Company registration number. 02773453 Charity registration number: 1019018 Age UK Devon (A company limited by guarantee) Annual Report and Finanaal Statements for the Year Ended 31 March 2025 WESTCOTTS CHARTERED AC¢OUNTANYS • BVSIPIESS ADVk$ÉAS
Age UK Devon Contents Reference and Administrative Details Trustees, Report 2to7 Independent Auditors, Report 81011 Statement of Financi£l Activities 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Financial Ststements 15to32
Age UK Devon Reference and Administrative Details Trustees Mr R Austin Mrs K Smith Ms J Kipling Mrs L Onyett Mrs H Aldis Mr M Ellis Mrs Zoe Harris Secretary Mrs S Littlewood Charity Registratlon Number 1019018 Company Rogistralion Number 02773453 Reglstered Offlce Unrt 1 Manaton Court Mafford Business Park Exeler Devon EX2 8PF Auditor Westcotts (SW) LLP Plym House 3 Longbridge Road Plymouth Marsh Mills Devon PL6 8LT Page 1
Age UK Devon 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 actlvities Publlc benefit The Iruslees confimi 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. Mission, Adivffities and Purpose Age UK Devon, established in January 1950, is a registered charity (Charity No. 1019018) and a company limited by guarantee {Company No. 02773453). Our registered office is at Unit 1, Manaton Court, Matford Business Park, Exeter, Devon, EX2 8PF. Our mission is to improve the Ilves of older people acros5 Devon. We work towards a vision where everyone can enjoy later life, supported by services that promote indepenéence. wellbeing. and social connection. We operate across Devon County, supported by a dedicated team of staff and volunteers. Our achievement of the Age UK Charity Qualty Standard (CQSI. Age UK Quality Advice Stsndard (QAS). and Advice Quality Stsndard {AQS) rellects our commitment to govemance, quality, and safety. Strategic Directlon Following a Strategy Review Day in September 2025, the remaining term of our Strategic Plan sets out thr8e major priorities- Expanding services and geographic reach to address unmet need. Strengthening volunteer engagement. Improving dlgilal capability and data int811igence to inform servlce delivery. growth and performance monitoring. In addition to these priorities, we remain committed to continuing the delivery of our established workstreams. whiGh are detailed in the Impact section of this report. These workstreams, Active in Later Life. Advice & Wellbeing, and Independence at Home, are central to achieving our mission and ensuring older people across Devon receive high-quality. accessible support that promotes independence, wellbeing. and social connection. These priorities are underpinned by annual business plans with KPIS and budgets, reviewed quartetly by the Finance and Strategy Committees. structure. Governance and Management Trustees are recruited for their skills. knowledge. and expertise, and an annual skills audit infomis ture recruilment. Twstees serve a (year term and may stand for re-election in accordance with our Memorandum and Articles of Association. Newly appointed Trustees undertake a comprehensive induction, which includes our governing documents, Strategic Plan. annual Business Plan and budget, recent management accounts, minutes from Board and Committee meetings, and key policies and procedures. The Indu¢tlon also provides introductions to staff and volunteers. meetings with the senior management team, and opportunities to obseNe servlces and activities. Page 2
Age UK Devon Trustees. Report As at 31 March 2025, the B08rd comprised seven members with expertise in law. governance, human resources, marketing and communications. policy, and strategic developmentlpartnership working. The Board meets quarterly and is responsible for the strategic directlon and overall governan of Age UK D@von. Trustees give Iheir ts'me voluntarily, and no remuneratlon was pald during th8 year. Trustees hold ultimate responsibility for the charitys assets and funds. Day-to4ay operations are delegated to the Chief Executive under an approved Scheme of Delegation. The Chief Executive is supported by a senior management team consisting of the Finance Manager, Advice & Wellbeing Manager, Adive in Later Life Manager. and Independence at Home Manager. The Finan Manager oversees financlal management, while service managers have delegated authority for the dellvery of their respective servlces. Including systems, staff. and volunteers. Flnanclal Management Our Financial Management & Accounting Procedure provides Trustees and senior managers with clear guidance on managing the chariws finances. induding the effective use of reserves and investment opportunities, During the year, we wer8 fortunate to reGeive legacy Income, which significantly strengthened our reserves and provlded financial stability for the foreseeable future. These reserves enable us to meet our charitsble objectives and act as a safeguard against risks such as gaps in funding, unexpecte(J loss of income, or unplanned seNice closures. Importantly, legacy income is being used to support the delivery and continuation of unfunded Sel¢e$ and activities, ensuring that vital support for older people in Devon can