**Campaigning with older Londoners Age UK London** Report of Trustees and Annual Accounts 2023
Annual Review **2023**
## **Contents**
- **3** Reference and administrative information
- **5** Trustees Report
- **33** Independent examiner’s report
- **35** Statement of financial activities
- (incorporating income and expenditure account)
- **36** Balance sheet
- **38** Statement of Cash Flows
- **39** Notes to the financial statements
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Annual Review **2023**
Annual Review **2023**
## **Reference and administrative information**
## **Company number**
04407861
**Country of incorporation**
United Kingdom
**Charity number** 1092198
**Country of registration**
England and Wales
**Trustees**
Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:
Imogen Clark: Chair
John Cole: Treasurer
Tony Burch
Diana Donovan (Resigned 6 January 2023)
Kate James
Chinara Rustamova
Elizabeth Sparrow
Guy Stevenson
Ravin Weerawardena
Alice Woudhuysen
**Key management personnel**
Abigail Wood: Chief Executive
**Bankers**
Arbuthnot Latham & Co Ltd
Arbuthnot House 7 Wilson Street
London EC2M 2SN
**Independent examiner**
Joanna Pittman FCA Sayer Vincent LLP Invicta House 108-114 Golden Lane London EC1Y 0TL
## **Status**
Age UK London is a charitable company limited by guarantee.
The membership of Age UK London comprises the local borough-based Age UKs and Age Concern charities that operate in Greater London (the “London Age UKs”).
Age UK London had two inactive subsidiaries, which were former trading companies: Age Concern London Trading Limited, and Age Concern London Retail Company Limited. These subsidiaries were wound up in May 2022.
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## **Trustees Report**
## **The trustees present their report and the independently examined financial statements for the year ended 31 March 2023.**
Reference and administrative information set out on page 3 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 under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
## **Objectives and activities**
## **Purposes and aims**
The trustees review the aims, objectives and activities of the Charity each year. This report looks at what the Charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the Charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the Charity’s aims, objectives and activities remained focused on its stated purposes.
The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.
The overall aims and objectives of Age UK London are to improve the lives of older people across London by campaigning so that London can become an age-friendly city. We are guided in these aims and objectives by the World Health Organisation (WHO) framework for Age-friendly Cities and Communities. We also aim to improve the lives of older Londoners by supporting the network of London Age UKs and other older people’s organisations. During the course of the year, the trustees continued to refine the strategies adopted to achieve these objectives, and our strategy can be summarised as below:
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**Our vision** is of an age-friendly London, in line with the aims of the WHO’s Global Network for Age-friendly Cities and Communities.
**Our mission** is to campaign for specific change to improve the lives of older
Londoners and ensure that their experiences, needs and contributions are heard and taken into account by decision makers.
## **The following principles that underpin all our work:**
- We champion the contribution older Londoners make to the city.
- We put older Londoners’ views, experiences and wellbeing at the heart of what we do.
- We consider diversity and inclusion in all aspects of our work and seek to challenge the additional impact of ageism alongside other inequalities.
- We base our decisions on evidence not assumptions.
We have adopted three key strategies to achieve our objectives:
- **Core campaigns** , through which we will secure specific, sustainable changes to the policies and practices of decision makers, and where appropriate encourage individual behaviour change, to improve the lives of older Londoners and make London an age-friendly city.
- **Shaping the agenda** , by building relationships with key stakeholders through which we ensure that the experiences, needs and contributions of older Londoners are heard by decision makers and form part of the discourse on the future of London. Through our independent research, relationships with local Age UKs in London and other older people’s organisations, we can bring the data and insight on older Londoners’ lives and use it to shape public policy discussions.
- **Supporting the London network of local Age UKs** . An age-friendly city relies on both campaigning and direct service provision, so we support the network of local Age UKs in London who deliver vital frontline services, and our campaigns and policy influencing are in turn informed by the insight gained via their service delivery.
- We work with others who share these principles.
**In 2021-2022, to provide greater clarity and focus to the charity’s work over the next three years, the trustees approved the following strategic priorities for 2021-2024:**
- Building a strong track record of delivering campaigns that result in sustainable, positive change for older Londoners.
- Creating a robust evidence base assessing the progress London has made towards becoming an age-friendly city, including through two-way conversations with the London Age UKs and using this evidence to determine our future campaigns.
- Supporting and motivating older Londoners to campaign for change so that our campaigns are shaped and delivered by older Londoners themselves.
- Making equality, diversity and inclusion a mainstream element of every aspect of our work, and actively considered in every campaign.
- Continuing to build a strong, effective and sustainable campaigning organisation, including developing a sustainable income stream and making our internal processes as efficient as possible.
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## **The year in numbers**
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One internet provider changed their policy
to no longer exclude older people from the
most affordable tariffs.
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The Dial-a-Ride service will now operate for
an additional two hours every day of the week
after we supported campaigners to persuade
TfL to increase operating hours.
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Representatives of Age UK London spoke at **8 City Hall** events including London Assembly Committee meetings to ensure that the views and experiences of older Londoners were heard by decision makers. **8**
Our campaign champions had face-to-face meetings with **12 councillors** as part of the London Loos campaign. **12**
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30 campaign champions took part in the
travel concessions petition hand-in at City
Hall on 15 November 2022.
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We’ve cut our **overheads by 47%** since 2020-21 so that as much of our income as possible is spent on achieving change to make London more age-friendly. **47%**
**189 community organisations** engaged with our winter vaccines campaign. **189**
**637 members** of the public took part in our research, public toilets in London: The views of older Londoners.
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637
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**10,005 people** signed our final petition calling on the Deputy Mayor for Transport to protect travel concessions for Londoners over the age of 60.
**10,005**
We increased our media coverage by **627%** this year.
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627%
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## **Achievements and performance**
**Age UK London’s main activities and who it seeks to help are described below. All our charitable activities focus on making London a more age-friendly city and improving the quality of life of older Londoners and are undertaken to further Age UK London’s charitable purposes for the public benefit.**
## **Our core campaigns**
Core campaigns form the largest part of Age UK London’s work and are the main way in which we secure positive change to benefit older Londoners. We selected for our campaigns the issues that London Age UKs told us were most commonly faced by their beneficiaries - social isolation and digital exclusion - and identified specific solutions in both areas that were needed and realistic. In response to the ongoing risk to the health and wellbeing of older Londoners by Covid-19 and seasonal flu, we once again ran a campaign to encourage uptake of the winter vaccines.
Campaigning for changes to make London more age-friendly will take many years. Having spent 2021-22 creating robust campaign plans and building relationships with key decision makers, in 2022-23 we focused on creating a strong evidence base to support our campaigns, raising awareness of the problems through media work and mobilising our supporters through local campaign groups.
## **Progress against our priorities: equality, diversity and inclusion**
We continue to monitor any barriers to older Londoners’ participation in our campaigns and how to mitigate them. Our equalities monitoring data shows that 54% of participants in our campaigns were disabled and 49% from Black and other minoritized ethnic backgrounds.
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## _**Out and About campaign**_
This year we continued the _Out and About_ campaign for improvements to community infrastructure so that people most at risk from social isolation can be more confident leaving home to do the things they want to do. _Out and About_ has two core public campaign strands; _London Loos_ focussing on improving public toilet provision and _Door to More_ focussing on transport accessibility.
## **Progress against our priorities: supporting older Londoners to campaign**
This year we offered a range of opportunities to help enable older Londoners to meaningfully lead campaigns. As part of the Out and About campaign, ‘champions’ (those older campaigners leading campaigns) held face-to-face meetings with Transport for London, London Assembly Members and councillors. We also supported campaigners to submit council questions, speak to the media and organise a deputation before a local council.
