REGISTERED COMPANY NUMBER: 05688674 (England and Wales) REGISTERED CHARITY NUMBER: 1114859 Report of the Trustegs and Flnancial Statements for the Year Ended 31st March 2025 for Age UK Worcestsr, Malvern Hills & Hereford Localities Trading as Age UK Wvem Richards Sandy Audit SeNices Limitad (statutory Auditor) Thorneloe House 25 Barbourne Road IN0r￿ster Vfft1 1RU Age UK Worcester, Malvern Hllls & Hereford Localities Trading as Age UK Wyvern Contents of the Financial Ststements for the Year Ended 31st March 2025 Page Referen¢a and Administrative Details Chairs of the Board of Trustees Report of the Trustees Report of the Independent Auditors 8 to 10 Statement of Flnancial Activities Balance Sheet 12 Cash Flow Statement 13 Notes to the Cash Flow Statement 14 Notes to the Financlal Statements 15 to 29 Detalled Statement of Flnanclal Actlvities 30 to 31 Age UK Worcester, Malvern Hills & Hereford Localities Trading as Age UKWyvern Reference and AdmInis￿tive Detalls for the Year Ended 31st March 2025 TRUSTEES S Bartholomew A Buttanshaw C Clifford (Co-chair) D Kitcat J Marki6WICX J McKenzie H Shetwood (Co-chair) J P Hilditch {resigned 23.10.24) D Wheattey (resigned 16.9.24) MANAGEMENT TEA C Thomas M Moyles K Hepton J Henderson Chief Executive Head of Resources Human Resou[￿S Manager Director of Servi COMPANY SECRETARY C Thomas REGISTERED OFFICE Bank House 7 Shaw Street Worcester Worcestershire WR13QQ REGISTERED COMPANY NUMBER 05688674 (England and Wales) REGISTERED CHARITY NUMBER 1114859 INDEPENDENT AUDITORS Richards Sandy Audit Services Limited {Statutory Auditor) Thorneloe House 25 Bartjourne Road WOr￿Ster WR1 1RU SOLICITORS SME 8 Sansome Walk Worcester WR1 1LW BANKERS CAF Bank Limited 25 Kings Hill Avenue West Malling Kent ME19 4JQ Page 1 Age UK Worcesler, Malvern Hllls & Hereford Localities Trading as Age UK Wyvorn Chairs of the Board of Trustees for the Year Ended 31st Ma￿h 2025 Welcome to the Annual Report of Age UK Wor￿ster. Malvem Hills and Hereford Loralities. During the period covered by these accounts we took the necessary steps to fonnally adopt the trading tide of Age UK Vwvem. This name was chosen based on the rive￿ Sevem and We and the area to which we now offer Servi￿5. This iTicludes informatioN and advi￿ given to Ihe older members of our communib'es throughokjt South wOr￿ster and Herefordshire. This report presents details of thè many seNiCaS and support we provide to help older people maintain their independen and enjoyment of life as they age. In October 2024 we became aware of the imminent closure of Age UK Herefordshire & Worcestershire and the potential loss of some vital SeNi￿S for older clients. Immediate measures were taken by our CEO, the Senior Management Team and the Trustee Boaré to take on some of these seN1￿$ together wlh the staff working within them. This was achieved smoothly in a very short time due to the hard woth and determination of our CEO and Senior Management Team. As noted elsewhere in the Trustees, Report, this expanded our area ofwork in, for example, Dementia senrices. We welcomed new staff who added to the expertise and experience of our staff téam and enhanced our wider serwce provision. On behalf ofthe Trustees, we commend our CEO, Clare Thomas, our Senior Management Team and all our stsff fortheir hard work and commitment and acknowledge their many achievements and the progress made in the past year. We also thank the many dedicated volunteers who give their time to all our activities, we could not do all we do without you. Together our st8ff and volunteers continue to strive to ensure our older generab.on enjoy their later life. We both wish to extend our thanks lo our fellow trustees for their support and commitrnenl this year. Collette Clifford Hazel Shewood. Co-chairs of Age UK Wyvem Page 2 Age UK Worcester, Malvern Hills & Hereford Localities Tradlng as Age UK Wyvern Report of the Trustaes for the Year Ended 31 st March 2025 The Irustees who are also directors of the charily for the purposes of the Companies Act 2006, present thèir report with the financial statements of the charity for the year ended 31st March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their acwunts in accordance with the Financial Reporting Standard applicable in the UK and Républic of Ireland {FRS 1021 (effective q January 2019). OBJECTIVES AND ACTIVITIES Objects The objects of the charity are to promote the following purposes for the benefit of the public andlor older people with the area of benefit.. Preventinglrelieving the povety of older people- Advancing education., Preventinglrelieving sickness or suffering in older people- Promoting equality and diversity., Promoting the human rights of older people in accordance with the Universal Declaration of Human Rights". Assisting