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2022-03-31-accounts

AGE CONCERN BROMLEY

TRADING AS AGE UK BROMLEY & GREENWICH Annual Report and Financial Statements

Year Ended 31 March 2022

Charity No: 1060861 Company No: 03304510

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH Annual Report and Financial Statements Year Ended 31 March 2022

Contents

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Reference and administrative details

Charity and Company Name: Age Concern Bromley trading as Age UK Bromley & Greenwich Charity No: 1060861 Company No: 03304510 Registered Office: Community House South Street Bromley Kent BR1 1RH Board of Management

The Directors of the charitable company (the charity) are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

Chair Lorna Blackwood Vice Chair Christina Parry Hon Treasurer Thomas Pannett Nell Axelrod (appointed 27[th] September 2022) Michael Beeson (appointed 31[st] May 2022) Karina Brown (appointed 26[th] July 2022) Julie Dodds (appointed 31[st] May 2022) Gordon Hayward Yasmin Mashallah Morgan Vine

The Trustees do not receive remuneration for their contribution.

Key Management staff as at 31 March 2022

Mark Ellison - Chief Executive Officer and Company Secretary
Schola Muhoro - Deputy Chief Executive
Claire Rowberry - Finance Manager
Kasey Adeniji - Services Manager
Katie Roff - Health & Wellbeing Manager

Independent Auditors

Azets Audit Services Greytown House 221/227 High Street Orpington Kent, BR6 0NZ

Bankers

Barclays Bank Plc Beckenham Branch 3 Beckenham Road Beckenham Kent, BR3 4ES

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AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Trustees’ Annual Report

The Trustees present their report and the audited financial statements of the charity for the year ended 31st March 2022 which are also prepared to meet the requirements for a director’s report and account for Companies Act purposes.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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 UK (FRS 102), effective 1 January 2015 as updated by Bulletin 1.

Our objectives and activities

The purpose of the charity is to:

Age UK Bromley & Greenwich believes that later life should be a fulfilling and enjoyable experience for all older people. The services and activities we provide are aimed at improving the quality of life and well-being and enabling independence.

In planning our activities for the year, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit – running a charity (PB2)’. The charity delivers its services through funded grants and contracts, charged services and donations. Access to our services is important to the charity and older people on low incomes are offered free welfare benefits check to ensure they are claiming benefits they may be entitled to.

In April 2021 the Trustees developed and agreed a new three-year strategic plan, and reassessed the Vision Mission and Values the organisation will work towards:

Vision: To make Bromley & Greenwich places were all can enjoy later life: Mission: Age UK Bromley & Greenwich will be the voice of older people in both boroughs We will work with older people to enable, support, and connect.

The values embedded in our organisation are:

Equality: We value diversity and strive to give equality of opportunity. We believe that the organisation and society are enriched by its diversity.

Respect: We respect the life histories of our staff, volunteers, and clients. We believe in their potential and will help to realise their ambitions.

Creativity: We encourage innovation in the solutions we adopt.

During the year 21-22 trustees have monitored organisational performance against our adopted organisational strategic aims:

Achievements and performance

The operating environment for the organisation remains challenging. Funding, which was available during the pandemic has ceased, and it has become increasingly more difficult to access and retain funding for all projects.

In common with other voluntary sector organisations recruitment of staff has been problematic. As an organisation we remain committed to ensuring the highest of standards for staff. All staff receive at least The

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AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Trustees’ Annual Report

London Living wage and we undertake to review our employment offer on a regular basis particularly in light of the present cost of living issues.

We have continued to develop our services with health providers in Greenwich and Lewisham and we have expanded our care navigation services in Bromley with new posts assisting in the Acute Frailty Unit at the Princess Royal University Hospital.

We will continue to look for opportunities to work with health partners in order to ensure that the needs of older people are fully meet.

We have worked with our partners in BTSE on the retendering of the Bromley Well contract. We were informed in early 2022 that BTSE had been awarded the contract, and much of the beginning of the year has been spent working on the mobilisation of services. There have been some changes in the way our services operate particularly the sitting service which will cease to be a CQC registered service. We aim to provide an enhanced settling in service which will complement our Bromley Take Home and Settle offer. The new contract will start on 1[st] October 2022.

In the last year the organisation has upgraded its information technology, changed IT providers, and moved to a Microsoft 365 environment. We have transitioned away from static desktop computers to laptops and docks, as we move to a more flexible way for working.

Covid 19

All of our services have transitioned back to a pre pandemic service offer, with face-to-face services available where appropriate. We have increased our use of digital services, and this has proved popular with a number of clients. We will continue to make full use of online provision as and when appropriate.

We continue to be vigilant regarding the re-emergence of Covid in the later months of the year and have business continuity plans in place to mitigate this.

The organisation introduced a hybrid working policy in 2021, with most staff continuing to work in a flexible manner. As such the organisation continues to reassess the accommodation needs of the charity as fewer people are in the offices on any given day.

Service performance

Information, Advice and Guidance

Our Information & Advice service continued to provide free, impartial, and confidential specialist information and advice on a wide range of issues that affect older people on both Bromley & Greenwich. The service received a total of 1456 referrals and had 8433 contacts with clients. Most of our enquiries and support provided were in relation to benefits, social care, health needs, financial matters, and housing. Our team of advisors and volunteers continue to ensure that older people in both boroughs have easy access to quality information and advice. To achieve this the team works closely with mainstream services in both boroughs and are in regular contact with statutory service providers receiving regular updates, and training. The service also has access to the most up to date information and advice resources used to support and share with clients.

The service resumed face to face operations in line with lifting of Covid restrictions; this includes community outreach, office drop-in sessions, home and office appointments, as well as ongoing telephone and remote based support

Forms Completion Service

The forms completion service continued to support clients with all aspects of welfare benefits forms as well as other services such as applications for travel passes, blue badges and writing letters of engagement.

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Trustees’ Annual Report

In total the service completed 456 forms during the year, including 188 Attendance Allowance forms, 184 Personal Independence Payments (PIP), 27 Mandatory Reconsiderations, and 57 other forms such as UC50, ESA50, DLA, Cares and WCA forms.

The service was successful in claiming benefits for clients averaging in total of £22,394 per week, and lump sums in total of £200,231. For the year the service claimed a total of £1,364,719.

Bromley Dementia Support Hub

The Hub has continued to deliver vital dementia support services to residents in Bromley. The service has seen an increase in clients accessing face to face group activities and support sessions such as the Memory Lane Café and Young Onset Dementia sessions in Community House Bromley and Venue 28. Age UK Bromley and Greenwich delivers the volunteer led befriending, young onset dementia support services and Memory Lane Cafe. The befriending service matched 32 clients to volunteer befrienders, 104 café sessions, and 56 young onset dementia support sessions.

The Hub continues to offer specialist support in the following areas:

Take Home and Settle (THAS) Bromley

Our Take Home and Settle Service continues to support vulnerable and/or mildly frail older people being discharged from PRUH and Orpington Hospital. As the Covid-19 cases decreased, we were able to transport more people home from hospital. The demand for the service has increased since the previous year and we completed 634 referrals. This is 27% above the annual target set by commissioners. This year we have seen an increase in demand for our equipment deliveries and emergency food shops. The service not only improves hospital flow by taking people home quickly, but it provides a better experience for the client. Our fantastic Take Home and Settle assistants are excellent at identifying if clients could benefit from our other Age UK Bromley & Greenwich services.

Alongside the core elements of the service, we are always flexible to the needs of the hospital demands and the clients needs. Where capacity allows, we can support with other requests. This year we supported a client to visit her husband who was an inpatient in absence of family support.

