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2024-03-31-accounts

Report and Financial Statements Year ended 31 March 2024

Age UK Lambeth Company No. 03252067 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 11
Statement of Financial Activities 16
Balance Sheet 17
Statement of Cash Flows 18
Notes to the Accounts 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 work with our partners and service users on the co-development and delivery of services ensuring that they meet their needs.

During 2023/24 the ongoing impact of the Cost of Living Crisis continued the high demand for our services that we have experienced since the start of the Covid-19 pandemic. During the financial year, our services supported 22,016 residents and recruited 144 new volunteers, at the end of the year our team consisted of 241 volunteers.

Adapting to change…

Our community continues to struggle under the cost of living crisis with falling disposable income. The knowledge and trust of AUKL built during the pandemic resulted in residents turning to us for support during the crisis. Our services have adapted to this change with our new service Energy Boost providing specialised energy advice, our Welfare Benefits Advisors supporting clients with their benefits claims, and our Gateway team continuing to cope with unprecedented demand.

The flexibility of our staff and volunteer team is a credit 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 April 2024 we moved into our new office at 10 Acre Lane from our temporary accommodation in International House. Our new office brings us closer to our community, offering older residents an opportunity to speak to us in person, an option that was unavailable at International House and 336 Brixton Road.

Future development…

Our work on our new five-year strategy progressed over the year and will be completed during 2024/25. The new year will be busy strategically with the Independent Living and Carers Partnership (ILCP) contract due to be re-tendered in the autumn of 2024. We have been providing the Adult Social Care Front Door for Lambeth for the last three years, and were successful in bidding to continue the service for another four years plus a possible extension for a further three years from July 2024.

Our thanks…

To all our partners in Lambeth - Connect Lambeth, Lambeth Together, Adult Social Care, and Public Health for their continued support. Lambeth Council for signing up to the AgeFriendly Communities and their commitment to becoming an Age-Friendly Borough.

We would also like to thank Kim Connell, our former Deputy CEO, for her commitment and enthusiasm for Age UK Lambeth for the last 23 years. We all wish her well on her retirement. Our system leads, staff, and volunteers for their amazing work during the year. Without their dedication, so many residents would be significantly worse off struggling with the impact of the cost of living crisis.

Yawar Choudhry Paul Coles Chair Chief Executive

2

Trustees, Officers, and Professional Advisors

Served in the year April 2023 to March 2024

Registered charity name

Age UK Lambeth

Principal office and registered office

10 Acre Lane London SW2 5SG

Charity registration number 1063497

Company registration number 03252067

Trustees

Yawar Choudhry (Chair) Kate Woollcombe (resigned 4th December 2023) Colin Adamson (resigned 11th March 2024) Uzema Ahmed (resigned 4th December 2023 Owen Davies Bernard Nawrat Aaron Cue Huw Herrity Abby Lilly (resigned 4th December 2023) Colleen Wong Prabhat Kumar (resigned 28th January 2024) Emma Paterson

Finance & Risk Sub Committee

Huw Herrity (Chair) Bernard Nawrat Aaron Cue

HR Sub Committee

Bernard Nawrat (Chair) Owen Davies Huw Herrity Emma Paterson

Ops Sub-Committee Emma Paterson (Chair) Aaron Cue Colleen Wong

Senior Officers Paul Coles (CEO) Simon Lincoln (Head of Finance & Resources) Alex Norman (Head of Services)

Auditor Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG

Bankers 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 2024. 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 2024.

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 (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:

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

We provide a wide variety of services to support the well-being of residents in the Borough including:

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Our other services include:

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.

Our campaign work on Age Friendly Lambeth was instrumental in Lambeth Council signing up to become an Age Friendly Borough, joining a global network of cities and communities. We look forward to working with Lambeth Council on making our Borough a great place to grow older.

AUKL is a member of the Connect Lambeth, a consortium of charities, consisting of the Carers Hub, Disability Advice Service (DASL), and Community Service Network. On behalf of Connect Lambeth, AUKL is the lead partner of the Independent Living and Care Partnership contract funded by Lambeth Council and Lambeth Together. The contract is delivered by all members of the consortium as well as delivery partners, The Royal Association for Deaf People providing information, advice and support sessions. POhWER who work with Community Support Network and DASL on delivering statutory Advocacy services for people aged 16 and over in Lambeth.

