Report and Financial Statements Year ended 31 March 2023 llllllllllll •AC)FAT23" 2W1V2Q3 CA)NIP*NIES HOUSE Looking forward ageuK for Larnbeth Age UK Lambeth Company No. 03252067 Registered Charity No. 1063497
Contents Page About Age UK Lambeth Trustees, Officers and Professional Advisors Annual Report of the Trustees Report of the Independent Auditors 11 Statement of Financial Activities 16 ststement of Financlal Position 17 Cash Flow Statement 18 Notes to the Accounts 19
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 work our partners and service users on the co-development and delivery of services ensuring that they meet their needs. During 2022123 the impact of the Cost of Living Crisis continued the high demand for our services that we had experienced during the Covid-19 pandemic. During the financial year, our services supported 52,369 residents and recruited 88 new volunteers. at the end of the year our team consisted of 266 volunteers. Adaptlng to change... With the diminishing impact of the COVID-19 pandemic, our communities faced a new challenge with a fall in 'real' disposabte income. the cost of living crisis. The knowledge and trust of AUKL built during Ihe pandemic resulled in residents tuming to us for support. Our services have adapted to this change with Mysoaal providing a wami hub in Vidas. our Linkworkers and Neighbourhood Teams supporting clients wilh their benefits daims, and our Gateway team continues to cope with unprecedented demand. The flexibilty of our staff and volunteer team is a ¢yedit to every member. Despite the huge demands on them they remain focussed on supporting our vulnerable and socially isolated residents during these tough times. Office accommodation... In September AUKL moved our main office from 336 Brixton Road (our home for many years) to temporary accommodation in Intemational House. An empty untt on Acre Lane was identified as a pemianent location, negotiations with Ihe landlord were successful and we expect to be operating from the site in January 2024. Future development... During 23124 we will be working on our new five-year strategy. Recognising our strengths and weaknesses, we will be reviewing the support we provide for older people in Lambeth and addressing any gaps in our range of services and our delivery model. Our core contract, the Independent Living and Carers. Partnership wth Lambeth Council, will be out to tender for a new contract commencing April 2025 and this will influence the work on our new strategy. Our thanks... Our partners in Lambeth Council and Lambeth Together. Adult Social Care. and Public Health for their continued support for us and our partners in Connect Lambeth. Lambeth Councillors for signing up to the Age-Friendly Communities, and committing to becoming an Age-Friendly Borough and we look fopavard to working with the Council on Ihis. We would also like to thank Kim Connell, Deputy Chief Executive. Simon Lincoln, Head of Finance and Resour$, our System Leads. staff, and volunteers for their amazing work during the year. Without their dedication. so many residents would be signific2ntly worse off struggling with the impact of the cost of living crisis. Yawar Choudhry Paul Coles Chair Chief Executive
Trustees, Officers, and Professional Advisors Served in the year April 2022 to March 2023 Registered charity name Age UK Lambeth Principal office and regISted office International House Canterbury CreSnt London SW9 7QE Charity registration number 1063497 Company registration number 03252067 Trustees Yawar Choudhry {Chair) Kate WoollGombe Colin Adamson (Vitrchair) Uzema Ahmed Owen Davies Bemard Nawrat Aaron Cue Huw Herrity Abby Lilly (appointed 28th November 2022) Colleen Wong (appointed 28th November 2022) Prabhat Kumar (appointed 28th November 2022) Emma Paterson {appointed 28th November 2022) Finance & Risk Sub Commlttee Huw Herrity (Chair) Bernard Nawrat Kate Woollcombe Abby Lilly HR Sub Committee Bemard Nawrat (Chair) Owen Davies Huw Herrity Emma Paterson Prabhat Kumar Ops Sub<ommittee Colin Adamson (Chair) Aaron Cue Colleen Wong Emma Paterson Senior Offic•rs Paul Coles (CEO) Kim Connell {Deputy CEO) Simon Lincoln (Head of Finan & Resources) Auditor Bankers Goldwins Limited 75 Maygrove Road West Hampslead London NW6 2EG Metro Bank PIC Clapham High Street 65-67 Clapham High Street London SW4 7TG Natwest Bank PIC 504 Brixton Rd London SW9 8EB
Annual Report of the Trustees The trustees present their report and the audited financial statements for the year ended 31 March 2023. The financial statements comply with current statutory requirements, the Memorandum and Articles of Assoaation, and the Statement of Recommended Practi - Accounting and Reporting by Charities: SORP appIlble to charities preparing their accounts in accordance with FRS102. Directors, Report The Directors present their report for the year ended 31 March 2023. 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 AUKL 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: preventing or relieving sickness. disease. or suffering (whether emotional, mental, or physical): promoting equality and diversity. assisling older people in need by reason of ill health, disability. financial hardship, social exclusion. or other disadvantages. and such other tharitable purposes for the benefit of older people as the trustees may from time to time decide. advancing education Our services In alignment with our strategy. we have two elements to our service provision: Servi$ for those who require care and support. and our Iheme of Ageing Well. Care and Su We provide a wide variety of services to support the Y11-being of residents in the Borough including.. Our Gateway team, who offer initial contact, brief interventions. and signposting to residents who call us directly or through the support we provide to Lambeth's Adult Social Care team. Our Adult Social ca Front Door helps residents access the support they need by signposting residents to the appropriate service in the community.