“Just a small message of thanks. Take home and settle kindly agreed to bring in Mrs X to see her frail and palliative husband who was an inpatient at the PRUH. Mrs X expressed her gratitude of being able to see her husband before he passed.” – Occupational Therapist, Emma Flynn

Take Home and Settle (THAS) Greenwich

The Greenwich Take Home and Settle Service supports patients 18 and over who live in Greenwich or Bexley. Our assistants take patients home from Queen Elizabeth Hospital (QEH) and settle them in and provide a welfare check via phone the next day. A big part of the service is supporting therapists with delivering and installing specialist equipment in clients homes. This enables a quick and smooth discharge from hospital to home. We consistently exceed set targets by more than 50% which is fantastic. Our coordinator and assistants have excellent relationships with hospital staff and are an integral part of the discharge planning process for many patients.

As we look to the year ahead, we continue to work with commissioners to extend our funding so that we can continue to support clients and hospital staff.

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Trustees’ Annual Report

Hospital Aftercare Service (HAS)

This is a free service providing experienced and dedicated volunteers to support older people (50+) living in the Bromley borough.

What we do: We aim to support people to work towards a self-selected goal enabling them to regain their confidence and independence in their own home following a stay in hospital.

The service offers up to six weeks short term support at home which can include:

As well as two members of staff, the service relies on volunteers to complete the listed tasks. Recruitment and retention of volunteers has been a challenge across the organisation and nationally as people’s lives, priorities and commitments have changed since the pandemic. Due to the high demands of the service, the coordinator often supports with befriending in the absence of volunteers. We anticipate demand for the service to increase throughout winter and with the looming cost of living crisis. Our team continues to offer an excellent standard of support to our most vulnerable clients.

Long-Term Health Conditions Service

Our Long-Term Health Conditions (LTHC) services continues to support clients aged 18+ in Bromley living with a LTHC. Clients have access to our 8-week Health & Wellbeing Workshops which provides education on nutrition, keeping active, self-management and more. During the pandemic the team were unable to deliver their sessions face to face and instead offered clients access to support online. Since restrictions ended we have been back in the community delivering our services in person. However, clients fed back that they appreciated the option of participating in online groups as this gave them flexibility. The service now benefits from providing clients with both options.

As well as the 8-week programme, clients receive excellent support from our Lifestyle Support Workers. The LTHC team offers ongoing support to clients on a 121 basis as well as in a group setting with our peer support groups. Our Community Engagement Officer continues to promote our service across the borough to health & social care colleagues as well as attending community events.

Our focus for the next year is to reach even more clients in the community who would benefit from our service. We tend to receive most of our referrals via our Bromley Well colleagues and hope that strong relationships with Social Prescribers will help to increase our reach.

Handyperson Service

Our Handyperson Service is consistently busy with referrals being received from hospital staff and community therapists. Our key services are installing grab rails, stair rails and emergency key safes. The service has an excellent reputation with referrers and clients making a big difference to discharge process, and helping older people feel more confident at home. We are consistently exceeding targets and in 2021/22 we supported with 953 tasks. Without the input of the team, clients would have poorer outcomes including delays to hospital discharges.

In 2021/22

This year we have taken the decision to end our offer of supporting with furniture moves. This element of the service was not part of our contract and had been a helpful addition over the years. Due to sickness within the small team we were not able to continue with this in order to support our staff, and protect the service from reduced capacity if a team member became injured from heavy lifting.

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AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Trustees’ Annual Report

Over the last two years we identified a new need for clients in the borough. We received many enquiries asking if we were able to accept referrals directly from clients requiring ‘diy’ tasks to be completed. We now have a ‘paid for service’ where clients can pay for us to support with putting together furniture, minor plumbing works, fixing broken items and more. Clients have been very impressed with the standard of work and often comment that they feel comfortable and confident with an Age UK Bromley & Greenwich Handyman in their homes as they trust our reputation.

Sitting Service

Our CQC registered Sitting Service supports clients leaving hospital for up to 24hours. The service supports clients who need reassurance, befriending and confidence building following their admission. In 2021/22 we were able to support 41 clients which is an increase of 64% on the previous year. This is mostly due to the decrease in Covid-19 cases as we cannot support clients with Covid. The service has been difficult to staff in 21/22 and recruitment has been challenging due to the niche nature of the Sitter role. The staff continue to promote the service to colleagues in the PRUH and Orpington Hospital.

Clip It

Our Clip It service continues to be a popular service in both Bromley and Greenwich. Following a CQC inspection in July 2021, we are delighted to have been awarded a “good” rating in all areas.

In the last 12 months the service has undertaken 2858 appointments and registered 312 new clients. A continued strong up-trend in new referrals gives a positive outlook for 2022/23 .

Greenwich Befriending Service

The Greenwich Befriending Service is now firmly embedded in the local community, it continues to provide an uninterrupted and quality companionship service to older residents of the borough. Throughout the year, the coordinator, management team and colleagues guided the service through the fast-changing landscape of Government legislation and guidance regarding the Covid-19 pandemic with a focus on the safety of clients and volunteers. The year saw the full resumption of our weekly friendship groups and a plan put in place for the safe resumption of home visits whilst continuing to provide telephone befriending depending on individual client preference.

During the year, the service received 98 referrals from a wide range of agencies. 45 volunteers provided regular telephone befriending calls to 60 clients, and 20 home visits have been restarted so far. Since the resumption of our two weekly hubs, 36 clients regularly accessed the friendship groups.

The service continues to work in positive partnership with local community groups and agencies. Several hub members participated in cookery classes provided by Greenwich Co-operative Development Agency and participated in the planning and resourcing of displays and decorations in preparation for the forthcoming Platinum Jubilee. The service had a presence at events such as ‘Greenwich Together,’ ‘Family Fun Day, and ‘Forever Young’ at Charlton House. Staff also attended a local ‘Disability and Inclusion’ event held at St John’s Church, and the coordinator had discussions with outreach at Opening Doors to discuss widening our reach within the local LGBT+ community as part of our commitment to the Greenwich Equality and Inclusion Charter.

Thanks to the positive approach towards the service from Royal Greenwich Borough, we were very happy to welcome our new project officer onto the team in November. This has enabled us to plan for the opening of a new social hub. In response to the many phone calls from local residents regarding the lack of exercise opportunities since the lockdowns, we identified a need for this type of provision. Plans are now firmly underway for a hub based on social interaction combined with an exercise session and premises have been negotiated and confirmed at Bill Walden House in central Woolwich. An appropriate training course was identified, and our project officer is in the process of qualifying as an exercise instructor. We hope to open the group in Summer 2022.

Bromley Befriending

The befriending service provides a vital lifeline to older people experiencing social isolation in their own homes or out in the wider community

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AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Trustees’ Annual Report

Our friendship hubs continue to be popular providing a friendly, welcoming atmosphere to make new friends whilst enjoying provided refreshments. We can signpost to other services if required alongside a positive resource for advice and information. We introduced a new 12-week session at Sutherland Court based in Penge and were happy to extend it for a further 6 sessions on the request of the residents.

The monthly walking group continues to meet monthly in Kelsey Park based in Beckenham. The walkers enjoy each other’s company, catching up on their news and enjoying the ever-changing park environment. Refreshments are provided in the community café.

As part of our health and wellbeing programme we are now able to provide weekly chair based seated exercise sessions. The sessions are well attended, participants report health improvements such as improved sleep, feeling more confident in their abilities and overall enhanced health and wellbeing physically and mentally.

The home visiting service is fully operational once more. During the imposed restrictions, necessary to ensure the safety of our clients, the volunteers who provide this vital support displayed flexibility and evidenced how resilient and adaptable they were in their continued support to their clients during very difficult, changeable times. They provide encouragement and motivation and try to inject a sense of fun and humour.

