AGE UK BARNET ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Company no. 03863045 Registered charity no. 1080458 CONTENTS Page Reference and Administrative Information Trustees, Report Independent Auditor's Report 13 Statement of Financial Activities 17 Balance Sheet 18 Statement of Cash flows 19 Notes to the Financial Statements 20 REFERENCE AND ADMINISTRATIVE INFORMATION Age UK Barnet is registered as a company and charity in England & Wales Company Number 03863045 Charity Registration Number 1080458 Principal & Registered Office Ann Owens Centre Oak Lane East Finchley London N2 8LT Trustees Trustees in office from 1 April 2023 to the date of this report are as follows". Lorraine Barnet (Chair) Gillian Jordan Sohini Boron John Tacchi Ruth Newrick Julian Tomlin (Hon Treasurer) Alexis Ingram Jean Hanson Catherine Loveday (retired 31 October 2023 - now Expert Adviser to the board) Senior Management Team Chief Executive Officer & Company Secretary Helen Newman Advisors Independent Auditor Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD Solicitors Bates Wells 10 Queen Street Place London EC4R 1 BE Bankers CAF Bank Ltd PO Box 289 West Malling Kent ME19 4TA Age UK Barnet Trustees, Report for the year ended 31 March 2024 The trustees present their report and financial statements for the year ended 31 March 2024. Reference and administrative information set out on page 1 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors, report as required by company law, and the Statement of recommended Practice - Accounting and Reporting by Charities,, SORP applicable to charities preparing their financial statements in accordance with FRS 102 (second edition - effective 1 January 2019). OBJECTIVES AND ACTIVITIES The Charity's stated objective is to improve the lives of older people in and around the London Borough of Barnet ("the Borough"). We work to enable older people in Barnet to lead fulfilling and healthy lives and to remain safe and independent in their own homes for as long as possible. We involve older people in designing and providing services and we are committed to making sure these services are of a high quality. The Trustees referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. In particular, the Trustees looked at how the planned activities contributed to the aims and activities as set out in the guidan￿. The Charity is committed to safeguarding its seriice users, who may be vulnerable adults. Our Trustees, staff and volunteers are DBS checked in line with legal requirements or best practice and they are provided with training on safeguarding. Any complaints are fully investigated in accordance with the Charity's complaints policy. The Trustees keep all charges for seNices as low as possible to allow the widest possible access. The Trustees recognise that charges may need to be increased for more of its services in order to ensure that they continue to be available. In addition to direct services, the Charity takes part in consultations, local partnership meetings and strategy groups and it campaigns to improve the life of older people in the Borough. ACHIEVEMENTS AND PERFORMANCE The year 2023-24 was one of rernarkable impact and growth for Age UK Barnet. We proudly supported over17,000 older individuals-a significant 35 % increase from the previous year-reaching approximately one in every seven older adults in the borough. Notably, 200/0 of those who sought our assistance were first-time referrals, many of whom had never previously needed support. We provided face-to-face social activities to alleviate isolation, warm and safe spaces for vulnerable individuals, and supported mobility and movement. Educational events focused on health and wellbeing, dementia awareness, fall prevention, and scam protection, while we also celebrated a wide range of culturally significant occasions, In addition, we built on our long-standing partnerships with local community groups, Age UK Barnet Trustees, Report for the year ended 31 March 2024 extending our collective reach even further, as many of our partners also increased their impact. Throughout the year, we continued to enhance the health and wellbeing of marginalised groups and vulnerable individuals by signposting and connecting them to local community activities and services through our social prescribing and integrated care Se￿ices. This enabled many to access vital resources, improving their quality of life through meaningful engagement with their comrnunities. The year was also marked by rising costs of energy, food, and other essential items, placing additional strain on older adults in our community. Age UK Barnet effectively responded by prudently distributing central government grants to support older adults of pensionable age, as well as our Later Life Planning service supporting older people claim more than £1.2 million in eligible benefits. Through resilien￿, dedication, and collaborative efforts, 2023-24 was a year of substantial progress, as Age UK Barnet continued to make a lasting, positive difference in the lives of older people across the borough. NEIGHBOURHOOD SERVICES This contract was originally awarded for five years from 2018-2023 but has been extended by the local authority until August 2025. It has four main strands: Wellbelng - We supported 308 older people with digital inclusion this year, helping them send emails, book GP appointments and holidays as well as getting to grips with online shopping and banking apps. We also helped over 1000 older people build connections with social groups and other activities. Falls prevention - This year saw 582 people reduce their risk of falling by increasing their strength and balance at exercise classes, have their feet cared for or by increasing their knowledge of everyday hazards. Home Support - includes handyperson (our team carried out 984 jobs in 23-24) shopping and befriending. This year the befriending service supported 502 people with 95 of those directly matched with a one to one volunteer at the end of the year. The service focusses on clients who cannot access services in the community but has developed other opportunities for people to come together in group settings. 