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2021-03-31-accounts

Report and Financial Statements Year ended 31 March 2021

Age UK Lambeth Company No. 3252067 Registered Charity No. 1063497

Contents

Page
About Age UK Lambeth 2
Trustees, Officers and Professional Advisors 3
Annual Report of the Trustees 4
Report of the Independent Auditors 12
Statement of Financial Activities (Including
income and expenditure account) 16
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Financial Statements 19

1

About Age UK Lambeth

For over 70 years, Age UK Lambeth has provided services that support the most vulnerable and isolated people in Lambeth. As a charity, we are trusted by both the public and our funders to deliver those services in a way that makes the greatest impact on the people who need them most.

This year the need for us to be impactful was essential, given the COVID-19 pandemic. And, we delivered. We usually have 17,000 support contacts a year. In the year of this report we had 77,000. An incredible increase.

Facing the toughest of challenges…

We needed to ensure all of our services were relevant and were focused on meeting the needs of the people who called on us for support. The staff team were magnificent, and quickly adapted to providing crisis responses by offering telephone support, practical help with shopping and other tasks, helping people get their homes ready so they can return from hospital, and providing online events to help people stay connected.

Being part of the Borough’s response…

As an organisation that receives most of its funding from statutory contracts, we were delighted when our commissioners in Adult Social Care trusted us, and our partners in Connect Lambeth, to respond to need as we saw it. They assured us that our contracts would be honoured, that we were to ignore established targets and focus the resources on responding to need. This freedom enabled us to react to what people were telling us they needed.

It also led to Age UK Lambeth being asked to take over the Council’s Coronavirus helpline, which we did from July.

Long-lasting change…

In October 2019 we launched the new strategy that is the result of the organisation challenging ourselves to continue to meet the needs of those who need care and support, as well as provide opportunities for people to age well. Age UK Lambeth is there for both of those groups.

The pandemic forced us to ensure that all of our services are relevant and person-centred. We hope this report demonstrates just how relevant they are.

Yawar Choudhry

Graham Gardiner

Chair of the Trustees

Chief Executive

2

Trustees, Officers and Professional Advisors Served in the year April 2020 to March 2021

Registered charity name

Age UK Lambeth

Charity registration number 1063497

Principal office and registered office

Third Floor 336 Brixton Road London SW9 7AA

Company registration number 3252067

Trustees

Finance & Risk Sub Committee

Kate Woollcombe (Chair) (resigned Nov 20) Yawar Choudhry (Chair) elected Nov 20) Colin Adamson (Vice-Chair) Yawar Choudhry (Hon. Treasurer)(resigned Nov 20) Uzema Ahmed (Hon. Treasurer) (elected Nov 20) Carolyn Cripps Owen Davies Bernard Nawrat Fionna Martin Aaron Cue Huw Herrity

Uzema Ahmed (Chair) (elected Nov 20) Yawar Choudhry (Chair) (resigned Nov 20) Bernard Nawrat Kate Woollcombe Graham Gardiner (CEO) Simon Lincoln (Head of Finance & Resources) Huw Herrity

Senior Officers

Graham Gardiner (CEO) Kim Connell (Deputy CEO) Simon Lincoln (Finance & Resources)

Auditor

Bankers

Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG

Metro Bank Plc

Clapham High Street 65-67 Clapham High Street London SW4 7TG

NatWest Bank Plc

504 Brixton Rd London SW9 8EB

3

Annual Report of the Trustees

The trustees present their report and the audited financial statements for the year ended 31 March 2021. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS102.

Directors’ Report

The Directors present their report for the year ended 31 March 2021

Reference and administrative details

The registered name of the charity, the charity number and the company number are shown both on the front cover of this report, and in the Trustees, Officers and Professional Advisors section of this report.

Objectives and activities

Age UK Lambeth is a registered charity set up primarily but not exclusively for the benefit of older people in and around Lambeth.

Our Purpose is shaped by our charity objects:

Our services

In alignment with our strategy, we have two elements to our service provision. Services for those who require care and support, and our theme of Ageing Well.

