Registered number: 03897291 Charity number: 1079773 AGE UK MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
AGE UK MILTON KEYNES (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charityi Trts Trustees and Advisers Trustees. Report Independent Auditors. Report on the Financial Statements 9-12 Statement of Financial Activities 13 Balance Sheet 14-15 Statement of Cash Flows 16 Notes to the Financlal Statements 17-39
AGE UK MILTON KEYNES (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Miss S J Graham, Trustee Mrs J Deeley, Trustee Mr J D Goodman, Trustee Ms J M Mcmeekin, Chair Mrs M Lang, Trustee Mr G J Baxter, Trustee Mr C Kingsford, Trustee Dr V Fernandes, Trustee (appointed 28 April 2024) Mr S D Walson, Trustee (appointed 29 January 2025) Company registered number 03897291 Charity registered number 1079773 Registered office The Peartree Centre 1 Chadds Lane Peartree Bridge Milton Keynes MK6 3EB Company secretary Mrs G Baker Independent auditors MHA Chartered Accountants Statutory Auditors The Pinnacle 150 -170 Midsummer Boulevard Milton Keynes MK91LZ Bankers Lloyds Bank PLC Natwesl Bank PLC Page 1
AGE UK MILTON KEYNES {A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Irustees, 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 2024. The financial statements have been prepared in accordance with the accounting policies sel out in note 1 to the financial statements and comply with the charity's governing document, the Companies Acl 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicate to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" {as amended for accounting periods commencing from 1 January 2019). Objectives and activities The charity is a non-political, non-sectarian voluntary organisation working with statutory and other voluntary, community and social enterprise organisations within the Borough of Milton Keynes lo promole the welfare of older people in any manner that now, or in the future may be deemed by law lo be charitable. To this end, the charity provides services (some free to the client, some charged for), which give advice and information, social activities to help reduce isolation and loneliness and practical help to enable older people to stay in their own homes. It works with other partners to address the social isolation agenda (e.g. digital inclusion) and provides activities to encourage being active in later life as well as work with health and social care providers to improve the wellbeing of our clients. As part of the Strategic Plan for 24-25, the key aims of the Charity for the older people of Milton Keynes are.. Increase social activities and stay connected Thrive al home to maintain independence Improve emotional and physical resilience to enhance wellbeing Innovate and diversify services for clients of the wider community Balanced with To achieve sustainability that provides financial, environmental and community benefits. The Trustees are aware of the Charity Commission's guidance on public benefit and consider that the objectives set out above which relate directly to the welfare of older people benefit not only those individuals but society as a whole. Public benefit Our charity's purposes as sel out in the objectives contained in the Gompany's memorandum of association are to promote the relief of older people in any manner which now or hereafter may be deemed by law to be charitable in and around Milton Keynes {hereinafter called "the area of benefit.). Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity. Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. Page 2
AGE UK MILTON KEYNES {A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achievements and performance Continuing on our Strategic Plan from 21-24, we have been focusing on the key aims mentioned previously and closely looking at what activities we need to drive and achieve those key aims. The focus for 23124 has been CollaborationlPartnership with our Community, building on the networking we had done in the previous year. Generally, the organisation has continued to go the extra mile in supporting the older people of Milton Keynes even under extreme pressure and circumstances. Cost of Living continues to be the biggest concern for everyone, from clients to Staff. From the Strategic Plan The one-page Strategy document focusing on 23124 is a constant reminder to everyone where our focus should be to make sure we are not derailed and therefore have an impact of achieving our goals. The slrategic plan for 21-24 is now coming lo an end in April 24 and the new focus is being worked on ready for the next 3 years.124-271. With the introduction of good business basics and the key measurement of our services, we supported nearly 6,000 clients with over 30,000 contacts across Milton Keynes and surrounding areas. We managed to obtain nearly £2M in benefits for our clients who did not know they were entitled to this. With the cost of living hitting everyone, it is key lo ensure our older people can buy essentials and keep warm. We were extremely grateful lo our wonderful Volunteer Army who gave us over 45,000 volunteer hours to support our services and clienls. This, with the dedication of our slaff enabled us to achieve the targets that we set the organisalion, both financial and othemise. The focus on 'Deep Dives, have Gontinued to streamline and remove barriers and look for improvement to ensure we are able to make our services more effective and efficient. We were rewarded for our hard work in this when we