'Befriending has made me feel more optimistic. David's visits are an absolute highlight of my week. Sometimes I feel that gives me a reason for living. Later Life Planning - our small team provides information and advice on a range of issues affecting older people such as benefits, housing and care, This year the service helped over 1000 older people claim more than £1.2 million in eligible benefits. 'The seniice is incredible and really appreciated,, said one client, EXTERNAL PROVIDERS - working with local community groups to extend our reach Age UK Barnet's long£stablished partnership with our External Providers enables us to extend our Neighbourhood Services reach throughout the borough and into different communities. In 2023-24 we continued to work with Chipping Barnet Day Centre, Barnet African Caribbean Association, Barnet Asian Women's Association, Age UK Barnet Trustees, Report for the year ended 31 March 2024 High Barnet Good Neighbour Scheme. the Good Neighbour schemes for Mill Hill & Burnt Oak and the Barnet Association for Tamil Elders. Between them they increased their reach by 125 with 976 older people using their services. DEMENTIA SUPPORT SERVICES The Charity was awarded the contract to provide Dementia Support servI￿s in Barnet and delivery began on April 1st 2021. This has three strands: A Dementia Hub providing information to the community A Dementia Adviser service offering specialist information and support to those living with dementia Day opportunities - providing a programme of stimulating activities for people with mild to moderate dementia PROJECTS Social Walks We were able to continue and further develop our walks programme with funding from the Charity of Sir Richard Whittington. Throughout the year we have invited guest speakers who share relevant and interesting information during the walk as well as in the café afterwards when walkers socialise together. Twenty three volunteers support the walks and 205 people have taken part this year. Haringey As detailed in last year's report, Age UK Barnet along with local partners in Camden, Enfield, Haringey and Islington came together for a scoping project to look at how they might work together to support older people in Haringey. Response to the project was very positive and the four partners are currently reviewing the report and assessing the potential to extend Age UK services into Haringey. Memory Matters Funded by Barnet Integrated Care Partnership, our Memory Matters sessions continued in 23-24. These blocks of in person sessions support people with a dementia diagnosis to maintain their cognitive function through science-backed exercises and interventions. This year referrals increased by 1000/0 from 49 in 22-23 to 98 in 23-24. Household Support Fund Age UK Barnet was asked to continue delivery of financial support to older adults of pensionable age though the Household Support Fund in 23-24. Funding delegated from central government supported 777 older people with grants towards the rising cost of food, energy bills such as gas, electricity and water and other essentials. Over £730k was awarded in total. Outreach Project Age UK Barnet secured funding from Age UK'S Cost of Living Support Fund for this piece of work which is aimed at reaching residents who might not have engaged with Age UK Barnet Trustees, Report for the year ended 31 March 2024 Se￿iceS previously. It aims to highlight sources of support for older people in the community, to increase their wellbeing and reduce their risk of loneliness and isolation. During the year this project engaged with 2833 residents and identified gaps in service provision. City Bridge Funding from The City Bridge Trust secured in 2023124 has enabled the organisation to expand and diversify our activities in response to the growing demand for group activities, socialisation opportunities, and skill development. We have successfully introduced over 20 diverse activities, including newer, more adventurous, and ambitious pilot initiatives. Dementia Befriending - Henry Smith This service is in its third year, having started in response to the covid lockdowns, and the organisation was delighted to secure funding from Henry Smith for a further three years from 2023. Demand is ever increasing due to the increase in people being diagnosed in Barnet and during the year we supported over 100 clients with the befriending service. We currently have 26 matched clients and volunteers and to support these partnerships there is a strong emphasis on activities with activity packs given to the volunteers to take on visits. The packs contain a variety of stimulating activities which are tailored to the client's own interests. So far these have been very successful in maintaining the client's engagement, communication, and cognitive abilities. Masonic Charitable Foundation Age UK Barnet was also successful in securing funding from the Masonic Charitable Foundation to enhance and expand our digital inclusion support provision. This funding will last for three years. As well as one to one support from volunteers, this year we loaned out 30 touch screen laptops and 15 tablets thanks to the Good Things Foundation. VOLUNTEERING giving back to the community We are very fortunate at Age UK Barnet to have the most amazing team of volunteersl We currently have 352 volunteers supporting