Charity Registration No. 1116662 Company Reglstratlon No. 03539971 (England and Wales) HertFordshire ageuK AGE UK HERTFORDSHIRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
AGE UK HERTFORDSHIRE LEGAL AND ADMINISTRATIVE INFORMATION Trustees John Ellis Jenny Wiles Robin Kember Deepali Manek Samuel Tappenden Jody Tate Stephen Quiddington Linda Westaway Paul Franc Company Secretary Jenny Wiles Charity number 1116662 Company number 03539971 Reglstered Offlce and Prlnclpal Addro5$ First Floor Beane Bridge House 34 Chambers Street Hertford Herts SG14 IPL Auditor Myers Clark Suite 7A, Building 6 Croxley Park, Hatters Lane Watford Hertfordshire WD18 8YH Bankers Barclays Bank plc 78 Turners Hill Che5hunt Hertfordshire EN8 9BW CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET
AGE UK HERTFORDSHIRE CONTENTS Page Trustees report Statement of trustees responsibilities 17 Independent auditor's report 18-21 Consolidated Statement of financial activities 22-23 Consolidated Balance Sheet 24 Charity Balance Sheet 25 Consolidated Statement of cash flows 26 Note5 to the financial statements 27-46
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 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 2025. The group financial statements have been prepared in accordance with the accounting policies set out in the financial statements and comply with the charity'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 1021. (as amended for accounting periods commencing from 1 January 2019). 1. Status. Principal Activity and Public Benefit la. Purpose and Strategy The Age UK Hertfordshire 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 amendment 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-being of older people in Hertfordshire,. Age UK Hertfordshire is a Brand Partner ofAge 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 main Charity. Age UK Hertfordshire is a public benefit entity and the Trustees have given due consideration to the Charity Commission published guidar)ce on the operation of the Public Benefit requirement when reviewing the charity's aims and objectives and planning current and future activitie5. The information in the Strategic Report (and Directors, Report) below outlines the activities the charity undertakes to further its purposes. Age UK Hertfordshire is also a member of Age England Association {AEA) Age UK Hertfordshire is one of the largest charities providing services to older people in Hertfordshire and has a high level of recognition across the statutory authorities, voluntary sector and the public. Age UK Hertfordshire is working to improve later life for older people in Hertfordshire today, and for future generations and has supported over 25,000 people this year.
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 Our strategic plan consolidates a wide variety of feedback with over 50 years of experience working locally in the Hertfordshire ageing arena and with our National Brand Partner, Age UK. We reviewed our strategy in 2024125 through multiple stakeholder engagement. Age UK Hertfordshire's vision is for: Olderpeople in Hertfordshire are valued, able to live well age welland retain their independence throughout later life. Recognising that there are many dimensions to this vison and th3tA UKH does not have the resources to tackle 811 of them to the fullest during the next fiveyears AUKH will focus on a specific mission. Age UK Hertfordshlre's mlssion Is to: Empower olderpeople by delivering seryices that help make later life fulfilling and enjoyable As an organisation that is all about people, the way AUKH tackles this mission is critical and will be based on five key organisational values to the way the organisation handles day to day work and challenges. AUKH'S Values are: Caring - acting sensitively, with understanding and respect for all especially older people Effective- achieving the best outcomes for older people for the optimum use of resources to maximise our impact Innovatlve- seeking more effective ways to support older people, particularly using technology to improve digital inclusion Improving- Listening and learning from feedback and converting that learning into better seiceS for older people Inclusive- bui Iding a culture where inclusion, equality and diversity are at the heart of everything we do AUKH has five strategic objectives that will be delivered to achieve the mission AUKH'S Strategic Objectives for 2025-30 are: 1. To deliver outstanding quality and performance To deliver free and paid for services that Hertfordshire's older people need, above benchmarked standards of client satisfaction and value for money through the following actions.. Understanding client and carer needs in the context of the social care landscape and competitive environment Developing an Information & Advice strategy and approach Deliver existing free services to quality and budget Deliver existing paid for services to quality and budget
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 2. To make a great place to work and volunteer To establish and maintain a working environment and culture that attracts, retains and develops the best staff and volunteers and that our people are proud to be a part of through the following actions: Establish and maintain a best in class culture Attract, retain and develop the best staff Attract, retain and develop the best volunteers 3. To Work In Partnershlp To maintain positive and collaborative relationships with current and new stakeholders and partnerships, and to create new opportunities through the following actions.. Effective and sustainable Key stakeholder mapping and engagement Maintain strategic relationships with commissioners and others such as ICS 4. To ensure flnancial sustainablllty To maintai n cost control and to generate fundraising income for l & A and to fill other gaps in services which meet the needs of older people, and to maximise growth opportunities in existing paid for seNices through the following actions.. Maintain annual performance and sustain reserves Increase contractual income from existinq and new, diverse sources Invest to grow paid-for seNices Invest to grow your Trust, Foundation & Grant income Invest in legacy campaigns S. To Innovate for success To develop an innovative approach to all aspects of the business to ensure services are resilient to change and success is sustainable through the following actions.. Continuously improve to achieve best practice Innovate through a digital approach To focus investment into innovative seNices and solutions
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 1 b. Main activities to further the charity's purpose for public benefit Area of Work Active Agelng Services How we meet our airns A range of Day Clubs including 2 Asian Elder Day Centres We run a range of clubslactivities to help older people feel connected with their community, stay active and reduce social isolation by providing social activities, physical exercise and nutritious meals. Some club5 focus on clients with mild dementia or memory difficulties. Tea and Chat Groups Brainwaves Social Clubs The Clitheroe Health Wellbeing Centre and Dementia Service Befriending Visiting Scheme We provide regular face-to-face and telephone social contact, to help combat lonelines5 and social isolation. Telephone Clubs InTouch Emotional ort Information and Advice Offering a higher level of emotional support over the phone. Information and Advice A telephone and community support seNice offering Information & Advice to older people. Including advice on benefit entitlements, LPAS, eneTgy 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 Hertshelp is a seven day information and advice seNice for eo le who need hel and don't know where to turn In partnership with two other voluntary sector organisations to provide information, advice and support for people with Dementia, Mild Cognitive Impairment and Memory Loss, along with their carers and families. The project also supports the Dementia Friendl Hertfordshire Accreditation Scheme. Working in partnership with six other voluntary sector organisations to provide support services for those discharged from hospital, those identified by their GPS and others as beinq vulnerable people in need of support to achieve independence and well-beinq. Dementla Services Memory Support Herts Health Related Services Hospital & Community Navigation Service {HCNSI Link Workers work from GP surgeries as part of the Social Prescribing agenda. They work c105ely with staff from HCNS to link people to 'social prescriptions, Link Workers (HCNSI Working with the Hertfordshire Community Trust and the Community Nutrition and DietetlC5 team supporting people who have social cau5e5 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 dealinq with bereavement Nutrition & DietetlC5 SeNice Dacorum specific services Bereavement and Carer Support Carers support is offered to those living in the Dacorum area who ive un aid care to a relative, nei hbour or friend Cleaning, domestic tasks, handyperson and gardening seNice which enables people to remain independent in their homes by su ortin them with dail activities. Paid for Services Help in The Home, Handyperson and Gardenin