continue even where exiemal funding is unavailable. The Board of Trustees retains the authorlty to invest the charity's assets when resources exceed those required for current and future objectives. Before any investment decisions are made, Trustees seek external specialist advice to achieve the right balance beeen generating income and maintsining, or where possible, enhancing thè value of invested funds. Usè of R•sorves The Board has agreed a planned 8ppro8ch lo reduce unrestricted reserves over the coming years to further our charitsble aims. In 2024-25, reserves were allocated to.. Sustsin and grow existing services. Develop new community activities and chargeable services. Invest in digital infrastructure and staff training. Support marketing and fundraising initiatives to replenish funds and secure long-term sustainability. In October 2025, designated reserves We increased to £288,000 to reflect current operational cornmitments and will be reviewed regularly. From 2025 onwards. unrestricted reserves are being used to advance our three strategic priorities outlined above. This planned approach provides financial stability while enabling agile and innovative use of funds to invest in new and existing services that meet the evolving needs of older people across Devon. Risk Management Our Risk Management Policy identifies rSsks across six key areas: Governance. Op8rational, Flnanclal, Extemal, Compliance, and Reputation. Each risk is assessed uslng a 3x3 matrix (Low, Medium. High) and r8V18wed regularfy to ensure effective mitigation. Key measures in place include: Page 3
Age UK Devon Trustees. Report Maintaining contingency reseNes of £288,000, reviewed and adjusted as required. Quarterly financial monitoring and reforecasting to respond to changing circumstances. Seeking extemal legal and fin8ncial advi for major decisions. Continuous review and improvement of digital systems and data security. Page 4
Age UK Devon Trustees. Report Impact Summary Actlve In Lator Life We deliver activities that promote health, wellbeing. independence, and social connection for older people across East Devon, Mid Devon, and Teignbridge. Activities include: Forever Fit (Seaton) - Gentle &x8rcis8 to music. Digital Drop-in Sessions IExmouth)- Support to bulld dlgitsl confidence. Knit and Natter (Seaton) - Social knitting group. Wetlands Activity Club (Seaton) - Nature-based sessions. Social Café {Seaton & Dawlish) - Coffee mornings to redu isolation. Sporting Memories (Exmouth) - Sports-based games and reminiscence. Walking Tennis (Exmouth & Sidmouth)- Modified tennis sessions. Tai Chi QiGong (Tiverton & Teignmouth)- Gentle movement for balance. Walking Football (Newton Abbot) Slower-paced football sessions. Friendship Group {Chudleigh Knighton) - Social meet-ups. Impact in 2024125.. 196 community sessions éelivered with 784 attendances 106 one-to-one digital support sessions . Two Walking Tennis programmes and one Tai Chi class launched Advice & Wellbelng Our free and confidential Informalion & Advice service helps older people. their families, and carers make informed decisions and access support to maintain independence and wellbeing. Key areas of support: Social Care - Guidance on care homes, help at home, and funding Income & Benefits - Benefits checks and application support (8.g., Pension Credlt. Attendance Allowance) Housing & Home Safety - Advice on staying wam, home adaptations, and fall prevention We also deliver a Scams Awareness Service to protect older people from flnancial and emotional harm through: . One-to-one Support - For those largeted or concerned about scams Community Education - Talks and presentatlons for local groups Practical Guidance - How to Identify. avoid, and r8spond to scams Impact in 2024125: 1,850 clients supported with over 13.000 interactions £2.8 million in unclaimed benefits identified for clients 38 scams awareness presentations reaching 778 people One-to-one scams support for 110 older people Independence at Home Our Enabling & Home Support Servic8 provides practlcal. personalised assistance to help older people remaln independent at home. Support includes., Page 5
Age UK Devon Trustees. Report Companionship and social visits Help with household tasks and shopping Meal preparation Assistance with appointments and activities Basic pet care Clients receive an initial assessment and tailored support plan. Staff are DBS-¢hed(ed, trained (induding dementia awareness), and insured. Our Foot Care Service helps maintain mobility and comfort through: Toenail trimming and fool health checks Home visits across Exeter, East Devon. Culmsto¢k. Tiverton. and Tavistock Monthly clinic appointments in Exeter Impact in 2024125.. . 