2022-03-23-accounts - The Payback Time Trust

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Trustees' Annual Report for the period

Period start date Period end date Day Month Year Day Month Year From 24 March 2021 To 23 March 2022

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

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 Examiner	Geoffrey Frost	Blue Spire Limited, Cawley Priory, South Pallant Chichester, West Sussex, PO19 1SY

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)

How the charity is constituted

Trust

(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

Summary of the objects of the charity set out in its governing document

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 exclusively charitable objects and purposes in any part of the world as the trustees may in their absolute discretion think fit. 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

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

Section D Achievements and performance

Summary of the main During the year under review the charity made 35 grant payments to 11 achievements of the charity charities amounting to £107,500 as set out in the notes. during the year

Section E Financial review

TAR

March 2012

Brief statement of the

charity’s policy on reserves

At the end of the reporting period the charity had free reserves amounting to £487 (2021: £6,837).

In addition to the free reserves the charity has bank balances of £54,002 (2021: £20,078) and investment assets of £3,314,554 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)[Matthew Winterbottom ] On behalf of Ludlow Trust Company Limited

Position (eg Secretary, Chair, etc)

Date 12 January 2023

TAR

March 2012

Charity Name		No (if any)
The Payback Time Trust		1147853
Receipts andpayments accounts			CC16a
For the period from	Period start date 24 March 2021	To Period end date 23 March 2022

Section A Receipts and payments Unrestricted funds to the nearest £ A1 Receipts

A1 Receipts	Unrestricted funds to the nearest £ 53,431 39 - - - - - - 53,470 - - - 53,470 107,500 - 780 24 2,455 - - - - 110,759 - - - 110,759 (57,289) 50,939 6,837 487	Restricted funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -	Endowment funds to the nearest £ - - - - - - - - - 1,499,602 - 1,499,602 1,499,602 - 17,916 - - - - - - - 17,916 1,396,823 - 1,396,823 1,414,739 84,863 (50,939) 20,078 54,002	Total funds to the nearest £ 53,431 39 - - - - - - 53,470 1,499,602 - 1,499,602 1,553,072 107,500 17,916 780 24 2,455 - - - - 128,675 1,396,823 - 1,396,823 1,525,498 27,574	Last year to the nearest £
Income from investments	53,431				49,652
Income from bank interest	39				114
	-				-
	-				-
	-				-
	-				-
	-				-
	-				-
*Sub total*(Gross income for AR)	53,470				49,766

A2 Asset and investment sales, (see table).
Sale of investments	-				1,985,520
	-				-
*Sub total*	-				1,985,520
*Total receipts* A3 Payments
					2,035,286

Grants awarded	107,500				102,000
Inv mgmt and admin	-				17,177
Independent examination	780				780
Overdraft interest	24				168
Administrative services	2,455				-
	-				-
	-				-
	-				-
	-				-
**Sub total **	110,759				120,125

A4 Asset and investment purchases, (see table)
Investmentpurchases	-				2,090,077
	-
**Sub total **	-				2,090,077
*Total payments* *Net of receipts/(payments)* A5 Transfers between funds A6 Cash funds last year end **Cash funds this year end **
					2,210,202

	(57,289)	-	84,863	27,574	(174,916)
	50,939	-	(50,939)	-	-
	6,837	-	20,078	26,915	201,831
	487	-	54,002	54,489	26,915

CCXX R6 accounts (SS)

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
Categories Signed by one or two trustees on bhlf f ll th tt 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 Administrative services Signature	Unrestricted funds Restricted funds to nearest £ to nearest £ - - 487 - - 487 - 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 3,657 Unrestricted 780 Unrestricted 1,148 - - Print Name	Endowment funds to nearest £
			54,002
			-
			-
			54,002
			OK
			Endowment funds to nearest £
			-
			-
			-
			-
			-
			-
			Current value (optional)
			3,314,554
			-
			-
			-
			-
			Current value (optional)
			-
			-
			-
			-
			-
			-
			-
			-
			-
			When due (optional)





			Date of

Signed by one or two trustees on behalf of all the trustees

Date of Print Name approval Matthew Winterbottom 12 January 2023 On behalf of Ludlow Trust Company Limited

CCXX R7 accounts (SS)

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 Aiming Higher Christian Aid 9 payments Leonard Cheshire Disability Homes 3 payments Macmillan Cancer Research 3 payments Medecins Sans Frontieres Salvation Army 4 payments South Shore Community Partnership 2 payments Streetlife 2 payments The Boathouse Youth 3 payments The Sparkle Foundation 4 payments Trinity Hospice Blackpool 3 payments	£ 2,000 29,500 6,500 5,500 2,500 15,000 6,500 3,500 14,000 14,500 8,000
		107,500

	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 to July 2021, were paid fees for the provision of administration and investment management services amounting to £9,793 whilst a trustee. Ludlow Trust Company Limited was appointed trustee in July 2021 and was paid £2,455 for administrative services between appointment and the reporting date. These fees are authorised under clause 13 of the trust deed.

CCXX R8 accounts (SS)

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 2022 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.

12 January 2023

Geoffrey Frost BSc(Hons) FCA Date Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY