AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEE) Charity number 1146649 Company 07844309 TRUSTEES REPORT AND FINANCIAL STATEP•lENTS FOR THE YEAR ENDED 31 MARCH 2023 "Ac￿RNVK' 1110112024 COMPANIES HOUSE #101 AGE UK LEICESTER SHIRE AND RUTLAND (A COMPANY LIMITED BY GUARAMTEEI COMPANY INFORMATION Trusteos Mr G A F Smith-chair Mrs B Freestone- Chair Mr S Lindley- Treasurer Mr5 L Blackman-Reynolds IreswJned 04109120231 Mrs L Dixon (resigned 12106120221 Mr D R Hodgen (resigned 0410912023) Mr M Lindsey Dr P Neville Mr P Parsons Mr P R￿hardS Mr C Saul Mrs J Sheppard {respJned 03110120231 Dr N Vijayakumar (resigned 1410912022) Mr N Pamiar {appointed 14109r20221 Mr M E Jones laptKJinled 14109120221 Mr5 J Kavanagh18PPOlnted 08103120231 Mr S P Moran lapkx)inted 08103120231 Company secretsry Mr N Gallagher (resigned 1510712022) Mr S Patel (app￿nted 2W07r20221 Executive director MrA P Donovan Charity ntsmber 1146649 Company number 07844309 Registered office Lansdowne House 113 Princess Road East Leicester LE1 7LA Auditor Mazars LLP Dominus Way Meridian Business Park Leicester LE19 1RP Solicitors R¢h & Carr Assurance House 24 Rulland Street Leicester LE1 1RD Bankers Barclay5 Bank Pk Barclay5 House PO Box 1500, Dominus Way. V£ridian Business Park Leicester LE19 1RP Property advisorlsur¥eyor Spencers Druce Naylor Patkes Limited 19 Oe Montfort Street Leicester LE17GE Website euk.0 .ukJle AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARA14TEE) FOR THE YEAR ENDED 31 MARCH 2023 ANNUAL REPORT OF THE BOARD OF TRUSTEES The Board ol Trustees are pkased to present their report Inco￿Orating a slrategK report along wrth the consolidated financial stslemenls ofthe chariiy for the year ended 31 March 2023. these are also prepared to meet the fequiremenls for a directors, reF()rt and accounts for Companies Ad purposes. The financial statements comply with the Charrties Act 2011. the Companies Act 20C6, the Memorandum and Articles of A$S¢X￿li0n, and Accounting and Reporting by Charrt￿s.. Statement of Recommended Practice applicable to charities p￿paring their accounts in accordance wrth the Financkgl Reporting Standard appIl￿ble in the UK and Republ￿ of Ireland IFRS 102)- The financial statements have been prepared based on the accounting poI￿re$ sel out in note 2 to the rinancial stslements. The company is governed by rts memorandum and Art￿leS of Associalion which established the objects and powers of the charitable company. The company is limited by guarantee and has no share capital. The guarantee of e¥h member 15 limited to£1. Trustoes The members of the Board ofTrustees (are also direetors of the company under company lawl who served during the perirxj were.. MrGAF Smith- Chair Mrs B Freestone- Vice Chair Mr S Lindley- Treasurer Mis L Blackman-Reynolds (resigned 04109r2023) Mrs L Dixon {resigned 12106r20221 Mr D Hodgen IresNJned 0410912023) Mr M Lindsey Dr P Neville Mr P Parsons Mr P R￿hardS Mr C Saul Mrs J Sheppard Iresoned 03110r2023) Dr N Vijayakumar {iesigned 141091221 Mr N Parmar (appointed 14109ll022} Mr M E Jones lappoinled 14109120221 Mrs J Kavanagh (appointed 08103120231 Mr S P Moran (appointed 08103120231 President Mr Rtehard A S Everard OBE Structure. governance. and management The trijstees who held office during the financial year are set out on page 1 of this report. Tru51ee5 are invi(ed lo join the Board of Trustees by other twslees. by the EX￿ul￿8 Oireclor or may app independently lo bec¢)me a trustee, at wh￿h point they will be interviewed by the ExeculNe Director and other membefs of the board. Trustees serve for 3 years and then stsnd for reoleetion. On appolntment new Iruslees are invrted to attend trustee training courses. are given a structured induction and introduction lo the work of the ¢harity. Included in the inductK)n pack is information issued by the Charty Commission on the roles an¢J responsibilities of tmstees and charity IwH_ Guidance may also be given by allending national Age UK courses. In the normal course of business. Ihe Board of Trustees meets six limes a year.. extraordinary meetings may be called whenever deemed n￿eSSary. There are a number of sub-eommrttees which operate under specific terms of reference and are de￿gated certain fvnclK)ns from Ihe board of Trustees. The sub- committees are made up of Iruslees and relevant stsff members, and in the norn￿1 course of event meet as follows. AGE UK LEICESTER SHIRE AND RUTLAND IA COMPAMY LIIMTED BY GUARANTEE FOR THE YEAR ENDED 31 hlARCH 2023 ANNUAL REPORT OF THE BOARD OF TRUSTEES Meetings per year Finance and Resource5 Heatth and Safety Human Resources Retail Systems of financial control The systems of financial control a￿ designed to provide ￿aSOnable bul not absolute assurance against material misslalemenls or loss. They include- a Ihree-year strategy pL4n. an annual budget approved by the eoard of Trustees. regular monitoring of actual resutts against budgets and forecasts. delegalion of authorty to managers for exFendrture Wrth￿ budget. The charity's ExeculNe Director is responsiwe for Ihe day lo day operation of the charity and manages the stsff of the charity on behalf of the Iruslees. Related parties Registered charitie5 sharing the name Age UK who wsh to acknowledge a commilrrEnt lo common purpose and shared values have agreed lo work together through fomal rektsonships as part of the Age UK Association. Age UK Leicester Shire & Rutland has signed up to the Age UK Brand Agreement. and as such have fomierly adopted the name Age UK Le￿ester Shire & Rulland from the 29 September 2011. Members of the Association, including Age UK Le￿ester Shire 8 Rutland, a￿ independent charitses. All Asw¢ialion members have signed theAge UK Brand Agreement whih Iicenses use of the Age UK brand and sets rrinimum standards for areas of seThice delivery. Pay policy for senior staff The Iruslees and the senior management team comprise the key m8nageff*nt personnel of the charty in charge of d1￿ctIng and controlling, running and operating the Charty on a day lo day basis. All trustees give of their time freely and no Iruslee ￿¢eNed remunerats'on in the year. Details of trustees, expenses and related paty transactions a￿ disclosed in note 12 to the accounts. The pay of senior staff is ￿VIeWed annualty and is benchmarked against similar sized charities and organisat￿n$. Consideration is given to the experEnce. applicabk professional qualifications and perfornanee of indNidual$ in the preeeding year when setting remunerat￿)n levels. Trustee indemnity insurance Indemnity insurance is purchased to indemnfy the trustees against defautt on their part Principal risk and uncertainties The trustees, aim when reviewing and managing risk is lo prolect the chartys assets and rts stakeholders through established risk management lechnKiues and procedures. All new aetivilies undertaken are subieet to a risk review as part of the initk81 project assessment. existing aclivilies are reviewed on a periodic basi5. especially when projects are being renewed or funding sources change. Some risk assessments are required by law 8nd these are duty carried out al the frequency required. The goal of the trustees is to strike a balance behveen risk and costs, and to the￿fore be consistent wrth the prudent management of an ￿ganiSat￿n of such a size. Major risks are Klenlified and ranked in terms of the potential impact and likelihood. Major risks are those that may have a signifunl effecl ￿.. Operational perfomiance, including risks lo peisonnel. volunteers and trustees.. Achievement of aims and obJ"ectives'. or Meeting the expe¢tatKJns of benefi￿ar￿S and stakehobJe￿. AGE UK LEICESTER SHIRE ANO RUTLAND IA COMPANY UMwfED BY GUARANTEEI FOR THE YEAR ENDED 31 MARCH 2023 ANNUAL REPORT OF THE BOARD OF TRUSTEES Risk Reductions in govemmenl spending both nationalty and locally, impacting on bc authorities and other agenae5 abilty lo continue to fund existing proiecls and to finance future service proviston. Plitigation All projeds funded or part funded by statutory b￿J*S are reviewed monthly through the managemenl accounts to ascertain whether they are financglty and operatK)nally viable based on current oi pred￿ed trends. Where rt is seen that servicès are not viab￿, steps are taken to change the delivery nK#Jel, merge or close projects. Constant review of the profitability of retail outth Vvhere shops are no longer profitable steps will be taken to relaunch, relocate, merge with other shops or close. ActNe marketing in the localty of the units and increasing links wth kjcal businesses to find new sources of stock. Regulaf retail committee meetings of senior staff and trustees to re¥￿W retail strategy and operatKJns. Prorntion of the Retail Gfft( Aid Scheme to Increase income. Adoption ofthe latest technobgy to Thjnilor and improve shop performance. The trustees reg¢Jlarly review the property portfolio, the adequacy of and ulilisation of indivhlual buildings. Properties are maintained al h￿h standard and rt is believed that such mainlenance prevents further and greater expendrture being incurred at a later date. Where a propety is no longer sufficientty used in delNering the charrties services or fundraising it will either be disposed of or let out al a commercial rent. Charity shops divisKsn. Increase(I competition for donated gLxxIs. More charity shops on the hKJh street. Changes in rents charged. Vkability of units based on geographic kxatmins and changing surroundings Adequate reserves are available lo maintain the Char￿e$ property portfolio. Retention of key staff Employee remuneration and benefils are reviewed on a regular ba515 to ensure salaries are competrtive and staff are retained. The portfolio of investments is diversified to miligale impact of any such movements. External professional advisors are used lo rnanage Investrnents. Investments are regularty reviewed by the Finance and Resources Commrttee. Pr¢xedures and steps are in place to protect the kjcal charTty should there be bad publicity associated with the brand n8me and likewise lo explort any good Publ￿rtY and thus lo piomole the Age UK brand lo￿lty. Majof market movements and the value of investments. Repulalional risk associated with national Age UK and otherAge UK partners. The Irustees are aware that the brand, Age UK, is careful managed by the national b(Mty, bul that Age UK partners might be involved in event5 and activit￿$ that may cause the public to asS(t￿le such happenings wilh this ¢harrty be they perceived as gocd or bad. During the year the charity was impacted by the cost of living crisis, the charty managed this by closety reviewing ils aelivitkes and monrtoring spend. AGE UK LEICESTER SHIRE AND RUTLAND (A COMPAMY LIMTED BY GUARANTEEI FOR THE YEAR ENDED 31 MARCH 2023 ANNUAL REPORT OF THE BOARD OF TRUSTEES The trustees revie￿ these ftsks on an ongoing basis and satisfy themselves that adequate systems, accounts and procedu￿$ are in place lo manage the thnbfied risks. Where necessary and possible to do so. risks are covered by insurance. In additkjn to the procedures. poI￿leS and controls outlined in'structure. governallce and management" above the following are undertaken lo ensure adequale risk assuiance. Regular mnrtoring of major risks and deveh)pment of acth)n plans Maintenance and annual rewew oflhe register whKh outlines specffj￿ areas of exposure, bein9". Governan￿ and management risks Law antl legulat￿n Complian￿ r Financial risks Environrnenlal and extemal factiy Operational risks Embedding risk 1denlffica1￿n and assessment wrthin normal operat￿la1 procedwes A clear structure of delegated authorty and control A cyclical review of systems, intemal contro15 and prcteduies by the internal 8udil function reporting Ihrou9h the finanee and resources committee Maintaining reseNes in line with sel wlic Regubr summary report on risk management to the Board of Trustees either direetty or through rts subns to support carers. Carers Week (June 2022} was marked wf(h a musical event at Clarence House and work was also undertaken. in partnership wlh Leicester City Council and the University Hosprtals of Leicester, to make it easier for famity carers to become MO￿ inVo￿ed in the hosp>tal discharge process. A new Neurodivetse Peer Support Group was sel up supporting carers of peop￿ with Autism. ADHD and other neurodiverse eondi(ions. We also (ieveloped a working groupwrth the Leicestercity Council Young Carercoordinalor, bcal colleges and universities, as well as Heaf(h and Social Care colleagues to target hard-to-reach carers. 