Company registration number: 02703636 Charity registration number.. 1010973 Age UK Exeter (A company limited by guarantee) Annual Report and Financial Ststements for the Year Ended 31 March 2025 WESTCOTTS CHARTERED ACCOUNIANTS 4 BU$INI$S ADVISERS
Age UK Exeter Contents Reference and Administrative Details Trustees. Report 2to12 Independent Examinerfs Report 13 Statement of Financial Activities 14 Balance Sheet 15 ststement of Cash Flows 16 Notes to the Financial Statements 17to33
Age UK Exeter Reference and Administrative Detalls Chalrnian Darren Burr Trustses Stephen Noon Peter Brew Ross Bright (resigned 9 July 2024) Lydia Ward Claire Morse John Cartridge (resigned 29 October 2024} Darren Burr Gavin Ball David Mutton (appointed 30 April 2024) Secretary Nicole Flynn Charfty Reglstratlon Number 1010973 Company Registration Number 02703636 Registered Office The Sycamores Mount Pleasant Road Exeter EX4 7AE Indepondent Examln6r Westcotts (SVI) LLP Timberly South Street Axminster Devon EX13 SAD Page 1
Age UK Exeter Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors, report of the charitable company for the year ended 31 March 2025. Objectives and activlties Public benefit The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidan published by the Charity Commission for England and Wales. In setting objectives and plan ning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. Age UK Exeter is a charitable company limited by guarantee. (charity number is 1010973 and Company number is 027036361. It makes a positive contribution to the lives of over 700 older people each week through the support services and opportunities provided. We help older people to maintain and enhance their quality of life, make informed choices, realise their rights, have a voice and be heard and meet their care needs. Many of these services are free, some are charged for, and some provided under a contract with the RD & E Hospital Trust. Age UK Exeter's vision is for a city in which all older people can love later life. Our mission is to enable older people to make the most of later life, whatever their circumstances. As an organisation it is all about people. Age UK Exeter subscribes to five core values- Respect and dignity- Treating others with care and compassion. All views listened to and taken into consideration. Collaboration- Individuals working together for a common purpose or goal to achieve an aim. Integrity-making well-intentioned decisions for all. Equality-Respecting, valuing and welcoming people of all backgrounds and abilities Diverslty and Incluslon- Creating a safe space where everyone can feel comfortable and open. The following are our strategic objectives for 2023-2026. To provide social activities and group work To provide dementia support including day care To provide a home support service To ensure effective consultation and engagement To offer free information and advice To set up a handyperson project To ensure staff wellbeing is a priority. strategie5 for achieving the objectives. The strategy to achieve these objectives continues 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 considered by local policy makers. Page 2
Age UK Exeter Trustees. Report 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. Services 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 mentsl wellbeing. A range of leisure and learning opportunities that provide enjoyment and mental stimulation. Services 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 to local decision makers. Working in partnership with other agencies to deliver services and influence service design. Volunteers We have been incredibly lucky to have recruited many volunteers to support us in the running of services. As of March 2025, we had 107 active volunteers with 19 in progress. They truly are a resource of which we could not do without, and Exeter can be proud. Page 3
Age UK Exeter Trustees, Report Area of work Servicesloffer How we meet our aims Social activities and group work Chair based weekly exercise classes. We run a range of activities to help older people to feel and stay connected, stay active and reduce loneliness and isolation Digital workshops Qigong weekly classes Weekly tea dance Singing for memory classes (Sycamore singalongs) Craft Group Sycamore Lunch club Ad hoc events and trips to mark the seasons and special weeks such as carers week and volunteerfs week. We run day seNices over the week supporting people living with a dementia as well as a cognitive impairment. This is safe and stimulating person centred space for older people. We also offer support for carers from signposting to 121 support. Our budding friend's allotment group meets every Monday. It provides an outside space to garden and enables the carers to garden or sit and talk with other carers whilst the people they care for are supported by volunteers. Supporting over 200 older people every week with various tasks to enable them to stay as independent as possible. The forum is for anyone over 50 and gives people the opportunity to be heard by professionals, other partners, or people who they choose to come and speak. Its aim is to focus on any barrierslconcernsl challenges to ageing well in Exeter and what the solutions might be. This offers a free and confidential information and advice appointment service. This can be done by phone or face to face and is for anyone over 50, their families or carers. Dementia support including day care. Sycamore Days Day Service Budding Friends, allotment dementia support. Provide a home support service. Enabling and Home Support Service. To ensure effective consultation and engagement Set up a forum for over 50's To offer free information and advice Informatlon and Advice Service Page 4
