## **Age UK Waltham Forest** ## **Annual Report and Financial Statements** 31 March 2020 Charity Registration Number 1048212 Company Limited by Guarantee Registration Number 02334459 (England and Wales) **Contents** |**Reports**|| |---|---| |Reference and administrative details|2| |Trustees’ report|3| |Independent auditor’s report|21| |**Financial statements**|| |Statement of financial activities|24| |Balance sheet|25| |Principal accounting policies|27| |Notes to the financial statements|31| Age UK Waltham Forest 1 ## **Trustees’ report** 31 March 2020 ## **Reference and administrative details** ## **Trustees** ## **Staff** **Company Secretary Charity Number** **Company Number** |**Debbie Ladds**|Chair| |---|---| |**Nancy O’Brien**|Vice Chair| |**Barry Coidan**|HonoraryTreasurer| |**Jeffrey Blay**|| |**Graham Forsdyke**|Appointed 5thDecember 2019| |**Richard Freitag**|Appointed 5thDecember 2019| |**Pauline Martindale**|Appointed 5thDecember 2019| |**Yvonne O’Sullivan**|| |**Matthew Phillips **|Appointed 5thDecember 2019| |**Emma Tozer**|Chief Executive| ||| |**Arlene Williams**|Finance and Personnel Administrator| |**Carolyn Stiles**|Reception and Office Assistant| |**Emma Levine**|Volunteer Co-ordinator| |**Claire Ford**|CommunityNetwork Co-ordinator| |**Eric Callow**|Silver Surfer Tutor| ||| |**Chearine Alphonse**|Information and Advice Manager| |**Ingrid Ambrose**|Information and Advice Link Worker| |**Carol Moy**|Administrator,Information and Advice| ||| |**Terry Day**|BefriendingManager| |**Harriet Simmons**|BefriendingCo-ordinator| ||| |**Christine Bateson**|Scams Prevention Manager| |**Chris Smith**|Scams Prevention Co-ordinator| |**Sharon Harris**|| |**1048212**|| |**02334459 (England and Wales)**|| **Website** **www.ageukwalthamforest.org.uk** **Registered Address** **Waltham Forest Resource Hub North, 58 Hall Lane, Chingford, E4 8EU** **Auditor** **Buzzacott LLP, 130 Wood Street, London, EC2V 6DL** **Bankers** **CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ** **Solicitors** **Edward Duthie Solicitors, 9/15 York Road, Ilford, IG1 3AD** Age UK Waltham Forest 2 **Trustees’ report** 31 March 2020 The trustees present their report together with the financial statements of Age UK Waltham Forest (Age UK WF) for the year ended 31 March 2020. The report has been prepared in accordance with Part VIII of the Charities Act 2011, and constitutes a directors’ report for the purpose of company legislation. The financial statements have been prepared in accordance with the accounting policies set out on pages 27 to 30 of the attached financial statements and comply with the charitable company’s Memorandum and Articles of Association, applicable laws, the Companies Act 2006 and 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 United Kingdom and Republic of Ireland (FRS 102). ## **Introduction** The company is established for charitable purposes. Its principal object is to improve the quality of life of all older adults in the London Borough of Waltham Forest. This objective is fulfilled through providing direct services, raising awareness of and representing the needs and wishes of older adults, and participation in joint initiatives with statutory authorities and non-governmental organisations. ## **GOVERNANCE, STRUCTURE AND MANAGEMENT** ## **Governance** Age UK Waltham Forest is constituted as a company limited by guarantee (Company Registration Number 02334459 (England and Wales)) and is a charity registered for charitable purposes with the Charity Commission (Charity Registration Number 1048212). ## **Liability of the members** In the event of the charitable company being wound up during the period of membership, or within the year following, company members are required to contribute an amount not exceeding £1. ## **Trustees** The trustees of the charitable company constitute the directors of the charity for the purposes of the Companies Act 2006 and other company legislation. No trustee received any remuneration in respect of their services as a trustee during the year (2019 – £nil). ## **Trustees’ responsibilities** The trustees (who are also directors of Age UK Waltham Forest for the purposes of company law) are responsible for preparing the trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. Age UK Waltham Forest 3 ## **Trustees’ report** 31 March 2020 ## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued) ## **Trustees’ responsibilities** (continued) In preparing these financial statements, the trustees are required to: -  select suitable accounting policies and then apply them consistently; -  observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102); -  make judgements and estimates that are reasonable and prudent; -  state whether applicable United Kingdom Accounting Standards have been followed, subject to any material 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 charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the trustees confirms that: -  so far as the trustee is aware, there is no relevant audit information of which the charity’s auditor is unaware; and -  the trustee has taken all the steps that he/she ought to have taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the charity’s auditor is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Age UK Waltham Forest 4 **Trustees’ report** 31 March 2020 ## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued) ## **Key Management Personnel** The overall responsibility of Age UK Waltham Forest ultimately lies with the trustees who meet on a quarterly basis. Day-to-day management of the charity is delegated to the Chief Executive and her staff, with the former reporting to the trustees on a formal basis at each trustees’ meeting and regularly throughout the year on an ad hoc basis. No trustee receives payment in respect of their services as a trustee. The Chief Executive receives a monthly salary which is set by the trustees. ## **Working with other organisations** Age UK Waltham Forest is committed to collaborative working in furtherance of its aims. At a local level, Age UK Waltham Forest seeks to work closely with Waltham Forest Council and Waltham Forest Clinical Commissioning Group, both formally and informally, in representing the needs and views of older adults, in the development of policy, and in the monitoring of its implementation. Ordinarily the trustees meet on a quarterly basis to review progress, discuss issues and agree strategy. Age UK Waltham Forest also works with a wide variety of other organisations including Citizens Advice Waltham Forest and HEET. As a member of the Age UK Federation, Age UK Waltham Forest takes part in a number of regional and national initiatives and campaigns. ## **Risk management** In line with the requirement for trustees to undertake a risk assessment exercise and report on the same in their annual report, the trustees have looked at the risks the charity currently faces and have reviewed the measures already in place, or needing to be put in place, to deal with them. The trustees have identified six main risk areas for the charity: **Governance** – ensuring trustees are skilled and have the knowledge they require through involvement in the development of Age UK Waltham Forest, including the provision of information to enable informed decisions. A review of governance takes place regularly to ensure that Age UK Waltham Forest’s governance is fit for purpose for both partnership working and future contracts. **Finance** – Age UK Waltham Forest continues to seek new ways to ensure the charity’s sustainability while meeting the needs of older people and carers in an area of increasing deprivation. **Staffing** – retaining key staff by regularly reviewing their terms and conditions, providing training to develop their skills and involving them in the development of the organisation. The willingness of staff to be flexible and take on new projects has contributed significantly to the success of Age UK Waltham Forest as has our continued focus on holistic and individualised services for older adults. Age UK Waltham Forest 5 **Trustees’ report** 31 March 2020 ## **GOVERNANCE, STRUCTURE AND MANAGEMENT** (continued) **Changes in policy and legislation** – Age UK Waltham Forest continues to respond to changes in local and national policy and legislation as they affect the voluntary sector and the provision of health, social care and other services. **Premises** – As reported previously, it is understood that the Council still plans to close the premises where the charity’s offices are located. We have now been informed in writing that it will not ask us to leave the building and will locate suitable alternative accommodation in the Borough. Until such time as this is located we will be placed on a rolling lease. The Council recognise the important work we do and the need to have accessible space to support older people in our Borough. The trustees and the Chief Executive continue to monitor this situation closely to ensure that the charity has suitable premises for its work. **Covid-19** – At the time of writing this report many of our activities have been suspended, altered or delivered in different ways due to Covid19. The increase in need from beneficiaries has been significant and we have responded with three new services to support older people: Shopping, Prescription Deliveries and Telephone Befriending. The Trustees and the Chief Executive continue to raise funds to support this work. In summary, the trustees have assessed the major risks to which the charity is exposed, in particular those relating to the specific operational areas of the charity and its finances. The trustees believe that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by reviewing the operational arrangements and business risks faced by the charity, they have