684 unpaid carers supported AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEE FOR THE YEAR ENDED 31 MARCH 2023 ANNUAL REPORT OF THE BOARD OF TRUSTEES Rutland CarersSupportGroup Our Rulland Carers Support Group is a monthty social group offering people who are earing for an older person with the opportunty to meet & support each other. 197 individuals attended RutLAnd Carers Support Group Accessible Transport We provide wheelchair accessible transport for small groups using our speckqlty adapted fleet of 8- and 15- sealer minibuses. Approximate￿ 240 people used this seNKe each week 88friending Our Befriending serv￿e5 provide a combinakn.on of face-to-faee and telephone support to isolated older people acr055 Leicester, Le￿￿StershIre and Rutland and include Moving FoNard with Confidence Idovetsiled with Infomalion & Adweel and Northwest Leicestershi￿ Beln'ending which is provided with the support of the District Couneil. In Rulland. we secured grant funding from the NHS in March 2023 that enabled vs to continue supporting isolated people living in Rulbnd. 210 older people receNed regular contsct with a Befriender 123 Befriending volunteers helped lo prevent bneliness and i501ab.on Community Resource Centres Clarence House, The Earl Shimon Centre and Gloueesler House offer a range of daytime activities. clubs and support. In January 2023, Clarence House vras awarded Ihe Employer ApprKiation Award frcrfn Le￿ester College in recognrtkjn of the support, industry training and work experience we provided to theif Students. The Earl Shilton Centre benefitted from a grant of £3.000 from Hinckley and 8osworth Borough Council to replace the old fluorescent lights wiéh rnore effiC￿￿t LED unrts. making the centre more energy efficient and lowering energy costs. Welcoming around 1.400 wsilots each week Day Clubs Our Day Clubs Ifomiefty known as Day Care} supwrted people with a w¥Je range of needs. including people living with dementia. long lemi health conditions. phystal disabilities, reduced mobilty, mental health needs and leaming disabilities. They operate in venues across Leicester and Leicestershire and provide an opportunty for older people to remain s￿l011Y acttve in a ￿rIng and Suppo￿"Ve setting as well as providing infomial carers with a regular break. Our Day Club members enjoy and greatty hx)k forward lothe events. outin9s entertainment we provide. This year members enjoyed going to Bradgale park. a trip to the Curve lo watch Carole King mUs￿al and cuddks with various animals during a visrt from a Petting Zoo. In Juty 2022 Birstall Acajemy's year 4 class joined our members for an aftemoon of fun and games. The financial dimate coupled with a ￿dUct￿7n in the number of members since the pandemic meant we had lo make changes to some of our service oper*ions. This included reducing $ess￿n$ al Clarence House and GIOu￿ster House in March and April 2022 respectivefy, as well as reducing sessions for the Milan Day Club and rekjcating the club lo Clarence House. 36 Day Clubs provided e￿h week 438 peo￿ altended our Day Cl 10 AGE UK LEICESTERSHIRE ANORUTLAND IA COMPANY LIMITED BY GUARANTEEI FOR THE YEAR ENDED 31 PIARCH 2023 ANNUAL REPORTOF THE BOARD OF TRUSTEES Digital Charnpion¥ In August 2022 our Digtsl Champions projed ￿rnMenced, which aim5 to address the prOb￿M of "digital exclusK)n amongst okler people by supporting indTviduals lo buikl their confidence with smartphones. computers and digital tablgts. 352 support sessKJns deliverejj 251 indiwdu￿s supp)rted Men & Women in Sheds Located in Rutland and Chainw(M>J, ourts¥o Men & Women in Sheds prgects offer a place to enjoy practical pursui(5 Wlth woodwork, metsW)rt( or pottery as well as scKial connection & friendship. Over the last year, Charnwocrfj Shed colL8borated with Chamwood Arts on the 'Feel Good in the Forest - Skills Sharing. project. In October 2022, members made a commemorative bench to showcase the talent and craftrnanship of the Members and act as 8 legacy of the cwtive partnership. The bench vrns unveiled in the heart of The Outwoods in chamW￿￿ Forest and can be enjoyed by all visitors. In Rutland. there has been a signrficant number olcommissKJns lo build large planters from Ashwell Garden Centre and the reouifement to build them a sleigh for Father Christrnas. which was a Challenge but resulted in success. much lo the delight of Itxal children. The Rutland Shed had a generous donation of a new table saw from Rulland Lions and Charnwoc#J Shed Tecewed £5.000 from Pukka PYe5 to support Iheii new pottery inrtBtwe. 700 se$s￿n$ offered across ourtwo Sheds Over £11.000 raised from saks of 9¢￿1$ made at the Sheds Over 100 membefs Retsil We have a strong portfolK) of 25 charity shops which provth kxal ¢ommunitY4s wrth a destination to donate their pre-loved goods as well as shop sustainabty for clolhes. tr￿QkS and furniture. This is supported by an established volunteer workforce of 365 rel8il volunteers which would equale to a wage bill of over £1.86 million rf they were paid staff. We are immensety gratefvl to the volunteers for the￿ support and dedication a5 they are a lifeline in our retsil operations. In the la5tfmancial year, Our retsil sales were strong with an increase by double digrts on the previous year. Over 1.5 million units sokj We recycled over 100,000 ki105 of stock. saving it from landfilL We claimed over £190.000 in Grft AKJ Approx £769,000127% of retail income) went back Mito our ch8rrt8ble setvices. 16S,OC#J hours provided by ourwonderful voluntee Fundraising and Income Generation In 2022 the charity celebrated its birthday and had many highlwJhls including a wodd record atternpl at Glaslonbudget Music Festwal, a famity fun event at Everards MeadcAVS arkj a'7-Tee" goir toumamenl. Also. during winter 2022. we launched our'Hug in a Hamperf and 'Cost of Cokl Eating. campagns, raising funds and awareness about services that Ictsl older people can aecess lo make SU￿ they are coping wlh the cost of food and energy. 11 AGE UKLEICESTERSHIREANDRUTLAMO IA COMPANY LIMtrED BY GUARANTEE) FOR THE YEAR ENDED 31 MARCH 2023 ANNUAL REPORT OF THE BOARO OF TRUSTEES As always, we are indebted to all our supwlers for Ihwr commi1ft￿nI, enthus￿$M. and financk41 support during what has been a very period for everyone. For example. the staff frc¥n Dunelm joined our Delivering Joy at Christmas, donating gffts for older people who usually spend the feslive peri¢xl alone. and Centrica also donated gifts for older people to enjoy al Christmas. It ha5 also been the most successfrjl year since the char￿S r￿ordS began for writing with an 800 succes5 r81e on applications submitted. Fundraising generated over £340,000 Over £728,000 achteved in bid wrting and tenders Marketing. Media and Public Relations Social media has beccthe a key part of our marketing strategy and we have continued to activety publish engaging and informative content to our 7,800 folbwers. In August 2022. the charity acheved Ihe Lord Lieutenant's Jubilee Community and Business Award and Susan Whelan, Chief Execulrve of Leicester Cty Football Club. of[￿la1￿ launched the Bradbury Centre in October 2022. Over one hundred pleces of medla coverage We￿ eonducled this year including broadcasts by BBC East Midlands T¢)day. ITV Central, BBC RadKJ Le￿$ter as well as duital articles and printed press releases. 1,026 social media posts published 622.04S people reached 1YA increase In our sccpl rr*dia aUd￿r HR We continue to retain a strong stsff wthforce with over 330 paKI slaff ffEmbets. Over the year we brought in 97 new recruits and had 68 leavers. Overall. staff relenlton is al a reasonable level and more work will be done to improve the recwtrrEnt area of our websrte to make it rnore attraclwe and easier to use for prospectNe applicants. Training and Developmenl A new training programme was launched for 2023 induding in-house face-lo-face trainirwJ as well as online using our e-learning platfomi. Grey Matter Learning. The in-house training joumey was streamlined, making the Process leaner and more eff￿le￿I, and a review is being undertaken to assess the financial ￿abilty of continuing to provhJe in-house face-to-face training versus all training being online. An outcome is hoped to be reached by the en(1 of 2023 with any changes instigated from 2024. 195 free courses available online for staff and ¥o￿nteerS Volunteering We are vgry thankful to all our volunteers, as the organisation would not run without the dedKation. lime, and commf(menl of these amazing IndNiduals. many of whom prowde weekly support. We offer a variety of volvnleering opportunities as well as supporting wryk pLgcemenls and student pL3cements across many of our services. We have seen a smal bul dislind reduction in the average number of volunteers from 719 in 2021-22 to 690 in 2022-23. Alihough this is a relatively modest fall. Il has been noticeabk particulady in serV￿S such as Day Clubs and our relail dNision. 12 AGE UK LEICESTER SHIRE ANO RUTLAND IA COMPANY LIMITED BY GUARANTEEI FOR THE YEAR ENDED 31 MARCH 2023 ANNUAL REPORT OF THE BOARD OF TRUSTEES Whereas during COV￿-19 we &7w a marked increase in the number of volunleets. nchv life has normalised and with the cosl-of Iwing crisL% pushing people back to work, we have seen a drop in the number of regular volunteers whtch coubj be a concefning trend rf rt continues. To combat this, a review will be undertaken lo assess our current volunteering strategy for attracts.ng ne4V volunteers in¢ludiThJ a fresh new look at the role descriptions and reL4ted web pages_ Over 20 drfre￿nl volunteering opportunities offered Over 690 ath've volunteers Celebrated volunteerfs milestones ranging from 4 years to 32 years, Se￿iCe 78 work pL8cements completed Subsidiary Undertaklngs Note 29"Group Companies" to the accounts outlines the acINit￿$ and perfomance ofexh ofthe charity's sUbs￿lary undertakings. Financial review The slalemenl of financial activities (SOFA} is set out in the accompanying financral slatgments. This slalement shows all income to the group for the financial year," all costs Incurred in addrtion lo gains or losses on the revaluation of the investment assets ancl reconciles the resulting excess of income or expenditure resources to the movement on the fund balances. The balance sheet reconciles the financial value of the fund balances to the value of ihe assels held by the charty and the group. both al the start and the end of the financial year. A summary of the financial resutts of the charitable group are sel out below. Income: Income has reduced from £7.286k in 2022 to £7,018k. A signfficant £800k asset donalK)n and furfough grants received during the 2022 offset ty better performance wrthin the retail and care divisions were the main driver5 of the overall reducts.on in income. Retail in￿rne inerease by £448k lo £2,573k and personal care and cleaning increased by £160k to £1.051k. Expenditure Expenditure is the cost of running the charity and can be dNKled ￿t0 main a￿aS.. 1. Expendrture on raising funds lo support the charitable aetivrties of the ehaTity. 