## **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