established effective systems to mitigate the identified risks. ## **ACTIVITIES AND SPECIFIC OBJECTIVES** Age UK Waltham Forest aims to improve the quality of life for older adults and their carers in Waltham Forest by providing direct services, campaigning for the rights of older people and older carers and participating in partnership working with statutory authorities and nongovernmental organisations. Age UK Waltham Forest’s Memorandum and Articles of Association enable the provision of services to all adults when appropriate. Age UK Waltham Forest is an equal opportunities organisation that welcomes the diversity of the Waltham Forest community. When setting the objectives and planning the work of the charity for year, the trustees have given consideration to the Charity Commission’s general guidance on public benefit. The activities of Age UK Waltham Forest are described below. Age UK Waltham Forest 6 **Trustees’ report** 31 March 2020 ## **ACTIVITIES AND SPECIFIC OBJECTIVES** (continued) ## _**The Impact of Covid-19 on our work**_ We repurposed our organisation on 16 March 2020 to focus on supporting older people through Coronavirus. This meant we closed, adapted or postponed our regular activities; for example befriending is now via the telephone, not face-to-face, as are information/advice and form filling sessions. Our Digital Inclusion Sessions, Book Club and a sample of our Exercises Classes are now delivered via Zoom. Our mindfulness and singing groups are on hold. We had to adapt quickly and transform our organisation to a new way of working whilst seeing demand increase exponentially. Because we needed to support older people we immediately increased staff hours and therefore our wage bill. We also brought in additional staff and 29 new DBS checked volunteers so far to meet demand (all inducted remotely). We managed to get all staff working from home within a week which involved buying laptops, mobile phones and printers. Some of our existing funders agreed to suspend delivery or repurpose their funds and staff have risen to the challenge to support older people during this time. We partnered with the Local Authority to provide prescription deliveries and additional telephone befriending. We are also providing shopping and emergency essentials parcels (food and incontinence products) to those older people most in need. |**Period: 16 March-31 July 2020**|**Number of**
**People**|**Number of**
**Contacts**| |---|---|---| |Number of prescriptions delivered|336|356| |Older People receiving daily befriending phone calls|270|26,650| |Older People receiving weekly contact phone calls
(previouslyknownto staff)|490|7,764| |Older People registered online for shielding|81|81| |Older people registered for food boxes via community hub|21|21| |Emergency Staples Parcels provided and delivered|16|16| |Shopping Trips|289|332| |Information, Advice and Form Filling for Older People|408|423| |Social Prescribing Contacts|90|139| |Book Club|6|15| |Quiz Attendees|46|46| |Computer Class Attendees|72|290| |Exercise Class Attendees|90|953| |Special Interest Talks|185|214| |**Total**|**2,400**|**37,300**| Age UK Waltham Forest 7 **Trustees’ report** 31 March 2020 ## **ACTIVITIES AND SPECIFIC OBJECTIVES** (continued) ## _**Volunteering – the heart of our charity**_ Age UK Waltham Forest is proud of its volunteer workforce. Without our fabulous team of volunteers we could not carry out the work that we do. Working alongside staff they bring a wealth of experience, a valuable and objective viewpoint and a wide range of skills to the many and varied tasks which they perform, ranging from providing Befriending Services, and form-filling for our Information and Advice Service, through to teaching computer skills, not to mention staffing our front desk and making our offices a warm and welcoming place for all that visit us. At the end of the financial year our volunteer numbers increased in response to Covid-19. Consequently, we were able to support more older people in our community with new services including Shopping, Telephone Befriending and Prescription Deliveries. ## **IMPACT** ## **314** We operate with a ratio of 314 volunteers to 13 employed staff. We can never repay the dedication or thank our volunteers sufficiently for their contribution. We recruit volunteers in many different ways including leaflet drops, adverts in local papers, online via volunteer recruitment sites and social media and at recruitment fairs. We now have our highest-ever number of volunteers. ## **volunteers provided** ## **18,716** ## **hours of support** Age UK Waltham Forest 8 **Trustees’ report** 31 March 2020 ## **ACTIVITIES AND SPECIFIC OBJECTIVES** (continued) ## _**Information and Advice (I&A) Service**_ Age UK Waltham Forest provides information and advice that covers every facet of later life, from helping people find out the benefits they are entitled to claim, to discussing options that help make later life at home more manageable. We have helped older people to know about and claim the benefits they’re entitled to, such as Carer’s Allowance, Attendance Allowance, Personal Independence Payments and Pension Credit. We support older adults and their families through offering a service that’s available in their homes, our office, via email or by telephone. In addition, we now have an Information and Advice (I&A) Adviser based one day a week in the Priory Court Community Centre in Walthamstow, allowing people in the centre/south of the borough to more easily access our service. We carried out 92 home visits, assisting people with mobility and mental health needs, completing forms, offering advice and making telephone enquires on their behalf. Due to the impact of Covid-19 we are unable to carry out home visits at present. However, we continue to support older people and are now completing forms via telephone appointments. During 2019/20 our Information and Advice service was accessed by 922 people. Enquiries were sought on multiple issues and we advised on an average of 1,330 matters. Of these 72% related to welfare benefits. During the year, we successfully helped older people in Waltham Forest claim £1,226,277 in additional welfare benefits, an increase of £236,650 compared to 2018/19 **IMPACT** **claimed 922 in individuals advised on £1,226,227 previously unclaimed 1,330 benefits matters** Age UK Waltham Forest 9 ## **Trustees’ report** 31 March 2020 ## **ACTIVITIES AND SPECIFIC OBJECTIVES** (continued) ## _**Just Connect Befriending**_ Just Connect offers weekly befriending visits to older people who are lonely, isolated and/or housebound. Where we can, we help the older person gain confidence, get out and about again and make new friends, although this often isn’t possible if the older person is housebound. Due to the Covid-19 Pandemic, from 16 March 2020 our volunteers ceased visiting in person and instead phoned them daily, to check that they were all right and had what they needed in the pandemic. A host of new people volunteered to help during the pandemic and Just Connect began a phone befriending service whereby volunteers made a daily phone call to older people who were shielding, to break through their isolation and check they were all right. During 2019/20 our volunteers made weekly visits for all or part of the year to a total of 191 older people – a 30% increase compared to the previous year (44 additional older people). This included 40 older people who were offered daily phone calls in March 2020, to help them through the coronavirus lockdown. Demand for our befriending service continues to grow. We had 142 new referrals during 2019/20, compared to 124 in the previous year – a 14% increase. We continued to put a lot of effort into recruiting new volunteers, and were able to achieve a significant increase again this year. We started the financial year with 102 befriending volunteers and finished with 117 “regular” befrienders, and an additional 48 “Covid” volunteers – a total of 165. **IMPACT 191 isolated older people received befrienders** Age UK Waltham Forest 10 **Trustees’ report** 31 March 2020 ## **ACTIVITIES AND SPECIFIC OBJECTIVES** (continued) ## _**Exercise Classes**_ One significant problem of old age is loss of independence. Reducing the risk of falls, exercising regularly and attaining a reasonable degree of physical fitness helps an older person meet the demands of their daily routine. In order to encourage older people to take part in exercise programmes, Age UK Waltham Forest provides twenty free or low cost activities weekly across the borough. Participants have reported that the balance classes have improved balance and given them more confidence outside the home; given them more opportunities for socialising and meeting other people; have helped them to sleep and eat better; helped to lower blood pressure and increased energy levels. At the end of March 2020 face-to-face classes were paused due to the Covid Pandemic. A selection of classes are being delivered online via Zoom. From April 2019 to March 2020 there were 692 classes and 10,986 attendances by 642 individuals. ## **Weekly Programme Includes** - Gentle Exercise (5 classes) - Tai Chi (9 classes) This year we entered into a partnership with Waitrose and OrganicLea, a workers’ cooperative that provides a socially and environmentally just food system where the means of production and distribution are controlled by the people who work and volunteer on the land. Waitrose kindly allowed one of their employees, Katriya Ibrahim, to be seconded to us. Katriya is a trained Yoga teacher and OrganicLea allowed us to use their site to deliver the seated Yoga class. Attendees are encouraged to take part in horticultural tasks whilst on site and also to join other people for a communal lunch which is made from produce grown onsite. The classes