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2022-03-31-accounts

Employers� Network for Equality & Inclusion (A Company Limited by Guarantee)

Directors� Report and Accounts for the year ended 31 March 2022

Company number: 04549009 Charity number: 1101366

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Independent auditor�s report to the members of Employers Network for Equality & Inclusion

Directors

I Adams C Adeyemi T Berry S Churchman J Crookall R Kramer S Portet D Singh (Chair) W Smith (Treasurer)

Chief Executive

S Wassmer

Company Secretary

M Davies (appointed 16 August 2021)

Company number 04549009

Charity number 1101366

Registered Office

105 Judd Street London WC1H 9NE

Auditor

Buzzacott LLP 130 Wood Street London EC2V 6DL

Bankers

NatWest Bank plc CAF Bank Limited 1393 London Road 25 Kings Hill Avenue Norbury Kings Hill London West Malling SW16 4XF Kent ME19 4TA

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Trustees Report incorporating the Directors� report

For the year ended 31 March 2022

The directors present their annual report and accounts for the year ended 31 March 2021. The Trustees� Report has been prepared in accordance with Part 8 of the Charities Act 2011 and the statement of recommended practice (SORP). It also meets the requirements for a directors� report set out in the Companies Act 2006. The financial statements have been prepared in accordance with the accounting policies set out on pages 14 to 15 of the attached financial statements and comply with the requirements of the Charities SORP (FRS 102).

Objectives and activities

enei is an employer-led initiative to promote the business benefits of a diverse workforce. enei was established to �promote equality and diversity for the public benefit� and seeks to eliminate discrimination in the workplace as follows:

  1. by promoting equality, diversity and inclusion for the public benefit by reducing, preventing and discouraging discrimination and the resulting barriers in both the workforce and wider society;

  2. by educating the public, employers and employees about the benefits of diversity and inclusion and promoting changes in attitudes, practice and behaviours amongst employers and the general public; and

  3. by relieving unemployment for the public benefit by advocating inclusive employment, allowing individuals to reach their full potential and organisations to understand the benefits of employing diverse talent.

Public benefit

The directors confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity.

enei is widely regarded as the industry leader in workplace equality, diversity and inclusion, and offers expert information, advice, training, and support to employers at every stage of their equality, diversity and inclusion journey. enei operates within the wider ecosystem around equality, diversity and inclusion, and has multi stakeholder relationships, with individuals and organisations, across Government, the public sector, the private sector and the third sector.

As of 31 March 2022, enei had annual income of £1,895,097 (2021: £1,585,625) for the year then ended.

Review of Activities

The year ended 31 March 2022 has been one of significant change for enei, seeing a step-change in enei�s activities and with the following key achievements:

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Trustees Report incorporating the Directors� report

For the year ended 31 March 2022

As the pandemic abated and the cost of living crisis ensued, enei has continued to grow, as the importance of employee well-being and belonging remains paramount.

Given the achievements in the year and the significant progress made in the financial performance and position of enei, the directors look forward with confidence to the future.

Member Services

enei�s member services differ based on the level of membership and include:

Training and Consultancy

enei provides training and consultancy services to both member and non-member organisations at all stages of their equality, diversity and inclusion journeys. In the financial year ended 31 March 2022, the most popular training programs were Unconscious Bias / Conscious Inclusion, Inclusive Leadership and Introduction to Workplace Equality, Diversity and Inclusion, with an increasing interest in Race Inclusion, Inclusive Recruitment and Inclusive Communications. Alongside these, enei has delivered a range of consultancy projects�from designing inclusive recruitment processes and procedures to supporting organisations in developing their equality, diversity and inclusion strategies; and from running listening circles through to helping organisations set up and manage employee resource groups (ERGs).

Events

During the financial year ended 31 March 2022, enei held 49 member events on a range of workplace equality, diversity and inclusion topics, as well as enei�s annual Inclusivity Excellence Awards.