4,651 hours of enabling and home support delivered 1,180 foot Ca appointments completed Future Focus We will continue to: Deliver high-quality, accessibl8 services across Devon. Strengthen partnerships with health and social care organisations. Implement a volunteer strate9y to increase engagement and capacity. Our commitment to using reserves strategically underpins our ambition to grow, innovate, and deliver measurable impact for older people in Devon. Structure, governance and management Statement of trustees. responsibilities The trustees (who are also the directors of Age UK Devon for the purposes of company law) are responsible for preparing the trustees, report and the financial statement5 in accordance with 8ppliGable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepled Accounting Practice). including FRS 102 'The Financial Reporting Standard 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 stalements unless they are salisfied 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 ils income and expenditure. of the charitable company for that period. In preparing these financial statemenls. the trustees are required to: select suitable accounting policies and appty them consislently., observe the methods and principles in the Charities SORP., make ludgements and estlmates that are reasonable and prudent., state whether applicable accounting standards. comprising FRS 102 have been followed, subject to any materlal departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will ¢ontinue in business. Page 6
Age UK Devon Trustees. Report 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 ststements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of Ihe charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsib18 for the maintenance and integrity of the corporate and financial information included on the charitsble companys website. Legislation governing the preparation and dissemination of financial slatements may differ from leglslation in oth8r jurisdictions. Dlsclosure of infomiation 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 audit information and to establish that the Gharity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. The annual report was approved by the tNstees of the charity on b8half by: and slgned on its Mrs L Onyett Trustee Mrs H Aldis TNstee Page 7
Age UK Devon Independent Audltor's Report to the Members of Age UK Devon Oplnlon We have audited the financial ststements of Age UK Devon (the 'charity') for the year ended 31 March 2025. which comprise the Statement of Financial Activities. Balance Sheet, ststement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The finanGial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards. comprising Charities SORP- FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepled Accounting Practice). In our opinion Ihe financial statements: give a true and fair view of the slate of the charitys affairs as at 31 March 2025 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance wlth the requirements of the Companles Act 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are re18vant to our audit of the financial statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethi1 responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢luslon$ relatlng to going concèrn In auditing the financial statements, we hav8 concluded that the trustees use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainlies relating to events or Conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the original financial stalemenls were authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises th8 infomation included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and. except to the extent otheiSe explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so. consider whether the other infonnation is materially Inconslstent with th8 financial statements or our knowledge obtained in the audit or otherwise app&ars to be materially misstated. If we identlfy such material Inconsistencies or apparent material misstatements. w8 are required to detemine whether there is a material misstatement In the financial statements or a materlal rnlsstatement of the other infom)ation. If, based on the work we have performed, we conclude that ther8 is a material misststement of this other infomatlon, we are requir8d to report that fact. Page 8
Age UK Devon Independent Auditor's Report to the Members ofAge UK Devon We have nothing to report in this regard. Oplnlon on other matter proscribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on whlch we are required to report by exceptlon In the light of our knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified material misstatem8nts in the Trustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you rf, in our opinion.. adequale accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns: or certain disclosures of trustees remuneration specffied by law are not made., or we have not received all the information and explanatlons we require for our audit. the directors were not entitled tr) prepare the financial statements in accordance wlth the small cornpanies reglme and take advantage of the small compani8s' exemptions in prepaTlng the directors, report and from the requirement to prepare a strateg1¢ report. Responslbllttles of trust••s As explalned more fully in the Statement of trustees, responsibilities (set out on page 6 and 7), the trustees are responsible for the preparatlon of the financial stat8ments and for being satisfied that they give a true and fair vi8w, and for such internal control as th8 trustees determine is necessary to 