2024-03-23-accounts

The Payback Time Trust 1147853 Receipts and payments accounts CC16a For the period Period start date Period end date To from 24.03.2023 23.03.2024

Section A Receipts and payments	Section A Receipts and payments
A1 Receipts	Unrestricted funds to the nearest £ 76,318 666 - - - - - - 76,984 - - - 76,984 11,560 - 40 - - 11,600 - - - 11,600 65,384 - 79,834 14,450 -	Restricted funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - -	Endowment funds to the nearest £ 1,233 - - - - - - 1,233 2,757,850 - 2,757,850 2,759,083 88,000 18,528 9,070 780 - - - - - 116,378 2,442,778 - 2,442,778 2,559,156 199,927 79,834 63,774 343,535	Total funds to the nearest £ 76,318 1,899 - - - - - - 78,217 2,757,850 - 2,757,850 2,836,067 99,560 18,528 9,070 780 - - 40 - - 127,978 2,442,778 - 2,442,778 2,570,756 265,311 - 78,224 343,535	Last year to the nearest £
Income from investments	76,318				61,772
Interest received	666				913
	-				-
	-				-
	-				-
	-				-
	-				-
	-				-
Sub total(Gross income for AR)	76,984				62,685
A2 Asset and investment sales, (see table).
Sale of investments	-				1,661,421
	-				-
Sub total	-				1,661,421
Total receipts A3 Payments
					1,724,106
Grants awarded	11,560				113,000
Investment management fees (VAT inclusive)					15,304
Trust administration fees (VAT inclusive)					4,693
Independent Examiners fees					780
Bank charges					54
Legal fees	-				480
Cash management fee	40				-
	-				-
	-				-
**Sub total **	11,600				134,311
A4 Asset and investment purchases, (see table)
Investmentpurchases	-				1,566,060
	-
**Sub total **	-				1,566,060
Total payments Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash funds this year end
					1,700,371
	65,384	-	199,927	265,311	23,735
	- 79,834		79,834	-	-
	14,450		63,774	78,224	54,489
	-	-	343,535	343,535	78,224

CCXX R1 accounts (SS)

18/09/2024

1

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 behalf of all the trustees B5 Liabilities B3 Investment assets B2 Other monetary assets B4 Assets retained for the charity’s own use B1 Cash funds	Details Investment portfolio Details Total cash funds (agree balances with receipts and payments account(s)) Capital account Income account Details Details Details Signature	Unrestricted funds Restricted funds to nearest £ to nearest £ - - - - - - - - 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) - - - - Print Name Monica Brown on behalf of Ludlow Trust CompanyLimited	Endowment funds to nearest £
			343,535
			-
			-
			343,535
			OK
			Endowment funds to nearest £
			-
			-
			-
			-
			-
			-
			Current value (optional)
			3,182,218
			-
			-
			-
			-
			Current value (optional)
			-
			-
			-
			-
			-
			-
			-
			-
			-
			When due (optional)
			Date of approval
		Monica Brown on behalf of Ludlow Trust CompanyLimited

CCXX R2 accounts (SS)

18/09/2024

2

Trustees’ Annual Report for the period

From 24 March 2023 To 23 March 2024

Charity name: The Payback Time Trust Charity registration number: 1147853

Objectives and Activities

	SORP reference
Summary of the purposes of the charity as set out in its governing document	Para 1.17	The trustees shall hold the capital and income of the 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.
Summary of the main activities in relation to those purposes for the public benefit, in particular, the activities, projects or services identified in the accounts.	Para 1.17 and 1.19	In furtherance of the charity’s 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
Statement confirming whether the trustees have had regard to the guidance issued by the Charity Commission on public benefit	Para 1.18	In determining the charity’s activities, the trustees have had regard to the Charity Commission’s guidance on public benefit.

Additional information (optional) You may choose to include further statements where relevant about:	Additional information (optional) You may choose to include further statements where relevant about:	Additional information (optional) You may choose to include further statements where relevant about:
	SORP reference
Policy on grant making	Para 1.38
Policy on social investment including program related investment	Para 1.38
Contribution made by volunteers	Para 1.38
Other

Achievements and Performance

	SORP reference
Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole.	Para 1.20	During the year under review the charity made grants to 14 charities totalling £99,560.

Additional information (optional) You may choose to include further statements where relevant about:

Achievements against objectives set	Para 1.41
Performance of fundraising activities against objectives set	Para 1.41
Investment performance against objectives	Para 1.41

Other

Financial Review

Review of the charity’s financial position at the end of the period	Para 1.21	At the end of the reporting period the charity had free reserves of £0 (2023: £14,450). In addition to the free reserves the charity has bank balances of £343,535 (2023: £54,002) and investments valued at £3,182,218 within the expendable endowment fund.
Statement explaining the policy for holding reserves stating why they are held	Para 1.22	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.
Amount of reserves held	Para 1.22
Reasons for holding zero reserves	Para 1.22
Details of fund materially in deficit	Para 1.24
Explanation of any uncertainties about the charity continuing as a going concern	Para 1.23

Additional information (optional) You may choose to include further statements where relevant about:

The charity’s principal sources of funds (including any fundraising) Para 1.47 Investment policy and objectives including any

social investment policy Para 1.46 adopted A description of the principal risks facing the charity Para 1.46 Expendable endowment funds are those which are required to be invested to produce Other income but which may be 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.