Member events were delivered online and included sector-specific round tables and a range of webinars on topical issues. These included race inclusion, well-being and mental health at work, agile and flexible working, LGBTQ+ inclusion and awareness raising around different disabilities. Member events also included a new interview format, with a deep dive into specific topics such as menopause, gender identity and hybrid working, as well as practical workshops on topics such as gender pay gap reporting, increasing participation in equality monitoring and becoming a Disability Confident Leader.

Financial review

The income for the period amounted to £1,895,097 (2021: £1,585,625) and the total expenditure amounted to £1,297,542 (2021: £1,579,234). This resulted in net income of £597,555 (2021: £6,391) before actuarial movements on the defined benefit pension scheme. At the year-end there were unrestricted funds of £967,410 (2020: £366,855) carried forward.

Structure, governance and management

The Charity is governed by its Memorandum and Articles of Association dated 30 September 2002 and most recently amended in June 2017. The directors, who are also the trustees for the purpose of charity law, who served throughout the year are listed on page 2 (above).

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Trustees Report incorporating the Directors� report

For the year ended 31 March 2022

Directors

The directors, who served throughout the year except as noted, were as follows:

D Singh (Chair) C Adeyemi S Churchman J Crookall J McDowell (resigned 12 August 2021) B Mordsley (resigned 15 September 2021) D Mortimer (resigned 31 December 2021) T Phillips (resigned 26 May 2022) J Rees (resigned 27 July 2022) I Adams (appointed 23 February 2022) T Berry (appointed 23 February 2022) R Kramer (appointed 23 February 2022) S Portet (appointed 23 February 2022) W Smith (Treasurer, appointed 23 February 2022)

None of the directors has any beneficial interest in the company. All directors and Core Members who pay the full core subscription fee are members of the company and guarantee to contribute £1 in the event of a winding up.

Both staff and trustees wish to thank the outgoing trustees for their incredible hard work over the years, particularly during the pandemic and this period of significant change for the organisation.

Directors� indemnities

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

Recruitment and appointment of directors

enei has a minimum of three directors, including the Chair, with no maximum imposed. The Chair and directors must be elected at the AGM every three years and can only remain in post for a maximum of six years, when they must automatically retire unless the directors agree otherwise, in which case they may be re-elected by the directors to hold office for a maximum of another three years. After this time the director must automatically retire. No director can remain in post for more than nine consecutive years, unless the directors agree otherwise.

Registered Office

On 15 October 2021, the company changed its registered office to:

105 Judd Street London WC1H 9NE

How the charity is managed and decisions are made

The Chief Executive, who is responsible to the directors, manages the enei staff team.

The Chief Executive prepares a business plan and budget each year. This outlines key proposed activities for the year for agreement by the directors. During the year, submissions are made for any additional projects for the charity�s funds to the directors for approval. The Board meets quarterly or more frequently if required. The Chief Executive is responsible for decision-making within the agreed business plan.

As at 31 March 2021, the enei staff team consisted of 15 members of staff led by the Chief Executive. Fixed term and contract staff provide extra support.

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Trustees Report incorporating the Directors� report

For the year ended 31 March 2022

Risk Management, including financial risk management

The directors have assessed the major risks to which the charity is exposed and a risk management strategy, reviewed annually, as a minimum, is in place which they are satisfied is effective and appropriate for the global and national risks identified. The principal risks are considered to be member attrition and continuing to provide an attractive and high-quality service and the Board has established risk management monitoring and mitigation policies to address these risks.

The charity�s activities expose it to certain financial risks including credit risk, cash flow risk and liquidity risk. The charity�s policy is not to use financial derivatives to manage these risks.

Key management personnel

The key management personnel of the organisation are the trustees and Chief Executive. Trustees are not individually remunerated and are tasked with setting the pay of the Chief Executive.

Reserves policy

enei aims to maintain expendable reserves at a level that will enable the charity to provide for contingencies, withstand periods of poor trading conditions or, in extreme circumstances, to manage a fundamental restructure of the charity�s activities. On this basis the Trustees have set a target for expendable reserves representing six months� fixed costs, which in this current financial year is £800,000.

