Registerèd number: 03897291 Charlty number.. 1079773 AGE UK MILTON KEYNES (A Company Limited by Guarantee} TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 AGE UK MILTON KEYNES A Company Limited by Guarantee) CONTENTS Page Reference and Adminislratlve Details of the Charity> its Trustees and Advisers Trustees. Report Trustees. Responslbiliti8s Statement Independent Audltors. Report on the Financlal Statements 10-13 Statement of Flnanclal A¢tlvlties 14 Balance Sheet 15 Statement of Cash Flows 16 Not&s to the Financlal Statemènts 17-39 AGE UK MILTON KEYNES IA Company Llmited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees Miss S J Graham, Chair of Trustees Mrs M Bales, Trustee Mrs J Deeley, Tiuslee Mr J Goodman, Trustee Mr S R Jones, Trustee (resigned 14 January 20221 Mrs D S Payne, Tiuslee Ms J M Mcmeekin. Trustee Mrs M Lang, Trustee Mrs M A Dodds. Trustee (resigned 14 Janltary 2022) Inrs G Baker, Secretary Company reglstered numbèr 03897291 Charity reglstered number 1079773 Registered offlce The Peartree Cenlre. 1 Chadds Lane, Peartree Bridge, Milton Keynes. Bucks, MK6 3EB Independent audltors MHA Maclnlyre Hudson, M¢)orgale House, 201 Silbury Boulevard, Milton Keynes, Buckinghamshire. MK9 1LZ Bankers Lloyds Bank PLC, 51 Grosvenor Street, London. W1X 9FH Solicltors Shakespeare Martineau, 2 Exchange Square. 21 N Fourth St, Mitton Keynes, hllK9 1 HL Page 1 AGE UK MILTON KEYNES IA Company Llmlted by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Iruslees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2022. The financial slalemenls have been prepared in accordance wlh the accounting polides sel out in note 110 the rinancial statements and comply with the charity's governing document, the Companies Act 20tE and "Accounting and Reporting by Charities.. Slalement of Recommended Pra¢lice applicate lo charities preparing their accounts in accordanco with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 1021'18S amended lor accounting periods commencing from 1 January 2016. Since the charity qualifies as small under section 382 of the Companios Act 2006, the Strategic Report r￿UIred of medium and 12rge companies under the Companies Act 2006 Islralegic Report and Directors, Report) Regulations 2013 has bgen omitted. Objectives and activities a. Policies and objectives The charity is a non-polilical, non-sectarian voluntary organisation working with sl8tulory and other voluntary. commuriily and social enterprise organisations within the Borough of Milton Keynes lo promote the welfare of older people in any manner that now, or in the fulure may be deemed by law to be charitable. To this end, the charity provides services {some free to the client, some charged for), which give advice and nformalion, social 8clivilies lo help reduce isolation and loneliness and practical help lo enable older people lo stay in their own hornes. 11 works with other partners lo address the social isolation agenda le.g. digital in¢lusionl and provsdes activities lo encourage being active in later life as well as work with health and s¢xial care providers lo improve the wellbeing of our clients. The Trustees are aware ol the Charity Commission's guidance on public benefit and consider Ihal the obje¢lives sel out above which relate directly lo the welfare ol older people benefit not only those individuals but society as a whole. As part of the Strategic Plan for 21-23, the key aims of the Charity for the older people of Milton Keynes are.. Reduce Isolation and Lon&liness Empower lo maintain independence and improve standard of living of those liwng in poverty Enhance self respect, impTove confidence and sell worth. driving emotional and physical resilience Enhance well-being. have fun and encourage growth for the life ahead- the next stage 8alanced with To achieve financial suslainabilrty lo ensure we keep delNering what is needed. The Trustees are aware of the Charity Commissi(In's guidance on public benefit and consider that the objectives sel out above which relale directly to the welfare of older people benefil not only those individuals bul society as a whole. b. Public Benefit Our charity's purposes as sel out in the objects contained in the companls memorandum of association are lo promote the relief of older people in any manner which now or hereafter may be deemed by law lo be charitable in 8nd 8¥ound Milton Keynes {hereinafter called 'the area of benèfif'l. Page 2 AGE UK MILTON KEYNES A Company Limited by Guarantael TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Oblectlves and activitles Icontinuedl . Strategic Report The followng sections for achievements and perfomiance and financial Temew fom the strategic report of the charily. TTuslees have paid due regard lo guidance issued by Ihe Charity Commission in deciding whal aclivrties the charity should unéertake. Achlevement$ and perfoymance a. Annual Revlew April 21 started with the opening of all ghops and heading towards a more normal environment. The focus was to slabilise the Charity. With the new Executive Director coming on board, we went back lo basics and realigned our strategy and put