We were able to deliver Christmas hampers to those most isolated and were very grateful to again receive the amazing donations from the Beckenham Quilters. The quilts were diverse in design and colour with impeccable workmanship catering to all tastes and genders. We received so many generously donated quilts that we were able to offer some to the clients on the Greenwich befriending service and the Dementia befriending service. They have proved to be invaluable to the service users. They connect our clients who are unable to leave their homes freely with the outside world. They provide comfort and warmth and a sense of connection to the wider community.

Adult Carers Support Service

The Adult Carers Support Service were the first department to resume in-person groups in April 2021, in line with government and Age UK Bromley & Greenwich guidance.

The small team have had a hugely productive year under a new Coordinator. 852 individual carers were supported, and 381 new carers were referred into the service.

The Adult Carers team achieved substantial increases to their interactions with clients on the previous year. During 2021/22:

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AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Trustees’ Annual Report

Care Navigation

Over the last year, the service addressed 1316 referrals across both pathways of the Service - the Proactive Pathway via the three Integrated Care Network (ICN) Hubs in the community and the Frailty Pathway, via the Frailty Rehabilitation Unit /Churchill Ward, Orpington Hospital.

(Bromley ICN - 356 Beckenham ICN - 207 Orpington ICN - 389 Frailty Rehabilitation Unit – 364).

The Care Navigation Team remains a pivotal member of the MDT teams, representing the Voluntary Sector/the Organisation, across both pathways, within Bromley’s Integrated Care Network and Frailty Models of collaborative working. Within the unpredictable nature of the health and social care domains, during and post Covid, the team has continued to successfully support patients to navigate the health and social care systems, referring/sign posting to services/professionals of benefit, to help them optimise positive outcomes, in relation to their health and wellbeing. Often adopting a ‘thinking outside the box approach’ to optimise positive care navigation intervention impact, for the benefit of the patient.

Over the last 12-months, the team has noted that referrals across both pathways, have become far more complex in nature.

Gurkha Project

Age UK Bromley & Greenwich supports the Nepalese Gurkha community to adjust to UK life. The Nepalese Gurkha Veterans Community Project offers a stimulating environment, where promotion of health and wellbeing alongside access to Age UK’s and other vital services are on tap to aid integration and reducing social isolation.

We support Gurkhas who have retired from active service with the British Army, and their families, to be happier living in the UK despite the challenges they face, thereby avoiding social isolation, loneliness, and depression. For the Gurkha community, the challenge of community integration is more intense because they are seeking to assimilate into the host community, where language and cultural differences are acute.

Okey Cokey Club

98 service users have accessed the club over a 5-month period. 35 were new members

Food Bank

134 direct beneficiaries have received food donations. More than 200 bags of food donations have been distributed.

Food donations are often shared with family or friends, so it is impossible to quantify exact indirect beneficiaries.

Men In Sheds

Coming out of the second lockdown presented various obstacles to be overcome, as would be expected. An unavoidable reduction in hours for the coordinators meant a reduction in the days we could open the sheds. A plan was put into operation whereby shed members would be offered the opportunity to become volunteer coordinators, undergoing Health & Safety and First Aid training, thus enabling the sheds to be open when no staff coordinator was present. A number of both women and men shedders took us up on this offer resulting in Eltham shed now being open an extra day and providing cover for when a staff coordinator isn’t on site. So far this has proven to be a success and could result in the shed being open five days a week which will increase our potential client volume by two thirds from a year ago. We are still able to accept new shed members although we must keep an eye on how many attend each session to avoid overcrowding.

The Penge shed is open two days a week but has increased its capacity with the construction of extra workspace outside the main building.

Both sheds are busy making items to sell and taking on paid commissions. Eltham has held in-house sales events and both sheds have had good sales returns from local external events.

We have yet to re-open the Woolwich shed but the search is on for more funding. Over the last two years many of the possible benefactors re-directed their funds towards organisations that were dealing directly with Covid related issues but have now reverted to their usual criteria and are accepting applications again.

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AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Trustees’ Annual Report

All of our shedders have said how much they missed coming to the sessions during the lockdowns and how important the shed is to their wellbeing. We look forward to continuing providing and increasing the service.

Volunteering

285 amazing volunteers who powered us through the pandemic with their kindness, support, and dedication. Thank you.

13,834 Volunteer hours were delivered supporting our services in both Bromley and Greenwich

Financial review

The financial statements cover the activities of Age UK Bromley & Greenwich. Income for the year £2,091,773 (2021: £2,133,438) and expenditure £2,078,092 (2021: £2,202,886). There was an operating surplus during the year of £13,681 (2021: £69,448 deficit).

Total reserves at 31 March 2022 are £2,674,369 (2021: £2,648,168) of which the Trustees have designated £1,466,257 (2021: £1,469,034) for future use, general unrestricted reserves of £1,162,809, which includes £40,000 for the new EMIS system (2021: £1,080,428), and restricted funds of £48,650 (2021: £114,573)

Income

Age UK Bromley & Greenwich is very grateful to the commissioners of services, individuals and organisations that made donations to support our work with and for older people. The income for charitable activities totalling £1,645,840 covering information, advice and guidance, health & wellbeing and home support was mainly from contracts and grants. The legacy and donation income was £158,999 compared to £85,893 in the previous year (2021). This included legacies worth £139,086. We are grateful to all those who remembered the charity in their will. The income form legacies will be used supporting the services of the organisation. The housing income was from the flat rental income, below market rent paid by our four tenants.

The value of the generous donation of the volunteers’ time is not incorporated into the financial statements. If it were, it would be a significant sum.

Expenditure

Total expenditure was £2,078,092 compared to £2,202,886 in the previous year (2021). The main expenditure was employment costs of £1,665,479 (2021: £1,835,591). The cost of raising funds was £23,648 (2021: £20,951) and careful control was maintained on administrative costs.

The balance sheet demonstrates that the financial position overall is satisfactory for the time being given the low interest rates and the Trustees are satisfied with the performance of the organisation for the year.

Reserves

Age UK Bromley & Greenwich maintains reserves to cover the impact of unforeseen events, to meet its financial obligations, and to set aside funds for future development or to meet future commitments. The Trustees have agreed a framework for determining the minimum level of reserves considered necessary to safeguard the charity’s solvency. It defines a minimum level of reserves which should be maintained as well as what specific reserves are available to fulfil this requirement. The calculation is based upon the charity’s financial position and outlook, taking into account estimates of additional costs and liabilities associated with the unlikely event of winding down the charity’s activities.

The Trustees aim to hold approximately six months operating costs of £1,113,000 (2021: £1,080,000), and these are held within the general unrestricted funds to meet these requirements. Unrestricted general funds at 31 March 2022 are £1,162,809 (2021: £1,080,428). The designated funds total £1,466,257 (2021: £1,469,034), restricted funds £48,650 (2021: £114,573), and the deficit of £3,347 for the pension scheme liability funding arrangement, see note 26 (2021: deficit of £15,867), is as stated in the Statement of Financial Activities and Balance Sheet pages 18 & 20.

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AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Trustees’ Annual Report

Investments

Under the Memorandum and Articles of Association, the charity has the power to invest funds not immediately required for its own purposes, in any way the Trustees see fit. The Trustees have adopted a cautious approach to decisions about investing the Charity’s funds which is “low – medium risk” in the management of the Charity’s assets, spreading the risk across more than one investment provider where funds invested in markets that are closely regulated and are covered under the Financial Services Compensation Scheme. The organisation has historically operated with a positive cash balance that has earned interest from its deposit account with Barclays Bank plc. Funds which are not immediately required have been placed in a portfolio of six months, one- or twoyear fixed interest rate bonds from a variety of providers maturing at different times during a 12-month cycle.

