Oocusign Envelope ID.. 8443FBAA-AOC74688-863F-AFA1 B606684B 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 2025
Oocusign Envelope ID.. 8443F8AA-AOC7-468B-8B3F-AFA1 B606684B AGE UK MILTON KEYNES (A Company Limited by Guarantee) CONTENTS Page Reference and Administrative Details of the Charitv, its Trustees and Advisers Trustees, ReDOrt Independent Auditors, Report on the Financial Statements 10-13 Statement of Financial Activities 14 Balance Sheet 15-16 Statement of Cash Flows 17 Notes to the Financial Statements 18-40
Docusign Envelopa ID.. 8443FBAA-AOG7-468B-8B3F-AFA1 B6066B48 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 2025 Trustees Miss S J Graham, Trustee Mrs J Deeley, Trustee Mr J D Goodman, Trustee Ms J M Mcmeekin, Chair Mrs M Lang, Trustee (resigned 28 May 20251 Mr G J Baxter, Trustee Mr C Kingsford, Trustee (resigned 26 Feb 2025) Dr V Fernandes, Trustee Mr S D Walson, Trustee Mr G H M Martin, Trustee (appointed 26 Feb 2025) Mr H W Lewis, Trustee (appointed 14 May 2025) Company registered number 03897291 Charity reglstered number 1079773 Registered offlce The Peartree Centre 1 Chadds Lane Peartree Bridge Milton Keynes MK6 3EB Company secretary Mrs G Baker Independent auditors Mercer & Hole LLP Chartered Accountants The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 1BP Bankers Lloyds Bank PLC Natwesl Bank PLC Page 1
Docusi9n Envelope ID.. 8443FBAA-AOC74688-863F-AFA186066B48 AGE UK MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees, 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 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and Gomply with the charily's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicate to Gharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)-. Objectives and activities The charity is a non-polilical, non-sectarian voluntary organisalion working with slatutory 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 to be charitable. To this end, the charity provides seNices (some free lo the client, some charged for), which give advice and information, social activities lo help reduce isolation and loneliness and practical help lo enable older people lo 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 pari of the Strategic Plan for 24-25, the key aims of the Charity for the older people of Milton Keynes are.. Socially 8¢tive and connected. To thrive at home to maintain independence. Improve emotional and physical resilience to enhance wellbeing. Innovate and diversify services for client 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 direGtly to the welfare of older people, benefit not only those individuals, but soGiety as a whole. Public benefit Our charily s purposes as set out in the objects contained in the company'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 (hereinafler called "Ihe area of benefit"). strategic report The following sections for achievements and performance and financial review form the strategic repori of the charity. Trustees have paid due regard to guidance issued by the Charily Commission in deciding what activities the charity should undertake. Page 2
Docuslgn Envelope ID.. 8443FBAA_AOC7.4688.8B3F.AFA166066848 AGE UK MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perfomianGe This year has been aLK)Ut 'See the person not the age,, trying to bring the needs of person rather than the focus on the age. 2. building on the 'Collaboralion and Partnership, we started last year. we have been tying to rther develop and expand worf(ing with our local communty as well as Ihe wider communty. 2024125 was a challenging year matked by significant changes for Age UK Milton Keynes. One of the most notable developments was the relocation ofour Home & Fumiture Store wilhin Kiln Fam. While remaining in the same area, the move to a new site brought with it considerable costs and logislical hurdles. Despite these challenges, the store successftjlly reopened atlhe beginning of September. sin then, the new space has continued to estsblish itself as a popular destination for high-quality, affordable items, and has steadily grown ils customer base. Another major event was the dosure of our Independent Living Se1. The October 2024 Budget introduced several financlal pressures, induding an increase in the National Minimum Wage, changes to National Insuran Gontribulions, and a sudden adjustment lo the Nl threshold. These changes required us to make difficult decisions. Fortunately, the availability of other reliable local providers offering cleaning, shopping, and gardening serVIS allowed us to refer all our clients elsewhere, ensuring only minimal disruption. To support our staff during this transition, we held employment open days and collaborated closely with the local Department for Work and Pensions (DWP) and otherlocal employers. This helped ensure ourteam members were informed and supported in making decisions about their future employment opportunities. In alignment with our Strategic Aims for 2024-2027, we were proud lo take the following steps to support our local older community.. Stay socially active and connected. Increasing capacity, diversity and extending reach of Clubs in developing 2 new 'ln The Prime" events aimed at the younger older people. Reducing the wailing lime for Befriending matches. Marketing the services we offer to diverse Partnersl Collaborate where possible. Being available and accessible to our community. Befriending 400 clients throughout the year. Thrive at home lo maintain independence. Adding new resources to our Trusted Traders to cover cleaning, gardening and shopping seNices. Reducing waiting times for our Information & Advice service. Enabling our clients to claim £2 million of benefits (once data reconciled) that they were eligible for but were not claiming. Providing nearly 9,000 meals through our Meal Delivery SeiCe. Improve Emotional and Physical Resilience to enhance wellbeing. Holding 'Come and Connect, drop ins for Social Prescribing service. Developing our Hospital Aftercare service through the Ad-hoc Iransport service, enabling wheelchair clients to go home without long wails for suitable transport. Benefit from our Innovative and diverse services for clients of the wider community. Attending 79 'Pop Up, events during the year to show the range of seNices offered by Age UK MK to many different communities and businesses. Continuing to foster relationships with the voluntary sector, community and the local authority, showing the benefits of our diverse seNices. Partneringlcollaborating with more diverse communities. Networking at over 80 events throughout the diverse MK community. Page 3