## _**‘London Loos’**_
In order to have a strong evidence base for our campaigning to improve public toilet provision we published a report, ‘Public toilets in London: The view of older Londoners’, in September 2022. The report was based on a survey completed by over 600 older Londoners in the summer. There were several shocking findings including the 52% of respondents who said that they sometimes reduced the amount they were drinking before going to certain places because of a lack of public toilet provision. One older Londoner told us:
_**“I don’t go out if I feel I will be ‘caught short’. I tend not to meet anyone due to this and hence feel quite isolated.”**_
## **81%**
**say they would be more likely to visit shops, cafes and businesses if public toilet provision were better.**
In October 2022 the London Loos campaign saw three local campaign groups established in Haringey, Islington and Merton. 16 campaign champions have led the development of these three groups, deciding on campaign activities and the improvements they wanted their local councils to deliver:
- In Haringey, the Loos for Haringey group organised a deputation to the Council’s Overview and Scrutiny Committee to call for Haringey to have a toilet strategy.
- In Islington, Loos for Islington, received responses to five questions submitted to a full-Council meeting. The group also held a face-to-face meeting with Executive Members and directors of the council.
- In Merton, More Loos for Merton influenced a scrutiny review of local provision and secured a meeting with the Council’s Deputy Leader.
## **Progress against our priorities: a strong campaigning track-record**
Our local campaign group persuaded Haringey Council to start developing a council toilet strategy, and, in Islington, campaigners convinced the council to radically improve public communication about the location of toilets.
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## _**‘Door-to-More’**_
In July we published a new report in collaboration with the charity Transport for All about Dial-a-Ride, the free door-to-door accessible bus service run by Transport for London. Our report, ‘Dial-a-Ride: From Door to More’, was based on in-depth interviews with Dial-aRide customers and included 13 recommendations. _“It gives me independence. Without Dial-a-Ride I’d probably be stuck at home doing nothing”_ , one user told us. A week after the publication we arranged for eight Dial-a-Ride customers to meet the General Manager of Dial-a-Ride at City Hall to share their experiences of the service and to call for specific improvements.
In the months that followed we worked with London Assembly Members to apply more pressure on Transport for London to make improvements. In February 2023 Transport for London announced specific improvements that campaigners helped to win. This included an extension of Dial-a-Ride operating hours from 10pm to midnight at weekends; an increase in the number of drivers and the number of staff answering the booking telephone line to reduce call waiting times; and an improved booking service.
## **Progress against our priorities: a strong campaigning track-record**
This year, Out and About campaign champions secured significant progress and achieved tangible improvements to the Dial-a-Ride service including an extension of the operating hours changes to policy and practice. Campaigners for Dial-a-Ride improvements pushed TfL to announce improvements including an extension to operating hours, additional recruitment to improve services and a new booking system to make it easier to book journeys.
## _**Mind the Digital Gap**_
This year our Mind the Digital Gap campaign focused primarily focused on financial barriers to accessing the internet and, conversely, the impact of digital exclusion on older Londoners accessing financial support. The team identified early in the year that while all internet providers offered low cost ‘social tariffs’ many of them only made them available to anyone receiving Universal Credit, which is only for those under the age of 67, excluding those over 67 on the lowest incomes from accessing genuinely affordable broadband. Following many months of discussions, we were delighted to see Virgin O2 expanded the eligibility criteria for their social tariff to include Pension Credit and have informed us that since the rules have changed, they have had several thousand new sign ups giving older adults on low income genuinely affordable access to the internet.
## **Progress against our priorities: a strong campaigning track-record**
We persuaded a major internet provider, Virgin O2, to make their most affordable tariffs available to those over 67 on the lowest incomes who had previously been excluded.
Feedback from local Age UK Information and Advice teams highlighted to us that older Londoners who did not use the internet were struggling to access services from their local councils. We used Freedom of Information requests sent to all councils in London to determine which ones offer a way of applying for Housing Benefit, Council Tax Reduction and rebates, and Blue Badge applications which do not require the individual to be online. We supplemented this research with a mystery shopping exercise and published the findings as a report entitled _“Access Denied: accessing Council services without the internet”_ . Our key findings were:
- 17% of councils who responded told us they do not offer any offline access to any of the selected services.
- 25%, do not offer offline access to Blue Badge applications.
- 31% of respondents, do not offer offline access to Council Tax Benefit or Housing Benefit.
## **Progress against our priorities: creating a robust evidence base**
Our Freedom of Information requests revealed that 31% of councils do not offer a way of applying for Council Tax Benefit or Housing Benefit without using the internet.
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Our findings received widespread media coverage in London and national newspapers and the findings were discussed at a London-wide meeting of councils’ chief digital officers. Work is now underway with councils who do not offer the services mentioned above online to encourage them to provide an offline alternative for those who need it.
To effect borough-level changes to reduce the digital exclusion experienced by many older people, we worked with existing groups run by local Age UKs to create local campaign groups to engage & support older campaigners in Croydon, Hammersmith & Fulham, Redbridge and Westminster:
- The Croydon group met with the council’s user-led design team to provide input on how to make their website more accessible and user friendly to older residents and have offline options where possible.
- Redbridge’s Voices of Experience group had successful meetings with councillors about how offline residents can access parking permits and have agreement on potential solutions.
- Hammersmith & Fulham Local & Vocal group plus members of Fulham Good Neighbours met to raise their offline challenges with councillors and discuss potential solutions for older residents.
- A member of our Westminster group who does not use the internet has been
- appointed to a bi-borough Council-led local action group on digital exclusion.
We secured funding from WCIT (Worshipful Company of Information Technologists) to create training resources and run a programme of in person workshops to upskill older Londoners in digital campaigning.
## _**Winter Vaccines**_
This year we once again delivered a public awareness campaign to encourage uptake of the Covid 19 and flu vaccines amongst older Londoners who were most at risk during the winter of 2022-23. Building on our learning from last year’s campaign - that public health messages are most trusted and acted upon when received from hyper-local community groups or figures - we focused on engaging these groups. We ran online and in-person events so that local groups could hear from and question NHS Covid Clinical leads on the London vaccine programme and raise any concerns they might have. These events were attended by over 100 organisations covering every London borough. 80% of all participants agreed to use their health and community networks to promote the campaign and share our resources.
Following our successful partnership working on our 2021-22 vaccines campaign, NHS London approached Age UK London to support them in promoting the Covid spring booster. Age UK London created targeted on and offline resources and hosted a live Q&A event in May 2022 targeted at representatives of groups who support older Londoners from minority ethnic groups. In total 89 representatives attended from 30 London boroughs.
## **Progress against our priorities: supporting older Londoners to campaign**
So far, 35 older Londoners have attended one of our digital campaigning skills
workshops. One attendee said:
- _**“Thank you for the course on using social media to get our voices heard. It helped**_
_**me to recall and revise processes as well as to learn new pathways; I also feel**_
_**motivated to continue exploring and learning with social media. It really will open up**_
_**avenues of information, discussion, ideas and activities.”**_
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## **Shaping the agenda**
As well as delivering core campaigns focused on specific issues, our work to make London an age-friendly city also requires broader influencing work through which we ensure that the views and experiences of older Londoners are heard and understood by decision makers. In 2022-23 our CEO gave evidence to London Assembly committees on three occasions on different topics: the housing needs of older Londoners; on travel concessions; and on poverty.
## _**Transport concessions**_
Campaigning to protect travel concessions focussed on two areas this year. Firstly, to end the cut to concessionary travel for journeys before 9am on weekdays, and secondly, to protect the 60+ Oyster Card, which was under significant threat. We published research that showed that two in three of the Londoners aged sixty or over that travel before 9am on weekdays do so either to attend a health appointment (31%), for work (28%) or due to caring responsibilities (8%). One campaign supporter said:
## _**“I have a meagre pension and rely heavily on my Freedom Pass. I have hospital appointments in the morning, but I cannot use my card until 9am and travel before this time costs me about £8 which is a huge amount of money for me.”**_
As the culmination of two and a half years of campaigning on these issues, we organised for a group of older Londoners to go to City Hall to present a petition of over 10,000 signatures to Seb Dance, the Deputy Mayor for Transport. The petition called for an end to the suspension on pre-9am use of travel concessions for over 60s and for plans to phase out the 60+ Oyster Card entirely to be dropped. This petition brought the number of signatures and letters sent in support of our campaign to 75,594.
