REGISTERED COMPANY NUMBER: 06876354 (England and Wales) REGISTERED CHARITY NUMBER: 1133023
Report of the Trustees and
Audited Consolidated Financial Statements
for the Year Ended 31 March 2024
for
AGE UK KENT RIVERS (A COMPANY LIMITED BY GUARANTEE)
Xeinadin Audit Limited (Statutory Auditors) Bryant House Bryant Road Strood Rochester Kent ME2 3EW
AGE UK KENT RIVERS
Contents of the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Chairman's Report | 1 |
| Chief Executive's Report | 2 to 5 |
| Report of the Trustees | 6 to 11 |
| Report of the Independent Auditors | 12 to 15 |
| Consolidated Statement of Financial Activities | 16 |
| Consolidated Balance Sheet | 17 |
| **Charity Balance Sheet ** | 18 |
| Consolidated Cash Flow Statement | 19 |
| Notes to the Consolidated Cash Flow Statement | 20 to 21 |
| Notes to the Financial Statements | 22 to 49 |
AGE UK KENT RIVERS
Chairman's Report FOR THE YEAR ENDED 31 MARCH 2024
The year ending March 31st, 2024, has been a year of explosive growth, and rapid response to the growing needs of our beneficiary groups. Age UK Kent Rivers has juggled competing priorities this year, attempting to achieve our strategic aims in the face of intensive challenge, and some unexpected new developments which set the tone for a busy year.
It is noticeable of course that we started the year under the name Age UK Medway, and ended the year calling ourselves Age UK Kent Rivers, a small change on the face of it, but one that has taken incredible amounts of work behind the scenes, by our very dedicated staff team, to deliver. With the added challenges of relocating our offices, and simultaneous launch of our exciting new integrated community at the Clarendon Royal Community, alongside the large merger and transfer, the charity undertook, it has not been a year in which we can rest on our laurels.
The staff and volunteer team, including of course, our trustees, have stood firmly behind the strategy, and our principles to ensure everyone within our remit, can Achieve Life's Fullness, and this steadfast commitment has seen us through what could have been an insurmountable year.
The opportunities to merge, take on a charity in difficulty, and express our strategy through our innovative work, have come at both the best and the worst of times, but the charity has juggled the priorities effectively and seen the year through in good spirits. There will be challenges ahead of course, as we continue to harmonise three organisational cultures, bring projects to fruition, and maintain existing services all in a climate of ever decreasing funding, limited grants and donations and a rising cost for everyone of general living. The costs of living crisis hit our beneficiaries very hard, with fixed incomes through pensions and increasing costs, we heard too often, that our older people are making incredibly difficult choice between heating, eating, and self-care.
These are choices that Age UK Kent Rivers feels should be rights for older people, not choices, and our work to reach as many people in difficulty and support them effectively will be unending in that pursuit.
I extend my thanks to the staff team for their work through this extremely challenging year, where agility and emotional intelligence has been required in large amounts, and too to the Trustees for their ongoing steadfast support during the year.
............................................. Dr Gillian Fargher - Chairman
Date: 27 June 2025
Page 1
AGE UK KENT RIVERS
Chief Executive's Report FOR THE YEAR ENDED 31 MARCH 2024
Age UK Kent Rivers, formerly Age UK Medway, is a locally constituted brand partner of the National organisation Age UK, with whom the charity shares a dynamic and well-known brand.
The locally constituted Board of Trustees govern the charity through delegated authority to the Group CEO and senior leadership team structure and are responsible for every element of the charity's income and expenditure. The year ending March 31st 2024 has been a seminal year in the charities history and presented opportunity and challenge in equal measure.
Post balance sheet events indicated in our annual report of 2022/23 indicated plans for the launch of an innovative project, the Clarendon Royal Community, with a start date of April 1 2023. This large multifaceted project, to create and sustain an integrated community was a daunting challenge that the Trustees accepted with enthusiasm, as the core purpose aligns well with the charity objectives and reaches into the communities we service, to address some longstanding issues of suitable residential accommodation for older people.
Additionally, the charity took transfer of a failing local Age UK in Northwest Kent, on the cusp of the new financial year, March 31st 2023, and further agreed to merge with Age UK Faversham and Sittingbourne on the 31st July 2023. These transfer and merger projects have compounded the challenges for the charity in the year, demanding a huge amount of attention, reorganisation, rationalisation, system change, and culture change, all of which have provided unprecedented challenges for the charity to overcome. Nonetheless, the charity remained resolved to push through these challenges as the outcome of success meant a significantly more impactful charity, with an increased territory and mandate to reach a 30% increase in the older population, who could benefit from the charity's services.
The greatest challenge of the year has been to control the outflow of cash, needed to support the transitional phases of the charity's growth, and support the various "spinning plates" while the charity has been able to work through the list of challenges one by one.
To add further to the pressures for the team, we relocated our registered office in November 2023, and when requested to do so by the national charity, changed the organisations name, to better reflect the wider territory and retain the brand in our new areas of operation, two more " tasks" which when said or written quickly, seem on the surface to be simple, but tasks which provided immense logistical challenges and political wranglings around our choice of name.
Reflecting at year end, March 31st 2024, we can be immensely proud that the charity has relentlessly moved forward through all of these difficulties, and pressed on with the important mission, to ensure older people and adults with a learning disability are effectively enabled, now across the whole of North Kent, to Achieve Life's Fullness.
The Clarendon Royal Community
The charity entered into a long lease for a former hotel building in April 2023 and began the transformation of the former historic hotel in Gravesend, into a fully integrated community for older people.
With the building already designed following a refit in 2012, it was ready to offer 20 self-contained apartments for extra care (independent accommodation with care packages provided to meet needs), 13 hotel rooms, which the charity offered to statutory services as step down/respite bed spaces, and a wealth of commercial spaces on the ground floor to provide supporting income for the charity group, trading through the Kent and Medway Trading Company. The commercial space offers a public bar, restaurant and function room, all of which can be fully utilised by the resident and non-resident community, through a program of activities, events and the everyday business of a busy bar and restaurant.
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AGE UK KENT RIVERS
Chief Executive's Report FOR THE YEAR ENDED 31 MARCH 2024
Throughout the year, while awaiting statutory services to refer to the respite accommodation, the rooms (13) have continued to operate as a hotel, adding further richness of the integrated community, and the apartments have gradually filled with a range of beneficiaries with a range of needs.
The Clarendon Royal Community plugs a gap in need, through affordable, suitable accommodation for older people, through market rents, rather than purchased apartment. The charity is able to offer extremely competitive rates for residential accommodation and wrap around services which when compared to traditional care home environments, means this type of service is far more accessible for people.
The planned occupation of the project has fallen behind time in the year, due to distractions of the two other major undertakings, but toward year end, has begun to show that the model is working more closely to the anticipated budget, and the work continues.
Day services
Day services continue to be a core service for the charity, a stable offering built on the charity's origin building in Gillingham, and through the transfer and merger, now operating in Dartford and Faversham too. Our day services offer a range of services in each area, but remain fundamentally rooted in tradition, with a transport service to collect and return people to home, a fresh cooked two course lunch, and a wealth of engaging activity, delivered by care professionals who can cater for additional assistance when required by our beneficiaries.
Information and Advice
Our information service, which Age UK Medway was forced to close in 2020 as a result of the pandemic, returned to us through our merger with Faversham and Sittingbourne, including the service manager, so the charity is especially pleased to have the service return this year.
Following successful passing of the required AQS standard in late 2022, the service was permitted by Age UK National to expand, to offer the service across the new Age UK Kent Rivers territory, which has already in this year had a huge impact in Medway and Dartford/Gravesham areas, where the service had been absent for some time.
Much of the work to assess peoples benefit entitlement is offset by available grants associated with various programs secured by the National charity, and our service continues to be at the forefront of the Information and Advice offer, often outperforming other brand partners and being asked to undertake additional sessions where others have fallen short.
The impact of the service is a financial, and permanent one for our beneficiaries, allowing them to unlock potential benefits and assistance which can give a much-needed boost to the personal income required to proactively purchase services and support.
Dementia services
Our dementia services have also seen growth in the year, because of the merger of course, but also in response to the growing need. We are now able to offer a blended approach to dementia services, including a specialist dementia day service in Chatham and Dartford, and MCST (Maintenance Cognitive Stimulation Therapy) groups across Medway and Faversham.
We also have several active Dementia cafes in various locations, taken under our control, led by volunteers, following the withdrawal of face-to-face services by the Alzheimer's Society in 2022. We have seen the need for dementia services increase exponentially over the years, with no signs of a slowing or end. Growth of more MCST groups will figure in future plans to ensure we can meet the growing need.
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AGE UK KENT RIVERS
Chief Executive's Report FOR THE YEAR ENDED 31 MARCH 2024
Medway Homecare
Our domiciliary care services in Medway, known internally as homecare, continues to offer personal care in people's homes, critical to their remaining independent as long as possible. Our homecare service incorporates footcare (basic nail care) and domestic (housekeeping) as well as shopping calls and prescription collection. These services are invaluable to our beneficiaries, as additionally to delivering critical personal care, they also offer by proxy, companionship and a daily interrupter to loneliness, which is extremely harmful to our beneficiaries, as research continues to demonstrate.
Faversham Homecare
Our Faversham homecare service mirrors the Medway services but offers additional challenges logistically due to the more rural nature of the area. Despite this, we have continued to deliver a valuable service, with an effective team located in a satellite office, which will relocate in the coming year to the newly acquired Faversham building, creating some additional costs efficiency for that model of work.
CRS
The carers relief service has continued to grow steadily since it joined the charity back in 2021. With the addition of new sites, acquired through our merger and transfer, we have the opportunity to establish new services for the CRS client group, including a learning disability disco at the Clarendon Royal Community. We have been able to achieve this through effective partnership with a local provider, and by creating appropriate space in the community program at the clarendon, to ensure a protected and supportive social "Night spot" for our clients. CRS continue to offer valuable social support to this group, which of course releases carers to make use of other Age UK Kent Rivers services.
Hands to help
Following the merger with Faversham and Sittingbourne on July 31st, 2023, we took responsibility for Hands to Help, a service borne out of that charity's response to the pandemic.
While Medway pivoted to provide remote activities and regular telephone engagement, the Faversham and Sittingbourne team offered the Sittingbourne day centre to the health authority as a vaccination centre, and created Hands to Help, allowing beneficiaries to receive targeted one to one contact time, accompanying them to minor appointments, shopping trips, daytime activities and general assistance, (non-personal care) which effectively took the traditional day centre model to each individual. Since the merger the service continued, as this was the service familiar to Faversham and Sittingbourne residents, and the learning from this service has been shared effectively across the new broader organisation territory.
Volunteering
Volunteering, guided by our coordinators, continues to be a valuable resource for the charity, deploying volunteers across all services to support paid staff in services delivery. Additionally, our befriending service, both telephone and face to face, is delivered solely by our volunteers, providing a meaningful service we could not have without them. Our current volunteer base accounts for approximately 5 full time equivalent staff, particularly helpful in challenging financial times.
Age Concern Gillingham Shop
Our charity shop remains at the heart of the local high street, providing valuable goods for resale and assisting the local community with the ever-growing costs of living. We received regular high-quality donations which are rapidly turned into charitable funds, helped considerably by our online selling too for items which we feel demand a higher price that the local shop will demand.
Future plans for the shop will include an increase in opening days, to take fuller advantage of one of the better local high streets in the area.
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AGE UK KENT RIVERS
Chief Executive's Report FOR THE YEAR ENDED 31 MARCH 2024
Fundraising
Our grants and trusts fundraiser has had a successful year with several grants awarded to the charity to support its work, and a couple of legacies that we have received notification of in the year. Most notable was a grant to improve the community transport infrastructure in Northwest Kent, awarded by Kent County council which has allowed the purchase of additional transport after the year-end to support day services in the area. Sadly, this success was offset by the theft of three of our minibus vehicles in the middle of the year, but is a grant to be thankful for nonetheless.
Wellbeing
Our wellbeing service took some real positive steps forward in the year, opening up in a number of new locations to bring wellbeing, and strength and balance exercises to our beneficiaries, either in one of our centres, or in a community based shared space. Whilst income generation from this activity is quite low, it directly compliments other wellbeing services we gained through our merger, like walking sports, happening in the Faversham area, so it has been an achievement to bring all of this together under one service type to make it more accessible for beneficiaries.
Future plans include utilising the charities YouTube channel to reach people unable to leave the house, but still able to take part in gentle exercise.
Delivered meals
Our delivered meals has grown three fold with the transfer of the Northwest Kent charity and the merger with Faversham and Sittingbourne. From April 2023, meals are now delivered over 7 days a week, from three large kitchen hubs, reaching the full extent of our territory, underpinning good nutrition to support good healthy living in later life for over 250 people a day.
Future plans
Assessment of Meadowside centre Dartford - during the coming year we will assess the Meadowside day centre for overall viability and make required changes to improve income. The centre was part of the transfer from Northwest Kent and remains a service to give some concern about long term sustainability. We will carry out a review of performance in the year and make adjustments when practical to do so.
Creation of Heather house Community Hub - we anticipate that by October 2024, the former Sittingbourne day centre will be repurposed. The centre was returned to the charity by the local health authority in February 2024, and we anticipate the creation of a community hub, bringing together a number of local charities in the same space, to creatively offer a social and support hub for the Sittingbourne community.
Increase in MCST groups and sessions - through 2024/25 it will be one of our aims to replicate the excellent practice of our MCST sessions across the territory, ensuring that the service is available and creates a pathway dementia service right across the new Age UK Kent Rivers patch.
Increasing opening hours for our shop - we will carry out a review of our charity shop opening hours and hope to carefully re-structure the opening hours to take best advantage of busy days on the high street, and perhaps reducing our presence on quieter days.
.............................................
J M Norley - Group Chief Executive Officer
Date: 27 June 2025
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AGE UK KENT RIVERS (REGISTERED NUMBER: 06876354)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the consolidated financial statements of the charity and its wider group for the year ended 31 March 2024. The annual report serves the purposes of both Trustees Report and Directors Report under company law. The Trustees confirm that the Annual report and Financial statements of the charitable company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the statement of recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (FRS 102) (effective January 2019)
The report is prepared in accordance with the small company regime (Section 419(2) of the Companies Act 2006).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The purpose of the charitable company is to promote the well-being of all older people and to help make later life a fulfilling and enjoyable experience.
The charity is committed to providing high quality services enabling older people to live safely and independently in their own home.
Significant activities
Details of the significant activities of the charity can be found in the Chief Executive's report on pages 2-5 of the financial statements.
Public benefit
In accordance with section 17 of the Charities Act 2011, the trustees have had due regard to the guidance published by the Charity Commission on the operation of the requirement that our charitable purpose is for the public benefit. We will continue to meet the requirements by ensuring that all of the services we operate have the benefit of the customer at the heart of creation, development and operation. We will continue to hold the prices of customer's contribution to services within a range from free at point of access to affordable where a contribution is sought. We recognise that our charity supports those for who accessing services conventionally is cost prohibitive and often forces difficult choices between basic needs.
Grantmaking
The charity provides access to small grants via the sister charity Age Concern Gillingham's welfare fund, designed to facilitate take up of Age UK Kent Rivers services for those experiencing financial hardship, or awaiting statutory financial support.
Risk Management
The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate its exposure to major risks. Risks are monitored at each board meeting and measured using a traffic light KPI system.
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AGE UK KENT RIVERS (REGISTERED NUMBER: 06876354)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
OBJECTIVES AND ACTIVITIES
Principal Risks and Uncertainties
The most significant risk is the long-term lease liability attributed to the Clarendon Royal Community. Income from this model is key to mitigating the risks from liabilities if rent payments are unable to be met. This risk is mitigated through other income streams supporting the project, and regular dialogues to secure contracts for large portions of the residential accommodation, which statutory services have expressed interest in. Commercial letting of properties has been undertaken in the year to further mitigate financial losses, and continued use of the respite rooms as hotel accommodation is another risk mitigant.
Additional significant risks to the charity come in the form of a lack of effective inflationary contract price increase relating to the homecare contract with the local authority. This risk has been identified early and factored into strategic plans in terms of growing the private pay element of the homecare business and devising new models of work that can recover the anticipated lost income. The perceived losses will arise through the year on years increases in National Living Wage rates and employers pension contributions through the Auto Enrolment program. Both are legal requirements to which the charity must comply, sadly, this cost increase is rarely offset by a matched increase in local authority contract pricing. The other principal risks relate to the other income streams of the charity, particularly in a cost-of-living crisis context.
ACHIEVEMENT AND PERFORMANCE
Details of the achievement and performance of the charity during the year under review can be found in the Chief Executive's report on pages 2-5 of the financial statements. However, it is important to consider why we are here and the impact we have. Older people have again been severely impacted this year, with a gradual return to pre-pandemic activities, we are now seeing the impact of the costs of living crisis which is ensuring that isolation is further compounded, reflected in health inequalities, increasing loneliness and further and accelerated cognitive deterioration. The charity has worked hard this year to tackle these issues head on, and innovated to deliver new solutions to these issues which will continue to grow in the coming years.
FINANCIAL REVIEW
Reserves policy
The trustees have reviewed the reserves of the charity and have established a policy under which the unrestricted reserves held by the charitable company should be between three and six months of the resources expended, that is between £1,587,320 and £3,174,640.
As at 31 March 2024 the free reserves amounted to £338,350 (2023: £407,898) which is below the policy lower threshold. Trustees are content, that the growth strategy in place will over time, replenish reserves to former levels and accept that the unusually high reserve levels of the past may not return in the current financial climate. The Trustees are further satisfied that the use of reserves on the delivery of charitable activity is appropriate.
As at 31 March 2024, the total unrestricted reserves amounted to £825,544 (2023: £1,587,232).
The balance on all restricted and unrestricted funds and explanation of why held can be found in note 24 to the financial statements.
Investment policy and objectives
In accordance with the memorandum of association the charity has unrestricted powers of investment but the trustees are required to take advice before buying or selling investments.
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AGE UK KENT RIVERS (REGISTERED NUMBER: 06876354)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
FINANCIAL REVIEW
Overview
The Statement of Financial Activities shows a deficit for the year of £761,162 (2023: £35,989). Our reserves stand at £846,610 (2023: £1,607,772).
Going concern
Details regarding the adoption of the going concern basis can be found in the accounting policies.
Principal funding sources
Principal funding sources to the charity come from local government contracts, grants and earned income. These funding sources support the charity's key objectives by enabling the continued provision of valuable support and care services for older people in Medway. Income directly supports the provision of some Information and signposting services, and enables the charity to act as a gateway signposting to services which directly relieve poverty, support disability, prevent ill health, and reduce social isolation and exclusion.
Tax status
The charitable company is exempt from taxation on charitable activities.
Key performance indicators
Regular management accounts (monthly) are used to inform and guide the executive team and flag incidences of underperformance early, to allow in year resolution or changes to operational plans accordingly. These financial indicators are included in the trustees KPI report every 6 weeks, alongside other key metrics linked to income, such as service attendance figures.
FUTURE PLANS
Plans for future periods can be found in the Chief Executive's report on pages 2-5 of the financial statements.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Age UK Kent Rivers was incorporated as a company limited by guarantee on 14 April 2009, with registration number 06876354, and was registered with the Charity Commission on 1 December 2009 with registration number 1133023. It is governed by its memorandum and articles of association. It changed its name from Medway Age Concern to Age UK Medway on 13 June 2012, and subsequently changed its name from Medway Age Concern to Age UK Kent Rivers on 15 November 2023.
The members of the charitable company are the trustees named on the information page. In the event of the charitable company being wound up, their liability in respect of the guarantee is limited to £1 each.
Recruitment and appointment of new trustees
The directors of the charitable company are its trustees for the purposes of charity law and, in accordance with the articles of association, are known as the board of trustees.
The trustees are elected at least once every three years by the members attending the charitable company's annual general meeting. They may serve for three years and are eligible for re-election. The board of trustees has the power to appoint persons to fill any casual vacancies and to co-opt persons to the board.
Trustees are recruited from a wide range of backgrounds to ensure an appropriate mix of skills and experience.
Organisational structure
The trustees, as trustees of the charity, are legally responsible for the overall management and control of the charity. The charitable company is managed on a day to day basis by the chief executive, who reports to the board of trustees, which meets bi-monthly.
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AGE UK KENT RIVERS (REGISTERED NUMBER: 06876354)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Induction and training of new trustees
New and existing trustees are encouraged to spend time at the Day Centres helping and observing our day to day operations. New and existing trustees are also encouraged to attend appropriate training courses, for which the charitable company pays.
Related parties
A declaration of conflict of interests and a reminder to disclose are included in the header for each board minute agenda. At each meeting there is an agenda item also to ensure that disclosures can be made.
There is a regular assessment of procurement by the Finance Manager and the Chief Executive to ensure that there are no related parties under contracts for services.
Remuneration
The board have constituted a subcommittee to oversee the charity's staff remuneration and terms of service, this committee is made up of the Vice Chairman, Treasurer and two additional trustees. The committee is focused on the establishment of good employer principles through the staff terms and conditions, which includes pay, pensions, healthcare and other benefits. The committee is charged with the review of staff salaries each year as part of the charity's budget setting process, and the salary for the Group CEO.
Trustees indemnity
The charitable company has arranged qualifying indemnity insurance for the trustees.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06876354 (England and Wales)
Registered Charity number
1133023
Registered office
Age Uk Kent Rivers Floor 2 Fitted Rigging House South, Anchor Wharf The Historic Dockyard Chatham Kent ME4 4TZ
Trustees
P V Andrews A J Bates J P Burton-Jones Dr G Fargher S M Robinson D L Terry - resigned 14th January 2025 A A West L E Ferguson J E Stanton - resigned 10th July 2024 F P J Contreiras - appointed 12th December 2024
Chief Executive
J M Norley
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AGE UK KENT RIVERS (REGISTERED NUMBER: 06876354)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
REFERENCE AND ADMINISTRATIVE DETAILS Company Secretary
J M Norley
Auditors Xeinadin Audit Limited (Statutory Auditors) Bryant House Bryant Road Strood Rochester Kent ME2 3EW
Solicitors Furley Page Admirals Offices Main Gate Rd Chatham ME4 4TZ
Bankers Barclays Bank Plc 61-63 Week Street Maidstone ME14 1QU Lloyds TSB 104-106 High Street Sheerness ME12 1UB
CCLA Investment Management Limited 80 Cheapside London EV2V 6DZ
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Age UK Kent Rivers for the purposes of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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AGE UK KENT RIVERS (REGISTERED NUMBER: 06876354)
Report of the Trustees FOR THE YEAR ENDED 31 MARCH 2024
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the company's website.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 27 June 2025 and signed on its behalf by:
................................................................ Dr G Fargher - Trustee
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Report of the Independent Auditors to the Members of Age UK Kent Rivers (Registered number: 06876354)
Opinion
We have audited the financial statements of Age UK Kent Rivers (the 'parent charitable company') and its subsidiaries (the ‘group’) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity balance sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the group’s and of the parent charitable company's affairs as at 31 March 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial 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 statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Report of the Independent Auditors to the Members of Age UK Kent Rivers (Registered number: 06876354)
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Members of Age UK Kent Rivers (Registered number: 06876354)
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis of our opinion. These procedures included:
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Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and
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Assessment of identified fraud risk factors; and
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Review of cash expenditure to confirm no evidence of personal benefit; and
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Challenging assumptions and judgements made by management in its significant accounting estimates; and
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Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
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Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
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Reading minutes of meetings of those charged with governance; and
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Physical inspection of tangible assets susceptible to fraud or irregularity; and
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Review of significant and unusual transactions; and
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Identify and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Members of Age UK Kent Rivers (Registered number: 06876354)
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an 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 charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Friend BSc FCA (Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor Chartered Accountants Bryant House Bryant Road Strood Rochester Kent ME2 3EW
Date: 27 June 2025
Page 15
AGE UK KENT RIVERS
Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account) FOR THE YEAR ENDED 31 MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 3 Charitable activities 6 Day Centres Home Care and Other Services Carers Relief Service Integrated Residential and Community Services Other trading activities 4 Investment income 5 Total EXPENDITURE ON Raising funds 7 Charitable activities 8 Day Centres Home Care and Other Services Administration Carers Relief Service Integrated Residential and Community Services Total NET INCOME/(EXPENDITURE) Transfers between funds 24 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward Prior year adjustment TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 907,456 1,557,754 1,462,883 350,828 430,835 559,489 8,117 5,277,362 574,410 1,546,362 1,135,671 1,097,388 304,517 1,600,747 6,259,095 (981,733) 220,045 (761,688) 1,587,232 - 825,544 |
Restricted funds £ 310,755 - - - - - - 310,755 - 46,216 19,405 4,265 4,701 15,597 90,184 220,571 (220,045) 526 20,540 - 21,066 |
2024 Total funds £ 1,218,211 1,557,754 1,462,883 350,828 430,835 559,489 8,117 5,588,117 574,410 1,592,578 1,155,076 1,101,653 309,218 1,616,344 6,349,279 (761,162) - (761,162) 1,607,772 - 846,610 |
2023 Total funds £ 103,243 1,123,897 1,240,990 351,044 - 86,326 1,083 2,906,583 146,006 920,156 956,825 604,820 314,765 - 2,942,572 (35,989) - (35,989) 1,597,830 45,931 1,607,772 |
|---|---|---|---|---|
CONTINUING OPERATIONS
There were no unrecognised gains or losses other than the surplus/deficit for the year. The accompanying accounting policies and notes form an integral part of these financial statements.
The notes form part of these financial statements
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AGE UK KENT RIVERS (REGISTERED NUMBER: 06876354)
Consolidated Balance Sheet 31 MARCH 2024
| Notes FIXED ASSETS Tangible assets 13 Investments Investment property 16 CURRENT ASSETS Stocks 17 Debtors 18 Prepayments and accrued income Cash at bank and in hand CREDITORS Amounts falling due within one year 19 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 20 ACCRUALS AND DEFERRED INCOME 23 NET ASSETS FUNDS 24 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted Restricted funds funds £ £ 6,453,621 16,919 358,030 - 6,811,651 16,919 8,511 - 403,767 - 245,661 - 688,678 4,147 1,346,617 4,147 (310,973) - 1,035,644 4,147 7,847,295 21,066 (6,878,181) - (143,570) - 825,544 21,066 |
2024 Total funds £ 6,470,540 358,030 6,828,570 8,511 403,767 245,661 692,825 1,350,764 (310,973) 1,039,791 7,868,361 (6,878,181) (143,570) 846,610 825,544 21,066 846,610 |
2023 Total funds £ 247,004 306,100 553,104 1,013 199,143 149,242 921,320 1,270,718 (110,015) 1,160,703 1,713,807 (14,400) (91,635) 1,607,772 1,587,232 20,540 1,607,772 |
|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 27 June 2025 and were signed on its behalf by:
............................................. Dr G Fargher - Trustee
The notes form part of these financial statements
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AGE UK KENT RIVERS (REGISTERED NUMBER: 06876354)
Charity Balance Sheet 31 MARCH 2024
| Notes FIXED ASSETS Tangible assets 14 Investments Investments 15 Investment property 16 CURRENT ASSETS Debtors 18 Prepayments and accrued income Cash at bank and in hand CREDITORS Amounts falling due within one year 19 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 20 ACCRUALS AND DEFERRED INCOME 23 NET ASSETS FUNDS 24 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted Restricted funds funds £ £ 6,423,756 16,919 10,000 - 358,030 - 6,791,786 16,919 461,594 - 240,535 - 568,735 4,147 1,270,864 4,147 (288,620) - 982,244 4,147 7,774,030 21,066 (6,878,181) - (138,117) - 757,732 21,066 |
2024 Total funds £ 6,440,675 10,000 358,030 6,808,705 461,594 240,535 572,882 1,275,011 (288,620) 986,391 7,795,096 (6,878,181) (138,117) 778,798 757,732 21,066 778,798 |
2023 Total funds £ 247,004 10,000 306,100 563,104 227,104 149,242 841,324 1,217,670 (109,865) 1,107,805 1,670,909 (14,400) (86,989) 1,569,520 1,548,980 20,540 1,569,520 |
|---|---|---|---|
The charity’s net movement in funds for the year was £(790,722) (2023 - £(27,229)).