Docusign Envelope10= 8443FBAA-AOC7-468B-8B3F-AFA1 B6066B4B AGE UK MILTON KEYNES IA Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perfomiance (continued) Achieving Sustainability that provides Financial, Environmental and Community Benefits. Opening of our new Home & Fumiture Store, thereby increasing our Retail offering. Running a full fundraising calendar with diverse events. Continuing to manage cost containment across the Charity. 'Deep Dive, analysis of HAS lo ensure effectiveness and efficiency to cover core costs. Developing relationships with local community. Developing new income streams to be launched in Q125126 to increase diversity. Developing new program on recycling and green issues. Throughout the year, we held a number of events which really showcased the work of the charity. To mention a few: Our first Open Day in May was an interesting and successful event bringing in both corporate and potential clients and showcasing the breadth of our services. The annual Volunteer Tea Party in June was well atlended and a way lo say Thank You to some of our fabulous volunteers. The Art competition in October was another greal way to be seen by a large number of people in Central MK. This involved local schools creating art projects around the theme of'The Joy of Older Life, and the enlrles were a delight to see. Financial review For the financial year ended 31 March 2025, the organisalion reported a deficit of £348,499, compared with a deficit of £179,725 in the previous year. The increase in the deficit was largely driven by exceptional, non- recurring costs associated with the relocation of our premises at Kiln Farm. These included di18pidation costs on the former site and transitional expenses related lo the move. Additionally, performance issues within the Independent Living SeNice earlier in the year had an adverse impact on the organisation's financial position, though these challenges were addressed by the end of the reporting period. Total income for the year was £2,754,883, a small deGrease from £2,830,845 in 2023124. Income fell short of budgeted projections and this shortfall was primarily due lo lost Sales during the relocation period and underperformance wilhin the Independent Living Service, which did not achieve its targeted revenue. Total expenditure for the year was £3,103,382, compared with £3,010,570 in the prior year. This represents a controlled increase in expenditure, which remained below the budgeted amount of £3,194,899. The underspend reflects disciplined financi81 oversight and conlinued commitment by staff to manage resources efficiently in a Ghallenging operating environment. The Board and Executive Team remain committed to restoring financial stability and are actively implementing strategies to improve operational performance and inoome generation in the coming year. 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 Ihey seek writlen professional advice from a person of standing who is authorised to give such advice under the FCA. Page 4
Docusign Envelope 10.. 8443FBAA_AOC7468B.8B3F.AFA1 B606684B AGE UK MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Reserves Policy It is considered that holding sufficient Money to cover one month operating costs would be an appropriate amount for Age UK Milton Keynes to keep as reseNes and this is tha currently policy. Age UK Milton Keynes is working towards holding 6 months of operating costs as reserves,. however, this will be a long-temi process due to the amount needed lo cover these costs. The Peartree Fund has been removed from the ReseNes Galculation as, after taking advi, it has been deemed a liability on a fixed asset (the Peartree Centre) and would only become valid if the asset was lo be sold. The amount required lo meet the current policy is £213,085. The funds available on 31 st March 2025 a calculated as £425,832. (Net current assets £706,544 less restricted funds of £280.712)- Risk Management The Executive Committee has conducted a review of the major risks to which Ihe charity is exposed. A risk register has been established and is updated at least annually. Where appropriale, systems or procedures have been established to mitigate the risks the charity faces. The top ten iisks are reviewed each quarter at the Facilities, Audit and Risk committee meeting. Significant extemal risks lo funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Intemal control risks are minimised by the implementation of procedures for aulhorisation of all transactions and projects. Procedures and Safe Working Practices lo deal with the Covid-19 situation are in place to ensure Complian with health and safety of staff, volunteers, clients and visitors. We cuffendy hold the Advice Quality Standard (AQS), the Information & Advi Quality Standard (Age UK QAS). These ensure a confirmation of the consistent quality of delivery for all operational aspects of the charity. These prOdureS are periodically reviewed to ensure that they continue to meet the needs of the charity. We also hold the Charily Quality Standard (CQS) Award which was renewed al the beginning of 2024 and focuses on the whole Charity from Strategy to Implemenlalion. Plans for the future Our strategy for 25126 will remains within the strategic aims of the 24127 three year plan. Again the key focus wi15 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 wodd during the continued Cost of Living crisis 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 - Lets change how we age, supporting our older community to.. Slay socially active and connected. Reducing Social Isolation and Loneliness. Keep Clubs at 950/0 capacity and Befriending under 15 on waiting list. Continuing to fully market the services we offer to ensure we include all Partnersl Collaborate where possible working with the VCSE Alliance. Being available and accessible lo our community. Page 5
