Company registration number.. 02703636 Charity registration number.. 1010973 Age UK Exeter IA company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 WESTCOTTS 4 •US1141SS AOVIS •ADFEOJTN• 0711112024 COMPANIES HOUSE A13
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Age UK Exeter Contents Reference and Administrative Details Trustees, Report 2to10 Independent Examiner's Report statement of Financial Activities 12 Balance Sheet 13 Statement of Cash Flows 14 Notes lo the Financial Statements 15to29
Age UK Exeter Reference and Adm inistrative Details Chairman John Cartridge Trustees stephen Noon (appointed 11 April 2023) Peter Brew Ross Bright (resigned 9 Juty 2024) Lydia Ward Claire Morse {appointed 12 December 2023> John Cartridge Darren Burr (appointed 15 Augusl 2023) Laura Hobbs (resigned 23 February 2024) Gavin Ball David Mutton (appointed 30 April 2024) Secretary Nicole Flynn Charity Règlstratlon Number 1010973 Company Registration Number 02703636 Registered Office The Sycamores Mount Pleasant Road Exeter EX4 7AE Independent Examlner Westcolts (SW) LLP Timberly South Street Axminster Devon EX13 SAD Accountants Weslcotts Timberly South Street Axminster Devon EX13 SAD Page 1
Age UK Exeter Trustees, Report The truslees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024. Objectlves and actlvitles Public benefit The trustees confimi that they have cornplied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. In setting objectives and planning for activities, the trustees have given due consideration lo general gUanCe published by the Charity Commission relating to public benefit. Age UK Exeter makes a p051tive contribution to the lives of over 1,000 older people each week through the support services and opportunities we provide. We help older people to maintain and enhance their quality of life. make informed choices. realise their rights, and meet Iheir care needs. Many of these seNices are free. some are charged for, and some provided under a contract with the RD & E Hospital Trust. The charity's objectives are to work to improve later life for everyone in Exeter by providing hh quality seriices and enabling older people to make the most of life whatever their circumstances. Strategies for achieving objectives The strategy to achieve these objectives continued to be through the provision of support and opportunities for older people with a wide range of needs and seeking to ensure that the views and best interests of older people are taken into account by local policy makers. Activities for achieving objectives This was achieved through the provision of.. Services that provide meaningful and stimulating social contact and practical support in a range of settings. SeNices that offer time-off and emotional and practical support to carers. Services that promote older people's independence. confidence. and self-esteem. Information and advice that enables informed choices to be made and promotes benefit. entitlement. Services that promote older people's physical and mental wellbeing. A range of leisure and leaming opportunities that provide enjoyment and mental stimulation. SeNices that aim to help frail older people avoid unnecessary hospital admissions. Services that help older people manage their long-term conditions and get the most out of life. Representing the wants and needs of local older people lo local decision makers. Working in partnership with other agencies to deliver services and influence service design. Volunteers Like many charities, volunteer recruitment has remained a challenge. We are so grateful for the 114 (as of August 20241 volunteers who have continued to support people through the aclivities and services we have been able to deliver. They truly are a resource of which Exeter can be proud. Page 2
Age UK Exeter Trustees. Report SeNices provided Hospital to Home Sycamore Days Day Service Enabling and Home Support Service Dementia Support Services and Budding Friends Handy Person Service Time for You volunteer sitting service Information and Advice Service Careline and Befriending Carers Support Activities Chair Based Exercise weekly classes Digital workshops Qigong weekly classes Tea Dance weekly classes Sycamore Singalongs (singing for memory classes) Craft Group Sycamore Lunch Club Adhoc events and trips to mark the seasons and special weeks such as carer5 week and volunteerfs week. Achievements and performance 'At eighly, thets sometimes seems that Ihere is little conversation to be had with the modem wortd.. however, Age UK Exeter through its staff revives one s belief in a caring wortd- Th8nk you. A g81 poet, W.B Ye8ts MInded us, .1 have spread my dreams beneath your feet. Iread softly because you tread on my daMS., Age UK Exeter has worked hard this year to ensure we promote later life and positive ageing. Over the last year we have doubled the number of weekly contacts to 1,000 and many older people are experiencing loneliness and isolation. A report published by Age UK called "All the lonely people, loneliness in later life. says that if the situation is not tackled there will be over 2 million older people who are often lonely by 2026. The quote above is from a service user who has a volunteer visitor weekly through our Volunteer Visiting scheme. With one in three over So's experiencing ageism, there has never been 8 time to be working harder on promoting wellbeing in later life. 'When a programme of care is agreed, everything possible is done to keep it Ilowing. There 15 always a friendly ear when lurther aid is requested. Age UK Exeter allows me to live alone at home." This is a quote from a recipient of our'Hospital lo Home, project which supports people when they are discharged from hospital lo aid a smoother transition to home. Our Enabling and Home Support paid for seNice has been extremely busy and it supports over 200 over 50's per week. This service offers help with shopping, visits to hospital, administration and is a vital service to enable people to stay in the home of their choice and be a5 independent as they choose. Page 3
