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← Age UK Sheffield

2024-03-31-accounts

Company registration number: 05207254 Charity registration number: 1108413

Age UK Sheffield

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 March 2024

Age UK Sheffield

Contents (continued)

Trustees' Report 1 to 21
Independent Auditors' Report 22 to 25
Consolidated Statement of Financial Activities 26
Consolidated Balance Sheet 27
Consolidated Statement of Cash Flows 28
Notes to the Financial Statements 29 to 45

Age UK Sheffield

Trustees' Report

Reference and Administrative Details

The trustees (who are also directors of Age UK Sheffield for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) in preparing the annual report and financial statements of the charity.

Charity registration number: 1108413
Company Registration Number: 05207254
Chair: D Campbell
Directors and Trustees: C Bamber (appointed 8 December 2023)
D Campbell
M Dean (appointed 8 February 2024)
C B Dooney
T P Furness
A D C Iliff (appointed 8 December 2023)
J King (resigned 1 March 2024)
S Naylor (resigned 17 November 2023)
M J Perkins
J Rose (appointed 8 December 2023)
N Sampson
S Tindall (resigned 8 December 2023)
L Whitworth
President: N Hutton MBE
Vice-Presidents: G Moore MBE
R Wilson
Registered Office: 1st Floor
South Yorkshire Fire & Rescue
197 Eyre Street
Sheffield
S1 3FG
Chief Executive Officer: T Barker (appointed 1 April 2023)
Auditor: Hawsons Chartered Accountants
Statutory Auditors
Pegasus House
463a Glossop Road
Sheffield
South Yorkshire
S10 2QD

Page 1

Age UK Sheffield

Trustees' Report (continued)

Bankers : Solicitors :

Barclays Bank plc 10-12 Pinstone Street Sheffield S1 2HN Knights Plc 1 St Paul's Place Sheffield City Centre Sheffield S1 2NB

Page 2

Age UK Sheffield

Trustees' Report (continued)

The Trustees present their annual report together with the audited financial statements of the Age UK Sheffield for the year 01 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Charity qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

Age UK Sheffield’s articles of association list the charity’s objects as “to promote…the benefit of the public and/or older people” within Sheffield and the surrounding area. By “older people” we mean that we primarily support people aged 50 and over, with two-thirds of our beneficiaries being aged 70 or over.

Our vision is: “For a city in which no older person lives in poverty or loneliness.”

Our mission in pursuing that vision is helping older people to: “Live better lives in the best health possible.”

The main activities we are involved in to further our charitable objects are in providing:

Page 3

Age UK Sheffield

Trustees' Report (continued)

Public benefit statement

As charity Trustees, we confirm we have regard to the Charity Commission’s public benefit guidance, which we fulfil through the activities we deliver in pursuit of our objectives. We aim to provide benefits and minimise harm to older people in Sheffield, and our services and activities are open and accessible to all.

Charity aims

We aim to deliver our objectives and activities through a holistic, person-centred approach, supporting older people to achieve their needs and wants, and empowering them to maintain their independence. We may do this by enabling people to increase their financial, physical and mental health and wellbeing, through, for example, increasing benefits claimed, supporting claims for aids and adaptations to the home, and connecting people to local services and resources.

This has benefits for the individual older people we support; their family carers; and the wider community by reducing demand on statutory services.

How our activities further our legal purposes

All our activities seek to further our charitable aims, whether directly providing services to older people, providing professional support and advice to organisations which work with older people, campaigning and lobbying for policies which promote ageing well, or engaging in income generation activities to increase our resources to deliver charitable services.

Strategies to achieve our aims and objectives

We are delivering on our 2022-25 strategy, which focused on the following priorities:

Trustees are currently carrying out preparation work to develop an exciting new strategy to implement from 2025 onwards.

Page 4

Age UK Sheffield

Trustees' Report (continued)

Criteria for measuring success

By focusing our attention on delivering personalised services, the specific success measures for each person we support are dependent on their individual needs.

At a wider charity level, there are many ways in which we measure the success of our work, including:

Our continuous improvement procedure monitors customer satisfaction with our services, and our Trustees receive quarterly customer compliments and complaints reports. As a learning organisation, we treat all complaints as an opportunity to improve.

We provide quarterly output and outcome reports to project funders and contract commissioners, detailing how we have delivered our services against any grant conditions or performance monitoring requirements.

We take huge pride in delivering service quality of the highest standards and hold numerous external and independent assessments of our quality standards:

Social investment policies

We do not make any social investments.

Grant-making policies

Through our involvement in the Sheffield City Council People Keeping Well in the Community programme, we lead the partnership for the South-West Sheffield area. The grant funding we receive from the Council for this initiative requires us to make small, community grants, usually of up to £500, to fund community-level health and wellbeing activities. Applicant organisations in the designated area apply to us to receive a community grant to fund capital items or ongoing activities, such as table tennis, litter-picking, and creative writing. The South-West Sheffield People Keeping Well partnership makes decisions about which applications they wish to support, and we administer the grant-making process.

We also administer small grants to individuals on behalf of the Sir George Franklin’s Pensions Charity. Their charitable objects are to support people aged 50 and over who are living in poverty. We nominate people who we are aware are in need of short-term support and their Trustees decide which grants to make. The grants are paid to Age UK Sheffield, who administer the grants on their behalf.

Volunteer involvement

We have over 200 registered volunteers supporting a wide range of charity activities, including our Dementia Wellbeing Centres and cafes, our “In Touch” befriending programme, helping older people to get online and use the internet safely, and our retail shops. We could not deliver such a wide range of charitable activities without our volunteers and we are extremely grateful to them all.