the organisationl Ranging in age from 17 to 94. We are constantly inspired by the dedication and compassion that they show, and they enable us to provide such a wide range of valuable services. BARNET SOCIAL PRESCRIBING SERVICE & INTEGRATED CARE SERVICES Signposting & connecting people to local community activities & services Age UK Barnet continues to manage the Social Prescribing seniice in the borough. This enables the organisation, through the social prescribers, to raise awareness of our ServI￿S with hard-to-reach groups. The team supports adults who are registered with a Barnet GP Practice. offering local information and advice for non- medical based needs that are negatively affecting their health and wellbeing. The social prescribing team has grown to 26 team members supporting 48 GP surgeries in Barnet. Referrals for those aged 55+ was up by 12 % this year to 3719. Age UK Barnet Trustees, Report for the year ended 31 March 2024 Ageing Well MDT Age UK Barnet has played a key role in the Ageing well MDT in Barnet since it began in 2018 and we have had full time staff member working as the Ageing well MDT Social Prescriber for this service since September 2022. The role is intended to support those who attend the Ageing well MDT to offer community services signposting and short-term case work support for clients who need support engaging with community and statutory services. Within this last financial year the MDT Social Prescriber has worked with over 136 different people and their family members or carers through this service. COMMUNICATION Our website continues to be an important source of information for older people in the borough and had over 500,000 hits. Many of these were to the scams pages reflecting older people's concerns about rogue traders and scammers, which continues to be a particular worry for older people during the year. Our social media presence has grown rapidly and in 2023- 24 and our followers on Twitter and Facebook jumped to nearly 4,000 - with 88,960 impressions on twitter and 90,636 on Facebook. We increased our engagement with local community groups through neighbourhood chat rooms like nextdoor and local Facebook groups and it's been a successful way of targeting areas to recruit participants for some of our activities, Our Instagram account has successfully engaged with local businesses, leading to offers of donations and volunteering, and the number of followers has risen to 1,325 this year an increase of 16 per ￿nt. Our e-newsletter keeps subscribers informed about our services, activities and events as well as other news in the borough that affects older people. We now email this out to monthly to over 3,000 subscribers, a 43 per cent increase on the previous year. Our Memory Matters newsletter - which informs families living with dementia about what's happening at Age UK Barnet and around the borough - has doubled the number of subscribers and now nearly 400 people receive a copy of the email. And the print run of our What's On guide, which details our activities, services and events, went up to 25,000. On top of this 22,000 What's on guides are sent digitally to people with email addresses. Looking forward Trustees revisited our strategic plan and agreed broad goals with a view to producing a new five year strategy during this financial year 2024-25. Continue our aim to be the go-to organisation for older people in Barnet, be the ones they and theiT fatnilies trust to support them through any challenges and to embra￿ later life Increase our focus on reaching the most isolated older people, embracing technology but recognising Ihe value af face-to-face contact Increase opportunities to formally seek the views of older people and improve the way we measure impact Increase the diversity of our client group Invest in maintaining our high quality and independent advice offer Further develop our home support sen11￿ and respond to emerging needs Age UK Barnet Trustees, Report for the year ended 31 March 2024 Be relevant to and inclusive of younger older people building longevity into our relationships enabling our ServI￿S to be truly preventative Ensure our systems, infrastructure and investment can support our growth and make Age UK Barnet a rewarding place to work and volunteer FINANCIAL REVIEW For the year end 31 March 2024 Age UK Bamet had the following", 2024 2023 Income 2,901,669 2,639,530 2,722,474 2,424,027 1,039,052 851,806 513,215 388,015 258,987 258,987 266,849 204,804 Total Expenditure Net Assets General Unrestricted Funds Designated Funds Restricted Funds The main source of income for the year was from contracts for the provision of charitable services from the London Borough of Barnet and from the Social Prescribing service. Employment costs comprised 61 % of the total reSoUr￿S expended by the charity in the year. In the previous year they accounted for 610/0. This is due to the funding received for the Household Support Fund which was distributed in grants to older people. The Charity relies heavily on the commitment and hard work of its staff, its volunteers and its Board of Trustees. The established systems and procedures for Trustees and employees have been adhered to and areas of training and development are kept under constant review. Staff performance reviews are undertaken at appropriate intervals and formal appraisals take place yearly with interim Teviews taking place more frequently as appropriate. All staff are subscribed to a training provider and follow a set programme through the year. Funding sources and fundraising The Charity has been pursuing a detailed fundraising strategy which is available to all staff and stakeholders. In summary, we are conscious of the advisability of diversifying our sources of income, given our