TimeBank saw its voluntary income plummet by 99 per cent in 2012 after losing its strategic partner grant from the Office for Civil Society, its latest accounts reveal.

The volunteering charity’s overall income fell by 55 per cent from £1.3m in 2011 to £570,017 in 2012.

The bulk of its income drop was caused by a near-complete loss in voluntary income which dropped from £542,120 in 2011 to just £2,590 in 2012.

TimeBank’s loss of its £525,300 grant from the Office for Civil Society accounted for the majority of the drop in voluntary income.

The charity’s accounts categorise 2012 as a difficult year in which resources expended by the charity exceeded income by £274,602.

The charity also spent £35,094 on redundancies last year, with its overall wage bill dropping from £1.1m to £640,298.

The charity's chief executive Helen Walker said: "Losing our funding as a strategic partner of the Office of Civil Society was a big blow to TimeBank. The £500,000 grant represented a quarter of our income and meant drastic staff cuts and focusing on our strengths.

"But less than two years later, TimeBank is thriving. We have continued to deliver our renowned volunteer mentoring projects and employee volunteering programmes. Recently we received a quarter of a million pounds in funding from the Big Lottery Fund to pilot a new mentoring project to support carers, and we've just heard that City Bridge Trust has made a grant of £80,000 to enable us to extend our mentoring support to charities and community organisations in London. So I'm glad to report that TimeBank is flourishing!"

 

Want access to all civilsociety.co.uk content? Subscribers gain access to all expert advice, analysis, surveys, special reports and the full archive of content from as little as £43.20 per year. Find out more...