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 27 June 2025 and were signed on its behalf by:
............................................. Dr G Fargher - Trustee
The notes form part of these financial statements
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AGE UK KENT RIVERS
Consolidated Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of tangible fixed assets Purchase of investment property Sale of tangible fixed assets Disposal of tangible fixed assets Interest received Net cash used in investing activities Cash flows from financing activities New loans in year Loan repayments in year Net cash provided by financing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2024 £ (234,077) (234,077) (148,816) - 260 (379) 8,117 (140,818) 150,000 (3,600) 146,400 (228,495) 921,320 692,825 |
2023 £ (105,191) (105,191) (33,383) (306,100) - - 1,083 (338,400) 22,000 (4,000) 18,000 (425,591) 1,346,911 921,320 |
|---|---|---|
The notes form part of these financial statements
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AGE UK KENT RIVERS
Notes to the Consolidated Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024
| 1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM | OPERATING | ACTIVITIES |
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Net expenditure for the reporting period (as per the Statement of | |||
| Financial Activities) | (761,162) | (35,989) | |
| Adjustments for: | |||
| Depreciation charges | 207,884 | 22,515 | |
| Increase in stock | (7,498) | - | |
| Loss on disposal of fixed assets | 5,788 | 330 | |
| Interest received | (8,117) | (1,083) | |
| Interest accrued on finance lease | 782,245 | - | |
| Interest accrued on non bank interest | 2,195 | - | |
| Assets donated on transfer of activities | (350,582) | - | |
| Increase in debtors | (301,043) | (105,139) | |
| Increase in creditors | 196,213 | 14,175 | |
| Net cash used in operations | (234,077) | (105,191) |
The notes form part of these financial statements
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AGE UK KENT RIVERS
Notes to the Consolidated Cash Flow Statement FOR THE YEAR ENDED 31 MARCH 2024
2. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)
| Net cash Cash at bank and in hand Debt Finance leases Debts falling due within 1 year Debts falling due after 1 year Total |
At 1/4/23 £ 921,320 921,320 - (3,600) (14,400) (18,000) 903,320 |
Cash flow £ (228,495) (228,495) - - (146,400) (146,400) (374,895) |
Other non-cash changes £ (6,771,866) - (2,195) (6,774,061) (6,774,061) |
At 31/3/24 £ 692,825 692,825 (6,771,866) (3,600) (162,995) (6,938,461) (6,245,636) |
|---|---|---|---|---|
The notes form part of these financial statements
Page 21
AGE UK KENT RIVERS
Notes to the Financial Statements FOR THE YEAR ENDED 31 MARCH 2024
1. STATUTORY INFORMATION
Age UK Kent Rivers is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.
The company is registered in England and Wales, Registered Number 06876354 and its registered office is Age Uk Kent Rivers Floor 2, Fitted Rigging House South, Anchor Wharf, The Historic Dockyard, Chatham, Kent, ME4 4TZ.
The presentation currency of the financial statements is the Pound Sterling (£). Figures are rounded to the nearest pound.
2. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention except for the modification to a fair value basis for certain fixed asset investments as specified in the accounting policies below.
The Consolidated Statement of Financial Activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertaking, Kent & Medway Trading Company Limited, and also its sister charity, Age Concern Gillingham. Whilst Age Concern Gillingham is not a formal subsidiary, the two charities share the same board of trustees, and thus it has been concluded that with common control, and since Age UK Kent Rivers demonstrates power and benefit over its smaller sister charity, it is appropriate for Age Concern Gillingham to be consolidated into the group results.
The results of both entities have been consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.
The Charity has taken advantage of the disclosure exemption permitted under FRS 102 of the requirements of Section 7, ‘Statement of Cash Flow’, to not disclose a charity-only Statement of Cash Flows.
The Charity has taken advantage of the exemption from requirement to disclose transactions between the Charity, its subsidiary and Age Concern Gillingham under Section 33.1A of FRS 102 as the transactions occur between wholly owned members.
Going concern
The trustees assess whether the use of going concern is appropriate i.e whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. This is made in respect of a period of at least one year from the date of authorisation for issue of the financial statements.
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AGE UK KENT RIVERS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
2. ACCOUNTING POLICIES - continued
Going concern - continued
The trustees have carefully considered the current financial position of the charity group, both in terms of the business-as usual activities reported to year end 31 March 2024 and the post balance sheet events outlined in this report (see note 30) ,which are significant.
Using a range of information and documentation available, including draft budgets (2024/25 and 2025/26), cash flow forecasts for the forward period to 2026 and current management accounts, trustees have satisfied themselves that no material uncertainties exist that may cast doubt over the abilities of the charity group to continue as a going concern.
The forecasts make certain key assumptions, based on information available to the board, around: - the levels and timings of income and related cash flows, especially in respect of the Clarendon Royal Hotel project. Achieving the desired occupancy rates, which we believe from all information available to us are achievable, is the most crucial aspect of reaching the required levels of income; and
- the availability of additional funding, should this be required. A £150,000 loan has been secured from Age UK England, and the trustees understand that a bank overdraft can also be available if this becomes necessary.
The trustees recognise that achievement of the forecasts is dependent on the key assumptions noted above.
The going concern assessment also takes into account the potential for the charity to liquidise certain assets, including the investment property, and potentially other freehold properties, should the need arise.
Recognition of income
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer and the company retains neither continuing managerial involvement to the degree usually associated with the ownership nor effective control over the goods sold.
For the rendering of services, the percentage of completion method is used to calculate the income recognised at the period end unless services are performed by an indeterminate number of acts over a specified period of time, in which circumstance income is recognised on a straight-line basis over the specified period.
Legacies
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.
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AGE UK KENT RIVERS Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
2. ACCOUNTING POLICIES - continued
Grants
Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Gift Aid
Gift aid receivable is included in income when there is a valid declaration from the donor. Any gift aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
Donations
Donations are included in the Statement of Financial Activities when the general income recognition criteria are met.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Volunteers contribution
The contribution from volunteers has not been included in the Statement of Financial Activities as the value of their contribution cannot be reliably quantified in financial terms.
Membership subscriptions
Membership subscriptions received give a member the right to buy services or other benefits are recognised as income earned from the provision of goods and services as income from charitable activities.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the group's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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AGE UK KENT RIVERS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
2. ACCOUNTING POLICIES - continued
Allocation and apportionment of costs
All support costs are allocated directly to the Charitable Activities which they support. Whilst a minimal amount of support costs could be allocated to governance costs, it is not considered appropriate for such an allocation to be made due to the cost involved in doing so and since there would be no impact on the true and fair view of the accounts produced.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
| Freehold property | - 2% on cost and straight line over lease term |
|---|---|
| Short leasehold | - straight line over lease term |
| Fixtures and fittings | - 33% on cost |
| Motor vehicles | - 20% on cost |
| Office equipment | - 20% on cost |
Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the charity assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
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AGE UK KENT RIVERS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
2. ACCOUNTING POLICIES - continued
Hire purchase and leasing commitments
Assets held under finance lease and hire purchase contracts are capitalised in the balance sheet and depreciated over their expected useful lives. The interest element of the leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease.
All other leases are regarded as operating leases and the payments made under them are charged to the profit and loss account on a straight line basis over the lease term.
Pension costs and other post-retirement benefits
The charity operates defined benefit contribution schemes covering the majority of its permanent employees. The assets of the schemes are held separately from those of the charity in independently administered funds. The pension cost charge represents contributions payable by the charity to the funds.
Donated goods
Items donated for resale are included as turnover from donated goods when sold and no value is placed on stock at the year end.
Financial instruments
Basic financial assets/liabilities including trade and other receivables/payables and cash and bank balances, are initially recognised at transaction price unless the arrangement constitutes a financing transaction (loan over period of time) where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Such assets/liabilities are subsequently carried at amortised cost using the effective interest method.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the statement of financial activities as a finance cost.
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AGE UK KENT RIVERS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
2. ACCOUNTING POLICIES - continued
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Fixed asset investments
Investments in subsidiary undertakings are recognised at cost.
Critical accounting estimates and areas of judgement
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below
Critical areas of judgement:
The most significant area of judgement and key assumptions that affect items in the financial statements relate to the revaluation of investment property held at fair value.
Employee Benefits
All employee benefit costs to which employees have become entitled as a result of service rendered to the entity during the reporting period are recognised as an expense, unless the financial reporting standard requires the cost to be recognised as part of the cost of an asset, or as a liability, after deducting amounts that have been paid either directly to the employees or as a contribution to an employee benefit fund. If the amount paid exceeds the obligation arising from service before the reporting date, the excess is recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
3. DONATIONS AND LEGACIES
| Donations Gift aid Legacies Grants |
2024 £ 689,393 3,773 20,112 504,933 1,218,211 |
2023 £ 18,811 - - 84,432 103,243 |
|---|---|---|
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AGE UK KENT RIVERS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
| 4. OTHER TRADING ACTIVITIES Fundraising events Age Concern Gillingham income Kent & Medway Trading Company income 5. INVESTMENT INCOME Deposit account interest 6. INCOME FROM CHARITABLE ACTIVITIES Activity Day Centre attendance contribution Day Centres Home care, other services & carers relief service Home Care and Other Services F&S home care and other services Home Care and Other Services Home care, other services & carers relief service Carers Relief Service Integrated residential and community services Integrated Residential and Community Services 7. RAISING FUNDS Raising donations and legacies Staff costs Other staff costs Advertising and promotion Purchases Other costs Property expenditure Age Concern Gillingham expenditure Kent & Medway Trading Company expenditure |
2024 £ 47,126 47,210 465,153 559,489 2024 £ 8,117 2024 £ 1,557,754 1,236,693 226,190 350,828 430,835 3,802,300 2024 £ 95,135 1,035 550 - 3,671 14,206 43,751 416,062 574,410 |
2024 £ 47,126 47,210 465,153 559,489 2024 £ 8,117 2024 £ 1,557,754 1,236,693 226,190 350,828 430,835 3,802,300 2024 £ 95,135 1,035 550 - 3,671 14,206 43,751 416,062 574,410 |
2023 £ 17,878 43,954 24,494 86,326 2023 £ 1,083 2023 £ 1,123,897 1,240,990 - 351,044 - 2,715,931 2023 £ 111,355 1,228 3,255 942 1,252 4,754 19,573 3,647 146,006 |
|---|---|---|---|
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AGE UK KENT RIVERS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
8. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES
Summary by fund type
| Day centres Home care and other services Administration Carers relief service Integrated residential and community services Analysis of 2023 |
Restricted funds 2024 £ 46,216 19,405 4,265 4,701 15,597 90,184 5,971 |
Unrestricted funds 2024 £ 1,546,362 1,135,671 1,097,388 304,517 1,600,747 5,684,685 2,790,595 |
Total 2024 £ 1,592,578 1,155,076 1,101,653 309,218 1,616,344 5,774,869 2,796,566 |
Total 2023 £ 920,156 956,825 604,820 314,765 - 2,796,566 |
|---|---|---|---|---|
Analysis of expenditure by activities
| Day centres Home care and other services Carers relief service Integrated residential and community services Analysis of 2023 |
Activities undertaken directly 2024 £ 1,592,578 1,155,076 309,218 1,616,344 4,673,216 2,191,746 |
Support costs 2024 £ 451,333 423,846 101,647 124,827 1,101,653 604,820 |
Total funds 2024 £ 2,043,911 1,578,922 410,865 1,741,171 5,774,869 2,796,566 |
Total funds 2023 £ 1,170,442 1,233,185 392,939 - 2,796,566 |
|---|---|---|---|---|
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AGE UK KENT RIVERS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
9. SUPPORT COSTS
Analysis of support costs
| Staff costs Depreciation Staff expenses and welfare Establishment costs Legal and professional fees Purchases Other costs P&L on disposal Non bank interest Governance costs Analysis of 2023 |
Day centres 2024 £ 262,579 19,743 16,773 31,653 16,031 - 81,170 2,371 899 20,114 451,333 250,286 |
Home care and other services 2024 £ 246,588 18,539 15,751 29,725 15,055 - 76,227 2,227 845 18,889 423,846 276,360 |
Carers relief service 2024 £ 59,136 4,447 3,777 7,129 3,610 - 18,281 534 203 4,530 101,647 78,174 |
Integrated residential and community services 2024 £ 72,623 5,461 4,639 8,754 4,434 - 22,449 656 248 5,563 124,827 - |
Total funds 2024 £ 640,926 48,190 40,940 77,261 39,130 - 198,127 5,788 2,195 49,096 1,101,653 604,820 |
Total funds 2023 £ 379,599 22,515 8,320 41,812 25,488 73 116,265 - - 10,748 604,820 |
|---|---|---|---|---|---|---|
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AGE UK KENT RIVERS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
10. AUDITORS’ REMUNERATION
| Auditor’s remuneration for the audit of the charity’s annual accounts All other services not included above |
2024 £ 23,155 27,240 50,395 |
2023 £ 8,400 4,500 12,900 |
|---|---|---|
11. RELATED PARTY TRANSACTIONS
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.
During the year ended 31 March 2024 the trustees were re-imbursed £Nil (2023: £Nil) in relation to expenses.
During the year ended 31 March 2024, Susan Robinson, a trustee of the charity, made donations to the charity of £5,805 (2023: £Nil).
During the year ended 31 March 2024, John Norley, the Chief Executive of the charity, made donations to the charity of £1,654 (2023: £Nil).
12. STAFF COSTS
| Wages and salaries Social security costs Pension costs |
Group 2024 2023 £ £ 3,294,186 1,985,116 216,227 128,529 145,389 91,621 3,655,8022,205,266 |
Charity 2024 2023 £ £ 3,269,420 1,962,196 215,294 127,836 143,689 90,089 3,628,4032,180,121 |
Charity 2024 2023 £ £ 3,269,420 1,962,196 215,294 127,836 143,689 90,089 3,628,4032,180,121 |
|---|---|---|---|
| 2,180,121 |
Included within wages and salaries are redundancy payments of £22,035 paid to employees during the year.
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AGE UK KENT RIVERS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
12. STAFF COSTS - continued
The average monthly number of employees in the year was:
| Day centres Home care and other services Carers relief service Integrated residential and community services Fundraising Administration |
Group 2024 No. 60 65 27 44 5 16 217 |
2023 No. 33 58 32 - 4 13 140 |
Charity 2024 2023 No. No. 60 33 65 58 27 32 44 - 3 2 16 13 215138 |
Charity 2024 2023 No. No. 60 33 65 58 27 32 44 - 3 2 16 13 215138 |
|---|---|---|---|---|
| 138 |
The number of employees who received emoluments (excluding pension contributions) in excess of £60,000, shown in bands of £10,000, are as follows:
| Between £70,001 - £80,000 Between £80,001 - £90,000 |
2024 - 1 |
2023 1 - |
|---|---|---|
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AGE UK KENT RIVERS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
13. GROUP TANGIBLE FIXED ASSETS
| GROUP TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| COST At 1 April 2023 Additions Disposals At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year Eliminated on disposal At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 COST At 1 April 2023 Additions Disposals At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year Eliminated on disposal At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Freehold property £ 238,855 6,223,399 - 6,462,254 35,449 156,195 - 191,644 6,270,610 |
Short leasehold £ 75,241 33,536 - 108,777 49,396 9,748 - 59,144 49,633 |
Fixtures and fittings £ 129,352 114,932 - 244,284 124,746 30,490 - 155,236 89,048 4,606 Totals £ 678,287 6,437,089 (76,542) |
| 203,406 Motor vehicles £ 148,802 55,679 (51,900) 152,581 139,023 12,291 (51,602) 99,712 52,869 |
25,845 Office equipment £ 86,037 9,543 (24,642) 70,938 82,669 (840) (19,271) 62,558 8,380 |
||
| 7,038,834 | |||
| 431,283 207,884 (70,873) 568,294 6,470,540 247,004 |
|||
| 9,779 | 3,368 |
Included within the assets of the group, are assets that are held under finance leases. Further details regarding these assets can be found in note 14, since these are assets held on the balance sheet of the parent charitable company. Further details regarding this property can be found in note 34.
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AGE UK KENT RIVERS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
14. CHARITY TANGIBLE FIXED ASSETS
| CHARITY TANGIBLE FIXED ASSETS | |||
|---|---|---|---|
| COST At 1 April 2023 Additions Disposals At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year Eliminated on disposal At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 COST At 1 April 2023 Additions Disposals At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year Eliminated on disposal At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Freehold property £ 238,855 6,223,399 - 6,462,254 35,449 156,195 - 191,644 6,270,610 |
Short leasehold £ 62,903 33,536 - 96,439 37,058 9,748 - 46,806 49,633 |
Fixtures and fittings £ 127,171 75,113 - 202,284 122,565 20,536 - 143,101 59,183 4,606 Totals £ 663,768 6,397,270 (76,542) |
| 203,406 Motor vehicles £ 148,802 55,679 (51,900) 152,581 139,023 12,291 (51,602) 99,712 52,869 |
25,845 Office equipment £ 86,037 9,543 (24,642) 70,938 82,669 (840) (19,271) 62,558 8,380 |
||
| 6,984,496 | |||
| 416,764 197,930 (70,873) 543,821 6,440,675 247,004 |
|||
| 9,779 | 3,368 |
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AGE UK KENT RIVERS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
14. CHARITY TANGIBLE FIXED ASSETS - continued
Fixed assets, included in the above, which are held under finance leases are as follows:
| Freehold | ||
|---|---|---|
| property | ||
| £ | ||
| COST | ||
| Additions | 5,989,621 | |
| DEPRECIATION | ||
| Charge for year | 149,740 | |
| NET BOOK VALUE | ||
| At 31 March 2024 | 5,839,881 | |
| At 31 March 2023 | - | |
| 15. | FIXED ASSET INVESTMENTS | |
| Charity | ||
| Shares in | ||
| group | ||
| undertaking | ||
| £ | ||
| COST LESS IMPAIRMENT | ||
| At 1 April 2023 and 31 March 2024 | 10,000 | |
| NET BOOK VALUE | ||
| At 31 March 2024 | 10,000 | |
| At 31 March 2023 | 10,000 | |
| There were no investment assets outside the UK |
Entities included within the group consolidated accounts
The entities detailed below have been included within the group consolidated accounts.