Age UK Exeter Trustees. Report Running 3 days perweek supporting people at home unable to carry out the tasks themselves The handyperson projects offer low costs low level jobs such as rep5acing a light bulb or tap washer. This enables older people to stay in the home of their choice for as long as possible and stay as independent for as long as possible. To set up a handyperson project Offering regular supervision, clinical supervision and access to employee assistance services Our staff are key toAge UK Exeter. They work hard and we dc all we can to support them in their role5. To ensure staff wellbeing is a priority. Other vital Services provided. Home from Hospital- Reducing preventable admissions and re-admissions by supporting patients over 50. Age UK Exeter has coordinators working in the Royal Devon University Healthcare Foundation Trust, as part of the Acute Care of the Elderly team. Patients or their families often need additional support to ensure suitable care is in place when returning home. Our staff will look to provide support, signpost or coordinate where they can. Volunteer Visiting- This project is usually for those lsving alone and experiencing isolation. They are visited by volunteers who offer company and social support. The volunteers are from all walks of life, both younger and older, and make regular home visits, staying and chatting for about an hour a week. Time for You volunteer sltting service- This is a sitting service where a volunteer provides regular or ad-hoc respite for a carer caring for an older person. Carellne Calls Service- Careline offers a chat and social support through telephone contact on a regular basis for people living alone with reduced social outlets. Carers Support Groups and Carers Support Calls- Our carers service offers people the opportunity to talk to our carers lead who can advise. signpost to other appropriate services and provide a listening ear. We can also support carers through regular telephone calls, giving them the opportunity to talk and be heard. Over 50's Forum- This is a space for older people to be heard and have a voice on all aspects that may be a barrier to positive ageing in Exeter. Speakers are invited to come and talk about initiatives and providers of services are asked to come and give updates. Page 5
Age UK Exeter Trustees. Report Listening and Learnlng We undertake a yearly Satisfaction and Wellbeing Survey to hear from our clients and better understand their needs. In 2024, we heard from 157 clients, with 450/0 of respondents in the 81-90 age category. 920/0 of clients suNeyed were very satisfied with the services they received from Age UK Exeter. Health was the main concern of our respondents, followed by digitalisation and loneliness. Achievements and performance But in all this dartness there was one guiding light.. the open, understanding, empathetlc anns of Age UK Exeter. They brought and dad into their family of 'Budding Friends, who gardened, drank tea, and laughed together. They welcomed dad lo Iheir day care Whe he beamed and jigged to his favourite rock and roll and, incredibly, where they discovered he still had the coordination to play table tennis for hours! They enveloped him in joy. companionship, play and clever disfrdction. while scooping up mum in friendship and kinship. Day care and budding friends, family member Through its services and activities. Age UK Exeter has continued to promote later life and positive ageing. Over the last year we regularly supported over 1,700 clients per month, which is an increase on the previous year. We also had contact with over 2,500 older people per month. With ageism still a factor today, found in workplaces and in our media, all the services and activities we run are designed to be inclusive and respectful. Ageism is not accepted at Age UK Exeter orwthin the partnerships and collaborations we are involved in. At eighty, there somgtim9s seems that thgre is little conversation to be had with the modem world.. however AUKF throiigh its staff revives one'.8 hAli8f in a canng worfd- Thank you. A great poet, W. B Yeats reminded us, "I have spread my dreams beneath your feet. tread softly bec8use you tad on my dreams." A client who receives enabllng and home support One of Age UK Exeterfs unique selling points is that the staff across Ihe whole organisation work hard to ensure the experience for the service user or carer is as joined up as possible. There is a lot of cross referring. Our infomiation and advice seNice saw 580 clients this year, many of whom needed more than one visit. This is almost a 20 h increase on the previous year. When a programrne of Ga is agreed, everything possible is done to keep it flowing. There is always a friendly ear when further aid is requested. Age UK Exeter allows me to live alone at home. Client who receives Enabling, Info and Advice. Volunteer Wisiting and Hospital to Home. Our handyperson supported 285 people in their own homes. This project works hand in hand with older people to ensure they can stay in the home of their choice for as long as possible. This project was new this year, so we have no comparable figUS. Our h05Pital to home project supported over 600 older people who have recently come out of hospital. This project focuses on enabling people to remain at home and works hard with professionals and families to reduce re-admission. Page 6