In January it was announced that the pre-9am weekday cut would be made permanent, however, the 60+ Oyster Card was saved. Our campaigners played a huge role in protecting affordable travel for older Londoners, and it is unlikely we would have seen the same result without their efforts.
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## _**Poverty**_
In response to the cost-of-living crisis and to ensure that the experiences of older Londoners are not left out of this debate, Age UK London published research ahead of London Challenge Poverty Week showing that poverty rates for over 50s are significantly higher in London compared with the rest of the country. The data show that 25% of older Londoners live in poverty, compared to 18% in the rest of England.
Following the publication of our report, the London Assembly’s Economy Committee held a session looking at poverty amongst older Londoners at which our CEO called for better data collection in this area, more work by the Mayor’s team to understand how to encourage uptake of Pension Credit (financial support available for older people on the lowest incomes) and for the Mayor to encourage age-friendly employment practices to boost the incomes of older Londoners in work. We were delighted that the committee formally endorsed these requests to the Mayor and look forward to his response.
## _**Older People’s Forums**_
Among our key stakeholders are older people’s forums, based in the London boroughs, who can provide a collective voice for older people in London. These voices need to be loud and strong if they are to be heard in a city where there are so many calls for the attention of policy makers and the resources of funders. We continued to support the Greater London Forum, the umbrella organisation for London’s older people’s forums, to secure ongoing three-year funding for a co-ordinator, who is delivering excellent assistance to local forums and has invigorated their campaigning activities. This includes the setting up of a BAMER sub-committee which will focus on addressing health inequalities.
## **Progress against our priorities: creating a robust evidence base**
Our research published in October 2022 revealed that London has the highest level of poverty amongst over 50s in the country, with 25% of older Londoners living below the poverty line compared to 18% in the rest of England.
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## _**Telling our story and those of older Londoners**_
Building relationships with the London media and increasing our print, broadcast and online coverage was a key part of the communications strategy for Age UK London in the year 2022-23. More coverage of issues facing older Londoners and what they are doing to tackle them creates a climate in which our core campaigns and work to shape the agenda will be more positively received, and result in a better understanding amongst decision makers and the wider public of what would make London more age-friendly. Our efforts paid off with a 627% increase in media coverage compared to the previous year.
## **Media Coverage (Number of items April 2020 - 2023)**
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120 April 2020 - March 2021 12
April 2021 - March 2022 15
100
April 2022 - March 2023 109
80
60 627% increase in the past year
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20
0
April 2020 - April 2021 - April 2022 -
March 2021 March 2022 March 2023
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This significant increase in coverage came from a renewed focus on media work, supported by publication of three reports with new research and insights as part of our London Loos, Better Journeys and poverty campaigns. Our campaign champions also assisted when it came to getting our messages across, taking part in interviews on London broadcast channels including ITV London, BBC London, BBC Radio London, and London local newspapers including the Ham & High and Islington Tribune.
## **Supporting the London Network of Age UKs**
We continued to support the London Age UKs, and are grateful to be able to use the insight they gain through their service provision into understanding and tackling the systemic problems experienced by older Londoners. These insights inform our campaigns, and we are able to provide a platform for the issues faced by local Age UKs and their clients so that they are heard and understood by London decision makers.
This year we continued to bring the London CEOs together on a regular basis to enable information sharing and collaboration; to share information and intelligence about developments in London, and to offer support for individual local Age UKs on local campaigning. We were delighted to be able to restart in-person Regional Meetings which bring together CEOs and chairs from local Age UKs across London. To further support the London network, we established a regular meeting for those working on communications to discuss common challenges and share resources and successful approaches.
## _**Special Reserve Fund**_
In 2022-23 we continued to use funds from our Special Reserve to support London Age UKs to continue to undertake a change programme to become more sustainable or provide more services to older Londoners. We were pleased to award six new grants to local Age UKs working alone or in partnership to become more sustainable or expand the reach of the support they provide to older Londoners. The grants awarded came to less than the total amount of funds available, therefore the trustees decided to share the remaining funds evenly amongst the London partners to use to support older Londoners with the increasing cost of living. All money in the Special Reserve has now been allocated and the reserve will be closed once the second and third instalments from the third and final round are paid out in 2023-24.campaign to encourage uptake of the winter vaccines.
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## **Other key activity during the financial year** The two trading subsidiaries, Trading and Retail, were officially wound up in May 2022. **Financial review**
## **Income**
Total income for the charity was £575,633 (2022: £1,081,793). The significant components of this income were donations and legacies of £360,919 (2022: £860,698) and grant income from charitable activities of £203,798 (2022: £195,862). Grant income from charitable activities increased by 4% (from £195,862 to £203,798); grant funding for restricted projects stood at £27,299 (2022: £20,000).
## **Expenditure**
Total expenditure on charitable activities was £828,140 (2022: £529,751) including £128,411 (2022: £151,658) committed as grants to London Age UKs from the Special Reserve Fund. In 2023 £79,552 was also distributed to London Age UK network to address the cost of living crisis. £109,200 was transferred to Age UK Kensington and Chelsea in line with the stipulation within the legacy funding that was received. Expenditure on raising funds totalled £38,509 (2022: £47,120). Excluding these grants and expenditure on raising funds, charitable activity expenditure was £472,468 (2022: £330,973). The main expenditure in the charity was employment costs of £316,794 (2021: £309,161). Careful control of administrative costs was maintained.
## **Investments**
The Trustees consider that the investment objectives of safeguarding its assets and maintaining an appropriate amount of liquidity to meet short term needs have been met during the financial year. The performance of our investments during the year was satisfactory, bearing in mind market conditions and the trustee decision to not invest in fossil fuels. Despite the uncertainty of the past year, our investments performed reasonably well with a net unrealised loss of £34,331 (2022: unrealised gain £34,641).
In 2021 the Trustees undertook a full review of the charity’s approach to investments and adopted a new investments policy. The board refined the investment objectives to set specific objectives for the short, medium and long-term elements of the charity’s reserves. All three objectives were set with a view to producing the best financial return within an acceptable level of risk.
Funds that will be needed in the next two years continue to be held in cash, spread across three accounts including Arbuthnot Latham (the Charity’s principal bankers) to mitigate third party insolvency risk. Any additional funds will be invested by our investment managers, Sarasin and Partners, spread between a low and a medium risk fund. This approach will enable Age UK London to fund development initiatives and smooth out flows of in our income while ensuring the maximum amount of funds are spend on achieving our charitable purpose.
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## **Principal risks and uncertainties**
The Board of Trustees, supported by the Audit, Finance and Risk Committee, systematically reviews risks faced by Age UK London using a RAG rated risk register, remaining vigilant in view of the continuing uncertain economic environment, competition for funding, and the continued development of Age UK London’s activities.
Through appropriate consideration of risks as part of its normal risk management processes, the Trustees consider it appropriate for a going concern basis to be adopted for these accounts.
- Reputational risk: sharing the Age UK brand with several other organisations means the Trustees are limited in their ability alone to mitigate all aspects to reputational risk. However, the Trustees ensure that Age UK London has a voice in protecting reputational risk related to the brand through its membership of the Age England
- Association. In addition, Age UK London has effective policies and procedures to
- ensure it is properly and effectively run and these are regularly reviewed and where necessary updated.