Specialist suptM)rt servi$ such as our Carerfs advi. Welfare Benefit Advi, the Mycommunity Directory. and our Quality Assurance and Advice Trainer. Social Prescribing via our Neighbourhood Wellbeing workers. and Primary Care Linkworkers, based in primary care settings across the Borough. Our hospital services. hospital discharge seNce. and home and settle. Our Homemakers, and Handyfix team SUPFK)rt residents to remain in their homes safely. Our Befriending volunteers provide a valued Servi to our older socially isolated residents. Our Magnolia dubs support residents dementia by providing a safe, secure space for clients to participate in activities that stimulate their creativity. Mysocial. our member-led service prowding activities thal support the memberfs well- being. Our Foot Care Servi operates from Vidas. Exerase and Socialise wnning exercise classes for older vulnerable residents building up their confidence in venues across Lambeth. Our short-temi interventions My Ho Ho and monthly Tea Dan. Our other services include: Our Volunteer re¢witer supports our services and volunteers. Our campaign work on Age Friendly Lambeth. Our fundraising team ddivers opportunities for our community to engage with us and support our work. Our communications team raising awareness of our work via our websites. social media, and pamphlets, leaflets. and posters. Our data team supporting our partners in Connect Lambeth and AUKL in understsnding the impact of our Servi$. Our Human Resource team supports AUKL in the recruitrnent. supervision. training, and retention of our staff. Our Finance team. Our Ageing Well theme is fowsed on understsnding 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 bad( to our community. Our campaign work on Age Friendly Lambeth was instrumental in Lambeth Council signing up to become an Age Friendly Borough. joining a global nelwork of cities and Communities. We look fomard to working Lambeth Council on making our Borough a great place to grow older. Age UK Lambeth is a member ofthe Connect Lambelh consisting ofthe Carers Hub. Disability Advice Service (DASL), and Community Service Neork. On behaff of Connect Lambeth, AUKL is the lead partner of the Independent Living and Care Partnership contract funded by Lambeth Council and Lambeth Tty3ether. The contract is delivered by all members of the consortium as well as delivery partners, The Royal Assoriation for Deaf People providing infomiation, advi and support sessions. POhWER who WO with Community Support NeOrk and DASL on delivering ststutory Advocacy services for people agj 16 and over in Lambeth.
Age UK Lambeth has overall responsibility for delivering and monitoring the services of Connect Lambeth. which seeks to be a 'one-stOP-shop offering ServIS for older people. people with disabilities and long-term health condrtbons. and unpaid carers of all ages. In setting its objectives and activtties, the trustees have had due regard to the Charity Commission's guidance on public benefit. Retrospective The Cost of Living crisis impacted the demand for AUKL'S services. We saw an increase in demand for support benefits advice. We added additional support to our Neighbourhood teams and Link Worker teams with the recruitment of a Welfare Benefits Advisor. We had 52,369 contacts with dients during the year. the vast majority over the phone. We had 28,428 calls to our Hdpline. in the previous years we had 12,093, up 1350/0. Mysocial hosted over 1,100 events during the year. The Neighbourhood teams supported 1,914 reshjents. The Handffjx team completed over 1,469 jobs. On 31 st March 2023. we had 266 volunteers. The majority of our volunteers support our Myneighbour befriending service through: Fac&to-Face Befriending visits once a week for around about an hour.. Friendship Calls for people who would prefer a regular plKJne call for conversation and connection. Strategically, Age UK Lambeth is part of the local Integrated Care System, Lambeth Together. Our Chief Executive is a member of the strategic leadership team and is an active member of the NeIghurhood Wellbeing Delivery Aliance. Age UK Lambeth is at the heart of the development of the Integrated Care System for Lambeth. influencing its development and ensuring that the needs of older people are represented. 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 InMe comes from a range of o)ntra¢ts with Lambeth Counal Adult Social Care. We have posilive relationships wilh our (x)mmissioners, which helps us have robust conversations about performan. expectations, and future development. We are especially grateful for their ongoing support during the pandemic. I We have also reGeived funding from City Bridge Trust. Age UK, the Emanuel Hospital Foundation, and many others. A huge thank you to all of those fijnders. We would like to thank our- Partners and colleagues in the voluntary sector. especially tIse who are part of • Connect Lambeth. Volunleers whom without we would not have been able to reach as many people as we have been able to Trustees for their time and sound advi ensure that our governance is sound but that we are also financially stable
Our staff team whose commitrient to our core value of kindness, accepting and adapting to change, and delivering our projects in difficutt times ensures we are always here for our clients And our dients whose trust in us we never take for granted. Financial Review and Results The year saw a continuation of the work we delivered in 2022123 with a small increase in our income lo £3,905,861 (2022 - £3,699,105) as we were able to expand our Hospital to Home. work over the critical winter period through a contract with the British Red Cross. Our principal source of income continued to be through contracts with Lambeth Council and NHS bodies (88 % ). supplemented with income from grants (50/0). trading, and donations (2 /0) We ended the year with a surplus on unrestricted funds of £103,763 and on restricted funds of £17,384. This meant our total funds as at 31st March 2023 were £900,108 (£791,924 L5nrestricted and £108,814 restricted) of whid) £20,000 was designated to cover the expected costs of acquiring a new propety in 2023124 and £50,000 to fund a series of one-off staff bonus payments in 2023124. The surplus will also enable us to cover operational costs and a challenging fundraising and grants environment. Risk Management The Trustees have remewed the major strategic. busiress. and operational risks that the Charity faces and identified key risks that are captured in the annual risk register. Risk management is delegated to the Finan & Risk Subcommittee who meet at least quarterfy to review risk levels and take appropriate action. The key risks identffied in the 2022123 risk register are mainly related to the current economic climate and how this might impact local govemment finan5 and underfying costs. We also identified risks associated with the acquisition of a long-temi lease for a site in central Brixton that will act as our new Servi centre. After a long period of having only an administrative base for our services, this will provKle a ValUate open door for service users at a time of increasing demand. These and other risks are reviewed throughout the year to determine if any new risks have arisen and if mitigating factors are sufficAent. 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. ie. unrestricted funds. not committed or invested in tangible fixed assets hdd by the Gharity. should be at a level equivalent to three months of operating costs. Using this definition the charity's free reserves at 31st March 2023 amounted to £771,294 {2022 - £667,531). As the charity's annual fonvard expenditure (excluding partner payments) for 2023124 is forecast to be £2.4m the level of free reseprfes is broadly in line with the policy (equivalent to 3.8 months).
