Company Registration No. 04175500 (England and Wales) Charity Registration No. 1085875 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING A COMPANY LIMITED BY GUARANTEE AUDITED CONSOLIDATED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2021 CONTENTS Page 1 to11 Report of the Board of Trustees 13to17 Independenl Auditof s Report 18 Consolidated Statement of Financial Activities 19 Balance Sheet 20 statement of ConSol￿al8d Cash Flows 21 statement of Charity Cash Flow 22to42 Notes to the Financial Statements AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 The Directors present their retMIrt together with the financial statements for the year ended 31 March 2021. The financial statements have been prepared in acCOrdar￿ with Accounting and Reporting by Charities-. Statement of Recomtnended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) leffectNe 1 January 2015- Charities SORP 2015 {FRS10211 and the Companies Act 2006. RefeTenGg and Admlnlstyatlon Details of the Charity. its TrustO8s and Advisors President: Marilyn Gordon-Jones Trustgas: The Trustees, who are also dirertors of the Company and who hav8 held office during part or all of the year 2020-2021 andlor up ta the dale this report is signed are.. Catherine James {Chair- resigned 30 Nov8mb8r 2020) Janel Samuel {Elecled Chair 30 Novemb8r 20201 Kumar Ghosh (Treasurer) Tim Howe (Vice Chair) Chrisha Alagaralnam {Co-OPted 27 May 2020. appointed 30 November 2020) Vaskor Basak Gillian Perkins Norman ScaAell (Co-opted 18 February 2020. appointed 30 November 2020) Chiof Exe¢utlve and Company S￿retary.. Ni¢ola Upton Charity No: Company 140: Registerod Offlce: 1085875 04175500 Sutton Gate, 1 Carshalton Road, Sutton. Surrey SM1 4LE Audltor: Moore (South} LLP. Priory House, Pilgrims Court. Sydenham Road, Guildford. Surrey, GU13RX Bankers: Matro Bank. 8347 High Street. Sutton, SM1 1JF Lloyds Bank. Blackhealh Branch. Blackhealh, London SE3 9LH (from 1 May 2019) Investment Managers= Brewin Dolphin. 12 Smithfield Street, London. EC1A 9BD AGE UK surroN AND ITS SUBSIDIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Iconld_. Structurg Govornance and Managem8nt Age UK Sutton {AUKS) is a I￿al charity supporting older people in the London Borough of Sutton. As a local 'Brand Partnerf of the nationa5 Age UK charity, AUKS operates independently, raising its own nds and delivering services to meet local needs. pursuing ils mission lo make SLJtton a more Age Friendly Place. As a 'Brand Partnerf of Age UK, Age UK Sutton receives a small level of financial and adrninistrative support from the national charity, and is required lo meet certain condilions, particularly regafding branding, website slruclure, and the delivery of an information and advice service. Other decisions on delivery and development are made locally. according lo Age UK Sutton's own Mernorandum and Artscles of AssoGialion and strategic priorities. The Trustees confirm that they have referred lo the guidan¢e contained in the Charity Commission's general guidance on PLtblic benefilwhen reviewing the charty's aims and objectives, in planning future activities and setting strategic priorities for the future. Governing document.. Age UK Sutton's governir¢g do(xment is the Memorandum ar)d Artides of Assoctation. which was last reviewed and approved by the Charity Commission in 2013. Age UK Sutton is a registered charity limited by guarantee, and has one subsidiary: Age UK Sutton Trading Ltd, which is currently domianl as no non￿haritab1e purpose trading activities are in progress. Structure and decision making The Board of Trustee5 meets at least four limes a year and is responsible for governing the affairs Df AUKS. During the Covid 19 pandemic in 2020 and 2021, the Board met more frequently. initially with weekly calls and monthly full Board meetings, and then monthly information meeting5, in order lo keep Tnjstees informed in the rapidly changing situation. and lo enable closer than usual collaboration between the senior team and the Board to support the strategic response to the unfolding challenges of the pandemic. The CEO and Chair also maintsined regular contact, up to three times a week, in order to discuss Strategy and communication, and to ensure that the Board was fully advised of seNice changes, impact on staff, volunteers and clb&nts, and em8rging Ghallenges and opportunities for impact. The Board agrees the broad strategy and direction lo ensure the organisalion ￿lf11S its obieclives. It takes overall responsibility for ensuring that the financial, legal, and ¢ontractual obl•Jations of the charity are met and that there are satisfactory systems and controls in place to ensLJre quality and continuous improvement. The Board receives regular qualty, Performance, and finance reports. Three committees have delegated respor7sibility for scrutiny and oversight of key strategic areas, and report into the Board via committee Chair briefings at Board meetings and exception Teporting. The Finance, Risk and Audit Committee reports on all areas of risk, both financial and non-financial, which could threaten the viability, reputation, or operational efficiency of AUKS. A Fundralsing Committee steers fundraising strategy and performance, and a Quality Committee oversees quality of Servi￿ delivery, employee experien￿ and volunteering. All of the commillees meet four times a year. From time to lime. trust8es also participate in working groups for specrfic proje¢ls. AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Icontd_.. Structuro Governan¢t and Managèment Icontd... Truslees {Direclors) are eleGled at the Annual General MeetSng to saNe a term of Ihree years and can be re-elected. save for the Chair who may serve a maximum ofslx conseevtive years. The Board can Co-opt people during the year to ensure the Board has a broad range of skills and experience and in order to facililate trustee succession. All members give their lime voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are Set out in note 12 to th8 accounts. Age UK Sutton's Board of Trustees and the Senior Leadership Team work closely together to deliver the strategic aims of the charity. A S¢#eme of Delegation sets out roles and responsibilities for decision making. Day to day decision making is delegated to the Chief Executive, who delegates specrfic responsibilities lo the Senior Leadership Team. and other managers as appropriate. Pay and remuneration are reviewed annually by the Pay Committee which meets in Juty and whose membership includes the Chair. Wice Chair. Treasurer and CEO. The Pay Committee considers proposals for pay review and makes a recomtnendalion lo the Board, who then reviews and approve recommendations. The CEO'S pay and rernuneration is determined by a closed session of the Pay Committee and approved al a closed Board session. There is a pay policy setting out how pay is reviewed and benchmarking activity. Individual pay rnay be reviewed outside of the annual cycle by exception. example if Ihero is a significant change in role or responsibilities. Trustee candidate5 are selected via a rigorous process involving advertising or a recrultmenl specialist. interview and references, and ar8 elected by the membership. Following appointment. Truslees undergo an induction programme and all Trustees attend training. briefings, and meetings 10 8UPPOrt their development and that of the charty- Relallonship with other parties- Age UK Sutlon's adive subsidiary (Age UK Sutton Trading Ltd) exists to receive earned income with any nel profit being grfted by way of donation to Age UK Sutton for the furtherance of its charitable objectives. The Tradlng Company doe5 not currenuy undertake any regular income generating activity. Objectives and Activities for Publlc Bangfit The obj￿ for which the Charity (Ihe'objects") is established and lo whiGh it is specifically reslricled are lo promote the following purpose5 for the benefit of the public andlor dder people in an(1 around the London Borough of Sutton {"the area of benefiv).. preventing or relieving the poverty of older pecyle: advancing education. prevents'ng or relieving sickness. disease or suffering in dd8r people (whether emotional. mental or physi¢all', promolin9 equality and diversity,. promoting the human rights of older people in accordance with the Universal Declaration of Human Rights.. assisting older people in need by reason of ill-health. disability. financial hardship, soaal exclusion OT Other disadvantage.. and such other charitable purposes for the ben8fil of oléer people as the Trustees may from lime to lime decide the outcome of this being the PTomotk)n of the well-being of older people. AGE UK surroN AND ITS SUBSIDIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Iconld... ObJective5 and Activitigs for Public Benefit Jconld..- In 2020-2021, Age UK Sutton delivered a wide range of services, with the primary offer including- Independent information and advice on a drop in, outreach and appointment basis which offers support on a wide range of topics including wellbeing, rights. financial mallers, housing, and products and services., Support with benefit appeals and consumer dlspules,. 