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AUKL 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'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 with benefits advice. We added additional support to our Neighbourhood teams and Link Worker teams with the recruitment of a Welfare Benefits Advisor.

The majority of our volunteers support our MYneighbour befriending service through:

Strategically, AUKL 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 Neighbourhood Wellbeing Delivery Alliance. AUKL 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 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 ongoing support during the pandemic.

We have also received funding from City Bridge Trust, Age UK, the Emanuel Hospital Foundation, Energy Savings Trust, The National Lottery and many others. A huge thank you to all of our funders.

We would like to thank our:

6

Financial Review and Results

The year saw a reduction in income to £3,280,385 (£3,905,861 - 2023) as some service contracts came to a natural end - for example our vaccination champions work for Lambeth Council. We were able though to increase our income from grants - notably funding from the Energy Savings Trust to support Lambeth residents to reduce their fuel bills.

Our long-term strategy is to continue to grow income from grants and this now accounts for 9.4% of total income (4.5% - 2023). At the same time we were able to increase income from trading activities through our Handyfix and Homemaker services to £53,077 (£26,356 - 2023).

We ended the year with a deficit of £106,899 on unrestricted funds (£103,763 surplus - 2023). We had set aside £70,000 of designated funds in the previous year to cover planned additional costs relating to the acquisition of a new property and a series of one-off staff payments so the majority of the deficit was covered by drawing on this fund.

We continue to face a challenging economic climate - with costs rising significantly in comparison with income e.g. insurance, staffing and IT costs. Whilst we aim to mitigate the impact of this as far as possible through negotiation and consideration of alternative providers we expect this to continue to be a challenge into 24/25.

Risk Management

The Trustees have reviewed the major strategic, business, 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 Finance & Risk Subcommittee who meet quarterly to review risk levels and take appropriate action.

The key risks identified in the risk register mainly related to those arising from the current economic climate and how this might impact local government finances alongside continued inflationary pressure on costs. We also face the re-tender of the ILCP contract with a reduced financial envelope and the possibility of competition which poses a risk to one of our main income streams.These and other risks are reviewed throughout the year to determine if any new risks have arisen and if mitigating factors are sufficient.

Reserves

The Board of Trustees undertake an annual review of the charity’s requirements for reserves in light of the main risks to the organisation. It has reconfirmed its policy whereby the free reserves, ie. unrestricted funds, not designated or invested in tangible fixed assets held by the charity, should be at a level equivalent to at least three months of operating costs.

Using this definition the charity’s free reserves at 31st March 2024 amounted to £628,360 (£702,472 - 2023). As the charity’s annual forward expenditure (excluding partner payments) for 2024/25 is forecast to be c£2m the level of free reserves is broadly in line with the policy (equivalent to 3.8 months).

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Fundraising

During the year the total donations and income from individuals and corporates came to £13,935 (£26,970 - 2023). In addition we received grants from: City Bridge Trust, The National Lottery, Energy Savings Trust, Emanuel Hospital Fund, Sport England, and Lambeth Council. We also received the following grants from Age UK National - Digital Champions, Cost of Living and Dementia (MCST).

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.

We have a fundraising strategy and policies to which we are committed. We do not ‘coldcall’ 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 reelection.

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 that 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 9 to the accounts. The Trustees delegate day-to-day management to the Chief Executive, Paul Coles.

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 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 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

8

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 Quality Standards, which underpins our Charity.

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 to 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.

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 participating in regional and national meetings and networks. 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 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:

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.

9

In so far as the trustees are aware:

Auditors

The Trustees have decided to re-appoint 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 9th December 2024 and signed on its behalf by:

Yawar Choudhry Chair

10

Independent Auditors’ Report to the Members of Age UK Lambeth

Opinion

We have audited the financial statements of Age UK Lambeth (‘the charitable company’) for the year ended 31 March 2024 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:

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the [entity]’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.

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Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are 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’ report.

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

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Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out in the 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 company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 is set out below.

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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.