Docusign Envelope ID.. 8443F8AA-AOG7-4688-8B3F-AFA1B6066B4B AGE UK MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Strategy Aims for 24-27 {continued) Thrive at home to maintain independence. Develop strategy for Falls Prevention and Carers Support. Maintain the reach of our Information & Advice service - reducing the waiting lime Ihrough effectivelefficient 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 seiCe whilst maintaining quality Improve Emotional and Physical Resi5ience to enhance wellbeing. Further develop the value of Social Prescribing service ensuring good outcomes. Maintaining reach through 'Come and Conne¢t' Drop Ins. Further develop our Hospital Aftercare service lo ensure older people are resilient enough to cope at home after discharge. Innovate and diversify services for Glients of the wider community. Further develop different clubs. Interesvactivity Groups for the +55's 'ln the Prime, groups and allract Volunteers just slarting their next stage. Partnerlcollaborate with more diverse communities. Research and further development for the future, what do our existing and future clients want and how does Al impact that. Achieving Sustainability that provides Financial, Environmental and Community Benefits Meet or exceed our budget for 2025126. Supply a range of retail products that meet all budgets. Ensure a full fundraising calendar with targets. Focus on core costs and projects for grant application. Continue 'Deep Dive, analysis to services to ensure effectiveness and efficiency to cover Core costs. Create New Income streams lo focus on unrestricted income and launGh those developed in 24125. Increase visibility of our existing Green credentials and further develop our environmental strategy. Manage cost containment across the Charity. In 2025126, we will continue to strengthen our relationships across the voluntary sector, local community, and with the local authority. We aim to build on the partnerships we have developed with businesses in recent years, seeking greater collaboration on projects and expanding our reach into wider communities. With the right strategy, the right people, and the right processes in place, we are confident in leading the charity into its next chapter. All of Ihe Trustees are proud to support and be part of this remarkable organisation. Page 6
Docusign Envelope ID.. 8443FBAA_AOC7.4688.883F_AFA186066B4B AGE UKMILTON KEYNES (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management Governing document Age UK Milton Keynes is a charitable company limited by guarantee, incorporated on 20th December1999 and registered as a charity on 9th March 2000. The fomial change of name from Age Conrn 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 govemed under its Artides of Association. In the event of the company being wound up each member is reqUId to contribute an amount not exeding £1. The tTUStees, who are also the directors for the purpose of company law, and who served during the year and up to the dale of signature of the financial statements were.. Mrs J Deeley Miss S J Graham MrJ D Goodman Ms J M Mcmeekin Mrs M Lang (resigned 28 May 20251 Mr G Baxter Mr C Kingsford (resigned 26 Feb 2025) Dr V Femandes Mrs Walson Mr G Martin {Appointed 26102120251 Mr H Lewis {Appointed 14105120251 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 meeling together with appropriate training. Organisational Structure The Board of Ttustees meels four times a year and is nomially elected every year at the AGM. In addition to reports by the Chief Executive and SMT, one fomially constituted sub-committee report to the Board: the Facilities, Audit & Risk Committee. The sub-commillee is chaired by a Trustee appointed by the Board and has specific terms of reference and levels of authority delegated by the Board. In addition, the Board meets quartedy to review in more depth specific areas of the organisalion. The Board will meet at monthly or bi-monthly inteNals if circumstanS 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 attend Board and Sub-committee meetings. The Chief Executive, supported by the Senior Managers of the Charity, is responsible lo the Board for the development and implementation of the Charity's Strategic Plan. 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 Ihe needs of the charity and legal requirements. There is not an annual automatic rise in Salaries and 8 Standard percentage rise is not given, with each role judged on merit. Page 7
Docusign Envelope ID.. 8443FBAA-AOG7-468B-8B3F-AFA1B6066848 AGE UK MILTON KEYNES (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 served 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 lo 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 controls. Age UK Milton Keynes does not use professional fundraisers or commercial participators, has met 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. Trustees, responsibilities statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the stale of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that perlod. In preparing these financial statements, the trustees are required to: Select suitable accounting pollcies and Ihen apply them consistently., Observe the methods and principles in the applicable Charities SORP. Make judgments and accounting estimates that are reasonable and prudent., Slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalemenls. 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. The trustees can meet these responsibilities by delegating to suitably qualified people. Page 8
Docusign Envelope10- 8443FBAA-AOC74688-8B3F-AFA186066B4B AGE UK MILTON KEYNES (A Company Limited by Guarantee} TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Audltors Each of the persons who are a trustee at the date of approval of thls repori confirms that.. So far as they are aware, there Is no relevant audlt Informatlon of whlch the charlty's auditor Is unaware; and They have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audlt Information and to establish that the charlty's auditor Is aware of that Information. The audStor Is deemed to have been re-appolnted In accordance wlth sectlon 487 of the Companles Act 2006. The trustees, annual report and the strateglc report were approved on 22 October 2025 and slgned on behalf of the board of trustees by- Slgned by.. Signod by: 220492BF(9941l... EJFe91AA3FS949D... Mr G Martin Trustee Ms J M Mcmeekln Chalr of Trustees Date:14/11/2025 Page 9