Structure, Governance and Management

Description of charity’s trusts:
Type of governing document (trust deed, royal charter)	Para 1.25	Trust deed dated 23 March 2012
How is the charity constituted? (e.g unincorporated association, CIO)	Para 1.25	Trust
Trustee selection methods including details of any constitutional provisions e.g. election topost or name of	Para 1.25	Trustees are appointed by the existing trustees.

any person or body entitled to appoint one or more trustees

Additional information (optional) You may choose to include further statements where relevant about:

Policies and procedures adopted for the induction and training of trustees	Para 1.51
The charity’s organisational structure and any wider network with which the charity works	Para 1.51
Relationship with any related parties	Para 1.51	No trustee received any remuneration or was reimbursed any expenses in the year under review. Ludlow Trust Company Limited was paid £9,070 for trust administration services during the year under review. These fees are authorized under clause 13 of the trust deed.
Other

Reference and Administrative details

Charity name	The Payback Time Trust
Other name the charity uses
Registered charity number	1147853
Charity’s principal address	Trustees Department 1stFloor, Tower Wharf Cheese Lane, Bristol 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	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
	Ludlow Trust CompanyLimited

20

– Corporate trustees names of the directors at the date the report was approved Director name

Name of trustees holding title to property belonging to the charity

Trustee name Dates acted if not for whole year Funds held as custodian trustees on behalf of others Description of the assets held in this capacity Name and objects of the charity on whose behalf the assets are held and how this falls within the custodian charity’s objects Details of arrangements for safe custody and segregation of such assets from the charity’s own assets

Funds held as custodian trustees on behalf of others

Additional information (optional)

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	Coutts & Co	440 The Strand, London, WC2R 0QS
Bankers	Coutts & Co	440 The Strand, London, WC2R 0QS
Accountants	KJF Accounting Limited	17 Sheringham Avenue, Southgate, London, N14 4UB

Name of chief executive or names of senior staff members (Optional information)

Exemptions from disclosure

Reason for non-disclosure of key personnel details

Other optional information

Declarations

The trustees declare that they have approved the trustees’ report above.

Signed on behalf of the charity’s trustees

Signature(s) Full name(s) Position (eg Secretary, Chair, etc) Date
	Monica Brown on behalf of Ludlow Trust Company
	24/09/24
	24/09/24

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examinevs Report Report to the trusteesl members of The Payback Time Trust On accounts forthe year ended 23rd March 2024 Charity no lif any) 1147853 Set out on pages 1to2 I report to the trustees on my examination of the accounts of the above charity (Yhe Trusv) for the year ended 23rd March 2024. Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordan￿ with the requirements of the Charilies Act 2011 (Yhe Acr). I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examination, I have followed the applicable Directions given by the Charity Commission under section 14515)(bl of the Act I have completed my examination. I confimi that no material matters have come to my attention in connection wilh the examination which gives me cause to believe Ihat in. any material respect.. accounting records were not kept in accordan￿ wth section 130 of the Act or the accounts do not accord with the accounting records Independent examiner's statement I have no concems and have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reathed. Signed: Date: 16_bq-Zog4 Name: Mr Keith Felton Relevant professional qualification{sl or body (if any): ACCA Address: KJF Accounting Ltd, 17 Sheringham Avenue. Southgate, London N14 4UB Section B Disclosure Only complete if the examiner needs to highlight matters of COn￿M (see CC32, Independent examination of charity accounts.. directions and guidan￿ for examiners). IER October 2018

Give here brief details of any Items that the examlner w1sf￿$ to disclose. IER October 2018

Binder1

Final Audit Report

2024-09-24

Created: 2024-09-24 By: Marta Kurpickaja ([e-mail]) Status: Signed Transaction ID: CBJCHBCAABAAAl3nG4_Q-hjOiqOpvw-OvfQ0LzJfqCeF

"Binder1" History

Document created by Marta Kurpickaja ([e-mail])

2024-09-24 - 10:33:06 AM GMT

Document emailed to Monica Brown ([e-mail]) for signature 2024-09-24 - 10:33:10 AM GMT

Email viewed by Monica Brown ([e-mail]) 2024-09-24 - 1:37:45 PM GMT

Document e-signed by Monica Brown ([e-mail]) Signature Date: 2024-09-24 - 1:39:04 PM GMT - Time Source: server

Agreement completed.

2024-09-24 - 1:39:04 PM GMT