Page 5

Age UK Sheffield

Trustees' Report (continued)

Charity achievements and performance

During 2023/24, we took on 3,781 new cases for people who required our support. We supported those people to increase their income by over £2.4 million in the first year, by claiming the additional benefits they were entitled to. This figure is believed to be a significant under-estimate because many people we supported to make benefits claims were either still waiting for their decision, or had not reported the outcome to us, at the time of writing this report.

In addition, thousands more people attended a wide range of activities at our new Gathering Ground site in Hillsborough Park and People Keeping Well activities in South-West Sheffield. We also handled thousands more information enquiries through phone calls and e-mails to our Sheffield city centre office.

2023-24 Impact Report

Positive outcomes for older people and the wider health and social care community

Age UK Sheffield supported thousands of older people in the city to live independent and fulfilled lives in 2023/24. Whether it was the thousands who participated in an activity or visited our café in Hillsborough Park, the hundreds who attended a dementia café or engaged in our South-West Sheffield initiatives, or the dozens who called our information hotline every week, we were there every step of the way for people who needed us.

In addition, we provided holistic, person-centred, and in-depth support to 3,781 older people who needed advice from our professional team to help them stay independent at home, avoiding unplanned or unnecessary visits to their GP or hospital, and minimising their social care needs.

Evidence of reducing demand on the NHS

For years, we have been delivering projects which improved the independence and wellbeing of older people, and which we were sure were reducing demand on the NHS - but it was difficult to evaluate this impact on the local health and social care system. We believed we were helping older people to avoid unnecessary GP appointments, hospital admissions, and re-admissions, but we struggled to find the evidence to prove it.

However, two projects we have been delivering over the past year are helping us to make this case.

Page 6

Age UK Sheffield Trustees' Report (continued)

Transforming care for people living with dementia

Page 7

Age UK Sheffield

Trustees' Report (continued)

Hospital activities

Through funding from the local NHS, we’ve started delivering a regular activity programme on hospital wards in which older people are experiencing long stays, to help keep them physically and mentally engaged before they can be discharged. Through this work we are helping to prevent physical deconditioning in hospital. Patients are reporting increased confidence in being discharged and returning home.

Page 8

Age UK Sheffield

Trustees' Report (continued)

Hospital discharge support

Our NHS-funded hospital discharge service not only helps to get older people home from hospital, it aims to keep them at home too.

Case study - Elliot and his wife Frances, both aged 88, felt they were at risk of losing their home when he came home from hospital after an operation. They could not afford day-to-day household costs, or the upkeep of their farmhouse home, and were starting to struggle with personal care as their health declined. We assessed their situation and helped them to apply for Attendance Allowance, Pension Credit, Council Tax reduction and a free TV licence. These were all successful, increasing their income by £11,886 per annum (£228.50 per week) plus £1,600 in back pay. They now have the income they need to live self-sufficiently and pay for the support they need, without needing to think of losing their home.

Page 9

Age UK Sheffield

Trustees' Report (continued)

Bereavement and befriending support

Through funding from our national partners at Age UK, we delivered a project to support people who had recently been bereaved. This aligns perfectly with the volunteer befriending service, In Touch, which we support by accessing small grants and fundraising donations.

Page 10

Age UK Sheffield

Trustees' Report (continued)

GP referrals

Some groups of GP surgeries in Sheffield provide us with funding to receive patient referrals, where older people have independent living needs as well as medical ones.

Specific health conditions

We work in partnership with Weston Park Cancer Charity and Sheffield Area Kidney Association to provide dedicated support to older people with specific health conditions. We also delivered a project to support people who had experienced a stroke.

Mental health transformation

Through support from the local NHS, we were able to deliver a service targeted at older people with mental health issues.

Page 11

Age UK Sheffield

Trustees' Report (continued)

Dementia advice

We are commissioned by Sheffield City Council to deliver the city’s specialist dementia advice service. Through this contract, we can provide advice and training to anyone or any workplace in the city on dementia-related issues.

Dementia cafes

Our Rosemary Cafes are supported by Sheffield City Council, through their People Keeping Well programme. Rosemary cafes provide stimulating social connections in four venues around South-West Sheffield.

Page 12

Age UK Sheffield

Trustees' Report (continued)

Well With Nature

The People Keeping Well programme also enables us to deliver local activities to keep people active in their community. We set up Well With Nature sessions to help increase mental wellbeing by exploring nature, plants and flowers.

Page 13

Age UK Sheffield

Trustees' Report (continued)

Innovation

partnership with Sheffield Hallam University and Pixelmill Digital, testing the potential for virtual reality headsets to reduce loneliness in older people, hit the national headlines.

Page 14

Age UK Sheffield

Trustees' Report (continued)

Financial review

Our financial outturn for 2024 has a bottom line showing a surplus of £265,913 (2023: £236,157).

Whilst this is an excellent financial performance, it should be recognised that £160,000 of grants and contracts were treated as income in 2023/24 but entirely designated for spending in 2024/25.

In addition, we were fortunate to receive over £120,000 in legacy income, for which we are extremely grateful.

Principal funding sources

Our main sources of income are contracts and grants to support our Independent Living Co-ordination work with vulnerable older people. Demand on the ILC service continues to increase due to issues ranging from poverty to issues in receiving health and social care services.

We also receive significant income from our dementia services, our paid-for “At Home” service, our retail shops, and our new facilities in Hillsborough Park.

A complete list of our grant funders can be seen on page 20 of the report.

Expenditure overview

The vast majority of our spending continues to be on staff to deliver services to older people. Our employee costs are around two-thirds of our total expenditure.

We work hard to keep our overheads as low as possible, to maximise the impact we can have directly on service delivery.

Cash position

As at 31 March 2024 the Charity had a cash balance of £1,172,321 on a consolidated basis (2023: £811,875).

Fixed assets

Our main tangible fixed assets relate to our properties in Hillsborough Park, which opened in 2022 and are being depreciated over a 25-year period.