Age UK Exeter Trustees, Report "Had a very good experience in all areas. Felt very included and supported by everyone. Everyone- staff, volunleers end atlendees have been so kind, caring and compassionate." "Having home help leaves me with the energy to lake part in activities away from the home." Quotes from users of the Enabling and Home Support Setvice. One of Age UK Exeter's unique selling points is that the staff acros5 the whole organisalion work hard to ensure the experience for the service usef or carer is as joined up as possible. There is a lot of cross referring. "Made a huge difference lo me and my olher ham- coping wilh declining Alzheimerfs in myself. So gtd to be wilh others in the same boat and now feeling so well supported and cared for. Made a lovely new bunch of fnends and a new way ol lifel" This quote is from the carer of someone who has used the Information and Advice Service as well as Budding Friends, Enabling and Home Support, Carers Support and the Handy Person project. In a world where there are so many different agencies and the person often has to tell their story far too many times, we pride ourselves on trying to make the experience a much easier one when going acros5 all the projects, Sycamore Days has grown. and we now run this seNice for 2.5 days per week. This offers stimulation and person.centred care for the person living with a dementia or cognitive impairment and much-needed break for the carer. "I feel confidenl leaving my husband with his complex needs in a safe, friendly, relaxed envimnment, knowing the CarS are conscious of his needs." A quote from a carer who uses Sycamore Days. Our Information and Advice SeThice has seen on average 500 clients in this financial year. Many of those are for more than one session. This service is phenomenally busy, and Ihe needs are more and more complex. Overall, all of our services have seen a rise and that speaks to the doubling of users over the year. We have sel up new sernices but have also sadly had to close services. We had to take the difficult decision to close the Men in Sheds in October 2023. This wasn't taken lightly, and the Board of Trustees and I spent many meetings looking at oplions. The reason was that since Covid, the project wasn't generating the income and we needed to set up a project that spoke to the core values of inclusion. We are still facing considerable financial challenges and operate a full cosl recovery model, We work hard to balance cost to clients whilst ensuring that our services are priced well and offer good quality and value. Page 4
Age UK Exeter Trustees, Report We ran a staff and Board away day in June and from that we have written a three-year strategy that will focus our resources and slaff and volunteer teams on key priorities. These are securing our financial base so that we are sustainable and still around in 5.10 and 15 years. This includes growing our community and corporate fundraising income and developing services for people living with dementia and their carer's. We are also increasing our day setvice, growing the Handy Person project, looking at our quality and reviewing services with client feedback to ensure relevance. supporting our staff and volunleers well and ensuring we consult with users of the service. In March 2024 we ran our second gala with Will Carling as speaker. This didn't raise much income. bul again, raised our profile and we got support from local businesses which was really appreciated. We hosted our second church seniice at St Marks in December where we had a dementia choir and a speaker from Devon NHS Partnership Hub. The turnout was low, but the choir We great and really showcased the organisation well. We are incredibly proud of the staff and volunteers who make the charity what it is today and of the reputation we hold in the city for the quality of our SeiceS and the care and commitment of our staff and volunteers. Structure, governance and management Natu of governing document The charity is registered as a charitable company limited by guarantee and was sel up by a Memorandum of Association on 3 April 1992. The principal objects of the charity are to work lo improve later life for everyone in and around Exeter by providing life enhancing services and vital support. There have been no changes in the objectives since the last annual report, Recruitment and appointment of trustees The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association the trustees shall be not le5S than five. Charity trustees shall hold office for an initial term of three years and may be reappointed for further terms of three years each, save that the Chair may only serve for a maximum of six consecutive years. The Board of Trustees seeks to ensure that awareness of the needs of older people in Exeter and the best interests of the charity are reflected in the makeup of the trustee body by recruiting members wrth appropriate experience, knowledge and expertise. This includes health and social care. legal, social policy. HR, business, and financial expertise. The Irustees monitor the skill mix and representation of the Board at regular intervals to infomi its recruitment process. In the event of skills being lost due to end of service or retirement. individuals are approached to offer themselves for election to the Board or vacancies are advertised on the charity's website andlor social media channels. Page S