Care and Support service

We are becoming increasingly seen as the “front door” for social care and wellbeing in the Borough. Our MYcommunity workstream includes:

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Our MYneighbour workstream includes:

In January 2020, after consultation with our commissioners, we closed our specialist advice service, MYadvice, and created our three new neighbourhood support teams. These teams have two Neighbourhood Wellbeing workers each. The neighbourhood teams are supplemented by the allocation of linkworkers, homemakers and handypersons to their local team.

Our Ageing Well theme is focused on understanding that older people can be the solution to some of the challenges faced by ageing. This is embodied by our MYsocial service, which provides opportunities for members to connect with others, try new things to do, make friends and have opportunities to give back to our community.

Most of our services are delivered under the Independent Living and Care Partnership (now operationally known as Connect Lambeth) contract and funded by Lambeth Council and Lambeth Clinical Commissioning Group (CCG). Age UK Lambeth leads this consortium with Disability Advice Services Lambeth and the Lambeth Carers Hub. The Royal Association for Deaf People also provides weekly information, advice and support sessions.

Age UK Lambeth has overall responsibility for delivering and monitoring the services of Connect Lambeth, which seeks to be a ‘one-stop-shop offering services for older people, people with disabilities and long term health conditions, and unpaid carers of all ages.

In setting its objectives and activities, the trustees have had due regard to the Charity Commission guidance on public benefit.

Retrospective

This year started with the country being put into lockdown due to the Covid pandemic. We quickly found our helpline being inundated with calls from people desperate for help: whether that be for practical help with shopping and the collection of medication, or wanting advice about housing, benefits and employment. MYsocial moved all its events online.

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We had to close Vida’s, our centre in the heart of Brixton and used by many MYsocial members for events, to meet up with friends and to enjoy lunch at the cafe.

All services had to change. Fortunately, we were able to move smoothly to remote working as we had recently moved onto Gsuite and having Chromebooks. We quickly created virtual phone numbers, ensured everyone had the right equipment and started to use Vida’s as a staff base for a few while everyone else started working from home.

All services changed shape and focused on providing responses to the needs of thousands of people who were calling us asking for help.

To have over 77,000 support contacts over the year, when our usual reach is 17,000, was extraordinary, and a testament to the remarkable response from the staff team. Every service went far beyond their usual duties, in order to ensure that people in need got the help they needed.

This was also made possible by the significant increase in the number of volunteers who joined us during the year. Our core volunteers were joined by over 800 others who responded to the call from the Borough. Most of our new volunteers became Phone Friends, calling their friends weekly to help reduce the sense of isolation that the lockdown had on some of our most isolated citizens.

In October 2019 the trustees approved our new five-year strategy: Looking Forward For Lambeth. The strategy was co-created by trustees, staff, volunteers, and beneficiaries based on the previous two years' change-work experiences. We challenged ourselves to think differently and set ambitious goals.

The strategy has proved to remain relevant throughout the pandemic, and many of the service changes made have remained. For example, we were asked by the Council to lead on welfare calls to those struggling with having to be isolated and were getting over 100 referrals a week. We had to change our previous matching process from one that took several weeks to one that allowed matches to be made safely but quickly.

Another strategic development was to build on existing and develop new partnerships with other community providers. The initial response to COVID was made jointly with our Connect Lambeth partners. We also supported the Portuguese Project and West Norwood Mutual Aid to develop their own versions of our Phone Friends service. Our frontline services signposted and referred clients to over 150 community organisations.

Our dual strategy of providing care and support to those who need it, alongside our Ageing Well strand of services, has proved critical during the COVID crisis. All our short term plans for the year 2021/22 are related to being able to continue to respond to the needs arising from the pandemic and ensuring we have the resources available to do so.

Strategically, the organisation has been participating in the local Integrated Care System, Lambeth Together. The CEO is a member of the strategic leadership team and is chair of the Neighbourhood Wellbeing Delivery Alliance. Staff in each of the neighbourhood teams are active participants in the emerging Thriving Communities groups around the borough

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Thanks

As ever there is a long list of people we need to thank for enabling us to provide the services we do.

