Trustees' Annual Report for the period
Period start date Period end date Day Month Year Day Month Year From 24 March 2020 To 23 March 2021
Section A Reference and administration details
Charity name The Payback Time Trust
Other names charity is known by Registered charity number (if any) 1147853
| Charity's principal address | Trustee Department |
Trustee Department |
|---|---|---|
| 1stFloor, Tower Wharf | ||
| Cheese Lane, Bristol | ||
| Postcode | BS2 0JJ |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 |
Trustee name | Office (if any) | Dates acted if not for whole **year ** |
Name of person (or body) entitled to appoint trustee (ifany) |
|---|---|---|---|---|
| Peter Barcock | ||||
| Kathleen E Barcock | ||||
| National Westminster Bank Plc |
To 05 July 2021 | |||
| Ludlow Trust CompanyLimited |
From 05 July 2021 | |||
Names of the trustees for the charity, if any, (for example, any custodian trustees)
Name Dates acted if not for whole year
TAR
March 2012
1
Names and addresses of advisers (Optional information)
| Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) | Names and addresses of advisers (Optional information) |
|---|---|---|
| Type of adviser Name Address |
||
| Investment Managers | NatWest Bank Plc | 440 The Strand, London, WC2R 0QS |
| Bankers | NatWest Bank Plc | 440 The Strand, London, WC2R 0QS |
| Solicitors | Hugh James | Hodge House, 114-116 St Mary Street, Cardiff, CF10 1DY |
| Independent Examiners | Richard Skelton | 26 Marlborough Rise, Camberley, Surrey, GU15 2ED |
| Name of chief executive or names of senior staff members (Optional information) | ||
Section B Structure, governance and management
Description of the charity’s trusts
Type of governing document
Trust deed dated 23 March 2012.
(eg. trust deed, constitution)
Trust How the charity is constituted
- (eg. trust, association, company)
Trustees are appointed by the existing trustees. Trustee selection methods
(eg. appointed by, elected by)
Additional governance issues (Optional information)
You may choose to include additional information, where relevant, about:
-
policies and procedures adopted for the induction and training of trustees;
-
the charity’s organisational structure and any wider network with which the charity works;
-
relationship with any related parties;
-
trustees’ consideration of major risks and the system and procedures to manage them.
Section C Objectives and activities
The trustees shall hold the capital and income of the Trust Fund upon trust to apply the income and all or such part or parts of the capital at such time or times and in such manner to or for the benefit of such Summary of the objects of the exclusively charitable objects and purposes in any part of the world as charity set out in its the trustees may in their absolute discretion think fit. governing document In furthering the objects the trustees will take into account the settlor’s letter of wishes which requests consideration be given to the benefit of: Age UK (formerly Age Concern), The Cleft Lip and Palate Association, World Vision, Leonard Cheshire Disability, Salvation Army, Christian Aid.
TAR
March 2012
2
In furtherance of the charity’s objects for the public benefit the trustees provides grants in accordance with the letter of wishes. In determining the charity’s activities the trustees have had regard to the Charity Commission’s guidance on public benefit.
Summary of the main activities undertaken for the public benefit in relation to these objects (include within this section the statutory declaration that trustees have had regard to the guidance issued by the Charity Commission on public benefit)
Additional details of objectives and activities (Optional information)
You may choose to include further statements, where relevant, about:
-
policy on grantmaking;
-
policy programme related investment;
-
contribution made by volunteers.
TAR
March 2012
3
Section D Achievements and performance
Summary of the main During the year under review the charity made 34 grant payments to 9 achievements of the charity charities amounting to £102,000 as set out in the notes. during the year
Section E Financial review
TAR
March 2012
4
Brief statement of the
charity’s policy on reserves
At the end of the reporting period the charity had free reserves amounting to £6,837 (2020: £56,739).
In addition to the free reserves the charity has bank balances of £20,078 (2020: £145,092) and investment assets of £3,268,562 within the expendable endowment fund.
The Trustees pursue a policy of maintaining a free reserve available to be spent in the furtherance of the charity’s objectives, as well as covering future needs, opportunities, contingencies and risks.
Details of any funds materially in deficit
Further financial review details (Optional information)
You may choose to include additional information, where relevant about:
-
the charity’s principal sources of funds (including any fundraising);
-
how expenditure has supported the key objectives of the charity;
-
investment policy and objectives including any ethical investment policy adopted.
Section F Other optional information
Section G Declaration
The trustees declare that they have approved the trustees’ report above.