Fundraising During the year the total donations and income from individuals and corporates came to £26,970 (2022 - £37,826). In addition to this. we received grants from City Bridge Trust, Hope for Home. Emanuel Hospital Fund, the Rothesay Foundation, and the Screwfix Foundation. We also received the following grants from Age UK National - Winter Health, Digital Champions. Cost of Living and Dementia (MCST). We also wanted to thank those who donated towards the Diana Kahn vlking programme in memory of our previous Chair who died during the year. Diana was a keen walker so we were pleased to be abte to use these to fund a series of healthy walks in her honour. We are registered with the Fundraising Regulator and adhere to its Code Of Fundraising Practice. Our fundraising events are organised by our staff members lo support the continued work of our organisation. 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 exisling relationship, or who have already given us pemiission to contact them. During the year we did not do any strt collections. There have been no a)mplaints 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 guarant and not having a share capital. The liability of the members is limited to £1. The Artides were last reviewed in February 2020. resulting in a Ghange 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 responsibilty 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 twce eligible for subsequent re- election. A full induction is provided for all new Trustees and ongoiro training opportunities are made available. The Board holds regular reviews.of its skills and experients to ensure it meets the needs of the organisation and to identfy gaps in its expertise that need to be filled. All Trustees give their time voluntarily and receNe no remuneration from the charity. Any expenses reclaimed from the Charity are set out in note 9 to the aCUnIs. The Trustees delegate day-to4ay management to the Chief Executive, Paul Coles. Age UK Lambeth currently uses NJC pay scales as guidan for setting the saL3ries of the Chief Executive and other management staff, as well as benthmarking against similar jobs in the sector and the performance of the staff member.
Age UK Lambeth. Age UK, and the Age England Association Age UK Lambeth is an independent charity responsible for its ovm policy. direction, and funding. Age UK Lambeth is a partner of Age UK under a Brand Partnership Agreement. which sets out the temis of the partnership between the national and local organisation. As a Brand Partner of Age UK, we parlicipate in a shared strategy within a neOrk of charities working together to ddiver 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 Quality Stsndards. which underpins our Charity. We re1ve support in influencing and campaigning. websrte and dKJital servIs, infomiation sharing, insuran, fvndraising, 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 wilh all brand parlners. This has proved more difficult than expected, as it has been agreed that the network relationship with the national charty needs to be updated and made relevant to the cuent 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. Age UK Lambeth contributes to the Age England Association, made up of all the local Age UKS in England, and supports the work of Age UK by partiopating in regional and national meetings and neOrkS. We also raise policy issues that may benefit from work at a national level. We pursue local 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 nalional policy and Gampaigning work and to whom we can periodically apply for modest amounts of funding for spe(xfic project work. Directors'lTrustees responsibilities in respect of the accounts Trustees (who are also directors of Age UK Lambeth for the purposes of (bmpany 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 ststements 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: select suitable a¢¢ounting policaes and then apply them consistently. observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements" and prepare the financial statements on a going concem basis unless it is inappropriate to presume that the charitable company will conb.nue in business.