in business elements to ensure we could measure on a dashboard system. our progress towards our a￿m$ and goals. The focus was lo ensure that we could provide key services as we catne out of the pandemic. The Covid Pandemic has definitely changed the way we all go about our everyday1rf8 and certainly foTced us lo be more innovative with how we deliver our services going fotward. One example of this is the way we handle Information and Advlce. During Covié, this service was provided exclusively over the phone where in the past this was predominantly community based, visiting people in their homes. As we have comè out of the pandemic. we fealise that there 15 still a place for the telephone provision with some clients preferring this and some ¢lien15 wanting the visit, so we now have both. This has enabled us lo provide the service lo more clients over 21122. As we opened back up into the community, the key was lo 'get back out ther¢,, providing the key services to the older people of Mi5ton Keynes, balan¢ino between the new way in which tha Clients wanted to be helped. There was also a large part of the community that desperately wanted to come back lo Clubs and connect again. This is steadily gelling back lo where il was prior lo Covid in some areas bul not all. It was clear from the feedback that we were getting from the community that prior lo Covid, Age UK MK was becoming inwsible lo Milton Keynes and networkinglmarkeling was key to our futu￿, Key efforts have started this year, lo raise our profile again lo start rebuilding the connections wlhin the community, Voluntary sector and business partners that we had lost over a number of years includin9 Comd years. As well ensuring all our services were fully open, we struggled with facility issues with our building in Peartree suffering storm damage resulting in a leak in ils flat roof and the urgent need to have a temporarily fix until we could obtain a grant lo reduce potential reoccurrence with a pitched roof. Fortunately, the facilities were still able lo be used wlh no delrimenlal effect lo ils occupanlslclienls or visitors. This highlighted the need to ensure all our premises had a continued prevenlalive maintenance pro9Tam as the buildings we occupy are all of a greater age. Provision will be in the budget to ensure we focus on this over the coming years. Pa9e 3 AGE UK MILTON KEYNES (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Financlal review a. Surplus The surplus for the year ending 31st March 2022 was £61.329 compared w¢th a surplus of £338,218 in 2020121. Although this is less than the previous year, which was unprecedented due lo the Covid grants that were available then. 11 is a good position to finish and helps us increase our reserves lo Pla￿ Age UK MK in a better position lo weather ullexpecled events. 2021122 was a very difficult year to plan the budget for as there were so many uncertainties outside of our control. No one knew how the high streets would recover or what the uptake for our services would be as Milton Keynes eame out of the pandemic. We have been successful in securing additional funding based aiound our Hospital Aftercare Service and once again we have exceeded our grants largel. For the second year we have been able lo contain expenditure against budget. Total income loi the year was £2,324,483 compared with £2,556.071 for 2020121, this was only £50k below our budgeted income for the year. Expenditure was £2,263,154 COMpa￿d with £2,217,853 for the previous year, budgeted expenditure was al £2,483,000, this was achieved by staff across the charity working to keep expenditure lo a minimum and this has also played a considerable part in our surplus. b. Reserves pollcy 11 is considgred that holding sufficient money lo pay all staff redundancies would be an appropriate amount for Age UK Milton Keynes lo keep as il's reserves. This is not meant lo be the lolal sum needed lo close the company and by holding a level of reserves that is loo high will significantly hinder the charity's ability to secure grants and other funding. However, Age UK Milton Keynes is working towards holding 6 month8 of expenditure costs as il's roserve. The Peartree Fund has been removed from the Reserves calculation 88. after taking advice, il has been deemed a liability on a fixed 8ssel Ilhe Peartree Cenlre) and would only become valid if the asset was to be sold. The amount required lo meet the policy is £200,000. The funds available on 31st March 2022 are calculated as £662,682. (Nel current assets £933,691 less restricted funds of £246,681. less pension shortfall of £24.326). Investment pollcy The Trustees ensuie that surplus funds are invested in bank deposits in order that they may be readily available. Any monies not immediately required may be invested in securities or property by the Board, provided they seek written, piofessional advice from a person of standing who is aulhorised lo give such advice under the FCA 119861. Page 4 AGE UK MILTON KEYNES {A Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 d. Rlsk management The Executive Committee has conducted a review of the