Age UK Exeter Trustees. Report Induction and tralnlng of trustees Following an expression of interest, a prospective trustee will meet with the CEO to discuss the role of trustee. If both are in agreement, they will meet with the Chair of trustees to discuss further interest, expertise, suitability. and whether to proceed. If all parties are in agreement, they are then invited to attend a Board meeting as an observer. Following this, they will. if proceeding, follow due diligence and receive the relevant paperwork and complete an enhanced DBS check. If all documents are received and approved. the trustee can be co-opted at the next Board meeting. Official approval and appointment take place at the AGM which usually meets in October of each year. On co-option, trustees will ceive.. Welcome letter including link to Age UK Exeter website and policies, Charity Commission and National Council for Voluntary Organisations INCVO) and invite to insighvinduction morninglor condensed training. Trustee Handbook Current strategy Governing Document Last annual report List of committees Two previous Board minutes Link to financial records Dales of meetings for coming year. Pay pollcy for senior staff The Finance committee reviews the salaries of senior staff and makes recommendations to the Board, taking into account market information, and cost of living and wage indices. Oryanisational structure The charity has a Board of Trustees who meet formally bimonthly and are responsible for the strategic direction and governance of the charity. The Board has 8 members las of 31 March 20241 from a variety of backgrounds relevant to the WO of the charity. It also has a finance sub-committee made up of 5 members of the eoard, including the Treasurer, Chair, and Vice-chair. This committee meets monthly and reports lo the main Board. It also has a Risk and Quality committee, with 5 members comprising 3 Iru5tees, the CEO and Governance Officer. This committee meets bimonthly and reports to the main Board. The CEO has overall responsibility for the organisation, the Governance Officer has oversighl of all govemance of the charily and the Adminislralion, Finance and HR Manager has responsibility for maintaining financial procedures, the production of monthly management accounls, staff payroll and for personnel functions. Page 6
Age UK Exeter Trustees. Report Related Parties Age UK Exeter works with both Devon County Council's Adult and Community SeNices Directorate and with Devon NHS, Ihrough our local Integrated Care Boards, the RD&E Hospital Trust and Exeter Primary Care. The charily a150 has links with Exeter City Council and has good working relationships with relevant local charities. The charity seeks to inform the development, design, and delivery of local ServIS for the benefit of older people and to campaign on issues of local importance. The CEO is currently on the Executive committee of the Age England Association and chairs the Age UK Southwest regional meeting which meets quarterly. This enables the charity to keep abreast of regional and national issues of relevance and advocate for older people locally. Age UK Exeter is a brand partner of Age UK and a member of the Age UK England Association. Age UK Exeter is subject to Age UK'S quality assurance scheme to ensure good quality standards across the Age UK network and achieved the Charity Quality Standard in February 2023. HR support and guidance is provided by a national contract funded by Age UK and provided by Stephens & Scown Solicitors, HR Express service. Rlsk Management The trustees acknowledge that risk management is the responsibility of the Board of Trustees. The Board has Iherefore agreed a Risk Management Policy which balances the charity's need lo lake risks in pursuance of its charitable purposes with their duty to ensure that the charitrfs financial and legal standing and the quality and safety of ils operations are not compromised. The Risk and Quality committee takes responsibility for compiling and updating the Risk Register in consultation with the Governance Officer, Finance committee, and the CEO. The Board also reviews the Risk Register al every meeting. The Board, in consultation with the CEO agree the actions necessary to mitigate risk and these fom part of the strategic and operational plan for the following year. Financial management accounts are produced on a monthly basis and include full cost ¢0Very. The Finance committee reviews performance based on this detailed information each month and reports to the full Board after each of its meetings. Hawksmoor investments manage the charity's investment portfolio as has been the case for a number of years now. This fund is managed in line with our chosen risk, return and investment policy and fomial reporting is received quarterly with an online portal allowing assessment of value at any time Internal risks are minimised by the implementalion of procedures for authorisation of all transactions and projects and a system of g(lIar supervision and appraisal is in place to ensure consistent quality of delivery of all operational aspects of the charity. Employment risks have been minimised by accessing Stephens & Scown Solicitors whom we access via Age UK. The Board ha5 also developed and approved a range of policies to meet the governance, legal and best practice need5 of the chanty, and these have been implemented during the year. Major risks identified by the processes detailed above have been examined and controls introduced where necessary to mitigate those fisks. However, it should be emphasised that Ihese controls can only provide reasonable but not ab501ute assurance that risks have been adequately mitigaled, given the financial uncertainly of the charitable sector. Page 7