Towards the year end the Trustees appointed Brewin Dolphin to manage a new investment portfolio. The Charity’s main financial objectives and reasons for the new investment portfolio are: • To grow the capital over the investment period to protect the value of the invested capital against inflation

• To generate income to a higher level of income than is available from cash deposits

Overall, the objective for the portfolio will be to maintain the real value of investments against inflation over the ‘medium to long-term’ (5-7 years), whilst looking to generate a natural level of income to support smaller projects.

The invested funds achieved an income of £12,652 (2021: £20,885).

Fundraising

Age UK Bromley & Greenwich does not employ any professional fundraisers to fund raise on its behalf, but all staff members and any volunteers involved in fundraising activities are trained in accordance with recognised standards so as to ensure that the public, including vulnerable people, are protected from unreasonable or intrusive approaches. Age UK Bromley & Greenwich has not received any complaints about its fund-raising activities

Plans for the future

Chislehurst Day Centre

Following the closure of our services at our Chislehurst property, the Trustees have decided that due to the excessive costs involved in maintaining the property, that the most advantageous course of action for the charity would be to sell the property for development purpose. Throughout the year, with the appropriate advice from professionals the Trustees have perused this course of action. As part of our development plans a community space will be included within the development for the use of Age UK Bromley & Greenwich. At this time a developer has been appointed and we are working on the disposal of the property.

Trustees will continue to monitor performance against our three-year strategic plan at Trustees meetings.

We will work with other voluntary and statutory partners in order to help as best we can to minimise the cost of living crisis.

We will work with our partners in BTSE to ensure the continued success of the Bromley Well project. Our successful bid for this important work means that Bromley Well services are funded for a further five years with the possibility of a further two-year extension

We will continue work closely with the health service in both boroughs to ensure that older people’s needs are represented at the highest level.

We will continue to diversify our income streams and work towards ongoing financial sustainability to meet the challenges and opportunities in the year ahead.

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AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Trustees’ Annual Report

Directors and Trustees of the charity

The directors of the charitable company are its Trustees for the purposes of charity law. The Trustees who have served during the year and since the year end are as follows:

Lorna Blackwood Chair Christina Parry Vice Chair Thomas Pannett Hon. Treasurer Nell Axelrod Appointed 27[th] September 2022 Michael Beeson Appointed 31[st] May 2022 Karina Brown Appointed 26[th] July 2022 Julie Dodds Appointed 31[st] May 2022 Gordon Hayward Judy Lyons Resigned 7[th] July 2021 Yasmin Mashallah Appointed 29[th] July 2021 Maria Muriel-Sanchez Resigned 5[th] August 2022 Morgan Vine Key Management Personnel Chief Executive Mark Ellison Deputy Chief Executive Schola Muhoro Finance Manager Claire Rowberry Health & Wellbeing Manager Katie Roff (from May 2021) Health & Wellbeing Manager Emily Ingrams (to April 2021) Services Manager Kasey Adeniji (to 29[th] April 2022) Services Manager (Greenwich) Marie Griffin (from 20[th] June 2022)

Structure, governance, and management

Age UK Bromley & Greenwich is an independent charity, responsible for its own governance and funding. Age UK Bromley & Greenwich operates a wholly owned subsidiary company Age UK South East London Trading Ltd. Age UK Bromley & Greenwich is a partner of the national charity Age UK and works with the network of local Age UKs across the country to promote the wellbeing of people in later life contributing to national and regional campaigns and campaign on issues that impact older people locally.

Age UK Bromley & Greenwich is the leading specialist agency working with all older people across the two boroughs. It has a strong reputation locally and regionally for providing person-centred, quality, and innovative preventative services. The Board of Trustees is responsible for the governance of the charity and takes decisions regarding policy and approves strategic actions undertaken by the organisation. The Trustees meet six times in the year and do not receive remuneration for their involvement.

Trustees are elected at the Annual General Meeting (AGM) by the members in accordance with the Articles of Association. Elections take place at least once every three years and Trustees may serve for a maximum of six consecutive years. Honorary Officers are appointed by the Trustees at their first meeting following the AGM and may continue beyond six years save that the Chair may serve for up to a maximum of nine consecutive years.

The Trustees have the power to co-opt during the year providing the number of co-optees does not exceed one third of the total number of elected Trustees. The Trustees regularly review the composition of the Board and where necessary, identify suitable persons to co-opt to enhance or strengthen its skills and experience to discharge its responsibilities. Trustees, who are co-opted during the year by the Trustees, are eligible to stand for election at the next AGM.

Following election or co-option, Trustees have an induction programme to familiarise themselves with staff and services, a copy of the Trustees Handbook covering their legal obligations under charity and company law, the work of the charity, duties, and responsibilities as a member of the Board of Trustees.

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AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Trustees’ Annual Report

The management function of the charity and subsidiary company is delegated to the Chief Executive who ensures that the Trustees are well briefed and reports to the Board at meetings.

The Trustees do not receive remuneration or other benefit from their work with Age UK Bromley & Greenwich. Any connection between a Trustee of the charity must be disclosed to the Board and recorded in the same way as any other contractual relationship with a related party. In the year ending 31[st] March 2022 no such related party transactions were recorded.

The Trustees agree the Chief Executive remuneration and periodically compare it to external benchmarks related to posts with similar duties and responsibilities. The Chief Executive is responsible for reviewing the remuneration of other key management personnel, Deputy Chief Executive, Finance Manager, Health & Wellbeing Manager, and Services Manager and other staff, based on their responsibilities and performance and informs the Trustees of any significant changes. The Trustees review the RPI index and consider whether to award any cost-of-living increases.

In 2021 the trustees agreed to review the Memorandum and Articles of the charity. It was agreed that the membership system under which the organisation was operating was outdated, and the trustees decided to adopt a foundation model for the charity. Trustees appointed Bates Wells as legal advisors who advised on the change. All listed members were contacted to explain the reason for the changes, and a series of extraordinary meetings were held in order to complete the change. Our new Articles were accepted by the Charity Commission and Companies House in December 2021

Risk management

The Trustees regularly review risks faced by the Charity and its subsidiary undertakings and a Risk Register is maintained and annually reviewed. The risk register covers key areas in the management of financial and non financial risks to the charity. The risks are identified, steps taken to mitigate those risks or minimise any potential impact. These areas include:

The key risks identified that ranked highest in terms of potential impact on the charity are: The impact of lack of funding, loss of key staff and maintaining good reputational standing.

Trustees keep the income of the Charity under review and receive monthly management accounts and other financial statements. A funding/income generation strategy has been developed together with social enterprise activities. As the Charity shares the Age UK brand with other local Age UKs and the national partner Age UK through the Brand Partnership Agreement, it is outside the ‘gift’ of the Trustees alone to mitigate all aspects to reputational risk.

Trustees’ responsibilities in relation to the financial statements

The Trustees (who are directors for the purpose of the company) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law

the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period.

12

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Trustees’ Annual Report

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to the auditors

We, the directors of the company who held office at the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that:

In approving the Trustees' Annual Report, we also approve the Strategic Report included therein, in our capacity as company directors.

On behalf of the board

Signature:

Lorna Blackwood - Chair Date: 4 October 2022

13

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Report of the Independent Auditors to the Members of Age Concern Bromley

Opinion

We have audited the financial statements of Age Concern Bromley (the ‘charitable company’) for the year ended 31 March 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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

In auditing the financial statements, we have concluded that the Trustees use of the going concern 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the Trustees Annual Report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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:

14

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Report of the Independent Auditors to the Members of Age Concern Bromley

consistent with the financial statements; and

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 and the incorporated Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) 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.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

Extent to which the audit was considered capable of detecting irregularities, including fraud (continued)

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

15

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Report of the Independent Auditors to the Members of Age Concern Bromley

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, 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.