- A cyber security attack: this year we achieved the Cyber Essentials certification and have implemented regular training for staff on safe use of Age UK London devices.
## **The key risks to the Charity are:**
- Failure to achieve a sustainable funding stream.
- Failure of our campaign work to achieve sustainable change.
- Failure to retain key staff.
- Damage to the reputation of the Age UK brand that impacts our work.
- A cyber security attack.
## **The Trustees have implemented the following steps to mitigate these risks:**
- Sustainable funding: the Board have agreed an approach to income generation based primarily on grants and foundations. The potential and actual income from grants and foundations, legacy and unrestricted sources are regularly reviewed against budget and against financial KPIs and necessary adjustments made. The Trustees periodically assess costs to ensure Age UK London remains efficient and cost-effective.
- Effective campaigning: we recognise the importance of evidence-based campaigning and the need for effective campaign planning, budgeting, monitoring and assessment. We have put in place appropriate structures whereby the management team will report on these aspects to the Board of Trustees at least four times a year.
- Retaining key staff: we ensure there is regular supervision, appraisal and training of staff; remuneration levels are monitored by reference to our sector and location; staff are given the opportunity to contribute to the strategic direction of the organisation through regular team meetings.
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## **Reserves policy and going concern**
Age UK London’s net funds are allocated to specific reserves. The purpose of the reserves policy is to ensure the stability of the organisation now and in the foreseeable future. The policy is designed to enable Age UK London to retain sufficient funds to maintain current and planned activities, while providing funds to build capacity, transition to new ways of working, and take advantage of new opportunities as they arise. The reserves policy is implemented in concert with the other governance and financial policies of Age UK London, supporting our goals and strategies.
## **There are three separate reserves:**
- Restricted Reserve: this contains any unspent funding provided to us from specific programmes and is ring-fenced for those purposes.
- General Reserve: £220,000 sits in this reserve which covers six months’ expenditure (apart from expenditure that is fully funded by secured restricted funds). The intention is for it to be sufficient to enable Age UK London to continue to operate for at least six months, even if funding is dramatically reduced, costs are increased, or there is an unexpected one-off cost required for any reason.
- Designated Strategic Reserve: this reserve has been established over a number of years when income exceeded expenditure. It is designated for expenditure deemed appropriate to promote our planned work towards London becoming
- an Age-friendly city, and/or secure the future of the Charity and its activities.
- In recognition of anticipated shortfalls in available income given the challenges in
- the fundraising landscape, Trustees have agreed that the charity will use the funds in the Strategic Reserve to fund gradually decreasing deficit budgets.
The levels of reserves are reviewed regularly by the Audit finance and Risk Committee and the reserves policy is subject to annual review. This ensures the reserves continue to meet the Charity’s expectations.
## **The Charity’s reserves levels as of 31 March 2023 were as follows:**
- Restricted reserve: £nil (2022: £nil).
- General reserve: £220,000 (2022: £190,000).
- Designated Reserves £1,137,605 consisting of: Strategic reserve £988,677, Special Reserve Fund £148,928 (2022: £1,454,443 of which £1,051,443 was allocated to the Strategic reserve and £403,000 the Special Reserve Fund).
## **Fundraising**
Age UK London does not actively solicit donations from individuals other than through advertising for legacies and through a “Donate” function on our website. All donations are very gratefully received.
We do not sub-contract any fundraising activities to a third party and whilst we are not registered with the Fundraising Regulator, we will be guided by the Code of Fundraising Practice in any fundraising activity. We received no complaints about our fundraising activity.
## **Structure, governance and management**
The organisation is a charitable company limited by guarantee, incorporated on 2 April 2002 and registered as a charity on 24 May 2002. The company was established under a memorandum of association which established the objects and powers of the charitable company and is governed under its articles of association. Revised Articles of Association were adopted at the AGM on 25 November 2020.
All trustees give their time voluntarily and receive no benefits from the Charity. Any expenses reclaimed from the Charity are set out in note 9 to the accounts.
The Trustees meet a minimum of four times a year. As of 31 March 2023, there were nine Trustees, responsible for the governance of the organisation, financial probity, and setting and monitoring the strategic direction of Age UK London. The Board of Trustees has two committees to support it in discharging its responsibilities: the Audit, Finance and Risk Committee and the HR and Equalities Committee.
The Charity has identified the trustees and Chief Executive as the key management personnel for the purposes of charity and company law. The Board is responsible for deciding the remuneration of the Chief Executive; the decision on other remuneration increases is considered by the Board of Trustees as part of the budget approval process and suitable parameters established for the setting of individual pay levels.
The day-to-day management function of the organisation has been delegated to the Chief Executive who, supported by the senior management team, ensures that the Age UK London undertakes its activities effectively, in line with the strategic direction and financial, governance and other controls approved by the Trustees. The scheme of delegation sets out the powers held by the Board and those delegated to the Chief Executive.
The Charity is also compliant with the national Age UK Charity Quality Standard (a quality mark which enables an organisation to be part of the Age UK network).
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Annual Review **2023**
Annual Review **2023**
## **Appointment of trustees**
The Board undertakes a regular skills audit and, in the light of the results targets recruitment activity to ensure that there is an appropriate mix of skills and experience to support the activities of Age UK London.
New trustees can be co-opted to the Board during the course of the year and appointments made at the annual general meetings. Appointments are generally for a period of two or three years and individuals can stand for re-election.
New Trustees are provided with a detailed induction pack and an induction programme involving meeting with key members of staff to gain an understanding of the organisation and the external environment in which it operates. Trustees are encouraged to undertake training to support them to perform their role.
## **Statement of responsibilities of the trustees**
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of Age UK London and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of Age UK London 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 Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions.
The annual report has been prepared in accordance with the special provisions applicable to companies subject to the small companies’ regime.
The trustees’ annual report has been approved by the trustees on 12 July 2023 and signed on their behalf by:
The Trustees, (who are also directors of Age UK London for the purposes of company law) are responsible for preparing the Trustees’ Report and the accounts in accordance with applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the Trustees must not approve the financial statements unless satisfied that they give a true and fair view of the state of the charity’s affairs and the charity’s net movement in funds, including the income and expenditure for that period.
**Imogen Clark**
Chair of Trustees
In preparing those financial statements which give a true and fair view, the Trustees should follow best practice and:
- select suitable accounting policies and then apply them consistently.
- observe the methods and principles of the Charities SORP.
- make judgements and estimates that are reasonable and prudent.
- state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare the financial statements on the going concern basis unless it is
inappropriate to assume that the charitable company will continue on that basis.
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Annual Review **2023**
Annual Review **2023**
## **Independent examiner’s report to the trustees of Age UK London**
- **1** Accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
- **2** The accounts do not accord with those records; or
I report to the trustees on my examination of the accounts of Age UK London for the year ended 31 March 2023.
This report is made solely to the trustees as a body, in accordance with the Charities Act 2011. My examination has been undertaken so that I might state to the trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the trustees as a body, for my examination, for this report, or for the opinions I have formed.
## **Responsibilities and basis of report**
As the charity trustees of the Company, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’)/ Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011 (‘the 2011 Act’).