undertook the Charity Quality System (CQSI Assessment carried out by an external body. We were recognised and passed with a glowing report showing no non-conformities and some best practice. As always, this process is always continuous improvement and will be completed again in Ihe future. With the introduction of a Preventative Maintenance programme last year for our leased and owned premises, budget was set aside to ensure we keep on top of this and wilh the expiration of some of our leases this year, dilapidations would be a key issue. Ongoing discussions are taking place concerning the possible relocation of our warehouses due to the rent hike and re-cladding of the properties. Due to the significant amount of networkinglpop-ups and marketing activities that were Gompleted by all levels of the organisation led by Ihe SMT, Age UK Milton Keynes was again seen and recognised in the Community the for the role it plays. Over 100 events were attended. During 23124 we built on those relationships and established our place within the voluntary sector, community, and with the local authority. We started building new partnerships with local businesses and continued working well with established contacts. Page 3
AGE UK MILTON KEYNES (A Company Limlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review There was a deficit of £179,725 for the year ending 31st March 2024 compared wilh a surplus of £57,686 in 2022123. Total income for the year was £2,830,845 compared with £2,695,292 for 2022123, this was slightly higher than our budgeted income for the year, however, much of this income is in restricted funds. Expenditure was £3,010,570 compared with £2,637,606 for the previous year, the total expenditure was slightly above the budgeted figure of £2,919,505. The deficit is largely as a result of a provision for dilapidations which have been incurred post year end after a decision lo terminate some of our property leases prior to the 31 March 2024. Investment policy The Trustees ensure 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, professional advice from a person of standing who is authorised to give such advice under the FCA. Reserves policy 11 is considered that holding sufficient money to pay all staff redundancies would be an appropriate amount for Age UK Milton Keynes to keep as reserves and this is the currently policy. Age UK Milton Keynes is working towards holding 6 months of expenditure costs as reseNes', however, this will be 2 long-term process due to the amount needed to cover these costs. The Peartree Fund has been removed from the ReseNes calculation as, after taking advice, it has been deemed a liabiSity on a fixed asset (the Peartree Centre) and would only become valid if the asset was to be sold. The amount required to meet the current policy is £200,000. The funds available on 31st March 2024 are calculated as £417,544. (Net current assets £1,871,743 less restricted funds of £279,823, less designated funds of £1,145,556, less pension shortfall of £28,820). Risk management The Executive Committee has conducted a review of the major risks to which the charily is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Significant external risks to funding have led to the development of a strategic plan which will allow for the diversification of funding and activilies. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures and Safe Working Practices to deal with the Covid- 19 situation are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors. We currently hold the Advice Quality Standard (AQS), the Infomation & Advice Quality Standard (Age UK I&AQS). These ensure a confirmation of the consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. We also hold the Charity Quality Standard {CQS) Award which was renewed at the beginning of 2024 and focuses on the whole Charity from Strategy to Implementation. Page 4
AGE UK MILTON KEYNES {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for the future We have been looking at the next 3 years and what that would look like in this ever-changing environment-, but the key aims, will principally remain the same. The key focus for 24125, will be 'Look at the Person, not the Age,. looking to build our understanding of what our clients need and want for the future in this world after Covid and in this new world of Al and the younger older person. Strategy Aims for 24-27 To become a society in which we can all thrive, supporting our older community to: Stay socially active and connected Reducing social Isolation and Loneliness Increasing capacity, diversity and extending reach of Clubs and Befriending and continuing to fully market the services we offer to ensure we include all Partnersl Collaborate where possible working with the VCSE Alliance Be available and accessible to our community Thrive at home to maTntain independence Maintain and develop our Independent Livlng Service to ensure we can cover in a more effective and efficient way. Maintain the reach of our Information & Advice service- reducing the wailing time through effectiveleffiGient delivery of service Continue to increase the amount of benefits obtained for clients that are eligible but may not be claiming Maintain the capacity of the Meal Delivery Service whilst maintaining quality Improve Emotional and Physical Resilience to enhance wellbeing Further develop the value of Social Prescribing service ensuring good outcomes. Mainlaining reach through 'Come and Connect, Drop Ins Further develop our Hospital Aftercare