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← Tempo Time Credits Limited

2024-03-31-accounts

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

Charity Number: 1135143 Company Number: 06593956

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT and FINANCIAL STATEMETS

For the year ended 31 March 2024

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

ACCOUNTS

For the year ended 31 March 2024

Content Page
Legal and administrative information 1
Trustees’ Report 2 to 11
Independent auditor’s report to the members and trustees of Tempo Time Credits Limited 12 to 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Financial Statements 18 to 26

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

LEGAL and ADMINISTRATIVE INFORMATION

For the year ended 31 March 2024

Charity reg. no. 1135143
Company reg. no. 06593956
Registered office Unit 303
The Maltings
East Tyndall Street
Cardiff
CF24 5EA
Trustees Ron Jarman (Chair)
Christina Taylor
John Puzey
Karen Penney
Kieran Jones Resigned 29/01/2024
Angela Barrago Appointed 15/11/2023
Rebecca Booth Appointed 15/11/2023
Tamara Collard Appointed 15/11/2023
Siddhi Trivedi Resigned 05/04/2024
Stuart Mullin
Company secretary Lynsey Pearson
Chief Executive Officer Rachel Gegeshidze
Auditors Chiene and Tait LLP (trading as CT)
61 Dublin Street
Edinburgh, EH3 6NL
Bankers Unity Trust Bank
4 Brindley Place
Birmingham B1 2JB

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT

The Trustees present their annual report, together with the financial statements of the charity, for the year ending 31 March 2024.

The report has been prepared in accordance with Part 8 of the Charities Act 2011 and the statement of recommended practice (SORP 2019) and is also the directors’ report for the purpose of company law.

The financial statements have been prepared in accordance with the accounting policies set out on pages 18 to 20 therein and comply with the Charitable Company's Memorandum and Articles of Association, applicable laws and the

Objectives and activities

Our team, composed of community practitioners, public sector specialists and trainers, works collaboratively with citizens, communities, organisations, and services to co-produce solutions. In doing so. we focus on creating multiple pathways in to volunteering, emphasising community involvement and recognising people's skills and strengths – an approach that accentuates what' s strong rather than what' s wrong.

Time Credits are received by people sharing their time and skills with the community or a service. ‘Earn’ activities could be anything from litter picking, to campaigning and participating in co-design sessions. Time Credits can be used on activities through Tempo’s local, regional and national Recognition Partner network

Our Purpose is to be the thread that connects people, services and businesses and the key that unlocks the potential for them to create communities where they can thrive.

Our Vision is that together we create a connected, fairer and healthier society

Our Mission is to build a national network of communities making positive societal change, powered by people whose contribution is valued with Tempo Time Credits

We do this by providing a range of services:

With this range of services, we can flex our support over time, dependent on the need expressed by local community development organisations. As the communities we work with become more resilient, we help support ongoing change and the new people who come into the organisation through each of our services, delivered in a flexible way to meet changing needs.

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TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Our formal charitable objects are specifically restricted to:

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Our strategy from 2024-2027

Over the three-year timeframe of our new strategy, we will be focused on three outcome areas – Impact, Growth and Team

Our Impact goals by 2027 are

Our Growth goals by 2027 are

Our Team goals by 2027 are

We aim to achieve these challenging goals in four ways.

  1. Working with communities to create more pathways to community involvement and volunteering, we will:

  2. Focus on 5 key interconnected themes of Health & Social Care, Connected. Communities, Young People & Families, Heritage and Diversity, Equity & Inclusion

  3. Deepen our focus and impact on communities

  4. Grow our Recognition Partner Network at the local & national level

  5. Develop our platform to improve accessibility and engagement

  6. Ensuring our financial sustainability by focusing on sales & income diversification, we will:

  7. Drive Contract Renewals through focused contract delivery

  8. Win new commissioned contracts by going deep and building out

  9. Secure longer-term funding

  10. Diversify our income with Corporate Funding focused on social impact

  11. Strengthening our culture & capability as a team by being grounded in our mission, we will

  12. Bring our new Vision, Mission & Purpose to life in everything we do

  13. Create an organisational development plan for both resourcing and skills

  14. Continue to support & engage the team/each other

  15. Ensure we recruit staff whose values align with our Vision, Mission & Purpose

  16. Raising our profile by engaging others in our story, we will

  17. Rewrite our Story, anchored in our refocused Vision, Mission, Purpose

  18. Identify where we need to be present (Conferences, Events, Associations, Forums, etc)

  19. • Update & execute our Marketing & Communication Strategy

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued

Achievements and Performance

IMPACT

Tempo has carried out impact evaluation across our programmes since 2012. Over 1,500 volunteers responded to our impact survey in July 2024. They told us what difference volunteering and working with Tempo Time Credits has made to them.

Overall, the results of our Impact survey continue to demonstrate the power of our model for Volunteers

In addition, as a result of volunteering

For the Community Groups and Charities that we work with

And our Recognition Partners reported

‘At a time when local budgets are tight, volunteers are more important than ever, adding real value across our community. With Time Credits, local business can make a real difference, with no hassle or cost. We’re delighted to be able to support the essential work of volunteers in our community and we’d love to see more of the local business community involved with Time Credits’ Flower Bowl, Garstang

‘By being involved with Tempo Time Credits, we can do our bit in saying thank you, for the time and effort that they put in. It’s a really easy thing to do, but we know it makes a real difference.’ Wacky World, Preston

‘We benefit from associated spend with the visitors who come using Time Credits as they will often use our gift shop or café which is revenue that we wouldn’t have otherwise had if they hadn’t visited us through Time Credits. Time Credits also allow us to reach individuals who wouldn’t otherwise be able to visit for various reasons’. Plantasia, Wales

The average volunteering hours per week across all survey respondents is 2.95 hours – that adds up to 3.3 million hours per year across all of our registered volunteers or equivalent to 2,036 full time employees!

Tempo Time Credits earned and used

2022/2023 2023/2024 Change
TTCs earned 133,252 158,222 +24,970
TTCs used 23,193 30,901 +7,708

The economic impact annually based on the number of hours volunteered, if they were paid at minimum wage is a whopping £38.4Mn!

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued

Our Impact on the Environment

We acknowledge that every single action (as a Charity and as individuals) we take has an impact on our environment. We want to become more aware of this and seek to minimise the negative environmental impact that our operations have on our World. Our whole approach is to bring about change in society, in communities, in groups and in individuals and this includes positive change around any impact we have on environmental issues.

The most significant ways we can control our impacts are in our use of:

Environmental regulations, laws and codes of practice are regarded as setting the minimum standards of environmental performance .

Our most significant impact on the environment was the carbon footprint from our offices and in our travel. Following the closure of our London office in December 2020, we closed our office in Cardiff in 2023, retaining the ability to hire meeting space if needed. Our staff are all now home based and where possible they look to work from our partners offices. Given the geographic spread however our delivery model remains a mix of remote and in-person. We still deliver a large number of meetings and events virtually. Within this mixed model, and recognising the importance of building and maintaining relationships, travel is carefully assessed to ensure that it leads to the most effective use of time for our partners and our staff .

GROWTH

During the 2023-24 we have:

These numbers show the reach of our activities, through the community development and voluntary sector partners we work with. They are the heroes. Our role is to support them. The number of Time Credits issued and redeemed are only a fraction of the impact we have helped these organisations to deliver.

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Most of Tempo’s work is undertaken in partnership with other organisations:

These are the organisations we work with most intensively. Our partnerships with recognition partners are mutually beneficial, with the benefit to them being both the tangible support they give to their local community and an estimated £113,878 (an average of £248 per recognition partner) of additional income from new and returning customers.

TEAM

This has been an incredibly challenging time for staff as we move from our previous strategy to our new strategy, and the changes that has required in roles and structure within the organisation.

We have looked to engage staff as much as possible within this, for example in the setting out of our Values and the work on our new Strategic plan itself. In addition, we established an entirely staff-directed working group – “Putting the Tempo back into Tempo Time Credits” – and management has started implementing some of that group's recommendations. Alongside this and in line with our new strategy we are building staff skills through mentoring and training and new recruitment aims to bring in additional community development skills and knowledge to support our place-based focus.

As we have cut costs to better match income for the year, we have not been able to bring staff together in person for a team building event this year but have relied instead on a number of shorter and smaller virtual events through the year. We are planning on holding an in-person all staff event again in October 2024, within the community that we work in Neath Port Talbot.

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Financial Review

Reserves Policy

The Trustees took the decision at the start of the year to invest in our on-going operations and contracts recognising that the move to our new strategic plan whilst bringing clarity of purpose for ourselves and our funders would take time to come through in terms of new revenue streams.