## **Independent examiner’s statement**
- **3** The accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
- **4** The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## **Signed:**
## **Name: Joanna Pittman FCA**
The Institute of Chartered Accountants in England and Wales
For and on behalf of: Sayer Vincent LLP, Invicta House, 108-114 Golden Lane, London, EC1Y 0TL
## **Date: 22 August 2023**
Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accounts in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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Annual Review **2023**
Annual Review **2023**
## **Statement of financial activities**
|**Unrestricted Designated Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2023**
**Notes**
**£**
**£**
**£**
**£**
**Income from:**
Donations and legacies
2
251,719
-
109,200
**360,919**
Charitable activities:
3
_Core campaigning_
17,471
-
27,299
**44,770**
_Shaping the agenda_
37,064
-
-
**37,064**
_Supporting the network_
121,964
-
-
**121,964**
Investments
4
916
-
-
**916**
Other
5
10,000
-
-
**10,000**
**Total income**
439,134
-
136,499
**575,633**
**Expenditure on:**
Raising funds
6
38,509
-
-
**38,509**
Charitable activities:
6
Core campaigning
162,872
-
67,716
**230,588**
Shaping the agenda
209,196
-
-
**209,196**
Supporting the network
32,684
207,963
109,200
**349,847**
**Total expenditure**
443,261
207,963
176,916
**828,140**
**Net income/(expenditure)**
**before net gains/(losses)**
**on investments**
(4,127)
(207,963)
(40,417)
**(252,507)**
Net unrealised gains/(losses)
14
on investments
-
(34,331)
-
**(34,331)**
**Net income/(expenditure)**
(4,127)
(242,294)
(40,417)
**(286,838)**
Transfer between funds
34,127
(74,544)
40,417
-
**Net movement in funds**
30,000
(316,838)
-
**(286,838)**
**Reconciliation of funds**
Total funds brought forward
19
190,000
1,454,443
-
**1,644,443**
**Total funds carried forward**
19
220,000
1,137,605
-
**1,357,605**|**Total**
**2022**
**£**
860,698
37,093
36,805
121,964
433
24,800
1,081,793
47,120
178,009
128,604
176,018
529,751
552.042
34,641
586,683
-
586,683
1,057,760
1,644,443|
|---|---|
## **Balance sheet**
||||||||
|---|---|---|---|---|---|---|
|**Balance sheet**|||||**Company number**|**04407861**|
|||**Unrestricted**|**Designated**|**Restricted**|**Total**|**Total**|
|||**Funds**|**Funds**|**Funds**|**2023**|**2022**|
||**Notes**|**£**|**£**|**£**|**£**|**£**|
|**Fixed assets**|||||||
|Tangible assets|13|5,947|-|-|**5,947**|8,462|
|Investments|14|-|705,495|-|**705,495**|739,826|
|||**5,947**|**705,495**|-|**711,442**|748,288|
|**Current assets**|||||||
|Debtors|15|75,341|-|116,500|**191,841**|158,021|
|Cash at bank||211,387|511,662|-|**723,049**|812,602|
|||**286,728**|**511,662**|**116,500**|**914,890**|970,623|
|**Current liabilities**|||||||
|Creditors: amounts falling|16|(72,675)|(79,552)|(116,500)|**(268,727)**|(74,468)|
|due within one year|||||||
|**Net current assets**||214,053|432,110|-|**646,163**|896,155|
|**Net assets**||220,000|1,137,605|-|**1,357,605**|1,644,443|
|Represented by:|||||||
|Restricted funds|19|-|-|-|-|-|
|Designated funds|19|-|1,137,605|-|**1,137,605**|1,454,443|
|General reserve|19|220,000|-|-|**220,000**|190,000|
|**Net funds**||220,000|1,137,605|-|**1,357,605**|1,644,443|
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities. The comparative Statement of Financial Activities is shown in note 22.
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Annual Review **2023**
Annual Review **2023**
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The financial statements were approved and authorised for issue by the trustees on 12 July 2023 and were signed below on its behalf by
## **Imogen Clark**
Chair of Trustees
## **Cash Flow**
|**Cash Flow**|||
|---|---|---|
|**Notes**
Net cash provided by/ (used in)
operating activities
20
**Cash fows from investing activities:**
Purchase of fxed assets
Proceeds from sale of investments
Purchase of investments
**Net cash (used in)/ provided by investing activities**
**Cash fows from fnancing activities:**
Repayments of borrowing
**Net cash used in fnancing activities**
Change in cash and cash equivalents during the year
Cash and cash equivalents at 1 April 2022
**Cash and cash equivalents at 31 March 2023**
**Analysing cash and cash equivalents**
Cash on hand
**Cash and cash equivalents at 31 March 2023**|**2023**
**£**
**(88,546)**
(1,007)
-
-
**(1,007)**
-
-
(89,553)
812,602
**723,049**
723,049
**723,049**|**2022**
**£**
**325,137**
(8,993)
-
-|
|||**(8,993)**
-|
|||-
316,144|
|||496,458
**812,602**|
|||812,602
**812,602**|
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Annual Review **2023**
Annual Review **2023**
## **Notes to the financial statements**
## **1. ACCOUNTING POLICIES**
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
## **Basis of accounting**
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – (Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Age UK London meets the definition of a public benefit entity under FRS 102.
Group accounts have not been prepared as Age UK City of London is no longer under the control of Age UK London and the two subsidiaries are not trading and not material.
## **Legal status**
Age UK London is a company limited by guarantee registered in England and Wales and has no shares. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The charity’s registered address is Crown House, 27 Old Gloucester Street, London, WC1N 3AX. Its registered company number is 04407861 and its charity number is 1092198.
## **Preparation of the accounts on a going concern basis**
## **Income**
All income is recognised once the charity has entitlement to income, it is probable that income will be received, and the amount of income receivable can be measured reliably and that any associated conditions have been met. Recognition of income is deferred where conditions specify that such income relates to future accounting periods.
Where donors specify that funds are for specific purposes such income is included in incoming resources of restricted funds.
Donations and legacies are included in full in the Statement of Financial Activities when there is entitlement, probability of receipt and the amount of income receivable can be measured reliably. Legacies are recognised on a case-by-case basis following the grant of probate and when the administrator/executor for the estate has communicated in writing both the amount and settlement date being reliably measurable with a degree of accuracy.
Grants receivable are credited to income for the period for which the charity becomes entitled to the income. Grants received that have restrictions on entitlement relating to services that have not yet been delivered are treated as deferred income at the balance sheet date. Grants received without any restriction on entitlement are recognised in full upon award.
Income from charitable activities is recognised as earned as the related services are provided. Income from other trading activities is recognised as earned as the related goods and services are provided.
Investment income is recognised on a receivable basis once the amounts can be measured reliably.
The Trustees are satisfied that the charity is a going concern, and that these accounts should be prepared on that basis.
## **Critical accounting judgements and estimates**
In preparing these financial statements, management has made judgements, estimates and assumptions that affect the application of the charities accounting policies and the reported assets, liabilities, income and expenditure and the disclosures made in the financial statements. 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.
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Annual Review **2023**
Annual Review **2023**
## **Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Grants payable, committed at the year-end for which there are no conditions attached, are accrued as a liability.
“Raising funds” includes the costs of advertising for charity legacy appeals, participating in community fundraising and developing major donor relationships.
- “Charitable activities” comprises the direct costs, staff costs and apportioned overheads of carrying out the Charity’s objectives through the following activities:
- Core Campaigning
- Shaping the Agenda
## • Network Focus
The Charity incurs support costs to enable its charitable and fundraising activities as described above. These support costs include the costs of general management (including finance, IT and HR), governance and premises functions, which are allocated to the Charity’s activities on the basis of staff time spent on each activity. Governance costs include the costs of compliance with constitutional and statutory requirements, external independent examination and the cost of legal advice for the Trustees, as well as staff time spent on governance matters. Governance and support costs are allocated to the Charity’s activities on the basis of staff time spent on each activity.
## **Operating leases**
Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred on a straight-line basis over the period to the next rent review.
## **Employee benefits**
## _**Short term benefits**_
Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.
## _**Employee termination benefits**_
Termination benefits are accounted for on an accrual basis and in line with FRS 102.
## _**Pension scheme**_
Age UK London operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held independently from those of Age UK London in an independently administered fund. The pensions costs charged in the financial statements represent the contributions payable during the year.
## **Funds**
Unrestricted funds are donations and other income receivable or generated for the objects of the charity.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes. These are divided between strategic reserves, which the trustees have specified will be used for specific strategic purposes, and special reserves which the trustees have specified will be used for charitable purposes after discussion with the local Age UKs.
Restricted funds are those funds which are to be used in accordance with specific instructions imposed by the donor or trust deed.
## **Fixed assets and depreciation**
All assets costing more than £1,000 are capitalised at cost.
Tangible fixed assets are depreciated on a straight-line basis over their estimated useful lives as follows:
IT equipment – over 3 years
Office equipment – over 3 to 6 years
## **Investments**
Investments are a form of basic financial instruments and initially shown in the financial statements at market value.
Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
## **Financial instruments**
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measured at their settlement value.
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Annual Review **2023**
Annual Review **2023**
## **Debtors**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **Cash at bank and in hand**
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **2. Income from donations and legacies**
|Donations
Legacies
Total|**2023**
**2022**
**£**
**£**
5,482
3,152
355,437
857,546|
|---|---|
||**360,919**
**860,698**|
All income from donations is unrestricted. A restricted legacy of £109,200 was received which Age UK London were unable to fulfil therefore, after seeking legal advice, it was agreed to transfer the funds to a brand partner within the London Network who could fulfil the requirements.
## **3. Income from charitable activities**
||Unrestricted|Restricted|**2023 Total**|Unrestricted|Restricted|2022 Total|
|---|---|---|---|---|---|---|
||£|£|**£**|£|£|£|
|Age UK – winter vaccines|17,471|-|**17,471**|17,093|-|**17,093**|
|Mercers – social isolation|-|20,000|**20,000**|-|20,000|**20,000**|
|WCIT||7,299|**7,299**|-|-|-|
|**Sub-total for Core**|||||||
|**campaigns**|17,471|27,299|**44,770**|17,093|20,000|**37,093**|
|City Bridge Trust|3,600|-|**3,600**|5,765|-|**5,765**|
|Greater London Forum|31,078|-|**31,078**|31,040|-|**31,040**|
|King’s College London|1,921|-|**1,921**|-|-|-|
|NHS
**Sub-total for Shaping**|465|-|**465**|-|-|-|
|**the agenda**|37,064|-|**37,064**|36,805|-|**36,805**|
|Age UK|121,964|-|**121,964**|121,964|-|**121,964**|
|**Sub-total for Supporting**|||||||
|**the network**|121,964|-|**121,964**|121,964|-|**121,964**|
|**Total income from**|||||||
|**charitable activities**|176,499|27,299|**203,798**|175,862|20,000|**195,862**|
## **4. Income from investments**
|Bank interest receivable
Loan interest receivable
Total|**2023**
**2022**
**£**
**£**
916
433
-
-|
|---|---|
||**916**
**433**|
Dividend and interest income earned within the Charity’s investment portfolio accumulates into the capital value of the funds.
## **5. Other income**
Other income of £10,000 (2022: £24,800) is the brand agreement payment from Age UK (2022: £10,000); in 2022 an additional £14,000 came from recharges of management and overheads to its subsidiaries prior to the closure of Trading and Retail.
43
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Annual Review **2023**
Annual Review **2023**
## **6a. Analysis of expenditure (current year)**
|
Staff costs
Direct costs
Grants awarded
Transfer of funds
(note 19a)
Premises
IT infrastructure
Gen management
Support costs
Governance costs
**Total expenditure**
**2023**
Total expenditure
2022|Raising
Core
Shaping Supporting Governance
Support**2023**
2022
funds campaigns the agenda the network
costs
costs**Total**
Total
£
£
£
£
£
£**£**
£
21,449
126,812
53,745
17,732
8,143
88,913 316,794 309,161
2,118
15,441
118,013
2,600
7,352
- 254,724
31,325
-
-
-
207,963
-
- 207,963
151,658
-
-
-
109,200
-
- -
-
-
-
-
-
-
11,075 11,075 (2,066)
-
-
-
-
-
22,163 22,163 19,011
-
-
-
-
-
15,421 15,421 20,662|
|---|---|
||23,567
142,253
171,758
337,495
15,495
137,572 828,140
529,751
13,429
79,393
33,648
11,102
-
(137,572) -
-
1,513
8,942
3,790
1,250
(15,495)
- -
-|
||**38,509**
**230,588**
**209,196**
**349,847**
**-**
**- 828,140 -**|
||47,120
178,009
128,604
176,018
-
- -
529,751|
|||
## **6b. Analysis of expenditure (prior year)**
|
Staff costs
Direct costs
Grants awarded
Premises
IT infrastructure
Gen management
Support costs
Governance costs
**Total expenditure**
**2022**|Raising
Core
Shaping Supporting Governance
Support**2022**
funds campaigns the agenda the network
costs
costs**Total**
£
£
£
£
£
£**£**
23,408
96,996
64,229
13,490
8,540
102,428 309,161
4,853
2,846
12,497
-
11,129
- 31,525
-
-
-
151,658
-
- 151,658
-
-
-
-
-
(2,066) (2,066)
-
-
-
-
-
19,011 19,011
-
-
-
-
-
20,662 20,662|
|---|---|
||28,261
99,842
76,796
165,148
19,669
140,035 529,751
16,537
68,540
45,427
9,531
-
(140,035) -
2,323
9,627
6,380
1,339
(19,669)
- -|
||**47,120**
**178,009**
**128,604**
**176,018**
**-**
**- 529,751**|
## **7a. Grant making (current year)**
There was a reduction in grants made by Age UK London to London Age UKs since 2021. This is due to changes in the grants received by Age UK London from Age UK.
Following the closure of the Age UK Trading business (which led to the closure of one of the Age UK London trading subsidiaries) Age UK made a number of transition grants to Age UK London. In the years up to and including 2020-21 the board decided to distribute this transition grant to London Age UKs in the same year and on a basis that all London Age UKs received a relatively modest amount. The board reconsidered this approach to the use of the transition grant and decided that while remaining committed to distributing this grant to London Age UKs, greater impact would be achievable by fewer, more substantial grants. Therefore, the board agreed that the transition grant received during 2021-22 (£121,964) was to be moved to the Special Reserve Fund and to be used to fund projects in 2022-23 to improve the sustainability of London Age UKs. A third round of Special Reserve Fund grants were awarded in 2022-23, the first tranche of which was distributed to London Age UKs in 2022-23, the second and third tranches will be distributed in 2023-24.
The Board agreed that with the closure of the SRF fund the balance of funds remaining on the SRF were to be distributed equally between all the London Age UKs in line with the grant made by Age UK National to fund the work they are delivering to support older Londoners with the cost of living crisis. Each partner received £3,616.
The board does not anticipate that any further transition grants related to the closure of the trading subsidiary will be received.
|the trading subsidiary will be received.||
|---|---|
|Special Reserve Fund restricted grants
Special Reserve Network distribution|Grants to Age UK
**2023**
Network
£
**£**
128,411
**128,411**
79,552**79,552**|
||207,963
**207,963**|
## **7b. Grant making (prior year)**
|Special Reserve Fund|Grants to Age UK
**2022**
Network
£
**£**
151,658
**151,658**|
|---|---|
||151,658
**151,658**|
46
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Annual Review **2023**
Annual Review **2023**
## **8. Net income / (expenditure) for the year**
|This is stated after charging:
Depreciation
Auditors remuneration (excluding VAT):
-audit services
Independent examiner remuneration (excluding VAT)
-independent Examination services|**2023**
2022
**£**
£
**3,522**
1,467
-
7,500
**3,675**
-|
|---|---|
||**7,197**
8,967|
## **9. Analysis of staff costs, trustee remuneration and cost of key management personnel**
|Staff costs were as follows:
Salaries and wages
Social security costs
Employer’s contribution to defned contribution pension scheme|**2023**
2022
**£**
£
**279,482**
272,723
**25,040**
28,764
**12,272**
12,674|
|---|---|
||**316,794**
309,161|
No agency staff costs were incurred in 2023 (2022:£nil).