continued reliance on contract income to fund our range of services from the London Borough of Barnet. The Charity has an active policy of applying for grants from grant making charities to fund appropriate additional charitable services and activities which are intended to enhance the core services which we provide and which are described in this report. Age UK Barnet Trustees, Report for the year ended 31 March 2024 In 2023-24 we were successful in attracting the following new funding: The City Bridge Trust - Activities The Henry Smith Charity - Dementia Befriending Masonic Charitable Foundation - Digital Inclusion Primary Care NetworkslBarnet Borough Partnership Projects The National Lottery - Community Organisations Cost of Living Fund London Borough of Barnet- Age Friendly Barnet The National Lottery Community Fund - Pigeon Post Neighbourhood We also continued to benefit from funding secured in the previous financial year from,. Walk and Talk - Funded by the Charity of Sir Richard Whittington Scams Awareness- Funded by Age UK and extended to 2026 Information and Advice - supported by Emmanuel Hospital Charity Pigeon Post - funded by London Borough of Barnet Dementia Befriending - funded by the London Borough of Barnet Community Ageing Well Service MDT Central London Community Healthcare Haringey Project - Age UK London Special Reserve Fund Cost of Living Outreach - Age UK National The Charity was advised by freelance consultant Rob Hamilton on these and other grant applications during the year. Our level of expenditure on fundraising has not required the Charity to register with Fundraising Regulator but we will continue to keep the position under review in the current financial year. The Charity has regard to best practice and all applicable legal requirements in its fundraising activities including compliance with data protection requirements. There have been no failures on the part of the Charity to comply with any applicable fundraising standards and there have been no complaints about fundraising activity received by the Charity. The Charity does not solicit donations directly by post or by any other means of communication. Any members of staff or volunteers engaged in fundraising activity are made aware of all legal and other requirements applicable in that connection. INCOME GENERATION Developing new strands of income remains a key strategic aim for Age UK Barnet as a way of reducing the organisation's dependence on statutory funding. Fundraising during the year included: London Marathon Tennis Tournament Coronation Carnival 10 Age UK Barnet Trustees, Report for the year ended 31 March 2024 Golf Day Quiz Night Reserves policy This year trustees revisited the reserves policy and having taken external advi￿, agreed it would be prudent to take a flexible approach and retain between three and six months running costs in case of a loss of contract income or in the event of a wind up process. Based on the year under review three months running costs are approximately £510,00. Our current general reserves are in line with this plan. Investment of liquid resources The Trustees consider it appropriate to invest monies not required for the charity's operations in the short term in units in common investment schemes established in accordance with sections 96 and 100 of the Charities Act 2011. The trustees, policy is to minimise the risks of significant fluctuations in the value of such investments by investing in fixed interest rather than equity-based units, and to achieve a greater rate of return than would be available from bank deposits. The trustees remain content that the investment policy outlined above is suited to its current circumstances but will review at regular intervals. Bank balances are held in interest-bearing deposits other than the current account. STRUCTURE, GOVERNANCE AND MANAGEMENT Incorporation and governing document Age UK Barnet was incorporated on 21 October 1999 as a company limited by guarantee and was registered as a charity by the Charity Commission for England and Wales on 26 April 2000. It was originally called Age Concern Barnet. As a company, it is govemed by its Memorandum and Articles of Association. At an EGM in December 2020, trustees and members passed a special resolution to adopt new constitution which had been pre-approved by the Charity Commission and recommended by Age UK. The biggest change is that Sin￿ 1st April 2021 , trustees are the Charity's only members. Management and trustees Day to day responsibility for the operations of the Charity during the year rested with the Chief Executive Officer, Helen Newman, who works closely with the trustees. The Trustees, who are also the directors of the company, are responsible for determining the policy of the Charity and for making major decisions regarding its operations. There is a scheme of delegation in place under which the scope of the authority of the Chief Executive Officer is made clear and under which certain key decisions affecting the Charity are required to be referred back to the Trustees by the Chief Executive Officer. Age UK Barnet Trustees, Report for the year ended 31 March 2024 Operational management of the Charity under supervision of the Board and under these detailed terms of delegation is entrusted to the Chief Executive Officer and to certain named senior staff members. The Board of directors, the Chief Executive and the above members of the Charity's senior management team together comprise the key management personnel of the Charity and are together responsible for directing and controlling, running and operating the Charity on a day to day basis. Staff salaries are reviewed and, in view of the nature of the Charity, the directors benchmark against pay levels in other voluntary