Age UK Exeter Trustees. Report Fundraising activities and income generation Age UK Exeter are grateful for grants totalling £41.162 including sums from the David Gibbons Foundation, Francis Winham Foundation. National Lollery, Mcclay Dementia Trust, J Winterbottom N Spicer Charity, NHS and Age UK National. Donations for the year totalled £28,658, wrth legacies reflecting £116.452 and fundraising events providing for £12.492. Income generated from charged for services brought in £614,645 in the year. These include our Enabling and Home Support service, Sycamore Day Service, Handyperson servi amongst other support services we provide to Ihe community Total income reflected in the year equates to £820,645, which is a 4(At increase when compared to the year ended March 2023. Investment policy and performance The Board of Trustees has agreed on a policy of holding fixed interest, property, and equity investments. The Board adheres lo a medium risk investment policy. and the investments are managed on a discretionary basis by Hawksmoor Investment Management. In the year, £50,000 was withdrawn from our investment portfolio. with much of the reinveslmenl of dividends covering management charges. The underlying investments increased in value by £5.806 during the year. There were investment management costs of £888 {2024). The trustees have chosen to retain the investment income to reinvest to enhance capital growth in the longer term. Going Concern After making appropriate enquires, the Irustees have a reasonable expectation that the charity has adequate reSoUrS lo continue for the loreseeable future. For this reason, they continue to adopt the going concern basis in preparing financial statements. Reserves PolScy The Board of Trustees has detemiined a policy that, wherever possible, the charity should hold reserves of investments and cash equating lo no less than 3 months and no more than 6 months of the charity's overall running costs. Where seNices are at risk and need to be sustained while new sources of funding are sought, the Board agrees that reserves may fall below Ihe level equating to 3 months running costs but should not drop below the level of £200.000 without further authorisation from the Board. Expenditure for the year was £872,659 and therefore reserves should ideally sland al no less than £218.165 and no more than £436.330. This increase in reserves reflects the underlying increase in operating costs borne by Age UK Exeter and the risk awareness of the Board lo implement strategic gateposts to raise awarene5S. Page 8
Age UK Exeter Trustees. Report Financial review for the year We closed the year with a loss of £46,208 which includes investment gains of £5,806. Without these gains, we see an operating loss of £52,014. Income received from grants and legacies oulperformed expectation which compensated for losses seen within specific arms within Ihe organisalion. Our Enabling Service provided most of the income reported in the year. however our Sycamore Days, Hospital to Home and Wellbeing Exeter also contributed highly. As denoted in the Trustee Report. we have developed a clear three-year plan which sets out expectations so that the charity remains in-situ for many years to come. Our focus will be on growing our community and engagement with corporate enlities, developing services for people living with dementia and their carers and continually looking al our service offering to ensure we exceed our own high expectalions. Although our income has InCaSed by 40A against the prior year, our costs have increased by over 10 % which reflects increases in minimum wage, utility fees and inflation. This impacl has had severe effects on the charities ability to Continue as normal and tough decisions regarding cessation of loss-making activities were made as a consequence in order to protect core areas of the charity. This impact from an increase in costs, also forced a withdrawal of funds from investment reserves in order to meet short term commitments. Much work has been done to forecast and budget expenditure, however there is still a strong reliance on donations and legacies lo which we are incredibly grateful. Without these kind and generous receipts. the charity would not be in service, We continue to work tremendously hard to achieve a profitable mix between paid for services alongside charitable assistance with our efforts closely monitored by the monthly meeting of the Finance Committee, which reports to the Board. Princlpal Funding The charity's main sources of funding were grants (10%). commissioned services under contract to Devon County Council and RD and E Hospital Trust (11%), fees for charged for services (560/0). and donations and legacies (17%). Page 9