Firstly to our funders. Most of our income comes from a range of contracts with Lambeth Council Adult Social Care. We have positive relationships with our commissioners, which helps us have robust conversations about performance, expectations and future development. We are especially grateful for their support during the pandemic. In addition to some additional financial support, the commissioner’s approach at the beginning of the pandemic was incredibly positive. They assured us that contracts would continue to be honoured but that we would not be held to our usual KPIs, in order to allow us to respond to need as we liked.

We have also received funding from City Bridge Trust, Walcot Foundation, Groundwork, Card Factory and the Souter Trust. A huge thank you to all of those funders.

We’d like to thank our partners and colleagues in the voluntary sector. Especially to those who helped distribute food and meals at the height of the pandemic, and to those who partnered with us to provide the Phone Friends service. Lambeth has a vibrant voluntary sector of which we are proud to be members.

This year we have to say a special thank you to the hundreds of volunteers who joined us. We had a huge growth in the number of volunteers who signed up to help us, especially through Team Lambeth, the council’s COVID volunteering plan. We had volunteers who joined us having been furloughed or working from home. Most of our volunteers this year have been Phone Friends- making weekly calls to some of the borough’s most isolated older people. Volunteers have also been helping in other services, and with administrative duties. Without our volunteers we would not have been able to reach as many people as we have been able to. Thank you!

Trustees are a special group of volunteers, taking on the legal responsibility of the charity. This year especially, they have been incredibly supportive of the work and ensured we had the resources to provide the services we have. We could not have had the reach we have had without their commitment. We really appreciate the work of all trustees and the time they give up to ensure that we have strong governance. Thank you.

And finally, to the staff team who have worked so hard. It is difficult to describe just how magnificent their response to the pandemic has been. They have adapted and changed,often rapidly, in order to continue to provide services. They have worked tirelessly to make sure that people calling for help, got the help they needed. It has been widely recognised that being at the frontline of support has had an impact on the wellbeing of workers. And we have seen that. We have tried extensively to ensure all staff members have felt supported; we’ve given access to life coaches and other support. What has been an honour and privilege to watch is the manner in which the staff team have lived out our core value of kindness. To clients. To each other. Thank you.

7

Financial Review and Results

This was a challenging year as we mobilised resources to provide urgent support to those in need (eg emergency shopping, providing isolation bags, and support for hospital discharge). This meant some additional unplanned expenditure whilst at the same time we experienced a loss of trading income (eg from our handyperson service and Vida’s cafe) and disruption to our fundraising activities.

However, we were successful in our application for emergency funding from the Walcot Foundation (via the London Community Response Fund) and received additional funding from Lambeth Council. We were able to use these additional funds to offset the majority of the losses outlined above and we ended the financial year with a small deficit of £36,832 and an unrestricted fund balance of £481,699.

Our Connect Lambeth (ILCP) contract which we deliver as the lead partner of a consortium of charities was renewed for a further 5 years from 1st April 2020 and expanded to include advocacy services. During the year we were successful in negotiating an extension to our contracts with Lambeth Primary Care Networks (PCNs) to deliver social prescribing services across the borough. We were also awarded a contract by Lambeth Council to run their Coronavirus Helpline. The above helped to increase our income to £2,656,000 for the year (2020 - £1,712,618).

Risk Management

The Trustees have reviewed the major strategic, business and operational risks which the Charity faces and identified key risks and these are captured in the annual risk register. Risk management is delegated to the Finance & Risk Subcommittee who meet at least quarterly to review risk levels and take appropriate action.

The key risks identified in the 20/21 risk register related to the pension liability and Brexit. In February 2020, the spectre of Coronavirus became a reality, resulting in major changes to operations. We successfully implemented our recently updated Business Continuity plan leading to little additional financial or operational risk.

In addition, strong financial controls are in place to mitigate the risk of financial losses due to theft or fraud and these controls are regularly reviewed.