The trustees consider that reserves at this level will provide sufficient funds to support the activities of the charity in the case of urgent need, or to support the orderly closure of the charity in the event that the trustees decide there is no alternative way forward.

In accordance with the guidance issued by the Charity Commission, in formulating this policy, the trustees have taken into account the risks facing the charity and the likelihood of those risks materialising. The major financial risk is considered to be liquidity risk arising from timing differences between the collection of outstanding debtors and the payment of fixed costs. Controls are in place to mitigate this risk.

The balance held as unrestricted funds at 31 March was £967,410 of which £954,535 is regarded as free reserves, after allowing for funds tied up in tangible fixed assets. The current level of reserves exceeds the policy, so the trustees are satisfied that reserves are sufficient to cover the needs of the charity.

Fundraising

enei does not actively undertake fundraising activity.

Future developments

The first year of enei�s new three-year rolling strategy commenced on 1 April 2022. This will be a year of investment, building infrastructure and laying foundations for ongoing, sustainable growth. At the centre of the strategy is an expanded service offering that goes far beyond compliance with the Equality Act to helping organisations create cultures of true inclusion and belonging, supporting them at every stage of the inclusion journey. This has been supported by the launch of a streamlined membership offer and new website in July 2022, with new and improved digital content, e-learning courses and events.

Trustees� responsibilities

The trustees (who are also directors of Employers Network for Equality & Inclusion for the purposes of company law) are responsible for preparing the Directors� report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure for that period. In preparing these financial statements, the directors are required to:

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Trustees Report incorporating the Directors� report

For the year ended 31 March 2022

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditors

Each of the persons who is a director at the date of approval of this report confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

A resolution to reappoint Buzzacott LLP as auditors will be proposed at the forthcoming Annual General Meeting.

On behalf of the board of directors

D Singh Director

Date:

07 / 10 / 2022

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Independent auditor�s report to the members of Employers Network for Equality & Inclusion

Opinion

We have audited the financial statements of Employers� Network for Equality & Inclusion (the �charitable company�) for the year ended 31 March 2022 which comprise the statement of financial activities, the balance sheet, and statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 �The Financial Reporting Standard applicable in the UK and Republic of Ireland� (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor�s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC�s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees� use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company�s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor�s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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Independent auditor�s report to the members of Employers Network for Equality & Inclusion

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees� report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees� responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company�s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor�s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor�s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

How the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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Independent auditor�s report to the members of Employers Network for Equality & Inclusion

We assessed the susceptibility of the charitable company�s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council�s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor�s report.

Use of our report

This report is made solely to the charitable company�s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Edward Finch (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 13 October 2022

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Statement of financial activities

Incorporating the income and expenditure account

For the year ended 31 March 2022

Notes All unrestricted All unrestricted
funds funds
2022 2021
£ £
Income from:
Investments 3 18 69
Charitable activities 4 1,895,079 1,585,556
____ ____
Total income 1,895,097 1,585,625
____ ____
Expenditure on:
Charitable activities 5 1,297,542 1,579,234
____ ____
Total expenditure 1,297,542 1,579,234
____ ____
Net income for the year 597,555 6,391
Other recognised gains and losses
Actuarial gains on defined benefit pension schemes 18 3,000 5,000
Net movement in funds 600,555 11,391
Fund balances at 1 April 2021 366,855 355,464
____ ____
Fund balances at 31 March 2022 967,410 366,855
____ ____

All income and expenditure arose on unrestricted activities in 2022 and 2021.

The notes on pages 16 to 25 form part of these financial statements.