Oocusign Envelope10= 8443FBAA-AOC7-468B-8B3F-AFA1 B6066B48 AGE UK MILTON KEYNES (A Company Limited by Guarantee} INDEPENDENT AUDITORS, REPORTTO 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 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and Ihe relaled notes, including a summary of significant accounting policies. The financial reporting framewod< thal has been applied in their preparation 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 Practi). In our opinion the financial statements: give a true and fair view of the state of the Gharitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, inGluding its income and expenditure for the year then ended., have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice, and; have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibililies for Ihe audit of Ihe financial statements section of our report. We are independent of the charitable company in accordance wlh the elhiGal requirements that are relevant lo our audit of the financial statements in the United Kingdom, including the Financial Reporiing 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 golng concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charilable company's ability to continue as a going conGern for a period of at least twelve monlhs from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are descrlbed in the relevant sections of this report. Page 10
Docusign Envelope10'. 8443FBAA-AOC7-488B-8B3F-AFA1 B6066B48 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 thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated 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 stalements or our knowledge obtained in the course of the audit, or olheNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo 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 with applicable legal requirements. Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the charilable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate forour audit have not been received from branches nol visiled by us, or; the financial statements are not in agreement with the accounting records and relurns, 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 to prepare the financial statements in accordance with the small Gompanies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from Ihe requiremenl to prepare a StrategiG Report. Page 11
Docusign Envelop810'. 8443FBAA-AOC7-468B-8B3F-AFA1 B6066848 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 Statement, the Trustees (who are also the directors of the charitable company forthe purposes of company lawl are responsible forlhe preparation ofthe financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from malerial misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, malters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Auditors, responslbilities for the audit of the flnancial statemenls Our objectives are to obtain reasonable assurance about whether the finanGial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit Gonducled in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statemenls. Irregularities, including fraud, are inslances of non-compliance with laws and regu5ations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecling irregularities. including fraud is detailed below: Explanation as to what extent the audit was considered capable of detecling irregularities, including fraud We galned an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006, the Charities Act 2011 and Charities SORP 2019 and lax legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to overstate income or understate expenditure and management bias in accounting estimates. Audit procedures performed by the engagement team included.. discussions with management, including consideralions of known or suspected instances of non- compliance with laws and regulalions and fraud., gaining an understanding of management's conlrols designed lo prevent and detect irregularities., and identifying and testing journal entries. Page 12
Docusign Envelope ID.. 8443F8AA-AOG7-4688-8B3F-AFA1 B6066B4B AGE UK MILTON KEYNES {A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF AGE UK MILTON KEYNES (CONTINUED) Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatemenls in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Forexample, the further removed non-compliance with laws and regulalions {irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing slandards would identify it. In addition, as with any audit, there remained a higher risk of non-deteclion of irregularities, as Ihese may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibililies for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.or .uklauditorsres onsibililies. This description forms part of our Auditors, Report. 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 Gharitable company's members those matterswe are required to state to them in an Auditors, Report and forno other purpose. To the fullest extent permitted by law, we do not accepl or assume responsibility lo anyone other than the Gharilable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Steve Robinson FCA Senior Statutory Auditor For and on behalf of Mercer & Hole LLP Chartered Accountants and Statulory Auditors The Pinnacle 170 Midsummer Boulevard Milton Keynes MK9 1BP Date: Page 13
