South Cambridgeshire District Council - Timebanking Pilot Project Contract

Following the outcome of a recent project focussing on reducing isolation and loneliness, South Cambridgeshire District Council (SCDC) has committed to support the development and coordination of two new timebanks in the district over the next twelve months.

The definition of a timebank, is a reciprocity-based work trading system in which hours are the currency. With time banking, a person with one skill set can bank and trade hours of work for equal hours of work in another skill set instead of paying or being paid for services.

Timebanking is a means of exchange used to organise people and organisations around a purpose, where time is the principal currency. For every hour participants 'deposit' in a timebank, perhaps by giving practical help and support to others, they are able to 'withdraw' equivalent support in time when they themselves are in need. In each case the participant decides what they can offer. Everyone's time is equal, irrespective of whatever we choose to exchange.

Because timebanks are just systems of exchange, Timebanking makes use of the assets and resources that exist within a particular community or group. Timebanking builds social networks of people who give and receive support from each other, enabling people from different backgrounds, who may not otherwise meet, to come together and form connections and friendships. Generating social capital in this way can be an important determinant of health, wellbeing and resilience, all of which can prevent needs arising.