One employee earned within £60,000-£69,999 during the year (2022 One employee earned within £60,000-£69,999).
The total employee benefits (including pension contributions and employer’s national insurance) of the key management personnel were £75,897 (2022: £72,747).
The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (2022: £nil). No charity trustee received payment for professional or other services supplied to the charity (2022: £nil).
No trustee received reimbursement for expenses incurred in carrying out their duties (2022: nil).
## **11. Related party transactions**
The wholly owned trading subsidiaries, Age Concern London Retail Company Limited (company number 08099352) and Age Concern London Trading Limited (company number 06446184), were struck off in May 2022. On the closure of the bank accounts the balance (0.02p) was transferred to Age UK London
There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.
## **12. Taxation**
The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.
## **13. Tangible fixed assets**
||**Fixtures and fttings Computer equipment**
|**Fixtures and fttings Computer equipment**
|**Total**|
|---|---|---|---|
||**£**|**£**|**£**|
|**Cost**||||
|At the start of the year|2,340|8,993|**11,333**|
|Additions in year|-|1,007|**1,007**|
|Disposals in year|-|-|-|
|At the end of the year|2,340|10,000|**12,340**|
|**Depreciation**||||
|At the start of the year|1,872|999|**2,871**|
|Charge for the year|468|3,054|**3,522**|
|Eliminated on disposal|-|-|-|
|At the end of the year|2,340|4,053|**6,393**|
|**Net Book Value**||||
|At the end of the year|-|5,947|**5,947**|
|At the start of the year|468|7,994|**8,462**|
All of the above assets are used for charitable purposes.
## **10. Staff numbers**
The average number of employees (head count based on number of staff employed)
during the year was 9 (2022: 8). The full time equivalent during the year was 7 (2022: 6).
48
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Annual Review **2023**
Annual Review **2023**
## **14. Investments**
|**14. Investments**||
|---|---|
|Fair value at the start of the year
Additions at cost
Disposal proceeds
Net gain / (loss) on the change in fair value
Cash held in investment portfolios
**Fair value at the end of the year**|**2023**
2022
**£**
£
**739,826**
705,185
-
-
-
-
**(34,331)**
34,641|
||**705,495**
739,826
-
-|
||**705,495**
**739,826**|
Investments are split between Sarasin’s Climate Active Endowments Fund Class and their Income and Reserves Fund Class A Account.
## **15. Debtors**
|**15. Debtors**||
|---|---|
|Trade debtors
Other debtors
Amounts due from subsidiaries
Prepayments
Accrued income
|**2023**
2022
**£**
£
**2,598**
0
**1,504**
1,081
-
-
**1,115**
1,345
**186,624**
155,595|
||**191,841**
158,021|
## **16. Creditors**
|Trade creditors
Taxation and social security
Grants payable
Other creditors
Accruals
Accrued transfer of restricted legacy (note 19a)
Deferred income (note 17)|**2023**
2022
**£**
£
**1,903**
5,690
**7,418**
6,487
-
33,912
**1,888**
9,314
**141,018**
17,144
**109,200**
-
**7,300**
1,921|
|---|---|
||**268,727**
**74,468**|
## **17. Deferred income**
Deferred income relates to income received during the year for services that have not yet been provided, and will be released to the statement of financial activities in 2023-24.
||**2023**|2022|
|---|---|---|
||**£**|£|
|Balance at the beginning of the year|**1,921**|7,686|
|Amount released to income in the year|**(1,921)**|(7,686)|
|Amount deferred in the year|**7,300**|1,921|
|**Balance as of 31 March 2023**|**7,300**|7,686|
## **18. Pension scheme**
The Charity operates a defined contribution scheme with Scottish Widows (previously Zurich before Scottish Widows acquired the Zurich Corporate Pensions Company schemes). The cost of the employer’s contributions into the defined contribution scheme for the year was £12,273 (2022: £12,674). No employees (2022: nil) received contributions to their private pension schemes.
## **19a. Movements in funds (current year)**
|**Restricted funds:**
Mercers – social isolation
Legacy
Worshipful IT
**Total restricted funds**
**Unrestricted funds:**
Designated funds
Strategic reserve
Special reserve
Total designated funds
General fund
**Total unrestricted funds**
**Total funds**|At 1 April
Income &
Expenditure
Transfers
**At 31 March**
2022
gains
& losses
**2023**
£
£
£
£
**£**
-
20,000
(58,166)
38,166
-
-
109,200
(109,200)
-
-
-
7,299
(9,550)
2,251
-|
|---|---|
||-
136,499
(176,916)
40,417
-|
||1,051,443
-
(34,331)
(28,435)
**988,677**
403,000
-
(207,963)
(46,109)
**148,928**|
||1,454,443
-
(242,294)
(74,544)
**1,137,605**
190,000
439,134
(443,261)
34,127
**220,000**|
||1,644,443
439,134
(685,555)
(40,417)
**1,357,605**|
||1,644,443
575,633
(862,471)
-
**1,357,605**|
49
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Annual Review **2023**
Annual Review **2023**
- a. The restricted reserve contained funding provided to us from specific programmes and was ring fenced for these purposes:
- Mercers’ restricted funds supported the social isolation campaigns.
- The Worshipful IT Company’s funding supported the mind the digital gap campaign.
- £109,200 was received from a legacy which stipulated how the funds were to be used. The legacy funds will be transferred to Age UK Kensington & Chelsea, in accordance with the wishes of the deceased. An accrual has been processed to reflect the transfer.
- b. The designated general reserve of £220,000 covers six months’ expenditure, apart from expenditure that is fully funded by secured restricted funds. The intention is for it to be sufficient to enable Age UK London to continue to operate for at least six months, even if funding is dramatically reduced, costs are increased, or there is an unexpected one-off cost required for any reason.
- c. The designated strategic reserve is for expenditure deemed appropriate to promote the planned work towards London becoming an age-friendly city, and/or secure the future of the Charity and its activities. This can include organisational, operational and strategic development, funding for new projects or activities, and major capital or other non-recurring costs.
- d. The balance on the designated special reserve (SRF) reflects balance of the second and third instalments from the third and final round of the SRF grant due to be paid out in 2023.24. Please see note 21a.
- e. The transfer of £40,417 (2022: £13.818) from the Strategic reserve to the restricted
- reserve is to cover expenditure in excess of the restricted income.
The transfer of £30,000 (2022: £318,196) from the general reserve to the strategic reserve relates to amounts approved by the Board to ensure that the general reserve remained in accordance with the reserve policy. The funds are described in more detail on page 15/16.