Age UK Exeter Trustees. Report Until I contacted AUKE, I felt very alone and frightened, but now I know there is help out there 8nd this is very comforting. Cllent being supported thmugh the enabling seNice. I go to the seated exercise class, and it has helped enormously with my mobility. Cllent who attends the exercise classes We are still facing considerable financial challenges and operate a full cost recovery model. We took on a fundraising company called Competitive solutions who brought in £85,242 in the year. We work hard to balance costs to clients whilst ensuring that our services are priced well and offer good quality and value. We hosted our first Soul in the City gospel choir fundraiser in St Thomas. This was a huge success massively helped by being chosen to be the Soul in the cty charity of the year. We were also lucky to be chosen as the charity of the year by the Business at Breakfast partnership. We ran a series of spring lectures where we focused on later life and retirement planning. We were delighted to work with the Royal Society of Arts on a project that brought together representatives of older people with representatives of the main sectors of society - RSA Fellows, business, academia, the public sector and not-for-profit organisations. The aim was to explore their rightful vested interests in the issues faced by older people, to share ideas on maximising the opportunities for the skills and experience of older people to contribute to the community, and to mobilise new resources to enhance the provision of social and health support. We hosted our third church service at St Marks in December where we had a dementia choir and a speaker from Devon NHS partnership hub. The turnout was much better than the previous years. low, but the choir were 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 services and the care and commitment of our staff and volunteers. Structure, governance and management Nature of governing document The charity is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 3 April 1992. The principal objects of the charity are to work to 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. Page 7
Age UK Exeter Trustees, Report Recrultment and appointment of trustses 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 less 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 with appropriate experience, knowledge and expertise. This includes health and social care, legal, social policy, HR, business, and financial expertise. The trustees monitor the skill mix and representation of the Board at regular intervals to inform 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 charitls website andlor social media channels. Induction and training 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 papemork and complete an enhanced DBS check. If all documents are received and approved, the trustee can be COvOPted 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 receive- Welcome letter including link to Age UK Exeter website and policies, Charity Commission and National Council for Voluntary Organisations (NCVO) and invite to insighuinduction morninglor condensed training. Trustee Handbook Current strategy Goveming Document Last annual report List of committees Two previous Board minutes Link to financial records Dates of meeting5 for coming year. Pay policy for senior staff The Finan committee reviews the salaries of senior staff and makes recommendations to the Board, taking into account market information, and cost of living and wage indice5. Page 8
Age UK Exeter Trustees, Report Organisational 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 7 members {as of 31 March 2025) from a variety of backgrounds relevant to the work of the charity. It also has a finance sub-committee made up of 4 members of the Board, including the Chair and the Treasurer. This committee meets monthly and reports to the main Board. It also has a Risk and Quality committee, with 4 members comprising 3 trustees, the CEO and Governance Lead. This committee meets bimonthly and reports to the main Board. The CEO has overall responsibility for the organisation. the Governance Lead has oversight of all governance of the charity and the HR and Finance Manager has responsibility for maintaining financial procedure5, the production of monthly management accounts, staff payroll and for personnel functions. Related Parties Age UK Exeter works with both Devon County Council's Adult and Community seices Directorate and with Devon NHS, through our local Integrated Care Boards, the RD&E Hospital Trust and Exeter Primary Care. The charity also has links with Exeter Cty Council and has good working relationships with relevant local charities. The charity seeks to inform the development, design, and delivery of local services for the benefit of older people and to campaign on issues of local importance. The CEO is currently on the neOrk committee of Age UK and chairs the Age UK Southwest regional meeting which meets quarterty. This enables the charity to keep abreast of regional and rsational issues of relevance and advocate for older people locally. Age UK Exeter is a brand partner of Age UK.. 