have proved to be very popular. - Bollywood Dance (2 classes) - Floor Yoga (2 classes) - Chair Yoga - Table Tennis ## **IMPACT** ## **attendances at 10,986 692 exercise classes by 642 individuals** **89% reported improved flexibility** Age UK Waltham Forest 11 **Trustees’ report** 31 March 2020 ## **ACTIVITIES AND SPECIFIC OBJECTIVES** (continued) ## _**Digital Inclusion**_ Our Digital Inclusion work began in 2008 as the Silver Surfers’ Project. The aim of the project was to teach older people the basics of using a computer. Each course lasts for 10 weeks and covers the basics of using a computer, accessing the internet and emailing. Overall 691 individuals attended the sessions and gained confidence with technology and have been equipped with skills to access information. We are the only agency in Waltham Forest providing computer training for older people by older people. In 2014 we began offering topic based classes. These continue to be popular with older adults. The programme is shaped by what students tell us they want to learn and includes subjects such as Introduction to Tablets, Internet Security/Scam-Awareness, getting to know your iPad, Skype for Beginners, eBay, Twitter, cloud storage and Google Maps. This year we also introduced new classes on Cloud Storage, Google Mail and more hands-on courses including Facebook and Excel. Feedback from clients highlighted that people often wanted a little extra support and in response we have a monthly Silver Surfer Tech Support Group for people to come along with their questions and talk to our panel of volunteers and one-to-one mobile phone workshops. In March 2020, in response to Covid19, face-to-face classes were put on hold and a new weekly programme developed that could be delivered via Zoom. The on-going success of this programme is attributable to the commitment of the volunteer team who compile and deliver the courses. ## **2019/20 Digital Inclusion** - 59 classes - 44 topics - 3 ten week beginner classes - 12 Tech Support Groups - 7 Mobile Phone Workshops ## **IMPACT** ## **691 individuals attended Computer Training Classes** **94% found the classes to be very useful or extremely useful** Age UK Waltham Forest 12 **Trustees’ report** 31 March 2020 ## **ACTIVITIES AND SPECIFIC OBJECTIVES** (continued) ## _**Scams Awareness**_ Our Scams Awareness Project was originally funded for one year in 2018/19. Due to the ongoing demand the project was funded from our reserves for a further two months and from April 2019 funding was secured from London Catalyst & Santander to continue this work by providing group awareness sessions, which we continued to run until the end of February 2020. Our aim was to support older people by raising awareness of Scams and the way they can be reported and empower older people to feel safer, more secure and confident. During this period we saw another 541 people in 40 sessions across the borough. **----- Start of picture text -----**
IMPACT
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**541 individuals attended Scams Awareness Raising Events** ## **91%** **of attendees reported they were more confident they could avoid scams after one of our sessions** Due to Covid-19, from March 2020 we have been unable to deliver face-to-face awareness-raising sessions. However, we are now sending dedicated Scams Awareness Bulletins with our newsletters which reach over 1,000 older people each month. ## _**Social Prescribing**_ We continued to be a part of the Social Prescribing network in the Borough, which is funded by the Department of Health and led by Citizens Advice Waltham Forest. Social Prescribing aims to tackle social isolation with referrals sent to us from GPs and other health professionals. We contacted clients for a friendly chat to gain an understanding of their issues and gave them ideas and encouragement to take part in social activities and in turn engage with others. We also asked them about any other issues they may need help with, such as finances, housing, getting support, travel assistance and signposting to other organisations. Over the course of the year we have assisted 260 clients. **IMPACT** **260** **adults connected to support services in the community** Age UK Waltham Forest 13 **Trustees’ report** 31 March 2020 ## **ACTIVITIES AND SPECIFIC OBJECTIVES** (continued) ## _**Winter Warmth**_ This year we have been able to continue our Winter Warmth Programme. In January 2020 we held an event at our offices in South Chingford – 39 people attended and received Warmth packs (consisting of a fleece jacket, hat, gloves, scarf, ice gripper for shoes, walking sticks and blanket). A further 96 packs were distributed to housebound adults. This was funded from income raised from the Innocent Smoothie Big Knit Campaign and the usual generosity of our volunteer knitters. 850 Winter Warmth Information packs were distributed around the Borough via events and through our home visits to those receiving befrienders and Information and Advice Services. ## **IMPACT** **Distributed Provided 850 135 Winter Advice Packs Warmth Packs** Age UK Waltham Forest 14 **Trustees’ report** 31 March 2020 ## **ACTIVITIES AND SPECIFIC OBJECTIVES** (continued) ## _**Other activities**_ This year has seen lots of activities at our Hub and in the wider community ranging from, a celebration of Black History Month, new social activities and partnerships with local schools. Many of the activities have now gone on hold or are being delivered differently due to Covid19. We hope to restart the full programme as soon as possible. ## **Windrush Celebration** A Windrush celebration event was held in June, attended by 20 older Black people and their families. Volunteers, including sixth formers from Leyton Sixth Form College, listened to the older people tell the story of their lives, and how they found England when they emigrated here. ## **Intergenerational Sewing Project** We were approached by Queens Road Community Centre to work with them and encourage intergenerational activities. A new sewing class was set up in partnership with House of Stitch, who led the sessions. The Stitch in Time sessions were open to all ages and abilities. ## **E4 Art Trail** To increase awareness of the Resource Hub in the local area, we showcased photographs from the Haseya Apothecary Garden which could be viewed as part of the first E4 Arts Trail. Age UK Waltham Forest 15 **Trustees’ report** 31 March 2020 ## **ACTIVITIES AND SPECIFIC OBJECTIVES** (continued) ## **Black History Month – Celebrating Contributions to the NHS** A celebration of Black people’s contribution to the NHS was held in October, as part of Black History Month. Retired nurses, midwives, cleaners and carers shared the stories of their lives working in the NHS and social care. A group of sixth formers from Leyton Sixth Form College made videos of the older people telling their stories. Mbilla Arts ran an African drumming session. ## **Forest School Partnership** Over two days pupils from Forest School visited the Hub and tidied the back garden, planting a range of flowers and herbs to help brighten up the area ## **New Social Activities** In addition to our on-going knitting group, this year we started a range of new activities including a Singing Group, Book Club, Mindfulness Classes and Special Interest Talks. ## **Whipps Cross Hospital Redevelopment** In October we hosted an event with Whipps Cross Hospital to enable older people to have their say about the redevelopment plans for the hospital and the proposals to make Whipps Cross a hospital specialising in surgery for older people . Age UK Waltham Forest 16 **Trustees’ report** 31 March 2020 ## **ACTIVITIES AND SPECIFIC OBJECTIVES** (continued) ## _**Community Fundraising**_ This year we have held three evening quiz nights with fish and chip suppers and three Afternoon Tea quizzes. These have kindly been supported by Stow Brothers Estate Agents in E17, who have advertised our sales via their boards and Twitter. We also had seven stalls at various markets and local events. At all these events we sold our handmade Easter and Christmas decorations, crochet blankets, wooden reindeers, knitted toys, hats, gloves and scarves which were kindly made for us by volunteers. These activities made in excess of £2,750 of unrestricted income which helps cover our ongoing costs. ## **Charity Walk for Peace** In June 2019 volunteers, staff and friends took part in the Charity Walk for Peace organised by the Ahmadiyya Muslim Elders Association. The walk took place in Milton Keynes. The theme of the event was Love for All, Hatred for None. We raised £800 which was further matched by a donation from the organisers of £1,000. ## **The Big Knit** In addition to knitting items for our Warmth packs and for our fundraising stalls, many of our knitters took part in the annual fundraising initiative in conjunction with Innocent Smoothies, to make winter warmer for older people by knitting little hats for Smoothie drinks. Each hat sold raises 25p for Age UK Waltham Forest and this money is used in projects to raise awareness of keeping warm in winter. This year we made 26,100 little hats which raised £6,525. This money has been used to purchase additional items for our warmth packs such as fleece jackets, ice grippers for shoes and walking sticks. Age UK Waltham Forest 17 **Trustees’ report** 31 March 2020 ## **FINANCIAL REVIEW** ## _**Financial performance**_ Total income for the year amounted to £543,432 (2019 – £505,595). Income from charitable activities increased significantly during the year from £311,196 in 2019 to £405,887 in 2020 reflecting increased activity arising from the Living Well and Wellbeing Programmes. Expenditure totalled £464,896 (2019 – £354,662) for the year, with £453,863 (2019 – £343,246) being spent on activities in furtherance