Kent & Medway Trading Company is a subsidiary undertaking of the charity.
Age Concern Gillingham is a sister charity, and has been included on the basis that this charity and Age UK Kent Rivers share the same board of trustees and Age UK Kent Rivers demonstrates power and benefit over its smaller sister charity.
Investments in subsidiaries are valued at cost less provision for impairment.
No valuation has been included in the Statement of Financial Position in respect of the sister charity Age Concern Gillingham.
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AGE UK KENT RIVERS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
15. FIXED ASSET INVESTMENTS – continued
Details of the 2 previously mentioned entities are given below
Age Concern Gillingham
Registered office: Age Uk Kent Rivers Second Floor, The Fitted Rigging House South, The Historic Dockyard, Chatham, Kent, England, ME4 4TZ Company number: 03796120
Charity registration number: 1079572
Kent & Medway Trading Company Limited
Registered office: Age Uk Kent Rivers Second Floor, The Fitted Rigging House South, The Historic Dockyard, Chatham, Kent, England, ME4 4TZ Company number: 05475360 Class of shares: Ordinary Holding: 100%
The financial results of these two entities for the year ended 31 March 2024 were as follows:
Age Concern Gillingham
==> picture [388 x 67] intentionally omitted <==
----- Start of picture text -----
£
Income 47,210
Expenditure 46,045
Surplus for the year 1,165
Net Assets 37,489
----- End of picture text -----
Kent & Medway Trading Company Limited
| £ | |
|---|---|
| Income | 467,341 |
| Expenditure | 437,769 |
| Profit for theyear | 29,572 |
| Net Assets | 30,323 |
16. INVESTMENT PROPERTY
Group and charity
| COST LESS IMPAIRMENT At 1 April 2023 Additions At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
£ 306,100 51,930 |
|---|---|
| 358,030 | |
| 358,030 | |
| 306,100 |
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AGE UK KENT RIVERS NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
16. INVESTMENT PROEPRTY - continued
The investment property acquired during the year was acquired as part of the transfer of activities from Age UK Faversham and Sittingbourne. Note 32 in the accounts provides further details of this transfer of activities.
At the end of each financial reporting period, the trustees will obtain a market value of the investment properties which will form the basis of their fair value.
No valuation of the investment properties took place during the current year, as the trustees determined that there would be no significant change in the fair value of the properties in comparison to the carrying amount currently shown in the financial statements.
17. STOCKS
| Closing stock of finished goods | Group 2024 £ 8,511 |
2023 £ 1,013 |
Charity 2024 2023 £ £ - - |
|---|---|---|---|
18. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors Other debtors Amounts owed by group undertakings |
Group 2024 £ 392,888 10,879 - 403,767 |
2023 £ 149,696 49,447 - 199,143 |
Charity 2024 2023 £ £ 390,728 149,678 10,879 49,447 59,987 27,979 461,594 227,104 |
|---|---|---|---|
19. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other loans (see note 21) Finance leases (see note 22) Trade Creditors P.A.Y.E Other creditors Net wages Pension fund VAT |
Group 2024 £ 3,600 56,680 83,631 59,730 29,099 51,255 16,316 10,662 310,973 |
2023 £ 3,600 - 20,357 28,861 49,891 - 7,306 - 110,015 |
Charity 2024 2023 £ £ 3,600 3,600 56,680 - 75,111 20,273 59,730 28,861 25,928 49,825 51,255 - 16,316 7,306 - - 288,620 109,865 |
|---|---|---|---|
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AGE UK KENT RIVERS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
20. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Group 2024 £ Other loans (see note 21) 162,995 Finance leases (see note 22) 6,715,186 6,878,181 21. LOANS Group and charity An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Other loans Amounts falling between one and two years: Other loans - 1-2 years Amounts falling due between two and five years: Other loans - 2-5 years |
Group 2024 £ 162,995 6,715,186 6,878,181 |
2023 £ 14,400 - 14,400 |
Charity 2024 £ 162,995 6,715,186 6,878,181 |
Charity 2024 £ 162,995 6,715,186 6,878,181 |
2023 £ 14,400 - |
|---|---|---|---|---|---|
| 14,400 | |||||
| 2024 £ 3,600 155,795 7,200 |
2023 £ 3,600 3,600 10,800 |
||||
22. LEASING AGREEMENTS
Group and charity
Minimum lease payments under finance leases fall due as follows:
| Total minimum obligations repayable: Within one year Between one and five years In more than five years |
Finance leases 2024 2023 £ £ 880,000 - 3,520,000 - 26,400,000 - 30,800,000 - |
|---|---|
As explained in note 34, payments under this lease have been discounted to present value using a discount rate based on the obtainable rate of borrowing of the charity.
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AGE UK KENT RIVERS
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
22. LEASING AGREEMENTS - continued
| The present value of the future discounted lease payments are as follows: Within one year Between one and five years In more than five years 23. ACCRUALS AND DEFERRED INCOME Group 2024 £ Accruals and deferred income 143,570 Group 2024 £ Deferred income at 1 April 2023 4,591 Resources deferred during the year 44,775 Amounts released from previous periods (4,591) 44,775 |
2023 £ 91,635 2023 £ 4,040 4,591 (4,040) 4,591 |
Finance leases 2024 2023 £ £ 56,680 - 311,059 - 6,404,127 - 6,771,866 - Charity 2024 2023 £ £ 138,117 86,989 Charity 2024 2023 £ £ 4,591 4,040 44,775 4,591 (4,591) (4,040) 44,775 4,591 |
Finance leases 2024 2023 £ £ 56,680 - 311,059 - 6,404,127 - 6,771,866 - Charity 2024 2023 £ £ 138,117 86,989 Charity 2024 2023 £ £ 4,591 4,040 44,775 4,591 (4,591) (4,040) 44,775 4,591 |
Finance leases 2024 2023 £ £ 56,680 - 311,059 - 6,404,127 - 6,771,866 - Charity 2024 2023 £ £ 138,117 86,989 Charity 2024 2023 £ £ 4,591 4,040 44,775 4,591 (4,591) (4,040) 44,775 4,591 |
|---|---|---|---|---|
Included within the accruals and deferred income of the group of £143,570 (2023: £91,635) is deferred income of £44,775 (2023: £4,591). Included within the deferred income, is grant income received that relates to future periods, deposits for trips taking place in the 24/25 financial year, and income for integrated residential and community services that was invoiced in advance.