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As at 31 March 2022

Balance sheet

Notes
2022
£
Fixed assets
Intangible assets
11
Tangible assets
12
Current assets
Debtors
13
369,301
Cash at bank and in hand
1,682,573
____
2,051,874
Creditors:amounts falling due within one
year
14
(1,097,339)
____
Net current assets

Net assets excluding pension liability

Defined benefit pension scheme liability
Total net assets
18

Represented by
Unrestricted funds
�
General funds
�
Pension reserve
15

 2022
2021
£
£
12,875
-
___

12,875
437,987
950,305
_
1,388,292
(1,023,005)
_
954,535
___
967,410
___
-
___
967,410
___
967,410
-
___

967,410

 2021
£
-
4,568
_
4,568
365,287
_
369,855
_
(3,000)
_
366,855
____
369,855
(3,000)
____
366,855

The financial statements were approved by the directors and signed on its behalf by:

D. Singh Director

Date: 07 / 10 / 2022

Company number: 04549009

The notes on pages 16 to 25 form part of these financial statements.

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Statement of cash flows

For the year ended 31 March 2022

2022 2022 2021 2021
£ £ £ £
Cash flow from operating activities
Net income 600,555 6,391
Adjustments for:
Interest income (18) (69)
Difference between current pension service
cost and contributions made (3,000) (5,520)
Finance cost in relation to defined benefit
pension - 11,520
Depreciation 4,568 4,875
Decrease in debtors 68,686 144,978
Increase in creditors 74,334 184,724
___ ___
Net cash provided by operating activities 745,125 346,899
Cash flow from investing activities
Disposal of fixed assets - 307
Purchase of intangible assets (12,875) -
Investment income � bank interest 18 69
___ ___
Net cash (used in) provided by investing
activities (12,857) 376
___ ___
Change in cash and cash equivalents in
the year 732,268 347,275
___ ___
Cash and cash equivalents at the
beginning of the year 950,305 603,030
___ ___
Cash and cash equivalents at the end of
the year 1,682,573 950,305
___ ___

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the Charity and the cash and cash equivalents.

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Notes to the accounts

For the year ended 31 March 2022

1 General information

Employers Network for Equality and Inclusion is a company, limited by guarantee and registered in England and Wales. The registered number is 04549009 and the registered office is 7-14 Great Dover Street, London, SE1 4YR.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

2 Accounting policies

a) Basis of preparation

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), the Charities Act 2011 and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial statements are presented in sterling and are rounded to the nearest pound.

The charity constitutes a public benefit entity as defined by FRS 102.

b) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements.

In particular, the trustees have considered the considerable financial resources available to the charity, as well as its forecasts and projections, and have taken account of potential pressures on member numbers given the wider economic uncertainty. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

c) Financial Instruments

enei is party only to �basic� financial instruments as defined in FRS 102. Financial assets such as cash and debtors are measured at the present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation.

d) Income

Donations, grants and other forms of voluntary income are recognised as income when receivable.

Contract income is recognised in the statement of financial activities at an amount which represents a fair apportionment of the total anticipated income in relation to the project�s stage of completion at the balance sheet date. Any amounts recognised but not yet received are included as accrued income within debtors.

Membership subscriptions net of VAT are recognised as income over the period of membership.

e) Expenditure

Expenditure is included on an accruals basis, net of recoverable VAT.

Governance costs include costs attributable to the management of the organisation�s assets, administration of the organisation and compliance with statutory requirements. These costs are allocated to charitable activities as part of support costs and are apportioned based on staff time.

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Notes to the accounts

For the year ended 31 March 2022

2 Accounting policies (continued)

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, with a capitalisation threshold of £1,500, as follows:

g) Intangible fixed assets and Amortisation

Intangible fixed assets are stated at cost less amortisation. Amortisation is provided once the asset is brought into use at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, with a capitalisation threshold of £1,500, as follows:

h) Pensions Benefits

enei is a participant in the Age UK Retirement Benefits scheme, which is a defined benefit scheme. The scheme is closed to new members and future accrual.

The Age UK Retirement Benefits scheme is a funded scheme, and the assets are held separately from those of enei in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projected unit credit method and discounted at a rate equivalent to the current rate of return on a quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date.

The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in pension costs within charitable activities in the year.

Actuarial gains and losses are recognised immediately in other recognised gains and losses.

Debtors

Management applies judgement in evaluating the recoverability of debtors and the extent to which they are provided against in the financial statements.

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Notes to the accounts

For the year ended 31 March 2022

3 Investment income

3 Investment income
Interest receivable
4 Income from charitable activities
Membership Subscriptions � enei
Consultancy
Event income
Government Grants
5 Total expenditure
Current Year � All unrestricted funds
Charitable activities:Membership &
consultancy services
Support costs(inc. governance)
Prior Year � All unrestricted funds
Charitable activities:Membership &
consultancy services
Support costs(inc. governance)		 Staff &
Consultants
(note 6)
£
748,439
11,222
____
759,661
____
Staff &
Consultants
(note 6)
£
1,090,262

11,451

____
1,101,713
 All
unrestricted
funds
2022
£
18
____
All
unrestricted
funds
2022
£
1,227,159
664,428
3,000
492
____
1,895,079
____
Other
(notes 7 & 8)
Support
Costs
£
£
529,459
19,644
8,422
(19,644)
____
____
537,881
-
____
____
Other
(notes 7 & 8)
Support
Costs
£
£
468,995
19,977
8,526
(19,977)
____
____
477,521
-

 All
unrestricted
funds
2021
£
69
____
All
unrestricted
funds
2021
£
1,053,858
448,888
4,700
78,110
____
1,585,556
____
Total
2022
£
1,297,542
-
____
1,297,542
____
Total
2021
£
1,579,234
-
____
1,579,234

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Notes to the accounts

For the year ended 31 March 2022

6 Staff Costs

Number of employees

The average monthly number of employees during the year was:

2022
Number
Membership & consultancy services and support
16
____
Employment & Consultant costs
All
unrestricted
funds
2022
£
Wages and salaries
668,117
Social security costs
69,175
Other pension costs
22,369
____
759,661
Consultants & temporary staff
-
___
Total Employment & Consultant costs
759,661
 2021
Number
19
____
All
unrestricted
funds
2021
£
919,990
79,649
22,374
_
1,022,013
68,179
_
1,090,193

The number of employees whose emoluments fell within the following bands was:

£60,001 - £70,000
£90,001 - £100,000
£130,001 - £140,000		 2022
Number
2
1
-
 2021
Number
-
1
1

The total employee benefits including employer�s pension contributions of the key management personnel were £257,926 (2021: £299,033).

Redundancy and termination costs in the year totalled £36,806 (2021 £123,519)

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Notes to the accounts

For the year ended 31 March 2022

7 Charitable activities � direct costs

Other costs relating to charitable activities comprise:
Direct costs of consulting activities
PR consultancy
Promotional material
Events and meetings
Office and other costs
Rent and service charge
Staff recruitment, training and travel
upport � direct costs
Other support costs comprise:
Audit
Other costs		 2022
£
341,326
-
29,753
15,587
96,905
14,402
31,486
____
529,459
____
2022
£
6,350
2,072
____
8,422
 2021
£
218,127
14,992
28,427
9,559
57,096
44,216
96,578
_
468,995
____
2021
£
6,500
2,026
_
8,526

8 Support � direct costs

9 Directors and related party transactions

None of the directors (or any persons connected with them) received any remuneration or benefits from the charity during the year (2021: none). None of the directors were reimbursed expenses in the year (2021: none).

10 Net income before gains and losses

These are stated after charging:
Auditor�s remuneration
Depreciation
Lease expenses:
Land and buildings
Other		 2022
£
6,350
4,568
14,402
-
 2021
£
6,500
4,875
41,407
1,810