Restricted/designated funds

We have a small amount of restricted funding carried forward, which represents the balance of projects we are delivering. These are described in full in note 16. Trustees have also designated some funding to support the delivery of our ILC and Information and Advice services. It is planned that these will be spent within two years.

Significant events

There were no significant events that materially affected our financial position.

Investment policy

We do not hold any significant investments outside of our group of companies.

During 2021/22, in partnership with four other local Age UK Brand Partners, we established a new social enterprise company, CASEwork Services CIC Ltd to provide back office services to our five charities, and to others. We supported the establishment of this company through the provision of a £15,000 loan. Half of this amount (£7,500) was repaid to us in 2023/24.

Page 15

Age UK Sheffield

Trustees' Report (continued)

Risk management

Our risk assessment and risk register are reviewed and updated on a quarterly basis and scrutinised by our HR and Governance Group. This review includes a written update on the current position of each risk and a review of the likelihood and impact scores, and any further control measures required. New risks are added and existing risks closed, to ensure the risk assessment remains and live document which informs our strategy development and work programme. The full Board reviews the risk assessment once per year, or individual risks may be escalated to the Board periodically by the HR & Governance Group.

In September 2024, the highest scoring risks on our risk register were as follows:

Reserves policy

Age UK Sheffield has a risk-based reserves policy which analyses a wide range of capital, buildings-related, service delivery and staffing risks, and their likelihood of being realised. Trustees review this annually and then set a target range for free reserves. This range was reviewed in November 2024 and, based on this assessment, the Trustees set their target range for free reserves at between £550,000 and £650,000.

At 31 March 2024, Age UK Sheffield’s free reserves (unrestricted funds excluding designated reserves less fixed assets) were £692,044, compared to £783,083 in the previous year.

At 31 March 2024, Age UK Sheffield held designated reserves of £307,988 (2023: £142,153). The Board designated £137,000 of reserves for the purpose of delivering the charity’s Information and Advice service in 2024/25 and supporting older people’s services during potential gaps between the end of some grant and contract income and the start of new grant and contract income. Further sums have been designated to investing in additional staff posts to aid succession planning or support the development of future income streams. It anticipates that these designated reserves will be spent by March 2026.

The Board is also planning to develop a new strategy to be implemented from 2025-28 which may call for some investment from free reserves. Therefore, the free reserves are likely to fall back within the target range during this period.

Factors likely to affect future performance

The availability of sufficient grant and contract funding to meet our service delivery needs is constantly being monitored. At this stage we do not have any significant concerns in this respect.

Page 16

Age UK Sheffield

Trustees' Report (continued)

Our trading subsidiary

In 2019, the charity invested in our trading subsidiary to fund the capital start-up costs of our retail operation. It was intended that this £60,000 initial investment would be repaid over time through the retail gift aid scheme. The full investment had been realised within three years. The following retail gift aid payments have been made to date:

2019/20 - £3,766 2020/21 - £9,220 2021/22 - £63,447 2022/23 - £91,790 2023/24 - £94,197

In 2021/22, the charity made a short-term loan of £120,000 to the trading subsidiary to support the completion of the Coach House Lottery project in Hillsborough Park. This was because the trading subsidiary delivered the redevelopment of the Coach House but some of the capital grants to support the project had been paid to the charity. This loan will be repaid through rental income from the café operator in the coming years.

Going concern

The Trustees have considered the charity’s ability to fulfil its financial obligations as they fall due over the coming 12-month period. In undertaking these considerations, Trustees have assessed a wide range of factors, including:

Having given due consideration to all these issues, Trustees have made a positive going concern assessment of our ability to continue trading throughout at least the next 12 months.

Further details regarding the adoption of the going concern basis can be found in the Accounting Policies section of the financial statements.

Plans for future periods

The Board is beginning the process of developing a new Strategy to adopt from 2025 onwards, which will form the framework for decision-making around future priorities and business plans. It is believed that the priorities which were highlighted in the 2022-25 Strategy still remain, and it is likely that the next Strategy will seek to continually improve the charity’s ability to deliver on those priorities.

Page 17

Age UK Sheffield

Trustees' Report (continued)

Charity structure, governance and management

Age UK Sheffield is a charity and registered company limited by guarantee, which is governed by a board of Trustees. Having formerly been an unincorporated charity since its registration in January 1981, the Charity transferred its assets to a ‘new’ charity, number 1108413 on 31 March 2005.

In 2022/23, the full Board met in full six times and held a strategic planning day. Our Finance and HR & Governance Groups have a scrutiny function and some delegated authority, and met quarterly in advance of full Board meetings.

Age UK Sheffield Enterprises Limited is a company wholly owned by Age UK Sheffield which is governed by a Board of Non-Executive Directors comprising up to three charity Trustees and up to two independent Directors, one of whom, Nick Ethelstone, chairs the Board. This trading arm engages in trading activity and makes donations to the Charity through the retail and corporate Gift Aid processes.

Since the Charity and the Group qualifies as small under section 383 of the Companies Act 2006, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 is not required.

How we make decisions

A Scheme of Delegation is appended to the Charity’s Code of Governance, which describes the decisions which are reserved for the full Board, decisions that are delegated to sub-groups, and those which are delegated to the Chief Executive and Senior Management Team.

The Finance and HR & Governance Groups typically meet one or two weeks before full Board meetings to undertake a scrutiny function on behalf of the Board. They may make recommendations to the Board or specify issues which require full Board discussion.

The Scheme of Delegation was reviewed in July 2023.