Docusign Envelope ID.. 8443FBAA_AOC7_468B_883F_AFA1 B6066B48 AGE UK MILTON KEYNES (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 UnrestriGted funds 2025 Restricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Charitable activities Other trading activities Investments 105,087 662,277 1,297,594 15,565 2,080,523 17,668 656,692 122,755 1,318,969 1,297,594 15,565 2,754,883 143,430 1,424,984 1, 243, 652 18,779 2,830,845 Total Income 674,360 Expenditure on: Raising funds Charitable activities 1,397,412 1,169,487 18,908 517,575 1,416,320 1,687,062 1,146,819 1,863,75t Total expenditure 2,566,899 536,483 3,103,382 3,010,570 Net (expendlture}lincome Transfers between funds (486,376) 136,988 {349,388) 137,877 {136,988) 889 {348,499) (179, 725) 20 Net movement in funds (348,499) (179, 725) Reconciliation of funds: Total funds brought fOard Net movement in funds 1,591,920 {349,388) 279,823 889 1,871,743 (348,499) 2,05t,468 (179,725) Total funds carrled forward 1,242,532 280,712 1,523,244 1,871,743 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 18 to 40 form part of these financial statements Page 14
Docusign Envelope ID.. 8443FBAA_AOC7468B_8B3F_AFA1 B606684B AGE UK MILTON KEYNES (A Company Limlted by Guarantee) REGISTERED NUMBER: 03897291 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Tangible assets 14 1,010,895 988, 195 1,010,895 988, 195 Current assets Stocks Debtors Cash at bank and in hand 15 16 2,767 305,103 625,126 5,375 324,570 807,408 932,996 1, 137,353 Creditors.. amounts falling due within one year 17 {226,452) (166,565) Net current assets 706,544 970, 788 Total assets less current liabilities 1.717,439 1,958,983 Creditors- amounts falling due after one year 18 {194,195) Provisions for liabilities 19 (87,240) Total net assets 1,523,244 q,871,743 Charity funds Restricted funds Unrestricted funds 20 20 280,712 1,242,532 279, 823 1,591,920 Total funds 1,523,244 1,871,743 Page 15
Docusign Envelope10'. 8443FBAA-AOC7468B-8B3F-AFAI86066B4B AGE UK MILTON KEYNES (A Company Limited by Guarantee) REGISTERED NUMBER: 03897291 BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025 The Trustees acknowledge thelr responslbllltles for complying wlth the requlrements of the Aot wlth respect to accounllng records and preparation of flnancial statements. The financlal statements have been prepared in accordance wlth the provislons appllcable to entities subject to the small ¢ompanles reglme. The flnancial statements were approved and authorised for issue by the Trustees and slgned on their behalf by.. Slgned by.. Slgntdtyy- 22O4b28F(994ll... E3F691AAYFS949D... Ms J M Mcmeekln Chalr Date:14/11/2025 The notes on pages 18 to 40 form part ofthese financlal statements. Mr G Martin Trustee Page 16
Docuslgn Envelope ID.. 8443FBAA_AOC7.4688_8B3F.AFA1 B6066B48 AGE UK MILTON KEYNES (A Company Limited by Guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Note Cash flows from operatlng activitles Nel cash used in operating activities 23 {443,347) (125, 864) Cash flows from investing activities Dividends, interests and rents from investments 15,565 18,779 Net cash provided by investing activities 15,565 18,779 Cash flows from financlng activitles Bank Loan 245,500 Net cash provided by flnancing actlvlties 245 500 Change in cash and cash equlvalents in the year Cash and cash equivalents at the beglnning of the year (182,2821 807,408 (107,085) 9t4,493 25 Cash and cash equivalents at the end of the year 25 625,126 807,408 The notes on pages 18 to 40 form part of these financial Page 17
Docusign Envelope10'. 8443F8AA_AOC7_468B.8B3F_AFA1 B6066B4B AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General information Age UK Millon Keynes is a private company limited by guarantee incorporated in England and Wales. The registered office is The Peartree Cenlre, 1 Chadds Lane, Peartree Bridge, Milton Keynes, MK6 3EB. The members of the company are the Irustees, and in the event of the Charily 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 flnancial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounling and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Age UK Milton Keynes meets the definition of a public benefit entity under FRS 102. Assets and liabillties are initially recognised at historical cost or Iransaction value unless otherwise stated in the relevant accounting policy. The financial statements are prepared in British Pound Sterling {£), which is the functional and presentational currency of the charity. Monetary amounts in these financial stalemenls are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified lo include the revaluation of freehold properties and to include investment properties 8nd certain financial instruments at fair value. The principal accounting policies adopted are sel out below. 2.2 Going concern At (he time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate reSoUrS to continue in operational existence for the foreseeable future. Thus the trustees Gontinue to adopt the going concern basis of accounting in preparing the financial statements. 2.3 Income All income is recognised once the Charity has entitlement to the income, it is probable that the inoome will be received and the amount of income receivable can be measured reliably. Page 18
Docijsign Envelope10= 8443FBAA-AOC7-4688-8B3F-AFA1 B6066B48 AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligalion to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure 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 slngle activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable 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 lime 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 fL5rther the Charity's objectives, as well as any associated support costs. Expenditure is recognised on an accrual basis as a liability is incurred. Where VAT relating to Exempt Activities is not recoverable, il 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 Ihose cosls incurred by the charity in Ihe delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated dlreclly to such activities and those costs of an indirect nature necessary lo support them. As well as those costs associaled wilh 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 allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflecl the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis. Costs ofgenerating funds comprise the Gosts 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 inclijdes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. 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 Statement of Financial Activities as the related expenditure is incurred. Page 19
