Charlty Rlglstratlon No. 1116662 Company Règlstratlon No. 03539971 (England and Wales) Hertfordshire AGE UK HERTFORDSHIRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AGE UK HERTFORDSHIRE LEGAL AND ADMINISTRATIVE INFORMATION Tnut•es John Ellis Jenny Wiles Robin Kèmber Deepali Manek Samuel Tappenden Jody Tbte Stephen Quiddington Linda Westaway Paul Franc (Appointed 24 November 2023) Company Secretary Jenny Wile5 Charlty number 1116662 Company numb•r 03539971 Regisler•d Office and Prlnclpal Address First Floor 8eane Bridge House 34 Chambers street Hertford Hert5 SG14 IPL Audllor Myers Clark Egale I 80 St Albans Road Watford Hertfordshlre WD17 IDL Bank•r* Barclays Bank plc 78 Turners Hill Cheshunt Hertfordshlre EN8 9BW CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4tr AGE UK HERTFORDSHIRE CONTENTS Page Trustees report 1-16 statement of trustees iesponsibilitie5 17 Independent audito¢s ￿ port 18-21 Consolidatsd Statement of financial activities 22-23 Consolidated Balancè Sheat 24 Charlty Balance Sheet 25 Consolidated Statsment of cash flows 26 Notes to the financial ststements 27-46 Age UK Hertfordshire Trustees AnnLJal Report (incorporating Directors Report) For the year ended 31 March 2024 Trustees Annual Report (including Directors Report) The trustees present their Trustees Annual Report (including Directors, Report) and consolidated group financial statements, for the year ended 31 March 2024. The group financial statements have been prepared in accordance with the accounting policies set out in the financial statements and comply with the charitys governing document, the Companie5 Act 2006 and "Accounting and Reporting by Charities,. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (as amended for accounting periods commencing from 1 January 2019). 1. Status. Principal Activity and Public Benefit 1 a. Purpose and Strategy The Age UK Hertfcrdshire group includes Age UK HertFordshire (the Charity) and a wholly owned subsidiary company Age UK Hertfordshire Trading Limited (the Trading Company), The Trading Company is currently dormant, Age UK Hertfordshire is a charitable company limited by guarantee {Charity number 1116662 and Company number 03539971, incorporated in England and Wales), governed by its Articles of Association dated July 2024, which supersede the Memorandum and Articles of Association dated 26 January 2009, its ameiidment by a certificate of incorporation on change of name dated 20 May 2010, and additional amendments made in December 2017 and April 2019, The object and principal activity of Age UK Hertfordshire is 'the promotion and well-bei ng of older people in Hertfordshire,. Age UK Hertfordshire is a Brand PartnerofAge UK. By reaching the quality standards required, Age UK Hertfordshire has entered into an agreement with Age UK and is therefore permitted to use the name, and brand logo, of Age UK to promote its services. Age UK Hertfordshire Trading Limited is a limited company (Company number 02911828, incorporated in England and Wales}, and is currently dormant due to the limited trading activity conducted and anticipated by the mai n Charity. Age UK Hertfordshire is a public benefit entity and the Trustees have g iven due consideration to the Charity Commission published guidance on the operation of the Public Benefit req u irement when reviewing the charitys aims and objectives and planning current and future activities. The Information In the Strategic Report (and Directors, Report) below outlines the activities the charity undertakes to fu rther its purposes, Age UK Hertfordshire is also a member of Age England Association (AEAI Age UK Hertfordshire is one of the largest charities providing services to older people in Herrfordshire and has a high level of recognition across the ststutory authoritie5, voluntary Sector and the public. Age U K Hertfordshire is working to improve later life for older people in Hertfordshire today, and for future generations and has supported over 24,000 people this year. Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2024 Our strategic plan consolidates a wide variety of feedback with over 50 years of experience working locally in the Hertford5hire ageing arena and with our National Brand Partner, Age UK. The mission of Age UK Hertfordshire is To Su ort older that hel make later life a fulfillin able ex erien eo le b deliverin servlces As ah organisation this is all about people. The way Age UK Hertfordshire tackles this mission is based on four key organisational values and a clear approach to the way the organisation approaches day to day work and challenges. Care - acting sensitively, with understanding and respect for all, especially older people Be effective- achieving the best outcomes for older people for the optimum use of resources to maximise our impact Innovate- seeking more effective ways to support older people, particularly using technology to improve digital inclusion Improve- Listening and learning from feedback and converting that leaming into better seNices for older people The following are our strategic objectives for 2021-2025.. To deliver free Services to support older people To take a proactive approach to the use of volunteers To deliver paid for seNices to support older people's independence, choice and control To generate add itional income by delivering low input, high potential output activities such as obtaining legacies and maintaining awareness (primarily online) of Age UK Hertfordshire's activities To ensure the effective strategic and financial management of Age UK Hertfordshire Age UK Hertfordshire Trustees Annual Report {incorporating Directors Report) Forthe year ended 31 March 2024 1b. Main activities to further the charity's purpose for public benefit Area of Work Activ@ Ageing ervices How we meet our aim5 A range of Day Clubs including 2 Asian Elder Day Centres Tea and Chat Groups Brainwaves Social Clubs We run a range of club5/artivities to help older people feel connected with their community, stay attive and reduce social isolation by providing social activities, physical exercise and nutritious meals. Some clubs focus on clients with mild dementia or memory difficulties. The Clitheroe Health & Wellbeing Centre and Dementia SeNice Befriending Visiting Scheme We provide regular face-to-face and telephone social contacL to help combat loneliness and social isolation. Telephone Club5 InTouch Emotional ort Information nd Advice Offering a higher level of emotional support over the phone. Information and Advice A telephone and community support service offering Information & Advice to older people. Including advice on benefit entitlements, LPAS, energy costs and Blue Badges. Scams Prevention Scams Prevention focuses on support sessions to reduce the risk that older people become the victim of scams. Hertshelp Hert5help is a seven day information and advice service for eo le who need hel and don't know where to turn In partnership with eight other voluntary sector organisations to provide support for people with Dementia, Mild Cognitive airment and memo Ioss alon with their carer5 and families. Workinq in partnership with six other voluntary sector orgdnisiltion5 to pravide support services for those discharged from hospital, those identified by their GPS and others as being vulnerable people in need of support to achieve independence and well-being, Dementla Services Hertswise Health Related Services H05pitsI & Community Navigation Service IHCNSI Link Workers work from GP suigeiies as part of the Social Prescribi ng agenda. They work closely with staff from HCNS to link people to 'social prescriptions, Link Workers IHCNS) Working with the Hertfordshire Community Trust and the Community Nutrition and Dietetics team supporting people who have social causes for malnutrition ensuring that they get the su ort the need to sta inde endent in the communit Bereavement support is a listening service for those living in the Dacorum area who are dealing with bereavement Nutrition & Dietetics se￿iCe Dacorum specific servlces Bereavement and Carer Support Carers support is offered to those living in the Dacorum area who iveun aid care to a relative, nei hbour or friend Cleaning, domestic tssk5, handyperson and gardening service which enables people to remain independent in their homes by su ortin them with dail activities. Paid Services Help in The Home, Handyperson and Gardenin Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2024 Age UK Hertfordshire delivers services which also meet the priorities of.. The Hertfordshire Health and Well-Being Strategy The Care Act 2014, including the rbeed to support carers The Hertfordshiro Joint Strategic Needs Assessment for Older People Hertfordshire County Council's IHCC) Adult Care SeNices Plan 2021-25 Age UK14ertfordshire is committed to its responsibilities of being a Brand Partner of Age UK by adhering to the Charity Quality Standard ICQSI, which we were initially awarded in June 2018 and again awarded the standard in October 2022. The organisation also holds the Advice Quality Standard (AQSI for its Information & Advice Service, awarded in October 2023. Both awards are valid for three years. Age UK Hertfordshire continuously monitors and measure5 key performance indicators to ensure that objectives and plans are being delivered effectively. Summary outputs of alternative measure5 are included in the relevant sections below to illustrate the extent of the organisation's operational activity during the year. 1 c. Actlvltle5. proJerts and services overview Active Ageing Our nineteen 10 to 3 and Young at Heart Clubs operate across Hertlordshire, meeting weekly in the communal lounges of sheltered housing 5cheines. Each club provides transport for those who need it, a nutritious lunch, socialisation, physical exercise, mental stimulation and digital inclusion. Our three Tea and Chat groups operate weekly across the Dacorum area and welcome older people to enjoy a hot drink and Social activities. All three groups are delivered