Reserves

The Board of Trustees has examined the charity’s requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the free reserves, i.e. unrestricted funds, not committed or invested in tangible fixed assets held by the charity, should be at a level equivalent to three months of operating costs.

Using this definition the charity’s free reserves at 31st March 2020 amounted to £481,699 (2020 £534,221). As the charity’s annual forward expenditure (excluding partner payments) for 2021/22 is forecast to be £1,785,413 the level of free reserves is broadly in line with the policy.

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Fundraising

During the year the total donations and income from fundraising activities came to £18,808 (2020 £9,203). We received donations directly from individuals in response to our Christmas Campaign but also supported the charity throughout the year. We also received grants from City Bridge Trust, Walcot Foundation, Card Factory, Groundwork and the Souter Trust.

We are registered with the Fundraising Regulator and adhere to its Code Of Fundraising Practice. Our fundraising events are organised by our staff members to support the continued work of our organisation. During the year we employed the services of a freelance fundraiser who:

We have a fundraising strategy and policies to which we are committed. We do not ‘cold-call’ people for fundraising purposes. We only phone people with whom we have an existing relationship, or who have already given us permission to contact them. During the year we did not do any street collections. There have been no complaints about our fundraising activities during the year.

Structure, Governance and Management

The company’s governing document is the Memorandum and Articles of Association for a company limited by guarantee and not having a share capital. The liability of the members is limited to £1. The Articles were last reviewed in February 2020, resulting in a change to the membership of the Company. This is now aligned with the current Trustees, who are also the only members of the company.

Management of the charity is the responsibility of the Board of Trustees which meets at least four times a year. Trustees are recruited throughout the year and elected at the Annual General Meeting by the members of Age UK Lambeth. Honorary Officers are also elected at the AGM. Trustees normally serve a three-year term and are twice eligible for subsequent re-election.

A full induction is provided for all new Trustees and ongoing training opportunities are made available. The Board holds regular reviews of its skills and experience to ensure it meets the needs of the organisation and to identify gaps in its expertise which need to be filled.

All Trustees give their time voluntarily and receive no remuneration from the charity. Any expenses reclaimed from the Charity are set out in note 10 to the accounts. The Trustees delegate day to day management to the Chief Executive, Graham Gardiner.

Age UK Lambeth currently uses NJC pay scales as guidance for setting the salaries of the Chief Executive and other management staff, as well as benchmarking against similar jobs in the sector and performance of the staff member.

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Age UK Lambeth, Age UK and the Age England Association

Age UK Lambeth is an independent charity responsible for its own policy, direction and funding. Age UK Lambeth is a partner of Age UK under a Brand Partnership Agreement, which sets out the terms of the partnership between the national and local organisation. As a Brand Partner of Age UK, we participate in a Shared Strategy within a network of charities working together to deliver positive change with and for older people. The Brand Partnership Agreement affords Age UK Lambeth access to national policy groups and requires us to meet two separate Quality Standards, which underpin both our Organisation and MYadvice.

We receive support in influencing and campaigning, website and digital services, information sharing, insurance, fundraising, development grants, volunteering, media and public relations. The current brand partnership was due to end in April 2021 and work has started to negotiate a new working arrangement with all brand partners. This has proved more difficult than expected, as it has been agreed that the network relationship with the national charity needs to be updated and made relevant for the current strategic context we are all working in. This has meant a delay to the partnership agreement being agreed, therefore it was decided to extend the existing agreement for another year.

Age UK Lambeth contributes to the Age England Association and supports the work of Age UK by participating in regional and national meetings and networks. We also raise policy issues that may benefit from work at a national level. We pursue locally issues raised at a national level. We provide case studies and we arrange for local older people to act as spokespeople on national topics. We provide ideas and input into discussions and consultations on policy matters. We receive monthly information and updates that may be of interest to local Age UK partner charities from Age UK which undertakes national policy and campaigning work and to whom we can periodically apply for modest amounts of funding for specific project work.