of the charity’s activities. Full details of these costs can be found in note 5 to the attached financial statements. Expenditure on raising funds amounted to £11,033 (2019 – £11,416). The result for the year was an overall increase in funds of £78,536 (2019 – £150,933) before actuarial gains of £2,026 (2019 – £39,846). As explained above, the charity carries out a diverse range of services many of which are externally funded. The nature of these services is such that their continuation is dependent upon the continued receipt of funding – should funding not be available then the trustees will need to take the difficult step of ceasing the provision of certain of the charity’s services and if funding becomes available for new services in line with our mission the charity will develop them. ## _**Covid-19 and our financial Position**_ We repurposed our organisation on 16 March 2020. We approached some of our existing funders who agreed to suspend delivery or repurpose their funds to support our Covid-19 response. In addition, from April-August 2020 we have received funding from London Borough of Waltham Forest, Waltham Forest CCG, Martin Lewis Fund, City Bridge/London Community Response Fund and donations from the general public to enable us to continue to provide Covid-19 Services. To ensure a clear picture of finances is available at all times we have created a monthly rolling cash-flow forecast for the following twelve month period. The trustees agreed during this period not to invest reserves in stocks or shares but to spread our reserves amongst several different banks using the CAF Deposit Portal. ## _**Reserves policy and financial Position**_ Having reviewed the need for free reserves, the trustees are of the opinion that it is prudent for the charity to always have an amount approximately equal to between three and six months expenditure on general funds in reserve. The trustees believe that this will provide sufficient flexibility to cover temporary shortfalls in income caused by timing differences in income flows, adequate working capital to cover core costs (including the additional pension contributions required to fund the pension scheme’s deficit), and will allow the charity to cope with unforeseen emergencies whilst specific action plans are implemented. The charity’s balance sheet shows total funds of £367,675 as at 31 March 2020 (2019 – £287,113). Age UK Waltham Forest 18 **Trustees’ report** 31 March 2020 ## **FINANCIAL REVIEW** (continued) ## _**Reserves policy and financial Position**_ (continued) Total funds include restricted funds of £38,895 (2019 – £47,135), being monies either raised for or their use restricted to specific purposes. Full details of the restricted funds can be found in note 14 to the financial statements together with details of their movements in the year. The general funds of the charity at 31 March 2020 amounted to £403,415 (2019 – £330,518). Offset against general funds is a pension reserve of £74,635 (2019 – £90,540). The pension reserve has been set aside to represent the present value of the contributions payable as a result of the charity’s deficit recovery agreement with the Pensions Trust’s Growth Plan, in which it participates. At 31 March 2020, the charity had ‘free reserves’ of £400,937 (2019 – £326,741) being the general funds after deducting the net book value of tangible fixed assets, i.e. £2,478 (2019 – £3,777). At the present time, the trustees consider the level of free reserves, although greater than the target policy stated above, to be adequate but not excessive. This is especially true given the uncertain position created by Covid-19 and with regard to the building the charity occupies currently. The charity’s finances have not yet been negatively impacted by Covid-19. If the charity has to move, it is highly likely rent will increase and there will be costs associated with a move and settling into new premises. The trustees review the management accounts of the charity on a regular basis and continually assess the financial position of the charity. This will allow them to take corrective action should problems become evident. In the light of the above, the trustees see the charity as a going concern, with the ability to continue running for at least one year from the date on which this report and the attached financial statements were approved. ## **FUNDRAISING** The charity aims to achieve best practice in the way in which it communicates with supporters. It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. The charity is registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice. It applies best practice to protect supporters’ data and never sells data, it never swaps data with other organisations, and ensures that its communication preferences can be changed at any time. The charity manages its own fundraising activities and does not employ the services of Professional Fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During 2020, the charity received no complaints about its fundraising activities. ## **FUTURE PLANS** As a team of trustees and staff we are passionate about what we do. We remain committed to providing and developing our local services to support older people in our Borough and we recognise the challenging climate we are operating in, where there is more demand for our service than funding allows us to provide. During the next three years we aim to: Age UK Waltham Forest 19 Trusteès, report 31 March 2020 FUTURE PLANS (continued} • Maintain and develop our range of quality seNices based on priorities that matter to older people in our Borough taking account of the Impact of Covid-19. • Ensure overheads are cost effective and fairly distributed across Se￿1￿8, and maintain and diversify our income. • Provide relevant training and support for our staff to ensure they provide quality servI￿s. • Work towards securing new suitsble premises, preferably in the north of the borough. + Build relationships with the London Borough of Waltham Forest and Age UK National, ne￿Ork with different organisations and businesses to improve our Se￿ices, and promote membership to increase our members. EMPLOYEES Age UK Waltham Forest celebrates the diversity of the Borough's comrnunrty and strives to be an equal opportunities employer and applies objective criteria to assess merit. It aims to ensure that no job applicant or employee receives less favourable treatment on the grounds of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation or disability. Selection criteria and prO￿dureS are in place to ensure that individuals are seleGted, promoted and treated on the basis of their relevant merits and abilities. All employees are given induction and training to enable them to develop their skills and knowledge. Age UK Waltham Forest is committed to a programme of action to make this policy effective, and brings it to the attention of all employees. The trustees wish to record their thanks to all of the staff team for their loyalty and hard wod(. Approved by the trustees and signed on their behalf by.. Trustee Date of approval: Iq-11-iO Age UK Wallham Forest 20 ## **Independent auditor’s report** 31 March 2020 ## **Independent auditor’s report to the members of Age UK Waltham Forest** ## **Opinion** We have audited the financial statements of Age UK Waltham Forest (the ‘charitable company’) for the year ended 31 March 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: -  give a true and fair view of the state of the charitable company’s affairs as at 31 March 2020 and of 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 with the requirements of the Companies Act 2006. ## **Basis for opinion** 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’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical 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. ## **Conclusions relating to going concern** We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: -  The trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate. -  The trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charitable company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. Age UK Waltham Forest 21 ## **Independent auditor’s report** 31 March 2020 ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Financial Statements, 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 otherwise 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 information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: -  the information given in the trustees’ report, which is also the directors’ report for the purposes of company of law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and -  the trustees’ report, which is also the directors’ report for the purposes of company of law, has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: -  adequate 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 specified by law are not made; or -  we have not received all the information and explanations we require for our audit; or -  the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report. Age UK Waltham Forest 22 **Independent auditor’s report** 31 March 2020 ## **Responsibilities of trustees** As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Auditor’s responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with 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 expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## **Use of our report** This report is made solely to the charitable company’s members, 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 might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Amanda Francis (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL 7 December 2020 Age UK Waltham Forest 23 ## **Statement of financial activities** Year to 31 March 2020 |Notes|
**Unrestricted**
**funds**
**£**|