from communal lounges of Dacorum Borough Council sheltered housing schemes. We deliver three weekly Brainwaves groups across the Dacorum area. These groups are social clubs for people to attend who are experiencing problems with their memory, The groups are modelled on Cognitive Stimulation Therapy. The Clithcroe Health and Wellbeing Centre in South Oxhey is run in partnership with Santtuary Housing. The centre offers a variety of 'active ageing, groups. We have a lunch club whlch operates five days week and provides transport for those who need it, as well as a nutritious lunch, socialisation, physical exercise, mental stimulation and digital inclusion. Alongside the lunch club we offer a Dementia Sewice which supports people with mild dementia, who are supported to enjoy and engage in person centred activities by a dedicated dementia support worker. There is the option for the dementia service clients to join in with the lunch club activities, or alternatively to enjoy bespoke activitie5 in a quieter area of the centre. We a150 run a weekly Seated Exercise group, a Coffee and Craft group and our popular Men in Sheds group from thi5 setting. Befriending Age UK Hertfordshire offers a countywide Visiting scheme and Telephone Club which enables older people living on their own to have links and connections to the outside world. It relie5 upon our very dedicated volunteer5, Without whom we could not offer the seNice. During 2023-24, 432 dedicated volunteers provided face to face visits, and via phone calls or online befriending sessions. This was an essential lifeline for those older people who already feel i501ated or alone. Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2024 Emotional Support InTouch provide5 a vital telephone support Service which supported 314 people aged over So with a range of health and wellbeing needs such as those who have had life changing experiences e.g. serious illness or bereavement. This support can act as a lifeline for many people who need someone to listen and talk in a confidential and impartial way. The impatt of the cost-of-living crisis has caused significant increases in anxiety, depression and concerns about the future so the team have been busy supporting with mental wellbeing of those individua15 by listening, building confidence, and empowering people to acce55 advice to explore potential options to help their situation. Information and Advice A comprehensive, county-wide Information and Advice Service operates across Hertford5hire, primarily through a local rate telephone line, but offering follow-up home visits where appropriate. During 2023- 24 we increased our face to face support with 955 home or outreach sessions. The service helped raise £7.5 million of unclaimed benefits for the older people. This is money that not only supported vulnerable older people in our local communities, but also supported the wider Hertfordshire economy. The service continued to deliver the Scams Prevention project and the Hertswise Community Information Network ICINI service which supported people living with dementia and their carers. The service also distributed £50,000 worth of food vouchers to vulnerable older people via the Household Support Fund in partnership with Hertfordshire County Council. Age UK Hertfordshire and Citizen5 Advice Stevenage joined forces to provide the Hertfordshire Advice Provider5 Partnership (HAPPI and successfully tendered for the HertsHelp contract from September 2023. Hertshelp is there if people need help and don't know where to turn and is Hertfordshire's 7-day information and advice service. The HertsHelp team listen, research, rèfer and signpost people to community services in Hertfordshire. During 2023-24 it received 46,510 calls, and supported 10,177 people were supported with a range of issues. Income and Expenditure for Hertshelp in included within 'Hertshelp and other projects. in the financial statements. Hertswlse Dementla Servlces Age UK Hertfordshire is the lead body of the Hertswise project, a partnership with local voluntary sector organisations, supporting people living with dementia, low level memory loss or mild cognitive impairment,. as well as their families and their Carers. The project alms to ensure that people of all ages, livlng with dementia in Hertfordshire, can access information, advice, activities, and support. During 2023-24 the project continued with its innovative support provision with the Carer Respite service and two Maintenance Cognitive Stimulation Therapy (MCSTI groups, specialist support provided before a possible dementia diagnosis, that is currently funded by AUK National. Health Related Services - Hospital and Communlty Navigation Service (HCNS) We are one of seven partners delivering the HCNS service, offering a comprehensive package of social prescribing support for vulnerable people identified by GPS, Social Worker or self-referrals, as well as those discharged from hospital, including from Accident and Emergency and Urgent Care departments or intermediate care. It includes support for people at risk of re-admi5sion and deliver5 a smooth transition from 5hort-term intervention into mainstream activities that maintain longer-term well-being and independence. This is a county-wide support seNice for people needing help through social prescribing and practical support to help avoid admission and readmission to hospital and reduce dependence on primary care. Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2024 In 2023-24, the HCNS service continued to be the frontline response service for the voluntary sector and was instrumental in supporting vulnerable people with food parcels, prescription collections and welfare calls. The service works very closely with the hospital teams to ensu re timely patient discharge and helping with their capacity to treat the surge in demand for patient treatment. We a150 continued working with GP Surgeries a5 Part of the Link Worker program. This WO￿ is part of the Social Pr￿crIb1llg agenda, 5UPPOrting people's unmet needs, with the aim of reducing the number of visits to GP surgeries for non-medical issues. Health Related Services - Nutrition and Dietetics Support In 2023-24, we continued to work in partnership with the Hertfordshire Community Trust, on the Nutrition and Dietetics Service, where we work with a teain of dietitiark5 to 5UPPOrt patients who have a social cause for their malnutrition i.e. low income, loneliness, lack of social support etc. Dacorum Bereavement Ustening Support The Bereavement se￿iCe offers local support to those living in the Dacorum area who are dealing with bereavement. Older people are supported with a wide-ranqing impact that bereavement can have. During 2023-24, 99 people were supported through 2,245 support call5. Dacorum Carer Support The Carers Support setvice offers support to people living in the Dacorum area who give unpaid care to a relative, neighbour or friend. The service provides one-to-one emotional support and prartical guidance to help Care￿ in their role, either face to face or over the telephone. It also provides two carer support groups that meet monthly with enables carers to share their experiences and provide much needed peer support to one another in a friendly and non-judgemental environment. The service has proviéed support to over 200 people, including 109 new carers. Paid for Services Help in the Home is a paid-for seNice that provides cleaning, domestic tasks, and support for activities such as shopping, and it is available across the county. During 2023-24, the service delivered 56,836 hours of doinestic support for older people across Hertfordshire, helping them to maintain their independence, by being able to live in their own homes. We are currently in the process of expanding the service in the West E55ex area to support older people following the closure of Age UK Essex. Handyperson and Gardening is a paid for service, offering a range of basic welfare seNices covering small jobs around the house and basic gardening tasks. This service is expanding rapidly and this year it provided 2,461 hours of support to 1,168 people. As part of the winter warmth seNice it provided 49 checks to older people ensuring they had equipment and advice to keep warm during the winter. Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 21 March 2024 2. Achievements. volunteers. funding and income Age UK Hertfordshire has continued to provide a wide range of selvices to older people in the COLJnty throughout 2023-24. During this period the organisation merged with Age UK Dacorum, which enables us to provide more services to the whole of Hertfordshire, ensuring our reach to older people is improved. The tsble below summartses the scale of services provided during 2023-24. ort Activi Number of older eo lesu Number of attendances at our clubs Amount raised for older le throu h welfare benefits Number of le reached via 5cam5 awareness Number of active volunteers Number of hours rovided throu Number of volunteer hours 2023-24 orted 27,613 £7.5 Million 761 eo eo 803 hHel in the Home 75,000 The number of attendances at our club5 is a rneasure of how many times people attended and not measure of individual client numbers. Volu nteer5 The work of Age UK Hertfordshire would not be possible without the contribution of volunteers working across all projects and all geographical areas. In 2023-24, our dedicated and committed volunteers continued to deliver much needed support to older people through Befriending, Information and Advic¢ Lunch clubs and Hospital Discharge support. We were fortunate to have 803 active volunteers during this period. All volunteers joining Age U K Hertfordshire go through a structured recruitment process, followed by thorough induction and appropriate training for their role. We have raised our focus on recruiting Volunteers during this period with our Volunteer Coordinator as these roles are critical to the provision of our core activities. However, we have experienced challenges in recruiting and retaining volunteer colleague5 due to rnacro conditions that exist within the paid and volunteer UKjob markeL Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2024 Principal Funding Sources Age UK Hertfordshire is very grateful to the following as the principal sources of funding to er)able the charity to carry out its objectives and support our clients Funders Funders Hertford5hire County Council {HCCI East & North Herts and Herts Valleys Clinical Commissioning Groups (CCGS) / Hertfordshire Primary Care Networks {PCNs) Dacorum Borough Council Sanctuary Housing Co-operative Group Childwick Trust Hertfordshire Community NH5 Trust Welwyn Hatfield Borough Council The Florence Cohen Charitable Trust Age UK (National} Hertfordshire Community Foundation Many local Hertfordshire local businesse5 Hertfordshire Care Providers Association (HCPA) In addition, we are grateful to the clients that use our paid-for seNices,' for the kind and generou5 donations from individuals and organisations,- for the fund raisers giving up their timo to raising money on our behalf and for those who remember us in their wills. Paid-for services, donations and legacy income are vital sources of unrestricted income to help us to continue to support the older people of Hertfordshire, both now and in the future. Income In 2023-24, Age UK Hertfordshire received and generated incomeof £5,192,166 from a range ofsources, as shown below. Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2024 INCOME SOURCES 2023-24£ Othtty IAcom8,£67352 Dènikns& L¢8aekn, %37,eoi Incom•fj•nqrÈt4d, É¥627,206 Gr•ntt•DdCon￿rtJ, Mo￿¥r-TrI￿sr?rD1 ftgHrvg5.É4919 The majority of income generated is Specifically aligned to the delivery of individual services. Further detail on income received in the year can be found in the Financial Review settion and in the note5 to the financial ststements {note5 2 to 6). Fundraising activities were primarily focused on trusts and grant applications. In addition to several successful grant applications we were also fortunate to receive donations and legacies of £37k during the period, which helped us to support the services and older people as a result. Since June 2018 the charity has been registered with the Fundraising Regulator and 15 committed to following the Code of Fundraising Practice and the Fundraising Promise. We publish clear information about our complaint5 procedure on our website, which members of the public can access. To ensure that we do not carry out any fundraising which involves unreasonable intrusion on a person's privacy, is unreasonably persistent or places undue pressure on a person to give money or other property we ensure all staff and volunteers involved in fundraising are trained and inducted to cary out the charitls work ethically and responsibly. 3. Plans for Future Periods All our HCC contracts continued throughout 2023-24 and the majority have been extended through 2024-25, The exception is the Hertswise Demerbtia contract which went through a tender proce55 for a new Dementia Contract commencing October 2024. AUKH have been awarded part ofthe new contract but the total value of the new contract will be lower than the HertSWi5e Contract. We don't anticipate this change having a significant impact on the financial stability of the organisation During the coming year we will be continuing our focus on the recruitment, training and engagement of our casual Home Helper and Volunteer staff. During the past yeai we have experienced continued staffing supply challenges. These roles are critical to the provision of our core activities and we are dedicated to building our colleague numbers in 2024-25. Age UK Hertfordshire Trustees Annual Report {incorporating Directors Report) For the year ended 31 March 2024 As detailed in the financial review, we have reviewed our reserves policy in 2024 and our unrestricted reseNes at the end Df 2023-24 are within the range of 3 to 9 months of organisational expenditure that has been set by the trustees as part of the reserves policy. We are using some of our unrestricted reserves to invest in areas that will expand the charity activities to further improve the lives of older people, and for vital operational investments such as volunteer recruitment. Two significant investments are the continued expansion of our Home Helper service into West Essex and growing our Handyper50n and Gardening service. During 2023-24 we completed the merger of Age UK Hertfordshire (AUKHI with Age UK Dacorum IAUKDI. This merger has combined the resources of the two charities to ensure our future sustainability so that we are able to support more people over the coming years. As part of the merger all AUKD colleague5 and resources, and the setvices currently provided have been transferred to AUKH. This includes the transfer of the cumulative reseNes of £499k. 4. Financial Review 4a. Financlal Overvlew Flnancial Summary Income Expenditure Net Income / Expenditure 2022-23 £ 3,983,903 3 558059 425,844 2023-24 £ 5,192,166 4,496619 695,547 Reserves Restricted Unrestricted - Designated Unrestricted - General Total ReseNes 2022-23 £ 121,427 824,947 1302,579 2 248 953 2023-24 £ 107,239 717,105 2 120,156 2 944 500 The Board of Trustees approved a budgeted operating deficit of {£103,9201 for the year ending 31 March 2024. In 2023-24 the organisation is reporting a surplus of £695,54712023'. £425,844), which is £799,467 better than the approved budgeted operating surplu5. The biggest driver of the significant surplus for the year was the transfer of the Age UK Dacorum Reserves as part of the merger. The amount transferred was £498,998. Other than the reserves transfer, the financial result for 2023-24 ha5 been helped by additional funding received frDm grant applications made during the year and a continuou5 focu5 on cost control throughoLrt all areas of the charity. Further information on all income and costs incurred in the year are set out in notes to the financial statements. 10 Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2024 4b. Reserves Each year the Board of Trustees make a review of the organisation's ReseNes Policy considering both the main risks to the organisation and the amount, and type, of reserves needed to support the variety of services it delivers, as well as their various working capitsl requirements. The Reserves Policy considers and quantifies the types and monetary values of funds required by the organisation. The aim of the policy is to ensure that sufficient and appropriate designated and general reserves are available to meet the organisation's needs in term5 of working capital, future development committed expenditure and statutory obligations. The policy also ensures that any unspent restricted funding remaining at the year-end is ring-fenced in a separate restricted fund las this must be returned to funders if not used for the activities outlined in the funding agreement). As at 31 March 2024 Age UK Hertfordshire's total reserve5 amounted to £2,944,50012023- £2,248,953) with total unrestricted funds of £2,837,26112023'. £2,127,526). More details on the types of funds held are set out below. Restricted Funds Restricted funds include unspent grant and contract income that can only be used on specific activities lin line with the requirement5 set out in funding agreements) and therefore has been ring-fenced separately in the accounts. These funds are shown in notes 18 to 20 of the financial statements. Unrestrlcted Designated Funds In line with the ReseNes Policy operational and strategic funds have been designated to 5UPPOrt the organisation's strategy, operational needs and working capitsl requirements. The designated strategic and operational funds at the year-end include: IT Development Fund (for the replacement of IT hardware, rr infrastructure and the development of organisational 50ftware and database systems under the organisation's digital strategy), General Project Development Fund (for project continuation, matched funding and the development of new projects), Staffing Commitments Fund (in relation to anticipated fijture staffing commitments), Building Dilapidations and Premises Fund (for reinstatement of premises at the end of current leases or to enable office / service delivery location moves or buildings alterations resulting from organisational or operational changel. Working Capital Fund to meet the working capital requirements of two key projects, Hertswise and Help in the Home,. the annual c05t of the Information and Advice fund which is an unfunded project within the charity, and other commitments that the trustees identify. Fund5 reserved for expansion projects. These funds are shown in notes 18 to 20 of the financial statements. 11 Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2024 Unrestricted General Funds The organisation's revised Reserves Policy states that an amount of unrestricted reserves should also be held to cover the general working capital needs of the organisation and to cover ongoing regular expenditure. As cash-flow requirements vary, depending on the number of current projects and payment processing timetables, a target range of unrestricted general funds is considered appropriate to ensure sufficient finances for the future. The organisation's revised Reserve5 Policy is to hold between 3 and 9 months of 'Organi5ational Expenditure, as unrestricted general funds. The balance of the organisation's re5erve5 (after allocations to restricted and unrestricted designated funds) are held as unrestricted general funds. As at 31 March 2024 this amount5 to £2,120,156 and is shown in note 19 of the firbancial statements. This equates to approximately 6.5 months of 'Organisational Expenditure,, which is at the target level of our reseNes policy. We are using some of our unrestricted reserves to invest in area5 that will expand the charity activities to reach and benefit more older people. The two main investments are the expansion of our Home Helper service into West Essex and growing our Handyperson and Gardening seNice Total Reserve Levels By reviewing and updating the organlsatlon's Reserves Policy the Board of Trustees has examined the risks to, and the level of reserves required by, the Charity to continue to del iver services to benefit the older people of Hertfordshire, In the Trustees, view the level of reseNes held at 31 March 2024 provide the chaiity with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future. 