I am delighted to provide an overview of a significant achievement that has transpired for The Old Bank Wellbeing Trust, marking a pivotal milestone in our journey. As the Chairman, I am pleased to report that we were granted charity status in February of 2023, a momentous development that holds profound significance for both our organisation and the communities we serve.
The attainment of charity status signifies a moment of triumph and renewal for our dedicated board and committed team. It enables us to forge ahead with renewed vigour and a steadfast commitment to expanding the horizons of The Old Bank (TOB) Wellbeing Trust. With this newfound status, we are better positioned to catalyse growth, enhance financial stability, and elevate our governance standards to even greater heights.
In addressing a query that may arise, some might wonder why we did not pursue charity status from the outset. The answer, straightforward and candid, lies in the unprecedented challenges that unfolded with the global pandemic. As the pandemic raged, our paramount focus was to provide immediate support to those grappling with consequences of lockdowns and other related disruptions. The urgency of the situation dictated that expediting charity status, although desirable, would have entailed an extensive timeframe. Hence, we embarked on the mission to provide swift aid to as many individuals as possible as a not for profit.
As circumstances gradually began to stabilise and a normalcy returned, we set our plan into motion to secure charity status. This endeavour was not without its trials; countless days were devoted to meticulous preparations, comprehensive revisions, and collaborative dialogues with the Charity Commission. I am proud to announce that our efforts bore fruit, culminating in the formal recognition of our organisation as The Old Bank Wellbeing Trust.
Importantly, this transition has been seamless for our clients, as we have maintained our commitment to service excellence. The trust we have cultivated, the programs we have meticulously designed, and the support we have consistently provided remain intact. Our clients' experience continues undisturbed, a testament to the careful planning and dedication of our remarkable team.
Internally, the change to charity status has brought around a series of structural enhancements. New Trustees have joined our esteemed board, infusing fresh perspectives and rich expertise. Likewise, an experienced management team has been assembled to lead us into this exciting new chapter. These changes, born from our pursuit of greater impact and effectiveness, set the stage for continued growth and transformation of TOB.
Over the past year, our focus has been on navigating the challenges and ensuring our survival and planned expansion. The vital grants received from the following organisations have been instrumental in enabling us to stand by our clients at every juncture. We extend our heartfelt gratitude to these unwavering supporters for their assistance over the past 12 months. As we step into this new chapter, we eagerly anticipate continued collaboration and growth.
We would like to express our sincere appreciation to the following organisations:
1 Guy Charitable Trust
2 Mankind CIC
3 Chalk Cliff Trust
4 Southern Wellness Action Group
5 Homity Trust
6 Langney Community Centre
7 Adfam
8 National Lottery
9. Bourne Out LGBTQ+
10. Morrisons (Community Champion)
11. Waves (Seaford)
12. Kingdom Way Trust
13. Bramber Bakehouse
14. NetworX
15. Sanctuary Café
16. The Hampden Park Shed Project
17. The Womens Institute (Willingdon)
18. Enthum House
19. Eastbourne Foodbank
Your steadfast support has been integral to our ability to provide assistance and make a meaningful impact. We look forward to furthering our partnership as we embark on this exciting journey ahead.
Private donations – while many of our private donors over the year wish to remain anonymous, we wish to thank you publicly here, you know who you are!
The trustees of The Old Bank Wellbeing Trust present their annual report and financial statements for the year ended 30 June 2023.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's [governing document], the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
The vision of the TOB is that it becomes a significant source of affordable counselling to the Public using bursary funding to help cover some of the cost of receiving timely treatment. TOB is here to assist clients, who are in need, in order to help those beneficiaries experience a better quality of life.
Its objects are as follows:
1 The relief of sickness and promotion of good mental health for the public benefit by: - The provision of accessible, evidence based psychotherapeutic services.
2 Support for training and development in counselling and related skills.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.
TOB has held 5,718 individual and 251 couples’ sessions in this financial year. Approximately 30% of our client are under the age of 18.
TOB has seen an improvement on in particular males seeking assistance, with men now representing approximately 40% of our client base.
Income during the year ended 30th June 2023 was £274,727 (2022: £127,630).
Net movement in funds for the year was a surplus of £21,608 (2022: £6,499).
