2025-03-23-accounts

Trustees’ Annual Report for the period

From 24 March 2024 To 23 March 2025

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 for the public benefit the trustees provide grants..
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:

SORP reference Policy on grant making Para 1.38 Policy on social investment Para 1.38 including program related investment Contribution made by Para 1.38 volunteers 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 the following charities totalling £110,750.  Aiming Higher for the Disabled Community  Boathouse Youth Ltd  Chorley Youth Zone  Christian Aid  Disasters Emergency Committee  Leonard Cheshire Disability  Macmillan Cancer Support  Salvation Army (Blackpool)  South Shore Community Partnership  The Smile Train UK  The Sparkle Foundation  The Street life Trust Ltd  Trinity Hospice Blackpool

Additional information (optional)

You may choose to include further statements where relevant about:

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

Financial Review

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 £17,229 (2024: £0). In addition to the free reserves the charity has bank balances of £130,779 (2024: £343,535) and investments valued at £3,381,447 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 adopted	Para 1.46
A description of the principal risks facing the charity	Para 1.46
Other		Expendable endowment funds are those which are required to be invested to produce 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	Para 1.25	Trustees are appointed by the existing trustees.

constitutional provisions e.g. election to post or name of 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 £14,637 (2024: £9,110) for trust administration and cash management 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	Trustee name Stuart Andrew Barcock Kathleen Barcock Sarah Fleur Guttridge Ludlow Trust Company Limited	Office (if any)	Dates acted if not for whole year	Name of person (or body) entitled to appoint trustee (ifany)

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

Director name
Gary St John Collins
Walter Duncan Coxon
Ali Reza Sarikhani
Ziba Christina Sakine Sarikhani
Christopher Ian Thurlow
Matthew John Wickers
John Stephen Dennis	(Resigned 25/10/2024)

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

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	W1M Wealth Management Limited	16 Babmaes Street London SW1Y 6AH
Bankers	W1M Wealth Management Limited	16 Babmaes Street London SW1Y 6AH
Accountants	Charter Tax Consulting Ltd	8th Floor, 1 Southampton St, London WC2R 0LR
Independent Examiner	Katie Wilson	Blue Spire Limited, Cawley Priory, South Pallant, Chichester, PO19 1SY

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) Monica Brown Position (eg Secretary, On behalf of Ludlow Trust Chair, etc) Company (Trustee) Date 19 January 2026

	The Payback Time Trust	The Payback Time Trust	The Payback Time Trust	1147853	1147853	CC16a
	For the period from	24.03.2024 Period start date	To		23.03.2025 Period end date
Section A Receipts and payments
A1 Receipts	Unrestricted funds to the nearest £ 57,328 12,959 - - 70,288 - - - 70,288 110,750 - 14,481 180 97 600 157 - - 126,265 - - - 126,265 - 55,977 73,206 - 17,229	Restricted funds to the nearest £ - - - - - - - - - - - - - - - - - - - - - - - - - - -	Endowment funds to the nearest £ - - - - - 3,680,583 - 3,680,583 3,680,583 - 15,290 - - - - - - - 15,290 3,804,842 - 3,804,842 3,820,132 - 139,550 - 73,206 343,535 130,779		Total funds to the nearest £ 57,328 12,959 - - 70,288 3,680,583 - 3,680,583 3,750,870 110,750 15,290 14,481 180 97 600 157 - - 141,555 3,804,842 - 3,804,842 3,946,397 - 195,527 - 343,535 148,009	Last year to the nearest £
Income from investments	57,328					76,318
Interest received	12,959					1,899
	-					-
	-					-
Sub total(Gross income for AR)	70,288					78,217
A2 Asset and investment sales, (see table).
Sale of investments	-					2,757,850
	-					-
Sub total	-					2,757,850
Total receipts A3 Payments
						2,836,067
Grants awarded	110,750					99,560
Investment management fees (VAT inclusive)	-					18,528
Trust administration fees (VAT inclusive)	14,481					9,070
Independent Examiners fees	180					780
FX Fees	97					-
AccountancyFees	600					-
Cash management fee	157					40
	-					-
	-					-
**Sub total **	126,265					127,978
A4 Asset and investment purchases, (see table)
Investmentpurchases	-					2,442,778
	-
**Sub total **	-					2,442,778
Total payments Net of receipts/(payments) A5 Transfers between funds A6 Cash funds last year end Cash funds this year end
						2,570,756
	- 55,977	-	- 139,550		- 195,527	265,311
	73,206	-	- 73,206		-	-
	-	-	343,535		343,535	78,224
	17,229	-	130,779		148,009	343,535

CCXX R1 accounts (SS)

19/01/2026

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	Endowment funds to nearest £ 130,779 - - 130,779 OK Endowment funds to nearest £ - - - - - - Current value (optional) 3,381,447 - - - - Current value (optional) - - - - - - - - - When due (optional) Date of approval 19 January 2026
Categories Signed by one or two trustees on behalf of all the trustees B1 Cash funds B2 Other monetary assets B4 Assets retained for the charity’s own use B5 Liabilities B3 Investment assets	Signature Details Capital account Income account Details Total cash funds (agree balances with receipts and payments account(s)) Details Details Investment portfolio Details	Unrestricted funds Restricted funds to nearest £ to nearest £ - - 17,229 - - - 17,229 - 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(Trustee)
			Date of approval
		Monica Brown on behalf of Ludlow Trust CompanyLimited(Trustee)	19 January 202

CCXX R2 accounts (SS)

19/01/2026

2

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 2025.

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:

1. 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.

Katie Wilson FCA Blue Spire Limited Cawley Priory South Pallant Chichester West Sussex PO19 1SY

Date 19 January 2026