2. Expendrture on charrtable actNf(ies, costs inCu￿ed in delivering seNices in accordance wrth the primary objeclNe of the organisation. Some c051s are common to both calegories above. Support ￿S1$ are central functions Such as management, administration, human resources, ffinance. payroll and l.T_ These costs ale allocated lo the categories outlined above on a basis consi51enl with the UtilrLat￿n of resource5. Overall expendilure increased from £6.557k in 2022 to £7.345k as the charty increased staff costs and notice some impact from energy cost In¢￿aSe$. Cost oplimisation ￿MaInS a key priorty for the Charity. Net movement in funds Fund balances reduced from £9.727k as at 31 March 2022 10 £9.377k as al 31 March 2023 largely being explained by the movements ￿ income and expenditure a￿ve in additscm to a nel bss in invesknenls of £23k. Balance sheet movements The balance sheet lists the assets and liabilit*s of the group as at 31 March 2023 and at the corresponding date in the previous year. The net value of ihe assets is balanced by the value of the funds at the bottom of the statement. Notable m0verr￿ntS include a reduction in cash of £89k and tangible fixed assets £139k. 13 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIWTED BY GUARANTEEI FOR THE YEAR ENDED 31 MARCH 2023 ANNUAL REPORT OF THE BOARD OF TRUSTEES Reser¥es The trustees review the ￿ve1 of reseffts through the finances and resources committee and at Board meetings on a monthty basis through the consolidated finance pack. The reseNes policy is reviewed annually and continues to be based (m a free reserves approach. Total funds held at 31 March 2023 were £9.377k12022.. £9,727k). The free reserves shoultj be maintsined * a level to cope wrth a shock event. such as COVID where al worse case, income could reduce by 50% and costs reduce by 20rh* _ Furthermore the level free reserves should be able lo sustain 125% of 3 yeafs of antcipated defici(s_ This equales to a range between £1rn and £2.1m. The value of unrestr￿ted reserves including deswJnated funds i5 £7.1m of whth approximately £2m (being cash plus managed inveslmenl funds) is represented by readity Ihjuef￿b1e fund5, the rest being represented by lixed assets su¢h as freehold properties. Investrnent policy The trustees have the power lo invest in such assets as they see frt. as long as they act in accordance wi(h the Tru51ee Act 2000.The cuTrenl poly is to invest available funds in such assets that will seeure the optimum return with a medium k)ng tem risk exposure. The current mix of property and stock market investrnents is regularfy reviewed. Any properties purchased wll have the potenlial of the charity to operate from them in the form of ef(her a resource centre or trading outlet. The funds invested in freehold propety investment assets achieve a retum through appreciation of the capital value of the assets and rental income from tenants. The asset values are re￿eWed on an annual basis and assessed against the value of similar assets in other locations, so as lo bench mark movements in value against the propety marf(et. Rental incomes are reV￿ved in line wrth the lease terns and applicable mathel rents applied when renewed in consultation wrth professional letting agents and valuers. Stock market investments are revTrewed by management and trustees on a regular basis. Benchmarks are supplied by the investrnent managers lo provide perfomiance indicators against portfolios wrth similar risk profiles. Plans for the future The Charrty, in common wrth most other organisatpjns, has had an extremety challenging couple of years. desprte this the Charty has strived to continue to provide vrtal services and lo ensure il remains financially viable by availing itseK or the various forms of business SUPF4)rt and also a review of the core activit￿$ and the cost base. As we go forward we wll slill have lo maintsin a f(tus on the prevailing environment li.e. sl of living crisi51 and econornic condrtNJns to enable us to provKle our services in an effective and eff￿lent basis. Our ambf(ion is to grow our service offerings where we can. The Charity has also invested in the income generation and marketing departments lo help broaden ineome streams and strengthen the Charrty's profik. At the same lime the Charity will continue its f(Kus in deliverin9 services in a cost effectbve and sustainable way and in some cases we may need lo reduce or re-align some aclmlies as we do this. Volunteers and donations in klnd In addition to the income evaluated in the statement of ffinancsal aclNilies. the Charity is dependent upon the support of c700 volunteers. Volunteer activitie5 span the whole range of functions from fundraising to service provision and il is estimaled that on average one volunteer would commit lo provKle 7.5 hours week to the charity. Applying the nat￿nal living wage to the hour5 volunteered in a year the estimated value of the benefrt lo the charity is In excess of £3.000,000. Donations in kind are received in the fomi of reduwl rental payments for day Cent￿$, transport provided free of charge for Some ser¥+ces and some f￿e banking fa¢iif(ies provided by Barclays Bank pk. The Irustees are aware of the great value of work done by the unpaid volunteer5 and the providers of donations in kind and woukl like to express their thanks and appfeciation. The Iruslees also appreciate Ihe va￿e of publicity and prOmot￿n through the focal and nalional mell￿. The Iruslees wish to express thanks to those involved in publicising the Chanty and rts campaigns throughout Ihe year. 14 AGE UK LEICESTER SHIRE AND RUTLAND (A COMPANY LIMITED BY GUARANTEE) FOR THE YEAR ENDED 31 MARCH 2023 ANNUAL REPORT OF THE BOARD OF TRUSTEES Gender pay reporting The gender pay gap is the drfference in the average hourty rate of pay be￿een women and men in an organisalion. expressed as a pefcenlage of average male earnings. A gender pay gap is indicalNe of gerKler inequty and can resurt from a number of factors including differences in the occupations and types of rdes Carr￿ out by women and rnen. kvel of senK)rity and engagement in part lime work. The gender pay gap doe5 not compare salaries eamed by men and women in the same or like for like roles and is not a measure of pay inequity or equal pay. It is solety the drfference in average gross hourly eamings behveen Ihe sexes. Al Age UK Leicester Shire and Rutland stsff are pa￿ equany forthe same or equNalenl work. The boaid of trustees are proud of the gender pay resutts in particular when comparing lo the national averages in both the hourfy pay gap and percentage of women within the upper hourfy pay quarter (highest Hourl When comparing average hourty pay, women's mean hourty pay t5 7.7% kNier than men's whrh is 5.4% lower than the nabonal average of 13.1%. Percent e ofwomen in each uarter Upper hourfy pay quarttr{highè￿ pawJ} 26°h Upper rn￿d￿ hcwrty pay quarter 77% 23tsA Lowèr middkn hourfy pay quarter oo 100¥. Lower hcwrfy pay quarter pabjl When considering the proportion of women upper hourfy pay quarter. women represent 74% for Age UK LeKeslef ShKe and Rtrtland wh￿h is 33% h￿her than this nat￿nal average of41%. Disabled pe￿On5 Age UK Leicester Shire and Rutland wll employ drsabled persons when they appear to be suitable for a particular va¢an¢y and every effort is made lo ensure that they a￿ gwen full and fair consideration when such vacanc￿$ arise. Measures are in place so that rf an employee was lo have been injured or disabled in the course of their empbymenl, all possible Steps would be taken to arrange training and f8cilrties so that they could conth'nue in employment with the Group_ During empbyment Age UK Leicester Shire and Rutland seeks lo work with employees. tsking into account their pe￿Onal circumstances. lo ensuie appropriate training, deveknpmenl and advaneemenl opportunities are available to enable them lo rexh their full potential. Employee involvement Age UK Leicester Shrre and Rulland encourages the invofvement of its employees in its management through the monthly staff an¢J quarterly volunteer newsletters. ￿ere issues are of signfficant natu￿, staff members will be sent indiv￿ual letters. ReguLqr staff meetings wrth the Executive Director (Staff are required to attend at ￿851 one meeting per annuml are held at drfferent venues around the area of benefit. These meetings are for the dis5eminatKJn of inforrnatK•n of part￿ular concern to empktryees (including financial and economic factors affecting the Ferfomiance of the ChaTty and for receiving their views on important matters of poliyl. 15 AGE UK LEICESTER SHIRE AND RUTLANO IA COMPANY LIMITED BY GUARANTEE FOR THE YEAR ENDED 31 MARCH 2023 ANNUAL REPORT OF THE BOARD OF TRUSTEES Professlonal staff The trustees wish lo express their apprecial￿fi of the commitmenl and achievements of the executive director and professional staff in carrying out the WO￿ of the charty as outlined above. Audltor The auditors, Mazars LLP, have indicated their willingness to ￿ntinUe in of￿. The designated Trustees will propose a motK)n reappointing the auditlws at a nwting of Truslees. Statement of trustees. responsibilitie5 in relation to financial Statements The ttuslees (who are a150 direclors of Age UK Le￿ester shi￿ and Rutland for the purposes of cornpany lawl are responsible for preparing the Board of Trustees. Report incorporating the Strategic Report and the financial statements in ac￿rdance wrth applvble law and Unrted KingdomA¢counting Standards (Unrted Kingdom Generally kcepted A¢￿untIng pract￿). Company law requires the trustees to P￿pare ffinancial slal8ment$ for each financial yeaTwhith give a true and fair view of the slate of affairs of the charitable company and group and ofthe incoming resources and application of ￿sOUrces, including the income and expendrture. of the chantable eompany for that penod. In preparing these financial stalemenls. the trustees are ￿qui￿ to.. select suitable accounting policies 8nd then appty them ￿nsistentty', observe the methods and principks in the Charities SORP", make judgments and estimates that are reasonable and prudent.. state whether applicab￿ UK Accounting Standards have been lollowed. subject to any material departures disclosed and explained in the financol stslements." and prepare the financial statements on the going concem basis unless rt ts inappropriate to presume that the charrtable company wll continue in business. The Iruslees are responsible for keeping proper accounting records Ihat disclose wrth reasonable accuracy any time the financial position of the charitable company and enable them to ensuie that the financial statements compty wrth the CoMpan￿S Act 2006. They are also responsib￿ for safeguarding the assets of the charrtable company and the group and hence for taking ￿asonable steps for the prevention and deteclKJn of fraud and other irregul8rrties. In so far as the trustees are aware.. there is no re￿vant audbt infom*t￿ of whth the charitable company's auditor is unaware. and the Iruslees have taken all step5 that they ought lo have taken lo make themselves aware of any relevant audit information and to establish that the audrtor is aware of that infomiatson. This report and the accoun15 have been prepared in accordance with the Slalement of Reccfnmended Practice applicable lo charities preparing their accounts in aceordance wrth the Financial Reporting Standard applicab18 in the UK and Republic of Ireland (Charlies SORP IFRS1021. the Companies Act and Trust Deed. Signed by older of the Board of Trustees GIF$￿￿￿￿oI¢ 15.1013JQIIGU G Smrth Chair Date.. Dec 19. 