Signed on behalf of the charity’s trustees
Signature(s)
Full name(s)[James Sansum ] On behalf of Ludlow Trust Company Limited Position (eg Secretary, Chair, etc)
Date 25 January 2022
TAR
March 2012
5
| Charity Name | No (if any) | |||
|---|---|---|---|---|
| The Payback Time Trust | 1147853 | |||
| Receipts andpayments accounts | CC16a | |||
| For the period from |
Period start date 24 March 2020 |
To Period end date 23 March 2021 |
| Section A Receipts and payments | Section A Receipts and payments | |||||
|---|---|---|---|---|---|---|
| A1 Receipts | Unrestricted funds to the nearest £ 49,652 114 - - - - - - 49,766 - - - 49,766 102,000 - 780 168 - - - - - 102,948 - - - 102,948 (53,182) 3,280 56,739 6,837 |
Restricted funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - |
Endowment funds to the nearest £ - - - - - - - - - 1,985,520 - 1,985,520 1,985,520 - 17,177 - - - - - - - 17,177 2,090,077 - 2,090,077 2,107,254 (121,734) (3,280) 145,092 20,078 |
Total funds to the nearest £ 49,652 114 - - - - - - 49,766 1,985,520 - 1,985,520 2,035,286 102,000 17,177 780 168 - - - - - 120,125 2,090,077 - 2,090,077 2,210,202 (174,916) |
Last year to the nearest £ |
|
| Income from investments | 49,652 | 66,070 | ||||
| Income from bank interest | 114 | 916 | ||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| Sub total(Gross income for AR) |
49,766 | 66,986 | ||||
| A2 Asset and investment sales, (see table). |
||||||
| Sale of investments | - | 1,127,987 | ||||
| - | - | |||||
| Sub total | - | 1,127,987 | ||||
| Total receipts A3 Payments |
||||||
| 1,194,973 | ||||||
| Grants awarded | 102,000 | 79,000 | ||||
| Inv mgmt and admin | - | 17,321 | ||||
| Independent examination | 780 | 400 | ||||
| Overdraft interest | 168 | - | ||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| - | - | |||||
| **Sub total ** | 102,948 | 96,721 | ||||
| A4 Asset and investment purchases, (see table) |
||||||
| Investmentpurchases | - | 1,137,857 | ||||
| - | ||||||
| **Sub total ** | - | 1,137,857 | ||||
| Total payments Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end **Cash funds this year end ** |
||||||
| 1,234,578 | ||||||
| (53,182) | - | (121,734) | (174,916) | (39,605) | ||
| 3,280 | - | (3,280) | - | - | ||
| 56,739 | - | 145,092 | 201,831 | 241,436 | ||
| 6,837 | - | 20,078 | 26,915 | 201,831 |
CCXX R6 accounts (SS)
6
| Section B Statement of assets and liabilities at the end of the period | Section B Statement of assets and liabilities at the end of the period | Section B Statement of assets and liabilities at the end of the period | Endowment funds to nearest £ 20,078 - - 20,078 OK Endowment funds to nearest £ - - - - - - Current value (optional) 3,268,562 - - - - Current value (optional) - - - - - - - - - When due (optional) Date of approval 25 January 2022 |
|---|---|---|---|
| Categories Signed by one or two trustees on behalf of all the trustees B1 Cash funds B2 Other monetary assets B3 Investment assets B4 Assets retained for the charity’s own use B5 Liabilities |
(agree balances with receipts and payments account(s)) Details Capital account Income account Reserve account Total cash funds Details Details Investment portfolio Details Details Inv mgmt and admin Independent examination Signature |
Unrestricted funds Restricted funds to nearest £ to nearest £ - - 6,837 - - 6,837 - OK OK Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - - - - - Fund to which asset belongs Cost (optional) Endowment - - - - - Fund to which asset belongs Cost (optional) - - - - - - - - - Fund to which liability relates Amount due (optional) Endowment 4,291 Unrestricted 780 - - - Print Name James Sansum On behalf of Ludlow Trust Company Limited |
CCXX R7 accounts (SS)
7
Section C Notes to the Accounts
C1 Nature and purpose of funds (may be Expendable endowment funds are those which are required to be invested to produce income but which may be stated on analysis of funds worksheets) transferred to unrestricted funds at the discretion of the trustees in order that they may be expended in furtherance of the charity's objectives.
Unrestricted income funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
| C2 Grants to institutions C3 Related party transactions |
Recipient - 1 grant payment unless annotated Christian Aid 7 payments CP United Football Club Leonard Cheshire Disability Homes 2 payments Macmillan Cancer Research 4 payments Salvation Army 3 payments Streetlife 2 payments The Boathouse Youth 6 payments The Sparkle Foundation 5 payments Trinity Hospice Blackpool 4 payments |
£ 19,500 500 5,000 8,000 11,000 4,000 29,000 15,000 10,000 |
|---|---|---|
| 102,000 | ||
| No trustee received any remuneration nor reimbiursed any expenses in the year under review. During the year under review National Westminster Bank Plc, a trustee of the charity, were paid fees for the provision of administration and investment management services amounting to £17,177 (2020: £17,321) as authorised under clause 13 of the trust deed. |
CCXX R8 accounts (SS)
8
Independent Examiner's Report to the Trustees of The Payback Time Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 23 March 2021 as set out on pages 6 to 8.
Responsibilities and basis of report
As the charity’s trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
- accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
25 January 2022
Geoffrey Frost BSc(Hons) FCA Date Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY
9