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report} For the year ended 31 March 2025 Age UK Hertfordshire delivers seNices which also meet the priorities of.. The Hertfordshire Health and Well-Being Strategy The Care Act 2014, including the need to support carers The Hertfordshire Joint Strategic Needs Assessment for Older People Hertfordshire County Council's IHCCI Adult Care SeNices Plan 2021-25 Age UK Hertfordshire is committed to its responsibilities of being a Brand Partner of Age UK by adherin9 to the Charity Quality Standard ICQ51, which we were initially awarded in June 2018 and again awarded the Standard in October 2025. The organisation also holds the Advice Quality Standard IAQSI for its Information & Advice SeNice, awarded in October 2023. Both awards are valid for three years. Age UK Hertford5hire continuously monitors and measures key performance indicators to ensure that objectives and plans are being delivered effectively. Summary outputs of alternative measures are included in the relevant sections below to illustrate the extent of the organisation's operational activity during the year. 1 c. Activities, projects and seNices overview Active Ageing Our nineteen 10 to 3 and Young at Heart Clubs operate across Hertfordshire, meeting weekly in the communal lounqes of sheltered housinq schemes. Each club provides transport for those who need it, nutritious lunch, a chance to socialise, 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 Clitheroe Health and Wellbeing Centre in South Oxhey 15 run in partnership with Sanctuary Housinq. The centre offers a variety of 'active ageing, qroup5. We have a lunch club which operates five days week and provides transport for those who need it, as well as a nutrilious lunch, a chance to socialise, physical exercise, mental stimulation and digital inclusion. Alongside the lunch club we offer a Dementia Service 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 activities 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 this setting. Age Friendly Alongside North Herts & Stevenage CVS and Hertfordshire County Council Public Health, Age UK Hertfordshire launched the Age Friendly initiative which aims to transform the County into an Age Friendly community. 2024-25 has been an extremely busy year, one of the main achievements being the creation and implementation of a survey which will give us insight into what older people consider the key components that impact on how well people age, such as outdoor spaces, transport and housing. We received nearly 3,000 responses to the survey. Ourfocus as we move into 2025 -26 is create an action plan based on the research and survey responses and implement the plan to make Hertfordshire a great place to age well.
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 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 relies upon our very dedicated volunteers, without whom we could not offer the service. During 2024-25, we provided 52,272 hours of volunteer support, through 18,203 face to face vi51t5, and via phone calls or online befriending sessions. This was an essential lifeline for those older people who already feel i501ated or alone. Emotional Support InTouch provides a vital telephone 5UPPOrt service which supported 245 people aged over 50 with range of health and wellbeing needs such as those who have had life cha nging experience5 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 impact of the cost-of-livi ng crisis has caused significant increases in anxiety, depression and concerns about the future so the team have been busy SUPPOrting with mental wellbeinq of those individuals by listenino, buildinq confidence, and empowerinq people to access advice to explore potential options to help their situation. Information and Advice A comprehensive, county-wide Information and Advice Service operates across Hertfordshire, primarily through a local rate telephone line, but offerinq follow-up home visits where appropriate. During 2024- 25 we supported 5,793 people and received 47,203 enquirie5. The ongoing cost of living, enerqy price increase and the cut to Winter Fuel allowance ha5 siqnificantly affected older people's needs, especially vulnerable people missing out on the Pension Credit struggling to heat their homes. The service helped raise £5.88 million of unclaimed benefits for 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 Memory Support Hertfordshire Information and Advice seNice which supported people living with dementia and their carers. The seNice also distributed £80,000 worth of food vouchers to vulnerable older people via the Household Support Fund in partnership with Hertfordshire County Council. In partnership with the Hospital and Community Navigation Service {HCNSI we delivered the Winter Fuel Roadshows in response to the government's decision to remove the Winter Fuel payment from anyone not in receipt of Pension Credit. Working with a wide range of partners including the Hertfordshire Warm Spaces, Hertfordshire Libraries and Healthy Hubs, to reach over 120 outreach locations to raise awareness of the wider support available to apply for Pension Credit entitlemeiits, Food and Energy support, Carer Support and Winter welfare checks Age UK Hertfordshire and Citizens Advice Stevenaqe continued to support the HertsHelp Information ar)d advice project. HertsHelp is there if people need help and don't know where to turn and is Hertfordshire's 7-day information and advice setvice. The HertsHelp team listen, research, refer and signpost people to community services in Hertfordshire. During 2024-25 it received 75,892 calls, and supported 14,279 people who were supported with a range of issue5.
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 Memory Support Hertfordshire Age UK Hertfordshire in partnership with the Alzheimer's Society, Carers in Herts and Admiral Nurses deliver the Memory Support Herts Service providing a range of help and support for people with memory problems or affected by dementia, and their carers. Age UK Herts in conjunction with Carers in Herts run the gateway service to ensure that those who are in contact with us receive the right information and advice and are offered information on the appropriate local organisations for ongoing support. The seNice provides a single point of access and includes one to one advice and guidance as well as information on support groups across Hertfordshire. The gateway service saw 2,554 client5 being referred in the first 6 months. We sUPPOrted 16,687 different enquiries, including helping people to claim £769,000 in benefit entitlements Health Related Services - Hospital and Community Navlgation Servlce (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 delivers a smooth tran51tion *rom short-term intervention into mainstream activities that maintain lonqer-term well-being and independence. This is a county-wide 5UPPOrt seNice for people needing help through social prescribing and practical support to help avoid admission and feadmi55ion to hospital and reduce dependence on primary care. In 2024-25, the HCNS service continued to be the frontline response seNice for the voluntary sector and was instrumental in supporting 16,017 vulnerable people with food parcels, prescription collections and welfare calls. The seice works very closely with the hospital team5 to ensure timely patient discharge and helping with their capacity to treat the surqe in demand for patient treatment. We also continued working with GP Surgeries as part of the Link Worker prog ram. This work 15 part of the Social Prescribing agenda, supporting 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 Sn 2024-25, we continued to work in partnership with the Hertfordshire Community Trust, on the Nutrition and Dietetics Service, where we work witli a team of dietitians to support patients who have a social cause for their malnutrition i.e. low income, loneliness, lack of social support etc. Throughout the year the team Supported 105 clients Wlth one to one 5UPPOrt and raised awareness about the importance of nutrition in later life to a further 314 people by giving talks in community spaces such as lunch clubs. Dacorum Bereavement Listening Support The Bereavement service offers local support to those livinq in the Dacorum area who are dealing with bereavement. Older people are supported with the wide-raiiging impact that bereavement can have. During 2024-25, 66 people were supported through 1,550 support calls.