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 therefore agreed a Risk Management Policy which balances the charity's need to take risks in pursuance of its charitable purposes with their duty to ensure that the charity's financial and legal standing and the quality and safety of its 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 at every meeting. The Board, in consultation with the CEO agree the actions necessary to mitigate risk and these form part of the strategic and operational plan for the following year. Financial management accounts are produced on a monthly basis and include full cost recovery. The Finance committee reviews performance based on this detailed information each month and reports to the full Board after each of its meetings. Page 9
Age UK Exeter Tru5tees' Report Hawksmoor investments manage the charitvs 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 formal reporting is received quarterly with an online portal allowing assessment of value at any time. Intemal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and a system of regular 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 has also developed and approved a range of policies to meet the govemance, legal and best practice needs of the charity. 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 risks. However, it should be emphasised that these controls can only provide reasonable but not absolute assurance that risks have been adequately mitigated, given the financial uncertainty of the charitable sector. Fundraising activities and income generation Age UK Exeter are grateful for grants totalling £60,542 including sums from the Haramead Trust, Mcclay Dementia Trust, J Winterbottom N Spicer Charity, Health Inequalities Fund, 1961 Trust, Garfield Weston. NHS, National Lottery and Age UK National. Donations for the year totalled £37,115 with legacies reflecting £36,268 and fundraising events providing for £8,802. Income generated from charged for services brought in £599,618 in the year. These include our Enabling and Home Support service, Sycamore Day Service, Handyperson service amongst other support services we provid8 to the community. Total income reflected in the year equates to £751,308. Investment policy and performance The Board of Trustees has agreed on a policy of holding fixed interest, property, and equity investments. The Board adheres to a medium risk investment policy, and the investments are managed on a discretionary basis by Hawksrnoor Investment Management. The underlying investments increased in value by £5.971 during the year. There were investment management costs of £636. The tnjstees have chosen to retain the investment income to reinvest to enhance capital growih in the longer temi. The Board have also opened additional short term deposit accounts to spread cash risk across multiple sources. Going Concern After making appropriate enquires, the trustees have a reasonable expectation that the charty has adequate resources to continue for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing financial statement5. Page10
Age UK Exeter Trustees. Report Reserves Pollcy The Board of Trustees has determined a policy that, wherever possible, the charty should hold reseNes of investments and cash equating to no less than 3 months and no more than 6 months of the charitys overall running costs. Where services are at risk and need to be sustained while new sources of funding are sought, the Board agrees that reserves may fall below the 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 £954.262 and therefore reserves should ideally stand at no less than £238,565 and no more than £477,131. This increase in reserves reflects the underlying increase in operating costs borne by Age UK Exeter and the risk awareness of the Board to implement strategic gateposts to raise awareness. Financial review for the year We closed the year with a loss of £50,534 which includes a revaluation of property of £146,449. Without these gains, we see an operating loss of £196,983. Income received from grants and legacies outperformed expectation which compensated for losses seen within specific arms within the organisation. Our enabling seNice 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 five-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 wrth corporate entities, developing services for people living with dementia and their carers and continually looking at our service offering to ensure we exceed our own high expectations. Although our income has decreased by 12 % against the prior year, costs have decreased by 20/0 which reflects both the impact of inflation, economic stresses and the operational changes that have already been addressed by AUKE. It was with great