'Help al Home. including day to day support, cleaning and shopping, companionship, light meal preparation, medication prompting, and a 'sitting' service., Delivéry of commissioned services to provide support to the public including largeled infomiation and advice and expert support for those leaving hospital or experiencing ill health lincluding mental ill health), with the aim of improving health outcomes and reducing readmi5sionlfurther health issues,. Two commissioned Social Prescribing services, the first operating as part of a multidisciplinary tearn 10 5UPPOrt adults with complex social needs to Set goals and manage their own outcomes., the second commissioned to lake direct referrals from General Practice lo support patients with social needs lo find lasting 501ulions to complex challenges and be connecl8d lo local services and groups to support this Ilhese two services merged on 1 April 20211,. Social aclivilies, befriending. exercise, and educational events, collectively described as the 'Community Connectors, programme", Activity that promote5 civic engagement and influences decision makers, including enabling older people to participate in consultation, delivering engagement events, participating in national campaigns, and running Sutton's 'Age Friendly, engagement programme in partnership with Sutton Council. During the 2020-2021 year, Age UK Sullon also developed and delivered a range of new services, any in response lo the Covid-19 pandemic. COVID-19 has had a profound impact on Older people and the work of charities across the UK and globally. Age UK SLJttoll responded quickly by adapting services and developing new activity lo meet new, escalating, and emerging need. During the 2020- 2021 year the pandemic conlinLJed to have a major impact on older people and the whole of society, with the specrfic ¢hallenges affecting people evolving and changing over lime. In response, Age UK Sullon conlinualty pivoted existing services and developed new offer5 lo respond quIc￿Y and effectively. The impact of the panderNic continues to be felt, and the charity is committ8d to continuing to leam and develop services in response, and to use learning from the 2020-2021 year lo inform longer tem) plans and developments. The support of partner5, funders, and commissioners has been criti￿1 i these developments, and Age UK SLsllon greatly appreciates their support and flexibility. Many actwities of Age UK Sutton could not be dellvered without the support of volunteers. During 2020-2021 some volunteers suspended their activity, and others came on Ix)ard. Volunleers who joined the charity often initially ware able lo commit more hours than usual due lo being furlough from paid work, or as a result of other ￿tivItieS b@ing suspended. A total of 143 volunteers supported Age UK Sutton'5 work during the year. No cost has been apportioned in respect of the time given by our volunteers in accordance with the SORP. AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Icontd... Objectives and Activltles for Public Benefit Iconld.. Age UK Sutton's Key Performance Indicalors for the year 2020-2021.. In March 2021. the Covid-19 pandemic was in ils early stages, and the business plan p￿Pared in February 2020 for the 2020-2021 year was agreed. Financial KPIS were set as part of txjdgel setting. Due lo th8 rapid impact of the pande￿￿ in subsequenl months. final dellvery KPIS for the year were not set. as il was recognised that need was continuously changing. As noted above. Ihe rapidly changing environment and needs led Age UK Sutton lo adopt a pivot plan. Intentionally responding as the situation changed. Focus on strateglG priorities was maintained throughout the year. and the Board agreed that rapid development and response was the besl use of charity resources. These developments were governed through weekly updates to the Board by the CEO. regular lup lo twice wee￿y? contact between the CEO and Chair, and. until November 2020, monthly Board meetings. The table13.3A) below r8presenls the priorities identified in the business plan, and also sets wt other key figures which illustrate Age UK Sullon's impact during this highly unusual year. Table 3.3IB} sets out financial performan* ¢omparing budget KPIS lo actual at year end. Performance Indlcators %of population aged 75+ reached 201 2020 2020. 2021 13.08% 114611 Comment Total population over 75 (Sutton Dalacard): 11,168. N8 the 2020-2021 figure ins a minimutn. as from April -July 2020, omergency measures in place meant that age data was not captured from all dients In addition to the 3,461 unique individuals recorded, Age UK Sutton also provided large volumes of telephone support lo anonyrnous callerg from May-september 2020. which were not formally recorded due to lime and datsbase access COll5traints. Based on call records, we estimate this additional number of dienls provided one-off advice and support to be in excess of 1.000 unique individuals {15121 Total number of unique individuals provided with support 2914 3461 + 1000: 4461 Total number of volunleefs de lo ed Financial gains outcomes sewred for older ￿Ople 102 143 £1.375 £489.302 Financial gains for 2020-2021 are significantly lower than the previous year. as many older people chose not to pursue benefft claims during crisis, and outcomes for those who did were often delayed. In early 2021-2022. Age UK Sutton began proactively offering financial wellbeing checks lo in lo address this backl AGE UK surroN ANO ITS SUBSIDIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Iconld... Objectives and Actlvities for Public Benefit Iconld... Financlal Perfomiance indicators Financial Surplusl{Defi cil Enterprise Revenue Enterprise Contribution KPI {budget) 2020- 2021 result £83,622 Commont £24,200 See note below £365,600 £185,000 Enterprise revenue and contribution were significantly affe¢led by Covid reslriclions in the first Iwo quarters gf the year. Recovery has been steady. and workers were redeployed lo emer en funded activi New grant income signrfrcanlly exceeded target for 2020-2021. This result is due lo a combination success with regular grant programmes, but also, significant suc(xss with emergency Covid funding lo enable new aTrd expanded servI￿S during the Crisis £163,000 £78,100 New Grant Income Igrossl £150,000 £313,000 Minimum monthly cash balance General and designated reserves minimutn £75,000 £191,800 £300,000 £414,200 Al the lime of p￿paratiOn of these accounts, the Age UK Sutton reseNes wlicy has been updated, lo refiecl the increasing annual income of the charity, setting reservfys levels as a ro ortion of income, rather than a fixed fi ure Perfomance against budget was good, and under the circumslanees this was an exceptional achievement, with the year ending in a surplus after accounting for an unrealised gain on investments of £69,75612019-2020 £83,623). Income slreams varied in their success, with Enterprise significantly below budget due to a required shut down in summer 2020. However, this was mitigated by grant income that signrficantly exceeded budget. Some of this grant income enabled enterprise workers to be redeployed into alternalNe paid roles, maintaining )Nork availability and provision of alternativa services, as part of the Covid crisis response. AGhievemont and Performance Over the course of the year 2020-2021, Age UK Sutton directly delivered a servioe lo 4.461 people {2019-2020'. 2,9141. 1,4e1 of these people were over 75 year5 old12019-2020'. 1.5121- Tre number of people receiving a service 5igntFicantly increased in 2020-2021, in part as a result of new commissions and contracts (Social Prescribing MDT and PCT Servi￿5, new grants) but mostly due to rapidly escalated need for support due lo the impacts of the Covid pandemic. This demand has bean sustained through the year, and into the 2021-2022 year. both because needs have remained high lallhough the nature of need has changed), and also because of the increased awareness of Age UK Sutton's services resulting from the charity's delivery and impact durir)g a lime of crrisis. The charity supported older people in Sutton to secure £489,302 in 2020- 2021 {2019-2020.. £1.375ml in new Income and savings, through supporti'ng people to claim the benefits lo which they were entitled, ané cost savings, for example, through ¢hanging utilities 5uppli8rs. This is substantially lower than the previous year, as a result of de¢reased demand for this support. When asked. older people informed us that although importanl, reducing energy bills, claiming benefits, and rnaking other saving5 was not a priority at a time where health. wellbeing, isolation. and basic practical needs like acce55 to food and medicaliov were at risk. Age UK Sutton is proactively contacting older people who may have delayed financial gains support, in order to addr8SS the 'backlog' of rEed for older people across Sutton. AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Iconld... Achievement and Performance Icontd... New ￿1Vity in 2020-2021. largely In response to the parKlemic included: Co-leading the Borough's community Covid response in partnership with Volunteer Centre Sutton and Community Action Sutton. and in collaboration with other local chartties and partners,. Expansion of befriending services {redeveloped into Ihe'community Conwlions, seNice) to support over 600 individuals with friendship and support calls. and to assist lonely and isolated older people lo reeonne¢l with their community.. Development of a new 'doorstep welfare ¢heck' programme where vulnerable older people received shopping andlor prescription delNeries from a trained member of staff who a150 cofmjucted a brief wellbeing check., A three vnonth pilol 'Health and Wellbeing for Older People. serviee developed in partnership with Sullon Health and Care. redeploying one Social prescribing Link Worker lo provide intensive support Between April and July 2020. to 35 vulnerable p80ple being cared for in the ¢ommunty as a result of the Covid-18 pandewnic.. A ¢ollaboralion with local General Practice through which Age UK Sutton staff performed welfare and wellbeing thecks on vulnerable patients (in person Of by lelephonel when GP services were under pressure. identitying pati8ntS Wlth new or escalating needs and referring them back for dinical assessment.. A new emergencyfood delivery programme. developed in collaLM)ralion with Sullon Council and other local charities. lo pool resources and coordinate distribution of emergency food both from government schemes and local dotkations, reaching 470 individuals and making 1,253 deliveries., Production and delivery of freshly prepared meals forvulnerable people, and tree fruit and vegetables. in partnership with a local pub, the Dukes Head Wallington and Sutton Community Farm.