**Restricted**
**funds**
**£**|**Total**
**2020**
**£**|Unrestricted
funds
£|
Restricted
funds
£|
Total
2019
£| |---|---|---|---|---|---|---| |**Income from:**
Donations and legacies
1
Other trading activities
2
Interest receivable
Charitable activities
. Improving the lives of older people in the
London Borough of Waltham Forest
3
Other sources
**Total income**
**Expenditure on:**
Raising funds
4
Charitable activities
. Improving the lives of older people in the
London Borough of Waltham Forest
5
**Total expenditure**
**Net income (expenditure)**
7
**Other recognised gains and losses**
Actuarial gains
**Net movement in funds**
**Reconciliation of funds**
Funds brought forward
at 1 April 2019
Funds carried forward
at 31 March 2020|
**32,564**

**14,961**
**134**

**405,887**
—|
**89,886**
—
—

—

—|
**122,450**

**14,961**

**134**


**405,887**

—|75,578
18,074
88
311,196
362|

100,297

—

—

—

—|
175,875
18,074
88
311,196
362| ||**453,546**|
**89,886**|
**543,432**|405,298|
100,297|505,595| ||
**11,033**

**355,737**|

—
**98,126**|



**11,033**


**453,863**|
11,416
275,440|

—

67,806|11,416

343,246| ||**366,770**|
**98,126**|
**464,896**|286,856|
67,806|
354,662| ||
**86,776**
**2,026**|
**(8,240)**

—|

**78,536**



**2,026**|118,442
39,846|
32,491

—|150,933
39,846| ||**88,802**
**239,978**|
**(8,240)**

**47,135**|

**80,562**





**287,113**|158,288

81,690|
32,491


14,644|190,779
96,334| ||**328,780**|
**38,895**|



**367,675**|
239,978|

47,135|287,113| All of the charity’s activities during the above two financial periods derived from continuing operations. Age UK Waltham Forest 24 Balance sheet 31 March 2020 2020 2020 2019 2019 Notes FIx8d assèts Tangible assets 10 2.478 3,777 Current as#ots Debtors Cash at bank and in hand 21,902 483,310 486.212 57.757 354,327 412.084 Cr•dltors.' amounts falling d ithin one year Net current a88•ts 12 145.3801 138,2081 439.832 373.876 Total netas8ets less cuff•nt liabiliti•s 442.310 377,653 Pm¥551ons for liabiliti85 174.6351 190,5401 Total n¢t a$8•ts 367,675 287.113 Th• funds of the C￿rIty. Inume fijnds Restricted fvnds . Unfe$triCtsd funds General funds Pension defieit 14 38.895 47,135 403,415 174.6351 367,675 330.518 190,5401 287.113 Signed on behalf of the toard of directors by.. Trustee Age UK Wallham Forest, Company Limited by Guarantee Registration Number 02334459 (England and Wales) Approved by the board on." Iq- JI-20 Age UK Wattham Forest 25 ## **Statement of cash flows** Year to 31 March 2020 |Notes|
**2020**
**£**|2019
£| |---|---|---| |**Cash flows from operating activities:**
Net cash provided by operating activities
A
**Cash flows from investing activities:**
Interest received
**Net cash provided by investing activities**
**Change in cash and cash equivalents in the year**
**Cash and cash equivalents at 1 April 2019**
B
**Cash and cash equivalents at 31 March 2020**
B|

**108,849**|79,167| ||

**134**|88| ||**134**|88| ||
**108,983**


**354,327**
|79,255
275,072| ||
**463,310**|354,327| ## **Notes to the statement of cash flows for the year to 31 March 2020.** ## **A Reconciliation of net movement in funds to net cash provided by operating activities** ||**2020**
**£**|2019
£| |---|---|---| |**Net movement in funds (as per the statement of financial activities)**
**Adjustments for:**
Depreciation charge
Interest receivable
Decrease (increase) in debtors
Increase (decrease) in creditors
Decrease in pension provision
**Net cashprovided by operating activities**|**80,562**
**1,299**
**(134)**
**35,855**
**7,172**
**(15,905)**|190,779
1,299
(88)
(25,026)
(31,337)
(56,460)| ||**108,849**|79,167| ## **B Analysis of changes in net debt** ||2019
£|Cash flows
£|**2020**
**£**| |---|---|---|---| |**Total cash and cash equivalents:**
Cash at bank and in hand|354,327|108,983|**463,310**| Age UK Waltham Forest 26 ## **Principal accounting policies** 31 March 2020 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below. ## **Basis of preparation** These financial statements have been prepared for the year to 31 March 2020 with comparative information given in respect to the year to 31 March 2019. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements. 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 United Kingdom and Republic of Ireland (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are presented in sterling and are rounded to the nearest pound. ## **Critical accounting estimates and areas of judgement** Preparation of the financial statements requires the trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include: -  determining the basis for allocating support costs; -  estimating the useful economic life of tangible fixed assets for the purpose of determining an annual depreciation charge; -  determining the deficit on the defined benefit pension scheme using actuarial assumptions advised by the scheme trustees and actuary; and -  estimating future income and expenditure flows for the purpose of assessing going concern (see below). ## **Assessment of going concern** The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment in respect to a period of at least one year from the date of approval of these financial statements. The trustees acknowledge the existence of Covid-19, and the fact that it is outside of the control of the charity and that it has had a wide ranging impact on society generally. The Covid-19 pandemic has changed the shape and nature of the world. It has impacted not only the basic nature of social interactions but has also had a significant economic impact at every level in ways which have been outside of the charity’s control. Age UK Waltham Forest 27 **Principal accounting policies** 31 March 2020 ## **Assessment of going concern** (continued) In late March and early April 2020, the trustees re-positioned the charity in order to respond to the impact of Covid-19. Existing funders were approached and many agreed to suspend project delivery or repurpose their funds to support the charity’s Covid-19 response. Since the year end, the charity has received funding from London Borough of Waltham Forest, Waltham Forest Clinical Commissioning Group, the Martin Lewis Fund, the City Bridge/ London Community Response Fund and donations from the general public to enable it to continue to provide Covid-19 response services. These additional funds have enabled the charity to meet the extra costs incurred in meeting the challenges faced, in refocussing attention to new ways of working and to ensuring that it was able to meet the increased demand for help. To ensure a clear picture of finances is available at all times, management has created a monthly rolling cash-flow forecast covering a twelve month period which is reviewed by and discussed with trustees. Whilst there will undoubtedly be challenges ahead, the trustees do not expect concerns to arise over the charity’s financial position. As a result of the above, the trustees believe it is appropriate for the financial statements to be prepared on a going concern basis. ## **Income recognition** Income is recognised in the period in which the charity has entitlement to the income and the amount can be measured reliably and it is probable that the income will be received. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period. Income comprises donations and legacies, income from trading activities, interest receivable, grants towards charitable activities and sundry income. Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance 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 those conditions will be fulfilled in the reporting period. In accordance with the Charities SORP FRS 102 volunteer time is not recognised. Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. Entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, but the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. 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, Age UK Waltham Forest 28 ## **Principal accounting policies** 31 March 2020 recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title of the asset having being transferred to the charity. ## **Income recognition** (continued) Income from trading activities, including the hire of facilities, is recognised to the extent that it is probable that the economic benefits will flow to the charity and the revenue can be measured reliably. It is measured at the fair value of the consideration received or receivable, excluding any discounts or rebates. Grants from government, other agencies and voluntary bodies have been included as income from charitable activities where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid of payable by the bank. ## **Expenditure and the basis for apportioning costs** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure comprises the following: -  The cost of raising funds include the salaries, direct costs and overheads associated with generating voluntary income; and -  The costs of charitable activities comprise expenditure on the charity’s primary charitable purposes as described in the trustees’ report. ## **Allocation of support and governance costs** Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment. Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice. Support costs and governance costs are apportioned using percentages based on the direct expenditure incurred on the activities of the charity. ## **Tangible fixed assets** All assets costing more than £250 and with an expected useful life exceeding one year are capitalised. Depreciation is provided at the following annual rates on a straight line basis in order to write off each asset over its estimated useful life: ||Furniture and equipment|25%| |---|---|---| ||Computers|25%| Age UK Waltham Forest 29 **Principal accounting policies** 31 March 2020 ## **Debtors** Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material. ## **Cash at bank and in hand** Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment. ## **Creditors and provisions** Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material. ## **Fund structure** The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions. The unrestricted funds comprise those monies which may be used towards meeting the charitable objectives of the charity and which may be applied at the discretion of the trustees. ## **Leased assets** Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis over the lease term. ## **Pension costs** The growth plan pension scheme is a multi-employer scheme providing benefits for some 1,300 nonassociated employers. It is therefore not possible to identify the underlying share of the charity’s assets and liabilities within the scheme. However, as a member of the scheme, the charity has a legal obligation to make pension deficit reduction payments when required by the scheme’s actuary. The full cost of these repayments, discounted to present values, is recognised in the year a pension deficit reduction plan is agreed. Age UK Waltham Forest 30 ## **Notes to the financial statements** 31 March 2020 ## **1 Income from: Donations and legacies** ||**Unrestricted**
**funds**
**£**|