4c. Trading Subsidiary The Trading subsidiary had no trading activity during 2023-24 and is dormant. Age UK Hertfordshire Trustees Annual Report (incorporating Direclors Report) For the year ended 31 March 2024 4d. Pension Liabilities Age UK Hertfordshire operates a multi-employer defined contribution pension plan with The Pension TrusV5 ITPD Growth Plan Serie5 4, with all employees eligible to join the scheme under auto enrolment legislation. Contribution levels of between 30k and 6% were paid by the charity in 2023-24 and these rates will continue for future financial periods and increase in line with any legislative requirements. Series 1, 2 and 3 of the Plan are classed as defined benefit pension plans and are closed to new entTrnts and future accruals for existing employees. The organi5ation is currently making deficit contributions to Series 1 and 2 of the Growth Plan (Defined Benefit Schemes) under an arrangement with TPT that will continue until January 2025. The deficit contributions for 2023-24 were £1,18712022-23.' £2,513) and are expected to be £989 for 2024-25. The latest triennial valuation of the scheme has revealed a shortfall of assets compared with the value of liabilities, the share attributed to Age UK Hertfordshire is £19,940. This would only be payable if Age UK Hertfordshire had no contributing member5 in the Scheme. The Trustees have no plans to withdraw from the scheme at the current time. 40. Investment Policy Under the Articles of Association, the trustees have the power to deposit or invest funds in any manner the trustees could use a Financial Expert from time to time if they feel this is necessary.. The charity holds financia l assets to fund current projects or those most likely to be Commenced in the near fiJture, The Trustees consider that it would, therefore, be inappropriate to commit funds to longer term equity based investment5 and the risk inherent in them. To manage general risks, the economic situation and the uncertainty of fijture income the Trustees will review their attitude to risk on an annual basis and give investment guidance to the CEO and head of finance for the following year. FOT FY2S the guidance is to invest approximately 113nl of the cash balances in a risk free deposit accou nt and approximately 2/3rd of the cash balance in the COIF investmenl account which carries a very minor risk exposure which the trustees have deemed is acceptable and in line with their risk appetite. 4f. Risk Management The Trustees meet 6 times per year and the focu5 of each meeting is set out in an annual governance plan. The plan ensures that the Board regularly review the relevant aspects of the charIt￿S risks and the full risk register 15 reviewed quarterly. The organisation ha5 a range of policie5 and procedures, covering all aspects of the management of the organisation, to minimise risk. The TNstees have reviewed internal controls over financial, health and safety and operating systems and believe that they are sufficient to minimi5e significant risk5. All the charitls operating systems policies, financial results and forecasts are reviewed on a regular basis, The level and scope of the charity's insurance cover is reviewed each year before renewal. The Trustees are confident that the present obligations of the charity can be met from the resources held and that the financial position of the charity is sufficiently robust at the current time. A strategic review has shown that the loss of any individual income stream would not place the charity at immediate rist reserves are sufficient to allow a timely withdrawal whilst minimising hardship to clients. Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) Forthe year ended 31 March 2024 4g. Going Concern At the year end the Trustees consider that the charity has adequate reserves to continue to develop and provide setvices for the foreseeable future. The financial statements have therefore been prepared on the basis that the charity is a going concern, as described in the ststement of accounting policie5. 5. Structure. governance and management Board of Trustees The Board of Trustees consists of a. The Chair of the charity b, Four or more other per50n5 elected by the charity5 members at the Annual General Meetlng, though the Board may function with two other persons for a period not exceeding six months if necessary. c. Any persons joining the Board throughout the year may be co-opted by the board, with voting rights, and may be elected onto the Board at the next Annual General Meeting. Charity Trustees, once appointed at an AGM, shall hold office for an initial term of three years and may be reappointed for further terms of three years each. Any further reappointment will be confirmed by the Chair, thc decision based on the effectiveness of the trustee as demonstrated in the annual evaluation proce55. New Trustees are recruited via external recruitment campaigns, which include advertising on the organisation's webslte, uslng social media and using third party recruitment sites. A stsge inteNlew process is carried out by the Board and includes candidates, observation of at least one Trustee meeting. The organisation has a Volunteers Policy and inducts all new volunteers into the organisation. In addition, new Trustees are given suitable training and a more detailed induction to the organisation and its services to enable them to fulfil their voluntary role. None of our trustees receive any remuneration for their role but are entitled to claim reimbursement for out of pocket expenses incurred during their role, Name Honora role from A rll 2023 Chair&Trustee-Appointed 2411012017 TN5tee- Resi ned 10/0412023 Tru5tee- Appointed 13/1112019 Co. Secreta -A ointed 3010912020 Trustee - A ointed 2511112020 Trustee - A ointed .31101/2023 Trustee-A ointed 31101/2023 Trustee- A ointed 31101/2023 Trustee- A ointed 3110112023 Trustee- A ointed 31/0112023 Trustee- ointed 24111/2023 John Ellis Victoria Tassell Jenny Wiles Robin Kember Dee ali Manek Samuel Ta enden Jod Tate Ste hen Quiddin Linda Westswa Paul Franc ton 14 Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2024 Decision Making The organisation's Delegation of Authority policy sets out the key decisions and approvals that remain the responsibility of the Board. The Trustees vote on any such decisions and approvals lin line with the organisation's governing document) and a majority of votes in favour are needed to ratify them. Policies and Procedures As a Brand Partner of Age UK, Age UK Hertfordshire adheres to, and is assessed againsL the Age UK Organisational Quality Stsndords, However, a5 an independent charitable company the organisation has the autonomy to develop and implement its own policies and procedures to meet both these standards and our statutory and legislative responsibilities. The trustees ensure there is a programme of regular review of policies and procedures. External Relationships The organisation operates under formal agreements with many of the aforementioned funders and also partnership agreements to deliver Community Dementia 5ervice5, Hospital and Community Navigation SeNices, the Nutrition and Dietetics service and Hertshelp as outlined in the Objectives, Strategy and Future Plans section above, Management Structure The day to day management of Age UK Hertfordshire is delegated to the Chief Executive Officer ICEO), who reports to the Board of Trustee5 through the Governance structure and the Board meetings. Line management is provided by the Chair. The CEO leads a Senior Management Team, who are responsible for the day-to-day management ofAge UK Hertfordshire. Senior Management Team Chief Executive Mark Hanna Dlrectors of Operatlons Caroline Player Carla Johnson Head of Finance Mark Brennan Company Secretary Jenny Wiles {unpaid role- also a Trustee) Senior Management Team Remuneration The remuneration of the Senior Management Team is the responsibility of the Board of Tru5tee5 and this is reviewed annually in line with the organisation's Remuneration and Benefits Policy. Pay scales are in place that take into considerotion the skills and experience required of the roles, the structure of the organisation and thè organisation's financial position. Pay scales are reviewed periodically as part of the strategiG financial and resource planning. Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2024 Régistered Offlce and Princlpal Address First Floor Beane Bridge House 34, Chamber5 Street Hertford Hertfordshire SG14 1PL Auditors Myers Clark Egale 1 80 St Albans Road Watford Hertfordshire WD17 1DL Bankers Barclays Bank plc 78 Turners Hill Cheshunt Hertfordshire EN8 9BW CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET Appreciation and Board of Trustees Approval The Board of Trustees would likp to record its appreciation and thanks for the work and support of the Senior Management Team, all members of staff and all volunteers. The Trustees Report Bnd Strategic Report lincluding Director's Report) were approved by the Board of Trustees. Si9ned on behalf of the Trustees and Directors on 26 November 2024 by.. John Ellis Chair 16 AGE UK HERTFORDSHXRE STATEMENT OF TRUSTEES RESPONSIBIUTIES FOR THE YEAR ENDED 31 MARCH 2024 The trustee5, who are also the directors of Age UK Hertfordshire for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards {United Kingdom Generally Accepted Accounting Practicel. Company Law ￿qUireS the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year, In P￿Paring these financial statements, the trustees are required to: select sultable accountlng pollcies and then apply them consistently,. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,, and prepare the fSnan¢ial statements on the going concern basis unless it is inappropriate to presume that the group will continue In operatlon. The trustees are responsible for keeping adequate accounting record5 that disclose with reasonable accuracy at any time the financial position of 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 group and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularitie5. In so far as the Trustees are aware,. there is no relevant audit information of which the companys auditors are unaware., and the Trustees have taken all steps that they ought to have tsken, in order to make themselves aware of any relevant audit information and to estsblish that the auditor5 are aware of that information., the ffjsponsibilities set out above have been fulfilled. The financial ststements comply wlth the Charities Act 2011, the Companies A¢t 2006, the Memorandum and Article5 of Association and Accounting and Reporting by Charities., Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 (as amended far accounting periods commencing from l January 20191. Certaln tradlng operatlons are conductèd by Age UK Hèrtfordshire Trading Limited (company number 29118281, which is under the control of Age UK Hertfordshire. The profits are applied to the object5 of Age UK Hertfordshlre, through corporate gift aid donations from the company to the charity. 17- AGE UK HERTFORDSHIRE INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF AGE UK HERTFORDSHIRE Oplnlon We have audited the financial statements of Age UK Hertfordshire and its subsidiary (the 'group'l for the year ended 31 March 2024 which comprise the statement of financial activities, the balance 5heeL the statement of cash flows and the notes to the financial ststements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kingdom Accounting Standards, including Financial Reporting Stsndard 102 The Financial Reporting Standard opplicable in the UK and Republic ofJrelandlUnited Kingdom Generally AC￿pted Accounting Practice). In our opinion, the financial statements.. give a true and fair view of the state of the group's affairs as at 31 March 2024 and of its incoming resour￿5 and application of resources, for the year then ended,. have been properfy prepared in accordance wlth United Kingdom Generally Accepted Accounting Practlc and have been prepared in accordan￿ with the requirements of the Companies Act 2006. B)$ls for oplnlon We conducted our audit in accordance with InternatiDnal Stsndards on Auditing (UK) USA5 IUKI) and applicable law. Our responsibilitie5 under those stsndards are further described in the Auditor's respon51bilities for the audit of the financial statements section of our report. We are independent of the 9roup in accordance wlth the ethical quirements that are relevant to our audit of the financial statements in the UL including the FRC'S Ethical StsndaTd, 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. Concluslons r•latlng to golng ¢on¢ern In auditing the financial statements we have concluded that the trustees use of the golng concern basis of accounting Sn 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 tha( individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue, Our responsibilities and the responsibilitie5 Of the trustee5 Wlth respect to going concern are described in the relevant sections of this reporL Oth•r Informatlon The other informatlon comprises the information included in the annual reporL includlng the trustees, report, other than the financial ststements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual reporL Our opinion on the financial ststements 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 15 to read the other information and, in doing so, consider whether the other inf¢miation is matewially inconsistent with the financial statements or our knowledge obtained in the course of the audi¢ or otherwise appears to be materlally misstated. If we identify such material inconsistències or apparent material misstatementg, we are required to determine whether this gives rise to a material misstatement In the financial statements themselves. If, based on the work we have performed, we conclude that there 15 a material misstatement of this other information, we are required to report that fact, We have nothing to report in this regard. Oplnlons on othér matters pre5crlbed by the Companlè$ Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the trustees report for the financial year for which the financial ststement5 are prepared, which includes the directors, report prepared for the purposes of company law, is consistent with the financial statements,. and the directors, report included within the trustees report ha5 been prepared in accordance with applicable legal requirements. 18- AGE UK HERTFORDSHIRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF AGE UK HERTFORDSHIRE Matters on whlch we are r•qulrèd to r•port by èxe•ptlon In the light of the knowledge and understanding of the group and its environment obtsined in the coutse of the audit we have not identified material mi5Statements in the directors. report included within the trustees report We have nothing to report in respect of the following matter5 in ￿latiOn to which the Charitie5 (Accounts and Reports) Regulations 2008, Charities Act 2011 and Companies Act 2006 require us to report to you if, in our opinion: the infr>rmation given in the financial statements is inconsistent in any material Tespect with the trustees report or suff icient accounting records have not been kepL or the financial ststements are not in bgreement with the accountlng records,. or we have not received all the information and explanation5 we require for our audlL R•sPo￿lb1ltt1a$ ol truste As explained more fully in the statement of trustees responsibilitie5, the trustees, who are a150 the directors of the group for the purpose 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 intemal control as the tiustees determine is necessary to enable the preparation of financial statement5 that are free from material misstatemen( whether due to fraud or error. In preparing the financial ststements, the trustees are responsible for assessing the group's ability to cOntin￿e as a golng concern, di5c105ingi as applicable, matters related to going concern and us5ng 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. Audltr•r's responsibllltles for thé audlt of the flmnclol statements We have been appointed as auditor under sectlon 144 of the Charitles Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtsin reasonable assurance about whether the financial ststemonts as a whole are fffte from material misstatement whether due to fraud or error, and to issue an auditor's report that includes our opinion. Rea50nable assurance is a high level of assurance but is not a guarantee that an audit conductsd in accordance with ISAS IUKI will always detect a materi81 mi55tstement when it ex15ts. 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 economlc decisions of users tsken on the basis of these financial statements. The extent to whlch our procedures are capable of detecting Irregularitie5, including fraud, is detailed below. 19 AGE UK HERTFORDSHIRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF AGE UK HERTFORDSHIRE Th• •xt•nt to which the audlt was conslder•d capabl• of d•tKtlng Irrqgul•rltles in¢ludlny fraud In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulation5, we considered the following,. The nature of the industry and sector. control environment and business performance in¢luding the design of the remuneration policie& key drivers for trustee remuneration, bonus levels and performance targets,. results of our enquiries of Management about their own identrfication and assessment of the risks of irregularities; any matters we identified having obtained and review the ¢harltsble companls documentaticn of their policies and procedures relating to; identifying, evaluating and complying with law5 and regulation and whether they were aware of any instances of non-compl]an￿- detecting and responding to the risks of fraud and whether they have knowledge of any actuaL suspected or alleged fraud,. the internal controls established to mltlgate risks of fraud or non-compliance with laws and regulations,, the matters dlscussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISA5 IUKI, we are also required to perform specific proCedU￿S to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates In, focusing on provisions of those laws and regulations that had a direct effect on the detemiinatlon of material amounts and disclosures In the flnancial statement5. The key laws and ￿9￿latIonS we consldered in this context included the UK Companies Act. In addition, we considered pn)visions of other laws and regulatlons that do t￿t have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avold a material penalty. These included the Employment law. Audlt rnspons? to rlsks Id•ntlfl To address the risk af fraud through management blas and override of controls, we: performed analytical procedures to identify any unusual or unexpected relationships,. tested journal entries to identify unusual transactions; assessed whether judgements and assumptions made in determining the accountlng estimates were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions, In response to the risk of irregularltles and non-compliance with laws and regulations, we deslgned procedures which included, but were not limited to: agreeing financial statement disclosures to undertying supporting documentatiorn reading the minute5 of meetings of those charged with governance,. and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures describÈd above. The more removed that law5 and regulations are from financial transaction5, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures Tequired to identify non-compliance with law5 and regulations to ènquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise frorn error as they may involve deliberate con￿alment or collusion. -20. AGE UK HERTFORDSHIRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF AGE UK HERTFORDSHIRE A further description of our responsibilities is available on the Financial Reporting Council'5 website at.. https'.11 www.frc.org.uVauditorsrespon5ibilities. This description forms part of our audTtorfs report. Use of our report This report 15 made 501ely to the charitable companls members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and part 4 of the Charities IAccount5 and Reports) Re9ulations 2008. Our audit work has been undertaken so that we might state to the charitable cornpany's trustees those matters we are required to state to them in an auditors, report and for no other pU￿OSe. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charity's trustees as a body, and the charitable company's trustees a5 a bodyi for our audit work, for this repor¢ or for the opinions we have formed. Mye ark Ch•rtered Accountants Statutory Auditor Egale I 80 St Albans Road Watford Hertfordshire WD17 IDL 21 AGE UK HERTFORDSHIRE CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restrlcted funds funds Total 2024 Total 2023 Notes owmèn Donations and legacies Charitable activities Other trading activities Investments Other income 37,563 3,277,672 14,390 67,252 498,998 37,563 4.573,963 14,390 67,252 498,998 411,764 3,536,758 15,503 19,878 1,296,291 Total Income 3,895,875 1,296,291 5,192,166 3,983,903 Raising funds 66,804 66,804 32,169 Charitable activities 3,530,488 899,327 4,429,815 3,525,890 Total re59urcés éxpended 3,597,292 899,327 4,496,619 3,558,059 Net Incomlng r•5purces b•for• trnnsfers 298,583 396,964 695,547 425,844 Gross transfers be￿een funds 411,152 {411,1521 Net incom•/(expendlture) for the year/ N•t movement In funds 709,735 {14,188) 695,547 425,844 Fund balances at l April 2023 2.127.526 12L427 1248,953 L823,109 Fund b)lanc•s ot 31 MJr¢h 2024 1837,261 107,239 1944,500 1248,953 The statement of financial actlvltles Includes all gain5 and105ses recognised in the year. The statement of financial activities includès all gains and losses recognised in the year. All income and expenditure derive from continuing activitié The Statement of financlal actlvlties also complies with the requirements for an income and expenditure account under the Companies Act 20D6. AGE UK HERTFORDSHIRE CONSOUDATED STATEMENT OF FINANCIAL AcfiviTIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR EIVDED 31 MARCH2024 Consolidated Statement of Flnanctal Actlvltles (Prlor year detsll) Unrestrlcted Restrlcted funds funds Total 2023 Not89 Income and endowmènts from: Donations and legacies Charitable activities Other trading acknvities Investments 411,764 2,442,080 15,503 19,878 411,764 3,536,758 15,503 19,878 L094,678 Totsl income 2,889,225 1,094,678 3,983,903 Expendlture an: Raising funds Charitable activities 31169 168&458 32,169 3,525,890 837,432 Total resources expended 2,720,627 837,432 3,558,059 Net In¢omlng/(outgolng) r¢$our¢e$ before transfers 168,598 257,246 425,844 Gross transfers between funds 287,765 1287,7651 Net income/(expenditure) for the yearl Net incomlng/(outgoing) resources 456,363 130,519) 425,844 Fund balan￿5 at 01 April 2022 1,671,163 151,946 L823,109 Fund balAne•s at 31 Morch 2023 1127,526 121,427 2,248,953 -23- AGE UK HERTFORDSHIRE CONSOUDATED BALANCE SHEET ASA T31 MARCH2024 2024 2023 Notes Current •ssèls Debtors Cash at bank and in hand 15 549,979 2,787,059 476,003 116L961 3,337,038 1637,964 Credito￿. amounts tslling due wlthln one year 16 1392,538) (389.0111 Net current assets Z944,500 1248,953 Income funds Restricted funds 18 107,239 121,427 Designated funds General unrestricted ￿ndS 19 19 717,105 1120,156 824,947 1,302,579 2,837,261 1127,526 2,944,500 1248,953 These flnanclal statements have been prepared in accordance with the provislons applicable to companies subject to the Small companies, regime. The al statements were approved by the Trustees on 26 November 2024 J hn Ellis rustee Company Reglstration No. 03539971 -24- AGE UK HERTFORDSHIRE CHARITY BALANCE SHEET ASA T31 MARCH2024 2024 2023 Notes Flxèd assets Investment5 14 Current assets Debtors Cash at bank and In hand 15 549,979 2,787,059 476,003 2,161,961 3,337,038 2.637,964 Credltors: amounts falllng due whhln oné yéar 16 (391539) (389,0121 Net current assets 2,944,499 2,248,952 Total aMet$ lèss current Ilabllltl•$ 2,944,500 1248,953 Income funds Restricted funds 107,239 12L427 Designated funds General unrestrictsd funds 19 19 717,105 2,120,156 824,947 1,302,579 1837,261 2,127,526 1944,5 1248,953 These financial ststements have been prepared in accordance with the provisions applicable to companie5 subject to the small companies, reglme. The ial statements were approved by the Tru5tses on 26 November 2024 hn Ellis Trustee Company R•glstratlon No. 03539971 -25- AGE UK HERTFORDSHIRE CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH2024 2024 2023 Not•s Cash flow5 from oporatlng activit1•$ Cash generated from operations 25 557,846 290,900 Investin9 activitl•s Interest received 67.252 19,878 Net cash generat¢d from Investing 4rtiviti•s 67,252 19,878 N*t ¢ash us•d In financlng actlvftles Net In¢rease in cash and ￿5h •qulvalents 625,098 310,778 Cash and cash equivalents at beginning of year 2,161,961 1,851,183 Cash and cash •qUI￿1•nts at end of y￿r 2,787.059 2,161,961 Relating to: Cash at bank and in hand 2,787,059 2,16L961 The charlty has taken advantsge of the disclosure exemptions in paragraph 1.12 of FRS 102 in ch005ing to not prepare a separate charity statement of cash flows. The charity's Statement of cash flow5 is consolidated in the consolidated statement of cash flows above. -26- AGE UK HERTFORDSHIRE NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting poli¢ies Charlty Informatlon Age UK Hertfordshire is a private company limited by guarantee intorporated in England and Wales. The registered office is First Floor, Beane Bridge House, 34 Chambers Street, Hertford, Herts, SG14 IPL 1.1 Accounting ¢onvention The consolidated financial 5tstements have been prepared in accordance with the group's governing document the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). (as amended for accounting periods commencing from l January 20191 and the Charlties Act 2011. The group Is a Public Benefit Entity as deflned by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amount5 in these financial statements are rounded to the nearest £. The financlal statements have been prepared under the hSstorical cost conventlon, Imodified tc Include the revaluation of freehold properties and to Include investment properties and certain financlal instruments at fair valuel. The principal accounting policies adopted are Set out below. 1.2 Going concern At the time of approving the financial ststements, the trustees have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basi5 of accounting in preparing the financial statements. The trustees consider that there are no material uncertainties about the group's ability to continue as a going concem. 1.3 ChaiitJbl• funds Unrestricted funds are available for use at the dlscretlon of the trustees In furtherance of thelr charitable objectives, The charity has designated funds at the year-end which comprise fiJnds for thè IT e£ Communications Development Fund (for replacement of hardware and IT & communications infrastructure}, Project Development Fund (for the Information & Advice project continuation, matched funding and the development of new projects), Staffing Commitments Fund (in relation to anticipatsd future staffing commitments) and Working Capital Fund lin relation to the working capital requirements of key projects), For 11 operational designated funds èxpenditure is incurred on an ongoing regular basis. Restricted fund5 are Subject to specific conditions by donors a5 to how they may be used that a￿ narrower than the general charitable purposes of the charity. IA Income recognltlon Income is recognised when the group is legalty entitled to it after any performance conditions have been met, the amounts can be measured reliablyi and it 15 probable that income will be received. Cash donations are recognised on receipt Other donations are recognised once the group has been notified of the donation, unless performance conditions require deferral of the amount, Income tax recoverable in relation to donation5 received under Gift Aid or deed5 of covenant 15 re£ognised at the time of the donation. Legacies are recogni5ed on receipt or otherwise if the group has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. In the event that income is subject to conditions that require a level of performance before the charity is entitled to the funds, the income 15 deferred and not recognised until those conditions are fulty within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. -27- AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 Accounting pollcles (Contlnued) Donated good5, facilities and services provided to the charity are included as income (with an equivalent amount recognised as a costl where the value to the charity can be quantified. This 15 determined as the value of the donated goods facilities and services to the charity and is equivalent to the open market price the charity would have paid for them. No financial amounts have been included within the financial statements for the 5etvices provided by volunteers Interest on funds held on deposit is included when receivable and the amount can be measured ￿liablY by the charity; this is nonnally upon notification of the interest payable from the bank. Tumoverls measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and servi￿S provided in the normal course of busine55, and net of discounts, 1.5 Expenditure rncognltlon Liabilities are recognised as expenditure as soon as there is a legal or con51ructive obli9ation committing the charity to that expenditure, It is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure 15 accounted for on the accruals basis. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. All expenses including support and governance costs are allocated or apportioned to the applicable expenditure headings. Expenditure on ralslng funds comprises costs incurred in the trading subsidiary, fund ralslng and an apportlonment of governance and support costs. Expend5ture on charitsble activities includes an apportionment of govemance and support costs, Support costs a￿ initially identified between governance and other support costs. Governonce costs comprise all cost5 involving the public accountability of the charity and its compliance with regulation and good practice. These costs include statutory audit and legal fre5 together wilh an apportionment of overhead costs. Other support costs comprlse the general running costs of the charity. Support cost5 have been apportioned based on the full time equlvalent numbers of staff engaged in each activity. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Office assets for administration use costing more than £2,000 with an estimated useful life of at least 3 years are capitalised, Office assets purchased for project use are written off in the year of purchase. Depreciation is recognlsèd so as to write off the cost or valuatlon of assets less their residual values over their useful lives on the following bases: Fixtures fitting5 and equipment 3 to 4 year5 The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/ (expenditure) for the year. 1.7 Cash and cash équlvalants Cash and cash equivalents Include cash in hand, deposits held at tall wrth banks other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilitles. -28- AGE UK HERTFORDSHIRE NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 Accountlng poll¢les (Contlnuqd) 1.8 Flnancial Instruménts The group has elected to apply the provisions of Section 11 'Basic Financial Instruments, of FRS 102 to all of its financial in5tTuments. Financial instruments are recognised in the group's balance sheet when the group become5 party to the contractual provisions of the instrument. Financial assets and liabilities are offseL with the net amounts presented in the financial statement5, when there is a legally enforceable right to set off the recogni5ed amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultsneously. BJsi¢ financlalassets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constttutes a financing transaction, where the transaction is measured at the present value of the futUTe receipts discounted at a market rate of interest Flnanclal assets classified as receivable within one year are not amortised. Baslc fln•nclalll•bllfties Basic financial liabilities, including creditors and bank loans are initially recogni5ed at transaction price unless the arrangement constitutes a firbancing transactio￿ where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised, D•r•rognltkin flnanclal/labllttles Financial liabilities are derecognised when the group's contrartual obligations expire or are discharged or cancelled, AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 MARCH 2024 A¢countlng pollcles (contInu￿) 1.9 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits ore recognised immediately as an expense when the group 15 demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.10 Retirement b•n•f Its Payments to defined contributlon retirement benefit Schemes are charged as an expense as they fall due, 1.11 Pension scheme The charity offers membership of The Pensions Trust Growth Plan to all staff under the pensions audit enrolment legislation. The charity and staff members each contribute either the minimum percentsge contributions under auto enrolment or 6% of their salary to the scheme. The plan is a multi-employer defined benefit pension plan. It is not possible to identify the charitys share of the underlying assets and liabilities. Pension costs in respect of the scheme are charged as they are incurred. Donptlons and lega¢l•s Unrestrlcted Unrestrlcted funds funds 2024 2023 Donations and gifts Legacies receivable 19,561 18,002 33,939 377,825 37,563 411,764 -30- AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Ch)ritJble •¢ilvltlès FA• and Servlce level Perfornianc• •cdvlty In(om• 4gr•¢m8nts rnlatéd grants Total 2024 Total 2023 Fee and activity income Service level agreements Performance related grants L613,058 1,613,058 791315 2,168,590 1168,590 1,376,858 803,409 1,356,491 792,315 L613,058 792,315 2,168,590 4,573.963 3,536,758 Analysis by fund Unrestricted funds Restricted funds 1,600,857 12,201 1,67&815 49L775 3,277,672 1,296,291 792,315 1,613,058 792,315 Z168,590 4.573,963 For the y•ar ended JI March 2023 Unrestricted funds Re5tficted funds 1,376,858 [065,222 291,269 2,442,080 1,094,678 803,409 1,376,858 803,409 1,356,491 3,536,7S8 Gov•rnm•nt grants and other Support Included in performance related grants is £1,795,539 {2023.' £1,853,184) received from local authorities, the majority of which fvnds Active Ageing {£322,887112023', £328,6491, Health Related Services1£449,2621 (2023; £515,430), Vi51ting Scheme & InTouch1£265,360112023- £252,7441, Hert5Wi5e1£758,030112023: £699,7531, Handyperson & Gardening l£niD (2023: £50,000) and Other (£nil) (2023.. £6,608}. At 31 March 2024, all amounts in relation to these amounts werè expÉnd@d and the performance criteria had bèèn mèt12023.' AII amounts expended at the year endl. Other trading actlvltles Unr•strict•d Rvstrlcted funds fund5 Tot41 2024 Tot41 2023 Fundialslng Income other 240 356 14,150 15,147 14,150 Other trading artivities 14,390 14,390 15,503 For the year ended 31 March 2023 15,503 15,503 31 AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EJVDED 31 MARCH2024 Investments Unrostrfcted Unrestrfcted funds funds 2024 2023 Interest receivable 67,252 19,878 Other Incomè 2024 2023 Transfer of reseNes from Age UK Dacorum 498,998 Ralslng fundi 2024 2023 Other fundraising costs Staff costs Support costs 2,630 5L777 11397 3,036 21,741 7.392 Fundraising and publiclty 66,804 31169 66,804 31169 Net mov•m•nt In funds 2024 2023 The net movement in fund5 is stated after charging/(crediting): Depreciation of owned tangible flxed assets 259 -32- AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 10 Support & governance c05t$ 2024 2023 SUPPORT COSTS Staff costs Training, recruitment & travel Computer equipment Postagei printing & telephone Premises Depreciation Legal & professional Other support cost5 454,436 6,675 48,780 23,705 48,491 312,809 3,046 35,971 19,876 46,787 259 17,503 5,586 9,290 6,124 GOVERNANCE COSTS 67,938 127,232 665,439 569,069 Analysed betsveen Fundraising Charitable activities 12,397 653,042 7,392 56L677 665,439 569,069 Governance costs includes payments to the auditors of £13,10012023 £12,300) for audit fees and £5,55412022 £3,840) for accountancy and advisory fees. 11 Taxatlon The charity is exempt from taxation on its activities because all its Income 15 applied for charitable purposes. -35- AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Staff and Volunts•rs Number of employees GROUP GROUP Full tlme equlvalent employe• numbers 2024 2023 Numb•r Numbér Average head¢ount 2024 2023 Number Number Active Ayeing Visiting Scheme &ln Touch Information & Advice Hertswise Health Related Services Help in the Homes HP&G Fundraising Management and administration Hertshelp 28 li 25 12 li 30 237 20 235 25 46 17 46 13 io li 341 312 119 loo The Help in the Homes numbers above include the following colleagues that have a casual contract of employment.. Average Headcount 210 (2023,. 211), Full tlme equlvalent employee nurnbers 3212023: 31). Employmfjnt ¢osts 2024 Graup 2024 Charfty 2023 Group 2023 Charlty Wagès and salaries Social securlty Costs Pension costs 3,077,003 172,984 109.390 3,077,003 172.984 109.390 2,342,233 132,063 182,805 1342.233 131063 181805 3,359,377 3,359,377 2,657,101 2,657,101 Employee B•n•fits Dl$clasur• The number ot employees receivlng total employee benefits exceeding £60,000 (excludlng pension costs) were,. 2024 Numb•r Z023 Numb•r £60,000 - £70,000 £70,001- £80,000 Totsl number of employees AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Staff and Volunteers (Contlnued) Dlsclosure on rodundancy and termlnatlon payments Total redundancy and termination payments in the year amounted to £25,35612023'. £10,7031 and related to redundancy and settlement payment5, Tennination payments are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination payments. At the balance sheet date {31 March 2024} all amounts due had been paid. P•nsion costs Staff are entitled to contribute to TPT'S Growth Plan Ithe Plan). The Plan is funded and is not contracted out of the state scheme. Series 1, 2 and 3 of the Plan is a multi-employer defined benefit pension plan. Series 4 of the Growth Plan is a defined contribution pension plan. Series 3 of the Plan closed on 30 September 2013 and from this date all contributions are paid in to the Plan Sertes 4. The Plan is a mutti-employer scheme which provides benefits to some 638 non-associated participating employers. The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came Into force on 30 December 2005. Thi5, together with the documents issued by the Pension5 Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for the funding defined benefit occupational schemes in the UL The scheme Is classlfled as a "last-man stsndlng arrangement. Therefore the company is potentially liable for other participating employers, obligations If those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legalty required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed asset5 of £800.3m, liabilities of £831.9m and a deficit of £31.6m. As at 30 September 2023 the share of this attributed to Age UK Hertfordshire has been estimated by TPT to be £19,940. This would only be payable If Age UK HertFordshire had no contributing members In the pension scheme, The charity has