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A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

A Wh ony Epten 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: 11 December 2024

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Age UK Lambeth

Statement of financial activities

(incorporating an income and expenditure account)

For the year ended 31 March 2024

Note
Income from:
Donations
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
7
Net income/(expenditure) for the year
8
Net movement in funds
Reconciliation of funds:
17
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
Restricted
funds
Total
funds
Total
funds
2024
2024
2024
2023
£
£
£
£
19,551
-
19,551
63,849
2,970,403
228,376
3,198,779
3,813,648
53,077
-
53,077
26,356
8,978
-
8,978
2,008
3,052,009
228,376
3,280,385
3,905,861
7,362
-
7,362
2,549
3,151,546
265,086
3,416,632
3,782,165
3,158,908
265,086
3,423,994
3,784,714
(106,899)
(36,710)
(143,609)
121,147
(106,899)
(36,710)
(143,609)
121,147
791,294
108,814
900,108
778,961
684,395
72,104
756,499
900,108

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 2024

----- Start of picture text -----
|||||| |---|---|---|---|---| |2024|2024|2023|2023| |Note|£|£|£|£| |Fixed assets:| |Tangible assets|12|55,985|18,822| |Investments|13|50|50| |56,035|18,872| |Current assets:| |Debtors|14|192,058|423,420| |Cash at bank and in hand|665,534|831,838| |857,592|1,255,258| |Liabilities:| |Creditors: amounts falling due within one year|15|(156,695)|(373,094)| |Net current assets|700,897|882,164| |Provision for liabilities|22|(433)|(928)| |Total net assets|756,499|900,108| |Funds|17| |Restricted funds|72,104|108,814| |Unrestricted funds:| |-| |Designated funds|70,000| |General funds|684,395|721,294| |Total unrestricted funds|684,395|791,294| |Total funds|756,499|900,108|

----- End of picture text -----

Approved by the trustees on ………………………………and signed on their behalf by:9th December 2024

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 2024

Note 2024 2024 2023 2023
£ £ £ £
Net cash provided by / (used in) operating activities
18 (132,847) 432,568
Cash flows from investing activities:
Interest/ rent/ dividends from investments 8,978 2,008
Purchase of property, plant and equipment (42,435) (21,672)
Cash provided by / (used in) investing activities (33,457) (19,664)
Change in cash and cash equivalents in the year (166,304) 412,904
Cash and cash equivalents at the beginning of the year 831,838 418,934
Cash and cash equivalents at the end of the year 19 665,534 831,838

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Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2024

1 Accounting policies

a) Basis of preparation

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 charities main funding contract with London Borough of Lambeth is out for tender and the contract is likely to be awarded in March 2025. The trustees believe that there is a risk although low that the contract may not be awarded to the charity.

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

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

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

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

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 2024

1 Accounting policies (continued)

g) Expenditure and irrecoverable VAT

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

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:

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

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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.

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Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2024

2 Detailed comparatives for the statement of financial activities Detailed comparatives for the statement of financial activities
Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Income from:
Donations 50,880 12,969 63,849
Charitable activities 3,683,495 130,153 3,813,648
Other trading activities 26,356 - 26,356
Investment income 2,008 - 2,008
Total income 3,762,739 143,122 3,905,861
Expenditure on:
Raising funds 2,549 - 2,549
Charitable activities 3,656,427 125,738 3,782,165
Total expenditure 3,658,976 125,738 3,784,714
Net income for the year 103,763 17,384 121,147
Net movement in funds 103,763 17,384 121,147
Reconciliation of funds:
Total funds brought forward 687,531 91,430 778,961
Total funds carried forward 791,294 108,814 900,108

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Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2024

3 Income from Donations

Income from Donations
Age UK
Desmond & Dempsey
Screwfix Foundation
The Department for Work and Pensions
Bequest from late Diana Kahn estate
Other donations and grants		 Unrestricted
Restricted
Total
Total
2024
2024
2024
2023
£
£
£
£
6,793
-
6,793
9,255
-
-
-
4,181
-
-
-
5,000
-
-
-
36,642
-
-
-
3,000
12,758
-
12,758
5,771
19,551
-
19,551
63,849