sadness AUKE was forced to sell a property in the St Thomas area and have since explored opportunities to create a presence in the area. One key change in the year ended 31 March 2025, was the focus toward grant and bid applications and fundraising activities. It is both drives, which have enabled the Charity to continue in operation and to have laid the groundwork for new and exciting initiatives, which will better serve the local community. We have revisited our Full Cost Recovery modelling and have improved our budget controls to however there is still a strong reliance on donations and legacies to which we are incredibly grateful. Without these kind and generous receipts, the charty would not be in service. We continue to work tremendously hard to achieve a profitable mix beeen paid for services alongside charitable assistance with our efforts closely monitored by the monthly meeting of the Finance Committee, which reports to the Board. Principal Fundlng The chariws main sources of funding were grants (90A), commissioned services under contract to Devon Counly Council and RD and E Hospital Trust (6 % ), fees for charged for services (70°fi). and donations and legacies (150/0). Page11
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 Stsndard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees 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 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 consistently- observe the methods and principles in the Charities SORP- makejudgements and estimates that are reasonable and prudent., state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are 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 statement5 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 fraud 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 governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosure of Informatlon to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audrt information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no levant information that they know of and of which they know the auditor is unaware. The annual report was approved by the trustees of the charity on behalf by= z///o/?f and signed on its arren Burr Chairman and trustee Page 12
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 2025. Responslbilities and basis of report As the charity's trustees of the Company (and also lis directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Act.). Having satisfied myself that the accounts of the Company 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 your charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5>(bl of the 2011 Act. Independent examiner's statement Since the Company's gross 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 confim that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of Age UK Exeter as required by section 386 of the 2006 Act" or 2. the accounts do not accord 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 Statement of Recommended Practice for accounting and reporting by charities 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 to enable a proper understanding of the accounts to be reached. rt Carrington FCA For and on behalf of Westcotts (SW) LLP Timberly South Street Axminster Devon EX13 SAD Date.. Page 13
Age UK Exeter Statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restrlcted funds Total 2025 Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income 119,817 528.245 7,880 7,437 15,634 71,373 922 135,451 599,618 8,802 7,437 187,943 614,645 12,492 5,565 Total income 663,379 87,929 751,308 820,645 Expenditure on: Raising funds Charitable activities Other expenditure (31,408) (731.520) (93.818) (31 ,408) (829,036) (93,818) (21,788) (850,871) (97,516) Total expenditure Gainsl{losses) on investment assets (856,746) (97,516) 1954,262) (872,659) 5,971 5,971 5,806 Net expenditure Transfers between funds (187,396) (44,073) (9,587) 44,073 (196,983) (46,208) other recognised gains and losses Gainsl(losses) on revaluation of fixed assets 146,449 146,449 Net movement in funds (85,020) 34.486 (50,534) (46,208) Reconciliation of funds Total funds brought forward 863,648 8,851 43,337 872,499 918,707 Total funds carried forward 19 778,628 821,965 872,499 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 19. The notes on pages 17 to 33 fomi an integral part of these financial statements. Page 14
Age UK Exeter (Registration number: 02703636) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets Investments 14 15 522,499 119,567 711,138 113,317 642,066 824,455 Current assets Debtors Cash at bank and in hand 16 58,817 207.241 155,701 24.822 266,058 180,523 Creditors: Amounts falling due within one year 17 (86,159) {132,479) Net current assets 179,899 48.044 Net assets 821,965 872,499 Funds of the charity: Restricted income funds Restricted funds 43,337 8,851 Unrestricted income funds Unrestricted fu nds 778,628 863,648 Total funds 19 821,965 872,499 For the financial year ending 31 March 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 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 accounts. The financial statement5 on pages 14 to 33 were approved by the trustees, and authorised for issue and signed on their behalf by.. arren Burr Chairman and trustee The notes on pages 17 to 33 fomi an integral part of these financial statements. Page 15