Oocusign Envelope ID.. 8443F8AA-AOC7-468B-863F-AFA1 B6066B48 AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 interest paid or payable by the institution with whom the funds are deposited. 2.7 Taxatlon The Charity is considered to 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 exempl 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 Acl 1992, to the extent that such income or gains are applied exclusively to Gharitable purposes. 2.8 Tangible fixed assets and depreclation 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 imp8irmenl. If such indication exists, the recoverable amount of the asset is determined lo be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the 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 followlng bases.. Leasehold land and buildings over the life of the lease Leasehold improvements over the life of the lease Motor vehicles 25°/o Straight line Computer and office equipment- 25 % 133'/ts 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 Aclivilies. 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 20
Docusign Envelope ID.. 8443FBAA_AOC7468B_883F_AFA1 B6066B48 AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting 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 aGqUiSition or opening of the deposit or similar account. 2.12 Liabilitiès Liabilities and provisions are recognised when there is an obligation at 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. Liabilities are recognised at Ihe amounl that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must 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 thé present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to 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 thai 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 Operatlng 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 operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charlty to the fund in respect of the year. During the year the Charity also withdrew their membership of a mulli-employer plan. Where it was not possible for the Charity to obtain sufficient information to enable it to account for the plan as a defined benefil plan, it accounted for the plan as a defined contribution plan. Page 21
Docusign Envelope ID.. 8443FBAA_AOC7_468B_883F_AFA186066B48 AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting 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 pury)oses. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial statements. Restricted funds are funds which are to be used in acwrdance 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 the specific fund. The airn 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 accountlng estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and otherfactors, including expectations of future events that are believed to be reasonable under the circumstances. Ctitical accounting estimates and assumptions.. The Charity makes estimates and assumptions concerning the future. 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 limited to recognition of income related to legacies where an estimate of a share of an estate is required to be made before final receipt. The Trustees rely on information from the 5awyers acting for the estate and any probate accounts received. Page 22
Docusign Envelope 10.. 8443FBAA-AOC7468B-883F-AFA1 B6066B4B AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Donations and legacies 105,087 17,668 122,755 Unrestricled funds 2024 RestriGted funds 2024 Total funds 2024 Donations and legacies 127,843 15,587 143,430 Page 23
Docuslgn Envelope ID.. 8443FBAA-AOC7468B-883F-AFA18606684B AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from charitable activities Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Sales within charitable activities SeNices provided under contract Other income 535,182 172,447 707,629 484,245 127,095 1,318,969 484.245 127,095 662,277 656,692 Unreslricted funds 2024 Restricted funds 2024 Total funds 2024 Sales within charitable activities Services provided under contract Other incorlle 80,847 566,367 90, 778 686,992 767,839 566,367 90, 778 737,992 686,992 1,424,984 Page 24
Docusign Envelope ID: 8443FBAA-AOC7-468B-8B3F-AFA1 B6066B48 AGE UK MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from other trading activities Income from fundraising events Unrestricted funds 2025 Total funds 2025 Fundraising events 13,739 13,739 Unrestricled funds 2024 Total funds 2024 Fundraising events 12,652 12,652 Income from non charitable trading activities Unrestricted funds 2025 Total funds 2025 Shop income 1,283,855 1,283,855 Unrestricted funds 2024 Total funds 2024 Shop income 1,231.000 1,231,000 Page 25
Docusign Envelope ID.. 8443FBAA-AOC74688-8B3F-AFA1 B6066B4B AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment income Unrestricted Funds 2025 Total Funds 2025 Interest reGeivable 15,565 15.565 Unrestricted funds 2024 Total funds 2024 Interest receivable 18,779 18,779 Expenditure on raising funds Fundraising tradlng expenses Restrlcted funds Unrestricted funds Total funds 2025 2025 2025 Other trading activities Support costs staff costs 18,580 682,956 12,873 697,795 3,788 701,536 12,873 697,795 4,116 Depreciation and impairment 328 Total 2025 18,908 1,397,412 1,416,320 Page 26
Docusign Envelope ID: 8443FBAA-AOC7-468B-883F-AFA186066B48 AGE UK MILTON KEYNES IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on raising funds (continued) Fundraising trading expenses {continued} Unrestricted funds 2024 Total funds 2024 Other trading activities Support costs Staff costs Depreciation and impairment Total 2024 553,433 15,406 573,090 4,890 553,433 15,406 573,090 4,890 1,746,819 f,t46,879 Analysis of expenditure on charltable activltles Summary by fund type Unrestricted funds 2025 Restricted funds 2025 Total 2025 Staff costs Depreciation and impairment Staff and volunteer expenses Olher direct costs Charitable expenditure Other governance costs Bank Gharges 1,069,726 29,431 46,231 3,167 122 19,738 1,072 387.378 1,457,104 29,431 60,304 119,291 122 19,738 1,072 14,073 116,124 1,169.487 517,575 1,687,062 Page 27