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 Dacorum Carer Support The Carers Support service offers support to people living in the Dacorum area who give unpaid care to a relative, neighbour or friend. The service provide5 one-to-one emotional support and practical guidance to help carers in their role, either face to face or over the telephone. It also provides two carer support groups that meet monthly which enables carers to share their experiences and provide much needed peer 5UPPOrt to one another in a friendly and non-judgemental environment. The service has provided support to over 127 people and had 138 group attendances. Paid for Services Help in the Home is a paid-for service that provides cleaning, domestic tasks, and support for activities such as shopping, and it is available across the county and West Essex area. During 2024-25, the 5eNice delivered 60,800 hours of domestic support for older people across Hertfordshire, helping them to maintain their independence, by being able to live in their own homes. Handyperson and Gardening is a paid for seNice, offering a range of basic welfare services covering small job5 around the house and basic gardening tasks. This service has expanded rapidly and this year it provided support to 1,174 people and fitted 482 key safes. As part of the winter warmth service it provided 79 checks to older people ensuring they had equipment and advice to keep warm during the winter. 2. Achievements, volunteers. funding and income Age UK Hertfordshire has continued to provide a wide range of seNices to older people in the county throughout 2024-25. The table below summarises the scale of seNices provided during 2024-25. ort Activit Number ofolder lesu orted Number of attendances at our clubs Amount raised for older le throu h welfare benefits Number of le reached via scams awareness Number of hours rovided throu hHel in the Home Number of volunteer hours 2024-25 eo 25.808 22,127 £5.88m eo eo 686 60,800 71,376 The number of attendances at our clubs is a measure of how many times people attended and not a measure of individual client numbers.
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 Volunteers The work of Age UK Hertfordshire would not be possible without the contribution of volunteers working acr055 all projects and all geographical areas. In 2024-25, our dedicated and committed volunteers continued to deliver much needed support to older people through Befriending, Information and Advice, Lunch clubs and Hospital Discharge support. Our volunteers provided 71,376 hours of support to help older people during 2024-25 which equates to £816,541 of equivalent social value. All volunteers joining Age UK Hertfordshire go through a Structured recruitment process, followed by a 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 cliallenges in recruiting and retaining volunteer colleagues due to macro conditions that exist within the paid and volunteer UK job market. Principal Funding Sources Age UK Hertfordshire is very grateful to the following as the principal sources of funding to enable the charity to carry out its objectives and support our clients Funders Funders Hertfordshire County Council (HCCI East & North Herts and Herts Valleys Clinical Commissioning Groups ICCGS) / Hertfordshire Primary Care Networks {PCNs) Dacorum Borough Council Sanctuary Housing Co-operative Group Childwick Trust Hertfordshire Community NH5 Trust Welwyn Hatfield Borough Council sport England Age UK (Nationall Hertfordshire Community Foundation Many Hertfordshire local businesses Hertfordshire Care Providers Association {HCPAI
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 In addition We are grateful to the clients that Use our paid-for SeiCe5 For the kind and generous donations from individuals and organisations For the fundraisers giving up their time to raising money on our behalf And for those who remember us in their wills. 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 2024-25, Age UK Hertfordshire received and generated income of£5,519,111 from a range of sources, as shown below. 123.700 IIKumf fjonFraio 1,4?Q.641 .3AS0,021 30,000 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 section and in the notes to the f inancial statements (notes 2 to 7). Fundraising activities were primarily focused on trust5 and grant applications. In addition to several successful grant applications we were also fortunate to receive donations and legacies of £107k 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 is committed to following the Code of Fundraising Practice and the Fundraising Piomise. We publish clear information about our complaints 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 carry out the charity's work ethically and responsibly, 10
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 3. Plans for Future Periods During 2024-25 a new Dementia contract, Memory Support Herts replaced the Hertswise Dementia contract. All HCC contracts have been extended through 2025-26. During the coming year we will be implementing eff iciency improvements including rostering and invoicing automation to our Handyperson and Gardening seNice. We will also continue our focus on the recruitment, training and engagement of our casual Home Helper and Volunteer staff. These roles are critical to the provision of our core activities and we are dedicated to building our colleague numbers in 2025-26. As detailed in the financial review, we have reviewed our reserves policy in 2025 and our unrestricted reserves at the end of 2024-25 are within the range of 3 to 9 months of organi5ational expenditure that has been set by the trustees as part of the reserves policy. We are using some of our unrestricted reseNes 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 Handyperson and Gardening process improvements and volunteer recruitment. 4. Financial Review 4a. Financial Overview Financial Summary Income Expenditure Net Income / Expenditure 2023-24 £ 5,192,166 4,496,619 695,547 2024-25 £ 5,519,111 5,079,780 439,331 Reserves Restricted Unrestricted - Designated Unrestricted General Total Reserves 2023-24 £ 107,239 717,105 2,120,156 2 944,500 2024-25 £ 92,000 759,105 2 532 726 3,383 831 The Board of Trustees approved a budgeted operating deficit of1£21,400} for the year ending 31 March 2025. In 2024-25 the organisation is reporting a surplus of £439,329 (2024.. £695,547), which is £460,729 better than the approved budgeted operating surplus. The f inancial result for 2024-25 has been helped by significant donations and legacy income, higher income than budgeted from income generation services, effective cost control across the organisation, a further transfer of reserves as a result of the merger with Age U K Dacorum and additional funding received f rom grant applications made during the year. Further information on all income and costs incurred in the year are set out in notes to the financial statements. 11
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 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 amoLtnt, and type, of reserves needed to support the variety of services it delivers, as well as their variou5 working capital requirements. The ReseNes 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 terms of working capital, future development, committed expenditure and statutory obligations. The policy also ensure5 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 activitie5 Outlined in the funding agreèment). As at 31 March 2025 Age UK Hertfordshire'5 total reserves amounted to £3,383,831 (2024: £2,944,500) with total unrestricted funds of £3,291,831 (2024.. £2,837,261). 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 requirements set out in fundirsg agreements) and therefore has been ring-fenced separately in the accounts, These funds are shown in note 17 of the financial statements. Unrestricted Designated Funds In line with the ReseNes Policy operational and strategic funds have been designated to support the organisation's strategy, operational needs and working capital requirements. The designated strategic and operational funds at the year-end include: Development Fund (for the replacement of IT hardware, LT infrastructure and the development of organisational software and database systems u nder the organisation's digital strategy), General Project Development FLtnd (for project continuation, matched funding and the development of new projects), Staffing Commitments Fund {in relation to anticipated future staffing commitments}, Building Dilapidations and Premises Fund {for reinstatement of premise5 at the end of current leases or to enable office / Seice delivery location moves or buildings alterations resulting from organisational or operational change). Working Capital Fund to meet the working capital requirements for Help in the Home and the annual cost of the Information and Advice fund which is an unfunded project within the charity, and other commitments that the trustees identify. Funds re5eNed for expansion projects and underlying expected operational short term deficits These funds are shown in note 18 of the financial statements. 12