Directors’/Trustees responsibilities in respect of the accounts

Trustees (who are also directors of Age UK Lambeth for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and the group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

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

In so far as the trustees are aware:

Auditors

The Trustees have decided to re-appoint the Goldwins Limited as the auditors for the forthcoming year in accordance with the Companies Act 2006.

Form of this Report

This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and reporting by Charities 2015 and in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Approved on behalf of the Board of Trustees on 22nd November 2021 and signed on its behalf by:

Yawar Choudhry Chair 336 Brixton Road, London SW9 7AA

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Age UK Lambeth

Opinion

We have audited the financial statements of Age UK Lambeth (the the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. 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:

2021 and of its income and expenditure for the year then ended.

Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.

Have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in are independent of the charitable company in accordance with the ethical requirements that 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

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 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,

12

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:

financial statements are prepared is consistent with the financial statements; and pared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the to which the Companies Act 2006 requires us to report to you if, in our opinion:

Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

The financial statements are not in agreement with the accounting records and returns;

or

d by law are not made; or

We have not received all the information and explanations we require for our audit; or

The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the

Responsibilities of trustees

annual report, 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 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.

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 gh 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.

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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

website at: www.frc.org.uk/auditorsres report.

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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 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.

Anthony Epton (Senior statutory auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead LONDON, NW6 2EG

Date: 1 December 2021

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Age UK Lambeth Statement of financial activities

(incorporating an income and expenditure account) For the year ended 31 March 2021

Note
Income from:
Donations
3
Charitable activities
4
Other trading activities
6
Investment income
5
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
7
Net income / (expenditure) for the year
8
Transfers between funds
Other recognised gains
23
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
17		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2021
2021
2021
2020
£
£
£
£
139,512
2,500
142,012
9,203
2,422,796
74,083
2,496,879
1,675,627
16,776
-
16,776
25,498
333
-
333
1,840
2,579,417
76,583
2,656,000
1,712,168
9,028
-
9,028
1,074
2,622,911
60,893
2,683,804
1,735,613
2,631,939
60,893
2,692,832
1,736,687
(52,522)
15,690
(36,832)
(24,519)
-
-
-
-
(52,522)
15,690
(36,832)
(24,519)
-
-
-
201,000
(52,522)
15,690
(36,832)
176,481
534,221
86,450
620,671
444,190
481,699
102,140
583,839
620,671

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

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Age UK Lambeth

Balance sheet

As at 31 March 2021

2021
Note
£
Fixed assets:
12
-
Investments
13
50
Current assets:
Debtors
14
301,152
491,406
792,558
Liabilities:
15
(202,353)
Provision for liabilities
17
481,699
Total unrestricted funds
Tangible assets
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total net assets
Funds
Restricted funds
Unrestricted funds:
General funds
Total funds		 2021
Note
£
Fixed assets:
12
-
Investments
13
50
Current assets:
Debtors
14
301,152
491,406
792,558
Liabilities:
15
(202,353)
Provision for liabilities
17
481,699
Total unrestricted funds
Tangible assets
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total net assets
Funds
Restricted funds
Unrestricted funds:
General funds
Total funds		 2021
2020
£
£
-
50
50
116,268
580,853
697,121
(68,898)
590,205
(6,416)
583,839
102,140
534,221
481,699
583,839		 2020
£
50
628,223
301,152
491,406
792,558
(202,353)
481,699
(7,602)
620,671
86,450
534,221
620,671

22nd November 2021

Approved by the trustees on ………………………………and signed on their behalf by:

Yawar Choudhry

Trustee

Company registration no. 03252067

The attached notes form part of the financial statements.

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Age UK Lambeth

Statement of cash flows

For the year ended 31 March 2021

Note 2021 2021 2020 2020
£ £ £ £
Net cash provided by / (used in) operating activities
18 (89,780) 34,652
Cash flows from investing activities:
Interest/ rent/ dividends from investments 333 1,840
Cash provided by / (used in) investing activities 333 1,840
Change in cash and cash equivalents in the year (89,447) 36,492
Cash and cash equivalents at the beginning of the year 580,853 544,361
Cash and cash equivalents at the end of the year 19 491,406 580,853

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Age UK Lambeth Notes to the financial statements For the year ended 31 March 2021

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 - effective 1 January 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any 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 reporting period.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

d) Donations of gifts, services and facilities

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

e) Interest receivable

f) Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity’s work or for specific projects being undertaken by the charity.