Docusbgn Envelope ID.. 8443FBAA-AOC74688-8B3F-AFA18606664B AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure on charitable activities (continued) Summary by fund type (continued) UnrestriGted funds 2024 Restricted funds 2024 Total 2024 Staff costs Depreciation and impairment Staff and volunteer expenses Other direct costs Charitable expenditure Other governance costs Bank charges 1,096,208 30,339 76,469 497,296 1,593,504 30,339 33,327 187,884 334 16,858 187,884 334 17,256 t, 107 1, 161,713 17,256 1,107 1,863,751 702,038 10. Analysis of expenditure by activities Activltles undertaken directly 2025 Support costs Total funds 2025 2025 Slaff costs 1,457,104 1,457,104 Depreciation and impairment 29,431 29,431 Staff and volunteer expenses 60,304 60,304 Other direct costs 119,291 119,291 Charitable expenditure 122 122 Other governance costs Bank charges 19,738 19,738 1,072 1,072 1,666,252 20,810 1,687,062 Page 28
Docusign Envelope ID.. 8443FBAA_AOC7.4688_883F_AFA1 B6066B48 AGE UK MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Analysis of expenditure by activities {continued) Activities undertaken directly 2024 Support cosls Total funds 2024 2024 Staff costs 1,593,504 1,593,504 30,339 Depreciation and impairment Staff and volunteer expenses 30,339 33,327 33,327 Other direct costs 187,884 t87,884 Charitable expenditure 334 334 Other governance costs Bank charges 17,256 17,256 1,107 1,107 1,845,388 18,363 1,863,751 Page 29
Docusign Envelope ID.. 8443FBAA-AOCT-4688-883F-AFA1 B6066B48 AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Analysis of expenditure by activities (continued) Analysis of direct costs Total funds 2025 Total funds 2024 Staff costs Depreciation Staff and volunteer expenses Other direct costs other professional fees Trustee expenses 1,457,104 29,431 60,304 115,357 3,934 122 1,509,514 30,339 33,327 268,435 3,439 334 1,666,252 1,845,388 Analysis of support costs Total funds 2025 Total funds 2024 Professional fees Audit fees Bank charges 19,738 1,072 17,256 I,t07 20,810 18,363 11. Auditors. remuneration 2025 2024 Fees payable Éo Charity's auditor for the audit of the Charity's Accounts Fees charged by previous auditors 15,000 4,738 19,738 17,256 17,256 Page 30
Docusign Envelopa ID.. 8443FBAA-AOC7-468B-8B3F-AFA186066B48 AGE UK MILTON KEYNES (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. staff costs 2025 2024 Wages and salaries Social security costs Contribution to defined contribution pension schemes 1,990,780 123,665 40,454 1,962,816 90,968 28,820 2,154,899 2,082,604 The average number offull time equivalent persons employed by the Charity during the year was as follows.. 2025 No. 2024 Chief Executive Direct service staff Cost of generating funds Other 23 22 18 36 27 12 64 76 No employee received remuneration amounting lo more than £60,000 in either year. The Key Management Personnel of the Charity comprise the Chief Executive Officer, Finance and Governance Director, Head of Income and Marketing, Head of Income and Retail, and two operations directors. The tolal employee benefits of the Key Management Personnel of the Charity were £265,359 {2024.' £259,018). The charity offered a money purchase scheme operated by the Pensions Trust for all staff after a six month probation perlod to the end of the financial year ending 31 March 2014. The staging date for auto-ènrolment 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 Truslees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). Page 31
Docusign Envelope ID.. 8443FBAA-AOC74688-8B3F-AFA1B6066B48 AGE UK MILTON KEYNES (A Company Limited by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Tangible fixed assets Leasehold land and buildings Leasehold improvements Computers Total Cost or valuatlon At 1 April 2024 Additions Disposals 248,824 51,969 1,457,380 239,542 4,247 1,945,746 56,216 At 31 March 2025 300,793 1,457,380 243,789 2,001,962 Depreciation At 1 April 2024 Charqe for the year On disposals 234,900 2,863 489,632 27,032 233,019 3,621 957,551 33,516 At 31 March 2025 237,763 516,664 236,640 991,067 Net book valuè At 31 March 2025 63,030 940,716 7,149 1,010,895 At 31 March 2024 13,924 967,748 6, 523 988, 195 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 2025 2024 Finished goods and goods for resale 2,767 5,375 Page 32
Docusign Envelope ID.. 8443FBAA_AOC7.468B.883F_AFA1 B6066B48 AGE UK MILTON KEYNES (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. Debtors 2025 2024 Due within one year Trade debtors Amounts owed by participating interests Other debtors Prepayments and accrued income 135,804 91,331 18,236 59,732 t15,728 138,841 5,399 64,602 305,103 324,570 17. Credltors: Amounts falling due within one year 2025 2024 Bank Loan and Overdraft 51,305 47,241 24,347 4,813 98,746 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 35,136 34,715 16,103 80,611 226,452 166,565 18. Creditors: Amounts falllng due after more than one year 2025 2025 Bank Loan 194,195 Page 33
Docusbgn Envelope ID.. 8443FBAA-AOC7-4688-8B3F-AFA1 B6066B48 AGE UK MILTON KEYNES IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 19. Provisions Dilapidations Provision Brought forward at 1 April 2024 87,240 Released in the year (87,240) Carried foNard al 31 March 2025 20. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Transfers inlout Income Expenditure Unrestricted funds Designated funds Property Development Fund 1,060,091 Premises Mainlenance Fund 85,465 1,060,091 50,000 2,845 (38,310) 1,145,556 2,845 {38,3101 1,110,091 General funds General Funds - all funds 446,364 2,080,523 (2,569,744) 175,298 132,441 Total Unrestricted funds 1,591,920 2,080,523 {2,566,8991 136,988 1,242,532 Page 34
Docusign Envelop$ ID.. 8443FBAA-AOC7-468B-8B3F-AFA186066B4B AGE UK MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 20. Statement of funds {contlnued) Balance at l April 2024 Incomè Expenditure Transfers inlout Balance at 31 March 2025 Restricted funds Pe8rtree Home Support Hardship Fund Lynoot Craft Fund Allotments Deep Cleans Equipment Home First Memory Club Marketing Fund Utilities Hardship Fund Meal Service - Christian Centre 225,000 4,472 1,527 1,500 2,521 5,286 2,026 5,000 1,718 225,000 3,916 (556) {1,527) 8.272 {228) {5001 9,544 2.021 15,286) 2,026 5,000 1,718 1,000 1,000 Christian Centre ILS HardshSp Fund Age UK Wlnter Support MKCC Handyman Service Gardening Equipment fund HAS Ad-hoc Transport Service Nexus CLW Eon Warm Homes- Age UK Great Linford PPC Lunch Clubs Energy Checks- Age UK Volunteer Party S30 Donation Live Life Kitchen Stony Strafford Building Repairs MKCF Befriending Project Total Restrl¢ted funds 2,826 2,826 1,861 24,586 500 11,861) 124,5861 2,000 251,225 95,984 72,843 63,575 38 2,500 1,648 200 (170) 1214,630) (36,7121 164,982) 163,5751 {38) {2,500) 11.648) {2001 1328) 1124.004) {7,832) 2,330 {36,595) {59,272) 17,861) 328 124,004 9.974 2,142 31,769 {18,580) 13,189 10,000 10,000 279,823 674.360 1536.4831 {3,103,382) {136,9881 280,712 Total of funds 1,871,743 2,754,883 1,523,244 Page 35