seniice to ensure older people are resilient enough to Gope at home after discharge Benefit from our Innovative and diverse services for clients of the wider community Develop Research on what our existing and future clients want- Utilising existing and new research Enable, support and develop different clubs, focus activities for the +55's 'ln the Prime, groups and attract Volunteers just starting their next stage Partnerlcollaborate with more diverse communities. Achieving Sustainablllty that provides Financial, Environmental and Community Benefits Further development of our Retail offering, focusing on recycle, reuse Supplying a range of products that meet all budgets Ensure a full fundraising calendar with targets FOGUS on core costs and projects for grant application Continue 'Deep Dive, analysis to services to ensure effectiveness and efficiency lo cover core costs Create New Income streams to foGUS on unrestricted income Increase visibility of our existing Green credentials and further develop our environmental strategy Further develop relationship with local community. Page 5
AGE UK MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 During 24125 we will conlinue building on those relationships and establishing our place within Ihe voluntary sector, community, and with the local authority. We will be building on those partnerships with businesses established in the previous year, driving for collaboration on projects and focusing on Ihose wider communities. By continuing to drive foNard with the right strategy, right people and right processes, we can take this charity into the next stage. All the Truslees are proud lo play a part in this wonderful organisation. Structure, governance and management Governing document Age UK Milton Keynes 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 Memorandum of association which established the objects 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 is required lo contribute an amount not exceeding £1. The trustees, who are also the directors for the purpose of company law, and who seNed during the year and up to the date of signature of the financial statements were: Mrs J Deeley Miss S J Graham Mr J D Goodman Ms J M Mcmeekin Mrs M Lang Mr C Kingsford Mr G Baxter Dr V Fernandes (appointed 28 April 20241 Mr S D Watson, Trustee (appointed 29 January 2025) None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. Trustee induction & training New Trustees receive appropriate induction by way of an induction meeting together with appropriate training. Page 6
AGE UK MILTON KEYNES {A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management (continued) Organisational structure The Board of Trustees meets four limes a year and is normally elected every year at the AGM. In addition to reports by the Chief Executive and SMT, one formally constituted sub-committee report lo the Board.. the Facilities, Audit & Risk Committee. The sub-committee is chaired by a Trustee appointed by the Board and has specific terms of reference and levels of aulhority delegated by the Board. In addition, the Board meels quarterly lo review in more depth specific areas of the organisation. The Board will meet at monthly or bi-monthly intervals if circumstances deem this the correct thing to do. Meetings can be held virtually by MS Teamslzoom if in person meetings are not allowed. In addition to the Chief Executive, selected senior managers altend Board and Sub-committee meetings. The Chief Executive, supported by the Senior Managers of the Charity, is responsible to the Board for the development and implementation of the Charity's Strategic Plan. Pay and remuneration An annual review of payments to 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 automatic rise in salaries and a slandard percentage rise is not given, with each role judged on merit. Fundraising policy Age UK Milton Keynes fundraises locally to increase income to the charity. As income generated from fundraising is frequently unrestricted this money can be used in any way in which Age UK Milton Keynes feels will benefit older people seNed by our organisation, in many cases for the key services for older people that do not attract external funding. Age UK Milton Keynes is committed to fundraising ethically, responsibly and transparently and to protect donors, charity supporters and the public, including vulnerable people, from poor fundraising practices. Age UK Milton Keynes is registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice. As a brand partner of Age UK, we agree to abide by guidelines and restrictions set by Age UK. A fundraising charter has been produced outlining ways in which we can and cannot fundraise. Age UK Milton Keynes is committed to being fully compliant with the laws and guidance underpinning charitable fundraising as laid down in the Fundraising Regulators Code of Fundraising Practice. We regularly audit our fundraising practices to ensure that they are compliant with regulatory Gontrols. Age UK Milton Keynes does not use professional fundraisers or commercial participators, has mel with all standards Cited and has received no complaints about fundraising for the charity. Related parties The Charity is a member of Age England Association and a brand partner of Age UK. Page 7