A number of significant new grant opportunities have been identified throughout the year which have taken a lot of time and resource to develop, the results of these will not be known until Q1 and Q2 of next year. Alongside this, attention has been focused on improving the quality and quantity of opportunities in the pipeline and the management of this process. This is an area that continues to get significant attention from our CEO and the Trustees.

Our recognition network has continued to grow throughout the year, with additional local and national partners coming on board and a large number of new recognition offers being available on our website for volunteers.

Our income was lower in 2023/2024 as a number of service and grant contracts came to an end or were reduced in scope and weren’t immediately replaced. Management kept tight control of costs through the year to ensure we remained within a spend envelope that was proportionate to the revenue received. Roles were restructured and wherever possible staff were redeployed to manage our costs against our income, however a number of redundancies were also unfortunately required.

Going Concern basis

The Trustees assessed whether the use of the going concern basis is appropriate and considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees made this assessment for both a 12-month and 24-month period from April 2024 The Trustees have also performed scenario planning, and regularly review forecasting and cash flow projections and thorough risk assessments. The risks identified have been mitigated by reducing costs and restructuring and introducing more flexibility in our resourcing. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Our focus remains on Commissioners and providing the services they require to local community organisations, helping them grow and become more resilient whilst meeting the specific needs of their local environment. We are supported by a strong recognition partner network, which continues to grow with a number of new national and local partners in our target areas.

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Governance, Structure and Management:

Governance

Tempo is a registered charity and is constituted as a company limited by guarantee. It is governed by its Memorandum and Articles of Association. It was registered as a company limited by guarantee on 15 May 2008 and was registered as a charity by the Charity Commission in England and Wales on 24 March 2010.

The Trustees of the charity are also directors of the company for the purposes of the Companies Act. The Board of Trustees comprises of 8 Trustees who were appointed to the Board based on their experience and skills. The directors are appointed for a 3-year term initially. They can serve a maximum of 3 terms before having to step down. The Memorandum and Articles of Association require the Board to consist of at least 3 directors. There is no maximum number of Trustees.

The Trustees are responsible for setting the strategic direction of the Charity, approving and reviewing the delivery of its Business Plan and reviewing the risks the Charity faces. The Trustees also establish time bound and task specific working groups, for example a working group of Trustees, Management and Staff members did a lot of the detailed work to create our new Strategy, including our revised Vision, Mission and Purpose, all of which were refreshed and launched during the year.

New Trustees are provided with a full induction about the Charity and their duties and responsibilities, including the Charity Commission publication designed for this purpose. They are inducted into the charity through meetings with other Board members, the Chief Executive, members of the Senior Management Team and staff. Trustees are encouraged to attend external training events where these will be of benefit to their role.

Equality and Diversity

Tempo Time Credits is committed to proactively promoting equality and diversity and promoting a culture that actively values difference and recognises that people from different backgrounds and experiences can bring valuable insights to both our services and to the workplace and enhance the way we work. Tempo Time Credits aims to be an inclusive organisation, where diversity is valued, respected and built upon, with the ability to recruit and retain a diverse workforce that reflects the communities we work with.

The need for new Trustees is reviewed regularly and when vacancies occur, they are advertised. The aim is to develop a board and staff with a diversity of perspectives. Tempo is taking steps to further diversify the perspectives of its Trustees and staff so that they are more representative of those who come from within the communities we work with, and who may have limited opportunity and/or experience.

Structure and management reporting

The day-to-day running of the organisation is delegated to the Chief Executive and the Senior Management Team under a Scheme of Delegation. The Chief Executive meets formally with the Senior Management Team on a monthly basis. The Trustees meet 4 times per year primarily to discuss issues of strategic direction in relation to the running of the organisation and the management of performance. The Board is supported by a Finance, Audit and Risk Committee which also meets 4 times per year.

The Trustees who were in office on 31 March 2024, and served throughout the year, are shown on page 1.

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Key Management Personnel

The Chief Executive leads a Senior Management Team comprising the Director of Finance and Director of Operations.

The Board, led by the Chair, appoints and determines the salary of the Chief Executive based on annual appraisal and affordability. The remuneration of the other members of the Tempo team is set by the Chief Executive with oversight from the Trustees. This advice is based on annual appraisal and affordability. Tempo benchmarks HR and salary data with external providers.

Risk Management

Tempo’s risk assessment process includes an organisation-wide risk register that is reviewed monthly by the Senior Management Team and quarterly by the Board’s Finance, Audit and Risk Committee that reports up to the full Board. In addition to the organisational wide risk register, we operate a 90-day reporting framework across all departments that captures risk, this is assessed by the Senior Management Team.

The key risks currently facing Tempo are:

Trustees' responsibilities in relation to the financial statements

The charity Trustees are responsible for preparing a Trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity Trustees to prepare financial statements for each year which give a true and fair view of the of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for ensuring proper accounting records are kept that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continue)

Statement as disclosure as to our auditors

In so far as the Trustees are aware at the time of approving our Trustees annual report:

Approval

This report was approved by Trustees on 20th November 2024

Ron Jarman Chair of Trustees (On behalf of Tempo’s Board of Trustees)

Date: 26 November 2024

Company No 06593956

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF

TEMPO TIME CREDITS LIMITED

AUDITOR’S REPORT

Opinion on financial statements

We have audited the financial statements of Tempo Time Credits (the ‘charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statment, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF TEMPO TIME CREDITS LIMITED

AUDITOR’S REPORT (continue)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities set out on page 13 the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under section 144(2)(b) of the Charities Act 2011 and under the Companies Act 2006 and report to you in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to the Charities Act 2011, Companies Act 2006 and Health and Safety Regulations.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF

TEMPO TIME CREDITS LIMITED

AUDITOR’S REPORT (continue)

Auditor’s responsibilities for the audit of the financial statements (Continued)

We focused on laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the members and the charitable company’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, its members as a body, and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jeremy Chittleburgh BSC CA (Senior Statutory Auditor) For and on behalf of CT Chartered Accountants and Statutory Auditor 61 Dublin Street Edinburgh, EH3 6NL

26 November 2024 Date:…………………….

CT is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

STATEMENT of FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account)

For the year ended 31 March 2024

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Un-|Un-| |restricted Restricted|Total|restricted Restricted|Total| |Funds|Funds|Funds|Funds|Funds|Funds| |Notes|2024|2024|2024|2023|2023|2023| |£|£|£|£|£|£| |Income from|:| |Charitable activities|2|257,001|439,510|696,511|334,026|674,376|1,008,402| |-------------- -------------- -------------- -------------- -------------- --------------| |Total income|257,001|439,510|696,511|334,026|674,376|1,008,402| |Expenditure on|:| |Charitable activities|3,4|440,040|439,510|879,550|402,013|674,376|1,076,389| |-------------- -------------- -------------- -------------- -------------- --------------| |Total expenditure|440,040|439,510|879,550|402,013|674,376|1,076,389| |Net movement in funds|(183,039)|-|(183,039)|(67,987)|-|(67,987)| |Fund balances at 1 April 2023|290,127|-|290,127|358,114|-|358,114| |-------------- -------------- -------------- -------------- -------------- --------------| |Fund balances at 31 March 2024|107,088|-|107,088|290,127|-|290,127| |======== ======== ======== ======== ======== ========|

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

The statemeent of financial activities and includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The notes on pages 18 to 26 form part of these financial statements.

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

BALANCE SHEET

As at 31 March 2024

----- Start of picture text -----
|||||| |---|---|---|---|---| |Notes|2024|2023| |£|£| |Fixed assets| |Tangible fixed assets|9|1,398|41| |Intangible fixed assets|9|102,413|160,584| |-------------- --------------| |103,811|160,625| |Current assets| |Debtors|10|50,638|15,441| |Cash at bank and in hand|51,305|199,845| |-------------- --------------| |101,943|215,286| |Creditors|: Amounts falling due within one year|11|(98,666)|(85,784)| |-------------- --------------| |Net current assets|3,277|129,502| |-------------- --------------| |Net assets|107,088|290,127| |======== ========| |Funds| |General fund|13|5,564|132,536| |Digital Time Credit fixed asset reserve|13|101,524|157,591| |-------------- --------------| |Total fund|107,088|290,127| |======== ========|

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

These financial statements are prepared with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board and signed on its behalf by:

……………………………………………. th A~ Ron Jarman (chairman) Director

Date: 26 November 2024

Company Number: 06593956

The notes on pages 18 to 26 form part of these financial statements.