8nable the preparallon of financial statements that are free from mat8rial misstatement. whether due to fraud or error. In preparlng the financial statements, the trustees are r8sponsible for assesslng the Charity's ability to continue as a going concem, disclosing. as applicable, matters related to going concern and using the golng concern basis of accounting unless the trustees either intend to Ilquldate the charity or to cease operations, or have no realistic altemative but to do so. Auditor rosponsibilitles for th8 audlt of the financial statements Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordance wilh ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be 8xpected to influence the economic decisions of user5 tsken on the basis of these financlal statements. The extent to which our procedures are capable of detecting iffegularities, including fraud is detailed below: Page 9
Age UK Devon Independent Auditor's Report to the Members ofAge UK Devon We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial stalements from our general commercial and sector experience and Ihrough discussion with the directors and other management, no issues were noted. We communicaled identified laws and gUlationS throughout our team, and remained alert to any indications of non-compliance throughout the audit. The company is subject to laws and regulations that govern the preparation of Ihe financial statements, including financial reporling legislation. and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-complian could have a material impact on the amounts or disclosures within the financial slatements. including employment, anti-bribery and anti-money laundering. Owing to the inherent limitstions of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even Ihough we have properly planned and performed our audit in accordance with auditing standards. In any audit. there remains a higher risk of non-detection of irregularities, as these may involv8 collusion, forg8ry, Intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. As part of an audit in accordance with ISA5 (UK). we exerclse professional judgement and maintaln professional scepticism throughout the audit. We also: Identify and assess the risks of material misststement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risk5, and obtain audlt evidence that is sufficlent and appropriate to provide a basis for our opinlon. The sk of not detectlng a material misstatement resulting from fraud is higher than for one resultlng from error. as fraud may involve colluslon, forgery, intentional omissions, misrepresentstions, or the overrlde of internal control. Obtaln an understanding of intemal control relevant to the audlt In order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitls internal control. Conclude on the appropriateness of the trustees use of the going Concern basis of accounting and, based on th8 audit evidence obtsined, whether a material uncertainty exists related to 8vents or conditions Ihat may cast significant doubt on the charitrfs ability to continue as a going concem. If we condude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concem Evaluate the overall presentation, structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlwng transadions and events in a manner that achieves fair presentation We communicate with those charged with governance regarding, among other matlers, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Page 10
Age UK Devon Independent Auditor's Report to the Members of Age UK Devon Use of our report This report is made solely to the charitable company's trustees. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we rnight state to the charity's trustees those matters we are requlred to stats to them in an auditor's Teport and for no other purpose. To the fullest extent permitted by law, w8 do not accept or assume responsibility to anyone other than the charitable company and its trustees as a body, for our audit work, for thls report, or for the opinions we have fomed. Adam Croney ACA (Senior Statutory Auditor) For and on behalf of W8Stcotts (SW) LLP. Statutory Auditor Plym House 3 Longbridge Road Plymouth Marsh Mills Devon PL6 8LT Date.. Page 11
Age UK Devon Statement of Financial Actlvitles for the Year Ended 31 March 2025 (Includlng Income and Expenditure Account and Ststement of Total Recognised Gains and Losses) Unrestrlcted funds Restricted funds Total 2025 Totsl 2024 Note Income and Endowments from: Donations and legacies Charitable activitie5 Investment income 691.934 309,807 29,890 691,934 423,603 29,890 399,219 281,597 17,450 113,796 Total income 1,031,631 113,796 1,145,427 698,266 Expendttur• on: Raising funds Charitable aclivilies Other expenditure (62,707) {428,767) 7,871 {62,707) (682,019) 7,871 {66,022) {800,585) 8.345 (253,252) Total expenditure Gainsl(losses) on investment assets {499,345) (253,252) (752,597) (674,952) 7,973 7,973 10,628 Net incomel(expenditure> Transfers between funds 524,313 27,335 (139.456) 27.335 384,857 33,942 Net movement in funds 496,978 {112,121) 384,857 33,942 Reconciliation of funds Tolal funds broughl foDNard Total funds carried forward 17 709,916 313,157 1,023,073 989,131 1.206,894 201,036 1,407,930 1.023.073 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2024 is shown in note 17. The notes on pages 15 to 32 form an integral part of these financial statements. Page 12