AGE UK MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Charity 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 PraGlice}. Company law requires the Trustees to prepare financial statements for each financial . Under Company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financi81 statements, the Trustees are required to.. select suitable accounting policies and then apply them consistenlly., observe the methods and principles of the Charities SORP {FRS 1021., make judgments and accounting estimates that are reasonable and prudent., state whelher applicable UK Accounting Standards (FRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charily's transactions and disclose with reasonable accuracy at any time the financial position of the Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that.. So far as they are aware, there is no relevanl audit information of which the charity's auditor is unaware., and They have taken all steps Ihat Ihey ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.. Auditors The auditor is deemed to have been re-appointed in aGGordance with section 487 of the Companies Act 2006. Approved by order of the members of the board of Trustees and signed on their behalf by.. Ms J M Mcmeekin Chair of Trustees Date.. 26 February 2025 Mrs G Baker Secretary Page 8
AGE UK MILTON KEYNES (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF AGE UK MILTON KEYNES Opinion We have audited the financial statements of Age UK Milton Keynes (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, Ihe Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Slandards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Praclice). In our opinion the financial statements= give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including ils income and expenditure for the year then ended., have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wilh International Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsil)ilities for the audit of the financial statements section of our report. We are independent of the charilable company in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including Ihe Financial Reporting Council'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 stalemenls is appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Page 9
AGE UK MILTON KEYNES (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF AGE UK MILTON KEYNES (CONTINUED) Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors, Report Ihereon. 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 othejwise 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. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report has been prepared in accordance wilh applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing lo report in respect of the following matters in relalion lo which Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreemenl with the accounting records and returns; or certain disclosures of Trustees, remuneration specified 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 entitled lo prepare the financial statements in accordance with the small companies regime and take advantage of the small Gompanies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Page 10
AGE UK MILTON KEYNES {A Company Limited by Guarantee} INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF AGE UK MILTON KEYNES (CONTINUED) Responsibilities of trustees As explained more fully in the Trustees, Responsibilities Stalement, the Trustees (who are also the directors of the charitable company for the purposes of company lawl 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 Gontrol 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 slatements, 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 Charilable Gompany or to cease operations, or have no realistic alternative bul to do so. AudTtors' 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 misslatement, whether due to fraud or error, and to issue an Auditors, Report thal includes our opinion. Reasonable assurance is a high level of assurance, bul is nol a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstalemenls 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 laken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wilh 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 detailed below: Discussions held with with management and those charged with governance around any legal claim. - Audit work performed over key risks arease identified such as management override and reviewing accounting estimates for bias. Review of financial statement disclosures to ensure accounting polcies have been correctly followed. A further description of our responsibilities for the audit of Ihe financial statements is located on the Financial Reporting Council's website at: www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, Report. Page11
AGE UK MILTON KEYNES IA Company Limited by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF AGE UK MILTON KEYNES (CONTINUED) 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 Auditors, Report and for no olher purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Elizabeth Newell BA (Honsl FCA (Senior Statutory Auditor) for and on behalf of MHA Chartered Accountants Statutory Auditors Milton Keynes Date: 4 March 2025 MHA is the trading names of Maclntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313) Page 12