As at 30th June 2023 unrestricted funds were £17,909 and restricted funds stood at £21,080.
TOB currently maintains a small amount of reserves, which might not be sufficient to address potential risks or changes in circumstances that could affect the TOB's operations and TOB ability to fulfil its charitable objectives.
To mitigate these risks and ensure the stability of the TOB's operations, TOB has decided to aim for a specific target for reserves, which is £200,000. This amount has been determined as a suitable level to provide a buffer against uncertainties.
TOB has established a policy outlining the target reserve amount of £200,000. This policy is designed to guide financial decisions and ensure that the TOB has a sufficient financial cushion to manage potential challenges and changes.
The reserve policy is not set in stone and will be periodically reviewed and adjusted as TOB grows and the TOB's operations expand. This flexibility ensures that the reserve target remains relevant and effective in different stages of TOB's development.
The main purpose of setting a reserve policy and aiming for a specific reserve amount is to safeguard the TOB's operations and its charitable activities. By maintaining a healthy reserve, TOB can address unforeseen circumstances, changes in the business environment, or potential risks that could impact the TOB's ability to generate income for its charitable endeavours.
Overall, the reserve policy reflects a proactive approach to financial management and risk mitigation within the context of the TOB's charitable mission.
The trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
In the upcoming year, the strategic focus for TOB centres around several key objectives aimed at bolstering our operations and reputation.
Client Expansion and Reserves Growth:
Our primary objective is to ensure that the clients we work with get the best service available while we also intend to increase the number of clients we serve. By doing so, we aim to steadily augment our reserves over the course of the year. This financial reinforcement will empower us to navigate unforeseen circumstances more effectively and sustain our charitable initiatives.
Strengthened Outreach Efforts:
We are committed to intensifying our efforts in reaching out to new clients. Through proactive and enhanced outreach initiatives, we seek to extend our reach and impact to a wider audience. This endeavour aligns with our dedication to creating a positive ripple effect through our work with the public and esteemed partner organisations, further elevating the already well-regarded reputation of TOB.
Leading South East Bursary Provider:
We are committed to increasing the amount of bursary support we can provide to clients who otherwise would not be able to access the counselling support they require. This will require strengthening the existing bursary assessment and allocation process (already in hand), developing further partnerships with other charities and increasing the level of grant funding we currently receive.
Expanded Engagement with Children and Young People:
30% of our clients are under the age of 18 and we are aware of the pressing need for additional support within Children and Young People (CYP). In response, TOB is strategically positioning itself to collaborate with various facets of the CYP Sector. By strengthening the CYP team and extending our involvement to address these pertinent challenges, we envision bolstering industry progress while concurrently furthering our mission.
Targeted Engagement with Male Clients:
A particular focal point for the next year is our dedicated engagement with male clients. We have identified an ongoing issue of these clients not engaging at an early stage. TOB is resolutely committed to bridging this gap by tailoring initiatives specifically aimed at addressing and resolving the barriers preventing timely engagement.
In conclusion, the TOB strategy for the upcoming year is underpinned by a multi-pronged approach encompassing client expansion, financial strengthening, outreach enhancement, and targeted sectoral collaborations. But our highest priority must be focusing on building our CYP programme for the benefit of the community we serve. These endeavours converge to amplify our reputation, extend our societal impact, and advance our vision of fostering inclusivity and positive change.
The Old Bank Wellbeing Trust (TOB) is a charitable company limited by guarantee and not having a share capital, with registration number 12082101. It is recognised as a charity for tax purposes by HMRC and is registered with the Charity Commission under charity number 1201806.
Key points regarding governance are as follows: TOB has a Memorandum and Articles of Association which establish the objects and powers of the charitable company and is governed under its Articles of Association of February 2023.
TOB did not raise funds in this year but will raise funds using the Fundraising Regulator guidelines.
TOB is governed by its Board of Trustees.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
The Trustees meet on a periodic basis to consider items such as achievements, partnering arrangements, risks, regulations and finances, as well as to confirm the allocation of bursary grants. They occasionally consider matters out of committee.
All Trustees’ Board Meetings can now be held in person at a dedicated site or by recorded online meetings. Minutes are taken at all meetings and are available to the Charity Commission as is set out in governance.