Age UK Exeter Statement of Cash Flows for the Year Ended 31 March 2025 2025 2024 Note Cash flows from operatlng actlvities Net cash expenditure Adjustments to cash flows from non-cash items Depreciation Investment income Revaluation of investments Loss on disposal of fixed assets held for the charity's own use (50,534) (46,208) 1,641 (7,437) (5,971) 8,315 (5,565) (5.806) 10 93,818 (146,449) (114,932) Gainsl{losses) on revaluation of fixed assets (49.264) Working capital adjustments Decreasel{increase) in debtors Increase in creditors 16 17 96,884 53,680 (87,295) 4,835 Net cash flows from operating activities Cash flows from investing activities Interest receivable and similar income Purchase of tangible fixed assets Sale of tangible fixed assets Purchase of investments Sale of investments 35,632 (131,724) 7,437 (2,1761 241,805 (915) 636 5,565 (4,662) 14 15 (1,910) 50,888 Net cash flows from investing activities 246,787 49,881 Cash flows from financing actlvities Repayment of loans and borrowings 17 (100,000) Net increasel(decreasel in cash and cash equivalents 182,419 (81,843) 106,665 Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March 24,822 207,241 24,822 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 17 to 33 fomi an integral part of these financial statements. Page 16
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 1 Charity status The charity is limited by guarantee, incorporated in England & Wale5, 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 charity in the event of liquidation. The address of its registered office is.. The Sycamores Mount Pleasant Road Exeter EX4 7AE 2 Accounting policles Summary of significant accounting policies and key accounting estimates The principal 8ccounting policies applied in the preparation of these financial statement5 are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement 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 1021) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the 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 at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concem nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future evenls 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 17
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 Income and endowments All income is recognised 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 legacies Donations are recognised when the charity 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 met, or the fulfilment of those conditions is wholly within the control of the charity and it 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 the 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 traded on a recognised stock exchange. recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Grants CeIVable Grants are recognised when the Gharity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability 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 constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, wtth 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 voluntsry income, the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charty in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Page 18
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meet5 the definition of a charitable company for UK corporation tax purposes. Accordingly, the Gharity is potentially exempt from taxation in respect of income or capital gains received within Gategorie5 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 to charitable purposes. Tangible fixed assets Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Short leasehold property Fi*(ures and fittings Motor vehicles Office equipment Depreciation method and rate Straight line - over the life of the lease 200A straight line 250A straight line 250/0 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. Fixed 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 beeen 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 deposit5, and other 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 19
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the differen between the proceeds, net 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. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricled income funds are those donated for use in a particular area or for specific purposes. the use of which is restricted to that area or purpose. Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a paty to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance Df the contractual arrangements entered into. An equtty instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measuren7ent All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is nomially 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 liabilty is measured at the present 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 charity intends either to settle on a net basis, or to realise the asset 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 to another party substantially all of the risks and rewards of ownership of the financial asset, or c> the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another paty. Page 20