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

CASH FLOW STATEMENT

For the year ended 31 March 2024

2024 2023
£ £
Cash flow from operating activities
Net (expenditure)/income (183,039)
(67,987)
Adjustments for:
Depreciation 215 2,480
Amortisation 58,171 58,171
(Increase)/decrease in debtors (35,197)
134,092
(Decrease)/increase in creditors 12,882 (30,310)
-------------- --------------
Net cash provided by/(used in) operating activities (146,968)
96,446
-------------- --------------
Cash flow from investing activities
Purchase of tangible fixed assets (1,572)
-
-------------- --------------
Net cash used in investing activities (1,572)
-
-------------- --------------
Change in cash and cash equivalents in the year (A) (148,540)
96,446
Cash and cash equivalents at the beginning of the year 199,845 103,399
-------------- --------------
Cash and cash equivalents at the end of the year 51,305 199,845
======== ========
At 1 At 31
April March
(A) Analysis of changes in net cash funds 2023 Cashflows 2024
£ £ £
Cash in hand 199,845 (148,540)
51,305
======== ======== =========
Total cash and cash in hand 199,845 (148,540)
51,305
======== ======== =========

17

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS

For the year ended 31 March 2024

1. Accounting policies

The principal accounting policies are summarised below: The accounting policies have been applied consistently throughout the year and the preceding period.

Statement of compliance

The financial statements have been prepared in British pounds (GBP) in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice for Charities (Second Edition, effective 1 January 2019) applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s)

Tempo Time Credits Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

General information

The charity is a private company limited by guarantee, incorporated in England and Wales (company number 06593956) and a charity registered in England and Wales (charity number: 1135143). The charity’s registered address is show on page 1.

Going concern

The Trustees assessed whether the use of the going concern basis is appropriate and considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees made this assessment for both a 12-month and 24-month period from April 2024. The Trustees have also performed scenario planning, and regularly review forecasting and cash flow projections and thorough risk assessments. The risks identified have been mitigated by reducing costs and restructuring and introducing more flexibility in our resourcing. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Our focus remains on Commissioners and providing the services they require to local community organisations, helping them grow and become more resilient whilst meeting the specific needs of their local environment. We are supported by a strong recognition partner network, which continues to grow with a number of new national and local partners in our target areas.

Fund accounting

Funds held by the charity are either:

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Income

All income is included in the statement of financial activities when the charity is entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.

Income from investments is included in the year in which it is receivable.

18

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

1. Accounting policies (continued)

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Charitable activity costs comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both cost that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, including governance costs.

Fixed assets

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. All assets costing more than £1,000 are capitalised. Depreciation is provided at rates calculated to write off the cost of fixed assets over their estimated useful lives on the following rates:

Computer equipment - 33 1/3% straight line Fixtures, fittings and equipment - 33 1/3% straight line

Intangible fixed assets and amortisation

Intangible fixed assets are stated at cost less amortisation. All assets costing more than £1,000 are capitalised. Amortisation is provided at rates calculated to write off the cost of fixed assets over their estimated useful lives on the following rates:

Software - 20% straight line Digital Project - 20% Straight line

Pension

The charity operates a defined contribution pension scheme. Contributions payable for the year are charged in the statement of Financial Activities. The total contributions paid in the year are shown in note 7.

Employment benefits and termination

Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s).

Operating leases

Rental charges are charged on a straight-line basis over the life of the lease.

Financial instruments

Financial assets such as cash and debtors are measured at their present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments re valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

19

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED

(A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

1. Accounting policies (continued)

Estimate and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results ultimately differ from those estimates. The Trustees have found no areas of judgement with a significant effect on the financial statements. The Trustees reviewed in detail the amortisation rate of the new Digital Time Credits system and are satisfied the rate is correct for the expected life of the asset at this time.

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted Restricted|Total| |Funds|Funds|Funds| |2. Income from charitable activities|2024|2024|2024| |£|£|£| |Unrestricted funds|257,000|-|257,000| |Restricted funds|-|439,510|439,510| |-------------- -------------- --------------| |Total|257,000|439,510|696,510| |======== ======== ========| |Unrestricted Restricted|Total| |Funds|Funds|Funds| |3. Costs of charitable activities – by fund type|2024|2024|2024| |£|£|£| |Charitable activities|440,040|439,510|879,550| |-------------- -------------- --------------| |Total|440,040|439,510|879,550| |======== ======== ========|

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

The charity’s charitable activities are ‘developing and delivering projects, events and training that enable individuals to become more actively involved in their communities’.

----- Start of picture text -----
||||| |---|---|---|---| |Activities| |Undertaken|Support|Total| |Directly|Cost|Funds| |4. Costs of charitable activities – by activity|2024|2024|2024| |£|£|£| |Charitable activities|621,957|257,593|879,550| |-------------- -------------- --------------| |Total|621,957|257,593|879,550| |======== ======== ========| |Comparative 2023|2023|2023|2023| |£|£|£| |Charitable activities|578,840|497,549|1,076,389| |======== ======== ========|

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

20

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED

(A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

Unrestricted Restricted Total
Funds Funds Funds
5. Support costs 2024 2024 2024
£ £ £
Property costs 7,659 - 7,659
Staff costs 37,344 40,726 78,070
Amortisation of DTC 29,115 26,952 56,067
Governance:
Trustees' costs and recruitment 1,594 - 1,594
GDPR support costs 38 - 38
Statutory audit fee 13,064 - 13,064
General Overheads 101,101 - 101,1012
-------------- -------------- --------------
2024 total 189,915 67,678 257,593
======== ======== ========
Unrestricted Restricted Total
Funds Funds Funds
Comparative 2023 2023 2023 2023
£ £ £
Property costs 21,519 - 21,519
Staff costs 34,239 210,323 244,562
Amortisation of DTC 28,380 27,686 56,066
Governance:
Trustees' costs and recruitment 2,229 - 2,229
GDPR support costs 416 - 416
Statutory audit fee 13,385 - 13,385
General Overheads 158,967 404 159,371
-------------- -------------- --------------
2023 total 259,135 238,413 497,549
======== ======== ========
6. Net income for the year is stated after charged 2024 2023
£ £
Statutory auditor’s remuneration 13,064 13,385
Expenses to trustees 106 -
Depreciation 215 2,480
Amortisation 58,171 58,171
======== =======

21

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED

(A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

7. Staff costs

Number of employees

The average number of employees per full-time equivalents in the year was 17 (2023: 22) and the average employees based on head count was as follows:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |No.|No.| |Average employees|21|25| |======== ========| |Employment costs|£|£| |Wages and salaries|591,550|690,000| |Social security costs|45,368|65,098| |Pension costs|23,483|26,506| |-------------- --------------| |660,400|781,604| |======== ========|

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

During the year, one employees received emoluments over £60,000 (2023: none).

No Trustees received remuneration. Trustees received £106 reimbursement during the year, relating to travel expenses. (2023: none).

The total employee benefits including pension contributions of the key management personnel were £169,301 (2023: £242,542).

Included within staff costs is a payment to 3 employees for redundancy, totalling £3,082 (2023: 1 employee for redundancy, totalling £1,142)

8. Taxation

The charity’s activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.

22

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

Computer
9. a. Tangible fixed assets Equipment
£
Cost
At 1 April 2023 15,573
Additions 1,572
Disposals -
--------------
At 31 March 2024 17,145
--------------
Depreciation
At 1 April 2023 15,532
Charge for the year 215
Disposals -
--------------
At 31 March 2024 15,747
--------------
Net book value
At 31 March 2023 41
========
At 31 March 2024 1,398
========
Digital
9. b. Intangible fixed assets Software Project
Total
£ £
£
Cost
At 1 April 2023 10,800 280,335
291,135
-------------- -------------- --------------
At 31 March 2024 10,800 280,335
291,135
-------------- -------------- --------------
Amortisation
At 1 April 2023 7,807 122,744
130,551
Charge for the year 2,104 56,067
58,171
-------------- -------------- --------------
At 31 March 2024 9,911 178,811
188,722
-------------- -------------- --------------
Net book value
At 31 March 2023 2,993 157,591
160,584
======== ======== ========
At 31 March 2024 889 101,524
102,413
======== ======== ========
10. Debtors 2024
2023
£
£
Trade debtors 38,855
-
Accrued income 6,873
10,206
Prepayments 4,909
5,235
-------------- --------------
50,637
15,441
======== ========

23

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED

(A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

11. a. Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors (450) 4,210
Deferred income (11b) 29,567 20,641
Accruals 38,714 27,359
VAT 13,048 10,030
Other taxes and social security 12,045 14,139
Other creditors 5,742 9,225
-------------- --------------
98,666 85,784
======== ========
11. b. Deferred income 2024 2023
£ £
Opening deferred income 20,641 28,106
Released in year (20,641) (28,106)
Income deferred in the current year 29,567 20,641
-------------- --------------
29,567 20,641
======== ========
Unrestricted Total
12. Analysis of net assets between funds Funds Funds
2024 2024
£ £
Balance at respect balance sheet date as represented by:
Fixed assets 103,811 103,811
Current assets 109,942 109,942
Current liabilities (98,666) (98,666)
-------------- --------------
107,087 107,087
======== ========
Unrestricted Total
Funds Funds
Comparative 2023 2023 2023
£ £
Balance at respect balance sheet date as represented by:
Fixed assets 160,625 160,625
Current assets 215,286 215,286
Current liabilities (85,784) (85,784)
-------------- --------------
290,127 290,127
======== ========