TOB recruits its Trustees after advertising, using appropriate procedures to ensure it has the breadth of experience among the Trustees to suit the requirements of TOB.
New Trustees can be appointed following decisions by the Trustees, who are the only Members of TOB, at Board Meetings. Given that TOB is responsible for allocating funds donated by the public, the Trustees place the utmost importance on good governance. We continue to monitor best practice in charity governance and adapt as necessary.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
TOB Management team came together in July 2023 and were selected for experience in the sector, the management team consists of Operations Manager Jason Stevens, Office Manager Jacqui Thornett, Clinical Manager Emily Heseltine and a further five staff members working within administration. The Operations Manager of the TOB works with the Chair of the Board and reports directly to them on all activities and issues. TOB will continue to develop as a leader in this area and will expand and grow in a manageable way in the Third Sector.
TOB communicates through its website at www.theoldbankwellbeing.org.uk, newsletters and on other social media, particularly Facebook, Instagram and Twitter.
The trustee's report was approved by the Board of Trustees.
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the or of the company for that period. In preparing these financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
I report to the trustees on my examination of the financial statements of The Old Bank Wellbeing Trust (the Trust) for the year ended 30 June 2023.
As the trustees of the Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the financial statements of the Trust are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Trust’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
I have completed my examination. I confirm that no 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 Trust as required by section 386 of the 2006 Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
This is the first period of account since the company was registered as a charity.
The Old Bank Wellbeing Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is The Old Bank, 23-25 Brassey Avenue, Eastbourne, East Sussex, BN22 9NH.
The financial statements have been prepared in accordance with the Trust's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The Trust is a Public Benefit Entity as defined by FRS 102.
The Trust has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Donated goods and services given for use by the Trust are recognised when receivable, and are valued at a best estimate of market value. Stocks of undistributed donated goods are not valued for balance sheet purposes.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Trust's balance sheet when the Trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Deferred income
Where income is received for a specific project, the income is deferred until that project commences, in order for the income to be matched with the corresponding expenditure.
In the application of the Trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Donated goods and services above includes various items that have been gifted to the Trust, including office equipment and training services.
The above figure does not include the estimate of time donated by volunteers. Two of the trustees offer clinical services free of charge, and it is estimated that this equated to around 96 days of combined time, with an estimated value of £14,400 for the year.
No provision has been made for the premises provided rent free by The Guy & Co Charitable Trust, as referenced in note 18.
Counselling fees
Grants
Marketing
Training
Travel and staff expenses
Insurance
Accountancy and payroll
Telephone and IT
Utilities
Bank fees
Building maintenance
Printing, postage and stationery
Sundry expenses
Cleaning
Small equipment, repairs and maintenance
Counsellors
Resources
Trustee, Claire Howell, received remuneration of £8,400 in the year, as permitted by the governing document.
Three trustees received reimbursement of expenses in the year totaling £10,980, relating to charity running costs.
Total donations from trustees and their related parties amounted to £20,667.
The average monthly number of employees during the year was:
The remuneration of key management personnel is as follows.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The Trust received a grant of £40,000 in 2020/21 to pay for the accommodation and services of a fully trained counsellor, enabling free sessions for 2021/22 and beyond to be offered to those needing help. The sum of £20,000 was released to the General fund in 2021/22 with the balance released in 2022/23.
Deferred income is included in the financial statements as follows:
The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £891 (2022 - £1,422).
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Mankind Fund - this fund contains receipts to provide additional support to clients referred from the local Mankind support group.
Chalk Cliff Trust - this is an additional fund towards bursaries.
SWAG fund - contains funds for referrals from the Southern Wellness Action Group.
Homity fund - this contains monies to enable us to provide bursaries.
Langey fund - this represents monies towards the support of Langney residents.
Adfam fund - this relates to monies for the provision of addiction support referrals.
Due to the way that costs have been allocated against the relevant restricted fund, some funds had a negative balance. Transfers have therefore been included to reimburse these negative funds from unrestricted reserves.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
The Trust was founded by The Guy & Co Charitable Trust with two common directors/trustees. The Trust use premises free of charge provided by The Guy & Co Charitable Trust. This has been reflected in the accounts as a donation-in-kind. The Trust received donations of £20,000 from The Guy & Co Charitable Trust during the year.