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Age UK Lambeth Notes to the financial statements For the year ended 31 March 2021

1 Accounting policies (continued)

g) Expenditure and irrecoverable VAT

h) Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance and governance costs which support the Trust's charitable activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities.

i) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £1,000. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

˜ Fixtures and fittings straight line basis over 4 years ˜ Equipment straight line basis over 4 years

j) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

k) Cash at bank and in hand

l) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

m) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

20

Age UK Lambeth Notes to the financial statements For the year ended 31 March 2021

Income from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income / (expenditure) for the year
Transfers between funds
Other recognised gains
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total
funds
2020
2020
2020
£
£
£
4,928
4,275
9,203
-
1,675,627
1,675,627
25,498
-
25,498
1,840
-
1,840
32,266
1,679,902
1,712,168
244,209
1,492,478
1,736,687
244,209
1,492,478
1,736,687
(211,943)
187,424
(24,519)
228,158
(228,158)
-
201,000
-
201,000
217,215
(40,734)
176,481
317,006
127,184
444,190
534,221
86,450
620,671

21

Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2021

3 Income from Donations

Income from Donations
HMRC Coronavirus Job Retention Scheme
LB Lambeth Business Rates Grant
LB Lambeth Covid response funding
The Department for Work and Pensions
Walcot Foundation
Other donations and grants
Income from charitable activities
ILCP Services
Other community services		 Unrestricted
Restricted
Total
Total
2021
2021
2021
2020
£
£
£
£
16,531
-
16,531
-
10,000
-
10,000
-
66,542
-
66,542
-
5,131
-
5,131
-
25,000
-
25,000
-
16,308
2,500
18,808
9,203
139,512
2,500
142,012
9,203
Unrestricted
Restricted
Total
Total
2021
2021
2021
2020
£
£
£
£
1,573,322
-
1,573,322
1,076,953
849,474
74,083
923,557
598,674
2,422,796
74,083
2,496,879
1,675,627

5 Income from investments

Bank interest
6
Income from other trading activities
Shop income
Other income		 Unrestricted
Restricted
Total
Total
2021
2021
2021
2020
£
£
£
£
333
-
333
1,840
333
-
333
1,840
Unrestricted
Restricted
Total
Total
2021
2021
2021
2020
£
£
£
£
-
-
-
15,000
16,776
16,776
10,498
16,776
-
16,776
25,498

22

Age UK Lambeth Notes to the financial statements For the year ended 31 March 2021

7 Analysis of expenditure

Cost of
Basis of raising Charitable Support Governance
allocation funds activities costs Costs Total 2021 Total 2020
£ £ £ £ £
Direct costs Direct - 1,018,447 - - 1,018,447 530,682
Staff costs Staff time - 1,158,789 195,834 - 1,354,623 937,324
Audit fees Direct - - - 5,400 5,400 3,700
Communications and IT Staff time - 36,522 9,539 - 46,061 50,387
Consultancy Direct - 74,926 - - 74,926 33,163
Fundraising costs Direct 9,028 - - 9,028 12,099
Other expenses Staff time - 126,839 6,488 - 133,327 122,344
Premises costs Floor area - 41,854 9,166 - 51,020 46,988
9,028 2,457,377 221,027 5,400 2,692,832 1,736,687
Support costs - 221,027 (221,027) - - -
Governance costs - 5,400 - (5,400) - -
Total expenditure 2021 9,028 2,683,804 - - 2,692,832
Total expenditure 2020 1,074 1,735,613 - - 1,736,687

Of the total expenditure £60,893 was restricted (2020: £1,492,478) and £2,631,939 was unrestricted (2020: £244,209).