organisations of a similar size. Trustees are required to declare any conflict of interest to the Chair at every trustee meeting. The Trustees make a written declaration of their interests every year to the Company Secretary prior to the AGM. Appointment of trustees The appointment of Trustees is governed by the company's Articles of Association. The Chair and no less than five individuals are elected at the AGM. They normally serve for a maximum of two terms of three years but, by exception and with agreement of the board this can be extended for a third term of three years. Through the year the board May co-opt up to three individuals as Board members who then serve until election at the next AGM. Serving trustees The names of the trustees who served during the year and those who were in office at the date of this report are set out on page 1. Recruitment and training New trustees are recruited through various methods including trustee contacts, contacts with local voluntary organisations, advertising on appropriate websites and in the press. All new trustees are given a thorough induction as well as copies of key documents such as the Memorandum and Articles of Association, Trustee Handbook, the most recent trustees, report and audited financial statements and the latest monthly management financial statements. They are also required to complete a questionnaire designed to identify any conflicts of interest that may arise from personal relationships or membership of other organisations and to confirm that there is no legal impediment to their becoming trustees, Existing trustees are requested to complete the questionnaire annually. Trustees are supported to pursue training opportunities to increase their knowledge and to develop their awareness and skills so they can contribute to a strong and effective trustee board. Risk management The Trustees periodically identify the major operational, financial and legal risks to which the Charity is exposed and a copy of the Charity's risk register, as amended 12 Age UK Barnet Trustees, Report for the year ended 31 March 2024 from time to time, is reviewed by trustees on a regular basis. Measures are taken to manage the risks that have been identified. The trustees have a iisk management strategy which comprises.. A risk and opportunities register A review of the principal risks and uncertainties that the charity faces at least quarterly. The establishment of policies, systerns and procedures to mitigate those risks identified in the review; and The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. This work has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due, regular liaison with (a) the London Borough of Barnet to ensure that contractual income is paid promptly and when due to the Charity (b) the Charity's own bank in connection with cash flow management, and active management of trade debtors and creditors balances to ensure sufficient working capital by the charity, We work closely with London Borough of Barnet staff to ensure compliance with our contractual obligations including meeting quarterly key performance indicators and other measures so as to preserve the flow of contractual income then due to us under the LBB contracts in place during the year and subsequent years. A fundraising strategy is in pla￿ both for community fund raising (including lifetime donations and for gifts by Will) and for raising funds from grant applications from grant making charities and foundations to seek to ensure that the Charity's sources of funding are properly diversified. Financial controls Appropriate internal control procedures in line with best practice are in place in line with recommendations made by the auditors and Age UK (the national charity). An annual budget is prepared and appioved by the Tiustees as soon as possible following the beginning of each financial year. Detailed management financial statements are made available to the Trustees on a monthly basis. 13 Age UK Barnet Trustees, Report for the year ended 31 March 2024 Statement of Trustees Responsibilities The trustees (who are also 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 Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the income and expenditure of the charitable company and its state of affairs at the end of that period. In preparing those statements the Trustees are required to: select suitable accounting policies and then apply them consistently., obserde the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102 second edition). make judgements and estimates that are reasonable and prudent. state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The opinion of the trustees is that the company is entitled to the exemptions conferred by Section 477 of the Companies Act 2006 relating to small companies. Auditors In accordance with company law as the company's directors, we ￿rtify that: so far as we are aware, there is no relevant audit information of which the charitable company's auditor is unaware; and as directors of the charitable company we have taken all the steps that we ought to have taken, in order to make ourselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. 14 Age UK Barnet Trustees, Report for the year ended 31 March 2024 Knox Cropper LLP were appointed auditors to the company and, in accordance with the Companies Act 2006, a resolution proposing that they be re-appointed will be put to the Annual General meeting. The financial statements were approved by the board on . were signed on its behalf by: .1511012024.. .and Lorraine Barnet ..S.ohini Boron Trustee Trustee 15 Independent Auditor's Report to the members of the Age UK Barnet (continued) Opinion We have audited the financial statements of Age UK Barnet (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balan￿ Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that 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 Practice). 