16

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Report of the Independent Auditors to the Members of Age Concern Bromley

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.

Michelle Wilkes FCA Senior Statutory Auditor For and on behalf of Azets Audit Services, Greytown House

221-227 High Street

Orpington Kent BR6 0NZ Date: 4 November 2022

17

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Statement of Financial Activities (Incorporating the Income & Expenditure Account) for the Year Ended 31 March 2022

Note
INCOME FROM:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Charitable activities
TOTAL EXPENDITURE
6
Net (expenditure) / income before
gains/(losses) on pension scheme
Gains on pension scheme
26
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
155,765
1,550,232
28,872
12,652		 Restricted
Funds
£
248,644
95,608
-
-		 Total
2022
£
404,409
1,645,840
28,872
12,652		 Total
2021
£
706,902
1,395,321
10,330
20,885
1,747,521
23,648
1,644,269
1,667,917
79,604		 344,252
-
410,175
410,175
(65,923)		 2,091,773
23,648
2,054,444
2,078,092
13,681		 2,133,438
20,951
2,181,935
2,202,886
(69,448)
12,520
92,124
2,533,595
2,625,719		 -
(65,923)
114,573
48,650		 12,520
26,201
2,648,168
2,674,369		 2,933
(66,515)
2,714,683
2,648,168

All amounts relate to continuing activities. The notes on pages 22 to 39 form part of these statutory financial statements

18

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Statement of Financial Activities (Incorporating the Income & Expenditure Account) for the Year Ended 31 March 2022

Comparative year information
Year Ended 31 March 2021
Note
INCOME FROM:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
TOTAL INCOME
EXPENDITURE ON:
Raising funds
Charitable activities
TOTAL EXPENDITURE
6
Net (expenditure) / income before
gains/(losses) on pension scheme
Gains / (losses) on pension scheme
26
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Funds
£
187,758
1,259,500
10,330
20,885
1,478,473
20,951
1,576,191
1,597,142
(118,669)
2,933
(115,736)
2,649,331
2,533,595		 Restricted
Funds
£
519,144
135,821
-
-
654,965
-
605,744
605,744
49,221
-
49,221
65,352
114,573		 Total
2021
£
706,902
1,395,321
10,330
20,885
2,133,438
20,951
2,181,935
2,202,886
(69,448)
2,933
(66,515)
2,714,683
2,648,168

19

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH

(A Company Limited by Guarantee – Company Registration Number 3304510)

Balance Sheet as at 31 March 2022

Note
FIXED ASSETS
Tangible fixed assets
11
Investment in trading subsidiary
12
Fixed asset investments
13
CURRENT ASSETS
Current asset investments
Current asset: property held for sale
14
15
Debtors
16
Cash at bank and in hand
CREDITORS:amounts falling due
within one year
17
NET CURRENT ASSETS
Provisions for liabilities and charge
26
NET ASSETS
FUNDS
General unrestricted funds
Restricted funds
Designated funds
Unrestricted pension funds
19
20
26
18		 Total
2022
£
1,358
2
851,116
852,476
508,022
121,684
436,731
884,468
1,950,905
125,665
1,825,240
3,347
2,674,369
1,162,809
48,650
1,466,257
(3,347)
2,674,369		 Total
2021
£
125,635
2
1,375,378
1,501,015
426,635
-
411,441
363,826
1,201,902
38,882
1,163,020
15,867
2,648,168
1,080,428
114,573
1,469,034
(15,867)
2,648,168

The financial statements were approved by the Board of Trustees on the 4 October 2022 and signed on their behalf by:

Lorna Blackwood – Chair

Thomas Pannett – Hon. Treasurer

The notes on pages 22 to 39 form part of these statutory financial statements.

20

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

Note
CASH FLOW FROM OPERATING ACTIVITIES
25
NET CASH FLOW FROM OPERATING ACTIVITIES
CASH FLOW FROM INVESTING ACTIVITIES
Payments to acquire investments
Receipts from maturing investments
Interest received
Dividends received
NET CASH FLOW FROM INVESTING ACTIVITIES
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT 1ST APRIL 2021
CASH AND CASH EQUIVALENTS AT 31ST MARCH
2022
CASH AND CASH EQUIVALENTS CONSISTS OF:
Cash at bank and in hand
CASH AND CASH EQUIVALENTS AT 31ST MARCH
2022		 2022
£
65,115
65,115
(85,528)
528,403
12,650
2
455,527
520,642
363,826
884,468
884,468
884,468		 2021
£
(64,415)
(64,415)
(260,775)
355,839
20,884
1
115,949
51,534
312,292
363,826
363,826
363,826

21

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES

Basis of preparation

Age Concern Bromley (trading as Age UK Bromley & Greenwich) is a company limited by guarantee registered in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are to promote the welfare of older people and adults in any manner which now or hereafter may be deemed by law charitable in and around the London Borough of Bromley and the Royal Borough of Greenwich.

The charity constitutes a public benefit entity as defined by FRS 102. 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 (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2015 as updated for Bulletin 1 & 2.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Consolidation

In the opinion of the Trustees, the Charity and its subsidiary undertaking comprise a small group. The Charity has applied the exemption provided by S.398 of the Companies Act 2006 and has not prepared consolidated financial statements.

The Charity has also applied the exemption conferred by FRS102 paragraph 9 on the grounds that the subsidiary undertaking, Age UK South East London Trading Limited, results are not material to the group. The results of the subsidiary undertaking are adequately disclosed in the financial statements.

Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

22

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

Income recognition

All income is included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

The charity receives government grants in respect of the coronavirus job retention scheme grant. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

Investment income is earned through holding bonds and fixed deposits for investment purposes. It includes dividends.

Other income includes any gains on disposals of tangible fixed assets.

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. The analysis of these costs is included in note 7.

23

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include costs relating to management, governance, human resources, information technology, finance, and premises and office costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises and office costs have been allocated on a desk space basis, human resources and information technology on a headcount basis and other overheads have been allocated on a proportionate basis.

Tangible Fixed Assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses.

Purchases of assets of value £1,000 and over are capitalised. Depreciation is provided on all capitalised assets at rates estimated to write off the cost less estimated residual value, of each asset over its expected useful life as follows:

Buildings - 2% straight line Furniture - 25% straight line Equipment/computers - 33.33% straight line Motor vehicle - 25% straight line

Investments

Investments held as fixed and current assets are stated at fair value which is normally the cost less any transaction costs. Realised gains and losses on the sale of investments are included in the Statement of Financial Activities.

Current asset investments are short term highly liquid investments and are held at fair value. These include cash on deposit and cash equivalents with a maturity of less than three months.

Fixed asset investments are investments with a maturity of more than three months.

Leased Assets

All leases are treated as operating leases. Their annual rentals are charged to the statement of financial activities on a straight-line basis over the term of the lease.

Pension cost

The charity operates a defined contribution plan makes payments to individual pension schemes in accordance with their contract of employment.

A number of employees belong to the Pension’s Trust Growth Plan Series 4 Pension Scheme, which is a defined benefit scheme. As it is not possible to identify the charity’s share of the underlying assets and liabilities in the scheme on a consistent and reasonable basis, contributions are charged to the

24

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

income and expenditure account as they are paid. The charity also makes contributions to the scheme in relation to a deficit on a past employees’ defined benefit scheme and in accordance with FRS 102 the charity recognises the present value of contributions payable.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Judgements and key sources of estimation uncertainty

Accounting estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation, and the physical condition of the assets. See note 11 for the carrying amount of the property plant and equipment, and the Tangible fixed assets accounting policy, above, for the useful economic lives for each class of assets.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Bad debts

Trade debtors are regularly reviewed for recoverability, any debts which in the opinion of management are not recoverable are provided for as a specific bad debt.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Pensions

The present value of the pension’s provision depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. Any changes in the rate of discount, which is disclosed in note 25, will impact the carrying amount of the pension provision.