24

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED

(A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |At 1|At 31| |April|Expend-|March| |13. Funds|2023|Income|iture|Transfer|2024| |£|£|£|£|£| |General funds|132,536|257,000|(440,040)|56,067|5,563| |Digital Time Credit reserve|157,591|-|-|(56,067)|101,524| |-------------- -------------- -------------- -------------- --------------| |Total unrestricted reserves|290,127|257,000|(440,040)|-|107,087| |-------------- -------------- -------------- -------------- --------------| |Restricted funds|-|439,510|(439,510)|-|-| |-------------- -------------- -------------- -------------- --------------| |Total funds|290,127|696,510|(879,550)|-|107,087| |======== ======== ======== ======== ========| |At 1|At 31| |April|Expend-|March| |Comparative 2023|2022|Income|iture|Transfer|2023| |£|£|£|£|£| |General funds|144,456|334,026|(402,013)|56,067|132,536| |Digital Time Credit reserve|213,658|-|-|(56,067)|157,591| |-------------- -------------- -------------- -------------- --------------| |Total unrestricted reserves|358,114|334,026|(402,013)|-|290,127| |-------------- -------------- -------------- -------------- --------------| |Restricted funds|-|674,376|(674,376)|-|-| |-------------- -------------- -------------- -------------- --------------| |Total funds|358,114|1,008,402 (1,076,389)|-|290,127| |======== ======== ======== ======== ========|

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

Refer to note 1.5.c. for purpose of restricted funds.

Transfer of £56,067 from General Funds to Digital Time Credit reserve was to fund the amortisation written off during the year. (2023: £56,067).

14. Company limited by guarantee

Tempo Time Credits Limited is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member.

25

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

15. Financial commitments

The charity’s total future minimum lease payments under non-cancellable operating leases are as follows for each of the following periods:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Land and buildings| |Payable within one year|-|5,458| |Payable in two to five years|-|-| |Office equipment| |Payable within one year|38|1,929| |========= ========|

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

16. Related party transactions

There were no related party transactions during the year (2023: None).

26

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

Charity Number: 1135143 Company Number: 06593956

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT and FINANCIAL STATEMETS

For the year ended 31 March 2024

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

ACCOUNTS

For the year ended 31 March 2024

Content Page
Legal and administrative information 1
Trustees’ Report 2 to 11
Independent auditor’s report to the members and trustees of Tempo Time Credits Limited 12 to 14
Statement of Financial Activities 15
Balance Sheet 16
Cash Flow Statement 17
Notes to the Financial Statements 18 to 26

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

LEGAL and ADMINISTRATIVE INFORMATION

For the year ended 31 March 2024

Charity reg. no. 1135143
Company reg. no. 06593956
Registered office Unit 303
The Maltings
East Tyndall Street
Cardiff
CF24 5EA
Trustees Ron Jarman (Chair)
Christina Taylor
John Puzey
Karen Penney
Kieran Jones Resigned 29/01/2024
Angela Barrago Appointed 15/11/2023
Rebecca Booth Appointed 15/11/2023
Tamara Collard Appointed 15/11/2023
Siddhi Trivedi Resigned 05/04/2024
Stuart Mullin
Company secretary Lynsey Pearson
Chief Executive Officer Rachel Gegeshidze
Auditors Chiene and Tait LLP (trading as CT)
61 Dublin Street
Edinburgh, EH3 6NL
Bankers Unity Trust Bank
4 Brindley Place
Birmingham B1 2JB

1

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT

The Trustees present their annual report, together with the financial statements of the charity, for the year ending 31 March 2024.

The report has been prepared in accordance with Part 8 of the Charities Act 2011 and the statement of recommended practice (SORP 2019) and is also the directors’ report for the purpose of company law.

The financial statements have been prepared in accordance with the accounting policies set out on pages 18 to 20 therein and comply with the Charitable Company's Memorandum and Articles of Association, applicable laws and the

Objectives and activities

Our team, composed of community practitioners, public sector specialists and trainers, works collaboratively with citizens, communities, organisations, and services to co-produce solutions. In doing so. we focus on creating multiple pathways in to volunteering, emphasising community involvement and recognising people's skills and strengths – an approach that accentuates what' s strong rather than what' s wrong.

Time Credits are received by people sharing their time and skills with the community or a service. ‘Earn’ activities could be anything from litter picking, to campaigning and participating in co-design sessions. Time Credits can be used on activities through Tempo’s local, regional and national Recognition Partner network

Our Purpose is to be the thread that connects people, services and businesses and the key that unlocks the potential for them to create communities where they can thrive.

Our Vision is that together we create a connected, fairer and healthier society

Our Mission is to build a national network of communities making positive societal change, powered by people whose contribution is valued with Tempo Time Credits

We do this by providing a range of services:

With this range of services, we can flex our support over time, dependent on the need expressed by local community development organisations. As the communities we work with become more resilient, we help support ongoing change and the new people who come into the organisation through each of our services, delivered in a flexible way to meet changing needs.

2

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Our formal charitable objects are specifically restricted to:

3

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Our strategy from 2024-2027

Over the three-year timeframe of our new strategy, we will be focused on three outcome areas – Impact, Growth and Team

Our Impact goals by 2027 are

Our Growth goals by 2027 are

Our Team goals by 2027 are

We aim to achieve these challenging goals in four ways.

  1. Working with communities to create more pathways to community involvement and volunteering, we will:

  2. Focus on 5 key interconnected themes of Health & Social Care, Connected. Communities, Young People & Families, Heritage and Diversity, Equity & Inclusion

  3. Deepen our focus and impact on communities

  4. Grow our Recognition Partner Network at the local & national level

  5. Develop our platform to improve accessibility and engagement

  6. Ensuring our financial sustainability by focusing on sales & income diversification, we will:

  7. Drive Contract Renewals through focused contract delivery

  8. Win new commissioned contracts by going deep and building out

  9. Secure longer-term funding

  10. Diversify our income with Corporate Funding focused on social impact

  11. Strengthening our culture & capability as a team by being grounded in our mission, we will

  12. Bring our new Vision, Mission & Purpose to life in everything we do

  13. Create an organisational development plan for both resourcing and skills

  14. Continue to support & engage the team/each other

  15. Ensure we recruit staff whose values align with our Vision, Mission & Purpose

  16. Raising our profile by engaging others in our story, we will

  17. Rewrite our Story, anchored in our refocused Vision, Mission, Purpose

  18. Identify where we need to be present (Conferences, Events, Associations, Forums, etc)

  19. • Update & execute our Marketing & Communication Strategy

4

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued

Achievements and Performance

IMPACT

Tempo has carried out impact evaluation across our programmes since 2012. Over 1,500 volunteers responded to our impact survey in July 2024. They told us what difference volunteering and working with Tempo Time Credits has made to them.

Overall, the results of our Impact survey continue to demonstrate the power of our model for Volunteers

In addition, as a result of volunteering

For the Community Groups and Charities that we work with

And our Recognition Partners reported

‘At a time when local budgets are tight, volunteers are more important than ever, adding real value across our community. With Time Credits, local business can make a real difference, with no hassle or cost. We’re delighted to be able to support the essential work of volunteers in our community and we’d love to see more of the local business community involved with Time Credits’ Flower Bowl, Garstang

‘By being involved with Tempo Time Credits, we can do our bit in saying thank you, for the time and effort that they put in. It’s a really easy thing to do, but we know it makes a real difference.’ Wacky World, Preston

‘We benefit from associated spend with the visitors who come using Time Credits as they will often use our gift shop or café which is revenue that we wouldn’t have otherwise had if they hadn’t visited us through Time Credits. Time Credits also allow us to reach individuals who wouldn’t otherwise be able to visit for various reasons’. Plantasia, Wales

The average volunteering hours per week across all survey respondents is 2.95 hours – that adds up to 3.3 million hours per year across all of our registered volunteers or equivalent to 2,036 full time employees!

Tempo Time Credits earned and used

2022/2023 2023/2024 Change
TTCs earned 133,252 158,222 +24,970
TTCs used 23,193 30,901 +7,708

The economic impact annually based on the number of hours volunteered, if they were paid at minimum wage is a whopping £38.4Mn!