- Founding membership of the Sutton Operational Leadership Group. convened lo bring the Council, key charities, and health partners together to plan and coordinate the Community response lo the pandemic. maximising effectiveness of local resources,. Becoming a foundirwJ member of the Sutton Systeln Leaders. group, 3 strategic leadership and coordination group induding senior staff from Health. Social Care, and the Charty sector in the Borough of Sutton, set up lo coordinate the strategic pandemic response across sectors- Joining the Sutton Inlegrated Care Place Board to steer Health and Social Care integration across the community- this is part of national NHS reforms. bul the pandemic had a specific impact on the earty Involvement of eharib"es, and Age UK Sutton's CEO was invited to become a permanent member of the Board 29 a result-, Continued delivery of the Age Friendly Sutton programme in parlnership with Sullon Counal. conducting insight activity including events (live and virtual), ¢alls and surveys with 236 older people. Plans for Futurè Perlods AUKS has grown significantly in the last year. as a result of securing new contracts and grants lo deliver w￿k that fulfils our strategic Mission to make Sullon a more Age Friendly Place. At the end of the 2019-2020 year, a global pandemlc broke out, which had a major impact throughout the 2020-2021 year, and continue5 to affect everyone, in particular older people, now. The impact of the pandemic has evolved IhroughDUt the 2020-2021 period. Initially the key challenges were access to food arKI medicine. anxiety an(1 distress. and the impact of shielding. bul later in the year this has evolved lo long lemi health impacts, decolldilionillg du8 to isolation, chronic loneliness. and ongoing fear about new variants, safety in public places. and the social financial impact of the pandemi¢. During the 2020-2021 year, Age UK Sutton and neighbouring Age UK Brand Partner Age UK Croydon explored whether working together would enable us lo deliver more and better for local older people. While we have concluded that this remains a viable option, we have agreed that we will prioritise finding ways of collaborating more fomially together. Tather than undertaking a merger of our two organlsalions. We intend to undertake this work during 2021-2022. AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Iconld... Plans for Futurg Period$ Iconld... A strategy refresh wll be completed during the 2021-2022 year to refine our strategy in light of evelopmenls in Age UK Sutton and changes in our operating environment. This includes the planned evelopment of an integrated business plan which supports strategic development and includes a stepped plan lo ensure that core and support services grow in line with the in¢reased size and scope of services, partnerships. and influencing work undertaken. Age UK Sullon has always been committed to equality, diversity and inclusion, bul in light of a growing concerns of inequalities in society, Ihe Black Lives Matter movement, and a renewed commitment by the Board of Trustees to incorporate this commilment more fully into our strategic approach, in 2021- 2022 Age UK Sullon will be developing how we ensure that we champion and promote EDI across our work, as an employer and place lo volunteer, and through our partnerships and influencing work. Age UK Sutton cornlinues its commitment lo diversifying income in order to mitigate risk, and lo innovate in order to secure unrestricted and longer-lerm funding wherever possible. In 2021-2022, a community fundraising development programme will support longer term income generation, with a campaign planned to ￿lebrate the charity's 30th year. Development of enterprise is also undemay, exploring how the Help at Home service can evolve to provide new support services, and reach a wider audience. A strong grant pipeline is in place, and the Quality Committee, formed in November 2019, is working 19 slralegically drive development of new commissioned services. The Trustees have agreed a stretching bul realistic budget for the year. taking into account the uncertainties bome out of the pandemic year. This measured approach to development and risk has enableé the charity lo end the financial year in a go(xl posltion. and Support￿ Age UK Sutton's contlnuing role as a leader in Ihe local Voluntary and Community sector. Age UK Sutton will ¢onlinue to build on relationships with the Council, NHS, other charities and business, many of which have been 51rengthened by highly effective partnership and collaboration in response to the Covid-19 pandemic. The support of our partners, including funding from the local NHS and Council for emergency response work and support from a variety of grant making trusts an foundations. alongsid8 the support of our national partner charity. Age UK. made a significant ditFerent to the charity's ability to SLJPPOrt older people during this crisis. We intend to continue lo build on these relationships, and lak@ this opportunity to thank all of our p2rtnefS and supporters, both for their collaboration with Age UK Sutton, and the wider work that they undertook in 2020-2021 in response to this unprecedented global event. Financial Revlew The financial statements ¢over the activities of Age UK Sutton and the trading subsidiary Age UK Trading Ltd for the year ended 31 March 2021. The incoming resources for the year amounted lo £1,314,26912019-2020 - £1,030,857). Expenditure for the year amounted to £1,316,470 I201￿2020 - £913,735), compaTed lo a budgeted expenditure of £1,272.803. This resulted in a net drfferen¢e between income and expenditure of £2,201 Ideficil} (budget £24,247 surplus) plus an unrealised gain on investments of £54,377, a gain on the sale of Fixed Assets of £4,800. and a remea8urement105s on the defined benefit pension scheme of £846, giving a net over311 surplus for the year of£56,129. The subsidiary Trading company reported a nel deficit of £4.224 in 2019-2020. The gardening service, offered through the Trading company, was suspended in March 2020 due to the Covid crisis. A review of this service led to a decision ill Novefnber 2020 to close the service permanenlty. in order to erhable the charity to focus on higher irnpacl activity- Clients were supported lo identify and access alternative services. In 2021-22 the Trustees have agreed a small surplus budget. to enable additional fund5 to be invested in development work (for example pilots of new serVi￿S). AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Iconld... Fundraising The TnJstees' priorty is to increase all income through fundraising, in particvlar ensuring a ￿ater proportion of income raised is from unrestricted sources. Income sources include grants, sponsorship, commissions. legacies, donations. comrnunty events, and regular giviw. Reserves and Investments The Trustees have agreed a framework for delerminlng the minimum level of reserves considered necessary to safeguard the charity's solvency. The calculation is based upon a risk assessment of the Chari￿5 financial position and outlook. taking into account additional costs and liabilities associated with the unlikely event of winding down the charity's aclivilies. The Trustees have detemiined that the charFty should hold a minimum level of general unres!riGled reserves of£300,000 on the basis that this covers 34 months of operaling costs woulcS. in the worst case scenario, ¢over the costs of safely closing the charity and trading company. General unrestricted reserves al 31 March 2021 were £472,927, including £90,000 designated for Ihe Pension Liability. Investment Policy and Performance Age UK Sullon has a portfolio of investments managed within Brewin Dolphin's 'Diversified Risk. investment strategy to maxlmlse income. It seeks a sensible balance between income and capital growth. The aim of holding funds in investments 15 to grow, over time, the value of unrestricted funds held in order to increase reserves in line vvilh the charity's overall growih. and from lime to time lo enable investment of Gapilal gr¢)wlh in pilot Frojects, infraslruclure, and development. In the year lo 31st March 2021 the portfolio returned 21% to sland at £325,977_ Risk Management The Trustees hold a Rlsk Register which is reviewed quarterly al the Finance, Risk and Audit Committee and presented to the Board at least twice a year. New risks are highlighted and exception reporting takes place he￿een meetings. Principal risks and mitigalions are.. Rlsks itlgations Services pivoted in 20-21 to respond to the global pandemic. Services still in transition but return to "normal" service not likely unlil vaccination programme completed and confidence returns to pre Covid levels. Teams have reviewed impact of Covld and adapted business processes lo respond. Patterns of need and demand actively monitored Use records and Inslght lo track changes in nee(Vdemand for seNices. Long lerm impact of Covld on economy, funding. dient needs, capability to deliver not dear Servlce 'plvot plans, in place, enabling 8WtFL reft)cus of actlvlty. AGE UK surroN AND ITS SUBSIDIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Iconld_ Risk Management contd... Risks Mltlgatlons Compliance reviewed in relation to homelremote working becoming the 'norm'. and increasingly peripatetic work patterns for operational staff. Resource dedioaled lo deliver compliance programme. General Data Protection RegulalK)lls wmpliance measures in place. Lead Trustee for S8feguardlng appointed and safeguarding review discussed at Quality Committee 14.7,21. Charity Qualty Standard completed and achieved. Health and Safety Audrt completed and scheduled annually. bi-weekly che¢ks in place. PoI￿Y specific training sessions developed and deliv8red, added to annual Learning and Development plan. Continue to monitor guidance as and when released. Advance Safeguarding Lead Training identified and booked for the Chief Executive offi￿ and Services Director- online training that is Continuing Professional Developmenl accredited. Safeguarding Irainillg for staff and workers provided and refreshed every year. Evidence case reviews in progress. Safeguarding procedures in place arKI all staff trained. Safeguarding questions included in recTuilrnent. Seckjre cloud slorage used for non-sensilive information. Secure online databases Icharitylog and People Planner) used lo store dient information. Non-cornplian¢e against legislative and quality assurance requirements General Data Protection Regulations, Charity Quality Standard, Safeguarding Serious safeguarding incident which is r￿t effectively wnanaged Cyber security incident which is not effectively identrfied I manage AII Pc's and laptops have arrtivirus software installed regularly checked to ensure software is functioning COTreclly and updated l Operating System updated regularfy. Hardware firewall installed on ne￿Ork (managed by Sutton Housing Partnership ICT Team). Data protection I data securtty audits completed regulady li.e. ongoing moniloringl" Security message on login applied io all laptops. Cyb6r security training for staff scheduled for September 2021 will then be topped up if needed after Cyber