Ago UK Devon (Registration number: 02773453) Balance Sheet as at 31 March 2025 2025 2024 Note Flxed assets Tangible assets Investments 13 14 2,149 303,712 5.010 315,847 320,857 305,861 Current assets D8btors Cash at bank and in hand 15 67,608 1,071,780 42.143 686,082 728,225 1,139,388 Credltors: Amounts falling due withln one year 16 (37.319 26,009 Net current assets 1,102.069 702,216 Net assets 1,407,930 1,023,073 Funds of the charity: Restrlcted Income funds Restrided fvnds 201,036 313,157 Unrestricted income funds Unrestricted funds 1,206.894 709,916 Total funds 17 1,407,930 1,023,073 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 Sn question in accordance with s8Ction 476. and The dlrectors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The fin ncia statements on pages 12 to 32 were approved by the trustees, and authorised for issue and signed on their behalf by. Mrs L Onye Trustee Mrs H Aldis Trustee The notes on pages 15 to 32 form an int8gral part of these financial ststements. Page 13
Age UK Devon Statement of Cash Flows for the Year Ended 31 March 2025 2025 2024 Note Cash flows from operatlng activities Net cash income 384,858 33.945 Adjustmonts to cash flows from non-cash Items Depreciation Loss on disposal of tangible fixed assets Lossl(profit) on disposal of investments 2,861 2.862 15,943 {10,504) 42,246 7,315 395,034 Working capltal adjustments Increase in debtors Increase in creditors 15 16 {25,465) 11,309 (23,838) 4.519 Net cash flows from operating activrties 380,878 22,927 Cash flows from investing activities Acquisitions of tangible assets Proceeds from sale of tangible assets Acquisitions of investments Proceeds from sale of investments (1,518) 109,057 (10.152) 14,819 (9,171) 13,991 Net cash flows from investing activities 4,820 112.206 Net increase in cash and cash equivalents 385,698 135,133 Cash and cash equivalents at 1 April 686,082 550,949 Cash and cash equivalents at 31 March 1,071,780 686,082 All of the cash flows are derived from continuing operations during the above Iwo periods. The notes on pages 15 to 32 form an integral part of these financial staternents. Page 14
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 1 Charity status The charity is limited by guarantee. incorporated in , and consequently does not have share capital. Each of the trusteos is liable to contribute an amount not exceeding £Nil towards the assets of the charity in Ihe èvent of liquidation. The address of its registered office is.. Unit 1 Manaton Court Matford Business Park Exeter Devon EX2 8PF 2 Accountlng policies Summary of slgnlflcant a¢¢ountlng policies and key accounting estlmates The principal accounting polici8s applied in the preparation of these financial statements are set out below. These polici8s have been consistently applied to all the years presented, unless olhemise 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 (FRS 102)) (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 Devon 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 Iwslees consider that ther8 ar8 no material uncertainlies about the charitys ability to continue as a going concem nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income and endowments All income is recognised once the charity has 8ntitlement to the Income, it is probable thal the income will be received and the amount of the income receivable can be measured reliably. Page 15
Age UK Devon Notes to the Financlal Statements for the Year Ended 31 March 2025 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 condilions 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 b8 fulfilled in the reporting period. Legaw gifts are recognised on a case by case basis following the grant of probate when the adminislratorlexecutor for the estate has communicated in writing both the amounl 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 rellably measurable with a degree of reasonable accuracy and th8 title to the asset having been transferred lo the charity. Grants recelvablo Grants are recognised when the charity has an entitlement lo the funds and any conditions linked to the grants have been met. Where perfomance conditlons are attached to the grant and are yet to be met, the income is recognis8d as a liability and included on the balance sheet as d8f8rr8d income to b8 r8leased. Investment income Dividends are recognised once the dlvidend has been declared and notlficatlon has been received of the dlvldend due. Expendlture All èxpenditure 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 headlngs they have been allocated on a basis consistenl 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 ass8t'S US8. Other support costs are allocated based on the spread of staff costs. Ralslng funds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charltable a¢tlvltles Charitable expenditu comprises those costs incurred by the charity in the d81iv8ry of its activities and services for its beneficiaries. It includes both costs that can be allOted directly to such activities and those costs of an indirect nature necessary to support them. Support ¢o$ts Support Costs in¢lude Central functlons and have been allocated to activity cost categories on a basls consistent with the use of resources, for example. allocating prop8ty costs by floor areas, or per capita, stsff costs by the time spent and other costs by Ihelr usage. Page 16