major risks lo which the charity is exposed. A risk register has been established and is updated al least annually. Where appropriate, systems or procedures have been eslablishad lo miligale the risks the charity faces. Significanl external risks to funding have led lo the development of a strategic plan which will allow for thè diversification of funding and activf(ies. Internal control risks are minimised by the implementation of procedures for aulhorisalion of all transactions and projects. Procedures and Safe Working Practices lo deal with the Covid- 19 situation are in place lo ensure compliance with health and safety of staff, volunteers. clienls and visitors. We currently hold Ihe Charity Quality Standard ICQS), the Advice Qualily Standard IAQSI, the Information & Advice Quality Standard (Age UK I&AQSI. These ensure a confimialion of the ¢onsislenl quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed lo ensure that they continue lo meet the needs ol the ¢harily. e. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resour￿$ lo continue in operational exislen¢e for the foreseeable future, For this reason. they continue lo adopt the going concern basis in preparing the financial sialemenls. Further details regarding the adoption of the going cOn￿M basis can be found in the accounting policies. f. Plans for the future Continuing on our Slralegic Plan, we have been focusing on the key aims mentioning previously and closely looking at what acliwlies we need lo do lo drive and achieve those key aims. Reduce social Isolation and Loneliness Increasing capacity, diversity and extending reach of clubs and Befriending Driving and Empower lo maintain independence and improve standard of living of those living in poverty Furthei developing our Independent Living SeNsce and increase the reach of our A&1 and Advocacy Service and increasing the amount of benefits obtained for clients that are eligible bul may not be claiming Enhance sew resp8cI, improve confidence and selfpworth driving emotional and physical resilien Further develop our Social Prescribing Servi￿ and increase reach Enhance Wellbeing and encourage growLh for the life ahead, the next stage Enable, support and develop difforent club8, focus activities for the +55's and Volunteers just slarting their next Stage after work One other element we will need to focus on is the sl¥ale9y of our high street shops and their presence in the community - we will be looking al additional ways of getting products lo sell as the donations have reduced considerably since the initial rush after Covid. With the work force crisis within Milton Keynes, we also need lo ensure we retain our employees and volunteers, ensuring that they are happy and conler51ed lo stay with the organisation and keep providing the essential work. 22123 will be looking lo solidify the relationships and our place within the voluntary sector and communily and Partnerships with the local aulhorily. Continuing lo drive forward wlh the right strategy, right people and right processes. we can tske this charity into the next slagts. All the Trustees are proud lo play 8 part in this wonderful oroanisalion. Page 5 AGE UK MILTON KEYNES IA Company Llmited by Guaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 g. Covld-19 impact While Covid-19 still effects what we do and how we run our services, controls pul in place have managed lo reduce the impact on the charity. The biggest concern5 from Covid remains how it has influenced our client base,. however, we are seeing more older people using our services and we remain vigilant in using safe practices lo keep Clients, staff, volunteers and the general public as safe 8s possible. Structure* governance and management a. Governlng document Age UK Milton Keyne8 is a charitable company limited by guarantee, incorporated on 20th December 1999 and registered as a charity on 9th March 2000. The formal change of name from Age Concern Milton Keynes was registered on 30th April 2010. The company was established under a Memor8ndum of association wh￿h established the objecls and powers of the charitable company and is governed under ils Articles of Association. In the event of the Company being wound up each member 18 required to contribute an amount not exceeding £1. The Iruslees, who are also the directors for the purpose of company law. and who sewed during the year and up to the dale of signature of the financial slalemenls were-. Mrs M Bales Mrs J Deeley hrfiss S J Graham Mr J D Goodman Ms J M Mcmeekin Mrs D Payne Mrs Mar+a Lang None of the iruslees has any beneficial interest in the company. All of the Iruslees are members of the company and guarantee to contribute £1 in the event of a winding up. b. Methods of appolntment or electlon of trusteos The management of the charity is the responsibility of the Iruslees who are elected and co-opted under the le¥m8 of the Trust deed. c. Organisatlonal structurè and declslon-maklng policles The Board of Trustees meels four limes a year and is normally elected every year al the AGM. In addition to reports by the Executive Director and SMT, one formally consliluled sub-committee report lo the Board. the Finance, Audit & Risk Commtttee. The sub-commillee is chaired by a Truslee appointed by the Board and has specific terms of refe¥ence and levels of auth￿IlY delegated by the Board. In addition. the Board meets quarterly lo review in more depth specilic areas of the organisalion. The Board wll meet al monthly or bi-monthly intervals if eircumslances deem this the correct thing lo do. Meetings Can be held virtually by MS Teamslzoom if in person meetings are not allowed. In addition lo the Executive Director. selected senior managers attend Bo8rd and Sub-commillee meetings. The Executive Director, supported by the Senior Managers of the Charity, is responsible lo the Board for the development and implemenlalion of the Charity's Strategic Plan. Page 6 AGE UK MILTON KEYNES IA Company Llmited by Guarant891 TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Structure) governance and management Icontlnuedl d. Policles adopted for the induction and training of trustees New Iruslees receive appropriate induction by way of an induction meeting together with appropriale training. e. Pay and remuneration An annual review of payments lo the charity's key management personnel is overseen by the trustees and decisions made in accordance with the needs of the charity and legal requirements. There is not an annual aulomalic rise in salaries. A lemplale was especially developed for Age UK Milton Keynes by the Cranfield Institute, which uses a points system for specific and varying responsibility in alignment with job descriptions. f. Fundraislng policy Age UK Millor5 Keynes lundraises locally lo increase income lo the charity. As income generated from fundraising is frequently unreStr￿ted this money Can be used in any way in which Age UK ￿l￿on Keynes lee1s will benefit older people sewed by OLJr organisalion, in many cases for the key services for older people that do not attract external funding. Age UK Milton Keynes is commilled lo fundraising ethically, responsibly and transparently and lo prote¢t donoTS. charity supporters and the publ￿, including vulnerable people, from poor fundraising practices. Age UK Milton Keynes is registered wlh the Fundraising Regulator and adheres lo Ihe Code of Fundraising Practice. As a brand partner of Age UK. we agree lo abide by guidelines and reslriclions sel by Age UK. A fundraising charter has been produced outlining ways which we can and cannot fundraise. A9e UK Milton Keynes is commilled to being ful￿ compliant with the18ws and guidance underpinning charitable fundraising as laid down in the Fundraising Regulators Code ol Fundraising Practice. We regularly audit our fundraising practi￿$ lo ensure that they are Compliant with regulatory oontrols. Age UK Milton Keynes does not use professional fundraisers or commercial participators, has mel wlh all standards cited and has received no complaints about fundraising for the charity. g. Related Parties The Charity is a member of Age England Ass¢xialion and a brand partner of Age UK. Disclosure of Informatlon to audltors Each of Ihe persons who are Iruslees al the lime when this Trustees. Report 18 8pproved has confirmed Ihal.. so far as Ihal Trustee Is aware. there is no relevant audit information of which the charity's auditors are unaware, and that Trustee has taken all the steps that ought lo have been taken as a Trustee in order lo be aware of any relevant audit information and to establish thal the charitys auditors are aware of that information. Page 7 AGE UK MILTON KEYNES A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Dlsclosure of Information to audltors Icontlnuedl Audltors The auditors, MHA Maclnlyre Hudson, have indicated their willingness lo continue in office. The designated Iruslees will propose a motion reappointing the auditors al 2 meeting of the Iruslees. Approved by order of the members of the board of trustees and signed on their behalf by.. MissSJ Trustee Dale.. Mrs G Baker Secretary Page 8 AGE UK MILTON KEYNES IA Company Llmlted by Guarantee) STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022 The Iruslees (who are also the directors of the charity for the purposes of Company lawl are responsible for preparing the Trustees. Report and the financi81 slalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Iruslees lo prepare financial statements for each financial . Under company law, the Iruslees musl not approve the financial slalemenls unless they are satisfied that they give a true and fair view of the slate ol affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for Ihal period. In preparing these financial slalemenls. Ihe Iruslees are required lo.. select sutsble accounting policies and then apply them consistently., obsenje the melhods and principles of the Charilifjs SORP IFRS 1021.. make judgements and accounting eslimales that are reasonable and prudent., stste whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial slatemenls., prepare the financial statements on the going ¢oncem basis unless il is inappropriate lo presume that the charity will continue in business. The trustees are responsible for keeping adequate 8¢counling racords that are sufficient lo show and explain the charity's Iransaclions and disclose with reasonable accuracy at any time the lin8n¢ial position of the charity and enable them lo ensure thal the financial statements comply with th8 Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps fo¥ the prevention and detection ol fraud and other irr8gularilies. Page 9 AGE UK MILTON KEYNES IA Company Limlted by Guaranteo) INDEPENDENT AUOITORS, REPORT TO THE MEMBERS OF AGE UK MILTON KEYNES Opinion We have audited the financial slalemenls of Age UK Milton Keynes Ilhe '¢harily'l for the year ended 31 March 2022 which comprise the St8lemenl of Financial Aclivilies, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting poI￿leS. The financial reporting framework that has been applied in their prepar8tion is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Pia¢li¢el. In our opinion the financial slalemenls.. give a true and fair v￿W of the Stale of the ¢halllable companys affairs as al 31 March 2022 and of ils incoming reSoUr￿S and application of resources, including ils income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordanee with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlemalional Standards on Audf(ing IUKI {ISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the linancial slalemenls 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 slalemenls in the United Kingdom including the Financial Reporting Council's Ethical Standard, and we have fvllilled our other ethical respoiisibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to golng con¢em In auditing the financial slalements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncert8inlies relating lo events or conditions that, individually or collectively, may cast significant doubl on the charitable companls ability lo continue as a going concern for a period of al least twelve months from when the financial slalemenls are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect lo going concern are described in the relevant sections of this report. Page10 AGE UK MILTON KEYNES IA Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF AGE UK MILTON KEYNES (CONTINUED) Other infomiation The otheT infomation comprises the inlormalion inclL¢ded in the Annual Report other than the financial slalemenls and OLsr Auditors, Report thereon. The Trustees are responsible for the other informalion contained within the Annual Report. Our opinion on the financial statements does not cover the otheT information and, except to the extent otherwise &xpltcilly slated in our report. we do not express any form of assurance conclusion thereon. Our responsibility is lo read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowEedge oblained in the course of the audit, or otherwise appears to be materially misslaled. If we identify such material inconsistencies or appa¥enl material Misstalemenls, we are required lo determine whether this gives rise to a materi81 misslalement in the financial slalemonls themselves. If, based on the work we have performed, we Conclude that there is a material mK8Statement of this other infoimalion, we are required to report that fact. We have nothing lo report in this regard. Opinion on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information gNen in the Trustees, Report for the financial year for which the financial statements are prepared is ¢onsislenl with the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to veport by exceptlon In the light of our knowledge and understanding of the charitable company 3nd ils environment obtained in the course of the audit, we have not identified material misstalemenls in the Trustees. Report. We have nothing lo ￿pOrt in respect of the following matters in relation to which Companies Act 2006 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial slalemenls are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specifi6d by law are not made.. or we have not received all the information and explanations we require for our audit., or the Trustees were not enlilled lo prepare the financial statements in accordance wrth the small companies regime and take adv8nlage of the small companies, exemptions in prepaTing the Trustees, Report and from the requirement lo prepare a Strategic Report. Page11 AGE UK MILTON KEYNES IA Company Limited by Guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF AGE UK MILTON KEYNES ICONTINUEDI Responsibilities of trustees As explained more fLJIty in the Trustees. Responsibilities Slalemenl, the Trustees (who are also the directors of the charitable eompany for the purposes of company lawl are responsible for the preparslion ol 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 lo enable the preparation of financial slalemen18 that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the charrtable company's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accc)unling unless the Trustees either intend to liquidate the Charitable company or lo cease operations, or have no realistic allernalive bul lo do so. Auditors, responslbllltSe$ for the