Essentials review corllpSeted. AGE UK SUTTON AND ITS SUBSIOIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Icontd... The one off payment AUKS would have lo wnake lo exit the defined benefit pension scheme1£88,455 at 30.09.191. Monthly deficit payments being made to manage the pension liability. These payments are reviewe(l every 3 years (the actuarial valuation) wi(h the next valuation based on 30.09.20 position due in 2021. Annual monitoring of changes in buy out liability al 30th September. We are notified of the updated valuation every July. Equality and Diversity Age UK Sutton is committed to serving all older people Iwe in our communty. Chjr services are for the benefit of older people irrespective of gender. marital stalus, ethnic background, disability. sexual orientation, culture, politics or religious belief. Some of our services may be targeted at partiwlar sections of the older population within Sutton In order lo ￿dresS parti¢ular identified needs or On￿rnS. Statement of Tru¥tees Responsibilitigs The Trustees (who a￿ 2150 Director5 of Age UK Sutton for the purposes of company lawl are responsible for preparing the Trustees, Report and the financial statements in accordance with appli&4ble law and United Kingdom ACc￿ntIng Standards (United Kingdom Generally Accepted AccounlitvJ Praclice). Company law requires the Trustees lo prepare financial statements for each financial year. which give a true and fair view of the slate of affairs of the charitable company and the group and of the incoming resources and application of resources. including the income and expenditure, of the charitable group for the year. In preparing these financial slalemenls, the Trustees are requlred to: select suitable accounting policies and then apply them consistenNy', observe Ihe methods and principles in the Charities SORP (FRS102) second edition- make judgements and estimates that are reasonable and prudent- slate whelhei applicable UK Accounting Stsn¢Jards have been followed, subject to any materlal departures disclosed and explained in the financial slatemenls.. prepare financial statemen15 on the going concem basis unless il is inappropriat8 to presume that the charitable company will continue in operation. The Board of Trustees is responsible for keeping adequate accounting records that disdose with reasonable accuracy al any time the financial posilion of the charitable company and lo enable them lo ensure that the financFal slalements comply with the Companies Act 2006. The Board of Trustees is also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and dele¢tion of fraud and other irregularities. 11 AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Icontd... Disclosure of informatlon to the auditors We, the directors of the company who held office at the dale of approval of these Financial Statement5 as $el out atK)ve each confirm, so far as we are aware. that: there is relevant audit information of whiGh the company'g auditors are unaware., and we have taken all the steps that we ought to have taken as direclors in order to make ourselves aware of any relevant audit inform8tion and lo estsblish that the company's auditors are aware of that Information. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. By order of the Iruslees Janel Samuel {Chairl 16 -.11... 2021 12 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF AGE UK SUTTON FOR THE YEAR ENDED 31 MARCH 2021 Opinion We have audited the finawial statements of Age UK Sutlon Limited Ilhe'charitablo parenl company,) for the year ended 31 Mar¢h 2021 which comprise Consolidated Statement of Financial Aclivilies {including Incoma and Expenditure Account), the Group and Parent Charitable Comparry Balance Sheets, the Group and Par&nt Charitable Cornpany Cash Flow Statement and notes to the financial statements, including a summary of signtficanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standard5. including FRS 102 'The Financial Reporling Standard Applicable in the UK and Republic of Ireland. (United Kingdom General￿ Accepted Accounting Praclice}- In our opinion the financial ststements= give a tme and fair view of the state of the group's and the charitable parent company's affairs as al 31 March 2021 and of the group's incoming resources and application of resources, induding ils Income and expenditure, for the year then ended. have been properly prepared in accordan￿ with Uniled Kingdom Generally Accepted Accounting Practice" and have been prepared in acCOrdar￿ with the requirements of the Cownpanies Act 2006 and tha Charities Act 2011. Basls for oplnlon We conducted our audit in accordance Y￿th International Standards on Auditing {UKI (ISAslUK}) and applicable law. Our responsibilities under those standards are furiher described in the Auditor's Responsibilities for the audil of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant lo our audit of the financial statemenls in the UK. including the FRC'S Ethical Standard, and we have fulfilled our olhef ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtained is sufficsent and appropriate lo provide a basis for our opinion. Conclu8lon8 relating to going concorn In auditing the financial slalements, we have Concluded that the Iruslees. use of the going concern basis of ac£oynling in the preparation of the financial statements is appropriate. Based on the work we have ￿rformed, we have not identified any material uncortainlies relating to events or condttions that. individually or collectively, may cast significant doubt on the charitable cO￿panY5 ability lo continue as a goiro concern for a perlod of at least twelve months from when the financial statetnenls are aulhorised for issue. Our responsibilities and the responsibllities of the trustees with respect lo going concem a￿ described in the relevant sections of thls report. Oiher Informatlon The other inforfflation comprises the information induded in the annual report. other than the financial statements and our auditor's report Ihereon. Thetruslees are responsible for the other information. Our opinion on the financial statements does not cover the other information and. except to the extent OtheTh￿Se explicitly stated in our re￿1, we do not express any form of assurance conclusion Ihereon. In connection with our audti of the financia statements, fAJr responsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsislenl wilh the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemenls. we are required to determine whether there is a 13 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF AGE UK SUThON FOR THE YEAR ENDED 31 MARCH 2021 material mis51atement in the financial stslemenls or a material mi551atemenl of the other information. If, based on the work we have performed, we conclude that there is a material migstalemenl of thls other information, we are required to report that fact. e have nothing to report in this regaré. Opinions on othqr matters pre$¢ribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audil.. the inforniation given in the tnjstees, annual report for the financial year for which Ihe financial Statements are prepared is consistent with the financial statements- and the trustees, annual report has been prepared in accordan¢e with applicable legal requirements. Matters on whlch we arg required to report by exception In the light of the knowledge and understanding of the group and parent charTtable company and ils environment obtained in the Gourse of the audit, we have not idenlrfied material misststements in the trustees, annual report. We have nothing to report in respect of th8 following matters where the Companies Act 2006 and the Charities Act 2011 rgquire us to rewrt lo you if, in our opinion= the parent charitable company has not kept adequate and sufficient accounling records, or returns adequate for our audit have not been recelved from branches visited ty us.. or the parent charitable company'sfinancial statements are not in agreementwilh the accounting records and retums.. or certain disclosures of Iruslees, remuneration specified by law are not made,. or we have not r8ceived all thè information and explanations we require for our audit., or the trLXStee$ were not entitled lo prepare the financial statements in accordance with the small ompanies regime and lake advantage of the Small companie8 exemption in preparing the Trust&es' Annual Report and from preparing a strategic report. Responsibilities of trust¢es As explained more fijlly in the trustees. responsibilities statement sel out on page 11, 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 ané for being satisfied that they give a true and fair view, and for such internal control as the trustees determine És necessary lo enable the preparation of financial ststements that are free from material misslalemenl, whether due lo fraud or error. In preparing the financial statements. th8 Iruslfrps are responsible for assessing the group and parent charitable company's ability lo continue as a going concern. disclosing, as applicable. matters related to going concarn and usirLg the going concern basis of accounting unless the trustees either intend lo liquidate th8 group or parent charitable company or to cease operations, or have no realistic alternative bul lo do so. 14 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF AGE UK su￿ON FOR THE YEAR ENDED 31 MARCH 2021 Audito¢s responsibilities for the audit of the finanGial statements We have been appointed as auditor under Companies Act 2006 ar¥J se¢lion 151 of the Charities Act 2011 and report in a¢wrdan¢¢ with those Ads. Our objectives are lo oblain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl. whether due lo fraud or error, and lo 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 ISA5 IUK} will always detect a material misslalement when it exists. Misstatements can arise from ffaud or error and are considered material if, individually or in aggregate, they could reasonably be expected lo influerKe the economic decisions of users taken on Ihe basis of these financial statements. A further descrip11￿ of four responsibililies for the audit of the financial statemenls is located on the Financial Reporting Council's website al www.frc.or .uklauditorsres onsibilities. This description forffls part of our auditor's report. Irregularities. including fraud. are instan￿S of non-compliance wilh laws and