25

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

2. INCOME FROM DONATIONS AND LEGACIES LEGACIES
2022 2022 2022 2021
Unrestricted Restricted Total Total
£ £ £ £
Legacies 139,086 - 139,086 69,848
Donations 5,929 13,984 19,913 16,045
145,015 13,984 158,999 85,893
Age UK 10,750 6,667 17,417 99,897
Armed Forces Covenant Fund - 23,607 23,607 -
Bromley CCG & London Borough
of Bromley - 212,517 212,517 276,583
Bromley Healthcare Charity - - - 40,000
HMRC CJRS - 586 586 153,156
London Borough of Bromley - (11,172) (11,172) 36,891
Royal Borough of Greenwich - - - 10,000
Other grants - 2,455 2,455 4,482
10,750 234,660 245,410 621,009
155,765 248,644 404,409 706,902
3. INCOME FROM CHARITABLE ACTIVITIES
2022 2022 2022 2021
Unrestricted Restricted Total Total
£ £ £ £
Information, Advice & Guidance:
Local Authority contracts - 40,500 40,500 38,000
Other contracts 16,590 - 16,590 15,721
16,590 40,500 57,090 53,721
Day Opportunities:
Provision of Services - - - 708
- - - 708
Health & Wellbeing:
NHS Contracts 295,916 - 295,916 64,356
Other Contracts 1,082,234 25,108 1,107,342 1,054,894
Provision of services 107,816 - 107,816 72,201
Local Authority contract - 30,000 30,000 60,000
1,485,966 55,108 1,541,074 1,251,451

26

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

INCOME FROM CHARITABLE
ACTIVITIES (continued)
2022
Unrestricted
£
2022
Restricted
£
2022
Total
£
2021
Total
£
Home Support
Provision of Services
33,156
-
33,156
68,972
33,156
-
33,156
68,972
Housing
Flat rental income
14,520
-
14,520
20,469
14,520
-
14,520
20,469
1,550,232
95,608
1,645,840
1,395,321
4.
INCOME FROM OTHER TRADING ACTIVITIES
2022
£
2021
£
Sale of goods and services
28,872
10,330
28,872
10,330
5.
INVESTMENT INCOME
2022
£
2021
£
Bank & Bond interest received
12,650
20,884
Dividend received
2
1
12,652
20,885
6.
ANALYSIS OF EXPENDITURE
Direct
Costs
£
Support
Costs
£
2022
Total Costs
£
2021
Total Costs
£
Charitable Activities:
Information, Advice & Guidance
63,319
41,980
105,299
133,372
Day Opportunities
68,509
14,634
83,143
339,789
Health & Wellbeing
1,485,347
295,501
1,780,848
1,528,366
Home Support
50,865
12,414
63,279
167,530
Housing
19,604
2,271
21,875
12,878
1,687,644
366,800
2,054,444
2,181,935
Raising Funds
2,871
20,777
23,648
20,951
1,690,515
387,577
2,078,092
2,202,886		 INCOME FROM CHARITABLE
ACTIVITIES (continued)
2022
Unrestricted
£
2022
Restricted
£
2022
Total
£
2021
Total
£
Home Support
Provision of Services
33,156
-
33,156
68,972
33,156
-
33,156
68,972
Housing
Flat rental income
14,520
-
14,520
20,469
14,520
-
14,520
20,469
1,550,232
95,608
1,645,840
1,395,321
4.
INCOME FROM OTHER TRADING ACTIVITIES
2022
£
2021
£
Sale of goods and services
28,872
10,330
28,872
10,330
5.
INVESTMENT INCOME
2022
£
2021
£
Bank & Bond interest received
12,650
20,884
Dividend received
2
1
12,652
20,885
6.
ANALYSIS OF EXPENDITURE
Direct
Costs
£
Support
Costs
£
2022
Total Costs
£
2021
Total Costs
£
Charitable Activities:
Information, Advice & Guidance
63,319
41,980
105,299
133,372
Day Opportunities
68,509
14,634
83,143
339,789
Health & Wellbeing
1,485,347
295,501
1,780,848
1,528,366
Home Support
50,865
12,414
63,279
167,530
Housing
19,604
2,271
21,875
12,878
1,687,644
366,800
2,054,444
2,181,935
Raising Funds
2,871
20,777
23,648
20,951
1,690,515
387,577
2,078,092
2,202,886		 2022
Unrestricted
£
2022
Restricted
£
2022
Total
£
2021
Total
£
33,156
-
33,156
68,972		 2022
Unrestricted
£
2022
Restricted
£
2022
Total
£
2021
Total
£
33,156
-
33,156
68,972		 2022
Unrestricted
£
2022
Restricted
£
2022
Total
£
2021
Total
£
33,156
-
33,156
68,972		 2022
Unrestricted
£
2022
Restricted
£
2022
Total
£
2021
Total
£
33,156
-
33,156
68,972
33,156
14,520		 -
33,156
68,972
-
14,520
20,469
14,520 -
14,520
20,469
1,550,232 95,608
1,645,840
1,395,321
2021
£
10,330
10,330
2021
£
20,884
1
20,885
2021
Total Costs
£
133,372
339,789
1,528,366
167,530
12,878
2,181,935
20,951
2,202,886
1,687,644
366,800
2,054,444
2,871
20,777
23,648
1,690,515
387,577
2,078,092

27

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

7.
SUPPORT COSTS
2022 2021
£ £
Support staff costs 111,524 156,886
Depreciation 3,847 4,396
Information technology 76,577 33,217
Premises costs 90,578 88,294
Office costs 55,489 68,891
Other support costs 23,891 12,027
Governance costs 25,671 8,340
387,577 372,051
Support costs provide the organisational infrastructure that enables the charitable activities. They have
been allocated on a per-capita basis of staff employed. Some staff work across several activities
therefore the costs have been allocated in proportion to the percentage of the time spent on each
activity.
8.
GOVERNANCE COSTS
2022 2021
£ £
Audit Fees 8,520 8,340
Trustee Meetings 50 -
Legal Fees 17,101 -
25,671 8,340
9.
NET MOVEMENT IN FUNDS
2022 2021
£ £
This is stated after charging:
Depreciation 3,847 4,396
Audit fees 8,520 8,340
Trustees’ professional indemnity insurance 402 804
10. EMPLOYEES
2022 2021
£ £
Staff costs consist of:
Wages and salaries 1,499,665 1,671,702
Social security costs 112,804 111,565
Pension costs 39,649 40,864
Recruitment costs 13,361 11,460
1,665,479 1,835,591

28

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

2022 2021
Average Headcount 86 106
Full Time Equivalent 57 61

Staff costs for the year included redundancy costs of £5,129 (2020/21: £34,827)

Key management staff included the Chief Executive, Deputy Chief Executive, Finance Manager, Services Manager, and Health & Wellbeing Manager posts. The total staff costs for key management staff during the year were £248,269 (2020/21: £252,550). One employee received remuneration of between £60,000 and £70,000 (2020/21: One)

No Trustee or any person connected to them received any remuneration in the year (2020/21: Nil).

No Trustee was reimbursed for expenses in the year (2020/21: Nil).