5

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued

Our Impact on the Environment

We acknowledge that every single action (as a Charity and as individuals) we take has an impact on our environment. We want to become more aware of this and seek to minimise the negative environmental impact that our operations have on our World. Our whole approach is to bring about change in society, in communities, in groups and in individuals and this includes positive change around any impact we have on environmental issues.

The most significant ways we can control our impacts are in our use of:

Environmental regulations, laws and codes of practice are regarded as setting the minimum standards of environmental performance .

Our most significant impact on the environment was the carbon footprint from our offices and in our travel. Following the closure of our London office in December 2020, we closed our office in Cardiff in 2023, retaining the ability to hire meeting space if needed. Our staff are all now home based and where possible they look to work from our partners offices. Given the geographic spread however our delivery model remains a mix of remote and in-person. We still deliver a large number of meetings and events virtually. Within this mixed model, and recognising the importance of building and maintaining relationships, travel is carefully assessed to ensure that it leads to the most effective use of time for our partners and our staff .

GROWTH

During the 2023-24 we have:

These numbers show the reach of our activities, through the community development and voluntary sector partners we work with. They are the heroes. Our role is to support them. The number of Time Credits issued and redeemed are only a fraction of the impact we have helped these organisations to deliver.

6

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Most of Tempo’s work is undertaken in partnership with other organisations:

These are the organisations we work with most intensively. Our partnerships with recognition partners are mutually beneficial, with the benefit to them being both the tangible support they give to their local community and an estimated £113,878 (an average of £248 per recognition partner) of additional income from new and returning customers.

TEAM

This has been an incredibly challenging time for staff as we move from our previous strategy to our new strategy, and the changes that has required in roles and structure within the organisation.

We have looked to engage staff as much as possible within this, for example in the setting out of our Values and the work on our new Strategic plan itself. In addition, we established an entirely staff-directed working group – “Putting the Tempo back into Tempo Time Credits” – and management has started implementing some of that group's recommendations. Alongside this and in line with our new strategy we are building staff skills through mentoring and training and new recruitment aims to bring in additional community development skills and knowledge to support our place-based focus.

As we have cut costs to better match income for the year, we have not been able to bring staff together in person for a team building event this year but have relied instead on a number of shorter and smaller virtual events through the year. We are planning on holding an in-person all staff event again in October 2024, within the community that we work in Neath Port Talbot.

7

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Financial Review

Reserves Policy

The Trustees took the decision at the start of the year to invest in our on-going operations and contracts recognising that the move to our new strategic plan whilst bringing clarity of purpose for ourselves and our funders would take time to come through in terms of new revenue streams.

A number of significant new grant opportunities have been identified throughout the year which have taken a lot of time and resource to develop, the results of these will not be known until Q1 and Q2 of next year. Alongside this, attention has been focused on improving the quality and quantity of opportunities in the pipeline and the management of this process. This is an area that continues to get significant attention from our CEO and the Trustees.

Our recognition network has continued to grow throughout the year, with additional local and national partners coming on board and a large number of new recognition offers being available on our website for volunteers.

Our income was lower in 2023/2024 as a number of service and grant contracts came to an end or were reduced in scope and weren’t immediately replaced. Management kept tight control of costs through the year to ensure we remained within a spend envelope that was proportionate to the revenue received. Roles were restructured and wherever possible staff were redeployed to manage our costs against our income, however a number of redundancies were also unfortunately required.

Going Concern basis

The Trustees assessed whether the use of the going concern basis is appropriate and considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees made this assessment for both a 12-month and 24-month period from April 2024 The Trustees have also performed scenario planning, and regularly review forecasting and cash flow projections and thorough risk assessments. The risks identified have been mitigated by reducing costs and restructuring and introducing more flexibility in our resourcing. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Our focus remains on Commissioners and providing the services they require to local community organisations, helping them grow and become more resilient whilst meeting the specific needs of their local environment. We are supported by a strong recognition partner network, which continues to grow with a number of new national and local partners in our target areas.

8

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Governance, Structure and Management:

Governance

Tempo is a registered charity and is constituted as a company limited by guarantee. It is governed by its Memorandum and Articles of Association. It was registered as a company limited by guarantee on 15 May 2008 and was registered as a charity by the Charity Commission in England and Wales on 24 March 2010.

The Trustees of the charity are also directors of the company for the purposes of the Companies Act. The Board of Trustees comprises of 8 Trustees who were appointed to the Board based on their experience and skills. The directors are appointed for a 3-year term initially. They can serve a maximum of 3 terms before having to step down. The Memorandum and Articles of Association require the Board to consist of at least 3 directors. There is no maximum number of Trustees.

The Trustees are responsible for setting the strategic direction of the Charity, approving and reviewing the delivery of its Business Plan and reviewing the risks the Charity faces. The Trustees also establish time bound and task specific working groups, for example a working group of Trustees, Management and Staff members did a lot of the detailed work to create our new Strategy, including our revised Vision, Mission and Purpose, all of which were refreshed and launched during the year.

New Trustees are provided with a full induction about the Charity and their duties and responsibilities, including the Charity Commission publication designed for this purpose. They are inducted into the charity through meetings with other Board members, the Chief Executive, members of the Senior Management Team and staff. Trustees are encouraged to attend external training events where these will be of benefit to their role.

Equality and Diversity

Tempo Time Credits is committed to proactively promoting equality and diversity and promoting a culture that actively values difference and recognises that people from different backgrounds and experiences can bring valuable insights to both our services and to the workplace and enhance the way we work. Tempo Time Credits aims to be an inclusive organisation, where diversity is valued, respected and built upon, with the ability to recruit and retain a diverse workforce that reflects the communities we work with.

The need for new Trustees is reviewed regularly and when vacancies occur, they are advertised. The aim is to develop a board and staff with a diversity of perspectives. Tempo is taking steps to further diversify the perspectives of its Trustees and staff so that they are more representative of those who come from within the communities we work with, and who may have limited opportunity and/or experience.

Structure and management reporting

The day-to-day running of the organisation is delegated to the Chief Executive and the Senior Management Team under a Scheme of Delegation. The Chief Executive meets formally with the Senior Management Team on a monthly basis. The Trustees meet 4 times per year primarily to discuss issues of strategic direction in relation to the running of the organisation and the management of performance. The Board is supported by a Finance, Audit and Risk Committee which also meets 4 times per year.

The Trustees who were in office on 31 March 2024, and served throughout the year, are shown on page 1.

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TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continued)

Key Management Personnel

The Chief Executive leads a Senior Management Team comprising the Director of Finance and Director of Operations.

The Board, led by the Chair, appoints and determines the salary of the Chief Executive based on annual appraisal and affordability. The remuneration of the other members of the Tempo team is set by the Chief Executive with oversight from the Trustees. This advice is based on annual appraisal and affordability. Tempo benchmarks HR and salary data with external providers.

Risk Management

Tempo’s risk assessment process includes an organisation-wide risk register that is reviewed monthly by the Senior Management Team and quarterly by the Board’s Finance, Audit and Risk Committee that reports up to the full Board. In addition to the organisational wide risk register, we operate a 90-day reporting framework across all departments that captures risk, this is assessed by the Senior Management Team.

The key risks currently facing Tempo are:

Trustees' responsibilities in relation to the financial statements

The charity Trustees are responsible for preparing a Trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity Trustees to prepare financial statements for each year which give a true and fair view of the of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for ensuring proper accounting records are kept that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and the group and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website.