Age UK Exeter Trustees, Report Statement of trustees, responsibilities The trustees {who are also the directors of Age UK Exeter for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees lo prepare financial statements for each financial year. Under company law the trustees musl not approve the financial statements unless they are salisfied that they give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consislenlly,. obsep4e the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent., stale whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departure5 disclosed and explained in the financial statements., and . prepare the financial statements on the going concern basis unle8S it is inappropriate to presume that the charitable company will continue in business. The trustees a responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of Iraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation goveming ihe preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The annual report was approved by the trustees of the charity on behalf by. and signed on its John Cartridge Chairman and trustee Page 10
Age UK Exeter Independent Examiner's Report to the trustees of Age UK Exeter ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's Irustees of the Company (and also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself thal the accounts of the Company are not required lo be audited under Part 16 of the 2006 Acl and are eligible for independent examination, I report in respect of my examination of your Gharily's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the 2011 Act. Independent examiner's statement Since the Company's gros5 income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in eonnection with Ihe examination giving me cause to believe.. 1. accounting records were not kept in respecl of Age UK Exeter as required by section 386 of the 2006 Act,. or 2. the accounts do not acGord with those records., or 3. the accounts 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 4. the accounts have not been prepared in accordance with the methods and principles of the Slalement of Recommended Practice for accounting and reporting by charilies lapplicable 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 lo enable a proper understanding of the acco to be reached. uart Carrington FCA For and on behalf of Westcotts (SW) LLP Timberly South Street Axminster Devon EX13 SAD Dale.. Page11
Age UK Exeter Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Total 2023 Nole Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 151,443 514,586 12,492 5.565 36,500 100,059 187,943 614,645 12,492 5.565 237,534 520,548 25,519 3,785 Total income 684,086 136,559 820,645 787,386 Expenditure on: Raising funds Charitable activities (21.788) 701,132 (21,788) 850,871 (16,833) 773,657 149,739 Total expenditure Gainsl(losses) on investment assets (722,920) (149,739) {872,659) (790,490) 5,806 5,806 8,307 Net expenditure 33.028 13,180 46,208 11,411 Nel movement in funds 133,028) (13,180> {46,208) Reconciliation of funds Total funds brought forward Total funds carried forward 19 896,676 22.031 918,707 872,499 930,118 918,707 863.648 8,851 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 19. The notes on pages 15 to 29 fom an integral part of these financial statements. Page 12
Age UK Exeter (Registration number: 02703636) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assels Investments 711,138 113,317 714,791 156,489 14 824,455 871.280 Current assets Debtors Cash al bank and in hand 155,701 24,822 180,523 68,406 106.665 175.,071 Credltors." Amounts falling due withln one year. 16 132,479 27,644 Net current assets 48,044 147.427 Total assets less current Ilabllltles 872,499 1,018,707 Credltors: Amounts falllng due after more than one year 17 Net assets 100,000 872.499 918,707 Funds of the charity: Restrlcted income funds Restricted funds 8,851 22,031 Unrestricted income funds Unrestricted funds 863,648 896,676 Total funds 19 872,499 918,707 For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Acl 2006 relating to small companies. Directors, responsibilities= The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476, and The directors acknowledge their responsibilities for complying with the requirements of the Act. with respect to accounting records and the preparation of accounls. The financial statements on pages 12 to 29 were approved by the trustees. and aulhorised for issue on. and signed on their behalf by.. Joh Cartri ge Chairman and trustee The notes on pages 15 to 29 form an integral part of these financial statements. Page13
Age UK Exeter Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flows from operating actlvltles Net cash expendrture (46,208) Adjustments to cash flows from non-cash items Depreciation Investment income Revaluation of investments 8.315 (5,565) (5,806) (49,2641 9,920 (3,785) 8,307 3,031 Working capltal adjustments (Increase)Idecrease in debtors Increasel{decrease) in creditors (87,295) 4,835 50,945 451 16 Net cash flows from operating activities 131,724) 53,525 Cash flows from Investlng activltles Interest receivable and similar income Purchase of tangible fixed assets Sale of tangible fixed assets Purchase of investments Sale of investments 5.565 14,662) 3.785 (11,173) 13 14 11,910) 50,888 (2,229) 1,112 Net cash flows from investing activities Net (decreasellincrease in cash and cash equivalents Cash and cash equivalents al 1 April Cash and cash equivalents at 31 March 49,881 8,504 (81,843) 106,665 45.021 61,644 24,822 106,665 All of the cash flows are derived from continuing operations during the above two periods The notes on pages 15 to 29 form an integral part of these financial statements. Page 14