11. TANGIBLE ASSETS

1. TANGIBLE ASSETS
Cost
At 1 April 2021
Additions
Disposals
Asset movement: held for sale
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
Released on disposal
Released: held for sale
At 31 March 2022
Net Book Value
At 31 March 2021
At 31 March 2022		 Freehold
Property
£
180,605
-
-
(180,605)
-
55,709
3,212
-
(58,921)
-
124,896
-		 Furniture &
Equipment
£
75,708
1,254
(27,848)
49,114
74,969
635
(27,848)
47,756
739
1,358		 Motor
Vehicles
£
11,027
-
-
11,027
11,027
-
-
11,027
-
-		 Total
£
267,340
1,254
(27,848)
(180,605)
60,141
141,705
3,847
(27,848)
(58,921)
58,783
125,635
1,358

In 1982 Age UK Bromley & Greenwich paid a nominal £1 to Black Cap Investments Limited for a property in Chislehurst. The property is in the accounts as at its 1982 market value, plus the cost of refurbishment. In 2004 P K Soloman and Co, Chartered Surveyors valued the property at an open market value of £787,500.

In the accounts the property was moved from Tangible Assets to Current Assets at its net book value at year end, see note 15. The property is currently on the market for sale, the income from which will be used to further meet the Charities objectives and needs of its beneficiaries.

29

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

12. INVESTMENTS

Cost
Provisions
Net Book Value		 2022
£
2,000
(1,998)
2		 2021
£
2,000
(1,998)
2

Subsidiary undertakings

The principal undertaking in which the company’s interest at the year end is 20% or more is as follows:

Subsidiary undertakings Country of Proportion of voting rights Nature of
Incorporation or and ordinary share capital business
registration held
Age UK South East London England 100% Provider of
Trading Limited general services

Age UK Bromley & Greenwich has a 100% shareholding in Age UK South East London Limited (Company Number: 02825905) in ordinary £1 shares.

A summary of the subsidiary’s results for 2022 are shown below:

Turnover
Cost of sales
Administrative expenses
Profit for the financial year
Aggregated capital and reserves		 2022
£
-
-
-
-
2,019		 2021
£
-
-
-
-
2,019

30

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

13. FIXED ASSET INVESTMENTS

Listed Investments*
Aldermore Bank
Cambridge Building Society
Charity Bank
Flagstone IM Deposit Accounts
Hampshire Trust Bank
Nationwide Building Society
Shawbrook Bank
United Trust Bank		 2022
£
987
-
-
-
680,000
85,000
-
85,129
-
851,116		 2021
£
987
85,000
86,768
78,977
780,000
85,000
87,529
84,629
86,488
1,375,378

14. CURRENT ASSET INVESTMENTS

Cambridge & Counties
CCLA COIF Charities Deposit
Charity Bank
Flagstone IM Deposit Accounts
Metro Bank Deposit
Nationwide Building Society
Redwood Bank
United Trust Bank
Virgin Money
15. CURRENT ASSET: PROPERTY


Freehold Property: Held for sale		 2022
£
-
-
79,005
85,000
-
87,529
85,000
86,488
85,000
508,022
2022
£
121,684		 2021
£
87,341
87,094
-
-
82,200
-
85,000
-
85,000
426,635
2021
£
-

In the accounts the property was moved from Tangible Assets to Current Assets at its net book value at year end, see note 11. The property is currently on the market for sale, the income from which will be used to further meet the Charities objectives and needs of its beneficiaries.

31

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

16. DEBTORS
Sundry debtors and prepayments
Accrued income
17. CREDITORS: amounts falling due within one year
Accruals and deferred income
Other creditors
18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted
funds
Designated
funds
£
£
Fixed assets
-
1,358
Investments
129,022
722,096
Current assets
1,159,452
742,803
Creditors due within one year
(125,665)
-
Pension debt
(3,347)
-
_
_
1,159,462
1,466,257
_
_
Comparative year information
Year ended 31 March 2021
Unrestricted
funds
Designated
funds
£
£
Fixed assets
-
125,635
Investments
312,899
1,062,481
Current assets
806,411
280,918
Creditors due within one year
(38,882)
-
Pension debt
(15,867)
-
_
_
1,064,561
1,469,034

 2022
£
419,481
17,250
436,731
2022
£
100,184
25,481
125.665		 2021
£
340,828
70,613
411,441
2021
£
16,247
22,635
38,882
Restricted
funds
£
-
-
48,650
-
-
_
48,650
_
Restricted
funds
£
-
-
114,573
-
-
____
114,573
 Total funds
2022
£
1,358
851,118
1,950,905
(125,665)
(3,347)
_
2,674,369
_
Total funds
2021
£
125,635
1,375,380
1,201,902
(38,882)
(15,867)
____
2,648,168

32

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

19. RESTRICTED FUNDS
Age UK: Emmanuel Hospital Foundation
Armed Forces Covenant Fund
Bromley Healthcare Charity
Dementia Choir
DWP: Access to Work
HMRC CJRS Grant
London Borough of Bromley: Innovation Fund
London Borough of Bromley: ICF & WCF
London Borough of Bromley & Bromley CCG:
Care Navigation
End of Life Navigation
Mayor’s Office for Policing and Crime
Plum Care
Royal Borough of Greenwich
Small Donations: Dementia Hub
Small Donations: Men In Sheds
Total
Comparative year information
Year ended 31 March 2021
Age UK: Covid Appeal Funding
Armed Forces Covenant Fund
Bromley Healthcare Charity
Dementia Choir
DWP: Access to Work
HMRC CJRS Grant
London Borough of Bromley: Innovation Fund
London Borough of Bromley: ICF & WCF
London Borough of Bromley & Bromley CCG:
Bromley Dementia Hub
Care Navigation
End of Life Navigation
Mayor’s Office for Policing and Crime
Plum Care
Royal Borough of Greenwich
The Royal British Legion
Small Donations: Dementia Hub
Small Donations: Men in Sheds
Total		 As at 1
April
2021
£
Income
£
Expenditure
£
As at 31
March
2022
£
-
-
40,000
6,667
23,607
-
6,667
17,701
40,000
-
5,906
-
565
-
-
-
-
2,455
586
25,108
-
2,455
586
25,108
565
-
-
-
11,172
(11,172)
-
-
3,617
3,375
5,480
3,120
43,973
192,492
20,025
-
3,120
70,500
195,530
23,400
-
750
89,250
579
-
5,480
5,490
25,223
3,271
-
5,552
5,312
3,416
5,312
5,407
-
114,573
344,252
410,175
48,650
As at 1
April
2020
£
Income
£
Expenditure
£
As at 31
March
2021
£
-
5,434
25,722
-
25,722
5,434
-
-
-
565
40,000
-
-
-
40,000
565
-
1,326
1,326
-
-
153,156
153,156
-
7,448
37,821
45,269
-
-
14,391
3,219
11,172
-
5,436
18,195
5,480
-
10,472
28,981
192,492
55,110
-
3,120
98,000
28,981
194,311
69,930
-
-
64,499
-
3,617
3,375
5,480
3,120
43,973
9,051
-
9,051
-
3,271
-
-
3,271
-
4,846
4,846
-
65,352
654,965
605,744
114,573