2023 16 INDEPENDENT AuD￿ORs. REPORT TO THE MEMBERS OF AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED 8Y GUARANTEE) FOR THE YEAR EMOED 31 MARCH 2023 Opinion We have audtted the financral ststements ofAge UK Leusler Shire Rulland Ilhe parent charity,) and ils subsidiaries I'the group'l for the year ended 31 March 2023 wh￿h comprise the Consolidated Statement of Financial Activrties, the Consolidated and Chanty Balance Sheets. the Consolidated Statement of Cash Flows and notes lo the financial statements. including a summary of signrficanl accounting policies. The financial reporting framework that has been appled in their preparation is applicable L4w and United Kingdom Aeeounting Standards, ineluding FRS 102 -The Financial Rewrting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generalfy Accepted Accounting Pwlul. In our opin￿, the financpl sl*ements.' gwe a true arKI fair view of the Stale of the group's and the parenl charity's affairs as at 31 March 2023 and of the group's income and expendrture for the year then ended". have been properly prepared In accordance wrth Unrted Kingdom Generally Accepted Accounting practi￿., and have been prepated in a￿Ordance with the requirement5 of the Companies Act 2006. Basis foropinion We conducted our audit in accordance wrth Internat￿nal Standards on Audits"ng IUKI IISAS IUKII and applicable bw. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audrt of the financial slatemenls section of our report. We are independent of the charity in accordance wf(h the ethical requirements that are relevant to our audrt of the financial slalements In the UK, including the FRC'S Ethical Stsndard and we have fU￿illed our other ethical responsibilTties in aceordanee wrth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to going concgrn In audi(ing the financk41 slalen*nts. we have corduded that the trustees. use of the going concem basis of accounting in the Pfeparation of the financial ststements is appropriate. Based on the work we have perfom)ed. we have not ￿entified any material uncertainties re￿ling lo events or conditions that. individuafy or collectivety, may cast signrficanl doubt on the group's or the parent charity's ability to continue as a going concern for a perN)d of al beast ￿efve rrK*nths from when the financial slalements are authorised for issue_ Our responsibilthes and the responsibilrties of the trustees with resFecl lo going concern are described in the rekvanl sett￿)n$ of thi8 ￿￿K)rt. Other infom)ation The other Infomial￿n comprises the infomatbon included in the Report of the Trustees. Other than the financial slalemenls and our audrtof s report thereon. The trustees are ￿ponSIble for the other information. Our opinion on the financial statements does not cover the other infam￿lOn and. except to the extent otherwise expl￿rt￿ slated in our rewrt. we do not express any lomi of assurance cOndus￿n Ihereon. 17 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIIAITED BY GUARANTEEI FOR THE YEAR ENDED 31 MARCH 2023 Other information Icontlnuedl In Connection wi(h our audrt of the financial sL*ements. our responsibiljty 15 to read the other infomialion and, in doing so, COn￿der whether the other information 1$ malerially inconsistent wilh the financial statements or our knowledge obtsined in the course of the audit, or otherwi%e appears lo be material misstaled. If we idenlrfy such material inconsistencies or app3￿nt material misstatements, we are required lo detemine whether there is a materral misststernenl in the financial statements or a material misslalement of the other infofmatk)n. If, based on the work we have performed. we conclude that there is a material misststemenl of th￿ other Inf￿MaItQn. we are required lo report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Compani8s Act 2006 In our opin￿. base¢J on the woth undertaken in ltre course of the audit" the infomiation given in the Rem of the Trustees which includes the strateg￿ Report and the Directors, Report prepared for the purposes of company Law, for the financial year for wh￿h the financial stateTrEnts a￿ prepared is consistent with the financial statement5'. and the Slrategrc Report and the Direclofs. Report included within the Rewrt of the Trustees has been prepared in accordance with applicable legal requirements. Mattets on which we are required to report by exceptlon In light of the knowletlge and undefslanding of the charty and rts environment obtained in the course of the audit. we have not idenlTfied mater￿1 misststements in the SlrategK Report or the Directors. Report included wrthin the Report of the Trustees. We have nothing to report in respect of the folkA¥ing matters in relathM to wh￿h the CoMpan￿S Act 2006 requires vs lo report lo you if. in oui opin￿n.. adequate and proper accounting records ha￿ not been kept, or rdurns adequate for our audit have not been received from branches not visited by us," or the financial stslements are not in agreement wrth the accounting records and retums., or certain disclosures oftruslees, remuneration specffjed by law are not made,. ty we have not received all the information and explanalh)ns we require for our audrt. Responsibilities of trustees As explained more fulty in the trustees. responsibilities statement set out on page 16, the trustees (who are also the directors ofthe parent charity for the puws of company law) are responstile forthe preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such intemal ontrol as the trustees determine is necessary to enable the preparation of financial stalemenls that are free from material misslatement. whether due to fraud or er￿￿. In preparir¥J the ffinanC￿l statements. the trustees are responsib￿ for assessing the group's and the parent harty's abilty to continue as a going concem, disclosing. a5 appI￿able. matters related lo going concern and using the going concern basis of accounting unless the trustees erther inlend lo liquidale the charty or to cease operations. or have no realistic atteinatrye but lo do so. 18 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEEI FOR THE YEAR ENDED 31 MARCH 2023 Auditorfs responsibilities forthe audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial slalemenls as a whole are free from material misststemenl. whether due lo fraud or e￿Or. and to issue an audttorfs report that includes our opinK)n. Reasonable assurance is a high level of assurance bul 1$ not a guarantee that an audit eonduded in accordance wlh ISAS {UK) will ahvays delect a materkql misslalemenl when il exists. Misstatements can arise from fraud or error and are considered material rf. indwidually or in the aggregate, they could reasonably be expected lo influence the economi¢ decistrons of users taken on the basis of the rinancial sLitements. The extent to which our procedures are cap*)le of delecting irregukrrties. in￿dIng fraud is detailed below. Irregularrtiès. induding fraud. are instsnces of non-e4)mpliartt with laws and regUlat￿n$. INe desvJn procedures in line with our responsibilities. outlined above. lo delect m*erial misslalements in respect of irregulari(ies, including fraud. Based on our understsnding of the charty and its activities, we identified that the Principal risks of non-compliance wrth laws and tegulations related to the Charities Act 2011, Ihe Charrties Statement of Recommended Practice, UK tax legislatKJn. PenS￿nS legislation, employment regulation and hearth and safety wulalion, anti-bribery. corruption and fraud. money laurKlering, non- compliance with implemenL*ion of govemment support schemes ￿lating lo COVID-19. To help us identfy instances of non-￿mpli0n¢e with these Laws and reguklion5, and in identifying and assessing the risks of material misstslemenl in respecl lo non-compliance, our procedures included. but were not limited to.. Inquiring of management and. where approprrate. those charged wrth governance. as to whether the eharity is in complianee wrth and regulat￿n5, and discussing their policies and procedures regarding complk?nee with laws and WUlat￿n$.. Inspecting correspondence, rf any, with relevant licensing or regulatory authorit￿S,. Communuting KIen1rf￿d laws and regulations to the engagement team and remainin9 alert to ary Indicat￿n$ of non-compliance throughout our audrt.. and Considering the risk of acls by Ihe Charity wh￿h were ￿ntrary to applicable laws and regulations, including fraud. We a150 ¢onsklered those laws and regulat￿nS that have a direct effect on the preparation of the financral slatemenls, such as tsx ￿gislation. pension kgislatvJn. the Companies Act 20C6 and the Chaiilies Slalement of Recommended Practice. In addilh)n, we evaluated the trustees, and rnanagement'5 incenlNes and opportunities for fraudulent manipulalion of the financial slalements (including the risk of override of controls) and detemined that the principal rEks were related lo posting manual journal enlries to manipulale financial perfomiance, management bias through judgements and assumptions in sMJnrfieanl aceounting eslimales, in particular in relation lo income recognilb)n (which we pinpointed to the cut off assertion) and signrficanl one•off or unusual liansactions. 19 INDEPENDENT AUOITORS. REPORT TO THE MEMBERS OF AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED 8Y GUARANTEE) FOR THE YEAR ENDED 31 MARCH 2023 Auditorfs responsibilities forthe audit of the financial ststements (continued Our audit procedures in ielalion lo fra4Jd included but were not limrted to.. Making enqUI￿S of the trustees and management on whether they had kn¢Avledge of any actual. suspected or alkged fraud, Gaining an understanding of the intemal conlrols established lo mitigate risks related lo fraud., Discussing amongst the eftgagement team the risks of fraud." and Addressing the risks of fraud through managew*nt overnde of controls by performing journal enty testrng. There are inherent linitations in the audit pl￿edureS described above and the primary responsibility for the prevention and detection of irregularities inclv(Jing fraud ￿$1$ with managemenl. As *Mth any audit, thefe remained a risk of non4etectK)n of irregularit￿s, as these may involve collusion, forgery, intentional omissions. misiepresentations or the override of internal controls. A further descriplKJn of our responsibilities for the audit of the finan¢kg1 slalements is located on the Financial Reporting Council's website * wvpw.frc. .uklaudrtorsres onsibilities This description form5 part of our audilorfs rep)rt. Use ofthe audit ￿POrt This report is made solety to the company's members as a body M accordan￿ with Chapter 3 of Part 16 of the Companies Act 2006. Our audit woik has been undertaken so that we might stale lo the eompany's members those matters we are required to stste to them N) an audrtorfs rerx)rt and for no other purpose. To the fvllesl extent permrtted by law, we do not accept or assume responsibility to anyone other than the company and the Company's rnernbe￿ as a bc4ty for our audrt wo￿. for thi% report. or for the opinions we have formed. DbwidllDwlDocll.X2310sir David Hoose {Senior Slalutory Auditor) for and on behalfof Mazars LLP Chartered Accountants and Slalutory Audiic 6 Dominus Way Meridian Business Park Leicester LE191RP Dale". Dec 19, 2023 AGE UK LEICESTER SHIRE ANO RUTLAND IA COMPANY LIMITED BY GUARANTEEI GROUP STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING GROUP INCOME AND EXPENDITURE ACCOUPIT) FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted Funds Restricted Funds 2023 Total 2022 Total Income from: Donations and legaues Chantable &tnii(ies 411,378 3.219,5C6 2.805,454 94.572 487,184 898,562 3,219,5C6 2,805,454 94.572 1,979,362 2,862.929 2.357,514 85,807 Other trading aclivrt*s Investments Total 6.530.910 487.184 7.018,094 7.285,612 Expenditure on: Raising funds charitab￿ aclwi(ies 2.732.666 4.121,052 2.732,666 4.612,140 2,418,006 4,139.019 491,088 Total 6.853,718 491.088 7.344,8C6 6,557,025 Net Ilossesl gains on investment asset 14 {23.254) {23.2541 57,280 Transfers between fijnds 25 (14.0531 14.053 Net movement in funds 10.149 1349.9661 785,867 Reconciliation of funds: Total funds brought forward 8.014.5 1.712.144 9.726.674 8.940,807 Total fund5 carried forward 7.654.415 1.722.293 9.376.709 9.726.674 There are no recognised gains and losses for 2023 or 2022 other than those included in the SOFA. AII income and expendrture derive5 from continuing operations. A detsiled comparative St*errenl of Financ*1 Activrt*s is in note 31. 