Trustee recruitment, induction and training

The Board actively manages its composition to provide both stability and fresh ideas and thinking. Trustees are recruited for a three-year term and may serve up to three terms. In recent years it has been common practice for one or two Trustees to resign from the Board and one or two new Trustees to join the Board. In 2023/24, Stephen Naylor, Sarah Tindall and Jason King resigned from the Board whilst Joanne Rose, Colin Bamber, Alison Deborah Caroline Iliff and Martin Dean joined as new Trustees.

Trustees are always recruited through an open process using a role description and person specification. Typically, Trustee vacancies are advertised in the summer every year, with a recruitment and selection process taking place in September and October. New Trustees are proposed to the November Board meeting, which they attend as observers, before appointments are made at the December Annual General Meeting.

Trustees receive a handbook which includes the Articles of Association, Code of Governance, and key policies and procedures including the Declaration of Interests policy. Trustees complete an induction which includes meetings with senior managers and shadowing of key frontline services.

Senior management remuneration

The remuneration of all staff, including senior managers, is considered annually by the full Board. Proposals are considered at the September Board meeting and the pay award takes effect from 1st October. The senior manager during the year 2023/24 was the Chief Executive.

Page 18

Age UK Sheffield

Trustees' Report (continued)

The Age UK network

Age UK Sheffield is a local, independent charity. Our charitable objects are focused around provides services to older people in Sheffield and our Trustees are from Sheffield and the surrounding area. We are part of the federated Age UK network of charities, through which we have a Brand Partner Agreement with the national charity, Age UK. This gives all Brand Partners, including Age UK Sheffield, rights and obligations to work together for the benefit of older people in our shared network.

Part of our commitment to being an Age UK Brand Partner is to uphold excellent quality standards in the running of our charity and our service delivery to older people. We meet the Age UK Charity Quality Standard, which measures our effectiveness in a range of categories, including governance, finance, safeguarding, and health and safety. During the financial year from 2023/24, we had a reinspection and our certification was renewed.

We also hold the Age UK Information and Advice Quality Standard, which provides evidence of independence, impartiality, and service quality in the provision of information and advice services. Our most recent inspection came during a 2021/22 Covid-19 lockdown. The covering e-mail which accompanied the report said: “I am pleased to say you have fully demonstrated that you have met all the benchmarks, and successfully completed the Age UK I&A Quality Programme. It is clear from the report there are many strengths identified in your service, and that the service is very well organised and managed. The team show commitment and dedication to their customers, colleagues and to Age UK Sheffield. The mystery shopping showed that a very high level of customer service was reported and the Quality of Advice Assessment showed advice of a consistently high standard was being delivered. This is a fantastic achievement at any time, but you are to be commended for going through your assessment whilst adapting the service to respond so well to the pandemic. The assessor was particularly impressed by the organisation’s commitment to a customer centred approach, which was impressive and authentic, with the customer firmly at the centre.”

Related parties

Up to three Trustees sit on the Board of our wholly-owned trading subsidiary, Age UK Sheffield Enterprises. The current Trustees on that Board are David Campbell and Tim Furness. Both make relevant declarations of interest at respective Board meetings.

Age UK Sheffield was a founding member of CASEwork Services CIC Ltd, which was established in September 2021. The joint venture company was established in partnership with four other local Age UK Brand Partners, to provide finance and other back office services to the owning charities as part of a cost-sharing group, and commercially to other charities and social enterprises.

We work with a wide range of other charities in the pursuit of our charitable objectives. We are members of the Age England Association and attend regional meetings with other Age UK Brand Partners. We also regularly work with other charities in Sheffield.

Trustees’ indemnities

The Trustees, as directors of the charitable company, have been granted a qualifying third party indemnity provision under section 234 of the Companies Act 2006. This does not provide cover in the event of a director being proved to have acted fraudulently or dishonestly.

Page 19

Age UK Sheffield

Trustees' Report (continued)

List of financial supporters

We would like to thank everyone who supported the work of Age UK Sheffield during 2023/24, and give particular thanks for the financial support given by:

Page 20

Age UK Sheffield

Trustees' Report (continued)

Statement of trustees' responsibilities

The trustees (who are also the directors of Age UK Sheffield for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the parent charitable company and the group and of the incoming resources and application of resources, including its income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

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

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006 and the requirement to produce a strategic report.

The annual report was approved by the trustees of the charitable company on .................... 14/11/2024 and signed on its behalf by:

......................................... D Campbell Chair

Page 21

Age UK Sheffield

Independent Auditor's Report to the Members of Age UK Sheffield

Opinion

We have audited the financial statements of Age UK Sheffield (the 'charitable parent company') and its subsidiary (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Cash Flows and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 trustees’ 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 or a material misstatement in the other information. 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.

Page 22

Age UK Sheffield

Independent Auditor's Report to the Members of Age UK Sheffield (continued)

Opinion on other matter prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and the parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the and the Trustees' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the set out on page , 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 responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.

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.

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Age UK Sheffield

Independent Auditor's Report to the Members of Age UK Sheffield (continued)

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The charitable company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the charitable company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006, Health and Safety regulations and the Charities Act 2011. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates.

Audit procedures performed by the engagement team included:

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of -the-auditor’s-responsibilities-for. This description forms part of our auditor's report.

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Age UK Sheffield

Independent Auditor's Report to the Members of Age UK Sheffield (continued)

Use of our report

This report is made solely to the charitable parent company's trustees, 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 group's trustees 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 parent company and its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

...................................... Simon Bladen (Senior Statutory Auditor) For and on behalf of Hawsons Chartered Accountants, Statutory Auditor

Pegasus House 463a Glossop Road Sheffield South Yorkshire S10 2QD 06/12/2024 Date:.............................