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: there is no relevant audit information of which the charitable company's auditor is unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Auditors The Trustees have decided to re-appoint Goldwins Limited as the auditors for the forthcoming year in accordan 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 acrA)rdance with the special provisions rdating to small companies within Part 15 of the Companies Act 2006. Approved on behalf of the Board of Trustees on 18th Dernber 2023 and signed on its behalf by". Yawar Choudhry Chair io
Independent Auditors, Report to the Members of Age UK Lambeth Opinion We have audited the financial statements of Age UK Larnbeth ('the charitable company,) for the year ended 31 March 2023 which Mprise 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 stalements.. give a true and fair view of the state of the tharitsble company's affairs as at 31 March 2023 and of its incoming resources and application of resources for the year then ended-, have been properly prepared in ac(rdanCe with United Kingdom Generally Accepted Accounting Practice." and have been prepared in accordan vith the requirements of the Companies Act 2006. We conducted our audit in accordance with Intemational Standards on Audiling (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 concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the [entityl's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other Inforniation The other infonnation comprises the infomiation included in the annual report, including the trustees. report. other than the financial statements and our auditorfs 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 fomi of assurance conclusion thereon. Our responsibility is to read the other infomiation 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 audil, or otherwise appears to be materially misstated. If we identify such material inconsisl8ncies or apparent material misslatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on Ihe work we have perfomed. we conclude that there is a material misstatement of this other infomiation. we are required to report that facl. 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 Ihe audit: the infomiation given in the trustees. report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial slalem&nts: and the directors, report included within the trustees. report has been prepared in accordance with applicable legal requirements. Matters on which we a required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit. we have not identified material misstatements in the directors. report included within the trustees, reporL We have nothing to report in respect of the following matters in relation io which the Companies Act 2006 requires us to report to you if. in our opinion: adequate and proper accounting records have not been kept, or returns adequale for our audit have not been received from branches not visited by us" or the finanoal statements are not in agreement with the accounting records and retums., or certain disdosures of trustees, remuneration specified by law are not made; or ' 12
we have not received all the information and explanations we require for our audit. or the trustees were not entiued to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees. report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees. responsibilits'es statement set out in the trustees, annual report, the trustees (who are also the directors of the charitsble 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 detemine is neSSary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the finanrial statements. the trustees are responsible for assessing the charitable company's ability to continue as a going conM, disclosing, as applicable, matters related to going conrn and using the going concem basis of accounting unless the trustees either intend lo liquidate the charitable company or to cèase operations. or have no realistic altemative but to do so. Auditor's responsibllities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the finan¢ial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditoffs 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. Misstatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economiG decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non•compliance wilh laws and regulations. We design procedures in line with our responsibilities, ouuined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, induding fraud is set oul below. 13
Capabillty of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non<ompliance wtih laws and regulations, our procedures included the following: We enquired of management. which included obtaining and reviewing supporting documentation, con¢eming the charity's policies and procedures relating to; Identifying, evaluating. and complying with laws and regulations and whether they were aware of any instances of non-compliance. Detecting and responding to the risks of fraud and whether they have knowledge of any actual. suspected. or alleged fraud: The intemal controls established to mitigate risks related lo fraud or non-compliance with laws and regulations. We inspected the minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulalory framework that the charity operates in. focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect ' on the operations of the charity from our professional and sector experience. We reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We perfom)ed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. In addressing the risk of fraud through management override of wntrols, we tested the appropriateness of joumal entries and other adjuslments, assessed whether the judgements made in making accounting estimates are indicative of a potential bias and tested significant transactions that are unusual or those outside the normal course of business. 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 ¢omplian¢e 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. 14