21 Company Number 07844309 AGE UK LEJCESTER SHIRE AND RUTLAND IA CCth1PANY LIMITED BY GUARANTEEI GROUP AND CHARITY BALANCE SHEETS AS AT 31 MARCH 2023 Nole Gn>up 2023 Charity 2022 2023 2022 Flxed assets Tangible assets Investments 13 14 6.460.457 2.095.299 6.599,714 2.124.718 6.399.240 2,095.404 6.537.363 2.124,823 Total fixed assets 8,555,756 8.724,432 8,494,644 8,662,186 Current assets Debtofs 15 817.985 883,586 737.232 759,881 Cash at bank and in hand 16 1.143.41XI 1,232.436 1,134.875 1.223,810 Total current assets 1.961.385 2.116.022 1.872.107 1.983,691 Liabilities Credi¢ors.' amounts falling due thin one year 17 697.722 620.￿￿ 871.911 752,458 Net Current a55ets 1.263.663 1.496.016 1.000,1 1,231.233 Total assets less current liabilities 9.819.419 10.220.448 9.494 9093,419 Creditors.. amounts falling due after more than one year 18 442.710 493.774 442.710 493,774 Total net assets 9.376.709 9,726.674 9.052.130 9.399.645 Tho funds of the charity Restricted funds 25 1.722,293 1.712.144 1,722,293 1,712.144 General funds Designaled funds 25 25 3,209,5n 3.816.414 3.316.479 4.057.498 2,946,232 3.780,462 3,051,799 4,021,546 Total unreStr￿ted funds Revaluaiion reserve 7,025.986 628.430 7.373.977 640,553 6.726.694 603,143 7,073.345 614,1 25 Totsl Gharity lunds As permitted by s408 CCKnpan￿S Act 2006. the company has not presented rts own statement ol financial activities and reL8led notes as (( prepared group &counls. The charrtab￿ company defic* for the year was £347.51512022'. surplus of £619,637}- These financial statements on pages 23 to SO were approved by the Board of Trustees and authorised for issue on Dec 19, 2023 and signed on their behaw by= Gsmilh Chair 22 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY UMITED BY GUARANTEEI GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 Note 2023 2022 Cash flows from operaling aclivitles: 27 7.674 {3,090} Cash flows from investing activities: Dividends, inlere5t and rents fr￿n Investments Purchase of tangible assets 94.572 72,929 (66,827} 192.449} Net cash from Investing actfvlties 2.123 6.102 Cash flows from financing a¢tivities: Repayments of borrowing Interest paid on thns (65.￿6) 132.9281 (25,4461 110.4461 Net eash used in financing activities {98.834) 135.892) Change in cash and cash equivalents in the reporting period {89,036) 132,880} Cash and cash equivaleDts at the beginning olthe reporting period 16 1.232.436 1,265,316 Cash and cash equlvalents atthe End oflhe reporting period 16 1.143.4(N) 1,232,436 Reconclliation to net debt At 1 Aprll 2022 Cash flows At 31 March 2023 Cash 8orrowings 1,232,436 1659.424) {89.036) 1,143.400 {560.5901 Totsl 573.012 9.798 582,810 23 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY UMITED BY GUARANTEEI NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Criti￿1 accounting estimates and areas of judgement Estsmales and judgements are continualty evalualed and are based on historical exper*nce and other factors, including expectations of future events that are belteved to be reasonable under the circumstances. The foll¢)wing are critical accounting eskn'mates and areas of judgement lo note.. al Accounting for legacy income - this is based on available documentation for legacy. Ihhere applicable curTent market condth.ons are also taken into account when estimating the potential value of a legacy at the year end. bl Investment property valuats"ons- the investment propety valuations are reviewed by the board regularly throughout the year and annually in detail for the purposes of the annual accounts. c} Tangible asset donation- the valuatK)n ofthe donab.on durirtg the KwK￿Year is based on recent market data. Accounlin9 policies Accounting convention The financial statements have been prepared in a¢¢Ordan￿ wtth the Ststemenl of Recomrnended Practice Accounting and Reporting by Charilies preparing their accounts in xcoidance with the Financial Reporting Standard applicable in the UK and Republic of Ireland" IFRS 102} (Charities SORP IFRS102} and FRS 102 "The Financial Reportin9 Stsndard appluble in the Uni(ed Kingdom and Republic of Ireland" I'FRS 102") and the requirements of the Companies A¢l 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The financial statemen15 are prepared in steding. wh￿h is the functional currency of the charty. Monetsry amounts in these financial statements are rounded lo the nearest Q Age UK Leicester Shire and Rutland meets the definf(ion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transacb.on value unless otherwise slated in Ihe relevant accounting policy note(sl. In accordance with FRS 102. the Charitable Company ha5 taken advantage of the exempt#)ns from the following disclosure requirements., Section 7 'Statement of Cash Flu•ts' _ Presentation of a Statement of Cash Flow and related notes and disclosures for the charitsble company. Going con¢om The accounts have been prepared on a going concern basis. At this moment in lime, having ¢arried out a detsiled review of the charitable company's Cuffent operational plan. cash Ilows and the challenges presented by the prevalent economic climate, the Truslee5 are confident that the charitable wmpany remains a going concem. On this ba515, the Trustees have a reasonable expectstion that the charitable ￿mparty has adequale resources lo Continue in operational existence forthe foreseeable future, being a period of ￿e1ve months after the date on which this reF)Ort and financ￿[ statements are signed. The trustees are also not aware of any other matefial uncertainty that will prevent the group continuing as a going concem. 24 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEEI MOTES TOTHE GROUP FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (continued) Group financial statements These financial slalerents comwise the resutts of the Age UK Leieester Shire and RulL8nd and all of ils subsidiaries, ￿nSol￿dated on a line by line basis. All of the financial statements are made up to 31 March 2023. All inlra-group transactions. balances and unrealrsed gains on transactions between group companKgs are eliminated on consolidation. Unrealised k)sses are also eliminated unkss the transaction provides evidence of an impairmenl of the asset transfeNed. Charitable cornpany Statement of financial a¢ti¥ities As permitted by Sect￿)n 408 of the Companies Act 2006. the charitabk company has not presented its own ststement of financk81 actwilies as il prepares group accounts and charitable company's indivKlual balance sheet shows the charrtable company's nel movement in fvnds foi the financkql year. Fund accounting General funds are unrestricted funds which are availabk for use at the discretion of the trustees in furtherance of the general objectNes of the charrtable company and which have not been designated for other purposes. Designated fvnds are unrestricted funds set ashde al the diserelion of the trustees for specific purposes. Restricted fvnds are funds which are to be used in accordance with specrfic ￿5111ctIonS imposed by donors or wh￿h have been raised by the charitable company for part￿￿￿81 Pufposes. The costs of raising and administering such funds are charged against Ihe speafic fund. The aim and use of re51ricled funds is set out in the notes lo the financial statements. Incoming re￿UrCeS All incoming resources are recognised once the charrtab￿ Company has enlrtlement lo the resources. any perfomiance condf(kJns attached lo the itemlsl of income have been met. it is probable that the income will be received and the amounl can be measured reliabty. Voluntary income, including donat￿S, g￿$. grants and ￿a¢leS is recognised where there is enlrtlemenl, probabilty of reeeyt and the aftK)unl can be measured reliably. Government grant Inco￿ is performance related service agreements and the income is recognised when the Serv￿ has been provide(l and the charty is entrtled lo the grant. Government grants received and where the perfomance has not been provided at the year end, are treated as deferred income and includ&J wrthin creditors. Any legacies enlillement is tsken as the earlier of the date on which ef(her.' the group is aware that probate has been granted. the e51ale has been finalised and notification has been made by the executorlsl lo the Trust that a distribution will be made, or when a distribution is received from the estste. Receipt of a legacy, in whoke or in part, is onty conSide￿d probable when the amount ean be measured reliabty and the charity has been notified of the executor's intention lo make a dislribulh)n. Wnere legaues have been notified to the group or the group is aware of the granting of probate. and the criteria for income reccgnrtion have not been met, then the legacy is treated as a contingent asset and discbsed if material. Legacy eslimales are updated annually based on the latest corTespondence from *81 advisors. This may result in a charge in a particular year where a legacy estim*e has been revised dcmnwards. Rental incorne on assets leased under operats.ng leases is reccgnised on a slravJhl-line basis over the lease tern and is presented within investment income. 