fegulalions. We desig procedures in line wilh our responsibilities. outlined above. lo detect material misstatements in respect of irregularities, iThJuding fraud. The extent lo which our procedures are capable of delecling irregularities. including fraud detailed below. Explanation as to what oxtgnt tho audlt was consid0r￿ capablg of detecting irrogularities, including fraud The objectives of our audit in respect of fraud. are-, lo identify and assess the risks of material misstatement of the financial ststements due to fraud: to obtain sufficient appropriate audit evidence regarding the assessed risks of material misslalemenl due lo fraud, through designing and implementing appropriate responses to those assessed risks.. and lo respond appropriately lo instances of fraud or suspected fraud identified durirrg the audil. However. the primary responsibility for the prevention and detection of fraud rests wlh both rnan￿ement and Ihose charged with governance of the charitable company. (Ajr approach was as follows: The engagemenl partner seleGled staff for the audit who had approwiale knowledge and who had the required cownpetence and skills to identrfy or recognise non-compliafKe with laws and regulations. We assessed the risk of irregularities as part of our audit planning, and ongoing review. including Ih05e due to fraud. management override was identified as a significant fraud risk. This is duo to the ability tD bypass controls through inappropriate expenditure and accounting policies adopted. Completeness of grant income was deemed a significant risk. Athjitionally a5 some income received is restricted in lis use. a significant risk was identified regarding the correct dasgification of in¢oma between reslricleé and unrestricted funds and that the expenditure against this incomè was in lin¢ with any special reslriclions. We obtained an understanding of the legal and regulatory requ￿ementS applicable lo the charitable company and we considered the most significant are the Companies Act 2006. the Charities Act 2011. the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We considered how the charitable company and subsidiary entity complies with Ihese requirements by discussions with Tnanagewnenl and those charged with governan￿. 15 AGE UK SUThON ANO ITS SUBSIDIARY UNDERTAKING INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF AGE UK surroN FOR THE YEAR ENDED 31 MARCH 2021 We enquired of management and those charged with governance as lo any know instances of non- compliance or suspected non•cornpliance with laws and regulations. Consideration was a150 made of th8 internal controls in place lo rrTitigale the identified risk5. We assessed the control environment, documenting the systems, controls and processes adopted. The audit approach incorporated a combination of conlrols where appropriate, analyti￿1 review and substantive procedure5 involving lesls of transactions and balances. Any iffegularilies noted were discussed with management and additional corroborative evidence was obtained as required. We obtained an understanding and ?$sessed the impact and effect of Covid-19 on the operations of the charitable company and subsidiary and adapted our approach a￿rdInglY. We enquired and obtained evidence lo support the going concern assumption and reviewed grants received, dovetailed with work undertaken on management override. To address the risk of fraud through management override we.. performed analytical procedures to identtFy any unusual or unexpected relalionships,- lesled journal entries to identify any urTusual transactions,. lesled a sample of grants to supporting do¢umelltalion confirming income correctly accounted for- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias,. gnd reviewed the disclosures within the financial stalementa to ensure they meet the reqLJirèments of the accounting standards and relevant legiglatior). To address the rlsk of completeness of Income we'.- performed analytical procedures lo identify any unusual or unexpected relationships, along wrth comparison to budget.. tested 8 sample of ￿ants lo supportlng documentation confirming income correctly accounted for.. reviewed donations and gwFts received around the year end, ensuring cut-off correctly applied., and agreed deferred income to supporting documentation. To aédress the risk of classification of income be￿een restricted and unrestricted we.. agreed a Sample of income recorded in the nominal ledger to source documentation lo ensure any restrictions were correctly idenirfied., agreed 8 sample of expenses incurred lo ensure that they had been allocated lo the correct fund,. and obtained and reviewed fLJnd analysis workiws lo ensure that the calculations were corfect and agree to the accOu￿tIng records. There are inherent limitations in cmjr audit procedures described aljove. The more removed the laws and regulations are from the financial slalemenls. the less likely it is that we would become aware of non- compliance. Auditing standards also limit the audit prO￿dureS required to identify non-compliance with laws and regulations lo enquiry of the directors and other management and the inspection of regulatory and legal correspondenc6. if any. Material misstatements that arise éue lo fraud can be harder lo detect that those that arise from error as they may involve deliberate concealment of collusion. 16 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF AGE UK su￿oN FOR THE YEAR ENDED 31 PIIARCH 2021 Use of our report This report is made solely lo the charitable company's members, as a body. in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006 and, in respect of the consolidated financial statements. to the charity's trustees. as a body, in accordan￿ with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we mighl slate lo the charilable cotnpany'5 rnember5 and trustees those mallers which we a￿ required lo stale to them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to any party olher than the charitable compary. the charitable company's members, as a body, and the charify's Iruslees. as a body. for our audit work, for this report, or for the opinion we have foimed. 25 fvj￿r goil Danielle Grrfin {Senior Statulory Auditor) for and on behalf ol Moore (South) LLP. Ststutory Auditor Priory House Sydenham Road Guildford GU1 3RX MrK)re (South) LLP is eligible to act as auditor in terms of Section 1212 of the Companies A¢t 2006. 17 AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021 (Including Income and Expenditure Account) Total funds Notes Unrestrictgd Restri¢tgd funds funds 2021 2020 Income Donation and legacies Income from charitable activities Income from other trading activ((ies Investment income Other income - proceeds of sale of fixed assets 23,513 666,645 915 4,922 2,150 616,123 25,663 1,282.768 915 4,922 57,804 964,882 6,337 4,800 4.800 1,834 Total Income 700,795 618,273 1.319.068 1,030,857 Exp8nditure Cost of raising funds Charttable aGtivilies Other 46,471 655,554 9,214 46,471 1,246,679 9,693 41,883 857,466 14,386 591,125 479 10 Total Expendlture 711,239 591,604 1,302,843 913,735 Net unrealisedlrealised gains on investments 54,377 54,377 134,295) Net Incoming Resourcès 11 43,933 26,669 70,602 82,827 Remeasurement (lossllgain on defineé benefit pension plan Transfers 22 1846) 1651) {8461 195 651 Net movoment in funds 42.436 27,230 69.756 83,622 Reconciliation of funds Total funds brought fomard 444,116 444,116 360,494 Total funds Carried forward 486,552 27,320 513,872 444,116 The statement of financlal activllies includes all gains and losses recognised in the year. All incoming resources arKI resources expended derive from continuing activities. As permitted by the Statement of Recommended Practice IFRS102), the parent undertaking's own statement of financial activities has not been included in these financial statements. The gross income of the parent undertaking for the financial period was £1,241,414 {2020'. £1,001,447) and the result for the period was a surplus of £70,40812020.. £87.8461. The notes on pages 2110 41 form part of these financial stslements. 18 AGE UK surroN AND ITS SUBSIDIARY UNDERTAKING REGISTERED NUMBER 04175500 BALANCE SHEET AS AT 31 MARCH 2021 Registered Company number- 04175500 GROUP 2021 GROUP 2020 CHARITY 2021 CHARITY 2020 Notss FIXED ASSETS Tangible assets Investment in subsidiary nveslments 14 15 16 5.575 2.518 5,575 2.518 325,977 269.234 325,977 269.234 331.552 271,752 331.553 271.753 CURRENT ASSETS Deblors Cash al bank and in hand 17 257.415 175.225 267,471 195,337 268.015 173.731 279.425 191,641 432.640 462,808 441.746 4T1.066 CREDITORS: Amounts falling due wlhin one year 18 (219.348) (181,787) {218,345} {180,5861 NET CURRENT ASSETS 213.292 281,021 223.400 290,480 CREDITORS: Amounts falling due after one year 19 16.248} {79,362) (6.248) (79.3621 Dorin￿ bonèfit ￿nsIOn liability (24.7241 {29,295) {24.724} (29,2951 NET ASSETS 513.872 444.116 523.982 453.576 FUNDS Unrestricted Restricted 23124 23124 486.552 27.320 444.116 496.662 27,320 453.576 TOTAL FUNDS 513.872 444.116 523.982 453.576 For the year ended 31 March 2021 the company was enliUgJ to exemption from audit under 5￿tion 477 of the Companies Act 2(K)6 relal'ng lo small companies bul as this company is a charity, it is subject lo Judit under the L*arlbes Act 2011. Directors, respongbilitie The rnembers have not required the CoMp￿Y to obtsin an audit of ils acwunts for the y8ar in questK)n in accordance with section 476.. The directors adtnowledge their responsibilities for comptying wth the requirements of the Act respect tr) accounting records and the prepaiation of 8(tsunl8. These financial slatemenls have been prepared in accr￿dance with th& speryal provision relating to companies Subl￿t to the Small companies regime. The financial statements were approved and avthorised issue by the Board on .. 16.:..11... 2021. Janel Samuel Chair Th& notes on pag8$ 21 10 41 form part of these ffinancial statements. 