AGE UK MILTON KEYNES (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activities Investments 127,843 737,992 1,243,652 18,779 15,587 686,992 143,430 1,424,984 1,243,652 18,779 76,627 1,340, 829 1,274,423 3,413 Total income 2,128,266 702,579 2,830,845 2, 695, 292 Expenditure on: Raising funds Charitable aclivities 1,146,819 1,161,713 1,146,819 1,863,751 971, 760 1, 665,846 702,038 Total expenditure 2,308,532 702,038 3,010,570 2, 637,606 Net (expenditure)lincome Transfers between funds {180,266) 43,350 541 (43,350) {179,7251 57,686 19 Net movement Tn funds (136,916) {42,809) 1179,725) 57,686 Reconciliation of funds: Total funds brought fonNard Net movement in funds 1,728,836 {136,916) 322,632 {42,809) 2,051,468 1179,725) 1,993, 782 57,686 Total funds carried forward 1,591,920 279,823 1,871,743 2,051,468 The Statement of Financial Activities includes all gains and losses recognised in the year. The noles on pages 17 to 39 form part of these financial statements. Page 13
AGE UK MILTON KEYNES (A Company Limited by Guarantee) REGISTERED NUMBER: 03897291 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 14 988,195 1,019,826 988,195 1,019,826 Current assets Stocks Debtors Cash at bank and in hand 15 16 5,375 324,570 807,4Q8 74,941 276, 735 914,493 1,137,353 1,206, 169 Creditors.. amounts falling due within one year 17 (166,5651 (174,527) Net current assets 970,788 1,031,642 Total assets less current liabilities 1,958,983 2, 051, 468 Provisions for liabilities {87,240) Net assets excluding pension asset 1,871,743 2,051,468 Total net assets 1,871,743 2,051,468 Charity funds Reslricled funds Unrestricted funds 19 279,823 1,591,920 322, 632 1, 728, 836 19 Total funds 1,871,743 2,051,468 Page 14
AGE UK MILTON KEYNES IA Company Limited by Guarantee) REGISTERED NUMBER: 03897291 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respecl to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Ms J M Mcmeekin Chair Date.. 26 February 2025 Mrs G Baker Secretary The notes on pages 17 to 39 form part of these financial slatements. Page 15
AGE UK MILTON KEYNES (A Company Llmited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities 22 (125,864) 61, 102 Cash flows from investing activitles Dividends, interests and rents from investments 18,779 3,413 Net cash provided by investing activitles 18,779 3,413 Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents al the beginning of the year {107,0851 914,493 64,515 23 849, 978 Cash and cash equivalents at the end of the year 23 807,408 914,493 The notes on pages 17 to 39 form part of these financial stalemenls Page 16
AGE UK MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information Age UK Milton Keynes is a private company limited by guarantee incorporated in England and Wales. The registered office is The Peartree Centre, 1 Chadds Lane, Peartree Bridge, Milton Keynes, MK6 3EB. The members of the company are the trustees, and in the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Accounting policies 2.1 Basis of preparation of financial statements The financial statemenls have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Stalemenl 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 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Age UK Milton Keynes meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheiSe stated in the relevant accounting policy. The financial slatemenls are prepared in British Pound Sterling (£), which is the funclional and presentational currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 2.2 Golng ¢on¢ern At the time of approving the financial statements, the trustees have a reasonable expectation thal the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 2.3 Income All income is recognised once the Charity has enlitlemenl lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Page 17
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continued) 2.4 Expenditure Expenditure is recognised once there is a legal or Constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendilure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that aclivily. Shared costs which Contribute to more than one activity and support costs which are not atlribulable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charilable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objeclives, as well as any associated support costs. Expenditure is recognised on an accrual basis as a liability is incurred. Where VAT relating to Exempt Aclivities is not recoverable, it is shown as 'unrecoverable VAT, in the Central income and expenditure.. Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shops. Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly lo such activities and those costs of an indirect nature necessary to support them. As well as those costs associated with meeting the constitutional and statutory requirements of the charity and includes the audit fees and costs linked to the strategic management of the charity. All costs are allocaled between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a partlGular activity are allocated directly, others are apportioned on an appropriate basis. Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shops. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those cosls of an indirect nature necessary lo support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charily and include the audit fees and costs linked to the strategic management of the charily. 2.5 Government grants Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statemenl of Financial AGlivities as the related expenditure is incurred. Page 18