23

For the year ended 31 March 2021

Age UK Lambeth

Notes to the financial statements

8 Net income / (expenditure) for the year

This is stated after charging / (crediting):
Depreciation
Auditor's remuneration:
Audit fees		 2021
2020
£
£
-
(433)
5,400
3,700

9 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows:

Salaries and wages
Social security costs
Employer’s contribution to defined contribution pension schemes		 2021
2020
£
£
1,191,790
818,081
101,815
67,888
61,018
51,355
1,354,623
937,324

None of the employees received employee benefits in excess of £60,000 during the year (2020: None).

The total employee benefits including pension contributions of the key management personnel were £56,616 (2020: £55,923).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2020: £nil) neither were they reimbursed expenses during the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 55 (2020: 36).

10 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11 Pension scheme

Defined contribution plan

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £61,018 (2020: £51,355).

24

For the year ended 31 March 2021

Age UK Lambeth

Notes to the financial statements

12 Tangible fixed assets

Tangible fixed assets
Cost
At the start of the year
Additions in year
Disposals in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
At the end of the year
Net book value
At the end of the year
At the start of the year
All of the above assets are used for charitable purposes.		 Motor
Vehicles
Fixtures,
Fittings and
Equipment
Total
£
£
£
5,400
40,329
45,729
-
-
-
-
5,400
40,329
45,729
5,400
40,329
45,729
-
-
5,400
40,329
45,729
-
-
-
-
-
-

13 Fixed asset investments

Other
14
Debtors
Trade debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Trade creditors
Taxation and social security
Deferred income
Other creditors
Accruals
Deferred income
Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year		 2021
2020
£
£
50
50
50
50
2021
2020
£
£
214,298
66,607
86,854
49,661
301,152
116,268
2021
2020
£
£
29,908
26,448
27,508
21,204
119,688
-
11,175
-
14,074
21,246
202,353
68,898
2021
2020
£
£
-
85,000
-
(85,000)
119,688
-
119,688
-

25

Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2021

16 Analysis of net assets between funds

Analysis of net assets between funds
Investments
Net current assets
Defined benefit pension asset / (liability)
Net assets at the end of the year		 General
unrestricted
Restricted
Total
funds
£
£
£
50
-
50
488,065
102,140
590,205
(6,416)
-
(6,416)
481,699
102,140
583,839

Analysis of net assets between funds for the previous year

Investments
Net current assets
Defined benefit pension asset / (liability)
Net assets at the end of the year		 General
unrestricted
Restricted
Total
funds
£
£
£
50
-
50
541,773
86,450
628,223
(7,602)
-
(7,602)
534,221
86,450
620,671

17 Movements in funds

Restricted funds:
Safe and Independent Living (SAIL)
Liangattock Trust
MYsocial
Vida's
W G Edwards
Windrush Fund
Total restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
Total funds		 At the start
of the year
Income
and gains
Expenses
and losses
Transfers
At the end
of the year
£
£
£
£
£
-
12,768
(12,768)
-
-
84,950
-
-
84,950
-
62,315
(48,125)
-
14,190
-
1,500
-
1,500
1,500
-
-
-
1,500
-
-
-
-
-
86,450
76,583
(60,893)
-
102,140
534,221
2,579,417
(2,631,939)
-
481,699
534,221
2,579,417
(2,631,939)
-
481,699
620,671
2,656,000
(2,692,832)
-
583,839

Purposes of restricted funds

Details of restricted funds is given in the Trustees' Report.

The Llangattock Trust monies are for the relief of poverty of elderly people in and around Lambeth. WG Edwards Charitable Foundation monies are to help fund out and about trips for alder people with limited mobility.

Windrush Fund monies were to fund the Windrush Memories Project and exhibition.