## **19b. Movements in funds (prior year)**
|**Restricted funds:**
Age Allies (City Bridge Trust)
Holobalance
Mercers – renters campaign
Mercers – social isolation
**Total restricted funds**
**Unrestricted funds:**
Designated funds
Strategic reserve
Special reserve
Total designated funds
General fund
**Total unrestricted funds**
**Total funds**|At 1 April
Income &
Expenditure
Transfers**At 31 March**
2021
gains
& losses
**2022**
£
£
£
£
**£**
5,960
-
(5,992)
32 -
4,656
-
(17,244)
12,588
-
4,739
-
(5,360)
621 -
-
20,000
(20,577)
577 -|
|---|---|
||15,355
20,000
(49,173)
13,818
-|
||698,606
34,641
-
318,196
**1,051,443**
152,978
-
(151,658)
401,680
**403,000**|
||851,584
34,641
(151,658)
719,876
**1,454,443**
190,821
1,061,793
(328,920)
(733,694)
**190,000**|
||1,042,405
1,096,434
(480,578)
(13,818)
**1,644,443**|
||1,057,760
1,116,434
(529,751)
-
**1,644,443**|
## **20. RECONCILIATION OF NET EXPENDITURE TO NET CASH USED IN OPERATING ACTIVITIES**
|**Net income/(expenditure) for the reporting period**
**Adjustments for:**
Depreciation charge
Additions of fxed assets
(Gains)/losses on investments
Dividends, interest and rents from investments
(Increase)/Decrease in debtors
Increase/(Decrease) in creditors
**Net cash used in operating activities**|**2023**
**2022**
**£**
**£**
(286,838)
586,683
3,522
1,467
34,331
(34,641)
-
-
(33,820)
28,847
194,259
(257,219)|
|---|---|
||**(88,546)**
**325,137**|
52
51
Annual Review **2023**
Annual Review **2023**
## **21a. Grants to London Age UK Boroughs**
During 2021-22 Age UK London committed £403,000 to its Special Reserve Fund as restricted grants (round 3) to the Age UK Network. Grants totalling £276,821 were granted. The grants were to be paid in tranches by reference to delivery against the grants’ objectives which meant that £138,411 was paid in 2022-23 and £138,410 will be paid out in 2023-24.
The final payment of £10,000 from round 2 to Age UK Sutton was accrued for at the end of 2021-22 but was not paid out in 2022-23 therefore reducing the movement on the SRF to £128,411.
The Board agreed that the surplus funds on the SRF account was to be distributed evenly to the London network partners.
||**Special Reserve Grant**|
|---|---|
||**£**|
|Age UK Sutton|**(10,000)**|
|Age UK Barnet|**24,967**|
|Age UK East London|**25,940**|
|Age UK Merton|**25,173**|
|Age UK Redbridge, Barking and Havering|**24,978**|
|Age UK Richmond|**22,500**|
|Age UK Waltham Forest|**14,853**|
|**Total**|**128,411**|
||Closure of SRF|**Total 2023**Total 2022|**Total 2023**Total 2022|
|---|---|---|---|
||£|**£**|£|
|Barnet|3,616|**3,616**|-|
|Bexley|3,616|**3,616**|-|
|Bromley & Greenwich|3,616|**3,616**|-|
|Camden|3,616|**3,616**|-|
|Croydon|3,616|**3,616**|-|
|Ealing|3,616|**3,616**|-|
|East London|3,616|**3,616**|-|
|Enfeld|3,616|**3,616**|-|
|Hammersmith & Fulham|3,616|**3,616**|-|
|Hillingdon, Harrow & Brent|3,616|**3,616**|-|
|Hounslow|3,616|**3,616**|-|
|Islington|3,616|**3,616**|-|
|Kensington & Chelsea|3,616|**3,616**|-|
|Lambeth|3,616|**3,616**|-|
|Lewisham & Southwark|3,616|**3,616**|-|
|Merton|3,616|**3,616**|-|
|Redbridge, Barking & Havering|3,616|**3,616**|-|
|Richmond upon Thames|3,616|**3,616**|-|
|Sutton|3,616|**3,616**|-|
|Waltham Forest|3,616|**3,616**|-|
|Wandsworth|3,616|**3,616**|-|
|Westminster|3,616|**3,616**|-|
|**TOTAL**|79,552|
**79,552**|-|
Distribution of the surplus SRF balance to the London Age UK network as designated funds after allowing for payment of the tranches from the third and final SRF grant, still to be paid out in 2023-24 as per reference against the grants’ objectives.
53
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Annual Review **2023**
Annual Review **2023**
## **21b. Grants to London Age UK Boroughs 2022 (prior year)**
During 2020-21 Age UK London committed £303,317 from its Special Reserve Fund as restricted grants to the Age UK Network. The grants were paid in tranches by reference to delivery against the grants’ objectives; this meant than £151,659 was paid in 2020-21 and £151,658 was paid, or accrued for, in 2021-22.
||**Special Reserve Grant**|
|---|---|
||**£**|
|Age UK Kensington and Chelsea|**25,000**|
|Age UK Redbridge|**24,983**|
|Age UK Enfeld|**17,826**|
|Age UK Sutton|**20,000**|
|Age UK Croydon|**24,800**|
|Age UK Bexley|**16,225**|
|Age UK Waltham Forest|**22,824**|
|**Total**|**151,658**|
## **22. Prior year Statement of Financial Activities**
|**Income from:**
Donations and legacies
Charitable activities
_Core campaigning_
_Shaping the agenda_
_Supporting the network_
Investment income
Other income
**Total income**
**Expenditure on:**
Raising funds
Charitable activities
_Core campaigning_
_Shaping the agenda_
_Supporting the network_
**Total expenditure**
**Net income/(expenditure) before**
**net gains/(losses) on investments**
Net gains/(losses) on investments
**Net income/(expenditure)**
Transfer between funds
**Net movement in funds**
Funds brought forward
**Funds carried forward at 31 March 2022**|**Unrestricted**
**Designated**
**Restricted**
**Total**
**Total**
**Funds**
**Funds**
**Funds**
**2022**
**2021**
**£**
**£**
**£**
**£**
**£**
860,698
-
-
**860,698**
133,844
17,093
-
20,000
**37,093**
41,572
36,805
-
-
**36,805**
32,248
121,964
-
-
**121,964**
215,464
433
-
-
**433**
433
24,800
-
-
**24,800**
40,119|
|---|---|
||1,061,793
-
20,000
**1,081,793**
463,680|
||47,120
-
-
**47,120**
57,918
134,828
-
43,181
**178,009**
171,580
122,612
-
5,992
**128,604**
166,297
24,360
151,658
-
**176,018**
473,952|
||328,920
151,658
49,173
**529,751**
869,747|
||732,873
(151,658)
(29,173)
**552,042**
(406,067)
-
34,641
-
**34,641**
183,606|
||732,873
(117,017)
(29,173)
**586,683**
(222,461)
(733,694)
719,876
13,818
-
-|
||(821)
602,859
(15,355)
**586,683**
(222,461)
190,821
851,584
15,355
**1,057,760**
1,280,221|
||190,000
1,454,443
-
**1,644,443**
1,057,760|
56
55
Annual Review **2023**
Annual Review **2023**
## **23. Prior year Balance Sheet**
|**Fixed assets**
Tangible assets
Investments
**Current assets**
Debtors
Cash at bank
**Current liabilities**
Creditors: amounts falling
due within one year
**Net current assets**
**Net assets**
Represented by:
Restricted funds
Designated funds
General reserve
**Net funds**|**Unrestricted**
**Designated**
**Restricted**
**Total**
**Funds**
**Funds**
**Funds**
**2022**
**£**
**£**
**£**
**£**
8,462
-
-
**8,462**
-
739,826
-
**739,826**
936
705,185
-
**706,121**
56,291
101,730
-
**158,021**
156,489
656,113
-**812,602**
212,780
757,843
-
**970,623**
(31,242)
(43,226)
-
**(74,468)**
181,538
714,617
-
**896,155**
190,000
1,454,443
-
**1,644,443**
-
-
-
-
-
1,454,443
-
**1,454,443**
190,000
-
-
**190,000**
190,000
1,454,443
-
**1,644,443**|
|---|---|
58
57
Age UK London is a charity that campaigns for an age-friendly London. Working with older Londoners themselves, we campaign for specific change to improve the lives of those over 50 living in the capital and ensure that their experiences, needs and contributions are heard and taken into account by decision makers.
Age UK London, Crown House, 27 Old Gloucester Street, London WC1N 3AX (postal only).
Website: **www.ageuk.org.uk/london** Twitter: **@AgeUKLondon** Email: **campaigns@ageuklondon.org.uk**
Registered charity number 1092198. Age UK London is a company limited by guarantee, registered in England and Wales number 4407861.