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.6 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 interesl paid or payable by the institution with whom the funds are deposited. 2.7 Taxation The Charity IS Gonsidered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 2.8 Tangible fixed assets and depreciation Tangible fixed assets cosling £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. At each reporting date the Charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs lo sell and its value in use. An impairment loss is recognised where Ihe carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases.. Leasehold land and buildings over the life of the lease120/0 Straight line Leasehold improvements over the life of the lease Motor vehicles 25°/o Straight line Computer and office equipment 25 % 133 % straight line Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Financial Activities. 2.9 Stocks stocks are valued al the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Page 19
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 A¢¢ounting policies (continued) 2.10 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.11 Cash at bank and in hand Cash at bank and 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. 2.12 Liabilities Liabilities and provisions are recognised when there is an obligation al the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabililies are recognised at the amount that the Charity anticipates it will pay to seltle the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.13 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. 2.14 Operating leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a slraight-line basis over the lease term. 2.15 Pensions The Charity is a member of a multi-employer plan. Where il is not possible for the Charity to obtain sufficient information to enable it to account for the plan as a de*ined benefit plan, it accounts for the plan as a defined contribution plan. Page 20
AGE UK MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ounting policies (continued) 2.16 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated funds Comprise unrestricted funds that have been sel aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against Ihe specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Critical accounting estimates and areas of judgment Estimates and judgments are corstinually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes estimates and assumptions concerning the future. The resulting accounling estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Page 21
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Donations and legacies 127,843 15,587 143,430 Unrestricted funds 2023 Restncled funds 2023 Total funds 2023 Donations and legacies 74, 499 2, 128 76,627 Page 22
AGE UK MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activities Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Sales wilhin charitable activities Services provided under contract other income 80,847 566,367 90,778 686,992 767,839 566,367 90,778 737,992 686,992 1,424,984 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Sales within charitable activities Services provided under contract Other income 21,235 456, 146 13,249 591,562 258, 637 612, 797 714, 783 73,249 490, 630 850, fgg 1,340,829 Page 23
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Fundraising events 12,652 12,652 Unrestricted funds 2023 Total funds 2023 Fundraising events 13, 156 13, 156 Income from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Shop income 1,231,000 1,231,000 Unreslricled funds 2023 Total funds 2023 Shop income 1,261,267 1,261,267 Page 24
AGE UK MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment Income Unrestricted funds 2024 Total funds 2024 Interest receivable 18,779 18,779 Unrestricted funds 2023 Total funds 2023 Interest receivable 3,413 3,413 Expenditure on raising funds Fundraising trading expenses Unrestricted funds 2024 Total funds 2024 Other trading activities Support costs Staff costs Depreciation and impairment 553,433 15,406 573,090 4,890 553,433 15,406 573,090 4,890 Total 2024 1,146,819 1,146,819 Page 25
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds (contlnued) Fundraising trading expenses {continued} Unreslricted funds 2023 Tolal funds 2023 Other trading activities Support costs Staff costs Depreciation and impairment 420, 485 15,644 529, 735 5, 896 420, 485 15,644 529, 735 5,896 971, 760 971, 760 Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2024 2024 Total 2024 Staff costs Depreciation and impairment Slaff and volunteer expenses Other direct costs Charitable expenditure Other governance costs Bank charges 1,096,208 30,339 16,469 497,296 1,593,504 30,339 33,327 187,884 334 17,256 1,107 16,858 187,884 334 17,256 1,107 1,161,713 702,038 1,863,751 Page 26
AGE UK MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities (continued) Summary by fund type {continued) Unrestricted funds 2023 Restricted funds 2023 Tol81 2023 Staff costs Depreciation and impairment Staff and volunteer expenses Other direct costs other professional fees Trustee expenses Other governance costs Bank charges 809,818 34,368 9,343 t75,870 405 349 13,300 3,330 422, t37 1,231, 955 34,368 24, 609 357, 523 405 349 13,300 3,337 15,266 181,713 1,046, 723 619, 123 1,665,846 10. Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Staff costs Depreciation and impairment staff and volunteer expenses other direct costs Charitable expenditure Other governance Gosts Bank charges 1,593,504 30,339 33,327 187,884 334 1,593,504 30,339 33,327 187,884 334 17,256 1,107 17,256 1,107 1,845,388 18,363 1,863,751 Page 27
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysis of expenditure by activities (continued) Aclivities undertaken directly 2023 Support costs 2023 Total funds 2023 staff costs Depreciation and impairment Staff and volunteer expenses Olher direct costs Other professional fees Charitable expenditure Other governance costs Bank charges 1, 231,955 34, 368 24, 609 357,523 1,231,955 34,368 24, 609 357,523 405 405 349 349 13,300 3,337 13,300 3,337 1, 648, 804 17,042 1, 665, 846 Page 28
AGE UK MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysis of expenditure by activities (continued) Analysis of dlrect costs Total funds 2024 Total funds 2023 Slaff costs Depreciation Staff and volunteer expenses other direct costs Other professional fees Trustee expenses 1,509,514 30,339 33,327 268,435 3,439 334 1, 171,845 34, 368 24, 609 417,633 349 1,845,388 1, 648,804 Analysis of support costs Total funds 2024 Total funds 2023 Professional fees Audit fees Bank charges 405 17,256 1,107 13,300 3,337 18,363 17,042 11. Auditors, remuneration 2024 2023 Fees payable to the Charity's auditor for the audit of the Charity's annual accounts 17,256 13,300 Page 29
AGE UK MILTON KEYNES IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,962,816 90,968 28,820 1,597, 747 78, 165 25, 668 2,082,604 Y, 701, 580 The average number of full lime equivalent persons employed by the Charity during the year was as follows.. 2024 2023 No. Chief Executive Direct setwice staff Cost of generating funds Other 36 27 39 26 76 74 No employee received remuneration amounting lo more than £60,000 in either year. The Key Managemenl Personnel of the Charity comprise the Chief Executive Officer, Finance and Governance Director, Head of Income and Marketing, Head of Income and Retail. and operations directors. The total employee benefits of the Key Management Personnel of the Charity were £259.018 {2023'. £254,906). The charity offered a money purchase scheme operated by the Pensions Trust for all staff after a six month probation period to the end of the financial year ending 31 March 2014. The staging dale for auto- enrolment was 1 April 2014, from this date all eligible employees were automatically enrolled into a pension scheme with Peoples Pension. The Pensions Trust pensions are now closed to new members. 13. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023- £NIL). During the year ended 31 March 2024, no Trustee expenses have been incurred (2023- £NILJ. Page 30
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Tangible fixed assets Leasehold land and buildings Leasehold improvements Motor vehicles Computers Total Cost or valuation At 1 April 2023 Additions Disposals 246,452 2,372 1,457,380 24,582 238,317 1,225 1,966,731 3,597 {24,582) {24,582) At 31 March 2024 248,824 1,457,380 239,542 1,945,746 Depreciation At 1 April 2023 Charge for the year On disposals 231,807 3,093 462,600 27,032 24,582 227,916 5,103 946,905 35,228 (24,5821 124,582) At 31 March 2024 234,900 489,632 233,019 957,551 Net book value At 31 March 2024 13,924 967,748 6,523 988,195 At 31 March 2023 14,645 994, 780 10,401 1,019,826 The following charges have been registered on the charity's assets.. 1. Rent deposit charge of £7,500 in respect of a charity shop in favour of L.R. Butlin Limited 2. Legal charge for £225,000 in favour of the National Lottery Charities Board in respect of a grant received. 15. Stocks 2024 2023 Finished goods and goods for resale 5,375 14,941 Page 31
AGE UK MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Debtors 2024 2023 Due within one year Trade debtors Amounts owed by participating interests Other debtors Prepayments and accrued income 115,728 138,841 5,399 64,602 186,347 36,419 53, 969 324,570 276, 735 17. Creditors: Amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 35,136 34,715 16,103 80,611 5,081 30, 339 18,668 120,439 166,565 t74,527 18. Provisions Dilapidations Provision Additions 87,240 87,240 Page 32
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds Statement of funds . current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Unrestricted funds Designated funds Property Development Fund Premises Maintenance Fund 1,060,091 100,000 1,060,091 85,465 (87,240) 72,705 1,160,091 (87,240) 72,705 1,145,556 General funds General Funds - all funds 568,745 2,128,266 (2,221,292) 129,355) 446,364 Total Unrestricted funds 1,728,836 2,128,266 {2,308,632) 43,350 1,591,920 Page 33
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds (continued) Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Restricted funds Peartree Home Support Hardship Fund Lynoot Craft Fund Allotments Deep Cleans Equipment Home First 225,000 6,781 1,527 1,500 2,521 5,286 2,026 5,000 1,718 225,000 4,472 1,527 1,500 2,521 5,286 2,026 5,000 1,718 156 (2,465) Memory Club Marketing Fund utilities Hardship Fund Meal Service - Christian Centre Christian Cenlre ILS Hardship Fund Age UK Winter Support MKCC Handyman Service Age UK MSCT Cohort 3 Digitial Inclusion Gardening Equipment fund HAS Ad-hoc Transport Service Meal Services Live Life 1,000 1,000 2,826 1,861 45,312 5,520 14,754 2,826 1,861 24,586 118 (20,844) (38,204) 164,812) 27,164 35,535 500 5,520 14,523 500 266,137 (201,679) {1,4781 {2,4401 1138,704) {31,870) {32,7261 {72,7921 {10,233) {73,700) {635) {7,118) {338) (2,000) (64,4581 1,478 2,440 112,936 38,187 36,965 85,921 12,729 73,700 635 7,118 338 25,768 16,3171 14,2391 113,1291 12,496) South Wesl Nelwork The Bridge Practice Nexus CLW Ascent Primary Care Eon Warm Homes - Age UK Bucks CC A10 other grants Great Linford PPC Lunch Clubs 2,000 Total Restricted funds 322,632 702,579 {702,038) (43,3501 279,823 Total of funds 2,051,468 2,830,845 (3,010,570) 1,871,743 Page 34
AGE UK MILTON KEYNES IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds {continued) Home Support Hardship Fund-. A hardship fund to provide emergency support to vulnerable older clients on a one-off crisis basis. Deep Cleans Equipment.. Grants received from INTU'.MK and MK Community Foundation to purchase equipment for the deep clean sei Peartree Centre.. Fund relates to a restriction by the Lottery Fund which will remain in force as a restricted fund for 80 years, wilh effect from February 2005 Lynoot Craft Fund.. Fund set up from legacy from client and used to fund a craft activity groups. Donations to fund memory clubs. Home First.. To provide support to help people stay in their homes rather Ihan being admitted to hospital. Allotments.. Ground Force- donation to build an allolmentlgarden behind the Peartree Centre. Meal SeNice - Christian Centre.. Grant from the Chrislian Foundation to provide free meals for older people in need. Markeling Fund.. Donation to pay for marketing support utilities Hardship Fund.. Donations to help wilh utilities for older people in need. Christian Foundation hardship fund for ILS clients Age UK Grant for Winter Support Grant from MKCC to provide a specialised handyman service to their tenants Age UK grant for new MSCT group Age UK grant for Digital Inclusion project Page 35
AGE UK MILTON KEYNES IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Designated funds General funds Restricted funds 1,160,091 568,745 322,632 187,240) 2,128,266 {2,221,292) 702,579 1702,038) 72,705 (29,355) 143,350> 1,145,556 446,364 279,823 2,051,468 2,830,845 (3,010,570) 1,871,743 21. Analysis of net assets between funds Analysis of net assets between funds - current period Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges 988,195 857,530 (166,5651 (87,240) 988,195 1,137,353 {166,565) {87,240) 279,823 Total 1,591,920 279,823 1,871,743 Analysis of net assets between funds - prior period Unreslricted funds 2023 Restricled funds 2023 Tolal runds 2023 Tangible fixed assets Current assets Creditors due within one year 1,019,826 883,537 (174,527) 1,019,826 1, 206, 169 (174,527) 322, 632 Total 7, 728, 836 322, 632 2,051,468 Page 36
AGE UK MILTON KEYNES IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Reconciliation of net movement in funds to net cash flow from operating activities 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Activities) {179,725) 57, 686 Adjustments for: Depreciation charges Dividends, interests and rents from investments Decrease in stocks (Increaselldecrease in debtors Increasel(deGrease} in creditors and provisions Purchase of fixed assets 35,228 {18,779) 9,566 {47,835) 79,278 {3,597) 40, 265 (3,413) 17,311 16,236 (66, 983) Net cash provided byl(used in) operating activities {125,864) 61, 102 23. Analysis of cash and cash equivalents 2024 2023 Cash in hand 807,408 914,493 Total cash and cash equivalents 807,408 914,493 24. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 914,493 {107,0851 807,408 914,493 {107,085) 807,408 Page 37
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. Contingent liabilities A liability would arise in the evenl of a withdrawal of the charity from the pension scheme operated by The Pension Trust. The contingent liability al 31st March 2024 amounted to £9,840 12023 £9,840) The Trustees have engaged Spence and Partners to advise and manage transfers of pension debt to reduce the liabilities under the Pensions Trust. Transfers have been effected to reduce the debt by more than SO'. 26. Retlrement benefit schemes The amount recognised in income or expenditure as an expense in relalion to defined conlribution plans was £28,820 (2023.. £25,668). The charity participates in the scheme, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charity 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, logelher 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 'lasl-man standing arrangement,. Therefore the charity is potentially liable for other participating employers, obligations if those employers are unable to meel their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meel their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. Where the scheme is in deficit and where the charity 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 lo 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. 27. Operating lease commitments At 31 March 2024 the Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows: 2024 2023 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 80,647 198,483 2,147,101 11,967 679,424 77,946 2,426,231 709,337 Page 38
AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 28. Related party transactions 2024 In The Prime Limited 138,841 138,84 The charity works closely with In The Prime Limited, a company related by association of its directors and board members of Age UK Milton Keynes. The balance owed lo Age UK Milton Keynes is as identified above and in the table below. 2024 Transactions during the year Recharges Donation received 71,196 37,000 29. Controlling party The charity is ultimately controlled by the Board of Trustees. 30. Company limited by guarantee The charity has no share capital and is limited by guarantee. The trustees are members of the company and each one undertakes to contribute £110 the assets of the charity in the event of it being wound up while he or she is a member or within one year after he or she ceases to be a member. Page 39