Page 25

Age UK Sheffield

Consolidated Statement of Financial Activities for the Year Ended 31 March 2024

Unrestricted Restricted Total Total
funds funds 2024 2023
Note £ £ £ £
Incoming resources
Grants, donations and
legacies 2 476,496 694,270 1,170,766 807,410
Charitable activities 3 926,446 119,783 1,046,229 1,454,804
Investment income 4 10,282 - 10,282 2,126
Other income 5 153,699 - 153,699 166,518
Total Incoming resources 1,566,923 814,053 2,380,976 2,430,858
Resources expended
Raising funds 4,129 - 4,129 -
Charitable activities 6 1,436,993 673,941 2,110,934 2,194,701
Total expenditure 1,441,122 673,941 2,115,063 2,194,701
Net incoming resources 125,801 140,112 265,913 236,157
Transfers between funds (9,311) 9,311 - -
Net movement in funds 116,490 149,423 265,913 236,157
Reconciliation of funds
Total funds brought forward 1,318,398 36,377 1,354,775 1,118,618
Total funds carried forward 1,434,888 185,800 1,620,688 1,354,775

The notes on pages 29 to 45 form an integral part of these financial statements. Page 26

Age UK Sheffield

(Registration number: 05207254) Consolidated Balance Sheet as at 31 March 2024

31 March 31 March 31 March 31 March 31 March 31 March
2024 2023
Group Charity Group Charity
Note £ £ £ £
Fixed assets
Tangible assets 11 434,856 162,811 393,162 138,511
Investments 12 - 60,002 - 60,002
434,856 222,813 393,162 198,513
Current assets
Debtors 13 272,926 380,684 585,065 727,888
Cash at bank and in hand 1,172,321 1,057,233 811,875 724,719
1,445,247 1,437,917 1,396,940 1,452,607
Creditors: Amounts
falling due within one
year 14 (259,415) (195,670) (435,327) (396,355)
Net current assets 1,185,832 1,242,247 961,613 1,056,252
Net assets 1,620,688 1,465,060 1,354,775 1,254,765
Charity funds:
Restricted Funds 16 185,800 246,020 36,377 96,597
Designated Funds 17 307,988 307,988 142,153 142,153
Unrestricted funds 17 1,126,900 911,052 1,176,245 1,016,015
Total charity funds 1,620,688 1,465,060 1,354,775 1,254,765

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements. The income and expenditure account for the year dealt within the accounts of the Charity was a surplus of £210,295 (2023: a surplus of £250,225).

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements on pages 26 to 45 were approved by the trustees, and authorised for issue on .................... 14/11/2024 and signed on their behalf by:

......................................... D Campbell Chairman

The notes on pages 29 to 45 form an integral part of these financial statements. Page 27

Age UK Sheffield

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

2024 2023
Note £ £
Cash flows from operating activities
Net income 265,913 236,157
Adjustments to cash flows from non-cash items
Depreciation 45,747 33,148
Investment income 4 (10,282) (2,126)
Loss on disposal of tangible fixed assets - 5,779
301,378 272,958
Working capital adjustments
Decrease/(increase) in debtors 13 312,139 (160,301)
Decrease in creditors 14 (175,912) (38,558)
Net cash flows from operating activities 437,605 74,099
Cash flows from investing activities
Interest receivable and similar income 4 10,282 2,126
Purchase of tangible fixed assets 11 (87,441) (33,236)
Net cash flows from investing activities (77,159) (31,110)
Net increase in cash and cash equivalents 360,446 42,989
Cash and cash equivalents at 1 April 811,875 768,886
Cash and cash equivalents at 31 March 1,172,321 811,875

The notes on pages 29 to 45 form an integral part of these financial statements. Page 28

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024

1 Accounting policies

The following accounting policies have been used consistently in dealing with items which are considered material to the charitable company’s affairs.

Statutory information

The Charity is a private company limited by guarantee, established by constitution on 13 January 1981 in England and Wales. The members of the Charity are the Trustees named on page 1. 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 address of the registered office is 1st Floor, South Yorkshire Fire & Rescue, 197 Eyre Street, Sheffield, South Yorkshire, S1 3FG and its registered number is 05207254. The nature of the Charity's operations and principal activities are included in the trustees' annual report.

Basis of preparation

The charity constitutes a public benefit entity as defined by FRS 102. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. There has been no material departure from these standards.

The functional and presentational currency of the charity is GBP.

Going concern

At the date of signing these financial statements, the Trustees have reviewed the current financial position and future projections and believe this indicates that the group will be able to continue to operate for a period of at least 12 months beyond the signing date.

Basis of consolidation

The financial statements consolidate the accounts of Age UK Sheffield and its subsidiary undertaking ('subsidiary').

The Charity has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account.

Exemptions for qualifying entities

The charitable company has taken advantage of the exemption from preparing a statement of cashflows on the basis that it is a qualifying entity and the group cashflow statement included within these financial statements include the company’s cashflows.

The charitable company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

Page 29

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

1 Accounting policies (continued)

Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The legacies entitlement is taken as the earlier of the date on which either: the Charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the Charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the Charity, or the Charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with the administration of the Charity and compliance with constitutional and statutory requirements.

Charitable activities and governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity appointed to charitable activities.

All expenditure is inclusive of irrecoverable VAT.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.

Page 30

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

1 Accounting policies (continued)

Taxation

The charitable company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charitable company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets and depreciation

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of the fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.

Tangible fixed assets are initially recognised at cost, net of depreciation and any provision for impairment.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Asset class Depreciation method and rate Short-term leasehold property Over remaining term of the lease Office equipment 20% - 30% straight line Computer equipment 33% straight line

Investments

Investments in subsidiaries are valued at cost less provision for impairment.

Debtors

Trade and other debtors are recognised at the settlement amount 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 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.

Impairment

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use.

Page 31

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

1 Accounting policies (continued)

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Operating leases

Rentals paid under operating leases are charged to the Consolidated Statement of Financial Activities on a straight-line basis over the lease term.

Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 32

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

1 Accounting policies (continued)

Critical accounting estimates and areas of judgement

Estimates and judgments 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.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

Critical areas of judgment:

(i) Recognitions of legacy income

In applying the principals of SORP FRS 102 in relation to legacies, management make judgements relating to when the legacy income is recognised. Due to the nature of legacies, it is not always possible to determine the value of the legacy or the likelihood of it being received. In some instances, such legacies can be contested and, as such, the charity will not receive the income. The facts of each case are assessed individually to decide when the legacy should be recognised in line with the Charity's accounting policy and with SORP FRS 102.

(ii) Impairment of leasehold improvements

In applying the principals of SORP FRS 102 in relation to impairment of assets, management make judgements relating to the fair value of Leasehold improvements at each balance sheet date. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use.

2 Income from grants, donations and legacies

2
Income from grants, donations and legacies
Unrestricted Restricted Total funds
fund funds 2024
2024 £ £ £
Donations and other grants 345,837 510,905 856,742
Legacies 120,661 - 120,661
Age UK 9,998 183,365 193,363
476,496 694,270 1,170,766
Unrestricted Restricted Total funds
fund funds 2023
2023 £ £ £
Donations and other grants 399,345 117,732 517,077
Legacies 140,982 - 140,982
Age UK 35,373 113,978 149,351
575,700 231,710 807,410

Page 33

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

3 Income from charitable activities

3
Income from charitable activities
Unrestricted Restricted Total funds
fund funds 2024
2024 £ £ £
Support in the Home 556,874 2,257 559,131
Group support 346,962 117,526 464,488
Information and Advocacy 22,610 - 22,610
926,446 119,783 1,046,229
Unrestricted Restricted Total funds
fund funds 2023
2023 £ £ £
Support in the Home 725,171 12,454 737,625
Group support 335,322 110,903 446,225
Information and Advocacy 270,954 - 270,954
1,331,447 123,357 1,454,804
4
Investment income
Unrestricted Restricted Total funds
fund funds 2024
2024 £ £ £
Interest receivable on bank deposits 10,282 - 10,282
10,282 - 10,282
Unrestricted Restricted Total funds
fund funds 2023
2023 £ £ £
Interest receivable on bank deposits 2,126 - 2,126
2,126 - 2,126
5
Other income
Unrestricted Restricted Total funds
fund funds 2024
2024 £ £ £
Reimbursed expenses 153,699 - 153,699
Unrestricted Restricted Total funds
fund funds 2023
2023 £ £ £
Reimbursed expenses 166,518 - 166,518

Page 34

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

6 Expenditure on charitable activities

Unrestricted Restricted Total funds
fund funds 2024
2024 Note £ £ £
Information and Advocacy 157,363 - 157,363
Group support 388,674 - 388,674
Staff costs 778,395 673,941 1,452,336
Governance costs 7 112,561 - 112,561
1,436,993 673,941 2,110,934
Unrestricted Restricted Total funds
fund funds 2023
2023 Note £ £ £
Premises costs 157,452 - 157,452
Administrative costs 374,749 86,904 461,653
Staff costs 1,129,522 251,401 1,380,923
Governance costs 7 181,542 13,131 194,673
1,843,265 351,436 2,194,701

7 Analysis of governance and support costs

2024 2023
£ £
Management & Business Support 42,665 139,679
Infrastructure 51,540 40,098
Development 18,356 14,896
112,561 194,673

8 Governance costs

Included in support costs are governance costs of £20,545 (2023: £35,354).

Page 35

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

9 Net incoming/outgoing resources

Net incoming resources for the year include:

9
Net incoming/outgoing resources
Net incoming resources for the year include:
2024 2023
£ £
Depreciation of fixed assets 45,747 33,148
Auditor's remuneration - The audit of the Company’s annual
accounts 14,700 13,200
Auditor's remuneration - All taxation advisory services 350 300
Auditor's remuneration - All non-audit services not included above 1,450 1,100

10 Staff costs

The aggregate payroll costs were as follows:

10 Staff costs
The aggregate payroll costs were as follows:
2024 2023
£ £
Staff costs during the year were:
Wages and salaries 1,325,456 1,265,556
Social security costs 91,762 87,682
Pension costs 35,118 34,615
1,452,336 1,387,853

The monthly average number of persons (including senior management) employed by the group during the year expressed as full time equivalents was as follows:

Average number of employees

2024 2023
No No
78 81

No employee received remuneration amounting to more than £60,000 in either year.

The Trustees neither received nor waived any remuneration during the year (2023: £nil). No Trustees are accruing pension arrangements (2023: £nil). No Trustees were reimbursed expenses in either year.

The total employee benefits of the key management personnel of the charitable company were £56,218 (2023 - £107,232). Age UK Sheffield considers its key management personnel to comprise of their Senior Management Team.

Pension costs are allocated between activities and between restricted and unrestricted funds on the basis of staff time.