A further description of our responsibilities is available on the Financial Reporting Council's website at: vrfw.frc.o .uklauditorsres onsibilities. Use of our report This report is made solely to the charitable company's members. as a bi)dy, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that V might state to the charitable company's members those matters we are required to stste to them in an auditorfs report and for no other purpose. To the fullest extent pem)itted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's rrEmbers as a body, for our audit work, for this report. or for the opinions we have formed. Anthony Epton {SenÈor statutory auditor) for and on behalf of Goldwins Limited Statutory Auditor Chartered Accountants 75 Maygrove Road West Hampstead LONDON. NW6 2EG Date: 21 December 2023 15
Age UK Lambeth Statement of finan¢ial activities {incorporating an income and expenditu account) For thg arended 31 March 2023 Unrestri¢ted Restricted funds funds 2023 2023 Total funds 2023 Total fvnds 2022 Income from: Donations Charitable acty'vities Other trading activities Investment income ).880 3,683,495 26.356 2.Crf)8 12.969 63.849 115.956 130.153 3.813.648 3,560.422 26,356 22,622 2.008 105 Total incom• 3.762.739 143 122 3 905 861 3.699 105 Exponditur8 on: Raising funds Charitable acb"vities 2.549 3.656.427 2.549 3,233 125.738 3.782.165 3,500,750 Total expenditure 3.658,976 125.738 3.784.714 3.503,983 Net income for th• year 103.763 17.384 121.147 195.122 Nat mov8ment In funds 103.763 17.384 121.147 195.122 R•eonciliation ol funds: Total funds brought foard 687.531 91.430 778.961 583.839 Total funds carried forward 17 108 814 778 961 Al of the above results are derrved from conb"nuing activitie5. There were no other recognised gains or losses other Ihan fv)se ststed 8tove. The attached notes fomi p8rt of these financial statements. 16
Ag? UK Lambeth Balance sheot As at 31 March 2023 2023 2023 2022 2022 Fixed assets: Tangible assets Investrnents 12 13 18.822 18.872 50 Curront assets: Debtors Cash at bank and in hand 14 423.420 831,838 1255358 718,915 418.934 1.137.849 LiabIliti. cdItors. amounts falling due ar 15 373,094 357,483 Net current assets 882,164 780,366 Provision for liabilitS (9281 (1.455) Total net assets 778 961 Funds Restricted funds Unrestricted funds-. Dest9nated funds General funds Totsl unrestricted funds 17 108.814 91,430 70.000 721.294 20,000 667.531 791294 687,531 Total funds 778 961 Approve 18 December 2023 bythetru51eeson................................ ...andsignedontheiTbehalfby. Yawa Trustee oudhry Company registration no. 03252067 The attached notes fomi part of the statements. 17
Age UK Lambeth Statemenl of cash Ilows For the year ended 31 Mar¢h 2023 2023 2023 2022 2022 Net eash provided by l (used in) operating activities 18 432.568 172.577) Cash flows from investing activities- Interesv nu dividends from inveslments Purchase of property. plant and equipment 2.008 21.672 105 Cash provided by l (used in) investing activities (19,6641 105 Change in cash and cash equivalent5 in the year 412,9 172.472) Cash and cash equIvantS at Ihe beginning of the JEar 418,934 491.406 Cash and cash •quival•nts at the end of tho yoar 19 18
Age UK Lambeth Notes to the finan¢ial statements For the ear ended 31 March 2023 Accounting policies a) Ba$ls of preparation The financial statements have been prepared in accordance wth Accounb"ng and Reporting by Charities.. Statement of Recommended Practice applicable to charities pparing their accounls in accordance with the Financial Reporting Standard app1The in ihe UK and Republic of Iland {FRS 102- effective 1 January 2015)- (Charities SORP FRS 102) and the Companies Art 2006. The charitable company meels the definrfton of a publK benefft enlty under FRS 102. Assets antj liabilities are initially recognised at hisl¢yical cost or transaction value unless olherwise stated in the relevant accountiThJ policy or note. b) G¢lt)g ¢onc¢m The trustees consider that there are no material uncertsinties about the charitable companys ability lo contsnue as a going corKem. The trustees do not consider that there are any sources of estimation uncertsinty at the reporting date that have a SnifiCant risk of Causing a material adjustment to the CaTng amounts of assets and hats'lities Iwthin the next reporting perKA. c) Incorne Income is recognised vthen the charity has entiuement to Ihe fijnds. any perfomiance conditions attached to the income have been met. it is probab that the income will be weived and that the amount can be measured reli&4y. d) Donation$ of gifts. sefvices and fxiliti•s Oonate¢J professional serwces and donated facilits.es are recognised as income when the charity has control over the rtem or received the seNi¢e. any con¢Jiti¢)ns associated wth the donab.on have been mel. the receipt of economic benefit from the use by the charrty of the item is probable and that economie benefrt can be measuretl reliabty. In accordance wth the Charitses SORP IFRS 1021. volunteer lime is not recognised so refer to the ITUStees' annual reryjrt for more infofmation about their contribution. On receipt. d¢y)aled gffts, wofessional serwces and thjnated faalities are recognised on the basis of the value of the gift to the charity is the amount the charity would have been willing to pay lo obtain 5eTvKe5 or facililies of equivalenl eCOn1C benefil on the open Market; a corresponding amount is then recognised in expenditure in the perioNJ of re¢eipt. el Intèrest receivable Interest on funds held on dewjsit is fftduded vthen receivable and the amount can measured reliably by the charity,. this is normally uwn noltfication of the interest paid or payable by the bank. fj Fund accounting Unrestriclecl funds are available lo spend on aCti"be$ that further any of the purposes of charity. Oesunated funds are UnreStrted fvnds of the charity vthich the trustees have decided at their dIsCtion to set aside to use for a specthc purpose. Restn"cled fund5 are donab.ons which the donor has Specified are lo k solety ¥Jsed for partslIar areas of Ihe Chtys work or for specific projects being undertaken by the ¢tharity. 19