Age UK Exeter Notes to the Financial Ststements for the Year Ended 31 March 2024 1 Charity status The charity is limited by guarantee, incorporaled in England & Wales. and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the chanty in the event of liquidation. The address of ils registered office is= The Sycamores Mount Pleasant Road Exeter EX4 7AE 2 Accounting policies Summary of significant accountlng pollcles and key accounting estimate5 The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless othefwise stated. ststement of compliance The financial statements have been prepared in accordance with 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 IFRS 102)) (issued in October 20191- (Charities SORP (FRS 102)). the Financial Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102) and Ihe Companies Act 2006. Basis of preparation Age UK Exeter meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olhepAiise stated in the relevant accounting policy notes. Golng concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by Ihe charity. Judgements and key sources of estimation uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are conlinually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no judgements or key sources of estimation uncertainty that have a significant risk of causing a material adjustment'to assets and liabilities to be disclosed. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Page 15
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2024 Income and endowments All income is recogni5ed once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legacles Donations are recognised when the charty has been notified in writing of both the amount and settlement date. In the event that a donation is subject to Conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully mel, or the fulfilment of those conditions is wholly within the control of the charity and rt is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for Ihe estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset Iraded on a recognised stock exchange. recognition is subject to the value of the gift being reliably measijrable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Grants receivable Grants are recognised when the charity has an entitlement lo the funds and any conditions linked to the grants have been mel. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liabilrty and included on the balance sheet as deferred income to be released. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or conslructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated lo the applicable expendilure heading thal aggregate similar costs lo that category. Where c05ts cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charitable actlvltles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. 11 includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. Page 16
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2024 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charilable purposes. Tangible fixed assets Individual fixed assets costing £100 or more are initially recorded at cosl, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortlsatlon Depreciation is provided on tangible fixed assels so as to wrrte off the cost or valuation, less any estimated residual value. over their expected useful economic life as follows: Asset class Short leasehold property Fixiures and fittings Motor vehicles Office equipment Depreclatlon method and rate Straight line - over the life of the lease 20• straight line 250/0 Straight line 25°/o Straight line There is no charge for depreciation in respect of the Freehold Property. as the residual value is expected to be at least equal to cost. Flxed asset investments Fixed asset investments. other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and olher short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 17
Age UK Exeter Notes to the Financial Ststements for the Year Ended 31 March 2024 Borrowings Inleresl-bearing borrowings are initially recorded at fair value, net of transaction costs. Inleresl-bearing borrowings are subsequently carried at amortised cost, with the difference between the. proceeds. nel of transaction costs. and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowing5 are classified as current liabilities unless the charrty has an unconditional right to defer settlement of the liability for at leasl twelve months after the reporting dale. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of Ihe objectives of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted income funds are those donated lor use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Flnancial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according lo the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are initially measured at transaction price {including transactron costs), except for those financial assets classified as al fair value through profil or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the presenl value of the future payments discounted at a market rate of interest for a similar debt instrument_ Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charily intends either to settle on a net basis, or to realise the assel and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers lo another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having taIned some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Page18