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 income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion, Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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. Other information The other information comprises the informats'on included in the annual report, other than the financial statements and our auditors, report thereon. The trustees ale responsible for the other information. 16 Independent Auditor's Report to the members of the Age UK Barnet (continued) Our opinion on the financial statements does not cover the other information and 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 audit or othe￿iSe appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements. and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the 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 directors, report included within the trustees, report. We have nothing to report in respect of the following matters where the 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 agreement 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 to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of Trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 17 Independent Auditorfs Report to the members of the Age UK Barnet (continued) In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The Charitable Company is required to comply with both company law and charity law and, based on our knowledge of its activities, we identified that the legal requirement to accurately account for restricted funds was of key significance. We gained an understanding of how the charitable company complied with its legal and regulatory framework, including the requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls. The audit team, which is experienced in the audit of charities, considered the charitable company's susceptibility to material misstatement and how fraud may occur. Our considerations included the risk of management override. Our approach was to check that all restricted income was properly identified and separately accounted for and to ensure that only valid and appropriate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities . This description forms part of our auditor's report. 18 Independent Auditor's Report to the members of the Age UK Barnet (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 auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report or for the opinions we have formed. 24110124 Simon Goodridge Senior Statutory Auditor for and on behalf of Knox Cropper LLP Statutory Auditor 65 Leadenhall Street London EC3A 2AD 19 ¢ooco ¢4 ¢ty (0 (D (O Lf) ¢JD T*COOQ) a)¢￿￿0) r(oin 13)OJr Coor￿ *vrDin UVI co* UJLLU a¥ o o Z Cgz ttb-fr- A e UK Barnet Balance Sheet As At 31 March 2024 Notes 2024 2023 FIXED ASSETS Tangible assets Investments 19,248 190,020 209,268 28,465 181,969 210,434 10 CURRENT ASSETS Debtors Cash at bank and in hand 12 162,773 928,113 1,090,886 71,094 865,442 936,536 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 13 1261,102) {295,1641 NET CURRENT ASSETS 829,784 641,372 NET ASSETS 17 1,039,052 851,806 FUNDS Restricted Reserve Unrestricted Funds Designated General 16 15 266,849 204,804 258,987 513,216 772,203 1,039,052 258,987 388,015 647,002 851,806 TOTAL FUNDS The notes on pages 20-34 form part of these financial statements. The financial statements were approved by the Board of Trustees on 15110124 signed on their behalf by: and Lorraine Barnet Sohini Boron Trustee Trustee DATE: )EIID12024 Company no. 3863045 21 e UK Barnet Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities: Net cash provided byl(used in) operating activities 27,510 380,385 Cash flows from investing activities: Dividends and interest from investments Purchase of property, plant and equipment Profitl(Loss) on sale of fixed assets Net cash provided byl(used in) investing activities 34,716 14,660 (4,020) 257 445 35,161 10,897 Change in cash and cash equivalents in the reporting period 62,671 391,282 Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period 865,442 474,160 928,113 865,442 Reconciliation of net incomel(expenditure) to net cash flow from operating activities 2024 2023 Net income/(expenditure) for the reporting period Depreciation charges (Gains)/losses on investments Dividends and interest from investments (Increase)Idecrease in debtors Increase/{decrease) in creditors Net cash provided by/(used in) operating activities 187,246 8,772 (8,051) (34,716) {91,679) 34,062 204,052 10,615 11,450 (14,660) (4,574) 173,502 380,385 22 A e UK Barnet Notes To The Financial Statements For The Year Ended 31 March 2024 1. PRINCIPAL ACCOUNTING POLICIES {a) Basis of Preparation The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and Companies Act 2006. The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the ielevant note(s) to the financial statements. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. Age UK Barnet is a private company limited by guarantee incorporated in England and Wales. The registered office is Ann Owens Lane, Oak Lane, London, N2 8LT, United Kingdom. In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below. (b) Going Concern Trustees are required to consider whether the financial statements can properly be prepared based on it continuing as a going conceTn, and by this is meant, (inter alia), that the charity is financially stable enough to meet its obligations and continue its business for the foreseeable future. Foreseeable future is usually defined as the following 12 months. This matter is reviewed on a regular basis by the senior management and trustees, who have taken into account the following matters: A significant proportion of the charity's income is the amount contracted for with the London Borough of Barnet - Neighbourhood Services contract and Dementia Support Services. Income from Social Prescribing has grown in recent years in line with the service expansion and expenditure has grown commensurately. 