19 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING STATEMENT OF CONSOLIDATED CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021 Notes 2021 2020 Cash flows from opgrating activities Nel cash lusedl I provided by operating activities 27 {22,0101 100,263 Cash flows from invfjsting a¢tivltles Interest re￿iVed and dividends Purchase of property, plant and equipment Proceeds from sale of property. plant and equipment Proceods from sale of investment5 Purchase of investments 4,922 9,551 {5,4581 (542} 4,800 117,383 1130.8771 1,834 6g,852 1111,1961 Net cash {usgd in) finan¢ing actlvities {9,2301 130,501) Change in cash and cash equiv8lents in the reporting perio 131,240) 69,762 Cash and cash equlvalents al the beglnnlng of reporting period 213,006 143,244 Cash and cash equivalents at th6 end of the roPQrting period 181,766 213.006 Cash at bank and in hand Inv8Stm8nts 175,225 6,541 195,337 17.669 181,766 213.006 20 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING STATEMENT OF CHARITY CASH FLOW FOR THE YEAR ENDED 31 MARCH 2021 Notes 2Q21 2020 Cash flows from operating activities Net cash provided by operating activities 26 {19.8081 98,607 Cash Ilows from investing activities Interest received and dividends Purchase of property, plant and equipment Proceeds from Sale of property, plant and equipment Proceeds from sale of investments Purchase of inveslmenls 4,922 9.551 {5,458) 1542) 4,800 117.383 (130.877) 1,834 69,852 {111,1961 Net cash {used in) I provided by rinancing activities {9.2301 130,5011 ChaThJe in cash and cash equivalents in the reporting period 129.038) fj8.106 Cash and cash equivalerts at the beginning of reporting period 209.310 141,204 Cash and cash equivalents at the end of the reporting potiod 180.272 209,310 Cash al bank and In hand Investments 173,731 6.541 191.641 17,669 180.272 209,310 21 AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 1 ACCOUNTING POLICIES a. Basis of Pre aralion Age UK Sutton is a charitable company, limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee 15 limited lo £1 per member. The company is incorporated in England & Wales. The registered address is Sutton Gale. 1 Carshalton Road, SLrtton SM14LE. The nature of the charity's operations and prlncipal activities are lo promote the wellbeing of older people. The charity con5ts'1utes a public benefit entlty as defined by FRS 102. The financial statements have been prepared in accordance with Accoullling & Reporting by Charities= Statement of Re￿rnmended Practice applicable lo charities preparing their accounts in accordanGe with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of IrelaNI IFRS 1021, tho Charblies Act 2011, and the Companies Act 2006 and UK Generalty Accepted Accounting Practi￿. Th8 financial statements have been prepared on the going concern basis, under the historical cost convention, modrfied to include certairn item5 at fair value. The financial statements are prepared in slerliw which is the functional currency of the charity and have been rounded to the nearest pound. b. Goin Concern The financial slalemenls have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The tNslees have considered the level of funds heltl and expected income and expenditure for 12 months froffl authorising these financial statements. The budgeted irbcome and expenditure is sufficient with the level of reserves for the charity lo be able to continue as a going concem. Gro Financial Statements Consolidated Financial Statements are prepared in respe¢l of the company and its wholly owned Subsidiary Age UK Sutton Trading Limited and results are eonsolidaled on a line by line basis. A separat Statement of Financial Activities is not p￿Pared as permitted by Section 408 the Companies Act 2006. d. Incomin Resources Donations and other voluntary income are recognised wh8n receivable by the Gharity. Grants and contracts including those for purchase of fixed assets are recogni8ed in full In the year in which they are Teceivable. Legacies are a¢¢ounted for at the earlSer of: the dale on which the charity is aware that probale has been granted,. the estate has been finalised and notsficalion has been made by the executorfs) lo the charity that a distribution will be made,. or when a distribution is made from the estate. Receipt of a l¢ga¢y, in whole or part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor'5 intention to make a distribution. Where legacies have been notified lo the charity, or the charity is aware of the granting of probate. and criteria for income recognition have not been mel, then the legacy is treated as a conlingenl asset and disclosed if materlal. AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES I conld... d. Incomin Res(nrrces Icontd... Investment income is accounted for in the period in which the charity is enliued lo re¢eipt. The income from user fees is recogni8ed In the period lo which it relateg. Any income received in advance is Irealed as deferred incoffle. Trading income received for servr¢es provided is rewgnised in the year in which il is due. The value of services provideil by volunteers is not incorporated in the finar)cial slalements. Details of the eontriLiution of volunteers can be found in the Irustee5' annual report. e. Resour￿$ Ex nded Expenditure is recognised on an accrual basis as a liability is incurred and includes irrecoverable VAT. Costs of raising fund5 comprise the costs associated with attractiro voluntary incomo and furvjraising. Charitable expenditure comprises those ￿5t5 Incurred by the charity in the delivery of its activities and services for older people. Other expenditure represenls those costs not falling into any other heading. f. Allocation of Su ort Costs Costs are allocated to the particular *tNity where the costs relate dlrectly lo that acllvity. However, the costs of overall direction and administration on each activity. Is apportioned on the basis of income received or staff time Wh￿heVer gives a reasonable assessmont. g. Deferred Income Where the donor imposes conditions and this requires a level of performance before enlillement can be obtained, the ino)me is deferred until thege conditions are fully met or the fU￿lIment of these conditions is within the control of the charity and il is probable that they will be fU￿illed. ratin Leases Rental payable under operating loases are charged to the Statement of Financlal Actlvllles on 2 slr2ight line basis over Ihe lease term. Pension Costs Contributions lo the group's defined contribution penS￿n scheme are charged lo the Statement of Financial Activities in the year in which they become payable. The assets of Ihe scheme are held separately from those of the group in an independenlly a(iminislered fund. Contributions to The Pensions Trusvs Growth Plan. a mulli-employer scheme are charged to the Statement of Financial Activities in the year which they become payable arKI are accounted for in accordance with FRS 102. Taxaiion The charitable company is exempt from Corporation Tax on its charitable actiVit￿s. k. Fixed Assets l expendilure under £500 is treated as an expense in the period. Expenditure on capital purchases is deweciated on a straight line b8sis based on the expected useful lrfe of the item_ 23 AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES I contd,.. k. Flxed Assets Iconld.. Fixtures and fittings Computer equipment Vehide8 25.000/0 straight line 33.33Vo slryaight line 25.OOO/o Straight line Investment in Subsidia The investment in subsidiary is slated at cost. m. Investments Investments are staled al market valu& and all gains and losses are tsken lo the Ststement of Financial Activities as they arise. Realised gains and losses on inveslrnents are calculated as the drfference between proceeds of sale and cost of purchase. Unrealised gains and losses are calculated as the drflerence between the market value and the year end and opening market value lor purchase dale rf later}. Realised and unrealised gains are not separated in the Statement of Financial Aclivilies. n. Debtors Trade and other debtors are recognised al the selllerllent amount due. Prepayments are valued at the amount prepaid al the balance sheet dale. o. C shal ank an In H Cash at bank and Gash in hand includes cash and short t8mi highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar amount. p. cr￿lIOrS Trade and other creditors are recogni5ed when the charity has present obligations resulting from past events and can be measured or estimated reliably. Creditors are recognised al their settlement amounts. Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financlal instruments. Basic financial instruments are initially r8¢0gni8ed at transaction value and subsequently measured al their settlem8nl value. Unrestricted Funds Unrestricted funds are donations and other incoming resources receivable and income generated to fuffil the objects of the charity wilhovl further specified purpose and are available, as general funds, for use al Ihe discretion of tre trusiees. naled Funds Designated funds are unrestricted funds assigned for a particular purpose by the board of Trustees. The aim and purpose of the designated funds are sel out in the notes to the accounts. Restricted Funds Restricted ftjnds are funds wh￿h are to be used in accordance with specific re5trrctions imposed by donors. ExpendilLJre that meets these criteria is charged to the funds together with a fair allocation of management and support Gosts. The aim and purpose of the restricted funds are set out in the notes to the accounts. 24 AGE UK surroN AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 ACCOUNTING POLICIES I conld Jud ements and Estimates In the application of the company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien￿ and olher factors that are considered lo be Televant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongolng basis. Revisions lo accounting estimates are recognised in the period which the eslimate is revlsed where the revislon affects only that period. or in the period of Ihe revision and future periods where the revislon affects both ¢urrenl and fulure per¥)ds. DONATIONS AND LEGACIES Unrestrlctad Restricted Funds Funds Total 2021 Total 2020 Donations Legacieg 17.013 2,150 19,163 6,500 22.261 35.543 23.513 2,150 25.663 57,804 In 2020 all donations and18gaci8s were unrestricted. INCOME FROM CHARITABLE ACTIVITIES Unrestricted Restricted Funds Fund5 Total 2021 Total 2020 User Fees and Other Income Help At Home income Consultancy fees User fees and charges Client shopping recharge incom6 185.312 13.200 1.287 185.312 13.200 11.287 77,374 348.078 7.672 36.767 77.374 199,799 77,374 277,173 392.517 Grants and Contracts (see Note 4) 466,846 538,749 1.005,595 572.365 Total Income from Charitable Activities 666,645 616,123 1.282.768 964,882 In 2020 £199,248 of grants and contracts weFe restricted. 