26

For the year ended 31 March 2021

Age UK Lambeth

Notes to the financial statements

17 Movements in funds for the previous year

Restricted funds:
ILCP Services
Other Community Services
National Lottery Community Fund
Gilead
Age UK London
Liangattock Trust
Winter Pressure Services
W G Edwards
Windrush Fund
Total restricted funds
Unrestricted funds:
General funds
Total unrestricted funds
Total funds		 At the start
of the year
Income
and gains
Expenses
and losses
Transfers
At the end
of the year
£
£
£
£
£
-
1,076,953
(894,456)
(182,497)
-
-
511,255
(507,813)
(3,442)
-
-
49,500
(49,500)
-
-
-
30,000
(30,000)
-
-
-
2,635
(2,635)
127,184
-
-
(42,234)
84,950
-
4,059
(4,059)
-
-
-
1,500
-
-
1,500
-
4,000
(4,015)
15
-
127,184
1,679,902
(1,492,478)
(228,158)
86,450
317,006
32,266
(43,209)
228,158
534,221
317,006
32,266
(43,209)
228,158
534,221
444,190
1,712,168
(1,535,687)
-
620,671

18 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period
(as per the statement of financial activities)
Depreciation
Loss on disposal of fixed assets
Interest, rent and dividends from investments
(Increase)/ decrease in debtors
Increase/ (decrease) in creditors
Net cash provided by / (used in) operating activities		 2021
2020
£
£
(36,832)
(24,519)
-
1,217
-
4,949
(333)
(1,840)
(184,884)
110,685
132,269
(55,840)
(89,780)
34,652
19
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents		 At the start
of the year
Cash flows
Other
changes
At the end
of the year
£
£
£
580,853
(89,447)
-
491,406
580,853
(89,447)
-
491,406

27

Notes to the financial statements For the year ended 31 March 2021

Age UK Lambeth

20 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

Less than 1 year
1 - 5 years		 Property
Property
2021
2020
£
£
-
5,524
-
-
-
5,524

21 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

22 Related party transactions

There are no related party transactions to disclose for the year (2020: none).

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

23 Pension plan

TPT Retirement Solutions – The Growth Plan

The company participates in the scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the 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 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

From 1 April 2019 to 31 January 2025: £11,243,000 per annum (payable monthly and increasing by 3% each on 1st April).

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 2014. This valuation showed assets of £793.4m, liabilities of £969.9m and a deficit of £176.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

28

Age UK Lambeth Notes to the financial statements For the year ended 31 March 2021

23 Pension plan (continued)

Deficit contributions

From 1 April 2016 to 30 September 2025: £12,945,440 per annum (payable monthly and increasing by 3% each on 1st April).

From 1 April 2016 to 30 September 2028: £54,560 per annum (payable monthly and increasing by 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
31-Mar-21 31-Mar-20 31-Mar-19
£ £ £
Present value of provision 6,416 7,602 9,222

Reconciliation of opening and closing provisions

Reconciliation of opening and closing provisions
31-Mar-21 31-Mar-20
£ £
Provision at start of period 7,602 9,222
Unwinding of the discount factor (interest expense) 171 116
Deficit contribution paid (1,576) -1,530
Remeasurements - impact of any change in assumptions 219 -206
Provision at end of period 6,416 7,602
Income and expenditure impact
31-Mar-21 31-Mar-20
£ £
Interest expense 171 116
Remeasurements – impact of any change in assumptions 219 -206
Assumptions 31-Mar-21 31-Mar-20 31-Mar-19
% per anum % per anum % per anum
Rate of discount 0.66 2.53 1.39

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.

29

Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2021

23 Pension plan (continued)

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

each year end period:
Year ending 31-Mar-21 31-Mar-20 31-Mar-19
£ £ £
Year 1 1,624 1,576 1,530
Year 2 1,672 1,624 1,576
Year 3 1,723 1,672 1,624
Year 4 1,479 1,723 1,672
Year 5 - 1,479 1,723
Year 6 - - 1,479

24 Other gains

The charity was in negotiations with the London Borough of Lambeth Pension Scheme regarding a termination payment of £201,000 relating to participation of the scheme up until 2012. The charity received confirmation that this no longer represents a liability of the charity and accordingly the provision was reversed in the last year's financial statements.

30