**Restricted**
**funds**
**£**|**Total**
**funds**
**2020**
**£**|Unrestricted
funds
£|


Restricted
funds
£|Total
funds
2019
£| |---|---|---|---|---|---|---| |**_Donations and legacies_**
General donations
Legacies
**_Grants receivable_**
Big Lottery Awards for All
CAB Waltham Forest
Age UK Enfield
CAF Tourle Foundation
Santander Discovery
Sobell Foundation
Active Communities
National Lottery Community Fund
National Grid
London Catalyst
Charities Trust
Age UK National
**Total funds**|**7,278**
**8,286**|
—

—|**7,278**
**8,286**|10,578
50,000|—
—|10,578
50,000| ||**15,564**|
—|**15,564**|60,578|—|60,578| ||—
—
—
—
—
—
—
—
—
—
**1,000**
**16,000**|—
**29,696**
**3,000**
**7,296**
—
—
**9,390**
**9,686**
**5,000**
**1,000**
—
**24,817**|—
**29,696**
**3,000**
**7,296**
—
—
**9,390**
**9,686**
**5,000**
**1,000**
**1,000**
**40,817**|—
—
—
—
—
—
15,000|
10,000

24,808

10,000

5,000

5,000

10,000

35,489|
10,000

24,808

10,000

5,000

5,000

10,000

50,489| ||**17,000**|
**89,886**|**106,886**|15,000|100,297|115,297| ||**32,564**|
**89,886**|**122,450**|75,578|100,297|175,875| ## **2 Income from: Other trading activities** ||**Unrestricted**
**funds**
**£**|


**Restricted**
**funds**
**£**|**Total**
**funds**
**2020**
**£**|Unrestricted
funds
£|


Restricted
funds
£|Total
funds
2019
£| |---|---|---|---|---|---|---| |PAN London trading
Hire of facilities
**Total funds**|**4,111**
**10,850**|
—

—|**4,111**
**10,850**|4,640
13,434|—
—|4,640
13,434| ||**14,961**|
—|**14,961**|18,074|—|18,074| ## **3 Income from: Charitable activities – improving the lives of older people in the London Borough of Waltham Forest** ||Unrestricted|Unrestricted| |---|---|---| ||**Total**
**funds**
**2020**
**£**|Total
funds
2019
£| |**_UK Government and local authority contracts: Waltham Forest Clinical Commissioning Group_**
Balance and Exercise
Living Well
Wellbeing at Home
Befriending
**_Other activities_**
**Total funds**||| ||**29,360**
**131,064**
**130,988**
**71,336**|33,262
196,596
—
66,904| ||**362,748**
**43,139**|
296,762

14,434| ||**405,887**|
311,196| Age UK Waltham Forest 31 ## **Notes to the financial statements** 31 March 2020 ## **4 Expenditure on: Raising funds** ||Unrestricted|Unrestricted| |---|---|---| ||**Total**
**funds**
**2020**
**£**|Total
funds
2019
£| |Staff costs and consultancy
Allocation of support costs (note 6)
**Total funds**|**10,087**
**946**|
10,087

1,329| ||**11,033**|
11,416| ## **5 Expenditure on: Improving the lives of older people in the London Borough of Waltham Forest** ||**Unrestricted**
**funds**
**£**|


**Restricted**
**funds**
**£**|**Total**
**funds**
**2020**
**£**|Unrestricted
funds
£|


Restricted
funds
£|Total
funds
2019
£| |---|---|---|---|---|---|---| |**_Central services_**
Staff costs
Premises, equipment and insurance
Postage, stationery and telephone
Staff recruitment and training
IT costs
Miscellaneous costs
**_Information and Advice_**
Staff costs
Premises, equipment and insurance
Travel and vehicle costs
Postage, stationery and telephone
Staff recruitment and training
Miscellaneous costs
**_Wellbeing at Home_**
Staff costs
Premises, equipment and insurance
Travel and vehicle costs
Postage, stationery and telephone
Miscellaneous costs
**_Living Well Waltham Forest_**
Staff costs
Premises, equipment and insurance
Travel and vehicle costs
Postage, stationery and telephone
Miscellaneous costs
**_Active Ageing and Silver Surfers_**
Staff costs
Premises, equipment and insurance
Travel and vehicle costs
Postage, stationery and telephone
Classes and events
Miscellaneous costs|**10,904**
**25,348**
**7,323**
—
**2,711**
**5,522**|
—

—

—

—

—

—|**10,904**
**25,348**
**7,323**
—
**2,711**
**5,522**|6,956
11,998
7,380
623
3,958
6,438|—
—
—
—
—
—|6,956
11,998
7,380
623
3,958
6,438| ||**51,808**|
—|**51,808**|37,353|—|37,353| ||—
—
—
—
—
—|
**52,654**

**1,483**

**796**

**4,027**

—

**133**|**52,654**
**1,483**
**796**
**4,027**
—
**133**|—
—
—
—
—
—|20,225
842
—
2,149
207
1,860|20,225
842
—
2,149
207
1,860| ||—|
**59,093**|**59,093**|—|25,283|25,283| ||**70,592**
**5,657**
**487**
**1,843**
**25,714**|
—

—

—

—

—|**70,592**
**5,657**
**487**
**1,843**
**25,714**|—
—
—
—
—|—
—
—
—
—|—
—
—
—
—| ||**104,293**|
—|**104,293**|—|—|—| ||**58,309**
**777**
**1,180**
**5,695**
**24,795**|
—