Age UK Lambeth Notss to the financial statements For the ar ended 31 March 2023 Accounting policie5 Icontinuedl 9) Expenditure and irrecoverable VAT Expendibjre is CogniSed once there ts a legal or constructive obligation lo make a payment to a third paty. it is probable that settlement will be required and the amount of the tligation can be measured reliably. Expenditure is dassified under Ihe fo1thng acts'wty headings.. Costs of raising funds comprise of trading costs and the costs incurred by the charitable cornpany in inducing third parb.es to make voluntsry contributions lo il. as well as the cost of any activrties yth a fundraising purpose. Expenditure on charitable activities indudes the costs of delivering seThices lo further the purposes of the eharity and their associate(I support costs. Other expendilure PreSents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the acb.vity for which the expenditure was incurred. h) Allocation of support costs Support costs are those functions that assist the th of the tharrty but do not dI¢Y undertake charitable activities. Support costs include back office costs, ffinance and governance costs which support the Trusf 5 charitsble actitIes. These $ts have been allted bets cost of raising funds and expendiiure on charitable activities. il Tangible fixed assets Items of equipment are capitalised where the purchase price exceeds £1.0. Depreciation is provided al rates calculated to write down the cost of each asset to its ests"mate(I residual value over its expected useful life. The depreciab.on rates in use are as folk)ws". Fixtures and TIngS straight line basis over 4 years Equipment straight line basis over 4 arS jl Debtors Trade and other debtors are recognised ai the setdemenl amount due after any trade discount offered. Prepaymenis are vaiued at the amount prepaKJ net of any trade discounts due. k) Cosh at bank and in hand Cash at bank and cash in hand indu¢Jes cash and short term hNJlty liquid investments hilh short maturity of three monihs or Jess from the date of acquiyb.on or opening of the deposit or similar account. l) Crediti>rs and provisions Creditors and provisions are recognised where Ihe charity has a present oblNJation resulting from a past event that will probably result in the transfer of funds to a third p8ty and the amount due to setue the obligation can be measured or estimated reli*y. cditOrS and provision5 are nomal recognised al their setuement amount after allowng for trade discounts due. ml Finan¢ial Instruments The charity only has financial assets and f4nancial liabilities of a knnd that qualfy as basic financial instruments. Ba¢ financial instruments are initially recognised at transaction value and subsequently measured al thwr sethement value with the excepts.on of bank loans vA)i¢h a subsequently measured at amorti5ed cosl us9 the effeth.ve inlerest method. 20
Age UK Lambeth Notes to the financial statements For the ear ended 31 March 2023 Detailed comparatives for the ststement of financial activities Unres¢rictsd Restrict funds fvnds 2022 2022 Total funds 2022 Income from.. Donations Ch8ritable activities Other Irading actm.ties Investrment income 115.956 3.404.220 22.622 105 115,956 156.202 3,560,422 22.622 105 Total income 3.542.903 156,202 3,699.105 Exp¢nditur• on: Raising funds Charitable tiVthS 3.233 3,333.838 3,233 166,912 3.500.750 Total expenditure 3.337.071 166.912 3,503,983 Net income l {expenditure) for th• ye 205.832 (10.7101 1,122 Net movement in funds 205.832 (10.7101 195,122 Reconciliation of funds- Total funds brought forNrdrd 481.699 102.140 583.839 Total funds ¢arrled forward 21
Age UK Lambgih Notes to tho finan¢lal Statements For the year ended 31 Maich 2023 3 Incomo from Donatlons Unrestricted Restrl¢ted 2023 2023 Totsl 2023 Total 2022 Age UK Desmond & Dempsey HMRC Coronamrus Job Retention Scheme Judith &"ng Legacy S¢rewfix Foundation The Department for Woth and Pensions Bequest from late Diana Kahn estate Other donatKJn$ and grants 4.936 4,181 4.319 9.255 4,181 17.766 7.868 8.756 5.000 5,000 36.642 3,000 5.771 36.642 72.259 3,000 650 5.121 9.307 115 956 4 Incom• from charitable a¢tivities Unrestrlcted Restricted 2023 2023 Total 2023 Total 2022 L B Lambeth - ILCP seres Other COMMlty services 1.551.195 2.132.3CKI 1,551,195 1.555,195 130.153 2.262,453 2.005.227 130 153 3813648 3560422 5 Income from investments Unrestricted Restricted 2023 2023 Total 2023 Total 2022 Bank interest 2.CX)8 2.008 105 105 6 Incom• from other trading a¢tivities Total 2023 Total 2022 2023 2023 Other income 26.356 26,356 22,622
Age UK Lambeth Forth• arndd 31 hlaffjh 202J 7 Anatys15 ofowndIture currnnty•ar Ctsis Tatsl 2023 Tal 2022 DirKt cosls Stsff ¢ostS Audrt l¢¢s CoMmunaS ar IT Consuhancy Fundraisiry cost5 Oth81 expensfjs Premises costs 1.337.681 1.811270 392.79J 1,J37,£I1 1233,426 2,.060 1.?.410 5,40U 43,ts6 4S.988 3.233 138.ffi3 52.397 Siaff IIT DireLI 31.313 13.419 44.73Z Oirect Staff l¥ne 2.S19 133.125 51257 125.013 43.359 8.9 1549 1353.566 42&19 3.n4.714 2.993 tsLVp Costs 423.199 {4211991 {S.4 ToilèAp•nditure 2023 1549 3.n1165 J.784714 Tot•l¢xpend6trJr• 2D22 3233 3,5NJ.750 1503383 Ofihelol expenthuTe£125,7383sre5trthd (2022." £166.912)£3.65B.9761thstri (2022 £3.337.O71}. 23