25 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 GRANTS AND CONTRACTS 2021 Total 2020 Total Unrgstrlcted Rgstrirted LB of Sutton"_ Advice Link Partnership Sullon commission LB ofsutton. Emergency Funding Covid 19 Sutton CCG"_ Home from Hospital commission Sutton CCG- Emergency Ftjnding Covid 19 Sullon CCG ~ Social Prescribing MDT Sutton CCG - Social Prescribing PCN. Age UK- Brand Partner payment Age UK - Better Later Liv&s-. Grant Age UK- Trading Commission.. Grant Age UK-Warm Hornes Age UK- Covid Emergency Age UK- London SRF Citizens Advice Sutton- AdviceLink Project magine Independence- Sutton Uplift commission City Bridge Sutton Community Fund- Food & Friends Project Grant ASDA Foundation - Welfare Grant Mercers CAF Resilience Fund Indeperndent Age London Community Funders The Nalional Lottery City of London- Wave 1 and 2 Goundworks Neighbourly Community Fund Mercers - Covid Emergency S￿pIon Building Society Sutton Infraslruclure 62,612 62,612 8fj,388 225,000 43,393 105.000 131,463 15,000 40,000 86,388 225.000 225.OCM) 40,642 86,667 43,393 105.000 21,233 15,000 110,229 15.000 16,420 5,808 9,300 9,380 37,539 20.000 58,048 9,380 37,539 20.000 56,048 56,875 38,000 38,000 28,750 39,167 16,567 28,750 3,500 366 14,553 600 25,030 28,766 12,500 34,221 18,478 16,748 500 25,030 28,766 12,500 34,221 18,478 16,748 500 400 5,000 2.280 2.500 400 5,000 2,280 2,500 2,500 466,846 538,749 1,005,595 572,365 . LB of Sutton- London Borough of Sutton,. CCG- Clinical Commissioning Group., MDT- Multi-Disciplinary Team.. PCN - Primary Care Network; Al grants were expenéed for the pury)ose for whlch Ihey were intended. Included in 2020 were ￿StrICted grants and contracts of £199,248. £149,000 of government grants were recetved12020 - £40,000). This was commission funding paid by London Borough of Sutton for delivery of contracted Infom)ation and Advice services. 26 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 INCOME FROM OTHER TRADING ACTIVITIES Unrestricted Restricted Funds Funds Total 2021 Total 2020 Olher 915 915 In 2020 no income from other trading activities was restricted. INVESTMENT INCOME Unr9StrlGtgd R8strlGtgd Total Total Funds Funds 2021 2020 Dividendg Bank interest 4,912 10 4,912 10 6,300 37 4,922 4,922 6.337 In 2020 no investment income was restricted. RAISING FUNDS Unrestricted Restricted Funds Funds Total 2021 Total 2020 Investment managers fees Wages and salaries Staff r¢Gruilment Fundraising Gengral Offi￿ expenses Support costs {nole 91 2.545 34,809 2.545 34.809 3,621 16,172 2.094 7.023 1,290 1,393 19.373 7,023 46,471 46,471 41,883 In 2020 no expenses for raisiro funds were restricted. 27 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 CHARITABLE EXPENDITURE UnrestrlGtod Rostrlctod Funds Funds Total 2021 Total 2020 Wages and salaries Staff related costs Volunteer expenses Rent & rates Cleaning & ulililies Legal & professional fees Gommunication & postage General office expenses Depreciation Client shoppirig Support costs (note 91 466,468 28.024 487 29.847 1.756 7.000 20,457 12.800 435,905 24,631 902.373 52,655 487 36,018 2,065 670.806 18.195 1,305 34,467 327 1,663 15.351 21.649 714 6.171 309 2,000 3,304 21.446 23.761 34.246 77,374 19,985 77,374 108,7(XJ 88.715 92,989 655,554 591,125 1.246.679 857.466 In 2020 £197,419 of charitable expenditure was reslricled. SUPPORT COSTS Charltable Expendlture Total 2021 Wages and Salaries Staff related ¢osts Communications Rent & rates Cleaning & utililles Other Depreciation 68,338 16,139 3.305 5.T44 438 12,335 2,401 88,338 16,139 3,305 5,744 438 12,335 2,401 108,700 108,700 All support costs are deemed to relate wholly lo ¢harilable expenditure. 28 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 10 OTHER COSTS Unrestrlcted Funds Restricted Funds 2021 2020 Audit fee Accountancy Accountsrry under accrued last year Trustees expenses I AGM Pension interest 7,500 521 7,500 1,000 84 452 657 8,160 3,834 678 1,264 450 479 452 657 9,214 479 9,693 14,386 In 2020 no other costs were restricted. These cosis are deemed lo be the governance costs of the group. 11 NET INCOMINGI{OUTGOING) RESOURCES FOR THE YEAR Group and Charity 2021 2020 This is Staled after charging= Audit Other services Depreciation 7.500 1,084 2,401 8.160 4,512 714 10,985 8,586 12 TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES Trustees did not receive remuneration in the year for their services. Ouring the year 2 Trustees12020 - S) were re1ml￿r5ed expenses of £114 {2020 £6611 in respe¢t of travel and subsistence. Al the year end £Nil (2020- £Nill was owed to the trustees. The expenses ¢laimed are in lirE with the Memorandum & Articles. Key management received total remuneration of £153,40g {2020 - £148.800). Twstee Indemnity Insurance is included wlthln the charlty s overall inSuran￿_ During the year Ihe charity paid £3,636 {2020 - £3.360) in respect of Insurance. AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 13 STAFF COSTS AND NUMBERS Group and Charity 2021 2020 Aggregate payroll costs were: Wages and salaries Social security costs Other pension costs )3,719 67,004 20,872 696.816 49,350 14,940 991.595 761,106 Particulars of employees: The average number of full-lirne equNalent staff employed by the charity during the financial year amounted to.. 2021 2020 Administrative staff Management staff Other 29.3 22.0 27.6 No employee earned over £60.000 par annum in either year. 14 FIXED ASSETS Group and Charlty Flxtures And Fittings Computer Equipment Motor V8hicle8 Total C05t At 1 April 2020 Additions Diswsals 2.826 542 5.458 31,127 34,495 5,458 (31,1271 131,127) At 31 March 2021 2,826 6,000 8.826 Depreciation Al 1 April 2020 Charge for the year- mis-posted On disposals 31,127 31,977 2,401 (31,1271 706 1,695 {31,1271 At 31 March 2021 1,548 1,703 3,251 Net book value Al 31 March 2021 1,278 4,297 5,575 Al 31 March 2020 1,984 534 2,518 30 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 16 INVESTMENT IN SUBSIDIARY Charity Share in group Undartakings Cost and Net book value Al 31 March 2021 and 31 March 2020 £1 The investrnerbt comprises a 11)OQ/o owned subsidiary undertaking. Age UK Sutton Trading Limited which is registered in England. Company No. 07533799. The principal activity of Age UK Sutton Trading is limited to provision of sales of products and a gardening service lo older people. The nel Ios9 of Age UK Sutton Trading Limited for the year ended 31 March 2021 was £650 (2020- £4.224). Profits are donated lo the parent charity, Age UK Sulton. The aggregate share capital and reserves al the year end arr*)unted to £110.1061 (2020 - £(9.4571). 1fj INVESTMENTS Group and Charity 2021 2020 Market value as al 1 AFKII 2020 Additions Disposals Change in market valve 251,565 130.877 {117,3831 54.377 244.516 111.196 {69,852} {34.295} 319.436 251,565 Cash available lo invest 6.541 17,669 Closlng valuatlon 325,977 269.234 Mark9t Value 2021 Market Value 2020 Quotad investrngnts Bonds Equilies Global Investments Open Ended Collectives Property Other Cash 74,715 71,428 121,277 32,204 8,767 11,045 6,541 71,680 73,714 60,937 20,145 10,686 14,396 17,676 325,977 269,234 31 AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 16 INVESTMENTS I conld,. The following investments a¢¢ount for more than 5% of the Ilsled Investments- 2021 2020 Findlay Park FDS Link Fund Sol Ltd Trojan Intome Link Fund Sol Trojan X Inc 5.01Q 5.12.10 8.01'/0 17 DEBTORS Group 2021 Group 2020 Charlty 2021 Charity 2020 Amounts falling due within one yaar: Trade debtors Grants and directly charged services Prepaymenls Amounts due from Group undertakings 64,584 183,804 2,779 67.394 135,786 2.222 64,584 183,8D4 2,779 10,600 67,394 135,786 2,222 11,954 251,167 205,402 261,767 217,356 Amounts falling due aftor mora than one year.. Grants and directly Gharged services 6.248 62,069 6,248 62,069 257,415 267,471 268.015 279,425 18 cRED￿ORS. Amounts falling due wlthin onE year Group 2021 Group 2020 Charlty 2021 Charity 2020 Trade creditors Defe￿ed Income Other creditors Accruals 11,122 159,776 4,943 43,507 11,122 159,776 4,943 42,504 573 153,131 2,815 24,067 153,131 2,815 25,273 219,348 181,787 218,345 180,586 32 AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 19 CREDITORS: Amount$falling duo after on• year Group 2021 Group 2020 Charity 2021 Charlty 2020 Oeferred income 6,248 79,362 6,248 79.362 20 OEFERRED INCOME The movement in deferred income is as follows: Group 2021 Group 2020 Chaflty 2021 Charity 2020 Balance at 1 April 2020 Amounlg deferred in the period Amount released lo incoming resources 232.493 159.776 (232.493) 26.420 212.493 {6.420} 232.493 159.776 1232.4931 26,420 212,493 18.4201 Balance at 31 March 2021 15g,776 231493 159.776 232.493 21 PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS Group and Charity 2021 2020 Defined ContriEMJtion Contribulions payable by the charity in the period 20.872 15.599 Mulli-Employer Pension Plan Contributions payable by the charfty In the perlod for defined benefit pension deficlt 6.074 5.898 26.948 21.497 Contributions 01 £4.840 (2020 - £2.8151 were payable to pensK)n schemes at the balance sheet date. 33 AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 P41ARCH 2021 22 PENSION SCHEME AND OTHER POST- RETIREMENT BENEFITS The company participates it7 the scheme, a mulli-employer scheme which provides benefits to some 950 non- associaled participating employers. The scheme is a defined benefit scheme in the UK. 11 is not possible for the Company to obtain sufficient information to enable it lo account for the scheme as a defined b&nefil scheme. Therefore it accounts for the scheme as a defined contribution scheme. The scheme is subject lo the funding lègislation outlined in the Pensions Act 2004 which came into force o 30 December 2005. This. together with documents i5sueé by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK. The Scheme is classified as a'lasl-man standing arrangement,. Ther6fore the company is potentially liable for other participating employers, obligations if those employers ao unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme, A full actuarial valuation for the scheme was carrred out al 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding 5hortFall, the Truslee has asked the participating employers lo pay additional contributions lo the scheme as follows.. Deficit contrlbutions From 1 April 2019 to 31 January 2025.. £11,243,000 per annuTn (payable monthly and increasing by 3D/o each on 1st Aprll) Unless a concession has bèen auyeed with the Trustee the term to 31 January 20Z5 applies. Note that the scheme's previous valuation was carried out with an effective dale of 30 September 2014. Thls valuation showed a9sels of £793.4m, liabilities of £969.9ffl and a deficit of £176.