Docusign Envelope ID.. 8443FBAA-AOC7-4686-8B3F-AFAIB6066B4B AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 20. 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 Equipmenl.. Grants received from INTU'.MK and MK Community Foundation to purchase equipment for the deep clean ser Peartree Cenlre: Fund relates to a restriction by the Lottery Fund which will remain in force as a restricted fund for 80 years, with effect from February 2005 Lynoot Craft Fund: Fund set up from legacy from Glient and used to fund a craft activity groups. Donations lo fund memory clubs. Home First.. To provide support to help people stay in their homes rather Ihan being admitted to hospital. Allolmenls.. Ground Force- donation to build an allotmentlgarden behind the Peartree Centre. Meal Service - Christian Centre.. Grant from the Christian Foundation to provide free meals for older people in need. Marketing Fund: Donation to pay for marketing support Utilities Hardship Fund.. Donations to help with 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 SeICe to Iheir tenants Age UK grant for new MSCT group Age UK grant for Digital Inclusion project Page 36
Oocusbgn Envelop8 ID.. 8443F8AA-AOC7-468B-883F-AFA1 B6066B4B AGE UK MILTON KEYNES {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 21. Summary of funds Summary of funds- current year Balance at 1 April 2024 Income Expenditure Transfers inlout Balance at 31 March 2025 Designated funds General funds Reslricled funds 1,145,556 446,364 279 823 2,845 12,569,744) 536 483 (38,310) 175,298 136,988 1,110,091 132,441 280,712 1,523,244 2,080,523 674 360 1,871,743 2,754,883 (3,103,382) 22. Analysis of net assets between funds Analysis of net assets between funds- current perlod Unrestricted funds Restricted funds Total funds 2025 T8ngible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges Total 1,010,895 652,284 (226,452) (194,195) 1,242,532 1,010,895 932,996 (226,452) (194,195) 1,523,244 280,712 280,712 Analysis of net assets between funds - prior perlod Unrestricled funds Restricted funds Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges Total 988, 795 857,530 (166,565) (87,240) 1,591,920 988, 195 1,137,353 (166,565) (87,240) 1,871,743 279,823 279, 823 Page 37
Docusign Envelope10= 8443FBAA-AOC7468B-883F-AFA1B606684B AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 23. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net incomelexpenditure for the period (as per Stalemenl of Financial Aclivilies) {348,499) (179, 725) Adjustments for: Depreciation charges Dividends, interests and rents from inveslrnenls Decrease in stocks (Increaselldecrease in debtors Increasel{decreasel in creditors and provisions Purchase of fixed assets 33,516 (15,565) 2,608 19,467 {78,658) (56,216) 35,228 (18, 779) 9,566 (47,835) 79,278 (3,597) Net cash provided byl{used inl operatlng actlvltles {443,347) (125,864) 24. Analysis of cash and cash equivalents 2025 2024 Cash in hand 625,126 807,408 Total cash and cash equivalents 625,126 807,408 25. Analysls of changes in net debt Al 1 April 2024 At 31 March 2025 Cash flows Cash al bank and in hand 807,408 (427,782) 245,500 379,626 245,500 Borrowings 807,408 {182,2821 625,126 Page 38
Docusign Envelope ID.. 8443FBAA-AOC7-4688-8B3F-AFA1 B6066B48 AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 26. Contingent liabilities During the year the Charity withdrew from the pension scheme operated by The Pension Trust. The remaining liability of £8,856 at 3 July 2024 was paid in full. The contingenl liability al 31 sl March 2025 amounted to £nil (2024.. £9,840). 27. Retirement benefit schemes The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £40,454 {2024'. £28,820). For part of the year, the Charity participated in a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. In the prior year it was not possible for the Charity to obtain sufficient information lo enable it to account for the scheme as a defined benefit scheme therefore, the scheme was accounted for as a defined contribution scheme. The scheme is subject lo the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The scheme is classlfied as a 'lasl-man standing arrangement,. Therefore, the charity is potentially liable for other participating employers, obligations if those employers are unable lo meet their share of the scheme deficit following withdrawal from the scheme. Participaling employers are legally required to meet 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 obligallon. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rale is recognised as a finance cost. The Charity withdrew from the scheme during the year and the remaining liabilities were paid in full. 28. Operating lease commitments At 31 March 2025 the Charity had commitments to make future minimum lease payments under non- cancellable operating leases as follows.. 2025 2024 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 321,097 1,115,858 1,258,549 80,647 198,483 2,147,101 2.695,504 2,426,237 Page 39
Do¢usign Envelope ID.. 8443F8AA-AOG7-4688-883F-AFAIB606684B AGE UK MILTON KEYNES (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 29. Related party transactions 2025 In The Prime Limited 91,331 The charity works closely with In The Prime Limited, a company related by association of ils directors and board members of Age UK Milton Keynes. The balance owed to Age UK Milton Keynes is as identified above and in the table below. 2025 Transactions during the year Recharges 112,500 30. Controlling party The charity is ultimately controlled by the Board of Trustees. 31. 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 £1 to 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 40