4 Income from charitable activities

L B Lambeth - ILCP Services
Other community services		 Unrestricted
Restricted
Total
Total
2024
2024
2024
2023
£
£
£
£
1,864,978
-
1,864,978
1,551,195
1,105,425
228,376
1,333,801
2,262,453
2,970,403
228,376
3,198,779
3,813,648

5 Income from other trading activities

Other income
6
Income from investments
Bank interest		 Unrestricted
Restricted
Total
Total
2024
2024
2024
2023
£
£
£
£
53,077
-
53,077
26,356
53,077
-
53,077
26,356
Unrestricted
Restricted
Total
Total
2024
2024
2024
2023
£
£
£
£
8,978
-
8,978
2,008
8,978
-
8,978
2,008

22

Age UK Lambeth Notes to the financial statements

For the year ended 31 March 2024

7 Analysis of expenditure current year

Direct costs
Staff costs
Audit fees
Communications and IT
Consultancy
Fundraising costs
Legal and professional fees
Other expenses
Premises costs
Support costs
Governance costs
Total expenditure 2024
Total expenditure 2023		 Basis of
allocation
Direct
Staff time
Direct
Staff time
Direct
Direct
Direct
Staff time
Floor area		 Cost of
raising funds
Charitable
activities
Support
costs
Governance
Costs
Total 2024
Total 2023
£
£
£
£
£
£
-
1,035,777
-
-
1,035,777
1,337,681
-
1,711,685
364,368
-
2,076,053
2,204,060
-
-
-
5,400
5,400
5,400
-
45,891
15,952
-
61,843
44,732
-
1,275
-
-
1,275
4,900
7,362
-
-
-
7,362
2,549
-
-
13,777
-
13,777
-
-
152,301
13,613
-
165,914
133,125
-
48,362
8,231
-
56,593
52,267
7,362
2,995,291
415,941
5,400
3,423,994
3,784,714
-
415,941
(415,941)
-
-
-
5,400
-
(5,400)
-
7,362
3,416,632
-
-
3,423,994
2,549
3,782,165
-
-
3,784,714

Of the total expenditure £265,086 was restricted (2023: £125,738) and £3,158,908 was unrestricted (2023: £3,658,976).

23

Age UK Lambeth Notes to the financial statements

For the year ended 31 March 2024

7
Analysis of expenditure prior year
Direct costs
Staff costs
Audit fees
Communications and IT
Consultancy
Fundraising costs
Other expenses
Premises costs
Support costs
Governance costs
Total expenditure 2023		 Basis of
allocation
Cost of
raising funds
Charitable
activities
Support
costs
Governance
Costs
Total 2023
£
£
£
£
£
Direct
-
1,337,681
-
-
1,337,681
Staff time
-
1,811,270
392,790
-
2,204,060
Direct
-
-
-
5,400
5,400
Staff time
-
31,313
13,419
-
44,732
Direct
-
4,900
-
-
4,900
Direct
2,549
-
-
-
2,549
Staff time
-
125,043
8,082
-
133,125
Floor area
-
43,359
8,908
-
52,267		 Basis of
allocation
Cost of
raising funds
Charitable
activities
Support
costs
Governance
Costs
Total 2023
£
£
£
£
£
Direct
-
1,337,681
-
-
1,337,681
Staff time
-
1,811,270
392,790
-
2,204,060
Direct
-
-
-
5,400
5,400
Staff time
-
31,313
13,419
-
44,732
Direct
-
4,900
-
-
4,900
Direct
2,549
-
-
-
2,549
Staff time
-
125,043
8,082
-
133,125
Floor area
-
43,359
8,908
-
52,267
2,549
3,353,566
423,199
5,400
3,784,714
-
423,199
(423,199)
-
-
-
5,400
-
(5,400)
-
2,549
3,782,165
-
-
3,784,714

24

Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2024

8 Net income / (expenditure) for the year

This is stated after charging / (crediting):
Depreciation
Auditor's remuneration:
Audit fees		 2024
2023
£
£
5,272
2,850
4,500
4,500

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		 2024
2023
£
£
1,815,052
1,948,794
160,906
170,210
100,095
85,056
2,076,053
2,204,060

None of the employees received employee benefits in excess of £60,000 during the year (2023: None).