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows.. Deficit contributions From 1 April 2016 to 30 September 2025-. £12,945,440 per annum (payable monthly and increasing by 3Dh each on 1s1 April) £54,560 per annum {payable monthly and increasing by 3% each on 1st April) From 1 April 2016 10 30 September 2028". The recovery plan contributions are allocated to each participating employer in line with Ihair estimated share of the Serie$ 1 and Series 2 scheme liabilities. Vvhere the sGhewne is in deficit and where the company has agreed lo a deficit ￿ndIng arrangement the company recognises a liability for this obligation. The amount recognised is the nel presert value of the deficit reduction contributions payable under the agreement that relates lo the deficit. The present value is calculated using the discount rale detailed in these disclosures. The unwirnding of the discount rale is recognised as a finance cost. PRESENTVALUES OF PROVISION 31 March 2021 l£sl 24,724 31 March 2020 (£s) 31 March 2019 l£sl 35,537 Present value of provision 29,295 34 AGE UK SUThON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 22 PENSION SCHEME AND OTHER POST- RETIREMENT BENEFITS I conld... RECONCILIATION OF OPENING AND CLOSING PROVISIONS Period Ending 31 March 2021 l£sl Period Ending 31 March 2020 l£s) Provision al start of period 29.295 35,537 Unwinding of the discount factor {inleresl expense) 657 450 Def￿ll contribution p2id (6.074) (5.8971 Remeasurements - impact of any change in assumpllons 846 {7951 Remeasurements - amendments to the contribution schedule Provision al end of period 24.724 29.295 INCOME AND EXPENDITURE IMPACT Period Ending 31 March 2021 {£s) Period Ending 31 March 2020 l£s) Interest expense 657 450 Remeasurements- impa¢t of any change in assumptions {7951 Remeasurements- arllendmenls to the contribution schedule Costs recognised in inGowne and expenditure account ASSUhlPTIONS 31 March 2021 % per annum 31 March 2020 °A gerannum 31 March 2019 per annum Rale of discount 0.66 2.53 1.39 The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan CDntribulv)ns due, would give the same results as using a full AA corporate botMI yield curve to di5courit the same recovery plan contributions. 35 AGE UK su￿ON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 22 PENSION SCHEME AND OTHER POST- RETIREMENT BENEFITS I contd... The follomng schedule details the deficit contributions agreed be￿ the company and the scheme # each year end period: DEFICIT CONTRIBUTIONS SCHEDULE Year ending 31 March 2021 l£sl 31 March 2020 (£sl 31 March 2019 l£sl Year 1 6,257 6,444 6,638 5,697 6.074 6,257 6,444 6,638 5,697 5,897 6,074 6.257 6,444 6,638 5.697 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19 Year 20 The wmpany musl recognise a liability measured as the presentvalue of the contributions payable t￿l arise from the deficit recovery agreement and the resulting expense in the incorne and expenditure account i.e. the uwinding of the discount rale as a finance cost in the period in which it arises. It Is these contributions that have been used to derive the companls balanc8 sheet liability. AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 23 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS Unr•strlct6d Funds Rgstricted Funds Total Funds Fixed assets Current asse15 Long term assets Current liabilities Long term liabilities Pension Liability 331.552 253.008 331,553 426,392 6,248 {219.348) 16,248) 124,728) 173,384 6,248 (146,065) (6,2481 173.283) 124,724) Nel assets at 31 March 2021 486,552 27,320 513.874 Analysis of group net assets between funds for the year ended 31 March 2020 Unrestrloted Funds Restrlcted Funds Total Funds Fixed assets Current assets Current liabilities Long term liabilities Pension Liability 271.752 263,648 161,989) 271,752 462,808 {181,787) (79.3621 129,295) 199.160 (119.798) (79.￿2) 129,295) Nel assets at 31 March 2020 444,116 444.116 37 AGE UK surroN AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 24 MOVEMENT IN FUNDS Group and Charity At 1 April lrt¢oming 2020 Resources Outgoing Resources 31 March 2021 Transfers Unrestrlcted Funds Pension Liability go,000 90.000 Total unrestricted funds excl. Pension 354,116 755,172 712,085 16511 396,552 Total unrestricted funds 444.116 755,172 712.085 (6511 486.552 Movement in unrestricted funds for Group and Charity the year ended 31 March 2020 Revaluation Gains and 31 March losses 2020 At 1 April In¢omlng 2019 Resour Outgolng R8¥ourcè Transfers Unrestrictgd Fund5 Designated funds.. P8nsion Liability 90,000 90,000 Generdl funds.. Total unrestricted @xc Pension 270,494 831,609 1714,487) 133.5001 354,116 Total unrestricted funds 360,494 831,609 1714,487) 133,500} 444,116 Purpose of designated funds Pengion Liability - to meet the potential cost associated should the group need to buy-out the cost associated with the defined benefit scheme. AGE UK s￿￿ON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 MOVEMENT IN FUNDS leonld... Group and Charity At 1 Aprll Incomlng Outgolng 2020 Resourcès Re50urce5 31 March 2021 Restrlctad Funds Transfers ALPS Advice Link City Bridge Sullon ICBF Better Lives Sutton Community Fund ASDA Foundation Mercers Warm Homes Covid Emergency Funds Skiplon Building Society London Community Funders Wave 3 The National Lottery CAF Resilien￿ Fund Independent Ase Age UK London Client Shopping Social Prescfibing 56,048 28,750 2,500 (56,048) 128,750) (2,500) 900 25.030 9,380 191,817 2,280 1900) {25,681) 19,3801 (191,817) 19481 651 1,332 34,221 18,478 28,766 12,500 20,000 77.374 110.229 {34,2211 118,4781 128.7661 12.500 13.488 (6.5121 177,3741 {110.229} Totsl restricted funds 618,273 {591,604) 651 27,320 Total funds 444,115 1,319,068 (1,302,843) 513,872 The purpose of the restricted funds is set out below.. Covid Emergency Funds- indudes tunds from various sources to enable continuation of provision of seTvices to support clients through the crisÈs. Skipton Building Society- to purchase tablets for clients to use to provide virtual book ¢lub. London Community Funders Wave 3- to support providing food for clients and develop a healthy lrfe5ty1e. The National Lottery- to support befriending volunteers. CAF Resilience Fund - to support increase in demand for Community Support servw. Independent Age- lo support Age UK core resilience during Covid crisis. Age UK London - to support a due diligence proiecl. Adv5ce on the road - City Bridge- Mobile information and odvice for older people a¢ro$s Sutton, with a foeug on reaching the mogt vulnerable and isolated members of the communily. Better Lives is a programme lo tackle loneliness. including assessment, methodology. ￿al setting, 5ignp05tir*g and outcome measuring. Social Prescribing is a contract with NHS England to provide Social Prescribing services to the local Primary Cafe neiwork. The restricted element of the conlracl relates lo specified Link Worker posts directly relMtr￿rse￿. AGE UK SUTTON AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 MOVEMENT IN FUNDS I contd... Movement in restricted funds for Group and Charity the year ended 31 March 2020 At 1 April Incorning Outgoing 2019 Re80urcgs Resource 31 March 2020 Restricted Funds Transfer ALPS Advice Link Sutton Uplift City Bridge Sutton ICBF Bettèr Live$ Sutton Community Fund ASDA Foundation Mercers Warm Hom88 40.000 56.875 39.167 16.567 2.500 16.420 3.500 366 14.553 9,300 140,0001 156,8751 {39,167) 116,5671 12,500) (16,420} 13,5001 13661 {14,5531 19,3001 Total restricted funds 199,248 (199,2481 25 FINANCIAL OBLIGATIONS Operating lease payments repr8sent rentals payab5e by the Group and Charity. At the reporting @nd date the company had outstanding commitments for future minimurT7 lease payments under nO[￿Gan￿lIable operating leases, which fall due as follows.. - Group and Charity Land and Bulldlng8 2021 2020 Less than one year Be￿een aTKI five years 35.000 8.750 35,0(K) 43,750 40 AGE UK surroN AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 26 CONTROL There are no ¢ontrolling parties. 27 RECONCILIATION OF CONSQLIDATED NET INCOME I (EXPENDITURE> TO NET CASH FLOW FROM OPERATING ACTIVITIES 2021 2020 Net income for tho reportlng perfod Adjustments for= Depreciation charges (Gains}Ilosses on investments Gain on sale of fixed assets Dividends and interest from investments and bank Decreasel(increasel in debtors {Decrease)fincrease in creditors Movement in provisions 69,756 83.622 2,401 (54,377} 14.8001 14,9221 10.056 (35.553) 14,5711 714 34.295 (1.8341 (9.5511 {207.3871 206.646 (6.2421 Not ¢ash provlded by operatlng actlvltles {22,010) I￿,263 28 RECONCILIATION OF CHARITY NET INCOME I (EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2021 2020 Nat Incoma for tha reporting period Adjustments for= Depreciation charges Profil on disposal of fixed assets {Gainsylosse5 on investments Dividends and interest from investments and bank Decreasel(increase) in debtors {Decrease) in creditors Movement in provisions 70,406 87,848 2.401 (4.800) {54.377) (4,922} 11,410 (35,355) (4,571) 714 {1.834} 34.295 {9.5511 1213.2621 1206,6391 {6,2421 Net cash provided by op¢rating activities 119,8081 98,607 41 AGE UK surroN AND ITS SUBSIDIARY UNDERTAKING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 29 FINANCIAL INSTRUMENTS The carrying avnounts of the charity's financial instruments are as follows.. Group 2021 Group 2020 Charity 2021 Charity 2020 Financial assets Debt instruments measLJred at amortised costs Equity instruments measured at cost less impairment 219,092 213.013 229,692 221,271 319,436 251,558 319,436 251,558 Flnancial Liabilitles Financial liabilities measured at amortised cost 59,572 28,658 58,569 27,450 42 ## **Document Activity Report** ## **Document Sent** Fri, 26 Nov 2021 08:50:45 GMT ## **Document Activity History** Document history shows most recent activity first ## **Date** ## **Activity** You can verify that this is a genuine Portal document by uploading it to the following secure web page: **https://mooresouth.accountantspace.co.uk/messages/VerifyDocument**