older people in need by reason of ill-health, social exhaustion. or other disadvantage.. Such other charitable pU￿oseS for the benefit of older people as the charity trustees from time to time decide- Mission To make a positive difference to the lives of older people by providing services that help maintain their self-respect, dignity and independence. providing support as needed to enhance their quality of everyday life. Valuos We approach our WO￿ with older people in a spirit of respect that aims to maintain dignity and independence in everyday We are a listening organisalion that seeks to identify Ihe needs of those in our community, and we are open to collaboralive working to ensure the best support is offered to our clients. Our staff and volunteers are key to the delivery of seNices, and we endeavour to ensuré that they are treated equitsbly and faidy and supported in the work that they do to meet our objectives. Significant activities Our merger on January 1st 2024, to create Age UK Wor￿ster, Malvem Hills & Hereford and localibes was followed in October 2024 by us welcoming colleagues from Age UK Herefordshire and Worcestershire. This has enabled us to expand our area of operation into Wchavon District and to novate two significant contracts one which supports those wilh a diagnosis of dementia, and the other to support patients when discharged from hospital. These, as well as our other servi delivery, fall under the 4 pillars of support as defined in our strategic plan thriving at home," positive wellbeing-, being connected- and resilience in challenging times. THRIVING AT HOME Older people tell us that maintaining their Independen￿ and continuing to thrive at home is very important to them as they grow older. By delivering services such as our Home from Hospital, Help at Home, Footcare. Home Energy Checks and Befriending, we have ensured that older people wll remain Iwing independently for longer and be less likely to need to go into hospital or care. POSITIVE WELLBEING Older people tell us that having positive physical and mental health, benefits both them and also soc4ety by maintaining older people's Independen￿ and soaal economic contributions and improving quality of life. By delivering a whole range of wellbeing projects such as Being Well, Ticket to Ride. and Dementia Wellbeing Seavices - we have helped to ensure that older people will remain healthy, active and independent for as long as possible. BEING CONNECTED Older people tell us that maintaining connections is central to their wellbeing and health. By delivering services such as Connect clubs, Sheds Together, and Digital indusion, older people feel less isolated and hava opportunities to be connected with others in their community. Page 3 Age UK Worcester, Malvern Hills & Hereford Localities Trading as Age UK Wyvern Report of the Trustees for the Year Ended 31st March 2025 RESILIENCE IN CHALLENGING TIMES Older people tell us that later life can bring specific challenges such as poor financ8, ill health, relationship breakdown or bereavement, making it harder lor tham to stay strong and deal with their situation with the consequent negativa impact for them and for their communities. We have therefore delivered infomiation and advice and helped clients to access benefits.. we have managed and distributed household support fijnd income.. supported people through major health challenges such as dementia and supported through times of poor mental health and grief. As a result, older people have felt supported and are better able to deal with challenges in their lives and better able to make informed decisions. SUPPORTING STRATEGIES AND ACTIONS In order to deliver our objectives, mission and core service areas we have developed and delivered the following plans.. Income generation and partnerships - we have developed posilive relationships with funders, corporate partners and individual donors to diversify income streams and develop lasting relationships and long-temi growkh. We have invested in our charity retail shops, paid for services and unrestricted income in order to sustain and develop services. We have ensured that our financial policies and procedures, dats collection and donor management support our incame generation. Communication and Marketing- we have made people more aware ofour brand, provided darity of ouroffer, and promoted our sepdices. Following the January merger and welcome of our new colleagues from Age UK Herefordshire and Worcestershire, we took the opportunity to consult on and implement a trading name for the Charity- Age UK Wyvern - which reflected our new area of operation. This enabled us to re-brand and launch a marketing campaign. Volunteers our work could not happen wthout the incredible support of our volunteers. We