10

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

TRUSTEES’ REPORT (continue)

Statement as disclosure as to our auditors

In so far as the Trustees are aware at the time of approving our Trustees annual report:

Approval

This report was approved by Trustees on 20th November 2024

Ron Jarman Chair of Trustees (On behalf of Tempo’s Board of Trustees)

Date: 26 November 2024

Company No 06593956

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF

TEMPO TIME CREDITS LIMITED

AUDITOR’S REPORT

Opinion on financial statements

We have audited the financial statements of Tempo Time Credits (the ‘charitable company’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statment, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF TEMPO TIME CREDITS LIMITED

AUDITOR’S REPORT (continue)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees’ responsibilities set out on page 13 the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under section 144(2)(b) of the Charities Act 2011 and under the Companies Act 2006 and report to you in accordance with regulations made under those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to the Charities Act 2011, Companies Act 2006 and Health and Safety Regulations.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

13

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF

TEMPO TIME CREDITS LIMITED

AUDITOR’S REPORT (continue)

Auditor’s responsibilities for the audit of the financial statements (Continued)

We focused on laws and regulations that could give rise to a material misstatement in the company's financial statements. Our tests included, but were not limited to:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the Trustees that represented a risk of material misstatement due to fraud. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the members and the charitable company’s Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, its members as a body, and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Jeremy Chittleburgh BSC CA (Senior Statutory Auditor) For and on behalf of CT Chartered Accountants and Statutory Auditor 61 Dublin Street Edinburgh, EH3 6NL

26 November 2024 Date:…………………….

CT is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

14

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

STATEMENT of FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account)

For the year ended 31 March 2024

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Un-|Un-| |restricted Restricted|Total|restricted Restricted|Total| |Funds|Funds|Funds|Funds|Funds|Funds| |Notes|2024|2024|2024|2023|2023|2023| |£|£|£|£|£|£| |Income from|:| |Charitable activities|2|257,001|439,510|696,511|334,026|674,376|1,008,402| |-------------- -------------- -------------- -------------- -------------- --------------| |Total income|257,001|439,510|696,511|334,026|674,376|1,008,402| |Expenditure on|:| |Charitable activities|3,4|440,040|439,510|879,550|402,013|674,376|1,076,389| |-------------- -------------- -------------- -------------- -------------- --------------| |Total expenditure|440,040|439,510|879,550|402,013|674,376|1,076,389| |Net movement in funds|(183,039)|-|(183,039)|(67,987)|-|(67,987)| |Fund balances at 1 April 2023|290,127|-|290,127|358,114|-|358,114| |-------------- -------------- -------------- -------------- -------------- --------------| |Fund balances at 31 March 2024|107,088|-|107,088|290,127|-|290,127| |======== ======== ======== ======== ======== ========|

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

The statemeent of financial activities and includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The notes on pages 18 to 26 form part of these financial statements.

15

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

BALANCE SHEET

As at 31 March 2024

----- Start of picture text -----
|||||| |---|---|---|---|---| |Notes|2024|2023| |£|£| |Fixed assets| |Tangible fixed assets|9|1,398|41| |Intangible fixed assets|9|102,413|160,584| |-------------- --------------| |103,811|160,625| |Current assets| |Debtors|10|50,638|15,441| |Cash at bank and in hand|51,305|199,845| |-------------- --------------| |101,943|215,286| |Creditors|: Amounts falling due within one year|11|(98,666)|(85,784)| |-------------- --------------| |Net current assets|3,277|129,502| |-------------- --------------| |Net assets|107,088|290,127| |======== ========| |Funds| |General fund|13|5,564|132,536| |Digital Time Credit fixed asset reserve|13|101,524|157,591| |-------------- --------------| |Total fund|107,088|290,127| |======== ========|

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

These financial statements are prepared with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board and signed on its behalf by:

……………………………………………. th A~ Ron Jarman (chairman) Director

Date: 26 November 2024

Company Number: 06593956

The notes on pages 18 to 26 form part of these financial statements.

16

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

CASH FLOW STATEMENT

For the year ended 31 March 2024

2024 2023
£ £
Cash flow from operating activities
Net (expenditure)/income (183,039)
(67,987)
Adjustments for:
Depreciation 215 2,480
Amortisation 58,171 58,171
(Increase)/decrease in debtors (35,197)
134,092
(Decrease)/increase in creditors 12,882 (30,310)
-------------- --------------
Net cash provided by/(used in) operating activities (146,968)
96,446
-------------- --------------
Cash flow from investing activities
Purchase of tangible fixed assets (1,572)
-
-------------- --------------
Net cash used in investing activities (1,572)
-
-------------- --------------
Change in cash and cash equivalents in the year (A) (148,540)
96,446
Cash and cash equivalents at the beginning of the year 199,845 103,399
-------------- --------------
Cash and cash equivalents at the end of the year 51,305 199,845
======== ========
At 1 At 31
April March
(A) Analysis of changes in net cash funds 2023 Cashflows 2024
£ £ £
Cash in hand 199,845 (148,540)
51,305
======== ======== =========
Total cash and cash in hand 199,845 (148,540)
51,305
======== ======== =========

17

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS

For the year ended 31 March 2024

1. Accounting policies

The principal accounting policies are summarised below: The accounting policies have been applied consistently throughout the year and the preceding period.

Statement of compliance

The financial statements have been prepared in British pounds (GBP) in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice for Charities (Second Edition, effective 1 January 2019) applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s)

Tempo Time Credits Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

General information

The charity is a private company limited by guarantee, incorporated in England and Wales (company number 06593956) and a charity registered in England and Wales (charity number: 1135143). The charity’s registered address is show on page 1.

Going concern

The Trustees assessed whether the use of the going concern basis is appropriate and considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The Trustees made this assessment for both a 12-month and 24-month period from April 2024. The Trustees have also performed scenario planning, and regularly review forecasting and cash flow projections and thorough risk assessments. The risks identified have been mitigated by reducing costs and restructuring and introducing more flexibility in our resourcing. After making enquiries, the Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Our focus remains on Commissioners and providing the services they require to local community organisations, helping them grow and become more resilient whilst meeting the specific needs of their local environment. We are supported by a strong recognition partner network, which continues to grow with a number of new national and local partners in our target areas.

Fund accounting

Funds held by the charity are either:

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Income

All income is included in the statement of financial activities when the charity is entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.

Income from investments is included in the year in which it is receivable.

18

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

1. Accounting policies (continued)

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.

Charitable activity costs comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both cost that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, including governance costs.

Fixed assets

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. All assets costing more than £1,000 are capitalised. Depreciation is provided at rates calculated to write off the cost of fixed assets over their estimated useful lives on the following rates:

Computer equipment - 33 1/3% straight line Fixtures, fittings and equipment - 33 1/3% straight line

Intangible fixed assets and amortisation

Intangible fixed assets are stated at cost less amortisation. All assets costing more than £1,000 are capitalised. Amortisation is provided at rates calculated to write off the cost of fixed assets over their estimated useful lives on the following rates:

Software - 20% straight line Digital Project - 20% Straight line

Pension

The charity operates a defined contribution pension scheme. Contributions payable for the year are charged in the statement of Financial Activities. The total contributions paid in the year are shown in note 7.

Employment benefits and termination

Employment benefits, including holiday pay, are recognised in the period in which they are earned. Termination benefits are recognised in the period in which the decision is made and communicated to the relevant employee(s).

Operating leases

Rental charges are charged on a straight-line basis over the life of the lease.

Financial instruments

Financial assets such as cash and debtors are measured at their present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments re valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

19

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED

(A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

1. Accounting policies (continued)

Estimate and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management’s best knowledge of the amount, events or actions, actual results ultimately differ from those estimates. The Trustees have found no areas of judgement with a significant effect on the financial statements. The Trustees reviewed in detail the amortisation rate of the new Digital Time Credits system and are satisfied the rate is correct for the expected life of the asset at this time.

----- Start of picture text -----
||||| |---|---|---|---| |Unrestricted Restricted|Total| |Funds|Funds|Funds| |2. Income from charitable activities|2024|2024|2024| |£|£|£| |Unrestricted funds|257,000|-|257,000| |Restricted funds|-|439,510|439,510| |-------------- -------------- --------------| |Total|257,000|439,510|696,510| |======== ======== ========| |Unrestricted Restricted|Total| |Funds|Funds|Funds| |3. Costs of charitable activities – by fund type|2024|2024|2024| |£|£|£| |Charitable activities|440,040|439,510|879,550| |-------------- -------------- --------------| |Total|440,040|439,510|879,550| |======== ======== ========|

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

The charity’s charitable activities are ‘developing and delivering projects, events and training that enable individuals to become more actively involved in their communities’.

----- Start of picture text -----
||||| |---|---|---|---| |Activities| |Undertaken|Support|Total| |Directly|Cost|Funds| |4. Costs of charitable activities – by activity|2024|2024|2024| |£|£|£| |Charitable activities|621,957|257,593|879,550| |-------------- -------------- --------------| |Total|621,957|257,593|879,550| |======== ======== ========| |Comparative 2023|2023|2023|2023| |£|£|£| |Charitable activities|578,840|497,549|1,076,389| |======== ======== ========|

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

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Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED

(A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

Unrestricted Restricted Total
Funds Funds Funds
5. Support costs 2024 2024 2024
£ £ £
Property costs 7,659 - 7,659
Staff costs 37,344 40,726 78,070
Amortisation of DTC 29,115 26,952 56,067
Governance:
Trustees' costs and recruitment 1,594 - 1,594
GDPR support costs 38 - 38
Statutory audit fee 13,064 - 13,064
General Overheads 101,101 - 101,1012
-------------- -------------- --------------
2024 total 189,915 67,678 257,593
======== ======== ========
Unrestricted Restricted Total
Funds Funds Funds
Comparative 2023 2023 2023 2023
£ £ £
Property costs 21,519 - 21,519
Staff costs 34,239 210,323 244,562
Amortisation of DTC 28,380 27,686 56,066
Governance:
Trustees' costs and recruitment 2,229 - 2,229
GDPR support costs 416 - 416
Statutory audit fee 13,385 - 13,385
General Overheads 158,967 404 159,371
-------------- -------------- --------------
2023 total 259,135 238,413 497,549
======== ======== ========
6. Net income for the year is stated after charged 2024 2023
£ £
Statutory auditor’s remuneration 13,064 13,385
Expenses to trustees 106 -
Depreciation 215 2,480
Amortisation 58,171 58,171
======== =======

21

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED

(A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

7. Staff costs

Number of employees

The average number of employees per full-time equivalents in the year was 17 (2023: 22) and the average employees based on head count was as follows:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |No.|No.| |Average employees|21|25| |======== ========| |Employment costs|£|£| |Wages and salaries|591,550|690,000| |Social security costs|45,368|65,098| |Pension costs|23,483|26,506| |-------------- --------------| |660,400|781,604| |======== ========|

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

During the year, one employees received emoluments over £60,000 (2023: none).