The total employee benefits including pension contributions of the key management personnel were £154,924 (2023: £153,262).

The charity trustees were not paid or received any other benefits from employment with the charity in the year (2023: £nil) neither were they reimbursed expenses during the year (2023: £nil). No charity trustee received payment for professional or other services supplied to the charity (2023: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was 73 (2023: 82).

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 as an expense in relation to defined contribution plans was £102,325 (2023: £85,056).

25

Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2024

12 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		 Motor
Vehicles
Fixtures,
Fittings and
Equipment
Leasehold
Improvements
Total
£
£
£
£
25,600
46,759
-
72,359
-
-
42,435
42,435
-
-
-
25,600
46,759
42,435
114,794
8,250
45,287
-
53,537
3,800
1,472
-
5,272
12,050
46,759
-
58,809
13,550
-
42,435
55,985
17,350
1,472
-
18,822

All of the above assets are used for charitable purposes.

13 Fixed asset investments

Fixed asset investments
Other 2024
2023
£
£
50
50
50
50

14 Debtors

Trade debtors
Prepayments and accrued income
Other debtors		 2024
2023
£
£
83,963
389,748
95,396
32,472
12,699
1,200
192,058
423,420

26

Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2024

15 Creditors: amounts falling due within one year

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		 2024
2023
£
£
35,517
12,235
40,498
41,707
56,913
295,500
17,407
17,852
6,360
5,800
156,695
373,094
2024
2023
£
£
295,500
154,169
(295,500)
(154,169)
56,913
295,500
56,913
295,500

16 Analysis of net assets between funds

Analysis of net assets between funds
Tangible fixed assets
Investments
Net current assets
Defined benefit pension (liability)
Net assets at the end of the year		 General
Unrestricted
Funds
Restricted
Funds
Total
funds
£
£
£
55,985
-
55,985
50
-
50
628,793
72,104
700,897
(433)
-
(433)
684,395
72,104
756,499

Analysis of net assets between funds for the previous year

Investments
Tangible fixed assets
Net current assets
Defined benefit pension (liability)
Net assets at the end of the year		 General
Unrestricted
Funds
Restricted
Funds
Total
funds
£
£
£
18,822
-
18,822
50
-
50
773,350
108,814
882,164
(878)
-
(928)
791,294
108,814
900,108

27

Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2024

17 Movements in funds for the current year

Restricted funds:
Total restricted funds
Unrestricted funds:
Designated funds
General funds
Total unrestricted funds
Total funds
Liangattock Trust
Groundwork
Energy Savings Trust
Skipton Building Society
Sport England
The National Lottery
Age UK National - Digital
Champions
Age UK National - MCST
Age UK National - Emanuel
Hospital Fund
Age UK National - Cost of Living
Response
Diana Khan - Walking Programme
Rothesay Foundation
Screwfix Foundation
Active Lambeth Exercise &
Socialise Grant
Clarion Futures Digital Grant		 At the start
of the year
Income
and gains
Expenses
and losses
Transfers
At the end
of the year
£
£
£
£
£
84,950
-
(23,336)
-
61,614
4,980
-
(4,980)
-
-
-
36,000
(36,000)
-
-
-
18,282
(18,282)
-
-
-
12,500
(12,500)
-
-
10,000
29,190
(39,190)
-
-
-
4,948
(4,948)
-
-
7,969
-
(7,969)
-
-
-
-
-
-
-
-
39,157
(39,157)
-
-
915
-
-
-
915
-
2,247
(2,247)
-
-
-
7,600
-
-
7,600
-
45,229
(45,229)
-
-
-
33,223
(31,248)
-
1,975
108,814
228,376
(265,086)
-
72,104
70,000
-
-
(70,000)
-
721,294
3,052,009
(3,158,908)
70,000
684,395
791,294
3,052,009
(3,158,908)
-
684,395
900,108
3,280,385
(3,423,994)
-
756,499

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. Groundwork (TfL) proivded funds to support a programme of healthy walks. Clarion Futures funds are dedicated to promoting digital inclusion to social housing residents.

City Bridge Trust monies are for MYsocial to help older people in Lambeth to get active and stay connected.