—

—

—

—|**58,309**
**777**
**1,180**
**5,695**
**24,795**|97,026
1,009
1,412
8,894
25,993|—
—
—
—
—|97,026
1,009
1,412
8,894
25,993| ||**90,756**|
—|**90,756**|134,334|—|134,334| ||**3,857**
**945**
—
—
**22,271**
**722**|
**15,565**

—

**22**

**1,647**

**4,000**

—|**19,422**
**945**
**22**
**1,647**
**26,271**
**722**|—
302
—
1,345
23,708
473|15,858
—
—
—
—
—|15,858
302
—
1,345
23,708
473| ||**27,795**|
**21,234**|**49,029**|25,828|15,858|41,686| Age UK Waltham Forest 32 ## **Notes to the financial statements** 31 March 2020 ## **5 Expenditure on: Improving the lives of older people in the London Borough of Waltham Forest** (continued) ||**Unrestricted**
**funds**
**£**|


**Restricted**
**funds**
**£**|**Total**
**funds**
**2020**
**£**|Unrestricted
funds
£|


Restricted
funds
£|Total
funds
2019
£| |---|---|---|---|---|---|---| |**_Befriending_**
Staff costs
Direct Purchases
Premises, equipment and insurance
Travel and vehicle costs
Postage, stationery and telephone
Miscellaneous costs
**_SCAMS_**
Staff costs
Premises, equipment and insurance
Travel and vehicle costs
Postage, stationery and telephone
Miscellaneous costs
**_Warm Homes_**
Direct purchases
Postage, stationery and telephone
**_Allocation of support costs (note 6)_**
**Total funds**|**26,623**
**793**
**1,483**
**398**
**3,202**
**1,416**|
—

—

—

—

—

—|**26,623**
**793**
**1,483**
**398**
**3,202**
**1,416**|26,108
90
453
585
3,943
1,064|—
—
—
—
—
—|26,108
90
453
585
3,943
1,064| ||**33,915**|
—|**33,915**|32,243|—|32,243| ||**7,342**
**187**
**61**
**602**
—|
**7,500**

—

—

—

—|**14,842**
**187**
**61**
**602**
—|3,885
151
236
1,278
208|15,367
—
—
—
—|19,252
151
236
1,278
208| ||**8,192**|
**7,500**|**15,692**|5,758|15,367|21,125| ||**—**
—|
**10,299**

—|**10,299**
—|—
—|11,233
65|11,233
65| ||—|
**10,299**|**10,299**|—|11,298|11,298| ||**38,978**|
—|**38,978**|39,924|—|39,924| ||**355,737**|
**98,126**|**453,863**|275,440|67,806|343,246| ## **6 Support costs** The support costs incurred during the year to 31 March 2020 and the bases of their allocation were as follows: ||**Raising**
**funds**
**£**|**Charitable**
**activities**
**£**|**2020**
**Total**
**£**|**Basis of**
**apportionment**| |---|---|---|---|---| |Staff costs
Depreciation
Accountancy/Professional fees
Governance costs
Interest expense
**2020 Total funds**|**378**
**31**
**305**
**205**
**27**|**15,583**
**1,268**
**12,574**
**8,435**
**1,118**|**15,961**
**1,299**
**12,879**
**8,640**
**1,145**|_Pro rata direct expenditure_
_Pro rata direct expenditure_
_Pro rata direct expenditure_
_Pro rata direct expenditure_
_Pro rata direct expenditure_| ||**946**|**38,978**|**39,924**|| Age UK Waltham Forest 33 ## **Notes to the financial statements** 31 March 2020 ## **6 Support costs** (continued) ||Raising
funds
£|Charitable
activities
£|2019
Total
£|Basis of
apportionment| |---|---|---|---|---| |Staff costs
Depreciation
Accountancy/Professional fees
Governance costs
Interest expense
2019 Total funds|514
42
274
423
76|15,448
1,257
8,226
12,713
2,280|15,962
1,299
8,500
13,136
2,356|Pro rata direct expenditure
Pro rata direct expenditure
Pro rata direct expenditure
Pro rata direct expenditure
Pro rata direct expenditure| ||1,329|39,924|41,253|| ## **7 Net income (expenditure)** This is stated after charging: ||**Total**
**2020**
**£**|Total
2019
£| |---|---|---| |Staff costs (note 8)
Auditor’s remuneration
Depreciation
Operating lease rentals
. Equipment|**279,394**
**8,640**
**1,299**
**2,682**|211,474
8,500
1,299
2,682| ## **8 Staff costs and trustees’ remuneration** |**Staff costs and trustees’ remuneration**||| |---|---|---| ||**Total**
**2020**
**£**|Total
2019
£| |Wages and salaries
Social security costs
Other pension costs|**258,100**
**16,526**
**4,768**|198,615
10,544
2,315| ||**279,394**|211,474| |Staff costs per function were as follows:|**Total**
**2020**
**£**|Total
2019
£| |---|---|---| |Direct activities
. Raising funds
. Charitable activities
Support activities (note 6)|**10,087**
**253,346**
**15,961**|10,087
185,425
15,962| ||**279,394**|211,474| The average number of employees during the year, analysed by function, was: ||Average headcount|Average headcount|Full Time Equivalent|Full Time Equivalent| |---|---|---|---|---| ||**2020**
**1**
**19**|2019|**2020**|2019| |Direct activities
. Generating voluntary income
. Charitable activities (direct and support)||1
14|**1**
**14**
**15**|1
9| ||**20**|15||10| Age UK Waltham Forest 34 **Notes to the financial statements** 31 March 2020 ## **8 Staff costs and trustees’ remuneration** (continued) No employee earned over £60,000 per annum (including taxable benefits but excluding employer pension contributions) during the year (2019 – none). No trustee received any remuneration in respect to their services as a trustee during the year (2019 – £nil) and no trustee received any reimbursement of expenses (2019 – £nil). The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis comprise the trustees together with the Chief Executive. The total remuneration (including taxable benefits, employer’s pension contributions and employer’s national insurance contributions) payable to key management personnel during the year was £40,864 (2019 – £40,347). This figure comprised gross salary of £35,846 (2019 – £35,846), employer’s pension contributions of £1,075 (2019 – £717), and national insurance contributions of £3,943 (2019 – £3,784). ## **9 Taxation** Age UK Waltham Forest is a registered charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. ## **10 Tangible fixed assets** |**Tangible fixed assets**|||| |---|---|---|---| ||Furniture
and
equipment
£|Computers
£|**Total**
**£**| |**Cost**
At 1 April 2019 and at 31 March 2020
**Depreciation**
At 1 April 2019
Charge for year
At 31 March 2020
**Net book values**
At 31 March 2020
At 31 March 2019|5,341|24,439|**29,780**| ||4,915
150|21,088
1,149|**26,003**
**1,299**| ||5,065|22,237|**27,302**| ||276|2,202|**2,478**| ||426|3,351|**3,777**| ## **11 Debtors** |**Debtors**||| |---|---|---| ||**2020**
**£**|2019
£| |Grants and fees receivable
Legacies receivable
Prepayments and other accrued income|**20,014**
**—**
**1,888**|16,339
40,000
1,418| ||**21,902**|57,757| Age UK Waltham Forest 35 ## **Notes to the financial statements** 31 March 2020 ## **12 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| ||**2020**
**£**|2019
£| |Expense creditors
Other creditors
Accruals and deferred income
Social security and other taxes|**13,994**
**2,905**
**20,926**
**7,555**|5,035
2,044
27,204
3,925| ||**45,380**|38,208| ## **13 Provisions for liabilities** |**Provisions for liabilities**||| |---|---|---| ||**2020**
**£**|2019
£| |Provision for pension scheme deficit reduction payments (note 17)
. Payable within one year
. Payable within one to two years
. Payable within two to five years
. Payable after five years|**15,476**
**15,940**
**43,219**
**—**|15,025
15,476
49,269
10,770| ||**74,635**|90,540| In accordance with FRS 102, the charity must recognise a liability measured as the present value of the contributions payable that arise from the deficit recovery agreement and the resulting expense in the statement of financial activities i.e. the unwinding of the discount rate as a finance cost in the period in which it arises. ## **14 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trusts to be applied for specific purposes: ||**At**
**1 April**
**2019**
**£**|**Income**
**£**|**Expenditure**
**£**|**At**
**31 March**
**2020**
**£**| |---|---|---|---|---| |Age UK I & A
Sobell Foundation
CAF Waltham Forest Social Prescribing
London Community Fund
Santander Discovery
Postcode Community Trust
Warm Homes / Active Ageing / Wellbeing
National Lottery
Age UK Other
Give Local
National Grid
Other restricted funds|**9,742**
**7,142**
**13,935**
**—**
**4,500**
**—**
**11,595**
**—**
**—**
**—**
**—**
**221**|**11,780**
—
**29,697**
**9,390**
—
**7,296**
**9,900**
**9,686**
**6,137**
**1,000**
**5,000**
—|**(19,287)**
**(7,142)**
**(36,207)**
**(4,690)**
**(4,500)**
**(1,216)**
**(7,161)**
**(7,186)**
**(6,137)**
**(1,000)**
**(3,600)**
—|**2,235**
—
**7,425**
**4,700**
—
**6,080**
**14,334**
**2,500**
—
—
**1,400**
**221**| ||**47,135**|**89,886**|**(98,126)**|**38,895**| Age UK Waltham Forest 36 ## **Notes to the financial statements** 31 March 2020 ## **14 Restricted funds** (continued) ||At
1 April
2018
£|Income
£|Expenditure
£|At
31 March
2019
£| |---|---|---|---|---| |Age UK I & A
Sobell Foundation
CAF Waltham Forest Social Prescribing
CAF Tourle Foundation
Santander Discovery
Age UK Enfield
Warm Homes / Active Ageing / Wellbeing
Awards for All
Age UK Handy Person Programme
Other restricted funds|450
8,000
—
—
—
4,867
—
—
1,106
221|13,702
10,000
24,808
5,000
5,000
10,000
21,787
10,000
—
—|(4,410)
(10,858)
(10,873)
(5,000)
(500)
(14,867)
(10,192)
(10,000)
(1,106)
—|9,742
7,142
13,935
—
4,500
—
11,595
—
—
221| ||14,644|100,297|(67,806)|47,135| The specific purposes for which the funds are to be applied are as follows: - _Age UK I & A_ This represents a grant for the provision of Information and Advice Services. - _Sobell Foundation_ This is a grant from the Sobell Foundation to assist volunteering activities. - _CAF Waltham Forest Social Prescribing_ This represents a grant for the provision of Information and Advice Services. - _London Community Fund_ This represents - _Santander Discovery (and previously Age UK Enfield)_ These funds represent funding to make older people more aware of Scams and supporting those that have already been victims of scams - _Postcode Community Trust_ This represents ##  _Warm Homes / Active Ageing / Wellbeing_ This represents the provision of "warmth packs" for the poorest older adults in Waltham Forest and to support older people suffering from the effects of cold weather. Active Ageing represents monies received for wellbeing and exercise classes. - _National Lottery_ These funds represent ##  _Age UK_ This represents grants for service development and management information and IT system development. Age UK Waltham Forest 37 ## **Notes to the financial statements** 31 March 2020 - _Give Local_ This represents - _National Grid_ This represents - _CAF Tourle Foundation_ This represented funding for a Volunteer Development Co-ordinator. - _Awards for All_ This represents a grant for the provision of Information and Advice Services. - _Age UK Handy Person Programme_ This represents a grant to provide Warm Home Checks and works to make homes more energy efficient. ## **15 Analysis of net assets between funds** Fund balances at 31 March 2020 were represented by: ||**Unrestricted**
**funds**
**£**|