Ag• UK LAMb#th Notes to the financialstaternents Forthe earendfjd 31 MJr¢h IQZJ 7 Ana&01 pvtoryear DilÈ¢l ¢ostS Staff costs Auditfèg Commun1CatW tr Consuttancy Fundtaising costs Other expenses Premises co$16 1.233.426 1.ns.021 251.3B9 1.2J3.426 1.902.410 Staff trne 35.656 72C 3.233 J.233 138,043 52.397 1Jl. Floor7 6.77S J233 32t4A11 280.839 (.839} (5.4fp)} Tot•l•xpqrtditur2022 3333 3.S(A7&) 3,503,883 24
Age UK Lambeth Notss to thè financial statements For the year ended 31 March 2023 Net income l {•xpenditur•) for the year Thi5 is Stated after thar9ing I luethlirg).. 2023 2022 Depreciation Auditorfs remuneration: Audit fees 2.850 Analysis of staff costs. trustea rwnuneration and expenses. and thè cost of key management personn•l Stsff costs were as follovts: 2023 2022 Salaries and wages Social security costs Employerfs contribLrtion to defined contribution pension schemes 1.948,794 1,771,119 170.210 137.670 85.056 69.621 2 204 060 1978 410 None of Ihe eMoYeeS receiv&J employee beneffts in eXS of £60,000 during the aT (2022: None). The lotsl employee ber*frts induding pension contn"bulions of the key management personnel were £153.26212022.. £49.441)- The charity trustees were not paid or received any other benefits from empkIent wth the ¢harity in the year (2022.. £nil} neither were they reimbursed expenses during the year {2022.. £nill. No charity tru51ee received payment for professional or other semces supplied to the charity12022.' £nill. Staff numbers The average number of emplo$ (head count based number of slaff employed) during the y was 82 (2022.. 125). 10 Taxation The charitable company is exempt from corporation tsx as all its income is charitable aNJ is applied for charitsble purposes. 11 Pension scheme Defined contribution lan The amount wogrNsed as an expense ffi relaticffl to defined rthtribLrtion plans wa5 £85,05612022.. £69,621}. 25
Age UK Lambeth Notes to the financial statements For the yoar ended 31 March 2023 12 Tangible fixed a$$•ts Fixtures. Motor Filtings and Vehicles Equipment Total Cost At the start of the year Additions in year Disposals in year At the end of the year 5.400 20.200 45.287 1,472 50,687 21,672 25.600 46.759 72.359 Depre¢iation At the stsrt of the year Charge for the year Al the end of the year 45,287 50,687 2,850 53,537 2,850 8,250 45,287 Not book value At the end of the year Al the start of the year All of the above assets are used for tharitable purposes. 13 Flxod ossèt Investments 2023 2022 Other 50 50 50 50 14 Debtors 2023 2022 Trade debtors Prepayments and xcrued InMe Other debtors 389.748 32.472 1.200 423 420 554.098 164.817 15 26
Age UK Lambeth Note$ to the financial s&itements For the year ended 31 March 2023 15 Creditors: amounts falling due within one ye¥ 2023 2022 Trade credrtors Taxation and sooal security Deferred income Other creditors Accruals 12.235 41.707 295.500 17.852 5,800 78.352 39.306 154.169 21.447 64,209 Deferred income 2023 2022 Balar al the beginning of the year Amount released to income in Ihe Amount deferred in the year Balance at tt)e end of the year 154,169 119.688 1154,1691 {119,688} 295,500 154.169 16 Analysis of net assots between funds General unrestricted ReStri¢d Total funds Tangible fixed assets Investsnenls Net current assets Defined benefit pensK)n {li8bility) Net assets al th •nd of th• year 18.822 18.822 50 882,164 928 900 108 773.350 928 108.814 108 814 Analysis of net asséts b•tween funds for the previous year unrestrided Restricted funds Investments Net current assets Defined benefit pension (liability) Net assets at of the y 688.936 1.455 687 531 91.430 780,366 1.455 27
Age UK Lambgth Motes to the financial s&itements For the year ended 31 March 2023 17 Movèments in funds for th• current y of the year and gains and losses Transfers of the year Restrict•d funds: Liangattock Trust City 8ridge Trust Groundwork Card Factory Ividasl Age UK National- Winter Heallh Grant Age UK National- Digitsl Age UK National- MCST Emanuel Hospital Fund {21 Age UK National- Cost of LiwThJ Response Diana Khan - Walking Programme Rothesay Foundati Hope for Home Screwfix Foundation Emanud Hospitsl FurKI11} 84.91 84,950 (53.408) 4,980 11.S)01 I2.[M}I 2.000 {36,0001 17.534) {3.125} 3.125 10,CO) 10,000 7.969 6.615 3.971 5.000 7,S)O 7.969 {6,615) 13.9711 14.0851 I7.0) 915 Total restricted funds 108 814 Unrestricted funds: Designated funds General funds 20,OiX) 667.531 3.762.739 13.658.976) ,000 {9).000) 70,000 721.294 T¢)tal unrestricted funds 687 531 3 762 739 3 658 976 791 294 Total funds 778 961 3 905 861 3 784 714 Purposes of restricted furKIs Detai15 of restricted lund5 15 gtven in the Trustees, Rep The Llangattock Trust monies are for the relief of poverty of elderly peopk in and around Lambelh. City Bridge Trust monie5 are for Mysocial help dder people in Lambeth to get tive and stay connected. Gmundwork is a TfL wling and walking grant that will sum a programme of healthy walks. Card Factory monies were to purchase a replacement oven at Ihe Vida Walsh Centre. Age UK National monies funded a number of different prograrnmes including digital inclusicfi and dementsa cafes. The Emanuel Hosytsl Foundation monies are to supwt information and advice V•f)rk. Diana Kahn monies were donated to support a new heatthy Wdlks programme. Rothesay Foundats"on monies sUppe0 the wnter theer pyografflme offering keland Vouchers to those in need. Hope for Home monies supported our dementia cafes. S¢rthx Foundat monies v*re to redeccffate ts Vida Walsh Centre. 28