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 Unrestricted General Funds The organisation's 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, dependin9 on the number of current projects and payment processing timetables, a target range of unrestricted general funds is considered appropriate to ensure sufficient finance5 for the future. The organi5ation's revised Reserves Policy is to hold between 3 and 9 months of 'Organisational Expenditure, as unrestricted general funds. The balance of the organisation's reserves (after allocations to restricted and unrestricted designated funds) are held as unrestricted general funds. As at 31 March 2025 this amounts to £2,532,726 and is shown in note 18 of the financial statements. Thi5 equates to approximately 7.6 months of 'Organisational Expenditure,, which is at the target level of our reserves policy. We are using some of our unrestricted reserves to invest in areas that will expand the charity activities to reach and benefit more older people. Total Reserve Levels By reviewing and updating the organisation's Reserves Policy the Board of Trustees has examined the risks to, and the level of reseNes required by, the Charity to continue to deliver services to benefit the older people of Hertfordshire. In the Trustees, view the level of reserves held at 31 March 2025 provide the charity 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 2024-25 and is dormant. 4d. Pension Liabilities Age UK Hertfordshire operates a multi-employer defined contribution pension plan with The Pension Trust's (TPT) Growth Plan Series 4, with all employees eligible to join the scheme under auto enrolment legislation. Contribution levels of between 30A and 60/0 were paid by the charity in 2024-25 and these rate5 will continue for future financial periods and increase in line with any legislative requirements. Serie5 1, 2 and 3 of the Plan are classed as defined benefit pension plans and are closed to new entrants and future accruals for existing employees. The organisation 15 Cltrrently 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 2028. The deficit contributions for 2024-25 were £98912023-24'. £1,187) and are expected to be £876 for 2025-26. The latest triennial valuation of the scheme in 2023 has revealed a funding level of 97% which is an improvement over the 2020 funding position of 96%. 4e. Investment Policy The charity holds financial assets to fund current projects or those most likely to be commenced in the near future. The Trustees consider that it would, therefore, be inappropriate to commit funds to longer term equity based investments and the risk inherent in them. 13
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 To manage general risks, the economic situation and the uncertainly of future 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. For FY25 the guidance is to invest approximately 113rd of the cash balances in a risk free deposit account and approximately 213Fd of the cash balance in the COIF investment 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 focus of each meeting is set out in an annual governance plan. The plan ensures that the Board regularly review the relevant aspects of the charity's risks and the full risk register is reviewed quarterly. The organi5ation ha5 a range of policies and procedures, covering all aspects of the management of the organisation, to minimise risk. The Trustees have reviewed internal controls over financial, health and safety and operating systems and believe that they are sufficient to minimise significant risks. All the charity's 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 risk,. reserves are suff icient to allow a timely withdrawal whilst minimising hardship to clients. 4g. Going Concern At the year end the Trustees consider that the charity has adequate reserves to continue to develop and provide seNices 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 statement of accounting policies. 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 person5 elected by the charity's members at the Annual General Meeting, though the Board may function with two other persons for a period not exceeding six months if necessary. 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, the decision based on the effectiveness of the trustee as demonstrated in the annual evaluation process. New Trustees are recruited via external recruitment campaigns, which include advertising on the organisation's website, using 50cial media and using third paty recruitment sites. A two stage interview process Is carried out by the Board and includes candidates, observation of at least one Trustee meeting. 14
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 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 ril 2023 Chair & Trustee - Appointed 2411012017 Trustee - Appointed 13/1112019 Co. Secreta ointed 3010912020 Trustee- A ointed 2511112020 Trustee - Resi ned 2511112025 Trustee - Res1 ned 2511112025 Trustee- A ointed 3110112023 Trustee- A ointed 3110112023 Trustee- A ointed 31/0112023 Trustee - A ointed 2411112023 John Ellis Jenny Wiles Robin Kember Dee ali Manek Samuel Ta enden Jod Tate Ste hen Quiddin Linda Westawa Paul Franc ton 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 {in 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 against, the Age UK Organisational Quality Standards. However, as 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 Wlth many of the aforementioned funders and also partnership agreements to deliver Community Dementia SeNices, Hospital and Community Navigation Services, the Nutrition and Dietetics seiCe 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 {CEO), who reports to the Board of Trustees 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 of Age UK Hertfordshire. 15
Age UK Hertfordshire Trustees Annual Report (incorporating Directors Report) For the year ended 31 March 2025 Senior Management Team Chief Executive Mark Hanna Directors of Operations 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 Trustees and thi5 is reviewed annually in line with the organisation's Remuneration and Benefits Policy. Pay scales are in place that take into consideration the skills and experience required of the roles, the structure of the organisation and the organisation's financial position. Pay scales are reviewed periodically as part of the strategic, financial and resource planning. Registered Office and Principal Address First Floor Beane Bridge House 34, Chambers street Hertford Hertfordshire SG14 1PL Audltors Myers Clark Suite 7A, Building 6, Croxley Parl Hatters Lane, Watford Hertfordshire WD18 8YH Bankers Barclays Bank plc 78 Turners Hill Cheshunt Hertford5hire 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 like 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 and Strategic Report {including Director's Report) were approved by the Board of Trustees. Signed on behalf of the Trustees and Directors on 25 November 2025 by: John Ellis Chair 16