**Restricted**
**funds**
**£**|**Total**
**funds**
**2020**
**£**|Unrestricted
funds
£|


Restricted
funds
£|Total
funds
2019
£| |---|---|---|---|---|---|---| |Tangible fixed assets
Net current assets
Provisions for liabilities
**Total funds**|**2,478**
**400,937**
**(74,635)**|
—

**38,895**
—|**2,478**
**439,832**
**(74,635)**|3,777
326,741
(90,540)|—
47,135
—|3,777
373,876
(90,540)| ||**328,780**|
**38,895**|**367,675**|239,978|47,135|287,113| ## **16 Operating lease commitments** At 31 March 2020, the charity had total minimum commitments in respect to non-cancellable operating leases as follows: |leases as follows:||||| |---|---|---|---|---| ||Land and|buildings|Other|| ||**2020**
**£**|2019
£|**2020**
**£**|2019
£| |Operating leases payments:
. Within one year
. Between one and two years
. Between two and five years|**10,007**
**5,951**
—|8,970
10,007
5,951|**137**
—
—|824
137
—| ||**15,958**|24,928|**137**|961| ## **17 Pension costs** The charity participates in The Pensions Trust’s Growth Plan (the Plan). The plan is a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme. Age UK Waltham Forest 38 ## **Notes to the financial statements** 31 March 2020 ## **17 Pension costs** (continued) The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classified as a 'last-man standing arrangement'. Therefore, the charity is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. The charity has been notified by The Pensions Trust of the estimated employer debt on withdrawal from the plan based upon the financial position as at 30 September 2019. As of this date, the estimated share of the employer debt for Age UK Waltham Forest was £205,949. A full actuarial valuation for the scheme was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee of the scheme has asked the participating employers to pay aggregate additional contributions to the scheme as follows: ## _**Deficit contributions**_ From 1 April 2019 to £11,243,000 per annum 31 January 2025: (payable monthly and increasing by 3% each year on 1 April) The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities. Where the scheme is in deficit and where the charity has agreed to a deficit funding arrangement, the charity recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost. ## _**Present values of provision**_ |**_Present values of provision_**|||| |---|---|---|---| ||**31 March**
**2020**
**£**|31 March
2019
£|31 March
2018
£| |Present value ofprovision|**74,635**|90,539|147,000| ## _**Reconciliation of opening and closing provisions**_ ||**2020**
**£**
**90,539**
**1,147**
**(15,025)**
**(2,026)**
—
**74,635**|2019
£
147,000
2,356
(18,971)
1,135
(40,981)
90,539| |---|---|---| |Provision at start of period
Unwinding of the discount factor
Deficit contribution paid
Re-measurements – impact of any change in assumptions
Re-measurements – amendments to the contribution scheme
Provision at end ofperiod||| Age UK Waltham Forest 39 **Notes to the financial statements** 31 March 2020 ## **17 Pension costs** (continued) ## _**Statement of financial activities impact**_ ||**2020**
**£**|2019
£| |---|---|---| |Interest expense
Re-measurements – impact of any change in assumptions
Re-measurements – amendments to the contribution scheme
Costs recognised in statement of financial activities|**1,147**
**(2,026)**
—|2,356
1,135
(40,981)| ||**(879)**|(37,404)| ## _**Assumptions**_ |**_Assumptions_**|||| |---|---|---|---| ||**31 March**
**2020**
**% per**
**annum**|31 March
2019
% per
annum|31 March
2018
% per
annum| |Rate of discount|**2.53**|1.39|1.71| The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. ## **18 Liability of members** In the event of the charitable company being wound up during the period of membership, or within the year following, members are required to contribute an amount not exceeding £1. ## **19 Related party transactions** The total value of donations made by the trustees to the charity during the year was £30 (2019 – £380). Other than those transactions described in note 8 and above, there were no related party transactions during the year (2019 – none). Age UK Waltham Forest 40