Age UK Exeter Notes to the Flnancial Statements for the Year Ended 31 March 2025 Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Debt instmments Debt instruments which meet the following conditions are subsequently measured at amortised cost Using the effective interest method.. (a) The contractual return to the holder is (i) a fixed amount- (li} a positive 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 (but 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 return to the holder during the lrfe of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on futu events other than (1) a change of a contractual variable rate; {2) to protect the holder against credit deterioration of the issuer., (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law: or (li) the new rate is a market rate of interest and satisfies condition (a). (d) There is no contractual provision that could, by its temis, result in the holder losing the principal amount or any interest attributable to the current period or prior periods. (e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law. {fj Contractual provisions may pemiit the 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 la) to (c). Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. Page 21
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 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 profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. Investments in subsidiaries and associates are measured at cost less impairment. For investments 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 15 ignored. 3 Income from donations and legacies Unrestricted funds General Restrlcted funds Total 2025 Donations & Legacies Donations Legacies 30,481 36,268 6,634 37,115 36,268 Grants Grants 51.542 9,000 60,542 Subscriptions Memberships 1,526 119,817 1,526 135,451 15,634 Unrestricted funds General Restricted funds Total 2024 Donatlons & Legacies Donations Legacies 28,658 116,452 28,658 116.452 Grants Grants 4.662 36,500 41,162 Subscriptions Memberships 1,671 151,443 1,671 36,500 187,943 Page 22
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 4 Income from charitable activities Unrestricted funds General Restricted funds Total 2025 Day opportunities Community support services Advice, information and advocacy 136,132 392,113 18,615 352 52,406 154.747 392,465 52,406 599,618 528,245 71,373 Unrestricted funds General Restricted funds Total 2024 Day opportunities Community support services Advi, information and advocacy 99,201 414,648 737 99,201 463,986 51,458 49,338 50,721 100,059 514,586 614,645 5 Income from other trading activiti88 Unrestricted funds General Restricted funds Total 2025 Fundraising events 7,880 7,880 922 8.802 922 8,802 Unrestricted funds General Total 2024 Fundraising events 12,492 12,492 12,492 12,492 Page 23
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 6 Investment income Unrestricted funds Gen8ral Total 2025 Bank interest received Income from listed investments 6,522 915 6,522 915 7,437 7,437 Unrestricted funds General Total 2024 Bank interest received Income from listed investments 3,655 1,910 5,565 3.655 1,910 5,565 7 Expendlture on charitable activities Unrestricted funds General Restrlcted funds Total 2025 Nots Allocated support costs Day opportunities Community support services Support costs 4,695 91,668 896 257 4,695 633,287 19,816 171,238 541.619 18,920 170,981 731,520 97,516 829,036 Unrestricted funds General Restrlcted 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 59,055 288,925 850,871 149,739 Page 24
Age UK Ex8ter Notes to the Financial Statements for the Year Ended 31 March 2025 8 Other expendituro Unrestrlcted funds Designated Total funds Note Depreci8tion, amortisation and other similar costs 93,818 93,818 93,818 Total for 2025 93,818 Page 25
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 9 Analysis of support costs Day Governance opportunities costs 2025 2024 Staff costs Premises Finance costs Expenses Operating costs Central costs Maintenance Training Depreciation 58,927 23,457 2,866 19.407 15,242 32,860 6,181 3,285 1,641 163,866 58,927 23,457 10,238 19,407 15,242 32,860 6,181 3,285 1,641 171,238 213,402 17,309 2,459 1.070 7,287 22,293 14,893 1,917 8,315 7,372 7,372 288,925 10 Net incomlngloutgoing resources Net outgoing resources for the year include: 2025 2024 Loss on disposal of fixed assets held for the charity's own use Deprecialion of fixed assets 93,818 1,641 8,315 11 Trustees remuneration and 8xpenses During the year the charity made the following transactions with trustees". Stephen Noon Noon Edwards Limited, of which Stephen Noon is a Director, provided both a one-off project and ongoing financial support of £3,800.00 this year. No trustees, nor any persons connected with them, have received any remuneration from the charity during the year (2024.. Nil). During the year no trustees received any benefits in kind (2024.. £Nil), no trustees received reimbursements of expenses (2024.. £20). 12 Stsff costs The aggregate payroll costs were as follows: Page 26