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 Governance costs These include the costs attributable to the charitys compliance with constitutional and ststutory requirements. including audit, strategic management and trustees meetings and reimbursed expenses. 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 Govered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Aci 1992, to the extent that su¢h income or gains are applied exclusively to charitable purposes. Tangible fixed assets Indmdual fixed assets costing £100.00 or more are initially rerded at cost. Depre¢latlon and amortlsation Depreciation is provided on tsngible 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 Fumiture and equipment Depreciation m•thod and rate 25% straight line Buslness ¢omblnatlons Business combinations are accounted for under the purchase method. whe necessary, adjuslments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the charity. All intra-group transactions. balances. income and expenses are eliminated on consolidation. In accordanoe with Section 35 of FRS 102, SeGtion 19 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the dale of transition. Fixed asset Investments Fixed assel investmenls, 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 y8ar 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 equiva18nts comprise cash on hand and call deposits, and other short-temi highly liquid Investments that are readily convertible to a known amount of cash and are subj8Ct to an insignificant risk of change in value. Page 17
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 Borrowrngs Interest-bearing borrowings are inrtially recorded at fair value. net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to Ihe Statement of Financial AGlivities oveT 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 Iwelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at tho 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. Restricted income funds are those donated for use in a particular aa or for specific purposes, the use of which is restricted to that area or purpose. FSnancial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a paty to the contraGtual provisions of the instrument. Financial Ilabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An 8qUlty instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Page 18
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 Recognition and measurement All financial assets and liabilities are initially measured at transaction price {in¢luding transaction costs), except for Ihose financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transadion costs). unless the arrangement constitutes a financing transaction. If an arrangement Gonstitutes a financing transaction, the financial asset or financial liability is rneasured 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 iealise the asset and settle the liability simullanoously. Financial assets are derecognised when and only when a) the contractual rights lo the cash flows from the financial asset expire or are settled. b) the charity transfers lo another party substantially all of Ihe risks and rewards of ownership of the financial asset, or c) the charity, éespite having retained some. but not all. significant risks and rewards of ownership. has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the Contract is discharged. cancelled or expires. Dgbt instruments Debt instruments which meet the following conditions are subsequently measured at amortised cost using the effective interest method. 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 r8ceiv8d, net of impairment. With the exception of some hedging instwments, other debt instruments not meeting these condltions are measured at falr value through profit or loss. Commitments to make and receive loans which meet the conditions m8ntioned above are measured at cost (which may be nil) less impairment. Investments Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares a publicly traded or their fair value is liablY rneasurable) are measured at fair value through profit or loss. Where fair value cannot be measured r81iably, investments are measured at st 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. Page 19
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 3 Income from donations and le9acies Unrestrlcted funds General Total 2025 Totsl 2024 Donations and legacies., Donations and gifts Legacies receivable Grants. including capital grants- Grants from companies 11.775 680,159 11,775 680,159 25.347 366.707 7.165 691,934 691,934 399,219 Page 20