23 A e UK Barnet Notes To The Financial Statements For The Year Ended 31 March 2024 Our improved success rate in applying for additional grants and expansion into new projects, all of which bring with them additional funding Our level of Reserves. As part of our regular reviews of the charity's financial situation we are also mindful of the business continuity plan dated June 2024 and our general review January 2024. On the basis of the above work and current financial position of the Charity, the trustees do not believe there are any material uncertainties about Age UK Barnet's ability to continue as a going concern. (c) Income Contract income is accounted for in the period for which the contracts are awarded. contract income received in respect of future periods is deferred. Amounts recharged to other organisations are accounted for in the period in which the related expense is incurred: other incoming resources when they are receivable. (d) Expenditure Expenditure is allocated between costs of charrtable activities and costs of fundraising. The amounts allocated to each category comprise those costs which are directly attributable to that category together with an apportionment of support costs, Support costs are those costs that are not directly attributable to a single activity but provide the necessary organisational support for all the charity's activities. The bases of allocation of support costs are explained in note 7(b). Governance costs comprise the costs of external and internal audit, legal advice for the trustees on corporate matters and those associated with constitutional and statutory requirements. They include an apportionment of the salaries of certain staff. (e) Tangible fixed assets Tangible fixed assets costing less than £500 are written off in the statement of financial activities in the period in which the expenditure is incurred. The cost of other tangible fixed assets is capitalised and depreciated over the estimated useful lives of the assets, as follows: Computers and software 3 years Motor vehicles 3-7 years Office, furniture & equipment (acquired up to 31 March 10-20 years 2018) Office, furniture & equipment (acquired after 31 March 5 years 2018) The resulting net book values are reviewed at each balance sheet date and additional amounts are written off if appropriate. 24 A e UK Barnet Notes To The Financial Statements For The Year Ended 31 March 2024 Grants received for the purpose of acquiring tangible fixed assets are credited to a restricted fund at the time of receipt, as is the estimated cost of assets that are directly donated to the charity. Depreciation of all such assets is charged against the restricted fund concemed. (n Investments Investments are stated at the mid-point between the manager's bid and offer prices for units. (g) Recognition of liabilities Liabilities are recognised in the financial statements when goods and ser¢ices have been delivered or when there is considered to be a reasonable probability that a contingent liability will crystallise. (h) Transfers between funds Transfers are made from general unrestricted funds to restricted funds to meet an actual or anticipated deficit on any of the latter; should the deficit arise through the late receipt of a grant and thus prove to be temporary; the transfer is reversed in the following year. Transfers are made from general unrestricted funds to designated funds to meet any anticipated shortfall under contracts that will or are likely to be terminated during the following year or to set aside funds for specific purposes. (i) Financial instruments The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enfor￿able right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing 25 A e UK Barnet Notes To The Financial Statements For The Year Ended 31 March 2024 transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not arnortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rnethod. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. o) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. (k) Employee benefits Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee. 26 vo lor ro) COCQ (Or rl3)in (S)rnLn (NCO I y(7) (Do O(DO) co¢ooThJoo0￿ In(DOv￿o¢0￿ IK¢OThI ¢DOOC3)o￿0> COcQ* co(00 oio G)00 lmoNooor￿ VrnLri￿)rD0co1ji (O a>D o)CL CTJ. £ W è(U ELLcfi U)E c'u (u a) a) a) a) o U UJ.W Ill£ O ZOiU)(o(O l]111 I <0 3c¢)> £ w o) OJ o u O (ÉLL UZQQa(n(nro A e UK Barnet Notes To The Financial Statements For The Year Ended 31 March 2024 Included in Support costs are Governance costs comprising: 2024 2023 Salaries Audit Fee Other 4,040 11,037 47 15,124 5,083 7,897 292 13,272 TAXATION The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. TANGIBLE FIXED ASSETS Office furniture & equipment Motor vehicles Computers & Software Total Cost As at 1 April 2023 Disposals 69,757 32,830 31,193 133,780 {2,086) (2,0861 At 31 March 2024 69,757 30,744 131694 Accumulated Depreciation As at 1 April 2023 51,761 26,681 26,873 105,315 Charge for the year 5,270 2.956 546 8,772 Disposals At 31 March 2024 1,641 57,031 112,446 Net Book Value 31 March 2024 12,726 3,774 Net Book Value 31 March 2023 17,996 6,149 4,320 32 A e UK Barnet Notes To The Financial Statements For The Year Ended 31 March 2024 10. INVESTMENTS 2024 2023 Market Value At 1 April 2023 Loss on revaluation At 31 March 2024 181,969 8,051 190,020 193,419 {11,4501 181,969 The investments comprise COIF Fixed Interest Fund income units which had a historic cost of £206,105. 