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AGE UK KENT RIVERS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
24. MOVEMENT IN FUNDS
| Unrestricted funds General Fund Redundancy Fund Fixed Asset Fund Fixed Asset Replacement Fund New Services Development Fund Crisis Response Fund Alf Cottage Fund Disaster Recovery Fund F&S Fixed Asset Fund F&S Redundancy Fund F&S Building Fund Age Concern Gillingham’s redundancy fund Age Concern Gillingham’s welfare fund Restricted funds CVS Medway Test Bed Fund Tackling Inequalities Fund Kent Community Foundation Fund Recruitment & Retention Fund Jubilee Celebration Of Life Through Art Fund Cost Of Living Fund Screwfix Fund F&S Walking Cricket Fund F&S Swale Cost Of Living Fund F&S Club Cycling UK Fund F&S Screwfix Fund F&S National Lottery Cost Of Living Fund Active Thames Funding Fund Dementia Cafe Fund National Lottery Cost Of Living Fund TOTAL FUNDS |
At 1/4/23 £ 407,898 228,423 553,104 50,000 131,000 100,000 42,142 50,000 - - - 5,355 19,310 1,587,232 219 213 220 9,899 985 9,004 - - - - - - - - - 20,540 1,607,772 |
Net movement in funds £ (1,490,016) (22,035) - - - - - - 339,880 140,438 50,000 - - (981,733) (219) (213) (220) (9,899) (985) 72,107 20 1,190 15,548 2,176 4,583 120,000 3,353 794 12,336 220,571 (761,162) |
Transfers between funds £ 1,420,468 256,612 (553,104) (50,000) (131,000) (100,000) (42,142) (50,000) (339,880) (140,438) (50,000) 1,823 (2,294) 220,045 - - - - - (81,111) (20) (1,190) (15,548) (2,176) - (120,000) - - - (220,045) - |
At 31/3/24 £ 338,350 463,000 - - - - - - - - - 7,178 17,016 825,544 - - - - - - - - - - 4,583 - 3,353 794 12,336 21,066 846,610 |
|---|---|---|---|---|
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AGE UK KENT RIVERS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
24. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General Fund Redundancy Fund F&S Fixed Asset Fund F&S Redundancy Fund F&S Building Fund F&S IT Sales Force Fund Restricted funds CVS Medway Test Bed Fund Tackling Inequalities Fund Kent Community Foundation Fund Recruitment & Retention Fund Jubilee Celebration Of Life Through Art Fund Cost Of Living Fund Screwfix Fund F&S Walking Cricket Fund F&S Swale Cost Of Living Fund F&S Warm Homes Project Fund F&S Club Cycling UK Fund F&S Screwfix Fund F&S National Lottery Cost Of Living Fund Making a difference locally fund Community Centre Grants Fund Active Thames Funding Fund Dementia Cafe Fund National Lottery Cost Of Living Fund TOTAL FUNDS |
Incoming resources £ 4,742,456 - 339,880 140,438 50,000 4,588 5,277,362 - - 6,000 - - 72,107 5,000 2,590 15,548 4,416 2,214 5,000 120,000 300 1,000 4,160 3,992 68,428 310,755 5,588,117 |
Resources expended £ (6,232,472) (22,035) - - - (4,588) (6,259,095) (219) (213) (6,220) (9,899) (985) - (4,980) (1,400) - (4,416) (38) (417) - (300) (1,000) (807) (3,198) (56,092) (90,184) (6,349,279) |
Movement in funds £ (1,490,016) (22,035) 339,880 140,438 50,000 - (981,733) (219) (213) (220) (9,899) (985) 72,107 20 1,190 15,548 - 2,176 4,583 120,000 - - 3,353 794 12,336 220,571 (761,162) |
|---|---|---|---|
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AGE UK KENT RIVERS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
24. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| Unrestricted funds General Fund Redundancy Fund Fixed Asset Fund Fixed Asset Replacement Fund New Services Development Fund Crisis Response Fund Alf Cottage Fund Disaster Recovery Fund Age Concern Gillingham’s redundancy fund Age Concern Gillingham’s welfare fund Restricted funds CVS Medway Test Bed Fund Tackling Inequalities Fund Kent Community Foundation Fund Extreme Weather Emergency Fund Recruitment & Retention Fund Jubilee Celebration Of Life Through Art Fund Cost Of Living Fund TOTAL FUNDS |
As restated at 1/4/22 £ 483,280 235,000 236,136 50,000 150,000 100,000 350,000 - 5,355 20,000 1,629,771 219 72 2,400 1,400 9,899 - - 13,990 1,643,761 |
Net movement in funds £ 4,557 (6,577) (22,515) - (19,000) - - - - - (43,535) - 141 (2,180) (1,400) - 985 10,000 7,546 (35,989) |
Transfers between funds £ (79,939) - 339,483 - - - (307,858) 50,000 - (690) 996 - - - - - - (996) (996) - |
At 31/3/23 £ 407,898 228,423 553,104 50,000 131,000 100,000 42,142 50,000 5,355 19,310 1,587,232 219 213 220 - 9,899 985 9,004 20,540 1,607,772 |
|---|---|---|---|---|
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AGE UK KENT RIVERS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
24. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General Fund Redundancy Fund Fixed Asset Fund New Services Development Fund Restricted funds Tackling Inequalities Fund Kent Community Foundation Fund Extreme Weather Emergency Fund Jubilee Celebration Of Life Through Art Fund Cost Of Living Fund TOTAL FUNDS |
Incoming resources £ 2,893,066 - - - 2,893,066 1,472 - - 2,045 10,000 13,517 2,906,583 |
Resources expended £ (2,888,509) (6,577) (22,515) (19,000) (2,936,601) (1,331) (2,180) (1,400) (1,060) - (5,971) (2,942,572) |
Movement in funds £ 4,557 (6,577) (22,515) (19,000) (43,535) 141 (2,180) (1,400) 985 10,000 7,546 (35,989) |
|---|---|---|---|
Unrestricted funds
All previously designated finds for other purposes, other than the redundancy reserve fund, were transferred in the year to general funds by authority of the board of trustees to mobilise funds in support of development of areas of the charity falling short of income predictions. Details of the individual funds are shown below.
The redundancy reserve fund has been set up to identify those funds which would be required to meet the charitable company's statutory redundancy obligations in the event of its ceasing operations across the group.
The fixed asset fund has been set up to assist in identifying those funds which are not free funds and represent the net book value of tangible fixed assets with the exception of assets held under finance lease agreements.
The fixed asset replacement fund was set up to identify those funds required to purchase new assets for the charitable company within one year. This fund has now been transferred back to the general fund.
The new services development fund was set up to set aside a predetermined level of funds for the development of potential new projects or services. This fund has been transferred back to the general fund.
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AGE UK KENT RIVERS
Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
24. MOVEMENT IN FUNDS - continued
The crisis response fund was set up to recognise the changing context in which the charity finds itself operating, and was designed to support future emergencies such as the global pandemic seen across 2020 - 2022. Although pandemics of this nature are alleged 100 year events, the impact on the charities beneficiaries was huge, and meant drastic changes to income levels as well as changes to established models of working which mean the charity may take some time to re-build to previous levels of income. The crisis response fund provided a financial cushion for anticipated future deficits which might arise due to the long process of building back to former levels of income. This fund has been transferred back to the general fund.
The Alf cottage fund represented funds allocated by the board of trustees in February 2022 to support the purchase of Alf cottage, the staff holiday home which represents a company investment and investment in the charities staff reward scheme based upon the new adopted Alf principles. The remaining balance on this fund, following the purchase of Alf Cottage in the prior financial year, has now been transferred back to the general fund.
The disaster recovery fund was set up by the trustees to cover the rising costs the charity was facing to prevent deficits in the coming years. This fund has now been transferred back to the general fund.
The Age Concern Gillingham redundancy fund has been set up to identify those funds which would be required to meet the charitable company’s statutory redundancy obligations in the event of it ceasing operation.
The Age Concern Gillingham welfare fund has been set up to provide financial support to clients demonstrating severe hardship. Following an assessment and application process, the funds will be released in small amounts to the parent charitable company to cover the costs of those in hardship attending social care centres and receiving social care services, preventing further deterioration in ill health and social isolation.
The F&S fixed asset fund was acquired as part of the transfer of activities of Age UK Faversham and Sittingbourne, and was set aside by Age UK Faversham and Sittingbourne due to the illiquid nature of the building asset that it related to. These funds have now been transferred to the general fund, as the funds required for the Age UK Kent Rivers fixed assets, which the building is now included within, are already calculated within pre-existing funds.
The F&S redundancy fund was acquired as part of the transfer of activities of Age UK Faversham and Sittingbourne, and was set aside by Age UK Faversham and Sittingbourne to identify those funds which would be required to meet the charitable company's statutory redundancy obligations in the event of its ceasing operation. These funds have now been transferred to the general fund, as the redundancy obligations of Age UK Kent Rivers in the event of its ceasing operation, are already calculated within pre-existing funds.
The F&S building fund was acquired as part of the transfer of activities of Age UK Faversham and Sittingbourne, and was set aside by Age UK Faversham and Sittingbourne for any emergency repairs, including a roof which will need replacement at some point in the near future. This fund has now been transferred to the general fund.
The F&S IT sales force fund was acquired as part of the transfer of activities of Age UK Faversham and Sittingbourne, and was set aside by Age UK Faversham and Sittingbourne until the new IT sales force system was fully operational. Since the transfer of activities, the fund has now been fully expensed.
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AGE UK KENT RIVERS Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
24. MOVEMENT IN FUNDS - continued
Restricted funds
The CVS Medway test bed fund related to a grant received from CVS Medway following a bid. It is a joint project which allows our beneficiaries to become pen friends with volunteers during difficult times of isolation. This fund has now been fully expensed.
The tacking inequalities fund, held by the national organisation, was applied in order to bring exercise classes back to our Gillingham day centre. The application focused on increasing physical activity to promote wellness and therefore encourage increased mobility and inclusion. This fund has now been fully expensed.
The Kent community foundation fund was a fund awarded for the provision of digital recorded content for the Sparko digital social hub, the fund is to pay content providers and was received following a specific application to the community fund. This fund has now been fully expensed. An additional £6,000 of funding was received in the current year which was awarded to support the dementia cafés in Medway, and support activities and resources in volunteer led services in numerous locations across Medway. This fund has now been fully expensed.
The recruitment & retention fund was provided by Medway Council to Age UK Kent Rivers, in recognition of the difficulties providers have in recruitment of carers post pandemic. The fund was designed to support fast track recruitment to support packages of care through an enhanced payment to staff, and the recruiting organisation, assisting the council to offload care packages to community services rather than costly residential care. This fund has now been fully expensed.
The jubilee celebration of life through art fund tracks income and expenditure for a creative project between the charity and Medway and Nucleus Arts, which delivers two art activities in celebration of the Queen's 70 year Jubilee celebrations. This fund has now been fully expensed.
The cost of living fund was a grant received to fund 100% of new clients first day and 50% of their second day. The transfer of £81,111 to the general fund represents the amount of funded services in the period.