4¢ UK Lambeth Notes to the financial statemonts For the year ended 31 Mar¢h 2023 17 Movements in funds for the previous year of the year arKI gains and losw Transfers of the year Restricted lunds: Liang8tto¢k TA1 MY50cial Card Factory (Vidas) W G Edwards Sir Jul8s Thom Charitable TnJsl Catherine Lewis Foundation Better C(Immunty Business Nets• The Schreirer Foundation Hope fof Home Home Instead charib.es Energy Samng Trust Efflanuel Hospiial Foundalion {via Age UK National) 84.950 14.1 84,950 4,980 47.475 {56.6851 {1.500) 11,0001 12501 (995) 250 12,(w)O} (11,9131 {8(V)I (89.2691 {2.500) 11.913 89.269 Total restricted funds Unr•strict•d funds: Designated funds General funds 20.0 I20.0) 20,0 667.531 481.699 3.542.3 13.337.071) Total unr•strict•d furKIs 481699 3 542 9)3 3 337 071 Total lund$ 3 503 983 18 R•con¢iliation of not income l (exponditur•l to net cash flow from operatrng a¢ttvities 2023 2022 Not incorn• for the reporting period (as por the ststernent of financial activities) Depfeaation Loss on disposal of fixed assets Interest, rent and dividerKls from IstMents {Incre8sey decrease in debtors Increasel Idecreasel in creditors Nel cash provided by I (used in) opernting activities 121.147 195.122 2,850 12.(X)81 295.495 15,084 1105) 1417.7631 150,169
Age UK Larnbeth Notes to the financial staternents For the year •nd•d 31 March 2023 19 Analysis of cash and •quivaknts of the year Cash Ilows ¢hangos of the year Cash at bank and in hand 418,934 412.gm 631.838 Total ¢ash and ¢ash •quivalonts 831838 20 Legal status ol the charity The charity is a company limited by guarantee and has no share capital. Each member is liable lo contribute a sum not exceeding £1 in the event of the charity being %Und up. 21 Related party transactions There 8re no related party transath.ons lo disclose for the year {2022.' Th)nel. There are no donatnS from related parties which ¥e wtside ts normal cow5e of business and no stricled donations from lated parties. 22 Pension plan TPT Retirement Solutions- The Growlh Plan The company p8rtieipates in the scheme. a multi*mployer scheme whth prowdes benefits to some 950 non-associated paTb"cipating employers. The scheme i5 a defined nefit scheme in the UK. It is not possible for the company to obtain suffioent information to enabse it lo aOunt for the heme as defined benefit scheme. Therefore it aCCts for the scheme as a defined contribulion scheme. The scherne 15 subject to the funding legislation oudirvl in the Pensions Act 24 which came into for¢e on 30 December 2005. This. together wtlh documents issued by the Pensions Regulalor and Technical Actuarial Stsndards issued by the Financial Reporbng Council. set out Ihe framework for fvnding defined benefit occupat•Mal pension sthemes in Ihe UK The scheme is clafied as a 'last-man standing arraroemenf. Thef0 the company is potentially liable for other parbcipating employers. OUigatnS rf those employers are unable to meet their share of the scheme deficit following wthdrawal from the scheme. Participating employers are legally required lo meet their share of the scheme defictt on an annuity purchase basis on withdrawal from Ihe scheme. A full actuarial valuation for the $Cme was carried out at 30 September 2020. This valuation showed assets of £800_3m, liabilities of £831.gm and a defficit of £31.6m. To eliminate this ndIng shorttall. the Trustee has asked the pathipab'ng employers to pay a¢klitional contn"bub"ons to the scheme as fdlows.. Deficit ntributIonS From 1 April 2022 10 31 January 2025.. £3,312.CKQ per annum Ipaydble monthly). Unless a C(eson has been agreed with Ihe Trustee the lemi trj 31 January 2025 applies. Note that the scheme's previous valuat was carried oul with an effective dale of 30 September 2017. This valuation ShOEd assets of £794.9m. liabtlilEs of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Tru51ee asked the wtiopating employers to pay 8dditional contributions to the scheme as follows.. 30
e UK Lamb•th Notes to the financlal Statements For the ythv end•d 31 March 2023 22 Pension plan Icontinuedl Deficlt ¢ontrlbtstlons From 1 April 2019 to 30 September 2025.. £11,243,000 per annum {payable monthly and increasing by 3% each on 1st fy)rill The recovery plan conlribulion5 are aNocaled to exh parli¢ipatin9 employer in line their estimated share of the Series 1 and Series 2 scheme liabilib"es. Where the scheme 15 in defiat and vthere Ihe company has awd lo a deficit funding arrangement the company wognises a lialty for this oblKJalK)n. The amoLJnl recognised Ès the net present value of the deficit reducts.on eontributiorts payatAe under the agreement that relates to the deficrt. Thè psent value is calculated using the discount rale detsiled in these disdosures. The unwnding of the discount rate is recwised as a finance cosL Prwnt value of prov•sion 31-Mar-23 31-Mar-22 31-MaTr21 Present Wdlue of promsion 928 1.455 6.416 Reconciliation of op•nlng and ¢105ing provisions 3141ar-23 31-M•r-22 Provision at start of pertod Unwinding of Ihe discount faclor (interest expense) Deficit contribUtn paid Remeasuremenls - impact of any change in as5umpkns Remeasurements- amendment5 to the contribution schedule Promsion at eThl of period 6,416 37 {1.624) {331 3.341 28 {5301 {25) 928 In¢ome and expenditure Impart 31-Mar-23 31-Mor-22 Interest expense Remeasuremenls- impact of any change in assuMptnS Remeasurements - amendments to the Contribution schedule 28 {251 37 1331 13,3411 Assumptlons 31-Mar-23 31-Mar-22 31-Mar-21 % per anum Yo per anum /0 per anum 5.52 2.35 Rate of discount 0.66 The discount rates shovm above are the equivalent singqe discount rates which. when used to discount the future recovery plan eontributions due. would give the same resuhs as using a full AA corporate bond yield curve to discount the same recovery F4an ¢ontributions. The following schedule detsils the deficit contribution5 agreed bethen the companyand the scheme at each year erKI period: Year ondlng 31-Mar-23 31-Mar-22 31-Mar-21 Year 1 1.624 1,672 1.723 1,479 Ye8r2 Year 3 Year 4 442 442 31