33

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

19. RESTRICTED FUNDS (continued)

Age UK: Covid Appeal Funding - funding of a pilot befriending project using new technology to reduce social isolation in older people. Age UK: Emmanuel Hospital Foundation – grant towards Information and Advice provision, and to help ensure there is a sustainable infrastructure of support for older people. Armed Forces Covenant Fund – Nepalese Gurkha Veterans project. The balance of the funds c/f will be spent during 22/23 Bromley Healthcare Charity – To support the integration of the Care Navigators within the Proactive Care Pathway, through access to an instance of EMIS and the associated build and access required. Dementia Choir – Donations were received towards the Dementia Choir in the London Borough of Bromley run in partnership with Bromley U3A. DWP Access to Work – Funding for the provision of specialist equipment and adaptations. HMRC CJRS Grant – Coronavirus job retention scheme grant. London Borough of Bromley: Innovation Fund – Commissioned through Bromley Third Sector Enterprise, to increase capacity for the Handyperson service, and to provide a hospital frailty Care Navigator. London Borough of Bromley: Infection Control Fund and Workforce Capacity Fund – To reduce risk of transmission of Covid 19, and to increase workforce capacity whilst employees self-isolate. Unspent funds was returned during the year 21/22. London Borough of Bromley and Bromley Clinical Commissioning Group: Bromley Dementia Hub – Funding for dementia advice and support for people diagnosed with dementia. The funding was awarded via Bromley & Lewisham Mind, lead partner. London Borough of Bromley and Bromley Clinical Commissioning Group: Care Navigation – Funding awarded to deliver the Care Navigator element of the Integrated Care Model, providing non-medical advice and support for people receiving coordinated care. The balance of the funds c/f will be spent during 22/23. London Borough of Bromley and Bromley Clinical Commissioning Group: End of Life Navigation – Commissioned through Bromley Third Sector Enterprise, and in partnership with St. Christopher’s. Funding to support people with advanced illness and frailty who are BCC patients. Mayor’s Office for Policing and Crime – Safer in Greenwich programme for the Nepalese Gurkha Veterans project. The c/f funds will be spent during 22/23 Plum Care: Sponsorship towards the running of the Memory Lane Café and Memory Mates group. Royal Borough of Greenwich: Day opportunities, befriending, and support to access mainstream and community services. A Workforce Capacity grant was awarded to increase capacity further for befriending in Greenwich for two years. The Royal British Legion: Nepalese Gurkha Veterans project. Small Donations – Donations made specifically to the Memory Lane Café, the Young Onset Dementia Group and to the Men in Sheds project.

34

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

20. DESIGNATED FUNDS

Property Purchase and
Refurbishment
Fixed Asset fund
Premises maintenance
Organisational Development
and Sustainability
Project Development
Pension Trust Potential
Employees Debt
Total		 As at 1
April
2021
513,976
125,635
162,499
370,802
264,298
31,824
1,469,034		 New
Designations
-
1,254
-
136,341
113,138
-
250,733		 Designations
Released
23,147
125,531
10,337
55,821
29,060
9,614
253,510		 As at 31
March
2022
490,829
1,358
152,162
451,322
348,376
22,210
1,466,257

Designated funds have been set aside by the Trustees for specific future purposes:

Property Purchase and Refurbishment – to enable the Charity to purchase/refurbish a suitable freehold property to further its charitable strategic objectives.

Fixed Asset fund – these funds represent the net book value of fixed assets held by the Charity. Premises maintenance – to meet the costs of maintaining the premises at Community House, Kingsdale House in the London Borough of Bromley and Sherard Road in the Royal Borough of Greenwich as set out in the terms of the Leases by the Landlords. In addition, Age UK Bromley & Greenwich own the freehold of the property at 85 High Street, Chislehurst and the fund is to make provision for essential investment in maintaining safe and satisfactory accommodation for our service users and a maintenance programme of the building and six flats occupied by older people.

Organisational Development and Sustainability – organisational development, in furtherance of the charity’s strategic objectives.

Project Development – to respond to the development and funding of new social enterprise services to meet the needs of older people in London Borough of Bromley and the Royal Borough of Greenwich. Continuation of existing services and pilot projects.

Pensions Trust Potential Employees Debt – The estimated amount of employer debt payable in addition to the pension liability on withdrawal for Age UK Bromley & Greenwich been calculated as £25,557 (2021 £47,691)

35

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

20. DESIGNATED FUNDS (continued)

Comparative year
information
Year ended 31 March 2021
Property Purchase and
Refurbishment
Fixed Asset fund
Premises maintenance
Organisational Development
and Sustainability
Project Development
Pension Trust Potential
Employees Debt
Total
1. LEASE COMMITMENTS
Operating leases which expire:
Within one year
Two to five years
More than five years		 As at 1
April
2020
New
Designations
523,966
130,031
169,826
306,650
243,283
31,444
-
-
-
199,000
62,050
380
1,405,200
261,430
2022
Land and
Buildings
£
2022
Vehicles &
Equipment
£
28,626
64,006
-
18,685
42,236
-
92,632
60,921		 Designations
Released
9,990
4,396
7,327
134,848
41,035
-
197,596
2021
Land and
Buildings
£
28,626
88,782
-
117,408		 As at 31
March
2021
513,976
125,635
162,499
370,802
264,298
31,824
1,469,034
2021
Vehicles &
Equipment
£
4,564
-
-
4,564

21. LEASE COMMITMENTS

22. SHARE CAPITAL

The company is limited by guarantee and has no share capital. The liability of its members is limited to £1 per member.

23. TAXATION

Age UK Bromley & Greenwich 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.

36

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

24. RELATED PARTY TRANSACTIONS

The charity has a leasehold interest in the offices at Community House in Bromley. The term of the lease is in excess of 3 years and the annual payment is £24,776. One Trustee is also a Trustee of Bromley Voluntary Sector Trust (BVST), who lease the premises to Age UK Bromley & Greenwich.

Age UK Bromley & Greenwich controls 100% of the issued share capital of Age UK South East London Trading Limited. Age UK South East London Trading Limited has an issued share capital of 2,000 £1 Ordinary shares.

25. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income
Payment to acquire fixed asset
Depreciation and impairment of tangible fixed assets
Investment income
(Increase)/Decrease in debtors
(Decrease)/Increase in creditors
Net cash flow from operating activities		 2022
£
26,201
(1,254)
3,847
(12,652)
(37,810)
86,783
_____

65,115
 2021
£
(66,515)
-
4,396
(20,885)
39,797
(21,208)
______
(64,415)

26. PENSION

FRS102 – Section 28 Disclosures Report

The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company 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.

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 company 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.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

37

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

Deficit contributions
From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 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 has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

£11,243,000 per annum (payable monthly and increasing by From 1 April 2019 to 30 September 2025: 3% each on 1st April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company 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 Value of provision

Present value of provision
Reconciliation of opening and closing provisions
Provision at start of period
Unwinding of the discount factor
Deficit contribution paid
Remeasurements – impact of any changes in assumptions
Remeasurements – amendments to the contribution schedule
Provision at end of period		 2022
£
3,347
2022
£
15,867
91
(4,015)
(77)
(8,519)
3,347		 2021
£
15,867
2021
£
18,800
422
(3,898)
543
-
15,867

38

AGE CONCERN BROMLEY TRADING AS AGE UK BROMLEY & GREENWICH (A Company Limited by Guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2022

Income and Expenditure Impact

ncome and Expenditure Impact
2022 2021
£ £
Interest expense 91 422
Remeasurements – impact of any change in assumptions (77) 543
Remeasurements – amendments to the contribution schedule (8,519) -
Contributions paid in respect of future services* * *
Costs recognised in income and expenditure account * *

*includes defined contribution schemes and future service contributions (i.e. excluding any deficit reduction payments) to defined benefit schemes which are treated as defined contribution schemes. To be completed by the company.

Assumptions

Assumptions
31 March 2022 31 March 2021 31 March 2020
% per annum % per annum % per annum
Rate of discount 2.35 0.66 2.53

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.

Deficit Contributions Schedule

The following schedule details the deficit contributions agreed between the company and the scheme at each year end period:

Year ending 31 March 2022
(£s)		 31 March 2021
(£s)		 31 March 2020
(£s)
Year 1 1,219 4,015 3,898
Year 2 1,219 4,136 4,015
Year 3 1,016 4,260 4,136
Year 4 - 3,656 4,260
Year 5 - - 3,656
Year 6 - - -
Year 7 - - -

The company 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 income and expenditure account i.e. the unwinding of the discount rate as a finance cost in the period in which it arises.

It is these contributions that have been used to derive the company's balance sheet liability.

39