audlt of the fln8ncial statements Our objectives are lo obtain reasonable assurance about whether the fi'nancial statements as a whole are freo from material misslalemenl, whether due lo fraud or error, and lo issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audrt conducted in accordance with ISAS IUK) will always detect a material misstatement when il exists. Mis81alemenls can arise from fraud or error and are considered matersal if, individualw or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the b8si8 of these linancial slalemenls. Irregularities, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in r&specl of irregularities, including fraud. The exlenl lo which our procedures are capable of delecling irregularities, including fraud is detailed below.. DisCussi(￿S held with with management and those charged wlh governance around any legal claim. ' Audit work performed over key risks arease identified such as management oveiride and reviewing accounting eslimales for bi8S. Review ol finacial slalemenl discbsures lo ensure accounting poleies have been correctly followed. A further description of our responsibilities for the aLtdil of the financial slalemenls is located on Ihe Financial Reporting Council's website at.. www.fr¢.or .uklaudilorsres Auditors, Report. ibililies. This description forms part of our Page 12 AGE UK MILTON KEYNES IA Company Limitgd by Guaranteel INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF AGE UK MILTON KEYNES ICONTINUEDI Use ofour report This report is made solely lo 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 slate lo the charitable companls members those malleis we are required lo stale to them in an Auditors, Report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibilily lo anyone other than the charitable company and ils members, as a body. for our audit work, for Ihis report, or for the opinions we have formed. Elizabeth Newell BA {HONSI FCA (Senior Statutory Audltor} for and on behalf of MHA Maclntyr& Hudso Chartered Accoun18nls Slalulory Auditors Milton Keynes Dale, L {7,4271 {16,209 12,6801 14,0051 13,9831 11,033 69,809 2,972 99,468 718 111,033} 154,6051 11,4721 131,0281 115,2041 11,5001 168,4401 Ulilities Hardship Fund 718 Total Rg$tricted funds 327,068 675.006 {482,155} 1273,2381 246,681 Page 33 AGE UK MILTON KEYNES IA Company Llmlted by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 18. statement of funds Icontlnuedl Peartree Cenlre.. Fund relates lo a restr￿lIan by the Lollery Fund which will remain in force as a reslricled fund for 80 years. with effect from February 2005. Homefirst." To provide support lo help people slay in their homes rather than being admitted to hospital. Memory Club.. The funds are used to help people with dementi8. or symptoms of cognitive impairment. who wish lo be as self reliant as possible. Lynool Craft Fund.. Fund set up from legacy from client and used to fLtnd a craft activity groups. Home Support Haidship Fund.. A hardship fund lo provtde emergency support lo vulnerable older clients on a one-off crisis basis. Deep Cleans Equipment.. Grants received from INTU'.MK and MK Community Foundation lo purchase equipment for the new deep clean service. Hospital Aftercare.. 3 year contract in place. The residual balance from the pilot has been sel aside while the new contract gels established. Age UK - CHV Notebooks." Grant from Age UK lo purchase tablets for the Community Home Visitors to use in clients homes lo record details of the visit and lo assist with providing inform81ion and advi￿, benefits check, elc. The fund was used lo purchase the HP Notebooks. The remaining will fund the dongles for inlernel access for 2 years. BBO Employment.. Project funded by the European Social fund and the Big Lollery via Lulon Borough Council lo help the lono term unemployed into work. Gardening SeNice'. Grant provided by MK Community Foundation to fund the development of the gardening seTV1￿. walk￿ng Befriending.. This fund supports older people who have experienced 8 significant life event which puls them al risk of isolation andlor loneliness. MK East Network.. Social Prescribing Link Worker embedded wthin the GP Practice. Winter Pressures fund.. works as an addition lo HAS. funded by Age UK. Ground Force.. donation lo build a allolmentlgarden behind the Peartree Cenlre. Thames Valley Police.. funds lo educated people against scams Covid-19 Emergency SeNce.' donations and grants given lo support this service. MK Communily Foundation.. six month funding to sel up and start an online shop. Page 34 AGE UK MILTON KEYNES (A Company Llmited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 19. Summary of funds Summary offunds- current year Balance at 31 March 2022 Balance at I April 2021 Transfers inlout Income Expendlture Designated funds General funds Restricted funds 1,109,315 496,070 327,068 50,776 11.780.999) 222,462 1482,155} 1273,2381 1,160.091 587,010 246,681 1.649,477 675,006 1,932,453 2,324.483 {2,263,154) 1,993,782 20. Analysis of net assets between funds Analysls of ngt assets between funds ￿ current year Unrestrlcted funds 2022 RestrScted funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year 1.060,091 928,520 1241,510) 1,060,091 1,176,201 1241,5101 246,681 Total 1,747,101 246,681 1,993,782 Analysis of net assets betW&on funds- prlor year Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due within one year 1,095,339 510,046 1.095.339 454,382 964,428 {127,314) (127,314) 327,068 1,932,453 Total 1,605,385 Page 35 AGE UK MILTON KEYNES IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 21. R￿on¢ll1at1On of net movement in funds to net cash flow from operating actlvlties 2022 2021 Nel incomel{expendilurel for the year las per Statement of Financial Acliviliesl 61.329 338,218 Adjustments for.. Depreciation charges Inole 141 Dividends, interests and rents from investments Inote 71 {Inereaselldecrease in stocks (note 151 (Increaselldecrease in debtors Inole 161 Incleaselldecreasel in creditors Inole 171 43,108 11501 {20,8731 (100,9281 114.196 44,248 13461 4.046 {22,738) 142,6661 Net cash provided by operatlng activitles 96,682 320.762 22. Analysls of cash and cash equivalants 2022 2021 Cash in hand 849,978 761,006 Total cash and cash eqLtivalents 849,978 761,006 23. Analysls of changes In net debt At 1 April 2021 Cash flows At 31 March 2022 Cash at bank and in hand 761,006 88,972 849,978 761,006 88.972 849,978 Page 36 AGE UK MILTON KEYNES IA Company Llmited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 24. Contingent liabilities A liability would arise in Ihe event of a withdrawal of the charity from the pension scheme operated by The Pension Trust. The conlingenl liability at 31st Mar¢h 2022 amounted lo £24,32612021.. £24,328). The Trustees have engaged Spence arid Partners lo advise and manage transfers of pension debt lo ¥educe the liabilities under the Pensions Trust. Transfers have been effected lo reduce the debt by more 25. Retirement beneflt schemes The amount recognised in income or expondilure as an expense in relation to defined contribution plans was £28,85412021 £29,7451. The charity Participates in the scheme, a mulli-employer scheme which provides benellls lo some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charity lo obtain sufficient information lo enable il lo account for the scheme as a dofined benefit scheme. Therefore il accounts for the scheme as a defined ¢ontribulFon scheme. The scheme is subject lo the funding legislation outlined in the Pensions Act 2004 which came into for on 30 December 2005. This, together with documents issued by the Pensions Regulator and Techni¢al 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 'lasl-man standing affangement,. Therefore the ¢harily 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 lo meet their share of the scheme deficit on an annuity purchase basis on wthdrawal from the scheme. Where the scheme is in def￿11 and where the charity has agreed lo a deficit fijnding ariangemenl the company re¢ognises a liability for this obligation. The amount recognised is the nel present value of the deficit reduction contributions payable undef the agreement that relates lo the deficit. The present value is calculated usin9 the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as 8 finance cost. Presont values of provlslon 2022 2021 Present value of provision 683 3,244 683 3,244 Page 37 AGE UK MILTON KEYNES IA Company Limited by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Reconcillatlon of openlng and closlng provlsions 2022 2021 Provision at stsrt of period Unwinding of the discount factor (interest expense) Deficit contribution paid Remeaseurements- impact of any change in assumptions Remeasurements- amendments lo the conlribLrtion schedule 3,244 19 {8211 1151 11,7891 3.843 87 {7971 111 638 3,244 Income and expenditure impact 2022 2021 Interest expense Remeasurements - impact of any change in assumptions 19 11,8041 59 11041 Assumptions The rale of discount is 2.350h12Q21.' 0.660AI. The diseounl rates shown above are the equivalent single dis¢ounl rates which. when used lo discount the future recovery plan contributions due, would give the same resulls 8s using a full AA corporate bond yield curve lo discount the same iecovery plan conlr¢bulions. Page 38 AGE UK MILTON KEYNES IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 26. Operatlng lease commitments Al 31 March 2022 Ihe Charity had commitments lo make future minimum lease payments vnder non- cancellable operating leases as follows.. 2022 2021 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 47,470 454.739 18,967 642,207 76,274 Related party transactions The charity has not entered into any related party transaction during the year, nor are there any oulslanding balances owng between related parties and the Charity al 31 March 2022. Controlllng party The charity is ullimalety controlled by the Board of Tiuslees. 29. Company limlted by guarantee The charity has not share capital and is limited by guarantee. The Iruslees are members of the company and each one undertakes lo Contribute £1 to the assets of the charity in the event of il being wound up ￿lIe he or she is a member or within one year after he or she ceases lo be a member. Page 39