25 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies {eontinued} Investrnent incowE is recogni5ed on a re¢eNab￿ basis. Income direct from charrtable actNitie5 is recogni%ed as it is eamed and consists of Charges for the provision of home help servI￿s. routine domestic tssks for elderly persons in the area for whom such lask woukl cause them pain or discomfort and provision of day care cenlfes. Gifts donated for resa￿ are included as income when Ihey are sold. unless under grft aKI and income 15 receNed when gifted by the donor. Voluntsry help and gifts in kind In accordan￿ wrth the Charities SORP IFRS 1021 no vakje has been pul on the help received by the charity during the year frorn friend5 or volunteers of the charity- Refer lo the trustee's annual report for more inforTnation about their contribution made by volunteers. Small grfis in kind received during the year have not been quanlrfied or included in the accounts. Gifts of fixed assets are included at valuation al the date of the grft_ Gffts in kind donated for distn"bulion ale included at valuation and reCogn￿d as income when they a￿ distributed to the projects. Donated facilities are included at Ihe value lo the group where this can be quantif*d and a third paty is bearing the cost. Expenditure and irrecoverable VAT Expendrture is recognised once there B a legal or constructive obl￿all0￿ lo make a payment to a third paty, il is probable that seitlement will be required and the amount of the obligation can be meaSU￿d reliably. Expenditure is classffied under actrvity rather than the type of expense. in order to provide more usefvl infomalKJn to users of the financial slatements. Where costs ¢annot be directty attributed lo particular headings they have been allocated lo actwities on a basis consistent wrth use of the resources. Premises overtleads have been allocale(J on fkor a￿8 basis and other overheads have been all¢Jcated on the basis of other Pfoieet costs. Costs of raising funds eomprtse both direct expendrture. iiduding direct staff costs attributable lo the activity. and support costs. Where eosts cannot be directty attributed to particular headings they have been all¢xaled to acliwbes on a basi% cons4s1ent with use of the resources. Premises overheads have been allocated on floor area basis and other ovethe8ds have been allocated on the basis of other projecl osts. Fundraising costs are those incurred in seeking voluntary contributions and other sources of income lo enable the Charrtab￿ company to cary OLrt its charitable adrvf(ies. Support costs include central fUn¢t￿n9, projecl management and governance costs wh￿h have been alloealed lo actNity eost ealegories ofi a basis conststent with the use of the resources. As Age UK Leicester Shire and Rutland L% uftab￿ lo reclaim all olthe Value Added Tax IVATI that r( incurs, all expendrture in these financial slalemenls in relation to rts actNtties is shown inclusNe of any VAT wh nnot be recovered. Tangible fixed assets and depreciation Tangible fixed assets are initialty recoided at Cost arKI subsequenlty measured at cost net of depreciation an(J any impaimient bsses. Tangible fixed assets wrth a cost price in excess of £1,000 and an estsmated useful econom￿ lrfe in excess of one year are capiialised. All other expendrture ts charged to the SOFA in the year incurred. 26 AGE UK LEICESTER SHIRE AMD RUTLAND IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Icontinuedl Depreciation is provtded on all tsngible fixed assets al rates calculated to wrile off the cost or valuation of the asset less any resKlual value. except for land over its eslimaled useful economic life. It is calculated at the following annual rates- Basis Over the lrfe of the lease Straight Line Straight Line Slraighl Line Straight Line Long leasehold property Freehold property Fumiture and equI￿ent Motor vehicles Computer equipment 50 years 5-10 years 46 yea &5 yea Land incfuded in freehokl land and prcrf)ety is not depwated. Management have decided lo change thelrdepreoat￿n method from reducing balance to straight line for certain asset categories and amend the remaining live5 of certain assets to better reflect their ongoing use. This has resuled in a net addrth?nal depreckation charge of circa £50k during the current period. Management have deteimined this to be a Change in a￿luntIng estimate rather than a change in accounting policy and therefore have made this adjustment prospectr¥ely in the Current year financial sL*ements. Impalments of flxed assets An assesswenl is made al each reporting date of whether there are indKalions that a fixed asset may be impaired or that an impaiment loss previousty recognised has fully or partlally feversed. If such indications exist, the charrtable company eslimales the recoverable amount of the asset. Shortfalls bets¥een the carrying value of fixed assets and their recoverable amounls. being the higher of fail value less costs to sell and value-in-u5e. are recco3nised as impairment losses. Impairments of fevalued assets are treated as a revaluath)n loss. All other impairment losses are re¢ogni$ed in ststemenl of financial activths. Recognised Impalm￿nI losses are reversed rf. and onty rf. the reasons for the impairment kJSS have ¢eased lo appty. Reversals of impairment losses are recognised in slalemenl offfinancial activities or, for revalued assets, as a revaluation gain. On reversal of an impaimienl bs5. the depreciation is adjusted to alloeale the assefs revised carrying arr￿Unt Iless any residual Va￿e) over rts remaining useful lrfe. Investments All listed investments are ststed at fair value. 80th realised and unrealised gains and losses are shown in the slalemenl of financial aclivities_ The slalement of financial aetNit*s includes the nel gains and losses arising from revaluat￿n$ an¢J disposab Ihroughout the year. The fair value of the investments quoted on a recognised stock exchange is the quote al bpj vahje. Investment properties (including propert￿5 held under an operating lease) are initially measured at cost and subsequentty measured at fair value where a reliable Measu￿ of fair value is available without undue cost or effort. Changes in fair value are recognised in the statement offinaneial actwrties. Investments in Subsidiary undertakings are stated at eosl. 27 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accountlng pollcles (Con￿nued) Flnancial instruments The charitsble company onty has financial assets and liabilii*es of a kind that qualfy as basic financial instruments and are not conS￿ered to be of a cornplex n81ure. Such financial instruments are inf(ially recognised at tran￿¢t￿)n value and subsequently measured al their settlement value. Trade debtors. other debtors and amounts due from group undertakings which are receNable within one year and which do not conslrtute a financing tr8n58Ctiort a￿ ini(ially measured al the transaction price. Trade debtors, other debtors and amounts due from group undertakings are subsequently measured at amortised cost. being the transaCt￿)n price kss any amounts settled and any impaimient kjsses. Cash and cash equivalents Cash and cash equivalents includes cash and nv)nes on $hort4erm deposrts at the bank. other short- lemi INJUKI investments with original maturities of three rr#)nlhs or le5S. editors Cre¢Jitors, provisions, bank and concessionary loans are recognised where the group has a present ¢)bligation resulting fr(Yn a past event that will probably resutt in the transfer of funds 1¢ a third party and the amount due lo settle the obligatBJn can be measured or estimated reliably. Creditors, provisions, bank and concessionary loans are normally recognised at their Sett￿ment amount aftei allowing for any trade discounts due. Tax•tion No provision fof cOrporat￿)n lax has been made as the charitable company is exempt from corpotalion tax on its income and gains to the extent th81 these are applied lo its charilable activities. Pension costs The charitable company 0￿rateS a defined ￿ntrIbUl￿n pension scheme and the pension charge represents the amounts payable by the charitable ￿MpanY to the fund in respect ofthe ye8r. The assets oflhe scheme are held separately from those of the charitable company in an independently administered fvnd. Drfterences between conlribulions payabk in Ihe year and contribLrtions actU81ty paid are shown as erther accruals or prepayments. Employee beneffts The costs of short-tem empknyee beneffts a￿ recognised as a liabilty and an expense. The cost of any unused holKlay entrtlement ts recognised in the period in which the employee's services are received. Termination benefits are recc*Jnised immedialety as an expense when the company is demonstrably commrtted lo temiinale th8 eMpb)Yn￿nI of an erryknyee or to provKle temination benefrts. Operating leases Rentals applicable lo operatsng leases where substantralty all of the benefts and risks of ownership remain w((h the lessor are Chaiged against profrts on a Stra￿ht line bass over the period of the lease. 28 AGE UK LEICESTER SHIRE AND RUTLAND {A COMPA14Y LIMITED BY GUARANTEEI NOTES TO THE GROUP FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 MARCH 2023 Legal status of the charltable company Age UK LeKester Shire and Rutland is a prNale charrtable company (company number 078443091 and 1$ also registered as a charity al the Charty C¢)mmissbJn in England and Wales lcharty numbei 11466491. The charitable company is limrted by guarantee and as such has not issued share capital. The liability of r(s members in the event of the charilabk company being wound up 15 limited to a sum not exceeding £1 each. The registered office and principal Pla￿ of business is Lansdowne House, 113 Princess Road East, Leicester, LE17LA. The charity's principal objectNe ts lo pr¢)rr￿le the relief of older, sick or disadvantaged people in any rnanner which now or hereafter may be deemed by now to be chaiitabje in and around Leicester5hiTe. Rulland and adjoining Count￿S_ Donation and legacies with associated costs of generation Unrestricted Funds Restricted Funds 2023 Total 2022 Total Donation and legacios Legacies Donations 154,733) 305.229 154,7331 389.952 108.462 1.252.240 84.723 250.4 84.723 335.219 1,360,702 Grants Local authorty & Other Agenues 160,882 402.461 563,343 618.660 Total donations and legacies income 411,378 487,184 898,562 1.979,362 Expendlture Incurred Donations and legacies Allocated supFrf)rt cost {note 10) Grants Allocated support cost (note 10) Gifts in kind Allocated support cost Inole 101 163,483 163,483 156,146 165,222 165.222 157,974 10,086 10,086 9,558 Total expendlture Incurred In Relation to Donatlons and legacies Income 338,791 338,791 323.678 29 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEE} NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Other trading activities Fundrai5in9 trading is vndertaken eitheT through the sh¢)ps d￿l$lOn of the charity, or through trading subsKliaries. All profits made in trading subsidiaries are grft ahded lo the charity each year. The shops and insurance operalK)ns con*yne fundraising a(INrties and servKe provision lo older people in the charity's area of benefrt. Training Sho Facllities Operation Events and 2023 Totsl 2022 Total Income from Sale of donaletl 90()Js Sale of purchased goods Delivery fee outwards Coffee bar sa￿S Subletting of shop premBes Other income generation 2,549.521 12.933 11,351 57 2,549.521 2.101.348 12.933 12.403 11.351 9.051 214 8.008 172.045 187.339 187,339 2,573,862 187,339 2,761,201 2,303,070 44.253 44.253 54.444 Income from fundraising events Total income 2.573.862 231.592 2,805.454 2,357.514 Expenditure on activities Training Shop actwities Staging of events and other income Costs Support costs allocated to a¢livits8s1$8g note 101 10.926 10.926 14,212 1.875.$81 1,612,282 1.875.581 129,273 129.273 101,795 296.71XI 74.175 370,875 359,374 Total expenditure on activities 10.926 2.172,281 203,448 2.386,656 2,087,663 Net (expenditure) l income 110.926) 401.581 28.144 418.798 269.851 30 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Investment income Unrestricted Restricted Funds Funds 2023 Totsl 2022 Totsl Income frorn: Deposit account interest Owidends and Ineome on investment Porffolio Rental incorrE from investment propety 3.117 3.117 179 221 85,407 91.455 91,455 94,572 94.572 85,807 Expenditurp on- Investment manag￿ent costs Legal fees 6.165 1.054 6.165 1.054 4.876 1.789 7.219 7,219 6.665 7. Income from charltable actlvhles Unrestrlcted Funds Restrlclgd Funds 2023 Totsl 2022 Total Leicestershire County Council SLA {serV￿eS for the elderty) Leicestershire County Council SLA Da care Ru¥iand County Council SLA Leicestershire Primary Care Trust SLA Privately commissioned personal care and cleaning Leicestershire County Counul Respite Service Leicester Cty Council SLA Day￿re & Leicester Cty Council Luncheon Club Other funding bOd￿S and trusts Other incorne from provisions of serV￿eS Primary Care Network Turning Point Project 202.725 202.725 231.134 222,11 23,120 80,542 222,1(6 23,120 80,542 212,100 42,220 77.713 1.051,494 1.051.494 849,632 4,858 4,858 16,574 942,645 942.645 890,154 32,098 411,931 64,376 34.997 545,778 99.594 39,cwXI 545.778 99.594 39.