no plans to withdraw from the scheme. The scheme's previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m Age UK Hertfordshire's deficit contributions stsrted from l April 2013. In 2023-24 Age UK Hertfordshire pald deficit contributions of £1,187 and the deflcit contributions in 2024-25 are expected to be £989. The next valuation is effective 30 September 2023 and the statutory deadline for this valuation submission is 31st December 2024. -37- AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 MARCH 2024 13 Tanglble flxed a%$•ts Fl¥lur•5, Ilttlngs and •qulpment C05t At l April 2023 15,174. At 31 March 2024 15,174 Depre¢L•tlon and impairmént At l April 2023 15,174 At 31 March 2024 15,174 Cjrrylng amount At 31 March 2024 -38- AGE UK HERTFORDSHIRE NOTES TO THE FINANaAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Investment in UK subsidiary CHAIUTY Age UK Hertfordshlre Tradlng Llmlt•d Cost and net book value At l April 2023 and at 31 March 2024 The results and capital and reseNes of Age UK Hertfordshire Trading Limitsd are consolidated in these accounts. The charity cwns the single issued ordinary share in Age UK HertFordshire Trading Limited (company registration number 02911828), which is incorporated in England and Wales (registered office addre5s'. I Silver Court, Watchmead, Welwyn Garden City, Hertfordshire, AL7 ILD. The subsidiary is a trading company which transfers its taxable profit to the charity under a Deed of Covenant dated 25 March 2020. A summary of the trading results is shown below. The company ha5 been dormant since 31 March 2022, 2024 2023 Tumover Administrative expenses Operatlng proflt Gift paid t¢ Age UK Hertfordshire ProfiVODss) ft4r the year Retsined profit brought fopward R•taln•d proflt carrl•d forward The assets and Ilablllties of the subsldSary were.. Current assets Creditor5- amounts falling due within one year Aggregate Share capital and reserves 15 D•btor5 2024 Group 2024 Charity 2023 Group 2023 Charity Amounts falllng due wkhln on• year. Trade debtors Prepayments and accrued income 263,687 286,292 263,687 286,292 161,554 314,449 16L554 314,449 549,979 549,979 476,003 476,003 -39- AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 16 Creditors: amounts falllng due within on• yèar 2024 Group 2024 Charity 2023 Group 2023 Charlty Notes Othertsxation and social security Deferred income Trade creditors Other coditors Accruals 52,131 87,690 73,490 121,219 58,008 52,131 87,690 73,490 121,220 58,008 37,650 63,773 53,612 110,068 123.908 37,650 63,773 53,612 110.069 123,908 17 392,538 392.539 389,011 389,012 17 Def•rred Income 2024 Group 2024 Chjrity 2023 Group 2023 Chjrlty Other deferred Income 87,690 87,690 63,773 63,773 87,690 87,690 63,773 63,773 -40- AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Deferred Incomè (contInu￿) The movement in deferred income in the year was as follows.. 2024 Group 2024 Charlty 2023 Group 2023 Charity Balance at l April Amount released to income from charitable activities Amount released to Income from legacies and other trading activities Amount deferred in year from income from charitable activities Amount defetTed in year from Income from other trading activities 63,773 63,773 77.133 77,133 163,773) 163,7731 177,000) 177,000) 1133) 1133) 87,690 87,690 63,773 63,773 8alance at 31 March 87,690 87,690 63,773 63,773 Deferred Income relates to amounts recelved prior to the year end and in accordance with accounting standards and Charitie5 SORP are deferred for recognition in a future period. 18 Re5trlcted funds The restricted funds of the charity comprise the unexpended balances of donatlons and grants held on trust subject to specific conditions by donors as to how they may be used. GROUP- CURRENT YEAR Movement In funds BY41ance al I Incomlng Resources Aprll 2Q23 resourc•s •xpend•d Transfers Balance at 31 March 2024 Charitable Services 121,427 ¥296,291 1899,3271 1411,152) 107,239 121,427 L296,291 1899,3271 {411,152} 107,239 CHARrrY - CURRENT YEAR Movement In funds Balrdnte at I Incoming Resources Aprll 2023 resources exynded Transfers Balance at 51 March 2024 Charitable Servi￿$ 121,427 L296,291 1899,327) (411,1521 107,239 121,427 1,296,291 {899,327) (41L1521 107,239 Transfers from unréstricted funds to restricted fvnds have been made durin9 the year in relation to support and other costs not covered from restricted funds brought fotward or income recelved In the year. -41 AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 18 Restrfcted lunds (Contlnued) GROUP- PIUOR YEAR Movément In funds Balancè at I Incomlng Resources April 2022 resour¢es expended Tr&nsfer5 Balancé at 31 March 2023 Charitable Services 151,946 1,094,678 1837,4321 {287,765) 12L427 15L946 1,094,678 1837,4321 1287,765) 121,427 CHARrrY - PRIOR YEAR fvlovement In funds Balancè at I In¢oMlng Resources Aprll 2022 re50ur¢e5 expended Transf•rn B•l&nce at 31 M•r¢h 2023 Charitsb5e Servlces 151,946 L094,678 {837,4321 1287,765) 121,427 151,946 I094,678 1837,4321 1287,765) 121,427 19 Unr•stricted funds The income funds of the charity include the following designated funds whlch are included within unrestricted funds but have been set aside by the twstees for specific purposes (as detsiled in the Trustee Annual Report).. GROUP- CURRENT YEAR Movem•nt in funds B•l8nc• at I In¢omlng Resource$ Aprll 2023 resourc expended TraNferJ Balthnc• at 31 March 2024 Designated Funds IT & Communications Project Development Staffing Commitments Building Dilapidations Working Capitsl 50,000 200,000 143,000 5,000 426,947 25,000 50,000 (89,000) 5,000 198,8421 75,000 250,000 54,000 10,000 328,105 824,947 1107,8421 717,105 Genernl Unrestrlct•d Funds 1,302,579 3,895,875 13,597.292) 518,994 2,120,156 Total unrestrlcted funds 127,526 3,895,875 (3,597.292) 411,152 2,837,261 -42- AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 19 Unrestricted funds [Contlnued) GROUP - PRIOR YEAR Movement In funds Incomlng Resources resour¢e$ oxpend•d BJlan¢e at i Aprll 2022 Trnnsfers Balancè at 31 M•Kh 2023 Deslgnated Funds IT & Communications Project Development Stsffing Commitments Building Dilapidations Working Capital 50.000 300,000 93,000 50,000 200,000 143,000 5,000 426,947 iioo,000} 50,000 5,000 334,000 91947 535,947 289,000 824.947 General Unrestrfded Funds L135,216 1889,225 (2,720,627) (1,2351 1,302,579 Totsl unrèstr1rt￿ fundi L67L163 1889,225 IZ720,627} 287,765 2,127,526 CHARITY- CURRENT YEAR Mov•m•nt In fvnds Balance at I Incomlng R•sourc•s April 2023 rnsources •xpènd•d TraMf•rs Balan¢• at 31 March 2024 D•sign•ted Funds IT & Communlcations Project Development Staffing Commitments Building Dilapidations Working Capital 50,000 200,000 143,000 5,000 426,947 25,000 50,000 {89,0001 5,000 {98,8421 75,000 250,000 54,000 IQ,ODO 328,105 824,947 (107,8421 717,105 General Unrestrlcted Funds L302,579 3,895,875 (3,597,292) 518,994 2.120,156 Total unrestrf¢led funds 2,127,526 3,895,875 13,597,292) 41L152 2,837,261 -43- AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 19 Unrestrlcted funds {Contlnuèd) cHA￿- PRIOR YEAR Movem•ni Sn funds Incoming Resour¢•s resources expèndéd Balance at I Aprll 2022 Transfers Balance Jt 31 March 2023 Déslgnated Funds IT & Communications Project Development stsffing Commitments Buildin9 Dilapidations Working Capitsl 50,000 300,OOD 93,OOD 50,000 200,000 143,000 5,000 426,947 iioo,0001 50,000 5,000 334,000 92,947 535,947 289,000 824,947 General Unr•strlct•d Funds 1,135,216 Z889,225 12,720,6271 {1,235} 1,302,579 TotJl unr•Atrlcted funds 1,671,163 2,889,225 12,720,627) 287,765 2,127,526 20 Ane41ysls of ntt assèts betw••n funds GROUP - CURRENT YFAR Unrestrtcted funds Regtrlrted funds Tol•l Fund balance5 at 31 March 2024 are representsd by. Current assets/lliabilitiesl 2,837,261 107.239 2,944,500 2,837,261 107,239 1944,500 CHARITY- CURRENT YEAR Unreslrkt•d eunds Restrlcted funds Total Fund balances at 31 March 2024 are ￿Presented by.. Investments Current assetsllliabilitiesl 2,837,260 107,239 1944,499 1837,261 107,239 1944,500 AGE UK HERTFORDSHIRE NOTES TO THE FINANCtAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 20 Analysis of net assets between funds (Contlnuod) GROUP - PRIOR YEAR Unrestricted funds Re$lrlctod funds Total Fund balances at 31 March 2023 are represented by. Tangible assets Current assets/lliabilities) 2,127,526 121,427 2,248,953 2,127,526 121,427 2,248,953 CHARtTY- PRIOR YEAR Unrostrl¢ted funds Restrlcted funds Total Fund balances at 31 March 2023 are represented by.. Tangible assets Investments Current assetsllliabilitiesl 2,127,525 12L427 1248,952 2.127,526 121,427 2,248,953 21 Operatlng lease commltrnents At the reporting end date the group had outstsnding cornmitments for future minimum lease payments under non-cancellable operating leases, which fall due as follow 2024 2023 Within one year Between and five years In ovér five years 29,031 117,600 14,70D 28,740 14,331 161,331 43,071 -45- AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 22 Rèlatèd party transactlons Remuneratlon of key management personnel The remuneration of key management personnel was as follows.. 2024 2023 Aggregate compensation 301,328 276,334 No trustee received any remuneration or benefits from the charity or its sub5idiary12023 - none). No trustees received reimbursement for expenses (2023 - none}. 23 Subsidiarles Details of the group's subsidiaries at 31 March 2024 a￿ as follows: Nam• of undertaking Reglgtered offi¢• Notura of buslnes• Class of Share5 held % Held Dlr•ct Indir•ct Age UK Hertfordshire Trading Limited England &Wales Trading Company Ordlnary loo.00 24 Anatysls of ¢hanges In n•t funds The group had nts materSal debt during the year. 15 Cash g•n•rnt•d from operatloni 2024 202J Surplus for the year 695,547 425,844 Adjustments for.. Inve5trnent income recognised In statement of financial activities Depreciation and impalrment of tangible fixed assets 167,252) 119,878) 259 Movements in worklng capltal.. (Increase) in debtors Increase in creditors 173,976> 3,527 (214,5021 99,ITI Cash generated from operatlons 557,846 290,900 -46-