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Notes to the accounts

For the year ended 31 March 2022

11 Intangible fixed assets
Cost
At 1 April 2021
Additions
At 31 March 2022
Amortisation
At 1 April 2021
Charge for the year
Disposals
At 31 March 2022
Net book value
At 31 March 2022
At 1 April 2021
12 Tangible fixed assets
Cost
At 1 April 2021
Additions
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
Disposals
At 31 March 2022
Net book value
At 31 March 2022
At 1 April 2021		 Website
£
-
12,875
_
12,875
_
-
-
-
_
-
____
12,875
____
-
____
Fixtures,
fittings and
Equipment
£
13,705
-
_
13,705
_
9,137
4,568
-
_
13,705
____
-
____
4,568
____

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Notes to the accounts

For the year ended 31 March 2022

13 Debtors
Subscriptions, conference and event income receivable
Prepayments and accrued income		 2022
£
346,989
22,312
____
369,301
 2021
£
427,888
10,099
____
437,987

14 Creditors: amounts falling due within one year

Trade creditors
Taxes and social security costs
Other creditors
Accruals and deferred income		 2022
£
105,107
99,741
6,035
886,456
____
1,097,339
 2021
£
7,712
127,878
568
886,847
____
1,023,005

The charitable company operates a defined contribution pension scheme for the benefit of enrolled employees. The amount shown as other creditors in the note above relates to contributions due by enei to the scheme at the year end.

Deferred income

Brought forward at 1 April
Deferred in the year
Released in the year

Carried forward at 31 March
 2022
£
673,307
673,364
(654,391)
____
692,280
___		 2021
£
544,842
644,059
(515,594)
____
673,307
____

Membership subscriptions are recognised over the period of membership. Where this relates to the following financial period, the income is deferred.

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Notes to the accounts

For the year ended 31 March 2022

15 Funds analysis
Current Year
Unrestricted funds
Pension reserve
Prior Year
Unrestricted funds
Pension reserve		 At 1 April
2021
£
369,855
(3,000)
_
366,855
________________
At 1 April
2020
£
357,464
(2,000)
_
355,464
 Income
Expenditure
£
£
1,895,097
(1,297,542)
-
-
_
_
1,895,097
(1,297,542)
_________________
________________
Income
Expenditure
£
£
1,585,624
(1,573,233)
-
(6,000)
_
_
1,1585,624
(1,579,233)

 Gains/
(losses)
£
-
3,000
_
3,000
________________
Gains/
(losses)
£
-
5,000
_
5,000
 At 31 March
2022
£
967,410
-
_
967,410
________________
At 31 March
2021
£
369,855
(3,000)
_
366,855

16 Commitments under operating leases

At 31 March 2022 the charity had the following minimum lease payments under non-cancellable operating leases (all for land and buildings) which fall due as follows:

Land and buildings
2022 2021
£ £
10,771
2,375
____ ____

17 Capital Commitments

At 31 March 2022 the charity had committed £38,625 towards the development of a new website (2021: £nil).

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Notes to the accounts

For the year ended 31 March 2022

18 Pension Commitments

The disclosures below are provided in respect of the Age Concern Section of the Age UK Retirement Benefits Scheme (�the Scheme�).

The level of benefits provided by the Scheme depends on a member�s length of service and their salary at their date of leaving the Scheme. This Section of the Scheme closed to future accrual on 30 November 2008.

A full actuarial valuation of the Scheme was carried out as at 31 March 2019 and the results of this valuation have been updated to 31 March 2021 by a qualified independent actuary. The expected Employer contributions for the year ending 31 March 2022 are £6k. These contributions include an allowance for administration expenses and PPF levies.

The results of the latest funding valuation at 31 March 2019 have been adjusted to the balance sheet date taking account of experience over the period since 31 March 2019, changes in market conditions and differences in the financial and demographic assumptions. The present value of the defined benefit obligation was measured using the Projected Unit Method.