(M)O 3,219.5 3,219,5r 2,862.929 31 AGE UK LEICESTER SIIIRE AMO RUTLAND (ACOAIPANY LL4YTED BYGUARANTEE) p•oYes TO THE GR(WPFIX4PICL4L sTAT£￿NTs FOR ThE YEAR EIIDED 31 ￿A¢H 2ts23 L•v•l 2U22 PthlsEonol Day Cate 753. 547.899 174.324 gS.629 190.406 27,956 243.462 7.*7 644.528 1.226.826 27.95É 1.784.e63 880.635 fK)7.541 1.199.773 1.035.420 andcoThThunty fflental 1.￿l.4D1 1.324.471 1.301.512 1.036.420 1.541.401 732.777 4.612.140 4.139,019 AGE UK LEICESTER SHIRE AND RUTLAND IA CIXIPANY UMITED BY GUARANTEEI NOTES TO THE GROUP FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Net lexpenditurel I Income This is arrived after Chargin￿ Icredrtingl.. 2023 2022 Depreciation and write down in frrted asset *rdlues Profit on sale of fixed assets Operating lease rentsls 231.703 148,958 365,285 278.930 Fees payable to Mazars LLP and lés ass(￿lateS in respect of both audrt and non-audit services are as follows.. 2023 2022 Audrt servI￿s- statutory audrt of parent chantable company and consolklated accounts 21.185 18,990 Other serv￿5.. Audil services- statutory audit of subsidiarps of the charitable company Taxation compliance serv All other non- audit SerV￿S 5.795 8,060 8,330 5.195 2.500 5.365 43,370 32.05Q 33 AGEIA( LEICESTER SHIRE RUTL1￿+ {*L COMPANY UMtTÉD ÈY GUAPANTeei NOTES TO ￿Gft￿p PINAIKIALSTATEIIENTS FOR EN[￿ Ji WAARCH 202) 10. Sypporturfts pAry M the basis otsdosedin ncrte 2 and kneac* olibe cbarles aCtr•ibesa5 seiw IT8D* 2023 To 2022 Tot•1 S*NTimv SWtfThJ charitabkActi¥￿ olday care Inforn•t￿n ond¥v 75.674 21.￿# 1.976 174.32S 1￿.235 26.e81 14.$58 J4.746 1.976 96.630 92.695 SeMu¥provthd" homes 15.371 16.WS I3.￿5 78.168 25.472 1235 190.40$ 180.07ts •nd¢¢ffrfnunty 10.r•Js 2.912 741 .956 26.600 OlhereornffAmtyLgh) sthMce5 69.571 7.741 15. 6.917 243.462 230.744 Subtotsi 117.058 171424 1￿.2￿ 22&107 27.482 69.585 12.845 732.778 684.3$3 Vol￿nIary Inw Donabonsandw Gian Grfts in ￿n0 Fundraisng SubtDlal 140.073 140.073 fj.$70 206.774 1.4 1.456 10.4J6 12.175 1D.375 1LI.375 494 ?63.4aJ 165.222 10,086 370.875 709.666 156.14S 157.974 8.5 359.374 683.052 1.182 10.451 4.538 4oso 1.181 493.590 121.75D Tol*lco*ts Alltsc•t•d 7M15 146W J47J66 707 7*63fj 45,W 1.442,444 1 J67A06 AGE UK LEICESTER SHIRE ANO RUTLAND IA COMPANY LIMITED BY GUARANTEE) P40TES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 W4RCH 2023 11. Analysls of staff costs and numbeys The average number of full and part-time staff employed by the charty and its subsisiaries totsled 305 12022. 2991 The average number of persons emptyed. induding part-lir￿ staff. catulaled on a full-time equNalent basis analysed by actNity was.. 2023 2022 Charitable activilies Provision of daycare InforTnalion and advice sery Services provided In clients heffles Other communty care serv 28 16 37 37 18 37 43 Fundraising activitles Shops Insurance Other 48 Support 16 17 Total 199 186 Total staff emoluments for Ihe Per￿ were as folkn￿. 2023 2022 Salaries, wages and benefrts in kind Social security costs Pension and death benefits 4.5￿.704 299,790 170.026 4,212,745 265.763 159,729 Totsl 4.970,520 4,638.237 The pension costs are allocated to actNities in prowrtion to the related staffing costs incurred. The number of empbyees whose ernolvments fell within the following bands.. 2023 2022 £60,000 - £70.000 £70,000 - £80,000 £90,000 -£100.000 £100.000 - £110.000 The parent charity operates a defined contribut￿n$ pension scheffe. The assets of the scheme are held separately from those of the charity in an extemalty administered fund. The pensKsn cost Charge fof this scheme represents contributions payable by the charity to the fund and amounted lo £170,026 {2022." £159,729). Unpaid contributions al the end of the year amounted lo £20,76712022.' £24,264) which have been included in other C￿ditorS. 35 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE GROUP FINAtrICIAL STATEMENTS FOR THE YEAR EMDED 31 MARCH 2023 12. Trustees remuneratlon and expenses and ¢ost of key management personnel Trustee's remunerdtion The Iruslees neither received nor waNed any emoluments during the year (2022.. £Nill- No trustees, expense5 were incurred during the year (2022.. £Nil). Income of £21012022.. £4321 was re￿Ned from CambrKlge and Ccwjnlies Bank Limrted. There 15 no year- end debtor12022' £Nill. Mr S LInd￿Y resigned as a director of Cambrklge and CountEs Bank Limited on 31 Janvary 2023. Trustee indemnty insurance was purchased to indemnrfy the trustees a9ainst default on their part. Key management personnel The key management personnel of the group cornprise the Chief executive. the Assistant director and Finance direetor who are responsible for the day lo day running of the charitable company. The total èmployee benefits for key management personnel of the chaIrtab￿ eompany and group was £304,949 12022.. £270,039}. 36 AGE LEICESTER SIIRE Al￿A￿TLAND IA C¢WANY UMITED 8YfjVARANTEEI I•)TES TOT•E GR￿1P￿lIANClIL STATEMENTS POA THÉ YUR Èlm J1 MRCH 2O2J Lan9 land and Gro T¢xII ¢*t or At I 2022 61fye89 153.475 178.914 8m8.$33 At 31 Alarch 2023 32a.r£i7 6.GIB.B89 1S3.4 789.1 211. 6,10D.SJ2 At 1 Apdl 2022 114B24 .191 135.2 1,4C¢.822 131.703 year At31 M*¢h W23 71.WT 643.019 1.610,525 N•t btrjk ¥*fu• AIJI All￿h 3QZJ 256.1 499S.6 146 AI J1 IIArch >)22 263.154 43.174 Induded Fyopety ￿ lar￿ £1.a7B.510 {2022." £1.87tt.5101 ¥Jhth The Grtyjp haj Fledged fvBoh(Id ar bL¥hlln•s ￿ se01￿ agai￿1 i6 bBnk knans (Ilcie211 tythÈ*ay coa fNed cthargv 37 AGe LerESTeRSHIRe AND RUTLAND IACOMPANY LWIITED 8YGUAK411TEEI tr￿Es TOTI* GROUP FINANUALSTATEI*NTS FC*THE YEAR EWED JI IIARCH 2023 13. T•rylbkn ￿XI￿ ¢h￿ty Fumitwt & TLI I April 2022 328.009 6.547N9 151475 179.W 32.%S 7.937.537 92.449 TRrthrs Al 31 March 2023 •prncl** A11 Api12Q22 Charge INihe year 328.fA19 6.547,889 789.1 211.505 0.029.982 64,855 7.052 517.QJ 115,•24 $67.191 lJ$266 23.23$ 1.400.174 230.$68 96.389 75.828 At31 IA¥ch 2J23 7l.gD? 613.416 143.889 643.019 158.$03 1.630.742 N•1 book v•lu• Aiai 2 256,102 4934 6.399.2 At31 2D22 1154 6.022.501 37.124 1￿.803 37.363 frvehras w5 Jrnountyw k> £1.853.51012D22". £1.853JI0) de￿￿A￿d. The hds F4edpY frnphobJ and JIdir￿S to Xufe Againsids (Note 211 Clar￿d¢*. AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 14. Imwtments Commercial Investments at markgt value lnveslmenl Quote Unquoted properties Investmenl Investments 2023 Total 2022 Total Group Al 1 April 2022 Addth"ons Disposals Income Nel Ilossesll gains on revaluatic Rolled up investment charges 1.235.0(K) 889.718 2.124,718 2,072.314 12,878 57.280 (17.7541 (23,254) {6.165} 123.2541 16,1651 At 31 March 2023 1.235.000 860299 2.095.299 1124.718 Chaiity Al 1 April 2022 Addit￿n3 Disposals Income Nel gains on revalualK)n Rolled up investment charges 1.235.01)J 889.718 105 2.124,823 2.072,419 12,878 (23,2S41 57,280 {6,165) 117.7541 123.2541 16.1651 At 31 March 2023 1235.000 860.299 105 2.09SA04 2.124,823 Investment propety eomyises of freehold ￿ntaI properties. The last fulty exlernal valualion ol the Group's and charity's investment property was carried out on the 31 March 2021 and the valuation was carried out by Michael E Holt M.R.l.C.S. of Spencers Druce Inc. Nayhjr Parke5 and Justin Fowler M.R.l.C.S. of The Culshaw Partnership using the existing use value melh¢Jd lo determine the fair value at that dale Investment properties under an historical cost basis would have been included at a cost of £893.251 12022". £893.2511. UK Inve5tments- managed funds All quoted investments are held in the UK and the follo￿ng investments each exceed 5% of the total value of share investments at the year ended 31 March 2023- Sehroder 1nternab.onal Sekclion Fd US Large Cap x GBP HSBC ETFS S & P 15.43 The Charity's investments in $ub5idiary companies are stated at cost: 2023 2022 Age UK Leioster Shire and RLrtland Insuran￿ Se￿￿es Limiied Ico No. 029149931 Age UK Leicester Shire S Rulknd Exira Care Limrte(I ICQ No. 036039571 Age UK Leicester Shire & Rulland Transport & Trading Limrted {Co No. 04102409} Age UK Leicester Shire & Rutland Contract Care Limrted (Co No. 054075211 Age UK Leicester Shire and RutL8nd Home Help LAnrted (Co No. 03768527) 1C 100 105 105 39 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 15. Debtors 2023 Group 2022 Group 2023 Charity 2022 Charlty Trade debtors Amounts due from subsidiary undertakings Prepayments and &cn￿d income Olher debkns 420,120 407.116 91,307 256,878 384,314 79.343 218,929 458.355 388.846 463.432 9.019 13,038 4,733 3,254 16. Cash at bank and in hand 2023 Group 2022 Group 2023 Charity 2022 Charlty Short term dewsils Cash and bank bal¥Kes 1.137.652 1.199,570 1.137,652 1,199.570 24 240 1 223 810 2436 1 134875 17. Creditors- amounts falling due within 1 year 2023 Group 2022 Group 2023 Charlty 2022 Charlty Trade credito Taxation and social security Accrua15 and deferred Ir￿Me Bank and other ban Amounts due lo subsidiary undertaking Other creditor$ 143.274 103.047 308.294 117.881 71,W) 142,760 213.127 165,650 124,497 58.672 263,991 117,881 286,063 62,530 76.630 156.583 16S,650 270,778 25.226 697.722 26,479 620,0 671.911 752,458 18. Creditors: amounts falllng due aftgr more than 1 ye¥ 2023 Group 2022 Group 2023 Charity 2022 Charty Bank loan (secured- nole 211 442.710 493,774 442.710 493,774 442.710 493,774 442,710 493,774 Induded in ¢rethtors are.. Amounts repayable by instalments falling d after more than five years 231691 131 384 231.691 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEEI MOTES TO THE GROUP FINANCIAL STATEh1ENTS FOR THE YEAR ENDED 31 MARCH 2023 19. Deferred income Asat 31 March 2023 Involced Credited to SOFA 1 April 2022 Dementia services I projects Other Ca￿ activities Rental income Other services I projects 100.582 15.000 4,420 79.780 199.782 536.717 182.899 69.644 205.714 (540.756) {178,049} 170,370} 202,935 1992,1101 .543 19.850 3,694 82,5S9 202.646 The deferred income relates to rental incoff*. grants and amounls receNe(l in advanee for seNKes. 20. Financial instruments 2023 Group 2022 Group 2023 Charity 2022 Charity Financial assets Debt instruments measured at amortised cost Equity instruments measured at cost Impairment Instruments measured at fair Ydlue thr￿jgh 2.095.299 proli( or loss 656.693 780,579 575.940 661.951 105 105 2.095,299 2.124,718 2.124,718 Totsl 2 751.992 2 905 297 2 786 774 Financlal Ilabllltles MeasU￿d al amortised c4)st 834.739 771.238 1.053.303 969,820 Total 834.739 771.238 1.053,303 969.820 21. Borrowlngs 2023 2022 Creditors." amounts falling due within one year Bank Loans Other Loans Creditors. amounts falling due after nK)re Ihan one ye Bank Loans 77,881 40,CK)O 65.650 100,000 442,710 560,591 493,774 659.424 41 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LlhllTEO BY GUARANTEEI NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 21. Borrowlngs Icontinuedl The bank knan is secured by a first tharge over eertain of the charitable companys freehold land and buildings. The bank loan is payab￿ by monlhty inslalmenls al an interest rate of 2.75V• above base rate. The loan is repayable by monthty instalmenls over one hundred and eighty months at an initial amount of £5,471 pef month. The other loan is a concessK>nary kjan which was interest free and has a ter￿6 of 1 year therefore will be repayabk in 2023124. 