have invested in recruiting and supporting them 2nd recognising their enormous contiibulion - they curonlly number around 400. If each of them gives just an hour of their time each week - many give much more this saves thè charity over £430,000 a year. Leaming and development- we have invested in individual. team and organisab'onal learning, to drive improvemenl and support the health and wellbeing of staff and volunteers. Buildings, facilities and systems - our plan aims to ensure that we have the right buildings, facilities and systems to support the work of the organisation. We aim to manage estates to ensu￿ that buildings are fit for purpose. We aim to ensure that IT platforms, resouThs 2nd training enable us to wotk efficiently and effectively and enable us to demonstrate impact. We aim to ensure that we commit to strategies and practice lo reduce our environmentsl impact. Key External Relatlonshlps The organisation is an independent NebMort< Partner of Age UK and abides by its network agreement.11 also works with a broad range of partners across the region including Citizens Advi￿ and offter voluntary agencies.. Worcestershire County Council. Worcester City Council, Malvern Hills District Council., Wchavon District Council, Horeford5hire Council, the Integrated Care Board and NHS partners. It also works closety with other Age UK Nelwork P8rtners across the region. West Midlands regional ne￿orkIng meetings and events are attended, where good practice ideas are shared. OUR THANKS To all our volunteers without whom we could not provide the seNices nor generate the funds To the people ofworcester, Malvem Hills. Wychavon and Herefordshire who support us in so many ways To our Trustees who give so freely of their precious lime and knovAedge To all our Funders and Donors who have given so generously Page 4 Age UK Worcester, Malvern Hllls & Hereford Loealltles Trading as Age UK Wyvern Report of the Trustees for the Year Ended 31st March 2025 ACHIEVEMENTS AND PERFORMANCE Fundraising activities The charity runs a number of shops selling donated goods for the purposes of raising charitable funds. The charity also receives donations and legacies from members of the publi )ilst the charity does undertake in general advertising activities for donations of cash, donations of goods for resale and legacies via its website, posters and printed leaflets freely available at its premises, the charity does not direcdy solicit individual members of the public for donations, nor does the charity use either a professional fund-raiser or a commercial Participator to solicit donations on its behalf. Because the charity does nolhing relating specifically to fundraising practi￿S nor directFy solicit Indi￿dual members ot the public for donations, it has neither any formal complaints procedure speafic to soliciting of donatt.ons {although details of its general cornplaints policy can be found on the charity's website) nor any formal policies in regard to protecting vulnerable people and other members of the public from unreasonable intrusion on a person's privacy. unreasonable persistent approaches for soliciting donations or placing undue pressure on a person to make donations. FINANCIAL REVIEW Finan¢ial position When comparing the perfomiance of the Charity to the previous year, it should be noted that changes have taken pla￿. On 31st Dec£mber 2023. the Charity mgrged with Age UK Hereford and Localities I"H&L") and therefore the comparative results for the first nine months of the year to 31st March 2024 related only to Age UK Worcester and Malvem Hills. 2 In November 2024, following the closure of Age UK Herefordshire and Worcestershire, certain of their seNices and staff were transferred into this Charity Total income forthe yearwas £2.75 million {2024 £2.07 million), an increase of £681k. Not8 that Ihe previous yeaes income included £264k fair value of assets transferred from Hereford and Localities. Relail shop sales increased by £222k lo £1,076k, 8 26 /0 increase, partly through organic growth but also through the opening of new shops {H&L did not have any shops). Grant income classified both under Donations and Legacies and under Income from Charitable Activities amounted to £1,349k compared to £779k in 2024, an increase of £570k. Detsils of grants re￿iVed are listed in notes 4 and 7 to the accounts. Shop trading made a net contribution to ￿ntral costs of £51 k (2024 £8kl. This remained depressed by significant expansion costs opening new shops {all set up costs are written offj, but also other issues to do Wlth the management and operation of the shops_ An external report was commissioned into Ihe perf0mlan￿ of the retail business, which made a number of recommendab-ons for change. As a result, some management changes have