AGE UK HERTFORDSHIRE STATEMENT OF TRUSTEES RESPONSIBILMES FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are a150 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 Standafds (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the gTOUP and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently,. ob5eNe 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 financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in operation. The trustees are responsible for keeping adequate accounting records 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 asset5 of the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregulalities. In so far as the Trustees are aware,. there is no relevant audit information of which the company's auditors are unaware,. and the Trustee5 have taken all Steps that they ought to have taken, in order to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information., the responsibilities set out above have been fulfilled. The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102 las amended for accounting periods commencing from l January 2019). Certain trading operations are conducted by Age UK Hertfordshire Trading Limited (company number 2911828), which is under the control of Age UK Hertfordshire. The profits are applied to the objects of Age UK Hertfordshire, through corporate gift aid donations from the company to the charity. Company law requires 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 preparing these financial statements, the trustees are required to: select suitable accountin9 policies 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 financial Statements or) the going concern basis unless it is inappropriate to presume that the group will continue in operation. The trustees are responsible for keeping adequate accounting records 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 steps for the prevention and detection of fraud and other irregularities. 17
AGE UK HERTFORDSHXRE INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF AGE UK HERTFORDSHIRE Oplnlon We have audited the financial statements of Age UK Hertford5hire and its subsidiary {the 'group'l for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a suinmary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 Ihe Financial Reporting Standard applicable in the UK and Republic ofJre/andlUnited Kingdom Generally Accepted 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 2025 and of its incoming resources and application of resources, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) USAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors respon51bilities for the audit of the Inancial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statemen15 in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Information The other information comprises the information included in the annual ieport, including the trustees, report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5Statements, we are required to determine whether this give5 rise to a material mi55tatement in the financial statements themselve5. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Oplnions on other matters prescrlbed by the Companies 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 statements are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statement5,' and the directors, report included within the trustee5 report has been prepared in accordance with applicable legal requirements. 18-
AGE UK HERTFORDSHXRE INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF AGE UK HERTFORDSHIRE Matlers on whlch we are requlred to report by exception In the light of the knowledge and understanding of the group and its environrnent obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees report. We have nothing to report in respect of Ihe following matters in relation to which the Charities IAccounts and Reports) Regulation5 2008, Charities Act 2011 and Companies Act 2006 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees report,. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting records-, or we have not received all the information and explanations we require for our audit. Responsibllltie5 of trustees As explained more fully in the statement of trustees responsibilities, the trustees, who are also 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 internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbillties for the audit of the finantlal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could Teasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our Procedures are capable of detecting irregularities, including fraud, is detailed below. 19-
AGE UK HERTFORDSHIRE INDEPENDENT AUDrroR'S REPORT (CONTINUED) TO THE TRUSTEES OF AGE UK HERTFORDSHIRE The extent to which the audit was consrdered capable of detecting irregularities including fraud In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law5 and regulations, we considered the following,. The nature of the i ndustry and sector, control environment and business performance including the design of the remuneration policies, key drivers for trustee remuneration, bonus levels and performance targets,. results of our enquiries of Management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and review the charitable companls documentation of their policies and procedures relating to-, identifying, evaluating and complying with laws and regulation and whether they were aware of any instances of non-compliance,. 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 mitigate risks of fraud or non-compliance with laws and regulations,. the matters discussed 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 orgar)isation for fraud. In common with all audits under ISAS {UK), we are also required to perform specific procedures 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 determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act. In addition, we considered provisions of other law5 and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a mateiial penalty. These included the Employment law. Audit responso to risks identified To address the risk of fraud through management bias and override of contro15, 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 accounting estimates were indicative of potential bias,. and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged wilh governance,. and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the 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 from error as they may involve deliberate concealment 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's website at.. https'./l www.frc.org.uk/auditorsrespon5ibilities. This description forms part of our auditor's report. Use of our report This report is made 501ely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's tr(Jstees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charity's trustees as a body, and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Myers ark 8S..:,l.)....2o. 25 Chartered Accountants Statutory Auditor Suite 7A, Building 6 Croxley Park, Hatters Lane Watford Hertfordshire WD18 8YH 21
AGE UK HERTFORDSHIRE CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restrlcted funds funds Total 2025 Total 2024 Notes Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other income 108,929 4,373,951 5,802 123,701 30,000 108,929 5,250,679 5,802 123,701 30,000 37,563 4,573,963 14,390 67,252 498,998 876,728 Total income 4,642,383 876,728 5,519,111 5,192,166 enditure o Raising funds 86,030 86,030 66,804 Charitable activities 4,525,002 468,748 4,993,750 4,429,815 Total resources expended 4,611,032 468,748 5,079,780 4,496,619 Net Incomlng resources before transfers 31,351 407,980 439,331 695,547 Gross transfers between funds 423,219 1423,2191 Net income/{expendilure) for the year/ Net movement In funds 454,570 115,2391 439,331 695,547 Fund balances at l April 2024 2,837,261 107,239 2,944,500 2,248,953 Fund balances at 31 March 2025 3,291,831 92,000 3,383,831 2,944,500 The statement of financial activitie5 includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losse5 recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Coinpanies Act 2006. -22-