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2024 Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Debt Instruments Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective inleresl method-. (al The contractual return to the holder is (i) a fixed amount,. (li) a posilive fixed rate or a positive variable rate.. or {iii) a combination of a positive or a negative fixed rate and a positive variable rate. (b) The contract may provide for repayments of the principal or the return to the holder (bul not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided Such links are not leveraged. (c) The contract may provide for a determinable variation of the relum to the holder during the life of the instrument, provided that (il the new rate satisfies condition {a) and the variation is not conlingenl on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer,. 13) changes in levies applied by a central bank or arising from changes in relevant laxalion or law,. or lil) the new rate is a market rate of interest and satisfies condition (a). (d) There is no contractual provision that could. by its terms, result in the holder losing the principal amount or any interest attributable lo the curreni period or prior periods. (e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back lo the issuer before maturity are not contingent on future events, other than to protect the holder against the credit delerioralion of the issuer or a change in control of the issuer, or lo protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law. (Q Contractual provisions may permit Ihe extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) lo (c). Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet Ihe above conditions are measured al the undiscounted amount of the cash or other consideration expected to be paid or received. net of impairmenl. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value Ihrough profil or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impaimienl. Page 19
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2024 Investments Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profil or loss. Where fair value cannot be measured reliably, investments are measureé at cost less impairment. Investments in subsidiaries and associates are measured at cost less impaimient. For investmenls in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. 3 Income from donatlons and legacles Unrestricted funds General Restricted funds Total 2024 Donations & Legacies Donations Legacies 28,658 116,452 28,658 116,452 Grants Grants 4,662 36,500 41,162 Subscriptions Memberships 1,671 1.671 151.443 36,500 187,943 Unrestricted funds General Restricled funds Total 2023 Donations & Legacles Donations Legacies 13.507 94,207 5,228 18,735 94,207 Grants Grants 33,446 89,923 123,369 Stsbscriptlons Memberships 1.223 1,223 237.534 142,383 95,151 Page 20
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2024 4 Income from charitable activitles Unrestrlcted funds General Restricted funds Total 2024 Day opportunities Community support services Advice, information and advocacy 99,201 414,648 737 99.201 463.986 51.458 49,338 50.721 514,586 100,059 614.645 Unrestricted funds General Restricted funds Total 2023 Day opportunities Community support services Advice, information and advocacy 69,369 391,243 48,193 69,369 401,986 49,193 10,743 1.000 508,805 11,743 520.548 S Income from other tradlng activities Unrestrlcted funds General Total 2024 Fundraising events 12,492 12.492 12.492 12.492 Unrestricted funds General Total 2023 Fundraising events 25.519 25.519 25.519 25.519 Page 21
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2024 6 Investrnent Income Unrestricted funds General Total 2024 Bank interest received Income from listed investments 3,655 1,910 5,565 3,655 1,910 5,565 Unrestricted funds General Total 2023 Bank interest. received Income from listed investments 1,555 2,230 1,555 2,230 3,785 3,785 7 Expendlture on charltable activitles Unrestricted funds General Restricted funds Total 2024 Note Day opportunities Community support services Advice, information and advocacy Support costs 31,667 368,313 12.227 288,925 701,132 44,756 58,155 46,828 76.423 426,468 59,055 288,925 149,739 850,871 Unreslricted funds General Restricled funds Total 2023 Nott Day opportunities Community support services Advice, information and advocacy Support costs 24,243 358,779 46,428 258.036 54.639 15,278 11,429 4.825 78,882 374,057 57,857 262,861 687,486 86,171 773 657 Page 22
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2024 8 Analysls of support costs Advice, Community infomiation support aniGovernance services advocacy costs Day opportunilies 2024 2023 Staff costs Premises Finance cosls Expenses Operating Costs Central costs Maintenance Training Depreciation 11,201 13,418 25 145 986 3.024 12.145 260 1.070 162,087 3.531 137 813 5,519 16,932 2,341 1,456 6.366 22,368 360 19 112 762 2,337 407 201 879 17,746 213,402 17,309 2,459 1,070 7.267 22,293 14,893 1.917 8,315 180,155 19,568 5,287 1,047 1,533 26,056 21,253 505 7,457 2,278 42.274 199.182 27,445 20,024 288,925 262,861 9 Net Incorningloutgoing resources Net outgoing resources for the year include.. 2024 2023 Depreciation of fixed assels 8,315 9,920 10 Tfustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during the year12023.' Nill. During the year no trustees received any benefits in kind (2023.. £Nil). no Irustees received reimbursements of expenses (2023.. £20). 11 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs during the year were". Wages and salaries Social security costs Pension costs 664,328 32,404 27,160 723.892 S79.842 28.698 22,182 630.722 Page 23