Age UK Devon Notes to the Financial Ststements for the Year Ended 31 March 2025 4 Income from charitable activities Unrestrlcted funds General Restricted funds Total 2025 Core Grants for specific purposes Activities 47,102 47.102 67 67 Independence at Home Enabling and Foot Care Other 102,698 39,590 102.698 39.590 Advice and Wallbeing Grants for specific purposes Active in Later Life Grants for specific purposes Activities Training Delivery 127.785 60,071 187.856 21,001 12,355 6.311 6,623 27,624 12,355 6,311 423,603 309,807 113,796 Unrestrlcted funds General Restricted funds Total 2024 Cor• Grants for specific purposes Activities Independence at Home Enabling and Foot Care other Advice and Wellbeing Grants for specific purpos8S tlve In Later Llfa Grants for specific purposes Tralning Delivery 35.541 6.318 45,994 3,050 81,535 9,368 96.045 28,356 96,045 28,356 63,998 63.998 1.OOD 1,295 232.553 1.000 1,295 49,044 281.597 Page 21
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 5 Inveslment income Unrestrictod fund5 General Total 2025 Total 2024 Interest receivable on bank deposits Income from listed investments 607 29,283 607 29.283 6.767 10,683 17,450 29.890 29,890 6 Expenditure on ralslng funds a) Costs of trading actlvltlas Unrestricted funds General Total funds Fundraising 58,456 58,456 Total for 2025 58,456 58.456 Total for 2024 45.073 45,073 b) Investment management cosls Unrestricted funds General Total 2025 Total 2024 Adminislration of the investments 4,251 4,251 4.251 5,007 5.007 4,251 Page 22
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 7 Expendlture on charitable activities Independence Advl¢e and Core at Home Wellbolng Activo in Later Life Total 2025 Staff costs Costs of running activltles Premises costs Office administration costs Advertlsing Legal costs Depreciation Bad debts 117.223 536 53,722 42.324 137,281 34,352 35 275 535 184,061 2,950 88.842 5.676 527,407 43,514 53,757 43,321 862 10,210 2,862 86 439 283 327 10.210 2.483 379 86 226,498 172,564 187,450 95.507 682,019 Analysis by fund Unrestricted funds Restricted Funds 164.391 62,107 92.564 80.000 76,912 110,538 187,450 94,900 607 428,767 253,252 226,498 172,564 95,507 682.019 Independence Advlce and Core at Homo Wellbelng Active in Later Llfe Total 2024 staff costs Costs of running activities Premlses costs Office administration costs Advertising Legal costs Depreciation Bad debts 101,456 8.241 34,357 47,162 2,508 1.270 2.483 121,854 24,352 135 154,975 1,357 95,690 1,034 473,975 34,984 34,492 47.396 3.441 3,077 2.862 358 234 933 1,807 379 358 197,477 147,632 158.373 97.103 600,585 Analysis by fund Unrestricted funds Restricted Funds 169,652 27,825 197,477 76,902 70,730 10,767 147,606 3,207 93,896 97,103 260,528 340,057 600,585 147,632 158,373 In addltion to the expendituro analys8d above, there are also governance costs of £7,871 (2024 £8.345) which relate directly to charitable adivltles. See note 8 for further details. Page 23
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 8 Analysis of governan and support costs Support costs Unrestrfcted funds General Total 2025 Total 2024 Independent examinerfs fee Bank charges 3,360 4,511 7.871 3,360 4,511 3,060 5.285 7,871 8.345 9 Net Incomlngloutgoing resources Net incoming resources for the year include: 2025 2024 Depreciation of fixed assets 2,861 2,862 10 Trustees remuneratlon and •xponses No Irustees, nor any persons connected with them, have received any remuner8tlon from the chartty during the year. No trustees have recaiv8d any reimbursed expenses or any other benefits from the charlty during the year. Page 24
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 11 Staff costs The aggregate payroll Costs were as follows: 2025 2024 Wages and salaries Pension costs National insurance 477.484 8.182 33,885 449,605 7,431 29,028 519.551 486,064 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows: 2025 2024 Home Support Assistants Other staff 14 19 16 21 33 37 No employee received emoluments of more than £60,000 during the year. The total employee benefits of the key management personnel of the charity were £84,181 {2024 £79.754). Page 25
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 12 Taxation The charity is a registered charity and is therefore exempt from taxation. 13 Tangible fixed assets Furnltur• and equipment Total Cost At 1 Aprll 2024 55.266 55,266 At 31 March 2025 55,266 55.266 Depreclatlon At 1 April 2024 Charg8 for the year At 31 March 2025 50,256 2,861 50,256 2,861 53,117 53,117 Net book value At 31 March 2025 2,149 2,149 At 31 March 2024 5,010 5,010 14 Fixed asset Investments 2025 2024 Shares in group undertakings and participating interests Other investments 303,711 315,846 315,847 303.712 Shares in group undertaklngs and partlclpatlng interests Subsidiary undertakings Total Cost At 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 Page 26
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 other investments List8d investments Unllsted investments Total Cost or Valuation At 1 April 2024 Valuation changes Additions Disposals 308,515 (7,315) 5,548 9,231 7,331 315,846 (7.315) 9,172 13,992 3,624 4,761 At 31 March 2025 297,517 6.194 303,711 Net book value At 31 March 2025 297,517 6,194 303,711 At 31 March 2024 308,515 7,331 315,846 15 Debtors 2025 2024 Trade debtors Prepayments Accrued income 8,596 17,052 41,960 67.608 8,814 7,972 25,357 42,143 16 Creditors: amounts falling du• within one year 2025 2024 Trade cr8ditors Other taxation and social securlty Other creditors Accruals 18.675 7,506 4,600 6.538 37,319 6,998 5,753 2,843 10,415 26,009 Page 27