The screwfix fund was awarded for the upgrade of the perimeter fence at our Gillingham centre, following a couple of break ins, as part of Screwfix's community support initiatives. The fund was fully expensed in the year with the costs associated with replacement fencing, and it was agreed that the remaining balance on the fund, following the purchase of the fencing, could be transferred to the general fund.
The F&S walking cricket fund was acquired as part of the transfer of activities of Age UK Faversham and Sittingbourne, and had been awarded for walking sports activities locally by the Kent and Medway active fund to launch the activities. It was agreed that the remaining balance on the fund, could be transferred to the general fund. Continued funding for these activities has been met through other sources on an ongoing basis.
The F&S Swale cost of living fund was acquired as part of the transfer of activities of Age UK Faversham and Sittingbourne, and had been awarded from Swale Borough Council to support service users with rising costs. This grant was successfully used to purchase electric transport which in turn reduced unit costs of delivered meals. It was agreed that the remaining balance on the fund, could be transferred to the general fund.
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AGE UK KENT RIVERS Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
24. MOVEMENT IN FUNDS - continued
The F&S warm homes project was acquired as part of the transfer of activities of Age UK Faversham and Sittingbourne, and was for a grant awarded to maximise the number of "warm homes" advice and information sessions provided through the information and advice team. The grant is matched to the number of checks carried out and used to pay the associated staffing costs. This fund has now been fully expensed.
The F&S club cycling UK fund was acquired as part of the transfer of activities of Age UK Faversham and Sittingbourne, and was for a grant awarded to fund sessions of cycling for older people. This was a time limited project which has now finished. It was agreed that the remaining balance on the fund, could be transferred to the general fund.
The F&S screwfix foundation fund was received in order to fit a hearing loop to assist service users and staff. The hearing loop was purchased in the year, with the outstanding balance on the fund representing the net book value of the hearing loop within the accounts at the year-end.
The F&S National Lottery cost of living fund was acquired as part of the transfer of activities of Age UK Faversham and Sittingbourne. This fund income had previously been recognised as restricted in the final accounts of Age UK Faversham and Sittingbourne prior to the date of the transfer. The trustees of Age UK Kent Rivers have determined that this income is actually unrestricted and the amount has therefore been transferred to the general fund.
The making a difference locally fund was awarded for one of our service users undergoing medical treatment to fulfill one of her ambitions as a Harry Potter enthusiast. This fund was fully expensed in the year.
The community centre grants fund was a grant awarded to support rising utilities costs. This fund was fully expensed in the year.
The active thames funding fund was a grant received to allow the creation of a river pathway walking group, which runs fortnightly from the Clarendon Royal Community. The balance on the fund will be spent in future periods.
The dementia café fund was acquired as part of the transfer of activities of Age UK Faversham and Sittingbourne, and was a grant awarded in support of dementia cafés in Faversham and is used to support costs associated with volunteer led services. The balance on the fund will be spent in future periods.
The National Lottery cost of living fund was granted to assist charities in reaching a full cost recovery finance model, and simultaneously support service users through the cost of living crisis as generally costs increased for all households. The fund has been fully expensed in the year, with the remaining balance in the fund, representing the net book value of assets purchased with the funding awarded.
25. EMPLOYEE BENEFIT OBLIGATIONS
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension costs charge consists of contributions payable to the funds of £145,389 (2023: £91,621). Contributions of £16,316 (2023: £7,306) were outstanding at the end of the period.
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NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024
26. OTHER FINANCIAL COMMITMENTS
The following operating lease payments are committed to be paid by the group and the charity:
| Within one year Between one and five years In more than five years |
Group 2024 £ 223,593 489,555 - 713,148 |
2023 £ 163,467 138,706 - 302,173 |
Charity 2024 2023 £ £ 217,093 156,967 489,555 138,706 - - 706,648 295,673 |
|
|---|---|---|---|---|
Within the Statement of Financial Activities there are operating lease costs totalling £197,798 (2023: £132,790).
27. FINANCIAL INSTRUMENTS
| Financial assets Financial assets measured at amortised cost Financial liabilities Financial liabilities measured at amortised cost |
Group 2024 2023 £ £ 1,158,713 1,233,163 1,158,713 1,233,163 7,743,731 175,292 7,743,731 175,292 |
Charity 2024 2023 £ £ 1,094,129 1,181,128 1,094,129 1,181,128 7,728,968 170,496 7,728,968 170,496 |
|---|---|---|
Financial assets measured at amortised cost comprise trade debtors, other debtors, accrued income, amounts owed by group undertakings, and cash and cash equivalents.
The amounts owed by group undertakings are removed on consolidation and are therefore not included in the financial assets of the group.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors, accruals, other loans and finance lease contracts.
The financial liabilities of the group also include VAT, as the wholly owned trading subsidiary, Kent & Medway Trading Company, is registered for VAT.
The total interest expense recognised during the period on financial liabilities was £784,440 (2023: £Nil)
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Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
28. KEY MANAGEMENT PERSONNEL
Group and charity
Key management personnel comprise the Group Chief Executive, Operations Directors, Commercial Director, Finance Manager and Chief Operating Officer. The compensation paid or payable to key management for employee services is shown below:
| Salaries and other short-term benefits | 2024 £ 338,587 |
2023 £ 235,250 |
|---|---|---|
29. LESSOR COMMITMENTS
Group and charity
At the year end the charity have leased assets, in regards to rental of part of the freehold property which is capitalised within the balance sheet, and held under a finance lease. This rental income is determined by the trustees to be part of the income from charitable activities. The amounts committed to be received during the rented term are listed below:-
| Within one year Between one and five years In more than five years Total |
2024 £ 45,785 - - 45,785 |
2023 £ - - - - |
|---|---|---|
Within the Statement of Financial Activities, there is rental income, in relation to the above, totalling £57,300 (2023: £Nil).
30. POST BALANCE SHEET EVENTS
The following non-adjusting event has occurred after the end of the reporting period but before the financial statements were authorised for issue:
Included within freehold properties is a property with a net book value of £232,296 which was acquired as part of the transfer of activities from Age UK Faversham and Sittingbourne. Also included within investment properties is a property with a value of £51,930 that was acquired as part of the same transfer of activities.
Since the end of the financial year, these properties have collectively been sold for a value of £600,000.
This property is now rented by Age UK Kent Rivers for £6,000 per month.
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Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 MARCH 2024
31. CONTINGENT ASSETS
During the year, Age UK Kent Rivers were informed that they were to become benefactors to the legacy of a life tenant. The funds from the life tenant will be left in trust to be shared between 10 charities, of which Age UK Kent Rivers is the majority benefactor, The value of the trust is expected to be over £1,000,000 of which Age UK Kent Rivers will be entitled to £150,000 per year of unrestricted income.
32. AGE UK FAVERSHAM AND SITTINGBOURNE
On 31 July 2023, Age UK Kent Rivers merged with Age UK Faversham and Sittingbourne (company number 08412045) under a transfer agreement, in order to safeguard the services provided to the elderly in Sittingbourne and Faversham. On the transfer date, all assets, liabilities and activities of Age UK Faversham and Sittingbourne transferred to Age UK Kent Rivers as a going concern for £nil consideration.
The value of the net assets and liabilities of Age UK Faversham and Sittingbourne on 31 July 2023, being £650,352, is included in donations in the 31 March 2024 financial statements.
33. AGE UK NORTH WEST KENT
Age UK Kent Rivers signed a transfer deed dated 31 March 2023 where all staff and services were transferred to them from Age UK North West Kent (company number 07645589). All transferred staff and services were in place under Age UK Kent Rivers from 1 April 2023. No consolidation is required in respect of the transfer as there are no assets involved.
34. THE CLARENDON ROYAL HOTEL
On 28 April 2023, Age UK Kent Rivers entered into a 40-year lease agreement to occupy a hotel in the Gravesend area, The Clarendon Royal Hotel, with permissions to develop the hotel in order to be able to offer self-contained flats for lease, and respite rooms. Included within the hotel is an existing bar and restaurant which the Group intends to continue in operation, via its trading subsidiary
The 40-year lease commits the charity to an initial annual rent of £770,000, however there is a rent-free period for the first twelve months with the rent payments commencing on 1 April 2024. In return for the rent-free period there is a further commitment to make an additional rent payment of £110,000 per annum until and including 31 March 2031. The charity is also responsible for meeting the landlord's insurance costs. The lease agreement provides for two break dates, the first of which is 31 March 2043
The charities SORP (FRS 102) states that a lease should be accounted for based on the substance of the transaction rather than the form of the contract. The trustees have determined that the substance of the transaction is one of a finance lease, in line with the FRS 102 guidance. The asset value and corresponding finance lease liability has been calculated by the trustees using a discount rate based on the obtainable rate of borrowing of the charity.
This has resulted in a freehold property addition of £5,989,621, and a finance lease liability at the balance sheet date of £6,771,866. Interest has been charged of £782,245 during the period, which is included within activities undertaken directly on integrated residential and community services (see note 8).
The property is depreciated on a straight line basis over the lease term, resulting in a depreciation charge for the year of £149,740. The depreciation charge is included within activities undertaken directly on integrated residential and community services (see note 8).
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