4,774 85,788 90,562 EXPENDITURE ON Charitable activitles Charitable activities 4,958 109,773 114,731 NET INCOMEI{EXPENDITURE) (184) {23,985) (24,169) RECONCILIATION OF FUNDS Total funds brought forward 36,754 96,250 133,004 TOTAL FUNDS CARRIED FORWARD 36.570 72,265 108,835 Page 9 continued...
Paxton Green Time Bank Notes to the Financial Statements - continued for the Year Ended 31 March 2024 TANGIBLE FIXED ASSETS Fixtures and fittings Cornputer equipment T()tals COST At 1 April 2023 and 31 March 2024 293 3,667 3,960 DEPRECIATION At 1 April 2023 and 31 March 2024 293 3.666 3,959 NET BOOK VALUE At 31 March 2024 At 31 March 2023 CREDITORS: AMourS FALLING DUE wrrHIN ONE YEAR 31.3.24 31.3.23 Trade creditors Social securty and other taxes Pension Accrued expenses 90 1,427 362 1,440 631 50 1,440 2,211 3,319 MOVEMENT IN FUNDS Net movement in funds At 31.3.24 At 1.4.23 Unrestricted funds Unrestricted 36.570 1.282 37,852 Restricted funds Restricted 72,265 (58,721) 13,544 TOTAL FUNDS 108,835 (57,439) 51.396 Page 10 continued...
Paxton Green Time Bank Notes to the Financial Staternents - continued for the Year Ended 31 March 2024 MOVEMENT IN FUNDS - continued Net movement in funds, induded in the above are as follows: Incoming Resources Movement resources expended in funds Unrestricted funds Unrestricted 6,729 (5,44n 1,282 Restrlcted funds Restricted 64,674 (123,395) (58,721) TOTAL FUNDS 71,403 (128,842) (57,439) Comparatives for movement in funds Net movernent in funds At 31.3.23 At 1.4.22 Unrestrictsd funds Unrestricted 36,754 (184) 36.570 Restricted funds Restricted 96.250 (23.985) 72,265 TOTAL FUNDS 133,004 (24,169) 108,835 ComparatNe net movement in fvnds, included in the alxive are a8 follows: Incoming Resources Movement resources expended in funds Unreslricted funds Unrestricted 4,774 (4,958) (184) Restricted funds Restricted 85.788 (109,773) (23,985) TOTAL FUNDS 90,562 {114,731) (24,169) Page 11 continued..
Paxton Green Time Bank Notes to the FinanGial Statements - continued for the Year Ended 31 March 2024 MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position Is as follows: Net movement in funds At 31.3.24 At 1.4.22 Unrestricted funds Unrestricted 36,754 1,098 37,852 Restricted funds Restricted 96,250 (82.706} 13,544 TOTAL FUNDS 133,004 (81,608) 51,396 A current year 12 months and prior year 12 months cotnbined net movement in funds, included in the above are as follows: Incoming Resources Movement resources expended in funds Unrestrlcted funds Unrestricled 11,503 (10,405) 1,098 Restricted tunds Restricted 150.462 (233,168) (82,706} TOTAL FUNDS 161.965 (243,573) (81,608) RELATED PARTY DISCLOSURES There were no relat1 party transactions for the year ended 31 March 2024. Page 12