No Trustees received remuneration. Trustees received £106 reimbursement during the year, relating to travel expenses. (2023: none).

The total employee benefits including pension contributions of the key management personnel were £169,301 (2023: £242,542).

Included within staff costs is a payment to 3 employees for redundancy, totalling £3,082 (2023: 1 employee for redundancy, totalling £1,142)

8. Taxation

The charity’s activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge in these accounts.

22

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

Computer
9. a. Tangible fixed assets Equipment
£
Cost
At 1 April 2023 15,573
Additions 1,572
Disposals -
--------------
At 31 March 2024 17,145
--------------
Depreciation
At 1 April 2023 15,532
Charge for the year 215
Disposals -
--------------
At 31 March 2024 15,747
--------------
Net book value
At 31 March 2023 41
========
At 31 March 2024 1,398
========
Digital
9. b. Intangible fixed assets Software Project
Total
£ £
£
Cost
At 1 April 2023 10,800 280,335
291,135
-------------- -------------- --------------
At 31 March 2024 10,800 280,335
291,135
-------------- -------------- --------------
Amortisation
At 1 April 2023 7,807 122,744
130,551
Charge for the year 2,104 56,067
58,171
-------------- -------------- --------------
At 31 March 2024 9,911 178,811
188,722
-------------- -------------- --------------
Net book value
At 31 March 2023 2,993 157,591
160,584
======== ======== ========
At 31 March 2024 889 101,524
102,413
======== ======== ========
10. Debtors 2024
2023
£
£
Trade debtors 38,855
-
Accrued income 6,873
10,206
Prepayments 4,909
5,235
-------------- --------------
50,637
15,441
======== ========

23

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED

(A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

11. a. Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors (450) 4,210
Deferred income (11b) 29,567 20,641
Accruals 38,714 27,359
VAT 13,048 10,030
Other taxes and social security 12,045 14,139
Other creditors 5,742 9,225
-------------- --------------
98,666 85,784
======== ========
11. b. Deferred income 2024 2023
£ £
Opening deferred income 20,641 28,106
Released in year (20,641) (28,106)
Income deferred in the current year 29,567 20,641
-------------- --------------
29,567 20,641
======== ========
Unrestricted Total
12. Analysis of net assets between funds Funds Funds
2024 2024
£ £
Balance at respect balance sheet date as represented by:
Fixed assets 103,811 103,811
Current assets 109,942 109,942
Current liabilities (98,666) (98,666)
-------------- --------------
107,087 107,087
======== ========
Unrestricted Total
Funds Funds
Comparative 2023 2023 2023
£ £
Balance at respect balance sheet date as represented by:
Fixed assets 160,625 160,625
Current assets 215,286 215,286
Current liabilities (85,784) (85,784)
-------------- --------------
290,127 290,127
======== ========

24

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED

(A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |At 1|At 31| |April|Expend-|March| |13. Funds|2023|Income|iture|Transfer|2024| |£|£|£|£|£| |General funds|132,536|257,000|(440,040)|56,067|5,563| |Digital Time Credit reserve|157,591|-|-|(56,067)|101,524| |-------------- -------------- -------------- -------------- --------------| |Total unrestricted reserves|290,127|257,000|(440,040)|-|107,087| |-------------- -------------- -------------- -------------- --------------| |Restricted funds|-|439,510|(439,510)|-|-| |-------------- -------------- -------------- -------------- --------------| |Total funds|290,127|696,510|(879,550)|-|107,087| |======== ======== ======== ======== ========| |At 1|At 31| |April|Expend-|March| |Comparative 2023|2022|Income|iture|Transfer|2023| |£|£|£|£|£| |General funds|144,456|334,026|(402,013)|56,067|132,536| |Digital Time Credit reserve|213,658|-|-|(56,067)|157,591| |-------------- -------------- -------------- -------------- --------------| |Total unrestricted reserves|358,114|334,026|(402,013)|-|290,127| |-------------- -------------- -------------- -------------- --------------| |Restricted funds|-|674,376|(674,376)|-|-| |-------------- -------------- -------------- -------------- --------------| |Total funds|358,114|1,008,402 (1,076,389)|-|290,127| |======== ======== ======== ======== ========|

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

Refer to note 1.5.c. for purpose of restricted funds.

Transfer of £56,067 from General Funds to Digital Time Credit reserve was to fund the amortisation written off during the year. (2023: £56,067).

14. Company limited by guarantee

Tempo Time Credits Limited is a company limited by guarantee and accordingly does not have a share capital.

Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member.

25

Docusign Envelope ID: BA522973-7C1D-4380-B814-91C1578840E6

TEMPO TIME CREDITS LIMITED (A company limited by guarantee)

NOTES to the FINANCIAL STATEMENTS (continued)

For the year ended 31 March 2024

15. Financial commitments

The charity’s total future minimum lease payments under non-cancellable operating leases are as follows for each of the following periods:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |£|£| |Land and buildings| |Payable within one year|-|5,458| |Payable in two to five years|-|-| |Office equipment| |Payable within one year|38|1,929| |========= ========|

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

16. Related party transactions

There were no related party transactions during the year (2023: None).

26

' Accountants Advisers 61 Dublin Street Edinburgh EH3 6NL 0131558 5800 www.ct.me Tempo Time Credits Limited For the year ended 31 March 2024 Audit Summary Report to those charged with Governance ChFene +Tait LLP.trading ès CT Is a limited Iiaiwlitypartnersttip. is registered inscotland (S03031441. Ourrryistered office Is at 61 Dublin Street.Edinburgh EH3 6NLOffices In Gknsgow. Inverness and London.Forfull c(￿laCtdets1IS YisitMyw.ct.me.

Contents Limitations of this report Executive summary Accounting and audit risks and responses Issues arising during the audit Internal Control Issues arising Weaknesses arising in the prior year Issues arising Audit adjustments ISA 260 reporting requirements 10 10 11 11 12 13 Audit Summary Report

Limitations of this report This report refers only to material matters we have identif led from our audit of the financial statements of Tempo Time Credits Limited, for the year ended 31 March 2024, that we think merit being brought to your attention. The matters raised in this report are only those which came to our attention during the course of our audit and are not necessarily a comprehensive statement of all issues affecting the financial statements of Tempo Time Credits. Any recommendations for improvements should be assessed by you for their full commercial impact before they are implemented. We draw your attention to the fact that management are responsible for identifying, evaluating and managing risk, including new risks and those which change. This report has been prepared solely for your use as Trustees and should not be quoted in whole or in part without our prior written consent. No responsibility to any third party is accepted as the report has not been prepared, and is not intended, for any other purpose Audit Summary Report

Executive summary Introduction The purpose of this report is to highlight the key issues aff ecting the preparation of the financial statements for the year ended 31 March 2024. It is also used to report to management matters arising f rom our audit work and to meet the mandatory requirements of International Standard on Auditing (UK) 260 - Communication with those charged with governance. Changes to our audit plan In the conduct of our audit, we have not had to alter or change our audit plan, which we communicated to you in our Audit Planning Document dated July. We note how we have addressed the risks identified at planning. Status of the audit Our audit is substantially complete although we are finalising our procedures in the following areas: Obtaining and reviewing the letter of representation. Updating our post balance sheet events review to the date of signing the financial statements. Audit adjustments The audit adjustments are discussed in the 'Audit Adjustments, section of this document. Control matters The management is responsible for the identif ication, assessment, management and monitoring of risk, and for developing, operating and monitoring the system of financial control. Our audit is not designed to test all internal controls or identify all areas of control weakness. However, where, as part of our testing, we identify any control weaknesses, we will report these to the Trustees. There are no control issues noted in the current yearthat we would wish to bring to your attention. Matters arising from the financial statements audit and any recommendations have been discussed with senior management and noted in the 'lssues Arising During the Audit, section. Audit Summary Report