AGE UK HERTFORDSHIRE CONSOUDATED STATEMENT OF FINANCIAL ACTlliiTIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Consolidated Statement of Financlal Activities (Prior year detall) Unrestricted Restricted fund5 funds Total 2024 Notes Income and endowments from: 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 1,296,291 Total income 3,895,875 1,296,291 5,192,166 Expenditure on: Raising funds Charitable activities 66,804 3,530,488 66,804 4,429,815 899,327 Total resources expended 3,597,292 899,327 4,496,619 Net incomingl{outgoing) resource5 before transfers 298,583 396,964 695,547 Gross transfers between funds 411,152 1411,1521 Net Income/(expendlture) for the year/ Net incomlng/(outgolng) resources 709,735 (14,1881 695,547 Fund balances at 01 April 2023 2,127,526 121,427 2,248,953 Fund balances at 31 March 2024 2,837,261 107,239 2,944,500 23-
AGE UK HERTFORDSHIRE CONSOUDATED BALANCE SHEET ASA T31 MARCH2025 2025 2024 Notes Current assets Debtors Cash at bank and in hand 14 384,750 3,624,688 549,979 2,787,059 4,009,438 3,337,038 Credltors: amounts falling due withln one year 15 1625,607) {392,538} Net current asset5 3,383,831 2,944,500 Income funds Restricted funds 17 92,000 107,239 Designated funds General unrestricted funds 18 18 759,105 2,532,726 717,105 2,120,156 3,291,831 2,837,261 3,383,831 2,944,500 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The finan ial statements were approved by the Trustees on 25 November 2025 hn Ellis rustee Company Reglstration No. 03539971 24-
AGE UK HERTFORDSHIRE CHARITY BALANCE SHEET ASA T31 MARCH2025 2025 2024 Notes Fixed assets Investments 13 Current assets Debtors Cash at bank and in hand 14 384,750 3,624,688 549,979 2,787,059 4,009,438 3,337,038 Credltors: amounts falling due within one year 15 (625,6081 {392,539} Net current assets 3,383,830 2,944,499 Total assets less current Ilabllitles 3,383,831 2,944,500 Income funds Restricted funds 17 92,000 107,239 Designated funds General unrestricted funds 18 18 759,105 2,532,726 717,105 2,120,156 3,291,831 2,837,261 3,383,831 2,944,500 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small cpmpanies, regime, The financial statements were approved by the Trustees on 25 November 2025 Ellis rustee Company Registratlon No. 03539971 25-
AGE UK HERTFORDSHIRE CONSOUDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash flows from operatlng activities Cash generated from operations 24 713,928 557,846 Investlng actlvities Interest received 123,701 67,252 Net cash generated from Investlng actlvities 123,701 67,2S2 Net Cash used in financlng activities Net Increase in cash and cash equivalents 837,629 625,098 Cash and cash equivalents at beginning of year 2,787,059 2,161,961 Cash and cash equlvalents at end of year 3,624,688 2,787,059 Relatlng to: Cash at bank and in hand 3,624,688 2,787,059 The charity ha5 taken advantage of the disclosure exemptions in paragraph 1.12 of FRS 102 in choosing to not prepare a separate charity statement of cash flows. The charity's statement of cash flows is consolidated in the consolidated statement of cash flows above. -26-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIVDED 31 MARCH 2025 Accounting pollcles Charity informatlon Age UK Hertfordshire is a private company limited by guarantee incorporated in England and Wales. The registered office is First Floor, Beane Bridge House, 34 Chambers Street, Hertford, Herts, SG14 IPL. 1.1 Accounting convention The consolidated financial statements have been prepared in accordance with the group's governing document, the Companies Act 2006 and "Accounting and Reportin9 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 1021" {as amended for accounting periods commencing from l January 2019) and the Charities Act 2011. The group is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical c05t convention, lrnodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the trustees have a feasonable 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 basis 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 concern. 1.3 Charitable funds Unrestricted funds are available foi use at the discretion of the trustees in furtherance of their charitable objectives. The charity has designated funds at the year-end which comprise funds for the Ir & 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 anticipated future staffing commitments) and Working Capital Fund {in relation to the working capital requirements of key projects). For all operational designated funds, expenditure is incurred on an ongoing regular basis. Restricted funds are subject to specific conditions by donors as to how they may be used that are narrower than the general charitable purposes of the charity. 1.4 Income recognltlon Income is recognised when the 9roup is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, 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 donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised 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 15 subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not reco9nised until those conditions are fully 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 MARCH 2025 Accountlng policles (Continued) Donated goods, 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 is determined as the value of the donated goods, facilities and setvices 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 services provided by volunteers. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest payable from the bank. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for good5 and setvice5 provided in the normal course of business, and net of discounts. 1.5 Expendlture recognltlon Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the harity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on the acciuals basis. Irrecoverable VAT is charged against the expenditure heading for which it wa5 incurred. All expenses including support and governance costs are allocated or apportioned to the applicable expenditure headings. Expenditure on raising funds comprises costs incurred in the trading subsidiary, fund raising and an apportionment of governance and support costs. Expenditure on charitable activities includes an apportionment of governance and support costs. Support costs are initially identified between governance and other support costs. Governance costs comprise all costs involving the public accountability of the charity and ils compliance with regulation and good practice. These costs include statutory audit and legal fees together with an apportionment of overhead costs. Other support costs comprise the general running costs of the charity. Support costs have been apportioned based on the full time equivalent numbers of staff engaged in each activity. 1.6 Tangible fixed assets Tangible fixed asset5 are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Office assets for administration use c05ting more than £2,000 with an estimated useful life of at least 3 years are capitali5ed. Office asset5 purchased for project use are written off in the year of purchase. Depreciation is recognised so as to write off the c05t or valuation of a5set5 less their residual values over their useful lives on the following bases: Fixtures, fittings and equipment 3 to 4 years 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/ lexpenditurel for the year. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investment5 Wlth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. -28-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (Continued) 1.8 Financlal instruments The group has elected to apply the provisions of Section 11 'Basic Financial Instruments. of FRS 102 to all of its financial instruments. Financial instluments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on net basis or to realise the asset and settle the liability simultaneously. Basic financialassets Basic financial a55ets, 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 constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amorti5ed. Baslc Ilnanclalllabllitles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument 15 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. Derecognltlon olfinan¢lalliabllltles Financial liabilities are dereco9nised when the group's contractual obligations expire or are discharged or ancelled. 