Page 36

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

11 Tangible fixed assets

Group

Group
Leasehold Office Computer
improvements equipment equipment Total
£ £ £ £
Cost
At 1 April 2023 910,108 116,232 93,429 1,119,769
Additions 31,790 22,586 33,065 87,441
At 31 March 2024 941,898 138,818 126,494 1,207,210
Depreciation
At 1 April 2023 565,678 107,467 53,462 726,607
Charge for the year 19,310 5,909 20,528 45,747
At 31 March 2024 584,988 113,376 73,990 772,354
Net book value
At 31 March 2024 356,910 25,442 52,504 434,856
At 31 March 2023 344,430 8,765 39,967 393,162
Charitable company
Leasehold Office Computer
improvements equipment equipment Total
£ £ £ £
Cost
At 1 April 2023 202,315 45,898 70,107 318,320
Additions - 18,839 33,065 51,904
At 31 March 2024 202,315 64,737 103,172 370,224
Depreciation
At 1 April 2023 105,647 42,292 31,870 179,809
Charge for the year 3,997 3,079 20,528 27,604
At 31 March 2024 109,644 45,371 52,398 207,413
Net book value
At 31 March 2024 92,671 19,366 50,774 162,811
At 31 March 2023 96,668 3,606 38,237 138,511

Page 37

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

12 Fixed asset investments

Charitable company

Shares in group undertakings and participating interests

2024 2023
£ £
60,002 60,002

Details of the investments in which the charitable company holds 20% or more of the nominal value of any class of share capital are as follows:

Company Class of Proportion of voting
Undertaking number share rights and shares held
2024
2023
Age UK Sheffield Enterprises Limited 02432642 Ordinary 100%
100%

The registered office of Age UK Sheffield Enterprises Limited is 1st Floor, South Yorkshire Fire & Rescue, 197 Eyre Street, Sheffield, South Yorkshire, S1 3FG.

The profit for the financial period of Age UK Sheffield Enterprises Limited was £63,534 (2023 - £(6,152)) and the aggregate amount of capital and reserves at the end of the period was £33,556 (2023 - £(29,978)).

13 Debtors

13 Debtors
Group Charity
2024 2023 2024 2023
£ £ £ £
Trade debtors 106,496 418,830 68,205 365,964
Due from group undertakings - - 198,096 232,804
Other debtors 23,187 18,483 7,500 15,000
Prepayments and accrued
income 143,243 147,752 106,883 114,120
272,926 585,065 380,684 727,888

14 Creditors

14 Creditors
Group Charity
2024 2023 2024 2023
£ £ £ £
Trade creditors 61,102 27,149 19,920 14,263
Other taxation and social
security 22,034 28,459 22,034 21,041
Other creditors 36,592 34,952 36,592 34,952
Accruals 79,826 86,131 62,502 72,702
Deferred income 59,861 258,636 54,622 253,397
259,415 435,327 195,670 396,355

Page 38

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

15 Deferred income

15 Deferred income
2024 2023
Group £ £
Deferred income at 1 April 2023 258,636 297,314
Resources deferred in the period 54,622 43,627
Amounts released from previous periods (253,397) (82,305)
Deferred income at year end 59,861 258,636
2024 2023
Charity £ £
Deferred income at 1 April 2023 253,397 274,200
Resources deferred in the period 54,622 43,627
Amounts released from previous periods (253,397) (64,430)
Deferred income at year end 54,622 253,397

Deferred income represents income deferred for contract funding received in advance and grant funding whose conditions will be met in future years.

Page 39

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

16 Restricted funds

Group

Group
Balance at Balance at
1 April Incoming Resources 31 March
2023 resources expended Transfers 2024
£ £ £ £ £
Restricted funds
SCC - Age Hub 831 11,250 - - 12,081
SCC - PKW Community
Wellbeing 1,582 36,903 (37,997) - 488
SCC - PKW Social
Prescribing - 25,000 (27,881) 2,881 -
SCC - PKW Dementia 1,259 34,000 (35,128) (131) -
SCC - SDAA Dementia
Friendly Sheffield 26,630 15,000 - - 41,630
NHS - Porter Valley
Transformational 839 - (310) - 529
NHS - Dementia People
Keeping Well 5,000 - (5,000) - -
NHS - GP Referrals - 69,612 (69,712) 100 -
NHS - hospital discharge - 265,983 (144,298) - 121,685
NHS - Stroke - 17,835 (17,657) - 178
Age UK - Building
Resilience - 34,521 (35,092) 571 -
Age UK Scams Prevention - 39,457 (41,344) 1,887 -
Age UK Bereavement 236 34,120 (35,444) 1,088 -
Age UK Walking
Programme - 16,667 (15,764) (903) -
Age UK - More Money For
You - 18,600 (18,835) 235 -
Age UK - COL Fund - 40,000 (42,175) 2,175 -
Energy Saving Trust - 20,812 (20,812) - -
National Lottery -
Community Fund - 34,276 (34,276) - -
Veterans Association - 7,878 (7,549) - 329
Welcome spaces - 8,880 - - 8,880
Weston Park Hospital - 83,259 (84,667) 1,408 -
Total restricted funds 36,377 814,053 (673,941) 9,311 185,800

Page 40

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

16 Restricted funds (continued)

SCC - Age HUB

SCC - PKW Community Wellbeing SCC - PKW Social Prescribing

SCC - PKW Dementia

SCC - SDAA Dementia Friendly Sheffield

NHS - Porter Valley Transformational

NHS - Dementia People Keeping Well

NHS - GP Referrals

Age UK - Building Resilience

Age UK Scams Prevention Age UK Bereavement

Age UK Walking Programme Age UK MCST Programme Energy Saving Trust

This fund is to support older people to have their say on local public policy.

This fund is to support people in South-West Sheffield to live healthy lives.

This fund is to support GPs patients in South-West Sheffield with non-medical health interventions.

This fund is to support people living with dementia in South-West Sheffield.

This fund is to create a dementia-friendly city.

This fund is to support GP patients in the Porter Valley neighbourhood with non-medical health interventions.

This fund is to support to people living with dementia.

This fund is to support GP patients in Sheffield with non-medical health interventions.

This fund is to support older people who have experienced a life-changing event.

This fund is to support older people who have been scammed or are at risk of being scammed.

This fund is to support older people who have been bereaved.

This fund is to support older people with long-term health conditions to become more active.

This fund is to support older people with dementia.

This fund is to support older people who are in fuel poverty.