recentty been made and it is expected that retail perfO￿nan￿ will have improved significandy in the current year. Direct costs of Charitable Activities increased to £880k (2024 £629k) due to the expansion of the charity and ils services. Support costs of Charitable Activities increased to £630k {2024 £429k) for Ihe same reasons. Net income for Ihe yearwas £4k compared to £234k in 2024," however, 2024 income included £264k assets imported from H&L, without which a loss of £30k would have been reported. Net income induded £26k gain on the investment portfolio (2024 £79k gain). Principal funding sourc In an increasingly competitive market and against a backdrop of economic uncertainty our focus over the18St 12 months has been to broaden our income sour￿9 while reviewing our current ftjnding and taking mitigating action. This has entailed a cornplete review of our retail perfomianco. with actions which aim to reap benefit in coming years. It has also seen a focus on novating and then extending our 3 major contracts - the Dementia Wellbeing Servi￿, Home from Hospitsl and Household Support Fund. We have built relalionships with stakeholders in new areas- principally in Wchavon- and secured funding. We have also begun a review of our paid for services. Page 5 Age UK Worcester, Malvern Hills & Hereford Localities Trading as Age UK Wyvern Report of the Trustees for the Year Ended 31st March 2025 Investment pollcy and objectives We have maintained our policy of investing surplus funds in a readily realisable fomi induding in the managed portfolio valued at the year end at £1,392k {2024 £1,360k). The portfolio incurred Management Fees of £8,8k (2024 £11.Ik). Cash resources {induding those held in fixed noti￿ accounts classified as current asset investments) at the end of the year amounted to £660k12024 - £655k). Interest eamed from all deposits during the year was 245.4k {2024 - £35.3k). Reserve$ pollcy Rese￿eS are held lo mitigate against uncertainty, ensure there are sufficient reseNes to cover any financial shortfalls, to react to unexpected situations, to protect our activities if expected income is not received and to retain continuity in relation to expected grant awards. The Reserves Policy is to have free reseNes {unrestricted funds excluding fixed assets) of at least six months, total revenue expenditure. Restricted reseNes relate to funds received where the donor or grantor has restricted the use of those funds to a specific project or service. There is no longer a 'designated resetves, classification. Totsl reserves at 31 March 2025, excluding fixèd assets. were £2,022.96412024.' £1,961,206)- Total designated funds held were £0 {2024= £75,000) and total restncted funds held, excluding fixed assets, were £124,13112024 £296,784). At 31 March 2025, free reseNes, excluding amounts held as fixed assets, amounted to £1,898,83312024.' £1.589,4221 which was equivalent to total expenditure of 8 months {2024.' 10 months based on 2024 total expenditure). The Trustees are confident that there are sufficient reselves to cover possible adverse conditions or events in the meantime. FUTURE PLANS We will continue to explore new sources of unrestricted income, which will en8ble us to expand our services. STRUCTURE, GOVERNANCE AND MANAGEMENT Govèrnlng document The charitsbl8 company is controlled by its governing document, its Memorandum and Articles of Association (as amended by speaal resolutions on 12 August 2020, 4 November 2021 and 8 January 20241. and constitutes a limited company limited by guarantee (as defined by Companies Act 2006). Charity constitution The charitable company was incorporated on 26 January 2006, registrab'on no. 05688674 and ils activities are registered with the Charity Commission, registration no. 1114859. Organisational Structure and doclsion-making policies The Directors of the Company who are Trustees of the Charity and who held office during the ff nancial period and at the date of this report are set out on page 1. The trustees have overall responsibility for ensuring the Charity has systems of intsrnal control in place and for the fo)mulation of strategies and policies. These are designed to give reasonable, but not absolute, assurance against material misstatement or loss. Internal control processes cover policies and procedures for managing finance, risks, a Ihree-year strategic plan and a budget approved by Trustees annually. Regular reports and forecasts are prepared for the B02rd. The Trustees have delegated day to day management of the Charity to the Chief Executive officer ICEO), who during the yearwas Clare Thomas. In turn the fijnctions are canied out by staff who report to her- the functional responsibility being seNce provision, Finance, HR and facilities, Income Generation and Marf