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 17 Funds Balance at1 April Incoming Resources 2024 resources expended Transfers Other Balance recognised at31 gains I March {losses) 2025 Unrestrlcted funds General General Funds Contingency lo ensure that future essential aGtivities can continue to be funded 524.916 1,031.631 (499,345) {48,585) {7,973) 1,000.644 185.000 185,000 709.916 1.031,631 (499.345) (48.5851 {7.973) 1.185.644 Designated Property repairs fund 21,250 21.250 Total unrestrlcted funds 709,916 1.031.631 {499,345 27.335) (7,973 1,206.894 Restrlded funds stover TIF Funding Anonymous Donor Cost of living funding Celia Ollerenshaw Trust Age UK Mid Devon DCC, Older People Engagement K Hodgson Legacy Fund Age UK Scams prevention Walking Tennis Bilton Exmouth Allotments Building Resilience More Money 4 You 196 6,543 15,132 (196) (13,123) 20,000 13,420 15.132 42,467 154,125 {201) (26,230) 42,266 127.895 14,694 (14,694} 80,000 (80,000) 40,000 8,000 (37,890) (9,523) 2,110 1.523 423 30,000 15,373 (210) (39,660) 31,525) 253.252 213 9,660 16.152 313,157 113,796 27,335 201.036 Total funds 1,023.073 1.145.427 52.597 7,973 1.407.930 Page 28
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 Other Balanco rocognised at31 gains I March (losses 2024 Balance at 1 April Incomlng Resources 2023 resources expended Transfers Unrestricted funds General General Funds Contingency to ensure that future essential activities can continue to be fvnded 432.399 404,325 (318,953) (3.483) 10,628 524.916 185.000 185,000 617,399 318,953 3,483 404.325 10,628 709,916 Restrlcted funds G A Morgan Legacy Nomian Family Trust Digital Champion Funding Stover TIF Funding Anonyrnous Donor Cost of living funding CAN Celia Ollerenshaw Trust Age UK Mid Devon DCC, Older People Engagement K Hodgson Legacy Fund Age UK Scams prevention National Lottery Cost of Living 66,495 322 (66.495) (322) 1.083 196 13,299 4,645 6,000 35.994 (37.077) 196 6.543 15,132 (6.756) (33.114) {6.000) 43.601 46,244 209,592 {3,777) (55,467) 42,467 154.125 23.856 {9,162) 14,694 160,000 {80,000) 80,000 7,165 (10,648) 3.483 47,181 293,941 47,181 371.732 355,999 3,483 313,157 Total funds 989,131 698.266 674,952 10.628 1.023,073 Page 29
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 Restricted funds . description of funds Restricted fund5 include: G A Morgan Legacy The GA Morgan legacy is being used to support projects in the Teignbridge area. Nornian Family Trust A grant to contribute to the running of the Digital Champion Programme. Digital Champion Programme Age UK grant lo deliver the Digital Champion Programme. Stover TIF Funding Tackling Inequalities Funding to support adivities at Stover Outdoor Activity Group. Anonymous Donor Funds to support older people through the cost-of-living crisis. Cost of Ilvlng fundlng Grant funding from Age UK and the Lottery to support older people during the cost-of-llvlng crfsis. CAN (Connectlng activity to nature) Funds to support physical activities in nature. Celia Olerenshaw Trust Funds to provide activities and SeiceS for older people Itving in EX7. Age UK Mid Devon Funds to support the delivery of information and advice for older people in Mid Devon. DCC, Older People Engagement Funds lo enable organisational insight and feedback about Adult Social Care provision in Devon. SSAFA Fuel Pov•rty Fund Helping households with energy costs. K Hodgson Legacy Fund Providing extra comforts and facilities for aged persons and their carers in the district of East Devon. Page 30
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 18 Analysis of net assets between funds Total funds at 31 March 2025 Unrestricted funds General Deslgnated Restrlcted funds Tangible fixed assets Fixed assel investments Current assets Current liabilities 2.149 303,712 917.102 37,319 2.149 303,712 1.139.388 37,319 21,250 201,036 Total nel assets 1,185,644 21,250 201,036 1.407,930 Unrestricted funds Genoral Total fiinds at 31 March 2024 Restricted funds Tangible red ass8ts Fixed asset inv8Stments Current assets Current liabilities 5,010 315,847 414,218 26,009 5.010 315,847 728,225 26,009 314,007 Total net assets 709,066 314,007 1.023,073 19 Operating lease commltments At the reporting end date the charity had OLrtstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2025 2024 Within one year Between two and ftve years 26,188 43,542 7.500 69,730 7,500 20 Related party transactions There were no related paty transactions in the year. Page 31
Age UK Devon Notes to the Financial Statements for the Year Ended 31 March 2025 21 Subsidiaries These financial statements are separate charty financial statements for Age UK Devon. Details of the Charitls subsidiaries at 31 March 2025 are as follows.. Nature of Class of shares % Held - Registered office business held Dlrect Name of undertaking Age UK Devon (Trading) Ltd England & Wales Dormant Ordinary 100.00 Page 32