Energy Savings Trust monies aim to support Lambeth residents affected by energy poverty. Age UK National monies funded a number of different programmes including digital inclusion and dementia cafes.

28

Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2024

17 Movements in funds for the current year Purposes of restricted funds (continued)

The Emanuel Hospital Foundation monies are to support information and advice work.

Diana Kahn monies were donated to support a new healthy walks programme. Skipton Buildihg Society funds were to purchase vital podiatry equipment to start a much needed footcare service.

The National Lottery (Cost of Living Fund) monies were to address the challenges arising from increased cost of living.

Screwfix Foundation monies were to redecorate the Vida Walsh Centre.

Sport England and Active Lambeth provided funds to run a series of exercise and socialise classes in Lambeth.

Movements in funds for the previous year

Restricted funds:
City Bridge Trust
Total restricted funds
Unrestricted funds:
Designated funds
General funds
Total unrestricted funds
Total funds
Liangattock Trust
Groundwork
Card Factory (Vidas)
Age UK National - Winter Health
Grant
Age UK National - Digital
Screwfix Foundation
Emanuel Hospital Fund (1)
Age UK National - MCST
Emanuel Hospital Fund (2)
Age UK National - Cost of Living
Response
Diana Khan - Walking Programme
Rothesay Foundation
Hope for Home		 At the start
of the year
Income
and gains
Expenses
and losses
Transfers
At the end
of the year
£
£
£
£
£
84,950
-
-
-
84,950
-
53,408
(53,408)
-
-
4,980
-
-
-
4,980
1,500
-
(1,500)
-
-
-
2,000
(2,000)
-
-
-
36,000
(36,000)
-
-
-
7,534
(7,534)
-
-
-
3,125
(3,125)
-
-
-
10,000
-
-
10,000
-
7,969
-
-
7,969
-
6,615
(6,615)
-
-
-
3,971
(3,971)
-
-
-
5,000
(4,085)
-
915
7,500
(7,500)
-
-
91,430
143,122
(125,738)
-
108,814
20,000
-
-
50,000
70,000
667,531
3,762,739
(3,658,976)
(50,000)
721,294
687,531
3,762,739
(3,658,976)
-
791,294
778,961
3,905,861
-
-
900,108

29

Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2024

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		 2024
2023
£
£
(143,609)
121,147
5,272
2,850
-
-
(8,978)
(2,008)
231,362
295,495
(216,894)
15,084
(132,847)
432,568

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
£
£
£
831,838
(166,304)
-
665,534
831,838
(166,304)
-
665,534

20 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.

21 Related party transactions

There are no related party transactions to disclose for the year (2023: none).

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

30

For the year ended 31 March 2024

Age UK Lambeth

Notes to the financial statements

22 Pension plan

TPT Retirement Solutions – The Growth Plan

The company participates in the scheme, a multi-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the company to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last-man standing arrangement'. Therefore the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

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

Deficit contributions

From 1 April 2022 to 31 January 2025:� £3,312,000 per annum (payable monthly). Unless a concession has been agreed with the Trustee the term to 31 January 2025 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2019 to 30 September 2025: £11,243,000 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
31-Mar-24 31-Mar-23 31-Mar-22
£ £ £
Present value of provision 433 928 1,455

31

Age UK Lambeth

Notes to the financial statements

For the year ended 31 March 2024

22 Pension plan (continued) Reconciliation of opening and closing provisions

Pension plan (continued)
Reconciliation of opening and closing provisions
31-Mar-24 31-Mar-23
£ £
Provision at start of period 928 1,455
Unwinding of the discount factor (interest expense) 35 28
Deficit contribution paid (530) (530)
Remeasurements - impact of any change in assumptions - (25)
Provision at end of period 433 928
Income and expenditure impact
31-Mar-24 31-Mar-23
£ £
Interest expense 35 28
Remeasurements – impact of any change in assumptions - (25)
Assumptions 31-Mar-24 31-Mar-23 31-Mar-22
% per anum % per anum % per anum
Rate of discount 5.31 5.52 2.35

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.

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-24 31-Mar-23 31-Mar-22
£ £ £
Year 1 442 530 530
Year 2 - 442 530
Year 3 - - 442
Year 4 - - -

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

32