22. Financial commitinents Group and charity as a lessee The total future minimum lease paY￿￿nIS under non4ancell8ble operating leases are as foltows: Land and ￿lIdIng$ 2023 2022 Payable in.. Less than one year Be￿een one and ffive ye￿$ Over five years 326,087 563,157 178,533 95.098 270,863 33,000 398,961 At the year end, the Group and Charity had contracted wilh tenants. under non-cancellable operating leas8s, for the following future minimum ￿ase payments". 2023 2022 Amounts ￿￿Nable in.. Less than one year Between one and five years Over five years 97,630 55.949 79.584 79,625 153,579 159,209 23. Taxation No provision for corporation has been made as the chanty and group B exempt from corporation lax on its income and gains lo the exient that these are applied to its charitable a￿mbe$. 24. Contingent liabllity Following the merger be￿een Age Con￿rn LeKester Shire & Rutland and Age Concem Leicester in 2009, the charity withdrew from the Pension Trust's Growth Plan. As part of the Wrthdrawal Agreement. Age UK Leicester Shire & Rulland has given guarantees in respect of a section 75 Wrthdrawal debt. This liabilrty will only become payable should the scheme be VKJund up or if an event occur5 as a resu￿ of which there is no person who is an empbyer in relation lo the scheme_ This contingenl liability cannot t* easity quanlrfied. 42 AGE VX LE￿£STER SHIRE AND RUTLAIKI IA COWANY UMITEO 8Y GUARANTEEI NOTES TOTHE GRQUP FINANCIAL STATEMEMTS FOR THE VEAR ENDED 31 2023 At 1 A&w¥ Incomlng Trtrtof•Nof At lTrve6m?ntVakw lyrKI$ JI lIa￿h 202J 2& Sl&tsment of fund Gwoup Ganeral Revaluat￿n reser Deglgn4ted fitnd• Oayunve fvr FiledJs8¢tsaCqu￿￿dfftykj 131&479 1232541 {1,929> 112.12¥ 3.2tr4572 137.C•7) 1211.9*1 195F.4 3.745,476 TOtsI unMJtrlEt•d luNd* ts.O14SYJ SX).910 ,W.7181 (23,254) 114.LlS• 7.654,416 R•4trkt4d fun0• 1.494079 1.489.043 174256 Co¥bJ re5tnct4d luThYs otrer 487.iJ24 1th252) T¢)t41 R•sirtct•d FuTrd8 491 Totsl Fund• 43 AGE UK LWCESTER SHIRE ANO RUTLAI I* COIIPANY LIMITEO BY GUARAPITEEI NOTES TOTHE GR￿sP FMILLAL STATEMEPIYS FOA IHE YEAR E14CÉO J1 IIARC￿ 202) 2L siatrmerttoffvrtds{eontinutdh At 1 Wl Ir*oMI Z022 al At 31 Mlreh 2023 Charty ¥esthefit V41w fvTrds 3.051.799 814.156 SO￿.10? 15.763.JeOI (2J.2541 13.0101 2.946.232 603.143 Revalv8btyi De&￿￿8teafU￿J￿ Day ¢entre tu F￿84 assets wimred frJnd P7.08n {211.93 71.173 3,709.289 3.9212Z1 Totsi llnre•ttthd 7,5•7.501 5.6•2 r￿) 7J29,837 R•*inet￿l￿n￿* 1.494.879 1n,256 os.8%1 1,469.D43 173.256 co￿ restrtciéd fund$ Othei restn¢*dfwds 487.184 IW.252) TotalR•stl¢ted F￿ndS 14 Tots1F￿n0O AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED 8Y GUARANTEE) NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 25. Statgment offunds Iwntinued Unrestricted funds The General reserve represents the free funds of the chariy wh￿h are not desvJnated for particular purposes. Designated fvnds: The day centre fund represents funds raised by Ihe day centres to be spent on items as d1￿cted by the organisetslclienls of those cenlres. The fixed assets acquired fund represen15 the net b(￿k value of fixed assets acquired and funded from the harty's unreslricled funds. Restricted funds The fixed asset fijnds represent either funds in the pr(Kess of being raised to purchase specifie fixed assets as prescnbed by the donors of the funds. or the net bcM)k value of fixed assets acquired using funds raised Specrfically for the purpose of acquiring those assets. The remaining restricted funds represent amunts held by the charity on behalf of the donors. These amounts ￿rna1n unspent at the year end. the funds being applKable onty ag8inst prqects that accord with the specified objectNes of the donor. laKI down at the time the donor agreed lo commrt the funds. Funds remaining unspent when the objectives have been achieved are returnable lo the donor, unless allernalive a¥rangementS are agreed. 26. Analysis of group and charity net assets between funds Unrestr1¢￿ Deslgnated Funds Funds Revaluation reser¥e Restricted funds Total Funds Group Tangible Fixed Assets Fixed As5els Investments Current Assets Creditors.. amounts falling due within one year Creditors.. amounts falling due in more than one year 800.000 1,827.679 1.722,325 1697.7221 3,796.282 360,810 267,620 1,503,365 6.460.457 2,095,299 1,961,385 {697,7221 20.132 218,928 {442.710} <442.7101 3.209.572 3,816.414 628,430 1.722,293 9.376.709 45 AGE UK LEICESTER SHIRE AND RUTLAND IA GOMPANY LIMITED BY GUARANTEEI MOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 26. Analysis of group and charity net assets between funds (continued) Unrestricted Designated Revaluation Rgstricted fund5 funds r￿er¥8 fund5 Total funds Charity Tangible fixed assets Fixed assets investments Current assets Creditors falling due wlhin one year Creditors.. amounts falling due in more than one year 800.OCKI 3.760.532 1,827.784 1.633.C69 {871.911} 33S,523 267,620 1,503,185 6,399,240 2,095,404 1,872,107 (871.911) 19.930 219.108 1442.7101 1442,7101 2.946.232 3.780.462 603.143 1.722.293 9,052,130 27. Reconciliation of net income to net cash flowfrom operating activitie$ 2023 2022 Net incorne for the reporting period Adjustments fof.. Tangible asset donatp)n DeprecBtion charges Gai￿<10SS} on Investments Oividends. interest and rent frorn in%&eStments Rolled up investments charge Profil on sale of tangib￿ fixed assets Interest paid on loans Oecrease in st(Kks Oecrease in debt¢ys IncreasellDecreasel in ¢￿￿(cor$ Ngt cash goneratedl{absorbod) by operating aclivities (349,9661 785.867 1800,000) 148.958 157,280) 185,807) 17.754 231.703 23,254 {94.5721 6.165 .928 10.446 10.268 1.791 (35.087) 13,090 65.601 92.561 7.674 AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MRCH 2023 28. Related party Iransactions Charlty During the year the charity received gift aid donats.ons of £240.881 {2022.. £49,456) from Age UK Leicester Shire and Rulland Contract Care Linited and £4.749 {2022'. £11.298) from Age UK Leicester Shire & Rutiand Transport & Trading Limited. During the year the charity made net payments of £355.83412022.. £329,090) to Age UK Leicester Shire & Rutland Transwt & Trading Limited for the use of minibuses and drivers. During the year the charity re￿ived renlal income £25,44012022.. £23.6501 from Age UK Leicester Shire and RLrtland Home Help Limrted and £7.20012022.' £7.2001 from Age UK Leicester Shire & Rulland Transport & Trading Lj'mrted. During the year the chanty received net income from salary and other redlaiges of £55.90312022.' £52,571) from Age UK L*cesler Shire and Rutland Home Help Limrteo, £54,785 {2022." £16,778) from Age UK Leicester Shire & Rulland Transport & Trading Limited and £904,254 (2022". £827,390) Irom Age UK Leicester Shire and Rulland Contract Care Lwnrted. Al the year end. the ch8rty was owed £61,208 (2022". £32,814) by Age UK Leicesler Shire and Rutland Home Help Limf(ed and £16.75812022.. É16,7581 byAge UK Leicestei Shire an(J Ruuand Insurance Services LKniled, £162,18212022." £149,952) by Age UK Leicester Shire and RLrtland Contract Care Limited. Al the ye& end, Age UK L*eester Shire & Rutland Transport & Trath"ng Limited trwed £16.7301o the Charity {2022.' At the year end the charity owed £32.39312022 was owed.. £19,405 I to Age UK Leicester Shire & Rulland Transport & Trading Limited. £33.699 12022." £33.6991 to Age UK Leicester Shire and Rulland Insurance Services Limf(ed. £203,34912022.' £219.4371 lo Age UK Leicester Shiie and Rutland Contract Care Limited. At the year end. Age UK Leicester Shire & Ruuand Home Help Limited owed £16,623 to the Ch￿tY(2022.. Nill. During 201612017, Ihe ¢harity recewed a concessionary interest free loan of £100,000 which becomes repayable In 202312024. The loan was received from The Everard Foundation, a charitable grant making trust of which Mr Rithard A S Everard 08E is a trustee. 29. Group companies The Chafity wholly ¢(￿trOl$ six S￿sIdiary companies and an unirworaled subwdiary. The subsidiary enlrties are". Age UK Lelcester Shlre and Rutland Home Help Llmited - chartty number 1086862 and eompany number 03768527 ProvKbes cleaning and personal care ser¥￿eS lo older people in the ccffimunty. Age UK Leicester Shire & Rutland Transport & Trading Limited- company number 04102409 Provides trading activits.es and transport services to the general public and the Chanty. In addition, Corporate sponsorship and any r￿n-taX exempt events are carried out by this subsidiary. Ag8 UK Lelcester Shlre & Rutland Contract Care Limited- company number 05407521 Provides care servi￿ to older people in the c￿MU￿ty. 47 AGE UK LEICESTER SHIRE AND RUTLANO IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 IAARCH 2023 29. Group companlos Icontinuedl Age UK Lelcestershlre IMeashaml- chaiity number 1094246 ProvKles a comrnunty centre, nBintsined by the group. for the use of the inhabtsnts of Measham with a preference for such inhabitants who are aged. Age UK Leicester Shire and Rutland Insurance Services Limited- company numbgr 02914993 The company sells insurance. financial and utilty woducls lailored to the needs of okler people. Thi$ company is now dormant. Age UK Leicester Limited- charity number 512991 Has transferred all of ils ath"v￿e$ and assets to Age UK Leicester Shwe & Rulland and is considered by the Iru$lees to be domianl. Age UK Leicester Shirn & Rutland Extra Care Limited . ￿MpanY number 03603957 This company is consKlered to be dormant following the transfer of the act￿t￿5 and assets to Age UK Leicester Shire and RLrtland in pre¥￿u5 years. All the companies are registered in England and. where approprrale, grfl aid distributKJn of net profits are made lo Age UK Leicester shi￿ and Rutland. All companies a￿ included in the consolidated financial slalements and have the same year end. A summary of results of the group companies for the period is shown below. AGE UK LEICESTER SHIRE AND RUTLAND IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 29. Group companies {continued) Insuran Seryices Transport & Trading Contract Car9 Horne Help Measham GrDUP Turnover and other ineome 1,143.5 {904.256) 239,3C(I 1.096,034 {174} {1.095.437) 1.096.034 413,476 1336,436) 77,040 172.448} Cost of sales Gross Profrt AdministralNe Expenses Other Incoff 11.1351 Operating profftlllossl Interest Payab Retained prof￿{￿$$) Assets 239,126 597 (1.135) 4.592 239.126 441,401 {202,274) 239.127 597 4.592 53.667 {48,$411 5,126 153.889 (153.2291 660 35,232 116.7781 18.454 61,216 Liabilities Funds 61,216 30. Controlling parties In the opnion of the Iruslees. given the struclure of the charity. there is no U￿lmate controlling p8ty. 49 AGE UK LEICESTER SHIRE AND RUTLAIID IA COMPANY LIMITEO BY GUARANTEEI NOTES TO THE GROUP FINANCIAL STATEMENTS FOR THE YEAR E14DED 31 MARCH 2023 31. Comparative Group Staternent of Financial Activilies forthe year ended 31 March 2022 Unrestrfcted Funds Restrtcted Funds Total Donat￿n$ and *ies Charitable aclwities Other trading 8CtMi*s Invest￿Ent 1.729.083 2.821,263 2,357,514 85,807 250,279 41,666 1,979,362 2,862,929 2,357,514 85.807 Total Income 7285612 Expendrture on-. Rai8ing funds (2,418,006) {2,418.OC6) Charrtable aclMtEs 13,823,925} 1315,0941 {4,139,019) Totsl Expendilure 6 241 931 6 557 025 Nel gain on investment assets Transfers 57.280 57.280 Net income and net movement in funds 809.016 {23,1491 785,867