29-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Conlinued) 1.9 Employee benefit5 The c05t of any unused holiday entitlement is reco9nised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.10 Retirement benefits Payments to defined contribution 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 member5 each contribute either the minimum percentage contributions under auto enrolment or 6% of their salary to the scheme. The plan is a multi-employer defined benefit pension plan. It 15 not possible to identify the charity's share of the underlying assets and liabilities. Pension cost5 in respect of the scheme are charged as they are incurred. Donatlons and legacles Unrestrlcted Unrestrlcted funds funds 2025 2024 Donations and gifts Legacie5 receivable 107,434 1,495 19,561 18,002 108,929 37,563 -30-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charltable activities Fee and Servlc• level Pérformanc• o¢tlvlty Incom• greeménts relatèd grants Total 2025 Total 2024 Fee and actlvlty income Service level agreements Performance related grants 1,820,659 1,820,659 426,086 3,003,934 1,613,058 792,315 2,168,590 426,086 3,003,934 1,820,659 426,086 3,003,934 5,250,679 4,573,963 Analysis by fund Unrestricted funds Restricted funds 1,815,501 5,158 2,558,450 445,484 4,373,951 876,728 426,086 1,820,659 426,086 3,003,934 5,250,679 For the year ended 31 March 2024 Unrestricted funds Restricted funds 1,600,857 12,201 1,676,815 491,775 3,277,672 1,296,291 792,315 1,613,058 792,315 2,168,590 4,573,963 Government grants and other support Included in performance related grants is £2,570,145 {2024: £1,795,539) received from local authorities, the majority of which funds Active Ageing 1£472,097}12024.' £322,887), Health Related Services {£895,881} {2024.' £449,262), Visiting Scheme & InTouch1£316,202}12024'. £265,360), Hertswise & Memory Support1£526,318} (2024.. £758,030), Handyperson & Gardening {£82,0001 {2024.' £nill and Other1£277,6471 (2024.. £nill. At 31 March 2025, all amounts in relation to these amounts were expended and the performance criteria had been met12024'. All amount5 expended at the year end). Other trading actlvltles Unrestricted Restrlcted funds funds Total 2025 Total 2024 Fvndraising income Other 240 5,802 14,150 5.802 Other trading activities 5,802 5,802 14,390 For the year ended 31 March 2024 14,390 14,390 31
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investments Unrestricted Unrestricted funds funds 2025 2024 Interest receivable 123,701 67,252 Other income 2025 2024 Transfer of reseNes from Age UK Dacorum 30,000 498,998 Ralslng funds 2025 2024 Other fundraising costs Staff costs Support costs 9,226 64,262 12,542 2,630 51,777 12,397 Fundraising and publicity 86,030 66,804 86,030 66,804 -32-
¢r J r£
ril- I,
AGE UK HERTFORDSHJRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Support & governance costs 2025 2024 SUPPORT COSTS Staff costs Training, recruitment & travel Computer equipment Postage, printing & telephone Premises Legal & professional Other support costs 493,115 5,607 46,878 35,187 66,262 10,665 14,807 454,436 6,675 48,780 23,705 48,491 9,290 6,124 GOVERNANCE COSTS 39,889 67,938 712,410 665,439 Analysed between Fundraising Charitable activities 12,542 699,868 12,397 653,042 712,410 665,439 Governance costs include5 payments to the auditors of £12,96012024 £13,100) for audit fees and £3,480 (2024 £5,554) for accountarncy and advisory fees. 10 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purpose5. -35-
AGE UK HERTFORDSHXRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 11 Staff and Volunteers Number of employees GROUP GROUP Full time equivalent employee numbers 2025 2024 Number Number Average headcount 2025 2024 Number Number Active Ageing Visiting Scheme & In Touch Information & Advice Hertswise Health Related SeNices All other Services Help in the Homes HP&G Fundraising Management and administration Hert5help 34 13 28 li 15 12 38 30 30 25 259 237 48 46 15 io 13 12 li 390 341 138 119 The Help in the Homes numbers above include the following colleague5 that have a casual contract of employment.. Average Headcount 25212024.. 2101, Full time equivalent employee numbers 3312024.. 321. Employment costs 2025 Group 2025 Charity 2024 Group 2024 Charlty Wages and salaries Social security Costs Pension costs 3,622,838 209,366 132,217 3,622,838 209,366 132,217 3,077,003 172,984 109,390 3,077,003 172,984 109,390 3,964,421 3,964,421 3,359,377 3,359,377 Employee Benefits Dlsclosure The number of employees receiving total employee benefits exceeding £60,000 (excluding pension costs) were.. 2025 Number 2024 Number £70,001- £80,000 Total number of employee5 36-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Staff and Volunteers (Conlinued) Dlsclosure on redundancy and termination payments Total redundancy and termination payments in the year amounted to £7,27612024'. £25,356) and related to redundancy and settlement payments. Termination payments are recognised immediately as an expense when the group is demonstrably committed to terminate the employmeiit of an employee or to provide termination payments. At the balance Sheet date131 March 20251 all amounts due had been paid. Pénslon costs Staff are entitled to contribute to TPT'S Growth Plan (the Plan). The Plan is funded and is not contracted out of the state scheme. Serie5 1, 2 and 3 of the Plan 15 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 Series 4. The Plan is a multi-employer scheme which provides benefits to some 521 non-associated participating employers. The scheme is a defined benefit scheme in the UK. The scheme is subject to the funding legislation outlined in the Pensions Acl 2004 which camè into force on 30 December 2005. This, together with the documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for the funding defined bei)efit occupational schemes in the UK. The scheme is classified a5 a "last-man standing 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 legally required to meet their share of the scheine deficit on an annuity purchase basis on withdiawal from the scheme. A full actuarial valuation for the scheme was carried out at 30 September 2023. This valuation showed assets of £514.9m, liabilities of £531.Om and a deficit of £16.1m. The deficit contribution5 for the combined plan from l April 2025 to 31 March 2028 ale £2.Im per annum. The share of this attributed to Age UK Hertfordshire is £876 per annum. The scheme's previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. Age UK Hertfordshire's deficit contributions started from l April 2013. In 2024-25 Age UK Hertford5hire paid deficit contributions of £989 and the deficit contributions in 2025-26 are expected to be £876. -37-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Tangible fixed assets F5xtur•s, fittlng5 and equlpment Cost At l April 2024 15,174 At 31 March 2025 15,174 Depreclatlon and Impalrment At l April 2024 15,174 At 31 March 2025 15,174 Carrylng amount At 31 March 2025 -38-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Investment in UK sub51dlary CHARrrY Age UK Hertfordshire Trading Limited Cost and net book value At l April 2024 and at 31 March 2025 The results and capital and resetves of Age VK Hertfordshire Trading Limited are consolidated in these accounts. The charity owns the single issued ordinary share in Age UK Hertfordshire Trading Limited (company registration number 02911828), which is incorporated in England and Wales (registered office address.. First Floor, Beane 8ridge House, 34 Chambers Street, Hertford, Herts, SG14 IPLI. 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 has been dormant since 31 March 2022. 