Page 41

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

16 Restricted funds (continued)

Balance at Balance at
1 April Incoming Resources 31 March
2022 resources expended Transfers 2023
£ £ £ £ £
Restricted funds
Crystal Peaks 330 - (330) - -
SCC - Age Hub 974 11,250 (11,393) - 831
SCC - PKW Community
Wellbeing 663 36,903 (34,741) (1,243) 1,582
SCC - PKW Social
Prescribing - 25,000 (26,243) 1,243 -
SCC - PKW Dementia - 34,000 (32,741) - 1,259
SCC - SDAA Dementia
Friendly Sheffield 26,310 15,000 (14,680) - 26,630
NHS - Porter Valley
Transformational 1,566 12,453 (13,180) - 839
NHS - Dementia People
Keeping Well - 5,000 - - 5,000
NHS - GP Referrals - 67,650 (68,891) 1,241 -
Age UK - Building
Resilience - 29,250 (29,650) 400 -
Age UK Scams Prevention - 39,458 (39,699) 241 -
Age UK Bereavement - 20,000 (19,764) - 236
Age UK Walking
Programme - 3,333 (4,237) 904 -
Age UK MCST Programme - 21,938 (22,007) 69 -
Energy Saving Trust - 33,832 (33,880) 48 -
Total restricted funds 29,843 355,067 (351,436) 2,903 36,377

Page 42

Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

17 Unrestricted funds

Group

Group
Balance at Balance at
1 April Incoming Resources 31 March
2023 resources expended Transfers 2024
2024 £ £ £ £ £
Unrestricted fund 1,176,245 1,526,923 (1,433,957) (142,311) 1,126,900
Designated
Hillsborough Project 45,153 - (7,165) - 37,988
Support I&A and ILC
Services 97,000 - - - 97,000
Westfield Donation - 40,000 - - 40,000
Senior Manager succession
planning - - - 60,000 60,000
Student Placement
Co-ordinator - - - 33,000 33,000
Hillsborough Community
Development Co-ordinator - - - 25,000 25,000
ILC Service Evaluation - - - 15,000 15,000
142,153 40,000 (7,165) 133,000 307,988
Total unrestricted funds 1,318,398 1,566,923 (1,441,122) (9,311) 1,434,888

We are currently holding a total of £307,988 as Designated Reserves of which £152,000 are being held for I&A and ILC services to ensure service continuity over the next 2 years as services come to an end and new contracts are commissioned. The remaining amounts are being held to fund new roles over the next two years to further develop the charity and to implement the new strategy which is being developed in 2025.


being developed in 2025.
Balance at Balance at Balance at
1 April 1 April Resources 31 March
2022 2022 expended Transfers 2023
2023 £ £ £ £ £
Unrestricted funds 986,316 1,978,791 (1,785,959) (2,903) 1,176,245
Designated
Hillsborough Project 50,000 - (4,847) - 45,153
Support I&A and ILC
Services - 97,000 - - 97,000
I&A Services 30,000 - (30,000) - -
ILC - BAME Community 22,459 - (22,459) - -
102,459 97,000 (57,306) - 142,153
Total unrestricted funds 1,088,775 2,075,791 (1,843,265) (2,903) 1,318,398

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Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

18 Analysis of net assets between funds

Group
Unrestricted Restricted
fund funds 2024
2024 £ £ £
Tangible fixed assets 434,856 - 434,856
Current assets 1,259,447 185,800 1,445,247
Current liabilities (259,415) - (259,415)
Total net assets 1,434,888 185,800 1,620,688
Unrestricted Restricted
fund funds 2023
2023 £ £ £
Tangible fixed assets 393,162 - 393,162
Current assets 1,360,563 36,377 1,396,940
Current liabilities (435,327) - (435,327)
Total net assets 1,318,398 36,377 1,354,775
19 Analysis of net funds
Group
At 1 April **At ** 31 March
2023 Cash flow 2024
£ £ £
Cash at bank and in hand 811,875 360,446 1,172,321
Net debt 811,875 360,446 1,172,321
20 Financial commitments
Group Charity
2024 2023 2024 2023
£ £ £ £
Other
Within one year 67,404 50,483 15,233 15,233
Between one and five years 112,429 95,585 33,815 48,844
After five years 1,500,000 1,500,000 - -
1,679,833 1,646,068 49,048 64,077

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Age UK Sheffield

Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

20 Financial commitments (continued)

Included in the operating leases due later than 5 years is a lease entered into on 1 March 2021 in relation to the Coach House. The lease is for a term of 125 years, of which the first 25 years are rent free, followed by 100 years at £15,000 per annum. The Group has invested funds in renovating this property and this will be used in furtherance of its activities. A sub-lease was signed in March 2022 which rents part of this property to a third party for an annual base rent plus turnover rents.

21 Pension commitments

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £35,118 (2023 - £34,615).

22 Related party transactions

Transactions with trustees are disclosed in note 10.

The financial results of Age UK Sheffield Enterprises Limited as disclosed in note 12 of these financial statements.

During the prior year the Group entered into a partnership with CASEwork Services CIC Ltd to provide administrative services to the Group. The Group supported the establishment of the company through a provisional loan of £15,000. The amount of this loan outstanding at the year end is £7,500 (2023: £15,000). Interest of £879 (2023: £495) was received during the year and the balance will be repaid over a 10 year period as the company grows.

During the year CASEwork Services CIC Ltd charged the Group amounts totalling £40,168 (2023: £37,787) for the provision of financial services. The amounts still outstanding at the year end total £Nil (2023: £Nil).

Our Trustee, Sarah Fulton Tindall, was a Director of CASEwork until her resignation from CASEwork on 6 December 2023.

There were no other related party transactions outside of the Group during the current or prior year, nor are there any outstanding balances owing between other related parties outside of the Group at either Balance Sheet date. Group transactions and balances have been eliminated on consolidation.

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