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 2025 2024 Staff costs during the year were: Wages and salaries Social security costs Pension costs 633,439 31,285 26,348 664,328 32,404 27,160 723,892 691,072 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows- 2025 No 21 2024 Number of staff 22 No employee received emoluments of more than £60,000 during the year (2024.. Nil). The total employee benefits of the key management personnel of the charity were £54,120 (2024 £51,505). 13 Independent examiner's remuneration 2024 Fees payable to the independent examiner for: Independent examination of the financial statements 2,150 14 Tangible fixed assets Freehold Fixtures and property fittings Motor vehicles Offlce equlpment Total Cost At 1 April 2024 Revaluations Additions Disposals At 31 March 2025 702,445 146,449 540 (329,434) 16.303 8,637 34,204 761,589 146,449 2,176 341,115 1,396 8,152) 9,547 240 (3,5291 520,000 8,637 30,915 569,099 Page 27
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 Freehold Fixtures and property flttlngs Motor vehlcles Office equipment Total Depreciation At 1 April 2024 Charge for the year Eliminated on disposals At 31 March 2025 8.448 8.637 33,366 50.451 1,302 339 1,641 (1,963 (3.529) 5,492) 7,787 8,637 30,176 46,600 Net book value At 31 March 2025 520,000 1,760 739 522,499 At 31 March 2024 702,445 7.855 838 711,138 Pag8 28
Age UK Exetar Notes to the Financial Statements for the Year Ended 31 March 2025 15 Flxed asset investments Listed investments Total Cost or Valuation At 1 April 2024 Revaluation Additions Disposals 113,317 5,971 915 (6361 113,317 5,971 915 (636) At 31 March 2025 119,567 119,567 Net book value At 31 March 2025 119,567 119,567 At 31 March 2024 113,317 113,317 Investments a held at fair value which has been provided by the investment managers, Hawksmoor Investment Management. Historical cost of the investments is £95,975. 16 Debtors 2025 2024 Trade debtors Prepayments Other debtors 54,277 4,540 78,096 5,545 72,060 58,817 155,701 17 Creditors: amounts falllng due withln one year 2025 2024 Trade creditors Social investment loan Other taxation and social securty Other creditors Accruals 1,873 157 100,000 7,069 4,208 21,045 132.479 10,082 10,264 63,940 86,159 Page 29
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 18 Penslon and other schemes Defined contrlbutlon penslon 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 (2023 £22,182}. 19 Funds Other gains 31 March l(losses) 2025 1 April Incoming Resources 2024 resources expended Transfers Unrestricted funds General General Funds 63,648 663,379 (762,928) 288,558 5.971 258,628 Designated Fixed Assets 800,000 93,818 332,631) 146,449 520,000 Total unrestricted funds 863,648 (856,746 663,379 144,073) 152,420 778,628 Restricted funds Dementia Carer Support Hardship and Amenity Information/Advice Social Support Community Activities Hospital to Home Health Inequalities Fund Royal Devon & Exeter Claire Milne 3,000 1,958 5,233 (26) {4,874) 350 8,883 27,202 (6,831) 566 3,333 2,308 17,565 2,118 15.007 48.006 (26,448) (29,320) (8,176) (33,546) 3,893 18,919 5,600 4,010 9,167 5,600 4,010 9,167 8,851 87,929 (97,516 44,073 43,337 Total funds 872,499 751,308 (954,262) 152,420 821,965 Page 30
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 Other galns 31 March l(losses) 2024 1 April Incoming Resources 2023 resources expended Transfers Unrestricted funds General General Funds 276,475 684,086 (722,920) (179,799) 5,806 63,848 Designated Fixed Assets 620,201 179,799 800,000 Total unrestrlcted funds 896,676 6B4,086 1722,920 5,806 863,648 Restricted funds Dementia Carer Support Hardship and Amenity InfomiationlAdvice 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 <26,9231 (9,1671 (42,828) 149,739 3,893 22,031 136,559 8,851 Total funds 918,707 820,645 872,6591 5,806 872,499 Page 31
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 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 to support their own care needs. InformationlAdvice is funding towards the purpose of offering confidential information and advi 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 communty activities and involvement in Exeter. Community Activities is funding towards the purpose of providing muttiple activities such as craft groups, lunch clubs, exercise clubs and singing events in Exeter. Cost of living crisis fund is funding toward5 the purpose of providing additional support for the charity in relation to 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 returning home from hospital. The Heatth inequalities fund, the Royal Devon & Exeter fund and the Claire Milne fund are all funds used for benefits in Exeter. Page 32
Age UK Exeter Notes to the Financial Statements for the Year Ended 31 March 2025 20 Analysis of nat assets between funds Total funds at 31 March 2025 Unrestricted funds General Deslgnated Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 99,252 119.567 125,968 86,159 423,247 522,499 119,567 266,058 (86,159) 821,965 96,753 43,337 Total net assets 258,628 520,000 43,337 Total funds at 31 March 2024 Unrestricted funds General Designated Restricted funds Tangible fixed assets Fixed asset investments Current assets Current liabilities 90,937 113,317 171,672 {132,479) 243,447 620,201 711,138 113,317 180,523 132,479) 872,499 8,851 Total net assets 620,201 8,851 21 Related party transactions Trustees made unconditional donations to the Charity during the year, totalling £250 {2024- £4,550). Page 33
PCL XL