2025 2024 Turnover Administrative expenses Operating proflt Gift paid to Age UK Hertfordshire ProflV(loss) for the year Retained profit brought forward Retalned profit carrled fonvard The assets and liabilitie5 of the subsidiary were: Current assets Creditor5'. amounts falling due within one year Aggregate share capital and reserves 14 Debtors 2025 Group 2025 Charity 2024 Group 2024 Charity Amounts falling due within one year". Trade debtors Prepayments and accrued income 226,425 158,325 226,425 158,325 263,687 286,292 263,687 286,292 384,750 384,750 549,979 549,979 -39-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Credltors: amounts falllng due within one year 2025 Group 2025 Charity 2024 Group 2024 Charity Notes Other taxation and social security Deferred income Trade creditors Other creditors Accruals 50,948 319,524 64,421 145,014 45,700 50,948 319,524 64,421 145,015 45,700 52,131 87,690 73,490 121,219 58,008 52,131 87,690 73,490 121,220 58,008 16 625,607 625,608 392,538 392,539 16 Deferred Income 2025 Group 2025 Charlty 2024 Group 2024 Charlty Other deferred income 319,524 319,524 87,690 87,690 319,524 319,524 87,690 87,690 -40-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Deferred Income (Continued) The movement in deferred income in the year was as follows.. 2025 Group 2025 Charity 2024 Group 2024 Charlty Balance at l April Amount released to income from charitable activities Amount released to income from legacies and other trading activitie5 Amount deferred in year from income from charitable activities Amount deferred in year from income from other trading activities 87,690 87,690 63,773 63,773 187,6901 187,6901 {63,773) {63,7731 319,524 319,524 87,690 87,690 Balance at 31 March 319,524 319,524 87,690 87,690 Deferred income relates to amounts received prior to the year end and in accordance with accounting standards and Charities SORP are deferred for recognition in a future period. 17 Re5trlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific condition5 by donors as to how they may be used. GROUP- CURRENT YEAR Movement In funds Balance at I Incomlng Resources April 2024 resources expended Transfers Balance at 31 March 2025 Charitable SeNice5 107,239 876,728 {468,7481 {423,219) 92,000 107,239 876,728 1468,748) 1423,2191 92,000 CHARITY - CURRENT YEAR Movement in funds Incoming Resource5 resources expended Balance at I April 2024 Transfers Balance at 31 March 2025 Charitable Services 107,239 876,728 {468,7481 {423,219) 92,000 107,239 876,728 1468,748) 1423,2191 92,000 Transfers from unrestricted funds to restricted funds have been made during the year in relation to support and other costs not covered from restricted fund5 brought forward or income received in the year. 41
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 17 Restricted funds (Contlnued) GROUP - PRIOR YEAR Movement in funds Balance at I Incomlng Resources April 2023 resources expended Transfers Balance at 31 March 2024 Charitable SeNices 121,427 1,296,291 (899,3271 {411,152) 107,239 121,427 1,296,291 (899,3271 (411,152} 107,239 CHARITY- PRIOR YEAR Movement In funds Incoming Resources resources expended Balance at I April 2023 Transfers Balance at 31 March 2024 Charitable SeNices 121,427 1,296,291 (899,327) 1411,1521 107,239 121,427 1,296,291 (899,327) 1411,1521 107,239 18 Unrestricted funds The income funds of the charity include the following designated funds which are included within unrestricted funds but have been set aside by the trustees for specific purposes las detailed in the Trustee Annual Report).. GROUP- CURRENT YEAR Movement In funds Incoming Re50urce5 resources expended Balance at I April 2024 Transfers Balance at 31 March 2025 De51gnated Funds IT & Communications Project Development Staffing Commitments Building Dilapidations Working Capital 75,000 250,000 54,000 10.000 328,105 75,000 250,000 120,000 10,000 304,105 66,000 124,0001 717,105 42,000 759,105 General Unrestricted Funds 2,120,156 4,642,383 14,611,032) 381,219 2,532,726 Total unrestrlcted funds 2,837,261 4,642,383 14,611,032) 423,219 3,291,831 -42-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Unrestricted funds (Continued) GROUP- PRIOR YEAR Movement in funds Incoming Resource5 resources ¢xpended Balance at I April 2023 Transfer$ Balance at 31 March 2024 Designated Funds IT & Communications Project Development Staffing Commitments Building Dilapidations Working Capital 50,000 200,000 143,000 5,000 426,947 25,000 50,000 189,000) 5,000 198,842) 75,000 250,000 54,000 10,000 328,105 824,947 1107,8421 717,105 General Unrestrlcted Funds 1,302,579 3,895,875 13,597,292) 518,994 2,120,156 Total unrestrlcted funds 2,127,526 3,895,875 13,597,292) 411,152 2,837,261 CHA - CURRENT YEAR Movement In funds Incomlng Resources resources expended Balance at I Aprll 2024 Transfers Balance at 31 March 2025 Designated Funds IT & Communications Project Development Staffing Commitments Building Dilapidations Working Capital 75,000 250,000 54,000 10,000 328,105 75,000 250,000 120,000 10,000 304,105 66,000 (24,0001 717,105 42,000 759,105 General Unrestricted Funds 2,120,156 4,642,383 14,611,032) 381,219 2,532,726 Total unrestrlcted funds 2,837,261 4,642,383 14,611,032) 423,219 3,291,831 -43-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Unre5trlcted funds (Continued) CHARrrY - PRIOR YEAR Movement In funds Incoming Resources resources expended Balance at I Aprll 2023 Transfer5 Balance at 31 March 2024 Designated Funds IT & Communications Project Development Staffing Commitment5 Building Dilapidations Working Capital 50,000 200,000 143,000 5,000 426,947 25,000 50,000 189,0001 s,000 198,8421 75,000 250,000 54,000 10,000 328,105 824,947 {107,842} 717,105 General Unrestrleted Funds 1,302,579 3,895,875 13,597,292) 518,994 2,120,156 Total unrestrlcted funds 2,127,526 3,895,875 13,597,292) 411,152 2,837,261 19 Analysls of net assets between funds GROUP - CURRENT YEAR Unrestrlcted funds Restricted funds Total Fund balances at 31 March 2025 are represented by: Current assets/lliabilitiesl 3,291,831 92,000 3,383,831 3,291,831 92,000 3,383,831 CHARITY . CURRENT YEAR Unrestrl¢ted funds Restricted funds Total Fund balances at 31 March 2025 are represented by: Investments Current assetsl{liabilities) 3,291,830 92,000 3,383,830 3,291,831 92,000 3,383,831 -44-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 Analysis of nel assets between funds (Continued) GROUP- PRIOR YEAR Unrestricted funds Restrlcted fund5 Total Fund balances at 31 March 2024 are represented by.. Tangible assets Current assets/lliabilities) 2,837,261 107,239 2,944,500 2,837,261 107,239 2,944,500 CHARrrY - PRIOR YEAR Unre5trlcted funds Restrlcted funds Total Fund balances at 31 March 2024 are represented by.. Tangible assets Investments Current assets/{liabilitiesl 2,837,260 107,239 2,944,499 2,837,261 107,239 2,944,500 20 Operatlng lease commllments At the reporting end date the group had outstanding commitments for future minimum lease payment5 under non-cancellable operating leases, which fall due a5 follows: 2025 2024 Within one year Between two and five years In over five years 29,400 102,900 29,031 117,600 14,700 132,300 161,331 -45-
AGE UK HERTFORDSHIRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Related party transactlons Remuneration of key management personnel The remuneration of key management personnel was as follows.. 2025 2024 Aggregate compensation 283,416 301,328 Na trustee received any remuneration or benefits from the charity or its sub5idiary12024 - none). No trustees received reimbursement for expenses12024 - none). 22 Subsldiarles Details of the group'5 subsidiaries at 31 March 2025 are as follows: Name of undertaklng Reglstered office Nature of buslness Class of shares held % Held Dlrect Indlrect Age UK Hertfordshire Trading Limited England & Wales Trading Company Ordinary loo.00 23 Analysls of changes In net funds The group had no material debt during the year. 24 Cash generated from operatlons 2025 2024 Surplus for the year 439,331 695,547 Adjustrnents for: Investment income reco9nised in statement of financial activities 1123,7011 {67,2521 Movements in working capital.. Decrease/lincreasel in debtors Increase in creditors 165,229 233,069 (73,976) 3,527 Cash generated from operations 713,928 557,846 -46-