The principal assumptions used to calculate the liabilities under FRS102 are set out below:

2022 2021
% pa % pa
Main financial assumptions
RPI Inflation 3.60 3.10
CPI Inflation 2.80 2.30
Rate of increase in salaries
Pension increases
Rate of increase in payment of pre 2006 3.60 3.10
pensions
Rate of increase in payment of post 2006 2.50 2.50
pensions
Discount rate for Scheme liabilities 2.80 2.10
========= =========

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Notes to the accounts

For the year ended 31 March 2022

18 Pension Commitments (continued)

Main demographic assumptions

Mortality

Life expectancy for male currently aged 65 Life expectancy for female currently aged 65

Life expectancy at 65 for male currently aged 45 Life expectancy at 65 for female currently aged 45

Cash commutation

2022

2021

95% of S3P base tables projected by year of birth assuming future improvements in line with CMI 2021 core projections with a long-term rate of improvement of 1.0% pa.

95% of S3P base tables projected by year of birth assuming future improvements in line with CMI 2020 core projections with a long-term rate of improvement of 1.0% pa.

22.1 years (age 87.1) 24.5 years (age 89.5) 23.1 years (age 88.1) 25.6 years (age 90.6)

22.1 years (age 87.1) 24.4 years (age 89.4) 23.1 years (age 88.1) 25.6 years (age 90.6)

Allowance has been made Allowance has been made for all members to for all members exchange 80% of the exchange 80% of the maximum cash allowance maximum cash allowance available upon retirement. available upon retirement.

Scheme asset allocation

2022 2022 2021 2021
£000 % £000 %
Equities 74 16.7% 82 19.3%
Diversified growth fund 55 12.6% 53 12.5%
Infrastructure 42 9.5% - 0.0%
Matching assets (including Gilts
and Bonds) 264 59.9% 280 65.8 %
Cash 6 1.3% 11 2.4%
------------------ --------------------------- ------------------ ---------------------------
Total 441 100.0% 426 100.0%
------------------ --------------------------- ------------------ ---------------------------

None of the Scheme assets are invested in the Employer�s financial instruments or in property occupied by, or other assets used by, the Employer.

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Notes to the accounts

For the year ended 31 March 2022

18 Pension Commitments (continued)

Reconciliation of funded status to balance sheet

2022 2021
£�000 £�000
Fair value of assets 441 426
Present value of funded defined benefit obligations (412) (429)
Funded status 29 (3)
Unrecognised asset (29) -
Asset/(liability) recognised on the balance sheet - (3)
___ ___
Present value of unfunded defined benefit obligations - -
___ ___
Amounts recognised in income statement
2022 2021
£�000 £�000
Operating cost:
Administration expenses 2 2
Past service cost (icl. Curtailments) - -
Financing cost:
Interest on net defined benefit liability/(asset) - -
___ ___
Pension expense recognised in profit and loss 2 2
___ ___
Amounts recognised in Other Comprehensive Income (OCI)
2022 2021
£�000 £�000
Asset gains arising during the year 19 29
Liability gains/(losses) arising during the year 12 (34)
Change in the effect of the asset ceiling (29) -
___ ___
Total amount recognised in OCI 2 (5)
___ ___

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Notes to the accounts

For the year ended 31 March 2022

18 Pension Commitments (continued)

Changes to the present value of the defined benefit obligation during the year

2022 2021
£�000 £�000
Opening defined benefit obligation (DBO) 429 398
Interest expense on DBO 9 9
Actuarial (gains)/losses on Scheme liabilities (12) 34
Net benefits paid out (14) (12)
Past service cost (incl. curtailments) - -
___ ___
Closing defined benefit obligation 412 429
___ ___
Changes to the fair value of Scheme assets during the year
2022 2021
£�000 £�000
Opening fair value of Scheme assets 426 396
Interest income on Scheme assets 9 9
Gain/(loss) on Scheme assets 19 29
Contributions by the Employer 3 6
Net benefits paid out (14) (12)
Administration costs incurred (2) (2)
___ ___
Closing fair value of Scheme assets 441 426
___ ___
Actual return on Scheme assets
2022 2021
£�000 £�000
Interest income on Scheme assets 9 9
Gain/(loss) on Scheme assets 19 29
___ ___
Actual return on Scheme assets 28 38
___ ___

25 EMPLOYERS NETWORK FOR EQUALITY & INCLUSION

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