Financial statements opinion We propose to give an unqualified opinion on the financial statements. Appreciation We would like to take the opportunity to record our appreciation for the assistance provided by your team during our audit. Audit Summary Report

Accounting and audit risks and responses Issues identif led at planning stage As noted in our Audit Planning Document submitted to the Trustees, the following audit risk areas in respect of the financial statements being materially misstated were identified as significant matters and therefore were considered in detail during our audit fieldwork Business risks Risk and audit response Goinq Concern assessment and cessation To obtain assurance about the charity's ability to continue of grant income as a going concern, we have reviewed the forecasts and We will obtain the budgets for a period of at budgets for 202412025 as well as the scenario budget least twelve months after the date of signing prepared for the periods to 2025126. We reviewed the the audit report. We will assess the budgeted assumptions by obtaining additional information assumptions applied in the preparation of the through the going concern questionnaire completed by budqets to ensure these are appropriate. senior management, agreeing the funding available to key contracts and assessing the expenditure budgeted. We will also obtain the completed qoing The budgets prepared indicate that the charity has concern questionnaire from management. sufficient cash reserves to continue its operations at the We will review the budget alongside the responses to this questionnaire to ensure that current level for a period of at least 12 months from the the charity can continue to meet its future date the financial statements are approved. We are obliqations as they fall due and therefore satisfied that existing reser¥es, together with the duration remain a going concern. of secured funding contracts, provide sufficient assurance on the ability of the charity to continue to We will review income with reference to the operate service contracts and grant award letters, alongside a review of the financial information for the forthcoming year. This will form one of our key considerations regarding the appropriateness of the going concern assumption. Resolution Audit Summary Report

Audit risks Risk and audit response Fraud, including management override of We have held discussions with the Trustees and controls. management regarding the risk to the Charity for fraud At each staqe of the audit process, we will and management override. We have reviewed the conf irm with manaqement if they are aware financial manual and the financial policies compiled for the of any known or suspected fraud during the 2023124 financial year and have confirmed thatthey have year. appropriate systems in place to identify and mitigate the risk. We have also confirmed through reviewing trustee Throuqhout the audit process, we will remain meeting minutes and discussion with the senior sceptical for evidence of fraud, and we will management that there have been no instances of fraud follow up on any unusual or suspicious during the year of which they are aware. During our audit transactions. testing we have reviewed journal entries processed in the year, at financial statement level and post year-end. This has provided assurance that there was no evidence of potential management override. Throughout our audit we have remained alert to any unusual or suspicious transactions, and none were highlighted. Resolution We will use data analytics software to review the journal adjustments posted during the year to confirm if these are reasonable and have been made in the normal course of business. Completeness of income. We have reviewed the systems and controls in operation regarding income recognition from all material sources. In Following our discussion with management addition, we have carried out walkthrough tests to ensure on the systems for recognising income, we will perform walkthroughs to ensure the the systems are operating as documented. To provide systems and controls are operating assurance over completeness of income we have selected effectively. a sample of grant agreementslcontracts. These were reviewed to ensure income was accounted for in We will perform substantive testing on all accordance with the agreement/contract. We have tested material income streams to confirm that the income received around the year end to gain assurance income recognised in the financial that items have been recorded in the correct period. We statements is complete, being recorded in have reviewed deferred income and the details of the correct financial period and is being contracts to confirm income has been appropriately recognised in line with any terms attached to recognised. the income. Fund accounting. We have performed testing to confirm there are no We will review the allocation of income and material misallocations of income and expenditure expenditure between unrestricted, between individual funds. We have ensured that any designated and restricted funds during audit restrictions imposed on income have been identified and testing to ensure these are correctly classified appropriately. We have reviewed expenditure accounted for. This review will incorporate and performed testing to ensure expenditure on transfers between funds and confirmation charitable activities has been classified appropriately and that these have been appropriately approved allocated between restricted or unrestricted funds by the Trustees. correctly. Transfers between funds have also been considered and found to be appropriate. Audit Summary Report

We will also confirm that apportionment of costs across funds has been calculated on a reasonable and consistent basis. Related party transactions We have held discussions with management regarding the completeness of related party disclosures and procedures We will discuss with manaqement if there in place for the recognition of related parties. We have have been any chanqes in related parties. We will also review the trustee's declaration of reviewed the declarations received from trustees, interest forms to identify if there are any togetherwith trustee meeting minutesfor evidence of any undisclosed related party transactions. undisclosed related parties. We have also reviewed appointments of Directors as recorded at Companies We will review the accountinq records for House. Based upon the work undertaken, we have not any further related parties not identified by identified any previously undisclosed related parties. We manaqement to ensure the disclosure made are satisfied that disclosure regarding related parties is in the financial statements is complete. complete. Audit Summary Report

Issues arising during the audit During the course of our audit work we noted the following issues that we wish to bring to your attention: Issue Resolution Late VAT Submission It was noted during our testing that there was Following discussion with management there have been a late VAT return submission and payment in new procedures implemented to reduce the likelihood of the year which resulted in a late filing penalty there being any further late submissions and are satisfied and fine. that this was an isolated incident. Employee contracts During our testing of new employees in the We recommend that employee contracts are reviewed to year we reviewed their contracts of ensure that all contracts have been fully signed. employment. We identified one instance where the new employee had not signed their employment contract. Issues arising during the prior year audit There were no issues identified in the prior year that are of ongoing relevance. Forthcoming developments We enclose a copy of our Technical Developments briefing document which we hope will be of interest to you. If you have any questions regarding any of the content please do not hesitate to contact us. Audit Summary Report

Internal Control Weakness and governance issues arising during the audit We have set out below areas of accounting and internal control weakness that we consider should be brought to the attention of the Trustees which arose as a result of our audit work. This does not constitute a comprehensive statement of weaknesses that may exist in internal controls or of all improvements which may be made Definition of priorities High Issues subjecting the organisation to material risk which should be addressed as a matter of priority. Medium Issues subjecting the organisation to actual or potential significant risk. Low Matter which, if addressed, will enhance efficiency and effectiveness. Issues arising We are pleased to note that our audit has not identified any control weaknesses or governance issues in the current year. Audit Summary Report 10

Weaknesses arising in the prioryear The table below highlights the issues raised in the prior year audit summary report and follows up on the actions taken to address them. Recommendations have been ranked in terms of priority reflecting the risk attaching to the recommendation. Issues arising Issues arising Fund reporting: To ensure fund disclosure is performed accurately and to be aware of spending of restricted and unrestricted funds the charity makes use of departmental codes to allocate cost within Xero It was identified during the walkthrough at planning and during the audit fieldwork that these departmental allocations have not been consistently allocated during the year. The departmental code allocations are used to process the income and expenditure linked to a specific fund or grant. There is a risk if the departmental allocations are not used that funds could be spend incorrectly and the charity could be in breach of the grant contract terms and incorrect disclosure of funds in the financial statements. It is our recommendation that this departmental code allocation should be allocate with each transaction to ensure better review of spending and reporting of funds. This has been discussed with senior management and a manual workbook with the Funds Split was provided during the audit fieldwork stage and they confirmed that this will be put in place in Xero going forward. We did not note any issues over fund accounting in the year. Observation Priority Risk and Recommendation Management response 2024 update Audit Summary Report 11

Audit adjustments Impact of audit adjustments made No audit adjustments were identified as requiring to be made in the financial statements for the year to 31 March 2024 Uncorrected misstatements We are required to communicate all uncorrected misstatements to you, other than those considered to be clearly trivial. A summary of uncorrected misstatements is included below. Detail Positive/{adverse) Debit balances within trade creditors (debit balance of £1,706) Audit Summary Report 12

ISA 260 reporting requirements International Standard on Auditing ('ISA') 260 -communication of audit matters with those charged with governance" requires us to communicate relevant matters relating to the audit of the financial statements to those charged with governance. We have set out opposite how each of the key areas has been addressed and where they have been reported: ISA 260 Requirement Confirmation of the independence of both the Confirmed. Firm and the audit team CT Response Confirmation of audit approach and scope Confirmed via planning document. Consideration of significant accounting policies Considered throughout the audit process and discussed with management as appropriate. Considered throughout the audit process and further within this report. Discussed on page12 of this report Consideration of any material risks and exposures Schedule of material audit adjustments (adjusted and unadjusted) Consideration of material uncertainties casting Discussed on page 6 of this report doubt on the entity's ability to continue as a going concern Significant disagreements with management Expected modifications to the auditor's report None noted. Material weakness in the accounting and None noted. internal control system None noted. Audit Summary Report 13

Accountants Advisers