11. FINANCIAL INSTRUMENTS 2024 2023 Carrying amount of financial assets Debt instruments measured at amortised cost Carrying amount of financial liabilities Measured at amortised cost 162,287 66,267 227,504 266,085 12. DEBTORS 2024 2023 Income receivable Prepayments 162,287 486 162,773 66,267 4,827 71,094 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Accruals and other creditors Deferred income (see note 14) 2024 2023 19,316 33,598 168,367 39,821 261,102 7,340 29,079 172,647 86,098 295,164 14. DEFERRED INCOME 2024 2023 Balance at 1 April 2023 Amount released to incoming resources Amount deferred in the year Balance at 31 March 2024 86,098 {86,098) 39,821 39,821 74,180 (74,1801 86,098 86,098 33 A e UK Barnet Notes To The Financial Statements For The Year Ended 31 March 2024 15. UNRESTRICTED FUNDS 31 March Incoming Resources Transfer Invest- 31 March 2023 resources expended between ments 2024 funds Designated funds Repairs Contingencies 15,646 243,341 258,987 15,646 243,341 258,987 Unrestricted funds General funds 388,015 644,656 1527,506) 8.051 513,216 647,002 644,656 (527.5061 8,051 772,203 Designated funds are as follows: Repairs fund The repairs fund has been set aside to meet major expenditure on repairs and maintenance of premises and vehicles for which the charity may be responsible in future. Contingencies fund Amounts were set aside in the contingencies fund in 2021122., (a) to mitigate the impact of agreed contractual reductions in our Neighbourhood Services contract so the charity can continue to service as many people as possible (b) enable investment in service expansion to support pandemic recovery. Trustees added income received from legacies to this fund in 22123 and we will continue to develop discrete projectslservices using these funds. Comparative information in respect of the preceding period is as follows.. 31 March Incoming Resources 2022 resources expended Transfer between funds Invest- 31 March ments 2023 Designated funds Repairs Contingencies 15,646 150,000 165,646 15,646 243,341 258,987 93,341 93,341 Unrestricted funds General funds 352,844 692,778 552,816 388,015 518,490 692,778 552,816 11,450 647,002 34 A e UK Barnet Notes To The Flnancial Statements For The Year Ended 31 March 2024 16. RESTRICTED FUNDS 31 March Incoming Resources 2023 resources expended Transfer between funds Invest- 31 March ments 2024 Dementia Support Seniices Henry Smith Dementialmemory Matters Social Prescribing Scams Prevention Household Support Fund City Bridge Personal Grants Other Projects 40,243 348,905 (345,122) 44,026 51,000 28,468 {57,390 (12,646} {6,390) 46,013 30,191 7,851 16,250 773.012 28,970 (752,000) {23,360} 28,863 21,860 744,367 52,418 (746,923) (40,0901 {507) (216,930) {2,556) 12,328 47,509 75,196 48,016 62,253 229,873 204,804 2,257,013 (2,194,968) 266,849 Social Prescribing. Age UK Barnet employs Link Workers who work in the GP practices in the borough and the team has continued to expand. All costs for Link Workers are reimbursed by the Primary Care Networks (PCNS) with funds drawn down from NHS England. Other projects We are grateful to the following for additional funding received during the financial year. London Borough of Barnet - Household Support Fund The Charity of Sir Richard Whittington - Walk and Talk project Age UK National - cost of living special fund-outreach project Age UK National - Scams Awareness and Prevention project Information and Advice - supported by Emmanuel Hospital Charity City Bridge - Activities to reduce loneliness and isolation Henry Smith- Dementia Befriending Central London Community Healthcare - Frailty MDT The National Lottery - Community Oiganisations Cost of Living Fund London Borough of Barnet - Age Friendly Barnet Some income for these projects was received during the year under review and will be spent in 24125. This has led the charity to a deficit budget position for 24125. 35 A e UK Barnet Notes To The Financial Statements For The Year Ended 31 March 2024 Comparative information in respect of the preceding period is as follows: 31 March Incoming Resources 2022 resources expended Transfer between funds Invest- 31 March ments 2023 Dementia Support Services Dementialmemory Matters Social prescribing Scams Prevention Household Support Fund Personal Grants other projects 39,234 18,635 281,480 (280,471) 49,435 (37,879) 40,243 30,191 7,072 (4,290} 629,780 (629,001) 40,131 {19,591) 803,741 (803,741) 7,851 16,250 48,016 20,597 48,016 62,253 142,184 100,528 129,264 1,946,751 1,871,211 204 804 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Restricted Funds Designated Funds Unrestricted Funds Total Tangible Fixed Assets Fixed investments Net current AssetslLiabilities Total 19,248 60,020 19,248 190,020 130,000 266,849 266,849 128,987 258,987 433,948 513,216 829,784 1,039,052 Comparative information in respect of the preceding period is as follows: 2023 Restricted Funds Designated Funds Unrestricted Funds Total Tangible Fixed Assets Fixed investments Net current AssetslLiabilities Total 28,465 51,969 28,465 181,969 130,000 204,804 204,804 128,987 258,987 307,581 388,015 641,372 851806 36 A e UK Barnet Notes To The Financial Statements For The Year Ended 31 March 2024 18. FINANCIAL COMMITMENTS At 31 March 2024 the charitable company had future minimum lease payments under operating leases as follows- 2024 2023 Land & buildings Expiry date: In Less than 1 Year In 2-5 Years 30,471 91,413 29,020 29,020 121,884 19. RELATED PARTY TRANSACTIONS There were no related party transactions in the financial year. 20, MEMBERS LIABILITY The company is limited by guarantee and has no share capital. The liability of each member in the event of winding up is £1. 37