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2024 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed as full time equivalents was as follows.. 2024 2023 No 22 Number of staff 22 No employee received emoluments of more than £60,000 during the year (2023.. Nil). The total employee benefits of the key management personnel of the charity were £59,933 (2023 £57,248). 12 Independent examlner's remuneratlon 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements Other financial services 2,150 2,000 1,610 2,150 3.610 13 Tangible fixed assets Freehold property Fixtures and fittings Motor vehicles Office equipment Total Cost At 1 April 2023 Additions 702,445 11,641 4.662 8.637 34,204 756.927 4,662 At 31 March 2024 702.445 16,303 8,637 34,204 761,589 Depreciation At 1 April 2023 Charge for the year 5.794 8,637 27,705 42.136 2,654 5.661 8,315 At 31 March 2024 8,448 8.637 33,366 50,451 Nel book value At 31 March 2024 702,445 7,855 838 711,138 At 31 March 2023 702,445 5,847 6,499 714,791 Page 24
Age UK Exeter Notes to the Financial Ststements for the Year Ended 31 March 2024 14 Fixed asset investments Listed investments Total Cost or Valuation At 1 April 2023 Revaluation Additions Oisposals 156,489 5,806 1,910 50.888) 156.489 5,806 1.910 (50,888 At 31 March 2024 113,317 113,317 Net book value Al 31 March 2024 113.317 113.317 At 31 March 2023 156.489 156.489 Investments are held at fair value which has been provided by the investment managers, Hawksmoor Investment Management. Historical cost of the investments is £95,975. 1 S Oebtors 2024 2023 Trade debtors Prepayments Other debtors 78,096 5.545 72,060 64.088 3,318 1,000 155.701 68.406 16 Credltors: amounts falling due within one year 2024 2023 Trade creditors Social investment loan Other taxation and social security Olher creditors Accruals 157 100,000 7,069 4,208 21,045 6,495 3,955 7.479 132.479 27,644 Page 25
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2024 17 Cr.editors: amounts falling due after one year 2024 2023 Social investment loan 100,000 18 Penslon and other schemes Defined contribution pension scheme The. charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £27,161 12023 £22,182). 19 Funds Other gains 31 March Illosses) 2024 1 April Incoming Resources 2023 resources expended Transfers Unrestricted funds General General Funds 276,475 684,086 (722,920) {179,799) 5,806 63,648 Designated Fixed Assels 620,201 179,799 800,000 Total unrestricted funds 896.676 684.088 722,920 5,806 863,648 Restricted funds Dementia Carer Support Hardship and Amenity InformationlAdvice Wellbeing Exeter Cost of living crisis fund Handyperson fund Hospital to Home 11.833 1,608 9,000 550 4.000 48.788 (17,833) (200) (4.000) (48,788} 3,000 1,958 6.923 1,667 20,000 7,500 46,721 (26.923) (9,167) 42.828 3.893 22,031 8.851 Total funds 918.707 820.645 {872,659 5,806 872,499 Page 26
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2024 Other gains 31 March Illosses} 2023 1 April Incoming Resources 2022 resources expended Transfers Unrestricted funds General General Funds 298,736 680,492 1702.689) 8.243 (8,3071 276,475 Designated Fixed Assets 620,201 620,201 Total unrestricted funds 918,937 680,492 702,689 8,307 8,243 . 896.676 Restricted funds Capital Projects Dementia Carer Support Hardship and Amenity InformationlAdvice Men in Sheds Social Support Wellbeing Exeter Community Activities Cost of living crisis fund Handyperson fund 5,752 2,491 (8.243) 3,333 1,263 28,184 540 11,429 28,331 3,020 12.603 5,236 {19,6841 {195} <11.4291 {28.3311 (3,853) {12,6031 (5.236) 11.833 .1.608 833 10,000 (3,077) 3.393) 87,801 6.923 1.667 11,181 106,894 8.243 22,031 Total funds 930,118 787,386 790.490 8.307 918.707 Page 27
Age UK Exeter Notes to the Flnanclal Ststements for the Year Ended 31 March 2024 The specific purposes for which the funds are to be applied are as follows.. Dementia Carer is funding towards the purpose of providing support to people living with dementia and their carers. Hardship and Amenity is funding towards the purpose of providing financial support for clients who are not able lo support their own care needs. InformalionlAdvice is funding towards the purpose of offering confidenlial information and advice appointment services. Men in Sheds is funding towards the purpose of providing a safe haven for men in Exeter and allow for the refurbishment of tools and equipment. Social Support is funding towards the purpose of providing social support to patients in Exeter. Wellbeing Exeter is funding towards the purpose of increasing community activities and involvement in Exeter. Community Activities is funding towards the purpose of providing multiple activities such as craft groups, lunch clubs, exercise clubs and singing events in Exeler. Cost of living crisis fund is funding towards the purpose of providing additional support for the charity in relation lo increases in cost of living. Handyperson fund is funding towards the purpose of providing handyperson services around the home. Hospital to Home is funding towards the purpose of supporting patients and families to ensure suitable care is in place when reluming home from hospital. Page 28
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2024 20 Analysis of net assets between funds Total funds at 31 March 2024 Unrestricted funds General Designaled Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 90,937 113,317 171,672 132.479 620,201 711,138 113,317 180,523 132,479 8,851 Total net assets 243,447 620.201 8,851 872,499 Total funds at 31 March 2023 Unrestricted funds General Designated Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets 94,590 156,489 153,040 (27,644) 100.000 620,201 714,791 156,489 175,071 (27,644) 100.000 22,031 276,475 620.201 22,031 918,707 21 Related party transactions Trustees made unconditional donations to the Charily during the year, totalling £4,550 {2023 £450). Page 29